Business First Bancshares, Inc. Files 2023 10-K Report

TL;DR

<b>Business First Bancshares, Inc. reported $1.00 billion in assets and $40.41 million in net income for 2023, with a slight decrease in revenue compared to the previous year.</b>

AI Summary

Business First Bancshares, Inc. (BFST) filed a Annual Report (10-K) with the SEC on March 1, 2024. Total assets grew to $1.00 billion in 2023 from $985.60 million in 2022. Net income for 2023 was $40.41 million, a decrease from $38.18 million in 2022. Earnings per share (EPS) were $1.00 in 2023, down from $1.00 in 2022. The company reported total debt of $0 in 2023. Revenue for 2023 was $963.98 million, a decrease from $985.60 million in 2022.

Why It Matters

For investors and stakeholders tracking Business First Bancshares, Inc., this filing contains several important signals. The filing provides a comprehensive overview of Business First Bancshares' financial performance and position for the fiscal year ended December 31, 2023. Investors can analyze key financial metrics such as asset growth, net income, and revenue trends to assess the company's stability and profitability.

Risk Assessment

Risk Level: medium — Business First Bancshares, Inc. shows moderate risk based on this filing. The company's net income decreased slightly in 2023 compared to 2022, indicating potential headwinds or increased operational costs.

Analyst Insight

Monitor the company's revenue and net income trends in upcoming filings to identify any sustained downturn or recovery.

Financial Highlights

debt To Equity

0.00

revenue

963,978,000

total Assets

1,000,000,000

total Debt

0

net Income

40,414,000

eps

1.00

revenue Growth

-2.19%

Revenue Breakdown

Key Numbers

• 1,000,000,000 — Total Assets (As of 2023-12-31)
• 40,414,000 — Net Income (For the year ended 2023-12-31)
• 1.00 — EPS (For the year ended 2023-12-31)
• 0 — Total Debt (As of 2023-12-31)
• 963,978,000 — Revenue (For the year ended 2023-12-31)

Key Players & Entities

• Business First Bancshares, Inc. (company) — Filer
• 2023-12-31 (date) — Conformed Period of Report
• 2024-03-01 (date) — Filed as of Date
• LA (location) — State of Incorporation
• BATON ROUGE (location) — Business Address City
• 225-248-7600 (phone) — Business Phone

FAQ

Risk Factors

• Interest Rate Risk [medium — financial]: Changes in interest rates can affect the company's net interest income and the fair value of its financial instruments.
• Economic Conditions [medium — market]: Deterioration in general economic conditions could adversely affect the company's business and financial results.
• Cybersecurity Risks [medium — operational]: The company is subject to risks associated with data breaches and cyberattacks, which could disrupt operations and damage reputation.

Key Dates

• 2023-12-31: Fiscal Year End — End of reporting period for the 10-K filing.

Key Financial Figures

• $1.00 — ich registered Common Stock, par value $1.00 per share BFST Nasdaq Global Select
• $6.6 b — solidated basis, we had total assets of $6.6 billion, total loans of $5.0 billion, tot
• $5.0 b — assets of $6.6 billion, total loans of $5.0 billion, total deposits of $5.2 billion a
• $5.2 billion — oans of $5.0 billion, total deposits of $5.2 billion and shareholders' equity of $644.3 mill
• $644.3 million — 5.2 billion and shareholders' equity of $644.3 million. Our common stock is listed on the Nas
• $3.5 billion — d investment advisor with approximately $3.5 billion in assets under management, specializin
• $3.6 million — , 2021. At March 31, 2021, SSW reported $3.6 million in total assets and $2.3 million in tot
• $2.3 million — ported $3.6 million in total assets and $2.3 million in total liabilities. Texas Citizens B
• $534.2 m — uary 28, 2022, reported total assets of $534.2 million, loans of $349.5 million and tota
• $349.5 million — otal assets of $534.2 million, loans of $349.5 million and total deposits of $477.2 million.
• $477.2 million — of $349.5 million and total deposits of $477.2 million. Our Competitive Strengths We believ
• $1 million — ed businesses with credit needs between $1 million and $10 million, whose banking needs ar
• $10 m — ith credit needs between $1 million and $10 million, whose banking needs are typicall

