Business First Bancshares, Inc., Announces Financial Results for Q3 2025

About this update from Business First Bancshares, Inc.

BATON ROUGE, La. , Oct. 23, 2025 (GLOBE NEWSWIRE) -- Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended Sept. 30, 2025 . Business First reported net income available to common shareholders of $21.5 million or $0.73 per diluted common share, increases of $0.8 million and $0.03 , respectively, compared to the linked quarter ended June 30, 2025 . On a non-GAAP basis, core net income for the quarter ended Sept. 30, 2025 , which excludes certain income and expenses, was $21.2 million or $0.72 per diluted common share, increases of $1.7 million and $0.06 from the linked quarter. "In the third quarter we delivered another quarter of consistent earnings growth for our shareholders leading to strong capital and tangible book value accretion," said Jude Melville , chairman, president, and CEO of Business First, "We also had the opportunity to again demonstrate solid operational execution with the successful conversion of former Oakwood Bank systems. We are focused on daily blocking and tackling, in particular that required to fulfill the promise of our current M&A projects, attainment of which will lead to continued improvement in financial performance over the coming quarters." On Thursday, Oct. 23, 2025 , Business First’s board of directors declared a quarterly preferred dividend in the amount of $18.75 per share, which is the full quarterly dividend of 1.875% based on the per annum rate of 7.50%. Additionally, the board of directors declared a quarterly common dividend based upon financial performance for the third quarter in the amount of $0.15 per share of common stock, a $0.01 increase from the linked quarter. The preferred and common dividends will be paid on Nov. 30, 2025 , or as soon thereafter as practicable, to the shareholders of record as of Nov. 15, 2025 . Quarterly Highlights Consistent Core Performance. Return to common shareholders on average assets, on an annualized basis, was 1.08% for the quarter ended Sept. 30, 2025 , or 1.06% on a non-GAAP basis, compared to 1.07% or 1.01% on a non-GAAP basis for the linked quarter. Continued Capital Growth. Common equity to total assets increased from 9.77% to 10.14%. Tangible common equity to tangible assets increased from 8.19% to 8.57%, 4.71% or 18.68% annualized, compared to the linked quarter. On a non-GAAP basis, tangible book value per common share increased to $22.63 as of Sept. 30, 2025 , a $1.02 increase, 4.75% or 18.83% annualized, compared to the prior quarter. The increase was largely driven by earnings and accumulated other comprehensive income (AOCI) which accounted for $0.38 or 1.78% of the total 4.75% increase. Stable Net Interest Margin (NIM). Net interest income totaled $69.3 million and net interest margin and net interest spread were 3.68% and 2.85%, respectively, compared to $67.0 million , 3.68% and 2.88% for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.1 million ) were 3.63% and 2.80% for the quarter ended Sept. 30, 2025 , compared to 3.64% and 2.84% (excluding loan discount accretion of $0.8 million ) for the linked quarter. Corporate Actions. Business First's board of directors approved a $0.01 per common share increase to the quarterly dividend from $0.14 to $0.15 per common share beginning November 2025 . Oakwood Conversion . In September 2025 , Business First successfully converted Oakwood Bank's core systems onto its platform, accomplishing its second system conversion over consecutive quarters. Statement of Financial Condition Loans Loans held for investment decreased $26.6 million or 0.44%, 1.74% annualized. The commercial and commercial real estate portfolios decreased $40.2 million and $71.1 million , respectively, compared to the linked quarter. The construction and residential portfolios increased $38.6 million and $47.6 million compared to the linked quarter. Texas -based loans represented approximately 40% of the overall loan portfolio as of Sept. 30, 2025 , based on unpaid principal balance. Credit Quality Credit quality metrics stabilized compared to the prior quarter. The ratio of loans past due 30 days or more, excluding nonaccrual, compared to total loans held for investment decreased from 0.89% to 0.27% at Sept. 30, 2025 . The ratio of nonperforming loans compared to loans held for investment decreased 15 basis points (bps) to 0.82% at Sept. 30, 2025 , while the ratio of nonperforming assets compared to total assets increased 7 bps to 0.83% compared to the linked quarter. The increase in the nonperforming assets ratio over the linked quarter was attributable to the