Companies: 11,269     total market cap: โ‚ฌ133.640 T
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Business First Bancshares
BFST
#6366
Rank
โ‚ฌ0.88 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
27,05ย โ‚ฌ
Share price
-1.22%
Change (1 day)
N/A
Change (1 year)
  1. Business First Bancshares
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q1

Business First Bancshares - 10-Q quarterly report FY2026 Q1


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________
FORM 10-Q
_______________________________________________________________________
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
or
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 001-38447
_______________________________________________________________________
BUSINESS FIRST BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
_______________________________________________________________________
Louisiana
20-5340628
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
500 Laurel Street, Suite 101
Baton Rouge, Louisiana
70801
(Address of principal executive offices)(Zip Code)
(225) 248-7600
(Registrant’s telephone number, including area code)
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 share
BFST
NASDAQ Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x   No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes x   No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated fileroAccelerated filerx
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
If an emerging growth company, indicate by a 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
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b)[]. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐   No x
As of April 24, 2026, the issuer has outstanding 32,677,968 shares of common stock, par value $1.00 per share.

BUSINESS FIRST BANCSHARES, INC.
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3
PART I – FINANCIAL INFORMATION
Item 1.    Financial Statements
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)
 
March 31, 2026
(Unaudited)
December 31,
2025
ASSETS
Cash and Due from Banks$589,804 $411,175 
Federal Funds Sold88,257 172,393 
Securities Purchased Under Agreements to Resell30,743 25,587 
Securities Available for Sale, at Fair Values (Amortized Cost of $1,093,880 at March 31, 2026 and $1,031,432 at December 31, 2025)
1,045,817 989,229 
Mortgage Loans Held for Sale480 1,094 
Loans and Lease Receivable, Net of Allowance for Loan Losses of $63,655 at March 31, 2026 and $53,959 at December 31, 2025
6,620,608 6,135,531 
Premises and Equipment, Net88,421 73,982 
Accrued Interest Receivable38,176 38,494 
Other Equity Securities40,047 49,342 
Other Real Estate Owned20,898 13,013 
Cash Value of Life Insurance132,682 120,292 
Deferred Taxes22,959 20,477 
Goodwill133,564 121,146 
Core Deposit and Customer Intangible29,409 14,497 
Other Assets24,943 28,488 
Total Assets$8,906,808 $8,214,740 
LIABILITIES
Deposits:  
Noninterest Bearing$1,575,086 $1,322,074 
Interest Bearing5,889,863 5,376,516 
Total Deposits7,464,949 6,698,590 
Securities Sold Under Agreements to Repurchase21,594 22,622 
Federal Home Loan Bank Borrowings260,792 431,200 
Subordinated Debt92,472 92,530 
Subordinated Debt - Trust Preferred Securities9,666 5,000 
Accrued Interest Payable3,692 4,166 
Other Liabilities62,467 63,749 
Total Liabilities$7,915,632 $7,317,857 
 
Commitments and Contingencies (See Note 9)
 
SHAREHOLDERS' EQUITY
Preferred Stock, No Par Value; 5,000,000 Shares Authorized; 72,010 Shares ($1,000 Liquidation Preference) Issued at both March 31, 2026 and December 31, 2025, respectively
$71,930 $71,930 
Common Stock, $1 Par Value; 50,000,000 Shares Authorized; 32,624,887 and 29,510,668 Shares Issued and Outstanding at March 31, 2026 and December 31, 2025, respectively
32,625 29,511 
Additional Paid-in Capital580,640 502,155 
Retained Earnings343,890 326,574 
Accumulated Other Comprehensive Loss(37,909)(33,287)
Total Shareholders' Equity991,176 896,883 
Total Liabilities and Shareholders' Equity$8,906,808 $8,214,740 
The accompanying notes are an integral part of these financial statements.

4
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
For the Three Months Ended March 31,
20262025
Interest Income:
Interest and Fees on Loans$109,146 $102,992 
Interest and Dividends on Non-taxable Securities1,792 1,075 
Interest and Dividends on Taxable Securities6,670 6,190 
Interest on Federal Funds Sold and Due From Banks4,886 3,436 
Total Interest Income122,494 113,693 
Interest Expense:
Interest on Deposits42,758 42,439 
Interest on Borrowings4,541 5,271 
Total Interest Expense47,299 47,710 
Net Interest Income75,195 65,983 
Provision for Credit Losses2,278 2,812 
Net Interest Income after Provision for Credit Losses72,917 63,171 
Other Income:
Service Charges on Deposit Accounts3,142 2,860 
Gain (Loss) on Sales of Securities80 (1)
Gain on Sales of Loans1,341 1,256 
Other Income9,487 9,111 
Total Other Income14,050 13,226 
Other Expenses:
Salaries and Employee Benefits33,039 29,497 
Occupancy and Equipment Expense8,122 7,356 
Merger and Conversion-Related Expense1,377 250 
Other Expenses14,933 13,475 
Total Other Expenses57,471 50,578 
Income Before Income Taxes29,496 25,819 
Provision for Income Taxes5,932 5,276 
Net Income23,564 20,543 
Preferred Stock Dividends1,350 1,350 
Net Income Available to Common Shareholders$22,214 $19,193 
Earnings Per Common Share:
Basic$0.68 $0.65 
Diluted$0.68 $0.65 
The accompanying notes are an integral part of these financial statements.

5
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in thousands)
For the Three Months Ended March 31,
20262025
Consolidated Net Income$23,564 $20,543 
Other Comprehensive Income (Loss):
Unrealized Gain (Loss) on Investment Securities(5,780)12,872 
Reclassification Adjustment for (Gains) Losses on Sale of AFS Investment Securities Included in Net Income(80)1 
Income Tax Effect1,238 (2,719)
Other Comprehensive Income (Loss)(4,622)10,154 
Consolidated Comprehensive Income$18,942 $30,697 
The accompanying notes are an integral part of these financial statements.

6
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE THREE MONTHS ENDED March 31, 2026 AND 2025
(Dollars in thousands, except per share data)
Preferred
Stock		Common
Stock		Additional
Paid-In
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
Shareholders'
Equity
Balances at December 31, 2024$71,930 $29,552 $500,024 $260,958 $(62,998)$799,466 
Comprehensive Income:
Net Income— — — 20,543 — 20,543 
Other Comprehensive Income— — — — 10,154 10,154 
Cash Dividends Declared on Preferred Stock, 18.75 Per Share
— — — (1,350)— (1,350)
Cash Dividends Declared on Common Stock, 0.14 Per Share
— — — (4,106)— (4,106)
Stock Based Compensation Cost— 20 1,585 — — 1,605 
Balances at March 31, 2025
$71,930 $29,572 $501,609 $276,045 $(52,844)$826,312 
Balances at December 31, 2025$71,930 $29,511 $502,155 $326,574 $(33,287)$896,883 
Comprehensive Income:
Net Income— — — 23,564 — 23,564 
Other Comprehensive Loss— — — — (4,622)(4,622)
Cash Dividends Declared on Preferred Stock, 18.75 Per Share
— — — (1,350)— (1,350)
Cash Dividends Declared on Common Stock, 0.15 Per Share
— — — (4,898)— (4,898)
Stock Issuance— 3,192 80,256 — — 83,448 
Stock Based Compensation Cost— 21 880 — — 901 
Stock Repurchases— (99)(2,651)— — (2,750)
Balances at March 31, 2026
$71,930 $32,625 $580,640 $343,890 $(37,909)$991,176 
The accompanying notes are an integral part of these financial statements


7
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
 
For the Three Months Ended March 31,
 20262025
Cash Flows From Operating Activities:  
Consolidated Net Income$23,564 $20,543 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Provision for Credit Losses2,278 2,812 
Depreciation and Amortization of Premises and Equipment1,625 1,438 
Net Amortization (Accretion) of Purchase Accounting Adjustments73 (513)
Stock Based Compensation Cost901 1,605 
Net Amortization (Accretion) of Securities(199)350 
(Gain) Loss on Sales of Securities(80)1 
Gain on Sale of Loans(370)(298)
Income on Other Equity Securities(416)(1,064)
(Gain) Loss on Sale of Other Real Estate Owned, Net of Writedowns(41)286 
Other Real Estate Owned Valuation Allowance(69)— 
Gain on Disposal of Premises and Equipment(28)(155)
Increase in Cash Value of Life Insurance(831)(808)
Deferred Income Tax (Benefit) Expense(2,068)1,627 
Gain on Extinguishment of Debt— (630)
Changes in Assets and Liabilities:
Decrease in Accrued Interest Receivable3,248 2,131 
(Increase) Decrease in Other Assets9,362 (2,040)
Decrease in Accrued Interest Payable(967)(613)
Increase (Decrease) in Other Liabilities(9,292)3,899 
Net Cash Provided by Operating Activities26,690 28,571 
   
Cash Flows From Investing Activities:  
Purchases of Securities Available for Sale(76,297)(50,074)
Proceeds from Maturities / Sales of Securities Available for Sale30,175 13,932 
Proceeds from Paydowns of Securities Available for Sale29,000 21,640 
Net Cash Paid in Acquisition93,252 — 
Purchases of Other Equity Securities(104)(1,121)
Redemption of Other Equity Securities11,461 2,338 
Proceeds from Death Benefit of Cash Value of Life Insurance— 503 
Net Decrease in Loans85,545 1,311 
Net (Purchases) Disposals of Premises and Equipment888 (1,067)
Proceeds from Sales of Other Real Estate859 3,961 
Net (Increase) Decrease in Securities Purchased Under Agreements to Resell(5,156)246 
Net Decrease in Federal Funds Sold84,136 80,247 
Net Cash Provided by in Investing Activities253,759 71,916 
(CONTINUED)

8
 
For the Three Months Ended March 31,
 20262025
Cash Flows From Financing Activities:  
Net Increase (Decrease) in Deposits81,497 (52,774)
Net Decrease in Securities Sold Under Agreements to Repurchase(1,028)(3,575)
Net Repayments on Federal Home Loan Bank Borrowings(173,291)(38,523)
Repayment of Subordinated Debt— (6,370)
Repurchase of Common Stock(2,750)— 
Payment of Dividends on Preferred Stock(1,350)(1,350)
Payment of Dividends on Common Stock(4,898)(4,106)
Net Cash Used in Financing Activities(101,820)(106,698)
Net Increase (Decrease) in Cash and Due From Banks178,629 (6,211)
Cash and Due From Banks at Beginning of Period411,175 319,098 
Cash and Due From Banks at End of Period$589,804 $312,887 
   
Supplemental Disclosures for Cash Flow Information:  
Cash Payments for:  
Interest on Deposits$43,069 $42,992 
Interest on Borrowings$4,704 $5,331 
Income Tax Payments$— $— 
   
Supplemental Schedule for Noncash Investing and Financing Activities:  
Change in the Unrealized Gain (Loss) on Securities Available for Sale$(5,860)$12,873 
Change in Deferred Tax Effect on the Unrealized (Gain) Loss on Securities Available for Sale$1,238 $(2,719)
Transfer of Loans to Other Real Estate$8,634 $— 
Acquisitions:
Fair Value of Tangible Assets Acquired$754,843 $— 
Other Intangible Assets Acquired15,950 — 
Liabilities Assumed699,760 — 
Net Identifiable Assets Acquired Over Liabilities Assumed$71,033 $— 
The accompanying notes are an integral part of these financial statements.



9
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Note 1– Basis of Presentation –
The unaudited consolidated financial statements include the accounts of Business First Bancshares, Inc. (the “Company”) and its four direct, wholly-owned subsidiaries, b1BANK (the “Bank”), Coastal Commerce Statutory Trust I, Progressive Statutory Trust I, and Progressive Statutory Trust II; and the Bank’s wholly-owned subsidiaries, Business First Insurance, LLC, Smith Shellnut Wilson, LLC ("SSW"), Waterstone LSP, LLC ("Waterstone"), and b1 Securities, LLC ("b1Securities"). The Bank operates out of full-service banking centers and loan production offices in markets across Louisiana, the Dallas/Fort Worth metroplex and Houston, Texas. As a state bank, it is subject to regulation by the Office of Financial Institutions (“OFI”), State of Louisiana, and the Federal Deposit Insurance Corporation (“FDIC”) and undergoes periodic examinations by these agencies. The Company is also regulated by the Federal Reserve and is subject to periodic examinations.
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial results for the periods presented, and all such adjustments are of a normal recurring nature. All material intercompany transactions are eliminated. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the entire year.
These interim consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission and, therefore, certain information and footnote disclosures normally presented in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) have been omitted or abbreviated. These interim financial statements should be read in conjunction with the audited consolidated financial statements and footnote disclosures for the Company’s previously filed Form 10-K for the year ended December 31, 2025.
Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Critical accounting estimates that are particularly susceptible to significant change for the Company include the determination of the acquired loans, allowance for credit losses and purchase accounting adjustments (other than loans). Other estimates include goodwill, fair value of financial instruments, investment securities and the assessment of income taxes. Management does not anticipate any material changes to estimates in the near term. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: external market factors such as market interest rates and employment rates, changes to operating policies and procedures, economic conditions in the Company’s markets, and changes in applicable banking regulations. Actual results may ultimately differ from estimates.
Accounting Standards Adopted in Current Period
ASU 2025-08,” Financial Instruments – Credit Losses (Topic 326), Purchased Loans.” The updates in ASU 2025-08 amend the guidance in ASC 326 on the accounting for certain purchased loans. Under the ASU, entities must account for acquired loans (excluding credit cards) that meet certain criteria at acquisition (“purchased seasoned loans”) by recognizing them at their purchase price plus an allowance for expected credit losses (i.e., the gross-up approach). All non-purchased credit deteriorated (“non-PCD”) loans (excluding credit cards) that are acquired in a business combination are deemed seasoned. Other non-PCD loans (excluding credit cards) are seasoned if they were purchased at least 90 days after origination and the acquirer was not involved in the origination of the loans. The ASU’s amendments align the accounting for purchased seasoned loans with the treatment of financial assets purchased with more-than-insignificant credit deterioration since origination (“PCD assets”).
The Company adopted the amendments effective January 1, 2026, on a prospective basis. The Progressive acquisition disclosures contained in Note 2, as well as the allowance measurements reflected in Note 5 incorporate the updated guidance.
Accounting Standards Not Yet Adopted
None


10
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Note 2– Mergers and Acquisitions –
Progressive Bancorp, Inc.
On January 1, 2026, the Company consummated the merger of Progressive Bancorp, Inc. (“Progressive”), headquartered in Monroe, Louisiana, with and into the Company, pursuant to the terms of that certain Agreement and Plan of Reorganization (the “Reorganization Agreement”), dated as of July 7, 2025, by and between the Company and Progressive (the "Merger"). Also on January 1, 2026, Progressive's wholly owned banking subsidiary, Progressive Bank, was merged with and into b1BANK. Pursuant to the terms of the Reorganization Agreement, upon consummation of the Merger, the Company issued 3,192,367 shares of its common stock to the former shareholders of Progressive. At December 31, 2025, Progressive reported $773.8 million in total assets, $597.2 million in loans and $684.9 million in deposits.
The following table reflects the consideration paid for Progressive's net assets and the identifiable assets purchased and liabilities assumed at their fair values as of January 1, 2026. The fair values are provisional estimates and may be adjusted for a period of up to one year from the date of acquisition if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date.
Cost and Allocation of Purchase Price for Progressive Bancorp, Inc. (Progressive):
(Dollars in thousands, except per share data)
Purchase Price:
Shares Issued to Progressive's Shareholders on January 1, 20263,192,367
Closing Stock Price on December 31, 2025$26.14 
Total Stock Issued$83,448 
Partial Shares Paid in Cash3 
Total Purchase Price$83,451 
Net Assets Acquired:
Cash and Cash Equivalents$93,255 
Securities Available for Sale45,047 
Loans and Leases Receivable, Net of Allowance578,489 
Premises and Equipment, Net16,924 
Cash Value of Life Insurance11,559 
Core Deposit Intangible15,950 
Other Assets9,569 
Total Assets770,793 
Deposits684,642 
Borrowings7,538 
Other Liabilities7,580 
Total Liabilities699,760 
Net Assets Acquired71,033 
Goodwill Resulting from Merger$12,418 

