• Business First Bancshares, Inc., Announces Financial Results for Fiscal Year 2020 and Q4 2020

    Источник: Nasdaq GlobeNewswire / 25 янв 2021 15:00:01   America/Chicago

    BATON ROUGE, La., Jan. 25, 2021 (GLOBE NEWSWIRE) -- Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, Baton Rouge, Louisiana, today announced its unaudited results for the year ended December 31, 2020, including net income of $30.0 million, or $1.64 per diluted share, an increase of $6.2 million and decrease of $0.10, respectively, from prior year ended December 31, 2019. On a non-GAAP basis, core net income for the year ended December 31, 2020, which excludes certain income and expenses, was $37.5 million, or $2.05 per diluted share, an increase of $12.9 million and an increase of $0.25, respectively, from prior year ended December 31, 2019.

    For the quarter ended December 31, 2020, Business First reported net income of $13.8 million, or $0.67 per diluted share, increases of $8.1 million and $0.25, respectively, from the quarter ended December 31, 2019. On a non-GAAP basis, core net income for the quarter ended December 31, 2020, which excludes certain income and expenses, was $14.1 million, or $0.68 per diluted share, an increase of $8.0 million and an increase of $0.23, respectively, from the quarter ended December 31, 2019.

    “We finished the year right where we set out to last spring, though we never imagined the path we would all take to get here,” said Jude Melville, president and CEO. “b1BANK’s core earnings power reflects our increasing scale and improving efficiency, our asset quality is stable and our balance sheet is as liquid as it’s ever been.  Our people were called upon to process PPP loans, originate and close Main Street Lending Program relationships, and integrate a significant acquisition, all while being tested by COVID-19 and two hurricanes.  Not only did they respond, they responded with confidence and pride. Never before has our team been as proud to be community bankers and never before have I been as proud to be a part of their team.”

    On January 25, 2021, Business First’s board of directors declared a quarterly dividend based upon financial performance for the fourth quarter in the amount of $0.10 per share, same as the prior quarter, to the common shareholders of record as of February 15, 2021. The dividend will be paid on February 28, 2021, or as soon thereafter as practicable.

    Quarterly Highlights

    • Main Street Lending Program. Business First continued to support its clients through the COVID-19 pandemic by electing to participate in the Main Street Lending Program established by the Federal Reserve. Business First was able to originate 45 loans with an aggregate original principal balance of $327.8 million during the third and fourth quarter of 2020, resulting in a gain on sale of $4.2 million related to the transfer of 95% of the principal loan balance, or $311.4 million. As of December 31, 2020, Business First retained $16.4 million of the loan balances with an average balance of $364,000.
    • Stable Credit Quality. Ratios of nonperforming loans compared to loans held for investment and nonperforming assets compared to total assets remained stable from 0.32% and 0.54%, respectively, at September 30, 2020, to 0.35% and 0.48% at December 31, 2020. At December 31, 2019, ratios of nonperforming loans compared to loans held for investment and nonperforming assets compared to total assets were 0.53% and 0.58%, respectively, representing stable credit quality through the year ended December 31, 2020.
    • Net Interest Margin and Spread. Net interest margin and spread increased from 4.06% and 3.81%, respectively, for the quarter ended September 30, 2020, to 4.26% and 4.03% for the quarter ended December 31, 2020. The increases were largely attributable to purchase accounting accretion (loans and deposits/borrowings), the forgiveness of SBA PPP loans, which accelerated recognition of net loan origination fees, and repricing of deposits. Excluding loan discount accretion, non-GAAP net interest margin and spread were 3.99% and 3.75%, respectively, for the quarter ended December 31, 2020, compared to 3.81% and 3.56% for the quarter ended September 30, 2020.
    • Loan Growth. Total loans held for investment at December 31, 2020, were $3.0 billion, a decrease of $91.1 million compared to September 30, 2020. Loans declined (2.96) %, or (11.82) % annualized, for the quarter ended December 31, 2020. The majority of the decline was attributable to the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) loan forgiveness, which consisted of $82.2 million of the net decrease in the loan portfolio. Total loans declined, excluding SBA PPP loan forgiveness, for the quarter ended December 31, 2020 by (0.33) %, or (1.32) % annualized. Organic loan growth, excluding SBA PPP and acquired Pedestal Bank (Pedestal) loans from the May 1, 2020 acquisition, for the year ended December 31, 2020 was 6.29%.
    • Stock Repurchase Program. Business First repurchased 45,800 shares of stock at a weighted average price per share of $17.42 during the quarter ended December 31, 2020, or 104% of tangible book value per share as of December 31, 2020. For the year ended December 31, 2020, Business First repurchased 480,581 shares of stock at a weighted average price per share of $12.06, or 72% of tangible book value per share as of December 31, 2020.

    Financial Condition

    December 31, 2020, Compared to September 30, 2020

    Loans

    Total loans held for investment decreased by $91.1 million compared to September 30, 2020. The decrease was largely attributable to SBA PPP forgiveness within the commercial portfolio of $79.0 million. Loans declined (2.96) %, or (11.82) % annualized, for the quarter ended December 31, 2020. Total loans declined, excluding the reduction from SBA PPP loan forgiveness, for the quarter ended December 31, 2020 by (0.33) %, or (1.32) % annualized. At December 31, 2020, SBA PPP loans with a principal balance of $315.5 million remain outstanding.

    Loan growth contracted for the quarter ended December 31, 2020, due to the significant effort placed into accommodating client requests for the Main Street Lending Program. Business First was able to originate $317.2 million loans of which $301.4 million (95% of the total originated) were sold/participated to the Main Street Lending Program during the quarter ended December 31, 2020.

    Business First’s unfunded commitments remained constant throughout the quarter ended December 31, 2020. Business First has not identified any unusual customer usage of unfunded commitments since the beginning of the COVID-19 pandemic in March 2020.

    Borrowings

    Due to b1BANK’s increased cash position/liquidity (including increased liquidity resulting from SBA PPP forgiveness), Business First elected to extinguish $74.0 million of its higher-rate, longer-term Federal Home Loan Bank (FHLB) borrowings with a weighted average rate of 2.25% during December 2020. Business First will save approximately $1.7 million in interest expense during 2021 due to the extinguishment. Business First incurred a loss on early extinguishment of debt of $2.4 million.

