bfst-20251023
0001624322FALSE00016243222025-10-232025-10-23

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): October 23, 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 October 23, 2025, Business First Bancshares, Inc. (“Business First”), the parent company of b1BANK, issued a press release announcing financial results for the first quarter ended September 30, 2025. The release also announced that the Board of Directors of Business First declared a common dividend on October 23, 2025, in the amount of $0.15 per share to the common shareholders of record on November 15, 2025. The dividend is to be paid on November 30, 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 November 30, 2025, or as soon therefore as practicable, to the preferred shareholders of record as of November 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 October 23, 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: October 23, 2025

image_9.jpg
500 Laurel Street
Baton Rouge, LA 70801
Phone: 877.614.7600


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

Business First Bancshares, Inc., Announces Financial Results for Q3 2025

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

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

On Thursday, Oct. 23, 2025, Business First’s board of directors declared a quarterly preferred dividend in the amount of $18.75 per share, which is the full quarterly dividend of 1.875% based on the per annum rate of 7.50%. Additionally, the board of directors declared a quarterly common dividend based upon financial performance for the third quarter in the amount of $0.15 per share of common stock, a $0.01 increase from the linked quarter. The preferred and common dividends will be paid on Nov. 30, 2025, or as soon thereafter as practicable, to the shareholders of record as of Nov. 15, 2025.




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Quarterly Highlights

•Consistent Core Performance. Return to common shareholders on average assets, on an annualized basis, was 1.08% for the quarter ended Sept. 30, 2025, or 1.06% on a non-GAAP basis, compared to 1.07% or 1.01% on a non-GAAP basis for the linked quarter.

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

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

•Corporate Actions. Business First's board of directors approved a $0.01 per common share increase to the quarterly dividend from $0.14 to $0.15 per common share beginning November 2025.

•Oakwood Conversion. In September 2025, Business First successfully converted Oakwood Bank's core systems onto its platform, accomplishing its second system conversion over consecutive quarters.





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Statement of Financial Condition
Loans
Loans held for investment decreased $26.6 million or 0.44%, 1.74% annualized. The commercial and commercial real estate portfolios decreased $40.2 million and $71.1 million, respectively, compared to the linked quarter. The construction and residential portfolios increased $38.6 million and $47.6 million compared to the linked quarter. Texas-based loans represented approximately 40% of the overall loan portfolio as of Sept. 30, 2025, based on unpaid principal balance.
Credit Quality
Credit quality metrics stabilized compared to the prior quarter. The ratio of loans past due 30 days or more, excluding nonaccrual, compared to total loans held for investment decreased from 0.89% to 0.27% at Sept. 30, 2025. The ratio of nonperforming loans compared to loans held for investment decreased 15 basis points (bps) to 0.82% at Sept. 30, 2025, while the ratio of nonperforming assets compared to total assets increased 7 bps to 0.83% compared to the linked quarter. The increase in the nonperforming assets ratio over the linked quarter was attributable to the transfer of some nonaccrual loans to other real estate owned. The commercial, residential real estate, commercial real estate and construction portfolios encompass approximately $21.9 million, $10.2 million, $9.0 million and $4.0 million respectively, of the $45.4 million nonaccrual balance at Sept. 30, 2025.
Securities
The securities portfolio increased $59.5 million, or 6.42%, from the linked quarter. This increase was impacted by $14.4 million in positive pre-tax fair value adjustments and the remainder attributed largely to purchases of mortgage-backed securities. The securities portfolio, based on estimated fair value, represented 12.40% of total assets as of Sept. 30, 2025. The newly purchased securities increased the book yield of the securities portfolio from 2.77% to 2.92% at Sept. 30, 2025.
Deposits
Deposits increased $87.2 million or 1.36%, 5.39% annualized, for the quarter ended Sept. 30, 2025, compared to the linked quarter. Average interest-bearing deposits increased $92.2 million, or 1.83%, and noninterest-bearing deposits increased $22.8 million or 1.76%, from the linked quarter.
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Period-end interest bearing deposits increased $131.4 million or 2.62% and noninterest bearing deposits decreased $44.2 million or 3.13%. The increase in interest-bearing deposits was largely attributed to money market accounts, which experienced rate reductions of approximately 25 bps towards the end of the quarter.
Borrowings
Borrowings decreased $118.3 million or 19.29%, from the linked quarter due primarily to reductions in short-term Federal Home Loan Bank advances.
Shareholders’ Equity
Shareholders' equity increased $30.0 million or 3.54% compared to the linked quarter. Accumulated other comprehensive income (AOCI) increased $11.3 million or 23.74%, during the quarter due to positive after-tax fair value adjustments in the securities portfolio. Book value per common share increased to $27.23 at Sept. 30, 2025, compared to $26.23 at June 30, 2025, due to strong earnings and positive fair value adjustments in the securities portfolio. On a non-GAAP basis, tangible book value per common share increased from $21.61 at the linked quarter to $22.63 at Sept. 30, 2025, 4.75% or 18.83% annualized.

Results of Operations
Net Interest Income

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

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Non-GAAP net interest income (excluding loan discount accretion of $1.1 million) totaled $68.2 million for the quarter ended Sept. 30, 2025, compared to $66.3 million (excluding loan discount accretion of $0.8 million) for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.1 million) were 3.63% and 2.80%, respectively, for the quarter ended Sept. 30, 2025, compared to 3.64% and 2.84% (excluding loan discount accretion of $0.8 million) for the linked quarter.
Provision for Credit Losses
During the quarter ended Sept. 30, 2025, Business First recorded a provision for credit losses of $3.2 million, compared to $2.2 million from the linked quarter. The current quarter’s reserve was largely impacted by an additional $1.5 million reserve on unfunded loan commitments and the remainder attributed to reserves on individually evaluated loans. At Sept. 30, 2025, the ratio of allowance for credit losses to loans held for investment ratio was 1.03%, compared to 1.02% for the linked quarter.

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

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




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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 1.08% and 10.80% for the quarter ended Sept 30, 2025, compared to 1.07% and 10.87%, respectively, for the linked quarter. Non-GAAP return to common shareholders on average assets and common equity, each on an annualized basis, were 1.06% and 10.65% for the quarter ended Sept. 30, 2025, compared to 1.01% and 10.23%, for the prior period quarter.

Conference Call and Webcast
Executive management will host a conference call and webcast to discuss results on Thursday October 23, 2025, at 4:00 p.m. Central Time. Interested parties may attend the call by dialing toll-free 1-800-715-9871 (North America only), conference ID 8427939, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/hvu86bo6. On the day of the presentation, the corresponding slide presentation will be available to view on the b1BANK website at https://www.b1bank.com/shareholder-info.

About Business First Bancshares, Inc.
Business First Bancshares, Inc., (Nasdaq: BFST) through its banking subsidiary b1BANK, has $8.0 billion in assets, $5.7 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson, LLC (SSW) (excludes $0.9 billion of b1BANK assets managed by SSW) and operates Banking Centers and Loan Production Offices in markets across Louisiana and Texas providing commercial and personal banking products and services. b1BANK is a 2024 Mastercard “Innovation Award” winner and multiyear winner of American Banker Magazine’s “Best Banks to Work For.” Visit b1BANK.com for more information.

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
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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.
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.


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Investor Relation Contact:

Gregory RobertsonMatt Sealy
337.721.2701225.388.6116
Gregory.Robertson@b1bank.comMatt.Sealy@b1bank.com
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Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months Ended
(Dollars in thousands)September 30,
2025		June 30,
2025		September 30,
2024
Balance Sheet Ratios
Loans (HFI) to Deposits92.53 %94.21 %92.54 %
Shareholders' Equity to Assets Ratio11.04 %10.67 %10.15 %
Loans Receivable Held for Investment (HFI)
Commercial$1,920,813 $1,960,974 $1,496,480 
Real Estate:
  Commercial2,462,617 2,533,761 2,256,370 
  Construction638,907 600,292 654,353 
  Residential927,456 879,891 743,878 
    Total Real Estate4,028,980 4,013,944 3,654,601 
Consumer and Other71,262 72,732 69,037 
Total Loans (Held for Investment)$6,021,055 $6,047,650 $5,220,118 
Allowance for Loan Losses
Balance, Beginning of Period$58,496 $56,863 $41,412 
Charge-Offs - Quarterly(3,415)(921)(1,424)
Recoveries - Quarterly348 99 295 
Provision for Loan Losses - Quarterly1,633 2,455 1,871 
Balance, End of Period$57,062 $58,496 $42,154 
Allowance for Loan Losses to Total Loans (HFI)0.95 %0.97 %0.81 %
Allowance for Credit Losses to Total Loans (HFI)/(1)1.03 %1.02 %0.86 %
Net Charge-Offs (Recoveries) to Average Quarterly Total Loans0.05 %0.01 %0.02 %
Remaining Loan Purchase Discount$8,943 $10,099 $9,003 
Nonperforming Assets
Nonperforming
  Nonaccrual Loans$45,362 $56,377 $25,874 
  Loans Past Due 90 Days or More 3,929 2,467 185 
    Total Nonperforming Loans49,291 58,844 26,059 
Other Nonperforming Assets:
  Other Real Estate Owned16,766 1,473 1,787 
  Other Nonperforming Assets— — — 
    Total other Nonperforming Assets16,766 1,473 1,787 
    Total Nonperforming Assets$66,057 $60,317 $27,846 
Nonperforming Loans to Total Loans (HFI)0.82 %0.97 %0.50 %
Nonperforming Assets to Total Assets0.83 %0.76 %0.40 %
    
