Q4 and FY 2025 Results
2 TABLE OF CONTENTS Legal Disclosures 3 Guiding Principles & Social Impact 4 Business First Bancshares, Inc. Overview 5 – 11 Liquidity and Deposits 12 Securities Portfolio 13 Noninterest Revenue Opportunities 14 Financial Results Q4 and FY 2025 Financial Highlights 16 – 17 Credit Metrics Analysis 18 Yield/Rate Analysis 19 – 21 Loan Portfolio Loan Composition 23 – 26 Appendix 28 – 34
3 LEGAL DISCLOSURES 66 85 99 90 163 210 123 175 212 220 88 42 124 129 128 220 x3 Special Note Concerning Forward-Looking Statements This investor presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements in some cases through the Company’s use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the Company’s future business and financial performance and/or the performance of the banking and mortgage industry and economy in general. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of important factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this presentation including, without limitation, the risks set forth in “Forward Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 7, 2025 (as may be amended in the Company’s Quarterly Reports on Form 10-Q). Many of these factors are difficult to foresee and are beyond the Company’s ability to control or predict. The Company believes the forward-looking statements contained herein are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. The Company does not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law. Non-GAAP Financial Measures This presentation includes certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations. Management believes that these non-GAAP financial measures provide a greater understanding of the ongoing operations and enhance comparability of results with prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and the analysis of ongoing operating trends. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from the reporting measures with similar names as used by other companies. You should understand how such other banking organizations calculate their non-GAAP financial measures with names similar to the non-GAAP financial measures discussed herein when comparing such information. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in the Appendix to this presentation.
4 GUIDING PRINCIPLES & SOCIAL IMPACT b1BANK’s five guiding principles reflect our core beliefs and values, which drive all decisions irrespective of our goals, strategies, or external factors. These tenets are more than guides for making business decisions; they are the core of our culture, driving our day-to-day interactions between employees and with our clients to make a positive impact on the communities we serve b1BANK has received these annual awards from American Banker and Business Report consecutively since 2021 SOCIAL IMPACT 2025 Total Volunteerism: • 5,596 Hours • 1,258 hours of financial literacy education and non-profit service 2021 Inception Through December 2025: • Mentored 1,026 businesses • Conducted training classes to help 4,131 entrepreneurs start or grow their business b1 FOUNDATION b1COMMUNITY
5 BALANCE SHEET & EARNINGS SNAPSHOT (4) FRANCHISE HIGHLIGHTS SHAREHOLDER INFORMATION BUSINESS OVERVIEW & CORPORATE ACTIONS BUSINESS FIRST BANCSHARES, INC. OVERVIEW (1) Deposit market share is as of June 30, 2025, per FDIC data. (2) Deposit balances exclude Business First Bancshares Holding Company deposits with the Bank subsidiary and acquired deposits and includes brokered deposits. (3) Includes one closed full-service Banking Center in Rayville, LA that maintains an active ITM. Excludes recently closed Progressive Bank acquisition. (4) Balance sheet information as of December 31, 2025. Income statement and profitability figures reflect trailing twelve-months, as of December 31, 2025. See appendix for Core reconciliations. (5) Preliminary consolidated capital ratio as of December 31, 2025. • Nasdaq Listed: BFST; April 2018 • Stock Price and Market Capitalization: $26.14 per share, and $771.4MM (as of 12/31/25) • Trailing 30 -Day Average Daily Volume: 125,364 shares • Five publishing analysts; Five “Buy” ratings and $31.00 median price target (as of 12/31/25) • $0.57 FY 2025 common stock dividend (20.2% payout ratio, 2.3% dividend yield) – recently increased to $0.15 per quarter • Repurchased $3.7MM common shares at $24.79 weighted average price per share during Q4’25 • Since 2018, completed three equity capital raises, totaling $151.0 million of additional common equity capital, in addition to two subordinated debt issuances totaling $77.5 million • Diversified full -service commercial -focused bank headquartered in Baton Rouge, Louisiana, focused on serving clients with the sophistication and product set capacity of a large bank and the relationship -orientation of a community bank • #1 deposit market share in Louisiana for Louisiana -headquartered banks (1); Texas market represents 39% of credit exposure as of 12/31/25, DFW is largest market in footprint • Granular deposit base: 105,336 accounts with an average balance of $63,596 and an organic deposit growth CAGR of ~15% since 4Q15(2) • Balanced organic growth and proven acquirer with ~55% organic and ~45% acquired growth since 2018; six whole bank (including Progressive Bank acquisition) and two non -bank acquisitions • 5-time winner of Best Banks to Work For award • $8.2 billion total assets • $6.2 billion total gross loans, HFI • $6.7 billion total deposits (19.7% noninterest bearing) • $825MM total common