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    First Business Financial Services (FBIZ)

    Market Price (9/22/2026): $70.74 | Market Cap: $580.6 MilSector: Financials | Industry: Regional Banks

    First Business Financial Services (FBIZ)

    Market Price (9/22/2026): $70.74
    Market Cap: $580.6 Mil
    Sector: Financials
    Industry: Regional Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.2%, FCF Yield is 14%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -30%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 46%

    Low stock price volatility
    Vol 12M is 24%

    Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Online Banking & Lending, Wealth Management Technology, Show more.

    Trading close to highs
    Dist 52W High is -2.4%, Dist 3Y High is -2.4%

    Key risks
    FBIZ key risks include [1] a notable concentration of nonperforming assets tied to the transportation and logistics sector and [2] enhanced liquidity risk from its proportion of uninsured deposit account balances.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.2%, FCF Yield is 14%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -30%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 46%
    3 Low stock price volatility
    Vol 12M is 24%
    4 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Online Banking & Lending, Wealth Management Technology, Show more.
    5 Trading close to highs
    Dist 52W High is -2.4%, Dist 3Y High is -2.4%
    6 Key risks
    FBIZ key risks include [1] a notable concentration of nonperforming assets tied to the transportation and logistics sector and [2] enhanced liquidity risk from its proportion of uninsured deposit account balances.

    FBIZ in ETFs

    Weight = FBIZ's share of each fund

    VTI0.00%
    IWM0.02%
    VIG0.00%
    AVUV0.06%
    VTWO0.02%
    DFAS0.01%
    IWN0.01%
    DFAC0.00%
    +2 more covered ETFs

    Valuation & Metrics

    FYE: 12/31FBIZ [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$177.8 Mil—
    FY 2026 Sales$185.3 Mil—
    FY 2027 Sales$198.2 Mil—
    FY 2026 Sales Growth4.3%—
    FY 2027 Sales Growth7.0%12.9%
    EARNINGS
    LTM Net Income (GAAP) [3]$55.5 Mil—
    FY 2026 Net Income (Non-GAAP)$54.6 Mil—
    FY 2027 Net Income (Non-GAAP)$56.2 Mil—
    FY 2027 Net Income Growth3.1%18.1%
    FY 2026 EPS (Non-GAAP)$6.52—
    FY 2027 EPS (Non-GAAP)$6.93—
    FY 2027 EPS Growth6.2%—
    VALUATION
    FY 2026 P/S3.11.6
    FY 2027 P/S2.9—
    FY 2026 P/E10.67.4
    FY 2027 P/E10.3—

    [1] FBIZ forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    FBIZS&P 500
    REVENUE GROWTHGOOD
    Rev LTM ($ Bil)0.2
    Rev Chg Q13.8%9.3%
    Rev Chg LTM10.3%8.3%
    Rev Chg 3Y Avg8.6%5.8%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.1
    Net Inc LTM ($ Bil)0.1
    CFO/Rev LTM45.8%21.8%
    Net Inc Mgn31.2%13.1%
    VALUATIONLOW
    P/S3.33.1
    P/CFO7.114.7
    P/FCF7.219.3
    P/E10.522.6

    AI Analysis | Feedback

    MetricValueDateSource
    Efficiency Ratio59.5%9302024Link
    Net Charge-off (% of Average Loans)0.2%9302024Link
    Private Wealth Assets Under Management and Administration$3.419 billion12312024Link
    Net Promoter Score7012312024Link
    Employee Engagement Rate86%12312024Link
    Dividend Payout Ratio17%11062025Link

    Price Chart

    Upcoming
    10/29/2026Earnings ReleaseRev: $46 Mil (E)
    EPS: $1.68 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/4/2026

    First Business Financial Services (FBIZ) stock has gained about 25% since 5/31/2026 because of the following key factors:

    1. First Business Financial Services (FBIZ) reported robust fiscal Q2 2026 earnings that significantly surpassed analyst expectations. The company announced diluted earnings per share (EPS) of $1.84, marking a 36% increase year-over-year and beating the consensus estimate of $1.56 by 17.95%. Operating revenue also climbed 14% year-over-year to $46.7 million, exceeding analyst forecasts of $45.43 million by approximately 2.66%. Net income available to common shareholders rose 37% year-over-year to $15.4 million, and pre-tax, pre-provision earnings reached a record $19.8 million, up 24% year-over-year.

    2. The company demonstrated significant improvements in profitability and efficiency during fiscal Q2 2026. The net interest margin (NIM) expanded to 3.78%, an increase of 22 basis points from fiscal Q1 2026. This improvement was largely attributed to the deployment of excess cash into loan growth and elevated prepayment fees. Furthermore, the efficiency ratio improved to 57.57% in fiscal Q2 2026, which was 340 basis points better than the prior-year quarter and met the company's long-term goal of remaining below 60% for the first half of 2026.

    Show more
    Updated on 9/4/2026

    First Business Financial Services (FBIZ) stock has gained about 25% since 5/31/2026 because of the following key factors:

    1. First Business Financial Services (FBIZ) reported robust fiscal Q2 2026 earnings that significantly surpassed analyst expectations. The company announced diluted earnings per share (EPS) of $1.84, marking a 36% increase year-over-year and beating the consensus estimate of $1.56 by 17.95%. Operating revenue also climbed 14% year-over-year to $46.7 million, exceeding analyst forecasts of $45.43 million by approximately 2.66%. Net income available to common shareholders rose 37% year-over-year to $15.4 million, and pre-tax, pre-provision earnings reached a record $19.8 million, up 24% year-over-year.

