Financial Performance - Business First reported Q4 2024 net income of $15.1 million, a decrease of $1.4 million from the previous quarter, with diluted earnings per share of $0.51[1][2] - For the fiscal year 2024, net income available to common stockholders was $59.7 million, down $5.9 million year-over-year, resulting in diluted earnings per share of $2.26[2] - Net income available to common shareholders for Q4 2024 was $15,138 thousand, a decrease of 8.2% from $16,492 thousand in Q3 2024 and an increase of 4.6% from $14,474 thousand in Q4 2023[18] - Net income available to common shareholders for the twelve months ended December 31, 2024, was $59,706 thousand, a decrease of 9.0% compared to $65,642 thousand for the same period in 2023[21] Asset Growth - Total assets increased to $7,857,090 thousand as of December 31, 2024, up from $6,584,550 thousand a year earlier, representing a growth of 19.4%[61] - Total assets as of December 31, 2024, reached $7,857,090,000, a 14.0% increase from $6,888,649,000 in Q3 2024 and a 19.4% increase from $6,584,550,000 in Q4 2023[85] - Total loans increased to $5,327,466 thousand in December 2024, up from $4,859,637 thousand in December 2023, representing a growth of 9.6%[69] - Total deposits reached $6,511,331 thousand, reflecting a 24.1% increase compared to $5,248,790 thousand a year ago[61] Loan and Deposit Performance - Loans held for investment increased by $761.3 million or 14.58% in Q4 2024, with organic loan growth of $62.8 million or 1.20% excluding Oakwood[10][11] - Deposits grew by $870.4 million or 15.43% in Q4 2024, with organic deposit growth of $156.8 million or 2.78% excluding Oakwood[4][16] - Total Loans Held for Investment increased to $5,981,399 thousand in Q4 2024, up 14.63% from $5,220,118 thousand in Q3 2024 and 19.83% from $4,992,785 thousand in Q4 2023[49] Interest Income and Margin - Net interest income for Q4 2024 increased to $65.7 million, up from $56.1 million in the linked quarter, with a net interest margin of 3.61%[7][23] - Net interest income for the three months ended December 31, 2024, was $65,729 thousand, up 22.2% from $53,760 thousand in the same period last year[65] - The net interest margin for the three months ended December 31, 2024, was 3.61%, compared to 3.50% in the same period last year[68] - The Net Interest Margin for Q4 2024 was 3.61%, up from 3.51% in Q3 2024, indicating improved profitability on interest-earning assets[53] Credit Losses and Provisions - The provision for credit losses in Q4 2024 was $6.7 million, significantly higher than $1.7 million in the previous quarter, primarily due to the Oakwood acquisition[25] - Provision for credit losses increased to $6,712 thousand for the three months ended December 31, 2024, compared to $119 thousand in the same period last year[65] - The allowance for loan losses stood at $54,840 thousand as of December 31, 2024, compared to $40,414 thousand a year earlier, indicating a 35.7% increase[61] - The Allowance for Loan Losses to Total Loans (HFI) ratio increased to 0.92% in Q4 2024 from 0.81% in Q3 2024, indicating a higher provision for potential loan losses[49] Shareholder Equity - Shareholders' equity increased by $99.9 million in Q4 2024, largely due to the Oakwood acquisition[19] - Total shareholders' equity increased to $799,466 thousand as of December 31, 2024, up from $644,259 thousand a year earlier, representing a growth of 24.2%[61] - Total common shareholders' equity increased to $727,536,000 as of December 31, 2024, up 15.9% from $627,594,000 in Q3 2024 and 27.2% from $572,329,000 in Q4 2023[85] Efficiency and Other Income - Total Other Income for Q4 2024 was $11,857 thousand, a significant increase of 84.06% compared to $6,413 thousand in Q4 2023[57] - Other income for the twelve months ended December 31, 2024, was $44,193 thousand, compared to $36,642 thousand in 2023, representing an increase of 20.5%[73] - The Efficiency Ratio improved slightly to 63.91% in Q4 2024 from 63.45% in Q3 2024, reflecting better cost management[53] - The efficiency ratio for the three months ended December 31, 2024, was 63.91%, slightly higher than 63.36% in the same quarter of the previous year[92]
Business First Bank(BFST) - 2024 Q4 - Annual Results