Business First Bancshares, Inc., Announces Financial Results for Fiscal Year 2025 and Q4 2025

Rhea-AI Summary

Business First Bancshares (NASDAQ: BFST) reported unaudited results for Q4 2025 and fiscal 2025. Q4 net income available to common shareholders was $21.0M or $0.71 diluted EPS; core Q4 net income was $23.5M or $0.79 diluted EPS. For FY2025, net income was $82.5M or $2.79 diluted EPS; core FY net income was $83.5M or $2.83. The board declared a preferred dividend of $18.75 per share and a common dividend of $0.15 per share payable Feb 15, 2026.

Key balance-sheet moves: loans +$168.4M (2.80%), deposits +$191.7M (2.95%), NIM 3.71%, repurchased 150,504 shares ($3.7M), and nonperforming loans ratio rose to 1.24% largely from a single $25.8M CRE relationship.

Positive

• FY net income increased by $22.8M year-over-year
• Q4 core net income rose to $23.5M (+$2.3M vs linked quarter)
• Loans held for investment increased $168.4M (2.80%) in Q4
• Deposits grew $191.7M (2.95%) in Q4
• Net interest margin maintained at 3.71% for Q4
• Repurchased 150,504 shares for $3.7M in Q4

Negative

• Nonperforming loans ratio rose to 1.24% in Q4 due largely to a $25.8M CRE relationship
• Allowance for credit losses to loans fell to 0.94% from 1.03% quarter-to-quarter
• Net charge-offs of $6.8M contributed to a $3.1M provision for credit losses
• Other expenses increased 7.22% quarter-to-quarter (salaries and benefits up)

News Market Reaction – BFST

-3.23%

1 alert

-3.23% News Effect

On the day this news was published, BFST declined 3.23%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 net income: $21.0M Q4 2025 core net income: $23.5M FY 2025 net income: $82.5M +5 more

8 metrics

Q4 2025 net income $21.0M Net income available to common shareholders, quarter ended Dec. 31, 2025

Q4 2025 core net income $23.5M Non-GAAP core net income, quarter ended Dec. 31, 2025

FY 2025 net income $82.5M Net income available to common stockholders, year ended Dec. 31, 2025

FY 2025 core net income $83.5M Non-GAAP core net income, year ended Dec. 31, 2025

Q4 2025 diluted EPS $0.71 Decreased $0.02 vs linked quarter

FY 2025 diluted EPS $2.79 Increased $0.53 vs year ended Dec. 31, 2024

Quarterly common dividend $0.15 per share Dividend based on Q4 2025 performance

Q4 2025 NIM 3.71% Net interest margin for quarter ended Dec. 31, 2025

Market Reality Check

Price: $28.88 Vol: Volume 205,620 is 2.12x t...

high vol

$28.88 Last Close

Volume Volume 205,620 is 2.12x the 20-day average of 97,113, indicating elevated interest ahead of and around earnings. high

Technical Price 28.21 is trading above the 200-day MA of 24.67 and within 1% of the 52-week high of 28.46.

Peers on Argus

BFST gained 5.62% with strong earnings. Closely related regional bank peers also...

BFST gained 5.62% with strong earnings. Closely related regional bank peers also advanced, including GSBC +5.63%, CCNE +4.55%, EQBK +4.34%, FCBC +3.73%, and CCBG +3.70%, suggesting a broader regional bank bid.

Common Catalyst No specific peer news flagged, but multiple regional banks moved higher together, indicating sector-wide strength alongside BFST’s earnings.

Historical Context

5 past events · Latest: Jan 06 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 06	Earnings call notice	Neutral	-1.0%	Announced Q4 2025 earnings release date and conference call logistics.
Jan 05	Acquisition close	Positive	+1.3%	Closed Progressive Bancorp deal, boosting assets, loans, deposits and footprint.
Oct 28	Buyback authorization	Positive	+1.1%	Board approved up to <b>$30M</b> common stock repurchase over 24 months.
Oct 23	Q3 2025 earnings	Positive	+0.0%	Reported solid Q3 2025 earnings, stable NIM and dividend declarations.
Oct 01	Earnings call notice	Neutral	-1.1%	Scheduled Q3 2025 earnings release and conference call/webcast.

Pattern Detected

Recent BFST news has typically produced modest single‑day moves, with stronger reactions reserved for major earnings or full‑year updates.

Recent Company History

Over the last few months, BFST has announced Q3 2025 results, a $30M stock repurchase authorization, and completion of the Progressive Bank acquisition, expanding assets to about $8.7B. Prior earnings reports emphasized steady net interest margin around the mid‑3% range, consistent dividends of $0.14–0.15, and tangible book value growth. Today’s FY 2025 and Q4 2025 report continues that narrative with higher full‑year net income and book value, while building on previously announced capital return and M&A initiatives.

Market Pulse Summary

This announcement details FY 2025 and Q4 2025 performance, highlighting higher full‑year net income ...

Analysis

This announcement details FY 2025 and Q4 2025 performance, highlighting higher full‑year net income of $82.5M, core net income of $83.5M, and continued dividend payments of $0.15 per common share. It also notes expanding loans and deposits, stable net interest margin around 3.7%, and growth in book and tangible book value. Offsetting factors include higher nonperforming loan and asset ratios and ongoing credit provisions. Investors may track future credit trends, NIM stability, and integration of recent acquisitions as key risk and opportunity areas.

Key Terms

non-gaap, net interest margin, net interest spread, basis points, +4 more

8 terms

non-gaap financial

"On a non-GAAP basis, core net income for the quarter ended Dec. 31, 2025..."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

net interest margin financial

"Net interest income totaled $70.9 million and net interest margin and net interest spread were 3.71% and 2.92%..."

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

net interest spread financial

"net interest margin and net interest spread were 3.71% and 2.92%, respectively..."

Net interest spread is the difference between the average interest a lender or bank earns on loans and investments and the average interest it pays to depositors and creditors. Think of it like the gap between the price you charge for something and the cost you pay to obtain it; a wider gap means more income left over to cover expenses and profit. Investors watch this number because it signals how easily a financial firm can make money from its core lending business and how sensitive that income is to changing interest rates.

basis points financial

"The ratio of nonperforming loans compared to loans held for investment increased 42 basis points (bps) to 1.24%..."

