Business
Business First Bancshares, Inc., Announces Financial Results for Q2 2024
BATON ROUGE, La., July 25, 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., July 25, 2024 (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, 2024, including net income available to common shareholders of $15.9 million or $0.62 per diluted common share, increases of $3.6 million and $0.14, respectively, compared to the linked quarter ended March 31, 2024. On a non-GAAP basis, core net income for the quarter ended June 30, 2024, which excludes certain income and expenses, was $16.3 million or $0.64 per diluted common share, increases of $3.5 million and $0.14, respectively, from the linked quarter. “I am encouraged by our company's performance in the second quarter,” said Jude Melville, president and CEO, “Our bankers' hard work and focus paid off in quarter-over- quarter improvement in earnings, net interest margin, noninterest income, loan and deposit mix and capital accretion. We look forward to continuing that hard work over the course of 2024.” On Thursday, July 25, 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 second quarter in the amount of $0.14 per share. The preferred and common dividends will be paid on August 31, 2024, or as soon thereafter as practicable, to the shareholders of record as of August 15, 2024. Quarterly Highlights Net Interest Margin (NIM) Expansion. For the quarter ended June 30, 2024, net interest income totaled $54.0 million and net interest margin and net interest spread were 3.45% and 2.47%, respectively, compared to $51.5 million, 3.32% and 2.36% from the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.7 million) were 3.34% and 2.37%, respectively, for the quarter ended June 30, 2024, compared to 3.27% and 2.31% (excluding loan discount accretion of $0.8 million) for the linked quarter.Noninterest Income Investments. Noninterest income for the quarter ended June 30, 2024, increased $2.8 million or 29.73% from the linked quarter. Significant drivers for the quarter were increased loan sale activity, lar...