Business First Bancshares, Inc. (BFST) is a financial holding company headquartered in Baton Rouge, Louisiana, operating primarily through its subsidiary, b1BANK. The company provides a wide range of financial services tailored to small-to-midsized businesses, professionals, and individuals, including banking, investment advisory, and specialized financial solutions. BFST generates most of its revenue from interest income on loans, customer service fees, and securities income.
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Real Estate Loans - Offers commercial real estate loans secured by properties, construction loans for various developments, and residential loans including mortgages and home equity lines of credit.
- Commercial Real Estate Loans - Secured by owner-occupied and non-owner-occupied properties, including farmland loans.
- Construction Loans - Funds construction of commercial and residential properties.
- Residential Loans - Includes first and second lien mortgages, home equity lines, and multi-family residential loans.
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Commercial Loans - Provides general commercial and industrial loans such as working capital lines, equipment financing, asset acquisition loans, and borrowing base loans.
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Consumer and Other Loans - Includes loans for personal, family, and household purposes, such as secured and unsecured installment and term loans.
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Investment Advisory Services - Operates through Smith Shellnut Wilson, LLC (SSW), offering asset management and investment services.
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Specialized Financial Services - Provides debit and credit card products, merchant services, payroll solutions, ACH services, lock-box services, remote deposit capture, receivables factoring, and correspondent banking services.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
David R. Melville ExecutiveBoard | Chairman, President, and Chief Executive Officer | Executive Board Member, Louisiana's Committee of 100 | David R. Melville has led Business First Bancshares, Inc. as President and Chief Executive Officer since March 2011 and was appointed Chairman in July 2024. He also serves as Director since April 2010 and has held various management roles since 2006. | View Report → |
Chad Carter Executive | EVP of Correspondent Banking | Chad Carter serves as EVP of Correspondent Banking at BFST since April 2011, overseeing SBA, Wealth Management, Derivative Solutions, Financial Institutions, and Mortgage teams. He previously held roles as North Louisiana Regional President, SVP - Commercial Lending, and VP - Commercial Lending, contributing significantly to the company’s growth. | ||
Gregory Robertson Executive | Executive Vice President and Chief Financial Officer | Gregory Robertson has been serving as the Executive Vice President and Chief Financial Officer at BFST since January 2017, after joining the company in 2011. There is no information indicating any board memberships or additional external roles, and he is not the company-wide CEO. | ||
Kathryn Manning Executive | Executive Vice President and Chief Risk Officer | Kathryn Manning has served as the Executive Vice President and Chief Risk Officer at BFST since May 2022, after initially joining as Chief Data Officer in September 2013. | ||
Keith Mansfield Executive | Executive Vice President and Chief Operations Officer | Keith Mansfield is the Executive Vice President and Chief Operations Officer at BFST since January 2017. Previously, he served as the Chief Information Officer from April 2016. | ||
Mike Pelletier Executive | Executive Vice President, Chief Human Resources Officer | Mike Pelletier is the Executive Vice President and Chief Human Resources Officer at BFST since June 2023, with over 30 years of HR experience including serving as CHRO at IBERIABANK since July 2003. | ||
N. Jerome Vascocu Executive | President of b1BANK | N. Jerome 'Jerry' Vascocu, Jr. is the President of b1BANK at BFST since October 17, 2024 and previously served as Executive Vice President and Chief Administrative Officer starting November 2022. | ||
Philip Jordan Executive | Executive Vice President and Chief Banking Officer | Philip Jordan has served as Executive Vice President and Chief Banking Officer at BFST since August 2018. Previously, he held key roles including Chief Commercial Officer and Western Region Chief Executive Officer. | ||
Saundra Strong Executive | Executive Vice President (EVP) and General Counsel | Saundra Strong has served as the Executive Vice President and General Counsel at BFST since 2021. She also holds the position of Corporate Secretary, which she began in December 2021. | ||
Warren McDonald Executive | Executive Vice President and Chief Credit Officer | Warren McDonald is the Executive Vice President and Chief Credit Officer at BFST since February 2021. He has been with the company since its inception in February 2006 and previously served as Senior Commercial Lender and Market President. |
- Considering the significant decline in deposits and the sale of your Louisiana branch, how will you sustainably drive organic deposit growth in core markets like Dallas while managing competitive pressures?
- With NPAs increasing substantially due to two downgraded C&I relationships, what specific measures are you putting in place to mitigate further credit quality deterioration?
- Given your current low single-digit net interest margin expansion and the uncertainty surrounding rate cuts, how do you plan to sustain margin improvements if competitive deposit cost pressures intensify?
- Regarding the Oakwood Bank acquisition and its upcoming conversion, what specific revenue synergies and cost savings do you expect to achieve, and how will potential integration challenges be addressed?
- In light of your low to mid-single-digit forecast for loan growth, what external risks or internal constraints could push this rate lower, and how might that impact your overall balance sheet performance?
Research analysts who have asked questions during Business First Bancshares earnings calls.
Feddie Strickland
Hovde Group
4 questions for BFST
Manuel Navas
D.A. Davidson & Co.
4 questions for BFST
Matt Olney
Stephens Inc.
4 questions for BFST
Michael Rose
Raymond James Financial, Inc.
4 questions for BFST
Christopher Marinac
Janney Montgomery Scott LLC
3 questions for BFST
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Oakwood Bancshares, Inc. | 2024 | BFST’s acquisition of Oakwood Bancshares was an all‐stock transaction valued at approximately $85.7 million (based on a closing price of $21.57 per share) that expanded BFST’s asset base and Texas footprint by adding six full-service banking centers, increasing both its loan and deposit portfolios; the deal included an exchange ratio of 0.5112 BFST shares per Oakwood share, and received all necessary regulatory and shareholder approvals. |
Waterstone LSP, LLC | 2024 | Completed on January 31, 2024, BFST acquired Waterstone LSP, LLC for $3.3 million in cash, recording $3.1 million in goodwill; this acquisition, which integrates the SBA lending services offered by the Katy-based firm into its operations, strengthens BFST’s SBA-focused offerings for core bank clients. |
Texas Citizens Bancorp, Inc. | 2022 | The acquisition of Texas Citizens Bancorp, Inc. was completed in March 2022 through a merger that converted each outstanding TCBI share into 0.7038 BFST shares, adding six banking locations in the Houston market and contributing significant assets, loans, and deposits to BFST’s portfolio; the strategic move reinforced BFST’s presence in Texas. |
Recent press releases and 8-K filings for BFST.
- Strong Q1 2025 performance: GAAP net income of $19.2 million and EPS of $0.65, with expanding net interest margins (3.68%) driving results
- Dividend declarations: Quarterly common dividend of $0.14 per share and quarterly preferred dividend of $18.75 per share, payable on May 31, 2025
- Robust asset base & profitability: Reported $7.8B in assets with ROAA of 1.00% and ROACE of 10.48%, alongside increased tangible common equity and ongoing integration and tech initiatives
- Strong deposit metrics: $6.458B in deposits across 129,161 accounts (average $50,001) with an organic deposit CAGR of ~16% since 4Q15
- Strategic growth move: Acquisition of Oakwood Bancshares added approximately $862M in assets, enhancing scale and market position
- Balance sheet dynamics & outlook: Loans remained flat while deposits declined by ~$53 million due to paydowns, with expectations for low- to mid-single-digit loan growth and a focus on organic deposit growth post branch sale