Financial Data and Key Metrics Changes - The first quarter GAAP net income was $19.2 million, with EPS of $0.65, including non-core items [13] - Core net income, excluding non-core items, was $19.3 million, also with EPS of $0.65 [13] - Core return on assets (ROA) exceeded 1%, with core net interest margin expanding by eight basis points [6][17] - Total deposits decreased by $53 million, primarily due to a reduction in non-interest bearing deposits [14][15] Business Line Data and Key Metrics Changes - Total loans held for investment remained flat, down $480,000, with total paydowns and payoffs matching new loan production at approximately $500 million [14] - Real estate construction loans decreased by $36.8 million, while real estate residential loans increased by $49.8 million [14] - Non-interest revenue was driven by strong swap fees and SBA loan gains, contributing significantly to profitability [7][22] Market Data and Key Metrics Changes - Texas-based loans remained flat at approximately 41% of the overall loan portfolio [14] - The weighted average total cost of deposits for the first quarter was 2.69%, down 12 basis points from the previous quarter [19] - The company generated approximately $380 million from new deposit account relationships despite the overall decline in deposits [15] Company Strategy and Development Direction - The company is focused on optimizing its branch network and managing expenses while investing in IT and infrastructure [8][21] - The acquisition of Oakwood Bank is progressing as planned, with integration set for September [8] - The company aims to maintain profitability without relying on loan growth, emphasizing net interest margin over volume [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the uncertain economic environment and highlighted a strong pipeline for the second quarter [11][28] - The company anticipates low to mid-single-digit loan growth for the upcoming quarters, with potential for higher growth in Q2 and Q3 [28][90] - Management noted that credit quality remains stable despite some negative migration in specific relationships [23] Other Important Information - The company completed the sale of a branch in Kaplan, Louisiana, which included approximately $51 million in deposits at an 8% premium [9][16] - The company has a contingent liquidity increase of approximately $600 million, enhancing its financial flexibility [17] Q&A Session Summary Question: Expectations for loan growth in Q2 and the second half of the year - Management expects loan growth in the low to mid-single digits, with a healthy pipeline for Q2 [28] Question: Updated thoughts on core margin progression - Management anticipates continued low single-digit basis point improvements in core margin, influenced by interest rate uncertainty [30] Question: Expectations for deposit growth and moving pieces on acquired balances - Management indicated that the recent branch sale would impact deposit growth, making Q2 potentially muted [46] Question: Areas of the loan portfolio under closer scrutiny - Management is not significantly downscoping any particular area but is focusing on maintaining a diversified portfolio [61] Question: Thoughts on capital return and potential buybacks - Management is considering capital return options but believes more capital build is needed before executing buybacks [53][55] Question: Current expectations for industry consolidation - Management noted a slowdown in M&A conversations due to recent market uncertainties but remains open to future opportunities [104]

500 Laurel Street Baton Rouge, LA 70801 Phone: 877.614.7600 April 24, 2025 b1BANK FOR IMMEDIATE RELEASE Media Contact: Misty Albrecht 225.286.7879 Misty.Albrecht@b1BANK.com Business First Bancshares, Inc., Announces Financial Results for Q1 2025 Baton Rouge, La. (April 24, 2025) – Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended March 31, 2025. Business First reported net income available to common sharehol ...

