Document

Baton Rouge, La. (Oct. 23, 2025) – Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended Sept. 30, 2025. Business First reported net income available to common shareholders of $21.5 million or $0.73 per diluted common share, increases of $0.8 million and $0.03, respectively, compared to the linked quarter ended June 30, 2025. On a non-GAAP basis, core net income for the quarter ended Sept. 30, 2025, which excludes certain income and expenses, was $21.2 million or $0.72 per diluted common share, increases of $1.7 million and $0.06 from the linked quarter.

"In the third quarter we delivered another quarter of consistent earnings growth for our shareholders leading to strong capital and tangible book value accretion," said Jude Melville, chairman, president, and CEO of Business First, "We also had the opportunity to again demonstrate solid operational execution with the successful conversion of former Oakwood Bank systems. We are focused on daily blocking and tackling, in particular that required to fulfill the promise of our current M&A projects, attainment of which will lead to continued improvement in financial performance over the coming quarters."

On Thursday, Oct. 23, 2025, 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, a $0.01 increase from the linked quarter. The preferred and common dividends will be paid on Nov. 30, 2025, or as soon thereafter as practicable, to the shareholders of record as of Nov. 15, 2025.

•Continued Capital Growth. Common equity to total assets increased from 9.77% to 10.14%. Tangible common equity to tangible assets increased from 8.19% to 8.57%, 4.71% or 18.68% annualized, compared to the linked quarter. On a non-GAAP basis, tangible book value per common share increased to $22.63 as of Sept. 30, 2025, a $1.02 increase, 4.75% or 18.83% annualized, compared to the prior quarter. The increase was largely driven by earnings and accumulated other comprehensive income (AOCI) which accounted for $0.38 or 1.78% of the total 4.75% increase.

•Stable Net Interest Margin (NIM). Net interest income totaled $69.3 million and net interest margin and net interest spread were 3.68% and 2.85%, respectively, compared to $67.0 million, 3.68% and 2.88% for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.1 million) were 3.63% and 2.80% for the quarter ended Sept. 30, 2025, compared to 3.64% and 2.84% (excluding loan discount accretion of $0.8 million) for the linked quarter.

Credit quality metrics stabilized compared to the prior quarter. The ratio of loans past due 30 days or more, excluding nonaccrual, compared to total loans held for investment decreased from 0.89% to 0.27% at Sept. 30, 2025. The ratio of nonperforming loans compared to loans held for investment decreased 15 basis points (bps) to 0.82% at Sept. 30, 2025, while the ratio of nonperforming assets compared to total assets increased 7 bps to 0.83% compared to the linked quarter. The increase in the nonperforming assets ratio over the linked quarter was attributable to the transfer of some nonaccrual loans to other real estate owned. The commercial, residential real estate, commercial real estate and construction portfolios encompass approximately $21.9 million, $10.2 million, $9.0 million and $4.0 million respectively, of the $45.4 million nonaccrual balance at Sept. 30, 2025.

Shareholders' equity increased $30.0 million or 3.54% compared to the linked quarter. Accumulated other comprehensive income (AOCI) increased $11.3 million or 23.74%, during the quarter due to positive after-tax fair value adjustments in the securities portfolio. Book value per common share increased to $27.23 at Sept. 30, 2025, compared to $26.23 at June 30, 2025, due to strong earnings and positive fair value adjustments in the securities portfolio. On a non-GAAP basis, tangible book value per common share increased from $21.61 at the linked quarter to $22.63 at Sept. 30, 2025, 4.75% or 18.83% annualized.

For the quarter ended Sept. 30, 2025, net interest income totaled $69.3 million, compared to $67.0 million from the linked quarter. Loan yields increased 5 bps to 7.01% compared to 6.96% from the linked quarter, while the interest-bearing asset yield remained flat at 6.31%. Net interest margin and net interest spread were 3.68% and 2.85% compared to 3.68% and 2.88% for the linked quarter. The overall cost of funds, which included noninterest-bearing deposits, increased 3 bps from 2.78% to 2.81% for the quarter ended Sept. 30, 2025.

Non-GAAP net interest income (excluding loan discount accretion of $1.1 million) totaled $68.2 million for the quarter ended Sept. 30, 2025, compared to $66.3 million (excluding loan discount accretion of $0.8 million) for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.1 million) were 3.63% and 2.80%, respectively, for the quarter ended Sept. 30, 2025, compared to 3.64% and 2.84% (excluding loan discount accretion of $0.8 million) for the linked quarter.