equity, and $72MM total preferred equity • 12.93% consolidated total risk -based capital ratio (5) • 8.53% TCE / TA, and $23.36 TBV per common share Full -Year 2025 Actual Results • $321MM total core revenue (15.0% noninterest core revenue) • $83.5MM core net income available to common, $2.83 diluted core EPS available to common, 3.69% GAAP net interest margin • 1.06% core ROAA, 10.7% core ROACE, 61.8% core efficiency ratio • Operations in Louisiana, Texas and Mississippi including: 37 legacy Louisiana full -service Banking Centers (3), one LPO/DPO office, 16 metro-focused Texas Banking Centers , a registered investment advisory in Ridgeland, MS, and a SBA loan service provider in Katy, Texas. • Established Correspondent Banking Group with 150+ network bank relationships serving four primary functions; loan and deposit participations, registered investment advisory, interest rate swap hedging, and SBA loan processing and servicing • On January 1, 2026, closed the acquisition of North Louisiana based Progressive Bank ($752MM in assets as of September 30, 2025) • Completed b1BANK core conversion in May 2025, and acquired Oakwood Bank core conversion in September 2025
6 EXECUTIVE MANAGEMENT Jude Melville Chairman, President and CEO Philip Jordan EVP, Chief Banking Officer Keith Mansfield EVP, Chief Operations Officer Chad Carter EVP, Correspondent Banking Gregory Robertson EVP, Chief Financial Officer Heather Roemer EVP, Chief Administrative Officer Saundra Strong EVP, General Counsel Kathryn Manning EVP, Chief Risk Officer Warren McDonald EVP, Chief Credit Officer Jerry Vascocu President, b1BANK
7 BALANCED FOOTPRINT Note: Dollars in millions. Financial and branch data as of December 31, 2025. Deposit balances do not tie to consolidated figures as a result of wholesale deposits, timing differences and other items recorded at the corporate level. Loan amounts based on outstanding loan balance before accounting adjustments. (1) Banking Center count includes one standalone ITM. (2) Excludes standalone ITM from Deposits / Banking Center calculation. 66 85 99 90 163 210 123 175 212 220 88 42 124 129 128 220 x3 Dallas Fort Worth Region # of Banking Centers: 11 # of LPOs: 1 Total Loans: $1,924.3 Total Deposits: $1,037.3 Deposits / Banking Center: $94.3 Houston Region # of Banking Centers: 5 Total Loans: $449.5 Total Deposits: $556.2 Deposits / Banking Center: $111.2 Southwest Louisiana Region # of Banking Centers: 21 Total Loans: $1,468.2 Total Deposits: $2,197.0 Deposits / Banking Center: $104.6 Greater New Orleans Region # of Banking Centers: 7 Total Loans: $1,203.2 Total Deposits: $1,066.1 Deposits / Banking Center: $152.3 North Louisiana Region # of Banking Centers(1): 9 Total Loans: $1,074.6 Total Deposits: $987.4 Deposits / Banking Center(2): $123.4
8 DIVERSIFIED GROWTH Note: Dollars in millions, except per share data. Amounts may not total due to rounding. (1) Based on the closing date except for the Progressive Bank acquisition, which reflects total assets as of September 30, 2025, and closed on January 1, 2026. (2) Non-GAAP financial measure. See appendix for applicable reconciliation. $1,473 $1,652 $2,277 $2,843 $3,562 $4,156 $4,566 $4,924 $621 $621 $1,883 $1,883 $2,429 $2,429 $3,291 $4,043 $2,095 $2,274 $4,160 $4,726 $5,990 $6,585 $7,857 $8,967 2018 2019 2020 2021 2022 2023 2024 2025 BFST Standalone Assets Cumulative Assets Acquired # of Acquisitions(1) 2 0 1 0 1 0 1 1 Target(s) Assets Acquired(1) $621 $0 $1,262 $0 $546 $0 $862 $752 TBV Per Share(2) $15.34 $17.31 $16.80 $17.71 $16.17 $18.62 $19.92 $23.36 TBVPS ex. AOCI(2) $15.60 $17.12 $16.28 $17.77 $19.12 $21.25 $22.05 $24.49 Core ROAA(2) 1.00% 1.15% 1.09% 1.22% 1.05% 1.05% 0.94% 1.06%
9 $ 1 9 .6 8 $ 2 1 .4 7 $ 1 9 .8 8 $ 2 1 .2 4 $ 2 0 .2 5 $ 2 2 .5 8 $ 2 4 .6 2 $ 2 7 .9 5 $15.34 $17.31 $16.80 $17.71 $16.17 $18.62 $19.92 $23.36 2018 2019 2020 2021 2022 2023 2024 2025 BVPS TBVPS $ 2 2 .6 4 $ 2 3 .2 4 $ 2 4 .5 9 $ 2 4 .6 2 $ 2 5 .5 1 $ 2 6 .2 3 $ 2 7 .2 3 $ 2 7 .9 5 $18.61 $19.22 $20.60 $19.92 $20.84 $21.61 $22.63 $23.36 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 BVPS TBVPS TANGIBLE BOOK VALUE PER SHARE (TBVPS) GROWTH (1) Non-GAAP financial measure. See appendix for applicable reconciliation. • Tangible book value per share increased ~26% from Q1’24 to Q4’25, reflecting solid organic capital generation and disciplined acquisition integration, despite normal quarter-to-quarter volatility • From 2018 to 2025, tangible book value per share grew ~52%, demonstrating prudent capital management across multiple cycles while generating both organic and inorganic balance sheet growth (1) (1) TBVPS – Trailing 8 Quarters TBVPS – Since Public Listing on Nasdaq
10 $ 1 .2 2 $ 1 .7 4 $ 1 .6 4 $ 2 .5 3 $ 2 .3 2 $ 2 .5 9 $ 2 .2 6 $ 2 .7 9 $1.45 $1.80 $2.05 $2.61 $2.52 $2.62 $2.49 $2.83 2018 2019 2020 2021 2022 2023 2024 2025 EPS Core EPS $ 0 .4 8 $ 0 .6 2 $ 0 .6 5 $ 0 .5 1 $ 0 .6 5 $ 0 .7 0 $ 0 .7 3 $ 0 .7 1 $0.50 $0.64 $0.68 $0.66 $0.65 $0.66 $0.72 $0.79 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 EPS Core EPS EARNINGS PER SHARE (EPS) GROWTH (1) Non-GAAP financial measure. See appendix for applicable reconciliation. (1) Diluted EPS – Trailing 8 Quarters (1) • Core EPS increased ~58% from Q1’24 to Q4’25, reflecting improving earnings power as recent acquisitions are integrated and cost savings are realized • Core EPS grew ~95% from 2018 to 2025, demonstrating consistent earnings growth through various economic cycles and seven bank acquisitions Diluted EPS – Since Public Listing on Nasdaq