11
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
The Company has recorded approximately $2.2 million and $3.8 million of acquisition-related costs within merger and conversion-related expenses and salaries and benefits for the three months ended March 31, 2026, and year ended December 31, 2025, respectively.
The following is a description of the methods used to determine the fair values of significant assets acquired and liabilities assumed presented above.
Cash and Cash Equivalents: The carrying amount of these assets was a reasonable estimate of fair value based on the short-term nature of these assets.
Securities Available for Sale: Fair values for securities were based on quoted market prices, where available. If quoted market prices were not available, fair value estimates were based on observable inputs including quoted market prices for similar instruments, quoted market prices that were not in an active market or other inputs that were observable in the market. In the absence of observable inputs, fair value was estimated based on pricing models/estimations.
Loans and Leases Receivable: Fair values for loans were based on a discounted cash flow methodology that considered factors including, but not limited to, loan type, classification status, remaining term, prepayment speed, and current discount rates. The discount rates used for loans were based on current market rates for new originations of comparable loans and included adjustments for any liquidity concerns. The discount rate did not include an explicit factor for credit losses, as that was included within the estimated cash flows. As discussed in Note 1, the Company adopted ASU 2025-08, which requires a calculation and application of Day 1 allowance for non-PCD loans, as well as PCD loans. The Day 1 allowance amounts are applied on a gross basis.
Acquired loans are evaluated as either purchased with a more-than insignificant amount of credit deterioration (“PCD”) or an insignificant amount of credit deterioration (“non-PCD”) at acquisition, based upon management’s assessment of whether or not a loan has experienced more than insignificant credit deterioration since origination. This evaluation is completed by management using a variety of factors, including individual loan characteristics as well as industry type and collateral evaluation, among other factors. At acquisition, management designated loans with a fair value of $8.0 million as PCD. The fair value was inclusive of a $6.9 million PCD allowance and $750,000 non-credit fair value discount from the acquired contractual value.
The remainder of the Progressive loan portfolio, with a fair value of $570.4 million at acquisition included a non-PCD allowance of $2.4 million and a non-credit fair value discount of $8.7 million from the acquired contractual value.
Core Deposit Intangible (“CDI”): The fair value for core deposit intangible assets was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, net maintenance cost of the deposit base, including interest cost, and alternative cost of funds. The CDI is being amortized over 10 years based upon the period over which estimated economic benefits are estimated to be received.
Deposits: The fair values used for the demand and savings deposits, by definition, equal the amount payable on demand at the acquisition date. Fair values for time deposits were estimated using a discounted cash flow analysis, that applied interest rates currently being offered to the contractual interest rates on such time deposits.
Borrowings: Fair values for borrowings were based on estimated market rates over the remaining terms of the subordinated debt issuances.
Pro forma tables for Progressive were impractical to include due to the insignificance to the overall Company as a whole.
Note 3– Earnings per Common Share –
Basic earnings per share (“EPS”) represents income available to common shareholders divided by the weighted average number of common shares outstanding; no dilution for any potentially convertible shares is included in the calculation. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential common shares that may be issued by the Company relate to outstanding stock options and unvested restricted stock awards (“RSAs”), unvested restricted stock units (“RSUs”) and performance shares, excluding any that were antidilutive. In addition, nonvested share-based payment awards that

12
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of EPS pursuant to the two-class method.
For the Three Months Ended March 31,
(Dollars in thousands, except per share data)20262025
 
Numerator:  
Net Income$23,564 $20,543 
Less: Preferred Stock Dividends1,350 1,350 
Net Income Available to Common Shares$22,214 $19,193 
Denominator:
Weighted Average Common Shares Outstanding32,579,93429,329,668
Dilutive Effect of Stock Options and RSAs205,620216,253
Weighted Average Dilutive Common Shares32,785,55429,545,921
Basic Earnings Per Common Share From Net Income Available to Common Shares$0.68 $0.65 
Diluted Earnings Per Common Share From Net Income Available to Common Shares$0.68 $0.65 
Note 4– Securities –
The amortized cost and fair values of securities available for sale as of March 31, 2026, and December 31, 2025 are summarized as follows:
 
March 31, 2026
(Dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
U.S. Treasury Securities$24,562 $— $282 $24,280 
U.S. Government Agencies10,046 — 141 9,905 
Corporate Securities36,447 58 1,872 34,633 
Mortgage-Backed Securities745,133 1,485 29,174 717,444 
Municipal Securities277,692 260 18,397 259,555 
Total Securities Available for Sale$1,093,880 $1,803 $49,866 $1,045,817 
 December 31, 2025
(Dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
U.S. Treasury Securities$17,571 $— $293 $17,278 
U.S. Government Agencies10,070 — 196 9,874 
Corporate Securities38,324 377 1,639 37,062 
Mortgage-Backed Securities674,211 3,153 27,273 650,091 
Municipal Securities291,256 536 16,868 274,924 
Total Securities Available for Sale$1,031,432 $4,066 $46,269 $989,229 
The following tables present a summary of securities with gross unrealized losses and fair values at March 31, 2026, and December 31, 2025, aggregated by investment category and length of time in a continued unrealized loss position.

13
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Due to the nature of these investments and current prevailing market prices, these unrealized losses are considered non-credit related.
 
March 31, 2026
 Less Than 12 Months12 Months or GreaterTotal
(Dollars in thousands)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
U.S. Treasury Securities$14,429 $78 $9,851 $204 $24,280 $282 
U.S. Government Agencies— — 9,905 141 9,905 141 
Corporate Securities10,657 179 21,048 1,693 31,705 1,872 
Mortgage-Backed Securities229,866 2,451 308,264 26,723 538,130 29,174 
Municipal Securities36,216 365 187,921 18,032 224,137 18,397 
Total Securities Available for Sale$291,168 $3,073 $536,989 $46,793 $828,157 $49,866 
 December 31, 2025
 Less Than 12 Months12 Months or GreaterTotal
(Dollars in thousands)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
U.S. Treasury Securities$— $— $17,278 $293 $17,278 $293 
U.S. Government Agencies— — 9,874 196 9,874 196 
Corporate Securities2,580 2 21,086 1,637 23,666 1,639 
Mortgage-Backed Securities83,844 506 336,946 26,767 420,790 27,273 
Municipal Securities12,939 57 210,329 16,811 223,268 16,868 
Total Securities Available for Sale$99,363 $565 $595,513 $45,704 $694,876 $46,269 
As of March 31, 2026, and December 31, 2025, respectively, no allowance for credit losses was recognized on available for sale securities in an unrealized loss position as management does not believe any of the securities are impaired due to credit quality. This determination is based on the Company’s analysis of the underlying risk characteristics including credit ratings, historical loss experience, and other qualitative factors. Further, the securities continue to make principal and interest payments under their contractual terms and management does not have the intent to sell any of the securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of amortized cost basis. Therefore, the Company has determined the unrealized losses are due to changes in market interest rates compared to rates when the securities were acquired.
The amortized cost and fair values of securities available for sale as of March 31, 2026, by contractual maturity are shown below. Actual maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be called or repaid without any penalties.
(Dollars in thousands)Amortized
Cost		Fair
Value
Less Than One Year$58,323 $57,721 
One to Five Years184,267 174,762 
Over Five to Ten Years353,793 334,685 
Over Ten Years497,497 478,649 
Total Securities Available for Sale$1,093,880 $1,045,817 

14
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Securities available for sale with a fair value of $424.1 million and $398.3 million, were pledged as collateral on public deposits and for other purposes as required or permitted by law as of March 31, 2026, and December 31, 2025, respectively.

There were $88,000 realized gains from sales or redemptions of securities for the three months ended March 31, 2026, and none for the three months ended March 31, 2025. There were $8,000 and $1,000 realized losses from sales or redemptions of securities for the three months ended March 31, 2026, and 2025, respectively.
At March 31, 2026, and December 31, 2025, accrued interest receivable on securities was $4.8 million and $5.3 million, respectively, and is included within accrued interest receivable on the consolidated balance sheets.
Note 5– Loans and the Allowance for Loan Losses –
Loans receivable at March 31, 2026, and December 31, 2025, are summarized as follows:
(Dollars in thousands)March 31,
2026		December 31,
2025
Real Estate Loans:  
Commercial$2,841,626 $2,611,279 
Construction685,817 639,069 
Residential1,141,220 944,065 
Total Real Estate Loans4,668,663 4,194,413 
Commercial1,943,412 1,921,833 
Consumer and Other72,188 73,244 
Total Loans Held for Investment6,684,263 6,189,490 
   
Less:  
Allowance for Loan Losses(63,655)(53,959)
Net Loans$6,620,608 $6,135,531 
The performing 1-4 family residential, multi-family residential, commercial real estate, and commercial loans, are pledged, under a blanket lien, as collateral securing advances from the FHLB at March 31, 2026, and December 31, 2025. Commercial and agricultural loans are pledged against the Federal Reserve Banks’ (“FRB”) discount window as of March 31, 2026, and December 31, 2025.
Net deferred loan origination fees were $9.9 million and $11.4 million at March 31, 2026, and December 31, 2025, respectively, and are netted in their respective loan categories above. In addition to loans issued in the normal course of business, the Company considers overdrafts on customer deposit accounts to be loans and reclassifies overdrafts as loans in its consolidated balance sheets. At March 31, 2026, and December 31, 2025, overdrafts of $1.3 million and $7.9 million, respectively, have been reclassified to loans.
The Bank is the lead lender on participations sold, without recourse, to other financial institutions which amounts are not included in the consolidated balance sheets. The unpaid principal balances of mortgages and other loans serviced for others were approximately $674.7 million and $643.8 million at March 31, 2026 and December 31, 2025, respectively. The Company had servicing rights of $1.2 million and $956,000 recorded at March 31, 2026, and December 31, 2025, respectively, and is recorded within other assets.
The Bank grants loans and extensions of credit to individuals and a variety of businesses and corporations located in its general market areas throughout Louisiana and Texas. Management segregates the loan portfolio into portfolio segments which is defined as the level at which the Bank develops and documents a systematic method for determining its allowance for credit losses. The portfolio segments are segregated based on loan types and the underlying risk factors present in each loan type. Such risk factors are periodically reviewed by management and revised as deemed appropriate.

15
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Portfolio Segments and Risk Factors
The loan portfolio is disaggregated into portfolio segments and then further disaggregated into classes for certain disclosures. GAAP defines a portfolio segment as the level at which an entity develops and documents a systematic method for determining its allowance for credit losses. A class is generally a disaggregation of a portfolio segment. The Company's loan portfolio segments are Real Estate, Commercial, and Consumer and Other. The classes and risk characteristics of each segment are discussed in more detail below. The segmentation and disaggregation of the portfolio is part of the ongoing credit monitoring process.
Real Estate Portfolio Segment
Real Estate: Commercial loans are extensions of credit secured by owner-occupied and non-owner-occupied collateral. Repayment is generally dependent on the successful operations of the property. General economic conditions may impact the performance of these types of loans, including fluctuations in the value of real estate, vacancy rates, and unemployment trends. Real estate commercial loans also include farmland loans that can be, or are, used for agricultural purposes. These loans are usually repaid through refinancing, cash flow from the borrower’s ongoing operations, development of the property, or sale of the property.
Real Estate: Construction loans include loans to small-to-midsized businesses to construct owner-occupied properties, loans to developers of commercial real estate investment properties and residential developments and, to a lesser extent, loans to individual clients for construction of single-family homes in the Company’s market areas. Risks associated with these loans include fluctuations in the value of real estate, project completion risk and changes in market trends. The Company is also exposed to risk based on the ability of the construction loan borrower to finance the loan or sell the property upon completion of the project, which may be affected by changes in secondary market terms and criteria for permanent financing since the time that the Company funded the loan.
Real Estate: Residential loans include first and second lien 1-4 family mortgage loans, as well as home equity lines of credit, in each case primarily on owner-occupied primary residences. The Company is exposed to risk based on fluctuations in the value of the real estate collateral securing the loan, as well as changes in the borrower’s financial condition, which could be affected by numerous factors, including divorce, job loss, illness, or other personal hardship. Real estate residential loans also include multi-family residential loans originated to provide permanent financing for multi-family residential income producing properties. Repayment of these loans primarily relies on successful rental and management of the property.
Commercial Portfolio Segment
Commercial loans include general commercial and industrial, or C&I, loans, including commercial lines of credit, working capital loans, term loans, equipment financing, asset acquisition, expansion, and development loans, borrowing base loans, letters of credit and other loan products, primarily in the Company’s target markets that are underwritten based on the borrower’s ability to service the debt from income. Commercial loan risk is derived from the expectation that such loans generally are serviced principally from the operations of the business, and those operations may not be successful. Any interruption or discontinuance of operating cash flows from the business, which may be influenced by events not under the control of the borrower such as economic events and changes in governmental regulations, could materially affect the ability of the borrower to repay the loan.
Consumer and Other Portfolio Segment
Consumer and other loans include a variety of loans to individuals for personal, family and household purposes, including secured and unsecured installment and term loans. The risk is based on changes in the borrower’s financial condition, which could be affected by numerous factors, including divorce, job loss, illness or other personal hardship, and fluctuations in the value of the real estate or personal property securing the consumer loan, if any.
The following tables set forth, as of March 31, 2026, and 2025, the balance of the allowance for credit losses by loan portfolio segment. The allowance for credit losses allocated to each portfolio segment is not necessarily indicative of future losses in any particular portfolio segment and does not restrict the use of the allowance to absorb losses in other portfolio segments.

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BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Allowance for Credit Losses and Recorded Investment in Loans Receivable
March 31, 2026
(Dollars in thousands)Real Estate:
Commercial		Real Estate:
Construction		Real Estate:
Residential		CommercialConsumer
and Other		Total
Allowance for Loan Losses:      
Beginning Balance$23,486 $3,237 $7,423 $19,282 $531 $53,959 
Adjustment for Progressive on PCD Loans2,431 281 3,344 3,148 60 9,264 
Charge-offs— — — (593)(511)(1,104)
Recoveries6 4 14 113 44 181 
Provision (Recovery)(1,822)1,023 (1,182)2,726 610 1,355 
Ending Balance$24,101 $4,545 $9,599 $24,676 $734 $63,655 
      
Reserve for Unfunded Loan Commitments:     
Beginning Balance$320 $1,179 $309 $2,336 $33 $4,177 
Provision (Recovery)13 492 (63)476 5 923 
Ending Balance$333 $1,671 $246 $2,812 $38 $5,100 
      
Total Allowance for Credit Losses$24,434 $6,216 $9,845 $27,488 $772 $68,755 
March 31, 2025
(Dollars in thousands)Real Estate:
Commercial		Real Estate:
Construction		Real Estate:
Residential		CommercialConsumer
and Other		Total
Allowance for Loan Losses:
Beginning Balance$23,460 $7,162 $8,036 $15,667 $515 $54,840 
Charge-offs(2)(3)(225)(865)(553)(1,648)
Recoveries5 98 6 508 54 671 
Provision (Recovery)(138)(1,046)1,216 2,454 514 3,000 
Ending Balance$23,325 $6,211 $9,033 $17,764 $530 $56,863 
Reserve for Unfunded Loan Commitments:
Beginning Balance$228 $1,311 $358 $1,765 $26 $3,688 
Provision (Recovery)(11)(130)(52)3 2 (188)
Ending Balance$217 $1,181 $306 $1,768 $28 $3,500 
Total Allowance for Credit Losses$23,542 $7,392 $9,339 $19,532 $558 $60,363 

17
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Included within the above allowance, in the tables above, are loans which management has individually evaluated to determine an allowance for credit losses. The following table summarizes, by segment, the loan balance and specific allowance allocation for those loans which have been individually evaluated.
 March 31, 2026December 31, 2025
(Dollars in thousands)Loan BalanceSpecific AllocationsLoan BalanceSpecific Allocations
Real Estate Loans:    
Commercial$32,340 $4,065 $29,248 $1,873 
Construction2,357 207 2,141 149 
Residential8,478 2,549 2,380 — 
Total Real Estate Loans43,175 6,821 33,769 2,022 
Commercial11,952 7,954 10,771 4,989 
Consumer and Other91 26 — — 
Total$55,218 $14,801 $44,540 $7,011 
Credit Quality Indicators
We utilize a risk grading matrix to assign a risk grade to each of our commercial loans. Loans are graded on a scale of 10 to 80. Individual loan officers review updated financial information, which may include credit scores, financial statements, collateral valuations and other borrower information, for all pass grade (10-45) loans to reassess the risk grade, generally on at least an annual basis.
When a loan has a risk grade of 50, it is considered to be on management's “watch list,” and subject to additional and more frequent monitoring by both the loan officer and senior credit and risk personnel. Loans graded 60 or higher have exhibited potential or actual credit weakness that makes their full collection uncertain and are considered classified loans, consisting of substandard (60), doubtful (70) and loss (80) categories. Generally, loans that are classified are assigned special assets personnel for ongoing monitoring and resolution.

