BATON ROUGE, La., April 02, 2024 (GLOBE NEWSWIRE) -- Business First Bancshares, Inc. (Nasdaq: BFST), the parent company of b1BANK, announced that it is scheduled to release first quarter 2024 earnings after market close on Thursday, April 25, 2024. Executive management will host a conference call and webcast to discuss results on the same day (Thursday, April 25, 2024) at 4:00 p.m. CST. Interested parties may attend the call by dialing toll-free 1-800-715-9871 (North America only), conference ID 5574541, or ...

BATON ROUGE, La., April 02, 2024 (GLOBE NEWSWIRE) -- Business First Bancshares, Inc. (Nasdaq: BFST), the parent company of b1BANK, announced that it is scheduled to release first quarter 2024 earnings after market close on Thursday, April 25, 2024. Executive management will host a conference call and webcast to discuss results on the same day (Thursday, April 25, 2024) at 4:00 p.m. CST. Interested parties may attend the call by dialing toll-free 1-800-715-9871 (North America only), conference ID 5574541, or ...

Shares of Business First (BFST) have gained 1.8% over the past four weeks to close the last trading session at $22.28, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $27.88 indicates a potential upside of 25.1%.The mean estimate comprises four short-term price targets with a standard deviation of $1.65. While the lowest estimate of $26 indicates a 16.7% increase from the curren ...

Financial Performance - Total interest income for 2023 was $353.3 million, a 49.8% increase from $236.1 million in 2022[410]. - Net income for 2023 reached $71.0 million, up 30.9% from $54.3 million in 2022[411]. - Net interest income after provision for credit losses was $210.6 million, compared to $188.7 million in 2022, marking an increase of 11.6%[410]. - Total other income increased to $36.6 million in 2023 from $29.3 million in 2022, representing a growth of 24.0%[410]. - Earnings per common share (diluted) for 2023 was $2.59, compared to $2.32 in 2022, an increase of 11.6%[410]. - Other comprehensive income for 2023 was $7.6 million, compared to a loss of $73.0 million in 2022[411]. - Consolidated net income for 2023 was $71,043 million, an increase of 30.9% compared to $54,255 million in 2022[440]. - Net cash provided by operating activities rose to $92,427 million, up 32.8% from $69,577 million in the previous year[440]. - Income tax expense totaled $19.5 million, an increase of $5.2 million, or 36.3%, compared to $14.3 million for the same period in 2022[517]. - Basic earnings per common share increased to $2.62 in 2023 from $2.34 in 2022, reflecting a growth of 11.97%[541]. Loan and Credit Quality - The allowance for loan losses was $40.4 million as of December 31, 2023, reflecting a forward-looking expected loss model[401]. - The company reported a provision for credit losses of $4.5 million in 2023, down from $10.9 million in 2022[410]. - Provision for credit losses decreased to $4,483 million from $10,886 million, indicating improved credit quality[440]. - Nonaccrual loans totaled $16.9 million as of December 31, 2023, compared to $11.1 million in 2022, indicating a rise of 52.3%[555]. - The allowance for credit losses utilizes forward-looking expected loss models, considering various factors affecting lifetime credit losses[488]. Assets and Equity - Total assets increased to $6,584,550,000 as of December 31, 2023, compared to $5,990,460,000 at December 31, 2022, reflecting a growth of approximately 9.9%[432]. - Total shareholders' equity at the end of 2023 reached $644,259,000, up from $580,481,000 in 2022, indicating a year-over-year increase of 11%[414]. - The company’s retained earnings increased to $216,115,000 from $163,955,000, reflecting a growth of about 31.8%[432]. - The total allowance for credit losses was $43.738 million, representing 100.0% of the total[520]. Deposits and Funding - The net increase in deposits for 2023 was $444,780,000, significantly higher than the $265,827,000 increase in 2022[417]. - Total deposits increased to $5,248,790,000, a rise from $4,820,345,000, representing an increase of approximately 8.9%[432]. - The company had outstanding debt of $300.0 million under the BTFP program at December 31, 2023, with a fixed interest rate of 4.38%[524]. - Total commitments to extend credit amounted to $1.35 billion as of December 31, 2023, compared to $1.56 billion in 2022[553]. Acquisitions and Investments - The company completed the acquisition of SSW, a registered investment advisor with approximately $3.5 billion in assets under management, on April 1, 2021[418]. - The acquisition of Texas Citizens Bancorp, Inc. was completed on March 1, 2022, with the issuance of 2,069,532 shares and TCBI reporting total assets of $534.2 million, loans of $349.5 million, and deposits of $477.2 million[478]. - The Company recorded approximately $236,000 and $5.2 million in acquisition-related costs for the years ended December 31, 2023 and 2022, respectively[508]. - Goodwill resulting from the merger was $28.649 million[534]. Cash Management - The company reported a net cash provided by financing activities of $502,084,000 in 2023, down from $715,309,000 in 2022[417]. - The cash and cash equivalents at the end of 2023 were $226,110,000, compared to $152,740,000 at the end of 2022, marking a 48% increase[417]. - Net cash used in investing activities decreased to $521,141 million from $700,521 million, reflecting better cash management[440]. Regulatory and Compliance - The company maintained effective internal control over financial reporting as of December 31, 2023, according to the independent auditor's report[405]. - The company does not anticipate any material changes to critical accounting estimates in the near term[419]. - The Company does not believe it has taken any tax positions requiring additional tax liability as of December 31, 2023, and 2022[469]. Miscellaneous - The company is expanding its market presence in Louisiana and Texas, focusing on full-service banking centers and loan production offices[440]. - The Company adopted ASU 2016-13 on January 1, 2023, changing the allowance for credit losses to a model based on expected losses, resulting in an $827,000 reduction to retained earnings[474][487]. - The fair value of securities available for sale was recorded at $879,571,000, down from $890,751,000, indicating a decrease of approximately 1.9%[432].