11 9.14% 9.29% 9.42% 9.44% 9.78% 9.88% 10.06% 9.94% 12.78% 12.88% 12.99% 12.75% 13.03% 13.07% 13.22% 12.93% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Common Equity Tier 1 Total Risk-Based Capital 11.83% 11.43% 10.63% 9.04% 8.68% 9.15% 9.44% 9.94% 13.91% 13.30% 12.28% 11.94% 12.75% 12.85% 12.75% 12.93% 2018 2019 2020 2021 2022 2023 2024 2025 Common Equity Tier 1 Total Risk-Based Capital CONSOLIDATED CAPITAL GROWTH Note: Reflects consolidated capital ratios for Business First Bancshares, Inc. Figures for Q4 and FY 2025 are preliminary. • From Q1’24 to Q4’25, CET1 increased by 80 bps and Total Risk-Based Capital improved to 12.93%, reflecting strong internal capital generation and balance sheet optimization while continuing to support growth • From 2018 to 2025, capital ratios remained strong through multiple acquisitions and economic cycles, demonstrating disciplined capital planning and a balanced approach to growth CET1 & TRBC – Trailing 8 Quarters CET1 & TRBC – Since Public Listing on Nasdaq
12 LIQUIDITY AND DEPOSITS Deposit Composition Non-Interest Bearing NOW & Int. Bearing DDA MMDA & Savings Time Deposits • Continue to carry higher cash balances to support liquidity, with 6.89% of total assets at 12/31/2025. • Remain focused on core deposits, which represent over 85% of total deposits. • Continue to take advantage of wholesale funding alternatives to optimize interest costs and liquidity, utilizing FHLB and the brokered deposit market. • Ample contingent liquidity available of just under $3.5 billion at 12/31/2025, to supplement core deposit growth as needed. $6.70B Note: Dollars in millions. Data as of December 31, 2025. Historical Deposit Composition Liquidity Sources FHLB Borrowings Capacity 1,207$ FRB Discount Window 962$ Unencumbered Securities 593$ Available Excess Cash Reserves 379$ Fed Funds Sold 172$ Fed Funds Lines Available 145$ Total 3,458$
13 SECURITIES PORTFOLIO AFS Securities Portfolio • Portfolio serves as a source of on-balance sheet liquidity and provides interest income stability during times of declining rates. • With the relatively high-rate environment, the Bank is reinvesting portfolio cash flows and taking opportunities to modestly grow the portfolio as liquidity allows. • Total portfolio as of 4Q25 was $1.03 billion in AFS, of which agency mortgage-backed securities (MBS) and A-rated municipal securities were the largest components. - 4Q25 weighted average yield of 2.94% - Weighted average life of 4.25 years - Estimated effective duration of 3.53 years $1.03B Note: Dollars in millions. Data as of December 31, 2025. Book Market Net Unrealized Value Value Gain / (Loss) Municipal Securities 291.3$ 274.9$ (16.3)$ Mortgage-Backed Securities 674.2 650.1 (24.1)$ Corporate & Other Securities 38.3 37.1 (1.3)$ U.S. Government Agencies / Treasuries 27.6 27.2 (0.5)$ Total AFS Securities 1,031.4$ 989.2$ (42.2)$ Deferred Tax Impact 8.9$ Accumulated Other Comprehensive Income/Loss (33.3)$
14 SMITH SHELLNUT WILSON (SSW) • SSW was founded in 1995 and offers investment advisory services, which includes discretionary and non -discretionary management of investment portfolios for a variety of clients including financial institutions, municipalities, high -net worth individuals, trusts and business entities • As of December 31, 2025, SSW maintained ~$5.74 billion in AUM (3), which includes negative impact of AOCI (~$4.29 billion bank AUM (1), ~$1.44 billion non -bank AUM) • For 4Q25, 33% of total AUM fees were represented by banks and credit unions and SSW provided portfolio management services for 50 bank clients FINANCIAL INSTITUTIONS GROUP (FIG) • September 2020 – b1BANK announced the formation of its Financial Institutions Group (FIG) • FIG currently maintains $545 million in total loan participations sold (1) and has generated $243 million (2) in total deposits through a relationship network of ~100 bank counterparties WATERSTONE LSP February 1, 2024 – Waterstone LSP was acquired by b1BANK and operates as a wholly - owned affiliate as a comprehensive resource for streamlined SBA lending. Waterstone optimizes partner banks’ SBA lending capabilities and achieves growth objectives via Efficient Loan Management, including; Waterstone’s platform simplifies pre -qualification, underwriting, packaging, and closing, accelerating the loan cycle and minimizing workload Snapshot as of December 31, 2025: • 27 banks under LSP Agreements • 4Q25 loan closing volume of $24.9 million (includes $17.8 million of b1BANK loan closings) • 4Q25 active pipeline of ~$79 million INTEREST RATE SWAPS November 2023 – b1BANK announced the formation of its Derivative Solutions Group, providing a full suite of interest rate hedging products offered to our commercial borrowers, including, but not limited to; interest rate swaps, caps, floors, collars, cancellable swaps. We expect to expand into our institutional client base. FY 2025 PRODUCTION • 52 total trades • $274.7 million in total loan notional from back -to-back client swaps generated ~$4.4 million in fee income NONINTEREST REVENUE OPPORTUNITIES – CORRESPONDENT BANKING (1) Does not necessarily include total production/volume since inception. (2) Reflects average total deposits for Q4 2025. (3) Includes bank and credit union AUM. Excludes b1BANK securities portfolio and TruPs /CDs included in client portfolios. $0.5 $0.3 $0.2 $0.4 $0.7 $0.9 $0.9 $0.9 $0.8 $2.2 $1.5 $3.4 $1.1 $1.4 $1.0 $2.7 $4.4 $5.4 $5.8 $6.0 $6.3 $1.6 $1.5 $1.9 $1.8 FY 2022 FY 2023 FY 2024 FY 2025 LPL Brokerage Smith Shellnut Wilson Swap Fees Waterstone LSP Gain on Sale of SBA Loans Participation Fee Revenue (FIG) Total Mortgage Fee Revenue $9.0 $11.6 $14.4 $18.6 Correspondent Revenue Growth
