First Business profits rise
With rising net income and reduced loan-loss reserves, First Business Financial Services reported record profits in the fourth quarter of 2013. The parent of First Business Bank reported net income of $3.8 million (95 cents/share) compared to a net income of $2.5 million (86 cents/share) in the fourth quarter of 2012. For all of 2013, First Business’ earnings were $13.7 million ($3.49/share) compared to $8.9 million ($3.29/share) for all of 2012. The profits are a reflection of the effects of a 1.27 million-share stock offering in December 2012 that netted $2.1 million in proceeds.
As a result, the company’s board increased its quarterly dividend by 21 cents (50%) and established a $1.3 million endowment to the First Business Charitable Foundation.