First Business Financial Services Inc. today reported fourth quarter net income of $4.1 million, or 47 cents per diluted share, up from $3.7 million, or 44 cents per share, in the fourth quarter of 2014.
Madison-based First Business Financial is the parent company of First Business Bank-Milwaukee, as well as First Business Bank and Alterra Bank. The company reported net interest income of $14.9 million, up from $13.6 million in the fourth quarter of 2014. Non-interest income was $4.9 million, up from $3 million in the same period a year ago.
The company attributed the improved performance to strong loan and deposit growth, in addition to increased efficiency and strategic investments in personnel and technology.
The bank had total assets of $1.8 million as of Dec. 31, up from $1.6 million at the end of 2014.
For the full year, First Business reported net income of $16.5 million, up from $14.1 million in 2014. Performance was not broken out by subsidiary.
“2015 represented a year of investment in both talent and technology as we continue to develop First Business into a scalable franchise,” said Corey Chambas, president and chief executive officer. “As evidenced by our exceptional core earnings, and our loan and deposit growth in the fourth quarter, we’re already starting to see a return on these investments. We also made significant strides in expanding Alterra’s relationship-based SBA platform across our entire footprint and we are in a great position to continue this in 2016, as indicated by our expanding pipeline.”
