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500 Laurel Street
Baton Rouge, LA 70801
Phone: 877.614.7600

FOR IMMEDIATE RELEASE
July 23, 2026



Media Contact: Misty Albrecht
b1BANK
225.286.7879
media@b1BANK.com
Business First Bancshares, Inc., Announces Financial Results for Q2 2026
Baton Rouge, La. (July 23, 2026) – 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.

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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
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approximately $96.4 million, or 5.8% annualized, was offset by the sale of $88.3 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
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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.
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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.
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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.
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Special Note Regarding Forward-Looking Statements
Certain statements contained in this release may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could,” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including those factors specified in our Annual Report on Form 10-K and other public filings. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release.
Additional Information
For additional information about Business First, you may obtain Business First’s reports that are filed with the Securities and Exchange Commission (SEC) free of charge by using the SEC’s EDGAR service on the SEC’s website at www.SEC.gov or by contacting the SEC for further information at 1-800-SEC-0330. Alternatively, these documents can be obtained free of charge from Business First by directing a request to: Business First Bancshares, Inc., 500 Laurel Street, Suite 101, Baton Rouge, Louisiana 70801, Attention: Corporate Secretary.
No Offer or Solicitation
This release does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of Business First. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.





Investor Relations Contacts:

Gregory Robertson
337.721.2701
Gregory.Robertson@b1bank.com
Matt Sealy
225.388.6116
Matt.Sealy@b1bank.com


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Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months Ended
June 30, 2026March 31, 2026June 30, 2025
(Dollars in thousands)
Balance Sheet Ratios
Loans (HFI) to Deposits92.04 %89.54 %94.21 %
Shareholders' Equity to Assets Ratio11.33 11.13 10.67 
Loans Receivable Held for Investment (HFI)
Commercial$1,988,696 $1,943,412 $1,960,974 
Real Estate:
Commercial2,824,015 2,841,626 2,533,761 
Construction693,477 685,817 600,292 
Residential1,079,018 1,141,220 879,891 
Total Real Estate4,596,510 4,668,663 4,013,944 
Consumer and Other74,241 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 – Quarterly293 181 99 
Provision for Loan Losses – Quarterly1,718 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 Loans0.04 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 More4,011 1,404 2,467 
Total Nonperforming Loans84,135 102,207 58,844 
Other Nonperforming Assets:
Other Real Estate Owned25,109 20,898 1,473 
Other Nonperforming Assets— — — 
Total Other Nonperforming Assets25,109 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 Assets1.23 1.38 0.76 
(1) Allowance for Credit Losses includes the Allowance for Loan Loss and Reserve for Unfunded Commitments.

