First Business reports record quarter

First Business Financial Services Inc., the parent company of First Business Bank and First Business Bank-Milwaukee, reported record third quarter results highlighted by growth in revenue, in-market deposits, commercial loan balances and problem loan resolutions.

The Madison-based company reported record net income of $2.6 million, or 99 cents per share, up from $2.2 million, or 83 cents per share, in the same period a year ago.
“First Business’ third quarter results validate the course we’ve charted for growth in 2012 and beyond,” said Corey Chambas, president and chief executive officer of the bank. “We earned record top-line revenues, core earnings and net income, even as we continued to invest in new, revenue-generating business development staff. We saw impressive commercial loan growth while credit quality continued to improve. The quality and consistency of our quarterly performance demonstrates First Business’ ability to execute on strategic growth opportunities while delivering increasing shareholder value.”

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