Business First Bancshares, Inc. · NASDAQ:BFST
Business First Bancshares — Merger or Acquisition (July 2025)
20 slides from Business First Bancshares's merger presentation, Jul 7, 2025
Slide 1: Business First
e | BUSINESS FIRST | |
Slide 2: Legal Disclosures: Forward-Looking Statements
LEGAL DISCLOSURES ") Forward-Looking Statements, Ao views Inc. (BFST™ beliefs, pl dictions, forecasts, object “oft i i “anticipate,” “believes,” “can,” ‘could "may," “predicts,” “potential,” “should,” “will.” “estimate,” “plans,” *projects,” “continuing,” “ongoing,” “expects,” “intends” and similar
Slide 3: Legal Disclosures: Non-GAAP and Additional Information
LEGAL DISCLOSURES ") Non-GAAP Financial Measures but Non lon. ‘and investors ofthe may not sum due to rounding. ‘Additional Information and Where to Find it vote or appr or any other with the propos - ‘an offer to sell or the solicitation of an offer to buy any securities. In connection with the pro
Slide 4: Merger with Progressive Bancorp, Inc.
‘| BANK MERGER WITH PROGRESSIVE BANCORP, INC. PROGRESSIVE BANK
Slide 5: Key Transaction Themes
KEY TRANSACTION THEMES yremier in-market eae OKLAHOMA ARKANSAS MISSISSIPPI All stock transacti approximately $8 transaction value ® © @®_ © C® LOUISIANA © transaction with strong TEXAS © Low cullape oy Nee oo . @ + Sirongeredt fle and sine ic) @ ey poate mn loan mix Gaies, Seasoned deposit base and
Slide 6: Recent Corporate History: Significant Milestones
RECENT CORPORATE HISTORY: SIGNIFICANT MILESTONES ") + Aeqced Onbwond Peswmctsiy totelset) + November 2023: + January 2024: Cored Announced formation of | Waterstone SP ‘ecotve soltons group sequsition + Aeguied Teas Citizens + Opened Westlke, TX Boncorp(SS46M in LPO ond Southern total anes) Datos ba
Slide 7: Progressive Bank Transaction Rationale
PROGRESSIVE BANK 5 TRANSACTION RATIONALE Well-positioned commercial banking platform in north Louisiana market Established market presence to build upon, driving efficiencies Strategically P oned Local banking talent joining BFST organization Accretive to funding capacity, cost and composition High
Slide 8: Overview of Progressive Bancorp, Inc.
OVERVIEW OF PROGRESSIVE BANCORP, INC. ") Head uorteredin Monee; Louisiane; founded in(963 FINANCIAL HIGHLIGHTS ¢ (atest) : as fi E 28250 $752 million asset institution operating from nine Mes a strategic locations across northern Louisiana Deposits On a . Consolidated Yt eguty © 3s ha a8 + $583M in
Slide 9: Pro Forma BFST Footprint
PRO FORMA BFST FOOTPRINT e Dallas Fort Worth Region Number of Banking Centers: 12 5:1 cans: $1,974.6 Pro Forma North Louisiana Region Number of Li Houston Region s Total Loans: $446.1 I Deposits: $512.2 3s / Banking Center: $102.4 Southwest Louisiana Region Number of Banking Centers: 22 Total Loans:
Slide 10: Continuing to Serve Louisiana and Its Local Communities
CONTINUING TO SERVE e LOUISIANA AND ITS LOCAL COMMUNITIES Pro forma, Business First will continue to 2 pe Focal Corp. vA 6 16891 30 have the #1 deposit 3 Hans Winey Cap WS 6873 30 market share in lRagoad raw A 9586 66 Louisiana amongst 5) Ft Horion Cop 1N 7500 sa banks headquartered in the state 5 a
Slide 11: Continuing to Serve Louisiana and Its Local Communities (Cont.)
CONTINUING TO SERVE e LOUISIANA AND ITS LOCAL COMMUNITIES (CONT.) = Ss 2 JPMorgan Chase & Co NY 3 Cedence Bank MS 6 44 102 4 Regions Fnancal Cop. AL 4 405 75 5 oe cas tw 4 292 7. 7 Fist Horizon Cop. 1N 3 252 ry 8 Planters Holding Co, ms 4 26 46 9 Debi Bancshares ie tA 7 1 39 10 Maron tate Bank wv 5
Slide 12: Pro Forma Loan and Deposit Composition
PRO FORMA LOAN AND DEPOSIT COMPOSITION LOAN PORTFOLIOS ($000’S) Progressive Bank a = nN retro Sus i || rs Sa cs [6.89% 5.69% | DEPOSIT PORTFOLIOS ($000’S) Progressive Bank ese Sta Nontneret consume (Sam | Soros Pro Forma Pro Forma Yield on Loans 6.78%
Slide 13: Transaction Terms
TRANSACTION TERMS TRANSACTION CONSIDERATION PERSONNEL = REQUIRED. ) APPROVALS COLLAR EXPECTED CLOSING Consideration: 100% stock shares per bject to adjustment pursuant to the terms ofthe reorganization agreement + Approximately 3:1 millon BFST shares issued © Progressive options will be cashed out a
Slide 14: Due Diligence Process
DUE DILIGENCE PROCESS DUE DILIGENCE PROCESS OVERVIEW CREDIT DILIGENCE PURCHASE ACCOUNTING ADJUSTMENTS CORPORATE AND OPERATIONAL DUE DILIGENCE Conducted comprehensive due diligence over a ~90-day period +6 team that hi on multip transactions for BFST + Credit team of 1% of | sor ~$4 loan balances Rev
Slide 15: Key Transaction Assumptions
KEY TRANSACTION ASSUMPTIONS Q ») ESTIMATED COST <) SAVINGS LOAN MARK & OTHER MARKS. TRANSACTION EXPENSES + Given Day-2.CECL accounting Approximately $11.0 million (45% of Progressive’s non- interest expense) + Progressive 2024 efficiency ratio of 88% + 75% expected to be realized in 2026, and 100% t
Slide 16: Estimated Financial Impact
ESTIMATED FINANCIAL IMPACT ~10% in 2026 (first full year of combined + ~9% in 2026 (first full year of combined EPS operations) operations) ACCRETION @ * Based on management estimates High single-digit accretion thereafter TANGIBLE + Initial Dilution at Close: 3.4% Initial Dilution at Close: 0.8% OL
Slide 17: Conclusion
CONCLUSION BUSINE: FIRST Continuing growth in core North Louisiana markets Pro forma franchise at ~$9B, with opportunity to ) organically grow towards $10B threshold Achievable cost savings and efficiencies enabling financial performance Limited day one tangible book value dilution and an earnback o
Slide 18: Appendix
'e BANK APPENDIX
Slide 19: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ") 0 BFST3/31 Equity $ 2: ()3/31 Preferred Equity 19 (3/31 Intangibles 138.2 BFST3/31 TCE 6162 26 520.84 (+) Intangible Amortization until Close sour (+) Estimated Growth in Equity until Close 55.5 oa BFST Estimated TCE at Close 3 6r34 27 «S228 Pro Forma
Slide 20: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ($ million, except per share values) 2026 BFST 2026E Earnings $ 847 Progressive 2026E Earnings 74 Combined Earnings $ 924 After-Tax Transaction Adjustments Fully-Phased in Cost Savings $ 83 Accretion of interest Rate Marks 65 CDI Amortization (4.1) Other
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