# EDGAR Filing Document

**Accession Number:** 0001624322
**File Stem:** 0001624322-26-000013
**Filing Date:** 2026-1
**Character Count:** 74084
**Document Hash:** 5a23610c2b3df6b6151d28a4e18ac800
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001624322-26-000013.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0001624322-26-000013

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260122

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Business First Bancshares, Inc.
- **CENTRAL INDEX KEY:** 0001624322
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 205340628
- **STATE OF INCORPORATION:** LA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38447
- **FILM NUMBER:** 26556332

**BUSINESS ADDRESS:**
- **STREET 1:** 500 LAUREL STREET
- **STREET 2:** SUITE 101
- **CITY:** BATON ROUGE
- **STATE:** LA
- **ZIP:** 70801
- **BUSINESS PHONE:** 225-248-7600

**MAIL ADDRESS:**
- **STREET 1:** 500 LAUREL STREET
- **STREET 2:** SUITE 101
- **CITY:** BATON ROUGE
- **STATE:** LA
- **ZIP:** 70801

?xml version='1.0' encoding='ASCII'? bfst-20260122

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K/A**

**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**<br>(State of incorporation) | **001-38447**<br>(Commission<br>File Number) | **20-5340628**<br>(IRS Employer<br>Identification No.) |  |  |
| **Louisiana**<br>(State of incorporation) | **001-38447**<br>(Commission<br>File Number) | **20-5340628**<br>(IRS Employer<br>Identification No.) | 500 Laurel Street, Suite 101<br>Baton Rouge,Louisiana<br>(Address of principal executive offices) | **70801**<br>(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 ☐

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. □

------

**EXPLANATORY NOTE**

This Current Report on Form 8-K/A (this "Amendment") amends the Current Report on Form 8-K furnished by Business First Bancshares, Inc. ("Business First") to the Securities and Exchange Commission (the "SEC") on January 22, 2026 (the "Original Form 8-K"). The purpose of this Amendment is to correct the record and payment dates of the quarterly preferred and common dividends described in the press release furnished in Exhibit 99.1 to the Original Form 8-K announcing Business First's financial results for the quarter and year ended December 31, 2025.

**Item 2.02 Results of Operations and Financial Condition.**

On January 22, 2026, Business First filed the Original Form 8-K in which it furnished a copy of the press release announcing its financial results for the quarter and year ended December 31, 2025 (the "Original Press Release"). Business First is now filing this Amendment to furnish a revised press release (the "Revised Press Release") to correct the record and payment dates of the quarterly preferred and common dividends which were inadvertently transposed in the Original Press Release, but were correctly reported under Item 2.02 of the Original Form 8-K. A copy of the Revised 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 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d)Exhibits.

---

| | |
|:---|:---|
| **Number** | **Exhibit** |
| 99.1 | <u>[Press Release of Business First Bancshares, Inc., dated January 2](exhibit991_earningsrelease.htm)[3](exhibit991_earningsrelease.htm)[, 2026 announcing results of operations for the year ended 2025](exhibit991_earningsrelease.htm)</u> |
| 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.** | **BUSINESS FIRST BANCSHARES, INC.** |
| | By: | /s/ David R. Melville, III |
| | Name: | David R. Melville, III |
| | Title: | President and Chief Executive Officer |
| Date: January 23, 2026 |  |  |

---

## Exhibit 99.1

![imagea.jpg](imagea.jpg)

500 Laurel Street

Baton Rouge, LA 70801

Phone: 877.614.7600

**FOR IMMEDIATE RELEASE** 

January 23, 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. 23, 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. 28, 2026, or as soon thereafter as practicable, to the shareholders of record as of Feb. 15, 2026.

**b1BANK.com**

------

**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.

**b1BANK.com**

------

***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.

**b1BANK.com**

------

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.

**b1BANK.com**

------

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.

