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: As of June 30, 2025
Context: This filing discloses the equity securities held by the company as a registered investment manager. It details the issuer, class of security, CUSIP, value, share amount, and voting authority for each holding.
Key Financial Metrics and Portfolio Composition
The filing provides a snapshot of the portfolio's composition rather than the company's operational financials (revenue, profit, cash flow). Key portfolio metrics include:
- Total Holdings Disclosed: The table lists over 100 distinct equity positions, including individual stocks and Exchange Traded Funds (ETFs).
- Largest Equity Position by Value: iShares Core MSCI EAFE ETF (Value: $142,166,857; Shares: 1,703,005).
- Significant Individual Stock Holdings:
- Apple Inc.: $12,234,492 (59,631 shares)
- Nvidia Corp: $16,069,637 (101,713 shares)
- Alphabet Inc (Class A): $7,181,020 (40,748 shares)
- First Business Financial Services, Inc. (Own Stock): $19,984,914 (394,491 shares)
- ETF Exposure: Significant allocation to broad market and sector ETFs, including Vanguard Total Stock Market ETF ($274,163,704) and iShares Core S&P Mid-Cap ETF ($49,003,118).
- Voting Authority: The company reports "SOLE" voting authority for the vast majority of holdings. Some positions show "SHARED" or "NONE" authority, often associated with specific share classes or derivative structures.
Material Changes and Portfolio Activity
Note: As a Form 13F Information Table, this document provides a static snapshot of holdings at the end of the quarter. It does not explicitly state the net change in value or share count compared to the prior period (March 31, 2025) within the text provided. Investors must compare this table against the previous quarter's filing to determine material changes.
Notable Observations in Current Holdings:
- Concentration: The portfolio shows heavy concentration in large-cap technology and broad market index funds.
- Self-Holding: The company holds a significant position in its own stock (First Business Financial Services, Inc.), valued at approximately $19.98 million.
- Derivatives/Options: Several entries show "PUT" or "CALL" columns with values, indicating the presence of options or other derivative instruments (e.g., Oklo Inc., Altria Group Inc., Douglas Dynamics Inc.).
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not contain management commentary, forward-looking guidance, or strategic outlook. Form 13F is a regulatory disclosure of holdings and does not include narrative sections for future projections.
Risks and Contingencies:
- Market Risk: The portfolio is heavily exposed to equity market volatility, particularly in the technology and financial sectors.
- Liquidity Risk: While most holdings are liquid public equities, the sheer size of certain positions (e.g., $142M in EAFE ETF) could impact market prices upon large-scale liquidation.
- Regulatory Disclaimer: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness.
Key Facts for Investor Verification
- Portfolio Concentration: Verify the total portfolio value by summing the "VALUE" column to assess the scale of assets under management relative to the company's balance sheet.
- Self-Ownership: Confirm the purpose and voting rights associated with the $19.98 million holding of First Business Financial Services, Inc. stock.
- Derivative Exposure: Investigate the specific terms of the "PUT" and "CALL" positions listed for companies like Oklo Inc. and Douglas Dynamics Inc. to understand potential downside protection or leverage.
- Quarter-over-Quarter Comparison: Compare the share counts in this filing against the March 31, 2025, 13F filing to identify significant buys or sells.
- ETF Weighting: Analyze the weighting of the Vanguard Total Stock Market ETF ($274M) and iShares Core MSCI EAFE ETF ($142M) to determine the passive vs. active management ratio of the portfolio.