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

nonperforming loans financial

"The ratio of nonperforming loans compared to loans held for investment increased 42 basis points..."

Nonperforming loans are loans on which borrowers have stopped making the scheduled interest or principal payments for an extended period (commonly 90 days or more) or are otherwise in serious danger of default. Think of them as IOUs that aren’t being repaid: they tie up a lender’s money, reduce future interest income, and force the lender to hold extra reserves or take losses. For investors, a rising share of nonperforming loans signals weakening credit quality, higher potential losses, and greater risk to a bank’s profitability and capital.

nonperforming assets financial

"the ratio of nonperforming assets compared to total assets increased 26 bps to 1.09%..."

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

allowance for credit losses financial

"the ratio of allowance for credit losses to loans held for investment ratio was 0.94%..."

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

federal home loan bank advances financial

"Borrowings increased $56.5 million or 11.41%, from the linked quarter due primarily to increases in short-term Federal Home Loan Bank advances."

Federal Home Loan Bank advances are loans that member banks and similar lenders borrow from a regional Federal Home Loan Bank, typically backed by the borrower’s assets and used for short- or long-term funding. For investors, these advances reveal how much a lender relies on wholesale borrowing to fund loans and operations—similar to watching a company tap a line of credit—and changes in advance levels or rates can signal shifts in liquidity, funding cost and balance-sheet risk.

AI-generated analysis. Not financial advice.

BATON ROUGE, La., Jan. 22, 2026 (GLOBE NEWSWIRE) -- Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended Dec. 31, 2025. Business First reported net income available to common shareholders of $21.0 million or $0.71 per diluted common share, decreases of $0.5 million and $0.02, respectively, compared to the linked quarter. On a non-GAAP basis, core net income for the quarter ended Dec. 31, 2025, which excludes certain income and expenses, was $23.5 million or $0.79 per diluted common share, increases of $2.3 million and $0.07 from the linked quarter.

For the year ended Dec. 31, 2025, Business First reported net income available to common stockholders of $82.5 million or $2.79 per diluted common share, increases of $22.8 million and $0.53, respectively, from the year ended Dec. 31, 2024. On a non-GAAP basis, core net income for the year ended Dec. 31, 2025, which excludes certain income and expenses, was $83.5 million or $2.83 per diluted common share, increases of $17.8 million and $0.34 from the year ended Dec. 31, 2024.

"In the fourth quarter we continued to demonstrate increasing core profitability and tangible book value build as the logic of the investments we’ve made over the past few quarters becomes reality through our team’s successful performance,” said Jude Melville, chairman, president, and CEO of Business First. “Our profitability increased significantly year over year whether measured by ROAA, in absolute dollars, or earnings per share. We expect these positive trends to continue over the course of 2026 as we focus on organic growth, efficient execution and thorough follow-through."

On Thursday, Jan. 22, 2026, Business First’s board of directors declared a quarterly preferred dividend in the amount of $18.75 per share, which is the full quarterly dividend of 1.875% based on the per annum rate of 7.50%. Additionally, the board of directors declared a quarterly common dividend based upon financial performance for the fourth quarter in the amount of $0.15 per share of common stock. The preferred and common dividends will be paid on Feb. 15, 2026, or as soon thereafter as practicable, to the shareholders of record as of Feb. 28, 2026.

Quarterly Highlights

• Robust Core Performance. Return to common shareholders on average assets, on an annualized basis, was 1.04% for the quarter ended Dec. 31, 2025, or 1.16% on a non-GAAP basis, compared to 1.08% or 1.06% on a non-GAAP basis for the linked quarter.
• Strong Loan and Deposit Growth. Loans held for investment increased $168.4 million or 2.80%, 11.10% annualized, for the quarter ended Dec. 31, 2025. Deposits increased $191.7 million or 2.95%, 11.69% annualized, compared to the linked quarter. Average interest-bearing deposits increased $103.2 million or 2.01%, and noninterest-bearing deposits increased $15.0 million or 1.14%, from the linked quarter. The Southwest and Southeast Louisiana regions were responsible for the majority of the net loan production and deposit growth for the quarter.
• Stable Net Interest Margin (NIM). Net interest income totaled $70.9 million and net interest margin and net interest spread were 3.71% and 2.92%, respectively, compared to $69.3 million, 3.68% and 2.85% for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.4 million) were 3.64% and 2.84% for the quarter ended Dec. 31, 2025, compared to 3.63% and 2.80% (excluding loan discount accretion of $1.1 million) for the linked quarter.
• Improving Shareholder Value. During the fourth quarter, the board of directors approved a stock repurchase program, pursuant to which Business First repurchased 150,504 shares, with a market value of $3.7 million, at a weighted average price of $24.79 per share. Book value per common share increased to $27.95 at Dec. 31, 2025, compared to $27.23 at Sep. 30, 2025. On a non-GAAP basis, tangible book value per common share increased from $22.63 at the linked quarter to $23.36 at Dec. 31, 2025, 3.21% or 12.74% annualized.

Statement of Financial Condition

Loans

Loans held for investment increased $168.4 million or 2.80%, 11.10% annualized, compared to the linked quarter. The commercial and residential real estate portfolios increased $148.7 million and $16.6 million, respectively, compared to the linked quarter. Texas-based loans represented approximately 39% of the overall loan portfolio as of Dec. 31, 2025, based on unpaid principal balance. For 2025, loans held for investment increased $208.1 million or 3.48%.

Credit Quality

The ratio of nonperforming loans compared to loans held for investment increased 42 basis points (bps) to 1.24% at Dec. 31, 2025, while the ratio of nonperforming assets compared to total assets increased 26 bps to 1.09% compared to the linked quarter. The increases in the nonperforming loans and assets ratios over the linked quarter were largely attributable to the deterioration of a single $25.8 million commercial real estate relationship.

Securities

The securities portfolio increased $3.3 million or 0.33%, from the linked quarter. This increase was impacted by $4.0 million in positive pre-tax fair value adjustments. The securities portfolio, based on estimated fair value, represented 12.04% of total assets as of Dec. 31, 2025.

