8-K - BFST - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 2025

BUSINESS FIRST BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

Louisiana<br><br>(State of incorporation)	001-38447<br><br>(Commission<br><br>File Number)	20-5340628<br><br>(IRS Employer<br><br>Identification No.)
500 Laurel Street, Suite 101<br><br>Baton Rouge,Louisiana<br><br>(Address of principal executive offices)		70801<br><br>(Zip Code)

(225) 248-7600

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

x	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.00 per share	BFST	NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On July 28, 2025, Business First Bancshares, Inc. (“Business First”), the parent company of b1BANK, issued a press release announcing financial results for the first quarter ended June 30, 2025. The release also announced that the Board of Directors of Business First declared a common dividend on July 24, 2025, in the amount of $0.14 per share to the common shareholders of record on August 15, 2025. The dividend is to be paid on August 31, 2025, or as soon as practicable thereafter. Also, the board of directors declared a quarterly preferred dividend in the amount of $18.75 per share of preferred stock, which is the full quarterly dividend of 1.875% based on the per annum rate of 7.50%. The dividend will be paid on August 31, 2025, or as soon therefore as practicable, to the preferred shareholders of record as of August 15, 2025. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated by reference herein.

The information in this Item 2.02, including Exhibit 99.1, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, unless specifically identified therein as being incorporated therein by reference.

Item 7.01 Regulation FD Disclosure

On July 28, 2025, Business First made available the supplemental information attached hereto as Exhibit 99.2 prepared for use with the press release.

The information in this Item 7.01, including Exhibit 99.2, is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, unless specifically identified therein as being incorporated therein by reference.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits.

Number	Exhibit
99.1	Press Release of Business First Bancshares, Inc., dated July 2 8 , 2025 announcing results of operations for the secon d quarter 2025
99.2	Investor Presentation, dated July 2 8 , 2025, for the second quarter of 2025
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BUSINESS FIRST BANCSHARES, INC.
	By:	/s/ David R. Melville, III
	Name:	David R. Melville, III
	Title:	President and Chief Executive Officer
Date: July 28, 2025

Document

	500 Laurel Street
Baton Rouge, LA 70801
Phone: 877.614.7600
FOR IMMEDIATE RELEASE	Media Contact: Misty Albrecht
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July 28, 2025	b1BANK
	225.286.7879
	Misty.Albrecht@b1BANK.com

Business First Bancshares, Inc., Announces Financial Results for Q2 2025

Baton Rouge, La. (July 28, 2025) – Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended June 30, 2025. Business First reported net income available to common shareholders of $20.8 million or $0.70 per diluted common share, increases of $1.6 million and $0.05, respectively, compared to the linked quarter ended March 31, 2025. On a non-GAAP basis, core net income for the quarter ended June 30, 2025, which excludes certain income and expenses, was $19.5 million or $0.66 per diluted common share, an increase of $0.2 million and $0.01, from the linked quarter.

“Between our latest partnership announcement, successful core conversion and legacy branch repositioning, this was a quarter that positions us for continued growth and development in the coming quarters and years," said Jude Melville, chairman, president and CEO of Business First Bancshares, "I’m especially proud that our team conducted these productive operational activities while continuing to post consistent earnings and healthy balance sheet growth including our tangible book value and capital levels. We look forward to converting our Oakwood franchise systems late in the third quarter and competing from a position of strength in the Dallas market as a fully integrated team."

On Thursday, July 24, 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 second quarter in the amount of $0.14 per share of common stock. The preferred and common dividends will be paid on August 31, 2025, or as soon thereafter as practicable, to the shareholders of record as of August 15, 2025.

b1BANK.com

Quarterly Highlights

•Sustained Core Performance. Return to common shareholders on average assets, on an annualized basis, was 1.07% for the quarter ended June 30, 2025, or 1.01% on a non-GAAP basis, compared to 1.00% or 1.01% on a non-GAAP basis for the linked quarter.

•Capital Growth. Common equity to total assets increased from 9.69% to 9.77% and tangible common equity to tangible assets increased from 8.06% to 8.19%, 1.61% or 6.47% annualized, compared to the linked quarter, driven largely by solid quarterly earnings. On a non-GAAP basis, tangible book value per common share increased to $28.61 as of June 30, 2025, a 77 basis point increase, 3.70% or 14.82% annualized, compared to the linked quarter.

•Branch Optimization. In early April, Business First sold a banking branch located in Kaplan, LA (Kaplan) resulting in a net capital injection of $3.4 million. The transaction included a sale of $50.7 million of deposits for an 8.0% purchase premium. The sale is estimated to result in $750,000 lower annual operating cost.

•Core Conversion. Business First successfully converted its core processing for loans, deposits, and the general ledger to Fidelity Information Systems ("FIS") to improve capabilities and efficiencies for future growth.

•Stable Net Interest Margin (NIM). Net interest income totaled $67.0 million and net interest margin and net interest spread were 3.68% and 2.88%, respectively, compared to $66.0 million, 3.68% and 2.91% for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $0.8 million) were 3.64% and 2.84% for the quarter ended June 30, 2025, compared to 3.64% and 2.86% (excluding loan discount accretion of $0.8 million) for the linked quarter. Net interest margin for the quarter was impacted by excess funding utilized during the core conversion (~3 basis points, "bps") and incremental funding cost associated with replacing the Kaplan deposit portfolio (~2 bps).

b1BANK.com

•Progressive Bank Acquisition. On July 7, 2025, Business First executed a definitive agreement to acquire Progressive Bancorp, Inc. (“Progressive”) and its wholly-owned bank subsidiary, Progressive Bank. As of March 31, 2025, Progressive reported total assets of $752 million, deposits of $673 million, and equity of $65 million.

Statement of Financial Condition

Loans

Loans held for investment increased $66.7 million or 1.12%, 4.48% annualized. The commercial and commercial real estates portfolios increased $98.8 million and $61.6 million, respectively, compared to the linked quarter. The construction portfolio declined $33.4 million, or 5.27% compared to the linked quarter. Texas-based loans represented approximately 40% of the overall loan portfolio as of June 30, 2025, based on unpaid principal balance.

Credit Quality

Credit quality metrics migrated upwards compared to the linked quarter. The ratio of nonperforming loans compared to loans held for investment increased 28 bps to 0.97% at June 30, 2025, while the ratio of nonperforming assets compared to total assets increased 21 bps to 0.76% compared to the linked quarter. The commercial real estate, commercial, and residential real estate portfolios encompass approximately $22.5 million, $20.8 million, and $7.5 million, respectively, of the $56.4 million nonaccrual balance at June 30, 2025.

Securities

The securities portfolio increased $5.9 million, or 0.64%, from the linked quarter, impacted by $6.4 million in positive fair value adjustments. The securities portfolio, based on estimated fair value, represented 11.83% of total assets as of June 30, 2025.

b1BANK.com

Deposits

Deposits decreased $38.5 million or 0.60%, 2.39% annualized, for the quarter ended June 30, 2025, compared to the linked quarter. Excluding the $50.7 million in deposits transferred in the Kaplan sale, deposits increased $12.1 million or 0.19%, 0.76% annualized.

Noninterest bearing deposits increased $102.4 million or 7.83% and interest-bearing deposits decreased $140.9 million or 10.77%. The portfolio was impacted by various transactions during the quarter. The money market portfolio was affected by approximately $62.8 million of withdrawals from financial institutional accounts with a weighted average rate of 4.45%. These withdrawals were replaced with more efficient brokered certificates of deposits (CDs). The Kaplan sale accounted for reductions of approximately $41.5 million in interest bearing deposits and $9.2 million in noninterest bearing deposits. Some of the migration was mitigated through successful retail CD promotion offers which generated $43.0 million increase in the portfolio. Additionally, the noninterest bearing portfolio benefited from a short-term inflow of approximately $60 million in deposits which subsequently were withdrawn after quarter end.

Borrowings

Borrowings increased $179.0 million or 41.25%, from the linked quarter due primarily to an increase in short-term Federal Home Loan Bank advances. Additional liquidity was utilized during the quarter as Business First's main correspondent banking relationship was changed during the core conversion process, as well as borrowings for short-term deposit fluctuations.

Shareholders’ Equity

Shareholders' equity increased $22.1 million or 2.68% during the quarter ended June 30, 2025. Accumulated other comprehensive income (AOCI) increased $5.1 million or 9.61%, during the quarter due to positive after-tax fair value adjustments in the securities portfolio. Book value per common share increased to $26.23 at June 30, 2025, compared to $25.51 at March 31, 2025, due to strong earnings and positive fair value adjustments. On a non-GAAP basis, tangible book value per common share increased from $20.84 at the linked quarter to $21.61 at June 30, 2025, 3.70% or 14.82% annualized.

b1BANK.com

Results of Operations

Net Interest Income

For the quarter ended June 30, 2025, net interest income totaled $67.0 million, compared to $66.0 million from the linked quarter. Loan and interest-earning asset yields of 6.96% and 6.31%, decreased 3 and 4 bps, respectively, compared to 6.99% and 6.35% from the linked quarter. Net interest margin and net interest spread were 3.68% and 2.88% compared to 3.68% and 2.91% for the linked quarter. The overall cost of funds, which included noninterest-bearing deposits, declined 4 bps from 2.82% to 2.78% for the quarter ended June 30, 2025, despite the sale of $50.7 million in deposits associated with the Kaplan, LA banking branch sale in April (~2 bps reduction in margin). Additionally, margin was also negatively impacted by ~3 bps due to excess cash carried during the transfer of our primary correspondent banking relationship through the core conversion process.

Non-GAAP net interest income (excluding loan discount accretion of $0.8 million) totaled $66.3 million for the quarter ended June 30, 2025, compared to $65.2 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 $0.8 million) were 3.64% and 2.84%, respectively, for the quarter ended June 30, 2025, compared to 3.64% and 2.86% (excluding loan discount accretion of $0.8 million) for the linked quarter.

Provision for Credit Losses

During the quarter ended June 30, 2025, Business First recorded a provision for credit losses of $2.2 million, compared to $2.8 million from the linked quarter. The current quarter’s reserve was largely impacted by an additional $1.6 million reserve on a loan transferred to nonaccrual status. At June 30, 2025, the ratio of allowance for credit losses to loans held for investment ratio was 1.02%, compared to 1.01% the linked quarter.

Other Income

For the quarter ended June 30, 2025, other income increased $1.2 million or 8.99%, compared to the linked quarter. The net increase was largely attributable to a $3.4 million gain on the Kaplan sale, offset largely by a $1.0 million reduction in equity investment income, and a $475,000 reduction in gain on sale of Small Business Administration (SBA) loans.

b1BANK.com

Other Expenses

For the quarter ended June 30, 2025, other expenses increased $628,000 or 1.24%, compared to the linked quarter. The increase was largely attributable to a $2.1 million increase in data processing expenses, of which $1.0 million was associated with core conversion expenses, offset by a $1.2 million reduction in salaries and benefits largely due to lower incentive-based expenses.

Return on Assets and Common Equity

Return to common shareholders on average assets and common equity, each on an annualized basis, were 1.07% and 10.87% for the quarter ended June 30, 2025, compared to 1.00% and 10.48%, respectively, for the linked quarter. Non-GAAP return to common shareholders on average assets and common equity, each on an annualized basis, were 1.01% and 10.23% for the quarter ended June 30, 2025, compared to 1.01% and 10.53%, for the linked quarter.

Conference Call and Webcast

Executive management will host a conference call and webcast to discuss results on Monday, July 28, 2025, 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 2799880, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/jqbmtwns. 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 $7.9 billion in assets, $5.4 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.

b1BANK.com

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 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.

b1BANK.com

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.

Additional Information and Where to Find It

This communication is being made with respect to the proposed transaction involving Business First and Progressive. This material is not a solicitation of any vote or approval of the Progressive shareholders and is not a substitute for the proxy statement/prospectus or any other documents that Business First and Progressive may send to their respective shareholders in connection with the proposed transaction. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities.

In connection with the proposed transaction, Business First will file with the SEC a Registration Statement on Form S-4 (the “Registration Statement”) that will include a proxy statement of Progressive and a prospectus of Business First, as well as other relevant documents concerning the proposed transaction. Before making any voting or investment decision, investors and shareholders are urged to read carefully the Registration Statement and the proxy statement/prospectus regarding the proposed transaction, as well as any other relevant documents filed with the SEC and any amendments or supplements to those documents, because they will contain important information. Progressive will mail the proxy statement/prospectus to its shareholders.

b1BANK.com

Shareholders are also urged to carefully review and consider Business First’s public filings with the SEC, including, but not limited to, its proxy statements, its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. Copies of the Registration Statement and proxy statement/prospectus and other filings incorporated by reference therein, as well as other filings containing information about Business First, may be obtained, free of charge, as they become available at the SEC’s website at www.sec.gov. You will also be able to obtain these documents when they are filed, free of charge, from Business First at www.b1BANK.com. Copies of the proxy statement/prospectus can also be obtained, when they become available, free of charge, by directing a request to Business First Bancshares, Inc., 500 Laurel Street, Suite 101, Baton Rouge, LA 70801, Attention: Corporate Secretary, Telephone: 225-248-7600.

