-- Results include robust in-market deposit
growth, strong asset quality metrics, and provision benefit --
First Business Financial Services, Inc. (the “Company”, the
“Bank”, or “First Business Bank”) (Nasdaq:FBIZ) reported net income
of $8.7 million, or $1.02 diluted earnings per share, in the first
quarter of 2022. This compares to net income of $8.6 million, or
$1.01 per share, in the fourth quarter of 2021 and $9.7 million, or
$1.12 per share, in the first quarter of 2021.
“First Business Bank begins 2022 from a position of strength,
with solid operating results, continued organic loan and deposit
growth, and exceptional asset quality that again led to a loan loss
provision benefit in the first quarter,” President and Chief
Executive Officer Corey Chambas said. “Our record loan growth in
late-2021 and continued loan production in early-2022 positioned us
well, creating a larger earning-asset base that supported strong
net interest income in the first quarter, despite elevated payoffs
during the period. We remain confident in our ability to grow loans
at a low double digit annual rate in 2022, given the strength of
our team and the size of our pipelines heading into the second
quarter. Together with our diversified fee income streams, the Bank
generated solid top line revenue growth in the first quarter.
Following the private placement of $32.5 million in new capital
last month, we are well positioned for continued success in 2022
and beyond.”
Quarterly Highlights
- Continued Organic Loan Production. Loans, excluding
Paycheck Protection Program (“PPP”) loans, grew $20.9 million, or
3.8% annualized, from the fourth quarter of 2021 and $265.5
million, or 13.5%, from the first quarter of 2021, as the Company
continued to expand its traditional lending throughout its
geographies. The first quarter of 2022 included elevated loan
payoffs of nearly $90 million, compared to just over $30 million in
the fourth quarter of 2021.
- Robust In-Market Deposit Growth. Total period-end
in-market deposits grew by $83.1 million, or 17.2% annualized, from
the fourth quarter of 2021 and $274.1 million, or 15.8%, from the
first quarter of 2021. Period-end in-market deposits represented
84.3% of total Bank funding at March 31, 2022, compared to 82.9% at
December 31, 2021 and 74.9% at March 31, 2021.
- Diversified Fee Income. Non-interest income of $7.4
million for the first quarter made up 25.6% of top line revenue,
reflecting the Company’s diversified fee income streams. Revenue of
$2.8 million from private wealth management was the leading
contributor to non-interest income, while the Company also
benefited from $1.4 million in revenue from its investments in
mezzanine funds.
- Strong Asset Quality Metrics. Non-performing assets
declined 12.1% to $5.7 million, or 0.21% of total assets, improving
from 0.25% and 0.73% of total assets on December 31, 2021 and March
31, 2021, respectively. The Company had no active COVID-19 loan
modifications as of March 31, 2022. The Company recorded a
provision benefit of $855,000, compared to $508,000 in the fourth
quarter of 2021 and $2.1 million in the first quarter of 2021.
- Capital Restructuring. The Company completed a private
placement to institutional investors for $32.5 million in new
capital consisting of a $20.0 million subordinated note and $12.5
million of preferred stock. A portion of the proceeds were used to
redeem $10.3 million of higher cost trust preferred securities in
the first quarter of 2022. Management plans to redeem an additional
$9.1 million of subordinated notes in the second quarter of 2022.
The remainder of the proceeds will be used for general corporate
purposes, including to support the Bank’s growth strategy, and to
fund the Company’s previously announced $5 million share repurchase
plan.
Quarterly Financial
Results
(Unaudited)
As of and for the Three Months
Ended
(Dollars in thousands, except per share
amounts)
March 31,
2022
December 31,
2021
March 31,
2021
Net interest income
$
21,426
$
20,924
$
20,863
Adjusted non-interest income (1)
7,386
7,569
7,195
Operating revenue (1)
28,812
28,493
28,058
Operating expense (1)
18,887
17,644
17,449
Pre-tax, pre-provision adjusted earnings
(1)
9,925
10,849
10,609
Less:
Provision for loan and lease losses
(855
)
(508
)
(2,068
)
Net loss on foreclosed properties
12
7
3
Amortization of other intangible
assets
—
2
8
SBA recourse benefit
(76
)
(122
)
(130
)
Income before income tax expense
10,844
11,470
12,796
Income tax expense
2,172
2,879
3,065
Net income
$
8,672
$
8,591
$
9,731
Earnings per share, diluted
$
1.02
$
1.01
$
1.12
Book value per share
$
27.46
$
27.48
$
24.83
Tangible book value per share (1)
$
26.02
$
26.03
$
23.43
Net interest margin (2)
3.39
%
3.39
%
3.44
%
Adjusted net interest margin (1)(2)
3.24
%
3.23
%
3.20
%
Fee income ratio (non-interest income /
total revenue)
25.64
%
26.56
%
25.64
%
Efficiency ratio (1)
65.55
%
61.92
%
62.19
%
Return on average assets (2)
1.30
%
1.32
%
1.51
%
Pre-tax, pre-provision adjusted return on
average assets (1)(2)
1.49
%
1.66
%
1.65
%
Return on average equity (2)
14.47
%
15.04
%
18.48
%
Period-end loans and leases receivable
$
2,251,249
$
2,239,408
$
2,235,112
Specialized lending as a percent of total
loans and leases
19.22
%
19.76
%
15.65
%
Average loans and leases receivable
$
2,244,642
$
2,179,769
$
2,182,958
Period-end in-market deposits
$
2,011,373
$
1,928,285
$
1,737,226
Average in-market deposits
$
1,932,576
$
1,866,875
$
1,722,107
Allowance for loan and lease losses
$
23,669
$
24,336
$
28,982
Non-performing assets
$
5,734
$
6,522
$
19,023
Allowance for loan and lease losses as a
percent of total gross loans and leases
1.05
%
1.09
%
1.29
%
Non-performing assets as a percent of
total assets
0.21
%
0.25
%
0.73
%
(1)
This is a non-GAAP financial
measure. Management believes these measures are meaningful because
they reflect adjustments commonly made by management, investors,
regulators, and analysts to evaluate financial performance, provide
greater understanding of ongoing operations, and enhance
comparability of results with prior periods. See the section titled
Non-GAAP Reconciliations at the end of this release for a
reconciliation of GAAP financial measures to non-GAAP financial
measures.
(2)
Calculation is annualized.
