FIRST BUSINESS FINANCIAL SERVICES (FBIZ) Company Report

First Business Bank (FBIZ) is a $4 billion business bank specializing in commercial banking and private wealth management, operating in four key markets and through five national niche C&I lending businesses.
The bank's strategic plan, which began in 2024, targets over 10% annual revenue growth (currently 12.3%), an efficiency ratio below 60 (currently 59.51), and a return on average tangible common equity greater than 15% (currently 17.3%).
FBIZ emphasizes organic growth and has consistently grown tangible book value per share every year since going public, with credit costs approximately one-third of the industry average.
The company employs a disciplined asset liability management approach to mitigate interest rate risk and maintain a stable net interest margin, translating balance sheet growth into predictable earnings.
Despite strong historical performance, including outperforming peers over the last five years, the stock is currently trading at a discount to its peer group based on the last 12 months' earnings per share.

Dec 11, 2025, 6:00 PM

Transcript

First Business Bank Discusses Strategic Plan and Performance at Sidoti Conference

FBIZ

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

First Business Bank (FBIZ) operates as a $4 billion business bank with an additional $4 billion in assets under management through its private wealth group, focusing on commercial banking, niche C&I lending, and financial planning for individuals.
The company's 2024 strategic plan targets include over 10% annual revenue growth (currently 12.3%), an efficiency ratio below 60 (currently 59.51), and a return on average tangible common equity greater than 15% (currently 17.3%).
FBIZ emphasizes organic growth, consistently growing tangible book value per share every year since going public, and maintains credit costs at approximately one-third of the industry average.
Management notes that the company is currently trading at a discount to its peer group despite strong historical performance and consistent double-digit EPS growth.

Dec 11, 2025, 6:00 PM

Transcript

First Business Financial Services Reports Strong Q2 2025 Performance and Strategic Progress

FBIZ

Earnings

Guidance Update

Revenue Acceleration/Inflection

First Business Financial Services, Inc. (FBIZ) reported strong Q2 2025 results, with pre-tax, pre-provision earnings up 18% and net income up 17% for the first six months of 2025 compared to the prior-year period.
The company achieved robust growth in Q2 2025, with loans growing 8.4% annualized from the linked quarter and 8.9% from Q2 2024, while core deposits grew 11.4% annualized from the linked quarter and 9.7% from Q2 2024. Private Wealth management assets under management and administration reached a record $3.731 billion.
For Q2 2025, the net interest margin (NIM) was 3.67% , and year-to-date operating revenue increased 10.3% over the first six months of 2024. The company's 2024-2028 strategic plan targets an efficiency ratio of <60% by 2028, with a YTD June 2025 efficiency ratio of 60.63%.
Tangible book value per share (TBVPS) grew 10.2% annualized from the linked quarter and 13.6% from Q2 2024. FBIZ also increased its quarterly cash dividend to $0.29 per share, representing a 16% increase over December 31, 2024 , and maintained solid regulatory capital ratios, including a Total Capital Ratio of 12.25% and a Tier 1 Ratio of 9.66% as of June 30, 2025.

Nov 10, 2025, 9:27 PM

8-K

First Business Financial Services Reports Strong Q3 2025 Performance with Record Operating Revenue

FBIZ

Earnings

Guidance Update

Revenue Acceleration/Inflection

First Business Financial Services reported a strong Q3 2025, with year-to-date ROA growing 15 basis points to 1.23% and tangible book value per share increasing 16% from a year ago.
The company achieved 26% earnings per share growth from Q2 and 25% year-to-date, driven by record operating revenue and robust balance sheet expansion. Loan balances grew 10% annualized during the quarter, and core deposits increased 9%.
Net interest margin (NIM) grew one basis point to 3.68% in Q3 2025, with a year-to-date NIM of 3.68%. The company maintains a target NIM range of 3.60% to 3.65%.
Record non-interest income included $770,000 in non-recurring items, and annual fee income growth is expected to approximate 10%. Asset quality improved, with non-performing assets decreasing by $5.2 million to 0.58% of total assets.
The company aims for 10% annual revenue growth and positive operating leverage, while capital levels are currently above comfortable thresholds, prompting evaluation of capital return options.

Oct 31, 2025, 6:00 PM

Transcript

First Business Financial Services Reports Strong Q3 2025 Results with Record Operating Revenue

FBIZ

Earnings

Guidance Update

Revenue Acceleration/Inflection

First Business Financial Services (FBIZ) reported strong Q3 2025 financial results, with year-to-date return on average assets (ROA) growing to 1.23% and return on average tangible common equity (ROATCE) exceeding 15%, up from 1.15% and just under 14% respectively in 2024. Tangible book value per share increased by 16% year-over-year.
The company achieved record operating revenue, driven by a significant increase in non-interest income, including elevated swap fees and income from SBIC funds, as well as $770,000 in non-recurring items. Fee income comprised 19% of operating revenue year-to-date 2025.
Net interest income growth was substantial, reflecting robust balance sheet expansion with loan balances growing 10% annualized during the quarter and 9% over the last year, and core deposits up 9% from both the linked and prior-year quarters. The net interest margin grew 1 basis point to 3.68% in Q3 2025, with a target range of 3.60%-3.65%.
Management expects annual fee income growth to approximate 10% going forward, adjusted for Q3 2025 non-recurring items. The company continues to target 10% long-term growth for loans and deposits, supported by talent acquisition and market opportunities.

