For the quarterly period ended June 30, 2025 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________ FORM 10-Q _______________________________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fr ...

Financial Data and Key Metrics Changes - The company reported a GAAP net income of $20.8 million for Q2 2025, which included a $3.36 million gain from the sale of a branch and various acquisition-related expenses [12][21] - The core net income, excluding non-core items, was $19.5 million, translating to an EPS of $0.66 [12][21] - The return on average assets (ROAA) was maintained at 1% and tangible book value increased by almost 15% annualized [6][12] Business Line Data and Key Metrics Changes - Total loans held for investment increased by 4.5% annualized, amounting to an increase of $66.7 million from Q1 [14] - New loan production was $432 million, primarily driven by commercial and industrial (C&I) loans and commercial real estate (CRE) [14] - Total deposits decreased by $38.5 million, mainly due to a net decrease in interest-bearing deposits [15] Market Data and Key Metrics Changes - The weighted average cost of deposits decreased to 2.62%, down six basis points from the previous quarter [18] - Non-interest bearing deposits increased by $102 million or 7.8% on a linked quarter basis [16] - The company expects to maintain elevated liquidity levels in the near term, assuming no rate cuts [17] Company Strategy and Development Direction - The company is focused on improving operational efficiency through a core processing system upgrade, which is expected to enhance both organic and inorganic growth [7][9] - A partnership with Progressive Bank is anticipated to provide meaningful earnings accretion starting in 2026 [9][10] - The company aims to maintain a balanced approach to growth while managing concentration risks, particularly in C&I and owner-occupied loans [46][76] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating through credit challenges, with expectations for resolution on non-performing loans in the upcoming quarters [10][34] - The sentiment among borrowers is improving, with increased activity noted in the market, contributing to a more optimistic outlook for loan growth [76] - The company is prepared to capitalize on opportunities for growth while maintaining a disciplined approach to risk management [86] Other Important Information - The company experienced a negative trend in asset quality metrics, with non-performing loans (NPLs) increasing to 0.97% [22] - The company is actively managing its funding sources, including an increase in FHLB borrowings to optimize its balance sheet [54] Q&A Session Summary Question: Excess liquidity related to core conversion - Management indicated that excess liquidity will be maintained until the core conversion with Oakwood is complete [28][29] Question: Credit migration and reserves - Management confirmed that the migration was from substandard to non-accrual, with adequate reserves in place for the affected credits [30][32] Question: Expense outlook for the next quarters - Management expects a modest increase in core expenses in Q3, with a run rate in the low $50 million range [40] Question: Loan growth expectations - Management anticipates mid-single-digit loan growth for the remainder of the year, with a positive sentiment among borrowers [72][76] Question: Loan yields and competition - Management noted that loan yields have softened due to competition, but they remain focused on maintaining a competitive stance [51] Question: Feedback on the new core processing system - Management stated it is too early for comprehensive feedback but remains optimistic about the long-term benefits of the new system [56][58] Question: Growth potential of Smith Sheldon Wilson - Management expressed confidence in the growth potential of Smith Sheldon Wilson, expecting to double its impact in the next 12-24 months [63][65]

Business First (BFST) reported $81.46 million in revenue for the quarter ended June 2025, representing a year-over-year increase of 23.1%. EPS of $0.66 for the same period compares to $0.64 a year ago.The reported revenue represents a surprise of +3.29% over the Zacks Consensus Estimate of $78.86 million. With the consensus EPS estimate being $0.65, the EPS surprise was +1.54%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determi ...

