Business First Bancshares, Inc., Announces Financial Results for Q3 2025

Rhea-AI Summary

Business First Bancshares (NASDAQ: BFST) reported Q3 2025 net income available to common shareholders of $21.5M or $0.73 diluted per share and non‑GAAP core net income of $21.2M or $0.72 per share for the quarter ended Sept. 30, 2025.

Key metrics: net interest income $69.3M, NIM 3.68%, deposits +$87.2M, loans held for investment down $26.6M, shareholders' equity +$30.0M, book value per share $27.23, tangible book value per common share $22.63. Board declared common dividend $0.15 and preferred quarterly dividend $18.75, payable Nov. 30, 2025.

Positive

• Net income of $21.5M ($0.73 per diluted share)
• Core net income of $21.2M ($0.72 per share)
• Deposits increased $87.2M (1.36%)
• Book value per share rose to $27.23
• Tangible book value per common share $22.63 (+4.75%)

Negative

• Provision for credit losses increased to $3.2M from $2.2M
• Loans held for investment decreased by $26.6M
• Other income declined by $2.7M versus prior quarter
• Nonperforming assets ratio rose to 0.83%

Insights

Banking Financial Analyst

Q3 showed modest sequential earnings and capital gains, a small common dividend bump, and stable margins—net positive for creditable performance.

Net income available to common shareholders was $21.5 million or $0.73 per diluted share, up from the linked quarter, and core non-GAAP net income was $21.2 million or $0.72 per share. Net interest income rose to $69.3 million while reported net interest margin held at 3.68%, and loan yield ticked up to 7.01%; these figures explain the quarter’s earnings improvement and the increase in tangible book value per common share to $22.63.

Capital and liquidity metrics strengthened: common equity to total assets increased to 10.14%, book value per common share rose to $27.23, and deposits increased $87.2 million. Credit metrics largely stabilized with nonperforming loans at 0.82% and allowance for credit losses at 1.03%. The board declared a preferred dividend of $18.75 per share and raised the quarterly common dividend to $0.15 with payment on Nov. 30, 2025 to holders of record on Nov. 15, 2025.

The main dependencies are explicit: ongoing realization of merger and conversion benefits cited as driving future improvement, and reserve builds that increased the provision to $3.2 million. Watch near-term items disclosed here: the conference call/webcast on Oct. 23, 2025, the announced dividend payment on Nov. 30, 2025, trends in nonaccruals and OREO transfers, and quarterly provision and loan portfolio shifts; monitor these over the next one to two quarters for confirmation of sustained improvement.

BATON ROUGE, La., Oct. 23, 2025 (GLOBE NEWSWIRE) -- Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended Sept. 30, 2025. Business First reported net income available to common shareholders of $21.5 million or $0.73 per diluted common share, increases of $0.8 million and $0.03, respectively, compared to the linked quarter ended June 30, 2025. On a non-GAAP basis, core net income for the quarter ended Sept. 30, 2025, which excludes certain income and expenses, was $21.2 million or $0.72 per diluted common share, increases of $1.7 million and $0.06 from the linked quarter.

"In the third quarter we delivered another quarter of consistent earnings growth for our shareholders leading to strong capital and tangible book value accretion," said Jude Melville, chairman, president, and CEO of Business First, "We also had the opportunity to again demonstrate solid operational execution with the successful conversion of former Oakwood Bank systems. We are focused on daily blocking and tackling, in particular that required to fulfill the promise of our current M&A projects, attainment of which will lead to continued improvement in financial performance over the coming quarters."

On Thursday, Oct. 23, 2025, 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 third quarter in the amount of $0.15 per share of common stock, a $0.01 increase from the linked quarter. The preferred and common dividends will be paid on Nov. 30, 2025, or as soon thereafter as practicable, to the shareholders of record as of Nov. 15, 2025.

Quarterly Highlights

• Consistent Core Performance. Return to common shareholders on average assets, on an annualized basis, was 1.08% for the quarter ended Sept. 30, 2025, or 1.06% on a non-GAAP basis, compared to 1.07% or 1.01% on a non-GAAP basis for the linked quarter.
  
  
• Continued Capital Growth. Common equity to total assets increased from 9.77% to 10.14%. Tangible common equity to tangible assets increased from 8.19% to 8.57%, 4.71% or 18.68% annualized, compared to the linked quarter. On a non-GAAP basis, tangible book value per common share increased to $22.63 as of Sept. 30, 2025, a $1.02 increase, 4.75% or 18.83% annualized, compared to the prior quarter. The increase was largely driven by earnings and accumulated other comprehensive income (AOCI) which accounted for $0.38 or 1.78% of the total 4.75% increase.
  
  
• Stable Net Interest Margin (NIM). Net interest income totaled $69.3 million and net interest margin and net interest spread were 3.68% and 2.85%, respectively, compared to $67.0 million, 3.68% and 2.88% for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.1 million) were 3.63% and 2.80% for the quarter ended Sept. 30, 2025, compared to 3.64% and 2.84% (excluding loan discount accretion of $0.8 million) for the linked quarter.
  
  
• Corporate Actions. Business First's board of directors approved a $0.01 per common share increase to the quarterly dividend from $0.14 to $0.15 per common share beginning November 2025.
  
