Business First Bancshares, Inc., Announces Financial Results for Q1 2025
Business First Bancshares (NASDAQ: BFST) reported strong Q1 2025 financial results with net income of $19.2 million or $0.65 per diluted share, marking increases of $4.1 million and $0.14 respectively from Q4 2024. The company showed solid performance with:
- Net interest income of $66.0 million
- Net interest margin expansion to 3.68%
- Noninterest income growth driven by $1.3 million in loan sales
- Capital growth with tangible book value increasing to $20.84 per share
Notable metrics include:
- Return on average assets: 1.00%
- Common equity to total assets: 9.69%
- Quarterly common dividend declared: $0.14 per share
Credit quality showed some regression with nonperforming loans ratio increasing 27 bps to 0.69%. Deposits decreased by $53.1 million (0.82%), while the securities portfolio grew by $27.0 million (3.02%).
Business First Bancshares (NASDAQ: BFST) ha riportato solidi risultati finanziari nel primo trimestre del 2025, con un utile netto di 19,2 milioni di dollari, pari a 0,65 dollari per azione diluita, segnando un incremento rispettivamente di 4,1 milioni di dollari e 0,14 dollari rispetto al quarto trimestre del 2024. L'azienda ha mostrato una performance solida con:
- Reddito netto da interessi di 66,0 milioni di dollari
- Espansione del margine di interesse netto al 3,68%
- Crescita del reddito non da interessi trainata da 1,3 milioni di dollari in vendite di prestiti
- Crescita del capitale con il valore contabile tangibile salito a 20,84 dollari per azione
Metriche rilevanti includono:
- Rendimento medio degli attivi: 1,00%
- Capitale comune su totale attivi: 9,69%
- Dividendo comune trimestrale dichiarato: 0,14 dollari per azione
La qualità del credito ha mostrato un leggero peggioramento con il rapporto di prestiti non performanti aumentato di 27 punti base a 0,69%. I depositi sono diminuiti di 53,1 milioni di dollari (0,82%), mentre il portafoglio titoli è cresciuto di 27,0 milioni di dollari (3,02%).
Business First Bancshares (NASDAQ: BFST) reportó sólidos resultados financieros en el primer trimestre de 2025, con un ingreso neto de 19,2 millones de dólares o 0,65 dólares por acción diluida, lo que representa aumentos de 4,1 millones y 0,14 dólares respectivamente respecto al cuarto trimestre de 2024. La empresa mostró un desempeño sólido con:
- Ingreso neto por intereses de 66,0 millones de dólares
- Expansión del margen neto de interés al 3,68%
- Crecimiento de ingresos no relacionados con intereses impulsado por 1,3 millones de dólares en ventas de préstamos
- Crecimiento de capital con el valor contable tangible aumentando a 20,84 dólares por acción
Métricas destacadas incluyen:
- Retorno sobre activos promedio: 1,00%
- Capital común sobre activos totales: 9,69%
- Dividendo común trimestral declarado: 0,14 dólares por acción
La calidad crediticia mostró cierta regresión con el índice de préstamos en mora aumentando 27 puntos básicos hasta 0,69%. Los depósitos disminuyeron en 53,1 millones de dólares (0,82%), mientras que la cartera de valores creció en 27,0 millones de dólares (3,02%).
Business First Bancshares (NASDAQ: BFST)는 2025년 1분기 강력한 재무 실적을 보고했으며, 순이익은 1,920만 달러 또는 희석 주당 0.65달러로, 2024년 4분기 대비 각각 410만 달러와 0.14달러 증가했습니다. 회사는 다음과 같은 견고한 성과를 보였습니다:
- 순이자수익 6,600만 달러
- 순이자마진 3.68%로 확대
- 130만 달러의 대출 매각에 힘입은 비이자 수익 증가
- 주당 유형 장부가치가 20.84달러로 자본 성장
주요 지표는 다음과 같습니다:
- 평균 자산 수익률: 1.00%
- 총자산 대비 보통주 자본 비율: 9.69%
- 분기별 보통주 배당금 선언: 주당 0.14달러
신용 품질은 일부 악화되어 부실 대출 비율이 27bp 상승한 0.69%를 기록했습니다. 예금은 5,310만 달러(0.82%) 감소한 반면, 증권 포트폴리오는 2,700만 달러(3.02%) 증가했습니다.
Business First Bancshares (NASDAQ : BFST) a annoncé de solides résultats financiers pour le premier trimestre 2025, avec un bénéfice net de 19,2 millions de dollars, soit 0,65 dollar par action diluée, enregistrant des hausses respectives de 4,1 millions de dollars et de 0,14 dollar par rapport au quatrième trimestre 2024. La société a affiché de bonnes performances avec :
- Un produit net d’intérêts de 66,0 millions de dollars
- Une expansion de la marge nette d’intérêts à 3,68 %
- Une croissance des revenus hors intérêts portée par 1,3 million de dollars de ventes de prêts
- Une croissance du capital avec une valeur comptable tangible passant à 20,84 dollars par action
Les indicateurs notables incluent :
- Rendement moyen des actifs : 1,00 %
- Fonds propres ordinaires par rapport aux actifs totaux : 9,69 %
- Dividende ordinaire trimestriel déclaré : 0,14 dollar par action
La qualité du crédit a montré une légère détérioration avec un taux de prêts non performants en hausse de 27 points de base à 0,69 %. Les dépôts ont diminué de 53,1 millions de dollars (0,82 %), tandis que le portefeuille de titres a augmenté de 27,0 millions de dollars (3,02 %).
