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Business First Bancshares Inc. (BFST-1.58%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $7.9 billion, an increase of 19.3% from the previous year. Total loans held for investment increased by 19.8% to $6.0 billion.
Total deposits rose by 24.1% to $6.5 billion. The company reported net income available to common shareholders of $59.7 million, a decrease of 9.0% from the previous year.
Net interest income for the year was $227.4 million, up 5.7% from the prior year. The net interest margin decreased to 3.48% from 3.62%.
The allowance for credit losses was 0.98% of total loans, compared to 0.88% the previous year. The ratio of nonperforming loans to total loans was 0.42%, up from 0.34%.
Earnings per common share were $2.27 basic and $2.26 diluted, compared to $2.62 basic and $2.59 diluted the prior year.
The company reported a return on average assets of 0.86% and a return on average common equity of 9.54%.
The filing details recent acquisitions, including the purchase of Waterstone LSP, LLC and Oakwood Bancshares, Inc., contributing to the growth in assets and deposits.
The company identified a material weakness in its internal control over financial reporting related to IT general controls, which it is addressing.
Business First Bancshares Inc. does not anticipate paying cash dividends on common stock in the near future, focusing instead on growth and strategic acquisitions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Business First Bancshares Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.