15 Financial Results 66 85 99 90 163 210 123 175 212 220 88 42 124 129 128 220 x3
16 4 th QUARTER 2025 – FINANCIAL RESULTS Note: Dollars in thousands, except per share data. (1) Non-GAAP financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of December 31, 2025. Core Net Income $23.5 million +20.9% YoY Core Diluted EPS $0.79 +19.7% YoY Core ROAA 1.16% Core ROACE 11.40% Core Efficiency Ratio 59.7% Net Interest Margin 3.64% (excluding discount accretion) Loan Growth, HFI ~$168 million +11.1% (linked-quarter annualized) Total Deposit Growth ~$192 million +11.7% (linked-quarter annualized) Consolidated Capital CET1 Ratio: 9.94% TRBC Ratio: 12.93% TBVPS $23.36 +17.3% YoY Q4 2025 Results Earnings & Profitability Q4 2025 Q3 2025 Q4 2024 Net Income Available to Common Shareholders 21,009$ 21,505$ 15,138$ Pre-Tax, Pre-Provision Earnings(1) 30,680 32,065 28,016 Diluted Earnings Per Common Share 0.71 0.73 0.51 ROAA 1.04% 1.08% 0.78% ROACE 10.18 10.80 8.23 Net Interest Margin 3.71 3.68 3.61 Efficiency Ratio 63.10 60.45 63.91 Core Net Income Available to Common Shareholders(1) 23,520$ 21,215$ 19,454$ Core Pre-Tax, Pre-Provision Earnings(1) 33,842 31,587 33,450 Core Diluted Earnings Per Common Share(1) 0.79 0.72 0.66 Core ROAA(1) 1.16% 1.06% 1.00% Core ROACE(1) 11.40 10.65 10.58 Net Interest Margin excluding loan discount accretion(1) 3.64 3.63 3.56 Core Efficiency Ratio(1) 59.74 60.94 63.09 Balance Sheet & Capital Total Loans 6,189,490$ 6,021,055$ 5,981,399$ Total Deposits 6,698,590 6,506,862 6,511,331 Common Equity Tier 1 Ratio(2) 9.94% 10.06% 9.44% Total Risk-Based Capital Ratio(2) 12.93 13.22 12.75 Common Equity / Total Assets 10.04 10.14 9.26 Tangible Common Equity / Tangible Assets(1) 8.53 8.57 7.63 Book Value Per Common Share 27.95$ 27.23$ 24.62$ Tangible Book Value Per Common Share(1) 23.36 22.63 19.92 Asset Quality Provision for Credit Losses 3,098$ 3,183$ 6,712$ Net Charge-Offs / Avg. Quarterly Total Loans 0.11% 0.05% 0.03% ACL / Total Loans (HFI) 0.94 1.03 0.98 NPLs / Total Loans (HFI) 1.24 0.82 0.42 NPAs / Total Assets 1.09 0.83 0.39 Q4 2025 Highlights (1) (1) (1)(1) (1) (1) (1)
17 FY 2025 – FINANCIAL RESULTS Note: Dollars in thousands, except per share data. (1) Non-GAAP financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of December 31, 2025. Earnings & Profitability FY 2025 FY 2024 FY 2023 Net Income Available to Common Shareholders 82,460$ 59,706$ 65,642$ Pre-Tax, Pre-Provision Earnings(1) 121,627 93,924 95,069 Diluted Earnings Per Common Share 2.79 2.26 2.59 ROAA 1.05% 0.86% 1.04% ROACE 10.59 9.54 12.36 Net Interest Margin 3.69 3.48 3.62 Efficiency Ratio 62.55 65.42 61.61 Core Net Income Available to Common Shareholders(1) 83,540$ 65,759$ 66,326$ Core Pre-Tax, Pre-Provision Earnings(1) 122,686 101,286 95,899 Core Diluted Earnings Per Common Share(1) 2.83 2.49 2.62 Core ROAA(1) 1.06% 0.94% 1.05% Core ROACE(1) 10.73 10.51 12.49 Net Interest Margin excluding loan discount accretion(1) 3.63 3.41 3.47 Core Efficiency Ratio(1) 61.84 64.47 61.93 Balance Sheet & Capital Total Loans 6,189,490$ 5,981,399$ 4,992,785$ Total Deposits 6,698,590 6,511,331 5,248,790 Common Equity Tier 1 Ratio(2) 9.94% 9.44% 9.15% Total Risk-Based Capital Ratio(2) 12.93 12.75 12.85 Common Equity / Total Assets 10.04 9.26 8.69 Tangible Common Equity / Tangible Assets(1) 8.53 7.63 7.28 Book Value Per Common Share 27.95$ 24.62$ 22.58$ Tangible Book Value Per Common Share(1) 23.36 19.92 18.62 Asset Quality Provision for Credit Losses 11,318$ 10,873$ 4,483$ Net Charge-Offs / Avg. Total Loans 0.19% 0.08% 0.11% ACL / Total Loans (HFI) 0.94 0.98 0.88 NPLs / Total Loans (HFI) 1.24 0.42 0.34 NPAs / Total Assets 1.09 0.39 0.28 FY 2025 Results FY 2025 Highlights Core Net Income $83.5 million +27.0% YoY Core Diluted EPS $2.83 +13.7% YoY Core ROAA 1.06% Core ROACE 10.73% Core Efficiency Ratio 61.8% Net Interest Margin 3.63% (excluding discount accretion) Loan Growth, HFI ~$208 million +3.5% YoY Total Deposit Growth ~$187 million +2.9% YoY Consolidated Capital CET1 Ratio: 9.94% TRBC Ratio: 12.93% TBVPS $23.36 +17.3% YoY (1) (1) (1)(1) (1) (1) (1)
18 ACL & FV Discount Past Due Loans(1) Note: Dollars in millions. (1) Past due loans include balances past due 30 days or more and not on a nonaccrual status. (2) Nonperforming loans include loan balances past due 90 days or more as well as loans on a nonaccrual status. CREDIT METRICS ANALYSIS Nonperforming Loans(2) Net Charge-offs
19 3.71% 3.64% 2.64% 2.52% 6.88% 3.75% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 NIM NIM ex. Accretion Total Funding Cost Total Cost of Deposits Loan Yield Target Fed Funds Rate Note: Data is as of December 31, 2025. Chart based on GAAP data. (1) NIM excluding loan discount accretion is a non-GAAP financial measure and excludes the accretion of the loan discount on acquired loans. See appendix for applicable reconciliation. YIELD / RATE ANALYSIS – LONG TERM MARGIN STABILITY (1) 2020 2021 2022 2023 2024 2025
