Business
Business First Bancshares, Inc., Announces Financial Results For Q1 2022
BATON ROUGE, La., April 26, 2022 (GLOBE NEWSWIRE) -- Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, Baton Rouge,
About this update from Business First Bancshares, Inc.
[{"type":"text","content":"BATON ROUGE, La., April 26, 2022 (GLOBE NEWSWIRE) -- Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, Baton Rouge, Louisiana, today announced its unaudited results for the quarter ended March 31, 2022, including net income of $8.7 million or $0.41 per diluted share, decreases of $3.3 million and $0.18, respectively, from the quarter ended December 31, 2021. On a non-GAAP basis, core net income for the quarter ended March 31, 2022, which excludes certain income and expenses, was $10.3 million or $0.49 per diluted share, decreases of $1.4 million and $0.08, respectively, from the quarter ended December 31, 2021. “Over the first quarter we completed both the acquisition of Texas Citizens Bank in Houston and organically grew overall loans across our pre-acquisition footprint at a strong 25% annualized rate,” said Jude Melville, president and CEO. “The investments we’ve made in personnel and systems over the past few quarters are beginning to show returns. We are excited that our combination of healthy growth, stabilization of net interest margin and continued strong credit metrics put us in a solid position to help our clients continue navigating the uncertain times we are experiencing as a country.” On April 26, 2022, Business First’s board of directors declared a quarterly dividend based upon financial performance for the first quarter in the amount of $0.12 per share, same as the prior quarter, to the common shareholders of record as of May 15, 2022. The dividend will be paid on May 31, 2022, or as soon thereafter as practicable. Quarterly Highlights Completed Texas Citizens Acquisition. Business First completed its previously announced acquisition of Texas Citizens Bancorp, Inc. (Texas Citizens), based in Pasadena, Texas on March 1, 2022. As of February 28, 2022, Texas Citizens had consolidated total assets of $534.2 million, loans of $349.5 million, and deposits of $477.2 million.Strong Loan Growth. Business First continued its strong organic loan growth in Texas and New Orleans due to the investments made over the course of 2021. Total loans held for investment at March 31, 2022, were $3.7 billion, an increase of $558.9 million compared to December 31, 2021, or 17.52% for the quarter. Excluding the decrease in Small Business Administration (SBA) Paycheck Protection Program (PPP) loans ...