Business First Bancshares, Inc. operates as the bank holding company for b1BANK, a bank serving personal and commercial customers with banking, treasury management and wealth solutions. Company news commonly covers operating results, earnings-call materials, dividend actions and capital management tied to lending, deposit activity, fees and securities income.
Recurring developments also include commercial and corporate banking initiatives, technology partnerships for loan and deposit operations, subordinated debt financing, shareholder voting matters and governance updates. These items reflect BFST's public-company disclosures around bank growth, regulatory capital support and the operating capabilities of b1BANK.
Business First Bancshares, Inc. (Nasdaq: BFST), the holding company for b1BANK, has completed its acquisition of Oakwood Bancshares, Inc., the holding company for Oakwood Bank, effective Oct. 1, 2024. This strategic move strengthens b1BANK's presence in the Dallas-Fort Worth market, enhancing its ability to serve small and growing companies in the region.
Post-acquisition, b1BANK now boasts approximately $7.6 billion in assets, with $5.9 billion in loans and $6.3 billion in deposits. The bank's network has expanded to 55 full-service Banking Centers and two Loan Production Offices across Louisiana and Texas. Key leadership changes include Roy J. Salley joining as regional chairman for Dallas, and William G. Hall joining the boards of directors of Business First and b1BANK.
Business First Bancshares, Inc. (Nasdaq: BFST), the holding company for b1BANK, has received all required regulatory approvals for its merger with Oakwood Bancshares, Inc. The merger, approved by Oakwood's shareholders on August 27, 2024, is expected to be completed on October 1, 2024. Upon completion, b1BANK's assets will increase to approximately $7.6 billion, with over $5.9 billion in consolidated total loans. The merger will add four full-service banking centers in the Dallas-Fort Worth metropolitan area and two additional branches in Texas. Roy J. Salley will join b1BANK as regional chairman, Dallas, and William G. Hall will be appointed to the boards of directors of Business First and b1BANK.
Business First Bancshares, Inc. (Nasdaq: BFST) has appointed Zeenat Sidi to its Board of Directors and its banking subsidiary b1BANK. Sidi brings over 25 years of experience in fintech, consumer banking, and payments industries. Her expertise includes P&L leadership, digital transformation, and risk management. Notable achievements include developing products at loanDepot that gained Wall Street Journal recognition and holding senior executive roles at SoFi and Capital One. Sidi's appointment is expected to enhance the board's digital expertise and customer engagement strategies. She holds advanced degrees from Duke University and Stanford University and has been recognized as one of the Outstanding 50 Asian Americans in Business in 2022.
Business First Bancshares, Inc. (Nasdaq: BFST), the parent company of b1BANK, has announced significant changes in its board leadership. David R. "Jude" Melville III has been unanimously elected as the new board chair by the independent directors. Simultaneously, Rolfe H. McCollister Jr. has been appointed as the lead independent director.
Melville, who will continue his role as President and CEO, will now lead the board's agenda-setting process, focusing on strategic opportunities and risk management. McCollister, in his new position, will maintain substantial authority, including providing input on board agendas, calling meetings of independent directors, and setting agendas for executive sessions.
Business First Bancshares, Inc. (NASDAQ: BFST) reported strong financial results for Q2 2024. Net income available to common shareholders reached $15.9 million or $0.62 per diluted common share, up $3.6 million and $0.14 respectively from Q1 2024. Core net income was $16.3 million or $0.64 per diluted common share. The company saw improvements in earnings, net interest margin, noninterest income, loan and deposit mix, and capital accretion.
Key highlights include:
- Net interest margin expansion to 3.45%
- Noninterest income increase of 29.73%
- Loan growth of 1.45% (5.85% annualized)
- Stable credit quality
- Announced acquisition of Oakwood Bancshares, Inc.
The board declared a quarterly preferred dividend of $18.75 per share and a common dividend of $0.14 per share, payable on August 31, 2024.
Business First Bancshares (Nasdaq: BFST), the parent company of b1BANK, announced the release date for its second quarter 2024 earnings. The earnings report will be made available after the market closes on Thursday, July 25, 2024. This will be followed by a conference call and webcast at 4:00 p.m. CST on the same day. Participants can join the call by dialing 1-800-715-9871 with the conference ID 9962250, or access the live webcast via their website. A corresponding slide presentation will also be available on the b1BANK website.
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