SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: FIRST BUSINESS FINANCIAL SERVICES, INC.
Filing Type: Form 13F Information Table
Reporting Period: Quarter ended September 30, 2022
Context: This filing discloses the equity securities held by the company as of the end of the reporting period. It details the issuer, class of security, CUSIP, value, share count, and voting authority for each holding.
Key Financial Metrics and Portfolio Composition
The filing provides a snapshot of the investment portfolio rather than the company's operational financials (revenue, profit, cash flow). Key portfolio metrics include:
- Portfolio Scope: The table lists over 100 distinct holdings, including individual equities and Exchange Traded Funds (ETFs).
- Top Holdings by Value:
- iShares Core MSCI EAFE ETF: $87,716,000 (1,665,385 shares)
- Vanguard Total Stock Market ETF: $163,844,000 (912,935 shares)
- iShares Core Dividend Growth ETF: $40,930,000 (920,386 shares)
- iShares Core S&P Small-Cap ETF: $49,186,000 (564,120 shares)
- iShares Core US Aggregate Bond ETF: $50,056,000 (519,581 shares)
- Significant Individual Equity Positions:
- First Business Financial Services, Inc. (Own Stock): $11,648,000 (360,523 shares)
- Fiserv Inc: $5,982,000 (63,929 shares)
- Apple Inc: $7,553,000 (5,058 shares)
- Microsoft Corp: $3,232,000 (13,877 shares)
- Voting Authority: The company reports "SOLE" voting authority for the vast majority of holdings. Some positions show "SHARED" or "NONE" authority, often associated with specific share classes or derivative structures.
Material Changes and Comparisons
Comparison Data: The filing text does not provide data for the prior comparable period (June 30, 2022). Therefore, material changes in holdings, additions, or deletions cannot be calculated from this document alone.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing includes a standard disclaimer stating that the SEC has not reviewed the information for accuracy or completeness. No specific operational risks or contingencies are detailed in this table.
Investor Verification Checklist
- Portfolio Concentration: Verify the total aggregate value of the portfolio to understand the scale of assets under management relative to the company's balance sheet.
- ETF Exposure: Confirm the specific weightings of the large ETF positions (e.g., Vanguard Total Stock Market, iShares EAFE) to assess broad market exposure versus active stock picking.
- Own Stock Holdings: Note the significant holding of the company's own stock ($11.6M) and determine if this represents treasury stock, employee compensation plans, or other corporate purposes.
- Voting Rights: Investigate the specific holdings where voting authority is listed as "NONE" or "SHARED" to understand any restrictions on control.
- Historical Trends: Retrieve the Q2 2022 Form 13F filing to perform a quarter-over-quarter analysis of buy/sell activity.