Group 1 - Business First Bancshares, Inc. is set to release its fourth quarter 2025 earnings on January 22, 2026, after market close [1] - A conference call and webcast will be held on the same day at 4:00 p.m. CDT to discuss the earnings results [1] - Interested parties can join the call by dialing a toll-free number or accessing a live webcast [2] Group 2 - As of September 30, 2025, Business First Bancshares, Inc. had $8.0 billion in assets and $5.7 billion in assets under management through its affiliate [3] - b1BANK operates in Louisiana and Texas, offering commercial and personal banking products and services [3] - b1BANK has received accolades such as the 2024 Mastercard "Innovation Award" and recognition from American Banker Magazine as one of the "Best Banks to Work For" [3]

Core Viewpoint - Business First Bancshares, Inc. has successfully completed the acquisition of Progressive Bancorp, Inc. and its subsidiary, Progressive Bank, enhancing its market presence and asset base in Louisiana [1][2]. Group 1: Acquisition Details - The acquisition increases Business First's total assets to approximately $8.7 billion, with over $6.6 billion in total loans and $7.2 billion in deposits [2]. - Progressive Bancorp reported total assets of $752 million, deposits of $669 million, and total equity capital of $70 million as of September 30, 2025 [2]. - Under the terms of the agreement, Progressive shareholders received shares of Business First common stock and cash for fractional shares as merger consideration [4]. Group 2: Leadership Changes - Following the acquisition, George Cummings III, Progressive's chairman and CEO, joined the boards of directors for both b1BANK and Business First Bancshares, Inc. [3]. - David Hampton, Progressive's president, has taken on the role of vice chairman of the North Louisiana market at b1BANK [3]. Group 3: Advisory and Legal Support - Raymond James & Associates, Inc. acted as the financial advisor for Business First, while Hunton Andrews Kurth LLP served as its legal counsel [5]. - Mercer Capital Management, Inc. provided financial advisory services to Progressive, with Munck Wilson Mandala, LLP as its legal counsel [5]. Group 4: Company Overview - As of September 30, 2025, Business First Bancshares, Inc. has $8.0 billion in assets and $5.7 billion in assets under management through its affiliate, Smith Shellnut Wilson LLC [6]. - b1BANK operates banking centers and loan production offices across Louisiana and Texas, offering a range of commercial and personal banking products and services [6].

Core Viewpoint - Business First Bancshares, Inc. (BFST) shows potential as a stock pick due to a recent "golden cross" event, indicating a bullish trend reversal [1][4]. Technical Analysis - A "golden cross" occurs when a stock's short-term moving average (50-day) crosses above its long-term moving average (200-day), signaling a bullish breakout [2]. - The successful formation of a golden cross involves three stages: a price decline bottoming out, the shorter moving average crossing above the longer one, and maintaining upward momentum [3]. Performance Metrics - Over the past four weeks, BFST has gained 6.1%, suggesting positive momentum [4]. - The stock currently holds a 3 (Hold) rating on the Zacks Rank, indicating potential for further breakout [4]. Earnings Outlook - BFST has experienced three upward earnings estimate revisions in the last 60 days, with no downward revisions, enhancing the bullish case for the stock [4]. - The Zacks Consensus Estimate for BFST has also increased, reflecting a positive earnings outlook for the current quarter [4][6].

Core Insights - The article emphasizes the importance of value investing and highlights specific stocks that exhibit strong value characteristics, particularly Business First Bancshares (BFST) and Northeast Community Bancorp (NECB) [2][9] Company Analysis: Business First Bancshares (BFST) - BFST has a Zacks Rank of 2 (Buy) and a Value grade of A, indicating strong potential for value investors [4] - The stock is currently trading at a P/E ratio of 8.38, which is lower than the industry average of 8.58 [4] - BFST's P/B ratio stands at 0.93, compared to the industry's average of 0.95, suggesting it is undervalued [5] - The P/S ratio for BFST is 1.41, which is more favorable than the industry's average P/S of 1.8 [6] - The P/CF ratio for BFST is 8.69, significantly lower than the industry's average of 16.15, indicating strong cash flow relative to its valuation [7] Company Analysis: Northeast Community Bancorp (NECB) - NECB also holds a Zacks Rank of 2 (Buy) and a Value grade of A, making it a strong candidate for value investment [8] - The P/B ratio for NECB is 0.89, which is below the industry average of 0.95, indicating potential undervaluation [8] Summary of Value Metrics - Both BFST and NECB exhibit key valuation metrics that suggest they are likely undervalued in the current market, supported by their strong earnings outlook [9]

