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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 March 31, 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 April 29, 2022, the issuer has outstanding 22,564,607 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 March 31, 2022 (Unaudited) and December 31, 2021

4
     
 

Unaudited Consolidated Statements of Income for the three months ended March 31, 2022 and 2021

5
     
 

Unaudited Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2022 and 2021

6
     
 

Unaudited Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2022 and 2021

7
     
 

Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021

8
     
 

Notes to Unaudited Consolidated Financial Statements

10
     

Item 2.

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

33
     

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

59
     

Item 4.

Controls and Procedures

59
   

PART II - OTHER INFORMATION

60
     

Item 1.

Legal Proceedings

60
     

Item 1A.

Risk Factors

60
     

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

60
     

Item 3.

Defaults Upon Senior Securities

60
     

Item 4.

Mine Safety Disclosures

60
     

Item 5.

Other Information

60
     

Item 6.

Exhibits

61
   

Signatures

62

 

 

 

PART I FINANCIAL INFORMATION

 

Item 1.

Financial Statements

 

BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share data)

 

  

March 31, 2022

  

December 31,

 
  

(Unaudited)

  

2021

 
ASSETS 

Cash and Due from Banks

 $282,074  $68,375 

Federal Funds Sold

  67,822   227,044 

Securities Available for Sale, at Fair Values

  961,358   1,021,061 

Mortgage Loans Held for Sale

  1,354   1,200 

Loans Held for Sale

  13,559   - 

Loans and Lease Receivable, Net of Allowance for Loan Losses of $29,245 at March 31, 2022 and $29,112 at December 31, 2021

  3,719,253   3,160,496 

Premises and Equipment, Net

  63,003   58,155 

Accrued Interest Receivable

  20,146   19,597 

Other Equity Securities

  23,034   16,619 

Other Real Estate Owned

  1,369   1,427 

Cash Value of Life Insurance

  72,896   60,380 

Deferred Taxes

  23,040   8,822 

Goodwill

  89,911   59,894 

Core Deposit and Customer Intangible

  15,617   12,203 

Other Assets

  7,799   11,105 

Total Assets

 $5,362,235  $4,726,378 
         

LIABILITIES

 

Deposits:

        

Noninterest Bearing

 $1,544,197  $1,291,036 

Interest Bearing

  3,113,541   2,786,247 

Total Deposits

  4,657,738   4,077,283 

Securities Sold Under Agreements to Repurchase

  23,345   19,121 

Short Term Borrowings

  20   20 

Federal Home Loan Bank Borrowings

  79,957   82,022 

Subordinated Debt

  111,209   81,427 

Subordinated Debt - Trust Preferred Securities

  5,000   5,000 

Accrued Interest Payable

  895   1,354 

Other Liabilities

  27,234   26,783 

Total Liabilities

  4,905,398   4,293,010 
         

Commitments and Contingencies (See Note 9)

          
         

SHAREHOLDERS' EQUITY

 

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

  -   - 

Common Stock, $1 Par Value; 50,000,000 Shares Authorized; 22,564,607 and 20,400,349 Shares Issued and Outstanding at March 31, 2022 and December 31, 2021, respectively

  22,565   20,400 

Additional Paid-in Capital

  345,858   292,271 

Retained Earnings

  128,168   121,874 

Accumulated Other Comprehensive Income (Loss)

  (39,754)  (1,177)

Total Shareholders' Equity

  456,837   433,368 

Total Liabilities and Shareholders' Equity

 $5,362,235  $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 March 31,

 
   

2022

   

2021

 

Interest Income:

               

Interest and Fees on Loans

  $ 40,183     $ 41,419  

Interest and Dividends on Non-taxable Securities

    1,044       1,045  

Interest and Dividends on Taxable Securities

    2,800       1,757  

Interest on Federal Funds Sold and Due From Banks

    95       41  

Total Interest Income

    44,122       44,262  

Interest Expense:

               