20 Note: Dollars in millions; amounts may not total due to rounding. Betas are estimates that reflect the deposit portfolio composition as of December 31, 2025, based on analysis of BFST deposit pricing in prior cycles. (1) Core CDs and Core Time Deposits exclude brokered deposits and CDARs. (2) Reflects weighted average rate as of month-end, December 31, 2025. ESTIMATED DEPOSIT BETA IN EASING RATE CYCLE Deposit Portfolio (as of 12/31/25) % of Deposits $ Amount of Deposits Weighted Avg. Rate(2) Approx. Beta in Easing Cycle Non-Interest Bearing Deposits 19.7% $1,322.1 -% -% Core Time Deposits(1) 5.6% $372.6 3.06% 45 - 55% High Beta/Special CDs 9.4% $630.8 3.91% 55 - 65% Brokered Deposits 8.7% $579.5 4.09% 100% Low Beta/Standard Non-Maturity Deposits 9.4% $629.4 1.73% 25 - 35% Higher Beta Non-Maturity Deposits 47.2% $3,164.3 2.78% 70 - 80% Total Deposits 100.0% $6,698.6 2.37% 45 - 55% • Internal modeling implies an estimated total deposit beta of 45% – 55%, in the near-term downward rate cycle • Overall Core CD balance(1) retention rate was 83% during 4Q25 • $224 million remaining Core CD balances(1) will mature in 1Q26, with $239 million maturing in 2Q26
21 Loan Portfolio HFI (as of 12/31/25) Note: Dollars in millions. Data is as of December 31, 2025. Loan balances are before accounting adjustments and excludes loan s i n process and excludes Business Manager loans. (1) Reflects weighted average stated rate for the month -end for each period indicated. • 52.6% of total loans HFI are floating rate • 66.5% of floating -rate loans float on the WSJ Prime Daily Index • 47.4% of total loans HFI are fixed rate - 10.9% of fixed -rate loans mature within the next 12 months LOAN PORTFOLIO – REPRICING OVERVIEW Maturities by Loan Type Outstanding Balance Weighted ($MM) (% of Total) Avg. Rate(1) Fixed Rate Loans (mature/reprice > 1 year) 2,234.8$ 36.5% 6.00% Fixed Rate Loans (mature/reprice < 1 year) 671.0 10.9% 6.32% Floating Rate with Floors 1,369.2 22.3% 6.97% Floating Rate without Floors 1,855.8 30.3% 6.86% Total 6,130.8$ 100.0% 6.51% 36.5% 10.9%22.3% 30.3%63.5% of total loans HFI are floating / variable rate or fixed rate maturing/repricing within the next 12-months Fixed Rate Loans Maturing Beyond 1-Year (dollars in millions) Q1'27 FY 2027 FY 2028 FY 2029 > FY 2029 C&D 3.2$ 29.9$ 8.4$ 7.1$ 30.1$ Owner-Occupied CRE 11.8 71.7 44.5 46.4 170.7 Income Producing CRE 0.4 2.2 0.9 1.3 1.8 C&I 0.7 6.0 11.4 6.2 20.8 Agricultural 0.5 1.1 1.7 1.6 3.6 Farmland 7.6 65.1 53.4 56.9 194.9 1-4 Family 65.3 429.1 207.2 164.6 433.1 Consumer & Other 14.7 86.3 29.4 26.2 21.0 Total 104.0$ 691.4$ 357.1$ 310.2$ 876.1$ Weighted Avg. Rate 5.17% 5.26% 6.95% 6.56% 6.00% Fixed Rate Loans Maturing within the next 12-Months NTM (dollars in millions) Q1'26 Q2'26 Q3'26 Q4'26 Total C&D 31.9$ 8.7$ 11.6$ 3.5$ 55.6$ Owner-Occupied CRE 23.1 28.6 13.9 24.1 89.6 Income Producing CRE 0.0 0.1 0.3 0.1 0.4 C&I 2.5 5.2 1.2 1.7 10.6 Agricultural 27.4 53.7 0.9 1.4 83.5 Farmland 47.3 16.4 10.8 7.7 82.1 1-4 Family 65.5 70.5 40.2 97.1 273.3 Consumer & Other 33.9 7.8 26.9 7.2 75.8 Total 231.5$ 190.9$ 105.8$ 142.7$ 671.0$ Weighted Avg. Rate 7.00% 6.72% 5.89% 5.00% 6.32% All Floating Rate Loans, Maturing, (dollars in millions) Q1'26 Q2'26 FY 2026 FY 2027 > FY 2027 C&D 93.3$ 23.8$ 190.0$ 157.3$ 162.9$ Owner-Occupied CRE 4.6 5.7 17.0 9.8 136.6 Income Producing CRE 0.8 0.3 1.9 1.1 1.6 C&I 9.7 6.7 26.2 19.0 97.8 Agricultural 13.5 17.3 34.6 5.0 3.3 Farmland 170.3 87.8 408.8 85.5 409.3 1-4 Family 77.3 37.6 199.5 100.7 725.6 Consumer & Other 96.6 13.2 235.3 76.6 119.5 Total 466.2$ 192.3$ 1,113.3$ 455.1$ 1,656.6$ Weighted Avg. Rate 7.34% 7.23% 7.22% 6.98% 6.67% (1) (1) (1)
22 Loan Portfolio 66 85 99 90 163 210 123 175 212 220 88 42 124 129 128 220 x3
23 LOAN COMPOSITION $208.1 Million Year-over-Year Growth Q4 2025 Highlights $1,869 $1,862 $1,961 $1,921 $1,922 $1,299 $1,298 $1,310 $1,280 $1,357 $1,045 $1,045 $1,098 $1,076 $1,152 $1,097 $1,142 $1,078 $1,106 $1,119 $671 $634 $600 $639 $639 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Construction Residential, Consumer & Other CRE - Owner Occupied CRE - Non-Owner Occupied Commercial Total Loans HFI QoQ Change Dallas Fort Worth 31.4% Houston 7.3% North Louisiana 17.6% Southwest Louisiana 24.0% Greater New Orleans 19.7% Total Loans HFI by Region ($ in millions) QoQ YoY Commercial 1$ 53$ CRE - Non-Owner Occupied 77$ 58$ CRE - Owned Occupied 77$ 107$ Residential, Consumer, & Other 13$ 22$ Construction 0$ (31)$ Total 168$ 208$ Increase (Decrease) by Loan Type $5,981 $5,981 $6,048 $6,021 $6,189 +$761.3 ($0.5) +$66.7 ($26.6) +$168.4 Q4’25 Avg. Yield(1) 6.98% 6.47% 5.95% 5.95% 7.14% Total Yield 6.52% • Total Loans HFI increased $168.4 million, or 2.8% (11.1% annualized) compared to the linked quarter • Total Loans HFI increased $208.1 million, or 3.5% year-over-year Note: Data is as of December 31, 2025. Dollars in millions. Loan balances reflect amortized cost basis. (1) Weighted average loan yields exclude Business Manager loans.
24 Note: Loan composition as of December 31, 2025, based on preliminary FDIC call report data. LOAN PORTFOLIO SNAPSHOT $6.19 billion Total Loan Portfolio Composition Top 5 Exposure Categories Outstanding Unfunded Average NPLs % of Balance Commitment Loan Size Total Loans Commercial $1.86 billion $1 billion $469 thousand 1.34% CRE - Owner-Occupied $1.15 billion $93 million $995 thousand 0.45% CRE - Non Owner-Occupied $1.36 billion $56 million $2.06 million 2.31% Construction & Land $639 million $284 million $655 thousand 0.71% 1-4 Family $594 million $19 million $225 thousand 1.27% Total $5.61 billion $0.45 billion $881 thousand 1.31%