    Credit Quality

    Nonperforming loans as a percentage of total loans held for investment increased from 0.32% as of September 30, 2020, to 0.35% as of December 31, 2020. Nonperforming assets as a percentage of total assets decreased from 0.54% as of September 30, 2020, to 0.48% as of December 31, 2020. The increase in the nonperforming loan ratio was attributable to increases in nonaccrual loans and the decrease in the nonperforming asset ratio was attributable to the sale of other real estate owned properties during the quarter ended December 31, 2020.

    Total Shareholders’ Equity

    Book value per common share was $19.88 at December 31, 2020, compared to $19.26 at September 30, 2020. On a non-GAAP basis, tangible book value per share was $16.80 at December 31, 2020, compared to $16.18 at September 30, 2020.  Business First repurchased 45,800 shares of stock at a weighted average price per share of $17.42 during the quarter ended December 31, 2020.

    December 31, 2020, Compared to December 31, 2019

    Loans

    Total loans held for investment increased by $1.3 billion compared to December 31, 2019, or 74.91%, due primarily to the acquisition of Pedestal and origination of SBA PPP loans. Organic loan growth, excluding SBA PPP and acquired Pedestal loans from the May 1, 2020 acquisition, for the year ended December 31, 2020 was 6.29%1.

    Credit Quality

    Nonperforming loans as a percentage of total loans held for investment decreased from 0.53% as of December 31, 2019, to 0.35% as of December 31, 2020. Nonperforming assets as a percentage of total assets decreased from 0.58% as of December 31, 2019, to 0.48% as of December 31, 2020. The decreases were largely attributable to an increase in overall total loans held for investment and total assets from the acquisition of Pedestal during the quarter ended June 30, 2020.

    Total Shareholders’ Equity

    Book value per common share was $19.88 at December 31, 2020, compared to $21.47 at December 31, 2019. On a non-GAAP basis, tangible book value per share was $16.80 at December 31, 2020, compared to $17.31 at December 31, 2019. The decreases were attributable to the initial book value dilution caused by the acquisition of Pedestal during the quarter ended June 30, 2020.

    Results of Operations

    Fourth Quarter 2020 Compared to Third Quarter 2020

    Net Income and Diluted Earnings Per Share

    For the quarter ended December 31, 2020, net income was $13.8 million, or $0.67 per diluted share, compared to net income of $9.6 million, or $0.46 per diluted share, for the quarter ended September 30, 2020. The increases were largely attributable to an increase in net interest income (primarily due to the accelerated recognition of SBA PPP net loan origination fees due to forgiveness), decrease in interest-bearing deposits due to continued repricing of deposits, and an increase in gain on sale of loans due to the Main Street Lending Program, offset by an increase in other expense due to the extinguishment of FHLB borrowings.

    On a non-GAAP basis, core net income, which excludes certain income and expenses, for the quarter ended December 31, 2020, was $14.1 million, or $0.68 per diluted share, compared to core net income of $11.0 million, or $0.53 per diluted share, for the quarter ended September 30, 2020. Notable noncore events impacting earnings for the quarter ended December 31, 2020, included the incurrence of $568,000 in acquisition-related expenses and $158,000 in gains attributed to former bank premises and equipment in other income, compared to the incurrence of $1.2 million in acquisition-related expenses and $635,000 in losses attributed to losses on former bank premises and equipment in other income, largely attributable to branches planned to be closed as a result of the Pedestal acquisition for the quarter ended September 30, 2020.

    Interest Income

    For the quarter ended December 31, 2020, net interest income totaled $39.6 million and net interest margin and net interest spread were 4.26% and 4.03%, respectively, compared to $36.9 million, 4.06% and 3.81% for the quarter ended September 30, 2020. The average yield on the loan portfolio (excluding SBA PPP loans) was 5.59% for the quarter ended December 31, 2020, compared to 5.65% for the quarter ended September 30, 2020. The average yield on total interest-earning assets was 4.78% for the quarter ended December 31, 2020, compared to 4.67% for the quarter ended September 30, 2020. The increase in interest income was largely attributable to accelerated recognition of SBA PPP net loan origination fees due to forgiveness ($3.2 million total, with approximately $1.8 million accelerated due to forgiveness) for the quarter ended December 31, 2020.

    Net interest margin and net interest spread were positively impacted for the quarter ended December 31, 2020, by additional loan discount accretion, 3 basis points impact to both ratios, additional SBA PPP origination fees, 18 basis point impact to both ratios, and reduction in the overall cost of funds (which includes noninterest-bearing deposits).

    The average loan yield (excluding SBA PPP loans) was impacted by the origination of loans at lower rates than payoffs during the quarter due to the decline in rates which has occurred since the COVID 19-pandemic.

    Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $2.6 million) were 3.99% and 3.75%, respectively, for the quarter ended December 31, 2020, compared to 3.81% and 3.56% (excluding loan discount accretion of $2.3 million) for the quarter ended September 30, 2020.   

    Interest Expense

    For the quarter ended December 31, 2020, overall cost of funds (which includes noninterest-bearing deposits) decreased by 10 basis points, from 0.63% to 0.53%, compared to the quarter ended September 30, 2020. The decrease in cost of funds was largely attributable to the repricing of deposits.

    Other Income

    For the quarter ended December 31, 2020, other income was impacted by a $4.4 million increase in gain on sale of loans primarily associated with the Main Street Lending Program, as well as a net increase of $981,000 in gains on sale of other real estate owned and disposal of assets, compared to the quarter ended September 30, 2020.

    Other Expenses

    For the quarter ended December 31, 2020, the increase in other expenses was largely attributed to a loss on early extinguishment of FHLB borrowings resulting in a net loss of $2.4 million (including the remaining purchase discounts) and an additional $250,000 accrual for shareholder tax within other expenses, $325,000 in advertising and promotions, offset by a $522,000 decrease in salaries and employee benefits, compared to the quarter ended September 30, 2020.

    Provision for Loan Losses

    During the quarter ended December 31, 2020, Business First recorded a provision for loan losses of $2.1 million, compared to $2.5 million for the quarter ended September 30, 2020. The reserve for the quarter ended December 31, 2020, was impacted by net charge-offs of $450,000 and the continued impact of the qualitative factors related to COVID-19.