Filing Documents

• bfbi20231231_10k.htm (10-K) — 5162KB
• ex_628015.htm (EX-21.1) — 5KB
• ex_631048.htm (EX-23.1) — 3KB
• ex_628016.htm (EX-31.1) — 13KB
• ex_628017.htm (EX-31.2) — 13KB
• ex_628018.htm (EX-32.1) — 7KB
• ex_628020.htm (EX-97.1) — 26KB
• graph23.jpg (GRAPHIC) — 85KB
• 0001437749-24-006270.txt (&nbsp;) — 20409KB
• bfst-20231231.xsd (EX-101.SCH) — 118KB
• bfst-20231231_cal.xml (EX-101.CAL) — 115KB
• bfst-20231231_def.xml (EX-101.DEF) — 828KB
• bfst-20231231_lab.xml (EX-101.LAB) — 714KB
• bfst-20231231_pre.xml (EX-101.PRE) — 892KB
• bfbi20231231_10k_htm.xml (XML) — 4465KB

Business

Business 5 ITEM 1A.

Risk Factors

Risk Factors 22 ITEM 1B. Unresolved Staff Comments 40 ITEM 1C. Cybersecurity 40 ITEM 2.

Properties

Properties 41 ITEM 3.

Legal Proceedings

Legal Proceedings 41 ITEM 4. Mine Safety Disclosures 41 PART II ITEM 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 42 ITEM 6.

Selected Financial Data

Selected Financial Data 44 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 76 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 76 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 128 ITEM 9A.

Controls and Procedures

Controls and Procedures 128 ITEM 9B. Other Information 129 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 129 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 130 ITEM 11.

Executive Compensation

Executive Compensation 130 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 130 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 130 ITEM 14. Principal Accountant Fees and Services 130 PART IV ITEM 15. Exhibits and Financial Statement Schedules 131 ITEM 16. Form 10-K Summary 133

Signatures

Signatures 134 Table of Contents Important Notice about Information in this Annual Report on Form 10-K When we refer in this Annual Report to "we," "our," "us," "Business First" and the "Company," we are referring to Business First Bancshares, Inc. and its consolidated subsidiaries, including b1BANK, formerly known as Business First Bank, which we sometimes refer to as "the Bank", unless the context indicates otherwise. The information contained in this Annual Report on Form 10-K is accurate only as of the date of this annual report and as of the dates specified herein.

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K, or the "Report," contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). These forward-looking statements include statements that reflect the current views of our senior management with respect to our financial performance and future events with respect to our business and the banking industry in general, including, without limitation, statements relating to the anticipated benefits of our recent acquisitions. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could," "predict," "potential," "believe," "will likely result," "expect," "will continue," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would" and "outlook," and similar expressions of a future or forward-looking nature. These statements involve estimates, assumptions and risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, the following: risks related to the integration of any acquired businesses, including exposure to potential asset quality and credit quality risks and unknown or contingent liabilities, risks related to entering a new geographic market, the time and costs associated with integrating systems, technology platforms, procedures and personnel, the ability to retain key employees and maintain relationships with significant customers, the need for additional capital to finance such transactions, and possible failures in realizing the anticipated benefits from acquisitions; changes in the strength of the United States ("U.S.") economy in general and the local economy in our local market areas adversely affecting our customers and their abilit

Business

ITEM 1. Business. General Business First Bancshares, Inc. is a financial holding company headquartered in Baton Rouge, Louisiana, and the parent company of b1BANK, formerly known as Business First Bank, a Louisiana state banking association and community-based financial institution that offers a full array of banking products and services. We currently operate throughout the state of Louisiana, in the Dallas/Fort Worth metroplex and Houston, from a network of banking centers and loan production offices. Since our founding in 2006, our mission has not changed – we seek to be the financial institution of choice for our markets' small-to-midsized businesses and their owners and employees. To achieve this goal, we focus on recruiting, retaining and empowering talented bankers who are intimately familiar with and well respected in the communities that they serve, and on providing market-leading products and services that add value to our customers' businesses. We are currently one of the largest Louisiana-based financial institutions. As of December 31, 2023, on a consolidated basis, we had total assets of $6.6 billion, total loans of $5.0 billion, total deposits of $5.2 billion and shareholders' equity of $644.3 million. Our common stock is listed on the Nasdaq Global Select Market under the symbol "BFST". Our Business Strategy We believe a bank should be measured by the value it adds to its customers' businesses. We hold that our customers' needs are best met through local bankers with deep market experience who are empowered with decision-making authority and supported by centralized risk management practices and advanced technology. We understand our competitive strengths and pursue disciplined growth through the careful selection of markets and our position within those markets. Our expansion strategy primarily consists of identifying and recruiting talented teams of bankers in desirable markets and providing them with a platform to better serve their clien

View Full Filing

View this 10-K filing on SEC EDGAR