Baton Rouge-based parent company b1Bank posted net income of $ 17.4 million in the second quarter of this year, up from $ 2 million a year ago and $ 12.3 million in the first quarter.
That’s 84 cents a share, up from 11 cents a share a year ago.
Business First Bancshares Inc. showed growth at the expense of businesses in the Dallas area, as they currently account for 18% of the bank’s credit risk.
He has already sold most of his portfolio of $ 243.6 million forgivable loans under the Small Business Administration’s payroll protection program, but still has $ 25.7 million on his balance sheet.
Total assets reached $ 4.3 billion and total loans reached $ 2.8 billion, excluding the payroll protection loan program.
“Business demand was strong, leading to record lending growth,” said Jude Melville, CEO of Business First Bancshares in a press release.
The bank’s provision for loan losses or potential default was $ 2.2 million, up from $ 3.4 million in the first quarter and $ 5.4 million in the second quarter of 2020.
He has opened a new lending office in Ruston and plans to open a similar office in the New Orleans metro area by the third quarter of this year.