    Return on Assets and Equity

    Return on average assets and equity, each on an annualized basis, were 1.37% and 13.86%, respectively, for the quarter ended December 31, 2020, compared to 0.98% and 9.85%, respectively, for the quarter ended September 30, 2020. Both returns were positively impacted by higher net income for the quarter ended December 31, 2020.

    Fourth Quarter 2020 Compared to Fourth Quarter 2019

    Net Income and Diluted Earnings Per Share

    For the quarter ended December 31, 2020, net income was $13.8 million, or $0.67 per diluted share, compared to net income of $5.8 million, or $0.42 per diluted share, for the quarter ended December 31, 2019. The increases in net income and diluted earnings per share were largely attributable to the increases in net interest income and other income related to the acquisition of Pedestal on May 1, 2020, as well as the SBA PPP and Main Street Lending Program, offset by increases in the provision for loan losses associated with the COVID-19 pandemic in 2020, additional expenses associated with the acquisition of Pedestal on May 1, 2020, and loss on early extinguishment of FHLB borrowings.

    On a non-GAAP basis, core net income, which excludes certain income and expenses, for the quarter ended December 31, 2020, was $14.1 million, or $0.68 per diluted share, compared to core net income of $6.1 million, or $0.45 per diluted share, for the quarter ended December 31, 2019. Notable noncore events impacting earnings for the quarter ended December 31, 2020, included the incurrence of $568,000 in acquisition-related expenses and $158,000 in gains attributed to former bank premises and equipment in other income, compared to the incurrence of $125,000 losses associated with the disposal of former bank premises and equipment in other income related to the rebranding of b1BANK and a $216,000 adjustment to estimated provision for income taxes associated with the sale of the Mangham banking center for the quarter ended December 31, 2019.

    Interest Income

    For the quarter ended December 31, 2020, net interest income totaled $39.6 million and net interest margin and net interest spread were 4.26% and 4.03%, respectively, compared to compared to $20.6 million, 4.08% and 3.65% for the quarter ended December 31, 2019. The average yield on the loan portfolio (excluding SBA PPP loans) was 5.59% for the quarter ended December 31, 2020, compared to 5.82% for the quarter ended December 31, 2019. The average yield on total interest-earning assets was 4.78% for the quarter ended December 31, 2020, compared to 5.28% for the quarter ended December 31, 2019. The increase in interest income was largely attributable to higher average balances due to the Pedestal acquisition and origination of SBA PPP loans during 2020.

    Average loan yield (excluding SBA PPP loans), average yield on total interest-earning assets, net interest margin, and net interest spread were impacted for the quarter ended December 31, 2020, by the federal funds rate cuts of 175 basis points, which occurred during the fourth quarter of 2019 through the first quarter of 2020. The average yield on total interest-earning assets was also impacted by the lower-yielding SBA PPP loans originated.

    Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $2.6 million) were 3.99% and 3.75%, respectively, for the quarter ended December 31, 2020, compared to 3.92% and 3.49% (excluding loan discount accretion of $800,000) for the quarter ended December 31, 2019.

    Interest Expense

    For the quarter ended December 31, 2020, overall cost of funds (which includes noninterest-bearing deposits) decreased by 74 basis points, from 1.27% to 0.53%, compared to the quarter ended December 31, 2019. The decrease in cost of funds was partially attributable to the accretion of deposit and FHLB premiums associated with the Pedestal acquisition, $780,000 or 9 basis points, but primarily attributable to an overall reduction in interest rates on deposit offerings and the lower-yielding deposit portfolio acquired from Pedestal.

    Other Income

    For the quarter ended December 31, 2020, the increase in other income was largely attributable to the acquisition of Pedestal during the quarter ended June 30, 2020, and $4.4 million gain on sale of loans primarily associated with the Main Street Lending Program, compared to the quarter ended December 31, 2019.

    Other Expenses

    For the quarter ended September 30, 2020, the increase in other expenses was largely attributable to the acquisition of Pedestal during the quarter ended June 30, 2020 and the $2.4 million loss on early extinguishment of FHLB borrowings, compared to the quarter ended December 31, 2019.

    Provision for Loan Losses

    During the quarter ended December 31, 2020, Business First recorded a provision for loan losses of $2.1 million compared to $192,000 for the quarter ended December 31, 2019. The reserve for the quarter ended December 31, 2020, was impacted by $450,000 in net charge-offs and the impact of the COVID-19 pandemic on the qualitative factors within the allowance for loan and lease losses.

    Return on Assets and Equity

    Return on average assets and return on average equity, each on an annualized basis, were 1.37% and 13.86%, respectively, for the quarter ended December 31, 2020, from 1.04% and 8.18%, respectively, for the quarter ended December 31, 2019. Both returns were positively impacted by higher net income for the quarter ended December 31, 2020.

    About Business First Bancshares, Inc.
    Business First Bancshares, Inc., through its banking subsidiary b1BANK operates 42 banking centers in markets across Louisiana and in the Dallas, Texas area. b1BANK provides commercial and personal banking, treasury management and wealth solutions services to small to midsize businesses and their owners and employees. Visit www.b1BANK.com for more information. Business First’s common stock is traded on the NASDAQ Global Select Market under the symbol “BFST.”

    Non-GAAP Financial Measures
    This press release includes certain non-GAAP financial measures (e.g., referenced as “core”) intended to supplement, not substitute for, comparable GAAP measures. These measures typically adjust income available to common shareholders for certain significant activities or transactions that, in management’s opinion, can distort period-to-period comparisons of Business First’s performance. Transactions that are typically excluded from non-GAAP measures include realized and unrealized gains/losses on former bank premises and equipment, investment sales, impaired loan sales, acquisition-related expenses (including, but not limited to, legal costs, system conversion costs, severance and retention payments, etc.). Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s core business. These non-GAAP disclosures are not necessarily comparable to non-GAAP measures that may be presented by other companies. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of the tables below.

