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Business First Bank(BFST) - 2023 Q1 - Earnings Call Transcript
2023-04-29 18:59
Business First Bancshares, Inc. (NASDAQ:BFST) Q1 2023 Results Conference Call April 27, 2023 5:30 PM ET Company Participants Matt Sealy - SVP and Director, Corporate Strategy Jude Melville - President and CEO Greg Robertson - CFO Philip Jordan - Chief Banking Officer Jerry Vascocu - Chief Administrative Officer Conference Call Participants Thomas Wendler - Stephens Kevin Fitzsimmons - D.A. Davidson Feddie Strickland - Janney Montgomery Scott Michael Rose - Raymond James Brett Rabatin - Hovde Group Graham Di ...
Business First Bank(BFST) - 2022 Q4 - Annual Report
2023-03-01 16:00
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, 2022 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 other jurisdiction ...
Business First Bank(BFST) - 2022 Q4 - Earnings Call Transcript
2023-01-26 18:00
Business First Bancshares, Inc. (NASDAQ:BFST) Q4 2022 Earnings Conference Call January 26, 2023 10:00 AM ET Company Participants Matthew Sealy - SVP, SVP, Director of Corporate Strategy and FP&A Jude Melville - President and CEO Gregory Robertson - CFO Philip Jordan - Chief Banking Officer Conference Call Participants Feddie Strickland - Janney Montgomery Scott Graham Dick - Piper Sandler Operator Thank you for standing by, and welcome to the Business First Bancshares Q4 2022 Earnings Call. [Operator Instru ...
Business First Bank(BFST) - 2022 Q4 - Earnings Call Presentation
2023-01-26 17:58
BUSINESS FIR BANCSHAR Q4 and FY 2022 Results BUSINESS FIRST O BANCSHARD NASDAQ: BFST Nasdag 2 b BUSINESS FIRST Q4 and FY 2022 Results 4 TABLE OF CONTENTS Legal Disclosures 5 Guiding Principles & Social Impact 6 - 7 Business First Bancshares, Inc. Overview 8 - 14 Financial Results Q4 2022 Financial Results 16 - 18 Stable Credit Performance 19 Yield/Rate Analysis 20 - 21 Loan Portfolio Operating Loan Growth 23 Loan Composition 24 - 26 Sectors in Focus 27 Liquidity and Deposits 28 Securities Portfolio 29 Appen ...
Business First Bank(BFST) - 2022 Q3 - Quarterly Report
2022-11-02 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 September 30, 2022 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) - 2022 Q3 - Earnings Call Transcript
2022-10-29 01:34
Business First Bancshares, Inc. (NASDAQ:BFST) Q3 2022 Earnings Conference Call October 27, 2022 3:00 PM ET Company Participants Matthew Sealy - SVP, SVP, Director of Corporate Strategy and FP&A David Melville - President and CEO Greg Robertson - CFO Conference Call Participants Matt Olney - Stephens Freddie Strickland - Janney Kevin Fitzsimmons - D.A. Davidson Brett Rabatin - Hovde Group Operator Thank you for standing by, and welcome to the Business First Bancshares Q3 2022 Earnings Call. [Operator Instruc ...
Business First Bank(BFST) - 2022 Q2 - Quarterly Report
2022-08-03 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 June 30, 2022 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) - 2022 Q1 - Quarterly Report
2022-05-03 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, 2022 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) - 2021 Q4 - Annual Report
2022-02-28 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, 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 20-5340628 (State or o ...
