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Business First Bancshares (NASDAQ: BFST) posts Q2 2026 profit, boosts margin and capital

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

Rhea-AI Filing Summary

Business First Bancshares, Inc. reported net income available to common shareholders of $22.8 million, or $0.70 per diluted share, for the quarter ended June 30, 2026, modestly higher than the linked quarter. On a non-GAAP basis, core net income was $23.3 million, or $0.71 per diluted share, slightly below the prior quarter. Net interest margin improved to 3.73%, or 3.68% excluding loan discount accretion, while annualized returns to common shareholders were 1.03% on average assets and 9.83% on average equity, with core returns of 1.05% and 10.05%.

Capital and shareholder returns strengthened. Tangible common equity to tangible assets rose to 8.79%, and book value per common share reached $28.79, with tangible book value at $23.61. The consolidated total risk-based capital ratio increased to 13.77%, aided by an earlier $85.0 million subordinated debt issuance. The company repurchased 176,849 shares for $4.8 million and declared a $0.15 quarterly common dividend and a $18.75 quarterly preferred dividend, both payable on August 31, 2026 to shareholders of record on August 15, 2026.

The balance sheet was actively repositioned. Loans held for investment declined slightly to $6.66 billion, as approximately $96.4 million of organic production was offset by $88.3 million of acquired loan sales and resolution of a $21.0 million nonperforming loan. Deposits decreased $229.4 million to $7.24 billion, largely from interest-bearing balances, while borrowings increased $206.3 million, primarily short-term Federal Home Loan Bank advances. Asset quality improved, with nonperforming loans at 1.26% of loans and nonperforming assets at 1.23% of total assets, and net charge-offs of 0.04% of average loans alongside an allowance for credit losses equal to 1.02% of loans.

Positive

  • None.

Negative

  • None.

Filing Explained

Business First Bancshares completed its acquisition of American Planning Corporation on June 29, 2026; its chief executive and team joined subsidiary Smith Shellnut Wilson, expanding the advisory platform to serve clients nationwide.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income available to common shareholders $22.8 million Quarter ended June 30, 2026; increased by $0.6 million from the linked quarter.
Diluted earnings per common share $0.70 Quarter ended June 30, 2026; increased by $0.02 from the linked quarter.
Core net income available to common shareholders $23.3 million Non-GAAP for the quarter ended June 30, 2026; decreased by $0.7 million from the linked quarter.
Net interest margin 3.73% Quarter ended June 30, 2026; expanded 8 basis points from the linked quarter.
Tangible book value per common share $23.61 As of June 30, 2026; up from $23.18 at March 31, 2026.
Nonperforming loans to total loans (HFI) 1.26% As of June 30, 2026; ratio decreased by 27 basis points from the linked quarter.
Total assets $8.9 billion Consolidated assets of Business First Bancshares, Inc. as of June 30, 2026.
Quarterly common dividend per share $0.15 Declared July 23, 2026; payable August 31, 2026 to shareholders of record on August 15, 2026.
net interest margin financial
"Net interest margin and net interest spread were 3.73% and 2.99% compared to 3.65% and 2.91% for the linked quarter."
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.
tangible book value per common share financial
"tangible book value per common share increased from $23.18 at the linked quarter to $23.61 at June 30, 2026"
A per-share measure of the company’s tangible net asset value available to common shareholders after removing intangible items (like goodwill, brand value, and patents) and any preferred shareholder claims. Think of it as the amount each common share would get if the company sold only its physical and financial assets and settled priority claims. Investors use it as a conservative baseline to judge whether a stock is cheaply priced relative to the company’s hard-asset backing.
nonperforming assets financial
"the ratio of nonperforming assets compared to total assets decreased 15 bps to 1.23% compared to the linked quarter."
Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.
allowance for credit losses financial
"the ratio of allowance for credit losses to loans held for investment was 1.02%, compared to 1.03% for the linked quarter."
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
core net income financial
"core net income for the quarter ended June 30, 2026, which excludes certain income and expenses, was $23.3 million"
Core net income is the company’s profit after taxes from its ordinary, ongoing business activities, excluding one-time gains, losses or unusual items. Think of it like a household’s regular salary minus one-off windfalls or repairs — it shows the steady earnings the business can be expected to produce. Investors use it to judge the company’s underlying performance and to compare profitability across periods without distortion from rare events.

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

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FAQ

What were Business First Bancshares (BFST) earnings for Q2 2026?
Business First Bancshares reported net income available to common shareholders of $22.8 million, or $0.70 per diluted share for Q2 2026. On a non-GAAP basis, core net income was $23.3 million, or $0.71 per diluted share, reflecting modest changes versus the linked quarter.

What dividend did Business First Bancshares (BFST) declare for Q2 2026?
The board declared a $0.15 per share quarterly common dividend and a $18.75 per share quarterly preferred dividend. Both dividends are payable on August 31, 2026 to shareholders of record as of August 15, 2026, based on second-quarter financial performance.

How did Business First Bancshares (BFST) net interest margin and profitability look in Q2 2026?
Net interest margin was 3.73%, or 3.68% excluding loan discount accretion, up from the linked quarter. Annualized returns to common shareholders were 1.03% on average assets and 9.83% on average equity, with core returns of 1.05% and 10.05%, respectively.

What were Business First Bancshares (BFST) capital ratios and book values at June 30, 2026?
At June 30, 2026, tangible common equity to tangible assets was 8.79% and common equity to total assets 10.52%. The consolidated total risk-based capital ratio was 13.77%. Book value per common share was $28.79 and tangible book value was $23.61.

How did loans, deposits, and borrowings trend for Business First Bancshares (BFST) in Q2 2026?
Loans held for investment were $6.66 billion, down slightly as organic production was offset by acquired loan sales and a major nonperforming loan resolution. Deposits declined $229.4 million to $7.24 billion, while borrowings increased $206.3 million, mainly short-term FHLB advances.

What was the asset quality profile of Business First Bancshares (BFST) at June 30, 2026?
Asset quality showed improvement, with nonperforming loans at 1.26% of loans held for investment and nonperforming assets at 1.23% of total assets. Net charge-offs were 0.04% of average quarterly total loans, and the allowance for credit losses equaled 1.02% of loans.
0001624322FALSE00016243222026-07-232026-07-23

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): July 23, 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 July 23, 2026, Business First Bancshares, Inc. (“Business First”), the parent company of b1BANK, issued a press release announcing financial results for the quarter ended June 30, 2026. The release also announced that the Board of Directors of Business First declared a common dividend on July 23, 2026, in the amount of $0.15 per share to the common shareholders of record on August 15, 2026. The dividend is to be paid on August 31, 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 August 31, 2026, or as soon therefore as practicable, to the preferred shareholders of record as of August 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 July 23, 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 July 23, 2026 announcing results of operations for the second quarter 2026
99.2
Investor Presentation, dated July 23, 2026, for the quarter ended June 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: July 23, 2026


image.jpg



500 Laurel Street
Baton Rouge, LA 70801
Phone: 877.614.7600

FOR IMMEDIATE RELEASE
July 23, 2026



Media Contact: Misty Albrecht
b1BANK
225.286.7879
media@b1BANK.com
Business First Bancshares, Inc., Announces Financial Results for Q2 2026
Baton Rouge, La. (July 23, 2026) – Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended June 30, 2026. Business First reported net income available to common shareholders of $22.8 million or $0.70 per diluted common share, increases of $0.6 million and $0.02, respectively, compared to the linked quarter. On a non-GAAP basis, core net income for the quarter ended June 30, 2026, which excludes certain income and expenses, was $23.3 million or $0.71 per diluted common share, decreases of $0.7 million and $0.02 from the linked quarter.
"Our second-quarter results — marked by solid organic loan origination, margin expansion, growth in capital, and improving asset quality trends — are laying the foundation we expected for a strong second half of the year," said Jude Melville, Chairman, President, and CEO of Business First. "Meta's recently announced additional $40 billion investment in Northeast Louisiana, the expected full integration of our Progressive acquisition in August, and meaningful growth in our Houston-area pipeline — along with other positive developments across our markets — give our team significant opportunities to build on as we execute on our growth plans."

On Thursday, July 23, 2026, Business First’s board of directors declared a quarterly preferred dividend in the amount of $18.75 per share, which is the full quarterly dividend of 1.875% based on the per annum rate of 7.50%. Additionally, the board of directors declared a quarterly common dividend based upon financial performance for the second quarter in the amount of $0.15 per share of common stock. The preferred and common dividends will be paid on August 31, 2026, or as soon thereafter as practicable, to the shareholders of record as of August 15, 2026.

