The parent company of Baton Rouge-based b1Bank generated $17.4 million in net income during second quarter this year, up from $2 million one year ago and compared to $12.3 million during first quarter.
That's 84 cents per share, compared to 11 cents per share a year ago.
Business First Bancshares Inc. saw growth from businesses in the Dallas area as it now represents 18% of the bank's credit exposure.
It already sold most of its $243.6 million U.S. Small Business Administration paycheck protection program forgivable loan portfolio but still has $25.7 million on the books.
Total assets hit $4.3 billion while total loans were $2.8 billion excluding the paycheck protection loan program.
"Business demand was strong, resulting in record loan growth," said Jude Melville, CEO of Business First Bancshares in a news release.
The bank's provision for loan losses, or potential for default, was $2.2 million compared to $3.4 million as of first quarter and down from $5.4 million during second quarter 2020.
It opened a new loan production office in Ruston and expects to open a similar office in the New Orleans metro area by third quarter this year.