Business First Bancshares Inc (BFST)
NASDAQ:BFST
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Business First Bancshares
(NASDAQ:BFST)
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Rating:71Outperform
Price Target:
$30.00
▲(3.45% Upside)
Action:ReiteratedDate:04/28/26
BFST’s score is driven primarily by strong fundamental performance (growth, solid profitability, and improving leverage) and an attractive valuation (low P/E with a dividend). These positives are moderated by weak near-term technical momentum and earnings-call risks around credit (higher NPAs/NPLs), near-term loan growth pressure, and modest margin headwinds.
Positive Factors
Improving Capitalization
Lower leverage and rising equity provide a durable regulatory and loss-absorption cushion. Improved capitalization increases flexibility to fund organic growth, acquisitions, and payouts, and reduces refinancing and liquidity risks over the next 2–6 months.
Negative Factors
Elevated Nonperforming Loans
Higher NPLs create an ongoing drag through increased provisioning and potential charge-offs, which can persist for multiple quarters. Uncertainty over timing and resolution of these assets can constrain earnings, capital ratios and management bandwidth for growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Capitalization
Lower leverage and rising equity provide a durable regulatory and loss-absorption cushion. Improved capitalization increases flexibility to fund organic growth, acquisitions, and payouts, and reduces refinancing and liquidity risks over the next 2–6 months.
Read all positive factors
Business First Bancshares (BFST) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$883.02M
Dividend Yield2.12%
Average Volume (3M)130.33K
Price to Earnings (P/E)―
Beta (1Y)0.92
Revenue Growth9.48%
EPS Growth15.28%
CountryUS
Employees849
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.73
Shares Outstanding32,692,223
10 Day Avg. Volume162,832
30 Day Avg. Volume130,328
Financial Highlights & Ratios
PEG Ratio0.38
Price to Book (P/B)0.86
Price to Sales (P/S)1.51
P/FCF Ratio8.39
Enterprise Value/Market Cap0.35
Enterprise Value/Revenue0.60
Enterprise Value/Gross Profit0.99
Enterprise Value/Ebitda2.60
Forecast
1Y Price Target
$33.00Price Target Upside13.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)3.01
Revenue Forecast (FY)$376.29M
Business First Bancshares Business Overview & Revenue Model
Company Description
Business First Bancshares, Inc. operates as the bank holding company for b1BANK that provides various banking products and services. It offers various deposit products and services, including checking, demand, money market, time, and savings accou...
How the Company Makes Money
BFST makes money primarily through its banking subsidiary, b1BANK, by generating net interest income and noninterest income.
1) Net interest income (core earnings driver): The bank earns interest and fees on loans and other interest-earning asset...
Business First Bancshares Earnings Call Summary
Earnings Call Date:Apr 27, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive tone: management reported solid first-quarter profitability (GAAP net income $22.2M; core EPS $0.73), meaningful deposit inflows, a strategic acquisition that expanded the franchise by $774M and 9 branches, successful capital actions including an $85M subordinated debt raise and opportunistic buybacks, and ongoing investments in talent and technology (Agentic AI partnership). Offsetting items included near-term loan growth pressure driven by elevated paydowns/payoffs ($579M) and a rise in nonperforming assets (NPLs to 1.53%), modest margin headwinds (NIM down ~4–6 bps), and expected incremental hiring-related expenses before Progressive cost saves fully materialize. Management reiterated guidance and expects gradual margin improvement and staged NPA resolution over the coming quarters. Overall, positives (scale, deposits, earnings, capital moves, and strategic hires) outweigh manageable near-term credit and margin headwinds.Positive Updates
Acquisition Expands Footprint and Assets
Closed Progressive Bank acquisition on January 1, adding $774 million in total assets and 9 branches, deepening presence in North Louisiana and increasing Texas loans to 35% of total loans.
Negative Updates
Loan Paydowns and Lower Organic Loan Growth
Total paydowns and payoffs totaled $579 million versus new/renewed loan production of $476 million, resulting in lower-than-expected organic loan growth; excluding acquired Progressive loans, total loans held for investment declined $102.7 million (6.2% annualized linked quarter).
Read all updates
Q1-2026 Updates
Positive
Negative
Acquisition Expands Footprint and Assets
Closed Progressive Bank acquisition on January 1, adding $774 million in total assets and 9 branches, deepening presence in North Louisiana and increasing Texas loans to 35% of total loans.
