Business First Bancshares, Inc. · NASDAQ:BFST
Business First Bancshares — Debt Investor Presentation (April 2026)
36 slides from Business First Bancshares's debt investor presentation, Apr 2, 2026
Slide 1: Business First
BUSINESS FIRST
Slide 2: Table of Contents
TABLE OF CONTENTS Legal Disclosures. Fixed Income Offering. Company Overview and Franchise Highlights. Fourth Quarter 2025 Financial Results Appendix
Slide 3: Legal Disclosures
LEGAL DISCLOSURES lo ‘Special Note Concerning Forward-Looking Statements This investor presentation contains “forward-looking statements" within the meaning of Section 27A ofthe Securlties Act end Section 21€ ofthe Exchange Act ‘made pursuant tothe safe harbor provisions ofthe Private Securities Lig
Slide 4: Legal Disclosures: Offering Disclaimer
LEGAL DISCLOSURES lo ‘Offering Disclaimer {Any offleing of secures may be made only by a purchase agreement and the information contained herein will be superseded in is entity by such purchase ‘agreement. This investor presentation does not contain all ofthe information you should consider before i
Slide 5: Fixed Income Offering
aa e BUSINESS FIRST Fixed Income Offering
Slide 6: Terms of Proposed Private Placement
TERMS OF PROPOSED PRIVATE PLACEMENT Principal Amount Coupon Ratins Issuer Redemption Offering Type Covenants Use of Proceeds. Settlement Mechanics Issuer Counsel Business First Bancshares, Inc, (Nasdaq: BFST) Fixed-to-Floating Rate Subordinated Notes due 2036 $66.93 million, with potential to upsize
Slide 7: Investment Highlights
INVESTMENT HIGHLIGHTS. Experienced Leadership * Disciplined and experienced management team positioned for growth © 24 average years of experience © Independent, diverse board of directors with deep expertise across a variety industries Consistent Profitability © Tralling 3-year average core ROAA> 1
Slide 8: Historical Double Leverage & Interest Coverage
HISTORICAL DOUBLE LEVERAGE & INTEREST COVERAGE 0 Totalinvestment in Subsldlares Holding Company TotalEquty Double Leverage Ratio Interest Coverage Tus ‘Subordinated Debt ‘other Borrowings Total Debt interest Expense Total Deposits interest Expense Total Debt + Deposit interest Expense - (A+B) GAAP P
Slide 9: Pro Forma Capitalization: Consolidated Holding Company
PRO FORMA CAPITALIZATION: CONSOLIDATED HOLDING COMPANY 0 +270125 = a Dont ‘commen Equity Bator Adjustments easoss Es ae Less: Goel & Intangible sets, Net 135608 5 fos Less: Unvealzes Gains / (Leese) (23.289 : 3287) Estimated Common Equity Tier + Te2888 $ : 0 § 723,198 TPs 5.000 50 NonCumalatie Peter
Slide 10: Pro Forma Capitalization: Bank Level
PRO FORMA CAPITALIZATION: BANK LEVEL ") BankLevel Adjustments Subordinated Debt” ‘Redemption 42131725 Common Equty Before Agjustinents 69.972 $ 969.372 Less: Goodwi & btangble Assets, Net 135,643 3 6 135683 Less: Unveaized Gains / (Losses) 93.287) : 2 (63.287) Pius: Other Adjustments 5,448 - - 5.248
Slide 11: Company Overview and Franchise Highlights
aa e BUSINESS FIRST Company Overview and Franchise Highlights
Slide 12: Business First Bancshares, Inc. Overview
BUSINESS FIRST BANCSHARES, INC. OVERVIEW FRANCHISE HIGHLIGHTS Diversified full-service commercial focused bank hesdquartered in Baton Rouge, Louisiana, focused on serving clients w' capacity of ala ‘a community bank #1 deposit marke ana for Louisiona-headquartered bans Texas mark 3025, DEW is lar 1
Slide 13: Balanced Footprint