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Quarterly Highlights
• Consistent Core Performance. Return to common shareholders on average assets, on an annualized basis, was 1.03% for the quarter ended June 30, 2026, or 1.05% on a non-GAAP basis, compared to 1.01% or 1.10% on a non-GAAP basis for the linked quarter. Return to common shareholders on average equity on an annualized basis, was 9.83% for the quarter ended June 30, 2026, or 10.05% on a non-GAAP basis, compared to 9.77%, or 10.57% on a non-GAAP basis for the linked quarter.
• American Planning Corporation Acquisition. On June 29, 2026, Business First completed the acquisition of American Planning Corporation, a financial consulting firm serving community banks since 1972. CEO T. Jefferson Fair and his team joined Smith Shellnut Wilson, LLC (SSW), a b1BANK subsidiary, expanding SSW’s advisory platform to serve SSW and b1 Financial Services Group clients nationwide.
• Margin Expansion. Net interest margin expanded 8 basis points (bps) to 3.73% for the quarter ended June 30, 2026, or 3.68% on a non-GAAP basis, compared to 3.65% or 3.60%, respectively, for the linked quarter. The expansion was driven by a slight improvement in book yield on loans and continued deposit cost management.
• Improving Shareholder Value. During the second quarter, as part of a previously announced stock repurchase program, Business First repurchased 176,849 shares, with a market value of $4.8 million, at a weighted average price of $27.22 per share. Common equity to total assets increased from 10.32% to 10.52%.
• Strengthening Capital Position. Tangible common equity to tangible assets increased from 8.65% to 8.79%, an increase of 1.67% or 6.71% annualized, compared to the linked quarter. Book value per common share increased to $28.79 at June 30, 2026, compared to $28.18 at March 31, 2026. On a non-GAAP basis, tangible book value per common share increased from $23.18 at the linked quarter to $23.61 at June 30, 2026, an increase of 1.85% or 7.42% annualized. Consolidated total risk based capital ratio increased to 13.77% from 13.08%, an increase of 0.69% from the prior quarter. The linked quarter capital build was driven by the successful completion of our April 2nd issuance of $85.0 million fixed-to-floating rate subordinated debt.
• Balance Sheet Repositioning. Completed the sale of $100.3 million lower-yielding acquired Progressive loans during the quarter, including $55.3 million of residential mortgages at a weighted average yield net of fees of 3.0% and $45.0 million of commercial real estate loans at a weighted average yield net of fees of 3.5%.
Statement of Financial Condition
Loans
Loans held for investment decreased $24.8 million or 0.37%, 1.49% annualized, compared to the linked quarter. During the quarter, organic loan production of
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approximately $96.4 million, or 5.8% annualized, was offset by the sale of $88.3 million of acquired loans and the resolution and reduction of $21.0 million on a nonperforming loan.
Credit Quality
The ratio of nonperforming loans compared to loans held for investment decreased 27 bps to 1.26% at June 30, 2026, while the ratio of nonperforming assets compared to total assets decreased 15 bps to 1.23% compared to the linked quarter. The decreases in the nonperforming loans and assets ratios over the linked quarter were largely attributable to previously identified commercial real estate and commercial business relationships that the Company resolved during the second quarter. Net charge-offs to average quarterly total loans increased to 4 bps for the quarter ended June 30, 2026, up from 1 bps from the linked quarter.
Securities
The securities portfolio decreased $4.7 million or 0.45%, from the linked quarter, impacted by $2.6 million in positive pre-tax fair value adjustments. The securities portfolio, based on estimated fair value, represented 11.69% of total assets as of June 30, 2026.
Deposits
Deposits as of June 30, 2026 decreased $229.4 million or 3.07%, 12.33% annualized, compared to the linked quarter. During the second quarter, interest-bearing deposits decreased $237.9 million or 4.04% and noninterest-bearing deposits increased $8.5 million or 0.54%. The decrease in interest-bearing deposits was largely impacted by approximately $71.8 million in commercial money market accounts and $62.6 million in brokered deposits. Average interest-bearing deposits decreased $145.0 million or 2.46%, and noninterest-bearing deposits decreased $2.9 million or 0.19% from the linked quarter.
Borrowings
Borrowings increased $206.3 million or 53.66%, from the linked quarter due primarily to increases in short-term Federal Home Loan Bank advances.
Shareholders’ Equity
Shareholders' equity increased $17.4 million or 1.76% compared to the linked quarter. Accumulated other comprehensive loss decreased from $37.9 million to $35.8 million or 5.51%, during the quarter due to after-tax fair value adjustments in the securities portfolio. Book value per common share increased to $28.79 at June 30, 2026, compared to $28.18 at March 31, 2026. On a non-GAAP basis, tangible book value per
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4
common share increased from $23.18 at the linked quarter to $23.61 at June 30, 2026, 1.85% or 7.42% annualized.
Results of Operations
Net Interest Income
For the quarter ended June 30, 2026, net interest income totaled $77.8 million, compared to $75.2 million from the linked quarter. Loan yields increased 2 bps to 6.63% compared to 6.61% from the linked quarter and interest-bearing asset yields increased 7 bps to 6.02% compared to 5.95% from the linked quarter. Net interest margin and net interest spread were 3.73% and 2.99% compared to 3.65% and 2.91% for the linked quarter. The overall cost of funds, which included noninterest-bearing deposits, decreased 1 bps from 2.45% to 2.44% for the quarter ended June 30, 2026.
Non-GAAP net interest income (excluding loan discount accretion of $1.0 million) totaled $76.8 million for the quarter ended June 30, 2026, compared to $74.1 million (excluding loan discount accretion of $1.1 million) for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.0 million) were 3.68% and 2.94%, respectively, for the quarter ended June 30, 2026, compared to 3.60% and 2.85% (excluding loan discount accretion of $1.1 million) for the linked quarter.
Provision for Credit Losses
During the quarter ended June 30, 2026, Business First recorded a provision for credit losses of $2.0 million, compared to $2.3 million from the linked quarter. At June 30, 2026, the ratio of allowance for credit losses to loans held for investment was 1.02%, compared to 1.03% for the linked quarter.
Other Income
For the quarter ended June 30, 2026, other income decreased $0.1 million or 0.59%, compared to the linked quarter. The decrease was largely attributable to a $1.2 million decrease in swap fee income, partially offset by a $0.5 million gain on redemption of debt and a $0.2 million increase in gain on sales of loans.
Other Expenses
For the quarter ended June 30, 2026, other expenses increased $2.1 million or 3.57% compared to the linked quarter. The increase was largely attributable to increases of $1.1 million each in advertising and promotions expense and other expenses and increases of $0.6 million each in legal and other professional fees and regulatory assessments, partially offset by a $1.1 million decrease in merger and conversion-related expenses.
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Return on Assets and Common Equity
Return to common shareholders on average assets and common equity, each on an annualized basis, were 1.03% and 9.83% for the quarter ended June 30, 2026, compared to 1.01% and 9.77%, respectively, for the linked quarter. Non-GAAP return to common shareholders on average assets and common equity, each on an annualized basis, were 1.05% and 10.05% for the quarter ended June 30, 2026, compared to 1.10% and 10.57% for the linked quarter.
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Conference Call and Webcast
Executive management will host a conference call and webcast to discuss results on Thursday, July 23, 2026, at 4:00 p.m. Central Time. Interested parties may attend the call by dialing toll-free 1-800-715-9871 (North America only), conference ID 4840024, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/ow56nmrd. 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, $5.6 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.
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Special Note Regarding Forward-Looking Statements
Certain statements contained in this release may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could,” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including those factors specified in our Annual Report on Form 10-K and other public filings. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release.
Additional Information
For additional information about Business First, you may obtain Business First’s reports that are filed with the Securities and Exchange Commission (SEC) free of charge by using the SEC’s EDGAR service on the SEC’s website at www.SEC.gov or by contacting the SEC for further information at 1-800-SEC-0330. Alternatively, these documents can be obtained free of charge from Business First by directing a request to: Business First Bancshares, Inc., 500 Laurel Street, Suite 101, Baton Rouge, Louisiana 70801, Attention: Corporate Secretary.
No Offer or Solicitation
This release does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of Business First. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.





Investor Relations Contacts:

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


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Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months Ended
June 30, 2026March 31, 2026June 30, 2025
(Dollars in thousands)
Balance Sheet Ratios
Loans (HFI) to Deposits92.04 %89.54 %94.21 %
Shareholders' Equity to Assets Ratio11.33 11.13 10.67 
Loans Receivable Held for Investment (HFI)
Commercial$1,988,696 $1,943,412 $1,960,974 
Real Estate:
Commercial2,824,015 2,841,626 2,533,761 
Construction693,477 685,817 600,292 
Residential1,079,018 1,141,220 879,891 
Total Real Estate4,596,510 4,668,663 4,013,944 
Consumer and Other74,241 72,188 72,732 
Total Loans (Held for Investment)$6,659,447 $6,684,263 $6,047,650 
Allowance for Loan Losses
Balance, Beginning of Period$63,655 $53,959 $56,863 
Progressive - PCD ALLL— 9,264 — 
Charge-offs – Quarterly(3,208)(1,104)(921)
Recoveries – Quarterly293 181 99 
Provision for Loan Losses – Quarterly1,718 1,355 2,455 
Balance, End of Period$62,458 $63,655 $58,496 
Allowance for Loan Losses to Total Loans (HFI)0.94 %0.95 %0.97 %
Allowance for Credit Losses to Total Loans (HFI) (1)
1.02 1.03 1.02 
Net Charge-offs to Average Quarterly Total Loans0.04 0.01 0.01 
Remaining Loan Purchase Discount$7,341 $15,818 $10,099 
Nonperforming Assets
Nonperforming Loans:
Nonaccrual Loans$80,124 $100,803 $56,377 
Loans Past Due 90 Days or More4,011 1,404 2,467 
Total Nonperforming Loans84,135 102,207 58,844 
Other Nonperforming Assets:
Other Real Estate Owned25,109 20,898 1,473 
Other Nonperforming Assets— — — 
Total Other Nonperforming Assets25,109 20,898 1,473 
Total Nonperforming Assets$109,244 $123,105 $60,317 
Nonperforming Loans to Total Loans (HFI)1.26 %1.53 %0.97 %
Nonperforming Assets to Total Assets1.23 1.38 0.76 
(1) Allowance for Credit Losses includes the Allowance for Loan Loss and Reserve for Unfunded Commitments.

