{"id":725832,"date":"2023-01-25T16:04:58","date_gmt":"2023-01-25T21:04:58","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/business-first-bancshares-inc-announces-financial-results-for-fiscal-year-2022-and-q4-2022\/"},"modified":"2023-01-25T16:04:58","modified_gmt":"2023-01-25T21:04:58","slug":"business-first-bancshares-inc-announces-financial-results-for-fiscal-year-2022-and-q4-2022","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/business-first-bancshares-inc-announces-financial-results-for-fiscal-year-2022-and-q4-2022\/","title":{"rendered":"Business First Bancshares, Inc., Announces Financial Results for Fiscal Year 2022 and Q4 2022"},"content":{"rendered":"
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BATON ROUGE, La., Jan. 25, 2023 (GLOBE NEWSWIRE) — Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the year ended December 31, 2022, including net income available to common shareholders of $52.9 million, or $2.32 per diluted common share, an increase of $0.8 million and decrease of $0.21, respectively, from the prior year ended December 31, 2021. On a non-GAAP basis, core net income for the year ended December 31, 2022, which excludes certain income and expenses, was $57.6 million, or $2.52 per diluted common share, an increase of $3.7 million and decrease of $0.09, respectively, from prior year ended December 31, 2021. The results for the year ended December 31, 2021, included a $9.2 million pre-tax gain on the sale of substantially all of the Small Business Administration (SBA) Paycheck Protection Program (PPP) loans. The sale increased diluted earnings per common share by $0.35 for the year.<\/p>\n

For the quarter ended December 31, 2022, Business First reported net income available to common shareholders of $16.6 million, or $0.67 per diluted common share, increases of $2.8 million and $0.06, respectively, from the quarter ended September 30, 2022. On a non-GAAP basis, core net income for the quarter ended December 31, 2022, which excludes certain income and expenses, was $16.4 million, unchanged from the linked quarter. On a per share basis, core net income was $0.66 per diluted common share for the current quarter, a decrease of $0.06 from the quarter ended September 30, 2022. The per share decrease was largely impacted by the issuance of 2,500,000 shares of common stock in an underwritten public offering at a public offering price of $20.00 per share during October 2022. Additionally, the Company paid a $1.4 million quarterly preferred dividend during the quarter ended December 31, 2022.<\/p>\n

\u201c2022 was a pivotal year for b1BANK, highlighted by record financial and operational performance,\u201d said Jude Melville, president and CEO.\u00a0\u201cLong-term investments in personnel, technology and infrastructure are producing concrete returns.\u00a0Asset quality remains solid. Our balance sheet has been fortified by the raising of over $120 million in preferred and common equity. These things lead us to be optimistic about our franchise\u2019s potential in 2023 and beyond.\u201d<\/p>\n

On January 25, 2023, Business First\u2019s board of directors declared a quarterly dividend based upon financial performance for the fourth quarter in the amount of $0.12 per share, same as the prior quarter. The dividend will be paid on February 28, 2023, or as soon thereafter as practicable, to the common shareholders of record as of February 15, 2023. Additionally, the board of directors declared a quarterly dividend in the amount of $18.75 per share, which is the full quarterly dividend of 1.875% based on the per annum rate of 7.50%. The dividend will be paid on February 28, 2023, or as soon therefore as practicable, to the preferred shareholders of record as of February 15, 2023.<\/p>\n

\n Quarterly Highlights<\/strong>\n <\/p>\n