$BFST

Business First Bancshares, Inc.

CIK:0001624322|SEC Filings

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest Income:
Interest and Fees on Loans	$ 111,780	$ 104,028	$ 220,926	$ 207,020
Interest and Dividends on Non-taxable Securities	1,806	1,047	3,598	2,122
Interest and Dividends on Taxable Securities	7,298	5,859	13,968	11,398
Interest on Federal Funds Sold and Due From Banks	4,766	3,916	9,652	8,003
Total Interest Income	125,650	114,850	248,144	228,543
Interest Expense:
Interest on Deposits	41,251	41,546	84,009	83,985
Interest on Borrowings	6,555	6,262	11,096	11,533
Total Interest Expense	47,806	47,808	95,105	95,518
Net Interest Income	77,844	67,042	153,039	133,025
Provision for Credit Losses	1,991	2,225	4,269	5,037
Net Interest Income after Provision for Credit Losses	75,853	64,817	148,770	127,988
Other Income:
Service Charges on Deposit Accounts	3,197	2,633	6,339	5,493
Gain (Loss) on Sales of Securities	(6)	(47)	74	(48)
Gain on Sales of Loans	1,583	781	2,924	2,037
Other Income	9,193	11,048	18,680	20,159
Total Other Income	13,967	14,415	28,017	27,641
Other Expenses:
Salaries and Employee Benefits	33,120	28,317	66,159	57,814
Occupancy and Equipment Expense	8,279	7,162	16,401	14,518
Merger and Conversion-Related Expense	303	210	1,680	460
Other Expenses	17,823	15,517	32,756	28,992
Total Other Expenses	59,525	51,206	116,996	101,784
Income Before Income Taxes	30,295	28,026	59,791	53,845
Provision for Income Taxes	6,120	5,923	12,052	11,199
Net Income	24,175	22,103	47,739	42,646
Preferred Stock Dividends	1,350	1,350	2,700	2,700
Net Income Available to Common Shareholders	$ 22,825	$ 20,753	$ 45,039	$ 39,946
Earnings Per Common Share:
Basic (in dollars per share)	$ 0.70	$ 0.70	$ 1.38	$ 1.36
Diluted (in dollars per share)	$ 0.70	$ 0.70	$ 1.37	$ 1.35

