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  4. [8-K] Business First Bancshares, Inc. Reports Material Event

Earnings, dividends and capital moves at Business First (NASDAQ: BFST)

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(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Business First Bancshares, Inc. reported strong Q1 2026 results, with net income available to common shareholders of $22.2 million, or $0.68 per diluted share, and core net income of $24.0 million, or $0.73 per diluted share. Net interest income rose to $75.2 million, while core return on average assets reached 1.10% and core return on average common equity was 10.57%. Loans held for investment increased to $6.68 billion and deposits to $7.46 billion, supported by the Progressive Bancorp acquisition and modest organic growth. Credit quality remained manageable, with net charge-offs at 0.01% of average loans and nonperforming loans at 1.53% of total loans. The board declared a quarterly common dividend of $0.15 per share and a preferred dividend of $18.75 per preferred share. Capital levels stayed solid, with a 10.21% common equity Tier 1 ratio and tangible book value per common share of $23.18.

Positive

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Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income available to common $22.2M Quarter ended March 31, 2026
Core net income $24.0M Quarter ended March 31, 2026
Diluted EPS $0.68 per share Quarter ended March 31, 2026
Net interest income $75.2M Quarter ended March 31, 2026
Loans held for investment $6.68B Balance at March 31, 2026
Total deposits $7.46B Balance at March 31, 2026
Common equity Tier 1 ratio 10.21% Consolidated capital ratio at March 31, 2026
Tangible book value per common share $23.18 As of March 31, 2026
core net income financial
"On a non-GAAP basis, core net income for the quarter ended March 31, 2026..."
Core net income is the company’s profit after taxes from its ordinary, ongoing business activities, excluding one-time gains, losses or unusual items. Think of it like a household’s regular salary minus one-off windfalls or repairs — it shows the steady earnings the business can be expected to produce. Investors use it to judge the company’s underlying performance and to compare profitability across periods without distortion from rare events.
tangible book value per common share financial
"On a non-GAAP basis, tangible book value per common share decreased from $23.36..."
A per-share measure of the company’s tangible net asset value available to common shareholders after removing intangible items (like goodwill, brand value, and patents) and any preferred shareholder claims. Think of it as the amount each common share would get if the company sold only its physical and financial assets and settled priority claims. Investors use it as a conservative baseline to judge whether a stock is cheaply priced relative to the company’s hard-asset backing.
net interest margin financial
"Net interest margin and net interest spread were 3.65% and 2.91%..."
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.
allowance for credit losses financial
"the ratio of allowance for credit losses to loans held for investment ratio was 1.03%..."
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.
nonperforming assets financial
"Total Nonperforming Assets | $ | 123,105 | | $ | 89,699 |"
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.
subordinated notes financial
"issued $85.0 million in aggregate principal amount of 6.50% fixed-to-floating rate subordinated notes due 2036."
Subordinated notes are loans companies issue that rank below other debts for repayment, meaning holders get paid only after higher-priority creditors if the issuer runs into trouble. Because they act like being farther back in line at a buffet, they usually offer higher interest to compensate for greater risk, so investors watch them for potential higher returns but also increased chance of loss and sensitivity to the issuer’s financial health.
Net interest income $75.2M
Net income available to common $22.2M
Diluted EPS $0.68
Core diluted EPS $0.73
Core ROAA 1.10%
Understanding 8-K Material Events →
0001624322FALSE00016243222026-04-272026-04-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 27, 2026
BUSINESS FIRST BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Louisiana
(State of incorporation)
001-38447
(Commission
File Number)
20-5340628
(IRS Employer
Identification No.)
500 Laurel Street, Suite 101
Baton Rouge,Louisiana
(Address of principal executive offices)
70801
(Zip Code)
(225) 248-7600
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareBFSTNASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02    Results of Operations and Financial Condition.

On April 27, 2026, Business First Bancshares, Inc. (“Business First”), the parent company of b1BANK, issued a press release announcing financial results for the quarter ended March 31, 2026. The release also announced that the Board of Directors of Business First declared a common dividend on April 23, 2026, in the amount of $0.15 per share to the common shareholders of record on May 15, 2026. The dividend is to be paid on May 29, 2026, or as soon as practicable thereafter. Also, the board of directors declared a quarterly preferred dividend in the amount of $18.75 per share of preferred stock, which is the full quarterly dividend of 1.875% based on the per annum rate of 7.50%. The dividend will be paid on May 29, 2026, or as soon therefore as practicable, to the preferred shareholders of record as of May 15, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated by reference herein.

The information in this Item 2.02, including Exhibit 99.1, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, unless specifically identified therein as being incorporated therein by reference.

Item 7.01    Regulation FD Disclosure

On April 27, 2026, Business First made available the supplemental information attached hereto as Exhibit 99.2 prepared for use with the press release.

The information in this Item 7.01, including Exhibit 99.2, is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, unless specifically identified therein as being incorporated therein by reference.
Item 9.01    Financial Statements and Exhibits.
(d)Exhibits.
NumberExhibit
99.1
Press Release of Business First Bancshares, Inc., dated April 27, 2026 announcing results of operations for the quarter ended March 31, 2026
99.2
Investor Presentation, dated April 27, 2026, for the quarter ended March 31, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BUSINESS FIRST BANCSHARES, INC.
By:/s/ David R. Melville, III
Name:David R. Melville, III
Title:Chairman, President and Chief Executive Officer
Date: April 27, 2026


imagea.jpg



500 Laurel Street
Baton Rouge, LA 70801
Phone: 877.614.7600

FOR IMMEDIATE RELEASE
April 27, 2026



Media Contact: Misty Albrecht
b1BANK
225.286.7879
media@b1BANK.com
Business First Bancshares, Inc., Announces Financial Results for Q1 2026
Baton Rouge, La. (April 27, 2026) – Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended March 31, 2026. Business First reported net income available to common shareholders of $22.2 million or $0.68 per diluted common share, an increase of $1.2 million and a decrease of $0.03, respectively, compared to the linked quarter. On a non-GAAP basis, core net income for the quarter ended March 31, 2026, which excludes certain income and expenses, was $24.0 million or $0.73 per diluted common share, an increase of $0.5 million and a decrease of $0.06 from the linked quarter. The quarter ended March 31, 2026, included the consummation of the Progressive Bancorp, Inc. (Progressive) acquisition.
“It was a busy and productive start of the year for b1BANK,” said Jude Melville, chairman, president, and CEO of Business First. “Quantitatively, we continued generating consistent profitability, increased our capital ratios and strengthened our liquidity positioning. Qualitatively, we added a large number of strong teammates through consummation of the Progressive Bank acquisition, the addition of a number of seasoned, respected bankers in Houston, and our partnership with Covecta, with whom we are working on building out Agentic AI capabilities. I’m also proud of our team’s self-managed subordinated-debt issuance through our network of community bank partners. All these deepening partnerships bode well for the continued building of shareholder value over the course of 2026.”

On Thursday, April 23, 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 first quarter in the amount of $0.15 per share of common stock. The preferred and common dividends will be paid on May 29, 2026, or as soon thereafter as practicable, to the shareholders of record as of May 15, 2026.

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Quarterly Highlights
• Consistent Core Performance. Return to common shareholders on average assets, on an annualized basis, was 1.01% for the quarter ended March 31, 2026, or 1.10% on a non-GAAP basis, compared to 1.04% or 1.16% on a non-GAAP basis for the linked quarter.
• Progressive Acquisition. On January 1, 2026, Business First closed its previously announced acquisition of Progressive and its wholly-owned subsidiary, Progressive Bank. Progressive had approximately $773.8 million of total assets, $589.7 million of net loans, and $684.9 million of deposits as of December 31, 2025. Business First does not anticipate material synergies to be reflected in its earnings until after conversion in the third quarter. b1BANK added nine banking centers in North Louisiana as a result of the Progressive acquisition.
• Meaningful Production Additions. On January 15, 2026, Business First announced the hiring of a new regional president to the Houston, Texas market and head of private banking. This individual joined b1BANK from Veritex Community Bank, where he served as senior vice president and Houston market president. Prior to his tenure at Veritex, he had been with Comerica Bank for nearly 20 years in leadership roles across private banking, middle market, and wealth management. By quarter-end, we successfully added four producers and three production support staff to the new Houston team.
• New Technology Partnership. On February 17, 2026, b1BANK and Covecta announced a strategic partnership to deploy agentic AI across the bank’s day to day workflows. The collaboration focuses on streamlining and automating repeatable, policy-driven activities across core deposit and loan operational processes, reducing manual effort and operational friction so that teams can devote more time towards higher value-adding work including analysis, exception handling and customer engagement.
• Improving Shareholder Value. During the first quarter, as part of a previously announced stock repurchase program, Business First repurchased 99,105 shares, with a market value of $2.7 million, at a weighted average price of $27.75 per share. Common equity to total assets increased from 10.04% to 10.32%. Tangible common equity to tangible assets increased from 8.53% to 8.65%, 1.37% or 5.57% annualized, compared to the linked quarter. Book value per common share increased to $28.18 at March 31, 2026, compared to $27.95 at Dec. 31, 2025. On a non-GAAP basis, tangible book value per common share decreased from $23.36 at the linked quarter to $23.18 at March 31, 2026, -0.76% or -3.08% annualized.
• Notable Subsequent Events. On April 2, 2026, Business First issued $85.0 million in aggregate principal amount of 6.50% fixed-to-floating rate subordinated notes due 2036. The subordinated notes were issued to certain qualified institutional and accredited investors in a private placement transaction that was exempt from registration under the Securities Act of 1933, as amended. This capital raise represented Business First’s third fully self-managed private placement, and was executed entirely with in-house capabilities. Partial use of proceeds were allocated to redeeming Business First’s $66.9 million subordinated debt outstanding as of March 31, 2026.
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Statement of Financial Condition
Loans
Loans held for investment increased $494.8 million or 7.99%, 32.42% annualized, compared to the linked quarter. Excluding acquired loan balances from Progressive, loans declined $102.7 million or 1.54%, 6.15% annualized. Excluding acquired Progressive loans, organic commercial and commercial real estate loan portfolios decreased $58.6 million and $23.0 million, respectively, compared to the linked quarter. Texas-based loans represented approximately 35% of the overall loan portfolio as of March 31, 2026, based on unpaid principal balance.
Credit Quality
The ratio of nonperforming loans compared to loans held for investment increased 29 basis points (bps) to 1.53% at March 31, 2026, while the ratio of nonperforming assets compared to total assets increased 29 bps to 1.38% compared to the linked quarter. Past due loans greater than 30 days declined by 22 bps to $28.1 million, or 0.42%, down from $39.5 million, or 0.64% compared to the linked quarter. The increases in the nonperforming loans and assets ratios over the linked quarter were largely attributable to previously identified commercial real estate and commercial business relationships that the Company expects to resolve during second and third quarters of this year. Net charge-offs to average quarterly total loans declined to just 1 bps for the quarter ended March 31, 2026, down from 11 bps from the linked quarter.
Securities
The securities portfolio increased $56.6 million or 5.72%, from the linked quarter. This increase was impacted by Progressive securities, partially offset by $5.9 million in negative pre-tax fair value adjustments. Excluding the $45.8 million acquired Progressive securities as of January 1, 2026, and excluding the negative swing in fair value adjustments, available-for-sale securities increased $16.6 million from the prior quarter on a net basis. The securities portfolio, based on estimated fair value, represented 11.74% of total assets as of March 31, 2026.
Deposits
Deposits increased $766.4 million or 11.44%, 46.40% annualized, compared to the linked quarter. Excluding acquired deposit balances from Progressive of $684.9 million, organic deposit growth was $81.5 million or 1.1%, or 4.4% annualized. Average interest-bearing deposits increased $659.0 million or 12.61%, and noninterest-bearing deposits increased $191.2 million or 14.38% from the linked quarter.
During the first quarter, interest-bearing deposits increased $513.3 million or 9.55% and noninterest bearing deposits increased $253.0 million or 19.14%. The increase in interest-bearing deposits was largely impacted by approximately $325 million in commercial money market accounts and $185 million in personal money market.
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Borrowings
Borrowings decreased $166.8 million or -30.26%, from the linked quarter due primarily to decreases in short-term Federal Home Loan Bank advances.
Shareholders’ Equity
Shareholders' equity increased $94.3 million or 10.51% compared to the linked quarter. Accumulated other comprehensive income (AOCI) decreased from ($33.3) million to ($37.9) million or 13.89%, during the quarter due to after-tax fair value adjustments in the securities portfolio. Book value per common share increased to $28.18 at March 31, 2026, compared to $27.95 at December 31, 2025. On a non-GAAP basis, tangible book value per common share decreased from $23.36 at the linked quarter to $23.18 at March 31, 2026, -0.76% or -3.08% annualized.