    2. The company demonstrated significant improvements in profitability and efficiency during fiscal Q2 2026. The net interest margin (NIM) expanded to 3.78%, an increase of 22 basis points from fiscal Q1 2026. This improvement was largely attributed to the deployment of excess cash into loan growth and elevated prepayment fees. Furthermore, the efficiency ratio improved to 57.57% in fiscal Q2 2026, which was 340 basis points better than the prior-year quarter and met the company's long-term goal of remaining below 60% for the first half of 2026.

    3. FBIZ executed a strategic exit from its out-of-footprint Small Business Administration (SBA) 7(a) lending activities in May 2026, alongside achieving strong balance sheet growth. This strategic move is anticipated to enhance future efficiency and generate an estimated $0.03 quarterly EPS benefit in 2027 from cost savings and retaining more SBA loans on its balance sheet. Concurrently, the company reported substantial organic growth, with loans increasing to $3.59 billion and core deposits to $2.88 billion, both up 10% year-over-year, aligning with its annual growth objective. Tangible book value per share also increased 15% year-over-year to $44.38, surpassing the company's 10% growth target.

    4. Analyst sentiment turned increasingly positive, leading to multiple ratings upgrades and increased price targets. Following the strong fiscal Q2 2026 results, several Wall Street analysts reiterated "Buy" or "Outperform" ratings and raised their price targets. For instance, Piper Sandler reaffirmed an "overweight" rating and increased its price target to $84.00 from $70.00 on August 3rd, while DA Davidson raised its target to $80.00 from $69.00. Additionally, Weiss Ratings upgraded FBIZ from a "buy (b+)" to a "buy (a-)" on June 15th, and Zacks upgraded the stock to a Zacks Rank #2 (Buy) on August 4th, reflecting an improving earnings outlook. The consensus rating for FBIZ remains "Buy" with an average target price of $75.50.

    5. Significant institutional investor interest was observed, with major firms increasing their stakes in First Business Financial Services. During fiscal Q2 2026, BlackRock Inc. acquired 928,380 shares, an investment valued at approximately $58.6 million, representing an 11.09% stake in the company. In another substantial move, The Manufacturers Life Insurance Company purchased 243,005 shares, worth approximately $15.35 million, acquiring a 2.9% stake. These significant institutional investments underscore growing confidence in the company's performance and future prospects.

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    Stock Movement Drivers

    Fundamental Drivers

    The 24.2% change in FBIZ stock from 5/31/2026 to 9/21/2026 was primarily driven by a 15.2% change in the company's P/E Multiple.
    (LTM values as of)53120269212026Change
    Stock Price ($)57.2571.1024.2%
    Change Contribution By: 
    Total Revenues ($ Mil)1721783.3%
    Net Income Margin (%)29.8%31.2%4.6%
    P/E Multiple9.110.515.2%
    Shares Outstanding (Mil)88-0.3%
    Cumulative Contribution24.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/21/2026
    ReturnCorrelation
    FBIZ24.2% 
    Market (SPY)2.5%5.7%
    Sector (XLF)8.4%46.2%

    Fundamental Drivers

    The 31.5% change in FBIZ stock from 2/28/2026 to 9/21/2026 was primarily driven by a 19.7% change in the company's P/E Multiple.
    (LTM values as of)22820269212026Change
    Stock Price ($)54.0671.1031.5%
    Change Contribution By: 
    Total Revenues ($ Mil)1691785.4%
    Net Income Margin (%)29.8%31.2%4.6%
    P/E Multiple8.810.519.7%
    Shares Outstanding (Mil)88-0.4%
    Cumulative Contribution31.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/21/2026
    ReturnCorrelation
    FBIZ31.5% 
    Market (SPY)13.4%17.4%
    Sector (XLF)9.3%47.6%

    Fundamental Drivers

    The 39.0% change in FBIZ stock from 8/31/2025 to 9/21/2026 was primarily driven by a 20.0% change in the company's P/E Multiple.
    (LTM values as of)83120259212026Change
    Stock Price ($)51.1671.1039.0%
    Change Contribution By: 
    Total Revenues ($ Mil)16117810.3%
    Net Income Margin (%)29.5%31.2%5.8%
    P/E Multiple8.810.520.0%
    Shares Outstanding (Mil)88-0.8%
    Cumulative Contribution39.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/21/2026
    ReturnCorrelation
    FBIZ39.0% 
    Market (SPY)21.2%25.1%
    Sector (XLF)4.8%53.6%

