First Business Financial Services reported today that fourth quarter net income for First Business Bank-Milwaukee increased fourfold, from $598,000 to $2.4 million, and annual net income rose significantly to $8.4 million.
On a per-share business, quarterly net income rose from 24 cents per share to 90 cents per share.
Annual net income of $8.4 million compared to $941,000 in 2010. Excluding a $2.7 million goodwill impairment charge in 2010, net income for 2011 grew by $4.8 million, or 132%, over the previous year.
The bank’s bottom line was helped by a 40% decrease in loan and lease losses, which declined from $4.3 million in 2010 to $2.8 million in 2011.
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