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500 Laurel Street
Baton Rouge, LA 70801
Phone: 877.614.7600

FOR IMMEDIATE RELEASE
October 26, 2026



Media Contact: Misty Albrecht
b1BANK
225.286.7879
media@b1BANK.com
Business First Bancshares, Inc. Announces Financial Results for Q3 2026
Baton Rouge, La. (October 26, 2026) – Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended September 30, 2026. Business First reported net income available to common shareholders of $23.2 million or $0.71 per diluted common share, increases of $0.4 million and $0.01, respectively, compared to the linked quarter. On a non-GAAP basis, core net income available to common shareholders for the quarter ended September 30, 2026, which excludes certain income and expenses, was $26.0 million or $0.79 per diluted common share, increases of $2.7 million and $0.08 from the linked quarter.
“Our third quarter showed what disciplined execution can deliver,” said Jude Melville, chairman, president, and CEO of Business First. “We completed the conversion of Progressive Bank, and I’m grateful to our North Louisiana teammates and clients for helping make it a seamless transition. We grew loans and deposits at a balanced pace appropriate to our level of capital strength, and we did so while expanding our net interest margin by 12 basis points and keeping non-interest expenses in check. The result was higher earnings and stronger returns. Our team earned these results through disciplined execution, and we’ll keep that same focus as we continue to invest in the growing number of opportunities we’re seeing across our diversified footprint.”

On Thursday, October 22, 2026, Business First’s board of directors declared a quarterly preferred dividend in the amount of $18.75 per share, which is the full quarterly dividend of 1.875% based on the per annum rate of 7.50%. Additionally, the board of directors declared a quarterly common dividend based upon financial performance for the third quarter in the amount of $0.15 per share of common stock. The preferred and common dividends will be paid on November 30, 2026, or as soon thereafter as practicable, to the shareholders of record as of November 15, 2026.

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Quarterly Highlights
• Improving Core Performance. Return to common shareholders on average assets, on an annualized basis, was 1.04% for the quarter ended September 30, 2026, or 1.17% on a non-GAAP basis, compared to 1.03% or 1.05% on a non-GAAP basis for the linked quarter. Return to common shareholders on average equity on an annualized basis, was 9.75% for the quarter ended September 30, 2026, or 10.93% on a non-GAAP basis, compared to 9.83%, or 10.05% on a non-GAAP basis for the linked quarter.
• Margin Expansion. Net interest margin expanded 13 basis points (bps) to 3.86% for the quarter ended September 30, 2026, or 12 bps to 3.80% on a non-GAAP basis, respectively, compared to 3.73% or 3.68%, respectively, for the linked quarter. The expansion was driven by improvement in book yield on loans and a reduction in the overall cost of funding. The reduction in overall cost of funding was driven by decreases of $65.9 million in brokered deposits and $107.8 million in borrowings while core deposit costs remained flat.
• Loan and Deposit Growth. Loans grew by $121.4 million or 7.23%, annualized and deposits grew by $141.2 million or 7.74% annualized, led by our Houston, Texas and Southwest Louisiana markets.
• Capital and Share Repurchases. During the third quarter, as part of a previously announced stock repurchase program, Business First repurchased 204,160 shares, with a market value of $6.3 million, at a weighted average price of $30.81 per share. Common equity to total assets decreased from 10.52% to 10.39%. Business First has repurchased a total of 630,618 common shares under the existing stock repurchase program, since October 2025, or $17.6 million at a weighted average repurchase price per share of $27.88.
• Progressive Conversion. In August 2026, Business First successfully converted Progressive Bank’s core systems onto its platform.
Statement of Financial Condition
Loans
Loans held for investment increased $121.4 million or 1.82%, 7.23% annualized, compared to the linked quarter. The commercial real estate and construction portfolios increased $72.7 million and $80.7 million, respectively, compared to the linked quarter. The residential real estate portfolio decreased $30.6 million compared to the linked quarter.
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Credit Quality
Loans over 30 days past due at September 30, 2026 were $32.5 million or 0.48% of total loans, which was generally stable from the linked quarter. The ratio of nonperforming loans compared to loans held for investment decreased 2 bps to 1.24% at September 30, 2026, while the ratio of nonperforming assets compared to total assets also decreased by 1 bps to 1.22% compared to the linked quarter. Net charge-offs to average quarterly total loans increased to 8 bps for the quarter ended September 30, 2026, up from 4 bps in the linked quarter mainly attributable to one previously fully reserved commercial relationship.
Securities
The securities portfolio decreased $54.4 million or 5.23%, from the linked quarter, impacted by $24.2 million in negative pre-tax fair value adjustments and the remainder of the decrease attributed to maturities and paydowns. The securities portfolio, based on estimated fair value, represented 11.02% of total assets as of September 30, 2026.