transfer of some nonaccrual loans to other real estate owned. The commercial, residential real estate, commercial real estate and construction portfolios encompass approximately $21.9 million , $10.2 million , $9.0 million and $4.0 million respectively, of the $45.4 million nonaccrual balance at Sept. 30, 2025 . Securities The securities portfolio increased $59.5 million , or 6.42%, from the linked quarter. This increase was impacted by $14.4 million in positive pre-tax fair value adjustments and the remainder attributed largely to purchases of mortgage-backed securities. The securities portfolio, based on estimated fair value, represented 12.40% of total assets as of Sept. 30, 2025 . The newly purchased securities increased the book yield of the securities portfolio from 2.77% to 2.92% at Sept. 30, 2025 . De posits Deposits increased $87.2 million or 1.36%, 5.39% annualized, for the quarter ended Sept. 30, 2025 , compared to the linked quarter. Average interest-bearing deposits increased $92.2 million , or 1.83%, and noninterest-bearing deposits increased $22.8 million or 1.76%, from the linked quarter. Period-end interest bearing deposits increased $131.4 million or 2.62% and noninterest bearing deposits decreased $44.2 million or 3.13%. The increase in interest-bearing deposits was largely attributed to money market accounts, which experienced rate reductions of approximately 25 bps towards the end of the quarter. Borrowings Borrowings decreased $118.3 million or 19.29%, from the linked quarter due primarily to reductions in short-term Federal Home Loan Bank advances. Shareholders ’ Equity Shareholders' equity increased $30.0 million or 3.54% compared to the linked quarter. Accumulated other comprehensive income (AOCI) increased $11.3 million or 23.74%, during the quarter due to positive after-tax fair value adjustments in the securities portfolio. Book value per common share increased to $27.23 at Sept. 30, 2025 , compared to $26.23 at June 30, 2025 , due to strong earnings and positive fair value adjustments in the securities portfolio. On a non-GAAP basis, tangible book value per common share increased from $21.61 at the linked quarter to $22.63 at Sept. 30, 2025 , 4.75% or 18.83% annualized. Results of Operations Net Interest Income For the quarter ended Sept. 30, 2025 , net interest income totaled $69.3 million , compared to $67.0 million from the linked quarter. Loan yields increased 5 bps to 7.01% compared to 6.96% from the linked quarter, while the interest-bearing asset yield remained flat at 6.31%. Net interest margin and net interest spread were 3.68% and 2.85% compared to 3.68% and 2.88% for the linked quarter. The overall cost of funds, which included noninterest-bearing deposits, increased 3 bps from 2.78% to 2.81% for the quarter ended Sept. 30, 2025 . Non-GAAP net interest income (excluding loan discount accretion of $1.1 million ) totaled $68.2 million for the quarter ended Sept. 30, 2025 , compared to $66.3 million (excluding loan discount accretion of $0.8 million ) for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.1 million ) were 3.63% and 2.80%, respectively, for the quarter ended Sept. 30, 2025 , compared to 3.64% and 2.84% (excluding loan discount accretion of $0.8 million ) for the linked quarter. Provision for Credit Losses During the quarter ended Sept. 30, 2025 , Business First recorded a provision for credit losses of $3.2 million , compared to $2.2 million from the linked quarter. The current quarter’s reserve was largely impacted by an additional $1.5 million reserve on unfunded loan commitments and the remainder attributed to reserves on individually evaluated loans. At Sept. 30, 2025 , the ratio of allowance for credit losses to loans held for investment ratio was 1.03%, compared to 1.02% for the linked quarter. Other Income For the quarter ended Sept. 30, 2025 , other income decreased $2.7 million or 19.04%, compared to the linked quarter. The decrease was largely attributable to a $3.4 million gain on the Kaplan branch sale in the linked quarter, positively offset by a $414,000 increase related to other real estate owned and a $379,000 increase in equity investment income. Excluding the gain on the Kaplan branch sale and securities sale gains and losses, other income for Sept. 30, 2025 , was $11.6 million compared to $11.1 million for the linked quarter, an increase of $492,000 , or 4.43%. Other Expenses For the quarter ended Sept. 30, 2025 , other expenses decreased $2.3 million or 4.54% compared to the linked quarter. The decrease was largely attributable to a $1.9 million tax credit the company recognized as an expense reduction within salaries and employee