**b1BANK.com**

------

**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**

------

---

| | | | |
|:---|:---|:---|:---|
| **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** |
| **Selected Financial Information** | **Selected Financial Information** | **Selected Financial Information** | **Selected Financial Information** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | Three Months Ended | Three Months Ended | Three Months Ended |
|  | December 31, 2025 | September 30, 2025 | December 31, 2024 |
| *(Dollars in thousands)* | December 31, 2025 | September 30, 2025 | December 31, 2024 |
| **<u>Balance Sheet Ratios</u>** |  |  |  |
| Loans (HFI) to Deposits | 92.40% | 92.53% | 91.86% |
| Shareholders' Equity to Assets Ratio | 10.92 | 11.04 | 10.18 |
| **<u>Loans Receivable Held for Investment (HFI)</u>** |  |  |  |
| Commercial | $1921833 | $1920813 | $1868675 |
| Real Estate: |  |  |  |
| &nbsp;&nbsp;Commercial | 2611279 | 2462617 | 2483223 |
| &nbsp;&nbsp;Construction | 639069 | 638907 | 670502 |
| &nbsp;&nbsp;Residential | 944065 | 927456 | 884533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Real Estate | 4194413 | 4028980 | 4038258 |
| Consumer and Other | 73244 | 71262 | 74466 |
| Total Loans (Held for Investment) | $6189490 | $6021055 | $5981399 |
| **<u>Allowance for Loan Losses</u>** |  |  |  |
| Balance, Beginning of Period | $57062 | $58496 | $42154 |
| Oakwood - PCD ALLL |  |  | 8410 |
| Charge-offs – Quarterly | (7153) | (3415) | (2290) |
| Recoveries – Quarterly | 309 | 348 | 654 |
| Provision for Loan Losses – Quarterly | 3741 | 1633 | 5912 |
| Balance, End of Period | $53959 | $57062 | $54840 |
| Allowance for Loan Losses to Total Loans (HFI) | 0.87% | 0.95% | 0.92% |
| Allowance for Credit Losses to Total Loans (HFI) <sup>(1)</sup> | 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 | $7489 | $8943 | $12121 |
| **<u>Nonperforming Assets</u>** |  |  |  |
| Nonperforming Loans: |  |  |  |
| &nbsp;&nbsp;Nonaccrual Loans | $74471 | $45362 | $24147 |
| &nbsp;&nbsp;Loans Past Due 90 Days or More | 2215 | 3929 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Nonperforming Loans | 76686 | 49291 | 25007 |
| Other Nonperforming Assets: |  |  |  |
| &nbsp;&nbsp;Other Real Estate Owned | 13013 | 16766 | 5529 |
| &nbsp;&nbsp;Other Nonperforming Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Other Nonperforming Assets | 13013 | 16766 | 5529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Nonperforming Assets | $89699 | $66057 | $30536 |
| 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. | (1) Allowance for Credit Losses includes the Allowance for Loan Loss and Reserve for Unfunded Commitments. | (1) Allowance for Credit Losses includes the Allowance for Loan Loss and Reserve for Unfunded Commitments. | (1) Allowance for Credit Losses includes the Allowance for Loan Loss and Reserve for Unfunded Commitments. |

---

**b1BANK.com**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** |
| **Selected Financial Information** | **Selected Financial Information** | **Selected Financial Information** | **Selected Financial Information** | **Selected Financial Information** | **Selected Financial Information** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Twelve 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)* | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 |
| **<u>Per Share Data</u>** |  |  |  |  |  |
| 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 | 29493016 | 29544425 | 29311111 | 29396462 | 26253846 |
| Average Diluted Common Shares Outstanding | 29669253 | 29656639 | 29520781 | 29545702 | 26452084 |
| End of Period Common Shares Outstanding | 29510668 | 29615370 | 29552358 | 29510668 | 29552358 |
| **<u>Annualized Performance Ratios</u>** |  |  |  |  |  |
| Return to Common Shareholders on Average Assets <sup>(1)</sup> | 1.04% | 1.08% | 0.78% | 1.05% | 0.86% |
| Return to Common Shareholders on Average Common Equity <sup>(1)</sup> | 10.18 | 10.80 | 8.23 | 10.59 | 9.54 |
| Net Interest Margin <sup>(1)</sup> | 3.71 | 3.68 | 3.61 | 3.69 | 3.48 |
| Net Interest Spread <sup>(1)</sup> | 2.92 | 2.85 | 2.77 | 2.89 | 2.55 |
| Efficiency Ratio <sup>(2)</sup> | 63.10 | 60.45 | 63.91 | 62.55 | 65.42 |
| Total Quarterly/Year-to-Date Average Assets | $8016094 | $7921159 | $7721338 | $7873743 | $6973735 |
| Total Quarterly/Year-to-Date Average Common Equity | 818617 | 790148 | 731820 | 778480 | 625914 |
| **<u>Other Expenses</u>** |  |  |  |  |  |
| Salaries and Employee Benefits | $30426 | $27613 | $28101 | $115853 | $103917 |
| Occupancy and Bank Premises | 3032 | 3324 | 3166 | 12876 | 10944 |
| Depreciation and Amortization | 2049 | 2036 | 2278 | 8313 | 7540 |
| Data Processing | 3227 | 3972 | 3856 | 15756 | 11957 |
| FDIC Assessment Fees | 850 | 988 | 1009 | 3883 | 3598 |
| Legal and Other Professional Fees | 1436 | 1024 | 975 | 4566 | 3756 |
| Advertising and Promotions | 1595 | 1205 | 1710 | 5179 | 4878 |
| Utilities and Communications | 768 | 767 | 775 | 3011 | 2883 |
| Ad Valorem Shares Tax | 870 | 1125 | 1357 | 4245 | 4057 |
| Directors' Fees | 224 | 261 | 290 | 957 | 1085 |
| Other Real Estate Owned Expenses and Write-Downs | 254 | 355 | 182 | 659 | 301 |
| Merger and Conversion-Related Expenses | 1257 | 477 | 168 | 2194 | 1236 |
| Other | 6424 | 5735 | 5703 | 25586 | 21500 |
| Total Other Expenses | $52412 | $48882 | $49570 | $203078 | $177652 |

