Business First Bancshares, Inc. Announces Financial Results For Q1 2018

Business First Bancshares, Inc. Announces Financial Results For Q1 2018

PR Newswire

BATON ROUGE, La., April 26, 2018 /PRNewswire/ -- Business First Bancshares, Inc. (NASDAQ:BFST), parent company of Business First Bank, Baton Rouge, Louisiana, today announced its unaudited results for the quarter ended March 31, 2018, including record quarterly net income of $3.1 million, or $0.29 per diluted share, which reflected increases of $1.1 million and $0.02, respectively, from the quarter ended March 31, 2017.  Core net income, which excludes nonrecurring income and expenses, was $3.6 million, or $0.34 per diluted share, which reflected increases of $2.3 million and $0.17, respectively, from the quarter ended March 31, 2017.

Business First Bank logo (PRNewsfoto/Business First Bank)

"Our company's first quarter was the most meaningful quarter in our history," said Jude Melville, President and CEO. "Our team consummated the merger of MBL Bank in under three months from the date of announcement, deepening our presence along the I-20 corridor in Northern Louisiana; we continued to achieve organic growth across our footprint in both our loan and deposit portfolios; and we prepared to list our stock on the NASDAQ Global Select stock exchange, a step we were able to accomplish early in the second quarter.  Our franchise is building significant momentum and we look forward to performing for our clients and our shareholders over the course of 2018 as we continue working to be our region's most impactful business-focused community banking institution."

On April 19, 2018, Business First's Board of Directors declared a quarterly dividend based upon financial performance for the quarter in the amount of $0.08 per share to the common shareholders of record as of May 15, 2018.  The dividend will be paid on May 31, 2018, or as soon thereafter as practicable.  The dividend reflects a $0.02 increase over the dividend paid for the prior quarter.

Quarterly Highlights

  • Acquisition of Minden Bancorp, Inc. Acquisition was completed on January 1, 2018, and included total assets of $315.4 million, net loans of $193.3 million, and total deposits of $264.0 million.
  • Loan Portfolio Growth. Total loans were $1.2 billion, a $216.1 million increase from December 31, 2017. [Organic loan growth was $22.6 million, a 9.3% increase, on an annualized basis, from December 31, 2017.] Net interest income was $14.5 million, an increase of $3.9 million, or 37.3%, from the quarter ended March 31, 2017. The ratio of nonperforming loans to total loans held for investment was 1.27%, compared to 1.30% from December 31, 2017.
  • Improved Earnings. Net income was $3.1 million, an increase of $1.1 million, or 57.3%, from the quarter ended March 31, 2017. Earnings per share was $0.30, return on average assets was 0.77%, and return on average equity was 6.94%, compared to $0.29, 0.70% and 6.91%, respectively, from the quarter ended March 31, 2017. Core net income, which excludes nonrecurring income and expenses, was $3.6 million, increased $2.3 million from the quarter ended March 31, 2017, which resulted in core earnings per diluted share of $0.34, compared to $0.17 for the quarter ended March 31, 2017, a 100.0% increase. As adjusted, return on average assets was 0.88% and return on average equity was 7.96%, compared to 0.43% and 4.27%, respectively, for the quarter ended March 31, 2017.

Financial Condition
As of March 31, 2018, Business First had total assets of $1.6 billion, total loans of $1.2 billion, total deposits of $1.3 billion, and total shareholders' equity of $180.0 million, compared to $1.3 billion, $975.5 million, $1.1 billion, and $180.0 million, respectively, as of December 31, 2017.

Nonperforming loans as a percent of total loans held for investment decreased from 1.30% as of December 31, 2017 to 1.27% as of March 31, 2018.  Nonperforming assets as a percent of total assets increased from 0.98% as of December 31, 2017 to 1.04% as of March 31, 2018, primarily due a $1.0 million increase in nonperforming assets related to the closure of two branch locations in the Greater Baton Rouge area, which were recorded as other repossessed assets.

