Business
Business First Bancshares, Inc., Announces Financial Results for Q2 2022
BATON ROUGE, La., July 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., July 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 June 30, 2022, including net income of $13.8 million or $0.61 per diluted share, increases of $5.0 million and $0.20, respectively, from the quarter ended March 31, 2022. On a non-GAAP basis, core net income for the quarter ended June 30, 2022, which excludes certain income and expenses, was $14.6 million or $0.64 per diluted share, increases of $4.3 million and $0.15, respectively, from the quarter ended March 31, 2022. ”Our second quarter results demonstrate strengthening returns on investments our team has made over the past few years,” said Jude Melville, president and CEO. “Strong and diversified organic growth across our footprint, positive momentum towards integration of our recent Houston partnership, and a continued prioritized focus on asset quality combined to produce record levels of performance and profitability. We are monitoring developments in the broader economy but feel confident we are well positioned to continue executing on our strategic plan while also supporting our clients and partners as they do the same.” On July 26, 2022, Business First’s board of directors declared a quarterly dividend based upon financial performance for the second quarter in the amount of $0.12 per share, same as the prior quarter, to the common shareholders of record as of August 15, 2022. The dividend will be paid on August 31, 2022, or as soon thereafter as practicable. Quarterly Highlights Strong Loan Growth. Total loans held for investment at June 30, 2022, were $4.1 billion, an increase of $365.2 million compared to March 31, 2022, or 9.74% for the quarter. Based on unpaid principal balances, 37.1% of loan growth for the quarter ended June 30, 2022, was attributable to our Dallas, Texas market, 29.0% to the New Orleans market, and 26.4% to the northern Louisiana market (largely attributable to agricultural lending). As of June 30, 2022, approximately 32% of Business First’s loan portfolio resides in Texas based on unpaid principal balances.Expansion of Net Interest Margin. For the quarter ended June 30, 2022, net interest income totaled $49.6 million and net interest margin and net interest spread were 3...