First Business Financial Services, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017; Provides Tax Guidance for the Year 2018
January 25, 2018 at 04:09 pm EST
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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.
First Business Financial Services, Inc. is a bank holding company. The Company is engaged in the commercial banking business through its bank subsidiary, First Business Bank (the Bank). The Bank operates as a business bank, delivering a full line of commercial banking products and services tailored to meet the specific needs of small and medium-sized businesses, business owners, executives, professionals, and high net worth individuals. Its products and services are focused on business banking, private wealth, and bank consulting. It offers commercial real estate lending, commercial and industrial lending, asset-based lending, accounts receivable financing, equipment financing, floorplan financing, vendor financing, small business administration (SBA) lending and servicing, treasury management solutions, and company retirement services. Its private wealth management services include trust and estate administration, financial planning, investment management, and private banking.
First Business Financial Services, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017; Provides Tax Guidance for the Year 2018