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Business First Bancshares, Inc., Announces Financial Results For Q2 2018

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Business First Bancshares, Inc., Announces Financial Results For Q2 2018

PR Newswire

BATON ROUGE, La., July 24, 2018 /PRNewswire/ -- Business First Bancshares, Inc. (NASDAQ:BFST) (Business First), parent company of Business First Bank, Baton Rouge, Louisiana, today announced its unaudited results for the quarter ended June 30, 2018, including record quarterly net income of $3.6 million, or $0.33 per diluted share, which reflected increases of $1.5 million and $0.05, respectively, from the quarter ended June 30, 2017. Core net income, which excludes noncore income and expenses, was $4.1 million, or $0.37 per diluted share, which reflected increases of $2.9 million and $0.20, respectively, from the quarter ended June 30, 2017.

Business First Bank logo (PRNewsfoto/Business First Bank)

"Our second quarter performance continues to exemplify and enhance the value of the franchise for our shareholders and clients," said Jude Melville, President and CEO. "The significant momentum generated during the first quarter was sustained as the synergies from the Minden Bancorp acquisition continued to materialize and translate into overall shareholder value through improved returns, earnings accretion, and net interest income growth. The combination of our dedicated team and healthy loan pipelines, along with recent loan growth, should be catalysts for continued solid financial performance throughout the second half of 2018."

"In addition to our record quarterly results and prospective organic growth for the remainder of 2018, we continue to be excited about the opportunities our planned merger with Richland State Bancorp will provide our current and future clients, employees, and shareholders. Commensurate with helping Business First become the region's most influential business-focused community bank, the partnership will increase our presence along the I-20 corridor and assist in the acceleration of our strategic objectives."

On July 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 August 15, 2018, consistent with the prior quarter. The dividend will be paid on August 31, 2018, or as soon thereafter as practicable.

Quarterly Highlights

  • Agreement and Plan of Reorganization with Richland State Bancorp, Inc. Business First entered into an Agreement and Plan of Reorganization with Richland State Bancorp, Inc., on June 1, 2018, pursuant to which Business First will acquire Richland State Bancorp, Inc., and its subsidiary, Richland State Bank.
  • Public Offering. In connection with the acquisition of Richland State Bancorp, Inc., on June 4, 2018, Business First completed a public offering of 1,207,500 shares of common stock at a price of $24.00 per share, including the overallotment.
  • Banking Network Expansion. During the second quarter, Business First completed the conversion of two loan production offices, one in New Orleans, Louisiana, and one in Dallas, Texas, into full-service banking centers.
  • Continued Loan Growth. Total loans at June 30, 2018, were $1.2 billion, a $258.7 million increase from December 31, 2017. Net organic loan growth was $42.6 million, or 14.3% annualized, for the quarter ended June 30, 2018. Year-to-date net organic loan growth was $66.6 million, or 11.4% annualized. Net interest income was $15.0 million, an increase of $3.3 million, or 28.1%, from the quarter ended June 30, 2017. The ratio of nonperforming loans to total loans held for investment was 1.14%, compared to 1.30% from December 31, 2017.
  • Enhanced Earnings. Net income for the quarter was $3.6 million, an increase of $1.5 million, or 77.3%, from the quarter ended June 30, 2017. Diluted earnings per share were $0.33, return on average assets was 0.90%, and return on average equity was 7.75%, compared to $0.28, 0.70%, and 6.96%, respectively, from the quarter ended June 30, 2017. Core net income, which excludes noncore income and expenses, was $4.1 million, increased $2.9 million from the quarter ended June 30, 2017, which resulted in core earnings per diluted share of $0.37, compared to $0.17 for the quarter ended June 30, 2017, a 117.6% increase. As adjusted, core return on average assets was 1.00% and core return on average equity was 8.69%, compared to 0.41% and 4.08%, respectively, for the quarter ended June 30, 2017.
  • Russell 3000 Index. Business First was added as a member of the Russell 3000 Index beginning after market close on June 22, 2018.