    Fundamental Drivers

    The 142.5% change in FBIZ stock from 8/31/2023 to 9/21/2026 was primarily driven by a 70.4% change in the company's P/E Multiple.
    (LTM values as of)83120239212026Change
    Stock Price ($)29.3271.10142.5%
    Change Contribution By: 
    Total Revenues ($ Mil)13917828.1%
    Net Income Margin (%)27.6%31.2%13.1%
    P/E Multiple6.210.570.4%
    Shares Outstanding (Mil)88-1.8%
    Cumulative Contribution142.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2023 to 9/21/2026
    ReturnCorrelation
    FBIZ142.5% 
    Market (SPY)78.3%38.9%
    Sector (XLF)69.9%57.1%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    FBIZ Return63%28%13%18%20%33%344%
    Peers Return34%-2%-1%28%5%14%97%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    FBIZ Win Rate83%50%42%50%67%67% 
    Peers Win Rate70%47%47%57%52%51% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    FBIZ Max Drawdown-12%-15%-31%-18%-21%-13% 
    Peers Max Drawdown-19%-26%-38%-14%-27%-17% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: WTFC, CBSH, ASB, ONB, UMBF.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 9/21/2026 (YTD)

    How Low Can It Go

    EventFBIZS&P 500
    2025 US Tariff Shock
      % Loss-18.1%-18.8%
      % Gain to Breakeven22.0%23.1%
      Time to Breakeven87 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-10.8%-9.5%
      % Gain to Breakeven12.2%10.5%
      Time to Breakeven31 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-31.1%-6.7%
      % Gain to Breakeven45.1%7.1%
      Time to Breakeven207 days31 days
    2020 COVID-19 Crash
      % Loss-48.2%-33.7%
      % Gain to Breakeven93.2%50.9%
      Time to Breakeven347 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-14.7%-19.2%
      % Gain to Breakeven17.2%23.8%
      Time to Breakeven50 days105 days
    2016-2017 Trump Reflation Bond Selloff
      % Loss-19.8%-3.7%
      % Gain to Breakeven24.6%3.9%
      Time to Breakeven39 days6 days

    Compare to WTFC, CBSH, ASB, ONB, UMBF

    In The Past

    First Business Financial Services's stock fell -18.1% during the 2025 US Tariff Shock. Such a loss loss requires a 22.0% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventFBIZS&P 500
    2023 SVB Regional Banking Crisis
      % Loss-31.1%-6.7%
      % Gain to Breakeven45.1%7.1%
      Time to Breakeven207 days31 days
    2020 COVID-19 Crash
      % Loss-48.2%-33.7%
      % Gain to Breakeven93.2%50.9%
      Time to Breakeven347 days140 days
    2008-2009 Global Financial Crisis
      % Loss-40.1%-53.4%
      % Gain to Breakeven66.8%114.4%
      Time to Breakeven856 days1085 days

    Compare to WTFC, CBSH, ASB, ONB, UMBF

    In The Past

    First Business Financial Services's stock fell -18.1% during the 2025 US Tariff Shock. Such a loss loss requires a 22.0% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About First Business Financial Services (FBIZ)

    First Business Financial Services, Inc. (FBIZ) operates as the holding company for First Business Bank, specializing in providing comprehensive commercial banking products and services. The company primarily caters to small and medium-sized businesses, business owners, executives, professionals, and high net worth individuals. Its core mission revolves around meeting the sophisticated financial needs of these specific client segments.

    The bank offers a broad spectrum of financial products. This includes various deposit accounts such as checking, money market, and time deposits, along with credit cards. On the lending side, FBIZ provides substantial commercial financing, including commercial real estate loans, commercial and industrial loans, and specialized solutions like asset-based lending, equipment financing, and accounts receivable financing. For its professional and executive clientele, the bank also offers consumer loans, including home equity and mortgage options.

    Beyond traditional banking, First Business Financial Services extends its expertise to wealth management and institutional services. This encompasses trust and estate administration, financial planning, investment management, and private banking services tailored for its affluent clients. Additionally, the company provides administrative and advisory services, such as investment portfolio administration and asset-liability management, to other financial institutions, demonstrating a diverse service offering across the financial sector.

    AI Analysis | Feedback

    Here are 1-3 brief analogies for First Business Financial Services (FBIZ):

    1. It's like a specialized J.P. Morgan Chase or Bank of America that caters only to small to medium-sized businesses and high-net-worth individuals.
    2. It's like City National Bank (often called 'America's Private and Business Bank') but focused regionally on small to medium-sized businesses and their owners.
    3. Think of it as the Silicon Valley Bank (SVB) for general small to medium-sized businesses and wealthy professionals, offering tailored banking and lending solutions.

    AI Analysis | Feedback

    • Deposit Accounts: Offers various checking, savings, money market, and time deposit accounts for businesses and individuals, along with credit cards.
    • Commercial Loans & Leases: Provides a range of financing for businesses, including commercial real estate, industrial, SBA, asset-based lending, equipment financing, and various other specialized business financing options.
    • Consumer Loans: Offers personal lending solutions such as home equity, first and second mortgages, and other personal loans for professional and executive clients.
    • Treasury Management Services: Provides services to help businesses optimize cash flow, manage payments, and enhance financial operations.
    • Wealth Management & Private Banking: Delivers comprehensive services including trust and estate administration, financial planning, investment management, and private banking for high-net-worth individuals.
    • Company Retirement Plans: Assists businesses with the establishment and administration of employee retirement plans.
    • Financial Institution Services: Offers specialized administrative and advisory services for investment portfolios and asset-liability management to other financial institutions.

    AI Analysis | Feedback

    First Business Financial Services (FBIZ) primarily serves a diverse base of customers, which can be categorized as follows:

    1. Small and Medium-Sized Businesses: The company provides a wide range of commercial banking products and services, including commercial real estate loans, commercial and industrial loans, SBA loans, direct financing leases, asset-based lending, equipment financing, accounts receivable financing, vendor financing, floorplan financing, treasury management services, and company retirement plans.

