Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38447 BUSINESS FIRST BANCSHARES, INC. (Exact name of registrant as specified in its charter) Louisiana 20-534 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38447 BUSINESS FIRST BANCSHARES, INC. (Exact name of registrant as specified in its charter) Louisiana 20-5340628 (State or o ...

[PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) Presents unaudited consolidated financial statements and management's discussion and analysis for Business First Bancshares, Inc. [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Presents the unaudited consolidated financial statements, including balance sheets, income statements, cash flows, and detailed notes, for the periods ended September 30, 2021. [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$4.41 billion** by September 30, 2021, driven by securities growth, with deposits reaching **$3.77 billion** and equity at **$430.2 million**. Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2021 (Unaudited) | Dec 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$4,405,217** | **$4,160,360** | | Securities Available for Sale | $1,034,491 | $640,605 | | Loans and Lease Receivable, Net | $3,038,090 | $2,969,331 | | Goodwill | $60,062 | $53,862 | | **Total Liabilities** | **$3,974,996** | **$3,750,397** | | Total Deposits | $3,768,121 | $3,616,679 | | Subordinated Debt | $81,427 | $25,000 | | **Total Shareholders' Equity** | **$430,221** | **$409,963** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income for the nine months ended September 30, 2021, surged to **$40.1 million**, with diluted EPS at **$1.94**, primarily due to increased other income. Consolidated Income Statement Highlights (in thousands, except per share data) | Metric | Three Months Ended Sep 30, 2021 | Three Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $37,294 | $36,932 | $115,540 | $88,062 | | Provision for Loan Losses | $1,147 | $2,491 | $6,747 | $9,301 | | Total Other Income | $6,348 | $4,217 | $28,807 | $12,017 | | Total Other Expenses | $29,567 | $26,951 | $87,646 | $71,391 | | **Net Income** | **$10,311** | **$9,609** | **$40,068** | **$16,160** | | **Diluted EPS** | **$0.50** | **$0.46** | **$1.94** | **$0.93** | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash and equivalents decreased by **$67.8 million** for the nine months ended September 30, 2021, with operating activities providing **$41.8 million** and investing activities using **$312.8 million**. Cash Flow Summary for the Nine Months Ended Sep 30 (in thousands) | Cash Flow Category | 2021 | 2020 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $41,789 | $15,142 | | Net Cash Used in Investing Activities | ($312,826) | ($312,934) | | Net Cash Provided by Financing Activities | $203,267 | $312,315 | | **Net (Decrease) Increase in Cash** | **($67,770)** | **$14,523** | [Notes to Unaudited Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Detailed notes cover accounting policies, mergers (Pedestal, SSW), portfolio composition, allowance for loan losses, and subsequent events like the Texas Citizens Bancshares acquisition. - The company consummated the merger with Pedestal Bancshares, Inc. on May 1, 2020, issuing **7.6 million shares** of common stock. The total purchase price was **$98.7 million**, resulting in **$5.1 million of goodwill**[27](index=27&type=chunk)[29](index=29&type=chunk) - On April 1, 2021, the company acquired Smith Shellnut Wilson, LLC (SSW) for **$7.3 million in cash** and **$3.9 million in subordinated debt**, recording **$6.5 million in goodwill** and **$4.3 million in customer intangibles**[43](index=43&type=chunk) - Subsequent to the quarter end, on October 1, 2021, the company sold its Oak Grove banking center, including **$3.7 million in loans** and **$18.7 million in deposits**. On October 20, 2021, it entered into a definitive agreement to acquire Texas Citizens Bancshares, Inc[128](index=128&type=chunk)[129](index=129&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes financial performance, covering net interest income, loan loss provision, noninterest income and expenses, portfolio growth, and liquidity and capital positions for the periods ended September 30, 2021. [Results of Operations](index=45&type=section&id=Results%20of%20Operations) Net income for the nine months ended September 30, 2021, reached **$40.1 million**, driven by a PPP loan sale gain, despite net interest margin compression to **3.93%**. - Net income for the nine months ended Sep 30, 2021, was significantly impacted by a **$9.2 million gain** from the sale of a PPP loan portfolio in June 2021[158](index=158&type=chunk)[152](index=152&type=chunk) Net Interest Margin Analysis | Period | Net Interest Income | Net Interest Margin | Net Interest Spread | | :--- | :--- | :--- | :--- | | **Q3 2021** | $37.3M | 3.71% | 3.51% | | **Q3 2020** | $36.9M | 4.06% | 3.81% | | **YTD 2021** | $115.5M | 3.93% | 3.75% | | **YTD 2020** | $88.1M | 3.97% | 3.66% | - The provision for loan losses was **lower** for the three and nine months ended Sep 30, 2021, compared to 2020, primarily due to improved qualitative