Deposits
Deposits as of September 30, 2026 increased by $141.2 million or 1.95%, 7.74% annualized, compared to the linked quarter. During the third quarter, interest-bearing deposits increased $119.1 million or 2.11% and noninterest-bearing deposits increased $22.1 million or 1.40%. The increase in interest-bearing deposits was attributable to $180.1 million in commercial money market accounts, partially offset by a decrease of $65.9 million in brokered deposits. Average interest-bearing deposits decreased $9.5 million or 0.16%, and noninterest-bearing deposits increased $54.9 million or 3.62% from the linked quarter.
Borrowings
Borrowings decreased $107.8 million or 18.25%, from the linked quarter due primarily to decreases in short-term Federal Home Loan Bank advances.
Shareholders’ Equity
On a non-GAAP basis, tangible book value per common share increased from $23.61 at the linked quarter to $23.71 at September 30, 2026, 0.42% or 1.66% annualized, despite the negative pre-tax fair value adjustments. Shareholders' equity decreased $6.1 million or 0.60% compared to the linked quarter. Accumulated other comprehensive loss increased from $35.8 million to $54.9 million or 53.29%, during the quarter due to after-tax fair value adjustments in the securities portfolio. Book value per common share decreased to $28.77 at September 30, 2026, compared to $28.79 from the linked quarter.
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Results of Operations
Net Interest Income
For the quarter ended September 30, 2026, net interest income totaled $80.7 million, compared to $77.8 million from the linked quarter. Loan yields increased 11 bps to 6.74% compared to 6.63% from the linked quarter and interest-bearing asset yields increased 8 bps to 6.10% compared to 6.02% from the linked quarter. Net interest margin and net interest spread were 3.86% and 3.09% compared to 3.73% and 2.99% for the linked quarter. The overall cost of funds, which included noninterest-bearing deposits, decreased 4 bps from 2.44% to 2.40% for the quarter ended September 30, 2026.
Non-GAAP net interest income (excluding loan discount accretion of $1.2 million) totaled $79.4 million for the quarter ended September 30, 2026, compared to $76.8 million (excluding loan discount accretion of $1.0 million) for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.2 million) were 3.80% and 3.04%, respectively, for the quarter ended September 30, 2026, compared to 3.68% and 2.94% (excluding loan discount accretion of $1.0 million) for the linked quarter.
Provision for Credit Losses
During the quarter ended September 30, 2026, Business First recorded a provision for credit losses of $1.9 million, compared to $2.0 million from the linked quarter. At September 30, 2026, the ratio of allowance for credit losses to loans held for investment was 0.95%, compared to 1.02% for the linked quarter.
Other Income
For the quarter ended September 30, 2026, other income decreased $1.5 million or 10.42%, compared to the linked quarter. The decrease was largely attributable to a $0.8 million decrease in gain on sales of loans and the linked quarter’s $0.5 million gain on the redemption of debt.
Other Expenses
For the quarter ended September 30, 2026, other expenses increased $0.9 million or 1.58% compared to the linked quarter. The increase was largely attributable to increases of $1.8 million in occupancy and equipment expense and $1.1 million in merger and conversion-related expenses, partially offset by decreases of $0.5 million in each in advertising and promotions expense and salaries and employee benefits, $0.4 million in legal and other professional fees and $0.3 million in regulatory assessments. The increase in occupancy and equipment expense was largely attributable to a lease termination fee associated with better alignment of legacy b1BANK and Progressive corporate facilities.
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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 1.04% and 9.75% for the quarter ended September 30, 2026, compared to 1.03% and 9.83%, respectively, for the linked quarter. Non-GAAP return to common shareholders on average assets and common equity, each on an annualized basis, were 1.17% and 10.93% for the quarter ended September 30, 2026, compared to 1.05% and 10.05% for the linked quarter.
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Conference Call and Webcast
Executive management will host a conference call and webcast to discuss results on Monday, October 26, 2026, at 9:00 a.m. Central Time. Interested parties may attend the call by dialing toll-free 1-800-715-9871 (North America only), conference ID 8846141, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/uhshyz4m. On the day of the presentation, the corresponding slide presentation will be available to view on the b1BANK website at https://www.b1bank.com/shareholder-info.
About Business First Bancshares, Inc.
Business First Bancshares, Inc. (Nasdaq: BFST), through its banking subsidiary b1BANK, has $8.9 billion in assets, $5.5 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson, LLC (SSW) (not including $1.0 billion of b1BANK assets managed by SSW) and operates Banking Centers and Loan Production Offices in markets across Louisiana and Texas, providing commercial and personal banking products and services. b1BANK is a 2024 Mastercard “Innovation Award” winner and multiyear winner of American Banker Magazine’s “Best Banks to Work For.” Visit b1BANK.com for more information.
Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures (e.g., referenced as “core” or “tangible”) intended to supplement, not substitute for, comparable GAAP measures. “Core” measures typically adjust income available to common shareholders for certain significant activities or transactions that, in management’s opinion, can distort period-to-period comparisons of Business First’s performance. Transactions that are typically excluded from non-GAAP “core” measures include realized and unrealized gains/losses on former bank premises and equipment, investment sales, acquisition- related expenses (including, but not limited to, legal costs, system conversion costs, severance and retention payments, etc.). “Tangible” measures adjust common equity by subtracting goodwill, core deposit intangibles, and customer intangibles, net of accumulated amortization. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of Business First’s core business. These non- GAAP disclosures are not necessarily comparable to non-GAAP measures that may be presented by other companies. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of the tables below.

Special Note Regarding Forward-Looking Statements
Certain statements contained in this release may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act
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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
September 30, 2026June 30, 2026September 30, 2025
(Dollars in thousands)
Balance Sheet Ratios
Loans (HFI) to Deposits91.92 %92.04 %92.53 %
Shareholders' Equity to Assets Ratio11.19 11.33 11.04 
Loans Receivable Held for Investment (HFI)
Commercial$1,990,998 $1,988,696 $1,920,813 
Real Estate:
Commercial2,896,707 2,824,015 2,462,617 
Construction774,170 693,477 638,907 
Residential1,048,400 1,079,018 927,456 
Total Real Estate4,719,277 4,596,510 4,028,980 
Consumer and Other70,612 74,241 71,262 
Total Loans (Held for Investment)$6,780,887 $6,659,447 $6,021,055 
Allowance for Loan Losses
Balance, Beginning of Period$62,458 $63,655 $58,496 
Charge-offs – Quarterly(5,787)(3,208)(3,415)
Recoveries – Quarterly284 293 348 
Provision for Loan Losses – Quarterly2,640 1,718 1,633 
Balance, End of Period$59,595 $62,458 $57,062 
Allowance for Loan Losses to Total Loans (HFI)0.88 %0.94 %0.95 %
Allowance for Credit Losses to Total Loans (HFI) (1)
0.95 1.02 1.03 
Net Charge-offs to Average Quarterly Total Loans0.08 0.04 0.05 
Remaining Loan Purchase Discount$6,119 $7,341 $8,943 
Nonperforming Assets
Nonperforming Loans:
Nonaccrual Loans$80,363 $80,124 $45,362 
Loans Past Due 90 Days or More3,701 4,011 3,929 
Total Nonperforming Loans84,064 84,135 49,291 
Other Nonperforming Assets:
Other Real Estate Owned24,761 25,109 16,766 
Other Nonperforming Assets— — — 
Total Other Nonperforming Assets24,761 25,109 16,766 
Total Nonperforming Assets$108,825 $109,244 $66,057 
Nonperforming Loans to Total Loans (HFI)1.24 %1.26 %0.82 %
Nonperforming Assets to Total Assets1.22 1.23 0.83 
(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 EndedNine Months Ended
September 30, 2026June 30, 2026September 30, 2025September 30, 2026September 30, 2025
(Dollars in thousands, except per share data)
Per Share Data
Basic Earnings per Common Share$0.71 $0.70 $0.73 $2.10 $2.09 
Diluted Earnings per Common Share0.71 0.70 0.73 2.08 2.08 
Dividends per Common Share0.15 0.15 0.14 0.45 0.42 
Book Value per Common Share28.77 28.79 27.23 28.77 27.23 
Average Common Shares Outstanding32,504,21732,589,95129,544,42532,558,01729,363,138
Average Diluted Common Shares Outstanding32,730,92332,763,60829,656,63932,766,62829,495,049
End of Period Common Shares Outstanding32,345,72332,535,65929,615,37032,345,72329,615,370
Annualized Performance Ratios
Return to Common Shareholders on Average Assets (1)
1.04 %1.03 %1.08 %1.03 %1.05 %
Return to Common Shareholders on Average Common Equity (1)
9.75 9.83 10.80 9.78 10.74 
Net Interest Margin (1)
3.86 3.73 3.68 3.75 3.68 
Net Interest Spread (1)
3.09 2.99 2.85 3.00 2.88 
Efficiency Ratio (2)
64.88 64.83 60.45 64.72 62.37 
Total Quarterly/Year-to-Date Average Assets$8,845,047 $8,916,954 $7,921,159 $8,886,084 $7,825,828 
