BATON ROUGE, La., July 23, 2026 (GLOBE NEWSWIRE) -- Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended June 30, 2026. Business First reported net income available to common shareholders of $22.8 million or $0.70 per diluted common share, increases of $0.6 million and $0.02, respectively, compared to the linked quarter. On a non-GAAP basis, core net income for the quarter ended June 30, 2026, which excludes certain income and expenses, was $23.3 million or $0.71 per diluted common share, decreases of $0.7 million and $0.02 from the linked quarter.

"Our second-quarter results — marked by solid organic loan origination, margin expansion, growth in capital, and improving asset quality trends — are laying the foundation we expected for a strong second half of the year," said Jude Melville, Chairman, President, and CEO of Business First. "Meta's recently announced additional $40 billion investment in Northeast Louisiana, the expected full integration of our Progressive acquisition in August, and meaningful growth in our Houston-area pipeline — along with other positive developments across our markets — give our team significant opportunities to build on as we execute on our growth plans."

On Thursday, July 23, 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 second quarter in the amount of $0.15 per share of common stock. The preferred and common dividends will be paid on August 31, 2026, or as soon thereafter as practicable, to the shareholders of record as of August 15, 2026.

Quarterly Highlights

• Consistent Core Performance. Return to common shareholders on average assets, on an annualized basis, was 1.03% for the quarter ended June 30, 2026, or 1.05% on a non-GAAP basis, compared to 1.01% or 1.10% on a non-GAAP basis for the linked quarter. Return to common shareholders on average equity on an annualized basis, was 9.83% for the quarter ended June 30, 2026, or 10.05% on a non-GAAP basis, compared to 9.77%, or 10.57% on a non-GAAP basis for the linked quarter.
• American Planning Corporation Acquisition. On June 29, 2026, Business First completed the acquisition of American Planning Corporation, a financial consulting firm serving community banks since 1972. CEO T. Jefferson Fair and his team joined Smith Shellnut Wilson, LLC (SSW), a b1BANK subsidiary, expanding SSW’s advisory platform to serve SSW and b1 Financial Services Group clients nationwide.
• Margin Expansion. Net interest margin expanded 8 basis points (bps) to 3.73% for the quarter ended June 30, 2026, or 3.68% on a non-GAAP basis, compared to 3.65% or 3.60%, respectively, for the linked quarter. The expansion was driven by a slight improvement in book yield on loans and continued deposit cost management.
• Improving Shareholder Value. During the second quarter, as part of a previously announced stock repurchase program, Business First repurchased 176,849 shares, with a market value of $4.8 million, at a weighted average price of $27.22 per share. Common equity to total assets increased from 10.32% to 10.52%.
• Strengthening Capital Position. Tangible common equity to tangible assets increased from 8.65% to 8.79%, an increase of 1.67% or 6.71% annualized, compared to the linked quarter. Book value per common share increased to $28.79 at June 30, 2026, compared to $28.18 at March 31, 2026. On a non-GAAP basis, tangible book value per common share increased from $23.18 at the linked quarter to $23.61 at June 30, 2026, an increase of 1.85% or 7.42% annualized. Consolidated total risk based capital ratio increased to 13.77% from 13.08%, an increase of 0.69% from the prior quarter. The linked quarter capital build was driven by the successful completion of our April 2nd issuance of $85.0 million fixed-to-floating rate subordinated debt.

• Balance Sheet Repositioning. Completed the sale of $100.3 million lower-yielding acquired Progressive loans during the quarter, including $55.3 million of residential mortgages at a weighted average yield net of fees of 3.0% and $45.0 million of commercial real estate loans at a weighted average yield net of fees of 3.5%.
  
  

Statement of Financial Condition

Loans

Loans held for investment decreased $24.8 million or 0.37%, 1.49% annualized, compared to the linked quarter. During the quarter, organic loan production of approximately $96.4 million, or 5.8% annualized, was offset by the sale of $100.3 million of acquired loans and the resolution and reduction of $21.0 million on a nonperforming loan.

Credit Quality

The ratio of nonperforming loans compared to loans held for investment decreased 27 bps to 1.26% at June 30, 2026, while the ratio of nonperforming assets compared to total assets decreased 15 bps to 1.23% compared to the linked quarter. The decreases in the nonperforming loans and assets ratios over the linked quarter were largely attributable to previously identified commercial real estate and commercial business relationships that the Company resolved during the second quarter. Net charge-offs to average quarterly total loans increased to 4 bps for the quarter ended June 30, 2026, up from 1 bps from the linked quarter.

