Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by First Business Financial Services, Inc. to the U.S. Securities and Exchange Commission. The report details the company's holdings of equity securities as of the reporting period ending December 31, 2016. As a Form 13F, this document discloses investment positions rather than the company's own operational financial performance.
Key Financial Metrics and Portfolio Composition
The filing lists specific equity holdings, including common stocks and exchange-traded funds (ETFs). Key portfolio characteristics include:
- Total Disclosed Value: The filing lists individual position values in thousands of dollars (Column 4), but does not explicitly state a single aggregate total portfolio value in the text provided.
- Largest Holdings by Value:
- Vanguard Total Stock Market ETF: 1,141,355 shares valued at $131,621,000.
- iShares MSCI EAFE ETF: 1,088,218 shares valued at $62,823,000.
- iShares Russell 1000 Value ETF: 360,176 shares valued at $40,351,000.
- Technology Select Sector SPDR ETF: 356,610 shares valued at $17,246,000.
- Financial Select Sector SPDR ETF: 302,342 shares valued at $7,029,000.
- Self-Holding: The company holds 407,453 shares of its own stock (First Business Financial Services, Inc.) valued at $9,665,000.
- Voting Authority: The company reports "Sole" voting authority for all listed positions.
Material Changes Versus Prior Period
The filing text provided contains only the snapshot of holdings as of December 31, 2016. It does not include comparative data from the prior quarter or year. Therefore, material changes in position size, new acquisitions, or divestitures cannot be determined from this document alone.
Guidance, Outlook, and Risks
Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, risk factors, or contingency plans. The document includes a standard disclaimer stating that the SEC has not reviewed the information for accuracy or completeness.
Important Facts for Investor Verification
- Portfolio Concentration: A significant portion of the disclosed portfolio is allocated to broad market ETFs (e.g., Vanguard Total Stock Market, iShares MSCI EAFE, iShares Russell 1000), suggesting a passive or index-tracking strategy for a large segment of assets.
- Self-Ownership: Verify the strategic intent behind holding nearly $10 million of the company's own stock.
- Valuation Basis: All values are reported in thousands; ensure calculations account for this multiplier when aggregating totals.
- Missing Data: This filing does not provide data on the company's own revenue, profit, cash flow, or debt levels. Investors must consult the company's 10-K or 10-Q filings for operational financial health.