First Business

March 25, 2004

First Business Financial Services, Inc. Reports Year End Earnings

MADISON, March 25, 2004 - First Business Financial Services, Inc. reported earnings of $1.97 per diluted share for the year ended December 31, 2003 as compared to $0.50 per diluted share in 2002, an increase of 294 percent. Net Income for 2003 was $4.1 million compared to $1.1 million for 2002. Total assets for the company on December 31, 2003 were $518.8 million, an increase of 8.1 percent or $38.7 million.

Return on average assets (ROA) and return on average equity (ROE) for the year ended December 31, 2003 were 0.83 percent and 17.07 percent, respectively. This compares to an ROA of 0.24 percent and an ROE of 4.34 percent in 2002.

About First Business Financial Services, Inc.

First Business Financial Services (Nasdaq:FBIZ) is a $1.3 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. 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.firstbusiness.com/logo

Forward-Looking Statements
This press release contains forward-looking statements that reflect the Corporation's plans, estimates and beliefs. When used in this press release, the words "anticipate," "believe," "estimate," "expect," "objective" and similar expressions and verbs in the future tense are intended to identify forward-looking statements. The statements contained in this press release involve or may involve certain assumptions, risks, and uncertainties, many of which are beyond the Corporation's control, which could cause actual results to differ materially from those discussed in the forward-looking statements. The forward-looking statements included in this press release are only made as of the date hereof, and the Corporation undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. In addition to the assumptions and other factors referenced specifically in connection with such statements, the factors described in "Item 1A. Risk Factors" in our Annual Report on Form 10-K and the following factors could impact the business and financial prospects of the Corporation: general economic conditions; legislative and regulatory initiatives; increased competition and other effects of deregulation and consolidation of the financial services industry; monetary and fiscal policies of the federal government; deposit flows; disintermediation; the cost and availability of funds; general market rates of interest; interest rates or investment returns on competing investments; demand for loan products; demand for financial services; changes in accounting policies or guidelines; general economic developments; acts of terrorism and developments in the war on terrorism; and changes in the quality or composition of loan and investment portfolios.

Contact:
Jodie Johnson
Assistant Vice President - Marketing
First Business Financial Services, Inc.
(608) 232-5910
Email