Business First Bancshares (NASDAQ: BFST) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Nettogewinn von 19,2 Millionen US-Dollar bzw. 0,65 US-Dollar je verwässerter Aktie, was eine Steigerung von 4,1 Millionen US-Dollar bzw. 0,14 US-Dollar gegenüber dem vierten Quartal 2024 bedeutet. Das Unternehmen zeigte eine solide Leistung mit:
- Nettozinsertrag von 66,0 Millionen US-Dollar
- Ausweitung der Nettozinsmarge auf 3,68 %
- Wachstum der zinsertragsfreien Einnahmen, angetrieben durch 1,3 Millionen US-Dollar aus Kreditverkäufen
- Kapitalwachstum mit einem Anstieg des materiellen Buchwerts auf 20,84 US-Dollar je Aktie
Bemerkenswerte Kennzahlen umfassen:
- Eigenkapitalrendite auf durchschnittliche Vermögenswerte: 1,00 %
- Stammkapital im Verhältnis zu den Gesamtvermögenswerten: 9,69 %
- Quartalsdividende auf Stammaktien erklärt: 0,14 US-Dollar je Aktie
Die Kreditqualität zeigte eine leichte Verschlechterung, da das Verhältnis notleidender Kredite um 27 Basispunkte auf 0,69 % anstieg. Die Einlagen sanken um 53,1 Millionen US-Dollar (0,82 %), während das Wertpapierportfolio um 27,0 Millionen US-Dollar (3,02 %) wuchs.
- Net income increased by $4.1 million to $19.2 million
- Net interest margin expanded to 3.68% from 3.61%
- Tangible book value per share grew 4.62% to $20.84
- Common equity to total assets improved to 9.69% from 9.26%
- SBA loan sales income increased by $1.0 million
- Deposits declined by $53.1 million (0.82%)
- Nonperforming loans ratio increased 27 bps to 0.69%
- Two lending relationships required $2.3 million in reserves
- Noninterest bearing deposits decreased by $48.7 million
- Loan yields decreased 6 basis points to 6.99%
Insights
BFST delivers solid Q1 with 27% higher earnings, expanding margins and capital, though credit quality showed isolated deterioration.
Business First Bancshares posted robust Q1 2025 earnings with net income reaching
The net interest margin expanded to
Capital ratios strengthened meaningfully with tangible common equity to tangible assets rising from
The bank's revenue diversification strategy is yielding results with non-interest income increasing
Some caution signals emerged with credit quality metrics deteriorating - nonperforming loans increased
The flat loan growth (
Overall, BFST delivered balanced results with strong capital generation and profitability metrics, achieving a
BATON ROUGE, La., April 24, 2025 (GLOBE NEWSWIRE) -- Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended March 31, 2025. Business First reported net income available to common shareholders of
“We are excited to start the year off with solid earnings,” said Jude Melville, chairman, president and CEO of Business First Bancshares. “We increased our capital, our reserves, and our per share tangible book value at healthy rates, while demonstrating diversity of our revenue streams and growth of margins in our core spread business. We are also proud of our less tangible development, continuing to integrate our latest acquisition and implementing a number of technological initiatives including preparation for our core conversion in the second quarter, investments that will enable us to provide high quality and more efficient service for our client base into the future.”
On Thursday, April 24, 2025, Business First’s board of directors declared a quarterly preferred dividend in the amount of
Quarterly Highlights
- Solid Core Performance. Return to common shareholders on average assets, on an annualized basis, was
1.00% for the quarter ended March 31, 2025, or1.01% on a non-GAAP basis, compared to0.78% or1.00% on a non-GAAP basis for the linked quarter.
- Net Interest Margin (NIM) Expansion. Net interest income totaled
$66.0 million and net interest margin and net interest spread were3.68% and2.91% , respectively, compared to$65.7 million ,3.61% and2.77% for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of$0.8 million ) were3.64% and2.86% for the quarter ended March 31, 2025, compared to3.56% and2.72% (excluding loan discount accretion of$1.0 million ) for the linked quarter. The increases of 8 basis points (bps) and 14 bps were driven by a reduction in Business First's overall cost of funding.
- Noninterest Income Investments. Various noninterest income channels produced solid aggregate returns. Loan sales, mostly attributable to Small Business Administration (SBA) loans, produced income of
$1.3 million , an increase of$1.0 million when compared to the linked quarter, along with continued consistent performance in the swap business with revenue of$739,000. Appreciation and income from our equity investments also produced income of$751,000 for the quarter.
- Capital Growth. Common equity to total assets increased from
9.26% to9.69% compared to the linked quarter. Tangible common equity to tangible assets increased from7.63% to8.06% ,5.64% or22.89% annualized, compared to the linked quarter. The increase was largely driven by quarterly earnings, which accounted for approximately69.9% , or 32 bps. On a non-GAAP basis, tangible book value per common share increased from$19.92 at Dec. 31, 2024, to$20.84 at March 31, 2025,4.62% or18.73% annualized.
