bfst-20250424
0001624322FALSE00016243222025-04-242025-04-24

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): April 24, 2025
BUSINESS FIRST BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Louisiana
(State of incorporation)
001-38447
(Commission
File Number)
20-5340628
(IRS Employer
Identification No.)
500 Laurel Street, Suite 101
Baton Rouge,Louisiana
(Address of principal executive offices)
70801
(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:
☐
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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareBFSTNASDAQ 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 April 24, 2025, Business First Bancshares, Inc. (“Business First”), the parent company of b1BANK, issued a press release announcing financial results for the first quarter ended March 31, 2025. The release also announced that the Board of Directors of Business First declared a common dividend on April 24, 2025, in the amount of $0.14 per share to the common shareholders of record on May 15, 2025. The dividend is to be paid on May 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 May 31, 2025, or as soon therefore as practicable, to the preferred shareholders of record as of May 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 April 24, 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.
NumberExhibit
99.1
99.2
104Cover 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: April 24, 2025

image_9a.jpg
500 Laurel Street
Baton Rouge, LA 70801
Phone: 877.614.7600


FOR IMMEDIATE RELEASE
Media Contact: Misty Albrecht
April 24, 2025
b1BANK
225.286.7879

Business First Bancshares, Inc., Announces Financial Results for Q1 2025

Baton Rouge, La. (April 24, 2025) – Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended March 31, 2025. Business First reported net income available to common shareholders of $19.2 million or $0.65 per diluted common share, increases of $4.1 million and $0.14, respectively, compared to the linked quarter ended Dec. 31, 2024. On a non-GAAP basis, core net income for the quarter ended March 31, 2025, which excludes certain income and expenses, was $19.3 million or $0.65 per diluted common share, a decrease of $0.2 million and $0.01, from the linked quarter.

“We are excited to start the year off with solid earnings,” said Jude Melville, chairman, president and CEO of Business First Bancshares. “We increased our capital, our reserves, and our per share tangible book value at healthy rates, while demonstrating diversity of our revenue streams and growth of margins in our core spread business. We are also proud of our less tangible development, continuing to integrate our latest acquisition and implementing a number of technological initiatives including preparation for our core conversion in the second quarter, investments that will enable us to provide high quality and more efficient service for our client base into the future.”

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






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Quarterly Highlights

•Solid Core Performance. Return to common shareholders on average assets, on an annualized basis, was 1.00% for the quarter ended March 31, 2025, or 1.01% on a non-GAAP basis, compared to 0.78% or 1.00% on a non-GAAP basis for the linked quarter.

•Net Interest Margin (NIM) Expansion. Net interest income totaled $66.0 million and net interest margin and net interest spread were 3.68% and 2.91%, respectively, compared to $65.7 million, 3.61% and 2.77% 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 2.86% for the quarter ended March 31, 2025, compared to 3.56% and 2.72% (excluding loan discount accretion of $1.0 million) for the linked quarter. The increases of 8 basis points (bps) and 14 bps were driven by a reduction in Business First's overall cost of funding.

•Noninterest Income Investments. Various noninterest income channels produced solid aggregate returns. Loan sales, mostly attributable to Small Business Administration (SBA) loans, produced income of $1.3 million, an increase of $1.0 million when compared to the linked quarter, along with continued consistent performance in the swap business with revenue of $739,000. Appreciation and income from our equity investments also produced income of $751,000 for the quarter.

•Capital Growth. Common equity to total assets increased from 9.26% to 9.69% compared to the linked quarter. Tangible common equity to tangible assets increased from 7.63% to 8.06%, 5.64% or 22.89% annualized, compared to the linked quarter. The increase was largely driven by quarterly earnings, which accounted for approximately 69.9%, or 32 bps. On a non-GAAP basis, tangible book value per common share increased from $19.92 at Dec. 31, 2024, to $20.84 at March 31, 2025, 4.62% or 18.73% annualized.





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Statement of Financial Condition

Loans

Loans held for investment were flat compared to the linked quarter with a decrease of $480,000 or .01%, .03% annualized. Real estate - construction loans decreased $36.8 million from the linked quarter, compared to an increase of $49.8 million from the linked quarter in real estate - residential loans, largely due to the conversion of multi-family construction to permanent financing. Based on unpaid principal balances, Texas-based loans represented approximately 41% of the overall loan portfolio as of March 31, 2025, no change from the linked quarter.

Credit Quality

Credit quality metrics regressed with isolated credit migration occurring during the quarter. The ratio of nonperforming loans compared to loans held for investment increased 27 bps to 0.69% at March 31, 2025, while the ratio of nonperforming assets compared to total assets increased 16 bps to 0.55% compared to the linked quarter.
The increase in loans past due 90 days and accruing is attributable to a single $4.6 million relationship. The increase in nonaccrual loans is largely attributable to two relationships with outstanding balances of $8.4 million for which Business First reserved a total of $2.3 million during the quarter.

Securities

The securities portfolio increased $27.0 million, or 3.02%, from the linked quarter, impacted by $12.9 million in positive fair value adjustments and the remainder of the increase was primarily attributed to purchases of mortgage-backed securities. The securities portfolio, based on estimated fair value, represented 11.83% of total assets as of March 31, 2025.

Deposits
Deposits decreased $53.1 million or 0.82%, 3.31% annualized, for the quarter ended March 31, 2025, compared to the linked quarter. Noninterest bearing deposits decreased $48.7 million, with the decline driven primarily by customer withdrawals as opposed to full account closures. New account openings continued in the quarter led
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by our Houston, Dallas, and Southwest Louisiana regions. Business First generated approximately $379.9 million from new deposit accounts during the quarter.

Borrowings
Borrowings decreased $49.2 million, or 10.17%, from the linked quarter due primarily to a reduction in short-term Federal Home Loan Bank advances and a $7.0 million redemption of subordinated debt by Business First.
Shareholders’ Equity

Shareholders' equity increased $26.8 million during the quarter ended March 31, 2025. Accumulated other comprehensive income (AOCI) increased $10.1 million or 16.12%, during the quarter due to positive after-tax fair value adjustments in the securities portfolio. Book value per common share increased to $25.51 at March 31, 2025, compared to $24.62 at Dec. 31, 2024 due to strong earnings and positive fair value adjustments attributable to the securities portfolio. On a non-GAAP basis, tangible book value per common share increased from $19.92 at Dec. 31, 2024, to $20.84 at March 31, 2025, 4.62% or 18.73% annualized.

Results of Operations
Net Interest Income

For the quarter ended March 31, 2025, net interest income totaled $66.0 million, compared to $65.7 million from the linked quarter. Loan and interest-earning asset yields of 6.99% and 6.35%, decreased 6 and 3 bps, respectively, compared to 7.05% and 6.38% from the linked quarter. However, net interest margin and net interest spread were 3.68% and 2.91% compared to 3.61% and 2.77% for the linked quarter. The overall cost of funds, which included noninterest-bearing deposits, declined 11 bps from 2.93% from the linked quarter to 2.82% for the quarter ended March 31, 2025, through continued management of deposit costs.

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Non-GAAP net interest income (excluding loan discount accretion of $0.8 million) totaled $65.2 million for the quarter ended March 31, 2025, compared to $64.7 million (excluding loan discount accretion of $1.0 million) for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $0.8 million) were 3.64% and 2.86%, respectively, for the quarter ended March 31, 2025, compared to 3.56% and 2.72% (excluding loan discount accretion of $1.0 million) for the linked quarter. Excluding loan discount accretion, loan yields decreased 4 bps to 6.94% from 6.98%, and interest earnings asset yields decreased 3 bps to 6.30% from 6.33%, compared to the linked quarter.

Provision for Credit Losses
During the quarter ended March 31, 2025, Business First recorded a provision for credit losses of $2.8 million, compared to $6.7 million from the linked quarter. The linked quarter's reserve was primarily associated with the Oakwood acquisition on October 1, 2024. The current quarter’s reserve was largely associated with $2.3 million in additional individual reserves for two commercial lending relationships, resulting in a 30.7% coverage ratio of their remaining book balances as of March 31, 2025.

Other Income
For the quarter ended March 31, 2025, other income increased $1.4 million or 11.55%, compared to the linked quarter. The net increase was largely attributable to a $1.0 million increase in gain on sales of loans, attributable to SBA sales, a $630,000 gain on extinguishment of debt related to an early redemption of $7.0 million in subordinated debt, and a $565,000 increase in pass-through income on equity investments, offset by a $549,000 reduction in swap fee income.

Other Expenses
For the quarter ended March 31, 2025, other expenses increased by $1.0 million or 2.03%, compared to the linked quarter. The increase was largely attributable to a $1.4 million increase in salaries and benefits, of which $430,000 were associated with acquisition-related expenses attributable to retention, severance, and stay payments, and the remainder largely associated with merit increases and annual reset in FICA taxes and bonus accruals.