Results of Operations
Net Interest Income
For the quarter ended March 31, 2026, net interest income totaled $75.2 million, compared to $70.9 million from the linked quarter. Loan yields decreased 27 bps to 6.61% compared to 6.88% from the linked quarter and interest-bearing asset yields decreased 22 bps to 5.95% compared to 6.17% from the linked quarter. Net interest margin and net interest spread were 3.65% and 2.91% compared to 3.71% and 2.92% for the linked quarter. The overall cost of funds, which included noninterest-bearing deposits, decreased 19 bps from 2.64% to 2.45% for the quarter ended March 31, 2026.
Non-GAAP net interest income (excluding loan discount accretion of $1.1 million) totaled $74.1 million for the quarter ended March 31, 2026, compared to $69.4 million (excluding loan discount accretion of $1.4 million) for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.1 million) were 3.60% and 2.85%, respectively, for the quarter ended March 31, 2026, compared to 3.64% and 2.84% (excluding loan discount accretion of $1.4 million) for the linked quarter.
Provision for Credit Losses
During the quarter ended March 31, 2026, Business First recorded a provision for credit losses of $2.3 million, compared to $3.1 million from the linked quarter. The current quarter’s provision was largely impacted by an increase in outstanding lending commitments, including from Progressive, and required provision totaling $0.9 million. The remaining provision expense was related to net charge-offs and incremental provision on non-performing credits of $0.9 and $0.4 million, respectively. At March 31, 2026, the ratio of allowance for credit losses to loans held for investment ratio was 1.03%, compared to 0.94% for the linked quarter. The increase in the reserve ratio was largely attributable to the acquired Progressive loan portfolio and the Company’s early adoption of ASU 2025-08, which requires the gross presentation of acquired loan loss estimates.
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Other Income
For the quarter ended March 31, 2026, other income increased $1.8 million or 14.88%, compared to the linked quarter. The increase was largely attributable to growth of $0.6 million in gain on sales of loans.
Other Expenses
For the quarter ended March 31, 2026, other expenses increased $5.1 million or 9.65% compared to the linked quarter. The increase was largely attributable to a $2.6 million increase in salaries and employee benefits, a $1.3 million in occupancy and equipment, $0.8 million in other expenses and $0.5 million in data processing fees.
Return on Assets and Common Equity
Return to common shareholders on average assets and common equity, each on an annualized basis, were 1.01% and 9.77% for the quarter ended March 31, 2026, compared to 1.04% and 10.18%, respectively, for the linked quarter. Non-GAAP return to common shareholders on average assets and common equity, each on an annualized basis, were 1.10% and 10.57% for the quarter ended March 31, 2026, compared to 1.16% and 11.40%, for the linked quarter.


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Conference Call and Webcast
Executive management will host a conference call and webcast to discuss results on Monday, April 27, 2026, at 9:00 a.m. Central Time. Interested parties may attend the call by dialing toll-free 1-800-715-9871 (North America only), conference ID 4364723, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/6n7xau4t. 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 $8.9 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
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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





b1BANK.com



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Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months Ended
March 31, 2026December 31, 2025March 31, 2025
(Dollars in thousands)
Balance Sheet Ratios
Loans (HFI) to Deposits89.54 %92.40 %92.61 %
Shareholders' Equity to Assets Ratio11.13 10.92 10.61 
Loans Receivable Held for Investment (HFI)
Commercial$1,943,412 $1,921,833 $1,862,176 
Real Estate:
Commercial2,841,626 2,611,279 2,472,121 
Construction685,817 639,069 633,698 
Residential1,141,220 944,065 934,357 
Total Real Estate4,668,663 4,194,413 4,040,176 
Consumer and Other72,188 73,244 78,567 
Total Loans (Held for Investment)$6,684,263 $6,189,490 $5,980,919 
Allowance for Loan Losses
Balance, Beginning of Period$53,959 $57,062 $54,840 
Progressive - PCD ALLL9,264 — — 
Charge-offs – Quarterly(1,104)(7,153)(1,648)
Recoveries – Quarterly181 309 671 
Provision for Loan Losses – Quarterly1,355 3,741 3,000 
Balance, End of Period$63,655 $53,959 $56,863 
Allowance for Loan Losses to Total Loans (HFI)0.95 %0.87 %0.95 %
Allowance for Credit Losses to Total Loans (HFI) (1)
1.03 0.94 1.01 
Net Charge-offs to Average Quarterly Total Loans0.01 0.11 0.02 
Remaining Loan Purchase Discount$15,818 $7,489 $11,322 
Nonperforming Assets
Nonperforming Loans:
Nonaccrual Loans$100,803 $74,471 $35,915 
Loans Past Due 90 Days or More1,404 2,215 5,635 
Total Nonperforming Loans102,207 76,686 41,550 
Other Nonperforming Assets:
Other Real Estate Owned20,898 13,013 1,282 
Other Nonperforming Assets— — — 
Total Other Nonperforming Assets20,898 13,013 1,282 
Total Nonperforming Assets$123,105 $89,699 $42,832 
Nonperforming Loans to Total Loans (HFI)1.53 %1.24 %0.69 %
Nonperforming Assets to Total Assets1.38 1.09 0.55 
(1) Allowance for Credit Losses includes the Allowance for Loan Loss and Reserve for Unfunded Commitments.

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Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months Ended
March 31, 2026December 31, 2025March 31, 2025
(Dollars in thousands, except per share data)
Per Share Data
Basic Earnings per Common Share$0.68 $0.71 $0.65 
Diluted Earnings per Common Share0.68 0.71 0.65 
Dividends per Common Share0.15 0.15 0.14 
Book Value per Common Share28.18 27.95 25.51 
Average Common Shares Outstanding32,579,93429,493,01629,329,668
Average Diluted Common Shares Outstanding32,785,55429,669,25329,545,921
End of Period Common Shares Outstanding32,624,88729,510,66829,572,297
Annualized Performance Ratios
Return to Common Shareholders on Average Assets (1)
1.01 %1.04 %1.00 %
Return to Common Shareholders on Average Common Equity (1)
9.77 10.18 10.48 
Net Interest Margin (1)
3.65 3.71 3.68 
Net Interest Spread (1)
2.91 2.92 2.91 
Efficiency Ratio (2)
64.45 63.10 63.85 
Total Quarterly/Year-to-Date Average Assets$8,893,419 $8,016,094 $7,750,982 
Total Quarterly/Year-to-Date Average Common Equity922,037 818,617 742,930 
Other Expenses
Salaries and Employee Benefits$33,039 $30,426 $29,497 
Occupancy and Equipment Expense8,122 6,809 7,356 
Advertising and Promotions1,508 1,595 1,291 
Communications652 619 591 
Ad Valorem Shares Tax978 870 1,125 
Data Processing Fees3,712 3,227 3,236 
Directors' Fees260 224 279 
Insurance411 421 404 
Legal and Other Professional Fees1,085 1,436 1,013 
Office Supplies and Printing313 337 311 
Regulatory Assessments984 1,005 1,257 
Merger and Conversion-Related Expenses1,377 1,257 250 
Other5,030 4,186 3,968 
Total Other Expenses$57,471 $52,412 $50,578 
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Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months Ended
March 31, 2026December 31, 2025March 31, 2025
(Dollars in thousands, except per share data)
Other Income
Service Charges on Deposit Accounts$3,142 $2,646 $2,860 
Gain (Loss) on Sales of Securities80 35 (1)
Gain on Sales of Loans1,341 777 1,256 
Debit Card and ATM Fee Income2,306 1,970 1,858 
Cash Value of Life Insurance Income831 783 808 
Fees and Brokerage Commission2,261 2,172 2,148 
Pass-Through Income from Other Investments135 267 751 
Gain on Extinguishment of Debt— — 630 
Swap Fee Income1,537 1,805 739 
Other2,417 1,775 2,177 
Total Other Income$14,050 $12,230 $13,226 
(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.

