In a remarkable display of market confidence, Business First Bancshares Inc. (NASDAQ:BFST) stock has reached a 52-week high, touching the $27 mark. This milestone underscores a period of robust performance for the company, with the stock witnessing an impressive 1-year change, climbing 38.18%. Investors have shown increasing enthusiasm for Business First's prospects, propelling the stock to new heights over the past year. The 52-week high serves as a testament to the company's strong financial health and the positive sentiment surrounding its growth trajectory in the banking sector.
In other recent news, Business First Bancshares reported a positive Q3 in 2024, marked by robust growth and significant improvements in operating leverage. The company's GAAP net income was $16.5 million, and the core net income reached $17.2 million, primarily driven by commercial real estate and construction loans. Business First Bancshares also expanded its presence in Dallas and Houston, which contributed to its strong performance.
The company's core net interest margin increased by 12 basis points to 3.46% and core expenses were reduced by $1 million. Total loans and deposits grew by $57.3 million and $77.3 million, respectively. The acquisition of Oakwood is expected to contribute approximately $690 million in net loans, further bolstering the company's growth.
Despite a slight increase in non-performing loans due to an SBA loan, non-interest income showed strength, particularly from swap fees. Looking ahead, Business First Bancshares anticipates continued net interest margin growth and aims to achieve a core margin of around 3.50% by Q2 2025. The integration of Oakwood is also expected to provide a quarterly accretion of $700,000 to $800,000. These are recent developments that highlight the company's strategic growth and financial stability.
InvestingPro Insights
Business First Bancshares Inc. (BFST) continues to demonstrate strong market performance, as evidenced by its recent 52-week high. InvestingPro data reveals that the stock's 1-year price total return stands at an impressive 39.29%, aligning closely with the article's reported 38.18% change. This upward trajectory is further supported by a substantial 32.79% price total return over the past six months.
InvestingPro Tips highlight that BFST is currently trading near its 52-week high, with its price at 99.7% of the 52-week peak. This corroborates the article's emphasis on the stock's recent milestone. Additionally, BFST has maintained a streak of raising its dividend for 7 consecutive years, which may contribute to its appeal among income-focused investors.
The company's P/E ratio of 11.32 suggests that the stock may be reasonably valued relative to its earnings, potentially indicating room for further growth. For investors seeking more comprehensive analysis, InvestingPro offers 8 additional tips that could provide deeper insights into BFST's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.