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 first quarter 2017 financial results.
Business Bancshares, Inc. reported net income of $1.075 million for the first quarter of 2017 compared to net income of $1.039 million for the same time period a year ago. Earnings per common share totaled $0.38 compared to $0.37 in the first quarter of 2016.
The Company reported total assets as of March 31, 2017 of $595 million compared to $597 million a year ago. Net loans increased $53 million, or 12%, during the same period. Total deposits decreased $6 million to $509 million. Total shareholders’ equity is $67 million, an increase of $5 million from a year earlier. Capital ratios remain significantly above the “well-capitalized” thresholds. Nonperforming assets as a percentage of total assets are 1.22%, compared to 0.99%, twelve months earlier. Nonperforming loans to total loans are 0.00% compared to 0.49% a year ago.
The Company paid a $0.35 per share dividend on March 31, 2017 to shareholders of record on March 10, 2017. The payment represented an increase of 17% over the dividend paid in 2016. On January 17, 2017, the Company redeemed $4 million of Trust Preferred Securities, reducing outstanding debt at the holding company level.
“Our first quarter results are highlighted by strong asset quality and outstanding year over year loan growth. This combination positions us well for another strong year in 2017,” said Larry Kirby, Chief Executive Officer and President of Business Bancshares Inc. and The Business Bank of St. Louis.