Document

Baton Rouge, La. (Jan. 23, 2026) – Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended Dec. 31, 2025. Business First reported net income available to common shareholders of $21.0 million or $0.71 per diluted common share, decreases of $0.5 million and $0.02, respectively, compared to the linked quarter. On a non-GAAP basis, core net income for the quarter ended Dec. 31, 2025, which excludes certain income and expenses, was $23.5 million or $0.79 per diluted common share, increases of $2.3 million and $0.07 from the linked quarter.

"In the fourth quarter we continued to demonstrate increasing core profitability and tangible book value build as the logic of the investments we’ve made over the past few quarters becomes reality through our team’s successful performance,” said Jude Melville, chairman, president, and CEO of Business First. “Our profitability increased significantly year over year whether measured by ROAA, in absolute dollars, or earnings per share. We expect these positive trends to continue over the course of 2026 as we focus on organic growth, efficient execution and thorough follow-through."

On Thursday, Jan. 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 fourth quarter in the amount of $0.15 per share of common stock. The preferred and common dividends will be paid on Feb. 28, 2026, or as soon thereafter as practicable, to the shareholders of record as of Feb. 15, 2026.

• Strong Loan and Deposit Growth. Loans held for investment increased $168.4 million or 2.80%, 11.10% annualized, for the quarter ended Dec. 31, 2025. Deposits increased $191.7 million or 2.95%, 11.69% annualized, compared to the linked quarter. Average interest-bearing deposits increased $103.2 million or 2.01%, and noninterest-bearing deposits increased $15.0 million or 1.14%, from the linked quarter. The Southwest and Southeast Louisiana regions were responsible for the majority of the net loan production and deposit growth for the quarter.

• Stable Net Interest Margin (NIM). Net interest income totaled $70.9 million and net interest margin and net interest spread were 3.71% and 2.92%, respectively, compared to $69.3 million, 3.68% and 2.85% for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.4 million) were 3.64% and 2.84% for the quarter ended Dec. 31, 2025, compared to 3.63% and 2.80% (excluding loan discount accretion of $1.1 million) for the linked quarter.

• Improving Shareholder Value. During the fourth quarter, the board of directors approved a stock repurchase program, pursuant to which Business First repurchased 150,504 shares, with a market value of $3.7 million, at a weighted average price of $24.79 per share. Book value per common share increased to $27.95 at Dec. 31, 2025, compared to $27.23 at Sep. 30, 2025. On a non-GAAP basis, tangible book value per common share increased from $22.63 at the linked quarter to $23.36 at Dec. 31, 2025, 3.21% or 12.74% annualized.

Shareholders' equity increased $18.4 million or 2.10% compared to the linked quarter. Accumulated other comprehensive income (AOCI) increased $3.1 million or 8.62%, during the quarter due to positive after-tax fair value adjustments in the securities portfolio. Book value per common share increased to $27.95 at Dec. 31, 2025, compared to $27.23 at Sep. 30, 2025, due to strong earnings. On a non-GAAP basis, tangible book value per common share increased from $22.63 at the linked quarter to $23.36 at Dec. 31, 2025, 3.21% or 12.74% annualized.

For the quarter ended Dec. 31, 2025, net interest income totaled $70.9 million, compared to $69.3 million from the linked quarter. Loan yields decreased 13 bps to 6.88% compared to 7.01% from the linked quarter and interest-bearing asset yields decreased 14 bps to 6.17% compared to 6.31% from the linked quarter. Net interest margin and net interest spread were 3.71% and 2.92% compared to 3.68% and 2.85% for the linked quarter. The overall cost of funds, which included noninterest-bearing deposits, decreased 17 bps from 2.81% to 2.64% for the quarter ended Dec. 31, 2025. Reversal of previously accrued interest income on nonaccrual loans reduced the net interest margin by five bps for the quarter ended Dec. 31, 2025.

Non-GAAP net interest income (excluding loan discount accretion of $1.4 million) totaled $69.4 million for the quarter ended Dec. 31, 2025, compared to $68.2 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 $1.4 million) were 3.64% and 2.84%, respectively, for the quarter ended Dec. 31, 2025, compared to 3.63% and 2.80% (excluding loan discount accretion of $1.1 million) for the linked quarter.