Book value per common share was $17.52 at March 31, 2018, compared to $17.58 at December 31, 2017.  Tangible book value per common share was $13.90 at March 31, 2018, compared to $16.72 at December 31, 2017.  The decrease in book value and tangible book value per common share during the quarter is primarily attributable to (i) a $2.7 million increase in net unrealized losses in the securities portfolio, or $0.27 per common share, during the quarter primarily due to rising interest rates, and (ii) with respect to tangible book value, the completion of the acquisition of MBI on January 1, 2018, which added $28.5 million in intangible assets, or $2.77 per common share.

Operating Highlights
For the quarter ended March 31, 2018, net income was $3.1 million, or $0.30 per basic share and $0.29 per diluted share, compared to net income of $2.0 million, or $0.29 per basic share and $0.27 per diluted share, for the quarter ended March 31, 2017.  Return on average assets, on an annualized basis, increased to 0.77% for the quarter ended March 31, 2018, from 0.70% for the quarter ended March 31, 2017.  Return on average equity, on an annualized basis, increased to 6.94% for the quarter ended March 31, 2018, as compared to 6.91% for the quarter ended March 31, 2017.  The increase in net income for the quarter ended March 31, 2018, compared to the same time period in 2017, can primarily be attributed to the acquisition of MBI, growth of the loan portfolio, and the enactment of the Tax Cuts and Jobs Act which lowered the effective corporate tax rate.

Notable nonrecurring events impacting earnings include the sale of a participation interest in an impaired credit acquired from American Gateway in 2015, which resulted in a $1.1 million increase in interest income for the quarter ended March 31, 2017, and the incurrence of $512,000 in noninterest expenses related to the acquisition of MBI in the quarter ended March 31, 2018.  Core net income, which excludes nonrecurring income and expenses, for the quarter ended March 31, 2018 was $3.6 million, or $0.34 per diluted share, compared to core net income of $1.2 million, or $0.17 per diluted share, in the quarter ended March 31, 2017.  As adjusted, core return on average assets and core return on average equity, in each case on an annualized basis, were 0.88% and 7.96% for the quarter ended March 31, 2018, compared to 0.43% and 4.27% for the quarter ended March 31, 2017.

For the quarter ended March 31, 2018, net interest income totaled $14.5 million, and net interest margin and net interest spread were 3.97% and 3.75%, respectively, compared to $11.6 million, 3.87%, and 3.57% for the quarter ended December 31, 2017 and $10.6 million, 4.04%, and 3.84%, respectively, for the quarter ended March 31, 2017.  The average yield on the loan portfolio was 5.32%, compared to 5.22% for the quarter ended December 31, 2017 and 5.34% for the quarter ended March 31, 2017, and the average yield on total interest-earning assets was 4.72%, compared to 4.57% for the quarter ended December 31, 2017 and 4.63% for the quarter ended March 31, 2017.  These metrics were impacted during the quarter ended March 31, 2017 by the sale of a participation interest in an impaired credit acquired from American Gateway in 2015.  Excluding the effect of this transaction, for the quarter ended March 31, 2017, net interest income was $9.4 million, net interest margin and net interest spread were 3.60% and 3.40%, respectively, and average yield on the loan portfolio and on total interest-earning assets were 4.80% and 4.19%, respectively.  For the quarter ended March 31, 2018, overall cost of funds decreased by 3 basis points compared to the quarter ended December 31, 2017 and increased 18 basis points compared to the quarter ended March 31, 2017.  Due to the continued impact of new loan growth and the runoff of higher-yielding loan balances, management anticipates continued pressure on net interest margin and net interest spread.

During the quarter ended March 31, 2018, Business First recorded a provision for loan losses of $474,000, compared to $355,000 for the quarter ended March 31, 2017.  The increase in provision for the quarter ended March 31, 2018 compared to the same period in 2017 is primarily due to overall growth in the loan portfolio.

Banking Centers
As of March 31, 2018, Business First operated out of 19 offices, including 16 full-service banking centers, two loan production offices, and one wealth solutions office in markets across Louisiana and Texas.