Participants in the Solicitation

Business First, Progressive and certain of their respective directors, executive officers and employees may, under the SEC’s rules, be deemed to be participants in the solicitation of proxies of Progressive’s shareholders in connection with the proposed transaction. Information about Business First’s directors and executive officers is available in its definitive proxy statement relating to its 2025 annual meeting of shareholders, which was filed with the SEC on April 9, 2025, and other documents filed by Business First with the SEC. Other information regarding the persons who may, under the SEC’s rules, be deemed to be participants in the solicitation of proxies of Progressive’s shareholders in connection with the proposed transaction, and a description of their direct and indirect interests, by holdings or otherwise, will be contained in the proxy statement/prospectus regarding the proposed transaction and other relevant materials to be filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.

Investor Relations Contact:

Gregory Robertson	Matt Sealy
337.721.2701	225.388.6116
Gregory.Robertson@b1bank.com	Matt.Sealy@b1bank.com	b1BANK.com
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Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
	Three Months Ended
(Dollars in thousands)	June 30,<br>2025			March 31,<br>2025			June 30,<br>2024
Balance Sheet Ratios
Loans (HFI) to Deposits	94.21		%	92.61		%	97.80		%
Shareholders' Equity to Assets Ratio	10.67		%	10.61		%	9.91		%
Loans Receivable Held for Investment (HFI)
Commercial	$	1,960,974		$	1,862,176		$	1,520,392
Real Estate:
Commercial	2,533,761			2,472,121			2,198,119
Construction	600,292			633,698			637,466
Residential	879,891			934,357			743,876
Total Real Estate	4,013,944			4,040,176			3,579,461
Consumer and Other	72,732			78,567			62,999
Total Loans (Held for Investment)	$	6,047,650		$	5,980,919		$	5,162,852
Allowance for Loan Losses
Balance, Beginning of Period	$	56,863		$	54,840		$	41,165
Oakwood - PCD ALLL	—			—			—
Charge-Offs - Quarterly	(921)			(1,648)			(1,426)
Recoveries - Quarterly	99			671			91
Provision for Loan Losses - Quarterly	2,455			3,000			1,582
Balance, End of Period	$	58,496		$	56,863		$	41,412
Allowance for Loan Losses to Total Loans (HFI)	0.97		%	0.95		%	0.80		%
Allowance for Credit Losses to Total Loans (HFI)/(1)	1.02		%	1.01		%	0.86		%
Net Charge-Offs (Recoveries) to Average Quarterly Total Loans	0.01		%	0.02		%	0.03		%
Remaining Loan Purchase Discount	$	10,099		$	11,322		$	9,690
Nonperforming Assets
Nonperforming
Nonaccrual Loans	$	56,377		$	35,915		$	21,008
Loans Past Due 90 Days or More	2,467			5,635			1,355
Total Nonperforming Loans	58,844			41,550			22,363
Other Nonperforming Assets:
Other Real Estate Owned	1,473			1,282			1,983
Other Nonperforming Assets	—			—			—
Total other Nonperforming Assets	1,473			1,282			1,983
Total Nonperforming Assets	$	60,317		$	42,832		$	24,346
Nonperforming Loans to Total Loans (HFI)	0.97		%	0.69		%	0.43		%
Nonperforming Assets to Total Assets	0.76		%	0.55		%	0.36		%
(1) Allowance for Credit Losses includes the Allowance for Loan Loss and Reserve for Unfunded Commitments.
b1BANK.com
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Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
	Three Months Ended									Six Months Ended
(Dollars in thousands, except per share data)	June 30,<br>2025			March 31,<br>2025			June 30,<br>2024			June 30,<br>2025			June 30,<br>2024
Per Share Data
Basic Earnings per Common Share	$	0.70		$	0.65		$	0.63		$	1.36		$	1.11
Diluted Earnings per Common Share	0.70			0.65			0.62			1.35			1.10
Dividends per Common Share	0.14			0.14			0.14			0.28			0.28
Book Value per Common Share	26.23			25.51			23.24			26.23			23.24
Average Common Shares Outstanding	29,517,495			29,329,668			25,265,495			29,354,228			25,196,079
Average Diluted Common Shares Outstanding	29,586,975			29,545,921			25,395,614			29,500,061			25,412,142
End of Period Common Shares Outstanding	29,602,970			29,572,297			25,502,175			29,602,970			25,502,175
Annualized Performance Ratios
Return to Common Shareholders on Average Assets (1)	1.07		%	1.00		%	0.95		%	1.04		%	0.84		%
Return to Common Shareholders on Average Common Equity (1)	10.87		%	10.48		%	10.94		%	10.68		%	9.73		%
Net Interest Margin (1)	3.68		%	3.68		%	3.45		%	3.68		%	3.39		%
Net Interest Spread (1)	2.88		%	2.91		%	2.47		%	2.90		%	2.42		%
Efficiency Ratio (2)	62.83		%	63.85		%	65.14		%	63.33		%	67.37		%
Total Quarterly/Year-to-Date Average Assets	$	7,791,372		$	7,750,982		$	6,711,173		$	7,771,289		$	6,689,350
Total Quarterly/Year-to-Date Average Common Equity	765,884			742,930			583,184			754,470			580,414
Other Expenses
Salaries and Employee Benefits	$	28,317		$	29,497		$	25,523		$	57,814		$	50,939
Occupancy and Bank Premises	3,119			3,401			2,634			6,520			5,148
Depreciation and Amortization	2,076			2,152			1,742			4,228			3,418
Data Processing	5,321			3,236			2,641			8,557			5,220
FDIC Assessment Fees	861			1,184			874			2,045			1,702
Legal and Other Professional Fees	1,093			1,013			1,042			2,106			1,908
Advertising and Promotions	1,088			1,291			966			2,379			2,111
Utilities and Communications	743			733			718			1,476			1,392
Ad Valorem Shares Tax	1,125			1,125			900			2,250			1,800
Directors' Fees	193			279			268			472			550
Other Real Estate Owned Expenses and Write-Downs	27			23			71			50			108
Merger and Conversion-Related Expenses	210			250			409			460			749
Other	7,033			6,394			5,322			13,427			10,587
Total Other Expenses	$	51,206		$	50,578		$	43,110		$	101,784		$	85,632
b1BANK.com
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Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
	Three Months Ended						Six Months Ended
(Dollars in thousands, except per share data)	June 30,<br>2025		March 31,<br>2025		June 30,<br>2024		June 30,<br>2025		June 30,<br>2024
Other Income
Service Charges on Deposit Accounts	$	2,633	$	2,860	$	2,537	$	5,493	$	4,976
Gain (Loss) on Sales of Securities	(47)		(1)		—		(48)		(1)
Debit Card and ATM Fee Income	1,958		1,858		1,950		3,816		3,726
Bank-Owned Life Insurance Income	758		808		627		1,566		1,206
Gain on Sales of Loans	781		1,256		2,460		2,037		2,599
Mortgage Origination Income	55		110		35		165		104
Fees and Brokerage Commission	1,980		2,148		1,875		4,128		3,812
Gain (Loss) on Sales of Other Real Estate Owned	56		(268)		2		(212)		65
Gain (Loss) on Disposal of Other Assets	—		155		(15)		155		(15)
Gain on Extinguishment of Debt	—		630		—		630		—
Gain on Branch Sale	3,360		—		—		3,360		—
Swap Fee Income	808		739		285		1,547		514
Pass-Through Income (Loss) from Other Investments	(246)		751		392		505		686
Other	2,319		2,180		2,028		4,499		3,890
Total Other Income	$	14,415	$	13,226	$	12,176	$	27,641	$	21,562
(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.
b1BANK.com
---

Business First Bancshares, Inc.
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands)	June 30,<br>2025		March 31,<br>2025		June 30,<br>2024
Assets
Cash and Due From Banks	$	495,757	$	312,887	$	208,051
Federal Funds Sold	39,296		117,422		113,587
Securities Purchased under Agreements to Resell	25,433		50,589		—
Securities Available for Sale, at Fair Values	926,450		920,573		875,048
Mortgage Loans Held for Sale	677		—		680
Loans and Lease Receivable	6,047,650		5,980,919		5,162,852
Allowance for Loan Losses	(58,496)		(56,863)		(41,412)
Net Loans and Lease Receivable	5,989,154		5,924,056		5,121,440
Premises and Equipment, Net	79,007		81,582		68,545
Accrued Interest Receivable	36,738		33,741		30,617
Other Equity Securities	48,736		40,947		38,805
Other Real Estate Owned	1,473		1,282		1,983
Cash Value of Life Insurance	118,707		117,950		100,684
Deferred Taxes, Net	25,222		25,289		25,888
Goodwill	121,146		121,691		91,527
Core Deposit and Customer Intangibles	15,775		16,538		10,849
Other Assets	24,723		20,181		16,185
Total Assets	$	7,948,294	$	7,784,728	$	6,703,889
Liabilities
Deposits
Noninterest-Bearing	$	1,410,708	$	1,308,312	$	1,310,204
Interest-Bearing	5,008,943		5,149,869		4,253,466
Total Deposits	6,419,651		6,458,181		5,563,670
Securities Sold Under Agreements to Repurchase	22,557		19,046		18,445
Federal Home Loan Bank Borrowings	492,946		317,352		305,208
Subordinated Debt	92,645		92,702		99,875
Subordinated Debt - Trust Preferred Securities	5,000		5,000		5,000
Accrued Interest Payable	4,829		5,356		4,517
Other Liabilities	62,226		60,779		42,644
Total Liabilities	7,099,854		6,958,416		6,039,359
Shareholders' Equity
Preferred Stock	71,930		71,930		71,930
Common Stock	29,603		29,572		25,502
Additional Paid-In Capital	502,046		501,609		397,851
Retained Earnings	292,629		276,045		237,031
Accumulated Other Comprehensive Loss	(47,768)		(52,844)		(67,784)
Total Shareholders' Equity	848,440		826,312		664,530
Total Liabilities and Shareholders' Equity	$	7,948,294	$	7,784,728	$	6,703,889
b1BANK.com
---

Business First Bancshares, Inc.
Consolidated Statements of Income
(Unaudited)
	Three Months Ended						Six Months Ended
(Dollars in thousands)	June 30,<br>2025		March 31,<br>2025		June 30,<br>2024		June 30,<br>2025		June 30,<br>2024
Interest Income:
Interest and Fees on Loans	$	104,028	$	102,992	$	90,604	$	207,020	$	176,551
Interest and Dividends on Securities	6,906		6,614		5,933		13,520		11,532
Interest on Federal Funds Sold and Due From Banks	3,916		4,088		3,333		8,003		7,798
Total Interest Income	114,850		113,693		99,870		228,543		195,881
					—
Interest Expense:					—
Interest on Deposits	41,546		42,439		40,900		83,985		78,929
Interest on Borrowings	6,262		5,271		4,961		11,533		11,412
Total Interest Expense	47,808		47,710		45,861		95,518		90,341
					—
Net Interest Income	67,042		65,983		54,009		133,025		105,540
					—
Provision for Credit Losses	2,225		2,812		1,310		5,037		2,496
					—
Net Interest Income After Provision for Credit Losses	64,817		63,171		52,699		127,988		103,044
					—
Other Income:					—
Service Charges on Deposit Accounts	2,633		2,860		2,537		5,493		4,976
(Loss) Gain on Sales of Securities	(47)		(1)		—		(48)		(1)
Gain on Sales of Loans	781		1,256		2,460		2,037		2,599
Other Income	11,048		9,111		7,179		20,159		13,988
Total Other Income	14,415		13,226		12,176		27,641		21,562
					—
Other Expenses:					—
Salaries and Employee Benefits	28,317		29,497		25,523		57,814		50,939
Occupancy and Equipment Expense	7,162		7,356		5,717		14,518		11,074
Merger and Conversion-Related Expense	210		250		409		460		749
Other Expenses	15,517		13,475		11,461		28,992		22,870
Total Other Expenses	51,206		50,578		43,110		101,784		85,632
					—
Income Before Income Taxes	28,026		25,819		21,765		53,845		38,974
					—
Provision for Income Taxes	5,923		5,276		4,559		11,199		8,198
					—
Net Income	22,103		20,543		17,206		42,646		30,776
					—
Preferred Stock Dividends	1,350		1,350		1,350		2,700		2,700
					$	—
Net Income Available to Common Shareholders	$	20,753	$	19,193	$	15,856	$	39,946	$	28,076	b1BANK.com
---

Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
	Three Months Ended
	June 30, 2025						March 31, 2025						June 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	$	5,995,490	$	104,028	6.96	%	$	5,972,120	$	102,992	6.99	%	$	5,153,642	$	90,604	7.07	%
Securities	937,099		6,906		2.96	%	924,693		6,614		2.90	%	891,384		5,933		2.68	%
Securities Purchased under Agreements to Resell	31,172		401		5.16	%	50,836		651		5.19	%	—		—		—	%
Interest-Bearing Deposit in Other Banks	336,138		3,515		4.19	%	315,750		3,436		4.41	%	246,590		3,333		5.44	%
Total Interest Earning Assets	7,299,899		114,850		6.31	%	7,263,399		113,693		6.35	%	6,291,616		99,870		6.38	%
Allowance for Loan Losses	(56,934)				.		(54,711)				.		(41,450)
Noninterest- Earning Assets	548,406						542,294						461,007
Total Assets	$	7,791,371	$	114,850			$	7,750,982	$	113,693			$	6,711,173	$	99,870
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Deposits
Subordinated Debt	5,029,981		41,546		3.31	%	5,141,498		42,439		3.35	%	4,268,207		40,900		3.85	%
Subordinated Debt - Trust Preferred Securities	92,682		1,235		5.34	%	97,251		1,262		5.26	%	99,913		1,354		5.45	%
Bank Term Funding Program	5,000		100		8.02	%	5,000		99		8.03	%	5,000		113		9.09	%
Advances from Federal Home Loan Bank (FHLB)	447,271		4,793		4.30	%	362,092		3,796		4.25	%	324,691		3,372		4.18	%
Other Borrowings	20,514		134		2.62	%	18,321		114		2.52	%	19,164		122		2.56	%
Total Interest-Bearing Liabilities	$	5,595,448	$	47,808	3.43	%	$	5,624,162	$	47,710	3.44	%	$	4,716,975	$	45,861	3.91	%
Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits	$	1,292,262					$	1,244,793					$	1,297,085
Other Liabilities	65,847						67,167						41,999
Total Noninterest-Bearing Liabilities	1,358,109						1,311,960						1,339,084
Shareholders' Equity:
Common Shareholders' Equity	765,884						742,930						583,184
Preferred Equity	71,930						71,930						71,930
Total Shareholders' Equity	837,814						814,860						655,114
Total Liabilities and Shareholders' Equity	$	7,791,371					$	7,750,982					$	6,711,173
Net Interest Spread					2.88	%					2.91	%					2.47	%
Net Interest Income			$	67,042					$	65,983					$	54,009
Net Interest Margin					3.68	%					3.68	%					3.45	%
Overall Cost of Funds					2.78	%					2.82	%					3.07	%
Note: Average outstanding balances are determined utilizing daily averages and an actual day count convention.																			b1BANK.com
---

Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
	Six Months Ended
(Dollars in thousands)	June 30, 2025						June 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	$	5,983,870	$	207,020	6.98	%	$	5,090,289	$	176,551	6.97	%
Securities	930,930		13,520		2.93	%	890,158		11,532		2.61	%
Securities Purchased under Agreements to Resell	40,950		1,052		5.18	%
Interest-Bearing Deposit in Other Banks	326,000		6,951		4.30	%	288,426		7,798		5.44	%
Total Interest Earning Assets	7,281,750		228,543		6.33	%	6,268,873		195,881		6.28	%
Allowance for Loan Losses	(55,829)						(40,988)
Noninterest- Earning Assets	545,367						461,465
Total Assets	$	7,771,288	$	228,543			$	6,689,350	$	195,881
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Deposits	$	5,085,431	$	83,985	3.33	%	$	4,170,406	$	78,929	3.81	%
Subordinated Debt	94,954		2,497		5.30	%	99,942		2,710		5.45	%
Subordinated Debt - Trust Preferred Securities	5,000		199		8.03	%	5,000		226		9.09	%
Bank Term Funding Program	—		—		—	%	130,220		2,788		4.31	%
Advances from Federal Home Loan Bank (FHLB)	404,917		8,589		4.28	%	274,096		5,466		4.01	%
Other Borrowings	19,424		248		2.57	%	17,640		222		2.53	%
Total Interest-Bearing Liabilities	$	5,609,726	$	95,518	3.43	%	$	4,697,304	$	90,341	3.87	%
Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits	$	1,268,659					$	1,289,948
Other Liabilities	66,503						49,754
Total Noninterest-Bearing Liabilities	1,335,162						1,339,702
Shareholders' Equity:
Common Shareholders' Equity	754,470						580,414
Preferred Equity	71,930						71,930
Total Shareholders' Equity	826,400						652,344
Total Liabilities and Shareholders' Equity	$	7,771,288					$	6,689,350
Net Interest Spread					2.90	%					2.42	%
Net Interest Income			$	133,025					$	105,540
Net Interest Margin					3.68	%					3.39	%
Overall Cost of Funds					2.80	%					3.03	%
Note: Average outstanding balances are determined utilizing daily averages and an actual day count convention.													b1BANK.com
---

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
	Three Months Ended						Six Months Ended
(Dollars in thousands, except per share data)	June 30,<br>2025		March 31,<br>2025		June 30,<br>2024		June 30,<br>2025		June 30,<br>2024
Interest Income:
Interest income	$	114,850	$	113,693	$	99,870	$	228,543	$	195,881
Core interest income	114,850		113,693		98,870		228,543		195,881
Interest Expense:
Interest expense	47,808		47,710		45,861		95,518		90,341
Core interest expense	47,808		47,710		45,861		95,518		90,341
Provision for Credit Losses: (b)
Provision for credit losses	2,225		2,812		1,310		5,037		2,496
Core provision expense	2,225		2,812		1,310		5,037		2,496
Other Income:
Other income	14,415		13,226		12,176		27,641		21,562
Gain on former bank premises and equipment	—		(155)		—		(155)		(50)
Loss (Gain) on sale of securities	47		1		—		48		1
Gain on extinguishment of debt	—		(630)		—		(630)		—
Gain on branch sale	(3,360)		—		—		(3,360)
Core other income	11,102		12,442		12,176		23,544		21,513
Other Expense:
Other expense	51,206		50,578		43,110		101,784		85,632
Acquisition-related expenses (2)	(570)		(679)		(419)		(1,249)		(1,134)
Core conversion expenses	(1,008)		(216)		—		(1,224)		—
Core other expense	49,628		49,683		42,691		99,311		84,498
Pre-Tax Income: (a)
Pre-tax income	28,026		25,819		21,765		53,845		38,974
Gain on former bank premises and equipment	—		(155)		—		(155)		(50)
Loss (Gain) on sale of securities	47		1		—		48		1
Gain on extinguishment of debt	—		(630)		—		(630)		—
Gain on branch sale	(3,360)						(3,360)
Acquisition-related expenses (2)	570		679		419		1,249		1,134
Core conversion expenses	1,008		216		—		1,224		—
Core pre-tax income	26,291		25,930		22,184		52,221		40,059
Provision for Income Taxes: (1)
Provision for income taxes	5,923		5,276		4,559		11,199		8,198
Tax on gain on former bank premises and equipment	—		(33)		—		(33)		(11)
Tax on loss (gain) on sale of securities	10		—		—		10		—		b1BANK.com
---

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
	Three Months Ended			Six Months Ended
(Dollars in thousands, except per share data)	June 30,<br>2025	March 31,<br>2025	June 30,<br>2024	June 30,<br>2025	June 30,<br>2024
Tax on gain on extinguishment of debt	—	(133)	—	(133)	—
Tax on gain on branch sale	(833)			(833)
Tax on acquisition-related expenses (2)	103	143	2	246	91
Tax on core conversion expenses	213	46	—	259	—
Core provision for income taxes	5,416	5,299	4,561	10,715	8,278
Preferred Dividends:
Preferred dividends	1,350	1,350	1,350	2,700	2,700
Core preferred dividends	1,350	1,350	1,350	2,700	2,700
Net Income Available to Common Shareholders
Net income available to common shareholders	20,753	19,193	15,856	39,946	28,076	b1BANK.com
---

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
	Three Months Ended						Six Months Ended
(Dollars in thousands, except per share data)	June 30,<br>2025		March 31,<br>2025		June 30,<br>2024		June 30,<br>2025		June 30,<br>2024
Gain on former bank premises and equipment, net of tax	—		(122)		—		(122)		(39)
Loss (Gain) on sale of securities, net of tax	37		1		—		38		1
Gain on extinguishment of debt, net of tax	—		(497)		—		(497)		—
Gain on branch sale, net of tax	(2,527)		—				(2,527)
Acquisition-related expenses (2), net of tax	467		536		417		1,003		1,043
Core conversion expenses, net of tax	795		170		—		965		—
Core net income available to common shareholders	$	19,525	$	19,281	$	16,273	$	38,806	$	29,081
Pre-tax, Pre-provision Earnings Available to Common Shareholders (a+b)	$	30,251	$	28,631	$	23,075	$	58,882	$	41,470
Gain on former bank premises and equipment	—		(155)		—		(155)		(50)
Loss (Gain) on sale of securities	47		1		—		48		1
Gain on extinguishment of debt	—		(630)		—		(630)		—
Gain on branch sale	(3,360)						(3,360)
Acquisition-related expenses (2)	570		679		419		1,249		1,134
Core conversion expenses	1,008		216		—		1,224		—
Core pre-tax, pre-provision earnings	$	28,516	$	28,742	$	23,494	$	57,258	$	42,555
Average Diluted Common Shares Outstanding	29,586,722		29,545,921		25,395,614		29,500,061		25,412,142
Diluted Earnings Per Common Share
Diluted earnings per common share	$	0.70	$	0.65	$	0.62	$	1.35	$	1.10
Gain on former bank premises and equipment, net of tax	—		—		—		—		—
Loss (Gain) on sale of securities, net of tax	—		—		—		—		—
Gain on extinguishment of debt, net of tax	—		(0.02)		—		(0.02)		—
Gain on branch sale, net of tax	(0.09)		—				(0.09)
Acquisition-related expenses (2), net of tax	0.02		0.02		0.02		0.04		0.04
Core conversion expenses,net of tax	0.03		—		—		0.03		—
Core diluted earnings per common share	$	0.66	$	0.65	$	0.64	$	1.31	$	1.14	b1BANK.com
---

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
	Three Months Ended						Six Months Ended
(Dollars in thousands, except per share data)	June 30,<br>2025		March 31,<br>2025		June 30,<br>2024		June 30,<br>2025		June 30,<br>2024
Pre-tax, Pre-provision Diluted Earnings per Common Share	$	1.02	$	0.97	$	0.91	$	2.00	$	1.63
Gain on former bank premises and equipment	—		(0.01)		—		(0.01)		—
Loss (gain) on sale of securities	—		—		—		—		—
Gain on extinguishment of debt	—		(0.02)		—		(0.02)		—
Gain on branch sale	(0.11)		—				(0.11)
Acquisition-related expenses (2)	0.02		0.02		0.02		0.04		0.04
Core conversion expenses	0.03		0.01		—		0.04		—
Core pre-tax, pre-provision diluted earnings per common share	$	0.96	$	0.97	$	0.93	$	1.94	$	1.67
(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 Oakwood
b1BANK.com
---

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
(Dollars in thousands, except per share data)	June 30,<br>2025			March 31,<br>2025			June 30,<br>2024
Total Shareholders' (Common) Equity:
Total shareholders' equity	$	848,440		$	826,312		$	664,530
Preferred stock	(71,930)			(71,930)			(71,930)
Total common shareholders' equity	776,510			754,382			592,600
Goodwill	(121,146)			(121,691)			(91,527)
Core deposit and customer intangible	(15,775)			(16,538)			(10,849)
Total tangible common equity	$	639,589		$	616,153		$	490,224
Total Assets:
Total assets	$	7,948,294		$	7,784,728		$	6,703,889
Goodwill	(121,146)			(121,691)			(91,527)
Core deposit and customer intangible	(15,775)			(16,538)			(10,849)
Total tangible assets	$	7,811,373		$	7,646,499		$	6,601,513
Common shares outstanding	29,602,970			29,572,297			25,502,175
Book value per common share	$	26.23		$	25.51		$	23.24
Tangible book value per common share	$	21.61		$	20.84		$	19.22
Common equity to total assets	9.77		%	9.69		%	8.84		%
Tangible common equity to tangible assets	8.19		%	8.06		%	7.43		%
b1BANK.com
---