For the quarter ended Dec. 31, 2025, other income increased $0.6 million or 4.79%, compared to the linked quarter. The increase was largely attributable to growth of $0.7 million in swap fee income, $0.3 million in fee and brokerage commissions and $0.3 million in other income, partially offset by a loss on disposal other assets of $1.0 million. Excluding the $1.0 million loss on disposal of other assets related to branch closures during the fourth quarter, other income was $13.2 million compared to $11.6 million for the linked quarter, an increase of $1.6 million, or 13.77%.

For the quarter ended Dec. 31, 2025, other expenses increased $3.5 million or 7.22% compared to the linked quarter. The increase was largely attributable to a $2.8 million increase in salaries and employee benefits. Salaries and benefits were impacted favorably during the third quarter due to a one-time $2.0 million tax credit refund. Excluding merger-related, core conversion expenses and tax refunds recognized in the current and linked quarters, other expenses were $50.2 million compared to $49.3 million for the linked quarter, an increase of $0.9 million, or 1.88%.

Executive management will host a conference call and webcast to discuss results on Thursday, January 22, 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 9526609, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/3h33e6zb. 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.

Business First Bancshares, Inc., (Nasdaq: BFST) through its banking subsidiary b1BANK, has $8.2 billion in assets, $5.7 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.

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.

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.

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.


Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
	Three Months Ended
	December 31, 2025			September 30, 2025			December 31, 2024
(Dollars in thousands)

Balance Sheet Ratios

Loans (HFI) to Deposits	92.40		%	92.53		%	91.86		%
Shareholders' Equity to Assets Ratio	10.92			11.04			10.18

Loans Receivable Held for Investment (HFI)

Commercial	$	1,921,833		$	1,920,813		$	1,868,675
Real Estate:
Commercial	2,611,279			2,462,617			2,483,223
Construction	639,069			638,907			670,502
Residential	944,065			927,456			884,533
Total Real Estate	4,194,413			4,028,980			4,038,258
Consumer and Other	73,244			71,262			74,466
Total Loans (Held for Investment)	$	6,189,490		$	6,021,055		$	5,981,399

Allowance for Loan Losses

Balance, Beginning of Period	$	57,062		$	58,496		$	42,154
Oakwood - PCD ALLL	—			—			8,410
Charge-offs – Quarterly	(7,153)			(3,415)			(2,290)
Recoveries – Quarterly	309			348			654
Provision for Loan Losses – Quarterly	3,741			1,633			5,912
Balance, End of Period	$	53,959		$	57,062		$	54,840

Allowance for Loan Losses to Total Loans (HFI)	0.87		%	0.95		%	0.92		%
Allowance for Credit Losses to Total Loans (HFI) (1)	0.94			1.03			0.98
Net Charge-offs (Recoveries) to Average Quarterly Total Loans	0.11			0.05			0.03

Remaining Loan Purchase Discount	$	7,489		$	8,943		$	12,121

Nonperforming Assets

Nonperforming Loans:
Nonaccrual Loans	$	74,471		$	45,362		$	24,147
Loans Past Due 90 Days or More	2,215			3,929			860
Total Nonperforming Loans	76,686			49,291			25,007
Other Nonperforming Assets:
Other Real Estate Owned	13,013			16,766			5,529
Other Nonperforming Assets	—			—			—
Total Other Nonperforming Assets	13,013			16,766			5,529
Total Nonperforming Assets	$	89,699		$	66,057		$	30,536

Nonperforming Loans to Total Loans (HFI)	1.24		%	0.82		%	0.42		%
Nonperforming Assets to Total Assets	1.09			0.83			0.39

(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									Twelve Months Ended
	December 31, 2025			September 30, 2025			December 31, 2024			December 31, 2025			December 31, 2024
(Dollars in thousands, except per share data)

Per Share Data

Basic Earnings per Common Share	$	0.71		$	0.73		$	0.52		$	2.81		$	2.27
Diluted Earnings per Common Share	0.71			0.73			0.51			2.79			2.26
Dividends per Common Share	0.15			0.14			0.14			0.57			0.56
Book Value per Common Share	27.95			27.23			24.62			27.95			24.62


Average Common Shares Outstanding	29,493,016			29,544,425			29,311,111			29,396,462			26,253,846
Average Diluted Common Shares Outstanding	29,669,253			29,656,639			29,520,781			29,545,702			26,452,084
End of Period Common Shares Outstanding	29,510,668			29,615,370			29,552,358			29,510,668			29,552,358


