Business First Bancshares, Inc. · NASDAQ:BFST
Business First Bancshares — Q4 2025 Earnings Presentation
36 slides from Business First Bancshares's earnings presentation, Jan 22, 2026
Slide 1: Q4 and FY 2025 Results
Q4 and FY 2025 Results
Slide 2: Table of Contents
TABLE OF CONTENTS Legal Disclosures 3 Guiding Principles & Social Impact 4 Business First Bancshares, Inc. Overview 5 – 11 Liquidity and Deposits 12 Securities Portfolio 13 Noninterest Revenue Opportunities 14 Financial Results Q4 and FY 2025 Financial Highlights 16 – 17 Credit Metrics Analysis 18 Y
Slide 3: Legal Disclosures
LEGAL DISCLOSURES 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 Liti
Slide 4: Guiding Principles & Social Impact
GUIDING PRINCIPLES & SOCIAL IMPACT 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 ou
Slide 5: Business First Bancshares, Inc. Overview
BUSINESS FIRST BANCSHARES, INC. OVERVIEW FRANCHISE HIGHLIGHTS BUSINESS OVERVIEW & CORPORATE ACTIONS • Diversified full-service commercial-focused bank headquartered in • Operations in Louisiana, Texas and Mississippi including: 37 legacy Baton Rouge, Louisiana, focused on serving clients with the Lo
Slide 6: Executive Management
EXECUTIVE MANAGEMENT Jude Melville Chairman, President and CEO Gregory Robertson Jerry Vascocu Philip Jordan EVP, Chief Financial Officer President, b1BANK EVP, Chief Banking Officer Keith Mansfield Saundra Strong Kathryn Manning EVP, Chief Operations Officer EVP, General Counsel EVP, Chief Risk Off
Slide 7: Balanced Footprint
BALANCED FOOTPRINT Dallas Fort Worth Region North Louisiana Region # of Banking Centers: 11 # of Banking Centers(1): 9 # of LPOs: 1 Total Loans: $1,074.6 Total Loans: $1,924.3 Total Deposits: $987.4 Total Deposits: $1,037.3 Deposits / Banking Center(2): $123.4 Deposits / Banking Center: $94.3 Greate
Slide 8: Diversified Growth
DIVERSIFIED GROWTH BFST Standalone Assets $8,967 Cumulative Assets Acquired $7,857 $6,585 $4,043 $5,990 $3,291 $4,726 $2,429 $4,160 $2,429 $1,883 $1,883 $2,095 $2,274 $4,566 $4,924 $621 $4,156 $621 $3,562 $2,843 $2,277 $1,473 $1,652 2018 2019 2020 2021 2022 2023 2024 2025 # of Acquisitions(1) 2 0 1
Slide 9: Tangible Book Value Per Share (TBVPS) Growth
TANGIBLE BOOK VALUE PER SHARE (TBVPS) GROWTH TBVPS – Trailing 8 Quarters TBVPS – Since Public Listing on Nasdaq $23.36 $23.36 $22.63 $21.61 $20.60 $20.84 $19.92 $19.92 $18.61 $19.22 $18.62 $17.31 $17.71 $16.80 $16.17 $15.34 $19.68 $21.47 $19.88 $21.24 $20.25 $22.58 $24.62 $27.95 $22.64 $23.24 $24.59
Slide 10: Earnings Per Share (EPS) Growth
EARNINGS PER SHARE (EPS) GROWTH Diluted EPS – Trailing 8 Quarters Diluted EPS – Since Public Listing on Nasdaq $2.83 $0.79 $2.61 $2.62 $0.72 $2.52 $2.49 $0.68 $0.66 $0.66 $0.64 $0.65 $2.05 $1.80 $0.50 $1.45 $0.48 $0.62 $0.65 $0.51 $0.65 $0.70 $0.73 $0.71 $1.22 $1.74 $1.64 $2.53 $2.32 $2.59 $2.26 $2.