18
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
The following tables set forth the credit quality indicators, disaggregated by loan segment, as of March 31, 2026, and December 31, 2025:
March 31, 2026
Criticized
(Dollars in thousands)Pass
(Risk Grade 10-45)		Special Mention
(Risk Grade 50)		Substandard
(Risk Grade 60)		Doubtful
(Risk Grade 70)		Loss
(Risk Grade 80)		TotalCurrent Period Charge-
offs
Real Estate: Commercial       
Originated in 2026$55,496 $5,636 $— $— $— $61,132 $— 
Originated in 2025416,078 3,580 3,523 — — 423,181 — 
Originated in 2024308,497 11,754 16,703 — — 336,954 — 
Originated in 2023216,280 — 25,922 — — 242,202 — 
Originated in 2022668,159 23,751 30,289 — — 722,199 — 
Originated Prior to 2022967,010 8,863 19,898 440 — 996,211 — 
Revolving57,831 — — — — 57,831 — 
Revolving Loans Converted to Term1,916 — — — — 1,916 — 
Total Real Estate: Commercial$2,691,267 $53,584 $96,335 $440 $— $2,841,626 $— 
Real Estate: Construction      
Originated in 2026$16,563 $— $— $— $— $16,563 $— 
Originated in 2025237,461 839 — — — 238,300 — 
Originated in 2024155,164 — 6,530 — — 161,694 — 
Originated in 202344,324 — 4,778 — — 49,102 — 
Originated in 202298,233 2,308 88 — — 100,629 — 
Originated Prior to 202258,625 83 5,419 — — 64,127 — 
Revolving52,883 — — — — 52,883 — 
Revolving Loans Converted to Term2,519 — — — — 2,519 — 
Total Real Estate: Construction$665,772 $3,230 $16,815 $— $— $685,817 $— 
Real Estate: Residential      
Originated in 2026$33,386 $— $— $— $— $33,386 $— 
Originated in 2025114,228 1,073 — — — 115,301 — 
Originated in 2024110,787 — 647 — — 111,434 — 
Originated in 202393,873 — 4,973 — — 98,846 — 
Originated in 2022259,814 465 2,490 — — 262,769 — 
Originated Prior to 2022370,111 20,875 7,087 — — 398,073 — 
Revolving112,149 1,872 2,082 — — 116,103 — 
Revolving Loans Converted to Term5,238 — 70 — — 5,308 — 
Total Real Estate: Residential$1,099,586 $24,285 $17,349 $— $— $1,141,220 $— 
Commercial      
Originated in 2026$81,796 $8 $— $— $— $81,804 $— 
Originated in 2025331,702 2,981 291 — — 334,974 12 
Originated in 2024246,074 718 8,384 — — 255,176 70 
Originated in 2023168,568 6,360 4,405 — — 179,333 442 
Originated in 2022115,888 10,913 29,276 — — 156,077 2 
Originated Prior to 2022171,413 2,498 9,159 46 — 183,116 67 
Revolving698,172 5,609 19,995 59 — 723,835 — 
Revolving Loans Converted to Term25,619 2,688 790 — — 29,097 — 
Total Commercial$1,839,232 $31,775 $72,300 $105 $— $1,943,412 $593 
Consumer and Other      
Originated in 2026$6,970 $— $— $— $— $6,970 $133 
Originated in 202511,663 — 6 — — 11,669 2 
Originated in 20247,082 — 5 — — 7,087 5 
Originated in 20233,061 — 12 — — 3,073 15 
Originated in 20223,068 — 74 — — 3,142 — 
Originated Prior to 202225,862 — 175 — — 26,037 249 
Revolving13,597 — 1 — — 13,598 107 
Revolving Loans Converted to Term612 — — — — 612 — 
Total Consumer and Other$71,915 $— $273 $— $— $72,188 $511 
Total Loans$6,367,772 $112,874 $203,072 $545 $— $6,684,263 $1,104 

19
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2025
Criticized
(Dollars in thousands)Pass
(Risk Grade 10-45)		Special Mention
(Risk Grade 50)		Substandard
(Risk Grade 60)		Doubtful
(Risk Grade 70)		Loss
(Risk Grade 80)		TotalCurrent Period Charge-
offs
Real Estate: Commercial
Originated in 2025$387,209 $1,506 $8,789 $— $— $397,504 $— 
Originated in 2024279,558 12,505 14,421 — — 306,484 — 
Originated in 2023206,195 22,360 3,622 — — 232,177 — 
Originated in 2022642,357 21,182 29,621 — — 693,160 3,850 
Originated in 2021366,356 7,871 1,048 — — 375,275 2 
Originated Prior to 2021536,644 8,692 6,641 472 — 552,449 — 
Revolving51,905 — — — — 51,905 264 
Revolving Loans Converted to Term2,325 — — — — 2,325 — 
Total Real Estate: Commercial$2,472,549 $74,116 $64,142 $472 $— $2,611,279 $4,116 
Real Estate: Construction
Originated in 2025$206,047 $848 $— $— $— $206,895 $— 
Originated in 2024155,588 — 474 — — 156,062 — 
Originated in 202342,018 3,561 1,205 — — 46,784 — 
Originated in 2022104,768 2,074 2,088 — — 108,930 1 
Originated in 202126,011 3,056 472 — — 29,539 19 
Originated Prior to 202131,263 1,690 1,928 — — 34,881 — 
Revolving54,618 — — — — 54,618 — 
Revolving Loans Converted to Term1,360 — — — — 1,360 — 
Total Real Estate: Construction$621,673 $11,229 $6,167 $— $— $639,069 $20 
Real Estate: Residential
Originated in 2025$95,656 $1,377 $— $— $— $97,033 $(79)
Originated in 202484,881 — 507 — — 85,388 — 
Originated in 202384,761 — 1,346 — — 86,107 — 
Originated in 2022242,424 614 1,830 — — 244,868 8 
Originated in 2021136,520 14,266 454 32 — 151,272 — 
Originated Prior to 2021148,862 6,755 6,611 — — 162,228 197 
Revolving110,519 1,758 2,120 — — 114,397 116 
Revolving Loans Converted to Term2,685 — 87 — — 2,772 — 
Total Real Estate: Residential$906,308 $24,770 $12,955 $32 $— $944,065 $242 
Commercial
Originated in 2025$350,624 $606 $326 $— $— $351,556 $3 
Originated in 2024246,163 7,686 1,782 — — 255,631 239 
Originated in 2023166,677 2,265 3,363 48 — 172,353 1,051 
Originated in 2022137,273 16,048 9,030 — — 162,351 4,279 
Originated in 202169,146 1,467 5,367 13 — 75,993 464 
Originated Prior to 202198,366 884 3,290 38 — 102,578 732 
Revolving748,302 10,058 1,576 24 — 759,960 — 
Revolving Loans Converted to Term18,360 135 22,916 — — 41,411 — 
Total Commercial$1,834,911 $39,149 $47,650 $123 $— $1,921,833 $6,768 
Consumer and Other
Originated in 2025$12,063 $— $8 $— $— $12,071 $1,119 
Originated in 20246,896 — 6 — — 6,902 49 
Originated in 20233,812 — 19 — — 3,831 169 
Originated in 20222,771 — 33 — — 2,804 97 
Originated in 20211,045 — 68 2 — 1,115 48 
Originated Prior to 202129,095 — 125 — — 29,220 12 
Revolving16,120 — 19 — — 16,139 497 
Revolving Loans Converted to Term904 — 258 — — 1,162 — 
Total Consumer and Other$72,706 $— $536 $2 $— $73,244 $1,991 
Total Loans$5,908,147 $149,264 $131,450 $629 $— $6,189,490 $13,137 


20
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
The above classifications follow regulatory guidelines and can generally be described as follows:
•Pass loans are of satisfactory quality.
•Special mention loans have an existing weakness that could cause future impairment, including the deterioration of financial ratios, past due status, questionable management capabilities and possible reduction in the collateral values.
•Substandard loans have an existing specific and well-defined weakness that may include poor liquidity and deterioration of financial ratios. The loan may be past due and related deposit accounts experiencing overdrafts. Immediate corrective action is necessary.
•Doubtful loans have specific weaknesses that are severe enough to make collection or liquidation in full highly questionable and improbable.
As of March 31, 2026, and December 31, 2025, loan balances outstanding more than 90 days past due and still accruing interest amounted to $1.4 million and $2.2 million, respectively. As of March 31, 2026, and December 31, 2025, loan balances outstanding on nonaccrual status amounted to $100.8 million and $74.5 million, respectively. The Bank considers all loans more than 90 days past due as nonperforming loans.
The following tables provide an analysis of the aging of loans and leases as of March 31, 2026, and December 31, 2025. All loans greater than 90 days past due are generally placed on nonaccrual status.
Aged Analysis of Past Due Loans Receivable
March 31, 2026
(Dollars in thousands)30-59 Days
Past Due		60-89 Days
Past Due		Greater
Than 90 Days
Past Due		Total
Past Due		CurrentTotal Loans
Receivable		Recorded
Investment Over
90 Days Past Due
and Still Accruing
Real Estate Loans:       
Commercial$3,217 $3,578 $43,544 $50,339 $2,791,287 $2,841,626 $— 
Construction1,357 5,375 7,246 13,978 671,839 685,817 49 
Residential3,339 2,445 12,851 18,635 1,122,585 1,141,220 98 
Total Real Estate Loans7,913 11,398 63,641 82,952 4,585,711 4,668,663 147 
Commercial3,953 4,843 34,660 43,456 1,899,956 1,943,412 1,243 
Consumer and Other267 17 190 474 71,714 72,188 14 
Total$12,133 $16,258 $98,491 $126,882 $6,557,381 $6,684,263 $1,404 

21
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2025
(Dollars in thousands)30-59 Days
Past Due		60-89 Days
Past Due		Greater
Than 90 Days
Past Due		Total
Past Due		CurrentTotal Loans
Receivable		Recorded
Investment Over
90 Days Past Due
and Still Accruing
Real Estate Loans:       
Commercial$1,838 $38,693 $10,097 $50,628 $2,560,651 $2,611,279 $363 
Construction1,988 72 4,363 6,423 632,646 639,069 — 
Residential3,775 1,562 8,151 13,488 930,577 944,065 79 
Total Real Estate Loans7,601 40,327 22,611 70,539 4,123,874 4,194,413 442 
Commercial15,585 552 24,692 40,829 1,881,004 1,921,833 1,760 
Consumer and Other185 356 163 704 72,540 73,244 13 
Total$23,371 $41,235 $47,466 $112,072 $6,077,418 $6,189,490 $2,215 

The following table presents non-accrual loans by segment as of March 31, 2026, and December 31, 2025.
(Dollars in thousands)March 31,
2026		December 31,
2025
Real Estate Loans:  
Commercial$44,357 $36,252 
Construction7,236 4,539 
Residential15,171 10,144 
Total Real Estate Loans66,764 50,935 
Commercial33,841 23,370 
Consumer and Other198 166 
Total$100,803 $74,471 
The Bank had $9.3 million and $9.8 million as of March 31, 2026 and December 31, 2025, respectively, in non-accrual loans with no specific allowance allocation.
The Bank seeks to assist customers that are experiencing financial difficulty by renegotiating loans within lending regulations and guidelines. The Bank makes loan modifications, primarily utilizing internal renegotiation programs via direct customer contact, that manage customers’ debt exposures held only by the Bank. Additionally, the Bank makes loan modifications with customers who have elected to work with external renegotiation agencies and these modifications provide solutions to customers’ entire unsecured debt structures. During the periods ended March 31, 2026, and December 31, 2025, the concessions granted to certain borrowers included extending the payment due dates and offering below market contractual interest rates, and were not significant to the consolidated financial statements.
Accrued interest receivable of $1.7 million was outstanding at both March 31, 2026, and December 31, 2025, for all loan deferrals, primarily attributable to the COVID-19 pandemic and, to a much lesser extent, hurricanes which occurred in 2020 and 2021. These loans are no longer within their deferral periods. The accrued interest on the loans is due at their maturity.
At March 31, 2026 and December 31, 2025, accrued interest receivable on loans was $33.4 million and $33.2 million, respectively, and included within accrued interest receivable on the consolidated balance sheets.
Note 6– Borrowings –
The Company had outstanding advances from the Federal Home Loan Bank (“FHLB”) of $260.8 million and $431.2 million as of March 31, 2026, and December 31, 2025, respectively, consisting of:

22
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)March 31, 2026December 31, 2025
4.65% advance due January 2026
$— $25,000 
3.62% advance due January 2026 (a)
— 120,000 
4.00% advance due March 2026
— 25,000 
4.56% advance due July 2026
25,000 25,000 
3.91% advance due July 2026
25,000 25,000 
0.89% advance due November 2026 (b)
8,155 11,200 
4.84% advance due December 2026
25,000 25,000 
0.71% advance due August 2027 (b) (c)
413 — 
0.70% advance due August 2027 (b) (c)
206 — 
0.68% advance due August 2027 (b) (c)
206 — 
4.78% advance due September 2027
25,000 25,000 
4.73% advance due March 2028
25,000 25,000 
4.69% advance due September 2028
25,000 25,000 
4.13% advance due October 2028 (d)
25,000 25,000 
0.94% advance due August 2030 (b) (c)
906 — 
0.92% advance due August 2030 (b) (c)
453 — 
0.90% advance due August 2030 (b) (c)
453 — 
3.92% advance due October 2030 (d)
25,000 25,000 
3.72% advance due October 2033 (d)
25,000 25,000 
3.57% advance due October 2033 (d)
25,000 25,000 
Total FHLB advances$260,792 $431,200 
(a)Short term overnight advance.
(b)Principal paid monthly.
(c)Acquired during the Progressive acquisition.
(d)Loan has put options beginning in October 2024.
The Company had an additional $1.5 billion remaining on the FHLB line availability at March 31, 2026.
On January 1, 2026, in connection with the Progressive acquisition, the Company assumed Progressive Bancorp, Inc.'s junior subordinated debentures issued to Progressive Statutory Trust I and Progressive Statutory Trust II, each of which is a non-consolidated statutory trust. The assumed obligations totaled approximately $5.4 million in aggregate junior subordinated debentures, consisting of $1.2 million related to Progressive Statutory Trust I and $4.1 million related to Progressive Statutory Trust II, and were associated with an aggregated $5.0 million of trust preferred securities outstanding. The junior subordinated debentures related to Progressive Statutory Trust I mature on July 31, 2031, and bear interest at a floating rate equal to the 3-month CME Term SOFR (as the statutory replacement benchmark rate to LIBOR) plus 3.84%, payable quarterly (which includes the tenor spread adjustment). The junior subordinated debentures related to Progressive Statutory Trust II mature on December 15, 2037, and bear interest at 6.34% through December 15, 2012 and thereafter at a floating rate equal to the 3-month CME Term SOFR (as the statutory replacement benchmark rate to LIBOR) plus 1.71%, payable quarterly (which includes the tenor spread adjustment). The applicable indentures permit the Company to defer interest payments for up to 20 consecutive quarterly periods without an event of default. The Company has guaranteed, on a subordinated basis, distributions and other payments due on the related trust preferred securities, subject to the applicable guarantee agreements and indentures. Principal and interest payments on the junior subordinated debentures are in a superior position to the liquidation rights of holders of common stock.
As part of the acquisition of these debentures, the Company had a fair value adjustment of $555,000, with $544,000 remaining at March 31, 2026.

