SEC Form 13F Information Table Summary
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, 2024
Context: This filing discloses the equity securities held by the company as of the end of the reporting period. It is a regulatory requirement for institutional investment managers and does not represent the company's own operating financial results (e.g., revenue or profit).
Key Financial Metrics and Holdings
The filing details a diversified portfolio of common stocks and exchange-traded funds (ETFs). Key metrics derived from the table include:
- Total Portfolio Value: The filing lists individual security values but does not explicitly state a consolidated total portfolio value in the text provided. The sum of listed values exceeds $1.5 billion based on the largest holdings.
- Largest Single Holding: iShares Core MSCI EAFE ETF (1,638,650 shares).
- Largest Equity Position by Value: First Business Financial Services, Inc. (349,522 shares, valued at $14,015,832).
- Significant ETF Holdings:
- Vanguard Total Stock Market ETF (899,330 shares)
- iShares Core S&P Small-Cap ETF (555,139 shares)
- iShares Core US Aggregate Bond ETF (456,548 shares)
- iShares Core Dividend Growth ETF (899,155 shares)
- Top Individual Stock Holdings (by share count):
- Apple Inc. (51,852 shares)
- Bank Of America Corp (54,226 shares)
- Microsoft Corp (17,868 shares)
- Amazon.com Inc (9,205 shares)
Material Changes and Voting Authority
Voting Authority: The company reports "SOLE" voting authority for the vast majority of holdings. However, several positions include "SHARED" or "NONE" voting authority, indicating the presence of derivatives or specific ownership structures:
- Shared Voting Authority: Observed in holdings such as Abbott Laboratories (2,522 shares), Abbvie Inc (2,163 shares), and Alphabet Inc Class A (140 shares).
- No Voting Authority: Observed in holdings such as First Business Financial Services, Inc. (349,522 shares), Weyco Group Inc (12,096 shares), and Cisco Systems Inc (2,879 shares).
- Comparison to Prior Period: The filing text provided does not contain data for the prior quarter; therefore, material changes in holdings versus the previous period cannot be determined from this document alone.
- Verify the total aggregate value of the portfolio by summing the "VALUE" column, as the filing does not provide a total.
- Confirm the nature of the "NONE" voting authority on the company's own stock (First Business Financial Services, Inc.) to understand if this represents treasury shares or a specific hedging strategy.
- Compare the current holdings against the previous quarter's 13F filing to identify significant buy/sell activity, as this document only reflects the snapshot as of March 31, 2024.
- Review the "SHARED" voting authority entries to understand any joint control arrangements or derivative positions.
- Note that this filing reflects investment holdings, not the operating performance (revenue, earnings, cash flow) of First Business Financial Services, Inc.
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: The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy. No specific operational risks or contingencies are disclosed in this format.
Unusual Items: The portfolio includes a significant position in the company's own stock (First Business Financial Services, Inc.) with no voting authority, which may indicate treasury stock or specific derivative arrangements.