First Business Financial Services Q3 2024 10-Q Filed

TL;DR

**FBFS Q3 10-Q is in! Shows loan details & CD info.**

AI Summary

First Business Financial Services, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details various financial obligations and loan portfolio segments, including non-owner occupied loans and construction loans. It also reports on wholesale certificates of deposit and fair value measurements for U.S. government-sponsored enterprises debt securities.

Why It Matters

This filing provides insight into the financial health and loan portfolio composition of First Business Financial Services, Inc., which can impact investors and customers.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information about loan portfolios and fair value measurements, which are subject to market fluctuations and credit risk.

Key Numbers

• 2024-09-30 — Reporting Period End (The company's financial status as of this date is detailed in the 10-Q.)
• 2023-12-31 — Previous Year End (Provides a comparative basis for financial performance.)

Key Players & Entities

• FIRST BUSINESS FINANCIAL SERVICES, INC. (company) — Filer
• 2024-09-30 (date) — Reporting Period End Date
• 608-238-8008 (phone_number) — Business Phone
• WI (state) — State of Incorporation
• 001-34095 (company_id) — SEC File Number

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value FBIZ The Nasdaq Stock Mar

Filing Documents

• fbiz-20240930.htm (10-Q) — 7079KB
• fbiz-ex31_1.htm (EX-31.1) — 14KB
• fbiz-ex31_2.htm (EX-31.2) — 14KB
• fbiz-ex32.htm (EX-32) — 8KB
• 0000950170-24-117408.txt ( ) — 29408KB
• fbiz-20240930.xsd (EX-101.SCH) — 1876KB
• fbiz-20240930_htm.xml (XML) — 9020KB

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) 6 Notes to Unaudited Consolidated Financial Statements 7

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 36

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 59

Controls and Procedures

Item 4. Controls and Procedures 59

Other Information

PART II. Other Information 60

Legal Proceedings

Item 1. Legal Proceedings 60

Risk Factors

Item 1A. Risk Factors 60

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 60

Other Information

Item 5. Other Information 60

Exhibits

Item 6. Exhibits 61

Signatures

Signatures 62 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 September 30, 2024 December 31, 2023 (Unaudited) (In Thousands, Except Share Data) Assets Cash and due from banks $ 45,302 $ 32,348 Short-term investments 86,670 107,162 Cash and cash equivalents 131,972 139,510 Securities available-for-sale, at fair value 313,336 297,006 Securities held-to-maturity, at amortized cost 6,907 8,503 Loans held for sale 8,173 4,589 Loans and leases receivable, net of allowance for credit losses of $ 33,688 and $ 31,275 , respectively 3,016,391 2,818,986 Premises and equipment, net 5,478 6,190 Repossessed assets 56 247 Right-of-use assets, net 5,789 6,559 Bank-owned life insurance 56,767 55,536 Federal Home Loan Bank stock, at cost 12,775 12,042 Goodwill and other intangible assets 11,834 12,023 Derivatives 42,539 55,597 Accrued interest receivable and other assets 103,707 91,058 Total assets $ 3,715,724 $ 3,507,846 Liabilities and Stockholders' Equity Deposits $ 2,969,947 $ 2,796,779 Federal Home Loan Bank advances and other borrowings 349,109 330,916 Lease liabilities 8,054 8,954 Derivatives 45,399 51,949 Accrued interest payable and other liabilities 31,233 29,660 Total liabilities 3,403,742 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 September 30, 2024 and December 31, 2023 11,992 11,992 Common stock, $ 0.01 par value, 25,000,000 shares authorized, 9,434,444 and 9,418,463 shares issued, 8,295,017 and 8,314,778 shares outstanding at September 30, 2024 and December 31, 2023, respectively 95 95 Additional paid-in capital 92,650 90,616 Retained earnings 253,660 230,728 Accumulated other comprehensive loss ( 15,032

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View this 10-Q filing on SEC EDGAR