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
	Three Months Ended									Six Months Ended
(Dollars in thousands, except per share data)	June 30,<br>2025			March 31,<br>2025			June 30,<br>2024			June 30,<br>2025			June 30,<br>2024
Total Quarterly Average Assets	$	7,791,372		$	7,750,982		$	6,711,173		$	7,771,289		$	6,689,350
Total Quarterly Average Common Equity	$	765,884		$	742,930		$	583,184		$	754,470		$	580,414
Net Income Available to Common Shareholders:
Net income available to common shareholders	$	20,753		$	19,193		$	15,856		$	39,946		$	28,076
CECL Oakwood impact (3), net of tax	—			—			—			—			—
Gain on former bank premises and equipment, net of tax	—			(122)			—			(122)			(39)
Loss (gain) on sale of securities, net of tax	37			1			—			38			1
Gain on extinguishment of debt, net of tax	—			(497)			—			(497)			—
Acquisition-related expenses, net of tax	467			—			—			467			—
Gain on branch sale, net of tax	(2,527)			536			417			(2,527)			1,043
Core conversion expenses, net of tax	795			170			—			965			—
Core net income available to common shareholders	$	19,525		$	19,281		$	16,273		$	38,806		$	29,081
Return to common shareholders on average assets (annualized) (2)	1.07		%	1.00		%	0.95		%	1.04		%	0.84		%
Core return on average assets (annualized) (2)	1.01		%	1.01		%	0.98		%	1.01		%	0.87		%
Return to common shareholders on average common equity (annualized) (2)	10.87		%	10.48		%	10.94		%	10.68		%	9.73		%
Core return on average common equity (annualized) (2)	10.23		%	10.53		%	11.22		%	10.37		%	10.08		%
Interest Income:
Interest income	$	114,850		$	113,693		$	99,870		$	228,543		$	195,881
Core interest income	114,850			113,693			99,870			228,543			195,881
Interest Expense:
Interest expense	47,808			47,710			45,861			95,518			90,341
Core interest expense	47,808			47,710			45,861			95,518			90,341
Other Income:
Other income	14,415			13,226			12,176			27,641			21,562
Gain on former bank premises and equipment	—			(155)			—			(155)			(50)
Loss (Gain) on sale of securities	47			1			—			48			1
Gain on extinguishment of debt	—			(630)			—			(630)			—
Gain on branch sale	(3,360)									(3,360)
Core other income	11,102			12,442			12,176			23,544			21,513
Other Expense:
Other expense	51,206			50,578			43,110			101,784			85,632			b1BANK.com
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Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
	Three Months Ended									Six Months Ended
(Dollars in thousands, except per share data)	June 30,<br>2025			March 31,<br>2025			June 30,<br>2024			June 30,<br>2025			June 30,<br>2024
Acquisition-related expenses	(570)			(679)			(419)			(1,249)			(1,134)
Core conversion expenses	(1,008)			(216)			—			(1,224)			—
Core other expense	$	49,628		$	49,683		$	42,691		$	99,311		$	84,498
Efficiency Ratio:
Other expense (a)	$	51,206		$	50,578		$	43,110		$	101,784		$	85,632
Core other expense (c)	$	49,628		$	49,683		$	42,691		$	99,311		$	84,498
Net interest and other income (1) (b)	$	81,505		$	79,210		$	66,185		$	160,714		$	127,103
Core net interest and other income (1) (d)	$	78,144		$	78,425		$	66,185		$	156,569		$	127,053
Efficiency ratio (a/b)	62.83		%	63.85		%	65.14		%	63.33		%	67.37		%
Core efficiency ratio (c/d)	63.51		%	63.35		%	64.50		%	63.43		%	66.51		%
Total Average Interest-Earnings Assets	$	7,299,899		$	7,263,399		$	6,291,616		$	7,281,750		$	6,268,873
Net Interest Income:
Net interest income	$	67,042		$	65,983		$	54,009		$	133,025		$	105,540
Loan discount accretion	$	(767)		$	(793)		$	(1,695)		$	(1,560)		$	(2,480)
Net interest income excluding loan discount accretion	$	66,275		$	65,190		$	52,314		$	131,465		$	103,060
Net interest margin (2)	3.68		%	3.68		%	3.45		%	3.68		%	3.39		%
Net interest margin excluding loan discount accretion (2)	3.64		%	3.64		%	3.34		%	3.64		%	3.31		%
Net interest spread (2)	2.88		%	2.91		%	2.47		%	2.90		%	2.42		%
Net interest spread excluding loan discount accretion (2)	2.84		%	2.86		%	2.37		%	2.85		%	2.34		%
(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 Oakwood																b1BANK.com
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a2025-06x30bfstinvestorp

Q2 2025 Results

2 TABLE OF CONTENTS Legal Disclosures 3 – 4 Guiding Principles & Social Impact 5 – 6 Business First Bancshares, Inc. Overview 7 – 12 Liquidity and Deposits 13 Securities Portfolio 14 Branches & Noninterest Revenue 15 – 16 Financial Results Q2 2025 Financial Results 18 – 19 Stable Credit Performance 20 Yield/Rate Analysis 21 – 23 Loan Portfolio Operating Loan Growth 25 Loan Composition 26 – 28 Appendix 30 – 37

3 LEGAL DISCLOSURES 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 pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements in some cases through the Company’s use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the Company’s future business and financial performance and/or the performance of the banking and mortgage industry and economy in general. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of important factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this presentation including, without limitation, the risks set forth in “Forward Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 7, 2025 (as may be amended in the Company’s Quarterly Reports on Form 10-Q). Many of these factors are difficult to foresee and are beyond the Company’s ability to control or predict. The Company believes the forward-looking statements contained herein are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. The Company does not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law. Non-GAAP Financial Measures This presentation includes certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations. Management believes that these non-GAAP financial measures provide a greater understanding of the ongoing operations and enhance comparability of results with prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and the analysis of ongoing operating trends. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from the reporting measures with similar names as used by other companies. You should understand how such other banking organizations calculate their non-GAAP financial measures with names similar to the non-GAAP financial measures discussed herein when comparing such information. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in the Appendix to this presentation.

4 LEGAL DISCLOSURES Additional Information and Where to Find It This communication is being made with respect to the proposed transaction involving Business First Bancshares, Inc. (“BFST”) and Progressive Bancorp, Inc. (“Progressive”). This material is not a solicitation of any vote or approval of the Progressive shareholders and is not a substitute for the proxy statement/prospectus or any other documents that BFST and Progressive may send to their respective shareholders in connection with the proposed transaction. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities. In connection with the proposed transaction between BFST and Progressive, BFST will file with the SEC a Registration Statement on Form S-4 (the “Registration Statement”), which will include a proxy statement of Progressive and a prospectus of BFST, as well as other relevant documents concerning the proposed transaction. Before making any voting or investment decisions, investors and shareholders are urged to read carefully the Registration Statement and the proxy statement/prospectus regarding the proposed transaction, as well as any other relevant documents filed with the SEC and any amendments or supplements to those documents, because they will contain important information. Progressive will mail the proxy statement/prospectus to its shareholders. Shareholders are also urged to carefully review and consider BFST’s public filings with the SEC, including, but not limited to, its proxy statements, its Annual Reports on Form 10-K, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K. Copies of the Registration Statement and proxy statement/prospectus and other filings incorporated by reference therein, as well as other filings containing information about BFST, may be obtained, free of charge, as they become available at the SEC’s website at www.sec.gov. You will also be able to obtain these documents, when they are filed, free of charge, from BFST at www.b1BANK.com. Copies of the proxy statement/prospectus can also be obtained, when they become available, free of charge, by directing a request to Business First Bancshares, Inc., 500 Laurel Street, Suite 101, Baton Rouge, LA 70801, Attention: Corporate Secretary, Telephone: 225-248-7600. Participants in the Solicitation BFST, Progressive and certain of their respective directors, executive officers and employees may, under the SEC’s rules, be deemed to be participants in the solicitation of proxies of Progressive’s shareholders in connection with the proposed transaction. Information about BFST’s directors and executive officers is available in its definitive proxy statement relating to its 2025 annual meeting of shareholders, which was filed with the SEC on April 9, 2025, and other documents filed by BFST with the SEC. Other information regarding the persons who may, under the SEC’s rules, be deemed to be participants in the solicitation of proxies of Progressive’s shareholders in connection with the proposed transaction, and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus regarding the proposed transaction and other relevant materials to be filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.

5 GUIDING PRINCIPLES 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 our day-to-day interactions between employees and with our clients to make a positive impact on the communities we serve.

6 SOCIAL IMPACT 2025 YTD Total Volunteerism:  2,134 Hours  353 hours of financial literacy education and non- profit service  Partnership through b1BANK Financial Institutions Group  Partner with Minority Depository Institutions (MDI) by helping with correspondent banking services, specialized expertise, supplier network access and investment. Each partnership is unique based on the MDI’s needs.  Through YTD 2025: 14 bank partners 2021 Inception Through June 2025:  Mentored 892 businesses  Conducted training classes to help 3,690 entrepreneurs start or grow their business Project REACh b1 FOUNDATION b1COMMUNITY 2,134 Volunteer Hours 892 Businesses Mentored

7 BUSINESS FIRST BANCSHARES, INC. OVERVIEW Company Overview Ticker: BFST (Nasdaq) Market Capitalization: $730 million (as of June 30, 2025) Headquarters: Baton Rouge, Louisiana Franchise Highlights: • Diversified commercial-focused bank with $7.9 billion in assets and operations in Louisiana, Texas and Mississippi including: 38 legacy Louisiana full-service Banking Centers(5), two LPO/DPO offices, 15 metro-focused Texas Banking Centers and one registered investment advisory in Ridgeland, MS • #1 deposit market share in Louisiana for Louisiana-headquartered banks(1) • Texas markets represents 40% of credit exposure, as of 6/30/25 • Diversified deposit base with 106,262 accounts with an average balance of $60,413 and an organic deposit growth CAGR of ~15% since 4Q15(2) • Since 2018, completed three equity capital raises including IPO totaling $151.0 million of additional capital in addition to two subordinated debt issuances totaling $77.5 million • On October 1, 2024, Business First closed its previously announced acquisition of Oakwood Bancshares, Inc. (Oakwood) and its wholly-owned subsidiary, Oakwood Bank. Oakwood had approximately $862 million of total assets, $700 million of total loans, and $741 million of total deposits as of September 30, 2024 • On July 7, 2025, BFST announced the acquisition of Progressive Bancorp, Inc. and Progressive Bank, in an all-stock transaction valued at approximately $82.6 million which upon completion will strengthen its North Louisiana franchise; as of Q1’25, Progressive had $752 million in total assets, $583 million in total loans, and $673 million in total deposits BFST operates 57 locations including 55 full-service Banking Centers(5) and 2 LPOs across Louisiana and Texas (1) Deposit market share is as of June 30, 2024, per FDIC data. (2) Jumbo deposits reflects total deposits of $250 thousand or greater. Deposit balances exclude Business First Bancshares Holding Company deposits with the Bank subsidiary and acquired deposits and includes brokered deposits. (3) Non-GAAP financial measure. See appendix for applicable reconciliation. (4) Preliminary consolidated capital ratios as of June 30, 2025. (5) Includes one closed full-service Banking Center in Rayville, LA that maintains an active ITM. BFST Footprint *Dots above may not represent exact geographic location. Assets $7,948 Gross Loans Held for Investments $6,048 Deposits $6,420 Loan-to-Deposit Ratio 94.2% ROAA 1.07% ROACE 10.87% Core ROAA(3) 1.01% Core ROACE(3) 10.23% NPLs/Total Loans(HFI) 0.97% Tier 1 Risk-based Capital Ratio(4) 10.99% Tier 1 Leverage Ratio(4) 9.86% Total Risk-based Capital Ratio(4) 13.07% TCE/TA(3) 8.19% Financial Highlights of 2Q25 ($ millions)

8 EXECUTIVE MANAGEMENT Jude Melville Chairman, President and CEO Age: 50 Year Started at BFST: 2006 Philip Jordan EVP, Chief Banking Officer Age: 53 Year Started at BFST: 2008 Keith Mansfield EVP, Chief Operations Officer Age: 49 Year Started at BFST: 2016 Chad Carter EVP, Correspondent Banking Age: 42 Year Started at BFST: 2011 Gregory Robertson EVP, Chief Financial Officer Age: 53 Year Started at BFST: 2011 Heather Roemer EVP, Chief Administrative Officer Age: 44 Year Started at BFST: 2009 Saundra Strong EVP, General Counsel Age: 47 Year Started at BFST: 2021 Kathryn Manning EVP, Chief Risk Officer Age: 38 Year Started at BFST: 2013 Warren McDonald EVP, Chief Credit Officer Age: 58 Year Started at BFST: 2006 Jerry Vascocu President, b1BANK Age: 52 Year Started at BFST: 2022

9 DIVERSIFIED FOOTPRINT Note: Dollars in millions. Financial data as of June 30, 2025. 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 balance before accounting adjustments. (1) Banking Center count includes one standalone ITM. (2) Excludes standalone ITM from Deposits / Banking Center calculation. Dallas Fort Worth Region # of Banking Centers: 12 # of LPOs: 1 Total Loans: $1,961.5 Total Deposits: $1,073.5 Deposits / Banking Center: $89.5 Houston Region # of Banking Centers: 5 Total Loans: $444.5 Total Deposits: $522.6 Deposits / Banking Center: $104.5 Southwest Louisiana Region # of Banking Centers: 21 Total Loans: $1,325.0 Total Deposits: $2,117.5 Deposits / Banking Center: $100.8 Greater New Orleans Region # of Banking Centers: 8 # of LPOs: 1 Total Loans: $1,152.9 Total Deposits: $1,020.1 Deposits / Banking Center: $127.5 North Louisiana Region # of Banking Centers(1): 9 Total Loans: $1,074.6 Total Deposits: $887.6 Deposits / Banking Center(2): $110.9