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Return on Assets and Common Equity
Return to common shareholders on average assets and common equity, each on an annualized basis, were 1.00% and 10.48% for the quarter ended March 31, 2025, compared to 0.78% and 8.23%, 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 10.53% for the quarter ended March 31, 2025, compared to 1.00% and 10.58%, for the linked quarter.

Conference Call and Webcast
Executive management will host a conference call and webcast to discuss results on Thursday, April 24, 2025, at 4:00 p.m. Central Time. Interested parties may attend the call by dialing toll-free 1-800-715-9871 (North America only), conference ID 8825623, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/ziae6qsd. 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 $7.8 billion in assets, $7.1 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.

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
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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.

Additional Information
For additional information about Business First, you may obtain Business First’s reports that are filed with the Securities and Exchange Commission (SEC) free of charge by using the SEC’s EDGAR service on the SEC’s website at www.SEC.gov or by contacting the SEC for further information at 1-800-SEC-0330. Alternatively, these documents can be obtained free of charge from Business First by directing a request to: Business First Bancshares, Inc., 500 Laurel Street, Suite 101, Baton Rouge, Louisiana 70801, Attention: Corporate Secretary.

No Offer or Solicitation
This release does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of Business First. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Investor Relations Contact:
Gregory RobertsonMatt Sealy
337.721.2701225.388.6116
[email protected][email protected]
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Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months Ended
(Dollars in thousands)March 31,
2025		December 31,
2024		March 31,
2024
Balance Sheet Ratios
Loans (HFI) to Deposits92.61 %91.86 %91.32 %
Shareholders' Equity to Assets Ratio10.61 %10.18 %9.69 %
Loans Receivable Held for Investment (HFI)
Commercial$1,862,176 $1,868,675 $1,426,957 
Real Estate:
  Commercial2,472,121 2,483,223 2,215,889 
  Construction633,698 670,502 662,013 
  Residential934,357 884,533 717,007 
    Total Real Estate4,040,176 4,038,258 3,594,909 
Consumer and Other78,567 74,466 66,973 
Total Loans (Held for Investment)$5,980,919 $5,981,399 $5,088,839 
Allowance for Loan Losses
Balance, Beginning of Period$54,840 $42,154 $40,414 
Oakwood - PCD ALLL— 8,410 — 
Charge-Offs - Quarterly(1,648)(2,290)(533)
Recoveries - Quarterly671 654 141 
Provision for Loan Losses - Quarterly3,000 5,912 1,143 
Balance, End of Period$56,863 $54,840 $41,165 
Allowance for Loan Losses to Total Loans (HFI)0.95 %0.92 %0.81 %
Allowance for Credit Losses to Total Loans (HFI)/(1)1.01 %0.98 %0.88 %
Net Charge-Offs (Recoveries) to Average Quarterly Total Loans0.02 %0.03 %0.01 %
Remaining Loan Purchase Discount$11,322 $12,121 $11,411 
Nonperforming Assets
Nonperforming
  Nonaccrual Loans$35,915 $24,147 $20,778 
  Loans Past Due 90 Days or More 5,635 860 855 
    Total Nonperforming Loans41,550 25,007 21,633 
Other Nonperforming Assets:
  Other Real Estate Owned1,282 5,529 1,339 
  Other Nonperforming Assets— — — 
    Total other Nonperforming Assets1,282 5,529 1,339 
    Total Nonperforming Assets$42,832 $30,536 $22,972 
Nonperforming Loans to Total Loans (HFI)0.69 %0.42 %0.43 %
Nonperforming Assets to Total Assets0.55 %0.39 %0.34 %
    
(1) Allowance for Credit Losses includes the Allowance for Loan Loss and Reserve for Unfunded Commitments.
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Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months Ended
(Dollars in thousands, except per share data)March 31,
2025		December 31,
2024		March 31,
2024
Per Share Data
Basic Earnings per Common Share$0.65 $0.52 $0.49 
Diluted Earnings per Common Share0.65 0.51 0.48 
Dividends per Common Share0.14 0.14 0.14 
Book Value per Common Share25.51 24.62 22.64 
Average Common Shares Outstanding29,329,668 29,311,111 25,127,187 
Average Diluted Common Shares Outstanding29,545,921 29,520,781 25,429,194 
End of Period Common Shares Outstanding29,572,297 29,552,358 25,485,383 
Annualized Performance Ratios
Return to Common Shareholders on Average Assets (1)1.00 %0.78 %0.74 %
Return to Common Shareholders on Average Common Equity (1)10.48 %8.23 %8.51 %
Net Interest Margin (1)3.68 %3.61 %3.32 %
Net Interest Spread (1)2.91 %2.77 %2.36 %
Efficiency Ratio (2)63.85 %63.91 %69.80 %
Total Quarterly/Year-to-Date Average Assets$7,750,982 $7,721,338 $6,667,527 
Total Quarterly/Year-to-Date Average Common Equity742,930 731,820 577,643 
Other Expenses
Salaries and Employee Benefits
$29,497 $28,101 $25,416 
Occupancy and Bank Premises3,401 3,166 2,514 
Depreciation and Amortization2,152 2,278 1,676 
Data Processing3,236 3,856 2,579 
FDIC Assessment Fees1,184 1,009 828 
Legal and Other Professional Fees1,013 975 866 
Advertising and Promotions1,291 1,710 1,145 
Utilities and Communications733 775 674 
Ad Valorem Shares Tax1,125 1,357 900 
Directors' Fees279 290 282 
Other Real Estate Owned Expenses and Write-Downs23 182 37 
Merger and Conversion-Related Expenses250 168 340 
Other6,394 5,703 5,265 
    Total Other Expenses$50,578 $49,570 $42,522 
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Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months Ended
(Dollars in thousands, except per share data)March 31,
2025		December 31,
2024		March 31,
2024
Other Income
Service Charges on Deposit Accounts$2,860 $2,878 $2,439 
Gain (Loss) on Sales of Securities(1)21 (1)
Debit Card and ATM Fee Income1,858 2,069 1,776 
Bank-Owned Life Insurance Income808 990 579 
Gain on Sales of Loans1,256 252 139 
Mortgage Origination Income110 36 69 
Fees and Brokerage Commission2,148 2,063 1,937 
Gain (Loss) on Sales of Other Real Estate Owned(268)40 63 
Losses on Disposal of Other Assets155 — — 
Gain on Extinguishment of Debt630 — — 
Swap Fee Income739 1,288 229 
Pass-Through Income (Loss) from Other Investments751 186 294 
Other2,180 2,034 1,862 
     Total Other Income$13,226 $11,857 $9,386 
(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.
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Business First Bancshares, Inc.
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands)March 31,
2025		December 31,
2024		March 31,
2024
Assets
Cash and Due From Banks$312,887 $319,098 $185,906 
Federal Funds Sold117,422 197,669 211,292 
Securities Purchased under Agreements to Resell50,589 50,835 — 
Securities Available for Sale, at Fair Values920,573 893,549 872,903 
Mortgage Loans Held for Sale— 717 77 
Loans and Lease Receivable5,980,919 5,981,399 5,088,839 
Allowance for Loan Losses(56,863)(54,840)(41,165)
Net Loans and Lease Receivable5,924,056 5,926,559 5,047,674 
Premises and Equipment, Net81,582 81,953 68,716 
Accrued Interest Receivable33,741 35,872 29,326 
Other Equity Securities40,947 41,100 34,940 
Other Real Estate Owned1,282 5,529 1,339 
Cash Value of Life Insurance117,950 117,645 100,056 
Deferred Taxes, Net25,289 29,591 26,800 
Goodwill121,691 121,572 91,527 
Core Deposit and Customer Intangibles16,538 17,252 11,372 
Other Assets20,181 18,149 13,630 
    Total Assets$7,784,728 $7,857,090 $6,695,558 
Liabilities
Deposits
Noninterest-Bearing$1,308,312 $1,357,045 $1,295,050 
Interest-Bearing5,149,869 5,154,286 4,277,700 
Total Deposits6,458,181 6,511,331 5,572,750 
Securities Sold Under Agreements to Repurchase19,046 22,621 17,207 
Federal Home Loan Bank Borrowings317,352 355,875 308,206 
Subordinated Debt92,702 99,760 99,933 
Subordinated Debt - Trust Preferred Securities5,000 5,000 5,000 
Accrued Interest Payable5,356 5,969 3,930 
Other Liabilities60,779 57,068 39,498 
    Total Liabilities6,958,416 7,057,624 6,046,524 
Shareholders' Equity
Preferred Stock71,930 71,930 71,930 
Common Stock29,572 29,552 25,485 
Additional Paid-In Capital501,609 500,024 398,511 
Retained Earnings276,045 260,958 224,742 
Accumulated Other Comprehensive Loss(52,844)(62,998)(71,634)
    Total Shareholders' Equity826,312 799,466 649,034 
    Total Liabilities and Shareholders' Equity$7,784,728 $7,857,090 $6,695,558 
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Business First Bancshares, Inc.
Consolidated Statements of Income
(Unaudited)
Three Months Ended
(Dollars in thousands)March 31,
2025		December 31,
2024		March 31,
2024
Interest Income:
  Interest and Fees on Loans$102,992 $104,697 $85,947 
  Interest and Dividends on Securities7,265 7,310 5,599 
  Interest on Federal Funds Sold and Due From Banks3,436 4,135 4,465 
    Total Interest Income113,693 116,142 96,011 
Interest Expense:
  Interest on Deposits42,439 44,862 38,029 
  Interest on Borrowings5,271 5,551 6,451 
    Total Interest Expense47,710 50,413 44,480 
    Net Interest Income65,983 65,729 51,531 
Provision for Credit Losses2,812 6,712 1,186 
    Net Interest Income After Provision for Credit Losses63,171 59,017 50,345 
Other Income:
  Service Charges on Deposit Accounts2,860 2,878 2,439 
  (Loss) Gain on Sales of Securities(1)21 (1)
  Gain on Sales of Loans1,256 252 139 
  Other Income9,111 8,706 6,809 
    Total Other Income13,226 11,857 9,386 
Other Expenses:
  Salaries and Employee Benefits29,497 28,101 25,416 
  Occupancy and Equipment Expense7,356 7,087 5,357 
  Merger and Conversion-Related Expense250 168 340 
  Other Expenses13,475 14,214 11,409 
    Total Other Expenses50,578 49,570 42,522 
Income Before Income Taxes25,819 21,304 17,209 
Provision for Income Taxes5,276 4,816 3,639 
Net Income20,543 16,488 13,570 
Preferred Stock Dividends1,350 1,350 1,350 
Net Income Available to Common Shareholders$19,193 $15,138 $12,220 
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Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Three Months Ended
March 31, 2025December 31, 2024March 31, 2024
(Dollars in thousands)Average Outstanding BalanceInterest Earned/Interest PaidAverage Yield/RateAverage Outstanding BalanceInterest Earned/Interest PaidAverage Yield/RateAverage Outstanding BalanceInterest Earned/Interest PaidAverage Yield/Rate
Assets
Interest Earning Assets:
Total Loans$5,972,120 $102,992 6.99 %$5,911,183 $104,697 7.05 %$5,026,937 $85,947 6.88 %
Securities924,693 6,614 2.90 %936,314 6,707 2.85 %888,933 5,599 2.53 %
Securities Purchased under Agreements to Resell50,836 651 5.19 %44,252 603 5.42 %— — — %
Interest-Bearing Deposit in Other Banks 315,750 3,436 4.41 %346,035 4,135 4.75 %330,260 4,465 5.44 %
Total Interest Earning Assets7,263,399 113,693 6.35 %7,237,784 116,142 6.38 %6,246,130 96,011 6.18 %
Allowance for Loan Losses(54,711).(52,130)(40,526)
Noninterest- Earning Assets542,294 535,684 461,923 
Total Assets$7,750,982 $113,693 $7,721,338 $116,142 $6,667,527 $96,011 
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Deposits$5,141,498 $42,439 3.35 %$5,053,759 $44,862 3.53 %$4,072,600 $38,029 3.76 %
Subordinated Debt97,251 1,262 5.26 %99,797 1,331 5.31 %99,972 1,356 5.46 %
Subordinated Debt - Trust Preferred Securities5,000 99 8.03 %5,000 107 8.51 %5,000 113 9.09 %
Bank Term Funding Program— — — %— — — %260,440 2,788 4.31 %
Advances from Federal Home Loan Bank (FHLB)362,092 3,797 4.25 %373,236 3,975 4.24 %223,501 2,094 3.77 %
Other Borrowings18,321 113 2.50 %21,569 138 2.55 %16,116 100 2.50 %
Total Interest-Bearing Liabilities$5,624,162 $47,710 3.44 %$5,553,361 $50,413 3.61 %$4,677,629 $44,480 3.82 %
4455535409050.0364
Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits$1,244,793 $1,292,623 $1,282,815 
Other Liabilities67,167 71,604 57,510 
Total Noninterest-Bearing Liabilities1,311,960 1,364,227 1,340,325 
Shareholders' Equity:
Common Shareholders' Equity742,930 731,820 577,643 
Preferred Equity71,930 71,930 71,930 
Total Shareholders' Equity814,860 803,750 649,573 
Total Liabilities and Shareholders' Equity$7,750,982 $7,721,338 $6,667,527 
Net Interest Spread2.91 %2.77 %2.36 %
Net Interest Income$65,983 $65,729 $51,531 
Net Interest Margin3.68 %3.61 %3.32 %
Overall Cost of Funds2.82 %2.93 %3.00 %
Note: Average outstanding balances are determined utilizing daily averages and an actual day count convention.
b1BANK.com

