Business First Bancshares, Inc. (NASDAQ: BFST) (Business First),
parent company of b1BANK, today announced its unaudited results for
the quarter ended June 30, 2024, including net income available to
common shareholders of $15.9 million or $0.62 per diluted common
share, increases of $3.6 million and $0.14, respectively, compared
to the linked quarter ended March 31, 2024. On a non-GAAP basis,
core net income for the quarter ended June 30, 2024, which excludes
certain income and expenses, was $16.3 million or $0.64 per diluted
common share, increases of $3.5 million and $0.14, respectively,
from the linked quarter.
“I am encouraged by our company's performance in
the second quarter,” said Jude Melville, president and CEO, “Our
bankers' hard work and focus paid off in quarter-over- quarter
improvement in earnings, net interest margin, noninterest income,
loan and deposit mix and capital accretion. We look forward to
continuing that hard work over the course of 2024.”
On Thursday, July 25, 2024, 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 second quarter in the amount of $0.14 per
share. The preferred and common dividends will be paid on August
31, 2024, or as soon thereafter as practicable, to the shareholders
of record as of August 15, 2024.
Quarterly Highlights
- Net Interest Margin (NIM) Expansion. For the
quarter ended June 30, 2024, net interest income totaled $54.0
million and net interest margin and net interest spread were 3.45%
and 2.47%, respectively, compared to $51.5 million, 3.32% and 2.36%
from the linked quarter. Non-GAAP net interest margin and net
interest spread (excluding loan discount accretion of $1.7 million)
were 3.34% and 2.37%, respectively, for the quarter ended June 30,
2024, compared to 3.27% and 2.31% (excluding loan discount
accretion of $0.8 million) for the linked quarter.
- Noninterest Income Investments. Noninterest
income for the quarter ended June 30, 2024, increased $2.8 million
or 29.73% from the linked quarter. Significant drivers for the
quarter were increased loan sale activity, largely related to a
$1.9 million gain on sale from a newly originated USDA loan, as
well as increased origination and sale of Small Business
Administration (SBA) loans, due to the first quarter acquisition of
Waterstone LSP. Additionally, continued progress in the newly
formed customer swap business along with improved revenue in
service charge fees and debit card and ATM fees improved financial
results.
- Deposits. During the quarter ended June 30,
2024, noninterest-bearing deposits increased $15.2 million or 1.17%
and money market accounts increased $130.1 million or 7.26%.
Deposits decreased $9.1 million or 0.16%, 0.66% annualized, for the
quarter ended June 30, 2024, compared to the linked quarter. The
decrease in interest-bearing deposits was attributable to strategic
reductions of $75.1 million of brokered deposits with a weighted
average rate of 5.16%.
- Loan Growth. Loans held for investment
increased $74.0 million or 1.45%, 5.85% annualized, from the linked
quarter. Loan growth was mostly attributable to the $93.4 million
increase in the commercial and industrial (C&I) portfolio.
Business First continued the trend of reducing construction and
development (C&D) portfolio exposure, with a decrease of $24.6
million from the linked quarter.
- Oakwood Acquisition. On April 25, 2024,
Business First announced that it entered into a definitive
agreement to acquire Oakwood Bancshares, Inc. (Oakwood) and its
wholly-owned subsidiary, Oakwood Bank. Oakwood had approximately
$839.7 million of total assets as of March 31, 2024.
Statement of Financial
Condition
Loans
Loans held for investment increased $74.0 million
or 1.45%, 5.85% annualized, from the linked quarter. Loan growth
from the linked quarter was largely attributable to net growth in
the C&I portfolio of $93.4 million, offset by a $24.6 million
reduction in the C&D portfolio.
The North Louisiana region produced 59.57% of net
loan growth from the linked quarter based on unpaid principal
balance, while the Capital region produced 21.49% and Bayou region
produced 20.93%. Based on unpaid principal balances, Texas-based
loans represent approximately 36% of the overall loan portfolio as
of June 30, 2024.
Credit Quality
Credit quality remained stable during the quarter
ended June 30, 2024, compared to the linked quarter. The ratio of
nonperforming loans compared to loans held for investment remained
unchanged at 0.43% at June 30, 2024, while the ratio of
nonperforming assets compared to total assets slightly increased
from 0.34% to 0.36% at June 30, 2024. The increase was attributable
to increases of $644,000 in other real estate owned and $730,000 in
nonperforming loans.
Securities
The securities portfolio increased $2.1 million or
0.25%, from the linked quarter, impacted by $4.9 million in
positive fair value adjustments. The securities portfolio, based on
estimated fair value, represented 13.05% of total assets as of June
30, 2024.
Deposits
Deposits decreased $9.1 million or 0.16%, 0.66%
annualized, for the quarter ended June 30, 2024, compared to the
linked quarter. During the quarter ended June 30, 2024,
noninterest-bearing deposits increased $15.2 million or 1.17%. The
increase in noninterest bearing deposits was attributable to $39.1
million in new account originations as of June 30, 2024. The North
Louisiana region produced 37.8% of the new account balances,
followed by the Dallas-Fort Worth region and Southwest Louisiana
region with 26.3% and 11.5%, respectively.
Interest-bearing deposits decreased $24.2 million
or 0.57%, compared to the linked quarter. The decrease in
interest-bearing deposits was attributable to strategic reductions
of $75.1 million of brokered deposits with a weighted average rate
of 5.16%.
Money market accounts increased $130.1 million or
7.26% from the linked quarter. The increase in money market
balances was attributable to $138.8 million in new account
originations with a weighted average rate of 4.88% as of June 30,
2024. The Southwest Louisiana region produced 44.2% of the new
account balances, followed by the Texas regions and Southeast
Louisiana region with 21.6% and 17.0%, respectively.
Borrowings
Borrowings decreased $1.8 million or 0.42%, from
the linked quarter.
Shareholders’ Equity
Accumulated other comprehensive income (AOCI)
increased $3.9 million during the second quarter due to positive
after-tax fair value adjustments in the securities portfolio. Book
value per common share increased to $23.24 at June 30, 2024,
compared to $22.64 at March 31, 2024. On a non-GAAP basis, tangible
book value per common share increased from $18.61 at March 31,
2024, to $19.22 at June 30, 2024.
Results of Operations
Net Interest Income
For the quarter ended June 30, 2024, net interest
income totaled $54.0 million, compared to $51.5 million from the
linked quarter. Loan and interest-earning asset yields of 7.07% and
6.38%, respectively, increased 19 and 20 basis points,
respectively, compared to 6.88% and 6.18% from the linked quarter.
Both ratios were impacted positively by a $900,000 increase in loan
discount accretion. Net interest margin and net interest spread
were 3.45% and 2.47% compared to 3.32% and 2.36%, respectively, for
the linked quarter. The overall cost of funds, which include
noninterest- bearing deposits, increased from 3.00% to 3.07% or 7
basis points, from the linked quarter due to higher cost
deposits.
Non-GAAP net interest income (excluding loan
discount accretion of $1.7 million) totaled $52.3 million for the
quarter ended June 30, 2024, compared to $50.7 million (excluding
loan discount accretion of $0.8 million) from the linked quarter.
