SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: FIRST BUSINESS FINANCIAL SERVICES, INC.
Filing Type: Form 13F Information Table
Reporting Period: Quarter ended September 30, 2014
Context: This filing discloses the equity securities held by the company as of the end of the reporting period. It is a regulatory requirement for institutional investment managers to report their holdings to the SEC.
Key Financial Metrics and Holdings
The filing details a portfolio of equity securities and mutual funds. Key metrics include:
- Total Portfolio Value: The aggregate value of all reported holdings is approximately $4,676,000 (sum of Column 4 values).
- Largest Single Holding: VANGUARD TOTAL STOCK MARKET ETF (Value: $881,421; Shares: 89,235).
- Significant Self-Holding: FIRST BUSINESS FINANCIAL COMMON STOCK (Value: $225,815; Shares: 225,815).
- Asset Class Mix: The portfolio consists of individual common stocks (e.g., AETNA, COCA-COLA, DISCOVER FINANCIAL) and a significant allocation to mutual funds/ETFs (e.g., ISHARES, SPDR, VANGUARD).
- Voting Authority: The company reports "SOLE" voting authority for the vast majority of holdings, with some "OTHER" authority noted for specific fund positions.
Material Changes and Portfolio Composition
As this is a snapshot of holdings at a specific date, the filing does not provide comparative data against the prior period (June 30, 2014) within this text. However, the composition reveals:
- Diversification: Holdings span multiple sectors including Financials, Healthcare, Consumer Staples, Technology, and Energy.
- Index Exposure: A substantial portion of the portfolio is invested in broad market index funds (e.g., ISHARES RUSSELL 1000, SPDR S&P 500), suggesting a passive investment strategy for a significant segment of assets.
- Foreign Exposure: The portfolio includes foreign stocks such as BANK OF MONTREAL, SCHLUMBERGER LTD, and ENSCO PLC.
Guidance, Risks, and Contingencies
Management Commentary: None provided. Form 13F filings are factual disclosures of holdings and do not contain management discussion, guidance, or outlook.
Risks and Contingencies: The filing includes a standard disclaimer stating that the SEC has not reviewed the information for accuracy or completeness. No specific contingencies or unusual items are disclosed in this table.
Key Facts for Investor Verification
- Verify the total aggregate value of the reported portfolio against the company's broader financial statements to understand the proportion of assets under management.
- Note the significant holding of the company's own stock ($225,815) and determine if this represents treasury stock or an active investment position.
- Confirm the breakdown between "SOLE" and "OTHER" voting authority to understand the extent of the company's direct control over the reported securities.
- Review the specific mutual fund holdings (e.g., ISHARES, SPDR) to assess the underlying asset allocation and sector exposure not immediately visible in the ticker names.