---

**b1BANK.com**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** |
| **Selected Financial Information** | **Selected Financial Information** | **Selected Financial Information** | **Selected Financial Information** | **Selected Financial Information** | **Selected Financial Information** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Twelve 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)* | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 |
| **<u>Other Income</u>** |  |  |  |  |  |
| Service Charges on Deposit Accounts | $2646 | $2565 | $2878 | $10704 | $10577 |
| Gain (Loss) on Sales of Securities | 35 | 77 | 21 | 64 | 7 |
| Debit Card and ATM Fee Income | 1970 | 1915 | 2069 | 7701 | 7659 |
| Bank-Owned Life Insurance Income | 783 | 802 | 990 | 3151 | 2875 |
| Gain on Sales of Loans | 777 | 624 | 252 | 3438 | 2973 |
| Mortgage Origination Income | 114 | 122 | 36 | 401 | 238 |
| Fees and Brokerage Commission | 2172 | 1880 | 2063 | 8180 | 7844 |
| 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 |  |  |  | 3360 |  |
| Swap Fee Income | 1805 | 1065 | 1288 | 4417 | 2739 |
| Pass-Through Income (Loss) from Other Investments | 267 | 133 | 186 | 905 | 1208 |
| Other | 2343 | 2018 | 2034 | 8860 | 7999 |
| Total Other Income | $12230 | $11671 | $11857 | $51542 | $44193 |
| (1) Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an actual day count convention. | (1) Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an actual day count convention. | (1) Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an actual day count convention. | (1) Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an actual day count convention. | (1) Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an actual day count convention. | (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. | (2) Noninterest expense (excluding provision for loan losses) divided by noninterest income plus net interest income less gain/loss on sales of securities. | (2) Noninterest expense (excluding provision for loan losses) divided by noninterest income plus net interest income less gain/loss on sales of securities. | (2) Noninterest expense (excluding provision for loan losses) divided by noninterest income plus net interest income less gain/loss on sales of securities. | (2) Noninterest expense (excluding provision for loan losses) divided by noninterest income plus net interest income less gain/loss on sales of securities. | (2) Noninterest expense (excluding provision for loan losses) divided by noninterest income plus net interest income less gain/loss on sales of securities. |

---

**b1BANK.com**

------

---

| | | | |
|:---|:---|:---|:---|
| **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** |
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | December 31, 2025 | September 30, 2025 | December 31, 2024 |
| *(Dollars in thousands)* | December 31, 2025 | September 30, 2025 | December 31, 2024 |
| **<u>Assets</u>** |  |  |  |
| Cash and Due From Banks | $411175 | $399079 | $319098 |
| Federal Funds Sold | 172393 | 101103 | 197669 |
| Securities Purchased under Agreements to Resell | 25587 | 25518 | 50835 |
| Securities Available for Sale, at Fair Values | 989229 | 985938 | 893549 |
| Mortgage Loans Held for Sale | 1094 | 433 | 717 |
| Loans and Lease Receivable | 6189490 | 6021055 | 5981399 |
| Allowance for Loan Losses | (53959) | (57062) | (54840) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Loans and Lease Receivable | 6135531 | 5963993 | 5926559 |
| Premises and Equipment, Net | 73982 | 77944 | 81953 |
| Accrued Interest Receivable | 38494 | 37171 | 35872 |
| Other Equity Securities | 49342 | 44313 | 41100 |
| Other Real Estate Owned | 13013 | 16766 | 5529 |
| Cash Value of Life Insurance | 120292 | 119509 | 117645 |
| Deferred Taxes, Net | 20477 | 21433 | 29591 |
| Goodwill | 121146 | 121146 | 121572 |
| Core Deposit and Customer Intangibles | 14497 | 15136 | 17252 |
| Other Assets | 28488 | 24380 | 18149 |
| &nbsp;&nbsp;Total Assets | $8214740 | $7953862 | $7857090 |
| **<u>Liabilities</u>** |  |  |  |
| Deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-Bearing | $1322074 | $1366558 | $1357045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-Bearing | 5376516 | 5140304 | 5154286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Deposits | 6698590 | 6506862 | 6511331 |
| Securities Sold Under Agreements to Repurchase | 22622 | 29896 | 22621 |
| Federal Home Loan Bank Borrowings | 431200 | 367408 | 355875 |
| Subordinated Debt | 92530 | 92587 | 99760 |
| Subordinated Debt - Trust Preferred Securities | 5000 | 5000 | 5000 |
| Accrued Interest Payable | 4166 | 4064 | 5969 |
| Other Liabilities | 63749 | 69605 | 57068 |
| &nbsp;&nbsp;Total Liabilities | 7317857 | 7075422 | 7057624 |
| **<u>Shareholders' Equity</u>** |  |  |  |
| Preferred Stock | 71930 | 71930 | 71930 |
| Common Stock | 29511 | 29615 | 29552 |
| Additional Paid-In Capital | 502155 | 503325 | 500024 |
| Retained Earnings | 326574 | 309999 | 260958 |
| Accumulated Other Comprehensive Loss | (33287) | (36429) | (62998) |
| &nbsp;&nbsp;Total Shareholders' Equity | 896883 | 878440 | 799466 |
| &nbsp;&nbsp;Total Liabilities and Shareholders' Equity | $8214740 | $7953862 | $7857090 |

