Business First Bancshares, Inc., Announces Financial Results for Fiscal Year 2024 and Q4 2024
Business First Bancshares (NASDAQ: BFST) reported Q4 2024 net income of $15.1 million ($0.51 per diluted share), down $1.4 million from Q3 2024. Core net income was $19.5 million ($0.66 per diluted share). For full-year 2024, net income was $59.7 million ($2.26 per diluted share), decreasing $5.9 million from 2023.
Key Q4 highlights include the completion of Oakwood Bancshares acquisition, which added approximately $863.6 million in total assets. The quarter saw strong deposit growth of $870.4 million (15.43% increase) and loan growth of $761.3 million (14.58% increase). Net interest margin expanded to 3.61% from 3.51% in Q3.
The board declared a quarterly preferred dividend of $18.75 per share and a common dividend of $0.14 per share, payable February 28, 2025. Credit quality remained solid with nonperforming loans ratio decreasing to 0.42%.
Business First Bancshares (NASDAQ: BFST) ha riportato un utile netto per il quarto trimestre del 2024 di 15,1 milioni di dollari (0,51 dollari per azione diluita), in calo di 1,4 milioni rispetto al terzo trimestre del 2024. L'utile netto core è stato di 19,5 milioni di dollari (0,66 dollari per azione diluita). Per l'intero anno 2024, l'utile netto è stato di 59,7 milioni di dollari (2,26 dollari per azione diluita), con una diminuzione di 5,9 milioni rispetto al 2023.
Tra i punti salienti del quarto trimestre si segnala il completamento dell'
Il consiglio ha dichiarato un dividendo trimestrale preferenziale di 18,75 dollari per azione e un dividendo comune di 0,14 dollari per azione, pagabile il 28 febbraio 2025. La qualità del credito è rimasta solida con un rapporto di prestiti non performanti in calo allo 0,42%.
Business First Bancshares (NASDAQ: BFST) reportó un ingreso neto de $15.1 millones ($0.51 por acción diluida) para el cuarto trimestre de 2024, una disminución de $1.4 millones en comparación con el tercer trimestre de 2024. El ingreso neto principal fue de $19.5 millones ($0.66 por acción diluida). Para el año completo 2024, el ingreso neto fue de $59.7 millones ($2.26 por acción diluida), disminuyendo $5.9 millones en comparación con 2023.
Entre los aspectos destacados del cuarto trimestre se incluye la finalización de la adquisición de Oakwood Bancshares, que agregó aproximadamente $863.6 millones en activos totales. El trimestre experimentó un fuerte crecimiento en depósitos de $870.4 millones (un aumento del 15.43%) y un crecimiento de préstamos de $761.3 millones (un aumento del 14.58%). El margen de interés neto se expandió al 3.61% desde el 3.51% en el tercer trimestre.
La junta declaró un dividendo preferencial trimestral de $18.75 por acción y un dividendo común de $0.14 por acción, pagadero el 28 de febrero de 2025. La calidad crediticia se mantuvo sólida, con una disminución en la proporción de préstamos no rentables al 0.42%.
Business First Bancshares (NASDAQ: BFST)는 2024년 4분기 순이익이 1,510만 달러(주당 희석 후 0.51달러)로 2024년 3분기보다 140만 달러 감소했다고 보고했습니다. 핵심 순이익은 1,950만 달러(주당 희석 후 0.66달러)였습니다. 2024년 전체 연간 순이익은 5,970만 달러(주당 희석 후 2.26달러)로 2023년 대비 590만 달러 감소했습니다.
4분기의 주요 하이라이트에는 오크우드 뱅크쉐어스 인수 완료가 포함되며, 이는 약 8억 6360만 달러의 총 자산을 추가했습니다. 이번 분기에는 8억 7040만 달러(15.43% 증가)로 강력한 예금 성장이 있었으며, 대출도 7억 6130만 달러(14.58% 증가) 증가했습니다. 순이자 마진은 3.61%로 3.51%에서 증가했습니다.
이사회는 주당 18.75달러의 분기 우선주 배당금과 0.14달러의 보통주 배당금을 선언했으며, 이는 2025년 2월 28일에 지급됩니다. 신용 품질은 탄탄하게 유지되었으며, 부실대출 비율은 0.42%로 감소했습니다.
Business First Bancshares (NASDAQ: BFST) a annoncé un revenu net de 15,1 millions de dollars (0,51 dollar par action diluée) pour le quatrième trimestre de 2024, en baisse de 1,4 million par rapport au troisième trimestre de 2024. Le revenu net principal s'élevait à 19,5 millions de dollars (0,66 dollar par action diluée). Pour l'année complète 2024, le revenu net était de 59,7 millions de dollars (2,26 dollars par action diluée), soit une diminution de 5,9 millions par rapport à 2023.
Les principaux faits marquants du quatrième trimestre incluent l'achèvement de l'acquisition d'Oakwood Bancshares, qui a ajouté environ 863,6 millions de dollars d'actifs totaux. Le trimestre a connu une forte croissance des dépôts de 870,4 millions de dollars (augmentation de 15,43 %) et une croissance des prêts de 761,3 millions de dollars (augmentation de 14,58 %). La marge d'intérêt nette est passée à 3,61 % contre 3,51 % au troisième trimestre.
Le conseil d'administration a déclaré un dividende trimestriel préférentiel de 18,75 dollars par action et un dividende ordinaire de 0,14 dollars par action, payable le 28 février 2025. La qualité du crédit est restée solide, avec un ratio de prêts non performants diminuant à 0,42 %.
Business First Bancshares (NASDAQ: BFST) meldete für das 4. Quartal 2024 ein Nettoergebnis von 15,1 Millionen USD (0,51 USD pro verwässerter Aktie), das 1,4 Millionen USD niedriger ist als im 3. Quartal 2024. Das Kern-Nettoergebnis betrug 19,5 Millionen USD (0,66 USD pro verwässerter Aktie). Für das Gesamtjahr 2024 betrug das Nettoergebnis 59,7 Millionen USD (2,26 USD pro verwässerter Aktie), was einen Rückgang von 5,9 Millionen USD im Vergleich zu 2023 darstellt.
Zu den wichtigsten Highlights des 4. Quartals gehört der Abschluss der Übernahme von Oakwood Bancshares, die etwa 863,6 Millionen USD an Gesamtvermögen hinzugefügt hat. Im Quartal wurde ein starkes Einlagenwachstum von 870,4 Millionen USD (15,43% Zuwachs) und ein Kreditwachstum von 761,3 Millionen USD (14,58% Zuwachs) verzeichnet. Die Nettzinsspanne erweiterte sich auf 3,61% von 3,51% im 3. Quartal.
Der Vorstand erklärte eine vierteljährliche Vorzugsdividende von 18,75 USD pro Aktie und eine Stammdividende von 0,14 USD pro Aktie, zahlbar am 28. Februar 2025. Die Kreditqualität blieb solide, da das Verhältnis der notleidenden Kredite auf 0,42% sank.