Non-GAAP net interest margin and net interest spread (excluding
loan discount accretion of $1.7 million) were 3.34% and 2.37%,
respectively, for the quarter ended June 30, 2024, compared to
3.27% and 2.31% (excluding loan discount accretion of $0.8 million)
for the linked quarter. Excluding loan discount accretion, loan
yields increased 13 basis points to 6.94% from 6.81%, and interest
earnings asset yields increased 15 basis points to 6.28% from
6.13%, compared to the linked quarter.
Provision for Credit Losses
During the quarter ended June 30, 2024, Business
First recorded a provision for credit losses of $1.3 million,
compared to $1.2 million from the linked quarter. The current
quarter’s reserve was largely attributable to loan growth and net
charge-offs, partially offset by reductions due to changes in the
portfolio mix.
Other Income
For the quarter ended June 30, 2024, other income
increased $2.8 million or 29.73%, compared to the linked quarter.
The net increase was largely attributable to a $2.3 million
increase in gain on sales of loans attributable to increased sales
of SBA loans and a $1.9 million gain from the sale of a large USDA
loan during the quarter ended June 30, 2024 compared to the linked
quarter.
Other Expenses
For the quarter ended June 30, 2024, other
expenses increased by $588,000 or 1.38%, compared to the linked
quarter. The increase was attributable to marginal increases in
several categories.
Return on Assets and Common
Equity
Return to common shareholders on average assets
and common equity, each on an annualized basis, were 0.95% and
10.94% for the quarter ended June 30, 2024, compared to 0.74% and
8.51%, respectively, for the linked quarter. Non-GAAP return to
common shareholders on average assets and common equity, each on an
annualized basis, were 0.98% and 11.22% for the quarter ended June
30, 2024, compared to 0.77% and 8.92%, respectively, for the linked
quarter.
Conference Call and Webcast
Executive management will host a conference call and webcast to
discuss results on Thursday, July 25, 2024, 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 9962250, or
asking for the Business First Bancshares conference call. The live
webcast can be found at
https://edge.media-server.com/mmc/p/8tfqtsaw. 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 $6.7 billion in assets,
$6.1 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 the Dallas and
Houston, Texas areas, providing commercial and personal banking
products and services. Commercial banking services include
commercial loans and letters of credit, working capital lines and
equipment financing, and treasury management services. b1BANK was
awarded #1 Best-In-State Bank, Louisiana, by Forbes and Statista,
and is a multiyear winner of American Banker’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.
Additional Information and Where to Find
It This communication is being made with respect to the
proposed transaction involving BFST and Oakwood. This material is
not a solicitation of any vote or approval of the Oakwood
shareholders and is not a substitute for the proxy
statement/prospectus or any other documents that BFST and Oakwood
may send to their respective shareholders in connection with the
proposed transaction. This communication does not constitute an
offer to sell or the solicitation of an offer to buy any
securities.
In connection with the proposed transaction
between BFST and Oakwood, BFST has filed with the SEC a
Registration Statement on Form S-4 (the “Registration Statement”),
which will include a proxy statement of Oakwood and a prospectus of
BFST, as well as other relevant documents concerning the proposed
transaction. Before making any voting or investment
decisions, investors and shareholders are urged to read carefully
the Registration Statement and the proxy statement/prospectus
regarding the proposed transaction, as well as any other relevant
documents filed with the SEC and any amendments or supplements to
those documents, because they will contain important
information. Oakwood will mail the proxy
statement/prospectus to its shareholders. Shareholders are also
urged to carefully review and consider BFST’s public filings with
the SEC, including, but not limited to, its proxy statements, its
Annual Reports on Form 10-K, its Quarterly Reports on Form 10- Q,
and its Current Reports on Form 8-K. Copies of the Registration
Statement and proxy statement/prospectus and other filings
incorporated by reference therein, as well as other filings
containing information about BFST, may be obtained, free of charge,
as they become available at the SEC’s website at www.sec.gov. You
will also be able to obtain these documents, when they are filed,
free of charge, from BFST at www.b1BANK.com. Copies of the 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.
Participants in the Solicitation
BFST, Oakwood and certain of their respective directors, executive
officers and employees may, under the SEC’s rules, be deemed to be
participants in the solicitation of proxies of Oakwood’s
shareholders in connection with the proposed transaction.
Information about BFST’s directors and executive officers is
available in its definitive proxy statement relating to its 2024
annual meeting of shareholders, which was filed with the SEC on
April 10, 2024, and other documents filed by BFST with the SEC.
Other information regarding the persons who may, under the SEC’s
rules, be deemed to be participants in the solicitation of proxies
