First Business Financial Services, Inc. (FBIZ) 10-Year Financial Performance & Capital Metrics

FBIZ • • Banking & Credit

Financial ServicesRegional BanksCommercial & Business BankingCommercial & Corporate Banking

AboutFirst 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. The company offers deposit products, such as non-interest-bearing transaction accounts, interest-bearing transaction accounts, money market accounts, time deposits, and certificates of deposit, as well as credit cards. It also provides loan products, including commercial real estate loans, commercial and industrial loans, small business administration loans, and direct financing leases, as well as consumer and other loans comprising home equity, first and second mortgage, and other personal loans for professional and executive clients. The company offers commercial lending, asset-based lending, equipment financing, accounts receivable financing, vendor financing, floorplan financing, treasury management services, and company retirement plans; trust and estate administration, financial planning, investment management, and private banking services; and investment portfolio administrative, asset-liability management, and asset-liability management process validation services for other financial institutions. First Business Financial Services, Inc. was founded in 1909 and is headquartered in Madison, Wisconsin.Show more

Net Interest Income $124M +10.3%
Total Revenue $262M +16.0%
Net Income $44M +19.5%
Return on Equity 14.31% +6.4%
Net Interest Margin 3.22% +0.4%
Efficiency Ratio 35.63% -9.0%
ROA 1.2% +5.3%
Equity / Assets 8.53% +3.3%
Book Value per Share 40.33 +13.2%
Tangible BV/Share 38.86 +13.8%
Debt/Equity 1.00 -15.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Efficient operations: 35.6% efficiency ratio
✓12 consecutive years of dividend growth
✓Trading near 52-week high
✓Trading at only 1.4x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.49%

5Y16.67%

3Y28.35%

TTM-

Profit (Net Income) CAGR

10Y12.08%

5Y13.66%

3Y7.36%

TTM29.8%

EPS CAGR

10Y11.44%

5Y14.18%

3Y7.64%

TTM30.47%

ROCE

10Y Avg6.47%

5Y Avg6.04%

3Y Avg6.81%

Latest7.02%

Peer Comparison

Commercial & Corporate Banking

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TCBITexas Capital Bancshares, Inc.	4.49B	98.37	76.85	-1.72%	4.4%	7.92%	9.27%	0.46
BANCBanc of California, Inc.	3.15B	20.87	40.13	24.65%	6.78%	6.01%	2.04%	0.67
DBDeutsche Bank AG	74.26B	38.87	28.37	11.78%	5.07%	7.18%		1.91
HTHHilltop Holdings Inc.	2.2B	35.83	20.59	2.5%	7.35%	7.2%	12.14%	0.61
SFBSServisFirst Bancshares, Inc.	4.28B	78.31	18.82	17.89%	23.26%	14.33%	5.8%	1.27
CMAComerica Incorporated	11.69B	91.51	18.23	-4.95%	13.98%	10.57%	3.83%	1.02
BOKFBOK Financial Corporation	8.08B	127.69	15.69	10.4%	15.57%	8.91%	15.59%	0.80
CNOBConnectOne Bancorp, Inc.	1.37B	27.26	15.49	6.06%	13.8%	3.98%	4.15%	0.63