Oct 31, 2025, 6:00 PM

Transcript

First Business Financial Services Reports Strong Q3 2025 Performance with Record Revenue and Growth

FBIZ

Earnings

Guidance Update

Revenue Acceleration/Inflection

First Business Financial Services delivered an outstanding Q3 2025, with year-to-date Return on Average Assets (ROA) growing 15 basis points to 1.23% and Return on Average Tangible Common Equity exceeding 15%. Tangible book value per share increased by an impressive 16% from a year ago.
The company achieved record operating revenue and robust profitability, with pre-tax, pre-provision earnings growing 18% from Q2 and 20% year-to-date compared to the first nine months of 2024. Earnings per share grew 26% from Q2 and 25% year-to-date.
Loan balances grew $85 million (or 10% annualized) during the quarter, and core deposits increased 9% from both the linked and prior-year quarters. The net interest margin for Q3 2025 was 3.68%, and the company continues to target a range of 3.60% to 3.65%.
Non-interest income reached a record level, including elevated swap fees and income from SBIC funds, along with $770,000 in non-recurring items. Non-performing assets decreased by $5.2 million to 0.58% of total assets compared to 0.72% last quarter.

Oct 31, 2025, 6:00 PM

Transcript

First Business Bank Announces Strong Q3 2025 Results

FBIZ

Earnings

Revenue Acceleration/Inflection

Guidance Update

First Business Bank (FBIZ) reported strong financial performance for Q3 2025, with operating revenue increasing 16.3% from Q3 2024 and year-to-date operating revenue up 12.3% over the first nine months of 2024.
The company achieved significant growth in key areas, with loans growing 10.4% annualized from the linked quarter and core deposits increasing 9.3% annualized from the linked quarter.
The Net Interest Margin (NIM) remained strong and stable at 3.68% in Q3 2025, compared to 3.67% in the linked quarter and 3.64% in the prior-year quarter.
Private Wealth Management assets under management and administration reached a record $3.814 billion, contributing to a 13.0% increase in PWM fee income over Q3 2024.
Tangible book value per share grew 16.8% annualized from the linked quarter and 15.6% from Q3 2024, reaching $40.16 as of 3Q25.

Oct 31, 2025, 5:00 PM

Presentation

First Business Financial Services Reports Strong Q3 2025 Results and Announces CEO Succession

FBIZ

Earnings

Management Change

Revenue Acceleration/Inflection

First Business Financial Services, Inc. reported net income available to common shareholders of $14.2 million, or $1.70 per share, for the third quarter of 2025. This compares to $11.2 million, or $1.35 per share, in the second quarter of 2025.
The company achieved robust loan growth of 10.4% annualized and core deposit growth of 9.3% annualized from the linked quarter. Period-end loans and leases receivable reached $3.337 billion, and period-end core deposits were $2.592 billion.
The net interest margin remained strong and stable at 3.68% for Q3 2025.
Pre-Tax, Pre-Provision (PTPP) income grew to a record $18.9 million, an increase of 17.7% from the linked quarter and 22.1% from the prior year quarter.
The company announced that CEO Corey Chambas will retire on May 2, 2026, and President and COO David R. Seiler will succeed him as CEO on the same date.

Oct 30, 2025, 8:06 PM

8-K

FBIZ Reports Strong Q2 2025 Financial Performance and Strategic Progress

FBIZ

Earnings

Revenue Acceleration/Inflection

Dividends

First Business Financial Services, Inc. (FBIZ) reported strong Q2 2025 results, with pre-tax, pre-provision (PTPP) earnings growing 18% year-to-date and net income increasing 17% for the first six months of 2025 compared to the prior-year period. Operating revenue increased 8.1% from Q2 2024, and year-to-date operating revenue rose 10.3% over the first six months of 2024.
The company achieved significant balance sheet growth, with loans up 8.4% annualized from the linked quarter and 8.9% from Q2 2024, and core deposits growing 11.4% annualized from the linked quarter and 9.7% from Q2 2024. The net interest margin (NIM) was 3.67% for Q2 2025.
FBIZ demonstrated progress towards its 2024-2028 strategic goals, with year-to-date June 2025 Return on Average Tangible Common Equity (ROATCE) at 14.2% and Tangible Book Value (TBV) growth at 13.6%, aligning with or exceeding annual targets. The company also maintains a robust capital base, with a Total Capital Ratio of 12.25% and a Tier 1 Ratio of 9.66% as of June 30, 2025.
The quarterly cash dividend was $0.29 per share, representing a 16% increase over December 31, 2024.

Jul 29, 2025, 12:00 AM

8-K

First Business Financial Services Inc. Reports Strong Q2 2025 Results

FBIZ

Earnings

Revenue Acceleration/Inflection

First Business Financial Services Inc. reported strong financial performance in Q2 2025, with core deposits growing 11.4% annualized and loans growing 8.4% annualized from the linked quarter.
The company achieved an 8.1% increase in operating revenue from Q2 2024, contributing to 10.3% YTD operating revenue growth over the first six months of 2024. This drove 18% growth in pre-tax, pre-provision earnings and 17% growth in net income for the first six months of 2025 compared to the prior-year period.
Private Wealth Management assets under management and administration reached a record $3.731 billion, with fee income increasing 8.3% over Q2 2024.
The net interest margin (NIM) remained strong at 3.67% for Q2 2025, and tangible book value per share grew 13.6% from Q2 2024 to $38.54.
The company maintained a robust capital base, with a Total Capital ratio of 10.50% as of June 30, 2025, and total liquidity of $2,004,058 thousand.