benefits. Excluding the tax credit recognized in the current quarter and merger-related and core conversion expenses recognized in both the current and linked quarters, other expenses were $49.3 million compared to $49.6 million for the linked quarter, a decrease of $345,000 or 0.70%. Return on Assets and Common Equity Return to common shareholders on average assets and common equity, each on an annualized basis, were 1.08% and 10.80% for the quarter ended Sept 30, 2025 , compared to 1.07% and 10.87%, respectively, for the linked quarter. Non-GAAP return to common shareholders on average assets and common equity, each on an annualized basis, were 1.06% and 10.65% for the quarter ended Sept. 30, 2025 , compared to 1.01% and 10.23%, for the prior period quarter. Conference Call and Webcast Executive management will host a conference call and webcast to discuss results on Thursday October 23, 2025 , at 4:00 p.m. Central Time . Interested parties may attend the call by dialing toll-free 1-800-715-9871 ( North America only), conference ID 8427939, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/hvu86bo6 . On the day of the presentation, the corresponding slide presentation will be available to view on the b1BANK website at https://www.b1bank.com/shareholder-info . About Business First Bancshares, Inc. Business First Bancshares, Inc. , (Nasdaq: BFST) through its banking subsidiary b1BANK, has $8.0 billion in assets, $5.7 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson, LLC (SSW) (excludes $0.9 billion of b1BANK assets managed by SSW) and operates Banking Centers and Loan Production Offices in markets across Louisiana and Texas providing commercial and personal banking products and services. b1BANK is a 2024 Mastercard “Innovation Award” winner and multiyear winner of American Banker Magazine’s “Best Banks to Work For.” Visit b1BANK.com for more information. Non-GAAP Financial Measures This press release includes certain non-GAAP financial measures (e.g., referenced as “core” or “tangible”) intended to supplement, not substitute for, comparable GAAP measures. “Core” measures typically adjust income available to common shareholders for certain significant activities or transactions that, in management’s opinion, can distort period-to-period comparisons of Business First’s performance. Transactions that are typically excluded from non-GAAP “core” measures include realized and unrealized gains/losses on former bank premises and equipment, investment sales, acquisition-related expenses (including, but not limited to, legal costs, system conversion costs, severance and retention payments, etc.). “Tangible” measures adjust common equity by subtracting goodwill, core deposit intangibles, and customer intangibles, net of accumulated amortization. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of Business First’s core business. These non-GAAP disclosures are not necessarily comparable to non-GAAP measures that may be presented by other companies. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of the tables below. Special Note Regarding Forward-Looking Statements Certain statements contained in this release may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could,” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including those factors specified in our Annual Report on Form 10-K and other public filings. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release. Additional Information For additional information about Business First, you may obtain Business First’s reports that are filed with the Securities and Exchange Commission (SEC) free of charge by using the SEC’s EDGAR service on the SEC’s website at www.SEC.gov or by contacting the SEC for further information at 1-800- SEC -0330. Alternatively, these documents can be obtained free of charge from Business First by directing a request to: Business First Bancshares, Inc. , 500 Laurel Street , Suite 101, Baton Rouge, Louisiana 70801, Attention: Corporate Secretary. No Offer or Solicitation This release does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of Business First. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Proxy statement/prospectus can also be obtained, when they become available, free of charge, by directing a request to Business First Bancshares, Inc. , 500 Laurel Street , Suite 101, Baton Rouge, LA 70801, Attention: Corporate Secretary, Telephone: 225-248-7600. Investor Relation Contact : Gregory Robertson Matt Sealy 337.721.2701 225.388.6116 [email protected] [email protected] Media Contact: Misty Albrecht b1BANK 225.286.7879 [email protected] Business First Bancshares, Inc. Selected Financial Information (Unaudited) Three Months Ended (Dollars in thousands) September 30 ,2025 June 30 ,2025 September 30 ,2024 Balance Sheet Ratios Loans (HFI) to Deposits 92.53 % 94.21 % 92.54 % Shareholders' Equity to Assets Ratio 11.04 % 10.67 % 10.15 % Loans Receivable Held for Investment (HFI) Commercial $ 1,920,813 $ 1,960,974 $ 1,496,480 Real Estate: Commercial 2,462,617 2,533,761 2,256,370 Construction 638,907 600,292 654,353 Residential 927,456 879,891 743,878 Total Real Estate 4,028,980 4,013,944 3,654,601 Consumer and Other 71,262 72,732 69,037 Total Loans (Held for Investment) $ 6,021,055 $ 6,047,650 $ 5,220,118 Allowance for Loan Losses Balance, Beginning of Period $ 58,496 $ 56,863 $ 41,412 Charge-Offs - Quarterly (3,415 ) (921 ) (1,424 ) Recoveries - Quarterly 348 99 295 Provision for Loan Losses - Quarterly 1,633 2,455 1,871 Balance, End of Period $ 57,062 $ 58,496 $ 42,154 Allowance for Loan Losses to Total Loans (HFI) 0.95 % 0.97 % 0.81 % Allowance for Credit Losses to Total Loans (HFI)/(1) 1.03 % 1.02 % 0.86 % Net Charge-Offs (Recoveries) to Average Quarterly Total Loans 0.05 % 0.01 % 0.02 % Remaining Loan Purchase Discount $ 8,943 $ 10,099 $ 9,003 Nonperforming Assets Nonperforming Nonaccrual Loans $ 45,362 $ 56,377 $ 25,874 Loans Past Due 90 Days or More 3,929 2,467 185 Total Nonperforming Loans 49,291 58,844 26,059 Other Nonperforming Assets: Other Real Estate Owned 16,766 1,473 1,787 Other Nonperforming Assets — — — Total other Nonperforming Assets 16,766 1,473 1,787 Total Nonperforming Assets $ 66,057 $ 60,317 $ 27,846 Nonperforming Loans to Total Loans (HFI) 0.82 % 0.97 % 0.50 % Nonperforming Assets to Total Assets 0.83 % 0.76 % 0.40 % (1) Allowance for Credit Losses includes the Allowance for Loan Loss and Reserve for Unfunded Commitments. Business First Bancshares, Inc. Selected Financial Information (Unaudited) Three Months Ended Nine Months Ended (Dollars in thousands, except per share data) September 30 ,2025 June 30 ,2025 September 30 ,2024 September 30 ,2025 September 30 ,2024 Per Share Data Basic Earnings per Common Share $ 0.73 $ 0.70 $ 0.65 $ 2.09 $ 1.77 Diluted Earnings per Common Share 0.73 0.70 0.65 2.08 1.75 Dividends per Common Share 0.14 0.14 0.14 0.42 0.42 Book Value per Common Share 27.23 26.23 24.59 27.23 24.59 Average Common Shares Outstanding 29,544,425 29,517,495 25,289,094 29,363,138 25,227,319 Average Diluted Common Shares Outstanding 29,656,639 29,586,975 25,440,247 29,495,049 25,421,746 End of Period Common Shares Outstanding 29,615,370 29,602,970 25,519,501 29,615,370 25,519,501 Annualized Performance Ratios Return to Common Shareholders on Average Assets (1) 1.08 % 1.07 % 0.97 % 1.05 % 0.89 % Return to Common Shareholders on Average Common Equity (1) 10.80 % 10.87 % 10.76 % 10.74 % 10.08 % Net Interest Margin (1) 3.68 % 3.68 % 3.51 % 3.68 % 3.43 % Net Interest Spread (1) 2.85 % 2.88 % 2.54 % 2.88 % 2.46 % Efficiency Ratio (2) 60.45 % 62.83 % 63.45 % 62.37 % 66.02 % Total Quarterly/Year-to-Date Average Assets $ 7,921,159 $ 7,791,371 $ 6,788,644 $ 7,825,828 $ 6,722,716 Total Quarterly/Year-to-Date Average Common Equity 790,148 765,884 610,018 764,959 590,354 Other Expenses Salaries and Employee Benefits $ 27,613 $ 28,317 $ 24,877 $ 85,427 $ 75,816 Occupancy and Bank Premises 3,324 3,119 2,630 9,844 7,778 Depreciation and Amortization 2,036 2,076 1,844 6,264 5,262 Data Processing 3,972 5,321 2,881 12,529 8,101 FDIC Assessment Fees 988 861 887 3,033 2,589 Legal and Other Professional Fees 1,024 1,093 873 3,130 2,781 Advertising and Promotions 1,205 1,088 1,057 3,584 3,168 Utilities and Communications 767 743 716 2,243 2,108 Ad Valorem Shares Tax 1,125 1,125 900 3,375 2,700 Directors' Fees 261 193 245 733 795 Other Real Estate Owned Expenses and Write-Downs 355 27 11 405 119 Merger and Conversion-Related Expenses 477 210 319 937 1,068 Other 5,735 7,033 5,210 19,162 15,797 Total Other Expenses $ 48,882 $ 51,206 $ 42,450 $ 150,666 $ 128,082 Other Income Service Charges on Deposit Accounts $ 2,565 $ 2,633 $ 2,723 $ 8,058 $ 7,699 Gain (Loss) on Sales of Securities 77 (47 ) (13 ) 29 (14 ) Debit Card and ATM Fee Income 1,915 1,958 1,864 5,731 5,590 Bank-Owned Life Insurance Income 802 758 679 2,368 1,885 Gain on Sales of Loans 624 781 122 2,661 2,721 Mortgage Origination Income 122 55 98 287 202 Fees and Brokerage Commission 1,880 1,980 1,968 6,008 5,780 Gain (Loss) on Sales of Other Real Estate Owned 470 56 (16 ) 258 49 Gain (Loss) on Disposal of Other Assets — — — 155 (15 ) Gain on Extinguishment of Debt — — — 630 — Gain on Branch Sale — 3,360 — 3,360 — Swap Fee Income 1,065 808 937 2,612 1,451 Pass-Through Income (Loss) from Other Investments 133 (246 ) 335 638 1,021 