Quarterly Financial Results - Excluding
PPP Loans, Interest Income, and Fees
(Unaudited)
As of and for the Three Months
Ended
(Dollars in thousands, except per share
amounts)
March 31,
2022
December 31,
2021
March 31,
2021
Net interest income
$
21,125
$
19,898
$
18,048
Adjusted non-interest income (1)
7,386
7,569
7,195
Operating revenue (1)
28,511
27,467
25,243
Operating expense (1)
18,887
17,644
17,449
Pre-tax, pre-provision adjusted earnings
(1)
$
9,624
$
9,823
$
7,794
Net interest margin (2)
3.37
%
3.29
%
3.31
%
Fee income ratio (non-interest income /
total revenue)
25.91
%
27.56
%
28.50
%
Efficiency ratio (1)
66.24
%
64.24
%
69.12
%
Pre-tax, pre-provision adjusted return on
average assets (1)(2)
1.46
%
1.53
%
1.34
%
Period-end loans and leases receivable
$
2,233,043
$
2,212,111
$
1,967,545
Specialized lending as a percent of total
loans and leases
19.38
%
20.02
%
17.83
%
Average loans and leases receivable
$
2,223,707
$
2,126,846
$
1,940,716
Allowance for loan and lease losses as a
percent of total gross loans and leases
1.06
%
1.10
%
1.47
%
Non-performing assets as a percent of
total assets
0.21
%
0.25
%
0.81
%
(1)
This is a non-GAAP financial
measure. Management believes these measures are meaningful because
they reflect adjustments commonly made by management, investors,
regulators, and analysts to evaluate financial performance, provide
greater understanding of ongoing operations, and enhance
comparability of results with prior periods. See the section titled
Non-GAAP Reconciliations at the end of this release for a
reconciliation of GAAP financial measures to non-GAAP financial
measures.
(2)
Calculation is annualized.
First Quarter 2022 Compared to Fourth
Quarter 2021
Net interest income increased $502,000, or 2.4%, to $21.4
million.
- Net interest income growth was driven by an increase in average
loans and leases, partially offset by a reduction in fees in lieu
of interest and the accelerated amortization of $236,000 in debt
issuance costs related to the redemption of trust preferred
securities. Average loans and leases receivable, excluding net PPP
loans in both periods of comparison, increased $96.9 million, or
18.2% annualized, to $2.224 billion. Fees in lieu of interest,
which can vary from quarter to quarter based on client-driven
activity, totaled $1.3 million, compared to $1.7 million, and
included $249,000 and $892,000 in PPP fees, respectively. Excluding
fees in lieu of interest, interest income from PPP loans, and the
aforementioned accelerated debt issuance costs, net interest income
increased $1.2 million, or 25.7% annualized.
- The yield on average interest-earning assets increased three
basis points to 3.84% from 3.81%. Excluding average net PPP loans,
PPP loan interest income, and the aforementioned fees in lieu of
interest, the yield earned on average interest-earning assets
increased seven basis points to 3.66% from 3.59%. The rate paid for
average total bank funding decreased two basis point to 0.31% from
0.33%. Total bank funding is defined as total deposits plus Federal
Home Loan Bank (“FHLB”) advances.
- Net interest margin was 3.39% in both periods of comparison.
Adjusted net interest margin was 3.24%, up one basis point compared
to 3.23% in the linked quarter. The aforementioned accelerated debt
issuance costs reduced first quarter 2022 net interest margin and
adjusted net interest margin by four basis points. Adjusted net
interest margin is a non-GAAP measure representing net interest
income excluding fees in lieu of interest and other recurring but
volatile components of net interest margin divided by average
interest-earning assets less average net PPP loans and other
recurring but volatile components of average interest-earning
assets such as excess liquidity and non-accrual loans.
- The Bank continues to maintain an asset-sensitive balance sheet
and ended the quarter appropriately positioned for net interest
income to benefit from rising short-term interest rates.
The Company reported a net benefit to provision for loan and
lease losses of $855,000, compared to a $508,000 benefit in the
fourth quarter of 2021.
- The provision benefit in the first quarter of 2022 was
primarily due to a $416,000 reduction due to qualitative risk
factor improvements, a net decrease in specific reserves of
$280,000, a $206,000 reduction in the general reserve from
improving historical loss rates, and net recoveries of $188,000.
These decreases were partially offset by a $235,000 increase in the
general reserve due to loan growth.
Non-interest income decreased $183,000, or 2.4%, to $7.4
million.
- Private wealth management fee income decreased $33,000, or 1.1%
to $2.8 million. Private wealth and trust assets under management
and administration measured $2.834 billion at March 31, 2022, down
$86.7 million, primarily due to a decrease in market valuations,
which was partially offset by new business development.
- Gains on sale of SBA loans decreased $457,000 to $585,000.
Management believes SBA 7a loan production, while variable based on
timing of closings, will increase on an annual basis at a measured
pace.
- Commercial loan interest rate swap fee income decreased
$459,000 to $225,000. Swap fee income can vary from period to
period based on client demand and the interest rate
environment.
- Other fee income increased $817,000 to $2.1 million, compared
to $1.3 million in the fourth quarter. The increase is primarily
due to strong returns on the Company’s investments in mezzanine
funds.
Non-interest expense increased $1.3 million, or 7.4%, to $18.8
million, while operating expense increased $1.2 million, or 7.0%,
to $18.9 million.
- Compensation expense was $13.6 million, reflecting an increase
of $1.2 million, or 9.6%, from the linked quarter primarily due to
above average annual merit increases, reflecting the competitive
job market, as well as payroll taxes paid in the quarter on a
record annual cash bonus plan payout, and an expanded workforce.
Management believes the increase in compensation expense will
decline from this seasonally high rate and stabilize to a modestly
lower rate during the remainder of the year. Average full-time
equivalent employees (“FTE”) for the first quarter of 2022 were
310, up nine from 301 in the linked quarter.
- Professional fees were $1.2 million, increasing $237,000, or
25.4%, from the linked quarter primarily due to legal fees
associated with tax credit investments, moderate increases in audit
fees, and other professional and consulting services.
- FDIC insurance expense was $313,000, increasing $103,000, or
49.0%, from the linked quarter primarily due to an increase in both
the assessment rate and the assessable base.
- Other non-interest expense decreased $269,000 to $513,000.
