First Business Reports Increased First Quarter Profit
MADISON, WI, – May 2, 2011 (GLOBE NEWSWIRE) – First Business Financial Services, Inc. (NASDAQ: FBIZ) filed its Quarterly Report on Form 10-Q on Friday, April 29, 2011 reporting net income of $1.3 million for the first quarter ending March 31, 2011 as compared to net income of $899,000 reported in the first quarter of 2010.
The $450,000 improvement in net income, or 50.1%, is primarily due to an increase in net interest income which is the result of an increase in earning assets combined with an improved net interest margin. Diluted earnings per common share for the quarter was $0.52 versus $0.35 for the comparable period of 2010, an increase of $0.17 or 48.6%.
Corey A. Chambas, President and Chief Executive Officer, commented, “First Business is off to a good start in 2011. We are fortunate to have a unique business model and to be in geographic markets that have relatively stable economies. First Business is proud to be among the publicly traded banks that remained profitable in each of the past three years and our first quarter results are a continuation of that performance.”
A complete copy of the Corporation’s Quarterly Report on Form 10-Q for the period ending March 31, 2011 and all reports filed by the Corporation with the SEC may be accessed through the Corporation’s website, www.firstbusiness.com.
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.