BATON ROUGE, La., Oct. 26, 2026 (GLOBE NEWSWIRE) — Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended September 30, 2026. Business First reported net income available to common shareholders of $23.2 million or $0.71 per diluted common share, increases of $0.4 million and $0.01, respectively, compared to the linked quarter. On a non-GAAP basis, core net income available to common shareholders for the quarter ended September 30, 2026, which excludes certain income and expenses, was $26.0 million or $0.79 per diluted common share, increases of $2.7 million and $0.08 from the linked quarter.

“Our third quarter showed what disciplined execution can deliver,” said Jude Melville, chairman, president, and CEO of Business First. “We completed the conversion of Progressive Bank, and I’m grateful to our North Louisiana teammates and clients for helping make it a seamless transition. We grew loans and deposits at a balanced pace appropriate to our level of capital strength, and we did so while expanding our net interest margin by 12 basis points and keeping non-interest expenses in check. The result was higher earnings and stronger returns. Our team earned these results through disciplined execution, and we’ll keep that same focus as we continue to invest in the growing number of opportunities we’re seeing across our diversified footprint.”

On Thursday, October 22, 2026, 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. The preferred and common dividends will be paid on November 30, 2026, or as soon thereafter as practicable, to the shareholders of record as of November 15, 2026.

Quarterly Highlights

  • Improving Core Performance. Return to common shareholders on average assets, on an annualized basis, was 1.04% for the quarter ended September 30, 2026, or 1.17% on a non-GAAP basis, compared to 1.03% or 1.05% on a non-GAAP basis for the linked quarter. Return to common shareholders on average equity on an annualized basis, was 9.75% for the quarter ended September 30, 2026, or 10.93% on a non-GAAP basis, compared to 9.83%, or 10.05% on a non-GAAP basis for the linked quarter.
  • Margin Expansion. Net interest margin expanded 13 basis points (bps) to 3.86% for the quarter ended September 30, 2026, or 12 bps to 3.80% on a non-GAAP basis, respectively, compared to 3.73% or 3.68%, respectively, for the linked quarter. The expansion was driven by improvement in book yield on loans and a reduction in the overall cost of funding. The reduction in overall cost of funding was driven by decreases of $65.9 million in brokered deposits and $107.8 million in borrowings while core deposit costs remained flat.
  • Loan and Deposit Growth. Loans grew by $121.4 million or 7.23%, annualized and deposits grew by $141.2 million or 7.74% annualized, led by our Houston, Texas and Southwest Louisiana markets.
  • Capital and Share Repurchases. During the third quarter, as part of a previously announced stock repurchase program, Business First repurchased 204,160 shares, with a market value of $6.3 million, at a weighted average price of $30.81 per share. Common equity to total assets decreased from 10.52% to 10.39%. Business First has repurchased a total of 630,618 common shares under the existing stock repurchase program, since October 2025, or $17.6 million at a weighted average repurchase price per share of $27.88.
  • Progressive Conversion. In August 2026, Business First successfully converted Progressive Bank’s core systems onto its platform.

Statement of Financial Condition

Loans

Loans held for investment increased $121.4 million or 1.82%, 7.23% annualized, compared to the linked quarter. The commercial real estate and construction portfolios increased $72.7 million and $80.7 million, respectively, compared to the linked quarter. The residential real estate portfolio decreased $30.6 million compared to the linked quarter.

Credit Quality

Loans over 30 days past due at September 30, 2026 were $32.5 million or 0.48% of total loans, which was generally stable from the linked quarter. The ratio of nonperforming loans compared to loans held for investment decreased 2 bps to 1.24% at September 30, 2026, while the ratio of nonperforming assets compared to total assets also decreased by 1 bps to 1.22% compared to the linked quarter. Net charge-offs to average quarterly total loans increased to 8 bps for the quarter ended September 30, 2026, up from 4 bps in the linked quarter mainly attributable to one previously fully reserved commercial relationship.

Securities

The securities portfolio decreased $54.4 million or 5.23%, from the linked quarter, impacted by $24.2 million in negative pre-tax fair value adjustments and the remainder of the decrease attributed to maturities and paydowns. The securities portfolio, based on estimated fair value, represented 11.02% of total assets as of September 30, 2026.

Deposits

Deposits as of September 30, 2026 increased by $141.2 million or 1.95%, 7.74% annualized, compared to the linked quarter. During the third quarter, interest-bearing deposits increased $119.1 million or 2.11% and noninterest-bearing deposits increased $22.1 million or 1.40%. The increase in interest-bearing deposits was attributable to $180.1 million in commercial money market accounts, partially offset by a decrease of $65.9 million in brokered deposits. Average interest-bearing deposits decreased $9.5 million or 0.16%, and noninterest-bearing deposits increased $54.9 million or 3.62% from the linked quarter.