(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 EndedNine Months Ended
(Dollars in thousands, except per share data)September 30,
2025		June 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Per Share Data
Basic Earnings per Common Share$0.73 $0.70 $0.65 $2.09 $1.77 
Diluted Earnings per Common Share0.73 0.70 0.65 2.08 1.75 
Dividends per Common Share0.14 0.14 0.14 0.42 0.42 
Book Value per Common Share27.23 26.23 24.59 27.23 24.59 
Average Common Shares Outstanding29,544,425 29,517,495 25,289,094 29,363,138 25,227,319 
Average Diluted Common Shares Outstanding29,656,639 29,586,975 25,440,247 29,495,049 25,421,746 
End of Period Common Shares Outstanding29,615,370 29,602,970 25,519,501 29,615,370 25,519,501 
Annualized Performance Ratios
Return to Common Shareholders on Average Assets (1)1.08 %1.07 %0.97 %1.05 %0.89 %
Return to Common Shareholders on Average Common Equity (1)10.80 %10.87 %10.76 %10.74 %10.08 %
Net Interest Margin (1)3.68 %3.68 %3.51 %3.68 %3.43 %
Net Interest Spread (1)2.85 %2.88 %2.54 %2.88 %2.46 %
Efficiency Ratio (2)60.45 %62.83 %63.45 %62.37 %66.02 %
Total Quarterly/Year-to-Date Average Assets$7,921,159 $7,791,371 $6,788,644 $7,825,828 $6,722,716 
Total Quarterly/Year-to-Date Average Common Equity790,148 765,884 610,018 764,959 590,354 
Other Expenses
Salaries and Employee Benefits
$27,613 $28,317 $24,877 $85,427 $75,816 
Occupancy and Bank Premises3,324 3,119 2,630 9,844 7,778 
Depreciation and Amortization2,036 2,076 1,844 6,264 5,262 
Data Processing3,972 5,321 2,881 12,529 8,101 
FDIC Assessment Fees988 861 887 3,033 2,589 
Legal and Other Professional Fees1,024 1,093 873 3,130 2,781 
Advertising and Promotions1,205 1,088 1,057 3,584 3,168 
Utilities and Communications767 743 716 2,243 2,108 
Ad Valorem Shares Tax1,125 1,125 900 3,375 2,700 
Directors' Fees261 193 245 733 795 
Other Real Estate Owned Expenses and Write-Downs355 27 11 405 119 
Merger and Conversion-Related Expenses477 210 319 937 1,068 
Other5,735 7,033 5,210 19,162 15,797 
    Total Other Expenses$48,882 $51,206 $42,450 $150,666 $128,082 
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Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months EndedNine Months Ended
(Dollars in thousands, except per share data)September 30,
2025		June 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Other Income
Service Charges on Deposit Accounts$2,565 $2,633 $2,723 $8,058 $7,699 
Gain (Loss) on Sales of Securities77 (47)(13)29 (14)
Debit Card and ATM Fee Income1,915 1,958 1,864 5,731 5,590 
Bank-Owned Life Insurance Income802 758 679 2,368 1,885 
Gain on Sales of Loans624 781 122 2,661 2,721 
Mortgage Origination Income122 55 98 287 202 
Fees and Brokerage Commission1,880 1,980 1,968 6,008 5,780 
Gain (Loss) on Sales of Other Real Estate Owned470 56 (16)258 49 
Gain (Loss) on Disposal of Other Assets— — — 155 (15)
Gain on Extinguishment of Debt— — — 630 — 
Gain on Branch Sale— 3,360 — 3,360 — 
Swap Fee Income1,065 808 937 2,612 1,451 
Pass-Through Income (Loss) from Other Investments133 (246)335 638 1,021 
Other2,018 2,319 2,077 6,517 5,966 
     Total Other Income$11,671 $14,415 $10,774 $39,312 $32,335 
(1) Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an actual day count convention.
(2) Noninterest expense (excluding provision for loan losses) divided by noninterest income (excluding security sales gains/losses) plus net interest income less gain/loss on sales of securities.
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Business First Bancshares, Inc.
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands)September 30,
2025		June 30,
2025		September 30,
2024
Assets
Cash and Due From Banks$399,079 $495,757 $213,199 
Federal Funds Sold101,103 39,296 169,980 
Securities Purchased under Agreements to Resell25,518 25,433 25,879 
Securities Available for Sale, at Fair Values985,938 926,450 916,091 
Mortgage Loans Held for Sale433 677 — 
Loans and Lease Receivable6,021,055 6,047,650 5,220,118 
Allowance for Loan Losses(57,062)(58,496)(42,154)
Net Loans and Lease Receivable5,963,993 5,989,154 5,177,964 
Premises and Equipment, Net77,944 79,007 67,617 
Accrued Interest Receivable37,171 36,738 32,547 
Other Equity Securities44,313 48,736 39,555 
Other Real Estate Owned16,766 1,473 1,787 
Cash Value of Life Insurance119,509 118,707 101,362 
Deferred Taxes, Net21,433 25,222 20,852 
Goodwill121,146 121,146 91,527 
Core Deposit and Customer Intangibles15,136 15,775 10,326 
Other Assets24,380 24,723 19,963 
    Total Assets$7,953,862 $7,948,294 $6,888,649 
Liabilities
Deposits
Noninterest-Bearing$1,366,558 $1,410,708 $1,190,942 
Interest-Bearing5,140,304 5,008,943 4,450,004 
Total Deposits6,506,862 6,419,651 5,640,946 
Securities Sold Under Agreements to Repurchase29,896 22,557 21,529 
Federal Home Loan Bank Borrowings367,408 492,946 367,202 
Subordinated Debt92,587 92,645 99,818 
Subordinated Debt - Trust Preferred Securities5,000 5,000 5,000 
Accrued Interest Payable4,064 4,829 3,752 
Other Liabilities69,605 62,226 50,878 
    Total Liabilities7,075,422 7,099,854 6,189,125 
Shareholders' Equity
Preferred Stock71,930 71,930 71,930 
Common Stock29,615 29,603 25,520 
Additional Paid-In Capital503,325 502,046 398,237 
Retained Earnings309,999 292,629 249,981 
Accumulated Other Comprehensive Loss(36,429)(47,768)(46,144)
    Total Shareholders' Equity878,440 848,440 699,524 
    Total Liabilities and Shareholders' Equity$7,953,862 $7,948,294 $6,888,649 
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Business First Bancshares, Inc.
Consolidated Statements of Income
(Unaudited)
Three Months EndedNine Months Ended
(Dollars in thousands)September 30,
2025		June 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Interest Income:
  Interest and Fees on Loans$106,662 $104,028 $93,307 $313,682 $269,858 
  Interest and Dividends on Securities7,554 6,906 6,417 21,074 17,949 
  Interest on Federal Funds Sold and Due From Banks4,472 3,916 3,017 12,475 10,815 
    Total Interest Income118,688 114,850 102,741 347,231 298,622 
Interest Expense:
  Interest on Deposits43,358 41,546 41,303 127,343 120,232 
  Interest on Borrowings6,054 6,262 5,324 17,587 16,736 
    Total Interest Expense49,412 47,808 46,627 144,930 136,968 
    Net Interest Income69,276 67,042 56,114 202,301 161,654 
— 
Provision for Credit Losses3,183 2,225 1,665 8,220 4,161 
    Net Interest Income After Provision for Credit Losses66,093 64,817 54,449 194,081 157,493 
Other Income:
  Service Charges on Deposit Accounts2,565 2,633 2,723 8,058 7,699 
  Gain (Loss) on Sales of Securities77 (47)(13)29 (14)
  Gain on Sales of Loans624 781 122 2,661 2,721 
  Other Income8,405 11,048 7,942 28,564 21,930 
    Total Other Income11,671 14,415 10,774 39,312 32,336 
— 
Other Expenses:— 
  Salaries and Employee Benefits27,613 28,317 24,877 85,427 75,816 
  Occupancy and Equipment Expense7,284 7,162 5,828 21,802 16,902 
  Merger and Conversion-Related Expense477 210 319 937 1,068 
  Other Expenses13,508 15,517 11,426 42,500 34,296 
    Total Other Expenses48,882 51,206 42,450 150,666 128,082 
Income Before Income Taxes28,882 28,026 22,773 82,727 61,747 
Provision for Income Taxes6,026 5,923 4,930 17,225 13,128 
Net Income22,856 22,103 17,843 65,502 48,619 
Preferred Stock Dividends1,351 1,350 1,351 4,051 4,051 
Net Income Available to Common Shareholders$21,505 $20,753 $16,492 $61,451 $44,568 
b1BANK.com


