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Table of Contents



 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 10-Q

 


 

(Mark One)

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2022

 

or

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from              to             

 

Commission file number: 001-38447

 


 

BUSINESS FIRST BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

 


 

Louisiana

20-5340628

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

  

500 Laurel Street, Suite 101

Baton Rouge, Louisiana

70801

(Address of principal executive offices)

(Zip Code)

 

(225) 248-7600

(Registrants telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $1.00 per share

BFST

NASDAQ Global Select Market

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No   ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

    

Non-accelerated filer

Smaller reporting company

    
  

Emerging growth company

 

If an emerging growth company, indicate by a check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ☒

 

As of July 29, 2022, the issuer has outstanding 22,579,451 shares of common stock, par value $1.00 per share.

 



 

 

 

 

BUSINESS FIRST BANCSHARES, INC.

   

PART I - FINANCIAL INFORMATION

4
     

Item 1.

Financial Statements

4
     
 

Consolidated Balance Sheets as of June 30, 2022 (Unaudited) and December 31, 2021

4
     
 

Unaudited Consolidated Statements of Income for the three and six months ended June 30, 2022 and 2021

5
     
 

Unaudited Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2022 and 2021

6
     
 

Unaudited Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended June 30, 2022 and 2021

7
     
 

Unaudited Consolidated Statements of Cash Flows for the three and six months ended June 30, 2022 and 2021

9
     
 

Notes to Unaudited Consolidated Financial Statements

11
     

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

34
     

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

64
     

Item 4.

Controls and Procedures

64
   

PART II - OTHER INFORMATION

65
     

Item 1.

Legal Proceedings

65
     

Item 1A.

Risk Factors

65
     

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

65
     

Item 3.

Defaults Upon Senior Securities

65
     

Item 4.

Mine Safety Disclosures

65
     

Item 5.

Other Information

65
     

Item 6.

Exhibits

66
   

Signatures

67
 

 

  

 

PART I FINANCIAL INFORMATION

 

Item  1.

Financial Statements

         

BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share data)

 

  

June 30, 2022

  

December 31,

 
  

(Unaudited)

  

2021

 
ASSETS 

Cash and Due from Banks

 $154,694  $68,375 

Federal Funds Sold

  10,817   227,044 

Securities Available for Sale, at Fair Values

  934,676   1,021,061 

Mortgage Loans Held for Sale

  170   1,200 

Loans and Lease Receivable, Net of Allowance for Loan Losses of $32,317 at June 30, 2022 and $29,112 at December 31, 2021

  4,081,409   3,160,496 

Premises and Equipment, Net

  64,307   58,155 

Accrued Interest Receivable

  22,142   19,597 

Other Equity Securities

  30,302   16,619 

Other Real Estate Owned

  990   1,427 

Cash Value of Life Insurance

  88,370   60,380 

Deferred Taxes

  29,576   8,822 

Goodwill

  88,842   59,894 

Core Deposit and Customer Intangible

  15,093   12,203 

Other Assets

  8,995   11,105 

Total Assets

 $5,530,383  $4,726,378 
         

LIABILITIES

 

Deposits:

        

Noninterest Bearing

 $1,698,114  $1,291,036 

Interest Bearing

  2,960,049   2,786,247 

Total Deposits

  4,658,163   4,077,283 

Securities Sold Under Agreements to Repurchase

  18,477   19,121 

Short Term Borrowings

  5,020   20 

Federal Home Loan Bank Borrowings

  254,011   82,022 

Subordinated Debt

  111,055   81,427 

Subordinated Debt - Trust Preferred Securities

  5,000   5,000 

Accrued Interest Payable

  708   1,354 

Other Liabilities

  32,490   26,783 

Total Liabilities

  5,084,924   4,293,010 
         

Commitments and Contingencies (See Note 10)

          
         

SHAREHOLDERS' EQUITY

 

Preferred Stock, No Par Value; 5,000,000 Shares Authorized

  -   - 

Common Stock, $1 Par Value; 50,000,000 Shares Authorized; 22,579,451 and 20,400,349 Shares Issued and Outstanding at June 30, 2022 and December 31, 2021, respectively

  22,579   20,400 

Additional Paid-in Capital

  346,382   292,271 

Retained Earnings

  139,232   121,874 

Accumulated Other Comprehensive Loss

  (62,734)  (1,177)

Total Shareholders' Equity

  445,459   433,368 

Total Liabilities and Shareholders' Equity

 $5,530,383  $4,726,378 

 

The accompanying notes are an integral part of these financial statements.