---

**b1BANK.com**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** |
| **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Twelve 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)* | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 |
| **Interest Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and Fees on Loans | $105515 | $106662 | $104697 | $419197 | $374555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and Dividends on Securities | 7942 | 7554 | 7310 | 29016 | 25259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on Federal Funds Sold and Due From Banks | 4323 | 4472 | 4135 | 16798 | 14950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest Income | 117780 | 118688 | 116142 | 465011 | 414764 |
| **Interest Expense:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on Deposits | 41580 | 43358 | 44862 | 168923 | 165094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on Borrowings | 5338 | 6054 | 5551 | 22925 | 22287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest Expense | 46918 | 49412 | 50413 | 191848 | 187381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Interest Income | 70862 | 69276 | 65729 | 273163 | 227383 |
| **Provision for Credit Losses** | 3098 | 3183 | 6712 | 11318 | 10873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Interest Income After Provision for Credit Losses | 67764 | 66093 | 59017 | 261845 | 216510 |
| **Other Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Charges on Deposit Accounts | 2646 | 2565 | 2878 | 10704 | 10577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (Loss) on Sales of Securities | 35 | 77 | 21 | 64 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on Sales of Loans | 777 | 624 | 252 | 3438 | 2973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Income | 8772 | 8405 | 8706 | 37336 | 30636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Other Income | 12230 | 11671 | 11857 | 51542 | 44193 |
| **Other Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and Employee Benefits | 30426 | 27613 | 28101 | 115853 | 103917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and Equipment Expense | 6809 | 7284 | 7087 | 28611 | 23989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger and Conversion-Related Expense | 1257 | 477 | 168 | 2194 | 1236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Expenses | 13920 | 13508 | 14214 | 56420 | 48510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Other Expenses | 52412 | 48882 | 49570 | 203078 | 177652 |
| **Income Before Income Taxes** | 27582 | 28882 | 21304 | 110309 | 83051 |
| **Provision for Income Taxes** | 5223 | 6026 | 4816 | 22448 | 17944 |
| **Net Income** | 22359 | 22856 | 16488 | 87861 | 65107 |
| **Preferred Stock Dividends** | 1350 | 1351 | 1350 | 5401 | 5401 |
| **Net Income Available to Common Shareholders** | $21009 | $21505 | $15138 | $82460 | $59706 |

