Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by First Business Financial Services, Inc. for the reporting period ending March 31, 2017. The document discloses the company's holdings of equity securities and investment contracts as of the end of the quarter.
Key Financial Metrics and Portfolio Composition
The filing details a diversified portfolio consisting of individual equities and Exchange Traded Funds (ETFs). Key metrics include:
- Total Portfolio Value: The aggregate value of all reported holdings is approximately $1,026,800,000 (derived from the sum of Column 4 values, which are reported in thousands).
- Top Holdings by Value:
- Vanguard Total Stock Market ETF: $139,851,000 (1,152,744 shares)
- iShares MSCI EAFE ETF: $71,243,000 (1,143,727 shares)
- iShares Russell 1000 Value ETF: $41,779,000 (363,483 shares)
- iShares Core US Aggregate Bond: $52,650,000 (485,301 shares)
- First Business Financial Services, Inc. (Own Stock): $10,268,000 (395,534 shares)
- Investment Discretion: The manager reported Sole voting authority for all listed positions.
- Debt and Liquidity: This filing type does not provide data on the company's debt, cash flow, or liquidity positions.
Material Changes
The filing text does not provide comparative data for the prior quarter (December 31, 2016). Therefore, material changes in holdings, value, or strategy versus the prior comparable period cannot be determined from this document alone.
Guidance, Outlook, and Risks
Management Commentary: None provided. Form 13F is a statutory disclosure of holdings and does not contain management discussion, guidance, or outlook.
Risks and Contingencies: The filing includes a standard disclaimer stating that the SEC has not reviewed the information for accuracy or completeness. No specific business risks or contingencies are detailed in this table.
Unusual Items: The portfolio includes a significant position in the company's own stock (First Business Financial Services, Inc.) valued at $10,268,000, representing approximately 1% of the total reported portfolio value.
Investor Verification Checklist
- Verify the total portfolio value against the company's most recent 10-Q or 10-K to confirm asset allocation consistency.
- Confirm the ownership percentage of the company's own stock (395,534 shares) relative to the total shares outstanding.
- Review the specific breakdown of "Shared" vs. "Sole" voting authority for any future filings to detect changes in control.
- Compare the ETF holdings (e.g., iShares, Vanguard, SPDR) to the company's stated investment policy statement if available.