Business First Bancshares Inc. Announces Q3 Financial Results
BATON ROUGE – Business First Bancshares Inc., parent company of b1BANK, announced its unaudited results for the quarter ended Sept. 30, 2020, including net income of $9.6 million, or $0.46 per diluted share, increases of $4.1 million and $0.06, respectively, from the quarter ended Sept. 30, 2019. On a non-GAAP basis, core net income for the quarter ended Sept. 30, 2020, which excludes certain income and expenses, was $11.0 million, or $0.53 per diluted share, an increase of $4.7 million and increase of $0.07, respectively, from the quarter ended Sept. 30, 2019.
“In our last earning report, I said the second quarter was simultaneously the most challenging, and in many ways, the most rewarding period we’ve experienced as a company,” said Jude Melville, president and CEO. “but I can now say that about the third quarter. In addition to weathering the ongoing health and related economic crises, our people were impacted over the past few weeks by landfall of not one but two hurricanes. Our performance in the quarter reflects a strength and resiliency that enables us to be there for our clients, and we are as committed as ever to continuing to be that stable resource in times of both plenty and need.”
On Oct. 22, 2020, Business First’s board of directors declared a quarterly dividend based upon financial performance for the third quarter in the amount of $0.10 per share, same as the prior quarter, to the common shareholders of record as of Nov. 15, 2020. The dividend will be paid on Nov. 30, 2020, or as soon thereafter as practicable.
Also, on Oct. 22, 2020, Business First’s board of directors terminated its existing stock repurchase program, which was set to expire Dec. 13, 2020, and adopted a new stock repurchase program. Under the new repurchase program, Business First may repurchase shares of its common stock with an aggregate purchase price of up to $30,000,000 until the program’s expiration on Dec. 31, 2021.