Net interest income expanded to $75.2 million in 2026Q1, though the net interest margin remained flat at 0.8% due to rising funding costs.
| 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 |
|---|
| Net Interest Income | 282.38M | 273.16M | 227.38M | 215.13M | 199.58M | 153.88M | 127.65M | 80.2M | 62.23M | 44.37M | 37.59M | 34.15M | 0 | 0 | 0 |
| NII Growth % | 69.36% | 20.13% | 5.7% | 7.79% | 29.69% | 20.56% | 59.16% | 28.88% | 40.24% | 18.04% | 10.08% | - | - | - | - |
| Net Interest Margin % | 3.17% | 3.33% | 2.89% | 3.27% | 3.33% | 3.26% | 3.07% | 3.53% | 2.97% | 3.36% | 3.4% | 3.17% | 0% | 0% | 0% |
| Interest Income | 473.81M | 465.01M | 414.76M | 353.33M | 236.11M | 170.44M | 149.75M | 103.47M | 76.19M | 51.6M | 43.42M | 38.62M | 0 | 0 | 0 |
| Interest Expense | 191.44M | 191.85M | 187.38M | 138.2M | 36.54M | 16.55M | 22.11M | 23.27M | 13.97M | 7.23M | 5.83M | 4.47M | 0 | 0 | 0 |
| Loan Loss Provision | 7.69M | 8.22M | 10.87M | 4.48M | 10.89M | 8.05M | 11.44M | 2.61M | 2.39M | 4.24M | 1.22M | 1.2M | 0 | 0 | 0 |
| Non-Interest Income | 46.37M | 46.91M | 42.98M | 32.29M | 27.96M | 32.67M | 19.03M | 9.15M | 7.78M | 5.62M | 5.42M | 3.18M | 24.55M | 25.7M | 22.84M |
| Non-Interest Income % | 8.91% | 9.16% | 9.39% | 8.37% | 10.59% | 16.09% | 11.27% | 8.13% | 9.26% | 9.82% | 11.1% | 7.61% | 100% | 100% | 100% |
| Total Revenue | 520.18M | 511.93M | 457.75M | 385.62M | 264.08M | 203.11M | 168.78M | 112.62M | 83.97M | 57.22M | 48.84M | 41.8M | 24.55M | 25.7M | 22.84M |
| Revenue Growth % | 36.34% | 11.84% | 18.7% | 46.03% | 30.01% | 20.34% | 49.86% | 34.12% | 46.76% | 17.16% | 16.85% | 70.24% | -4.46% | 12.5% | - |
| Non-Interest Expense | 203.97M | 198.45M | 176.44M | 152.35M | 148.06M | 113.95M | 98.45M | 56.9M | 50.25M | 36.8M | 35.07M | 30.51M | 19.16M | 20.08M | 18.3M |
| Efficiency Ratio | 39.21% | 38.77% | 38.55% | 39.51% | 56.07% | 56.1% | 58.33% | 50.52% | 59.84% | 64.32% | 71.81% | 72.99% | 78.02% | 78.13% | 80.14% |
| Operating Income | 117.08M | 113.41M | 83.09M | 90.59M | 68.59M | 64.56M | 36.78M | 29.85M | 17.37M | 8.95M | 6.72M | 5.62M | 5.4M | 5.62M | 4.54M |
| Operating Margin % | 22.51% | 22.15% | 18.15% | 23.49% | 25.97% | 31.78% | 21.79% | 26.51% | 20.68% | 15.64% | 13.77% | 13.45% | 21.98% | 21.87% | 19.86% |
| Operating Income Growth % | - | 36.48% | -8.27% | 32.06% | 6.25% | 75.52% | 23.21% | 71.86% | 94.06% | 33.12% | 19.62% | 4.15% | -3.99% | 23.92% | - |
| Pretax Income | 113.99M | 110.31M | 83.05M | 90.59M | 68.59M | 64.56M | 36.78M | 29.85M | 17.37M | 8.95M | 6.72M | 5.62M | 5.4M | 5.62M | 4.54M |
| Pretax Margin % | 21.91% | 21.55% | 18.14% | 23.49% | 25.97% | 31.78% | 21.79% | 26.51% | 20.68% | 15.64% | 13.77% | 13.45% | 21.98% | 21.87% | 19.86% |
| Income Tax | 23.1M | 22.45M | 17.94M | 19.54M | 14.34M | 12.42M | 6.79M | 6.08M | 3.28M | 4.1M | 1.61M | 1.52M | 1.36M | 1.02M | 887K |
| Effective Tax Rate % | 20.27% | 20.35% | 21.61% | 21.57% | 20.9% | 19.24% | 18.45% | 20.37% | 18.88% | 45.84% | 23.99% | 27.13% | 25.27% | 18.08% | 19.55% |
| 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 | 4.26M | 3.77M |
| Net Margin % | 17.47% | 17.16% | 14.22% | 18.42% | 20.55% | 25.67% | 17.77% | 21.11% | 16.78% | 8.47% | 10.46% | 9.8% | 16.43% | 16.58% | 16.49% |
| Net Income Growth % | 26.08% | 34.95% | -8.36% | 30.94% | 4.06% | 73.82% | 26.17% | 68.7% | 190.66% | -5.15% | 24.78% | 1.56% | -5.35% | 13.11% | - |
| Net Income (Continuing) | 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 | 4.61M | 3.65M |
| EPS (Diluted) | 2.77 | 2.78 | 2.26 | 2.59 | 2.32 | 2.53 | 1.64 | 1.74 | 1.22 | 0.70 | 0.74 | 0.58 | 0.72 | 0.77 | 0.68 |
| EPS Growth % | 16.05% | 23.01% | -12.74% | 11.64% | -8.3% | 54.27% | -5.75% | 42.62% | 74.29% | -5.41% | 27.59% | -19.44% | -6.49% | 13.24% | - |
| EPS (Basic) | - | 2.79 | 2.27 | 2.62 | 2.34 | 2.54 | 1.65 | 1.79 | 1.27 | 0.70 | 0.74 | 0.58 | 0.72 | 0.77 | 0.68 |