During the quarter ended Sept. 30, 2025, Business First recorded a provision for credit losses of $3.2 million, compared to $2.2 million from the linked quarter. The current quarter’s reserve was largely impacted by an additional $1.5 million reserve on unfunded loan commitments and the remainder attributed to reserves on individually evaluated loans. At Sept. 30, 2025, the ratio of allowance for credit losses to loans held for investment ratio was 1.03%, compared to 1.02% for the linked quarter.

For the quarter ended Sept. 30, 2025, other income decreased $2.7 million or 19.04%, compared to the linked quarter. The decrease was largely attributable to a $3.4 million gain on the Kaplan branch sale in the linked quarter, positively offset by a $414,000 increase related to other real estate owned and a $379,000 increase in equity investment income. Excluding the gain on the Kaplan branch sale and securities sale gains and losses, other income for Sept. 30, 2025, was $11.6 million compared to $11.1 million for the linked quarter, an increase of $492,000, or 4.43%.

For the quarter ended Sept. 30, 2025, other expenses decreased $2.3 million or 4.54% compared to the linked quarter. The decrease was largely attributable to a $1.9 million tax credit the company recognized as an expense reduction within salaries and employee benefits. Excluding the tax credit recognized in the current quarter and merger-related and core conversion expenses recognized in both the current and linked quarters, other expenses were $49.3 million compared to $49.6 million for the linked quarter, a decrease of $345,000 or 0.70%.

Executive management will host a conference call and webcast to discuss results on Thursday October 23, 2025, 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 8427939, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/hvu86bo6. 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 $8.0 billion in assets, $5.7 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson, LLC (SSW) (excludes $0.9 billion of b1BANK assets managed by SSW) and operates Banking Centers and Loan Production Offices in markets across Louisiana and 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

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
(Dollars in thousands)	September 30, 2025			June 30, 2025			September 30, 2024

Balance Sheet Ratios

Loans (HFI) to Deposits	92.53		%	94.21		%	92.54		%
Shareholders' Equity to Assets Ratio	11.04		%	10.67		%	10.15		%

Loans Receivable Held for Investment (HFI)

Commercial	$	1,920,813		$	1,960,974		$	1,496,480
Real Estate:
Commercial	2,462,617			2,533,761			2,256,370
Construction	638,907			600,292			654,353
Residential	927,456			879,891			743,878
Total Real Estate	4,028,980			4,013,944			3,654,601
Consumer and Other	71,262			72,732			69,037
Total Loans (Held for Investment)	$	6,021,055		$	6,047,650		$	5,220,118

Allowance for Loan Losses

Balance, Beginning of Period	$	58,496		$	56,863		$	41,412
Charge-Offs - Quarterly	(3,415)			(921)			(1,424)
Recoveries - Quarterly	348			99			295
Provision for Loan Losses - Quarterly	1,633			2,455			1,871
Balance, End of Period	$	57,062		$	58,496		$	42,154

Allowance for Loan Losses to Total Loans (HFI)	0.95		%	0.97		%	0.81		%
Allowance for Credit Losses to Total Loans (HFI)/(1)	1.03		%	1.02		%	0.86		%
Net Charge-Offs (Recoveries) to Average Quarterly Total Loans	0.05		%	0.01		%	0.02		%

Remaining Loan Purchase Discount	$	8,943		$	10,099		$	9,003

Nonperforming Assets

Nonperforming
Nonaccrual Loans	$	45,362		$	56,377		$	25,874
Loans Past Due 90 Days or More	3,929			2,467			185
Total Nonperforming Loans	49,291			58,844			26,059
Other Nonperforming Assets:
Other Real Estate Owned	16,766			1,473			1,787
Other Nonperforming Assets	—			—			—
Total other Nonperforming Assets	16,766			1,473			1,787
Total Nonperforming Assets	$	66,057		$	60,317		$	27,846

Nonperforming Loans to Total Loans (HFI)	0.82		%	0.97		%	0.50		%
Nonperforming Assets to Total Assets	0.83		%	0.76		%	0.40		%

(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									Nine Months Ended
(Dollars in thousands, except per share data)	September 30, 2025			June 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024

