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 ...

BUSINESS FIR BANCSHAR Q3 2023 Results BUSINESS FIRST O BANCSHAR NASDAQ: BFST Nasdaq TABLE OF CONTENTS Legal Disclosures 3 Guiding Principles & Social Impact 4 – 5 Business First Bancshares, Inc. Overview 6 – 11 Liquidity and Deposits 12 Securities Portfolio 13 Branches & Smith Shellnut Wilson 14 – 15 Financial Results Q3 2023 Financial Results 17 – 18 Stable Credit Performance 19 Yield/Rate Analysis 20 – 21 Loan Portfolio Operating Loan Growth 23 | --- | --- | |------------------|-------------| | | | | Loan ...

Table of Contents BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 (Dollars in thousands, except per share data) 8 BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (CONTINUED) Table of Contents 10 BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS The unaudited consolidate ...