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: December 31, 2024
Context: This filing discloses the equity securities held by the investment manager as of the end of the reporting period. It details the number of shares, value, and voting authority for each position.
Key Financial Metrics and Portfolio Composition
The filing provides a snapshot of the portfolio's asset allocation rather than the company's operational financials (revenue, profit, cash flow). Key portfolio metrics include:
- Top Equity Holdings by Value:
- First Business Financial Services, Inc. (Own Stock): 376,088 shares valued at $17,409,114.
- iShares Core MSCI EAFE ETF: 1,664,076 shares valued at $116,951,261.
- iShares Core S&P Mid-Cap ETF: 754,722 shares valued at $47,026,728.
- iShares Core S&P Small-Cap ETF: 533,412 shares valued at $61,459,731.
- Vanguard Total Stock Market ETF: 878,973 shares valued at $254,735,165.
- Significant Individual Stock Positions:
- Nvidia Corp: 84,189 shares valued at $11,305,741.
- Apple Inc: 58,728 shares valued at $14,706,666.
- Microsoft Corp: 18,548 shares valued at $7,817,982.
- Alphabet Inc (Class A): 37,275 shares valued at $7,056,158.
- Voting Authority: The manager holds "Sole" voting authority for the vast majority of positions. Some positions (e.g., Abbott Laboratories, Abbvie Inc, Apple Inc) show split authority between "Sole" and "Shared."
Material Changes Versus Prior Period
Not Applicable: The provided text contains only the current period's holdings table. It does not include the prior quarter's data, making a comparison of material changes (additions, deletions, or significant shifts in weight) impossible based on this document alone.
Guidance, Outlook, and Risks
Not Applicable: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, risk factors, or contingency plans. The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy.
Investor Verification Checklist
- Concentration Risk: Verify the total portfolio value to assess the concentration in the Vanguard Total Stock Market ETF ($254.7M) and iShares Core MSCI EAFE ETF ($116.9M).
- Self-Holding: Confirm the significance of the $17.4M position in the company's own stock (First Business Financial Services, Inc.) relative to the total portfolio size.
- Derivatives: Note that the "Put/Call" column is blank for all listed securities, indicating no reported options positions in this specific table.
- Voting Control: Review the "Shared" voting authority entries (e.g., Apple, Alphabet) to understand potential limitations on proxy voting control for specific holdings.
- Missing Data: The filing text does not provide the total aggregate value of the portfolio, the number of shares outstanding for the reporting company, or the prior quarter's holdings for trend analysis.