Business
First Business 2019 Net Income Increases 43% to a Record $23.3 Million
Fourth Quarter 2019 Net Income Up 42% Compared to Prior Year Period MADISON, Wis.--(BUSINESS WIRE)-- First Business Financial Services, Inc. (the “Company”
About this update from First Business Financial Services, Inc.
[{"type":"text","content":"\nFourth Quarter 2019 Net Income Up 42% Compared to Prior Year Period\n\n MADISON, Wis.--(BUSINESS WIRE)--\nFirst Business Financial Services, Inc. (the “Company” or “First Business”) (Nasdaq:FBIZ) reported strong fourth quarter and record full year 2019 net income as the Company continued to execute on key initiatives, resulting in an increase in top line revenue, reduction in the level of non-performing assets, improvement in operating efficiency, and strong in-market deposit growth.\n\n\nSummary results for the year ended December 31, 2019:\n\n\n\nRecord net income of $23.3 million increased by $7.0 million, or 43.1%, compared to $16.3 million in 2018.\n\n\nDiluted earnings per common share measured $2.68 compared to $1.86 in 2018.\n\n\nReturn on average assets and return on average equity measured 1.14% and 12.55%, respectively, compared to 0.86% and 9.41%, respectively, in 2018.\n\n\nNet interest margin was 3.61% compared to 3.72% in 2018.\n\n\nTop line revenue, the sum of net interest income and non-interest income, totaled $93.3 million, an increase of 9.1% compared to $85.5 million in 2018.\n\n\nProvision for loan and lease losses was $2.1 million compared to $5.5 million in 2018.\n\n\nSBA recourse provision was $188,000 compared to $1.9 million in 2018.\n\n\nEfficiency ratio improved to 66.59%, down from 67.77% in 2018.\n\n\n\nSummary results as of and for the quarter ended December 31, 2019:\n\n\n\nNet income totaled $5.8 million compared to $5.1 million for the linked quarter and $4.1 million for the fourth quarter of 2018.\n\n\nDiluted earnings per common share measured $0.67 compared to $0.59 and $0.46 for the linked and prior year quarters, respectively.\n\n\nAnnualized return on average assets and annualized return on average equity measured 1.09% and 11.93%, respectively, compared to 0.97% and 10.68%, respectively, for the linked quarter and 0.83% and 9.06%, respectively, for the fourth quarter of 2018.\n\n\nNet interest margin was 3.73% compared to 3.40% for the linked quarter and 3.69% for the fourth quarter of 2018.\n\n\nTop line revenue totaled $25.7 million compared to $22.6 million for the linked quarter and $21.8 million for the fourth quarter of 2018.\n\n\nProvision for loan and lease losses was $1.5 million compared to $1.3 million and $983,000 for the linked and prior year quarters, respectively.\n\n\nS...