BATON ROUGE, La., Feb. 01, 2024 (GLOBE NEWSWIRE) -- Business First Bancshares, Inc. (Business First) (NASDAQ:BFST), the holding company for b1BANK announced today the signing of a definitive agreement to acquire Waterstone LSP, LLC (Waterstone). Waterstone was founded in 2012 by Mark Danford and Anthony Parrino to work hand-in-hand with community banks and small business owners to implement and manage the U.S. Small Business Administration's (SBA) loan programs.   "We have worked closely, for a number of ye ...

Business First Bancshares, Inc. (NASDAQ:BFST) Q4 2023 Results Conference Call January 23, 2024 5:30 PM ET Company Participants Matthew Sealy - SVP, Director of Corporate Strategy and FP&A Jude Melville - President and CEO Greg Robertson - CFO Philip Jordan - Chief Banking Officer Jerry Vascocu - Chief Administrative Officer Conference Call Participants Matthew Olney - Stephens Inc Graham Dick - Piper Sandler Michael Rose - Raymond James Brett Rabatin - Hovde Group Feddie Strickland - Janney Montgomery Scott ...

For the quarter ended December 2023, Business First (BFST) reported revenue of $60.17 million, down 6.5% over the same period last year. EPS came in at $0.66, compared to $0.66 in the year-ago quarter.The reported revenue represents a surprise of -5.09% over the Zacks Consensus Estimate of $63.4 million. With the consensus EPS estimate being $0.60, the EPS surprise was +10.00%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determi ...

BATON ROUGE, La., Jan. 23, 2024 (GLOBE NEWSWIRE) -- Business First Bancshares, Inc. (NASDAQ:BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the year ended December 31, 2023, including net income available to common shareholders of $65.6 million or $2.59 per diluted common share, increases of $12.7 million and $0.27, respectively, from the prior year ended December 31, 2022. On a non-GAAP basis, core net income for the year ended December 31, 2023, which excludes c ...