23
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Note 7– Other Income and Other Expense –
The Company has a single reportable operating segment which is presented as the Consolidated Statements of Income. An analysis of other income for the Company's single reportable operating segment is as follows:
For the Three Months Ended March 31,
(Dollars in thousands)20262025
Debit Card and ATM Fee Income2,306 1,858 
Cash Value of Life Insurance Income831 808 
Fees and Brokerage Commissions2,261 2,148 
Pass-Through Income from SBIC and Fintech Partnerships135 751 
Gain on Extinguishment of Debt— 630 
Swap Fee Income1,537 739 
Other2,417 2,177 
Total Other Income$9,487 $9,111 
An analysis of other expenses for the Company's single reportable operating segment is as follows:
For the Three Months Ended March 31,
(Dollars in thousands)20262025
Advertising and Promotions1,508 1,291 
Communications652 591 
Ad Valorem Shares Tax978 1,125 
Data Processing Fees3,712 3,236 
Directors' Fees260 279 
Insurance411 404 
Legal and Professional Fees1,085 1,013 
Office Supplies and Printing313 311 
Regulatory Assessments984 1,257 
Other5,030 3,968 
Total Other Expenses$14,933 $13,475 
Note 8– Leases –
The Bank leases certain branch offices through non-cancelable operating leases with terms that range from one to ten and contain various renewal options for certain of the leases. Certain leases provide for increases in minimum monthly rental payments as defined by the lease agreement. Rental expense under these agreements was $2.0 million and $2.3 million for the three months ended March 31, 2026, and 2025, respectively. At March 31, 2026, the Company had a weighted average lease term of 5.8 years and a weighted average discount rate of 3.97%.

24
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Future minimum lease payments under these leases are as follows:
(Dollars in thousands)
April 1, 2026 through December 31, 2026$4,423 
January 1, 2027 through December 31, 20275,494 
January 1, 2028 through December 31, 20285,016 
January 1, 2029 through December 31, 20294,263 
January 1, 2030 through December 31, 20303,119 
January 1, 2031 and Thereafter6,383 
Total Future Minimum Lease Payments28,698 
Less Imputed Interest(3,187)
Present Value of Lease Liabilities$25,511 
Note 9– Commitments and Contingencies –
In the normal course of business, the Bank is a party to financial instruments with off-balance sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby and commercial letters of credit which are not included in the accompanying financial statements. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet.
The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby and commercial letters of credit is represented by the contractual amount of those instruments. The Bank’s policy for obtaining collateral, and the nature of such collateral, is essentially the same as that involved in making commitments to extend credit. The Bank uses the same credit policies in making such commitments and conditional obligations as it does for instruments that are included in the balance sheet. In the normal course of business, the Bank has made commitments to extend credit of approximately $2.0 billion and $1.7 billion at March 31, 2026, and December 31, 2025, respectively, and standby and commercial letters of credit of approximately $55.9 million and $51.2 million at March 31, 2026 and December 31, 2025, respectively. As discussed in Note 5, we have a reserve for unfunded loan commitments of $5.1 million and $4.2 million at March 31, 2026 and December 31, 2025, respectively.
In the normal course of business, the Bank is involved in various legal proceedings. In the opinion of management and counsel, the disposition or ultimate resolution of such proceedings would not have a material adverse effect on the Bank’s financial statements.
Note 10– Customer-Initiated Derivatives
The Company enters into derivative instruments to meet the needs of its customers through the execution of customer-initiated derivatives (swaps and caps and floors). These financial instruments involve elements of market and credit risk. Market and credit risk are included in the determination of fair value. Market risk is the potential loss that may result from movements in interest rates that cause an unfavorable change in the value of a financial instrument. Market risk in interest rate contracts executed on behalf of customers is mitigated by taking offsetting positions. Credit risk is the possible loss that may occur in the event of default by the counterparty to a financial instrument. The Company manages credit risk arising from customer-initiated derivatives by evaluating the creditworthiness of each customer, utilizing a similar approval process used for its lending activities. Derivatives with dealer counterparties are either cleared through a clearinghouse or settled directly with a single counterparty. The Company has quantified the credit risk as not significant as of March 31, 2026.
Income primarily results from the spread between the customer derivative and the offsetting dealer position. For the three months ended March 31, 2026, the Company recognized $1.5 million swap fee income.

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BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
 
March 31, 2026
(Dollars in thousands)Notional / Contract AmountGross Derivative AssetsGross Derivative Liabilities
Customer-initiated and other activities:  
Interest rate contracts:
Caps and floors written$42,935 $7,025 $— 
Caps and floors purchased42,935 — 7,025 
Swaps951,294 — — 
Total interest rate contracts$1,037,164 $7,025 $7,025 

Note 11– Fair Value of Financial Instruments –
Fair Value Disclosures
The Company groups its financial assets and liabilities measured at fair value in three levels. Fair value should be based on the assumptions market participants would use when pricing the asset or liability and establishes a fair value hierarchy that prioritizes the inputs used to develop those assumptions and measure fair value. The hierarchy requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
•Level 1 – Includes the most reliable sources and includes quoted prices in active markets for identical assets or liabilities.
•Level 2 – Includes observable inputs. Observable inputs include inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates) as well as inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).
•Level 3 – Includes unobservable inputs and should be used only when observable inputs are unavailable.
Recurring Basis
Fair values of investment securities available for sale were primarily measured using information from a third-party pricing service. This pricing service provides information by utilizing evaluated pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and reference data from market research publications.
The fair values of mortgage loans held for sale are based on commitments on hand from investors within the secondary market for loans with similar characteristics.

26
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
The following tables present the balance of assets and liabilities measured on a recurring basis as of March 31, 2026, and December 31, 2025.
(Dollars in thousands)Fair ValueLevel 1Level 2Level 3
March 31, 2026    
Available for Sale:    
U.S. Treasury Securities$24,280 $— $24,280 $— 
U.S. Government Agency Securities9,905 — 9,905 — 
Corporate Securities34,633 — 26,191 8,442 
Mortgage-Backed Securities717,444 — 717,444 — 
Municipal Securities259,555 — 236,860 22,695 
Loans Held for Sale480 — 480 — 
Interest Rate Swaps7,025 — 7,025 — 
Total assets at fair value$1,053,322 $— $1,022,185 $31,137 
Interest Rate Swaps$7,025 $— $7,025 $— 
Total liabilities at fair value$7,025 $— $7,025 $— 
December 31, 2025    
Available for Sale:    
U.S. Treasury Securities$17,278 $— $17,278 $— 
U.S. Government Agency Securities9,874 — 9,874 — 
Corporate Securities37,062 — 28,541 8,521 
Mortgage-Backed Securities650,091 — 650,091 — 
Municipal Securities274,924 — 251,477 23,447 
Loans Held for Sale1,094 — 1,094 — 
Interest Rate Swaps8,023 — 8,023 — 
Total assets at fair value$998,346 $— $966,378 $31,968 
Interest Rate Swaps$8,023 $— $8,023 $— 
Total liabilities at fair value$8,023 $— $8,023 $— 
The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the Company's ability to observe inputs to the valuation may cause reclassification of certain assets or liabilities within the fair value hierarchy.

27
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
The table below provides a reconciliation for assets measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs, as of March 31, 2026, and December 31, 2025.
(Dollars in thousands)Municipal SecuritiesCorporate Securities
Balance at December 31, 2024$24,717 $12,500 
Unrealized Gains Included in Other Comprehensive Loss2,458 21 
Maturities, Prepayments, and Calls(3,728)— 
Transfers Out of Level 3— (4,000)
Balance at December 31, 202523,447 8,521 
Unrealized Losses Included in Other Comprehensive Loss(263)(79)
Maturities, Prepayments, and Calls(489)— 
Balance at March 31, 2026$22,695 $8,442 
The following table provides quantitative information about significant unobservable inputs used in fair value measurements of Level 3 assets measured at fair value on a recurring basis at March 31, 2026.
(Dollars in thousands)Estimated Fair ValueValuation TechniqueUnobservable InputsDiscounts
March 31, 2026
Municipal Securities$22,695 Present Value of Expected Future Cash Flow ModelLiquidity Premium1 %
Corporate Securities8,442 Present Value of Expected Future Cash Flow ModelLiquidity Premium2 %
Nonrecurring Basis
The Company has segregated all financial assets and liabilities that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the table below. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a nonrecurring basis.
The fair value of the individually evaluated loans is measured at the fair value of the collateral for collateral-dependent loans. Individually evaluated loans are Level 3 assets measured using appraisals from external parties of the collateral less any prior liens and adjusted for estimated selling costs. Adjustments may be made by management based on a customized internally developed discounting matrix. Repossessed assets are initially recorded at fair value less

28
BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
estimated cost to sell, which is generally 10%. The fair value of repossessed assets is based on property appraisals and an analysis of similar properties available. As such, the Bank records repossessed assets as Level 3.
(Dollars in thousands)Fair ValueLevel 1Level 2Level 3
March 31, 2026    
Assets:    
Individually Evaluated Loans$45,149 $— $— $45,149 
Other Nonperforming Assets20,898 — — 20,898 
Total$66,047 $— $— $66,047 
     
December 31, 2025    
Assets:    
Individually Evaluated Loans$14,083 $— $— $14,083 
Other Nonperforming Assets13,013 — — 13,013 
Total$27,096 $— $— $27,096 
Fair Value Financial Instruments
The fair value of a financial instruments is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. In accordance with GAAP, certain financial instruments and all non-financial instruments are excluded from these disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company.
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:
Cash and Short-Term Investments – For those short-term instruments, the carrying amount is a reasonable estimate of fair value.
Securities Purchased Under Agreements to Resell - The carrying amount approximates its fair value.
Securities – Fair value of securities is based on quoted market prices. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities.
Loans – The fair value for loans is estimated using discounted cash flow analyses, with interest rates currently being offered for similar loans to borrowers with similar credit rates. Loans with similar classifications are aggregated for purposes of the calculations. The allowance for loan losses, which was used to measure the credit risk, is subtracted from loans.
Cash Value of Bank-Owned Life Insurance (“BOLI”) – The carrying amount approximates its fair value.
Other Equity Securities – The carrying amount approximates its fair value.
Interest Rate Swaps - Market values are obtained from market pricing data sources available for comparable transactions in the over-the-counter derivative market.

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BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Deposits – The fair value of demand deposits and certain money market deposits is the amount payable at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using discounted cash flow analyses, with interest rates currently offered for deposits of similar remaining maturities.
Borrowings – The fair value of FHLB advances and other long-term borrowings is estimated using the rates currently offered for advances of similar maturities. The carrying amount of short-term borrowings maturing within ninety days approximates the fair value.
Commitments to Extend Credit and Standby and Commercial Letters of Credit – The fair values of commitments to extend credit and standby and commercial letters of credit do not differ significantly from the commitment amount and are therefore omitted from this disclosure.
The estimated approximate fair values of the Bank’s financial instruments as of March 31, 2026, and December 31, 2025 are as follows:
(Dollars in thousands)Carrying
Amount		Total
Fair Value		Level 1Level 2Level 3
March 31, 2026     
Financial Assets:     
Cash and Short-Term Investments$678,061 $678,061 $678,061 $— $— 
Securities Purchased Under Agreements to Resell30,743 30,743 — 30,743 — 
Securities1,045,817 1,045,817 — 1,014,680 31,137 
Loans Held for Sale480 480 — 480 — 
Loans - Net6,620,608 6,589,144 — — 6,589,144 
Cash Value of BOLI132,682 132,682 — 132,682 — 
Other Equity Securities40,047 40,047 — — 40,047 
Interest Rate Swaps7,025 7,025 — 7,025 — 
Total$8,555,463 $8,523,999 $678,061 $1,185,610 $6,660,328 
      
Financial Liabilities:     
Deposits$7,464,949 $7,461,255 $— $— $7,461,255 
Borrowings384,524 385,868 — 385,868 — 
Interest Rate Swaps7,025 7,025 — 7,025 — 
Total$7,856,498 $7,854,148 $— $392,893 $7,461,255 

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BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)Carrying
Amount		Total
Fair Value		Level 1Level 2Level 3
December 31, 2025
     
Financial Assets:     
Cash and Short-Term Investments$583,568 $583,568 $583,568 $— $— 
Securities Purchased Under Agreements to Resell25,587 25,587 — 25,587 — 
Securities989,229 989,229 — 957,261 31,968 
Loans Held for Sale1,094 1,094 — 1,094 — 
Loans - Net6,135,531 6,116,333 — — 6,116,333 
Cash Value of BOLI120,292 120,292 — 120,292 — 
Other Equity Securities49,342 49,342 — — 49,342 
Interest Rate Swaps8,023 8,023 — 8,023 — 
Total$7,912,666 $7,893,468 $583,568 $1,112,257 $6,197,643 
      
Financial Liabilities:     
Deposits$6,698,590 $6,698,181 $— $— $6,698,181 
Borrowings551,352 554,309 — 554,309 — 
Interest Rate Swaps8,023 8,023 — 8,023 — 
Total$7,257,965 $7,260,513 $— $562,332 $6,698,181 
Note 12– Subsequent Events –
On April 2, 2026, the Company completed an $85.0 million private placement of subordinated notes with a 6.50% fixed-to-floating rate due in 2036. The subordinated notes were issued to certain qualified institutional and accredited investors. The notes will bear interest at an annual rate of 6.50% until March 30, 2031, and then reset quarterly to the then current three-month Secured Overnight Financing Rate plus 300 basis points. The proceeds from the sale of these subordinated notes were utilized to redeem $66.9 million in outstanding subordinated notes, to provide additional capital support to b1BANK, to support growth, to better position the Company to take advantage of strategic opportunities that may arise from time to time, to repay other existing borrowings, and for other general corporate purposes.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations
FORWARD-LOOKING STATEMENTS
When we refer in this Form 10-Q to “we,” “our,” “us,” the “Company” and “Business First,” we are referring to Business First Bancshares, Inc. and its consolidated subsidiaries, including b1BANK, which we sometimes refer to as “the Bank,” unless the context indicates otherwise.
The information contained in this Form 10-Q is accurate only as of the date of this form and the dates specified herein.
All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q (this “Report”) and other periodic reports filed by the Company, and other written or oral statements made by us or on our behalf, are “forward-looking statements,” as defined by (and subject to the “safe harbor” protections under) the federal securities laws. These forward-looking statements include statements that reflect the current views of our senior management with respect to our financial performance and future events with respect to our business and the banking industry in general. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “will continue,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” and similar expressions of a future or forward-looking nature. These statements involve estimates, assumptions, and risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements.
We believe these factors include, but are not limited to, the following:
•risks related to the integration of any other acquired businesses, including exposure to potential asset quality and credit quality risks and unknown or contingent liabilities, risks related to entering a new geographic market, the time and costs associated with integrating systems, technology platforms, procedures and personnel, the ability to retain key employees and maintain relationships with significant customers, the need for additional capital to finance such transactions, and possible failures in realizing the anticipated benefits from acquisitions;
•changes in the strength of the United States (“U.S.”) economy in general and the local economy in our local market areas adversely affecting our customers and their ability to transact profitable business with us, including the ability of our borrowers to repay their loans according to their terms or a change in the value of the related collateral;
•economic risks posed by our geographic concentration in Louisiana, the Dallas/Fort Worth metroplex and Houston;
•the ability to sustain and continue our organic loan and deposit growth, and manage that growth effectively;
•market declines in industries to which we have exposure, such as the volatility in oil prices and downturns in the energy industry that impact certain of our borrowers and investments that operate within, or are backed by collateral associated with, the energy industry;
•volatility and direction of interest rates and market prices, which could reduce our net interest margins, asset valuations and expense expectations;
•interest rate risk associated with our business;
•changes in the levels of loan prepayments and the resulting effects on the value of our loan portfolio;
•increased competition in the financial services industry, particularly from regional and national institutions and emerging non-bank competitors;
•increased credit risk in our assets and increased operating risk caused by a material change in commercial, consumer and/or real estate loans as a percentage of our total loan portfolio;

32
•changes in the value of collateral securing our loans;
•deteriorating asset quality and higher loan charge-offs, and the time and effort required to resolve problem assets;
•the failure of assumptions underlying the establishment of and provisions made to our allowance for credit losses;
•changes in the availability of funds resulting in increased costs or reduced liquidity;
•our ability to maintain important deposit customer relationships and our reputation;
•a determination or downgrade in the credit quality and credit agency ratings of the securities in our securities portfolio;
•increased asset levels and changes in the composition of assets and the resulting impact on our capital levels and regulatory capital ratios;
•our ability to prudently manage our growth and execute our strategy;
•risks associated with our acquisition and de novo branching strategy;
•the loss of senior management or operating personnel and the potential inability to hire qualified personnel at reasonable compensation levels;
•legislative or regulatory developments, including changes in the laws, regulations, interpretations or policies relating to financial institutions, accounting, tax, trade, monetary and fiscal matters;
•government intervention in the U.S. financial system;
•changes in statutes and government regulations or their interpretations applicable to us, including changes in tax requirements and tax rates;
•natural disasters and adverse weather, acts of terrorism, an outbreak of hostilities or other international or domestic calamities, epidemics and pandemics such as coronavirus, and other matters beyond our control; and
•other risks and uncertainties listed from time to time in our reports and documents filed with the U.S. Securities and Exchange Commission (“SEC”).
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this Report. Additional information on these and other risk factors can be found in Item 1A. “Risk Factors” of this Report and in Item 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC.
In the event that one or more events related to these, or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and we do not undertake any obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for us to predict which will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.


