First Business Financial Services Inc. the Madison-based parent company of First Business Bank and First Business Bank -Milwaukee, reported strong fourth quarter and record full year earnings, reflecting successful execution on initiatives to grow loans and in-market deposits, invest in fee-generating capabilities and improve asset quality.
The company recorded net income of $2.5 million, or 86 cents per share, compared with $2.4 million, 90 cents per share, in the same period a year ago.
The firm earned record net income of $8.9 million for the full year in 2012, up 5.9 percent from $8.4 million earned in the full year of 2011.
“In 2012 First Business again delivered record full year earnings, achieving best-ever results across each of our primary revenue sources and driving substantial improvement in asset quality,” said Corey Chambas, president and chief executive officer of First Business Financial. “Our talented team coupled with our many strategic new hires delivered impressive loan and revenue production during the year, growing net loan balances over 7 percent and top line revenue nearly 10 percent. Perhaps most notably, we believe the successful public offering of $29.1 million of FBIZ common stock has positioned us to take advantage of continued market disruption in Wisconsin, accelerating our growth potential in 2013 and beyond.”
The company’s successful public offering of $29.1 million in common equity closed in December 2012 at $23.00 per share, nearly 40% higher than the closing stock price of $16.50 per share in 2011.