Business First Bank(BFST) - 2021 Q3 - Quarterly Report
2021-11-03 16:00
[PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) Presents unaudited consolidated financial statements and management's discussion and analysis for Business First Bancshares, Inc. [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Presents the unaudited consolidated financial statements, including balance sheets, income statements, cash flows, and detailed notes, for the periods ended September 30, 2021. [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$4.41 billion** by September 30, 2021, driven by securities growth, with deposits reaching **$3.77 billion** and equity at **$430.2 million**. Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2021 (Unaudited) | Dec 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$4,405,217** | **$4,160,360** | | Securities Available for Sale | $1,034,491 | $640,605 | | Loans and Lease Receivable, Net | $3,038,090 | $2,969,331 | | Goodwill | $60,062 | $53,862 | | **Total Liabilities** | **$3,974,996** | **$3,750,397** | | Total Deposits | $3,768,121 | $3,616,679 | | Subordinated Debt | $81,427 | $25,000 | | **Total Shareholders' Equity** | **$430,221** | **$409,963** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income for the nine months ended September 30, 2021, surged to **$40.1 million**, with diluted EPS at **$1.94**, primarily due to increased other income. Consolidated Income Statement Highlights (in thousands, except per share data) | Metric | Three Months Ended Sep 30, 2021 | Three Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $37,294 | $36,932 | $115,540 | $88,062 | | Provision for Loan Losses | $1,147 | $2,491 | $6,747 | $9,301 | | Total Other Income | $6,348 | $4,217 | $28,807 | $12,017 | | Total Other Expenses | $29,567 | $26,951 | $87,646 | $71,391 | | **Net Income** | **$10,311** | **$9,609** | **$40,068** | **$16,160** | | **Diluted EPS** | **$0.50** | **$0.46** | **$1.94** | **$0.93** | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash and equivalents decreased by **$67.8 million** for the nine months ended September 30, 2021, with operating activities providing **$41.8 million** and investing activities using **$312.8 million**. Cash Flow Summary for the Nine Months Ended Sep 30 (in thousands) | Cash Flow Category | 2021 | 2020 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $41,789 | $15,142 | | Net Cash Used in Investing Activities | ($312,826) | ($312,934) | | Net Cash Provided by Financing Activities | $203,267 | $312,315 | | **Net (Decrease) Increase in Cash** | **($67,770)** | **$14,523** | [Notes to Unaudited Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Detailed notes cover accounting policies, mergers (Pedestal, SSW), portfolio composition, allowance for loan losses, and subsequent events like the Texas Citizens Bancshares acquisition. - The company consummated the merger with Pedestal Bancshares, Inc. on May 1, 2020, issuing **7.6 million shares** of common stock. The total purchase price was **$98.7 million**, resulting in **$5.1 million of goodwill**[27](index=27&type=chunk)[29](index=29&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**[43](index=43&type=chunk) - Subsequent to the quarter end, on October 1, 2021, the company sold its Oak Grove banking center, including **$3.7 million in loans** and **$18.7 million in deposits**. On October 20, 2021, it entered into a definitive agreement to acquire Texas Citizens Bancshares, Inc[128](index=128&type=chunk)[129](index=129&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes financial performance, covering net interest income, loan loss provision, noninterest income and expenses, portfolio growth, and liquidity and capital positions for the periods ended September 30, 2021. [Results of Operations](index=45&type=section&id=Results%20of%20Operations) Net income for the nine months ended September 30, 2021, reached **$40.1 million**, driven by a PPP loan sale gain, despite net interest margin compression to **3.93%**. - Net income for the nine months ended Sep 30, 2021, was significantly impacted by a **$9.2 million gain** from the sale of a PPP loan portfolio in June 2021[158](index=158&type=chunk)[152](index=152&type=chunk) Net Interest Margin Analysis | Period | Net Interest Income | Net Interest Margin | Net Interest Spread | | :--- | :--- | :--- | :--- | | **Q3 2021** | $37.3M | 3.71% | 3.51% | | **Q3 2020** | $36.9M | 4.06% | 3.81% | | **YTD 2021** | $115.5M | 3.93% | 3.75% | | **YTD 2020** | $88.1M | 3.97% | 3.66% | - The provision for loan losses was **lower** for the three and nine months ended Sep 30, 2021, compared to 2020, primarily due to improved qualitative factors related to the economy and energy sector, which offset reserves for new loan growth[176](index=176&type=chunk) - Total noninterest income for the nine months