First Business Financial Services Q2 2024 10-Q Filed
Ticker: FBIZ · Form: 10-Q · Filed: Jul 26, 2024 · CIK: 1521951
| Field | Detail |
|---|---|
| Company | First Business Financial Services, INC. (FBIZ) |
| Form Type | 10-Q |
| Filed Date | Jul 26, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, banking
TL;DR
**FBFS Q2 10-Q is IN! Shows loan growth & fair value details. Check it out!**
AI Summary
First Business Financial Services, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial assets, including commercial and industrial loans and leases receivable, and fair value measurements for various securities. The company's fiscal year ends on December 31st, and its principal business is commercial banking.
Why It Matters
This filing provides investors with a quarterly update on the financial health and performance of First Business Financial Services, Inc., impacting investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures for a publicly traded company.
Key Numbers
- 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
- 1231 — Fiscal Year End (Specifies the end date of the company's fiscal year.)
Key Players & Entities
- FIRST BUSINESS FINANCIAL SERVICES, INC. (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 401 CHARMANY DRIVE (location) — Company's business address
- MADISON, WI (location) — Company's business city and state
- fbiz:CommercialandIndustrialLoansandLeasesReceivableMember (financial_metric) — Indicates reporting on commercial and industrial loans and leases
FAQ
What was the total value of commercial and industrial loans and leases receivable as of June 30, 2024?
The filing indicates 'fbiz:CommercialandIndustrialLoansandLeasesReceivableMember' for the period ending 2024-06-30, but a specific dollar amount is not provided in this snippet.
What types of securities are included in the fair value measurements?
The filing mentions 'us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember', 'us-gaap:ResidentialMortgageBackedSecuritiesMember', and 'fbiz:GovernmentSponsoredEnterprisesMember'.
What is the company's Standard Industrial Classification (SIC) code?
The SIC code is 6022, categorized under 'STATE COMMERCIAL BANKS'.
When was the company formerly known as First Business Financial Services, Inc. last known by that name before a potential change?
The filing indicates a 'DATE OF NAME CHANGE: 20110527', suggesting this was the last date it was known by that name before a change.
What is the company's primary business activity?
The company's primary business activity is commercial banking, as indicated by its SIC code 6022.
Filing Stats: 4,418 words · 18 min read · ~15 pages · Grade level 13.9 · Accepted 2024-07-26 16:35:37
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value FBIZ The Nasdaq Stock Mar
Filing Documents
- fbiz-20240630.htm (10-Q) — 6730KB
- fbiz-ex31_1.htm (EX-31.1) — 13KB
- fbiz-ex31_2.htm (EX-31.2) — 13KB
- fbiz-ex32.htm (EX-32) — 8KB
- 0000950170-24-086931.txt ( ) — 27944KB
- fbiz-20240630.xsd (EX-101.SCH) — 1793KB
- fbiz-20240630_htm.xml (XML) — 8566KB
Financial Information
PART I. Financial Information 1
Financial Statements
Item 1. Financial Statements 1 Consolidated Balance Sheets (Unaudited) 1 Consolidated Statements of Income (Unaudited) 2 Consolidated Statements of Comprehensive Income (Unaudited) 3 Consolidated Statements of Changes in Stockholders' Equity (Unaudited) 4 Consolidated Statements of Cash Flows (Unaudited) 5 Notes to Unaudited Consolidated Financial Statements 6
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 55
Controls and Procedures
Item 4. Controls and Procedures 55
Other Information
PART II. Other Information 56
Legal Proceedings
Item 1. Legal Proceedings 56
Risk Factors
Item 1A. Risk Factors 56
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56
Other Information
Item 5. Other Information 56
Exhibits
Item 6. Exhibits 57
Signatures
Signatures 58 Table of Contents
Fina ncial Information
PART I. Fina ncial Information
Financial Statements
Item 1. Financial Statements First Business Financial Services, Inc. Consolidated Balance Sheets June 30, 2024 December 31, 2023 (Unaudited) (In Thousands, Except Share Data) Assets Cash and due from banks $ 26,400 $ 32,348 Short-term investments 54,680 107,162 Cash and cash equivalents 81,080 139,510 Securities available-for-sale, at fair value 308,852 297,006 Securities held-to-maturity, at amortized cost 7,082 8,503 Loans held for sale 6,507 4,589 Loans and leases receivable, net of allowance for credit losses of $ 33,088 and $ 31,275 , respectively 2,952,326 2,818,986 Premises and equipment, net 6,381 6,190 Repossessed assets 54 247 Right-of-use assets, net 6,041 6,559 Bank-owned life insurance 56,351 55,536 Federal Home Loan Bank stock, at cost 11,901 12,042 Goodwill and other intangible assets 11,841 12,023 Derivatives 70,773 55,597 Accrued interest receivable and other assets 97,872 91,058 Total assets $ 3,617,061 $ 3,507,846 Liabilities and Stockholders' Equity Deposits $ 2,885,183 $ 2,796,779 Federal Home Loan Bank advances and other borrowings 327,855 330,916 Lease liabilities 8,361 8,954 Derivatives 61,821 51,949 Accrued interest payable and other liabilities 28,671 29,660 Total liabilities 3,311,891 3,218,258 Stockholders' equity: Preferred stock, $ 0.01 par value, 2,500,000 shares authorized, 12,500 shares of 7 % non-cumulative perpetual preferred stock, Series A, outstanding at June 30, 2024 and December 31, 2023 11,992 11,992 Common stock, $ 0.01 par value, 25,000,000 shares authorized, 9,433,759 and 9,418,463 shares issued, 8,294,589 and 8,314,778 shares outstanding at June 30, 2024 and December 31, 2023, respectively 95 95 Additional paid-in capital 91,967 90,616 Retained earnings 245,431 230,728 Accumulated other comprehensive loss ( 12,944 ) ( 13,717 )