Total Quarterly/Year-to-Date Average Common Equity944,333 931,020 790,148 932,545 764,959 
Other Expenses
Salaries and Employee Benefits$32,582 $33,120 $27,613 $98,741 $85,427 
Occupancy and Equipment Expense10,078 8,279 7,284 26,479 21,802 
Advertising and Promotions2,064 2,606 1,205 6,178 3,584 
Communications773 638 582 2,063 1,763 
Ad Valorem Shares Tax978 977 1,125 2,933 3,375 
Data Processing Fees3,084 3,317 3,972 10,113 12,529 
Directors' Fees308 247 261 815 733 
Insurance188 432 420 424 1,031 1,248 
Legal and Other Professional Fees1,236 1,661 1,024 3,982 3,130 
Office Supplies and Printing268 278 286 859 897 
Regulatory Assessments1,209 1,534 1,142 3,727 3,332 
Merger and Conversion-Related Expenses1,395 303 477 3,075 937 
Other6,302 6,133 3,491 17,465 11,909 
Total Other Expenses$60,465 $59,525 $48,882 $177,461 $150,666 
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Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months EndedNine Months Ended
September 30, 2026June 30, 2026September 30, 2025September 30, 2026September 30, 2025
(Dollars in thousands, except per share data)
Other Income
Service Charges on Deposit Accounts$3,340 $3,197 $2,565 $9,679 $8,058 
(Loss) Gain on Sales of Securities(21)(6)77 53 29 
Gain on Sales of Loans814 1,583 624 3,738 2,661 
Debit Card and ATM Fee Income2,380 2,415 1,915 7,101 5,731 
Cash Value of Life Insurance Income979 902 802 2,712 2,368 
Fees and Brokerage Commission2,458 2,387 1,880 7,106 6,008 
Pass-Through (Loss) Income from Other Investments(135)14 133 14 638 
Gain on Extinguishment/Redemption of Debt— 545 — 545 630 
Gain on Branch Sale— — — — 3,360 
Swap Fee Income626 385 1,065 2,548 2,612 
Other2,071 2,545 2,610 7,033 7,217 
Total Other Income$12,512 $13,967 $11,671 $40,529 $39,312 
(1) Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an actual day count convention.
(2) Noninterest expense (excluding provision for loan losses) divided by noninterest income plus net interest income less gain/loss on sales of securities.
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Business First Bancshares, Inc.
Consolidated Balance Sheets
(Unaudited)
September 30, 2026June 30, 2026September 30, 2025
(Dollars in thousands)
Assets
Cash and Due From Banks$490,037 $575,604 $399,079 
Federal Funds Sold110,738 95,535 101,103 
Securities Purchased under Agreements to Resell79,214 30,702 25,518 
Securities Available for Sale, at Fair Values986,704 1,041,133 985,938 
Mortgage Loans Held for Sale254 2,838 433 
Loans and Lease Receivable6,780,887 6,659,447 6,021,055 
Allowance for Loan Losses(59,595)(62,458)(57,062)
Net Loans and Lease Receivable6,721,292 6,596,989 5,963,993 
Premises and Equipment, Net95,456 88,925 77,944 
Accrued Interest Receivable39,321 38,969 37,171 
Other Equity Securities39,984 51,302 44,313 
Other Real Estate Owned24,761 25,109 16,766 
Cash Value of Life Insurance140,148 139,169 119,509 
Deferred Taxes, Net24,853 21,561 21,433 
Goodwill131,743 135,222 121,146 
Core Deposit and Customer Intangibles31,983 33,267 15,136 
Other Assets39,474 27,181 24,380 
Total Assets$8,955,962 $8,903,506 $7,953,862 
Liabilities
Deposits
Noninterest-Bearing$1,605,682 $1,583,562 $1,366,558 
Interest-Bearing5,771,116 5,651,994 5,140,304 
Total Deposits7,376,798 7,235,556 6,506,862 
Securities Sold Under Agreements to Repurchase24,896 24,442 29,896 
Federal Home Loan Bank Borrowings334,189 442,494 367,408 
Subordinated Debt114,250 114,250 92,587 
Subordinated Debt - Trust Preferred Securities9,689 9,678 5,000 
Accrued Interest Payable3,126 3,774 4,064 
Other Liabilities90,498 64,735 69,605 
Total Liabilities7,953,446 7,894,929 7,075,422 
Shareholders' Equity
Preferred Stock71,930 71,930 71,930 
Common Stock32,346 32,536 29,615 
Additional Paid-In Capital572,968 578,087 503,325 
Retained Earnings380,182 361,846 309,999 
Accumulated Other Comprehensive Loss(54,910)(35,822)(36,429)
Total Shareholders' Equity1,002,516 1,008,577 878,440 
Total Liabilities and Shareholders' Equity$8,955,962 $8,903,506 $7,953,862 
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Business First Bancshares, Inc.
