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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 22, 2026
BUSINESS FIRST BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Louisiana
(State of incorporation)
001-38447
(Commission
File Number)
20-5340628
(IRS Employer
Identification No.)
500 Laurel Street, Suite 101
Baton Rouge,Louisiana
(Address of principal executive offices)
70801
(Zip Code)
(225) 248-7600
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $1.00 per share BFST NASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐


Item 2.02    Results of Operations and Financial Condition.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o On January 22, 2026, Business First Bancshares, Inc. (“Business First”), the parent company of b1BANK, issued a press release announcing financial results for the year and quarter ended December 31, 2025. The release also announced that the Board of Directors of Business First declared a common dividend on January 22, 2026, in the amount of $0.15 per share to the common shareholders of record on February 15, 2026. The dividend is to be paid on February 28, 2026, or as soon as practicable thereafter. Also, the board of directors declared a quarterly preferred dividend in the amount of $18.75 per share of preferred stock, which is the full quarterly dividend of 1.875% based on the per annum rate of 7.50%. The dividend will be paid on February 28, 2026, or as soon therefore as practicable, to the preferred shareholders of record as of February 15, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated by reference herein.

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

Item 7.01    Regulation FD Disclosure

On January 22, 2026, Business First made available the supplemental information attached hereto as Exhibit 99.2 prepared for use with the press release.

The information in this Item 7.01, including Exhibit 99.2, is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, unless specifically identified therein as being incorporated therein by reference.
Item 9.01    Financial Statements and Exhibits.
(d)Exhibits.
Number Exhibit
99.1
99.2
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BUSINESS FIRST BANCSHARES, INC.
By: /s/ David R. Melville, III
Name: David R. Melville, III
Title: President and Chief Executive Officer
Date: January 22, 2026

EX-99.1 2 exhibit991_earningsrelease.htm EX-99.1 Document

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500 Laurel Street
Baton Rouge, LA 70801
Phone: 877.614.7600

FOR IMMEDIATE RELEASE
January 22, 2026



Media Contact: Misty Albrecht
b1BANK
225.286.7879
media@b1BANK.com
Business First Bancshares, Inc., Announces Financial Results for Fiscal Year 2025 and Q4 2025
Baton Rouge, La. (Jan. 22, 2026) – Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended Dec. 31, 2025. Business First reported net income available to common shareholders of $21.0 million or $0.71 per diluted common share, decreases of $0.5 million and $0.02, respectively, compared to the linked quarter. On a non-GAAP basis, core net income for the quarter ended Dec. 31, 2025, which excludes certain income and expenses, was $23.5 million or $0.79 per diluted common share, increases of $2.3 million and $0.07 from the linked quarter.
For the year ended Dec. 31, 2025, Business First reported net income available to common stockholders of $82.5 million or $2.79 per diluted common share, increases of $22.8 million and $0.53, respectively, from the year ended Dec. 31, 2024. On a non-GAAP basis, core net income for the year ended Dec. 31, 2025, which excludes certain income and expenses, was $83.5 million or $2.83 per diluted common share, increases of $17.8 million and $0.34 from the year ended Dec. 31, 2024.
"In the fourth quarter we continued to demonstrate increasing core profitability and tangible book value build as the logic of the investments we’ve made over the past few quarters becomes reality through our team’s successful performance,” said Jude Melville, chairman, president, and CEO of Business First. “Our profitability increased significantly year over year whether measured by ROAA, in absolute dollars, or earnings per share. We expect these positive trends to continue over the course of 2026 as we focus on organic growth, efficient execution and thorough follow-through."

On Thursday, Jan. 22, 2026, Business First’s board of directors declared a quarterly preferred dividend in the amount of $18.75 per share, which is the full quarterly dividend of 1.875% based on the per annum rate of 7.50%. Additionally, the board of directors declared a quarterly common dividend based upon financial performance for the fourth quarter in the amount of $0.15 per share of common stock. The preferred and common dividends will be paid on Feb. 15, 2026, or as soon thereafter as practicable, to the shareholders of record as of Feb. 28, 2026.
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Quarterly Highlights
• Robust Core Performance. Return to common shareholders on average assets, on an annualized basis, was 1.04% for the quarter ended Dec. 31, 2025, or 1.16% on a non-GAAP basis, compared to 1.08% or 1.06% on a non-GAAP basis for the linked quarter.
• Strong Loan and Deposit Growth. Loans held for investment increased $168.4 million or 2.80%, 11.10% annualized, for the quarter ended Dec. 31, 2025. Deposits increased $191.7 million or 2.95%, 11.69% annualized, compared to the linked quarter. Average interest-bearing deposits increased $103.2 million or 2.01%, and noninterest-bearing deposits increased $15.0 million or 1.14%, from the linked quarter. The Southwest and Southeast Louisiana regions were responsible for the majority of the net loan production and deposit growth for the quarter.
• Stable Net Interest Margin (NIM). Net interest income totaled $70.9 million and net interest margin and net interest spread were 3.71% and 2.92%, respectively, compared to $69.3 million, 3.68% and 2.85% for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.4 million) were 3.64% and 2.84% for the quarter ended Dec. 31, 2025, compared to 3.63% and 2.80% (excluding loan discount accretion of $1.1 million) for the linked quarter.
• Improving Shareholder Value. During the fourth quarter, the board of directors approved a stock repurchase program, pursuant to which Business First repurchased 150,504 shares, with a market value of $3.7 million, at a weighted average price of $24.79 per share. Book value per common share increased to $27.95 at Dec. 31, 2025, compared to $27.23 at Sep. 30, 2025. On a non-GAAP basis, tangible book value per common share increased from $22.63 at the linked quarter to $23.36 at Dec. 31, 2025, 3.21% or 12.74% annualized.
Statement of Financial Condition
Loans
Loans held for investment increased $168.4 million or 2.80%, 11.10% annualized, compared to the linked quarter. The commercial and residential real estate portfolios increased $148.7 million and $16.6 million, respectively, compared to the linked quarter. Texas-based loans represented approximately 39% of the overall loan portfolio as of Dec. 31, 2025, based on unpaid principal balance. For 2025, loans held for investment increased $208.1 million or 3.48%.
Credit Quality
The ratio of nonperforming loans compared to loans held for investment increased 42 basis points (bps) to 1.24% at Dec. 31, 2025, while the ratio of nonperforming assets compared to total assets increased 26 bps to 1.09% compared to the linked quarter. The increases in the nonperforming loans and assets ratios over the linked quarter were largely attributable to the deterioration of a single $25.8 million commercial real estate relationship.
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Securities
The securities portfolio increased $3.3 million or 0.33%, from the linked quarter. This increase was impacted by $4.0 million in positive pre-tax fair value adjustments. The securities portfolio, based on estimated fair value, represented 12.04% of total assets as of Dec. 31, 2025.
Deposits
Deposits increased $191.7 million or 2.95%, 11.69% annualized, compared to the linked quarter. Average interest-bearing deposits increased $103.2 million or 2.01%, and noninterest-bearing deposits increased $15.0 million or 1.14% from the linked quarter. For 2025, deposits increased $187.3 million or 2.88%.
During the fourth quarter, interest bearing deposits increased $236.2 million or 4.60% and noninterest bearing deposits decreased $44.5 million or 3.26%. The increase in interest-bearing deposits were largely impacted by approximately $105.1 million in public funds and $60.8 million in commercial money market accounts.
Borrowings
Borrowings increased $56.5 million or 11.41%, from the linked quarter due primarily to increases in short-term Federal Home Loan Bank advances.
Shareholders’ Equity
Shareholders' equity increased $18.4 million or 2.10% compared to the linked quarter. Accumulated other comprehensive income (AOCI) increased $3.1 million or 8.62%, during the quarter due to positive after-tax fair value adjustments in the securities portfolio. Book value per common share increased to $27.95 at Dec. 31, 2025, compared to $27.23 at Sep. 30, 2025, due to strong earnings. On a non-GAAP basis, tangible book value per common share increased from $22.63 at the linked quarter to $23.36 at Dec. 31, 2025, 3.21% or 12.74% annualized.

Results of Operations
Net Interest Income
For the quarter ended Dec. 31, 2025, net interest income totaled $70.9 million, compared to $69.3 million from the linked quarter. Loan yields decreased 13 bps to 6.88% compared to 7.01% from the linked quarter and interest-bearing asset yields decreased 14 bps to 6.17% compared to 6.31% from the linked quarter. Net interest margin and net interest spread were 3.71% and 2.92% compared to 3.68% and 2.85% for the linked quarter. The overall cost of funds, which included noninterest-bearing deposits, decreased 17 bps from 2.81% to 2.64% for the quarter ended Dec. 31, 2025. Reversal of previously accrued interest income on nonaccrual loans reduced the net interest margin by five bps for the quarter ended Dec. 31, 2025.
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Non-GAAP net interest income (excluding loan discount accretion of $1.4 million) totaled $69.4 million for the quarter ended Dec. 31, 2025, compared to $68.2 million (excluding loan discount accretion of $1.1 million) for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.4 million) were 3.64% and 2.84%, respectively, for the quarter ended Dec. 31, 2025, compared to 3.63% and 2.80% (excluding loan discount accretion of $1.1 million) for the linked quarter.
Provision for Credit Losses
During the quarter ended Dec. 31, 2025, Business First recorded a provision for credit losses of $3.1 million, compared to $3.2 million from the linked quarter. The current quarter’s reserve was largely impacted by $6.8 million in net charge-offs and $168.4 million in loan growth, partially offset by qualitative adjustments. At Dec. 31, 2025, the ratio of allowance for credit losses to loans held for investment ratio was 0.94%, compared to 1.03% for the linked quarter.
Other Income
For the quarter ended Dec. 31, 2025, other income increased $0.6 million or 4.79%, compared to the linked quarter. The increase was largely attributable to growth of $0.7 million in swap fee income, $0.3 million in fee and brokerage commissions and $0.3 million in other income, partially offset by a loss on disposal other assets of $1.0 million. Excluding the $1.0 million loss on disposal of other assets related to branch closures during the fourth quarter, other income was $13.2 million compared to $11.6 million for the linked quarter, an increase of $1.6 million, or 13.77%.
Other Expenses
For the quarter ended Dec. 31, 2025, other expenses increased $3.5 million or 7.22% compared to the linked quarter. The increase was largely attributable to a $2.8 million increase in salaries and employee benefits. Salaries and benefits were impacted favorably during the third quarter due to a one-time $2.0 million tax credit refund. Excluding merger-related, core conversion expenses and tax refunds recognized in the current and linked quarters, other expenses were $50.2 million compared to $49.3 million for the linked quarter, an increase of $0.9 million, or 1.88%.
Return on Assets and Common Equity
Return to common shareholders on average assets and common equity, each on an annualized basis, were 1.04% and 10.18% for the quarter ended Dec. 31, 2025, compared to 1.08% and 10.80%, respectively, for the linked quarter. Non-GAAP return to common shareholders on average assets and common equity, each on an annualized basis, were 1.16% and 11.40% for the quarter ended Dec. 31, 2025, compared to 1.06% and 10.65%, for the linked quarter.