Core Insights - Business First Bancshares, Inc. reported a net income of $19.2 million or $0.65 per diluted common share for the quarter ended March 31, 2025, reflecting an increase of $4.1 million and $0.14 compared to the previous quarter [1][42] - The company declared a quarterly preferred dividend of $18.75 per share and a common dividend of $0.14 per share, both to be paid on May 31, 2025 [2] Financial Performance - Core net income on a non-GAAP basis for the quarter was $19.3 million or $0.65 per diluted common share, a slight decrease of $0.2 million and $0.01 from the linked quarter [1] - Net interest income totaled $66.0 million, with a net interest margin of 3.68% and a net interest spread of 2.91%, compared to $65.7 million, 3.61%, and 2.77% for the previous quarter [7][14] - Return on average assets was 1.00% and return on common equity was 10.48% for the quarter, compared to 0.78% and 8.23% for the linked quarter [19][36] Loan and Deposit Trends - Loans held for investment remained flat with a slight decrease of $480,000 or 0.01% from the previous quarter, while real estate construction loans decreased by $36.8 million [5] - Deposits decreased by $53.1 million or 0.82%, primarily due to customer withdrawals, although new account openings generated approximately $379.9 million during the quarter [10] Credit Quality - The ratio of nonperforming loans increased by 27 basis points to 0.69% as of March 31, 2025, while nonperforming assets to total assets rose by 16 basis points to 0.55% [6][35] - The company recorded a provision for credit losses of $2.8 million, down from $6.7 million in the previous quarter [16] Capital and Equity - Common equity to total assets increased from 9.26% to 9.69%, and tangible common equity to tangible assets rose from 7.63% to 8.06% [7] - Book value per common share increased to $25.51 at March 31, 2025, compared to $24.62 at December 31, 2024 [12][36] Securities and Investments - The securities portfolio increased by $27.0 million or 3.02%, with positive fair value adjustments contributing $12.9 million to this increase [9] - Noninterest income increased by $1.4 million or 11.55%, driven by gains on loan sales and other income sources [17]

Core Viewpoint - Business First Bancshares, Inc. is set to release its first quarter 2025 earnings on April 24, 2025, with a conference call scheduled for the same day to discuss the results [1]. Company Overview - Business First Bancshares, Inc. operates through its banking subsidiary b1BANK, which has total assets of $7.9 billion and manages $6.9 billion in assets through its affiliate Smith Shellnut Wilson, LLC (SSW), excluding $0.9 billion of b1BANK assets managed by SSW [4]. - The company provides commercial and personal banking products and services through Banking Centers and Loan Production Offices located in Louisiana and Texas [4]. - b1BANK has received recognition as a 2024 Mastercard "Innovation Award" winner and has been a multiyear winner of American Banker Magazine's "Best Banks to Work For" [4].

One stock that might be an intriguing choice for investors right now is Business First Bancshares, Inc. (BFST) . This is because this security in the Banks - Northeast space is seeing solid earnings estimate revision activity, and is in great company from a Zacks Industry Rank perspective. This is important because, often times, a rising tide will lift all boats in an industry, as there can be broad trends taking place in a segment that are boosting securities across the board. This is arguably taking place ...