of Oakwood’s shareholders in connection with the proposed
transaction, and a description of their direct and indirect
interests, by security holdings or otherwise, will be contained in
the proxy statement/prospectus regarding the proposed transaction
and other relevant materials to be filed with the SEC when they
become available. Free copies of these documents may be obtained as
described in the preceding paragraph.
|
Business
First Bancshares, Inc. Selected Financial
Information (Unaudited) |
|
|
|
|
|
Three Months Ended |
(Dollars in thousands) |
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (HFI)
to Deposits |
|
92.80% |
|
|
91.32% |
|
|
97.69% |
|
Shareholders' Equity to Assets Ratio |
|
9.91% |
|
|
9.69% |
|
|
9.31% |
|
|
|
|
|
|
|
|
|
|
|
Loans Receivable Held for Investment (HFI) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
1,520,392 |
|
$ |
1,426,957 |
|
$ |
1,309,222 |
|
Real
Estate: |
|
|
|
|
|
|
|
|
|
Commercial |
|
2,198,119 |
|
|
2,215,889 |
|
|
2,132,044 |
|
Construction |
|
637,466 |
|
|
662,013 |
|
|
719,080 |
|
Residential |
|
743,876 |
|
|
717,007 |
|
|
675,462 |
|
Total Real Estate |
|
3,579,461 |
|
|
3,594,909 |
|
|
3,526,586 |
|
Consumer and
Other |
|
62,999 |
|
|
66,973 |
|
|
62,929 |
|
Total Loans
(Held for Investment) |
$ |
5,162,852 |
|
$ |
5,088,839 |
|
$ |
4,898,737 |
|
|
Allowance for
Loan Losses
Balance, Beginning of Period |
$ |
41,165 |
|
$ |
40,414 |
|
$ |
41,830 |
|
Charge-Offs
- Quarterly |
|
(1,426 |
) |
|
(533 |
) |
|
(689 |
) |
Recoveries -
Quarterly |
|
91 |
|
|
141 |
|
|
104 |
|
Provision
for Loan Losses - Quarterly |
|
1,582 |
|
|
1,143 |
|
|
768 |
|
Balance, End
of Period |
$ |
41,412 |
|
$ |
41,165 |
|
$ |
42,013 |
|
|
|
|
|
|
|
|
|
|
|
Allowance
for Loan Losses to Total Loans (HFI) |
|
0.80% |
|
|
0.81% |
|
|
0.86% |
|
Allowance
for Credit Losses to Total Loans (HFI)/(1) |
|
0.86% |
|
|
0.88% |
|
|
0.93% |
|
Net
Charge-Offs (Recoveries) to Average Quarterly Total Loans |
|
0.03% |
|
|
0.01% |
|
|
0.01% |
|
|
|
|
|
|
|
|
|
|
|
Remaining
Loan Purchase Discount |
$ |
9,690 |
|
$ |
11,411 |
|
$ |
17,171 |
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
Assets
Nonperforming |
|
|
|
|
|
|
|
|
|
Nonaccrual Loans |
$ |
21,008 |
|
$ |
20,778 |
|
$ |
17,006 |
|
Loans Past Due 90 Days or More |
|
1,355 |
|
|
855 |
|
|
468 |
|
Total Nonperforming Loans |
|
22,363 |
|
|
21,633 |
|
|
17,474 |
|
Other
Nonperforming Assets: |
|
|
|
|
|
|
|
|
|
Other Real Estate Owned |
|
1,983 |
|
|
1,339 |
|
|
1,587 |
|
Other Nonperforming Assets |
|
— |
|
|
— |
|
|
29 |
|
Total other Nonperforming Assets |
|
1,983 |
|
|
1,339 |
|
|
1,616 |
|
Total Nonperforming Assets |
$ |
24,346 |
|
$ |
22,972 |
|
$ |
19,090 |
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans to Total Loans (HFI) |
|
0.43% |
|
|
0.43% |
|
0.36% |
|
Nonperforming Loans to Total Assets |
|
0.36% |
|
|
0.34% |
|
0.30% |
|
|
|
|
|
|
|
|
|
|
(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 |
Six Months Ended |
(Dollars in thousands, except per share data) |
June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
|
|
|
|
|
|
Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per Common Share |
$ |
0.63 |
|
$ |
0.49 |
|
$ |
0.73 |
|
$ |
1.11 |
|
$ |
1.28 |
|
Diluted
Earnings per Common Share |
|
0.62 |
|
|
0.48 |
|
|
0.73 |
|
|
1.10 |
|
|
1.27 |
|
Dividends
per Common Share |
|
0.14 |
|
|
0.14 |
|
|
0.12 |
|
|
0.28 |
|
|
0.24 |
|
Book Value
per Common Share |
|
23.24 |
|
|
22.64 |
|
|
20.87 |
|
|
23.24 |
|
|
20.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Common Shares Outstanding |
|
25,265,495 |
|
|
25,127,187 |
|
|
25,101,683 |
|
|
25,196,079 |
|
|
25,041,124 |
|
Average
Diluted Common Shares Outstanding |
|
25,395,614 |
|
|
25,429,194 |
|
|
25,333,372 |
|
|
25,412,142 |
|
|
25,278,145 |
|
End of
Period Common Shares Outstanding |
|
25,502,175 |
|
|
25,485,383 |
|
|
25,344,168 |
|
|
25,502,175 |
|
|
25,344,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return to
Common Shareholders on Average Assets (1) |
|
0.95% |
|
|
0.74% |
|
|
1.18% |
|
|
0.84% |
|
|
1.04% |
|
Return to
Common Shareholders on Average Common Equity (1) |
|
10.94% |
|
|
8.51% |
|
|
13.99% |
|
|
9.73% |
|
|
12.39% |
|
Net Interest
Margin (1) |
|
3.45% |
|
|
3.32% |
|
|
3.63% |
|
|
3.39% |
|
|
3.69% |
|
Net Interest
Spread (1) |
|
2.47% |
|
|
2.36% |
|
|
2.75% |
|
|
2.42% |
|
|
2.85% |
|
Efficiency
Ratio (2) |
|
65.14% |
|
|
69.80% |
|
|
60.76% |
|
|
67.37% |
|
|
61.97% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Quarterly/Year-to-Date Average Assets |
$ |
6,711,173 |
|
$ |
6,667,527 |
|
$ |
6,274,656 |
|
$ |
6,689,350 |
|
$ |
6,198,860 |
|
Total
Quarterly/Year-to-Date Average Common Equity |
|
583,184 |
|
|
577,643 |
|
|
527,325 |
|
|
580,414 |
|
|
521,992 |
|
|
Other
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
Employee Benefits |
$ |
25,523 |
|
$ |
25,416 |
|
$ |
22,339 |
|
$ |
50,939 |
|
$ |
45,515 |
|
Occupancy
and Bank Premises |
|
2,634 |
|
|
2,514 |
|
|
2,406 |
|
|
5,148 |
|
|
4,703 |
|
Depreciation
and Amortization |
|
1,742 |
|
|
1,676 |
|
|
1,720 |
|
|
3,418 |
|
|
3,430 |
|
Data
Processing |
|
2,641 |
|
|
2,579 |
|
|
3,035 |
|
|
5,220 |
|
|
4,520 |
|
FDIC
Assessment Fees |
|
874 |
|
|
828 |
|
|
1,092 |
|
|
1,702 |
|
|
2,025 |
|
Legal and
Other Professional Fees |
|
1,042 |
|
|
866 |
|
|
961 |
|
|
1,908 |
|
|
1,574 |
|
Advertising
and Promotions |
|
966 |
|
|
1,145 |
|
|
1,226 |
|
|
2,111 |
|
|
2,374 |
|
Utilities
and Communications |
|
718 |
|
|
674 |