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For the year ended Dec. 31, 2025, return to common shareholders on average assets and common equity were 1.05% and 10.59%, compared to 0.86% and 9.54%, respectively, compared to the linked year. Non-GAAP return to common shareholders on average assets and common equity were 1.06% and 10.73% compared to 0.94% and 10.51%, for the linked year.
Conference Call and Webcast
Executive management will host a conference call and webcast to discuss results on Thursday, January 22, 2026, at 4:00 p.m. Central Time. Interested parties may attend the call by dialing toll-free 1-800-715-9871 (North America only), conference ID 9526609, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/3h33e6zb. On the day of the presentation, the corresponding slide presentation will be available to view on the b1BANK website at https://www.b1bank.com/shareholder-info.
About Business First Bancshares, Inc.
Business First Bancshares, Inc., (Nasdaq: BFST) through its banking subsidiary b1BANK, has $8.2 billion in assets, $5.7 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson, LLC (SSW) (not including $1.0 billion of b1BANK assets managed by SSW) and operates Banking Centers and Loan Production Offices in markets across Louisiana and Texas providing commercial and personal banking products and services. b1BANK is a 2024 Mastercard “Innovation Award” winner and multiyear winner of American Banker Magazine’s “Best Banks to Work For.” Visit b1BANK.com for more information.
Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures (e.g., referenced as “core” or “tangible”) intended to supplement, not substitute for, comparable GAAP measures. “Core” measures typically adjust income available to common shareholders for certain significant activities or transactions that, in management’s opinion, can distort period-to-period comparisons of Business First’s performance. Transactions that are typically excluded from non-GAAP “core” measures include realized and unrealized gains/losses on former bank premises and equipment, investment sales, acquisition- related expenses (including, but not limited to, legal costs, system conversion costs, severance and retention payments, etc.). “Tangible” measures adjust common equity by subtracting goodwill, core deposit intangibles, and customer intangibles, net of accumulated amortization. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of Business First’s core business. These non- GAAP disclosures are not necessarily comparable to non-GAAP measures that may be presented by other companies. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of the tables below.
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Special Note Regarding Forward-Looking Statements
Certain statements contained in this release may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could,” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including those factors specified in our Annual Report on Form 10-K and other public filings. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release.
Additional Information
For additional information about Business First, you may obtain Business First’s reports that are filed with the Securities and Exchange Commission (SEC) free of charge by using the SEC’s EDGAR service on the SEC’s website at www.SEC.gov or by contacting the SEC for further information at 1-800-SEC-0330. Alternatively, these documents can be obtained free of charge from Business First by directing a request to: Business First Bancshares, Inc., 500 Laurel Street, Suite 101, Baton Rouge, Louisiana 70801, Attention: Corporate Secretary.
No Offer or Solicitation
This release does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of Business First. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.





Investor Relation Contact:

Gregory Robertson
337.721.2701
Gregory.Robertson@b1bank.com
Matt Sealy
225.388.6116
Matt.Sealy@b1bank.com




b1BANK.com



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Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months Ended
December 31, 2025 September 30, 2025 December 31, 2024
(Dollars in thousands)
Balance Sheet Ratios
Loans (HFI) to Deposits 92.40  % 92.53  % 91.86  %
Shareholders' Equity to Assets Ratio 10.92  11.04  10.18 
Loans Receivable Held for Investment (HFI)
Commercial $ 1,921,833  $ 1,920,813  $ 1,868,675 
Real Estate:
Commercial 2,611,279  2,462,617  2,483,223 
Construction 639,069  638,907  670,502 
Residential 944,065  927,456  884,533 
Total Real Estate 4,194,413  4,028,980  4,038,258 
Consumer and Other 73,244  71,262  74,466 
Total Loans (Held for Investment) $ 6,189,490  $ 6,021,055  $ 5,981,399 
Allowance for Loan Losses
Balance, Beginning of Period $ 57,062  $ 58,496  $ 42,154 
Oakwood - PCD ALLL —  —  8,410 
Charge-offs – Quarterly (7,153) (3,415) (2,290)
Recoveries – Quarterly 309  348  654 
Provision for Loan Losses – Quarterly 3,741  1,633  5,912 
Balance, End of Period $ 53,959  $ 57,062  $ 54,840 
Allowance for Loan Losses to Total Loans (HFI) 0.87  % 0.95  % 0.92  %
Allowance for Credit Losses to Total Loans (HFI) (1)
 0.94  1.03  0.98 
Net Charge-offs (Recoveries) to Average Quarterly Total Loans 0.11  0.05  0.03 
Remaining Loan Purchase Discount $ 7,489  $ 8,943  $ 12,121 
Nonperforming Assets
Nonperforming Loans:
Nonaccrual Loans $ 74,471  $ 45,362  $ 24,147 
Loans Past Due 90 Days or More 2,215  3,929  860 
Total Nonperforming Loans 76,686  49,291  25,007 
Other Nonperforming Assets:
Other Real Estate Owned 13,013  16,766  5,529 
Other Nonperforming Assets —  —  — 
Total Other Nonperforming Assets 13,013  16,766  5,529 
Total Nonperforming Assets $ 89,699  $ 66,057  $ 30,536 
Nonperforming Loans to Total Loans (HFI) 1.24  % 0.82  % 0.42  %
Nonperforming Assets to Total Assets 1.09  0.83  0.39 
(1) Allowance for Credit Losses includes the Allowance for Loan Loss and Reserve for Unfunded Commitments.
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Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024
(Dollars in thousands, except per share data)
Per Share Data
Basic Earnings per Common Share $ 0.71  $ 0.73  $ 0.52  $ 2.81  $ 2.27 
Diluted Earnings per Common Share 0.71  0.73  0.51  2.79  2.26 
Dividends per Common Share 0.15  0.14  0.14  0.57  0.56 
Book Value per Common Share 27.95  27.23  24.62  27.95  24.62 
Average Common Shares Outstanding 29,493,016 29,544,425 29,311,111 29,396,462 26,253,846
Average Diluted Common Shares Outstanding 29,669,253 29,656,639 29,520,781 29,545,702 26,452,084
End of Period Common Shares Outstanding 29,510,668 29,615,370 29,552,358 29,510,668 29,552,358
Annualized Performance Ratios
Return to Common Shareholders on Average Assets (1)
 1.04  % 1.08  % 0.78  % 1.05  % 0.86  %
Return to Common Shareholders on Average Common Equity (1)
 10.18  10.80  8.23  10.59  9.54 
Net Interest Margin (1)
 3.71  3.68  3.61  3.69  3.48 
Net Interest Spread (1)
 2.92  2.85  2.77  2.89  2.55 
Efficiency Ratio (2)
 63.10  60.45  63.91  62.55  65.42 
Total Quarterly/Year-to-Date Average Assets $ 8,016,094  $ 7,921,159  $ 7,721,338  $ 7,873,743  $ 6,973,735 
Total Quarterly/Year-to-Date Average Common Equity 818,617  790,148  731,820  778,480  625,914 
Other Expenses
Salaries and Employee Benefits $ 30,426  $ 27,613  $ 28,101  $ 115,853  $ 103,917 
Occupancy and Bank Premises 3,032  3,324  3,166  12,876  10,944 
Depreciation and Amortization 2,049  2,036  2,278  8,313  7,540 
Data Processing 3,227  3,972  3,856  15,756  11,957 
FDIC Assessment Fees 850  988  1,009  3,883  3,598 
Legal and Other Professional Fees 1,436  1,024  975  4,566  3,756 
Advertising and Promotions 1,595  1,205  1,710  5,179  4,878 
Utilities and Communications 768  767  775  3,011  2,883 
Ad Valorem Shares Tax 870  1,125  1,357  4,245  4,057 
Directors' Fees 224  261  290  957  1,085 
Other Real Estate Owned Expenses and Write-Downs 254  355  182  659  301 
Merger and Conversion-Related Expenses 1,257  477  168  2,194  1,236 
Other 6,424  5,735  5,703  25,586  21,500 
Total Other Expenses $ 52,412  $ 48,882  $ 49,570  $ 203,078  $ 177,652 
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Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024
(Dollars in thousands, except per share data)
Other Income
Service Charges on Deposit Accounts $ 2,646  $ 2,565  $ 2,878  $ 10,704  $ 10,577 
Gain (Loss) on Sales of Securities 35  77  21  64  7 
Debit Card and ATM Fee Income 1,970  1,915  2,069  7,701  7,659 
Bank-Owned Life Insurance Income 783  802  990  3,151  2,875 
Gain on Sales of Loans 777  624  252  3,438  2,973 
Mortgage Origination Income 114  122  36  401  238 
Fees and Brokerage Commission 2,172  1,880  2,063  8,180  7,844 
Gain (Loss) on Sales of Other Real Estate Owned 312  470  40  570  89 
Gain (Loss) on Disposal of Other Assets (994) —  —  (839) (15)
Gain on Extinguishment of Debt —  —  —  630  — 
Gain on Branch Sale —  —  —  3,360  — 
Swap Fee Income 1,805  1,065  1,288  4,417  2,739 
Pass-Through Income (Loss) from Other Investments 267  133  186  905  1,208 
Other 2,343  2,018  2,034  8,860  7,999 
Total Other Income $ 12,230  $ 11,671  $ 11,857  $ 51,542  $ 44,193 
(1) Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an actual day count convention.
(2) Noninterest expense (excluding provision for loan losses) divided by noninterest income plus net interest income less gain/loss on sales of securities.

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Business First Bancshares, Inc.
Consolidated Balance Sheets
(Unaudited)
December 31, 2025 September 30, 2025 December 31, 2024
(Dollars in thousands)
Assets
Cash and Due From Banks $ 411,175  $ 399,079  $ 319,098 
Federal Funds Sold 172,393  101,103  197,669 
Securities Purchased under Agreements to Resell 25,587  25,518  50,835 
Securities Available for Sale, at Fair Values 989,229  985,938  893,549 
Mortgage Loans Held for Sale 1,094  433  717 
Loans and Lease Receivable 6,189,490  6,021,055  5,981,399 
Allowance for Loan Losses (53,959) (57,062) (54,840)
Net Loans and Lease Receivable 6,135,531  5,963,993  5,926,559 
Premises and Equipment, Net 73,982  77,944  81,953 
Accrued Interest Receivable 38,494  37,171  35,872 
Other Equity Securities 49,342  44,313  41,100 
Other Real Estate Owned 13,013  16,766  5,529 
Cash Value of Life Insurance 120,292  119,509  117,645 
Deferred Taxes, Net 20,477  21,433  29,591 
Goodwill 121,146  121,146  121,572 
Core Deposit and Customer Intangibles 14,497  15,136  17,252 
Other Assets 28,488  24,380  18,149 
Total Assets $ 8,214,740  $ 7,953,862  $ 7,857,090 
Liabilities
Deposits
Noninterest-Bearing $ 1,322,074  $ 1,366,558  $ 1,357,045 
Interest-Bearing 5,376,516  5,140,304  5,154,286 
Total Deposits 6,698,590  6,506,862  6,511,331 
Securities Sold Under Agreements to Repurchase 22,622  29,896  22,621 
Federal Home Loan Bank Borrowings 431,200  367,408  355,875 
Subordinated Debt 92,530  92,587  99,760 
Subordinated Debt - Trust Preferred Securities 5,000  5,000  5,000 
Accrued Interest Payable 4,166  4,064  5,969 
Other Liabilities 63,749  69,605  57,068 
Total Liabilities 7,317,857  7,075,422  7,057,624 
Shareholders' Equity
Preferred Stock 71,930  71,930  71,930 
Common Stock 29,511  29,615  29,552 
Additional Paid-In Capital 502,155  503,325  500,024 
Retained Earnings 326,574  309,999  260,958 
Accumulated Other Comprehensive Loss (33,287) (36,429) (62,998)
Total Shareholders' Equity 896,883  878,440  799,466 
Total Liabilities and Shareholders' Equity $ 8,214,740  $ 7,953,862  $ 7,857,090 
b1BANK.com



11
Business First Bancshares, Inc.
Consolidated Statements of Income
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024
(Dollars in thousands, except per share data)
Interest Income:
Interest and Fees on Loans $ 105,515  $ 106,662  $ 104,697  $ 419,197  $ 374,555 
Interest and Dividends on Securities 7,942  7,554  7,310  29,016  25,259 
Interest on Federal Funds Sold and Due From Banks 4,323  4,472  4,135  16,798  14,950 
Total Interest Income 117,780  118,688  116,142  465,011  414,764 
Interest Expense:
Interest on Deposits 41,580  43,358  44,862  168,923  165,094 
Interest on Borrowings 5,338  6,054  5,551  22,925  22,287 
Total Interest Expense 46,918  49,412  50,413  191,848  187,381 
Net Interest Income 70,862  69,276  65,729  273,163  227,383 
Provision for Credit Losses 3,098  3,183  6,712  11,318  10,873 
Net Interest Income After Provision for Credit Losses 67,764  66,093  59,017  261,845  216,510 
Other Income:
Service Charges on Deposit Accounts 2,646  2,565  2,878  10,704  10,577 
Gain (Loss) on Sales of Securities 35  77  21  64  7 
Gain on Sales of Loans 777  624  252  3,438  2,973 
Other Income 8,772  8,405  8,706  37,336  30,636 
Total Other Income 12,230  11,671  11,857  51,542  44,193 
Other Expenses:
Salaries and Employee Benefits 30,426  27,613  28,101  115,853  103,917 
Occupancy and Equipment Expense 6,809  7,284  7,087  28,611  23,989 
Merger and Conversion-Related Expense 1,257  477  168  2,194  1,236 
Other Expenses 13,920  13,508  14,214  56,420  48,510 
Total Other Expenses 52,412  48,882  49,570  203,078  177,652 
Income Before Income Taxes 27,582  28,882  21,304  110,309  83,051 
Provision for Income Taxes 5,223  6,026  4,816  22,448  17,944 
Net Income 22,359  22,856  16,488  87,861  65,107 
Preferred Stock Dividends 1,350  1,351  1,350  5,401  5,401 
Net Income Available to Common Shareholders $ 21,009  $ 21,505  $ 15,138  $ 82,460  $ 59,706 
b1BANK.com