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MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF BUSINESS FIRST

The following discussion and analysis focuses on significant changes in the financial condition of Business First and its subsidiaries from December 31, 2025 to March 31, 2026, and its results of operations for the three months ended March 31, 2026. This discussion and analysis is intended to highlight and supplement information presented elsewhere in this report and should be read in conjunction with (i) the accompanying unaudited consolidated financial statements and the notes thereto (the “Notes”) and (ii) our Annual Report on Form 10-K for the year ended December 31, 2025, including the audited consolidated financial statements and notes thereto, management’s discussion and analysis, and the risk factor disclosures contained therein. This discussion and analysis contains forward-looking statements that are subject to certain risks and uncertainties and are based on certain assumptions that Business First believes are reasonable but may prove to be inaccurate. Certain risks, uncertainties and other factors, including those set forth under “Forward-Looking Statements,” “Risk Factors” and elsewhere in this report, may cause actual results to differ materially from those projected results discussed in the forward-looking statements appearing in this discussion and analysis. Business First assumes no obligation to update any of these forward-looking statements.

Overview
We are a registered financial holding company headquartered in Baton Rouge, Louisiana. Through our wholly-owned subsidiary, b1BANK, a Louisiana state chartered bank, we provide a broad range of financial services tailored to meet the needs of small-to-midsized businesses and professionals. Since our inception in 2006, our priority has been and continues to be creating shareholder value through the establishment of an attractive commercial banking franchise in Louisiana and across our region. We consider our primary market to include the State of Louisiana, the Dallas/Fort Worth metroplex, and Houston. We currently operate out of banking centers and loan production offices across Louisiana and Texas. As of March 31, 2026, we had total assets of $8.9 billion, total loans of $6.7 billion, total deposits of $7.5 billion, and total shareholders’ equity of $991.2 million.
As a financial holding company operating through one reportable operating segment, community banking, we generate most of our revenues from interest income on loans, customer service and loan fees, and interest income from securities. We incur interest expense on deposits and other borrowed funds and noninterest expense, such as salaries and employee benefits and occupancy expenses. We analyze our ability to maximize income generated from interest-earning assets and expense of our liabilities through our net interest margin. Net interest margin is a ratio calculated as net interest income divided by average interest-earning assets. Net interest income is the difference between interest income on interest-earning assets, such as loans and securities, and interest expense on interest-bearing liabilities, such as deposits and borrowings, which are used to fund those assets.
Changes in the market interest rates and the interest rates we earn on interest-earning assets or pay on interest-bearing liabilities, as well as the volume and types of interest-earning assets, interest-bearing and noninterest-bearing liabilities and shareholders’ equity, are usually the largest drivers of periodic changes in net interest spread, net interest margin and net interest income. Fluctuations in market interest rates are driven by many factors, including governmental monetary policies, inflation, deflation, macroeconomic developments, changes in unemployment, the money supply, political and international conditions, and conditions in domestic and foreign financial markets. Periodic changes in the volume and types of loans in our loan portfolio are affected by, among other factors, economic and competitive conditions in our markets and across our region, as well as developments affecting the real estate, technology, financial services, insurance, transportation, manufacturing and energy sectors within our markets.
Other Developments
Acquisition of Progressive Bancorp, Inc. ("Progressive")
On January 1, 2026, we consummated the merger of Progressive, the parent bank holding company for Progressive Bank, with and into Business First, with Business First continuing as the surviving corporation pursuant to the terms of the Reorganization Agreement. Immediately following consummation of the Progressive acquisition, Progressive Bank merged with and into b1BANK, with b1BANK surviving the merger. Pursuant to the terms of the Reorganization Agreement, upon consummation of the Progressive acquisition, we issued 3,192,367 shares of our common stock to the former shareholders

34
of Progressive. As of December 31, 2025, Progressive had $773.8 million in total assets, $597.2 million in loans and $684.9 million in total deposits.
Technology Partnership with Covecta
On February 17, 2026, we announced a strategic partnership with Covecta, to deploy agentic AI across the bank's day to day workflows. The collaboration focuses on streamlining and automating repeatable, policy-driven activities across core deposit and loans operational processes, reducing manual effort and operational friction so that teams can devote more time towards higher value-adding work including analysis, exception handling and customer engagement.
Private Placement of Subordinated Notes
On April 2, 2026, we completed an $85.0 million private placement of subordinated notes with a 6.50% fixed-to-floating rate due in 2036. The subordinated notes were issued to certain qualified institutional and accredited investors. The notes will bear interest at an annual rate of 6.50% until March 30, 2031, and then reset quarterly to the then current three-month Secured Overnight Financing Rate plus 300 basis points. The proceeds from the sale of these subordinated notes were utilized to redeem $66.9 million in outstanding subordinated notes, to provide additional capital support to b1BANK, to support growth, to better position the Company to take advantage of strategic opportunities that may arise from time to time, to repay other existing borrowings, and for other general corporate purposes.
Financial Highlights
The financial highlights as of and for the three months ended March 31, 2026, include:
•Total assets of $8.9 billion, a $692.1 million, or 8.4%, increase from December 31, 2025.
•Total loans held for investment of $6.7 billion, a $494.8 million, or 8.0%, increase from December 31, 2025.
•Total deposits of $7.5 billion, a $766.4 million, or 11.4%, increase from December 31, 2025.
•Net income available to common shareholders of $22.2 million for the three months ended March 31, 2026, a $3.0 million, or 15.7%, increase from the three months ended March 31, 2025. The increase was largely attributable to the acquisition of Progressive during the quarter ended March 31, 2026.
•Net interest income of $75.2 million for the three months ended March 31, 2026, an increase of $9.2 million, or 14.0%, from the three months ended March 31, 2025. The increase was largely attributable to the acquisition of Progressive during the quarter ended March 31, 2026.
•Allowance for credit losses of 1.03% of total loans held for investment, compared to 0.94% as of December 31, 2025, and a ratio of nonperforming loans to total loans held for investment of 1.53%, compared to 1.24% as of December 31, 2025.
•Earnings per common share for the first three months of 2026 of $0.68 per basic and diluted common share, compared to $0.65 per basic and diluted common share for the first three months of 2025.
•Return on average assets of 1.01% over the first three months of 2026, compared to 1.00% for the first three months of 2025.
•Return on average common equity of 9.77% over the first three months of 2026, compared to 10.48% for the first three months of 2025.
•Capital ratios for Tier 1 Leverage, Common Equity Tier 1, Tier 1 Risk-based and Total Risk-based Capital of 10.03%, 10.21%, 11.26% and 13.08%, respectively, compared to 10.08%, 9.94%, 11.00% and 12.93% at December 31, 2025.
•Book value per common share of $28.18, an increase of 0.8% from $27.95 at December 31, 2025.

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Results of Operations for the Three Months Ended March 31, 2026, and 2025
Performance Summary
For the three months ended March 31, 2026, net income available to common shareholders was $22.2 million, or $0.68 per basic and diluted common share, compared to net income of $19.2 million, or $0.65 per basic and diluted common share, for the three months ended March 31, 2025. Return on average assets, on an annualized basis, increased to 1.01% for the three months ended March 31, 2026, from 1.00% for the three months ended March 31, 2025. Return on average equity, on an annualized basis, decreased to 9.77% for the three months ended March 31, 2026, as compared to 10.48% for the three months ended March 31, 2025.
Net Interest Income
Our operating results depend primarily on our net interest income, calculated as the difference between interest income on interest-earning assets, such as loans and securities, and interest expense on interest-bearing liabilities, such as deposits and borrowings. Fluctuations in market interest rates impact the yield and rates paid on interest sensitive assets and liabilities. Changes in the amount and type of interest-earning assets and interest-bearing liabilities also impact net interest income. The variance driven by the changes in the amount and mix of interest-earning assets and interest-bearing liabilities is referred to as a “volume change.” Changes in yields earned on interest-earning assets and rates paid on interest-bearing deposits and other borrowed funds are referred to as a “rate change.”
To evaluate net interest income, we measure and monitor (1) yields on our loans and other interest-earning assets, (2) the costs of our deposits and other funding sources, (3) our net interest spread and (4) our net interest margin. Net interest spread is the difference between rates earned on interest-earning assets and rates paid on interest-bearing liabilities. Net interest margin is calculated as net interest income divided by average interest-earning assets. Because noninterest-bearing sources of funds, such as noninterest-bearing deposits and shareholders’ equity also fund interest-earning assets, net interest margin includes the benefit of these noninterest-bearing sources. We calculate average assets, liabilities, and equity using a daily average, and average yield/rate utilizing an actual day count convention.
For the three months ended March 31, 2026, net interest income totaled $75.2 million, and net interest margin and net interest spread were 3.65% and 2.91%, respectively, compared to $66.0 million, 3.68%, and 2.91%, respectively, for the three months ended March 31, 2025. The average yield on the loan portfolio was 6.61% for the three months ended March 31, 2026, compared to 6.99% for the three months ended March 31, 2025, and the average yield on total interest-earning assets was 5.95% for the three months ended March 31, 2026, compared to 6.35% for the three months ended March 31, 2025. For the three months ended March 31, 2026, overall cost of funds (which includes noninterest-bearing deposits) decreased 37 basis points compared to the three months ended March 31, 2025.
The following table presents, for the periods indicated, an analysis of net interest income by each major category of interest-earning assets and interest-bearing liabilities, the average amounts outstanding and the interest earned or paid on such amounts. The table also sets forth the average rate earned on interest-earning assets, the average rate paid on interest-bearing liabilities, and the net interest margin on average total interest-earning assets for the same periods. Interest earned on loans that are classified as nonaccrual is not recognized in income; however, the balances are reflected in average outstanding balances for the period. For the three months ended March 31, 2026, and 2025, interest income not recognized on nonaccrual loans was not material. Any nonaccrual loans have been included in the table as loans carrying a zero yield. The average total loans reflected below are net of deferred loan fees and discounts. Acquired loans were recorded at fair value at acquisition and accrete/amortize discounts and premiums as an adjustment to yield. Averages presented in the table below, and throughout this report, are daily averages.

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For the Three Months Ended March 31,
 20262025
(Dollars in thousands) (Unaudited)Average
Outstanding
Balance		Interest
Earned/Interest
Paid		Average Yield/RateAverage
Outstanding
Balance		Interest
Earned/Interest
Paid		Average Yield/Rate
Assets      
Interest-earning assets:      
Total loans$6,698,261 $109,146 6.61%$5,972,120 $102,992 6.99%
Securities1,065,447 8,462 3.22 924,693 6,614 2.90 
Securities purchased under agreements to resell26,657 302 4.59 50,836 651 5.19 
Interest-bearing deposits in other banks558,468 4,584 3.33 315,750 3,436 4.41 
Total interest-earning assets8,348,833 122,494 5.95 7,263,399 113,693 6.35 
Allowance for loan losses(60,553)  (54,711)  
Noninterest-earning assets605,139   542,294   
Total assets$8,893,419 $122,494  $7,750,982 $113,693  
Liabilities and Shareholders' Equity      
Interest-bearing liabilities:      
Interest-bearing deposits$5,884,257 $42,758 2.95%$5,141,498 $42,439 3.35%
Subordinated debt92,163 1,209 5.32 97,251 1,262 5.26 
Subordinated debt - trust preferred securities11,671 165 5.73 5,000 99 8.03 
Advances from FHLB297,588 3,038 4.14 362,092 3,796 4.25 
Other borrowings20,030 129 2.61 18,321 114 2.52 
Total interest-bearing liabilities6,305,709 47,299 3.04 5,624,162 47,710 3.44 
Noninterest-bearing liabilities:      
Noninterest-bearing deposits1,521,252   1,244,793   
Other liabilities72,491   67,167   
Total noninterest-bearing liabilities1,593,743   1,311,960   
Shareholders' equity:      
Common shareholders' equity922,037   742,930   
Preferred equity71,930   71,930   
Total shareholders' equity993,967   814,860   
Total liabilities and shareholders' equity$8,893,419   $7,750,982   
Net interest rate spread (1)  2.91%  2.91%
Net interest income $75,195  $65,983 
Net interest margin (2)  3.65%  3.68%
Overall cost of funds  2.45%  2.82%
____________________________
(1)Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
(2)Net interest margin is equal to net interest income divided by average interest-earning assets.

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The following table presents information regarding the dollar amount of changes in interest income and interest expense for the periods indicated for each major component of interest-earning assets and interest-bearing liabilities and distinguishes between the changes attributable to changes in volume and changes attributable to changes in interest rates. For the purposes of this table, changes attributable to both rate and volume that cannot be segregated have been allocated to rate.
 
For the Three Months Ended March 31, 2026 compared to the
Three Months Ended March 31, 2025
 Increase (Decrease) due to change in
(Dollars in thousands) (Unaudited)VolumeRateTotal
Interest-earning assets:   
Total loans$11,832 $(5,678)$6,154 
Securities1,118 730 1,848 
Securities purchased under agreements to resell(274)(75)(349)
Interest-bearing deposits in other banks1,992 (844)1,148 
Total increase (decrease) in interest income$14,668 $(5,867)$8,801 
Interest-bearing liabilities:  
Interest-bearing deposits$5,397 $(5,078)$319 
Subordinated debt(67)14 (53)
Subordinated debt - trust preferred securities94 (28)66 
Advances from FHLB(659)(99)(758)
Other borrowings11 4 15 
Total increase (decrease) in interest expense$4,776 $(5,187)$(411)
Increase (decrease) in net interest income$9,892 $(680)$9,212 
Provision for Credit Losses
Our provision for credit losses is a charge to income in order to bring our allowance for credit losses to a level deemed appropriate by management. For a description of the factors taken into account by management in determining the allowance for credit losses see “—Financial Condition—Allowance for Credit Losses.” The provision for credit losses was $2.3 million for the three months ended March 31, 2026, and $2.8 million for the same period in 2025. The lower provision for the three months ended March 31, 2026, compared to the same period in 2025 is primarily the result of higher specific reserve estimates during the three months ended March 31, 2025, as compared to the three months ended March 31, 2026. The decrease was partially offset by increased reserve estimates on the pooled portfolio.

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Noninterest Income (“Other Income”)
Our primary sources of noninterest income are service charges on deposit accounts, debit card and automated teller machine (“ATM”) fee income, income from bank-owned life insurance, fees and brokerage commissions, loan sales, swap fee income, and pass-through income from other investments (small business investment company (“SBIC”) partnerships and financial technology (“Fintech”) funds). The following table presents, for the periods indicated, the major categories of noninterest income:
 
For the Three Months Ended March 31,
 
(Dollars in thousands) (Unaudited)20262025Increase (Decrease)
Noninterest income:   
Service charges on deposit accounts$3,142 $2,860 $282 
Debit card and ATM fee income2,306 1,858 448 
Cash value of life insurance income831 808 23 
Gain on sales of loans1,341 1,256 85 
Gain (loss) on sales of investment securities80 (1)81 
Fees and brokerage commissions2,261 2,148 113 
Gain on extinguishment of debt— 630 (630)
Swap fee income1,537 739 798 
Pass-through income from other investments135 751 (616)
Other2,417 2,177 240 
Total noninterest income$14,050 $13,226 $824 
Total noninterest income increased $824,000, or 6.2%, from the three months ended March 31, 2025, mainly attributable to an increase in service charges on deposit accounts of $282,000, or 9.9%, an increase in debit card and ATM fee income of $448,000, or 24.1%, an increase in swap fee income of $798,000, or 108.0%, and the acquisition of Progressive. This is offset by the gain on the extinguishment of debt related to our subordinated debt of $630,000 and higher pass-through income from other investments in the quarter ended March 31, 2025.
Noninterest Expense (“Other Expense”)
Generally, noninterest expense is composed of all employee expenses and costs associated with operating our facilities, obtaining and retaining customer relationships, and providing bank services. The largest component of noninterest expense is salaries and employee benefits. Noninterest expense also includes operational expenses, such as occupancy and equipment expenses, advertising and promotion expenses, data processing expenses, and professional and regulatory fees, including Federal Deposit Insurance Corporation (“FDIC”) assessments, among others.