|
|
720 |
|
|
1,392 |
|
|
1,441 |
|
Ad Valorem
Shares Tax |
|
900 |
|
|
900 |
|
|
965 |
|
|
1,800 |
|
|
1,930 |
|
Directors'
Fees |
|
268 |
|
|
282 |
|
|
270 |
|
|
550 |
|
|
539 |
|
Other Real
Estate Owned Expenses and Write- Downs |
|
71 |
|
|
37 |
|
|
39 |
|
|
108 |
|
|
169 |
|
Merger and
Conversion-Related Expenses |
|
409 |
|
|
340 |
|
|
68 |
|
|
749 |
|
|
171 |
|
Other |
|
5,322 |
|
|
5,265 |
|
|
4,861 |
|
|
10,587 |
|
|
9,990 |
|
Total Other Expenses |
$ |
43,110 |
|
$ |
42,522 |
|
$ |
39,702 |
|
$ |
85,632 |
|
$ |
78,381 |
|
|
|
Business
First Bancshares, Inc. Selected Financial Information
(Unaudited) |
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
(Dollars in thousands, except per share data) |
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
Charges on Deposit Accounts |
$ |
2,537 |
|
$ |
2,439 |
|
$ |
2,413 |
|
|
$ |
4,976 |
|
$ |
4,694 |
|
Loss on
Sales of Securities |
|
— |
|
|
(1 |
) |
|
(61 |
) |
|
|
(1 |
) |
|
(62 |
) |
Debit Card
and ATM Fee Income |
|
1,950 |
|
|
1,776 |
|
|
1,646 |
|
|
|
3,726 |
|
|
3,216 |
|
Bank-Owned
Life Insurance Income |
|
627 |
|
|
579 |
|
|
547 |
|
|
|
1,206 |
|
|
1,071 |
|
Gain on
Sales of Loans |
|
2,460 |
|
|
139 |
|
|
494 |
|
|
|
2,599 |
|
|
1,105 |
|
Mortgage
Origination Income |
|
35 |
|
|
69 |
|
|
56 |
|
|
|
104 |
|
|
130 |
|
Fees and
Brokerage Commission |
|
1,875 |
|
|
1,937 |
|
|
1,791 |
|
|
|
3,812 |
|
|
3,604 |
|
Gain on
Sales of Other Real Estate Owned |
|
2 |
|
|
63 |
|
|
14 |
|
|
|
65 |
|
|
223 |
|
Gain/(Loss)
on Disposal of Other Assets |
|
(15 |
) |
|
— |
|
|
14 |
|
|
|
(15 |
) |
|
9 |
|
Gain on Sale
of Branch |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Gain on
Extinguishment of Debt |
|
— |
|
|
— |
|
|
941 |
|
|
|
— |
|
|
941 |
|
Swap Fee
Income |
|
285 |
|
|
229 |
|
|
7 |
|
|
|
514 |
|
|
13 |
|
Pass-Through
Income from Other Investments |
|
392 |
|
|
294 |
|
|
2,812 |
|
|
|
686 |
|
|
2,985 |
|
Other |
|
2,028 |
|
|
1,862 |
|
|
1,284 |
|
|
|
3,890 |
|
|
2,417 |
|
Total Other Income |
$ |
12,176 |
|
$ |
9,386 |
|
$ |
11,958 |
|
|
$ |
21,562 |
|
$ |
20,346 |
|
|
(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) |
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Due
From Banks |
$ |
208,051 |
|
$ |
185,906 |
|
$ |
180,972 |
|
Federal
Funds Sold |
|
113,587 |
|
|
211,292 |
|
|
173,850 |
|
Securities
Available for Sale, at Fair Values |
|
875,048 |
|
|
872,903 |
|
|
877,774 |
|
Mortgage
Loans Held for Sale |
|
680 |
|
|
77 |
|
|
435 |
|
Loans and
Lease Receivable |
|
5,162,852 |
|
|
5,088,839 |
|
|
4,898,737 |
|
Allowance
for Loan Losses |
|
(41,412 |
) |
|
(41,165 |
) |
|
(42,013 |
) |
Net Loans and Lease Receivable |
|
5,121,440 |
|
|
5,047,674 |
|
|
4,856,724 |
|
Premises and
Equipment, Net |
|
68,545 |
|
|
68,716 |
|
|
63,037 |
|
Accrued
Interest Receivable |
|
30,617 |
|
|
29,326 |
|
|
26,861 |
|
Other Equity
Securities |
|
38,805 |
|
|
34,940 |
|
|
34,824 |
|
Other Real
Estate Owned |
|
1,983 |
|
|
1,339 |
|
|
1,587 |
|
Cash Value
of Life Insurance |
|
100,684 |
|
|
100,056 |
|
|
95,302 |
|
Deferred
Taxes, Net |
|
25,888 |
|
|
26,800 |
|
|
31,553 |
|
Goodwill |
|
91,527 |
|
|
91,527 |
|
|
88,543 |
|
Core Deposit
and Customer Intangibles |
|
10,849 |
|
|
11,372 |
|
|
12,993 |
|
Other
Assets |
|
16,185 |
|
|
13,630 |
|
|
10,194 |
|
Total Assets |
$ |
6,703,889 |
|
$ |
6,695,558 |
|
$ |
6,454,649 |
|
|
Liabilities
Deposits |
|
|
|
|
|
|
|
|
|
Noninterest-Bearing |
$ |
1,310,204 |
|
$ |
1,295,050 |
|
$ |
1,429,376 |
|
Interest-Bearing |
|
4,253,466 |
|
|
4,277,700 |
|
|
3,585,067 |
|
Total Deposits |
|
5,563,670 |
|
|
5,572,750 |
|
|
5,014,443 |
|
Securities
Sold Under Agreements to Repurchase |
18,445 |
|
|
17,207 |
|
|
23,230 |
|
Bank Term
Funding Program |
— |
|
|
— |
|
|
300,000 |
|
Federal Home
Loan Bank Borrowings |
305,208 |
|
|
308,206 |
|
|
362,162 |
|
Subordinated
Debt |
99,875 |
|
|
99,933 |
|
|
103,822 |
|
Subordinated
Debt - Trust Preferred Securities |
5,000 |
|
|
5,000 |
|
|
5,000 |
|
Accrued
Interest Payable |
4,517 |
|
|
3,930 |
|
|
7,666 |
|
Other
Liabilities |
42,644 |
|
|
39,498 |
|
|
37,358 |
|
Total Liabilities |
6,039,359 |
|
|
6,046,524 |
|
|
839,238 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Preferred Stock |
|
71,930 |
|
|
71,930 |
|
|
71,930 |
|
Common
Stock |
|
25,502 |
|
|
25,485 |
|
|
25,344 |
|
Additional
Paid-In Capital |
|
397,851 |
|
|
398,511 |
|
|
395,875 |
|
Retained
Earnings |
|
237,031 |
|
|
224,742 |
|
|
189,115 |
|
Accumulated
Other Comprehensive Loss |
|
(67,784 |
) |
|
(71,634 |
) |
|
(81,296 |
) |
Total Shareholders' Equity |
|
664,530 |
|
|
649,034 |
|
|
600,968 |
|
Total Liabilities and Shareholders' Equity |
$ |
6,703,889 |
|
$ |
6,695,558 |
|
$ |
6,454,649 |
|
|
Business First Bancshares, Inc. Consolidated Statements of
Income (Unaudited) |
|
|
Three Months Ended |
Six Months Ended |
(Dollars in thousands) |
June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
Interest Income: |
|
|
|
|
|
Interest and Fees on Loans |
$ |
90,604 |
$ |
85,947 |
|
$ |
79,223 |
|
$ |
176,551 |
|
$ |
152,991 |
|
Interest and Dividends on Securities |
|
5,933 |
|
5,599 |
|
|
5,097 |
|
|
11,532 |
|
|
9,879 |
|
Interest on Federal Funds Sold and Due From Banks |
|
3,333 |
|
4,465 |
|
|
1,528 |
|
|
7,798 |
|
|
2,470 |
|
Total Interest Income |
|
99,870 |
|
96,011 |
|
|
85,848 |
|
|
195,881 |
|
|
165,340 |
|
Interest Expense: |
|
|
|
|
|
Interest on Deposits |
|
40,900 |
|
38,029 |
|
|
23,680 |
|
|
78,929 |
|
|
42,608 |
|
Interest on Borrowings |
|
4,961 |
|
6,451 |