Statement of Financial Condition
Loans
Loans held for investment were flat compared to the linked quarter with a decrease of
Credit Quality
Credit quality metrics regressed with isolated credit migration occurring during the quarter. The ratio of nonperforming loans compared to loans held for investment increased 27 bps to
The increase in loans past due 90 days and accruing is attributable to a single
Securities
The securities portfolio increased
Deposits
Deposits decreased
Borrowings
Borrowings decreased
Shareholders’ Equity
Shareholders' equity increased
Results of Operations
Net Interest Income
For the quarter ended March 31, 2025, net interest income totaled
Non-GAAP net interest income (excluding loan discount accretion of
Provision for Credit Losses
During the quarter ended March 31, 2025, Business First recorded a provision for credit losses of
Other Income
For the quarter ended March 31, 2025, other income increased
Other Expenses
For the quarter ended March 31, 2025, 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, April 24, 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 8825623, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/ziae6qsd. 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.
| Media Contact: | |
| Misty Albrecht | |
| b1BANK | |
| 225.286.7879 | |
| Misty.Albrecht@b1BANK.com | |
| Investor Relations Contact: | |
| Gregory Robertson | Matt Sealy |
| 337.721.2701 | 225.388.6116 |
| Gregory.Robertson@b1BANK.com | Matt.Sealy@b1BANK.com |
| Business First Bancshares, Inc. | |||||||||
| Selected Financial Information | |||||||||
| (Unaudited) | |||||||||
| Three Months Ended | |||||||||
| March 31, | December 31, | March 31, | |||||||
| (Dollars in thousands) | 2025 | 2024 | 2024 | ||||||
| Balance Sheet Ratios | |||||||||
| Loans (HFI) to Deposits | 92.61 | % | 91.86 | % | 91.32 | % | |||
| Shareholders' Equity to Assets Ratio | 10.61 | % | 10.18 | % | 9.69 | % | |||
| Loans Receivable Held for Investment (HFI) | |||||||||
| Commercial | $ | 1,862,176 | $ | 1,868,675 | $ | 1,426,957 | |||
| Real Estate: | |||||||||
| Commercial | 2,472,121 | 2,483,223 | 2,215,889 | ||||||
| Construction | 633,698 | 670,502 | 662,013 | ||||||
| Residential | 934,357 | 884,533 | 717,007 | ||||||
| Total Real Estate | 4,040,176 | 4,038,258 | 3,594,909 | ||||||
| Consumer and Other | 78,567 | 74,466 | 66,973 | ||||||
| Total Loans (Held for Investment) | $ | 5,980,919 | $ | 5,981,399 | $ | 5,088,839 | |||
| Allowance for Loan Losses | |||||||||
| Balance, Beginning of Period | $ | 54,840 | $ | 42,154 | $ | 40,414 | |||
| Oakwood - PCD ALLL | - | 8,410 | - | ||||||
| Charge-offs – Quarterly | (1,648 | ) | (2,290 | ) | (533 | ) | |||
| Recoveries – Quarterly | 671 | 654 | 141 | ||||||
| Provision for Loan Losses – Quarterly | 3,000 | 5,912 | 1,143 | ||||||
| Balance, End of Period | $ | 56,863 | $ | 54,840 | $ | 41,165 | |||
| Allowance for Loan Losses to Total Loans (HFI) | 0.95 | % | 0.92 | % | 0.81 | % | |||
| Allowance for Credit Losses to Total Loans (HFI) (1) | 1.01 | % | 0.98 | % | 0.88 | % | |||
| Net Charge-offs (Recoveries) to Average Quarterly Total Loans | 0.02 | % | 0.03 | % | 0.01 | % | |||
| Remaining Loan Purchase Discount | $ | 11,322 | $ | 12,121 | $ | 11,411 | |||
| Nonperforming Assets | |||||||||
| Nonperforming Loans: | |||||||||
| Nonaccrual Loans | $ | 35,915 | $ | 24,147 | $ | 20,778 | |||
| Loans Past Due 90 Days or More | 5,635 | 860 | 855 | ||||||
| Total Nonperforming Loans | 41,550 | 25,007 | 21,633 | ||||||
| Other Nonperforming Assets: | |||||||||
| Other Real Estate Owned | 1,282 | 5,529 | 1,339 | ||||||
| Other Nonperforming Assets | - | - | - | ||||||
| Total Other Nonperforming Assets | 1,282 | 5,529 | 1,339 | ||||||
| Total Nonperforming Assets | $ | 42,832 | $ | 30,536 | $ | 22,972 | |||
| Nonperforming Loans to Total Loans (HFI) | 0.69 | % | 0.42 | % | 0.43 | % | |||
| Nonperforming Assets to Total Assets | 0.55 | % | 0.39 | % | 0.34 | % | |||
| (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 | |||||||||
| March 31, | December 31, | March 31, | |||||||
| (Dollars in thousands, except per share data) | 2025 | 2024 | 2024 | ||||||
| Per Share Data | |||||||||
| Basic Earnings per Common Share | $ | 0.65 | $ | 0.52 | $ | 0.49 | |||