    Special Note Regarding Forward-Looking Statements
    Certain statements contained in this release may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could,” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including those factors specified in our Annual Report on Form 10-K and other public filings. Actual results will also be significantly impacted by the effects of the ongoing COVID-19 pandemic, including, among other effects: the impact of the public health crisis; the extent and duration of closures of businesses, including our branches, vendors and customers; the operation of financial markets; employment levels; market liquidity; the impact of various actions taken in response by the U.S. federal government, the Federal Reserve, other banking regulators, state and local governments; the adequacy of our allowance for loan losses in relation to potential losses in our loan portfolio; and the impact that all of these factors have on our borrowers, other customers, vendors and counterparties. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release.

    Additional Information
    For additional information on Business First, you may obtain Business First’s reports that are filed with the Securities and Exchange Commission (SEC) free of charge by using the SEC’s EDGAR service on the SEC’s website at www.sec.gov or by contacting the SEC for further information at 1-800-SEC-0330. Alternatively, these documents can be obtained free of charge from Business First by directing a request to: Business First Bancshares, Inc., 500 Laurel Street, Suite 101, Baton Rouge, Louisiana 70801, Attention: Corporate Secretary.

    No Offer or Solicitation
    This release does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

    Misty Albrecht
    b1BANK
    225.286.7879
    Misty.Albrecht@b1BANK.com

    ______________________________
    1Calculated by adjusting the beginning loans, $1.7 billion, for the acquired Pedestal loans net of the purchase discount and SBA PPP loans acquired, or $807.2 million, for an adjusted beginning of $2.5 billion, and then removing the remaining SBA PPP loans at December 31, 2020, $315.5 million, from the change of the adjusted beginning to the actual ending at December 31, 2020, or $3.0 billion. This results in a net increase of $158.4 million, divided by the beginning adjusted balance of $2.5 billion, or 6.29%.

     
     
    Business First Bancshares, Inc.
    Selected Financial Information
    (Unaudited)
        
     December 31,September 30,December 31,
    (Dollars in thousands) 2020 2020 2019
        
    Balance Sheet Ratios   
        
    Loans (HFI) to Deposits 82.71% 95.25% 95.97%
    Shareholders' Equity to Assets Ratio 9.85% 10.07% 12.54%
        
    Loans Receivable Held for Investment   
        
    Commercial (1)$886,325 $1,015,173 $390,398 
    Real Estate:   
    Construction and Land 403,065  334,100  244,181 
    Farmland 55,883  56,567  48,681 
    1-4 Family Residential 468,650  493,344  293,142 
    Multi-Family Residential 95,707  99,901  36,454 
    Nonfarm Nonresidential 971,603  970,197  612,608 
    Total Real Estate 1,994,908  1,954,109  1,235,066 
    Consumer (1) 110,122  113,192  84,801 
    Total Loans (Held for Investment)$2,991,355 $3,082,474 $1,710,265 
        
    Allowance for Loan Losses   
        
    Balance, Beginning of Period$20,340 $18,715 $12,090 
    Charge-offs – Quarterly (715) (956) (190)
    Recoveries – Quarterly 265  90  32 
    Provision for Loan Losses – Quarterly 2,134  2,491  192 
    Balance, End of Period$22,024 $20,340 $12,124 
        
    Allowance for Loan Losses to Total Loans (HFI) 0.74% 0.66% 0.71%
    Net Charge-offs (Recoveries) to Average Total Loans 0.01% 0.03% 0.01%
        
    Remaining Loan Purchase Discount$35,580 $38,207 $3,536 
        
    Nonperforming Assets   
        
    Nonperforming Loans:   
    Nonaccrual Loans (2)$9,063 $7,988 $8,977 
    Loans Past Due 90 Days or More (2) 1,523  1,986  72 
    Total Nonperforming Loans 10,586  9,974  9,049 
    Other Nonperforming Assets:   
    Other Real Estate Owned 9,051  10,994  4,036 
    Other Nonperforming Assets: 402  414  160 
    Total Other Nonperforming Assets 9,453  11,408  4,196 
    Total Nonperforming Assets$20,039 $21,382 $13,245 
        
    Nonperforming Loans to Total Loans (HFI) 0.35% 0.32% 0.53%
    Nonperforming Assets to Total Assets 0.48% 0.54% 0.58%
        
    (1) Small Business Administration SBA Paycheck Protection Program PPP loans accounted for $313.9 million and $1.6 million of the Commercial and Consumer portfolios, respectively, as of December 31, 2020. SBA PPP loans accounted for $392.9 million and $4.8 million of the Commercial and Consumer portfolios, respectively, as of September 30, 2020.
     
    (2) Past due and nonaccrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans.
     


    Business First Bancshares, Inc.
    Selected Financial Information
    (Unaudited)
           
     Three Months Ended Year Ended
     December 31,September 30,December 31, December 31,December 31,
    (Dollars in thousands, except per share data)202020202019 20202019
           
    Per Share Data      
           
    Basic Earnings per Common Share$0.67 $0.47 $0.43  $1.65 $1.79 
    Diluted Earnings per Common Share 0.67  0.46 $0.42   1.64  1.74 
    Dividends per Common Share 0.10  0.10  0.10   0.40  0.38 
    Book Value per Common Share 19.88  19.26  21.47   19.88  21.47 
           
           
    Average Common Shares Outstanding 20,590,239  20,613,481  13,277,968   18,169,599  13,310,577 
    Average Diluted Shares Outstanding 20,726,648  20,704,444  13,638,168   18,243,445  13,670,777 
    End of Period Common Shares Outstanding 20,621,437  20,667,237  13,279,363   20,621,437  13,279,363 
           
           
    Annualized Performance Ratios      
           
    Return on Average Assets 1.37% 0.98% 1.04%  0.88% 1.11%
    Return on Average Equity 13.86% 9.85% 8.18%  8.42% 8.70%
    Net Interest Margin 4.26% 4.06% 4.08%  4.06% 4.10%
    Net Interest Spread 4.03% 3.81% 3.65%  3.77% 3.67%
    Efficiency Ratio (1) 60.27% 65.65% 66.50%  67.75% 64.37%
           
    Total Quarterly/Year-to-Date Average Assets$4,029,660 $3,933,631 $2,209,182  $3,426,120 $2,136,081 
    Total Quarterly/Year-to-Date Average Equity 399,332  390,209  281,589   356,339  273,205 
           