BALANCED FOOTPRINT Dallas Fort Worth Region ‘of Banking Conters: Hor LPos: Total Loans: “otal Deposts: Deposits /Banking Center. $943 Houston Region HofBanking Centers: 5 Total Loans: Sao Total Deposis: 8556.2 Deposite/ Banking Center: $1112 @ seovesmestse North Louisiana Region of Banking Centers 9
Slide 14: Recent Developments — Progressive Bank Partnership
RECENT DEVELOPMENTS — PROGRESSIVE BANK PARTNERSHIP lo feusiness First (9 locations": (G ocations): @ St OL ae } Reo 2 an = Announced the acquisition of Progressive on July 7, 2025 ~ Headquartered in Monroe,LA - 15.2% Liquidity Ratio + Successfully closed the transaction on January 1, 2026 = 116 Tota
Slide 15: Diversified Growth
DIVERSIFIED GROWTH lo | BFST Standalone Assets, ‘Cumulative Assets Acquired $1,883, $2095 82.274 $621 $621 $1,473 $1,652 2 200 0192020 woe) i. “w ro) ong g00 aes fom | o fos] ol] @ io] @ ic cece |e | aa || cco | am | cm || cea | cae || co amen | ao | cm | as | aa | ae | a= | ca | ao errr = | am | os
Slide 16: Tangible Book Value Per Share (TBVPS) Growth
TANGIBLE BOOK VALUE PER SHARE (TBVPS) GROWTH lo TBVPS - Trailing 8 Quarters TBVPS — Since Public Listing on Nasdaq cs eee —— n z 2.63 “ 60 Gis.92 ji9.92 fis.c1 919.22 18.62 sae EN E E H | El HI EI roe rae areaoraeoras crass | avin amin aio aetna onan ase wBvPS GTBVPS” waves aTeves” “Tangible book va
Slide 17: Earnings Per Share (EPS) Growth
EARNINGS PER SHARE (EPS) GROWTH lo Diluted EPS - Trailing 8 Quarters Diluted EPS - Since Public Listing on Nasdaq 261 58% sasz $262 ay ‘one sue « () ae $2.05 180 sao | $145 I 124 0726 0974 424 0125 02750925045 @ 292020 zor) zor 207320242025, tps scorers” tes acoreers” S08 S065 S0st $073 S071 S164 $2
Slide 18: Consolidated Capital Growth
CONSOLIDATED CAPITAL GROWTH O CET1 & TRBC - Trailing 8 Quarters onze CET1 & TRBC — Since Public Listing on Nasdaq 13918 T2765 1200 129% ya754 12692 1307 TZ 2695 Se 12.75% 1205 12.75% 1299% nis |, 12208 1968 7 0. seal | 9.8 o9e| o.sex oan} |oaes) | 94 oe | | I | | 224 08240424 TIS 22S 0325 OFS zois 2
Slide 19: Liquidity and Deposits
LIQUIDITY AND DEPOSITS O FHLB Borrowings Capacity $ 1,207 FRB Discount Window $962 Unencumbered Securities $598 Available Excess CashReserves $ 379 Fed Funds Sold $ 172 Fed Funds Lines Available $ 145 [Total $3458 Deposit Composition $6.70B © Continue to carry higher cash balances to support liquidi
Slide 20: Securities Portfolio
SECURITIES PORTFOLIO 0 * 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 portfoli
Slide 21: Loan Portfolio Overview
LOAN PORTFOLIO OVERVIEW $208.1 Million Year-over-Year Growth $6.02 (626.6) TotalLoansHF $5,981 «$5,981 000 Change +7613 ($0.8) CI Total Yield 652% + Total Loans HFl increased $168.4 million, or 2.8% (11.1% annualized) compared to the linked quarter + Total Loans HF! increased $208.1 million, or 3.5%
Slide 22: Noninterest Revenue Opportunities - Correspondent Banking
NONINTEREST REVENUE OPPORTUNITIES - CORRESPONDENT BANKING ") + s2totalt + $2747 milion nts lan nena rom backto-back cent i FY 2022 FY 2023, FY 2028 FY 2025 LPL Brokerage ‘= Smith Shelinut Wilson wap Fees Waterstone LSP ‘Gain on Sale of SBALoans = Participation Fee Revenue (FIG) 1 Total Mortgage Fee
Slide 23: Fourth Quarter 2025 Financial Results
aa e BUSINESS FIRST Fourth Quarter 2025 Financial Results
Slide 24: 4th Quarter 2025 - Financial Results
4th QUARTER 2025 - FINANCIAL RESULTS » Q4 2025 Results ere ra OE SS eae reer Soros SS | eS Sela qa” Eee” Bp Pes, me Se ae eee rc a eo fe Ges Peeps tan Pats ab cs Cie 9 ADO aae wel Sarees in” Ge He alain Re Sear mm & ed io & Serer Py Sees Sh 6h aa Pose secscot as SEU a ES eee fg” See” SE (See ED ae e