| Diluted Earnings per Common Share | 0.65 | 0.51 | 0.48 | ||||||
| Dividends per Common Share | 0.14 | 0.14 | 0.14 | ||||||
| Book Value per Common Share | 25.51 | 24.62 | 22.64 | ||||||
| Average Common Shares Outstanding | 29,329,668 | 29,311,111 | 25,127,187 | ||||||
| Average Diluted Common Shares Outstanding | 29,545,921 | 29,520,781 | 25,429,194 | ||||||
| End of Period Common Shares Outstanding | 29,572,297 | 29,552,358 | 25,485,383 | ||||||
| Annualized Performance Ratios | |||||||||
| Return to Common Shareholders on Average Assets (1) | 1.00 | % | 0.78 | % | 0.74 | % | |||
| Return to Common Shareholders on Average Common Equity (1) | 10.48 | % | 8.23 | % | 8.51 | % | |||
| Net Interest Margin (1) | 3.68 | % | 3.61 | % | 3.32 | % | |||
| Net Interest Spread (1) | 2.91 | % | 2.77 | % | 2.36 | % | |||
| Efficiency Ratio (2) | 63.85 | % | 63.91 | % | 69.80 | % | |||
| Total Quarterly/Year-to-Date Average Assets | $ | 7,750,982 | $ | 7,721,338 | $ | 6,667,527 | |||
| Total Quarterly/Year-to-Date Average Common Equity | 742,930 | 731,820 | 577,643 | ||||||
| Other Expenses | |||||||||
| Salaries and Employee Benefits | $ | 29,497 | $ | 28,101 | $ | 25,416 | |||
| Occupancy and Bank Premises | 3,401 | 3,166 | 2,514 | ||||||
| Depreciation and Amortization | 2,152 | 2,278 | 1,676 | ||||||
| Data Processing | 3,236 | 3,856 | 2,579 | ||||||
| FDIC Assessment Fees | 1,184 | 1,009 | 828 | ||||||
| Legal and Other Professional Fees | 1,013 | 975 | 866 | ||||||
| Advertising and Promotions | 1,291 | 1,710 | 1,145 | ||||||
| Utilities and Communications | 733 | 775 | 674 | ||||||
| Ad Valorem Shares Tax | 1,125 | 1,357 | 900 | ||||||
| Directors' Fees | 279 | 290 | 282 | ||||||
| Other Real Estate Owned Expenses and Write-Downs | 23 | 182 | 37 | ||||||
| Merger and Conversion-Related Expenses | 250 | 168 | 340 | ||||||
| Other | 6,394 | 5,703 | 5,265 | ||||||
| Total Other Expenses | $ | 50,578 | $ | 49,570 | $ | 42,522 | |||
| Other Income | |||||||||
| Service Charges on Deposit Accounts | $ | 2,860 | $ | 2,878 | $ | 2,439 | |||
| Gain (Loss) on Sales of Securities | (1 | ) | 21 | (1 | ) | ||||
| Debit Card and ATM Fee Income | 1,858 | 2,069 | 1,776 | ||||||
| Bank-Owned Life Insurance Income | 808 | 990 | 579 | ||||||
| Gain on Sales of Loans | 1,256 | 252 | 139 | ||||||
| Mortgage Origination Income | 110 | 36 | 69 | ||||||
| Fees and Brokerage Commission | 2,148 | 2,063 | 1,937 | ||||||
| Gain (Loss) on Sales of Other Real Estate Owned | (268 | ) | 40 | 63 | |||||
| Loss on Disposal of Other Assets | 155 | - | - | ||||||
| Gain on Extinguishment of Debt | 630 | - | - | ||||||
| Swap Fee Income | 739 | 1,288 | 229 | ||||||
| Pass-Through Income (Loss) from Other Investments | 751 | 186 | 294 | ||||||
| Other | 2,180 | 2,034 | 1,862 | ||||||
| Total Other Income | $ | 13,226 | $ | 11,857 | $ | 9,386 | |||
| (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) | |||||||||
| Three Months Ended | |||||||||
| March 31, | December 31, | March 31, | |||||||
| (Dollars in thousands) | 2025 | 2024 | 2024 | ||||||
| Assets | |||||||||
| Cash and Due From Banks | $ | 312,887 | $ | 319,098 | $ | 185,906 | |||
| Federal Funds Sold | 117,422 | 197,669 | 211,292 | ||||||
| Securities Purchased under Agreements to Resell | 50,589 | 50,835 | - | ||||||
| Securities Available for Sale, at Fair Values | 920,573 | 893,549 | 872,903 | ||||||
| Mortgage Loans Held for Sale | - | 717 | 77 | ||||||
| Loans and Lease Receivable | 5,980,919 | 5,981,399 | 5,088,839 | ||||||
| Allowance for Loan Losses | (56,863 | ) | (54,840 | ) | (41,165 | ) | |||
| Net Loans and Lease Receivable | 5,924,056 | 5,926,559 | 5,047,674 | ||||||
| Premises and Equipment, Net | 81,582 | 81,953 | 68,716 | ||||||
| Accrued Interest Receivable | 33,741 | 35,872 | 29,326 | ||||||
| Other Equity Securities | 40,947 | 41,100 | 34,940 | ||||||
| Other Real Estate Owned | 1,282 | 5,529 | 1,339 | ||||||
| Cash Value of Life Insurance | 117,950 | 117,645 | 100,056 | ||||||
| Deferred Taxes, Net | 25,289 | 29,591 | 26,800 | ||||||
| Goodwill | 121,691 | 121,572 | 91,527 | ||||||
| Core Deposit and Customer Intangibles | 16,538 | 17,252 | 11,372 | ||||||
| Other Assets | 20,181 | 18,149 | 13,630 | ||||||
| Total Assets | $ | 7,784,728 | $ | 7,857,090 | $ | 6,695,558 | |||
