Earnings release
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500 Laurel Street Baton Rouge, LA 70801 Phone: 877.614.7600 FOR IMMEDIATE RELEASE October 26, 2026 Media Contact: Misty Albrecht b1BANK 225.286.7879 media@b1BANK.com Business First Bancshares, Inc. Announces Financial Results for Q3 2026 Baton Rouge, La. (October 26, 2026) – Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended September 30, 2026. Business First reported net income available to common shareholders of $23.2 million or $0.71 per diluted common share, increases of $0.4 million and $0.01, respectively, compared to the linked quarter. On a non-GAAP basis, core net income available to common shareholders for the quarter ended September 30, 2026, which excludes certain income and expenses, was $26.0 million or $0.79 per diluted common share, increases of $2.7 million and $0.08 from the linked quarter. “Our third quarter showed what disciplined execution can deliver,” said Jude Melville, chairman, president, and CEO of Business First. “We completed the conversion of Progressive Bank, and I’m grateful to our North Louisiana teammates and clients for helping make it a seamless transition. We grew loans and deposits at a balanced pace appropriate to our level of capital strength, and we did so while expanding our net interest margin by 12 basis points and keeping non-interest expenses in check. The result was higher earnings and stronger returns. Our team earned these results through disciplined execution, and we’ll keep that same focus as we continue to invest in the growing number of opportunities we’re seeing across our diversified footprint.” On Thursday, October 22, 2026, 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 $0.15 per share of common stock. The preferred and common dividends will be paid on November 30, 2026, or as soon thereafter aspracticable, to the shareholders of record as of November 15, 2026. b1BANK.com
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2 Quarterly Highlights • Improving Core Performance. Return to common shareholders on average assets, on an annualized basis, was 1.04% for the quarter ended September 30, 2026, or 1.17% on a non-GAAP basis, compared to 1.03% or 1.05% on a non-GAAP basis for the linked quarter. Return to common shareholders on average equity on an annualized basis, was 9.75% for the quarter ended September 30, 2026, or 10.93% on a non-GAAP basis, compared to 9.83%, or 10.05% on a non-GAAP basis for the linked quarter. • Margin Expansion. Net interest margin expanded 13 basis points (bps) to 3.86% for the quarter ended September 30, 2026, or 12 bps to 3.80% on a non-GAAP basis, respectively, compared to 3.73% or 3.68%, respectively, for the linked quarter. The expansion was driven by improvement in book yield on loans and a reduction in the overall cost of funding. The reduction in overall cost of funding was driven by decreases of $65.9 million in brokered deposits and $107.8 million in borrowings while core deposit costs remained flat. • Loan and Deposit Growth. Loans grew by $121.4 million or 7.23%, annualized and deposits grew by $141.2 million or 7.74% annualized, led by our Houston, Texas and Southwest Louisiana markets. • Capital and Share Repurchases. During the third quarter, as part of a previously announced stock repurchase program, Business First repurchased 204,160 shares, with a market value of $6.3 million, at a weighted average price of $30.81 per share. Common equity to total assets decreased from 10.52% to 10.39%. Business First has repurchased a total of 630,618 common shares under the existing stock repurchase program, since October 2025, or $17.6 million at a weighted average repurchase price per share of $27.88. • Progressive Conversion. In August 2026, Business First successfully converted Progressive Bank’s core systems onto its platform. Statement of Financial Condition Loans Loans held for investment increased $121.4 million or 1.82%, 7.23% annualized, compared to the linked quarter. The commercial real estate and construction portfolios increased $72.7 million and $80.7 million, respectively, compared to the linked quarter. The residential real estate portfolio decreased $30.6 million compared to the linked quarter. b1BANK.com