 

 

BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

 

   

For The Three Months Ended

June 30,

   

For The Six Months Ended

June 30,

 
   

2022

   

2021

   

2022

   

2021

 

Interest Income:

                               

Interest and Fees on Loans

  $ 49,639     $ 39,135     $ 89,822     $ 80,554  

Interest and Dividends on Non-taxable Securities

    1,080       2,831       2,124       5,314  

Interest and Dividends on Taxable Securities

    3,063       358       5,863       677  

Interest on Federal Funds Sold and Due From Banks

    232       27       327       68  

Total Interest Income

    54,014       42,351       98,136       86,613  

Interest Expense:

                               

Interest on Deposits

    2,557       3,235       4,820       6,478  

Interest on Borrowings

    1,895       1,171       3,279       1,889  

Total Interest Expense

    4,452       4,406       8,099       8,367  

Net Interest Income

    49,562       37,945       90,037       78,246  

Provision for Loan Losses

    2,945       2,241       4,562       5,600  

Net Interest Income after Provision for Loan Losses

    46,617       35,704       85,475       72,646  

Other Income:

                               

Service Charges on Deposit Accounts

    2,086       1,683       3,891       3,250  

Loss on Sales of Securities

    (8 )     (50 )     (39 )     (55 )

Gain on Sales of Loans

    186       10,042       251       10,021  

Other Income

    4,757       5,490       8,814       8,797  

Total Other Income

    7,021       17,165       12,917       22,013  

Other Expenses:

                               

Salaries and Employee Benefits

    21,408       16,753       41,111       31,679  

Occupancy and Equipment Expense

    4,914       4,264       9,327       7,981  

Other Expenses

    10,075       9,888       19,679       17,973  

Total Other Expenses

    36,397       30,905       70,117       57,633  

Income Before Income Taxes

    17,241       21,964       28,275       37,026  

Provision for Income Taxes

    3,484       4,536       5,787       7,269  

Net Income

  $ 13,757     $ 17,428     $ 22,488     $ 29,757  

Earnings Per Share:

                               

Basic

  $ 0.61     $ 0.84     $ 1.03     $ 1.44  

Diluted

  $ 0.61     $ 0.84     $ 1.03     $ 1.43  

 

The accompanying notes are an integral part of these financial statements.

 

  

 

BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Dollars in thousands)

 

   

For The Three Months Ended

June 30,

   

For The Six Months Ended

June 30,

 
   

2022

   

2021

   

2022

   

2021

 

Consolidated Net Income

  $ 13,757     $ 17,428     $ 22,488     $ 29,757  
                                 

Other Comprehensive Income (Loss):

                               

Unrealized Gain (Loss) on Investment Securities

    (30,201 )     2,182       (79,186 )     (4,956 )

Unrealized Gain (Loss) on Share of Other Equity Investments

    1,104       (1,351 )     1,079       142  

Reclassification Adjustment for Losses on Sale of AFS Investment Securities Included in Net Income

    8       50       39       55  

Income Tax Effect

    6,109       (185 )     16,511       1,000  

Other Comprehensive Income (Loss)

    (22,980 )     696       (61,557 )     (3,759 )

Consolidated Comprehensive Income (Loss)

  $ (9,223 )   $ 18,124     $ (39,069 )   $ 25,998  

 

The accompanying notes are an integral part of these financial statements.

 

  

 

BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY

FOR THE THREE MONTHS ENDED JUNE 30, 2022 AND 2021

(Dollars in thousands, except per share data)

 

              

Accumulated

     
      

Additional

      

Other

  

Total

 
  

Common

  

Paid-In

  

Retained

  

Comprehensive

  

Shareholders'

 
  

Stock

  

Capital

  

Earnings

  

Income (Loss)

  

Equity

 

Balances at March 31, 2021

 $20,805  $300,282  $89,441  $6,173  $416,701 

Comprehensive Income:

                    

Net Income

  -   -   17,428   -   17,428 

Other Comprehensive Income

  -   -   -   696   696 

Cash Dividends Declared, $0.12 Per Share

  -   -   (2,487)  -   (2,487)

Stock Issuance

  110   1,518   -   -   1,628 

Surrendered Shares of Options Exercised

  (74)  (1,714)  -   -   (1,788)