    Other Expenses      
           
    Salaries and Employee Benefits$14,908 $15,430 $9,025  $57,394 $35,126 
    Occupancy and Bank Premises 1,525  1,394  920   5,349  4,332 
    Depreciation and Amortization 1,338  1,322  588   4,334  2,494 
    Data Processing 1,967  1,832  477   5,506  2,049 
    FDIC Assessment Fees 595  594  (15)  1,608  278 
    Legal and Other Professional Fees 626  555  302   2,118  1,319 
    Advertising and Promotions 645  320  385   1,605  1,535 
    Utilities and Communications 617  789  316   2,368  1,334 
    Ad Valorem Shares Tax 850  673  388   2,348  1,423 
    Directors' Fees 173  117  119   464  570 
    Other Real Estate Owned Expenses and Write-Downs 132  171  632   607  750 
    Merger and Conversion-Related Expenses 548  556  (1)  3,978  330 
    Other 5,678  3,198  2,067   13,314  6,908 
    Total Other Expenses$29,602 $26,951 $15,203  $100,993 $58,448 
           
    Other Income      
           
    Service Charges on Deposit Accounts$1,672 $1,592 $1,028  $5,358 $4,035 
    Gain on Sales of Securities 15  95  22   135  106 
    Debit card and ATM Fee Income 1,555  1,399  450   4,320  1,847 
    Bank-Owned Life Insurance Income 251  237  170   940  687 
    Gain on Sales of Loans 4,413  -  115   4,597  230 
    Mortgage Origination Income 208  123  113   572  421 
    Brokerage Commission 433  281  15   970  73 
    Correspondent Bank Income 49  45  75   235  418 
    Rental Income 12  14  2   72  490 
    Gain (loss) on Sale of Banking Center -  -  -   -  581 
    Gain (loss) on Sales of Other Real Estate Owned 199  (104) (7)  227  20 
    Loss on Disposal of Other Assets 51  (627) (124)  (576) (774)
    Pass-through Income from SBIC Partnerships 170  364  149   2,538  1,553 
    Other 519  798  248   2,176  1,021 
     Total Other Income$9,547 $4,217 $2,256  $21,564 $10,708 
           
    (1) Noninterest expense (excluding provision for loan losses) divided by noninterest income plus net interest income less gain/loss on sales of securities.
           



    Business First Bancshares, Inc.
    Consolidated Balance Sheets
    (Unaudited)
        
     December 31,September 30,December 31,
    (Dollars in thousands)202020202019
        
    Assets   
        
    Cash and Due From Banks$149,131 $103,894 $89,371 
    Federal Funds Sold 174,152  8,395  61,372 
    Securities Available for Sale, at Fair Values 640,605  547,535  278,193 
    Mortgage Loans Held for Sale 969  671  251 
    Loans and Lease Receivable 2,991,355  3,082,474  1,710,265 
    Allowance for Loan Losses (22,024) (20,340) (12,124)
    Net Loans and Lease Receivable 2,969,331  3,062,134  1,698,141 
    Premises and Equipment, Net 58,593  59,241  29,280 
    Accrued Interest Receivable 23,895  25,622  8,025 
    Other Equity Securities 12,693  15,641  12,565 
    Other Real Estate Owned 9,051  10,994  4,036 
    Cash Value of Life Insurance 45,030  44,779  32,568 
    Deferred Taxes, Net 5,858  5,829  2,145 
    Goodwill 53,862  53,627  48,495 
    Core Deposit Intangible 9,734  10,061  6,694 
    Other Assets 7,456  6,247  2,699 
        
    Total Assets$4,160,360 $3,954,670 $2,273,835 
        
        
    Liabilities   
        
    Deposits:   
    Noninterest-Bearing$1,164,139 $945,485 $398,847 
    Interest-Bearing 2,452,540  2,290,776  1,383,163 
    Total Deposits 3,616,679  3,236,261  1,782,010 
        
    Securities Sold Under Agreements to Repurchase 21,825  24,604  67,989 
    Short-Term Borrowings 5,020  5,033  - 
    Long-Term Borrowings 6,000  6,000  - 
    Paycheck Protection Program Liquidity Facility -  107,076  - 
    Subordinated Debt 25,000  25,000  25,000 
    Subordinated Debt -Trust Preferred Securities 5,000  5,000  - 
    Federal Home Loan Bank Borrowings 43,145  117,950  93,000 
    Accrued Interest Payable 2,499  3,621  1,533 
    Other Liabilities 25,229  26,039  19,206 
        
    Total Liabilities 3,750,397  3,556,584  1,988,738 
        
    Shareholders' Equity   
        
    Common Stock 20,621  20,667  13,279 
    Additional Paid-In Capital 299,540  299,762  212,505 
    Retained Earnings 79,174  67,399  56,700 
    Accumulated Other Comprehensive Income 10,628  10,258  2,613 
        
    Total Shareholders' Equity 409,963  398,086  285,097 
        
    Total Liabilities and Shareholders' Equity$4,160,360 $3,954,670 $2,273,835 
        


    Business First Bancshares, Inc.
    Consolidated Statements of Income
    (Unaudited)
           
     Three Months Ended Year Ended
     December 31,September 30,December 31, December 31,December 31,
    (Dollars in thousands)202020202019 20202019
           
    Interest Income:      
    Interest and Fees on Loans$41,762 $39,918 $24,732  $140,459 $95,433 
    Interest and Dividends on Securities 2,572  2,474  1,739   8,952  7,225 
    Interest on Federal Funds Sold and Due From Banks 53  69  193   344  809 
    Total Interest Income 44,387  42,461  26,664   149,755  103,467 
           
    Interest Expense:      
    Interest on Deposits 3,736  4,345  4,908   17,562  19,753 
    Interest on Borrowings 1,067  1,184  1,129   4,547  3,516 
    Total Interest Expense 4,803  5,529  6,037   22,109  23,269 
           
    Net Interest Income 39,584  36,932  20,627   127,646  80,198 
           
    Provision for Loan Losses: 2,134  2,491  192   11,435  2,606 
           
    Net Interest Income After Provision for Loan Losses 37,450  34,441  20,435   116,211  77,592 
           