Borrowings

Borrowings decreased $107.8 million or 18.25%, from the linked quarter due primarily to decreases in short-term Federal Home Loan Bank advances.

Shareholders’ Equity

On a non-GAAP basis, tangible book value per common share increased from $23.61 at the linked quarter to $23.71 at September 30, 2026, 0.42% or 1.66% annualized, despite the negative pre-tax fair value adjustments. Shareholders’ equity decreased $6.1 million or 0.60% compared to the linked quarter. Accumulated other comprehensive loss increased from $35.8 million to $54.9 million or 53.29%, during the quarter due to after-tax fair value adjustments in the securities portfolio. Book value per common share decreased to $28.77 at September 30, 2026, compared to $28.79 from the linked quarter.

Results of Operations

Net Interest Income

For the quarter ended September 30, 2026, net interest income totaled $80.7 million, compared to $77.8 million from the linked quarter. Loan yields increased 11 bps to 6.74% compared to 6.63% from the linked quarter and interest-bearing asset yields increased 8 bps to 6.10% compared to 6.02% from the linked quarter. Net interest margin and net interest spread were 3.86% and 3.09% compared to 3.73% and 2.99% for the linked quarter. The overall cost of funds, which included noninterest-bearing deposits, decreased 4 bps from 2.44% to 2.40% for the quarter ended September 30, 2026.

Non-GAAP net interest income (excluding loan discount accretion of $1.2 million) totaled $79.4 million for the quarter ended September 30, 2026, compared to $76.8 million (excluding loan discount accretion of $1.0 million) for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.2 million) were 3.80% and 3.04%, respectively, for the quarter ended September 30, 2026, compared to 3.68% and 2.94% (excluding loan discount accretion of $1.0 million) for the linked quarter.

Provision for Credit Losses

During the quarter ended September 30, 2026, Business First recorded a provision for credit losses of $1.9 million, compared to $2.0 million from the linked quarter. At September 30, 2026, the ratio of allowance for credit losses to loans held for investment was 0.95%, compared to 1.02% for the linked quarter.

Other Income

For the quarter ended September 30, 2026, other income decreased $1.5 million or 10.42%, compared to the linked quarter. The decrease was largely attributable to a $0.8 million decrease in gain on sales of loans and the linked quarter’s $0.5 million gain on the redemption of debt.

Other Expenses

For the quarter ended September 30, 2026, other expenses increased $0.9 million or 1.58% compared to the linked quarter. The increase was largely attributable to increases of $1.8 million in occupancy and equipment expense and $1.1 million in merger and conversion-related expenses, partially offset by decreases of $0.5 million in each in advertising and promotions expense and salaries and employee benefits, $0.4 million in legal and other professional fees and $0.3 million in regulatory assessments. The increase in occupancy and equipment expense was largely attributable to a lease termination fee associated with better alignment of legacy b1BANK and Progressive corporate facilities.

Return on Assets and Common Equity

Return to common shareholders on average assets and common equity, each on an annualized basis, were 1.04% and 9.75% for the quarter ended September 30, 2026, compared to 1.03% and 9.83%, respectively, for the linked quarter. Non-GAAP return to common shareholders on average assets and common equity, each on an annualized basis, were 1.17% and 10.93% for the quarter ended September 30, 2026, compared to 1.05% and 10.05% for the linked quarter.

Conference Call and Webcast

Executive management will host a conference call and webcast to discuss results on Monday, October 26, 2026, at 9:00 a.m. Central Time. Interested parties may attend the call by dialing toll-free 1-800-715-9871 (North America only), conference ID 8846141, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/uhshyz4m. 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 $8.9 billion in assets, $5.5 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson, LLC (SSW) (not including $1.0 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.

Investor Relations Contacts:

Gregory Robertson 337.721.2701
Gregory.Robertson@b1bank.com

Matt Sealy 225.388.6116
Matt.Sealy@b1bank.com

Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
  Three Months Ended
  September 30, June 30, September 30,
(Dollars in thousands)   2026     2026     2025  
       
Balance Sheet Ratios      
       
Loans (HFI) to Deposits   91.92 %   92.04 %   92.53 %
Shareholders’ Equity to Assets Ratio   11.19 %   11.33 %   11.04 %
       
Loans Receivable Held for Investment (HFI)      
       
Commercial $ 1,990,998   $ 1,988,696   $ 1,920,813  
Real Estate:      
Commercial   2,896,707     2,824,015     2,462,617  
Construction   774,170     693,477     638,907  
Residential   1,048,400     1,079,018     927,456  
Total Real Estate   4,719,277     4,596,510     4,028,980  
Consumer and Other   70,612     74,241     71,262  
Total Loans (Held for Investment) $ 6,780,887   $ 6,659,447   $ 6,021,055  
       