Securities

The securities portfolio decreased $4.7 million or 0.45%, from the linked quarter, impacted by $2.6 million in positive pre-tax fair value adjustments. The securities portfolio, based on estimated fair value, represented 11.69% of total assets as of June 30, 2026.

Deposits

Deposits as of June 30, 2026 decreased $229.4 million or 3.07%, 12.33% annualized, compared to the linked quarter. During the second quarter, interest-bearing deposits decreased $237.9 million or 4.04% and noninterest-bearing deposits increased $8.5 million or 0.54%. The decrease in interest-bearing deposits was largely impacted by approximately $71.8 million in commercial money market accounts and $62.6 million in brokered deposits. Average interest-bearing deposits decreased $145.0 million or 2.46%, and noninterest-bearing deposits decreased $2.9 million or 0.19% from the linked quarter.

Borrowings

Borrowings increased $206.3 million or 53.66%, from the linked quarter due primarily to increases in short-term Federal Home Loan Bank advances.

Shareholders’ Equity

Shareholders' equity increased $17.4 million or 1.76% compared to the linked quarter. Accumulated other comprehensive loss decreased from $37.9 million to $35.8 million or 5.51%, during the quarter due to after-tax fair value adjustments in the securities portfolio. Book value per common share increased to $28.79 at June 30, 2026, compared to $28.18 at March 31, 2026. On a non-GAAP basis, tangible book value per common share increased from $23.18 at the linked quarter to $23.61 at June 30, 2026, 1.85% or 7.42% annualized.

Results of Operations

Net Interest Income

For the quarter ended June 30, 2026, net interest income totaled $77.8 million, compared to $75.2 million from the linked quarter. Loan yields increased 2 bps to 6.63% compared to 6.61% from the linked quarter and interest-bearing asset yields increased 7 bps to 6.02% compared to 5.95% from the linked quarter. Net interest margin and net interest spread were 3.73% and 2.99% compared to 3.65% and 2.91% for the linked quarter. The overall cost of funds, which included noninterest-bearing deposits, decreased 1 bps from 2.45% to 2.44% for the quarter ended June 30, 2026.

Non-GAAP net interest income (excluding loan discount accretion of $1.0 million) totaled $76.8 million for the quarter ended June 30, 2026, compared to $74.1 million (excluding loan discount accretion of $1.1 million) for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.0 million) were 3.68% and 2.94%, respectively, for the quarter ended June 30, 2026, compared to 3.60% and 2.85% (excluding loan discount accretion of $1.1 million) for the linked quarter.

Provision for Credit Losses

During the quarter ended June 30, 2026, Business First recorded a provision for credit losses of $2.0 million, compared to $2.3 million from the linked quarter. At June 30, 2026, the ratio of allowance for credit losses to loans held for investment was 1.02%, compared to 1.03% for the linked quarter.

Other Income

For the quarter ended June 30, 2026, other income decreased $0.1 million or 0.59%, compared to the linked quarter. The decrease was largely attributable to a $1.2 million decrease in swap fee income, partially offset by a $0.5 million gain on redemption of debt and a $0.2 million increase in gain on sales of loans.

Other Expenses

For the quarter ended June 30, 2026, other expenses increased $2.1 million or 3.57% compared to the linked quarter. The increase was largely attributable to increases of $1.1 million each in advertising and promotions expense and other expenses and increases of $0.6 million each in legal and other professional fees and regulatory assessments, partially offset by a $1.1 million decrease in merger and conversion-related expenses.

Return on Assets and Common Equity

Return to common shareholders on average assets and common equity, each on an annualized basis, were 1.03% and 9.83% for the quarter ended June 30, 2026, compared to 1.01% and 9.77%, respectively, for the linked quarter. Non-GAAP return to common shareholders on average assets and common equity, each on an annualized basis, were 1.05% and 10.05% for the quarter ended June 30, 2026, compared to 1.10% and 10.57% for the linked quarter.