12
Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Three Months Ended
December 31, 2025 September 30, 2025 December 31, 2024
(Dollars in thousands) Average Outstanding Balance Interest Earned / Interest Paid Average Yield / Rate Average Outstanding Balance Interest Earned / Interest Paid Average Yield / Rate Average Outstanding Balance Interest Earned / Interest Paid Average Yield / Rate
Assets
Interest-Earning Assets:
Total Loans $ 6,087,213  $ 105,515  6.88  % $ 6,036,622  $ 106,662  7.01  % $ 5,911,183  $ 104,697  7.05  %
Securities 1,008,870  7,942  3.12  978,502  7,554  3.06  936,314  6,707  2.85 
Securities Purchased under Agreements to Resell 25,579  310  4.81  25,490  330  5.14  44,252  603  5.42 
Interest-Bearing Deposit in Other Banks 448,030  4,013  3.55  419,413  4,142  3.92  346,035  4,135  4.75 
Total Interest-Earning Assets 7,569,692  117,780  6.17  7,460,027  118,688  6.31  7,237,784  116,142  6.38 
Allowance for Loan Losses (57,450) (58,468) (52,130)
Noninterest-Earning Assets 503,852  519,600  535,684 
Total Assets $ 8,016,094  $ 117,780  $ 7,921,159  $ 118,688  $ 7,721,338  $ 116,142 
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Deposits $ 5,225,304  $ 41,580  3.16  $ 5,122,136  $ 43,358  3.36  $ 5,053,759  $ 44,862  3.53 
Subordinated Debt 92,564  1,220  5.23  92,624  1,235  5.29  99,797  1,331  5.31 
Subordinated Debt - Trust Preferred Securities 5,000  96  7.58  5,000  100  7.93  5,000  107  8.51 
Advances from Federal Home Loan Bank (FHLB) 369,410  3,837  4.12  424,287  4,547  4.25  373,236  3,975  4.24 
Other Borrowings 28,197  185  2.60  26,176  172  2.61  21,569  138  2.55 
Total Interest-Bearing Liabilities $ 5,720,475  $ 46,918  3.25  % $ 5,670,223  $ 49,412  3.46  % $ 5,553,361  $ 50,413  3.61  %
Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits $ 1,330,023  $ 1,315,064  $ 1,292,623 
Other Liabilities 75,049  73,794  71,604 
Total Noninterest-Bearing Liabilities 1,405,072  1,388,858  1,364,227 
Shareholders' Equity:
Common Shareholders' Equity 818,617  790,148  731,820 
Preferred Equity 71,930  71,930  71,930 
Total Shareholders' Equity 890,547  862,078  803,750 
Total Liabilities and Shareholders' Equity $ 8,016,094  $ 7,921,159  $ 7,721,338 
Net Interest Spread 2.92  2.85  2.77 
Net Interest Income $ 70,862  $ 69,276  $ 65,729 
Net Interest Margin 3.71  % 3.68  % 3.61  %
Overall Cost of Funds 2.64  % 2.81  % 2.93  %
NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention.
b1BANK.com



13
Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Twelve Months Ended
December 31, 2025 December 31, 2024
(Dollars in thousands) Average Outstanding Balance Interest Earned / Interest Paid Average Yield / Rate Average Outstanding Balance Interest Earned / Interest Paid Average Yield / Rate
Assets
Interest-Earning Assets:
Total Loans $ 6,023,214  $ 419,197  6.96  % $ 5,327,466  $ 374,555  7.03  %
Securities 962,566  29,016  3.01  907,736  24,502  2.70 
Securities Purchased under Agreements to Resell 33,178  1,692  5.10  13,657  757  5.54 
Interest-Bearing Deposit in Other Banks 383,504  15,106  3.94  287,474  14,950  5.20 
Total Interest-Earning Assets 7,402,462  465,011  6.28  6,536,333  414,764  6.35 
Allowance for Loan Losses (56,902) (43,931)
Noninterest-Earning Assets 528,183  481,333 
Total Assets $ 7,873,743  $ 465,011  $ 6,973,735  $ 414,764 
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-Bearing Deposits $ 5,134,522  $ 168,923  3.29  $ 4,427,233  $ 165,094  3.73 
Subordinated Debt 93,765  4,952  5.28  99,884  5,394  5.40 
Subordinated Debt - Trust Preferred Securities 5,000  395  7.90  5,000  447  8.94 
Bank Term Funding Program —  —  —  64,754  2,788  4.31 
Advances from Federal Home Loan Bank (FHLB) 400,849  16,973  4.23  317,462  13,164  4.15 
Other Borrowings 23,337  605  2.59  19,464  494  2.54 
Total Interest-Bearing Liabilities $ 5,657,473  $ 191,848  3.39  % $ 4,933,797  $ 187,381  3.80  %
Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits $ 1,296,162  $ 1,285,445 
Other Liabilities 69,698  56,649 
Total Noninterest-Bearing Liabilities 1,365,860  1,342,094 
Shareholders' Equity:
Common Shareholders' Equity 778,480  625,914 
Preferred Equity 71,930  71,930 
Total Shareholders' Equity 850,410  697,844 
Total Liabilities and Shareholders' Equity $ 7,873,743  $ 6,973,735 
Net Interest Spread 2.89  2.55 
Net Interest Income $ 273,163  $ 227,383 
Net Interest Margin 3.69  % 3.48  %
Overall Cost of Funds 2.76  % 3.01  %
NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention.

b1BANK.com



14
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024
(Dollars in thousands, except per share data)
Interest Income:
Interest income $ 117,780  $ 118,688  $ 116,142  $ 465,011  $ 414,764 
Core interest income 117,780  118,688  116,142  465,011  414,764 
Interest Expense:
Interest expense 46,918  49,412  50,413  191,848  187,381 
Core interest expense 46,918  49,412  50,413  191,848  187,381 
Provision for Credit Losses: (b)
Provision for credit losses 3,098  3,183  6,712  11,318  10,873 
CECL Oakwood impact (3)
 —  —  (4,824) —  (4,824)
Core provision expense 3,098  3,183  1,888  11,318  6,049 
Other Income:
Other income 12,230  11,671  11,857  51,542  44,193 
Loss (gain) on former bank premises and equipment 995  —  —  840  (50)
(Gain) loss on sale of securities (35) (77) (21) (64) (7)
Gain on extinguishment of debt —  —  —  (630) — 
Gain on branch sale —  —  —  (3,360) — 
Core other income 13,190  11,594  11,836  48,328  44,136 
Other Expense:
Other expense 52,412  48,882  49,570  203,078  177,652 
Acquisition-related expenses (2)
 (1,406) (1,157) (168) (3,810) (1,621)
Core conversion expenses (796) (439) (463) (2,460) (974)
Tax credit - ERC —  1,997  —  1,997  — 
 Core other expense 50,210  49,283  48,939  198,805  175,057 
Pre-Tax Income: (a)
Pre-tax income 27,582  28,882  21,304  110,309  83,051 
CECL Oakwood impact (3)
 —  —  4,824  —  4,824 
Loss (gain) on former bank premises and equipment 995  —  —  840  (50)
(Gain) loss on sale of securities (35) (77) (21) (64) (7)
Gain on extinguishment of debt —  —  —  (630) — 
Gain on branch sale —  —  —  (3,360) — 
Acquisition-related expenses (2)
 1,406  1,157  168  3,810  1,621 
Core conversion expenses 796  439  463  2,460  974 
Tax credit - ERC —  (1,997) —  (1,997) — 
 Core pre-tax income 30,744  28,404  26,738  111,368  90,413 

b1BANK.com



15
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024
(Dollars in thousands, except per share data)
Provision for Income Taxes: (1)
Provision for income taxes 5,223  6,026  4,816  22,448  17,944 
Tax on CECL Oakwood impact (3)
 —  —  1,019  —  1,019 
Tax on loss (gain) on former bank premises and equipment 210  —  —  177  (11)
Tax on (gain) loss on sale of securities (8) (16) (4) (13) (1)
Tax on gain on extinguishment of debt —  —  —  (133) — 
Tax on gain on branch sale —  —  —  (833) — 
Tax on acquisition-related expenses (2)
 281  157  6  682  97 
Tax on core conversion expenses 168  93  97  521  205 
Tax on tax credit - ERC —  (422) —  (422) — 
Core provision for income taxes $ 5,874  $ 5,838  $ 5,934  $ 22,427  $ 19,253 
Preferred Dividends:
Preferred dividends 1,350  1,351  1,350  5,401  5,401 
Core preferred dividends $ 1,350  $ 1,351  $ 1,350  $ 5,401  $ 5,401 

b1BANK.com



16
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024
(Dollars in thousands, except per share data)
Net Income Available to Common Shareholders:
Net income available to common shareholders $ 21,009  $ 21,505  $ 15,138  $ 82,460  $ 59,706 
CECL Oakwood impact (3), net of tax
—  —  3,805  —  3,805 
Loss (gain) on former bank premises and equipment, net of tax 785  —  —  663  (39)
(Gain) loss on sale of securities, net of tax (27) (61) (17) (51) (6)
Gain on extinguishment of debt, net of tax —  —  —  (497) — 
Gain on branch sale, net of tax —  —  —  (2,527) — 
Acquisition-related expenses (2), net of tax
 1,125  1,000  162  3,128  1,524 
Core conversion expenses, net of tax 628  346  366  1,939  769 
Tax Credit - ERC, net of tax —  (1,575) (1,575) — 
Core net income available to common shareholders $ 23,520  $ 21,215  $ 19,454  $ 83,540  $ 65,759 
 Pre-tax, pre-provision earnings available to common shareholders (a+b) $ 30,680  $ 32,065  $ 28,016  $ 121,627  $ 93,924 
CECL Oakwood impact (3)
 —  —  4,824  —  4,824 
Loss (gain) on former bank premises and equipment 995  —  —  840  (50)
(Gain) loss on sale of securities (35) (77) (21) (64) (7)
Gain on extinguishment of debt —  —  —  (630) — 
Gain on branch sale —  —  —  (3,360) — 
Acquisition-related expenses (2)
 1,406  1,157  168  3,810  1,621 
Core conversion expenses 796  439  463  2,460  974 
Tax credit - ERC —  (1,997) —  (1,997) — 
Core pre-tax, pre-provision earnings $ 33,842  $ 31,587  $ 33,450  $ 122,686  $ 101,286 
b1BANK.com



