The Bank of Sullivan, with $334 million in assets, topped all St. Louis area banks with its 554 percent increase in profit in 2012, according to the St. Louis Business Journal.
Though far from the biggest bank in size or dollar profits, it was the biggest percentage gainer among 73 banks based here and tracked by the Federal Reserve Bank of St. Louis. Its profit totaled $3.47 million in 2012, up from $531,000 in 2011, the Business Journal reported.
Mike Hoffman, the bank’s president and CEO, said the increase was due, in part, to extraordinary expenses it chose to write off in 2011, resulting in a lower profit that year. For example, it took losses on buildings it owned and occupied but no longer needed and sold at a loss.
Then in 2012, it was on pace to make about $2.5 million in profit, which was boosted by almost $1 million when it acquired the failed Community Bank of the Ozarks from the FDIC in December. “We bought at a discount and incurred a nice profit,” Hoffman said.