STOCK TITAN
  1. Home
  2. SEC Filings
  3. BFST
  4. [8-K] Business First Bancshares, Inc. Reports Material Event

Business First Bancshares Q3 core earnings hit $26M

The board's common and preferred dividends are scheduled for November 30, 2026, for shareholders of record November 15.

Filing Impact
(High)
Filing Sentiment

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment worksHow the balance works

Form Type
8-K

Rhea-AI Filing Summary

Business First Bancshares, Inc. (BFST) reported third-quarter 2026 net income available to common shareholders of $23.2 million, or $0.71 per diluted share, increases of $0.4 million and $0.01 from the linked quarter. Non-GAAP core net income was $26.0 million, or $0.79 per diluted share, up $2.7 million and $0.08. Net interest margin was 3.86%, versus 3.73% in the linked quarter.

Loans held for investment rose $121.4 million, or 7.23% annualized, and deposits rose $141.2 million, or 7.74% annualized. Business First repurchased 204,160 shares for $6.3 million at a weighted average $30.81 per share. It completed Progressive Bank’s core systems conversion in August 2026. Nonperforming loans were 1.24% of loans held for investment, versus 0.82% a year earlier; net charge-offs were 0.08% of average quarterly loans, up from 0.04% in the linked quarter.

The board declared quarterly dividends of $0.15 per common share and $18.75 per preferred share. Both are payable November 30, 2026, to shareholders of record November 15, 2026. The preferred dividend is the full quarterly dividend of 1.875%, based on a 7.50% annual rate.

1 point · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

How the balance works

Positive

  • Moderate pointCore net income available to common rose 22.6% year over year to $26.0 million.

Negative

  • Moderate pointNonperforming loans reached 1.24% of loans, versus 0.82% a year earlier.

Filing Explained

At September 30, equity was $1,002,516 thousand, down $6.1 million from June 30, while contingent liquidity totaled $4.0 billion.

The 8-K furnishes BFST’s unaudited third-quarter results and investor presentation; at September 30, 2026, accumulated other comprehensive loss was $54.9 million and shareholders’ equity was $1,002,516 thousand, compared with $1,008,577 thousand at June 30, 2026.

The company attributes the larger accumulated loss to after-tax fair-value adjustments in its securities portfolio; the presentation reports $4.0 billion of contingent liquidity available at quarter-end.

That liquidity total includes borrowing capacities, unencumbered securities, excess cash reserves, Fed funds lines and Fed funds sold, so it is broader than cash on hand.

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, or exhibit attachments filed with this report.
Net income available to common shareholders $23.2 million Quarter ended September 30, 2026
Diluted earnings per common share $0.71 per share Quarter ended September 30, 2026
Core net income available to common shareholders $26.0 million Non-GAAP; quarter ended September 30, 2026
Core diluted earnings per common share $0.79 per share Non-GAAP; quarter ended September 30, 2026
Net interest margin 3.86% Quarter ended September 30, 2026
Loans held for investment growth $121.4 million Increase from linked quarter; 7.23% annualized
Deposit growth $141.2 million Increase from linked quarter; 7.74% annualized
Nonperforming loans to loans held for investment 1.24% At September 30, 2026; 0.82% at September 30, 2025
Net interest margin financial
"Net interest margin expanded 13 basis points"
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.
Core net income available to common shareholders financial
"Core net income available to common shareholders for the quarter"
Loan discount accretion financial
"excluding loan discount accretion"
Nonperforming loans financial
"ratio of nonperforming loans compared to loans held for investment"
Nonperforming loans are loans on which borrowers have stopped making the scheduled interest or principal payments for an extended period (commonly 90 days or more) or are otherwise in serious danger of default. Think of them as IOUs that aren’t being repaid: they tie up a lender’s money, reduce future interest income, and force the lender to hold extra reserves or take losses. For investors, a rising share of nonperforming loans signals weakening credit quality, higher potential losses, and greater risk to a bank’s profitability and capital.
Net charge-offs financial
"Net charge-offs to average quarterly total loans"
Net charge-offs are the amount of loans or credit a lender removes from its books as uncollectible after subtracting any money later recovered from previously written-off accounts. Think of it like a store writing off unpaid tabs but getting back a few dollars later — the net figure shows the real loss. Investors watch this to judge a lender’s loan quality, future profits and how much capital may be needed to cover bad debts.
Net income available to common shareholders $23.2 million Increased $0.4 million from the linked quarter
Diluted earnings per common share $0.71 Increased $0.01 from the linked quarter
Core net income available to common shareholders $26.0 million Increased $2.7 million from the linked quarter
Net interest margin 3.86% Expanded 13 basis points from the linked quarter

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were BFST's Q3 2026 earnings?
Net income available to common shareholders was $23.2 million, or $0.71 per diluted share. Non-GAAP core net income was $26.0 million, or $0.79 per diluted share. Compared with the linked quarter, those amounts increased by $0.4 million and $2.7 million, respectively.

What dividends did BFST declare, and when are they payable?
The board declared a $0.15 per-share common dividend and an $18.75 per-share preferred dividend, payable November 30, 2026, to shareholders of record November 15, 2026. The preferred dividend represents the full quarterly dividend of 1.875%, based on a 7.50% per annum rate.

How much did BFST's loans and deposits grow in Q3 2026?
Loans held for investment increased $121.4 million, or 7.23% annualized, and deposits increased $141.2 million, or 7.74% annualized, from the linked quarter. The company said growth was led by its Houston, Texas and Southwest Louisiana markets.

What credit-quality figures did BFST report for Q3 2026?
Nonperforming loans were 1.24% of loans held for investment, compared with 0.82% a year earlier. Loans over 30 days past due were $32.5 million, or 0.48% of total loans, at September 30, 2026. Net charge-offs were 0.08% of average quarterly total loans, compared with 0.04% in the linked quarter.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →
See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
Available on EDGAR Accepted by SEC EDGAR
0001624322FALSE00016243222026-10-262026-10-26

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): October 26, 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 October 26, 2026, Business First Bancshares, Inc. (“Business First”), the parent company of b1BANK, issued a press release announcing financial results for the quarter ended September 30, 2026. The release also announced that the Board of Directors of Business First declared a common dividend on October 22, 2026, in the amount of $0.15 per share to the common shareholders of record on November 15, 2026. The dividend is to be paid on November 30, 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 November 30, 2026, or as soon therefore as practicable, to the preferred shareholders of record as of November 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 October 26, 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 October 26, 2026 announcing results of operations for the third quarter 2026
99.2
Investor Presentation, dated October 26, 2026, for the quarter ended September 30, 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: October 26, 2026


imagea.jpg



500 Laurel Street
Baton Rouge, LA 70801
Phone: 877.614.7600

FOR IMMEDIATE RELEASE
October 26, 2026



Media Contact: Misty Albrecht
b1BANK
225.286.7879
media@b1BANK.com
Business First Bancshares, Inc. Announces Financial Results for Q3 2026
Baton Rouge, La. (October 26, 2026) – Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended September 30, 2026. Business First reported net income available to common shareholders of $23.2 million or $0.71 per diluted common share, increases of $0.4 million and $0.01, respectively, compared to the linked quarter. On a non-GAAP basis, core net income available to common shareholders for the quarter ended September 30, 2026, which excludes certain income and expenses, was $26.0 million or $0.79 per diluted common share, increases of $2.7 million and $0.08 from the linked quarter.
“Our third quarter showed what disciplined execution can deliver,” said Jude Melville, chairman, president, and CEO of Business First. “We completed the conversion of Progressive Bank, and I’m grateful to our North Louisiana teammates and clients for helping make it a seamless transition. We grew loans and deposits at a balanced pace appropriate to our level of capital strength, and we did so while expanding our net interest margin by 12 basis points and keeping non-interest expenses in check. The result was higher earnings and stronger returns. Our team earned these results through disciplined execution, and we’ll keep that same focus as we continue to invest in the growing number of opportunities we’re seeing across our diversified footprint.”

On Thursday, October 22, 2026, Business First’s board of directors declared a quarterly preferred dividend in the amount of $18.75 per share, which is the full quarterly dividend of 1.875% based on the per annum rate of 7.50%. Additionally, the board of directors declared a quarterly common dividend based upon financial performance for the third quarter in the amount of $0.15 per share of common stock. The preferred and common dividends will be paid on November 30, 2026, or as soon thereafter as practicable, to the shareholders of record as of November 15, 2026.

b1BANK.com



2
Quarterly Highlights
• Improving Core Performance. Return to common shareholders on average assets, on an annualized basis, was 1.04% for the quarter ended September 30, 2026, or 1.17% on a non-GAAP basis, compared to 1.03% or 1.05% on a non-GAAP basis for the linked quarter. Return to common shareholders on average equity on an annualized basis, was 9.75% for the quarter ended September 30, 2026, or 10.93% on a non-GAAP basis, compared to 9.83%, or 10.05% on a non-GAAP basis for the linked quarter.
• Margin Expansion. Net interest margin expanded 13 basis points (bps) to 3.86% for the quarter ended September 30, 2026, or 12 bps to 3.80% on a non-GAAP basis, respectively, compared to 3.73% or 3.68%, respectively, for the linked quarter. The expansion was driven by improvement in book yield on loans and a reduction in the overall cost of funding. The reduction in overall cost of funding was driven by decreases of $65.9 million in brokered deposits and $107.8 million in borrowings while core deposit costs remained flat.
• Loan and Deposit Growth. Loans grew by $121.4 million or 7.23%, annualized and deposits grew by $141.2 million or 7.74% annualized, led by our Houston, Texas and Southwest Louisiana markets.
• Capital and Share Repurchases. During the third quarter, as part of a previously announced stock repurchase program, Business First repurchased 204,160 shares, with a market value of $6.3 million, at a weighted average price of $30.81 per share. Common equity to total assets decreased from 10.52% to 10.39%. Business First has repurchased a total of 630,618 common shares under the existing stock repurchase program, since October 2025, or $17.6 million at a weighted average repurchase price per share of $27.88.
• Progressive Conversion. In August 2026, Business First successfully converted Progressive Bank’s core systems onto its platform.
Statement of Financial Condition
Loans
Loans held for investment increased $121.4 million or 1.82%, 7.23% annualized, compared to the linked quarter. The commercial real estate and construction portfolios increased $72.7 million and $80.7 million, respectively, compared to the linked quarter. The residential real estate portfolio decreased $30.6 million compared to the linked quarter.
b1BANK.com



