Welcome to our dedicated page for First Business Finl Svcs W news (Ticker: FBIZ), a resource for investors and traders seeking the latest updates and insights on First Business Finl Svcs W stock.
First Business Financial Services, Inc. reports news around First Business Bank, a bank holding company whose banking subsidiary focuses on business banking. Company updates commonly cover commercial banking, Specialty Finance, Private Wealth and Bank Consulting services, with Specialty Finance delivered through First Business Specialty Finance, LLC.
Recurring announcements include quarterly earnings, conference calls and investor presentations that discuss loan and core deposit growth, net interest margin, fee income, operating efficiency, asset quality and non-performing credits. The company also reports capital-return actions, including cash dividends on common stock and its 7% Series A Preferred Stock, along with participation in banking and small-cap investor conferences.
First Business Financial Services, Inc. (Nasdaq: FBIZ) announced a quarterly net income of $9.9 million, equating to $1.18 per diluted share, down from $10.6 million ($1.25 per share) in Q3 2022. For 2022, net income totaled $40.2 million, an increase from $35.8 million in 2021. The bank reported a 20% annualized loan growth, with net interest income reaching a record $27.5 million, a 31.2% increase year-over-year. The net interest margin expanded to 4.15%, supported by strong balance sheet management. Tangible book value per share grew 9% year-over-year. The company anticipates double-digit growth in loans, deposits, and revenue for 2023.
First Business Financial Services, Inc. (FBIZ) has announced significant internal promotions within its commercial banking team, effective January 3, 2023. Key appointments include Dave Seiler as President and COO, Mark Meloy as Executive VP, Jim Hartlieb as President and CEO of First Business Bank, and Josh Hoesch as President of the Greater Dane County Market. These promotions reflect the company's ongoing commitment to leadership development, aiming to enhance client service and support strategic growth. CEO Corey Chambas highlighted the importance of preserving the company's unique culture through these advancements.
First Business Financial Services, Inc. (Nasdaq: FBIZ) announced a quarterly cash dividend of $0.1975 per share, yielding 2.24% based on the last closing price of $35.29. This dividend matches the amount declared in July 2022 and represents a 16% payout ratio based on third quarter earnings. The dividend is payable on November 17, 2022 to shareholders of record by November 7, 2022. Additionally, a dividend of $17.50 per share on the Company’s 7% Series A Preferred Stock will be paid on December 15, 2022.
First Business Financial Services reported Q3 net income of $10.6 million or $1.25 per share, slightly lower than Q2 2022's $10.9 million. The company achieved a 12% increase in top line revenue due to loan and deposit growth, with a record net interest margin of 4.01%.
Non-performing assets decreased to 0.13% of total assets. The bank's tangible book value rose 7.5% annualized. Total loans increased 7.1% annualized to $2.331 billion, while deposits grew 15.6%.
First Business Financial Services, Inc. (FBIZ) has declared a quarterly cash dividend of $0.1975 per share, providing a dividend yield of 2.38% based on the closing price of $33.23. This dividend matches the amount declared in April 2022 and corresponds to a 15% dividend payout ratio based on second quarter earnings. The payment date for this dividend is set for August 18, 2022, with a record date of August 8, 2022. Additionally, a dividend of $17.50 per share will be paid on the Company’s 7% Series A Preferred Stock on September 15, 2022.
First Business Financial Services reported a strong second quarter, with net income of $11.0 million, or $1.29 per diluted share, up from $8.7 million in the same period last year. Key drivers included a 10.4% increase in net interest income to $23.7 million and a strong loan portfolio growth of $48.9 million. Non-performing assets declined to $5.7 million, representing 0.21% of total assets. The company achieved a 9.4% increase in tangible book value compared to the linked quarter, showcasing robust profitability metrics.
First Business Financial Services (Nasdaq: FBIZ) announced that Chief Financial Officer Edward G. Sloane will retire on March 31, 2023, with Chief Accounting Officer Brian D. Spielmann succeeding him. Spielmann, a veteran of 16 years with the company, has extensive experience in strategic planning and financial management. Sloane has served as CFO since 2016 and will assist in the transition until his retirement. The management emphasizes continuity and growth as Spielmann takes over to support the company's strategic initiatives.
First Business Financial Services (FBIZ) announced a quarterly cash dividend of $0.1975 per share, reflecting a 2.30% dividend yield based on a market close price of $34.33. The dividend matches the amount declared in January 2022 and represents a payout ratio of 19.4% based on first-quarter earnings. This dividend is payable on May 19, 2022 to shareholders of record as of May 9, 2022. Additionally, an initial dividend on $12.5 million of Series A Preferred Stock was declared, payable on June 15, 2022.
First Business Financial Services, Inc. (FBIZ) posted a net income of $8.7 million, or $1.02 per diluted share, for Q1 2022, marking a slight increase from Q4 2021 and a decrease from Q1 2021. The Bank experienced a significant increase in loan growth, totaling $20.9 million, representing a 3.8% annualized growth from Q4 2021, and total in-market deposits grew by $83.1 million, or 17.2% annualized. Non-performing assets fell by 12.1% to $5.7 million. The Company also completed a $32.5 million private placement aimed at supporting growth and a share repurchase plan.
The Negro Leagues Baseball Museum (NLBM) has partnered with First Business Bank to become the 'Official Bank' of the United States Mint Negro Leagues Commemorative Coins program. This initiative, part of a bipartisan effort initiated by U.S. Senators, aims to honor the history of the Negro Leagues. The program includes the production of $5 gold, $1 silver, and half dollar clad coins, potentially generating up to $6 million in revenue. First Business Bank will assist NLBM in maximizing revenue from the coin sales while participating in various museum events.