First Business Financial Services Inc. reported third quarter net income of $3.6 million, or 91 cents per diluted common share, in the third quarter, compared with $2.6 million, or 99 cents per share, in the same period a year ago.
First Business, the parent company of First Business Bank and First Business Bank-Milwaukee, issued and sold 1.26 million shares of common stock in December 2012. As a result, the weighted-average diluted common shares outstanding were about 51 percent higher in 2013.
Net loans and leases were $941.2 million, up 9 percent from the third quarter of 2012. The ratio of non-performing assets to total assets was 0.82 percent, the lowest level for the bank since the first quarter of 2008.
“Our trend line of improved results extended through the third quarter of 2013 with net income up nearly 40 percent,” said Corey Chambas, president and chief executive officer. “Our consistent strong performance reflects a measured approach to growth with a continuous focus on high-quality organic loan generation, along with a commitment to invest in the talent required for future growth and profitability.
“While many institutions are attempting to grow through acquisitions, we believe we have carved out an attractive niche that presents an excellent opportunity for steady and profitable long-term growth for the company, along with value creation for our investors. Our nimble business model is well suited for addressing the growth opportunities available in our space, and we are committed to building incremental value as a strong independent banking institution,” Chambas said.
