First Business Bank Announces 15% Increase in Quarterly Common Stock Dividend and $5 Million Buyback Program
27 Janvier 2023 - 10:05PM
Business Wire
First Business Financial Services, Inc. (the “Company” or “First
Business Bank”) (Nasdaq: FBIZ) announced its board of directors has
declared a quarterly cash dividend on its common stock of $0.2275
per share which is equivalent to a dividend yield of 2.72% based on
Thursday’s market close price of $33.42. The quarterly dividend
represents a 15% increase over the quarterly dividend declared in
October 2022, and, based on fourth quarter 2022 earnings per share,
represents a dividend payout ratio of 19%. This regular cash
dividend is payable on February 16, 2023, to shareholders of record
at the close of business on February 6, 2023.
“First Business Bank's 15% common dividend increase reflects the
Company’s high-quality earnings growth and favorable outlook,” said
Chief Executive Officer Corey Chambas. “This substantial increase
marks our 11th consecutive annual dividend raise. We are pleased to
provide an enhanced return to our shareholders while maintaining a
dividend payout ratio that allows for the ongoing and significant
investment in talent, technology, and products that power our
business growth engine.”
The board of directors also declared a dividend on the Company’s
7% Series A Preferred Stock of $17.50 per share, payable on March
15, 2023, to shareholders of record on February 28, 2023.
Share Repurchase Authorization
Effective January 27, 2023, the Company’s board of directors
authorized the repurchase by the Company of shares of its common
stock with a maximum aggregate purchase price of $5.0 million, in
such quantities, at such prices, and on such other terms and
conditions as the Company’s Chief Executive Officer or Chief
Financial Officer determine in their discretion to be in the best
interests of the Company and its shareholders, any time from the
effective date through January 31, 2024.
About First Business Bank
First Business Bank specializes in Business Banking, including
Commercial Banking and Specialty Finance, Private Wealth, and Bank
Consulting Services, and through its refined focus delivers
unmatched expertise, accessibility, and responsiveness. Specialty
Finance solutions are delivered through First Business Bank’s
wholly owned subsidiary First Business Specialty Finance, LLC.
First Business Bank is a wholly owned subsidiary of First Business
Financial Services, Inc. (Nasdaq: FBIZ). For additional
information, visit firstbusiness.bank.
This press release includes “forward-looking” statements related
to First Business Financial Services, Inc. that can generally be
identified as describing the Company’s future plans, objectives or
goals. Such forward-looking statements are subject to risks and
uncertainties that could cause actual results or outcomes to differ
materially from those currently anticipated. These forward-looking
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. For further
information about the factors that could affect the Company’s
future results, please see the Company’s 2021 annual report on Form
10-K, quarterly reports on Form 10-Q and other filings with the
Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20230127005408/en/
Edward G. Sloane, Jr. Chief Financial Officer First Business
Financial Services, Inc. 608-232-5970
esloane@firstbusiness.bank
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