3
Credit Quality
Loans over 30 days past due at September 30, 2026 were $32.5 million or 0.48% of total loans, which was generally stable from the linked quarter. The ratio of nonperforming loans compared to loans held for investment decreased 2 bps to 1.24% at September 30, 2026, while the ratio of nonperforming assets compared to total assets also decreased by 1 bps to 1.22% compared to the linked quarter. Net charge-offs to average quarterly total loans increased to 8 bps for the quarter ended September 30, 2026, up from 4 bps in the linked quarter mainly attributable to one previously fully reserved commercial relationship.
Securities
The securities portfolio decreased $54.4 million or 5.23%, from the linked quarter, impacted by $24.2 million in negative pre-tax fair value adjustments and the remainder of the decrease attributed to maturities and paydowns. The securities portfolio, based on estimated fair value, represented 11.02% of total assets as of September 30, 2026.
Deposits
Deposits as of September 30, 2026 increased by $141.2 million or 1.95%, 7.74% annualized, compared to the linked quarter. During the third quarter, interest-bearing deposits increased $119.1 million or 2.11% and noninterest-bearing deposits increased $22.1 million or 1.40%. The increase in interest-bearing deposits was attributable to $180.1 million in commercial money market accounts, partially offset by a decrease of $65.9 million in brokered deposits. Average interest-bearing deposits decreased $9.5 million or 0.16%, and noninterest-bearing deposits increased $54.9 million or 3.62% from the linked quarter.
Borrowings
Borrowings decreased $107.8 million or 18.25%, from the linked quarter due primarily to decreases in short-term Federal Home Loan Bank advances.
Shareholders’ Equity
On a non-GAAP basis, tangible book value per common share increased from $23.61 at the linked quarter to $23.71 at September 30, 2026, 0.42% or 1.66% annualized, despite the negative pre-tax fair value adjustments. Shareholders' equity decreased $6.1 million or 0.60% compared to the linked quarter. Accumulated other comprehensive loss increased from $35.8 million to $54.9 million or 53.29%, during the quarter due to after-tax fair value adjustments in the securities portfolio. Book value per common share decreased to $28.77 at September 30, 2026, compared to $28.79 from the linked quarter.
b1BANK.com



4
Results of Operations
Net Interest Income
For the quarter ended September 30, 2026, net interest income totaled $80.7 million, compared to $77.8 million from the linked quarter. Loan yields increased 11 bps to 6.74% compared to 6.63% from the linked quarter and interest-bearing asset yields increased 8 bps to 6.10% compared to 6.02% from the linked quarter. Net interest margin and net interest spread were 3.86% and 3.09% compared to 3.73% and 2.99% for the linked quarter. The overall cost of funds, which included noninterest-bearing deposits, decreased 4 bps from 2.44% to 2.40% for the quarter ended September 30, 2026.
Non-GAAP net interest income (excluding loan discount accretion of $1.2 million) totaled $79.4 million for the quarter ended September 30, 2026, compared to $76.8 million (excluding loan discount accretion of $1.0 million) for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.2 million) were 3.80% and 3.04%, respectively, for the quarter ended September 30, 2026, compared to 3.68% and 2.94% (excluding loan discount accretion of $1.0 million) for the linked quarter.
Provision for Credit Losses
During the quarter ended September 30, 2026, Business First recorded a provision for credit losses of $1.9 million, compared to $2.0 million from the linked quarter. At September 30, 2026, the ratio of allowance for credit losses to loans held for investment was 0.95%, compared to 1.02% for the linked quarter.
Other Income
For the quarter ended September 30, 2026, other income decreased $1.5 million or 10.42%, compared to the linked quarter. The decrease was largely attributable to a $0.8 million decrease in gain on sales of loans and the linked quarter’s $0.5 million gain on the redemption of debt.
Other Expenses
For the quarter ended September 30, 2026, other expenses increased $0.9 million or 1.58% compared to the linked quarter. The increase was largely attributable to increases of $1.8 million in occupancy and equipment expense and $1.1 million in merger and conversion-related expenses, partially offset by decreases of $0.5 million in each in advertising and promotions expense and salaries and employee benefits, $0.4 million in legal and other professional fees and $0.3 million in regulatory assessments. The increase in occupancy and equipment expense was largely attributable to a lease termination fee associated with better alignment of legacy b1BANK and Progressive corporate facilities.
b1BANK.com



5
Return on Assets and Common Equity
Return to common shareholders on average assets and common equity, each on an annualized basis, were 1.04% and 9.75% for the quarter ended September 30, 2026, compared to 1.03% and 9.83%, respectively, for the linked quarter. Non-GAAP return to common shareholders on average assets and common equity, each on an annualized basis, were 1.17% and 10.93% for the quarter ended September 30, 2026, compared to 1.05% and 10.05% for the linked quarter.
b1BANK.com



6
Conference Call and Webcast
Executive management will host a conference call and webcast to discuss results on Monday, October 26, 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 8846141, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/uhshyz4m. 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, $5.5 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
b1BANK.com



7
of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could,” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including those factors specified in our Annual Report on Form 10-K and other public filings. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release.
Additional Information
For additional information about Business First, you may obtain Business First’s reports that are filed with the Securities and Exchange Commission (SEC) free of charge by using the SEC’s EDGAR service on the SEC’s website at www.SEC.gov or by contacting the SEC for further information at 1-800-SEC-0330. Alternatively, these documents can be obtained free of charge from Business First by directing a request to: Business First Bancshares, Inc., 500 Laurel Street, Suite 101, Baton Rouge, Louisiana 70801, Attention: Corporate Secretary.
No Offer or Solicitation
This release does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of Business First. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.





Investor Relations Contacts:

Gregory Robertson
337.721.2701
Gregory.Robertson@b1bank.com
Matt Sealy
225.388.6116
Matt.Sealy@b1bank.com


b1BANK.com



8
Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months Ended
September 30, 2026June 30, 2026September 30, 2025
(Dollars in thousands)
Balance Sheet Ratios
Loans (HFI) to Deposits91.92 %92.04 %92.53 %
Shareholders' Equity to Assets Ratio11.19 11.33 11.04 
Loans Receivable Held for Investment (HFI)
Commercial$1,990,998 $1,988,696 $1,920,813 
Real Estate:
Commercial2,896,707 2,824,015 2,462,617 
Construction774,170 693,477 638,907 
Residential1,048,400 1,079,018 927,456 
Total Real Estate4,719,277 4,596,510 4,028,980 
Consumer and Other70,612 74,241 71,262 
Total Loans (Held for Investment)$6,780,887 $6,659,447 $6,021,055 
Allowance for Loan Losses
Balance, Beginning of Period$62,458 $63,655 $58,496 
Charge-offs – Quarterly(5,787)(3,208)(3,415)
Recoveries – Quarterly284 293 348 
Provision for Loan Losses – Quarterly2,640 1,718 1,633 
Balance, End of Period$59,595 $62,458 $57,062 
Allowance for Loan Losses to Total Loans (HFI)0.88 %0.94 %0.95 %
Allowance for Credit Losses to Total Loans (HFI) (1)
0.95 1.02 1.03 
Net Charge-offs to Average Quarterly Total Loans0.08 0.04 0.05 
Remaining Loan Purchase Discount$6,119 $7,341 $8,943 
Nonperforming Assets
Nonperforming Loans:
Nonaccrual Loans$80,363 $80,124 $45,362 
Loans Past Due 90 Days or More3,701 4,011 3,929 
Total Nonperforming Loans84,064 84,135 49,291 
Other Nonperforming Assets:
Other Real Estate Owned24,761 25,109 16,766 
Other Nonperforming Assets— — — 
Total Other Nonperforming Assets24,761 25,109 16,766 
Total Nonperforming Assets$108,825 $109,244 $66,057 
Nonperforming Loans to Total Loans (HFI)1.24 %1.26 %0.82 %
Nonperforming Assets to Total Assets1.22 1.23 0.83 
(1) Allowance for Credit Losses includes the Allowance for Loan Loss and Reserve for Unfunded Commitments.