Financial Data and Key Metrics Changes - The company reported a GAAP net income of $20.8 million for Q2 2025, which included a $3.36 million gain from the sale of a branch and various acquisition-related expenses [10][19] - The core net income, excluding non-core items, was $19.5 million, translating to an EPS of $0.66 [10][19] - The return on average assets (ROAA) was maintained at 1% [5] Business Line Data and Key Metrics Changes - Total loans held for investment increased by 4.5% annualized, amounting to an increase of $66.7 million from Q1 [12] - New loan production was $432 million, with significant growth in commercial and industrial (C&I) loans and commercial real estate (CRE) loans, which increased by $98.8 million and $61.6 million respectively [12] - Total deposits decreased by $38.5 million, primarily due to a net decrease in interest-bearing deposits [13] Market Data and Key Metrics Changes - The weighted average cost of deposits decreased to 2.62%, down six basis points from the previous quarter [17] - Non-interest bearing deposits increased by $102 million or 7.8% on a linked quarter basis [14] Company Strategy and Development Direction - The company is focused on maintaining a diversified loan portfolio while reducing concentration risk, particularly in construction loans [43] - A partnership with Progressive Bank, a $750 million community bank, was announced, which is expected to enhance earnings accretion [7][8] - The company is committed to improving operational efficiency through a core processing system upgrade, which is anticipated to facilitate future growth [6][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate through current credit challenges, with a focus on resolving non-performing loans [21][30] - The sentiment in the market is improving, with increased loan demand and a more optimistic outlook for the remainder of the year [70] Other Important Information - The company achieved a tangible book value growth of almost 15% annualized [5] - The net charge-offs remained low at 0.01%, indicating strong asset quality management [8] Q&A Session Summary Question: Excess liquidity related to core conversion - Management indicated that excess liquidity will be maintained until the core conversion with Oakwood is completed [26][27] Question: Credit migration and reserves - Management confirmed that the increase in non-performing loans (NPLs) was due to migration from substandard to non-accrual, with adequate reserves in place [28][29] Question: Expense outlook - The company expects a modest increase in core expenses in Q3, with a run rate in the low $50 million range [36] Question: Loan growth outlook - Management anticipates mid-single-digit loan growth for the remainder of the year, with a focus on maintaining discipline in lending practices [41][43] Question: Fee income growth - The company is optimistic about growth in fee income from SBA loan services and derivatives, with expectations for continued momentum [72][75]

Business First (BFST) came out with quarterly earnings of $0.66 per share, beating the Zacks Consensus Estimate of $0.65 per share. This compares to earnings of $0.64 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +1.54%. A quarter ago, it was expected that this company would post earnings of $0.61 per share when it actually produced earnings of $0.65, delivering a surprise of +6.56%.Over the last four quarters, the company h ...

Core Financial Performance - Business First Bancshares reported net income available to common shareholders of $20.8 million or $0.70 per diluted common share for the quarter ended June 30, 2025, representing increases of $1.6 million and $0.05, respectively, compared to the previous quarter [1] - On a non-GAAP basis, core net income for the same quarter was $19.5 million or $0.66 per diluted common share, an increase of $0.2 million and $0.01 from the linked quarter [1] Operational Highlights - The company successfully executed a core conversion and repositioned legacy branches, which positions it for continued growth [2] - A quarterly preferred dividend of $18.75 per share was declared, along with a common dividend of $0.14 per share, both to be paid on August 31, 2025 [2] Loan and Deposit Trends - Loans held for investment increased by $66.7 million or 1.12%, with commercial and commercial real estate portfolios growing by $98.8 million and $61.6 million, respectively [5] - Deposits decreased by $38.5 million or 0.60%, but excluding the $50.7 million in deposits transferred in the Kaplan sale, deposits increased by $12.1 million or 0.19% [8] Credit Quality - The ratio of nonperforming loans increased by 28 basis points to 0.97% as of June 30, 2025, while nonperforming assets to total assets rose by 21 basis points to 0.76% [6] Securities and Borrowings - The securities portfolio increased by $5.9 million or 0.64%, impacted by $6.4 million in positive fair value adjustments [7] - Borrowings increased by $179.0 million or 41.25%, primarily due to an increase in short-term Federal Home Loan Bank advances [11] Shareholder Equity and Capital Growth - Shareholders' equity increased by $22.1 million or 2.68% during the quarter, with book value per common share rising to $26.23 [12] - Tangible book value per common share increased to $28.61, reflecting a 3.70% increase compared to the linked quarter [9] Income and Expense Analysis - Net interest income totaled $67.0 million, with a net interest margin of 3.68% for the quarter [14] - Other income increased by $1.2 million or 8.99%, largely due to a $3.4 million gain on the Kaplan sale [17] - Other expenses rose by $628,000 or 1.24%, primarily due to increased data processing expenses [18] Future Growth Initiatives - The company is set to convert its Oakwood franchise systems in late Q3 2025 and aims to strengthen its position in the Dallas market [2] - Business First executed a definitive agreement to acquire Progressive Bancorp, Inc., which reported total assets of $752 million as of March 31, 2025 [9]

