BUSINESS BANCSHARES, INC. AND THE BUSINESS BANK OF ST. LOUIS ANNOUNCE
FOURTH QUARTER AND FULL YEAR 2016 FINANCIAL RESULTS
EARNINGS INCREASED FOR THE SIXTH CONSECUTIVE YEAR TO HIGHEST LEVEL EVER
CONSOLIDATED YEAR-TO-DATE NET INCOME INCREASED 23%
St. Louis, MO., March 27, 2017 – Business Bancshares, Inc., parent holding company for The Business Bank of St. Louis, and The Business Bank of St. Louis today announced fourth quarter 2016 financial results.
Business Bancshares, Inc. reported net income of $1.809 million for the fourth quarter of 2016, a 60% increase compared to net income of $1.131 million for the same time period a year ago. Year-to-date earnings increased 23% to $5.956 million compared to $4.837 million a year ago. Earnings per share for 2016 increased to $2.11 from $1.71 last year.
The Company reported total assets as of December 31, 2016 of $600 million compared to $590 million a year ago. Net loans increased $35.2 million, or 8% during the same period. Total deposits increased $5 million to $512 million. Total shareholders’ equity is $66.5 million, an increase of $5.1 million from a year earlier. Capital ratios are significantly above the “well-capitalized” thresholds. Nonperforming assets as a percentage of total assets is 1.30%, compared to 1.19%, twelve months earlier. Nonperforming loans to total loans ended the year at 0.00% compared to 0.71% at the end of 2015.
The Company also announced a $0.35 per share dividend payable March 31, 2017 to shareholders of record on March 10, 2017. The $0.35 per share dividend represents an increase of 17% over the dividend paid in 2016.
“We are excited about our strong performance during 2016, as net income reached the highest level in the history of the company and represents our sixth consecutive year of increased earnings.” 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 2016 of $1.890 million compared to $1.199 million during the fourth quarter of 2015. Year-to-date earnings increased to $6.285 million compared to $5.119 million last year.
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.
Contact: Brian J. Leeker, Chief Financial Officer (314) 556-6788