During the linked quarter the Company recorded a $106,000 increase
in the credit valuation adjustment (“CVA”) related to its
commercial loan interest rate swap program, while no adjustment was
recorded in the current period. The CVA can vary from period to
period based on the size of the portfolio, credit metrics, and the
interest rate environment in any given quarter. The remaining
variance was mainly due to a seasonal increase in charitable
donations in the linked quarter, as well as a current quarter
increase in reimbursements received for loan expenses.
Income tax expense decreased $707,000. or 24.6%, to $2.2
million. The effective tax rate, excluding discrete items, was
23.5%, compared to 24.0% for the full year 2021. For 2022, the
Corporation expects to report an effective tax rate of 23%-24%,
excluding discrete items, as management intends to continue
actively pursuing tax credit opportunities.
Total period-end loans and leases receivable, excluding net PPP
loans in both periods of comparison, increased $20.9 million, or
3.8% annualized, to $2.233 billion. The first quarter of 2022
included elevated loan payoffs of nearly $90 million, compared to
just over $30 million in the fourth quarter of 2021. These elevated
levels of payoffs primarily stem from the sales of businesses and
real estate properties, which can be variable depending on market
conditions.
- Commercial real estate (“CRE”) loans increased by $15.1
million, or 4.1% annualized, to $1.470 billion, compared to $1.455
billion, as increases in construction financing and owner-occupied
real estate offset payoffs and paydowns in multi-family and
non-owner occupied loans.
- Commercial and industrial (“C&I”) loans decreased $10.1
million, primarily due to the aforementioned payoffs and PPP loan
forgiveness. C&I loans, excluding net PPP loans, decreased $1.0
million.
Total period-end in-market deposits increased $83.1 million, or
17.2% annualized, to $2.011 billion, compared to $1.928 billion,
and the average rate paid was 0.13% in both periods. The Bank’s
deposit-centric sales strategy, led by treasury management sales,
contributed to growth across all in-market deposit categories.
Period-end wholesale funding, including FHLB advances, brokered
deposits, and deposits gathered through internet deposit listing
services, decreased $24.7 million to $373.7 million.
- Wholesale deposits decreased $17.3 million to $12.3 million.
The average rate paid on wholesale deposits increased 188 basis
points to 2.91% and the weighted average original maturity of
brokered certificates of deposit increased to 4.8 years from 3.8
years.
- FHLB advances decreased $7.4 million to $361.4 million. The
average rate paid on FHLB advances decreased 22 basis point to
1.08% and the weighted average original maturity increased to 6.0
years from 5.9 years.
Non-performing assets decreased $788,000, or 12.1%, to $5.7
million, or 0.21% of total assets, compared to $6.5 million, or
0.25% of total assets. The reduction in non-performing assets was
primarily due to loan payoffs and paydowns.
The allowance for loan and lease losses decreased $667,000, or
2.7%, as an increase in the general reserve from loan growth was
more than offset by a decrease in the historical loss rates,
qualitative risk factors, and specific reserves.
- The allowance for loan and lease losses as a percent of total
gross loans and leases was 1.05%, compared to 1.09% as of December
31, 2021.
- Excluding net PPP loans, the allowance for loan and leases
losses as a percent of total gross loans and leases was 1.06%,
compared to 1.10% as of December 31, 2021.
First Quarter 2022 Compared to First
Quarter 2021
Net interest income increased $563,000, or 2.7%, to $21.4
million.
- The increase in net interest income primarily reflects an
increase in average gross loans and leases, partially offset by
lower fees in lieu of interest and the accelerated amortization of
$236,000 in debt issuance costs related to the redemption of trust
preferred securities. Fees in lieu of interest decreased from $3.1
million to $1.3 million, primarily due to a $2.0 million reduction
in PPP loan fee amortization. Excluding fees in lieu of interest,
interest income from PPP loans, and the aforementioned accelerated
debt issuance costs, net interest income increased $3.1 million, or
18.3%. Excluding net PPP loans, average gross loans and leases
increased $283.0 million, or 14.6%.
- The yield on average interest-earning assets measured 3.84%
compared to 3.93%. Excluding fees in lieu of interest, PPP loan
interest income, and net PPP loans, the yield on average
interest-earning assets measured 3.66%, compared to 3.69%. This
decrease in yield was primarily due to the renewal of fixed-rate
loans and reinvestment of cash flows from the securities portfolio
at historically low interest rates. The rate paid for average total
bank funding decreased nine basis points to 0.31% from 0.40%.
- Net interest margin decreased five basis points to 3.39% from
3.44%. Adjusted net interest margin increased four basis points to
3.24% from 3.20%.
The Company reported a net benefit to provision for loan and
lease losses of $855,000, compared to provision benefit of $2.1
million in the first quarter of 2021. The reasons for the provision
benefit are consistent with the explanations discussed above in the
linked quarter comparison.
Non-interest income of $7.4 million increased by $191,000, or
2.7%, from $7.2 million in the prior year period.
- Private wealth management fee income increased $434,000, or
18.0%, to $2.8 million. Private wealth and trust assets under
management and administration measured $2.834 billion at March 31,
2022, up $447.5 million, or 18.8%.
- Gains on sale of SBA loans decreased $493,000 to $585,000.
Management believes SBA 7a loan production, while variable based on
timing of closings, will increase on an annual basis at a measured
pace.
- Loan fees of $652,000 increased by $107,000, or 19.6%,
primarily due to an increase in conventional, SBA, and floorplan
financing activity generating additional processing and service fee
income.
- Commercial loan interest rate swap fee income was $225,000,
compared to $684,000 in the prior year period. Swap fee income
varies from period to period based on client demand and the
interest rate environment in any given quarter.
- Other fee income increased $520,000, or 33.2%, to $2.1 million
compared to $1.6 million, primarily due to higher returns from the
Company’s investments in mezzanine funds.
Non-interest expense increased $1.5 million, or 8.6%, to $18.8
million. Operating expense increased $1.4 million, or 8.2%, to
$18.9 million.
- Compensation expense increased $981,000, or 7.8%, to $13.6
million. Average FTEs were 310 in the first quarter of 2022,
compared to 305 in the first quarter of 2021. The reasons for the
increase in compensation expense are consistent with the
explanations discussed above in the linked quarter analysis.