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Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
(Dollars in thousands, except per share data)
Per Share Data
Basic Earnings per Common Share$0.70 $0.68 $0.70 $1.38 $1.36 
Diluted Earnings per Common Share0.70 0.68 0.70 1.37 1.35 
Dividends per Common Share0.15 0.15 0.14 0.30 0.28 
Book Value per Common Share28.79 28.18 26.23 28.79 26.23 
Average Common Shares Outstanding32,589,95132,579,93429,517,49532,584,97029,354,228
Average Diluted Common Shares Outstanding32,763,60832,785,55429,586,97532,778,19929,500,061
End of Period Common Shares Outstanding32,535,65932,624,88729,602,97032,535,65929,602,970
Annualized Performance Ratios
Return to Common Shareholders on Average Assets (1)
1.03 %1.01 %1.07 %1.02 %1.04 %
Return to Common Shareholders on Average Common Equity (1)
9.83 9.77 10.87 9.80 10.68 
Net Interest Margin (1)
3.73 3.65 3.68 3.69 3.68 
Net Interest Spread (1)
2.99 2.91 2.88 2.95 2.90 
Efficiency Ratio (2)
64.83 64.45 62.83 64.65 63.33 
Total Quarterly/Year-to-Date Average Assets$8,916,954 $8,893,419 $7,791,371 $8,905,251 $7,771,288 
Total Quarterly/Year-to-Date Average Common Equity931,020 922,037 765,884 926,553 754,470 
Other Expenses
Salaries and Employee Benefits$33,120 $33,039 $28,317 $66,159 $57,814 
Occupancy and Equipment Expense8,279 8,122 7,162 16,401 14,518 
Advertising and Promotions2,606 1,508 1,088 4,114 2,379 
Communications638 652 590 1,290 1,181 
Ad Valorem Shares Tax977 978 1,125 1,955 2,250 
Data Processing Fees3,317 3,712 5,321 7,029 8,557 
Directors' Fees247 260 193 507 472 
Insurance432 411 435 424 843 839 
Legal and Other Professional Fees1,661 1,085 1,093 2,746 2,106 
Office Supplies and Printing278 313 300 591 611 
Regulatory Assessments1,534 984 933 2,518 2,190 
Merger and Conversion-Related Expenses303 1,377 210 1,680 460 
Other6,133 5,030 4,439 11,163 8,407 
Total Other Expenses$59,525 $57,471 $51,206 $116,996 $101,784 
b1BANK.com



11
Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
(Dollars in thousands, except per share data)
Other Income
Service Charges on Deposit Accounts$3,197 $3,142 $2,633 $6,339 $5,493 
Gain (Loss) on Sales of Securities(6)80 (47)74 (48)
Gain on Sales of Loans1,583 1,341 781 2,924 2,037 
Debit Card and ATM Fee Income2,415 2,306 1,958 4,721 3,816 
Cash Value of Life Insurance Income902 831 758 1,733 1,566 
Fees and Brokerage Commission2,387 2,261 1,980 4,648 4,128 
Pass-Through Income (Loss) from Other Investments14 135 (246)149 505 
Gain on Extinguishment/Redemption of Debt545 — — 545 630 
Gain on Branch Sale— — 3,360 — 3,360 
Swap Fee Income385 1,537 808 1,922 1,547 
Other2,545 2,417 2,430 4,962 4,607 
Total Other Income$13,967 $14,050 $14,415 $28,017 $27,641 
(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



12
Business First Bancshares, Inc.
Consolidated Balance Sheets
(Unaudited)
June 30, 2026March 31, 2026June 30, 2025
(Dollars in thousands)
Assets
Cash and Due From Banks$575,604 $589,804 $495,757 
Federal Funds Sold95,535 88,257 39,296 
Securities Purchased under Agreements to Resell30,702 30,743 25,433 
Securities Available for Sale, at Fair Values1,041,133 1,045,817 926,450 
Mortgage Loans Held for Sale2,838 480 677 
Loans and Lease Receivable6,659,447 6,684,263 6,047,650 
Allowance for Loan Losses(62,458)(63,655)(58,496)
Net Loans and Lease Receivable6,596,989 6,620,608 5,989,154 
Premises and Equipment, Net88,925 88,421 79,007 
Accrued Interest Receivable38,969 38,176 36,738 
Other Equity Securities51,302 40,047 48,736 
Other Real Estate Owned25,109 20,898 1,473 
Cash Value of Life Insurance139,169 132,682 118,707 
Deferred Taxes, Net21,561 22,959 25,222 
Goodwill135,222 133,564 121,146 
Core Deposit and Customer Intangibles33,267 29,409 15,775 
Other Assets27,181 24,943 24,723 
Total Assets$8,903,506 $8,906,808 $7,948,294 
Liabilities
Deposits
Noninterest-Bearing$1,583,562 $1,575,086 $1,410,708 
Interest-Bearing5,651,994 5,889,863 5,008,943 
Total Deposits7,235,556 7,464,949 6,419,651 
Securities Sold Under Agreements to Repurchase24,442 21,594 22,557 
Federal Home Loan Bank Borrowings442,494 260,792 492,946 
Subordinated Debt114,250 92,472 92,645 
Subordinated Debt - Trust Preferred Securities9,678 9,666 5,000 
Accrued Interest Payable3,774 3,692 4,829 
Other Liabilities64,735 62,467 62,226 
Total Liabilities7,894,929 7,915,632 7,099,854 
Shareholders' Equity
Preferred Stock71,930 71,930 71,930 
Common Stock32,536 32,625 29,603 
Additional Paid-In Capital578,087 580,640 502,046 
Retained Earnings361,846 343,890 292,629 
Accumulated Other Comprehensive Loss(35,822)(37,909)(47,768)
Total Shareholders' Equity1,008,577 991,176 848,440 
Total Liabilities and Shareholders' Equity$8,903,506 $8,906,808 $7,948,294 
b1BANK.com



13
Business First Bancshares, Inc.
Consolidated Statements of Income
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
(Dollars in thousands, except per share data)
Interest Income:
Interest and Fees on Loans$111,780 $109,146 $104,028 $220,926 $207,020 
Interest and Dividends on Securities9,104 8,462 6,906 17,566 13,520 
Interest on Federal Funds Sold and Due From Banks4,766 4,886 3,916 9,652 8,003 
Total Interest Income125,650 122,494 114,850 248,144 228,543 
Interest Expense:
Interest on Deposits41,251 42,758 41,546 84,009 83,985 
Interest on Borrowings6,555 4,541 6,262 11,096 11,533 
Total Interest Expense47,806 47,299 47,808 95,105 95,518 
Net Interest Income77,844 75,195 67,042 153,039 133,025 
Provision for Credit Losses1,991 2,278 2,225 4,269 5,037 
Net Interest Income After Provision for Credit Losses75,853 72,917 64,817 148,770 127,988 
Other Income:
Service Charges on Deposit Accounts3,197 3,142 2,633 6,339 5,493 
Gain (Loss) on Sales of Securities(6)80 (47)74 (48)
Gain on Sales of Loans1,583 1,341 781 2,924 2,037 
Other Income9,193 9,487 11,048 18,680 20,159 
Total Other Income13,967 14,050 14,415 28,017 27,641 
Other Expenses:
Salaries and Employee Benefits33,120 33,039 28,317 66,159 57,814 
Occupancy and Equipment Expense8,279 8,122 7,162 16,401 14,518 
Merger and Conversion-Related Expense303 1,377 210 1,680 460 
Other Expenses17,823 14,933 15,517 32,756 28,992 
Total Other Expenses59,525 57,471 51,206 116,996 101,784 
Income Before Income Taxes30,295 29,496 28,026 59,791 53,845 
Provision for Income Taxes6,120 5,932 5,923 12,052 11,199 
Net Income24,175 23,564 22,103 47,739 42,646 
Preferred Stock Dividends1,350 1,350 1,350 2,700 2,700 
Net Income Available to Common Shareholders$22,825 $22,214 $20,753 $45,039 $39,946 
b1BANK.com



14
Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Three Months Ended
June 30, 2026March 31, 2026June 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$6,757,776 $111,780 6.63 %$6,698,261 $109,146 6.61 %$5,995,490 $104,028 6.96 %
Securities1,068,191 9,104 3.42 1,065,447 8,462 3.22 937,099 6,906 2.96 
Securities Purchased under Agreements to Resell30,683 335 4.38 26,657 302 4.59 31,172 401 5.16 
Interest-Bearing Deposit in Other Banks509,177 4,431 3.49 558,468 4,584 3.33 336,138 3,515 4.19 
Total Interest-Earning Assets$8,365,827 $125,650 6.02 %$8,348,833 $122,494 5.95 %$7,299,899 $114,850 6.31 %
Allowance for Loan Losses(63,280)(60,553)(56,934)
Noninterest-Earning Assets614,407 605,139 548,406 
Total Assets$8,916,954 $125,650 $8,893,419 $122,494 $7,791,371 $114,850 
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Deposits$5,739,241 $41,251 2.88 %$5,884,257 $42,758 2.95 %$5,029,981 $41,546 3.31 %
Subordinated Debt112,252 1,778 6.35 92,163 1,209 5.32 92,682 1,235 5.34 
Subordinated Debt - Trust Preferred Securities9,670 178 7.40 11,671 165 5.73 5,000 100 8.02 
Advances from Federal Home Loan Bank (FHLB)441,012 4,457 4.05 297,588 3,038 4.14 447,271 4,793 4.30 
Other Borrowings22,206 142 2.58 20,030 129 2.61 20,514 134 2.62 
Total Interest-Bearing Liabilities$6,324,381 $47,806 3.03 %$6,305,709 $47,299 3.04 %$5,595,448 $47,808 3.43 %
Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits$1,518,400 $1,521,252 $1,292,262 
Other Liabilities71,223 72,491 65,847 
Total Noninterest-Bearing Liabilities$1,589,623 $1,593,743 $1,358,109 
Shareholders' Equity:
Common Shareholders' Equity931,020 922,037 765,884 
Preferred Equity71,930 71,930 71,930 
Total Shareholders' Equity$1,002,950 $993,967 $837,814 
Total Liabilities and Shareholders' Equity$8,916,954 $8,893,419 $7,791,371 
Net Interest Spread2.99 %2.91 %2.88 %
Net Interest Income$77,844 $75,195 $67,042 
Net Interest Margin3.73 %3.65 %3.68 %
Overall Cost of Funds2.44 %2.45 %2.78 %
NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention.
b1BANK.com