  
• Oakwood Conversion. In September 2025, Business First successfully converted Oakwood Bank's core systems onto its platform, accomplishing its second system conversion over consecutive quarters.
  

Statement of Financial Condition

Loans

Loans held for investment decreased $26.6 million or 0.44%, 1.74% annualized. The commercial and commercial real estate portfolios decreased $40.2 million and $71.1 million, respectively, compared to the linked quarter. The construction and residential portfolios increased $38.6 million and $47.6 million compared to the linked quarter. Texas-based loans represented approximately 40% of the overall loan portfolio as of Sept. 30, 2025, based on unpaid principal balance.

Credit Quality

Credit quality metrics stabilized compared to the prior quarter. The ratio of loans past due 30 days or more, excluding nonaccrual, compared to total loans held for investment decreased from 0.89% to 0.27% at Sept. 30, 2025. The ratio of nonperforming loans compared to loans held for investment decreased 15 basis points (bps) to 0.82% at Sept. 30, 2025, while the ratio of nonperforming assets compared to total assets increased 7 bps to 0.83% compared to the linked quarter. The increase in the nonperforming assets ratio over the linked quarter was attributable to the transfer of some nonaccrual loans to other real estate owned. The commercial, residential real estate, commercial real estate and construction portfolios encompass approximately $21.9 million, $10.2 million, $9.0 million and $4.0 million respectively, of the $45.4 million nonaccrual balance at Sept. 30, 2025.

Securities

The securities portfolio increased $59.5 million, or 6.42%, from the linked quarter. This increase was impacted by $14.4 million in positive pre-tax fair value adjustments and the remainder attributed largely to purchases of mortgage-backed securities. The securities portfolio, based on estimated fair value, represented 12.40% of total assets as of Sept. 30, 2025. The newly purchased securities increased the book yield of the securities portfolio from 2.77% to 2.92% at Sept. 30, 2025.

Deposits

Deposits increased $87.2 million or 1.36%, 5.39% annualized, for the quarter ended Sept. 30, 2025, compared to the linked quarter. Average interest-bearing deposits increased $92.2 million, or 1.83%, and noninterest-bearing deposits increased $22.8 million or 1.76%, from the linked quarter.

Period-end interest bearing deposits increased $131.4 million or 2.62% and noninterest bearing deposits decreased $44.2 million or 3.13%. The increase in interest-bearing deposits was largely attributed to money market accounts, which experienced rate reductions of approximately 25 bps towards the end of the quarter.

Borrowings

Borrowings decreased $118.3 million or 19.29%, from the linked quarter due primarily to reductions in short-term Federal Home Loan Bank advances.

Shareholders’ Equity

Shareholders' equity increased $30.0 million or 3.54% compared to the linked quarter. Accumulated other comprehensive income (AOCI) increased $11.3 million or 23.74%, during the quarter due to positive after-tax fair value adjustments in the securities portfolio. Book value per common share increased to $27.23 at Sept. 30, 2025, compared to $26.23 at June 30, 2025, due to strong earnings and positive fair value adjustments in the securities portfolio. On a non-GAAP basis, tangible book value per common share increased from $21.61 at the linked quarter to $22.63 at Sept. 30, 2025, 4.75% or 18.83% annualized.

Results of Operations

Net Interest Income

For the quarter ended Sept. 30, 2025, net interest income totaled $69.3 million, compared to $67.0 million from the linked quarter. Loan yields increased 5 bps to 7.01% compared to 6.96% from the linked quarter, while the interest-bearing asset yield remained flat at 6.31%. Net interest margin and net interest spread were 3.68% and 2.85% compared to 3.68% and 2.88% for the linked quarter. The overall cost of funds, which included noninterest-bearing deposits, increased 3 bps from 2.78% to 2.81% for the quarter ended Sept. 30, 2025.

Non-GAAP net interest income (excluding loan discount accretion of $1.1 million) totaled $68.2 million for the quarter ended Sept. 30, 2025, compared to $66.3 million (excluding loan discount accretion of $0.8 million) for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.1 million) were 3.63% and 2.80%, respectively, for the quarter ended Sept. 30, 2025, compared to 3.64% and 2.84% (excluding loan discount accretion of $0.8 million) for the linked quarter.

Provision for Credit Losses

During the quarter ended Sept. 30, 2025, Business First recorded a provision for credit losses of $3.2 million, compared to $2.2 million from the linked quarter. The current quarter’s reserve was largely impacted by an additional $1.5 million reserve on unfunded loan commitments and the remainder attributed to reserves on individually evaluated loans. At Sept. 30, 2025, the ratio of allowance for credit losses to loans held for investment ratio was 1.03%, compared to 1.02% for the linked quarter.

Other Income

For the quarter ended Sept. 30, 2025, other income decreased $2.7 million or 19.04%, compared to the linked quarter. The decrease was largely attributable to a $3.4 million gain on the Kaplan branch sale in the linked quarter, positively offset by a $414,000 increase related to other real estate owned and a $379,000 increase in equity investment income. Excluding the gain on the Kaplan branch sale and securities sale gains and losses, other income for Sept. 30, 2025, was $11.6 million compared to $11.1 million for the linked quarter, an increase of $492,000, or 4.43%.