17
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024
(Dollars in thousands, except per share data)
Average Diluted Common Shares Outstanding 29,669,253 29,656,639 29,520,781 29,545,702 26,452,084
Diluted Earnings Per Common Share:
Diluted earnings per common share $ 0.71  $ 0.73  $ 0.51  $ 2.79  $ 2.26 
CECL Oakwood impact (3)
 —  —  0.13  —  0.14 
Loss (gain) on former bank premises and equipment, net of tax 0.02  —  —  0.02  — 
(Gain) loss on sale of securities, net of tax —  —  —  —  — 
Gain on extinguishment of debt, net of tax —  —  —  (0.02) — 
Gain on branch sale, net of tax —  —  —  (0.09) — 
Acquisition-related expenses (2), net of tax
 0.04  0.03  0.01  0.11  0.06 
Core conversion expenses, net of tax 0.02  0.01  0.01  0.07  0.03 
Tax credit - ERC, net of taxes —  (0.05) —  (0.05) — 
Core diluted earnings per common share $ 0.79  $ 0.72  $ 0.66  $ 2.83  $ 2.49 
Pre-tax, pre-provision profit diluted earnings per common share $ 1.03  $ 1.08  $ 0.95  $ 4.12  $ 3.55 
CECL Oakwood impact (3)
 —  —  0.16  —  0.18 
Loss (gain) on former bank premises and equipment 0.03  —  —  0.03  — 
(Gain) loss on sale of securities —  —  —  —  — 
Gain on extinguishment of debt —  —  —  (0.02) — 
Gain on branch sale —  —  —  (0.11) — 
Acquisition-related expenses (2)
 0.05  0.04  0.01  0.13  0.06 
Core conversion expenses 0.03  0.02  0.02  0.08  0.04 
Tax credit - ERC —  (0.07) —  (0.07) — 
Core pre-tax, pre-provision diluted earnings per common share $ 1.14  $ 1.07  $ 1.14  $ 4.16  $ 3.83 
(1) Tax rates, exclusive of certain nondeductible merger-related expenses and goodwill, utilized were 21.129% for 2025 and 2024. These rates approximated the marginal tax rates.
(2) Includes merger and conversion-related expenses and salary and employee benefits.
(3) CECL non-purchased credit deteriorated (PCD) provision/unfunded commitment expense attributable to the Oakwood acquisition.
b1BANK.com



18
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
December 31, 2025 September 30, 2025 December 31, 2024
(Dollars in thousands, except per share data)
Total Shareholders' (Common) Equity:
         Total shareholders' equity $ 896,883  $ 878,440  $ 799,466 
         Preferred stock (71,930) (71,930) (71,930)
         Total common shareholders' equity 824,953  806,510  727,536 
Goodwill (121,146) (121,146) (121,572)
Core deposit and customer intangible (14,497) (15,136) (17,252)
   Total tangible common equity $ 689,310  $ 670,228  $ 588,712 
Total Assets:
         Total assets $ 8,214,740  $ 7,953,862  $ 7,857,090 
Goodwill (121,146) (121,146) (121,572)
Core deposit and customer intangible (14,497) (15,136) (17,252)
   Total tangible assets $ 8,079,097  $ 7,817,580  $ 7,718,266 
Common shares outstanding 29,510,668 29,615,370 29,552,358
Book value per common share $ 27.95  $ 27.23  $ 24.62 
Tangible book value per common share $ 23.36  $ 22.63  $ 19.92 
Common equity to total assets 10.04  % 10.14  % 9.26  %
Tangible common equity to tangible assets 8.53  % 8.57  % 7.63  %

b1BANK.com



19
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024
(Dollars in thousands, except per share data)
Total Quarterly Average Assets $ 8,016,094  $ 7,921,159  $ 7,721,338  $ 7,873,743  $ 6,973,735 
Total Quarterly Average Common Equity $ 818,617  $ 790,148  $ 731,820  $ 778,480  $ 625,914 
Net Income Available to Common Shareholders:
Net income available to common shareholders $ 21,009  $ 21,505  $ 15,138  $ 82,460  $ 59,706 
CECL Oakwood impact (3), net of tax
 —  —  3,805  —  3,805 
Loss (gain) on former bank premises and equipment, net of tax 785  —  —  663  (39)
(Gain) loss on sale of securities, net of tax (27) (61) (17) (51) (6)
Gain on extinguishment of debt, net of tax —  —  —  (497) — 
Gain on branch sale, net of tax —  —  —  (2,527) — 
Acquisition-related expenses, net of tax 1,125  1,000  162  3,128  1,524 
Core conversion expenses, net of tax 628  346  366  1,939  769 
Tax credit - ERC, net of tax —  (1,575) —  (1,575) — 
Core net income available to common shareholders $ 23,520  $ 21,215  $ 19,454  $ 83,540  $ 65,759 
Return to common shareholders on average assets (annualized) (2)
 1.04  % 1.08  % 0.78  % 1.05  % 0.86  %
Core return on average assets (annualized) (2)
 1.16  % 1.06  % 1.00  % 1.06  % 0.94  %
Return to common shareholders on average common equity (annualized) (2)
 10.18  % 10.80  % 8.23  % 10.59  % 9.54  %
Core return on average common equity (annualized) (2)
 11.40  % 10.65  % 10.58  % 10.73  % 10.51  %
Interest Income:
Interest income 117,780  118,688  116,142  465,011  414,764 
Core interest income 117,780  118,688  116,142  465,011  414,764 
Interest Expense:
Interest expense 46,918  49,412  50,413  191,848  187,381 
Core interest expense 46,918  49,412  50,413  191,848  187,381 
Other Income:
Other income 12,230  11,671  11,857  51,542  44,193 
Loss (gain) on former bank premises and equipment 995  —  —  840  (50)
(Gain) loss on sale of securities (35) (77) (21) (64) (7)
Gain on extinguishment of debt —  —  —  (630) — 
Gain on branch sale —  —  —  (3,360) — 
Core other income 13,190  11,594  11,836  48,328  44,136 
b1BANK.com



20
Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024
(Dollars in thousands, except per share data)
Other Expense:
Other expense 52,412  48,882  49,570  203,078  177,652 
Acquisition-related expenses (1,406) (1,157) (168) (3,810) (1,621)
Core conversion expenses (796) (439) (463) (2,460) (974)
Tax credit - ERC —  1,997  —  1,997  — 
Core other expense $ 50,210  $ 49,283  $ 48,939  $ 198,805  $ 175,057 
Efficiency Ratio:
Other expense (a) $ 52,412  $ 48,882  $ 49,570  $ 203,078  $ 177,652 
Core other expense (c) 50,210  49,283  48,939  198,805  175,057 
Net interest and other income (1) (b)
 83,057  80,870  77,565  324,641  271,569 
Core net interest and other income (1) (d)
 84,052  80,870  77,565  321,491  271,519 
Efficiency ratio (a/b) 63.10  % 60.45  % 63.91  % 62.55  % 65.42  %
Core efficiency ratio (c/d) 59.74  % 60.94  % 63.09  % 61.84  % 64.47  %
Total Average Interest-Earnings Assets $ 7,569,692  $ 7,460,027  $ 7,237,784  $ 7,402,462  $ 6,536,333 
Net Interest Income:
Net interest income $ 70,862  $ 69,276  $ 65,729  $ 273,163  $ 227,383 
Loan discount accretion (1,418) (1,111) (997) (4,089) (4,182)
Net interest income excluding loan discount accretion $ 69,444  $ 68,165  $ 64,732  $ 269,074  $ 223,201 
Net interest margin (2)
 3.71  % 3.68  % 3.61  % 3.69  % 3.48  %
Net interest margin excluding loan discount accretion (2)
 3.64  % 3.63  % 3.56  % 3.63  % 3.41  %
Net interest spread (2)
 2.92  % 2.85  % 2.77  % 2.89  % 2.55  %
Net interest spread excluding loan discount accretion (2)
 2.84  % 2.80  % 2.72  % 2.84  % 2.48  %
(1) Excludes gains/losses on sales of securities.
(2) Calculated utilizing an actual day count convention.
(3) CECL non-PCD provision/unfunded commitment expense attributable to the Oakwood acquisition.
b1BANK.com
EX-99.2 3 bfstq425investorpresenta.htm EX-99.2 bfstq425investorpresenta
Q4 and FY 2025 Results

 
2 TABLE OF CONTENTS Legal Disclosures 3 Guiding Principles & Social Impact 4 Business First Bancshares, Inc. Overview 5 – 11 Liquidity and Deposits 12 Securities Portfolio 13 Noninterest Revenue Opportunities 14 Financial Results Q4 and FY 2025 Financial Highlights 16 – 17 Credit Metrics Analysis 18 Yield/Rate Analysis 19 – 21 Loan Portfolio Loan Composition 23 – 26 Appendix 28 – 34

 
3 LEGAL DISCLOSURES 66 85 99 90 163 210 123 175 212 220 88 42 124 129 128 220 x3 Special Note Concerning Forward-Looking Statements This investor presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements in some cases through the Company’s use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the Company’s future business and financial performance and/or the performance of the banking and mortgage industry and economy in general. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of important factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this presentation including, without limitation, the risks set forth in “Forward Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 7, 2025 (as may be amended in the Company’s Quarterly Reports on Form 10-Q). Many of these factors are difficult to foresee and are beyond the Company’s ability to control or predict. The Company believes the forward-looking statements contained herein are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. The Company does not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law. Non-GAAP Financial Measures This presentation includes certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations. Management believes that these non-GAAP financial measures provide a greater understanding of the ongoing operations and enhance comparability of results with prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and the analysis of ongoing operating trends. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from the reporting measures with similar names as used by other companies. You should understand how such other banking organizations calculate their non-GAAP financial measures with names similar to the non-GAAP financial measures discussed herein when comparing such information. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in the Appendix to this presentation.

 
4 GUIDING PRINCIPLES & SOCIAL IMPACT b1BANK’s five guiding principles reflect our core beliefs and values, which drive all decisions irrespective of our goals, strategies, or external factors. These tenets are more than guides for making business decisions; they are the core of our culture, driving our day-to-day interactions between employees and with our clients to make a positive impact on the communities we serve b1BANK has received these annual awards from American Banker and Business Report consecutively since 2021 SOCIAL IMPACT 2025 Total Volunteerism: • 5,596 Hours • 1,258 hours of financial literacy education and non-profit service 2021 Inception Through December 2025: • Mentored 1,026 businesses • Conducted training classes to help 4,131 entrepreneurs start or grow their business b1 FOUNDATION b1COMMUNITY

 
5 BALANCE SHEET & EARNINGS SNAPSHOT (4) FRANCHISE HIGHLIGHTS SHAREHOLDER INFORMATION BUSINESS OVERVIEW & CORPORATE ACTIONS BUSINESS FIRST BANCSHARES, INC. OVERVIEW (1) Deposit market share is as of June 30, 2025, per FDIC data. (2) Deposit balances exclude Business First Bancshares Holding Company deposits with the Bank subsidiary and acquired deposits and includes brokered deposits. (3) Includes one closed full-service Banking Center in Rayville, LA that maintains an active ITM. Excludes recently closed Progressive Bank acquisition. (4) Balance sheet information as of December 31, 2025. Income statement and profitability figures reflect trailing twelve-months, as of December 31, 2025. See appendix for Core reconciliations. (5) Preliminary consolidated capital ratio as of December 31, 2025. • Nasdaq Listed: BFST; April 2018 • Stock Price and Market Capitalization: $26.14 per share, and $771.4MM (as of 12/31/25) • Trailing 30 -Day Average Daily Volume: 125,364 shares • Five publishing analysts; Five “Buy” ratings and $31.00 median price target (as of 12/31/25) • $0.57 FY 2025 common stock dividend (20.2% payout ratio, 2.3% dividend yield) – recently increased to $0.15 per quarter • Repurchased $3.7MM common shares at $24.79 weighted average price per share during Q4’25 • Since 2018, completed three equity capital raises, totaling $151.0 million of additional common equity capital, in addition to two subordinated debt issuances totaling $77.5 million • Diversified full -service commercial -focused bank headquartered in Baton Rouge, Louisiana, focused on serving clients with the sophistication and product set capacity of a large bank and the relationship -orientation of a community bank • #1 deposit market share in Louisiana for Louisiana -headquartered banks (1); Texas market represents 39% of credit exposure as of 12/31/25, DFW is largest market in footprint • Granular deposit base: 105,336 accounts with an average balance of $63,596 and an organic deposit growth CAGR of ~15% since 4Q15(2) • Balanced organic growth and proven acquirer with ~55% organic and ~45% acquired growth since 2018; six whole bank (including Progressive Bank acquisition) and two non -bank acquisitions • 5-time winner of Best Banks to Work For award • $8.2 billion total assets • $6.2 billion total gross loans, HFI • $6.7 billion total deposits (19.7% noninterest bearing) • $825MM total common equity, and $72MM total preferred equity • 12.93% consolidated total risk -based capital ratio (5) • 8.53% TCE / TA, and $23.36 TBV per common share Full -Year 2025 Actual Results • $321MM total core revenue (15.0% noninterest core revenue) • $83.5MM core net income available to common, $2.83 diluted core EPS available to common, 3.69% GAAP net interest margin • 1.06% core ROAA, 10.7% core ROACE, 61.8% core efficiency ratio • Operations in Louisiana, Texas and Mississippi including: 37 legacy Louisiana full -service Banking Centers (3), one LPO/DPO office, 16 metro-focused Texas Banking Centers , a registered investment advisory in Ridgeland, MS, and a SBA loan service provider in Katy, Texas. • Established Correspondent Banking Group with 150+ network bank relationships serving four primary functions; loan and deposit participations, registered investment advisory, interest rate swap hedging, and SBA loan processing and servicing • On January 1, 2026, closed the acquisition of North Louisiana based Progressive Bank ($752MM in assets as of September 30, 2025) • Completed b1BANK core conversion in May 2025, and acquired Oakwood Bank core conversion in September 2025

