Business First Bancshares, Inc. · NASDAQ:BFST
Business First Bancshares — Q3 2026 Earnings Presentation
32 slides from Business First Bancshares's earnings presentation, Oct 26, 2026
Slide 1: Q3 2026 Results
Q3 2026 Results
Slide 2: Table of Contents
2 TABLE OF CONTENTS Legal Disclosures 3 Guiding Principles & Social Impact 4 Business First Bancshares, Inc. Overview 5 – 11 Liquidity and Deposits 12 Securities Portfolio 13 Noninterest Revenue Opportunities 14 Financial Results Q3 2026 Financial Results 16 Credit Metrics Analysis 17 Yield/Rate Ana
Slide 3: Legal Disclosures
3 LEGAL DISCLOSURES 66 85 99 90 163 210 123 175 212 220 88 42 124 129 128 220 x3 Special Note Concerning Forward-Looking Statements This investor presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act made pursua
Slide 4: Guiding Principles & Social Impact
4 GUIDING PRINCIPLES & SOCIAL IMPACT b1BANK’s five guiding principles reflect our core beliefs and values, which drive all decisions irrespective of our goals, strategies, or external factors. These tenets are more than guides for making business decisions; they are the core of our culture, driving
Slide 5: Business First Bancshares, Inc. Overview
5 BALANCE SHEET & EARNINGS SNAPSHOT (4) FRANCHISE HIGHLIGHTS SHAREHOLDER INFORMATION BUSINESS OVERVIEW & CORPORATE ACTIONS BUSINESS FIRST BANCSHARES, INC. OVERVIEW (1) Deposit market share is as of June 30, 2026, per FDIC data. (2) Deposit balances exclude Business First Bancshares Holding Company d
Slide 6: Executive Management
6 EXECUTIVE MANAGEMENT Jude Melville Chairman, President and CEO Keith Mansfield EVP, Chief Operations Officer Chad Carter EVP, Correspondent Banking Gregory Robertson EVP, Chief Financial Officer Heather Roemer EVP, Chief Administrative Officer Saundra Strong EVP, General Counsel Kathryn Manning EV
Slide 7: Balanced Footprint
7 BALANCED FOOTPRINT Note: Dollars in millions. Financial and branch data as of September 30, 2026. Deposit balances do not tie to consolidated figures as a result of wholesale deposits, timing differences and other items recorded at the corporate level. Loan amounts based on outstanding loan balanc
Slide 8: Diversified Growth
8 DIVERSIFIED GROWTH Note: Dollars in millions, except per share data. Amounts may not total due to rounding. (1) Based on the closing date. (2) Non-GAAP financial measure. See appendix for applicable reconciliation. (3) Progressive Bank acquisition closed on January 1, 2026. $1,473 $1,652 $2,277 $2
Slide 9: Tangible Book Value Per Share Growth
9 $ 1 9 .6 8 $ 2 1 .4 7 $ 1 9 .8 8 $ 2 1 .2 4 $ 2 0 .2 5 $ 2 2 .5 8 $ 2 4 .6 2 $ 2 7 .9 5 $15.34 $17.31 $16.80 $17.71 $16.17 $18.62 $19.92 $23.36 2018 2019 2020 2021 2022 2023 2024 2025 BVPS TBVPS $ 2 4 .6 2 $ 2 5 .5 1 $ 2 6 .2 3 $ 2 7 .2 3 $ 2 7 .9 5 $ 2 8 .1 8 $ 2 8 .7 9 $ 2 8 .7 7 $19.92 $20.84 $
Slide 10: Earnings Per Share Growth
10 $ 1 .2 2 $ 1 .7 4 $ 1 .6 4 $ 2 .5 3 $ 2 .3 2 $ 2 .5 9 $ 2 .2 6 $ 2 .7 9 $1.45 $1.80 $2.05 $2.61 $2.52 $2.62 $2.49 $2.83 2018 2019 2020 2021 2022 2023 2024 2025 EPS Core EPS $ 0 .5 1 $ 0 .6 5 $ 0 .7 0 $ 0 .7 3 $ 0 .7 1 $ 0 .6 8 $ 0 .7 0 $ 0 .7 1 $0.66 $0.65 $0.66 $0.72 $0.79 $0.73 $0.71 $0.79 Q4'2
Slide 11: Consolidated Capital Growth