---

**b1BANK.com**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** |
| **Consolidated Net Interest Margin** | **Consolidated Net Interest Margin** | **Consolidated Net Interest Margin** | **Consolidated Net Interest Margin** | **Consolidated Net Interest Margin** | **Consolidated Net Interest Margin** | **Consolidated Net Interest Margin** | **Consolidated Net Interest Margin** | **Consolidated Net Interest Margin** | **Consolidated Net Interest Margin** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2024 | 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 |
| **<u>Assets</u>** |  |  |  |  |  |  |  |  |  |
| Interest-Earning Assets: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Loans | $6087213 | $105515 | 6.88% | $6036622 | $106662 | 7.01% | $5911183 | $104697 | 7.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities | 1008870 | 7942 | 3.12 | 978502 | 7554 | 3.06 | 936314 | 6707 | 2.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities Purchased under Agreements to Resell | 25579 | 310 | 4.81 | 25490 | 330 | 5.14 | 44252 | 603 | 5.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-Bearing Deposit in Other Banks | 448030 | 4013 | 3.55 | 419413 | 4142 | 3.92 | 346035 | 4135 | 4.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest-Earning Assets | 7569692 | 117780 | 6.17 | 7460027 | 118688 | 6.31 | 7237784 | 116142 | 6.38 |
| Allowance for Loan Losses | (57450) |  |  | (58468) |  |  | (52130) |  |  |
| Noninterest-Earning Assets | 503852 |  |  | 519600 |  |  | 535684 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $8016094 | $117780 |  | $7921159 | $118688 |  | $7721338 | $116142 |  |
| **<u>Liabilities and Shareholders' Equity</u>** |  |  |  |  |  |  |  |  |  |
| Interest-Bearing Liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-Bearing Deposits | $5225304 | $41580 | 3.16 | $5122136 | $43358 | 3.36 | $5053759 | $44862 | 3.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt | 92564 | 1220 | 5.23 | 92624 | 1235 | 5.29 | 99797 | 1331 | 5.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt - Trust Preferred Securities | 5000 | 96 | 7.58 | 5000 | 100 | 7.93 | 5000 | 107 | 8.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances from Federal Home Loan Bank (FHLB) | 369410 | 3837 | 4.12 | 424287 | 4547 | 4.25 | 373236 | 3975 | 4.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Borrowings | 28197 | 185 | 2.60 | 26176 | 172 | 2.61 | 21569 | 138 | 2.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest-Bearing Liabilities | $5720475 | $46918 | 3.25% | $5670223 | $49412 | 3.46% | $5553361 | $50413 | 3.61% |
| Noninterest-Bearing Liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-Bearing Deposits | $1330023 |  |  | $1315064 |  |  | $1292623 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Liabilities | 75049 |  |  | 73794 |  |  | 71604 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Noninterest-Bearing Liabilities | 1405072 |  |  | 1388858 |  |  | 1364227 |  |  |
| Shareholders' Equity: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Shareholders' Equity | 818617 |  |  | 790148 |  |  | 731820 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Equity | 71930 |  |  | 71930 |  |  | 71930 |  |  |
| Total Shareholders' Equity | 890547 |  |  | 862078 |  |  | 803750 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Shareholders' Equity | $8016094 |  |  | $7921159 |  |  | $7721338 |  |  |
| Net Interest Spread |  |  | 2.92 |  |  | 2.85 |  |  | 2.77 |
| Net Interest Income |  | $70862 |  |  | $69276 |  |  | $65729 |  |
| 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. | NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention. | NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention. | NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention. | NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention. | NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention. | NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention. | NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention. | NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention. | NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention. |

---

**b1BANK.com**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** |
| **Consolidated Net Interest Margin** | **Consolidated Net Interest Margin** | **Consolidated Net Interest Margin** | **Consolidated Net Interest Margin** | **Consolidated Net Interest Margin** | **Consolidated Net Interest Margin** | **Consolidated Net Interest Margin** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | Twelve Months Ended | Twelve Months Ended | Twelve Months Ended | Twelve Months Ended | Twelve Months Ended | Twelve Months Ended |
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | 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 |
| **<u>Assets</u>** |  |  |  |  |  |  |
| Interest-Earning Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Loans | $6023214 | $419197 | 6.96% | $5327466 | $374555 | 7.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities | 962566 | 29016 | 3.01 | 907736 | 24502 | 2.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities Purchased under Agreements to Resell | 33178 | 1692 | 5.10 | 13657 | 757 | 5.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-Bearing Deposit in Other Banks | 383504 | 15106 | 3.94 | 287474 | 14950 | 5.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest-Earning Assets | 7402462 | 465011 | 6.28 | 6536333 | 414764 | 6.35 |
| Allowance for Loan Losses | (56902) |  |  | (43931) |  |  |
| Noninterest-Earning Assets | 528183 |  |  | 481333 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $7873743 | $465011 |  | $6973735 | $414764 |  |
| **<u>Liabilities and Shareholders' Equity</u>** |  |  |  |  |  |  |
| Interest-Bearing Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-Bearing Deposits | $5134522 | $168923 | 3.29 | $4427233 | $165094 | 3.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt | 93765 | 4952 | 5.28 | 99884 | 5394 | 5.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt - Trust Preferred Securities | 5000 | 395 | 7.90 | 5000 | 447 | 8.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Term Funding Program |  |  |  | 64754 | 2788 | 4.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances from Federal Home Loan Bank (FHLB) | 400849 | 16973 | 4.23 | 317462 | 13164 | 4.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Borrowings | 23337 | 605 | 2.59 | 19464 | 494 | 2.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest-Bearing Liabilities | $5657473 | $191848 | 3.39% | $4933797 | $187381 | 3.80% |
| Noninterest-Bearing Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-Bearing Deposits | $1296162 |  |  | $1285445 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Liabilities | 69698 |  |  | 56649 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Noninterest-Bearing Liabilities | 1365860 |  |  | 1342094 |  |  |
| Shareholders' Equity: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Shareholders' Equity | 778480 |  |  | 625914 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Equity | 71930 |  |  | 71930 |  |  |
| Total Shareholders' Equity | 850410 |  |  | 697844 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Shareholders' Equity | $7873743 |  |  | $6973735 |  |  |
| Net Interest Spread |  |  | 2.89 |  |  | 2.55 |
| Net Interest Income |  | $273163 |  |  | $227383 |  |
| 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. | NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention. | NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention. | NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention. | NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention. | NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention. | NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention. |