500 Laurel Street Baton Rouge, LA 70801 Phone: 877.614.7600 July 28, 2025 b1BANK FOR IMMEDIATE RELEASE Media Contact: Misty Albrecht 225.286.7879 Misty.Albrecht@b1BANK.com Business First Bancshares, Inc., Announces Financial Results for Q2 2025 Baton Rouge, La. (July 28, 2025) – Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended June 30, 2025. Business First reported net income available to common shareholder ...

BATON ROUGE, La., July 15, 2025 (GLOBE NEWSWIRE) -- b1BANK, the banking subsidiary of Business First Bancshares, Inc. (Nasdaq: BFST), announced the promotion of Heather Roemer to executive vice president and chief administrative officer.  Roemer oversees the teams responsible for business transformation programs and product management, marketing and communications, and human resources and talent development, and continues to serve as president of b1 FOUNDATION. In her expanded role, she helps align people, ...

Core Viewpoint - Business First Bancshares, Inc. has signed a definitive agreement to acquire Progressive Bancorp, Inc. and its subsidiary, Progressive Bank, which will enhance its market position and asset base in Louisiana [1][2]. Company Overview - Business First Bancshares, Inc. currently has approximately $7.8 billion in assets and $7.1 billion in assets under management as of March 31, 2025 [7]. - Progressive Bancorp, Inc. reported total assets of $752 million, deposits of $673 million, and equity capital of $65 million as of March 31, 2025 [2][9]. Transaction Details - The acquisition is expected to increase Business First's total assets to approximately $8.5 billion and total loans to over $6.6 billion [2]. - Business First plans to issue approximately 3,050,490 shares of common stock to Progressive shareholders, who will own about 9.3% of the combined company post-closing [4]. - The transaction has received unanimous approval from both companies' boards of directors and is expected to close early in the first quarter of 2026, pending regulatory and shareholder approvals [5]. Strategic Implications - The acquisition aims to deepen Business First's footprint in Louisiana, strengthen its deposit and liquidity profiles, and enhance its ability to serve clients in a competitive market [3]. - The partnership is expected to combine shared values and complementary strategies, allowing both companies to leverage greater resources and capabilities [3].

Core Points - Business First Bancshares, Inc. (Nasdaq: BFST) will release its financial results for Q2 2025 on July 28, 2025, at 7:00 a.m. CST [1] - A conference call and webcast will be held on the same day at 9:00 a.m. CST to discuss the results [1] - Interested parties can join the call by dialing 1-800-715-9871 with conference ID 2799880 or via a live webcast [2] Company Overview - As of March 31, 2024, Business First Bancshares, Inc. has $7.8 billion in assets and $7.1 billion in assets under management through its affiliate Smith Shellnut Wilson, LLC [4] - The company operates banking centers and loan production offices in Louisiana and Texas, offering commercial and personal banking products and services [4] - b1BANK has received the 2024 Mastercard "Innovation Award" and is a multiyear winner of American Banker Magazine's "Best Banks to Work For" [4]