Conference Call and Webcast

Executive management will host a conference call and webcast to discuss results on Thursday, July 23, 2026, 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 4840024, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/ow56nmrd. 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, $5.6 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	Matt Sealy
337.721.2701	225.388.6116
Gregory.Robertson@b1bank.com	Matt.Sealy@b1bank.com
Media Contact: Misty Albrecht b1BANK 225.286.7879 media@b1BANK.com

Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
	Three Months Ended
	June 30,				March 31,				June 30,
(Dollars in thousands)	2026				2026				2025
Balance Sheet Ratios
Loans (HFI) to Deposits		92.04	%			89.54	%			94.21	%
Shareholders' Equity to Assets Ratio		11.33	%			11.13	%			10.67	%
Loans Receivable Held for Investment (HFI)
Commercial	$	1,988,696			$	1,943,412			$	1,960,974
Real Estate:
Commercial		2,824,015				2,841,626				2,533,761
Construction		693,477				685,817				600,292
Residential		1,079,018				1,141,220				879,891
Total Real Estate		4,596,510				4,668,663				4,013,944
Consumer and Other		74,241				72,188				72,732
Total Loans (Held for Investment)	$	6,659,447			$	6,684,263			$	6,047,650
Allowance for Loan Losses
Balance, Beginning of Period	$	63,655			$	53,959			$	56,863
Progressive - PCD ALLL		-				9,264				-
Charge-offs – Quarterly		(3,208	)			(1,104	)			(921	)
Recoveries – Quarterly		293				181				99
Provision for Loan Losses – Quarterly		1,718				1,355				2,455
Balance, End of Period	$	62,458			$	63,655			$	58,496
Allowance for Loan Losses to Total Loans (HFI)		0.94	%			0.95	%			0.97	%
Allowance for Credit Losses to Total Loans (HFI) (1)		1.02	%			1.03	%			1.02	%
Net Charge-offs to Average Quarterly Total Loans		0.04	%			0.01	%			0.01	%
Remaining Loan Purchase Discount	$	7,341			$	15,818			$	10,099
Nonperforming Assets
Nonperforming Loans:
Nonaccrual Loans	$	80,124			$	100,803			$	56,377
Loans Past Due 90 Days or More		4,011				1,404				2,467
Total Nonperforming Loans		84,135				102,207				58,844
Other Nonperforming Assets:
Other Real Estate Owned		25,109				20,898				1,473
Other Nonperforming Assets		-				-				-
Total Other Nonperforming Assets		25,109				20,898				1,473
Total Nonperforming Assets	$	109,244			$	123,105			$	60,317
Nonperforming Loans to Total Loans (HFI)		1.26	%			1.53	%			0.97	%
Nonperforming Assets to Total Assets		1.23	%			1.38	%			0.76	%
(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
	June 30,				March 31,				June 30,				June 30,				June 30,
(Dollars in thousands, except per share data)	2026				2026				2025				2026				2025
Per Share Data
Basic Earnings per Common Share	$	0.70			$	0.68			$	0.70			$	1.38			$	1.36
Diluted Earnings per Common Share		0.70				0.68				0.70				1.37				1.35
Dividends per Common Share		0.15				0.15				0.14				0.30				0.28
Book Value per Common Share		28.79				28.18				26.23				28.79				26.23
Average Common Shares Outstanding		32,589,951				32,579,934				29,517,495				32,584,970				29,354,228
Average Diluted Common Shares Outstanding		32,763,608				32,785,554				29,586,975				32,778,199				29,500,061
End of Period Common Shares Outstanding		32,535,659				32,624,887				29,602,970				32,535,659				29,602,970
Annualized Performance Ratios
Return to Common Shareholders on Average Assets (1)		1.03	%			1.01	%			1.07	%			1.02	%			1.04	%
Return to Common Shareholders on Average Common Equity (1)		9.83	%			9.77	%			10.87	%			9.80	%			10.68	%
Net Interest Margin (1)		3.73	%			3.65	%			3.68	%			3.69	%			3.68	%
Net Interest Spread (1)		2.99	%			2.91	%			2.88	%			2.95	%			2.90	%
Efficiency Ratio (2)		64.83	%			64.45	%			62.83	%			64.65	%			63.33	%
Total Quarterly/Year-to-Date Average Assets	$	8,916,954			$	8,893,419			$	7,791,371			$	8,905,251			$	7,771,288
Total Quarterly/Year-to-Date Average Common Equity		931,020				922,037				765,884				926,553				754,470
Other Expenses
