Capital generation remains robust with $23.6 million in 2026Q1 net income, allowing for a disciplined dividend payout of $6.2 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 90.05M | 92.08M | 61.4M | 92.43M | 69.58M | 56.44M | 29.34M | 24.42M | 19.28M | 7.97M | 8.15M | 3.4M | 6.89M | 8.22M | 9.21M |
| Operating CF Growth % | 35.07% | 49.97% | -33.57% | 32.84% | 23.27% | 92.38% | 20.15% | 26.68% | 141.92% | -2.23% | 139.85% | -50.7% | -16.14% | -10.82% | - |
| Net Income | 90.88M | 87.86M | 65.11M | 71.04M | 54.26M | 52.14M | 29.99M | 23.77M | 14.09M | 4.85M | 5.11M | 4.1M | 4.03M | 4.79M | 3.44M |
| Depreciation & Amortization | 5.87M | 5.68M | 5.26M | 4.67M | 4.82M | 4.16M | 3.16M | 1.59M | 1.17M | 1.18M | 1.3M | 1.19M | 810K | 848K | 773K |
| Deferred Taxes | -2.5M | 1.2M | -962K | -2.05M | -1.37M | 586K | -58K | 336K | -402K | 3.13M | 953K | -74K | 0 | 0 | 0 |
| Other Non-Cash Items | -10.64M | 93K | 2.96M | -3.49M | 5.2M | -4.49M | 5.53M | -863K | 2.67M | 827K | 229K | -154K | -415K | 325K | 5M |
| Working Capital Changes | 1.32M | -8.57M | -13.96M | 18.26M | 2.98M | 1.19M | -11.74M | -1.51M | 732K | -1.96M | 102K | -1.71M | 1.98M | 1.76M | 289K |
| Cash from Investing | -99.53M | -281.53M | -294.91M | -521.14M | -700.52M | -675.35M | -475.3M | -192.29M | -170.32M | -153.44M | -33.34M | -14.12M | 15.97M | -11.87M | -40.55M |
| Purchase of Investments | -733.28M | -702.18M | -109.18M | -146.61M | -125.48M | -532.5M | -234.25M | -30.25M | -17.28M | -11.03M | -46.8M | -62.02M | 0 | 0 | 0 |
| Sale/Maturity of Investments | 754.84M | 637.29M | 110.3M | 167.26M | 144.3M | 128.93M | 149.25M | 66.09M | 48.26M | 27.7M | 54.5M | 30.82M | 0 | 0 | 0 |
| Net Investment Activity | 21.56M | -64.89M | 1.12M | 20.65M | 18.82M | -403.57M | -85M | 35.84M | 30.98M | 16.66M | 7.7M | -31.21M | 0 | 0 | 0 |
| Acquisitions | 7.97M | -43.08M | 96.82M | -14.51M | 163.46M | -20.98M | 106M | -17.45M | -9.15M | 0 | 0 | 87.38M | 0 | 0 | 0 |
| Other Investing | -125.83M | -173.49M | -391.29M | -515.63M | -875.02M | -246.83M | -493.32M | -206.72M | -191.23M | -169.6M | -39.65M | -69.33M | 16.19M | -11.54M | -39.08M |
| Cash from Financing | 286.4M | 281.52M | 326.5M | 502.08M | 715.31M | 538.15M | 505.72M | 161.17M | 139.52M | 210.89M | 26.45M | 25.62M | -6.92M | 2.97M | 24.76M |
| Dividends Paid | -23.04M | -22.25M | -20.26M | -18.06M | -12.17M | -9.44M | -7.52M | -5.05M | -3.28M | -1.79M | -1.06M | 0 | 0 | 0 | 0 |
| Share Repurchases | -6.48M | -3.73M | -31K | 0 | 0 | -10.92M | -5.8M | -2.55M | 0 | -33K | -863K | -2.81M | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 48.49M | 3.56M | 3.36M | 823K | 27.65M | 62.45M | 0 | 0 | 0 | 0 | 45K |
| Net Stock Activity | -6.48M | -3.73M | -31K | 0 | 48.49M | -7.36M | -2.44M | -1.73M | 27.65M | 62.42M | -863K | -2.81M | 0 | 0 | 45K |
| Debt Issuance (Net) | 0 | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -487K | -1000K | 0 | -1000K | 0 |
| Other Financing | 383.66M | 238.54M | 524.31M | 427.94M | 279.87M | 474.43M | 605.3M | 129.96M | 118.71M | 121.96M | 28.86M | 31.93M | -6.92M | 27.97M | 24.71M |
| Net Change in Cash | 276.92M | 92.08M | 92.99M | 73.37M | 84.36M | -80.76M | 59.76M | -6.7M | -11.52M | 65.42M | 1.26M | 14.9M | 15.94M | -686K | -6.58M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 411.18M | 319.1M | 226.11M | 152.74M | 68.38M | 149.13M | 89.37M | 96.07M | 107.59M | 42.17M | 40.91M | 26.02M | 10.07M | 10.76M | 17.34M |
| Cash at End | 589.8M | 411.18M | 319.1M | 226.11M | 152.74M | 68.38M | 149.13M | 89.37M | 96.07M | 107.59M | 42.17M | 40.91M | 26.02M | 10.07M | 10.76M |
| Interest Paid | 193.1M | 193.65M | 196.25M | 125.45M | 35.8M | 17.7M | 21.14M | 23.11M | 13.48M | 7.26M | 5.47M | 4.28M | 0 | 0 | 0 |
