Exhibit 99.1

FOR IMMEDIATE RELEASE	Misty Albrecht
July 23, 2018	Business First Bank
	225.286.7879 Misty.Albrecht@b1BANK.com

BUSINESS FIRST BANCSHARES, INC., ANNOUNCES FINANCIAL RESULTS FOR Q2 2018

Baton Rouge, LA - Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of Business First Bank, Baton Rouge, Louisiana, today announced its unaudited results for the quarter ended June 30, 2018, including record quarterly net income of $3.6 million, or $0.33 per diluted share, which reflected increases of $1.5 million and $0.05, respectively, from the quarter ended June 30, 2017. Core net income, which excludes noncore income and expenses, was $4.1 million, or $0.37 per diluted share, which reflected increases of $2.9 million and $0.20, respectively, from the quarter ended June 30, 2017.

“Our second quarter performance continues to exemplify and enhance the value of the franchise for our shareholders and clients,” said Jude Melville, President and CEO. “The significant momentum generated during the first quarter was sustained as the synergies from the Minden Bancorp acquisition continued to materialize and translate into overall shareholder value through improved returns, earnings accretion, and net interest income growth. The combination of our dedicated team and healthy loan pipelines, along with recent loan growth, should be catalysts for continued solid financial performance throughout the second half of 2018.”

“In addition to our record quarterly results and prospective organic growth for the remainder of 2018, we continue to be excited about the opportunities our planned merger with Richland State Bancorp will provide our current and future clients, employees, and shareholders. Commensurate with helping Business First become the region’s most influential business-focused community bank, the partnership will increase our presence along the I-20 corridor and assist in the acceleration of our strategic objectives.”

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On July 19, 2018, Business First’s Board of Directors declared a quarterly dividend based upon financial performance for the quarter in the amount of $0.08 per share to the common shareholders of record as of August 15, 2018, consistent with the prior quarter. The dividend will be paid on August 31, 2018, or as soon thereafter as practicable.

Quarterly Highlights

● Agreement and Plan of Reorganization with Richland State Bancorp, Inc. Business First entered into an Agreement and Plan of Reorganization with Richland State Bancorp, Inc., on June 1, 2018, pursuant to which Business First will acquire Richland State Bancorp, Inc., and its subsidiary, Richland State Bank.

● Public Offering. In connection with the acquisition of Richland State Bancorp, Inc., on June 4, 2018, Business First completed a public offering of 1,207,500 shares of common stock at a price of $24.00 per share, including the overallotment.

● Banking Network Expansion. During the second quarter, Business First completed the conversion of two loan production offices, one in New Orleans, Louisiana, and one in Dallas, Texas, into full-service banking centers.

● Continued Loan Growth. Total loans at June 30, 2018, were $1.2 billion, a $258.7 million increase from December 31, 2017. Net organic loan growth was $42.6 million, or 14.3% annualized, for the quarter ended June 30, 2018. Year-to-date net organic loan growth was $66.6 million, or 11.4% annualized. Net interest income was $15.0 million, an increase of $3.3 million, or 28.1%, from the quarter ended June 30, 2017. The ratio of nonperforming loans to total loans held for investment was 1.14%, compared to 1.30% from December 31, 2017.

● Enhanced Earnings. Net income for the quarter was $3.6 million, an increase of $1.5 million, or 77.3%, from the quarter ended June 30, 2017. Diluted earnings per share were $0.33, return on average assets was 0.90%, and return on average equity was 7.75%, compared to $0.28, 0.70%, and 6.96%, respectively, from the quarter ended June 30, 2017. Core net income, which excludes noncore income and expenses, was $4.1 million, increased $2.9 million from the quarter ended June 30, 2017, which resulted in core earnings per diluted share of $0.37, compared to $0.17 for the quarter ended June 30, 2017, a 117.6% increase. As adjusted, core return on average assets was 1.00% and core return on average equity was 8.69%, compared to 0.41% and 4.08%, respectively, for the quarter ended June 30, 2017.

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● Russell 3000 Index. Business First was added as a member of the Russell 3000 Index beginning after market close on June 22, 2018.

