First Business Financial Services Inc. (FBIZ) Friday reported a decline in profit for the second quarter, due mainly to higher loan loss provisions, despite increased incomes.
The Madison, Wisconsin-based company's second-quarter net profit was $1.57 million or $0.60 per share, compared to $2.51 million or $0.98 per share last year.
Net interest income for the quarter grew to $9.61 million from $8.97 million in the year-ago quarter. Total non-interest income rose to $1.90 million from $1.74 million in the prior-year quarter.
Loan loss provisions for the quarter increased to $2.05 million from $1.47 million last year.
Non-interest expense for the quarter advanced to $7.13 million from $6.64 million in the prior-year quarter.
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