15
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months Ended
(Dollars in thousands, except per share data)March 31,
2025		December 31,
2024		March 31,
2024
Interest Income:
Interest income$113,693 $116,142 $96,011 
   Core interest income113,693 116,142 96,011 
Interest Expense:
   Interest expense47,710 50,413 44,480 
   Core interest expense47,710 50,413 44,480 
Provision for Credit Losses: (b)
Provision for credit losses2,812 6,712 1,186 
   CECL Oakwood impact (3) — (4,824)— 
    Core provision expense2,812 1,888 1,186 
Other Income:
   Other income13,226 11,857 9,386 
Gain on former bank premises and equipment (155)— (50)
Loss (Gain) on sale of securities1 (21)1 
Gain on extinguishment of debt(630)— — 
    Core other income12,442 11,836 9,337 
Other Expense:
Other expense50,578 49,570 42,522 
Acquisition-related expenses (2)(679)(168)(715)
Core conversion expenses(216)(463)— 
   Core other expense49,683 48,939 41,807 
Pre-Tax Income: (a)
Pre-tax income25,819 21,304 17,209 
   CECL Oakwood impact (3)— 4,824 — 
Gain on former bank premises and equipment (155)— (50)
Loss (Gain) on sale of securities1 (21)1 
Gain on extinguishment of debt(630)— — 
Acquisition-related expenses (2)679 168 715 
Core conversion expenses216 463 — 
   Core pre-tax income25,930 26,738 17,875 
Provision for Income Taxes: (1)
Provision for income taxes5,276 4,816 3,639 
Tax on CECL Oakwood impact (3)
— 1,019 — 
Tax on gain on former bank premises and equipment (33)— (11)
b1BANK.com

16
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months Ended
(Dollars in thousands, except per share data)March 31,
2025		December 31,
2024		March 31,
2024
Tax on loss (gain) on sale of securities— (4)— 
Gain on extinguishment of debt(133)— — 
Tax on acquisition-related expenses (2)143 6 89 
Tax on core conversion expenses46 97 — 
Core provision for income taxes5,299 5,934 3,717 
Preferred Dividends:
Preferred dividends1,350 1,350 1,350 
   Core preferred dividends1,350 1,350 1,350 
Net Income Available to Common Shareholders
Net income available to common shareholders19,193 15,138 12,220 
CECL Oakwood impact (3), net of tax — 3,805 — 
Gain on former bank premises and equipment, net of tax(122)— (39)
Loss (Gain) on sale of securities, net of tax1 (17)1 
b1BANK.com

17
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months Ended
(Dollars in thousands, except per share data)March 31,
2025		December 31,
2024		March 31,
2024
Gain on extinguishment of debt, net of tax(497)— — 
Acquisition-related expenses (2), net of tax536 162 626 
Core conversion expenses, net of tax170 366 — 
Core net income available to common shareholders$19,281 $19,454 $12,808 
Pre-tax, Pre-provision Earnings Available to Common Shareholders (a+b)$28,631 $28,016 $18,395 
CECL Oakwood impact (3)— 4,824 — 
Gain on former bank premises and equipment (155)— (50)
Loss (Gain) on sale of securities1 (21)1 
Gain on extinguishment of debt(630)— — 
Acquisition-related expenses (2)679 168 715 
Core conversion expenses216 463 — 
Core pre-tax, pre-provision earnings$28,742 $33,450 $19,061 
Average Diluted Common Shares Outstanding29,545,921 29,520,781 25,429,194 
Diluted Earnings Per Common Share
Diluted earnings per common share$0.65 $0.51 $0.48 
CECL Oakwood impact (3), net of tax — 0.13 — 
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)— — 
Acquisition-related expenses (2), net of tax0.02 0.01 0.02 
Core conversion expenses,net of tax— 0.01 — 
Core diluted earnings per common share$0.65 $0.66 $0.50 
Pre-tax, Pre-provision Diluted Earnings per Common Share$0.97 $0.95 $0.72 
CECL Oakwood impact (3)
— 0.16 — 
Gain on former bank premises and equipment (0.01)— — 
b1BANK.com