b1BANK.com



11
Business First Bancshares, Inc.
Consolidated Balance Sheets
(Unaudited)
March 31, 2026December 31, 2025March 31, 2025
(Dollars in thousands)
Assets
Cash and Due From Banks$589,804 $411,175 $312,887 
Federal Funds Sold88,257 172,393 117,422 
Securities Purchased under Agreements to Resell30,743 25,587 50,589 
Securities Available for Sale, at Fair Values1,045,817 989,229 920,573 
Mortgage Loans Held for Sale480 1,094 — 
Loans and Lease Receivable6,684,263 6,189,490 5,980,919 
Allowance for Loan Losses(63,655)(53,959)(56,863)
Net Loans and Lease Receivable6,620,608 6,135,531 5,924,056 
Premises and Equipment, Net88,421 73,982 81,582 
Accrued Interest Receivable38,176 38,494 33,741 
Other Equity Securities40,047 49,342 40,947 
Other Real Estate Owned20,898 13,013 1,282 
Cash Value of Life Insurance132,682 120,292 117,950 
Deferred Taxes, Net22,959 20,477 25,289 
Goodwill133,564 121,146 121,691 
Core Deposit and Customer Intangibles29,409 14,497 16,538 
Other Assets24,943 28,488 20,181 
Total Assets$8,906,808 $8,214,740 $7,784,728 
Liabilities
Deposits
Noninterest-Bearing$1,575,086 $1,322,074 $1,308,312 
Interest-Bearing5,889,863 5,376,516 5,149,869 
Total Deposits7,464,949 6,698,590 6,458,181 
Securities Sold Under Agreements to Repurchase21,594 22,622 19,046 
Federal Home Loan Bank Borrowings260,792 431,200 317,352 
Subordinated Debt92,472 92,530 92,702 
Subordinated Debt - Trust Preferred Securities9,666 5,000 5,000 
Accrued Interest Payable3,692 4,166 5,356 
Other Liabilities62,467 63,749 60,779 
Total Liabilities7,915,632 7,317,857 6,958,416 
Shareholders' Equity
Preferred Stock71,930 71,930 71,930 
Common Stock32,625 29,511 29,572 
Additional Paid-In Capital580,640 502,155 501,609 
Retained Earnings343,890 326,574 276,045 
Accumulated Other Comprehensive Loss(37,909)(33,287)(52,844)
Total Shareholders' Equity991,176 896,883 826,312 
Total Liabilities and Shareholders' Equity$8,906,808 $8,214,740 $7,784,728 
b1BANK.com



12
Business First Bancshares, Inc.
Consolidated Statements of Income
(Unaudited)
Three Months Ended
March 31, 2026December 31, 2025March 31, 2025
(Dollars in thousands, except per share data)
Interest Income:
Interest and Fees on Loans$109,146 $105,515 $102,992 
Interest and Dividends on Securities8,462 7,942 7,265 
Interest on Federal Funds Sold and Due From Banks4,886 4,323 3,436 
Total Interest Income122,494 117,780 113,693 
Interest Expense:
Interest on Deposits42,758 41,580 42,439 
Interest on Borrowings4,541 5,338 5,271 
Total Interest Expense47,299 46,918 47,710 
Net Interest Income75,195 70,862 65,983 
Provision for Credit Losses2,278 3,098 2,812 
Net Interest Income After Provision for Credit Losses72,917 67,764 63,171 
Other Income:
Service Charges on Deposit Accounts3,142 2,646 2,860 
Gain (Loss) on Sales of Securities80 35 (1)
Gain on Sales of Loans1,341 777 1,256 
Other Income9,487 8,772 9,111 
Total Other Income14,050 12,230 13,226 
Other Expenses:
Salaries and Employee Benefits33,039 30,426 29,497 
Occupancy and Equipment Expense8,122 6,809 7,356 
Merger and Conversion-Related Expense1,377 1,257 250 
Other Expenses14,933 13,920 13,475 
Total Other Expenses57,471 52,412 50,578 
Income Before Income Taxes29,496 27,582 25,819 
Provision for Income Taxes5,932 5,223 5,276 
Net Income23,564 22,359 20,543 
Preferred Stock Dividends1,350 1,350 1,350 
Net Income Available to Common Shareholders$22,214 $21,009 $19,193 

b1BANK.com



13
Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Three Months Ended
March 31, 2026December 31, 2025March 31, 2025
(Dollars in thousands)Average Outstanding BalanceInterest Earned / Interest PaidAverage Yield / RateAverage Outstanding BalanceInterest Earned / Interest PaidAverage Yield / RateAverage Outstanding BalanceInterest Earned / Interest PaidAverage Yield / Rate
Assets
Interest-Earning Assets:
Total Loans$6,698,261 $109,146 6.61 %$6,087,213 $105,515 6.88 %$5,972,120 $102,992 6.99 %
Securities1,065,447 8,462 3.22 1,008,870 7,942 3.12 924,693 6,614 2.90 
Securities Purchased under Agreements to Resell26,657 302 4.59 25,579 310 4.81 50,836 651 5.19 
Interest-Bearing Deposit in Other Banks558,468 4,584 3.33 448,030 4,013 3.55 315,750 3,436 4.41 
Total Interest-Earning Assets$8,348,833 $122,494 5.95 %$7,569,692 $117,780 6.17 %$7,263,399 $113,693 6.35 %
Allowance for Loan Losses(60,553)(57,450)(54,711)
Noninterest-Earning Assets605,139 503,852 542,294 
Total Assets$8,893,419 $122,494 $8,016,094 $117,780 $7,750,982 $113,693 
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Deposits$5,884,257 $42,758 2.95 %$5,225,304 $41,580 3.16 %$5,141,498 $42,439 3.35 %
Subordinated Debt92,163 1,209 5.32 92,564 1,220 5.23 97,251 1,262 5.26 
Subordinated Debt - Trust Preferred Securities11,671 165 5.73 5,000 96 7.58 5,000 99 8.03 
Advances from Federal Home Loan Bank (FHLB)297,588 3,038 4.14 369,410 3,837 4.12 362,092 3,796 4.25 
Other Borrowings20,030 129 2.61 28,197 185 2.60 18,321 114 2.52 
Total Interest-Bearing Liabilities$6,305,709 $47,299 3.04 %$5,720,475 $46,918 3.25 %$5,624,162 $47,710 3.44 %
Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits$1,521,252 $1,330,023 $1,244,793 
Other Liabilities72,491 75,049 67,167 
Total Noninterest-Bearing Liabilities$1,593,743 $1,405,072 $1,311,960 
Shareholders' Equity:
Common Shareholders' Equity922,037 818,617 742,930 
Preferred Equity71,930 71,930 71,930 
Total Shareholders' Equity$993,967 $890,547 $814,860 
Total Liabilities and Shareholders' Equity$8,893,419 $8,016,094 $7,750,982 
Net Interest Spread2.91 %2.92 %2.91 %
Net Interest Income$75,195 $70,862 $65,983 
Net Interest Margin3.65 %3.71 %3.68 %
Overall Cost of Funds2.45 %2.64 %2.82 %
NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention.

b1BANK.com



14
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months Ended
March 31, 2026December 31, 2025March 31, 2025
(Dollars in thousands, except per share data)
Interest Income:
Interest income$122,494 $117,780 $113,693 
Core interest income122,494 117,780 113,693 
Interest Expense:
Interest expense47,299 46,918 47,710 
Core interest expense47,299 46,918 47,710 
Provision for Credit Losses: (b)
Provision for credit losses2,278 3,098 2,812 
Core provision expense2,278 3,098 2,812 
Other Income:
Other income14,050 12,230 13,226 
(Gain) loss on former bank premises and equipment (28)995 (155)
(Gain) loss on sale of securities(80)(35)1 
Gain on extinguishment of debt— — (630)
Core other income13,942 13,190 12,442 
Other Expense:
Other expense57,471 52,412 50,578 
Acquisition-related expenses (2)
(2,227)(1,406)(679)
Core conversion expenses— (796)(216)
 Core other expense55,244 50,210 49,683 
Pre-Tax Income: (a)
Pre-tax income29,496 27,582 25,819 
(Gain) loss on former bank premises and equipment (28)995 (155)
(Gain) loss on sale of securities(80)(35)1 
Gain on extinguishment of debt— — (630)
Acquisition-related expenses (2)
2,227 1,406 679 
Core conversion expenses— 796 216 
 Core pre-tax income31,615 30,744 25,930 
Provision for Income Taxes: (1)
Provision for income taxes5,932 5,223 5,276 
Tax on (gain) loss on former bank premises and equipment(6)210 (33)
Tax on (gain) loss on sale of securities(17)(8)— 
Tax on gain on extinguishment of debt— — (133)
Tax on acquisition-related expenses (2)
319 281 143 
Tax on core conversion expenses— 168 46 
Core provision for income taxes6,228 5,874 5,299 
b1BANK.com



15
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months Ended
March 31, 2026December 31, 2025March 31, 2025
(Dollars in thousands, except per share data)
Preferred Dividends:
Preferred dividends$1,350 $1,350 $1,350 
Core preferred dividends$1,350 $1,350 $1,350 
Net Income Available to Common Shareholders:
Net income available to common shareholders22,214 21,009 19,193 
(Gain) loss on former bank premises and equipment, net of tax(22)785 (122)
(Gain) loss on sale of securities, net of tax(63)(27)1 
Gain on extinguishment of debt, net of tax— — (497)
Acquisition-related expenses (2), net of tax
1,908 1,125 536 
Core conversion expenses, net of tax— 628 170 
Core net income available to common shareholders$24,037 $23,520 $19,281 
 Pre-tax, pre-provision earnings available to common shareholders (a+b)(3)
31,774 30,680 28,631 
(Gain) loss on former bank premises and equipment (28)995 (155)
(Gain) loss on sale of securities(80)(35)1 
Gain on extinguishment of debt— — (630)
Acquisition-related expenses (2)
2,227 1,406 679 
Core conversion expenses— 796 216 
Core pre-tax, pre-provision earnings$33,893 $33,842 $28,742 
Average Diluted Common Shares Outstanding32,785,55429,669,25329,545,921
Diluted Earnings Per Common Share:
Diluted earnings per common share$0.68 $0.71 $0.65 
(Gain) loss on former bank premises and equipment, net of tax— 0.02 — 
(Gain) loss on sale of securities, net of tax— — — 
Gain on extinguishment of debt, net of tax— — (0.02)
Acquisition-related expenses (2), net of tax
0.05 0.04 0.02 
Core conversion expenses, net of tax— 0.02 — 
Core diluted earnings per common share$0.73 $0.79 $0.65 
Pre-tax, pre-provision profit diluted earnings per common share$0.97 $1.03 $0.97 
(Gain) loss on former bank premises and equipment — 0.03 (0.01)
(Gain) loss on sale of securities— — — 
Gain on extinguishment of debt— — (0.02)
Acquisition-related expenses (2)
0.06 0.05 0.02 
Core conversion expenses— 0.03 0.01 
Core pre-tax, pre-provision diluted earnings per common share$1.03 $1.14 $0.97 
(1) Tax rates, exclusive of certain nondeductible merger-related expenses and goodwill, utilized were 21.129% for 2026 and 2025. These rates approximated the marginal tax rates.
(2) Includes merger and conversion-related expenses and salary and employee benefits.
(3) Before preferred dividends.
b1BANK.com