Interest on Deposits

    2,263       3,243  

Interest on Borrowings

    1,384       718  

Total Interest Expense

    3,647       3,961  

Net Interest Income

    40,475       40,301  

Provision for Loan Losses

    1,617       3,359  

Net Interest Income after Provision for Loan Losses

    38,858       36,942  

Other Income:

               

Service Charges on Deposit Accounts

    1,805       1,567  

Loss on Sales of Securities

    (31 )     (5 )

Gain (Loss) on Sales of Loans

    65       (21 )

Other Income

    4,057       3,307  

Total Other Income

    5,896       4,848  

Other Expenses:

               

Salaries and Employee Benefits

    19,703       14,926  

Occupancy and Equipment Expense

    4,413       3,717  

Other Expenses

    9,604       8,085  

Total Other Expenses

    33,720       26,728  

Income Before Income Taxes

    11,034       15,062  

Provision for Income Taxes

    2,303       2,733  

Net Income

  $ 8,731     $ 12,329  

Earnings Per Share:

               

Basic

  $ 0.42     $ 0.60  

Diluted

  $ 0.41     $ 0.59  

 

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 March 31,

 
   

2022

   

2021

 

Consolidated Net Income

  $ 8,731     $ 12,329  
                 

Other Comprehensive Income (Loss):

               

Unrealized Loss on Investment Securities

    (48,985 )     (7,138 )

Unrealized Gain (Loss) on Share of Other Equity Investments

    (25 )     1,493  

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

    31       5  

Income Tax Effect

    10,402       1,185  

Other Comprehensive Income (Loss)

    (38,577 )     (4,455 )

Consolidated Comprehensive Income (Loss)

  $ (29,846 )   $ 7,874  

 

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 MARCH 31, 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

  -   -   12,329   -   12,329 

Other Comprehensive Income (Loss)

  -   -   -   (4,455)  (4,455)

Cash Dividends Declared, $0.10 Per Share

  -   -   (2,062)  -   (2,062)

Stock Issuance

  115   1,317   -   -   1,432 

Surrendered Shares of Options Exercised

  (15)  (323)  -   -   (338)

Stock Based Compensation Cost

  116   379   -   -   495 

Stock Repurchase

  (32)  (631)  -   -   (663)

Balances at March 31, 2021

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

Balances at December 31, 2021

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

Comprehensive Income:

                    

Net Income

  -   -   8,731   -   8,731 

Other Comprehensive Income (Loss)

  -   -   -   (38,577)  (38,577)

Cash Dividends Declared, $0.12 Per Share

  -   -   (2,437)  -   (2,437)

Stock Issuance

  2,070   52,925   -   -   54,995 

Stock Based Compensation Cost

  95   662   -   -   757 

Balances at March 31, 2022

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

 

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 Three Months Ended March 31,

 
   

2022

   

2021

 

Cash Flows From Operating Activities:

               

Consolidated Net Income

  $ 8,731     $ 12,329  

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

               

Provision for Loan Losses

    1,617       3,359  

Depreciation and Amortization

    1,110       1,030  

Net Accretion of Purchase Accounting Adjustments

    (552 )     (3,021 )

Stock Based Compensation Cost

    757       495  

Net Amortization of Securities

    1,703       1,778  

Loss on Sales of Securities

    31       5  

(Gain) Loss on Sale of Loans

    (65 )     21  

Income on Other Equity Securities

    (12 )     (66 )

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

    (8 )     165  

Increase in Cash Value of Life Insurance

    (370 )     (318 )

Deferred Income Tax Expense (Benefit)

    (345 )     1,507  

Changes in Assets and Liabilities:

               

(Increase) Decrease in Accrued Interest Receivable

    2,054       (2,015 )

(Increase) Decrease in Other Assets

    5,587       (622 )

Decrease in Accrued Interest Payable

    (678 )     (558 )

Increase (Decrease) in Other Liabilities

    (98 )     3,969  

Net Cash Provided by Operating Activities

    19,462       18,058  
                 

Cash Flows From Investing Activities:

               

Purchases of Securities Available for Sale

    (46,314 )     (122,981 )