    2. Business Owners, Executives, Professionals, and High Net Worth Individuals: For these clients, FBIZ offers deposit products, credit cards, consumer and other loans (such as home equity, first and second mortgage, and other personal loans), trust and estate administration, financial planning, investment management, and private banking services.

    3. Other Financial Institutions: First Business Financial Services also provides specialized services to other financial institutions, including investment portfolio administrative, asset-liability management, and asset-liability management process validation services.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Corey A. Chambas, Chief Executive Officer
    Corey A. Chambas has served as Chief Executive Officer of First Business Financial Services, Inc. since December 2006 and as President from February 2005 to January 2023. He joined the company in 1993. Prior to his role as CEO of the holding company, he was CEO of First Business Bank from July 1999 to September 2006. Mr. Chambas also serves as chair on the board of directors of M3 Insurance Solutions, Inc., a privately held insurance agency, and has served on boards of other privately held companies and non-profit organizations. Mr. Chambas plans to retire as CEO effective May 2, 2026. David R. Seiler, President & Chief Operating Officer (Incoming CEO)
    David R. Seiler has been President and Chief Operating Officer of First Business Financial Services, Inc. since January 2023, following seven years of service as Chief Operating Officer. He joined First Business Bank in April 2016. Mr. Seiler previously held various leadership roles with commercial banking firms in the Midwest, including serving as Managing Director of the Correspondent Banking Division of BMO Harris Bank. He is slated to succeed Corey A. Chambas as President and CEO of First Business Financial Services, Inc. effective May 2, 2026. Brian D. Spielmann, Chief Financial Officer & Treasurer
    Brian D. Spielmann was appointed Chief Financial Officer of First Business Financial Services, Inc. on April 1, 2023. He joined First Business Bank in 2006 and, before his promotion to CFO, held positions such as Chief Accounting Officer, Director of Finance, Financial Reporting Manager, and Senior Financial Accountant. Mr. Spielmann is also a Certified Public Accountant. James E. Hartlieb, President & Chief Executive Officer, First Business Bank
    James E. Hartlieb became President and Chief Executive Officer of First Business Bank, the company's primary subsidiary, and was appointed as a Director of the First Business Bank Board in January 2023. He joined First Business Bank in 2009 as Senior Vice President and served as President since 2015. With over 30 years of experience in the commercial banking industry, he previously served as Regional President at AMCORE Bank and as a commercial banker with American National Bank. Kevin Kane, President, Southeast Wisconsin Market
    Kevin Kane is President of First Business Bank's Southeast Wisconsin Market. He has more than 40 years of banking experience, serving companies across various industry sectors and market segments. Prior to joining First Business Bank, he spent 28 years at M&I/BMO Harris Bank, holding various leadership roles in commercial lending and treasury management, including Managing Director of Treasury & Payment Solutions.

    AI Analysis | Feedback

    The key risks for First Business Financial Services (FBIZ) primarily stem from its core business as a commercial bank focusing on small and medium-sized businesses, business owners, executives, and high-net-worth individuals.

    1. Credit Risk and Economic Conditions: As a commercial lender with a significant portfolio of commercial real estate, commercial and industrial loans, and small business administration loans, FBIZ is highly susceptible to credit risk. A deterioration in economic conditions, whether national or regional (Wisconsin-centric for some operations), could lead to increased loan defaults and a decline in asset quality. This directly impacts the bank's profitability and capital through higher loan losses and provisions.
    2. Interest Rate Risk: First Business Financial Services' profitability is significantly influenced by changes in prevailing interest rates. Fluctuations in rates, whether rising or falling, can affect the bank's net interest margin (NIM) by impacting the yields earned on its loan and investment assets and the costs paid on its deposit and borrowing liabilities. This volatility can compress profitability.

    AI Analysis | Feedback

    The clear emerging threat for First Business Financial Services (FBIZ) is the increasing competition from digital-first financial technology (FinTech) companies and online lenders. These entities leverage technology to offer streamlined, often faster, and more convenient banking and lending solutions for small and medium-sized businesses, which is a core segment for FBIZ. This includes online platforms providing commercial and industrial loans, small business administration (SBA) loans, equipment financing, and treasury management services with lower overhead and a purely digital interface, potentially siphoning off FBIZ's traditional client base and revenue streams.

    AI Analysis | Feedback

    For First Business Financial Services (symbol: FBIZ), the addressable markets for its main products and services can be sized as follows:

    • Commercial Banking Products and Services for Small and Medium-Sized Businesses (SMBs):

      The overall U.S. commercial banking market is estimated at approximately USD 231.9 billion in 2024 and is projected to reach USD 351.8 billion by 2033, with a compound annual growth rate (CAGR) of 4.10% from 2024 to 2033. Small and medium enterprises (SMEs) are expected to be a significant growth driver, expanding at a 7.02% CAGR through 2031 within the U.S. commercial banking market. In Wisconsin specifically, new lending to businesses with revenues of $1 million or less totaled $6.7 billion in 2020.

