First Business Financial Services, Inc. (the "Company")
(Nasdaq:FBIZ), the parent company of First Business Bank and First
Business Bank - Milwaukee, today reported record first quarter
earnings reflecting continued success of the Company's initiatives
to capture loan and deposit balances from commercial clients in its
markets, enhance the profitability of its business relationships
and improve asset quality.
Highlights for the quarter ended March 31, 2013 include:
- Net income was a record $3.2 million, increasing 47% from $2.2
million earned in the first quarter of 2012.
- Core earnings, defined as pre-tax income excluding the effects
of provision for loan and lease losses, other identifiable costs of
credit and other discrete items unrelated to the Company's core
business activities, grew 21% to $5.0 million for the first quarter
of 2013, compared to $4.1 million earned in the first quarter of
2012.
- Annualized return on average assets was 1.06% for the quarter
ended March 31, 2013, compared to 0.74% for the same period in
2012. First quarter 2013 return on average assets measured the
highest in the Company's tenure as a publicly-traded company.
- Annualized return on average equity was 12.80% for the quarter
ended March 31, 2013, compared to 13.43% for the same period in
2012. The return on average equity declined year over year despite
record net income due to the addition of approximately $27.1
million of equity raised in the Company's December 2012 common
stock offering.
- Top line revenue, consisting of net interest income and
non-interest income, increased 13% to a record $12.2 million for
the quarter ended March 31, 2013, compared to $10.8 million for the
first quarter of 2012.
- Trust assets under management and administration as of March
31, 2013 were a record $843.0 million, an increase of $106.2
million, or 14%, from March 31, 2012.
- The Company's efficiency ratio of 59.2% marked its third
consecutive quarter below 60%.
- Average in-market deposits grew to a record $722.7 million for
the three months ended March 31, 2013, increasing 15% to 66.8% of
total deposits, compared to $630.8 million, or 59.4% of total
deposits, for the three months ended March 31, 2012.
- Average loans and leases measured a record $901.5 million for
the first quarter of 2013, representing an increase of $15.5
million, or an annualized 7%, from the fourth quarter of 2012 and
an increase of $61.7 million, or 7%, from the first quarter of
2012.
- Net interest margin was a record 3.53% for the quarter ended
March 31, 2013, improving 38 basis points compared to the same
period of 2012.
- Non-performing assets of $12.6 million at March 31, 2013
decreased by $3.1 million, or 20%, from December 31, 2012 and by
$10.2 million, or 45%, from March 31, 2012. Non-performing assets
measured 1.03% of total assets as of March 31, 2013, marking the
Company's lowest level since March 31, 2008.
- In the first quarter of 2013 the Company doubled its regular
quarterly dividend to $0.14 per share, representing a modest and
sustainable payout ratio of 17% of first quarter 2013 earnings per
share.
The Company recorded net income of $3.2 million in the first
quarter of 2013, an increase of 46.8% compared to $2.2 million
earned in the first quarter of 2012. Diluted earnings per common
share were $0.83 for the first quarter of 2013 compared to $0.84
for the 2012 period, a decline of $0.01 despite overall earnings
growth primarily due to the issuance and sale of 1,265,000 shares
of common stock in December 2012. As a result of the issuance and
sale, the weighted-average diluted common shares outstanding during
the first quarter of 2013 were approximately 51.3% higher than in
the first quarter of 2012.
"We believe record first quarter results exhibit our team's
across-the-board success in cultivating profitable relationships
with new and existing clients in our markets," said Corey A.
Chambas, President and Chief Executive Officer. "Since the start of
the general economic downturn a few years ago we have seen
exceptional opportunities to capitalize on market disruption in
Wisconsin. We were able to grow loans for the fourth consecutive
quarter, despite the first quarter historically being our softest
for loan growth. This quarter's record loan balances, meaningfully
improved asset quality and strong revenue growth reflect our solid
execution toward this goal. Our improved earnings power allowed us
to double our quarterly dividend during the first quarter, and we
anticipate the earnings momentum we have built will continue to
deliver increased shareholder value in 2013 and beyond."
