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 June 30, 2022
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 list of holdings rather than the company's own financial performance (revenue, profit, cash flow). Key metrics derived from the table include:
- Total Portfolio Value: The filing lists individual security values in thousands of dollars but does not explicitly state the aggregate total portfolio value in the text provided.
- Largest Single Holding (Value): iShares Core MSCI EAFE ETF (Value: $99,220,000).
- Largest Single Holding (Shares): iShares Core MSCI EAFE ETF (Shares: 1,685,975).
- Significant Self-Holding: The company holds 354,963 shares of its own stock (First Business Financial Services, Inc.) valued at $11,071,000. Voting authority for this position is listed as "None," indicating these shares are likely held in a treasury or restricted capacity.
- Asset Class Mix: The portfolio is heavily weighted toward Exchange Traded Funds (ETFs), particularly iShares and Vanguard funds, alongside individual equities in technology, financials, and healthcare sectors.
Material Changes and Portfolio Composition
As this is a snapshot of holdings at a specific date, material changes versus prior periods cannot be calculated from this document alone. However, the composition reveals:
- Diversification: The portfolio includes over 100 distinct issuers, ranging from large-cap tech (Apple, Microsoft, Alphabet) to broad market ETFs.
- Voting Authority: The vast majority of holdings are reported with "Sole" voting discretion. A significant number of positions show "Shared" or "None" voting authority, often associated with ETFs or specific corporate actions.
- Notable Individual Positions:
- Apple Inc.: 58,283 shares ($7,968,000)
- Bank of America Corp: 65,992 shares ($2,054,000)
- Fiserv Inc: 64,129 shares ($5,706,000)
- Vanguard Total Stock Market ETF: 908,875 shares ($171,432,000)
Guidance, Outlook, and Risks
Guidance and Outlook: This filing type (Form 13F) does not contain management commentary, forward-looking guidance, or strategic outlooks. It is strictly a disclosure of past holdings.
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 table.
Investor Verification Checklist
- Verify the aggregate value of the portfolio by summing the "Value" column to assess total assets under management.
- Confirm the nature of the 354,963 shares of First Business Financial Services, Inc. held by the company (e.g., treasury stock vs. investment) given the "None" voting authority.
- Compare the ETF-heavy allocation against the company's stated investment policy or prior 13F filings to identify shifts in passive vs. active management strategy.
- Review the "Shared" voting authority positions to understand any co-investment arrangements or custodial limitations.