|
|
8,842 |
|
|
11,412 |
|
|
16,657 |
|
Total Interest Expense |
|
45,861 |
|
44,480 |
|
|
32,522 |
|
|
90,341 |
|
|
59,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
|
54,009 |
|
51,531 |
|
|
53,326 |
|
|
105,540 |
|
|
106,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Credit Losses |
|
1,310 |
|
1,186 |
|
|
538 |
|
|
2,496 |
|
|
3,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income After Provision for Credit Losses |
52,699 |
|
50,345 |
|
|
52,788 |
|
|
103,044 |
|
|
102,315 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Other Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service Charges on Deposit Accounts |
|
2,537 |
|
2,439 |
|
|
2,413 |
|
|
4,976 |
|
|
4,694 |
|
Loss on Sales of Securities |
|
— |
|
(1 |
) |
|
(61 |
) |
|
(1 |
) |
|
(62 |
) |
Gain on Sales of Loans |
|
2,460 |
|
139 |
|
|
494 |
|
|
2,599 |
|
|
1,105 |
|
Other Income |
|
7,179 |
|
6,809 |
|
|
9,112 |
|
|
13,988 |
|
|
14,609 |
|
Total Other Income |
|
12,176 |
|
9,386 |
|
|
11,958 |
|
|
21,562 |
|
|
20,346 |
|
|
|
|
|
|
|
Other Expenses: |
|
|
|
|
|
Salaries and Employee Benefits |
|
25,523 |
|
25,416 |
|
|
22,339 |
|
|
50,939 |
|
|
45,515 |
|
Occupancy and Equipment Expense |
|
5,717 |
|
5,357 |
|
|
5,112 |
|
|
11,074 |
|
|
10,113 |
|
Merger and Conversion-Related Expense |
|
409 |
|
340 |
|
|
68 |
|
|
749 |
|
|
171 |
|
Other Expenses |
|
11,461 |
|
11,409 |
|
|
12,183 |
|
|
22,870 |
|
|
22,582 |
|
Total Other Expenses |
|
43,110 |
|
42,522 |
|
|
39,702 |
|
|
85,632 |
|
|
78,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
|
21,765 |
|
17,209 |
|
|
25,044 |
|
|
38,974 |
|
|
44,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Income Taxes |
|
4,559 |
|
3,639 |
|
|
5,305 |
|
|
8,198 |
|
|
9,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
|
17,206 |
|
13,570 |
|
|
19,739 |
|
|
30,776 |
|
|
34,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock Dividends |
|
1,350 |
|
1,350 |
|
|
1,350 |
|
|
2,700 |
|
|
2,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income Available to Common Shareholders |
$ |
15,856 |
$ |
12,220 |
|
$ |
18,389 |
|
$ |
28,076 |
|
$ |
32,064 |
|
|
|
Business
First Bancshares, Inc. Consolidated Net Interest Margin
(Unaudited) |
|
|
|
Three Months Ended |
|
June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
(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 |
$ |
5,153,642 |
|
$ |
90,604 |
7.07 |
% |
|
$ |
5,026,937 |
|
$ |
85,947 |
6.88 |
% |
|
$ |
4,861,783 |
|
$ |
79,223 |
6.54 |
% |
Securities Interest-Bearing |
|
891,384 |
|
|
5,933 |
2.68 |
% |
|
|
888,933 |
|
|
5,599 |
2.53 |
% |
|
|
916,421 |
|
|
5,097 |
2.23 |
% |
Deposit in Other Banks |
|
246,590 |
|
|
3,333 |
5.44 |
% |
|
|
330,260 |
|
|
4,465 |
5.44 |
% |
|
|
117,086 |
|
|
1,528 |
5.23 |
% |
Total Interest Earning Assets |
|
6,291,616 |
|
|
99,870 |
6.38 |
% |
|
|
6,246,130 |
|
|
96,011 |
6.18 |
% |
|
|
5,895,290 |
|
|
85,848 |
5.84 |
% |
Allowance
for Loan Losses |
|
(41,450) |
|
|
|
|
(40,526 |
) |
|
|
|
|
(42,010 |
) |
|
|
Noninterest-
Earning Assets |
|
461,007 |
|
|
|
|
461,923 |
|
|
|
|
|
421,376 |
|
|
|
Total Assets |
$ |
6,711,173 |
|
$ |
99,870 |
|
|
$ |
6,667,527 |
|
$ |
96,011 |
|
|
$ |
6,274,656 |
|
$ |
85,848 |
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-BearingDeposits |
|
$ |
4,268,207 |
|
$ |
40,900 |
3.85 |
% |
|
$ |
4,072,600 |
$ |
38,029 |
3.76 |
% |
|
$ |
3,405,221 |
|
$ |
23,680 |
2.79 |
% |
Subordinated Debt |
|
|
99,913 |
|
|
1,354 |
5.45 |
% |
|
|
99,972 |
|
1,356 |
5.46 |
% |
|
|
108,619 |
|
|
1,251 |
4.62 |
% |
Subordinated Debt - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust Preferred Securities |
|
|
5,000 |
|
|
113 |
9.09 |
% |
|
|
5,000 |
|
113 |
9.09 |
% |
|
|
5,000 |
|
|
108 |
8.66 |
% |
Bank Term Funding Program |
|
|
— |
|
|
— |
— |
% |
|
|
260,440 |
|
2,788 |
4.31 |
% |
|
|
384,816 |
|
|
4,309 |
4.49 |
% |
Advances from |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank (FHLB) |
|
|
324,691 |
|
|
3,372 |
4.18 |
% |
|
|
223,501 |
|
2,094 |
3.77 |
% |
|
|
298,324 |
|
|
3,038 |
4.08 |
% |
Other Borrowings |
|
|
19,164 |
|
|
122 |
2.56 |
% |
|
|
16,116 |
|
100 |
2.50 |
% |
|
|
22,109 |
|
|
136 |
2.47 |
% |
Total Interest- Bearing Liabilities |
|
$ |
4,716,975 |
|
$ |
45,861 |
3.91 |
% |
|
$ |
4,677,629 |
$ |
44,480 |
3.82 |
% |
|
$ |
4,224,089 |
|
$ |
32,522 |
3.09 |
% |
Noninterest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
Noninterest-Bearing Deposits |
|
$ |
1,297,085 |
|
|
|
$ |
1,282,815 |
|
|
$ |
1,410,983 |
|
|
|
Other Liabilities |
|
|
41,999 |
|
|
|
|
57,510 |
|
|
|
40,329 |
|
|
|
Total Noninterest- Bearing Liabilities |
|
|
1,339,084 |
|
|
|
|
1,340,325 |
|
|
|
1,451,312 |
|
|
|
Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
|
Common Shareholders' Equity |
|
|
583,184 |
|
|
|
|
577,643 |
|
|
|
527,325 |
|
|
|
Preferred Equity |
|
|
71,930 |
|
|
|
|
71,930 |
|
|
|
71,930 |
|
|
|
Total Shareholders' Equity |
|
|
655,114 |
|
|
|
|
649,573 |
|
|
|
599,255 |
|
|
|
Total Liabilities and Shareholders' Equity |
|
$ |
6,711,173 |
|
|
|
$ |
6,667,527 |
|
|
$ |
6,274,656 |
|
|
|
Net Interest Spread |
|
|
|
|
|
2.47 |
% |
|
|
|
2.36 |
% |
|
|
|
|
|
2.75 |
% |
Net Interest Income |
|
|
$ |
54,009 |
|
|
$ |
51,531 |
|
|
$ |
53,326 |
|
|
Net Interest Margin |
|
|
|
3.45 |
% |
|
|
|
3.32 |
% |
|
|
|
3.63 |
% |
Overall Cost of Funds |
|
|
|
3.07 |
% |
|
|
|
3.00 |
% |
|
|
|
2.31 |
% |
Note: Average outstanding balances are determined utilizing daily
averages and an actual day count convention. |
|
|
Business