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Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months Ended
(Dollars in thousands, except per share data)March 31,
2025		December 31,
2024		March 31,
2024
Loss (gain) on sale of securities— — — 
Gain on extinguishment of debt(0.02)— — 
Acquisition-related expenses (2)0.02 0.01 0.03 
Core conversion expenses0.01 0.02 — 
Core pre-tax, pre-provision diluted earnings per common share$0.97 $1.14 $0.75 
(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

19

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
(Dollars in thousands, except per share data)March 31,
2025		December 31,
2024		March 31,
2024
Total Shareholders' (Common) Equity:
Total shareholders' equity$826,312 $799,466 $649,034 
Preferred stock(71,930)(71,930)(71,930)
Total common shareholders' equity754,382 727,536 577,104 
Goodwill(121,691)(121,572)(91,527)
Core deposit and customer intangible(16,538)(17,252)(11,372)
Total tangible common equity$616,153 $588,712 $474,205 
Total Assets:
Total assets$7,784,728 $7,857,090 $6,695,558 
Goodwill(121,691)(121,572)(91,527)
Core deposit and customer intangible(16,538)(17,252)(11,372)
 Total tangible assets$7,646,499 $7,718,266 $6,592,659 
Common shares outstanding29,572,297 29,552,358 25,485,383 
Book value per common share$25.51 $24.62 $22.64 
Tangible book value per common share$20.84 $19.92 $18.61 
Common equity to total assets9.69 %9.26 %8.62 %
Tangible common equity to tangible assets8.06 %7.63 %7.19 %


b1BANK.com

20
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months Ended
(Dollars in thousands, except per share data)March 31,
2025		December 31,
2024		March 31,
2024
Total Quarterly Average Assets$7,750,982 $7,721,338 $6,667,527 
Total Quarterly Average Common Equity$742,930 $731,820 $577,643 
Net Income Available to Common Shareholders:
Net income available to common shareholders$19,193 $15,138 $12,220 
CECL Oakwood impact (3), net of tax— 3,805 — 
Gain on former bank premises and equipment, net of tax(122)— (39)
Loss (gain) on sale of securities, net of tax1 (17)1 
Gain on extinguishment of debt, net of tax(497)— — 
Acquisition-related expenses, net of tax536 162 626 
Core conversion expenses, net of tax170 366 — 
Core net income available to common shareholders$19,281 $19,455 $12,808 
Return to common shareholders on average assets (annualized) (2)1.00 %0.78 %0.74 %
Core return on average assets (annualized) (2)1.01 %1.00 %0.77 %
Return to common shareholders on average common equity (annualized) (2)10.48 %8.23 %8.51 %
Core return on average common equity (annualized) (2)10.53 %10.58 %8.92 %
Interest Income:
Interest income$113,693 $116,142 $96,011 
Core interest income113,693 116,142 96,011 
Interest Expense:
Interest expense47,710 50,413 44,480 
Core interest expense47,710 50,413 44,480 
Other Income:
Other income13,226 11,857 9,386 
Gain on former bank premises and equipment (155)— (50)
Loss (Gain) on sale of securities1 (21)1 
Gain on extinguishment of debt(630)— — — 
Core other income12,442 11,836 9,337 
Other Expense:
Other expense50,578 49,570 42,522 
Acquisition-related expenses(679)(168)(715)
Core conversion expenses(216)(463)— 
b1BANK.com

21
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months Ended
(Dollars in thousands, except per share data)March 31,
2025		December 31,
2024		March 31,
2024
   Core other expense$49,683 $48,939 $41,807 
Efficiency Ratio:
Other expense (a)$50,578 $49,570 $42,522 
Core other expense (c)$49,683 $48,939 $41,807 
Net interest and other income (1) (b)$79,210 $77,565 $60,918 
Core net interest and other income (1) (d)$78,425 $77,565 $60,868 
Efficiency ratio (a/b)63.85 %63.91 %69.80 %
Core efficiency ratio (c/d)63.35 %63.09 %68.68 %
Total Average Interest-Earnings Assets$7,263,399 $7,237,784 $6,246,130 
Net Interest Income:
Net interest income$65,983 $65,729 $51,531 
Loan discount accretion$(793)$(997)$(785)
Net interest income excluding loan discount accretion$65,190 $64,732 $50,746 
Net interest margin (2)3.68 %3.61 %3.32 %
Net interest margin excluding loan discount accretion (2)3.64 %3.56 %3.27 %
Net interest spread (2)2.91 %2.77 %2.36 %
Net interest spread excluding loan discount accretion (2)2.86 %2.72 %2.31 %
(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

 
TABLE OF CONTENTS Legal Disclosures 3 Guiding Principles & Social Impact 4– 5 Business First Bancshares, Inc. Overview 6 – 11 Liquidity and Deposits 12 Securities Portfolio 13 Branches & Noninterest Revenue 14 – 15 Financial Results Q1 2025 Financial Results 17 – 18 Stable Credit Performance 19 Yield/Rate Analysis 20 – 22 Loan Portfolio Operating Loan Growth 24 Loan Composition 25 – 28 Appendix 30 – 37

 
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.

 
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.

 
2025 YTD Total Volunteerism: • 1,034 Hours • 96 hours of financial literacy education and non-profit service • Partnership through b1BANK Financial Institutions Group • Partner with Minority Deposit 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: 16 bank partners 2021 Inception Through March 2025: • Mentored 816 businesses • Conducted training classes to help 3,380 entrepreneurs start or grow their business 1,034 Volunteer Hours 816 Businesses Mentored

 
Company Overview Ticker: BFST (Nasdaq) Market Capitalization: $720 million (as of March 31, 2025) Headquarters: Baton Rouge, Louisiana Franchise Highlights: • Diversified commercial-focused bank with $7.8 billion in assets and operations in Louisiana, Texas and Mississippi including: 39 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 41% of credit exposure, as of 3/31/25 • Diversified deposit base with 129,161 accounts with an average balance of $50,001 and an organic deposit growth CAGR of ~16% 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 BFST operates 58 locations including 56 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 March 31, 2025. (5) Includes one closed full-service Banking Center in Rayville, LA that maintains an active ITM. *Dots above may not represent exact geographic location. Assets $7,785 Gross Loans Held for Investments $5,981 Deposits $6,458 Loan-to-Deposit Ratio 92.6% ROAA 1.00% ROACE 10.48% Core ROAA(3) 1.01% Core ROACE(3) 10.53% NPLs/Total Loans(HFI) 0.69% Tier 1 Risk-based Capital Ratio(4) 10.90% Tier 1 Leverage Ratio(4) 9.70% Total Risk-based Capital Ratio(4) 13.03% TCE/TA(3) 8.06% Financial Highlights of 1Q25 ($ millions)

 
Jude Melville Chairman, President and CEO Age: 50 Year Started at BFST: 2006 Philip Jordan EVP, Chief Banking Officer Age: 52 Year Started at BFST: 2008 Keith Mansfield EVP, Chief Operations Officer Age: 48 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 SVP, Chief of Staff Age: 43 Year Started at BFST: 2009 Saundra Strong EVP, General Counsel Age: 47 Year Started at BFST: 2021 Kathryn Manning EVP, Chief Risk Officer Age: 37 Year Started at BFST: 2013 Warren McDonald EVP, Chief Credit Officer Age: 58 Year Started at BFST: 2006 Jerry Vascocu President, b1BANK Age: 51 Year Started at BFST: 2022

 
Note: Dollars in millions. Financial data as of March 31, 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: $1,974.6 Total Deposits: $1,079.2 Deposits / Banking Center: $89.9 Houston Region # of Banking Centers: 5 Total Loans: $446.1 Total Deposits: $512.2 Deposits / Banking Center: $102.4 Southwest Louisiana Region # of Banking Centers: 22 Total Loans: $1,349.0 Total Deposits: $2,172.1 Deposits / Banking Center: $98.7 Greater New Orleans Region # of Banking Centers: 8 # of LPOs: 1 Total Loans: $1,161.2 Total Deposits: $999.4 Deposits / Banking Center: $124.9 North Louisiana Region # of Banking Centers(1): 9 Total Loans: $1,012.3 Total Deposits: $901.1 Deposits / Banking Center(2): $112.6