Financial Condition

As of June 30, 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 $210.6 million, compared to $1.3 billion, $975.3 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 1.14% as of June 30, 2018. Nonperforming assets as a percent of total assets decreased from 0.98% as of December 31, 2017, to 0.93% as of June 30, 2018. The decreases were attributed to an increase in total loans/assets and improved credit quality.

Book value per common share was $18.26 at June 30, 2018, compared to $17.58 at December 31, 2017. Tangible book value per common share was $15.07 at June 30, 2018, compared to $16.72 at December 31, 2017. The decrease in tangible book value per common share during 2018 is primarily attributable to the completion of the acquisition of Minden Bancorp, Inc. ("MBI"), on January 1, 2018, which added $28.1 million in intangible assets, or $2.44 per common share.

Results of Operations

For the quarter ended June 30, 2018, net income was $3.6 million, or $0.34 per basic share and $0.33 per diluted share, compared to net income of $2.1 million, or $0.30 per basic share and $0.28 per diluted share, for the quarter ended June 30, 2017. Both GAAP and Core EPS for the quarter ended June 30, 2018, were impacted ($0.01) by an atypical franchise tax charge. Return on average assets, on an annualized basis, increased to 0.90% for the quarter ended June 30, 2018, from 0.70% for the quarter ended June 30, 2017. Return on average equity, on an annualized basis, increased to 7.75% for the quarter ended June 30, 2018, as compared to 6.96% for the quarter ended June 30, 2017. The increase in net income for the quarter ended June 30, 2018, compared to the same 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 noncore events impacting earnings include the sale of a participation interest in an impaired credit acquired from American Gateway in 2015, which resulted in a $1.3 million increase in interest income for the quarter ended June 30, 2017, and the incurrence of $415,000 in noninterest expenses related to the acquisition of MBI and $118,000 associated with share awards granted to all nonexecutives for Business First Bancshares, Inc.'s NASDAQ commencement on April 9, 2018, for the quarter ended June 30, 2018. Core net income, which excludes noncore income and expenses, for the quarter ended June 30, 2018, was $4.1 million, or $0.37 per diluted share, compared to core net income of $1.2 million, or $0.17 per diluted share, in the quarter ended June 30, 2017. As adjusted, core return on average assets and core return on average equity, in each case on an annualized basis, were 1.00% and 8.69%, respectively, for the quarter ended June 30, 2018, compared to 0.88% and 7.96% for the quarter ended March 30, 2018, and 0.41% and 4.08%, respectively, for the quarter ended June 30, 2017.

For the quarter ended June 30, 2018, net interest income totaled $15.0 million, and net interest margin and net interest spread were 3.98% and 3.70%, respectively, compared to $11.6 million, 3.87%, and 3.57% for the quarter ended December 31, 2017, and $11.7 million, 4.34%, and 4.11%, respectively, for the quarter ended June 30, 2017. The average yield on the loan portfolio was 5.46%, compared to 5.22% for the quarter ended December 31, 2017, and 5.72% for the quarter ended June 30, 2017, and the average yield on total interest-earning assets was 4.81%, compared to 4.57% for the quarter ended December 31, 2017, and 4.97% for the quarter ended June 30, 2017. These metrics were impacted during the quarter ended June 30, 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 June 30, 2017, net interest income was $10.4 million, net interest margin and net interest spread were 3.86% and 3.64%, respectively, and average yield on the loan portfolio and on total interest-earning assets were 5.12% and 4.50%, respectively. For the quarter ended June 30, 2018, overall cost of funds increased by 11 basis points compared to the quarter ended December 31, 2017, and increased 25 basis points compared to the quarter ended June 30, 2017. Due to the continued impact of new loan growth, runoff of higher yielding loan balances, and competitive deposit pricing, management anticipates continued pressure on net interest margin and net interest spread.

During the quarter ended June 30, 2018, Business First recorded a provision for loan losses of $474,000, compared to $1.3 million for the quarter ended June 30, 2017. The lower provision for the quarter ended June 30, 2018, compared to the same period in 2017 was due to increasing our general reserves to our exposure in the commercial and energy sectors in 2017.

