Business First Bancshares Q2 2024 10-Q Filing

Ticker: BFST · Form: 10-Q · Filed: Jul 31, 2024 · CIK: 1624322

Business First Bancshares, Inc. 10-Q Filing Summary
FieldDetail
CompanyBusiness First Bancshares, Inc. (BFST)
Form Type10-Q
Filed DateJul 31, 2024
Risk Levelmedium
Pages16
Reading Time19 min
Key Dollar Amounts$1.00
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, financials, banking

Related Tickers: BFST

TL;DR

**BFST Q2 10-Q OUT: Financials for the quarter ending June 30, 2024 are in. Check for key performance indicators.**

AI Summary

Business First Bancshares, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with crucial financial information and operational insights into Business First Bancshares' performance during the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a financial institution, Business First Bancshares is subject to inherent risks related to market fluctuations, interest rate changes, and regulatory compliance.

Key Numbers

  • 2024 Q2 — Reporting Period (Indicates the quarter for which financial results are reported.)
  • 2024-06-30 — Period End Date (Specific date marking the end of the financial reporting period.)
  • 2023-12-31 — Previous Year End Date (Provides a comparison point to the prior fiscal year-end.)

Key Players & Entities

  • Business First Bancshares, Inc. (company) — Filer of the 10-Q
  • 20240630 (date) — End of the reporting period
  • 20240731 (date) — Date of filing

FAQ

What is the primary business of Business First Bancshares, Inc.?

Business First Bancshares, Inc. operates in the State Commercial Banks sector, as indicated by its SIC code [6022].

What is the fiscal year end for Business First Bancshares, Inc.?

The fiscal year end for Business First Bancshares, Inc. is December 31st.

When was this 10-Q filing submitted to the SEC?

This 10-Q filing was submitted on July 31, 2024.

What period does this 10-Q filing cover?

This 10-Q filing covers the period ending June 30, 2024.

What is the company's principal executive office address?

The company's principal executive office is located at 500 Laurel Street, Suite 101, Baton Rouge, LA 70801.

Filing Stats: 4,666 words · 19 min read · ~16 pages · Grade level 15.8 · Accepted 2024-07-31 13:08:19

Key Financial Figures

  • $1.00 — ich registered Common Stock, par value $1.00 per share BFST NASDAQ Global Select M

Filing Documents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 4 Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 4 Unaudited Consolidated Statements of Income for the three and six months ended June 30, 2024, and 2023 5 Unaudited Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024, and 2023 6 Unaudited Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2024, and 2023 7 Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2024, and 2023 9 Notes to Unaudited Consolidated Financial Statements 11 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 66 Item 4.

Controls and Procedures

Controls and Procedures 67

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 68 Item 1A.

Risk Factors

Risk Factors 68 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68 Item 3. Defaults Upon Senior Securities 68 Item 4. Mine Safety Disclosures 68 Item 5. Other Information 68 Item 6. Exhibits 68

Signatures

Signatures 70 3 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data) June 30, 2024 (Unaudited) December 31, 2023 ASSETS Cash and Due from Banks $ 208,051 $ 226,110 Federal Funds Sold 113,587 151,134 Securities Available for Sale, at Fair Values (Amortized Cost of $ 960,990 at June 30, 2024 and $ 963,978 at December 31, 2023) 875,048 879,571 Mortgage Loans Held for Sale 680 835 Loans and Lease Receivable, Net of Allowance for Loan Losses of $ 41,412 at June 30, 2024 and $ 40,414 at December 31, 2023 5,121,440 4,952,371 Premises and Equipment, Net 68,545 69,480 Accrued Interest Receivable 30,617 29,916 Other Equity Securities 38,805 33,942 Other Real Estate Owned 1,983 1,685 Cash Value of Life Insurance 100,684 96,478 Deferred Taxes 25,888 27,323 Goodwill 91,527 88,391 Core Deposit and Customer Intangible 10,849 11,895 Other Assets 16,185 15,419 Total Assets $ 6,703,889 $ 6,584,550 LIABILITIES Deposits: Noninterest Bearing $ 1,310,204 $ 1,299,090 Interest Bearing 4,253,466 3,949,700 Total Deposits 5,563,670 5,248,790 Securities Sold Under Agreements to Repurchase 18,445 18,885 Bank Term Funding Program - 300,000 Federal Home Loan Bank Borrowings 305,208 211,198 Subordinated Debt 99,875 99,990 Subordinated Debt - Trust Preferred Securities 5,000 5,000 Accrued Interest Payable 4,517 14,841 Other Liabilities 42,644 41,587 Total Liabilities 6,039,359 5,940,291 Commitments and Contingencies (See Note 11) SHAREHOLDERS' EQUITY Preferred Stock, No Par Value; 5,000,000 Shares Authorized; 72,010 Shares ($ 1,000 Liquidation Preference) Issued at both June 30, 2024 and December 31, 2023, respectively 71,930 71,930 Common Stock, $ 1 Par Value; 50,000,000 Shares Authorized; 25,502,175 and 25,351,809 Shares Issued and Outstanding at June 30, 2024 and December 31, 2023, respectively 25,502 25,352 Additional Paid-in Capital 397,851 397,447 Retained Earn

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