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3 Credit Quality Loans over 30 days past due at September 30, 2026 were $32.5 million or 0.48% of total loans, which was generally stable from the linked quarter. The ratio of nonperforming loans compared to loans held for investment decreased 2 bps to 1.24% at September 30, 2026, while the ratio of nonperforming assets compared to total assets also decreased by 1 bps to 1.22% compared to the linked quarter. Net charge- offs to average quarterly total loans increased to 8 bps for the quarter ended September 30, 2026, up from 4 bps in the linked quarter mainly attributable to one previously fully reserved commercial relationship. Securities The securities portfolio decreased $54.4 million or 5.23%, from the linked quarter, impacted by $24.2 million in negative pre-tax fair value adjustments and the remainder of the decrease attributed to maturities and paydowns. The securities portfolio, based on estimated fair value, represented 11.02% of total assets as of September 30, 2026. Deposits Deposits as of September 30, 2026 increased by $141.2 million or 1.95%, 7.74% annualized, compared to the linked quarter. During the third quarter, interest-bearing deposits increased $119.1 million or 2.11% and noninterest-bearing deposits increased $22.1 million or 1.40%. The increase in interest-bearing deposits was attributable to $180.1 million in commercial money market accounts, partially offset by a decrease of $65.9 million in brokered deposits. Average interest-bearing deposits decreased $9.5 million or 0.16%, and noninterest-bearing deposits increased $54.9 million or 3.62% from the linked quarter. Borrowings Borrowings decreased $107.8 million or 18.25%, from the linked quarter due primarily to decreases in short-term Federal Home Loan Bank advances. Shareholders’ Equity On a non-GAAP basis, tangible book value per common share increased from $23.61 at the linked quarter to $23.71 at September 30, 2026, 0.42% or 1.66% annualized, despite the negative pre-tax fair value adjustments. Shareholders' equity decreased $6.1 million or 0.60% compared to the linked quarter. Accumulated other comprehensive loss increased from $35.8 million to $54.9 million or 53.29%, during the quarter due to after-tax fair value adjustments in the securities portfolio. Book value per common share decreased to $28.77 at September 30, 2026, compared to $28.79 from the linked quarter. b1BANK.com
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4 Results of Operations Net Interest Income For the quarter ended September 30, 2026, net interest income totaled $80.7 million, compared to $77.8 million from the linked quarter. Loan yields increased 11 bps to 6.74% compared to 6.63% from the linked quarter and interest-bearing asset yields increased 8 bps to 6.10% compared to 6.02% from the linked quarter. Net interest margin and net interest spread were 3.86% and 3.09% compared to 3.73% and 2.99% for the linked quarter. The overall cost of funds, which included noninterest-bearing deposits, decreased 4 bps from 2.44% to 2.40% for the quarter ended September 30, 2026. Non-GAAP net interest income (excluding loan discount accretion of $1.2 million) totaled $79.4 million for the quarter ended September 30, 2026, compared to $76.8 million (excluding loan discount accretion of $1.0 million) for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.2 million) were 3.80% and 3.04%, respectively, for the quarter ended September 30, 2026, compared to 3.68% and 2.94% (excluding loan discount accretion of $1.0 million) for the linked quarter. Provision for Credit Losses During the quarter ended September 30, 2026, Business First recorded a provision for credit losses of $1.9 million, compared to $2.0 million from the linked quarter. At September 30, 2026, the ratio of allowance for credit losses to loans held for investment was 0.95%, compared to 1.02% for the linked quarter. Other Income For the quarter ended September 30, 2026, other income decreased $1.5 million or 10.42%, compared to the linked quarter. The decrease was largely attributable to a $0.8 million decrease in gain on sales of loans and the linked quarter’s $0.5 million gain on the redemption of debt. Other Expenses For the quarter ended September 30, 2026, other expenses increased $0.9 million or 1.58% compared to the linked quarter. The increase was largely attributable to increases of $1.8 million in occupancy and equipment expense and $1.1 million in merger and conversion-related expenses, partially offset by decreases of $0.5 million in each in advertising and promotions expense and salaries and employee benefits, $0.4 million in legal and other professional fees and $0.3 million in regulatory assessments. The increase in occupancy and equipment expense was largely attributable to a lease termination fee associated with better alignment of legacy b1BANK and Progressive corporate facilities. b1BANK.com
