First Business Financial Services, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter of 2015
January 28, 2016 at 09:08 pm
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First Business Financial Services, Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported total interest income of $18,600,000 compared to $16,863,000 a year ago. Net interest income was $14,912,000 compared to $13,595,000 a year ago. The increase from the linked quarter was primarily due to a $48.4 million increase in average loans and leases and a two basis point increase in net interest margin. Income before tax was $6,268,000 compared to $5,197,000 a year ago. Net income was $4,083,000 or $0.47 per basic and diluted share compared to $3,744,000 or $0.44 per basic and diluted share a year ago. Return on average assets (annualized) was 0.93% compared to 0.95% a year ago. Return on average equity (annualized) was 10.85% compared to 10.92% a year ago.
For the year, the company reported total interest income of $72,471,000 compared to $57,701,000 a year ago. Net interest income was $58,640,000 compared to $46,130,000 a year ago. Income before tax was $24,891,000 compared to $21,222,000 a year ago. Net income was $16,514,000 or $1.90 per basic and diluted share compared to $14,139,000 or $1.75 per diluted share a year ago. Book value per share as at December 31, 2015 was $17.34 compared to $15.88 a year ago. Tangible book value per share as at December 31, 2015 was $15.90 compared to $14.51 a year ago. Return on average assets (annualized) was 0.97% compared to 1.04% a year ago. Return on average equity (annualized) was 11.36% compared to 11.78% a year ago.
The company reported net charge-offs of $938,000 for the fourth quarter of 2015 compared to $838,000 in the fourth quarter of 2014.
First Business Financial Services, Inc. is a bank holding company. The Company is engaged in the commercial banking business through its bank subsidiary, First Business Bank (the Bank). The Bank operates as a business bank, delivering a full line of commercial banking products and services tailored to meet the specific needs of small and medium-sized businesses, business owners, executives, professionals, and high net worth individuals. Its products and services are focused on business banking, private wealth, and bank consulting. It offers commercial real estate lending, commercial and industrial lending, asset-based lending, accounts receivable financing, equipment financing, floorplan financing, vendor financing, small business administration (SBA) lending and servicing, treasury management solutions, and company retirement services. Its private wealth management services include trust and estate administration, financial planning, investment management, and private banking.
First Business Financial Services, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter of 2015