Deposits

Deposits increased $191.7 million or 2.95%, 11.69% annualized, compared to the linked quarter. Average interest-bearing deposits increased $103.2 million or 2.01%, and noninterest-bearing deposits increased $15.0 million or 1.14% from the linked quarter. For 2025, deposits increased $187.3 million or 2.88%.

During the fourth quarter, interest bearing deposits increased $236.2 million or 4.60% and noninterest bearing deposits decreased $44.5 million or 3.26%. The increase in interest-bearing deposits were largely impacted by approximately $105.1 million in public funds and $60.8 million in commercial money market accounts.

Borrowings

Borrowings increased $56.5 million or 11.41%, from the linked quarter due primarily to increases in short-term Federal Home Loan Bank advances.

Shareholders’ Equity

Shareholders' equity increased $18.4 million or 2.10% compared to the linked quarter. Accumulated other comprehensive income (AOCI) increased $3.1 million or 8.62%, during the quarter due to positive after-tax fair value adjustments in the securities portfolio. Book value per common share increased to $27.95 at Dec. 31, 2025, compared to $27.23 at Sep. 30, 2025, due to strong earnings. On a non-GAAP basis, tangible book value per common share increased from $22.63 at the linked quarter to $23.36 at Dec. 31, 2025, 3.21% or 12.74% annualized.

Results of Operations

Net Interest Income

For the quarter ended Dec. 31, 2025, net interest income totaled $70.9 million, compared to $69.3 million from the linked quarter. Loan yields decreased 13 bps to 6.88% compared to 7.01% from the linked quarter and interest-bearing asset yields decreased 14 bps to 6.17% compared to 6.31% from the linked quarter. Net interest margin and net interest spread were 3.71% and 2.92% compared to 3.68% and 2.85% for the linked quarter. The overall cost of funds, which included noninterest-bearing deposits, decreased 17 bps from 2.81% to 2.64% for the quarter ended Dec. 31, 2025. Reversal of previously accrued interest income on nonaccrual loans reduced the net interest margin by five bps for the quarter ended Dec. 31, 2025.

Non-GAAP net interest income (excluding loan discount accretion of $1.4 million) totaled $69.4 million for the quarter ended Dec. 31, 2025, compared to $68.2 million (excluding loan discount accretion of $1.1 million) for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.4 million) were 3.64% and 2.84%, respectively, for the quarter ended Dec. 31, 2025, compared to 3.63% and 2.80% (excluding loan discount accretion of $1.1 million) for the linked quarter.

Provision for Credit Losses

During the quarter ended Dec. 31, 2025, Business First recorded a provision for credit losses of $3.1 million, compared to $3.2 million from the linked quarter. The current quarter’s reserve was largely impacted by $6.8 million in net charge-offs and $168.4 million in loan growth, partially offset by qualitative adjustments. At Dec. 31, 2025, the ratio of allowance for credit losses to loans held for investment ratio was 0.94%, compared to 1.03% for the linked quarter.

Other Income

For the quarter ended Dec. 31, 2025, other income increased $0.6 million or 4.79%, compared to the linked quarter. The increase was largely attributable to growth of $0.7 million in swap fee income, $0.3 million in fee and brokerage commissions and $0.3 million in other income, partially offset by a loss on disposal other assets of -$1.0 million. Excluding the -$1.0 million loss on disposal of other assets related to branch closures during the fourth quarter, other income was $13.2 million compared to $11.6 million for the linked quarter, an increase of $1.6 million, or 13.77%.

Other Expenses

For the quarter ended Dec. 31, 2025, other expenses increased $3.5 million or 7.22% compared to the linked quarter. The increase was largely attributable to a $2.8 million increase in salaries and employee benefits. Salaries and benefits were impacted favorably during the third quarter due to a one-time $2.0 million tax credit refund. Excluding merger-related, core conversion expenses and tax refunds recognized in the current and linked quarters, other expenses were $50.2 million compared to $49.3 million for the linked quarter, an increase of $0.9 million, or 1.88%.

Return on Assets and Common Equity

Return to common shareholders on average assets and common equity, each on an annualized basis, were 1.04% and 10.18% for the quarter ended Dec. 31, 2025, compared to 1.08% and 10.80%, respectively, for the linked quarter. Non-GAAP return to common shareholders on average assets and common equity, each on an annualized basis, were 1.16% and 11.40% for the quarter ended Dec. 31, 2025, compared to 1.06% and 10.65%, for the linked quarter.

For the year ended Dec. 31, 2025, return to common shareholders on average assets and common equity were 1.05% and 10.59%, compared to 0.86% and 9.54%, respectively, compared to the linked year. Non-GAAP return to common shareholders on average assets and common equity were 1.06% and 10.73% compared to 0.94% and 10.51%, for the linked year.

Conference Call and Webcast

Executive management will host a conference call and webcast to discuss results on Thursday, January 22, 2026, 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 9526609, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/3h33e6zb. 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 $8.2 billion in assets, $5.7 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson, LLC (SSW) (not including $1.0 billion of b1BANK assets managed by SSW) and operates Banking Centers and Loan Production Offices in markets across Louisiana and Texas providing commercial and personal banking products and services. b1BANK is a 2024 Mastercard “Innovation Award” winner and multiyear winner of American Banker Magazine’s “Best Banks to Work For.” Visit b1BANK.com for more information.

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.