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

 
7 BALANCED FOOTPRINT Note: Dollars in millions. Financial and branch data as of December 31, 2025. Deposit balances do not tie to consolidated figures as a result of wholesale deposits, timing differences and other items recorded at the corporate level. Loan amounts based on outstanding loan balance before accounting adjustments. (1) Banking Center count includes one standalone ITM. (2) Excludes standalone ITM from Deposits / Banking Center calculation. 66 85 99 90 163 210 123 175 212 220 88 42 124 129 128 220 x3 Dallas Fort Worth Region # of Banking Centers: 11 # of LPOs: 1 Total Loans: $1,924.3 Total Deposits: $1,037.3 Deposits / Banking Center: $94.3 Houston Region # of Banking Centers: 5 Total Loans: $449.5 Total Deposits: $556.2 Deposits / Banking Center: $111.2 Southwest Louisiana Region # of Banking Centers: 21 Total Loans: $1,468.2 Total Deposits: $2,197.0 Deposits / Banking Center: $104.6 Greater New Orleans Region # of Banking Centers: 7 Total Loans: $1,203.2 Total Deposits: $1,066.1 Deposits / Banking Center: $152.3 North Louisiana Region # of Banking Centers(1): 9 Total Loans: $1,074.6 Total Deposits: $987.4 Deposits / Banking Center(2): $123.4

 
8 DIVERSIFIED GROWTH Note: Dollars in millions, except per share data. Amounts may not total due to rounding. (1) Based on the closing date except for the Progressive Bank acquisition, which reflects total assets as of September 30, 2025, and closed on January 1, 2026. (2) Non-GAAP financial measure. See appendix for applicable reconciliation. $1,473 $1,652 $2,277 $2,843 $3,562 $4,156 $4,566 $4,924 $621 $621 $1,883 $1,883 $2,429 $2,429 $3,291 $4,043 $2,095 $2,274 $4,160 $4,726 $5,990 $6,585 $7,857 $8,967 2018 2019 2020 2021 2022 2023 2024 2025 BFST Standalone Assets Cumulative Assets Acquired # of Acquisitions(1) 2 0 1 0 1 0 1 1 Target(s) Assets Acquired(1) $621 $0 $1,262 $0 $546 $0 $862 $752 TBV Per Share(2) $15.34 $17.31 $16.80 $17.71 $16.17 $18.62 $19.92 $23.36 TBVPS ex. AOCI(2) $15.60 $17.12 $16.28 $17.77 $19.12 $21.25 $22.05 $24.49 Core ROAA(2) 1.00% 1.15% 1.09% 1.22% 1.05% 1.05% 0.94% 1.06%

 
9 $ 1 9 .6 8 $ 2 1 .4 7 $ 1 9 .8 8 $ 2 1 .2 4 $ 2 0 .2 5 $ 2 2 .5 8 $ 2 4 .6 2 $ 2 7 .9 5 $15.34 $17.31 $16.80 $17.71 $16.17 $18.62 $19.92 $23.36 2018 2019 2020 2021 2022 2023 2024 2025 BVPS TBVPS $ 2 2 .6 4 $ 2 3 .2 4 $ 2 4 .5 9 $ 2 4 .6 2 $ 2 5 .5 1 $ 2 6 .2 3 $ 2 7 .2 3 $ 2 7 .9 5 $18.61 $19.22 $20.60 $19.92 $20.84 $21.61 $22.63 $23.36 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 BVPS TBVPS TANGIBLE BOOK VALUE PER SHARE (TBVPS) GROWTH (1) Non-GAAP financial measure. See appendix for applicable reconciliation. • Tangible book value per share increased ~26% from Q1’24 to Q4’25, reflecting solid organic capital generation and disciplined acquisition integration, despite normal quarter-to-quarter volatility • From 2018 to 2025, tangible book value per share grew ~52%, demonstrating prudent capital management across multiple cycles while generating both organic and inorganic balance sheet growth (1) (1) TBVPS – Trailing 8 Quarters TBVPS – Since Public Listing on Nasdaq

 
10 $ 1 .2 2 $ 1 .7 4 $ 1 .6 4 $ 2 .5 3 $ 2 .3 2 $ 2 .5 9 $ 2 .2 6 $ 2 .7 9 $1.45 $1.80 $2.05 $2.61 $2.52 $2.62 $2.49 $2.83 2018 2019 2020 2021 2022 2023 2024 2025 EPS Core EPS $ 0 .4 8 $ 0 .6 2 $ 0 .6 5 $ 0 .5 1 $ 0 .6 5 $ 0 .7 0 $ 0 .7 3 $ 0 .7 1 $0.50 $0.64 $0.68 $0.66 $0.65 $0.66 $0.72 $0.79 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 EPS Core EPS EARNINGS PER SHARE (EPS) GROWTH (1) Non-GAAP financial measure. See appendix for applicable reconciliation. (1) Diluted EPS – Trailing 8 Quarters (1) • Core EPS increased ~58% from Q1’24 to Q4’25, reflecting improving earnings power as recent acquisitions are integrated and cost savings are realized • Core EPS grew ~95% from 2018 to 2025, demonstrating consistent earnings growth through various economic cycles and seven bank acquisitions Diluted EPS – Since Public Listing on Nasdaq

 
11 9.14% 9.29% 9.42% 9.44% 9.78% 9.88% 10.06% 9.94% 12.78% 12.88% 12.99% 12.75% 13.03% 13.07% 13.22% 12.93% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Common Equity Tier 1 Total Risk-Based Capital 11.83% 11.43% 10.63% 9.04% 8.68% 9.15% 9.44% 9.94% 13.91% 13.30% 12.28% 11.94% 12.75% 12.85% 12.75% 12.93% 2018 2019 2020 2021 2022 2023 2024 2025 Common Equity Tier 1 Total Risk-Based Capital CONSOLIDATED CAPITAL GROWTH Note: Reflects consolidated capital ratios for Business First Bancshares, Inc. Figures for Q4 and FY 2025 are preliminary. • From Q1’24 to Q4’25, CET1 increased by 80 bps and Total Risk-Based Capital improved to 12.93%, reflecting strong internal capital generation and balance sheet optimization while continuing to support growth • From 2018 to 2025, capital ratios remained strong through multiple acquisitions and economic cycles, demonstrating disciplined capital planning and a balanced approach to growth CET1 & TRBC – Trailing 8 Quarters CET1 & TRBC – Since Public Listing on Nasdaq

 
12 LIQUIDITY AND DEPOSITS Deposit Composition Non-Interest Bearing NOW & Int. Bearing DDA MMDA & Savings Time Deposits • Continue to carry higher cash balances to support liquidity, with 6.89% of total assets at 12/31/2025. • Remain focused on core deposits, which represent over 85% of total deposits. • Continue to take advantage of wholesale funding alternatives to optimize interest costs and liquidity, utilizing FHLB and the brokered deposit market. • Ample contingent liquidity available of just under $3.5 billion at 12/31/2025, to supplement core deposit growth as needed. $6.70B Note: Dollars in millions. Data as of December 31, 2025. Historical Deposit Composition Liquidity Sources FHLB Borrowings Capacity 1,207$ FRB Discount Window 962$ Unencumbered Securities 593$ Available Excess Cash Reserves 379$ Fed Funds Sold 172$ Fed Funds Lines Available 145$ Total 3,458$

 
13 SECURITIES PORTFOLIO AFS Securities Portfolio • Portfolio serves as a source of on-balance sheet liquidity and provides interest income stability during times of declining rates. • With the relatively high-rate environment, the Bank is reinvesting portfolio cash flows and taking opportunities to modestly grow the portfolio as liquidity allows. • Total portfolio as of 4Q25 was $1.03 billion in AFS, of which agency mortgage-backed securities (MBS) and A-rated municipal securities were the largest components. - 4Q25 weighted average yield of 2.94% - Weighted average life of 4.25 years - Estimated effective duration of 3.53 years $1.03B Note: Dollars in millions. Data as of December 31, 2025. Book Market Net Unrealized Value Value Gain / (Loss) Municipal Securities 291.3$ 274.9$ (16.3)$ Mortgage-Backed Securities 674.2 650.1 (24.1)$ Corporate & Other Securities 38.3 37.1 (1.3)$ U.S. Government Agencies / Treasuries 27.6 27.2 (0.5)$ Total AFS Securities 1,031.4$ 989.2$ (42.2)$ Deferred Tax Impact 8.9$ Accumulated Other Comprehensive Income/Loss (33.3)$

 
14 SMITH SHELLNUT WILSON (SSW) • SSW was founded in 1995 and offers investment advisory services, which includes discretionary and non -discretionary management of investment portfolios for a variety of clients including financial institutions, municipalities, high -net worth individuals, trusts and business entities • As of December 31, 2025, SSW maintained ~$5.74 billion in AUM (3), which includes negative impact of AOCI (~$4.29 billion bank AUM (1), ~$1.44 billion non -bank AUM) • For 4Q25, 33% of total AUM fees were represented by banks and credit unions and SSW provided portfolio management services for 50 bank clients FINANCIAL INSTITUTIONS GROUP (FIG) • September 2020 – b1BANK announced the formation of its Financial Institutions Group (FIG) • FIG currently maintains $545 million in total loan participations sold (1) and has generated $243 million (2) in total deposits through a relationship network of ~100 bank counterparties WATERSTONE LSP February 1, 2024 – Waterstone LSP was acquired by b1BANK and operates as a wholly - owned affiliate as a comprehensive resource for streamlined SBA lending. Waterstone optimizes partner banks’ SBA lending capabilities and achieves growth objectives via Efficient Loan Management, including; Waterstone’s platform simplifies pre -qualification, underwriting, packaging, and closing, accelerating the loan cycle and minimizing workload Snapshot as of December 31, 2025: • 27 banks under LSP Agreements • 4Q25 loan closing volume of $24.9 million (includes $17.8 million of b1BANK loan closings) • 4Q25 active pipeline of ~$79 million INTEREST RATE SWAPS November 2023 – b1BANK announced the formation of its Derivative Solutions Group, providing a full suite of interest rate hedging products offered to our commercial borrowers, including, but not limited to; interest rate swaps, caps, floors, collars, cancellable swaps. We expect to expand into our institutional client base. FY 2025 PRODUCTION • 52 total trades • $274.7 million in total loan notional from back -to-back client swaps generated ~$4.4 million in fee income NONINTEREST REVENUE OPPORTUNITIES – CORRESPONDENT BANKING (1) Does not necessarily include total production/volume since inception. (2) Reflects average total deposits for Q4 2025. (3) Includes bank and credit union AUM. Excludes b1BANK securities portfolio and TruPs /CDs included in client portfolios. $0.5 $0.3 $0.2 $0.4 $0.7 $0.9 $0.9 $0.9 $0.8 $2.2 $1.5 $3.4 $1.1 $1.4 $1.0 $2.7 $4.4 $5.4 $5.8 $6.0 $6.3 $1.6 $1.5 $1.9 $1.8 FY 2022 FY 2023 FY 2024 FY 2025 LPL Brokerage Smith Shellnut Wilson Swap Fees Waterstone LSP Gain on Sale of SBA Loans Participation Fee Revenue (FIG) Total Mortgage Fee Revenue $9.0 $11.6 $14.4 $18.6 Correspondent Revenue Growth

