Business
First Business Bank Reports First Quarter 2024 Net Income of $8.6 Million
Continued solid loan and core deposit growth supports ongoing tangible book value expansion MADISON, Wis.--(BUSINESS WIRE)-- First Business Financial
About this update from First Business Financial Services, Inc.
[{"type":"text","content":"\nContinued solid loan and core deposit growth supports ongoing tangible book value expansion\n\n\n MADISON, Wis.--(BUSINESS WIRE)--\nFirst Business Financial Services, Inc. (the “Company,” the “Bank,” or “First Business Bank”) (Nasdaq:FBIZ) reported quarterly net income available to common shareholders of $8.6 million, or earnings per share of $1.04 on a diluted basis. This compares to net income available to common shareholders of $9.6 million, or $1.15 per share, in the fourth quarter of 2023 and $8.8 million, or $1.05 per share, in the first quarter of 2023.\n\n\n“Solid first quarter performance is a testament to our team’s consistent execution in a persistently challenging interest rate environment,” said Corey Chambas, Chief Executive Officer. “Our operating model produced 13% tangible book value growth this quarter. We continued to deliver strong profitability and quality growth through the addition and retention of valuable client relationships — successes that are deeply rooted in our culture of excellence and consistency. The cornerstone of our new five-year plan is the confluence of the future of talent and technology. Executing on this will drive continued double-digit growth in loans, deposits, fee income, and top line revenue, which ultimately delivers double-digit annual tangible book value growth for our shareholders.”\n\n\n“While deposit rates remain competitive, we continue to run a match-funded balance sheet that we believe is effective in delivering a stable net interest margin. With interest rates outside of our control, we focus on executing our long-held relationship-based approach to deposit generation, adding clients and balances for the long term.” Chambas added, “In addition, we continue to focus on growing our higher-yielding, niche commercial and industrial loan portfolio, which we expect will support a higher baseline net interest margin.”\n\n\nQuarterly Highlights\n\n\n\nSolid Loan Growth. Loans increased $60.6 million, or 8.5% annualized, from the fourth quarter of 2023, and $371.5 million, or 14.6%, from the first quarter of 2023, reflecting ongoing expansion across the Company’s products and geographies.\n\n\n\nCore Deposit Growth Continues. Average core deposits grew to a record $2.346 billion, up $98.8 million, or 17.6% annualized, from the fourth quarter of 2023 and $345.9 million, or 17.3%, ...