Business First Bancshares, Inc. · NASDAQ:BFST
Business First Bancshares — Q3 2025 Earnings Presentation
37 slides from Business First Bancshares's earnings presentation, Oct 23, 2025
Slide 1: Q3 2025 Results
Q3 2025 Results
Slide 2: Table of Contents
2 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 Q3 2025 Financial Highlights 17 – 18 Credit Metrics Analysis 19
Slide 3: Legal Disclosures
3 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 Li
Slide 4: Guiding Principles
4 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 i
Slide 5: Social Impact
5 SOCIAL IMPACT 2025 YTD Total Volunteerism: 2,972 Hours 805 hours of financial literacy education and non- profit service Partnership through b1BANK Financial Institutions Group Partner with Minority Depository Institutions (MDI) by helping with correspondent banking services, specialized e
Slide 6: Business First Bancshares, Inc. Overview
6 BUSINESS FIRST BANCSHARES, INC. OVERVIEW Company Overview Ticker: BFST (Nasdaq) Market Capitalization: $699 million (as of September 30, 2025) Headquarters: Baton Rouge, Louisiana Franchise Highlights: • Diversified commercial-focused bank with $8.0 billion in assets and operations in Louisiana, T
Slide 7: Executive Management
7 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 8: Diversified Footprint
8 DIVERSIFIED FOOTPRINT Note: Dollars in millions. Financial data as of September 30, 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
Slide 9: Long-Term Profitability
9 $1 4. 1 $2 3. 8 $3 0. 0 $5 2. 1 $5 2. 9 $6 5. 6 $5 9. 7 $7 6. 6 $16.8 $24.6 $37.5 $53.9 $57.6 $66.3 $65.8 $79.5 2018 2019 2020 2021 2022 2023 2024 TTM Q3'25 Net Income Core Net Income LONG-TERM PROFITABILITY Note: Dollars in millions, except for per share data. (1) Non-GAAP financial measure. See
Slide 10: Deposit Growth Through Organic and M&A Strategy
10 (amount s in act uals) Non-Jumbo Deposit Accounts(4) 15,312 15,539 15,608 41,064 37,508 90,963 89,359 97,740 101,546 125,255 125,456 102,652 102,465 Jumbo Deposit Accounts(1) 448 502 612 987 1,001 1,902 2,300 2,714 3,009 3,564 3,705 3,610 3,688 Total Deposit Accounts(1) 15,760 16,041 16,220 42,05
Slide 11: Proven M&A Track Record
11 10.75-Year CAGR Total Assets 687$ 1,077$ 1,106$ 1,322$ 2,099$ 2,276$ 4,175$ 4,733$ 5,990$ 6,585$ 7,857$ 7,954$ 26% 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$ 79.5$ 31% 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$ 2.69$
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 5.89% of total assets at 9/30/2025. • Remain focused on core deposits, which represent over 84% of total deposits
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 m
Slide 14: Optimizing Branch Network and Infrastructure Investments
14 Data Source: S&P Global Market Intelligence. (1) Reflects b1BANK branch network, including all acquired, closed/divested, and de novo Banking Centers. (2) Includes four legacy b1BANK locations that converted from LPO to full-service Banking Centers. Includes six DFW Banking Centers. (3) Includes
Slide 15: Smith Shellnut Wilson and Financial Institutions Group
15 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 b
Slide 16: Financial Results
e BUSINESS FIRST Financial Results
Slide 17: Quarterly Financial Highlights
17 $0.66 $0.72 Q4'24 Q3'25 Core Diluted EPS Available to Common $19.92 $22.63 Q4'24 Q3'25 Tangible Book Value Per Share 7.63% 8.57% Q4'24 Q3'25 Tangible Common Equity / Tangible Assets (1) Non-GAAP financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ra
Slide 18: Balance Sheet Highlights
18 BALANCE SHEET HIGHLIGHTS (1) Preliminary consolidated capital ratios as of September 30, 2025. (2) Non-GAAP financial measure. See appendix for applicable reconciliation. For the quarter ended, $ millions 9/30/2025 6/30/2025 9/30/2024 Gross Loans (Excl. HFS) $6,021.1 0% 15% ACL + Fair Value Disco
Slide 19: Credit Metrics Analysis
19 ACL & FV Discount(3) Past Due Loans(1) Note: Dollars in millions. Peer average based on average of last five quarters ending 2Q25, Gulf South Peer Group defined as: FGBI, HBCP, ISTR, OBK, RRBI, VBTX, TCBX, STEL. (1) Past due loans include balances past due 30 days or more and not on a nonaccrual
Slide 20: Yield / Rate Analysis – Trailing Twelve Months
20 3.61% 3.68% 3.68% 3.68% 3.56% 3.64% 3.64% 3.63% 3.53% 3.35% 3.31% 3.36% 2.81% 2.70% 2.64% 2.67% 7.05% 6.99% 6.96% 7.01% 4.50% 4.50% 4.50% 4.25% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% Q4'24 Q1'25 Q2'25 Q3'25 NIM NIM ex. Accretion Cost of Int. Bearing Deposits Total Cost of Deposits
Slide 21: Yield / Rate Analysis – Long Term Margin Stability
21 4.06% 4.26% 4.23% 3.87% 3.71% 3.57% 3.51% 3.98% 4.05% 4.06% 3.75% 3.63% 3.61% 3.50% 3.32% 3.45% 3.51% 3.61% 3.68% 3.68% 3.68% 3.81% 3.99% 3.91% 3.71% 3.56% 3.42% 3.43% 3.77% 3.92% 3.75% 3.54% 3.49% 3.46% 3.38% 3.27% 3.34% 3.46% 3.56% 3.64% 3.64% 3.63% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.50% 1.7