- Professional fees increased $304,000, or 35.1%, to $1.2
million, primarily due to an increase in legal expenses related to
historic tax credit investments, an increase in audit expenses, and
a general increase in other professional consulting services for
various projects.
- Marketing expense increased $109,000, or 27.9%, to $500,000
mainly due to an increase in business development activities as the
Company continues to return to pre-pandemic spending levels.
- Other non-interest expense increased $239,000, or 87.2%, to
$513,000, partially due to an increase in travel expense. In
addition, the first quarter of 2021 included a reduction in CVA
related to the commercial loan interest rate swap program, while no
adjustment was recorded in the current period.
Total period-end loans and leases receivable, excluding net PPP
loans in both periods of comparison, increased $265.5 million, or
13.5%, to $2.233 billion.
- C&I loans, excluding net PPP loans, increased $185.8
million, or 35.9%, due to an increase in both conventional
commercial lending, as well as specialized commercial lending,
which represents 19.4% of total gross loans, up from 17.8% last
year. Management believes this growth rate will moderate to lower
double-digits as the Company’s specialized lending products scale
over time.
- CRE loans increased $77.2 million, or 5.5%, primarily due to an
increase in non-owner-occupied real estate and construction
financing.
Total period-end in-market deposits increased $274.1 million, or
15.8%, to $2.011 billion and the average rate paid decreased three
basis points to 0.13%. This increase in deposits was principally
due to an $82.1 million and $174.9 million increase in transaction
and money market accounts, respectively.
Period-end wholesale funding decreased $207.6 million to $373.7
million.
- Wholesale deposits decreased $153.2 million to $12.3 million,
compared to $165.5 million, as the existing portfolio runoff was
replaced by in-market deposits. The average rate paid on brokered
certificates of deposit increased 215 basis points to 2.91% and the
weighted average original maturity increased to 4.8 years from 3.9
years.
- FHLB advances decreased $54.4 million to $361.4 million. The
average rate paid on FHLB advances decreased 28 basis points to
1.08% and the weighted average original maturity increased to 6.0
years from 5.7 years.
Non-performing assets decreased to $5.7 million, or 0.21% of
total assets, compared to $19.0 million, or 0.73% of total assets.
Excluding net PPP loans, non-performing assets decreased to 0.21%
of total assets as of March 31, 2022 compared to 0.81% one year
prior.
The allowance for loan and lease losses decreased $5.3 million
to $23.7 million, compared to $29.0 million.
- The allowance for loan and lease losses as a percent of total
gross loans and leases was 1.05% compared to 1.29%.
- Excluding net PPP loans, the allowance for loan and leases
losses as a percent of total gross loans and leases was 1.06% as of
March 31, 2022, compared to 1.47% one year prior.
Paycheck Protection
Program
As of March 31, 2022, the Company had $18.5 million in gross PPP
loans outstanding and deferred processing fees outstanding of
$308,000. The processing fees are deferred and recognized over the
contractual life of the loan, or accelerated at forgiveness, as an
adjustment of yield using the interest method. During the three
months ended March 31, 2022, the Company recognized $249,000 of PPP
processing fees in interest income. The SBA provides a guaranty to
the lender of 100% of principal and interest, unless the lender
violated an obligation under the agreement. Since loan losses are
expected to be immaterial, if at all, due to the government
guarantee, management excluded the PPP loans from the allowance for
loan and lease losses calculation. These short-term loans were
funded primarily through a combination of excess cash held at the
Federal Reserve and from an increase in in-market deposits.
Share Repurchase Program
Update
As previously announced, effective March 4, 2022, the Company’s
Board of Directors authorized the repurchase by the Company of
shares of its common stock with a maximum aggregate purchase price
of $5.0 million, effective March 4, 2022 through March 4, 2023.
During March, the Company repurchased a total of 4,502 shares for
approximately $148,000 at an average cost of $32.87 per share.
About First Business Financial Services, Inc.
First Business Financial Services, Inc., (Nasdaq: FBIZ) is the
parent company of First Business Bank. First Business Bank
specializes in Business Banking, including Commercial Banking and
Specialized Lending, Private Wealth, and Bank Consulting services,
and through its refined focus, delivers unmatched expertise,
accessibility, and responsiveness. Specialized Lending solutions
are delivered through First Business Bank’s wholly owned subsidiary
First Business Specialty Finance, LLC. For additional information,
visit www.firstbusiness.bank.
This release may include forward-looking statements as defined
in the Private Securities Litigation Reform Act of 1995, which
reflect First Business Bank’s current views with respect to future
events and financial performance. Forward-looking statements are
not based on historical information, but rather are related to
future operations, strategies, financial results, or other
developments. Forward-looking statements are based on management’s
expectations as well as certain assumptions and estimates made by,
and information available to, management at the time the statements
are made. Those statements are based on general assumptions and are
subject to various risks, uncertainties, and other factors that may
cause actual results to differ materially from the views, beliefs,
and projections expressed in such statements. Such statements are
subject to risks and uncertainties, including among other
things:
- Adverse changes in the economy or business conditions, either
nationally or in our markets, including, without limitation,
inflation, supply chain issues, labor shortages, and the adverse
effects of the COVID-19 pandemic on the global, national, and local
economy, which may effect the Corporation’s credit quality,
revenue, and business operations.
- Competitive pressures among depository and other financial
institutions nationally and in the Company’s markets.
- Increases in defaults by borrowers and other
delinquencies.
- Management’s ability to manage growth effectively, including
the successful expansion of our client service, administrative
infrastructure, and internal management systems.
- Fluctuations in interest rates and market prices.
- Changes in legislative or regulatory requirements applicable to
the Company and its subsidiaries.
- Changes in tax requirements, including tax rate changes, new
tax laws, and revised tax law interpretations.
- Fraud, including client and system failure or breaches of our
network security, including the Company’s internet banking
activities.
- Failure to comply with the applicable SBA regulations in order
to maintain the eligibility of the guaranteed portion of SBA
loans.
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 for the year ended December 31, 2021 and other filings
with the Securities and Exchange Commission.
