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 March 31, 2021
Context: This filing discloses the equity securities held by the company as a registered investment manager. It is not a financial performance report (e.g., 10-Q or 10-K) and does not contain revenue, profit, or cash flow data for the company itself.
Key Financial Metrics
Revenue, Profit, Cash Flow, Margins, Debt, Liquidity: The filing text does not provide a clear value for these metrics. Form 13F filings are strictly limited to reporting investment holdings and voting authority; they do not disclose the operating financial results of the reporting company.
Material Changes and Portfolio Composition
The filing details a diversified portfolio of common stocks and exchange-traded funds (ETFs). Key observations include:
- Self-Holding: The company holds 345,765 shares of its own common stock (First Business Financial Services Inc), valued at approximately $2,956,656 (based on reported value of $8,551,000). Voting authority is listed as "None" for this position, suggesting these may be treasury shares or held in a specific capacity without voting rights.
- Top Equity Holdings: Significant positions include Apple Inc (50,274 shares), Cisco Systems Inc (33,807 shares), Fiserv Inc (64,830 shares), and Coca-Cola Co (24,850 shares).
- ETF Exposure: A substantial portion of the portfolio is allocated to iShares and Vanguard ETFs, including the iShares Core S&P Small-Cap ETF (540,309 shares), iShares Edge MSCI Min Vol EAFE (629,670 shares), and Vanguard Total Stock Market ETF (870,089 shares).
- Voting Authority: The company reports "Sole" voting discretion for the vast majority of its holdings. Some positions, such as AT&T Inc and Altria Group Inc, show "Shared" or "None" voting authority in specific columns, indicating complex ownership structures or derivative positions.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not provide a clear value for future guidance, management commentary, or strategic outlook. Form 13F is a historical snapshot of holdings and does not contain forward-looking statements.
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.
Important Facts for Investor Verification
- Not an Earnings Report: Investors should not use this document to assess the company's profitability, liquidity, or debt levels. Refer to the company's 10-Q or 10-K filings for operational financials.
- Self-Holding Structure: Verify the nature of the 345,765 shares of First Business Financial Services Inc held by the company, as voting authority is listed as "None."
- Portfolio Concentration: The portfolio is heavily weighted toward large-cap U.S. equities and broad market ETFs, with significant exposure to the financial sector (e.g., Fiserv, Bank of America, JPMorgan Chase).
- Valuation Basis: The "Value" column represents the approximate market value of the holdings at the end of the quarter, not the cost basis or current market value.