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5 Return on Assets and Common Equity Return to common shareholders on average assets and common equity, each on an annualized basis, were 1.04% and 9.75% for the quarter ended September 30, 2026, compared to 1.03% and 9.83%, respectively, for the linked quarter. Non-GAAP return to common shareholders on average assets and common equity, each on an annualized basis, were 1.17% and 10.93% for the quarter ended September 30, 2026, compared to 1.05% and 10.05% for the linked quarter. b1BANK.com
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6 Conference Call and Webcast Executive management will host a conference call and webcast to discuss results on Monday, October 26, 2026, at 9:00 a.m. Central Time. Interested parties may attend the call by dialing toll-free 1- 800-715-9871 (North America only), conference ID 8846141, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media- server.com/mmc/p/uhshyz4m. On the day of the presentation, the corresponding slide presentation will be available to view on the b1BANK website at https://www.b1bank.com/shareholder-info. About Business First Bancshares, Inc. Business First Bancshares, Inc. (Nasdaq: BFST), through its banking subsidiary b1BANK, has $8.9 billion in assets, $5.5 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson, LLC (SSW) (not including $1.0 billion of b1BANK assets managed by SSW) and operates Banking Centers and Loan Production Offices in markets across Louisiana and Texas, providing commercial and personal banking products and services. b1BANK is a 2024 Mastercard “Innovation Award” winner and multiyear winner of American Banker Magazine’s “Best Banks to Work For.” Visit b1BANK.com for more information. Non-GAAP Financial Measures This press release includes certain non-GAAP financial measures (e.g., referenced as “core” or “tangible”) intended to supplement, not substitute for, comparable GAAP measures. “Core” measures typically adjust income available to common shareholders for certain significant activities or transactions that, in management’s opinion, can distort period-to-period comparisons of Business First’s performance. Transactions that are typically excluded from non-GAAP “core” measures include realized and unrealized gains/losses on former bank premises and equipment, investment sales, acquisition- related expenses (including, but not limited to, legal costs, system conversion costs, severance and retention payments, etc.). “Tangible” measures adjust common equity by subtracting goodwill, core deposit intangibles, and customer intangibles, net of accumulated amortization. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of Business First’s core business. These non- GAAP disclosures are not necessarily comparable to non-GAAP measures that may be presented by other companies. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of the tables below. Special Note Regarding Forward-Looking Statements Certain statements contained in this release may not be based on historical facts and are “forward- looking statements” within the meaning of Section 27A of the Securities Act b1BANK.com
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7 of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could,” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including those factors specified in our Annual Report on Form 10-K and other public filings. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release. Additional Information For additional information about Business First, you may obtain Business First’s reports that are filed with the Securities and Exchange Commission (SEC) free of charge by using the SEC’s EDGAR service on the SEC’s website at www.SEC.gov or by contacting the SEC for further information at 1-800-SEC- 0330. Alternatively, these documents can be obtained free of charge from Business First by directing a request to: Business First Bancshares, Inc., 500 Laurel Street, Suite 101, Baton Rouge, Louisiana 70801, Attention: Corporate Secretary. No Offer or Solicitation This release does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of Business First. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Investor Relations Contacts: Gregory Robertson 337.721.2701 Gregory.Robertson@b1bank.com Matt Sealy 225.388.6116 Matt.Sealy@b1bank.com b1BANK.com