| Liabilities | |||||||||
| Deposits | |||||||||
| Noninterest-Bearing | $ | 1,308,312 | $ | 1,357,045 | $ | 1,295,050 | |||
| Interest-Bearing | 5,149,869 | 5,154,286 | 4,277,700 | ||||||
| Total Deposits | 6,458,181 | 6,511,331 | 5,572,750 | ||||||
| Securities Sold Under Agreements to Repurchase | 19,046 | 22,621 | 17,207 | ||||||
| Federal Home Loan Bank Borrowings | 317,352 | 355,875 | 308,206 | ||||||
| Subordinated Debt | 92,702 | 99,760 | 99,933 | ||||||
| Subordinated Debt - Trust Preferred Securities | 5,000 | 5,000 | 5,000 | ||||||
| Accrued Interest Payable | 5,356 | 5,969 | 3,930 | ||||||
| Other Liabilities | 60,779 | 57,068 | 39,498 | ||||||
| Total Liabilities | 6,958,416 | 7,057,624 | 6,046,524 | ||||||
| Shareholders' Equity | |||||||||
| Preferred Stock | 71,930 | 71,930 | 71,930 | ||||||
| Common Stock | 29,572 | 29,552 | 25,485 | ||||||
| Additional Paid-In Capital | 501,609 | 500,024 | 398,511 | ||||||
| Retained Earnings | 276,045 | 260,958 | 224,742 | ||||||
| Accumulated Other Comprehensive Loss | (52,844 | ) | (62,998 | ) | (71,634 | ) | |||
| Total Shareholders' Equity | 826,312 | 799,466 | 649,034 | ||||||
| Total Liabilities and Shareholders' Equity | $ | 7,784,728 | $ | 7,857,090 | $ | 6,695,558 | |||
| Business First Bancshares, Inc. | |||||||||
| Consolidated Statements of Income | |||||||||
| (Unaudited) | |||||||||
| Three Months Ended | |||||||||
| March 31, | December 31, | March 31, | |||||||
| (Dollars in thousands) | 2025 | 2024 | 2024 | ||||||
| Interest Income: | |||||||||
| Interest and Fees on Loans | $ | 102,992 | $ | 104,697 | $ | 85,947 | |||
| Interest and Dividends on Securities | 7,265 | 7,310 | 5,599 | ||||||
| Interest on Federal Funds Sold and Due From Banks | 3,436 | 4,135 | 4,465 | ||||||
| Total Interest Income | 113,693 | 116,142 | 96,011 | ||||||
| Interest Expense: | |||||||||
| Interest on Deposits | 42,439 | 44,862 | 38,029 | ||||||
| Interest on Borrowings | 5,271 | 5,551 | 6,451 | ||||||
| Total Interest Expense | 47,710 | 50,413 | 44,480 | ||||||
| Net Interest Income | 65,983 | 65,729 | 51,531 | ||||||
| Provision for Credit Losses | 2,812 | 6,712 | 1,186 | ||||||
| Net Interest Income After Provision for Credit Losses | 63,171 | 59,017 | 50,345 | ||||||
| Other Income: | |||||||||
| Service Charges on Deposit Accounts | 2,860 | 2,878 | 2,439 | ||||||
| (Loss) Gain on Sales of Securities | (1 | ) | 21 | (1 | ) | ||||
| Gain on Sales of Loans | 1,256 | 252 | 139 | ||||||
| Other Income | 9,111 | 8,706 | 6,809 | ||||||
| Total Other Income | 13,226 | 11,857 | 9,386 | ||||||
| Other Expenses: | |||||||||
| Salaries and Employee Benefits | 29,497 | 28,101 | 25,416 | ||||||
| Occupancy and Equipment Expense | 7,356 | 7,087 | 5,357 | ||||||
| Merger and Conversion-Related Expense | 250 | 168 | 340 | ||||||
| Other Expenses | 13,475 | 14,214 | 11,409 | ||||||
| Total Other Expenses | 50,578 | 49,570 | 42,522 | ||||||
| Income Before Income Taxes | 25,819 | 21,304 | 17,209 | ||||||
| Provision for Income Taxes | 5,276 | 4,816 | 3,639 | ||||||
| Net Income | 20,543 | 16,488 | 13,570 | ||||||
| Preferred Stock Dividends | 1,350 | 1,350 | 1,350 | ||||||
| Net Income Available to Common Shareholders | $ | 19,193 | $ | 15,138 | $ | 12,220 | |||
| Business First Bancshares, Inc. | |||||||||||||||||||||||||||||
| Consolidated Net Interest Margin | |||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||||||||||||||
| (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 | $ | 5,972,120 | $ | 102,992 | 6.99 | % | $ | 5,911,183 | $ | 104,697 | 7.05 | % | $ | 5,026,937 | $ | 85,947 | 6.88 | % | |||||||||||
| Securities | 924,693 | 6,614 | 2.90 | % | 936,314 | 6,707 | 2.85 | % | 888,933 | 5,599 | 2.53 | % | |||||||||||||||||
| Securities Purchased under Agreements to Resell | 50,836 | 651 | 5.19 | % | 44,252 | 603 | 5.42 | % | - | - | 0.00 | % | |||||||||||||||||
| Interest-Bearing Deposit in Other Banks | 315,750 | 3,436 | 4.41 | % | 346,035 | 4,135 | 4.75 | % | 330,260 | 4,465 | 5.44 | % | |||||||||||||||||
| Total Interest-Earning Assets | 7,263,399 | 113,693 | 6.35 | % | 7,237,784 | 116,142 | 6.38 | % | 6,246,130 | 96,011 | 6.18 | % | |||||||||||||||||
| Allowance for Loan Losses | (54,711 | ) | . | (52,130 | ) | (40,526 | ) | ||||||||||||||||||||||