    • Commercial Real Estate Loans:

      The market size of the Real Estate Loans & Collateralized Debt industry in Wisconsin is projected to be $1.9 billion in 2026. Nationally, the U.S. Real Estate Loan Market was valued at an estimated $3.5 trillion in 2024 and is projected to grow at a CAGR of 10.6%. Total commercial real estate (CRE) mortgage borrowing and lending in the U.S. is estimated to have reached $498 billion in 2024, marking a 16% increase from the previous year.

    • Wealth Management (including trust and estate administration, financial planning, investment management, and private banking services for professionals and high-net-worth individuals):

      The U.S. private banking market, which caters to high-net-worth individuals, is valued at USD 59.54 billion in 2025 and is expected to grow to USD 94.89 billion by 2030, demonstrating a CAGR of 9.77%. In 2024, high-net-worth (HNW) households in the U.S., defined as those with at least $5 million in financial assets, were estimated to control $49 trillion of financial wealth. There were approximately 7.9 million high-net-worth individuals in North America in 2024.

    AI Analysis | Feedback

    First Business Financial Services (FBIZ) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
    1. Growth in Core Loans and Deposits: The company's relationship-based banking approach is anticipated to fuel continued expansion in both loans and core deposits. First Business Financial Services aims for approximately 10% annual growth in both loans and deposits, which are fundamental to generating net interest income. This strategy reflects a focus on high-quality loan and deposit growth from core clients.
    2. Expansion of Diversified Fee Income: A significant driver of revenue growth is the continued expansion of non-interest income, particularly from Private Wealth Management and various specialty finance businesses. Services such as equipment finance, SBA lending, floorplan financing, accounts receivable financing, and bank consulting are expected to complement traditional banking offerings. Private Wealth Management fees have historically grown at over 14% annually and contribute substantially to total non-interest income.
    3. Leveraging a Relationship-Driven Business Model: The company emphasizes its deposit-centric, relationship-driven model, which is crucial for acquiring new clients and deepening existing relationships. This approach fosters client loyalty and facilitates cross-selling opportunities across its diverse product and service portfolio, leading to increased loan volumes, deposits, and fee income.
    4. Strategic Investments in Technology and Operational Efficiency: Ongoing investments in technology and risk management are expected to streamline operations and enhance service delivery. While improving the efficiency ratio, these investments also enable scalability and the development of more sophisticated offerings, thereby indirectly supporting revenue growth by allowing the company to serve a larger client base and offer enhanced digital capabilities without a proportional increase in costs.

    AI Analysis | Feedback

    Share Repurchases

    • In April 2024, First Business Financial Services announced a $5.0 million share repurchase program, authorized by its board of directors, with no expiration date as part of its ongoing capital management strategy.
    • The company indicated that it did not intend to execute this 2024 share repurchase program immediately but kept it in place for future flexibility.
    • A previous $5.0 million share repurchase program was approved in January 2021, authorizing repurchases over approximately twelve months ending January 31, 2022, following the suspension of an earlier program due to the COVID-19 pandemic.

    Share Issuance

    • A new 2026 Equity Incentive Plan is proposed, authorizing 157,000 shares for future equity awards, complemented by any unused shares from the 2019 plan.
    • In February 2026, an executive received a grant or award acquisition of 715 shares, with 392 shares disposed of in a tax-withholding transaction.
    • The number of outstanding common shares has shown minor fluctuations over the past 3-5 years, with 8,325,376 shares outstanding as of February 18, 2026, 8,318,840 as of April 21, 2025, and 8,324,387 as of September 30, 2025.

    Inbound Investments

    • Institutional investors significantly increased their holdings in First Business Financial Services during the third quarter (likely 2025).
    • Two Sigma Investments LP boosted its holdings by 14.7%, acquiring 46,207 shares valued at approximately $2.37 million.
    • Creative Planning raised its stake by 9.5% to 13,125 shares, worth about $0.67 million, and Ameriprise Financial Inc. increased its position by 10.6% to 49,509 shares, worth approximately $2.54 million.

    Outbound Investments

    No specific information is available regarding large outbound strategic investments or acquisitions made by First Business Financial Services over the last 3-5 years.

    Capital Expenditures

    • Specific dollar values for capital expenditures are not readily available in the provided information for the last 3-5 years.
    • The company emphasizes "Technology Initiatives" and "technology enhancements that support scalable growth" as areas of focus, particularly for 2026.