Slide 22: Estimated Deposit Beta in Easing Rate Cycle
22 Note: Dollars in millions; amounts may not total due to rounding. Betas are estimates that reflect the deposit portfolio composition as of September 30, 2025, based on analysis of BFST deposit pricing in prior cycles. (1) Core CDs and Core Time Deposits exclude brokered deposits and CDARs. (2) Re
Slide 23: Loan Portfolio Overview – Repricing Opportunity
23 Loan Portfolio HFI (as of 9/30/25) Note: Dollars in millions. Data is as of September 30, 2025. Loan balances are before accounting adjustments and excludes loans in process. (1) Reflects weighted average stated rate for the month-end for each period indicated. (2) Includes all floating rate loan
Slide 24: Loan Portfolio
e BUSINESS FIRST Loan Portfolio
Slide 25: Operating Loan Growth
25 $5,981 $6,048 $6,021 $5,981 $374 $(374) $432 $(365) $452 $(479) Note: Data is as of September 30, 2025. Dollars in millions. Loan balances are before accounting adjustments. OPERATING LOAN GROWTH Loan Composition by Market 13.0% 13.2% 18.3% 9.9% 5.0% 14.2% 32.2% 7.3% 0 1,000 2,000 3,000 4,000 5,0
Slide 26: Loan Composition
26 Note: Loan composition as of September 30, 2025, based on preliminary FDIC call report data. LOAN COMPOSITION $6.02 billion Total Loan Portfolio Composition Top 5 Exposure Categories Outstanding Unfunded Average NPLs % of Balance Commitment Loan Size Total Loans Commercial $1.85 billion $980 mill
Slide 27: Loan Composition: Commercial
27 LOAN COMPOSITION: COMMERCIAL Note: Data is as of September 30, 2025. Percentages based on loan balances before accounting adjustments. • Commercial loans represent 31.9% of the total loan portfolio • Total commercial loan growth year-over-year of 28.4% • Weighted average maturity of the commercia
Slide 28: Income Producing CRE Geography
28 Income Producing CRE Geography(1) Income Producing CRE Portfolio Dallas, TX 13.6% Baton Rouge, LA 12.6% Monroe, LA 7.7% Houston, TX 7.3% Covington, LA 5.4% Lafayette, LA 4.2% New Orleans, LA 3.2% Lake Charles, LA 3.0% Plano, TX 2.5% Shreveport, LA 2.4% All Other Geographies 38.1% Total CRE - Inco
Slide 29: Appendix
e BUSINESS FIRST APPENDIX
Slide 30: Historical Financial Summary
30 Note: Dollars in thousands. As of December 31 except YTD 2025. (1) Non-GAAP Financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of 9/30/2025. Total Capital Ratio not available for FY 2020 due to the bank’s use of the Community Bank Leverag
Slide 31: Commercial Real Estate – Historical Performance
31 COMMERCIAL REAL ESTATE – HISTORICAL PERFORMANCE Note: Dollars in thousands. (1) Calculated at the bank level based on preliminary FDIC call report data. (2) Based on outstanding loan balances prior to accounting adjustments. Percentage based on CRE loans outstanding. (3) Past due and nonaccrual l
Slide 32: Reconciliation of Non-GAAP Financial Measures
32Note: Dollars in thousands except per share data. (1) Adjustments are net of tax. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 2020 2021 2022 2023 2024 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Core Net Income: Net Income 29,994$ 52,136$ 52,905$ 65,642$ 59,706$ 16,492$ 15,138$ 19,193$ 20,753$ 21,505$ Adjustm
Slide 33: Reconciliation of Non-GAAP Financial Measures
33 Note: Dollars in thousands except per share data. (1) Adjustments are net of tax. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TTM Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 Core Net Income: Net Income 15,138$ 19,193$ 20,753$ 21,505$ 76,589$ Adjustments(1): -$ (122)$ -$ -$ (122)$ (17)$ 1$ 37$ (61)$ (40)$ (Ga
Slide 34: Reconciliation of Non-GAAP Financial Measures
34 Note: Dollars in thousands except per share data. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity 699,524$ 799,466$ 826,312$ 848,440$ 878,440$ Preferred Stock (71,930) (71,930)
Slide 35: Reconciliation of Non-GAAP Financial Measures
35 Note: Dollars in thousands except per share data. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 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) (
Slide 36: Reconciliation of Non-GAAP Financial Measures
36 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Note: Dollars in thousands. (1) Excludes gains/losses on sales of securities. TTM Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 12/31/2023 12/31/2024 Q3'25 Core Efficiency Ratio: Noninterest Expense 42,450$ 49,570$ 50,578$ 51,206$ 48,882$ 156,702$ 177,652$ 200,236$ C
Slide 37: Reconciliation of Non-GAAP Financial Measures
37 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Note: Dollars in thousands. Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Core pre-tax, pre-provision earnings: Pre-tax, pre-provision earnings 24,438$ 28,016$ 28,631$ 30,251$ 32,065$ Adjustments: -$ -$ (155)$ -$ -$ -$ -$ -$ -$ -$ 13$ (21)$ 1$ 47$ (77)$ (Gain)/Loss o
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