Other Expenses

For the quarter ended Sept. 30, 2025, other expenses decreased $2.3 million or 4.54% compared to the linked quarter. The decrease was largely attributable to a $1.9 million tax credit the company recognized as an expense reduction within salaries and employee benefits. Excluding the tax credit recognized in the current quarter and merger-related and core conversion expenses recognized in both the current and linked quarters, other expenses were $49.3 million compared to $49.6 million for the linked quarter, a decrease of $345,000 or 0.70%.

Return on Assets and Common Equity

Return to common shareholders on average assets and common equity, each on an annualized basis, were 1.08% and 10.80% for the quarter ended Sept 30, 2025, compared to 1.07% and 10.87%, respectively, for the linked quarter. Non-GAAP return to common shareholders on average assets and common equity, each on an annualized basis, were 1.06% and 10.65% for the quarter ended Sept. 30, 2025, compared to 1.01% and 10.23%, for the prior period quarter.

Conference Call and Webcast
Executive management will host a conference call and webcast to discuss results on Thursday October 23, 2025, at 4:00 p.m. Central Time. Interested parties may attend the call by dialing toll-free 1-800-715-9871 (North America only), conference ID 8427939, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/hvu86bo6. 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 $8.0 billion in assets, $5.7 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson, LLC (SSW) (excludes $0.9 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. Proxy statement/prospectus can also be obtained, when they become available, free of charge, by directing a request to Business First Bancshares, Inc., 500 Laurel Street, Suite 101, Baton Rouge, LA 70801, Attention: Corporate Secretary, Telephone: 225-248-7600.

Investor Relation Contact:

Gregory Robertson				Matt Sealy
337.721.2701				225.388.6116
Gregory.Robertson@b1bank.com				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
(Dollars in thousands)		September 30, 2025			June 30, 2025			September 30, 2024
Balance Sheet Ratios
Loans (HFI) to Deposits			92.53	%		94.21	%		92.54	%
Shareholders' Equity to Assets Ratio			11.04	%		10.67	%		10.15	%
Loans Receivable Held for Investment (HFI)
Commercial		$	1,920,813		$	1,960,974		$	1,496,480
Real Estate:
Commercial			2,462,617			2,533,761			2,256,370
Construction			638,907			600,292			654,353
Residential			927,456			879,891			743,878
Total Real Estate			4,028,980			4,013,944			3,654,601
Consumer and Other			71,262			72,732			69,037
Total Loans (Held for Investment)		$	6,021,055		$	6,047,650		$	5,220,118
Allowance for Loan Losses
Balance, Beginning of Period		$	58,496		$	56,863		$	41,412
Charge-Offs - Quarterly			(3,415	)		(921	)		(1,424	)
Recoveries - Quarterly			348			99			295
Provision for Loan Losses - Quarterly			1,633			2,455			1,871
Balance, End of Period		$	57,062		$	58,496		$	42,154
Allowance for Loan Losses to Total Loans (HFI)			0.95	%		0.97	%		0.81	%
Allowance for Credit Losses to Total Loans (HFI)/(1)			1.03	%		1.02	%		0.86	%
Net Charge-Offs (Recoveries) to Average Quarterly Total Loans			0.05	%		0.01	%		0.02	%
Remaining Loan Purchase Discount		$	8,943		$	10,099		$	9,003
Nonperforming Assets
Nonperforming
Nonaccrual Loans		$	45,362		$	56,377		$	25,874
Loans Past Due 90 Days or More			3,929			2,467			185
Total Nonperforming Loans			49,291			58,844			26,059
Other Nonperforming Assets:
Other Real Estate Owned			16,766			1,473			1,787
Other Nonperforming Assets			—			—			—
Total other Nonperforming Assets			16,766			1,473			1,787
Total Nonperforming Assets		$	66,057		$	60,317		$	27,846
Nonperforming Loans to Total Loans (HFI)			0.82	%		0.97	%		0.50	%
Nonperforming Assets to Total Assets			0.83	%		0.76	%		0.40	%
(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										Nine Months Ended
(Dollars in thousands, except per share data)		September 30, 2025			June 30, 2025			September 30, 2024				September 30, 2025			September 30, 2024
Per Share Data
Basic Earnings per Common Share		$	0.73		$	0.70		$	0.65			$	2.09		$	1.77
Diluted Earnings per Common Share			0.73			0.70			0.65				2.08			1.75
Dividends per Common Share			0.14			0.14			0.14				0.42			0.42
Book Value per Common Share			27.23			26.23			24.59				27.23			24.59
Average Common Shares Outstanding			29,544,425			29,517,495			25,289,094				29,363,138			25,227,319
Average Diluted Common Shares Outstanding			29,656,639			29,586,975			25,440,247				29,495,049			25,421,746
End of Period Common Shares Outstanding			29,615,370			29,602,970			25,519,501				29,615,370			25,519,501
Annualized Performance Ratios
Return to Common Shareholders on Average Assets (1)			1.08	%		1.07	%		0.97	%			1.05	%		0.89	%
Return to Common Shareholders on Average Common Equity (1)			10.80	%		10.87	%		10.76	%			10.74	%		10.08	%
Net Interest Margin (1)			3.68	%		3.68	%		3.51	%			3.68	%		3.43	%
Net Interest Spread (1)			2.85	%		2.88	%		2.54	%			2.88	%		2.46	%
Efficiency Ratio (2)			60.45	%		62.83	%		63.45	%			62.37	%		66.02	%
Total Quarterly/Year-to-Date Average Assets		$	7,921,159		$	7,791,371		$	6,788,644			$	7,825,828		$	6,722,716
Total Quarterly/Year-to-Date Average Common Equity			790,148			765,884			610,018				764,959			590,354
Other Expenses
Salaries and Employee Benefits		$	27,613		$	28,317		$	24,877			$	85,427		$	75,816
Occupancy and Bank Premises			3,324			3,119			2,630				9,844			7,778
Depreciation and Amortization			2,036			2,076			1,844				6,264			5,262
Data Processing			3,972			5,321			2,881				12,529			8,101
FDIC Assessment Fees			988			861			887				3,033			2,589
Legal and Other Professional Fees			1,024			1,093			873				3,130			2,781
Advertising and Promotions			1,205			1,088			1,057				3,584			3,168
Utilities and Communications			767			743			716				2,243			2,108
Ad Valorem Shares Tax			1,125			1,125			900				3,375			2,700
Directors' Fees			261			193			245				733			795
Other Real Estate Owned Expenses and Write-Downs			355			27			11				405			119
Merger and Conversion-Related Expenses			477			210			319				937			1,068
Other			5,735			7,033			5,210				19,162			15,797
Total Other Expenses		$	48,882		$	51,206		$	42,450			$	150,666		$	128,082
Other Income
Service Charges on Deposit Accounts		$	2,565		$	2,633		$	2,723			$	8,058		$	7,699
Gain (Loss) on Sales of Securities			77			(47	)		(13	)			29			(14	)
Debit Card and ATM Fee Income			1,915			1,958			1,864				5,731			5,590
Bank-Owned Life Insurance Income			802			758			679				2,368			1,885
Gain on Sales of Loans			624			781			122				2,661			2,721
Mortgage Origination Income			122			55			98				287			202
Fees and Brokerage Commission			1,880			1,980			1,968				6,008			5,780
Gain (Loss) on Sales of Other Real Estate Owned			470			56			(16	)			258			49
Gain (Loss) on Disposal of Other Assets			—			—			—				155			(15	)
Gain on Extinguishment of Debt			—			—			—				630			—
Gain on Branch Sale			—			3,360			—				3,360			—
Swap Fee Income			1,065			808			937				2,612			1,451
Pass-Through Income (Loss) from Other Investments			133			(246	)		335				638			1,021
Other			2,018			2,319			2,077				6,517			5,966
Total Other Income		$	11,671		$	14,415		$	10,774			$	39,312		$	32,335
(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 (excluding security sales gains/losses) plus net interest income less gain/loss on sales of securities.