    Peer Outperformance in Regional Banks

    FBIZ has outperformed 97% of its 264 Regional Banks peers over 5Y. Regional Banks ranks 7th of 18 industries in Financials by median 5Y return.
    Share of Regional Banks constituents that FBIZ has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    79%
    of 288 industry peers · 39.0% return
    3Y
    92%
    of 277 industry peers · 157.0% return
    5Y
    97%
    of 264 industry peers · 194.4% return
    No Regional Banks peer with a comparable growth profile has beaten FBIZ by more than 20pp over 5Y.
    Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is FBIZ's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 23.3%69.0%130.6% SPNT 170% · RGA 149% · RNR 140%
    Investment Banking & Brokerage 13 -0.3%111.7%118.7% IBKR 535% · SNEX 254% · GS 181%
    Diversified Banks 12 29.5%134.2%114.6% CM 162% · JPM 156% · RY 149%
    Life & Health Insurance 20 7.1%55.5%103.2% JXN 534% · UNM 361% · FG 204%
    Multi-Sector Holdings 4 4.1%48.9%84.6% JONE 362% · VOYA 86% · BRK-B 83%
    Property & Casualty Insurance 42 7.9%66.0%66.2% ASIC 2706900% · HRTG 404% · UVE 317%
    Regional Banks ← 265 24.0%91.9%64.7% ESQ 367% · GCBC 309% · NBN 309%
    Multi-line Insurance 9 8.4%69.4%61.1% GNW 194% · L 107% · SLF 102%
    Financial Exchanges & Data 15 0.0%17.3%31.2% VIRT 185% · CBOE 134% · CME 80%
    Diversified Financial Services 4 -6.0%23.2%30.6% FRHC 177% · EQH 116% · TMS -55%
    Consumer Finance 30 -0.1%90.1%25.6% ENVA 427% · EZPW 312% · FCFS 164%
    Insurance Brokers 16 -16.5%-8.1%17.5% LIFE 217% · ARX 88% · CRD-A 65%
    Commercial & Residential Mortgage Finance 15 -46.0%25.3%12.1% FNMA 446% · FMCC 415% · ACT 182%
    Asset Management & Custody Banks 85 -11.3%16.4%11.7% WT 351% · VCTR 281% · SII 278%
    Specialized Finance 3 11.2%42.6%-5.7% EFC 26% · CACC -6% · HASI -17%
    Mortgage REITs 33 -12.6%7.5%-20.2% NREF 55% · RITM 42% · DX 33%
    Diversified Capital Markets 21 -33.8%16.4%-36.8% OPY 204% · LPLA 131% · GOLD 82%
    Transaction & Payment Processing Services 16 -0.2%-6.9%-45.5% V 72% · MA 70% · CPAY 55%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

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    Financials

    FBIZWTFCCBSHASBONBUMBFMedian
    NameFirst Bu.Wintrust.Commerce.Associat.Old Nati.UMB Fina. 
    Mkt Price71.10147.0856.5529.3625.25133.5363.82
    Mkt Cap0.69.98.25.59.610.18.9
    Rev LTM1782,8641,9001,6032,8232,6952,298
    Op Inc LTM-------
    FCF LTM811,5731,2136809401,041990
    FCF 3Y Avg64986734556660726693
    CFO LTM811,6441,2627199871,0891,038
    CFO 3Y Avg651,050786601697760729

    Growth & Margins

    FBIZWTFCCBSHASBONBUMBFMedian
    NameFirst Bu.Wintrust.Commerce.Associat.Old Nati.UMB Fina. 
    Rev Chg LTM10.3%11.5%10.8%46.4%34.1%41.7%22.8%
    Rev Chg 3Y Avg8.6%9.5%6.4%9.5%14.7%27.5%9.5%
    Rev Chg Q13.8%10.1%14.7%23.2%13.2%14.2%14.0%
    QoQ Delta Rev Chg LTM3.3%2.4%3.6%5.6%3.1%3.5%3.4%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM45.8%57.4%66.4%44.9%35.0%40.4%45.3%
    CFO/Rev 3Y Avg39.9%39.5%44.1%48.1%30.5%37.7%39.7%
    FCF/Rev LTM45.5%54.9%63.9%42.4%33.3%38.6%44.0%
    FCF/Rev 3Y Avg39.2%36.9%41.1%44.4%28.8%36.1%38.1%

    Valuation

    FBIZWTFCCBSHASBONBUMBFMedian
    NameFirst Bu.Wintrust.Commerce.Associat.Old Nati.UMB Fina. 
    Mkt Cap0.69.98.25.59.610.18.9
    P/S3.33.54.33.43.43.83.5
    P/Op Inc-------
    P/EBIT-------
    P/E10.511.014.010.910.910.810.9
    P/CFO7.26.06.57.79.89.37.4
    Total Yield11.3%10.9%9.1%12.1%11.7%10.8%11.1%
    Dividend Yield1.8%1.8%1.9%3.0%2.5%1.5%1.9%
    FCF Yield 3Y Avg15.7%11.2%8.9%13.2%8.6%9.8%10.5%
    D/E0.60.40.00.90.80.00.5
    Net D/E-0.3-0.7-0.6-0.50.6-1.4-0.6