Annualized Performance Ratios

Return to Common Shareholders on Average Assets (1)	1.04		%	1.08		%	0.78		%	1.05		%	0.86		%
Return to Common Shareholders on Average Common Equity (1)	10.18			10.80			8.23			10.59			9.54
Net Interest Margin (1)	3.71			3.68			3.61			3.69			3.48
Net Interest Spread (1)	2.92			2.85			2.77			2.89			2.55
Efficiency Ratio (2)	63.10			60.45			63.91			62.55			65.42

Total Quarterly/Year-to-Date Average Assets	$	8,016,094		$	7,921,159		$	7,721,338		$	7,873,743		$	6,973,735
Total Quarterly/Year-to-Date Average Common Equity	818,617			790,148			731,820			778,480			625,914

Other Expenses

Salaries and Employee Benefits	$	30,426		$	27,613		$	28,101		$	115,853		$	103,917
Occupancy and Bank Premises	3,032			3,324			3,166			12,876			10,944
Depreciation and Amortization	2,049			2,036			2,278			8,313			7,540
Data Processing	3,227			3,972			3,856			15,756			11,957
FDIC Assessment Fees	850			988			1,009			3,883			3,598
Legal and Other Professional Fees	1,436			1,024			975			4,566			3,756
Advertising and Promotions	1,595			1,205			1,710			5,179			4,878
Utilities and Communications	768			767			775			3,011			2,883
Ad Valorem Shares Tax	870			1,125			1,357			4,245			4,057
Directors' Fees	224			261			290			957			1,085
Other Real Estate Owned Expenses and Write-Downs	254			355			182			659			301
Merger and Conversion-Related Expenses	1,257			477			168			2,194			1,236
Other	6,424			5,735			5,703			25,586			21,500
Total Other Expenses	$	52,412		$	48,882		$	49,570		$	203,078		$	177,652


Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 2024
(Dollars in thousands, except per share data)

Other Income

Service Charges on Deposit Accounts	$	2,646	$	2,565	$	2,878	$	10,704	$	10,577
Gain (Loss) on Sales of Securities	35		77		21		64		7
Debit Card and ATM Fee Income	1,970		1,915		2,069		7,701		7,659
Bank-Owned Life Insurance Income	783		802		990		3,151		2,875
Gain on Sales of Loans	777		624		252		3,438		2,973
Mortgage Origination Income	114		122		36		401		238
Fees and Brokerage Commission	2,172		1,880		2,063		8,180		7,844
Gain (Loss) on Sales of Other Real Estate Owned	312		470		40		570		89
Gain (Loss) on Disposal of Other Assets	(994)		—		—		(839)		(15)
Gain on Extinguishment of Debt	—		—		—		630		—
Gain on Branch Sale	—		—		—		3,360		—
Swap Fee Income	1,805		1,065		1,288		4,417		2,739
Pass-Through Income (Loss) from Other Investments	267		133		186		905		1,208
Other	2,343		2,018		2,034		8,860		7,999
Total Other Income	$	12,230	$	11,671	$	11,857	$	51,542	$	44,193

(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)

	December 31, 2025		September 30, 2025		December 31, 2024
(Dollars in thousands)

Assets

Cash and Due From Banks	$	411,175	$	399,079	$	319,098
Federal Funds Sold	172,393		101,103		197,669
Securities Purchased under Agreements to Resell	25,587		25,518		50,835
Securities Available for Sale, at Fair Values	989,229		985,938		893,549
Mortgage Loans Held for Sale	1,094		433		717
Loans and Lease Receivable	6,189,490		6,021,055		5,981,399
Allowance for Loan Losses	(53,959)		(57,062)		(54,840)
Net Loans and Lease Receivable	6,135,531		5,963,993		5,926,559
Premises and Equipment, Net	73,982		77,944		81,953
Accrued Interest Receivable	38,494		37,171		35,872
Other Equity Securities	49,342		44,313		41,100
Other Real Estate Owned	13,013		16,766		5,529
Cash Value of Life Insurance	120,292		119,509		117,645
Deferred Taxes, Net	20,477		21,433		29,591
Goodwill	121,146		121,146		121,572
Core Deposit and Customer Intangibles	14,497		15,136		17,252
Other Assets	28,488		24,380		18,149

Total Assets	$	8,214,740	$	7,953,862	$	7,857,090

Liabilities

Deposits
Noninterest-Bearing	$	1,322,074	$	1,366,558	$	1,357,045
Interest-Bearing	5,376,516		5,140,304		5,154,286
Total Deposits	6,698,590		6,506,862		6,511,331