25 LOAN COMPOSITION: COMMERCIAL Note: Data is as of December 31, 2025. Percentages based on loan balances before accounting adjustments. • Commercial loans represent 31.0% of the total loan portfolio • Total commercial loan growth year-over-year of 2.8% • Weighted average maturity of the commercial portfolio is 2.33 years Commercial Loans by Collateral Commercial Loans by Market AR & Inventory 33.4% Equipment 11.7% All Other 30.0% Titled Collateral 11.6% Cash/Securities 6.8% Agricultural 6.4% Dallas Fort Worth 37.5% North Louisiana 19.8% Bayou 7.5% Capital 9.0% Greater New Orleans 11.4% Southwest Louisiana 8.8% Houston 6.1%
26 Income Producing CRE Geography(1) Income Producing CRE Portfolio Dallas, TX 11.0% Houston, TX 5.5% West Monroe, LA 5.4% Scott, LA 4.8% New Orleans, LA 4.5% Lake Charles, LA 4.5% New Iberia, LA 4.5% Baton Rouge, LA 4.2% Monroe, LA 3.4% Marrero, LA 3.2% All Other Geographies 49.0% Total CRE - Income Producing 100.0% 11.0% 5.5% 5.4% 4.8% 4.5% 4.5% 4.5% 4.2% 3.4% 3.2% 49.0% Owner Occupied CRE Geography(1) Income Producin CRE Geography(1) Owner Occupied CRE Portfolio Baton Rouge, LA 8.5% Houston, TX 7.0% Houma, LA 5.3% Bastrop, LA 4.9% Minden, LA 4.3% Broussard, LA 3.6% Memphis, TN 3.5% Dallas, TX 3.5% Lake Charles, LA 3.2% New Orleans, LA 2.9% All Other Geographies 53.3% Total CRE - Owner Occupied 100.0% 8.5% 7.0% 5.3% 4.9% 4.3% 3.6% 3.5% 3.5% 3.2% 2.9% 53.3% C&D by Geography(1) Owner Occupied CRE Geography(1) C&D Portfolio Dallas, TX 13.9% Baton Rouge, LA 8.2% Lafayette, LA 7.0% Houston, TX 4.1% Sulphur, LA 4.0% Minden, LA 3.5% New Orleans, LA 3.5% Dubach, LA 3.3% Lake Charles, LA 2.9% Mckinney, TX 2.6% All Other Geographies 47.1% Total C&D 100.0% 13.9% 8.2% 7.0% 4.1% 4.0% 3.5% 3.5% 3.3% 2.9% 2.6% 47.1% CRE Composition - Income Producing Income Producing CRE Portfolio Hotel/Motel 14.5% Office Building 22.4% Office/Warehouse 4.0% Warehouse 7.3% Retail - Single-Tenant 7.9% Retail - Multi-Tenant 25.3% Commercial Building 10.3% Other 8.3% Total CRE - Income Producing 100.0% 14.5% 22.4% 4.0% 7.3% 7.9% 25.3% 10.3% 8.3% CRE Composition - Owner Occupied iti - I e roducing Owner Occupied CRE Portfolio Hotel/Motel 1.8% Office Building 23.0% Office/Warehouse 23.6% Retail 16.9% Commercial Building 16.0% Other 18.7% Total CRE - Owner Occupied 100.0% 1.8% 23.0% 23.6% 16.9% 16.0% 18.7% C&D Composition iti - r i C&D Portfolio Raw Land 5.0% Vacant Residential Lots 8.9% Vacant Commercial Lots 8.9% Land Development - Residential 20.1% Residential Construction - OORE 4.0% Residential Construction - Non OORE 12.9% Commercial Construction - Retail 5.3% Commercial Construction - Office 5.4% Commercial Construction - Apartment/Multi-Family 5.4% Commercial Construction - Other 24.2% Total C&D 100.0% 5.0% 8.9% 8.9% 20.1% 4.0% 12.9% 5.3% 5.4% 5.4% 24.2% Note: Dollars in millions. Data is as of December 31, 2025. Percentages based on loan balances before accounting adjustments. (1) Geographic composition detail reflects borrower zip code on file in loan source files. Does not necessarily reflect zip code or location of loan collateral. Loan balances include Oakwood totals within Dallas geography. (2) Represents the largest loan in each portfolio net of balances sold to other institutions. (3) Represents the outstanding principal balance of all loans maturing between January 1, 2026, through December 31, 2026. LOAN COMPOSITION: COMMERCIAL REAL ESTATE C&D Highlights • $639.1 million total portfolio • $30.2 million largest relationship(2) • $658 thousand average loan size • $213.2 million maturing over the next 12 months(3) • Dallas, Baton Rouge and Lafayette represent top 3 geographies within C&D and comprise 29.0% of all C&D loans or $185.2 million Owner-Occupied Highlights • $1.15 billion total portfolio • $18.8 million largest relationship(2) • $998 thousand average loan size • $154.3 million maturing over the next 12 months(3) • Baton Rouge, Houston and Houma represent top 3 geographies within owner-occupied and comprise 20.8% of all owner-occupied loans or $239.0 million Income Producing Highlights • $1.36 billion total portfolio • $26.1 million largest relationship(2) • $2.07 million average loan size • $333.4 million balance maturing over the next 12 months(3) • Dallas, Houston and Monroe represent top 3 geographies within income producing and comprise 21.8% of all income producing loans or $297.1 million $639.1 million $1.15 billion $1.36 billion $639.1 million $1.15 billion $1.36 billion
27 APPENDIX
28 Note: Dollars in thousands. As of December 31. (1) Non-GAAP Financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of 12/31/2025. Total Capital Ratio not available for FY 2020 due to the bank’s use of the Community Bank Leverage Ratio. (3) Excludes SBA PPP loans. (4) Calculated at the bank level based on preliminary FDIC call report data. (5) Past due and nonaccrual loan amounts exclude purchased 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. This was applicable to all periods 12/31/2022, and prior. The guidance and methodology were changed beginning 1/1/2023, due to CECL adoption. HISTORICAL FINANCIAL SUMMARY 2020 2021 2022 2023 2024 2025 Balance Sheet & Capital Total Assets $4,160,360 $4,726,378 $5,990,460 $6,584,550 $7,857,090 $8,214,740 Gross Loans (Excl. HFS) 2,991,355 3,189,608 4,606,176 4,992,785 5,981,399 6,189,490 Deposits 3,616,679 4,077,283 4,820,345 5,248,790 6,511,331 6,698,590 Total Equity 409,963 433,368 580,481 644,259 799,466 896,883 Tangible Common Equity / Tangible Assets(1) 8.45 % 7.76 % 6.89 % 7.28 % 7.63 % 8.53 % Tier 1 Leverage Ratio(2) 8.79 8.14 9.49 9.52 9.53 10.08 Total Risk-based Capital Ratio(2) -- 11.94 12.75 12.85 12.75 12.93 Net Loans (Excl. HFS) / Assets 71.37 % 66.87 % 76.25 % 75.21 % 75.43 % 74.69 % Gross Loans (Excl. HFS) / Deposits 82.71 78.23 95.56 95.12 91.86 92.40 NIB Deposits / Deposits 