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The following tables present, for the periods indicated, the major categories of noninterest expense:
 
For the Three Months Ended March 31,
 
(Dollars in thousands) (Unaudited)20262025Increase (Decrease)
Salaries and employee benefits$33,039 $29,497 $3,542 
Non-staff expenses:  
Occupancy and equipment expense8,122 7,356 766 
Advertising and promotions1,508 1,291 217 
Communications652 591 61 
Ad valorem shares tax978 1,125 (147)
Data processing3,712 3,236 476 
Directors' fees260 279 (19)
Insurance411 404 7 
Legal and professional fees1,085 1,013 72 
Office supplies and printing313 311 2 
Regulatory assessments984 1,257 (273)
Merger and conversion related expenses1,377 250 1,127 
Other5,030 3,968 1,062 
Total noninterest expense$57,471 $50,578 $6,893 
Total noninterest expense increased $6.9 million, or 13.6%, from the three months ended March 31, 2025, primarily attributed to the increase in salaries and employee benefits of $3.5 million, or 12.0%, and an increase in merger and conversion related expenses of $1.1 million, or 450.8%. The increases were largely attributable to the acquisition of Progressive.
Income Tax Expense
The amount of income tax expense is influenced by the amounts of our pre-tax income, tax-exempt income and other nondeductible expenses. Deferred tax assets and liabilities are reflected at currently enacted income tax rates in effect for the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.
For the three months ended March 31, 2026, income tax expense totaled $5.9 million, an increase of $656,000, or 12.4%, compared to $5.3 million for the same period in 2025. Our effective tax rates for the three months ended March 31, 2026, and 2025 were 20.1% and 20.4%, respectively.
Financial Condition
Our total assets increased $692.1 million, or 8.4%, from December 31, 2025, to March 31, 2026, primarily due to the acquisition of Progressive.
Loan Portfolio
Our primary source of income is interest on loans to individuals, professionals and small-to-midsized businesses located in our markets. Our loan portfolio consists primarily of commercial loans and real estate loans secured by commercial real estate properties located in our primary market areas. Our loan portfolio represents the highest yielding component of our earning asset base.
As of March 31, 2026, total loans, excluding mortgage loans held for sale, were $6.7 billion, a $494.8 million increase, or 8.0%, compared to $6.2 billion as of December 31, 2025. Additionally, $480,000, and $1.1 million in loans were classified as loans held for sale as of March 31, 2026, and December 31, 2025, respectively.

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Total loans held for investment as a percentage of total deposits were 89.5% and 92.4% as of March 31, 2026, and December 31, 2025, respectively. Total loans held for investment as a percentage of total assets were 75.0% and 75.3% as of March 31, 2026, and December 31, 2025, respectively.
The following table summarizes our loan portfolio by type of loan as of the dates indicated.
 
As of March 31, 2026 (Unaudited)
As of December 31, 2025
(Dollars in thousands)AmountPercentAmountPercent
Real Estate Loans:    
Commercial
Real estate rental and leasing$1,586,322 23.7%$1,456,484 23.5%
Accommodation and food services280,818 4.2 247,951 4.0 
Other services (except public administration)155,478 2.3 160,548 2.6 
Health care and social assistance160,533 2.4 121,850 2.0 
Finance and insurance86,846 1.3 84,592 1.4 
Construction68,004 1.0 63,931 1.0 
Manufacturing68,150 1.0 73,369 1.2 
Agriculture, forestry, fishing and hunting62,246 0.9 42,730 0.7 
Transportation and warehousing18,442 0.3 22,070 0.4 
Other354,787 5.3 337,754 5.4 
Total Commercial2,841,626 42.4 2,611,279 42.2 
Construction685,817 10.3 639,069 10.3 
Residential1,141,220 17.1 944,065 15.3 
Total Real Estate Loans4,668,663 69.8 4,194,413 67.8 
Commercial1,943,412 29.1 1,921,833 31.0 
Consumer and Other72,188 1.1 73,244 1.2 
Total loans held for investment$6,684,263 100.0%$6,189,490 100.0%
 
As of March 31, 2026 (Unaudited)
As of December 31, 2025
(Dollars in thousands)AmountPercentAmountPercent
Commercial real estate loans:    
Dallas Region$727,527 25.5%$720,436 27.6%
New Orleans Region525,724 18.5 505,447 19.3 
North Louisiana Region694,993 24.5 454,909 17.4 
Capitol Region294,866 10.4 323,420 12.4 
Houston Region212,571 7.5 240,422 9.2 
Southwest Louisiana Region303,823 10.7 280,889 10.8 
Bayou Region82,122 2.9 85,756 3.3 
Total commercial real estate loans2,841,626 100.0 %2,611,279 100.0 %
Real Estate: Commercial loans are extensions of credit secured by owner-occupied and non-owner-occupied collateral. Repayment is generally dependent on the successful operations of the property. General economic conditions may impact the performance of these types of loans, including fluctuations in the value of real estate, vacancy rates, and unemployment trends. Real estate commercial loans also include farmland loans that can be, or are, used for agricultural purposes. These loans are usually repaid through refinancing, cash flow from the borrower’s ongoing operations, development of the property, or sale of the property.

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Real Estate: Commercial loans increased $230.3 million, or 8.8%, to $2.8 billion as of March 31, 2026, from $2.6 billion as of December 31, 2025.
Real Estate: Construction loans include loans to small-to-midsized businesses to construct owner-occupied properties, loans to developers of commercial real estate investment properties and residential developments and, to a lesser extent, loans to individual clients for construction of single-family homes in our market areas. Risks associated with these loans include fluctuations in the value of real estate, project completion risk and changes in market trends. We are also exposed to risk based on the ability of the construction loan borrower to finance the loan or sell the property upon completion of the project, which may be affected by changes in secondary market terms and criteria for permanent financing since the time we funded the loan.
Real Estate: Construction loans increased $46.7 million, or 7.3%, to $685.8 million as of March 31, 2026, from $639.1 million as of December 31, 2025.
Real Estate: Residential loans include first and second lien 1-4 family mortgage loans, as well as home equity lines of credit, in each case primarily on owner-occupied primary residences. The Company is exposed to risk based on fluctuations in the value of the real estate collateral securing the loan, as well as changes in the borrower’s financial condition, which could be affected by numerous factors, including divorce, job loss, illness, or other personal hardship. Real estate residential loans also include multi-family residential loans originated to provide permanent financing for multi-family residential income producing properties. Repayment of these loans primarily relies on successful rental and management of the property.
Real Estate: Residential loans increased $197.2 million, or 20.9%, to $1.1 billion as of March 31, 2026, from $944.1 million as of December 31, 2025.
Commercial loans include general commercial and industrial, or C&I, loans, including commercial lines of credit, working capital loans, term loans, equipment financing, asset acquisition, expansion, and development loans, borrowing base loans, letters of credit and other loan products, primarily in the Company’s target markets that are underwritten based on the borrower’s ability to service the debt from income. Commercial loan risk is derived from the expectation that such loans generally are serviced principally from the operations of the business, and those operations may not be successful. Any interruption or discontinuance of operating cash flows from the business, which may be influenced by events not under the control of the borrower such as economic events and changes in governmental regulations, could materially affect the ability of the borrower to repay the loan.
Commercial loans increased $21.6 million, or 1.1%, remaining at $1.9 billion at both March 31, 2026, and December 31, 2025.
Consumer and other loans include a variety of loans to individuals for personal, family and household purposes, including secured and unsecured installment and term loans. The risk is based on changes in the borrower’s financial condition, which could be affected by numerous factors, including divorce, job loss, illness or other personal hardship, and fluctuations in the value of the real estate or personal property securing the consumer loan, if any.
Consumer and other loans decreased $1.1 million, or 1.4%, to $72.2 million as of March 31, 2026, from $73.2 million as of December 31, 2025.

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The contractual maturity ranges of loans in our loan portfolio and the amount of such loans with fixed and floating interest rates in each maturity range as of the date indicated are summarized in the following tables:
 
As of March 31, 2026
(Dollars in thousands) (Unaudited)One Year or LessOne Through Five
Years		Five Through
Fifteen Years		After Fifteen YearsTotal
Real Estate Loans:     
Commercial$564,466 $1,706,065 $513,854 $57,241 $2,841,626 
Construction296,056 295,535 72,656 21,570 685,817 
Residential223,084 499,922 256,962 161,252 1,141,220 
Total Real Estate Loans1,083,606 2,501,522 843,472 240,063 4,668,663 
Commercial883,831 824,898 230,612 4,071 1,943,412 
Consumer and Other42,602 22,338 7,102 146 72,188 
Total loans held for investment$2,010,039 $3,348,758 $1,081,186 $244,280 $6,684,263 
     
Total fixed rate loans$779,112 $1,903,503 $615,976 $47,326 $3,345,917 
Total floating rate loans1,230,927 1,445,255 465,210 196,954 3,338,346 
Nonperforming Assets
Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on nonaccrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is generally reversed. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due, or interest may be recognized on a cash basis as long as the remaining book balance of the loan is deemed collectible. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.
We have several procedures in place to assist in maintaining the overall quality of our loan portfolio. We have established underwriting guidelines to be followed by our bankers, and we also monitor our delinquency levels for any negative or adverse trends. There can be no assurance, however, that our loan portfolio will not become subject to increasing pressures from deteriorating borrower credit due to general economic conditions.
We believe our conservative lending approach and focused management of nonperforming assets has resulted in sound asset quality and the timely resolution of problem assets. We had $123.1 million and $89.7 million in nonperforming assets as of March 31, 2026, and December 31, 2025, respectively. We had $102.2 million in nonperforming loans as of March 31, 2026, compared to $76.7 million as of December 31, 2025. The increase in nonperforming assets from December 31, 2025, to March 31, 2026, is primarily due to six commercial lending relationships, four of which are real estate loans and two are commercial loans. There was also a property in Texas we foreclosed on during the quarter ended March 31, 2026.

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The following tables present information regarding nonperforming assets at the dates indicated:
(Dollars in thousands)
As of March 31, 2026 (Unaudited)
As of December 31, 2025
Nonaccrual loans$100,803 $74,471 
Accruing loans 90 or more days past due1,404 2,215 
Total nonperforming loans102,207 76,686 
Other nonperforming assets— — 
Other real estate owned:
Commercial real estate, construction, land and land development20,467 12,192 
Residential real estate431 821 
Total other real estate owned20,898 13,013 
Total nonperforming assets$123,105 $89,699 
Ratio of nonperforming loans to total loans held for investment1.53%1.24%
Ratio of nonperforming assets to total assets1.38 1.09 
Ratio of nonaccrual loans to total loans held for investment1.51 1.20 
(Dollars in thousands)
As of March 31, 2026 (Unaudited)
As of December 31, 2025
Nonaccrual loans by category:  
Real Estate Loans:  
Commercial$44,357 $36,252 
Construction7,236 4,539 
Residential15,171 10,144 
Total Real Estate Loans66,764 50,935 
Commercial33,841 23,370 
Consumer and Other198 166 
Total$100,803 $74,471 
Potential Problem Loans
From a credit risk standpoint, we classify loans in one of four categories: pass, special mention, substandard or doubtful. Loans classified as loss are charged-off. The classifications of loans reflect a judgment about the risks of default and loss associated with the loan. Ratings are adjusted to reflect the degree of risk and loss that is believed to be inherent in each credit. Our methodology is structured so that specific allocations are increased in accordance with deterioration in credit quality (and a corresponding increase in risk of loss) or decreased in accordance with improvement in credit quality (and a corresponding decrease in risk of loss).
For additional information, see Note 5 of the consolidated financial statements for a summary of loans by credit quality indicators.
Allowance for Credit Losses
We maintain an allowance for credit losses, which includes both our allowance for loan losses and reserves for unfunded commitments, that represents management’s best estimate of the credit losses and risks inherent in the loan portfolio. In determining the allowance for credit losses, we estimate losses on specific loans, or groups of loans, where the probable loss can be identified and reasonably determined. The balance of the allowance for credit losses is based on internally assigned risk classifications of loans, changes in the nature of the loan portfolio, overall portfolio quality, industry concentrations, delinquency trends, current economic factors and the estimated impact of current economic

44
conditions on certain historical credit loss rates. For additional information, see Note 5 to the consolidated financial statements.
In connection with our review of the loan portfolio, we consider risk elements attributable to particular loan types or categories in assessing the quality of individual loans. Some of the risk elements we consider include:
•for Real Estate: Commercial loans, the debt service coverage ratio (income from the property in excess of operating expenses compared to loan payment requirements), operating results of the owner in the case of owner-occupied properties, the loan to value ratio, the age and condition of the collateral, and the volatility of income, property value and future operating results typical for properties of that type;
•for Real Estate: Construction loans, the perceived feasibility of the project including the ability to sell developed lots or improvements constructed for resale or the ability to lease property constructed for lease, the quality and nature of contracts for presale or prelease, if any, the experience and ability of the developer, and the loan to value ratio;
•for Real Estate: Residential real estate loans, the borrower’s ability to repay the loan, including a consideration of the debt to income ratio and employment and income stability, the loan to value ratio, and the age, condition and marketability of the collateral; and
•for Commercial loans, the operating results of the commercial, industrial or professional enterprise, the borrower’s business, professional and financial ability and expertise, the specific risks and volatility of income and operating results typical for businesses in that category, and the value, nature and marketability of collateral;
As of March 31, 2026, the allowance for credit losses totaled $68.8 million, or 1.03%, of total loans held for investment. As of December 31, 2025, the allowance for credit losses totaled $58.1 million, or 0.94%, of total loans held for investment.
The following tables present, as of and for the periods indicated, an analysis of the allowance for credit losses and other related data:

45
(Dollars in thousands)
As of and For the Three Months Ended March 31, 2026 (Unaudited)
As of and For the Year Ended December 31, 2025
Average loans outstanding$6,698,261 $6,023,214 
Gross loans held for investment outstanding end of period$6,684,263 $6,189,490 
Allowance for credit losses at beginning of period$58,136 $58,528 
Adjustment for Progressive purchased credit deterioration loans9,264 - 
Provision for credit losses2,278 11,318 
Charge-offs:  
Real Estate:  
Commercial— 4,116 
Construction— 20 
Residential— 242 
Total Real Estate— 4,378 
Commercial593 6,768 
Consumer and other511 1,991 
Total charge-offs1,104 13,137 
Recoveries:  
Real Estate:  
Commercial6 30 
Construction4 211 
Residential14 33 
Total Real Estate24 274 
Commercial113 839 
Consumer and other44 314 
Total recoveries181 1,427 
Net charge-offs923 11,710 
Allowance for credit losses at end of period$68,755 $58,136 
Ratio of allowance for credit losses to end of period loans held for investment1.03%0.94%
Ratio of net charge-offs to average loans0.01 0.19 
Ratio of allowance for credit losses to nonaccrual loans68.21 78.07 

 
As of and For the Three Months Ended March 31, 2026 (Unaudited)
As of and For the Year Ended December 31, 2025
As of and For the Three Months Ended March 31, 2025 (Unaudited)
(Dollars in thousands)Net Charge-offs
(Recoveries)		Percent of Average
Loans		Net Charge-offs
(Recoveries)		Percent of Average
Loans		Net Charge-offs
(Recoveries)		Percent of Average
Loans
Real estate:      
Commercial$(6)0.00%$4,086 0.07%$(3)0.00%
Construction(4)0.00(191)0.00(95)0.00
Residential(14)0.00209 0.00219 0.00
Total Real Estate Loans(24)0.004,104 0.07121 0.00
Commercial480 0.015,929 0.10357 0.01
Consumer and Other467 0.011,677 0.02499 0.01
Total net charge-offs$923 0.02%$11,710 0.19%$977 0.02%

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Although we believe that we have established our allowance for credit losses in accordance with U.S. GAAP and that the allowance for credit losses was adequate to provide for known and estimated losses in the portfolio at all times shown above, future provisions will be subject to ongoing evaluations of the risks in our loan portfolio. If we experience economic declines or if asset quality deteriorates, material additional provisions could be required.
The following table shows the allocation of the allowance for credit losses among loan categories and certain other information as of the dates indicated. The allocation of the allowance for credit losses as shown in the table should neither be interpreted as an indication of future charge-offs, nor as an indication that charge-offs in future periods will necessarily occur in these amounts or in the indicated proportions. The total allowance is available to absorb losses from any loan category.
 
