St. Louis, MO, February 28, 2014 --(PR.com
)-- Business Bancshares, Inc., parent holding company for The Business Bank of St. Louis, and The Business Bank of St. Louis today announced fourth quarter 2013 financial results.
Business Bancshares, Inc. reported net income of $944 thousand for the fourth quarter of 2013 compared to net income of $898 thousand for the same time period a year ago. Net income available to common shareholders increased 23% to $944 thousand from $768 thousand for the Fourth quarter of 2012. Earnings per common share increased to $0.37 per share from $0.36 in the year ago quarter. Year-to-date net income increased 18% to $3.844 million compared to $3.252 million through December 30, 2012, while year-to-date net income available to common shareholders increased 42% to $3.719 million.
The Company reported total assets as of December 31, 2013 of $519 million, an increase of $4 million when compared to December 31, 2012. Net loans increased $23 million, or 6% during the same period. Total deposits declined $2 million. Total shareholders’ equity is $52.6 million, an increase of $3.4 million from a year earlier. Common Shareholders’ Equity increased $13.2 million from a year earlier to $52.6 million. During the quarter, the Company raised $10 million of new common equity from Castle Creek Capital Partners V, LP. Capital ratios are significantly above the "well-capitalized" thresholds. Nonperforming assets as a percentage of total assets are 2.79%, compared to 2.24%, twelve months earlier.
"2013 proved to be a transformative year for the Business Bank, as strong earnings growth and asset quality allowed us to repay all of our outstanding TARP stock and raise an additional $10 million in common stock. We are now positioned to leverage our new capital through organic growth and potential acquisitions," 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 Fourth quarter of 2013 of $1.096 million compared to $1.146 million during the Fourth quarter of 2012. Year-to-date net income increased 8.5% to $4.4 million compared to $4.017 million during 2012. "Despite a lack of growth in the St. Louis marketplace, the bank was able to deliver its third consecutive year of earnings growth," 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, Missouri.