Banking Centers

As of June 30, 2018, Business First operated out of 18 full-service banking centers in markets across Louisiana and in Dallas, Texas.

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 in 18 banking centers in markets across Louisiana and in Dallas, 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)








June 30,

March 31,

December 31,

September 30,

June 30,

(In thousands)

2018

2018

2017

2017

2017







Assets












Cash and Due from Banks

$      45,861

$      37,627

$       107,591

$          36,210

$      45,204

Federal Funds Sold

32,522

11,730

8,820

2,971

7,090

Securities Available for Sale, at Fair Values

252,139

262,988

179,148

186,149

192,058

Mortgage Loans Held for Sale

-

147

201

332

167

Loans and Lease Receivable

1,234,031

1,191,450

975,284

937,776

874,506

Allowance for Loan Losses

(9,756)

(9,647)

(8,765)

(9,241)

(9,177)

Net Loans and Lease Receivable

1,224,275

1,181,803

966,519

928,535

865,329

Premises and Equipment, Net

10,537

10,424

8,780

8,974

9,132

Accrued Interest Receivable

5,268

4,700

4,110

3,518

3,574

Other Equity Securities

10,064

9,381

8,627

8,595

7,065

Other Real Estate Owned

1,273

1,282

227

267

1,227

Cash Value of Life Insurance

24,275

24,109

23,200

23,039

22,876

Goodwill

32,552

32,816

6,824

6,824

6,824

Core Deposit Intangible

4,234

4,366

2,003

2,072

2,141

Other Assets

6,207

6,340

5,206

6,345

6,399







Total Assets

$ 1,649,207

$ 1,587,713

$    1,321,256

$     1,213,831

$ 1,169,086













Liabilities












Deposits:






Noninterest Bearing

$    305,314

$    297,845

$       264,646

$        268,520

$    243,745

Interest Bearing

1,024,179

1,009,893

790,887

746,574

728,271

Total Deposits

1,329,493

1,307,738

1,055,533

1,015,094

972,016







Securities Sold Under Agreements to Repurchase

13,604

15,434

1,939

2,926

2,533

Short-Term Borrowings

862

862

862

862

862

Long-Term Borrowings

2,700

2,700

2,700

2,700

3,000

Federal Home Loan Bank Borrowings

85,000

75,000

75,000

65,474

66,007

Accrued Interest Payable

1,197

1,104

890

902

821

Other Liabilities

5,722

4,881

4,397

5,814

5,034







Total Liabilities

1,438,578

1,407,719

1,141,321

1,093,772

1,050,273







Shareholders' Equity












Common Stock

11,533

10,272

10,232

6,933

6,933

Additional Paid-In Capital

171,193

144,441

144,172

85,136

85,066

Retained Earnings

32,483

29,666

27,175

28,380

27,115

Accumulated Other Comprehensive Loss

(4,580)

(4,385)

(1,644)

(390)

(301)







Total Shareholders' Equity

210,629

179,994

179,935

120,059

118,813







Total Liabilities and Shareholders' Equity

$ 1,649,207

$ 1,587,713

$    1,321,256

$     1,213,831

$ 1,169,086

 

Business First Bancshares, Inc.

Consolidated Statements of Income

(Unaudited)











Quarter Ended


Six Months Ended


June 30,

March 31,

December 31,

September 30,

June 30,


June 30,

June 30,

(In thousands)

2018

2018

2017

2017

2017


2018

2017










Interest Income:









Interest and Fees on Loans

$ 16,549

$   15,676

$         12,544

$          11,433

$ 12,398


$ 32,225

$ 23,539

Interest and Dividends on Securities

1,414

1,423

957

953

972


2,837

1,919

Interest on Federal Funds Sold and Due From Banks

128

127

171

38

30


255

47

    Total Interest Income

18,091

17,226

13,672

12,424

13,400


35,317

25,505










Interest Expense:









Interest on Deposits

2,555

2,298

1,814

1,665

1,501


4,853

2,849

Interest on Borrowings

560

428

269

226

209


988

406

    Total Interest Expense

3,115

2,726

2,083

1,891

1,710


5,841

3,255










    Net Interest Income

14,976

14,500

11,589

10,533

11,690


29,476

22,250










Provision for Loan Losses

474

474

2,330

247

1,305


948

1,660










    Net Interest Income After Provision for Loan Losses

14,502

14,026

9,259

10,286

10,385


28,528

20,590










Other Income:









Service Charges on Deposit Accounts

636

610

530

542

525


1,246

1,037

Gain (Loss) on Sales of Securities

-

-

-

31

-


-

-

Other Income

1,370

1,125

943

668

1,075


2,495

1,867

    Total Other Income

2,006

1,735

1,473

1,241

1,600


3,741

2,904










Other Expenses:









Salaries and Employee Benefits

6,524

6,704

5,542

5,559

5,397


13,228

10,381

Occupancy and Equipment Expense

1,402

1,418

1,322

1,139

1,191


2,820

2,359

Other Expenses

4,099

3,822

2,844

2,516

2,526


7,921

5,140

    Total Other Expenses

12,025

11,944

9,708

9,214

9,114


23,969

17,880










Income Before Income Taxes

4,483

3,817

1,024

2,313

2,871


8,300

5,614










Provision for Income Taxes

845

709

1,886

631

819


1,554

1,586










Net Income

$   3,638

$     3,108

$            (862)

$            1,682

$   2,052


$   6,746

$   4,028

 

Business First Bancshares, Inc.

Selected Financial Information

(Unaudited)








June 30,

March 31,

December 31,

September 30,

June 30,

(In thousands)

2018

2018

2017

2017

2017







Balance Sheet Ratios












Total Loans to Deposits

92.82%

91.12%

92.42%

92.42%

89.99%

Shareholders' Equity to Assets Ratio

12.77%

11.34%

13.62%

9.89%

10.16%

Tangible Common Equity to Tangible Assets

10.78%

9.21%

13.04%

9.23%

9.47%













Loans Receivable Held for Investment












Commercial

$    298,967

$    290,427

$       254,427

$        261,478

$ 238,924

Real Estate:






  Construction and Land

204,099

191,220

143,535

121,377

112,199

  Farmland

15,173

14,498

10,480

10,469

10,524

  1-4 Family Residential

224,986

218,623

157,505

145,911

139,398

  Multifamily Residential

22,511

25,884

20,717

19,750

23,039

  Nonfarm Nonresidential

399,166

390,478

337,699

331,053

304,278

    Total Real Estate

865,935

840,703

669,936

628,560

589,438

Consumer

69,129

60,320

50,921

47,738

46,144

Total Loans

$ 1,234,031

$ 1,191,450

$       975,284

$        937,776

$ 874,506













Allowance for Loan Losses












Balance, Beginning of Period

$        9,647

$        8,765

$           9,241

$            9,177

$     8,183

Charge-Offs –Quarterly

(397)

(23)

(2,845)

(217)

(344)

Recoveries –Quarterly

32

431

39

34

33

Provision for Loan Losses –Quarterly

474

474

2,330

247

1,305

Balance, End of Period

$        9,756

$        9,647

$           8,765

$            9,241

$     9,177







Allowance for Loan Losses to Total Loans (HFI)

0.79%

0.81%

0.90%

0.99%

1.05%

Net Charge-Offs (Recoveries) to Average Total Loans

0.00%

-0.03%

0.29%

0.02%

0.04%













Nonperforming Assets












Nonperforming Loans






  Nonaccrual Loans

$      13,884

$      15,030

$         12,535

$          13,269

$   11,105

  Loans Past Due 90 Days or More

130

114

132

194

55

    Total Nonperforming Loans

14,014

15,144

12,667

13,463

11,160

  Other Nonperforming Assets






  Other Real Estate Owned

1,273

1,282

227

267

1,227

  Other Nonperforming Assets

36

13

-

-

-

    Total Other Nonperforming Assets

1,309

1,295

227

267

1,227

    Total Nonperforming Assets

$      15,323

$      16,439

$         12,894

$          13,730

$   12,387







Nonperforming Loans to Total Loans

1.14%

1.27%

1.30%

1.44%

1.28%

Nonperforming Assets to Total Assets

0.93%

1.04%

0.98%

1.13%

1.06%

 

Business First Bancshares, Inc.