14
Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Three Months Ended
September 30, 2025June 30, 2025September 30, 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$6,036,622 $106,662 7.01 %$5,995,490 $104,028 6.96 %$5,212,948 $93,307 7.12 %
Securities978,502 7,554 3.06 %937,099 6,906 2.96 %924,012 6,263 2.70 %
Securities Purchased under Agreements to Resell25,490 330 5.14 %31,172 401 5.16 %17,117 154 3.58 %
Interest-Bearing Deposit in Other Banks 419,413 4,142 3.92 %336,138 3,515 4.19 %209,918 3,017 5.72 %
Total Interest Earning Assets7,460,027 118,688 6.31 %7,299,899 114,850 6.31 %6,363,995 102,741 6.42 %
Allowance for Loan Losses(58,468).(56,934).(41,554)
Noninterest- Earning Assets519,600 548,406 466,203 
Total Assets$7,921,159 $118,688 $7,791,371 $114,850 $6,788,644 $102,741 
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Deposits5,122,136 43,358 3.36 %5,029,981 41,546 3.31 %4,308,780 41,303 3.81 %
Subordinated Debt92,624 1,235 5.29 %92,682 1,235 5.34 %99,854 1,353 5.39 %
Subordinated Debt - Trust Preferred Securities5,000 100 7.93 %5,000 100 8.02 %5,000 114 9.07 %
Advances from Federal Home Loan Bank (FHLB)424,287 4,547 4.25 %447,271 4,793 4.30 %347,476 3,723 4.26 %
Other Borrowings26,176 172 2.61 %20,514 134 2.62 %20,971 134 2.54 %
Total Interest-Bearing Liabilities$5,670,223 $49,412 3.46 %$5,595,448 $47,808 3.43 %$4,782,081 $46,627 3.88 %
Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits$1,315,064 $1,292,262 $1,269,282 
Other Liabilities73,794 65,847 55,333 
Total Noninterest-Bearing Liabilities1,388,858 1,358,109 1,324,615 
Shareholders' Equity:
Common Shareholders' Equity790,148 765,884 610,018 
Preferred Equity71,930 71,930 71,930 
Total Shareholders' Equity862,078 837,814 681,948 
Total Liabilities and Shareholders' Equity$7,921,159 $7,791,371 $6,788,644 
Net Interest Spread2.85 %2.88 %2.54 %
Net Interest Income$69,276 $67,042 $56,114 
Net Interest Margin3.68 %3.68 %3.51 %
Overall Cost of Funds2.81 %2.78 %3.07 %
Note: Average outstanding balances are determined utilizing daily averages and an actual day count convention.
b1BANK.com


15
Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Nine Months Ended
(Dollars in thousands)September 30, 2025September 30, 2024
Average Outstanding BalanceInterest Earned/Interest PaidAverage Yield/RateAverage Outstanding BalanceInterest Earned/Interest PaidAverage Yield/Rate
Assets
Interest Earning Assets:
Total Loans$6,001,647 $313,682 6.99 %$5,131,474 $269,858 7.02 %
Securities946,961 21,074 2.98 %901,525 17,795 2.64 %
Securities Purchased under Agreements to Resell
35,740 1,382 5.17 %5,747 154 3.58 %
Interest-Bearing Deposit in Other Banks361,760 11,093 4.10 %262,068 10,815 5.51 %
Total Interest Earning Assets7,346,108 347,231 6.32 %6,300,814 298,622 6.33 %
Allowance for Loan Losses(56,718)(41,178)
Noninterest- Earning Assets536,438 463,080 
Total Assets$7,825,828 $347,231 $6,722,716 $298,622 
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Deposits$5,103,928 $127,343 3.34 %$4,216,866 $120,232 3.81 %
Subordinated Debt94,169 3,732 5.30 %99,913 4,063 5.43 %
Subordinated Debt - Trust Preferred Securities5,000 299 8.00 %5,000 340 9.08 %
Bank Term Funding Program
— — — %86,496 2,788 4.31 %
Advances from Federal Home Loan Bank (FHLB)411,444 13,136 4.27 %298,735 9,189 4.11 %
Other Borrowings21,699 420 2.59 %18,758 356 2.54 %
Total Interest-Bearing Liabilities$5,636,240 $144,930 3.44 %$4,725,768 $136,968 3.87 %
Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits$1,284,297 $1,283,035 
Other Liabilities67,954 51,629 
Total Noninterest-Bearing Liabilities1,352,251 1,334,664 
Shareholders' Equity:
Common Shareholders' Equity764,959 590,354 
Preferred Equity71,930 71,930 
Total Shareholders' Equity836,889 662,284 
Total Liabilities and Shareholders' Equity$7,825,381 $6,722,716 
Net Interest Spread2.88 %2.46 %
Net Interest Income$202,301 $161,654 
Net Interest Margin3.68 %3.43 %
Overall Cost of Funds2.80 %3.04 %
Note: Average outstanding balances are determined utilizing daily averages and an actual day count convention.
b1BANK.com


16
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedNine Months Ended
(Dollars in thousands, except per share data)September 30,
2025		June 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Interest Income:
Interest income$118,688 $114,850 $102,741 $347,231 $298,622 
   Core interest income118,688 114,850 102,741 347,231 298,622 
Interest Expense:
   Interest expense49,412 47,808 46,627 144,930 136,968 
   Core interest expense49,412 47,808 46,627 144,930 136,968 
Provision for Credit Losses: (b)
Provision for credit losses3,183 2,225 1,665 8,220 4,161 
    Core provision expense3,183 2,225 1,665 8,220 4,161 
Other Income:
   Other income11,671 14,415 10,774 39,312 32,336 
Gain on former bank premises and equipment — — — (155)(50)
(Gain) Loss on sale of securities(77)47 13 (29)14 
Gain on extinguishment of debt— — — (630)— 
Gain on branch sale
— (3,360)— (3,360)
    Core other income11,594 11,102 10,787 35,138 32,300 
Other Expense:
Other expense48,882 51,206 42,450 150,666 128,082 
Acquisition-related expenses (2)(1,157)(570)(319)(2,406)(1,453)
Core conversion expenses(439)(1,008)(511)(1,663)(511)
   Tax credit - ERC1,997 1,997 
   Core other expense49,283 49,628 41,620 148,594 126,118 
Pre-Tax Income: (a)
Pre-tax income28,882 28,026 22,773 82,727 61,747 
Gain on former bank premises and equipment — — — (155)(50)
(Gain) Loss on sale of securities(77)47 13 (29)14 
Gain on extinguishment of debt— — — (630)— 
Gain on branch sale— (3,360)— (3,360)— 
Acquisition-related expenses (2)1,157 570 319 2,406 1,453 
Core conversion expenses439 1,008 511 1,663 511 
   Tax credit - ERC(1,997)— — (1,997)— 
   Core pre-tax income28,404 26,291 23,616 80,625 63,675 
Provision for Income Taxes: (1)
Provision for income taxes6,026 5,923 4,930 17,225 13,128 
Tax on gain on former bank premises and equipment — — — (33)(11)
b1BANK.com


17
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedNine Months Ended
(Dollars in thousands, except per share data)September 30,
2025		June 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Tax on (gain) loss on sale of securities(16)10 3 (6)3 
Tax on gain on extinguishment of debt— — — (133)— 
Tax on gain on branch sale— (833)(833)— 
Tax on acquisition-related expenses (2)157 103 — 403 91 
Tax on core conversion expenses93 213 108 352 108 
Tax on tax credit - ERC(422)— — (422)— 
Core provision for income taxes5,838 5,416 5,041 16,553 13,319 
Preferred Dividends:
Preferred dividends1,351 1,350 1,351 4,051 4,051 
   Core preferred dividends1,351 1,350 1,351 4,051 4,051 
b1BANK.com


18
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedNine Months Ended
(Dollars in thousands, except per share data)September 30,
2025		June 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Net income available to common shareholders21,505 20,753 16,492 61,451 44,568 
Gain on former bank premises and equipment, net of tax— — — (122)(39)
(Gain) loss on sale of securities, net of tax(61)37 10 (23)11 
Gain on extinguishment of debt, net of tax— — — (497)— 
Gain on branch sale, net of tax— (2,527)— (2,527)— 
Acquisition-related expenses (2), net of tax1,000 467 319 2,003 1,362 
Core conversion expenses, net of tax346 795 403 1,311 403 
Tax credit - ERC, net of tax(1,575)— — (1,575)— 
Core net income available to common shareholders$21,215 $19,525 $17,224 $60,021 $46,305 
Pre-tax, Pre-provision Earnings Available to Common Shareholders (a+b)$32,065 $30,251 $24,438 $90,947 $65,908 
Gain on former bank premises and equipment — — — (155)(50)
(Gain) loss on sale of securities(77)47 13 (29)14 
Gain on extinguishment of debt— — — (630)— 
Gain on branch sale— (3,360)— (3,360)— 
Acquisition-related expenses (2)1,157 570 319 2,406 1,453 
Core conversion expenses439 1,008 511 1,663 511 
Tax credit- ERC(1,997)— — (1,997)— 
Core pre-tax, pre-provision earnings$31,587 $28,516 $25,281 $88,845 $67,836 
Average Diluted Common Shares Outstanding29,656,639 29,586,975 25,440,247 29,495,049 25,421,746 
Diluted Earnings Per Common Share
Diluted earnings per common share$0.73 $0.70 $0.65 $2.08 $1.75 
Gain on former bank premises and equipment, net of tax— — — — — 
(Gain) loss on sale of securities, net of tax— — — — — 
Gain on extinguishment of debt, net of tax— — — (0.02)— 
Gain on branch sale, net of tax— (0.09)— (0.09)— 
Acquisition-related expenses (2), net of tax0.03 0.02 0.01 0.07 0.05 
Core conversion expenses,net of tax0.01 0.03 0.02 0.04 0.02 
Tax credit - ERC, net of tax(0.05)— — (0.05)— 
Core diluted earnings per common share$0.72 $0.66 $0.68 $2.03 $1.82 
b1BANK.com