Financial Condition

As of June 30, 2018, Business First had total assets of $1.6 billion, total loans of $1.2 billion, total deposits of $1.3 billion, and total shareholders’ equity of $210.6 million, compared to $1.3 billion, $975.3 million, $1.1 billion, and $180.0 million, respectively, as of December 31, 2017.

Nonperforming loans as a percent of total loans held for investment decreased from 1.30% as of December 31, 2017, to 1.14% as of June 30, 2018. Nonperforming assets as a percent of total assets decreased from 0.98% as of December 31, 2017, to 0.93% as of June 30, 2018. The decreases were attributed to an increase in total loans/assets and improved credit quality.

Book value per common share was $18.26 at June 30, 2018, compared to $17.58 at December 31, 2017. Tangible book value per common share was $15.07 at June 30, 2018, compared to $16.72 at December 31, 2017. The decrease in tangible book value per common share during 2018 is primarily attributable to the completion of the acquisition of Minden Bancorp, Inc. (“MBI”), on January 1, 2018, which added $28.1 million in intangible assets, or $2.44 per common share.

Results of Operations

For the quarter ended June 30, 2018, net income was $3.6 million, or $0.34 per basic share and $0.33 per diluted share, compared to net income of $2.1 million, or $0.30 per basic share and $0.28 per diluted share, for the quarter ended June 30, 2017. Both GAAP and Core EPS for the quarter ended June 30, 2018, were impacted ($0.01) by an atypical franchise tax charge. Return on average assets, on an annualized basis, increased to 0.90% for the quarter ended June 30, 2018, from 0.70% for the quarter ended June 30, 2017. Return on average equity, on an annualized basis, increased to 7.75% for the quarter ended June 30, 2018, as compared to 6.96% for the quarter ended June 30, 2017. The increase in net income for the quarter ended June 30, 2018, compared to the same period in 2017, can primarily be attributed to the acquisition of MBI, growth of the loan portfolio, and the enactment of the Tax Cuts and Jobs Act which lowered the effective corporate tax rate.

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Notable noncore events impacting earnings include the sale of a participation interest in an impaired credit acquired from American Gateway in 2015, which resulted in a $1.3 million increase in interest income for the quarter ended June 30, 2017, and the incurrence of $415,000 in noninterest expenses related to the acquisition of MBI and $118,000 associated with share awards granted to all nonexecutives for Business First Bancshares, Inc.’s NASDAQ commencement on April 9, 2018, for the quarter ended June 30, 2018. Core net income, which excludes noncore income and expenses, for the quarter ended June 30, 2018, was $4.1 million, or $0.37 per diluted share, compared to core net income of $1.2 million, or $0.17 per diluted share, in the quarter ended June 30, 2017. As adjusted, core return on average assets and core return on average equity, in each case on an annualized basis, were 1.00% and 8.69%, respectively, for the quarter ended June 30, 2018, compared to 0.88% and 7.96% for the quarter ended March 30, 2018, and 0.41% and 4.08%, respectively, for the quarter ended June 30, 2017.

For the quarter ended June 30, 2018, net interest income totaled $15.0 million, and net interest margin and net interest spread were 3.98% and 3.70%, respectively, compared to $11.6 million, 3.87%, and 3.57% for the quarter ended December 31, 2017, and $11.7 million, 4.34%, and 4.11%, respectively, for the quarter ended June 30, 2017. The average yield on the loan portfolio was 5.46%, compared to 5.22% for the quarter ended December 31, 2017, and 5.72% for the quarter ended June 30, 2017, and the average yield on total interest-earning assets was 4.81%, compared to 4.57% for the quarter ended December 31, 2017, and 4.97% for the quarter ended June 30, 2017. These metrics were impacted during the quarter ended June 30, 2017, by the sale of a participation interest in an impaired credit acquired from American Gateway in 2015. Excluding the effect of this transaction, for the quarter ended June 30, 2017, net interest income was $10.4 million, net interest margin and net interest spread were 3.86% and 3.64%, respectively, and average yield on the loan portfolio and on total interest-earning assets were 5.12% and 4.50%, respectively. For the quarter ended June 30, 2018, overall cost of funds increased by 11 basis points compared to the quarter ended December 31, 2017, and increased 25 basis points compared to the quarter ended June 30, 2017. Due to the continued impact of new loan growth, runoff of higher yielding loan balances, and competitive deposit pricing, management anticipates continued pressure on net interest margin and net interest spread.