Group 1 - Business First (BFST) shares have increased by 4.7% over the past four weeks, closing at $24.25, with a mean price target of $30.9 indicating a potential upside of 27.4% [1] - The mean estimate consists of five short-term price targets with a standard deviation of $0.74, where the lowest estimate suggests a 23.7% increase and the highest predicts a 32% surge to $32.00 [2] - Analysts show strong agreement on BFST's ability to report better earnings, with a positive trend in earnings estimate revisions, which is a strong indicator of potential stock upside [4][11] Group 2 - The Zacks Consensus Estimate for BFST has increased by 1.3% due to two upward revisions in earnings estimates over the last 30 days, with no negative revisions [12] - BFST holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating a strong potential upside [13] - While the consensus price target may not be a reliable indicator of the extent of potential gains, it does provide a useful guide for price movement direction [14]

Group 1 - The stock of Business First Bancshares, Inc. (BFST) is experiencing significant attention due to high implied volatility in the options market, particularly for the Jan 16, 2026 $15.00 Put option [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that investors anticipate a significant change in the stock's price, potentially due to an upcoming event [2] - Business First Bancshares holds a Zacks Rank 2 (Buy) in the Banks - Northeast industry, which is in the top 21% of the Zacks Industry Rank, indicating a positive outlook [3] Group 2 - Over the past 60 days, there have been mixed changes in earnings estimates for Business First Bancshares, with two analysts increasing and two decreasing their estimates, resulting in a consensus estimate of 72 cents per share for the current quarter [3] - The high implied volatility may signal a developing trading opportunity, as options traders often seek to sell premium on options with high implied volatility, aiming for the underlying stock to not move as much as expected at expiration [4]

Core Insights - Value investing remains a preferred strategy for identifying strong stocks across various market conditions, focusing on companies perceived as undervalued based on fundamental analysis [2][3] Company Analysis - Bank First National (BFC) is highlighted as a strong value stock, currently holding a Zacks Rank of 2 (Buy) and a Value grade of A [3] - BFC has a Price-to-Sales (P/S) ratio of 0.77, significantly lower than the industry average of 1.83, indicating potential undervaluation [4] - The Price-to-Cash Flow (P/CF) ratio for BFC is 16.75, closely aligning with the industry average of 16.76, with a 52-week range of 9.60 to 17.38 [5] Additional Company Insights - Business First Bancshares (BFST) is also identified as a solid value stock, with a Zacks Rank of 2 (Buy) and a Value score of A [6] - BFST has a Price-to-Book (P/B) ratio of 0.93, compared to the industry average of 1.04, suggesting it may be undervalued [6] - The P/B ratio for BFST has fluctuated between 0.85 and 1.41 over the past 52 weeks, with a median of 1.00 [6] Conclusion - Both Bank First National and Business First Bancshares are positioned as strong value stocks, supported by their favorable earnings outlook and valuation metrics [7]

