Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by First Business Financial Services, Inc. for the reporting period ending December 31, 2017. The document discloses the company's holdings of equity securities and certain derivatives as required by the Securities and Exchange Commission. It does not contain the company's own financial performance metrics (revenue, profit, cash flow) but rather details its investment portfolio.
Key Financial Metrics and Portfolio Composition
The filing details a diversified portfolio consisting of individual equities and Exchange Traded Funds (ETFs). Key portfolio statistics include:
- Total Reported Value: The sum of the "Value" column (in thousands) across all listed positions is approximately $1,038,500 (based on the provided text data).
- Investment Discretion: The manager reported Sole discretion for all listed positions.
- Top Holdings by Value:
- Vanguard Total Stock Market ETF: $167,615 (1,221,238 shares)
- iShares MSCI EAFE ETF: $84,806 (1,206,181 shares)
- iShares Core US Aggregate Bond ETF: $58,013 (530,623 shares)
- Financial Select Sector SPDR ETF: $22,903 (820,610 shares)
- Industrials Select Sector SPDR ETF: $23,056 (304,688 shares)
- Significant Individual Equity Positions:
- First Business Financial Services Common: $8,522 (385,283 shares). Note: Voting authority is listed as "None" for this position, indicating these may be treasury shares or restricted holdings.
- Coca-Cola Co: $2,000 (43,601 shares)
- Apple Inc: $1,448 (8,556 shares)
- Boeing Co: $1,240 (4,204 shares)
Material Changes Versus Prior Period
The filing text provided does not contain comparative data from the prior quarter (September 30, 2017). Therefore, material changes in holdings, additions, or deletions cannot be determined from this document alone.
Guidance, Outlook, and Risks
Management Commentary: None provided. Form 13F filings are strictly data tables and do not include narrative management discussion, guidance, or 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 company's operations are disclosed in this form.
Unusual Items: The company holds a significant position in its own stock (First Business Financial Services Common) with zero voting authority reported, which is a notable structural detail for investors to review.
Important Facts for Investor Verification
- Portfolio Concentration: Verify the total asset base of the company to understand what percentage of its capital is allocated to this reported portfolio versus other assets (e.g., loans, cash, real estate) not listed in a 13F.
- Own Stock Holdings: Investigate the nature of the 385,283 shares of First Business Financial Services Common held with "None" voting authority to determine if these are treasury shares or held in a specific trust.
- Derivative Exposure: While the table lists "Put/Call" columns, most entries show "SH" (Shares). Verify if there are any off-balance-sheet derivative positions not fully captured in the simple share count.
- Valuation Basis: Confirm that the "Value" column represents the fair market value at the quarter-end date (Dec 31, 2017) and not a cost basis.