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: As of March 31, 2025
Context: This filing discloses the equity securities held by the company as a registered investment manager. It does not contain the company's own financial performance metrics (revenue, profit, cash flow) but rather details its investment portfolio composition.
Key Financial Metrics and Portfolio Composition
The filing lists holdings by issuer, class, CUSIP, value (in thousands of dollars), and share count. Key portfolio characteristics include:
- Top Holdings by Value:
- iShares Core MSCI EAFE ETF: $129,433,368 (1,710,950 shares)
- Vanguard Total Stock Market ETF: $248,031,832 (902,459 shares)
- iShares Core S&P Mid-Cap ETF: $46,300,783 (793,501 shares)
- iShares Core Dividend Growth ETF: $57,849,556 (936,380 shares)
- iShares Core S&P Small-Cap ETF: $59,553,556 (569,509 shares)
- Significant Equity Positions:
- Apple Inc: $13,592,801 (61,193 shares)
- Nvidia Corp: $9,861,063 (90,986 shares)
- Microsoft Corp: $7,247,279 (19,306 shares)
- Alphabet Inc (Class A): $6,128,383 (39,630 shares)
- First Business Financial Services, Inc (Own Stock): $18,568,566 (393,819 shares)
- Asset Classes: The portfolio is heavily weighted toward Exchange Traded Funds (ETFs), particularly broad market indices (S&P 500, Total Market, Mid-Cap, Small-Cap) and international exposure (MSCI EAFE). Significant individual stock positions exist in Technology, Financials, and Consumer Staples.
Material Changes and Voting Authority
Voting Authority: For the vast majority of holdings listed, the company exercises Sole voting authority. A small number of positions show shared or none voting authority, often associated with specific share classes or derivative structures (e.g., Douglas Dynamics, Ishares Silver Trust).
Comparison to Prior Period: The filing text provided does not contain data for the prior quarter (December 31, 2024). Therefore, material changes in holdings, additions, or deletions cannot be calculated from this document alone.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy. No specific contingencies or risk factors regarding the company's operations are disclosed in this specific table.
Investor Verification Checklist
- Portfolio Concentration: Verify the total aggregate value of the portfolio to assess the scale of the investment manager's assets under management (AUM) relative to the company's balance sheet.
- Self-Holding: Note the significant position in the company's own stock ($18.5M), which may indicate insider confidence or a specific treasury management strategy.
- ETF Dominance: Confirm the heavy reliance on passive index funds (iShares and Vanguard) versus active stock picking, which suggests a specific investment mandate.
- Missing Data: Acknowledge that revenue, profit margins, debt levels, and liquidity ratios for First Business Financial Services, Inc. are not present in this filing and must be sourced from the company's 10-K or 10-Q reports.