- Strong deposit growth of $870.4 million (15.43% increase) in Q4
- Net interest margin expansion from 3.51% to 3.61% quarter-over-quarter
- Successful completion of Oakwood acquisition adding $863.6 million in assets
- Solid credit quality with nonperforming loans ratio decreasing to 0.42%
- Core net income increased by $2.2 million to $19.5 million in Q4
- Net income decreased by $1.4 million to $15.1 million in Q4 2024
- Full-year 2024 net income declined by $5.9 million compared to 2023
- Tangible book value per share decreased from $20.60 to $19.92
- Securities portfolio decreased $22.5 million due to negative fair value adjustments
Insights
The Q4 2024 results reveal a strategic transformation at Business First Bancshares, marked by both organic growth and acquisition-driven expansion. The Oakwood acquisition has significantly altered the bank's footprint, particularly in Texas, where loans now represent 41% of the portfolio. This geographic diversification reduces regional concentration risk and positions the bank for broader market opportunities.
The organic deposit growth of
Credit quality metrics remain robust, with the acquisition of Oakwood's high-quality loan portfolio contributing to improved nonperforming loan ratios. The
The decline in tangible book value per share to
BATON ROUGE, La., Jan. 23, 2025 (GLOBE NEWSWIRE) -- Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended December 31, 2024. Business First reported net income available to common shareholders of
For the year ended December 31, 2024, Business First reported net income available to common stockholders of
"I’m pleased to report the fourth quarter of 2024 positively reflected our year as a whole,” said Jude Melville, chairman, president and CEO of Business First Bancshares. “Solid fundamental performance led to productive growth, increasing diversification of revenue sources, healthy asset quality, successful incorporation of new team members, and expansion of our client base, all of which point to an exciting 2025 in which we anticipate not only meeting but growing stakeholder expectations."
On Thursday, January 23, 2025, Business First’s board of directors declared a quarterly preferred dividend in the amount of
Quarterly Highlights
- Net Interest Margin (NIM) Expansion. For the quarter ended December 31, 2024, net interest income totaled
$65.7 million and net interest margin and net interest spread were3.61% and2.77% , respectively, compared to$56.1 million ,3.51% and2.54% for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of$1.0 million ) were3.56% and2.72% for the quarter ended December 31, 2024, compared to3.46% and2.50% (excluding loan discount accretion of$0.7 million ) for the linked quarter. The increase was driven by a reduction in Business First's overall cost of funding. - Noninterest Income Investments. Business First again demonstrated increasing revenue from noninterest income sources. For the quarter ended December 31, 2024, the customer swap business produced revenue of
$1.3 million , an increase of$0.4 million when compared to the linked quarter, along with continued progress in many of the other noninterest income revenue streams. - Strong Deposit Growth. During the quarter ended December 31, 2024, deposits increased
$870.4 million or15.43% ,61.38% annualized, compared to the linked quarter. Excluding ending December 31, 2024 deposit balances from Oakwood, organic deposit growth was$156.8 million or2.78% ,11.06% annualized. - Measured Loan Growth. Loans held for investment increased
$761.3 million or14.58% ,58.02% annualized, from the linked quarter. Excluding ending December 31, 2024 loan balances from Oakwood, organic loan growth was$62.8 million or1.20% ,4.79% annualized. - Oakwood Acquisition. On October 1, 2024, Business First closed its previously announced acquisition of Oakwood and its wholly-owned subsidiary, Oakwood Bank. Oakwood had approximately
$863.6 million of total assets,$700.2 million of loans, and$741.3 million of deposits as of September 30, 2024. Business First does not anticipate material synergies to be reflected in its earnings until after conversion in the fourth quarter.
- Consistent Core Performance. Return to common shareholders on average assets, on an annualized basis, was
0.78% for the quarter ended December 31, 2024, or1.00% on a non-GAAP basis, with the difference largely attributable to the exclusion of acquisition-related costs, including$4.8 million provision expense for the Oakwood loan portfolio.
Statement of Financial Condition
Loans
Loans held for investment increased
Organic production for the quarter was led by the Capital, Southwest, and New Orleans Louisiana regions which accounted for all of the net loan growth from the linked quarter based on unpaid principal balance. Based on unpaid principal balances, Texas-based loans represented approximately
Credit Quality
Credit quality metrics remain solid, with improvement during the quarter from the acquisition of the Oakwood portfolio as well as in the organic portfolio through resolution of nonaccrual loans. The ratio of nonperforming loans compared to loans held for investment decreased 8 basis points to
Securities
The securities portfolio decreased
Deposits
Deposits increased
Organic deposit growth for the quarter was highlighted by increases in money market accounts and noninterest bearing accounts, with increases of
Borrowings
Borrowings decreased
Shareholders’ Equity
Shareholders' equity increased
Results of Operations
Net Interest Income
For the quarter ended December 31, 2024, net interest income totaled
Non-GAAP net interest income (excluding loan discount accretion of
Provision for Credit Losses
During the quarter ended December 31, 2024, Business First recorded a provision for credit losses of
Other Income
For the quarter ended December 31, 2024, other income increased
Other Expenses
For the quarter ended December 31, 2024, other expenses increased by
Return on Assets and Common Equity
Return to common shareholders on average assets and common equity, each on an annualized basis, were
Conference Call and Webcast
Executive management will host a conference call and webcast to discuss results on Thursday, January 23, 2025, at 4:00 p.m. Central Time. Interested parties may attend the call by dialing toll-free 1-800-715-9871 (North America only), conference ID 3805642, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/t4dk4pym. On the day of the presentation, the corresponding slide presentation will be available to view on the b1BANK website at https://www.b1bank.com/shareholder-info.
About Business First Bancshares, Inc.
Business First Bancshares, Inc., (Nasdaq: BFST) through its banking subsidiary b1BANK, has
Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures (e.g., referenced as “core” or “tangible”) intended to supplement, not substitute for, comparable GAAP measures. “Core” measures typically adjust income available to common shareholders for certain significant activities or transactions that, in management’s opinion, can distort period-to-period comparisons of Business First’s performance. Transactions that are typically excluded from non-GAAP “core” measures include realized and unrealized gains/losses on former bank premises and equipment, investment sales, acquisition- related expenses (including, but not limited to, legal costs, system conversion costs, severance and retention payments, etc.). “Tangible” measures adjust common equity by subtracting goodwill, core deposit intangibles, and customer intangibles, net of accumulated amortization. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of Business First’s core business. These non- GAAP disclosures are not necessarily comparable to non-GAAP measures that may be presented by other companies. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of the tables below.
Special Note Regarding Forward-Looking Statements
Certain statements contained in this release may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could,” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including those factors specified in our Annual Report on Form 10-K and other public filings. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release.
Additional Information
For additional information about Business First, you may obtain Business First’s reports that are filed with the Securities and Exchange Commission (SEC) free of charge by using the SEC’s EDGAR service on the SEC’s website at www.SEC.gov or by contacting the SEC for further information at 1-800-SEC-0330. Alternatively, these documents can be obtained free of charge from Business First by directing a request to: Business First Bancshares, Inc., 500 Laurel Street, Suite 101, Baton Rouge, Louisiana 70801, Attention: Corporate Secretary.
