Business First Bancshares Q1 Income Rises, Closes $773.8M Progressive Acquisition
Business First reported Q1 net income of $22.2 million ($0.68 per share), up $1.2 million sequentially, and core net income of $24.0 million ($0.73 per share). The bank closed its Progressive Bancorp acquisition adding $773.8 million in assets and nine new branches, and repurchased $2.7 million of shares.
1. Q1 Financial Results
Business First reported net income available to common shareholders of $22.2 million, or $0.68 per diluted share, representing a $1.2 million increase and a $0.03 EPS decrease sequentially. On a non-GAAP basis, core net income reached $24.0 million, or $0.73 per share, up $0.5 million from the linked quarter.
2. Progressive Acquisition Details
On January 1, 2026, the bank completed its acquisition of Progressive Bancorp, Inc., which added $773.8 million of total assets, $589.7 million of net loans and $684.9 million of deposits. The deal expanded b1BANK with nine new banking centers in North Louisiana, though material synergies are expected post-conversion in Q3.
3. Capital & Shareholder Returns
The board declared a preferred dividend of $18.75 per share and a common dividend of $0.15 per share payable May 29, 2026. As part of its repurchase program, the company bought back 99,105 shares for $2.7 million at an average price of $27.75, boosting common equity to total assets to 10.32%.
4. Technology and Staffing Initiatives
Business First partnered with Covecta to deploy agentic AI across core deposit and loan processes, aiming to reduce manual effort and improve customer engagement. The bank also hired a new Houston regional president and head of private banking, adding four producers and three support staff to its Texas team.