 
15 Financial Results 66 85 99 90 163 210 123 175 212 220 88 42 124 129 128 220 x3

 
16 4 th QUARTER 2025 – FINANCIAL RESULTS Note: Dollars in thousands, except per share data. (1) Non-GAAP financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of December 31, 2025. Core Net Income $23.5 million +20.9% YoY Core Diluted EPS $0.79 +19.7% YoY Core ROAA 1.16% Core ROACE 11.40% Core Efficiency Ratio 59.7% Net Interest Margin 3.64% (excluding discount accretion) Loan Growth, HFI ~$168 million +11.1% (linked-quarter annualized) Total Deposit Growth ~$192 million +11.7% (linked-quarter annualized) Consolidated Capital CET1 Ratio: 9.94% TRBC Ratio: 12.93% TBVPS $23.36 +17.3% YoY Q4 2025 Results Earnings & Profitability Q4 2025 Q3 2025 Q4 2024 Net Income Available to Common Shareholders 21,009$ 21,505$ 15,138$ Pre-Tax, Pre-Provision Earnings(1) 30,680 32,065 28,016 Diluted Earnings Per Common Share 0.71 0.73 0.51 ROAA 1.04% 1.08% 0.78% ROACE 10.18 10.80 8.23 Net Interest Margin 3.71 3.68 3.61 Efficiency Ratio 63.10 60.45 63.91 Core Net Income Available to Common Shareholders(1) 23,520$ 21,215$ 19,454$ Core Pre-Tax, Pre-Provision Earnings(1) 33,842 31,587 33,450 Core Diluted Earnings Per Common Share(1) 0.79 0.72 0.66 Core ROAA(1) 1.16% 1.06% 1.00% Core ROACE(1) 11.40 10.65 10.58 Net Interest Margin excluding loan discount accretion(1) 3.64 3.63 3.56 Core Efficiency Ratio(1) 59.74 60.94 63.09 Balance Sheet & Capital Total Loans 6,189,490$ 6,021,055$ 5,981,399$ Total Deposits 6,698,590 6,506,862 6,511,331 Common Equity Tier 1 Ratio(2) 9.94% 10.06% 9.44% Total Risk-Based Capital Ratio(2) 12.93 13.22 12.75 Common Equity / Total Assets 10.04 10.14 9.26 Tangible Common Equity / Tangible Assets(1) 8.53 8.57 7.63 Book Value Per Common Share 27.95$ 27.23$ 24.62$ Tangible Book Value Per Common Share(1) 23.36 22.63 19.92 Asset Quality Provision for Credit Losses 3,098$ 3,183$ 6,712$ Net Charge-Offs / Avg. Quarterly Total Loans 0.11% 0.05% 0.03% ACL / Total Loans (HFI) 0.94 1.03 0.98 NPLs / Total Loans (HFI) 1.24 0.82 0.42 NPAs / Total Assets 1.09 0.83 0.39 Q4 2025 Highlights (1) (1) (1)(1) (1) (1) (1)

 
17 FY 2025 – FINANCIAL RESULTS Note: Dollars in thousands, except per share data. (1) Non-GAAP financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of December 31, 2025. Earnings & Profitability FY 2025 FY 2024 FY 2023 Net Income Available to Common Shareholders 82,460$ 59,706$ 65,642$ Pre-Tax, Pre-Provision Earnings(1) 121,627 93,924 95,069 Diluted Earnings Per Common Share 2.79 2.26 2.59 ROAA 1.05% 0.86% 1.04% ROACE 10.59 9.54 12.36 Net Interest Margin 3.69 3.48 3.62 Efficiency Ratio 62.55 65.42 61.61 Core Net Income Available to Common Shareholders(1) 83,540$ 65,759$ 66,326$ Core Pre-Tax, Pre-Provision Earnings(1) 122,686 101,286 95,899 Core Diluted Earnings Per Common Share(1) 2.83 2.49 2.62 Core ROAA(1) 1.06% 0.94% 1.05% Core ROACE(1) 10.73 10.51 12.49 Net Interest Margin excluding loan discount accretion(1) 3.63 3.41 3.47 Core Efficiency Ratio(1) 61.84 64.47 61.93 Balance Sheet & Capital Total Loans 6,189,490$ 5,981,399$ 4,992,785$ Total Deposits 6,698,590 6,511,331 5,248,790 Common Equity Tier 1 Ratio(2) 9.94% 9.44% 9.15% Total Risk-Based Capital Ratio(2) 12.93 12.75 12.85 Common Equity / Total Assets 10.04 9.26 8.69 Tangible Common Equity / Tangible Assets(1) 8.53 7.63 7.28 Book Value Per Common Share 27.95$ 24.62$ 22.58$ Tangible Book Value Per Common Share(1) 23.36 19.92 18.62 Asset Quality Provision for Credit Losses 11,318$ 10,873$ 4,483$ Net Charge-Offs / Avg. Total Loans 0.19% 0.08% 0.11% ACL / Total Loans (HFI) 0.94 0.98 0.88 NPLs / Total Loans (HFI) 1.24 0.42 0.34 NPAs / Total Assets 1.09 0.39 0.28 FY 2025 Results FY 2025 Highlights Core Net Income $83.5 million +27.0% YoY Core Diluted EPS $2.83 +13.7% YoY Core ROAA 1.06% Core ROACE 10.73% Core Efficiency Ratio 61.8% Net Interest Margin 3.63% (excluding discount accretion) Loan Growth, HFI ~$208 million +3.5% YoY Total Deposit Growth ~$187 million +2.9% YoY Consolidated Capital CET1 Ratio: 9.94% TRBC Ratio: 12.93% TBVPS $23.36 +17.3% YoY (1) (1) (1)(1) (1) (1) (1)

 
18 ACL & FV Discount Past Due Loans(1) Note: Dollars in millions. (1) Past due loans include balances past due 30 days or more and not on a nonaccrual status. (2) Nonperforming loans include loan balances past due 90 days or more as well as loans on a nonaccrual status. CREDIT METRICS ANALYSIS Nonperforming Loans(2) Net Charge-offs

 
19 3.71% 3.64% 2.64% 2.52% 6.88% 3.75% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 NIM NIM ex. Accretion Total Funding Cost Total Cost of Deposits Loan Yield Target Fed Funds Rate Note: Data is as of December 31, 2025. Chart based on GAAP data. (1) NIM excluding loan discount accretion is a non-GAAP financial measure and excludes the accretion of the loan discount on acquired loans. See appendix for applicable reconciliation. YIELD / RATE ANALYSIS – LONG TERM MARGIN STABILITY (1) 2020 2021 2022 2023 2024 2025

 
20 Note: Dollars in millions; amounts may not total due to rounding. Betas are estimates that reflect the deposit portfolio composition as of December 31, 2025, based on analysis of BFST deposit pricing in prior cycles. (1) Core CDs and Core Time Deposits exclude brokered deposits and CDARs. (2) Reflects weighted average rate as of month-end, December 31, 2025. ESTIMATED DEPOSIT BETA IN EASING RATE CYCLE Deposit Portfolio (as of 12/31/25) % of Deposits $ Amount of Deposits Weighted Avg. Rate(2) Approx. Beta in Easing Cycle Non-Interest Bearing Deposits 19.7% $1,322.1 -% -% Core Time Deposits(1) 5.6% $372.6 3.06% 45 - 55% High Beta/Special CDs 9.4% $630.8 3.91% 55 - 65% Brokered Deposits 8.7% $579.5 4.09% 100% Low Beta/Standard Non-Maturity Deposits 9.4% $629.4 1.73% 25 - 35% Higher Beta Non-Maturity Deposits 47.2% $3,164.3 2.78% 70 - 80% Total Deposits 100.0% $6,698.6 2.37% 45 - 55% • Internal modeling implies an estimated total deposit beta of 45% – 55%, in the near-term downward rate cycle • Overall Core CD balance(1) retention rate was 83% during 4Q25 • $224 million remaining Core CD balances(1) will mature in 1Q26, with $239 million maturing in 2Q26

 
21 Loan Portfolio HFI (as of 12/31/25) Note: Dollars in millions. Data is as of December 31, 2025. Loan balances are before accounting adjustments and excludes loan s i n process and excludes Business Manager loans. (1) Reflects weighted average stated rate for the month -end for each period indicated. • 52.6% of total loans HFI are floating rate • 66.5% of floating -rate loans float on the WSJ Prime Daily Index • 47.4% of total loans HFI are fixed rate - 10.9% of fixed -rate loans mature within the next 12 months LOAN PORTFOLIO – REPRICING OVERVIEW Maturities by Loan Type Outstanding Balance Weighted ($MM) (% of Total) Avg. Rate(1) Fixed Rate Loans (mature/reprice > 1 year) 2,234.8$ 36.5% 6.00% Fixed Rate Loans (mature/reprice < 1 year) 671.0 10.9% 6.32% Floating Rate with Floors 1,369.2 22.3% 6.97% Floating Rate without Floors 1,855.8 30.3% 6.86% Total 6,130.8$ 100.0% 6.51% 36.5% 10.9%22.3% 30.3%63.5% of total loans HFI are floating / variable rate or fixed rate maturing/repricing within the next 12-months Fixed Rate Loans Maturing Beyond 1-Year (dollars in millions) Q1'27 FY 2027 FY 2028 FY 2029 > FY 2029 C&D 3.2$ 29.9$ 8.4$ 7.1$ 30.1$ Owner-Occupied CRE 11.8 71.7 44.5 46.4 170.7 Income Producing CRE 0.4 2.2 0.9 1.3 1.8 C&I 0.7 6.0 11.4 6.2 20.8 Agricultural 0.5 1.1 1.7 1.6 3.6 Farmland 7.6 65.1 53.4 56.9 194.9 1-4 Family 65.3 429.1 207.2 164.6 433.1 Consumer & Other 14.7 86.3 29.4 26.2 21.0 Total 104.0$ 691.4$ 357.1$ 310.2$ 876.1$ Weighted Avg. Rate 5.17% 5.26% 6.95% 6.56% 6.00% Fixed Rate Loans Maturing within the next 12-Months NTM (dollars in millions) Q1'26 Q2'26 Q3'26 Q4'26 Total C&D 31.9$ 8.7$ 11.6$ 3.5$ 55.6$ Owner-Occupied CRE 23.1 28.6 13.9 24.1 89.6 Income Producing CRE 0.0 0.1 0.3 0.1 0.4 C&I 2.5 5.2 1.2 1.7 10.6 Agricultural 27.4 53.7 0.9 1.4 83.5 Farmland 47.3 16.4 10.8 7.7 82.1 1-4 Family 65.5 70.5 40.2 97.1 273.3 Consumer & Other 33.9 7.8 26.9 7.2 75.8 Total 231.5$ 190.9$ 105.8$ 142.7$ 671.0$ Weighted Avg. Rate 7.00% 6.72% 5.89% 5.00% 6.32% All Floating Rate Loans, Maturing, (dollars in millions) Q1'26 Q2'26 FY 2026 FY 2027 > FY 2027 C&D 93.3$ 23.8$ 190.0$ 157.3$ 162.9$ Owner-Occupied CRE 4.6 5.7 17.0 9.8 136.6 Income Producing CRE 0.8 0.3 1.9 1.1 1.6 C&I 9.7 6.7 26.2 19.0 97.8 Agricultural 13.5 17.3 34.6 5.0 3.3 Farmland 170.3 87.8 408.8 85.5 409.3 1-4 Family 77.3 37.6 199.5 100.7 725.6 Consumer & Other 96.6 13.2 235.3 76.6 119.5 Total 466.2$ 192.3$ 1,113.3$ 455.1$ 1,656.6$ Weighted Avg. Rate 7.34% 7.23% 7.22% 6.98% 6.67% (1) (1) (1)

 
22 Loan Portfolio 66 85 99 90 163 210 123 175 212 220 88 42 124 129 128 220 x3

 
23 LOAN COMPOSITION $208.1 Million Year-over-Year Growth Q4 2025 Highlights $1,869 $1,862 $1,961 $1,921 $1,922 $1,299 $1,298 $1,310 $1,280 $1,357 $1,045 $1,045 $1,098 $1,076 $1,152 $1,097 $1,142 $1,078 $1,106 $1,119 $671 $634 $600 $639 $639 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Construction Residential, Consumer & Other CRE - Owner Occupied CRE - Non-Owner Occupied Commercial Total Loans HFI QoQ Change Dallas Fort Worth 31.4% Houston 7.3% North Louisiana 17.6% Southwest Louisiana 24.0% Greater New Orleans 19.7% Total Loans HFI by Region ($ in millions) QoQ YoY Commercial 1$ 53$ CRE - Non-Owner Occupied 77$ 58$ CRE - Owned Occupied 77$ 107$ Residential, Consumer, & Other 13$ 22$ Construction 0$ (31)$ Total 168$ 208$ Increase (Decrease) by Loan Type $5,981 $5,981 $6,048 $6,021 $6,189 +$761.3 ($0.5) +$66.7 ($26.6) +$168.4 Q4’25 Avg. Yield(1) 6.98% 6.47% 5.95% 5.95% 7.14% Total Yield 6.52% • Total Loans HFI increased $168.4 million, or 2.8% (11.1% annualized) compared to the linked quarter • Total Loans HFI increased $208.1 million, or 3.5% year-over-year Note: Data is as of December 31, 2025. Dollars in millions. Loan balances reflect amortized cost basis. (1) Weighted average loan yields exclude Business Manager loans.