Salaries and Employee Benefits	$	33,120			$	33,039			$	28,317			$	66,159			$	57,814
Occupancy and Equipment Expense		8,279				8,122				7,162				16,401				14,518
Advertising and Promotions		2,606				1,508				1,088				4,114				2,379
Communications		638				652				590				1,290				1,181
Ad Valorem Shares Tax		977				978				1,125				1,955				2,250
Data Processing Fees		3,317				3,712				5,321				7,029				8,557
Directors' Fees		247				260				193				507				472
Insurance		432				411				435				843				839
Legal and Professional Fees		1,661				1,085				1,093				2,746				2,106
Office Supplies and Printing		278				313				300				591				611
Regulatory Assessments		1,534				984				933				2,518				2,190
Merger and Conversion-Related Expenses		303				1,377				210				1,680				460
Other		6,133				5,030				4,439				11,163				8,407
Total Other Expenses	$	59,525			$	57,471			$	51,206			$	116,996			$	101,784
Other Income
Service Charges on Deposit Accounts	$	3,197			$	3,142			$	2,633			$	6,339			$	5,493
Gain (Loss) on Sales of Securities		(6	)			80				(47	)			74				(48	)
Gain on Sales of Loans		1,583				1,341				781				2,924				2,037
Debit Card and ATM Fee Income		2,415				2,306				1,958				4,721				3,816
Cash Value of Life Insurance Income		902				831				758				1,733				1,566
Fees and Brokerage Commission		2,387				2,261				1,980				4,648				4,128
Pass-Through Income (Loss) from Other Investments		14				135				(246	)			149				505
Gain on Extinguishment/Redemption of Debt		545				-				-				545				630
Gain on Sale of Branch		-				-				3,360				-				3,360
Swap Fee Income		385				1,537				808				1,922				1,547
Other		2,545				2,417				2,430				4,962				4,607
Total Other Income	$	13,967			$	14,050			$	14,415			$	28,017			$	27,641
(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)
	June 30,				March 31,				June 30,
(Dollars in thousands)	2026				2026				2025
Assets
Cash and Due From Banks	$	575,604			$	589,804			$	495,757
Federal Funds Sold		95,535				88,257				39,296
Securities Purchased Under Agreements to Resell		30,702				30,743				25,433
Securities Available for Sale, at Fair Values		1,041,133				1,045,817				926,450
Mortgage Loans Held for Sale		2,838				480				677
Loans and Lease Receivable		6,659,447				6,684,263				6,047,650
Allowance for Loan Losses		(62,458	)			(63,655	)			(58,496	)
Net Loans and Lease Receivable		6,596,989				6,620,608				5,989,154
Premises and Equipment, Net		88,925				88,421				79,007
Accrued Interest Receivable		38,969				38,176				36,738
Other Equity Securities		51,302				40,047				48,736
Other Real Estate Owned		25,109				20,898				1,473
Cash Value of Life Insurance		139,169				132,682				118,707
Deferred Taxes, Net		21,561				22,959				25,222
Goodwill		135,222				133,564				121,146
Core Deposit and Customer Intangibles		33,267				29,409				15,775
Other Assets		27,181				24,943				24,723
Total Assets	$	8,903,506			$	8,906,808			$	7,948,294
Liabilities
Deposits
Noninterest-Bearing	$	1,583,562			$	1,575,086			$	1,410,708
Interest-Bearing		5,651,994				5,889,863				5,008,943
Total Deposits		7,235,556				7,464,949				6,419,651
Securities Sold Under Agreements to Repurchase		24,442				21,594				22,557
Federal Home Loan Bank Borrowings		442,494				260,792				492,946
Subordinated Debt		114,250				92,472				92,645
Subordinated Debt - Trust Preferred Securities		9,678				9,666				5,000
Accrued Interest Payable		3,774				3,692				4,829
Other Liabilities		64,735				62,467				62,226
Total Liabilities		7,894,929				7,915,632				7,099,854
Shareholders' Equity
Preferred Stock		71,930				71,930				71,930
Common Stock		32,536				32,625				29,603
Additional Paid-In Capital		578,087				580,640				502,046
Retained Earnings		361,846				343,890				292,629
Accumulated Other Comprehensive Loss		(35,822	)			(37,909	)			(47,768	)
Total Shareholders' Equity		1,008,577				991,176				848,440
Total Liabilities and Shareholders' Equity	$	8,903,506			$	8,906,808			$	7,948,294