| Noninterest-Earning Assets | 542,294 | 535,684 | 461,923 | ||||||||||||||||||||||||||
| Total Assets | $ | 7,750,982 | $ | 113,693 | $ | 7,721,338 | $ | 116,142 | $ | 6,667,527 | $ | 96,011 | |||||||||||||||||
| Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||
| Interest-Bearing Liabilities: | |||||||||||||||||||||||||||||
| Interest-Bearing Deposits | $ | 5,141,498 | $ | 42,439 | 3.35 | % | $ | 5,053,759 | $ | 44,862 | 3.53 | % | $ | 4,072,600 | $ | 38,029 | 3.76 | % | |||||||||||
| Subordinated Debt | 97,251 | 1,262 | 5.26 | % | 99,797 | 1,331 | 5.31 | % | 99,972 | 1,356 | 5.46 | % | |||||||||||||||||
| Subordinated Debt - Trust Preferred Securities | 5,000 | 99 | 8.03 | % | 5,000 | 107 | 8.51 | % | 5,000 | 113 | 9.09 | % | |||||||||||||||||
| Bank Term Funding Program | - | - | 0.00 | % | - | - | 0.00 | % | 260,440 | 2,788 | 4.31 | % | |||||||||||||||||
| Advances from Federal Home Loan Bank (FHLB) | 362,092 | 3,796 | 4.25 | % | 373,236 | 3,975 | 4.24 | % | 223,501 | 2,094 | 3.77 | % | |||||||||||||||||
| Other Borrowings | 18,321 | 114 | 2.52 | % | 21,569 | 138 | 2.55 | % | 16,116 | 100 | 2.50 | % | |||||||||||||||||
| Total Interest-Bearing Liabilities | 5,624,162 | 47,710 | 3.44 | % | 5,553,361 | 50,413 | 3.61 | % | 4,677,629 | 44,480 | 3.82 | % | |||||||||||||||||
| Noninterest-Bearing Liabilities: | |||||||||||||||||||||||||||||
| Noninterest-Bearing Deposits | 1,244,793 | $ | 1,292,623 | $ | 1,282,815 | ||||||||||||||||||||||||
| Other Liabilities | 67,167 | 71,604 | 57,510 | ||||||||||||||||||||||||||
| Total Noninterest-Bearing Liabilities | 1,311,960 | 1,364,227 | 1,340,325 | ||||||||||||||||||||||||||
| Shareholders' Equity: | |||||||||||||||||||||||||||||
| Common Shareholders' Equity | 742,930 | 731,820 | 577,643 | ||||||||||||||||||||||||||
| Preferred Equity | 71,930 | 71,930 | 71,930 | ||||||||||||||||||||||||||
| Total Shareholders' Equity | 814,860 | 803,750 | 649,573 | ||||||||||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 7,750,982 | $ | 7,721,338 | $ | 6,667,527 | |||||||||||||||||||||||
| Net Interest Spread | 2.91 | % | 2.77 | % | 2.36 | % | |||||||||||||||||||||||
| Net Interest Income | $ | 65,983 | $ | 65,729 | $ | 51,531 | |||||||||||||||||||||||
| Net Interest Margin | 3.68 | % | 3.61 | % | 3.32 | % | |||||||||||||||||||||||
| Overall Cost of Funds | 2.82 | % | 2.93 | % | 3.00 | % | |||||||||||||||||||||||
| 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 | |||||||||
| March 31, | December 31, | March 31, | |||||||
| (Dollars in thousands, except per share data) | 2025 | 2024 | 2024 | ||||||
| Interest Income: | |||||||||
| Interest income | $ | 113,693 | $ | 116,142 | $ | 96,011 | |||
| Core interest income | 113,693 | 116,142 | 96,011 | ||||||
| Interest Expense: | |||||||||
| Interest expense | 47,710 | 50,413 | 44,480 | ||||||
| Core interest expense | 47,710 | 50,413 | 44,480 | ||||||
| Provision for Credit Losses: (b) | |||||||||
| Provision for credit losses | 2,812 | 6,712 | 1,186 | ||||||
| CECL Oakwood impact (3) | - | (4,824 | ) | - | |||||
| Core provision expense | 2,812 | 1,888 | 1,186 | ||||||
| Other Income: | |||||||||
| Other income | 13,226 | 11,857 | 9,386 | ||||||
| Gain on former bank premises and equipment | (155 | ) | - | (50 | ) | ||||
| Loss (gain) on sale of securities | 1 | (21 | ) | 1 | |||||
| Gain on extinguishment of debt | (630 | ) | - | - | |||||
| Core other income | 12,442 | 11,836 | 9,337 | ||||||
| Other Expense: | |||||||||
| Other expense | 50,578 | 49,570 | 42,522 | ||||||
| Acquisition-related expenses (2) | (679 | ) | (168 | ) | (715 | ) | |||
| Core conversion expenses | (216 | ) | (463 | ) | - | ||||
| Core other expense | 49,683 | 48,939 | 41,807 | ||||||
| Pre-Tax Income: (a) | |||||||||
| Pre-tax income | 25,819 | 21,304 | 17,209 | ||||||
| CECL Oakwood impact (3) | - | 4,824 | - | ||||||
| Gain on former bank premises and equipment | (155 | ) | - | (50 | ) | ||||
| Loss (gain) on sale of securities | 1 | (21 | ) | 1 | |||||
| Gain on extinguishment of debt | (630 | ) | - | - | |||||
| Acquisition-related expenses (2) | 679 | 168 | 715 | ||||||
| Core conversion expenses | 216 | 463 | - | ||||||
| Core pre-tax income | 25,930 | 26,738 | 17,875 | ||||||
| Provision for Income Taxes: (1) | |||||||||