Per Share Data

Basic Earnings per Common Share	$	0.73		$	0.70		$	0.65		$	2.09		$	1.77
Diluted Earnings per Common Share	0.73			0.70			0.65			2.08			1.75
Dividends per Common Share	0.14			0.14			0.14			0.42			0.42
Book Value per Common Share	27.23			26.23			24.59			27.23			24.59

Average Common Shares Outstanding	29,544,425			29,517,495			25,289,094			29,363,138			25,227,319
Average Diluted Common Shares Outstanding	29,656,639			29,586,975			25,440,247			29,495,049			25,421,746
End of Period Common Shares Outstanding	29,615,370			29,602,970			25,519,501			29,615,370			25,519,501

Annualized Performance Ratios

Return to Common Shareholders on Average Assets (1)	1.08		%	1.07		%	0.97		%	1.05		%	0.89		%
Return to Common Shareholders on Average Common Equity (1)	10.80		%	10.87		%	10.76		%	10.74		%	10.08		%
Net Interest Margin (1)	3.68		%	3.68		%	3.51		%	3.68		%	3.43		%
Net Interest Spread (1)	2.85		%	2.88		%	2.54		%	2.88		%	2.46		%
Efficiency Ratio (2)	60.45		%	62.83		%	63.45		%	62.37		%	66.02		%

Total Quarterly/Year-to-Date Average Assets	$	7,921,159		$	7,791,371		$	6,788,644		$	7,825,828		$	6,722,716
Total Quarterly/Year-to-Date Average Common Equity	790,148			765,884			610,018			764,959			590,354

Other Expenses

Salaries and Employee Benefits	$	27,613		$	28,317		$	24,877		$	85,427		$	75,816
Occupancy and Bank Premises	3,324			3,119			2,630			9,844			7,778
Depreciation and Amortization	2,036			2,076			1,844			6,264			5,262
Data Processing	3,972			5,321			2,881			12,529			8,101
FDIC Assessment Fees	988			861			887			3,033			2,589
Legal and Other Professional Fees	1,024			1,093			873			3,130			2,781
Advertising and Promotions	1,205			1,088			1,057			3,584			3,168
Utilities and Communications	767			743			716			2,243			2,108
Ad Valorem Shares Tax	1,125			1,125			900			3,375			2,700
Directors' Fees	261			193			245			733			795
Other Real Estate Owned Expenses and Write-Downs	355			27			11			405			119
Merger and Conversion-Related Expenses	477			210			319			937			1,068
Other	5,735			7,033			5,210			19,162			15,797
Total Other Expenses	$	48,882		$	51,206		$	42,450		$	150,666		$	128,082


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

	Three Months Ended						Nine Months Ended
(Dollars in thousands, except per share data)	September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024

Other Income

Service Charges on Deposit Accounts	$	2,565	$	2,633	$	2,723	$	8,058	$	7,699
Gain (Loss) on Sales of Securities	77		(47)		(13)		29		(14)
Debit Card and ATM Fee Income	1,915		1,958		1,864		5,731		5,590
Bank-Owned Life Insurance Income	802		758		679		2,368		1,885
Gain on Sales of Loans	624		781		122		2,661		2,721
Mortgage Origination Income	122		55		98		287		202
Fees and Brokerage Commission	1,880		1,980		1,968		6,008		5,780
Gain (Loss) on Sales of Other Real Estate Owned	470		56		(16)		258		49
Gain (Loss) on Disposal of Other Assets	—		—		—		155		(15)
Gain on Extinguishment of Debt	—		—		—		630		—
Gain on Branch Sale	—		3,360		—		3,360		—
Swap Fee Income	1,065		808		937		2,612		1,451
Pass-Through Income (Loss) from Other Investments	133		(246)		335		638		1,021
Other	2,018		2,319		2,077		6,517		5,966
Total Other Income	$	11,671	$	14,415	$	10,774	$	39,312	$	32,335

(1) Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an actual day count convention.
(2) Noninterest expense (excluding provision for loan losses) divided by noninterest income (excluding security sales gains/losses) plus net interest income less gain/loss on sales of securities.


