BATON ROUGE, La., April 26, 2018 /PRNewswire/ -- Business
First Bancshares, Inc. (NASDAQ:BFST), parent company of Business
First Bank, Baton Rouge,
Louisiana, today announced its unaudited results for the
quarter ended March 31, 2018,
including record quarterly net income of $3.1 million, or $0.29 per diluted share, which reflected
increases of $1.1 million and
$0.02, respectively, from the quarter
ended March 31, 2017. Core net
income, which excludes nonrecurring income and expenses, was
$3.6 million, or $0.34 per diluted share, which reflected
increases of $2.3 million and
$0.17, respectively, from the quarter
ended March 31, 2017.
"Our company's first quarter was the most meaningful quarter in
our history," said Jude Melville,
President and CEO. "Our team consummated the merger of MBL Bank in
under three months from the date of announcement, deepening our
presence along the I-20 corridor in Northern Louisiana; we continued to achieve
organic growth across our footprint in both our loan and deposit
portfolios; and we prepared to list our stock on the NASDAQ Global
Select stock exchange, a step we were able to accomplish early in
the second quarter. Our franchise is building significant
momentum and we look forward to performing for our clients and our
shareholders over the course of 2018 as we continue working to be
our region's most impactful business-focused community banking
institution."
On April 19, 2018, Business
First's Board of Directors declared a quarterly dividend based upon
financial performance for the quarter in the amount of $0.08 per share to the common shareholders of
record as of May 15, 2018. The
dividend will be paid on May 31,
2018, or as soon thereafter as practicable. The
dividend reflects a $0.02 increase
over the dividend paid for the prior quarter.
Quarterly Highlights
- Acquisition of Minden Bancorp, Inc. Acquisition was completed
on January 1, 2018, and included
total assets of $315.4 million, net
loans of $193.3 million, and total
deposits of $264.0 million.
- Loan Portfolio Growth. Total loans were $1.2 billion, a $216.1
million increase from December 31,
2017. [Organic loan growth was $22.6
million, a 9.3% increase, on an annualized basis, from
December 31, 2017.] Net interest
income was $14.5 million, an increase
of $3.9 million, or 37.3%, from the
quarter ended March 31, 2017. The
ratio of nonperforming loans to total loans held for investment was
1.27%, compared to 1.30% from December 31,
2017.
- Improved Earnings. Net income was $3.1
million, an increase of $1.1
million, or 57.3%, from the quarter ended March 31, 2017. Earnings per share was
$0.30, return on average assets was
0.77%, and return on average equity was 6.94%, compared to
$0.29, 0.70% and 6.91%, respectively,
from the quarter ended March 31,
2017. Core net income, which excludes nonrecurring income
and expenses, was $3.6 million,
increased $2.3 million from the
quarter ended March 31, 2017, which
resulted in core earnings per diluted share of $0.34, compared to $0.17 for the quarter ended March 31, 2017, a 100.0% increase. As adjusted,
return on average assets was 0.88% and return on average equity was
7.96%, compared to 0.43% and 4.27%, respectively, for the quarter
ended March 31, 2017.
Financial Condition
As of March
31, 2018, Business First had total assets of $1.6 billion, total loans of $1.2 billion, total deposits of $1.3 billion, and total shareholders' equity of
$180.0 million, compared to
$1.3 billion, $975.5 million, $1.1
billion, and $180.0 million,
respectively, as of December 31,
2017.
Nonperforming loans as a percent of total loans held for
investment decreased from 1.30% as of December 31, 2017 to 1.27% as of March 31, 2018. Nonperforming assets as a
percent of total assets increased from 0.98% as of December 31, 2017 to 1.04% as of March 31, 2018, primarily due a $1.0 million increase in nonperforming assets
related to the closure of two branch locations in the Greater Baton Rouge area, which were recorded
as other repossessed assets.
Book value per common share was $17.52 at March 31,
2018, compared to $17.58 at
December 31, 2017. Tangible
book value per common share was $13.90 at March 31,
2018, compared to $16.72 at
December 31, 2017. The decrease
in book value and tangible book value per common share during the
quarter is primarily attributable to (i) a $2.7 million increase in net unrealized losses in
the securities portfolio, or $0.27
per common share, during the quarter primarily due to rising
interest rates, and (ii) with respect to tangible book value, the
completion of the acquisition of MBI on January 1, 2018, which added $28.5 million in intangible assets, or
$2.77 per common share.
