FBIZ on Nasdaq

FIRST BUSINESS FINANCIAL SERVICES, INC.

American state commercial bank that raised $67.5 million in 2024 (SEC Form D). Summary from the record

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Last updated Oct 19, 2026.

Overview

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  • TickerFBIZ on Nasdaq1
  • IndustryState Commercial Banks1
  • HeadquartersMadison, Wisconsin1
  • Incorporated inWI2
  • Business address401 Charmany Drive, Madison, Wi 537192
  • Filer categoryAccelerated filer2
  • Legal formCorporation

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First Business Financial Services, Inc. (together with all of its subsidiaries, collectively referred to as the “Corporation,” “FBFS,” “we,” “us,” or “our”) is a registered bank holding company originally incorporated in 1986 under the laws of the State of Wisconsin and is engaged in the commercial banking business through its wholly-owned bank subsidiary, First Business Bank (collectively with its subsidiaries “FBB” or the “Bank”), headquartered in Madison, Wisconsin. All of our operations are conducted through FBB and its wholly-owned subsidiary First Business Specialty Finance, LLC (“FBSF”). The Bank operates as a business bank, delivering a full line of commercial banking products and services tailored to meet the specific needs of small and medium-sized businesses, business owners, executives, professionals, and high net worth individuals. Our products and services are focused on bu…3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income45678$50.3M in 2025+116% since 2019
0$20.0M$40.0M$60.0M2019: $23.3M$23.3M20192020: $17.0M$17.0M2020−27%2021: $35.8M$35.8M2021+111%2022: $40.9M$40.9M2022+14%2023: $37.0M$37.0M2023−9%2024: $44.2M$44.2M2024+19%2025: $50.3M$50.3M2025+14%

Every line of the income statement as filed: the last 3 fiscal years (annual) or 8 quarters (quarterly), latest first.8

Period ending2025-12-312024-12-312023-12-31
Loans and leases$227.3M$216.9M$182.7M
Securities$15.4M$11.9M$8.2M
Short-term investments$4.6M$4.3M$4.1M
Total interest income$247.3M$233.1M$194.9M
Deposits$99.2M$97.9M$71.4M
Federal Home Loan Bank advances and other borrowings$11.4M$11.0M$10.9M
Total interest expense$110.6M$108.9M$82.3M
Net interest income$136.7M$124.2M$112.6M
Provision for credit losses$8.7M$8.8M$8.2M
Net interest income after provision for credit losses$128.0M$115.4M$104.4M
Private wealth management service fees$14.7M$13.3M$11.4M
Gain on sale of Small Business Administration loans$1.9M$1.9M$2.1M
Service charges on deposits$4.5M$3.8M$3.1M
Loan fees$1.7M$3.4M$3.4M
Bank-owned life insurance policy income$2.8M$1.6M$1.5M
Net loss on sale of securities$0-$8.0K-$45.0K
Swap fees$2.0M$1.4M$3.0M
Other non-interest income$4.4M$3.8M$6.9M
Total non-interest income$31.9M$29.3M$31.3M
Compensation$67.9M$63.1M$61.1M
Occupancy$2.3M$2.4M$2.4M
Professional fees$5.0M$5.7M$5.3M
Data processing$4.7M$4.9M$3.8M
Marketing$3.8M$3.5M$2.9M
Equipment$1.4M$1.3M$1.3M
Computer software$7.0M$6.2M$5.0M
FDIC insurance$3.2M$2.8M$2.2M
Other non-interest expense$4.1M$3.7M$4.5M
Total non-interest expense$99.5M$93.5M$88.6M
Income before income tax expense$60.5M$51.1M$47.1M
Income tax expense$10.1M$6.9M$10.1M
Net income$50.3M$44.2M$37.0M
Preferred stock dividend$875.0K$875.0K$875.0K
Net income available to common shareholders$49.4M$43.4M$36.2M
Basic$5.94$5.20$4.33
Diluted$5.94$5.20$4.33
Dividends declared per share$1.16$1.00$0.91

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Leadership

Who has led FIRST BUSINESS FINANCIAL SERVICES, INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Charles H. Batson2011–2018
  2. Corey A. Chambas2011–2014
  3. David J. Vetta2011–2017
  4. Mark J. Meloy2011–2022
  5. Pamela R. Berneking2014–2015
  6. James Edward Hartlieb2023–2026
  7. David R. Seiler2026–now

President

  1. Charles H. Batson2011–2018
  2. Corey A. Chambas2011–2022
  3. Joan A. Burke2013–2018
  4. James Edward Hartlieb2022
  5. David R. Seiler2023–2026
  6. Niamh M. Kristufek2026–now

Chief financial officer

  1. James F. Ropella2011–2016
  2. David R. Papritz2014
  3. Edward G. Sloane Jr.2016–2023
  4. Brian D. Spielmann2023–now

Chief operating officer

  1. Michael J. Losenegger2011
  2. David R. Seiler2016–now
201520202025
Board members and other officers (30)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorCARLA C. CHAVARRIA named Mar 18, 2022 to Sep 25, 202457
  • DirectorJOHN J. HARRIS named Mar 18, 2022 to Sep 25, 202457
  • DirectorW. KENT LORENZ named Mar 18, 2022 to Sep 25, 202457

