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Companies / Financials / First Business Financial Services, Inc.
FBIZ

First Business Financial Services, Inc.

FinancialsBanks & Brokers
Ticker FBIZMADISON, WIFiscal year ends DecemberBook value per share $49.29Diluted shares 8.2M

First Business Financial Services, Inc. (Nasdaq: FBIZ) is a bank holding company conducting commercial banking through First Business Bank and specialty finance subsidiary First Business Specialty Finance. The bank serves small and medium-sized businesses, business owners, executives, professionals, and high-net-worth… From the company’s description.

Over the twelve months to Sep 30, 2026, First Business Financial Services, Inc. reported revenue of $180.74M, up 7.9% from a year earlier, and net income of $57.69M. Its pre-tax margin was 37.0%. In fiscal 2025, it reported revenue of $168.63M, up 9.9% from fiscal 2024, and net income of $50.32M.

Fiscal year 2025 · ends 12-31Changes are against fiscal 2024The amber dot is the latest twelve months, to 2026-09-30
Sales & profitability
$168.63MFY2025
+9.9% year over year
Last 12 mo $180.74M
35.85%FY2025
+2.5 percentage points
Last 12 mo 37.00%
$50.32MFY2025
+13.7% year over year
Last 12 mo $57.69M
13.54%FY2025
+0.1 percentage points
Last 12 mo 14.26%
Cash & financing
$61.70MFY2025
+7.3% year over year
Last 12 mo $68.49M
$61.10MFY2025
+6.7% year over year
Last 12 mo $67.85M
9.78FY2025
Was 10.43× a year earlier
Last 12 mo 9.73
8.2MFY2025
+0.1% year over year
Last 12 mo 8.2M

Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.

What First Business Financial Services, Inc. does

In the company’s own words

First Business Financial Services, Inc. (Nasdaq: FBIZ) is a bank holding company conducting commercial banking through First Business Bank and specialty finance subsidiary First Business Specialty Finance. The bank serves small and medium-sized businesses, business owners, executives, professionals, and high-net-worth individuals, offering commercial real estate and business loans, equipment and asset-based financing, accounts receivable financing, floorplan and SBA lending, deposit accounts, and treasury management. Its private wealth services include trust and estate administration, financial planning, investment management, and private banking; it also provides company retirement plan services and balance-sheet, investment-portfolio, and asset-liability consulting to other financial institutions. The company operates as one commercial banking segment and serves primary markets in Wisconsin, Kansas, and Missouri, while offering certain products nationwide. As of December 31, 2025, it had $4.082 billion in total assets and $3.375 billion in gross loans and leases. First Business Bank has four full-service locations, and the company’s history includes its 1986 incorporation and the bank’s shift toward serving small and medium-sized businesses in 1990. Its website is www.firstbusiness.bank.

Company details
Sector
Financials
Industry (SIC)
Banks & Brokers
Headquarters
MADISON, WI
Fiscal year end
December
CIK
1521951
SIC
6022

Financial performance, year by year

Fiscal 2011–2025 · USD
$-18.07M$36.15M$90.37M$144.59M$198.81M201120122013201420152016201720182019202020212022202320242025Last 12 moLast 12 monthsLast 12 months

The full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.

Ownership

Who owns First Business Financial Services, Inc. — and what changed

Funds as of 2026Q2 · superinvestors as of 2026-06-30

177
funds hold it
0 of 35
superinvestors hold it
$150.02M
held by funds, at market
30.3%
of shares held by funds

Largest fund holders · First Business Financial Services, Inc.’s weight in each

VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.00%of fund net assets
iShares Russell 2000 ETF
IWM · iShares Trust
0.02%of fund net assets
Avantis U.S. Small Cap Value ETF
AVUV · American Century ETF Trust
—of fund net assets
Regional Bank Fund
FRBAX · John Hancock Investment Trust II
—of fund net assets
—of fund net assets

Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.

Connected research

Put this business in context.

Compare this company with peers, find it in your funds and follow its financial history with your connected AI:

  • “How do First Business Financial Services, Inc. and its peers compare on margins and cash generation over ten years?”
  • “Where did five years of First Business Financial Services, Inc.'s earnings go — cash, debt, buybacks, reinvestment?”
  • “What changed in First Business Financial Services, Inc.'s last four quarterly filings that the numbers alone won't show?”
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