 
24 Note: Loan composition as of December 31, 2025, based on preliminary FDIC call report data. LOAN PORTFOLIO SNAPSHOT $6.19 billion Total Loan Portfolio Composition Top 5 Exposure Categories Outstanding Unfunded Average NPLs % of Balance Commitment Loan Size Total Loans Commercial $1.86 billion $1 billion $469 thousand 1.34% CRE - Owner-Occupied $1.15 billion $93 million $995 thousand 0.45% CRE - Non Owner-Occupied $1.36 billion $56 million $2.06 million 2.31% Construction & Land $639 million $284 million $655 thousand 0.71% 1-4 Family $594 million $19 million $225 thousand 1.27% Total $5.61 billion $0.45 billion $881 thousand 1.31%

 
25 LOAN COMPOSITION: COMMERCIAL Note: Data is as of December 31, 2025. Percentages based on loan balances before accounting adjustments. • Commercial loans represent 31.0% of the total loan portfolio • Total commercial loan growth year-over-year of 2.8% • Weighted average maturity of the commercial portfolio is 2.33 years Commercial Loans by Collateral Commercial Loans by Market AR & Inventory 33.4% Equipment 11.7% All Other 30.0% Titled Collateral 11.6% Cash/Securities 6.8% Agricultural 6.4% Dallas Fort Worth 37.5% North Louisiana 19.8% Bayou 7.5% Capital 9.0% Greater New Orleans 11.4% Southwest Louisiana 8.8% Houston 6.1%

 
26 Income Producing CRE Geography(1) Income Producing CRE Portfolio Dallas, TX 11.0% Houston, TX 5.5% West Monroe, LA 5.4% Scott, LA 4.8% New Orleans, LA 4.5% Lake Charles, LA 4.5% New Iberia, LA 4.5% Baton Rouge, LA 4.2% Monroe, LA 3.4% Marrero, LA 3.2% All Other Geographies 49.0% Total CRE - Income Producing 100.0% 11.0% 5.5% 5.4% 4.8% 4.5% 4.5% 4.5% 4.2% 3.4% 3.2% 49.0% Owner Occupied CRE Geography(1) Income Producin CRE Geography(1) Owner Occupied CRE Portfolio Baton Rouge, LA 8.5% Houston, TX 7.0% Houma, LA 5.3% Bastrop, LA 4.9% Minden, LA 4.3% Broussard, LA 3.6% Memphis, TN 3.5% Dallas, TX 3.5% Lake Charles, LA 3.2% New Orleans, LA 2.9% All Other Geographies 53.3% Total CRE - Owner Occupied 100.0% 8.5% 7.0% 5.3% 4.9% 4.3% 3.6% 3.5% 3.5% 3.2% 2.9% 53.3% C&D by Geography(1) Owner Occupied CRE Geography(1) C&D Portfolio Dallas, TX 13.9% Baton Rouge, LA 8.2% Lafayette, LA 7.0% Houston, TX 4.1% Sulphur, LA 4.0% Minden, LA 3.5% New Orleans, LA 3.5% Dubach, LA 3.3% Lake Charles, LA 2.9% Mckinney, TX 2.6% All Other Geographies 47.1% Total C&D 100.0% 13.9% 8.2% 7.0% 4.1% 4.0% 3.5% 3.5% 3.3% 2.9% 2.6% 47.1% CRE Composition - Income Producing Income Producing CRE Portfolio Hotel/Motel 14.5% Office Building 22.4% Office/Warehouse 4.0% Warehouse 7.3% Retail - Single-Tenant 7.9% Retail - Multi-Tenant 25.3% Commercial Building 10.3% Other 8.3% Total CRE - Income Producing 100.0% 14.5% 22.4% 4.0% 7.3% 7.9% 25.3% 10.3% 8.3% CRE Composition - Owner Occupied iti - I e roducing Owner Occupied CRE Portfolio Hotel/Motel 1.8% Office Building 23.0% Office/Warehouse 23.6% Retail 16.9% Commercial Building 16.0% Other 18.7% Total CRE - Owner Occupied 100.0% 1.8% 23.0% 23.6% 16.9% 16.0% 18.7% C&D Composition iti - r i C&D Portfolio Raw Land 5.0% Vacant Residential Lots 8.9% Vacant Commercial Lots 8.9% Land Development - Residential 20.1% Residential Construction - OORE 4.0% Residential Construction - Non OORE 12.9% Commercial Construction - Retail 5.3% Commercial Construction - Office 5.4% Commercial Construction - Apartment/Multi-Family 5.4% Commercial Construction - Other 24.2% Total C&D 100.0% 5.0% 8.9% 8.9% 20.1% 4.0% 12.9% 5.3% 5.4% 5.4% 24.2% Note: Dollars in millions. Data is as of December 31, 2025. Percentages based on loan balances before accounting adjustments. (1) Geographic composition detail reflects borrower zip code on file in loan source files. Does not necessarily reflect zip code or location of loan collateral. Loan balances include Oakwood totals within Dallas geography. (2) Represents the largest loan in each portfolio net of balances sold to other institutions. (3) Represents the outstanding principal balance of all loans maturing between January 1, 2026, through December 31, 2026. LOAN COMPOSITION: COMMERCIAL REAL ESTATE C&D Highlights • $639.1 million total portfolio • $30.2 million largest relationship(2) • $658 thousand average loan size • $213.2 million maturing over the next 12 months(3) • Dallas, Baton Rouge and Lafayette represent top 3 geographies within C&D and comprise 29.0% of all C&D loans or $185.2 million Owner-Occupied Highlights • $1.15 billion total portfolio • $18.8 million largest relationship(2) • $998 thousand average loan size • $154.3 million maturing over the next 12 months(3) • Baton Rouge, Houston and Houma represent top 3 geographies within owner-occupied and comprise 20.8% of all owner-occupied loans or $239.0 million Income Producing Highlights • $1.36 billion total portfolio • $26.1 million largest relationship(2) • $2.07 million average loan size • $333.4 million balance maturing over the next 12 months(3) • Dallas, Houston and Monroe represent top 3 geographies within income producing and comprise 21.8% of all income producing loans or $297.1 million $639.1 million $1.15 billion $1.36 billion $639.1 million $1.15 billion $1.36 billion

 
27 APPENDIX

 
28 Note: Dollars in thousands. As of December 31. (1) Non-GAAP Financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of 12/31/2025. Total Capital Ratio not available for FY 2020 due to the bank’s use of the Community Bank Leverage Ratio. (3) Excludes SBA PPP loans. (4) Calculated at the bank level based on preliminary FDIC call report data. (5) Past due and nonaccrual loan amounts exclude purchased impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. This was applicable to all periods 12/31/2022, and prior. The guidance and methodology were changed beginning 1/1/2023, due to CECL adoption. HISTORICAL FINANCIAL SUMMARY 2020 2021 2022 2023 2024 2025 Balance Sheet & Capital Total Assets $4,160,360 $4,726,378 $5,990,460 $6,584,550 $7,857,090 $8,214,740 Gross Loans (Excl. HFS) 2,991,355 3,189,608 4,606,176 4,992,785 5,981,399 6,189,490 Deposits 3,616,679 4,077,283 4,820,345 5,248,790 6,511,331 6,698,590 Total Equity 409,963 433,368 580,481 644,259 799,466 896,883 Tangible Common Equity / Tangible Assets(1) 8.45 % 7.76 % 6.89 % 7.28 % 7.63 % 8.53 % Tier 1 Leverage Ratio(2) 8.79 8.14 9.49 9.52 9.53 10.08 Total Risk-based Capital Ratio(2) -- 11.94 12.75 12.85 12.75 12.93 Net Loans (Excl. HFS) / Assets 71.37 % 66.87 % 76.25 % 75.21 % 75.43 % 74.69 % Gross Loans (Excl. HFS) / Deposits 82.71 78.23 95.56 95.12 91.86 92.40 NIB Deposits / Deposits 32.19 31.66 32.14 24.75 20.84 19.74 Commercial Loans / Loans (Excl. HFS)(3) 21.60 22.62 25.05 27.22 31.24 31.05 C&D / Total Risk-Based Capital(4) 106.0 % 117.0 % 109.8 % 91.7 % 78.2 % 68.7 % CRE / Total Risk-Based Capital(4) 262.0 250.1 272.1 253.5 253.6 258.0 Asset Quality NPLs / Loans (Excl. TDRs)(5) 0.35 % 0.41 % 0.25 % 0.34 % 0.42 % 1.24 % NPAs / Assets (Excl. TDRs)(5) 0.48 0.31 0.21 0.28 0.39 1.09 Reserves / Loans (Excl. HFS) 0.74 0.91 0.83 0.81 0.92 0.87 NCOs / Average Loans 0.06 0.03 0.04 0.11 0.08 0.19 Profitability Ratios Net Income Available to Common Shareholders $29,994 $52,136 $52,905 $65,642 $59,706 $82,460 ROAA 0.88 % 1.18 % 0.97 % 1.04 % 0.86 % 1.05 % ROACE 8.42 12.25 11.59 12.36 9.54 10.59 Net Interest Margin 4.06 % 3.84 % 3.92 % 3.62 % 3.48 % 3.69 % Efficiency Ratio 67.75 61.84 65.26 61.61 65.42 65.42 Non-Interest Income / Avg. Assets 0.63 0.80 0.54 0.62 0.63 0.65 Non-Interest Expense / Avg. Assets 2.95 2.66 2.73 2.47 2.55 2.58 For the Fiscal Year Ended December 31,