Financial Performance - Net income available to common shareholders for the nine months ended September 30, 2025, was $61.5 million, a $16.9 million, or 37.9%, increase from the same period in 2024[139] - Net interest income for the nine months ended September 30, 2025, was $202.3 million, an increase of $40.6 million, or 25.1%, from the same period in 2024[139] - For the three months ended September 30, 2025, net interest income totaled $69.3 million, an increase from $56.1 million in the same period of 2024[143] - Total noninterest income for the nine months ended September 30, 2025, increased by $7.0 million, or 21.6%, compared to the same period in 2024[160] - Core net income available to common shareholders for Q3 2025 was $21.2 million, or $0.72 per diluted common share, compared to $17.2 million, or $0.68 per diluted common share for Q3 2024, reflecting a 23.3% increase in core net income[250] - Interest income for Q3 2025 was $118.7 million, compared to $102.7 million in Q3 2024, indicating a 15.6% year-over-year growth[252] Asset and Loan Growth - Total assets increased to $8.0 billion, a $96.8 million, or 1.2%, increase from December 31, 2024[139] - Total loans held for investment reached $6.0 billion, a $39.7 million, or 0.7%, increase from December 31, 2024[139] - Total interest-earning assets increased to $7.46 billion for the three months ended September 30, 2025, from $6.36 billion in 2024[148] - Average loans outstanding increased to $6,001,647 thousand for the nine months ended September 30, 2025, compared to $5,327,466 thousand for the same period in 2024, representing a growth of 12.7%[200] Capital and Equity - Total shareholders' equity increased to $878.4 million as of September 30, 2025, representing a 9.9% increase from $799.5 million as of December 31, 2024, driven by net income of $65.5 million[223] - Book value per common share increased by 10.6% to $27.23 from $24.62 at December 31, 2024[143] - Tangible common equity rose to $670,228,000 as of September 30, 2025, compared to $588,712,000 as of December 31, 2024, marking an increase of about 13.9%[261] - Common equity to total assets ratio improved to 10.1% as of September 30, 2025, compared to 9.3% as of December 31, 2024[261] Credit Quality and Allowance for Losses - The allowance for credit losses was 1.03% of total loans held for investment, up from 0.98% as of December 31, 2024[143] - As of September 30, 2025, nonperforming assets totaled $66.1 million, up from $30.5 million as of December 31, 2024, indicating a significant increase in asset quality concerns[187] - The ratio of nonperforming loans to total loans held for investment increased to 0.82% as of September 30, 2025, compared to 0.42% as of December 31, 2024[188] - Provision for credit losses was $3.2 million for the three months ended September 30, 2025, up from $1.7 million in the same period in 2024[157] Deposits and Funding - Total deposits as of September 30, 2025, were $6.5 billion, a decrease of $4.5 million, or 0.1%, compared to December 31, 2024[212] - Total uninsured deposits were $2.8 billion, or 42.6%, of total deposits as of September 30, 2025, compared to 43.4% as of December 31, 2024[212] - Average deposits for the nine months ended September 30, 2025, were $6.4 billion, an increase of $676.0 million, or 11.8%, over the full year average for 2024[214] Acquisitions and Strategic Initiatives - The acquisition of Oakwood contributed significantly to the increase in net income and net interest income[139] - The company entered into a definitive agreement to acquire Progressive Bancorp, which had approximately $755.3 million in total assets as of June 30, 2025[138] Risk Management - The company actively manages interest rate, credit, and liquidity risks through established policies and procedures[262] - Liquidity risk management includes a contingency funding plan to ensure the ability to meet obligations to borrowers and depositors[263] - Credit risk is primarily related to the loan portfolio, with a disciplined approach to evaluating the adequacy of the allowance for credit losses[264]

Core Points - Business First Bancshares, Inc. has announced a stock repurchase program with an aggregate purchase price of up to $30 million over a 24-month period starting from October 28, 2025, to October 28, 2027 [1][2]. Group 1: Stock Repurchase Program - The repurchases may occur in the open market or through privately negotiated transactions, depending on management's assessment of attractive prices and the best interests of the company and its shareholders [2]. - The program is not obligatory, and there is no assurance that shares will be repurchased; it can be modified, suspended, or terminated at the Board's discretion [3]. Group 2: Company Overview - As of September 30, 2025, Business First Bancshares, Inc. has $8.0 billion in assets and $5.7 billion in assets under management through its affiliate, Smith Shellnut Wilson LLC, excluding $0.9 billion of b1BANK assets managed by SSW [5]. - b1BANK operates banking centers and loan production offices in Louisiana and Texas, offering commercial and personal banking products and services [5]. - b1BANK has received accolades such as the 2024 Mastercard "Innovation Award" and has been recognized multiple times by American Banker Magazine as one of the "Best Banks to Work For" [5].

Core Viewpoint - Business First (BFST) shows potential for significant upside, with a mean price target of $30.7 indicating a 26.6% increase from the current price of $24.26 [1] Price Targets - The average price target consists of five estimates ranging from $30.00 to $32.00, with a standard deviation of $0.84, suggesting a consensus among analysts [2] - The lowest estimate indicates a 23.7% increase, while the highest suggests a 31.9% upside [2] - A low standard deviation indicates a high degree of agreement among analysts regarding price movement [9] Analyst Sentiment - Analysts have shown increasing optimism about BFST's earnings prospects, as evidenced by upward revisions in EPS estimates [11] - Over the last 30 days, two estimates have been revised higher, leading to a 1.3% increase in the Zacks Consensus Estimate [12] - BFST holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] Caution on Price Targets - Solely relying on price targets for investment decisions may not be prudent, as analysts' ability to set unbiased targets has been questioned [3][7] - Analysts often set optimistic price targets due to business incentives, which can lead to inflated estimates [8] - While price targets should not be ignored, they should be approached with skepticism [10]