olivLaw · US equity research
Business First Bancshares, Inc. BFST
State Commercial Banks · SIC 6022 · Vertical: State Commercial Banks (SIC 6022)
Business First Bancshares is a financial holding company based in Baton Rouge, Louisiana, which through its subsidiary b1BANK serves mainly small and midsized businesses and their owners in Louisiana, the Dallas/Fort Worth area and Houston. With the Progressive Bank integration just completed, total assets of 8.2 billion USD at the end of 2025 show the scale of the franchise, and a rising net interest margin in the third quarter of 2026 makes the trend in profitability worth following.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Business First Bancshares, Inc. (BFST) stock was 32.98 USD (+2.23% on the day), with market capitalisation 1.1 bn USD, P/E 11.6 on diluted EPS of 2.84 USD over the last 12 months, dividend yield 1.82%, beta 0.81, 52-week range 24.25–32.98 USD. Latest reported quarter (Q3 2026): revenue of 3.3 m USD (+30.2% YoY), net income of 24.6 m USD (+7.4% YoY), diluted EPS 0.71 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 67.9
- strong (55–70)
- Bollinger (20, 2)
- 30.22 – 32.83
- above the upper band · %B 1.06 · band width 8.3%
- SMA 50 / 200
- 31.18 / 29.44
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.41 / 0.27
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.8% | −1.1% | +7.9 pp | — |
| 3 months | +3.1% | −0.5% | +3.5 pp | — |
| 6 months | +19.3% | +4.4% | +14.9 pp | — |
| Year to date | +26.2% | +12.3% | +13.9 pp | — |
| 1 year | +34.0% | +13.5% | +20.4 pp | +23.6% |
| 3 years | +57.9% | +76.4% | −18.5 pp | +74.0% |
| 5 years | +18.3% | +63.7% | −45.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.9 m | 2.9 m | 2.6 m | 2.6 m | 2.6 m | 3.1 m | 3.2 m | 3.3 m |
| Depreciation & amortisation | 1.6 m | 1.4 m | 1.4 m ≈ | 1.4 m ≈ | 1.4 m | 1.6 m | 1.7 m ≈ | 1.7 m ≈ |
| Pre-tax income | 21.3 m | 25.8 m | 28.0 m | 28.9 m | 27.6 m | 29.5 m | 30.3 m | 30.8 m |
| Income tax | 4.8 m | 5.3 m | 5.9 m | 6.0 m | 5.2 m | 5.9 m | 6.1 m | 6.2 m |
| Net income | 16.5 m | 20.5 m | 22.1 m | 22.9 m | 22.4 m | 23.6 m | 24.2 m | 24.6 m |
| Diluted EPS | 0.56 ≈ | 0.65 | 0.70 | 0.73 | 0.75 ≈ | 0.68 | 0.70 | 0.71 |
| Operating cash flow | 17.3 m | 28.6 m | 14.0 m ≈ | 32.4 m ≈ | 17.1 m | 26.7 m | 27.1 m ≈ | 43.7 m ≈ |
| Capex | -275.0 k | 1.1 m | 222.0 k ≈ | 334.0 k ≈ | -1.6 m | — | — | — |
| Dividends paid | 4.2 m | 4.1 m | 4.2 m ≈ | 4.1 m ≈ | 4.4 m | 4.9 m | 4.9 m ≈ | 4.9 m ≈ |
| Share repurchases | — | 0 | 0 ≈ | 0 ≈ | 3.7 m | 2.8 m | 4.8 m ≈ | 6.3 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 71 percentile of its own 34-quarter history (min 5.8, median 10.2, max 34.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.8 m | 4.0 m | 5.4 m | 6.8 m | 8.3 m | 9.7 m | 10.6 m | 10.7 m |
| Revenue YoY | +33.2% | +43.6% | +32.8% | +27.2% | +21.4% | +17.3% | +9.0% | +1.2% |
| Net income | 14.1 m | 23.8 m | 30.0 m | 52.1 m | 54.3 m | 71.0 m | 65.1 m | 87.9 m |
| Net income YoY | +190.7% | +68.7% | +26.2% | +73.8% | +4.1% | +30.9% | −8.4% | +34.9% |
| Diluted EPS | 1.22 | 1.74 | 1.64 | 2.53 | 2.32 | 2.59 | 2.26 | 2.79 |
| Diluted EPS YoY | +100.0% | +42.6% | −5.7% | +54.3% | −8.3% | +11.6% | −12.7% | +23.5% |
| net % | 501.5% | 589.1% | 559.9% | 765.2% | 655.9% | 732.1% | 615.6% | 820.8% |
| Free cash flow | 18.4 m | 20.5 m | 26.4 m | 52.5 m | 61.8 m | 79.3 m | 59.8 m | 92.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 411.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 896.9 m USD
- Total assets
- 8.2 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 10.4%
- ROA
- 1.1%
- FCF margin
