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First Business Financial Services profit rises

The Capital Times  —  10/28/2008 4:09 pm

Madison-based First Business Financial Services, which includes First Business Bank, reported its third-quarter net income rose by nearly a third.

The company posted third-quarter net income of $1.17 million, or 48 cents per diluted share, compared to year-ago net income of $885,000, or 36 cents per diluted share.

Assets as of Sept. 30 totaled $998.4 million, up 12.6 percent compared to a year ago. Net loans and leases totaled $828.4 million as of Sept.30, up 10.7 percent compared to a ago.

"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," CEO Corey Chambas said in a statement. "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."

First Business Financial Services specializes in financial solutions for businesses, key executives, and high net worth individuals through its operating companies: First Business Bank-Madison, First Business Bank-Milwaukee, First Business Bank-Northeast, First Business Trust & Investments, First Business Equipment Finance LLC, and First Business Capital.

The Capital Times  —  10/28/2008 4:09 pm