Business First Bancshares, Inc. · NASDAQ:BFST
Business First Bancshares — Q4 2025 Earnings Presentation
34 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
2 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
Slide 3: Legal Disclosures
3 LEGAL DISCLOSURES 66 85 99 90 163 210 123 175 212 220 88 42 124 129 128 220 x3 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 pursua
Slide 4: Guiding Principles & Social Impact
4 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
Slide 5: Business First Bancshares, Inc. Overview
5 BALANCE SHEET & EARNINGS SNAPSHOT (4) FRANCHISE HIGHLIGHTS SHAREHOLDER INFORMATION BUSINESS OVERVIEW & CORPORATE ACTIONS BUSINESS FIRST BANCSHARES, INC. OVERVIEW (1) Deposit market share is as of June 30, 2025, per FDIC data. (2) Deposit balances exclude Business First Bancshares Holding Company d
Slide 6: Executive Management
6 EXECUTIVE MANAGEMENT Jude Melville Chairman, President and CEO Philip Jordan EVP, Chief Banking Officer Keith Mansfield EVP, Chief Operations Officer Chad Carter EVP, Correspondent Banking Gregory Robertson EVP, Chief Financial Officer Heather Roemer EVP, Chief Administrative Officer Saundra Stron
Slide 7: Balanced Footprint
7 BALANCED FOOTPRINT Note: Dollars in millions. Financial and branch data as of December 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
Slide 8: Diversified Growth
8 DIVERSIFIED GROWTH Note: Dollars in millions, except per share data. Amounts may not total due to rounding. (1) Based on the closing date except for the Progressive Bank acquisition, which reflects total assets as of September 30, 2025, and closed on January 1, 2026. (2) Non-GAAP financial measure
Slide 9: Tangible Book Value Per Share Growth
9 $ 1 9 .6 8 $ 2 1 .4 7 $ 1 9 .8 8 $ 2 1 .2 4 $ 2 0 .2 5 $ 2 2 .5 8 $ 2 4 .6 2 $ 2 7 .9 5 $15.34 $17.31 $16.80 $17.71 $16.17 $18.62 $19.92 $23.36 2018 2019 2020 2021 2022 2023 2024 2025 BVPS TBVPS $ 2 2 .6 4 $ 2 3 .2 4 $ 2 4 .5 9 $ 2 4 .6 2 $ 2 5 .5 1 $ 2 6 .2 3 $ 2 7 .2 3 $ 2 7 .9 5 $18.61 $19.22 $
Slide 10: Earnings Per Share Growth
10 $ 1 .2 2 $ 1 .7 4 $ 1 .6 4 $ 2 .5 3 $ 2 .3 2 $ 2 .5 9 $ 2 .2 6 $ 2 .7 9 $1.45 $1.80 $2.05 $2.61 $2.52 $2.62 $2.49 $2.83 2018 2019 2020 2021 2022 2023 2024 2025 EPS Core EPS $ 0 .4 8 $ 0 .6 2 $ 0 .6 5 $ 0 .5 1 $ 0 .6 5 $ 0 .7 0 $ 0 .7 3 $ 0 .7 1 $0.50 $0.64 $0.68 $0.66 $0.65 $0.66 $0.72 $0.79 Q1'2
Slide 11: Consolidated Capital Growth
11 9.14% 9.29% 9.42% 9.44% 9.78% 9.88% 10.06% 9.94% 12.78% 12.88% 12.99% 12.75% 13.03% 13.07% 13.22% 12.93% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Common Equity Tier 1 Total Risk-Based Capital 11.83% 11.43% 10.63% 9.04% 8.68% 9.15% 9.44% 9.94% 13.91% 13.30% 12.28% 11.94% 12.75% 12.85% 12.75
Slide 12: Liquidity and Deposits
12 LIQUIDITY AND DEPOSITS Deposit Composition Non-Interest Bearing NOW & Int. Bearing DDA MMDA & Savings Time Deposits • Continue to carry higher cash balances to support liquidity, with 6.89% of total assets at 12/31/2025. • Remain focused on core deposits, which represent over 85% of total deposit
Slide 13: Securities Portfolio
13 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
Slide 14: Smith Shellnut Wilson (SSW) and Financial Institutions Group
14 SMITH SHELLNUT WILSON (SSW) • SSW was founded in 1995 and offers investment advisory services, which includes discretionary and non -discretionary management of investment portfolios for a variety of clients including financial institutions, municipalities, high -net worth individuals, trusts and
Slide 15: Financial Results
15 Financial Results 66 85 99 90 163 210 123 175 212 220 88 42 124 129 128 220 x3
Slide 16: 4th Quarter 2025 – Financial Results
16 4 th QUARTER 2025 – FINANCIAL RESULTS Note: Dollars in thousands, except per share data. (1) Non-GAAP financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of December 31, 2025. Core Net Income $23.5 million +20.9% YoY Core Diluted EPS $0.79
Slide 17: FY 2025 – Financial Results
17 FY 2025 – FINANCIAL RESULTS Note: Dollars in thousands, except per share data. (1) Non-GAAP financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of December 31, 2025. Earnings & Profitability FY 2025 FY 2024 FY 2023 Net Income Available to
Slide 18: Credit Metrics Analysis
18 ACL & FV Discount Past Due Loans(1) 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 loans on a nonaccrual status. CREDIT METRICS ANALYSIS Nonpe
Slide 19: Yield / Rate Analysis – Long Term Margin Stability
