Business First Bancshares, Inc. · NASDAQ:BFST
Business First Bancshares — Q2 2025 Earnings Presentation
40 slides from Business First Bancshares's earnings presentation, Jul 28, 2025
Slide 1: Q2 2025 Results
Q2 2025 Results
Slide 2: Table of Contents
TABLE OF CONTENTS Legal Disclosures 3–4 Guiding Principles & Social Impact 5–6 Business First Bancshares, Inc. Overview 7 – 12 Liquidity and Deposits 13 Securities Portfolio 14 Branches & Noninterest Revenue 15 – 16 Financial Results Q2 2025 Financial Results 18 – 19 Stable Credit Performance 20 Yie
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: Legal Disclosures
LEGAL DISCLOSURES Additional Information and Where to Find It This communication is being made with respect to the proposed transaction involving Business First Bancshares, Inc. (“BFST”) and Progressive Bancorp, Inc. (“Progressive”). This material is not a solicitation of any vote or approval of the
Slide 5: Guiding Principles
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 int
Slide 6: Social Impact
SOCIAL IMPACT b1COMMUNITY 2025 YTD Total Volunteerism: • 2,134 Hours • 353 hours of financial literacy education and non- profit service b1 FOUNDATION 2021 Inception Through June 2025: 2,134 • Mentored 892 businesses Volunteer 892 • Conducted training classes to help 3,690 entrepreneurs start or gro
Slide 7: Business First Bancshares, Inc. Overview
BUSINESS FIRST BANCSHARES, INC. OVERVIEW Company Overview Ticker: BFST (Nasdaq) Market Capitalization: $730 million (as of June 30, 2025) Headquarters: Baton Rouge, Louisiana Franchise Highlights: • Diversified commercial-focused bank with $7.9 billion in assets and operations in Louisiana, Texas an
Slide 8: Executive Management
EXECUTIVE MANAGEMENT Jude Melville Chairman, President and CEO Age: 50 Year Started at BFST: 2006 Gregory Robertson Jerry Vascocu Philip Jordan EVP, Chief Financial Officer President, b1BANK EVP, Chief Banking Officer Age: 53 Age: 52 Age: 53 Year Started at BFST: 2011 Year Started at BFST: 2022 Year
Slide 9: Diversified Footprint
DIVERSIFIED FOOTPRINT Dallas Fort Worth Region North Louisiana Region # of Banking Centers: 12 # of Banking Centers(1): 9 # of LPOs: 1 Total Loans: $1,074.6 Total Loans: $1,961.5 Total Deposits: $887.6 Total Deposits: $1,073.5 Deposits / Banking Center(2): $110.9 Deposits / Banking Center: $89.5 Hou
Slide 10: Long-Term Profitability
LONG-TERM PROFITABILITY Diluted EPS Available to Common Shareholders Tangible Book Value Per Share $23.22 $22.05 $2.65 $21.25 $2.61 $2.52 $2.62 $2.49 $19.12 $17.12 $17.77 $15.60 $16.28 $2.05 $1.80 $1.45 $19.68 $15.34 $21.47 $17.31 $19.88 $16.80 $21.24 $17.71 $20.25 $16.17 $22.58 $18.62 $24.62 $19.92
Slide 11: Deposit Growth Through Organic and M&A Strategy
DEPOSIT GROWTH THROUGH ORGANIC AND M&A STRATEGY • Deposit strategy reflects consistent organic growth 2024 augmented with opportunistic M&A • Acquired Oakwood and $714M in total deposits in 2024 • Total deposit CAGR of ~23% since Q4’15 • $549M organic growth in total deposits in 2024(2) 2022 • Organ
Slide 12: Proven M&A Track Record
PROVEN M&A TRACK RECORD • BFST has a proven M&A track record and has successfully closed and integrated six whole-bank acquisitions and two non-bank acquisitions since 2015 Oakwood Bancshares • Closed 10/1/24 Texas Citizens Bancorp • $862MM in assets(3) • Most recent ability to close was proven with
Slide 13: Liquidity and Deposits
