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: December 31, 2022
Context: This filing discloses the equity securities held by the investment manager at the end of the quarter. It is a regulatory disclosure of portfolio composition, not a financial performance report of the company's own operations.
Key Financial Metrics and Portfolio Composition
The filing details a diversified portfolio of common stocks and exchange-traded funds (ETFs). Key metrics derived from the table include:
- Total Holdings Disclosed: 130+ individual positions including equities and ETFs.
- Largest Equity Position (Shares): iShares Core MSCI EAFE ETF (1,601,571 shares).
- Largest Equity Position (Value): iShares Core MSCI EAFE ETF ($98,721,000).
- Significant Concentration: The portfolio holds a substantial position in its own stock, First Business Financial Services, Inc. (355,045 shares valued at $4,607,000).
- Top Sector Exposure: Significant holdings in Technology (Apple, Microsoft, Alphabet), Financials (JPMorgan, Bank of America), and broad market ETFs (Vanguard Total Stock Market, iShares Russell 1000).
- Derivatives: The table indicates no Put or Call options were held (Columns 6 and 7 are empty for all entries).
Material Changes and Voting Authority
Voting Authority: The manager reported "SOLE" voting authority for the vast majority of holdings. However, several positions include "SHARED" or "NONE" voting authority, indicating third-party management or specific account structures for those specific securities.
Comparison to Prior Period: This filing text does not provide data for the prior quarter (September 30, 2022). Therefore, material changes in holdings, additions, or deletions cannot be calculated from this document alone.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings do not contain management commentary, forward-looking guidance, or strategic outlooks. They are strictly historical snapshots of holdings.
Risks and Contingencies: The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy. No specific operational risks or contingencies are disclosed in this format.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing Column 5 (Value) to assess the scale of assets under management.
- Confirm the nature of the "NONE" voting authority on the company's own stock (First Business Financial Services, Inc.) to understand internal ownership structures.
- Compare the top 10 holdings by value against the previous quarter's 13F filing to identify significant portfolio rebalancing.
- Review the specific CUSIPs for any "Shared" voting authority positions to identify potential co-investors or custodial arrangements.
- Note that this document does not reflect the company's own revenue, profit, or debt levels; refer to Form 10-K or 10-Q for operational financials.