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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Business First Bancshares
Business First Bancshares (BFST) investor relations material
Business First Bancshares Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary22 Jan, 2026
Executive summary
Achieved record FY 2025 net income available to common shareholders of $82.5 million, up 38% year-over-year, and core net income of $83.5 million, up 27% year-over-year.
Diluted EPS for FY 2025 was $2.79, with core diluted EPS at $2.83, reflecting 13.7% year-over-year growth.
Tangible book value per share increased 17.3% year-over-year to $23.36.
Completed major core conversions and process improvements, and closed the acquisition of Progressive Bank, expanding the geographic footprint and deposit base.
Recognized for the fifth consecutive year as one of the Best Banks to Work For, reflecting strong internal culture.
Financial highlights
Net interest margin for FY 2025 was 3.69%, up from 3.48% in FY 2024; core net interest margin was 3.64% in Q4.
Loans and deposits both grew, with Q4 loan growth of $168.4 million (11.1% annualized) and deposit growth of $191.7 million; total loans grew by $208 million (3.5% year-over-year) to $6.19 billion, and total deposits increased by $187 million (2.9% year-over-year) to $6.70 billion.
Core ROAA was 1.06% for FY 2025 and 1.16% in Q4; core ROACE was 10.73% for FY 2025.
Efficiency ratio improved to 62.55% for FY 2025 and 59.7% core in Q4.
Tangible common equity increased by 90 basis points and CET1 capital by 50 basis points year-over-year; CET1 ratio at 9.94% and total risk-based capital ratio at 12.93% at year-end.
Outlook and guidance
Expect mid-single-digit loan growth for 2026, with a more balanced view on paydowns.
Non-interest income projected in the mid- to high-$13 million range per quarter, including Progressive Bank contributions.
No major M&A planned for 2026; focus is on integrating past acquisitions and maximizing operational efficiency.
Targeting core ROAA above 1.2% by end of 2026 and efficiency ratio into the 50s post-Progressive integration.
Internal modeling estimates a total deposit beta of 45–55% in a near-term downward rate cycle.
Impact of single CRE NPL on future credit outlook?
How will pausing M&A impact ROAA targets?
Correspondent banking: cross-sell opportunities?
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Next Business First Bancshares earnings date
Q1 202623 Apr, 2026
Business First Bancshares
Next Business First Bancshares earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
Business First Bancshares, Inc. is a bank holding company that operates through its primary subsidiary, b1BANK. The company offers a range of financial services including personal and business banking, commercial loans, mortgages, and treasury management solutions. It serves customers across Louisiana and Texas through a network of branches and other financial service outlets, focusing on supporting small to medium-sized businesses, professionals, and individuals. The company is headquartered in Baton Rouge, Louisiana, and its shares are listed on the NASDAQ.
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