Selected Financial Information

(Unaudited)











Quarter Ended


Six Months Ended


June 30,

March 31,

December 31,

September 30,

June 30,


June 30,

June 30,

(Dollars in thousands, except per share data)

2018

2018

2017

2017

2017


2018

2017










Per Share Data


















Basic Earnings Per Common Share

$          0.34

$          0.30

$           (0.09)

$              0.24

$        0.30


$          0.65

$        0.58

Diluted Earnings Per Common Share

0.33

0.29

(0.08)

0.23

0.28


0.62

0.56

Dividends Per Common Share

0.08

0.06

0.06

0.06

0.06


0.14

0.11

Book Value Per Common Share

18.26

17.52

17.58

17.32

17.14


18.26

17.14

Tangible Book Value Per Common Share

15.07

13.90

16.72

16.03

15.85


15.07

15.85



















Average Common Shares Outstanding

10,607,369

10,232,933

9,828,645

6,932,570

6,932,570


10,421,185

6,923,692

Average Diluted Shares Outstanding

11,064,637

10,578,755

10,174,467

7,315,352

7,204,472


10,878,454

7,195,594

End of Period Common Shares Outstanding

11,533,171

10,271,931

10,232,495

6,932,570

6,932,570


11,533,171

6,932,570



















Annualized Performance Ratios


















Return on Average Assets

0.90%

0.77%

-0.26%

0.57%

0.70%


0.83%

0.70%

Return on Average Equity

7.75%

6.94%

-1.89%

5.61%

6.96%


7.35%

6.96%

Net Interest Margin

3.98%

3.97%

3.87%

3.82%

4.34%


3.97%

4.19%

Efficiency Ratio

70.81%

73.57%

74.32%

78.46%

68.58%


72.16%

71.08%



















Other Operating Expenses


















Salaries and Employee Benefits

$        6,524

$        6,704

$           5,542

$            5,559

$      5,397


$      13,228

$    10,381

Occupancy and Bank Premises

861

857

810

617

626


1,718

1,247

Depreciation and Amortization

407

422

338

351

378


829

768

Data Processing

355

410

392

385

381


765

760

FDIC Assessment Fees

331

393

235

202

189


724

366

Legal and Other Professional Fees

509

402

217

358

300


911

584

Advertising and Promotions

298

229

259

271

333


527

663

Utilities and Communications

269

272

248

242

258


541

491

Ad Valorem Shares Tax

322

322

309

165

165


644

330

Directors' Fees

92

159

83

76

80


251

241

Other Real Estate Owned Expenses and Write-Downs

7

2

7

4

16


9

39

Merger and Conversion Related Expenses

415

512

-

-

-


927

-

Other

1,635

1,260

1,268

984

991


2,895

2,010

  Total Other Expenses

$      12,025

$      11,944

$           9,708

$            9,214

$      9,114


$      23,969

$    17,880

 

Business First Bancshares, Inc.

