Business Bancshares, Inc. reports profit for first half of 2014
Online PR News – 16-August-2014 – St. Louis, Mo. – Business Bancshares, Inc., parent holding company for The Business Bank of St. Louis, and The Business Bank of St. Louis today announced second quarter 2014 financial results.
Business Bancshares, Inc. reported net income of $1.149 million for the second quarter of 2014 compared to net income of $994 thousand for the same time period a year ago. Net income available to common shareholders increased 18% to $1.149 million from $970 thousand for the second quarter of 2013. Earnings per common share totaled $0.42. Year-to-date net income was $1.838 million, while year-to-date net income available to common shareholders increased 6% to $1.838 million from $1.737 million a year ago.
The Company reported total assets as of June 30, 2014 of $516 million compared to $535 million a year ago. Net loans increased $1 million during the same period. Total deposits declined $16 million to $431 million. Total shareholders’ equity is $54.7 million, an increase of $14.1 million or 35% from a year earlier. The increase from 2013 includes $10 million of new common equity raised from Castle Creek Capital Partners V, LP during the fourth quarter of 2013. Capital ratios are significantly above the “well-capitalized” thresholds. Nonperforming assets as a percentage of total assets are 1.99%, compared to 2.91%, twelve months earlier.
“Business Bancshares is pleased to report that credit quality ratios have improved to pre-recession levels. This was achieved while also growing earnings 18% during the quarter,” 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 second quarter of 2014 of $1.168 million compared to $1.020 million during the second quarter of 2013. Year-to-date net income totaled $2.003 million compared to $2.063 million a year ago. “The strong earnings and credit quality improvements during the second quarter has positioned the bank for a solid second half of 2014,” 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 single location at 8000 Maryland Avenue in Clayton, Mo. For more information, contact Brian Leeker at (314) 721-8003.