factors related to the economy and energy sector, which offset reserves for new loan growth[176](index=176&type=chunk) - Total noninterest income for the nine months ended Sep 30, 2021 increased by **$16.8 million (139.7%)** year-over-year, driven by a **$9.9 million increase** in gain on sale of loans (primarily PPP loans) and a **$2.8 million increase** in fees and brokerage commission income from acquisitions[180](index=180&type=chunk) [Financial Condition](index=55&type=section&id=Financial%20Condition) Total assets grew to **$4.4 billion**, with loans at **$3.1 billion** and deposits at **$3.8 billion**, while nonperforming assets decreased to **$16.5 million**. Loan Portfolio Composition (in thousands) | Loan Type | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Commercial | $723,077 | $886,325 | | Nonfarm nonresidential | $1,111,771 | $971,603 | | Construction and land | $464,808 | $403,065 | | 1-4 family residential | $464,462 | $468,650 | | Other | $302,118 | $261,712 | | **Total** | **$3,066,236** | **$2,991,355** | - The allowance for loan losses increased to **$28.1 million**, or **0.92% of total loans**, at September 30, 2021, up from **$22.0 million**, or **0.74%**, at December 31, 2020. The increase was partly due to the reduction of government-guaranteed SBA PPP loans[218](index=218&type=chunk) - The securities portfolio grew by **$393.9 million (61.5%)** to **$1.0 billion** as of September 30, 2021, primarily due to the deployment of excess cash from SBA PPP loan forgiveness and the portfolio sale[222](index=222&type=chunk) - Total deposits increased by **$151.4 million (4.2%)** to **$3.8 billion** as of September 30, 2021, with noninterest-bearing deposits growing by **$37.7 million**[230](index=230&type=chunk)[231](index=231&type=chunk) [Liquidity and Capital Resources](index=65&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong capital ratios, with Tier 1 Leverage at **8.34%** and Total Risk-based Capital at **12.47%**, supported by increased shareholders' equity and subordinated debt issuance. Regulatory Capital Ratios (Company) | Ratio | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Tier 1 Leverage | 8.34% | 8.79% (CBLR) | | Common Equity Tier 1 | 9.39% | N/A | | Tier 1 Risk-based | 9.53% | N/A | | Total Risk-based | 12.47% | N/A | - During the first quarter of 2021, the company elected to revert from the Community Bank Leverage Ratio (CBLR) framework back to risk-weighted capital ratio reporting[246](index=246&type=chunk) - Total shareholders' equity increased by **$20.3 million (4.9%)** to **$430.2 million** at September 30, 2021, primarily due to **$40.1 million in net income**, offset by **$7.0 million in dividends** and **$4.9 million in other comprehensive losses**[243](index=243&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=76&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages primary market risks, including interest rate, credit, and liquidity risks, through established policies and asset-liability management. - The company's principal financial market risks are identified as **liquidity risk** and **exposure to interest rate movements**[285](index=285&type=chunk) - Interest rate risk, credit risk, and liquidity risk are controlled and monitored through established policies, procedures, and oversight by management and the board[283](index=283&type=chunk) [Item 4. Controls and Procedures](index=76&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2021, with no material changes in internal control over financial reporting. - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were **effective** as of the end of the period covered by the report[286](index=286&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[287](index=287&type=chunk) [PART II – OTHER INFORMATION](index=76&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section covers other information including legal proceedings, unregistered sales of equity securities, and stock repurchase programs. [Item 1. Legal Proceedings](index=76&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in any material legal proceedings beyond routine matters in the ordinary course of business. - The company states it is not a party to any **material legal proceedings** outside the ordinary course of business[287](index=287&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=77&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **359,747 shares** for approximately **$8.3 million** in Q3 2021 under a **$30.0 million** program, with **$18.3 million** remaining. - On October 22, 2020, the board approved a stock repurchase program authorizing up to **$30.0 million** in share repurchases, effective until December 31, 2021[290](index=290&type=chunk) Share Repurchases in Q3 2021 (dollars in millions) | Period | Total Shares Purchased | Average Price Paid | Approx. Dollar Value Remaining | | :--- | :--- | :--- | :--- | | Jul 2021 | 224,266 | $22.88 | $21.485M | | Aug 2021 | 135,481 | $23.66 | $18.279M | | Sep 2021 | — | — | $18.279M | | **Total Q3** | **359,747** | **$23.18** | **$18.279M** |

[PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Unaudited consolidated financial statements for Business First Bancshares, Inc. as of June 30, 2021, including balance sheets, income statements, and comprehensive notes [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to **$4.32 billion** by June 30, 2021, with increased securities and deposits, while net loans decreased Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2021 (Unaudited) | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$4,323,959** | **$4,160,360** | | Loans and Lease Receivable, Net | $2,828,184 | $2,969,331 | | Securities Available for Sale | $882,802 | $640,605 | | **Total Liabilities** | **$3,892,953** | **$3,750,397** | | Total Deposits | $3,724,223 | $3,616,679 | | Subordinated Debt | $81,427 | $25,000 | | **Total Shareholders' Equity** | **$431,006** | **$409,963** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income surged to **$17.4 million** for Q2 2021, driven by a **$10.0 million** gain on loan sales, alongside net interest income growth Consolidated Income Statement Highlights (in thousands, except per share data) | Metric | Q2 2021 | Q2 2020 | Six Months 2021 | Six Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $37,945 | $30,919 | $78,246 | $51,130 | | Provision for Loan Losses | $2,241 | $5,443 | $5,600 | $6,810 | | Total Other Income | $17,376 | $4,996 | $22,459 | $7,800 | | **Net Income** | **$17,428** | **$2,052** | **$29,757** | **$6,551** | | Diluted EPS | $0.84 | $0.11 | $1.43 | $0.42 | [Notes to Unaudited Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Detailed notes explain financial statement presentation, COVID-19 impacts, mergers, loan and securities portfolios, and debt and fair value measurements - The financial statements are unaudited and should be read in conjunction with the 2020 Form 10-K, with no material COVID-19 impact observed to date[23](index=23&type=chunk)[24](index=24&type=chunk) - The Company acquired Pedestal Bancshares, Inc. on May 1, 2020, issuing **7.6 million** shares of common stock, with Pedestal having **$1.4 billion** in assets and **$1.2 billion** in deposits at acquisition[28](index=28&type=chunk) - On April 1, 2021, the Company acquired Smith Shellnut Wilson, LLC (SSW) for **$7.3 million** in cash and **$3.9 million** in subordinated debt, recording **$6.5 million** in goodwill and **$4.3 million** in customer intangibles[44](index=44&type=chunk) - The Company issued **$52.5 million** in subordinated debt on March 26, 2021, at a fixed rate of **4.25%** until March 2026, and an additional **$3.9 million** related to the SSW acquisition at **4.75%** until April 2026[101](index=101&type=chunk)[102](index=102&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and results, highlighting asset, deposit, and net income growth, acquisition impacts, COVID-19 response, and key financial analyses [Overview and Recent Developments](index=39&type=section&id=Overview%20and%20Recent%20Developments) The company, a community bank with **$4.3 billion** in assets, details recent acquisitions (Pedestal, SSW) and its COVID-19 response, including PPP - The company completed the acquisition of Pedestal Bancshares, Inc. on May 1, 2020, which had approximately **$1.3 billion** in total assets[140](index=140&type=chunk) - On April 1, 2021, the company acquired Smith Shellnut Wilson, LLC (SSW), a registered investment advisor with approximately **$3.5 billion** in assets under management[141](index=141&type=chunk) - As of June 30, 2021, **16 loans** with an outstanding balance of **$29.9 million** remained in COVID-19 related deferral periods, significantly down from a peak of approximately **2,000 loans** totaling **$720.5 million**[144](index=144&type=chunk) - In June 2021, the company sold approximately **2,000 PPP loans** with an aggregate balance of **$243.6 million**, realizing a gain of **$9.2 million**[146](index=146&type=chunk) [Results of Operations](index=41&type=section&id=Results%20of%20Operations) Q2 2021 net income reached **$17.4 million**, a **749.3%** increase, driven by PPP loan sales and net interest income growth Performance Summary | Metric | Q2 2021 | Q2 2020 | Six Months 2021 | Six Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $17.4M | $2.1M | $29.8M | $6.6M | | Diluted EPS | $0.84 | $0.11 | $1.43 | $0.42 | | Return on Average Assets (Ann.) | 1.58% | 0.23% | 1.37% | 0.46% | | Return on Average Equity (Ann.) | 16.57% | 2.35% | 14.23% | 4.13% | - Net interest margin for Q2 2021 was **3.87%**, a slight decrease from **3.89%** in Q2 2020, with the overall cost of funds decreasing by **32 basis points** year-over-year[156](index=156&type=chunk) - The provision for loan losses was **$2.2 million** for Q2 2021, down from **$5.4 million** in Q2 2020, primarily due to a downward adjustment of the qualitative economic factor for the COVID-19 pandemic[168](index=168&type=chunk) - Total noninterest income for Q2 2021 increased by **$12.4 million (247.8%)** year-over-year, mainly due to a **$10.0 million** gain on the sale of SBA PPP loans[171](index=171&type=chunk) [Financial Condition](index=49&type=section&id=Financial%20Condition) Total assets increased to **$4.3 billion**, while loans