First Business Financial reports Q1 EPS $1.05, consensus $1.07

Reports 12.8% annualized increase in tangible book value per share compared to the linked quarter and 12.2% compared to the prior year quarter. "First Business Bank’s disciplined and effective execution of its business model drove outstanding performance for the quarter, delivering double-digit deposit and loan growth during a turbulent period for our industry. Stable balance sheet positioning and deep client relationships strengthened our overall profitability, most notably through increased levels of in-market deposits, which grew at an annualized pace of 18% during the quarter. Our clients make up a diverse deposit base, and with an average deposit relationship tenure of over 10 years, we have a deep understanding of each of our clients. We are proud to be their sound and trusted partner, from stewarding deposits to funding the day-to-day needs of these businesses that are the economic engine of our communities. In the first quarter, historically a slower quarter for new business, our loan portfolio increased by an annualized pace of 16% while maintaining our longstanding and rigorous underwriting standards. This exceptional performance drove record top line revenue and continued growth in our tangible book value, up 13% annualized during the quarter," CEO Corey Chambas said.