Business First Bancshares, Inc.
Consolidated Balance Sheets
(Unaudited)


(Dollars in thousands)	September 30, 2025		June 30, 2025		September 30, 2024

Assets

Cash and Due From Banks	$	399,079	$	495,757	$	213,199
Federal Funds Sold	101,103		39,296		169,980
Securities Purchased under Agreements to Resell	25,518		25,433		25,879
Securities Available for Sale, at Fair Values	985,938		926,450		916,091
Mortgage Loans Held for Sale	433		677		—
Loans and Lease Receivable	6,021,055		6,047,650		5,220,118
Allowance for Loan Losses	(57,062)		(58,496)		(42,154)
Net Loans and Lease Receivable	5,963,993		5,989,154		5,177,964
Premises and Equipment, Net	77,944		79,007		67,617
Accrued Interest Receivable	37,171		36,738		32,547
Other Equity Securities	44,313		48,736		39,555
Other Real Estate Owned	16,766		1,473		1,787
Cash Value of Life Insurance	119,509		118,707		101,362
Deferred Taxes, Net	21,433		25,222		20,852
Goodwill	121,146		121,146		91,527
Core Deposit and Customer Intangibles	15,136		15,775		10,326
Other Assets	24,380		24,723		19,963

Total Assets	$	7,953,862	$	7,948,294	$	6,888,649

Liabilities

Deposits
Noninterest-Bearing	$	1,366,558	$	1,410,708	$	1,190,942
Interest-Bearing	5,140,304		5,008,943		4,450,004
Total Deposits	6,506,862		6,419,651		5,640,946

Securities Sold Under Agreements to Repurchase	29,896		22,557		21,529
Federal Home Loan Bank Borrowings	367,408		492,946		367,202
Subordinated Debt	92,587		92,645		99,818
Subordinated Debt - Trust Preferred Securities	5,000		5,000		5,000
Accrued Interest Payable	4,064		4,829		3,752
Other Liabilities	69,605		62,226		50,878

Total Liabilities	7,075,422		7,099,854		6,189,125

Shareholders' Equity

Preferred Stock	71,930		71,930		71,930
Common Stock	29,615		29,603		25,520
Additional Paid-In Capital	503,325		502,046		398,237
Retained Earnings	309,999		292,629		249,981
Accumulated Other Comprehensive Loss	(36,429)		(47,768)		(46,144)

Total Shareholders' Equity	878,440		848,440		699,524

Total Liabilities and Shareholders' Equity	$	7,953,862	$	7,948,294	$	6,888,649


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

	Three Months Ended						Nine Months Ended
(Dollars in thousands)	September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024

Interest Income:
Interest and Fees on Loans	$	106,662	$	104,028	$	93,307	$	313,682	$	269,858
Interest and Dividends on Securities	7,554		6,906		6,417		21,074		17,949
Interest on Federal Funds Sold and Due From Banks	4,472		3,916		3,017		12,475		10,815
Total Interest Income	118,688		114,850		102,741		347,231		298,622

Interest Expense:
Interest on Deposits	43,358		41,546		41,303		127,343		120,232
Interest on Borrowings	6,054		6,262		5,324		17,587		16,736
Total Interest Expense	49,412		47,808		46,627		144,930		136,968

Net Interest Income	69,276		67,042		56,114		202,301		161,654
					—
Provision for Credit Losses	3,183		2,225		1,665		8,220		4,161

Net Interest Income After Provision for Credit Losses	66,093		64,817		54,449		194,081		157,493

Other Income:
Service Charges on Deposit Accounts	2,565		2,633		2,723		8,058		7,699
Gain (Loss) on Sales of Securities	77		(47)		(13)		29		(14)
Gain on Sales of Loans	624		781		122		2,661		2,721
Other Income	8,405		11,048		7,942		28,564		21,930
Total Other Income	11,671		14,415		10,774		39,312		32,336
					—
Other Expenses:					—
Salaries and Employee Benefits	27,613		28,317		24,877		85,427		75,816
Occupancy and Equipment Expense	7,284		7,162		5,828		21,802		16,902
Merger and Conversion-Related Expense	477		210		319		937		1,068
Other Expenses	13,508		15,517		11,426		42,500		34,296
Total Other Expenses	48,882		51,206		42,450		150,666		128,082

Income Before Income Taxes	28,882		28,026		22,773		82,727		61,747

Provision for Income Taxes	6,026		5,923		4,930		17,225		13,128

Net Income	22,856		22,103		17,843		65,502		48,619

Preferred Stock Dividends	1,351		1,350		1,351		4,051		4,051

Net Income Available to Common Shareholders	$	21,505	$	20,753	$	16,492	$	61,451	$	44,568