Other 2,018 2,319 2,077 6,517 5,966 Total Other Income $ 11,671 $ 14,415 $ 10,774 $ 39,312 $ 32,335 (1) Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an actual day count convention. (2) Noninterest expense (excluding provision for loan losses) divided by noninterest income (excluding security sales gains/losses) plus net interest income less gain/loss on sales of securities. Business First Bancshares, Inc. Consolidated Balance Sheets (Unaudited) (Dollars in thousands) September 30 ,2025 June 30 ,2025 September 30 ,2024 Assets Cash and Due From Banks $ 399,079 $ 495,757 $ 213,199 Federal Funds Sold 101,103 39,296 169,980 Securities Purchased under Agreements to Resell 25,518 25,433 25,879 Securities Available for Sale, at Fair Values 985,938 926,450 916,091 Mortgage Loans Held for Sale 433 677 — Loans and Lease Receivable 6,021,055 6,047,650 5,220,118 Allowance for Loan Losses (57,062 ) (58,496 ) (42,154 ) Net Loans and Lease Receivable 5,963,993 5,989,154 5,177,964 Premises and Equipment, Net 77,944 79,007 67,617 Accrued Interest Receivable 37,171 36,738 32,547 Other Equity Securities 44,313 48,736 39,555 Other Real Estate Owned 16,766 1,473 1,787 Cash Value of Life Insurance 119,509 118,707 101,362 Deferred Taxes, Net 21,433 25,222 20,852 Goodwill 121,146 121,146 91,527 Core Deposit and Customer Intangibles 15,136 15,775 10,326 Other Assets 24,380 24,723 19,963 Total Assets $ 7,953,862 $ 7,948,294 $ 6,888,649 Liabilities Deposits Noninterest-Bearing $ 1,366,558 $ 1,410,708 $ 1,190,942 Interest-Bearing 5,140,304 5,008,943 4,450,004 Total Deposits 6,506,862 6,419,651 5,640,946 Securities Sold Under Agreements to Repurchase 29,896 22,557 21,529 Federal Home Loan Bank Borrowings 367,408 492,946 367,202 Subordinated Debt 92,587 92,645 99,818 Subordinated Debt - Trust Preferred Securities 5,000 5,000 5,000 Accrued Interest Payable 4,064 4,829 3,752 Other Liabilities 69,605 62,226 50,878 Total Liabilities 7,075,422 7,099,854 6,189,125 Shareholders' Equity Preferred Stock 71,930 71,930 71,930 Common Stock 29,615 29,603 25,520 Additional Paid-In Capital 503,325 502,046 398,237 Retained Earnings 309,999 292,629 249,981 Accumulated Other Comprehensive Loss (36,429 ) (47,768 ) (46,144 ) Total Shareholders' Equity 878,440 848,440 699,524 Total Liabilities and Shareholders' Equity $ 7,953,862 $ 7,948,294 $ 6,888,649 Business First Bancshares, Inc. Consolidated Statements of Income (Unaudited) Three Months Ended Nine Months Ended (Dollars in thousands) September 30 ,2025 June 30 ,2025 September 30 ,2024 September 30 ,2025 September 30 ,2024 Interest Income: Interest and Fees on Loans $ 106,662 $ 104,028 $ 93,307 $ 313,682 $ 269,858 Interest and Dividends on Securities 7,554 6,906 6,417 21,074 17,949 Interest on Federal Funds Sold and Due From Banks 4,472 3,916 3,017 12,475 10,815 Total Interest Income 118,688 114,850 102,741 347,231 298,622 Interest Expense: Interest on Deposits 43,358 41,546 41,303 127,343 120,232 Interest on Borrowings 6,054 6,262 5,324 17,587 16,736 Total Interest Expense 49,412 47,808 46,627 144,930 136,968 Net Interest Income 69,276 67,042 56,114 202,301 161,654 — Provision for Credit Losses 3,183 2,225 1,665 8,220 4,161 Net Interest Income After Provision for Credit Losses 66,093 64,817 54,449 194,081 157,493 Other Income: Service Charges on Deposit Accounts 2,565 2,633 2,723 8,058 7,699 Gain (Loss) on Sales of Securities 77 (47 ) (13 ) 29 (14 ) Gain on Sales of Loans 624 781 122 2,661 2,721 Other Income 8,405 11,048 7,942 28,564 21,930 Total Other Income 11,671 14,415 10,774 39,312 32,336 — Other Expenses: — Salaries and Employee Benefits 27,613 28,317 24,877 85,427 75,816 Occupancy and Equipment Expense 7,284 7,162 5,828 21,802 16,902 Merger and Conversion-Related Expense 477 210 319 937 1,068 Other Expenses 13,508 15,517 11,426 42,500 34,296 Total Other Expenses 48,882 51,206 42,450 150,666 128,082 Income Before Income Taxes 28,882 28,026 22,773 82,727 61,747 Provision for Income Taxes 6,026 5,923 4,930 17,225 13,128 Net Income 22,856 22,103 17,843 65,502 48,619 Preferred Stock Dividends 1,351 1,350 1,351 4,051 4,051 Net Income Available to Common Shareholders $ 21,505 $ 20,753 $ 16,492 $ 61,451 $ 44,568 Business First Bancshares, Inc. Consolidated Net Interest Margin (Unaudited) Three Months Ended September 30, 2025 June 30, 2025 September 30, 2024 (Dollars in thousands) Average Outstanding Balance Interest Earned/Interest Paid Average Yield/Rate Average Outstanding Balance Interest Earned/Interest Paid Average Yield/Rate Average Outstanding Balance Interest Earned/Interest Paid Average Yield/Rate Assets Interest Earning Assets: Total Loans $ 6,036,622 $ 106,662 7.01 % $ 5,995,490 $ 