No Offer or Solicitation
This release does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of Business First. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
| Business First Bancshares, Inc. | |||||||||
| Selected Financial Information | |||||||||
| (Unaudited) | |||||||||
| Three Months Ended | |||||||||
| December 31, | September 30, | December 31, | |||||||
| (Dollars in thousands) | 2024 | 2024 | 2023 | ||||||
| Balance Sheet Ratios | |||||||||
| Loans (HFI) to Deposits | 91.86 | % | 92.54 | % | 95.12 | % | |||
| Shareholders' Equity to Assets Ratio | 10.18 | % | 10.15 | % | 9.78 | % | |||
| Loans Receivable Held for Investment (HFI) | |||||||||
| Commercial | $ | 1,868,675 | $ | 1,496,480 | $ | 1,358,838 | |||
| Real Estate: | |||||||||
| Commercial | 2,483,223 | 2,256,370 | 2,217,928 | ||||||
| Construction | 670,502 | 654,353 | 669,798 | ||||||
| Residential | 884,533 | 743,878 | 682,394 | ||||||
| Total Real Estate | 4,038,258 | 3,654,601 | 3,570,120 | ||||||
| Consumer and Other | 74,466 | 69,037 | 63,827 | ||||||
| Total Loans (Held for Investment) | $ | 5,981,399 | $ | 5,220,118 | $ | 4,992,785 | |||
| Allowance for Loan Losses | |||||||||
| Balance, Beginning of Period | $ | 42,154 | $ | 41,412 | $ | 41,129 | |||
| Oakwood - PCD ALLL | 8,410 | - | - | ||||||
| Charge-offs – Quarterly | (2,290 | ) | (1,424 | ) | (1,039 | ) | |||
| Recoveries – Quarterly | 654 | 295 | 152 | ||||||
| Provision for Loan Losses – Quarterly | 5,912 | 1,871 | 172 | ||||||
| Balance, End of Period | $ | 54,840 | $ | 42,154 | $ | 40,414 | |||
| Allowance for Loan Losses to Total Loans (HFI) | 0.92 | % | 0.81 | % | 0.81 | % | |||
| Allowance for Credit Losses to Total Loans (HFI) (1) | 0.98 | % | 0.86 | % | 0.88 | % | |||
| Net Charge-offs (Recoveries) to Average Quarterly Total Loans | 0.03 | % | 0.02 | % | 0.02 | % | |||
| Remaining Loan Purchase Discount | $ | 12,121 | $ | 9,003 | $ | 12,286 | |||
| Nonperforming Assets | |||||||||
| Nonperforming Loans: | |||||||||
| Nonaccrual Loans | $ | 24,147 | $ | 25,874 | $ | 16,943 | |||
| Loans Past Due 90 Days or More | 860 | 185 | 127 | ||||||
| Total Nonperforming Loans | 25,007 | 26,059 | 17,070 | ||||||
| Other Nonperforming Assets: | |||||||||
| Other Real Estate Owned | 5,529 | 1,787 | 1,685 | ||||||
| Other Nonperforming Assets | - | - | - | ||||||
| Total Other Nonperforming Assets | 5,529 | 1,787 | 1,685 | ||||||
| Total Nonperforming Assets | $ | 30,536 | $ | 27,846 | $ | 18,755 | |||
| Nonperforming Loans to Total Loans (HFI) | 0.42 | % | 0.50 | % | 0.34 | % | |||
| Nonperforming Assets to Total Assets | 0.39 | % | 0.40 | % | 0.28 | % | |||
| (1) Allowance for Credit Losses includes the Allowance for Loan Loss and Reserve for Unfunded Commitments. | |||||||||
| Business First Bancshares, Inc. | ||||||||||||||||
| Selected Financial Information | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
| (Dollars in thousands, except per share data) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Per Share Data | ||||||||||||||||
| Basic Earnings per Common Share | $ | 0.52 | $ | 0.65 | $ | 0.58 | $ | 2.27 | $ | 2.62 | ||||||
| Diluted Earnings per Common Share | 0.51 | 0.65 | 0.57 | 2.26 | 2.59 | |||||||||||
| Dividends per Common Share | 0.14 | 0.14 | 0.14 | 0.56 | 0.50 | |||||||||||
| Book Value per Common Share | 24.62 | 24.59 | 22.58 | 24.62 | 22.58 | |||||||||||
| Average Common Shares Outstanding | 29,311,111 | 25,289,094 | 25,116,688 | 26,253,846 | 25,079,106 | |||||||||||
| Average Diluted Common Shares Outstanding | 29,520,781 | 25,440,247 | 25,333,913 | 26,452,084 | 25,296,200 | |||||||||||
| End of Period Common Shares Outstanding | 29,552,358 | 25,519,501 | 25,351,809 | 29,552,358 | 25,351,809 | |||||||||||
| Annualized Performance Ratios | ||||||||||||||||
| Return to Common Shareholders on Average Assets (1) | 0.78 | % | 0.97 | % | 0.88 | % | 0.86 | % | 1.04 | % | ||||||
| Return to Common Shareholders on Average Common Equity (1) | 8.23 | % | 10.76 | % | 10.54 | % | 9.54 | % | 12.36 | % | ||||||
| Net Interest Margin (1) | 3.61 | % | 3.51 | % | 3.50 | % | 3.48 | % | 3.62 | % | ||||||
| Net Interest Spread (1) | 2.77 | % | 2.54 | % | 2.53 | % | 2.55 | % | 2.72 | % | ||||||
| Efficiency Ratio (2) | 63.91 | % | 63.45 | % | 63.36 | % | 65.42 | % | 61.61 | % | ||||||
| Total Quarterly/Year-to-Date Average Assets | $ | 7,721,338 | $ | 6,788,644 | $ | 6,494,861 | $ | 6,973,735 | $ | 6,341,880 | ||||||
| Total Quarterly/Year-to-Date Average Common Equity | 731,820 | 610,018 | 544,628 | 625,914 | 530,956 | |||||||||||
| Other Expenses | ||||||||||||||||
| Salaries and Employee Benefits | $ | 28,101 | $ | 24,877 | $ | 22,609 | $ | 103,917 | $ | 90,611 | ||||||
| Occupancy and Bank Premises | 3,166 | 2,630 | 2,387 | 10,944 | 9,518 | |||||||||||
| Depreciation and Amortization | 2,278 | 1,844 | 1,647 | 7,540 | 6,767 | |||||||||||
| Data Processing | 3,856 | 2,881 | 2,490 | 11,957 | 9,034 | |||||||||||
| FDIC Assessment Fees | 1,009 | 887 | 841 | 3,598 | 3,645 | |||||||||||
| Legal and Other Professional Fees | 975 | 873 | 833 | 3,756 | 3,173 | |||||||||||
| Advertising and Promotions | 1,710 | 1,057 | 1,052 | 4,878 | 4,628 | |||||||||||
| Utilities and Communications | 775 | 716 | 700 | 2,883 | 2,899 | |||||||||||
| Ad Valorem Shares Tax | 1,357 | 900 | 265 | 4,057 | 3,160 | |||||||||||
| Directors' Fees | 290 | 245 | 262 | 1,085 | 1,079 | |||||||||||
| Other Real Estate Owned Expenses and Write-Downs | 182 | 11 | 504 | 301 | 687 | |||||||||||
| Merger and Conversion-Related Expenses | 168 | 319 | 63 | 1,236 | 236 | |||||||||||
| Other | 5,703 | 5,210 | 6,061 | 21,500 | 21,265 | |||||||||||
