Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number: 001-38447 BUSINESS FIRST BANCSHARES, INC. (Exact name of registrant as specified in its charter) Louisiana 20-53406 ...

The multi-year partnership will integrate agentic AI into key stages of b1BANK’s banking lifecycle, helping teams work faster, improve controls, and increase capacity while maintaining strong risk and compliance standards. b1BANK is Covecta’s first banking partner in the U.S. BATON ROUGE, La., Feb. 17, 2026 (GLOBE NEWSWIRE) -- b1BANK and Covecta announced a strategic partnership to deploy agentic AI across the bank’s day to day workflows. The collaboration focuses on streamlining and automating repeatable, ...

Core Insights - Business First Bancshares, Inc. (NASDAQ:BFST) is focused on growth and operational enhancements through strategic initiatives and acquisitions [1] - Insider transactions, such as the purchase of 1,500 shares by director Day Rick D. at $27.55 each, indicate a positive outlook on the company's future [2] - CEO Jude Melville highlighted a year of transformation for BFST, marked by significant systems upgrades and balance sheet expansion [3] Financial Performance - BFST reported a net income of $21 million for Q4 2025, or $0.71 per diluted share, with a full-year net income of $82.5 million, or $2.79 per share, showing significant growth from the previous year [4][6] - The core net income on a non-GAAP basis for Q4 was $23.5 million, or $0.79 per share, indicating an increase despite a slight decrease in net income from the previous quarter [4] - Financial metrics include a P/E ratio of 9.12, a price-to-sales ratio of 1.74, and an enterprise value to sales ratio of 0.85, suggesting that investors find value in BFST's earnings and sales [5] Operational Enhancements - Significant operational improvements were noted, including two major core conversions and new software implementations that have enhanced operational efficiency and regulatory compliance [3][6] - The earnings yield of 10.96% highlights the potential return for shareholders, underscoring BFST's strong market position [5]

Group 1 - The article does not provide any relevant content regarding the company or industry [1]

Financial Performance - Business First (BFST) reported revenue of $83.09 million for the quarter ended December 2025, reflecting a 7.1% increase year-over-year [1] - Earnings per share (EPS) for the quarter was $0.79, up from $0.66 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $81.5 million, resulting in a surprise of +1.95% [1] - The company achieved an EPS surprise of +9.72%, with the consensus EPS estimate being $0.72 [1] Key Metrics - Net Interest Margin stood at 3.7%, matching the two-analyst average estimate [4] - Efficiency Ratio was reported at 63.1%, higher than the average estimate of 60.7% based on two analysts [4] - Total Other Income reached $12.23 million, surpassing the two-analyst average estimate of $11.48 million [4] - Net Interest Income was reported at $70.86 million, compared to the average estimate of $69.13 million by two analysts [4] Stock Performance - Shares of Business First have returned +5.1% over the past month, outperforming the Zacks S&P 500 composite's +0.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Financial Performance - The company strengthened capital ratios over the past 12 months, with tangible common equity up 90 basis points and consolidated CET1 up 50 basis points year over year [1] - Tangible book value grew 17.3%, and the company initiated share repurchases for the first time in nearly six years while increasing its common stock dividend for the seventh consecutive year [1][7] - The fourth quarter showed strong momentum with loans up $168.4 million (11.1% annualized) and deposits up $191.7 million, with GAAP NIM rising to 3.71% [6][7] Operational Developments - The company completed two major core conversions and implemented multiple software platforms to support current and future operations [3][4] - The acquisition of Progressive Bank in North Louisiana was announced and closed at the turn of the year, alongside the expansion of a correspondent banking initiative to over 175 community bank clients [2][4] Profitability and Growth - The company delivered a 1.06% core ROAA for the year and a 14% increase in EPS, with a 20% year-over-year improvement in the fourth quarter [7] - Management expects to achieve over 1.2% ROA in 2026, with mid-single-digit organic loan growth targeted [5][20] Credit Quality - Credit metrics weakened primarily due to a single $25.8 million commercial real estate relationship, pushing non-performing loans (NPLs) to 1.24% [5][18] - Management believes any further loss from this credit will be immaterial and is focusing on moving the allowance toward ~1% over time [22] Future Outlook - The company plans to shift focus in 2026 from major implementations to optimizing systems and daily execution, while also deepening relationships and improving profitability [19][20] - Management will continue to evaluate share buybacks on a quarterly basis, having repurchased about 150,000 shares in the fourth quarter [21]