First Bancshares, Inc. Consolidated Net Interest Margin
(Unaudited) |
|
|
|
|
|
|
|
|
Six Months Ended |
(Dollars in thousands) |
|
June 30, 2024 |
|
|
|
|
|
June 30, 2023 |
|
|
Average OutstandingBalance |
Interest Earned/Interest Paid |
Average Yield/Rate |
|
|
Average Outstanding Balance |
|
Interest Earned/Interest Paid |
Average Yield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
Interest Earning Assets: |
|
|
|
|
|
|
Total Loans |
$ |
5,090,289 |
|
$ |
176,551 |
|
6.97 |
% |
|
$ |
4,790,843 |
|
$ |
152,991 |
6.44 |
% |
Securities |
|
890,158 |
|
|
11,532 |
|
2.61 |
% |
|
|
921,958 |
|
|
9,879 |
2.16 |
% |
Interest-Bearing Deposit in Other Banks |
|
288,426 |
|
|
7,798 |
|
5.44 |
% |
|
|
87,282 |
|
|
2,470 |
5.71 |
% |
Total Interest Earning Assets |
|
6,268,873 |
|
|
195,881 |
|
6.28 |
% |
|
|
5,800,083 |
|
|
165,340 |
5.75 |
% |
Allowance for Loan Losses |
|
(40,988 |
) |
|
|
|
|
(41,772 |
) |
|
|
Noninterest- Earning Assets |
|
461,465 |
|
|
|
|
|
440,549 |
|
|
|
Total Assets |
$ |
6,689,350 |
|
$ |
195,881 |
|
|
|
|
$ |
6,198,860 |
|
$ |
165,340 |
|
|
Liabilities and
Shareholders'Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits
|
$ |
4,170,406 |
|
$ |
78,929 |
3.81 |
% |
|
$ |
3,372,358 |
$ |
42,608 |
2.55 |
% |
Subordinated Debt |
|
99,942 |
|
|
2,710 |
5.45 |
% |
|
|
109,634 |
|
2,640 |
4.86 |
% |
Subordinated Debt - Trust Preferred Securities
|
|
5,000 |
|
|
226 |
9.09 |
% |
|
|
5,000 |
|
206 |
8.31 |
% |
Bank Term Funding Program |
|
130,220 |
|
|
2,788 |
4.31 |
% |
|
|
207,411 |
|
4,689 |
4.56 |
% |
Advances from Federal Home Loan Bank (FHLB)
|
|
274,096 |
|
|
5,466 |
4.01 |
% |
|
|
410,348 |
|
8,880 |
4.36 |
% |
Other Borrowings |
|
17,640 |
|
|
222 |
2.53 |
% |
|
|
21,502 |
|
242 |
2.27 |
% |
Total Interest-Bearing Liabilities |
$ |
4,697,304 |
|
$ |
90,341 |
3.87 |
% |
|
$ |
4,126,253 |
$ |
59,265 |
2.90 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing Liabilities: |
|
|
|
|
Noninterest-Bearing Deposits |
$ |
1,289,948 |
|
|
|
|
|
$ |
1,442,084 |
|
|
|
Other Liabilities |
|
49,754 |
|
|
|
|
|
|
36,601 |
|
|
|
Total Noninterest-Bearing Liabilities |
|
1,339,702 |
|
|
|
|
|
|
1,478,685 |
|
|
|
Shareholders' Equity: |
|
|
|
|
|
|
Common Shareholders' Equity |
|
580,414 |
|
|
|
|
|
521,992 |
|
|
Preferred Equity |
|
71,930 |
|
|
|
|
|
71,930 |
|
|
Total Shareholders' Equity |
|
652,344 |
|
|
|
|
|
593,922 |
|
|
Total Liabilities and Shareholders' Equity |
$ |
6,689,350 |
|
|
|
|
$ |
6,198,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Spread |
|
|
2.42 |
% |
|
|
|
|
2.85 |
% |
Net Interest Income |
|
$ |
105,540 |
|
|
$ |
106,075 |
|
Net Interest Margin |
|
|
3.39 |
% |
|
|
3.69 |
% |
|
|
|
|
|
|
|
|
|
Overall Cost of Funds |
|
|
3.03 |
% |
|
|
2.15 |
% |
|
|
|
|
|
|
|
|
|
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 |
Six Months Ended |
(Dollars in thousands, except per share data) |
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
Interest
Income: |
|
Interest income |
$ |
99,870 |
|
$ |
96,011 |
|
$ |
85,848 |
|
$ |
195,881 |
|
$ |
165,340 |
|
Core interest income |
|
99,870 |
|
|
96,011 |
|
|
85,848 |
|
|
195,881 |
|
|
165,340 |
|
Interest
Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
45,861 |
|
|
44,480 |
|
|
32,522 |
|
|
90,341 |
|
|
59,265 |
|
Core interest expense |
|
45,861 |
|
|
44,480 |
|
|
32,522 |
|
|
90,341 |
|
|
59,265 |
|
Provision for Credit
Losses: (b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses |
|
1,310 |
|
|
1,186 |
|
|
538 |
|
|
2,496 |
|
|
3,760 |
|
Core provision expense |
|
1,310 |
|
|
1,186 |
|
|
538 |
|
|
2,496 |
|
|
3,760 |
|
Other Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
12,176 |
|
|
9,386 |
|
|
11,958 |
|
|
21,562 |
|
|
20,346 |
|
Losses on former bank premises and equipment |
|
— |
|
|
(50 |
) |
|
— |
|
|
(50 |
) |
|
— |
|
Losses on sale of securities |
|
— |
|
|
1 |
|
|
61 |
|
|
1 |
|
|
62 |
|
Gain on extinguishment of debt |
|
— |
|
|
— |
|
|
(941 |
) |
|
— |
|
|
(941 |
) |
Core other income |
|
12,176 |
|
|
9,337 |
|
|
11,078 |
|
|
21,513 |
|
|
19,467 |
|
Other Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense |
|
43,110 |
|
|
42,522 |
|
|
39,702 |
|
|
85,632 |
|
|
78,381 |
|
Acquisition-related expenses (2) |
|
(419) |
|
|
(715 |
) |
|
(68 |
) |
|
(1,134 |
) |
|
(171 |
) |
Occupancy and bank premises - storm repair |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Core other expense |
|
42,691 |
|
|
41,807 |
|
|
39,634 |
|
|
84,498 |
|
|
78,210 |
|
Pre-Tax Income: (a) |
|
21,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income |
|
|
|
|
17,209 |
|
|
25,044 |
|
|
38,974 |
|
|
44,280 |
|
Losses on former bank premises and equipment |
|
— |
|
|
(50 |
) |
|
— |
|
|
(50 |
) |
|
— |
|
Losses on sale of securities |
|
— |
|
|
1 |
|
|
61 |
|
|
1 |
|
|
62 |
|
Gain on extinguishment of debt |
|
— |
|
|
— |
|
|
(941 |
) |
|
— |
|
|
(941 |
) |
Acquisition-related expenses (2) |
|
419 |
|
|
715 |
|
|
68 |
|
|
1,134 |
|
|
171 |
|
Occupancy and bank premises - storm repair |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Core pre-tax income |
|
22,184 |
|
|
17,875 |
|
|
24,232 |
|
|
40,059 |
|
|
43,572 |
|
Provision for Income Taxes: (1) |
|
|
|
|
|
|
Provision for income taxes |
|
4,559 |
|
|
3,639 |
|
|
5,305 |
|
|
8,198 |
|
|
9,516 |
|
Tax on losses on former bank premises and equipment |
|
— |
|
|
(11 |
) |
|
— |
|
|
(11 |
) |
|
— |
|
Tax on losses on sale of securities |
|
— |
|
|
— |
|
|
13 |
|
|
— |
|
|
13 |
|
Gain on extinguishment of debt |
|
— |
|
|