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	58.64M	63.33M	60.61M	67.34M	69.86M	77.07M	84.66M	98.42M	112.59M	124.21M
NII Growth %	0.27%	0.08%	-0.04%	0.11%	0.04%	0.1%	0.1%	0.16%	0.14%	0.1%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	72.47M	78.12M	75.81M	91.28M	102.04M	94.18M	96M	121.37M	194.93M	233.13M
Interest Expense	13.83M	14.79M	15.2M	23.93M	32.18M	17.11M	11.33M	22.95M	82.34M	108.92M
Loan Loss Provision	3.39M	9.89M	8.41M	7.41M	2.27M	16.81M	-5.8M	-3.87M	8.18M	8.83M
Non-Interest Income+	17.01M	14.3M	13.88M	16.08M	19.33M	24.55M	28.1M	29.43M	31.31M	29.25M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	89.48M	92.41M	89.69M	107.36M	121.37M	118.72M	124.09M	150.8M	226.24M	262.38M
Revenue Growth %	0.32%	0.03%	-0.03%	0.2%	0.13%	-0.02%	0.05%	0.22%	0.5%	0.16%
Non-Interest Expense	47.37M	50.67M	51.85M	58.37M	62.41M	66.5M	71.53M	79.47M	88.58M	93.48M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	24.89M	17.07M	14.23M	17.65M	24.5M	18.3M	47.03M	52.24M	47.14M	51.15M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.17%	-0.31%	-0.17%	0.24%	0.39%	-0.25%	1.57%	0.11%	-0.1%	0.09%
Pretax Income+	24.89M	17.07M	14.23M	17.65M	24.5M	18.3M	47.03M	52.24M	47.14M	51.15M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	8.38M	2.16M	2.33M	1.35M	1.18M	1.33M	11.28M	11.39M	10.11M	6.91M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	16.51M	14.91M	11.9M	16.3M	23.32M	16.98M	35.76M	40.86M	37.03M	44.24M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.17%	-0.1%	-0.2%	0.37%	0.43%	-0.27%	1.11%	0.14%	-0.09%	0.19%
Net Income (Continuing)	16.51M	14.91M	11.9M	16.3M	23.32M	16.98M	35.76M	40.86M	37.03M	44.24M
EPS (Diluted)+	1.90	1.71	1.36	1.86	2.68	1.97	4.17	4.75	4.33	5.20
EPS Growth %	0.08%	-0.1%	-0.2%	0.37%	0.44%	-0.26%	1.12%	0.14%	-0.09%	0.2%
EPS (Basic)	1.90	1.71	1.36	1.86	2.68	1.97	4.17	4.75	4.33	5.20
Diluted Shares Outstanding	8.55M	8.57M	8.61M	8.64M	8.52M	8.38M	8.31M	8.23M	8.13M	8.15M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	113.56M	77.52M	52.54M	86.55M	67.1M	56.91M	57.11M	102.68M	139.51M	157.7M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	1.58B	1.6B	1.63B	1.76B	1.91B	2.38B	2.47B	2.74B	3.24B	3.56B
Investments Growth %	0.08%	0.01%	0.02%	0.08%	0.08%	0.25%	0.04%	0.11%	0.18%	0.1%
Long-Term Investments	1.44B	1.45B	1.51B	1.62B	1.74B	2.19B	2.26B	2.53B	2.94B	3.22B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	10.7M	10.7M	10.7M	10.7M	10.7M	10.7M	10.7M	10.7M	10.7M	10.71M
Intangible Assets	1.79M	2.07M	1.95M	1.34M	1.22M	1.32M	1.57M	1.46M	1.32M	1.21M
PP&E (Net)	3.95M	3.77M	3.16M	3.28M	9.46M	7.81M	6.6M	12.03M	12.75M	10.93M
Other Assets	34.35M	46.98M	52.95M	57.36M	57.82M	72.68M	76.68M	80.81M	81.11M	79.17M
Total Current Assets	292.95M	262.11M	217.44M	266.65M	276.37M	273.89M	286.74M	327.93M	454.06M	516.19M
Total Non-Current Assets	1.49B	1.52B	1.58B	1.7B	1.82B	2.29B	2.37B	2.65B	3.05B	3.34B