15
Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Six Months Ended
June 30, 2026June 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$6,728,183 $220,926 6.62 %$5,983,870 $207,020 6.98 %
Securities1,066,827 17,566 3.32 930,930 13,520 2.93 
Securities Purchased under Agreements to Resell28,681 637 4.48 40,950 1,052 5.18 
Interest-Bearing Deposit in Other Banks533,687 9,015 3.41 326,000 6,951 4.30 
Total Interest-Earning Assets8,357,378 248,144 5.99 7,281,750 228,543 6.33 
Allowance for Loan Losses(61,924)(55,829)
Noninterest-Earning Assets609,797 545,367 
Total Assets$8,905,251 $248,144 $7,771,288 $228,543 
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Deposits$5,811,348 $84,009 2.92 $5,085,431 $83,985 3.33 
Subordinated Debt102,263 2,998 5.91 94,954 2,497 5.30 
Subordinated Debt - Trust Preferred Securities10,665 332 6.27 5,000 199 8.03 
Advances from Federal Home Loan Bank (FHLB)369,696 7,495 4.09 404,917 8,589 4.28 
Other Borrowings21,124 271 2.59 19,424 248 2.57 
Total Interest-Bearing Liabilities$6,315,096 $95,105 3.04 %$5,609,726 $95,518 3.43 %
Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits$1,519,818 $1,268,659 
Other Liabilities71,854 66,503 
Total Noninterest-Bearing Liabilities1,591,672 1,335,162 
Shareholders' Equity:
Common Shareholders' Equity926,553 754,470 
Preferred Equity71,930 71,930 
Total Shareholders' Equity998,483 826,400 
Total Liabilities and Shareholders' Equity$8,905,251 $7,771,288 
Net Interest Spread2.95 %2.90 %
Net Interest Income$153,039 $133,025 
Net Interest Margin3.69 %3.68 %
Overall Cost of Funds2.45 %2.80 %
NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention.
b1BANK.com



16
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
(Dollars in thousands, except per share data)
Interest Income:
Interest income$125,650 $122,494 $114,850 $248,144 $228,543 
Core interest income125,650 122,494 114,850 248,144 228,543 
Interest Expense:
Interest expense47,806 47,299 47,808 95,105 95,518 
Core interest expense47,806 47,299 47,808 95,105 95,518 
Provision for Credit Losses: (b)
Provision for credit losses1,991 2,278 2,225 4,269 5,037 
Core provision expense1,991 2,278 2,225 4,269 5,037 
Other Income:
Other income13,967 14,050 14,415 28,017 27,641 
Gain on former bank premises and equipment — (28)— (28)(155)
(Gain) loss on sale of securities6 (80)47 (74)48 
Gain on extinguishment/redemption of debt(545)— — (545)(630)
Gain on branch sale— — (3,360)— (3,360)
Core other income13,428 13,942 11,102 27,370 23,544 
Other Expense:
Other expense59,525 57,471 51,206 116,996 101,784 
Acquisition-related expenses (2)
(1,169)(2,227)(570)(3,396)(1,249)
Core conversion expenses— — (1,008)— (1,224)
 Core other expense58,356 55,244 49,628 113,600 99,311 
Pre-Tax Income: (a)
Pre-tax income30,295 29,496 28,026 59,791 53,845 
Gain on former bank premises and equipment — (28)— (28)(155)
(Gain) loss on sale of securities6 (80)47 (74)48 
Gain on extinguishment/redemption of debt(545)— — (545)(630)
Gain on branch sale— — (3,360)— (3,360)
Acquisition-related expenses (2)
1,169 2,227 570 3,396 1,249 
Core conversion expenses— — 1,008 — 1,224 
 Core pre-tax income30,925 31,615 26,291 62,540 52,221 
Provision for Income Taxes: (1)
Provision for income taxes6,120 5,932 5,923 12,052 11,199 
Tax on gain on former bank premises and equipment— (6)— (6)(33)
Tax on (gain) loss on sale of securities1 (17)10 (16)10 
Tax on gain on extinguishment/redemption of debt(115)— — (115)(133)
Tax on gain on branch sale— — (833)— (833)
Tax on acquisition-related expenses (2)
239 319 103 558 246 
Tax on core conversion expenses— — 213 — 259 
Core provision for income taxes6,245 6,228 5,416 12,473 10,715 
Preferred Dividends:
Preferred dividends1,350 1,350 1,350 2,700 2,700 
Core preferred dividends$1,350 $1,350 $1,350 $2,700 $2,700 
b1BANK.com



17
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
(Dollars in thousands, except per share data)
Net Income Available to Common Shareholders:
Net income available to common shareholders$22,825 $22,214 $20,753 $45,039 $39,946 
Gain on former bank premises and equipment, net of tax— (22)— (22)(122)
(Gain) loss on sale of securities, net of tax5 (63)37 (58)38 
Gain on extinguishment/redemption of debt, net of tax(430)— — (430)(497)
Gain on branch sale, net of tax— — (2,527)— (2,527)
Acquisition-related expenses (2), net of tax
930 1,908 467 2,838 1,003 
Core conversion expenses, net of tax— — 795 — 965 
Core net income available to common shareholders23,330 24,037 19,525 47,367 38,806 
 Pre-tax, pre-provision earnings available to common shareholders (a+b)(3)
32,286 31,774 30,251 64,060 58,882 
Gain on former bank premises and equipment — (28)— (28)(155)
(Gain) loss on sale of securities6 (80)47 (74)48 
Gain on extinguishment/redemption of debt(545)— — (545)(630)
Gain on branch sale— — (3,360)— (3,360)
Acquisition-related expenses (2)
1,169 2,227 570 3,396 1,249 
Core conversion expenses— — 1,008 — 1,224 
Core pre-tax, pre-provision earnings$32,916 $33,893 $28,516 $66,809 $57,258 
Average Diluted Common Shares Outstanding32,763,60832,785,55429,586,97532,778,19929,500,061
Diluted Earnings Per Common Share:
Diluted earnings per common share$0.70 $0.68 $0.70 $1.37 $1.35 
Gain on former bank premises and equipment, net of tax— — — — — 
(Gain) loss 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)— (0.09)
Acquisition-related expenses (2), net of tax
0.02 0.05 0.02 0.09 0.04 
Core conversion expenses, net of tax— — 0.03 — 0.03 
Core diluted earnings per common share$0.71 $0.73 $0.66 $1.45 $1.31 
Pre-tax, pre-provision profit diluted earnings per common share$0.99 $0.97 $1.02 $1.95 $2.00 
Gain on former bank premises and equipment — — — — (0.01)
(Gain) loss on sale of securities— — — — — 
Gain on extinguishment/redemption of debt(0.02)— — (0.02)(0.02)
Gain on branch sale— — (0.11)— (0.11)
Acquisition-related expenses (2)
0.04 0.06 0.02 0.10 0.04 
Core conversion expenses— — 0.03 — 0.04 
Core pre-tax, pre-provision diluted earnings per common share$1.01 $1.03 $0.96 $2.03 $1.94 
(1) Tax rates, exclusive of certain nondeductible merger-related expenses and goodwill, utilized were 21.129% for 2026 and 2025. These rates approximated the marginal tax rates.
(2) Includes merger and conversion-related expenses and salary and employee benefits.
(3) Before preferred dividends.
b1BANK.com



18

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
June 30, 2026March 31, 2026June 30, 2025
(Dollars in thousands, except per share data)
Total Shareholders' (Common) Equity:
     Total shareholders' equity$1,008,577 $991,176 $848,440 
     Preferred stock(71,930)(71,930)(71,930)
     Total common shareholders' equity936,647 919,246 776,510 
Goodwill(135,222)(133,564)(121,146)
Core deposit and customer intangible(33,267)(29,409)(15,775)
  Total tangible common equity$768,158 $756,273 $639,589 
Total Assets:
     Total assets$8,903,506 $8,906,808 $7,948,294 
Goodwill(135,222)(133,564)(121,146)
Core deposit and customer intangible(33,267)(29,409)(15,775)
  Total tangible assets$8,735,017 $8,743,835 $7,811,373 
Common shares outstanding32,535,65932,624,88729,602,970
Book value per common share$28.79 $28.18 $26.23 
Tangible book value per common share$23.61 $23.18 $21.61 
Common equity to total assets10.52 %10.32 %9.77 %
Tangible common equity to tangible assets8.79 %8.65 %8.19 %
b1BANK.com