Consolidated Statements of Income
(Unaudited)
Three Months EndedNine Months Ended
September 30, 2026June 30, 2026September 30, 2025September 30, 2026September 30, 2025
(Dollars in thousands, except per share data)
Interest Income:
Interest and Fees on Loans$113,263 $111,780 $106,662 $334,189 $313,682 
Interest and Dividends on Securities9,207 9,104 7,554 26,773 21,074 
Interest on Federal Funds Sold and Due From Banks5,047 4,766 4,472 14,699 12,475 
Total Interest Income127,517 125,650 118,688 375,661 347,231 
Interest Expense:
Interest on Deposits41,511 41,251 43,358 125,520 127,343 
Interest on Borrowings5,342 6,555 6,054 16,438 17,587 
Total Interest Expense46,853 47,806 49,412 141,958 144,930 
Net Interest Income80,664 77,844 69,276 233,703 202,301 
Provision for Credit Losses1,938 1,991 3,183 6,207 8,220 
Net Interest Income After Provision for Credit Losses78,726 75,853 66,093 227,496 194,081 
Other Income:
Service Charges on Deposit Accounts3,340 3,197 2,565 9,679 8,058 
(Loss) Gain on Sales of Securities(21)(6)77 53 29 
Gain on Sales of Loans814 1,583 624 3,738 2,661 
Other Income8,379 9,193 8,405 27,059 28,564 
Total Other Income12,512 13,967 11,671 40,529 39,312 
Other Expenses:
Salaries and Employee Benefits32,582 33,120 27,613 98,741 85,427 
Occupancy and Equipment Expense10,078 8,279 7,284 26,479 21,802 
Merger and Conversion-Related Expense1,395 303 477 3,075 937 
Other Expenses16,410 17,823 13,508 49,166 42,500 
Total Other Expenses60,465 59,525 48,882 177,461 150,666 
Income Before Income Taxes30,773 30,295 28,882 90,564 82,727 
Provision for Income Taxes6,221 6,120 6,026 18,273 17,225 
Net Income24,552 24,175 22,856 72,291 65,502 
Preferred Stock Dividends1,351 1,350 1,351 4,051 4,051 
Net Income Available to Common Shareholders$23,201 $22,825 $21,505 $68,240 $61,451 
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Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Three Months Ended
September 30, 2026June 30, 2026September 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$6,670,021 $113,263 6.74 %$6,757,776 $111,780 6.63 %$6,036,622 $106,662 7.01 %
Securities1,054,664 9,207 3.46 1,068,191 9,104 3.42 978,502 7,554 3.06 
Securities Purchased under Agreements to Resell32,316 359 4.41 30,683 335 4.38 25,490 330 5.14 
Interest-Bearing Deposit in Other Banks533,251 4,688 3.49 509,177 4,431 3.49 419,413 4,142 3.92 
Total Interest-Earning Assets$8,290,252 $127,517 6.10 %$8,365,827 $125,650 6.02 %$7,460,027 $118,688 6.31 %
Allowance for Loan Losses(62,716)(63,280)(58,468)
Noninterest-Earning Assets617,511 614,407 519,600 
Total Assets$8,845,047 $127,517 $8,916,954 $125,650 $7,921,159 $118,688 
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Deposits$5,729,786 $41,511 2.87 %$5,739,241 $41,251 2.88 %$5,122,136 $43,358 3.36 %
Subordinated Debt114,250 1,874 6.51 112,252 1,778 6.35 92,624 1,235 5.29 
Subordinated Debt - Trust Preferred Securities9,682 185 7.56 9,670 178 7.40 5,000 100 7.93 
Advances from Federal Home Loan Bank (FHLB)300,381 3,120 4.12 441,012 4,457 4.05 424,287 4,547 4.25 
Other Borrowings24,958 163 2.59 22,206 142 2.58 26,176 172 2.61 
Total Interest-Bearing Liabilities$6,179,057 $46,853 3.01 %$6,324,381 $47,806 3.03 %$5,670,223 $49,412 3.46 %
Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits$1,573,300 $1,518,400 $1,315,064 
Other Liabilities76,427 71,223 73,794 
Total Noninterest-Bearing Liabilities1,649,727 1,589,623 1,388,858 
Shareholders' Equity:
Common Shareholders' Equity944,333 931,020 790,148 
Preferred Equity71,930 71,930 71,930 
Total Shareholders' Equity1,016,263 1,002,950 862,078 
Total Liabilities and Shareholders' Equity$8,845,047 $8,916,954 $7,921,159 
Net Interest Spread3.09 %2.99 %2.85 %
Net Interest Income$80,664 $77,844 $69,276 
Net Interest Margin3.86 %3.73 %3.68 %
Overall Cost of Funds2.40 %2.44 %2.81 %
NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention.
