Business
Business First Bancshares, Inc. Announces Financial Results for Q2 2023
BATON ROUGE, La., July 27, 2023 (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., July 27, 2023 (GLOBE NEWSWIRE) -- Business First Bancshares, Inc. (Nasdaq: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended June 30, 2023, including net income available to common shareholders of $18.4 million, or $0.73 per diluted common share, increases of $4.7 million and $0.19, respectively, from the linked quarter, and increases of $4.6 million and $0.12, respectively, from the quarter ended June 30, 2022. On a non-GAAP basis, core net income for the quarter ended June 30, 2023, which excludes certain income and expenses, was $17.7 million, or $0.70 per diluted common share, increases of $4.0 million and $0.15, respectively, from the linked quarter, and increases of $3.2 million and $0.06, respectively, from the quarter ended June 30, 2022. “In the second quarter we focused successfully on delivering fundamental shareholder-oriented performance,” said b1BANK President & CEO Jude Melville. “The period was marked by measured growth, increased ROE, stable credit quality, and increases in both linked quarter and year-over-year per share tangible book value and earnings. We have been busy blocking and tackling, and we’re seeing that effort pay off.” On July 27, 2023, 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 second quarter in the amount of $0.12 per share, same as the prior quarter. The preferred and common dividends will be paid on August 31, 2023, or as soon thereafter as practicable, to the shareholders of record as of August 15, 2023. Quarterly Highlights Return on Assets and Equity. Return to common shareholders on average assets and common equity, each on an annualized basis, were 1.18% and 13.99%, respectively, for the quarter ended June 30, 2023, compared to 0.91% and 10.73%, respectively, for the linked quarter. Non-GAAP core return on average assets and common equity, each on an annualized basis, were 1.13% and 13.50%, respectively, for the quarter ended June 30, 2023, compared to 0.91% and 10.81%, respectively, for the linked quarter.Credit Quality. Credit performance remains ...