Net interest income grew from $29.5 million in 2023Q4 to $34.8 million by 2025Q4, though net interest margins remained compressed between 0.8% and 0.9% throughout the period.
| 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 |
|---|
| Net Interest Income | 103.43M | 136.69M | 124.21M | 112.59M | 98.42M | 84.66M | 77.07M | 69.86M | 67.34M | 60.61M | 63.33M | 58.64M | 46.13M | 42.1M | 37.88M | 35.46M | 31.95M | 28.03M | 26.26M | 23.21M | 18.97M | 17.78M | 16.86M | 15.33M |
| NII Growth % | -72% | 10.05% | 10.32% | 14.39% | 16.25% | 9.85% | 10.33% | 3.73% | 11.11% | -4.29% | 7.99% | 27.12% | 9.56% | 11.15% | 6.82% | 10.99% | 13.97% | 6.76% | 13.14% | 22.33% | 6.72% | 5.41% | 10.01% | - |
| Net Interest Margin % | 2.39% | 3.35% | 3.22% | 3.21% | 3.31% | 3.19% | 3% | 3.33% | 3.42% | 3.38% | 3.56% | 3.29% | 2.83% | 3.32% | 3.09% | 3.01% | 2.89% | 2.51% | 2.6% | 2.53% | 2.41% | 2.66% | 3% | 2.96% |
| Interest Income | 187.78M | 247.31M | 233.13M | 194.93M | 121.37M | 96M | 94.18M | 102.04M | 91.28M | 75.81M | 78.12M | 72.47M | 57.7M | 53.81M | 54.77M | 56.22M | 56.63M | 56.36M | 59.77M | 59.49M | 47.66M | 36.51M | 28.14M | 27M |
| Interest Expense | 110.73M | 110.62M | 108.92M | 82.34M | 22.95M | 11.33M | 17.11M | 32.18M | 23.93M | 15.2M | 14.79M | 13.83M | 11.57M | 11.71M | 16.89M | 20.76M | 24.68M | 28.32M | 33.52M | 36.28M | 28.69M | 18.73M | 11.27M | 11.68M |
| Loan Loss Provision | -20.38M | 8.65M | 8.83M | 8.18M | -3.87M | -5.8M | 16.81M | 2.27M | 7.41M | 8.41M | 9.89M | 3.39M | 1.24M | -959K | 4.24M | 4.25M | 7.04M | 8.22M | 4.3M | 2.9M | 1.52M | 400K | -540K | 200K |
| Non-Interest Income | 86.25M | 31.94M | 29.25M | 31.31M | 29.43M | 28.1M | 24.55M | 19.33M | 16.08M | 13.88M | 14.3M | 17.01M | 10.1M | 8.44M | 8.7M | 7.06M | 6.74M | 6.45M | 5.11M | 4.42M | 3.67M | 4.24M | 3.27M | -12.92M |
| Non-Interest Income % | 31.48% | 11.44% | 11.15% | 13.84% | 19.51% | 22.64% | 20.67% | 15.93% | 14.98% | 15.48% | 15.47% | 19.01% | 14.9% | 13.56% | 13.71% | 11.16% | 10.64% | 10.27% | 7.87% | 6.91% | 7.16% | 10.4% | 10.41% | -91.77% |
| Total Revenue | 274.03M | 279.25M | 262.38M | 226.24M | 150.8M | 124.09M | 118.72M | 121.37M | 107.36M | 89.69M | 92.41M | 89.48M | 67.8M | 62.25M | 63.47M | 63.28M | 63.37M | 62.81M | 64.88M | 63.9M | 51.33M | 40.75M | 31.4M | 14.08M |
| Revenue Growth % | 10.75% | 6.43% | 15.98% | 50.02% | 21.52% | 4.52% | -2.18% | 13.05% | 19.7% | -2.95% | 3.28% | 31.97% | 8.92% | -1.91% | 0.3% | -0.15% | 0.9% | -3.19% | 1.52% | 24.49% | 25.98% | 29.75% | 123.01% | - |
| Non-Interest Expense | 95.5M | 99.52M | 93.48M | 88.58M | 79.47M | 71.53M | 66.5M | 62.41M | 58.37M | 51.85M | 50.67M | 47.37M | 33.77M | 30.37M | 28.66M | 26.4M | 28.36M | 24.5M | 21.88M | 19.66M | 15.7M | 14.4M | 13.16M | -5.06M |
| Efficiency Ratio | 34.85% | 35.64% | 35.63% | 39.15% | 52.7% | 57.65% | 56.01% | 51.42% | 54.37% | 57.81% | 54.83% | 52.94% | 49.81% | 48.79% | 45.16% | 41.72% | 44.75% | 39.01% | 33.73% | 30.76% | 30.58% | 35.35% | 41.9% | -35.91% |
| Operating Income | 46.99M | 60.45M | 51.15M | 47.14M | 52.24M | 47.03M | 18.3M | 24.5M | 17.65M | 14.23M | 17.07M | 24.89M | 21.22M | 21.14M | 13.68M | 11.87M | 3.29M | 1.76M | 5.18M | 5.06M | 5.43M | 7.21M | 7.51M | 7.26M |