| Provision for income taxes | 5,276 | 4,816 | 3,639 | ||||||
| Tax on CECL Oakwood impact (3) | - | 1,019 | - | ||||||
| Tax on gain on former bank premises and equipment | (33 | ) | - | (11 | ) | ||||
| Tax on loss (gain) on sale of securities | 0 | (4 | ) | - | |||||
| Tax on gain on extinguishment of debt | (133 | ) | - | - | |||||
| Tax on acquisition-related expenses (2) | 143 | 6 | 89 | ||||||
| Tax on core conversion expenses | 46 | 97 | - | ||||||
| Core provision for income taxes | 5,299 | 5,934 | 3,717 | ||||||
| Preferred Dividends: | |||||||||
| Preferred dividends | 1,350 | 1,350 | 1,350 | ||||||
| Core preferred dividends | 1,350 | 1,350 | 1,350 | ||||||
| Net Income Available to Common Shareholders: | |||||||||
| Net income available to common shareholders | 19,193 | 15,138 | 12,220 | ||||||
| CECL Oakwood impact (3), net of tax | - | 3,805 | - | ||||||
| Gain on former bank premises and equipment, net of tax | (122 | ) | - | (39 | ) | ||||
| Loss (gain) on sale of securities, net of tax | 1 | (17 | ) | 1 | |||||
| Gain on extinguishment of debt, net of tax | (497 | ) | - | - | |||||
| Acquisition-related expenses (2), net of tax | 536 | 162 | 626 | ||||||
| Core conversion expenses, net of tax | 170 | 366 | - | ||||||
| Core net income available to common shareholders | $ | 19,281 | $ | 19,454 | $ | 12,808 | |||
| Pre-tax, pre-provision earnings available to common shareholders (a+b) | $ | 28,631 | $ | 28,016 | $ | 18,395 | |||
| CECL Oakwood impact (3) | - | 4,824 | - | ||||||
| Gain on former bank premises and equipment | (155 | ) | - | (50 | ) | ||||
| Loss (gain) on sale of securities | 1 | (21 | ) | 1 | |||||
| Gain on extinguishment of debt | (630 | ) | - | - | |||||
| Acquisition-related expenses (2) | 679 | 168 | 715 | ||||||
| Core conversion expenses | 216 | 463 | - | ||||||
| Core pre-tax, pre-provision earnings | $ | 28,742 | $ | 33,450 | $ | 19,061 | |||
| Average Diluted Common Shares Outstanding | 29,545,921 | 29,520,781 | 25,429,194 | ||||||
| Diluted Earnings Per Common Share: | |||||||||
| Diluted earnings per common share | $ | 0.65 | $ | 0.51 | $ | 0.48 | |||
| CECL Oakwood impact (3), net of tax | - | 0.13 | - | ||||||
| Gain on former bank premises and equipment, net of tax | - | - | (0.00 | ) | |||||
| Loss (gain) on sale of securities, net of tax | 0.00 | (0.00 | ) | - | |||||
| Gain on extinguishment of debt, net of tax | (0.02 | ) | - | - | |||||
| Acquisition-related expenses (2), net of tax | 0.02 | 0.01 | 0.02 | ||||||
| Core conversion expenses, net of tax | - | 0.01 | - | ||||||
| Core diluted earnings per common share | $ | 0.65 | $ | 0.66 | $ | 0.50 | |||
| Pre-tax, pre-provision profit diluted earnings per common share | $ | 0.97 | $ | 0.95 | $ | 0.72 | |||
| CECL Oakwood impact (3) | - | 0.16 | - | ||||||
| Gain on former bank premises and equipment | (0.01 | ) | - | (0.00 | ) | ||||
| Loss (gain) on sale of securities | 0.00 | (0.00 | ) | - | |||||
| Gain on extinguishment of debt | (0.02 | ) | - | - | |||||
| Acquisition-related expenses (2) | 0.02 | 0.01 | 0.03 | ||||||
| Core conversion expenses | 0.01 | 0.02 | - | ||||||
| Core pre-tax, pre-provision diluted earnings per common share | $ | 0.97 | $ | 1.14 | $ | 0.75 | |||
| (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) | |||||||||
| March 31, | December 31, | March 31, | |||||||
| (Dollars in thousands, except per share data) | 2025 | 2024 | 2023 | ||||||
| Total Shareholders' (Common) Equity: | |||||||||
| Total shareholders' equity | $ | 826,312 | $ | 799,466 | $ | 649,034 | |||
| Preferred stock | (71,930 | ) | (71,930 | ) | (71,930 | ) | |||
| Total common shareholders' equity | 754,382 | 727,536 | 577,104 | ||||||
| Goodwill | (121,691 | ) | (121,572 | ) | (91,527 | ) | |||
| Core deposit and customer intangible | (16,538 | ) | (17,252 | ) | (11,372 | ) | |||
| Total tangible common equity | $ | 616,153 | $ | 588,712 | $ | 474,205 | |||
| Total Assets: | |||||||||
| Total assets | $ | 7,784,728 | $ | 7,857,090 | $ | 6,695,558 | |||
| Goodwill | (121,691 | ) | (121,572 | ) | (91,527 | ) | |||
| Core deposit and customer intangible | (16,538 | ) | (17,252 | ) | (11,372 | ) | |||
| Total tangible assets | $ | 7,646,499 | $ | 7,718,266 | $ | 6,592,659 | |||
| Common shares outstanding | 29,572,297 | 29,552,358 | 25,485,383 | ||||||