During the quarter ended June 30, 2018, Business First recorded a provision for loan losses of $474,000, compared to $1.3 million for the quarter ended June 30, 2017. The lower provision for the quarter ended June 30, 2018, compared to the same period in 2017 was due to increasing our general reserves to our exposure in the commercial and energy sectors in 2017.

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Banking Centers

As of June 30, 2018, Business First operated out of 18 full-service banking centers in markets across Louisiana and in Dallas, Texas.

Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of the tables below.

About Business First Bancshares, Inc.

Business First Bancshares, Inc., through its banking subsidiary Business First Bank, operates in 18 banking centers in markets across Louisiana and in Dallas, Texas. Business First Bank provides commercial and personal banking, treasury management, and wealth solutions services to small to midsize businesses and their owners and employees. Visit www.b1BANK.com for more information. Business First’s common stock is traded on the NASDAQ Global Select Market under the symbol “BFST.”

Special Note Regarding Forward-Looking Statements

Certain statements contained in this release may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could,” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release.

Additional Information

For additional information on Business First, you may obtain Business First’s reports that are filed with the Securities and Exchange Commission, or SEC, free of charge by using the SEC’s EDGAR service on the SEC’s website at www.sec.gov or by contacting the SEC for further information at 1-800-SEC-0330. Alternatively, these documents can be obtained free of charge from Business First by directing a request to: Business First Bancshares, Inc., 500 Laurel Street, Suite 100, Baton Rouge, Louisiana 70801, Attention: Corporate Secretary.

No Offer or Solicitation

This release does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. There will be no sale of securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

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Business First Bancshares, Inc.

Consolidated Balance Sheets

(Unaudited)

	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands)	2018			2018			2017			2017			2017
Assets
Cash and Due from Banks	$	45,861		$	37,627		$	107,591		$	36,210		$	45,204
Federal Funds Sold		32,522			11,730			8,820			2,971			7,090
Securities Available for Sale, at Fair Values		252,139			262,988			179,148			186,149			192,058
Mortgage Loans Held for Sale		-			147			201			332			167
Loans and Lease Receivable		1,234,031			1,191,450			975,284			937,776			874,506
Allowance for Loan Losses		(9,756	)		(9,647	)		(8,765	)		(9,241	)		(9,177	)
Net Loans and Lease Receivable		1,224,275			1,181,803			966,519			928,535			865,329
Premises and Equipment, Net		10,537			10,424			8,780			8,974			9,132
Accrued Interest Receivable		5,268			4,700			4,110			3,518			3,574
Other Equity Securities		10,064			9,381			8,627			8,595			7,065
Other Real Estate Owned		1,273			1,282			227			267			1,227
Cash Value of Life Insurance		24,275			24,109			23,200			23,039			22,876
Goodwill		32,552			32,816			6,824			6,824			6,824
Core Deposit Intangible		4,234			4,366			2,003			2,072			2,141
Other Assets		6,207			6,340			5,206			6,345			6,399
Total Assets	$	1,649,207		$	1,587,713		$	1,321,256		$	1,213,831		$	1,169,086
Liabilities
Deposits:
Noninterest Bearing	$	305,314		$	297,845		$	264,646		$	268,520		$	243,745
Interest Bearing		1,024,179			1,009,893			790,887			746,574			728,271
Total Deposits		1,329,493			1,307,738			1,055,533			1,015,094			972,016
Securities Sold Under Agreements to Repurchase		13,604			15,434			1,939			2,926			2,533
Short-Term Borrowings		862			862			862			862			862
Long-Term Borrowings		2,700			2,700			2,700			2,700			3,000
Federal Home Loan Bank Borrowings		85,000			75,000			75,000			65,474			66,007
Accrued Interest Payable		1,197			1,104			890			902			821
Other Liabilities		5,722			4,881			4,397			5,814			5,034
Total Liabilities		1,438,578			1,407,719			1,141,321			1,093,772			1,050,273
Shareholders' Equity
Common Stock		11,533			10,272			10,232			6,933			6,933
Additional Paid-In Capital		171,193			144,441			144,172			85,136			85,066
Retained Earnings		32,483			29,666			27,175			28,380			27,115
Accumulated Other Comprehensive Loss		(4,580	)		(4,385	)		(1,644	)		(390	)		(301	)
Total Shareholders' Equity		210,629			179,994			179,935			120,059			118,813
Total Liabilities and Shareholders' Equity	$	1,649,207		$	1,587,713		$	1,321,256		$	1,213,831		$	1,169,086

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Business First Bancshares, Inc.