Securities Sold Under Agreements to Repurchase	22,622		29,896		22,621
Federal Home Loan Bank Borrowings	431,200		367,408		355,875
Subordinated Debt	92,530		92,587		99,760
Subordinated Debt - Trust Preferred Securities	5,000		5,000		5,000
Accrued Interest Payable	4,166		4,064		5,969
Other Liabilities	63,749		69,605		57,068

Total Liabilities	7,317,857		7,075,422		7,057,624

Shareholders' Equity

Preferred Stock	71,930		71,930		71,930
Common Stock	29,511		29,615		29,552
Additional Paid-In Capital	502,155		503,325		500,024
Retained Earnings	326,574		309,999		260,958
Accumulated Other Comprehensive Loss	(33,287)		(36,429)		(62,998)

Total Shareholders' Equity	896,883		878,440		799,466

Total Liabilities and Shareholders' Equity	$	8,214,740	$	7,953,862	$	7,857,090


Business First Bancshares, Inc.
Consolidated Statements of Income
(Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 2024
(Dollars in thousands, except per share data)

Interest Income:
Interest and Fees on Loans	$	105,515	$	106,662	$	104,697	$	419,197	$	374,555
Interest and Dividends on Securities	7,942		7,554		7,310		29,016		25,259
Interest on Federal Funds Sold and Due From Banks	4,323		4,472		4,135		16,798		14,950
Total Interest Income	117,780		118,688		116,142		465,011		414,764

Interest Expense:
Interest on Deposits	41,580		43,358		44,862		168,923		165,094
Interest on Borrowings	5,338		6,054		5,551		22,925		22,287
Total Interest Expense	46,918		49,412		50,413		191,848		187,381

Net Interest Income	70,862		69,276		65,729		273,163		227,383

Provision for Credit Losses	3,098		3,183		6,712		11,318		10,873

Net Interest Income After Provision for Credit Losses	67,764		66,093		59,017		261,845		216,510

Other Income:
Service Charges on Deposit Accounts	2,646		2,565		2,878		10,704		10,577
Gain (Loss) on Sales of Securities	35		77		21		64		7
Gain on Sales of Loans	777		624		252		3,438		2,973
Other Income	8,772		8,405		8,706		37,336		30,636
Total Other Income	12,230		11,671		11,857		51,542		44,193

Other Expenses:
Salaries and Employee Benefits	30,426		27,613		28,101		115,853		103,917
Occupancy and Equipment Expense	6,809		7,284		7,087		28,611		23,989
Merger and Conversion-Related Expense	1,257		477		168		2,194		1,236
Other Expenses	13,920		13,508		14,214		56,420		48,510
Total Other Expenses	52,412		48,882		49,570		203,078		177,652

Income Before Income Taxes	27,582		28,882		21,304		110,309		83,051

Provision for Income Taxes	5,223		6,026		4,816		22,448		17,944

Net Income	22,359		22,856		16,488		87,861		65,107

Preferred Stock Dividends	1,350		1,351		1,350		5,401		5,401

Net Income Available to Common Shareholders	$	21,009	$	21,505	$	15,138	$	82,460	$	59,706


Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)

	Three Months Ended
	December 31, 2025						September 30, 2025						December 31, 2024
(Dollars in thousands)	Average Outstanding Balance		Interest Earned / Interest Paid		Average Yield / Rate		Average Outstanding Balance		Interest Earned / Interest Paid		Average Yield / Rate		Average Outstanding Balance		Interest Earned / Interest Paid		Average Yield / Rate

Assets

Interest-Earning Assets:
Total Loans	$	6,087,213	$	105,515	6.88	%	$	6,036,622	$	106,662	7.01	%	$	5,911,183	$	104,697	7.05	%
Securities	1,008,870		7,942		3.12		978,502		7,554		3.06		936,314		6,707		2.85
Securities Purchased under Agreements to Resell	25,579		310		4.81		25,490		330		5.14		44,252		603		5.42
Interest-Bearing Deposit in Other Banks	448,030		4,013		3.55		419,413		4,142		3.92		346,035		4,135		4.75
Total Interest-Earning Assets	7,569,692		117,780		6.17		7,460,027		118,688		6.31		7,237,784		116,142		6.38
Allowance for Loan Losses	(57,450)						(58,468)						(52,130)
Noninterest-Earning Assets	503,852						519,600						535,684
Total Assets	$	8,016,094	$	117,780			$	7,921,159	$	118,688			$	7,721,338	$	116,142

