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First Business Financial Services Announces Increase in Earnings of 28.5 Percent

Monday October 27, 5:55 pm ET


MADISON, Wis., Oct. 27, 2008 (GLOBE NEWSWIRE) -- First Business Financial Services, Inc. (NasdaqGM:FBIZ - News) reported net income of $3.010 million for the first nine months of 2008, an increase of $668 thousand, or 28.5%, from the first nine months of 2007. Diluted earnings per share for the nine months ended September 30, 2008 were $1.24 compared to $0.95 reported for the same period in 2007, an increase of 30.5%. Net income for the three months ended September 30, 2008 was $1.172 million, an increase of $287 thousand, or 32.4%, compared to $885 thousand for the three months ended September 30, 2007. Diluted earnings per share for the three months ended September 30, 2008 were $0.48 compared to $0.36 for the same period in 2007, an increase of 33.3%.
The Corporation's total assets reached $998.4 million at September 30, 2008, an increase of $99.3 million, or 12.6%, from September 30, 2007. Net loans and leases, which totaled $828.4 million as of September 30, 2008, grew $79.8 million, or 10.7%, year-over-year.

A complete copy of the Corporation's Quarterly Report on Form 10-Q for the period ending September 30, 2008 and all reports filed by the Corporation with the SEC may be accessed through the Corporation's website, http://www.firstbusiness.com.

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Chief Executive Officer, Corey Chambas, commented, ``First Business, once again, had excellent growth in net income this quarter, particularly in light of the difficulties in the overall economy and especially in the banking sector. Our strong performance is due to our solid asset quality, no deterioration in the quality of the investment portfolio we own, and our ability to grow in a tough economic climate.'

About First Business Financial Services, Inc.

First Business Financial Services (NasdaqGM:FBIZ - News) is a Wisconsin-based bank holding company that specializes in focused financial solutions for businesses, key executives, and high net worth individuals through its operating companies. Its companies include: First Business Bank - Madison; First Business Bank - Milwaukee; First Business Bank - Northeast; First Business Trust & Investments; First Business Equipment Finance, LLC; and First Business Capital Corp. For additional information, visit http://www.firstbusiness.com or call 608-238-8008.

The First Business Financial Services, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2667

Forward-Looking Statements

This press release contains forward-looking statements that reflect the Corporation's plans, estimates and beliefs. When used in this press release, the words ``anticipate,' ``believe,' ``estimate,' ``expect,' ``objective' and similar expressions and verbs in the future tense are intended to identify forward-looking statements. The statements contained in this press release involve or may involve certain assumptions, risks, and uncertainties, many of which are beyond the Corporation's control, which could cause actual results to differ materially from those discussed in the forward-looking statements. The forward-looking statements included in this press release are only made as of the date hereof, and the Corporation undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. In addition to the assumptions and other factors referenced specifically in connection with such statements, the factors described in ``Item 1A. Risk Factors' in our Annual Report on Form 10-K and the following factors could impact the business and financial prospects of the Corporation: general economic conditions; legislative and regulatory initiatives; increased competition and other effects of deregulation and consolidation of the financial services industry; monetary and fiscal policies of the federal government; deposit flows; disintermediation; the cost and availability of funds; general market rates of interest; interest rates or investment returns on competing investments; demand for loan products; demand for financial services; changes in accounting policies or guidelines; general economic developments; acts of terrorism and developments in the war on terrorism; and changes in the quality or composition of loan and investment portfolios.



Contact:
First Business Financial Services, Inc.
Jim Ropella, Senior Vice President and CFO
608-232-5970
[e-mail]
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First Business Financial Services, Inc.

401 Charmany Drive
Madison, WI 53719

Phone: [phone]
Fax: [phone]
Web Site: http://www.fbfinancial.com

DETAILS
Index Membership: N/A
Sector: Financial
Industry: Regional - Midwest Banks
Full Time Employees: 122


BUSINESS SUMMARY
First Business Financial Services, Inc. operates as the bank holding company for First Business Bank and First Business Bank, Milwaukee, which provide various commercial banking products and services to small and medium size businesses in Wisconsin. Its deposit products include demand deposits, time deposits, savings accounts, money market accounts, and certificates of deposit. The company offers loan products, including commercial mortgage loans, construction loans, multi family loans, one-to-four family loans, commercial loans, asset-based loans, consumer loans, personal loans, and term loans. It also provides personal lines of credit, cash management services, commercial lending, commercial real estate lending, and equipment leasing, as well as offers trust and investment services to local businesses, business owners, executives, professionals, and high net worth individuals. The company was founded in 1909 and is based in Madison, Wisconsin.


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Source: First Business Financial Services, Inc.