First Business Financial Services Announces Increase In Earnings 28.5 Percent
MADISON, WI, – Oct. 27, 2008 (GLOBE NEWSWIRE) – First Business Financial Services, Inc. (NASDAQ: FBIZ) reported net income of $3.010 million for the first nine months of 2008, an increase of $668 thousand, or 28.5%, from the first nine months of 2007.
Diluted earnings per share for the nine months ended September 30, 2008 were $1.24 compared to $0.95 reported for the same period in 2007, an increase of 30.5%. Net income for the three months ended September 30, 2008 was $1.172 million, an increase of $287 thousand, or 32.4%, compared to $885 thousand for the three months ended September 30, 2007. Diluted earnings per share for the three months ended September 30, 2008 were $0.48 compared to $0.36 for the same period in 2007, an increase of 33.3%.
The Corporation’s total assets reached $998.4 million at September 30, 2008, an increase of $99.3 million, or 12.6%, from September 30, 2007. Net loans and leases, which totaled $828.4 million as of September 30, 2008, grew $79.8 million, or 10.7%, year-over-year.
A complete copy of the Corporation’s Quarterly Report on Form 10-Q for the period ending September 30, 2008 and all reports filed by the Corporation with the SEC may be accessed through the Corporation’s website.
Chief Executive Officer, Corey Chambas, commented, “First Business, once again, had excellent growth in net income this quarter, particularly in light of the difficulties in the overall economy and especially in the banking sector. Our strong performance is due to our solid asset quality, no deterioration in the quality of the investment portfolio we own, and our ability to grow in a tough economic climate.”
About First Business
First Business Financial Services is a Wisconsin-based bank holding company, focused on the unique needs of businesses, business executives and high net worth individuals. First Business offers commercial banking, specialty finance and private wealth management solutions, and because of its niche focus, is able to provide its clients with unmatched expertise, accessibility and responsiveness. For additional information, visit www.firstbusiness.com.