Business First Bancshares, Inc. · NASDAQ:BFST
Business First Bancshares — Q1 2025 Earnings Presentation
37 slides from Business First Bancshares's earnings presentation, Apr 24, 2025
Slide 1: Business First Bancshares Q1 2025 Results
Slide 2: Table of Contents
TABLE OF CONTENTS Legal Disclosures 3 Guiding Principles & Social Impact 4– 5 Business First Bancshares, Inc. Overview 6 – 11 Liquidity and Deposits 12 Securities Portfolio 13 Branches & Noninterest Revenue 14 – 15 Financial Results Q1 2025 Financial Results 17 – 18 Stable Credit Performance 19 Yiel
Slide 3: Special Note Concerning Forward-Looking Statements
Special Note Concerning Forward-Looking Statements This investor presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act
Slide 4: b1BANK's five guiding principles
b1BANK’s five guiding principles reflect our core beliefs and values, which drive all decisions irrespective of our goals, strategies, or external factors. These tenets are more than guides for making business decisions; they are the core of our culture, driving our day-to-day interactions between e
Slide 5: 2025 YTD Volunteerism and Social Impact
2025 YTD Total Volunteerism: • 1,034 Hours • 96 hours of financial literacy education and non-profit service • Partnership through b1BANK Financial Institutions Group • Partner with Minority Deposit Institutions (MDI) by helping with correspondent banking services, specialized expertise, supplier ne
Slide 6: Company Overview
Company Overview Ticker: BFST (Nasdaq) Market Capitalization: $720 million (as of March 31, 2025) Headquarters: Baton Rouge, Louisiana Franchise Highlights: • Diversified commercial-focused bank with $7.8 billion in assets and operations in Louisiana, Texas and Mississippi including: 39 legacy Louis
Slide 7: Management Team
Jude Melville Chairman, President and CEO Age: 50 Year Started at BFST: 2006 Philip Jordan EVP, Chief Banking Officer Age: 52 Year Started at BFST: 2008 Keith Mansfield EVP, Chief Operations Officer Age: 48 Year Started at BFST: 2016 Chad Carter EVP, Correspondent Banking Age: 42 Year Started at BFS
Slide 8: Regional Overview
Note: Dollars in millions. Financial data as of March 31, 2025. Deposit balances do not tie to consolidated figures as a result of wholesale deposits, timing differences and other items recorded at the corporate level. Loan amounts based on outstanding loan balance before accounting adjustments. (1)
Slide 9: Earnings, EPS, Book Value and Efficiency Trends
$ 1 4 .1 $ 2 3 .8 $ 3 0 .0 $ 5 2 .1 $ 5 2 .9 $ 6 5 .6 $ 5 9 .7 $ 6 6 .7 $16.8 $24.6 $37.5 $53.9 $57.6 $66.3 $65.8 $72.2 2018 2019 2020 2021 2022 2023 2024 TTM Q1'25 Net Income Core Net Income Note: Dollars in millions, except for per share data. (1) Non-GAAP financial measure. See appendix for appli
Slide 10: Deposit Accounts and Growth
(amount s in act uals) Non-Jumbo Deposit Accounts 15,312 15,539 15,608 41,064 37,508 90,963 89,359 97,740 101,546 125,255 125,456 Jumbo Deposit Accounts (1) 448 502 612 987 1,001 1,902 2,300 2,714 3,009 3,564 3,705 Total Deposit Accounts (1) 15,760 16,041 16,220 42,051 38,509 92,865 91,659 100,454 1
Slide 11: Growth Track Record and Acquisitions
10.25-Year CAGR Total Assets 687$ 1,077$ 1,106$ 1,322$ 2,099$ 2,276$ 4,175$ 4,733$ 5,990$ 6,585$ 7,857$ 7,785$ 27% Core Net Income(1) 4.4$ 4.1$ 5.1$ 3.1$ 16.8$ 24.6$ 37.5$ 53.9$ 57.6$ 66.3$ 65.8$ 72.2$ 32% Core Diluted EPS(1) 0.72$ 0.73$ 0.70$ 0.39$ 1.45$ 1.80$ 2.05$ 2.61$ 2.52$ 2.62$ 2.49$ 2.63$ 13
Slide 12: Deposit Composition and Liquidity Sources
Deposit Composition Non-Interest Bearing NOW & Int. Bearing DDA MMDA & Savings Time Deposits • Continue to carry higher cash balances to support liquidity, with 5.53% of total assets at 3/31/2025. • Remain focused on core deposits, which represent over 87% of total deposits. • Continue to take advan