Stock Based Compensation Cost

  (17)  767   -   -   750 

Stock Repurchase

  (83)  (1,839)  -   -   (1,922)

Balances at June 30, 2021

 $20,741  $299,014  $104,382  $6,869  $431,006 
                     

Balances at March 31, 2022

 $22,565  $345,858  $128,168  $(39,754) $456,837 

Comprehensive Income:

                    

Net Income

  -   -   13,757   -   13,757 

Other Comprehensive Loss

  -   -   -   (22,980)  (22,980)

Cash Dividends Declared, $0.12 Per Share

  -   -   (2,693)  -   (2,693)

Stock Issuance

  9   242   -   -   251 

Stock Based Compensation Cost

  5   282   -   -   287 

Balances at June 30, 2022

 $22,579  $346,382  $139,232  $(62,734) $445,459 

 

The accompanying notes are an integral part of these financial statements.

 

 

BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(Dollars in thousands, except per share data)

 

              

Accumulated

     
      

Additional

      

Other

  

Total

 
  

Common

  

Paid-In

  

Retained

  

Comprehensive

  

Shareholders'

 
  

Stock

  

Capital

  

Earnings

  

Income (Loss)

  

Equity

 

Balances at December 31, 2020

 $20,621  $299,540  $79,174  $10,628  $409,963 

Comprehensive Income:

                    

Net Income

  -   -   29,757   -   29,757 

Other Comprehensive Loss

  -   -   -   (3,759)  (3,759)

Cash Dividends Declared, $0.22 Per Share

  -   -   (4,549)  -   (4,549)

Stock Issuance

  225   2,835   -   -   3,060 

Surrendered Shares of Options Exercised

  (89)  (2,037)  -   -   (2,126)

Stock Based Compensation Cost

  99   1,146   -   -   1,245 

Stock Repurchase

  (115)  (2,470)  -   -   (2,585)

Balances at June 30, 2021

 $20,741  $299,014  $104,382  $6,869  $431,006 
                     

Balances at December 31, 2021

 $20,400  $292,271  $121,874  $(1,177) $433,368 

Comprehensive Income:

                    

Net Income

  -   -   22,488   -   22,488 

Other Comprehensive Loss

  -   -   -   (61,557)  (61,557)

Cash Dividends Declared, $0.24 Per Share

  -   -   (5,130)  -   (5,130)

Stock Issuance

  2,079   53,167   -   -   55,246 

Stock Based Compensation Cost

  100   944   -   -   1,044 

Balances at June 30, 2022

 $22,579  $346,382  $139,232  $(62,734) $445,459 

 

The accompanying notes are an integral part of these financial statements.
 

  

 

BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

 

   

For The Six Months Ended

June 30,

 
   

2022

   

2021

 

Cash Flows From Operating Activities:

               

Consolidated Net Income

  $ 22,488     $ 29,757  

Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:

               

Provision for Loan Losses

    4,562       5,600  

Depreciation and Amortization

    2,319       2,071  

Net Accretion of Purchase Accounting Adjustments

    (2,770 )     (4,894 )

Stock Based Compensation Cost

    1,044       1,245  

Net Amortization of Securities

    3,191       3,475  

Loss on Sales of Securities

    39       55  

Gain on Sale of Loans

    (251 )     (9,179 )

Income on Other Equity Securities

    (72 )     (1,671 )

(Gain) Loss on Sale of Other Real Estate Owned, Net of Writedowns

    (18 )     811  

Increase in Cash Value of Life Insurance

    (844 )     (673 )

Deferred Income Tax Expense (Benefit)

    (772 )     1,284  

Changes in Assets and Liabilities:

               

Decrease in Accrued Interest Receivable

    58       3,054  

(Increase) Decrease in Other Assets

    4,470       (1,960 )

Decrease in Accrued Interest Payable

    (865 )     (561 )

Increase in Other Liabilities

    4,920       1,251  

Net Cash Provided by Operating Activities

    37,499       29,665  
                 

Cash Flows From Investing Activities:

               

Purchases of Securities Available for Sale

    (77,278 )     (308,662 )

Proceeds from Maturities / Sales of Securities Available for Sale

    29,597       14,545  

Proceeds from Paydowns of Securities Available for Sale

    52,059       43,489  

Net Cash Received (Paid) in Acquisition

    163,460       (7,256 )

Purchases of Other Equity Securities

    (8,982 )     (1,610 )