— |
|
|
(199 |
) |
|
— |
|
|
(199 |
|
Tax on acquisition- related expenses (2) |
|
2 |
|
|
89 |
|
|
14 |
|
|
91 |
|
|
20 |
|
Tax on occupancy and bank premises - storm repair |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Business
First Bancshares, Inc. |
Non-GAAP
Measures |
(Unaudited) |
|
Three Months Ended |
Six Months Ended |
(Dollars in thousands, except per share data) |
June 30,2024 |
March 31,2024 |
June 30,2023 |
June 30,2024 |
June 30,2023 |
Core provision for income taxes |
|
4,561 |
|
3,717 |
|
|
5,133 |
|
|
8,278 |
|
|
9,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Dividends: |
|
Preferred dividends |
|
1,350 |
|
1,350 |
|
|
1,350 |
|
|
2,700 |
|
|
2,700 |
|
Core preferred dividends |
|
1,350 |
|
1,350 |
|
|
1,350 |
|
|
2,700 |
|
|
2,700 |
|
Net Income Available to Common Shareholders: |
|
|
|
|
|
Net income available to common shareholders |
|
15,856 |
|
12,220 |
|
|
18,389 |
|
|
28,076 |
|
|
32,064 |
|
Losses on former bank premises and equipment, net of tax |
|
— |
|
(39 |
) |
|
— |
|
|
(39 |
) |
|
— |
|
Losses on sale of securities, net of tax |
|
— |
|
1 |
|
|
48 |
|
|
1 |
|
|
49 |
|
Gain on extinguishment of debt, net of tax |
|
— |
|
— |
|
|
(742 |
) |
|
— |
|
|
(742 |
) |
Acquisition-related expenses (2), net of tax |
|
417 |
|
626 |
|
|
54 |
|
|
1,043 |
|
|
151 |
|
Occupancy and bank premises - storm repair, net of tax |
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Core net income available to common shareholders |
$ |
16,273 |
$ |
12,808 |
|
$ |
17,749 |
|
$ |
29,081 |
|
$ |
31,522 |
|
Pre-tax, pre-provision earnings available to common shareholders
(a+b) |
$ |
23,075 |
$ |
18,395 |
|
$ |
25,582 |
|
$ |
41,470 |
|
$ |
48,040 |
|
Losses on former bank premises and equipment |
|
— |
|
(50 |
) |
|
— |
|
|
(50 |
) |
|
— |
|
Loss on sale of securities |
|
— |
|
1 |
|
|
61 |
|
|
1 |
|
|
62 |
|
Gain on extinguishment of debt |
|
— |
|
— |
|
|
(941 |
) |
|
— |
|
|
(941 |
) |
Acquisition-related expenses (2) |
|
419 |
|
715 |
|
|
68 |
|
|
1,134 |
|
|
171 |
|
Occupancy and bank premises - storm repair |
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Core pre-tax, pre- provision earnings |
$ |
23,494 |
$ |
19,061 |
|
$ |
24,770 |
|
$ |
42,555 |
|
$ |
47,332 |
|
Business
First Bancshares, Inc. |
Non-GAAP
Measures |
(Unaudited) |
|
Three Months Ended |
Six Months Ended |
(Dollars in thousands,
except per share data) |
June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Diluted Common Shares Outstanding |
|
25,395,614 |
|
25,429,194 |
|
25,333,372 |
|
|
25,412,142 |
|
25,278,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
$ |
0.62 |
$ |
0.48 |
$ |
0.73 |
|
$ |
1.10 |
$ |
1.27 |
|
Losses on former bank premises and equipment, net of tax |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
Loss on sale of securities, net of tax |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
Gain on extinguishment of debt, net of tax |
|
— |
|
— |
|
(0.03 |
) |
|
— |
|
(0.03 |
) |
Acquisition-related expenses (2), net of tax |
|
0.02 |
|
0.02 |
|
— |
|
|
0.04 |
|
0.01 |
|
Occupancy and bank premises -storm repair, net of tax |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
Core diluted earnings per common share |
$ |
0.64 |
$ |
0.50 |
$ |
0.70 |
|
$ |
1.14 |
$ |
1.25 |
|
Pre-tax, pre-provision profit diluted earnings per common
share |
$ |
0.91 |
$ |
0.72 |
$ |
1.01 |
|
$ |
1.63 |
$ |
1.90 |
|
Losses on former bank premises and equipment |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
Loss on sale of securities |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
Gain on extinguishment of debt |
|
— |
|
— |
|
(0.04 |
) |
|
— |
|
(0.04 |
) |
Acquisition-related expenses (2) |
|
0.02 |
|
0.03 |
|
0.01 |
|
|
0.04 |
|
0.01 |
|
Occupancy and bank premises - storm repair |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
Core pre-tax, pre- provision diluted earnings per common share |
$ |
0.93 |
$ |
0.75 |
$ |
0.98 |
|
$ |
1.67 |
$ |
1.87 |
|
(1) Tax rates, exclusive of certain
nondeductible merger-related expenses and goodwill, utilized were
21.129% for 2024 and 2023. These rates approximated the marginal
tax rates.(2) Includes merger and conversion-related expenses
and salary and employee benefits.
Business
First Bancshares, Inc. |
Non-GAAP
Measures |
(Unaudited) |
|
(Dollars in thousands, except per share data) |
June 30,2024 |
March 31,2024 |
June 30,2023 |
Total Shareholders' (Common) Equity: |
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
$ |
664,530 |
|
$ |
649,034 |
|
$ |
600,968 |
|
Preferred stock |
|
(71,930 |
) |
|
(71,930 |
) |
|
(71,930 |
) |
Total common shareholders' equity |
|
592,600 |
|
|
577,104 |
|
|
529,038 |
|
Goodwill |
|
(91,527 |
) |
|
(91,527 |
) |
|
(88,543 |
) |
Core deposit and customer intangible |
|
(10,849 |
) |
|
(11,372 |
) |
|
(12,993 |
) |
Total tangible common equity |
$ |
490,224 |
|
$ |
474,205 |
|
$ |
427,502 |
|
|
|
|
|
|
|
|
|
|
|
Total Assets: |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
6,703,889 |
|
$ |
6,695,558 |
|
$ |
6,454,649 |
|
Goodwill |
|
(91,527 |
) |
|
(91,527 |
) |
|
(88,543 |
) |
Core deposit and customer intangible |
|
(10,849 |
) |
|
(11,372 |
) |
|
(12,993 |
) |
Total tangible assets |
$ |
6,601,513 |
|
$ |
6,592,659 |
|
$ |
6,353,113 |
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
25,502,175 |
|
|
25,485,383 |
|
|
25,344,168 |
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share |
$ |
23.24 |
|
$ |
22.64 |
|
$ |
20.87 |
|
Tangible book value