Investor Relation Contact:

Gregory Robertson 337.721.2701
Gregory.Robertson@b1bank.com

Matt Sealy 225.388.6116
Matt.Sealy@b1bank.com

Media Contact: Misty Albrecht b1BANK
225.286.7879
media@b1BANK.com

Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
	Three Months Ended
	December 31,			September 30,			December 31,
(Dollars in thousands)		2025			2025			2024
Balance Sheet Ratios
Loans (HFI) to Deposits		92.40	%		92.53	%		91.86	%
Shareholders' Equity to Assets Ratio		10.92	%		11.04	%		10.18	%
Loans Receivable Held for Investment (HFI)
Commercial	$	1,921,833		$	1,920,813		$	1,868,675
Real Estate:
Commercial		2,611,279			2,462,617			2,483,223
Construction		639,069			638,907			670,502
Residential		944,065			927,456			884,533
Total Real Estate		4,194,413			4,028,980			4,038,258
Consumer and Other		73,244			71,262			74,466
Total Loans (Held for Investment)	$	6,189,490		$	6,021,055		$	5,981,399
Allowance for Loan Losses
Balance, Beginning of Period	$	57,062		$	58,496		$	42,154
Oakwood - PCD ALLL		-			-			8,410
Charge-offs – Quarterly		(7,153	)		(3,415	)		(2,290	)
Recoveries – Quarterly		309			348			654
Provision for Loan Losses – Quarterly		3,741			1,633			5,912
Balance, End of Period	$	53,959		$	57,062		$	54,840
Allowance for Loan Losses to Total Loans (HFI)		0.87	%		0.95	%		0.92	%
Allowance for Credit Losses to Total Loans (HFI) (1)		0.94	%		1.03	%		0.98	%
Net Charge-offs (Recoveries) to Average Quarterly Total Loans		0.11	%		0.05	%		0.03	%
Remaining Loan Purchase Discount	$	7,489		$	8,943		$	12,121
Nonperforming Assets
Nonperforming Loans:
Nonaccrual Loans	$	74,471		$	45,362		$	24,147
Loans Past Due 90 Days or More		2,215			3,929			860
Total Nonperforming Loans		76,686			49,291			25,007
Other Nonperforming Assets:
Other Real Estate Owned		13,013			16,766			5,529
Other Nonperforming Assets		-			-			-
Total Other Nonperforming Assets		13,013			16,766			5,529
Total Nonperforming Assets	$	89,699		$	66,057		$	30,536
Nonperforming Loans to Total Loans (HFI)		1.24	%		0.82	%		0.42	%
Nonperforming Assets to Total Assets		1.09	%		0.83	%		0.39	%
(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)		2025			2025			2024				2025			2024
Per Share Data
Basic Earnings per Common Share	$	0.71		$	0.73		$	0.52			$	2.81		$	2.27
Diluted Earnings per Common Share		0.71			0.73			0.51				2.79			2.26
Dividends per Common Share		0.15			0.14			0.14				0.57			0.56
Book Value per Common Share		27.95			27.23			24.62				27.95			24.62
Average Common Shares Outstanding		29,493,016			29,544,425			29,311,111				29,396,462			26,253,846
Average Diluted Common Shares Outstanding		29,669,253			29,656,639			29,520,781				29,545,702			26,452,084
End of Period Common Shares Outstanding		29,510,668			29,615,370			29,552,358				29,510,668			29,552,358
Annualized Performance Ratios
Return to Common Shareholders on Average Assets (1)		1.04	%		1.08	%		0.78	%			1.05	%		0.86	%
Return to Common Shareholders on Average Common Equity (1)		10.18	%		10.80	%		8.23	%			10.59	%		9.54	%
Net Interest Margin (1)		3.71	%		3.68	%		3.61	%			3.69	%		3.48	%
Net Interest Spread (1)		2.92	%		2.85	%		2.77	%			2.89	%		2.55	%
Efficiency Ratio (2)		63.10	%		60.45	%		63.91	%			62.55	%		65.42	%
Total Quarterly/Year-to-Date Average Assets	$	8,016,094		$	7,921,159		$	7,721,338			$	7,873,743		$	6,973,735
Total Quarterly/Year-to-Date Average Common Equity		818,617			790,148			731,820				778,480			625,914
Other Expenses
Salaries and Employee Benefits	$	30,426		$	27,613		$	28,101			$	115,853		$	103,917
Occupancy and Bank Premises		3,032			3,324			3,166				12,876			10,944
Depreciation and Amortization		2,049			2,036			2,278				8,313			7,540
Data Processing		3,227			3,972			3,856				15,756			11,957
FDIC Assessment Fees		850			988			1,009				3,883			3,598
Legal and Other Professional Fees		1,436			1,024			975				4,566			3,756
Advertising and Promotions		1,595			1,205			1,710				5,179			4,878
Utilities and Communications		768			767			775				3,011			2,883
Ad Valorem Shares Tax		870			1,125			1,357				4,245			4,057
Directors' Fees		224			261			290				957			1,085
Other Real Estate Owned Expenses and Write-Downs		254			355			182				659			301
Merger and Conversion-Related Expenses		1,257			477			168				2,194			1,236
Other		6,424			5,735			5,703				25,586			21,500
Total Other Expenses	$	52,412		$	48,882		$	49,570			$	203,078		$	177,652

