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 December 31, 2021
Context: This filing discloses the equity securities held by the company at the end of the reporting period. As a Form 13F, it does not contain the company's own financial performance (revenue, profit, cash flow) but rather its investment portfolio.
Key Financial Metrics and Portfolio Composition
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 position values in thousands of dollars. The aggregate value is not explicitly summed in the text, but the portfolio includes significant holdings in large-cap equities and broad market ETFs.
- Largest Single Equity Holding: First Business Financial Services, Inc. (Common Stock) with a reported value of $9,997,000 (342,705 shares). Note: The voting authority for this position is listed as "None" with 342,705 shares under "Shared" or "None" columns, suggesting a specific reporting nuance for the issuer's own stock or a treasury holding.
- Largest ETF Holding: iShares Core MSCI EAFE ETF (Value: $120,886,000; Shares: 1,619,590).
- Top Sector Exposure: Significant exposure to Technology (e.g., Apple, Microsoft, Nvidia), Financials (e.g., JPMorgan, Bank of America), and broad market indices via iShares and SPDR ETFs.
- Voting Authority: The vast majority of positions are reported with "Sole" voting authority. Some positions (e.g., AT&T, Abbott Laboratories, Apple) show split authority between "Sole" and "Shared."
Material Changes Versus Prior Period
Data Limitation: The provided text contains only the snapshot of holdings for the period ended December 31, 2021. It does not include the prior quarter's data (September 30, 2021) or a comparative table. Therefore, material changes in position size, new purchases, or sales cannot be calculated from this source text alone.
Guidance, Outlook, and Risks
Management Commentary: Not applicable. Form 13F is a regulatory disclosure of holdings and does not contain management discussion, financial guidance, or forward-looking statements regarding the company's operations.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy. No specific operational risks or contingencies are disclosed in this document type.
Important Facts for Investor Verification
- Issuer's Own Stock: Verify the nature of the 342,705 shares of First Business Financial Services, Inc. held, as the voting authority columns show "0" for Sole and "342,705" for the final column (likely indicating no voting power or a specific reporting classification for the issuer).
- Concentration Risk: The portfolio is heavily weighted toward passive index funds (iShares and SPDR ETFs), particularly the iShares Core MSCI EAFE ETF ($120.9M) and iShares Core S&P Small-Cap ETF ($65.6M).
- Top 5 Equity Positions (by Value):
- iShares Core MSCI EAFE ETF ($120,886,000)
- iShares Core S&P Small-Cap ETF ($65,581,000)
- iShares Edge MSCI USA Momentum ($72,743,000)
- iShares Russell 1000 Growth ETF ($96,181,000)
- iShares Russell 1000 Value ETF ($49,680,000)
- Valuation Basis: All values are reported in thousands (x$1000). Investors must multiply the listed figures by 1,000 to determine actual dollar amounts.