SELECTED FINANCIAL CONDITION DATA
(Unaudited)
As of
(in thousands)
March 31,
2022
December 31,
2021
September 30,
2021
June 30,
2021
March 31,
2021
Assets
Cash and cash equivalents
$
95,603
$
57,110
$
110,624
$
389,977
$
58,874
Securities available-for-sale, at fair
value
223,631
205,702
194,056
171,219
173,261
Securities held-to-maturity, at amortized
cost
17,267
19,746
21,196
22,382
24,783
Loans held for sale
2,418
3,570
5,603
6,059
6,576
Loans and leases receivable
2,251,249
2,239,408
2,123,306
2,143,561
2,235,112
Allowance for loan and lease losses
(23,669
)
(24,336
)
(24,676
)
(25,675
)
(28,982
)
Loans and leases receivable, net
2,227,580
2,215,072
2,098,630
2,117,886
2,206,130
Premises and equipment, net
1,621
1,694
1,700
1,747
1,923
Foreclosed properties
117
164
172
179
31
Right-of-use assets
6,118
4,910
5,263
5,472
5,486
Bank-owned life insurance
53,974
53,600
53,244
52,887
52,537
Federal Home Loan Bank stock, at cost
12,863
13,336
12,351
13,451
14,941
Goodwill and other intangible assets
12,184
12,268
12,229
12,178
12,055
Derivatives
26,890
26,343
28,678
32,377
26,104
Accrued interest receivable and other
assets
43,816
39,390
40,664
39,855
38,017
Total assets
$
2,724,082
$
2,652,905
$
2,584,410
$
2,865,669
$
2,620,718
Liabilities and Stockholders’
Equity
In-market deposits
$
2,011,373
$
1,928,285
$
1,829,644
$
2,016,215
$
1,737,226
Wholesale deposits
12,321
29,638
74,638
144,492
165,492
Total deposits
2,023,694
1,957,923
1,904,282
2,160,707
1,902,718
Federal Home Loan Bank advances and other
borrowings
414,487
403,451
394,090
420,113
448,417
Junior subordinated notes
—
10,076
10,072
10,069
10,065
Lease liabilities
7,580
5,406
5,780
6,005
6,040
Derivatives
24,961
28,283
31,890
36,109
29,565
Accrued interest payable and other
liabilities
8,309
15,344
13,016
11,214
9,422
Total liabilities
2,479,031
2,420,483
2,359,130
2,644,217
2,406,227
Total stockholders’ equity
245,051
232,422
225,280
221,452
214,491
Total liabilities and stockholders’
equity
$
2,724,082
$
2,652,905
$
2,584,410
$
2,865,669
$
2,620,718
STATEMENTS OF INCOME
(Unaudited)
As of and for the Three Months
Ended
(Dollars in thousands, except per share
amounts)
March 31,
2022
December 31,
2021
September 30,
2021
June 30,
2021
March 31,
2021
Total interest income
$
24,235
$
23,576
$
24,014
$
24,599
$
23,806
Total interest expense
2,809
2,652
2,791
2,947
2,943
Net interest income
21,426
20,924
21,223
21,652
20,863
Provision for loan and lease losses
(855
)
(508
)
(2,269
)
(958
)
(2,068
)
Net interest income after provision for
loan and lease losses
22,281
21,432
23,492
22,610
22,931
Private wealth management service fees
2,841
2,874
2,759
2,744
2,407
Gain on sale of SBA loans
585
1,042
721
1,203
1,078
Service charges on deposits
999
1,023
956
941
917
Loan fees
652
679
713
569
545
Net gain on sale of securities
—
—
—
29
—
Swap fees
225
684
—
—
684
Other non-interest income
2,084
1,267
1,866
835
1,564
Total non-interest income
7,386
7,569
7,015
6,321
7,195
Compensation
13,638
12,447
13,351
13,255
12,657
Occupancy
555
551
544
533
552
Professional fees
1,170
933
1,024
913
866
Data processing
780
773
746
798
770
Marketing
500
548
572
511
391
Equipment
244
223
260
261
246
Computer software
1,082
1,017
999
1,129
1,115
FDIC insurance
313
210
291
280
362
Collateral liquidation cost
16
40
47
84
94
Net loss (gain) on foreclosed
properties
12
7
6
(1
)
3
Other non-interest expense
513
782
650
421
274
Total non-interest expense
18,823
17,531
18,490
18,184
17,330
Income before income tax expense
10,844
11,470
12,017
10,747
12,796
Income tax expense
2,172
2,879
2,819
2,512
3,065
Net income
$
8,672
$
8,591
$
9,198
$
8,235
$
9,731
Per common share:
Basic earnings
$
1.02
$
1.01
$
1.07
$
0.95
$
1.12
Diluted earnings
1.02
1.01
1.07
0.95
1.12
Dividends declared
0.1975
0.18
0.18
0.18
0.18
Book value
27.46
27.48
26.56
25.70
24.83
Tangible book value
26.02
26.03
25.11
24.28
23.43
Weighted-average common shares
outstanding(1)
8,232,142
8,228,311
8,340,042
8,385,069
8,429,149
Weighted-average diluted common shares
outstanding(1)
8,232,142
8,228,311
8,340,042
8,385,069
8,429,149
(1)
Excluding participating
securities.