Core Business Results
Net interest income increased $1.3 million, or 14.6%, to a
record $10.2 million in the first quarter of 2013 compared to $8.9
million for the first quarter of 2012. The improvement
principally resulted from a decline in interest expense on the
improved mix and reduced balances of interest-bearing liabilities
coupled with a 63 basis point decline in the average rate paid on
such balances. In-market client deposits - comprised of all
transaction accounts, money market accounts, and non-brokered
certificates of deposit - grew 16.8% to $722.5 million at
March 31, 2013 from $618.6 million at March 31,
2012. Continued success of the Company's initiative to attract
lower-cost, in-market deposits through new business relationships
and increased client deposit balances drove the improvement,
allowing the Company to continue reducing its overall reliance on
higher-cost brokered certificates of deposit. Brokered
certificates of deposit declined by $65.9 million, or 15.9% to
$349.3 million at March 31, 2013 compared to March 31,
2012. In addition, other borrowings remained relatively flat
compared to December 31, 2012 but declined compared to
March 31, 2012 following the use of $27.1 million in net
proceeds from the December 2012 common stock offering to
immediately repay an equivalent amount of subordinated debt during
the fourth quarter of 2012. While lower than in the prior year
quarter, interest income benefited from higher earning asset
balances, which offset much of the 22 basis point compression in
earning asset yields in the sustained low-rate
environment. The Company continued to execute on its strategic
objective to increase business loans, successfully driving a 7.3%
increase in average loans and leases compared to the first quarter
of 2012.
The Company's improved funding costs also helped to more than
offset the decline in earning asset yields. As a result, net
interest margin improved by 38 basis points to a record 3.53% in
the first quarter of 2013, compared to 3.15% in the first quarter
of 2012. Net interest margin improvement continues to
differentiate the Company from many community and regional bank
peers.
Non-interest income increased $103,000, or 5.6%, to $2.0 million
for the first quarter of 2013, compared with the first quarter of
2012. Improvement over the prior year period reflects
substantial growth in trust and investment services income, which
grew by $140,000, or 20.4%, to $827,000 for the first quarter of
2013, driven by a 14.4% increase in trust assets under management
and administration to $843.0 million at March 31, 2013,
compared to $736.7 million at March 31, 2012. The growth
in assets under management and administration was primarily due to
improved market values and the successful establishment of new
client relationships. Growth in trust income was partially
offset by lower loan fees, which declined by $40,000, or 10.1%, to
$358,000 for the first quarter of 2013 compared to the same quarter
of the prior year.
Non-interest expense for the first quarter of 2013 was $7.2
million, an increase of $346,000, or 5.1%, compared to the same
quarter in 2012. Compensation expense grew $721,000, or 18.0%,
to $4.7 million, reflecting the Company's continued investment in
key talent in support of strategic initiatives as well as annual
merit increases. Other expense grew by $334,000, or 17.1%,
compared to the first quarter of 2012 primarily due to higher
vendor costs associated with projects to enhance regulatory
compliance and to upgrade the Company's existing technology
platforms. A reduction in FDIC insurance expense of $382,000,
or 65.1%, in the first quarter of 2013 helped offset overall
expense growth compared to the prior year quarter. In
addition, the Company experienced a $205,000 benefit to
non-interest expense due to the recognition of net gains on the
sale of foreclosed properties during the first quarter of 2013
compared to net losses recognized in the prior year
quarter. Similarly, collateral liquidation costs decreased by
$122,000 due to a net recovery of expenses in the first quarter of
2013 compared to expenses incurred in the prior year period to
facilitate resolution of certain problem loans. First quarter
expense growth was appropriately aligned with the Company's growth
in top line revenue, evidenced by the improvement in the efficiency
ratio to 59.17% from 61.78% in the first quarter of 2012.
The provision for loan and lease losses for the first quarter of
2013 was $80,000, representing a decrease of $764,000, or 90.5%,
compared to the fourth quarter of 2012 and a decrease of $424,000,
or 84.1%, from the first quarter of 2012. The Company
recognized $27,000 in net recoveries on previously charged-off
loans during the first quarter of 2013, resulting in annualized net
recoveries as a percentage of average loans and leases measuring
0.01% for the quarter. This compares to net charge-offs of
$150,000 for the fourth quarter of 2012 and $208,000 for the first
quarter of 2012. For the same periods, annualized net
charge-offs as a percentage of average loans and leases measured
0.07% and 0.10%, respectively. The Company has determined that
stabilizing commercial real estate values provided sufficient
collateral for its impaired loan and lease portfolio as of
March 31, 2013. As a result, the first quarter 2013 loan
loss provision of $80,000 primarily reflected additions to the loan
loss allowance commensurate with loan growth.