Consolidated Statements of Income

(Unaudited)

	Quarter Ended											Six Months Ended
	June 30,		March 31,		December 31,			September 30,		June 30,		June 30,		June 30,
(In thousands)	2018		2018		2017			2017		2017		2018		2017
Interest Income:
Interest and Fees on Loans	$	16,549	$	15,676	$	12,544		$	11,433	$	12,398	$	32,225	$	23,539
Interest and Dividends on Securities		1,414		1,423		957			953		972		2,837		1,919
Interest on Federal Funds Sold and Due From Banks		128		127		171			38		30		255		47
Total Interest Income		18,091		17,226		13,672			12,424		13,400		35,317		25,505
Interest Expense:
Interest on Deposits		2,555		2,298		1,814			1,665		1,501		4,853		2,849
Interest on Borrowings		560		428		269			226		209		988		406
Total Interest Expense		3,115		2,726		2,083			1,891		1,710		5,841		3,255
Net Interest Income		14,976		14,500		11,589			10,533		11,690		29,476		22,250
Provision for Loan Losses		474		474		2,330			247		1,305		948		1,660
Net Interest Income After Provision for Loan Losses		14,502		14,026		9,259			10,286		10,385		28,528		20,590
Other Income:
Service Charges on Deposit Accounts		636		610		530			542		525		1,246		1,037
Gain (Loss) on Sales of Securities		-		-		-			31		-		-		-
Other Income		1,370		1,125		943			668		1,075		2,495		1,867
Total Other Income		2,006		1,735		1,473			1,241		1,600		3,741		2,904
Other Expenses:
Salaries and Employee Benefits		6,524		6,704		5,542			5,559		5,397		13,228		10,381
Occupancy and Equipment Expense		1,402		1,418		1,322			1,139		1,191		2,820		2,359
Other Expenses		4,099		3,822		2,844			2,516		2,526		7,921		5,140
Total Other Expenses		12,025		11,944		9,708			9,214		9,114		23,969		17,880
Income Before Income Taxes		4,483		3,817		1,024			2,313		2,871		8,300		5,614
Provision for Income Taxes		845		709		1,886			631		819		1,554		1,586
Net Income	$	3,638	$	3,108	$	(862	)	$	1,682	$	2,052	$	6,746	$	4,028

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Business First Bancshares, Inc.

Selected Financial Information

(Unaudited)

