Reported Q: Q4 2024 Rev YoY: +25.2% EPS YoY: -10.3% Move: -0.74%
Business First Bancshares
BFST
$29.62 -0.74%
Exchange NASDAQ Sector Financial Services Industry Banks Regional
Q4 2024
Published: Mar 7, 2025

Company Status Snapshot

Fast view of the latest quarter outcome for BFST

Reported

Report Date

Mar 7, 2025

Quarter Q4 2024

Revenue

127.81M

YoY: +25.2%

EPS

0.51

YoY: -10.3%

Market Move

-0.74%

Previous quarter: Q3 2024

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Earnings Highlights

  • Revenue of $127.81M up 25.2% year-over-year
  • EPS of $0.51 decreased by 10.3% from previous year
  • Gross margin of 55.3%
  • Net income of 16.49M
  • "“2024 was a significant year for us, one in which we not only made but numerically demonstrated material progress towards goals that we've articulated in this forum over past quarters. And the fourth quarter was a particularly nice capstone to our efforts over the course of the year.”" - Jude Melville
BFST
Company BFST

Executive Summary

BFST reported a robust fourth quarter of 2024, underscored by meaningful margin expansion and accelerating balance sheet growth driven by both organic activities and the Oakwood Bank acquisitions. GAAP net income was $15.1 million with a onetime CECL provision and other non-core items, while the core net income rose to $19.5 million and core EPS reached $0.66, reflecting strong operating leverage and disciplined expense management. Net interest margin (NIM) improved 10 basis points to 3.61% (GAAP) and 3.56% (core), supported by lower deposit costs (down 29 bps QoQ) and a favorable funding mix as BFST captured the tailwinds from Fed rate cuts and faster core deposit growth.

The quarter closed a year in which BFST grew loans by 58% annualized (including Oakwood), with organic growth of 4.8% (ex acquired loans) and a total deposits increase of 61.4% annualized. Organic deposit growth was driven by money market and non-interest-bearing deposits, while the bank continued to reduce CRE and C&D concentrations and diversify geographically (Texas now ~41% of loans). Management highlighted progress on non-interest income (SBA, swaps, correspondent banking) and reported that acquisitions were achieved with minimal tangible book value dilution and without additional capital. Looking into 2025, BFST targets low-to-mid single-digit NIM expansion driven by continued deposit productivity, disciplined loan pricing, and a diversified non-interest income strategy. The company also signaled ongoing investments in technology and personnel while maintaining an emphasis on liquidity and capital accretion.

Key takeaways for investors: (1) Earnings quality is improving as core profitability compounds with a higher NIM and controlled expenses; (2) The deposit franchise remains a strategic leverage point, with signs of sustainability in mix (non-interest-bearing deposits ~20.8% of total deposits) and a path to lower funding costs; (3) The Oakwood integration is progressing as planned, with limited cost savings in 2025 but higher earnings power in the mid-to-late 2020s as the franchise scales.

Key Performance Indicators

Revenue
Increasing
127.81M
QoQ: 12.93% | YoY: 25.19%
Gross Profit
Increasing
70.69M
55.31% margin
QoQ: 8.94% | YoY: 15.75%
Operating Income
Increasing
21.30M
QoQ: -6.46% | YoY: 4.72%
Net Income
Increasing
16.49M
QoQ: -7.59% | YoY: 4.20%
EPS
Decreasing
0.52
QoQ: -20.00% | YoY: -10.34%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2025 125.54 0.65 +19.4% View
Q4 2024 127.81 0.51 +25.2% View
Q3 2024 113.18 0.65 +11.2% View
Q2 2024 111.65 0.62 +18.7% View
Q1 2024 105.10 0.48 +19.8% View