Allowance for Loan Losses      
       
Balance, Beginning of Period $ 62,458   $ 63,655   $ 58,496  
Charge-offs – Quarterly   (5,787 )   (3,208 )   (3,415 )
Recoveries – Quarterly   284     293     348  
Provision for Loan Losses – Quarterly   2,640     1,718     1,633  
Balance, End of Period $ 59,595   $ 62,458   $ 57,062  
       
Allowance for Loan Losses to Total Loans (HFI)   0.88 %   0.94 %   0.95 %
Allowance for Credit Losses to Total Loans (HFI) (1)   0.95 %   1.02 %   1.03 %
Net Charge-offs to Average Quarterly Total Loans   0.08 %   0.04 %   0.05 %
       
Remaining Loan Purchase Discount $ 6,119   $ 7,341   $ 8,943  
       
Nonperforming Assets      
       
Nonperforming Loans:      
Nonaccrual Loans $ 80,363   $ 80,124   $ 45,362  
Loans Past Due 90 Days or More   3,701     4,011     3,929  
Total Nonperforming Loans   84,064     84,135     49,291  
Other Nonperforming Assets:      
Other Real Estate Owned   24,761     25,109     16,766  
Other Nonperforming Assets   —     —     —  
Total Other Nonperforming Assets   24,761     25,109     16,766  
Total Nonperforming Assets $ 108,825   $ 109,244   $ 66,057  
       
Nonperforming Loans to Total Loans (HFI)   1.24 %   1.26 %   0.82 %
Nonperforming Assets to Total Assets   1.22 %   1.23 %   0.83 %
       
(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
  September 30, June 30, September 30,   September 30, September 30,
(Dollars in thousands, except per share data)   2026     2026     2025       2026     2025  
             
Per Share Data            
             
Basic Earnings per Common Share $ 0.71   $ 0.70   $ 0.73     $ 2.10   $ 2.09  
Diluted Earnings per Common Share   0.71     0.70     0.73       2.08     2.08  
Dividends per Common Share   0.15     0.15     0.14       0.45     0.42  
Book Value per Common Share   28.77     28.79     27.23       28.77     27.23  
             
             
Average Common Shares Outstanding   32,504,217     32,589,951     29,544,425       32,558,017     29,363,138  
Average Diluted Common Shares Outstanding   32,730,923     32,763,608     29,656,639       32,766,628     29,495,049  
End of Period Common Shares Outstanding   32,345,723     32,535,659     29,615,370       32,345,723     29,615,370  
             
             
Annualized Performance Ratios            
             
Return to Common Shareholders on Average Assets (1)   1.04 %   1.03 %   1.08 %     1.03 %   1.05 %
Return to Common Shareholders on Average Common Equity (1)   9.75 %   9.83 %   10.80 %     9.78 %   10.74 %
Net Interest Margin (1)   3.86 %   3.73 %   3.68 %     3.75 %   3.68 %
Net Interest Spread (1)   3.09 %   2.99 %   2.85 %     3.00 %   2.88 %
Efficiency Ratio (2)   64.88 %   64.83 %   60.45 %     64.72 %   62.37 %
             
Total Quarterly/Year-to-Date Average Assets $ 8,845,047   $ 8,916,954   $ 7,921,159     $ 8,886,084   $ 7,825,828  
Total Quarterly/Year-to-Date Average Common Equity   944,333     931,020     790,148       932,545     764,959  
             
Other Expenses            
             
Salaries and Employee Benefits $ 32,582   $ 33,120   $ 27,613     $ 98,741   $ 85,427  
Occupancy and Equipment Expense   10,078     8,279     7,284       26,479     21,802  
Advertising and Promotions   2,064     2,606     1,205       6,178     3,584  
Communications   773     638     582       2,063     1,763  
Ad Valorem Shares Tax   978     977     1,125       2,933     3,375  
Data Processing Fees   3,084     3,317     3,972       10,113     12,529  
Directors’ Fees   308     247     261       815     733  
Insurance   188     432     420       1,031     1,248  
Legal and Professional Fees   1,236     1,661     1,024       3,982     3,130  
Office Supplies and Printing   268     278     286       859     897  
Regulatory Assessments   1,209     1,534     1,142       3,727     3,332  
Merger and Conversion-Related Expenses   1,395     303     477       3,075     937  
Other   6,302     6,133     3,491       17,465     11,909  
Total Other Expenses $ 60,465   $ 59,525   $ 48,882     $ 177,461   $ 150,666  
             
Other Income            
             
Service Charges on Deposit Accounts   3,340     3,197     2,565       9,679     8,058  
Gain (Loss) on Sales of Securities   (21 )   (6 )   77       53     29  
Gain on Sales of Loans   814     1,583     624       3,738     2,661  
Debit Card and ATM Fee Income   2,380     2,415     1,915       7,101     5,731  
Cash Value of Life Insurance Income   979     902     802       2,712     2,368  
Fees and Brokerage Commission   2,458     2,387     1,880       7,106     6,008  
Pass-Through Income (Loss) from Other Investments   (135 )   14     133       14     638  
Gain on Extinguishment of Debt   —     545     —       545     630  
Gain on Sale of Branch   —     —     —       —     3,360  
Swap Fee Income   626     385     1,065       2,548     2,612  
Other   2,071     2,545     2,610       7,033     7,217  
Total Other Income $ 12,512   $ 13,967   $ 11,671     $ 40,529   $ 39,312  
             
