Business First Bancshares Inc (BFST)
NASDAQ:BFST
Top Page
Business First Bancshares
(NASDAQ:BFST)
Select Model
Select Model
Rating:71Outperform
Price Target:
$30.00
â–²(8.42% Upside)
Action:ReiteratedDate:04/03/26
BFST scores well on fundamentals and valuation, supported by strong recent growth, improving capital/leverage, and a low P/E with a dividend. The overall score is held back by mixed technical momentum and key execution risks cited in the latest call (credit migration from a large CRE relationship, near-term integration costs, and margin/yield sensitivity).
Positive Factors
Strong revenue & earnings growth
Robust top-line and net income growth in 2025 creates durable scale and operating leverage that supports sustainable earnings. Persistent loan and deposit growth underpins core net interest income and fee capture, enabling reinvestment, dividend support and better shock absorption over time.
Negative Factors
Single large CRE credit concentration
Concentration in a material single CRE borrower that became nonperforming raises idiosyncratic credit risk. One large exposure can cause sharp NPL and provision volatility, pressuring capital and earnings if further deterioration or sector weaknesses occur.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue & earnings growth
Robust top-line and net income growth in 2025 creates durable scale and operating leverage that supports sustainable earnings. Persistent loan and deposit growth underpins core net interest income and fee capture, enabling reinvestment, dividend support and better shock absorption over time.
Read all positive factors
Business First Bancshares (BFST) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$905.10M
Dividend Yield2.12%
Average Volume (3M)130.33K
Price to Earnings (P/E)8.8
Beta (1Y)0.92
Revenue Growth17.99%
EPS Growth11.08%
CountryUS
Employees849
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.79
Shares Outstanding32,710,445
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 Cap1.18
Enterprise Value/Revenue2.08
Enterprise Value/Gross Profit3.42
Enterprise Value/Ebitda8.94
Forecast
1Y Price Target
$35.00Price Target Upside26.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)3.03
Revenue Forecast (FY)$375.74M
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:Jan 22, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 27, 2026
Earnings Call Sentiment Positive
The call conveyed solid operational and financial momentum: improved ROA and EPS, tangible book value growth (17.3%), stronger capital (TCE +90 bps, CET1 +50 bps), meaningful loan and deposit growth in Q4, improved efficiency (sub-60 in Q4) and successful strategic initiatives (core conversions, correspondent banking expansion, Progressive acquisition). Offsetting these positives were credit migration concentrated in a single $25.8M CRE relationship that lifted NPLs and past-due metrics, some near-term expense headwinds from the Progressive integration and one-time conversion items, and margin pressure from rate cuts and discount accretion volatility. Management presented clear remediation plans (reserve normalization target >1%, expected normalization of annualized losses to ~10–12 bps, cost saves post-conversion) and an outlook focused on execution, suggesting the positives materially outweigh the manageable headwinds.Positive Updates
Strong Profitability and EPS Growth
Core ROA of 1.06% for the full year and 1.16% in Q4; GAAP Q4 net income $21.0M and GAAP EPS $0.71; non-GAAP core Q4 net income $23.5M and core EPS $0.79. EPS increased 14% for the year and 20% year-over-year in Q4.
Negative Updates
Credit Migration and Single Large CRE Deterioration
Nonperforming loans ratio increased 42 bps to 1.24% and nonperforming assets rose 26 bps to 1.09% (linked quarter). The deterioration was largely driven by a single $25.8M commercial real estate (medical facility in Houston) relationship moved to nonperforming — one of the largest single exposures on the books.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Profitability and EPS Growth
Core ROA of 1.06% for the full year and 1.16% in Q4; GAAP Q4 net income $21.0M and GAAP EPS $0.71; non-GAAP core Q4 net income $23.5M and core EPS $0.79. EPS increased 14% for the year and 20% year-over-year in Q4.
Read all positive updates
Company Guidance
Guidance from the call emphasized continued balance‑sheet discipline and modest growth: management expects mid‑single‑digit loan growth in 2026 (Q4 loan increase was $168.4M, +11.1% annualized), a baseline of no further Fed cuts with the ability to achieve 45%–55% deposit betas on any future cuts, and core CD retention of ~83%; they see modest margin improvement in a slightly down‑rate environment (Q4 GAAP NIM 3.71%, core NIM 3.64%, core loan yield ex‑accretion 6.78%, weighted average new/renewed loan yield 6.97%), expect loan discount accretion of roughly $1.8M per quarter in 2026 (was $1.4M in Q4), and project quarterly noninterest income in the mid‑to‑high $13M range (including ~$1M quarterly from the Progressive Bank acquisition). Capital/capital return guidance was opportunistic buybacks (management views <1.20x tangible book as attractive after buying ~150k shares in Q4), continued dividend support, and further CET1/tangible common equity improvement (tangible book value grew 17.3% y/y, tangible common equity +90 bps, consolidated CET1 +50 bps y/y). Credit and reserve guidance targets moving to ≥1.0% reserve coverage (all‑in ~1.06% today including marks) with expected annualized losses roughly 10–12 bps (2025 ended ~19 bps), and continued focus on improving efficiency (Q4 core ROA 1.16%, FY core ROA 1.06%, FY EPS +14% with Q4 EPS +20% YoY, Q4 core efficiency ratio 59.7% with a target to push the efficiency ratio into the 50s by 2027); timing notes included Progressive cost saves post‑conversion in Q3 2026 and an anticipated Q1 seasonally‑driven public funds outflow.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
27.67
Price Trends
27.64
Positive
27.01
Positive
25.57
Positive
Market Momentum
0.03
Negative
58.39
Neutral
89.60
Negative
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 27.67 is above the 20-day moving average (MA) of 26.69, above the 50-day MA of 27.64, and above the 200-day MA of 25.57, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 58.39 is Neutral, neither overbought nor oversold. The STOCH value of 89.60 is Negative, 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 | $828.54M | 12.33 | 14.49% | 2.18% | 22.24% | 18.63% | |
71 Outperform | $905.10M | 8.79 | 10.19% | 2.12% | 17.99% | 11.08% | |
68 Neutral | $801.75M | 12.13 | 8.86% | 3.48% | 5.75% | 20.52% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | $715.02M | 9.89 | 11.33% | 2.48% | 0.67% | 17.88% | |
62 Neutral | $737.23M | 11.33 | 10.88% | 1.12% | 0.21% | 14.54% | |
61 Neutral | $829.81M | 9.23 | 7.31% | 2.58% | 12.09% | -15.97% |
* Financial Sector Average
BFST
Business First Bancshares
27.67
5.52
24.90%
GSBC
Great Southern Bancorp
65.22
13.26
25.52%
MPB
Mid Penn Bancorp
32.99
8.39
34.08%
TRST
TrustCo Bank
45.27
17.24
61.49%
HTB
Hometrust Bancshares
43.55
10.25
30.78%
FSBC
Five Star
38.76
13.10
51.08%
Business First Bancshares Corporate Events
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 ...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Business First Bancshares Reports Strong 2025 Earnings Growth
Positive
Jan 22, 2026
On January 22, 2026, Business First Bancshares reported unaudited results for the fourth quarter and full year ended December 31, 2025, highlighting a strong year of earnings growth and balance sheet expansion. Quarterly net income available to co...
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
Business First Bancshares Completes Progressive Bancorp Merger Integration
Positive
Jan 5, 2026
On January 1, 2026, Business First Bancshares completed its merger with Progressive Bancorp, with Progressive and its subsidiary Progressive Bank absorbed into Business First and b1BANK, respectively, in an all-stock transaction that delivered app...
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.