| Operating Margin % | 17.15% | 21.65% | 19.49% | 20.84% | 34.64% | 37.9% | 15.42% | 20.19% | 16.44% | 15.87% | 18.47% | 27.82% | 31.3% | 33.95% | 21.55% | 18.77% | 5.19% | 2.8% | 7.98% | 7.92% | 10.57% | 17.7% | 23.93% | 51.57% |
| Operating Income Growth % | - | 18.19% | 8.51% | -9.77% | 11.09% | 156.92% | -25.28% | 38.77% | 24.05% | -16.61% | -31.44% | 17.29% | 0.41% | 54.54% | 15.18% | 260.91% | 87.14% | -66.06% | 2.31% | -6.72% | -24.74% | -4.02% | 3.47% | - |
| Pretax Income | 61.37M | 60.45M | 51.15M | 47.14M | 52.24M | 47.03M | 18.3M | 24.5M | 17.65M | 14.23M | 17.07M | 24.89M | 21.22M | 21.14M | 13.68M | 11.87M | 3.29M | 1.76M | 5.18M | 5.06M | 5.43M | 7.21M | 7.51M | 7.26M |
| Pretax Margin % | 22.4% | 21.65% | 19.49% | 20.84% | 34.64% | 37.9% | 15.42% | 20.19% | 16.44% | 15.87% | 18.47% | 27.82% | 31.3% | 33.95% | 21.55% | 18.77% | 5.19% | 2.8% | 7.98% | 7.92% | 10.57% | 17.7% | 23.93% | 51.57% |
| Income Tax | 10.03M | 10.13M | 6.91M | 10.11M | 11.39M | 11.28M | 1.33M | 1.18M | 1.35M | 2.33M | 2.16M | 8.38M | 7.08M | 7.39M | 4.75M | 3.45M | 2.35M | 717K | 2.06M | 1.81M | 1.68M | 2.46M | 3.25M | 873K |
| Effective Tax Rate % | 16.34% | 16.76% | 13.5% | 21.45% | 21.79% | 23.97% | 7.25% | 4.8% | 7.65% | 16.34% | 12.63% | 33.65% | 33.38% | 34.96% | 34.73% | 29.05% | 71.4% | 40.78% | 39.69% | 35.69% | 30.97% | 34.04% | 43.32% | 12.02% |
| 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 | 5.65M |
| Net Margin % | 18.74% | 18.02% | 16.86% | 16.37% | 27.09% | 28.81% | 14.3% | 19.22% | 15.19% | 13.27% | 16.13% | 18.46% | 20.85% | 22.08% | 14.06% | 13.31% | 1.48% | 1.66% | 4.82% | 5.1% | 7.3% | 11.67% | 13.56% | 40.11% |
| Net Income Growth % | 10.26% | 13.73% | 19.49% | -9.38% | 14.27% | 110.6% | -27.21% | 43.07% | 36.94% | -20.15% | -9.72% | 16.8% | 2.86% | 54% | 5.95% | 795.32% | -9.61% | -66.68% | -4.05% | -13.1% | -21.23% | 11.69% | -24.59% | - |
| Net Income (Continuing) | 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 | 6.39M |
| EPS (Diluted) | 6.27 | 6.06 | 5.20 | 4.33 | 4.75 | 4.17 | 1.97 | 2.68 | 1.86 | 1.36 | 1.71 | 1.90 | 1.76 | 1.75 | 1.65 | 1.62 | 0.19 | 0.21 | 0.62 | 0.66 | 0.75 | 0.97 | 0.92 | 1.01 |
| EPS Growth % | 11.64% | 16.54% | 20.09% | -8.84% | 13.91% | 111.68% | -26.49% | 44.09% | 36.76% | -20.47% | -10% | 7.95% | 0.57% | 6.06% | 1.85% | 752.63% | -9.52% | -66.13% | -6.06% | -12% | -22.68% | 5.43% | -8.91% | - |
| EPS (Basic) | - | 6.06 | 5.20 | 4.33 | 4.75 | 4.17 | 1.97 | 2.68 | 1.86 | 1.36 | 1.71 | 1.90 | 1.76 | 1.75 | 1.65 | 1.62 | 0.19 | 0.21 | 0.62 | 0.67 | 0.76 | 0.98 | 0.95 | 1.41 |
| Diluted Shares Outstanding | 8.19M | 8.16M | 8.15M | 8.13M | 8.23M | 8.31M | 8.38M | 8.52M | 8.64M | 8.61M | 8.57M | 8.55M | 7.9M | 7.88M | 7.83M | 5.02M | 4.97M | 4.91M | 4.86M | 4.93M | 5M | 4.93M | 4.64M | 5.59M |
Commercial credit concentration risk
As reported in financial statements, FBIZ demonstrated consistent growth in net interest income, which climbed from $29.5 million in 2023Q4 to $34.8 million by 2025Q4, suggesting that the bank's commercial-centric lending model is successfully capturing yield despite a competitive environment for core deposit funding.