Business First Bancshares, Inc.
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands)		September 30, 2025			June 30, 2025			September 30, 2024
Assets
Cash and Due From Banks		$	399,079		$	495,757		$	213,199
Federal Funds Sold			101,103			39,296			169,980
Securities Purchased under Agreements to Resell			25,518			25,433			25,879
Securities Available for Sale, at Fair Values			985,938			926,450			916,091
Mortgage Loans Held for Sale			433			677			—
Loans and Lease Receivable			6,021,055			6,047,650			5,220,118
Allowance for Loan Losses			(57,062	)		(58,496	)		(42,154	)
Net Loans and Lease Receivable			5,963,993			5,989,154			5,177,964
Premises and Equipment, Net			77,944			79,007			67,617
Accrued Interest Receivable			37,171			36,738			32,547
Other Equity Securities			44,313			48,736			39,555
Other Real Estate Owned			16,766			1,473			1,787
Cash Value of Life Insurance			119,509			118,707			101,362
Deferred Taxes, Net			21,433			25,222			20,852
Goodwill			121,146			121,146			91,527
Core Deposit and Customer Intangibles			15,136			15,775			10,326
Other Assets			24,380			24,723			19,963
Total Assets		$	7,953,862		$	7,948,294		$	6,888,649
Liabilities
Deposits
Noninterest-Bearing		$	1,366,558		$	1,410,708		$	1,190,942
Interest-Bearing			5,140,304			5,008,943			4,450,004
Total Deposits			6,506,862			6,419,651			5,640,946
Securities Sold Under Agreements to Repurchase			29,896			22,557			21,529
Federal Home Loan Bank Borrowings			367,408			492,946			367,202
Subordinated Debt			92,587			92,645			99,818
Subordinated Debt - Trust Preferred Securities			5,000			5,000			5,000
Accrued Interest Payable			4,064			4,829			3,752
Other Liabilities			69,605			62,226			50,878
Total Liabilities			7,075,422			7,099,854			6,189,125
Shareholders' Equity
Preferred Stock			71,930			71,930			71,930
Common Stock			29,615			29,603			25,520
Additional Paid-In Capital			503,325			502,046			398,237
Retained Earnings			309,999			292,629			249,981
Accumulated Other Comprehensive Loss			(36,429	)		(47,768	)		(46,144	)
Total Shareholders' Equity			878,440			848,440			699,524
Total Liabilities and Shareholders' Equity		$	7,953,862		$	7,948,294		$	6,888,649