Operating Highlights
For the quarter ended
March 31, 2018, net income was
$3.1 million, or $0.30 per basic share and $0.29 per diluted share, compared to net income
of $2.0 million, or $0.29 per basic share and $0.27 per diluted share, for the quarter ended
March 31, 2017. Return on
average assets, on an annualized basis, increased to 0.77% for the
quarter ended March 31, 2018, from
0.70% for the quarter ended March 31,
2017. Return on average equity, on an annualized basis,
increased to 6.94% for the quarter ended March 31, 2018, as compared to 6.91% for the
quarter ended March 31, 2017.
The increase in net income for the quarter ended March 31, 2018, compared to the same time period
in 2017, can primarily be attributed to the acquisition of MBI,
growth of the loan portfolio, and the enactment of the Tax Cuts and
Jobs Act which lowered the effective corporate tax rate.
Notable nonrecurring events impacting earnings include the sale
of a participation interest in an impaired credit acquired from
American Gateway in 2015, which resulted in a $1.1 million increase in interest income for the
quarter ended March 31, 2017, and the
incurrence of $512,000 in noninterest
expenses related to the acquisition of MBI in the quarter ended
March 31, 2018. Core net
income, which excludes nonrecurring income and expenses, for the
quarter ended March 31, 2018 was
$3.6 million, or $0.34 per diluted share, compared to core net
income of $1.2 million, or
$0.17 per diluted share, in the
quarter ended March 31, 2017.
As adjusted, core return on average assets and core return on
average equity, in each case on an annualized basis, were 0.88% and
7.96% for the quarter ended March 31,
2018, compared to 0.43% and 4.27% for the quarter ended
March 31, 2017.
For the quarter ended March 31,
2018, net interest income totaled $14.5 million, and net interest margin and net
interest spread were 3.97% and 3.75%, respectively, compared to
$11.6 million, 3.87%, and 3.57% for
the quarter ended December 31, 2017
and $10.6 million, 4.04%, and 3.84%,
respectively, for the quarter ended March
31, 2017. The average yield on the loan portfolio was
5.32%, compared to 5.22% for the quarter ended December 31, 2017 and 5.34% for the quarter ended
March 31, 2017, and the average yield
on total interest-earning assets was 4.72%, compared to 4.57% for
the quarter ended December 31, 2017
and 4.63% for the quarter ended March
31, 2017. These metrics were impacted during the
quarter ended March 31, 2017 by the
sale of a participation interest in an impaired credit acquired
from American Gateway in 2015. Excluding the effect of this
transaction, for the quarter ended March 31,
2017, net interest income was $9.4
million, net interest margin and net interest spread were
3.60% and 3.40%, respectively, and average yield on the loan
portfolio and on total interest-earning assets were 4.80% and
4.19%, respectively. For the quarter ended March 31, 2018, overall cost of funds decreased
by 3 basis points compared to the quarter ended December 31, 2017 and increased 18 basis points
compared to the quarter ended March
31, 2017. Due to the continued impact of new loan
growth and the runoff of higher-yielding loan balances, management
anticipates continued pressure on net interest margin and net
interest spread.
During the quarter ended March 31,
2018, Business First recorded a provision for loan losses of
$474,000, compared to $355,000 for the quarter ended March 31, 2017. The increase in provision
for the quarter ended March 31, 2018
compared to the same period in 2017 is primarily due to overall
growth in the loan portfolio.
Banking Centers
As of March 31,
2018, Business First operated out of 19 offices, including
16 full-service banking centers, two loan production offices, and
one wealth solutions office in markets across Louisiana and Texas.
Business First has received all the necessary regulatory
approvals for converting its loan production offices in
New Orleans, Louisiana and
Dallas, Texas into full-service
banking centers. These locations are on schedule to convert
to full-service banking centers during the second quarter of
2018.
In March 2018, Business First
closed a banking center in each of Zachary and Erwinville, Louisiana, which is expected to
have a minimal impact on its operations and customers.
Non-GAAP Financial Measures
This press release
includes certain non-GAAP financial measures intended to
supplement, not substitute for, comparable GAAP measures.
Reconciliations of non-GAAP financial measures to GAAP financial
measures are provided at the end of the tables below.
