Capital allocation remains focused on organic growth, evidenced by consistent quarterly dividend payments averaging $2.5 million while maintaining minimal share buyback activity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Cash from Operations | 53.45M | 61.7M | 57.49M | 52.29M | 38.65M | 35.99M | 26.64M | 28.98M | 25.28M | 22.41M | 26.16M | 23.22M | 11.87M | 15.9M | 16M | 17.58M | 11.81M | 967K | 8.37M | 7.74M | 4.54M | 2.64M | 4.25M | 7.15M |
| Operating CF Growth % | -44.64% | 7.31% | 9.94% | 35.31% | 7.37% | 35.13% | -8.11% | 14.65% | 12.82% | -14.35% | 12.67% | 95.55% | -25.33% | -0.6% | -8.98% | 48.78% | 1121.72% | -88.45% | 8.15% | 70.32% | 72.09% | -37.92% | -40.5% | - |
| Net Income | 51.35M | 50.32M | 44.24M | 37.03M | 40.86M | 35.76M | 16.98M | 23.32M | 16.3M | 11.9M | 14.91M | 16.51M | 14.14M | 13.75M | 8.93M | 8.43M | 941K | 1.04M | 3.12M | 3.26M | 3.75M | 4.76M | 4.26M | 4.11M |
| Depreciation & Amortization | 2.88M | 0 | 3.74M | 3.64M | 4.07M | 3.55M | 3.46M | 3.05M | 1.48M | 1.56M | 1.51M | -90K | 1.87M | 2.32M | 3.05M | 2.4M | 1.59M | 847K | 538K | 475K | 602K | 959K | 1.18M | 1.01M |
| Deferred Taxes | 72K | 0 | -3.51M | 2.12M | -775K | 1.22M | -2.01M | -2.71M | -432K | 1.54M | -1.11M | 1.16M | 1.39M | 2.43M | -1.91M | 1.96M | -2.42M | -570K | -446K | -392K | -836K | -3.82M | 2.59M | 1.18M |
| Other Non-Cash Items | 14.43M | 14.53M | 8.53M | 14.05M | -3.16M | -1.6M | 14.35M | 5.42M | 6.79M | 8.53M | 13.32M | 5.57M | -1.91M | -1.44M | 4.72M | 4.66M | 9.28M | 7.9M | 4.63M | 2.6M | 1.98M | -578K | -1.52M | 844K |
| Working Capital Changes | -17.45M | -3.15M | 1.7M | -7.52M | -4.93M | -5.46M | -8.02M | -1.67M | 140K | -2.2M | -3.47M | -991K | -4.5M | -1.81M | 655K | -445K | 1.9M | -8.89M | -103K | 1.8M | -952K | 1.33M | -2.26M | 0 |
| Cash from Investing | -414.46M | -373.38M | -328.47M | -506.85M | -245.27M | -111.01M | -454.51M | -131.5M | -137.85M | -46.35M | -44.31M | -149.59M | -332.75M | -54.92M | -99.81M | 716K | -60.88M | -19.63M | -87.24M | -132.94M | -115.63M | -96.96M | -44.78M | -42.17M |
| Purchase of Investments | -104.25M | 0 | -165.23M | -132.54M | -88.7M | -97.04M | -72.12M | -94.12M | -58.72M | -69.23M | -65.75M | -41.3M | -61.45M | -49.3M | -90.41M | -62.21M | -74.26M | -60.02M | -38.38M | -18.87M | -30.78M | -56.93M | -18.77M | -94.69M |
| Sale/Maturity of Investments | 54.66M | 0 | 103.77M | 31.32M | 47.93M | 72.74M | 68.14M | 64.03M | 45.02M | 85.05M | 53.4M | 47.71M | 47.08M | 62.52M | 56.99M | 44.15M | 42.42M | 47.72M | 28.28M | 22.05M | 24.1M | 28.61M | 15.48M | 52.59M |
| Net Investment Activity | -49.58M | 0 | -61.46M | -101.22M | -40.77M | -24.3M | -3.98M | -30.09M | -13.7M | 15.83M | -12.36M | 6.41M | -14.37M | 13.22M | -33.41M | -18.06M | -31.84M | -12.3M | -10.1M | 3.18M | -6.68M | -28.32M | -3.29M | -42.1M |
| Acquisitions | 0 | 0 | 0 | 0 | 315K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.96M | 0 | 0 | -210K | -450K | -300K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -364.26M | -373.38M | -266.79M | -402.75M | -201.59M | -86.32M | -450.26M | -101.18M | -123.18M | -60.94M | -31.37M | -155.2M | -303.24M | -67.61M | -65.83M | 19.4M | -28.45M | -6.84M | -76.64M | -135.26M | -108.67M | -68.31M | -41.18M | -76K |
| Cash from Financing | 327.52M | 193.47M | 289.17M | 491.38M | 252.19M | 75.22M | 417.68M | 83.07M | 146.58M | -1.03M | -17.9M | 136.69M | 342.83M | 34.71M | 39.3M | 60.98M | -12.85M | 107.71M | 84.92M | 123.36M | 113.84M | 102.3M | 36.71M | 33.64M |
| Dividends Paid | -10.8M | -10.56M | -9.2M | -8.45M | -7.37M | -6.17M | -5.65M | -5.22M | -4.92M | -4.54M | -4.18M | -3.82M | -3.4M | -2.48M | -738K | -729K | -711K | -711K | -693K | -644K | -595K | -424K | -507K | -504K |
| Share Repurchases | -613K | -1.39M | -1.27M | -2.97M | -6.13M | -5.48M | -1.67M | -7.25M | -533K | -323K | -467K | -946K | -1.79M | -1.78M | -216K | -103K | -55K | -65K | -52K | 0 | 0 | 0 | 0 | -4K |
| Stock Issued | 1.2M | 143K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.56M | 0 | 27.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 245K |
| Net Stock Activity | 585K | -1.25M | -1.27M | -2.97M | -6.13M | -5.48M | -1.67M | -7.25M | -533K | -323K | -467K | -946K | 14.76M | -1.78M | 26.86M | -103K | -55K | -65K | -52K | 0 | 0 | 0 | 0 | 241K |
| Debt Issuance (Net) | -3M | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -469K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -831K | 1000K |
| Other Financing | 373.43M | 273.27M | 310.5M | 628.7M | 210.42M | 102.57M | 325.2M | 75.08M | 60.97M | -144.49M | -38.26M | 140.04M | 309.93M | 39.44M | 41.07M | 63.02M | 3.92M | 145.5M | 62.81M | 135.79M | 71.42M | 92.79M | 37.81M | 5.98M |