Redemption of Other Equity Securities

    2,527       2,073  

Proceeds from Purchase of Life Insurance

    (15,000 )     (15,000 )

Proceeds from Sale of SBA PPP Loans

    -       243,607  

Net Increase in Loans

    (582,892 )     (96,302 )

Net Purchases of Premises and Equipment

    (6,412 )     (969 )

Loss on Disposal of Premises and Equipment

    717       -  

Proceeds from Sales of Other Real Estate

    609       3,585  

Net (Increase) Decrease in Federal Funds Sold

    216,227       (58,239 )

Net Cash Used in Investing Activities

    (225,368 )     (180,739 )

 

(CONTINUED)

 

 

   

For The Six Months Ended

June 30,

 
   

2022

   

2021

 

Cash Flows From Financing Activities:

               

Net Increase in Deposits

    103,645       108,400  

Net Increase (Decrease) in Securities Sold Under Agreements to Repurchase

    (644 )     4,012  

Net Advances (Repayments) on Federal Home Loan Bank Borrowings

    171,114       (15,000 )

Issuance of Short Term Borrowings

    5,000       (5,000 )

Net Repayments from Long Term Borrowings

    -       (6,000 )

Proceeds from Issuance of Subordinated Debt

    -       52,500  

Proceeds from Issuance of Common Stock

    203       3,060  

Surrendered Shares of Options Exercised

    -       (2,126 )

Repurchase of Common Stock

    -       (2,585 )

Payment of Dividends on Common Stock

    (5,130 )     (4,549 )

Net Cash Provided by Financing Activities

    274,188       132,712  

Net Increase (Decrease) in Cash and Cash Equivalents

    86,319       (18,362 )

Cash and Cash Equivalents at Beginning of Period

    68,375       149,131  

Cash and Cash Equivalents at End of Period

  $ 154,694     $ 130,769  
                 

Supplemental Disclosures for Cash Flow Information:

               

Cash Payments for:

               

Interest on Deposits

  $ 5,508     $ 6,924  

Interest on Borrowings

  $ 3,237     $ 2,004  

Income Tax Payments

  $ 2,127     $ 6,100  
                 

Supplemental Schedule for Noncash Investing and Financing Activities:

               

Change in the Unrealized Loss on Securities Available for Sale

  $ (79,147 )   $ (4,901 )

Change in the Unrealized Gain on Equity Securities

  $ 1,079     $ 142  

Change in Deferred Tax Effect on the Unrealized Loss on Securities Available for Sale

  $ 16,511     $ 1,000  

Transfer of Loans to Other Real Estate

  $ 154     $ 1,235  

Acquisitions:

               

Fair Value of Tangible Assets Acquired

  $ 531,658     $ 1,343  

Other Intangible Assets Acquired

    3,875       4,300  

Liabilities Assumed

    509,438       6  

Net Identifiable Assets Acquired Over Liabilities Assumed

  $ 26,095     $ 5,637  

 

The accompanying notes are an integral part of these financial statements.

 

  

BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

 

Note 1 Basis of Presentation

 

The unaudited consolidated financial statements include the accounts of Business First Bancshares, Inc. (the “Company”) and its wholly-owned subsidiary, b1BANK (the “Bank”), and the Bank’s wholly-owned subsidiaries, Business First Insurance, LLC and Smith Shellnut Wilson, LLC. The Bank operates out of branch locations in markets across Louisiana, the Dallas/Fort Worth metroplex and Houston, Texas. As a state bank, it is subject to regulation by the Office of Financial Institutions, State of Louisiana, and the Federal Deposit Insurance Corporation, and undergoes periodic examinations by these agencies. The Company is also regulated by the Federal Reserve and is subject to periodic examinations.

 

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial results for the periods presented, and all such adjustments are of a normal recurring nature. All material intercompany transactions are eliminated. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the entire year.

 

These interim consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission and, therefore, certain information and footnote disclosures normally presented in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) have been omitted or abbreviated.  These interim financial statements should be read in conjunction with the audited consolidated financial statements and footnote disclosures for the Company’s previously filed Form 10-K for the year ended December 31, 2021.

 

Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Critical accounting estimates that are particularly susceptible to significant change for the Company include the determination of the acquired loans and allowance for loan losses and purchase accounting adjustments (other than loans). Other estimates include goodwill, fair value of financial instruments, investment securities and the assessment of income taxes. Management does not anticipate any material changes to estimates in the near term. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: external market factors such as market interest rates and employment rates, changes to operating policies and procedures, economic conditions in the Company’s markets, and changes in applicable banking regulations. Actual results may ultimately differ from estimates.