NET INTEREST INCOME ANALYSIS
(Unaudited)
For the Three Months
Ended
(Dollars in thousands)
March 31, 2022
December 31, 2021
March 31, 2021
Average
Balance
Interest
Average
Yield/
Rate(4)
Average
Balance
Interest
Average
Yield/
Rate(4)
Average
Balance
Interest
Average
Yield/
Rate(4)
Interest-earning assets
Commercial real estate and other mortgage
loans(1)
$
1,459,891
$
13,346
3.66
%
$
1,417,498
$
13,225
3.73
%
$
1,357,141
$
12,528
3.69
%
Commercial and industrial loans(1)
718,364
9,101
5.07
%
702,108
8,711
4.96
%
757,898
9,625
5.08
%
Direct financing leases(1)
16,540
189
4.57
%
17,662
200
4.53
%
22,271
244
4.38
%
Consumer and other loans(1)
49,847
436
3.50
%
42,501
376
3.54
%
45,648
398
3.49
%
Total loans and leases receivable(1)
2,244,642
23,072
4.11
%
2,179,769
22,512
4.13
%
2,182,958
22,795
4.18
%
Mortgage-related securities(2)
184,962
760
1.64
%
170,002
677
1.59
%
163,324
666
1.63
%
Other investment securities(3)
50,555
215
1.70
%
49,927
209
1.67
%
42,177
187
1.77
%
FHLB stock
14,002
172
4.91
%
12,345
155
5.02
%
12,465
152
4.88
%
Short-term investments
31,111
16
0.21
%
60,018
23
0.15
%
24,575
6
0.10
%
Total interest-earning assets
2,525,272
24,235
3.84
%
2,472,061
23,576
3.81
%
2,425,499
23,806
3.93
%
Non-interest-earning assets
140,969
140,844
151,665
Total assets
$
2,666,241
$
2,612,905
$
2,577,164
Interest-bearing liabilities
Transaction accounts
$
533,251
255
0.19
%
$
497,743
239
0.19
%
$
521,130
250
0.19
%
Money market
784,276
338
0.17
%
749,247
321
0.17
%
657,690
274
0.17
%
Certificates of deposit
52,519
55
0.42
%
42,507
36
0.34
%
57,424
177
1.23
%
Wholesale deposits
16,236
118
2.91
%
62,342
161
1.03
%
166,752
318
0.76
%
Total interest-bearing deposits
1,386,282
766
0.22
%
1,351,839
757
0.22
%
1,402,996
1,019
0.29
%
FHLB advances
385,080
1,036
1.08
%
353,637
1,149
1.30
%
366,670
1,249
1.36
%
Other borrowings
40,311
503
4.99
%
35,270
466
5.28
%
27,296
401
5.88
%
Junior subordinated notes(5)
9,850
504
20.47
%
10,073
280
11.12
%
10,063
274
10.89
%
Total interest-bearing liabilities
1,821,523
2,809
0.62
%
1,750,819
2,652
0.61
%
1,807,025
2,943
0.65
%
Non-interest-bearing demand deposit
accounts
562,530
577,378
485,863
Other non-interest-bearing liabilities
42,537
56,280
73,695
Total liabilities
2,426,590
2,384,477
2,366,583
Stockholders’ equity
239,651
228,428
210,581
Total liabilities and stockholders’
equity
$
2,666,241
$
2,612,905
$
2,577,164
Net interest income
$
21,426
$
20,924
$
20,863
Interest rate spread
3.22
%
3.21
%
3.27
%
Net interest-earning assets
$
703,749
$
721,242
$
618,474
Net interest margin
3.39
%
3.39
%
3.44
%
(1)
The average balances of loans and
leases include non-accrual loans and leases and loans held for
sale. Interest income related to non-accrual loans and leases is
recognized when collected. Interest income includes net loan fees
collected in lieu of interest.
(2)
Includes amortized cost basis of
assets available for sale and held to maturity.
(3)
Yields on tax-exempt municipal
obligations are not presented on a tax-equivalent basis in this
table.
(4)
Represents annualized
yields/rates.
(5)
The calculation for the three
months ended March 31, 2022 includes $236,000 in accelerated
amortization of debt issuance costs.
PROVISION FOR LOAN AND LEASE LOSS COMPOSITION
(Unaudited)
For the Three Months
Ended
(Dollars in thousands)
March 31,
2022
December 31,
2021
September 30,
2021
June 30,
2021
March 31,
2021
Change in general reserve due to
subjective factor changes
$
(416
)
$
(805
)
$
(51
)
$
(652
)
$
1,082
Change in general reserve due to
historical loss factor changes
(206
)
(862
)
(923
)
(1,687
)
(984
)
Charge-offs
22
106
364
2,894
144
Recoveries
(210
)
(274
)
(1,634
)
(545
)
(2,673
)
Change in specific reserves on impaired
loans, net
(280
)
(64
)
(451
)
(1,466
)
(194
)
Change due to loan growth, net
235
1,391
426
498
557
Total provision for loan and lease
losses
$
(855
)
$
(508
)
$
(2,269
)
$
(958
)
$
(2,068
)
PERFORMANCE RATIOS
For the Three Months
Ended
(Unaudited)
March 31,
2022
December 31,
2021
September 30,
2021
June 30,
2021
March 31,
2021
Return on average assets (annualized)
1.30
%
1.32
%
1.41
%
1.26
%
1.51
%
Return on average equity (annualized)
14.47
%
15.04
%
16.39
%
15.09
%
18.48
%
Efficiency ratio
65.55
%
61.92
%
65.68
%
64.17
%
62.19
%
Interest rate spread
3.22
%
3.21
%
3.27
%
3.31
%
3.27
%
Net interest margin
3.39
%
3.39
%
3.45
%
3.49
%
3.44
%
Average interest-earning assets to average
interest-bearing liabilities
138.64
%
141.19
%
139.19
%
136.54
%
134.23
%
ASSET QUALITY RATIOS
(Unaudited)
As of
(Dollars in thousands)
March 31,
2022
December 31,
2021
September 30,
2021
June 30,
2021
March 31,
2021
Non-accrual loans and leases
$
5,617
$
6,358
$
7,433
$
11,422
$
18,992
Foreclosed properties
117
164
172
179
31
Total non-performing assets
5,734
6,522
7,605
11,601
19,023
Performing troubled debt
restructurings
203
217
53
56
59
Total impaired assets
$
5,937
$
6,739
$
7,658
$
11,657
$
19,082
Non-accrual loans and leases as a percent
of total gross loans and leases
0.25
%
0.28
%
0.35
%
0.53
%
0.85
%
Non-performing assets as a percent of
total gross loans and leases plus foreclosed properties
0.25
%
0.29
%
0.36
%
0.54
%
0.85
%
Non-performing assets as a percent of
total assets
0.21
%
0.25
%
0.29
%
0.40
%
0.73
%
Allowance for loan and lease losses as a
percent of total gross loans and leases
1.05
%
1.09
%
1.16
%
1.20
%
1.29
%
Allowance for loan and lease losses as a
percent of non-accrual loans and leases
421.38
%
382.76
%
331.98
%
224.79
%
152.60
%
ASSET QUALITY RATIOS - EXCLUDING NET PPP LOANS
(Unaudited)
As of
(Dollars in thousands)
March 31,
2022
December 31,
2021
September 30,
2021
June 30,
2021
March 31,
2021
Non-accrual loans and leases as a percent
of total gross loans and leases
0.25
%
0.29
%
0.36
%
0.56
%
0.96
%
Non-performing assets as a percent of
total gross loans and leases plus foreclosed properties