16

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
March 31, 2026December 31, 2025March 31, 2025
(Dollars in thousands, except per share data)
Total Shareholders' (Common) Equity:
     Total shareholders' equity$991,176 $896,883 $826,312 
     Preferred stock(71,930)(71,930)(71,930)
     Total common shareholders' equity919,246 824,953 754,382 
Goodwill(133,564)(121,146)(121,691)
Core deposit and customer intangible(29,409)(14,497)(16,538)
  Total tangible common equity$756,273 $689,310 $616,153 
Total Assets:
     Total assets$8,906,808 $8,214,740 $7,784,728 
Goodwill(133,564)(121,146)(121,691)
Core deposit and customer intangible(29,409)(14,497)(16,538)
  Total tangible assets$8,743,835 $8,079,097 $7,646,499 
Common shares outstanding32,624,88729,510,66829,572,297
Book value per common share$28.18 $27.95 $25.51 
Tangible book value per common share$23.18 $23.36 $20.84 
Common equity to total assets10.32 %10.04 %9.69 %
Tangible common equity to tangible assets8.65 8.53 8.06 

b1BANK.com



17
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months Ended
March 31, 2026December 31, 2025March 31, 2025
(Dollars in thousands, except per share data)
Total Quarterly Average Assets$8,893,419 $8,016,094 $7,750,982 
Total Quarterly Average Common Equity$922,037 $818,617 $742,930 
Net Income Available to Common Shareholders:
Net income available to common shareholders$22,214 $21,009 $19,193 
(Gain) loss on former bank premises and equipment, net of tax(22)785 (122)
(Gain) loss on sale of securities, net of tax(63)(27)1 
Gain on extinguishment of debt, net of tax— — (497)
Acquisition-related expenses, net of tax1,908 1,125 536 
Core conversion expenses, net of tax— 628 170 
Core net income available to common shareholders$24,037 $23,520 $19,281 
Return to common shareholders on average assets (annualized) (2)
1.01 %1.04 %1.00 %
Core return on average assets (annualized) (2)
1.10 1.16 1.01 
Return to common shareholders on average common equity (annualized) (2)
9.77 10.18 10.48 
Core return on average common equity (annualized) (2)
10.57 11.40 10.53 
Interest Income:
Interest income$122,494 $117,780 $113,693 
Core interest income122,494 117,780 113,693 
Interest Expense:
Interest expense47,299 46,918 47,710 
Core interest expense47,299 46,918 47,710 
Other Income:
Other income14,050 12,230 13,226 
(Gain) loss on former bank premises and equipment (28)995 (155)
(Gain) loss on sale of securities(80)(35)1 
Gain on extinguishment of debt— — (630)
Core other income13,942 13,190 12,442 
Other Expense:
Other expense57,471 52,412 50,578 
Acquisition-related expenses(2,227)(1,406)(679)
Core conversion expenses— (796)(216)
Core other expense55,244 50,210 49,683 
Efficiency Ratio:
Other expense (a)$57,471 $52,412 $50,578 
Core other expense (c)55,244 50,210 49,683 
Net interest and other income (1) (b)
89,165 83,057 79,210 
Core net interest and other income (1) (d)
89,137 84,052 78,425 
Efficiency ratio (a/b)64.45 %63.10 %63.85 %
Core efficiency ratio (c/d)61.98 59.74 63.35 
Total Average Interest-Earnings Assets$8,348,833 $7,569,692 $7,263,399 
b1BANK.com



18
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months Ended
March 31, 2026December 31, 2025March 31, 2025
(Dollars in thousands, except per share data)
Net Interest Income:
Net interest income$75,195 $70,862 $65,983 
Loan discount accretion(1,138)(1,418)(793)
Net interest income excluding loan discount accretion$74,057 $69,444 $65,190 
Net interest margin (2)
3.65 %3.71 %3.68 %
Net interest margin excluding loan discount accretion (2)
3.60 3.64 3.64 
Net interest spread (2)
2.91 2.92 2.91 
Net interest spread excluding loan discount accretion (2)
2.85 2.84 2.86 
(1) Excludes gains/losses on sales of securities.
(2) Calculated utilizing an actual day count convention.
b1BANK.com
Q1 2026 Results

 

2 TABLE OF CONTENTS Legal Disclosures 3 Guiding Principles & Social Impact 4 Business First Bancshares, Inc. Overview 5 – 11 Liquidity and Deposits 12 Securities Portfolio 13 Noninterest Revenue Opportunities 14 Financial Results Q1 2026 Financial Highlights 16 Credit Metrics Analysis 17 Yield/Rate Analysis 18 Loan and Deposit Portfolio Overview 19 Loan Portfolio Loan Composition 21 – 24 Appendix 26 – 32

 

3 LEGAL DISCLOSURES 66 85 99 90 163 210 123 175 212 220 88 42 124 129 128 220 x3 Special Note Concerning Forward-Looking Statements This investor presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements in some cases through the Company’s use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the Company’s future business and financial performance and/or the performance of the banking and mortgage industry and economy in general. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of important factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this presentation including, without limitation, the risks set forth in “Forward Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026 (as may be amended in the Company’s Quarterly Reports on Form 10-Q). Many of these factors are difficult to foresee and are beyond the Company’s ability to control or predict. The Company believes the forward-looking statements contained herein are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. The Company does not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law. Non-GAAP Financial Measures This presentation includes certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations. Management believes that these non-GAAP financial measures provide a greater understanding of the ongoing operations and enhance comparability of results with prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and the analysis of ongoing operating trends. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from the reporting measures with similar names as used by other companies. You should understand how such other banking organizations calculate their non-GAAP financial measures with names similar to the non-GAAP financial measures discussed herein when comparing such information. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in the Appendix to this presentation.

 

4 GUIDING PRINCIPLES & SOCIAL IMPACT b1BANK’s five guiding principles reflect our core beliefs and values, which drive all decisions irrespective of our goals, strategies, or external factors. These tenets are more than guides for making business decisions; they are the core of our culture, driving our day-to-day interactions between employees and with our clients to make a positive impact on the communities we serve b1BANK has received these annual awards from American Banker and Business Report consecutively since 2021 SOCIAL IMPACT 2026 Total Volunteerism: • 687 Hours • 165 hours of financial literacy education and non-profit service 2021 Inception Through March 2026: • Mentored 1,057 businesses • Conducted training classes to help 4,576 entrepreneurs start or grow their business b1 FOUNDATION b1COMMUNITY

 

5 BALANCE SHEET & EARNINGS SNAPSHOT (4) FRANCHISE HIGHLIGHTS SHAREHOLDER INFORMATION BUSINESS OVERVIEW & CORPORATE ACTIONS BUSINESS FIRST BANCSHARES, INC. OVERVIEW (1) Deposit market share is as of June 30, 2025, per FDIC data. (2) Deposit balances exclude Business First Bancshares Holding Company deposits with the Bank subsidiary and acquired deposits and includes brokered deposits. (3) Includes one closed full-service Banking Center in Rayville, LA that maintains an active ITM. (4) Balance sheet information as of March 31, 2026. Income statement and profitability figures are for the quarter ended March 31, 2026. See appendix for Core reconciliations. (5) Preliminary consolidated capital ratio as of March 31, 2026. (6) Includes $85 million subordinated debt raised on April 2, 2026. • Nasdaq Listed: BFST; April 2018 • Stock Price and Market Capitalization: $27.04 per share, and $882.2MM (as of 3/31/26) • Trailing 30 -Day Average Daily Volume: 191,215 shares • Five publishing analysts; Five “Buy” ratings and $32.50 median price target (as of 3/31/26) • $0.60 annual common stock dividend: 2.2% dividend yield • Repurchased $2.7MM common shares at $27.75 weighted average price per share during Q1’26 • Since 2018, completed three equity capital raises, totaling $151.0 million of additional common equity capital, in addition to three subordinated debt issuances totaling $162.5 million (6) • Diversified full -service commercial -focused bank headquartered in Baton Rouge, Louisiana, focused on serving clients with the sophistication and product set capacity of a large bank and the relationship -orientation of a community bank • #1 deposit market share in Louisiana for Louisiana -headquartered banks (1); Texas market represents 35% of credit exposure as of 3/31/26, DFW is largest market in footprint • Granular deposit base: 120,856 accounts with an average balance of $61,770 and an organic deposit growth CAGR of ~15% since 4Q15(2) • Balanced organic growth and proven acquirer with ~55% organic and ~45% acquired growth since 2018; six whole bank (including Progressive Bank acquisition) and two non -bank acquisitions • 5-time winner of Best Banks to Work For award • $8.9 billion total assets • $6.7 billion total gross loans, HFI • $7.5 billion total deposits (21.1% noninterest bearing) • $919MM total common equity, and $72MM total preferred equity • 13.08% consolidated total risk -based capital ratio (5) • 8.65% TCE / TA, and $23.18 TBV per common share Q1 2026 Actual Results • $89MM total core revenue (15.6% noninterest core revenue) • $24.0MM core net income available to common, $0.73 diluted core EPS available to common, 3.65% GAAP net interest margin • 1.10% core ROAA, 10.6% core ROACE, 62.0% core efficiency ratio • Operations in Louisiana, Texas and Mississippi including: 46 legacy Louisiana full -service Banking Centers (3), one LPO/DPO office, 16 metro-focused Texas Banking Centers , a registered investment advisory in Ridgeland, MS, and a SBA loan service provider in Katy, Texas. • Established Correspondent Banking Group with 150+ network bank relationships serving four primary functions; loan and deposit participations, registered investment advisory, interest rate swap hedging, and SBA loan processing and servicing • On January 1, 2026, closed the acquisition of North Louisiana based Progressive Bank ($774MM in assets as of December 31, 2025) • Completed b1BANK core conversion in May 2025, and acquired Oakwood Bank core conversion in September 2025

 

6 EXECUTIVE MANAGEMENT Jude Melville Chairman, President and CEO Philip Jordan EVP, Chief Banking Officer Keith Mansfield EVP, Chief Operations Officer Chad Carter EVP, Correspondent Banking Gregory Robertson EVP, Chief Financial Officer Heather Roemer EVP, Chief Administrative Officer Saundra Strong EVP, General Counsel Kathryn Manning EVP, Chief Risk Officer Warren McDonald EVP, Chief Credit Officer Jerry Vascocu President, b1BANK

 

7 BALANCED FOOTPRINT Note: Dollars in millions. Financial and branch data as of March 31, 2026. Deposit balances do not tie to consolidated figures as a result of wholesale deposits, timing differences and other items recorded at the corporate level. Loan amounts based on outstanding loan balance before accounting adjustments. (1) Banking Center count includes one standalone ITM. (2) Excludes standalone ITM from Deposits / Banking Center calculation. 66 85 99 90 163 210 123 175 212 220 88 42 124 129 128 220 x3 Dallas Fort Worth Region # of Banking Centers: 11 # of LPOs: 1 Total Loans: $1,896.3 Total Deposits: $948.1 Deposits / Banking Center: $86.2 Houston Region # of Banking Centers: 5 Total Loans: $419.6 Total Deposits: $523.1 Deposits / Banking Center: $104.6 Southwest Louisiana Region # of Banking Centers: 21 Total Loans: $1,480.5 Total Deposits: $2,239.8 Deposits / Banking Center: $106.7 Greater New Orleans Region # of Banking Centers: 7 Total Loans: $1,166.2 Total Deposits: $1,152.4 Deposits / Banking Center: $164.6 North Louisiana Region # of Banking Centers(1): 18 Total Loans: $1,676.3 Total Deposits: $1,787.8 Deposits / Banking Center(2): $105.2