Business First has received all the necessary regulatory approvals for converting its loan production offices in New Orleans, Louisiana and Dallas, Texas into full-service banking centers.  These locations are on schedule to convert to full-service banking centers during the second quarter of 2018.

In March 2018, Business First closed a banking center in each of Zachary and Erwinville, Louisiana, which is expected to have a minimal impact on its operations and customers.

Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of the tables below.

About Business First Bancshares, Inc.
Business First Bancshares, Inc., through its banking subsidiary Business First Bank, operates 19 offices, including 16 banking centers, two loan production offices and one wealth solutions office in markets across Louisiana and Texas. Business First Bank provides commercial and personal banking, treasury management, and wealth solutions services to small to midsize businesses and their owners and employees. Visit www.b1bank.com for more information.  Business First's common stock is traded on the NASDAQ Global Select Market under the symbol "BFST."

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 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. 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 on Business First, you may obtain Business First's reports that are filed with the Securities and Exchange Commission, or 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 100, 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 the Company.  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.

Business First Bancshares, Inc.

Consolidated Balance Sheets

(Unaudited)








March 31,

December 31,

September 30,

June 30,

March 31,

(In thousands)

2018

2017

2017

2017

2017







Assets












Cash and Due from Banks

$      37,627

$       107,591

$          36,210

$      45,204

$      49,960

Federal Funds Sold

11,730

8,820

2,971

7,090

8,685

Securities Available for Sale, at Fair Values

262,988

179,148

186,149

192,058

195,470

Mortgage Loans Held for Sale

147

201

332

167

-

Loans and Lease Receivable

1,191,450

975,284

937,776

874,506

854,018

Allowance for Loan Losses

(9,647)

(8,765)

(9,241)

(9,177)

(8,183)

  Net Loans and Lease Receivable

1,181,803

966,519

928,535

865,329

845,835

Premises and Equipment, Net

10,424

8,780

8,974

9,132

9,129

Accrued Interest Receivable

4,700

4,110

3,518

3,574

3,086

Other Equity Securities

9,381

8,627

8,595

7,065

6,070

Other Real Estate Owned

1,282

227

267

1,227

1,402

Cash Value of Life Insurance

24,109

23,200

23,039

22,876

22,717

Goodwill

32,816

6,824

6,824

6,824

6,824

Core Deposit Intangible

4,366

2,003

2,072

2,141

2,210

Other Assets

6,340

5,206

6,345

6,399

6,873







Total Assets

$ 1,587,713

$    1,321,256

$     1,213,831

$ 1,169,086

$ 1,158,261













Liabilities












Deposits:






Noninterest Bearing

$    297,845

$       264,646

$        268,520

$    243,745

$    246,446

Interest Bearing

1,009,893

790,887

746,574

728,271

716,816

Total Deposits

1,307,738

1,055,533

1,015,094

972,016

963,262







Securities Sold Under Agreements to Repurchase

15,434

1,939

2,926

2,533

3,076

Short Term Borrowings

862

862

862

862

862

Long Term Borrowings

2,700

2,700

2,700

3,000

3,000

Federal Home Loan Bank Borrowings

75,000

75,000

65,474

66,007

66,537

Accrued Interest Payable

1,104

890

902

821

865

Other Liabilities

4,881

4,397

5,814

5,034

4,458







Total Liabilities

1,407,719

1,141,321

1,093,772

1,050,273

1,042,060







Shareholders' Equity












Common Stock

10,272

10,232

6,933

6,933

6,933

Additional Paid-in Capital

144,441

144,172

85,136

85,066

84,996

Retained Earnings

29,666

27,175

28,380

27,115

25,478

Accumulated Other Comprehensive Loss

(4,385)

(1,644)

(390)

(301)

(1,206)







Total Shareholders' Equity

179,994

179,935

120,059

118,813

116,201







Total Liabilities and Shareholders' Equity

$ 1,587,713

$    1,321,256

$     1,213,831

$ 1,169,086

$ 1,158,261







 

Business First Bancshares, Inc.