Loans Grow to Record Levels While Asset Quality Improves to
Strongest Levels Since 2008
Net loans and leases reached a record $901.1 million at
March 31, 2013, growing $4.6 million, or 2.0% annualized, from
December 31, 2012 and $83.9 million, or 10.3%, from
March 31, 2012. Measured on an average basis, first
quarter 2013 gross loans and leases of $901.5 million were up $15.5
million, or 7.0% annualized, from the fourth quarter of 2012 and up
$61.7 million, or 7.3%, from the first quarter of 2012. Growth
reflected the successful addition of new commercial relationships
along with early signs of increased demand for lending
opportunities in the Company's markets.
Asset quality continues to be a source of strength and
differentiation for the Company relative to many of its
peers. The ratio of non-performing assets to total assets
improved to 1.03% at March 31, 2013, representing the
Company's lowest level measured since March 31, 2008. This
metric fell 25 basis points from 1.28% at December 31, 2012
and 93 basis points from 1.96% at March 31, 2012. This
improvement reflects a $3.1 million, or 19.9%, decrease in
non-performing assets from December 31, 2012 to March 31,
2013. Non-performing assets decreased by $10.2 million, or
44.8%, from March 31, 2012 to March 31, 2013, reflecting
the success of certain exit strategies, including payoffs, paydowns
and charge-offs, as well as improved client performance resulting
in a return to accrual status. These reductions were partially
offset by continued additions of newly identified impaired loans
and leases. The Company's allowance for loan and lease loss as a
percentage of total loans and leases measured 1.69% as of
March 31, 2013, which was stable compared to 1.69% at
December 31, 2012 and modestly lower compared to 1.74% at
March 31, 2012.
Capital Strength
The Company's earnings power continues to generate capital, and
its capital ratios are in excess of the highest required regulatory
benchmark levels. In addition, the common stock offering
completed in the fourth quarter of 2012 improved the composition of
the Company's capital by increasing Tier 1 capital in the form of
equity and allowing the Company to pay down Tier II capital in the
form of subordinated debt. Total capital to risk-weighted
assets was 13.19% as of March 31, 2013, compared to 12.97% at
December 31, 2012. Tier 1 capital to risk-weighted assets
was 10.77% as of March 31, 2013, compared to 10.54% at
December 31, 2012. Tier 1 capital to average assets was
9.07%, as of March 31, 2013, compared to 8.99% as of
December 31, 2012.
Quarterly Dividend Doubled During First Quarter 2013
As previously announced, on March 8, 2013 the Company's Board of
Directors declared an increase in the quarterly cash dividend on
its common stock to $0.14 per share, doubling its previous level of
$0.07 per share, which it had maintained for 20 consecutive
quarters. The increased dividend was paid on April 15,
2013 to shareholders of record at the close of business on
April 1, 2013. Measured against first quarter 2013
earnings per share of $0.83, the increased dividend represents a
modest and sustainable 17% payout ratio.
About First Business Financial Services, Inc.
First Business Financial Services (Nasdaq:FBIZ) is a $1.2
billion Wisconsin-based bank holding company that specializes in
focused financial solutions for businesses, key executives, and
high net worth individuals through its operating companies. It is
the second largest Wisconsin-based commercial bank holding company
listed on NASDAQ or the New York Stock Exchange. Its companies
include: First Business Bank - Madison; First Business Bank -
Milwaukee; First Business Bank - Northeast; First Business Trust
& Investments; First Business Equipment Finance, LLC; and First
Business Capital Corp. For additional information, visit
www.firstbusiness.com or call (608) 238-8008.
This press release includes "forward-looking" statements related
to First Business Financial Services, Inc. (the "Company") that can
generally be identified as describing the Company's future plans,
objectives or goals. Such forward-looking statements are subject to
risks and uncertainties that could cause actual results or outcomes
to differ materially from those currently anticipated. These
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
For further information about the factors that could affect the
Company's future results, please see the Company's annual report on
Form 10-K, quarterly reports on Form 10-Q and other filings with
the Securities and Exchange Commission.