 
$ 1 4 .1 $ 2 3 .8 $ 3 0 .0 $ 5 2 .1 $ 5 2 .9 $ 6 5 .6 $ 5 9 .7 $ 6 6 .7 $16.8 $24.6 $37.5 $53.9 $57.6 $66.3 $65.8 $72.2 2018 2019 2020 2021 2022 2023 2024 TTM Q1'25 Net Income Core Net Income 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 .4 3 $1.45 $1.80 $2.05 $2.61 $2.52 $2.62 $2.49 $2.63 2018 2019 2020 2021 2022 2023 2024 TTM Q1'25 EPS Core EPS $ 1 9 .6 8 $ 2 1 .4 7 $ 1 9 .8 8 $ 2 1 .2 4 $ 2 0 .2 5 $ 2 2 .5 8 $ 2 4 .6 2 $ 2 5 .5 1 $ 1 5 .3 4 $ 1 7 .3 1 $ 1 6 .8 0 $ 1 7 .7 1 $ 1 6 .1 7 $ 1 8 .6 2 $ 1 9 .9 2 $ 2 0 .8 4 $15.60 $17.12 $16.28 $17.77 $19.12 $21.25 $22.05 $22.62 2018 2019 2020 2021 2022 2023 2024 Q1'25 BVPS TBVPS TBVPS (excl. AOCI) 7 1 .8 % 6 4 .4 % 6 7 .8 % 6 1 .8 % 6 5 .3 % 6 1 .6 % 6 5 .4 % 6 4 .1 % 66.9% 63.4% 61.1% 60.6% 62.8% 61.9% 64.5% 63.3% 2018 2019 2020 2021 2022 2023 2024 TTM Q1'25 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

 
(amount s in act uals) Non-Jumbo Deposit Accounts 15,312 15,539 15,608 41,064 37,508 90,963 89,359 97,740 101,546 125,255 125,456 Jumbo Deposit Accounts (1) 448 502 612 987 1,001 1,902 2,300 2,714 3,009 3,564 3,705 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 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$ $904 $933 $1,056 $1,180 $1,782 $2,442 $4,077 $4,343 $5,249 $5,798 $6,458 $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 Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q1'25 Organic Deposits Acquired Deposits • Deposit strategy reflects consistent organic growth augmented with opportunistic M&A • Total deposit CAGR of ~24% since Q4’15 • Organic deposit CAGR of ~16% 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 • 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)

 
10.25-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$ 7,785$ 27% 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$ 72.2$ 32% 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$ 2.63$ 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% 63.3% --- 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1'25 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 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 March 31, 2025. (3) Reflects consolidated total assets and deal value at close. 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 one non-bank RIA acquisition 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 • 27% total asset CAGR, 32% 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 63.3%(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

 
Deposit Composition Non-Interest Bearing NOW & Int. Bearing DDA MMDA & Savings Time Deposits • Continue to carry higher cash balances to support liquidity, with 5.53% of total assets at 3/31/2025. • Remain focused on core deposits, which represent over 87% 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 under $4.0 billion (an increase for the quarter of $0.6 billion, or 17.0%) at 3/31/2025, to supplement core deposit growth as needed. $6.46B Note: Dollars in millions. Data as of March 31, 2025. Historical Deposit Composition Liquidity Sources FHLB Borrowings Capacity 1,627$ Unencumbered Securities 521$ Cash Reserves 312$ Fed Funds Sold 117$ Fed Funds Lines Available 160$ FRB Discount Window 1,255$ Total 3,992$

 
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 1Q25 was $987.6 million in AFS, of which agency mortgage-backed securities (MBS) and A-rated municipal securities were the largest components. - 1Q25 weighted average yield of 2.73% - Weighted average life of 4.81 years - Estimated effective duration of 3.76 years $987.6M Note: Dollars in millions. Data as of March 31, 2025. Book Market Net Unrealized Value Value Gain / (Loss) Municipal Securities 300.0$ 275.0$ (25.0)$ Mortgage-Backed Securities 610.2 571.8 (38.4)$ Corporate & Other Securities 49.6 47.3 (2.3)$ U.S. Government Agencies / Treasuries 27.8 26.5 (1.2)$ Total AFS Securities 987.6$ 920.6$ (67.0)$ Deferred Tax Impact 14.2$ Other Equities Unrealized Gain/Loss -$ Accumulated Other Comprehensive Income/Loss (52.8)$

 
✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ BFST Footprint(1) American Gateway (6 active / 4 closed) Pedestal (17 active / 1 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 / 13 acquired / 1 De Novo LPO) Loan Production Office (LPO) (2 active / 1 consolidated) Snyder, TX b1BANK (Organic / De Novo) (15 active(2) / 2 closed)

 
• • • • • • • • • • • • • • • • • •

 

 
(1) Non-GAAP financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of 3/31/2025. (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. • Net interest margin excluding loan discount accretion increased 8 bps 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 March at 7.87%, up from 7.58% in December. • The weighted average rate of new interest-bearing non-maturity deposits were 3.20% in March 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 $1.3 million coupled with swap revenue of $739,000 during Q1. 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Diluted Earnings per Common Share $0.48 $0.62 $0.65 $0.51 $0.65 ROAA 0.74 % 0.95 % 0.97 % 0.78 % 1.00 % ROACE 8.51 10.94 10.76 8.23 10.48 Net Interest Margin 3.32 3.45 3.51 3.61 3.68 Efficiency Ratio(1) 69.80 65.14 63.45 63.91 63.85 Net Income Available to Common Shareholders in thousands $12,220 $15,856 $16,492 $15,138 $19,193 Core Pre-Tax, Pre-Provision Income(1) in thousands $19,061 $23,494 $25,281 $33,450 $28,742 Core Diluted Earnings Per Common Share(1) $0.50 $0.64 $0.68 $0.66 $0.65 Core ROAA(1) 0.77 % 0.98 % 1.01 % 1.00 % 1.01 % Core ROACE(1) 8.92 11.22 11.23 10.58 10.53 Net Interest Margin excluding loan discount accretion(1) 3.27 3.34 3.46 3.56 3.64 Core Efficiency Ratio(1) 68.68 64.50 62.21 63.09 63.35 Tier 1 Leverage Ratio(2) 9.38 % 9.49 % 9.61 % 9.53 % 9.70 % Total Risk-Based Capital Ratio(2) 12.78 % 12.88 % 12.99 % 12.75 % 13.03 % Tangible Common Equity / Tangible Assets(1) 7.19 % 7.43 % 7.75 % 7.63 % 8.06 % Tangible Book Value Per Share(1) $18.61 $19.22 $20.60 $19.92 $20.84 NPLs / Loans (Excl. TDRs)(3) 0.43 % 0.43 % 0.50 % 0.42 % 0.69 % Allowance for Credit Losses / Loans (Excl. HFS) 0.88 0.86 0.86 0.98 1.01 ACL + FV Discount on Acquired Lns/ Loans (Excl. HFS) 1.10 1.05 1.04 1.18 1.20 NCOs / Average Loans 0.01 0.03 0.02 0.03 0.02 Asset Quality Profitability Capital For the Quarter Ended,

 
(1) Preliminary consolidated capital ratios as of December 31, 2024. (2) Non-GAAP financial measure. See appendix for applicable reconciliation. For the quarter ended, $ millions 3/31/2025 12/31/2024 3/31/2024 Gross Loans (Excl. HFS) $5,980.9 0% 18% ACL + Fair Value Discount on Acquired Loans $71.7 2% 30% Investment Securities $920.6 3% 5% Deposits $6,458.2 -1% 16% Borrowings $434.1 -10% 1% Total Equity $826.3 3% 27% Balance Sheet Ratios, $ actual 3/31/2025 12/31/2024 3/31/2024 Total Risk-Based Capital Ratio(1) 13.03 % 12.75 % 12.78 % Tangible Common Equity / Tangible Assets(2) 8.06 % 7.63 % 7.19 % Tangible Book Value Per Share(2) $20.84 $19.92 $18.61 Gross Loans (Excl. HFS) / Deposits 92.61 % 91.86 % 91.32 % Actual Change vs. Q1'25 Highlights Flat loan balances consisted of a 0.01% decrease for the quarter (0.03% Annualized) led by Real Estate-Construction loans decreasing ($36.8 million) and Residential Real Estate increasing ($49.8 million). Our Texas exposure remained stable at 41% of the overall loan portfolio. Deposits decreased $53.1 million (0.82%, or 3.31% Annualized) during Q1 mostly attributable to $48.7 million of noninterest bearing deposit decreases from customer withdrawals as opposed to account closures. $379.9 million of new account openings took place in the quarter led by Houston, Dallas, and SW Louisiana regions. ACL + Fair Value Discount on acquired loans as a percentage of total loans of 1.20%. Loan purchase discount decreased by approximately $799 thousand. The $27.0 million increase for the quarter stemmed from improvement in fair market value was due to positive fair value adjustments ($12.9 million) coupled with MBS purchases. Year-over-year shift was due to focus on organic deposit growth, measured loan growth, and acquisition of Oakwood Bank. Borrowings decreased $49.2 million for the quarter due to a reduction in short-term FHLB advances coupled with a $7.0 million redemption of subordinated debt. Increase in equity for the quarter of $26.8 million of which 69.9% was driven by positive quarterly earnings. Highlights Increase in equity for the quarter of $26.8 million of which 69.9% was driven by positive quarterly earnings. TBV increased from the linked quarter and is attributed to $19.2 million net income available to common shareholders coupled with a $10.1 million increase in AOCI. The improvement in the risk-based capital ratio was attributable to the retention of earnings coupled with reduction of risk-based assets in 1Q25.