             
(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 plus net interest income less gain/loss on sales of securities.
Business First Bancshares, Inc.
Consolidated Balance Sheets
(Unaudited)
       
  September 30, June 30, September 30,
(Dollars in thousands)   2026     2026     2025  
       
Assets      
       
Cash and Due From Banks $ 490,037   $ 575,604   $ 399,079  
Federal Funds Sold   110,738     95,535     101,103  
Securities Purchased Under Agreements to Resell   79,214     30,702     25,518  
Securities Available for Sale, at Fair Values   986,704     1,041,133     985,938  
Mortgage Loans Held for Sale   254     2,838     433  
Loans and Lease Receivable   6,780,887     6,659,447     6,021,055  
Allowance for Loan Losses   (59,595 )   (62,458 )   (57,062 )
Net Loans and Lease Receivable   6,721,292     6,596,989     5,963,993  
Premises and Equipment, Net   95,456     88,925     77,944  
Accrued Interest Receivable   39,321     38,969     37,171  
Other Equity Securities   39,984     51,302     44,313  
Other Real Estate Owned   24,761     25,109     16,766  
Cash Value of Life Insurance   140,148     139,169     119,509  
Deferred Taxes, Net   24,853     21,561     21,433  
Goodwill   131,743     135,222     121,146  
Core Deposit and Customer Intangibles   31,983     33,267     15,136  
Other Assets   39,474     27,181     24,380  
Total Assets $ 8,955,962   $ 8,903,506   $ 7,953,862  
       
Liabilities      
Deposits      
Noninterest-Bearing $ 1,605,682   $ 1,583,562   $ 1,366,558  
Interest-Bearing   5,771,116     5,651,994     5,140,304  
Total Deposits   7,376,798     7,235,556     6,506,862  
       
Securities Sold Under Agreements to Repurchase   24,896     24,442     29,896  
Other Short Term Borrowings   —     —     —  
Federal Home Loan Bank Borrowings   334,189     442,494     367,408  
Subordinated Debt   114,250     114,250     92,587  
Subordinated Debt – Trust Preferred Securities   9,689     9,678     5,000  
Accrued Interest Payable   3,126     3,774     4,064  
Other Liabilities   90,498     64,735     69,605  
Total Liabilities   7,953,446     7,894,929     7,075,422  
       
Shareholders’ Equity      
       
Preferred Stock   71,930     71,930     71,930  
Common Stock   32,346     32,536     29,615  
Additional Paid-In Capital   572,968     578,087     503,325  
Retained Earnings   380,182     361,846     309,999  
Accumulated Other Comprehensive Loss   (54,910 )   (35,822 )   (36,429 )
Total Shareholders’ Equity   1,002,516     1,008,577     878,440  
       
Total Liabilities and Shareholders’ Equity $ 8,955,962   $ 8,903,506   $ 7,953,862  
Business First Bancshares, Inc.
Consolidated Statements of Income
(Unaudited)
             
  Three Months Ended   Nine Months Ended
  September 30, June 30, September 30,   September 30, September 30,
(Dollars in thousands)   2026     2026     2025     2026   2025
             
Interest Income:            
Interest and Fees on Loans $ 113,263   $ 111,780   $ 106,662   $ 334,189 $ 313,682
Interest and Dividends on Securities   9,207     9,104     7,554     26,773   21,074
Interest on Federal Funds Sold and Due From Banks   5,047     4,766     4,472     14,699   12,475
Total Interest Income   127,517     125,650     118,688     375,661   347,231
             
Interest Expense:            
Interest on Deposits   41,511     41,251     43,358     125,520   127,343
Interest on Borrowings   5,342     6,555     6,054     16,438   17,587
Total Interest Expense   46,853     47,806     49,412     141,958   144,930
             
Net Interest Income   80,664     77,844     69,276     233,703   202,301
             
Provision for Credit Losses   1,938     1,991     3,183     6,207   8,220
             
Net Interest Income After Provision for Credit Losses   78,726     75,853     66,093     227,496   194,081
             
Other Income:            
Service Charges on Deposit Accounts   3,340     3,197     2,565     9,679   8,058
Gain (Loss) on Sales of Securities   (21 )   (6 )   77     53   29
Gain on Sales of Loans   814     1,583     624     3,738   2,661
Other Income   8,379     9,193     8,405     27,059   28,564
Total Other Income   12,512     13,967     11,671     40,529   39,312
             