Liabilities and Shareholders' Equity

Interest-Bearing Liabilities:
Interest-Bearing Deposits	$	5,225,304	$	41,580	3.16		$	5,122,136	$	43,358	3.36		$	5,053,759	$	44,862	3.53
Subordinated Debt	92,564		1,220		5.23		92,624		1,235		5.29		99,797		1,331		5.31
Subordinated Debt - Trust Preferred Securities	5,000		96		7.58		5,000		100		7.93		5,000		107		8.51
Advances from Federal Home Loan Bank (FHLB)	369,410		3,837		4.12		424,287		4,547		4.25		373,236		3,975		4.24
Other Borrowings	28,197		185		2.60		26,176		172		2.61		21,569		138		2.55
Total Interest-Bearing Liabilities	$	5,720,475	$	46,918	3.25	%	$	5,670,223	$	49,412	3.46	%	$	5,553,361	$	50,413	3.61	%

Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits	$	1,330,023					$	1,315,064					$	1,292,623
Other Liabilities	75,049						73,794						71,604
Total Noninterest-Bearing Liabilities	1,405,072						1,388,858						1,364,227
Shareholders' Equity:
Common Shareholders' Equity	818,617						790,148						731,820
Preferred Equity	71,930						71,930						71,930
Total Shareholders' Equity	890,547						862,078						803,750
Total Liabilities and Shareholders' Equity	$	8,016,094					$	7,921,159					$	7,721,338

Net Interest Spread					2.92						2.85						2.77
Net Interest Income			$	70,862					$	69,276					$	65,729
Net Interest Margin					3.71	%					3.68	%					3.61	%

Overall Cost of Funds					2.64	%					2.81	%					2.93	%

NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention.


Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)

	Twelve Months Ended
	December 31, 2025						December 31, 2024
(Dollars in thousands)	Average Outstanding Balance		Interest Earned / Interest Paid		Average Yield / Rate		Average Outstanding Balance		Interest Earned / Interest Paid		Average Yield / Rate

Assets

Interest-Earning Assets:
Total Loans	$	6,023,214	$	419,197	6.96	%	$	5,327,466	$	374,555	7.03	%
Securities	962,566		29,016		3.01		907,736		24,502		2.70
Securities Purchased under Agreements to Resell	33,178		1,692		5.10		13,657		757		5.54
Interest-Bearing Deposit in Other Banks	383,504		15,106		3.94		287,474		14,950		5.20
Total Interest-Earning Assets	7,402,462		465,011		6.28		6,536,333		414,764		6.35
Allowance for Loan Losses	(56,902)						(43,931)
Noninterest-Earning Assets	528,183						481,333
Total Assets	$	7,873,743	$	465,011			$	6,973,735	$	414,764

Liabilities and Shareholders' Equity

Interest-Bearing Liabilities:
Interest-Bearing Deposits	$	5,134,522	$	168,923	3.29		$	4,427,233	$	165,094	3.73
Subordinated Debt	93,765		4,952		5.28		99,884		5,394		5.40
Subordinated Debt - Trust Preferred Securities	5,000		395		7.90		5,000		447		8.94
Bank Term Funding Program	—		—		—		64,754		2,788		4.31
Advances from Federal Home Loan Bank (FHLB)	400,849		16,973		4.23		317,462		13,164		4.15
Other Borrowings	23,337		605		2.59		19,464		494		2.54
Total Interest-Bearing Liabilities	$	5,657,473	$	191,848	3.39	%	$	4,933,797	$	187,381	3.80	%

Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits	$	1,296,162					$	1,285,445
Other Liabilities	69,698						56,649
Total Noninterest-Bearing Liabilities	1,365,860						1,342,094
Shareholders' Equity:
Common Shareholders' Equity	778,480						625,914
Preferred Equity	71,930						71,930
Total Shareholders' Equity	850,410						697,844
Total Liabilities and Shareholders' Equity	$	7,873,743					$	6,973,735

Net Interest Spread					2.89						2.55
Net Interest Income			$	273,163					$	227,383
Net Interest Margin					3.69	%					3.48	%

Overall Cost of Funds					2.76	%					3.01	%

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						Twelve Months Ended
	December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 2024
(Dollars in thousands, except per share data)