    Other Income:      
    Service Charges on Deposit Accounts 1,672  1,592  1,028   5,358  4,035 
    Gain on Sales of Securities 15  95  22   135  106 
    Gain on Sales of Loans 4,413  -  115   4,597  230 
    Other Income 3,447  2,530  1,091   11,474  6,337 
    Total Other Income 9,547  4,217  2,256   21,564  10,708 
           
    Other Expenses:      
    Salaries and Employee Benefits 14,908  15,430  9,025   57,394  35,126 
    Occupancy and Equipment Expense 3,373  3,228  1,715   11,380  7,628 
    Merger and Conversion-Related Expense 548  556  (1)  3,978  330 
    Other Expenses 10,773  7,737  4,464   28,241  15,364 
    Total Other Expenses 29,602  26,951  15,203   100,993  58,448 
           
    Income Before Income Taxes: 17,395  11,707  7,488   36,782  29,852 
           
    Provision for Income Taxes: 3,561  2,098  1,729   6,788  6,080 
           
    Net Income:$13,834 $9,609 $5,759  $29,994 $23,772 
           


    Business First Bancshares, Inc.
    Consolidated Net Interest Margin
    (Unaudited)
                
     Three Months Ended
     December 31, 2020 September 30, 2020 December 31, 2019
    (Dollars in thousands)Average Outstanding BalanceInterest Earned / Interest PaidAverage Yield / Rate Average Outstanding BalanceInterest Earned / Interest PaidAverage Yield / Rate Average Outstanding BalanceInterest Earned / Interest PaidAverage Yield / Rate
                
    Assets           
                
    Interest-Earning Assets:           
    Total Loans (Excluding SBA PPP)$2,685,093 $37,509 5.59% $2,638,417 $37,250 5.65% $1,698,947 $24,732 5.82%
    SBA PPP Loans 365,058  4,253 4.66%  399,366  2,668 2.67%  -  - 0.00%
    Securities Available for Sale 603,192  2,572 1.71%  564,630  2,474 1.75%  290,034  1,739 2.40%
    Interest-Bearing Deposit in Other Banks 61,485  53 0.34%  33,970  69 0.81%  31,648  193 2.44%
    Total Interest-Earning Assets 3,714,828  44,387 4.78%  3,636,383  42,461 4.67%  2,020,629  26,664 5.28%
    Allowance for Loan Losses (21,020)    (19,329)    (12,174)  
    Noninterest-Earning Assets 335,852     316,577     200,727   
    Total Assets$4,029,660 $44,387   $3,933,631 $42,461   $2,209,182 $26,664  
                
                
    Liabilities and Shareholders' Equity           
                
    Interest-Bearing Liabilities:           
    Interest-Bearing Deposits$2,313,511 $3,736 0.65% $2,262,774 $4,345 0.77% $1,295,791 $4,908 1.52%
    Subordinated Debt 25,000  422 6.75%  25,000  422 6.75%  25,000  422 6.75%
    Subordinated Debt - Trust Preferred Securities 5,000  42 3.36%  5,000  45 3.60%  -  - 0.00%
    Advances from Federal Home Loan Bank (FHLB) 105,640  407 1.54%  122,592  515 1.68%  96,763  516 2.13%
    Paycheck Protection Program Liquidity Facility (PPPLF) 79,450  70 0.35%  107,076  95 0.35%  -  - 0.00%
    Other Borrowings 37,605  126 1.34%  35,437  107 1.21%  67,087  191 1.14%
    Total Interest-Bearing Liabilities 2,566,206  4,803 0.75%  2,557,879  5,529 0.86%  1,484,641  6,037 1.63%
                
    Noninterest-Bearing Liabilities:           
    Noninterest-Bearing Deposits$1,033,593    $957,090    $419,231   
    Other Liabilities 30,529     28,453     23,721   
    Total Noninterest-Bearing Liabilities 1,064,122     985,543     442,952   
    Shareholders' Equity: 399,332     390,209     281,589   
    Total Liabilities and Shareholders' Equity$4,029,660    $3,933,631    $2,209,182   
                
    Net Interest Spread  4.03%   3.81%   3.65%
    Net Interest Income $39,584    $36,932    $20,627  
    Net Interest Margin  4.26%   4.06%   4.08%
                
    Overall Cost of Funds  0.53%   0.63%   1.27%
                
    NOTE: Average outstanding balances are determined utilizing monthly averages and average yield/rate is calculated utilizing a 30/360 day count convention.
                


    Business First Bancshares, Inc.
    Consolidated Net Interest Margin
    (Unaudited)
                      
     Year Ended
     December 31, 2020 December 31, 2019
    (Dollars in thousands)Average Outstanding BalanceInterest Earned / Interest PaidAverage Yield / Rate Average Outstanding BalanceInterest Earned / Interest PaidAverage Yield / Rate
                      
    Assets                 
                      
    Interest-Earning Assets:                 
    Total Loans (Excluding SBA PPP)$2,342,034 $131,208 5.60% $1,628,803 $95,433 5.86%
    SBA PPP Loans 271,388  9,251 3.41%  -  - 0.00%
    Securities Available for Sale 483,976  8,952 1.85%  300,038  7,225 2.41%
    Interest-Bearing Deposit in Other Banks 48,345  344 0.71%  27,878  809 2.90%
    Total Interest-Earning Assets 3,145,743  149,755 4.76%  1,956,719  103,467 5.29%
    Allowance for Loan Losses (16,540)       (11,762)     
    Noninterest-Earning Assets 296,917        191,124      
    Total Assets$3,426,120 $149,755    $2,136,081 $103,467   
                      
                      
    Liabilities and Shareholders' Equity                 
                      
    Interest-Bearing Liabilities:                 
    Interest-Bearing Deposits 1,978,295  $ 17,562 0.89% $1,316,896 $19,753 1.50%
    Subordinated Debt 25,000  1,688 6.75%  25,000  1,688 6.75%
    Subordinated Debt - Trust Preferred Securities 3,341  121 3.62%  -  - 0.00%
    Advances from Federal Home Loan Bank (FHLB) 113,999  1,945 1.71%  69,183  1,581 2.29%
    Paycheck Protection Program Liquidity Facility (PPPLF) 65,857  237 0.36%  -  - 0.00%
    Other Borrowings 43,286  556 1.28%  29,419  247 0.84%
    Total Interest-Bearing Liabilities 2,229,778  22,109 0.99%  1,440,498  23,269 1.62%
                      
    Noninterest-Bearing Liabilities:                 
    Noninterest-Bearing Deposits 812,332        402,147      
    Other Liabilities 27,672        20,231      
    Total Noninterest-Bearing Liabilities 840,004        422,378      
    Shareholders' Equity: 356,339        273,205      
    Total Liabilities and Shareholders' Equity$3,426,120       $2,136,081      
                      
    Net Interest Spread      3.77%       3.67%
    Net Interest Income   $127,646       $80,198   
    Net Interest Margin      4.06%       4.10%
                      
    Overall Cost of Funds      0.73%       1.26%
                      
    NOTE: Average outstanding balances are determined utilizing monthly averages and average yield/rate is calculated utilizing a 30/360 day count convention.
                      