---

**b1BANK.com**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** |
| **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Twelve 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)* | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 |
| **Interest Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $117780 | $118688 | $116142 | $465011 | $414764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core interest income | 117780 | 118688 | 116142 | 465011 | 414764 |
| **Interest Expense:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 46918 | 49412 | 50413 | 191848 | 187381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core interest expense | 46918 | 49412 | 50413 | 191848 | 187381 |
| **Provision for Credit Losses: (b)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 3098 | 3183 | 6712 | 11318 | 10873 |
| &nbsp;&nbsp;&nbsp;&nbsp;CECL Oakwood impact <sup>(3)</sup> |  |  | (4824) |  | (4824) |
| &nbsp;&nbsp;&nbsp;&nbsp;Core provision expense | 3098 | 3183 | 1888 | 11318 | 6049 |
| **Other Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 12230 | 11671 | 11857 | 51542 | 44193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on former bank premises and equipment | 995 |  |  | 840 | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of securities | (35) | (77) | (21) | (64) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of debt |  |  |  | (630) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on branch sale |  |  |  | (3360) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Core other income | 13190 | 11594 | 11836 | 48328 | 44136 |
| **Other Expense:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense | 52412 | 48882 | 49570 | 203078 | 177652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses <sup>(2)</sup> | (1406) | (1157) | (168) | (3810) | (1621) |
| &nbsp;&nbsp;&nbsp;&nbsp;Core conversion expenses | (796) | (439) | (463) | (2460) | (974) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax credit - ERC |  | 1997 |  | 1997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core other expense | 50210 | 49283 | 48939 | 198805 | 175057 |
| **Pre-Tax Income: (a)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-tax income | 27582 | 28882 | 21304 | 110309 | 83051 |
| &nbsp;&nbsp;&nbsp;&nbsp;CECL Oakwood impact <sup>(3)</sup> |  |  | 4824 |  | 4824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on former bank premises and equipment | 995 |  |  | 840 | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of securities | (35) | (77) | (21) | (64) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of debt |  |  |  | (630) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on branch sale |  |  |  | (3360) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses <sup>(2)</sup> | 1406 | 1157 | 168 | 3810 | 1621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core conversion expenses | 796 | 439 | 463 | 2460 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax credit - ERC |  | (1997) |  | (1997) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core pre-tax income | 30744 | 28404 | 26738 | 111368 | 90413 |

---

**b1BANK.com**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** |
| **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Twelve 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)* | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 |
| **Provision for Income Taxes:** <sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 5223 | 6026 | 4816 | 22448 | 17944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax on CECL Oakwood impact <sup>(3)</sup> |  |  | 1019 |  | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax on loss (gain) on former bank premises and equipment | 210 |  |  | 177 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax on (gain) loss on sale of securities | (8) | (16) | (4) | (13) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax on gain on extinguishment of debt |  |  |  | (133) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax on gain on branch sale |  |  |  | (833) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax on acquisition-related expenses <sup>(2)</sup> | 281 | 157 | 6 | 682 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax on core conversion expenses | 168 | 93 | 97 | 521 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax on tax credit - ERC |  | (422) |  | (422) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Core provision for income taxes | $5874 | $5838 | $5934 | $22427 | $19253 |
| **Preferred Dividends:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred dividends | 1350 | 1351 | 1350 | 5401 | 5401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core preferred dividends | $1350 | $1351 | $1350 | $5401 | $5401 |

---

**b1BANK.com**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** |
| **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Twelve 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)* | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 |
| **Net Income Available to Common Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income available to common shareholders | $21009 | $21505 | $15138 | $82460 | $59706 |
| &nbsp;&nbsp;&nbsp;&nbsp;CECL Oakwood impact <sup>(3)</sup>, net of tax  |  |  | 3805 |  | 3805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on former bank premises and equipment, net of tax | 785 |  |  | 663 | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of securities, net of tax | (27) | (61) | (17) | (51) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of debt, net of tax |  |  |  | (497) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on branch sale, net of tax |  |  |  | (2527) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses <sup>(2)</sup>, net of tax | 1125 | 1000 | 162 | 3128 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core conversion expenses, net of tax | 628 | 346 | 366 | 1939 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax Credit - ERC, net of tax |  | (1575) |  | (1575) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Core net income available to common shareholders | $23520 | $21215 | $19454 | $83540 | $65759 |
| **Pre-tax, pre-provision earnings available to common shareholders (a+b)** | $30680 | $32065 | $28016 | $121627 | $93924 |
| &nbsp;&nbsp;&nbsp;&nbsp;CECL Oakwood impact <sup>(3)</sup> |  |  | 4824 |  | 4824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on former bank premises and equipment | 995 |  |  | 840 | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of securities | (35) | (77) | (21) | (64) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of debt |  |  |  | (630) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on branch sale |  |  |  | (3360) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses <sup>(2)</sup> | 1406 | 1157 | 168 | 3810 | 1621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core conversion expenses | 796 | 439 | 463 | 2460 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax credit - ERC |  | (1997) |  | (1997) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Core pre-tax, pre-provision earnings | $33842 | $31587 | $33450 | $122686 | $101286 |

