First Business Financial Services, parent company of First Business Bank, was selected by Piper Sandler for inclusion among its Sm-All Stars Class of 2023.

The annual analysis, which ranks performance of banks with a market cap below $2.5 billion, involves rigorous selection criteria related to growth, profitability, credit quality and strength of capital. As one of only 31 small-cap banks in the country named to the Sm-All Stars Class of 2023, the selection places First Business Financial Services among the top 10% in the industry on those performance metrics. First Business Financial Services, Inc. also was selected as a Sm-All Star in 2021 and 2013.

“In a particularly turbulent time for banks, receiving this recognition underscores the strength of our differentiated model and strategy,” Corey Chambas, CEO of First Business Financial Services, said. “This year, this accolade feels particularly significant to our team. First Business Bank’s performance showcases our unwavering commitment to understanding and uniquely addressing the needs of entrepreneurs, business leaders, and investors. A heartfelt thank you to every dedicated First Business Bank employee who consistently goes the extra mile for our valued clients and stakeholders.”

First Business Financial Services was recognized by Piper Sandler for its performance on key metrics over the 12 months ended June 30, 2023, including:

• Earnings per share (EPS) growth of 1.6%
• Loan growth of 16.8%
• Deposit growth of 35.3%
• Return on average equity (ROAE) of 14.66%
• Ratio of nonperforming assets (NPAs) to loans and other real estate owned (OREO) of 0.59%
• Ratio of net charge offs (NCOs) to average loans of 0.03%
• Ratio of tangible common equity (TCE) to tangible assets (TA) of 7.7%