Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by First Business Financial Services, Inc. The reporting period covers holdings as of December 31, 2025. As a Form 13F, this document discloses the equity securities held by the company (acting as an institutional investment manager) rather than the company's own operating financial results.
Key Financial Metrics and Portfolio Composition
The filing details a diversified portfolio of equity securities, including common stocks and exchange-traded funds (ETFs). Key portfolio characteristics include:
- Top Holdings by Share Count: The portfolio is heavily weighted toward broad market ETFs and large-cap technology stocks. Notable positions include Vanguard Total Stock Market ETF (788,902 shares), iShares Core MSCI EAFE ETF (1,513,690 shares), and Apple Inc. (56,928 shares).
- Self-Holding: The company holds 361,311 shares of its own stock (First Business Financial Services, Inc.), with voting authority listed as "None" (likely held in a treasury or restricted capacity).
- Asset Classes: The portfolio includes significant exposure to fixed income via ETFs such as iShares Core US Aggregate Bond ETF (381,535 shares) and iShares National Muni Bond ETF (45,130 shares).
- Voting Authority: The vast majority of holdings are reported with "Sole" voting authority, indicating direct control over voting decisions for those securities.
Material Changes Versus Prior Period
The filing text does not provide a clear value for material changes versus the prior comparable period. Form 13F filings typically list current holdings without explicitly stating the net change in shares or value from the previous quarter within the text body provided.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for management guidance, outlook, or specific risk commentary. Form 13F is a regulatory disclosure of holdings and does not contain forward-looking statements, earnings guidance, or management discussion and analysis (MD&A). The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy.
Important Facts for Investor Verification
- Portfolio Concentration: Verify the concentration risk associated with the top 10 holdings, which include significant positions in Nvidia Corp (94,501 shares), Alphabet Inc. (combined ~45,874 shares), and Microsoft Corp (17,678 shares).
- ETF Exposure: Confirm the total exposure to passive index strategies, as a large portion of the portfolio is held through iShares and Vanguard ETFs covering S&P 500, Russell 1000/2000, and international markets.
- Self-Holding Status: Investigate the nature of the 361,311 shares of First Business Financial Services stock held, as the filing lists "None" for voting authority, suggesting these may be treasury shares or held in a non-voting capacity.
- Derivatives and Options: The "Put/Call" column is blank for all entries, indicating no reported short positions or options activity in this specific filing.