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Business First Bank(BFST) - 2021 Q2 - Quarterly Report
2021-08-04 16:00
[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
Business First Bank(BFST) - 2021 Q1 - Quarterly Report
2021-05-05 16:00
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 ...
Business First Bank(BFST) - 2020 Q4 - Annual Report
2021-03-04 16:00
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 ...
Business First Bank(BFST) - 2020 Q3 - Quarterly Report
2020-11-06 17:50
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 ...
Business First Bank(BFST) - 2020 Q2 - Quarterly Report
2020-08-08 01:15
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 ...
Business First Bank(BFST) - 2020 Q1 - Quarterly Report
2020-05-08 17:53
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 ...
Business First Bank(BFST) - 2019 Q4 - Annual Report
2020-03-12 13:47
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 ...
Business First Bank(BFST) - 2019 Q3 - Quarterly Report
2019-11-07 18:53
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, 2019 or ☐ TRANSITION REPORT PURUSANT 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 ...
Business First Bank(BFST) - 2019 Q2 - Quarterly Report
2019-08-08 14:15
[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements, including balance sheets, income statements, and cash flows, with detailed notes [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to $2.15 billion by June 30, 2019, driven by growth in net loans, with total liabilities and shareholders' equity also rising Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2019 (Unaudited) | December 31, 2018 | | :--- | :--- | :--- | | **Total Assets** | **$2,153,608** | **$2,094,896** | | Net Loans and Lease Receivable | $1,630,970 | $1,517,249 | | Total Deposits | $1,702,902 | $1,733,934 | | **Total Liabilities** | **$1,876,139** | **$1,834,838** | | **Total Shareholders' Equity** | **$277,469** | **$260,058** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income significantly increased to $6.8 million for Q2 2019 and $12.5 million for the six-month period, driven by higher net interest income Income Statement Summary (in thousands, except per share data) | Metric | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $20,193 | $14,976 | $39,313 | $29,476 | | Provision for Loan Losses | $1,302 | $474 | $1,935 | $948 | | **Net Income** | **$6,843** | **$3,638** | **$12,502** | **$6,746** | | Diluted EPS | $0.50 | $0.33 | $0.91 | $0.62 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities was $15.7 million, while investing activities used $97.5 million, leading to a $32.0 million net decrease in cash Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2019 | 2018 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $15,658 | $9,565 | | Net Cash Used in Investing Activities | ($97,520) | ($108,271) | | Net Cash Provided by Financing Activities | $49,833 | $36,976 | | **Net (Decrease) in Cash and Cash Equivalents** | **($32,029)** | **($61,730)** | [Notes to Unaudited Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of financial statements, including mergers, loan portfolios, credit quality, and fair value measurements - The company completed the acquisition of Minden Bancorp, Inc. (MBI) on January 1, 2018, for **$56.2 million** in cash, resulting in **$25.6 million** of goodwill[26](index=26&type=chunk)[27](index=27&type=chunk) - The acquisition of Richland State Bancorp, Inc. (RSBI) was completed on November 30, 2018, for **$42.4 million** in stock, resulting in **$17.1 million** of goodwill[28](index=28&type=chunk)[29](index=29&type=chunk) - A branch acquired from RSBI was subsequently sold on June 28, 2019, for a net gain of **$593,000**[29](index=29&type=chunk) - The allowance for loan losses increased to **$11.6 million** at June 30, 2019, from **$11.2 million** at December 31, 2018[53](index=53&type=chunk) - The provision for loan losses for the first six months of 2019 was **$1.9 million**[53](index=53&type=chunk) - The company adopted the new lease accounting standard (ASU 2016-02) on January 1, 2019, recognizing a right-of-use asset and lease liability of approximately **$13.0 million**[97](index=97&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 and H1 2019 financial performance, covering key drivers, capital, and non-GAAP reconciliations [Financial Highlights](index=35&type=section&id=Financial%20Highlights) The company reported strong financial results for H1 2019, with total assets reaching $2.2 billion and total loans growing 7.5% to $1.6 billion, improving profitability metrics Key Performance Indicators | Metric | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | | :--- | :--- | :--- | | Net Income | $12.5 million | $6.7 million | | Diluted EPS | $0.91 | $0.62 | | Return on Average Assets | 1.20% | 0.83% | | Return on Average Equity | 9.38% | 7.35% | | Book Value Per Share (as of period end) | $20.77 | N/A | [Results of Operations](index=37&type=section&id=Results%20of%20Operations) Operating results for Q2 and H1 2019 showed significant improvement, with net interest income growing 34.8% and noninterest income more than doubling, despite increased noninterest expense - Net interest income for Q2 2019 was **$20.2 million** with a net interest