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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 commercial real estate lending, commercial and industrial lending, asset-based lending, accounts receivable financing, equipment financing, 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, as well as private banking to private wealth clients. In addition, the company offers bank consulting services consisting of balance sheet, investment portfolio, and asset liability management services. Further, it provides commercial deposit accounts. The company was founded in 1909 and is headquartered in Madison, Wisconsin.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $169M | - | $50M | $61M | 14.0% | 9.9% | 13.7% |
| 2024 | $153M | - | $44M | $57M | 14.0% | 6.6% | 19.5% |
| 2023 | $144M | - | $37M | $49M | 13.3% | 12.6% | -9.4% |
| 2022 | $128M | - | $41M | $35M | 16.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 127.85 | 143.90 | 153.46 | 168.63 |
| Operating Revenue | - | 127.85 | 143.90 | 153.46 | 168.63 |
| Selling General And Administration | - | 61.14 | 66.19 | 69.38 | 74.95 |
| Interest Income | - | 121.37 | 194.93 | 233.13 | 247.31 |
| Interest Expense | - | 22.95 | 82.34 | 108.92 | 110.62 |
| Net Interest Income | - | 98.42 | 112.59 | 124.21 | 136.69 |
| Pretax Income | - | 52.24 | 47.14 | 51.15 | 60.45 |
| Tax Provision | - | 11.39 | 10.11 | 6.90 | 10.13 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 40.86 | 37.03 | 44.24 | 50.32 |
| Net Income From Continuing And Discontinued Operation | - | 40.86 | 37.03 | 44.24 | 50.32 |
| Net Income From Continuing Operation Net Minority Interest | - | 40.86 | 37.03 | 44.24 | 50.32 |
| Net Income | - | 40.86 | 37.03 | 44.24 | 50.32 |
| Net Income Common Stockholders | - | 39.07 | 35.21 | 42.34 | 48.49 |
| Net Income Including Noncontrolling Interests | - | 40.86 | 37.03 | 44.24 | 50.32 |
| Normalized Income | - | 40.86 | 37.03 | 44.24 | 50.32 |
| Diluted NI Availto Com Stockholders | - | 39.07 | 35.21 | 42.34 | 48.49 |
| Basic Average Shares | - | 8.23 | 8.13 | 8.15 | 8.16 |
| Diluted Average Shares | - | 8.23 | 8.13 | 8.15 | 8.16 |
| Reconciled Depreciation | - | 4.07 | 3.64 | 3.74 | 3.77 |
| Total Unusual Items | 0 | - | - | - | - |
| Total Unusual Items Excluding Goodwill | 0 | - | - | - | - |
| Preferred Stock Dividends | - | 0.68 | 0.88 | 0.88 | 0.88 |
| Special Income Charges | 0 | - | - | - | - |
| Gain On Sale Of Security | - | 0 | -0.04 | -0.01 | 0 |
| General And Administrative Expense | - | 58.78 | 63.30 | 65.86 | 71.10 |
| Other Gand A | 7.35 | - | - | - | - |
| Salaries And Wages | - | 57.74 | 61.06 | 63.10 | 67.87 |
| Insurance And Claims | - | 1.04 | 2.24 | 2.76 | 3.23 |
| Selling And Marketing Expense | - | 2.35 | 2.89 | 3.52 | 3.84 |
| Otherunder Preferred Stock Dividend | - | 1.11 | 0.94 | 1.03 | 0.95 |
| Occupancy And Equipment | - | 3.45 | 3.72 | 3.69 | 3.68 |
| Professional Expense And Contract Services Expense | - | 4.88 | 5.32 | 5.67 | 5.02 |
| Other Non Interest Expense | - | 10.01 | 13.34 | 14.74 | 15.87 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| First Business Financial Services, Inc.this co. | FBIZ | $482M | 9.59 | 1.34 | 14.0% | - |
| Sierra Bancorp | BSRR | $509M | 12.02 | 1.39 | 11.6% | - |
| LendingTree, Inc. | TREE | $506M | 3.34 | 1.76 | 52.8% | 8.33 |
| Greenlight Capital Re, Ltd. | GLRE | $497M | 6.64 | 0.70 | 10.6% | - |
| American Coastal Insurance Corporation |
| 2021 | - | - | - | - | - | - | - |
| ACIC |
| $489M |
| 4.58 |
| 1.54 |
| 33.6% |
| - |
| ChoiceOne Financial Services, Inc. | COFS | $470M | 16.67 | 1.01 | 6.1% | - |
| AlTi Global, Inc. | ALTI | $461M | -3.85 | 1.81 | -47.1% | -5.59 |
| Greene County Bancorp, Inc. | GCBC | $459M | 14.74 | 1.92 | 13.0% | - |
| Orange County Bancorp, Inc. | OBT | $457M | 10.97 | 1.61 | 14.6% | - |
| Peer Median | - | 8.81 | 1.57 | 12.3% | 1.37 | |