FIRST BUSINESS FINANCIAL SERVICES INC
Q3 2026 Form 13-F

Description and Activity

First Business Financial Services, Inc. (FBFS) is a registered bank holding company based in Madison, Wisconsin, operating primarily through its wholly-owned subsidiary, First Business Bank (FBB). Established in 1986, FBFS focuses on commercial banking activities, serving small to medium-sized businesses, business owners, executives, professionals, and high net worth individuals. The company offers a range of products and services, including commercial real estate lending, commercial and industrial lending, asset-based lending, accounts receivable financing, equipment financing, floorplan financing, and SBA lending. Additionally, FBFS provides treasury management services and private wealth management services.

FBFS operates in Wisconsin, Kansas, and Missouri, targeting markets with diverse economic characteristics. The company generates revenue primarily through interest income from its loan portfolios, which include commercial real estate lending (60% of total gross loans) and commercial and industrial lending (39%). Other sources of revenue include asset-based lending, accounts receivable financing, equipment financing, floorplan financing, and SBA lending. FBFS also earns fees from treasury management and private wealth management services. The company's primary customers are small to medium-sized businesses and high net worth individuals.

FBFS does not utilize a branch network for retail clients, instead focusing on building deep client relationships through centralized administration and financial expertise. The company's basic operational structure includes its main subsidiary, First Business Bank, which is a Wisconsin state-chartered bank. Key factors impacting FBFS's business performance include the competitive landscape with other financial institutions, the economic conditions in its operating regions, and the performance of its loan portfolios. The company's strategic focus on specialized commercial banking services and its ability to manage credit risk and maintain sufficient liquidity are also critical to its success.