 
29Note: Dollars in thousands except per share data. (1) Adjustments are net of tax. RECONCILIATION OF NON -GAAP FINANCIAL MEASURES 2021 2022 2023 2024 2025 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Core Net Income: Net Income 52,136$ 52,905$ 65,642$ 59,706$ 82,460$ 15,138$ 19,193$ 20,753$ 21,505$ 21,009$ Adjustments(1): -$ (543)$ -$ -$ -$ -$ -$ -$ -$ -$ 799$ 566$ -$ (39)$ 663$ -$ (122)$ -$ -$ 785$ -$ -$ 341$ -$ -$ -$ -$ -$ -$ -$ (299)$ 38$ 2,023$ (6)$ (51)$ (17)$ 1$ 37$ (61)$ (27)$ (354)$ -$ (745)$ -$ (2,527)$ -$ -$ (2,527)$ -$ -$ -$ -$ (1,150)$ -$ (497)$ -$ (497)$ -$ -$ -$ 1,230$ 395$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 407$ 4,236$ 215$ 1,524$ 3,128$ 162$ 536$ 467$ 1,000$ 1,125$ -$ -$ -$ 769$ 1,939$ 366$ 170$ 795$ 346$ 628$ -$ -$ -$ 3,805$ -$ 3,805$ -$ -$ -$ -$ -$ -$ -$ -$ (1,575)$ -$ -$ -$ (1,575)$ -$ Core Net Income 53,919$ 57,597$ 66,326$ 65,759$ 83,540$ 19,454$ 19,281$ 19,525$ 21,215$ 23,520$ Core Return on Average Assets: Net Income 52,136$ 52,905$ 65,642$ 59,706$ 82,460$ 15,138$ 19,193$ 20,753$ 21,505$ 21,009$ Core Net Income 53,919$ 57,597$ 66,326$ 65,759$ 83,540$ 19,454$ 19,281$ 19,525$ 21,215$ 23,520$ Average Assets 4,403,670$ 5,473,508$ 6,341,880$ 6,973,735$ 7,873,743$ 7,721,338$ 7,750,982$ 7,791,371$ 7,921,159$ 8,016,094$ ROAA 1.18% 0.97% 1.04% 0.86% 1.05% 0.78% 1.00% 1.07% 1.08% 1.04% Core ROAA 1.22% 1.05% 1.05% 0.94% 1.06% 1.00% 1.01% 1.01% 1.06% 1.16% ROACE 12.25% 11.59% 12.36% 9.54% 10.59% 8.23% 10.48% 10.87% 10.80% 10.18% Core ROACE 12.67% 12.62% 12.49% 10.51% 10.73% 10.58% 10.53% 10.23% 10.65% 11.40% Average Diluted Shares Outstanding 20,634,281 22,817,493 25,296,200 26,452,084 29,545,702 29,520,781 29,545,921 29,586,975 29,656,639 29,669,253 Diluted Earnings per Common Share 2.53$ 2.32$ 2.59$ 2.26$ 2.79$ 0.51$ 0.65$ 0.70$ 0.73$ 0.71$ Core Diluted Earnings per Common Share 2.61$ 2.52$ 2.62$ 2.49$ 2.83$ 0.66$ 0.65$ 0.66$ 0.72$ 0.79$ Net Interest Margin Excluding Loan Discount Accretion: Net Interest Income 153,884$ 199,577$ 215,129$ 227,383$ 273,163$ 65,729$ 65,983$ 67,042$ 69,276$ 70,862$ Adjustments: (7,750) (9,432) (9,311) (4,182) (4,089) (997) (793) (767) (1,111) (1,418) Adjusted Net Interest Income 146,134$ 190,145$ 205,818$ 223,201$ 269,074$ 64,732$ 65,190$ 66,275$ 68,165$ 69,444$ Average Interest-earning Assets 4,011,773$ 5,091,684$ 5,939,405$ 6,536,333$ 7,402,462$ 7,237,784$ 7,263,399$ 7,299,899$ 7,460,027$ 7,569,692$ Net Interest Margin 3.84% 3.92% 3.62% 3.48% 3.69% 3.61% 3.68% 3.68% 3.68% 3.71% 3.64% 3.73% 3.47% 3.41% 3.63% 3.56% 3.64% 3.64% 3.63% 3.64% Core conversion expenses CECL Oakwood impact Tax Credit - ERC Loan purchase discount accretion Net Interest Margin excluding loan discount accretion (Gain)/Loss on Sale of Securities (Gain)/Loss on Sale of Banking Center (Gain)/Loss on Extinguishment of Debt Occupancy and bank premises-hurricane repair Stock Option Exercises Acquisition-related expenses Core Net Income, ROAA, NIM excluding loan discount accretion For the Year Ended December 31, Fiscal Quarter Insurance Reimbursement of storm expenditures, net of tax (Gain)/Loss Former Bank Premises & Equipment Write-Down on Former Bank Premises

 
30 Note: Dollars in thousands except per share data. (1) Adjustments are net of tax. RECONCILIATION OF NON -GAAP FINANCIAL MEASURES TTM Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 Core Net Income: Net Income 19,193$ 20,753$ 21,505$ 21,009$ 82,460$ Adjustments(1): (122)$ -$ -$ 785$ 663$ 1$ 37$ (61)$ (27)$ (51)$ (Gain)/Loss on Sale of Banking Center -$ (2,527)$ -$ -$ (2,527)$ (497)$ -$ -$ -$ (497)$ 536$ 467$ 1,000$ 1,125$ 3,128$ 170$ 795$ 346$ 628$ 1,939$ -$ -$ -$ -$ -$ -$ -$ (1,575)$ -$ (1,575)$ Core Net Income 19,281$ 19,525$ 21,215$ 23,520$ 83,540$ Core Return on Average Assets: Net Income 19,193$ 20,753$ 21,505$ 21,009$ 82,460$ Core Net Income 19,281$ 19,525$ 21,215$ 23,520$ 83,540$ Average Assets 7,750,982$ 7,791,371$ 7,921,159$ 8,016,094$ 7,873,743$ ROAA 1.00% 1.07% 1.08% 1.04% 1.05% Core ROAA 1.01% 1.01% 1.06% 1.16% 1.06% Average Diluted Shares Outstanding 29,545,921 29,586,975 29,656,639 29,669,253 29,545,702 Diluted Earnings per Common Share 0.65$ 0.70$ 0.73$ 0.71$ 2.79$ Core Diluted Earnings per Common Share 0.65$ 0.66$ 0.72$ 0.79$ 2.83$ Core conversion expenses CECL Oakwood impact Tax Credit - ERC Core Net Income and ROAA - Trailing Twelve Months Fiscal Quarter (Gain)/Loss Former Bank Premises & Equipment (Gain)/Loss on Sale of Securities (Gain)/Loss on Extinguishment of Debt Acquisition-related expenses

 
31 Note: Dollars in thousands except per share data. RECONCILIATION OF NON -GAAP FINANCIAL MEASURES Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity 799,466$ 826,312$ 848,440$ 878,440$ 896,883$ Preferred Stock (71,930) (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 727,536$ 754,382$ 776,510$ 806,510$ 824,953$ Adjustments: Goodwill (121,572) (121,691) (121,146) (121,146) (121,146) Core deposit and other intangibles (17,252) (16,538) (15,775) (15,136) (14,497) Total Tangible Common Equity 588,712$ 616,153$ 639,589$ 670,228$ 689,310$ Tangible Assets Total Assets 7,857,090$ 7,784,728$ 7,948,294$ 7,953,862$ 8,214,740$ Adjustments: Goodwill (121,572) (121,691) (121,146) (121,146) (121,146) Core deposit and other intangibles (17,252) (16,538) (15,775) (15,136) (14,497) Total Tangible Assets 7,718,266$ 7,646,499$ 7,811,373$ 7,817,580$ 8,079,097$ Common Equity to Total Assets 9.26% 9.69% 9.77% 10.14% 10.04% Tangible Common Equity to Tangible Assets 7.63% 8.06% 8.19% 8.57% 8.53% Tangible Book Value per Share: Tangible Common Equity Total Shareholders' Equity 799,466$ 826,312$ 848,440$ 878,440$ 896,883$ Preferred Stock (71,930) (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 727,536$ 754,382$ 776,510$ 806,510$ 824,953$ Adjustments: Goodwill (121,572) (121,691) (121,146) (121,146) (121,146) Core deposit and other intangibles (17,252) (16,538) (15,775) (15,136) (14,497) Total Tangible Common Equity 588,712$ 616,153$ 639,589$ 670,228$ 689,310$ Adjustments: Exclude AOCI (62,998) (52,844) (47,768) (36,429) (33,287) Total Tangible Common Equity (excl. AOCI) 651,710$ 668,997$ 687,357$ 706,657$ 722,597$ Common shares outstanding 29,552,358 29,572,297 29,602,970 29,615,370 29,510,668 Book Value per Common Share 24.62$ 25.51$ 26.23$ 27.23$ 27.95$ Tangible Book Value per Common Share 19.92$ 20.84$ 21.61$ 22.63$ 23.36$ Tangible Book Value per Common Share (excl. AOCI) 22.05$ 22.62$ 23.22$ 23.86$ 24.49$ TCE/TA, TBVPS Fiscal Quarter

 
32 Note: Dollars in thousands except per share data. RECONCILIATION OF NON -GAAP FINANCIAL MEASURES 2021 2022 2023 2024 2025 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity 433,368$ 580,481$ 644,259$ 799,466$ 896,883$ Preferred Stock - (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 433,368$ 508,551$ 572,329$ 727,536$ 824,953$ Adjustments: Goodwill (59,894) (88,543) (88,391) (121,572) (121,146) Core deposit and other intangibles (12,203) (14,042) (11,895) (17,252) (14,497) Total Tangible Common Equity 361,271$ 405,966$ 472,043$ 588,712$ 689,310$ Tangible Assets Total Assets 4,726,378$ 5,990,460$ 6,584,550$ 7,857,090$ 8,214,740$ Adjustments: Goodwill (59,894) (88,543) (88,391) (121,572) (121,146) Core deposit and other intangibles (12,203) (14,042) (11,895) (17,252) (14,497) Total Tangible Assets 4,654,281$ 5,887,875$ 6,484,264$ 7,718,266$ 8,079,097$ Common Equity to Total Assets 9.17% 8.49% 8.69% 9.26% 10.04% Tangible Common Equity to Tangible Assets 7.76% 6.89% 7.28% 7.63% 8.53% Tangible Book Value per Share: Tangible Common Equity Total Shareholders' Equity 433,368$ 580,481$ 644,259$ 799,466$ 896,883$ Preferred Stock - (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 433,368$ 508,551$ 572,329$ 727,536$ 824,953$ Adjustments: Goodwill (59,894) (88,543) (88,391) (121,572) (121,146) Core deposit and other intangibles (12,203) (14,042) (11,895) (17,252) (14,497) Total Tangible Common Equity 361,271$ 405,966$ 472,043$ 588,712$ 689,310$ Adjustments: Exclude AOCI (1,177) (74,204) (66,585) (62,998) (33,287) Total Tangible Common Equity 362,448$ 480,170$ 538,628$ 651,710$ 722,597$ Common shares outstanding 20,400,349 25,110,313 25,351,809 29,552,358 29,510,668 Book Value per Common Share 21.24$ 20.25$ 22.58$ 24.62$ 27.95$ Tangible Book Value per Common Share 17.71$ 16.17$ 18.62$ 19.92$ 23.36$ Tangible Book Value per Common Share (excl. AOCI) 17.77$ 19.12$ 21.25$ 22.05$ 24.49$ TCE/TA, TBVPS For the Year Ended December 31,

 
33 RECONCILIATION OF NON -GAAP FINANCIAL MEASURES Note: Dollars in thousands. (1) Excludes gains/losses on sales of securities. TTM Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 12/31/2024 12/31/2025 Q4'25 Core Efficiency Ratio: Noninterest Expense 49,570$ 50,578$ 51,206$ 48,882$ 52,412$ 177,652$ 203,078$ 203,078$ Core Adjustments (631)$ (895)$ (1,578)$ 401$ (2,202)$ (2,595)$ (4,274)$ (4,274)$ Net Interest and Noninterest Income 77,565$ 79,210$ 81,504$ 80,870$ 83,057$ 271,569$ 324,641$ 324,641$ Core Adjustments -$ (785)$ (3,360)$ -$ 995$ (50)$ (3,150)$ (3,150)$ Efficiency Ratio(1) 63.91% 63.85% 62.83% 60.45% 63.10% 65.42% 62.55% 62.55% Core Efficiency Ratio 63.09% 63.35% 63.51% 60.94% 59.74% 64.47% 61.84% 61.84% Core Efficiency Ratio Fiscal Quarter Fiscal Year Ended

 
34 RECONCILIATION OF NON -GAAP FINANCIAL MEASURES Note: Dollars in thousands. Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Core pre-tax, pre-provision earnings: Pre-tax, pre-provision earnings 28,016$ 28,631$ 30,251$ 32,065$ 30,680$ Adjustments: -$ (155)$ -$ -$ 995$ -$ -$ -$ -$ -$ (21)$ 1$ 47$ (77)$ (35)$ (Gain)/Loss on Sale of Banking Center -$ -$ (3,360)$ -$ -$ -$ (630)$ -$ -$ -$ 168$ 679$ 570$ 1,157$ 1,406$ 463$ 216$ 1,008$ 439$ 796$ 4,824$ -$ -$ -$ -$ -$ -$ -$ (1,997)$ -$ Core pre-tax, pre-provision earnings 33,450$ 28,742$ 28,516$ 31,587$ 33,842$ Acquisition-related expenses Core conversion expenses CECL Oakwood impact Tax Credit - ERC Core Pre-tax, Pre-provision Earnings Fiscal Quarter (Gain)/Loss Former Bank Premises & Equipment Write-Down on Former Bank Premises (Gain)/Loss on Sale of Securities (Gain)/Loss on Extinguishment of Debt