| Total Other Expenses | $ | 49,570 | $ | 42,450 | $ | 39,714 | $ | 177,652 | $ | 156,702 | ||||||
| Other Income | ||||||||||||||||
| Service Charges on Deposit Accounts | $ | 2,878 | $ | 2,723 | $ | 2,470 | $ | 10,577 | $ | 9,704 | ||||||
| Gain (Loss) on Sales of Securities | 21 | (13 | ) | (2,503 | ) | 7 | (2,565 | ) | ||||||||
| Debit Card and ATM Fee Income | 2,069 | 1,864 | 1,793 | 7,659 | 6,590 | |||||||||||
| Bank-Owned Life Insurance Income | 990 | 679 | 572 | 2,875 | 2,247 | |||||||||||
| Gain on Sales of Loans | 252 | 122 | 546 | 2,973 | 1,972 | |||||||||||
| Mortgage Origination Income | 36 | 98 | 47 | 238 | 285 | |||||||||||
| Fees and Brokerage Commission | 2,063 | 1,968 | 1,710 | 7,844 | 7,247 | |||||||||||
| Gain (Loss) on Sales of Other Real Estate Owned | 40 | (16 | ) | 338 | 89 | 646 | ||||||||||
| Loss on Disposal of Other Assets | - | - | (1 | ) | (15 | ) | (15 | ) | ||||||||
| Gain on Sale of Branch | - | - | 13 | - | 945 | |||||||||||
| Gain on Extinguishment of Debt | - | - | - | - | 1,458 | |||||||||||
| Swap Fee Income | 1,288 | 937 | 964 | 2,739 | 964 | |||||||||||
| Pass-Through Income (Loss) from Other Investments | 186 | 335 | (1,028 | ) | 1,208 | 1,946 | ||||||||||
| Other | 2,034 | 2,077 | 1,492 | 7,999 | 5,218 | |||||||||||
| Total Other Income | $ | 11,857 | $ | 10,774 | $ | 6,413 | $ | 44,193 | $ | 36,642 | ||||||
| (1) Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an actual day count convention. | ||||||||||||||||
| (2) Noninterest expense (excluding provision for loan losses) divided by noninterest income plus net interest income less gain/loss on sales of securities. | ||||||||||||||||
| Business First Bancshares, Inc. | |||||||||
| Consolidated Balance Sheets | |||||||||
| (Unaudited) | |||||||||
| December 31, | September 30, | December 31, | |||||||
| (Dollars in thousands) | 2024 | 2024 | 2023 | ||||||
| Assets | |||||||||
| Cash and Due From Banks | $ | 319,098 | $ | 213,199 | $ | 226,110 | |||
| Federal Funds Sold | 197,669 | 169,980 | 151,134 | ||||||
| Securities Purchased under Agreements to Resell | 50,835 | 25,879 | - | ||||||
| Securities Available for Sale, at Fair Values | 893,549 | 916,091 | 879,571 | ||||||
| Mortgage Loans Held for Sale | 717 | - | 835 | ||||||
| Loans and Lease Receivable | 5,981,399 | 5,220,118 | 4,992,785 | ||||||
| Allowance for Loan Losses | (54,840 | ) | (42,154 | ) | (40,414 | ) | |||
| Net Loans and Lease Receivable | 5,926,559 | 5,177,964 | 4,952,371 | ||||||
| Premises and Equipment, Net | 81,953 | 67,617 | 69,480 | ||||||
| Accrued Interest Receivable | 35,872 | 32,547 | 29,916 | ||||||
| Other Equity Securities | 41,100 | 39,555 | 33,942 | ||||||
| Other Real Estate Owned | 5,529 | 1,787 | 1,685 | ||||||
| Cash Value of Life Insurance | 117,645 | 101,362 | 96,478 | ||||||
| Deferred Taxes, Net | 29,591 | 20,852 | 27,323 | ||||||
| Goodwill | 121,572 | 91,527 | 88,391 | ||||||
| Core Deposit and Customer Intangibles | 17,252 | 10,326 | 11,895 | ||||||
| Other Assets | 18,149 | 19,963 | 15,419 | ||||||
| Total Assets | $ | 7,857,090 | $ | 6,888,649 | $ | 6,584,550 | |||
| Liabilities | |||||||||
| Deposits | |||||||||
| Noninterest-Bearing | $ | 1,357,045 | $ | 1,190,942 | $ | 1,299,090 | |||
| Interest-Bearing | 5,154,286 | 4,450,004 | 3,949,700 | ||||||
| Total Deposits | 6,511,331 | 5,640,946 | 5,248,790 | ||||||
| Securities Sold Under Agreements to Repurchase | 22,621 | 21,529 | 18,885 | ||||||
| Bank Term Funding Program | - | - | 300,000 | ||||||
| Federal Home Loan Bank Borrowings | 355,875 | 367,202 | 211,198 | ||||||
| Subordinated Debt | 99,760 | 99,818 | 99,990 | ||||||
| Subordinated Debt - Trust Preferred Securities | 5,000 | 5,000 | 5,000 | ||||||
| Accrued Interest Payable | 5,969 | 3,752 | 14,841 | ||||||
| Other Liabilities | 57,068 | 50,878 | 41,587 | ||||||
| Total Liabilities | 7,057,624 | 6,189,125 | 5,940,291 | ||||||
| Shareholders' Equity | |||||||||
| Preferred Stock | 71,930 | 71,930 | 71,930 | ||||||
| Common Stock | 29,552 | 25,520 | 25,352 | ||||||
| Additional Paid-In Capital | 500,024 | 398,237 | 397,447 | ||||||
| Retained Earnings | 260,958 | 249,981 | 216,115 | ||||||
| Accumulated Other Comprehensive Loss | (62,998 | ) | (46,144 | ) | (66,585 | ) | |||
| Total Shareholders' Equity | 799,466 | 699,524 | 644,259 | ||||||
| Total Liabilities and Shareholders' Equity | $ | 7,857,090 | $ | 6,888,649 | $ | 6,584,550 | |||
| Business First Bancshares, Inc. | ||||||||||||||
| Consolidated Statements of Income | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||
| (Dollars in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||
| Interest Income: | ||||||||||||||
| Interest and Fees on Loans | $ | 104,697 | $ | 93,307 | $ | 85,761 | $ | 374,555 | $ | 323,327 | ||||
| Interest and Dividends on Securities | 7,310 | 6,417 | 5,193 | 25,259 | 20,125 | |||||||||
| Interest on Federal Funds Sold and Due From Banks | 4,135 | 3,017 | 3,711 | 14,950 | 9,875 | |||||||||
| Total Interest Income | 116,142 | 102,741 | 94,665 | 414,764 | 353,327 | |||||||||
| Interest Expense: | ||||||||||||||
| Interest on Deposits | 44,862 | 41,303 | 34,190 | 165,094 | 106,908 | |||||||||
| Interest on Borrowings | 5,551 | 5,324 | 6,715 | 22,287 | 31,290 | |||||||||
| Total Interest Expense | 50,413 | 46,627 | 40,905 | 187,381 | 138,198 | |||||||||
| Net Interest Income | 65,729 | 56,114 | 53,760 | 227,383 | 215,129 | |||||||||
| Provision for Credit Losses | 6,712 | 1,665 | 119 | 10,873 | 4,483 | |||||||||
| Net Interest Income After Provision for Credit Losses | 59,017 | 54,449 | 53,641 | 216,510 | 210,646 | |||||||||
| Other Income: | ||||||||||||||