- 859.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Net interest income | 127.6 m | 153.9 m | 199.6 m | 215.1 m | 227.4 m | 273.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Net fee income | 21.6 m | 35.8 m | 29.3 m | 36.6 m | 44.2 m | 51.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Non-interest expense | 101.0 m | 117.1 m | 149.4 m | 156.7 m | 177.7 m | 203.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 36.8 m | 64.6 m | 68.6 m | 90.6 m | 83.1 m | 110.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 30.0 m | 52.1 m | 54.3 m | 71.0 m | 65.1 m | 87.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 1.64 | 2.53 | 2.32 | 2.59 | 2.26 | 2.79 | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.40 | 0.46 | 0.48 | 0.50 | 0.56 | 0.57 | SEC (XBRL)· 26 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 149.1 m | 68.4 m | 152.7 m | 226.1 m | 319.1 m | 411.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Loans | 3.0 bn | 3.2 bn | 4.6 bn | 5.0 bn | 5.9 bn | 6.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 4.2 bn | 4.7 bn | 6.0 bn | 6.6 bn | 7.9 bn | 8.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Deposits | 3.6 bn | 4.1 bn | 4.8 bn | 5.2 bn | 6.5 bn | 6.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 3.8 bn | 4.3 bn | 5.4 bn | 5.9 bn | 7.1 bn | 7.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 410.0 m † | 433.4 m † | 580.5 m † | 644.3 m † | 799.5 m † | 896.9 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 7.5 m | 9.4 m | 10.8 m | 12.7 m | 14.9 m | 16.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 5.8 m | 10.9 m | 0 | 0 | 0 | 3.7 m | SEC (XBRL)· 26 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 50 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet22
- Growth69
- Quality40
- Returns19
- Valuation76
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 30.15 – 46.28 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income30.93 – 32.36 (Mid 31.63)
- Justified P/B30.15 – 40.55 (Mid 34.59)
- Dividend discount (DDM)outside the aggregate7.49 – 10.07 (Mid 8.59)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
- Peers: P/E31.47 – 38.24 (Mid 36.42)33 companies used · median multiple 12.8x · quartiles 11.1x – 13.4xACNB, ALLY, ASB, AUBN, BANR, BNY, BWFG, CFG, COFS, COSO, EFSI, EWBC, FBP, FHB, FUSB, FVCB, GABC, HTH, ISBA, JMSB, MNSB, MTB, MYFW, NTRS, NWFL, OFG, OPBK, PEBK, STT, TCBI, TCBK, WAL, WTFC
- Peers: P/B34.26 – 46.28 (Mid 39.75)34 companies used · median multiple 1.3x · quartiles 1.1x – 1.5xACNB, ALLY, ASB, AUBN, AVBH, BANR, BWFG, CFG, COFS, COSO, EFSI, EWBC, FBP, FHB, FITB, FUSB, FVCB, GABC, GBCI, HTH, ISBA, JMSB, MNSB, MTB, MYFW, NWFL, OFG, OPBK, PEBK, STT, TCBI, TCBK, WAL, WTFC
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 50/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 10.1% | 42 (vs peers) | 19% |
| ROA · Quality | 1.1% | 51 (on a fixed band) | 7% |
| Cost-to-income · Quality | 64.3% | 3 (on a fixed band) | 12% |
| Net interest margin · Quality | 3.6% | 84 (on a fixed band) | 7% |
| EPS CAGR 3Y · Growth | 6.3% | 53 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 9.0% | 90 (on a fixed band) | 7% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | 91.1% | 22 (on a fixed band) | 5% |
| P/B · Valuation | 1.1x | 83 (vs peers) | 12% |
| P/E (TTM) · Valuation | 11.6x | 69 (vs peers) | 12% |
| Dividend yield · Returns | 1.8% | 19 (vs peers) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial22/100 · 1/3 factors with a value
- Growth69/100 · 2/2 factors with a value
- Quality40/100 · 4/4 factors with a value
- Returns19/100 · 1/1 factors with a value
- Valuation76/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BUSINESS FIRST BANCSHARES, INC. (BFST). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: net interest income 273.2 m USD in 2025; YoY growth 1.2%; net margin 768.0%; ROE 10.1%.
