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Business First Bank(BFST) - 2024 Q4 - Annual Results
BFSTBusiness First Bank(BFST)2025-01-23 21:01

Financial Performance - Business First reported Q4 2024 net income of 15.1million,adecreaseof15.1 million, a decrease of 1.4 million from the previous quarter, with diluted earnings per share of 0.51[1][2]−Forthefiscalyear2024,netincomeavailabletocommonstockholderswas0.51[1][2] - For the fiscal year 2024, net income available to common stockholders was 59.7 million, down 5.9millionyear−over−year,resultingindilutedearningspershareof5.9 million year-over-year, resulting in diluted earnings per share of 2.26[2] - Net income available to common shareholders for Q4 2024 was 15,138thousand,adecreaseof8.215,138 thousand, a decrease of 8.2% from 16,492 thousand in Q3 2024 and an increase of 4.6% from 14,474thousandinQ42023[18]−NetincomeavailabletocommonshareholdersforthetwelvemonthsendedDecember31,2024,was14,474 thousand in Q4 2023[18] - Net income available to common shareholders for the twelve months ended December 31, 2024, was 59,706 thousand, a decrease of 9.0% compared to 65,642thousandforthesameperiodin2023[21]AssetGrowth−Totalassetsincreasedto65,642 thousand for the same period in 2023[21] Asset Growth - Total assets increased to 7,857,090 thousand as of December 31, 2024, up from 6,584,550thousandayearearlier,representingagrowthof19.46,584,550 thousand a year earlier, representing a growth of 19.4%[61] - Total assets as of December 31, 2024, reached 7,857,090,000, a 14.0% increase from 6,888,649,000inQ32024anda19.46,888,649,000 in Q3 2024 and a 19.4% increase from 6,584,550,000 in Q4 2023[85] - Total loans increased to 5,327,466thousandinDecember2024,upfrom5,327,466 thousand in December 2024, up from 4,859,637 thousand in December 2023, representing a growth of 9.6%[69] - Total deposits reached 6,511,331thousand,reflectinga24.16,511,331 thousand, reflecting a 24.1% increase compared to 5,248,790 thousand a year ago[61] Loan and Deposit Performance - Loans held for investment increased by 761.3millionor14.58761.3 million or 14.58% in Q4 2024, with organic loan growth of 62.8 million or 1.20% excluding Oakwood[10][11] - Deposits grew by 870.4millionor15.43870.4 million or 15.43% in Q4 2024, with organic deposit growth of 156.8 million or 2.78% excluding Oakwood[4][16] - Total Loans Held for Investment increased to 5,981,399thousandinQ42024,up14.635,981,399 thousand in Q4 2024, up 14.63% from 5,220,118 thousand in Q3 2024 and 19.83% from 4,992,785thousandinQ42023[49]InterestIncomeandMargin−NetinterestincomeforQ42024increasedto4,992,785 thousand in Q4 2023[49] Interest Income and Margin - Net interest income for Q4 2024 increased to 65.7 million, up from 56.1millioninthelinkedquarter,withanetinterestmarginof3.6156.1 million in the linked quarter, with a net interest margin of 3.61%[7][23] - Net interest income for the three months ended December 31, 2024, was 65,729 thousand, up 22.2% from 53,760thousandinthesameperiodlastyear[65]−ThenetinterestmarginforthethreemonthsendedDecember31,2024,was3.6153,760 thousand in the same period last year[65] - The net interest margin for the three months ended December 31, 2024, was 3.61%, compared to 3.50% in the same period last year[68] - The Net Interest Margin for Q4 2024 was 3.61%, up from 3.51% in Q3 2024, indicating improved profitability on interest-earning assets[53] Credit Losses and Provisions - The provision for credit losses in Q4 2024 was 6.7 million, significantly higher than 1.7millioninthepreviousquarter,primarilyduetotheOakwoodacquisition[25]−Provisionforcreditlossesincreasedto1.7 million in the previous quarter, primarily due to the Oakwood acquisition[25] - Provision for credit losses increased to 6,712 thousand for the three months ended December 31, 2024, compared to 119thousandinthesameperiodlastyear[65]−Theallowanceforloanlossesstoodat119 thousand in the same period last year[65] - The allowance for loan losses stood at 54,840 thousand as of December 31, 2024, compared to 40,414thousandayearearlier,indicatinga35.740,414 thousand a year earlier, indicating a 35.7% increase[61] - The Allowance for Loan Losses to Total Loans (HFI) ratio increased to 0.92% in Q4 2024 from 0.81% in Q3 2024, indicating a higher provision for potential loan losses[49] Shareholder Equity - Shareholders' equity increased by 99.9 million in Q4 2024, largely due to the Oakwood acquisition[19] - Total shareholders' equity increased to 799,466thousandasofDecember31,2024,upfrom799,466 thousand as of December 31, 2024, up from 644,259 thousand a year earlier, representing a growth of 24.2%[61] - Total common shareholders' equity increased to 727,536,000asofDecember31,2024,up15.9727,536,000 as of December 31, 2024, up 15.9% from 627,594,000 in Q3 2024 and 27.2% from 572,329,000inQ42023[85]EfficiencyandOtherIncome−TotalOtherIncomeforQ42024was572,329,000 in Q4 2023[85] Efficiency and Other Income - Total Other Income for Q4 2024 was 11,857 thousand, a significant increase of 84.06% compared to 6,413thousandinQ42023[57]−OtherincomeforthetwelvemonthsendedDecember31,2024,was6,413 thousand in Q4 2023[57] - Other income for the twelve months ended December 31, 2024, was 44,193 thousand, compared to $36,642 thousand in 2023, representing an increase of 20.5%[73] - The Efficiency Ratio improved slightly to 63.91% in Q4 2024 from 63.45% in Q3 2024, reflecting better cost management[53] - The efficiency ratio for the three months ended December 31, 2024, was 63.91%, slightly higher than 63.36% in the same quarter of the previous year[92]