 

8 DIVERSIFIED GROWTH Note: Dollars in millions, except per share data. Amounts may not total due to rounding. (1) Based on the closing date. (2) Non-GAAP financial measure. See appendix for applicable reconciliation. $1,473 $1,652 $2,277 $2,843 $3,562 $4,156 $4,566 $4,924 $4,842 $621 $621 $1,883 $1,883 $2,429 $2,429 $3,291 $3,291 $4,065 $2,095 $2,274 $4,160 $4,726 $5,990 $6,585 $7,857 $8,215 $8,907 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26 BFST Standalone Assets Cumulative Assets Acquired # of Acquisitions(1) 2 0 1 0 1 0 1 0 1 Target(s) Assets Acquired(1) $621 $0 $1,262 $0 $546 $0 $862 $0 $774 TBV Per Share(2) $15.34 $17.31 $16.80 $17.71 $16.17 $18.62 $19.92 $23.36 $23.18 TBVPS ex. AOCI(2) $15.60 $17.12 $16.28 $17.77 $19.12 $21.25 $22.05 $24.49 $24.34 Core ROAA(2) 1.00% 1.15% 1.09% 1.22% 1.05% 1.05% 0.94% 1.06% 1.10%

 

9 $ 1 9 .6 8 $ 2 1 .4 7 $ 1 9 .8 8 $ 2 1 .2 4 $ 2 0 .2 5 $ 2 2 .5 8 $ 2 4 .6 2 $ 2 7 .9 5 $15.34 $17.31 $16.80 $17.71 $16.17 $18.62 $19.92 $23.36 2018 2019 2020 2021 2022 2023 2024 2025 BVPS TBVPS $ 2 3 .2 4 $ 2 4 .5 9 $ 2 4 .6 2 $ 2 5 .5 1 $ 2 6 .2 3 $ 2 7 .2 3 $ 2 7 .9 5 $ 2 8 .1 8 $19.22 $20.60 $19.92 $20.84 $21.61 $22.63 $23.36 $23.18 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 BVPS TBVPS TANGIBLE BOOK VALUE PER SHARE (TBVPS) GROWTH (1) Non-GAAP financial measure. See appendix for applicable reconciliation. • Tangible book value per share increased ~21% from Q2’24 to Q1’26, reflecting solid organic capital generation and disciplined acquisition integration, despite normal quarter-to-quarter volatility • From 2018 to 2025, tangible book value per share grew ~52%, demonstrating prudent capital management across multiple cycles while generating both organic and inorganic balance sheet growth (1) (1) TBVPS – Trailing 8 Quarters TBVPS – Since Public Listing on Nasdaq

 

10 $ 1 .2 2 $ 1 .7 4 $ 1 .6 4 $ 2 .5 3 $ 2 .3 2 $ 2 .5 9 $ 2 .2 6 $ 2 .7 9 $1.45 $1.80 $2.05 $2.61 $2.52 $2.62 $2.49 $2.83 2018 2019 2020 2021 2022 2023 2024 2025 EPS Core EPS $ 0 .6 2 $ 0 .6 5 $ 0 .5 1 $ 0 .6 5 $ 0 .7 0 $ 0 .7 3 $ 0 .7 1 $ 0 .6 8 $0.64 $0.68 $0.66 $0.65 $0.66 $0.72 $0.79 $0.73 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 EPS Core EPS EARNINGS PER SHARE (EPS) GROWTH (1) Non-GAAP financial measure. See appendix for applicable reconciliation. (1) Diluted EPS – Trailing 8 Quarters (1) • Core EPS increased ~14% from Q2’24 to Q1’26, reflecting improving earnings power as recent acquisitions are integrated and cost savings are realized • Core EPS grew ~95% from 2018 to 2025, demonstrating consistent earnings growth through various economic cycles and seven bank acquisitions Diluted EPS – Since Public Listing on Nasdaq

 

11 9.29% 9.42% 9.44% 9.78% 9.88% 10.06% 9.94% 10.21% 12.88% 12.99% 12.75% 13.03% 13.07% 13.22% 12.93% 13.08% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Common Equity Tier 1 Total Risk-Based Capital 11.83% 11.43% 10.63% 9.04% 8.68% 9.15% 9.44% 9.94% 13.91% 13.30% 12.28% 11.94% 12.75% 12.85% 12.75% 12.93% 2018 2019 2020 2021 2022 2023 2024 2025 Common Equity Tier 1 Total Risk-Based Capital CONSOLIDATED CAPITAL GROWTH Note: Reflects consolidated capital ratios for Business First Bancshares, Inc. Figures for Q1 2026 are preliminary. • From Q2’24 to Q1’26, CET1 increased by 92 bps and Total Risk-Based Capital improved to 13.08%, reflecting strong internal capital generation and balance sheet optimization while continuing to support growth • From 2018 to 2025, capital ratios remained strong through multiple acquisitions and economic cycles, demonstrating disciplined capital planning and a balanced approach to growth CET1 & TRBC – Trailing 8 Quarters CET1 & TRBC – Since Public Listing on Nasdaq

 

12 LIQUIDITY AND DEPOSITS Deposit Composition Non-Interest Bearing NOW & Int. Bearing DDA MMDA & Savings Time Deposits • Continue to carry higher cash balances to support liquidity, with 7.24% of total assets at 3/31/2026. • Remain focused on core deposits, which represent over 88% of total deposits. • Continue to take advantage of wholesale funding alternatives to optimize interest costs and liquidity, utilizing FHLB and the brokered deposit market. • Ample contingent liquidity available of just over $3.8 billion at 3/31/2026, to supplement core deposit growth as needed. $7.46B Note: Dollars in millions. Data as of March 31, 2026. Historical Deposit Composition Liquidity Sources FHLB Borrowings Capacity 1,495$ FRB Discount Window 923$ Unencumbered Securities 624$ Available Excess Cash Reserves 558$ Fed Funds Lines Available 145$ Fed Funds Sold 88$ Total 3,833$

 

13 SECURITIES PORTFOLIO AFS Securities Portfolio • Portfolio serves as a source of on-balance sheet liquidity and provides interest income stability during times of declining rates. • With the relatively high-rate environment, the Bank is reinvesting portfolio cash flows and taking opportunities to modestly grow the portfolio as liquidity allows. • Total portfolio as of 1Q26 was $1.05 billion in AFS, of which agency mortgage-backed securities (MBS) and A-rated municipal securities were the largest components. - 1Q26 weighted average yield of 3.10% - Weighted average life of 4.42 years - Estimated effective duration of 3.42 years $1.05B Note: Dollars in millions. Data as of March 31, 2026. Book Market Net Unrealized Value Value Gain / (Loss) Municipal Securities 277.7$ 259.6$ (18.1)$ Mortgage-Backed Securities 745.1 717.4 (27.7)$ Corporate & Other Securities 36.4 34.6 (1.8)$ U.S. Government Agencies / Treasuries 34.6 34.2 (0.4)$ Total AFS Securities 1,093.9$ 1,045.8$ (48.1)$ Deferred Tax Impact 10.2$ Accumulated Other Comprehensive Income/Loss (37.9)$

 

14 SMITH SHELLNUT WILSON (SSW) • SSW was founded in 1995 and offers investment advisory services, which includes discretionary and non -discretionary management of investment portfolios for a variety of clients including financial institutions, municipalities, high -net worth individuals, trusts and business entities • As of March 31, 2026, SSW maintained ~$5.53 billion in AUM (3), which includes negative impact of AOCI (~$4.24 billion bank AUM (1), ~$1.30 billion non -bank AUM) • For 1Q26, 37% of total AUM fees were represented by banks and credit unions and SSW provided portfolio management services for 51 bank clients FINANCIAL INSTITUTIONS GROUP (FIG) • September 2020 – b1BANK announced the formation of its Financial Institutions Group (FIG) • FIG currently maintains $525 million in total loan participations sold (1) and has generated $280 million (2) in total deposits through a relationship network of ~100 bank counterparties WATERSTONE LSP February 1, 2024 – Waterstone LSP was acquired by b1BANK and operates as a wholly - owned affiliate as a comprehensive resource for streamlined SBA lending. Waterstone optimizes partner banks’ SBA lending capabilities and achieves growth objectives via Efficient Loan Management, including; Waterstone’s platform simplifies pre -qualification, underwriting, packaging, and closing, accelerating the loan cycle and minimizing workload Snapshot as of March 31, 2026: • 31 banks under LSP Agreements • 1Q26 loan closing volume of $31.1 million (includes $18.1 million of b1BANK loan closings) • 1Q26 active pipeline of ~$73 million INTEREST RATE SWAPS November 2023 – b1BANK announced the formation of its Derivative Solutions Group, providing a full suite of interest rate hedging products offered to our commercial borrowers, including, but not limited to; interest rate swaps, caps, floors, collars, cancellable swaps. This capability allows b1 bankers to compete effectively with larger regional and national banks who offer the same product line. We expect to expand into our institutional client base. FY 2026 PRODUCTION • $111.3 million in client notional generated ~$1.6 million in fee income NONINTEREST REVENUE OPPORTUNITIES – b1FINANCIAL SERVICES (1) Does not necessarily include total production/volume since inception. (2) Reflects average total deposits for Q1 2026. (3) Includes bank and credit union AUM. Excludes b1BANK securities portfolio and TruPs/CDs included in client portfolios. $ in millions Financial Services Group Revenue Growth $0.5 $0.3 $0.2 $0.4 $0.7 $0.9 $0.9 $0.9 $0.8 $2.2 $1.5 $3.4 $1.1 $1.4 $1.0 $2.7 $4.4 $5.4 $5.8 $6.0 $6.3 $1.6 $1.5 $1.9 $1.8 FY 2022 FY 2023 FY 2024 FY 2025 Total Mortgage Fee Revenue Participation Fee Revenue (FIG) Gain on Sale of SBA Loans Waterstone LSP Swap Fees Smith Shellnut Wilson LPL Brokerage $9.0 $11.6 $14.4 $18.6 Q1’26 total b1Financial Services revenue of $5.6 million was flat from prior Q4’25 of $5.6 million. Swap fees and gain on sale of SBA continue to exceed expectations during the first quarter

 

15 Financial Results 66 85 99 90 163 210 123 175 212 220 88 42 124 129 128 220 x3

 

