---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-24-013258"
form_type: "8-K"
ticker: "BFST"
cik: "0001624322"
company_name: "Business First Bancshares, Inc."
filed_at: "2024-04-25T23:59:59+00:00"
generated_at: "2026-06-03T08:00:59.524190+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-24-013258
- form_type: 8-K
- ticker: BFST
- cik: 0001624322
- company_name: Business First Bancshares, Inc.
- filed_at: 2024-04-25T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1624322/000143774924013258/0001437749-24-013258-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1624322/000143774924013258/bfbi20240424_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-24-013258
- JSON: https://secwatch.observer/filing/0001437749-24-013258.json
- Plain text: https://secwatch.observer/filing/0001437749-24-013258.txt

## Key facts
- Earnings Releases
  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
  source text: On April 25, 2024, BFST issued a press release announcing its consolidated financial results for the first quarter of 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1624322/000143774924013258/0001437749-24-013258-index.htm
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1624322/000143774924013258/0001437749-24-013258-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.