Other Expenses:            
Salaries and Employee Benefits   32,582     33,120     27,613     98,741   85,427
Occupancy and Equipment Expense   10,078     8,279     7,284     26,479   21,802
Merger and Conversion-Related Expense   1,395     303     477     3,075   937
Other Expenses   16,410     17,823     13,508     49,166   42,500
Total Other Expenses   60,465     59,525     48,882     177,461   150,666
             
Income Before Income Taxes   30,773     30,295     28,882     90,564   82,727
             
Provision for Income Taxes   6,221     6,120     6,026     18,273   17,225
             
Net Income   24,552     24,175     22,856     72,291   65,502
             
Preferred Stock Dividends   1,351     1,350     1,351     4,051   4,051
             
Net Income Available to Common Shareholders $ 23,201   $ 22,825   $ 21,505   $ 68,240 $ 61,451
Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
                                   
    Three Months Ended
    September 30, 2026     June 30, 2026     September 30, 2025
    Average           Average           Average      
    Outstanding   Interest Earned / Average     Outstanding   Interest Earned / Average     Outstanding   Interest Earned / Average
(Dollars in thousands)   Balance   Interest Paid Yield / Rate     Balance   Interest Paid Yield / Rate     Balance   Interest Paid Yield / Rate
                                   
Assets                                  
                                   
Interest-Earning Assets:                                  
Total Loans $ 6,670,021   $ 113,263 6.74 %   $ 6,757,776   $ 111,780 6.63 %   $ 6,036,622   $ 106,662 7.01 %
Securities   1,054,664     9,207 3.46 %     1,068,191     9,104 3.42 %     978,502     7,554 3.06 %
Securities Purchased under Agreements to Resell   32,316     359 4.41 %     30,683     335 4.38 %     25,490     330 5.14 %
Interest-Bearing Deposit in Other Banks   533,251     4,688 3.49 %     509,177     4,431 3.49 %     419,413     4,142 3.92 %
Total Interest-Earning Assets $ 8,290,252   $ 127,517 6.10 %   $ 8,365,827   $ 125,650 6.02 %   $ 7,460,027   $ 118,688 6.31 %
Allowance for Loan Losses   (62,716 )           (63,280 )           (58,468 )      
Noninterest-Earning Assets   617,511             614,407             519,600        
Total Assets $ 8,845,047   $ 127,517     $ 8,916,954   $ 125,650     $ 7,921,159   $ 118,688  
                                   
Liabilities and Shareholders’ Equity                                  
                                   
Interest-Bearing Liabilities:                                  
Interest-Bearing Deposits $ 5,729,786   $ 41,511 2.87 %   $ 5,739,241   $ 41,251 2.88 %   $ 5,122,136   $ 43,358 3.36 %
Subordinated Debt   114,250     1,874 6.51 %     112,252     1,778 6.35 %     92,624     1,235 5.29 %
Subordinated Debt – Trust Preferred Securities   9,682     185 7.56 %     9,670     178 7.40 %     5,000     100 7.93 %
Advances from Federal Home Loan Bank (FHLB)   300,381     3,120 4.12 %     441,012     4,457 4.05 %     424,287     4,547 4.25 %
Other Borrowings   24,958     163 2.59 %     22,206     142 2.58 %     26,176     172 2.61 %
Total Interest-Bearing Liabilities $ 6,179,057   $ 46,853 3.01 %   $ 6,324,381   $ 47,806 3.03 %   $ 5,670,223   $ 49,412 3.46 %
                                   
Noninterest-Bearing Liabilities:                                  
Noninterest-Bearing Deposits $ 1,573,300           $ 1,518,400           $ 1,315,064        
Other Liabilities   76,427             71,223             73,794        
Total Noninterest-Bearing Liabilities   1,649,727             1,589,623             1,388,858        
Shareholders’ Equity:                                  
Common Shareholders’ Equity   944,333             931,020             790,148        
Preferred Equity   71,930             71,930             71,930        
Total Shareholders’ Equity   1,016,263             1,002,950             862,078        
Total Liabilities and Shareholders’ Equity $ 8,845,047           $ 8,916,954           $ 7,921,159        
                                   
Net Interest Spread         3.09 %           2.99 %           2.85 %
Net Interest Income     $ 80,664         $ 77,844         $ 69,276  
Net Interest Margin         3.86 %           3.73 %           3.68 %
                                   
Overall Cost of Funds         2.40 %           2.44 %           2.81 %
                                   
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
    September 30, 2026     September 30, 2025
    Average           Average      
    Outstanding   Interest Earned / Average     Outstanding   Interest Earned / Average
(Dollars in thousands)   Balance   Interest Paid Yield / Rate     Balance   Interest Paid Yield / Rate
                       
