First Business Financial Services, Inc. Selected by Piper Sandler as a Class of 2023 “Sm-All Star”

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First Business Financial Services, Inc. selected as Sm-All Star by Piper Sandler

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• First Business Financial Services, Inc. has been selected by Piper Sandler as part of its Sm-All Stars Class of 2023, placing it among the top 10% of small-cap banks in the industry. The selection is based on rigorous criteria related to growth, profitability, credit quality, and capital strength. First Business Financial Services, Inc. was also recognized as a Sm-All Star in 2021 and 2013.

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MADISON, Wis.--(BUSINESS WIRE)-- First Business Financial Services, Inc., (Nasdaq: FBIZ), parent company of First Business Bank, today announces it was selected by Piper Sandler for inclusion among its Sm-All Stars Class of 2023.

The annual analysis, which ranks performance of banks with a market cap below $2.5 billion, involves rigorous selection criteria related to growth, profitability, credit quality, and strength of capital. As one of only 31 small-cap banks in the country named to the Sm-All Stars Class of 2023, the selection places First Business Financial Services, Inc. among the top 10% in the industry on those performance metrics. First Business Financial Services, Inc. also was selected as a Sm-All Star in 2021 and 2013.

“In a particularly turbulent time for banks, receiving this recognition underscores the strength of our differentiated model and strategy,” said Corey Chambas, CEO of First Business Financial Services, Inc. “This year, this accolade feels particularly significant to our team. First Business Bank’s performance showcases our unwavering commitment to understanding and uniquely addressing the needs of entrepreneurs, business leaders, and investors. A heartfelt thank you to every dedicated First Business Bank employee who consistently goes the extra mile for our valued clients and stakeholders.”

First Business Financial Services, Inc. was recognized by Piper Sandler for its performance on key metrics¹ over the 12 months ended June 30, 2023, including:

• Earnings per share (EPS) growth of 1.6%
• Loan growth of 16.8%
• Deposit growth of 35.3%
• Return on average equity (ROAE) of 14.66%
• Ratio of nonperforming assets (NPAs) to loans and other real estate owned (OREO) of 0.59%
• Ratio of net charge offs (NCOs) to average loans of 0.03%
• Ratio of tangible common equity (TCE) to tangible assets (TA) of 7.7%

1.	Source: S&P Capital IQ, Piper Sandler.

About First Business Financial Services, Inc.

First Business Financial Services, Inc^®., (Nasdaq: FBIZ) is the parent company of 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^®. For additional information, visit firstbusiness.bank.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231012692282/en/

Jen Braico

First Business Bank.

608-239-9271

jbraico@firstbusiness.bank

Source: First Business Financial Services, Inc.

FAQ

What is the Sm-All Stars Class of 2023?

The Sm-All Stars Class of 2023 is a selection of small-cap banks with a market cap below $2.5 billion, chosen by Piper Sandler based on their performance metrics.

How was First Business Financial Services, Inc. selected for inclusion?

First Business Financial Services, Inc. was selected based on its growth, profitability, credit quality, and strength of capital.

How does this recognition benefit First Business Financial Services, Inc.?

This recognition highlights the strength of their differentiated model and strategy, showcasing their commitment to understanding and addressing the needs of entrepreneurs, business leaders, and investors.

What were some of the key metrics used for selection?

Some of the key metrics used for selection include earnings per share growth, loan growth, deposit growth, return on average equity, ratio of nonperforming assets to loans and other real estate owned, and ratio of net charge offs to average loans.

Has First Business Financial Services, Inc. received this recognition before?

Yes, First Business Financial Services, Inc. was also recognized as a Sm-All Star in 2021 and 2013.