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14
Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Nine Months Ended
September 30, 2026September 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$6,708,583 $334,189 6.66 %$6,001,647 $313,682 6.99 %
Securities1,062,728 26,773 3.37 946,961 21,074 2.98 
Securities Purchased under Agreements to Resell29,906 996 4.45 35,740 1,382 5.17 
Interest-Bearing Deposit in Other Banks533,540 13,703 3.43 361,760 11,093 4.10 
Total Interest-Earning Assets$8,334,757 $375,661 6.03 %$7,346,108 $347,231 6.32 %
Allowance for Loan Losses(62,191)(56,718)
Noninterest-Earning Assets613,518 536,438 
Total Assets$8,886,084 $375,661 $7,825,828 $347,231 
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Deposits$5,783,862 $125,520 2.90 %$5,103,928 $127,343 3.34 %
Subordinated Debt106,303 4,872 6.13 94,169 3,732 5.30 
Subordinated Debt - Trust Preferred Securities10,334 516 6.68 5,000 299 8.03 
Advances from Federal Home Loan Bank (FHLB)346,337 10,615 4.10 411,444 13,136 4.27 
Other Borrowings22,416 435 2.59 21,699 420 2.59 
Total Interest-Bearing Liabilities$6,269,252 $141,958 3.03 %$5,636,240 $144,930 3.44 %
Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits$1,537,842 $1,284,745 
Other Liabilities74,515 67,954 
Total Noninterest-Bearing Liabilities1,612,357 1,352,699 
Shareholders' Equity:
Common Shareholders' Equity932,545 764,959 
Preferred Equity71,930 71,930 
Total Shareholders' Equity1,004,475 836,889 
Total Liabilities and Shareholders' Equity$8,886,084 $7,825,828 
Net Interest Spread3.00 %2.88 %
Net Interest Income$233,703 $202,301 
Net Interest Margin3.75 %3.68 %
Overall Cost of Funds2.43 %2.80 %
NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention.
b1BANK.com



15
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedNine Months Ended
September 30, 2026June 30, 2026September 30, 2025September 30, 2026September 30, 2025
(Dollars in thousands, except per share data)
Interest Income:
Interest income$127,517 $125,650 $118,688 $375,661 $347,231 
Core interest income127,517 125,650 118,688 375,661 347,231 
Interest Expense:
Interest expense46,853 47,806 49,412 141,958 144,930 
Core interest expense46,853 47,806 49,412 141,958 144,930 
Provision for Credit Losses: (b)
Provision for credit losses1,938 1,991 3,183 6,207 8,220 
Core provision expense1,938 1,991 3,183 6,207 8,220 
Other Income:
Other income12,512 13,967 11,671 40,529 39,312 
Gain on former bank premises and equipment — — — (28)(155)
Loss (gain) on sale of securities21 6 (77)(53)(29)
Gain on extinguishment/redemption of debt— (545)— (545)(630)
Gain on branch sale— — — — (3,360)
Core other income12,533 13,428 11,594 39,903 35,138 
Other Expense:
Other expense60,465 59,525 48,882 177,461 150,666 
Acquisition-related expenses (2)
(3,538)(1,169)(1,157)(6,934)(2,406)
Core conversion expenses— — (439)— (1,663)
Tax credit - ERC— — 1,997 — 1,997 
 Core other expense56,927 58,356 49,283 170,527 148,594 
Pre-Tax Income: (a)
Pre-tax income30,773 30,295 28,882 90,564 82,727 
Gain on former bank premises and equipment — — — (28)(155)
Loss (gain) on sale of securities21 6 (77)(53)(29)
Gain on extinguishment/redemption of debt— (545)— (545)(630)
Gain on branch sale— — — — (3,360)
Acquisition-related expenses (2)
3,538 1,169 1,157 6,934 2,406 
Core conversion expenses— — 439 — 1,663 
Tax credit - ERC— — (1,997)— (1,997)
 Core pre-tax income34,332 30,925 28,404 96,872 80,625 
Provision for Income Taxes: (1)
Provision for income taxes6,221 6,120 6,026 18,273 17,225 