 
ACL & FV Discount(3) Past Due Loans(1) Note: Dollars in millions. Peer average based on average of last five quarters ending 4Q24, 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. Nonperforming Loans(2) Net Charge-offs

 
Note: Data is as of March 31, 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.

 
Note: Dollars in millions; amounts may not total due to rounding. Betas are estimates that reflect the deposit portfolio composition as of March 31, 2025, based on analysis of BFST deposit pricing in prior cycles. (1) Core CDs exclude brokered deposits and CDARs. (2) Reflects weighted average rate as of month-end, March 31, 2025. • 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 under the 25 bps reduction scenario, assuming a static balance sheet over the next twelve months • Overall Core CD balance(1) retention rate was 83% during March • $114 million remaining Core CD balances(1) will mature in 2Q25, with $87 million maturing in 3Q25

 
• • • Outstanding Balance Weighted ($MM) (% of Total) Avg. Rate(1) Fixed Rate Loans (mature/reprice > 1 year) 2,707.1$ 45.4% 5.77% Fixed Rate Loans (mature/reprice < 1 year) 565.9 9.5% 6.06% Floating Rate with Floors 1,225.8 20.5% 7.62% Floating Rate without Floors 1,424.8 23.9% 7.71% Adjustable Rate Loans 45.1 0.8% 5.91% Total 5,968.7$ 100.0% 6.64% 45.4% 9.5% 20.5% 23.9% 0.8% Fixed Rate Loans Maturing Beyond 1-Year (dollars in millions) Q2'26 FY 2026 FY 2027 FY 2028 > FY 2028 C&D 5.8$ 15.0$ 88.5$ 9.7$ 39.6$ Owner-Occupied CRE 17.2 70.1 152.3 107.2 304.2 Income Producing CRE 40.6 132.6 313.6 102.2 220.9 C&I 16.0 41.2 87.5 76.2 243.9 Agricultural 14.1 14.8 0.9 0.7 3.9 Farmland 2.6 6.1 5.6 11.9 26.1 1-4 Family 31.4 63.3 81.0 50.7 223.6 Consumer & Other 3.5 34.3 84.6 57.2 37.7 Total 131.2$ 377.5$ 813.8$ 415.9$ 1,099.8$ Weighted Avg. Rate 5.96% 5.45% 5.20% 6.92% 5.87% Fixed Rate Loans Maturing within the next 12-Months NTM (dollars in millions) Q2'25 Q3'25 Q4'25 Q1'26 Total C&D 35.2$ 24.3$ 4.0$ 5.5$ 69.0$ Owner-Occupied CRE 27.1 21.7 6.7 23.1 78.5 Income Producing CRE 15.3 9.9 11.8 32.6 69.5 C&I 57.6 34.6 13.8 41.7 147.6 Agricultural 18.2 2.7 1.1 15.8 37.9 Farmland 5.9 1.4 0.1 0.2 7.5 1-4 Family 22.0 20.0 20.3 14.9 77.1 Consumer & Other 31.4 3.0 13.9 30.3 78.7 Total 212.7$ 117.5$ 71.6$ 164.1$ 565.9$ Weighted Avg. Rate 6.28% 6.47% 5.24% 5.85% 6.06% All Floating Rate Loans, Maturing, (dollars in millions) Q2'25 FY 2025 FY 2026 FY 2027 > FY 2027 C&D 89.9$ 173.6$ 97.0$ 56.0$ 82.1$ Owner-Occupied CRE 26.0 39.9 24.8 22.4 249.3 Income Producing CRE 53.0 86.0 96.4 56.9 227.3 C&I 210.6 402.3 282.2 59.5 283.6 Agricultural 11.1 14.8 11.7 0.7 2.2 Farmland 29.9 44.1 6.4 6.1 15.1 1-4 Family 14.6 25.5 17.7 10.7 98.4 Consumer & Other 32.5 58.5 33.6 28.9 36.6 Total 467.6$ 844.7$ 569.9$ 241.3$ 994.8$ Weighted Avg. Rate 7.84% 7.83% 7.84% 8.05% 7.33%

 

 
Note: Data is as of March 31, 2025. Dollars in millions. Loan balances are before accounting adjustments. (1) Net operating loans are defined as loans per the general ledger, excluding deferred costs/fees, corporate and other, overdrafts and loan premium/discount. Loan Composition by Region 13.0% 12.8% 17.0% 9.9% 5.2% 14.3% 33.2% 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 03/31/25 Capital North Louisiana Southwest Louisiana Bayou Greater New Orleans Dallas Houston Q1’25 LTM Loan Growth Waterfall $1,740 $703 $(700) $(917) $53 $5,969 $5,089 Beginning Loans BFST Originations Oakwood Loans Paydowns Payoffs Net Refinance Ending Loans 3/31/24 3/31/25

 
Note: Loan composition as of March 31, 2025, based on preliminary FDIC call report data. $5.98 billion Total Loan Portfolio Composition Top 5 Exposure Categories Outstanding Unfunded Average NPLs % of Balance Commitment Loan Size Total Loans Commercial $1.78 billion $753 million $393 thousand 0.98% CRE - Owner-Occupied $1.05 billion $40 million $884 thousand 0.34% CRE - Non Owner-Occupied $1.3 billion $54 million $1.92 million 0.61% Construction & Land $634 million $243 million $586 thousand 0.78% 1-4 Family $582 million $9 million $208 thousand 1.11% Total $5.34 billion $1.1 billion $798 thousand 0.94%

 
Note: Data is as of March 31, 2025. Percentages based on loan balances before accounting adjustments. • Commercial loans represent 29.7% of the total loan portfolio • Total commercial loan growth year-over-year of 30.5% 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 2.59 years Commercial Loans by Collateral Commercial Loans by Region

 
C&D Composition CRE Composition - Owner Occupied C&D Portfolio Raw Land 5.4% Vacant Residential Lots 9.7% Vacant Commercial Lots 15.6% Land Development - Residential 16.4% Residential Construction - OORE 4.8% Residential Construction - Non OORE 11.6% Commercial Construction - Retail 6.6% Commercial Construction - Office 8.0% Commercial Construction - Apartment/Multi-Family 11.2% Commercial Construction - Other 10.7% Total C&D 100.0% 5.4% 9.7% 15.6% 16.4% 4.8% 11.6% 6.6% 8.0% 11.2% 10.7% Income Producing CRE Geography(1) Income Producing CRE Portfolio Dallas, TX 19.9% Baton Rouge, LA 9.5% Covington, LA 7.8% Monroe, LA 7.4% Houston, TX 6.4% Lafayette, LA 3.4% New Orleans, LA 3.3% Lake Charles, LA 3.2% Metairie, LA 2.9% Austin, TX 2.2% All Other Geographies 34.1% Total CRE - Income Producing 100.0% 19.9% 9.5% 7.8% 7.4% 6.4% 3.4% 3.3% 3.2% 2.9% 2.2% 34.1% Owner Occupied CRE Geography(1) Income Producing CRE Geography(1) Owner Occupied CRE Portfolio Dallas, TX 10.2% Baton Rouge, LA 10.0% Houston, TX 6.8% New Orleans, LA 6.6% Monroe, LA 3.8% Lake Charles, LA 3.3% Lafayette, LA 2.7% Houma, LA 2.7% Bossier City, LA 2.6% Metairie, LA 2.5% All Other Geographies 49.0% Total CRE - Owner Occupied 100.0% 10.2% 10.0% 6.8% 6.6% 3.8% 3.3% 2.7% 2.7% 2.6% 2.5% 49.0% C&D by Geography(1) Own r Occupied CRE Geography(1) C&D Portfolio Dallas, TX 24.6% Baton Rouge, LA 15.6% Covington, LA 8.1% Hammond, LA 3.4% Houston, TX 3.2% Plain Dealing, LA 3.0% New Orleans, LA 3.0% Celina, TX 2.9% Friendswood, TX 2.5% Allen, TX 2.0% All Other Geographies 31.8% Total C&D 100.0% 24.6% 15.6% 8.1% 3.4% 3.2% 3.0% 3.0% 2.9% 2.5% 2.0% 31.8% Note: Dollars in millions. Data is as of March 31, 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 April 1, 2025, through March 31, 2026. C&D Highlights • $633.7 million total portfolio • $22.6 million largest relationship(2) • $588 thousand average loan size • $255.1 million maturing over the next 12-months(3) • Dallas, Baton Rouge and Covington represent top 3 geographies within C&D and comprise 48.3% of all C&D loans or $305.9 million Owner-Occupied Highlights • $1.05 billion total portfolio • $14.8 million largest relationship(2) • $887 thousand average loan size • $118.8 million maturing over the next 12-months(3) • Dallas, Baton Rouge and Houston represent top 3 geographies within owner-occupied and comprise 26.9% of all owner-occupied loans or $281.2 million Income Producing Highlights • $1.30 billion total portfolio • $27.9 million largest relationship(2) • $1.93 million average loan size • $169.8 million balance maturing over the next 12-months(3) • Dallas, Baton Rouge and Covington represent top 3 geographies within income producing and comprise 37.1% of all income producing loans or $481.8 million $633.7 million $1.05 billion $1.30 billion $633.7 million $1.05 billion $1.30 billion CRE Composition - Income Producing Owner Occupied CRE Portfolio Hotel/Motel 0.6% Office Building 30.7% Office/Warehouse 23.0% Retail 16.4% Commercial Building 11.8% Other 17.4% Total CRE - Owner Occupied 100.0% 0.6% 30.7% 23.0% 16.4% 11.8% 17.4% Income Producing CRE Portfolio Hotel/Motel 15.4% Office Building 23.2% Office/Warehouse 3.6% Warehouse 8.7% Retail - Single-Tenant 8.7% Retail - Multi-Tenant 25.6% Commercial Building 6.2% Other 8.7% Total CRE - Income Producing 100.0% 15.4% 23.2% 3.6% 8.7% 8.7% 25.6% 6.2% 8.7%