Interest Income:
Interest income	$	117,780	$	118,688	$	116,142	$	465,011	$	414,764
Core interest income	117,780		118,688		116,142		465,011		414,764

Interest Expense:
Interest expense	46,918		49,412		50,413		191,848		187,381
Core interest expense	46,918		49,412		50,413		191,848		187,381

Provision for Credit Losses: (b)
Provision for credit losses	3,098		3,183		6,712		11,318		10,873
CECL Oakwood impact (3)	—		—		(4,824)		—		(4,824)
Core provision expense	3,098		3,183		1,888		11,318		6,049

Other Income:
Other income	12,230		11,671		11,857		51,542		44,193
Loss (gain) on former bank premises and equipment	995		—		—		840		(50)
(Gain) loss on sale of securities	(35)		(77)		(21)		(64)		(7)
Gain on extinguishment of debt	—		—		—		(630)		—
Gain on branch sale	—		—		—		(3,360)		—
Core other income	13,190		11,594		11,836		48,328		44,136

Other Expense:
Other expense	52,412		48,882		49,570		203,078		177,652
Acquisition-related expenses (2)	(1,406)		(1,157)		(168)		(3,810)		(1,621)
Core conversion expenses	(796)		(439)		(463)		(2,460)		(974)
Tax credit - ERC	—		1,997		—		1,997		—
Core other expense	50,210		49,283		48,939		198,805		175,057

Pre-Tax Income: (a)
Pre-tax income	27,582		28,882		21,304		110,309		83,051
CECL Oakwood impact (3)	—		—		4,824		—		4,824
Loss (gain) on former bank premises and equipment	995		—		—		840		(50)
(Gain) loss on sale of securities	(35)		(77)		(21)		(64)		(7)
Gain on extinguishment of debt	—		—		—		(630)		—
Gain on branch sale	—		—		—		(3,360)		—
Acquisition-related expenses (2)	1,406		1,157		168		3,810		1,621
Core conversion expenses	796		439		463		2,460		974
Tax credit - ERC	—		(1,997)		—		(1,997)		—
Core pre-tax income	30,744		28,404		26,738		111,368		90,413


Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 2024
(Dollars in thousands, except per share data)

Provision for Income Taxes: (1)
Provision for income taxes	5,223		6,026		4,816		22,448		17,944
Tax on CECL Oakwood impact (3)	—		—		1,019		—		1,019
Tax on loss (gain) on former bank premises and equipment	210		—		—		177		(11)
Tax on (gain) loss on sale of securities	(8)		(16)		(4)		(13)		(1)
Tax on gain on extinguishment of debt	—		—		—		(133)		—
Tax on gain on branch sale	—		—		—		(833)		—
Tax on acquisition-related expenses (2)	281		157		6		682		97
Tax on core conversion expenses	168		93		97		521		205
Tax on tax credit - ERC	—		(422)		—		(422)		—
Core provision for income taxes	$	5,874	$	5,838	$	5,934	$	22,427	$	19,253

Preferred Dividends:
Preferred dividends	1,350		1,351		1,350		5,401		5,401
Core preferred dividends	$	1,350	$	1,351	$	1,350	$	5,401	$	5,401


Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 2024
(Dollars in thousands, except per share data)

Net Income Available to Common Shareholders:
Net income available to common shareholders	$	21,009	$	21,505	$	15,138	$	82,460	$	59,706
CECL Oakwood impact (3), net of tax	—		—		3,805		—		3,805
Loss (gain) on former bank premises and equipment, net of tax	785		—		—		663		(39)
(Gain) loss on sale of securities, net of tax	(27)		(61)		(17)		(51)		(6)
Gain on extinguishment of debt, net of tax	—		—		—		(497)		—
Gain on branch sale, net of tax	—		—		—		(2,527)		—
Acquisition-related expenses (2), net of tax	1,125		1,000		162		3,128		1,524
Core conversion expenses, net of tax	628		346		366		1,939		769
Tax Credit - ERC, net of tax	—		(1,575)				(1,575)		—
Core net income available to common shareholders	$	23,520	$	21,215	$	19,454	$	83,540	$	65,759