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

	Three Months Ended
	September 30, 2025						June 30, 2025						September 30, 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	$	6,036,622	$	106,662	7.01	%	$	5,995,490	$	104,028	6.96	%	$	5,212,948	$	93,307	7.12	%
Securities	978,502		7,554		3.06	%	937,099		6,906		2.96	%	924,012		6,263		2.70	%
Securities Purchased under Agreements to Resell	25,490		330		5.14	%	31,172		401		5.16	%	17,117		154		3.58	%
Interest-Bearing Deposit in Other Banks	419,413		4,142		3.92	%	336,138		3,515		4.19	%	209,918		3,017		5.72	%
Total Interest Earning Assets	7,460,027		118,688		6.31	%	7,299,899		114,850		6.31	%	6,363,995		102,741		6.42	%
Allowance for Loan Losses	(58,468)				.		(56,934)				.		(41,554)
Noninterest- Earning Assets	519,600						548,406						466,203
Total Assets	$	7,921,159	$	118,688			$	7,791,371	$	114,850			$	6,788,644	$	102,741

Liabilities and Shareholders' Equity

Interest-Bearing Liabilities:
Interest-Bearing Deposits	5,122,136		43,358		3.36	%	5,029,981		41,546		3.31	%	4,308,780		41,303		3.81	%
Subordinated Debt	92,624		1,235		5.29	%	92,682		1,235		5.34	%	99,854		1,353		5.39	%
Subordinated Debt - Trust Preferred Securities	5,000		100		7.93	%	5,000		100		8.02	%	5,000		114		9.07	%
Advances from Federal Home Loan Bank (FHLB)	424,287		4,547		4.25	%	447,271		4,793		4.30	%	347,476		3,723		4.26	%
Other Borrowings	26,176		172		2.61	%	20,514		134		2.62	%	20,971		134		2.54	%
Total Interest-Bearing Liabilities	$	5,670,223	$	49,412	3.46	%	$	5,595,448	$	47,808	3.43	%	$	4,782,081	$	46,627	3.88	%

Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits	$	1,315,064					$	1,292,262					$	1,269,282
Other Liabilities	73,794						65,847						55,333
Total Noninterest-Bearing Liabilities	1,388,858						1,358,109						1,324,615
Shareholders' Equity:
Common Shareholders' Equity	790,148						765,884						610,018
Preferred Equity	71,930						71,930						71,930
Total Shareholders' Equity	862,078						837,814						681,948
Total Liabilities and Shareholders' Equity	$	7,921,159					$	7,791,371					$	6,788,644

Net Interest Spread					2.85	%					2.88	%					2.54	%
Net Interest Income			$	69,276					$	67,042					$	56,114
Net Interest Margin					3.68	%					3.68	%					3.51	%

Overall Cost of Funds					2.81	%					2.78	%					3.07	%
Note: Average outstanding balances are determined utilizing daily averages and an actual day count convention.


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

	Nine Months Ended
(Dollars in thousands)	September 30, 2025						September 30, 2024
	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	$	6,001,647	$	313,682	6.99	%	$	5,131,474	$	269,858	7.02	%
Securities	946,961		21,074		2.98	%	901,525		17,795		2.64	%
Securities Purchased under Agreements to Resell	35,740		1,382		5.17	%	5,747		154		3.58	%
Interest-Bearing Deposit in Other Banks	361,760		11,093		4.10	%	262,068		10,815		5.51	%
Total Interest Earning Assets	7,346,108		347,231		6.32	%	6,300,814		298,622		6.33	%
Allowance for Loan Losses	(56,718)						(41,178)
Noninterest- Earning Assets	536,438						463,080
Total Assets	$	7,825,828	$	347,231			$	6,722,716	$	298,622


Liabilities and Shareholders' Equity

Interest-Bearing Liabilities:
Interest-Bearing Deposits	$	5,103,928	$	127,343	3.34	%	$	4,216,866	$	120,232	3.81	%
Subordinated Debt	94,169		3,732		5.30	%	99,913		4,063		5.43	%
Subordinated Debt - Trust Preferred Securities	5,000		299		8.00	%	5,000		340		9.08	%
Bank Term Funding Program	—		—		—	%	86,496		2,788		4.31	%
Advances from Federal Home Loan Bank (FHLB)	411,444		13,136		4.27	%	298,735		9,189		4.11	%
Other Borrowings	21,699		420		2.59	%	18,758		356		2.54	%
Total Interest-Bearing Liabilities	$	5,636,240	$	144,930	3.44	%	$	4,725,768	$	136,968	3.87	%

Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits	$	1,284,297					$	1,283,035
Other Liabilities	67,954						51,629
Total Noninterest-Bearing Liabilities	1,352,251						1,334,664
Shareholders' Equity:
Common Shareholders' Equity	764,959						590,354
Preferred Equity	71,930						71,930
Total Shareholders' Equity	836,889						662,284
Total Liabilities and Shareholders' Equity	$	7,825,381					$	6,722,716

Net Interest Spread					2.88	%					2.46	%
Net Interest Income			$	202,301					$	161,654
Net Interest Margin					3.68	%					3.43	%

Overall Cost of Funds					2.80	%					3.04	%

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						Nine Months Ended
(Dollars in thousands, except per share data)	September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024

Interest Income:
Interest income	$	118,688	$	114,850	$	102,741	$	347,231	$	298,622
Core interest income	118,688		114,850		102,741		347,231		298,622

Interest Expense:
Interest expense	49,412		47,808		46,627		144,930		136,968
Core interest expense	49,412		47,808		46,627		144,930		136,968

Provision for Credit Losses: (b)
Provision for credit losses	3,183		2,225		1,665		8,220		4,161

Core provision expense	3,183		2,225		1,665		8,220		4,161

Other Income:
Other income	11,671		14,415		10,774		39,312		32,336
Gain on former bank premises and equipment	—		—		—		(155)		(50)
(Gain) Loss on sale of securities	(77)		47		13		(29)		14
Gain on extinguishment of debt	—		—		—		(630)		—
Gain on branch sale	—		(3,360)		—		(3,360)
Core other income	11,594		11,102		10,787		35,138		32,300

Other Expense:
Other expense	48,882		51,206		42,450		150,666		128,082
Acquisition-related expenses (2)	(1,157)		(570)		(319)		(2,406)		(1,453)
Core conversion expenses	(439)		(1,008)		(511)		(1,663)		(511)
Tax credit - ERC	1,997						1,997
Core other expense	49,283		49,628		41,620		148,594		126,118

Pre-Tax Income: (a)
Pre-tax income	28,882		28,026		22,773		82,727		61,747
Gain on former bank premises and equipment	—		—		—		(155)		(50)
(Gain) Loss on sale of securities	(77)		47		13		(29)		14
Gain on extinguishment of debt	—		—		—		(630)		—
Gain on branch sale	—		(3,360)		—		(3,360)		—
Acquisition-related expenses (2)	1,157		570		319		2,406		1,453
Core conversion expenses	439		1,008		511		1,663		511
Tax credit - ERC	(1,997)		—		—		(1,997)		—
Core pre-tax income	28,404		26,291		23,616		80,625		63,675

Provision for Income Taxes: (1)
Provision for income taxes	6,026		5,923		4,930		17,225		13,128
Tax on gain on former bank premises and equipment	—		—		—		(33)		(11)


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

	Three Months Ended			Nine Months Ended
(Dollars in thousands, except per share data)	September 30, 2025	June 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Tax on (gain) loss on sale of securities	(16)	10	3	(6)	3
Tax on gain on extinguishment of debt	—	—	—	(133)	—
Tax on gain on branch sale	—	(833)		(833)	—
Tax on acquisition-related expenses (2)	157	103	—	403	91
Tax on core conversion expenses	93	213	108	352	108
Tax on tax credit - ERC	(422)	—	—	(422)	—
Core provision for income taxes	5,838	5,416	5,041	16,553	13,319

Preferred Dividends:
Preferred dividends	1,351	1,350	1,351	4,051	4,051
Core preferred dividends	1,351	1,350	1,351	4,051	4,051


