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[ FOR IMMEDIATE RELEASE ] First Business Financial Services , Inc. 401 Charmany Drive Madison , WI 53719 FIRST BUSINESS BANK REPORTS STRONG THIRD QUARTER 2021 NET INCOME OF $ 9.2 MILLION Exhibit 99.1 Continuation of positive trends including top line revenue growth , organic loan growth , and superior asset quality -- MADISON , Wis . , October 28 , 2021 ( BUSINESS WIRE ) -- First Business Financial Services , Inc. ( the " Company " , the " Bank ” , or “ First Business Bank " ) ( Nasdaq : FBIZ ) reported net income of $ 9.2 million , or $ 1.07 diluted earnings per share , in the third quarter 2021. Third quarter net income grew by 11.7 % from $ 8.2 million , or $ 0.95 per share , in the second quarter of 2021 and more than doubled from $ 4.3 million , or $ 0.50 , in the third quarter of 2020 . " First Business Bank's excellent third quarter results include profitable top line revenue growth illustrating the strength and diversification of our fee generating businesses , net interest margin stability , and our team's ability to organically grow commercial loans , " President and Chief Executive Officer Corey Chambas said . " Excluding PPP loans , we achieved another quarter of solid loan growth and our record pipelines continue to support our expectation for double - digit organic loan growth for full - year 2021 and 2022. As expected , our discipline around credit resulted in further improvement to our asset quality metrics , with nonperforming assets declining to just 0.29 % of total assets , the lowest level since 2006. Our results were further supported by a loan loss provision benefit in the third quarter and , based on current economic trends , we continue to expect no meaningful provision in the fourth quarter and anticipate continued opportunities to release reserves in 2022. " Quarterly Highlights ⋅ Continued Loan Growth . Loans , excluding Paycheck Protection Program ( " PPP " ) loans , grew $ 36.0 million , or 7.1 % annualized , from the second quarter of 2021 and $ 214.0 million , or 11.6 % , from the third quarter of 2020 , as the Company continued to expand specialized lending offerings for commercial clients and focus on growing our businesses across all products and geographies . Sustained Strong Revenue Growth . Driven by net interest margin stability and fee income growth , top line revenue , the sum of net interest income and non - interest income , grew to $ 28.2 million , up 8.5 % from the third quarter of 2020. Third quarter 2021 non - interest income continued to reflect the strength and diversity of our fee income sources , including record revenue from private wealth management of $ 2.8 million on $ 2.7 billion in assets under management and administration for the period . Positive Asset Quality Trends . Non - performing assets ( " NPAS " ) declined 34.4 % to $ 7.6 million , or 0.29 % of total assets , marking the fourth consecutive quarterly reduction of more than 25 % . NPAs made up 0.30 % of total assets , excluding net PPP loans , improving by 12 and 131 basis points from June 30 , 2021 and September 30 , 2020 , respectively . Compounding Tangible Book Value . Tangible Book Value ( " TBV " ) per share grew by 14 % annualized in the quarter to $ 25.11 , which is nearly double the long - term growth rate of 8 % . 1