First Business Financial Services Inc., the Madison-based parent company of First Business Bank-Milwaukee, reported third quarter net income of $2.2 million, or 83 cents per share, up from $969,000, or 38 cents per share, for the third quarter of 2010.
The company serves businesses, key executives and high net worth individuals in its primary market of Wisconsin.
"We achieved meaningful progress toward our stated corporate goals, with strong top line revenue growth bolstering core earnings and return on assets during the third quarter," said Corey Chambas, president and chief executive officer of the company. "Against the challenging national economic backdrop of the past three months, First Business delivered third quarter profitability that is among our strongest ever. We’ve grown in-market deposits and continued to lower our deposit funding costs, while our asset quality continues to improve."