19
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
(Dollars in thousands, except per share data)
Total Quarterly Average Assets$8,916,954$8,893,419$7,791,371$8,905,251$7,771,288
Total Quarterly Average Common Equity931,020922,037765,884926,553754,470
Net Income Available to Common Shareholders:
Net income available to common shareholders$22,825 $22,214 $20,753 $45,039 $39,946 
Gain on former bank premises and equipment, net of tax— (22)— (22)(122)
(Gain) loss on sale of securities, net of tax5 (63)37 (58)38 
Gain on extinguishment/redemption of debt, net of tax(430)— — (430)(497)
Gain on branch sale, net of tax— — (2,527)— (2,527)
Acquisition-related expenses, net of tax930 1,908 467 2,838 1,003 
Core conversion expenses, net of tax— — 795 — 965 
Core net income available to common shareholders$23,330 $24,037 $19,525 $47,367 $38,806 
Return to common shareholders on average assets (annualized) (2)
1.03 %1.01 %1.07 %1.02 %1.04 %
Core return on average assets (annualized) (2)
1.05 1.10 1.01 1.07 %1.01 %
Return to common shareholders on average common equity (annualized) (2)
9.83 9.77 10.87 9.80 %10.68 %
Core return on average common equity (annualized) (2)
10.05 10.57 10.23 10.31 %10.37 %
Interest Income:
Interest income$125,650 $122,494 $114,850 248,144 228,543 
Core interest income125,650 122,494 114,850 248,144 228,543 
Interest Expense:
Interest expense47,806 47,299 47,808 95,105 95,518 
Core interest expense47,806 47,299 47,808 95,105 95,518 
Other Income:
Other income13,967 14,050 14,415 28,017 27,641 
Gain on former bank premises and equipment — (28)— (28)(155)
(Gain) loss on sale of securities6 (80)47 (74)48 
Gain on extinguishment/redemption of debt(545)— — (545)(630)
Gain on branch sale— — (3,360)— (3,360)
Core other income13,428 13,942 11,102 27,370 23,544 
Other Expense:
Other expense59,525 57,471 51,206 116,996 101,784 
Acquisition-related expenses(1,169)(2,227)(570)(3,396)(1,249)
Core conversion expenses— — (1,008)— (1,224)
Core other expense$58,356 $55,244 $49,628 $113,600 $99,311 
Efficiency Ratio:
Other expense (a)$59,525 $57,471 $51,206 $116,996 $101,784 
Core other expense (c)58,356 55,244 49,628 113,600 99,311 
Net interest and other income (1) (b)
91,817 89,165 81,504 180,982 160,714 
Core net interest and other income (1) (d)
91,272 89,137 78,144 180,409 156,569 
Efficiency ratio (a/b)64.83 %64.45 %62.83 %64.65 %63.33 %
Core efficiency ratio (c/d)63.94 61.98 63.51 62.97 63.43 
Total Average Interest-Earnings Assets$8,365,827 $8,348,833 $7,299,899 $8,357,378 $7,281,750 
b1BANK.com



20
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
(Dollars in thousands, except per share data)
Net Interest Income:
Net interest income$77,844 $75,195 $67,042 $153,039 $133,025 
Loan discount accretion(995)(1,138)(767)(2,133)(1,560)
Net interest income excluding loan discount accretion$76,849 $74,057 $66,275 $150,906 $131,465 
Net interest margin (2)
3.73 %3.65 %3.68 %3.69 %3.68 %
Net interest margin excluding loan discount accretion (2)
3.68 3.60 3.64 3.64 3.64 
Net interest spread (2)
2.99 2.91 2.88 2.95 2.90 
Net interest spread excluding loan discount accretion (2)
2.94 2.85 2.84 2.90 2.85 
(1) Excludes gains/losses on sales of securities.
(2) Calculated utilizing an actual day count convention.
b1BANK.com
Q2 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 Q2 2026 Financial Highlights 16 Credit Metrics Analysis 17 Yield/Rate Analysis 18 Loan and Deposit Portfolio Overview 19 Loan Portfolio Loan Composition 21 – 24 Appendix 26 – 32

 

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

 

4 GUIDING PRINCIPLES & SOCIAL IMPACT b1BANK’s five guiding principles reflect our core beliefs and values, which drive all decisions irrespective of our goals, strategies, or external factors. These tenets are more than guides for making business decisions; they are the core of our culture, driving our day-to-day interactions between employees and with our clients to make a positive impact on the communities we serve. b1BANK has received these annual awards from American Banker and Business Report consecutively since 2021 SOCIAL IMPACT 2026 Total Volunteerism: • 2,221 Hours • 192 hours of financial literacy education and non-profit service • Mentored 1,140 businesses • Conducted training classes to help 4,870 entrepreneurs start or grow their business b1 FOUNDATION b1COMMUNITY

 

5 BALANCE SHEET & EARNINGS SNAPSHOT (4) FRANCHISE HIGHLIGHTS SHAREHOLDER INFORMATION BUSINESS OVERVIEW & CORPORATE ACTIONS BUSINESS FIRST BANCSHARES, INC. OVERVIEW (1) Deposit market share is as of June 30, 2025, per FDIC data. (2) Deposit balances exclude Business First Bancshares Holding Company deposits with the Bank subsidiary and acquired deposits and includes brokered deposits. (3) Includes one closed full-service Banking Center in Rayville, LA that maintains an active ITM. (4) Balance sheet information as of June 30, 2026. Income statement and profitability figures are for the quarter ended June 30, 2026. See appendix for Core reconciliations. (5) Preliminary consolidated capital ratio as of June 30, 2026. (6) Includes $85 million subordinated debt raised on April 2, 2026. • Nasdaq Listed: BFST; April 2018 • Stock Price and Market Capitalization: $30.73 per share, and $999.8MM (as of 6/30/26) • Trailing 30 -Day Average Daily Volume: 268,791 shares • Five publishing analysts; Five “Buy” ratings and $32.50 median price target (as of 6/30/26) • $0.60 annual common stock dividend: 2.0% dividend yield • Repurchased $4.8MM common shares at $27.22 weighted average price per share during Q2’26 • 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 6/30/26, DFW is largest market in footprint • Granular deposit base: 119,930 accounts with an average balance of $60,334 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 • Five -time winner of Best Banks to Work For award • $8.9B total assets • $6.7B total gross loans, HFI • $7.2B total deposits (21.9% noninterest bearing) • $937MM total common equity and $72MM total preferred equity • 13.77% consolidated total risk -based capital ratio (5) • 8.79% TCE / TA, and $23.61 TBV per common share Q2 2026 Actual Results • $91MM total core revenue (14.7% noninterest core revenue) • $23.3MM core net income available to common, $0.71 diluted core EPS available to common, 3.73% GAAP net interest margin • 1.05% core ROAA, 10.1% core ROACE, 63.9% core efficiency ratio • Operations in Louisiana, Texas and Mississippi including: 46 legacy Louisiana full -service Banking Centers (3), one LPO/DPO office, 16 metro-focused Texas Banking Centers , a registered investment advisory in Ridgeland, MS, and a SBA loan service provider in Katy, Texas. • On January 1, 2026, closed the acquisition of North Louisiana based Progressive Bank ($774MM in assets as of December 31, 2025) • 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 Philip Jordan EVP, Chief Banking Officer Keith Mansfield EVP, Chief Operations Officer Chad Carter EVP, Correspondent Banking Gregory Robertson EVP, Chief Financial Officer Heather Roemer EVP, Chief Administrative Officer Saundra Strong EVP, General Counsel Kathryn Manning EVP, Chief Risk Officer Warren McDonald EVP, Chief Credit Officer Jerry Vascocu President, b1BANK

 

7 BALANCED FOOTPRINT Note: Dollars in millions. Financial and branch data as of June 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: $1,826.0 Total Deposits: $822.9 Deposits / Banking Center: $74.8 Houston Region # of Banking Centers: 5 Total Loans: $404.6 Total Deposits: $529.8 Deposits / Banking Center: $106.0 Southwest Louisiana Region # of Banking Centers: 21 Total Loans: $1,501.4 Total Deposits: $2,263.2 Deposits / Banking Center: $107.8 Greater New Orleans Region # of Banking Centers: 7 Total Loans: $1,167.8 Total Deposits: $1,030.6 Deposits / Banking Center: $147.2 North Louisiana Region # of Banking Centers(1): 18 Total Loans: $1,629.6 Total Deposits: $1,729.0 Deposits / Banking Center(2): $101.7

 

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 $4,839 $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 $8,904 2018 2019 2020 2021 2022 2023 2024 2025 Q2'26 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 $23.61 TBVPS ex. AOCI(2) $15.60 $17.12 $16.28 $17.77 $19.12 $21.25 $22.05 $24.49 $24.71 Core ROAA(2) 1.00% 1.15% 1.09% 1.22% 1.05% 1.05% 0.94% 1.06% 1.05% (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 .5 9 $ 2 4 .6 2 $ 2 5 .5 1 $ 2 6 .2 3 $ 2 7 .2 3 $ 2 7 .9 5 $ 2 8 .1 8 $ 2 8 .7 9 $20.60 $19.92 $20.84 $21.61 $22.63 $23.36 $23.18 $23.61 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 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 ~15% from Q3’24 to Q2’26, reflecting solid organic capital generation and disciplined acquisition integration, despite normal quarter-to-quarter volatility • From 2018 to 2025, tangible book value per share grew ~52%, demonstrating prudent capital management across multiple cycles while generating both organic and inorganic balance sheet growth (1) (1) TBVPS – Trailing 8 Quarters TBVPS – Since Public Listing on Nasdaq

 

10 $ 1 .2 2 $ 1 .7 4 $ 1 .6 4 $ 2 .5 3 $ 2 .3 2 $ 2 .5 9 $ 2 .2 6 $ 2 .7 9 $1.45 $1.80 $2.05 $2.61 $2.52 $2.62 $2.49 $2.83 2018 2019 2020 2021 2022 2023 2024 2025 EPS Core EPS $ 0 .6 5 $ 0 .5 1 $ 0 .6 5 $ 0 .7 0 $ 0 .7 3 $ 0 .7 1 $ 0 .6 8 $ 0 .7 0 $0.68 $0.66 $0.65 $0.66 $0.72 $0.79 $0.73 $0.71 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 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 ~4% from Q3’24 to Q2’26, reflecting improving earnings power as recent acquisitions are integrated and cost savings are realized • Core EPS grew ~95% from 2018 to 2025, demonstrating consistent earnings growth through various economic cycles and five bank acquisitions Diluted EPS – Since Public Listing on Nasdaq