Timeline

  1. May 19, 2026New chief executive David R. Seiler becomes CEO12
  2. Feb 21, 2023New chief executive James Edward Hartlieb becomes CEO13
  3. Nov 3, 2014New chief executive Pamela R. Berneking becomes CEO14
  4. Aug 17, 2011New chief executive Charles H. Batson becomes CEO15
  5. Aug 17, 2011New chief executive Corey A. Chambas becomes CEO16
  6. Aug 17, 2011New chief executive David J. Vetta becomes CEO17
  7. Aug 17, 2011New chief executive Mark J. Meloy becomes CEO18

Filings

401 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 95 major events, 213 insider forms, 13 large holders, 4 private raises, 56 other. The latest 20:

  1. Aug 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  2. Aug 21, 2026N-PX EDGAR
  3. Aug 20, 20268-K EDGAR
  4. Aug 18, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  5. Jul 31, 202610-Q EDGAR
  6. Jul 30, 20268-K EDGAR
  7. Jul 28, 202613F-HR EDGAR
  8. Jun 2, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  9. May 28, 20268-K EDGAR
  10. May 19, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  11. May 19, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  12. May 19, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  13. May 19, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  14. May 19, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  15. May 19, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  16. May 19, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  17. May 19, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  18. May 19, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  19. May 19, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  20. May 11, 20268-K/A EDGAR

The 401 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

37 open-market trades by officers, directors and large owners since October 2021: 23 buys and 14 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 27, 2026Chandler Jodi AChief Human Resources OfficerSale675$70.19$47.4KForm 4
Nov 7, 2025Crampton Kevin DChief Accounting OfficerBuy71$51.40$3.6KForm 4
Jul 30, 2025Kauten Ralph R.DirectorBuy10,000$47.80$478.0KForm 4
Jul 30, 2025Graham Jason RDirectorBuy1,000$47.87$47.9KForm 4
Feb 7, 2025Ovokaitys DanielChief Information OfficerSale4,828$54.55$263.4KForm 4
Dec 13, 2024Sanders Carol PDirectorSale8,881$48.83$433.7KForm 4
Nov 19, 2024Lorenz William KentDirectorSale1,000$49.00$49.0KForm 4
Nov 7, 2024CHAMBAS COREY ADirectorSale40,000$48.81$2.0MForm 4
Oct 31, 2024Hartlieb James EdwardPres&CEO First Business BankSale6,344$43.15$273.7KForm 4
Oct 30, 2024Sanders Carol PDirectorBuy134$44.76$6.0KForm 4
Aug 23, 2024Ovokaitys DanielChief Information OfficerSale1,130$42.38$47.9KForm 4
Aug 19, 2024Lorenz William KentDirectorSale1,150$42.79$49.2KForm 4
Aug 12, 2024MELOY MARK JEVPSale5,000$40.05$200.2KForm 4
Jul 30, 2024Sanders Carol PDirectorBuy129$45.85$5.9KForm 4
May 21, 2024Crampton Kevin DChief Accounting OfficerBuy154$34.15$5.3KForm 4
May 13, 2024Lorenz William KentDirectorSale1,345$34.51$46.4KForm 4
May 10, 2024Lorenz William KentDirectorSale80$35.00$2.8KForm 4
May 1, 2024Sanders Carol PDirectorBuy175$34.40$6.0KForm 4
Jan 30, 2024Sanders Carol PDirectorBuy156$38.37$6.0KForm 4
Oct 31, 2023Sanders Carol PDirectorBuy193$31.08$6.0KForm 4

All 37 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Sep 13, 2024Raised $20 million in a private offering of debt Form D: 24 investors so far Form D
  2. Sep 29, 2023Raised $15 million in a private offering of debt Form D: 25 investors so far Form D
  3. Mar 4, 2022Raised $20 million in a private offering of debt Form D: 1 investor so far Form D
  4. Mar 4, 2022Raised $12.5 million in a private offering of equity Form D: 4 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.928,380$58.6M0.0%+58,178
Dimensional Fund Advisors LP498,430$31.5M0.0%−1,286
Vanguard Capital Management LLC343,482$21.7M0.0%+2,944
First Business Financial Services, Inc.340,189$21.5M1.7%−21,122
American Century Companies Inc272,788$17.2M0.0%+32,651
Manufacturers Life Insurance Company, The243,005$15.4M0.0%−1,790
Geode Capital Management, LLC214,987$13.6M0.0%+15,215
State Street Corp187,371$11.8M0.0%+13,653
Banc Funds Co LLC163,224$10.3M1.7%−3,000
Cutler Capital Management, LLC154,346$9.8M2.9%−244
Pacific Ridge Capital Partners, LLC139,808$8.8M1.6%−1,084
Aqr Capital Management LLC128,927$8.1M0.0%+34,300
Federated Hermes, Inc.125,563$7.9M0.0%+9,430
Renaissance Technologies LLC120,865$7.6M0.0%−1,600
Vanguard Portfolio Management LLC101,542$6.4M0.0%+9,273
De Lisle Partners LLP98,812$6.3M0.7%No change
Hillsdale Investment Management Inc.91,671$5.8M0.1%+8,600
Northern Trust Corp83,399$5.3M0.0%+3,926
Bridgeway Capital Management, LLC80,557$5.1M0.1%+3,175
Morgan Stanley79,994$5.1M0.0%+4,275
Two Sigma Investments, LP73,566$4.6M0.0%+41,870
Qube Research & Technologies Ltd61,517$3.9M0.0%+1,059
Vanguard Fiduciary Trust Co54,400$3.4M0.0%+2,707
Vista Investment Management52,349$3.3M1.0%−421
Ameriprise Financial Inc48,817$3.1M0.0%+360

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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