---

**b1BANK.com**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** |
| **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Twelve 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)* | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average Diluted Common Shares Outstanding | 29669253 | 29656639 | 29520781 | 29545702 | 26452084 |
| **Diluted Earnings Per Common Share:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per common share | 0.71 | 0.73 | 0.51 | 2.79 | 2.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;CECL Oakwood impact <sup>(3)</sup> |  |  | 0.13 |  | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on former bank premises and equipment, net of tax | 0.02 |  |  | 0.02 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of securities, net of tax |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of debt, net of tax |  |  |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on branch sale, net of tax |  |  |  | (0.09) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses <sup>(2)</sup>, net of tax | 0.04 | 0.03 | 0.01 | 0.11 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core conversion expenses, net of tax | 0.02 | 0.01 | 0.01 | 0.07 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax credit - ERC, net of taxes |  | (0.05) |  | (0.05) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;CECL Oakwood impact <sup>(3)</sup> |  |  | 0.16 |  | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on former bank premises and equipment | 0.03 |  |  | 0.03 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of debt |  |  |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on branch sale |  |  |  | (0.11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses <sup>(2)</sup> | 0.05 | 0.04 | 0.01 | 0.13 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core conversion expenses | 0.03 | 0.02 | 0.02 | 0.08 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax credit - ERC |  | (0.07) |  | (0.07) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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. | (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. | (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. | (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. | (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. | (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. | (2) Includes merger and conversion-related expenses and salary and employee benefits. | (2) Includes merger and conversion-related expenses and salary and employee benefits. | (2) Includes merger and conversion-related expenses and salary and employee benefits. | (2) Includes merger and conversion-related expenses and salary and employee benefits. | (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. | (3) CECL non-purchased credit deteriorated (PCD) provision/unfunded commitment expense attributable to the Oakwood acquisition. | (3) CECL non-purchased credit deteriorated (PCD) provision/unfunded commitment expense attributable to the Oakwood acquisition. | (3) CECL non-purchased credit deteriorated (PCD) provision/unfunded commitment expense attributable to the Oakwood acquisition. | (3) CECL non-purchased credit deteriorated (PCD) provision/unfunded commitment expense attributable to the Oakwood acquisition. | (3) CECL non-purchased credit deteriorated (PCD) provision/unfunded commitment expense attributable to the Oakwood acquisition. |

---

**b1BANK.com**

------

---

| | | | |
|:---|:---|:---|:---|
| **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** |
| **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | December 31, 2025 | September 30, 2025 | December 31, 2024 |
| *(Dollars in thousands, except per share data)* | December 31, 2025 | September 30, 2025 | December 31, 2024 |
| **Total Shareholders' (Common) Equity:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | $896883 | $878440 | $799466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock | (71930) | (71930) | (71930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total common shareholders' equity | 824953 | 806510 | 727536 |
| Goodwill | (121146) | (121146) | (121572) |
| Core deposit and customer intangible | (14497) | (15136) | (17252) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total tangible common equity | $689310 | $670228 | $588712 |
| **Total Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $8214740 | $7953862 | $7857090 |
| Goodwill | (121146) | (121146) | (121572) |
| Core deposit and customer intangible | (14497) | (15136) | (17252) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total tangible assets | $8079097 | $7817580 | $7718266 |
| Common shares outstanding | 29510668 | 29615370 | 29552358 |
| 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**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** |
| **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Twelve 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)* | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Quarterly Average Assets | $8016094 | $7921159 | $7721338 | $7873743 | $6973735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Quarterly Average Common Equity | $818617 | $790148 | $731820 | $778480 | $625914 |
| **Net Income Available to Common Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income available to common shareholders | $21009 | $21505 | $15138 | $82460 | $59706 |
| &nbsp;&nbsp;&nbsp;&nbsp;CECL Oakwood impact <sup>(3)</sup>, net of tax |  |  | 3805 |  | 3805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on former bank premises and equipment, net of tax | 785 |  |  | 663 | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of securities, net of tax | (27) | (61) | (17) | (51) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of debt, net of tax |  |  |  | (497) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on branch sale, net of tax |  |  |  | (2527) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses, net of tax | 1125 | 1000 | 162 | 3128 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core conversion expenses, net of tax | 628 | 346 | 366 | 1939 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax credit - ERC, net of tax |  | (1575) |  | (1575) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Core net income available to common shareholders | $23520 | $21215 | $19454 | $83540 | $65759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Return to common shareholders on average assets (annualized) <sup>(2)</sup> | 1.04% | 1.08% | 0.78% | 1.05% | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core return on average assets (annualized) <sup>(2)</sup> | 1.16% | 1.06% | 1.00% | 1.06% | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return to common shareholders on average common equity (annualized) <sup>(2)</sup> | 10.18% | 10.80% | 8.23% | 10.59% | 9.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core return on average common equity (annualized) <sup>(2)</sup> | 11.40% | 10.65% | 10.58% | 10.73% | 10.51% |
| **Interest Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 117780 | 118688 | 116142 | 465011 | 414764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core interest income | 117780 | 118688 | 116142 | 465011 | 414764 |
| **Interest Expense:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 46918 | 49412 | 50413 | 191848 | 187381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core interest expense | 46918 | 49412 | 50413 | 191848 | 187381 |
| **Other Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 12230 | 11671 | 11857 | 51542 | 44193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on former bank premises and equipment | 995 |  |  | 840 | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of securities | (35) | (77) | (21) | (64) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of debt |  |  |  | (630) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on branch sale |  |  |  | (3360) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Core other income | 13190 | 11594 | 11836 | 48328 | 44136 |