b1BANK.com



9
Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months EndedNine Months Ended
September 30, 2026June 30, 2026September 30, 2025September 30, 2026September 30, 2025
(Dollars in thousands, except per share data)
Per Share Data
Basic Earnings per Common Share$0.71 $0.70 $0.73 $2.10 $2.09 
Diluted Earnings per Common Share0.71 0.70 0.73 2.08 2.08 
Dividends per Common Share0.15 0.15 0.14 0.45 0.42 
Book Value per Common Share28.77 28.79 27.23 28.77 27.23 
Average Common Shares Outstanding32,504,21732,589,95129,544,42532,558,01729,363,138
Average Diluted Common Shares Outstanding32,730,92332,763,60829,656,63932,766,62829,495,049
End of Period Common Shares Outstanding32,345,72332,535,65929,615,37032,345,72329,615,370
Annualized Performance Ratios
Return to Common Shareholders on Average Assets (1)
1.04 %1.03 %1.08 %1.03 %1.05 %
Return to Common Shareholders on Average Common Equity (1)
9.75 9.83 10.80 9.78 10.74 
Net Interest Margin (1)
3.86 3.73 3.68 3.75 3.68 
Net Interest Spread (1)
3.09 2.99 2.85 3.00 2.88 
Efficiency Ratio (2)
64.88 64.83 60.45 64.72 62.37 
Total Quarterly/Year-to-Date Average Assets$8,845,047 $8,916,954 $7,921,159 $8,886,084 $7,825,828 
Total Quarterly/Year-to-Date Average Common Equity944,333 931,020 790,148 932,545 764,959 
Other Expenses
Salaries and Employee Benefits$32,582 $33,120 $27,613 $98,741 $85,427 
Occupancy and Equipment Expense10,078 8,279 7,284 26,479 21,802 
Advertising and Promotions2,064 2,606 1,205 6,178 3,584 
Communications773 638 582 2,063 1,763 
Ad Valorem Shares Tax978 977 1,125 2,933 3,375 
Data Processing Fees3,084 3,317 3,972 10,113 12,529 
Directors' Fees308 247 261 815 733 
Insurance188 432 420 424 1,031 1,248 
Legal and Other Professional Fees1,236 1,661 1,024 3,982 3,130 
Office Supplies and Printing268 278 286 859 897 
Regulatory Assessments1,209 1,534 1,142 3,727 3,332 
Merger and Conversion-Related Expenses1,395 303 477 3,075 937 
Other6,302 6,133 3,491 17,465 11,909 
Total Other Expenses$60,465 $59,525 $48,882 $177,461 $150,666 
b1BANK.com



10
Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months EndedNine Months Ended
September 30, 2026June 30, 2026September 30, 2025September 30, 2026September 30, 2025
(Dollars in thousands, except per share data)
Other Income
Service Charges on Deposit Accounts$3,340 $3,197 $2,565 $9,679 $8,058 
(Loss) Gain on Sales of Securities(21)(6)77 53 29 
Gain on Sales of Loans814 1,583 624 3,738 2,661 
Debit Card and ATM Fee Income2,380 2,415 1,915 7,101 5,731 
Cash Value of Life Insurance Income979 902 802 2,712 2,368 
Fees and Brokerage Commission2,458 2,387 1,880 7,106 6,008 
Pass-Through (Loss) Income from Other Investments(135)14 133 14 638 
Gain on Extinguishment/Redemption of Debt— 545 — 545 630 
Gain on Branch Sale— — — — 3,360 
Swap Fee Income626 385 1,065 2,548 2,612 
Other2,071 2,545 2,610 7,033 7,217 
Total Other Income$12,512 $13,967 $11,671 $40,529 $39,312 
(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)
September 30, 2026June 30, 2026September 30, 2025
(Dollars in thousands)
Assets
Cash and Due From Banks$490,037 $575,604 $399,079 
Federal Funds Sold110,738 95,535 101,103 
Securities Purchased under Agreements to Resell79,214 30,702 25,518 
Securities Available for Sale, at Fair Values986,704 1,041,133 985,938 
Mortgage Loans Held for Sale254 2,838 433 
Loans and Lease Receivable6,780,887 6,659,447 6,021,055 
Allowance for Loan Losses(59,595)(62,458)(57,062)
Net Loans and Lease Receivable6,721,292 6,596,989 5,963,993 
Premises and Equipment, Net95,456 88,925 77,944 
Accrued Interest Receivable39,321 38,969 37,171 
Other Equity Securities39,984 51,302 44,313 
Other Real Estate Owned24,761 25,109 16,766 
Cash Value of Life Insurance140,148 139,169 119,509 
Deferred Taxes, Net24,853 21,561 21,433 
Goodwill131,743 135,222 121,146 
Core Deposit and Customer Intangibles31,983 33,267 15,136 
Other Assets39,474 27,181 24,380 
Total Assets$8,955,962 $8,903,506 $7,953,862 
Liabilities
Deposits
Noninterest-Bearing$1,605,682 $1,583,562 $1,366,558 
Interest-Bearing5,771,116 5,651,994 5,140,304 
Total Deposits7,376,798 7,235,556 6,506,862 
Securities Sold Under Agreements to Repurchase24,896 24,442 29,896 
Federal Home Loan Bank Borrowings334,189 442,494 367,408 
Subordinated Debt114,250 114,250 92,587 
Subordinated Debt - Trust Preferred Securities9,689 9,678 5,000 
Accrued Interest Payable3,126 3,774 4,064 
Other Liabilities90,498 64,735 69,605 
Total Liabilities7,953,446 7,894,929 7,075,422 
Shareholders' Equity
Preferred Stock71,930 71,930 71,930 
Common Stock32,346 32,536 29,615 
Additional Paid-In Capital572,968 578,087 503,325 
Retained Earnings380,182 361,846 309,999 
Accumulated Other Comprehensive Loss(54,910)(35,822)(36,429)
Total Shareholders' Equity1,002,516 1,008,577 878,440 
Total Liabilities and Shareholders' Equity$8,955,962 $8,903,506 $7,953,862 
b1BANK.com



12
Business First Bancshares, Inc.
Consolidated Statements of Income
(Unaudited)
Three Months EndedNine Months Ended
September 30, 2026June 30, 2026September 30, 2025September 30, 2026September 30, 2025
(Dollars in thousands, except per share data)
Interest Income:
Interest and Fees on Loans$113,263 $111,780 $106,662 $334,189 $313,682 
Interest and Dividends on Securities9,207 9,104 7,554 26,773 21,074 
Interest on Federal Funds Sold and Due From Banks5,047 4,766 4,472 14,699 12,475 
Total Interest Income127,517 125,650 118,688 375,661 347,231 
Interest Expense:
Interest on Deposits41,511 41,251 43,358 125,520 127,343 
Interest on Borrowings5,342 6,555 6,054 16,438 17,587 
Total Interest Expense46,853 47,806 49,412 141,958 144,930 
Net Interest Income80,664 77,844 69,276 233,703 202,301 
Provision for Credit Losses1,938 1,991 3,183 6,207 8,220 
Net Interest Income After Provision for Credit Losses78,726 75,853 66,093 227,496 194,081 
Other Income:
Service Charges on Deposit Accounts3,340 3,197 2,565 9,679 8,058 
(Loss) Gain on Sales of Securities(21)(6)77 53 29 
Gain on Sales of Loans814 1,583 624 3,738 2,661 
Other Income8,379 9,193 8,405 27,059 28,564 
Total Other Income12,512 13,967 11,671 40,529 39,312 
Other Expenses:
Salaries and Employee Benefits32,582 33,120 27,613 98,741 85,427 
Occupancy and Equipment Expense10,078 8,279 7,284 26,479 21,802 
Merger and Conversion-Related Expense1,395 303 477 3,075 937 
Other Expenses16,410 17,823 13,508 49,166 42,500 
Total Other Expenses60,465 59,525 48,882 177,461 150,666 
Income Before Income Taxes30,773 30,295 28,882 90,564 82,727 
Provision for Income Taxes6,221 6,120 6,026 18,273 17,225 
Net Income24,552 24,175 22,856 72,291 65,502 
Preferred Stock Dividends1,351 1,350 1,351 4,051 4,051 
Net Income Available to Common Shareholders$23,201 $22,825 $21,505 $68,240 $61,451 
b1BANK.com



13
Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Three Months Ended
September 30, 2026June 30, 2026September 30, 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$6,670,021 $113,263 6.74 %$6,757,776 $111,780 6.63 %$6,036,622 $106,662 7.01 %
Securities1,054,664 9,207 3.46 1,068,191 9,104 3.42 978,502 7,554 3.06 
Securities Purchased under Agreements to Resell32,316 359 4.41 30,683 335 4.38 25,490 330 5.14 
Interest-Bearing Deposit in Other Banks533,251 4,688 3.49 509,177 4,431 3.49 419,413 4,142 3.92 
Total Interest-Earning Assets$8,290,252 $127,517 6.10 %$8,365,827 $125,650 6.02 %$7,460,027 $118,688 6.31 %
Allowance for Loan Losses(62,716)(63,280)(58,468)
Noninterest-Earning Assets617,511 614,407 519,600 
Total Assets$8,845,047 $127,517 $8,916,954 $125,650 $7,921,159 $118,688 
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Deposits$5,729,786 $41,511 2.87 %$5,739,241 $41,251 2.88 %$5,122,136 $43,358 3.36 %
Subordinated Debt114,250 1,874 6.51 112,252 1,778 6.35 92,624 1,235 5.29 
Subordinated Debt - Trust Preferred Securities9,682 185 7.56 9,670 178 7.40 5,000 100 7.93 
Advances from Federal Home Loan Bank (FHLB)300,381 3,120 4.12 441,012 4,457 4.05 424,287 4,547 4.25 
Other Borrowings24,958 163 2.59 22,206 142 2.58 26,176 172 2.61 
Total Interest-Bearing Liabilities$6,179,057 $46,853 3.01 %$6,324,381 $47,806 3.03 %$5,670,223 $49,412 3.46 %
Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits$1,573,300 $1,518,400 $1,315,064 
Other Liabilities76,427 71,223 73,794 
Total Noninterest-Bearing Liabilities1,649,727 1,589,623 1,388,858 
Shareholders' Equity:
Common Shareholders' Equity944,333 931,020 790,148 
Preferred Equity71,930 71,930 71,930 
Total Shareholders' Equity1,016,263 1,002,950 862,078 
Total Liabilities and Shareholders' Equity$8,845,047 $8,916,954 $7,921,159 
Net Interest Spread3.09 %2.99 %2.85 %
Net Interest Income$80,664 $77,844 $69,276 
Net Interest Margin3.86 %3.73 %3.68 %
Overall Cost of Funds2.40 %2.44 %2.81 %
NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention.
b1BANK.com



