First Business Bank's Q3 net income rises on loan growth

Reuters
10/31
First Business Bank's Q3 net income rises on loan growth

Overview

  • First Business Q3 net income rises to $14.2 mln, driven by loan and deposit growth

  • EPS for Q3 increases to $1.70 from $1.24 yr/yr

Outlook

  • Company did not provide specific guidance for future quarters in press release

Result Drivers

  • LOAN AND DEPOSIT GROWTH - Co attributes Q3 earnings increase to 10% loan growth and 9% core deposit growth

  • RECORD FEE INCOME - Co reports record pre-tax, pre-provision earnings driven by record fee income

  • ASSET QUALITY IMPROVEMENT - Co notes 18% reduction in non-performing assets contributing to improved asset quality

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Operating Revenue

$44.29 mln

Q3 EPS

$1.70

Q3 Net Interest Income

$34.88 mln

Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the banks peer group is "buy"

  • Wall Street's median 12-month price target for First Business Financial Services Inc is $59.00, about 16% above its October 29 closing price of $49.58

Press Release: ID:nBw2skBhZa

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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