St. Louis bank releases recent earnings to public.
Online PR News – 19-November-2013 – St. Louis, Mo. – Business Bancshares, Inc. (BBI), parent holding company for The Business Bank of St. Louis, and The Business Bank of St. Louis today announced third quarter 2013 financial results.
Business Bancshares, Inc. reported net income of $1.038 million for the third quarter of 2013 compared to net income of $911 thousand for the same time period a year ago. Net income available to common shareholders increased 33% to $1.038 million from $782 thousand for the third quarter of 2012. Earnings per common share increased to $0.48 per share from $0.36 in the year ago quarter. Year-to-date net income increased 23% to $2.900 million compared to $2.354 million through September 30, 2012, while year-to-date net income available to common shareholders increased 50% to $2.775 million.
The Company reported total assets as of September 30, 2013 of $518 million, an increase of $32 million when compared to September 30, 2012. Net loans increased $45 million, or 13% during the same period. Total deposits increased $46 million or 12%. Total shareholders’ equity is $41.8 million, a decrease of $7.1 million from a year earlier as the Company repaid the remaining investment made in the organization by the U.S. Treasury. The final payment of $7.25 million was made to the U.S. Treasury on April 24th, 2013. Common Shareholders’ Equity increased $2.6 million from a year earlier to $41.8 million. Capital ratios are significantly above the “well-capitalized” thresholds. Nonperforming assets as a percentage of total assets are 2.79%, compared to 2.72%, twelve months earlier.
“The organization continues to generate quality loan and deposit growth coupled with strong earnings improvement,” said Larry Kirby, Chief Executive Officer and President of Business Bancshares Inc. and The Business Bank of St. Louis.
The Business Bank of St. Louis, the primary subsidiary of Business Bancshares, Inc., reported net income for the third quarter of 2013 of $1.198 million, an increase of 10.4% compared to $1.085 million during the third quarter of 2012. Year-to-date net income increased 13.6% to $3.3 million compared to $2.871 million during the first three quarters of 2012. “The bank produced another strong quarter and continues to deliver on its earnings and growth plans,” said Charles Thal, Chairman of The Business Bank of St. Louis.
Business Bancshares, Inc. is a single bank holding company and parent of The Business Bank of St. Louis. The Business Bank was founded in 2002 and operates a full-service banking facility from its one location at 8000 Maryland Avenue in Clayton, Mo. The focus of The Business Bank is to be the leading financial partner for successful St. Louis area businesses, entrepreneurs, and individuals requiring customized financial solutions. For more information, contact Brian Leeker at (314) 721-8003.