Assets                      
                       
Interest-Earning Assets:                      
Total Loans $ 6,708,583 $ 334,189 6.66%   $ 6,001,647 $ 313,682 6.99%
Securities   1,062,728   26,773 3.37%     946,961   21,074 2.98%
Securities Purchased under Agreements to Resell   29,906   996 4.45%     35,740   1,382 5.17%
Interest-Bearing Deposit in Other Banks   533,540   13,703 3.43%     361,760   11,093 4.10%
Total Interest-Earning Assets   8,334,757   375,661 6.03%     7,346,108   347,231 6.32%
Allowance for Loan Losses   (62,191)           (56,718)      
Noninterest-Earning Assets   613,518           536,438      
Total Assets $ 8,886,084 $ 375,661     $ 7,825,828 $ 347,231  
                       
Liabilities and Shareholders’ Equity                      
                       
Interest-Bearing Liabilities:                      
Interest-Bearing Deposits $ 5,783,862 $ 125,520 2.90%   $ 5,103,928 $ 127,343 3.34%
Subordinated Debt   106,303   4,872 6.13%     94,169   3,732 5.30%
Subordinated Debt – Trust Preferred Securities   10,334   516 6.68%     5,000   299 8.03%
Advances from Federal Home Loan Bank (FHLB)   346,337   10,615 4.10%     411,444   13,136 4.27%
Other Borrowings   22,416   435 2.59%     21,699   420 2.59%
Total Interest-Bearing Liabilities $ 6,269,252 $ 141,958 3.03%   $ 5,636,240 $ 144,930 3.44%
                       
Noninterest-Bearing Liabilities:                      
Noninterest-Bearing Deposits $ 1,537,842         $ 1,284,745      
Other Liabilities   74,515           67,954      
Total Noninterest-Bearing Liabilities   1,612,357           1,352,699      
Shareholders’ Equity:                      
Common Shareholders’ Equity   932,545           764,959      
Preferred Equity   71,930           71,930      
Total Shareholders’ Equity   1,004,475           836,889      
Total Liabilities and Shareholders’ Equity $ 8,886,084         $ 7,825,828      
                       
Net Interest Spread         3.00%           2.88%
Net Interest Income     $ 233,703         $ 202,301  
Net Interest Margin         3.75%           3.68%
                       
Overall Cost of Funds         2.43%           2.80%
                       
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
  September 30, June 30, September 30,   September 30, September 30,
(Dollars in thousands, except per share data)   2026     2026     2025       2026     2025  
             
Interest Income:            
Interest income $ 127,517   $ 125,650   $ 118,688     $ 375,661   $ 347,231  
Core interest income   127,517     125,650     118,688       375,661     347,231  
Interest Expense:            
Interest expense   46,853     47,806     49,412       141,958     144,930  
Core interest expense   46,853     47,806     49,412       141,958     144,930  
Provision for Credit Losses: (b)            
Provision for credit losses   1,938     1,991     3,183       6,207     8,220  
Core provision expense   1,938     1,991     3,183       6,207     8,220  
Other Income:            
Other income   12,512     13,967     11,671       40,529     39,312  
Gain on former bank premises and equipment   –     –     –       (28 )   (155 )
Loss (gain) on sale of securities   21     6     (77 )     (53 )   (29 )
Gain on extinguishment/redemption of debt   –     (545 )   –       (545 )   (630 )
Gain on sale of branch   –     –     –       –     (3,360 )
Core other income   12,533     13,428     11,594       39,903     35,138  
Other Expense:            
Other expense   60,465     59,525     48,882       177,461     150,666  
Acquisition-related expenses (2)   (3,538 )   (1,169 )   (1,157 )     (6,934 )   (2,406 )
Core conversion expenses   –     –     (439 )     –     (1,663 )
Tax credit – ERC   –     –     1,997       –     1,997  
Core other expense   56,927     58,356     49,283       170,527     148,594  
Pre-Tax Income: (a)            
Pre-tax income   30,773     30,295     28,882       90,564     82,727  
Gain on former bank premises and equipment   –     –     –       (28 )   (155 )
Loss (gain) on sale of securities   21     6     (77 )     (53 )   (29 )
Gain on extinguishment/redemption of debt   –     (545 )   –       (545 )   (630 )
Gain on sale of branch   –     –     –       –     (3,360 )
Acquisition-related expenses (2)   3,538     1,169     1,157       6,934     2,406  
Core conversion expenses   –     –     439       –     1,663  
Tax credit – ERC   –     –     (1,997 )     –     (1,997 )
Core pre-tax income   34,332     30,925     28,404       96,872     80,625  
Provision for Income Taxes: (1)            
Provision for income taxes   6,221     6,120     6,026       18,273     17,225  
Tax on gain on former bank premises and equipment   –     –     –       (6 )   (33 )
Tax on loss (gain) on sale of securities   5     1     (16 )     (11 )   (6 )
Tax on gain on extinguishment/redemption of debt   –     (115 )   –       (115 )   (133 )
Tax on gain on sale of branch   –     –     –       –     (833 )
Tax on acquisition-related expenses (2)   743     239     157       1,301     403  
Tax on core conversion expenses   –     –     93       –     352  
Tax on employee retention tax credit   –     –     (422 )     –     (422 )
Core provision for income taxes   6,969     6,245     5,838       19,442     16,553  
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:            
Net income available to common shareholders $ 23,201   $ 22,825   $ 21,505     $ 68,240   $ 61,451  
Gain on former bank premises and equipment, net of tax   –     –     –       (22 )   (122 )
Loss (gain) on sale of securities, net of tax   16     5     (61 )     (42 )   (23 )
Gain on extinguishment/redemption of debt, net of tax   –     (430 )   –       (430 )   (497 )
Gain on sale of branch, net of tax   –     –     –       –     (2,527 )
Acquisition-related expenses (2), net of tax   2,795     930     1,000       5,633     2,003  
Core conversion expenses, net of tax   –     –     346       –     1,311  
Tax credit – ERC, net of tax   –     –     (1,575 )     –     (1,575 )
Core net income available to common shareholders   26,012     23,330     21,215       73,379     60,021  
Pre-tax, pre-provision earnings available to common shareholders (a+b) (3)   32,711     32,286     32,065       96,771     90,947  
Gain on former bank premises and equipment   –     –     –       (28 )   (155 )
Loss (gain) on sale of securities   21     6     (77 )     (53 )   (29 )
Gain on extinguishment/redemption of debt   –     (545 )   –       (545 )   (630 )
Gain on sale of branch   –     –     –       –     (3,360 )
Acquisition-related expenses (2)   3,538     1,169     1,157       6,934     2,406  
Core conversion expenses   –     –     439       –     1,663  
Employee retention tax credit   –     –     (1,997 )     –     (1,997 )
Core pre-tax, pre-provision earnings $ 36,270   $ 32,916   $ 31,587     $ 103,079   $ 88,845  
             
