Business First Bancshares, Inc.
- Open
- 30.97
- Day high
- 31.21
- Day low
- 30.97
- Prev close
- 31.02
- Volume
- 10K
- Mkt cap
- $1.0B
- P/E (TTM)
- 11.1
- EPS (TTM)
- $2.82
- P/B
- 1.0
- P/S
- 2.2
- Yield
- 1.92%
- Per share
- $0.60
- ▼Insiders net selling -$3.8M over the last 3 months (1 open-market buy, 17 sales)
- 🏛Institutions accumulating (13F)
Business First Bancshares, Inc. (BFST) is a Financial Services company listed on NASDAQ. The stock is up 23% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 17 sales (SEC Form 4).
Business First Bancshares, Inc. (BFST) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BFST earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 23, 2026 | $0.70 | $0.71 | +1.4% | $92M | +0.6% |
| Apr 27, 2026 | $0.69 | $0.73 | +5.8% | $89M | -1.9% |
| Jan 22, 2026 | $0.72 | $0.79 | +9.7% | $83M | -8.4% |
| Oct 23, 2025 | $0.69 | $0.72 | +4.3% | $81M | -0.7% |
| Apr 24, 2025 | $0.61 | $0.65 | +7.1% | $78M | +1.1% |
| Jan 23, 2025 | $0.49 | $0.66 | +33.9% | $77M | +3.3% |
| Oct 24, 2024 | $0.57 | $0.68 | +18.9% | $67M | +1.9% |
| Jul 25, 2024 | $0.51 | $0.64 | +24.5% | $66M | +4.5% |
| Apr 25, 2024 | $0.57 | $0.50 | -12.3% | $61M | -2.6% |
| Jan 23, 2024 | $0.60 | $0.66 | +10.0% | $61M | -2.1% |
| Oct 26, 2023 | $0.61 | $0.71 | +16.4% | $64M | +1.6% |
| Jul 27, 2023 | $0.52 | $0.70 | +34.6% | $62M | +3.2% |
BFST insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 25, 2026 | Cummings George W. IIIdirector | Sell | 4,200 | $31.27 |
| Aug 25, 2026 | Cummings George W. IIIdirector | Sell | 10,000 | $31.33 |
| Aug 21, 2026 | Cummings George W. IIIdirector | Sell | 3,235 | $31.80 |
| Aug 19, 2026 | Cummings George W. IIIdirector | Sell | 10,000 | $31.78 |
| Aug 7, 2026 | Hall William G.director | Sell | 1,666 | $31.97 |
| Aug 7, 2026 | Hall William G.director | Sell | 9,723 | $31.97 |
| Aug 7, 2026 | Carter Donald Chadofficer: EVP, Correspondent Banking | Sell | 1,875 | $31.64 |
| Aug 6, 2026 | Strong Saundraofficer: EVP & General Counsel | Sell | 1,000 | $31.98 |
| Aug 5, 2026 | Cummings George W. IIIdirector | Sell | 10,000 | $31.87 |
| Jul 31, 2026 | MANSFIELD KEITHofficer: EVP&COO of b1Bank | Sell | 4,200 | $32.08 |
| Jul 31, 2026 | Cummings George W. IIIdirector | Sell | 10,000 | $32.08 |
| Jul 30, 2026 | Johnson Joseph Vernondirector | Sell | 10,000 | $31.75 |
| Jul 30, 2026 | Cummings George W. IIIdirector | Sell | 10,000 | $31.86 |
| Jul 30, 2026 | Johnson Joseph Vernondirector | Sell | 2,000 | $31.15 |
| Jul 29, 2026 | Day Rick D.director | Buy | 1,500 | $31.61 |
Source: BFST SEC Form 4 filings, latest Aug 25, 2026. For informational purposes only — not investment advice.
See the full BFST insider & 13F page →Business First Bancshares, Inc. company profile
Overview
Business First Bancshares, Inc. (NASDAQ:BFST) is a Louisiana-based bank holding company that operates through its subsidiary b1BANK. Founded in 2006 and headquartered in Baton Rouge, Louisiana, the company went public in April 2018. Business First has grown through a combination of organic expansion and strategic acquisitions, establishing a significant presence across Louisiana and expanding into the Texas markets of Dallas and Houston. The company operates approximately 48 full-service banking centers and three loan production offices, serving both commercial and retail customers throughout its footprint.
Business
Business First Bancshares operates as a regional community bank providing traditional banking services to businesses and consumers across Louisiana and Texas. The company's core business revolves around commercial banking, which involves accepting deposits from customers and lending those funds to borrowers at higher interest rates. The bank's primary services include deposit products such as checking accounts, savings accounts, money market accounts, time deposits, and certificates of deposit. These products allow customers to safely store their money while earning interest, and they provide the bank with funding to make loans. The company also offers commercial and industrial loans to businesses for working capital, equipment financing, and expansion projects, as well as commercial real estate loans for property acquisitions and development. Business First has diversified its revenue streams beyond traditional banking through several specialized services. The company operates a correspondent banking division that serves over 100 smaller banks, providing services like loan participations and treasury management. It also offers SBA lending (Small Business Administration loans), which are government-backed loans to small businesses, and maintains an interest rate swap desk that helps customers manage interest rate risk. Additionally, the bank provides wealth management services including mutual funds, annuities, and private banking for high-net-worth clients. Geographically, the company's loan portfolio is distributed with approximately 59% in Louisiana markets and 41% in Texas markets, primarily Dallas and Houston. The construction and development segment, which was historically a significant concentration, has been strategically reduced from 120% of tangible capital to approximately 78% as the bank diversifies its credit exposure.