Read all positive updates
Company Guidance
Management reiterated full‑year targets: mid‑single‑digit loan growth (roughly 5–6% annualized) and a year‑end ROAA run‑rate of 1.25% (assuming no further 2026 rate cuts), with an expectation of modest margin improvement (low‑ to mid‑single‑digit expansion from Q1 core NIM of 3.60%); they believe deposit betas of 45–55% are achievable on any cuts and noted an 81% core CD retention rate. On costs and capital, they expect core efficiency to move down from Q1’s 62% toward the mid‑ to upper‑50s as about $11M of $21M in Progressive acquisition run‑rate cost saves are realized (conversion late Q3, mostly reflected in Q4), while quarterly loan discount accretion should run in the low ~$1M range. Credit remediation timing: Q1 NPLs were 1.53% (NPAs/TA 1.38%) and management expects roughly 30% of the current NPA list to resolve in Q2 and the remainder to roll off in roughly third‑party segments through year‑end.Business First Bancshares Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
62
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 511.93M | 457.75M | 385.62M | 264.08M | 203.11M |
| Gross Profit | 311.86M | 259.50M | 242.94M | 216.65M | 178.51M |
| EBITDA | 119.09M | 88.31M | 95.26M | 73.41M | 68.72M |
| Net Income | 87.86M | 65.11M | 71.04M | 54.26M | 52.14M |
Balance Sheet | |||||
| Total Assets | 8.21B | 7.86B | 6.58B | 5.99B | 4.73B |
| Cash, Cash Equivalents and Short-Term Investments | 1.00B | 347.76M | 1.11B | 1.04B | 1.09B |
| Total Debt | 551.35M | 483.26M | 635.07M | 560.12M | 187.59M |
| Total Liabilities | 7.32B | 7.06B | 5.94B | 5.41B | 4.29B |
| Stockholders Equity | 896.88M | 799.47M | 644.26M | 580.48M | 433.37M |
Cash Flow | |||||
| Free Cash Flow | 92.08M | 59.84M | 80.78M | 61.80M | 52.47M |
| Operating Cash Flow | 92.08M | 61.40M | 92.43M | 69.58M | 56.44M |
| Investing Cash Flow | -281.53M | -294.91M | -521.14M | -700.52M | -675.35M |
| Financing Cash Flow | 281.52M | 326.50M | 502.08M | 715.31M | 538.15M |
Business First Bancshares Technical Analysis
Positive
29.00
Price Trends
27.72
Positive
27.32
Positive
25.76
Positive
Market Momentum
0.43
Negative
65.65
Neutral
71.51
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BFST, the sentiment is Positive. The current price of 29 is above the 20-day moving average (MA) of 27.63, above the 50-day MA of 27.72, and above the 200-day MA of 25.76, indicating a bullish trend. The MACD of 0.43 indicates Negative momentum. The RSI at 65.65 is Neutral, neither overbought nor oversold. The STOCH value of 71.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BFST.
Business First Bancshares Risk Analysis
Business First Bancshares disclosed 56 risk factors in its most recent earnings report. Business First Bancshares reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Business First Bancshares Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $871.93M | ― | 14.49% | 2.18% | 19.71% | 27.52% | |
72 Outperform | $822.65M | 11.97 | 9.21% | 3.48% | 7.06% | 27.79% | |
71 Outperform | $883.02M | ― | 10.06% | 2.12% | 9.48% | 15.28% | |
70 Outperform | $855.96M | 21.38 | 6.26% | 2.58% | 17.28% | -22.85% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $769.09M | ― | 8.42% | 1.12% | -1.41% | 23.57% | |
65 Neutral | $744.51M | 9.92 | 11.29% | 2.48% | -6.80% | 13.03% |
* Financial Sector Average
BFST
Business First Bancshares
27.50
4.57
19.95%
GSBC
Great Southern Bancorp
68.65
14.26
26.23%
MPB
Mid Penn Bancorp
34.26
6.14
21.84%
TRST
TrustCo Bank
47.64
17.99
60.67%
HTB
Hometrust Bancshares
46.43
12.67
37.55%
FSBC
Five Star
40.31
13.32
49.35%
Business First Bancshares Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Business First Bancshares Grows via Progressive Acquisition, Strong Q1
Positive
Apr 27, 2026
In the first quarter of 2026, Business First reported net income available to common shareholders of $22.2 million, or $0.68 per diluted share, and core net income of $24.0 million, or $0.73 per diluted share, while completing its acquisition of P...
Business Operations and StrategyPrivate Placements and Financing
Business First Bancshares Completes Subordinated Notes Private Placement
Positive
Apr 2, 2026
On April 2, 2026, Business First Bancshares, Inc. completed a private placement of $85 million in 6.50% fixed-to-floating rate subordinated notes due 2036 to qualified institutional buyers and accredited investors, structured to qualify as Tier 2 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.