Consolidated quarterly net income increased 61%.
St. Louis, MO, May 10, 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 first quarter 2015 financial results.
Business Bancshares, Inc. reported net income of $1.108 million for the first quarter of 2015 compared to net income of $689 thousand for the same time period a year ago, a 61% increase. Earnings per common share totaled $0.39 compared to $0.25 in the first quarter of 2014, a 56% increase.
The Company reported total assets as of March 31, 2015 of $560 million compared to $504 million a year ago. Net loans increased $1.9 million during the same period. Total deposits increased $51 million to $481 million. Total shareholders’ equity is $58 million, an increase of $4.6 million from a year earlier. Capital ratios are significantly above the “well-capitalized” thresholds. Nonperforming assets as a percentage of total assets are 2.00%, compared to 2.35%, twelve months earlier.
The Company also paid its first ever dividend to common stock shareholders during the quarter. The $0.25 per share dividend was paid March 31, 2015 to shareholders of record on March 6, 2015.
“Our first quarter results bode well for a strong 2015, as profitability, efficiency and asset quality all improved compared to last year,” 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 first quarter of 2015 of $1.208 million compared to $835 thousand during the first quarter of 2014. “The Bank continues to deliver solid results built on a strong balance sheet and continued improvement in earnings,” 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.
The Business Bank