| Service Charges on Deposit Accounts | 2,878 | 2,723 | 2,470 | 10,577 | 9,704 | |||||||||
| Gain (Loss) on Sales of Securities | 21 | (13 | ) | (2,503 | ) | 7 | (2,565 | ) | ||||||
| Gain on Sales of Loans | 252 | 122 | 546 | 2,973 | 1,972 | |||||||||
| Other Income | 8,706 | 7,942 | 5,900 | 30,636 | 27,531 | |||||||||
| Total Other Income | 11,857 | 10,774 | 6,413 | 44,193 | 36,642 | |||||||||
| Other Expenses: | ||||||||||||||
| Salaries and Employee Benefits | 28,101 | 24,877 | 22,609 | 103,917 | 90,611 | |||||||||
| Occupancy and Equipment Expense | 7,087 | 5,828 | 5,301 | 23,989 | 20,859 | |||||||||
| Merger and Conversion-Related Expense | 168 | 319 | 63 | 1,236 | 236 | |||||||||
| Other Expenses | 14,214 | 11,426 | 11,741 | 48,510 | 44,996 | |||||||||
| Total Other Expenses | 49,570 | 42,450 | 39,714 | 177,652 | 156,702 | |||||||||
| Income Before Income Taxes | 21,304 | 22,773 | 20,340 | 83,051 | 90,586 | |||||||||
| Provision for Income Taxes | 4,816 | 4,930 | 4,516 | 17,944 | 19,543 | |||||||||
| Net Income | 16,488 | 17,843 | 15,824 | 65,107 | 71,043 | |||||||||
| Preferred Stock Dividends | 1,350 | 1,351 | 1,350 | 5,401 | 5,401 | |||||||||
| Net Income Available to Common Shareholders | $ | 15,138 | $ | 16,492 | $ | 14,474 | $ | 59,706 | $ | 65,642 | ||||
| Business First Bancshares, Inc. | |||||||||||||||||||||||
| Consolidated Net Interest Margin | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||||||||||||||
| (Dollars in thousands) | Average Outstanding Balance | Interest Earned / Interest Paid | Average Yield / Rate | Average Outstanding Balance | Interest Earned / Interest Paid | Average Yield / Rate | Average Outstanding Balance | Interest Earned / Interest Paid | Average Yield / Rate | ||||||||||||||
| Assets | |||||||||||||||||||||||
| Interest-Earning Assets: | |||||||||||||||||||||||
| Total Loans | $ | 5,911,183 | $ | 104,697 | 7.05 | % | $ | 5,212,948 | $ | 93,307 | 7.12 | % | $ | 4,949,954 | $ | 85,761 | 6.87 | % | |||||
| Securities | 980,566 | 7,310 | 2.97 | % | 924,012 | 6,417 | 2.76 | % | 865,372 | 5,193 | 2.38 | % | |||||||||||
| Interest-Bearing Deposit in Other Banks | 346,035 | 4,135 | 4.75 | % | 227,035 | 3,017 | 5.29 | % | 271,004 | 3,711 | 5.43 | % | |||||||||||
| Total Interest-Earning Assets | 7,237,784 | 116,142 | 6.38 | % | 6,363,995 | 102,741 | 6.42 | % | 6,086,330 | 94,665 | 6.17 | % | |||||||||||
| Allowance for Loan Losses | (52,130 | ) | (41,554 | ) | (40,996 | ) | |||||||||||||||||
| Noninterest-Earning Assets | 535,684 | 466,203 | 449,527 | ||||||||||||||||||||
| Total Assets | $ | 7,721,338 | $ | 116,142 | $ | 6,788,644 | $ | 102,741 | $ | 6,494,861 | $ | 94,665 | |||||||||||
| Liabilities and Shareholders' Equity | |||||||||||||||||||||||
| Interest-Bearing Liabilities: | |||||||||||||||||||||||
| Interest-Bearing Deposits | $ | 5,053,759 | $ | 44,862 | 3.53 | % | $ | 4,308,780 | $ | 41,303 | 3.81 | % | $ | 3,816,474 | $ | 34,190 | 3.55 | % | |||||
| Subordinated Debt | 99,797 | 1,331 | 5.31 | % | 99,854 | 1,353 | 5.39 | % | 100,009 | 1,320 | 5.24 | % | |||||||||||
| Subordinated Debt - Trust Preferred Securities | 5,000 | 107 | 8.51 | % | 5,000 | 114 | 9.07 | % | 5,000 | 113 | 8.97 | % | |||||||||||
| Bank Term Funding Program | - | - | 0.00 | % | - | - | 0.00 | % | 300,000 | 3,202 | 4.23 | % | |||||||||||
| Advances from Federal Home Loan Bank (FHLB) | 373,236 | 3,975 | 4.24 | % | 347,476 | 3,723 | 4.26 | % | 213,280 | 1,947 | 3.62 | % | |||||||||||
| Other Borrowings | 21,569 | 138 | 2.55 | % | 20,971 | 134 | 2.54 | % | 20,772 | 133 | 2.54 | % | |||||||||||
| Total Interest-Bearing Liabilities | 5,553,361 | 50,413 | 3.61 | % | 4,782,081 | 46,627 | 3.88 | % | 4,455,535 | 40,905 | 3.64 | % | |||||||||||
| Noninterest-Bearing Liabilities: | |||||||||||||||||||||||
| Noninterest-Bearing Deposits | 1,292,623 | $ | 1,269,282 | $ | 1,368,452 | ||||||||||||||||||
| Other Liabilities | 71,604 | 55,333 | 54,316 | ||||||||||||||||||||
| Total Noninterest-Bearing Liabilities | 1,364,227 | 1,324,615 | 1,422,768 | ||||||||||||||||||||
| Shareholders' Equity: | |||||||||||||||||||||||
| Common Shareholders' Equity | 731,820 | 610,018 | 544,628 | ||||||||||||||||||||
| Preferred Equity | 71,930 | 71,930 | 71,930 | ||||||||||||||||||||
| Total Shareholders' Equity | 803,750 | 681,948 | 616,558 | ||||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 7,721,338 | $ | 6,788,644 | $ | 6,494,861 | |||||||||||||||||
| Net Interest Spread | 2.77 | % | 2.54 | % | 2.53 | % | |||||||||||||||||
| Net Interest Income | $ | 65,729 | $ | 56,114 | $ | 53,760 | |||||||||||||||||
| Net Interest Margin | 3.61 | % | 3.51 | % | 3.50 | % | |||||||||||||||||
| Overall Cost of Funds | 2.93 | % | 3.07 | % | 2.79 | % | |||||||||||||||||
| NOTE: Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an Actual/365/366 day count convention. | |||||||||||||||||||||||
| Business First Bancshares, Inc. | |||||||||||||||
| Consolidated Net Interest Margin | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Year Ended | |||||||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||||||
| (Dollars in thousands) | Average Outstanding Balance | Interest Earned / Interest Paid | Average Yield / Rate | Average Outstanding Balance | Interest Earned / Interest Paid | Average Yield / Rate | |||||||||
| Assets | |||||||||||||||
| Interest-Earning Assets: | |||||||||||||||
| Total Loans | $ | 5,327,466 | $ | 374,555 | 7.03 | % | $ | 4,859,637 | $ | 323,327 | 6.65 | % | |||
| Securities | 921,393 | 25,259 | 2.74 | % | 898,771 | 20,125 | 2.24 | % | |||||||
| Interest-Bearing Deposit in Other Banks | 287,474 | 14,950 | 5.20 | % | 180,997 | 9,875 | 5.46 | % | |||||||