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)		2025			2025			2024				2025			2024
Other Income
Service Charges on Deposit Accounts	$	2,646		$	2,565		$	2,878			$	10,704		$	10,577
Gain (Loss) on Sales of Securities		35			77			21				64			7
Debit Card and ATM Fee Income		1,970			1,915			2,069				7,701			7,659
Bank-Owned Life Insurance Income		783			802			990				3,151			2,875
Gain on Sales of Loans		777			624			252				3,438			2,973
Mortgage Origination Income		114			122			36				401			238
Fees and Brokerage Commission		2,172			1,880			2,063				8,180			7,844
Gain (Loss) on Sales of Other Real Estate Owned		312			470			40				570			89
Gain (Loss) on Disposal of Other Assets		(994	)		-			-				(839	)		(15	)
Gain on Extinguishment of Debt		-			-			-				630			-
Gain on Branch Sale		-			-			-				3,360			-
Swap Fee Income		1,805			1,065			1,288				4,417			2,739
Pass-Through Income (Loss) from Other Investments		267			133			186				905			1,208
Other		2,343			2,018			2,034				8,860			7,999
Total Other Income	$	12,230		$	11,671		$	11,857			$	51,542		$	44,193
(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)		2025			2025			2024
Assets
Cash and Due From Banks	$	411,175		$	399,079		$	319,098
Federal Funds Sold		172,393			101,103			197,669
Securities Purchased under Agreements to Resell		25,587			25,518			50,835
Securities Available for Sale, at Fair Values		989,229			985,938			893,549
Mortgage Loans Held for Sale		1,094			433			717
Loans and Lease Receivable		6,189,490			6,021,055			5,981,399
Allowance for Loan Losses		(53,959	)		(57,062	)		(54,840	)
Net Loans and Lease Receivable		6,135,531			5,963,993			5,926,559
Premises and Equipment, Net		73,982			77,944			81,953
Accrued Interest Receivable		38,494			37,171			35,872
Other Equity Securities		49,342			44,313			41,100
Other Real Estate Owned		13,013			16,766			5,529
Cash Value of Life Insurance		120,292			119,509			117,645
Deferred Taxes, Net		20,477			21,433			29,591
Goodwill		121,146			121,146			121,572
Core Deposit and Customer Intangibles		14,497			15,136			17,252
Other Assets		28,488			24,380			18,149
Total Assets	$	8,214,740		$	7,953,862		$	7,857,090
Liabilities
Deposits
Noninterest-Bearing	$	1,322,074		$	1,366,558		$	1,357,045
Interest-Bearing		5,376,516			5,140,304			5,154,286
Total Deposits		6,698,590			6,506,862			6,511,331
Securities Sold Under Agreements to Repurchase		22,622			29,896			22,621
Federal Home Loan Bank Borrowings		431,200			367,408			355,875
Subordinated Debt		92,530			92,587			99,760
Subordinated Debt - Trust Preferred Securities		5,000			5,000			5,000
Accrued Interest Payable		4,166			4,064			5,969
Other Liabilities		63,749			69,605			57,068
Total Liabilities		7,317,857			7,075,422			7,057,624
Shareholders' Equity
Preferred Stock		71,930			71,930			71,930
Common Stock		29,511			29,615			29,552
Additional Paid-In Capital		502,155			503,325			500,024
Retained Earnings		326,574			309,999			260,958
Accumulated Other Comprehensive Loss		(33,287	)		(36,429	)		(62,998	)
Total Shareholders' Equity		896,883			878,440			799,466
Total Liabilities and Shareholders' Equity	$	8,214,740		$	7,953,862		$	7,857,090

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)		2025		2025		2024			2025		2024
Interest Income:
Interest and Fees on Loans	$	105,515	$	106,662	$	104,697		$	419,197	$	374,555
Interest and Dividends on Securities		7,942		7,554		7,310			29,016		25,259
Interest on Federal Funds Sold and Due From Banks		4,323		4,472		4,135			16,798		14,950
Total Interest Income		117,780		118,688		116,142			465,011		414,764
Interest Expense:
Interest on Deposits		41,580		43,358		44,862			168,923		165,094
Interest on Borrowings		5,338		6,054		5,551			22,925		22,287
Total Interest Expense		46,918		49,412		50,413			191,848		187,381
Net Interest Income		70,862		69,276		65,729			273,163		227,383
Provision for Credit Losses		3,098		3,183		6,712			11,318		10,873
Net Interest Income After Provision for Credit Losses		67,764		66,093		59,017			261,845		216,510
Other Income:
Service Charges on Deposit Accounts		2,646		2,565		2,878			10,704		10,577
Gain (Loss) on Sales of Securities		35		77		21			64		7
Gain on Sales of Loans		777		624		252			3,438		2,973
Other Income		8,772		8,405		8,706			37,336		30,636
Total Other Income		12,230		11,671		11,857			51,542		44,193
Other Expenses:
Salaries and Employee Benefits		30,426		27,613		28,101			115,853		103,917
Occupancy and Equipment Expense		6,809		7,284		7,087			28,611		23,989
Merger and Conversion-Related Expense		1,257		477		168			2,194		1,236
Other Expenses		13,920		13,508		14,214			56,420		48,510
Total Other Expenses		52,412		48,882		49,570			203,078		177,652
Income Before Income Taxes		27,582		28,882		21,304			110,309		83,051
Provision for Income Taxes		5,223		6,026		4,816			22,448		17,944
Net Income		22,359		22,856		16,488			87,861		65,107
Preferred Stock Dividends		1,350		1,351		1,350			5,401		5,401
Net Income Available to Common Shareholders	$	21,009	$	21,505	$	15,138		$	82,460	$	59,706

Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
	Three Months Ended
	December 31, 2025								September 30, 2025								December 31, 2024
	Average								Average								Average
	Outstanding			Interest Earned /		Average			Outstanding			Interest Earned /		Average			Outstanding			Interest Earned /		Average
(Dollars in thousands)	Balance			Interest Paid		Yield / Rate			Balance			Interest Paid		Yield / Rate			Balance			Interest Paid		Yield / Rate
Assets
Interest-Earning Assets:
Total Loans	$	6,087,213		$	105,515	6.88	%		$	6,036,622		$	106,662	7.01	%		$	5,911,183		$	104,697	7.05	%
Securities		1,008,870			7,942	3.12	%			978,502			7,554	3.06	%			980,566			7,310	2.97	%
Securities Purchased under Agreements to Resell		25,579			310	4.81	%			25,490			330	5.14	%			44,252			603	5.42	%
Interest-Bearing Deposit in Other Banks		448,030			4,013	3.55	%			419,413			4,142	3.92	%			346,035			4,135	4.75	%
Total Interest-Earning Assets		7,569,692			117,780	6.17	%			7,460,027			118,688	6.31	%			7,237,784			116,142	6.38	%
Allowance for Loan Losses		(57,450	)			.				(58,468	)			.				(52,130	)
Noninterest-Earning Assets		503,852								519,600								535,684
Total Assets	$	8,016,094		$	117,780				$	7,921,159		$	118,688				$	7,721,338		$	116,142
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Deposits	$	5,225,304		$	41,580	3.16	%		$	5,122,136		$	43,358	3.36	%		$	5,053,759		$	44,862	3.53	%
Subordinated Debt		92,564			1,220	5.23	%			92,624			1,235	5.29	%			99,797			1,331	5.31	%
Subordinated Debt - Trust Preferred Securities		5,000			96	7.58	%			5,000			100	7.93	%			5,000			107	8.51	%
Advances from Federal Home Loan Bank (FHLB)		369,410			3,837	4.12	%			424,287			4,547	4.25	%			373,236			3,975	4.24	%
Other Borrowings		28,197			185	2.60	%			26,176			172	2.61	%			21,569			138	2.55	%
Total Interest-Bearing Liabilities		5,720,475			46,918	3.25	%			5,670,223			49,412	3.46	%			5,553,361			50,413	3.61	%
Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits		1,330,023							$	1,315,064							$	1,292,623
Other Liabilities		75,049								73,794								71,604
Total Noninterest-Bearing Liabilities		1,405,072								1,388,858								1,364,227
Shareholders' Equity:
Common Shareholders' Equity		818,617								790,148								731,820
Preferred Equity		71,930								71,930								71,930
Total Shareholders' Equity		890,547								862,078								803,750
Total Liabilities and Shareholders' Equity	$	8,016,094							$	7,921,159							$	7,721,338
Net Interest Spread						2.92	%							2.85	%							2.77	%
Net Interest Income				$	70,862							$	69,276							$	65,729
Net Interest Margin						3.71	%							3.68	%							3.61	%
Overall Cost of Funds						2.64	%							2.81	%							2.93	%
NOTE: Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an actual day count convention.

Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
	Year Ended
	December 31, 2025								December 31, 2024
	Average								Average
	Outstanding			Interest Earned /		Average			Outstanding			Interest Earned /		Average
(Dollars in thousands)	Balance			Interest Paid		Yield / Rate			Balance			Interest Paid		Yield / Rate
Assets
Interest-Earning Assets:
Total Loans	$	6,023,214		$	419,197	6.96	%		$	5,327,466		$	374,555	7.03	%
Securities		962,566			29,016	3.01	%			907,736			24,502	2.70	%
Securities Purchased under Agreements to Resell		33,178			1,692	5.10	%			13,657			757	5.54	%
Interest-Bearing Deposit in Other Banks		383,504			15,106	3.94	%			287,474			14,950	5.20	%
Total Interest-Earning Assets		7,402,462			465,011	6.28	%			6,536,333			414,764	6.35	%
Allowance for Loan Losses		(56,902	)							(43,931	)
Noninterest-Earning Assets		528,183								481,333
Total Assets	$	7,873,743		$	465,011				$	6,973,735		$	414,764
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Deposits	$	5,134,522		$	168,923	3.29	%		$	4,427,233		$	165,094	3.73	%
Subordinated Debt		93,765			4,952	5.28	%			99,884			5,394	5.40	%
Subordinated Debt - Trust Preferred Securities		5,000			395	7.90	%			5,000			447	8.94	%
Bank Term Funding Program		-			-	0.00	%			64,754			2,788	4.31	%
Advances from Federal Home Loan Bank (FHLB)		400,849			16,973	4.23	%			317,462			13,164	4.15	%
Other Borrowings		23,337			605	2.59	%			19,464			494	2.54	%
Total Interest-Bearing Liabilities	$	5,657,473			191,848	3.39	%			4,933,797			187,381	3.80	%
Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits		1,296,162								1,285,445
Other Liabilities		69,698								56,649
Total Noninterest-Bearing Liabilities		1,365,860								1,342,094
Shareholders' Equity:
Common Shareholders' Equity		778,480								625,914
Preferred Equity		71,930								71,930
Total Shareholders' Equity		850,410								697,844
Total Liabilities and Shareholders' Equity	$	7,873,743							$	6,973,735
Net Interest Spread						2.89	%							2.55	%
Net Interest Income				$	273,163							$	227,383
Net Interest Margin						3.69	%							3.48	%
Overall Cost of Funds						2.76	%							3.01	%
NOTE: Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an actual day count convention.

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
	Three Months Ended										Full Year
	December 31,			September 30,			December 31,				December 31,			December 31,
(Dollars in thousands, except per share data)		2025			2025			2024				2025			2024
Interest Income:
Interest income	$	117,780		$	118,688		$	116,142			$	465,011		$	414,764
Core interest income		117,780			118,688			116,142				465,011			414,764
Interest Expense:
Interest expense		46,918			49,412			50,413				191,848			187,381
Core interest expense		46,918			49,412			50,413				191,848			187,381
Provision for Credit Losses:(b)
Provision for credit losses		3,098			3,183			6,712				11,318			10,873
CECL Oakwood impact (3)		-			-			(4,824	)			-			(4,824	)
Core provision expense		3,098			3,183			1,888				11,318			6,049
Other Income:
Other income		12,230			11,671			11,857				51,542			44,193
Loss (gain) on former bank premises and equipment		995			-			-				840			(50	)
(Gain) loss on sale of securities		(35	)		(77	)		(21	)			(64	)		(7	)
Gain on extinguishment of debt		-			-			-				(630	)		-
Gain on branch sale		-			-			-				(3,360	)		-
Core other income		13,190			11,594			11,836				48,328			44,136
Other Expense:
Other expense		52,412			48,882			49,570				203,078			177,652
Acquisition-related expenses (2)		(1,406	)		(1,157	)		(168	)			(3,810	)		(1,621	)
Core conversion expenses		(796	)		(439	)		(463	)			(2,460	)		(974	)
Tax credit - ERC		-			1,997			-				1,997			-
Core other expense		50,210			49,283			48,939				198,805			175,057
Pre-Tax Income:(a)
Pre-tax income		27,582			28,882			21,304				110,309			83,051
CECL Oakwood impact (3)		-			-			4,824				-			4,824
Loss (gain) on former bank premises and equipment		995			-			-				840			(50	)
(Gain) loss on sale of securities		(35	)		(77	)		(21	)			(64	)		(7	)
Gain on extinguishment of debt		-			-			-				(630	)		-
Gain on branch sale		-			-			-				(3,360	)		-
Acquisition-related expenses (2)		1,406			1,157			168				3,810			1,621
Core conversion expenses		796			439			463				2,460			974
Tax credit - ERC		-			(1,997	)		-				(1,997	)		-
Core pre-tax income		30,744			28,404			26,738				111,368			90,413

