Business First Bank(US:BFST)2025-10-23 20:01Financial Performance - Business First reported net income of $21.5 million or $0.73 per diluted common share for Q3 2025, an increase of $0.8 million and $0.03 from the previous quarter[1]. - Core net income on a non-GAAP basis was $21.2 million or $0.72 per diluted common share, up $1.7 million and $0.06 from the linked quarter[1]. - Basic Earnings per Common Share increased to $0.73, up from $0.70 in the previous quarter and $0.65 a year ago[40]. - Net income available to common shareholders was $21,505 thousand for the quarter, up 30.5% from $16,492 thousand in the same quarter of 2024[48]. - Net income available to common shareholders for Q3 2025 was $21,505 thousand, a 3.6% increase from $20,753 thousand in Q2 2025 and a 30.6% increase from $16,492 thousand in Q3 2024[67]. - Core net income available to common shareholders for the nine months ended September 30, 2025, reached $60,021 thousand, compared to $46,305 thousand for the same period in 2024, reflecting a year-over-year increase of 29.6%[67]. Asset and Equity Growth - Total assets increased to $7,953,862 thousand as of September 30, 2025, compared to $6,888,649 thousand a year earlier, reflecting a growth of 15.5%[46]. - Total shareholders' equity increased to $878,440,000 as of September 30, 2025, compared to $699,524,000 a year earlier, representing a 25.6% growth[66]. - Common equity to total assets increased from 9.77% to 10.14%, while tangible common equity to tangible assets rose from 8.19% to 8.57%[4]. - Common shareholders' equity increased to $764,959 thousand as of September 30, 2025, compared to $590,354 thousand in the same period of 2024, indicating a growth of 29.4%[52]. - Total assets reached $7,825,828 thousand as of September 30, 2025, compared to $6,722,716 thousand in the same period of 2024, marking an increase of 16.4%[52]. Loan and Deposit Activity - Deposits increased by $87.2 million or 1.36%, with average interest-bearing deposits rising by $92.2 million or 1.83%[9]. - Loans held for investment decreased by $26.6 million or 0.44%, with commercial and commercial real estate portfolios declining by $40.2 million and $71.1 million, respectively[6]. - Total loans increased to $6,001,647 thousand with an interest earned of $313,682 thousand, yielding an average rate of 6.99% for the nine months ended September 30, 2025, compared to $5,131,474 thousand and 7.02% for the same period in 2024[52]. - Total loans Held for Investment (HFI) reached $6,021,055 thousand, a slight decrease from $6,047,650 thousand in the previous quarter[38]. - Total deposits rose to $6,506,862 thousand, up 15.3% from $5,640,946 thousand in the same quarter last year[46]. Income and Efficiency Metrics - Net interest income totaled $69.3 million with a net interest margin of 3.68% for the quarter, unchanged from the previous quarter[4]. - Net interest income for the three months ended September 30, 2025, was $69,276 thousand, an increase of 23.4% from $56,114 thousand in the same quarter of 2024[48]. - The efficiency ratio improved to 60.45%, down from 62.83% in the previous quarter[40]. - The overall cost of funds decreased to 2.81% for the quarter, down from 3.07% a year ago, indicating improved funding efficiency[50]. - The net interest margin for Q3 2025 remained stable at 3.68%, consistent with Q2 2025, and improved from 3.51% in Q3 2024[71]. Other Income and Expenses - Total Other Income for the quarter was $11,671 thousand, down from $14,415 thousand in the previous quarter[42]. - Core other income for Q3 2025 was $11,594 thousand, slightly up from $11,102 thousand in Q2 2025 and $10,787 thousand in Q3 2024[71]. - Provision for credit losses increased to $3,183 thousand for the quarter, compared to $1,665 thousand in the same quarter last year, reflecting a rise of 91.1%[48]. - Acquisition-related expenses for Q3 2025 totaled $1,157 thousand, compared to $570 thousand in Q2 2025 and $319 thousand in Q3 2024, indicating increased costs associated with acquisitions[71].