Slide 11: Consolidated Capital Growth
CONSOLIDATED CAPITAL GROWTH CET1 & TRBC – Trailing 8 Quarters CET1 & TRBC – Since Public Listing on Nasdaq 13.91% 13.03% 13.07% 13.22% 13.30% 12.78% 12.88% 12.99% 12.75% 12.93% 12.75% 12.85% 12.75% 12.93% 12.28% 11.83% 11.94% 11.43% 10.63% 9.78% 9.88% 10.06% 9.94% 9.94% 9.14% 9.29% 9.42% 9.44% 9.15%
Slide 12: Liquidity and Deposits
LIQUIDITY AND DEPOSITS Liquidity Sources • Continue to carry higher cash balances to support liquidity, with 6.89% of total assets at 12/31/2025. FHLB Borrowings Capacity $ 1,207 FRB Discount Window $ 962 • Remain focused on core deposits, which represent over 85% of total deposits. Unencumbered Sec
Slide 13: Securities Portfolio
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 mod
Slide 14: Noninterest Revenue Opportunities – Correspondent Banking
NONINTEREST REVENUE OPPORTUNITIES – CORRESPONDENT BANKING FINANCIAL INSTITUTIONS GROUP (FIG) Correspondent Revenue Growth • September 2020 – b1BANK announced the formation of its Financial Institutions Group (FIG) $18.6 • FIG currently maintains $545 million in total loan participations sold(1) and
Slide 15: Financial Results
e BUSINESS FIRST Financial Results
Slide 16: 4th Quarter 2025 – Financial Results
4th QUARTER 2025 – FINANCIAL RESULTS Q4 2025 Results Q4 2025 Highlights Earnings & Profitability Q4 2025 Q3 2025 Q4 2024 Core Net Income (1) Core Diluted EPS (1) Net Income Available to Common Shareholders $ 21,009 $ 21,505 $ 15,138 Pre-Tax, Pre-Provision Earnings (1) 30,680 32,065 28,016 $23.5 mill
Slide 17: FY 2025 – Financial Results
FY 2025 – FINANCIAL RESULTS FY 2025 Results FY 2025 Highlights Earnings & Profitability FY 2025 FY 2024 FY 2023 (1) (1) Core Net Income Core Diluted EPS Net Income Available to Common Shareholders $ 82,460 $ 59,706 $ 65,642 Pre-Tax, Pre-Provision Earnings (1) 121,627 93,924 95,069 $83.5 million $2.8
Slide 18: Credit Metrics Analysis
CREDIT METRICS ANALYSIS Past Due Loans(1) Nonperforming Loans(2) ACL & FV Discount Net Charge-offs Note: Dollars in millions. (1) Past due loans include balances past due 30 days or more and not on a nonaccrual status. (2) Nonperforming loans include loan balances past due 90 days or more as well as
Slide 19: Yield / Rate Analysis – Long Term Margin Stability
YIELD / RATE ANALYSIS – LONG TERM MARGIN STABILITY 8.00% 7.00% 6.88% 6.00% 5.00% 4.00% 3.75% 3.71% 3.64% 3.00% 2.64% 2.52% 2.00% 1.00% 0.00% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024 2025 (1) NIM NIM ex. Accretion Total Funding Cost Total Cost of Depo
Slide 20: Estimated Deposit Beta in Easing Rate Cycle
ESTIMATED DEPOSIT BETA IN EASING RATE CYCLE • Internal modeling implies an estimated total deposit beta of 45% – 55%, in the near-term downward rate cycle • Overall Core CD balance(1) retention rate was 83% during 4Q25 • $224 million remaining Core CD balances(1) will mature in 1Q26, with $239 milli
Slide 21: Loan Portfolio – Repricing Overview
LOAN PORTFOLIO – REPRICING OVERVIEW Loan Portfolio HFI (as of 12/31/25) Maturities by Loan Type Fixed Rate Loans Maturing Beyond 1-Year (dollars in millions) Q1'27 FY 2027 FY 2028 FY 2029 > FY 2029 C&D $ 3.2 $ 29.9 $ 8.4 $ 7.1 $ 30.1 Owner-Occupied CRE 11.8 71.7 44.5 46.4 170.7 Income Producing CRE
Slide 22: Loan Portfolio
e BUSINESS FIRST Loan Portfolio
Slide 23: Loan Composition
LOAN COMPOSITION $208.1 Million Year-over-Year Growth Q4 2025 Highlights Total Loans HFI $5,981 $5,981 $6,048 $6,021 $6,189 Q4’25 Avg. Increase (Decrease) by Loan Type Yield(1) QoQ Change +$761.3 ($0.5) +$66.7 ($26.6) +$168.4 ($ in millions) QoQ YoY $639 6.98% Commercial $ 1 $ 53 Construction $671 $
Slide 24: Loan Portfolio Snapshot
LOAN PORTFOLIO SNAPSHOT Total Loan Portfolio Composition Top 5 Exposure Categories Outstanding Unfunded Average NPLs % of Balance Commitment Loan Size Total Loans Commercial $1.86 billion $1 billion $469 thousand 1.34% CRE - Owner-Occupied $1.15 billion $93 million $995 thousand 0.45% $6.19 CRE - No
Slide 25: Loan Composition: Commercial
LOAN COMPOSITION: COMMERCIAL Commercial Loans by Collateral Commercial Loans by Market Agricultural Houston 6.4% Southwest 6.1% Cash/Securities Louisiana 6.8% 8.8% AR & Inventory Dallas Fort Titled 33.4% Worth Collateral Greater New Orleans 37.5% 11.6% 11.4% Capital 9.0% Bayou All Other Equipment 7.