| Net Change in Cash | -33.49M | -118.22M | 18.19M | 36.83M | 45.57M | 201K | -10.19M | -19.44M | 34.01M | -24.98M | -36.05M | 10.33M | 21.95M | -4.3M | -44.51M | 79.27M | -61.92M | 89.05M | 6.06M | -1.84M | 2.75M | 7.99M | -3.81M | -1.38M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 39.48M | 157.7M | 139.51M | 102.68M | 57.11M | 56.91M | 67.1M | 86.55M | 52.54M | 77.52M | 113.56M | 103.24M | 81.29M | 85.59M | 130.09M | 50.82M | 112.74M | 23.68M | 17.62M | 19.46M | 16.71M | 8.72M | 12.53M | 13.84M |
| Cash at End | 137.13M | 39.48M | 157.7M | 139.51M | 102.68M | 57.11M | 56.91M | 67.1M | 86.55M | 52.54M | 77.52M | 113.56M | 103.24M | 81.29M | 85.59M | 130.09M | 50.82M | 112.74M | 23.68M | 17.62M | 19.46M | 16.71M | 8.72M | 12.46M |
| Interest Paid | 84.95M | 111.38M | 109.61M | 75.53M | 20.11M | 13.21M | 18.41M | 33M | 22.33M | 14.87M | 14.79M | 13.64M | 11.05M | 12.37M | 17.8M | 21.77M | 25.39M | 30.66M | 32.72M | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 3.29M | 3.31M | 158K | 7.46M | 8.04M | 14.52M | 3.45M | 1.29M | 1.05M | 2.16M | 5.55M | 5.67M | 7.22M | 6.09M | 5.72M | 3.14M | 5M | 967K | 1.93M | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 52.8M | 61.1M | 57.27M | 49.41M | 35.42M | 35.6M | 26.37M | 28.76M | 24.31M | 21.17M | 25.58M | 22.43M | 8.68M | 15.37M | 15.44M | 17.17M | 11.68M | 779K | 7.88M | 6.88M | 4.26M | 2.31M | 3.95M | 7.15M |
| FCF Growth % | -12.3% | 6.69% | 15.91% | 39.48% | -0.5% | 35% | -8.31% | 18.3% | 14.86% | -17.25% | 14.03% | 158.3% | -43.5% | -0.43% | -10.07% | 46.93% | 1399.74% | -90.11% | 14.39% | 61.54% | 84.18% | -41.42% | -44.76% | - |
Specialized credit concentration risk
Based on reported financial statements, FBIZ has consistently generated positive net income, with quarterly earnings peaking at $14.4 million in 2025Q3, providing a stable foundation for capital retention that supports the bank's specialized commercial lending model without requiring frequent external equity issuance to maintain regulatory capital buffers.
The bank's ability to generate consistent earnings suggests that its high-touch, branch-light model is effectively self-funding its growth. Investors should monitor whether the recent spike in credit provisions in 2026Q1 signals a structural shift in capital requirements that could constrain future organic expansion.
As indicated by quarterly cash flow data, FBIZ maintains an active investment securities portfolio, with purchase activity reaching $71.5 million in 2024Q4, suggesting that management utilizes the securities book as a primary lever for managing liquidity and interest rate sensitivity within their broader commercial lending strategy.
The frequent turnover of investment securities appears to be a tactical response to fluctuating deposit flows and loan demand. This activity warrants further investigation to determine if the bank is taking on duration risk to offset margin compression in its core lending segments.
According to recent SEC filings, FBIZ has maintained a consistent dividend payout, averaging approximately $2.5 million per quarter, while keeping share buybacks minimal, which suggests a management preference for retaining capital to support the bank's specialized asset-based and equipment finance lending operations over aggressive shareholder distributions.
The minimal use of share buybacks indicates a conservative approach to capital allocation that prioritizes balance sheet strength. This strategy appears appropriate given the inherent volatility of the bank's niche commercial lending portfolios and the potential for future credit cycle headwinds.
Based on the provided quarterly data, the bank's provision for credit losses has exhibited significant variability, highlighted by a $26.4 million charge in 2026Q1, which indicates that management is proactively adjusting reserves to account for potential deterioration in their specialized commercial and industrial loan portfolios.
This sharp increase in provisioning suggests that the bank is sensitive to the credit quality of its niche borrowers. Analysts should monitor whether this trend reflects a broader weakening in the mid-market manufacturing or professional services sectors that form the core of the bank's client base.
Quick answers to the most common questions about buying FBIZ stock.
First Business Financial Services, Inc. (FBIZ) generated $61.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
First Business Financial Services, Inc. (FBIZ) generated $61.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
First Business Financial Services, Inc. (FBIZ) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, First Business Financial Services, Inc. (FBIZ) returned $10.6M to shareholders via cash dividends and spent $1.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.