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
	Three Months Ended										Full Year
	December 31,			September 30,			December 31,				December 31,			December 31,
(Dollars in thousands, except per share data)		2025			2025			2024				2025			2024
Provision for Income Taxes:(1)
Provision for income taxes		5,223			6,026			4,816				22,448			17,944
Tax on CECL Oakwood impact (3)		-			-			1,019				-			1,019
Tax on loss (gain) on former bank premises and equipment		210			-			-				177			(11	)
Tax on (gain) loss on sale of securities		(8	)		(16	)		(4	)			(13	)		(1	)
Tax on gain on extinguishment of debt		-			-			-				(133	)		-
Tax on gain on branch sale		-			-			-				(833	)		-
Tax on acquisition-related expenses (2)		281			157			6				682			97
Tax on core conversion expenses		168			93			97				521			205
Tax on tax credit - ERC		-			(422	)		-				(422	)		-
Core provision for income taxes		5,874			5,838			5,934				22,427			19,252
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

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
	Three Months Ended										Full Year
	December 31,			September 30,			December 31,				December 31,			December 31,
(Dollars in thousands, except per share data)		2025			2025			2024				2025			2024
Net Income Available to Common Shareholders:
Net income available to common shareholders		21,009			21,505			15,138				82,460			59,706
CECL Oakwood impact (3), net of tax		-			-			3,805				-			3,805
Loss (gain) on former bank premises and equipment, net of tax		785			-			-				663			(39	)
(Gain) loss on sale of securities, net of tax		(27	)		(61	)		(17	)			(51	)		(6	)
Gain on extinguishment of debt, net of tax		-			-			-				(497	)		-
Gain on branch sale, net of tax		-			-			-				(2,527	)		-
Acquisition-related expenses (2), net of tax		1,125			1,000			162				3,128			1,524
Core conversion expenses, net of tax		628			346			366				1,939			769
Tax Credit - ERC, net of tax		-			(1,575	)		-				(1,575	)		-
Core net income available to common shareholders	$	23,520		$	21,215		$	19,454			$	83,540		$	65,759
Pre-tax, pre-provision earnings available to common shareholders (a+b)	$	30,680		$	32,065		$	28,016			$	121,627		$	93,924
CECL Oakwood impact (3)		-			-			4,824				-			4,824
Loss on former bank premises and equipment		995			-			-				840			(50	)
(Gain) loss on sale of securities		(35	)		(77	)		(21	)			(64	)		(7	)
Gain on extinguishment of debt		-			-			-				(630	)		-
Gain on branch sale		-			-			-				(3,360	)		-
Acquisition-related expenses (2)		1,406			1,157			168				3,810			1,621
Core conversion expenses		796			439			463				2,460			974
Tax credit - ERC		-			(1,997	)		-				(1,997	)		-
Core pre-tax, pre-provision earnings	$	33,842		$	31,587		$	33,450			$	122,686		$	101,286

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
	Three Months Ended										Full Year
	December 31,			September 30,			December 31,				December 31,			December 31,
(Dollars in thousands, except per share data)		2025			2025			2024				2025			2024
Average Diluted Common Shares Outstanding		29,669,253			29,656,639			29,520,781				29,545,702			26,452,084
Diluted Earnings Per Common Share:
Diluted earnings per common share	$	0.71		$	0.73		$	0.51			$	2.79		$	2.26
CECL Oakwood impact (3), net of tax		-		$	-		$	0.13				-			0.14
Loss on former bank premises and equipment, net of tax		0.02			-			0.00				0.02			-
(Gain) loss on sale of securities, net of tax		(0.00	)		(0.00	)		-				(0.00	)		-
Gain on extinguishment of debt, net of tax		-			-			-				(0.02	)		-
Gain on branch sale, net of tax		-			-			-				(0.09	)		-
Acquisition-related expenses (2), net of tax		0.04			0.03			0.01				0.11			0.06
Core conversion expenses, net of tax		0.02			0.01			0.01				0.07			0.03
Tax credit - ERC, net of taxes		-			(0.05	)		-				(0.05	)		-
Core diluted earnings per common share	$	0.79		$	0.72		$	0.66			$	2.83		$	2.49
Pre-tax, pre-provision profit diluted earnings per common share	$	1.03		$	1.08		$	0.95			$	4.12		$	3.55
CECL Oakwood impact (3)		-			-			0.16				-			0.18
Loss on former bank premises and equipment		0.03			-			-				0.03			-
(Gain) loss on sale of securities		(0.00	)		(0.00	)		0.00				(0.00	)		-
Gain on extinguishment of debt		-			-			-				(0.02	)		-
Gain on branch sale		-			-			-				(0.11	)		-
Acquisition-related expenses (2)		0.05			0.04			0.01				0.13			0.06
Core conversion expenses		0.03			0.02			0.02				0.08			0.04
Tax credit - ERC		-			(0.07	)		-				(0.07	)		-
Core pre-tax, pre-provision diluted earnings per common share	$	1.14		$	1.07		$	1.14			$	4.16		$	3.83
(1) Tax rates, exclusive of certain nondeductible merger-related expenses and goodwill, utilized were 21.129% for 2025 and 2024. These rates approximated the marginal tax rates.
(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 the Oakwood acquisition.

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
	December 31,			September 30,			December 31,
(Dollars in thousands, except per share data)		2025			2025			2024
Total Shareholders' (Common) Equity:
Total shareholders' equity	$	896,883		$	878,440		$	799,466
Preferred stock		(71,930	)		(71,930	)		(71,930	)
Total common shareholders' equity		824,953			806,510			727,536
Goodwill		(121,146	)		(121,146	)		(121,572	)
Core deposit and customer intangible		(14,497	)		(15,136	)		(17,252	)
Total tangible common equity	$	689,310		$	670,228		$	588,712
Total Assets:
Total assets	$	8,214,740		$	7,953,862		$	7,857,090
Goodwill		(121,146	)		(121,146	)		(121,572	)
Core deposit and customer intangible		(14,497	)		(15,136	)		(17,252	)
Total tangible assets	$	8,079,097		$	7,817,580		$	7,718,266
Common shares outstanding		29,510,668			29,615,370			29,552,358
Book value per common share	$	27.95		$	27.23		$	24.62
Tangible book value per common share	$	23.36		$	22.63		$	19.92
Common equity to total assets		10.04	%		10.14	%		9.26	%
Tangible common equity to tangible assets		8.53	%		8.57	%		7.63	%