19 3.71% 3.64% 2.64% 2.52% 6.88% 3.75% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 NIM NIM ex. Accretion Total Funding Cost Total Cost of Deposits Loan Yield Target Fed Funds Rate Note: Data is as of December 31, 2025. Chart
Slide 20: Estimated Deposit Beta in Easing Rate Cycle
20 Note: Dollars in millions; amounts may not total due to rounding. Betas are estimates that reflect the deposit portfolio composition as of December 31, 2025, based on analysis of BFST deposit pricing in prior cycles. (1) Core CDs and Core Time Deposits exclude brokered deposits and CDARs. (2) Ref
Slide 21: Loan Portfolio – Repricing Overview
21 Loan Portfolio HFI (as of 12/31/25) Note: Dollars in millions. Data is as of December 31, 2025. Loan balances are before accounting adjustments and excludes loan s i n process and excludes Business Manager loans. (1) Reflects weighted average stated rate for the month -end for each period indicat
Slide 22: Loan Portfolio
22 Loan Portfolio 66 85 99 90 163 210 123 175 212 220 88 42 124 129 128 220 x3
Slide 23: Loan Composition
23 LOAN COMPOSITION $208.1 Million Year-over-Year Growth Q4 2025 Highlights $1,869 $1,862 $1,961 $1,921 $1,922 $1,299 $1,298 $1,310 $1,280 $1,357 $1,045 $1,045 $1,098 $1,076 $1,152 $1,097 $1,142 $1,078 $1,106 $1,119 $671 $634 $600 $639 $639 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Construction Residential, Con
Slide 24: Loan Portfolio Snapshot
24 Note: Loan composition as of December 31, 2025, based on preliminary FDIC call report data. LOAN PORTFOLIO SNAPSHOT $6.19 billion Total Loan Portfolio Composition Top 5 Exposure Categories Outstanding Unfunded Average NPLs % of Balance Commitment Loan Size Total Loans Commercial $1.86 billion $1
Slide 25: Loan Composition: Commercial
25 LOAN COMPOSITION: COMMERCIAL Note: Data is as of December 31, 2025. Percentages based on loan balances before accounting adjustments. • Commercial loans represent 31.0% of the total loan portfolio • Total commercial loan growth year-over-year of 2.8% • Weighted average maturity of the commercial
Slide 26: CRE and Construction Geography
26 Income Producing CRE Geography(1) Income Producing CRE Portfolio Dallas, TX 11.0% Houston, TX 5.5% West Monroe, LA 5.4% Scott, LA 4.8% New Orleans, LA 4.5% Lake Charles, LA 4.5% New Iberia, LA 4.5% Baton Rouge, LA 4.2% Monroe, LA 3.4% Marrero, LA 3.2% All Other Geographies 49.0% Total CRE - Incom
Slide 27: Appendix
e BUSINESS FIRST APPENDIX
Slide 28: Historical Financial Summary
28 Note: Dollars in thousands. As of December 31. (1) Non-GAAP Financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of 12/31/2025. Total Capital Ratio not available for FY 2020 due to the bank’s use of the Community Bank Leverage Ratio. (3) Ex
Slide 29: Reconciliation of Non-GAAP Financial Measures
29Note: Dollars in thousands except per share data. (1) Adjustments are net of tax. RECONCILIATION OF NON -GAAP FINANCIAL MEASURES 2021 2022 2023 2024 2025 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Core Net Income: Net Income 52,136$ 52,905$ 65,642$ 59,706$ 82,460$ 15,138$ 19,193$ 20,753$ 21,505$ 21,009$ Adjust
Slide 30: Reconciliation of Non-GAAP Financial Measures
30 Note: Dollars in thousands except per share data. (1) Adjustments are net of tax. RECONCILIATION OF NON -GAAP FINANCIAL MEASURES 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$ Adjustments(1): (122)$ -$ -$ 785$ 663$ 1$ 37$ (61)$ (27)$ (51)$ (G
Slide 31: Reconciliation of Non-GAAP Financial Measures
31 Note: Dollars in thousands except per share data. RECONCILIATION OF NON -GAAP FINANCIAL MEASURES 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)
Slide 32: Reconciliation of Non-GAAP Financial Measures
32 Note: Dollars in thousands except per share data. RECONCILIATION OF NON -GAAP FINANCIAL MEASURES 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) (7
Slide 33: Reconciliation of Non-GAAP Financial Measures
33 RECONCILIATION OF NON -GAAP FINANCIAL MEASURES Note: Dollars in thousands. (1) Excludes gains/losses on sales of securities. 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$
Slide 34: Reconciliation of Non-GAAP Financial Measures
34 RECONCILIATION OF NON -GAAP FINANCIAL MEASURES Note: Dollars in thousands. 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: -$ (155)$ -$ -$ 995$ -$ -$ -$ -$ -$ (21)$ 1$ 47$ (77)$ (35)$ (Gain)/L
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