MADISON, Wis., April 29, 2008 (PRIME NEWSWIRE) -- First Business Financial Services, Inc. (Nasdaq:FBIZ) reported net income of $770 thousand for the first quarter of 2008, an increase of $171 thousand, or 28.5%, from the first quarter of 2007. Diluted earnings per share for the quarter ended March 31, 2008 were $0.32 compared to $0.24 reported for the same period in 2007, an increase of 33.3%.
The Corporation's total assets reached $958.5 million at March 31, 2008, an increase of $157.5 million, or 19.7%, from March 31, 2007. Net loans and leases, which totaled $811.7 million as of the end of the quarter, grew $155.0 million, or 23.6%, year-over-year.
A complete copy of the Corporation's Quarterly Report on Form 10-Q for the period ending March 31, 2008 and all other reports filed by the Corporation with the SEC may be accessed through the Corporation's website, www.firstbusiness.com.
Chief Executive Officer Corey Chambas commented, "Asset growth, specifically growth in loans and leases, continues to be very strong. We are committed to improving our net income and return on equity by further leveraging the existing business development and support team. We intend to maintain our sales and marketing efforts to continue this growth pattern."
About First Business Financial Services, Inc.
First Business Financial Services (Nasdaq:FBIZ) is a Wisconsin-based bank holding company that specializes in focused financial solutions for businesses, key executives, and high net worth individuals through its operating companies. Its companies include: First Business Bank - Madison; First Business Bank - Milwaukee; First Business Bank - Northeast; First Business Trust & Investments; First Business Equipment Finance, LLC; and First Business Capital Corp. For additional information, visit www.firstbusiness.com or call 608-238-8008.
The First Business Financial Services, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2667
Forward-Looking Statements
This press release contains forward-looking statements that reflect the Corporation's plans, estimates and beliefs. When used in this press release, the words "anticipate," "believe," "estimate," "expect," "objective" and similar expressions and verbs in the future tense are intended to identify forward-looking statements. The statements contained in this press release involve or may involve certain assumptions, risks, and uncertainties, many of which are beyond the Corporation's control, which could cause actual results to differ materially from those discussed in the forward-looking statements. The forward-looking statements included in this press release are only made as of the date hereof, and the Corporation undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. In addition to the assumptions and other factors referenced specifically in connection with such statements, the factors described in "Item 1A. Risk Factors" in our Annual Report on Form 10-K and the following factors could impact the business and financial prospects of the Corporation: general economic conditions; legislative and regulatory initiatives; increased competition and other effects of deregulation and consolidation of the financial services industry; monetary and fiscal policies of the federal government; deposit flows; disintermediation; the cost and availability of funds; general market rates of interest; interest rates or investment returns on competing investments; demand for loan products; demand for financial services; changes in accounting policies or guidelines; general economic developments; acts of terrorism and developments in the war on terrorism; and changes in the quality or composition of loan and investment portfolios.