First Business Financial Services Surpasses $1 Billion in Assets and Announces Dividend
- Year-end 2008 assets grew to over $1 billion
- Declares quarterly cash dividend on its common stock of $0.07 per share
- 2008 net income of $3.1 million
- 2008 diluted earnings per share of $1.28
- Loans increased 8.9% and deposits 8.1%, for the year ended December 31, 2008
MADISON, Wis., March 17, 2009 (GLOBE NEWSWIRE) -- First Business Financial Services, Inc. (Nasdaq:FBIZ) announced the Corporation’s total assets reached $1.011 billion at December 31, 2008, an increase of $92.3 million, or 10%, from December 31, 2007. Chief Executive Officer Corey Chambas commented, "This is a significant milestone for First Business Financial Services, Inc., and one that we set out to reach back in 2005 when we became a public company. We are one of only a few Wisconsin banking companies to exceed this benchmark, and we have done so exclusively through organic growth in only 18 years."
First Business Financial Services, Inc. reported net income for the year ended December 31, 2008 of $3.1 million, which is slightly lower than income of $3.3 million of the previous year. "In these challenging economic times, First Business Financial Services, Inc. is proud to be a bank which remains profitable, is growing and is strong enough to pay a consistent dividend," stated Corey Chambas, CEO of First Business Financial Services, Inc.
A complete copy of the Corporation’s Annual Report on Form 10-K for the period ending December 31, 2008 and all other reports filed by the Corporation with the SEC may be accessed through the Corporation’s website,www.firstbusiness.com.
The Corporation’s board of directors has declared a quarterly cash dividend on its common stock of $0.07 per share resulting in an annualized dividend of $0.28 per share. The cash dividend is payable on April 15, 2009 to shareholders of record at the close of business on April 1, 2009.
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
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.