14
Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Nine Months Ended
September 30, 2026September 30, 2025
(Dollars in thousands)Average Outstanding BalanceInterest Earned / Interest PaidAverage Yield / RateAverage Outstanding BalanceInterest Earned / Interest PaidAverage Yield / Rate
Assets
Interest-Earning Assets:
Total Loans$6,708,583 $334,189 6.66 %$6,001,647 $313,682 6.99 %
Securities1,062,728 26,773 3.37 946,961 21,074 2.98 
Securities Purchased under Agreements to Resell29,906 996 4.45 35,740 1,382 5.17 
Interest-Bearing Deposit in Other Banks533,540 13,703 3.43 361,760 11,093 4.10 
Total Interest-Earning Assets$8,334,757 $375,661 6.03 %$7,346,108 $347,231 6.32 %
Allowance for Loan Losses(62,191)(56,718)
Noninterest-Earning Assets613,518 536,438 
Total Assets$8,886,084 $375,661 $7,825,828 $347,231 
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Deposits$5,783,862 $125,520 2.90 %$5,103,928 $127,343 3.34 %
Subordinated Debt106,303 4,872 6.13 94,169 3,732 5.30 
Subordinated Debt - Trust Preferred Securities10,334 516 6.68 5,000 299 8.03 
Advances from Federal Home Loan Bank (FHLB)346,337 10,615 4.10 411,444 13,136 4.27 
Other Borrowings22,416 435 2.59 21,699 420 2.59 
Total Interest-Bearing Liabilities$6,269,252 $141,958 3.03 %$5,636,240 $144,930 3.44 %
Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits$1,537,842 $1,284,745 
Other Liabilities74,515 67,954 
Total Noninterest-Bearing Liabilities1,612,357 1,352,699 
Shareholders' Equity:
Common Shareholders' Equity932,545 764,959 
Preferred Equity71,930 71,930 
Total Shareholders' Equity1,004,475 836,889 
Total Liabilities and Shareholders' Equity$8,886,084 $7,825,828 
Net Interest Spread3.00 %2.88 %
Net Interest Income$233,703 $202,301 
Net Interest Margin3.75 %3.68 %
Overall Cost of Funds2.43 %2.80 %
NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention.
b1BANK.com



15
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedNine Months Ended
September 30, 2026June 30, 2026September 30, 2025September 30, 2026September 30, 2025
(Dollars in thousands, except per share data)
Interest Income:
Interest income$127,517 $125,650 $118,688 $375,661 $347,231 
Core interest income127,517 125,650 118,688 375,661 347,231 
Interest Expense:
Interest expense46,853 47,806 49,412 141,958 144,930 
Core interest expense46,853 47,806 49,412 141,958 144,930 
Provision for Credit Losses: (b)
Provision for credit losses1,938 1,991 3,183 6,207 8,220 
Core provision expense1,938 1,991 3,183 6,207 8,220 
Other Income:
Other income12,512 13,967 11,671 40,529 39,312 
Gain on former bank premises and equipment — — — (28)(155)
Loss (gain) on sale of securities21 6 (77)(53)(29)
Gain on extinguishment/redemption of debt— (545)— (545)(630)
Gain on branch sale— — — — (3,360)
Core other income12,533 13,428 11,594 39,903 35,138 
Other Expense:
Other expense60,465 59,525 48,882 177,461 150,666 
Acquisition-related expenses (2)
(3,538)(1,169)(1,157)(6,934)(2,406)
Core conversion expenses— — (439)— (1,663)
Tax credit - ERC— — 1,997 — 1,997 
 Core other expense56,927 58,356 49,283 170,527 148,594 
Pre-Tax Income: (a)
Pre-tax income30,773 30,295 28,882 90,564 82,727 
Gain on former bank premises and equipment — — — (28)(155)
Loss (gain) on sale of securities21 6 (77)(53)(29)
Gain on extinguishment/redemption of debt— (545)— (545)(630)
Gain on branch sale— — — — (3,360)
Acquisition-related expenses (2)
3,538 1,169 1,157 6,934 2,406 
Core conversion expenses— — 439 — 1,663 
Tax credit - ERC— — (1,997)— (1,997)
 Core pre-tax income34,332 30,925 28,404 96,872 80,625 
Provision for Income Taxes: (1)
Provision for income taxes6,221 6,120 6,026 18,273 17,225 
Tax on gain on former bank premises and equipment— — — (6)(33)
Tax on loss (gain) on sale of securities5 1 (16)(11)(6)
Tax on gain on extinguishment/redemption of debt— (115)— (115)(133)
Tax on gain on branch sale— — — — (833)
Tax on acquisition-related expenses (2)
743 239 157 1,301 403 
Tax on core conversion expenses— — 93 — 352 
Tax on tax credit - ERC— — (422)— (422)
Core provision for income taxes6,969 6,245 5,838 19,442 16,553 
Preferred Dividends:
Preferred dividends1,351 1,350 1,351 4,051 4,051 
Core preferred dividends$1,351 $1,350 $1,351 $4,051 $4,051 
b1BANK.com



16
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedNine Months Ended
September 30, 2026June 30, 2026September 30, 2025September 30, 2026September 30, 2025
(Dollars in thousands, except per share data)
Net Income Available to Common Shareholders:
Net income available to common shareholders$23,201 $22,825 $21,505 $68,240 $61,451 
Gain on former bank premises and equipment, net of tax— — — (22)(122)
Loss (gain) on sale of securities, net of tax16 5 (61)(42)(23)
Gain on extinguishment/redemption of debt, net of tax— (430)— (430)(497)
Gain on branch sale, net of tax— — — — (2,527)
Acquisition-related expenses (2), net of tax
2,795 930 1,000 5,633 2,003 
Core conversion expenses, net of tax— — 346 — 1,311 
Tax Credit - ERC, net of tax— — (1,575)— (1,575)
Core net income available to common shareholders26,012 23,330 21,215 73,379 60,021 
 Pre-tax, pre-provision earnings available to common shareholders (a+b)(3)
32,711 32,286 32,065 96,771 90,947 
Gain on former bank premises and equipment— — — (28)(155)
Loss (gain) on sale of securities21 6 (77)(53)(29)
Gain on extinguishment/redemption of debt— (545)— (545)(630)
Gain on branch sale— — — — (3,360)
Acquisition-related expenses (2)
3,538 1,169 1,157 6,934 2,406 
Core conversion expenses— — 439 — 1,663 
Tax credit - ERC— — (1,997)— (1,997)
Core pre-tax, pre-provision earnings$36,270 $32,916 $31,587 $103,079 $88,845 
Average Diluted Common Shares Outstanding32,730,92332,763,60829,656,63932,766,62829,495,049
Diluted Earnings Per Common Share:
Diluted earnings per common share$0.71 $0.70 $0.73 $2.08 $2.08 
Gain on former bank premises and equipment, net of tax— — — — — 
Loss (gain) on sale of securities, net of tax— — — — — 
Gain on extinguishment/redemption of debt, net of tax— (0.01)— (0.01)(0.02)
Gain on branch sale, net of tax— — — — (0.09)
Acquisition-related expenses (2), net of tax
0.08 0.02 0.03 0.17 0.07 
Core conversion expenses, net of tax— — 0.01 — 0.04 
Tax credit - ERC, net of taxes— — (0.05)— (0.05)
Core diluted earnings per common share$0.79 $0.71 $0.72 $2.24 $2.03 
Pre-tax, pre-provision profit diluted earnings per common share$1.00 $0.99 $1.08 $2.95 $3.08 
Gain on former bank premises and equipment— — — — (0.01)
Loss (gain) on sale of securities— — — — — 
Gain on extinguishment/redemption of debt— (0.02)— (0.02)(0.02)
Gain on branch sale— — — — (0.11)
Acquisition-related expenses (2)
0.11 0.04 0.04 0.21 0.08 
Core conversion expenses— — 0.02 — 0.06 
Tax credit - ERC— — (0.07)— (0.07)
Core pre-tax, pre-provision diluted earnings per common share$1.11 $1.01 $1.07 $3.14 $3.01 
(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, salary and other incremental merger-related expense.
(3) Before preferred dividends.
b1BANK.com



