Business First Bancshares in Baton Rouge, La., reported lower quarterly profit that reflected securities losses and costs tied to a customer fraud/operational loss.
The $6.6 billion-asset company said in a press release that its fourth-quarter profit fell by 12% from a year earlier, to $15.8 million.
Business First said it sold $71.5 million of treasury, agency and municipal securities at a $2.5 million loss. Proceeds were invested in higher-yielding agency securities. It should take about a year for the company to earn back the loss.
The company noted that other expenses rose by 6% from a year earlier due to $654,000 in customer fraud/operational losses, $490,000 in OREO expenses (with most tied to a former bank property) and $466,000 in data processing costs.