First Business Financial Services, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Net Charge-Offs for the Fourth Quarter of 2014
January 30, 2015 at 03:01 am IST
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First Business Financial Services, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. The company recorded net income of $3.7 million in the fourth quarter of 2014, compared to $3.6 million earned in the third quarter of 2014 and $3.8 million earned in the fourth quarter of 2013. Diluted earnings per common share were $0.89 for the fourth quarter of 2014, compared to $0.89 for the linked quarter and $0.95 for the prior year quarter. Net interest income for the fourth quarter of 2014 totaled $13.6 million, an increase of $2.6 million, or 23.8%, compared to the fourth quarter of 2013. Fourth quarter 2014 net interest income included $2.0 million from Alterra in the final two months of the year. Income before tax expense was $5,197,000 against $5,821,000 a year ago. Return on average assets was 0.95% against 1.18% a year ago. Return on average equity was 10.92% against 13.88% a year ago.
The company's net income for the year ended December 31, 2014 was $14.1 million, or $3.51 per diluted common share, compared to $13.7 million, or $3.49 per diluted common share, earned for the year ended December 31, 2013. For the year, net interest income was $46,130,000 compared to $46,130,000 a year ago. Income before tax expense was $21,222,000 against $21,135,000 a year ago. Return on average assets was 1.04% against 1.10% a year ago. Return on average equity was 11.78% against 13.12% a year ago. Book value as of December 31, 2014 was $31.77 per share against $27.71 per share as of December 31, 2013. Tangible book value as of December 31, 2014 was $29.23 per share against $27.71 per share as of December 31, 2013.
The company reported net charge-offs for the fourth quarter of 2014. For the quarter, the company reported net charge-offs of $838,000 compared to $82,000 a year ago.
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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Net Charge-Offs for the Fourth Quarter of 2014