SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: FIRST BUSINESS FINANCIAL SERVICES, INC.
Filing Type: Form 13F Information Table (Statement of Holdings)
Reporting Period: Quarter ended March 31, 2023
Context: This filing discloses the equity securities held by the company as of the end of the reporting period. It is a regulatory requirement for institutional investment managers to report their holdings to the SEC.
Key Financial Metrics and Holdings
The filing provides a detailed list of equity holdings but does not contain the company's own financial performance metrics (revenue, profit, cash flow, or debt). The following data reflects the portfolio composition:
- Total Portfolio Value: The filing lists individual security values but does not explicitly state a total aggregate portfolio value in the text provided.
- Largest Single Holding (Issuer): iShares Core MSCI EAFE ETF (1,658,691 shares, Value: $110,883,493).
- Largest Single Holding (Company Stock): First Business Financial Services, Inc. (354,515 shares, Value: $10,816,253).
- Top Equity Holdings by Value:
- iShares Core MSCI EAFE ETF: $110,883,493
- Vanguard Total Stock Market ETF: $185,301,982 (Note: Value column indicates $185M, shares 907,898)
- iShares Core S&P Small-Cap ETF: $54,005,790
- iShares Core Dividend Growth ETF: $45,913,365
- iShares Russell 1000 Growth ETF: $52,498,210
- Asset Classes: The portfolio is heavily weighted toward Exchange Traded Funds (ETFs), including broad market indices (S&P 500, Total Stock Market), international equities (MSCI EAFE), and sector-specific funds (Technology, Financials, Energy).
Material Changes
The filing text provided is a snapshot of holdings as of March 31, 2023. It does not contain comparative data from the prior quarter (December 31, 2022) or year-over-year figures. Therefore, material changes in holdings, additions, or deletions cannot be determined from this document alone.
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings are historical disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy. No specific operational risks, legal contingencies, or unusual items are disclosed in this format.
Investor Verification Checklist
- Portfolio Concentration: Verify the total aggregate value of the portfolio to understand the weight of the top ETF holdings relative to the company's total assets.
- Self-Holding: Confirm the purpose of the 354,515 shares of First Business Financial Services, Inc. held (e.g., treasury stock, employee compensation plans, or proprietary trading).
- Voting Authority: Note that for most holdings, the company reports "Sole" voting authority, but for some (e.g., Apple Inc., Alphabet Inc.), there is a split between "Sole" and "Shared" or "None" authority, which may indicate collateralized positions or lending arrangements.
- Comparative Analysis: Retrieve the prior quarter's Form 13F to analyze turnover rates and strategic shifts in asset allocation.