Consolidated Statements of Income

(Unaudited)



Quarter Ended


March 31,

December 31,

September 30,

June 30,

March 31,

(In thousands)

2018

2017

2017

2017

2017







Interest Income:






Interest and Fees on Loans

$   15,676

$         12,544

$          11,433

$ 12,398

$   11,141

Interest and Dividends on Securities

1,423

957

953

972

947

Interest on Federal Funds Sold and Due From Banks

127

171

38

30

17

  Total Interest Income

17,226

13,672

12,424

13,400

12,105







Interest Expense:






Interest on Deposits

2,298

1,814

1,665

1,501

1,348

Interest on Borrowings

428

269

226

209

197

  Total Interest Expense

2,726

2,083

1,891

1,710

1,545







  Net Interest Income

14,500

11,589

10,533

11,690

10,560







Provision for Loan Losses

474

2,330

247

1,305

355







  Net Interest Income after Provision for Loan Losses

14,026

9,259

10,286

10,385

10,205







Other Income:






Service Charges on Deposit Accounts

610

530

542

525

512

Gain (Loss) on Sales of Securities

-

-

31

-

-

Other Income

1,125

943

668

1,075

792

  Total Other Income

1,735

1,473

1,241

1,600

1,304







Other Expenses:






Salaries and Employee Benefits

6,704

5,542

5,559

5,397

4,984

Occupancy and Equipment Expense

1,418

1,322

1,139

1,191

1,168

Other Expenses

3,822

2,844

2,516

2,526

2,614

  Total Other Expenses

11,944

9,708

9,214

9,114

8,766







Income Before Income Taxes

3,817

1,024

2,313

2,871

2,743







Provision for Income Taxes

709

1,886

631

819

767







Net Income

$     3,108

$            (862)

$            1,682

$   2,052

$     1,976

 

Business First Bancshares, Inc.

Selected Financial Information

(Unaudited)








March 31,

December 31,

September 30,

June 30,

March 31,

(In thousands)

2018

2017

2017

2017

2017







Balance Sheet Ratios












Total Loans to Deposits

91.12%

92.42%

92.42%

89.99%

88.66%

Shareholders' Equity to Assets Ratio

11.34%

13.62%

9.89%

10.16%

10.03%

Tangible Common Equity to Tangible Assets

9.21%

13.04%

9.23%

9.47%

9.33%













Loans Receivable Held for Investment












Commercial

$    290,427

$       254,427

$        261,478

$ 238,924

$ 227,310

Real Estate:






   Construction and Land

191,220

143,535

121,377

112,199

105,142

   Farmland

14,498

10,480

10,469

10,524

10,695

   1-4 Family Residential

218,623

157,505

145,911

139,398

129,726

   Multi-family Residential

25,884

20,717

19,750

23,039

23,795

   Nonfarm Nonresidential

390,478

337,699

331,053

304,278

311,064

      Total Real Estate

840,703

669,936

628,560

589,438

580,422

Consumer

60,320

50,921

47,738

46,144

46,286

Total Loans

$ 1,191,450

$       975,284

$        937,776

$ 874,506

$ 854,018













Allowance for Loan Losses












Balance, Beginning of Period

$        8,765

$           9,241

$            9,177

$     8,183

$     8,162

Charge-offs - Quarterly

(23)

(2,845)

(217)

(344)

(378)

Recoveries - Quarterly

431

39

34

33

44

Provision for Loan Losses - Quarterly

474

2,330

247

1,305

355

Balance, End of Period

$        9,647

$           8,765

$            9,241

$     9,177

$     8,183







Allowance for Loan Losses to Total Loans (HFI)