Proceeds from Maturities / Sales of Securities Available for Sale

    26,351       11,023  

Proceeds from Paydowns of Securities Available for Sale

    29,348       22,423  

Net Cash Received in Acquisition

    163,460       -  

Purchases of Other Equity Securities

    (386 )     (85 )

Redemption of Other Equity Securities

    35       1,753  

Purchase from Purchase of Life Insurance

    -       (15,000 )

Net Increase in Loans

    (236,533 )     (49,969 )

Net Purchases of Premises and Equipment

    (3,899 )     (368 )

Loss on Disposal of Premises and Equipment

    717       -  

Proceeds from Sales of Other Real Estate

    196       983  

Net Decrease in Federal Funds Sold

    159,222       68,557  

Net Cash Provided by (Used in) Investing Activities

    92,197       (83,664 )

 

(CONTINUED)

 

 

   

For The Three Months Ended March 31,

 
   

2022

   

2021

 

Cash Flows From Financing Activities:

               

Net Increase in Deposits

    103,241       242,269  

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

    4,224       (406 )

Net Repayments on Federal Home Loan Bank Borrowings

    (2,940 )     (10,000 )

Net Repayments from Short Term Borrowings

    -       (5,000 )

Net Repayments from Long Term Borrowings

    -       (6,000 )

Proceeds from Issuance of Subordinated Debt

    -       52,500  

Net Proceeds (Expense) from Issuance of Common Stock

    (48 )     1,432  

Surrendered Shares of Options Exercised

    -       (338 )

Repurchase of Common Stock

    -       (663 )

Payment of Dividends on Common Stock

    (2,437 )     (2,062 )

Net Cash Provided by Financing Activities

    102,040       271,732  

Net Increase (Decrease) in Cash and Cash Equivalents

    213,699       206,126  

Cash and Cash Equivalents at Beginning of Period

    68,375       149,131  

Cash and Cash Equivalents at End of Period

  $ 282,074     $ 355,257  
                 

Supplemental Disclosures for Cash Flow Information:

               

Cash Payments for:

               

Interest on Deposits

  $ 2,771     $ 3,736  

Interest on Borrowings

  $ 1,335     $ 783  

Income Tax Payments

  $ 12     $ -  
                 

Supplemental Schedule for Noncash Investing and Financing Activities:

               

Change in the Unrealized Loss on Securities Available for Sale

  $ (48,954 )   $ (7,133 )

Change in the Unrealized Gain (Loss) on Equity Securities

  $ (25 )   $ 1,493  

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

  $ 10,402     $ 1,185  

Transfer of Loans to Other Real Estate

  $ 130     $ 948  

Acquisitions:

               

Fair Value of Tangible Assets Acquired

  $ 530,353     $ -  

Other Intangible Assets Acquired

    3,875       -  

Liabilities Assumed

    509,202       -  

Net Identifiable Assets Acquired Over Liabilities Assumed

  $ 25,026     $ -  

 

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.

 

10

 

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

  336,699 

Premises and Equipment, Net

  2,776 

Cash Value of Life Insurance

  12,146 

Core Deposit Intangible

  3,875 

Other Assets

  14,902 

Total Assets

  534,228 
     

Deposits

  477,256 

Borrowings

  30,708 

Other Liabilities

  1,238 

Total Liabilities

  509,202 

Net Assets Acquired

  25,026 

Goodwill Resulting from Merger

 $30,017 

 

The Company has recorded approximately $811,000 and $515,000 of acquisition-related costs within merger and conversion-related expenses and salaries and benefits for the three months ended March 31, 2022 and year ended December 31, 2021.

 

11

 

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.