About Business First Bancshares, Inc.
Business First
Bancshares, Inc., through its banking subsidiary Business First
Bank, operates 19 offices, including 16 banking centers, two loan
production offices and one wealth solutions office in markets
across Louisiana and Texas. Business First Bank provides commercial
and personal banking, treasury management, and wealth solutions
services to small to midsize businesses and their owners and
employees. Visit www.b1bank.com for more information.
Business First's common stock is traded on the NASDAQ Global Select
Market under the symbol "BFST."
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. 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 on
Business First, you may obtain Business First's reports that are
filed with the Securities and Exchange Commission, or 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
100, 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 the Company. 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.
Business First
Bancshares, Inc.
|
Consolidated
Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
March 31,
|
December
31,
|
September
30,
|
June 30,
|
March 31,
|
(In
thousands)
|
2018
|
2017
|
2017
|
2017
|
2017
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Due from
Banks
|
$
37,627
|
$
107,591
|
$
36,210
|
$
45,204
|
$
49,960
|
Federal Funds
Sold
|
11,730
|
8,820
|
2,971
|
7,090
|
8,685
|
Securities Available
for Sale, at Fair Values
|
262,988
|
179,148
|
186,149
|
192,058
|
195,470
|
Mortgage Loans Held
for Sale
|
147
|
201
|
332
|
167
|
-
|
Loans and Lease
Receivable
|
1,191,450
|
975,284
|
937,776
|
874,506
|
854,018
|
Allowance for Loan
Losses
|
(9,647)
|
(8,765)
|
(9,241)
|
(9,177)
|
(8,183)
|
Net Loans and
Lease Receivable
|
1,181,803
|
966,519
|
928,535
|
865,329
|
845,835
|
Premises and
Equipment, Net
|
10,424
|
8,780
|
8,974
|
9,132
|
9,129
|
Accrued Interest
Receivable
|
4,700
|
4,110
|
3,518
|
3,574
|
3,086
|
Other Equity
Securities
|
9,381
|
8,627
|
8,595
|
7,065
|
6,070
|
Other Real Estate
Owned
|
1,282
|
227
|
267
|
1,227
|
1,402
|
Cash Value of Life
Insurance
|
24,109
|
23,200
|
23,039
|
22,876
|
22,717
|
Goodwill
|
32,816
|
6,824
|
6,824
|
6,824
|
6,824
|
Core Deposit
Intangible
|
4,366
|
2,003
|
2,072
|
2,141
|
2,210
|
Other
Assets
|
6,340
|
5,206
|
6,345
|
6,399
|
6,873
|
|
|
|
|
|
|
Total
Assets
|
$
1,587,713
|
$
1,321,256
|
$
1,213,831
|
$
1,169,086
|
$
1,158,261
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Noninterest
Bearing
|
$
297,845
|
$
264,646
|
$
268,520
|
$
243,745
|
$
246,446
|
Interest
Bearing
|
1,009,893
|
790,887
|
746,574
|
728,271
|
716,816
|
Total
Deposits
|
1,307,738
|
1,055,533
|
1,015,094
|
972,016
|
963,262
|
|
|
|
|
|
|
Securities Sold Under
Agreements to Repurchase
|
15,434
|
1,939
|
2,926
|
2,533
|
3,076
|
Short Term
Borrowings
|
862
|
862
|
862
|
862
|
862
|
Long Term
Borrowings
|
2,700
|
2,700
|
2,700
|
3,000
|
3,000
|
Federal Home Loan
Bank Borrowings
|
75,000
|
75,000
|
65,474
|
66,007
|
66,537
|
Accrued Interest
Payable
|
1,104
|
890
|
902
|
821
|
865
|
Other
Liabilities
|
4,881
|
4,397
|
5,814
|
5,034
|
4,458
|
|
|
|
|
|
|
Total
Liabilities
|
1,407,719
|
1,141,321
|
1,093,772
|
1,050,273
|
1,042,060
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stock
|
10,272
|
10,232
|
6,933
|
6,933
|
6,933
|
Additional Paid-in
Capital
|
144,441
|
144,172
|
85,136
|
85,066
|
84,996
|
Retained
Earnings
|
29,666
|
27,175
|
28,380
|
27,115
|
25,478
|
Accumulated Other
Comprehensive Loss
|
(4,385)
|
(1,644)
|
(390)
|
(301)
|
(1,206)
|
|
|
|
|
|
|
Total Shareholders'
Equity
|
179,994
|
179,935
|
120,059
|
118,813
|
116,201
|
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity
|
$
1,587,713
|
$
1,321,256
|
$
1,213,831
|
$
1,169,086
|
$
1,158,261
|
|
|
|
|
|
|
Business First
Bancshares, Inc.