SELECTED FINANCIAL
CONDITION DATA |
|
|
|
|
|
|
(Unaudited) |
As
of |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(Dollars in thousands) |
2013 |
2012 |
2012 |
2012 |
2012 |
ASSETS |
|
|
|
|
|
Cash and cash equivalents |
$ 75,212 |
$ 85,586 |
$ 87,842 |
$ 78,369 |
$ 135,351 |
Securities available-for-sale,
at fair value |
201,804 |
200,596 |
202,805 |
195,904 |
170,547 |
Loans and leases
receivable |
916,656 |
911,960 |
878,192 |
862,529 |
831,748 |
Allowance for loan and lease
losses |
(15,507) |
(15,400) |
(14,706) |
(14,818) |
(14,451) |
Loans and leases, net |
901,149 |
896,560 |
863,486 |
847,711 |
817,297 |
Leasehold improvements and
equipment, net |
1,128 |
968 |
965 |
1,030 |
1,035 |
Foreclosed properties |
905 |
1,574 |
2,187 |
1,937 |
2,590 |
Cash surrender value of
bank-owned life insurance |
22,479 |
22,272 |
18,068 |
18,006 |
17,830 |
Investment in Federal Home Loan
Bank stock, at cost |
1,144 |
1,144 |
1,144 |
1,519 |
1,748 |
Accrued interest receivable and
other assets |
16,466 |
17,408 |
15,638 |
15,550 |
15,647 |
Total
assets |
$ 1,220,287 |
$ 1,226,108 |
$ 1,192,135 |
$ 1,160,026 |
$ 1,162,045 |
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
In-market deposits |
$ 722,456 |
$ 717,869 |
$ 670,530 |
$ 632,699 |
$ 618,609 |
Brokered CDs |
349,330 |
374,385 |
390,728 |
396,531 |
415,180 |
Total deposits |
1,071,786 |
1,092,254 |
1,061,258 |
1,029,230 |
1,033,789 |
Federal Home Loan Bank and
other borrowings |
26,936 |
12,405 |
39,482 |
42,396 |
41,498 |
Junior subordinated notes |
10,315 |
10,315 |
10,315 |
10,315 |
10,315 |
Accrued interest payable and
other liabilities |
9,103 |
11,595 |
10,531 |
10,319 |
10,009 |
Total liabilities |
1,118,140 |
1,126,569 |
1,121,586 |
1,092,260 |
1,095,611 |
Total stockholders' equity |
102,147 |
99,539 |
70,549 |
67,766 |
66,434 |
Total liabilities and
stockholders' equity |
$ 1,220,287 |
$ 1,226,108 |
$ 1,192,135 |
$ 1,160,026 |
$ 1,162,045 |
|
STATEMENTS OF
INCOME |
|
|
|
|
|
|
(Unaudited) |
For the Three
Months Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(Dollars in thousands, except per
share amounts) |
2013 |
2012 |
2012 |
2012 |
2012 |
Total interest income |
$ 13,319 |
$ 13,158 |
$ 14,032 |
$ 13,943 |
$ 13,633 |
Total interest expense |
3,090 |
3,727 |
4,117 |
4,334 |
4,707 |
Net interest income |
10,229 |
9,431 |
9,915 |
9,609 |
8,926 |
Provision for loan and lease losses |
80 |
844 |
850 |
2,045 |
504 |
Net interest income after
provision for loan and lease losses |
10,149 |
8,587 |
9,065 |
7,564 |
8,422 |
Trust and investment services fee income |
827 |
749 |
736 |
755 |
687 |
Service charges on deposits |
483 |
524 |
532 |
493 |
479 |
Loan fees |
358 |
781 |
502 |
345 |
398 |
Other |
285 |
642 |
479 |
311 |
286 |
Total non-interest income |
1,953 |
2,696 |
2,249 |
1,904 |
1,850 |
Compensation |
4,726 |
4,563 |
4,224 |
4,226 |
4,005 |
FDIC insurance |
205 |
186 |
426 |
533 |
587 |
Collateral liquidation costs |
(14) |
204 |
264 |
79 |
108 |
Net (gain) loss on foreclosed properties |
(30) |
357 |
(14) |
67 |
175 |
Other |
2,291 |
2,136 |
2,351 |