0.26
%
0.29
%
0.37
%
0.57
%
0.96
%
Non-performing assets as a percent of
total assets
0.21
%
0.25
%
0.30
%
0.42
%
0.81
%
Allowance for loan and lease losses as a
percent of total gross loans and leases
1.06
%
1.10
%
1.20
%
1.27
%
1.47
%
PPP loans outstanding, net
$
18,206
$
27,297
$
64,454
$
120,723
$
267,567
NET CHARGE-OFFS (RECOVERIES)
(Unaudited)
For the Three Months
Ended
(Dollars in thousands)
March 31, 2022
December 31,
2021
September 30,
2021
June 30, 2021
March 31, 2021
Charge-offs
$
22
$
106
$
364
$
2,894
$
144
Recoveries
(210
)
(274
)
(1,634
)
(545
)
(2,673
)
Net (recoveries) charge-offs
$
(188
)
$
(168
)
$
(1,270
)
$
2,349
$
(2,529
)
Net (recoveries) charge-offs as a percent
of average gross loans and leases (annualized)
(0.03
)%
(0.03
)%
(0.24
)%
0.42
%
(0.46
)%
Annualized (recoveries) charge-offs as a
percent of average gross loans and leases, excluding average net
PPP loans
(0.03
)%
(0.03
)%
(0.25
)%
0.47
%
(0.52
)%
Average PPP loans outstanding, net
$
20,935
$
52,923
$
87,517
$
229,165
$
242,242
CAPITAL RATIOS
As of and for the Three Months
Ended
(Unaudited)
March 31, 2022
December 31,
2021
September 30,
2021
June 30, 2021
March 31, 2021
Total capital to risk-weighted assets
11.87
%
10.82
%
11.14
%
11.22
%
11.52
%
Tier I capital to risk-weighted assets
9.27
%
8.94
%
9.14
%
9.14
%
9.24
%
Common equity tier I capital to
risk-weighted assets
8.81
%
8.55
%
8.73
%
8.72
%
8.81
%
Tier I capital to adjusted assets
9.09
%
8.94
%
8.69
%
8.48
%
8.37
%
Tangible common equity to tangible
assets
8.14
%
8.34
%
8.28
%
7.33
%
7.76
%
Tangible common equity to tangible assets,
excluding net PPP loans
8.20
%
8.42
%
8.50
%
7.66
%
8.65
%
LOAN AND LEASE RECEIVABLE COMPOSITION
(Unaudited)
As of
(in thousands)
March 31, 2022
December 31,
2021
September 30,
2021
June 30, 2021
March 31, 2021
Commercial real estate:
Commercial real estate - owner
occupied
$
254,237
$
235,589
$
241,977
$
253,600
$
256,812
Commercial real estate - non-owner
occupied
656,185
661,423
639,423
614,289
592,090
Land development
40,092
42,792
39,119
45,056
46,544
Construction
200,472
179,841
139,933
139,943
151,345
Multi-family
302,494
320,072
313,787
319,351
322,384
1-4 family
16,198
14,911
13,487
19,769
23,319
Total commercial real estate
1,469,678
1,454,628
1,387,726
1,392,008
1,392,494
Commercial and industrial
720,695
730,819
681,065
695,442
784,305
Direct financing leases, net
14,551
15,743
16,810
18,142
19,616
Consumer and other:
Home equity and second mortgages
4,523
4,223
4,576
5,740
6,719
Other
43,066
35,518
35,645
36,567
38,266
Total consumer and other
47,589
39,741
40,221
42,307
44,985
Total gross loans and leases
receivable
2,252,513
2,240,931
2,125,822
2,147,899
2,241,400
Less:
Allowance for loan and lease losses
23,669
24,336
24,676
25,675
28,982
Deferred loan fees
1,264
1,523
2,516
4,338
6,288
Loans and leases receivable, net
$
2,227,580
$
2,215,072
$
2,098,630
$
2,117,886
$
2,206,130
DEPOSIT COMPOSITION
(Unaudited)
As of
(in thousands)
March 31, 2022
December 31,
2021
September 30,
2021
June 30, 2021
March 31, 2021
Non-interest-bearing transaction
accounts
$
600,987
$
589,559
$
526,047
$
774,253
$
496,877
Interest-bearing transaction accounts
539,492
530,225
517,248
511,698
561,466
Money market accounts
806,917
754,410
728,751
685,127
632,065
Certificates of deposit
63,977
54,091
57,598
45,137
46,818
Wholesale deposits
12,321
29,638
74,638
144,492
165,492
Total deposits
$
2,023,694
$
1,957,923
$
1,904,282
$
2,160,707
$
1,902,718
TRUST ASSETS COMPOSITION
(Unaudited)
As of
(in thousands)
March 31, 2022
December 31,
2021
September 30,
2021
June 30, 2021
March 31, 2021
Trust assets under management
$
2,636,896
$
2,711,760
$
2,545,089
$
2,362,257
$
2,195,804
Trust assets under administration
197,160
208,954
202,657
202,116
190,721
Total trust assets
$
2,834,056
$
2,920,714
$
2,747,746
$
2,564,373
$
2,386,525
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’s management 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.
TANGIBLE BOOK VALUE
“Tangible book value per share” is a non-GAAP measure
representing tangible common equity divided by total common shares
outstanding. “Tangible common equity” itself is a non-GAAP measure
representing common stockholders’ equity reduced by intangible
assets, if any. The Company’s management believes that this measure
is important to many investors in the marketplace who are
interested in period-to-period changes in book value per common
share exclusive of changes in intangible assets. The information
provided below reconciles tangible book value per share and
tangible common equity to their most comparable GAAP measures.
(Unaudited)
As of
(Dollars in thousands, except per share
amounts)
March 31, 2022
December 31,
2021
September 30,
2021
June 30, 2021
March 31, 2021
Common stockholders’ equity
$
233,059
$
232,422
$
225,280
$
221,452
$
214,491
Goodwill and other intangible assets
(12,184
)
(12,268
)
(12,229
)
(12,178
)
(12,055
)
Tangible common equity
$
220,875
$
220,154
$
213,051
$
209,274
$
202,436
Common shares outstanding
8,488,585
8,457,564
8,483,099
8,617,761
8,638,195
Book value per share
$
27.46
$
27.48
$
26.56
$
25.70
$
24.83
Tangible book value per share
26.02
26.03
25.11
24.28
23.43
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
“Tangible common equity to tangible assets” is defined as the
ratio of common stockholders’ equity reduced by intangible assets,
if any, divided by total assets reduced by intangible assets, if
any. The Company’s management believes that this measure is
important to many investors in the marketplace who are interested
in the relative changes from period to period in common equity and
total assets, each exclusive of changes in intangible assets. The
information below reconciles tangible common equity and tangible
assets to their most comparable GAAP measures.
