ST. LOUIS, JULY 11, 2013 – In a letter to shareholders, clients, employees, and the community, Frontenac Bancshares President and CEO, Robert Roberson, announced “much improved financial results for the quarter and six months ending June 30, 2013.”
Among the improvements cited were increased earnings, maintaining a solid capital foundation, and a strengthening of community-based banking efforts.
“Frontenac Bank begins the third quarter of 2013 from a strong capital position, and with growing momentum,” stated Mr. Roberson, “we have broken free from the Great Recession, and are well positioned to help clients within our communities to build their American Dream.”
The company’s net income for the six months ending June 30, 2013 was $420,000, an increase over the $220,000 reported for the same time period in 2012. The company also had lower loan loss provisions and higher net interest margins, with both factors contributing to the positive results. Additionally, total assets declined slightly to $273 million as nonperforming assets were reduced. The Bank’s Tier I Capital Ratio improved from 8.41% last year to 9.15% on June 30, 2013, and exceeds the regulatory definition of “well-capitalized.”
Roberson added, “We have also implemented several operational excellence initiatives to build on our strengths and to minimize the negative effects of the political, regulatory and economic climate. While many other banks simply increase fees to improve their financial results, our employees are empowered and entrusted to find fresh solutions to our client’s financial needs. Our clients appreciate this care and rely on our knowledge as trusted business advisors.”
Frontenac Bank was established as a St. Louis community bank in 1999, and is committed to helping commercial customers, residential customers, and their local communities grow and prosper, through providing customized banking solutions to meet their financial needs. With deep resources and wealth management knowledge, Frontenac Bank strives to serve all businesses and families in their communities of St. Charles, Earth City, Frontenac, Kirkwood, and beyond. As of June 30, 2013, the bank had $273 million in assets.