The estimated value range is 31.20–39.39 USD per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 35.50 USD, the price of 32.98 USD leaves a potential of 7.6% (value / price − 1) and a margin of safety of 7.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 50/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net interest margin: 3.6%
- Revenue CAGR 3Y: 9.0%
- P/B: 1.1x
What contradicts it
- Cost-to-income: 64.3%
- Loan-to-deposit: 91.1%
- Dividend yield: 1.8%
Not assessed (insufficient data or a ratio without meaning): NPL ratio, Cost of risk.
Versus the vertical median
State Commercial Banks (SIC 6022) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BNYThe Bank Of New York Mellon Corporation | 102.8 bn | 16.8 | 15.0% | 32.6% | +7.8% | +36% / +216% |
| FITBFifth Third Bancorp | 49.4 bn | 18.4 | 9.4% | — | −2.0% | +26% / +89% |
| STTState Street Corporation | 47.2 bn | 13.9 | 13.1% | 23.8% | +7.3% | +46% / +138% |
| MTBM&T Bank Corp | 32.4 bn | 11.7 | 10.7% | 178.1% | +7.5% | +18% / +75% |
| NTRSNorthern Trust Corporation | 32.2 bn | 13.7 | 18.4% | 28.8% | −2.5% | +36% / +125% |
| CFGCitizens Financial Group Inc | 27.6 bn | 13.0 | 8.9% | 25.4% | +5.6% | +22% / +142% |
| EWBCEast West Bancorp, Inc. | 18.4 bn | 12.9 | 16.6% | — | +4.4% | +26% / +113% |
| ALLYAlly Financial Inc. | 11.8 bn | 8.8 | 9.9% | 16.8% | −3.3% | −5% / +35% |
| WTFCWintrust Financial Corp | 10.5 bn | 11.9 | 12.9% | 347.5% | +5.9% | +16% / +82% |
| WALWestern Alliance Bancorporation | 8.5 bn | 8.7 | 13.3% | 436.5% | +99.7% | −3% / +55% |
| GBCIGlacier Bancorp, Inc. | 6.5 bn | 18.6 | 8.8% | 308.8% | +7.5% | +17% / +48% |
| ASBAssociated Banc-Corp | 5.8 bn | 10.8 | 10.2% | — | −11.0% | +19% / +77% |
| TCBITexas Capital Bancshares Inc | 4.5 bn | 13.4 | 10.2% | — | unavailable | +18% / +93% |
| FBPFirst Bancorp | 4.1 bn | 11.2 | 19.5% | 29.0% | +2.4% | +34% / +77% |
| FHBFirst Hawaiian, Inc. | 3.1 bn | 11.6 | 9.9% | 30.3% | +8.9% | +4% / +32% |
| BANRBanner Corporation | 2.6 bn | 12.2 | 10.0% | — | unavailable | +14% / +59% |
| OFGOFG Bancorp | 2.2 bn | 10.1 | 16.1% | — | unavailable | +30% / +53% |
| HTHHilltop Holdings Inc. | 2.1 bn | 15.7 | 6.6% | — | unavailable | +10% / +28% |
| GABCGerman American Bancorp, Inc. | 1.9 bn | 13.4 | 12.5% | 28.2% | +37.8% | +28% / +76% |
| TCBKTriCo Bancshares | 1.7 bn | 12.9 | 10.4% | 249.7% | +4.1% | +12% / +57% |
| BFSTBusiness First Bancshares, Inc. | 1.1 bn | 11.6 | 10.1% | 768.0% | +1.2% | +34% / +58% |
| ACNBAcnb Corporation | 686.6 m | 12.8 | 13.3% | 27.1% | +45.1% | +39% / +73% |
| BWFGBankwell Financial Group, Inc. | 584.1 m | 12.9 | 14.5% | 1,437.5% | +44.0% | +60% / +172% |
| COFSChoiceOne Financial Services, Inc. | 562.5 m | 10.4 | 12.0% | 42.0% | +63.6% | +24% / +50% |
| NWFLNorwood Financial Corp | 398.9 m | 12.7 | 11.2% | 338.1% | +8.1% | +28% / +32% |
1- and 3-year price returns: for BFST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 21.04 Total return -35% · Per year -35% | 37.11 Total return 15% · Per year 15% | 55.80 Total return 72% · Per year 72% |
| 3 years | 22.29 Total return -28% · Per year -10% | 44.07 Total return 40% · Per year 12% | 72.48 Total return 128% · Per year 32% |
| 5 years | 23.62 Total return -20% · Per year -4% | 52.33 Total return 71% · Per year 11% | 94.14 Total return 202% · Per year 25% |
- Exit P/E± 11.02
- Net margin± 7.71