Business First Bancshares, Inc.
Consolidated Statements of Income
(Unaudited)
		Three Months Ended									Nine Months Ended
(Dollars in thousands)		September 30, 2025		June 30, 2025			September 30, 2024				September 30, 2025		September 30, 2024
Interest Income:
Interest and Fees on Loans		$	106,662	$	104,028		$	93,307			$	313,682	$	269,858
Interest and Dividends on Securities			7,554		6,906			6,417				21,074		17,949
Interest on Federal Funds Sold and Due From Banks			4,472		3,916			3,017				12,475		10,815
Total Interest Income			118,688		114,850			102,741				347,231		298,622
Interest Expense:
Interest on Deposits			43,358		41,546			41,303				127,343		120,232
Interest on Borrowings			6,054		6,262			5,324				17,587		16,736
Total Interest Expense			49,412		47,808			46,627				144,930		136,968
Net Interest Income			69,276		67,042			56,114				202,301		161,654
								—
Provision for Credit Losses			3,183		2,225			1,665				8,220		4,161
Net Interest Income After Provision for Credit Losses			66,093		64,817			54,449				194,081		157,493
Other Income:
Service Charges on Deposit Accounts			2,565		2,633			2,723				8,058		7,699
Gain (Loss) on Sales of Securities			77		(47	)		(13	)			29		(14	)
Gain on Sales of Loans			624		781			122				2,661		2,721
Other Income			8,405		11,048			7,942				28,564		21,930
Total Other Income			11,671		14,415			10,774				39,312		32,336
								—
Other Expenses:								—
Salaries and Employee Benefits			27,613		28,317			24,877				85,427		75,816
Occupancy and Equipment Expense			7,284		7,162			5,828				21,802		16,902
Merger and Conversion-Related Expense			477		210			319				937		1,068
Other Expenses			13,508		15,517			11,426				42,500		34,296
Total Other Expenses			48,882		51,206			42,450				150,666		128,082
Income Before Income Taxes			28,882		28,026			22,773				82,727		61,747
Provision for Income Taxes			6,026		5,923			4,930				17,225		13,128
Net Income			22,856		22,103			17,843				65,502		48,619
Preferred Stock Dividends			1,351		1,350			1,351				4,051		4,051
Net Income Available to Common Shareholders		$	21,505	$	20,753		$	16,492			$	61,451	$	44,568

Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
	Three Months Ended
	September 30, 2025								June 30, 2025								September 30, 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	$	6,036,622		$	106,662	7.01	%		$	5,995,490		$	104,028	6.96	%		$	5,212,948		$	93,307	7.12	%
Securities		978,502			7,554	3.06	%			937,099			6,906	2.96	%			924,012			6,263	2.70	%
Securities Purchased under Agreements to Resell		25,490			330	5.14	%			31,172			401	5.16	%			17,117			154	3.58	%
Interest-Bearing Deposit in Other Banks		419,413			4,142	3.92	%			336,138			3,515	4.19	%			209,918			3,017	5.72	%
Total Interest Earning Assets		7,460,027			118,688	6.31	%			7,299,899			114,850	6.31	%			6,363,995			102,741	6.42	%
Allowance for Loan Losses		(58,468	)			.				(56,934	)			.				(41,554	)
Noninterest- Earning Assets		519,600								548,406								466,203
Total Assets	$	7,921,159		$	118,688				$	7,791,371		$	114,850				$	6,788,644		$	102,741
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Deposits		5,122,136			43,358	3.36	%			5,029,981			41,546	3.31	%			4,308,780			41,303	3.81	%
Subordinated Debt		92,624			1,235	5.29	%			92,682			1,235	5.34	%			99,854			1,353	5.39	%
Subordinated Debt - Trust Preferred Securities		5,000			100	7.93	%			5,000			100	8.02	%			5,000			114	9.07	%
Advances from Federal Home Loan Bank (FHLB)		424,287			4,547	4.25	%			447,271			4,793	4.30	%			347,476			3,723	4.26	%
Other Borrowings		26,176			172	2.61	%			20,514			134	2.62	%			20,971			134	2.54	%
Total Interest-Bearing Liabilities	$	5,670,223		$	49,412	3.46	%		$	5,595,448		$	47,808	3.43	%		$	4,782,081		$	46,627	3.88	%
Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits	$	1,315,064							$	1,292,262							$	1,269,282
Other Liabilities		73,794								65,847								55,333
Total Noninterest-Bearing Liabilities		1,388,858								1,358,109								1,324,615
Shareholders' Equity:
Common Shareholders' Equity		790,148								765,884								610,018
Preferred Equity		71,930								71,930								71,930
Total Shareholders' Equity		862,078								837,814								681,948
Total Liabilities and Shareholders' Equity	$	7,921,159							$	7,791,371							$	6,788,644
Net Interest Spread						2.85	%							2.88	%							2.54	%
Net Interest Income				$	69,276							$	67,042							$	56,114
Net Interest Margin						3.68	%							3.68	%							3.51	%
Overall Cost of Funds						2.81	%							2.78	%							3.07	%
Note: Average outstanding balances are determined utilizing daily averages and an actual day count convention.

Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
	Nine Months Ended
(Dollars in thousands)	September 30, 2025								September 30, 2024
	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	$	6,001,647		$	313,682	6.99	%		$	5,131,474		$	269,858	7.02	%
Securities		946,961			21,074	2.98	%			901,525			17,795	2.64	%
Securities Purchased under Agreements to Resell		35,740			1,382	5.17	%			5,747			154	3.58	%
Interest-Bearing Deposit in Other Banks		361,760			11,093	4.10	%			262,068			10,815	5.51	%
Total Interest Earning Assets		7,346,108			347,231	6.32	%			6,300,814			298,622	6.33	%
Allowance for Loan Losses		(56,718	)							(41,178	)
Noninterest- Earning Assets		536,438								463,080
Total Assets	$	7,825,828		$	347,231				$	6,722,716		$	298,622
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Deposits	$	5,103,928		$	127,343	3.34	%		$	4,216,866		$	120,232	3.81	%
Subordinated Debt		94,169			3,732	5.30	%			99,913			4,063	5.43	%
Subordinated Debt - Trust Preferred Securities		5,000			299	8.00	%			5,000			340	9.08	%
Bank Term Funding Program		—			—	—	%			86,496			2,788	4.31	%
Advances from Federal Home Loan Bank (FHLB)		411,444			13,136	4.27	%			298,735			9,189	4.11	%
Other Borrowings		21,699			420	2.59	%			18,758			356	2.54	%
Total Interest-Bearing Liabilities	$	5,636,240		$	144,930	3.44	%		$	4,725,768		$	136,968	3.87	%
Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits	$	1,284,297							$	1,283,035
Other Liabilities		67,954								51,629
Total Noninterest-Bearing Liabilities		1,352,251								1,334,664
Shareholders' Equity:
Common Shareholders' Equity		764,959								590,354
Preferred Equity		71,930								71,930
Total Shareholders' Equity		836,889								662,284
Total Liabilities and Shareholders' Equity	$	7,825,381							$	6,722,716
Net Interest Spread						2.88	%							2.46	%
Net Interest Income				$	202,301							$	161,654
Net Interest Margin						3.68	%							3.43	%
Overall Cost of Funds						2.80	%							3.04	%
Note: Average outstanding balances are determined utilizing daily averages and an actual day count convention.