| Total Interest-Earning Assets | 6,536,333 | 414,764 | 6.35 | % | 5,939,405 | 353,327 | 5.95 | % | |||||||
| Allowance for Loan Losses | (43,931 | ) | (41,665 | ) | |||||||||||
| Noninterest-Earning Assets | 481,333 | 444,140 | |||||||||||||
| Total Assets | $ | 6,973,735 | $ | 414,764 | $ | 6,341,880 | $ | 353,327 | |||||||
| Liabilities and Shareholders' Equity | |||||||||||||||
| Interest-Bearing Liabilities: | |||||||||||||||
| Interest-Bearing Deposits | $ | 4,427,233 | $ | 165,094 | 3.73 | % | $ | 3,566,216 | $ | 106,908 | 3.00 | % | |||
| Subordinated Debt | 99,884 | 5,394 | 5.40 | % | 105,369 | 5,323 | 5.05 | % | |||||||
| Subordinated Debt - Trust Preferred Securities | 5,000 | 447 | 8.94 | % | 5,000 | 430 | 8.60 | % | |||||||
| Bank Term Funding Program | 64,754 | 2,788 | 4.31 | % | 253,706 | 11,313 | 4.46 | % | |||||||
| Advances from Federal Home Loan Bank (FHLB) | 317,462 | 13,164 | 4.15 | % | 329,726 | 13,702 | 4.16 | % | |||||||
| Other Borrowings | 19,464 | 494 | 2.54 | % | 21,825 | 522 | 2.39 | % | |||||||
| Total Interest-Bearing Liabilities | 4,933,797 | 187,381 | 3.80 | % | 4,281,842 | 138,198 | 3.23 | % | |||||||
| Noninterest-Bearing Liabilities: | |||||||||||||||
| Noninterest-Bearing Deposits | 1,285,445 | 1,412,979 | |||||||||||||
| Other Liabilities | 56,649 | 44,173 | |||||||||||||
| Total Noninterest-Bearing Liabilities | 1,342,094 | 1,457,152 | |||||||||||||
| Shareholders' Equity: | |||||||||||||||
| Common Shareholders' Equity | 625,914 | 530,956 | |||||||||||||
| Preferred Equity | 71,930 | 71,930 | |||||||||||||
| Total Shareholders' Equity | 697,844 | 602,886 | |||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 6,973,735 | $ | 6,341,880 | |||||||||||
| Net Interest Spread | 2.55 | % | 2.72 | % | |||||||||||
| Net Interest Income | $ | 227,383 | $ | 215,129 | |||||||||||
| Net Interest Margin | 3.48 | % | 3.62 | % | |||||||||||
| Overall Cost of Funds | 3.01 | % | 2.43 | % | |||||||||||
| NOTE: Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an Actual/365/366 day count convention. | |||||||||||||||
| Business First Bancshares, Inc. | ||||||||||||||||
| Non-GAAP Measures | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
| (Dollars in thousands, except per share data) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Interest Income: | ||||||||||||||||
| Interest income | $ | 116,142 | $ | 102,741 | $ | 94,665 | $ | 414,764 | $ | 353,327 | ||||||
| Core interest income | 116,142 | 102,741 | 94,665 | 414,764 | 353,327 | |||||||||||
| Interest Expense: | ||||||||||||||||
| Interest expense | 50,413 | 46,627 | 40,905 | 187,381 | 138,198 | |||||||||||
| Core interest expense | 50,413 | 46,627 | 40,905 | 187,381 | 138,198 | |||||||||||
| Provision for Credit Losses: (b) | ||||||||||||||||
| Provision for credit losses | 6,712 | 1,665 | 119 | 10,873 | 4,483 | |||||||||||
| CECL Oakwood impact (3) | (4,824 | ) | - | - | (4,824 | ) | - | |||||||||
| Core provision expense | 1,888 | 1,665 | 119 | 6,049 | 4,483 | |||||||||||
| Other Income: | ||||||||||||||||
| Other income | 11,857 | 10,774 | 6,413 | 44,193 | 36,642 | |||||||||||
| Gain on former bank premises and equipment | - | - | - | (50 | ) | - | ||||||||||
| (Gain) loss on sale of securities | (21 | ) | 13 | 2,503 | (7 | ) | 2,565 | |||||||||
| Gain on sale of branch | - | - | (13 | ) | - | (945 | ) | |||||||||
| Gain on extinguishment of debt | - | - | - | - | (1,458 | ) | ||||||||||
| Core other income | 11,836 | 10,787 | 8,903 | 44,136 | 36,804 | |||||||||||
| Other Expense: | ||||||||||||||||
| Other expense | 49,570 | 42,450 | 39,714 | 177,652 | 156,702 | |||||||||||
| Acquisition-related expenses (2) | (168 | ) | (319 | ) | (63 | ) | (1,621 | ) | (236 | ) | ||||||
| Write-down on former bank premises | - | - | (432 | ) | - | (432 | ) | |||||||||
| Core conversion expenses | (463 | ) | (511 | ) | - | (974 | ) | - | ||||||||
| Core other expense | 48,939 | 41,620 | 39,219 | 175,057 | 156,034 | |||||||||||
| Pre-Tax Income: (a) | ||||||||||||||||
| Pre-tax income | 21,304 | 22,773 | 20,340 | 83,051 | 90,586 | |||||||||||
| CECL Oakwood impact (3) | 4,824 | - | - | 4,824 | - | |||||||||||
| Gain on former bank premises and equipment | - | - | - | (50 | ) | - | ||||||||||
| (Gain) loss on sale of securities | (21 | ) | 13 | 2,503 | (7 | ) | 2,565 | |||||||||
| Gain on sale of branch | - | - | (13 | ) | - | (945 | ) | |||||||||
| Gain on extinguishment of debt | - | - | - | - | (1,458 | ) | ||||||||||
| Acquisition-related expenses (2) | 168 | 319 | 63 | 1,621 | 236 | |||||||||||
| Write-down on former bank premises | - | - | 432 | - | 432 | |||||||||||
| Core conversion expenses | 463 | 511 | - | 974 | - | |||||||||||
| Core pre-tax income | 26,738 | 23,616 | 23,325 | 90,413 | 91,416 | |||||||||||
| Provision for Income Taxes: (1) | ||||||||||||||||
| Provision for income taxes | 4,816 | 4,930 | 4,516 | 17,944 | 19,543 | |||||||||||
| Tax on CECL Oakwood impact (3) | 1,019 | - | - | 1,019 | - | |||||||||||
| Tax on gain on former bank premises and equipment | - | - | - | (11 | ) | - | ||||||||||
| Tax on (gain) loss on sale of securities | (4 | ) | 3 | 529 | (1 | ) | 542 | |||||||||
| Tax on gain on sale of branch | - | - | (3 | ) | - | (200 | ) | |||||||||
| Tax on gain on extinguishment of debt | - | - | - | - | (308 | ) | ||||||||||
| Tax on acquisition-related expenses (2) | 6 | - | 1 | 97 | 21 | |||||||||||
| Tax on write-down on former bank premises | - | 91 | - | 91 | ||||||||||||
| Tax on core conversion expenses | 97 | 108 | - | 205 | - | |||||||||||
