FIRST BUSINESS FINANCIAL SERVICES, INC.

Listed Company

FBIZCIK 0001521951NasdaqAcceleratedState Commercial BanksWisconsinFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$50.32M

Total Assets

$4.08B

Equity

$371.58M

Shares Out

8.36M

Op. Cash Flow

$61.70M

+ 13F Filer

Business

FIRST BUSINESS FINANCIAL SERVICES, INC. operates as a bank holding company engaged in commercial banking through its wholly owned bank subsidiary, First Business Bank, and a specialty finance subsidiary. It offers a full line of commercial banking, private wealth, and bank consulting products and services, including commercial real estate and commercial and industrial lending, asset-based lending, accounts receivable financing, equipment and floorplan financing, SBA lending and servicing, treasury management, retirement plan services, trust and investment management, and private banking. The company conducts its business through one operating segment centered on First Business Bank and First Business Specialty Finance. It serves primarily South Central, Southeast and Northeast Wisconsin and the greater Kansas City metro, while also providing asset-based, equipment finance, receivables and SBA products through nationwide channels and online distribution.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans and leases	227	217	183	115	92
Securities	15	12	8	4	—
Short-term investments	5	4	4	2	741,000
Total interest income	247	233	195	121	96
Deposits	99	98	71	13	4
Federal Home Loan Bank advances and other borrowings	11	11	11	9	7
Total interest expense	111	109	82	23	—
Net interest income	137	124	113	98	85
Provision for credit losses	9	9	8	−4	—
Net interest income after provision for credit losses	128	115	104	102	90
Private wealth management service fees	15	13	11	11	11
Gain on sale of Small Business Administration loans	2	2	2	3	—
Service charges on deposits	4	4	3	4	4
Loan fees	2	3	3	3	3
Bank-owned life insurance policy income	3	2	1	2	1
Net loss on sale of securities	0	−8,000	−45,000	0	29,000
Swap fees	2	1	3	2	1
Other non-interest income	4	4	7	5	4
Total non-interest income	32	29	31	29	28
Compensation	68	63	61	58	52
Occupancy	2	2	2	2	2
Professional fees	5	6	5	5	—
Data processing	5	5	4	3	3
Marketing	4	4	3	2	2
Equipment	1	1	1	1	990,000
Computer software	7	6	5	4	4
FDIC insurance	3	3	2	1	1
Other non-interest expense	4	4	5	2	2
Total non-interest expense	100	93	89	79	72
Income before income tax expense	60	51	47	52	—
Income tax expense	10	7	10	11	11
Net income	50	44	37	41	36
Preferred stock dividend	875,000	875,000	875,000	683,000	—
Net income available to common shareholders	49	43	36	40	36
Basic	5.94	5.2	4.33	4.75	4.17
Diluted	5.94	5.2	4.33	4.75	4.17
Dividends declared per share	1.16	1	0.91	0.79	0.72

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	31	30	32	26	10
Short-term investments	9	128	107	77	47
Cash and cash equivalents	39	158	140	103	57
Securities available-for-sale, at fair value	422	341	297	212	206
Securities held-to-maturity, at amortized cost	5	7	9	13	20
Loans held for sale	19	14	5	3	4
Loans and leases receivable, net of allowance for credit losses of $35,877 and $35,785, respectively	3,337	3,077	2,819	—	—
Premises and equipment, net	5	5	6	4	2
Repossessed assets	0	51,000	247,000	95,000	164,000
Right-of-use assets, net	5	6	7	8	5
Bank-owned life insurance	84	57	56	54	54
Federal Home Loan Bank stock, at cost	9	12	12	18	13
Goodwill and other intangible assets	12	12	12	12	12
Derivatives	37	66	56	69	26
Accrued interest receivable and other assets	107	99	91	—	—
Total assets	4,082	3,853	3,508	2,977	2,653
Deposits	3,380	3,107	2,797	2,168	1,958
Federal Home Loan Bank advances and other borrowings	252	320	331	457	403
Lease liabilities	7	8	9	10	5
Derivatives	37	57	52	61	28
Accrued interest payable and other liabilities	34	32	30	—	—
Total liabilities	3,710	3,525	3,218	2,716	2,420
Preferred stock, $0.01 par value, 2,500,000 shares authorized, 12,500 shares of 7% non-cumulative perpetual preferred stock, Series A, outstanding at December 31, 2025 and 2024, respectively	12	12	12	12	0
Common stock, $0.01 par value, 25,000,000 shares authorized, 9,493,274 and 9,433,637shares issued, 8,325,376 and 8,293,928 shares outstanding at December 31, 2025 and 2024, respectively	96,000	95,000	95,000	94,000	93,000
Additional paid-in capital	96	94	91	—	—
Retained earnings	306	266	231	204	170
Accumulated other comprehensive loss	−10	−11	−14	−15	−1
Treasury stock, 1,167,898 and 1,139,709 shares at December 31, 2025 and 2024, respectively, at cost	−33	−31	−30	−27	−22
Total stockholders' equity	372	329	290	261	232
Total liabilities and stockholders equity	4,082	3,853	3,508	2,977	2,653