margin of **4.19%**, compared to **$15.0 million** and **3.98%** for Q2 2018[122](index=122&type=chunk) - Noninterest income for Q2 2019 increased by **$2.2 million (110.3%)** year-over-year, driven by a **$593,000** gain on the sale of a banking center and a **$1.04 million** increase in pass-through income from SBIC partnerships[133](index=133&type=chunk)[134](index=134&type=chunk)[137](index=137&type=chunk) - Salaries and employee benefits rose by **$2.2 million (34.2%)** in Q2 2019 compared to Q2 2018, primarily due to additional staff from the RSBI acquisition and new hires. Full-time equivalent employees increased from **241 to 348** year-over-year[141](index=141&type=chunk) [Financial Condition](index=44&type=section&id=Financial%20Condition) The company's financial condition remained strong, with total assets increasing to $2.2 billion and the loan portfolio growing 7.5%, while asset quality improved and nonperforming assets decreased - Total loans held for investment grew by **$114.1 million (7.5%)** to **$1.6 billion** as of June 30, 2019, compared to December 31, 2018[152](index=152&type=chunk) - Nonperforming assets decreased to **$12.4 million** at June 30, 2019, from **$15.5 million** at December 31, 2018[167](index=167&type=chunk)[168](index=168&type=chunk) - The ratio of nonperforming loans to total loans improved to **0.61%** from **0.89%**[168](index=168&type=chunk) - The allowance for loan losses was **0.71%** of total loans held for investment at June 30, 2019, compared to **0.73%** at December 31, 2018[179](index=179&type=chunk) - Total deposits decreased by **$31.0 million**, primarily due to the sale of a banking center which included **$24.9 million** in associated deposits[193](index=193&type=chunk) [Liquidity and Capital Resources](index=56&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained solid liquidity and capital, with total shareholders' equity increasing to $277.5 million and all regulatory capital ratios remaining well above 'well-capitalized' thresholds Regulatory Capital Ratios (Consolidated) | Ratio | June 30, 2019 | December 31, 2018 | | :--- | :--- | :--- | | Tier 1 Leverage | 10.74% | 11.66% | | Common Equity Tier 1 | 11.73% | 11.83% | | Tier 1 Risk-based | 11.73% | 11.83% | | Total Risk-based | 13.69% | 13.91% | - The Board of Directors declared a quarterly dividend of **$0.10** per share on July 23, 2019[216](index=216&type=chunk) [Non-GAAP Financial Measures](index=60&type=section&id=Non-GAAP%20Financial%20Measures) This section provides reconciliations of GAAP to non-GAAP financial measures, with core net income at $6.6 million and tangible book value per common share increasing to $16.60 Core Net Income Reconciliation (in thousands) | Metric | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | | :--- | :--- | :--- | | Net Income (GAAP) | $6,843 | $3,638 | | Adjustments (net of tax) | ($241) | $430 | | **Core Net Income (Non-GAAP)** | **$6,602** | **$4,078** | Tangible Book Value Per Share Reconciliation | Metric | June 30, 2019 | December 31, 2018 | | :--- | :--- | :--- | | Book Value Per Share (GAAP) | $20.77 | $19.68 | | **Tangible Book Value Per Share (Non-GAAP)** | **$16.60** | **$15.34** | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=63&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Primary market risks include interest rate, credit, and liquidity, managed through established policies and committee oversight - The company's primary market risks are identified as interest rate, credit, and liquidity risk, which are managed through board-approved policies[247](index=247&type=chunk) [Item 4. Controls and Procedures](index=63&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of June 30, 2019, with no material changes to internal control - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2019[250](index=250&type=chunk) - No material changes were made to the company's internal control over financial reporting during the second quarter of 2019[251](index=251&type=chunk) [PART II - OTHER INFORMATION](index=63&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=63&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in any material legal proceedings beyond routine litigation - The company is not a party to any material legal proceedings outside of routine matters occurring in the ordinary course of business[251](index=251&type=chunk) [Item 1A. Risk Factors](index=64&type=section&id=Item%201A.%20Risk%20Factors) This section refers to risk factors detailed in the company's 2018 Annual Report on Form 10-K - For a discussion of risk factors, the report refers to Item 1A of the company's 2018 Form 10-K[252](index=252&type=chunk) [Item 6. Exhibits](index=64&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including officer certifications and XBRL data files - Exhibits filed with the report include CEO and CFO certifications under Sections 302 and 906 of the Sarbanes-Oxley Act[252](index=252&type=chunk)
Business First Bank(BFST) - 2019 Q1 - Quarterly Report
2019-05-10 12:12
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, 2019 or ☐ TRANSITION REPORT PURUSANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 333-200112 BUSINESS FIRST BANCSHARES, INC. (Exact name of registrant as specified in its charter) Louisiana 20-53 ...