| Core provision for income taxes | 5,934 | 5,041 | 5,134 | 19,252 | 19,689 | |||||||||||
| Preferred Dividends: | ||||||||||||||||
| Preferred dividends | 1,350 | 1,351 | 1,350 | 5,401 | 5,401 | |||||||||||
| Core preferred dividends | 1,350 | 1,351 | 1,350 | 5,401 | 5,401 | |||||||||||
| Net Income Available to Common Shareholders: | ||||||||||||||||
| Net income available to common shareholders | 15,138 | 16,492 | 14,474 | 59,706 | 65,642 | |||||||||||
| CECL Oakwood impact (3), net of tax | 3,805 | - | - | 3,805 | - | |||||||||||
| Gain on former bank premises and equipment, net of tax | - | - | - | (39 | ) | - | ||||||||||
| (Gain) loss on sale of securities, net of tax | (17 | ) | 10 | 1,974 | (6 | ) | 2,023 | |||||||||
| Gain on sale of branch, net of tax | - | - | (10 | ) | - | (745 | ) | |||||||||
| Gain on extinguishment of debt, net of tax | - | - | - | - | (1,150 | ) | ||||||||||
| Acquisition-related expenses (2), net of tax | 162 | 319 | 62 | 1,524 | 215 | |||||||||||
| Write-down on former bank premises, net of tax | - | - | 341 | - | 341 | |||||||||||
| Core conversion expenses, net of tax | 366 | 403 | - | 769 | - | |||||||||||
| Core net income available to common shareholders | $ | 19,454 | $ | 17,224 | $ | 16,841 | $ | 65,759 | $ | 66,326 | ||||||
| Pre-tax, pre-provision earnings available to common shareholders (a+b) | $ | 28,016 | $ | 24,438 | $ | 20,459 | $ | 93,924 | $ | 95,069 | ||||||
| CECL Oakwood impact (3) | 4,824 | $ | - | $ | - | 4,824 | $ | - | ||||||||
| Gain on former bank premises and equipment | - | - | - | (50 | ) | - | ||||||||||
| (Gain) loss on sale of securities | (21 | ) | 13 | 2,503 | (7 | ) | 2,565 | |||||||||
| Gain on sale of branch | - | - | (13 | ) | - | (945 | ) | |||||||||
| Gain on extinguishment of debt | - | - | - | - | (1,458 | ) | ||||||||||
| Acquisition-related expenses (2) | 168 | 319 | 63 | 1,621 | 236 | |||||||||||
| Write-down on former premises | - | - | 432 | - | 432 | |||||||||||
| Core conversion expenses | 463 | 511 | - | 974 | - | |||||||||||
| Core pre-tax, pre-provision earnings | $ | 33,450 | $ | 25,281 | $ | 23,444 | $ | 101,286 | $ | 95,899 | ||||||
| Average Diluted Common Shares Outstanding | 29,520,781 | 25,440,247 | 25,333,913 | 26,452,084 | 25,296,200 | |||||||||||
| Diluted Earnings Per Common Share: | ||||||||||||||||
| Diluted earnings per common share | $ | 0.51 | $ | 0.65 | $ | 0.57 | $ | 2.26 | $ | 2.59 | ||||||
| CECL Oakwood impact (3), net of tax | 0.13 | $ | - | $ | - | 0.14 | $ | - | ||||||||
| Gain on former bank premises and equipment, net of tax | - | - | - | (0.00 | ) | - | ||||||||||
| (Gain) loss on sale of securities, net of tax | (0.00 | ) | 0.00 | 0.08 | (0.00 | ) | 0.08 | |||||||||
| Gain on sale of branch, net of tax | - | - | - | - | (0.03 | ) | ||||||||||
| Gain on extinguishment of debt, net of tax | - | - | - | - | (0.04 | ) | ||||||||||
| Acquisition-related expenses (2), net of tax | 0.01 | 0.01 | - | 0.06 | 0.01 | |||||||||||
| Write-down on former premises, net of tax | - | - | 0.01 | - | 0.01 | |||||||||||
| Core conversion expenses, net of tax | 0.01 | 0.02 | - | 0.03 | - | |||||||||||
| Core diluted earnings per common share | $ | 0.66 | $ | 0.68 | $ | 0.66 | $ | 2.49 | $ | 2.62 | ||||||
| Pre-tax, pre-provision profit diluted earnings per common share | $ | 0.95 | $ | 0.96 | $ | 0.81 | $ | 3.55 | $ | 3.76 | ||||||
| CECL Oakwood impact (3) | 0.16 | - | - | 0.18 | - | |||||||||||
| Gain on former bank premises and equipment | - | - | - | (0.00 | ) | - | ||||||||||
| (Gain) loss on sale of securities | (0.00 | ) | 0.00 | 0.10 | (0.00 | ) | 0.10 | |||||||||
| Gain on sale of branch | - | - | - | - | (0.04 | ) | ||||||||||
| Gain on extinguishment of debt | - | - | - | - | (0.06 | ) | ||||||||||
| Acquisition-related expenses (2) | 0.01 | 0.01 | - | 0.06 | 0.01 | |||||||||||
| Write-down on former premises, net of tax | - | - | 0.02 | - | 0.02 | |||||||||||
| Core conversion expenses | 0.02 | 0.02 | - | 0.04 | - | |||||||||||
| Core pre-tax, pre-provision diluted earnings per common share | $ | 1.14 | $ | 0.99 | $ | 0.93 | $ | 3.83 | $ | 3.79 | ||||||
| (1) Tax rates, exclusive of certain nondeductible merger-related expenses and goodwill, utilized were | ||||||||||||||||
| (2) Includes merger and conversion-related expenses and salary and employee benefits. | ||||||||||||||||
| (3) CECL non-purchased credit deteriorated (PCD) provision/unfunded commitment expense attributable to Oakwood. | ||||||||||||||||
| Business First Bancshares, Inc. | |||||||||
| Non-GAAP Measures | |||||||||
| (Unaudited) | |||||||||
| December 31, | September 30, | December 31, | |||||||
| (Dollars in thousands, except per share data) | 2024 | 2024 | 2023 | ||||||
| Total Shareholders' (Common) Equity: | |||||||||
| Total shareholders' equity | $ | 799,466 | $ | 699,524 | $ | 644,259 | |||
| Preferred stock | (71,930 | ) | (71,930 | ) | (71,930 | ) | |||
| Total common shareholders' equity | 727,536 | 627,594 | 572,329 | ||||||
| Goodwill | (121,572 | ) | (91,527 | ) | (88,391 | ) | |||
| Core deposit and customer intangible | (17,252 | ) | (10,326 | ) | (11,895 | ) | |||
| Total tangible common equity | $ | 588,712 | $ | 525,741 | $ | 472,043 | |||
| Total Assets: | |||||||||
| Total assets | $ | 7,857,090 | $ | 6,888,649 | $ | 6,584,550 | |||
| Goodwill | (121,572 | ) | (91,527 | ) | (88,391 | ) | |||
| Core deposit and customer intangible | (17,252 | ) | (10,326 | ) | (11,895 | ) | |||
| Total tangible assets | $ | 7,718,266 | $ | 6,786,796 | $ | 6,484,264 | |||
| Common shares outstanding | 29,552,358 | 25,519,501 | 25,351,809 | ||||||
| Book value per common share | $ | 24.62 | $ | 24.59 | $ | 22.58 | |||