 

12

 

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 March 31,

 
   

2022

   

2021

 
   

(Dollars in thousands, except per share data)

 

Numerator:

               

Net Income Available to Common Shares

  $ 8,731     $ 12,329  

Denominator:

               

Weighted Average Common Shares Outstanding

    21,019,716       20,621,930  

Dilutive Effect of Stock Options and RSAs

    142,766       116,083  

Weighted Average Dilutive Common Shares

    21,162,482       20,738,013  
                 

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

  $ 0.42     $ 0.60  
                 

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

  $ 0.41     $ 0.59  

 

13

 

 

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 March 31, 2022 and December 31, 2021 are summarized as follows:

 

  

March 31, 2022

 
  

(Dollars in thousands)

 
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

 

U.S. Treasury Securities

 $32,862  $-  $1,609  $31,253 

U.S. Government Agencies

  25,339   -   1,466   23,873 

Corporate Securities

  45,361   358   748   44,971 

Mortgage-Backed Securities

  553,826   390   30,003   524,213 

Municipal Securities

  354,306   225   17,483   337,048 

Total Securities Available for Sale

 $1,011,694  $973  $51,309  $961,358 

 

  

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 

 

14

 

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 March 31, 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.

 

  

March 31, 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

 $31,253  $1,609  $-  $-  $31,253  $1,609 

U.S. Government Agencies

  23,873   1,466   -   -   23,873   1,466 

Corporate Securities

  14,425   748   -   -   14,425   748 

Mortgage-Backed Securities

  399,653   23,244   80,595   6,759   480,248   30,003 

Municipal Securities

  227,562   13,747   44,963   3,736   272,525   17,483 

Total Securities Available for Sale

 $696,766  $40,814  $125,558  $10,495  $822,324  $51,309 

 

  

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.

 

15

 

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 March 31, 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

 $21,800  $21,805 

One to Five Years

  199,566   192,684 

Over Five to Ten Years

  413,793   395,399 

Over Ten Years

  376,535   351,470 

Total Securities Available for Sale

 $1,011,694  $961,358 

 

 

 

Note 6 Loans and the Allowance for Loan Losses

 

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

 

  

March 31,

  

December 31,

 
  

2022

  

2021

 
  

(Dollars in thousands)

 

Real estate loans:

        

Construction and land

 $581,661  $548,528 

Farmland

  149,270   87,463 

1-4 family residential

  485,067   467,699 

Multi-family residential

  109,773   97,508 

Nonfarm nonresidential

  1,481,046   1,144,426 

Commercial

  817,093   721,385 

Consumer and other

  124,588   122,599 

Total loans held for investment

  3,748,498   3,189,608 
         

Less:

        

Allowance for loan losses

  (29,245)  (29,112)

Net loans

 $3,719,253  $3,160,496 

 

As of March 31, 2022 and December 31, 2021, $6.0 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.

 

16

 

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 March 31, 2022 and December 31, 2021.

 

Net deferred loan origination fees were $9.2 million and $7.7 million at March 31, 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 March 31, 2022 and December 31, 2021, overdrafts of $755,000 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 $558.7 million and $461.8 million at March 31, 2022 and December 31, 2021, respectively. The Company had servicing rights of $1.8 million and $1.4 million recorded as of March 31, 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 portfolio segments which is defined as the level at which the Bank develops and documents a systematic method for determining its allowance for loan losses. The portfolio segments are segregated based on loan types and the underlying risk factors present in each loan type. Such risk factors are periodically reviewed by management and revised as deemed appropriate.

 

Loans acquired in business combinations are initially recorded at fair value, which includes an estimate of credit losses expected to be realized over the remaining lives of the loans and, therefore, no corresponding allowance for loan losses is recorded for these loans at acquisition. Methods utilized to estimate any subsequently required allowance for loan losses for acquired loans not deemed credit-impaired at acquisition are similar to originated loans; however, the estimate of loss is based on the unpaid principal balance and then compared to any remaining net unaccreted purchase discount. To the extent the calculated loss is greater than the remaining net unaccreted discount, an allowance is recorded for such difference. For purchased impaired credits, cash flow re-estimations are performed at least quarterly for each acquired impaired loan or loan pool.  Increases in estimated cash flows above those expected at the time of acquisition are recognized on a prospective basis as interest income over the remaining life of the loan and/or pool. Decreases in expected cash flows subsequent to acquisition generally result in recognition of a provision for credit loss.