 
Office CRE – Income-Producing by Geography(1)(2) Office CRE – Owner-Occupied by Geography(1)(2) Office C&D by Geography(1)(2) 59.7% 25.0% 7.6% 6.3% 1.4% Office C&D Dallas, TX 59.7% Baton Rouge, LA 25.0% Houma, LA 7.6% Plano, TX 6.3% Frisco, TX 1.4% Other Geographies 0.0% Total Office C&D 100.0% $563.8MM Total C&D $22.1MM Office C&D 10.9% 9.6% 6.3% 5.6% 4.8% 62.8% Owner Occupied Office CRE Baton Rouge, LA 10.9% Covington, LA 9.6% Houston, TX 6.3% Grapevine, TX (DFW) 5.6% Houma, LA 4.8% Other Geographies 62.8% Total OO Office CRE 100.0% $303.8MM Owner Occupied Office CRE $974.6MM Owner Occupied CRE 28.5% 17.8% 15.4% 6.5% 4.6% 27.2% $1.17B Income Producing CRE $264.2MM Income Producing Office CRE Income Producing Office CRE Dallas, TX 28.5% Houston, TX 17.8% Baton Rouge, LA 15.4% Metairie, LA 6.5% Shreveport, LA 4.6% Other Geographies 27.2% Total Inc. Prod. Office CRE 100.0% 22.6% Income Producing Office CRE 77.4% All Other Income Producing CRE 68.8% All Other Owner Occupied CRE 31.2% Owner Occupied Office CRE 96.1% All Other C&D 3.9% Office C&D Office C&D Highlights • $22.1 million total office C&D portfolio comprised of 10 loans in 5 distinct geographies throughout Texas and Louisiana • Largest C&D office loan is a $11.2 million credit in Dallas, TX • 100.0% of the office C&D portfolio is risk rated as pass watch or better Office CRE Owner-Occupied Highlights • $303.8 million total office CRE owner- occupied portfolio comprised of 352 loans in 101 distinct geographies throughout Texas and Louisiana • Largest office CRE owner-occupied loan is a $14.6 million credit in Grapevine (DFW), TX • 99.0% of the office CRE – owner-occupied portfolio is risk rated as pass watch or better Office CRE Income Producing Highlights • $264.2 million total office CRE income- producing portfolio comprised of 155 loans in 50 distinct geographies throughout Texas and Louisiana • Largest office CRE income producing loan is a $27.9 million credit in Houston, TX • 99.9% of the office CRE – income- producing portfolio is risk rated as pass watch or better (1)(2) (1)(2) (1)(2)

 

 
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 3/31/2025. 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. 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 $7,784,728 Gross Loans (Excl. HFS) 2,991,355 3,189,608 4,606,176 4,992,785 5,981,399 5,980,919 Deposits 3,616,679 4,077,283 4,820,345 5,248,790 6,511,331 6,458,181 Total Equity 409,963 433,368 580,481 644,259 799,466 826,312 Tangible Common Equity / Tangible Assets(1) 8.45 % 7.76 % 6.89 % 7.28 % 7.63 % 8.06 % Tier 1 Leverage Ratio(2) 8.79 8.14 9.49 9.52 9.53 9.70 Total Risk-based Capital Ratio(2) -- 11.94 12.75 12.85 12.75 13.03 Net Loans (Excl. HFS) / Assets 71.37 % 66.87 % 76.25 % 75.21 % 75.43 % 76.10 % Gross Loans (Excl. HFS) / Deposits 82.71 78.23 95.56 95.12 91.86 92.61 NIB Deposits / Deposits 32.19 31.66 32.14 24.75 20.84 20.26 Commercial Loans / Loans (Excl. HFS)(3) 21.60 22.62 25.05 27.22 31.24 31.14 C&D / Total Risk-Based Capital(4) 106.0 % 117.0 % 109.8 % 91.7 % 78.2 % 71.8 % CRE / Total Risk-Based Capital(4) 262.0 250.1 272.1 253.5 253.6 247.8 Asset Quality NPLs / Loans (Excl. TDRs)(5) 0.35 % 0.41 % 0.25 % 0.34 % 0.42 % 0.69 % NPAs / Assets (Excl. TDRs)(5) 0.48 0.31 0.21 0.28 0.39 0.55 Reserves / Loans (Excl. HFS) 0.74 0.91 0.83 0.81 0.92 0.95 NCOs / Average Loans 0.06 0.03 0.04 0.11 0.08 0.02 Profitability Ratios Net Income Available to Common Shareholders $29,994 $52,136 $52,905 $65,642 $59,706 $19,193 ROAA 0.88 % 1.18 % 0.97 % 1.04 % 0.86 % 1.00 % ROACE 8.42 12.25 11.59 12.36 9.54 10.48 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 63.85 Non-Interest Income / Avg. Assets 0.63 0.80 0.54 0.62 0.63 0.68 Non-Interest Expense / Avg. Assets 2.95 2.66 2.73 2.47 2.55 2.61 For the Fiscal Year Ended December 31,

 
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 Q1'25 Construction - 1-4 Family Residential 60,780$ 68,503$ 90,861$ 109,629$ 117,128$ 105,098$ 106,957$ Other Const, Development, Vacant Land & Lots 183,401 334,562 457,667 612,445 552,670 565,404 526,741 Total Construction 244,181 403,065 548,528 722,074 669,798 670,502 633,698 % of Total Loans (1) 14.3% 13.5% 17.2% 15.7% 13.4% 11.2% 10.6% % of Total Bank Capital 95.9% 106.0% 117.0% 116.7% 97.6% 83.9% 77.1% Multi-Family Properties 36,454 95,707 97,508 98,637 108,432 200,454 253,616 Commercial Rental 284,795 496,198 525,977 967,915 1,072,280 1,299,469 1,298,434 Other Loans for Real Estate Purposes 708 736 500 409 481 4,112 1,284 Total Outstanding CRE Exposure 566,138$ 995,706$ 1,172,513$ 1,789,035$ 1,850,991$ 2,174,537$ 2,187,032$ % 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% 266.0% Credit Ratings (2) Pass-Watch / Special Mention % 0.5% 1.7% 2.7% 3.0% 2.4% 7.1% 10.8% Classified % 0.9% 0.7% 1.2% 0.7% 0.6% 0.4% 0.4% Total Watch List % 1.4% 2.4% 3.9% 3.6% 3.0% 7.6% 11.2% Past Dues(3) Nonaccrual Loans 1,449$ 1,578$ 1,701$ 1,250$ 4,569$ 6,130$ 8,049$ Past Due 90 days or more - 77 - 4 - - 4,835 Total Past Due 1,449$ 1,654$ 1,701$ 1,254$ 4,569$ 6,130$ 12,883$ Total Past Due / Total CRE Loans 0.3% 0.2% 0.1% 0.1% 0.2% 0.3% 0.6% Net Charge Offs YTD(4) (2)$ 14$ 147$ (9)$ 1,982$ 1,683$ (95)$ Net Charge Offs YTD / CRE Loans (0.00%) 0.00% 0.01% (0.00%) 0.11% 0.08% (0.00%)

