FBIZ Q4 2023 net income $9.6M; in-market deposits up 27%, loans up 13%

FIRST BUSINESS FINANCIAL SERVICES, INC.

2021-FY EPS reported $4.33

Net income $9.6M; pre-tax pre-provision ROAA 1.77%; tangible book value per share +14% annualized.
In-market deposits grew 27.4% annualized from Q3 2023 and 19% from a year ago.
Loans grew 12.5% annualized from Q3 and 16.7% year-over-year; net interest margin 3.69%.
2019-2023 strategic plan goals largely achieved: ROACE 13.79% vs 13.5% target; fee income ratio 21.76%.
Non-performing assets 0.34% of total assets excluding one fully collateralized ABL loan; isolated transport sector weakness.

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