Tax on gain on former bank premises and equipment— — — (6)(33)
Tax on loss (gain) on sale of securities5 1 (16)(11)(6)
Tax on gain on extinguishment/redemption of debt— (115)— (115)(133)
Tax on gain on branch sale— — — — (833)
Tax on acquisition-related expenses (2)
743 239 157 1,301 403 
Tax on core conversion expenses— — 93 — 352 
Tax on tax credit - ERC— — (422)— (422)
Core provision for income taxes6,969 6,245 5,838 19,442 16,553 
Preferred Dividends:
Preferred dividends1,351 1,350 1,351 4,051 4,051 
Core preferred dividends$1,351 $1,350 $1,351 $4,051 $4,051 
b1BANK.com



16
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedNine Months Ended
September 30, 2026June 30, 2026September 30, 2025September 30, 2026September 30, 2025
(Dollars in thousands, except per share data)
Net Income Available to Common Shareholders:
Net income available to common shareholders$23,201 $22,825 $21,505 $68,240 $61,451 
Gain on former bank premises and equipment, net of tax— — — (22)(122)
Loss (gain) on sale of securities, net of tax16 5 (61)(42)(23)
Gain on extinguishment/redemption of debt, net of tax— (430)— (430)(497)
Gain on branch sale, net of tax— — — — (2,527)
Acquisition-related expenses (2), net of tax
2,795 930 1,000 5,633 2,003 
Core conversion expenses, net of tax— — 346 — 1,311 
Tax Credit - ERC, net of tax— — (1,575)— (1,575)
Core net income available to common shareholders26,012 23,330 21,215 73,379 60,021 
 Pre-tax, pre-provision earnings available to common shareholders (a+b)(3)
32,711 32,286 32,065 96,771 90,947 
Gain on former bank premises and equipment— — — (28)(155)
Loss (gain) on sale of securities21 6 (77)(53)(29)
Gain on extinguishment/redemption of debt— (545)— (545)(630)
Gain on branch sale— — — — (3,360)
Acquisition-related expenses (2)
3,538 1,169 1,157 6,934 2,406 
Core conversion expenses— — 439 — 1,663 
Tax credit - ERC— — (1,997)— (1,997)
Core pre-tax, pre-provision earnings$36,270 $32,916 $31,587 $103,079 $88,845 
Average Diluted Common Shares Outstanding32,730,92332,763,60829,656,63932,766,62829,495,049
Diluted Earnings Per Common Share:
Diluted earnings per common share$0.71 $0.70 $0.73 $2.08 $2.08 
Gain on former bank premises and equipment, net of tax— — — — — 
Loss (gain) on sale of securities, net of tax— — — — — 
Gain on extinguishment/redemption of debt, net of tax— (0.01)— (0.01)(0.02)
Gain on branch sale, net of tax— — — — (0.09)
Acquisition-related expenses (2), net of tax
0.08 0.02 0.03 0.17 0.07 
Core conversion expenses, net of tax— — 0.01 — 0.04 
Tax credit - ERC, net of taxes— — (0.05)— (0.05)
Core diluted earnings per common share$0.79 $0.71 $0.72 $2.24 $2.03 
Pre-tax, pre-provision profit diluted earnings per common share$1.00 $0.99 $1.08 $2.95 $3.08 
Gain on former bank premises and equipment— — — — (0.01)
Loss (gain) on sale of securities— — — — — 
Gain on extinguishment/redemption of debt— (0.02)— (0.02)(0.02)
Gain on branch sale— — — — (0.11)
Acquisition-related expenses (2)
0.11 0.04 0.04 0.21 0.08 
Core conversion expenses— — 0.02 — 0.06 
Tax credit - ERC— — (0.07)— (0.07)
Core pre-tax, pre-provision diluted earnings per common share$1.11 $1.01 $1.07 $3.14 $3.01 
(1) Tax rates, exclusive of certain nondeductible merger-related expenses and goodwill, utilized were 21.129% for 2026 and 2025. These rates approximated the marginal tax rates.
(2) Includes merger and conversion-related expenses, salary and other incremental merger-related expense.
(3) Before preferred dividends.