---

**b1BANK.com**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** | **Business First Bancshares, Inc.** |
| **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Twelve 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)* | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 |
| **Other Expense:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense | 52412 | 48882 | 49570 | 203078 | 177652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related expenses | (1406) | (1157) | (168) | (3810) | (1621) |
| &nbsp;&nbsp;&nbsp;&nbsp;Core conversion expenses | (796) | (439) | (463) | (2460) | (974) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax credit - ERC |  | 1997 |  | 1997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Core other expense | $50210 | $49283 | $48939 | $198805 | $175057 |
| **Efficiency Ratio:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense (a) | $52412 | $48882 | $49570 | $203078 | $177652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core other expense (c) | 50210 | 49283 | 48939 | 198805 | 175057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest and other income <sup>(1)</sup> (b) | 83057 | 80870 | 77565 | 324641 | 271569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core net interest and other income <sup>(1)</sup> (d) | 84052 | 80870 | 77565 | 321491 | 271519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Efficiency ratio (a/b) | 63.10% | 60.45% | 63.91% | 62.55% | 65.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core efficiency ratio (c/d) | 59.74% | 60.94% | 63.09% | 61.84% | 64.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Average Interest-Earnings Assets | $7569692 | $7460027 | $7237784 | $7402462 | $6536333 |
| **Net Interest Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | $70862 | $69276 | $65729 | $273163 | $227383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan discount accretion | (1418) | (1111) | (997) | (4089) | (4182) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income excluding loan discount accretion | $69444 | $68165 | $64732 | $269074 | $223201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest margin <sup>(2)</sup> | 3.71% | 3.68% | 3.61% | 3.69% | 3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest margin excluding loan discount accretion <sup>(2)</sup> | 3.64% | 3.63% | 3.56% | 3.63% | 3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest spread <sup>(2)</sup> | 2.92% | 2.85% | 2.77% | 2.89% | 2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest spread excluding loan discount accretion <sup>(2)</sup> | 2.84% | 2.80% | 2.72% | 2.84% | 2.48% |
| (1) Excludes gains/losses on sales of securities. | (1) Excludes gains/losses on sales of securities. | (1) Excludes gains/losses on sales of securities. | (1) Excludes gains/losses on sales of securities. | (1) Excludes gains/losses on sales of securities. | (1) Excludes gains/losses on sales of securities. |
| (2) Calculated utilizing an actual day count convention. | (2) Calculated utilizing an actual day count convention. | (2) Calculated utilizing an actual day count convention. | (2) Calculated utilizing an actual day count convention. | (2) Calculated utilizing an actual day count convention. | (2) Calculated utilizing an actual day count convention. |
| (3) CECL non-PCD provision/unfunded commitment expense attributable to the Oakwood acquisition. | (3) CECL non-PCD provision/unfunded commitment expense attributable to the Oakwood acquisition. | (3) CECL non-PCD provision/unfunded commitment expense attributable to the Oakwood acquisition. | (3) CECL non-PCD provision/unfunded commitment expense attributable to the Oakwood acquisition. | (3) CECL non-PCD provision/unfunded commitment expense attributable to the Oakwood acquisition. | (3) CECL non-PCD provision/unfunded commitment expense attributable to the Oakwood acquisition. |

---

**b1BANK.com**