Revenue model
Business First generates revenue primarily through net interest income, which is the difference between the interest earned on loans and investments and the interest paid on deposits and borrowed funds. This traditional banking model depends on maintaining a positive "spread" between borrowing costs and lending rates. The bank's net interest margin has expanded to approximately 3.68% as of Q1 2025, reflecting successful management of this core revenue driver. The company's customers include commercial businesses seeking loans for operations, expansion, and real estate needs, as well as individual consumers who maintain deposit accounts and take residential mortgages. Commercial and industrial lending represents a growing portion of the portfolio, while the bank has strategically reduced its exposure to construction and development lending to diversify risk. Beyond traditional banking, Business First generates non-interest income through several channels. The correspondent banking division earns fees from services provided to other banks, while SBA lending generates fee income from government-guaranteed loan sales. The bank's swap desk produces income from interest rate hedging services, and wealth management services generate asset-based fees. Management targets $40-50 million in annual non-interest income. Several factors influence the bank's profitability margins. Rising interest rates generally benefit the bank as loan rates reprice faster than deposit costs, though this advantage diminishes as deposit competition intensifies. Credit quality directly impacts margins through loan loss provisions - economic downturns or regional stress in Louisiana and Texas markets could increase credit costs. Regulatory compliance costs continue to rise, particularly as the bank approaches $10 billion in assets, which triggers additional regulatory requirements. Competition from larger banks and fintech companies pressures both loan pricing and deposit costs, while economic growth in the bank's markets drives loan demand and supports asset quality.
Competitive moat
Business First operates in the highly competitive regional banking sector, where sustainable competitive advantages are limited and often temporary. The company's primary moat stems from its relationship-based banking model and local market knowledge in Louisiana and Texas markets. Community banks typically compete by offering personalized service and faster decision-making compared to larger national banks, allowing them to build deeper relationships with local businesses and wealthy individuals. The bank's geographic diversification across Louisiana and Texas provides some protection against regional economic downturns, though both markets remain tied to energy sector performance. The company's specialized services like correspondent banking and SBA lending create some differentiation, as these require specific expertise and regulatory relationships that take time to develop. However, Business First faces significant competitive pressures that limit its moat strength. Large national banks can offer lower rates and more sophisticated digital platforms, while credit unions operate with tax advantages and can price deposits more aggressively. Fintech companies are increasingly competing for both deposit gathering and lending, particularly in commercial sectors. The bank's scale disadvantage means higher per-unit costs for technology, compliance, and operations compared to larger institutions. The regulatory environment presents both opportunities and threats. While community banks benefit from some regulatory tailwinds, approaching the $10 billion asset threshold will subject Business First to enhanced regulatory scrutiny and higher compliance costs. The company's moat is therefore modest and primarily defensive, relying on execution excellence and local relationships rather than structural competitive advantages. Success depends heavily on management's ability to maintain disciplined pricing, control costs, and avoid significant credit losses.
Risks & safety
Business First maintains a moderate margin of safety with solid capitalization but faces typical regional banking risks. **Capital and Liquidity:** - Tangible common equity ratio exceeds 10%, providing adequate capital cushion - Total assets of $7.8 billion with total equity of $826 million - Cash and short-term investments of $319 million as of Q4 2024 - Debt-to-equity ratio of 0.58, indicating reasonable leverage **Credit Quality:** - Nonperforming assets at 0.69% of total assets, showing modest credit stress - Recent migration in C&I relationships but overall portfolio remains stable - Construction and development exposure reduced from 120% to 78% of tangible capital **Valuation Metrics:** - Trading at 0.86x book value, suggesting market discount to tangible assets - P/E ratio of 8.7x based on recent earnings, indicating reasonable valuation - Price-to-tangible book value below 1.0x provides some downside protection **Other Considerations:** - Approaching $10 billion asset threshold will trigger higher regulatory costs - Geographic concentration in Louisiana and Texas creates regional economic exposure - Interest rate sensitivity as floating rate loans comprise significant portion of portfolio
Recent development
Over the past few years, Business First has executed a strategic transformation focused on geographic diversification and revenue stream expansion. The company completed its acquisition of Texas Citizens Bank, establishing a significant presence in Dallas and Houston markets, with Texas now representing 41% of the total loan portfolio. This geographic expansion reduced the bank's historical concentration in Louisiana markets. The bank has strategically repositioned its loan portfolio by reducing construction and development exposure from 120% of tangible capital to approximately 78%, while growing commercial and industrial lending. This shift reflects management's desire to diversify credit risk and reduce cyclical exposure. The company has also expanded its residential real estate lending capabilities to further balance the portfolio. Business First has invested heavily in non-interest income diversification, developing multiple revenue streams beyond traditional banking. The company built an internal interest rate swap desk to serve customer hedging needs, expanded its SBA lending capabilities, and grew its correspondent banking division to serve over 100 bank clients. These initiatives have helped the bank target $40-50 million in annual non-interest income. Recent strategic moves include the acquisition of Oakwood Bank in Dallas during Q4 2024, which added approximately $700 million in loans and deposits. The company also acquired an SBA loan servicing provider to enhance its capabilities in that market. Management promoted Jerry Vascocu to Bank President, reflecting the company's focus on operational excellence and succession planning. The bank has maintained a disciplined approach to pricing during the recent interest rate cycle, using advanced pricing software to evaluate entire customer relationships rather than competing solely on rate. This strategy has helped expand net interest margins while maintaining relationship quality. Looking forward, management remains cautious about M&A opportunities given market uncertainty but continues to pursue organic growth and potential team lift-outs in existing markets.
BFST company profile · for informational purposes only — not investment advice.
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