First Business Financial Services, Inc. - FBIZ STOCK NEWS

First Business Financial Services (FBIZ) reported Q3 2024 net income of $10.3 million, or $1.24 per diluted share, compared to $10.2 million in Q2 2024 and $9.7 million in Q3 2023. The bank maintained a stable net interest margin of 3.64% and showed strong growth with loans increasing 8.7% annualized from Q2 2024. Total deposits grew 11.8% annualized to a record level, while Private Wealth assets reached $3.398 billion, up 16.6% year-over-year. Pre-tax, pre-provision income grew to $15.4 million, reflecting solid balance sheet growth and operational efficiency.

First Business Financial Services, Inc. (Nasdaq: FBIZ), operating as First Business Bank, has announced its upcoming third quarter 2024 earnings conference call. The call is scheduled to discuss the company's financial and operational performance for the quarter ending September 30, 2024. This event provides an opportunity for stakeholders to gain insights into the company's recent performance and potentially its future outlook. The announcement indicates that First Business Bank is maintaining its commitment to transparency and shareholder communication by hosting this quarterly earnings call.

First Business Financial Services (Nasdaq: FBIZ) has declared a quarterly cash dividend of $0.25 per share on its common stock, maintaining the same level as the previous quarter. This dividend represents a yield of 2.30% based on the recent market close price of $43.49 and a payout ratio of 20% based on Q2 2024 earnings. The dividend will be payable on August 21, 2024, to shareholders of record as of August 8, 2024. Additionally, the company announced a dividend of $17.50 per share on its 7% Series A Preferred Stock, payable on September 16, 2024, to shareholders of record on August 31, 2024.

First Business Bank (Nasdaq: FBIZ) reported a Q2 2024 net income of $10.2 million, or $1.23 per diluted share, up from $8.6 million in Q1 2024 and $8.1 million in Q2 2023. The bank achieved double-digit loan growth, increasing loans by $74.6 million (10.3% annualized) from Q1 2024, and $310.8 million (11.6%) from Q2 2023. Net interest margin expanded to 3.65%, up from 3.58% in the prior quarter. Private Wealth fee income reached a record $3.5 million, marking a 19.6% increase from the previous year.

Non-performing assets decreased by $1.1 million from the previous quarter, accounting for 0.53% of total assets. The bank's tangible book value grew by 13.5% YoY, supported by strong earnings and a stable balance sheet. Despite increased non-interest expenses and higher loan loss provisions, the bank's diversified income sources and effective funding strategy contributed to robust financial performance.

First Business Financial Services, Inc., operating as First Business Bank (Nasdaq: FBIZ), announced a $5.0 million share repurchase program. The company's board approved the program for ongoing capital management, although there are no immediate repurchase plans. The initiative aims to provide flexibility in capital management and enhance shareholder value when deemed appropriate.

First Business Financial Services, Inc. (Nasdaq: FBIZ) declared a quarterly cash dividend of $0.25 per share, yielding 2.92% based on market close price. The dividend payout ratio is 24%, with consistent payouts since January 2024. Shareholders of record on May 9, 2024, will receive the dividend on May 22, 2024.

First Business Bank, Nasdaq:FBIZ, reported net income of $8.6 million for the first quarter of 2024, with solid loan and core deposit growth. The company's strong earnings and balance sheet management led to a 13% tangible book value growth. Quarterly highlights include a 8.5% increase in loans and a 17.6% growth in core deposits. The net interest income remained consistent, while the tangible book value per share increased by 13.0% compared to the prior year quarter.

First Business Financial Services, Inc. (Nasdaq: FBIZ) announced a 10% increase in its quarterly cash dividend on common stock to $0.25 per share, reflecting a dividend yield of 2.53% based on Friday's market close price of $39.56. The dividend payout ratio is 22% based on fourth quarter 2023 earnings per share. The company also declared a dividend on its 7% Series A Preferred Stock of $17.50 per share. CEO Corey Chambas expressed confidence in the business strategy and strong financial performance, aiming to deliver value to shareholders.

First Business Financial Services, Inc. reported quarterly net income available to common shareholders of $9.6 million, with robust deposit and loan growth, and record Private Wealth assets under management exceeding $3 billion. The company exceeded its own expectations by achieving a 17% increase in loans, a 29% increase in deposits, and a 13% increase in operating revenue. The net interest income grew 3.3% from the linked quarter and 7.6% from the prior year quarter. The Company’s continued success in driving double-digit loan and deposit growth supported this expansion, offsetting the ongoing impact of industry-wide net interest margin compression.