(Unaudited)
As of
(Dollars in thousands)
March 31, 2022
December 31,
2021
September 30,
2021
June 30, 2021
March 31, 2021
Common stockholders’ equity
$
233,059
$
232,422
$
225,280
$
221,452
$
214,491
Goodwill and other intangible assets
(12,184
)
(12,268
)
(12,229
)
(12,178
)
(12,055
)
Tangible common equity
$
220,875
$
220,154
$
213,051
$
209,274
$
202,436
Total assets
$
2,724,082
$
2,652,905
$
2,584,410
$
2,865,669
$
2,620,718
Goodwill and other intangible assets
(12,184
)
(12,268
)
(12,229
)
(12,178
)
(12,055
)
Tangible assets
$
2,711,898
$
2,640,637
$
2,572,181
$
2,853,491
$
2,608,663
Tangible common equity to tangible
assets
8.14
%
8.34
%
8.28
%
7.33
%
7.76
%
Period-end net PPP loans
18,206
27,297
64,454
120,722
267,567
Tangible assets, excluding net PPP
loans
$
2,693,692
$
2,613,340
$
2,507,727
$
2,732,769
$
2,341,096
Tangible common equity to tangible assets,
excluding net PPP loans
8.20
%
8.42
%
8.50
%
7.66
%
8.65
%
EFFICIENCY RATIO & PRE-TAX, PRE-PROVISION ADJUSTED
EARNINGS
“Efficiency ratio” is a non-GAAP measure representing
non-interest expense excluding the effects of the SBA recourse
provision, impairment of tax credit investments, losses or gains on
foreclosed properties, amortization of other intangible assets and
other discrete items, if any, divided by operating revenue, which
is equal to net interest income plus non-interest income less
realized gains or losses on securities, if any. “Pre-tax,
pre-provision adjusted earnings” is defined as operating revenue
less operating expense. In the judgment of the Company’s
management, the adjustments made to non-interest expense and
non-interest income 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. The information provided
below reconciles the efficiency ratio and pre-tax, pre-provision
adjusted earnings to its most comparable GAAP measure.
(Unaudited)
For the Three Months
Ended
(Dollars in thousands)
March 31, 2022
December 31,
2021
September 30,
2021
June 30, 2021
March 31, 2021
Total non-interest expense
$
18,823
$
17,531
$
18,490
$
18,184
$
17,330
Less:
Net loss (gain) on foreclosed
properties
12
7
6
(1
)
3
Amortization of other intangible
assets
—
2
7
8
8
SBA recourse (benefit) provision
(76
)
(122
)
(69
)
245
(130
)
Total operating expense (a)
$
18,887
$
17,644
$
18,546
$
17,932
$
17,449
Net interest income
$
21,426
$
20,924
$
21,223
$
21,652
$
20,863
Total non-interest income
7,386
7,569
7,015
6,321
7,195
Less:
Net gain (loss) on sale of securities
—
—
—
29
—
Adjusted non-interest income
7,386
7,569
7,015
6,292
7,195
Total operating revenue (b)
$
28,812
$
28,493
$
28,238
$
27,944
$
28,058
Efficiency ratio
65.55
%
61.92
%
65.68
%
64.17
%
62.19
%
Pre-tax, pre-provision adjusted earnings
(b - a)
$
9,925
$
10,849
$
9,692
$
10,012
$
10,609
Average total assets
$
2,666,241
$
2,612,905
$
2,608,198
$
2,621,340
$
2,577,164
Pre-tax, pre-provision adjusted return on
average assets
1.49
%
1.66
%
1.49
%
1.53
%
1.65
%
ADJUSTED NET INTEREST MARGIN
“Adjusted Net Interest Margin” is a non-GAAP measure
representing net interest income excluding the fees in lieu of
interest and other recurring but volatile components of net
interest margin divided by average interest-earning assets less
average net PPP loans, if any, and other recurring but volatile
components of average interest-earning assets. Fees in lieu of
interest are defined as prepayment fees, asset-based loan fees,
non-accrual interest, and loan fee amortization. In the judgment of
the Company’s management, the adjustments made to net interest
income allow investors and analysts to better assess the Company’s
net interest income in relation to its core client-facing loan and
deposit rate changes by removing the volatility that is associated
with these recurring but volatile components. The information
provided below reconciles the net interest margin to its most
comparable GAAP measure.
(Unaudited)
For the Three Months
Ended
(Dollars in thousands)
March 31, 2022
December 31,
2021
September 30,
2021
June 30, 2021
March 31, 2021
Interest income
$
24,235
$
23,576
$
24,014
$
24,599
$
23,806
Interest expense
2,809
2,652
2,791
2,947
2,943
Net interest income (a)
21,426
20,924
21,223
21,652
20,863
Less:
Fees in lieu of interest
1,293
1,700
2,839
3,536
3,085
PPP loan interest income
52
134
221
566
603
FRB interest income and FHLB dividend
income
188
179
212
192
158
Adjusted net interest income (b)
$
19,893
$
18,911
$
17,951
$
17,358
$
17,017
Average interest-earning assets (c)
$
2,525,272
$
2,472,013
$
2,460,567
$
2,483,447
$
2,425,499
Less:
Average net PPP loans
20,935
52,923
87,517
229,165
242,242
Average FRB cash and FHLB stock
44,577
71,939
129,469
68,503
36,643
Average non-accrual loans and leases
6,195
6,796
11,298
16,744
22,069
Adjusted average interest-earning assets
(d)
$
2,453,565
$
2,340,355
$
2,232,283
$
2,169,035
$
2,124,545
Net interest margin (a / c)
3.39
%
3.39
%
3.45
%
3.49
%
3.44
%
Adjusted net interest margin (b / d)
3.24
%
3.23
%
3.22
%
3.20
%
3.20
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220428006011/en/
First Business Financial Services, Inc. Edward G. Sloane, Jr.
Chief Financial Officer 608-232-5970 esloane@firstbusiness.bank
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