104,028 6.96 % $ 5,212,948 $ 93,307 7.12 % Securities 978,502 7,554 3.06 % 937,099 6,906 2.96 % 924,012 6,263 2.70 % Securities Purchased under Agreements to Resell 25,490 330 5.14 % 31,172 401 5.16 % 17,117 154 3.58 % Interest-Bearing Deposit in Other Banks 419,413 4,142 3.92 % 336,138 3,515 4.19 % 209,918 3,017 5.72 % Total Interest Earning Assets 7,460,027 118,688 6.31 % 7,299,899 114,850 6.31 % 6,363,995 102,741 6.42 % Allowance for Loan Losses (58,468 ) . (56,934 ) . (41,554 ) Noninterest- Earning Assets 519,600 548,406 466,203 Total Assets $ 7,921,159 $ 118,688 $ 7,791,371 $ 114,850 $ 6,788,644 $ 102,741 Liabilities and Shareholders' Equity Interest-Bearing Liabilities: Interest-Bearing Deposits 5,122,136 43,358 3.36 % 5,029,981 41,546 3.31 % 4,308,780 41,303 3.81 % Subordinated Debt 92,624 1,235 5.29 % 92,682 1,235 5.34 % 99,854 1,353 5.39 % Subordinated Debt - Trust Preferred Securities 5,000 100 7.93 % 5,000 100 8.02 % 5,000 114 9.07 % Advances from Federal Home Loan Bank (FHLB) 424,287 4,547 4.25 % 447,271 4,793 4.30 % 347,476 3,723 4.26 % Other Borrowings 26,176 172 2.61 % 20,514 134 2.62 % 20,971 134 2.54 % Total Interest-Bearing Liabilities $ 5,670,223 $ 49,412 3.46 % $ 5,595,448 $ 47,808 3.43 % $ 4,782,081 $ 46,627 3.88 % Noninterest-Bearing Liabilities: Noninterest-Bearing Deposits $ 1,315,064 $ 1,292,262 $ 1,269,282 Other Liabilities 73,794 65,847 55,333 Total Noninterest-Bearing Liabilities 1,388,858 1,358,109 1,324,615 Shareholders' Equity: Common Shareholders' Equity 790,148 765,884 610,018 Preferred Equity 71,930 71,930 71,930 Total Shareholders' Equity 862,078 837,814 681,948 Total Liabilities and Shareholders' Equity $ 7,921,159 $ 7,791,371 $ 6,788,644 Net Interest Spread 2.85 % 2.88 % 2.54 % Net Interest Income $ 69,276 $ 67,042 $ 56,114 Net Interest Margin 3.68 % 3.68 % 3.51 % Overall Cost of Funds 2.81 % 2.78 % 3.07 % Note: Average outstanding balances are determined utilizing daily averages and an actual day count convention. Business First Bancshares, Inc. Consolidated Net Interest Margin (Unaudited) Nine Months Ended (Dollars in thousands) September 30, 2025 September 30, 2024 Average Outstanding Balance Interest Earned/Interest Paid Average Yield/Rate Average Outstanding Balance Interest Earned/Interest Paid Average Yield/Rate Assets Interest Earning Assets: Total Loans $ 6,001,647 $ 313,682 6.99 % $ 5,131,474 $ 269,858 7.02 % Securities 946,961 21,074 2.98 % 901,525 17,795 2.64 % Securities Purchased under Agreements to Resell 35,740 1,382 5.17 % 5,747 154 3.58 % Interest-Bearing Deposit in Other Banks 361,760 11,093 4.10 % 262,068 10,815 5.51 % Total Interest Earning Assets 7,346,108 347,231 6.32 % 6,300,814 298,622 6.33 % Allowance for Loan Losses (56,718 ) (41,178 ) Noninterest- Earning Assets 536,438 463,080 Total Assets $ 7,825,828 $ 347,231 $ 6,722,716 $ 298,622 Liabilities and Shareholders' Equity Interest-Bearing Liabilities: Interest-Bearing Deposits $ 5,103,928 $ 127,343 3.34 % $ 4,216,866 $ 120,232 3.81 % Subordinated Debt 94,169 3,732 5.30 % 99,913 4,063 5.43 % Subordinated Debt - Trust Preferred Securities 5,000 299 8.00 % 5,000 340 9.08 % Bank Term Funding Program — — — % 86,496 2,788 4.31 % Advances from Federal Home Loan Bank (FHLB) 411,444 13,136 4.27 % 298,735 9,189 4.11 % Other Borrowings 21,699 420 2.59 % 18,758 356 2.54 % Total Interest-Bearing Liabilities $ 5,636,240 $ 144,930 3.44 % $ 4,725,768 $ 136,968 3.87 % Noninterest-Bearing Liabilities: Noninterest-Bearing Deposits $ 1,284,297 $ 1,283,035 Other Liabilities 67,954 51,629 Total Noninterest-Bearing Liabilities 1,352,251 1,334,664 Shareholders' Equity: Common Shareholders' Equity 764,959 590,354 Preferred Equity 71,930 71,930 Total Shareholders' Equity 836,889 662,284 Total Liabilities and Shareholders' Equity $ 7,825,381 $ 6,722,716 Net Interest Spread 2.88 % 2.46 % Net Interest Income $ 202,301 $ 161,654 Net Interest Margin 3.68 % 3.43 % Overall Cost of Funds 2.80 % 3.04 % Note: Average outstanding balances are determined utilizing daily averages and an actual day count convention. Business First Bancshares, Inc. Non-GAAP Measures (Unaudited) Three Months Ended Nine Months Ended (Dollars in thousands, except per share data) September 30 ,2025 June 30 ,2025 September 30 ,2024 September 30 ,2025 September 30 ,2024 Interest Income: Interest income $ 118,688 $ 114,850 $ 102,741 $ 347,231 $ 298,622 Core interest income 118,688 114,850 102,741 347,231 298,622 Interest Expense: Interest expense 49,412 47,808 46,627 144,930 136,968 Core interest expense 49,412 47,808 46,627 144,930 136,968 Provision for Credit Losses: (b) Provision for credit losses 3,183 2,225 1,665 8,220 4,161 Core provision expense 