Slide 25: FY 2025 - Financial Results
FY 2025 - FINANCIAL RESULTS » FY 2025 Results Eamings & Proftbity 712025 FY 2023 Net ome Avalble to Common Shareelders a a To Pre Tex, Pre roislon Eamings raiser 93824 95089 Dilted Earnings Per Common Share 27 225 298 ROMA 109% 086% 108% ONCE 1059 954 123 Net Irterest Margin 38 348 38 ficiency Ratio
Slide 26: Credit Metrics Analysis
. CREDIT METRICS ANALYSIS 0.89% 1025 2025 3025 4025 4024 1025 2025 3025 (OPast Due Loans ‘= Nonperforming Loans to Total Loans 4024 ‘= Past Due Loans to Total Loans ACL & FV Discount Net Charge ons. 1e e Ly cmp 3025 4025 = NoO/Average Loans 1025 2025 Sees eee
Slide 27: Yield / Rate Analysis - Long Term Margin Stability
YIELD / RATE ANALYSIS - LONG TERM MARGIN STABILITY lo 2.00%, 700% 6.00%, ‘00%, 400%, 3.00%, 2.00% Ses Ce 2020 2028 2022 2023 2024 2025, HIM oN ox Accretion” —p=Total Funding Cort —=p=Total Cost of Deposits —=p=Loan Yield —¢— Target Fad Funds Rate
Slide 28: Appendix
aa e BUSINESS FIRST APPENDIX
Slide 29: Interest Rate Sensitivity
INTEREST RATE SENSITIVITY lo 6 il uu a (3%) (62%) 130095 +200 bes +100 bps Base 100 bps bps Impact on Economic Value of Equity from Immediate Rate Shock 12% on — Len! = om om rey 7300 bps 1200 bps +100 bes ase 00 ps 200 bps
Slide 30: Historical Financial Summary
HISTORICAL FINANCIAL SUMMARY 220 oz ozs 22s Balance Sheet & Capital Ly Total Assets s4ieo960 472637 $5990460 —ese4SSD — gyasron0 —gaa14740 Dros toms (ch HFS) 2901358 3185608605178 —«4982788 881380 6.18880 Depo Sowers 4arram —Asaoaus—SatareoGstn381 6 e8890 Total cuty fovses —“agases—sanast tare onage
Slide 31: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES lo Care Net ree, ROMA NA excg lot scr cen a Sak Fie ee ae eos ple ebelEse noes a eremene SoS Smee : Neha onitenle gens eee f PE SH s b GQ cg cp 3 See? FSA ot a th aH Bh Bot Saeeer 1 fab Ob ge he ome OH eee 4 5 ae ee ieee aeons ce eee (onan oane, enern gq
Slide 32: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Gare Net Income: Net income “Adjustments”: (Gain)/Loss Former Bank Premises & Equipment (Gainy/Loss on Sale of Securities (Gain)/Loss on Sele of Banking Center (Gainy/Lose on Extinguishment of Debt ‘Acquistion elated expenses Core conversion expenses CEC
Slide 33: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES "TCE/TA, TBVPS avzs | ar2s | a2zs | as2s | ozs “Tangible Common Equity / Tangible Assets: ‘Tagibe Common aul Tot Soi Eaty S 7s4se § e512 $ erBaeo $ s7eA40 $ 996089 red Stock it i i it ik en come sia ooer ney S727 536 5754362 S_175510_$ 606510 e295 Adjust
Slide 34: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 0 “TCHITA, TBVPS. Tangible Common Equity / Tangible Assets: ‘Tenable Common Eau. Total Shareholéers'Equty Prefered Stock Total Common Shareholders Equty Adjustments: Goodvil Core ceposit and ote intangibles ‘otal Tangble Common Equiy ‘Tanabe Assets Tota
Slide 35: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 0 Core Efficiency Ratio: Noninterest Expense $ 49570 $ sos7Te $ 51206 $ 49982 $ S242 Core Adjustments S$ G31) S 95) S (1578) S$ 401 $202) Net Interest and Noninterest Income $ 77865 $ 79210 $ 81804 $ 80870 $ 83057 Core Adustiments S$ = S$ (as) S G36 S$ -
Slide 36: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Core Pre-tax, Pre-provision Eamings 424 Q125 9325 9425 ‘Core pre-tax, pre-provision eamings: Pretax, pre:provision earings $ 28016 § 28631 $ 30251 $ 32.065 $ 90,680 ‘Adjustments: (Gain)/Loss Former Bank Premises & Equipment (155) 8 + $995 \rite-Down on F
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