Pre-tax, pre-provision earnings available to common shareholders (a+b)	$	30,680	$	32,065	$	28,016	$	121,627	$	93,924
CECL Oakwood impact (3)	—		—		4,824		—		4,824
Loss (gain) on former bank premises and equipment	995		—		—		840		(50)
(Gain) loss on sale of securities	(35)		(77)		(21)		(64)		(7)
Gain on extinguishment of debt	—		—		—		(630)		—
Gain on branch sale	—		—		—		(3,360)		—
Acquisition-related expenses (2)	1,406		1,157		168		3,810		1,621
Core conversion expenses	796		439		463		2,460		974
Tax credit - ERC	—		(1,997)		—		(1,997)		—
Core pre-tax, pre-provision earnings	$	33,842	$	31,587	$	33,450	$	122,686	$	101,286


Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 2024
(Dollars in thousands, except per share data)






















Average Diluted Common Shares Outstanding	29,669,253		29,656,639		29,520,781		29,545,702		26,452,084

Diluted Earnings Per Common Share:
Diluted earnings per common share	$	0.71	$	0.73	$	0.51	$	2.79	$	2.26
CECL Oakwood impact (3)	—		—		0.13		—		0.14
Loss (gain) on former bank premises and equipment, net of tax	0.02		—		—		0.02		—
(Gain) loss on sale of securities, net of tax	—		—		—		—		—
Gain on extinguishment of debt, net of tax	—		—		—		(0.02)		—
Gain on branch sale, net of tax	—		—		—		(0.09)		—
Acquisition-related expenses (2), net of tax	0.04		0.03		0.01		0.11		0.06
Core conversion expenses, net of tax	0.02		0.01		0.01		0.07		0.03
Tax credit - ERC, net of taxes	—		(0.05)		—		(0.05)		—
Core diluted earnings per common share	$	0.79	$	0.72	$	0.66	$	2.83	$	2.49

Pre-tax, pre-provision profit diluted earnings per common share	$	1.03	$	1.08	$	0.95	$	4.12	$	3.55
CECL Oakwood impact (3)	—		—		0.16		—		0.18
Loss (gain) on former bank premises and equipment	0.03		—		—		0.03		—
(Gain) loss on sale of securities	—		—		—		—		—
Gain on extinguishment of debt	—		—		—		(0.02)		—
Gain on branch sale	—		—		—		(0.11)		—
Acquisition-related expenses (2)	0.05		0.04		0.01		0.13		0.06
Core conversion expenses	0.03		0.02		0.02		0.08		0.04
Tax credit - ERC	—		(0.07)		—		(0.07)		—
Core pre-tax, pre-provision diluted earnings per common share	$	1.14	$	1.07	$	1.14	$	4.16	$	3.83

(1) Tax rates, exclusive of certain nondeductible merger-related expenses and goodwill, utilized were 21.129% for 2025 and 2024. These rates approximated the marginal tax rates.
(2) Includes merger and conversion-related expenses and salary and employee benefits.
(3) CECL non-purchased credit deteriorated (PCD) provision/unfunded commitment expense attributable to the Oakwood acquisition.


Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)

	December 31, 2025			September 30, 2025			December 31, 2024
(Dollars in thousands, except per share data)

Total Shareholders' (Common) Equity:
Total shareholders' equity	$	896,883		$	878,440		$	799,466
Preferred stock	(71,930)			(71,930)			(71,930)
Total common shareholders' equity	824,953			806,510			727,536
Goodwill	(121,146)			(121,146)			(121,572)
Core deposit and customer intangible	(14,497)			(15,136)			(17,252)
Total tangible common equity	$	689,310		$	670,228		$	588,712


Total Assets:
Total assets	$	8,214,740		$	7,953,862		$	7,857,090
Goodwill	(121,146)			(121,146)			(121,572)
Core deposit and customer intangible	(14,497)			(15,136)			(17,252)
Total tangible assets	$	8,079,097		$	7,817,580		$	7,718,266

Common shares outstanding	29,510,668			29,615,370			29,552,358

Book value per common share	$	27.95		$	27.23		$	24.62
Tangible book value per common share	$	23.36		$	22.63		$	19.92
Common equity to total assets	10.04		%	10.14		%	9.26		%
Tangible common equity to tangible assets	8.53		%	8.57		%	7.63		%


Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)

	Three Months Ended									Twelve Months Ended
	December 31, 2025			September 30, 2025			December 31, 2024			December 31, 2025			December 31, 2024
(Dollars in thousands, except per share data)

Total Quarterly Average Assets	$	8,016,094		$	7,921,159		$	7,721,338		$	7,873,743		$	6,973,735
Total Quarterly Average Common Equity	$	818,617		$	790,148		$	731,820		$	778,480		$	625,914

