First Business Financial Services said that with an increase in its loan portfolio and a reduction in loan delinquencies, it had record profits of $3.2 million for the first quarter that ended March 31, up from $2.2 million for the 2012 first quarter.
Assets totaled $1.22 billion, up from $1.16 billion a year ago for the parent company of First Business Bank, Madison.
Loans and leases that were unpaid for at least 90 days amounted to $12.6 million, down from $22.8 million in the year-ago quarter.
They accounted for 1.03 percent of total assets as of March 31, the lowest level in five years, the company said.
Net income per share was 83 cents for the first quarter, down slightly from 84 cents per share a year ago.
That’s mainly because First Business issued and sold an additional 1.265 million shares of common stock in December 2012. Net proceeds of $27.1 million from that offering were used to pay down debt.
Corey Chambas, president and chief executive officer, said First Business has been able to win over new clients and bring in more business from existing clients.
“Since the start of the general economic downturn a few years ago, we have seen exceptional opportunities to capitalize on market disruption in Wisconsin,” Chambas said, in a news release.
First Business doubled its regular quarterly dividend during the first quarter to 14 cents a share.