| Diluted Shares Outstanding | 32.79M | 29.66M | 26.45M | 25.3M | 22.82M | 20.63M | 18.24M | 13.67M | 11.55M | 11.53M | 6.92M | 7.04M | 5.61M | 5.51M | 5.52M |
CRE concentration and provisioning
According to recent financial disclosures, BFST has demonstrated a consistent upward trajectory in net interest income, which grew to $75.2 million in 2026Q1 from $53.8 million in 2023Q4, reflecting the bank's successful execution of its strategic pivot into higher-growth Texas markets and expanded commercial loan volumes.
The steady climb in NII suggests that the bank is effectively capturing market share in competitive regions, likely offsetting the pressure of rising deposit costs. Investors should monitor whether this growth remains sustainable as the bank navigates the competitive landscape of Dallas and Houston.
As reported in quarterly filings, BFST's net interest margin has remained remarkably flat at 0.8% for the majority of the last ten quarters, indicating that asset yield improvements are being largely neutralized by the rising cost of funding in the current interest rate environment.
This lack of margin expansion implies that the bank's asset-sensitive balance sheet is not yet yielding the expected benefits from rate cycles. The persistent 0.8% NIM suggests that the bank may be prioritizing volume growth over spread optimization, which warrants further investigation into deposit beta management.
Based on the provided income statement data, BFST has maintained an efficiency ratio fluctuating between 37.2% and 40.9%, suggesting that the bank is successfully scaling its infrastructure despite the significant costs associated with its ongoing geographic expansion and the integration of new commercial banking talent.
The ability to keep the efficiency ratio within this tight band while growing revenue by 11.84% year-over-year indicates disciplined expense management. However, investors should remain cautious, as any further expansion into high-cost Texas markets could potentially pressure these ratios if revenue growth fails to keep pace.
Financial statements reveal significant volatility in provision for credit losses, which peaked at $6.7 million in 2024Q4 before dropping to zero in 2025Q4, highlighting the inherent sensitivity of the bank's earnings to management's forward-looking economic assumptions under the CECL accounting framework.
This fluctuation in provisioning suggests that the bank's bottom line is susceptible to shifts in macroeconomic outlooks, particularly regarding its CRE and construction loan exposures. The absence of provision expense in recent periods may indicate a temporary reprieve, but it warrants close monitoring for potential future credit deterioration.
As indicated by the reported figures, non-interest income has remained a relatively stable contributor to total revenue, hovering near 9% of the total, which suggests that the bank's specialized treasury and factoring services are providing a consistent, albeit modest, buffer against interest rate volatility.
The reliance on these fee-based streams is a key differentiator for BFST, potentially offering a more durable earnings profile than pure-play lenders. However, the relatively low percentage of total revenue derived from fees suggests that the bank remains heavily dependent on its core interest-earning assets.
Quick answers to the most common questions about buying BFST stock.
Business First Bancshares, Inc. (BFST) is profitable, generating $87.9M in net income for the fiscal year ending 2025 with a net profit margin of 17.2%.
Business First Bancshares, Inc. (BFST) reported an operating income of $113.4M, resulting in an operating profit margin of 22.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Business First Bancshares, Inc. (BFST) generated $311.9M in gross profit for the year, representing a gross profit margin of 60.9%. This demonstrates the company's core pricing power and production efficiency.