Business First Bancshares, Inc.
Consolidated Statements of Income
(Unaudited)
	Three Months Ended												Six Months Ended
	June 30,				March 31,				June 30,				June 30,				June 30,
(Dollars in thousands)	2026				2026				2025				2026				2025
Interest Income:
Interest and Fees on Loans	$	111,780			$	109,146			$	104,028			$	220,926			$	207,020
Interest and Dividends on Securities		9,104				8,462				6,906				17,566				13,520
Interest on Federal Funds Sold and Due From Banks		4,766				4,886				3,916				9,652				8,003
Total Interest Income		125,650				122,494				114,850				248,144				228,543
Interest Expense:
Interest on Deposits		41,251				42,758				41,546				84,009				83,985
Interest on Borrowings		6,555				4,541				6,262				11,096				11,533
Total Interest Expense		47,806				47,299				47,808				95,105				95,518
Net Interest Income		77,844				75,195				67,042				153,039				133,025
Provision for Credit Losses		1,991				2,278				2,225				4,269				5,037
Net Interest Income After Provision for Credit Losses		75,853				72,917				64,817				148,770				127,988
Other Income:
Service Charges on Deposit Accounts		3,197				3,142				2,633				6,339				5,493
Gain (Loss) on Sales of Securities		(6	)			80				(47	)			74				(48	)
Gain on Sales of Loans		1,583				1,341				781				2,924				2,037
Other Income		9,193				9,487				11,048				18,680				20,159
Total Other Income		13,967				14,050				14,415				28,017				27,641
Other Expenses:
Salaries and Employee Benefits		33,120				33,039				28,317				66,159				57,814
Occupancy and Equipment Expense		8,279				8,122				7,162				16,401				14,518
Merger and Conversion-Related Expense		303				1,377				210				1,680				460
Other Expenses		17,823				14,933				15,517				32,756				28,992
Total Other Expenses		59,525				57,471				51,206				116,996				101,784
Income Before Income Taxes		30,295				29,496				28,026				59,791				53,845
Provision for Income Taxes		6,120				5,932				5,923				12,052				11,199
Net Income		24,175				23,564				22,103				47,739				42,646
Preferred Stock Dividends		1,350				1,350				1,350				2,700				2,700
Net Income Available to Common Shareholders	$	22,825			$	22,214			$	20,753			$	45,039			$	39,946

Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
	Three Months Ended
	June 30, 2026										March 31, 2026										June 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	$	6,757,776			$	111,780		6.63	%		$	6,698,261			$	109,146		6.61	%		$	5,995,490			$	104,028		6.96	%
Securities		1,068,191				9,104		3.42	%			1,065,447				8,462		3.22	%			937,099				6,906		2.96	%
Securities Purchased under Agreements to Resell		30,683				335		4.38	%			26,657				302		4.59	%			31,172				401		5.16	%
Interest-Bearing Deposit in Other Banks		509,177				4,431		3.49	%			558,468				4,584		3.33	%			336,138				3,515		4.19	%
Total Interest-Earning Assets		8,365,827				125,650		6.02	%			8,348,833				122,494		5.95	%			7,299,899				114,850		6.31	%
Allowance for Loan Losses		(63,280	)									(60,553	)									(56,934	)
Noninterest-Earning Assets		614,407										605,139										548,406
Total Assets	$	8,916,954			$	125,650					$	8,893,419			$	122,494					$	7,791,371			$	114,850
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Deposits	$	5,739,241			$	41,251		2.88	%		$	5,884,257			$	42,758		2.95	%		$	5,029,981			$	41,546		3.31	%
Subordinated Debt		112,252				1,778		6.35	%			92,163				1,209		5.32	%			92,682				1,235		5.34	%
Subordinated Debt - Trust Preferred Securities		9,670				178		7.40	%			11,671				165		5.73	%			5,000				100		8.02	%
Advances from Federal Home Loan Bank (FHLB)		441,012				4,457		4.05	%			297,588				3,038		4.14	%			447,271				4,793		4.30	%
Other Borrowings		22,206				142		2.58	%			20,030				129		2.61	%			20,514				134		2.62	%
Total Interest-Bearing Liabilities		6,324,381				47,806		3.03	%			6,305,709				47,299		3.04	%			5,595,448				47,808		3.43	%
Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits	$	1,518,400									$	1,521,252									$	1,292,262
Other Liabilities		71,223										72,491										65,847
Total Noninterest-Bearing Liabilities		1,589,623										1,593,743										1,358,109
Shareholders' Equity:
Common Shareholders' Equity		931,020										922,037										765,884
Preferred Equity		71,930										71,930										71,930
Total Shareholders' Equity		1,002,950										993,967										837,814
Total Liabilities and Shareholders' Equity	$	8,916,954									$	8,893,419									$	7,791,371
Net Interest Spread								2.99	%									2.91	%									2.88	%
Net Interest Income					$	77,844									$	75,195									$	67,042
Net Interest Margin								3.73	%									3.65	%									3.68	%
Overall Cost of Funds								2.44	%									2.45	%									2.78	%
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
	June 30, 2026										June 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	$	6,728,183			$	220,926		6.62	%		$	5,983,870			$	207,020		6.98	%
Securities	1,066,827				17,566			3.32	%		930,930				13,520			2.93	%
Securities Purchased under Agreements to Resell	28,681				637			4.48	%		40,950				1,052			5.18	%
Interest-Bearing Deposit in Other Banks	533,687				9,015			3.41	%		326,000				6,951			4.30	%
Total Interest-Earning Assets	8,357,378				248,144			5.99	%		7,281,750				228,543			6.33	%
Allowance for Loan Losses	(61,924		)								(55,829		)
Noninterest-Earning Assets	609,797										545,367
Total Assets	$	8,905,251			$	248,144					$	7,771,288			$	228,543
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Deposits	$	5,811,348			$	84,009		2.92	%		$	5,085,431			$	83,985		3.33	%
Subordinated Debt	102,263				2,998			5.91	%		94,954				2,497			5.30	%
Subordinated Debt - Trust Preferred Securities	10,665				332			6.27	%		5,000				199			8.03	%
Advances from Federal Home Loan Bank (FHLB)	369,696				7,495			4.09	%		404,917				8,589			4.28	%
Other Borrowings	21,124				271			2.59	%		19,424				248			2.57	%
Total Interest-Bearing Liabilities	6,315,096				95,105			3.04	%		5,609,726				95,518			3.43	%
Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits	1,519,818										1,268,659
Other Liabilities	71,854										66,503
Total Noninterest-Bearing Liabilities	1,591,672										1,335,162
Shareholders' Equity:
Common Shareholders' Equity	926,553										754,470
Preferred Equity	71,930										71,930
Total Shareholders' Equity	998,483										826,400
Total Liabilities and Shareholders' Equity	$	8,905,251									$	7,771,288
Net Interest Spread								2.95	%									2.90	%
Net Interest Income					$	153,039									$	133,025
Net Interest Margin								3.69	%									3.68	%
Overall Cost of Funds								2.45	%									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												Six Months Ended
	June 30,				March 31,				June 30,				June 30,				June 30,
(Dollars in thousands, except per share data)	2026				2026				2025				2026				2025
Interest Income:
Interest income	$	125,650			$	122,494			$	114,850			$	248,144			$	228,543
Core interest income		125,650				122,494				114,850				248,144				228,543
Interest Expense:
Interest expense		47,806				47,299				47,808				95,105				95,518
Core interest expense		47,806				47,299				47,808				95,105				95,518
Provision for Credit Losses: (b)
Provision for credit losses		1,991				2,278				2,225				4,269				5,037
Core provision expense		1,991				2,278				2,225				4,269				5,037
Other Income:
Other income		13,967				14,050				14,415				28,017				27,641
Gain on former bank premises and equipment		-				(28	)			-				(28	)			(155	)
(Gain) loss on sale of securities		6				(80	)			47				(74	)			48
Gain on sale of branch		-				-				(3,360	)			-				(3,360	)