0.81%

0.90%

0.99%

1.05%

0.96%

Net Charge-offs (Recoveries) to Average Total Loans

-0.03%

0.29%

0.02%

0.04%

0.04%













Nonperforming Assets












Nonperforming Loans






Nonaccrual Loans

$      15,030

$         12,535

$          13,269

$   11,105

$   12,493

Loans Past Due 90 Days or More

114

132

194

55

53

  Total Nonperforming Loans

15,144

12,667

13,463

11,160

12,546

Other Nonperforming Assets






Other Real Estate Owned

1,282

227

267

1,227

1,402

Other Nonperforming Assets

13

-

-

-

-

  Total Other Nonperforming Assets

1,295

227

267

1,227

1,402

  Total Nonperforming Assets

$      16,439

$         12,894

$          13,730

$   12,387

$   13,948







Nonperforming Loans to Total Loans

1.27%

1.30%

1.44%

1.28%

1.47%

Nonperforming Assets to Total Assets

1.04%

0.98%

1.13%

1.06%

1.20%

 

Business First Bancshares, Inc.

Selected Financial Information

(Unaudited)








Quarter Ended


March 31,

December 31,

September 30,

June 30,

March 31,

(Dollars in thousands, except per share data)

2018

2017

2017

2017

2017







Per Share Data












Basic Earnings Per Common Share

$          0.30

$           (0.09)

$              0.24

$        0.30

$        0.29

Diluted Earnings Per Common Share

0.29

(0.08)

0.23

0.28

0.27

Dividends Per Common Share

0.06

0.06

0.06

0.06

0.05

Book Value Per Common Share

17.52

17.58

17.32

17.14

16.76

Tangible Book Value Per Common Share

13.90

16.72

16.03

15.85

15.46













Stock Information












Average Common Shares Outstanding

10,232,933

9,828,645

6,932,570

6,932,570

6,914,716

Average Diluted Shares Outstanding

10,578,755

10,174,467

7,315,352

7,204,472

7,186,617

End of Period Common Shares Outstanding

10,271,931

10,232,495

6,932,570

6,932,570

6,932,570













Annualized Performance Ratios












Return on Average Assets

0.77%

-0.26%

0.57%

0.70%

0.70%

Return on Average Equity

6.94%

-1.89%

5.61%

6.96%

6.91%

Net Interest Margin

3.97%

3.87%

3.82%

4.34%

4.04%

Efficiency Ratio

73.57%

74.32%

78.46%

68.58%

73.89%













Other Operating Expenses












Salaries and Employee Benefits

$        6,704

$           5,542

$            5,559

$      5,397

$      4,984

Occupancy and Bank Premises

857

810

617

626

621

Depreciation and Amortization

422

338

351

378

390

Data Processing

410

392

385

381

379

FDIC Assessment Fees

393

235

202

189

177

Legal and Other Professional Fees

402

217

358

300

284

Advertising and Promotions

229

259

271

333

330

Utilities and Communications

272

248

242

258

233

Ad Valorem Shares Tax

322

309

165

165

165

Directors' Fees

159

83

76

80

161

Other Real Estate Owned Expenses and Write-downs

2

7

4

16

23

Other

1,772

1,268

984

991

1,019

Total Other Expenses

$      11,944

$           9,708

$            9,214

$      9,114

$      8,766

 

Business First Bancshares, Inc.

Consolidated Net Interest Margin

(Unaudited)




Quarter Ended


March 31, 2018


December 31, 2017


March 31, 2017

(Dollars in thousands)

Average

Outstanding

Balance

Interest Earned /

Interest Paid

Average

Yield / Rate


Average

Outstanding

Balance

Interest Earned /

Interest Paid

Average

Yield / Rate


Average

Outstanding

Balance

Interest Earned /

Interest Paid

Average

Yield / Rate













Assets
























Interest-Earning Assets












Total Loans

$   1,178,146

$           15,676

5.32%


$      961,627

$           12,544

5.22%


$    833,831

$           11,141

5.34%

Securities Available for Sale

245,098

1,423

2.32%


187,565

957

2.04%


201,986

947

1.88%

Interest-Bearing Deposit in Other Banks

37,634

127

1.35%


48,223

171

1.42%


9,344

17

0.73%

  Total Interest-Earning Assets

1,460,878

17,226

4.72%


1,197,415

13,672

4.57%


1,045,161

12,105

4.63%

Allowance for Loan Losses

(8,965)




