Business Banchares Profit Up 48 Percent in Q2

Business Bancshares Inc., the holding company for The Business Bank of St. Louis, reported net income of $958,000 for the second quarter ended June 30, up 48 percent from the same quarter of 2011.

“Earnings momentum accelerated during the second quarter, as loan quality continues to improve,” said Larry Kirby, president and CEO of Business Bancshares Inc. and The Business Bank of St. Louis, in a statement. “Our focused efforts to improve asset quality over the past several years are now substantiated by our improved results.”

The company reported total assets as of June 30 of $487 million, down 5 percent from the same quarter last year. Net loans declined $24 million during the same period.

The Business Bank of St. Louis, the primary subsidiary of Business Bancshares Inc., reported net income for the second quarter of $1.1 million, up 23 percent from the same period last year. Nonperforming assets declined to 3.65 percent as of June 30, down from 3.85 percent at June 30, 2011.

Business Bancshares, led by President and CEO Larry Kirby, is a single-bank holding company. The Business Bank of St. Louis was founded in 2002 and has one location, at 8000 Maryland Ave. in Clayton. Business Bancshares Inc. reported net income of $1.6 million in 2011.

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