	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands)	2018			2018			2017			2017			2017
Balance Sheet Ratios
Total Loans to Deposits		92.82	%		91.12	%		92.42	%		92.42	%		89.99	%
Shareholders' Equity to Assets Ratio		12.77	%		11.34	%		13.62	%		9.89	%		10.16	%
Tangible Common Equity to Tangible Assets		10.78	%		9.21	%		13.04	%		9.23	%		9.47	%
Loans Receivable Held for Investment
Commercial	$	298,967		$	290,427		$	254,427		$	261,478		$	238,924
Real Estate:
Construction and Land		204,099			191,220			143,535			121,377			112,199
Farmland		15,173			14,498			10,480			10,469			10,524
1-4 Family Residential		224,986			218,623			157,505			145,911			139,398
Multifamily Residential		22,511			25,884			20,717			19,750			23,039
Nonfarm Nonresidential		399,166			390,478			337,699			331,053			304,278
Total Real Estate		865,935			840,703			669,936			628,560			589,438
Consumer		69,129			60,320			50,921			47,738			46,144
Total Loans	$	1,234,031		$	1,191,450		$	975,284		$	937,776		$	874,506
Allowance for Loan Losses
Balance, Beginning of Period	$	9,647		$	8,765		$	9,241		$	9,177		$	8,183
Charge-Offs – Quarterly		(397	)		(23	)		(2,845	)		(217	)		(344	)
Recoveries – Quarterly		32			431			39			34			33
Provision for Loan Losses – Quarterly		474			474			2,330			247			1,305
Balance, End of Period	$	9,756		$	9,647		$	8,765		$	9,241		$	9,177
Allowance for Loan Losses to Total Loans (HFI)		0.79	%		0.81	%		0.90	%		0.99	%		1.05	%
Net Charge-Offs (Recoveries) to Average Total Loans		0.00	%		-0.03	%		0.29	%		0.02	%		0.04	%
Nonperforming Assets
Nonperforming Loans
Nonaccrual Loans	$	13,884		$	15,030		$	12,535		$	13,269		$	11,105
Loans Past Due 90 Days or More		130			114			132			194			55
Total Nonperforming Loans		14,014			15,144			12,667			13,463			11,160
Other Nonperforming Assets
Other Real Estate Owned		1,273			1,282			227			267			1,227
Other Nonperforming Assets		36			13			-			-			-
Total Other Nonperforming Assets		1,309			1,295			227			267			1,227
Total Nonperforming Assets	$	15,323		$	16,439		$	12,894		$	13,730		$	12,387
Nonperforming Loans to Total Loans		1.14	%		1.27	%		1.30	%		1.44	%		1.28	%
Nonperforming Assets to Total Assets		0.93	%		1.04	%		0.98	%		1.13	%		1.06	%

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Business First Bancshares, Inc.

Selected Financial Information

(Unaudited)

	Quarter Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
(Dollars in thousands, except per share data)	2018			2018			2017			2017			2017			2018			2017
Per Share Data
Basic Earnings Per Common Share	$	0.34		$	0.30		$	(0.09	)	$	0.24		$	0.30		$	0.65		$	0.58
Diluted Earnings Per Common Share		0.33			0.29			(0.08	)		0.23			0.28			0.62			0.56
Dividends Per Common Share		0.08			0.06			0.06			0.06			0.06			0.14			0.11
Book Value Per Common Share		18.26			17.52			17.58			17.32			17.14			18.26			17.14
Tangible Book Value Per Common Share		15.07			13.90			16.72			16.03			15.85			15.07			15.85
Average Common Shares Outstanding		10,607,369			10,232,933			9,828,645			6,932,570			6,932,570			10,421,185			6,923,692
Average Diluted Shares Outstanding		11,064,637			10,578,755			10,174,467			7,315,352			7,204,472			10,878,454			7,195,594
End of Period Common Shares Outstanding		11,533,171			10,271,931			10,232,495			6,932,570			6,932,570			11,533,171			6,932,570
Annualized Performance Ratios
Return on Average Assets		0.90	%		0.77	%		-0.26	%		0.57	%		0.70	%		0.83	%		0.70	%
Return on Average Equity		7.75	%		6.94	%		-1.89	%		5.61	%		6.96	%		7.35	%		6.96	%
Net Interest Margin		3.98	%		3.97	%		3.87	%		3.82	%		4.34	%		3.97	%		4.19	%
Efficiency Ratio		70.81	%		73.57	%		74.32	%		78.46	%		68.58	%		72.16	%		71.08	%
Other Operating Expenses
Salaries and Employee Benefits	$	6,524		$	6,704		$	5,542		$	5,559		$	5,397		$	13,228		$	10,381
Occupancy and Bank Premises		861			857			810			617			626			1,718			1,247
Depreciation and Amortization		407			422			338			351			378			829			768
Data Processing		355			410			392			385			381			765			760
FDIC Assessment Fees		331			393			235			202			189			724			366
Legal and Other Professional Fees		509			402			217			358			300			911			584
Advertising and Promotions		298			229			259			271			333			527			663
Utilities and Communications		269			272			248			242			258			541			491
Ad Valorem Shares Tax		322			322			309			165			165			644			330
Directors' Fees		92			159			83			76			80			251			241
Other Real Estate Owned Expenses and Write-Downs		7			2			7			4			16			9			39
Merger and Conversion Related Expenses		415			512			-			-			-			927			-
Other		1,635			1,260			1,268			984			991			2,895			2,010
Total Other Expenses	$	12,025		$	11,944		$	9,708		$	9,214		$	9,114		$	23,969		$	17,880

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Business First Bancshares, Inc.

