First Business Financial Services Posts $12.2M Q1 Profit, Up 9.2% Year-Over-Year
The Wisconsin-based commercial bank holding company reported net income of $12.2 million for the first quarter of fiscal 2026, up from $11.2 million in the prior-year period. Total assets climbed to $4.32 billion.
First Business Financial Services, Inc., a Wisconsin-based bank holding company serving small and mid-sized businesses, reported net income of $12.2 million for the three months ending March 31, 2026, up 9.2% from $11.17 million in the same quarter a year earlier. Earnings per share rose to $1.44 from $1.32. Read more earnings reports.
Total revenue reached $70.67 million in the first quarter, compared to $67.11 million in the first quarter of fiscal 2025, a gain of 5.3%. Interest and dividend income climbed to $61.90 million from $59.53 million in the prior-year period.
The company's balance sheet expanded substantially during the quarter. Total assets stood at $4.32 billion as of March 31, 2026, up from $4.08 billion at the end of December 2025 and $3.94 billion a year earlier. Cash and cash equivalents more than tripled sequentially to $137.1 million from $39.5 million at year-end 2025.
Operating expenses rose sharply in the quarter. Labor and related expenses climbed to $18.54 million from $16.75 million in the first quarter of fiscal 2025, an increase of 10.7%. Total liabilities grew to $3.94 billion from $3.71 billion at the end of December 2025.
Shareholders' equity increased to $380.1 million as of March 31, 2026, from $371.6 million three months earlier. Retained earnings rose to $314.6 million from $305.5 million, reflecting the quarter's profit. Common shares outstanding totaled 8.34 million at quarter-end.
Cash flow from operations dropped to $3.05 million in the first quarter from $11.30 million in the prior-year period. Cash used in investing activities totaled $138.5 million, while financing activities generated $233.1 million, primarily driving the sequential increase in cash balances.
The company's tax expense declined to $2.18 million from $2.29 million in the first quarter of fiscal 2025. Property, plant and equipment stood at $4.50 million as of March 31, 2026, down slightly from $4.67 million at the end of December 2025.
| Metric | Q1 FY2026 | Q1 FY2025 |
|---|---|---|
| Total Revenue | $70.67 million | $67.11 million |
| Net Income | $12.20 million | $11.17 million |
| EPS (Diluted) | $1.44 | $1.32 |
| Total Assets | $4.32 billion | $3.94 billion |
| Total Equity | $380.1 million | $336.1 million |
| Cash from Operations | $3.05 million | $11.30 million |