First Business Financial Services, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported net interest income of $15.358 million against $16.753 million a year ago. Income before income tax expense was $3.551 million against $5.167 million a year ago. Net income was $4.037 million or $0.46 per basic and diluted share against $3.968 million or $0.46 per diluted share a year ago. Book value per share was $19.32 against $18.55 a year ago. Return on average assets (annualized) was 0.91% against 0.89% a year ago. Return on average equity (annualized) was 9.57% against 9.82% a year ago. Total interest income was $19.504 million against $20.321 million a year ago.

For the full year, the company reported net interest income of $60.609 million against $63.328 million a year ago. Income before income tax expense was $14.231 million against $17.065 million a year ago. Net income was $11.905 million or $1.36 per basic and diluted share against $14.909 million or $1.71 per basic and diluted share a year ago. Book value per share was $19.32 against $18.55 a year ago. Return on average assets (annualized) was 0.67% against 0.82% a year ago. Return on average equity (annualized) was 7.16% against 9.40% a year ago. Total interest income was $75.811 million against $78.117 million a year ago.

For the quarter, the company reported net charge-offs of $1,632,000 against $150,000 a year ago.

For 2018, the company expects to report an effective tax rate of 20% to 22%, excluding discrete items.