| Tangible book value per common share | $ | 19.92 | $ | 20.60 | $ | 18.62 | |||
| Common equity to total assets | 9.26 | % | 9.11 | % | 8.69 | % | |||
| Tangible common equity to tangible assets | 7.63 | % | 7.75 | % | 7.28 | % | |||
| Business First Bancshares, Inc. | ||||||||||||||||
| Non-GAAP Measures | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
| (Dollars in thousands, except per share data) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Total Quarterly Average Assets | $ | 7,721,338 | $ | 6,788,644 | $ | 6,494,861 | $ | 6,973,735 | $ | 6,341,880 | ||||||
| Total Quarterly Average Common Equity | $ | 731,820 | $ | 610,018 | $ | 544,628 | $ | 625,914 | $ | 530,956 | ||||||
| Net Income Available to Common Shareholders: | ||||||||||||||||
| Net income available to common shareholders | $ | 15,138 | $ | 16,492 | $ | 14,474 | $ | 59,706 | $ | 65,642 | ||||||
| CECL Oakwood impact (3), net of tax | 3,805 | - | - | 3,805 | - | |||||||||||
| Gain on former bank premises and equipment, net of tax | - | - | - | (39 | ) | - | ||||||||||
| (Gain) loss on sale of securities, net of tax | (17 | ) | 10 | 1,974 | (6 | ) | 2,023 | |||||||||
| Gain on sale of branch, net of tax | - | - | (10 | ) | - | (745 | ) | |||||||||
| Gain on extinguishment of debt, net of tax | - | - | - | - | (1,150 | ) | ||||||||||
| Acquisition-related expenses, net of tax | 162 | 319 | 62 | 1,524 | 215 | |||||||||||
| Write-down on former bank premises, net of tax | - | - | 341 | - | 341 | |||||||||||
| Core conversion expenses, net of tax | 366 | 403 | - | 769 | - | |||||||||||
| Core net income available to common shareholders | $ | 19,454 | $ | 17,224 | $ | 16,841 | $ | 65,759 | $ | 66,326 | ||||||
| Return to common shareholders on average assets (annualized) (2) | 0.78 | % | 0.97 | % | 0.88 | % | 0.86 | % | 1.04 | % | ||||||
| Core return on average assets (annualized) (2) | 1.00 | % | 1.01 | % | 1.03 | % | 0.94 | % | 1.05 | % | ||||||
| Return to common shareholders on average common equity (annualized) (2) | 8.23 | % | 10.76 | % | 10.54 | % | 9.54 | % | 12.36 | % | ||||||
| Core return on average common equity (annualized) (2) | 10.58 | % | 11.23 | % | 12.27 | % | 10.51 | % | 12.49 | % | ||||||
| Interest Income: | ||||||||||||||||
| Interest income | $ | 116,142 | $ | 102,741 | $ | 94,665 | $ | 414,764 | $ | 353,327 | ||||||
| Core interest income | 116,142 | 102,741 | 94,665 | 414,764 | 353,327 | |||||||||||
| Interest Expense: | ||||||||||||||||
| Interest expense | 50,413 | 46,627 | 40,905 | 187,381 | 138,198 | |||||||||||
| Core interest expense | 50,413 | 46,627 | 40,905 | 187,381 | 138,198 | |||||||||||
| Other Income: | ||||||||||||||||
| Other income | 11,857 | 10,774 | 6,413 | 44,193 | 36,642 | |||||||||||
| Gain on former bank premises and equipment | - | - | - | (50 | ) | - | ||||||||||
| (Gain) loss on sale of securities | (21 | ) | 13 | 2,503 | (7 | ) | 2,565 | |||||||||
| Gain on sale of branch | - | - | (13 | ) | - | (945 | ) | |||||||||
| Gain on extinguishment of debt | - | - | - | - | (1,458 | ) | ||||||||||
| Core other income | 11,836 | 10,787 | 8,903 | 44,136 | 36,804 | |||||||||||
| Other Expense: | ||||||||||||||||
| Other expense | 49,570 | 42,450 | 39,714 | 177,652 | 156,702 | |||||||||||
| Acquisition-related expenses | (168 | ) | (319 | ) | (63 | ) | (1,621 | ) | (236 | ) | ||||||
| Write-down on former bank premises | - | - | (432 | ) | - | (432 | ) | |||||||||
| Core conversion expenses | (463 | ) | (511 | ) | - | (974 | ) | - | ||||||||
| Core other expense | $ | 48,939 | $ | 41,620 | $ | 39,219 | $ | 175,057 | $ | 156,034 | ||||||
| Efficiency Ratio: | ||||||||||||||||
| Other expense (a) | $ | 49,570 | $ | 42,450 | $ | 39,714 | $ | 177,652 | $ | 156,702 | ||||||
| Core other expense (c) | $ | 48,939 | $ | 41,620 | $ | 39,219 | $ | 175,057 | $ | 156,034 | ||||||
| Net interest and other income (1) (b) | $ | 77,565 | $ | 66,901 | $ | 62,676 | $ | 271,569 | $ | 254,336 | ||||||
| Core net interest and other income (1) (d) | $ | 77,565 | $ | 66,901 | $ | 62,663 | $ | 271,519 | $ | 251,933 | ||||||
| Efficiency ratio (a/b) | 63.91 | % | 63.45 | % | 63.36 | % | 65.42 | % | 61.61 | % | ||||||
| Core efficiency ratio (c/d) | 63.09 | % | 62.21 | % | 62.59 | % | 64.47 | % | 61.93 | % | ||||||
| Total Average Interest-Earnings Assets | $ | 7,237,784 | $ | 6,363,995 | $ | 6,086,330 | $ | 6,536,333 | $ | 5,939,405 | ||||||
| Net Interest Income: | ||||||||||||||||
| Net interest income | $ | 65,729 | $ | 56,114 | $ | 53,760 | $ | 227,383 | $ | 215,129 | ||||||
| Loan discount accretion | (997 | ) | (705 | ) | (1,921 | ) | (4,182 | ) | (9,311 | ) | ||||||
| Net interest income excluding loan discount accretion | $ | 64,732 | $ | 55,409 | $ | 51,839 | $ | 223,201 | $ | 205,818 | ||||||
| Net interest margin (2) | 3.61 | % | 3.51 | % | 3.50 | % | 3.48 | % | 3.62 | % | ||||||
| Net interest margin excluding loan discount accretion (2) | 3.56 | % | 3.46 | % | 3.38 | % | 3.41 | % | 3.47 | % | ||||||
| Net interest spread (2) | 2.77 | % | 2.54 | % | 2.53 | % | 2.55 | % | 2.72 | % | ||||||
| Net interest spread excluding loan discount accretion (2) | 2.72 | % | 2.50 | % | 2.40 | % | 2.48 | % | 2.56 | % | ||||||
| (1) Excludes gains/losses on sales of securities. | ||||||||||||||||
| (2) Calculated utilizing an actual day count convention. | ||||||||||||||||
| (3) CECL non-PCD provision/unfunded commitment expense attributable to Oakwood. | ||||||||||||||||
Misty Albrecht
b1BANK
225.286.7879
Misty.Albrecht@b1BANK.com
FAQ
What was BFST's Q4 2024 earnings per share?
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