Q2 2024 Business First Bancshares Inc Earnings Call Transcript
Key Points
- Business First Bancshares Inc (BFST) reported a healthy rebound in net interest margins.
- The company saw an appropriate amount of loan growth and an improvement in the composition of its deposit base.
- Capital levels increased relative to intangible book value, and asset quality remained consistent.
- The acquisition of Dallas-based Oakwood Bank is on track for completion in the fourth quarter, with positive expectations for integration.
- Core earnings benefited from about $1.7 million in loan discount accretion, exceeding market expectations.
- The $1.9 million gain from the sale of a USDA-guaranteed loan is not expected to be a regular occurrence.
- Non-interest expense increased by $900,000 or 2.1% from the prior quarter, driven by broader wage pressures.
- The company anticipates continued wage pressures, which may drive future increases in non-interest expenses.
- The special mention percentage in the CRE portfolio increased significantly from 2.4% to 7.5%, indicating potential risk.
- The company's assets under management (AUM) in SSW have been trending down, primarily due to clients restructuring their securities portfolios.
Thank you for standing by. My name is Mandeep and I'll be your operator today. At this time, I'd like to welcome everyone to the Business First Bancshares Q2 2024 earnings call. (Operator Instructions)
Thank you. I would now like to turn the call over to Matt Sealy, Senior Vice President, Director of Corporate Strategy and FP&A. You may begin.
Good afternoon, and thank you all for joining. Earlier today, we issued our second quarter 2024 earnings press release, a copy of which is available on our website, along with the slide presentation that we'll reference during today's call.
Please refer to slide three of our presentation, which includes our safe harbor statements regarding forward- looking statements and the use of non-GAAP financial measures. For those of you joining by phone, please note the slide presentation is available at our website at www.b1bank.com
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