19
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedNine Months Ended
(Dollars in thousands, except per share data)September 30,
2025		June 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Pre-tax, Pre-provision Diluted Earnings per Common Share$1.08 $1.02 $0.96 $3.08 $2.59 
Gain on former bank premises and equipment — — — (0.01)— 
(Gain) loss on sale of securities— — — — — 
Gain on extinguishment of debt— — — (0.02)— 
Gain on branch sale— (0.11)— (0.11)— 
Acquisition-related expenses (2)0.04 0.02 0.01 0.08 0.06 
Core conversion expenses0.02 0.03 0.02 0.06 0.02 
Tax credit - ERC(0.07)— — (0.07)— 
Core pre-tax, pre-provision diluted earnings per common share$1.07 $0.96 $0.99 $3.01 $2.67 
(1) Tax rates, exclusive of certain nondeductible merger-related expenses and goodwill, utilized were 21.129% for 2025 and 2024. These rates approximated the marginal tax rates.
(2) Includes merger and conversion-related expenses and salary and employee benefits.
(3) CECL non-purchased credit deteriorated (PCD) provision/unfunded commitment expense attributable to the Oakwood acquisition.
b1BANK.com


20

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
(Dollars in thousands, except per share data)September 30,
2025		June 30,
2025		September 30,
2024
Total Shareholders' (Common) Equity:
Total shareholders' equity$878,440 $848,440 $699,524 
Preferred stock(71,930)(71,930)(71,930)
Total common shareholders' equity806,510 776,510 627,594 
Goodwill(121,146)(121,146)(91,527)
Core deposit and customer intangible(15,136)(15,775)(10,326)
Total tangible common equity$670,228 $639,589 $525,741 
Total Assets:
Total assets$7,953,862 $7,948,294 $6,888,649 
Goodwill(121,146)(121,146)(91,527)
Core deposit and customer intangible(15,136)(15,775)(10,326)
 Total tangible assets$7,817,580 $7,811,373 $6,786,796 
Common shares outstanding29,615,370 29,602,970 25,519,501 
Book value per common share$27.23 $26.23 $24.59 
Tangible book value per common share$22.63 $21.61 $20.60 
Common equity to total assets10.14 %9.77 %9.11 %
Tangible common equity to tangible assets8.57 %8.19 %7.75 %


b1BANK.com


21
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedNine Months Ended
(Dollars in thousands, except per share data)September 30,
2025		June 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Total Quarterly Average Assets$7,921,159 $7,791,371 $6,788,644 $7,825,828 $6,722,716 
Total Quarterly Average Common Equity$790,148 $765,884 $610,018 $764,959 $590,354 
Net Income Available to Common Shareholders:
Net income available to common shareholders$21,505 $20,753 $16,492 $61,451 $44,568 
CECL Oakwood impact (3), net of tax— — — (122)(39)
Gain on former bank premises and equipment, net of tax(61)37 10 (23)11 
(Gain) loss on sale of securities, net of tax— — — (497)— 
Gain on extinguishment of debt, net of tax— (2,527)— (2,527)— 
Acquisition-related expenses, net of tax1,000 467 319 2,003 1,362 
Gain on branch sale, net of tax
346 795 403 1,311 403 
Core conversion expenses, net of tax(1,575)— — (1,575)— 
Core net income available to common shareholders$21,215 $19,525 $17,224 $60,021 $46,305 
Return to common shareholders on average assets (annualized) (2)1.08 %1.07 %0.97 %1.05 %0.89 %
Core return on average assets (annualized) (2)1.06 %1.01 %1.01 %1.03 %0.92 %
Return to common shareholders on average common equity (annualized) (2)10.80 %10.87 %10.76 %10.74 %10.08 %
Core return on average common equity (annualized) (2)10.65 %10.23 %11.23 %10.49 %10.48 %
Interest Income:
Interest income$118,688 $114,850 $102,741 $347,231 $298,622 
Core interest income118,688 114,850 102,741 347,231 298,622 
Interest Expense:
Interest expense49,412 47,808 46,627 144,930 136,968 
Core interest expense49,412 47,808 46,627 144,930 136,968 
Other Income:
Other income11,671 14,415 10,774 39,312 32,336 
Gain on former bank premises and equipment — — — (155)(50)
Loss (Gain) on sale of securities(77)47 13 (29)14 
Gain on extinguishment of debt— — — (630)— 
Gain on branch sale— (3,360)(3,360)— 
Core other income11,594 11,102 10,787 35,138 32,300 
Other Expense:
Other expense48,882 51,206 42,450 150,666 128,082 
b1BANK.com


22
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months EndedNine Months Ended
(Dollars in thousands, except per share data)September 30,
2025		June 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Acquisition-related expenses(1,157)(570)(319)(2,406)(1,453)
Core conversion expenses(439)(1,008)(511)(1,663)(511)
   Tax credit - ERC1,997 1,997 
   Core other expense$49,283 $49,628 $41,620 $148,594 $126,118 
Efficiency Ratio:
Other expense (a)$48,882 $51,206 $42,450 $150,666 $128,082 
Core other expense (c)$49,281 $49,628 $41,620 $148,592 $126,118 
Net interest and other income (1) (b)$80,869 $81,504 $66,901 $241,583 $194,004 
Core net interest and other income (1) (d)$80,869 $78,144 $66,901 $237,438 $193,954 
Efficiency ratio (a/b)60.45 %62.83 %63.45 %62.37 %66.02 %
Core efficiency ratio (c/d)60.94 %63.51 %62.21 %62.58 %65.02 %
Total Average Interest-Earnings Assets$7,460,027 $7,299,899 $6,363,995 $7,346,108 $6,300,814 
Net Interest Income:
Net interest income$69,276 $67,042 $56,114 $202,301 $161,654 
Loan discount accretion$(1,111)$(767)$(705)$(2,671)$(3,185)
Net interest income excluding loan discount accretion$68,165 $66,275 $55,409 $199,630 $158,469 
Net interest margin (2)3.68 %3.68 %3.51 %3.68 %3.43 %
Net interest margin excluding loan discount accretion (2)3.63 %3.64 %3.46 %3.63 %3.36 %
Net interest spread (2)2.85 %2.88 %2.54 %2.88 %2.46 %
Net interest spread excluding loan discount accretion (2)2.80 %2.84 %2.50 %2.83 %2.39 %
(1) Excludes gains/losses on sales of securities.
(2) Calculated utilizing an actual day count convention.
(3) CECL non-PCD provision/unfunded commitment expense attributable to the Oakwood acquisition.
b1BANK.com

Q3 2025 Results

 
2 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 Q3 2025 Financial Highlights 17 – 18 Credit Metrics Analysis 19 Yield/Rate Analysis 20 – 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 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.

 
5 SOCIAL IMPACT 2025 YTD Total Volunteerism:  2,972 Hours  805 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: 8 bank partners 2021 Inception Through September 2025:  Mentored 990 businesses  Conducted training classes to help 4,015 entrepreneurs start or grow their business Project REACh b1 FOUNDATION b1COMMUNITY 2,972 Volunteer Hours 990 Businesses Mentored

 
6 BUSINESS FIRST BANCSHARES, INC. OVERVIEW Company Overview Ticker: BFST (Nasdaq) Market Capitalization: $699 million (as of September 30, 2025) Headquarters: Baton Rouge, Louisiana Franchise Highlights: • Diversified commercial-focused bank with $8.0 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 9/30/25 • Diversified deposit base with 106,153 accounts with an average balance of $61,297 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, with a successful core conversion in 3Q25 • 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, 2025, 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 September 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 $7,954 Loan-to-Deposit Ratio 92.53% Gross Loans Held for Investments $6,021 NPLs/Total Loans (HFI) 0.82% Deposits $6,507 Tier 1 Risk-based Capital Ratio(4) 11.16% ROAA 1.08% Total Risk-based Capital Ratio(4) 13.22% ROACE 10.80% TCE/TA(3) 8.57% Core ROAA(3) 1.06% Efficiency Ratio 60.45% Core ROACE(3) 10.65% Core Efficiency Ratio(3) 60.94% Financial Highlights of 3Q25 ($ millions)

 
7 EXECUTIVE MANAGEMENT Jude Melville Chairman, President and CEO Philip Jordan EVP, Chief Banking Officer Keith Mansfield EVP, Chief Operations Officer Chad Carter EVP, Correspondent Banking Gregory Robertson EVP, Chief Financial Officer Heather Roemer EVP, Chief Administrative Officer Saundra Strong EVP, General Counsel Kathryn Manning EVP, Chief Risk Officer Warren McDonald EVP, Chief Credit Officer Jerry Vascocu President, b1BANK

 
8 DIVERSIFIED FOOTPRINT Note: Dollars in millions. Financial data as of September 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: $1,919.1 Total Deposits: $1,002.7 Deposits / Banking Center: $83.6 Houston Region # of Banking Centers: 5 Total Loans: $432.8 Total Deposits: $540.3 Deposits / Banking Center: $108.1 Southwest Louisiana Region # of Banking Centers: 21 Total Loans: $1,373.2 Total Deposits: $2,122.5 Deposits / Banking Center: $101.1 Greater New Orleans Region # of Banking Centers: 8 # of LPOs: 1 Total Loans: $1,143.7 Total Deposits: $1,046.3 Deposits / Banking Center: $130.8 North Louisiana Region # of Banking Centers(1): 9 Total Loans: $1,092.7 Total Deposits: $918.8 Deposits / Banking Center(2): $114.9

 
9 $1 4. 1 $2 3. 8 $3 0. 0 $5 2. 1 $5 2. 9 $6 5. 6 $5 9. 7 $7 6. 6 $16.8 $24.6 $37.5 $53.9 $57.6 $66.3 $65.8 $79.5 2018 2019 2020 2021 2022 2023 2024 TTM Q3'25 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 9 $1.45 $1.80 $2.05 $2.61 $2.52 $2.62 $2.49 $2.69 2018 2019 2020 2021 2022 2023 2024 TTM Q3'25 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 7. 23 $1 5. 34 $1 7. 31 $1 6. 80 $1 7. 71 $1 6. 17 $1 8. 62 $1 9. 92 $2 2. 63 $15.60 $17.12 $16.28 $17.77 $19.12 $21.25 $22.05 $23.86 2018 2019 2020 2021 2022 2023 2024 Q3'25 BVPS TBVPS TBVPS (excl. AOCI) 71 .8 % 64 .4 % 67 .8 % 61 .8 % 65 .3 % 61 .6 % 65 .4 % 62 .7 % 66.9% 63.4% 61.1% 60.6% 62.8% 61.9% 64.5% 62.7% 2018 2019 2020 2021 2022 2023 2024 TTM Q3'25 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