Financial Performance - Net income available to common shareholders decreased to $59.7 million, a $5.9 million, or 9.0%, decrease from the year ended December 31, 2023[295]. - Core net income available to common shareholders for the year ended December 31, 2024 was $65.8 million, or $2.49 per diluted common share, compared to $66.3 million, or $2.62 per diluted common share for 2023[424]. - Net income available to common shareholders decreased to $59,706 thousand in 2024 from $65,642 thousand in 2023, a decline of 9%[480]. - Earnings per common share (diluted) decreased to $2.26 in 2024 from $2.59 in 2023, a decline of 13%[480]. - Pre-tax income for 2023 was $83,051, a decrease of 8.5% from $90,586 in 2022[425]. Asset Growth - Total assets increased to $7.9 billion, a $1.3 billion, or 19.3%, increase from December 31, 2023[286]. - Total assets grew to $6,973,735 thousand in 2024, compared to $6,341,880 thousand in 2023, indicating a growth of 10%[302]. - Total assets increased to $7.86 billion as of December 31, 2024, up from $6.58 billion in 2023, representing a growth of about 19.4%[476]. - Average assets increased to $7.0 billion in 2024 from $6.3 billion in 2023[390]. Loan Portfolio - Total loans held for investment reached $6.0 billion, a $988.6 million, or 19.8%, increase from December 31, 2023[295]. - Total loans increased to $5,327,466 thousand in 2024, up from $4,859,637 thousand in 2023, representing a growth of 9.6%[302]. - Total loans held for investment reached $5.98 billion as of December 31, 2024, compared to $4.99 billion as of December 31, 2023[340]. - Average loans outstanding for 2024 were $5,327,466 thousand, up from $4,859,637 thousand in 2023[355]. - Total loans, excluding mortgage loans held for sale, increased by $988.6 million, or 19.8%, to $6.0 billion as of December 31, 2024[325]. Deposit Growth - Total deposits rose to $6.5 billion, a $1.3 billion, or 24.1%, increase from December 31, 2023[295]. - Total deposits reached $6.5 billion as of December 31, 2024, marking an increase of $1.3 billion or 24.1% from $5.2 billion in 2023[367]. - Average deposits for the year ended December 31, 2024, were $5.7 billion, an increase of $733.5 million or 14.7% compared to $5.0 billion in 2023[369]. - Noninterest-bearing deposits increased to $1.4 billion as of December 31, 2024, up from $1.3 billion, representing a growth of $58.0 million or 4.5%[368]. Interest Income and Expense - Net interest income totaled $227.4 million, a $12.3 million, or 5.7%, increase from the year ended December 31, 2023[295]. - Interest income from loans increased to $374,555 thousand in 2024, up from $323,327 thousand in 2023, a growth of 16%[480]. - The average rate paid on total interest-bearing deposits rose from 3.00% in 2023 to 3.73% in 2024, driven by federal reserve interest rate hikes[369]. - Total interest-earning assets reached $6,536,333 thousand in 2024, an increase from $5,939,405 thousand in 2023, marking an 10.1% growth[302]. Noninterest Income and Expenses - Noninterest income for the year ended December 31, 2024 increased by $7.6 million, or 20.6%, to $44.2 million compared to $36.6 million in 2023[309]. - Total noninterest expense for the year ended December 31, 2024 increased by $21.0 million, or 13.4%, to $177.7 million compared to $156.7 million in 2023[317]. - Other income increased by $2.5 million, or 53.0%, for the year ended December 31, 2024 compared to the same period in 2023[314]. Credit Losses and Nonperforming Assets - The provision for credit losses rose to $10.9 million in 2024 from $4.5 million in 2023, primarily due to the acquisition of Oakwood[308]. - Nonperforming loans increased to $25.0 million as of December 31, 2024, from $17.1 million as of December 31, 2023[344]. - The allowance for credit losses at the end of 2024 was $58.5 million, representing 0.98% of total loans held for investment, an increase from $43.7 million or 0.88% in 2023[353]. - Total nonperforming assets reached $30,536 thousand in 2024, compared to $18,755 thousand in 2023, marking a 62.9% increase[345]. Capital and Equity - Total shareholders' equity increased to $799.5 million as of December 31, 2024, compared to $644.3 million as of December 31, 2023, an increase of $155.2 million, or 24.1%[394]. - Common equity to total assets improved to 9.3% in 2023 from 8.7% in 2022, reflecting a stronger capital position[433]. - The total allowance for credit losses increased to $58.528 million in 2024, up from $43.738 million in 2023, indicating a growth of 33.8%[359]. Acquisitions and Mergers - The acquisition of Waterstone was completed on January 31, 2024, for $3.3 million in cash[293]. - The merger with Oakwood was consummated on October 1, 2024, with Oakwood having total assets of $863.6 million[294]. - The company reported a CECL impact on the Oakwood acquisition of $4.8 million for the year ended December 31, 2024[424]. Regulatory and Compliance - The company reported a material weakness in internal control over financial reporting related to information technology general controls as of December 31, 2024[465]. - The company’s internal control over financial reporting was not effective as of December 31, 2024, based on the criteria established by COSO[466].