Financial Data and Key Metrics Changes - The company reported a GAAP net income of $21.71 per share for the fourth quarter, with a core net income of $23.579 per share after excluding non-core items [10][11] - The core return on average assets (ROAA) was 1.16% for the fourth quarter, exceeding the stated goal of 1% [7][10] - Earnings per share (EPS) increased by 14% year-over-year, with a 20% improvement in the fourth quarter alone [8][10] - The tangible common equity ratio increased by 90 basis points, and consolidated CET1 capital rose by 50 basis points year-over-year [6] Business Line Data and Key Metrics Changes - Total loans held for investment increased by $168.4 million, or 11.1% annualized on a linked quarter basis, driven by improved demand and reduced paydowns [11] - Total deposits rose by $191.7 million, primarily due to a net increase in interest-bearing deposits [12] - The non-interest income for the fourth quarter was approximately $13.2 million, with swap fee revenue exceeding expectations [18][62] Market Data and Key Metrics Changes - Texas-based loans slightly declined from 39% of total loans, expected to decrease further to approximately 36% following the acquisition of Progressive Bank [12] - The company noted a balanced growth in loan production across different regions, particularly in Southwest and North Louisiana [27][66] Company Strategy and Development Direction - The company plans to focus on optimizing existing systems and deepening market presence rather than pursuing new major projects in 2026 [9][42] - There is an emphasis on sustainable ROAA, tangible book value accretion, and enhancing EPS through improved operational efficiency [9][44] - The company aims to deepen relationships with existing clients and enhance profitability before considering further M&A opportunities [43][45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, indicating that 2026 could be even more fruitful following a pivotal 2025 [8][9] - The company is prepared to manage credit risks more effectively, learning from recent experiences with non-performing loans [30][33] - Management highlighted the importance of maintaining a balanced loan portfolio to mitigate concentration risks [33] Other Important Information - The company successfully completed two major core conversions and implemented new software platforms to enhance operational capabilities [4][5] - The acquisition of Progressive Bank is expected to contribute positively to the company's growth and operational efficiency [21] Q&A Session Summary Question: Insights on loan growth and outlook - Management noted that improved pipeline demand and reduced payoffs contributed to strong loan growth in the fourth quarter, with expectations of mid-single-digit growth for 2026 [24][25] Question: Details on non-performing loans - A significant commercial real estate loan in Houston was identified as non-performing, with management indicating it is one of the largest exposures [30][32] Question: Focus on daily execution versus M&A - Management clarified that the focus for 2026 will be on optimizing existing operations rather than pursuing new acquisitions, allowing for deeper relationship building with current clients [40][43] Question: Capital management and buyback strategy - The company plans to continue share buybacks opportunistically, with a focus on attractive pricing below $120 [46][48] Question: Opportunities for hiring in the current market - Management expressed readiness to hire selectively, focusing on acquiring the right talent to support growth without needing to hire aggressively [52][54]

Financial Data and Key Metrics Changes - The company reported a GAAP net income of $21.71 per share for the fourth quarter, with core net income of $23.579 per share after excluding non-core items [10][11] - The core return on assets (ROA) was 1.16% in the fourth quarter, exceeding the company's stated goal of 1% [7][10] - Earnings per share (EPS) increased by 14% year-over-year, with a 20% improvement in the fourth quarter alone [8][10] - The tangible common equity ratio increased by 90 basis points, and consolidated CET1 capital rose by 50 basis points year-over-year [6] Business Line Data and Key Metrics Changes - Total loans held for investment increased by $168.4 million, or 11.1% annualized on a linked quarter basis, driven by improved demand and reduced paydowns [11] - Total deposits rose by $191.7 million, primarily due to a net increase in interest-bearing deposits [12] - The non-interest income for the fourth quarter was approximately $13.2 million, with significant contributions from swap fee revenue [18] Market Data and Key Metrics Changes - Texas-based loans slightly declined from 39% of total loans, expected to decrease to approximately 36% following the acquisition of Progressive Bank [12] - The company experienced strong loan growth in Southwest and North Louisiana, with both regions growing over $100 million in loans and deposits each during 2025 [66] Company Strategy and Development Direction - The company plans to focus on optimizing existing systems and deepening relationships rather than pursuing new major projects in 2026 [9][42] - The management emphasized the importance of sustainable ROAA, tangible book value accretion, and enhancing EPS as key strategic goals [9][44] - The company aims to leverage its correspondent banking initiative to increase non-interest income and cross-sell products to existing clients [81] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026 being even more fruitful, with a focus on daily execution and maximizing the benefits of recent system implementations [9][42] - The company acknowledged challenges in the credit environment but highlighted lessons learned regarding concentration risk and exposure management [32][34] - Management expects to maintain a neutral position on the balance sheet and achieve modest margin improvement in a slightly down rate environment [16] Other Important Information - The company began share buybacks for the first time in nearly six years and increased its common stock dividend for the seventh consecutive year [7] - The acquisition of Progressive Bank is expected to enhance the company's footprint and contribute positively to its operations [21] Q&A Session Summary Question: Insights on loan growth and outlook - Management noted that improved pipeline demand and reduced payoffs contributed to strong loan growth in the fourth quarter, with expectations of mid-single-digit growth for 2026 [24][25] Question: Details on non-performing loans - A significant commercial real estate loan in Houston was identified as non-performing, with management indicating it is one of the largest exposures on their books [30][32] Question: Focus on daily execution versus M&A - Management clarified that while they are not prioritizing new M&A opportunities, they will focus on maximizing the output from recent investments and deepening existing relationships [43][44] Question: Capital management and buyback strategy - The company plans to continue share buybacks opportunistically, with a focus on attractive pricing below $120 [46][48] Question: Opportunities for hiring in the current environment - Management indicated a willingness to hire selectively, focusing on attracting the right talent to support growth without needing to hire aggressively [52][54]