17

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
September 30, 2026June 30, 2026September 30, 2025
(Dollars in thousands, except per share data)
Total Shareholders' (Common) Equity:
     Total shareholders' equity$1,002,516 $1,008,577 $878,440 
     Preferred stock(71,930)(71,930)(71,930)
     Total common shareholders' equity930,586 936,647 806,510 
Goodwill(131,743)(135,222)(121,146)
Core deposit and customer intangible(31,983)(33,267)(15,136)
  Total tangible common equity$766,860 $768,158 $670,228 
Total Assets:
     Total assets$8,955,962 $8,903,506 $7,953,862 
Goodwill(131,743)(135,222)(121,146)
Core deposit and customer intangible(31,983)(33,267)(15,136)
  Total tangible assets$8,792,236 $8,735,017 $7,817,580 
Common shares outstanding32,345,72332,535,65929,615,370
Book value per common share$28.77 $28.79 $27.23 
Tangible book value per common share$23.71 $23.61 $22.63 
Common equity to total assets10.39 %10.52 %10.14 %
Tangible common equity to tangible assets8.72 %8.79 %8.57 %
b1BANK.com



18
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedNine Months Ended
September 30, 2026June 30, 2026September 30, 2025September 30, 2026September 30, 2025
(Dollars in thousands, except per share data)
Total Quarterly Average Assets$8,845,047$8,916,954$7,921,159$8,886,084$7,825,828
Total Quarterly Average Common Equity944,333931,020790,148932,545764,959
Net Income Available to Common Shareholders:
Net income available to common shareholders$23,201 $22,825 $21,505 $68,240 $61,451 
Gain on former bank premises and equipment, net of tax— — — (22)(122)
Loss (gain) on sale of securities, net of tax16 5 (61)(42)(23)
Gain on extinguishment/redemption of debt, net of tax— (430)— (430)(497)
Gain on branch sale, net of tax— — — — (2,527)
Acquisition-related expenses, net of tax2,795 930 1,000 5,633 2,003 
Core conversion expenses, net of tax— — 346 — 1,311 
Tax credit - ERC, net of tax— — (1,575)— (1,575)
Core net income available to common shareholders$26,012 $23,330 $21,215 $73,379 $60,021 
Return to common shareholders on average assets (annualized) (2)
1.04 %1.03 %1.08 %1.03 %1.05 %
Core return on average assets (annualized) (2)
1.17 1.05 1.06 1.10 1.03 
Return to common shareholders on average common equity (annualized) (2)
9.75 9.83 10.80 9.78 10.74 
Core return on average common equity (annualized) (2)
10.93 10.05 10.65 10.52 10.49 
Interest Income:
Interest income$127,517 $125,650 $118,688 $375,661 $347,231 
Core interest income127,517 125,650 118,688 375,661 347,231 
Interest Expense:
Interest expense46,853 47,806 49,412 141,958 144,930 
Core interest expense46,853 47,806 49,412 141,958 144,930 
Other Income:
Other income12,512 13,967 11,671 40,529 39,312 
Gain on former bank premises and equipment — — — (28)(155)
Loss (gain) on sale of securities21 6 (77)(53)(29)
Gain on extinguishment/redemption of debt— (545)— (545)(630)
Gain on branch sale— — — — (3,360)
Core other income12,533 13,428 11,594 39,903 35,138 
Other Expense:
Other expense60,465 59,525 48,882 177,461 150,666 
Acquisition-related expenses(3,538)(1,169)(1,157)(6,934)(2,406)
Core conversion expenses— — (439)— (1,663)
Tax credit - ERC— — 1,997 — 1,997 
Core other expense$56,927 $58,356 $49,283 $170,527 $148,594 
Efficiency Ratio:
Other expense (a)$60,465 $59,525 $48,882 $177,461 $150,666 
Core other expense (c)56,927 58,356 49,283 170,527 148,594 
Net interest and other income (1) (b)
93,197 91,817 80,870 274,179 241,584 
Core net interest and other income (1) (d)
93,197 91,272 80,870 273,606 237,439 
Efficiency ratio (a/b)64.88 %64.83 %60.45 %64.72 %62.37 %
Core efficiency ratio (c/d)61.08 63.94 60.94 62.33 62.58 
Total Average Interest-Earning Assets$8,290,252 $8,365,827 $7,460,027 $8,334,757 $7,346,108 
b1BANK.com



19
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedNine Months Ended
September 30, 2026June 30, 2026September 30, 2025September 30, 2026September 30, 2025
(Dollars in thousands, except per share data)
Net Interest Income:
Net interest income$80,664 $77,844 $69,276 $233,703 $202,301 
Loan discount accretion(1,221)(995)(1,111)(3,355)(2,671)
Net interest income excluding loan discount accretion$79,443 $76,849 $68,165 $230,348 $199,630 
Net interest margin (2)
3.86 %3.73 %3.68 %3.75 %3.68 %
Net interest margin excluding loan discount accretion (2)
3.80 3.68 3.63 3.70 3.63 
Net interest spread (2)
3.09 2.99 2.85 3.00 2.88 
Net interest spread excluding loan discount accretion (2)
3.04 2.94 2.80 2.94 2.83 
(1) Excludes gains/losses on sales of securities.
(2) Calculated utilizing an actual day count convention.
b1BANK.com
Q3 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 Q3 2026 Financial Results 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 its 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 is a multi-year winner of annual awards from the American Banker magazine and Baton Rouge Business Report SOCIAL IMPACT 2026 Total Volunteerism: • 3,506 Hours • 545 hours of financial literacy education and non-profit service • Mentored 1,235 businesses • Conducted training classes to help 5,350 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, 2026, 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 September 30, 2026. Income statement and profitability figures are for the quarter ended September 30, 2026. See appendix for Core reconciliations. (5) Preliminary consolidated capital ratio as of September 30, 2026. (6) Includes $85 million subordinated debt raised on April 2, 2026. • Nasdaq Listed: BFST; April 2018 • Stock Price and Market Capitalization: $30.09 per share, and $973.3MM (as of September 30, 2026) • Trailing 30 -Day Average Daily Volume: 203,299 shares • Five publishing analysts; Five “Buy” ratings and $35.00 median price target (as of September 30, 2026) • $0.60 annualized common stock dividend: 2.0% dividend yield • Repurchased $6.3MM common shares at $30.81 weighted average price per share during Q3’26 • Since 2018, completed three equity capital raises, totaling $151.0 million of additional common equity capital, in addition to three subordinated debt issuances totaling $162.5MM (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 9/30/26, DFW is the largest market in footprint • Granular deposit base: 119,862 accounts with an average balance of $61,547 and an organic deposit growth CAGR of ~14% since 4Q15 (2) • 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 • Multi-year winner of American Banker magazine’s annual Best Banks to Work For award • $9.0B total assets • $6.8B total gross loans, HFI • $7.4B total deposits (21.8% noninterest bearing) • $931MM total common equity and $72MM total preferred equity • 13.55% consolidated total risk -based capital ratio (5) • 8.72% TCE / TA, and $23.71 TBV per common share Q3 2026 Actual Results • $93MM total core revenue (13.4% noninterest core revenue) • $26.0MM core net income available to common, $0.79 diluted core EPS available to common, 3.86% GAAP net interest margin • 1.17% core ROAA, 10.9% core ROACE, 61.1% core efficiency ratio • Operations in Louisiana, Texas and Mississippi including: 43 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 an SBA loan service provider in Katy, Texas. • On January 1, 2026, closed the acquisition of North Louisiana -based Progressive Bank ($774MM in assets as of December 31, 2025); core conversion completed August 2026 • On April 2, 2026, completed the private placement of $85.0 million of 6.50% fixed -to-floating rate subordinated notes due 2036 • On June 29, 2026, completed the acquisition of American Planning Corporation, a financial consulting firm serving community banks since 1972

 

6 EXECUTIVE MANAGEMENT Jude Melville Chairman, President and CEO 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 September 30, 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: $1,813.9 Total Deposits: $816.9 Deposits / Banking Center: $74.3 Houston Region # of Banking Centers: 5 Total Loans: $535.9 Total Deposits: $628.2 Deposits / Banking Center: $125.6 Southwest Louisiana Region # of Banking Centers: 21 Total Loans: $1,526.0 Total Deposits: $2,371.1 Deposits / Banking Center: $112.9 Greater New Orleans Region # of Banking Centers: 7 Total Loans: $1,151.0 Total Deposits: $1,081.9 Deposits / Banking Center: $154.6 North Louisiana Region # of Banking Centers(1): 15 Total Loans: $1,646.6 Total Deposits: $1,860.7 Deposits / Banking Center(2): $132.9

 

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. (3) Progressive Bank acquisition closed on January 1, 2026. $1,473 $1,652 $2,277 $2,843 $3,562 $4,156 $4,566 $4,924 $4,891 $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 $8,956 2018 2019 2020 2021 2022 2023 2024 2025 Q3'26 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 $23.71 TBVPS ex. AOCI(2) $15.60 $17.12 $16.28 $17.77 $19.12 $21.25 $22.05 $24.49 $25.41 Core ROAA(2) 1.00% 1.15% 1.09% 1.22% 1.05% 1.05% 0.94% 1.06% 1.17% (3)

 

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 4 .6 2 $ 2 5 .5 1 $ 2 6 .2 3 $ 2 7 .2 3 $ 2 7 .9 5 $ 2 8 .1 8 $ 2 8 .7 9 $ 2 8 .7 7 $19.92 $20.84 $21.61 $22.63 $23.36 $23.18 $23.61 $23.71 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 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 ~19% from Q4’24 to Q3’26, 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 .5 1 $ 0 .6 5 $ 0 .7 0 $ 0 .7 3 $ 0 .7 1 $ 0 .6 8 $ 0 .7 0 $ 0 .7 1 $0.66 $0.65 $0.66 $0.72 $0.79 $0.73 $0.71 $0.79 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 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 ~20% from Q4’24 to Q3’26, reflecting improved earnings performance following acquisition integration and the realization of related cost savings • Core EPS grew ~95% from 2018 to 2025, demonstrating consistent earnings growth through various economic cycles and five bank acquisitions Diluted EPS – Since Public Listing on Nasdaq