Gain on extinguishment/redemption of debt		(545	)			-				-				(545	)			(630	)
Core other income		13,428				13,942				11,102				27,370				23,544
Other Expense:
Other expense		59,525				57,471				51,206				116,996				101,784
Acquisition-related expenses (2)		(1,169	)			(2,227	)			(570	)			(3,396	)			(1,249	)
Core conversion expenses		-				-				(1,008	)			-				(1,224	)
Core other expense		58,356				55,244				49,628				113,600				99,311
Pre-Tax Income: (a)
Pre-tax income		30,295				29,496				28,026				59,791				53,845
Gain on former bank premises and equipment		-				(28	)			-				(28	)			(155	)
(Gain) loss on sale of securities		6				(80	)			47				(74	)			48
Gain on sale of branch		-				-				(3,360	)			-				(3,360	)
Gain on extinguishment/redemption of debt		(545	)			-				-				(545	)			(630	)
Acquisition-related expenses (2)		1,169				2,227				570				3,396				1,249
Core conversion expenses		-				-				1,008				-				1,224
Core pre-tax income		30,925				31,615				26,291				62,540				52,221
Provision for Income Taxes: (1)
Provision for income taxes		6,120				5,932				5,923				12,052				11,199
Tax on gain on former bank premises and equipment		-				(6	)			-				(6	)			(33	)
Tax on (gain) loss on sale of securities		1				(17	)			10				(16	)			10
Tax on gain on sale of branch		-				-				(833	)			-				(833	)
Tax on gain on extinguishment/redemption of debt		(115	)			-				-				(115	)			(133	)
Tax on acquisition-related expenses (2)		239				319				103				558				246
Tax on core conversion expenses		-				-				213				-				259
Core provision for income taxes		6,245				6,228				5,416				12,473				10,715
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		22,825				22,214				20,753				45,039				39,946
Gain on former bank premises and equipment, net of tax		-				(22	)			-				(22	)			(122	)
(Gain) loss on sale of securities, net of tax		5				(63	)			37				(58	)			38
Gain on sale of branch, net of tax		-				-				(2,527	)			-				(2,527	)
Gain on extinguishment/redemption of debt, net of tax		(430	)			-				-				(430	)			(497	)
Acquisition-related expenses (2), net of tax		930				1,908				467				2,838				1,003
Core conversion expenses, net of tax		-				-				795				-				965
Core net income available to common shareholders		23,330				24,037				19,525				47,367				38,806
Pre-tax, pre-provision earnings available to common shareholders (a+b) (3)		32,286				31,774				30,251				64,060				58,882
Gain on former bank premises and equipment		-				(28	)			-				(28	)			(155	)
(Gain) loss on sale of securities		6				(80	)			47				(74	)			48
Gain on sale of branch		-				-				(3,360	)			-				(3,360	)
Gain on extinguishment/redemption of debt		(545	)			-				-				(545	)			(630	)
Acquisition-related expenses (2)		1,169				2,227				570				3,396				1,249
Core conversion expenses		-				-				1,008				-				1,224
Core pre-tax, pre-provision earnings	$	32,916			$	33,893			$	28,516			$	66,809			$	57,258
Average Diluted Common Shares Outstanding		32,763,608				32,785,554				29,586,975				32,778,199				29,500,061
Diluted Earnings Per Common Share:
Diluted earnings per common share	$	0.70			$	0.68			$	0.70			$	1.37			$	1.35
Gain on former bank premises and equipment, net of tax		-				-				-				-				-
(Gain) loss on sale of securities, net of tax		-				-				-				-				-
Gain on sale of branch, net of tax		-				-				(0.09	)			-				(0.09	)
Gain on extinguishment/redemption of debt, net of tax		(0.01	)			-				-				(0.01	)			(0.02	)
Acquisition-related expenses (2), net of tax		0.02				0.05				0.02				0.09				0.04
Core conversion expenses, net of tax		-				-				0.03				-				0.03
Core diluted earnings per common share	$	0.71			$	0.73			$	0.66			$	1.45			$	1.31
Pre-tax, pre-provision profit diluted earnings per common share	$	0.99			$	0.97			$	1.02			$	1.95			$	2.00
Gain on former bank premises and equipment		-				-				-				-				(0.01	)
(Gain) loss on sale of securities		-				-				-				-				-
Gain on sale of branch		-				-				(0.11	)			-				(0.11	)
Gain on extinguishment/redemption of debt		(0.02	)			-				-				(0.02	)			(0.02	)
Acquisition-related expenses (2)		0.04				0.06				0.02				0.10				0.04
Core conversion expenses		-				-				0.03				-				0.04
Core pre-tax, pre-provision diluted earnings per common share	$	1.01			$	1.03			$	0.96			$	2.03			$	1.94
(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)
	June 30,				March 31,				June 30,
(Dollars in thousands, except per share data)	2026				2026				2025
Total Shareholders' (Common) Equity:
Total shareholders' equity	$	1,008,577			$	991,176			$	848,440
Preferred stock		(71,930	)			(71,930	)			(71,930	)
Total common shareholders' equity		936,647				919,246				776,510
Goodwill		(135,222	)			(133,564	)			(121,146	)
Core deposit and customer intangible		(33,267	)			(29,409	)			(15,775	)
Total tangible common equity	$	768,158			$	756,273			$	639,589
Total Assets:
Total assets	$	8,903,506			$	8,906,808			$	7,948,294
Goodwill		(135,222	)			(133,564	)			(121,146	)
Core deposit and customer intangible		(33,267	)			(29,409	)			(15,775	)
Total tangible assets	$	8,735,017			$	8,743,835			$	7,811,373
Common shares outstanding		32,535,659				32,624,887				29,602,970
Book value per common share	$	28.79			$	28.18			$	26.23
Tangible book value per common share	$	23.61			$	23.18			$	21.61
Common equity to total assets		10.52	%			10.32	%			9.77	%
Tangible common equity to tangible assets		8.79	%			8.65	%			8.19	%