Consolidated Net Interest Margin

(Unaudited)

	Quarter Ended
	June 30, 2018								December 31, 2017								June 30, 2017
	Average			Interest					Average			Interest					Average			Interest
	Outstanding			Earned /		Average			Outstanding			Earned /		Average			Outstanding			Earned /		Average
(Dollars in thousands)	Balance			Interest Paid		Yield / Rate			Balance			Interest Paid		Yield / Rate			Balance			Interest Paid		Yield / Rate
Assets
Interest-Earning Assets
Total Loans	$	1,212,977		$	16,549		5.46	%	$	961,627		$	12,544		5.22	%	$	867,528		$	12,398		5.72	%
Securities Available for Sale		263,108			1,414		2.15	%		187,565			957		2.04	%		197,782			972		1.97	%
Interest-Bearing Deposit in Other Banks		29,204			128		1.75	%		48,223			171		1.42	%		12,219			30		0.98	%
Total Interest-Earning Assets		1,505,289			18,091		4.81	%		1,197,415			13,672		4.57	%		1,077,529			13,400		4.97	%
Allowance for Loan Losses		(9,638	)							(9,455	)							(8,314	)
Noninterest-Earning Assets		128,544								115,215								104,227
Total Assets	$	1,624,195		$	18,091				$	1,303,175		$	13,672				$	1,173,442		$	13,400
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities
Interest-Bearing Deposits	$	1,014,520		$	2,555		1.01	%	$	761,671		$	1,814		0.95	%	$	724,880		$	1,501		0.83	%
Advances from Federal Home Loan Bank ("FHLB")		94,222			507		2.15	%		66,249			229		1.38	%		66,494			170		1.02	%
Other Borrowings		16,220			53		1.31	%		6,323			40		2.53	%		6,315			39		2.47	%
Total Interest-Bearing Liabilities		1,124,962			3,115		1.11	%		834,243			2,083		1.00	%		797,689			1,710		0.86	%
Noninterest-Bearing Liabilities
Noninterest-Bearing Deposits		306,042								279,511								252,299
Other Liabilities		5,427								6,516								5,564
Total Noninterest-Bearing Liabilities		311,469								286,027								257,863
Shareholders' Equity		187,764								182,905								117,890
Total Liabilities and Shareholders' Equity	$	1,624,195							$	1,303,175							$	1,173,442
Net Interest Rate Spread							3.70	%							3.57	%							4.11	%
Net Interest Income				$	14,976							$	11,589							$	11,690
Net Interest Margin							3.98	%							3.87	%							4.34	%

b1BANK.com

Business First Bancshares, Inc.

Consolidated Net Interest Margin

(Unaudited)

	For the Six Months Ended June 30,
	2018								2017
	Average								Average
	Outstanding			Interest Earned /		Average			Outstanding			Interest Earned /		Average
(Dollars in thousands)	Balance			Interest Paid		Yield / Rate			Balance			Interest Paid		Yield / Rate
Assets
Interest-Earning Assets
Total Loans	$	1,195,564		$	32,225		5.39	%	$	850,680		$	23,539		5.53	%
Securities Available for Sale		254,104			2,837		2.23	%		199,883			1,919		1.92	%
Interest-Bearing Deposit in Other Banks		33,419			255		1.53	%		10,782			47		0.87	%
Total Interest-Earning Assets		1,483,087			35,317		4.76	%		1,061,345			25,505		4.81	%
Allowance for Loan Losses		(9,301	)							(8,258	)
Noninterest-Earning Assets		145,688								101,109
Total Assets	$	1,619,474		$	35,317				$	1,154,196		$	25,505
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities
Interest-Bearing Deposits	$	1,020,266		$	4,853		0.95	%	$	718,007		$	2,849		0.79	%
Advances from Federal Home Loan Bank ("FHLB")		84,665			880		2.08	%		65,048			326		1.00	%
Other Borrowings		18,975			108		1.14	%		6,706			80		2.39	%
Total Interest-Bearing Liabilities		1,123,906			5,841		1.04	%		789,761			3,255		0.82	%
Noninterest-Bearing Liabilities
Noninterest-Bearing Deposits		306,733								242,841
Other Liabilities		5,380								5,776
Total Noninterest-Bearing Liabilities		312,113								248,617
Shareholders' Equity		183,455								115,818
Total Liabilities and Shareholders' Equity	$	1,619,474							$	1,154,196
Net Interest Rate Spread							3.72	%							3.99	%
Net Interest Income				$	29,476							$	22,250
Net Interest Margin							3.97	%							4.19	%

b1BANK.com

Business First Bancshares, Inc.