 
10 (amount s in act uals) Non-Jumbo Deposit Accounts(4) 15,312 15,539 15,608 41,064 37,508 90,963 89,359 97,740 101,546 125,255 125,456 102,652 102,465 Jumbo Deposit Accounts(1) 448 502 612 987 1,001 1,902 2,300 2,714 3,009 3,564 3,705 3,610 3,688 Total Deposit Accounts(1) 15,760 16,041 16,220 42,051 38,509 92,865 91,659 100,454 104,555 128,819 129,161 106,262 106,153 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$ 61,297$ $904 $933 $1,056 $1,180 $1,782 $2,442 $4,077 $4,343 $5,249 $5,798 $6,458 $6,420 $6,507 $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 $6,507 Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q1'25 Q2'25 Q3'25 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 ~22% 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 9/30/2025. (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)

 
11 10.75-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$ 7,954$ 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$ 79.5$ 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$ 2.69$ 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% 1.02% --- 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% 62.7% --- 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3'25 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 September 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 ~11 years, with core ROAA improving from 0.58% in 2014 to 1.02%(2) and core efficiency ratio improving from 76.5% to 62.7%(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)

 
12 LIQUIDITY AND DEPOSITS Deposit Composition Non-Interest Bearing NOW & Int. Bearing DDA MMDA & Savings Time Deposits • Continue to carry higher cash balances to support liquidity, with 5.89% of total assets at 9/30/2025. • 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 under $3.6 billion at 9/30/2025, to supplement core deposit growth as needed. $6.51B Note: Dollars in millions. Data as of September 30, 2025. Historical Deposit Composition Liquidity Sources FHLB Borrowings Capacity 1,362$ Unencumbered Securities 600$ Available Excess Cash Reserves 367$ Fed Funds Sold 101$ Fed Funds Lines Available 145$ FRB Discount Window 1,021$ Total 3,596$

 
13 SECURITIES PORTFOLIO AFS Securities Portfolio• Portfolio serves as a source of on-balance sheet liquidity and provides interest income stability during times of declining rates. • With the relatively high-rate environment, the Bank is reinvesting portfolio cash flows and taking opportunities to modestly grow the portfolio as liquidity allows. • Total portfolio as of 3Q25 was $1.03 billion in AFS, of which agency mortgage-backed securities (MBS) and A-rated municipal securities were the largest components. - 3Q25 weighted average yield of 2.92% - Weighted average life of 4.39 years - Estimated effective duration of 3.61 years $1.03B Note: Dollars in millions. Data as of September 30, 2025. Book Market Net Unrealized Value Value Gain / (Loss) Municipal Securities 299.8$ 282.7$ (17.1)$ Mortgage-Backed Securities 662.2 635.7 (26.5)$ Corporate & Other Securities 42.4 40.6 (1.9)$ U.S. Government Agencies / Treasuries 27.7 27.0 (0.7)$ Total AFS Securities 1,032.1$ 985.9$ (46.2)$ Deferred Tax Impact 9.8$ Other Equities Unrealized Gain/Loss -$ Accumulated Other Comprehensive Income/Loss (36.4)$

 
14 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 September 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  ~$120MM avg. total deposits per Banking Center(5)  ~39% increase in average NIB deposits per Banking Center(6) September 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)

 
15 SMITH SHELLNUT WILSON (SSW) • SSW was founded in 1995 and offers investment advisory services, which includes discretionary and non-discretionary management of investment portfolios for a variety of clients including financial institutions, municipalities, high-net worth individuals, trusts and business entities • As of September 30, 2025, SSW maintained ~$5.67 billion in AUM(1), which includes negative impact of AOCI (~$4.27 billion bank AUM(1), ~$1.40 billion non-bank AUM) • For 3Q25, 35% of total AUM fees were represented by banks and credit unions and SSW provided portfolio management services for 51 bank clients FINANCIAL INSTITUTIONS GROUP (FIG) • September 2020, b1BANK announced the formation of its Financial Institutions Group (FIG) • FIG currently maintains $545 million in total loan participations sold(2) and has generated $252 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 optimizes partner banks’ SBA lending capabilities and achieves growth objectives via Efficient Loan Management, including; Waterstone’s platform simplifies pre-qualification, underwriting, packaging, and closing, accelerating the loan cycle and minimizing workload Snapshot as of September 30, 2025:  25 banks under LSP Agreements  3Q25 loan closing volume of $12.4 million (includes $9.1 million of b1BANK loan closings)  3Q25 active pipeline of ~$80 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. 3Q25 YTD PRODUCTION • 39 total trades • $176.3 million in total loan notional from back-to-back client swaps generated ~$2.5 million in fee income NONINTEREST REVENUE OPPORTUNITIES – CORRESPONDENT BANKING (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 Q3 2025. (4) Reflects annualized YTD 2025 actual financial results through September 30, 2025. $0.5 $0.3 $0.2 $0.4 $0.7 $0.9 $0.9 $0.8 $0.8 $2.2 $1.5 $3.3 $1.1 $1.4 $1.0 $2.7 $3.5 $5.4 $5.8 $6.0 $6.2 $1.6 $1.5 $1.9 $1.8 FY 2022 FY 2023 FY 2024 YTD 2025 LPL Brokerage Smith Shellnut Wilson Swap Fees Waterstone LSP Gain on Sale of SBA Loans Participation Fee Revenue (FIG) Total Mortgage Fee Revenue $9.0 $11.6 $14.4 $17.4 Correspondent Revenue Growth (4) (4) Annualized

 
16 Financial Results

 
17 $0.66 $0.72 Q4'24 Q3'25 Core Diluted EPS Available to Common $19.92 $22.63 Q4'24 Q3'25 Tangible Book Value Per Share 7.63% 8.57% Q4'24 Q3'25 Tangible Common Equity / Tangible Assets (1) Non-GAAP financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of 9/30/2025. (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 (1) (1) (1) 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Diluted Earnings per Common Share $0.65 $0.51 $0.65 $0.70 $0.73 ROAA 0.97 % 0.78 % 1.00 % 1.07 % 1.08 % ROACE 10.76 8.23 10.48 10.87 10.80 Net Interest Margin 3.51 3.61 3.68 3.68 3.68 Efficiency Ratio(1) 63.45 63.91 63.85 62.83 60.45 Net Income Available to Common Shareholders in thousands $16,492 $15,138 $19,193 $20,753 $21,505 Core Pre-Tax, Pre-Provision Income(1) in thousands $25,281 $33,450 $28,742 $28,516 $31,587 Core Diluted Earnings Per Common Share(1) $0.68 $0.66 $0.65 $0.66 $0.72 Core ROAA(1) 1.01 % 1.00 % 1.01 % 1.01 % 1.06 % Core ROACE(1) 11.23 10.58 10.53 10.23 10.65 Net Interest Margin excluding loan discount accretion(1) 3.46 3.56 3.64 3.64 3.63 Core Efficiency Ratio(1) 62.21 63.09 63.35 63.51 60.94 Tier 1 Leverage Ratio(2) 9.61 % 9.53 % 9.70 % 9.86 % 10.00 % Total Risk-Based Capital Ratio(2) 12.99 12.75 13.03 13.07 13.22 Common Equity / Total Assets 9.11 9.26 9.69 9.77 10.14 Tangible Common Equity / Tangible Assets(1) 7.75 7.63 8.06 8.19 8.57 Book Value Per Common Share $24.59 $24.62 $25.51 $26.23 $27.23 Tangible Book Value Per Share(1) $20.60 $19.92 $20.84 $21.61 $22.63 NPLs / Loans (Excl. TDRs)(3) 0.50 % 0.42 % 0.69 % 0.97 % 0.82 % Allowance for Credit Losses / Loans (Excl. HFS) 0.86 0.98 1.01 1.02 1.03 ACL + FV Discount on Acquired Lns/ Loans (Excl. HFS) 1.04 1.18 1.20 1.19 1.18 NCOs / Average Loans 0.02 0.03 0.02 0.01 0.05 Asset Quality Profitability Capital For the Quarter Ended,

 
18 BALANCE SHEET HIGHLIGHTS (1) Preliminary consolidated capital ratios as of September 30, 2025. (2) Non-GAAP financial measure. See appendix for applicable reconciliation. For the quarter ended, $ millions 9/30/2025 6/30/2025 9/30/2024 Gross Loans (Excl. HFS) $6,021.1 0% 15% ACL + Fair Value Discount on Acquired Loans $70.8 -4% 29% Investment Securities $985.9 6% 8% Deposits $6,506.9 1% 15% Borrowings $494.9 -19% 0% Total Equity $878.4 4% 26% Balance Sheet Ratios, $ actual 9/30/2025 6/30/2025 9/30/2024 Total Risk-Based Capital Ratio(1) 13.22 % 13.07 % 12.99 % Tangible Common Equity / Tangible Assets(2) 8.57 % 8.19 % 7.75 % Tangible Book Value Per Share(2) $22.63 $21.61 $20.60 Gross Loans (Excl. HFS) / Deposits 92.53 % 94.21 % 92.54 % Decrease for the quarter was driven primarily by interest-bearing deposit growth of $131.4 million during Q3 Borrowings decreased $118.3 million for the quarter due primarily to reductions in short-term FHLB advances. Increase in equity for the quarter of $30.0 million driven by positive quarterly earnings coupled with positive after-tax fair value adjustments. Highlights Increase in tangible common equity for the quarter of $30.6 million driven by positive quarterly earnings. TBV increased by $1.03 or 4.75% (18.83% annualized) from the linked quarter and is attributed to $21.5 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 3Q25. Actual Change vs. Q3'25 Highlights Loan balances decreased $26.6 million, or 0.44% for the quarter (1.74% annualized) driven by decreases in Commercial ($40.2 million) and Commercial Real Estate ($71.1 million). Our Texas exposure represented approximately 40% of the overall loan portfolio. Deposits increased $87.2 million (1.36%, or 5.39% annualized) during Q3 as interest-bearing deposits increased $131.4 million (2.62%) and noninterest-bearing deposits decreased $44.2 million (3.13%). ACL + Fair Value Discount on acquired loans as a percentage of total loans of 1.17%. Loan purchase discount decreased by approximately $1.2 million. The $59.5 million increase for the quarter stemmed from positive fair market value adjustments ($14.4 million) with the remainder primarily attributed to purchases of mortgage-backed securities.