|
Consolidated
Statements of Income
|
(Unaudited)
|
|
|
Quarter
Ended
|
|
March 31,
|
December
31,
|
September
30,
|
June 30,
|
March 31,
|
(In
thousands)
|
2018
|
2017
|
2017
|
2017
|
2017
|
|
|
|
|
|
|
Interest
Income:
|
|
|
|
|
|
Interest and Fees on
Loans
|
$
15,676
|
$
12,544
|
$
11,433
|
$ 12,398
|
$
11,141
|
Interest and
Dividends on Securities
|
1,423
|
957
|
953
|
972
|
947
|
Interest on Federal
Funds Sold and Due From Banks
|
127
|
171
|
38
|
30
|
17
|
Total Interest
Income
|
17,226
|
13,672
|
12,424
|
13,400
|
12,105
|
|
|
|
|
|
|
Interest
Expense:
|
|
|
|
|
|
Interest on
Deposits
|
2,298
|
1,814
|
1,665
|
1,501
|
1,348
|
Interest on
Borrowings
|
428
|
269
|
226
|
209
|
197
|
Total Interest
Expense
|
2,726
|
2,083
|
1,891
|
1,710
|
1,545
|
|
|
|
|
|
|
Net Interest
Income
|
14,500
|
11,589
|
10,533
|
11,690
|
10,560
|
|
|
|
|
|
|
Provision for Loan
Losses
|
474
|
2,330
|
247
|
1,305
|
355
|
|
|
|
|
|
|
Net Interest
Income after Provision for Loan Losses
|
14,026
|
9,259
|
10,286
|
10,385
|
10,205
|
|
|
|
|
|
|
Other
Income:
|
|
|
|
|
|
Service Charges on
Deposit Accounts
|
610
|
530
|
542
|
525
|
512
|
Gain (Loss) on Sales
of Securities
|
-
|
-
|
31
|
-
|
-
|
Other
Income
|
1,125
|
943
|
668
|
1,075
|
792
|
Total Other
Income
|
1,735
|
1,473
|
1,241
|
1,600
|
1,304
|
|
|
|
|
|
|
Other
Expenses:
|
|
|
|
|
|
Salaries and Employee
Benefits
|
6,704
|
5,542
|
5,559
|
5,397
|
4,984
|
Occupancy and
Equipment Expense
|
1,418
|
1,322
|
1,139
|
1,191
|
1,168
|
Other
Expenses
|
3,822
|
2,844
|
2,516
|
2,526
|
2,614
|
Total Other
Expenses
|
11,944
|
9,708
|
9,214
|
9,114
|
8,766
|
|
|
|
|
|
|
Income Before
Income Taxes
|
3,817
|
1,024
|
2,313
|
2,871
|
2,743
|
|
|
|
|
|
|
Provision for
Income Taxes
|
709
|
1,886
|
631
|
819
|
767
|
|
|
|
|
|
|
Net
Income
|
$
3,108
|
$
(862)
|
$
1,682
|
$
2,052
|
$
1,976
|
Business First
Bancshares, Inc.