Non-GAAP Measures

(Unaudited)

	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands)	2018			2018			2017			2017			2017
Tangible Common Equity
Total Shareholders' Equity	$	210,629		$	179,994		$	179,935		$	120,059		$	118,813
Adjustments:
Goodwill		(32,552	)		(32,816	)		(6,824	)		(6,824	)		(6,824	)
Core Deposit and Other Intangibles		(4,234	)		(4,366	)		(2,003	)		(2,072	)		(2,141	)
Total Tangible Common Equity	$	173,843		$	142,812		$	171,108		$	111,163		$	109,848
Tangible Assets
Total Assets	$	1,649,207		$	1,587,713		$	1,321,256		$	1,213,831		$	1,169,086
Adjustments:
Goodwill		(32,552	)		(32,816	)		(6,824	)		(6,824	)		(6,824	)
Core Deposit and Other Intangibles		(4,234	)		(4,366	)		(2,003	)		(2,072	)		(2,141	)
Total Tangible Assets	$	1,612,421		$	1,550,531		$	1,312,429		$	1,204,935		$	1,160,121
Common Shares Outstanding		11,533,171			10,271,931			10,232,495			6,932,570			6,932,570
Book Value Per Common Share	$	18.26		$	17.52		$	17.58		$	17.32		$	17.14
Tangible Book Value Per Common Share	$	15.07		$	13.90		$	16.72		$	16.03		$	15.85
Common Equity to Total Assets		12.8	%		11.3	%		13.6	%		9.9	%		10.2	%
Tangible Common Equity to Tangible Assets		10.8	%		9.2	%		13.0	%		9.2	%		9.5	%

b1BANK.com

Business First Bancshares, Inc.

Non-GAAP Measures

(Unaudited)

	Quarter Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
(Dollars in thousands, except per share data)	2018			2018			2017			2017			2017			2018			2017
Core Net Income
Net Income	$	3,638		$	3,108		$	(862	)	$	1,682		$	2,052		$	6,746		$	4,028
Adjustments:
Sale of Participation Interest in Impaired Credit (net of tax)		-			-			-			(209	)		(850	)		-			(1,606	)
Employee Share Awards - NASDAQ Listing (net of tax)		93			-			-			-			-			93			-
Acquisition-related Expenses (net of tax)		347			457			129			-			-			804			-
Core Net Income	$	4,078		$	3,565		$	(733	)	$	1,473		$	1,202		$	7,643		$	2,422
Average Common Shares Outstanding		10,607,369			10,232,933			9,828,645			6,932,570			6,932,570			10,421,185			6,923,692
Average Diluted Shares Outstanding		11,064,637			10,578,755			10,174,467			7,315,352			7,204,472			10,878,454			7,195,594
Core Earnings Per Share - Basic	$	0.38		$	0.35		$	(0.07	)	$	0.21		$	0.17		$	0.73		$	0.35
Core Earnings Per Share - Diluted	$	0.37		$	0.34		$	(0.07		$	0.20		$	0.17		$	0.70		$	0.34
Total Quarterly / Year-to-date Average Assets	$	1,624,195		$	1,614,750		$	1,303,175		$	1,187,553		$	1,173,442		$	1,619,474		$	1,154,196
Total Quarterly / Year-to-date Average Equity	$	187,764		$	179,098		$	182,905		$	119,929		$	117,890		$	183,455		$	115,818
Core Return on Average Assets		1.00	%		0.88	%		-0.22	%		0.50	%		0.41	%		0.94	%		0.42	%
Core Return on Average Equity		8.69	%		7.96	%		-1.60	%		4.91	%		4.08	%		8.33	%		4.18	%

b1BANK.com