Slide 26: Loan Composition: Commercial Real Estate
LOAN COMPOSITION: COMMERCIAL REAL ESTATE C&D Composition CRE Composition - Owner Occupied CRE Composition - Income Producing C&D Highlights 1.8% 5.0% • $639.1 million total portfolio 8.3% 14.5% 24.2% 8.9% 18.7% 10.3% • $30.2 million largest relationship(2) 23.0% 8.9% • $658 thousand average loan siz
Slide 27: Appendix
e BUSINESS FIRST APPENDIX
Slide 28: Historical Financial Summary
HISTORICAL FINANCIAL SUMMARY For the Fiscal Year Ended December 31, 2020 2021 2022 2023 2024 2025 Balance Sheet & Capital Total Assets $4,160,360 $4,726,378 $5,990,460 $6,584,550 $7,857,090 $8,214,740 Gross Loans (Excl. HFS) 2,991,355 3,189,608 4,606,176 4,992,785 5,981,399 6,189,490 Deposits 3,616,
Slide 29: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Core Net Income, ROAA, NIM excluding loan discount accretion For the Year Ended December 31, Fiscal Quarter 2021 2022 2023 2024 2025 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Core Net Income: Net Income $ 52,136 $ 52,905 $ 65,642 $ 59,706 $ 82,460 $ 15,138 $ 19,193
Slide 30: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Core Net Income and ROAA - Trailing Twelve Months Fiscal Quarter TTM Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 Core Net Income: Net Income $ 19,193 $ 20,753 $ 21,505 $ 21,009 $ 82,460 (1) Adjustments : (Gain)/Loss Former Bank Premises & Equipment $ (122) $ - $ - $ 7
Slide 31: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TCE/TA, TBVPS Fiscal Quarter Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity $ 799,466 $ 826,312 $ 848,440 $ 878,440 $ 896,883 Preferred Stock (71,930) (71,930) (71,930) (71,930) (
Slide 32: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TCE/TA, TBVPS For the Year Ended December 31, 2021 2022 2023 2024 2025 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity $ 433,368 $ 580,481 $ 644,259 $ 799,466 $ 896,883 Preferred Stock - (71,930) (71,930) (71,9
Slide 33: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Core Efficiency Ratio Fiscal Quarter Fiscal Year Ended TTM Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 12/31/2024 12/31/2025 Q4'25 Core Efficiency Ratio: Noninterest Expense $ 49,570 $ 50,578 $ 51,206 $ 48,882 $ 52,412 $ 177,652 $ 203,078 $ 203,078 Core Adjustments $
Slide 34: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Core Pre-tax, Pre-provision Earnings Fiscal Quarter Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Core pre-tax, pre-provision earnings: Pre-tax, pre-provision earnings $ 28,016 $ 28,631 $ 30,251 $ 32,065 $ 30,680 Adjustments: (Gain)/Loss Former Bank Premises & Equipment
Slide 35: Slide 35
Slide 36: Business First Bancshares
b BUSINESS FIRST BANCSHARES
Business First Bancshares — Q4 2025 Earnings Presentation on 6ix