|
Selected Financial
Information
|
(Unaudited)
|
|
|
|
|
|
|
|
March 31,
|
December
31,
|
September
30,
|
June 30,
|
March 31,
|
(In
thousands)
|
2018
|
2017
|
2017
|
2017
|
2017
|
|
|
|
|
|
|
Balance Sheet
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans to
Deposits
|
91.12%
|
92.42%
|
92.42%
|
89.99%
|
88.66%
|
Shareholders' Equity
to Assets Ratio
|
11.34%
|
13.62%
|
9.89%
|
10.16%
|
10.03%
|
Tangible Common
Equity to Tangible Assets
|
9.21%
|
13.04%
|
9.23%
|
9.47%
|
9.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Receivable
Held for Investment
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
$
290,427
|
$
254,427
|
$
261,478
|
$ 238,924
|
$ 227,310
|
Real
Estate:
|
|
|
|
|
|
Construction and Land
|
191,220
|
143,535
|
121,377
|
112,199
|
105,142
|
Farmland
|
14,498
|
10,480
|
10,469
|
10,524
|
10,695
|
1-4
Family Residential
|
218,623
|
157,505
|
145,911
|
139,398
|
129,726
|
Multi-family Residential
|
25,884
|
20,717
|
19,750
|
23,039
|
23,795
|
Nonfarm
Nonresidential
|
390,478
|
337,699
|
331,053
|
304,278
|
311,064
|
Total Real
Estate
|
840,703
|
669,936
|
628,560
|
589,438
|
580,422
|
Consumer
|
60,320
|
50,921
|
47,738
|
46,144
|
46,286
|
Total
Loans
|
$
1,191,450
|
$
975,284
|
$
937,776
|
$ 874,506
|
$ 854,018
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan
Losses
|
|
|
|
|
|
|
|
|
|
|
|
Balance, Beginning of
Period
|
$
8,765
|
$
9,241
|
$
9,177
|
$
8,183
|
$
8,162
|
Charge-offs -
Quarterly
|
(23)
|
(2,845)
|
(217)
|
(344)
|
(378)
|
Recoveries -
Quarterly
|
431
|
39
|
34
|
33
|
44
|
Provision for Loan
Losses - Quarterly
|
474
|
2,330
|
247
|
1,305
|
355
|
Balance, End of
Period
|
$
9,647
|
$
8,765
|
$
9,241
|
$
9,177
|
$
8,183
|
|
|
|
|
|
|
Allowance for Loan
Losses to Total Loans (HFI)
|
0.81%
|
0.90%
|
0.99%
|
1.05%
|
0.96%
|
Net Charge-offs
(Recoveries) to Average Total Loans
|
-0.03%
|
0.29%
|
0.02%
|
0.04%
|
0.04%
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
Loans
|
|
|
|
|
|
Nonaccrual
Loans
|
$
15,030
|
$
12,535
|
$
13,269
|
$
11,105
|
$
12,493
|
Loans Past Due 90
Days or More
|
114
|
132
|
194
|
55
|
53
|
Total
Nonperforming Loans
|
15,144
|
12,667
|
13,463
|
11,160
|
12,546
|
Other Nonperforming
Assets
|
|
|
|
|
|
Other Real Estate
Owned
|
1,282
|
227
|
267
|
1,227
|
1,402
|
Other Nonperforming
Assets
|
13
|
-
|
-
|
-
|
-
|
Total Other
Nonperforming Assets
|
1,295
|
227
|
267
|
1,227
|
1,402
|
Total
Nonperforming Assets
|
$
16,439
|
$
12,894
|
$
13,730
|
$
12,387
|
$
13,948
|
|
|
|
|
|
|
Nonperforming Loans
to Total Loans
|
1.27%
|
1.30%
|
1.44%
|
1.28%
|
1.47%
|
Nonperforming Assets
to Total Assets
|
1.04%
|
0.98%
|
1.13%
|
1.06%
|
1.20%
|
Business First
Bancshares, Inc.