(9,455)




(8,201)



Noninterest-Earning Assets

162,837




115,215




99,180



  Total Assets

$   1,614,750

$           17,226



$   1,303,175

$           13,672



$ 1,136,140

$           12,105


























Liabilities and Shareholders' Equity
























Interest-Bearing Liabilities












Interest-Bearing Deposits

$   1,026,014

$             2,298

0.90%


$      761,671

$             1,814

0.95%


$    711,129

$             1,348

0.76%

Advances from Federal Home Loan Bank ("FHLB")

75,108

373

1.99%


66,249

229

1.38%


63,601

156

0.98%

Other Borrowings

21,729

55

1.01%


6,323

40

2.53%


7,095

41

2.31%

  Total Interest-Bearing Liabilities

1,122,851

2,726

0.97%


834,243

2,083

1.00%


781,825

1,545

0.79%













Noninterest-Bearing Liabilities












Noninterest-Bearing Deposits

307,424




279,511




233,382



Other Liabilities

5,377




6,516




6,533



  Total Noninterest-Bearing Liabilities

312,801




286,027




239,915



Shareholders' Equity

179,098




182,905




114,400



  Total Liabilities and Shareholders' Equity

$   1,614,750




$   1,303,175




$ 1,136,140















Net Interest Rate Spread



3.75%




3.57%




3.84%

Net Interest Income


$           14,500




$           11,589




$           10,560


Net Interest Margin



3.97%




3.87%




4.04%

 

Business First Bancshares, Inc.

Non-GAAP Measures

(Unaudited)



March 31,

December 31,

September 30,

June 30,

March 31,

(In thousands)

2018

2017

2017

2017

2017







Tangible Common Equity






Total Shareholders' Equity

$    179,994

$       179,935

$        120,059

$    118,813

$    116,201

Adjustments:






Goodwill

(32,816)

(6,824)

(6,824)

(6,824)

(6,824)

Core Deposit and Other Intangibles

(4,366)

(2,003)

(2,072)

(2,141)

(2,210)

Total Tangible Common Equity

$    142,812

$       171,108

$        111,163

$    109,848

$    107,167













Tangible Assets






Total Assets

$ 1,587,713

$    1,321,256

$     1,213,831

$ 1,169,086

$ 1,158,261

Adjustments:






Goodwill

(32,816)

(6,824)

(6,824)

(6,824)

(6,824)

Core Deposit and Other Intangibles

(4,366)

(2,003)

(2,072)

(2,141)

(2,210)

Total Tangible Assets

$ 1,550,531

$    1,312,429

$     1,204,935

$ 1,160,121

$ 1,149,227













Common Shares Outstanding

10,271,931

10,232,495

6,932,570

6,932,570

6,932,570

Book Value Per Common Share

$        17.52

$           17.58

$            17.32

$        17.14

$        16.76

Tangible Book Value Per Common Share

$        13.90

$           16.72

$            16.03

$        15.85

$        15.46

Common Equity to Total Assets

11.3%

13.6%

9.9%

10.2%

10.0%

Tangible Common Equity to Tangible Assets

9.2%

13.0%

9.2%

9.5%

9.3%

 

Business First Bancshares, Inc.

Non-GAAP Measures

(Unaudited)



Quarter Ended


March 31,

December 31,

March 31,

(In thousands)

2018

2017

2017





Core Net Income




Net Income

$     3,108

$            (862)

$     1,976

  Adjustments:




  Sale of Participation Interest in Impaired Credit (net of tax)

-

-

(756)

  Acquisition-related Expenses (net of tax)

457

-

-

  Core Net Income

$     3,565

$            (862)

$     1,220









Core Earnings Per Share - Basic

$       0.35

$           (0.09)

$       0.18

Core Earnings Per Share - Diluted

$       0.34

$           (0.08)

$       0.17





Core Return on Average Assets

0.88%

-0.26%

0.43%

Core Return on Average Equity

7.96%

-1.89%

4.27%





 

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SOURCE Business First Bancshares, Inc.

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