Average Diluted Common Shares Outstanding   32,730,923     32,763,608     29,656,639       32,766,628     29,495,049  
             
Diluted Earnings Per Common Share:            
Diluted earnings per common share $ 0.71   $ 0.70   $ 0.73     $ 2.08   $ 2.08  
Gain on former bank premises and equipment, net of tax   —     —     —       —     —  
Loss (gain) on sale of securities, net of tax   —     —     —       —     —  
Gain on extinguishment/redemption of debt, net of tax   —     (0.01 )   —       (0.01 )   (0.02 )
Gain on sale of branch, net of tax   —     —     —       —     (0.09 )
Acquisition-related expenses (2), net of tax   0.08     0.02     0.03       0.17     0.07  
Core conversion expenses, net of tax   —     —     0.01       —     0.04  
Tax credit – ERC, net of taxes   —     —     (0.05 )     —     (0.05 )
Core diluted earnings per common share $ 0.79   $ 0.71   $ 0.72     $ 2.24   $ 2.03  
Pre-tax, pre-provision profit diluted earnings per common share $ 1.00   $ 0.99   $ 1.08     $ 2.95   $ 3.08  
Gain on former bank premises and equipment   —     —     —       —     (0.01 )
Loss (gain) on sale of securities   —     —     —       —     —  
Gain on extinguishment/redemption of debt   —     (0.02 )   —       (0.02 )   (0.02 )
Gain on sale of branch   —     —     —       —     (0.11 )
Acquisition-related expenses (2)   0.11     0.04     0.04       0.21     0.08  
Core conversion expenses   —     —     0.02       —     0.06  
Tax credit – ERC   —     —     (0.07 )     —     (0.07 )
Core pre-tax, pre-provision diluted earnings per common share $ 1.11   $ 1.01   $ 1.07     $ 3.14   $ 3.01  
             
(1) Tax rates, exclusive of certain nondeductible merger-related expenses and goodwill, utilized were 21.129% for 2026 and 2025. These rates approximated the marginal tax rates.
(2) Includes merger and conversion-related expenses and salary and employee benefits.      
(3) Before preferred dividends.            
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
       
       
  September 30, June 30, September 30,
(Dollars in thousands, except per share data)   2026     2026     2025  
       
Total Shareholders’ (Common) Equity:      
Total shareholders’ equity $ 1,002,516   $ 1,008,577   $ 878,440  
Preferred stock   (71,930 )   (71,930 )   (71,930 )
Total common shareholders’ equity   930,586     936,647     806,510  
Goodwill   (131,743 )   (135,222 )   (121,146 )
Core deposit and customer intangible   (31,983 )   (33,267 )   (15,136 )
Total tangible common equity $ 766,860   $ 768,158   $ 670,228  
       