|
Selected Financial
Information
|
(Unaudited)
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
March 31,
|
December
31,
|
September
30,
|
June 30,
|
March 31,
|
(Dollars in
thousands, except per share data)
|
2018
|
2017
|
2017
|
2017
|
2017
|
|
|
|
|
|
|
Per Share
Data
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Common Share
|
$
0.30
|
$
(0.09)
|
$
0.24
|
$
0.30
|
$
0.29
|
Diluted Earnings Per
Common Share
|
0.29
|
(0.08)
|
0.23
|
0.28
|
0.27
|
Dividends Per Common
Share
|
0.06
|
0.06
|
0.06
|
0.06
|
0.05
|
Book Value Per Common
Share
|
17.52
|
17.58
|
17.32
|
17.14
|
16.76
|
Tangible Book Value
Per Common Share
|
13.90
|
16.72
|
16.03
|
15.85
|
15.46
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock
Information
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares
Outstanding
|
10,232,933
|
9,828,645
|
6,932,570
|
6,932,570
|
6,914,716
|
Average Diluted
Shares Outstanding
|
10,578,755
|
10,174,467
|
7,315,352
|
7,204,472
|
7,186,617
|
End of Period Common
Shares Outstanding
|
10,271,931
|
10,232,495
|
6,932,570
|
6,932,570
|
6,932,570
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized
Performance Ratios
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average
Assets
|
0.77%
|
-0.26%
|
0.57%
|
0.70%
|
0.70%
|
Return on Average
Equity
|
6.94%
|
-1.89%
|
5.61%
|
6.96%
|
6.91%
|
Net Interest
Margin
|
3.97%
|
3.87%
|
3.82%
|
4.34%
|
4.04%
|
Efficiency
Ratio
|
73.57%
|
74.32%
|
78.46%
|
68.58%
|
73.89%
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and Employee
Benefits
|
$
6,704
|
$
5,542
|
$
5,559
|
$
5,397
|
$
4,984
|
Occupancy and Bank
Premises
|
857
|
810
|
617
|
626
|
621
|
Depreciation and
Amortization
|
422
|
338
|
351
|
378
|
390
|
Data
Processing
|
410
|
392
|
385
|
381
|
379
|
FDIC Assessment
Fees
|
393
|
235
|
202
|
189
|
177
|
Legal and Other
Professional Fees
|
402
|
217
|
358
|
300
|
284
|
Advertising and
Promotions
|
229
|
259
|
271
|
333
|
330
|
Utilities and
Communications
|
272
|
248
|
242
|
258
|
233
|
Ad Valorem Shares
Tax
|
322
|
309
|
165
|
165
|
165
|
Directors'
Fees
|
159
|
83
|
76
|
80
|
161
|
Other Real Estate
Owned Expenses and Write-downs
|
2
|
7
|
4
|
16
|
23
|
Other
|
1,772
|
1,268
|
984
|
991
|
1,019
|
Total Other
Expenses
|
$
11,944
|
$
9,708
|
$
9,214
|
$
9,114
|
$
8,766
|
Business First
Bancshares, Inc.
|
Consolidated Net
Interest Margin
|
(Unaudited)
|
|
|
|
Quarter
Ended
|
|
March 31,
2018
|
|
December 31,
2017
|
|
March 31,
2017
|
(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
|
$
1,178,146
|
$
15,676
|
5.32%
|
|
$
961,627
|
$
12,544
|
5.22%
|
|
$
833,831
|
$
11,141
|
5.34%
|
Securities Available
for Sale
|
245,098
|
1,423
|
2.32%
|
|
187,565
|
957
|
2.04%
|
|
201,986
|
947
|
1.88%
|
Interest-Bearing
Deposit in Other Banks
|
37,634
|
127
|
1.35%
|
|
48,223
|
171
|
1.42%
|
|
9,344
|
17
|
0.73%
|
Total
Interest-Earning Assets
|
1,460,878
|
17,226
|
4.72%
|
|
1,197,415
|
13,672
|
4.57%
|
|
1,045,161
|
12,105
|
4.63%
|
Allowance for Loan
Losses
|
(8,965)
|
|
|
|
(9,455)
|
|
|
|
(8,201)
|
|
|
Noninterest-Earning
Assets
|
162,837
|
|
|
|
115,215
|
|
|
|
99,180
|
|
|
Total
Assets
|
$
1,614,750
|
$
17,226
|
|
|
$
1,303,175
|
$
13,672
|
|
|
$
1,136,140
|
$
12,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Deposits
|
$
1,026,014
|
$
2,298
|
0.90%
|
|
$
761,671
|
$
1,814
|
0.95%
|
|
$
711,129
|
$
1,348
|
0.76%
|
Advances from Federal
Home Loan Bank ("FHLB")
|
75,108
|
373
|
1.99%
|
|
66,249
|
229
|
1.38%
|
|
63,601
|
156
|
0.98%
|
Other
Borrowings
|
21,729
|
55
|
1.01%
|
|
6,323
|
40
|
2.53%
|
|
7,095
|
41
|
2.31%
|
Total
Interest-Bearing Liabilities
|
1,122,851
|
2,726
|
0.97%
|
|
834,243
|
2,083
|
1.00%
|
|
781,825
|
1,545
|
0.79%
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing
Deposits
|
307,424
|
|
|
|
279,511
|
|
|
|
233,382
|
|
|
Other
Liabilities
|
5,377
|
|
|
|
6,516
|
|
|
|
6,533
|
|
|
Total
Noninterest-Bearing Liabilities
|
312,801
|
|
|
|
286,027
|
|
|
|
239,915
|
|
|
Shareholders'
Equity
|
179,098
|
|
|
|
182,905
|
|
|
|
114,400
|
|
|
Total
Liabilities and Shareholders' Equity
|
$
1,614,750
|
|
|
|
$
1,303,175
|
|
|
|
$
1,136,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Rate
Spread
|
|
|
3.75%
|
|
|
|
3.57%
|
|
|
|
3.84%
|
Net Interest
Income
|
|
$
14,500
|
|
|
|
$
11,589
|
|
|
|
$
10,560
|
|
Net Interest
Margin
|
|
|
3.97%
|
|
|
|
3.87%
|
|
|
|
4.04%
|
Business First
Bancshares, Inc.