32.19 31.66 32.14 24.75 20.84 19.74 Commercial Loans / Loans (Excl. HFS)(3) 21.60 22.62 25.05 27.22 31.24 31.05 C&D / Total Risk-Based Capital(4) 106.0 % 117.0 % 109.8 % 91.7 % 78.2 % 68.7 % CRE / Total Risk-Based Capital(4) 262.0 250.1 272.1 253.5 253.6 258.0 Asset Quality NPLs / Loans (Excl. TDRs)(5) 0.35 % 0.41 % 0.25 % 0.34 % 0.42 % 1.24 % NPAs / Assets (Excl. TDRs)(5) 0.48 0.31 0.21 0.28 0.39 1.09 Reserves / Loans (Excl. HFS) 0.74 0.91 0.83 0.81 0.92 0.87 NCOs / Average Loans 0.06 0.03 0.04 0.11 0.08 0.19 Profitability Ratios Net Income Available to Common Shareholders $29,994 $52,136 $52,905 $65,642 $59,706 $82,460 ROAA 0.88 % 1.18 % 0.97 % 1.04 % 0.86 % 1.05 % ROACE 8.42 12.25 11.59 12.36 9.54 10.59 Net Interest Margin 4.06 % 3.84 % 3.92 % 3.62 % 3.48 % 3.69 % Efficiency Ratio 67.75 61.84 65.26 61.61 65.42 65.42 Non-Interest Income / Avg. Assets 0.63 0.80 0.54 0.62 0.63 0.65 Non-Interest Expense / Avg. Assets 2.95 2.66 2.73 2.47 2.55 2.58 For the Fiscal Year Ended December 31,
29Note: Dollars in thousands except per share data. (1) Adjustments are net of tax. RECONCILIATION OF NON -GAAP FINANCIAL MEASURES 2021 2022 2023 2024 2025 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Core Net Income: Net Income 52,136$ 52,905$ 65,642$ 59,706$ 82,460$ 15,138$ 19,193$ 20,753$ 21,505$ 21,009$ Adjustments(1): -$ (543)$ -$ -$ -$ -$ -$ -$ -$ -$ 799$ 566$ -$ (39)$ 663$ -$ (122)$ -$ -$ 785$ -$ -$ 341$ -$ -$ -$ -$ -$ -$ -$ (299)$ 38$ 2,023$ (6)$ (51)$ (17)$ 1$ 37$ (61)$ (27)$ (354)$ -$ (745)$ -$ (2,527)$ -$ -$ (2,527)$ -$ -$ -$ -$ (1,150)$ -$ (497)$ -$ (497)$ -$ -$ -$ 1,230$ 395$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 407$ 4,236$ 215$ 1,524$ 3,128$ 162$ 536$ 467$ 1,000$ 1,125$ -$ -$ -$ 769$ 1,939$ 366$ 170$ 795$ 346$ 628$ -$ -$ -$ 3,805$ -$ 3,805$ -$ -$ -$ -$ -$ -$ -$ -$ (1,575)$ -$ -$ -$ (1,575)$ -$ Core Net Income 53,919$ 57,597$ 66,326$ 65,759$ 83,540$ 19,454$ 19,281$ 19,525$ 21,215$ 23,520$ Core Return on Average Assets: Net Income 52,136$ 52,905$ 65,642$ 59,706$ 82,460$ 15,138$ 19,193$ 20,753$ 21,505$ 21,009$ Core Net Income 53,919$ 57,597$ 66,326$ 65,759$ 83,540$ 19,454$ 19,281$ 19,525$ 21,215$ 23,520$ Average Assets 4,403,670$ 5,473,508$ 6,341,880$ 6,973,735$ 7,873,743$ 7,721,338$ 7,750,982$ 7,791,371$ 7,921,159$ 8,016,094$ ROAA 1.18% 0.97% 1.04% 0.86% 1.05% 0.78% 1.00% 1.07% 1.08% 1.04% Core ROAA 1.22% 1.05% 1.05% 0.94% 1.06% 1.00% 1.01% 1.01% 1.06% 1.16% ROACE 12.25% 11.59% 12.36% 9.54% 10.59% 8.23% 10.48% 10.87% 10.80% 10.18% Core ROACE 12.67% 12.62% 12.49% 10.51% 10.73% 10.58% 10.53% 10.23% 10.65% 11.40% Average Diluted Shares Outstanding 20,634,281 22,817,493 25,296,200 26,452,084 29,545,702 29,520,781 29,545,921 29,586,975 29,656,639 29,669,253 Diluted Earnings per Common Share 2.53$ 2.32$ 2.59$ 2.26$ 2.79$ 0.51$ 0.65$ 0.70$ 0.73$ 0.71$ Core Diluted Earnings per Common Share 2.61$ 2.52$ 2.62$ 2.49$ 2.83$ 0.66$ 0.65$ 0.66$ 0.72$ 0.79$ Net Interest Margin Excluding Loan Discount Accretion: Net Interest Income 153,884$ 199,577$ 215,129$ 227,383$ 273,163$ 65,729$ 65,983$ 67,042$ 69,276$ 70,862$ Adjustments: (7,750) (9,432) (9,311) (4,182) (4,089) (997) (793) (767) (1,111) (1,418) Adjusted Net Interest Income 146,134$ 190,145$ 205,818$ 223,201$ 269,074$ 64,732$ 65,190$ 66,275$ 68,165$ 69,444$ Average Interest-earning Assets 4,011,773$ 5,091,684$ 5,939,405$ 6,536,333$ 7,402,462$ 7,237,784$ 7,263,399$ 7,299,899$ 7,460,027$ 7,569,692$ Net Interest Margin 3.84% 3.92% 3.62% 3.48% 3.69% 3.61% 3.68% 3.68% 3.68% 3.71% 3.64% 3.73% 3.47% 3.41% 3.63% 3.56% 3.64% 3.64% 3.63% 3.64% Core conversion expenses CECL Oakwood impact Tax Credit - ERC Loan purchase discount accretion Net Interest Margin excluding loan discount accretion (Gain)/Loss on Sale of Securities (Gain)/Loss on Sale of Banking Center (Gain)/Loss on Extinguishment of Debt Occupancy and bank premises-hurricane repair Stock Option Exercises Acquisition-related expenses Core Net Income, ROAA, NIM excluding loan discount accretion For the Year Ended December 31, Fiscal Quarter Insurance Reimbursement of storm expenditures, net of tax (Gain)/Loss Former Bank Premises & Equipment Write-Down on Former Bank Premises
30 Note: Dollars in thousands except per share data. (1) Adjustments are net of tax. RECONCILIATION OF NON -GAAP FINANCIAL MEASURES TTM Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 Core Net Income: Net Income 19,193$ 20,753$ 21,505$ 21,009$ 82,460$ Adjustments(1): (122)$ -$ -$ 785$ 663$ 1$ 37$ (61)$ (27)$ (51)$ (Gain)/Loss on Sale of Banking Center -$ (2,527)$ -$ -$ (2,527)$ (497)$ -$ -$ -$ (497)$ 536$ 467$ 1,000$ 1,125$ 3,128$ 170$ 795$ 346$ 628$ 1,939$ -$ -$ -$ -$ -$ -$ -$ (1,575)$ -$ (1,575)$ Core Net Income 19,281$ 19,525$ 21,215$ 23,520$ 83,540$ Core Return on Average Assets: Net Income 19,193$ 20,753$ 21,505$ 21,009$ 82,460$ Core Net Income 19,281$ 19,525$ 21,215$ 23,520$ 83,540$ Average Assets 7,750,982$ 7,791,371$ 7,921,159$ 8,016,094$ 7,873,743$ ROAA 1.00% 1.07% 1.08% 1.04% 1.05% Core ROAA 1.01% 1.01% 1.06% 1.16% 1.06% Average Diluted Shares Outstanding 29,545,921 29,586,975 29,656,639 29,669,253 29,545,702 Diluted Earnings per Common Share 0.65$ 0.70$ 0.73$ 0.71$ 2.79$ Core Diluted Earnings per Common Share 0.65$ 0.66$ 0.72$ 0.79$ 2.83$ Core conversion expenses CECL Oakwood impact Tax Credit - ERC Core Net Income and ROAA - Trailing Twelve Months Fiscal Quarter (Gain)/Loss Former Bank Premises & Equipment (Gain)/Loss on Sale of Securities (Gain)/Loss on Extinguishment of Debt Acquisition-related expenses