16 1st QUARTER 2026 – FINANCIAL RESULTS Note: Dollars in thousands, except per share data. (1) Non-GAAP financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of March 31, 2026. Core Net Income $24.0 million +24.7% YoY Core Diluted EPS $0.73 +12.3% YoY Core ROAA 1.10% Core ROACE 10.57% Core Efficiency Ratio 62.0% Net Interest Margin 3.60% (excluding discount accretion) Loan Growth, HFI ~$495 million +32.4% (linked-quarter annualized) Total Deposit Growth ~$766 million +46.4% (linked-quarter annualized) Consolidated Capital CET1 Ratio: 10.21% TRBC Ratio: 13.08% TBVPS $23.18 +11.2% YoY Q1 2026 Results Earnings & Profitability Q1 2026 Q4 2025 Q1 2025 Net Income Available to Common Shareholders 22,214$ 21,009$ 19,193$ Pre-Tax, Pre-Provision Earnings(1) 31,774 30,680 28,631 Diluted Earnings Per Common Share 0.68 0.71 0.65 ROAA 1.01% 1.04% 1.00% ROACE 9.77 10.18 10.48 Net Interest Margin 3.65 3.71 3.68 Efficiency Ratio 64.45 63.10 63.85 Core Net Income Available to Common Shareholders(1) 24,037$ 23,520$ 19,281$ Core Pre-Tax, Pre-Provision Earnings(1) 33,893 33,842 28,742 Core Diluted Earnings Per Common Share(1) 0.73 0.79 0.65 Core ROAA(1) 1.10% 1.16% 1.01% Core ROACE(1) 10.57 11.40 10.53 Net Interest Margin excluding loan discount accretion(1) 3.60 3.64 3.64 Core Efficiency Ratio(1) 61.98 59.74 63.35 Balance Sheet & Capital Total Loans 6,684,263$ 6,189,490$ 5,980,919$ Total Deposits 7,464,949 6,698,590 6,458,181 Common Equity Tier 1 Ratio(2) 10.21% 9.94% 9.78% Total Risk-Based Capital Ratio(2) 13.08 12.93 13.03 Common Equity / Total Assets 10.32 10.04 9.69 Tangible Common Equity / Tangible Assets(1) 8.65 8.53 8.06 Book Value Per Common Share 28.18$ 27.95$ 25.51$ Tangible Book Value Per Common Share(1) 23.18 23.36 20.84 Asset Quality Provision for Credit Losses 2,278$ 3,098$ 2,812$ Net Charge-Offs / Avg. Quarterly Total Loans 0.01% 0.11% 0.02% ACL / Total Loans (HFI) 1.03 0.94 1.01 NPLs / Total Loans (HFI) 1.53 1.24 0.69 NPAs / Total Assets 1.38 1.09 0.55 Q1 2026 Highlights (1) (1) (1)(1) (1) (1) (1)

 

17 ACL & FV Discount Past Due Loans(1) Note: Dollars in millions. (1) Past due loans include balances past due 30 days or more and not on a nonaccrual status. (2) Nonperforming loans include loan balances past due 90 days or more as well as loans on a nonaccrual status. CREDIT METRICS ANALYSIS Nonperforming Loans(2) Net Charge-offs

 

18 3.65% 3.60% 2.45% 2.34% 6.61% 3.75% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 NIM NIM ex. Accretion Total Funding Cost Total Cost of Deposits Loan Yield Target Fed Funds Rate Note: Data is as of March 31, 2026. Chart based on GAAP data. (1) NIM excluding loan discount accretion is a non-GAAP financial measure and excludes the accretion of the loan discount on acquired loans. See appendix for applicable reconciliation. YIELD / RATE ANALYSIS – LONG TERM MARGIN STABILITY (1) 2021 2022 2023 2024 2025 2026

 

19 Loan Portfolio HFI (as of 3/31/26) Note: Dollars in millions. Data is as of March 31, 2026. Loan balances are before accounting adjustments and excludes loans in process and excludes Business Manager loans. (1) Reflects weighted average stated rate for the month-end of March 31, 2026. (2) Core CDs and Core Time Deposits exclude brokered deposits and CDARs. Excludes CD balances for Progressive Bank. • 50.4% of total loans HFI are floating rate, as of March 31, 2026 • 49.6% of total loans HFI are fixed rate, with 11.1% of fixed-rate loans mature within the next 12 months • Internal modeling implies an estimated total deposit beta of 45% – 55% in a slightly up or down rate environment • Overall Core CD balance(2) retention rate was 81% during Q1’26 • $234 million remaining Core CD balances(2) will mature in Q2’26, with $244 million maturing in Q3’26 LOAN AND DEPOSIT PORTFOLIO OVERVIEW Deposit Portfolio (as of 3/31/26) Outstanding Balance Weighted ($MM) (% of Total) Avg. Rate(1) Fixed Rate (mature/reprice > 1 year) 2,563.1$ 38.5% 5.97% Fixed Rate (mature/reprice < 1 year) 739.7 11.1% 6.15% Floating Rate with Floors 1,499.2 22.5% 6.95% Floating Rate without Floors 1,858.2 27.9% 6.80% Total 6,660.2$ 100.0% 6.44% 38.5% 11.1% 22.5% 27.9%61.5% of total loans HFI are floating / variable rate or fixed rate maturing/repricing within the next 12-months Deposit Balance Weighted ($MM) (% of Total) Avg. Rate(1) Noninterest Bearing Deposits 1,575.1$ 21.1% 0.00% Interest Bearing Checking 1,136.1 15.2% 1.89% Savings Deposits 196.7 2.6% 0.25% Money Market Deposit Accounts 3,059.5 41.0% 2.99% Certificate of Deposits 1,030.7 13.8% 3.42% Brokered Deposits 466.9 6.3% 4.10% Total 7,464.9$ 100.0% 2.25% 21.1% 15.2% 2.6% 41.0% 13.8% 6.3% $6.66 billion $7.46 billion

 

20 Loan Portfolio 66 85 99 90 163 210 123 175 212 220 88 42 124 129 128 220 x3

 

21 LOAN COMPOSITION Loan Portfolio Breakdown Q1 2026 Highlights $1,862 $1,961 $1,921 $1,922 $1,943 $1,298 $1,310 $1,280 $1,357 $1,517 $1,045 $1,098 $1,076 $1,152 $1,176 $1,142 $1,078 $1,106 $1,119 $1,362 $634 $600 $639 $639 $686 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Construction Residential, Consumer & Other CRE - Owner Occupied CRE - Non-Owner Occupied Commercial Total Loans HFI QoQ Change Dallas Fort Worth 28.6% Houston 6.3% North Louisiana 25.2% Southwest Louisiana 22.3% Greater New Orleans 17.6% Total Loans HFI by Region ($ in millions) QoQ YoY Commercial 22$ 81$ CRE - Non-Owner Occupied 160$ 219$ CRE - Owned Occupied 24$ 131$ Residential, Consumer, & Other 242$ 220$ Construction 47$ 52$ Total 495$ 703$ Increase (Decrease) by Loan Type $5,981 $6,048 $6,021 $6,189 $6,684 ($0.5) +$66.7 ($26.6) +$168.4 +$494.8 Q1’26 Avg. Yield(1) 6.93% 6.32% 5.97% 5.88% 7.09% Total Yield 6.44% • Total Loans HFI increased $494.8 million, or 8.0% (32.4% annualized) compared to the linked quarter • Excluding acquired Progressive loans, Total Loans HFI declined $102.7 million, or 1.5% (6.2% annualized) compared to the linked quarter • Total Loans HFI increased $703.3 million, or 11.8% year-over-year Note: Data is as of March 31, 2026. Dollars in millions. Loan balances reflect amortized cost basis. (1) Weighted average loan yields exclude Business Manager loans.

 

22 Note: Loan composition as of March 31, 2026, based on preliminary FDIC call report data. LOAN PORTFOLIO SNAPSHOT $6.68 billion Total Loan Portfolio Composition Top 5 Exposure Categories Outstanding Unfunded Average NPLs % of Balance Commitment Loan Size Total Loans Commercial $1.89 billion $1 billion $429 thousand 1.85% CRE - Owner-Occupied $1.18 billion $51 million $913 thousand 0.80% CRE - Non Owner-Occupied $1.52 billion $21 million $1.95 million 2.30% Construction & Land $686 million $140 million $626 thousand 1.06% 1-4 Family $772 million $58 million $245 thousand 1.63% Total $6.04 billion $0.27 billion $833 thousand 1.64%

 

23 LOAN COMPOSITION: COMMERCIAL Note: Data is as of March 31, 2026. Percentages based on loan balances before accounting adjustments. • Commercial loans represent 29.1% of the total loan portfolio • Total commercial loan growth year-over-year of 4.4% • Weighted average maturity of the commercial portfolio is 2.30 years Commercial Loans by Collateral Commercial Loans by Market AR & Inventory 31.5% Equipment 11.5% All Other 30.7% Titled Collateral 11.1% Cash/Securities 8.5% Agricultural 6.6% Dallas Fort Worth 35.8% North Louisiana 23.9% Bayou 6.0% Capital 8.7% Greater New Orleans 10.6% Southwest Louisiana 9.0% Houston 6.0%

 

