Mission Statement, Vision, & Core Values (2024) of Business First Bancshares, Inc. (BFST)

An Overview of Business First Bancshares, Inc. (BFST)

General Overview of Business First Bancshares, Inc. (BFST)

Business First Bancshares, Inc. (BFST) is a registered financial holding company headquartered in Baton Rouge, Louisiana, established in 2006. The company primarily operates through its wholly-owned subsidiary, b1BANK, which provides a wide array of financial services tailored for small to midsized businesses and professionals. As of September 30, 2024, BFST has total assets amounting to $6.9 billion, total loans of $5.2 billion, and total deposits of $5.6 billion.

BFST focuses on commercial banking services, including offering various loan products and deposit accounts. The company's loan portfolio consists mainly of commercial loans and real estate loans, which are secured by commercial real estate properties. The primary markets for BFST include the State of Louisiana and the Dallas/Fort Worth metroplex, as well as Houston. The company operates multiple banking centers and loan production offices throughout these regions.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reporting period, BFST reported notable financial metrics for the nine months ended September 30, 2024. The net income available to common shareholders was $44.6 million, which translates to $1.77 per basic common share and $1.75 per diluted common share. This reflects a decrease from $51.2 million, or $2.04 per basic common share and $2.02 per diluted common share, for the same period in 2023.

Net interest income for the nine months ended September 30, 2024, was $161.7 million, a slight increase from $161.4 million in the previous year. The company’s total assets increased by $304.1 million, or 4.6%, from December 31, 2023, largely due to the growth in the loan portfolio.

The following table summarizes key financial performance indicators:

Introduction to Company as a Leader in the Industry

Business First Bancshares, Inc. is recognized as a significant player in the community banking sector, particularly in its primary markets of Louisiana and Texas. The company has established a reputation for providing tailored financial solutions that meet the unique needs of small-to-midsized businesses. With its strategic focus on commercial banking and ongoing investments in technology and customer service, BFST is well-positioned to continue its growth trajectory and maintain its competitive edge in the financial services industry.

As of September 30, 2024, the company reported a total shareholders’ equity of $699.5 million, reflecting an increase of 8.6% from the previous year. This strong capital position underscores BFST's commitment to maintaining financial stability while pursuing growth opportunities. Investors and industry professionals interested in understanding the factors contributing to BFST's success are encouraged to explore its comprehensive financial strategies and operational excellence.

Mission Statement of Business First Bancshares, Inc. (BFST)

Mission Statement of Business First Bancshares, Inc. (BFST)

The mission statement of Business First Bancshares, Inc. (BFST) serves as a guiding framework for the company's long-term goals, encapsulating its commitment to creating shareholder value through a robust commercial banking franchise. It reflects the organization's dedication to providing high-quality financial services tailored to meet the needs of small-to-midsized businesses and professionals across its operating regions.

Core Component 1: Customer Commitment

Business First Bancshares emphasizes its commitment to delivering exceptional customer service. This is evidenced by the company's total deposits, which reached $5.6 billion as of September 30, 2024, marking a 7.5% increase from December 31, 2023. The bank focuses on personalized service and competitive pricing policies to attract and retain customers, contributing to an average deposit increase of $520.7 million, or 10.5%, over the prior year.

Core Component 2: Community Engagement

BFST prioritizes engagement with the communities it serves, reflecting its mission to enhance local economic growth. The company operates primarily in Louisiana and the Dallas/Fort Worth metroplex, demonstrating its regional focus. As of September 30, 2024, BFST had total assets of $6.9 billion. The bank’s active participation in community events and local sponsorships illustrates its commitment to fostering strong relationships within the community, which is essential for long-term sustainability and goodwill.

Core Component 3: Financial Performance and Growth

The financial performance of Business First Bancshares underscores its mission to deliver value to shareholders. For the nine months ended September 30, 2024, the net income available to common shareholders was $44.6 million, translating to $1.77 per basic common share. Despite a 12.9% decrease compared to the previous year, the bank reported a net interest income of $161.7 million, showing resilience in its financial operations. The return on average common equity was 10.08% for the same period, indicating a solid return on investment for shareholders.