 
19 ACL & FV Discount(3) Past Due Loans(1) Note: Dollars in millions. Peer average based on average of last five quarters ending 2Q25, Gulf South Peer Group defined as: FGBI, HBCP, ISTR, OBK, RRBI, 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

 
20 3.61% 3.68% 3.68% 3.68% 3.56% 3.64% 3.64% 3.63% 3.53% 3.35% 3.31% 3.36% 2.81% 2.70% 2.64% 2.67% 7.05% 6.99% 6.96% 7.01% 4.50% 4.50% 4.50% 4.25% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% Q4'24 Q1'25 Q2'25 Q3'25 NIM NIM ex. Accretion Cost of Int. Bearing Deposits Total Cost of Deposits Loan Yield Target Fed Funds Rate Note: Data is as of September 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 – TRAILING TWELVE MONTHS (1)

 
21 4.06% 4.26% 4.23% 3.87% 3.71% 3.57% 3.51% 3.98% 4.05% 4.06% 3.75% 3.63% 3.61% 3.50% 3.32% 3.45% 3.51% 3.61% 3.68% 3.68% 3.68% 3.81% 3.99% 3.91% 3.71% 3.56% 3.42% 3.43% 3.77% 3.92% 3.75% 3.54% 3.49% 3.46% 3.38% 3.27% 3.34% 3.46% 3.56% 3.64% 3.64% 3.63% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.50% 1.75% 3.25% 4.50% 5.00% 5.25% 5.50% 5.50% 5.50% 5.50% 5.00% 4.50% 4.50% 4.50% 4.25% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 NIM NIM ex. Accretion Target Fed Funds Rate Note: Data is as of September 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 – LONG TERM MARGIN STABILITY (1) 2020 2021 2022 2023 2024 2025

 
22 Note: Dollars in millions; amounts may not total due to rounding. Betas are estimates that reflect the deposit portfolio composition as of September 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, September 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 9/30/25) -%-%$1,366.621.0%Non-Interest Bearing Deposits 45 - 55%3.22%$379.15.8%Core Time Deposits(1) 55 - 65%4.03%$656.410.1%High Beta/Special CDs 100%4.33%$596.09.2%Brokered Deposits 25 - 35%1.77%$517.68.0%Low Beta/Standard Non-Maturity Deposits 70 - 80%3.14%$2,991.246.0%Higher Beta Non-Maturity Deposits 45 - 55%2.58%$6,506.9100.0%Total Deposits • Internal modeling implies an estimated total deposit beta of 45% – 55%, in the near-term downward rate cycle • Overall Core CD balance(1) retention rate was 83% during September • $177 million remaining Core CD balances(1) will mature in 4Q25, with $225 million maturing in 1Q26

 
23 Loan Portfolio HFI (as of 9/30/25) Note: Dollars in millions. Data is as of September 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. (2) Includes all floating rate loans that would reprice between October 1, 2025 and December 31, 2025 (i.e., all loans that would reprice in the current quarter). • 49.6% of total loans HFI are floating rate - 83.1% of floating-rate loan balances would reprice immediately(2) with a 0.25% decrease in interest rates • 71.2% of floating-rate loans float on the WSJ Prime Daily Index • 50.4% of total loans HFI are fixed rate - 10.8% of fixed-rate loans mature within the next 12 months LOAN PORTFOLIO OVERVIEW – REPRICING OPPORTUNITY Maturities by Loan Type Outstanding Balance Weighted ($MM) (% of Total) Avg. Rate(1) Fixed Rate Loans (mature/reprice > 1 year) 2,385.6$ 39.7% 5.92% Fixed Rate Loans (mature/reprice < 1 year) 646.4 10.8% 6.30% Floating Rate with Floors 1,333.4 22.2% 7.32% Floating Rate without Floors 1,646.3 27.4% 7.33% Total 6,011.7$ 100.0% 6.66% 39.7% 10.8% 22.2% 27.4% 60.3% of total loans HFI are floating / variable rate or fixed rate maturing/repricing within the next 12-months 83.1% of floating-rate loan balances would reprice immediately(2) with a 0.25% decrease in interest rates Fixed Rate Loans Maturing Beyond 1-Year (dollars in millions) Q4'26 FY 2026 FY 2027 FY 2028 > FY 2028 C&D 4.6$ 4.6$ 29.3$ 8.5$ 48.5$ Owner-Occupied CRE 20.3 20.3 73.8 47.5 204.7 Income Producing CRE 0.1 0.1 2.2 1.0 3.1 C&I 1.8 1.8 6.4 11.7 23.8 Agricultural 0.2 0.2 0.9 0.6 3.9 Farmland 9.1 9.1 69.9 58.6 265.0 1-4 Family 96.2 96.2 439.9 215.1 572.8 Consumer & Other 6.1 6.1 87.5 29.3 43.3 Total 138.5$ 138.5$ 709.8$ 372.3$ 1,165.1$ Weighted Avg. Rate 4.89% 4.89% 5.27% 6.99% 6.09% Fixed Rate Loans Maturing within the next 12-Months NTM (dollars in millions) Q4'25 Q1'26 Q2'26 Q3'26 Total C&D 37.8$ 4.1$ 8.2$ 9.1$ 59.3$ Owner-Occupied CRE 21.8 8.6 29.5 11.1 71.0 Income Producing CRE 0.1 - 0.1 0.3 0.4 C&I 3.3 0.1 7.2 2.9 13.6 Agricultural 10.3 33.3 64.0 1.1 108.7 Farmland 50.6 31.9 19.7 19.2 121.4 1-4 Family 31.6 60.9 62.8 39.9 195.2 Consumer & Other 31.1 13.0 6.5 26.3 76.9 Total 186.5$ 151.9$ 198.1$ 109.9$ 646.4$ Weighted Avg. Rate 6.29% 6.37% 6.75% 5.40% 6.30% All Floating Rate Loans, Maturing, (dollars in millions) Q4'25 Q1'26 FY 2026 FY 2027 > FY 2027 C&D 68.1$ 62.3$ 170.9$ 141.6$ 110.3$ Owner-Occupied CRE 4.5 3.3 9.0 8.2 135.4 Income Producing CRE 0.7 0.1 1.0 0.6 1.6 C&I 12.0 3.0 20.5 21.1 92.8 Agricultural 0.7 16.7 45.5 0.9 2.6 Farmland 174.4 105.2 314.0 84.1 410.3 1-4 Family 70.8 54.2 138.6 87.8 551.2 Consumer & Other 65.5 35.5 122.1 31.0 81.8 Total 396.6$ 280.5$ 821.7$ 375.3$ 1,386.1$ Weighted Avg. Rate 7.62% 7.59% 7.62% 7.39% 7.04% (1) (1) (1)

 
24 Loan Portfolio

 
25 $5,981 $6,048 $6,021 $5,981 $374 $(374) $432 $(365) $452 $(479) Note: Data is as of September 30, 2025. Dollars in millions. Loan balances are before accounting adjustments. OPERATING LOAN GROWTH Loan Composition by Market 13.0% 13.2% 18.3% 9.9% 5.0% 14.2% 32.2% 7.3% 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 09/30/25 Capital North Louisiana Southwest Louisiana Bayou Greater New Orleans Dallas Houston Q3’25 YTD Loan Growth Waterfall 12/31/24 Loans 3/31/25 Loans 6/30/25 Loans 9/30/25 Loans Originations Originations OriginationsPaydowns / Payoffs Paydowns / Payoffs Paydowns / Payoffs

 
26 Note: Loan composition as of September 30, 2025, based on preliminary FDIC call report data. LOAN COMPOSITION $6.02 billion Total Loan Portfolio Composition Top 5 Exposure Categories Outstanding Unfunded Average NPLs % of Balance Commitment Loan Size Total Loans Commercial $1.85 billion $980 million $458 thousand 1.27% CRE - Owner-Occupied $1.08 billion $66 million $936 thousand 0.46% CRE - Non Owner-Occupied $1.28 billion $54 million $1.98 million 0.46% Construction & Land $639 million $318 million $633 thousand 0.63% 1-4 Family $580 million $21 million $215 thousand 1.40% Total $5.42 billion $1.44 billion $845 thousand 0.86%

