Business First Bancshares Inc (BFST, Financial) released its unaudited results for Q3 2023 on October 26, 2023. The company reported a net income available to common shareholders of $19.1 million, or $0.76 per diluted common share. This represents increases of $0.7 million and $0.03, respectively, from the linked quarter, and increases of $5.3 million and $0.15, respectively, from the quarter ended September 30, 2022.
Financial Highlights
On a non-GAAP basis, core net income for the quarter ended September 30, 2023, which excludes certain income and expenses, was $18.0 million, or $0.71 per diluted common share. This is an increase of $0.2 million and $0.01, respectively, from the linked quarter, and an increase of $1.6 million and decrease of $0.01, respectively, from the quarter ended September 30, 2022.
Loans held for investment increased by $21.5 million or 0.44%, 1.74% annualized, from the linked quarter. Year-to-date loan growth through September 30, 2023, was $314.1 million, 6.82% or 9.12% annualized.
Deposits increased by $176.3 million or 3.52%, 13.95% annualized, for the quarter ended September 30, 2023. The increase was primarily attributable to the $126.2 million growth in the certificate of deposit (CD) portfolio.
Dividends and Shareholder Value
Business First’s board of directors declared a quarterly preferred dividend in the amount of $18.75 per share, which is the full quarterly dividend of 1.875% based on the per annum rate of 7.50%. Additionally, the board of directors declared a quarterly common dividend based upon financial performance for the third quarter in the amount of $0.14 per share, an increase of $0.02 compared to the prior quarter.
CEO Commentary
“In the third quarter we again delivered solid fundamental shareholder-oriented operating performance,” said b1BANK President & CEO Jude Melville. “We increased per share tangible book value and per share core earnings by exercising cost discipline, protected our margin while strengthening our core deposit base, and continued maintaining excellent asset quality. We are pleased to be in position to increase our dividend for the fifth consecutive year, rewarding shareholders for sticking with us through uncertain times.”
Outlook
Business First Bancshares Inc (BFST, Financial) continues to demonstrate solid performance with increases in net income, dividends, and loans held for investment. The company's commitment to shareholder value and its disciplined approach to financial management positions it well for future growth.
Explore the complete 8-K earnings release (here) from Business First Bancshares Inc for further details.