| Income Taxes Paid | 24.07M | 24.07M | 17.35M | 16.09M | 13.55M | 15.71M | 5.47M | 5.6M | 3.34M | 1.8M | 1.02M | 2.51M | 0 | 0 | 0 |
| Free Cash Flow | 86.83M | 92.08M | 59.84M | 80.78M | 61.8M | 52.47M | 26.37M | 20.46M | 18.36M | 7.46M | 6.76M | 2.44M | 6.67M | 7.89M | 7.75M |
| FCF Growth % | 8.36% | 53.88% | -25.92% | 30.72% | 17.77% | 98.99% | 28.89% | 11.45% | 145.97% | 10.4% | 177.5% | -63.5% | -15.41% | 1.85% | - |
CRE concentration and provisioning
According to recent quarterly filings, BFST has consistently generated positive net income, reaching $23.6 million in 2026Q1, which provides a stable foundation for capital retention and supports the bank's ongoing strategic expansion into the competitive Texas commercial banking market while maintaining a disciplined dividend payout ratio.
The bank's ability to generate consistent net income suggests that internal capital formation remains sufficient to fund organic loan growth without immediate reliance on external equity markets. Investors should monitor whether the current pace of earnings retention remains adequate to support the capital requirements of the bank's specialized factoring and correspondent banking units as they scale.
As reported in financial statements, BFST exhibited significant activity in its investment securities portfolio during 2025Q4, with $543.5 million in purchases offset by $538.8 million in sales, indicating an active approach to managing duration and liquidity in response to shifting interest rate expectations across the Gulf South.
This high level of turnover in the investment portfolio suggests that management is actively repositioning the balance sheet to optimize yield while maintaining sufficient liquidity. The volatility in these flows warrants further investigation into whether the bank is attempting to mitigate interest rate risk or simply harvesting gains to bolster short-term earnings.
Based on BFST's reported figures, the bank has maintained a consistent dividend payout, with $6.2 million distributed in 2026Q1, while share buybacks remain opportunistic and limited, totaling only $2.8 million in the same period, reflecting a management preference for prioritizing capital preservation over aggressive shareholder distributions.
The modest level of share repurchases suggests that management is prioritizing the retention of capital to fuel its geographic expansion strategy rather than returning excess cash to shareholders. This conservative stance appears prudent given the inherent risks associated with the bank's concentration in commercial real estate and the competitive pressures of the Texas market.
As indicated by the bank's cash flow data, the provision for credit losses has fluctuated significantly, ranging from a peak of $6.7 million in 2024Q4 to zero in 2025Q4, which complicates the assessment of underlying credit quality and the true cash impact of potential loan defaults.
The lack of consistent provisioning suggests that management's forward-looking economic assumptions under CECL are driving significant earnings volatility rather than actual realized losses. Investors should monitor whether these swings in provisions reflect genuine changes in the risk profile of the loan book or merely adjustments to management's macroeconomic outlook.
Quick answers to the most common questions about buying BFST stock.
Business First Bancshares, Inc. (BFST) generated $92.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Business First Bancshares, Inc. (BFST) generated $92.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Business First Bancshares, Inc. (BFST) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Business First Bancshares, Inc. (BFST) returned $22.2M to shareholders via cash dividends and spent $3.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.