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First Business Financial Services, Inc.

First Business Financial Services, Inc.

NASDAQ•FBIZ
CEO: Mr. Corey A. Chambas
Sector: Financial Services
Industry: Banks - Regional
Listing Date: 2005-11-09
First Business Financial Services, Inc. operates as the bank holding company for First Business Bank that provides commercial banking products and services for small and medium-sized businesses, business owners, executives, professionals, and high net worth individuals in Wisconsin, Kansas, and Missouri. The company offers real estate lending, commercial and industrial lending, asset-based lending, accounts receivable financing, equipment financing loans and leases, floorplan financing, vendor financing, small business administration lending and servicing, treasury management solutions, and company retirement services. It also provides private wealth management for individuals, including creating and executing asset allocation strategies, trust and estate administration, financial planning, investment management, and access to brokerage and custody-only services. In addition, the company offers bank consulting consisting of investment portfolio administrative and asset liability management services, and commercial deposit accounts. The company was founded in 1909 and is headquartered in Madison, Wisconsin.
Contact Information
401 Charmany Drive, Madison, WI, 53719, United States
608-238-8008
www.firstbusiness.bank
Market Cap
$428.36M
P/E (TTM)
8.2
14.1
Dividend Yield
2.2%
52W High
$56.46
52W Low
$42.18
52W Range
65%
4.0
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 4 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$48.91M-26.33%
4-Quarter Trend

EPS

$1.70+37.10%
4-Quarter Trend

FCF

$18.26M+26.74%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Strong Quarterly Net Income Growth Net income available to common shareholders reached $14.2M for the quarter, up 37.5% year-over-year, driven by strong revenue expansion.
Top Line Revenue Increased 12.6% Nine-month top line revenue grew to $126.4M, supported by an 11.9% rise in net interest income and a 3.68% NIM.
Asset Quality Shows Improvement Non-performing assets decreased to $23.5M by period end, while the provision for credit losses fell to $1.44M for the quarter.
Loan Portfolio Expansion Continues Period-end gross loans and leases grew $222.8M annualized, reaching $3.337B, driven by commercial real estate and C&I growth.

Risk Factors

Sector Concentration Credit Risk Exposure to Equipment Finance Transportation loans rated Category IV requires careful monitoring due to continued sector stress expectations.
Funding Cost Volatility Risk Net interest margin stability relies on managing core deposit growth against potential volatility from FILOI and short-term funding costs.
Regulatory Environment Uncertainty Ongoing banking sector volatility may result in new legislation or increased government regulation and supervision impacting operations.

Outlook

Target Net Interest Margin Range Management targets a long-term net interest margin in the 3.60% to 3.65% range, dependent on FILOI timing and future rate changes.
Core Deposit and Lending Growth Success relies on growing core deposit relationships and disciplined loan pricing to support profitability goals and maintain asset quality.
Assessing New Accounting Standards The Corporation is assessing the impact of recently issued FASB ASU 2024-03 regarding income statement expense disaggregation disclosures.

Peer Comparison

Revenue (TTM)

Kearny Financial Corp.KRNY
$267.54M
-18.8%
First Business Financial Services, Inc.FBIZ
$252.67M
-1.3%
Arrow Financial CorporationAROW
$226.11M
+2.9%

Gross Margin (Latest Quarter)

Sierra BancorpBSRR
71.9%
+2.5 pp
Civista Bancshares, Inc.CIVB
63.1%
+2.8 pp
Red River Bancshares, Inc.RRBI
0.0%
+0.0 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
AROW$494.89M14.38.4%0.6%
RRBI$446.37M10.812.1%0.1%
COFS$440.99M14.51.6%5.7%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-10.5%
Growth Under Pressure
4Q Net Income CAGR
-0.1%
Stable Profitability
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Oct 31, 2025|
    Revenue: $48.91M-26.3%
    |
    EPS: $1.70+37.1%
    Beat

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Jul 25, 2025|
    Revenue: $68.54M+4.9%
    |
    EPS: $1.35+9.8%
    Meet

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: Apr 25, 2025|
    Revenue: $67.11M+7.3%
    |
    EPS: $1.32+26.9%
    Beat

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 26, 2025|
    Revenue: $262.38M+16.0%
    |
    EPS: $5.20+20.1%
    Beat

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Oct 25, 2024|
    Revenue: $66.39M+11.8%
    |
    EPS: $1.24+6.0%
    Beat

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Jul 26, 2024|
    Revenue: $65.34M+19.8%
    |
    EPS: $1.23+25.5%
    Beat

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: Apr 26, 2024|
    Revenue: $62.54M+23.9%
    |
    EPS: $1.04-1.0%
    Miss

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 28, 2024|
    Revenue: $226.24M+50.0%
    |
    EPS: $4.33-8.8%
    Beat