3,183 2,225 1,665 8,220 4,161 Other Income: Other income 11,671 14,415 10,774 39,312 32,336 Gain on former bank premises and equipment — — — (155 ) (50 ) (Gain) Loss on sale of securities (77 ) 47 13 (29 ) 14 Gain on extinguishment of debt — — — (630 ) — Gain on branch sale — (3,360 ) — (3,360 ) Core other income 11,594 11,102 10,787 35,138 32,300 Other Expense: Other expense 48,882 51,206 42,450 150,666 128,082 Acquisition-related expenses (2) (1,157 ) (570 ) (319 ) (2,406 ) (1,453 ) Core conversion expenses (439 ) (1,008 ) (511 ) (1,663 ) (511 ) Tax credit - ERC 1,997 1,997 Core other expense 49,283 49,628 41,620 148,594 126,118 Pre-Tax Income: (a) Pre-tax income 28,882 28,026 22,773 82,727 61,747 Gain on former bank premises and equipment — — — (155 ) (50 ) (Gain) Loss on sale of securities (77 ) 47 13 (29 ) 14 Gain on extinguishment of debt — — — (630 ) — Gain on branch sale — (3,360 ) — (3,360 ) — Acquisition-related expenses (2) 1,157 570 319 2,406 1,453 Core conversion expenses 439 1,008 511 1,663 511 Tax credit - ERC (1,997 ) — — (1,997 ) — Core pre-tax income 28,404 26,291 23,616 80,625 63,675 Provision for Income Taxes: (1) Provision for income taxes 6,026 5,923 4,930 17,225 13,128 Tax on gain on former bank premises and equipment — — — (33 ) (11 ) Tax on (gain) loss on sale of securities (16 ) 10 3 (6 ) 3 Tax on gain on extinguishment of debt — — — (133 ) — Tax on gain on branch sale — (833 ) (833 ) — Tax on acquisition-related expenses (2) 157 103 — 403 91 Tax on core conversion expenses 93 213 108 352 108 Tax on tax credit - ERC (422 ) — — (422 ) — Core provision for income taxes 5,838 5,416 5,041 16,553 13,319 Preferred Dividends: Preferred dividends 1,351 1,350 1,351 4,051 4,051 Core preferred dividends 1,351 1,350 1,351 4,051 4,051 Net income available to common shareholders 21,505 20,753 16,492 61,451 44,568 Gain on former bank premises and equipment, net of tax — — — (122 ) (39 ) (Gain) loss on sale of securities, net of tax (61 ) 37 10 (23 ) 11 Gain on extinguishment of debt, net of tax — — — (497 ) — Gain on branch sale, net of tax — (2,527 ) — (2,527 ) — Acquisition-related expenses (2), net of tax 1,000 467 319 2,003 1,362 Core conversion expenses, net of tax 346 795 403 1,311 403 Tax credit - ERC, net of tax (1,575 ) — — (1,575 ) — Core net income available to common shareholders $ 21,215 $ 19,525 $ 17,224 $ 60,021 $ 46,305 Pre-tax, Pre-provision Earnings Available to Common Shareholders (a+b) $ 32,065 $ 30,251 $ 24,438 $ 90,947 $ 65,908 Gain on former bank premises and equipment — — — (155 ) (50 ) (Gain) loss on sale of securities (77 ) 47 13 (29 ) 14 Gain on extinguishment of debt — — — (630 ) — Gain on branch sale — (3,360 ) — (3,360 ) — Acquisition-related expenses (2) 1,157 570 319 2,406 1,453 Core conversion expenses 439 1,008 511 1,663 511 Tax credit- ERC (1,997 ) — — (1,997 ) — Core pre-tax, pre-provision earnings $ 31,587 $ 28,516 $ 25,281 $ 88,845 $ 67,836 Average Diluted Common Shares Outstanding 29,656,639 29,586,975 25,440,247 29,495,049 25,421,746 Diluted Earnings Per Common Share Diluted earnings per common share $ 0.73 $ 0.70 $ 0.65 $ 2.08 $ 1.75 Gain on former bank premises and equipment, net of tax — — — — — (Gain) loss on sale of securities, net of tax — — — — — Gain on extinguishment of debt, net of tax — — — (0.02 ) — Gain on branch sale, net of tax — (0.09 ) — (0.09 ) — Acquisition-related expenses (2), net of tax 0.03 0.02 0.01 0.07 0.05 Core conversion expenses,net of tax 0.01 0.03 0.02 0.04 0.02 Tax credit - ERC, net of tax (0.05 ) — — (0.05 ) — Core diluted earnings per common share $ 0.72 $ 0.66 $ 0.68 $ 2.03 $ 1.82 Pre-tax, Pre-provision Diluted Earnings per Common Share $ 1.08 $ 1.02 $ 0.96 $ 3.08 $ 2.59 Gain on former bank premises and equipment — — — (0.01 ) — (Gain) loss on sale of securities — — — — — Gain on extinguishment of debt — — — (0.02 ) — Gain on branch sale — (0.11 ) — (0.11 ) — Acquisition-related expenses (2) 0.04 0.02 0.01 0.08 0.06 Core conversion expenses 0.02 0.03 0.02 0.06 0.02 Tax credit - ERC (0.07 ) — — (0.07 ) — Core pre-tax, pre-provision diluted earnings per common share $ 1.07 $ 0.96 $ 0.99 $ 3.01 $ 2.67 (1) Tax rates, exclusive of certain nondeductible merger-related expenses and goodwill, utilized were 21.129% for 2025 and 2024. These rates approximated the marginal tax rates. (2) Includes merger and conversion-related expenses and salary and employee benefits. (3) CECL non-purchased credit deteriorated (PCD) provision/unfunded commitment expense attributable to the Oakwood acquisition. Business First Bancshares, Inc. Non-GAAP Measures (Unaudited) (Dollars in thousands, except per share data) September 30 ,2025 June 