Slide 13: AFS Securities Portfolio
AFS Securities Portfolio • Portfolio serves as a source of on-balance sheet liquidity and provides interest income stability during times of declining rates. • With the relatively high-rate environment, the Bank is reinvesting portfolio cash flows and taking opportunities to modestly grow the portfo
Slide 14: BFST Footprint
✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ BFST Footprint(1) American Gateway (6 active / 4 closed) Pedestal (17 active / 1 Sold / 4 closed(4)) Minden (2 active / 0 closed) Texas Citizens (5 active / 1 closed) Richland (5 active (3) / 2 sold / 1 closed) Oakwood (6 active / 0 closed) Closed, Sold, or Consolidated (2
Slide 15: Noninterest Revenue Opportunities
NONINTEREST REVENUE OPPORTUNITIES FINANCIAL INSTITUTIONS GROUP (FIG) September 2020, b1BANK announced the formation of its Financial Institutions Group (FIG) The FIG team is headquartered in Dallas and responsible for correspondent banking activities including loan participations and deposit gatheri
Slide 16: Financial Results
e BUSINESS FIRST Financial Results
Slide 17: Q1 2025 Financial Results
(1) Non-GAAP financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of 3/31/2025. (3) Past due and nonaccrual loan amounts exclude purchased impaired loans, even if contractually past due or if the Company does not expect to receive payment in f
Slide 18: Q1 2025 Balance Sheet Highlights
(1) Preliminary consolidated capital ratios as of December 31, 2024. (2) Non-GAAP financial measure. See appendix for applicable reconciliation. For the quarter ended, $ millions 3/31/2025 12/31/2024 3/31/2024 Gross Loans (Excl. HFS) $5,980.9 0% 18% ACL + Fair Value Discount on Acquired Loans $71.7
Slide 19: Stable Credit Performance
ACL & FV Discount(3) Past Due Loans(1) Note: Dollars in millions. Peer average based on average of last five quarters ending 4Q24, Gulf South Peer Group defined as: FGBI, HBCP, ISTR, OBK, RRBI, GNTY, VBTX, TCBX, STEL. (1) Past due loans include balances past due 30 days or more and not on a nonaccru
Slide 20: Net Interest Margin and Yield/Rate Analysis
Note: Data is as of March 31, 2025. Chart based on GAAP data. (1) NIM excluding loan discount accretion is a non-GAAP financial measure and excludes the accretion of the loan discount on acquired loans. See appendix for applicable reconciliation.
Slide 21: Deposit Beta and Rate Sensitivity
Note: Dollars in millions; amounts may not total due to rounding. Betas are estimates that reflect the deposit portfolio composition as of March 31, 2025, based on analysis of BFST deposit pricing in prior cycles. (1) Core CDs exclude brokered deposits and CDARs. (2) Reflects weighted average rate a
Slide 22: Loan Rate Mix and Repricing
• • • Outstanding Balance Weighted ($MM) (% of Total) Avg. Rate(1) Fixed Rate Loans (mature/reprice > 1 year) 2,707.1$ 45.4% 5.77% Fixed Rate Loans (mature/reprice < 1 year) 565.9 9.5% 6.06% Floating Rate with Floors 1,225.8 20.5% 7.62% Floating Rate without Floors 1,424.8 23.9% 7.71% Adjustable Rat
Slide 23: Loan Portfolio
e BUSINESS FIRST Loan Portfolio
Slide 24: Operating Loan Growth
Note: Data is as of March 31, 2025. Dollars in millions. Loan balances are before accounting adjustments. (1) Net operating loans are defined as loans per the general ledger, excluding deferred costs/fees, corporate and other, overdrafts and loan premium/discount. Loan Composition by Region 13.0% 12
Slide 25: Loan Composition
Note: Loan composition as of March 31, 2025, based on preliminary FDIC call report data. $5.98 billion Total Loan Portfolio Composition Top 5 Exposure Categories Outstanding Unfunded Average NPLs % of Balance Commitment Loan Size Total Loans Commercial $1.78 billion $753 million $393 thousand 0.98%
Slide 26: Commercial Loans by Collateral and Region