Group 1 - b1BANK has appointed Senna Bayasgalan as the chief marketing officer to lead brand and marketing technology initiatives aimed at supporting the bank's growth and enhancing client relationships [1][2] - Bayasgalan brings over 16 years of experience in marketing leadership, international brand building, communications, and customer acquisition across various industries including private capital, technology, and media [1][2] - The CEO of b1BANK, Jude Melville, expressed confidence that Bayasgalan's diverse experience in leading marketing campaigns will accelerate the bank's evolution and help in effectively utilizing technology-enabled branding tools [2] Group 2 - Bayasgalan is enthusiastic about b1BANK's commitment to serving businesses and local communities, and aims to elevate the brand and foster innovation to help clients achieve their goals [3] - She is a founding board member of Asians in Advertising and has been involved in mentoring programs, showcasing her commitment to community and professional development [3] - As of December 31, 2024, Business First Bancshares, Inc. had $7.9 billion in assets and $6.9 billion in assets under management, indicating a strong financial position [4]

Group 1 - Business First (BFST) is currently outperforming its peers in the Finance sector with a year-to-date return of 6.9%, compared to the sector average of 5.9% [4] - The Zacks Rank for Business First is 1 (Strong Buy), indicating a positive outlook based on earnings estimates and revisions, with a 4% increase in the consensus estimate for full-year earnings over the past quarter [3] - Business First is part of the Banks - Northeast industry, which has an average year-to-date return of 8.3%, suggesting that BFST is slightly underperforming its industry [5] Group 2 - The Finance sector includes 871 individual stocks and currently holds a Zacks Sector Rank of 1, indicating strong overall performance [2] - Jackson Financial (JXN), another Finance stock, has returned 7.1% year-to-date and has a Zacks Rank of 2 (Buy), with a 2.4% increase in the consensus EPS estimate over the past three months [4][5] - The Insurance - Life Insurance industry, where Jackson Financial operates, has a lower ranking (165) and has only moved +2% since the beginning of the year [6]

Core Viewpoint - Business First (BFST) shows potential as a strong investment opportunity due to significant revisions in earnings estimates, indicating an improving earnings outlook [1][2] Estimate Revisions - The rising trend in earnings estimate revisions reflects growing analyst optimism about Business First's earnings prospects, which is expected to positively impact its stock price [2] - For the current quarter, Business First is projected to earn $0.60 per share, marking a 20% increase from the previous year, with a 9.09% rise in the Zacks Consensus Estimate over the last 30 days [4] - For the full year, the expected earnings are $2.70 per share, representing an 8.43% year-over-year increase, with a 6.41% rise in consensus estimates due to two upward revisions [5] Zacks Rank - Business First currently holds a Zacks Rank 2 (Buy), supported by favorable estimate revisions, which historically correlate with strong stock performance [6] - Stocks rated Zacks Rank 1 (Strong Buy) and 2 (Buy) have shown significant outperformance compared to the S&P 500 [6] Investment Outlook - The stock has appreciated by 6.6% over the past four weeks due to strong estimate revisions, suggesting further upside potential, making it a candidate for portfolio addition [7]

Financial Data and Key Metrics Changes - The company released its fourth quarter 2024 earnings press release, which is available on its website [3] - The presentation referenced during the call includes safe harbor statements regarding forward-looking statements and the use of non-GAAP financial measures [4] Business Line Data and Key Metrics Changes - Specific details regarding changes in business line data and key metrics were not provided in the available content Market Data and Key Metrics Changes - Specific details regarding changes in market data and key metrics were not provided in the available content Company Strategy and Development Direction and Industry Competition - The company is focused on corporate strategy and financial planning, as indicated by the presence of the Senior Vice President, Director of Corporate Strategy and FP&A [2][5] Management's Comments on Operating Environment and Future Outlook - Management has not yet provided comments on the operating environment and future outlook in the available content Other Important Information - The call included participation from various analysts and stakeholders, indicating a level of interest in the company's performance [1] Q&A Session Summary - The Q&A session details were not provided in the available content