BRIEF: First Business' net income up a bit from previous year
Jan 31, 2013 (Menafn - The Wisconsin State Journal - McClatchy-Tribune Information Services via COMTEX) --First Business Financial Services, Madison, on Thursday reported fourth-quarter net income of 2.5 million, or 86 cents a share, for the period that ended Dec. 31, compared with 2.4 million, or 90 cents a share for the 2011 fourth quarter, which included a one-time tax benefit.
Per-share earnings dipped slightly because of the sale of nearly 1.3 million shares of common stock in December. It was the first public stock offering for the company, parent of First Business Bank, Madison, even though its shares have been traded on the Nasdaq market since 2005. Net proceeds were about 27.1 million.
For all of 2012, First Business earned record net income of 8.9 million, or 3.29 a share, up from 8.4 million, or 3.23 a share, for 2011. Net loans and leases totaled 896.6 million, also a record.
As of Dec. 31, the bank company had 15.7 million in non-performing assets, or loans and property that were at least 90 days overdue, down from 24 million a year ago. They represent 1.28 percent of the bank's total assets.
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