Note: Data is as of March 31, 2025. Percentages based on loan balances before accounting adjustments. • Commercial loans represent 29.7% of the total loan portfolio • Total commercial loan growth year-over-year of 30.5% driven by regional growth in New Orleans, North Louisiana, and Southwest Louisia
Slide 27: C&D and CRE Composition
C&D Composition CRE Composition - Owner Occupied C&D Portfolio Raw Land 5.4% Vacant Residential Lots 9.7% Vacant Commercial Lots 15.6% Land Development - Residential 16.4% Residential Construction - OORE 4.8% Residential Construction - Non OORE 11.6% Commercial Construction - Retail 6.6% Commercial
Slide 28: Office CRE by Geography
Office CRE – Income-Producing by Geography(1)(2) Office CRE – Owner-Occupied by Geography(1)(2) Office C&D by Geography(1)(2) 59.7% 25.0% 7.6% 6.3% 1.4% Office C&D Dallas, TX 59.7% Baton Rouge, LA 25.0% Houma, LA 7.6% Plano, TX 6.3% Frisco, TX 1.4% Other Geographies 0.0% Total Office C&D 100.0% $563
Slide 29: Appendix
e BUSINESS FIRST APPENDIX
Slide 30: Historical Financial Summary
Note: Dollars in thousands. As of December 31. (1) Non-GAAP Financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of 3/31/2025. Total Capital Ratio not available for FY 2020 due to the bank’s use of the Community Bank Leverage Ratio. (3) Exclud
Slide 31: Loan Portfolio Supplemental Data
Note: Dollars in thousands. (1) Calculated at the bank level based on preliminary FDIC call report data. (2) Based on outstanding loan balances prior to accounting adjustments. Percentage based on CRE loans outstanding. (3) Past due and nonaccrual loan amounts exclude purchased impaired loans, even
Slide 32: Core Net Income Reconciliation
Note: Dollars in thousands except per share data. (1) Adjustments are net of tax. 2020 2021 2022 2023 2024 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Core Net Income: Net Income 29,994$ 52,136$ 52,905$ 65,642$ 59,706$ 12,220$ 15,856$ 16,492$ 15,138$ 19,193$ Adjustments(1): -$ -$ (543)$ -$ -$ -$ -$ -$ -$ -$ 277$
Slide 33: TTM Core Earnings Reconciliation
Note: Dollars in thousands except per share data. (1) Adjustments are net of tax. TTM Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 Core Net Income: Net Income 15,856$ 16,492$ 15,138$ 19,193$ 66,679$ Adjustments(1): -$ -$ -$ (122)$ (122)$ -$ 10$ (17)$ 1$ (6)$ -$ -$ -$ (497)$ (497)$ 417$ 319$ 162$ 536$ 1,434$ -$ 403
Slide 34: Tangible Common Equity Reconciliation (Quarterly)
Note: Dollars in thousands except per share data. Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity 649,034$ 664,530$ 699,524$ 799,466$ 826,312$ Preferred Stock (71,930) (71,930) (71,930) (71,930) (71,930) Total Common Sharehold
Slide 35: Tangible Common Equity Reconciliation (Annual)
Note: Dollars in thousands except per share data. 2020 2021 2022 2023 2024 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity 409,963$ 433,368$ 580,481$ 644,259$ 799,466$ Preferred Stock - - (71,930) (71,930) (71,930) Total Common Shareholders' Equity 409,963
Slide 36: Core Efficiency Ratio Reconciliation
Note: Dollars in thousands. (1) Excludes gains/losses on sales of securities. TTM Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 12/31/2023 12/31/2024 Q1'25 Core Efficiency Ratio: Noninterest Expense 42,522$ 43,110$ 42,450$ 49,570$ 50,578$ 156,702$ 177,652$ 185,708$ Core Adjustments (715)$ (419)$ (830)$ (631)$ (895)
Slide 37: Core Pre-tax, Pre-provision Earnings Reconciliation
Note: Dollars in thousands. Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Core pre-tax, pre-provision earnings: Pre-tax, pre-provision earnings 18,395$ 23,075$ 24,438$ 28,016$ 28,631$ Adjustments: (50)$ -$ -$ -$ (155)$ -$ -$ -$ -$ -$ 1$ -$ 13$ (21)$ 1$ -$ -$ -$ -$ (630)$ 715$ 419$ 319$ 168$ 679$ -$ -$ 511$ 463$ 216
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