Financial Data and Key Metrics Changes - The company reported a GAAP net income of $21.71 per share for Q4 2025, with a core net income of $23.579 per share after excluding non-core items [11][12] - The core return on average assets (ROAA) was 1.16% in Q4, exceeding the company's stated goal of 1% [8][11] - Earnings per share (EPS) increased by 14% year-over-year, with a 20% improvement in Q4 alone [9] - The tangible common equity ratio increased by 90 basis points, and consolidated CET1 capital rose by 50 basis points year-over-year [6] Business Line Data and Key Metrics Changes - Total loans held for investment increased by $168.4 million, or 11.1% annualized on a linked quarter basis, driven by improved demand [12] - Total deposits rose by $191.7 million, primarily due to a net increase in interest-bearing deposits [13] - The net interest margin increased to 3.71% for Q4, with a core net interest margin of 3.64% [14][15] Market Data and Key Metrics Changes - Texas-based loans slightly declined from 39% of total loans, expected to decrease further to approximately 36% following the acquisition of Progressive Bank [13] - The company experienced significant loan growth in Southwest Louisiana and North Louisiana, with both regions growing over $100 million in loans and deposits each during 2025 [70][71] Company Strategy and Development Direction - The company plans to focus on optimizing existing systems and deepening relationships rather than pursuing new major projects in 2026 [10][46] - The management emphasized the importance of sustainable ROAA, tangible book value accretion, and enhancing EPS as key strategic goals [10][49] - The company is not prioritizing new M&A opportunities at this time, aiming instead to demonstrate the value of past acquisitions [46][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, expecting it to be even more fruitful than 2025 due to completed major projects [9][10] - The company acknowledged challenges in the credit environment, particularly related to a single commercial real estate relationship that became non-performing [32][36] - Management indicated a focus on maintaining a balanced loan growth outlook, projecting mid-single-digit growth for 2026 [26][27] Other Important Information - The company has been recognized as one of the American Bankers Best Banks to Work for for five consecutive years, highlighting its positive workplace culture [6] - The acquisition of Progressive Bank is expected to enhance the company's footprint and contribute to its growth strategy [23] Q&A Session Summary Question: Insights on loan growth and outlook - Management noted that improved pipeline demand and reduced payoffs contributed to strong loan growth in Q4, with expectations of mid-single-digit growth for 2026 [26][27] Question: Details on non-performing loans - A significant commercial real estate loan in Houston was identified as non-performing, with management indicating it is one of the largest exposures [32][35] Question: Focus on daily execution versus major projects - Management clarified that the focus for 2026 will be on optimizing existing systems and deepening relationships rather than pursuing new acquisitions [46][48] Question: Capital management and buyback strategy - The company plans to continue share buybacks opportunistically, with a focus on attractive pricing [50][52] Question: Opportunities for hiring in the current environment - Management expressed readiness to hire selectively, focusing on attracting the right talent to support growth [56][59]

Core Insights - Business First Bancshares, Inc. reported a net income of $21.0 million or $0.71 per diluted common share for Q4 2025, a decrease from the previous quarter, while core net income on a non-GAAP basis increased to $23.5 million or $0.79 per diluted common share [1][2][3] - For the full year 2025, net income available to common stockholders was $82.5 million or $2.79 per diluted common share, reflecting significant year-over-year growth [2][3] Financial Performance - The company achieved a net interest income of $70.9 million for Q4 2025, up from $69.3 million in the previous quarter, with a net interest margin of 3.71% [6][15] - Loans held for investment increased by $168.4 million or 2.80% in Q4 2025, with deposits rising by $191.7 million or 2.95% [6][10] - The return on average assets was 1.04% and return on common equity was 10.18% for Q4 2025, compared to 1.08% and 10.80% in the previous quarter [21][22] Shareholder Returns - The board declared a quarterly preferred dividend of $18.75 per share and a common dividend of $0.15 per share, to be paid on February 15, 2026 [3] - The company repurchased 150,504 shares at a market value of $3.7 million during the fourth quarter, increasing the book value per common share to $27.95 [6][13] Credit Quality - The ratio of nonperforming loans increased to 1.24% as of December 31, 2025, primarily due to the deterioration of a single commercial real estate relationship [8] - The allowance for credit losses to loans held for investment ratio was 0.94%, down from 1.03% in the previous quarter [18] Growth and Strategy - Business First emphasized a focus on organic growth and efficient execution, expecting positive trends to continue into 2026 [3] - The company’s securities portfolio increased by $3.3 million, representing 12.04% of total assets as of December 31, 2025 [9]