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Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
(Dollars in thousands, except per share data)
Per Share Data
Basic Earnings per Common Share$0.70 $0.68 $0.70 $1.38 $1.36 
Diluted Earnings per Common Share0.70 0.68 0.70 1.37 1.35 
Dividends per Common Share0.15 0.15 0.14 0.30 0.28 
Book Value per Common Share28.79 28.18 26.23 28.79 26.23 
Average Common Shares Outstanding32,589,95132,579,93429,517,49532,584,97029,354,228
Average Diluted Common Shares Outstanding32,763,60832,785,55429,586,97532,778,19929,500,061
End of Period Common Shares Outstanding32,535,65932,624,88729,602,97032,535,65929,602,970
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 Equity931,020 922,037 765,884 926,553 754,470 
Other Expenses
Salaries and Employee Benefits$33,120 $33,039 $28,317 $66,159 $57,814 
Occupancy and Equipment Expense8,279 8,122 7,162 16,401 14,518 
Advertising and Promotions2,606 1,508 1,088 4,114 2,379 
Communications638 652 590 1,290 1,181 
Ad Valorem Shares Tax977 978 1,125 1,955 2,250 
Data Processing Fees3,317 3,712 5,321 7,029 8,557 
Directors' Fees247 260 193 507 472 
Insurance432 411 435 424 843 839 
Legal and Other Professional Fees1,661 1,085 1,093 2,746 2,106 
Office Supplies and Printing278 313 300 591 611 
Regulatory Assessments1,534 984 933 2,518 2,190 
Merger and Conversion-Related Expenses303 1,377 210 1,680 460 
Other6,133 5,030 4,439 11,163 8,407 
Total Other Expenses$59,525 $57,471 $51,206 $116,996 $101,784 
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Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
(Dollars in thousands, except per share data)
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 Loans1,583 1,341 781 2,924 2,037 
Debit Card and ATM Fee Income2,415 2,306 1,958 4,721 3,816 
Cash Value of Life Insurance Income902 831 758 1,733 1,566 
Fees and Brokerage Commission2,387 2,261 1,980 4,648 4,128 
Pass-Through Income (Loss) from Other Investments14 135 (246)149 505 
Gain on Extinguishment/Redemption of Debt545 — — 545 630 
Gain on Branch Sale— — 3,360 — 3,360 
Swap Fee Income385 1,537 808 1,922 1,547 
Other2,545 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.
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Business First Bancshares, Inc.
Consolidated Balance Sheets
(Unaudited)
June 30, 2026March 31, 2026June 30, 2025
(Dollars in thousands)
Assets
Cash and Due From Banks$575,604 $589,804 $495,757 
Federal Funds Sold95,535 88,257 39,296 
Securities Purchased under Agreements to Resell30,702 30,743 25,433 
Securities Available for Sale, at Fair Values1,041,133 1,045,817 926,450 
Mortgage Loans Held for Sale2,838 480 677 
Loans and Lease Receivable6,659,447 6,684,263 6,047,650 
Allowance for Loan Losses(62,458)(63,655)(58,496)
Net Loans and Lease Receivable6,596,989 6,620,608 5,989,154 
Premises and Equipment, Net88,925 88,421 79,007 
Accrued Interest Receivable38,969 38,176 36,738 
Other Equity Securities51,302 40,047 48,736 
Other Real Estate Owned25,109 20,898 1,473 
Cash Value of Life Insurance139,169 132,682 118,707 
Deferred Taxes, Net21,561 22,959 25,222 
Goodwill135,222 133,564 121,146 
Core Deposit and Customer Intangibles33,267 29,409 15,775 
Other Assets27,181 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-Bearing5,651,994 5,889,863 5,008,943 
Total Deposits7,235,556 7,464,949 6,419,651 
Securities Sold Under Agreements to Repurchase24,442 21,594 22,557 
Federal Home Loan Bank Borrowings442,494 260,792 492,946 
Subordinated Debt114,250 92,472 92,645 
Subordinated Debt - Trust Preferred Securities9,678 9,666 5,000 
Accrued Interest Payable3,774 3,692 4,829 
Other Liabilities64,735 62,467 62,226 
Total Liabilities7,894,929 7,915,632 7,099,854 
Shareholders' Equity
Preferred Stock71,930 71,930 71,930 
Common Stock32,536 32,625 29,603 
Additional Paid-In Capital578,087 580,640 502,046 
Retained Earnings361,846 343,890 292,629 
Accumulated Other Comprehensive Loss(35,822)(37,909)(47,768)
Total Shareholders' Equity1,008,577 991,176 848,440 
Total Liabilities and Shareholders' Equity$8,903,506 $8,906,808 $7,948,294 
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Business First Bancshares, Inc.
Consolidated Statements of Income
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
(Dollars in thousands, except per share data)
Interest Income:
Interest and Fees on Loans$111,780 $109,146 $104,028 $220,926 $207,020 
Interest and Dividends on Securities9,104 8,462 6,906 17,566 13,520 
Interest on Federal Funds Sold and Due From Banks4,766 4,886 3,916 9,652 8,003 
Total Interest Income125,650 122,494 114,850 248,144 228,543 
Interest Expense:
Interest on Deposits41,251 42,758 41,546 84,009 83,985 
Interest on Borrowings6,555 4,541 6,262 11,096 11,533 
Total Interest Expense47,806 47,299 47,808 95,105 95,518 
Net Interest Income77,844 75,195 67,042 153,039 133,025 
Provision for Credit Losses1,991 2,278 2,225 4,269 5,037 
Net Interest Income After Provision for Credit Losses75,853 72,917 64,817 148,770 127,988 
Other Income:
Service Charges on Deposit Accounts3,197 3,142 2,633 6,339 5,493 
Gain (Loss) on Sales of Securities(6)80 (47)74 (48)
Gain on Sales of Loans1,583 1,341 781 2,924 2,037 
Other Income9,193 9,487 11,048 18,680 20,159 
Total Other Income13,967 14,050 14,415 28,017 27,641 
Other Expenses:
Salaries and Employee Benefits33,120 33,039 28,317 66,159 57,814 
Occupancy and Equipment Expense8,279 8,122 7,162 16,401 14,518 
Merger and Conversion-Related Expense303 1,377 210 1,680 460 
Other Expenses17,823 14,933 15,517 32,756 28,992 
Total Other Expenses59,525 57,471 51,206 116,996 101,784 
Income Before Income Taxes30,295 29,496 28,026 59,791 53,845 
Provision for Income Taxes6,120 5,932 5,923 12,052 11,199 
Net Income24,175 23,564 22,103 47,739 42,646 
Preferred Stock Dividends1,350 1,350 1,350 2,700 2,700 
Net Income Available to Common Shareholders$22,825 $22,214 $20,753 $45,039 $39,946 
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Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Three Months Ended
June 30, 2026March 31, 2026June 30, 2025
(Dollars in thousands)Average Outstanding BalanceInterest Earned / Interest PaidAverage Yield / RateAverage Outstanding BalanceInterest Earned / Interest PaidAverage Yield / RateAverage Outstanding BalanceInterest Earned / Interest PaidAverage 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 %
Securities1,068,191 9,104 3.42 1,065,447 8,462 3.22 937,099 6,906 2.96 
Securities Purchased under Agreements to Resell30,683 335 4.38 26,657 302 4.59 31,172 401 5.16 
Interest-Bearing Deposit in Other Banks509,177 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 Assets614,407 605,139 548,406 
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 Debt112,252 1,778 6.35 92,163 1,209 5.32 92,682 1,235 5.34 
Subordinated Debt - Trust Preferred Securities9,670 178 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 Borrowings22,206 142 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 Liabilities71,223 72,491 65,847 
Total Noninterest-Bearing Liabilities$1,589,623 $1,593,743 $1,358,109 
Shareholders' Equity:
Common Shareholders' Equity931,020 922,037 765,884 
Preferred Equity71,930 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 Spread2.99 %2.91 %2.88 %
Net Interest Income$77,844 $75,195 $67,042 
Net Interest Margin3.73 %3.65 %3.68 %
Overall Cost of Funds2.44 %2.45 %2.78 %
NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention.
b1BANK.com



