Business First Bancshares, Inc., Announces Financial Results for Fiscal Year 2024 and Q4 2024

Core Insights - Business First Bancshares, Inc. reported a net income of $15.1 million or $0.51 per diluted common share for Q4 2024, reflecting a decrease from the previous quarter [1] - For the full year 2024, net income available to common stockholders was $59.7 million or $2.26 per diluted common share, down from the prior year [2] - The acquisition of Oakwood Bancshares, Inc. was completed on October 1, 2024, contributing to the financial results [1][6] Financial Performance - Q4 2024 core net income was $19.5 million or $0.66 per diluted common share, showing a $2.2 million increase but a $0.02 decrease from the linked quarter [1] - The company declared a quarterly preferred dividend of $18.75 per share and a common dividend of $0.14 per share, both payable on February 28, 2025 [3] Quarterly Highlights - Net interest income for Q4 2024 was $65.7 million, up from $56.1 million in the previous quarter, with a net interest margin of 3.61% [6][16] - Deposits increased by $870.4 million or 15.43% in Q4 2024, with organic deposit growth of $156.8 million or 2.78% [11][12] - Loans held for investment rose by $761.3 million or 14.58%, with organic loan growth of $62.8 million or 1.20% [7][8] Credit Quality - The ratio of nonperforming loans decreased to 0.42% at December 31, 2024, down from 0.50% in the previous quarter [9] - The provision for credit losses for Q4 2024 was $6.7 million, significantly higher than $1.7 million in the linked quarter, primarily due to the acquisition of Oakwood [19] Shareholders' Equity - Shareholders' equity increased by $99.9 million during Q4 2024, largely due to the acquisition of Oakwood [14] - Book value per common share rose to $24.62 at December 31, 2024, compared to $24.59 at September 30, 2024 [14][38] Operational Efficiency - The efficiency ratio for Q4 2024 was 63.91%, slightly up from 63.45% in the previous quarter [38] - Other expenses increased by $7.1 million or 16.77% in Q4 2024, mainly due to acquisition-related costs [21]