St. Louis, MO, March 04, 2015 --(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 and full year 2014 financial results.
Business Bancshares, Inc. reported net income of $1.113 million for the fourth quarter of 2014 compared to net income of $944 thousand for the same time period a year ago, an 18% increase. Earnings per common share totaled $0.40 compared to $0.37 in the fourth quarter of 2013. Year-to-date net income available to common shareholders increased $3.903 million from $3.719 million a year ago.
The Company reported total assets as of December 31, 2014 of $561 million compared to $519 million a year ago. Net loans increased $9.4 million during the same period. Total deposits increased $46 million to $486 million. Total shareholders’ equity is $57 million, an increase of $4.4 million from a year earlier. Capital ratios are significantly above the “well-capitalized” thresholds. Nonperforming assets as a percentage of total assets are 1.34%, compared to 2.79%, twelve months earlier and the lowest level since the fourth quarter of 2006.
The Company also announced the first ever dividend to be paid to common stock shareholders. The $0.25 per share dividend is payable March 31, 2015 to shareholders of record on March 6, 2015.
“2014 marks our fourth consecutive year of increased earnings. In addition to our increased earnings, we are also excited to report growth in loans and deposits and improved asset quality,” 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 2014 of $1.183 million compared to $1.096 million during the fourth quarter of 2013. Year-to-date net income totaled $4.234 million compared to $4.357 million a year ago. “The Bank is solidly positioned to build on our recent success as we move into a new year,” 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.