First Business Financial reports record PTPP earnings of $56.2M; deposits up 19% in 2023

FIRST BUSINESS FINANCIAL SERVICES, INC.

2021-FY EPS reported $4.33

2023 net interest margin 3.78%, outperforming peer median by 61 bps (vs 36 bps in 2022).
In-market deposits grew 19% YoY; loans grew 17% in 2023; trust assets crossed $3B milestone.
Record pre-tax pre-provision adjusted earnings $56.2M, up 17% YoY; PTPP ROAA 1.75% vs peer 1.24%.
Tangible book value per share grew 13% in 2023 and cumulative 25% over past two years.
Private wealth management fees $11.4M, representing 8% CAGR over five years.

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