Net Income Available to Common Shareholders:
Net income available to common shareholders	$	21,009		$	21,505		$	15,138		$	82,460		$	59,706
CECL Oakwood impact (3), net of tax	—			—			3,805			—			3,805
Loss (gain) on former bank premises and equipment, net of tax	785			—			—			663			(39)
(Gain) loss on sale of securities, net of tax	(27)			(61)			(17)			(51)			(6)
Gain on extinguishment of debt, net of tax	—			—			—			(497)			—
Gain on branch sale, net of tax	—			—			—			(2,527)			—
Acquisition-related expenses, net of tax	1,125			1,000			162			3,128			1,524
Core conversion expenses, net of tax	628			346			366			1,939			769
Tax credit - ERC, net of tax	—			(1,575)			—			(1,575)			—
Core net income available to common shareholders	$	23,520		$	21,215		$	19,454		$	83,540		$	65,759

Return to common shareholders on average assets (annualized) (2)	1.04		%	1.08		%	0.78		%	1.05		%	0.86		%
Core return on average assets (annualized) (2)	1.16		%	1.06		%	1.00		%	1.06		%	0.94		%
Return to common shareholders on average common equity (annualized) (2)	10.18		%	10.80		%	8.23		%	10.59		%	9.54		%
Core return on average common equity (annualized) (2)	11.40		%	10.65		%	10.58		%	10.73		%	10.51		%

Interest Income:
Interest income	117,780			118,688			116,142			465,011			414,764
Core interest income	117,780			118,688			116,142			465,011			414,764
Interest Expense:
Interest expense	46,918			49,412			50,413			191,848			187,381
Core interest expense	46,918			49,412			50,413			191,848			187,381
Other Income:
Other income	12,230			11,671			11,857			51,542			44,193
Loss (gain) on former bank premises and equipment	995			—			—			840			(50)
(Gain) loss on sale of securities	(35)			(77)			(21)			(64)			(7)
Gain on extinguishment of debt	—			—			—			(630)			—
Gain on branch sale	—			—			—			(3,360)			—
Core other income	13,190			11,594			11,836			48,328			44,136


Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)

	Three Months Ended									Twelve Months Ended
	December 31, 2025			September 30, 2025			December 31, 2024			December 31, 2025			December 31, 2024
(Dollars in thousands, except per share data)


































Other Expense:
Other expense	52,412			48,882			49,570			203,078			177,652
Acquisition-related expenses	(1,406)			(1,157)			(168)			(3,810)			(1,621)
Core conversion expenses	(796)			(439)			(463)			(2,460)			(974)
Tax credit - ERC	—			1,997			—			1,997			—
Core other expense	$	50,210		$	49,283		$	48,939		$	198,805		$	175,057

Efficiency Ratio:
Other expense (a)	$	52,412		$	48,882		$	49,570		$	203,078		$	177,652
Core other expense (c)	50,210			49,283			48,939			198,805			175,057
Net interest and other income (1) (b)	83,057			80,870			77,565			324,641			271,569
Core net interest and other income (1) (d)	84,052			80,870			77,565			321,491			271,519
Efficiency ratio (a/b)	63.10		%	60.45		%	63.91		%	62.55		%	65.42		%
Core efficiency ratio (c/d)	59.74		%	60.94		%	63.09		%	61.84		%	64.47		%

Total Average Interest-Earnings Assets	$	7,569,692		$	7,460,027		$	7,237,784		$	7,402,462		$	6,536,333

Net Interest Income:
Net interest income	$	70,862		$	69,276		$	65,729		$	273,163		$	227,383
Loan discount accretion	(1,418)			(1,111)			(997)			(4,089)			(4,182)
Net interest income excluding loan discount accretion	$	69,444		$	68,165		$	64,732		$	269,074		$	223,201

Net interest margin (2)	3.71		%	3.68		%	3.61		%	3.69		%	3.48		%
Net interest margin excluding loan discount accretion (2)	3.64		%	3.63		%	3.56		%	3.63		%	3.41		%
Net interest spread (2)	2.92		%	2.85		%	2.77		%	2.89		%	2.55		%
Net interest spread excluding loan discount accretion (2)	2.84		%	2.80		%	2.72		%	2.84		%	2.48		%

(1) Excludes gains/losses on sales of securities.
(2) Calculated utilizing an actual day count convention.
(3) CECL non-PCD provision/unfunded commitment expense attributable to the Oakwood acquisition.