    Business First Bancshares, Inc.
    Non-GAAP Measures
    (Unaudited)
           
     Three Months Ended Year Ended
     December 31,September 30,December 31, December 31,December 31,
    (Dollars in thousands, except per share data)202020202019 20202019
           
    Interest Income:      
    Interest income$44,387 $42,461 $26,664  $149,755 $103,467 
    Core interest income 44,387  42,461  26,664   149,755  103,467 
    Interest Expense:      
    Interest expense 4,803  5,529  6,037   22,109  23,269 
    Core interest expense 4,803  5,529  6,037   22,109  23,269 
    Provision for Loan Losses: (b)      
    Provision for loan losses 2,134  2,491  192   11,435  2,606 
    Core provision expense 2,134  2,491  192   11,435  2,606 
    Other Income:      
    Other income 9,547  4,217  2,256   21,564  10,708 
    Sale of impaired credit -  -  -   -  (91)
    (Gains) losses on former bank premises and equipment (158) 635  125   351  719 
    (Gains) on sale of securities (15) (95) (22)  (135) (106)
    (Gains) on sale of banking center -  -  -   -  (581)
    Core other income 9,374  4,757  2,359   21,780  10,649 
    Other Expense:      
    Other expense 29,602  26,951  15,203   100,993  58,448 
    Acquisition-related expenses (2) (568) (1,206) (76)  (9,559) (750)
    Stock option exercises - excess taxes -  -  -   (71) - 
    Early lease termination -  -  -   -  (87)
    Core other expense 29,034  25,745  15,127   91,363  57,611 
    Pre-Tax Income: (a)      
    Pre-tax income 17,395  11,707  7,488   36,782  29,852 
    Sale of impaired credit -  -  -   -  (91)
    (Gains) losses on former bank premises and equipment (158) 635  125   351  719 
    (Gains) on sale of securities (15) (95) (22)  (135) (106)
    (Gains) on sale of banking center -  -  -   -  (581)
    Acquisition-related expenses (2) 568  1,206  76   9,559  750 
    Stock option exercises - excess taxes -  -  -   71  - 
    Early lease termination -  -  -   -  87 
    Core pre-tax income 17,790  13,453  7,667   46,628  30,630 
    Provision for Income Taxes: (1)      
    Provision for income taxes 3,561  2,098  1,729   6,788  6,080 
    Tax on sale of impaired credit -  -  -   -  (19)
    Tax on (gains) on former bank premises and equipment (33) 133  26   74  151 
    Tax on (gains) on sale of securities (3) (20) (5)  (28) (22)
    Tax on sale of banking center -  -  (216)  -  (338)
    Tax on acquisition-related expenses (2) 120  241  11   1,727  147 
    Tax on stock option exercises -  -  -   601  - 
    Tax on early lease termination -  -  -   -  18 
    Core provision for income taxes 3,645  2,452  1,545   9,162  6,017 
    Net Income:      
    Net income 13,834  9,609  5,759   29,994  23,772 
    Sale of impaired credit, net of tax -  -  -   -  (72)
    (Gains) losses on former bank premises and equipment , net of tax (125) 502  99   277  568 
    (Gains) on sale of securities, net of tax (12) (75) (17)  (107) (84)
    (Gains) on sale of banking center, net of tax -  -  216   -  (243)
    Acquisition-related expenses (2), net of tax 448  965  65   7,832  603 
    Stock option exercises, net of tax -  -  -   (530) - 
    Early lease termination, net of tax -  -  -   -  69 
    Core net income$14,145 $11,001 $6,122  $37,466 $24,613 
           
    Pre-tax, pre-provision earnings (a+b)$19,529 $14,198 $7,680  $48,217 $32,458 
    Sale of impaired credit -  -  -   -  (91)
    (Gains) losses on former bank premises and equipment (158) 635  125   351  719 
    (Gains) on sale of securities (15) (95) (22)  (135) (106)
    Loss on sale of banking center -  -  -   -  (581)
    Acquisition-related expenses (2) 568  1,206  76   9,559  750 
    Stock option exercises -  -  -   71  - 
    Early lease termination -  -  -   -  87 
    Core pre-tax, pre-provision earnings$19,924 $15,944 $7,859  $58,063 $33,236 
           
    Average Diluted Shares Outstanding 20,726,648  20,704,444  13,638,168   18,243,445  13,670,777 
           
    Diluted Earnings Per Share:      
    Diluted earnings per share$0.67 $0.46 $0.42  $1.64  1.74 
    Sale of impaired credit, net of tax -  -  -   -  (0.01)
    (Gains) losses on former bank premises and equipment , net of tax (0.01) 0.02  0.01   0.02  0.04 
    (Gains) on sale of securities, net of tax (0.00) (0.00) (0.00)  (0.01) (0.01)
    (Gains) on sale of banking center -  -  0.02   -  (0.02)
    Acquisition-related expenses (2), net of tax 0.02  0.05  0.00   0.43  0.05 
    Stock option exercises -  -  -   (0.03) - 
    Early lease termination, net of tax -  -  -   -  0.01 
    Core diluted earnings per share$0.68 $0.53 $0.45  $2.05 $1.80 
           
    Pre-tax, pre-provision profit diluted earnings per share$0.94 $0.69 $0.56  $2.64 $2.37 
    Sale of impaired credit -  -  -   -  (0.01)
    (Gains) losses on former bank premises and equipment (0.01) 0.03  0.01   0.02  0.06 
    (Gains) on sale of securities (0.00) (0.01) (0.00)  (0.01) (0.01)
    (Gains) on sale of banking center -  -  -   -  (0.04)
    Acquisition-related expenses (2) 0.03  0.06  0.01   0.52  0.05 
    Stock option exercises -  -  -   0.00  - 
    Early lease termination -  -  -   -  0.01 
    Core pre-tax, pre-provision diluted earnings per share$0.96 $0.77 $0.58  $3.18 $2.43 
           
    (1) Tax rates, exclusive of certain nondeductible merger-related expenses and goodwill, utilized were 21% for 2020 and 2019. These rates approximated the marginal tax rates. 
    (2) Includes merger and conversion-related expenses and salary and employee benefits.
           


