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: September 30, 2016
Context: This filing discloses the equity securities held by the company at the end of the quarter. It is a regulatory disclosure of investment portfolio composition, not an operational earnings report.
Key Financial Metrics and Portfolio Composition
The filing details the specific holdings, share counts, and values (in thousands) of the portfolio. Key metrics include:
- Total Portfolio Value: The filing lists individual security values but does not explicitly state a consolidated total portfolio value in the text provided.
- Largest Single Holding: VANGUARD TOTAL STOCK MARKET ETF (1,090,612 shares, valued at $121,418,000).
- Significant Equity Holdings:
- ISHARES MSCI EAFE MUTUAL FUNDS/EQUITY: 1,016,948 shares ($60,132,000).
- ISHARES RUSSELL 1000 VALUE MUTUAL FUNDS/EQUITY: 345,045 shares ($36,444,000).
- SELECT SECTOR SPDR TR (Financials): 344,536 shares ($16,462,000).
- Company Stock Ownership: The company holds 395,848 shares of its own common stock (FIRST BUSINESS FINANCIAL), valued at $9,302,000.
- Asset Classes: The portfolio is heavily weighted toward Equity Mutual Funds/ETFs (Vanguard, iShares, SPDR) with a smaller allocation to individual common stocks (e.g., Apple, Boeing, McDonald's).
Material Changes and Voting Authority
Voting Authority: The filing indicates that for the vast majority of holdings, the company exercises "SOLE" voting authority. A small number of holdings (primarily specific ETF tranches) are listed under "OTR" (Other) authority, likely indicating shared or limited discretion.
Comparative Analysis: This filing is a snapshot of holdings as of September 30, 2016. It does not contain data regarding the prior quarter (June 30, 2016) within this text, so material changes in position size or composition cannot be calculated from this document alone.
Guidance, Outlook, and Risks
Management Commentary: None. Form 13F filings are strictly data tables and do not include management discussion, financial guidance, or forward-looking statements.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy. No specific operational risks, legal contingencies, or unusual items are disclosed in this format.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing the "VALUE" column, as the total is not explicitly stated.
- Compare the share counts of the top 10 holdings against the previous quarter's 13F filing to identify significant buying or selling activity.
- Confirm the classification of the "OTR" (Other) voting authority holdings to understand if these are held in a different capacity (e.g., client accounts vs. proprietary).
- Review the concentration risk associated with the heavy weighting in broad market ETFs (Vanguard Total Stock Market, iShares MSCI EAFE) versus individual stock picks.
- Check the valuation of the company's own stock holding ($9.3M) against the current market price to assess potential insider sentiment or treasury stock management.