Business
Business First Bancshares, Inc., Announces Financial Results for Fiscal Year 2023 and Q4 2023
BATON ROUGE, La., Jan. 23, 2024 (GLOBE NEWSWIRE) -- Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced
About this update from Business First Bancshares, Inc.
[{"type":"text","content":"BATON ROUGE, La., Jan. 23, 2024 (GLOBE NEWSWIRE) -- Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the year ended December 31, 2023, including net income available to common shareholders of $65.6 million or $2.59 per diluted common share, increases of $12.7 million and $0.27, respectively, from the prior year ended December 31, 2022. On a non-GAAP basis, core net income for the year ended December 31, 2023, which excludes certain income and expenses, was $66.3 million or $2.62 per diluted common share, increases of $8.7 million and $0.10, respectively, from prior year ended December 31, 2022. For the quarter ended December 31, 2023, Business First reported net income available to common shareholders of $14.5 million, or $0.57 per diluted common share, decreases of $4.6 million and $0.19, respectively, from the quarter ended September 30, 2023. On a non-GAAP basis, core net income for the quarter ended December 31, 2023, which excludes certain income and expenses, was $16.8 million or $0.66 per diluted common share, decreases of $1.1 million and $0.05, respectively, compared to the linked quarter. “There have been very few years in our company’s life of which I’ve been prouder than I am of the year 2023,” said Jude Melville, president and CEO. “As our country generally, and banking specifically, faced the challenge of navigating swiftly moving economic currents, our team was a source of stability, performing consistently and well for our clients and our investors. We are a stronger organization and better bankers than we were at the beginning of the year, and I am excited to see that improvement continue over the course of 2024.” On Tuesday, January 23, 2024, Business First’s board of directors declared a quarterly preferred dividend in the amount of $18.75 per share, which is the full quarterly dividend of 1.875% based on the per annum rate of 7.50%. Additionally, the board of directors declared a quarterly common dividend based upon financial performance for the fourth quarter in the amount of $0.14 per share. The preferred and common dividends will be paid on February 28, 2024, or as soon thereafter as practicable, to the shareholders of record as of February 15, 2024. Quarterly Highlights Return on Assets and Equity. Return to common shareho...