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income taxes, net	−2	−4	2	−775,000	1
Depreciation, amortization and accretion, net	4	4	4	4	4
Share-based compensation	3	3	3	3	3
Net losses on sales and impairments of tax credit investments	289,000	401,000	0	—	—
Amortization of tax credit investments	6	6	4	1	0
Origination of loans for sale	−133	−168	−150	−125	−99
Sale of loans originated for sale	129	161	150	128	108
Net loss on repossessed assets	27,000	168,000	13,000	−429,000	15,000
Return on investment in limited partnerships	2	3	5	721,000	371,000
Excess tax benefit from share-based compensation	237,000	186,000	194,000	264,000	48,000
Net payments on operating lease liabilities	−2	−1	−1	−1	−1
Net decrease (increase) in accrued interest receivable and other assets	21	6	−21	−8	−7
Net (decrease) increase in accrued interest payable and other liabilities	−21	−3	15	5	3
Net cash provided by operating activities	62	57	52	39	36
Proceeds from maturities, redemptions, and paydowns of available-for-sale securities	66	92	22	41	51
Proceeds from maturities, redemptions, and paydowns of held-to-maturity securities	2	2	4	7	7
Proceeds from sale of available-for-sale securities	0	8	5	0	15
Purchases of available-for-sale securities	−135	−146	−107	−76	−93
Proceeds from sale of repossessed assets	24,000	18,000	25,000	71,000	0
Net increase in loans and leases	−268	−267	−409	−199	−87
Investments in limited partnerships	−5	−2	−1	−2	−1
Returns of investments in limited partnerships	966,000	704,000	7,000	17,000	32,000
Investment in tax credit investments	−15	−17	−24	−11	—
Distribution from tax credit investments	45,000	174,000	101,000	474,000	57,000
Proceeds from sale of tax credit	3	2	0	0	—
Investment in Federal Home Loan Bank stock	−21	−25	−32	−46	−7
Proceeds from the sale of Federal Home Loan Bank stock	24	25	38	41	8
Purchases of leasehold improvements and equipment, net	−595,000	−223,000	−3	−3	—
Proceeds from sale of leasehold improvements and equipment	0	30,000	0	0	—
Premium payment on bank owned life insurance policies	0	−25,000	−24,000	−50,000	0
Purchases of bank owned life insurance policies	−25	0	0	0	0
Proceeds from bank owned life insurance claim	471,000	0	0	2	0
Net cash used in investing activities	−373	−328	−507	−245	−111
Net increase in deposits	273	310	629	210	102
Repayment of Federal Home Loan Bank advances	−1,115	−1,148	−1,699	−2,375	−814
Proceeds from Federal Home Loan Bank advances	1,047	1,132	1,564	2,422	788
Repayment of subordinated notes and debentures	0	−15	0	−9	—
Proceeds from issuance of subordinated notes and debentures	0	20	15	20	0
Net increase (decrease) in long-term borrowed funds	106,000	283,000	−6	−5	10
Cash dividends paid	−10	−8	−8	−7	−6
Preferred stock dividends paid	−875,000	−875,000	−875,000	−683,000	0
Proceeds from issuance of common stock under ESPP	143,000	144,000	128,000	134,000	160,000
Purchase of treasury stock	−1	−1	−3	−6	−5
Net cash provided by financing activities	193	289	491	252	75
Net (decrease) increase in cash and cash equivalents	−118	18	37	46	201,000
Interest paid on deposits and borrowings	111	110	76	20	13
Net income taxes paid	3	158,000	7	8	15
Transfer of repossessed assets to (from) loans	0	10,000	−190,000	−50,000	—
Lease liability in exchange for right-of-use-asset	712,000	180,000	0	6	316,000

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 171 positions

Reported AUM

$904.42M

Holdings

171

Top sector

$904.42M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$904.42M	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
Vanguard Total Stock Market ET	—	937.7K	$213.48M	23.6%
iShares Core MSCI EAFE ETF	—	1.70M	$118.25M	13.1%
iShares Russell 1000 Growth ET	—	316.9K	$87.97M	9.7%
iShares Edge MSCI USA Momentum	—	416.5K	$70.08M	7.8%
iShares Core S&P Small-Cap ETF	—	573.6K	$61.88M	6.8%
iShares Core US Aggregate Bond	—	535.4K	$57.34M	6.3%
iShares Russell 1000 Value ETF	—	296.9K	$49.28M	5.5%
iShares Core S&P Mid-Cap ETF	—	154.8K	$41.55M	4.6%
SPDR S&P 500 ETF	—	44.9K	$20.30M	2.2%
First Business Financial Servi	—	343.0K	$11.25M	1.2%