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- **Efficiency Gains**: Core efficiency ratio 60.5%, up from 62.3% Q2, driven by flat noninterest expenses. 
- **M&A Momentum**: Oakwood and Progressive integrations on track, with full benefits by Q4 2026. 
- **Correspondent Banking**: $17M revenue YTD, targeting $20M+ in 2026. 
- **Margin Expansion**: Q4 NIM expected to rise, with 45-55% deposit beta to rate cuts. 
- **Dividend Growth**: 9th consecutive dividend increase, reflecting financial discipline.

**【CEO Summary Section】**
- **Earnings Improvement**: Core noninterest expenses remained flat for three consecutive quarters, driving efficiency ratio to 60.5%. 
- **Operational Execution**: Completed system conversions for Oakwood and Progressive Banks, with full integration expected by Q4 2026. 
- **Correspondent Banking Growth**: Unit generated $17M in revenue YTD, contributing $5M to net income, with plans to scale capital-efficient earnings.

**【CFO Financial Commentary】**
- **Q3 Results**: GAAP net income $21.5M, non-GAAP EPS $0.72. Core ROAA 1.06%, up from 1.03% Q2. 
- **Balance Sheet Dynamics**: Loans down $26.6M (1.7% annualized) due to $479M paydowns, offset by $452M originations. Deposits +$87.2M, with interest-bearing +$131.4M. 
- **Margin Performance**: GAAP NIM 3.68%, core NIM 3.63%. Expect Q4 expansion with loan growth rebound and deposit cost management. 
- **Credit Quality**: Nonperforming loans stable at 0.82%, nonaccruals +$38M due to paydowns. 

**【Q&A Key Highlights】**
- **Margin Outlook**: Q4 NIM expansion driven by loan growth and deposit beta (45-55%). 
- **Loan Growth**: Q4 originations expected to normalize after Q3 paydowns, with SBA pipeline impacted by government shutdown. 
- **M&A Strategy**: Focused on integrating Oakwood and Progressive (Q1 2026 close), with no active M&A pipeline. 
- **Buyback Consideration**: Stock trading attractively; may explore buybacks as capital ratios improve. 
- **Expense Control**: Core expenses flat Q/Q, with potential modest Q4 increase for IT investments. 
- **Hiring**: Disciplined approach to lender hiring, targeting Texas disruption opportunities.

Business First Bancshares, Inc. (BFST) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BFST

BFST fundamentals

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