Exhibit 99.1
[FOR IMMEDIATE RELEASE]
First Business Financial Services, Inc.
401 Charmany Drive
Madison, WI 53719

FIRST BUSINESS 2019 NET INCOME INCREASES 43% TO A RECORD $23.3 MILLION
Fourth Quarter 2019 Net Income Up 42% Compared to Prior Year Period
 
MADISON, Wis., January 23, 2020 (BUSINESS WIRE) -- First Business Financial Services, Inc. (the “Company” or “First Business”) (Nasdaq:FBIZ) reported strong fourth quarter and record full year 2019 net income as the Company continued to execute on key initiatives, resulting in an increase in top line revenue, reduction in the level of non-performing assets, improvement in operating efficiency, and strong in-market deposit growth.

Summary results for the year ended December 31, 2019:
Record net income of $23.3 million increased by $7.0 million, or 43.1%, compared to $16.3 million in 2018.
Diluted earnings per common share measured $2.68 compared to $1.86 in 2018.
Return on average assets and return on average equity measured 1.14% and 12.55%, respectively, compared to 0.86% and 9.41%, respectively, in 2018.
Net interest margin was 3.61% compared to 3.72% in 2018.
Top line revenue, the sum of net interest income and non-interest income, totaled $93.3 million, an increase of 9.1% compared to $85.5 million in 2018.
Provision for loan and lease losses was $2.1 million compared to $5.5 million in 2018.
SBA recourse provision was $188,000 compared to $1.9 million in 2018.
Efficiency ratio improved to 66.59%, down from 67.77% in 2018.

Summary results as of and for the quarter ended December 31, 2019:
Net income totaled $5.8 million compared to $5.1 million for the linked quarter and $4.1 million for the fourth quarter of 2018.
Diluted earnings per common share measured $0.67 compared to $0.59 and $0.46 for the linked and prior year quarters, respectively.
Annualized return on average assets and annualized return on average equity measured 1.09% and 11.93%, respectively, compared to 0.97% and 10.68%, respectively, for the linked quarter and 0.83% and 9.06%, respectively, for the fourth quarter of 2018.
Net interest margin was 3.73% compared to 3.40% for the linked quarter and 3.69% for the fourth quarter of 2018.
Top line revenue totaled $25.7 million compared to $22.6 million for the linked quarter and $21.8 million for the fourth quarter of 2018.
Provision for loan and lease losses was $1.5 million compared to $1.3 million and $983,000 for the linked and prior year quarters, respectively.
SBA recourse provision was $21,000 compared to a benefit of $427,000 for the linked quarter and expense of $1.8 million for the fourth quarter of 2018.
Efficiency ratio improved to 64.77% from 66.41% for the linked quarter and 66.95% for the fourth quarter of 2018.
Average gross loans and leases of $1.744 billion increased by $12.9 million, or 3.0% annualized, from the linked quarter and $127.1 million, or 7.9%, compared to the fourth quarter of 2018. Period-end gross loans and leases receivable of $1.715 billion decreased $5.9 million during the fourth quarter of 2019 and increased $97.0 million, or 6.0%, from $1.618 billion at December 31, 2018.
Non-performing assets were $23.5 million, or 1.12% of total assets, compared to $25.7 million, or 1.23%, at September 30, 2019 and $27.8 million, or 1.42%, at December 31, 2018.
Average in-market deposits of $1.350 billion increased $52.1 million, or 16.0% annualized, during the fourth quarter of 2019 and $207.8 million, or 18.2%, from December 31, 2018. Record period-end in-market deposits of $1.379 billion increased $57.9 million, or 17.5% annualized, during the fourth quarter of 2019 and $199.5 million, or 16.9%, from December 31, 2018.

“We are extremely pleased to report record earnings for 2019. Through the efforts of our talented team of bankers, we achieved strong loan growth and outstanding in-market deposit growth, while also continuing to improve our operating efficiency,” said Corey Chambas, President and Chief Executive Officer. “Our investments in people and infrastructure are driving these significantly improved quarterly and annual results,” Chambas added.

1

The following information was filed by First Business Financial Services, Inc. (FBIZ) on Thursday, January 23, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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