Total Assets+	1.78B	1.78B	1.79B	1.97B	2.1B	2.57B	2.65B	2.98B	3.51B	3.85B
Asset Growth %	0.09%	-0%	0.01%	0.1%	0.07%	0.22%	0.03%	0.12%	0.18%	0.1%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	9.29M	10.51M	12.54M	21.47M	14.39M	15.62M	15.34M	19.36M	0	0
Total Debt+	44.73M	69.68M	217.92M	308.98M	336.97M	435.62M	418.93M	466.98M	339.87M	327.98M
Net Debt	-68.83M	-7.84M	165.38M	222.43M	269.87M	378.71M	361.82M	364.3M	200.36M	170.27M
Long-Term Debt	44.73M	69.68M	217.92M	308.98M	329.43M	429.23M	413.53M	456.81M	330.92M	320.05M
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	0	0	0	0	20.89M	54.93M	28.28M	61.42M	81.61M	89.51M
Total Current Liabilities	1.59B	1.55B	1.41B	1.48B	1.54B	1.87B	1.97B	2.19B	2.8B	3.11B
Total Non-Current Liabilities	44.73M	69.68M	217.92M	308.98M	357.86M	490.54M	447.22M	528.4M	421.48M	417.49M
Total Liabilities	1.63B	1.62B	1.62B	1.79B	1.9B	2.36B	2.42B	2.72B	3.22B	3.52B
Total Equity+	150.83M	161.65M	169.28M	180.71M	194.16M	206.16M	232.42M	260.64M	289.59M	328.59M
Equity Growth %	0.09%	0.07%	0.05%	0.07%	0.07%	0.06%	0.13%	0.12%	0.11%	0.13%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.11%	0.1%	0.07%	0.09%	0.12%	0.08%	0.16%	0.17%	0.13%	0.14%
Book Value per Share	17.64	18.85	19.65	20.92	22.80	24.59	27.95	31.68	35.62	40.33
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	89K	90K	90K	91K	92K	92K	93K	94K	95K	95K
Additional Paid-in Capital	76.55M	77.54M	78.62M	79.62M	81.19M	83.13M	85.8M	87.51M	90.62M	93.55M
Retained Earnings	80.58M	91.32M	98.91M	110.31M	129.1M	140.43M	170.02M	203.51M	230.73M	265.78M
Accumulated OCI	-80K	-522K	-1.24M	-1.68M	-1.35M	-933K	-1.46M	-15.31M	-13.72M	-11.43M
Treasury Stock	-6.31M	-6.78M	-7.1M	-7.63M	-14.88M	-16.55M	-22.03M	-27.16M	-30.13M	-31.4M
Preferred Stock	0	0	0	0	0	0	0	11.99M	11.99M	11.99M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	23.22M	26.16M	22.41M	25.28M	28.98M	26.64M	35.99M	38.65M	52.29M	57.49M
Operating CF Growth %	0.96%	0.13%	-0.14%	0.13%	0.15%	-0.08%	0.35%	0.07%	0.35%	0.1%
Net Income	16.51M	14.91M	11.9M	16.3M	23.32M	16.98M	35.76M	40.86M	37.03M	44.24M
Depreciation & Amortization	-90K	1.51M	1.56M	1.48M	3.05M	3.46M	3.55M	4.07M	3.64M	3.74M
Deferred Taxes	1.16M	-1.11M	1.54M	-432K	-2.71M	-2.01M	1.22M	-775K	2.12M	-3.51M
Other Non-Cash Items	5.57M	13.32M	8.53M	6.79M	5.42M	14.35M	-1.6M	-3.16M	14.05M	8.53M
Working Capital Changes	-991K	-3.47M	-2.2M	140K	-1.67M	-8.02M	-5.46M	-4.93M	-7.52M	1.7M
Cash from Investing+	-149.59M	-44.31M	-46.35M	-137.85M	-131.5M	-454.51M	-111.01M	-245.27M	-506.85M	-328.47M
Purchase of Investments	-41.3M	-65.75M	-69.23M	-58.72M	-94.12M	-72.12M	-97.04M	-88.7M	-132.54M	-165.23M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	315K	0	0
Other Investing	-155.2M	-31.37M	-60.94M	-123.18M	-101.18M	-450.26M	-86.32M	-201.59M	-402.75M	-266.79M
