The following is a summary of the Business First Bancshares, Inc. (BFST) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Business First Bancshares reported Q1 core ROAA of 0.77%, ROAE of 8.9%, and EPS of $0.50, slightly under expectations due to increased margin pressure and expense timing anomalies.

• Total loan sales for investment rose to $96.1 million, representing a 7.7% annualized increase, primarily driven by C&I and residential real estate portfolio performance.

• Deposits showed a significant increase, growing by $324 million - a near 25% uptick on an annual scale.

Business Progress:

• Yearly loan growth was significantly improved by about 8%, due to C&I relationships and Texas market growth.

• The company finalized the acquisition of Waterstone in a strategy to enhance non-interest income and made known the ongoing acquisition of Oakwood Bank in Dallas, Texas to diversify loan portfolio and expand deposit base.

• There has been a strategic shift to balance loan growth and production expectations for improved profitability.

• With plans for geographical expansion, Business First Bancshares aims to reach a $10 billion benchmark by investing heavily in IT infrastructure and implementing regulatory compliance and data flow technologies.

• The acquisition of Oakwood Bank is slated to provide increased income benefits by mid-2025.

• To meet strategic goals and diversify credit risk, the company aims to achieve 50% of loans in Texas by the end of the next year, with a concentrated focus on C&I loans.

More details: Business First Bancshares IR

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