- Annual revenue growth± 6.07
- Annual dilution± 0.65
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 26 Oct 2026; since then the company filed 10-Q (03 Nov 2026).
In brief
Business First Bancshares is a financial holding company based in Baton Rouge, Louisiana, which through its subsidiary b1BANK serves mainly small and midsized businesses and their owners in Louisiana, the Dallas/Fort Worth area and Houston. With the Progressive Bank integration just completed, total assets of 8.2 billion USD at the end of 2025 show the scale of the franchise, and a rising net interest margin in the third quarter of 2026 makes the trend in profitability worth following.
SWOT
Strengths
- The community banking model with empowered local bankers and experience in mid-sized business lending gives the bank a distinct position in its markets 1.
- Profitability rose in 2025, with net interest income up sharply, showing that the growth strategy has produced measurable results 1.
- Solid capital ratios and a high return on common equity give the bank flexibility for buybacks and acquisitions 13.
Weaknesses
- Geographic concentration in Louisiana, Dallas/Fort Worth and Houston exposes the bank to regional economic downturns, especially in real estate and energy 1.
- Dependence on key executives and on the ability to attract and retain bankers is a sensitive point, since losing them could directly affect client relationships 1.
- Smaller scale compared with regional and national rivals limits its ability to compete on deposit and loan pricing 1.
Opportunities
Threats
- A fall in property prices or a slowdown in the regional energy sector could increase losses on loans secured by real estate 1.
- Intense competition from large banks and non-bank lenders could force margins lower or raise deposit costs 1.
- Changes in monetary policy or interest rates could affect the net interest margin and the value of the securities portfolio 23.
Risks
- Geographic concentrationhigh
All operations are in Louisiana, Dallas/Fort Worth and Houston, so a regional crisis could hit the company harder than rivals with broader coverage 1.
- Exposure to commercial real estate loanshigh
A large part of the loan book is secured by commercial and construction real estate, and deterioration in these loans would require additional provisions for credit losses 1.
- Acquisition integrationmedium
Integrating Progressive and other acquisitions could bring unforeseen costs, asset quality risks and difficulty keeping key clients and bankers 2.
- Interest rate sensitivitymedium
Interest income depends on market rate levels, and a sudden change could reduce margins and the value of securities held 13.
- Reliance on personnellow
Success depends on keeping the executive team and profitable bankers, and losing them could affect client relationships and growth plans 1.
Investment thesis
What would need to be true (bull case)
- If the net interest margin keeps rising and loans grow in markets with solid demand, profitability could stay above the levels of 2024 13.
- The Progressive Bank integration, now converted onto the common platform, could lower costs over the medium term and support earnings per share growth 3.
- A niche position in small and midsized businesses, combined with the buyback programme, could support shareholder value if loan quality stays stable 13.