per common share |
$ |
19.22 |
|
$ |
18.61 |
|
$ |
16.87 |
|
Common equity to total
assets |
|
8.84 |
% |
|
8.62 |
% |
|
8.20 |
% |
Tangible common equity
to tangible assets |
|
7.43 |
% |
|
7.19 |
% |
|
6.73 |
% |
Business
First Bancshares, Inc. |
Non-GAAP
Measures |
(Unaudited) |
|
|
|
|
Three Months Ended |
Six Months Ended |
(Dollars in thousands, except per share data) |
June 30, 2024 |
March 31,2024 |
June 30,2023 |
June 30,2024 |
June 30,2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Quarterly Average Assets |
$ |
6,711,173 |
|
$ |
6,667,527 |
|
$ |
6,274,656 |
|
$ |
6,689,350 |
|
$ |
6,198,860 |
|
Total Quarterly Average Common Equity |
$ |
583,184 |
|
$ |
577,643 |
|
$ |
527,325 |
|
$ |
580,414 |
|
$ |
521,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Available to Common
Shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common shareholders |
$ |
15,856 |
|
$ |
12,220 |
|
$ |
18,389 |
|
$ |
28,076 |
|
$ |
32,064 |
|
Gain on former bank premises and equipment, net of tax |
|
— |
|
|
(39 |
) |
|
— |
|
|
(39 |
) |
|
— |
|
Loss on sale of securities, net of tax |
|
— |
|
|
1 |
|
|
48 |
|
|
1 |
|
|
49 |
|
Gain on sale of branch, net of tax |
|
— |
|
|
— |
|
|
(742 |
) |
|
— |
|
|
(742 |
) |
Acquisition-related expenses, net of tax |
|
417 |
|
|
626 |
|
|
54 |
|
|
1,043 |
|
|
151 |
|
Write-down on former bank premises, net of tax |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Core net income available to common shareholders |
$ |
16,273 |
|
$ |
12,808 |
|
$ |
17,749 |
|
$ |
29,081 |
|
$ |
31,522 |
|
Return to common shareholders on average assets (annualized)
(2) |
|
0.95 |
% |
|
0.74 |
% |
|
1.18 |
% |
|
0.84 |
% |
|
1.04 |
% |
Core return on average assets (annualized) (2) |
|
0.98 |
% |
|
0.77 |
% |
|
1.13 |
% |
|
0.87 |
% |
|
1.03 |
% |
Return to common shareholders on average common equity (annualized)
(2) |
|
10.94 |
% |
|
8.51 |
% |
|
13.99 |
% |
|
9.73 |
% |
|
12.39 |
% |
Core return on average common equity (annualized) (2) |
|
11.22 |
% |
|
8.92 |
% |
|
13.50 |
% |
|
10.08 |
% |
|
12.18 |
% |
Interest Income: |
|
|
|
|
|
Interest income |
$ |
99,870 |
|
$ |
96,011 |
|
$ |
85,848 |
|
$ |
195,881 |
|
$ |
165,340 |
|
Core interest income |
|
99,870 |
|
|
96,011 |
|
|
85,848 |
|
|
195,881 |
|
|
165,340 |
|
Interest Expense: |
|
|
|
|
|
Interest expense |
|
45,861 |
|
|
44,480 |
|
|
32,522 |
|
|
90,341 |
|
|
59,265 |
|
Core interest expense |
|
45,861 |
|
|
44,480 |
|
|
32,522 |
|
|
90,341 |
|
|
59,265 |
|
Other Income: |
|
|
|
|
|
Other income |
|
12,176 |
|
|
9,386 |
|
|
11,958 |
|
|
21,562 |
|
|
20,346 |
|
Gain on former bank premises and equipment |
|
— |
|
|
(50 |
) |
|
— |
|
|
(50 |
) |
|
— |
|
Loss on sale of securities |
|
— |
|
|
1 |
|
|
61 |
|
|
1 |
|
|
62 |
|
Gain on sale of branch |
|
— |
|
|
— |
|
|
(941 |
) |
|
— |
|
|
(941 |
) |
Core other income |
|
12,176 |
|
|
9,337 |
|
|
11,078 |
|
|
21,513 |
|
|
19,467 |
|
Other Expense: |
|
|
|
|
|
Other expense |
|
43,110 |
|
|
42,522 |
|
|
39,702 |
|
|
85,632 |
|
|
78,381 |
|
Acquisition-related expenses |
|
(419 |
) |
|
(715 |
) |
|
(68 |
) |
|
(1,134 |
) |
|
(171 |
) |
Write-down on former bank premises |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Core other expense |
$ |
42,691 |
|
$ |
41,807 |
|
$ |
39,634 |
|
$ |
84,498 |
|
$ |
78,210 |
|
Business
First Bancshares, Inc. |
Non-GAAP
Measures |
(Unaudited) |
|
Three Months Ended |
Six Months Ended |
(Dollars in thousands, except per share data) |
June 30,2024 |
March 31,2024 |
June 30,2023 |
June 30,2024 |
June 30,2023 |
Efficiency Ratio: |
|
|
|
|
|
|
|
|
Other expense (a) |
$ |
43,110 |
|
$ |
42,522 |
|
$ |
39,702 |
|
$ |
85,632 |
|
$ |
78,381 |
|
Core other expense (c) |
$ |
42,691 |
|
$ |
41,807 |
|
$ |
39,634 |
|
$ |
84,498 |
|
$ |
78,210 |
|
Net interest and other income (1) (b) |
$ |
66,185 |
|
$ |
60,918 |
|
$ |
65,345 |
|
$ |
127,103 |
|
$ |
126,483 |
|
Core net interest and other income (1) (d) |
$ |
66,185 |
|
$ |
60,868 |
|
$ |
64,404 |
|
$ |
127,053 |
|
$ |
125,542 |
|
Efficiency ratio (a/b) |
|
65.14 |
% |
|
69.80 |
% |
|
60.76 |
% |
|
67.37 |
% |
|
61.97 |
% |
Core efficiency ratio (c/d) |
|
64.50 |
% |
|
68.68 |
% |
|
61.54 |
% |
|
66.51 |
% |
|
62.30 |
% |
Total Average Interest-Earnings Assets |
$ |
6,291,616 |
|
$ |
6,246,130 |
|
$ |
5,895,290 |
|
$ |
6,268,873 |
|
$ |
5,800,083 |
|
Net
Interest Income: |
|
|
|
|
|
Net interest income |
$ |
54,009 |
|
$ |
51,531 |
|
$ |
53,326 |
|
$ |
105,540 |
|
$ |
106,075 |
|
Loan discount accretion |
$ |
(1,695) |
|
$ |
(785 |
) |
$ |
(2,059 |
) |
$ |
(2,480 |
) |
$ |
(4,971 |
) |
Net interest income excluding loan discount accretion |
$ |
52,314 |
|
$ |
50,746 |
|
$ |
51,267 |
|
$ |
103,060 |
$ |
$ |
101,104 |
|
Net interest margin (2) |
|
3.45 |
% |
|
3.32 |
% |
|
3.63 |
% |
|
3.39 |
% |
|
3.69 |
% |
Net interest margin excluding loan discount accretion (2) |
|
3.34 |
% |
|
3.27 |
% |
|
3.49 |
% |
|
3.31 |
% |
|
3.52 |
% |
Net interest spread (2) |
|
2.47 |
% |
|
2.36 |
% |
|
2.75 |
% |
|
2.42 |
% |
|
2.85 |
% |
Net interest spread excluding loan discount accretion (2) |
|
2.37 |
% |
|
2.31 |
% |
|
2.61 |
% |
|
2.34 |
% |
|
2.68 |
% |
(1) Excludes gains/losses on sales of securities.(2) Calculated
utilizing an actual day count convention.
Contact:
Misty
Albrechtb1BANK225.286.7879Misty.Albrecht@b1BANK.com
Business First Bancshares (NASDAQ:BFST)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Business First Bancshares (NASDAQ:BFST)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024