Financial Performance - Net income available to common shareholders was $51.2 million for the nine months ended September 30, 2023, an increase of $14.9 million, or 41.1%, from the same period in 2022[51]. - For the three months ended September 30, 2023, net income available to common shareholders was $19.1 million, or $0.76 per share, compared to $13.8 million, or $0.61 per share, for the same period in 2022[55]. - For the nine months ended September 30, 2023, net income available to common shareholders was $51.2 million, or $2.04 per basic share, compared to $36.3 million, or $1.65 per basic share, for the same period in 2022[62]. - Core net income available to common shareholders for Q3 2023 was $18.0 million, or $0.71 per diluted share, compared to $16.4 million, or $0.72 per diluted share in Q3 2022[198]. - For the nine months ended September 30, 2023, core net income available to common shareholders was $49.5 million, or $1.96 per diluted share, compared to $41.2 million, or $1.86 per diluted share for the same period in 2022[199]. Asset and Loan Growth - Total assets increased by $498.3 million, or 8.3%, to $6.5 billion as of September 30, 2023[49]. - Total loans held for investment rose by $314.1 million, or 6.8%, to $4.9 billion[50]. - Total loans increased to $4,829,537, with interest earned of $237,566, reflecting a yield of 6.58% for the nine months ended September 30, 2023[70]. - Average loans outstanding increased to $4,829,537 thousand for the nine months ended September 30, 2023, compared to $4,020,436 thousand for the year ended December 31, 2022, representing a growth of 20.1%[136]. Deposit Trends - Total deposits decreased by $370.4 million, or 7.7%, to $5.2 billion[51]. - Total deposits as of September 30, 2023, were $5.2 billion, an increase of $370.4 million, or 7.7%, compared to $4.8 billion as of December 31, 2022[152]. - Average deposits for the nine months ended September 30, 2023, were $4.9 billion, an increase of $362.8 million, or 8.0%, over the full year average for 2022[155]. Interest Income and Expense - Net interest income for the nine months ended September 30, 2023, was $161.4 million, an increase of $17.9 million, or 12.4%, from the same period in 2022[51]. - Net interest income for the three months ended September 30, 2023, totaled $55.3 million, with a net interest margin of 3.61%[64]. - Overall cost of funds increased by 182 basis points for the three months ended September 30, 2023, compared to the same period in 2022[64]. - Interest income for September 2023 was $93,322 thousand, a 47% increase from $63,473 thousand in September 2022[201]. - Interest expense rose significantly to $38,028 thousand in September 2023, compared to $9,993 thousand in September 2022, marking a 281% increase[201]. Noninterest Income and Expense - Noninterest income sources include service charges, debit card fees, and income from bank-owned life insurance, contributing to overall revenue growth[78]. - Total noninterest income increased by $1.8 million, or 21.8%, from the three months ended September 30, 2022, primarily due to a $424,000 increase in service charges, a $313,000 increase in fees and brokerage commissions, and a $932,000 gain from the sale of a banking center[79]. - Total noninterest expense decreased by $2.3 million, or 5.7%, from the three months ended September 30, 2022, mainly due to a reduction of $3.2 million in merger and conversion related expenses[85]. - For the nine months ended September 30, 2023, total noninterest expense increased by $5.9 million, or 5.3%, primarily attributed to a $5.0 million increase in salaries and employee benefits[86]. Credit Quality and Allowance for Loan Losses - Allowance for loan losses was 0.84% of total loans held for investment, compared to 0.83% as of December 31, 2022[52]. - Nonperforming loans to total loans held for investment ratio was 0.33%, compared to 0.25% as of December 31, 2022[52]. - The allowance for credit losses was $44.5 million, or 0.90% of total loans held for investment, as of September 30, 2023, compared to $38.8 million, or 0.84%, as of December 31, 2022[133]. - Total charge-offs for the nine months ended September 30, 2023, were $5,390 thousand, significantly higher than $2,821 thousand for the same period in 2022, reflecting an increase of 91.5%[136]. Capital Ratios - Capital ratios for Tier 1 Leverage, Common Equity Tier 1, Tier 1 Risk-based, and Total Risk-based Capital were 9.31%, 8.97%, 10.28%, and 12.71%, respectively[54]. - Total capital to risk-weighted assets ratio for the company was 12.71% as of September 30, 2023, slightly down from 12.75% as of December 31, 2022[174]. - Tier 1 capital to risk-weighted assets ratio increased to 10.28% as of September 30, 2023, compared to 10.07% as of December 31, 2022[174]. Market and Strategic Initiatives - The company plans to focus on market expansion and new product development to drive future growth[78]. - The company does not enter into leveraged derivatives or financial options to reduce interest rate risk, managing exposure primarily through balance sheet structuring[188]. - Interest rate risk is reviewed by the asset-liability committee, which considers various factors including earnings impact and regional economies[188].

Business First Bancshares, Inc. (NASDAQ:BFST) Q3 2023 Earnings Conference Call October 26, 2023 5:30 PM ET Company Participants Matt Sealy - SVP and Director, Corporate Strategy Jude Melville - President, CEO & Director Greg Robertson - Executive VP, CFO & Treasurer Conference Call Participants Matt Olney - Stephens Brett Rabatin - Hovde Group Graham Dick - Piper Sandler Kevin Fitzsimmons - D.A. Davidson Feddie Strickland - Janney Montgomery Scott Michael Rose - Raymond James Operator Hello. And welcome to ...