10 $1 4. 1 $2 3. 8 $3 0. 0 $5 2. 1 $5 2. 9 $6 5. 6 $5 9. 7 $7 1. 6 $16.8 $24.6 $37.5 $53.9 $57.6 $66.3 $65.8 $75.5 2018 2019 2020 2021 2022 2023 2024 TTM Q2'25 Net Income Core Net Income LONG-TERM PROFITABILITY Note: Dollars in millions, except for per share data. (1) Non-GAAP financial measure. See appendix for applicable reconciliation. (1) $1 .2 2 $1 .7 4 $1 .6 4 $2 .5 3 $2 .3 2 $2 .5 9 $2 .2 6 $2 .5 1 $1.45 $1.80 $2.05 $2.61 $2.52 $2.62 $2.49 $2.65 2018 2019 2020 2021 2022 2023 2024 TTM Q2'25 EPS Core EPS $1 9. 68 $2 1. 47 $1 9. 88 $2 1. 24 $2 0. 25 $2 2. 58 $2 4. 62 $2 6. 23 $1 5. 34 $1 7. 31 $1 6. 80 $1 7. 71 $1 6. 17 $1 8. 62 $1 9. 92 $2 1. 61 $15.60 $17.12 $16.28 $17.77 $19.12 $21.25 $22.05 $23.22 2018 2019 2020 2021 2022 2023 2024 Q2'25 BVPS TBVPS TBVPS (excl. AOCI) 71 .8 % 64 .4 % 67 .8 % 61 .8 % 65 .3 % 61 .6 % 65 .4 % 63 .5 % 66.9% 63.4% 61.1% 60.6% 62.8% 61.9% 64.5% 63.1% 2018 2019 2020 2021 2022 2023 2024 TTM Q2'25 Efficiency Ratio Core Efficiency Ratio (1) (1) (1) (1) Diluted EPS Available to Common Shareholders Tangible Book Value Per Share Net Income Available to Common Shareholders Efficiency Ratio

11 (amount s in act uals) Non-Jumbo Deposit Accounts(4) 15,312 15,539 15,608 41,064 37,508 90,963 89,359 97,740 101,546 125,255 125,456 102,652 Jumbo Deposit Accounts(1) 448 502 612 987 1,001 1,902 2,300 2,714 3,009 3,564 3,705 3,610 Total Deposit Accounts(1) 15,760 16,041 16,220 42,051 38,509 92,865 91,659 100,454 104,555 128,819 129,161 106,262 Avg. Total Deposit Account Bal. 57,375$ 58,151$ 65,076$ 41,234$ 46,275$ 38,946$ 44,483$ 47,986$ 50,201$ 50,546$ 50,001$ 60,413$ $904 $933 $1,056 $1,180 $1,782 $2,442 $4,077 $4,343 $5,249 $5,798 $6,458 $6,420 $554 $1,175 $477 $714 $904 $933 $1,056 $1,734 $1,782 $3,617 $4,077 $4,820 $5,249 $6,511 $6,458 $6,420 Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q1'25 Q2'25 Organic Deposits Acquired Deposits DEPOSIT GROWTH THROUGH ORGANIC AND M&A STRATEGY • Deposit strategy reflects consistent organic growth augmented with opportunistic M&A • Total deposit CAGR of ~23% since Q4’15 • Organic deposit CAGR of ~15% since Q4’15 (excluding acquired deposits)(2) • Acquired Texas Citizens and $477M in total deposits in 2022 • $266M organic growth in total deposits in 2022(2) 2022 Note: Dollars in millions, unless otherwise noted. Above deposit information reflects b1BANK bank-level balances. Jumbo deposits reflects total deposits of $250 thousand or greater. (1) b1BANK deposit accounts excludes 5 Business First Bancshares Holding Company accounts with the Bank subsidiary. (2) Includes brokered deposits. (3) Preliminary deposit balances as of 6/30/2025. (4) Q2’25 linked-quarter decrease in accounts is attributed to the unwinding of Oakwood’s brokered deposits. • Acquired Pedestal and $1.2B in total deposits in 2020 • $660M organic growth in total deposits in 2020(2) 2020 • Acquired $554M deposits in 2018 (Minden & Richland) • $124M organic growth in total deposits in 2018(2) 2018 (3) 2024 • Acquired Oakwood and $714M in total deposits in 2024 • $549M organic growth in total deposits in 2024(2)

12 10.5-Year CAGR Total Assets 687$ 1,077$ 1,106$ 1,322$ 2,099$ 2,276$ 4,175$ 4,733$ 5,990$ 6,585$ 7,857$ 7,948$ 26% Core Net Income(1) 4.4$ 4.1$ 5.1$ 3.1$ 16.8$ 24.6$ 37.5$ 53.9$ 57.6$ 66.3$ 65.8$ 75.5$ 31% Core Diluted EPS(1) 0.72$ 0.73$ 0.70$ 0.39$ 1.45$ 1.80$ 2.05$ 2.61$ 2.52$ 2.62$ 2.49$ 2.65$ 13% Core ROAA(1) 0.58% 0.51% 0.45% 0.26% 1.00% 1.15% 1.09% 1.22% 1.05% 1.05% 0.94% 1.00% --- Core Efficiency Ratio(1) 76.5% 77.6% 81.1% 77.7% 66.9% 63.4% 61.1% 60.6% 62.8% 61.9% 64.5% 63.1% --- 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q2'25 TTM Texas Citizens Bancorp • Closed 3/1/22 • $546MM in assets(3) • 6 locations acquired • $54.8MM deal value(3) • 131 days to close transaction PROVEN M&A TRACK RECORD Note: Dollars in millions, except per share data. (1) Non-GAAP financial measure. See appendix for applicable reconciliation. Core earnings measures exclude merger charges, gain/loss on sale of securities, gain/loss on sale of former bank branches, among other non- core items. (2) Non-GAAP financial measure. See appendix for applicable reconciliation. Reflects TTM results as of June 30, 2025. (3) Reflects consolidated total assets and deal value at close. (4) Consolidated total assets for Progressive Bancorp, Inc. as of March 31, 2025. Reflects transaction value at announcement. American Gateway • Closed 3/31/15 • $366MM in assets(3) • 10 locations acquired • $44.2MM deal value(3) • 250 days to close transaction Minden Bancorp • Closed 1/1/18 • $315MM in assets(3) • 2 locations acquired • $56.5MM deal value(3) • 87 days to close transaction Richland State Bancorp • Closed 11/30/18 • $307MM in assets(3) • 8 locations acquired • $44.7MM deal value(3) • 179 days to close transaction Pedestal Bancshares • Closed 5/1/20 • $1.26B in assets(3) • 22 locations acquired • $128.3MM deal value(3) • 100 days to close transaction • BFST has a proven M&A track record and has successfully closed and integrated six whole-bank acquisitions and two non-bank acquisitions since 2015 • Most recent ability to close was proven with Oakwood Bancshares transaction, which was announced on April 25, 2024, and closed on October 1, 2024 • 26% total asset CAGR, 31% core net income CAGR, and 13% core EPS CAGR since commencing BFST’s M&A strategy • Significant improvement in profitability over the last ~10 years, with core ROAA improving from 0.58% in 2014 to 1.00%(2) and core efficiency ratio improving from 76.5% to 63.1%(2) over the same timeframe Oakwood Bancshares • Closed 10/1/24 • $862MM in assets(3) • 6 locations acquired • $102.0MM deal value(3) • 159 days to close transaction Progressive Bancorp • Announced 7/7/25 • $752MM in assets(4) • 9 locations • $82.6MM deal value(4)

13 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 6.09% of total assets at 6/30/2025. • Remain focused on core deposits, which represent over 84% of total deposits. • Continue to take advantage of wholesale funding alternatives to optimize interest costs and liquidity, utilizing FHLB and the brokered deposit market. • Ample contingent liquidity available of just over $3.7 billion at 6/30/2025, to supplement core deposit growth as needed. $6.42B Note: Dollars in millions. Data as of June 30, 2025. Historical Deposit Composition Liquidity Sources FHLB Borrowings Capacity 1,497$ Unencumbered Securities 553$ Available Excess Cash Reserves 412$ Fed Funds Sold 39$ Fed Funds Lines Available 160$ FRB Discount Window 987$ Total 3,648$

14 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 taking opportunities to modestly grow the portfolio as liquidity allows. • Total portfolio as of 2Q25 was $987.0 million in AFS, of which agency mortgage-backed securities (MBS) and A-rated municipal securities were the largest components. - 2Q25 weighted average yield of 2.77% - Weighted average life of 4.54 years - Estimated effective duration of 3.64 years $987.0M Note: Dollars in millions. Data as of June 30, 2025. Book Market Net Unrealized Value Value Gain / (Loss) Municipal Securities 294.2$ 270.1$ (24.1)$ Mortgage-Backed Securities 620.5 587.1 (33.4)$ Corporate & Other Securities 44.6 42.5 (2.1)$ U.S. Government Agencies / Treasuries 27.7 26.7 (1.0)$ Total AFS Securities 987.0$ 926.5$ (60.6)$ Deferred Tax Impact 12.8$ Other Equities Unrealized Gain/Loss -$ Accumulated Other Comprehensive Income/Loss (47.8)$

15 Data Source: S&P Global Market Intelligence. (1) Reflects b1BANK branch network, including all acquired, closed/divested, and de novo Banking Centers. (2) Includes four legacy b1BANK locations that converted from LPO to full-service Banking Centers. Includes six DFW Banking Centers. (3) Includes one closed full-service Banking Center in Rayville, LA that maintains an active ITM. (4) Excludes one location sold by Pedestal prior to closing. (5) Excludes active LPOs and Rayville, LA standalone ITM from calculation. (6) Represents aggregate growth in average noninterest bearing deposits per Banking Center from December 31, 2014, to June 30, 2025. Excludes active LPOs and Rayville, LA standalone ITM from calculation. OPTIMIZING BRANCH NETWORK AND INFRASTRUCTURE INVESTMENTS  6 full-service Banking Centers  ~$98MM avg. total deposits per Banking Center December 31, 2014  54 acquired Banking Centers  7 De Novo Banking Centers  7 De Novo LPOs (4 LPOs converted to full-service, 1 LPO consolidated into existing Banking Center)  2 legacy b1BANK Banking Centers closed  1 LPO consolidated into existing location  10 acquired Banking Centers closed  4 acquired Banking Centers sold for a gain  55 Banking Centers(3)  2 active LPOs  ~$119MM avg. total deposits per Banking Center(5)  ~44% increase in average NIB deposits per Banking Center(6) June 30, 2025 6 Locations 57 Locations 68 Added BFST Footprint(1) 17 Closed or Sold American Gateway (6 active / 4 closed) Pedestal (16 active / 2 Sold / 4 closed(4)) Minden (2 active / 0 closed) Texas Citizens (5 active / 1 closed) Richland (5 active(3) / 2 sold / 1 closed) Oakwood (6 active / 0 closed) Closed, Sold, or Consolidated (2 legacy / 14 acquired / 1 De Novo LPO) Loan Production Office (LPO) (2 active / 1 consolidated) Snyder, TX b1BANK (Organic / De Novo) (15 active(2) / 2 closed)  Sold one acquired Pedestal location for 8.0% deposit premium  Closed on April 4, 2025, including $50.7 million deposits and $2.3 million loans sold Q2’25 Activity

16 SMITH SHELLNUT WILSON (SSW) • April 1, 2021 – Smith Shellnut Wilson, LLC (SSW) was acquired by b1BANK and operates as a wholly-owned affiliate of b1BANK • 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 business entities • As of June 30, 2025, SSW maintained ~$5.37 billion in AUM(1), which includes negative impact of AOCI (~$4.08 billion bank AUM(1), ~$1.29 billion non-bank AUM) • For 2Q25, 36% of total AUM fees were represented by banks and credit unions and SSW provided portfolio management services for 52 bank clients FINANCIAL INSTITUTIONS GROUP (FIG) • September 2020, b1BANK announced the formation of its Financial Institutions Group (FIG) • The FIG team is headquartered in Dallas and responsible for correspondent banking activities including loan participations and deposit gathering initiatives • FIG currently maintains $547 million in total loan participations sold(2) and has generated $212 million(3) in total deposits through a relationship network of ~100 bank counterparties WATERSTONE LSP February 1, 2024 – Waterstone LSP was acquired by b1BANK and operates as a wholly- owned affiliate as a comprehensive resource for streamlined SBA lending. Waterstone opti- mizes partner banks’ SBA lending capabilities and achieves growth objectives with the following services:  Strategic Planning: Collaborate with client’s leadership to tailor an SBA lending strategy aligned with the institution’s goals  Efficient Loan Management: Waterstone’s platform simplifies pre-qualification, underwriting, packaging, and closing, accelerating the loan cycle and minimizing workload  Professional Servicing & Liquidation: Handle monthly reporting, remittances, payment processing, and all servicing actions diligently, ensuring compliance and efficiency Snapshot as of June 30, 2025:  23 banks under LSP Agreements  2Q25 loan closing volume of $14.3 million (includes $6.8 million of b1BANK loan closings)  2Q25 active pipeline of ~$55 million INTEREST RATE SWAPS November 2023, b1BANK announced the formation of its Derivative Solutions Group, providing a full suite of interest rate hedging products offered to our commercial borrowers, including, but not limited to; interest rate swaps, caps, floors, collars, cancellable swaps. We expect to expand into our institutional client base. Overview / Benefits • Protects b1BANK’s balance sheet from interest rate risk and generates fee income • Allows b1 bankers to compete effectively with larger regional and national banks who offer same product line, primarily, customer-level back-to-back rate swaps 2Q25 YTD PRODUCTION • 11 total trades • $46.3 million in total loan notional from back-to-back client swaps generated ~$1.4 million in fee income NONINTEREST REVENUE OPPORTUNITIES (1) Includes bank and credit union AUM. Excludes b1BANK securities portfolio and TruPs/CDs included in client portfolios. (2) Does not necessarily include total production/volume since inception. (3) Reflects average total deposits for Q2 2025. • The FIG sales team was also instrumental in BFST’s 1Q21 self- managed $52.5 million subordinated debt offering and the 3Q22 self- managed $72.0 million preferred equity raise