 

11 9.42% 9.44% 9.78% 9.88% 10.06% 9.94% 10.21% 10.38% 12.99% 12.75% 13.03% 13.07% 13.22% 12.93% 13.08% 13.77% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 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 Q2 2026 are preliminary. • From Q3’24 to Q2’26, CET1 increased by 96 bps and Total Risk-Based Capital improved to 13.77%, reflecting strong internal capital generation and balance sheet optimization while continuing to support growth • From 2018 to 2025, capital ratios remained strong through multiple acquisitions and economic cycles, demonstrating disciplined capital planning and a balanced approach to growth CET1 & TRBC – Trailing 8 Quarters CET1 & TRBC – Since Public Listing on Nasdaq

 

12 LIQUIDITY AND DEPOSITS Deposit Composition Non-Interest Bearing NOW & Int. Bearing DDA MMDA & Savings Time Deposits • Continue to carry higher cash balances to support liquidity, with 7.18% of total assets at 6/30/2026. • Remain focused on core deposits, which represent over 88% of total deposits. • Continue to take advantage of wholesale funding alternatives to optimize interest costs and liquidity, utilizing FHLB and the brokered deposit market. • Ample contingent liquidity available of just over $3.9 billion at 6/30/2026, to supplement core deposit growth as needed. $7.24B Note: Dollars in millions. Data as of June 30, 2026. Historical Deposit Composition Liquidity Sources FHLB Borrowings Capacity 1,535$ FRB Discount Window 1,031$ Unencumbered Securities 593$ Available Excess Cash Reserves 544$ Fed Funds Lines Available 145$ Fed Funds Sold 96$ Total 3,944$

 

13 SECURITIES PORTFOLIO AFS Securities Portfolio • Portfolio serves as a source of on-balance sheet liquidity and provides interest income stability during times of declining rates. • With the relatively high-rate environment, the Bank is reinvesting portfolio cash flows and taking opportunities to modestly grow the portfolio as liquidity allows. • Total portfolio as of 2Q26 was $1.04 billion in AFS, of which agency mortgage-backed securities (MBS) and A-rated municipal securities were the largest components. - 2Q26 weighted average yield of 3.40% - Weighted average life of 4.50 years - Estimated effective duration of 3.26 years $1.04B Note: Dollars in millions. Data as of June 30, 2026. Book Market Net Unrealized Value Value Gain / (Loss) Municipal Securities 268.0$ 251.9$ (16.2)$ Mortgage-Backed Securities 698.8 671.4 (27.5)$ Corporate & Other Securities 87.0 85.6 (1.5)$ U.S. Government Agencies / Treasuries 32.6 32.3 (0.3)$ Total AFS Securities 1,086.5$ 1,041.1$ (45.4)$ Deferred Tax Impact 9.6$ Accumulated Other Comprehensive Income/Loss (35.8)$

 

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 June 30, 2026, SSW maintained ~$5.63 billion in AUM (3), which includes negative impact of AOCI (~$4.31 billion bank AUM (1), ~$1.32 billion non -bank AUM) • For 2Q26, 37% of total AUM fees were represented by banks and credit unions and SSW provided portfolio management services for 52 bank clients FINANCIAL INSTITUTIONS GROUP • September 2020 – b1BANK announced the formation of its Financial Institutions Group • FIG currently maintains $523 million in total loan participations sold (1) and has generated $294 million (2) in total deposits through a relationship network of ~100 bank counterparties WATERSTONE LSP February 1, 2024 – Waterstone LSP was acquired by b1BANK and operates as a wholly - owned affiliate as a comprehensive resource for streamlined SBA lending. Waterstone optimizes partner banks’ SBA lending capabilities and achieves growth objectives via Efficient Loan Management, including; Waterstone’s platform simplifies pre -qualification, underwriting, packaging, and closing, accelerating the loan cycle and minimizing workload Snapshot as of June 30, 2026: • 35 banks under LSP Agreements • 2Q26 loan closing volume of $19.2 million (includes $6.0 million of b1BANK loan closings) • 2Q26 active pipeline of ~$65 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 • $130.6 million in client notional generated ~$1.8 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 Q2 2026. (3) Includes bank and credit union AUM. Excludes b1BANK securities portfolio and TruPs/CDs included in client portfolios. $ in millions Financial Services Group Revenue Growth $0.5 $0.3 $0.2 $0.4 $0.3 $0.7 $0.9 $0.9 $0.9 $0.4 $0.8 $2.2 $1.5 $3.4 $2.2 $1.1 $1.4 $0.8 $1.0 $2.7 $4.4 $1.9 $5.4 $5.8 $6.0 $6.3 $3.3 $1.6 $1.5 $1.9 $1.8 $1.3 FY 2022 FY 2023 FY 2024 FY 2025 YTD Q2'26 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 $10.2 Q2’26 total b1 Financial Services revenue of $4.56 million was down from prior quarter but excluded revenue from recently closed acquisition of American Planning Corporation

 

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

 

16 2nd 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 June 30, 2026. Core Net Income $23.3 million +19.5% YoY Core Diluted EPS $0.71 +7.6% YoY Core ROAA 1.05% Core ROACE 10.05% Core Efficiency Ratio 63.9% Net Interest Margin 3.68% (excluding discount accretion) Loan Growth, HFI ~($25) million -1.5% (linked-quarter annualized) Total Deposit Growth ~($229) million -12.3% (linked-quarter annualized) Consolidated Capital CET1 Ratio: 10.38% TRBC Ratio: 13.77% TBVPS $23.61 +9.3% YoY Q2 2026 Results Earnings & Profitability Q2 2026 Q1 2026 Q2 2025 Net Income Available to Common Shareholders 22,825$ 22,214$ 20,753$ Pre-Tax, Pre-Provision Earnings(1) 32,286 31,774 30,251 Diluted Earnings Per Common Share 0.70 0.68 0.70 ROAA 1.03% 1.01% 1.07% ROACE 9.83 9.77 10.87 Net Interest Margin 3.73 3.65 3.68 Efficiency Ratio 64.83 64.45 62.83 Core Net Income Available to Common Shareholders(1) 23,330$ 24,037$ 19,525$ Core Pre-Tax, Pre-Provision Earnings(1) 32,916 33,893 28,516 Core Diluted Earnings Per Common Share(1) 0.71 0.73 0.66 Core ROAA(1) 1.05% 1.10% 1.01% Core ROACE(1) 10.05 10.57 10.23 Net Interest Margin excluding loan discount accretion(1) 3.68 3.60 3.64 Core Efficiency Ratio(1) 63.94 61.98 63.51 Balance Sheet & Capital Total Loans 6,659,447$ 6,684,263$ 6,047,650$ Total Deposits 7,235,556 7,464,949 6,419,651 Common Equity Tier 1 Ratio(2) 10.38% 10.21% 9.88% Total Risk-Based Capital Ratio(2) 13.77 13.08 13.07 Common Equity / Total Assets 10.52 10.32 9.77 Tangible Common Equity / Tangible Assets(1) 8.79 8.65 8.19 Book Value Per Common Share 28.79$ 28.18$ 26.23$ Tangible Book Value Per Common Share(1) 23.61 23.18 21.61 Asset Quality Provision for Credit Losses 1,991$ 2,278$ 2,225$ Net Charge-Offs / Avg. Quarterly Total Loans 0.04% 0.01% 0.01% ACL / Total Loans (HFI) 1.02 1.03 1.02 NPLs / Total Loans (HFI) 1.26 1.53 0.97 NPAs / Total Assets 1.23 1.38 0.76 Q2 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 3.73% 3.68% 2.44% 2.28% 6.63% 3.75% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 NIM NIM ex. Accretion Total Funding Cost Total Cost of Deposits Loan Yield Target Fed Funds Rate Note: Data is as of June 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 6/30/26) Note: Dollars in millions. Data is as of June 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 June 30, 2026. (2) Core CDs and Core Time Deposits exclude brokered deposits and CDARs. Excludes CD balances for Progressive Bank. • 52.4% of total loans HFI are floating rate, as of June 30, 2026 • 47.6% of total loans HFI are fixed rate, with 12.9% 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 83% during Q2’26 • $245 million remaining Core CD balances(2) will mature in Q3’26, with $127 million maturing in Q4’26 LOAN AND DEPOSIT PORTFOLIO OVERVIEW Deposit Portfolio (as of 6/30/26) Outstanding Balance Weighted ($MM) (% of Total) Avg. Rate(1) Fixed Rate (mature/reprice > 1 year) 2,294.5$ 34.7% 6.18% Fixed Rate (mature/reprice < 1 year) 856.7 12.9% 5.99% Floating Rate with Floors 1,537.8 23.2% 6.92% Floating Rate without Floors 1,931.7 29.2% 6.76% Total 6,620.8$ 100.0% 6.50% 34.7% 12.9%23.2% 29.2%65.3% of total loans HFI are floating / variable rate or fixed rate maturing/repricing within the next 12-months Deposit Balance Weighted ($MM) (% of Total) Avg. Rate(1) Noninterest Bearing Deposits 1,583.6$ 21.9% 0.00% Interest Bearing Checking 1,113.7 15.4% 1.89% Sav ings Deposits 192.3 2.7% 0.24% Money Market Deposit Accounts 2,923.3 40.4% 2.93% Certificate of Deposits 1,018.4 14.1% 3.30% Brokered Deposits 404.3 5.6% 4.05% Total 7,235.6$ 100.0% 2.17% 21.9% 15.4% 2.7% 40.4% 14.1% 5.6% $6.62 billion $7.24 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 Q2 2026 Highlights $1,961 $1,921 $1,922 $1,943 $1,989 $1,310 $1,280 $1,357 $1,517 $1,512 $1,098 $1,076 $1,152 $1,176 $1,147 $1,078 $1,106 $1,119 $1,362 $1,319 $600 $639 $639 $686 $693 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Construction Residential, Consumer & Other CRE - Owner Occupied CRE - Non-Owner Occupied Commercial Total Loans HFI QoQ Change Dallas Fort Worth 27.8% Houston 6.2% North Louisiana 24.8% Southwest Louisiana 23.4% Greater New Orleans 17.8% Total Loans HFI by Region ($ in millions) QoQ YoY Commercial 45$ 28$ CRE - Non-Owner Occupied (6)$ 202$ CRE - Owner Occupied (29)$ 49$ Residential, Consumer, & Other (43)$ 241$ Construction 8$ 93$ Total (25)$ 612$ Increase (Decrease) by Loan Type $6,048 $6,021 $6,189 $6,684 $6,659 +$66.7 ($26.6) +$168.4 +$494.8 ($24.8) Q2’26 Avg. Yield(1) 6.95% 6.52% 6.03% 5.92% 6.99% Total Yield 6.48% • Total Loans HFI decreased $24.8 million or 0.4% (1.5% annualized) compared to the linked quarter • Excluding the Progressive loan sale and resolution of certain nonperforming loans during Q2, Total Loans HFI increased $96.4 million or 1.4% (5.8% annualized) compared to the linked quarter • Total Loans HFI increased $611.8 million or 10.1% year-over-year Note: Data is as of June 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 June 30, 2026, based on preliminary FDIC call report data. LOAN PORTFOLIO SNAPSHOT $6.66 billion Total Loan Portfolio Composition Top 5 Exposure Categories Outstanding Unfunded Average NPLs % of Balance Commitment Loan Size Total Loans Commercial $1.94 billion $1.17 billion $444 thousand 2.18% CRE - Owner-Occupied $1.15 billion $72 million $921 thousand 0.98% CRE - Non Owner-Occupied $1.51 billion $79 million $1.95 million 0.64% Construction & Land $693 million $353 million $642 thousand 1.32% 1-4 Family $700 million $30 million $247 thousand 1.32% Total $5.99 billion $0.53 billion $841 thousand 1.36%

