Business First Bancshares, Inc., Announces Financial Results for Q1 2025

Core Insights - Business First Bancshares, Inc. reported a net income of $19.2 million or $0.65 per diluted common share for the quarter ended March 31, 2025, reflecting an increase of $4.1 million and $0.14 compared to the previous quarter [1][42] - The company declared a quarterly preferred dividend of $18.75 per share and a common dividend of $0.14 per share, both to be paid on May 31, 2025 [2] Financial Performance - Core net income on a non-GAAP basis for the quarter was $19.3 million or $0.65 per diluted common share, a slight decrease of $0.2 million and $0.01 from the linked quarter [1] - Net interest income totaled $66.0 million, with a net interest margin of 3.68% and a net interest spread of 2.91%, compared to $65.7 million, 3.61%, and 2.77% for the previous quarter [7][14] - Return on average assets was 1.00% and return on common equity was 10.48% for the quarter, compared to 0.78% and 8.23% for the linked quarter [19][36] Loan and Deposit Trends - Loans held for investment remained flat with a slight decrease of $480,000 or 0.01% from the previous quarter, while real estate construction loans decreased by $36.8 million [5] - Deposits decreased by $53.1 million or 0.82%, primarily due to customer withdrawals, although new account openings generated approximately $379.9 million during the quarter [10] Credit Quality - The ratio of nonperforming loans increased by 27 basis points to 0.69% as of March 31, 2025, while nonperforming assets to total assets rose by 16 basis points to 0.55% [6][35] - The company recorded a provision for credit losses of $2.8 million, down from $6.7 million in the previous quarter [16] Capital and Equity - Common equity to total assets increased from 9.26% to 9.69%, and tangible common equity to tangible assets rose from 7.63% to 8.06% [7] - Book value per common share increased to $25.51 at March 31, 2025, compared to $24.62 at December 31, 2024 [12][36] Securities and Investments - The securities portfolio increased by $27.0 million or 3.02%, with positive fair value adjustments contributing $12.9 million to this increase [9] - Noninterest income increased by $1.4 million or 11.55%, driven by gains on loan sales and other income sources [17]