    Returns

    FBIZWTFCCBSHASBONBUMBFMedian
    NameFirst Bu.Wintrust.Commerce.Associat.Old Nati.UMB Fina. 
    1M Rtn3.5%-3.7%-2.7%-4.0%-1.6%-7.7%-3.2%
    3M Rtn18.3%-5.3%3.2%0.7%1.5%-2.1%1.1%
    6M Rtn34.9%10.2%18.7%20.6%18.5%21.0%19.7%
    12M Rtn39.0%10.5%2.3%15.7%16.9%10.5%13.1%
    3Y Rtn157.0%104.0%39.9%92.4%88.8%129.3%98.2%
    1M Excs Rtn1.7%-5.2%-5.0%-5.4%-3.3%-9.7%-5.1%
    3M Excs Rtn14.4%-9.2%-0.8%-3.2%-2.4%-6.1%-2.8%
    6M Excs Rtn19.7%-7.6%0.5%2.8%0.9%4.0%1.9%
    12M Excs Rtn20.9%-7.9%-16.5%-2.6%-2.4%-8.0%-5.3%
    3Y Excs Rtn74.1%25.4%-35.3%14.0%7.3%44.9%19.7%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date7/31/20264/24/20262/25/202610/31/20257/25/20254/25/20252/26/202510/25/20247/26/20244/26/20242/28/202410/27/2023
    Key Financials Quarterly            
    Total Revenue474442454141413838363737
    Net Income16121314111114111091010
    EPS1.841.441.581.701.351.321.711.241.231.041.151.17
    Key Financials TTM            
    Total Revenue TTM178172169168161158153149148145144142
    Net Income TTM565150514847444039373737
    Growth Rates Quarterly            
    Total Revenue Growth13.8%8.5%2.6%17.0%8.1%12.6%12.3%2.8%8.1%3.3%6.4%8.6%
    Net Income Growth36.4%9.2%-7.5%36.7%9.2%26.3%47.5%5.9%25.4%-1.5%-3.8%-8.2%
    Margins Quarterly            
    Net Income Margin33.4%27.5%31.6%32.3%27.8%27.4%35.0%27.6%27.5%24.4%26.7%26.8%
    Cash & Debt            
    Total Cash53151441746506530499445390386437405
    Total Debt353310259274284294328357336390340373
    Net Debt / (Cash)-178-203-158229-222-236-171-88-544-97-32
    Cash Flows Quarterly            
    FCF from Operations4431618161122141391316
    Cash Flows TTM            
    FCF from Operations TTM815362686360574952515246
    Returns to Shareholders Quarterly            
    Dividends332222222222
    Share Repurchases110011001100
    Return on Invested Capital (ROIC) Quarterly            
    ROIC---22.2%-----104.0%--
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM---19.8%-----108.4%--

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Banking operations169153144128113
    Total169153144128113


    Price Behavior

    Price Behavior
    Market Price$71.10 
    Market Cap ($ Bil)0.6 
    First Trading Date11/09/2005 
    Distance from 52W High-2.4% 
       50 Days200 Days
    DMA Price$69.57$59.64
    DMA Trendupup
    Distance from DMA2.2%19.2%
     3M1YR
    Volatility21.6%24.1%
    Downside Capture-5.7439.66
    Upside Capture77.6470.17
    Correlation (SPY)12.7%24.8%
    FBIZ Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta0.460.570.030.260.480.79
    Up Beta1.150.33-0.48-0.060.320.80
    Down Beta-0.180.44-0.150.080.350.72
    Up Capture10%94%72%62%62%76%
    Bmk +ve Days10213268138427
    Stock +ve Days8193466124373
    Down Capture17%41%-24%22%53%90%
    Bmk -ve Days11213259113324
    Stock -ve Days12202758124375

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FBIZ
    FBIZ38.2%24.0%1.28-
    Sector ETF (XLF)4.5%14.6%0.0853.7%
    Equity (SPY)18.2%13.0%1.0124.6%
    Gold (GLD)18.8%29.3%0.59-7.5%
    Commodities (DBC)47.0%20.6%1.76-23.5%
    Real Estate (VNQ)5.7%13.6%0.1537.1%
    Bitcoin (BTCUSD)-31.0%44.4%-0.715.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FBIZ
    FBIZ23.8%29.4%0.74-
    Sector ETF (XLF)9.8%18.4%0.4051.6%
    Equity (SPY)13.1%17.2%0.5836.8%
    Gold (GLD)18.9%18.8%0.81-2.5%
    Commodities (DBC)11.0%19.5%0.441.9%
    Real Estate (VNQ)1.2%18.8%-0.0439.5%
    Bitcoin (BTCUSD)12.5%52.6%0.4215.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FBIZ
    FBIZ15.0%34.9%0.49-
    Sector ETF (XLF)13.1%22.1%0.5458.0%
    Equity (SPY)15.6%17.9%0.7443.7%
    Gold (GLD)12.1%16.4%0.61-5.2%
    Commodities (DBC)8.4%18.1%0.3812.0%
    Real Estate (VNQ)4.9%20.7%0.2044.2%
    Bitcoin (BTCUSD)62.7%66.2%1.0313.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date8312026
    Short Interest: Shares Quantity0.3 Mil
    Short Interest: % Change Since 815202618.6%
    Average Daily Volume0.1 Mil
    Days-to-Cover Short Interest4.7 days
    Basic Shares Quantity8.2 Mil
    Short % of Basic Shares3.2%