Consolidated Net Interest Margin

(Unaudited)


























Quarter Ended


June 30, 2018


December 31, 2017


June 30, 2017


Average




Average




Average




Outstanding

Interest Earned /

Average


Outstanding

Interest Earned /

Average


Outstanding

Interest Earned /

Average

(Dollars in thousands)

Balance

Interest Paid

Yield / Rate


Balance

Interest Paid

Yield / Rate


Balance

Interest Paid

Yield / Rate













Assets
























Interest-Earning Assets












    Total Loans

$   1,212,977

$               16,549

5.46%


$      961,627

$               12,544

5.22%


$      867,528

$               12,398

5.72%

    Securities Available for Sale

263,108

1,414

2.15%


187,565

957

2.04%


197,782

972

1.97%

    Interest-Bearing Deposit in Other Banks

29,204

128

1.75%


48,223

171

1.42%


12,219

30

0.98%

      Total Interest-Earning Assets

1,505,289

18,091

4.81%


1,197,415

13,672

4.57%


1,077,529

13,400

4.97%

  Allowance for Loan Losses

(9,638)




(9,455)




(8,314)



  Noninterest-Earning Assets

128,544




115,215




104,227



    Total Assets

$   1,624,195

$               18,091



$   1,303,175

$               13,672



$   1,173,442

$               13,400


























Liabilities and Shareholders' Equity
























Interest-Bearing Liabilities












  Interest-Bearing Deposits

$   1,014,520

$                 2,555

1.01%


$      761,671

$                 1,814

0.95%


$      724,880

$                 1,501

0.83%

  Advances from Federal Home Loan Bank ("FHLB")

94,222

507

2.15%


66,249

229

1.38%


66,494

170

1.02%

  Other Borrowings

16,220

53

1.31%


6,323

40

2.53%


6,315

39

2.47%

    Total Interest-Bearing Liabilities

1,124,962

3,115

1.11%


834,243

2,083

1.00%


797,689

1,710

0.86%













Noninterest-Bearing Liabilities












  Noninterest-Bearing Deposits

306,042




279,511




252,299



  Other Liabilities

5,427




6,516




5,564



    Total Noninterest-Bearing Liabilities

311,469




286,027




257,863



Shareholders' Equity

187,764




182,905




117,890



  Total Liabilities and Shareholders' Equity

$   1,624,195




$   1,303,175




$   1,173,442















Net Interest Rate Spread



3.70%




3.57%




4.11%

Net Interest Income


$               14,976




$               11,589




$               11,690


Net Interest Margin



3.98%




3.87%




4.34%

 

Business First Bancshares, Inc.

Consolidated Net Interest Margin

(Unaudited)


















For the Six Months Ended June 30,


2018


2017


Average




Average




Outstanding

Interest Earned /

Average


Outstanding

Interest Earned /

Average

(Dollars in thousands)

Balance

Interest Paid

Yield / Rate


Balance

Interest Paid

Yield / Rate









Assets
















Interest-Earning Assets








  Total Loans

$   1,195,564

$               32,225

5.39%


$      850,680

$               23,539

5.53%

  Securities Available for Sale

254,104

2,837

2.23%


199,883

1,919

1.92%

  Interest-Bearing Deposit in Other Banks

33,419

255

1.53%


10,782

47

0.87%

    Total Interest-Earning Assets

1,483,087

35,317

4.76%


1,061,345

25,505

4.81%

Allowance for Loan Losses

(9,301)




(8,258)



Noninterest-Earning Assets

145,688




101,109



  Total Assets

$   1,619,474

$               35,317



$   1,154,196

$               25,505


















Liabilities and Shareholders' Equity
















Interest-Bearing Liabilities








  Interest-Bearing Deposits

$   1,020,266

$                 4,853

0.95%


$      718,007

$                 2,849

0.79%

  Advances from Federal Home Loan Bank ("FHLB")

84,665

880

2.08%


65,048

326

1.00%

  Other Borrowings

18,975

108

1.14%


6,706

80

2.39%

    Total Interest-Bearing Liabilities

1,123,906

5,841

1.04%


789,761

3,255

0.82%









Noninterest-Bearing Liabilities








  Noninterest-Bearing Deposits

306,733




242,841



  Other Liabilities

5,380




5,776



    Total Noninterest-Bearing Liabilities

312,113




248,617



Shareholders' Equity

183,455




115,818



  Total Liabilities and Shareholders' Equity

$   1,619,474




$   1,154,196











Net Interest Rate Spread



3.72%




3.99%

Net Interest Income


$               29,476




$               22,250


Net Interest Margin



3.97%




4.19%

 

Business First Bancshares, Inc.