17 Financial Results

18 (1) Non-GAAP financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of 6/30/2025. (3) Past due and nonaccrual loan amounts exclude purchased impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. This was applicable to all periods 12/31/2022, and prior. The guidance and methodology were changed beginning 1/1/2023, due to CECL adoption. QUARTERLY FINANCIAL HIGHLIGHTS • Net interest margin excluding loan discount accretion remained stable through continued pricing discipline with new and renewed loan originations while managing rate reductions on interest-bearing deposits. • Weighted average loan originations continued to hold strong in June at 7.43%, down slightly from 7.58% in December. • The weighted average rate of new interest-bearing non-maturity deposits were 3.06% in June down from 3.86% in December. • Investments in non-interest income revenue initiatives continue to show early signs of success with loan sales, mostly SBA loans, producing income of $781,000 coupled with swap revenue of $808,000 during Q2. • Successfully completed a core processing system conversion for the deposits, loans and general ledger systems to Fidelity Information Systems (FIS) to improve capabilities and efficiencies for future growth. 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Diluted Earnings per Common Share $0.63 $0.65 $0.51 $0.65 $0.70 ROAA 0.95 % 0.97 % 0.78 % 1.00 % 1.07 % ROACE 10.94 10.76 8.23 10.48 10.87 Net Interest Margin 3.45 3.51 3.61 3.68 3.68 Efficiency Ratio(1) 65.14 63.45 63.91 63.85 62.83 Net Income Available to Common Shareholders in thousands $15,856 $16,492 $15,138 $19,193 $20,753 Core Pre-Tax, Pre-Provision Income(1) in thousands $23,494 $25,281 $33,450 $28,742 $28,516 Core Diluted Earnings Per Common Share(1) $0.64 $0.68 $0.66 $0.65 $0.66 Core ROAA(1) 0.98 % 1.01 % 1.00 % 1.01 % 1.01 % Core ROACE(1) 11.22 11.23 10.58 10.53 10.23 Net Interest Margin excluding loan discount accretion(1) 3.34 3.46 3.56 3.64 3.64 Core Efficiency Ratio(1) 64.50 62.21 63.09 63.35 63.51 Tier 1 Leverage Ratio(2) 9.49 % 9.61 % 9.53 % 9.70 % 9.86 % Total Risk-Based Capital Ratio(2) 12.88 % 12.99 % 12.75 % 13.03 % 13.07 % Tangible Common Equity / Tangible Assets(1) 7.43 % 7.75 % 7.63 % 8.06 % 8.19 % Tangible Book Value Per Share(1) $19.22 $20.60 $19.92 $20.84 $21.61 NPLs / Loans (Excl. TDRs)(3) 0.43 % 0.50 % 0.42 % 0.69 % 0.97 % Allowance for Credit Losses / Loans (Excl. HFS) 0.86 0.86 0.98 1.01 1.02 ACL + FV Discount on Acquired Lns/ Loans (Excl. HFS) 1.05 1.04 1.18 1.20 1.19 NCOs / Average Loans 0.03 0.02 0.03 0.02 0.01 Asset Quality Profitability Capital For the Quarter Ended,

19 BALANCE SHEET HIGHLIGHTS (1) Preliminary consolidated capital ratios as of June 30, 2024. (2) Non-GAAP financial measure. See appendix for applicable reconciliation. For the quarter ended, $ millions 6/30/2025 3/31/2025 6/30/2024 Gross Loans (Excl. HFS) $6,047.7 1% 17% ACL + Fair Value Discount on Acquired Loans $71.9 1% 34% Investment Securities $926.5 1% 6% Deposits $6,419.7 -1% 15% Borrowings $613.1 41% 43% Total Equity $848.4 3% 28% Balance Sheet Ratios, $ actual 6/30/2025 3/31/2025 6/30/2024 Total Risk-Based Capital Ratio(1) 13.07 % 13.03 % 12.88 % Tangible Common Equity / Tangible Assets(2) 8.19 % 8.06 % 7.43 % Tangible Book Value Per Share(2) $21.61 $20.84 $19.22 Gross Loans (Excl. HFS) / Deposits 94.21 % 92.61 % 92.80 % Actual Change vs. Q2'25 Highlights Loan balances increased $66.7 million, or 1.12% for the quarter (4.48% Annualized) led by increases in Commercial ($98.8 million) and Commercial Real Estate ($61.6 million). Our Texas exposure represented approximately 40% of the overall loan portfolio. Deposits decreased $38.5 million (0.60%, or 2.39% Annualized) during Q2 mostly attributable to $50.7 million of deposits transferred in the Kaplan branch sale. Excluding these sold deposits results in an increase of $12.1 million or 0.19% (0.76% annualized). ACL + Fair Value Discount on acquired loans as a percentage of total loans of 1.19%. Loan purchase discount decreased by approximately $1.2 million. The $5.9 million increase for the quarter stemmed from positive fair market value adjustments ($6.4 million). Increase for the quarter was driven primarily by the sale of the Kaplan branch causing a $50.7 million reduction of deposits in Q2 on which the bank received an 8% premium on the sale. The gain on sale bolsters capital by $3.4 million while also reducing annual operating costs by approximately $750,000. Borrowings increased $179.0 million for the quarter due to an increase in short-term FHLB advances. These advances were done to bolster liquidity during the core conversion process involving a change in the bank's main correspondent banking relationship. Increase in equity for the quarter of $22.1 million driven by positive quarterly earnings coupled with positive after-tax fair value adjustments. Highlights Increase in equity for the quarter of $22.1 million driven by positive quarterly earnings. TBV increased 77 basis points or 3.70% (14.82% annualized) from the linked quarter and is attributed to $20.8 million net income available to common shareholders. The improvement in the risk-based capital ratio was attributable to the retention of earnings coupled with stability of risk-based assets in 2Q25.

20 ACL & FV Discount(3) Past Due Loans(1) Note: Dollars in millions. Peer average based on average of last five quarters ending 1Q25, Gulf South Peer Group defined as: FGBI, HBCP, ISTR, OBK, RRBI, GNTY, VBTX, TCBX, STEL. (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. (3) Total Loans includes SBA PPP loan balances. CREDIT METRICS ANALYSIS Nonperforming Loans(2) Net Charge-offs

21 3.45% 3.51% 3.61% 3.68% 3.68% 3.34% 3.46% 3.56% 3.64% 3.64% 3.85% 3.81% 3.53% 3.35% 3.31% 2.96% 2.95% 2.81% 2.70% 2.64% 7.07% 7.12% 7.05% 6.99% 6.96% 5.50% 5.00% 4.50% 4.50% 4.50% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 NIM NIM ex. Accretion Cost of Int. Bearing Deposits Total Cost of Deposits Loan Yield Target Fed Funds Rate Note: Data is as of June 30, 2025. Chart based on GAAP data. (1) NIM excluding loan discount accretion is a non-GAAP financial measure and excludes the accretion of the loan discount on acquired loans. See appendix for applicable reconciliation. YIELD / RATE ANALYSIS (1)

22 Note: Dollars in millions; amounts may not total due to rounding. Betas are estimates that reflect the deposit portfolio composition as of June 30, 2025, based on analysis of BFST deposit pricing in prior cycles. (1) Core CDs and Core Time Deposits exclude brokered deposits and CDARs. (2) Reflects weighted average rate as of month-end, June 30, 2025. (3) Non-GAAP financial measure. See appendix for applicable reconciliation. ESTIMATED DEPOSIT BETA IN EASING RATE CYCLE Approx. Beta in Easing Cycle Weighted Avg. Rate(2) $ Amount of Deposits % of DepositsDeposit Portfolio (as of 6/30/25) -%-%$1,410.722.0%Non-Interest Bearing Deposits 45 - 55%2.96%$357.65.6%Core Time Deposits(1) 55 - 65%4.20%$679.710.6%High Beta/Special CDs 100%4.40%$611.59.5%Brokered Deposits 25 - 35%1.92%$625.19.7%Low Beta/Standard Non-Maturity Deposits 70 - 80%3.20%$2,735.142.6%Higher Beta Non-Maturity Deposits 45 - 55%2.58%$6,419.7100.0%Total Deposits • Internal modeling implies an estimated total deposit beta of 45% – 55%, in the near-term downward rate cycle • Opportunity to improve pre-tax earnings with a low single-digit expansion in the Core NIM(3) under the 25 bps reduction scenario, assuming a static balance sheet over the next twelve months • Overall Core CD balance(1) retention rate was 96% during June • $92 million remaining Core CD balances(1) will mature in 3Q25, with $124 million maturing in 4Q25

23 Loan Portfolio HFI (as of 6/30/25) Note: Dollars in millions. Data is as of June 30, 2025. Loan balances are before accounting adjustments and excludes loans in process. (1) Reflects weighted average stated rate for the month-end for each period indicated. • 46.9% of total loans HFI are floating rate - 77.8% of floating-rate loan balances would reprice immediately with a 0.25% decrease in interest rates • 75.4% of floating-rate loans float on the WSJ Prime Daily Index • 53.2% of total loans HFI are fixed rate - 10.2% of fixed-rate loans mature within the next 12 months LOAN PORTFOLIO OVERVIEW – REPRICING OPPORTUNITY Maturities by Loan Type Outstanding Balance Weighted ($MM) (% of Total) Avg. Rate(1) Fixed Rate Loans (mature/reprice > 1 year) 2,579.6$ 43.0% 5.85% Fixed Rate Loans (mature/reprice < 1 year) 611.4 10.2% 6.18% Floating Rate with Floors 1,294.4 21.6% 7.58% Floating Rate without Floors 1,520.5 25.3% 7.55% Total 6,005.9$ 100.0% 6.69% 43.0% 10.2% 21.6% 25.3% 57.0% of total loans HFI are floating / variable rate or fixed rate maturing/repricing within the next 12-months 77.8% of floating-rate loan balances would reprice immediately with a 0.25% decrease in interest rates Fixed Rate Loans Maturing Beyond 1-Year (dollars in millions) Q3'26 FY 2026 FY 2027 FY 2028 > FY 2028 C&D 6.9$ 10.5$ 35.5$ 9.2$ 47.7$ Owner-Occupied CRE 16.6 51.9 146.4 112.5 315.7 Income Producing CRE 24.8 88.7 310.9 111.8 231.0 C&I 8.8 21.5 84.8 70.4 283.8 Agricultural 0.8 0.9 0.7 0.6 3.6 Farmland 0.8 2.9 6.5 11.8 28.2 1-4 Family 10.5 30.9 77.7 48.5 253.0 Consumer & Other 24.2 28.9 84.2 27.8 41.1 Total 93.4$ 236.1$ 746.8$ 392.7$ 1,204.0$ Weighted Avg. Rate 5.69% 5.22% 5.30% 6.92% 5.98% Fixed Rate Loans Maturing within the next 12-Months NTM (dollars in millions) Q3'25 Q4'25 Q1'26 Q2'26 Total C&D 45.6$ 8.9$ 4.4$ 8.5$ 67.4$ Owner-Occupied CRE 35.2 6.9 20.7 18.8 81.5 Income Producing CRE 23.9 7.6 31.3 40.7 103.5 C&I 57.4 15.9 31.4 16.3 120.9 Agricultural 15.6 1.4 29.8 51.7 98.5 Farmland 5.4 0.1 0.1 2.6 8.2 1-4 Family 29.1 11.2 8.9 30.5 79.6 Consumer & Other 20.6 13.5 13.1 4.6 51.8 Total 232.7$ 65.3$ 139.8$ 173.5$ 611.4$ Weighted Avg. Rate 6.06% 5.44% 6.13% 6.65% 6.18% All Floating Rate Loans, Maturing, (dollars in millions) Q3'25 FY 2025 FY 2026 FY 2027 > FY 2027 C&D 65.4$ 124.2$ 142.3$ 101.6$ 61.8$ Owner-Occupied CRE 11.5 36.0 24.4 42.6 287.4 Income Producing CRE 47.3 50.0 117.1 57.3 239.5 C&I 188.5 279.4 376.0 98.3 312.8 Agricultural 5.2 6.7 31.6 0.8 2.7 Farmland 28.7 31.3 8.3 12.4 16.0 1-4 Family 12.4 19.0 20.6 13.0 138.1 Consumer & Other 33.6 54.7 39.4 30.0 39.2 Total 392.6$ 601.4$ 759.8$ 356.2$ 1,097.6$ Weighted Avg. Rate 7.84% 7.81% 7.79% 7.56% 7.26% (1) (1) (1)