 

11

  

BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

 

Note 2 Reclassifications

 

Certain reclassifications may have been made to conform to the classifications adopted for reporting in 2022. These reclassifications have no material effect on previously reported shareholders’ equity or net income.

  

 

Note 3 Mergers and Acquisitions

 

Texas Citizens Bancorp, Inc.

 

On March 1, 2022, the Company consummated the merger of Texas Citizens Bancorp, Inc. (“TCBI”), headquartered in Pasadena, Texas, with and into the Company, pursuant to the terms of that certain Agreement and Plan of Reorganization (the “Reorganization Agreement”), dated as of October 20, 2021, by and between the Company and TCBI (the “Merger”). Also on March 1, 2022, TCBI’s wholly-owned banking subsidiary, Texas Citizens Bank, National Association, was merged with and into b1BANK. Pursuant to the terms of the Reorganization Agreement, upon consummation of the Merger, the Company issued 2,069,532 shares of its common stock to the former shareholders of TCBI. At February 28, 2022, TCBI reported $534.2 million in total assets, $349.5 million in loans and $477.2 million in deposits.

 

The following table reflects the consideration paid for TCBI’s net assets and the identifiable assets purchased and liabilities assumed at their fair values as of March 1, 2022.  The fair values are provisional estimates and may be adjusted for a period of up to one year from the date of acquisition if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date.

 

Cost and Allocation of Purchase Price for Texas Citizens Bancorp, Inc. (TCBI):

 

(Dollars in thousands, except per share data)

 

Purchase Price:

    

Shares Issued to TCBI's Shareholders on March 1, 2022

  2,069,532 

Closing Stock Price on February 28, 2022

 $26.19 

Total Stock Issued

 $54,201 

Other Consideration, Including Equity Awards

  842 

Total Purchase Price

 $55,043 

Net Assets Acquired:

    

Cash and Cash Equivalents

 $163,460 

Securities Available for Sale

  370 

Loans and Leases Receivable

  337,948 

Premises and Equipment, Net

  2,776 

Cash Value of Life Insurance

  12,146 

Core Deposit Intangible

  3,875 

Other Assets

  14,958 

Total Assets

  535,533 
     

Deposits

  477,277 

Borrowings

  30,708 

Other Liabilities

  1,453 

Total Liabilities

  509,438 

Net Assets Acquired

  26,095 

Goodwill Resulting from Merger

 $28,948 

 

The Company has recorded approximately $1.5 million and $515,000 of acquisition-related costs within merger and conversion-related expenses and salaries and benefits for the six months ended June 30, 2022 and year ended December 31, 2021.

 

12

 

BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

 

The following is a description of the methods used to determine the fair values of significant assets acquired and liabilities assumed presented above.

 

Cash and Cash Equivalents: The carrying amount of these assets was a reasonable estimate of fair value based on the short-term nature of these assets.

 

Securities Available for Sale: Fair values for securities were based on quoted market prices, where available. If quoted market prices were not available, fair value estimates were based on observable inputs including quoted market prices for similar instruments, quoted market prices that were not in an active market or other inputs that were observable in the market. In the absence of observable inputs, fair value was estimated based on pricing models/estimations.

 

Loans and Leases Receivable: Fair values for loans were based on a discounted cash flow methodology that considered factors including, but not limited to, loan type, classification status, remaining term, prepayment speed, and current discount rates. The discount rates used for loans were based on current market rates for new originations of comparable loans and included adjustments for any liquidity concerns. The discount rate did not include an explicit factor for credit losses, as that was included within the estimated cash flows.

 

Core Deposit Intangible: The fair value for core deposit intangible assets was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, net maintenance cost of the deposit base, including interest cost, and alternative cost of funds. The CDI is being amortized over 10 years based upon the period over which estimated economic benefits are estimated to be received.

 

Deposits: The fair values used for the demand and savings deposits, by definition, equal the amount payable on demand at the acquisition date. Fair values for time deposits were estimated using a discounted cash flow analysis, that applied interest rates currently being offered to the contractual interest rates on such time deposits.

 

Borrowings: Fair values for borrowings were based on estimated market rates over the remaining terms of the subordinated debt issuances.

 

Pro forma tables for TCBI were impractical to include due to the cost versus benefit of including such disclosures.

