First Business Financial Services reports profit of $3.3M in 1Q

Special to The Freeman

April 24, 2014

MADISON – First Business Financial Services, Inc. announced Thursday that it had a net income of $3.3 million during the first quarter, which ended March 31.

The Milwaukee-based company, which is the parent company of First Business Bank and First Business Bank - Milwaukee, reported the strong first quarter profitability was a result of continued execution of its strategic objectives. During the quarter First Business’s loans to record levels, added low-cost deposits and delivered record trust and investment service fees, all while maintaining an efficiency ratio below 60 percent, according to the announcement.

The net income increased $100,000 during the first quarter of 2014 when compared to the first quarter of 2013. Pre-tax adjusted earnings, defined as pre-tax income excluding the effects of provision for loan and lease losses, other identifiable costs of credit and other discrete items unrelated to the company's primary business activities, totaled $5.3 million in the first quarter of 2014, compared to $5 million in the first quarter of 2013.

“First Business started 2014 with another quarter of solid results by capitalizing on momentum achieved in 2013,” said Corey A. Chambas, president and chief executive officer, in a statement. “We are pleased that our significant and opportunistic investment in talent, products and technology is producing the desired outcomes: continued loan growth, increased treasury management revenues, excellent asset quality, record trust revenues and sustained efficiency. We remain focused on executing our strategic objectives for growth and improving the fundamental strengths and competitive position of our franchise in 2014.”

First Business Financial Services 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. It is the second largest Wisconsin-based commercial bank holding company listed on NASDAQ or the New York Stock Exchange.