11 9.44% 9.78% 9.88% 10.06% 9.94% 10.21% 10.38% 10.29% 12.75% 13.03% 13.07% 13.22% 12.93% 13.08% 13.77% 13.55% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Common Equity Tier 1 Total Risk-Based Capital 11.83% 11.43% 10.63% 9.04% 8.68% 9.15% 9.44% 9.94% 13.91% 13.30% 12.28% 11.94% 12.75% 12.85% 12
Slide 12: Liquidity and Deposits
12 LIQUIDITY AND DEPOSITS Deposit Composition Non-Interest Bearing NOW & Int. Bearing DDA MMDA & Savings Time Deposits • Continue to carry higher cash balances to support liquidity, with 6.36% of total assets at 9/30/2026. • Remain focused on core deposits, which represent just under 90% of total de
Slide 13: Securities Portfolio
13 SECURITIES PORTFOLIO AFS Securities Portfolio • Portfolio serves as a source of on-balance sheet liquidity and provides interest income stability during times of declining rates. • With the relatively high-rate environment, the Bank is reinvesting portfolio cash flows and may seek opportunities t
Slide 14: Smith Shellnut Wilson and Financial Institutions Group
14 SMITH SHELLNUT WILSON (SSW) • SSW was founded in 1995 and offers investment advisory services, which includes discretionary and non -discretionary management of investment portfolios for a variety of clients including financial institutions, municipalities, high -net worth individuals, trusts and
Slide 15: Financial Results
15 Financial Results 66 85 99 90 163 210 123 175 212 220 88 42 124 129 128 220 x3
Slide 16: 3rd Quarter 2026 – Financial Results
16 3rd QUARTER 2026 – FINANCIAL RESULTS Note: Dollars in thousands, except per share data. (1) Non-GAAP financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of September 30, 2026. Core Net Income $26.0 million +22.6% YoY Core Diluted EPS $0.79
Slide 17: Credit Metrics Analysis
17 ACL & FV Discount Past Due Loans(1) Note: Dollars in millions. (1) Past due loans include balances past due 30 days or more and not on a nonaccrual status. (2) Nonperforming loans include loan balances past due 90 days or more as well as loans on a nonaccrual status. CREDIT METRICS ANALYSIS Nonpe
Slide 18: Yield / Rate Analysis – Long Term Margin Stability
18 3.86% 3.80% 2.40% 2.26% 6.74% 4.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 NIM NIM ex. Accretion Total Funding Cost Total Cost of Deposits Loan Yield Target Fed Funds Rate Note: Data is as of September 30, 2026. Chart b
Slide 19: Loan and Deposit Portfolio Overview
19 Loan Portfolio HFI (as of 9/30/26) Note: Dollars in millions. Data is as of September 30, 2026. Loan balances are before accounting adjustments and excludes loans in process and excludes Business Manager loans. (1) Reflects weighted average stated rate for the month-end of September 30, 2026. (2)
Slide 20: Loan Portfolio
20 Loan Portfolio 66 85 99 90 163 210 123 175 212 220 88 42 124 129 128 220 x3
Slide 21: Loan Composition
21 LOAN COMPOSITION Loan Portfolio Breakdown Q3 2026 Highlights $1,921 $1,922 $1,943 $1,989 $1,991 $1,280 $1,357 $1,517 $1,512 $1,575 $1,076 $1,152 $1,176 $1,147 $1,149 $1,106 $1,119 $1,362 $1,319 $1,291 $639 $639 $686 $693 $774 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Construction Residential, Consumer & Othe
Slide 22: Loan Portfolio Snapshot
22 Note: Loan composition as of September 30, 2026, based on preliminary FDIC call report data. LOAN PORTFOLIO SNAPSHOT $6.78 billion Total Loan Portfolio Composition Top 5 Exposure Categories Outstanding Unfunded Average NPLs % of Balance Commitment Loan Size Total Loans Commercial $1.94 billion $1