 

17

 

BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

 

Total loans held for investment at March 31, 2022 includes $657.5 million of loans acquired in acquisitions that were recorded at fair value as of the acquisition date. Included in the acquired balances at March 31, 2022 were acquired impaired loans accounted for under the Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310-30”) with a net carrying amount of $65.7 million and acquired performing loans not accounted for under ASC 310-30 totaling $596.6 million with a remaining purchase discount of $4.8 million.

 

Total loans held for investment at December 31, 2021 includes $379.0 million of loans acquired in acquisitions that were recorded at fair value as of the acquisition date. Included in the acquired balances at December 31, 2021 were acquired impaired loans accounted for under ASC 310-30 with a net carrying amount of $51.2 million and acquired performing loans not accounted for under ASC 310-30 totaling $331.3 million with a remaining purchase discount of $3.5 million.

 

The following tables set forth, as of March 31, 2022 and December 31, 2021, the balance of the allowance for loan losses by portfolio segment, disaggregated by impairment methodology, which is then further segregated by amounts evaluated for impairment collectively and individually. The allowance for loan losses allocated to each portfolio segment is not necessarily indicative of future losses in any particular portfolio segment and does not restrict the use of the allowance to absorb losses in other portfolio segments.

 

Allowance for Credit Losses and Recorded Investment in Loans Receivable

 

  

March 31, 2022

 
  

(Dollars in thousands)

 
  

Real Estate:

      

Real Estate:

  

Real Estate:

  

Real Estate:

             
  

Construction

  

Real Estate:

  

1-4 Family

  

Multi-family

  

Nonfarm

      

Consumer

     
  

and Land

  

Farmland

  

Residential

  

Residential

  

Nonresidential

  

Commercial

  

and Other

  

Total

 

Allowance for credit losses:

                                

Beginning Balance

 $4,498  $721  $3,791  $774  $9,794  $8,358  $1,176  $29,112 

Charge-offs

  (6)  -   (3)  -   -   (1,496)  (163)  (1,668)

Recoveries

  1   -   1   -   3   125   54   184 

Provision

  (15)  477   37   42   785   239   52   1,617 

Ending Balance

 $4,478  $1,198  $3,826  $816  $10,582  $7,226  $1,119  $29,245 

Ending Balance:

                                

Individually evaluated for impairment

 $32  $-  $98  $-  $104  $147  $5  $386 

Collectively evaluated for impairment

 $4,446  $1,198  $3,728  $816  $10,478  $7,079  $1,114  $28,859 

Purchased Credit Impaired

 $-  $-  $-  $-  $-  $-  $-  $- 

Loans receivable:

                                

Ending Balance

 $581,661  $149,270  $485,067  $109,773  $1,481,046  $817,093  $124,588  $3,748,498 

Ending Balance:

                                

Individually evaluated for impairment

 $1,195  $147  $3,523  $-  $2,998  $3,248  $175  $11,286 

Collectively evaluated for impairment

 $579,540  $149,120  $462,650  $109,773  $1,441,331  $805,597  $123,479  $3,671,490 

Purchased Credit Impaired

 $926  $3  $18,894  $-  $36,717  $8,248  $934  $65,722 

 

18

 

BUSINESS FIRST BANCSHARES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

  

December 31, 2021

 
  

(Dollars in thousands)

 
  

Real Estate:

      

Real Estate:

  

Real Estate:

  

Real Estate:

             
  

Construction

  

Real Estate:

  

1-4 Family

  

Multi-family

  

Nonfarm

      

Consumer

     
  

and Land

  

Farmland

  

Residential

  

Residential

  

Nonresidential

  

Commercial

  

and Other

  

Total

 

Allowance for credit losses:

                                

Beginning balance

 $3,584  $600  $3,453  $818  $7,369  $5,018  $1,182  $22,024 

Charge-offs

  (28)  (1)  (169)  -   (139)  (830)  (469)  (1,636)

Recoveries

  1   2   39   -   99   417   119   677 

Provision

  941   120   468   (44)  2,465   3,753   344   8,047 

Ending Balance

 $