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8 Business First Bancshares, Inc. Selected Financial Information (Unaudited) Three Months Ended September 30, 2026 June 30, 2026 September 30, 2025(Dollars in thousands) Balance Sheet Ratios Loans (HFI) to Deposits 91.92 % 92.04 % 92.53 % Shareholders' Equity to Assets Ratio 11.19 11.33 11.04 Loans Receivable Held for Investment (HFI) Commercial $ 1,990,998 $ 1,988,696 $ 1,920,813 Real Estate: Commercial 2,896,707 2,824,015 2,462,617 Construction 774,170 693,477 638,907 Residential 1,048,400 1,079,018 927,456 Total Real Estate 4,719,277 4,596,510 4,028,980 Consumer and Other 70,612 74,241 71,262 Total Loans (Held for Investment) $ 6,780,887 $ 6,659,447 $ 6,021,055 Allowance for Loan Losses Balance, Beginning of Period $ 62,458 $ 63,655 $ 58,496 Charge-offs – Quarterly (5,787) (3,208) (3,415) Recoveries – Quarterly 284 293 348 Provision for Loan Losses – Quarterly 2,640 1,718 1,633 Balance, End of Period $ 59,595 $ 62,458 $ 57,062 Allowance for Loan Losses to Total Loans (HFI) 0.88 % 0.94 % 0.95 % Allowance for Credit Losses to Total Loans (HFI) 0.95 1.02 1.03 Net Charge-offs to Average Quarterly Total Loans 0.08 0.04 0.05 Remaining Loan Purchase Discount $ 6,119 $ 7,341 $ 8,943 Nonperforming Assets Nonperforming Loans: Nonaccrual Loans $ 80,363 $ 80,124 $ 45,362 Loans Past Due 90 Days or More 3,701 4,011 3,929 Total Nonperforming Loans 84,064 84,135 49,291 Other Nonperforming Assets: Other Real Estate Owned 24,761 25,109 16,766 Other Nonperforming Assets — — — Total Other Nonperforming Assets 24,761 25,109 16,766 Total Nonperforming Assets $ 108,825 $ 109,244 $ 66,057 Nonperforming Loans to Total Loans (HFI) 1.24 % 1.26 % 0.82 % Nonperforming Assets to Total Assets 1.22 1.23 0.83 (1) Allowance for Credit Losses includes the Allowance for Loan Loss and Reserve for Unfunded Commitments. (1) b1BANK.com
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9 Business First Bancshares, Inc. Selected Financial Information (Unaudited) Three Months Ended Nine Months Ended September 30,2026 June 30, 2026 September 30,2025 September 30,2026 September 30,2025(Dollars in thousands, except per share data) Per Share Data Basic Earnings per Common Share $ 0.71 $ 0.70 $ 0.73 $ 2.10 $ 2.09 Diluted Earnings per Common Share 0.71 0.70 0.73 2.08 2.08 Dividends per Common Share 0.15 0.15 0.14 0.45 0.42 Book Value per Common Share 28.77 28.79 27.23 28.77 27.23 Average Common SharesOutstanding 32,504,217 32,589,951 29,544,425 32,558,017 29,363,138 Average Diluted Common SharesOutstanding 32,730,923 32,763,608 29,656,639 32,766,628 29,495,049 End of Period Common SharesOutstanding 32,345,723 32,535,659 29,615,370 32,345,723 29,615,370 Annualized Performance Ratios Return to Common Shareholders onAverage Assets 1.04 % 1.03 % 1.08 % 1.03 % 1.05 % Return to Common Shareholders onAverage Common Equity 9.75 9.83 10.80 9.78 10.74 Net Interest Margin 3.86 3.73 3.68 3.75 3.68 Net Interest Spread 3.09 2.99 2.85 3.00 2.88 Efficiency Ratio 64.88 64.83 60.45 64.72 62.37 Total Quarterly/Year-to-DateAverage Assets $ 8,845,047 $ 8,916,954 $ 7,921,159 $ 8,886,084 $ 7,825,828 Total Quarterly/Year-to-DateAverage Common Equity 944,333 931,020 790,148 932,545 764,959 Other Expenses Salaries and Employee Benefits $ 32,582 $ 33,120 $ 27,613 $ 98,741 $ 85,427 Occupancy and Equipment Expense 10,078 8,279 7,284 26,479 21,802 Advertising and Promotions 2,064 2,606 1,205 6,178 3,584 Communications 773 638 582 2,063 1,763 Ad Valorem Shares Tax 978 977 1,125 2,933 3,375 Data Processing Fees 3,084 3,317 3,972 10,113 12,529 Directors' Fees 308 247 261 815 733 Insurance 188 432 420 424 1,031 1,248 Legal and Other Professional Fees 1,236 1,661 1,024 3,982 3,130 Office Supplies and Printing 268 278 286 859 897 Regulatory Assessments 1,209 1,534 1,142 3,727 3,332 Merger and Conversion-RelatedExpenses 1,395 303 477 3,075 937 Other 6,302 6,133 3,491 17,465 11,909 Total Other Expenses $ 60,465 $ 59,525 $ 48,882 $ 177,461 $ 150,666 (1) (1) (1) (1) (2) b1BANK.com
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10 Business First Bancshares, Inc. Selected Financial Information (Unaudited) Three Months Ended Nine Months Ended September 30,2026 June 30, 2026 September 30,2025 September 30,2026 September 30,2025(Dollars in thousands, except per share data) Other Income Service Charges on Deposit Accounts $ 3,340 $ 3,197 $ 2,565 $ 9,679 $ 8,058 (Loss) Gain on Sales of Securities (21) (6) 77 53 29 Gain on Sales of Loans 814 1,583 624 3,738 2,661 Debit Card and ATM Fee Income 2,380 2,415 1,915 7,101 5,731 Cash Value of Life Insurance Income 979 902 802 2,712 2,368 Fees and Brokerage Commission 2,458 2,387 1,880 7,106 6,008 Pass-Through (Loss) Income from OtherInvestments (135) 14 133 14 638 Gain on Extinguishment/Redemption ofDebt — 545 — 545 630 Gain on Branch Sale — — — — 3,360 Swap Fee Income 626 385 1,065 2,548 2,612 Other 2,071 2,545 2,610 7,033 7,217 Total Other Income $ 12,512 $ 13,967 $ 11,671 $ 40,529 $ 39,312 (1) Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an actual day countconvention. (2) Noninterest expense (excluding provision for loan losses) divided by noninterest income plus net interest income less gain/loss onsales of securities. b1BANK.com