| Book value per common share | $ | 25.51 | $ | 24.62 | $ | 22.64 | |||
| Tangible book value per common share | $ | 20.84 | $ | 19.92 | $ | 18.61 | |||
| Common equity to total assets | 9.69 | % | 9.26 | % | 8.62 | % | |||
| Tangible common equity to tangible assets | 8.06 | % | 7.63 | % | 7.19 | % | |||
| Business First Bancshares, Inc. | |||||||||
| Non-GAAP Measures | |||||||||
| (Unaudited) | |||||||||
| Three Months Ended | |||||||||
| March 31, | December 31, | March 31, | |||||||
| (Dollars in thousands, except per share data) | 2025 | 2024 | 2024 | ||||||
| Total Quarterly Average Assets | $ | 7,750,982 | $ | 7,721,338 | $ | 6,667,527 | |||
| Total Quarterly Average Common Equity | $ | 742,930 | $ | 731,820 | $ | 577,643 | |||
| Net Income Available to Common Shareholders: | |||||||||
| Net income available to common shareholders | $ | 19,193 | $ | 15,138 | $ | 12,220 | |||
| CECL Oakwood impact (3), net of tax | - | 3,805 | - | ||||||
| Gain on former bank premises and equipment, net of tax | (122 | ) | - | (39 | ) | ||||
| Loss (gain) on sale of securities, net of tax | 1 | (17 | ) | 1 | |||||
| Gain on extinguishment of debt, net of tax | (497 | ) | - | - | |||||
| Acquisition-related expenses, net of tax | 536 | 162 | 626 | ||||||
| Core conversion expenses, net of tax | 170 | 366 | - | ||||||
| Core net income available to common shareholders | $ | 19,281 | $ | 19,455 | $ | 12,808 | |||
| Return to common shareholders on average assets (annualized) (2) | 1.00 | % | 0.78 | % | 0.74 | % | |||
| Core return on average assets (annualized) (2) | 1.01 | % | 1.00 | % | 0.77 | % | |||
| Return to common shareholders on average common equity (annualized) (2) | 10.48 | % | 8.23 | % | 8.51 | % | |||
| Core return on average common equity (annualized) (2) | 10.53 | % | 10.58 | % | 8.92 | % | |||
| Interest Income: | |||||||||
| Interest income | $ | 113,693 | $ | 116,142 | $ | 96,011 | |||
| Core interest income | 113,693 | 116,142 | 96,011 | ||||||
| Interest Expense: | |||||||||
| Interest expense | 47,710 | 50,413 | 44,480 | ||||||
| Core interest expense | 47,710 | 50,413 | 44,480 | ||||||
| Other Income: | |||||||||
| Other income | 13,226 | 11,857 | 9,386 | ||||||
| Gain on former bank premises and equipment | (155 | ) | - | (50 | ) | ||||
| Loss (gain) on sale of securities | 1 | (21 | ) | 1 | |||||
| Gain on extinguishment of debt | (630 | ) | - | - | |||||
| Core other income | 12,442 | 11,836 | 9,337 | ||||||
| Other Expense: | |||||||||
| Other expense | 50,578 | 49,570 | 42,522 | ||||||
| Acquisition-related expenses | (679 | ) | (168 | ) | (715 | ) | |||
| Core conversion expenses | (216 | ) | (463 | ) | - | ||||
| Core other expense | $ | 49,683 | $ | 48,939 | $ | 41,807 | |||
| Efficiency Ratio: | |||||||||
| Other expense (a) | $ | 50,578 | $ | 49,570 | $ | 42,522 | |||
| Core other expense (c) | $ | 49,683 | $ | 48,939 | $ | 41,807 | |||
| Net interest and other income (1) (b) | $ | 79,210 | $ | 77,565 | $ | 60,918 | |||
| Core net interest and other income (1) (d) | $ | 78,425 | $ | 77,565 | $ | 60,868 | |||
| Efficiency ratio (a/b) | 63.85 | % | 63.91 | % | 69.80 | % | |||
| Core efficiency ratio (c/d) | 63.35 | % | 63.09 | % | 68.68 | % | |||
| Total Average Interest-Earnings Assets | $ | 7,263,399 | $ | 7,237,784 | $ | 6,246,130 | |||
| Net Interest Income: | |||||||||
| Net interest income | $ | 65,983 | $ | 65,729 | $ | 51,531 | |||
| Loan discount accretion | (793 | ) | (997 | ) | (785 | ) | |||
| Net interest income excluding loan discount accretion | $ | 65,190 | $ | 64,732 | $ | 50,746 | |||
| Net interest margin (2) | 3.68 | % | 3.61 | % | 3.32 | % | |||
| Net interest margin excluding loan discount accretion (2) | 3.64 | % | 3.56 | % | 3.27 | % | |||
| Net interest spread (2) | 2.91 | % | 2.77 | % | 2.36 | % | |||
| Net interest spread excluding loan discount accretion (2) | 2.86 | % | 2.72 | % | 2.31 | % | |||
| (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. | |||||||||
FAQ
What was Business First Bancshares (BFST) earnings per share in Q1 2025?
How much did BFST's deposits change in Q1 2025?
What is BFST's dividend payout for Q1 2025?
How did BFST's credit quality perform in Q1 2025?
What was BFST's net interest margin in Q1 2025?