 

11 9.44% 9.78% 9.88% 10.06% 9.94% 10.21% 10.38% 10.29% 12.75% 13.03% 13.07% 13.22% 12.93% 13.08% 13.77% 13.55% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 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 Q3 2026 are preliminary. • From Q4’24 to Q3’26, CET1 increased by 85 bps and total risk-based capital improved to 13.55%, 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 6.36% of total assets at 9/30/2026. • Remain focused on core deposits, which represent just under 90% 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 $4.0 billion at 9/30/2026, to supplement core deposit growth as needed. $7.38B Note: Dollars in millions. Data as of September 30, 2026. Historical Deposit Composition Liquidity Sources FHLB Borrowings Capacity 1,614$ FRB Discount Window 1,115$ Unencumbered Securities 557$ Available Excess Cash Reserves 458$ Fed Funds Lines Available 145$ Fed Funds Sold 111$ Total 4,000$

 

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 may seek opportunities to modestly grow the portfolio as liquidity allows. • Total portfolio as of Q3’26 was $986.7 million in AFS, of which agency mortgage-backed securities (MBS) and A-rated municipal securities were the largest components. - Q3’26 weighted average yield of 3.63% - Weighted average life of 4.85 years - Estimated effective duration of 3.36 years $986.7M Note: Dollars in millions. Data as of September 30, 2026. Book Market Net Unrealized Value Value Gain / (Loss) Municipal Securities 254.6$ 230.2$ (24.5)$ Mortgage-Backed Securities 694.7 651.7 (43.0)$ Corporate & Other Securities 87.1 85.2 (1.9)$ U.S. Government Agencies / Treasuries 19.9 19.7 (0.2)$ Total AFS Securities 1,056.3$ 986.7$ (69.6)$ Deferred Tax Impact 14.7$ Accumulated Other Comprehensive Income/Loss (54.9)$

 

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 September 30, 2026, SSW maintained ~$5.45 billion in AUM (3), which includes negative impact of AOCI (~$4.17 billion bank AUM (1), ~$1.28 billion non -bank AUM) • For Q3’26, 38% of total AUM fees were represented by banks and credit unions and SSW provided portfolio management services for 51 bank clients FINANCIAL INSTITUTIONS GROUP • September 2020 – b1BANK announced the formation of its Financial Institutions Group • FIG currently maintains $551 million in total loan participations sold (1) and has generated $307 million (2) in total deposits through a relationship network of ~100 bank counterparties WATERSTONE LSP February 1, 2024 – b1BANK acquired Waterstone LSP and operates it 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 September 30, 2026: • 40 banks under LSP Agreements • Q3’26 loan closing volume of $18.2 million (includes $11.7 million of b1BANK loan closings) • Q3’26 active pipeline of ~$75 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 the bank 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 • $174.6 million in client notional generated ~$2.4 million in fee income NONINTEREST REVENUE OPPORTUNITIES – b1 FINANCIAL SERVICES (1) Does not necessarily include total production/volume since inception. (2) Reflects average total deposits for Q3 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 $0.7 $0.9 $0.9 $0.9 $0.5 $0.8 $2.2 $1.5 $3.4 $3.1 $1.1 $1.4 $1.1 $1.0 $2.7 $4.4 $2.5 $5.4 $5.8 $6.0 $6.3 $5.4 $1.6 $1.5 $1.9 $1.8 $1.9 FY 2022 FY 2023 FY 2024 FY 2025 YTD Q3'26 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 $15.0 Q3’26 total b1 Financial Services revenue was $4.82 million, up 5.9% (23.4% annualized) from prior quarter $0.5 $0.3 $0.2 $0.4 $0.5

 

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

 

16 3rd 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 September 30, 2026. Core Net Income $26.0 million +22.6% YoY Core Diluted EPS $0.79 +9.7% YoY Core ROAA 1.17% Core ROACE 10.93% Core Efficiency Ratio 61.1% Net Interest Margin 3.80% (excluding discount accretion) Loan Growth, HFI ~$121 million +7.2% (linked-quarter annualized) Total Deposit Growth ~$141 million +7.7% (linked-quarter annualized) Consolidated Capital CET1 Ratio: 10.29% TRBC Ratio: 13.55% TBVPS $23.71 +4.8% YoY Q3 2026 Results Earnings & Profitability Q3 2026 Q2 2026 Q3 2025 Net Income Available to Common Shareholders 23,201$ 22,825$ 21,505$ Pre-Tax, Pre-Provision Earnings(1) 32,711 32,286 32,065 Diluted Earnings Per Common Share 0.71 0.70 0.73 ROAA 1.04% 1.03% 1.08% ROACE 9.75 9.83 10.80 Net Interest Margin 3.86 3.73 3.68 Efficiency Ratio 64.88 64.83 60.45 Core Net Income Available to Common Shareholders(1) 26,012$ 23,330$ 21,215$ Core Pre-Tax, Pre-Provision Earnings(1) 36,270 32,916 31,587 Core Diluted Earnings Per Common Share(1) 0.79 0.71 0.72 Core ROAA(1) 1.17% 1.05% 1.06% Core ROACE(1) 10.93 10.05 10.65 Net Interest Margin excluding loan discount accretion(1) 3.80 3.68 3.63 Core Efficiency Ratio(1) 61.08 63.94 60.94 Balance Sheet & Capital Total Loans 6,780,887$ 6,659,447$ 6,021,055$ Total Deposits 7,376,798 7,235,556 6,506,862 Common Equity Tier 1 Ratio(2) 10.29% 10.38% 10.06% Total Risk-Based Capital Ratio(2) 13.55 13.77 13.22 Common Equity / Total Assets 10.39 10.52 10.14 Tangible Common Equity / Tangible Assets(1) 8.72 8.79 8.57 Book Value Per Common Share 28.77$ 28.79$ 27.23$ Tangible Book Value Per Common Share(1) 23.71 23.61 22.63 Asset Quality Provision for Credit Losses 1,938$ 1,991$ 3,183$ Net Charge-Offs / Avg. Quarterly Total Loans 0.08% 0.04% 0.05% ACL / Total Loans (HFI) 0.95 1.02 1.03 NPLs / Total Loans (HFI) 1.24 1.26 0.82 NPAs / Total Assets 1.22 1.23 0.83 Q3 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 3.86% 3.80% 2.40% 2.26% 6.74% 4.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 NIM NIM ex. Accretion Total Funding Cost Total Cost of Deposits Loan Yield Target Fed Funds Rate Note: Data is as of September 30, 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 9/30/26) Note: Dollars in millions. Data is as of September 30, 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 September 30, 2026. (2) Core CDs and Core Time Deposits exclude brokered deposits and CDARs. Excludes CD balances for Progressive Bank. • 53.4% of total loans HFI are floating rate, as of September 30, 2026 • 46.6% of total loans HFI are fixed rate, with 14.6% 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 77% during Q3’26 • $144 million remaining Core CD balances(2) will mature in Q4’26, with $174 million maturing in Q1’27 LOAN AND DEPOSIT PORTFOLIO OVERVIEW Deposit Portfolio (as of 9/30/26) Outstanding Balance Weighted ($MM) (% of Total) Avg. Rate(1) Fixed Rate (mature/reprice > 1 year) 2,155.2$ 32.0% 6.32% Fixed Rate (mature/reprice < 1 year) 981.1 14.6% 5.97% Floating Rate with Floors 1,539.4 22.9% 7.03% Floating Rate without Floors 2,056.2 30.5% 6.91% Total 6,731.9$ 100.0% 6.61% 32.0% 14.6% 22.9% 30.5%68.0% of total loans HFI are floating / variable rate or fixed rate maturing/repricing within the next 12-months Deposit Balance Weighted ($MM) (% of Total) Avg. Rate(1) Noninterest Bearing Deposits 1,605.7$ 21.8% 0.00% Interest Bearing Checking 1,162.2 15.8% 1.89% Sav ings Deposits 179.1 2.4% 0.22% Money Market Deposit Accounts 3,131.9 42.5% 3.13% Certificate of Deposits 959.5 13.0% 3.24% Brokered Deposits 338.4 4.6% 4.01% Total 7,376.8$ 100.0% 2.24% 21.8% 15.8% 2.4% 42.5% 13.0% 4.6% $6.73 billion $7.38 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 Q3 2026 Highlights $1,921 $1,922 $1,943 $1,989 $1,991 $1,280 $1,357 $1,517 $1,512 $1,575 $1,076 $1,152 $1,176 $1,147 $1,149 $1,106 $1,119 $1,362 $1,319 $1,291 $639 $639 $686 $693 $774 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Construction Residential, Consumer & Other CRE - Owner Occupied CRE - Non-Owner Occupied Commercial Total Loans HFI QoQ Change Dallas Fort Worth 27.2% Houston 8.0% North Louisiana 24.7% Southwest Louisiana 22.9% Greater New Orleans 17.2% Total Loans HFI by Region ($ in millions) QoQ YoY Commercial 2$ 70$ CRE - Non-Owner Occupied 64$ 295$ CRE - Owner Occupied 2$ 74$ Residential, Consumer, & Other (28)$ 186$ Construction 81$ 135$ Total 121$ 760$ Increase (Decrease) by Loan Type $6,021 $6,189 $6,684 $6,659 $6,781 ($26.6) +$168.4 +$494.8 ($24.8) +$121.4 Q3’26 Avg. Yield(1) 7.14% 6.54% 6.18% 6.02% 7.17% Total Yield 6.61% • Total loans HFI increased $121.4 million or 1.8% (7.2% annualized) compared to the linked quarter • Meaningful growth in our Houston market with gross loan production of $157.8 million during Q3 • 53.4% of total loans HFI are floating rate, as of September 30, 2026 • Total loans HFI increased $759.8 million or 12.6% year-over-year Note: Data is as of September 30, 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 September 30, 2026, based on preliminary FDIC call report data. LOAN PORTFOLIO SNAPSHOT $6.78 billion Total Loan Portfolio Composition Top 5 Exposure Categories Outstanding Unfunded Average NPLs % of Balance Commitment Loan Size Total Loans Commercial $1.94 billion $1.09 billion $456 thousand 2.02% CRE - Owner-Occupied $1.15 billion $69 million $939 thousand 0.84% CRE - Non Owner-Occupied $1.58 billion $66 million $2 million 0.75% Construction & Land $774 million $318 million $706 thousand 1.13% 1-4 Family $692 million $27 million $252 thousand 1.32% Total $6.13 billion $0.48 billion $871 thousand 1.28%