24 Income Producing CRE Geography(1) Income Producing CRE Portfolio Dallas, TX 12.0% Baton Rouge, LA 11.2% Monroe, LA 5.7% Houston, TX 5.3% Covington, LA 5.0% New Orleans, LA 3.7% Plano, TX 3.7% Lafayette, LA 3.5% Monroe, LA 3.0% Lake Charles, LA 2.5% All Other Geographies 44.5% Total CRE - Income Producing 100.0% 12.0% 11.2% 5.7% 5.3% 5.0% 3.7% 3.7% 3.5% 3.0% 2.5% 44.5% Owner Occupied CRE Geography(1) Income Producin CRE Geography(1) Owner Occupied CRE Portfolio Baton Rouge, LA 10.2% Houston, TX 6.2% New Orleans, LA 5.8% Dallas, TX 5.1% Monroe, LA 3.2% Metairie, LA 3.0% Lake Charles, LA 2.9% Houma, LA 2.5% Monroe, LA 2.3% Lafayette, LA 2.1% All Other Geographies 56.8% Total CRE - Owner Occupied 100.0% 10.2% 6.2% 5.8% 5.1% 3.2% 3.0% 2.9% 2.5% 2.3% 2.1% 56.8% C&D by Geography(1) Owner Occupied CRE Geography(1) C&D Portfolio Dallas, TX 14.3% Baton Rouge, LA 12.4% Covington, LA 8.8% Harvey, LA 3.2% Houston, TX 3.2% New Orleans, LA 2.9% Shreveport, LA 2.5% Denham Springs, LA 2.4% Frisco, TX 2.2% Monroe, LA 2.0% All Other Geographies 45.9% Total C&D 100.0% 14.3% 12.4% 8.8% 3.2% 3.2% 2.9% 2.5% 2.4% 2.2% 2.0% 45.9% Note: Dollars in millions. Data is as of March 31, 2026. Percentages based on loan balances before accounting adjustments. (1) Geographic composition detail reflects borrower zip code on file in loan source files. Does not necessarily reflect zip code or location of loan collateral. (2) Represents the largest loan in each portfolio net of balances sold to other institutions. (3) Represents the outstanding principal balance of all loans maturing between April 1, 2026, through March 31, 2027. LOAN COMPOSITION: COMMERCIAL REAL ESTATE C&D Highlights • $685.8 million total portfolio • $33.4 million largest relationship(2) • $629 thousand average loan size • $275.3 million maturing over the next 12 months(3) • Dallas, Baton Rouge and Covington represent top 3 geographies within C&D and comprise 35.5% of all C&D loans or $243.7 million Owner-Occupied Highlights • $1.18 billion total portfolio • $18.7 million largest relationship(2) • $916 thousand average loan size • $151.9 million maturing over the next 12 months(3) • Baton Rouge, Houston and New Orleans represent top 3 geographies within owner-occupied and comprise 22.3% of all owner-occupied loans or $261.8 million Income Producing Highlights • $1.52 billion total portfolio • $25.9 million largest relationship(2) • $1.96 million average loan size • $359.0 million balance maturing over the next 12 months(3) • Dallas, Baton Rouge and Monroe represent top 3 geographies within income producing and comprise 28.9% of all income producing loans or $438.1 million $685.8 million $1.18 billion $1.52 billion $685.8 million $1.18 billion $1.52 billion CRE Composition - Owner Occupied CRE Composition - Income Producing Owner Occupied CRE Portfolio Hotel/Motel 1.8% Office Building 23.4% Office/Warehouse 23.1% Retail 17.0% Commercial Building 17.2% Other 17.4% Total CRE - Owner Occupied 100.0% 1.8% 23.4% 23.1% 17.0% 17.2% 17.4% iti - I e r ducing Income Producing CRE Portfolio Hotel/Motel 14.6% Office Building 21.2% Office/Warehouse 3.7% Warehouse 8.1% Retail - Single-Tenant 7.1% Retail - Multi-Tenant 24.6% Commercial Building 10.1% Other 10.6% Total CRE - Income Producing 100.0% 14.6% 21.2% 3.7% 8.1% 7.1% 24.6% 10.1% 10.6% C&D Composition C&D Portfolio Raw Land 8.1% Vacant Residential Lots 10.5% Vacant Commercial Lots 7.4% Land Development - Residential 17.0% Residential Construction - OORE 0.1% Residential Construction - Non OORE 17.7% Commercial Construction - Retail 4.8% Commercial Construction - Office 4.6% Commercial Construction - Apartment/Multi-Family 4.8% Commercial Construction - Other 25.0% Total C&D 100.0% 8.1% 10.5% 7.4% 17.0% 0.1% 17.7% 4.8% 4.6% 4.8% 25.0%

 

25 APPENDIX

 

26 Note: Dollars in thousands. As of December 31, except for YTD 2026. (1) Non-GAAP Financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of 3/31/2026. (3) Excludes SBA PPP loans. (4) Calculated at the bank level based on preliminary FDIC call report data. (5) Past due and nonaccrual loan amounts exclude purchased impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. This was applicable to all periods 12/31/2022, and prior. The guidance and methodology were changed beginning 1/1/2023, due to CECL adoption. HISTORICAL FINANCIAL SUMMARY YTD 2021 2022 2023 2024 2025 2026 Balance Sheet & Capital Total Assets $4,726,378 $5,990,460 $6,584,550 $7,857,090 $8,214,740 $8,906,808 Gross Loans (Excl. HFS) 3,189,608 4,606,176 4,992,785 5,981,399 6,189,490 6,684,263 Deposits 4,077,283 4,820,345 5,248,790 6,511,331 6,698,590 7,464,949 Total Equity 433,368 580,481 644,259 799,466 896,883 991,176 Tangible Common Equity / Tangible Assets(1) 7.76 % 6.89 % 7.28 % 7.63 % 8.53 % 8.65 % Tier 1 Leverage Ratio(2) 8.14 9.49 9.52 9.53 10.08 10.03 Total Risk-based Capital Ratio(2) 11.94 12.75 12.85 12.75 12.93 13.08 Net Loans (Excl. HFS) / Assets 66.87 % 76.25 % 75.21 % 75.43 % 74.69 % 74.33 % Gross Loans (Excl. HFS) / Deposits 78.23 95.56 95.12 91.86 92.40 89.54 NIB Deposits / Deposits 31.66 32.14 24.75 20.84 19.74 21.10 Commercial Loans / Loans (Excl. HFS)(3) 22.62 25.05 27.22 31.24 31.05 29.07 C&D / Total Risk-Based Capital(4) 117.0 % 109.8 % 91.7 % 78.2 % 68.7 % 68.7 % CRE / Total Risk-Based Capital(4) 250.1 272.1 253.5 253.6 258.0 261.4 Asset Quality NPLs / Loans (Excl. TDRs)(5) 0.41 % 0.25 % 0.34 % 0.42 % 1.24 % 1.53 % NPAs / Assets (Excl. TDRs)(5) 0.31 0.21 0.28 0.39 1.09 1.38 Reserves / Loans (Excl. HFS) 0.91 0.83 0.81 0.92 0.87 0.95 NCOs / Average Loans 0.03 0.04 0.11 0.08 0.19 0.01 Profitability Ratios Net Income Available to Common Shareholders $52,136 $52,905 $65,642 $59,706 $82,460 $22,214 ROAA 1.18 % 0.97 % 1.04 % 0.86 % 1.05 % 1.01 % ROACE 12.25 11.59 12.36 9.54 10.59 9.77 Net Interest Margin 3.84 % 3.92 % 3.62 % 3.48 % 3.69 % 3.65 % Efficiency Ratio 61.84 65.26 61.61 65.42 63.85 64.45 Non-Interest Income / Avg. Assets 0.80 0.54 0.62 0.63 0.65 0.63 Non-Interest Expense / Avg. Assets 2.66 2.73 2.47 2.55 2.58 2.58 For the Year Ended December 31,

 

27Note: Dollars in thousands except per share data. (1) Adjustments are net of tax. RECONCILIATION OF NON -GAAP FINANCIAL MEASURES 2021 2022 2023 2024 2025 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Core Net Income: Net Income 52,136$ 52,905$ 65,642$ 59,706$ 82,460$ 19,193$ 20,753$ 21,505$ 21,009$ 22,214$ Adjustments(1): -$ (543)$ -$ -$ -$ -$ -$ -$ -$ -$ 799$ 566$ -$ (39)$ 663$ (122)$ -$ -$ 785$ (22)$ -$ -$ 341$ -$ -$ -$ -$ -$ -$ -$ (299)$ 38$ 2,023$ (6)$ (51)$ 1$ 37$ (61)$ (27)$ (63)$ (354)$ -$ (745)$ -$ (2,527)$ -$ (2,527)$ -$ -$ -$ -$ -$ (1,150)$ -$ (497)$ (497)$ -$ -$ -$ -$ 1,230$ 395$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 407$ 4,236$ 215$ 1,524$ 3,128$ 536$ 467$ 1,000$ 1,125$ 1,908$ -$ -$ -$ 769$ 1,939$ 170$ 795$ 346$ 628$ -$ -$ -$ -$ 3,805$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (1,575)$ -$ -$ (1,575)$ -$ -$ Core Net Income 53,919$ 57,597$ 66,326$ 65,759$ 83,540$ 19,281$ 19,525$ 21,215$ 23,520$ 24,037$ Core Return on Average Assets: Net Income 52,136$ 52,905$ 65,642$ 59,706$ 82,460$ 19,193$ 20,753$ 21,505$ 21,009$ 22,214$ Core Net Income 53,919$ 57,597$ 66,326$ 65,759$ 83,540$ 19,281$ 19,525$ 21,215$ 23,520$ 24,037$ Average Assets 4,403,670$ 5,473,508$ 6,341,880$ 6,973,735$ 7,873,743$ 7,750,982$ 7,791,371$ 7,921,159$ 8,016,094$ 8,893,419$ ROAA 1.18% 0.97% 1.04% 0.86% 1.05% 1.00% 1.07% 1.08% 1.04% 1.01% Core ROAA 1.22% 1.05% 1.05% 0.94% 1.06% 1.01% 1.01% 1.06% 1.16% 1.10% ROACE 12.25% 11.59% 12.36% 9.54% 10.59% 10.48% 10.87% 10.80% 10.18% 9.77% Core ROACE 12.67% 12.62% 12.49% 10.51% 10.73% 10.53% 10.23% 10.65% 11.40% 10.57% Average Diluted Shares Outstanding 20,634,281 22,817,493 25,296,200 26,452,084 29,545,702 29,545,921 29,586,975 29,656,639 29,669,253 32,785,554 Diluted Earnings per Common Share 2.53$ 2.32$ 2.59$ 2.26$ 2.79$ 0.65$ 0.70$ 0.73$ 0.71$ 0.68$ Core Diluted Earnings per Common Share 2.61$ 2.52$ 2.62$ 2.49$ 2.83$ 0.65$ 0.66$ 0.72$ 0.79$ 0.73$ Net Interest Margin Excluding Loan Discount Accretion: Net Interest Income 153,884$ 199,577$ 215,129$ 227,383$ 273,163$ 65,983$ 67,042$ 69,276$ 70,862$ 75,195$ Adjustments: (7,750) (9,432) (9,311) (4,182) (4,089) (793) (767) (1,111) (1,418) (1,138) Adjusted Net Interest Income 146,134$ 190,145$ 205,818$ 223,201$ 269,074$ 65,190$ 66,275$ 68,165$ 69,444$ 74,057$ Average Interest-earning Assets 4,011,773$ 5,091,684$ 5,939,405$ 6,536,333$ 7,402,462$ 7,263,399$ 7,299,899$ 7,460,027$ 7,569,692$ 8,348,833$ Net Interest Margin 3.84% 3.92% 3.62% 3.48% 3.69% 3.68% 3.68% 3.68% 3.71% 3.65% 3.64% 3.73% 3.47% 3.41% 3.63% 3.64% 3.64% 3.63% 3.64% 3.60% Core conversion expenses CECL Oakwood impact Tax Credit - ERC Loan purchase discount accretion Net Interest Margin excluding loan discount accretion (Gain)/Loss on Sale of Securities (Gain)/Loss on Sale of Banking Center (Gain)/Loss on Extinguishment of Debt Occupancy and bank premises-hurricane repair Stock Option Exercises Acquisition-related expenses Core Net Income, ROAA, NIM excluding loan discount accretion For the Year Ended December 31, Fiscal Quarter Insurance Reimbursement of storm expenditures, net of tax (Gain)/Loss Former Bank Premises & Equipment Write-Down on Former Bank Premises

 