 
27 LOAN COMPOSITION: COMMERCIAL Note: Data is as of September 30, 2025. Percentages based on loan balances before accounting adjustments. • Commercial loans represent 31.9% of the total loan portfolio • Total commercial loan growth year-over-year of 28.4% • Weighted average maturity of the commercial portfolio is 2.73 years Commercial Loans by Collateral Commercial Loans by Market AR & Inventory, 39.9% Equipment, 9.5% All Other, 24.7% Titled Collateral, 11.1% Cash/Securities, 6.5% Agricultural, 8.2% DFW, 37.5% North Louisiana, 21.4% Bayou, 6.7% Capital, 9.8% Greater New Orleans, 11.2% Southwest Louisiana, 7.3% Houston, 6.3%

 
28 Income Producing CRE Geography(1) Income Producing CRE Portfolio Dallas, TX 13.6% Baton Rouge, LA 12.6% Monroe, LA 7.7% Houston, TX 7.3% Covington, LA 5.4% Lafayette, LA 4.2% New Orleans, LA 3.2% Lake Charles, LA 3.0% Plano, TX 2.5% Shreveport, LA 2.4% All Other Geographies 38.1% Total CRE - Income Producing 100.0% 13.6% 12.6% 7.7% 7.3% 5.4% 4.2% 3.2% 3.0% 2.5% 2.4% 38.1% Owner Occupied CRE Geography(1) Owner Occupied CRE Portfolio Baton Rouge, LA 9.9% Houston, TX 7.2% New Orleans, LA 6.5% Dallas, TX 4.9% Monroe, LA 3.5% Lake Charles, LA 3.2% Metairie, LA 2.9% Houma, LA 2.7% Bossier City, LA 2.5% Lafayette, LA 2.4% All Other Geographies 54.5% Total CRE - Owner Occupied 100.0% 9.9% 7.2% 6.5% 4.9% 3.5% 3.2% 2.9% 2.7% 2.5% 2.4% 54.5% C&D by Geography(1) C&D Portfolio Dallas, TX 17.9% Baton Rouge, LA 12.6% Cov ington, LA 8.7% Frisco, TX 4.7% Houston, TX 4.4% Celina, TX 3.0% New Orleans, LA 2.8% Plano, TX 2.7% Coppell, TX 2.3% Friendswood, TX 2.2% All Other Geographies 38.7% Total C&D 100.0% 17.9% 12.6% 8.7% 4.7% 4.4% 3.0% 2.8% 2.7% 2.3% 2.2% 38.7% Note: Dollars in millions. Data is as of September 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 October 1, 2025, through September 30, 2026. LOAN COMPOSITION: COMMERCIAL REAL ESTATE C&D Highlights • $638.9 million total portfolio • $23.4 million largest relationship(2) • $635 thousand average loan size • $229.7 million maturing over the next 12 months(3) • Dallas, Baton Rouge and Covington represent top 3 geographies within C&D and comprise 39.2% of all C&D loans or $250.4 million Owner-Occupied Highlights • $1.08 billion total portfolio • $18.9 million largest relationship(2) • $939 thousand average loan size • $126.7 million maturing over the next 12 months(3) • Baton Rouge, Houston and New Orleans represent top 3 geographies within owner-occupied and comprise 23.5% of all owner-occupied loans or $253.8 million Income Producing Highlights • $1.28 billion total portfolio • $27.8 million largest relationship(2) • $1.99 million average loan size • $239.9 million balance maturing over the next 12 months(3) • Dallas, Baton Rouge and Monroe represent top 3 geographies within income producing and comprise 33.9% of all income producing loans or $433.9 million $638.9 million $1.08 billion $1.28 billion $638.9 million $1.08 billion $1.28 billion C&D Composition C&D Portfolio Raw Land 5.8% Vacant Residential Lots 8.0% Vacant Commercial Lots 9.4% Land Development - Residential 18.5% Residential Construction - OORE 0.0% Residential Construction - Non OORE 18.3% Commercial Construction - Retail 7.0% Commercial Construction - Office 6.6% Commercial Construction - Apartment/Multi-Family 5.5% Commercial Construction - Other 20.9% Total C&D 100.0% 5.8% 8.0% 9.4% 18.5% 0.0% 18.3% 7.0% 6.6% 5.5% 20.9% CRE Composition - Owner Occupied Owner Occupied CRE Portfolio Hotel/Motel 1.1% Office Building 27.5% Office/Warehouse 23.5% Retail 15.7% Commercial Building 15.3% Other 16.9% Total CRE - Owner Occupied 100.0% 1.1% 27.5% 23.5% 15.7% 15.3% 16.9% CRE Composition - Income Producing Income Producing CRE Portfolio Hotel/Motel 14.9% Office Building 22.2% Office/Warehouse 3.3% Warehouse 6.9% Retail - Single-Tenant 8.7% Retail - Multi-Tenant 25.5% Commercial Building 9.1% Other 9.5% Total CRE - Income Producing 100.0% 14.9% 22.2% 3.3% 6.9% 8.7% 25.5% 9.1% 9.5%

 
29 APPENDIX

 
30 Note: Dollars in thousands. As of December 31 except YTD 2025. (1) Non-GAAP Financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of 9/30/2025. 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 $7,953,862 Gross Loans (Excl. HFS) 2,991,355 3,189,608 4,606,176 4,992,785 5,981,399 6,021,055 Deposits 3,616,679 4,077,283 4,820,345 5,248,790 6,511,331 6,506,862 Total Equity 409,963 433,368 580,481 644,259 799,466 878,440 Tangible Common Equity / Tangible Assets(1) 8.45 % 7.76 % 6.89 % 7.28 % 7.63 % 8.57 % Tier 1 Leverage Ratio(2) 8.79 8.14 9.49 9.52 9.53 10.00 Total Risk-based Capital Ratio(2) -- 11.94 12.75 12.85 12.75 13.22 Net Loans (Excl. HFS) / Assets 71.37 % 66.87 % 76.25 % 75.21 % 75.43 % 74.98 % Gross Loans (Excl. HFS) / Deposits 82.71 78.23 95.56 95.12 91.86 92.53 NIB Deposits / Deposits 32.19 31.66 32.14 24.75 20.84 21.00 Commercial Loans / Loans (Excl. HFS)(3) 21.60 22.62 25.05 27.22 31.24 31.90 C&D / Total Risk-Based Capital(4) 106.0 % 117.0 % 109.8 % 91.7 % 78.2 % 74.2 % CRE / Total Risk-Based Capital(4) 262.0 250.1 272.1 253.5 253.6 271.4 Asset Quality NPLs / Loans (Excl. TDRs)(5) 0.35 % 0.41 % 0.25 % 0.34 % 0.42 % 0.82 % NPAs / Assets (Excl. TDRs)(5) 0.48 0.31 0.21 0.28 0.39 0.83 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 0.08 Profitability Ratios Net Income Available to Common Shareholders $29,994 $52,136 $52,905 $65,642 $59,706 $61,451 ROAA 0.88 % 1.18 % 0.97 % 1.04 % 0.86 % 1.05 % ROACE 8.42 12.25 11.59 12.36 9.54 10.74 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 62.37 Non-Interest Income / Avg. Assets 0.63 0.80 0.54 0.62 0.63 0.67 Non-Interest Expense / Avg. Assets 2.95 2.66 2.73 2.47 2.55 2.57 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 Q3'25 Construction - 1-4 Family Residential 60,780$ 68,503$ 90,861$ 109,629$ 117,128$ 105,098$ 103,568$ Other Const, Development, Vacant Land & Lots 183,401 334,562 457,667 612,445 552,670 565,404 535,339 Total Construction 244,181 403,065 548,528 722,074 669,798 670,502 638,907 % 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% 74.2% Multi-Family Properties 36,454 95,707 97,508 98,637 108,432 200,454 250,856 Commercial Rental 284,795 496,198 525,977 967,915 1,072,280 1,299,469 1,280,113 Other Loans for Real Estate Purposes 708 736 500 409 481 4,112 167,886 Total Outstanding CRE Exposure 566,138$ 995,706$ 1,172,513$ 1,789,035$ 1,850,991$ 2,174,537$ 2,337,762$ % of Total Loans (1) 33.1% 33.3% 36.7% 38.8% 37.1% 36.4% 38.8% % of Total Bank Capital 222.4% 262.0% 250.1% 289.1% 269.7% 272.1% 271.4% Credit Ratings(2) Pass-Watch / Special Mention % 0.5% 1.7% 2.7% 3.0% 2.4% 7.1% 6.9% Classified % 0.9% 0.7% 1.2% 0.7% 0.6% 0.4% 0.5% Total Watch List % 1.4% 2.4% 3.9% 3.6% 3.0% 7.6% 7.4% Past Dues(3) Nonaccrual Loans 1,449$ 1,578$ 1,701$ 1,250$ 4,569$ 6,130$ 9,257$ Past Due 90 days or more - 77 - 4 - - 666 Total Past Due 1,449$ 1,654$ 1,701$ 1,254$ 4,569$ 6,130$ 9,923$ Total Past Due / Total CRE Loans 0.3% 0.2% 0.1% 0.1% 0.2% 0.3% 0.4% Net Charge Offs YTD(4) (2)$ 14$ 147$ (9)$ 1,982$ 1,683$ 1,514$ Net Charge Offs YTD / CRE Loans (0.00%) 0.00% 0.01% (0.00%) 0.11% 0.08% 0.06%