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
	Three Months Ended										Nine Months Ended
(Dollars in thousands, except per share data)	September 30, 2025			June 30, 2025			September 30, 2024				September 30, 2025			September 30, 2024
Interest Income:
Interest income	$	118,688		$	114,850		$	102,741			$	347,231		$	298,622
Core interest income		118,688			114,850			102,741				347,231			298,622
Interest Expense:
Interest expense		49,412			47,808			46,627				144,930			136,968
Core interest expense		49,412			47,808			46,627				144,930			136,968
Provision for Credit Losses: (b)
Provision for credit losses		3,183			2,225			1,665				8,220			4,161
Core provision expense		3,183			2,225			1,665				8,220			4,161
Other Income:
Other income		11,671			14,415			10,774				39,312			32,336
Gain on former bank premises and equipment		—			—			—				(155	)		(50	)
(Gain) Loss on sale of securities		(77	)		47			13				(29	)		14
Gain on extinguishment of debt		—			—			—				(630	)		—
Gain on branch sale		—			(3,360	)		—				(3,360	)
Core other income		11,594			11,102			10,787				35,138			32,300
Other Expense:
Other expense		48,882			51,206			42,450				150,666			128,082
Acquisition-related expenses (2)		(1,157	)		(570	)		(319	)			(2,406	)		(1,453	)
Core conversion expenses		(439	)		(1,008	)		(511	)			(1,663	)		(511	)
Tax credit - ERC		1,997										1,997
Core other expense		49,283			49,628			41,620				148,594			126,118
Pre-Tax Income: (a)
Pre-tax income		28,882			28,026			22,773				82,727			61,747
Gain on former bank premises and equipment		—			—			—				(155	)		(50	)
(Gain) Loss on sale of securities		(77	)		47			13				(29	)		14
Gain on extinguishment of debt		—			—			—				(630	)		—
Gain on branch sale		—			(3,360	)		—				(3,360	)		—
Acquisition-related expenses (2)		1,157			570			319				2,406			1,453
Core conversion expenses		439			1,008			511				1,663			511
Tax credit - ERC		(1,997	)		—			—				(1,997	)		—
Core pre-tax income		28,404			26,291			23,616				80,625			63,675
Provision for Income Taxes: (1)
Provision for income taxes		6,026			5,923			4,930				17,225			13,128
Tax on gain on former bank premises and equipment		—			—			—				(33	)		(11	)
Tax on (gain) loss on sale of securities		(16	)		10			3				(6	)		3
Tax on gain on extinguishment of debt		—			—			—				(133	)		—
Tax on gain on branch sale		—			(833	)						(833	)		—
Tax on acquisition-related expenses (2)		157			103			—				403			91
Tax on core conversion expenses		93			213			108				352			108
Tax on tax credit - ERC		(422	)		—			—				(422	)		—
Core provision for income taxes		5,838			5,416			5,041				16,553			13,319
Preferred Dividends:
Preferred dividends		1,351			1,350			1,351				4,051			4,051
Core preferred dividends		1,351			1,350			1,351				4,051			4,051
Net income available to common shareholders		21,505			20,753			16,492				61,451			44,568
Gain on former bank premises and equipment, net of tax		—			—			—				(122	)		(39	)
(Gain) loss on sale of securities, net of tax		(61	)		37			10				(23	)		11
Gain on extinguishment of debt, net of tax		—			—			—				(497	)		—
Gain on branch sale, net of tax		—			(2,527	)		—				(2,527	)		—
Acquisition-related expenses (2), net of tax		1,000			467			319				2,003			1,362
Core conversion expenses, net of tax		346			795			403				1,311			403
Tax credit - ERC, net of tax		(1,575	)		—			—				(1,575	)		—
Core net income available to common shareholders	$	21,215		$	19,525		$	17,224			$	60,021		$	46,305
Pre-tax, Pre-provision Earnings Available to Common Shareholders (a+b)	$	32,065		$	30,251		$	24,438			$	90,947		$	65,908
Gain on former bank premises and equipment		—			—			—				(155	)		(50	)
(Gain) loss on sale of securities		(77	)		47			13				(29	)		14
Gain on extinguishment of debt		—			—			—				(630	)		—
Gain on branch sale		—			(3,360	)		—				(3,360	)		—
Acquisition-related expenses (2)		1,157			570			319				2,406			1,453
Core conversion expenses		439			1,008			511				1,663			511
Tax credit- ERC		(1,997	)		—			—				(1,997	)		—
Core pre-tax, pre-provision earnings	$	31,587		$	28,516		$	25,281			$	88,845		$	67,836
Average Diluted Common Shares Outstanding		29,656,639			29,586,975			25,440,247				29,495,049			25,421,746
Diluted Earnings Per Common Share
Diluted earnings per common share	$	0.73		$	0.70		$	0.65			$	2.08		$	1.75
Gain on former bank premises and equipment, net of tax		—			—			—				—			—
(Gain) loss on sale of securities, net of tax		—			—			—				—			—
Gain on extinguishment of debt, net of tax		—			—			—				(0.02	)		—
Gain on branch sale, net of tax		—			(0.09	)		—				(0.09	)		—
Acquisition-related expenses (2), net of tax		0.03			0.02			0.01				0.07			0.05
Core conversion expenses,net of tax		0.01			0.03			0.02				0.04			0.02
Tax credit - ERC, net of tax		(0.05	)		—			—				(0.05	)		—
Core diluted earnings per common share	$	0.72		$	0.66		$	0.68			$	2.03		$	1.82
Pre-tax, Pre-provision Diluted Earnings per Common Share	$	1.08		$	1.02		$	0.96			$	3.08		$	2.59
Gain on former bank premises and equipment		—			—			—				(0.01	)		—
(Gain) loss on sale of securities		—			—			—				—			—
Gain on extinguishment of debt		—			—			—				(0.02	)		—
Gain on branch sale		—			(0.11	)		—				(0.11	)		—
Acquisition-related expenses (2)		0.04			0.02			0.01				0.08			0.06
Core conversion expenses		0.02			0.03			0.02				0.06			0.02
Tax credit - ERC		(0.07	)		—			—				(0.07	)		—
Core pre-tax, pre-provision diluted earnings per common share	$	1.07		$	0.96		$	0.99			$	3.01		$	2.67
(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)
(Dollars in thousands, except per share data)	September 30, 2025			June 30, 2025			September 30, 2024
Total Shareholders' (Common) Equity:
Total shareholders' equity	$	878,440		$	848,440		$	699,524
Preferred stock		(71,930	)		(71,930	)		(71,930	)
Total common shareholders' equity		806,510			776,510			627,594
Goodwill		(121,146	)		(121,146	)		(91,527	)
Core deposit and customer intangible		(15,136	)		(15,775	)		(10,326	)
Total tangible common equity	$	670,228		$	639,589		$	525,741
Total Assets:
Total assets	$	7,953,862		$	7,948,294		$	6,888,649
Goodwill		(121,146	)		(121,146	)		(91,527	)
Core deposit and customer intangible		(15,136	)		(15,775	)		(10,326	)
Total tangible assets	$	7,817,580		$	7,811,373		$	6,786,796
Common shares outstanding		29,615,370			29,602,970			25,519,501
Book value per common share	$	27.23		$	26.23		$	24.59
Tangible book value per common share	$	22.63		$	21.61		$	20.60
Common equity to total assets		10.14	%		9.77	%		9.11	%
Tangible common equity to tangible assets		8.57	%		8.19	%		7.75	%

