First Business reports $3.55M in net income
For the quarter ending Sept. 30, First Business Financial Services, parent of First Business Bank, reported net income of $3.55 million (89 cents/diluted share), which was nearly identical to its results from the third quarter of 2013, when it recorded net income of $3.61 million (91 cents/diluted share). Total assets were up from $1.26 billion in the same quarter of 2013 to $1.33 billion this year, but 1.52% of loans were delinquent this year, compared to 1.02% a year ago.
First Business Bank is planning a merger with Kansas-based Aslin Group, parent of Alterra Bank. That deal that should be completed later this year.