 
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 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Core Net Income: Net Income 29,994$ 52,136$ 52,905$ 65,642$ 59,706$ 16,492$ 15,138$ 19,193$ 20,753$ 21,505$ Adjustments(1): -$ -$ (543)$ -$ -$ -$ -$ -$ -$ -$ 277$ 799$ 566$ -$ (39)$ -$ -$ (122)$ -$ -$ -$ -$ -$ 341$ -$ -$ -$ -$ -$ -$ (107)$ (299)$ 38$ 2,023$ (6)$ 10$ (17)$ 1$ 37$ (61)$ -$ (354)$ -$ (745)$ -$ -$ -$ -$ (2,527)$ -$ -$ -$ -$ (1,150)$ -$ -$ -$ (497)$ -$ -$ -$ 1,230$ 395$ -$ -$ -$ -$ -$ -$ -$ (530)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 7,832$ 407$ 4,236$ 215$ 1,524$ 319$ 162$ 536$ 467$ 1,000$ -$ -$ -$ -$ 769$ 403$ 366$ 170$ 795$ 346$ -$ -$ -$ -$ 3,805$ -$ 3,805$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (1,575)$ Core Net Income 37,466$ 53,919$ 57,597$ 66,326$ 65,759$ 17,224$ 19,454$ 19,281$ 19,525$ 21,215$ Core Return on Average Assets: Net Income 29,994$ 52,136$ 52,905$ 65,642$ 59,706$ 16,492$ 15,138$ 19,193$ 20,753$ 21,505$ Core Net Income 37,466$ 53,919$ 57,597$ 66,326$ 65,759$ 17,224$ 19,454$ 19,281$ 19,525$ 21,215$ Average Assets 3,426,120$ 4,403,670$ 5,473,508$ 6,341,880$ 6,973,735$ 6,788,644$ 7,721,338$ 7,750,982$ 7,791,371$ 7,921,159$ ROAA 0.88% 1.18% 0.97% 1.04% 0.86% 0.97% 0.78% 1.00% 1.07% 1.08% Core ROAA 1.09% 1.22% 1.05% 1.05% 0.94% 1.01% 1.00% 1.01% 1.01% 1.06% ROACE 8.42% 12.25% 11.59% 12.36% 9.54% 10.76% 8.23% 10.48% 10.87% 10.80% Core ROACE 10.51% 12.67% 12.62% 12.49% 10.51% 11.23% 10.58% 10.53% 10.23% 10.65% Average Diluted Shares Outstanding 18,243,445 20,634,281 22,817,493 25,296,200 26,452,084 25,440,247 29,520,781 29,545,921 29,586,975 29,656,639 Diluted Earnings per Common Share 1.64$ 2.53$ 2.32$ 2.59$ 2.26$ 0.65$ 0.51$ 0.65$ 0.70$ 0.73$ Core Diluted Earnings per Common Share 2.05$ 2.61$ 2.52$ 2.62$ 2.49$ 0.68$ 0.66$ 0.65$ 0.66$ 0.72$ Net Interest Margin Excluding Loan Discount Accretion: Net Interest Income 127,646$ 153,884$ 199,577$ 215,129$ 227,383$ 56,114$ 65,729$ 65,983$ 67,042$ 69,276$ Adjustments: (6,592) (7,750) (9,432) (9,311) (4,182) (705) (997) (793) (767) (1,111) Adjusted Net Interest Income 121,054$ 146,134$ 190,145$ 205,818$ 223,201$ 55,409$ 64,732$ 65,190$ 66,275$ 68,165$ Average Interest-earning Assets 3,145,743$ 4,011,773$ 5,091,684$ 5,939,405$ 6,536,333$ 6,363,995$ 7,237,784$ 7,263,399$ 7,299,899$ 7,460,027$ Net Interest Margin 4.06% 3.84% 3.92% 3.62% 3.48% 3.51% 3.61% 3.68% 3.68% 3.68% 3.85% 3.64% 3.73% 3.47% 3.41% 3.46% 3.56% 3.64% 3.64% 3.63% Core conversion expenses CECL Oakwood impact Tax Credit - ERC 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 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 Core Net Income: Net Income 15,138$ 19,193$ 20,753$ 21,505$ 76,589$ Adjustments(1): -$ (122)$ -$ -$ (122)$ (17)$ 1$ 37$ (61)$ (40)$ (Gain)/Loss on Sale of Banking Center -$ -$ (2,527)$ -$ (2,527)$ -$ (497)$ -$ -$ (497)$ 162$ 536$ 467$ 1,000$ 2,165$ 366$ 170$ 795$ 346$ 1,678$ 3,805$ -$ -$ -$ 3,805$ -$ -$ -$ (1,575)$ (1,575)$ Core Net Income 19,454$ 19,281$ 19,525$ 21,215$ 79,474$ Core Return on Average Assets: Net Income 15,138$ 19,193$ 20,753$ 21,505$ 76,589$ Core Net Income 19,454$ 19,281$ 19,525$ 21,215$ 79,474$ Average Assets 7,721,338$ 7,750,982$ 7,791,371$ 7,921,159$ 7,796,213$ ROAA 0.78% 1.00% 1.07% 1.08% 0.98% Core ROAA 1.00% 1.01% 1.01% 1.06% 1.02% Average Diluted Shares Outstanding 29,520,781 29,545,921 29,586,975 29,656,639 29,577,579 Diluted Earnings per Common Share 0.51$ 0.65$ 0.70$ 0.73$ 2.59$ Core Diluted Earnings per Common Share 0.66$ 0.65$ 0.66$ 0.72$ 2.69$ Core conversion expenses CECL Oakwood impact Tax Credit - ERC 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 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity 699,524$ 799,466$ 826,312$ 848,440$ 878,440$ Preferred Stock (71,930) (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 627,594$ 727,536$ 754,382$ 776,510$ 806,510$ Adjustments: Goodwill (91,527) (121,572) (121,691) (121,146) (121,146) Core deposit and other intangibles (10,326) (17,252) (16,538) (15,775) (15,136) Total Tangible Common Equity 525,741$ 588,712$ 616,153$ 639,589$ 670,228$ Tangible Assets Total Assets 6,888,649$ 7,857,090$ 7,784,728$ 7,948,294$ 7,953,862$ Adjustments: Goodwill (91,527) (121,572) (121,691) (121,146) (121,146) Core deposit and other intangibles (10,326) (17,252) (16,538) (15,775) (15,136) Total Tangible Assets 6,786,796$ 7,718,266$ 7,646,499$ 7,811,373$ 7,817,580$ Common Equity to Total Assets 9.11% 9.26% 9.69% 9.77% 10.14% Tangible Common Equity to Tangible Assets 7.75% 7.63% 8.06% 8.19% 8.57% Tangible Book Value per Share: Tangible Common Equity Total Shareholders' Equity 699,524$ 799,466$ 826,312$ 848,440$ 878,440$ Preferred Stock (71,930) (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 627,594$ 727,536$ 754,382$ 776,510$ 806,510$ Adjustments: Goodwill (91,527) (121,572) (121,691) (121,146) (121,146) Core deposit and other intangibles (10,326) (17,252) (16,538) (15,775) (15,136) Total Tangible Common Equity 525,741$ 588,712$ 616,153$ 639,589$ 670,228$ Adjustments: Exclude AOCI (46,144) (62,998) (52,844) (47,768) (36,429) Total Tangible Common Equity (excl. AOCI) 571,885$ 651,710$ 668,997$ 687,357$ 706,657$ Common shares outstanding 25,519,501 29,552,358 29,572,297 29,602,970 29,615,370 Book Value per Common Share 24.59$ 24.62$ 25.51$ 26.23$ 27.23$ Tangible Book Value per Common Share 20.60$ 19.92$ 20.84$ 21.61$ 22.63$ Tangible Book Value per Common Share (excl. AOCI) 22.41$ 22.05$ 22.62$ 23.22$ 23.86$ 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 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 12/31/2023 12/31/2024 Q3'25 Core Efficiency Ratio: Noninterest Expense 42,450$ 49,570$ 50,578$ 51,206$ 48,882$ 156,702$ 177,652$ 200,236$ Core Adjustments (830)$ (631)$ (895)$ (1,578)$ 401$ (668)$ (2,595)$ (2,703)$ Net Interest and Noninterest Income 66,901$ 77,565$ 79,210$ 81,504$ 80,870$ 254,336$ 271,569$ 319,149$ Core Adjustments -$ -$ (785)$ (3,360)$ -$ (2,403)$ (50)$ (4,145)$ Efficiency Ratio(1) 63.45% 63.91% 63.85% 62.83% 60.45% 61.61% 65.42% 62.74% Core Efficiency Ratio 62.21% 63.09% 63.35% 63.51% 60.94% 61.93% 64.47% 62.71% Core Efficiency Ratio Fiscal Quarter Fiscal Year Ended

 
37 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Note: Dollars in thousands. Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Core pre-tax, pre-provision earnings: Pre-tax, pre-provision earnings 24,438$ 28,016$ 28,631$ 30,251$ 32,065$ Adjustments: -$ -$ (155)$ -$ -$ -$ -$ -$ -$ -$ 13$ (21)$ 1$ 47$ (77)$ (Gain)/Loss on Sale of Banking Center -$ -$ -$ (3,360)$ -$ -$ -$ (630)$ -$ -$ 319$ 168$ 679$ 570$ 1,157$ 511$ 463$ 216$ 1,008$ 439$ -$ 4,824$ -$ -$ -$ -$ -$ -$ -$ (1,997)$ Core pre-tax, pre-provision earnings 25,281$ 33,450$ 28,742$ 28,516$ 31,587$ Acquisition-related expenses Core conversion expenses CECL Oakwood impact Tax Credit - ERC 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