31 Note: Dollars in thousands except per share data. RECONCILIATION OF NON -GAAP FINANCIAL MEASURES Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity 799,466$ 826,312$ 848,440$ 878,440$ 896,883$ Preferred Stock (71,930) (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 727,536$ 754,382$ 776,510$ 806,510$ 824,953$ Adjustments: Goodwill (121,572) (121,691) (121,146) (121,146) (121,146) Core deposit and other intangibles (17,252) (16,538) (15,775) (15,136) (14,497) Total Tangible Common Equity 588,712$ 616,153$ 639,589$ 670,228$ 689,310$ Tangible Assets Total Assets 7,857,090$ 7,784,728$ 7,948,294$ 7,953,862$ 8,214,740$ Adjustments: Goodwill (121,572) (121,691) (121,146) (121,146) (121,146) Core deposit and other intangibles (17,252) (16,538) (15,775) (15,136) (14,497) Total Tangible Assets 7,718,266$ 7,646,499$ 7,811,373$ 7,817,580$ 8,079,097$ Common Equity to Total Assets 9.26% 9.69% 9.77% 10.14% 10.04% Tangible Common Equity to Tangible Assets 7.63% 8.06% 8.19% 8.57% 8.53% Tangible Book Value per Share: Tangible Common Equity Total Shareholders' Equity 799,466$ 826,312$ 848,440$ 878,440$ 896,883$ Preferred Stock (71,930) (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 727,536$ 754,382$ 776,510$ 806,510$ 824,953$ Adjustments: Goodwill (121,572) (121,691) (121,146) (121,146) (121,146) Core deposit and other intangibles (17,252) (16,538) (15,775) (15,136) (14,497) Total Tangible Common Equity 588,712$ 616,153$ 639,589$ 670,228$ 689,310$ Adjustments: Exclude AOCI (62,998) (52,844) (47,768) (36,429) (33,287) Total Tangible Common Equity (excl. AOCI) 651,710$ 668,997$ 687,357$ 706,657$ 722,597$ Common shares outstanding 29,552,358 29,572,297 29,602,970 29,615,370 29,510,668 Book Value per Common Share 24.62$ 25.51$ 26.23$ 27.23$ 27.95$ Tangible Book Value per Common Share 19.92$ 20.84$ 21.61$ 22.63$ 23.36$ Tangible Book Value per Common Share (excl. AOCI) 22.05$ 22.62$ 23.22$ 23.86$ 24.49$ TCE/TA, TBVPS Fiscal Quarter
32 Note: Dollars in thousands except per share data. RECONCILIATION OF NON -GAAP FINANCIAL MEASURES 2021 2022 2023 2024 2025 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity 433,368$ 580,481$ 644,259$ 799,466$ 896,883$ Preferred Stock - (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 433,368$ 508,551$ 572,329$ 727,536$ 824,953$ Adjustments: Goodwill (59,894) (88,543) (88,391) (121,572) (121,146) Core deposit and other intangibles (12,203) (14,042) (11,895) (17,252) (14,497) Total Tangible Common Equity 361,271$ 405,966$ 472,043$ 588,712$ 689,310$ Tangible Assets Total Assets 4,726,378$ 5,990,460$ 6,584,550$ 7,857,090$ 8,214,740$ Adjustments: Goodwill (59,894) (88,543) (88,391) (121,572) (121,146) Core deposit and other intangibles (12,203) (14,042) (11,895) (17,252) (14,497) Total Tangible Assets 4,654,281$ 5,887,875$ 6,484,264$ 7,718,266$ 8,079,097$ Common Equity to Total Assets 9.17% 8.49% 8.69% 9.26% 10.04% Tangible Common Equity to Tangible Assets 7.76% 6.89% 7.28% 7.63% 8.53% Tangible Book Value per Share: Tangible Common Equity Total Shareholders' Equity 433,368$ 580,481$ 644,259$ 799,466$ 896,883$ Preferred Stock - (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 433,368$ 508,551$ 572,329$ 727,536$ 824,953$ Adjustments: Goodwill (59,894) (88,543) (88,391) (121,572) (121,146) Core deposit and other intangibles (12,203) (14,042) (11,895) (17,252) (14,497) Total Tangible Common Equity 361,271$ 405,966$ 472,043$ 588,712$ 689,310$ Adjustments: Exclude AOCI (1,177) (74,204) (66,585) (62,998) (33,287) Total Tangible Common Equity 362,448$ 480,170$ 538,628$ 651,710$ 722,597$ Common shares outstanding 20,400,349 25,110,313 25,351,809 29,552,358 29,510,668 Book Value per Common Share 21.24$ 20.25$ 22.58$ 24.62$ 27.95$ Tangible Book Value per Common Share 17.71$ 16.17$ 18.62$ 19.92$ 23.36$ Tangible Book Value per Common Share (excl. AOCI) 17.77$ 19.12$ 21.25$ 22.05$ 24.49$ TCE/TA, TBVPS For the Year Ended December 31,
33 RECONCILIATION OF NON -GAAP FINANCIAL MEASURES Note: Dollars in thousands. (1) Excludes gains/losses on sales of securities. TTM Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 12/31/2024 12/31/2025 Q4'25 Core Efficiency Ratio: Noninterest Expense 49,570$ 50,578$ 51,206$ 48,882$ 52,412$ 177,652$ 203,078$ 203,078$ Core Adjustments (631)$ (895)$ (1,578)$ 401$ (2,202)$ (2,595)$ (4,274)$ (4,274)$ Net Interest and Noninterest Income 77,565$ 79,210$ 81,504$ 80,870$ 83,057$ 271,569$ 324,641$ 324,641$ Core Adjustments -$ (785)$ (3,360)$ -$ 995$ (50)$ (3,150)$ (3,150)$ Efficiency Ratio(1) 63.91% 63.85% 62.83% 60.45% 63.10% 65.42% 62.55% 62.55% Core Efficiency Ratio 63.09% 63.35% 63.51% 60.94% 59.74% 64.47% 61.84% 61.84% Core Efficiency Ratio Fiscal Quarter Fiscal Year Ended
34 RECONCILIATION OF NON -GAAP FINANCIAL MEASURES Note: Dollars in thousands. Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Core pre-tax, pre-provision earnings: Pre-tax, pre-provision earnings 28,016$ 28,631$ 30,251$ 32,065$ 30,680$ Adjustments: -$ (155)$ -$ -$ 995$ -$ -$ -$ -$ -$ (21)$ 1$ 47$ (77)$ (35)$ (Gain)/Loss on Sale of Banking Center -$ -$ (3,360)$ -$ -$ -$ (630)$ -$ -$ -$ 168$ 679$ 570$ 1,157$ 1,406$ 463$ 216$ 1,008$ 439$ 796$ 4,824$ -$ -$ -$ -$ -$ -$ -$ (1,997)$ -$ Core pre-tax, pre-provision earnings 33,450$ 28,742$ 28,516$ 31,587$ 33,842$ Acquisition-related expenses Core conversion expenses CECL Oakwood impact Tax Credit - ERC Core Pre-tax, Pre-provision Earnings Fiscal Quarter (Gain)/Loss Former Bank Premises & Equipment Write-Down on Former Bank Premises (Gain)/Loss on Sale of Securities (Gain)/Loss on Extinguishment of Debt