First Business Financial Services Inc., the parent company of First Business Bank, First Business Bank–Milwaukee and Alterra Bank, reported record quarterly results for the third quarter, highlighted by continued organic loan and deposit growth, strong asset quality, and strong Small Business Administration lending activity, attributed in large part to Alterra, its Kansas City-based banking subsidiary acquired in November 2014.
The Company earned record net income of $4.4 million in the third quarter of 2015, compared to $3.9 million earned in the second quarter of 2015 and $3.6 million earned in the third quarter of 2014. Third quarter 2015 results included no material merger-related expenses, while non-recurring, pre-tax merger expenses related to the company’s acquisition of Alterra totaled $33,000 and $104,000, respectively, for the second quarter of 2015 and third quarter of 2014. Diluted earnings per common share were $0.50 for the third quarter of 2015, compared to $0.45 for the linked quarter and $0.45 for the third quarter of 2014. Per share data for all periods reflect the previously announced two-for-one stock split in the form of a 100% stock dividend declared and paid by the company in August 2015.
