First Business Reports Increased Net Income
MADISON, WI, – Aug. 2, 2011 (GLOBE NEWSWIRE) – First Business Financial Services, Inc. (NASDAQ: FBIZ) filed its Quarterly Report on Form 10-Q on Friday, June 29, 2011 reporting net income of $2.5 million, or earnings per diluted common share of $0.98 for the second quarter ending June 30, 2011 as compared to a net loss of $1.5 million reported in the second quarter of 2010.
The second quarter 2010 net loss was primarily the result of a charge to earnings of $2.7 million to reflect the impairment of the Company’s goodwill. Excluding the goodwill impairment, net income was $1.2 million for the second quarter of 2010.
For the six month period ending June 30, 2011 net income was $3.9 million, or earnings per diluted common share of $1.49, as compared to a net loss of $626,000 reported for the same period of 2010. Excluding the goodwill impairment of $2.7 million, net income was $2.1 million for the six months ended June 30, 2010.
Corey A. Chambas, President and Chief Executive Officer, commented, “In addition to a good bottom line for the quarter, we also produced strong top line revenue growth, increased core earnings and had significant asset quality improvement. Given the challenging economic environment, we are very pleased with these results and feel we are well positioned moving forward.”
A complete copy of the Corporation’s Quarterly Report on Form 10-Q for the period ending June 30, 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.