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
	Three Months Ended										Nine Months Ended
(Dollars in thousands, except per share data)	September 30, 2025			June 30, 2025			September 30, 2024				September 30, 2025			September 30, 2024
Total Quarterly Average Assets	$	7,921,159		$	7,791,371		$	6,788,644			$	7,825,828		$	6,722,716
Total Quarterly Average Common Equity	$	790,148		$	765,884		$	610,018			$	764,959		$	590,354
Net Income Available to Common Shareholders:
Net income available to common shareholders	$	21,505		$	20,753		$	16,492			$	61,451		$	44,568
CECL Oakwood impact (3), net of tax		—			—			—				(122	)		(39	)
Gain on former bank premises and equipment, net of tax		(61	)		37			10				(23	)		11
(Gain) loss on sale of securities, net of tax		—			—			—				(497	)		—
Gain on extinguishment of debt, net of tax		—			(2,527	)		—				(2,527	)		—
Acquisition-related expenses, net of tax		1,000			467			319				2,003			1,362
Gain on branch sale, net of tax		346			795			403				1,311			403
Core conversion expenses, net of tax		(1,575	)		—			—				(1,575	)		—
Core net income available to common shareholders	$	21,215		$	19,525		$	17,224			$	60,021		$	46,305
Return to common shareholders on average assets (annualized) (2)		1.08	%		1.07	%		0.97	%			1.05	%		0.89	%
Core return on average assets (annualized) (2)		1.06	%		1.01	%		1.01	%			1.03	%		0.92	%
Return to common shareholders on average common equity (annualized) (2)		10.80	%		10.87	%		10.76	%			10.74	%		10.08	%
Core return on average common equity (annualized) (2)		10.65	%		10.23	%		11.23	%			10.49	%		10.48	%
Interest Income:
Interest income	$	118,688		$	114,850		$	102,741			$	347,231		$	298,622
Core interest income		118,688			114,850			102,741				347,231			298,622
Interest Expense:
Interest expense		49,412			47,808			46,627				144,930			136,968
Core interest expense		49,412			47,808			46,627				144,930			136,968
Other Income:
Other income		11,671			14,415			10,774				39,312			32,336
Gain on former bank premises and equipment		—			—			—				(155	)		(50	)
Loss (Gain) on sale of securities		(77	)		47			13				(29	)		14
Gain on extinguishment of debt		—			—			—				(630	)		—
Gain on branch sale		—			(3,360	)						(3,360	)		—
Core other income		11,594			11,102			10,787				35,138			32,300
Other Expense:
Other expense		48,882			51,206			42,450				150,666			128,082
Acquisition-related expenses		(1,157	)		(570	)		(319	)			(2,406	)		(1,453	)
Core conversion expenses		(439	)		(1,008	)		(511	)			(1,663	)		(511	)
Tax credit - ERC		1,997										1,997
Core other expense	$	49,283		$	49,628		$	41,620			$	148,594		$	126,118
Efficiency Ratio:
Other expense (a)	$	48,882		$	51,206		$	42,450			$	150,666		$	128,082
Core other expense (c)	$	49,281		$	49,628		$	41,620			$	148,592		$	126,118
Net interest and other income (1) (b)	$	80,869		$	81,504		$	66,901			$	241,583		$	194,004
Core net interest and other income (1) (d)	$	80,869		$	78,144		$	66,901			$	237,438		$	193,954
Efficiency ratio (a/b)		60.45	%		62.83	%		63.45	%			62.37	%		66.02	%
Core efficiency ratio (c/d)		60.94	%		63.51	%		62.21	%			62.58	%		65.02	%
Total Average Interest-Earnings Assets	$	7,460,027		$	7,299,899		$	6,363,995			$	7,346,108		$	6,300,814
Net Interest Income:
Net interest income	$	69,276		$	67,042		$	56,114			$	202,301		$	161,654
Loan discount accretion	$	(1,111	)	$	(767	)	$	(705	)		$	(2,671	)	$	(3,185	)
Net interest income excluding loan discount accretion	$	68,165		$	66,275		$	55,409			$	199,630		$	158,469
Net interest margin (2)		3.68	%		3.68	%		3.51	%			3.68	%		3.43	%
Net interest margin excluding loan discount accretion (2)		3.63	%		3.64	%		3.46	%			3.63	%		3.36	%
Net interest spread (2)		2.85	%		2.88	%		2.54	%			2.88	%		2.46	%
Net interest spread excluding loan discount accretion (2)		2.80	%		2.84	%		2.50	%			2.83	%		2.39	%
(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 Business First Bancshares (BFST) Q3 2025 earnings per share?

BFST reported net income available to common shareholders of $0.73 diluted EPS for Q3 2025.

How much did BFST declare for the Q4 2025 common dividend on Oct. 23, 2025?

The board declared a quarterly common dividend of $0.15 per share, payable Nov. 30, 2025.

What was BFST's net interest income and NIM for Q3 2025?

Net interest income was $69.3M and net interest margin was 3.68% for Q3 2025.

How did BFST's deposits and loans change in Q3 2025?

Deposits increased by $87.2M while loans held for investment decreased by $26.6M vs prior quarter.

What happened to BFST's book value and tangible book value in Q3 2025?

Book value per common share rose to $27.23; tangible book value per common share increased to $22.63.

Did BFST record higher credit reserves in Q3 2025?

Yes; provision for credit losses was $3.2M in Q3 2025, up from $2.2M in the linked quarter.