First Business Financial Services Full Year 2024 Earnings: Beats Expectations

First Business Financial Services (NASDAQ:FBIZ) Full Year 2024 Results

Key Financial Results

• Revenue: US$144.6m (up 6.6% from FY 2023).
• Net income: US$43.4m (up 23% from FY 2023).
• Profit margin: 30% (up from 26% in FY 2023).
• EPS: US$5.32 (up from US$4.33 in FY 2023).

FBIZ Banking Performance Indicators

• Net interest margin (NIM): 3.66% (down from 3.78% in FY 2023).
• Cost-to-income ratio: 60.6% (down from 61.0% in FY 2023).
• Non-performing loans: 0.91% (up from 0.72% in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

First Business Financial Services Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 9.0%.

In the last 12 months, the only revenue segment was Commercial Banking contributing US$144.6m. The largest operating expense was General & Administrative costs, amounting to US$83.5m (82% of total expenses). Explore how FBIZ's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are up 7.9% from a week ago.

Risk Analysis

We don't want to rain on the parade too much, but we did also find 1 warning sign for First Business Financial Services that you need to be mindful of.

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