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 Institutional Investment Managers)
Reporting Period: As of September 30, 2025
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 to report their holdings to the SEC. The filing does not contain financial performance metrics (revenue, profit, cash flow) for First Business Financial Services, Inc. itself, but rather a list of assets under management.
Key Financial Metrics and Portfolio Composition
The filing provides a detailed list of equity holdings, including common stocks and exchange-traded funds (ETFs). Key observations regarding the portfolio include:
- Top Holdings by Share Count: The portfolio is heavily weighted toward broad market ETFs and large-cap technology stocks. Notable positions include:
- iShares Core MSCI EAFE ETF: 1,520,975 shares
- Vanguard Total Stock Market ETF: 807,129 shares
- iShares Core S&P Mid-Cap ETF: 704,170 shares
- iShares Core S&P Small-Cap ETF: 499,418 shares
- Apple Inc.: 56,477 shares
- Arista Networks Inc.: 57,092 shares
- Nvidia Corp.: 93,654 shares
- Self-Holding: The company holds 374,233 shares of its own stock (First Business Financial Services, Inc.), with voting authority listed as "NONE" (likely held in a treasury or restricted capacity).
- Derivatives: The filing lists "PUT" and "CALL" columns, but no specific derivative positions (options) are populated with values in the provided text; all entries show "SH" (Shares) as the investment type.
- Voting Authority: The vast majority of holdings are reported with "SOLE" voting authority, indicating the company has full discretion over voting rights for these securities.
Material Changes and Comparisons
Comparison Data Unavailable: The provided text contains only the snapshot of holdings for the period ending September 30, 2025. It does not include data from the prior quarter (June 30, 2025) or the prior year. 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 factual disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: No specific risks or contingencies are disclosed in this filing. The standard SEC disclaimer notes that the Commission has not reviewed the information for accuracy or completeness.
Investor Verification Checklist
- Portfolio Concentration: Verify the percentage of the total portfolio allocated to passive index funds (ETFs) versus active individual stock picks to understand the investment strategy.
- Self-Holding Status: Confirm the nature of the 374,233 shares of First Business Financial Services, Inc. held by the company (e.g., treasury stock, employee benefit plan) given the "NONE" voting authority designation.
- Top Sector Exposure: Analyze the aggregate exposure to the Technology sector (e.g., Nvidia, Apple, Alphabet, Microsoft) versus Financials and Utilities to assess sector risk.
- Derivative Activity: Cross-reference with other filings to confirm if any options or derivatives were held but not explicitly detailed in this text extract.
- Valuation Accuracy: Note that the "VALUE" column is not populated in the provided text; investors must calculate current market value using the share counts and current market prices.