 

23 LOAN COMPOSITION: COMMERCIAL Note: Data is as of September 30, 2026. Percentages based on loan balances before accounting adjustments. • Commercial loans represent 29.4% of the total loan portfolio • Total commercial loan growth year-over-year of 3.7% • Weighted average maturity of the commercial portfolio is 2.47 years Commercial Loans by Collateral Commercial Loans by Market AR & Inventory 30.7% Equipment 13.4% All Other 26.4% Titled Collateral 10.8% Cash/Securities 9.0% Agricultural 9.6% Dallas Fort Worth 31.3% North Louisiana 27.3% Bayou 5.0% Capital 7.9% Greater New Orleans 10.1% Southwest Louisiana 9.3% Houston 9.0%

 

24 Income Producing CRE Geography(1) Income Producing CRE Portfolio Baton Rouge, LA 13.5% Dallas, TX 11.3% Monroe, LA 9.1% Covington, LA 4.7% New Orleans, LA 3.7% Shreveport, LA 3.5% Houston, TX 3.5% Plano, TX 3.4% Lafayette, LA 3.0% Lake Charles, LA 2.4% All Other Geographies 41.8% Total CRE - Income Producing 100.0% 13.5% 11.3% 9.1% 4.7% 3.7% 3.5% 3.5% 3.4% 3.0% 2.4% 41.8% Owner Occupied CRE Geography(1) Income Producin CRE Geography(1) Owner Occupied CRE Portfolio Baton Rouge, LA 10.2% Houston, TX 6.7% Monroe, LA 5.3% Dallas, TX 5.0% New Orleans, LA 4.7% Lake Charles, LA 3.8% Metairie, LA 3.1% Bossier City, LA 3.1% Houma, LA 2.7% Shreveport, LA 2.5% All Other Geographies 52.8% Total CRE - Owner Occupied 100.0% 10.2% 6.7% 5.3% 5.0% 4.7% 3.8% 3.1% 3.1% 2.7% 2.5% 52.8% C&D by Geography(1) Owner Occupied CRE Geography(1) C&D Portfolio Dallas, TX 20.7% Baton Rouge, LA 9.8% Covington, LA 8.1% Hammond, LA 5.3% Houston, TX 3.8% Harvey, LA 2.7% Denham Springs, LA 2.7% Monroe, LA 2.5% Plano, TX 2.4% New Orleans, LA 2.2% All Other Geographies 39.8% Total C&D 100.0% 20.7% 9.8% 8.1% 5.3% 3.8% 2.7% 2.7% 2.5% 2.4% 2.2% 39.8% Note: Dollars in millions. Data is as of September 30, 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 October 1, 2026, through September 30, 2027. LOAN COMPOSITION: COMMERCIAL REAL ESTATE C&D Highlights • $774.2 million total portfolio • $34.5 million largest relationship(2) • $708 thousand average loan size • $263.9 million maturing over the next 12 months(3) • Dallas, Baton Rouge and Covington represent top 3 geographies within C&D and comprise 38.7% of all C&D loans or $299.3 million Owner-Occupied Highlights • $1.15 billion total portfolio • $18.1 million largest relationship(2) • $941 thousand average loan size • $183.6 million maturing over the next 12 months(3) • Baton Rouge, Houston and Monroe represent top 3 geographies within owner-occupied and comprise 22.3% of all owner-occupied loans or $256.1 million Income Producing Highlights • $1.58 billion total portfolio • $25.6 million largest relationship(2) • $2.01 million average loan size • $539.3 million balance maturing over the next 12 months(3) • Baton Rouge, Dallas and Monroe represent top 3 geographies within income producing and comprise 34.0% of all income producing loans or $535.3 million $774.2 million $1.15 billion $1.58 billion $774.2 million $1.15 billion $1.58 billion C&D Composition CRE Composition - Owner Occupied C&D Portfolio Raw Land 8.0% Vacant Residential Lots 7.0% Vacant Commercial Lots 10.2% Land Development - Residential 14.8% Residential Construction - OORE 5.6% Residential Construction - Non OORE 11.3% Commercial Construction - Retail 4.0% Commercial Construction - Office 4.9% Commercial Construction - Apartment/Multi-Family 10.0% Commercial Construction - Other 24.3% Total C&D 100.0% 8.0% 7.0% 10.2% 14.8% 5.6% 11.3% 4.0% 4.9% 10.0% 24.3% r c pied CRE Composition - Income Producing Owner Occupied CRE Portfolio Hotel/Motel 0.8% Office Building 21.0% Office/Warehouse 23.1% Retail 19.6% Commercial Building 16.6% Other 19.0% Total CRE - Owner Occupied 100.0% 0.8% 21.0% 23.1% 19.6% 16.6% 19.0% i i i Income Producing CRE Portfolio Hotel/Motel 15.3% Office Building 20.3% Office/Warehouse 3.9% Warehouse 8.9% Retail - Single-Tenant 6.0% Retail - Multi-Tenant 25.1% Commercial Building 11.8% Other 8.7% Total CRE - Income Producing 100.0% 15.3% 20.3% 3.9% 8.9% 6.0% 25.1% 11.8% 8.7%

 

