First Business reports strong quarter

First Business Financial Services Inc., the Madison-based parent company of First Business Bank-Milwaukee, reported first quarter net income of $3.3 million, or 84 cents per share, up from $3.2 million, or 83 cents per share, in the first quarter of 2013.

Top line revenue, comprised of net interest and non-interest income, was $13.1 million, up 8 percent from $12.2 million a year ago.

The company attributed the improved earnings to higher top line revenue production.

Total assets were $1.2 billion, flat from the first quarter of 2013.

“First Business started 2014 with another quarter of solid results by capitalizing on momentum achieved in 2013,” said Corey Chambas, president and chief executive officer. “We are pleased that our significant and opportunistic investment in talent, products and technology is producing the desired outcomes: continued loan growth, increased treasury management revenues, excellent asset quality, record trust revenues and sustained efficiency. We remain focused on executing our strategic objectives for growth and improving the fundamental strengths and competitive position of our franchise in 2014.”

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