2,227 |
1,957 |
Total non-interest expense |
7,178 |
7,446 |
7,251 |
7,132 |
6,832 |
Income before tax expense |
4,924 |
3,837 |
4,063 |
2,336 |
3,440 |
Income tax expense |
1,680 |
1,308 |
1,441 |
771 |
1,230 |
Net income |
$ 3,244 |
$ 2,529 |
$ 2,622 |
$ 1,565 |
$ 2,210 |
Per common share: |
|
|
|
|
|
Basic earnings |
$ 0.83 |
$ 0.86 |
$ 0.99 |
$ 0.60 |
$ 0.84 |
Diluted earnings |
0.83 |
0.86 |
0.99 |
0.60 |
0.84 |
Dividends declared |
0.14 |
0.07 |
0.07 |
0.07 |
0.07 |
Book value |
26.07 |
25.41 |
26.56 |
25.77 |
25.31 |
Tangible book value |
26.07 |
25.41 |
26.56 |
25.77 |
25.31 |
|
SELECTED FINANCIAL
RATIOS |
|
|
|
|
|
|
|
For the Three
Months Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(Unaudited) |
2013 |
2012 |
2012 |
2012 |
2012 |
Return on average assets (annualized) |
1.06% |
0.84% |
0.88% |
0.54% |
0.74% |
Return on average equity (annualized) |
12.80% |
12.88% |
15.10% |
9.16% |
13.43% |
Efficiency ratio |
59.17% |
58.46% |
59.73% |
61.37% |
61.78% |
Average interest-earning assets to average
interest- bearing liabilities |
120.40% |
119.30% |
116.34% |
116.67% |
115.08% |
Interest rate spread |
3.32% |
3.06% |
3.26% |
3.23% |
2.91% |
Net interest margin |
3.53% |
3.31% |
3.50% |
3.49% |
3.15% |
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS |
|
|
|
|
|
|
(Unaudited) |
As
of |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(Dollars in thousands) |
2013 |
2012 |
2012 |
2012 |
2012 |
Non-performing loans and leases |
$ 11,674 |
$ 14,122 |
$ 12,846 |
$ 15,451 |
$ 20,199 |
Foreclosed properties, net |
905 |
1,574 |
2,187 |
1,937 |
2,590 |
Total non-performing
assets |
$ 12,579 |
$ 15,696 |
$ 15,033 |
$ 17,388 |
$ 22,789 |
Non-performing loans and leases as a percent
of total loans and leases |
1.27% |
1.55% |
1.46% |
1.79% |
2.43% |
Non-performing assets as a percent of total
loans and leases plus foreclosed properties |
1.37% |
1.72% |
1.71% |
2.01% |
2.73% |
Non-performing assets as a percent of total
assets |
1.03% |
1.28% |
1.26% |
1.50% |
1.96% |
Allowance for loan and lease losses as a
percent of total gross loans and leases |
1.69% |
1.69% |
1.67% |
1.72% |
1.74% |
Allowance for loan and lease losses as a
percent of non-performing loans |
132.83% |
109.05% |
114.48% |
95.90% |
71.54% |
|
|
|
|
|
|
|
|
|
|
|
|
NET
CHARGE-OFFS |
|
|
|
|
|
|
(Unaudited) |
For the Three
Months Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(Dollars in thousands) |
2013 |
2012 |
2012 |
2012 |
2012 |
Net (recoveries) charge-offs |
$ (27) |
$ 150 |
$ 962 |
$ 1,678 |
$ 208 |
Net (recoveries) charge-offs as a percent of
average loans and leases (annualized) |
(0.01)% |
0.07% |
0.44% |
0.80% |
0.10% |
NON-GAAP RECONCILIATIONS
Certain financial information provided in this release is
determined by methods other than in accordance with generally
accepted accounting principles (United States)
("GAAP"). Although the Company believes that these non-GAAP
financial measures provide a greater understanding of its business,
these measures are not necessarily comparable to similar measures
that may be presented by other companies.