Non-GAAP Measures

(Unaudited)














June 30,

March 31,

December 31,

September 30,

June 30,

(In thousands)

2018

2018

2017

2017

2017







Tangible Common Equity






  Total Shareholders' Equity

$    210,629

$    179,994

$       179,935

$        120,059

$    118,813

    Adjustments:






    Goodwill

(32,552)

(32,816)

(6,824)

(6,824)

(6,824)

    Core Deposit and Other Intangibles

(4,234)

(4,366)

(2,003)

(2,072)

(2,141)

Total Tangible Common Equity

$    173,843

$    142,812

$       171,108

$        111,163

$    109,848













Tangible Assets






  Total Assets

$ 1,649,207

$ 1,587,713

$    1,321,256

$     1,213,831

$ 1,169,086

    Adjustments:






    Goodwill

(32,552)

(32,816)

(6,824)

(6,824)

(6,824)

    Core Deposit and Other Intangibles

(4,234)

(4,366)

(2,003)

(2,072)

(2,141)

Total Tangible Assets

$ 1,612,421

$ 1,550,531

$    1,312,429

$     1,204,935

$ 1,160,121













Common Shares Outstanding

11,533,171

10,271,931

10,232,495

6,932,570

6,932,570

Book Value Per Common Share

$        18.26

$        17.52

$           17.58

$            17.32

$        17.14

Tangible Book Value Per Common Share

$        15.07

$        13.90

$           16.72

$            16.03

$        15.85

Common Equity to Total Assets

12.8%

11.3%

13.6%

9.9%

10.2%

Tangible Common Equity to Tangible Assets

10.8%

9.2%

13.0%

9.2%

9.5%

 

Business First Bancshares, Inc.

Non-GAAP Measures

(Unaudited)











Quarter Ended


Six Months Ended


June 30,

March 31,

December 31,

September 30,

June 30,


June 30,

June 30,

(Dollars in thousands, except per share data)

2018

2018

2017

2017

2017


2018

2017










Core Net Income









  Net Income

$        3,638

$        3,108

$            (862)

$            1,682

$        2,052


$        6,746

$        4,028

    Adjustments:









    Sale of Participation Interest in Impaired Credit (net of tax)

-

-

-

(209)

(850)


-

(1,606)

    Employee Share Awards –NASDAQ Listing (net of tax)

93

-

-

-

-


93

-

    Acquisition-Related Expenses (net of tax)

347

457

129

-

-


804

-

Core Net Income

$        4,078

$        3,565

$            (733)

$            1,473

$        1,202


$        7,643

$        2,422



















Average Common Shares Outstanding

10,607,369

10,232,933

9,828,645

6,932,570

6,932,570


10,421,185

6,923,692

Average Diluted Shares Outstanding

11,064,637

10,578,755

10,174,467

7,315,352

7,204,472


10,878,454

7,195,594










Core Earnings Per Share –Basic

$          0.38

$          0.35

$           (0.07)

$              0.21

$          0.17


$          0.73

$          0.35

Core Earnings Per Share –Diluted

$          0.37

$          0.34

$           (0.07)

$              0.20

$          0.17


$          0.70

$          0.34










Total Quarterly / Year-to-Date Average Assets

$ 1,624,195

$ 1,614,750

$    1,303,175

$     1,187,553

$ 1,173,442


$ 1,619,474

$ 1,154,196

Total Quarterly / Year-to-Date Average Equity

$    187,764

$    179,098

$       182,905

$        119,929

$    117,890


$    183,455

$    115,818










Core Return on Average Assets

1.00%

0.88%

-0.22%

0.50%

0.41%


0.94%

0.42%

Core Return on Average Equity

8.69%

7.96%

-1.60%

4.91%

4.08%


8.33%

4.18%

 

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SOURCE Business First Bancshares, Inc.

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