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

	Three Months Ended						Nine Months Ended
(Dollars in thousands, except per share data)	September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Net income available to common shareholders	21,505		20,753		16,492		61,451		44,568
Gain on former bank premises and equipment, net of tax	—		—		—		(122)		(39)
(Gain) loss on sale of securities, net of tax	(61)		37		10		(23)		11
Gain on extinguishment of debt, net of tax	—		—		—		(497)		—
Gain on branch sale, net of tax	—		(2,527)		—		(2,527)		—
Acquisition-related expenses (2), net of tax	1,000		467		319		2,003		1,362
Core conversion expenses, net of tax	346		795		403		1,311		403
Tax credit - ERC, net of tax	(1,575)		—		—		(1,575)		—
Core net income available to common shareholders	$	21,215	$	19,525	$	17,224	$	60,021	$	46,305

Pre-tax, Pre-provision Earnings Available to Common Shareholders (a+b)	$	32,065	$	30,251	$	24,438	$	90,947	$	65,908
Gain on former bank premises and equipment	—		—		—		(155)		(50)
(Gain) loss on sale of securities	(77)		47		13		(29)		14
Gain on extinguishment of debt	—		—		—		(630)		—
Gain on branch sale	—		(3,360)		—		(3,360)		—
Acquisition-related expenses (2)	1,157		570		319		2,406		1,453
Core conversion expenses	439		1,008		511		1,663		511
Tax credit- ERC	(1,997)		—		—		(1,997)		—
Core pre-tax, pre-provision earnings	$	31,587	$	28,516	$	25,281	$	88,845	$	67,836

Average Diluted Common Shares Outstanding	29,656,639		29,586,975		25,440,247		29,495,049		25,421,746

Diluted Earnings Per Common Share
Diluted earnings per common share	$	0.73	$	0.70	$	0.65	$	2.08	$	1.75
Gain on former bank premises and equipment, net of tax	—		—		—		—		—
(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)		—		(0.09)		—
Acquisition-related expenses (2), net of tax	0.03		0.02		0.01		0.07		0.05
Core conversion expenses,net of tax	0.01		0.03		0.02		0.04		0.02
Tax credit - ERC, net of tax	(0.05)		—		—		(0.05)		—
Core diluted earnings per common share	$	0.72	$	0.66	$	0.68	$	2.03	$	1.82


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

	Three Months Ended						Nine Months Ended
(Dollars in thousands, except per share data)	September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024

Pre-tax, Pre-provision Diluted Earnings per Common Share	$	1.08	$	1.02	$	0.96	$	3.08	$	2.59
Gain on former bank premises and equipment	—		—		—		(0.01)		—
(Gain) loss on sale of securities	—		—		—		—		—
Gain on extinguishment of debt	—		—		—		(0.02)		—
Gain on branch sale	—		(0.11)		—		(0.11)		—
Acquisition-related expenses (2)	0.04		0.02		0.01		0.08		0.06
Core conversion expenses	0.02		0.03		0.02		0.06		0.02
Tax credit - ERC	(0.07)		—		—		(0.07)		—
Core pre-tax, pre-provision diluted earnings per common share	$	1.07	$	0.96	$	0.99	$	3.01	$	2.67

(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)


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

Total Shareholders' (Common) Equity:
Total shareholders' equity	$	878,440		$	848,440		$	699,524
Preferred stock	(71,930)			(71,930)			(71,930)
Total common shareholders' equity	806,510			776,510			627,594
Goodwill	(121,146)			(121,146)			(91,527)
Core deposit and customer intangible	(15,136)			(15,775)			(10,326)
Total tangible common equity	$	670,228		$	639,589		$	525,741


Total Assets:
Total assets	$	7,953,862		$	7,948,294		$	6,888,649
Goodwill	(121,146)			(121,146)			(91,527)
Core deposit and customer intangible	(15,136)			(15,775)			(10,326)
Total tangible assets	$	7,817,580		$	7,811,373		$	6,786,796

Common shares outstanding	29,615,370			29,602,970			25,519,501

Book value per common share	$	27.23		$	26.23		$	24.59
Tangible book value per common share	$	22.63		$	21.61		$	20.60
Common equity to total assets	10.14		%	9.77		%	9.11		%
Tangible common equity to tangible assets	8.57		%	8.19		%	7.75		%


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

	Three Months Ended									Nine Months Ended
(Dollars in thousands, except per share data)	September 30, 2025			June 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024

Total Quarterly Average Assets	$	7,921,159		$	7,791,371		$	6,788,644		$	7,825,828		$	6,722,716
Total Quarterly Average Common Equity	$	790,148		$	765,884		$	610,018		$	764,959		$	590,354