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 9/30/2026. (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 $8,955,962 Gross Loans (Excl. HFS) 3,189,608 4,606,176 4,992,785 5,981,399 6,189,490 6,780,887 Deposits 4,077,283 4,820,345 5,248,790 6,511,331 6,698,590 7,376,798 Total Equity 433,368 580,481 644,259 799,466 896,883 1,002,516 Tangible Common Equity / Tangible Assets(1) 7.76 % 6.89 % 7.28 % 7.63 % 8.53 % 8.72 % Tier 1 Leverage Ratio(2) 8.14 9.49 9.52 9.53 10.08 10.36 Total Risk-based Capital Ratio(2) 11.94 12.75 12.85 12.75 12.93 13.55 Net Loans (Excl. HFS) / Assets 66.87 % 76.25 % 75.21 % 75.43 % 74.69 % 75.05 % Gross Loans (Excl. HFS) / Deposits 78.23 95.56 95.12 91.86 92.40 91.92 NIB Deposits / Deposits 31.66 32.14 24.75 20.84 19.74 21.77 Commercial Loans / Loans (Excl. HFS)(3) 22.62 25.05 27.22 31.24 31.05 29.36 C&D / Total Risk-Based Capital(4) 117.0 % 109.8 % 91.7 % 78.2 % 68.7 % 73.4 % CRE / Total Risk-Based Capital(4) 250.1 272.1 253.5 253.6 258.0 257.5 Asset Quality NPLs / Loans (Excl. TDRs)(5) 0.41 % 0.25 % 0.34 % 0.42 % 1.24 % 1.24 % NPAs / Assets (Excl. TDRs)(5) 0.31 0.21 0.28 0.39 1.09 1.22 Reserves / Loans (Excl. HFS) 0.91 0.83 0.81 0.92 0.87 0.88 NCOs / Average Loans 0.03 0.04 0.11 0.08 0.19 0.14 Profitability Ratios Net Income Available to Common Shareholders $52,136 $52,905 $65,642 $59,706 $82,460 $68,240 ROAA 1.18 % 0.97 % 1.04 % 0.86 % 1.05 % 1.03 % ROACE 12.25 11.59 12.36 9.54 10.59 9.78 Net Interest Margin 3.84 % 3.92 % 3.62 % 3.48 % 3.69 % 3.75 % Efficiency Ratio 61.84 65.26 61.61 65.42 63.85 64.72 Non-Interest Income / Avg. Assets 0.80 0.54 0.62 0.63 0.65 0.61 Non-Interest Expense / Avg. Assets 2.66 2.73 2.47 2.55 2.58 2.66 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 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Core Net Income: Net Income Available to Common Shareholders 52,136$ 52,905$ 65,642$ 59,706$ 82,460$ 21,505$ 21,009$ 22,214$ 22,825$ 23,201$ Adjustments(1): -$ (543)$ -$ -$ -$ -$ -$ -$ -$ -$ 799$ 566$ -$ (39)$ 663$ -$ 785$ (22)$ -$ -$ -$ -$ 341$ -$ -$ -$ -$ -$ -$ -$ (299)$ 38$ 2,023$ (6)$ (51)$ (61)$ (27)$ (63)$ 5$ 16$ (354)$ -$ (745)$ -$ (2,527)$ -$ -$ -$ -$ -$ -$ -$ (1,150)$ -$ (497)$ -$ -$ -$ (430)$ -$ 1,230$ 395$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 407$ 4,236$ 215$ 1,524$ 3,128$ 1,000$ 1,125$ 1,908$ 930$ 2,795$ -$ -$ -$ 769$ 1,939$ 346$ 628$ -$ -$ -$ -$ -$ -$ 3,805$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (1,575)$ (1,575)$ -$ -$ -$ -$ Core Net Income Available to Common Shareholders 53,919$ 57,597$ 66,326$ 65,759$ 83,540$ 21,215$ 23,520$ 24,037$ 23,330$ 26,012$ Core Return on Average Assets: Net Income Available to Common Shareholders 52,136$ 52,905$ 65,642$ 59,706$ 82,460$ 21,505$ 21,009$ 22,214$ 22,825$ 23,201$ Core Net Income Available to Common Shareholders 53,919$ 57,597$ 66,326$ 65,759$ 83,540$ 21,215$ 23,520$ 24,037$ 23,330$ 26,012$ Average Assets 4,403,670$ 5,473,508$ 6,341,880$ 6,973,735$ 7,873,743$ 7,921,159$ 8,016,094$ 8,893,419$ 8,916,954$ 8,845,047$ ROAA 1.18% 0.97% 1.04% 0.86% 1.05% 1.08% 1.04% 1.01% 1.03% 1.04% Core ROAA 1.22% 1.05% 1.05% 0.94% 1.06% 1.06% 1.16% 1.10% 1.05% 1.17% ROACE 12.25% 11.59% 12.36% 9.54% 10.59% 10.80% 10.18% 9.77% 9.83% 9.75% Core ROACE 12.67% 12.62% 12.49% 10.51% 10.73% 10.65% 11.40% 10.57% 10.05% 10.93% Average Diluted Shares Outstanding 20,634,281 22,817,493 25,296,200 26,452,084 29,545,702 29,656,639 29,669,253 32,785,554 32,763,608 32,730,923 Diluted Earnings per Common Share 2.53$ 2.32$ 2.59$ 2.26$ 2.79$ 0.73$ 0.71$ 0.68$ 0.70$ 0.71$ Core Diluted Earnings per Common Share 2.61$ 2.52$ 2.62$ 2.49$ 2.83$ 0.72$ 0.79$ 0.73$ 0.71$ 0.79$ Net Interest Margin Excluding Loan Discount Accretion: Net Interest Income 153,884$ 199,577$ 215,129$ 227,383$ 273,163$ 69,276$ 70,862$ 75,195$ 77,844$ 80,664$ Adjustments: (7,750) (9,432) (9,311) (4,182) (4,089) (1,111) (1,418) (1,138) (995) (1,221) Adjusted Net Interest Income 146,134$ 190,145$ 205,818$ 223,201$ 269,074$ 68,165$ 69,444$ 74,057$ 76,849$ 79,443$ Average Interest-earning Assets 4,011,773$ 5,091,684$ 5,939,405$ 6,536,333$ 7,402,462$ 7,460,027$ 7,569,692$ 8,348,833$ 8,365,827$ 8,290,252$ Net Interest Margin 3.84% 3.92% 3.62% 3.48% 3.69% 3.68% 3.71% 3.65% 3.73% 3.86% 3.64% 3.73% 3.47% 3.41% 3.63% 3.63% 3.64% 3.60% 3.68% 3.80% 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 Q4'25 Q1'26 Q2'26 Q3'26 Q3'26 Core Net Income: Net Income Available to Common Shareholders 21,009$ 22,214$ 22,825$ 23,201$ 89,249$ Adjustments(1): 785$ (22)$ -$ -$ 763$ (27)$ (63)$ 5$ 16$ (69)$ (Gain)/Loss on Sale of Banking Center -$ -$ -$ -$ -$ -$ -$ (430)$ -$ (430)$ 1,125$ 1,908$ 930$ 2,795$ 6,758$ 628$ -$ -$ -$ 628$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Core Net Income Available to Common Shareholders 23,520$ 24,037$ 23,330$ 26,012$ 96,899$ Core Return on Average Assets: Net Income Available to Common Shareholders 21,009$ 22,214$ 22,825$ 23,201$ 89,249$ Core Net Income Available to Common Shareholders 23,520$ 24,037$ 23,330$ 26,012$ 96,899$ Average Assets 8,016,094$ 8,893,419$ 8,916,954$ 8,845,047$ 8,667,879$ ROAA 1.04% 1.01% 1.03% 1.04% 1.03% Core ROAA 1.16% 1.10% 1.05% 1.17% 1.12% Average Diluted Shares Outstanding 29,669,253 32,785,554 32,763,608 32,730,923 31,987,335 Diluted Earnings per Common Share 0.71$ 0.68$ 0.70$ 0.71$ 2.80$ Core Diluted Earnings per Common Share 0.79$ 0.73$ 0.71$ 0.79$ 3.02$ 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 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity 878,440$ 896,883$ 991,176$ 1,008,577$ 1,002,516$ Preferred Stock (71,930) (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 806,510$ 824,953$ 919,246$ 936,647$ 930,586$ Adjustments: Goodwill (121,146) (121,146) (133,564) (135,222) (131,743) Core deposit and other intangibles (15,136) (14,497) (29,409) (33,267) (31,983) Total Tangible Common Equity 670,228$ 689,310$ 756,273$ 768,158$ 766,860$ Tangible Assets Total Assets 7,953,862$ 8,214,740$ 8,906,808$ 8,903,506$ 8,955,962$ Adjustments: Goodwill (121,146) (121,146) (133,564) (135,222) (131,743) Core deposit and other intangibles (15,136) (14,497) (29,409) (33,267) (31,983) Total Tangible Assets 7,817,580$ 8,079,097$ 8,743,835$ 8,735,017$ 8,792,236$ Common Equity to Total Assets 10.14% 10.04% 10.32% 10.52% 10.39% Tangible Common Equity to Tangible Assets 8.57% 8.53% 8.65% 8.79% 8.72% Tangible Book Value per Share: Tangible Common Equity Total Shareholders' Equity 878,440$ 896,883$ 991,176$ 1,008,577$ 1,002,516$ Preferred Stock (71,930) (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 806,510$ 824,953$ 919,246$ 936,647$ 930,586$ Adjustments: Goodwill (121,146) (121,146) (133,564) (135,222) (131,743) Core deposit and other intangibles (15,136) (14,497) (29,409) (33,267) (31,983) Total Tangible Common Equity 670,228$ 689,310$ 756,273$ 768,158$ 766,860$ Adjustments: Exclude AOCI (36,429) (33,287) (37,909) (35,822) (54,910) Total Tangible Common Equity (excl. AOCI) 706,657$ 722,597$ 794,182$ 803,980$ 821,770$ Common shares outstanding 29,615,370 29,510,668 32,624,887 32,535,659 32,345,723 Book Value per Common Share 27.23$ 27.95$ 28.18$ 28.79$ 28.77$ Tangible Book Value per Common Share 22.63$ 23.36$ 23.18$ 23.61$ 23.71$ Tangible Book Value per Common Share (excl. AOCI) 23.86$ 24.49$ 24.34$ 24.71$ 25.41$ 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 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 12/31/2024 12/31/2025 Q3'26 Core Efficiency Ratio: Noninterest Expense 48,882$ 52,412$ 57,471$ 59,525$ 60,465$ 177,652$ 203,078$ 229,873$ Core Adjustments 401$ (2,202)$ (2,227)$ (1,169)$ (3,538)$ (2,595)$ (4,274)$ (9,136)$ Net Interest and Noninterest Income 80,870$ 83,057$ 89,165$ 91,817$ 93,197$ 271,569$ 324,641$ 357,236$ Core Adjustments -$ 995$ (28)$ (545)$ -$ (50)$ (3,150)$ 422$ Efficiency Ratio(1) 60.45% 63.10% 64.45% 64.83% 64.88% 65.42% 62.55% 64.35% Core Efficiency Ratio 60.94% 59.74% 61.98% 63.94% 61.08% 64.47% 61.84% 61.72% Core Efficiency Ratio Fiscal Quarter Fiscal Year Ended

 

32 RECONCILIATION OF NON -GAAP FINANCIAL MEASURES Note: Dollars in thousands. Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Core pre-tax, pre-provision earnings: Pre-tax, pre-provision earnings 32,065$ 30,680$ 31,774$ 32,286$ 32,711$ Adjustments: -$ 995$ (28)$ -$ -$ -$ -$ -$ -$ -$ (77)$ (35)$ (80)$ 6$ 21$ (Gain)/Loss on Sale of Banking Center -$ -$ -$ -$ -$ -$ -$ -$ (545)$ -$ 1,157$ 1,406$ 2,227$ 1,169$ 3,538$ 439$ 796$ -$ -$ -$ -$ -$ -$ -$ -$ (1,997)$ -$ -$ -$ -$ Core pre-tax, pre-provision earnings 31,587$ 33,842$ 33,893$ 32,916$ 36,270$ 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

Filing Exhibits & Attachments

6 documents

Press Releases

Other Documents

Keep reading

More on BFST

All BFST news

Trending in the feed

EQT
EQT Announces Strategic Acquisition of Range Resources, Creating America's Undisputed Natural Gas Champion Open the live feed