Topic: Company Press Release
First Business Financial Services logs record profits
The parent company of First Business Bank-Milwaukee said Thursday it had record profits in the fourth quarter as net interest income rose and it was able to reduce loan-loss reserves.
First Business Financial Services Inc., of Madison, also said its board has increased the company’s quarterly cash dividend by 50%, to 21 cents per share from 14 cents.
First Business Financial Services had net income of $3.8 million, or 95 cents per share, in the fourth quarter of 2013, compared with net income of $2.5 million, or 86 cents, in the same period a year earlier.
Net interest income in the quarter was almost $11 million, compared with $9.4 million in the fourth quarter of 2012. The bank trimmed its loan-loss reserves by $1.2 million in the quarter. In the 2012 fourth quarter, it added $844,000 to reserves.
For the full year, the company had record net income of more than $13.7 million, up 54% from $8.9 million in 2012.
"We believe we are generating loans, deposits, profits and capital at a healthy pace and, as a result, are in a position to bolster First Business’ return to our shareholders and to our communities," Corey A. Chambas, president and chief executive, said in a statement
Chambas said that in addition to the 50% increase in the quarterly dividend, the company has established a $1.3 million endowment to the First Business Charitable Foundation.
Before the earnings announcement Thursday, shares of First Business closed unchanged at $39.30.
First Business Financial Services, which has assets of about $1.3 billion, is the parent company of First Business Bank-Milwaukee, First Business Bank-Madison First Business Bank-Northeast, First Business Trust & Investments, First Business Equipment Finance LLC and First Business Capital Corp.Source Article: Milwaukee Journal Setinel
About First Business Financial Services, Inc.
First Business Financial Services (Nasdaq:FBIZ) is a $1.2 billion Wisconsin-based bank holding company that specializes in focused financial solutions for businesses, key executives, and high net worth individuals through its operating companies. It is the 2nd largest Wisconsin-based commercial bank holding company listed on NASDAQ or the NYSE. Its companies include: First Business Bank - Madison; First Business Bank - Milwaukee; First Business Bank - Northeast; First Business Trust & Investments; First Business Equipment Finance, LLC; and First Business Capital Corp. For additional information, visit www.firstbusiness.com or call (608) 238-8008.
The First Business Financial Services, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2667