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11 Business First Bancshares, Inc. Consolidated Balance Sheets (Unaudited) September 30, 2026 June 30, 2026 September 30, 2025(Dollars in thousands) Assets Cash and Due From Banks $ 490,037 $ 575,604 $ 399,079 Federal Funds Sold 110,738 95,535 101,103 Securities Purchased under Agreements to Resell 79,214 30,702 25,518 Securities Available for Sale, at Fair Values 986,704 1,041,133 985,938 Mortgage Loans Held for Sale 254 2,838 433 Loans and Lease Receivable 6,780,887 6,659,447 6,021,055 Allowance for Loan Losses (59,595) (62,458) (57,062) Net Loans and Lease Receivable 6,721,292 6,596,989 5,963,993 Premises and Equipment, Net 95,456 88,925 77,944 Accrued Interest Receivable 39,321 38,969 37,171 Other Equity Securities 39,984 51,302 44,313 Other Real Estate Owned 24,761 25,109 16,766 Cash Value of Life Insurance 140,148 139,169 119,509 Deferred Taxes, Net 24,853 21,561 21,433 Goodwill 131,743 135,222 121,146 Core Deposit and Customer Intangibles 31,983 33,267 15,136 Other Assets 39,474 27,181 24,380 Total Assets $ 8,955,962 $ 8,903,506 $ 7,953,862 Liabilities Deposits Noninterest-Bearing $ 1,605,682 $ 1,583,562 $ 1,366,558 Interest-Bearing 5,771,116 5,651,994 5,140,304 Total Deposits 7,376,798 7,235,556 6,506,862 Securities Sold Under Agreements to Repurchase 24,896 24,442 29,896 Federal Home Loan Bank Borrowings 334,189 442,494 367,408 Subordinated Debt 114,250 114,250 92,587 Subordinated Debt - Trust Preferred Securities 9,689 9,678 5,000 Accrued Interest Payable 3,126 3,774 4,064 Other Liabilities 90,498 64,735 69,605 Total Liabilities 7,953,446 7,894,929 7,075,422 Shareholders' Equity Preferred Stock 71,930 71,930 71,930 Common Stock 32,346 32,536 29,615 Additional Paid-In Capital 572,968 578,087 503,325 Retained Earnings 380,182 361,846 309,999 Accumulated Other Comprehensive Loss (54,910) (35,822) (36,429) Total Shareholders' Equity 1,002,516 1,008,577 878,440 Total Liabilities and Shareholders' Equity $ 8,955,962 $ 8,903,506 $ 7,953,862 b1BANK.com
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12 Business First Bancshares, Inc. Consolidated Statements of Income (Unaudited) Three Months Ended Nine Months Ended September 30,2026 June 30, 2026 September 30,2025 September 30,2026 September 30,2025(Dollars in thousands, except per share data) Interest Income: Interest and Fees on Loans $ 113,263 $ 111,780 $ 106,662 $ 334,189 $ 313,682 Interest and Dividends on Securities 9,207 9,104 7,554 26,773 21,074 Interest on Federal Funds Sold and Due From Banks 5,047 4,766 4,472 14,699 12,475 Total Interest Income 127,517 125,650 118,688 375,661 347,231 Interest Expense: Interest on Deposits 41,511 41,251 43,358 125,520 127,343 Interest on Borrowings 5,342 6,555 6,054 16,438 17,587 Total Interest Expense 46,853 47,806 49,412 141,958 144,930 Net Interest Income 80,664 77,844 69,276 233,703 202,301 Provision for Credit Losses 1,938 1,991 3,183 6,207 8,220 Net Interest Income After Provision for Credit Losses 78,726 75,853 66,093 227,496 194,081 Other Income: Service Charges on Deposit Accounts 3,340 3,197 2,565 9,679 8,058 (Loss) Gain on Sales of Securities (21) (6) 77 53 29 Gain on Sales of Loans 814 1,583 624 3,738 2,661 Other Income 8,379 9,193 8,405 27,059 28,564 Total Other Income 12,512 13,967 11,671 40,529 39,312 Other Expenses: Salaries and Employee Benefits 32,582 33,120 27,613 98,741 85,427 Occupancy and Equipment Expense 10,078 8,279 7,284 26,479 21,802 Merger and Conversion-Related Expense 1,395 303 477 3,075 937 Other Expenses 16,410 17,823 13,508 49,166 42,500 Total Other Expenses 60,465 59,525 48,882 177,461 150,666 Income Before Income Taxes 30,773 30,295 28,882 90,564 82,727 Provision for Income Taxes 6,221 6,120 6,026 18,273 17,225 Net Income 24,552 24,175 22,856 72,291 65,502 Preferred Stock Dividends 1,351 1,350 1,351 4,051 4,051 Net Income Available to Common Shareholders $ 23,201 $ 22,825 $ 21,505 $ 68,240 $ 61,451 b1BANK.com
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13 Business First Bancshares, Inc. Consolidated Net Interest Margin (Unaudited) Three Months Ended September 30, 2026 June 30, 2026 September 30, 2025 (Dollars in thousands) AverageOutstandingBalance InterestEarned /Interest Paid AverageYield / Rate AverageOutstandingBalance InterestEarned /Interest Paid AverageYield / Rate AverageOutstandingBalance InterestEarned /Interest Paid AverageYield / Rate Assets Interest-Earning Assets: Total Loans $ 6,670,021 $ 113,263 6.74 % $ 6,757,776 $ 111,780 6.63 % $ 6,036,622 $ 106,662 7.01 % Securities 1,054,664 9,207 3.46 1,068,191 9,104 3.42 978,502 7,554 3.06 Securities Purchased underAgreements to Resell 32,316 359 4.41 30,683 335 4.38 25,490 330 5.14 Interest-Bearing Deposit in