    Returns Analyses

    Earnings Returns History

    Updated 9/2/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/30/20264.4%7.1%5.8%
    4/23/2026-2.2%-1.9%0.2%
    1/29/20260.4%4.2%-3.2%
    10/30/20253.0%4.6%7.8%
    7/24/2025-5.7%-7.6%1.7%
    4/24/2025-4.1%-4.1%-3.8%
    1/30/20254.3%13.7%6.1%
    10/24/2024-4.3%-4.5%13.2%
    ...
    SUMMARY STATS   
    # Positive171618
    # Negative786
    Median Positive3.0%5.9%6.4%
    Median Negative-2.5%-4.3%-3.5%
    Max Positive7.4%17.3%23.4%
    Max Negative-5.7%-10.5%-10.0%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/30/20264.4%7.1%5.8%
    4/23/2026-2.2%-1.9%0.2%
    1/29/20260.4%4.2%-3.2%
    10/30/20253.0%4.6%7.8%
    7/24/2025-5.7%-7.6%1.7%
    4/24/2025-4.1%-4.1%-3.8%
    1/30/20254.3%13.7%6.1%
    10/24/2024-4.3%-4.5%13.2%
    7/25/20245.1%0.6%3.8%
    4/25/20241.0%2.8%3.3%
    1/25/20241.8%-8.1%-10.0%
    10/26/2023-2.5%5.9%12.9%
    7/27/20230.5%1.8%-5.7%
    4/27/2023-0.3%-10.5%-3.1%
    1/26/20233.2%7.6%6.8%
    10/27/20223.9%6.0%9.6%
    7/28/20220.7%-0.6%2.3%
    4/28/20221.0%2.9%-0.6%
    1/27/20227.4%10.6%7.9%
    10/28/20212.1%7.3%1.2%
    7/29/20211.9%2.4%4.4%
    4/29/20215.2%8.4%9.7%
    1/28/20213.5%17.3%23.4%
    10/22/2020-0.3%-4.1%11.7%
    SUMMARY STATS   
    # Positive171618
    # Negative786
    Median Positive3.0%5.9%6.4%
    Median Negative-2.5%-4.3%-3.5%
    Max Positive7.4%17.3%23.4%
    Max Negative-5.7%-10.5%-10.0%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202607/31/202610-Q
    03/31/202604/24/202610-Q
    12/31/202502/25/202610-K
    09/30/202510/31/202510-Q
    06/30/202507/25/202510-Q
    03/31/202504/25/202510-Q
    12/31/202402/26/202510-K
    09/30/202410/25/202410-Q
    06/30/202407/26/202410-Q
    03/31/202404/26/202410-Q
    12/31/202302/28/202410-K
    09/30/202310/27/202310-Q
    06/30/202307/28/202310-Q
    03/31/202304/28/202310-Q
    12/31/202202/22/202310-K
    09/30/202210/28/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202607/31/202610-Q
    03/31/202604/24/202610-Q
    12/31/202502/25/202610-K
    09/30/202510/31/202510-Q
    06/30/202507/25/202510-Q
    03/31/202504/25/202510-Q
    12/31/202402/26/202510-K
    09/30/202410/25/202410-Q
    06/30/202407/26/202410-Q
    03/31/202404/26/202410-Q
    12/31/202302/28/202410-K
    09/30/202310/27/202310-Q
    06/30/202307/28/202310-Q
    03/31/202304/28/202310-Q
    12/31/202202/22/202310-K
    09/30/202210/28/202210-Q
    06/30/202207/29/202210-Q
    03/31/202204/29/202210-Q
    12/31/202102/23/202210-K
    09/30/202110/29/202110-Q
    06/30/202107/30/202110-Q
    03/31/202104/30/202110-Q
    12/31/202002/24/202110-K
    09/30/202010/23/202010-Q
    06/30/202007/24/202010-Q
    03/31/202004/24/202010-Q
    12/31/201902/27/202010-K
    09/30/201910/25/201910-Q

    Recent Forward Guidance

    Updated 7/31/2026

    Latest: Q2 2026 Earnings Reported 7/30/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q3 2026 Effective Quarterly Tax RateReported15.0%16.0%17.0%   
    2026 Net Interest MarginReported3.6%3.63%3.65% 0.0%AffirmedGuidance: 3.63% for 2026
    2026 Effective Tax RateReported13.0%14.0%15.0% -3.0%LoweredGuidance: 17.0% for 2026


    Prior: Q1 2026 Earnings Reported 4/23/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 GrowthReported 10.0%    
    2026 Net Interest MarginReported3.6%3.63%3.65% 0.0%AffirmedGuidance: 3.63% for 2026
    2026 Effective Tax RateReported16.0%17.0%18.0% 0.0%AffirmedGuidance: 17.0% for 2026

    Q4 2025 Earnings Reported 1/29/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Net Interest MarginReported3.6%3.63%3.65% 0.0%Same NewGuidance: 3.63% for 2025
    2026 Effective Tax RateReported16.0%17.0%18.0% 0.0%Same NewGuidance: 17.0% for 2025

    Q3 2025 Earnings Reported 10/30/2025

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2025 Net Interest MarginReported3.6%3.63%3.65% 0.0%AffirmedGuidance: 3.63% for 2025
    2025 Effective Tax RateReported16.0%17.0%18.0% 0.0%AffirmedGuidance: 17.0% for 2025

    Insider Activity

    Updated 8/28/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Chandler, Jodi AChief Human Resources OfficerDirectSell828202670.1967547,3811,582,886Form
    2Crampton, Kevin DChief Accounting OfficerDirectBuy1110202551.40713,64997,249Form
    3Kauten, Ralph R DirectBuy801202547.8010,000478,0001,422,349Form
    4Graham, Jason R DirectBuy801202547.871,00047,865154,125Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Chandler, Jodi AChief Human Resources OfficerDirectSell828202670.1967547,3811,582,886Form
    2Crampton, Kevin DChief Accounting OfficerDirectBuy1110202551.40713,64997,249Form
    3Kauten, Ralph R DirectBuy801202547.8010,000478,0001,422,349Form
    4Graham, Jason R DirectBuy801202547.871,00047,865154,125Form

    Industry Resources

    External Quote Links


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