First Business Bank Declares Quarterly Cash Dividends

MADISON, Wis.--(BUSINESS WIRE)-- First Business Financial Services, Inc. (the “Company” or “First Business Bank”) (Nasdaq: FBIZ) announced its Board of Directors has declared a quarterly cash dividend on its common stock of $0.2275 per share which is equivalent to a dividend yield of 3.16% based on Thursday’s market close price of $28.78. The quarterly dividend is the same as the quarterly dividend declared in January 2023, and based on first quarter 2023 earnings per share, represents a dividend payout ratio of 22%. This regular cash dividend is payable on May 18 2023, to shareholders of record at the close of business on May 8, 2023. The board of directors also declared a dividend on the Company’s 7% Series A Preferred Stock of $17.50 per share, payable on June 15, 2023, to shareholders of record on May 31, 2023.

About First Business Bank

First Business Bank specializes in Business Banking, including Commercial Banking and Specialty Finance, Private Wealth, and Bank Consulting Services, and through its refined focus delivers unmatched expertise, accessibility, and responsiveness. Specialty Finance solutions are delivered through First Business Bank’s wholly owned subsidiary First Business Specialty Finance, LLC. First Business Bank is a wholly owned subsidiary of First Business Financial Services, Inc. (Nasdaq: FBIZ). For additional information, visit firstbusiness.bank.

This press release includes “forward-looking” statements related to First Business Financial Services, Inc. that can generally be identified as describing the Company’s future plans, objectives or goals. Such forward-looking statements are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those currently anticipated. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For further information about the factors that could affect the Company’s future results, please see the Company’s 2022 annual report on Form 10-K, quarterly reports on Form 10-Q and other filings with the Securities and Exchange Commission.

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Brian D. Spielmann

Chief Financial Officer

First Business Financial Services, Inc.

608-232-5970

bspielmann@firstbusiness.bank

Source: First Business Financial Services, Inc.