Business Bancshares moves into the black
St. Louis Business Journal
Greta Weiderman - Web Editor
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Business Bancshares Inc., the holding company for The Business Bank of St. Louis, reported fourth-quarter net income available to common shareholders of $819,000, compared with a net loss of $3.7 million during the fourth quarter of 2010.
For full-year 2011, the company’s net income available to common shareholders was $1.6 million, compared with a net loss to common shareholders of $6.6 million for 2010.
Nonperforming assets as a percentage of total assets at year-end 2011 was 3.27 percent, compared with 4.84 percent a year earlier.
“The turnaround in earnings during 2011 is attributable to the hard work of our employees, with a focus on reducing problem assets and growing high quality loans,” said Charles Thal, chairman of The Business Bank of St. Louis, in a statement.
The Business Bank of St. Louis, the primary subsidiary of Business Bancshares Inc., reported 2011 net income of $3.4 million, compared with a net loss of $3.5 million in 2010. “Our return to profitability and improvement in asset quality during 2011 has positioned us to start growing the bank once again,” said Larry Kirby, presidnet and CEO of The Business Bank of St. Louis, in a statement.
The Business Bank of St. Louis operates from one location, at 8000 Maryland Ave. in Clayton.
Business Bancshares Inc. reported total assets of $518 million as of December 31.