15
Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Six Months Ended
June 30, 2026June 30, 2025
(Dollars in thousands)Average Outstanding BalanceInterest Earned / Interest PaidAverage Yield / RateAverage Outstanding BalanceInterest Earned / Interest PaidAverage Yield / Rate
Assets
Interest-Earning Assets:
Total Loans$6,728,183 $220,926 6.62 %$5,983,870 $207,020 6.98 %
Securities1,066,827 17,566 3.32 930,930 13,520 2.93 
Securities Purchased under Agreements to Resell28,681 637 4.48 40,950 1,052 5.18 
Interest-Bearing Deposit in Other Banks533,687 9,015 3.41 326,000 6,951 4.30 
Total Interest-Earning Assets8,357,378 248,144 5.99 7,281,750 228,543 6.33 
Allowance for Loan Losses(61,924)(55,829)
Noninterest-Earning Assets609,797 545,367 
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 Debt102,263 2,998 5.91 94,954 2,497 5.30 
Subordinated Debt - Trust Preferred Securities10,665 332 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 Borrowings21,124 271 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 Liabilities71,854 66,503 
Total Noninterest-Bearing Liabilities1,591,672 1,335,162 
Shareholders' Equity:
Common Shareholders' Equity926,553 754,470 
Preferred Equity71,930 71,930 
Total Shareholders' Equity998,483 826,400 
Total Liabilities and Shareholders' Equity$8,905,251 $7,771,288 
Net Interest Spread2.95 %2.90 %
Net Interest Income$153,039 $133,025 
Net Interest Margin3.69 %3.68 %
Overall Cost of Funds2.45 %2.80 %
NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention.
b1BANK.com