As of March 31, 2026 (Unaudited)
As of December 31, 2025
As of March 31, 2025 (Unaudited)
(Dollars in thousands)AmountPercent to TotalAmountPercent to TotalAmountPercent to Total
Real estate:      
Commercial$24,434 35.5%$23,806 40.9%$23,542 39.0%
Construction6,216 9.1 4,416 7.6 7,392 12.2 
Residential9,845 14.3 7,732 13.3 9,339 15.5 
Total real estate40,495 58.9 35,954 61.8 40,273 66.7 
Commercial27,488 40.0 21,618 37.2 19,532 32.4 
Consumer and Other772 1.1 564 1.0 558 0.9 
Total allowance for credit losses$68,755 100.0%$58,136 100.0%$60,363 100.0%
Securities
We use our securities portfolio to provide a source of liquidity, an appropriate return on funds invested, manage interest rate risk, meet collateral requirements, and meet regulatory capital requirements. As of March 31, 2026, the carrying amount of investment securities totaled $1.0 billion, an increase of $56.6 million, or 5.7%, compared to $989.2 million as of December 31, 2025. The increase was primarily due to acquisition of Progressive. Securities represented 11.7% and 12.0% of total assets as of March 31, 2026, and December 31, 2025, respectively.
Our investment portfolio consists entirely of securities classified as available for sale. As a result, the carrying values of our investment securities are adjusted for unrealized gain or loss, and any gain or loss is reported on an after-tax basis as a component of other comprehensive income in shareholders’ equity. The following tables summarize the amortized cost and estimated fair value of investment securities as of the dates shown:
 
As of March 31, 2026
(Dollars in thousands) (Unaudited)Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Fair Value
U.S. treasury securities$24,562 $— $282 $24,280 
U.S. government agencies10,046 — 141 9,905 
Corporate bonds36,447 58 1,872 34,633 
Mortgage-backed securities745,133 1,485 29,174 717,444 
Municipal securities277,692 260 18,397 259,555 
Total$1,093,880 $1,803 $49,866 $1,045,817 

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As of December 31, 2025
(Dollars in thousands)Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Fair Value
U.S. treasury securities$17,571 $— $293 $17,278 
U.S. government agencies10,070 — 196 9,874 
Corporate bonds38,324 377 1,639 37,062 
Mortgage-backed securities674,211 3,153 27,273 650,091 
Municipal securities291,256 536 16,868 274,924 
Total$1,031,432 $4,066 $46,269 $989,229 
All of our mortgage-backed securities are agency securities. We do not hold any Fannie Mae or Freddie Mac preferred stock, corporate equity, collateralized debt obligations, collateralized loan obligations, private label collateralized mortgage obligations, subprime, Alt-A, or second lien elements in our investment portfolio as of March 31, 2026.

The allowance for credit losses encompasses potential expected credit losses related to the securities portfolio. In order to develop an estimate of credit losses expected for the current securities portfolio, we perform an assessment that includes reviewing historical loss data for both our portfolio and similar types of investment securities. Additionally, our review of the securities portfolio for expected credit losses includes an evaluation of factors including the security issuer bond ratings, delinquency status, insurance or other available credit support, as well as our expectations of the forecasted economic outlook relevant to these securities. The results of the analysis are evaluated quarterly to confirm that credit loss estimates are appropriate for the securities portfolio. Based on our assessments, expected credit losses on the investment securities portfolio as of both March 31, 2026 and December 31, 2025, was negligible and therefore, no allowance for credit loss was recorded related to our investment securities.
As of March 31, 2026, and December 31, 2025, the Company held other equity securities of $40.0 million and $49.3 million, respectively, comprised mainly of FHLB stock, SBICs and Fintech fund investments.
Deposits
We offer a variety of deposit accounts having a wide range of interest rates and terms including demand, savings, money market and time accounts. We rely primarily on competitive pricing policies, convenient locations and personalized service to attract and retain these deposits.

Total deposits as of March 31, 2026, were $7.5 billion, an increase of $766.4 million, or 11.4%, compared to $6.7 billion as of December 31, 2025. Total uninsured deposits were $3.5 billion, or 46.5%, of total deposits as of March 31, 2026 compared to $2.9 billion, or 43.2%, of total deposits as of December 31, 2025. Since it is not reasonably practical to provide a precise measure of uninsured deposits, the amounts are estimated and are based on the same methodologies and assumptions that are used for regulatory reporting requirements for the call report.
Noninterest-bearing deposits as of March 31, 2026, were $1.6 billion, compared to $1.3 billion as of December 31, 2025, an increase of $253.0 million, or 19.1%.
Average deposits for the three months ended March 31, 2026, were $7.4 billion, an increase of $974.8 million, or 15.2%, over the full year average for the year ended December 31, 2025, of $6.4 billion. The increase was largely attributable to the impact of the acquisition of Progressive on January 1, 2026. The average rate paid on total interest-bearing deposits decreased over this period from 3.29% for the year ended December 31, 2025, to 2.95% for the three months ended March 31, 2026. In addition, noninterest-bearing demand accounts served to reduce the cost of deposits to 2.34% for the three months ended March 31, 2026, compared to 2.63% for the year ended December 31, 2025.

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The following table presents the daily average balances and weighted average rates paid on deposits for the periods indicated:
 
For the Three Months Ended March 31, (Unaudited)
For the Year Ended December 31, 2025
(Dollars in thousands)Average BalanceAverage RateAverage BalanceAverage Rate
Interest-bearing demand accounts$889,495 2.28%$807,107 2.54%
Negotiable order of withdrawal ("NOW") accounts411,173 2.16303,167 2.51
Limited access money market accounts and savings3,148,245 2.852,601,497 3.24
Certificates and other time deposits > $250k794,025 3.97783,326 4.19
Certificates and other time deposits < $250k
641,319 3.57639,425 3.70
Total interest-bearing deposits5,884,257 2.955,134,522 3.29
Noninterest-bearing demand accounts1,521,252 —1,296,162 —
Total deposits$7,405,509 2.34%$6,430,684 2.63%
The ratio of average noninterest-bearing deposits to average total deposits for the three months ended March 31, 2026, and the year ended December 31, 2025, was 20.5% and 20.2%, respectively.
Federal Funds Purchased Lines of Credit Relationships
We maintain Federal Funds Purchased Lines of Credit Relationships with the following correspondent banks and limits as of March 31, 2026:
(Dollars in thousands)Fed Funds Purchase
Limits
TIB National Association$45,000 
PNC Bank38,000 
FNBB35,000 
First Horizon Bank17,000 
ServisFirst Bank10,000 
Total$145,000 
We had no outstanding balances on these lines at both March 31, 2026 and December 31, 2025.
Liquidity and Capital Resources
Liquidity
Liquidity involves our ability to utilize funds to support asset growth and acquisitions or reduce assets to meet deposit withdrawals and other payment obligations, to maintain reserve requirements and otherwise to operate on an ongoing basis and manage unexpected events. For the three months ended March 31, 2026, and the year ended December 31, 2025, liquidity needs were primarily met by core deposits, security and loan maturities, and amortizing investment and loan portfolios. In addition, we also utilize, or have available, brokered deposits, purchased funds from correspondent banks, the Federal Reserve discount window, and overnight advances from the FHLB. As of March 31, 2026, and December 31, 2025, we maintained five federal funds purchased lines of credit with correspondent banks which provided for extensions of credit with an availability to borrow up to an aggregate of $145.0 million. There were no funds drawn under these lines of credit at March 31, 2026, and December 31, 2025. We had an additional $1.5 billion and $1.2 billion of availability through the FHLB as of March 31, 2026, and December 31, 2025, respectively. As of March 31, 2026 and December 31, 2025, we had $924.7 million and $967.3 million, respectively, of availability through the Federal Reserve Discount Window.

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As of March 31, 2026, we had outstanding $2.0 billion in commitments to extend credit and $55.9 million in commitments associated with outstanding standby and commercial letters of credit. As of December 31, 2025, we had outstanding $1.7 billion in commitments to extend credit and $51.2 million in commitments associated with outstanding standby and commercial letters of credit. Because commitments associated with letters of credit and commitments to extend credit may expire unused, the total outstanding may not necessarily reflect the actual future cash funding requirements. See “Off Balance Sheet Items” below for additional information.
As of March 31, 2026, and December 31, 2025 we had cash and cash equivalents, including federal funds sold and securities purchased under agreements to resell, of $708.8 million and $609.2 million, respectively. We had no exposure to future cash requirements associated with known uncertainties or capital expenditures of a material nature for either period.
Capital Resources
Total shareholders’ equity increased to $991.2 million as of March 31, 2026, compared to $896.9 million as of December 31, 2025, an increase of $94.3 million, or 10.5%. This increase was primarily due to the acquisition of Progressive of $83.4 million and net income of $23.6 million, offset with other comprehensive losses of $4.6 million resulting from the after-tax effect of unrealized losses in our investment securities portfolio and dividends paid on preferred stock and common stock of $6.2 million.
On April 23, 2026, our Board declared a quarterly dividend in the amount of $18.75 per preferred share to the preferred shareholders of record as of May 15, 2026. The dividend is to be paid on May 29, 2026, or as soon as practicable thereafter.
On April 23, 2026, our Board declared a quarterly dividend based upon our financial performance for the three months ended March 31, 2026, in the amount of $0.15 per common share to the common shareholders of record as of May 15, 2026. The dividend is to be paid on May 29, 2026, or as soon as practicable thereafter.
The declaration and payment of dividends to our shareholders, as well as the amounts thereof, are subject to the discretion of the Board and depend upon our results of operations, financial condition, capital levels, cash requirements, future prospects and other factors deemed relevant by the Board. As a holding company, our ability to pay dividends is largely dependent upon the receipt of dividends from our subsidiary, b1BANK. There can be no assurance that we will declare and pay any dividends to our shareholders.
Capital management consists of providing equity to support current and future operations. Banking regulators view capital levels as important indicators of an institution’s financial soundness. As a general matter, FDIC-insured depository institutions and their holding companies are required to maintain minimum capital relative to the amount and types of assets they hold. We are subject to regulatory capital requirements at the holding company and bank levels. As of March 31, 2026, and December 31, 2025, we and b1BANK were in compliance with all applicable regulatory capital requirements, and b1BANK was classified as “well-capitalized,” for purposes of prompt corrective action regulations. As we employ our capital and continue to grow our operations, our regulatory capital levels may decrease depending on our level of earnings. However, we expect to monitor and control our growth in order to remain in compliance with all applicable regulatory capital standards applicable to us.

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The following table presents the actual capital amounts and regulatory capital ratios for us and b1BANK as of the dates indicated.
 
As of March 31, 2026 (Unaudited)
As of December 31, 2025
(Dollars in thousands)AmountRatioAmountRatio
Business First    
Total capital (to risk weighted assets)$1,017,078 13.08%$939,331 12.93%
Tier 1 capital (to risk weighted assets)875,778 11.26799,527 11.00
Common Equity Tier 1 capital (to risk weighted assets)794,182 10.21722,597 9.94
Tier 1 Leverage capital (to average assets)875,778 10.03799,527 10.08
     
b1BANK    
Total capital (to risk weighted assets)$998,297 12.85%$930,600 12.82%
Tier 1 capital (to risk weighted assets)929,542 11.96872,464 12.02
Common Equity Tier 1 capital (to risk weighted assets)929,542 11.96872,464 12.02
Tier 1 Leverage capital (to average assets)929,542 10.62872,464 11.01
FHLB Advances
Advances from the FHLB totaled approximately $260.8 million and $431.2 million at March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, and December 31, 2025, the FHLB advances were collateralized by a blanket floating lien on certain securities and loans, had a weighted average stated rate of 4.14% and 4.02%, respectively, and mature within ten years.
Contractual Obligations
The following tables summarize contractual obligations and other commitments to make future payments as of March 31, 2026, and December 31, 2025 (other than non-maturity deposit obligations), which consist of future cash payments associated with our contractual obligations pursuant to our FHLB advances, subordinated debt, revolving line of credit, and non-cancelable future operating leases. Payments related to leases are based on actual payments specified in underlying contracts. Advances from the FHLB totaled approximately $260.8 million and $431.2 million at March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, and December 31, 2025, the FHLB advances were collateralized by a blanket floating lien on certain securities and loans, had a weighted average stated rate of 4.14% and 4.02%, respectively, and mature within ten years. Subordinated debt totaled $92.5 million at both March 31, 2026 and December 31, 2025, respectively, including premium. Of this subordinated debt, $25.0 million bears interest at a fixed rate of 6.75% through December 31, 2028 and a floating rate, based on a benchmark rate plus 369 basis points, thereafter through maturity in 2033, $52.5 million of this subordinated debt bears interest at a fixed rate of 4.25% through March 31, 2026 and a floating rate, based on a benchmark rate plus 354 basis points, thereafter through maturity in 2031. During the three months ended March 31, 2025, $7.0 million of this debt was redeemed for a gain of $630,000. We had $3.9 million of this subordinated debt bearing interest at a fixed rate of 4.75% through April 1, 2026 and a floating rate, based on a benchmark rate plus 442 basis points, thereafter through maturity in 2031. We acquired three separate notes as part of the TCBI acquisition totaling $26.4 million. Of those notes, $10.0 million bears an adjustable interest rate plus 350 basis points, based on a benchmark rate, adjusting quarterly until maturity on April 11, 2028, and callable beginning April 11, 2023, $7.5 million bears an adjustable interest rate plus 350 basis points, based on a benchmark rate, adjusting quarterly, until maturity on December 13, 2028, and callable beginning December 13, 2023, and $8.9 million, which was called on May 1, 2023 and ceased bearing interest as of such date. As part of valuing these three subordinated notes from TCBI, we incurred a fair value adjustment premium of $3.4 million that will accrete over five-to-seven years, with $545,000 and $603,000 remaining at March 31, 2026 and December 31, 2025, respectively. We acquired two additional trust preferred securities as part of the Progressive acquisition totaling $5.2 million. Of the trust preferred securities, $4.0 million bears an adjustable interest rate plus 1.45%, based on a benchmark rate, adjusting quarterly, until maturity on December 15, 2037, and $1.2 million bears an adjustable rate plus 3.58%, based on a benchmark rate, adjusting quarterly, until maturity on July 31, 2031. As part of valuing these two trust preferred securities from Progressive, we incurred a fair value adjustment of

51
$555,000 and will amortize this over 12 years, with $544,000 remaining at March 31, 2026.
 
As of March 31, 2026
(Dollars in thousands) (Unaudited)1 year or lessMore than 1 year
but less than 3
years		3 years or more
but less than 5
years		5 years or moreTotal
Non-cancelable future operating leases$5,807 $10,285 $6,906 $5,700 $28,698 
Time deposits1,122,495 240,927 9,129 11 1,372,562 
Subordinated debt— 17,500 45,500 28,927 91,927 
Advances from FHLB83,155 100,825 26,812 50,000 260,792 
Subordinated debt - trust preferred securities— — — 10,210 10,210 
Securities sold under agreements to repurchase21,594 — — — 21,594 
Standby and commercial letters of credit52,790 3,014 70 — 55,874 
Commitments to extend credit1,322,324 481,699 97,191 89,579 1,990,793 
Total$2,608,165 $854,250 $185,608 $184,427 $3,832,450 
 
As of December 31, 2025
(Dollars in thousands)1 year or lessMore than 1 year
but less than 3
years		3 years or more
but less than 5
years		5 years or moreTotal
Non-cancelable future operating leases$5,896 $10,510 $7,382 $6,383 $30,171 
Time deposits1,170,413 227,926 9,106 — 1,407,445 
Subordinated debt— 17,500 — 74,427 91,927 
Advances from FHLB256,200 100,000 25,000 50,000 431,200 
Subordinated debt - trust preferred securities— — — 5,000 5,000 
Securities sold under agreements to repurchase22,622 — — — 22,622 
Standby and commercial letters of credit47,671 3,486 86 — 51,243 
Commitments to extend credit1,121,371 405,515 97,958 71,259 1,696,103 
Total$2,624,173 $764,937 $139,532 $207,069 $3,735,711 
Off-Balance Sheet Items
In the normal course of business, we enter into various transactions which, in accordance with U.S. GAAP, are not included in our consolidated balance sheets. We enter into these transactions to meet the financing needs of our customers. These transactions include commitments to extend credit and standby and commercial letters of credit which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the consolidated balance sheets.
Our commitments associated with outstanding standby and commercial letters of credit and commitments to extend credit expiring by period as of the date indicated are summarized in the tables above. Because commitments associated with letters of credit and commitments to extend credit may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements.
Standby and commercial letters of credit are conditional commitments issued by us to guarantee the performance of a customer to a third party. In the event of nonperformance by the customer, we have rights to the underlying collateral, which can include commercial real estate, physical plant and property, inventory, receivables, cash and/or marketable securities. The credit risk to us in issuing letters of credit is essentially the same as that involved in extending loan facilities to our customers.