 

23 LOAN COMPOSITION: COMMERCIAL Note: Data is as of June 30, 2026. Percentages based on loan balances before accounting adjustments. • Commercial loans represent 29.9% of the total loan portfolio • Total commercial loan growth year-over-year of 1.4% • Weighted average maturity of the commercial portfolio is 2.32 years Commercial Loans by Collateral Commercial Loans by Market AR & Inventory 30.2% Equipment 11.7% All Other 29.2% Titled Collateral 10.9% Cash/Securities 8.7% Agricultural 9.3% Dallas Fort Worth 34.3% North Louisiana 26.0% Bayou 5.7% Capital 8.1% Greater New Orleans 10.8% Southwest Louisiana 9.2% Houston 5.9%

 

24 CRE Composition - Income Producing Income Producing CRE Portfolio Hotel/Motel 14.8% Office Building 19.8% Office/Warehouse 4.0% Warehouse 8.6% Retail - Single-Tenant 6.9% Retail - Multi-Tenant 24.6% Commercial Building 12.2% Other 9.1% Total CRE - Income Producing 100.0% 14.8% 19.8% 4.0% 8.6% 6.9% 24.6% 12.2% 9.1% CRE Composition - Owner Occupied i i I r i Owner Occupied CRE Portfolio Hotel/Motel 1.6% Office Building 23.0% Office/Warehouse 23.2% Retail 18.2% Commercial Building 17.0% Other 17.1% Total CRE - Owner Occupied 100.0% 1.6% 23.0% 23.2% 18.2% 17.0% 17.1% C&D Composition i C&D Portfolio Raw Land 7.7% Vacant Residential Lots 7.7% Vacant Commercial Lots 7.7% Land Development - Residential 16.4% Residential Construction - OORE 0.1% Residential Construction - Non OORE 19.0% Commercial Construction - Retail 3.9% Commercial Construction - Office 5.3% Commercial Construction - Apartment/Multi-Family 7.5% Commercial Construction - Other 24.6% Total C&D 100.0% 7.7% 7.7% 7.7% 16.4% 0.1% 19.0% 3.9% 5.3% 7.5% 24.6% Income Producing CRE Geography(1) Income Producing CRE Portfolio Baton Rouge, LA 12.5% Dallas, TX 11.8% Monroe, LA 9.1% Covington, LA 5.0% New Orleans, LA 4.0% Plano, TX 4.0% Houston, TX 3.6% Lafayette, LA 3.5% Shreveport, LA 3.0% Lake Charles, LA 2.5% All Other Geographies 41.1% Total CRE - Income Producing 100.0% 12.5% 11.8% 9.1% 5.0% 4.0% 4.0% 3.6% 3.5% 3.0% 2.5% 41.1% Owner Occupied CRE Geography(1) Income Producin CRE Geography(1) Owner Occupied CRE Portfolio Baton Rouge, LA 10.3% Houston, TX 6.3% New Orleans, LA 5.8% Dallas, TX 5.4% Monroe, LA 5.2% Lake Charles, LA 2.9% Shreveport, LA 2.8% Metairie, LA 2.7% Houma, LA 2.5% Bossier City, LA 2.3% All Other Geographies 54.0% Total CRE - Owner Occupied 100.0% 10.3% 6.3% 5.8% 5.4% 5.2% 2.9% 2.8% 2.7% 2.5% 2.3% 54.0% C&D by Geography(1) Owner Occupied CRE Geography(1) C&D Portfolio Dallas, TX 16.2% Baton Rouge, LA 12.1% Covington, LA 8.2% Houston, TX 4.8% Monroe, LA 3.4% Harvey, LA 3.0% Denham Springs, LA 2.7% Shreveport, LA 2.5% Plano, TX 2.3% New Orleans, LA 2.3% All Other Geographies 42.7% Total C&D 100.0% 16.2% 12.1% 8.2% 4.8% 3.4% 3.0% 2.7% 2.5% 2.3% 2.3% 42.7% Note: Dollars in millions. Data is as of June 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 July 1, 2026, through June 30, 2027. LOAN COMPOSITION: COMMERCIAL REAL ESTATE $693.5 million $1.15 billion $1.51 billion $693.5 million $1.15 billion $1.51 billion C&D Highlights • $693.5 million total portfolio • $31.3 million largest relationship(2) • $647 thousand average loan size • $276.8 million maturing over the next 12 months(3) • Dallas, Baton Rouge and Covington represent top 3 geographies within C&D and comprise 36.4% of all C&D loans or $252.7 million Owner-Occupied Highlights • $1.15 billion total portfolio • $18.5 million largest relationship(2) • $923 thousand average loan size • $200.6 million maturing over the next 12 months(3) • Baton Rouge, Houston and New Orleans represent top 3 geographies within owner-occupied and comprise 22.3% of all owner-occupied loans or $255.9 million Income Producing Highlights • $1.51 billion total portfolio • $25.8 million largest relationship(2) • $1.96 million average loan size • $403.3 million balance maturing over the next 12 months(3) • Baton Rouge, Dallas and Monroe represent top 3 geographies within income producing and comprise 33.3% of all income producing loans or $503.8 million

 