 

Smith Shellnut Wilson, LLC

 

On April 1, 2021, the Company consummated the acquisition, through b1BANK, of Smith Shellnut Wilson, LLC (“SSW”), headquartered in Ridgeland, Mississippi, pursuant to the terms of the definitive agreement dated as of March 22, 2021. Pursuant to the terms of the agreement, upon consummation of the acquisition, the Company paid $7.3 million in cash and issued $3.9 million in subordinated debt, which is further described in Note 7, to the former owners of SSW. At March 31, 2021, SSW reported $3.6 million in total assets and $2.3 million in total liabilities. As part of the acquisition, the Company recorded $6.5 million in goodwill and $4.3 million in customer intangibles to be amortized over a 10 year period.

 

13

  
 

BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

 

Note 4 Earnings per Common Share

 

Basic earnings per share (“EPS”) represents income available to common shareholders divided by the weighted average number of common shares outstanding; no dilution for any potentially convertible shares is included in the calculation. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential common shares that may be issued by the Company relate to outstanding stock options and unvested restricted stock awards (“RSAs”), excluding any that were antidilutive. In addition, nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of EPS pursuant to the two-class method.

 

  

For The Three Months Ended

June 30,

  

For The Six Months Ended

June 30,

 
  

2022

  

2021

  

2022

  

2021

 
  

(Dollars in thousands, except per share data)

  

(Dollars in thousands, except per share data)

 

Numerator:

                

Net Income Available to Common Shares

 $13,757  $17,428  $22,488  $29,757 

Denominator:

                

Weighted Average Common Shares Outstanding

  22,459,603   20,707,313   21,746,973   20,664,857 

Dilutive Effect of Stock Options and RSAs

  196,571   120,473   169,668   118,278 

Weighted Average Dilutive Common Shares

  22,656,174   20,827,786   21,916,641   20,783,135 
                 

Basic Earnings Per Common Share From Net Income Available to Common Shares

 $0.61  $0.84  $1.03  $1.44 
                 

Diluted Earnings Per Common Share From Net Income Available to Common Shares

 $0.61  $0.84  $1.03  $1.43 

 

14

  
 

BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

 

Note 5 Securities

 

The amortized cost and fair values of securities available for sale as of June 30, 2022 and December 31, 2021 are summarized as follows:

 

  

June 30, 2022

 
  

(Dollars in thousands)

 
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

 

U.S. Treasury Securities

 $32,836  $-  $2,268  $30,568 

U.S. Government Agencies

  50,322   -   2,180   48,142 

Corporate Securities

  47,411   70   1,311   46,170 

Mortgage-Backed Securities

  534,335   11   45,942   488,404 

Municipal Securities

  350,300   54   28,962   321,392 

Total Securities Available for Sale

 $1,015,204  $135  $80,663  $934,676 

 

  

December 31, 2021

 
  

(Dollars in thousands)

 
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

 

U.S. Treasury Securities

 $22,751  $-  $437  $22,314 

U.S. Government Agencies

  27,867   2   376   27,493 

Corporate Securities

  45,876   812   106   46,582 

Mortgage-Backed Securities

  555,528   3,246   6,435   552,339 

Municipal Securities

  370,421   4,100   2,188   372,333 

Total Securities Available for Sale

 $1,022,443  $8,160  $9,542  $1,021,061 

 

15

 

BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

 

The following tables present a summary of securities with gross unrealized losses and fair values at June 30, 2022 and December 31, 2021, aggregated by investment category and length of time in a continued unrealized loss position. Due to the nature of these investments and current prevailing market prices, these unrealized losses are considered a temporary impairment of the securities.

 

  

June 30, 2022

 
  

Less Than 12 Months

  

12 Months or Greater

  

Total

 
  

(Dollars in thousands)

 
      

Gross

      

Gross

      

Gross

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

Value

  

Losses

  

Value

  

Losses

  

Value

  

Losses

 

U.S. Treasury Securities

 $30,568  $2,268  $-  $-  $30,568  $2,268 

U.S. Government Agencies

  48,142   2,180   -   -   48,142   2,180 

Corporate Securities

  17,628   1,311   -   -   17,628   1,311 

Mortgage-Backed Securities

  384,399   33,810   94,300   12,132   478,699   45,942 

Municipal Securities

  233,389   23,654   43,209   5,308   276,598   28,962 

Total Securities Available for Sale

 $714,126  $63,223  $137,509  $17,440  $851,635  $80,663 

 