28 Note: Dollars in thousands except per share data. (1) Adjustments are net of tax. RECONCILIATION OF NON -GAAP FINANCIAL MEASURES TTM Q2'25 Q3'25 Q4'25 Q1'26 Q1'26 Core Net Income: Net Income 20,753$ 21,505$ 21,009$ 22,214$ 85,481$ Adjustments(1): -$ -$ 785$ (22)$ 763$ 37$ (61)$ (27)$ (63)$ (114)$ (Gain)/Loss on Sale of Banking Center (2,527)$ -$ -$ -$ (2,527)$ -$ -$ -$ -$ -$ 467$ 1,000$ 1,125$ 1,908$ 4,500$ 795$ 346$ 628$ -$ 1,769$ -$ -$ -$ -$ -$ -$ (1,575)$ -$ -$ (1,575)$ Core Net Income 19,525$ 21,215$ 23,520$ 24,037$ 88,297$ Core Return on Average Assets: Net Income 20,753$ 21,505$ 21,009$ 22,214$ 85,481$ Core Net Income 19,525$ 21,215$ 23,520$ 24,037$ 88,297$ Average Assets 7,791,371$ 7,921,159$ 8,016,094$ 8,893,419$ 8,155,511$ ROAA 1.07% 1.08% 1.04% 1.01% 1.05% Core ROAA 1.01% 1.06% 1.16% 1.10% 1.08% Average Diluted Shares Outstanding 29,586,975 29,656,639 29,669,253 32,785,554 30,424,605 Diluted Earnings per Common Share 0.70$ 0.73$ 0.71$ 0.68$ 2.81$ Core Diluted Earnings per Common Share 0.66$ 0.72$ 0.79$ 0.73$ 2.90$ Core conversion expenses CECL Oakwood impact Tax Credit - ERC Core Net Income and ROAA - Trailing Twelve Months Fiscal Quarter (Gain)/Loss Former Bank Premises & Equipment (Gain)/Loss on Sale of Securities (Gain)/Loss on Extinguishment of Debt Acquisition-related expenses

 

29 Note: Dollars in thousands except per share data. RECONCILIATION OF NON -GAAP FINANCIAL MEASURES Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity 826,312$ 848,440$ 878,440$ 896,883$ 991,176$ Preferred Stock (71,930) (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 754,382$ 776,510$ 806,510$ 824,953$ 919,246$ Adjustments: Goodwill (121,691) (121,146) (121,146) (121,146) (133,564) Core deposit and other intangibles (16,538) (15,775) (15,136) (14,497) (29,409) Total Tangible Common Equity 616,153$ 639,589$ 670,228$ 689,310$ 756,273$ Tangible Assets Total Assets 7,784,728$ 7,948,294$ 7,953,862$ 8,214,740$ 8,906,808$ Adjustments: Goodwill (121,691) (121,146) (121,146) (121,146) (133,564) Core deposit and other intangibles (16,538) (15,775) (15,136) (14,497) (29,409) Total Tangible Assets 7,646,499$ 7,811,373$ 7,817,580$ 8,079,097$ 8,743,835$ Common Equity to Total Assets 9.69% 9.77% 10.14% 10.04% 10.32% Tangible Common Equity to Tangible Assets 8.06% 8.19% 8.57% 8.53% 8.65% Tangible Book Value per Share: Tangible Common Equity Total Shareholders' Equity 826,312$ 848,440$ 878,440$ 896,883$ 991,176$ Preferred Stock (71,930) (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 754,382$ 776,510$ 806,510$ 824,953$ 919,246$ Adjustments: Goodwill (121,691) (121,146) (121,146) (121,146) (133,564) Core deposit and other intangibles (16,538) (15,775) (15,136) (14,497) (29,409) Total Tangible Common Equity 616,153$ 639,589$ 670,228$ 689,310$ 756,273$ Adjustments: Exclude AOCI (52,844) (47,768) (36,429) (33,287) (37,909) Total Tangible Common Equity (excl. AOCI) 668,997$ 687,357$ 706,657$ 722,597$ 794,182$ Common shares outstanding 29,572,297 29,602,970 29,615,370 29,510,668 32,624,887 Book Value per Common Share 25.51$ 26.23$ 27.23$ 27.95$ 28.18$ Tangible Book Value per Common Share 20.84$ 21.61$ 22.63$ 23.36$ 23.18$ Tangible Book Value per Common Share (excl. AOCI) 22.62$ 23.22$ 23.86$ 24.49$ 24.34$ TCE/TA, TBVPS Fiscal Quarter

 

30 Note: Dollars in thousands except per share data. RECONCILIATION OF NON -GAAP FINANCIAL MEASURES 2021 2022 2023 2024 2025 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity 433,368$ 580,481$ 644,259$ 799,466$ 896,883$ Preferred Stock - (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 433,368$ 508,551$ 572,329$ 727,536$ 824,953$ Adjustments: Goodwill (59,894) (88,543) (88,391) (121,572) (121,146) Core deposit and other intangibles (12,203) (14,042) (11,895) (17,252) (14,497) Total Tangible Common Equity 361,271$ 405,966$ 472,043$ 588,712$ 689,310$ Tangible Assets Total Assets 4,726,378$ 5,990,460$ 6,584,550$ 7,857,090$ 8,214,740$ Adjustments: Goodwill (59,894) (88,543) (88,391) (121,572) (121,146) Core deposit and other intangibles (12,203) (14,042) (11,895) (17,252) (14,497) Total Tangible Assets 4,654,281$ 5,887,875$ 6,484,264$ 7,718,266$ 8,079,097$ Common Equity to Total Assets 9.17% 8.49% 8.69% 9.26% 10.04% Tangible Common Equity to Tangible Assets 7.76% 6.89% 7.28% 7.63% 8.53% Tangible Book Value per Share: Tangible Common Equity Total Shareholders' Equity 433,368$ 580,481$ 644,259$ 799,466$ 896,883$ Preferred Stock - (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 433,368$ 508,551$ 572,329$ 727,536$ 824,953$ Adjustments: Goodwill (59,894) (88,543) (88,391) (121,572) (121,146) Core deposit and other intangibles (12,203) (14,042) (11,895) (17,252) (14,497) Total Tangible Common Equity 361,271$ 405,966$ 472,043$ 588,712$ 689,310$ Adjustments: Exclude AOCI (1,177) (74,204) (66,585) (62,998) (33,287) Total Tangible Common Equity 362,448$ 480,170$ 538,628$ 651,710$ 722,597$ Common shares outstanding 20,400,349 25,110,313 25,351,809 29,552,358 29,510,668 Book Value per Common Share 21.24$ 20.25$ 22.58$ 24.62$ 27.95$ Tangible Book Value per Common Share 17.71$ 16.17$ 18.62$ 19.92$ 23.36$ Tangible Book Value per Common Share (excl. AOCI) 17.77$ 19.12$ 21.25$ 22.05$ 24.49$ TCE/TA, TBVPS For the Year Ended December 31,

 

31 RECONCILIATION OF NON -GAAP FINANCIAL MEASURES Note: Dollars in thousands. (1) Excludes gains/losses on sales of securities. TTM Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 12/31/2024 12/31/2025 Q1'26 Core Efficiency Ratio: Noninterest Expense 50,578$ 51,206$ 48,882$ 52,412$ 57,471$ 177,652$ 203,078$ 209,971$ Core Adjustments (895)$ (1,578)$ 401$ (2,202)$ (2,227)$ (2,595)$ (4,274)$ (5,606)$ Net Interest and Noninterest Income 79,210$ 81,504$ 80,870$ 83,057$ 89,165$ 271,569$ 324,641$ 334,596$ Core Adjustments (785)$ (3,360)$ -$ 995$ (28)$ (50)$ (3,150)$ (2,393)$ Efficiency Ratio(1) 63.85% 62.83% 60.45% 63.10% 64.45% 65.42% 62.55% 62.75% Core Efficiency Ratio 63.35% 63.51% 60.94% 59.74% 61.98% 64.47% 61.84% 61.52% Core Efficiency Ratio Fiscal Quarter Fiscal Year Ended

 

32 RECONCILIATION OF NON -GAAP FINANCIAL MEASURES Note: Dollars in thousands. Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Core pre-tax, pre-provision earnings: Pre-tax, pre-provision earnings 28,631$ 30,251$ 32,065$ 30,680$ 31,774$ Adjustments: (155)$ -$ -$ 995$ (28)$ -$ -$ -$ -$ -$ 1$ 47$ (77)$ (35)$ (80)$ (Gain)/Loss on Sale of Banking Center -$ (3,360)$ -$ -$ -$ (630)$ -$ -$ -$ -$ 679$ 570$ 1,157$ 1,406$ 2,227$ 216$ 1,008$ 439$ 796$ -$ -$ -$ -$ -$ -$ -$ -$ (1,997)$ -$ -$ Core pre-tax, pre-provision earnings 28,742$ 28,516$ 31,587$ 33,842$ 33,893$ Acquisition-related expenses Core conversion expenses CECL Oakwood impact Tax Credit - ERC Core Pre-tax, Pre-provision Earnings Fiscal Quarter (Gain)/Loss Former Bank Premises & Equipment Write-Down on Former Bank Premises (Gain)/Loss on Sale of Securities (Gain)/Loss on Extinguishment of Debt

 

Source: View Original Filing on SEC EDGAR

FAQ

How did Business First Bancshares (BFST) perform in Q1 2026?

Business First Bancshares delivered solid Q1 2026 earnings, with net income available to common shareholders of $22.2 million and diluted EPS of $0.68. Core net income was $24.0 million and core diluted EPS $0.73, supported by higher net interest income and stable credit quality.

What were the key profitability metrics for BFST in Q1 2026?

Profitability remained healthy for BFST in Q1 2026, with return to common shareholders on average assets of 1.01% and on average common equity of 9.77%. On a core basis, ROAA was 1.10% and core ROACE 10.57%, reflecting consistent core performance.

What dividends did Business First Bancshares declare for Q1 2026?

The board declared both common and preferred dividends. Common shareholders will receive a quarterly dividend of $0.15 per share, while preferred shareholders will receive $18.75 per preferred share, representing the full quarterly dividend at a 7.50% per annum rate, payable May 29, 2026.

How did BFST’s loans and deposits change in Q1 2026?

Loans and deposits both grew in Q1 2026. Loans held for investment reached $6.68 billion and deposits rose to $7.46 billion. Growth reflected the completed Progressive Bancorp acquisition and additional organic deposit inflows across interest-bearing and noninterest-bearing accounts.

What was Business First Bancshares’ credit quality in Q1 2026?

Credit quality metrics were generally stable. Nonperforming loans were 1.53% of total loans and nonperforming assets were 1.38% of total assets. Net charge-offs were low at 0.01% of average quarterly total loans, while the allowance for credit losses covered 1.03% of loans.

How strong were Business First Bancshares’ capital ratios in Q1 2026?

Capital levels remained solid at quarter-end. The common equity Tier 1 ratio was 10.21% and the total risk-based capital ratio was 13.08%. Common equity to total assets stood at 10.32%, and tangible common equity to tangible assets was 8.65%, supporting future growth.

What happened to BFST’s tangible book value per share in Q1 2026?

Tangible book value per common share remained strong. It was $23.18 at March 31, 2026, compared with $23.36 at December 31, 2025. Book value per common share increased to $28.18, helped by retained earnings and the Progressive acquisition, despite securities valuation pressure.

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