BFSTHIGH SIGNALOPERATIONAL10-K

BFST completed significant M&A activity with Progressive Bank merger and substantial operational improvements including resolution of previously disclosed material weakness in internal controls.

The company successfully executed major acquisitions while simultaneously addressing critical internal control deficiencies that were flagged in the prior filing. The removal of material weakness language combined with strong financial performance suggests management has strengthened operational capabilities during a period of rapid growth.

Comparing 2026-02-26 vs 2025-03-07View on EDGAR →
FINANCIAL ANALYSIS

BFST delivered exceptionally strong financial performance with net income growing 35% to $87.9M and operating cash flow surging 50% to $92.1M, despite interest expense nearly quadrupling to $138.2M due to acquisitions and higher rates. The balance sheet strengthened significantly with stockholders' equity increasing 12% to $896.9M and cash growing 29% to $411.2M, while total assets expanded from $7.9B to $8.2B primarily through M&A activity. The overall picture shows successful integration of acquisitions with robust profitability growth and improved capital position.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+278.2%
$36.5M→$138.2M

Interest expense surged 278.2% — significant debt increase or rising rates materially impacting earnings.

Capital Expenditure
Cash Flow
-95.8%
$1.6M→$66K

Capex reduced 95.8% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Cash Flow
Cash Flow
+50%
$61.4M→$92.1M

Operating cash flow surged 50% — exceptional cash generation, highest quality earnings signal.

Provision for Credit Losses
P&L
+35.3%
$8.0M→$10.9M

Credit loss provisions surged 35.3% — management flagging significant deterioration in loan quality ahead.

Net Income
P&L
+34.9%
$65.1M→$87.9M

Net income grew 34.9% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
+28.9%
$319.1M→$411.2M

Cash grew 28.9% — improving liquidity position supports investment and shareholder returns.

Stockholders Equity
Balance Sheet
+12.2%
$799.5M→$896.9M

Equity base grew 12.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Net Interest Income
P&L
+12.1%
$414.8M→$465.0M

Net interest income grew 12.1% — benefiting from rate environment or loan book expansion.

Total Debt
Balance Sheet
-10%
$3.0M→$2.7M

Debt reduced 10% — deleveraging strengthens balance sheet and reduces financial risk.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-03-07
ADDED
As of February 20, 2026, there were 32,710,447 outstanding shares of the registrant s common stock, $1.00 par value per share.
Summary of Risks Factors Risks Relating to our Business Our business and operations may be adversely affected by weak economic conditions.
As of December 31, 2025, on a consolidated basis, we had total assets of $8.2 billion, total loans of $6.2 billion, total deposits of $6.7 billion and shareholders equity of $896.9 million.
("TCBI"), and our expansion into the Houston market, each of our entries into new markets to date have been accomplished organically.
Immediately following consummation of the Oakwood acquisition, Oakwood Bank merged with and into b1BANK, with b1BANK surviving the merger.
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REMOVED
As of February 28, 2025, there were 29,552,358 outstanding shares of the registrant s common stock, $1.00 par value per share.
We face significant competition to attract and retain customers.
We have identified a material weakness in our internal control over financial reporting.
Failure to remediate, improve and maintain the quality of internal control over financial reporting could result in material misstatements in our financial statements and could materially and adversely affect our ability to provide timely and accurate financial information about the Company.
Risks Related to the Regulation of Our Industry We operate in a highly regulated environment, which imposes compliance costs, subjects us to stringent capital requirements and risks relating to noncompliance.
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