First Business Financial reports flat Q3

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Madison-based First Business Financial Services Inc., parent company of First Business Bank-Milwaukee, reported third quarter net income of $3.6 million, or 89 cents per share, flat from $3.6 million, or 91 cents per share, in the third quarter of 2013.

Assets totaled $1.4 billion, up from $1.3 billion in the same period a year ago.

The third quarter included $104,000 in non-recurring expenses related to First Business Financial’s acquisition of Aslin Group. The acquisition is expected to close in the fourth quarter.

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“Strong third quarter results demonstrate the strength of First Business’ consistent approach to growth; punctuated by double-digit growth in trust and investment services fee income and service charges on deposits, both key strategic initiatives,” said Corey Chambas, president and chief executive officer of First Business. “We are strategic, we invest in talent and we focus on relationships, every day. As a result, the third quarter of 2014 marks our tenth consecutive quarter of record loan balances, delivering double-digit linked-quarter annualized loan growth even as we continue to maintain rigorous lending standards and experience competitive pressures. By executing on what we believe to be the Midwest’s premier business banking model, we’ve produced a track record of success that continues to attract talent to our franchise. We are committed to increasing earnings power and shareholder value.”

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