    Business First Bancshares, Inc.
    Non-GAAP Measures
    (Unaudited)
           
     Three Months Ended Year Ended
     December 31,September 30,December 31, December 31,December 31,
    (Dollars in thousands, except per share data)202020202019 20202019
           
           
    Total Quarterly/Year-to-Date Average Assets$4,029,660 $3,933,631 $2,209,182  $3,426,120 $2,136,081 
    Total Quarterly/Year-to-Date Average Equity$399,332 $390,209 $281,589  $356,339 $273,205 
           
    Net Income:      
    Net income$13,834 $9,609 $5,759  $29,994 $23,772 
    Sale of impaired credit, net of tax -  -  -   -  (72)
    (Gains) losses on former bank premises and equipment , net of tax (125) 502  99   277  568 
    (Gains) on sale of securities, net of tax (12) (75) (17)  (107) (84)
    (Gains) on sale of banking center, net of tax -  -  216   -  (243)
    Acquisition-related expenses (2), net of tax 448  965  65   7,832  603 
    Stock option exercises, net of tax -  -  -   (530) - 
    Early lease termination, net of tax -  -  -   -  69 
    Core net income$14,145 $11,001 $6,122  $37,466 $24,613 
           
    Return on average assets 1.37% 0.98% 1.04%  0.88% 1.11%
    Core return on average assets 1.40% 1.12% 1.11%  1.09% 1.15%
    Return on equity 13.86% 9.85% 8.18%  8.42% 8.70%
    Core return on average equity 14.17% 11.28% 8.70%  10.51% 9.01%
           
    Interest Income:      
    Interest income$44,387 $42,461 $26,664  $149,755 $103,467 
    Core interest income 44,387  42,461  26,664   149,755  103,467 
    Interest Expense:      
    Interest expense 4,803  5,529  6,037   22,109  23,269 
    Core interest expense 4,803  5,529  6,037   22,109  23,269 
    Other Income:      
    Other income 9,547  4,217  2,256   21,564  10,708 
    Sale of impaired credit -  -  -   -  (91)
    (Gains) losses on former bank premises and equipment (158) 635  125   351  719 
    (Gains) on sale of securities (15) (95) (22)  (135) (106)
    (Gains) on sale of banking center -  -  -   -  (581)
    Core other income 9,374  4,757  2,359   21,780  10,649 
    Other Expense:      
    Other expense 29,602  26,951  15,203   100,993  58,448 
    Acquisition-related expenses (568) (1,206) (76)  (9,559) (750)
    Stock option exercises - excess taxes -  -  -   (71) - 
    Early lease termination -  -  -   -  (87)
    Core other expense$29,034 $25,745 $15,127  $91,363 $57,611 
           
    Efficiency Ratio:      
    Other expense (a)$29,602 $26,951 $15,203  $100,993 $58,448 
    Core other expense (c)$29,034 $25,745 $15,127  $91,363 $57,611 
    Net interest and other income (1) (b)$49,116 $41,054 $22,861  $149,075 $90,800 
    Core net interest and other income (1) (d)$48,958 $41,689 $22,986  $149,426 $90,847 
    Efficiency ratio (a/b) 60.27% 65.65% 66.50%  67.75% 64.37%
    Core efficiency ratio (c/d) 59.30% 61.75% 65.81%  61.14% 63.42%
           
    Total Average Interest-Earnings Assets$3,714,828 $3,636,383 $2,020,629  $3,145,743 $1,956,719 
           
    Net Interest Income:       
    Net interest income$39,584 $36,932 $20,627   127,646 $80,198 
    Loan discount accretion (2,567) (2,270) (800)  (6,592) (2,602)
    Net interest income excluding loan discount accretion$37,017 $34,662 $19,827  $121,054 $77,596 
           
    Net interest margin (2) 4.26% 4.06% 4.08%  4.06% 4.10%
    Net interest margin excluding loan discount accretion (2) 3.99% 3.81% 3.92%  3.85% 3.97%
    Net interest spread 4.03% 3.81% 3.65%  3.77% 3.67%
    Net interest spread excluding loan discount accretion 3.75% 3.56% 3.49%  3.56% 3.54%
           
    (1) Excludes gains/losses on sales of securities.      
    (2) Calculated utilizing a 30/360 day count convention.      
           


    Business First Bancshares, Inc.
    Non-GAAP Measures
    (Unaudited)
        
     December 31,September 30,December 31,
    (Dollars in thousands, except per share data)202020202019
        
    Total Shareholders' (Common) Equity:   
    Total shareholders' equity$409,963 $398,086 $285,097 
    Goodwill (53,862) (53,627) (48,495)
    Core deposit intangible (9,734) (10,061) (6,694)
    Total tangible common equity$346,367 $334,398 $229,908 
        
        
    Total Assets:   
    Total assets$4,160,360 $3,954,670 $2,273,835 
    Goodwill (53,862) (53,627) (48,495)
    Core deposit intangible (9,734) (10,061) (6,694)
    Total tangible assets$4,096,764 $3,890,982 $2,218,646 
        
    Common shares outstanding 20,621,437  20,667,237  13,279,363 
        
    Book value per common share$19.88 $19.26 $21.47 
    Tangible book value per common share$16.80 $16.18 $17.31 
    Common equity to total assets 9.85% 10.07% 12.54%
    Tangible common equity to tangible assets 8.45% 8.59% 10.36%
        

     


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