OtherBanks 533,251 4,688 3.49 509,177 4,431 3.49 419,413 4,142 3.92 Total Interest-Earning Assets $ 8,290,252 $ 127,517 6.10 % $ 8,365,827 $ 125,650 6.02 % $ 7,460,027 $ 118,688 6.31 % Allowance for Loan Losses (62,716) (63,280) (58,468) Noninterest-Earning Assets 617,511 614,407 519,600 Total Assets $ 8,845,047 $ 127,517 $ 8,916,954 $ 125,650 $ 7,921,159 $ 118,688 Liabilities and Shareholders'Equity Interest-Bearing Liabilities: Interest-Bearing Deposits $ 5,729,786 $ 41,511 2.87 % $ 5,739,241 $ 41,251 2.88 % $ 5,122,136 $ 43,358 3.36 % Subordinated Debt 114,250 1,874 6.51 112,252 1,778 6.35 92,624 1,235 5.29 Subordinated Debt - TrustPreferred Securities 9,682 185 7.56 9,670 178 7.40 5,000 100 7.93 Advances from Federal HomeLoan Bank (FHLB) 300,381 3,120 4.12 441,012 4,457 4.05 424,287 4,547 4.25 Other Borrowings 24,958 163 2.59 22,206 142 2.58 26,176 172 2.61 Total Interest-BearingLiabilities $ 6,179,057 $ 46,853 3.01 % $ 6,324,381 $ 47,806 3.03 % $ 5,670,223 $ 49,412 3.46 % Noninterest-Bearing Liabilities: Noninterest-Bearing Deposits $ 1,573,300 $ 1,518,400 $ 1,315,064 Other Liabilities 76,427 71,223 73,794 Total Noninterest-BearingLiabilities 1,649,727 1,589,623 1,388,858 Shareholders' Equity: Common Shareholders' Equity 944,333 931,020 790,148 Preferred Equity 71,930 71,930 71,930 Total Shareholders' Equity 1,016,263 1,002,950 862,078 Total Liabilities andShareholders' Equity $ 8,845,047 $ 8,916,954 $ 7,921,159 Net Interest Spread 3.09 % 2.99 % 2.85 % Net Interest Income $ 80,664 $ 77,844 $ 69,276 Net Interest Margin 3.86 % 3.73 % 3.68 % Overall Cost of Funds 2.40 % 2.44 % 2.81 % NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention. b1BANK.com
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14 Business First Bancshares, Inc. Consolidated Net Interest Margin (Unaudited) Nine Months Ended September 30, 2026 September 30, 2025 (Dollars in thousands) AverageOutstandingBalance Interest Earned /Interest Paid Average Yield / Rate AverageOutstandingBalance Interest Earned /Interest Paid Average Yield / Rate Assets Interest-Earning Assets: Total Loans $ 6,708,583 $ 334,189 6.66 % $ 6,001,647 $ 313,682 6.99 % Securities 1,062,728 26,773 3.37 946,961 21,074 2.98 Securities Purchased under Agreementsto Resell 29,906 996 4.45 35,740 1,382 5.17 Interest-Bearing Deposit in Other Banks 533,540 13,703 3.43 361,760 11,093 4.10 Total Interest-Earning Assets $ 8,334,757 $ 375,661 6.03 % $ 7,346,108 $ 347,231 6.32 % Allowance for Loan Losses (62,191) (56,718) Noninterest-Earning Assets 613,518 536,438 Total Assets $ 8,886,084 $ 375,661 $ 7,825,828 $ 347,231 Liabilities and Shareholders' Equity Interest-Bearing Liabilities: Interest-Bearing Deposits $ 5,783,862 $ 125,520 2.90 % $ 5,103,928 $ 127,343 3.34 % Subordinated Debt 106,303 4,872 6.13 94,169 3,732 5.30 Subordinated Debt - Trust PreferredSecurities 10,334 516 6.68 5,000 299 8.03 Advances from Federal Home LoanBank (FHLB) 346,337 10,615 4.10 411,444 13,136 4.27 Other Borrowings 22,416 435 2.59 21,699 420 2.59 Total Interest-Bearing Liabilities $ 6,269,252 $ 141,958 3.03 % $ 5,636,240 $ 144,930 3.44 % Noninterest-Bearing Liabilities: Noninterest-Bearing Deposits $ 1,537,842 $ 1,284,745 Other Liabilities 74,515 67,954 Total Noninterest-Bearing Liabilities 1,612,357 1,352,699 Shareholders' Equity: Common Shareholders' Equity 932,545 764,959 Preferred Equity 71,930 71,930 Total Shareholders' Equity 1,004,475 836,889 Total Liabilities and Shareholders'Equity $ 8,886,084 $ 7,825,828 Net Interest Spread 3.00 % 2.88 % Net Interest Income $ 233,703 $ 202,301 Net Interest Margin 3.75 % 3.68 % Overall Cost of Funds 2.43 % 2.80 % NOTE: Average outstanding balances are determined utilizing daily averages and an actual day count convention. b1BANK.com
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15 Business First Bancshares, Inc. Non-GAAP Measures (Unaudited) Three Months Ended Nine Months Ended September 30,2026 June 30, 2026September 30,2025 September 30,2026 September 30,2025(Dollars in thousands, except per share data) Interest Income: Interest income $ 127,517 $ 125,650 $ 118,688 $ 375,661 $ 347,231 Core interest income 127,517 125,650 118,688 375,661 347,231 Interest Expense: Interest expense 46,853 47,806 49,412 141,958 144,930 Core interest expense 46,853 47,806 49,412 141,958 144,930 Provision for Credit Losses: (b) Provision for credit losses 1,938 1,991 3,183 6,207 8,220 Core provision expense 1,938 1,991 3,183 6,207 8,220 Other Income: Other income 12,512 13,967 11,671 40,529 39,312 Gain on former bank premises and equipment — — — (28) (155) Loss (gain) on sale of securities 21 6 (77) (53) (29) Gain on extinguishment/redemption of debt — (545) — (545) (630) Gain on branch sale — — — — (3,360) Core other income 12,533 13,428 11,594 39,903 35,138 Other Expense: Other expense 60,465 59,525 48,882 177,461 150,666 Acquisition-related expenses (3,538) (1,169) (1,157) (6,934) (2,406) Core conversion expenses — — (439) — (1,663) Tax credit - ERC — — 1,997 — 1,997 Core other expense 56,927 58,356 49,283 170,527 148,594 Pre-Tax Income: (a) Pre-tax income 30,773 30,295 28,882 90,564 82,727 Gain on former bank premises and equipment — — — (28) (155) Loss (gain) on sale of securities 21 6 (77) (53) (29) Gain on extinguishment/redemption of debt — (545) — (545) (630) Gain on branch sale — — — — (3,360) Acquisition-related expenses 3,538 1,169 1,157 6,934 2,406 Core conversion expenses — — 439 — 1,663 Tax credit - ERC — — (1,997) — (1,997) Core pre-tax income 34,332 30,925 28,404 96,872 80,625 Provision for Income Taxes: Provision for income taxes 6,221 6,120 6,026 18,273 17,225 Tax on gain on former bank premises and equipment — — — (6) (33) Tax on loss (gain) on sale of securities 5 1 (16) (11) (6) Tax on gain on extinguishment/redemption of debt — (115) — (115) (133) Tax on gain on branch sale — — — — (833) Tax on acquisition-related expenses 743 239 157 1,301 403 Tax on core conversion expenses — — 93 — 352 Tax on tax credit - ERC — — (422) — (422) Core provision for income taxes 6,969 6,245 5,838 19,442 16,553 Preferred Dividends: Preferred dividends 1,351 1,350 1,351 4,051 4,051 Core preferred dividends $ 1,351 $ 1,350 $ 1,351 $ 4,051 $ 4,051 (2) (2) (1) (2) b1BANK.com
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16 Business First Bancshares, Inc. Non-GAAP Measures (Unaudited) Three Months Ended Nine Months Ended September 30,2026 June 30, 2026September 30,2025 September 30,2026 September 30,2025(Dollars in thousands, except per share data) Net Income Available to Common Shareholders: Net income available to common shareholders $ 23,201 $ 22,825 $ 21,505 $ 68,240 $ 61,451 Gain on former bank premises and equipment, net of tax — — — (22) (122) Loss (gain) on sale of securities, net of tax 16 5 (61) (42) (23) Gain on extinguishment/redemption of debt, net of tax — (430) — (430) (497) Gain on branch sale, net of tax — — — — (2,527) Acquisition-related expenses , net of tax 2,795 930 1,000 5,633 2,003 Core conversion expenses, net of tax — — 346 — 1,311 Tax Credit - ERC, net of tax — — (1,575) — (1,575) Core net income available to common shareholders 26,012 23,330 21,215 73,379 60,021 Pre-tax, pre-provision earnings available to commonshareholders (a+b) 32,711 32,286 32,065 96,771 90,947 Gain on former bank premises and equipment — — — (28) (155) Loss (gain) on sale of securities 21 6 (77) (53) (29) Gain on extinguishment/redemption of debt — (545) — (545) (630) Gain on branch sale — — — — (3,360) Acquisition-related expenses 3,538 1,169 1,157 6,934 2,406 Core conversion expenses — — 439 — 1,663 Tax credit - ERC — — (1,997) — (1,997) Core pre-tax, pre-provision earnings $ 36,270 $ 32,916 $ 31,587 $ 103,079 $ 88,845 Average Diluted Common Shares Outstanding 32,730,923 32,763,608 29,656,639 32,766,628 29,495,049 Diluted Earnings Per Common Share: Diluted earnings per common share $ 0.71 $ 0.70 $ 0.73 $ 2.08 $ 2.08 Gain on former bank premises and equipment, net of tax — — — — — Loss (gain) on sale of securities, net of tax — — — — — Gain on extinguishment/redemption of debt, net of tax — (0.01) — (0.01) (0.02) Gain on branch sale, net of tax — — — — (0.09) Acquisition-related expenses , net of tax 0.08 0.02 0.03 0.17 0.07 Core conversion expenses, net of tax — — 0.01 — 0.04 Tax credit - ERC, net of taxes — — (0.05) — (0.05) Core diluted earnings per common share $ 0.79 $ 0.71 $ 0.72 $ 2.24 $ 2.03 Pre-tax, pre-provision profit diluted earnings per commonshare $ 1.00 $ 0.99 $ 1.08 $ 2.95 $ 3.08 Gain on former bank premises and equipment — — — — (0.01) Loss (gain) on sale of securities — — — — — Gain on extinguishment/redemption of debt — (0.02) — (0.02) (0.02) Gain on branch sale — — — — (0.11) Acquisition-related expenses 0.11 0.04 0.04 0.21 0.08 Core conversion expenses — — 0.02 — 0.06 Tax credit - ERC — — (0.07) — (0.07) Core pre-tax, pre-provision diluted earnings per common share$ 1.11 $ 1.01 $ 1.07 $ 3.14 $ 3.01 (1) Tax rates, exclusive of certain nondeductible merger-related expenses and goodwill, utilized were 21.129% for 2026 and 2025. These rates approximated the marginal taxrates. (2) Includes merger and conversion-related expenses, salary and other incremental merger-related expense. (3) Before preferred dividends. (2) (3) (2) (2) (2) b1BANK.com
