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Overview of Business First Bancshares Inc. (BFST)
Business First Bancshares Inc. (NASDAQ: BFST), headquartered in Baton Rouge, Louisiana, is a dynamic bank holding company operating through its subsidiary, b1BANK. With a mission to empower businesses, professionals, and individuals, BFST offers a comprehensive suite of financial services, including personal and commercial banking, treasury management, and wealth solutions. The company’s strategic focus is on fostering growth and financial success for its clients across its primary markets in Louisiana and Texas.
Core Business Operations
BFST generates the majority of its revenue through interest income on loans, customer service and loan fees, and interest income from securities. Its lending portfolio includes commercial loans, residential real estate loans, and construction and development financing. The company also provides specialized services such as equipment financing, working capital lines, and letters of credit, catering to the unique needs of small-to-midsized enterprises and professionals.
Market Position and Strategic Growth
Operating in a competitive financial landscape, BFST differentiates itself through its regional expertise and customer-centric approach. Its acquisition of Oakwood Bancshares, Inc. has significantly expanded its footprint in the Dallas-Fort Worth area, adding new banking centers and diversifying its loan portfolio. The company’s ability to integrate acquisitions effectively and focus on organic growth underscores its strategic agility and long-term vision.
Innovative Financial Solutions
BFST leverages technology and innovation to deliver tailored financial solutions. Its treasury management services streamline cash flow and optimize liquidity for businesses, while its wealth management offerings provide comprehensive financial planning and investment strategies. By continually enhancing its product offerings, BFST ensures it meets the evolving needs of its diverse client base.
Commitment to Excellence and Community
Recognized as one of American Banker’s “Best Banks to Work For” and Forbes’ #1 Best-In-State Bank in Louisiana, BFST emphasizes a culture of excellence and employee empowerment. This commitment extends to its clients, with a focus on personalized service and long-term partnerships. The company’s regional roots and deep community involvement further reinforce its reputation as a trusted financial partner.
Key Challenges and Opportunities
While BFST faces challenges such as economic fluctuations and industry competition, it remains resilient through strategic diversification and disciplined financial management. The company’s focus on expanding its presence in high-growth markets like Texas, coupled with its robust credit quality metrics, positions it well for sustained growth and stability.
Conclusion
Business First Bancshares Inc. exemplifies a forward-thinking financial institution committed to empowering its clients and communities. With a strong regional presence, diversified revenue streams, and a customer-focused approach, BFST is well-positioned to navigate the complexities of the financial industry while delivering value to its stakeholders.
Business First Bancshares, Inc. (NASDAQ: BFST) has issued a statement regarding the passing of former governor and congressman Charles Elson “Buddy” Roemer III at age 77. He died early in the morning, surrounded by family, following a recent illness. The Roemer family expressed their sorrow while celebrating Buddy's life and legacy, highlighting his contributions towards combating corruption and enhancing education. Funeral arrangements will be announced later. Business First operates b1BANK in Louisiana and Dallas, providing various banking services.
Business First Bancshares, parent company of b1BANK, reported a Q1 2021 net income of $12.3 million ($0.59 per diluted share), down from $13.8 million ($0.67 per share) in Q4 2020. Core net income also decreased to $12.6 million, with a $0.61 EPS. Total loans held for investment rose by $50.6 million (1.69%), boosted by $71.9 million in SBA PPP loans. The company declared a quarterly dividend of $0.12 per share, up $0.02. However, nonperforming loans increased to 0.44% of total loans.
Business First Bancshares, Inc. (Nasdaq: BFST) announced the appointment of Drew Brees to its board of directors. Brees, a former NFL quarterback and philanthropist, aims to leverage his influence to support small businesses and community initiatives. With a notable track record, including his MVP award from Super Bowl XLIV and significant charitable contributions, he is expected to enhance the bank's outreach and impact in Louisiana and Texas. CEO Jude Melville expressed excitement over Brees' involvement, anticipating positive community benefits.
Business First Bancshares, Inc. (NASDAQ: BFST) has completed a private placement of $52.5 million in 4.250% fixed-to-floating rate subordinated notes due 2031. The proceeds will bolster b1BANK's capital base for growth and strategic opportunities, addressing existing borrowings and general corporate needs. The initial interest rate is 4.250% until March 2026, after which it will adjust quarterly based on the SOFR. This issuance strengthens Business First's capital levels, supporting future initiatives.
Business First Bancshares, Inc. (NASDAQ: BFST) announced a definitive agreement to acquire investment advisor Smith Shellnut Wilson, LLC (SSW). This strategic move, expected to close in the coming weeks, aims to enhance b1BANK's product offerings and strengthen its investment services. SSW, with $3.5 billion in assets under management as of December 31, 2020, will be consolidated into b1BANK’s Wealth Solutions Division. The merger is anticipated to provide more customized client services, leveraging shared values and a commitment to relationship-focused portfolio management.
Business First Bancshares (Nasdaq: BFST) and b1BANK have appointed John Ducrest to their boards of directors. Ducrest, the former Commissioner of Louisiana's Office of Financial Institutions, brings over 35 years of experience, including significant roles in national financial organizations. His expertise in policy development and relationships with policymakers is expected to enhance the board's effectiveness. CEO Jude Melville highlighted Ducrest's leadership impact during critical periods, such as post-Hurricane Katrina recovery. Ducrest expressed eagerness to contribute to the company's growth.
Business First Bancshares, Inc. (BFST) reported its unaudited financial results for the year ended December 31, 2020, revealing a net income of $30.0 million, or $1.64 per diluted share, compared to $23.8 million, or $1.74 per diluted share in 2019. Core net income rose to $37.5 million, or $2.05 per diluted share. Q4 2020 net income surged to $13.8 million, with core net income of $14.1 million. Total loans decreased by $91.1 million, mainly due to PPP loan forgiveness. A quarterly dividend of $0.10 per share was declared, with a book value of $19.88 per share as of December 31, 2020.
Business First Bancshares, Inc. (BFST) reported a strong third quarter 2020 with a net income of $9.6 million ($0.46 per diluted share), up from $5.5 million ($0.40) year-over-year. Core net income reached $11.0 million ($0.53 per diluted share), driven by higher net interest income and reduced acquisition expenses following the Pedestal acquisition. Total loans grew by 81.89% year-over-year, bolstered by the SBA Paycheck Protection Program. However, the company recorded an increase in nonperforming assets as a percentage of total assets to 0.54%. A quarterly dividend of $0.10 was declared.
Baton Rouge, La., Sept. 25, 2020 – b1BANK President and CEO Jude Melville announced the appointment of Carol Calkins to the board of directors of b1BANK and its parent company Business First Bancshares, under the ticker BFST. With over 30 years of experience in finance and ESG, Calkins previously held top roles at PricewaterhouseCoopers. Melville praised her background and connections in Louisiana and Texas as beneficial for the bank’s future. Calkins expressed enthusiasm for contributing to the community banking sector.
Jude Melville, CEO of b1BANK, announced Jesse Jackson as the new leader of the bank's Financial Institutions Group, bringing over 30 years of banking experience. Previously an executive at Texas Capital Bank, Jackson is recognized for building a broad correspondent banking network. Melville emphasized the need for community bankers to collaborate for economic recovery. Jackson aims to foster high-value partnerships to drive success at b1BANK. The bank operates 42 locations across Louisiana and Dallas, offering various banking services. Business First Bancshares trades under the ticker BFST.
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