SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: FIRST BUSINESS FINANCIAL SERVICES, INC.
Filing Type: Form 13F Information Table (Quarterly Report of Holdings)
Reporting Period: December 31, 2018
Context: This filing discloses the equity securities held by the company at the end of the reporting period. It is a regulatory disclosure of investment holdings, not a report of the company's own operating financial performance.
Key Financial Metrics and Holdings
The filing details a diversified portfolio of equity securities, including common stocks, preferred stocks, and exchange-traded funds (ETFs). Key metrics derived from the table include:
- Total Holdings: The table lists over 100 distinct issuers.
- Top Holdings by Value (Column 4):
- Western Asset Core Plus Bond Fund: $18,647,000
- Baird Intermediate Bond Fund: $18,943,000
- MetWest Total Return Bond Fund (CUSIP 592905764): $13,398,000
- Vanguard Total Stock Market ETF: $152,318,000
- iShares Core MSCI EAFE ETF: $51,807,000
- iShares Russell 1000 Growth ETF: $51,498,000
- Self-Holding: The company holds 396,797 shares of its own common stock (First Business Financial Services), valued at $7,742,000, with no voting authority reported.
- Investment Discretion: All listed holdings are reported under "SOLE" discretion.
Material Changes and Portfolio Composition
Note: As this is a snapshot of holdings at a specific date, the filing text does not provide comparative data against the prior quarter to calculate material changes in position size or value.
Portfolio Composition:
- Fixed Income/Bond Funds: Significant allocation to bond funds, including Baird Intermediate Bond Fund, MetWest Total Return Bond Fund, and Western Asset Core Plus Bond Fund.
- Equity ETFs: Heavy weighting in broad market and international ETFs, particularly iShares and Vanguard products covering S&P 500, Russell 1000/2000, and MSCI EAFE indices.
- Individual Equities: Holdings include major corporations such as Apple Inc., Microsoft Corp., JPMorgan Chase & Co., and Bank of America Corp.
- Special Situations: The portfolio includes a significant position in Cool Technologies Inc. (750,000 shares) and Varigen Biosciences Corp. (936,555 shares), where voting authority is reported as "NONE" despite share ownership.
Guidance, Risks, and Contingencies
Guidance and Outlook: The filing text does not contain management commentary, forward-looking guidance, or strategic outlook.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. No specific risk factors or contingencies regarding the holdings are disclosed in this table.
Key Facts for Investor Verification
- Self-Holding Status: Verify the intent behind holding nearly 400,000 shares of the company's own stock with zero voting authority reported.
- Concentration Risk: Assess the impact of the large positions in bond funds and broad market ETFs on the company's overall liquidity and risk profile.
- Special Situations: Investigate the nature of the holdings in Cool Technologies Inc. and Varigen Biosciences Corp., specifically why voting authority is listed as "NONE" for these positions.
- Valuation Basis: Confirm that the values listed in Column 4 represent the fair market value at the close of the reporting period (Dec 31, 2018).