       
Total Assets:      
Total assets $ 8,955,962   $ 8,903,506   $ 7,953,862  
Goodwill   (131,743 )   (135,222 )   (121,146 )
Core deposit and customer intangible   (31,983 )   (33,267 )   (15,136 )
Total tangible assets $ 8,792,236   $ 8,735,017   $ 7,817,580  
       
Common shares outstanding   32,345,723     32,535,659     29,615,370  
       
Book value per common share $ 28.77   $ 28.79   $ 27.23  
Tangible book value per common share   23.71     23.61     22.63  
Common equity to total assets   10.39 %   10.52 %   10.14 %
Tangible common equity to tangible assets   8.72 %   8.79 %   8.57 %
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
             
  Three Months Ended   Nine Months Ended
  September 30, June 30, September 30,   September 30, September 30,
(Dollars in thousands, except per share data) 2026   2026   2025     2026   2025  
             
             
Total Quarterly Average Assets 8,845,047   8,916,954   7,921,159     8,886,084   7,825,828  
Total Quarterly Average Common Equity 944,333   931,020   790,148     932,545   764,959  
             
Net Income Available to Common Shareholders:            
Net income available to common shareholders 23,201   22,825   21,505     68,240   61,451  
Gain on former bank premises and equipment, net of tax –   –   –     (22 ) (122 )
Loss (gain) on sale of securities, net of tax 16   5   (61 )   (42 ) (23 )
Gain on extinguishment of debt, net of tax –   (430 ) –     (430 ) (497 )
Gain on sale of branch, net of tax –   –   –     –   (2,527 )
Acquisition-related expenses, net of tax 2,795   930   1,000     5,633   2,003  
Core conversion expenses, net of tax –   –   346     –   1,311  
Core net income available to common shareholders 26,012   23,330   21,215     73,379   60,021  
             
Return to common shareholders on average assets (annualized) (2) 1.04 % 1.03 % 1.08 %   1.03 % 1.05 %
Core return on average assets (annualized) (2) 1.17 % 1.05 % 1.06 %   1.10 % 1.03 %
Return to common shareholders on average common equity (annualized) (2) 9.75 % 9.83 % 10.80 %   9.78 % 10.74 %
Core return on average common equity (annualized) (2) 10.93 % 10.05 % 10.65 %   10.52 % 10.49 %
             
Interest Income:            
Interest income 127,517   125,650   118,688     375,661   347,231  
Core interest income 127,517   125,650   118,688     375,661   347,231  
Interest Expense:            
Interest expense 46,853   47,806   49,412     141,958   144,930  
Core interest expense 46,853   47,806   49,412     141,958   144,930  
Other Income:            
Other income 12,512   13,967   11,671     40,529   39,312  
Gain on former bank premises and equipment –   –   –     (28 ) (155 )
Loss (gain) on sale of securities 21   6   (77 )   (53 ) (29 )
Gain on extinguishment of debt –   (545 ) –     (545 ) (630 )
Gain on sale of branch –   –   –     –   (3,360 )
Core other income 12,533   13,428   11,594     39,903   35,138  
Other Expense:            
Other expense 60,465   59,525   48,882     177,461   150,666  
Acquisition-related expenses (3,538 ) (1,169 ) (1,157 )   (6,934 ) (2,406 )
Core conversion expenses –   –   (439 )   –   (1,663 )
Core other expense 56,927   58,356   49,283     170,527   148,594  
             
Efficiency Ratio:            
Other expense (a) 60,465   59,525   48,882     177,461   150,666  
Core other expense (c) 56,927   58,356   49,283     170,527   148,594  
Net interest and other income (1) (b) 93,197   91,817   80,870     274,179   241,584  
Core net interest and other income (1) (d) 93,197   91,272   80,870     273,606   237,439  
Efficiency ratio (a/b) 64.88 % 64.83 % 60.45 %   64.72 % 62.37 %
Core efficiency ratio (c/d) 61.08 % 63.94 % 60.94 %   62.33 % 62.58 %
             
Total Average Interest-Earnings Assets 8,290,252   8,365,827   7,460,027     8,334,757   7,346,108  
             
Net Interest Income:            
Net interest income 80,664   77,844   69,276     233,703   202,301  
Loan discount accretion (1,221 ) (995 ) (1,111 )   (3,355 ) (2,671 )
Net interest income excluding loan discount accretion 79,443   76,849   68,165     230,348   199,630  
             
Net interest margin (2) 3.86 % 3.73 % 3.68 %   3.75 % 3.68 %
Net interest margin excluding loan discount accretion (2) 3.80 % 3.68 % 3.63 %   3.70 % 3.63 %
Net interest spread (2) 3.09 % 2.99 % 2.85 %   3.00 % 2.88 %
Net interest spread excluding loan discount accretion (2) 3.04 % 2.94 % 2.80 %   2.94 % 2.83 %
             
(1) Excludes gains/losses on sales of securities.            
(2) Calculated utilizing an actual day count convention.             


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