SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: FIRST BUSINESS FINANCIAL SERVICES, INC.
Filing Type: Form 13F Information Table (Statement of Holdings)
Reporting Period: Quarter ended September 30, 2015
Context: This filing discloses the equity securities held by the company as of the end of the quarter. It is a regulatory requirement for institutional investment managers and does not contain the company's own operating financial results (revenue, profit, etc.).
Key Financial Metrics and Holdings
The filing details a diversified portfolio of equity securities and mutual funds. Key metrics derived from the table include:
- Total Reported Positions: 78 distinct line items (including individual stocks and mutual funds).
- Largest Single Holding (Shares): Vanguard Total Stock Market ETF (873,050 shares).
- Largest Single Holding (Value): Vanguard Total Stock Market ETF ($86,188,000).
- Significant Self-Holding: First Business Financial Common Stock (457,435 shares valued at $10,759,000).
- Asset Allocation: The portfolio includes significant allocations to broad market ETFs (Vanguard, iShares, SPDR) alongside individual equities in sectors such as Technology, Healthcare, Consumer Staples, and Financials.
Note: This filing does not provide data on the company's revenue, profit, cash flow, debt, or liquidity. Those metrics are found in 10-Q or 10-K filings.
Material Changes and Voting Authority
Voting Authority:
- Sole Discretion: The majority of holdings are reported with "Sole" voting authority.
- Shared/None: Several positions, including Apple Inc., Bank of Montreal, and McDonald's Corp., show voting authority split between "Shared" and "None" or entirely "None," indicating potential use of derivatives or specific account structures.
- Other Discretion (OTR): Small portions of several iShares and SPDR funds are listed under "Other" discretion, likely representing non-voting or specific fund share classes.
Material Changes: As this is a snapshot of holdings at a specific date, the filing does not explicitly state changes versus the prior period. However, the presence of specific share counts allows for comparison against the previous quarter's 13F filing to determine net buying or selling activity.
Guidance, Risks, and Contingencies
Guidance and Outlook: This filing contains no management commentary, forward-looking guidance, or strategic outlook.
Risks and Contingencies: No specific risk factors or legal contingencies are disclosed in this document. The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy or completeness.
Investor Verification Checklist
- Verify the total market value of the portfolio by summing the "Value" column to assess the scale of assets managed or held.
- Compare the share counts of the top 10 holdings against the previous quarter's 13F to identify significant portfolio shifts.
- Review the "Voting Authority" columns for positions marked "None" or "Shared" to understand the nature of the investment (e.g., derivatives vs. direct ownership).
- Confirm the company's own stock position (457,435 shares) to gauge insider confidence or treasury stock management.
- Cross-reference the "Other" (OTR) discretion entries to ensure they align with known fund structures or derivative positions.