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![FIRST BUSINESS FINANCIAL SERVICES, INC. [FBIZ] reports annual net loss of $37.0 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FFBIZ.png&w=1200&q=75)
FIRST BUSINESS FINANCIAL SERVICES, INC. [FBIZ] has reported a net loss of $37.0 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $194.9 million
Based in MADISON, Wisconsin, FIRST BUSINESS FINANCIAL SERVICES, INC. operates in the FINANCE sector.
Consolidated Statements of Income - USD ($) $ in Millions
12 Months Ended Dec. 31, 2023 Dec. 31, 2022 Dec. 31, 2021
Interest income
Loans and leases $182.65M $115.37M $91.84M
Interest and Dividend Income, Securities, Operating $8.20M $4.47M $3.41M
Short-term investments $4.08M $1.53M $0.74M
Total interest income $194.93M $121.37M $95.99M
Interest expense
Deposits $71.42M $13.18M $3.55M
Federal Home Loan Bank advances and other borrowings $10.92M $9.27M $6.67M
Junior subordinated notes $0M $0.50M $1.11M
Total interest expense $82.34M $22.95M $11.33M
Net interest income $112.59M $98.42M $84.66M
Provision for credit losses $8.18M $-3.87M $-5.80M
Net interest income after provision for credit losses $104.41M $102.29M $90.47M
Non-interest income
Private wealth management service fees $11.43M $10.88M $10.78M
Gain on sale of Small Business Administration loans $2.06M $2.54M $4.04M
Service charges on deposits $3.13M $3.85M $3.84M
Loan fees $3.36M $3.01M $2.51M
Increase in cash surrender value of bank-owned life insurance $1.49M $2.23M $1.41M
Net (loss) gain on sale of securities ($0.05M) $0M $0.03M
Swap fees $2.96M $1.79M $1.37M
Other non-interest income $6.92M $5.13M $4.12M
Total non-interest income $31.31M $29.43M $28.10M
Non-interest expense
Compensation $61.06M $57.74M $51.71M
Occupancy $2.38M $2.36M $2.18M
Professional fees $5.32M $4.88M $3.74M
Data processing $3.83M $3.20M $3.09M
Marketing $2.89M $2.35M $2.02M
Equipment $1.34M $1.09M $0.99M
Computer software $4.99M $4.42M $4.26M
FDIC insurance $2.24M $1.04M $1.14M
Other non-interest expense $4.53M $2.39M $2.41M
Total non-interest expense $88.58M $79.47M $71.54M
Income before income tax expense $47.14M $52.24M $47.03M
Income tax expense $10.11M $11.39M $11.28M
Net income $37.03M $40.86M $35.76M
Preferred Stock Dividends and Other Adjustments $0.88M $0.68M $0M
Net Income (Loss) Available to Common Stockholders, Basic $36.15M $40.18M $35.76M
Earnings per common share:
Basic $4.33 $4.75 $4.17
Diluted $4.33 $4.75 $4.17
Dividends declared per share $0.91 $0.79 $0.72
In the fiscal year ending December 31, 2023, the company reported a total revenue of $194.93 million, compared to $121.37 million in 2022 and $95.99 million in 2021. Net income for 2023 was $37.03 million, a decrease from $40.86 million in 2022 and an increase from $35.76 million in 2021. Earnings per share also showed a decrease from $4.75 in 2022 to $4.33 in 2023.
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