24 Loan Portfolio

25 $374 $(374) $5,981 $432 $(365) $6,048 $5,981 Beginning Loans BFST Originations Paydowns / Payoffs 3/31/25 Loans BFST Originations Paydowns / Payoffs Ending Loans Note: Data is as of June 30, 2025. Dollars in millions. Loan balances are before accounting adjustments. OPERATING LOAN GROWTH Loan Composition by Market 13.0% 12.4% 18.0% 9.8% 5.1% 14.2% 32.9% 7.5% 0 1,000 2,000 3,000 4,000 5,000 6,000 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 06/30/25 Capital North Louisiana Southwest Louisiana Bayou Greater New Orleans Dallas Houston Q2’25 YTD Loan Growth Waterfall (12/31/24) (6/30/25)

26 Note: Loan composition as of June 30, 2025, based on preliminary FDIC call report data. LOAN COMPOSITION $6.05 billion Total Loan Portfolio Composition Top 5 Exposure Categories Outstanding Unfunded Average NPLs % of Balance Commitment Loan Size Total Loans Commercial $1.88 billion $900 million $447 thousand 1.11% CRE - Owner-Occupied $1.1 billion $95 million $937 thousand 0.69% CRE - Non Owner-Occupied $1.31 billion $52 million $1.97 million 1.15% Construction & Land $600 million $232 million $588 thousand 0.92% 1-4 Family $581 million $11 million $215 thousand 1.17% Total $5.47 billion $1.29 billion $831 thousand 1.02%

27 LOAN COMPOSITION: COMMERCIAL Note: Data is as of June 30, 2025. Percentages based on loan balances before accounting adjustments. • Commercial loans represent 32.4% of the total loan portfolio • Total commercial loan growth year-over-year of 29.0% driven by regional growth in New Orleans, North Louisiana, and Southwest Louisiana as well as Dallas Fort Worth with the acquisition of Oakwood. • Weighted average maturity of the commercial portfolio is 2.39 years Commercial Loans by Collateral Commercial Loans by Market AR & Inventory, 40.0% Equipment, 9.5% All Other, 25.5% Titled Collateral, 10.7% Cash/Securities, 7.1% Agricultural, 7.3% DFW, 39.1% North Louisiana, 20.1% Bayou, 7.1% Capital, 9.2% Greater New Orleans, 10.8% Southwest Louisiana, 7.0% Houston, 6.8%

28 CRE Composition - Income Producing Income Producing CRE Portfolio Hotel/Motel 12.2% Office Building 19.5% Office/Warehouse 3.5% Warehouse 7.0% Retail - Single-Tenant 8.2% Retail - Multi-Tenant 23.5% Commercial Building 8.7% Other 17.3% Total CRE - Income Producing 100.0% 12.2% 19.5% 3.5% 7.0% 8.2% 23.5% 8.7% 17.3% CRE Composition - Owner Occupied Owner Occupied CRE Portfolio Hotel/Motel 1.0% Office Building 26.9% Office/Warehouse 23.2% Retail 14.1% Commercial Building 12.7% Other 22.0% Total CRE - Owner Occupied 100.0% 1.0% 26.9% 23.2% 14.1% 12.7% 22.0% C&D Composition C&D Portfolio Raw Land 5.4% Vacant Residential Lots 7.8% Vacant Commercial Lots 15.1% Land Development - Residential 18.5% Residential Construction - OORE 5.1% Residential Construction - Non OORE 11.3% Commercial Construction - Retail 6.3% Commercial Construction - Office 4.2% Commercial Construction - Apartment/Multi-Family 7.5% Commercial Construction - Other 18.6% Total C&D 100.0% 5.4% 7.8% 15.1% 18.5% 5.1% 11.3% 6.3% 4.2% 7.5% 18.6% Income Producing CRE Geography(1) Income Producing CRE Portfolio Dallas, TX 20.7% Baton Rouge, LA 12.9% Houston, TX 7.1% Monroe, LA 7.0% Covington, LA 5.3% Lafayette, LA 3.9% New Orleans, LA 3.2% Lake Charles, LA 3.0% Shreveport, LA 2.4% Metairie, LA 2.4% All Other Geographies 32.1% Total CRE - Income Producing 100.0% 20.7% 12.9% 7.1% 7.0% 5.3% 3.9% 3.2% 3.0% 2.4% 2.4% 32.1% Owner Occupied CRE Geography(1) Owner Occupied CRE Portfolio Baton Rouge, LA 10.3% Dallas, TX 9.7% Houston, TX 6.2% New Orleans, LA 6.1% Monroe, LA 3.5% Metairie, LA 3.0% Lake Charles, LA 3.0% Bossier City, LA 2.4% Houma, LA 2.4% Lafayette, LA 2.3% All Other Geographies 51.1% Total CRE - Owner Occupied 100.0% 10.3% 9.7% 6.2% 6.1% 3.5% 3.0% 3.0% 2.4% 2.4% 2.3% 51.1% C&D by Geography(1) C&D Portfolio Dallas, TX 23.4% Baton Rouge, LA 12.5% Cov ington, LA 8.7% Westlake, TX 4.9% Frisco, TX 4.0% Hammond, LA 3.9% New Orleans, LA 3.2% Houston, TX 3.0% Heath, TX 2.9% Friendswood, TX 2.3% All Other Geographies 31.2% Total C&D 100.0% 23.4% 12.5% 8.7% 4.9% 4.0% 3.9% 3.2% 3.0% 2.9% 2.3% 31.2% Note: Dollars in millions. Data is as of June 30, 2025. Percentages based on loan balances before accounting adjustments. (1) Geographic composition detail reflects borrower zip code on file in loan source files. Does not necessarily reflect zip code or location of loan collateral. Loan balances include Oakwood totals within Dallas geography. (2) Represents the largest loan in each portfolio net of balances sold to other institutions. (3) Represents the outstanding principal balance of all loans maturing between July 1, 2025, through June 30, 2026. LOAN COMPOSITION: COMMERCIAL REAL ESTATE C&D Highlights • $600.3 million total portfolio • $26.3 million largest relationship(2) • $588 thousand average loan size • $252.4 million maturing over the next 12-months(3) • Dallas, Baton Rouge and Covington represent top 3 geographies within C&D and comprise 44.6% of all C&D loans or $267.6 million Owner-Occupied Highlights • $1.10 billion total portfolio • $18.9 million largest relationship(2) • $937 thousand average loan size • $120.1 million maturing over the next 12-months(3) • Baton Rouge, Dallas and Houston represent top 3 geographies within owner-occupied and comprise 26.2% of all owner-occupied loans or $287.3 million Income Producing Highlights • $1.31 billion total portfolio • $27.7 million largest relationship(2) • $1.97 million average loan size • $197.1 million balance maturing over the next 12-months(3) • Dallas, Baton Rouge and Houston represent top 3 geographies within income producing and comprise 40.8% of all income producing loans or $534.3 million $600.3 million $1.10 billion $1.31 billion $600.3 million $1.10 billion $1.31 billion

29 APPENDIX

30 Note: Dollars in thousands. As of December 31. (1) Non-GAAP Financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of 6/30/2025. Total Capital Ratio not available for FY 2020 due to the bank’s use of the Community Bank Leverage Ratio. (3) Excludes SBA PPP loans. (4) Calculated at the bank level based on preliminary FDIC call report data. (5) Past due and nonaccrual loan amounts exclude purchased impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. This was applicable to all periods 12/31/2022, and prior. The guidance and methodology were changed beginning 1/1/2023, due to CECL adoption. HISTORICAL FINANCIAL SUMMARY YTD 2020 2021 2022 2023 2024 2025 Balance Sheet & Capital Total Assets $4,160,360 $4,726,378 $5,990,460 $6,584,550 $7,857,090 $7,948,294 Gross Loans (Excl. HFS) 2,991,355 3,189,608 4,606,176 4,992,785 5,981,399 6,047,650 Deposits 3,616,679 4,077,283 4,820,345 5,248,790 6,511,331 6,419,651 Total Equity 409,963 433,368 580,481 644,259 799,466 848,440 Tangible Common Equity / Tangible Assets(1) 8.45 % 7.76 % 6.89 % 7.28 % 7.63 % 8.19 % Tier 1 Leverage Ratio(2) 8.79 8.14 9.49 9.52 9.53 9.86 Total Risk-based Capital Ratio(2) -- 11.94 12.75 12.85 12.75 13.07 Net Loans (Excl. HFS) / Assets 71.37 % 66.87 % 76.25 % 75.21 % 75.43 % 75.35 % Gross Loans (Excl. HFS) / Deposits 82.71 78.23 95.56 95.12 91.86 94.21 NIB Deposits / Deposits 32.19 31.66 32.14 24.75 20.84 21.97 Commercial Loans / Loans (Excl. HFS)(3) 21.60 22.62 25.05 27.22 31.24 32.43 C&D / Total Risk-Based Capital(4) 106.0 % 117.0 % 109.8 % 91.7 % 78.2 % 66.9 % CRE / Total Risk-Based Capital(4) 262.0 250.1 272.1 253.5 253.6 246.7 Asset Quality NPLs / Loans (Excl. TDRs)(5) 0.35 % 0.41 % 0.25 % 0.34 % 0.42 % 0.97 % NPAs / Assets (Excl. TDRs)(5) 0.48 0.31 0.21 0.28 0.39 0.76 Reserves / Loans (Excl. HFS) 0.74 0.91 0.83 0.81 0.92 0.97 NCOs / Average Loans 0.06 0.03 0.04 0.11 0.08 0.03 Profitability Ratios Net Income Available to Common Shareholders $29,994 $52,136 $52,905 $65,642 $59,706 $39,946 ROAA 0.88 % 1.18 % 0.97 % 1.04 % 0.86 % 1.04 % ROACE 8.42 12.25 11.59 12.36 9.54 10.68 Net Interest Margin 4.06 % 3.84 % 3.92 % 3.62 % 3.48 % 3.68 % Efficiency Ratio 67.75 61.84 65.26 61.61 65.42 63.33 Non-Interest Income / Avg. Assets 0.63 0.80 0.54 0.62 0.63 0.71 Non-Interest Expense / Avg. Assets 2.95 2.66 2.73 2.47 2.55 2.62 For the Fiscal Year Ended December 31,

31 COMMERCIAL REAL ESTATE – HISTORICAL PERFORMANCE Note: Dollars in thousands. (1) Calculated at the bank level based on preliminary FDIC call report data. (2) Based on outstanding loan balances prior to accounting adjustments. Percentage based on CRE loans outstanding. (3) Past due and nonaccrual loan amounts exclude purchased impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. This was applicable to all periods 12/31/2022, and prior. The guidance and methodology were changed beginning 1/1/2023, due to CECL adoption. (4) All charge-offs are YTD through period noted. Q4'19 Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q2'25 Construction - 1-4 Family Residential 60,780$ 68,503$ 90,861$ 109,629$ 117,128$ 105,098$ 109,577$ Other Const, Development, Vacant Land & Lots 183,401 334,562 457,667 612,445 552,670 565,404 490,715 Total Construction 244,181 403,065 548,528 722,074 669,798 670,502 600,292 % of Total Loans (1) 14.3% 13.5% 17.2% 15.7% 13.4% 11.2% 9.9% % of Total Bank Capital 95.9% 106.0% 117.0% 116.7% 97.6% 83.9% 71.9% Multi-Family Properties 36,454 95,707 97,508 98,637 108,432 200,454 199,354 Commercial Rental 284,795 496,198 525,977 967,915 1,072,280 1,299,469 1,309,886 Other Loans for Real Estate Purposes 708 736 500 409 481 4,112 103,189 Total Outstanding CRE Exposure 566,138$ 995,706$ 1,172,513$ 1,789,035$ 1,850,991$ 2,174,537$ 2,212,721$ % of Total Loans (1) 33.1% 33.3% 36.7% 38.8% 37.1% 36.4% 36.6% % of Total Bank Capital 222.4% 262.0% 250.1% 289.1% 269.7% 272.1% 264.9% Credit Ratings(2) Pass-Watch / Special Mention % 0.5% 1.7% 2.7% 3.0% 2.4% 7.1% 7.3% Classified % 0.9% 0.7% 1.2% 0.7% 0.6% 0.4% 1.0% Total Watch List % 1.4% 2.4% 3.9% 3.6% 3.0% 7.6% 8.3% Past Dues(3) Nonaccrual Loans 1,449$ 1,578$ 1,701$ 1,250$ 4,569$ 6,130$ 20,301$ Past Due 90 days or more - 77 - 4 - - 309 Total Past Due 1,449$ 1,654$ 1,701$ 1,254$ 4,569$ 6,130$ 20,610$ Total Past Due / Total CRE Loans 0.3% 0.2% 0.1% 0.1% 0.2% 0.3% 0.9% Net Charge Offs YTD(4) (2)$ 14$ 147$ (9)$ 1,982$ 1,683$ 204$ Net Charge Offs YTD / CRE Loans (0.00%) 0.00% 0.01% (0.00%) 0.11% 0.08% 0.01%