Cash from Financing+	136.69M	-17.9M	-1.03M	146.58M	83.07M	417.68M	75.22M	252.19M	491.38M	289.17M
Dividends Paid	-3.82M	-4.18M	-4.54M	-4.92M	-5.22M	-5.65M	-6.17M	-7.37M	-8.45M	-9.2M
Share Repurchases	-946K	-467K	-323K	-533K	-7.25M	-1.67M	-5.48M	-6.13M	-2.97M	-1.27M
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K	-1000K	-1000K
Other Financing	140.04M	-38.26M	-144.49M	60.97M	75.08M	325.2M	102.57M	210.42M	628.7M	310.5M
Net Change in Cash+	10.33M	-36.05M	-24.98M	34.01M	-19.44M	-10.19M	201K	45.57M	36.83M	18.19M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	103.24M	113.56M	77.52M	52.54M	86.55M	67.1M	56.91M	57.11M	102.68M	139.51M
Cash at End	113.56M	77.52M	52.54M	86.55M	67.1M	56.91M	57.11M	102.68M	139.51M	157.7M
Interest Paid	13.64M	14.79M	14.87M	22.33M	33M	18.41M	13.21M	20.11M	75.53M	109.61M
Income Taxes Paid	5.67M	5.55M	2.16M	1.05M	1.29M	3.45M	14.52M	8.04M	7.46M	158K
Free Cash Flow+	22.43M	25.58M	21.17M	24.31M	28.76M	26.37M	35.6M	35.42M	49.41M	57.27M
FCF Growth %	1.58%	0.14%	-0.17%	0.15%	0.18%	-0.08%	0.35%	-0.01%	0.39%	0.16%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.45%	9.54%	7.19%	9.32%	12.44%	8.48%	16.3%	16.57%	13.46%	14.31%
Return on Assets (ROA)	0.97%	0.84%	0.67%	0.87%	1.15%	0.73%	1.37%	1.45%	1.14%	1.2%
Net Interest Margin	3.29%	3.56%	3.38%	3.42%	3.33%	3%	3.19%	3.31%	3.21%	3.22%
Efficiency Ratio	52.94%	54.83%	57.81%	54.37%	51.42%	56.01%	57.65%	52.7%	39.15%	35.63%
Equity / Assets	8.46%	9.08%	9.44%	9.19%	9.26%	8.03%	8.76%	8.76%	8.26%	8.53%
Book Value / Share	17.64	18.85	19.65	20.92	22.8	24.59	27.95	31.68	35.62	40.33
NII Growth	27.12%	7.99%	-4.29%	11.11%	3.73%	10.33%	9.85%	16.25%	14.39%	10.32%
Dividend Payout	23.11%	28.01%	38.12%	30.15%	22.36%	33.29%	17.25%	16.37%	20.47%	18.8%

Frequently Asked Questions

Valuation & Price

First Business Financial Services, Inc. (FBIZ) has a price-to-earnings (P/E) ratio of 11.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

First Business Financial Services, Inc. (FBIZ) grew revenue by 16.0% over the past year. This is strong growth.

Yes, First Business Financial Services, Inc. (FBIZ) is profitable, generating $51.4M in net income for fiscal year 2024 (16.9% net margin).

Dividend & Returns

Yes, First Business Financial Services, Inc. (FBIZ) pays a dividend with a yield of 1.78%. This makes it attractive for income-focused investors.

First Business Financial Services, Inc. (FBIZ) has a return on equity (ROE) of 14.3%. This is reasonable for most industries.

Industry Metrics

First Business Financial Services, Inc. (FBIZ) has a net interest margin (NIM) of 3.2%. This indicates healthy earnings from lending activities.

First Business Financial Services, Inc. (FBIZ) has an efficiency ratio of 35.6%. This is excellent, indicating strong cost control.

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