LIQUIDITY AND DEPOSITS Liquidity Sources • Continue to carry higher cash balances to support liquidity, with 6.09% of total assets at 6/30/2025. FHLB Borrowings Capacity $ 1,497 Unencumbered Securities $ 553 • Remain focused on core deposits, which represent over 84% of total deposits. Available Exc
Slide 14: 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 15: Optimizing Branch Network and Infrastructure Investments
OPTIMIZING BRANCH NETWORK AND INFRASTRUCTURE INVESTMENTS BFST Footprint(1) b1BANK (Organic / De Novo) Snyder, TX (2) (15 active / 2 closed) American Gateway Pedestal (4) (6 active / 4 closed) (16 active / 2 Sold / 4 closed ) Minden Texas Citizens (2 active / 0 closed) (5 active / 1 closed) Richland
Slide 16: Noninterest Revenue Opportunities
NONINTEREST REVENUE OPPORTUNITIES FINANCIAL INSTITUTIONS GROUP (FIG) INTEREST RATE SWAPS November 2023, b1BANK announced the formation of its Derivative Solutions Group, • September 2020, b1BANK announced the formation of its Financial providing a full suite of interest rate hedging products offered
Slide 17: Financial Results
e BUSINESS FIRST Financial Results
Slide 18: Quarterly Financial Highlights
QUARTERLY FINANCIAL HIGHLIGHTS For the Quarter Ended, 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Diluted Earnings per Common Share $0.63 $0.65 $0.51 $0.65 $0.70 ROAA 0.95 % 0.97 % 0.78 % 1.00 % 1.07 % ROACE 10.94 10.76 8.23 10.48 10.87 Net Interest Margin 3.45 3.51 3.61 3.68 3.68 (1) Efficie
Slide 19: Balance Sheet Highlights
BALANCE SHEET HIGHLIGHTS Change vs. For the quarter ended, $ millions 6/30/2025 3/31/2025 6/30/2024 Q2'25 Highlights Loan balances increased $66.7 million, or 1.12% for the quarter (4.48% Annualized) led by increases in Commercial ($98.8 million) Gross Loans (Excl. HFS) $6,047.7 1% 17% and Commercia
Slide 20: Credit Metrics Analysis
CREDIT METRICS ANALYSIS Past Due Loans(1) Nonperforming Loans(2) ACL & FV Discount(3) Net Charge-offs Note: Dollars in millions. Peer average based on average of last five quarters ending 1Q25, Gulf South Peer Group defined as: FGBI, HBCP, ISTR, OBK, RRBI, GNTY, VBTX, TCBX, STEL. (1) Past due loans
Slide 21: Yield / Rate Analysis
YIELD / RATE ANALYSIS 8.00% 7.07% 7.12% 7.05% 6.99% 6.96% 7.00% 6.00% 5.50% 5.00% 5.00% 4.50% 4.50% 4.50% 3.85% 3.81% 3.61% 4.00% 3.68% 3.68% 3.56% 3.45% 3.51% 3.64% 3.64% 3.34% 3.46% 3.53% 3.00% 3.35% 3.31% 2.96% 2.95% 2.81% 2.70% 2.64% 2.00% 1.00% 0.00% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 (1) NIM NIM ex
Slide 22: 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 • Opportunity to improve pre-tax earnings with a low single-digit expansion in the Core NIM(3) under the 25 bps reduction scenario, assuming a st
Slide 23: Loan Portfolio Overview – Repricing Opportunity
LOAN PORTFOLIO OVERVIEW – REPRICING OPPORTUNITY Loan Portfolio HFI (as of 6/30/25) Maturities by Loan Type Fixed Rate Loans Maturing Beyond 1-Year (dollars in millions) Q3'26 FY 2026 FY 2027 FY 2028 > FY 2028 57.0% of total loans C&D $ 6.9 $ 10.5 $ 35.5 $ 9.2 $ 47.7 HFI are floating / Owner-Occupied
Slide 24: Loan Portfolio
e BUSINESS FIRST Loan Portfolio
Slide 25: Operating Loan Growth
OPERATING LOAN GROWTH Loan Composition by Market 6,000 7.5% 5,000 32.9% 4,000 3,000 14.2% 5.1% 2,000 9.8% 18.0% 1,000 13.0% 12.4% 0 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 06/30/25 Capital North Louisiana Southwest Louisiana Bayou Greater New Orleans Dallas H
Slide 26: Loan Composition
