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: March 31, 2015
Context: This filing discloses the equity securities held by the company at the end of the quarter. It does not contain operational financial statements (revenue, profit, cash flow) for First Business Financial Services, Inc. itself, but rather a list of its investment portfolio.
Key Financial Metrics and Portfolio Composition
The filing details the value and voting authority of specific holdings. Key portfolio statistics include:
- Total Reported Value: The sum of values listed in Column 4 (Value in thousands) across all holdings.
- Largest Single Holding: First Business Financial Common Stock (Self-holding) valued at $222,969,000 (222,969 shares).
- Largest External Equity Holding: Vanguard Total Stock Market ETF valued at $986,616,000 (986,616 shares).
- Largest External Fund Holding: iShares MSCI EAFE Mutual Funds/Equity valued at $577,858,000 (577,858 shares).
- Notable Individual Stock Holdings:
- Fidelity National Information: $17,636,000
- SPDR Technology: $213,367,000
- SPDR Consumer Staples: $143,645,000
- SPDR Health Care Select: $125,814,000
- Voting Authority: The company reports "Sole" voting authority for the majority of holdings. Some holdings (e.g., Bank of Montreal, Caterpillar, Kraft Foods) show "Shared" or "None" voting authority for specific tranches.
Material Changes and Portfolio Activity
Comparison to Prior Period: The filing text provided does not contain data for the prior quarter (December 31, 2014). Therefore, material changes in holdings, buy/sell activity, or percentage shifts cannot be calculated from this document alone.
Portfolio Structure: The portfolio is heavily weighted toward Exchange Traded Funds (ETFs) and Mutual Funds (e.g., iShares, SPDR, Vanguard), suggesting a diversified index-tracking strategy alongside specific individual equity positions.
Guidance, Risks, and Contingencies
Guidance and Outlook: Form 13F filings are historical disclosures of holdings and do not contain management guidance, future earnings outlooks, or strategic commentary.
Risks and Contingencies: The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy. No specific risk factors or contingencies regarding the company's operations are disclosed in this specific table format.
Investor Verification Checklist
- Self-Holding Verification: Verify the $222.9 million holding of First Business Financial Common Stock to understand the company's treasury stock or employee benefit plan holdings.
- ETF Concentration: Confirm the total exposure to broad market indices via the significant holdings in Vanguard Total Stock Market ETF and iShares funds.
- Voting Rights: Review the "Shared" and "None" voting authority entries (e.g., Bank of Montreal, InterOil) to understand limitations on corporate governance influence for those specific assets.
- Missing Data: Note that this filing does not provide the company's own revenue, net income, or debt levels; these must be sourced from Form 10-Q or 10-K filings.