Business First Bancshares, Inc., the parent company of b1BANK, reported unaudited financial results for the fourth quarter of 2024 and the fiscal year ending December 31, 2024, on January 23, 2025.

For the fourth quarter of 2024, net income was $15.1 million, or $0.51 per diluted common share, which represents decreases of $1.4 million and $0.14 per share compared to the previous quarter. Core net income, excluding certain items, was $19.5 million, or $0.66 per diluted common share, reflecting an increase of $2.2 million from the prior quarter. The quarter included the completion of the Oakwood Bancshares, Inc. acquisition, which contributed $700.2 million in loans and $741.3 million in deposits to the company.

Net interest income for the quarter was $65.7 million, with a net interest margin of 3.61%, an improvement from 3.51% in the previous quarter. Deposits increased by $870.4 million, including $156.8 million of organic growth, while loans held for investment rose by $761.3 million, with $62.8 million from organic growth.

For the fiscal year 2024, net income was $59.7 million, or $2.26 per diluted common share, representing a decline of $5.9 million and $0.34 per share compared to 2023. Core net income was $65.7 million, or $2.49 per diluted common share, reflecting a slight decrease from the prior year. Organic loan growth for the year was $291 million, led by the commercial and industrial portfolio. Deposits grew organically by $548.9 million, or 10.46%, during the year. The core efficiency ratio improved to 64.47% compared to 61.93% in 2023.

Credit quality improved during the quarter, with nonperforming loans as a percentage of total loans decreasing to 0.42% from 0.50% in the previous quarter. The allowance for loan losses increased to $54.8 million, reflecting strong provisioning and credit quality improvements.

The board of directors declared a quarterly preferred dividend of $18.75 per share and a quarterly common dividend of $0.14 per share, both payable on February 28, 2025, to shareholders of record as of February 15, 2025.

Jude Melville, CEO of Business First Bancshares, highlighted the company’s strong fundamentals, diversification of revenue, and successful integration of Oakwood, expressing optimism for continued growth in 2025.