ended Sep 30, 2021 increased by **$16.8 million (139.7%)** year-over-year, driven by a **$9.9 million increase** in gain on sale of loans (primarily PPP loans) and a **$2.8 million increase** in fees and brokerage commission income from acquisitions[180](index=180&type=chunk) [Financial Condition](index=55&type=section&id=Financial%20Condition) Total assets grew to **$4.4 billion**, with loans at **$3.1 billion** and deposits at **$3.8 billion**, while nonperforming assets decreased to **$16.5 million**. Loan Portfolio Composition (in thousands) | Loan Type | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Commercial | $723,077 | $886,325 | | Nonfarm nonresidential | $1,111,771 | $971,603 | | Construction and land | $464,808 | $403,065 | | 1-4 family residential | $464,462 | $468,650 | | Other | $302,118 | $261,712 | | **Total** | **$3,066,236** | **$2,991,355** | - The allowance for loan losses increased to **$28.1 million**, or **0.92% of total loans**, at September 30, 2021, up from **$22.0 million**, or **0.74%**, at December 31, 2020. The increase was partly due to the reduction of government-guaranteed SBA PPP loans[218](index=218&type=chunk) - The securities portfolio grew by **$393.9 million (61.5%)** to **$1.0 billion** as of September 30, 2021, primarily due to the deployment of excess cash from SBA PPP loan forgiveness and the portfolio sale[222](index=222&type=chunk) - Total deposits increased by **$151.4 million (4.2%)** to **$3.8 billion** as of September 30, 2021, with noninterest-bearing deposits growing by **$37.7 million**[230](index=230&type=chunk)[231](index=231&type=chunk) [Liquidity and Capital Resources](index=65&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong capital ratios, with Tier 1 Leverage at **8.34%** and Total Risk-based Capital at **12.47%**, supported by increased shareholders' equity and subordinated debt issuance. Regulatory Capital Ratios (Company) | Ratio | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Tier 1 Leverage | 8.34% | 8.79% (CBLR) | | Common Equity Tier 1 | 9.39% | N/A | | Tier 1 Risk-based | 9.53% | N/A | | Total Risk-based | 12.47% | N/A | - During the first quarter of 2021, the company elected to revert from the Community Bank Leverage Ratio (CBLR) framework back to risk-weighted capital ratio reporting[246](index=246&type=chunk) - Total shareholders' equity increased by **$20.3 million (4.9%)** to **$430.2 million** at September 30, 2021, primarily due to **$40.1 million in net income**, offset by **$7.0 million in dividends** and **$4.9 million in other comprehensive losses**[243](index=243&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=76&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages primary market risks, including interest rate, credit, and liquidity risks, through established policies and asset-liability management. - The company's principal financial market risks are identified as **liquidity risk** and **exposure to interest rate movements**[285](index=285&type=chunk) - Interest rate risk, credit risk, and liquidity risk are controlled and monitored through established policies, procedures, and oversight by management and the board[283](index=283&type=chunk) [Item 4. Controls and Procedures](index=76&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2021, with no material changes in internal control over financial reporting. - 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[286](index=286&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[287](index=287&type=chunk) [PART II – OTHER INFORMATION](index=76&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section covers other information including legal proceedings, unregistered sales of equity securities, and stock repurchase programs. [Item 1. Legal Proceedings](index=76&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in any material legal proceedings beyond routine matters in the ordinary course of business. - The company states it is not a party to any **material legal proceedings** outside the ordinary course of business[287](index=287&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=77&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **359,747 shares** for approximately **$8.3 million** in Q3 2021 under a **$30.0 million** program, with **$18.3 million** remaining. - On October 22, 2020, the board approved a stock repurchase program authorizing up to **$30.0 million** in share repurchases, effective until December 31, 2021[290](index=290&type=chunk) Share Repurchases in Q3 2021 (dollars in millions) | Period | Total Shares Purchased | Average Price Paid | Approx. Dollar Value Remaining | | :--- | :--- | :--- | :--- | | Jul 2021 | 224,266 | $22.88 | $21.485M | | Aug 2021 | 135,481 | $23.66 | $18.279M | | Sep 2021 | — | — | $18.279M | | **Total Q3** | **359,747** | **$23.18** | **$18.279M** |