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17 Business First Bancshares, Inc. Non-GAAP Measures (Unaudited) September 30, 2026 June 30, 2026 September 30, 2025(Dollars in thousands, except per share data) Total Shareholders' (Common) Equity: Total shareholders' equity $ 1,002,516 $ 1,008,577 $ 878,440 Preferred stock (71,930) (71,930) (71,930) Total common shareholders' equity 930,586 936,647 806,510 Goodwill (131,743) (135,222) (121,146) Core deposit and customer intangible (31,983) (33,267) (15,136) Total tangible common equity $ 766,860 $ 768,158 $ 670,228 Total Assets: Total assets $ 8,955,962 $ 8,903,506 $ 7,953,862 Goodwill (131,743) (135,222) (121,146) Core deposit and customer intangible (31,983) (33,267) (15,136) Total tangible assets $ 8,792,236 $ 8,735,017 $ 7,817,580 Common shares outstanding 32,345,723 32,535,659 29,615,370 Book value per common share $ 28.77 $ 28.79 $ 27.23 Tangible book value per common share $ 23.71 $ 23.61 $ 22.63 Common equity to total assets 10.39 % 10.52 % 10.14 % Tangible common equity to tangible assets 8.72 % 8.79 % 8.57 % b1BANK.com
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18 Business First Bancshares, Inc. Non-GAAP Measures (Unaudited) Three Months Ended Nine Months Ended September 30,2026 June 30, 2026September 30,2025 September 30,2026 September 30,2025(Dollars in thousands, except per share data) Total Quarterly Average Assets $ 8,845,047$ 8,916,954$ 7,921,159$ 8,886,084$ 7,825,828 Total Quarterly Average Common Equity 944,333 931,020 790,148 932,545 764,959 Net Income Available to Common Shareholders: Net income available to common shareholders$ 23,201 $ 22,825 $ 21,505 $ 68,240 $ 61,451 Gain on former bank premises and equipment, netof tax — — — (22) (122) Loss (gain) on sale of securities, net of tax 16 5 (61) (42) (23) Gain on extinguishment/redemption of debt, net oftax — (430) — (430) (497) Gain on branch sale, net of tax — — — — (2,527) Acquisition-related expenses, net of tax 2,795 930 1,000 5,633 2,003 Core conversion expenses, net of tax — — 346 — 1,311 Tax credit - ERC, net of tax — — (1,575) — (1,575) Core net income available to common shareholders$ 26,012 $ 23,330 $ 21,215 $ 73,379 $ 60,021 Return to common shareholders on average assets(annualized) 1.04 % 1.03 % 1.08 % 1.03 % 1.05 % Core return on average assets (annualized) 1.17 1.05 1.06 1.10 1.03 Return to common shareholders on averagecommon equity (annualized) 9.75 9.83 10.80 9.78 10.74 Core return on average common equity(annualized) 10.93 10.05 10.65 10.52 10.49 Interest Income: Interest income $ 127,517 $ 125,650 $ 118,688 $ 375,661 $ 347,231 Core interest income 127,517 125,650 118,688 375,661 347,231 Interest Expense: Interest expense 46,853 47,806 49,412 141,958 144,930 Core interest expense 46,853 47,806 49,412 141,958 144,930 Other Income: Other income 12,512 13,967 11,671 40,529 39,312 Gain on former bank premises and equipment — — — (28) (155) Loss (gain) on sale of securities 21 6 (77) (53) (29) Gain on extinguishment/redemption of debt — (545) — (545) (630) Gain on branch sale — — — — (3,360) Core other income 12,533 13,428 11,594 39,903 35,138 Other Expense: Other expense 60,465 59,525 48,882 177,461 150,666 Acquisition-related expenses (3,538) (1,169) (1,157) (6,934) (2,406) Core conversion expenses — — (439) — (1,663) Tax credit - ERC — — 1,997 — 1,997 Core other expense $ 56,927 $ 58,356 $ 49,283 $ 170,527 $ 148,594 Efficiency Ratio: Other expense (a) $ 60,465 $ 59,525 $ 48,882 $ 177,461 $ 150,666 Core other expense (c) 56,927 58,356 49,283 170,527 148,594 Net interest and other income (b) 93,197 91,817 80,870 274,179 241,584 Core net interest and other income (d) 93,197 91,272 80,870 273,606 237,439 Efficiency ratio (a/b) 64.88 % 64.83 % 60.45 % 64.72 % 62.37 % Core efficiency ratio (c/d) 61.08 63.94 60.94 62.33 62.58 Total Average Interest-Earning Assets $ 8,290,252 $ 8,365,827 $ 7,460,027 $ 8,334,757 $ 7,346,108 (2) (2) (2) (2) (1) (1)
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19 Business First Bancshares, Inc. Non-GAAP Measures (Unaudited) Three Months Ended Nine Months Ended September 30,2026 June 30, 2026September 30,2025 September 30,2026 September 30,2025(Dollars in thousands, except per share data) Net Interest Income: Net interest income $ 80,664 $ 77,844 $ 69,276 $ 233,703 $ 202,301 Loan discount accretion (1,221) (995) (1,111) (3,355) (2,671) Net interest income excluding loan discountaccretion $ 79,443 $ 76,849 $ 68,165 $ 230,348 $ 199,630 Net interest margin 3.86 % 3.73 % 3.68 % 3.75 % 3.68 % Net interest margin excluding loan discountaccretion 3.80 3.68 3.63 3.70 3.63 Net interest spread 3.09 2.99 2.85 3.00 2.88 Net interest spread excluding loan discountaccretion 3.04 2.94 2.80 2.94 2.83 (1) Excludes gains/losses on sales of securities. (2) Calculated utilizing an actual day count convention. (2) (2) (2) (2) b1BANK.com