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Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Because many of the commitments are expected to expire without being fully drawn upon, the total commitment amounts disclosed above do not necessarily represent future cash requirements. We evaluate each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if considered necessary by us, upon extension of credit, is based on management’s credit evaluation of the customer.
Interest Rate Sensitivity and Market Risk
As a financial institution, our primary component of market risk is sensitivity to movement in interest rates. Our asset and liability management policy provides management with the guidelines for effective interest rate risk management, and we have established a measurement system for monitoring our net interest rate sensitivity position. We manage our sensitivity position within our established guidelines.
Fluctuations in interest rates will ultimately impact both the level of income and expense recorded on most of our assets and liabilities, and the market value of all interest-earning assets and interest-bearing liabilities. Interest rate risk is the potential of economic losses due to future interest rate changes. These economic losses can be reflected as a loss of future net interest income and/or a loss of current fair market value of equity. The objective interest rate risk management is to measure the effect on net interest income and fair value of equity and to position the balance sheet to minimize the risk of losses and maximize the amount of income without taking on unnecessary earning volatility.
We seek to manage our exposure to interest rates by structuring our balance sheet in the ordinary course of business; however, we may enter into derivative contracts to hedge interest rate risk if it is appropriate given our risk profile and policy guidelines. Based upon the nature of our operations, we are not subject to foreign exchange or commodity price risk. We do not own any trading assets.
Our exposure to interest rate risk is managed by the asset-liability committee (“ALCO”) of b1BANK, in accordance with policies approved by our board of directors. In determining the appropriate level of interest rate risk, the committee considers the impact on earnings and capital of the current outlook on interest rates, potential changes in interest rates, regional economies, liquidity, business strategies and other factors. The committee meets regularly to review, among other things, the sensitivity of assets and liabilities to interest rate changes, the book and market values of assets and liabilities, unrealized gains and losses, purchase and sale activities, commitments to originate loans and the maturities of investments and borrowings. Additionally, the committee reviews liquidity, cash flow flexibility, maturities of deposits and consumer and commercial deposit activity. Management employs methodologies to manage interest rate risk which include an analysis of relationships between interest-earning assets and interest-bearing liabilities, and an interest rate shock simulation model.
We use interest rate risk simulation models and shock analysis to test the interest rate sensitivity of net interest income and fair value of equity, and the impact of changes in interest rates on other financial metrics. Contractual maturities and re-pricing opportunities of loans are incorporated in the model as prepayment assumptions, maturity data and optionality. Deposit assumptions such as repricing betas and non-maturity balance decay rates are also incorporated into the model. Model assumptions are revised and updated on a regular basis as directed by policy, and more frequently if conditions merit. The assumptions used are inherently uncertain and, as a result, the model cannot precisely measure future net interest income or precisely predict the impact of fluctuations in market interest rates on net interest income. Actual results will differ from the model’s simulated results due to timing, magnitude, and frequency of interest rate changes, as well as changes in market conditions, customer behavior, and the application and timing of various management strategies.
On at least a quarterly basis, we run simulation models to calculate potential impacts to net interest income and the fair value of equity. Specific details of the simulations are reflected in policy as directed by ALCO.

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The following table summarizes the simulated change in net interest income and fair value of equity over a 12-month horizon as of the dates indicated:
As of March 31, 2026
As of December 31, 2025
Change in Interest Rates (Basis Points)Percent Change in
Net Interest
Income		Percent Change in
Fair Value of
Equity		Percent Change in
Net Interest
Income		Percent Change in
Fair Value of
Equity
+3008.58%0.96%7.81%(3.73%)
+2005.860.895.31(2.36)
+1002.970.682.69(1.03)
Base————
-100(2.93)(0.73)(2.62)0.89
-200(5.67)(1.90)(5.09)1.23
The results of the simulations are primarily driven by the contractual characteristics of all balance sheet instruments and customer behavior.
Impact of Inflation
Our consolidated financial statements and related notes included elsewhere in this statement have been prepared in accordance with GAAP. These require the measurement of financial position and operating results in terms of historical dollars, without considering changes in the relative value of money over time due to inflation or recession.
Unlike many industrial companies, substantially all of our assets and liabilities are monetary in nature. As a result, interest rates have a more significant impact on our performance than the effects of general levels of inflation. Interest rates may not necessarily move in the same direction or in the same magnitude as the prices of goods and services. However, other operating expenses do reflect general levels of inflation.
Non-GAAP Financial Measures
Our accounting and reporting policies conform to GAAP, and the prevailing practices in the banking industry. However, we also evaluate our performance based on certain additional non-GAAP financial measures. We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures or ratios, or statistical measures calculated using exclusively either financial measures calculated in accordance with GAAP, operating measures or other measures that are not non-GAAP financial measures or both.
This discussion and analysis section includes certain non-GAAP financial measures (e.g., referenced as “core” or “tangible”) intended to supplement, not substitute for, comparable GAAP measures. These 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 measures include realized and unrealized gains/losses on former bank premises and equipment, gains/losses on sales of securities, and acquisition-related expenses (including, but not limited to, legal costs, system conversion costs, severance and retention payments, etc.). The measures also typically adjust goodwill and certain intangible assets from book value and shareholders’ equity.
Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s core business. These non-GAAP disclosures are not necessarily comparable to non-GAAP measures that may be presented by other companies. You should understand how such other banking organizations calculate their financial metrics or with names similar to the non-GAAP financial measures we have discussed in this statement when comparing such non-GAAP financial measures.

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Core Net Income. Core net income available to common shareholders, which excludes certain income and expenses, for the three months ended March 31, 2026, was $24.0 million, or $0.73 per diluted common share, compared to core net income available to common shareholders of $19.3 million, or $0.65 per diluted common share, for the three months ended March 31, 2025. Notable noncore events impacting earnings for the three months ended March 31, 2026, included acquisition-related expenses $2.2 million, compared to a $155,000 gain on sale of a former bank premises, $630,000 gain on the extinguishment of subordinated debt, offset by $679,000 in acquisition-related expenses and core conversion expenses of $216,000 for the same period in 2025.

 
For the Three Months Ended March 31,
(Dollars in thousands, except per share data) (Unaudited)
2026
2025
Interest Income:  
Interest income$122,494 $113,693 
Core interest income122,494 113,693 
Interest Expense:  
Interest expense47,299 47,710 
Core interest expense47,299 47,710 
Provision for Credit Losses:  
Provision for credit losses2,278 2,812 
Core provision expense2,278 2,812 
Other Income:  
Other income14,050 13,226 
Gains on former bank premises and equipment(28)(155)
(Gains) losses on sale of securities(80)1 
Gain on extinguishment of debt— (630)
Core other income13,942 12,442 
Other Expense:  
Other expense57,471 50,578 
Acquisition-related expenses (2)(2,227)(679)
Core conversion expenses— (216)
Core other expense55,244 49,683 
Pre-Tax Income:  
Pre-tax income29,496 25,819 
Gains on former bank premises and equipment(28)(155)
(Gains) losses on sale of securities(80)1 
Gain on extinguishment of debt— (630)
Acquisition-related expenses (2)2,227 679 
Core conversion expenses— 216 
Core pre-tax income31,615 25,930 
Provision for Income Taxes: (1)  
Provision for income taxes5,932 5,276 
Tax on gains on former bank premises and equipment(6)(33)
Tax on (gains) losses on sale of securities(17)— 
Tax on gain on extinguishment of debt— (133)
Tax on acquisition-related expenses (2)319 143 
Tax on core conversion expenses— 46 
Core provision for income taxes6,228 5,299 

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Preferred Dividends  
Preferred dividends1,350 1,350 
Core preferred dividends1,350 1,350 
Net Income Available to Common Shareholders:  
Net income available to common shareholders22,214 19,193 
Gains on former bank premises and equipment, net of tax(22)(122)
(Gains) losses on sale of securities, net of tax(63)1 
Gain on extinguishment of debt, net of tax— (497)
Acquisition-related expenses (2), net of tax1,908 536 
Core conversion expenses, net of tax— 170 
Core net income available to common shareholders$24,037 $19,281 
Diluted Earnings Per Common Share:  
Diluted earnings per common share$0.68 $0.65 
Gains on former bank premises and equipment , net of tax— — 
(Gains) losses on sale of securities, net of tax— — 
Gain on extinguishment of debt, net of tax— (0.02)
Acquisition-related expenses (2), net of tax0.05 0.02 
Core conversion expenses, net of tax— — 
Core diluted earnings per common share$0.73 $0.65 
____________________________
(1)Tax rates, exclusive of certain nondeductible acquisition-related expenses and goodwill, utilized were 21.129% for both 2026 and 2025. These rates approximate the marginal tax rates for the applicable periods.
(2)Includes merger and conversion-related expenses and salary and employee benefits.
Tangible Book Value Per Common Share. Tangible book value per common share is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate (1) tangible common equity as shareholders’ equity less preferred stock, goodwill, and core deposit and customer intangible assets, net of accumulated amortization, and (2) tangible book value per common share as tangible common equity divided by shares of common stock outstanding. The most directly comparable GAAP financial measure for tangible book value per common share is book value per common share.

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The following table reconciles, as of the dates set forth below, total shareholders’ equity to tangible common equity and presents tangible book value per common share compared to book value per common share:
(Dollars in thousands, except per share data) (Unaudited)
As of March 31, 2026
As of December 31, 2025
Tangible Common Equity  
Total shareholders' equity$991,176 $896,883 
Preferred stock(71,930)(71,930)
Total common shareholders' equity919,246 824,953 
Adjustments:  
Goodwill(133,564)(121,146)
Core deposit and customer intangibles(29,409)(14,497)
Total tangible common equity$756,273 $689,310 
Common shares outstanding (1)32,624,88729,510,668
Book value per common shares (1)$28.18 $27.95 
Tangible book value per common shares (1)23.18 23.36 
____________________________
(1)Excludes the dilutive effect, if any, of 205,620 and 149,240 shares of common stock issuable upon exercise of outstanding stock options and restricted stock awards as of March 31, 2026 and December 31, 2025, respectively.
Tangible Common Equity to Tangible Assets. Tangible common equity to tangible assets is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate tangible common equity, as described above, and tangible assets as total assets less goodwill, core deposit and customer intangible assets, net of accumulated amortization. The most directly comparable GAAP financial measure for tangible common equity to tangible assets is total common shareholders’ equity to total assets.
The following table reconciles, as of the dates set forth below, total shareholders’ equity to tangible common equity and total assets to tangible assets:
(Dollars in thousands, except per share data) (Unaudited)
As of March 31, 2026
As of December 31, 2025
Tangible Common Equity  
Total shareholders' equity$991,176 $896,883 
Preferred stock(71,930)(71,930)
Total common shareholders' equity919,246 824,953 
Adjustments:  
Goodwill(133,564)(121,146)
Core deposit and customer intangibles(29,409)(14,497)
Total tangible common equity$756,273 $689,310 
Tangible Assets  
Total Assets$8,906,808 $8,214,740 
Adjustments:  
Goodwill(133,564)(121,146)
Core deposit and customer intangibles(29,409)(14,497)
Total tangible assets$8,743,835 $8,079,097 
Common Equity to Total Assets10.3%10.0%
Tangible Common Equity to Tangible Assets8.6 8.5 

57
Item 3.    Quantitative and Qualitative Disclosures about Market Risk
Risk identification and management are essential elements for the successful management of our business. In the normal course of business, we are subject to various types of risk, including interest rate, credit, and liquidity risk. We control and monitor these risks with policies, procedures, and various levels of managerial and board oversight. Our objective is to optimize profitability while managing and controlling risk within board approved policy limits. Interest rate risk is the sensitivity of net interest income and the market value of financial instruments to the magnitude, direction, and frequency of changes in interest rates. Interest rate risk results from various repricing frequencies and the maturity structure of assets and liabilities. We use our asset liability management policy to control and manage interest rate risk. See Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Interest Rate Sensibility and Market Risk” for additional discussion of interest rate risk.
Liquidity risk represents the inability to generate cash or otherwise obtain funds at reasonable rates to satisfy commitments to borrowers, as well as, the obligations to depositors. We use our asset liability management policy and contingency funding plan to control and manage liquidity risk.
Credit risk represents the possibility that a customer may not perform in accordance with contractual terms. Credit risk results from extending credit to customers, purchasing securities, and entering into certain off-balance sheet loan funding commitments. Our primary credit risk is directly related to our loan portfolio. We use our credit policy and disciplined approach to evaluate the adequacy of our allowance for credit losses to control and manage credit risk. Our investment policy limits the degree of the amount of credit risk that we may assume in our investment portfolio. Our principal financial market risks are liquidity risks and exposures to interest rate movements.
Item 4.    Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our principal executive officer and principal financial officer, we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a – 15(e) and 15d – 15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this Report. Based on such evaluation, our principal executive officer and principal financial officer concluded our disclosure controls and procedures were effective as of the end of the period covered by this Report to provide reasonable assurance that the information we are required to disclose in reports that are filed or furnished under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, including to ensure that such information is accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. The effectiveness of our, or any, system of disclosure controls and procedures is subject to certain limitations, including the exercise of judgment in designing, implementing and evaluating the controls and procedures, the assumptions used in identifying the likelihood of future events, and the inability to eliminate misconduct completely. As a result, we cannot assure you that our disclosure controls and procedures will detect all errors or fraud.
Changes in Internal Controls over Financial Reporting
There were no changes in our internal control over financial reporting during the period covered by this Report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

58
PART II. OTHER INFORMATION
Item 1.    Legal Proceedings
From time to time, we are a party to claims and legal proceedings arising in the ordinary course of business. Management evaluates our exposure to these claims and proceedings individually, and in the aggregate, and provides for potential losses on such litigation if the amount of the loss is estimable and the loss is probable. We are not currently involved in any pending legal proceedings other than routine, nonmaterial proceedings occurring in the ordinary course of business.
Item 1A.    Risk Factors
In addition to the other information set forth in this Report, we refer you to Item 1A. “Risk Factors” of our Annual Report on Form 10-K for December 31, 2025, filed with the SEC. There have been no material changes in the risk factors disclosed in our Annual Report on Form 10-K for December 31, 2025.
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds
(a)Not applicable.
(b)Not applicable.
(c)On October 28, 2025, our board of directors approved a stock repurchase program which authorized Business First to repurchase shares of its common stock with an aggregate purchase price of up to $30.0 million from time to time, subject to certain limitations and conditions. The stock repurchase program became effective immediately and will continue until October 28, 2027. The stock repurchase program does not obligate Business First to repurchase any shares of its common stock.
Business First repurchased 99,105 shares for $2.7 million under the 2025 stock repurchase program between January 1, 2026 and March 31, 2026.
Period
Total number of shares purchased
Average price paid per share
Total number of shares purchased as part of publicly announced plans or programs
Maximum number (or approx. dollar value) of shares yet to be purchased under the plan (in thousands)
January 1 through January 31, 2026
— $— — $26,269 
February 1 through February 28, 2026
61,656 27.8061,656 24,555 
March 1 through March 31, 2026
37,449 27.67 37,449 23,519 
TOTAL
99,105 $27.75 99,105 $23,519 
Item 3.    Defaults upon Senior Securities
Not applicable.
Item 4.    Mine Safety Disclosures
Not applicable.
Item 5.    Other Information
(a)Not applicable.
(b)Not applicable.

59
(c)During the three months ended March 31, 2026, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading agreement,” as each term is defined in Item 408(a) of Regulation S-K.
Item 6.    Exhibits
NumberDescription
2.1
3.1
3.2
4.1
4.2
10.1
31.1
31.2
32.1
101.INSInline XBRL Instance Document*
101.SCHInline XBRL Taxonomy Extension Schema Document*
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document*
101.LABInline XBRL Taxonomy Extension Label Linkbase Document*
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document*
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
____________
*Filed herewith.

60
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant hereby duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
 BUSINESS FIRST BANCSHARES, INC.
May 1, 2026/s/ David R. Melville, III
 David R. Melville, III
 Chairman, President and Chief Executive Officer
May 1, 2026/s/ Gregory Robertson
 Gregory Robertson
 Chief Financial Officer

61

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