Madison-based First Business Financial Services Inc., parent company of First Business Bank-Milwaukee, Thursday reported record third quarter net income of $4.4 million, or 50 cents per share, up from $3.6 million, or 45 cents per share, in the third quarter of 2014.
Revenue totaled $18.7 million, up 40 percent from $13.4 million in the third quarter of 2014.
First Business attributed its record quarter to organic loan and deposit growth, strong asset quality and strong SBA lending activity, which are partially due to the recent acquisition of Kansas City-based banking subsidiary Alterra.
The company reduced its non-performing loans and leases as a percent of total gross loans and leases to 0.7 percent in the quarter, down from 1.5 percent in the third quarter of 2014.
“This quarter’s results validate the success of our relationship-focused strategy and continued investments aimed at growing our franchise, strengthening our team, and enhancing the efficiency and effectiveness of our technology platforms,” said Corey Chambas, president and chief executive officer. “We continue to deliver strong deposit and loan growth, while SBA originations and loan sales have reached new highs and our expanding distribution platform has positioned us well with a seasonally strong pipeline as we approach the end of the year. We expect our relationship-based SBA strategy, which emphasizes client acquisition, to support continued growth in both loans and non-interest bearing deposits and to produce accelerating fee income, creating an earnings catalyst for the company.”