|
Non-GAAP
Measures
|
(Unaudited)
|
|
|
March 31,
|
December
31,
|
September
30,
|
June 30,
|
March 31,
|
(In
thousands)
|
2018
|
2017
|
2017
|
2017
|
2017
|
|
|
|
|
|
|
Tangible Common
Equity
|
|
|
|
|
|
Total Shareholders'
Equity
|
$
179,994
|
$
179,935
|
$
120,059
|
$
118,813
|
$
116,201
|
Adjustments:
|
|
|
|
|
|
Goodwill
|
(32,816)
|
(6,824)
|
(6,824)
|
(6,824)
|
(6,824)
|
Core Deposit and
Other Intangibles
|
(4,366)
|
(2,003)
|
(2,072)
|
(2,141)
|
(2,210)
|
Total Tangible
Common Equity
|
$
142,812
|
$
171,108
|
$
111,163
|
$
109,848
|
$
107,167
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
Assets
|
|
|
|
|
|
Total
Assets
|
$
1,587,713
|
$
1,321,256
|
$
1,213,831
|
$
1,169,086
|
$
1,158,261
|
Adjustments:
|
|
|
|
|
|
Goodwill
|
(32,816)
|
(6,824)
|
(6,824)
|
(6,824)
|
(6,824)
|
Core Deposit and
Other Intangibles
|
(4,366)
|
(2,003)
|
(2,072)
|
(2,141)
|
(2,210)
|
Total Tangible
Assets
|
$
1,550,531
|
$
1,312,429
|
$
1,204,935
|
$
1,160,121
|
$
1,149,227
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares
Outstanding
|
10,271,931
|
10,232,495
|
6,932,570
|
6,932,570
|
6,932,570
|
Book Value Per Common
Share
|
$
17.52
|
$
17.58
|
$
17.32
|
$
17.14
|
$
16.76
|
Tangible Book Value
Per Common Share
|
$
13.90
|
$
16.72
|
$
16.03
|
$
15.85
|
$
15.46
|
Common Equity to
Total Assets
|
11.3%
|
13.6%
|
9.9%
|
10.2%
|
10.0%
|
Tangible Common
Equity to Tangible Assets
|
9.2%
|
13.0%
|
9.2%
|
9.5%
|
9.3%
|
Business First
Bancshares, Inc.
|
Non-GAAP
Measures
|
(Unaudited)
|
|
|
Quarter
Ended
|
|
March 31,
|
December
31,
|
March 31,
|
(In
thousands)
|
2018
|
2017
|
2017
|
|
|
|
|
Core Net
Income
|
|
|
|
Net Income
|
$
3,108
|
$
(862)
|
$
1,976
|
Adjustments:
|
|
|
|
Sale of
Participation Interest in Impaired Credit (net of tax)
|
-
|
-
|
(756)
|
Acquisition-related Expenses (net of tax)
|
457
|
-
|
-
|
Core Net
Income
|
$
3,565
|
$
(862)
|
$
1,220
|
|
|
|
|
|
|
|
|
Core Earnings Per
Share - Basic
|
$
0.35
|
$
(0.09)
|
$
0.18
|
Core Earnings Per
Share - Diluted
|
$
0.34
|
$
(0.08)
|
$
0.17
|
|
|
|
|
Core Return on
Average Assets
|
0.88%
|
-0.26%
|
0.43%
|
Core Return on
Average Equity
|
7.96%
|
-1.89%
|
4.27%
|
|
|
|
|
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SOURCE Business First Bancshares, Inc.