16
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
(Dollars in thousands, except per share data)
Interest Income:
Interest income$125,650 $122,494 $114,850 $248,144 $228,543 
Core interest income125,650 122,494 114,850 248,144 228,543 
Interest Expense:
Interest expense47,806 47,299 47,808 95,105 95,518 
Core interest expense47,806 47,299 47,808 95,105 95,518 
Provision for Credit Losses: (b)
Provision for credit losses1,991 2,278 2,225 4,269 5,037 
Core provision expense1,991 2,278 2,225 4,269 5,037 
Other Income:
Other income13,967 14,050 14,415 28,017 27,641 
Gain on former bank premises and equipment — (28)— (28)(155)
(Gain) loss on sale of securities6 (80)47 (74)48 
Gain on extinguishment/redemption of debt(545)— — (545)(630)
Gain on branch sale— — (3,360)— (3,360)
Core other income13,428 13,942 11,102 27,370 23,544 
Other Expense:
Other expense59,525 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 expense58,356 55,244 49,628 113,600 99,311 
Pre-Tax Income: (a)
Pre-tax income30,295 29,496 28,026 59,791 53,845 
Gain on former bank premises and equipment — (28)— (28)(155)
(Gain) loss on sale of securities6 (80)47 (74)48 
Gain on extinguishment/redemption of debt(545)— — (545)(630)
Gain on branch sale— — (3,360)— (3,360)
Acquisition-related expenses (2)
1,169 2,227 570 3,396 1,249 
Core conversion expenses— — 1,008 — 1,224 
 Core pre-tax income30,925 31,615 26,291 62,540 52,221 
Provision for Income Taxes: (1)
Provision for income taxes6,120 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 securities1 (17)10 (16)10 
Tax on gain on extinguishment/redemption of debt(115)— — (115)(133)
Tax on gain on branch sale— — (833)— (833)
Tax on acquisition-related expenses (2)
239 319 103 558 246 
Tax on core conversion expenses— — 213 — 259 
Core provision for income taxes6,245 6,228 5,416 12,473 10,715 
Preferred Dividends:
Preferred dividends1,350 1,350 1,350 2,700 2,700 
Core preferred dividends$1,350 $1,350 $1,350 $2,700 $2,700 
b1BANK.com



17
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
(Dollars in thousands, except per share data)
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 tax5 (63)37 (58)38 
Gain on extinguishment/redemption of debt, net of tax(430)— — (430)(497)
Gain on branch sale, net of tax— — (2,527)— (2,527)
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 shareholders23,330 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 securities6 (80)47 (74)48 
Gain on extinguishment/redemption of debt(545)— — (545)(630)
Gain on branch sale— — (3,360)— (3,360)
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 Outstanding32,763,60832,785,55429,586,97532,778,19929,500,061
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 extinguishment/redemption of debt, net of tax(0.01)— — (0.01)(0.02)
Gain on branch sale, net of tax— — (0.09)— (0.09)
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 extinguishment/redemption of debt(0.02)— — (0.02)(0.02)
Gain on branch sale— — (0.11)— (0.11)
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.
b1BANK.com



18

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
June 30, 2026March 31, 2026June 30, 2025
(Dollars in thousands, except per share data)
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' equity936,647 919,246 776,510 
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 outstanding32,535,65932,624,88729,602,970
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 assets10.52 %10.32 %9.77 %
Tangible common equity to tangible assets8.79 %8.65 %8.19 %
b1BANK.com



19
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
(Dollars in thousands, except per share data)
Total Quarterly Average Assets$8,916,954$8,893,419$7,791,371$8,905,251$7,771,288
Total Quarterly Average Common Equity931,020922,037765,884926,553754,470
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 tax5 (63)37 (58)38 
Gain on extinguishment/redemption of debt, net of tax(430)— — (430)(497)
Gain on branch sale, net of tax— — (2,527)— (2,527)
Acquisition-related expenses, net of tax930 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 income125,650 122,494 114,850 248,144 228,543 
Interest Expense:
Interest expense47,806 47,299 47,808 95,105 95,518 
Core interest expense47,806 47,299 47,808 95,105 95,518 
Other Income:
Other income13,967 14,050 14,415 28,017 27,641 
Gain on former bank premises and equipment — (28)— (28)(155)
(Gain) loss on sale of securities6 (80)47 (74)48 
Gain on extinguishment/redemption of debt(545)— — (545)(630)
Gain on branch sale— — (3,360)— (3,360)
Core other income13,428 13,942 11,102 27,370 23,544 
Other Expense:
Other expense59,525 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 
b1BANK.com



20
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
(Dollars in thousands, except per share data)
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.
b1BANK.com