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 June 30, 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 to report their holdings to the SEC.
Key Financial Metrics and Holdings
The filing provides a detailed list of equity positions but does not contain consolidated financial statements (revenue, profit, cash flow, or debt) for First Business Financial Services, Inc. The following metrics are derived from the reported portfolio holdings:
- Total Portfolio Composition: The portfolio consists of individual equities and Exchange Traded Funds (ETFs).
- Largest Single Equity Position: First Business Financial Services, Inc. (Own Stock) with 353,718 shares valued at approximately $13,084,029.
- Largest ETF Position: Vanguard Total Stock Market ETF with 905,198 shares valued at approximately $242,149,517.
- Significant Sector Exposure: Heavy allocation to Technology (e.g., Apple, Microsoft, Nvidia), Financials (e.g., JPMorgan, Bank of America), and Healthcare (e.g., UnitedHealth, Eli Lilly).
- Voting Authority: The company reports "SOLE" voting authority for the vast majority of holdings, indicating full control over voting decisions for these securities.
Material Changes and Portfolio Composition
As this is a snapshot of holdings at a specific date, material changes versus prior periods cannot be calculated from this document alone. However, the current composition reveals:
- Concentration: Significant concentration in broad market index funds (iShares and Vanguard ETFs) alongside large-cap individual stocks.
- Self-Holding: The company holds a substantial position in its own common stock (353,718 shares), which is reported with "NONE" sole voting authority and "353,718" shared voting authority, suggesting these shares may be held in a treasury or specific trust capacity.
- Derivatives: No Put or Call options are reported in the "PRN AMT" columns for any issuer.
Guidance, Outlook, and Risks
Guidance and Outlook: This Form 13F filing does not contain management commentary, forward-looking guidance, or strategic outlooks. It is strictly a disclosure of current asset ownership.
Risks and Contingencies: The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy. The primary risk inherent in the reported portfolio is market risk associated with the heavy weighting in large-cap equities and broad market ETFs. No specific legal contingencies or unusual items are disclosed in this text.
Investor Verification Checklist
- Verify Total Assets Under Management (AUM): Sum the "VALUE" column to estimate the total equity portfolio size, noting this excludes cash, fixed income (unless in ETFs), and other non-equity assets.
- Confirm Self-Holding Status: Investigate the nature of the 353,718 shares of First Business Financial Services, Inc. held by the company, specifically why voting authority is listed as "Shared" rather than "Sole."
- Compare with Prior Filings: Retrieve the Q1 2024 Form 13F to calculate actual turnover and material changes in specific positions (e.g., Nvidia, Apple, or ETF holdings).
- Check for Omitted Assets: Remember that Form 13F only covers equity securities; verify the company's 10-Q or 10-K for a complete picture of liquidity, debt, and non-equity investments.