 
Note: Dollars in thousands except per share data. (1) Adjustments are net of tax. 2020 2021 2022 2023 2024 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Core Net Income: Net Income 29,994$ 52,136$ 52,905$ 65,642$ 59,706$ 12,220$ 15,856$ 16,492$ 15,138$ 19,193$ Adjustments(1): -$ -$ (543)$ -$ -$ -$ -$ -$ -$ -$ 277$ 799$ 566$ -$ (39)$ (39)$ -$ -$ -$ (122)$ -$ -$ -$ 341$ -$ -$ -$ -$ -$ -$ (107)$ (299)$ 38$ 2,023$ (6)$ 1$ -$ 10$ (17)$ 1$ -$ (354)$ -$ (745)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (1,150)$ -$ -$ -$ -$ -$ (497)$ -$ 1,230$ 395$ -$ -$ -$ -$ -$ -$ -$ (530)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 7,832$ 407$ 4,236$ 215$ 1,524$ 626$ 417$ 319$ 162$ 536$ -$ -$ -$ -$ 769$ -$ -$ 403$ 366$ 170$ -$ -$ -$ -$ 3,805$ -$ -$ -$ 3,805$ -$ Core Net Income 37,466$ 53,919$ 57,597$ 66,326$ 65,759$ 12,808$ 16,273$ 17,224$ 19,454$ 19,281$ Core Return on Average Assets: Net Income 29,994$ 52,136$ 52,905$ 65,642$ 59,706$ 12,220$ 15,856$ 16,492$ 15,138$ 19,193$ Core Net Income 37,466$ 53,919$ 57,597$ 66,326$ 65,759$ 12,808$ 16,273$ 17,224$ 19,454$ 19,281$ Average Assets 3,426,120$ 4,403,670$ 5,473,508$ 6,341,880$ 6,973,735$ 6,667,527$ 6,711,173$ 6,788,644$ 7,721,338$ 7,750,982$ ROAA 0.88% 1.18% 0.97% 1.04% 0.86% 0.74% 0.95% 0.97% 0.78% 1.00% Core ROAA 1.09% 1.22% 1.05% 1.05% 0.94% 0.77% 0.98% 1.01% 1.00% 1.01% ROACE 8.42% 12.25% 11.59% 12.36% 9.54% 8.51% 10.94% 10.76% 8.23% 10.48% Core ROACE 10.51% 12.67% 12.62% 12.49% 10.51% 8.92% 11.22% 11.23% 10.58% 10.53% Average Diluted Shares Outstanding 18,243,445 20,634,281 22,817,493 25,296,200 26,452,084 25,429,194 25,395,614 25,440,247 29,520,781 29,545,921 Diluted Earnings per Common Share 1.64$ 2.53$ 2.32$ 2.59$ 2.26$ 0.48$ 0.62$ 0.65$ 0.51$ 0.65$ Core Diluted Earnings per Common Share 2.05$ 2.61$ 2.52$ 2.62$ 2.49$ 0.50$ 0.64$ 0.68$ 0.66$ 0.65$ Net Interest Margin Excluding Loan Discount Accretion: Net Interest Income 127,646$ 153,884$ 199,577$ 215,129$ 227,383$ 51,531$ 54,009$ 56,114$ 65,729$ 65,983$ Adjustments: (6,592) (7,750) (9,432) (9,311) (4,182) (785) (1,695) (705) (997) (793) Adjusted Net Interest Income 121,054$ 146,134$ 190,145$ 205,818$ 223,201$ 50,746$ 52,314$ 55,409$ 64,732$ 65,190$ Average Interest-earning Assets 3,145,743$ 4,011,773$ 5,091,684$ 5,939,405$ 6,536,333$ 6,246,130$ 6,291,616$ 6,363,995$ 7,237,784$ 7,263,399$ Net Interest Margin 4.06% 3.84% 3.92% 3.62% 3.48% 3.32% 3.45% 3.51% 3.61% 3.68% 3.85% 3.64% 3.73% 3.47% 3.41% 3.27% 3.34% 3.46% 3.56% 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

 
Note: Dollars in thousands except per share data. (1) Adjustments are net of tax. TTM Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 Core Net Income: Net Income 15,856$ 16,492$ 15,138$ 19,193$ 66,679$ Adjustments(1): -$ -$ -$ (122)$ (122)$ -$ 10$ (17)$ 1$ (6)$ -$ -$ -$ (497)$ (497)$ 417$ 319$ 162$ 536$ 1,434$ -$ 403$ 366$ 170$ 940$ -$ -$ 3,805$ -$ 3,805$ Core Net Income 16,273$ 17,224$ 19,454$ 19,281$ 72,231$ Core Return on Average Assets: Net Income 15,856$ 16,492$ 15,138$ 19,193$ 66,679$ Core Net Income 16,273$ 17,224$ 19,454$ 19,281$ 72,231$ Average Assets 6,711,173$ 6,788,644$ 7,721,338$ 7,750,982$ 7,243,034$ ROAA 0.95% 0.97% 0.78% 1.00% 0.92% Core ROAA 0.98% 1.01% 1.00% 1.01% 1.00% Average Diluted Shares Outstanding 25,395,614 25,440,247 29,520,781 29,545,921 27,475,641 Diluted Earnings per Common Share 0.62$ 0.65$ 0.51$ 0.65$ 2.43$ Core Diluted Earnings per Common Share 0.64$ 0.68$ 0.66$ 0.65$ 2.63$ 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

 
Note: Dollars in thousands except per share data. Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity 649,034$ 664,530$ 699,524$ 799,466$ 826,312$ Preferred Stock (71,930) (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 577,104$ 592,600$ 627,594$ 727,536$ 754,382$ Adjustments: Goodwill (91,527) (91,527) (91,527) (121,572) (121,691) Core deposit and other intangibles (11,372) (10,849) (10,326) (17,252) (16,538) Total Tangible Common Equity 474,205$ 490,224$ 525,741$ 588,712$ 616,153$ Tangible Assets Total Assets 6,695,558$ 6,703,889$ 6,888,649$ 7,857,090$ 7,784,728$ Adjustments: Goodwill (91,527) (91,527) (91,527) (121,572) (121,691) Core deposit and other intangibles (11,372) (10,849) (10,326) (17,252) (16,538) Total Tangible Assets 6,592,659$ 6,601,513$ 6,786,796$ 7,718,266$ 7,646,499$ Common Equity to Total Assets 8.62% 8.84% 9.11% 9.26% 9.69% Tangible Common Equity to Tangible Assets 7.19% 7.43% 7.75% 7.63% 8.06% Tangible Book Value per Share: Tangible Common Equity Total Shareholders' Equity 649,034$ 664,530$ 699,524$ 799,466$ 826,312$ Preferred Stock (71,930) (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 577,104$ 592,600$ 627,594$ 727,536$ 754,382$ Adjustments: Goodwill (91,527) (91,527) (91,527) (121,572) (121,691) Core deposit and other intangibles (11,372) (10,849) (10,326) (17,252) (16,538) Total Tangible Common Equity 474,205$ 490,224$ 525,741$ 588,712$ 616,153$ Adjustments: Exclude AOCI (71,634) (67,784) (46,144) (62,998) (52,844) Total Tangible Common Equity (excl. AOCI) 545,839$ 558,008$ 571,885$ 651,710$ 668,997$ Common shares outstanding 25,485,383 25,502,175 25,519,501 29,552,358 29,572,297 Book Value per Common Share 22.64$ 23.24$ 24.59$ 24.62$ 25.51$ Tangible Book Value per Common Share 18.61$ 19.22$ 20.60$ 19.92$ 20.84$ Tangible Book Value per Common Share (excl. AOCI) 21.42$ 21.88$ 22.41$ 22.05$ 22.62$ TCE/TA, TBVPS Fiscal Quarter

 
Note: Dollars in thousands except per share data. 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,

 
Note: Dollars in thousands. (1) Excludes gains/losses on sales of securities. TTM Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 12/31/2023 12/31/2024 Q1'25 Core Efficiency Ratio: Noninterest Expense 42,522$ 43,110$ 42,450$ 49,570$ 50,578$ 156,702$ 177,652$ 185,708$ Core Adjustments (715)$ (419)$ (830)$ (631)$ (895)$ (668)$ (2,595)$ (2,775)$ Net Interest and Noninterest Income 60,918$ 66,185$ 66,901$ 77,565$ 79,210$ 254,336$ 271,569$ 289,861$ Core Adjustments (50)$ -$ -$ -$ (785)$ (2,403)$ (50)$ (785)$ Efficiency Ratio(1) 69.80% 65.14% 63.45% 63.91% 63.85% 61.61% 65.42% 64.07% Core Efficiency Ratio 68.68% 64.50% 62.21% 63.09% 63.35% 61.93% 64.47% 63.28% Core Efficiency Ratio Fiscal Quarter Fiscal Year Ended

 
Note: Dollars in thousands. Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Core pre-tax, pre-provision earnings: Pre-tax, pre-provision earnings 18,395$ 23,075$ 24,438$ 28,016$ 28,631$ Adjustments: (50)$ -$ -$ -$ (155)$ -$ -$ -$ -$ -$ 1$ -$ 13$ (21)$ 1$ -$ -$ -$ -$ (630)$ 715$ 419$ 319$ 168$ 679$ -$ -$ 511$ 463$ 216$ -$ -$ -$ 4,824$ -$ Core pre-tax, pre-provision earnings 19,061$ 23,494$ 25,281$ 33,450$ 28,742$ 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