Net Income Available to Common Shareholders:
Net income available to common shareholders	$	21,505		$	20,753		$	16,492		$	61,451		$	44,568
CECL Oakwood impact (3), net of tax	—			—			—			(122)			(39)
Gain on former bank premises and equipment, net of tax	(61)			37			10			(23)			11
(Gain) loss on sale of securities, net of tax	—			—			—			(497)			—
Gain on extinguishment of debt, net of tax	—			(2,527)			—			(2,527)			—
Acquisition-related expenses, net of tax	1,000			467			319			2,003			1,362
Gain on branch sale, net of tax	346			795			403			1,311			403
Core conversion expenses, net of tax	(1,575)			—			—			(1,575)			—
Core net income available to common shareholders	$	21,215		$	19,525		$	17,224		$	60,021		$	46,305

Return to common shareholders on average assets (annualized) (2)	1.08		%	1.07		%	0.97		%	1.05		%	0.89		%
Core return on average assets (annualized) (2)	1.06		%	1.01		%	1.01		%	1.03		%	0.92		%
Return to common shareholders on average common equity (annualized) (2)	10.80		%	10.87		%	10.76		%	10.74		%	10.08		%
Core return on average common equity (annualized) (2)	10.65		%	10.23		%	11.23		%	10.49		%	10.48		%

Interest Income:
Interest income	$	118,688		$	114,850		$	102,741		$	347,231		$	298,622
Core interest income	118,688			114,850			102,741			347,231			298,622
Interest Expense:
Interest expense	49,412			47,808			46,627			144,930			136,968
Core interest expense	49,412			47,808			46,627			144,930			136,968
Other Income:
Other income	11,671			14,415			10,774			39,312			32,336
Gain on former bank premises and equipment	—			—			—			(155)			(50)
Loss (Gain) on sale of securities	(77)			47			13			(29)			14
Gain on extinguishment of debt	—			—			—			(630)			—
Gain on branch sale	—			(3,360)						(3,360)			—
Core other income	11,594			11,102			10,787			35,138			32,300
Other Expense:
Other expense	48,882			51,206			42,450			150,666			128,082


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

	Three Months Ended									Nine Months Ended
(Dollars in thousands, except per share data)	September 30, 2025			June 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Acquisition-related expenses	(1,157)			(570)			(319)			(2,406)			(1,453)
Core conversion expenses	(439)			(1,008)			(511)			(1,663)			(511)
Tax credit - ERC	1,997									1,997
Core other expense	$	49,283		$	49,628		$	41,620		$	148,594		$	126,118

Efficiency Ratio:
Other expense (a)	$	48,882		$	51,206		$	42,450		$	150,666		$	128,082
Core other expense (c)	$	49,281		$	49,628		$	41,620		$	148,592		$	126,118
Net interest and other income (1) (b)	$	80,869		$	81,504		$	66,901		$	241,583		$	194,004
Core net interest and other income (1) (d)	$	80,869		$	78,144		$	66,901		$	237,438		$	193,954
Efficiency ratio (a/b)	60.45		%	62.83		%	63.45		%	62.37		%	66.02		%
Core efficiency ratio (c/d)	60.94		%	63.51		%	62.21		%	62.58		%	65.02		%

Total Average Interest-Earnings Assets	$	7,460,027		$	7,299,899		$	6,363,995		$	7,346,108		$	6,300,814

Net Interest Income:
Net interest income	$	69,276		$	67,042		$	56,114		$	202,301		$	161,654
Loan discount accretion	$	(1,111)		$	(767)		$	(705)		$	(2,671)		$	(3,185)
Net interest income excluding loan discount accretion	$	68,165		$	66,275		$	55,409		$	199,630		$	158,469

Net interest margin (2)	3.68		%	3.68		%	3.51		%	3.68		%	3.43		%
Net interest margin excluding loan discount accretion (2)	3.63		%	3.64		%	3.46		%	3.63		%	3.36		%
Net interest spread (2)	2.85		%	2.88		%	2.54		%	2.88		%	2.46		%
Net interest spread excluding loan discount accretion (2)	2.80		%	2.84		%	2.50		%	2.83		%	2.39		%

(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.


FOR IMMEDIATE RELEASE			Media Contact: Misty Albrecht
October 23, 2025			b1BANK
			225.286.7879
			media@b1BANK.com


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			Phone: 877.614.7600