  

December 31, 2021

 
  

Less Than 12 Months

  

12 Months or Greater

  

Total

 
  

(Dollars in thousands)

 
      

Gross

      

Gross

      

Gross

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

Value

  

Losses

  

Value

  

Losses

  

Value

  

Losses

 

U.S. Treasury Securities

 $22,314  $437  $-  $-  $22,314  $437 

U.S. Government Agencies

  24,980   376   -   -   24,980   376 

Corporate Securities

  7,350   106   -   -   7,350   106 

Mortgage-Backed Securities

  407,986   6,108   18,985   327   426,971   6,435 

Municipal Securities

  145,649   1,872   10,161   316   155,810   2,188 

Total Securities Available for Sale

 $608,279  $8,899  $29,146  $643  $637,425  $9,542 

 

Management evaluates securities for other than temporary impairment when economic and market conditions warrant such evaluations. Consideration is given to the extent and length of time the fair value has been below cost, the reasons for the decline in value, and the Company’s intent to sell a security or whether it is more likely than not that the Company will be required to sell the security before the recovery of its amortized cost. The Company has developed a process to identify securities that could potentially have a credit impairment that is other than temporary. This process involves evaluating each security for impairment by monitoring credit performance, collateral type, collateral geography, loan-to-value ratios, credit scores, loss severity levels, pricing levels, downgrades by rating agencies, cash flow projections and other factors as indicators of potential credit issues. When the Company determines that a security is deemed to be other than temporarily impaired, an impairment loss is recognized.

 

16

 

BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

 

The amortized cost and fair values of securities available for sale as of June 30, 2022 by contractual maturity are shown below. Actual maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be called or repaid without any penalties.

 

  

Amortized

  

Fair

 
  

Cost

  

Value

 
  

(Dollars in thousands)

 

Less Than One Year

 $18,987  $18,950 

One to Five Years

  224,379   214,166 

Over Five to Ten Years

  405,104   375,501 

Over Ten Years

  366,734   326,059 

Total Securities Available for Sale

 $1,015,204  $934,676 

  

 

Note 6 Loans and the Allowance for Loan Losses

 

Loans receivable at June 30, 2022 and December 31, 2021 are summarized as follows:

 

  

June 30,

  

December 31,

 
  

2022

  

2021

 
  

(Dollars in thousands)

 

Real estate loans:

        

Construction and land

 $642,260  $548,528 

Farmland

  174,723   87,463 

1-4 family residential

  521,747   467,699 

Multi-family residential

  97,901   97,508 

Nonfarm nonresidential

  1,605,691   1,144,426 

Commercial

  949,631   721,385 

Consumer and other

  121,773   122,599 

Total loans held for investment

  4,113,726   3,189,608 
         

Less:

        

Allowance for loan losses

  (32,317)  (29,112)

Net loans

 $4,081,409  $3,160,496 

 

As of June 30, 2022 and December 31, 2021, $3.2 million and $5.4 million, respectively, of Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans remain outstanding, all of which are included in the commercial loan portfolio.

 

17

 

BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

 

The performing 1-4 family residential, multi-family residential, commercial real estate, and commercial loans, are pledged, under a blanket lien, as collateral securing advances from the FHLB at June 30, 2022 and December 31, 2021.

 

Net deferred loan origination fees were $10.8 million and $7.7 million at June 30, 2022 and December 31, 2021, respectively, and are netted in their respective loan categories above. In addition to loans issued in the normal course of business, the Company considers overdrafts on customer deposit accounts to be loans, and reclassifies overdrafts as loans in its consolidated balance sheets. At June 30, 2022 and December 31, 2021, overdrafts of $852,000 and $2.4 million, respectively, have been reclassified to loans.

 

The Bank is the lead lender on participations sold, without recourse, to other financial institutions which amounts are not included in the consolidated balance sheets. The unpaid principal balances of mortgages and other loans serviced for others were approximately $659.9 million and $461.8 million at June 30, 2022 and December 31, 2021, respectively. The Company had servicing rights of $2.2 million and $1.4 million recorded as of June 30, 2022 and December 31, 2021, respectively, and is recorded within other assets.

 

The Bank grants loans and extensions of credit to individuals and a variety of businesses and corporations located in its general market areas throughout Louisiana and Texas. Management segregates the loan portfolio into portfo