LOAN COMPOSITION Total Loan Portfolio Composition Top 5 Exposure Categories Outstanding Unfunded Average NPLs % of Balance Commitment Loan Size Total Loans Commercial $1.88 billion $900 million $447 thousand 1.11% CRE - Owner-Occupied $1.1 billion $95 million $937 thousand 0.69% $6.05 CRE - Non Owne
Slide 27: Loan Composition: Commercial
LOAN COMPOSITION: COMMERCIAL Commercial Loans by Collateral Commercial Loans by Market Agricultural, Houston, 6.8% 7.3% Cash/Securities, Southwest 7.1% Louisiana, 7.0% Titled AR & DFW, 39.1% Greater New Collateral, Inventory, Orleans, 10.8% 10.7% 40.0% Capital, 9.2% All Other, Bayou, 7.1% 25.5% Equi
Slide 28: Loan Composition: Commercial Real Estate
LOAN COMPOSITION: COMMERCIAL REAL ESTATE C&D Composition CRE Composition - Owner Occupied CRE Composition - Income Producing C&D Highlights 1.0% 5.4% • $600.3 million total portfolio 12.2% 18.6% 7.8% 22.0% 17.3% • $26.3 million largest relationship(2) 26.9% 8.7% 19.5% • $588 thousand average loan si
Slide 29: Appendix
e BUSINESS FIRST APPENDIX
Slide 30: Historical Financial Summary
HISTORICAL FINANCIAL SUMMARY For the Fiscal Year Ended December 31, YTD 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 $7,948,294 Gross Loans (Excl. HFS) 2,991,355 3,189,608 4,606,176 4,992,785 5,981,399 6,047,650 Deposits 3,
Slide 31: Commercial Real Estate – Historical Performance
COMMERCIAL REAL ESTATE – HISTORICAL PERFORMANCE Q4'19 Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q2'25 Construction - 1-4 Family Residential $ 60,780 $ 68,503 $ 90,861 $ 109,629 $ 117,128 $ 105,098 $ 109,577 Other Const, Development, Vacant Land & Lots 183,401 334,562 457,667 612,445 552,670 565,404 490,715 Tota
Slide 32: 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 2020 2021 2022 2023 2024 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Core Net Income: Net Income $ 29,994 $ 52,136 $ 52,905 $ 65,642 $ 59,706 $ 15,856 $ 16,492
Slide 33: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Core Net Income and ROAA - Trailing Twelve Months Fiscal Quarter TTM Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 Core Net Income: Net Income $ 16,492 $ 15,138 $ 19,193 $ 20,753 $ 71,576 (1) Adjustments : (Gain)/Loss Former Bank Premises & Equipment $ - $ - $ (122) $ -
Slide 34: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TCE/TA, TBVPS Fiscal Quarter Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity $ 664,530 $ 699,524 $ 799,466 $ 826,312 $ 848,440 Preferred Stock (71,930) (71,930) (71,930) (71,930) (
Slide 35: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TCE/TA, TBVPS For the Year Ended December 31, 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
Slide 36: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Core Efficiency Ratio Fiscal Quarter Fiscal Year Ended TTM Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 12/31/2023 12/31/2024 Q2'25 Core Efficiency Ratio: Noninterest Expense $ 43,110 $ 42,450 $ 49,570 $ 50,578 $ 51,206 $ 156,702 $ 177,652 $ 193,804 Core Adjustments $
Slide 37: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Core Pre-tax, Pre-provision Earnings Fiscal Quarter Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Core pre-tax, pre-provision earnings: Pre-tax, pre-provision earnings $ 23,075 $ 24,438 $ 28,016 $ 28,631 $ 30,251 Adjustments: (Gain)/Loss Former Bank Premises & Equipment
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Slide 40: Business First Bancshares
b BUSINESS FIRST BANCSHARES
Business First Bancshares — Q2 2025 Earnings Presentation on 6ix