b1BANK.com



17

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
September 30, 2026June 30, 2026September 30, 2025
(Dollars in thousands, except per share data)
Total Shareholders' (Common) Equity:
     Total shareholders' equity$1,002,516 $1,008,577 $878,440 
     Preferred stock(71,930)(71,930)(71,930)
     Total common shareholders' equity930,586 936,647 806,510 
Goodwill(131,743)(135,222)(121,146)
Core deposit and customer intangible(31,983)(33,267)(15,136)
  Total tangible common equity$766,860 $768,158 $670,228 
Total Assets:
     Total assets$8,955,962 $8,903,506 $7,953,862 
Goodwill(131,743)(135,222)(121,146)
Core deposit and customer intangible(31,983)(33,267)(15,136)
  Total tangible assets$8,792,236 $8,735,017 $7,817,580 
Common shares outstanding32,345,72332,535,65929,615,370
Book value per common share$28.77 $28.79 $27.23 
Tangible book value per common share$23.71 $23.61 $22.63 
Common equity to total assets10.39 %10.52 %10.14 %
Tangible common equity to tangible assets8.72 %8.79 %8.57 %
b1BANK.com



18
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedNine Months Ended
September 30, 2026June 30, 2026September 30, 2025September 30, 2026September 30, 2025
(Dollars in thousands, except per share data)
Total Quarterly Average Assets$8,845,047$8,916,954$7,921,159$8,886,084$7,825,828
Total Quarterly Average Common Equity944,333931,020790,148932,545764,959
Net Income Available to Common Shareholders:
Net income available to common shareholders$23,201 $22,825 $21,505 $68,240 $61,451 
Gain on former bank premises and equipment, net of tax— — — (22)(122)
Loss (gain) on sale of securities, net of tax16 5 (61)(42)(23)
Gain on extinguishment/redemption of debt, net of tax— (430)— (430)(497)
Gain on branch sale, net of tax— — — — (2,527)
Acquisition-related expenses, net of tax2,795 930 1,000 5,633 2,003 
Core conversion expenses, net of tax— — 346 — 1,311 
Tax credit - ERC, net of tax— — (1,575)— (1,575)
Core net income available to common shareholders$26,012 $23,330 $21,215 $73,379 $60,021 
Return to common shareholders on average assets (annualized) (2)
1.04 %1.03 %1.08 %1.03 %1.05 %
Core return on average assets (annualized) (2)
1.17 1.05 1.06 1.10 1.03 
Return to common shareholders on average common equity (annualized) (2)
9.75 9.83 10.80 9.78 10.74 
Core return on average common equity (annualized) (2)
10.93 10.05 10.65 10.52 10.49 
Interest Income:
Interest income$127,517 $125,650 $118,688 $375,661 $347,231 
Core interest income127,517 125,650 118,688 375,661 347,231 
Interest Expense:
Interest expense46,853 47,806 49,412 141,958 144,930 
Core interest expense46,853 47,806 49,412 141,958 144,930 
Other Income:
Other income12,512 13,967 11,671 40,529 39,312 
Gain on former bank premises and equipment — — — (28)(155)
Loss (gain) on sale of securities21 6 (77)(53)(29)
Gain on extinguishment/redemption of debt— (545)— (545)(630)
Gain on branch sale— — — — (3,360)
Core other income12,533 13,428 11,594 39,903 35,138 
Other Expense:
Other expense60,465 59,525 48,882 177,461 150,666 
Acquisition-related expenses(3,538)(1,169)(1,157)(6,934)(2,406)
Core conversion expenses— — (439)— (1,663)
Tax credit - ERC— — 1,997 — 1,997 
Core other expense$56,927 $58,356 $49,283 $170,527 $148,594 
Efficiency Ratio:
Other expense (a)$60,465 $59,525 $48,882 $177,461 $150,666 
Core other expense (c)56,927 58,356 49,283 170,527 148,594 
Net interest and other income (1) (b)
93,197 91,817 80,870 274,179 241,584 
Core net interest and other income (1) (d)
93,197 91,272 80,870 273,606 237,439 
Efficiency ratio (a/b)64.88 %64.83 %60.45 %64.72 %62.37 %
Core efficiency ratio (c/d)61.08 63.94 60.94 62.33 62.58 
Total Average Interest-Earning Assets$8,290,252 $8,365,827 $7,460,027 $8,334,757 $7,346,108 
b1BANK.com



19
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedNine Months Ended
September 30, 2026June 30, 2026September 30, 2025September 30, 2026September 30, 2025
(Dollars in thousands, except per share data)
Net Interest Income:
Net interest income$80,664 $77,844 $69,276 $233,703 $202,301 
Loan discount accretion(1,221)(995)(1,111)(3,355)(2,671)
Net interest income excluding loan discount accretion$79,443 $76,849 $68,165 $230,348 $199,630 
Net interest margin (2)
3.86 %3.73 %3.68 %3.75 %3.68 %
Net interest margin excluding loan discount accretion (2)
3.80 3.68 3.63 3.70 3.63 
Net interest spread (2)
3.09 2.99 2.85 3.00 2.88 
Net interest spread excluding loan discount accretion (2)
3.04 2.94 2.80 2.94 2.83 
(1) Excludes gains/losses on sales of securities.
(2) Calculated utilizing an actual day count convention.
b1BANK.com