decreased due to PPP sales; securities and deposits grew, and nonperforming assets decreased Loan Portfolio Composition (in thousands) | Loan Type | June 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Commercial | $660,691 | $886,325 | | Nonfarm nonresidential | $1,002,707 | $971,603 | | 1-4 family residential | $459,037 | $468,650 | | Construction and land | $454,055 | $403,065 | | Other | $278,396 | $261,712 | | **Total** | **$2,854,886** | **$2,991,355** | Nonperforming Assets (in thousands) | Category | June 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Total nonperforming loans | $11,461 | $10,586 | | Other real estate owned | $5,890 | $9,051 | | **Total nonperforming assets** | **$18,016** | **$20,039** | | Ratio of NPA to total assets | 0.42% | 0.48% | - The allowance for loan losses increased to **$26.7 million**, or **0.94%** of total loans, at June 30, 2021, up from **$22.0 million**, or **0.74%**, at December 31, 2020[209](index=209&type=chunk) - The securities portfolio increased by **$242.2 million (37.8%)** to **$882.8 million** at June 30, 2021, primarily due to the deployment of excess cash from SBA PPP forgiveness[214](index=214&type=chunk) [Liquidity and Capital Resources](index=59&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is met by deposits and asset maturities; shareholders' equity increased to **$431.0 million**, and the company remains well-capitalized Regulatory Capital Ratios (Business First Bancshares, Inc.) | Ratio | June 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Tier 1 Leverage | 8.23% | 8.79% (CBLR) | | Common Equity Tier 1 | 9.99% | N/A | | Tier 1 Risk-based | 10.14% | N/A | | Total Risk-based | 13.24% | N/A | - Total shareholders' equity increased by **5.1%** to **$431.0 million** at June 30, 2021, primarily due to net income of **$29.8 million**, offset by dividends and other comprehensive losses[235](index=235&type=chunk) - The Board of Directors declared a quarterly dividend of **$0.12 per share** for Q2 2021[236](index=236&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=62&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risk is interest rate volatility, managed via simulation models; a **100 bps** rate increase would boost net interest income by **1.70%** Interest Rate Sensitivity Analysis (Simulated Change over 12 Months) | Change in Interest Rates (bps) | % Change in Net Interest Income (as of June 30, 2021) | % Change in Fair Value of Equity (as of June 30, 2021) | | :--- | :--- | :--- | | +300 | 0.90% | (4.65%) | | +200 | 1.60% | (3.70%) | | +100 | 1.70% | (1.07%) | | -100 | (2.00%) | 6.20% | [Controls and Procedures](index=62&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2021, with no material changes to internal controls - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[276](index=276&type=chunk) [PART II. OTHER INFORMATION](index=63&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=63&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in any material pending legal proceedings beyond routine matters in the ordinary course of business - The company is party to claims and legal proceedings arising in the ordinary course of business, but management does not believe their resolution will have a material adverse effect on the financial statements[277](index=277&type=chunk) [Risk Factors](index=63&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2020 [Unregistered Sales of Equity Securities and Use of Proceeds](index=63&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company's **$30.0 million** stock repurchase program saw **83,504 shares** repurchased for **$1.9 million** in Q2 2021 - On October 22, 2020, the board approved a stock repurchase program for up to **$30.0 million**, effective until December 31, 2021[281](index=281&type=chunk) Share Repurchases in Q2 2021 | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2021 | — | $— | | May 2021 | 5,500 | $22.91 | | June 2021 | 78,004 | $23.03 | | **Total** | **83,504** | **$23.03** | [Exhibits](index=64&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including certifications by principal officers and XBRL data files

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38447 BUSINESS FIRST BANCSHARES, INC. (Exact name of registrant as specified in its charter) Louisiana 20-534 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38447 BUSINESS FIRST BANCSHARES, INC. (Exact name of registrant as specified in its charter) Louisiana 20-5340628 (State or o ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38447 BUSINESS FIRST BANCSHARES, INC. (Exact name of registrant as specified in its charter) Louisiana 20 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38447 BUSINESS FIRST BANCSHARES, INC. (Exact name of registrant as specified in its charter) Louisiana 20-5340 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38447 BUSINESS FIRST BANCSHARES, INC. (Exact name of registrant as specified in its charter) Louisiana 20-534 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38447 BUSINESS FIRST BANCSHARES, INC. (Exact name of registrant as specified in its charter) Louisiana 20-5340628 ...