These financial indicators illustrate BFST's ongoing commitment to its mission while adapting to changing market conditions. The focus on customer satisfaction, community engagement, and financial performance positions Business First Bancshares as a resilient player in the banking sector, striving to meet the evolving needs of its clients and stakeholders.

Vision Statement of Business First Bancshares, Inc. (BFST)

Vision Statement of Business First Bancshares, Inc. (BFST)

The vision statement of Business First Bancshares, Inc. (BFST) as of 2024 focuses on the company's commitment to enhancing financial services and expanding its market presence. This vision is structured around several key components.

Business First Bancshares aims to provide exceptional customer service by tailoring financial solutions to meet the specific needs of its clients. This commitment is reflected in the company's growth in deposits, which totaled $5.6 billion as of September 30, 2024, marking a 7.5% increase from December 31, 2023.

The company envisions expanding its reach within existing markets and entering new ones. In 2024, BFST completed the acquisition of Oakwood Bancshares, adding $863.6 million in total assets, $700.2 million in loans, and $741.3 million in deposits. This strategic move underscores BFST's ambition to enhance its regional footprint.

BFST plans to leverage technology to innovate its service offerings. The bank's net interest income for the nine months ended September 30, 2024, was $161.7 million, reflecting a slight increase of 0.2% compared to the previous year. This growth indicates that the bank is effectively utilizing technology to enhance operational efficiency and customer experience.

The vision also emphasizes maintaining financial stability while pursuing growth. As of September 30, 2024, the total assets of BFST reached $6.9 billion, representing a 4.6% increase from the previous year. The company aims to sustain this growth trajectory through prudent financial management and strategic investments.

BFST is dedicated to community involvement as part of its vision. The bank's initiatives to support local businesses and contribute to community development reflect its commitment to social responsibility. In 2024, the allowance for credit losses was maintained at 0.86% of total loans held for investment, demonstrating a proactive approach to managing credit risk.

In summary, the vision of Business First Bancshares, Inc. (BFST) for 2024 captures its dedication to customer service, market expansion, innovation, financial stability, and community engagement, all while maintaining a robust financial performance amidst a competitive landscape.

Core Values of Business First Bancshares, Inc. (BFST)

Integrity

Integrity is a fundamental value at Business First Bancshares, Inc. (BFST), guiding its actions and decisions. The commitment to integrity ensures that the company operates transparently and ethically.

BFST demonstrates integrity through its rigorous compliance programs and transparent communication with stakeholders. For instance, in 2024, the company maintained a strong compliance framework that adhered to regulatory requirements, evidenced by its total assets of $6.9 billion and total deposits of $5.6 billion as of September 30, 2024.

Customer Focus

Customer focus is central to BFST's mission, emphasizing the importance of understanding and meeting customer needs.

In 2024, BFST launched several initiatives aimed at enhancing customer experience, including a new digital banking platform that has improved user engagement. The bank's total loans reached $5.2 billion, an increase of $227.3 million from the previous year, reflecting its commitment to providing accessible financial solutions.

Teamwork

Teamwork is a core value that fosters collaboration and innovation within the organization.

BFST encourages teamwork through various employee engagement programs. As of 2024, the company saw a 10% increase in employee satisfaction scores, driven by collaborative projects and team-building activities. The bank's investments in employee training programs have contributed to a more cohesive work environment, which is essential for providing high-quality service.

Excellence

Excellence is a value that drives BFST to achieve high standards in all its operations.

In 2024, the bank reported a net income available to common shareholders of $44.6 million, demonstrating its operational efficiency and commitment to excellence. The bank's net interest margin was recorded at 3.51%, showcasing its effectiveness in managing assets and liabilities.

Community Engagement

Community engagement reflects BFST's commitment to giving back and supporting local initiatives.

In 2024, the bank invested over $1.5 million in community development projects, including affordable housing initiatives and financial literacy programs. This investment aligns with the company's mission to foster economic growth in the communities it serves.

Business First Bancshares, Inc. is committed to upholding these core values, reinforcing its position as a leader in the banking industry.

Article updated on 8 Nov 2024

Resources:

• Business First Bancshares, Inc. (BFST) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Business First Bancshares, Inc. (BFST)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View Business First Bancshares, Inc. (BFST)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.