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
	Three Months Ended												Six Months Ended
	June 30,				March 31,				June 30,				June 30,				June 30,
(Dollars in thousands, except per share data)	2026				2026				2025				2026				2025
Total Quarterly Average Assets	$	8,916,954			$	8,893,419			$	7,791,371			$	8,905,251			$	7,771,288
Total Quarterly Average Common Equity	$	931,020			$	922,037			$	765,884			$	926,553			$	754,470
Net Income Available to Common Shareholders:
Net income available to common shareholders	$	22,825			$	22,214			$	20,753			$	45,039			$	39,946
Gain on former bank premises and equipment, net of tax		-				(22	)			-				(22	)			(122	)
(Gain) loss on sale of securities, net of tax		5				(63	)			37				(58	)			38
Gain on sale of branch, net of tax		-				-				(2,527	)			-				(2,527	)
Gain on extinguishment/redemption of debt, net of tax		(430	)			-				-				(430	)			(497	)
Acquisition-related expenses, net of tax		930				1,908				467				2,838				1,003
Core conversion expenses, net of tax		-				-				795				-				965
Core net income available to common shareholders	$	23,330			$	24,037			$	19,525			$	47,367			$	38,806
Return to common shareholders on average assets (annualized) (2)		1.03	%			1.01	%			1.07	%			1.02	%			1.04	%
Core return on average assets (annualized) (2)		1.05	%			1.10	%			1.01	%			1.07	%			1.01	%
Return to common shareholders on average common equity (annualized) (2)		9.83	%			9.77	%			10.87	%			9.80	%			10.68	%
Core return on average common equity (annualized) (2)		10.05	%			10.57	%			10.23	%			10.31	%			10.37	%
Interest Income:
Interest income	$	125,650			$	122,494			$	114,850			$	248,144			$	228,543
Core interest income		125,650				122,494				114,850				248,144				228,543
Interest Expense:
Interest expense		47,806				47,299				47,808				95,105				95,518
Core interest expense		47,806				47,299				47,808				95,105				95,518
Other Income:
Other income		13,967				14,050				14,415				28,017				27,641
Gain on former bank premises and equipment		-				(28	)			-				(28	)			(155	)
(Gain) loss on sale of securities		6				(80	)			47				(74	)			48
Gain on sale of branch		-				-				(3,360	)			-				(3,360	)
Gain on extinguishment/redemption of debt		(545	)			-				-				(545	)			(630	)
Core other income		13,428				13,942				11,102				27,370				23,544
Other Expense:
Other expense		59,525				57,471				51,206				116,996				101,784
Acquisition-related expenses		(1,169	)			(2,227	)			(570	)			(3,396	)			(1,249	)
Core conversion expenses		-				-				(1,008	)			-				(1,224	)
Core other expense	$	58,356			$	55,244			$	49,628			$	113,600			$	99,311
Efficiency Ratio:
Other expense (a)	$	59,525			$	57,471			$	51,206			$	116,996			$	101,784
Core other expense (c)	$	58,356			$	55,244			$	49,628			$	113,600			$	99,311
Net interest and other income (1) (b)	$	91,817			$	89,165			$	81,504			$	180,982			$	160,714
Core net interest and other income (1) (d)	$	91,272			$	89,137			$	78,144			$	180,409			$	156,569
Efficiency ratio (a/b)		64.83	%			64.45	%			62.83	%			64.65	%			63.33	%
Core efficiency ratio (c/d)		63.94	%			61.98	%			63.51	%			62.97	%			63.43	%
Total Average Interest-Earnings Assets	$	8,365,827			$	8,348,833			$	7,299,899			$	8,357,378			$	7,281,750
Net Interest Income:
Net interest income	$	77,844			$	75,195			$	67,042			$	153,039			$	133,025
Loan discount accretion		(995	)			(1,138	)			(767	)			(2,133	)			(1,560	)
Net interest income excluding loan discount accretion	$	76,849			$	74,057			$	66,275			$	150,906			$	131,465
Net interest margin (2)		3.73	%			3.65	%			3.68	%			3.69	%			3.68	%
Net interest margin excluding loan discount accretion (2)		3.68	%			3.60	%			3.64	%			3.64	%			3.64	%
Net interest spread (2)		2.99	%			2.91	%			2.88	%			2.95	%			2.90	%
Net interest spread excluding loan discount accretion (2)		2.94	%			2.85	%			2.84	%			2.90	%			2.85	%
(1) Excludes gains/losses on sales of securities.
(2) Calculated utilizing an actual day count convention.

Source: b1BANK