Business First Bancshares acquires Oakwood Bancshares in $85.7M stock deal; Q1 EPS $0.48

Business First Bancshares, Inc.

All-stock merger valued at $85.7M; Oakwood shareholders receive 0.5112 BFST shares per Oakwood share.
Q1 2024 net income to common $12.2M ($0.48 diluted EPS); core net income $12.8M ($0.50 diluted EPS).
Deposits increased $324M (6.17%) QoQ; loans grew $96.1M (1.92%).
Deal expected to close in Q4 2024, subject to regulatory and Oakwood shareholder approval.
Quarterly common dividend $0.14 per share, payable May 31, 2024, to holders of record May 15.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Business First Bancshares, Inc. reported first quarter of 2024 results: net income $12.2 million, EPS $0.48 per diluted common share.

Period: first quarter of 2024
Net income: $12.2 million
EPS: $0.48 per diluted common share
Result: reported results

Exact text from the filing

On April 25, 2024, BFST issued a press release announcing its consolidated financial results for the first quarter of 2024.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Business First Bancshares, Inc. entered into Agreement and Plan of Reorganization with Oakwood Bancshares, Inc. valued at $85.7 million (effective 2024-04-25).

Action: entry
Agreement: merger
Counterparty: Oakwood Bancshares, Inc.
Value: $85.7 million
Effective: 2024-04-25

Exact text from the filing

On April 25, 2024, Business First Bancshares, Inc., a Louisiana corporation (“BFST”), and Oakwood Bancshares, Inc., a Texas corporation (“Oakwood”), entered into an Agreement and Plan of Reorganization (the “Reorganization Agreement”), providing for the acquisition by BFST of Oakwood through the merger of Oakwood with and into BFST, with BFST surviving the merger (the “Merger”).

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Source: SEC EDGAR

accession 0001437749-24-013258

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