Slide 23: Loan Composition: Commercial
23 LOAN COMPOSITION: COMMERCIAL Note: Data is as of September 30, 2026. Percentages based on loan balances before accounting adjustments. • Commercial loans represent 29.4% of the total loan portfolio • Total commercial loan growth year-over-year of 3.7% • Weighted average maturity of the commercial
Slide 24: Commercial Real Estate and Construction Geography
24 Income Producing CRE Geography(1) Income Producing CRE Portfolio Baton Rouge, LA 13.5% Dallas, TX 11.3% Monroe, LA 9.1% Covington, LA 4.7% New Orleans, LA 3.7% Shreveport, LA 3.5% Houston, TX 3.5% Plano, TX 3.4% Lafayette, LA 3.0% Lake Charles, LA 2.4% All Other Geographies 41.8% Total CRE - Inco
Slide 25: Appendix
e BUSINESS FIRST APPENDIX
Slide 26: Historical Financial Summary
26 Note: Dollars in thousands. As of December 31, except for YTD 2026. (1) Non-GAAP Financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of 9/30/2026. (3) Excludes SBA PPP loans. (4) Calculated at the bank level based on preliminary FDIC call
Slide 27: Reconciliation of Non-GAAP Financial Measures
27Note: Dollars in thousands except per share data. (1) Adjustments are net of tax. RECONCILIATION OF NON -GAAP FINANCIAL MEASURES 2021 2022 2023 2024 2025 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Core Net Income: Net Income Available to Common Shareholders 52,136$ 52,905$ 65,642$ 59,706$ 82,460$ 21,505$ 21,00
Slide 28: Reconciliation of Non-GAAP Financial Measures
28 Note: Dollars in thousands except per share data. (1) Adjustments are net of tax. RECONCILIATION OF NON -GAAP FINANCIAL MEASURES TTM Q4'25 Q1'26 Q2'26 Q3'26 Q3'26 Core Net Income: Net Income Available to Common Shareholders 21,009$ 22,214$ 22,825$ 23,201$ 89,249$ Adjustments(1): 785$ (22)$ -$ -$
Slide 29: Reconciliation of Non-GAAP Financial Measures
29 Note: Dollars in thousands except per share data. RECONCILIATION OF NON -GAAP FINANCIAL MEASURES Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity 878,440$ 896,883$ 991,176$ 1,008,577$ 1,002,516$ Preferred Stock (71,930) (71,
Slide 30: Reconciliation of Non-GAAP Financial Measures
30 Note: Dollars in thousands except per share data. RECONCILIATION OF NON -GAAP FINANCIAL MEASURES 2021 2022 2023 2024 2025 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity 433,368$ 580,481$ 644,259$ 799,466$ 896,883$ Preferred Stock - (71,930) (71,930) (7
Slide 31: Reconciliation of Non-GAAP Financial Measures
31 RECONCILIATION OF NON -GAAP FINANCIAL MEASURES Note: Dollars in thousands. (1) Excludes gains/losses on sales of securities. TTM Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 12/31/2024 12/31/2025 Q3'26 Core Efficiency Ratio: Noninterest Expense 48,882$ 52,412$ 57,471$ 59,525$ 60,465$ 177,652$ 203,078$ 229,873$
Slide 32: Reconciliation of Non-GAAP Financial Measures
32 RECONCILIATION OF NON -GAAP FINANCIAL MEASURES Note: Dollars in thousands. Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Core pre-tax, pre-provision earnings: Pre-tax, pre-provision earnings 32,065$ 30,680$ 31,774$ 32,286$ 32,711$ Adjustments: -$ 995$ (28)$ -$ -$ -$ -$ -$ -$ -$ (77)$ (35)$ (80)$ 6$ 21$ (Gain)/Lo
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