32Note: Dollars in thousands except per share data. (1) Adjustments are net of tax. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 2020 2021 2022 2023 2024 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Core Net Income: Net Income 29,994$ 52,136$ 52,905$ 65,642$ 59,706$ 15,856$ 16,492$ 15,138$ 19,193$ 20,753$ Adjustments(1): -$ -$ (543)$ -$ -$ -$ -$ -$ -$ -$ 277$ 799$ 566$ -$ (39)$ -$ -$ -$ (122)$ -$ -$ -$ -$ 341$ -$ -$ -$ -$ -$ -$ (107)$ (299)$ 38$ 2,023$ (6)$ -$ 10$ (17)$ 1$ 37$ -$ (354)$ -$ (745)$ -$ -$ -$ -$ -$ (2,527)$ -$ -$ -$ (1,150)$ -$ -$ -$ -$ (497)$ -$ -$ 1,230$ 395$ -$ -$ -$ -$ -$ -$ -$ (530)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 7,832$ 407$ 4,236$ 215$ 1,524$ 417$ 319$ 162$ 536$ 467$ -$ -$ -$ -$ 769$ -$ 403$ 366$ 170$ 795$ -$ -$ -$ -$ 3,805$ -$ -$ 3,805$ -$ -$ Core Net Income 37,466$ 53,919$ 57,597$ 66,326$ 65,759$ 16,273$ 17,224$ 19,454$ 19,281$ 19,525$ Core Return on Average Assets: Net Income 29,994$ 52,136$ 52,905$ 65,642$ 59,706$ 15,856$ 16,492$ 15,138$ 19,193$ 20,753$ Core Net Income 37,466$ 53,919$ 57,597$ 66,326$ 65,759$ 16,273$ 17,224$ 19,454$ 19,281$ 19,525$ Average Assets 3,426,120$ 4,403,670$ 5,473,508$ 6,341,880$ 6,973,735$ 6,711,173$ 6,788,644$ 7,721,338$ 7,750,982$ 7,791,371$ ROAA 0.88% 1.18% 0.97% 1.04% 0.86% 0.95% 0.97% 0.78% 1.00% 1.07% Core ROAA 1.09% 1.22% 1.05% 1.05% 0.94% 0.98% 1.01% 1.00% 1.01% 1.01% ROACE 8.42% 12.25% 11.59% 12.36% 9.54% 10.94% 10.76% 8.23% 10.48% 10.87% Core ROACE 10.51% 12.67% 12.62% 12.49% 10.51% 11.22% 11.23% 10.58% 10.53% 10.23% Average Diluted Shares Outstanding 18,243,445 20,634,281 22,817,493 25,296,200 26,452,084 25,395,614 25,440,247 29,520,781 29,545,921 29,586,975 Diluted Earnings per Common Share 1.64$ 2.53$ 2.32$ 2.59$ 2.26$ 0.62$ 0.65$ 0.51$ 0.65$ 0.70$ Core Diluted Earnings per Common Share 2.05$ 2.61$ 2.52$ 2.62$ 2.49$ 0.64$ 0.68$ 0.66$ 0.65$ 0.66$ Net Interest Margin Excluding Loan Discount Accretion: Net Interest Income 127,646$ 153,884$ 199,577$ 215,129$ 227,383$ 54,009$ 56,114$ 65,729$ 65,983$ 67,042$ Adjustments: (6,592) (7,750) (9,432) (9,311) (4,182) (1,695) (705) (997) (793) (767) Adjusted Net Interest Income 121,054$ 146,134$ 190,145$ 205,818$ 223,201$ 52,314$ 55,409$ 64,732$ 65,190$ 66,275$ Average Interest-earning Assets 3,145,743$ 4,011,773$ 5,091,684$ 5,939,405$ 6,536,333$ 6,291,616$ 6,363,995$ 7,237,784$ 7,263,399$ 7,299,899$ Net Interest Margin 4.06% 3.84% 3.92% 3.62% 3.48% 3.45% 3.51% 3.61% 3.68% 3.68% 3.85% 3.64% 3.73% 3.47% 3.41% 3.34% 3.46% 3.56% 3.64% 3.64% Core conversion expenses CECL Oakwood impact Loan purchase discount accretion Net Interest Margin excluding loan discount accretion (Gain)/Loss on Sale of Securities (Gain)/Loss on Sale of Banking Center (Gain)/Loss on Extinguishment of Debt Occupancy and bank premises-hurricane repair Stock Option Exercises Acquisition-related expenses Core Net Income, ROAA, NIM excluding loan discount accretion For the Year Ended December 31, Fiscal Quarter Insurance Reimbursement of storm expenditures, net of tax (Gain)/Loss Former Bank Premises & Equipment Write-Down on Former Bank Premises

33 Note: Dollars in thousands except per share data. (1) Adjustments are net of tax. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TTM Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 Core Net Income: Net Income 16,492$ 15,138$ 19,193$ 20,753$ 71,576$ Adjustments(1): -$ -$ (122)$ -$ (122)$ 10$ (17)$ 1$ 37$ 32$ (Gain)/Loss on Sale of Banking Center -$ -$ -$ (2,527)$ (2,527)$ -$ -$ (497)$ -$ (497)$ 319$ 162$ 536$ 467$ 1,484$ 403$ 366$ 170$ 795$ 1,735$ -$ 3,805$ -$ -$ 3,805$ Core Net Income 17,224$ 19,454$ 19,281$ 19,525$ 75,484$ Core Return on Average Assets: Net Income 16,492$ 15,138$ 19,193$ 20,753$ 71,576$ Core Net Income 17,224$ 19,454$ 19,281$ 19,525$ 75,484$ Average Assets 6,788,644$ 7,721,338$ 7,750,982$ 7,791,371$ 7,513,084$ ROAA 0.97% 0.78% 1.00% 1.07% 0.95% Core ROAA 1.01% 1.00% 1.01% 1.01% 1.00% Average Diluted Shares Outstanding 25,440,247 29,520,781 29,545,921 29,586,975 28,523,481 Diluted Earnings per Common Share 0.65$ 0.51$ 0.65$ 0.70$ 2.51$ Core Diluted Earnings per Common Share 0.68$ 0.66$ 0.65$ 0.66$ 2.65$ Core conversion expenses CECL Oakwood impact Core Net Income and ROAA - Trailing Twelve Months Fiscal Quarter (Gain)/Loss Former Bank Premises & Equipment (Gain)/Loss on Sale of Securities (Gain)/Loss on Extinguishment of Debt Acquisition-related expenses

34 Note: Dollars in thousands except per share data. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity 664,530$ 699,524$ 799,466$ 826,312$ 848,440$ Preferred Stock (71,930) (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 592,600$ 627,594$ 727,536$ 754,382$ 776,510$ Adjustments: Goodwill (91,527) (91,527) (121,572) (121,691) (121,146) Core deposit and other intangibles (10,849) (10,326) (17,252) (16,538) (15,775) Total Tangible Common Equity 490,224$ 525,741$ 588,712$ 616,153$ 639,589$ Tangible Assets Total Assets 6,703,889$ 6,888,649$ 7,857,090$ 7,784,728$ 7,948,294$ Adjustments: Goodwill (91,527) (91,527) (121,572) (121,691) (121,146) Core deposit and other intangibles (10,849) (10,326) (17,252) (16,538) (15,775) Total Tangible Assets 6,601,513$ 6,786,796$ 7,718,266$ 7,646,499$ 7,811,373$ Common Equity to Total Assets 8.84% 9.11% 9.26% 9.69% 9.77% Tangible Common Equity to Tangible Assets 7.43% 7.75% 7.63% 8.06% 8.19% Tangible Book Value per Share: Tangible Common Equity Total Shareholders' Equity 664,530$ 699,524$ 799,466$ 826,312$ 848,440$ Preferred Stock (71,930) (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 592,600$ 627,594$ 727,536$ 754,382$ 776,510$ Adjustments: Goodwill (91,527) (91,527) (121,572) (121,691) (121,146) Core deposit and other intangibles (10,849) (10,326) (17,252) (16,538) (15,775) Total Tangible Common Equity 490,224$ 525,741$ 588,712$ 616,153$ 639,589$ Adjustments: Exclude AOCI (67,784) (46,144) (62,998) (52,844) (47,768) Total Tangible Common Equity (excl. AOCI) 558,008$ 571,885$ 651,710$ 668,997$ 687,357$ Common shares outstanding 25,502,175 25,519,501 29,552,358 29,572,297 29,602,970 Book Value per Common Share 23.24$ 24.59$ 24.62$ 25.51$ 26.23$ Tangible Book Value per Common Share 19.22$ 20.60$ 19.92$ 20.84$ 21.61$ Tangible Book Value per Common Share (excl. AOCI) 21.88$ 22.41$ 22.05$ 22.62$ 23.22$ TCE/TA, TBVPS Fiscal Quarter

35 Note: Dollars in thousands except per share data. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 2020 2021 2022 2023 2024 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity 409,963$ 433,368$ 580,481$ 644,259$ 799,466$ Preferred Stock - - (71,930) (71,930) (71,930) Total Common Shareholders' Equity 409,963$ 433,368$ 508,551$ 572,329$ 727,536$ Adjustments: Goodwill (53,862) (59,894) (88,543) (88,391) (121,572) Core deposit and other intangibles (9,734) (12,203) (14,042) (11,895) (17,252) Total Tangible Common Equity 346,367$ 361,271$ 405,966$ 472,043$ 588,712$ Tangible Assets Total Assets 4,160,360$ 4,726,378$ 5,990,460$ 6,584,550$ 7,857,090$ Adjustments: Goodwill (53,862) (59,894) (88,543) (88,391) (121,572) Core deposit and other intangibles (9,734) (12,203) (14,042) (11,895) (17,252) Total Tangible Assets 4,096,764$ 4,654,281$ 5,887,875$ 6,484,264$ 7,718,266$ Common Equity to Total Assets 9.85% 9.17% 8.49% 8.69% 9.26% Tangible Common Equity to Tangible Assets 8.45% 7.76% 6.89% 7.28% 7.63% Tangible Book Value per Share: Tangible Common Equity Total Shareholders' Equity 409,963$ 433,368$ 580,481$ 644,259$ 799,466$ Preferred Stock - - (71,930) (71,930) (71,930) Total Common Shareholders' Equity 409,963$ 433,368$ 508,551$ 572,329$ 727,536$ Adjustments: Goodwill (53,862) (59,894) (88,543) (88,391) (121,572) Core deposit and other intangibles (9,734) (12,203) (14,042) (11,895) (17,252) Total Tangible Common Equity 346,367$ 361,271$ 405,966$ 472,043$ 588,712$ Adjustments: Exclude AOCI 10,628 (1,177) (74,204) (66,585) (62,998) Total Tangible Common Equity 335,739$ 362,448$ 480,170$ 538,628$ 651,710$ Common shares outstanding 20,621,437 20,400,349 25,110,313 25,351,809 29,552,358 Book Value per Common Share 19.88$ 21.24$ 20.25$ 22.58$ 24.62$ Tangible Book Value per Common Share 16.80$ 17.71$ 16.17$ 18.62$ 19.92$ Tangible Book Value per Common Share (excl. AOCI) 16.28$ 17.77$ 19.12$ 21.25$ 22.05$ TCE/TA, TBVPS For the Year Ended December 31,

36 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Note: Dollars in thousands. (1) Excludes gains/losses on sales of securities. TTM Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 12/31/2023 12/31/2024 Q2'25 Core Efficiency Ratio: Noninterest Expense 43,110$ 42,450$ 49,570$ 50,578$ 51,206$ 156,702$ 177,652$ 193,804$ Core Adjustments (419)$ (830)$ (631)$ (895)$ (1,578)$ (668)$ (2,595)$ (3,934)$ Net Interest and Noninterest Income 66,185$ 66,901$ 77,565$ 79,210$ 81,504$ 254,336$ 271,569$ 305,180$ Core Adjustments -$ -$ -$ (785)$ (3,360)$ (2,403)$ (50)$ (4,145)$ Efficiency Ratio(1) 65.14% 63.45% 63.91% 63.85% 62.83% 61.61% 65.42% 63.50% Core Efficiency Ratio 64.50% 62.21% 63.09% 63.35% 63.51% 61.93% 64.47% 63.07% Core Efficiency Ratio Fiscal Quarter Fiscal Year Ended

37 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Note: Dollars in thousands. Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Core pre-tax, pre-provision earnings: Pre-tax, pre-provision earnings 23,075$ 24,438$ 28,016$ 28,631$ 30,251$ Adjustments: -$ -$ -$ (155)$ -$ -$ -$ -$ -$ -$ -$ 13$ (21)$ 1$ 47$ (Gain)/Loss on Sale of Banking Center -$ -$ -$ -$ (3,360)$ -$ -$ -$ (630)$ -$ 419$ 319$ 168$ 679$ 570$ -$ 511$ 463$ 216$ 1,008$ -$ -$ 4,824$ -$ -$ Core pre-tax, pre-provision earnings 23,494$ 25,281$ 33,450$ 28,742$ 28,516$ Acquisition-related expenses Core conversion expenses CECL Oakwood impact Core Pre-tax, Pre-provision Earnings Fiscal Quarter (Gain)/Loss Former Bank Premises & Equipment Write-Down on Former Bank Premises (Gain)/Loss on Sale of Securities (Gain)/Loss on Extinguishment of Debt