F
FIRST BUSINESS FINANCIAL SERVICES, INC.
Period
FY 2025
Revenue
—
Net Income
$50.32M
Total Assets
$4.08B
Equity
$371.58M
Shares Out
8.36M
Op. Cash Flow
$61.70M
Business
First Business Financial Services, Inc. is a bank holding company providing commercial banking products and services to small and medium-sized businesses, business owners, executives, professionals, and high net worth individuals through its subsidiary First Business Bank. The bank offers commercial real estate lending, commercial and industrial lending (including asset-based lending, accounts receivable financing, equipment financing, and floorplan financing), SBA lending, treasury management, retirement plan services, and private wealth management. It operates in Wisconsin, Kansas City Metro, and serves certain products nationally.
Summary from 10-K filed 2026-02-25
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | 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 | Trend | 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 | Trend | 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 2026-03-31 · 192 positions
Reported AUM
$1.12B
Holdings
192
Top sector
$1.12B
Top sectors
| Sector | Value | % of portfolio |
|---|---|---|
| Uncategorized | $1.12B | 100.0% |
Top holdings
| Issuer | Ticker | Shares | Value | % |
|---|---|---|---|---|
| Vanguard Total Stock Market ET | — | 797.2K | $255.75M | 22.7% |
| iShares Core MSCI EAFE ETF | — | 1.56M | $140.87M | 12.5% |
| iShares Russell 1000 Growth ET | — | 183.3K | $78.16M | 7.0% |
| iShares Core S&P Small-Cap ETF | — | 500.9K | $62.27M | 5.5% |
| iShares Core Dividend Growth | — | 835.2K | $58.61M | 5.2% |
| iShares Russell 1000 Value ETF | — | 266.2K | $56.88M | 5.1% |
| iShares Core S&P Mid-Cap ETF | — | 707.5K | $47.78M | 4.3% |
| iShares Core US Aggregate Bond | — | 375.7K | $37.30M | 3.3% |
| State Street SPDR S&P 500 ETF | — | 43.8K | $28.45M | 2.5% |
| First Business Financial Servi | — | 361.3K | $19.48M | 1.7% |
Frequently asked questions
What is FIRST BUSINESS FINANCIAL SERVICES, INC.'s CIK number?
FIRST BUSINESS FINANCIAL SERVICES, INC.'s SEC CIK number is 0001521951 (1521951). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find FIRST BUSINESS FINANCIAL SERVICES, INC.'s SEC filings?
All of FIRST BUSINESS FINANCIAL SERVICES, INC.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did FIRST BUSINESS FINANCIAL SERVICES, INC. last report earnings?
FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ) most recently filed an earnings 8-K with the SEC on Apr 23, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-173671). This is FIRST BUSINESS FINANCIAL SERVICES, INC.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is FIRST BUSINESS FINANCIAL SERVICES, INC.'s most recent earnings 8-K?
FIRST BUSINESS FINANCIAL SERVICES, INC.'s latest earnings 8-K (Item 2.02) was filed Apr 23, 2026 under accession 0001193125-26-173671. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View FIRST BUSINESS FINANCIAL SERVICES, INC.'s latest earnings 8-K →
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