First Business Financial Services Inc., the Madison-based parent company of First Business Bank and First Business Bank-Milwaukee, reported first quarter net income of $2.2 million, or 84 cents per share, up from $1.3 million, or 52 cents per share, in the same period a year ago.
The provision for loan and lease losses for the first quarter of 2012 was $504,000, down 64.1 percent from the same period a year earlier.
“The momentum of our efforts to grow top line revenue, generate in-market deposits and carefully manage credit risk drove another quarter of outstanding results for First Business Financial Services,” said Corey Chambas, president and chief executive officer of the firm. “Our ability to consistently deliver quality earnings has also placed us in the enviable position of being financially and strategically equipped to invest in additional talent as a driver of future growth. We are adding talented individuals with niche commercial expertise today, enhancing our organic revenue and loan growth opportunities for tomorrow. As we remain focused on executing our strategic plan, we are confident the momentum we’ve achieved positions us well for continued growth in long-term shareholder value.”