First Business Financial Services (FBIZ)
Runs a branchless commercial bank pairing lending niches with private wealth management for business clients.
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Operates a commercial bank for small and mid-sized businesses that replaces retail branches with relationship offices, combining commercial and real-estate lending with specialty niches like asset-based lending, receivables financing, and SBA lending. Private wealth management and administrative services for other community banks round out a Wisconsin-concentrated franchise with an added Kansas City market.
Runs a commercial bank built for small and mid-sized businesses, business owners, executives, and other professionals rather than retail depositors, operating relationship offices in place of a conventional branch network.
Commercial real estate and commercial-and-industrial lending anchor the loan book, layered with specialty niches such as asset-based lending, accounts-receivable financing, equipment and floorplan finance, and SBA lending, alongside trust, investment, and private-banking services for high-net-worth clients and back-office investment and balance-sheet administration sold to other community banks.
The banking franchise is concentrated in Wisconsin, with an additional market around Kansas City, while specialty-finance and wealth-management clients are spread across the country.
Specialty-finance lending is built to perform when conventional business lending softens, and the bank operates under a state charter dating back to the early twentieth century.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 3, 2026 | DA Davidson | Reiterate | Rating: —Target: $50 | Target: $80 |
| Aug 3, 2026 | Piper Sandler | Reiterate | Rating: —Target: $70 | Target: $84 |
| Apr 27, 2026 | Raymond James | Target | Target: $62 | Target: $64 |
| Feb 3, 2026 | Piper Sandler | Reiterate | Rating: —Target: $61 | Target: $70 |
| Nov 4, 2025 | Piper Sandler | Reiterate | Rating: —Target: — | Target: $61 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $531.1M · Total debt $595.2M · Total assets $4.41B · Shareholders' equity $395.3M
- Revenue
- $73.6M
- Operating income
- $16.8M
- Net income
- $15.6M
HistoryDividendAnnual yield
| Institutions | ≈ 71.21% | 5.96M shares | |
|---|---|---|---|
| 142 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 5.69% | 476.3K shares | |
| 20 holders · as of Aug 28, 2026 | |||
| Other | ≈ 23.10% | 1.93M shares | |
| remainder | |||
8.37M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 11.09% | 928,380 | as of Jun 30, 2026 |
Dimensional Fund Advisors LPInstitution | 5.96% | 498,430 | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.10% | 343,482 | as of Jun 30, 2026 |
First Business Financial Services, Inc.Institution | 4.07% | 340,189 | as of Jun 30, 2026 |
American Century Companies IncInstitution | 3.26% | 272,788 | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 27, 2026 | Jodi A. Chandler | officer: Chief Human Resources Officer | −675 | $70.19 |
| Nov 7, 2025 | Kevin D. Crampton | officer: Chief Accounting Officer | +71 | $51.40 |
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CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| First Business Financial Services | $70.24 | 0.00% | $594.6M | 10.7 | 10.6 | 2.1 | +13.8% |
| Associated Banc-Corp | $29.02 | +0.02% | $5.54B | 10.3 | 9.2 | 2.2 | +22.7% |
| Old National Bancorp | $25.05 | +0.10% | $9.66B | 11.1 | 9.2 | 2.4 | +12.3% |
| Wintrust Financial | $130.21 | −10.00% | $9.92B | 11.7 | 10.9 | 2.3 | +10.1% |
| UMB Financial | $134.21 | 0.00% | $10.14B | 11.1 | 10.1 | 2.2 | +22.9% |
| Nicolet Bankshares | $165.65 | −0.08% | $2.86B | 18.4 | 12.9 | 5.5 | +227.9% |
| Byline Bancorp | $37.00 | +0.03% | $1.70B | 11.4 | 11.2 | 2.7 | +6.6% |
| Median | 11.3 | 10.5 | 2.3 | +17.5% |