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 6/30/2026. (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 $8,903,506 Gross Loans (Excl. HFS) 3,189,608 4,606,176 4,992,785 5,981,399 6,189,490 6,659,447 Deposits 4,077,283 4,820,345 5,248,790 6,511,331 6,698,590 7,235,556 Total Equity 433,368 580,481 644,259 799,466 896,883 1,008,577 Tangible Common Equity / Tangible Assets(1) 7.76 % 6.89 % 7.28 % 7.63 % 8.53 % 8.79 % Tier 1 Leverage Ratio(2) 8.14 9.49 9.52 9.53 10.08 10.11 Total Risk-based Capital Ratio(2) 11.94 12.75 12.85 12.75 12.93 13.77 Net Loans (Excl. HFS) / Assets 66.87 % 76.25 % 75.21 % 75.43 % 74.69 % 74.09 % Gross Loans (Excl. HFS) / Deposits 78.23 95.56 95.12 91.86 92.40 92.04 NIB Deposits / Deposits 31.66 32.14 24.75 20.84 19.74 21.89 Commercial Loans / Loans (Excl. HFS)(3) 22.62 25.05 27.22 31.24 31.05 29.86 C&D / Total Risk-Based Capital(4) 117.0 % 109.8 % 91.7 % 78.2 % 68.7 % 67.6 % CRE / Total Risk-Based Capital(4) 250.1 272.1 253.5 253.6 258.0 253.4 Asset Quality NPLs / Loans (Excl. TDRs)(5) 0.41 % 0.25 % 0.34 % 0.42 % 1.24 % 1.26 % NPAs / Assets (Excl. TDRs)(5) 0.31 0.21 0.28 0.39 1.09 1.23 Reserves / Loans (Excl. HFS) 0.91 0.83 0.81 0.92 0.87 0.94 NCOs / Average Loans 0.03 0.04 0.11 0.08 0.19 0.06 Profitability Ratios Net Income Available to Common Shareholders $52,136 $52,905 $65,642 $59,706 $82,460 $45,039 ROAA 1.18 % 0.97 % 1.04 % 0.86 % 1.05 % 1.02 % ROACE 12.25 11.59 12.36 9.54 10.59 9.80 Net Interest Margin 3.84 % 3.92 % 3.62 % 3.48 % 3.69 % 3.69 % Efficiency Ratio 61.84 65.26 61.61 65.42 63.85 64.65 Non-Interest Income / Avg. Assets 0.80 0.54 0.62 0.63 0.65 0.63 Non-Interest Expense / Avg. Assets 2.66 2.73 2.47 2.55 2.58 2.63 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 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Core Net Income: Net Income Available to Common Shareholders 52,136$ 52,905$ 65,642$ 59,706$ 82,460$ 20,753$ 21,505$ 21,009$ 22,214$ 22,825$ Adjustments(1): -$ (543)$ -$ -$ -$ -$ -$ -$ -$ -$ 799$ 566$ -$ (39)$ 663$ -$ -$ 785$ (22)$ -$ -$ -$ 341$ -$ -$ -$ -$ -$ -$ -$ (299)$ 38$ 2,023$ (6)$ (51)$ 37$ (61)$ (27)$ (63)$ 5$ (354)$ -$ (745)$ -$ (2,527)$ (2,527)$ -$ -$ -$ -$ -$ -$ (1,150)$ -$ (497)$ -$ -$ -$ -$ (430)$ 1,230$ 395$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 407$ 4,236$ 215$ 1,524$ 3,128$ 467$ 1,000$ 1,125$ 1,908$ 930$ -$ -$ -$ 769$ 1,939$ 795$ 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$ 19,525$ 21,215$ 23,520$ 24,037$ 23,330$ Core Return on Average Assets: Net Income Available to Common Shareholders 52,136$ 52,905$ 65,642$ 59,706$ 82,460$ 20,753$ 21,505$ 21,009$ 22,214$ 22,825$ Core Net Income Available to Common Shareholders 53,919$ 57,597$ 66,326$ 65,759$ 83,540$ 19,525$ 21,215$ 23,520$ 24,037$ 23,330$ Average Assets 4,403,670$ 5,473,508$ 6,341,880$ 6,973,735$ 7,873,743$ 7,791,371$ 7,921,159$ 8,016,094$ 8,893,419$ 8,916,954$ ROAA 1.18% 0.97% 1.04% 0.86% 1.05% 1.07% 1.08% 1.04% 1.01% 1.03% Core ROAA 1.22% 1.05% 1.05% 0.94% 1.06% 1.01% 1.06% 1.16% 1.10% 1.05% ROACE 12.25% 11.59% 12.36% 9.54% 10.59% 10.87% 10.80% 10.18% 9.77% 9.83% Core ROACE 12.67% 12.62% 12.49% 10.51% 10.73% 10.23% 10.65% 11.40% 10.57% 10.05% Average Diluted Shares Outstanding 20,634,281 22,817,493 25,296,200 26,452,084 29,545,702 29,586,975 29,656,639 29,669,253 32,785,554 32,763,608 Diluted Earnings per Common Share 2.53$ 2.32$ 2.59$ 2.26$ 2.79$ 0.70$ 0.73$ 0.71$ 0.68$ 0.70$ Core Diluted Earnings per Common Share 2.61$ 2.52$ 2.62$ 2.49$ 2.83$ 0.66$ 0.72$ 0.79$ 0.73$ 0.71$ Net Interest Margin Excluding Loan Discount Accretion: Net Interest Income 153,884$ 199,577$ 215,129$ 227,383$ 273,163$ 67,042$ 69,276$ 70,862$ 75,195$ 77,844$ Adjustments: (7,750) (9,432) (9,311) (4,182) (4,089) (767) (1,111) (1,418) (1,138) (995) Adjusted Net Interest Income 146,134$ 190,145$ 205,818$ 223,201$ 269,074$ 66,275$ 68,165$ 69,444$ 74,057$ 76,849$ Average Interest-earning Assets 4,011,773$ 5,091,684$ 5,939,405$ 6,536,333$ 7,402,462$ 7,299,899$ 7,460,027$ 7,569,692$ 8,348,833$ 8,365,827$ Net Interest Margin 3.84% 3.92% 3.62% 3.48% 3.69% 3.68% 3.68% 3.71% 3.65% 3.73% 3.64% 3.73% 3.47% 3.41% 3.63% 3.64% 3.63% 3.64% 3.60% 3.68% 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 Q3'25 Q4'25 Q1'26 Q2'26 Q2'26 Core Net Income: Net Income Available to Common Shareholders 21,505$ 21,009$ 22,214$ 22,825$ 87,553$ Adjustments(1): -$ 785$ (22)$ -$ 763$ (61)$ (27)$ (63)$ 5$ (146)$ (Gain)/Loss on Sale of Banking Center -$ -$ -$ -$ -$ -$ -$ -$ (430)$ (430)$ 1,000$ 1,125$ 1,908$ 930$ 4,963$ 346$ 628$ -$ -$ 974$ -$ -$ -$ -$ -$ (1,575)$ -$ -$ -$ (1,575)$ Core Net Income Available to Common Shareholders 21,215$ 23,520$ 24,037$ 23,330$ 92,102$ Core Return on Average Assets: Net Income Available to Common Shareholders 21,505$ 21,009$ 22,214$ 22,825$ 87,553$ Core Net Income Available to Common Shareholders 21,215$ 23,520$ 24,037$ 23,330$ 92,102$ Average Assets 7,921,159$ 8,016,094$ 8,893,419$ 8,916,954$ 8,436,907$ ROAA 1.08% 1.04% 1.01% 1.03% 1.04% Core ROAA 1.06% 1.16% 1.10% 1.05% 1.09% Average Diluted Shares Outstanding 29,656,639 29,669,253 32,785,554 32,763,608 31,218,764 Diluted Earnings per Common Share 0.73$ 0.71$ 0.68$ 0.70$ 2.81$ Core Diluted Earnings per Common Share 0.72$ 0.79$ 0.73$ 0.71$ 2.95$ 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 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity 848,440$ 878,440$ 896,883$ 991,176$ 1,008,577$ Preferred Stock (71,930) (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 776,510$ 806,510$ 824,953$ 919,246$ 936,647$ Adjustments: Goodwill (121,146) (121,146) (121,146) (133,564) (135,222) Core deposit and other intangibles (15,775) (15,136) (14,497) (29,409) (33,267) Total Tangible Common Equity 639,589$ 670,228$ 689,310$ 756,273$ 768,158$ Tangible Assets Total Assets 7,948,294$ 7,953,862$ 8,214,740$ 8,906,808$ 8,903,506$ Adjustments: Goodwill (121,146) (121,146) (121,146) (133,564) (135,222) Core deposit and other intangibles (15,775) (15,136) (14,497) (29,409) (33,267) Total Tangible Assets 7,811,373$ 7,817,580$ 8,079,097$ 8,743,835$ 8,735,017$ Common Equity to Total Assets 9.77% 10.14% 10.04% 10.32% 10.52% Tangible Common Equity to Tangible Assets 8.19% 8.57% 8.53% 8.65% 8.79% Tangible Book Value per Share: Tangible Common Equity Total Shareholders' Equity 848,440$ 878,440$ 896,883$ 991,176$ 1,008,577$ Preferred Stock (71,930) (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 776,510$ 806,510$ 824,953$ 919,246$ 936,647$ Adjustments: Goodwill (121,146) (121,146) (121,146) (133,564) (135,222) Core deposit and other intangibles (15,775) (15,136) (14,497) (29,409) (33,267) Total Tangible Common Equity 639,589$ 670,228$ 689,310$ 756,273$ 768,158$ Adjustments: Exclude AOCI (47,768) (36,429) (33,287) (37,909) (35,822) Total Tangible Common Equity (excl. AOCI) 687,357$ 706,657$ 722,597$ 794,182$ 803,980$ Common shares outstanding 29,602,970 29,615,370 29,510,668 32,624,887 32,535,659 Book Value per Common Share 26.23$ 27.23$ 27.95$ 28.18$ 28.79$ Tangible Book Value per Common Share 21.61$ 22.63$ 23.36$ 23.18$ 23.61$ Tangible Book Value per Common Share (excl. AOCI) 23.22$ 23.86$ 24.49$ 24.34$ 24.71$ 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 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 12/31/2024 12/31/2025 Q2'26 Core Efficiency Ratio: Noninterest Expense 51,206$ 48,882$ 52,412$ 57,471$ 59,525$ 177,652$ 203,078$ 218,290$ Core Adjustments (1,578)$ 401$ (2,202)$ (2,227)$ (1,169)$ (2,595)$ (4,274)$ (5,197)$ Net Interest and Noninterest Income 81,504$ 80,870$ 83,057$ 89,165$ 91,817$ 271,569$ 324,641$ 344,909$ Core Adjustments (3,360)$ -$ 995$ (28)$ (545)$ (50)$ (3,150)$ 422$ Efficiency Ratio(1) 62.83% 60.45% 63.10% 64.45% 64.83% 65.42% 62.55% 63.29% Core Efficiency Ratio 63.51% 60.94% 59.74% 61.98% 63.94% 64.47% 61.84% 61.71% Core Efficiency Ratio Fiscal Quarter Fiscal Year Ended

 

32 RECONCILIATION OF NON -GAAP FINANCIAL MEASURES Note: Dollars in thousands. Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Core pre-tax, pre-provision earnings: Pre-tax, pre-provision earnings 30,251$ 32,065$ 30,680$ 31,774$ 32,286$ Adjustments: -$ -$ 995$ (28)$ -$ -$ -$ -$ -$ -$ 47$ (77)$ (35)$ (80)$ 6$ (Gain)/Loss on Sale of Banking Center (3,360)$ -$ -$ -$ -$ -$ -$ -$ -$ (545)$ 570$ 1,157$ 1,406$ 2,227$ 1,169$ 1,008$ 439$ 796$ -$ -$ -$ -$ -$ -$ -$ -$ (1,997)$ -$ -$ -$ Core pre-tax, pre-provision earnings 28,516$ 31,587$ 33,842$ 33,893$ 32,916$ 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

 

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