First Business Financial Services Inc. reported first quarter net income of $4.2 million, or 97 cents per share, up from $3.3 million, or 84 cents per share, in the first quarter of 2014.
The parent of First Business Bank-Milwaukee reported revenue of $18.8 million, up 43 percent from $13.1 million in the same period last year.
Net interest income was $14.9 million, up from $13.6 million in the first quarter of 2014. Non-interest income totaled $3.8 million, up from $3 million in the same period a year ago.
Non-performing assets as a percentage of total assets declined to 0.65 percent from 1.13 percent at the end of 2014’s first quarter.
“We’re off to a strong start in 2015,” said Corey Chambas, president and chief executive officer. “While the first quarter is historically our softest in terms of overall production across the franchise, our record quarterly results clearly display the success and benefits of our acquisition of Alterra as we continue to grow loans and increase revenues. … our initiative to expand Alterra’s SBA lending platform to our Wisconsin markets has already started to produce results. Coupled with our steady and growing legacy franchise, which again delivered record levels of loans, deposits, trust revenue and top line revenue, our early 2015 performance continues to exhibit the strength of our differentiated approach to business banking.”