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
	Three Months Ended										Full Year
	December 31,			September 30,			December 31,				December 31,			December 31,
(Dollars in thousands, except per share data)		2025			2025			2024				2025			2024
Total Quarterly Average Assets	$	8,016,094		$	7,791,371		$	7,721,338			$	7,873,743		$	6,973,735
Total Quarterly Average Common Equity	$	818,617		$	790,148		$	731,820			$	778,480		$	625,914
Net Income Available to Common Shareholders:
Net income available to common shareholders	$	21,009		$	21,505		$	15,138			$	82,460		$	59,706
CECL Oakwood impact (3), net of tax		-			-			3,805				-			3,805
Loss (gain) on former bank premises and equipment, net of tax		785			(61	)		-				663			(39	)
(Gain) loss on sale of securities, net of tax		(27	)		-			(17	)			(51	)		(6	)
Gain on extinguishment of debt, net of tax		-			-			-				(497	)		-
Gain on branch sale, net of tax		-			-			-				(2,527	)		-
Acquisition-related expenses, net of tax		1,125			1,000			162				3,128			1,524
Core conversion expenses, net of tax		628			346			366				1,939			769
Tax credit - ERC, net of tax		-			(1,575	)		-				(1,575	)		-
Core net income available to common shareholders	$	23,520		$	21,215		$	19,454			$	83,540		$	65,759
Return to common shareholders on average assets (annualized) (2)		1.04	%		1.08	%		0.78	%			1.05	%		0.86	%
Core return on average assets (annualized) (2)		1.16	%		1.06	%		1.00	%			1.06	%		0.94	%
Return to common shareholders on average common equity (annualized) (2)		10.18	%		10.80	%		8.23	%			10.59	%		9.54	%
Core return on average common equity (annualized) (2)		11.40	%		10.65	%		10.58	%			10.73	%		10.51	%
Interest Income:
Interest income	$	117,780		$	118,688		$	116,142			$	465,011		$	414,764
Core interest income		117,780			118,688			116,142				465,011			414,764
Interest Expense:
Interest expense		46,918			49,412			50,413				191,848			187,381
Core interest expense		46,918			49,412			50,413				191,848			187,381
Other Income:
Other income		12,230			11,671			11,857				51,542			44,193
Loss (gain) on former bank premises and equipment		995			-			-				840			(50	)
(Gain) loss on sale of securities		(35	)		(77	)		(21	)			(64	)		(7	)
Gain on extinguishment of debt		-			-			-				(630	)		-
Gain on branch sale		-			-			-				(3,360	)		-
Core other income		13,190			11,594			11,836				48,328			44,136

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
	Three Months Ended										Full Year
	December 31,			September 30,			December 31,				December 31,			December 31,
(Dollars in thousands, except per share data)		2025			2025			2024				2025			2024
Other Expense:
Other expense		52,412			48,882			49,570				203,078			177,652
Acquisition-related expenses		(1,406	)		(1,157	)		(168	)			(3,810	)		(1,621	)
Core conversion expenses		(796	)		(439	)		(463	)			(2,460	)		(974	)
Tax credit - ERC		-			1,997			-				1,997			-
Core other expense	$	50,210		$	49,283		$	48,939			$	198,805		$	175,057
Efficiency Ratio:
Other expense (a)	$	52,412		$	48,882		$	49,570			$	203,078		$	177,652
Core other expense (c)	$	50,210		$	49,283		$	48,939			$	198,805		$	175,057
Net interest and other income (1) (b)	$	83,057		$	80,870		$	77,565			$	324,641		$	271,569
Core net interest and other income (1) (d)	$	84,052		$	80,870		$	77,565			$	321,491		$	271,519
Efficiency ratio (a/b)		63.10	%		60.45	%		63.91	%			62.55	%		65.42	%
Core efficiency ratio (c/d)		59.74	%		60.94	%		63.09	%			61.84	%		64.47	%
Total Average Interest-Earnings Assets	$	7,569,692		$	7,299,899		$	7,237,784			$	7,402,462		$	6,536,333
Net Interest Income:
Net interest income	$	70,862		$	69,276		$	65,729			$	273,163		$	227,383
Loan discount accretion		(1,418	)		(1,111	)		(997	)			(4,089	)		(4,182	)
Net interest income excluding loan discount accretion	$	69,444		$	68,165		$	64,732			$	269,074		$	223,201
Net interest margin (2)		3.71	%		3.68	%		3.61	%			3.69	%		3.48	%
Net interest margin excluding loan discount accretion (2)		3.64	%		3.63	%		3.56	%			3.63	%		3.41	%
Net interest spread (2)		2.92	%		2.85	%		2.77	%			2.89	%		2.55	%
Net interest spread excluding loan discount accretion (2)		2.84	%		2.80	%		2.72	%			2.84	%		2.48	%
(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 the Oakwood acquisition.

FAQ

What were BFST's Q4 2025 GAAP net income and diluted EPS?

Q4 2025 net income available to common shareholders was $21.0M, or $0.71 per diluted common share.

How did BFST perform for full-year 2025 (net income and EPS)?

For FY2025, BFST reported net income available to common shareholders of $82.5M, or $2.79 per diluted common share.

What dividends did BFST declare on Jan 22, 2026 (BFST)?

The board declared a quarterly preferred dividend of $18.75 per share and a quarterly common dividend of $0.15 per common share, payable Feb 15, 2026.

How much did BFST's loans and deposits change in Q4 2025?

Loans held for investment increased $168.4M (2.80%) and deposits increased $191.7M (2.95%) versus the linked quarter.

Did BFST repurchase shares in Q4 2025 and how much?

Yes. BFST repurchased 150,504 shares with a market value of approximately $3.7M at a weighted average price of $24.79.

What caused BFST's nonperforming loans ratio to increase in Q4 2025?

The increase to 1.24% was largely attributable to deterioration of a single $25.8M commercial real estate relationship.