CORE EARNINGS
"Core Earnings" is a non-GAAP measure representing pre-tax
income excluding the effects of provision for loan and lease
losses, other identifiable costs of credit and other discrete items
that are unrelated to core business activities. In the
judgment of the Company's management, the presentation of core
earnings allows the management team, investors and analysts to
better assess the growth of the Company's core business by removing
the volatility that is associated with costs of credit and other
discrete items that are unrelated to its core business and
facilitates a more streamlined comparison of core growth to its
benchmark peers. The information provided below reconciles
core earnings to its most comparable GAAP measure.
(Unaudited) |
For the Three
Months Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(Dollars in thousands) |
2013 |
2012 |
2012 |
2012 |
2012 |
Income before tax expense |
$ 4,924 |
$ 3,837 |
$ 4,063 |
$ 2,336 |
$ 3,440 |
Add back: |
|
|
|
|
|
Provision for loan and lease
losses |
80 |
844 |
850 |
2,045 |
504 |
(Gain) loss on foreclosed
properties |
(30) |
357 |
(14) |
67 |
175 |
Core earnings (pre-tax) |
$ 4,974 |
$ 5,038 |
$ 4,899 |
$ 4,448 |
$ 4,119 |
EFFICIENCY RATIO
"Efficiency ratio" is a non-GAAP measure representing
non-interest expense excluding the effects of losses or gains on
foreclosed properties and amortization of other intangible assets,
if any, divided by operating revenue, which is equal to net
interest income plus non-interest income less any realized gains or
losses on securities, if any. In the judgment of the Company's
management, the adjustments made to non-interest expense and
operating revenue allow investors and analysts to better assess the
Company's operating expenses in relation to its core operating
revenue by removing the volatility that is associated with certain
one-time items and other discrete items that are unrelated to its
core business. The information provided below reconciles the
efficiency ratio to its most comparable GAAP measure.
(Unaudited) |
For the Three
Months Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(Dollars in thousands) |
2013 |
2012 |
2012 |
2012 |
2012 |
Total non-interest expense |
$ 7,178 |
$ 7,446 |
$ 7,251 |
$ 7,132 |
$ 6,832 |
Less: |
|
|
|
|
|
(Gain) loss on foreclosed
properties |
(30) |
357 |
(14) |
67 |
175 |
Amortization of other
intangible assets |
— |
— |
— |
— |
— |
Total operating expense |
$ 7,208 |
$ 7,089 |
$ 7,265 |
$ 7,065 |
$ 6,657 |
Net interest income |
$ 10,229 |
$ 9,431 |
$ 9,915 |
$ 9,609 |
$ 8,926 |
Total non-interest income |
1,953 |
2,696 |
2,249 |
1,904 |
1,850 |
Less: |
|
|
|
|
|
Gain on sale of securities |
— |
— |
— |
— |
— |
Total operating revenue |
$ 12,182 |
$ 12,127 |
$ 12,164 |
$ 11,513 |
$ 10,776 |
Efficiency ratio |
59.17% |
58.46% |
59.73% |
61.37% |
61.78% |
TANGIBLE BOOK VALUE
"Tangible book value per share" is a non-GAAP measure
representing tangible equity divided by total common shares
outstanding. "Tangible equity" itself is a non-GAAP measure
representing common stockholders' equity reduced by intangible
assets, if any. The Company's management believes that these
measures are important to many investors in the marketplace who are
interested in changes period to period in book value per common
share exclusive of changes in intangible assets. The
information provided below reconciles tangible book value per share
and tangible equity to their most comparable GAAP measures.
(Unaudited) |
As
of |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
(Dollars in thousands, except per
share amounts) |
2013 |
2012 |
2012 |
2012 |
2012 |
Equity |
$ 102,147 |
$ 99,539 |
$ 70,549 |
$ 67,766 |
$ 66,434 |
Intangible assets |
— |
— |
— |
— |
— |
Tangible equity |
$ 102,147 |
$ 99,539 |
$ 70,549 |
$ 67,766 |
$ 66,434 |
Common shares outstanding |
3,918,758 |
3,916,667 |
2,656,102 |
2,629,352 |
2,625,288 |
Book value per share |
$ 26.07 |
$ 25.41 |
$ 26.56 |
$ 25.77 |
$ 25.31 |
Tangible book value per share |
26.07 |
25.41 |
26.56 |
25.77 |
25.31 |
CONTACT: First Business Financial Services, Inc.
James F. Ropella, Senior Vice President
and Chief Financial Officer
608-232-5970
jropella@firstbusiness.com
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