What would break the thesis
- If non-performing loans rise again, provisions could quickly reduce profit and put pressure on the bank's capital 13.
- A slowdown in the Texas or Louisiana economy could affect this bank more strongly than rivals that are more geographically diversified 1.
- Integration and conversion costs, as seen in the third quarter, could continue to offset efficiency gains if unexpected issues arise 3.
What to watch
- Level of non-performing loans and provision expenseQ4 2026
- Development of the net interest margin after the Progressive conversionQ1 2027
- Pace of share repurchases and the level of capital2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 26 Oct 2026; since then the company filed 10-Q (03 Nov 2026).
The business
The company reports one operating segment, community banking, so revenue comes mainly from interest on loans, customer service and loan fees, and interest on securities 1. Results are sensitive to market interest rates and to the mix of loans and deposits.
Segments
Community banking
This is the only reported segment and covers lending, deposit taking and services for businesses and individuals. Net interest income was 273.2 million USD in 2025 1, and the net interest margin was 3.69 percent in the same year 1.
Business and commercial real estate lending
The business loan book includes lines of credit, working capital loans, equipment financing and commercial real estate loans. About 52.5 percent of loans were secured by commercial or construction real estate at the end of 2025 1, so the health of the local property market matters a lot for portfolio quality.
Wealth management services
Through its affiliate Smith Shellnut Wilson, LLC, the bank manages 5.5 billion USD in assets, excluding the 1.0 billion USD of b1BANK assets managed by SSW 3. This activity complements the relationship with higher net worth clients, although it is not reported as a separate segment.
Market context
The company operates in Louisiana, the Dallas/Fort Worth area and Houston, and management describes an area between Dallas/Fort Worth and Jackson, Mississippi, and between Houston and Mobile, Alabama, as underserved by banks for small and midsized businesses 1. At June 30, 2026 total assets were 8.9 billion USD and deposits 7.2 billion USD 2.
In the third quarter of 2026, loan and deposit growth was led by the Houston and Southwest Louisiana markets 3. Expansion into new markets depends on recruiting suitable banking teams, so the pace of growth could differ from one region to another.
Trends
- Rising net interest margintailwind
In the third quarter of 2026 the net interest margin rose to 3.86 percent, helped by better loan yields and a lower overall cost of funding 3. If pressure on funding costs keeps easing, this trend could continue to support interest income.
- Progressive Bank integrationmixed
The conversion of Progressive Bank's core systems onto the b1BANK platform was completed in August 2026 3. The integration could bring savings over the medium term, but conversion and lease termination costs lifted operating expenses in the third quarter.
- Non-performing loans remain elevatedheadwind
The ratio of non-performing loans to loans held for investment reached 1.24 percent in 2025 and stayed at the same level at September 30, 2026 13. Portfolio quality in commercial lending could come under pressure if the regional economy slows.
Competitive position
The company identifies its main rivals as larger regional and national banks with broader branch networks and more aggressive pricing on deposits and loans 1. Some non-bank competitors face lighter regulation and have lower cost structures, which could compress margins.
To differentiate itself, the bank emphasizes local bankers with decision-making authority, high-touch service and a relationship-based community model rather than an extensive branch network 1. This edge depends on the bank's ability to keep profitable bankers in the face of larger competitors.
- Regional and national banks in Texas and Louisiana
Competitors described as larger, with greater financial resources and name recognition, which can offer more attractive compensation packages to bankers 1.
- Non-bank financial institutions
Competitors that operate with fewer regulatory constraints and lower cost structures, and that the company says can compete aggressively on price 1.
- Small local community banks
Local rivals that offer close customer service but do not always have the risk management and technology platform that Business First has 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report03 Nov 2026
- Current report29 Oct 2026Other events · Financial statements and exhibits
- Current report26 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report11 Sept 2026Departure or appointment of officers
- Quarterly report31 Jul 2026
- Current report23 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report27 May 2026Shareholder vote
- Quarterly report01 May 2026
- Current report27 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement08 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Business First Bancshares, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Business First Bancshares, Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Business First Bancshares, Inc. · 26 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.