30 ,2025 September 30 ,2024 Total Shareholders' (Common) Equity: Total shareholders' equity $ 878,440 $ 848,440 $ 699,524 Preferred stock (71,930 ) (71,930 ) (71,930 ) Total common shareholders' equity 806,510 776,510 627,594 Goodwill (121,146 ) (121,146 ) (91,527 ) Core deposit and customer intangible (15,136 ) (15,775 ) (10,326 ) Total tangible common equity $ 670,228 $ 639,589 $ 525,741 Total Assets: Total assets $ 7,953,862 $ 7,948,294 $ 6,888,649 Goodwill (121,146 ) (121,146 ) (91,527 ) Core deposit and customer intangible (15,136 ) (15,775 ) (10,326 ) Total tangible assets $ 7,817,580 $ 7,811,373 $ 6,786,796 Common shares outstanding 29,615,370 29,602,970 25,519,501 Book value per common share $ 27.23 $ 26.23 $ 24.59 Tangible book value per common share $ 22.63 $ 21.61 $ 20.60 Common equity to total assets 10.14 % 9.77 % 9.11 % Tangible common equity to tangible assets 8.57 % 8.19 % 7.75 % Business First Bancshares, Inc. Non-GAAP Measures (Unaudited) Three Months Ended Nine Months Ended (Dollars in thousands, except per share data) September 30 ,2025 June 30 ,2025 September 30 ,2024 September 30 ,2025 September 30 ,2024 Total Quarterly Average Assets $ 7,921,159 $ 7,791,371 $ 6,788,644 $ 7,825,828 $ 6,722,716 Total Quarterly Average Common Equity $ 790,148 $ 765,884 $ 610,018 $ 764,959 $ 590,354 Net Income Available to Common Shareholders: Net income available to common shareholders $ 21,505 $ 20,753 $ 16,492 $ 61,451 $ 44,568 CECL Oakwood impact (3), net of tax — — — (122 ) (39 ) Gain on former bank premises and equipment, net of tax (61 ) 37 10 (23 ) 11 (Gain) loss on sale of securities, net of tax — — — (497 ) — Gain on extinguishment of debt, net of tax — (2,527 ) — (2,527 ) — Acquisition-related expenses, net of tax 1,000 467 319 2,003 1,362 Gain on branch sale, net of tax 346 795 403 1,311 403 Core conversion expenses, net of tax (1,575 ) — — (1,575 ) — Core net income available to common shareholders $ 21,215 $ 19,525 $ 17,224 $ 60,021 $ 46,305 Return to common shareholders on average assets (annualized) (2) 1.08 % 1.07 % 0.97 % 1.05 % 0.89 % Core return on average assets (annualized) (2) 1.06 % 1.01 % 1.01 % 1.03 % 0.92 % Return to common shareholders on average common equity (annualized) (2) 10.80 % 10.87 % 10.76 % 10.74 % 10.08 % Core return on average common equity (annualized) (2) 10.65 % 10.23 % 11.23 % 10.49 % 10.48 % Interest Income: Interest income $ 118,688 $ 114,850 $ 102,741 $ 347,231 $ 298,622 Core interest income 118,688 114,850 102,741 347,231 298,622 Interest Expense: Interest expense 49,412 47,808 46,627 144,930 136,968 Core interest expense 49,412 47,808 46,627 144,930 136,968 Other Income: Other income 11,671 14,415 10,774 39,312 32,336 Gain on former bank premises and equipment — — — (155 ) (50 ) Loss (Gain) on sale of securities (77 ) 47 13 (29 ) 14 Gain on extinguishment of debt — — — (630 ) — Gain on branch sale — (3,360 ) (3,360 ) — Core other income 11,594 11,102 10,787 35,138 32,300 Other Expense: Other expense 48,882 51,206 42,450 150,666 128,082 Acquisition-related expenses (1,157 ) (570 ) (319 ) (2,406 ) (1,453 ) Core conversion expenses (439 ) (1,008 ) (511 ) (1,663 ) (511 ) Tax credit - ERC 1,997 1,997 Core other expense $ 49,283 $ 49,628 $ 41,620 $ 148,594 $ 126,118 Efficiency Ratio: Other expense (a) $ 48,882 $ 51,206 $ 42,450 $ 150,666 $ 128,082 Core other expense (c) $ 49,281 $ 49,628 $ 41,620 $ 148,592 $ 126,118 Net interest and other income (1) (b) $ 80,869 $ 81,504 $ 66,901 $ 241,583 $ 194,004 Core net interest and other income (1) (d) $ 80,869 $ 78,144 $ 66,901 $ 237,438 $ 193,954 Efficiency ratio (a/b) 60.45 % 62.83 % 63.45 % 62.37 % 66.02 % Core efficiency ratio (c/d) 60.94 % 63.51 % 62.21 % 62.58 % 65.02 % Total Average Interest-Earnings Assets $ 7,460,027 $ 7,299,899 $ 6,363,995 $ 7,346,108 $ 6,300,814 Net Interest Income: Net interest income $ 69,276 $ 67,042 $ 56,114 $ 202,301 $ 161,654 Loan discount accretion $ (1,111 ) $ (767 ) $ (705 ) $ (2,671 ) $ (3,185 ) Net interest income excluding loan discount accretion $ 68,165 $ 66,275 $ 55,409 $ 199,630 $ 158,469 Net interest margin (2) 3.68 % 3.68 % 3.51 % 3.68 % 3.43 % Net interest margin excluding loan discount accretion (2) 3.63 % 3.64 % 3.46 % 3.63 % 3.36 % Net interest spread (2) 2.85 % 2.88 % 2.54 % 2.88 % 2.46 % Net interest spread excluding loan discount accretion (2) 2.80 % 2.84 % 2.50 % 2.83 % 2.39 % (1) Excludes gains/losses on sales of securities. (2) Calculated utilizing an actual day count convention. (3) CECL non-PCD provision/unfunded commitment expense attributable to the Oakwood acquisition. Source: b1BANK

View stock analysis, news, and events for Business First Bancshares, Inc.