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities:
Consolidated Net Income	$ 47,739	$ 42,646
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Provision for Credit Losses	4,269	5,037
Depreciation and Amortization of Premises and Equipment	3,283	2,873
Net Amortization (Accretion) of Purchase Accounting Adjustments	128	(890)
Stock Based Compensation Cost	3,072	2,073
Net Amortization (Accretion) of Securities	(462)	561
(Gain) Loss on Sales of Securities	(74)	48
Gain on Sale of Loans	(1,044)	(529)
Income on Other Equity Securities	(700)	(1,077)
(Gain) Loss on Sale of Other Real Estate Owned, Net of Writedowns	(178)	230
Other Real Estate Owned Valuation Allowance	(69)	0
Gain on Disposal of Premises and Equipment	(28)	(155)
Increase in Cash Value of Life Insurance	(1,733)	(1,565)
Deferred Income Tax (Benefit) Expense	(1,310)	333
Gain on Extinguishment/Redemption of Debt	(545)	(630)
Gain on Sale of Branch	0	(3,360)
Changes in Assets and Liabilities:
(Increase) Decrease in Accrued Interest Receivable	2,455	(880)
(Increase) Decrease in Other Assets	7,195	(6,669)
Decrease in Accrued Interest Payable	(885)	(1,092)
Increase (Decrease) in Other Liabilities	(7,309)	5,638
Net Cash Provided by Operating Activities	53,804	42,592
Cash Flows From Investing Activities:
Purchases of Securities Available for Sale	(102,941)	(80,291)
Proceeds from Maturities / Sales of Securities Available for Sale	41,502	26,245
Proceeds from Paydowns of Securities Available for Sale	51,905	39,846
Net Cash Received in Acquisition	90,702	0
Net Cash Paid in Sale of Branch	0	(43,084)
Proceeds from Sale of Loans	88,251	0
Purchases of Other Equity Securities	(12,213)	(9,340)
Redemption of Other Equity Securities	12,599	2,781
Purchase of Life Insurance	(5,585)	0
Proceeds from Death Benefit of Cash Value of Life Insurance	0	503
Net (Increase) Decrease in Loans	14,250	(68,246)
Net Purchases of Premises and Equipment	(1,274)	(1,289)
Proceeds from Sales of Other Real Estate	1,419	3,961
Net (Increase) Decrease in Securities Purchased Under Agreements to Resell	(5,115)	25,402
Net Decrease in Federal Funds Sold	76,858	158,373
Net Cash Provided by Investing Activities	250,358	54,861
Cash Flows From Financing Activities:
Net Decrease in Deposits	(148,007)	(40,399)
Net Increase (Decrease) in Securities Sold Under Agreements to Repurchase	1,820	(64)
Net Advances on Federal Home Loan Bank Borrowings	8,411	137,071
Proceeds from Issuance of Subordinated Debt	85,000	0
Repayment of Subordinated Debt	(66,927)	(6,427)
Repurchase of Common Stock	(7,563)	0
Payment of Dividends on Preferred Stock	(2,700)	(2,700)
Payment of Dividends on Common Stock	(9,767)	(8,275)
Net Cash Provided by (Used in) Financing Activities	(139,733)	79,206
Net Increase in Cash and Due From Banks	164,429	176,659
Cash and Due From Banks at Beginning of Period	411,175	319,098
Cash and Due From Banks at End of Period	575,604	495,757
Supplemental Disclosures for Cash Flow Information:
Interest on Deposits	84,526	85,401
Interest on Borrowings	10,971	11,257
Income Tax Payments	12,031	12,851
Supplemental Schedule for Noncash Investing and Financing Activities:
Change in the Unrealized Gain (Loss) on Securities Available for Sale	(3,213)	19,310
Change in Deferred Tax Effect on the Unrealized (Gain) Loss on Securities Available for Sale	678	(4,080)
Transfer of Loans to Other Real Estate	13,268	135
Acquisitions:
Fair Value of Tangible Assets Acquired	755,212	0
Other Intangible Assets Acquired	20,846	0
Liabilities Assumed	699,883	0
Net Identifiable Assets Acquired Over Liabilities Assumed	$ 76,175	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and Due from Banks	$ 575,604	$ 411,175
Federal Funds Sold	95,535	172,393
Securities Purchased Under Agreements to Resell	30,702	25,587
Securities Available for Sale, at Fair Values (Amortized Cost of $1,086,550 at June 30, 2026 and $1,031,432 at December 31, 2025)	1,041,133	989,229
Mortgage Loans Held for Sale	2,838	1,094
Loans and Lease Receivable, Net of Allowance for Loan Losses of $62,458 at June 30, 2026 and $53,959 at December 31, 2025	6,596,989	6,135,531
Premises and Equipment, Net	88,925	73,982
Accrued Interest Receivable	38,969	38,494
Other Equity Securities	51,302	49,342
Other Real Estate Owned	25,109	13,013
Cash Value of Life Insurance	139,169	120,292
Deferred Taxes	21,561	20,477
Goodwill	135,222	121,146
Core Deposit and Customer Intangible	33,267	14,497
Other Assets	27,181	28,488
Total Assets	8,903,506	8,214,740
Deposits:
Noninterest Bearing	1,583,562	1,322,074
Interest Bearing	5,651,994	5,376,516
Total Deposits	7,235,556	6,698,590
Securities Sold Under Agreements to Repurchase	24,442	22,622
Federal Home Loan Bank Borrowings	442,494	431,200
Subordinated Debt	114,250	92,530
Subordinated Debt - Trust Preferred Securities	9,678	5,000
Accrued Interest Payable	3,774	4,166
Other Liabilities	64,735	63,749
Total Liabilities	7,894,929	7,317,857
Commitments and Contingencies (See Note 9)
SHAREHOLDERS' EQUITY
Preferred Stock, No Par Value; 5,000,000 Shares Authorized; 72,010 Shares ($1,000 Liquidation Preference) Issued at both June 30, 2026 and December 31, 2025, respectively	71,930	71,930
Common Stock, $1 Par Value; 50,000,000 Shares Authorized; 32,535,659 and 29,510,668 Shares Issued and Outstanding at June 30, 2026 and December 31, 2025, respectively	32,536	29,511
Additional Paid-in Capital	578,087	502,155
Retained Earnings	361,846	326,574
Accumulated Other Comprehensive Loss	(35,822)	(33,287)
Total Shareholders' Equity	1,008,577	896,883
Total Liabilities and Shareholders' Equity	$ 8,903,506	$ 8,214,740