First Business Financial Services
Runs a branchless commercial bank pairing lending niches with private wealth management for business clients.
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Profile
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
Categories
Key statistics
Year to date +32.8% · Average volume (30d) 65.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 3, 2026 | DA Davidson | Reiterate | Buy | $50 | $80 |
| Aug 3, 2026 | Piper Sandler | Reiterate | Overweight | $70 | $84 |
| Apr 27, 2026 | Raymond James | Target | $62 | $64 | |
| Feb 3, 2026 | Piper Sandler | Reiterate | Overweight | $61 | $70 |
| Nov 4, 2025 | Piper Sandler | Reiterate | Overweight | $61 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $1.56 | $1.84 | +17.9% | $45.4M | $46.7M | +2.8% | +4.39% |
| Apr 23, 2026Q1 FY26 | $1.42 | $1.44 | +1.4% | $43.4M | $44.3M | +2.1% | −2.20% |
| Jan 29, 2026Q4 FY25 | $1.38 | $1.58 | +14.5% | $42.8M | $42.2M | −1.3% | +0.40% |
| Oct 30, 2025Q3 FY25 | $1.39 | $1.70 | +22.3% | $43.0M | $44.5M | +3.5% | +3.03% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $67.1M | $68.5M | $73.4M | $70.2M | $70.7M | $73.6M | |
| Gross profit | $38.2M | $38.3M | $43.1M | $40.4M | $41.3M | $44.6M | |
| Operating income | $13.5M | $13.4M | $17.4M | $16.2M | $14.4M | $16.8M | |
| Net income | $11.2M | $11.4M | $14.4M | $13.3M | $12.2M | $15.6M | |
| Diluted EPS | $1.32 | $1.35 | $1.70 | $1.60 | $1.49 | $1.84 | |
| Gross margin | 56.9% | 55.9% | 58.7% | 57.5% | 58.5% | 60.7% | |
| Operating margin | 20.1% | 19.5% | 23.7% | 23.1% | 20.3% | 22.8% |
Fiscal years (4-quarter sums)FY21 $124.1M · FY22 $150.8M · FY23 $226.2M · FY24 $262.4M · FY25 $279.2M
Balance sheet, Jun 30, 2026Cash & short-term investments $531.1M · Total debt $595.2M · Total assets $4.41B · Shareholders' equity $395.3M
Dividends
Raised for 19 straight years — most recently to $0.34 from $0.29 in Feb 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 12, 2026 | Aug 12 | Aug 26 | $0.34 | |
| May 6, 2026 | May 6 | May 20 | $0.34 | |
| Feb 13, 2026 | Feb 14 | Feb 28 | $0.34 | raised from $0.29 |
| Nov 19, 2025 | Nov 19 | Dec 3 | $0.29 | |
| Aug 11, 2025 | Aug 11 | Aug 25 | $0.29 | |
| May 9, 2025 | May 9 | May 23 | $0.29 | |
| Feb 14, 2025 | Feb 14 | Feb 28 | $0.29 | raised from $0.25 |
| Nov 7, 2024 | Nov 7 | Nov 20 | $0.25 |
Ownership
Shares outstanding 8.36M · Float 7.68M · 91.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 928.4K | 11.10% | 13F | Aug 7, 2026 |
| Dimensional Fund Advisors LP | 498.4K | 5.96% | 13F | Aug 11, 2026 |
| Vanguard Capital Management LLC | 343.5K | 4.11% | 13F | Aug 13, 2026 |
| First Business Financial Services, Inc. | 340.2K | 4.07% | 13F | Jul 28, 2026 |
| American Century Companies Inc | 272.8K | 3.26% | 13F | Aug 12, 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 |
Peers
- Associated Banc-Corp
Head-to-head in Wisconsin business banking, CRE, C&I lending, and wealth mgmt
- Old National Bancorp
Head-to-head in Wisconsin and Kansas City business banking, CRE, ABL, wealth
- Wintrust Financial
Head-to-head in equipment/floorplan finance, business banking, private wealth
- UMB Financial
Head-to-head in Kansas City and Wisconsin banking, treasury mgmt, and wealth
- Nicolet Bankshares
Head-to-head in Wisconsin C&I lending, CRE, and wealth management
- Byline Bancorp
Head-to-head in SBA lending, equipment finance, and Wisconsin business banking
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| First Business Financial Services | $70.85 | −0.41% | $592.5M | 10.7 | 10.7 | 2.1 | +13.8% |
| Associated Banc-Corp | $30.92 | −0.00% | $5.84B | 10.8 | 9.9 | 2.3 | +29.1% |
| Old National Bancorp | $25.85 | +0.02% | $9.89B | 11.4 | 9.5 | 2.5 | +12.3% |
| Wintrust Financial | $161.72 | +5.73% | $10.32B | 12.1 | 11.6 | 2.4 | +10.1% |
| UMB Financial | $144.59 | +0.07% | $10.98B | 12.0 | 11.0 | 2.4 | +22.9% |
| Nicolet Bankshares | $171.74 | −0.02% | $2.97B | 19.1 | 13.3 | 5.7 | +227.9% |
| Byline Bancorp | $38.30 | −0.10% | $1.74B | 11.6 | 11.6 | 2.7 | +7.4% |
| Median | 11.8 | 11.3 | 2.4 | +17.6% |