The steady upward trajectory in NII reflects the bank's ability to reprice its commercial loan portfolio effectively. Investors should monitor whether this growth can be sustained if deposit betas continue to rise, as the bank's reliance on sophisticated commercial clients may limit its ability to maintain current funding cost advantages.
Based on the provided quarterly data, the net interest margin has remained largely stagnant at approximately 0.8% to 0.9% throughout the observed period, indicating that rising funding costs are largely offsetting the yield benefits derived from the bank's specialized asset-based and equipment finance lending portfolios.
The lack of meaningful NIM expansion suggests that the bank is operating in a highly competitive rate environment where pricing power is constrained. This margin profile warrants further investigation into the bank's asset-liability management strategy and its sensitivity to potential future shifts in the interest rate cycle.
According to recent financial filings, FBIZ has maintained a disciplined efficiency ratio, which fluctuated between 33.4% and 37.3% over the last ten quarters, highlighting the bank's ability to scale its branch-light, high-touch commercial model without incurring excessive overhead costs relative to its total revenue generation.
The bank's ability to keep its efficiency ratio within this tight range suggests strong operational leverage inherent in its specialty finance model. This lean cost structure appears to be a key differentiator, allowing the bank to remain profitable even when net interest margins face downward pressure.
As indicated by the quarterly income statement data, provision for credit losses has shown notable variability, including a significant $26.4 million charge in 2026Q1, which suggests that the bank is proactively adjusting its reserves in response to evolving credit risk profiles within its specialized loan segments.
The sharp increase in provision expense during 2026Q1 may indicate management's heightened caution regarding the credit quality of its commercial and industrial portfolios. Analysts should monitor whether this represents a temporary adjustment or the beginning of a more sustained period of elevated credit costs for the institution.
Based on reported figures, non-interest income has generally contributed between 10% and 13% of total revenue, with a notable outlier in 2026Q1, suggesting that while wealth management and specialty fees provide a recurring base, they remain secondary to the bank's core interest-earning activities.
The reliance on fee income from wealth management and SBA loan sales offers a degree of diversification that helps mitigate interest rate volatility. However, the potential for secondary market liquidity to impact SBA gain-on-sale revenue means that this income stream may not always provide a perfectly stable hedge.
Quick answers to the most common questions about buying FBIZ stock.
First Business Financial Services, Inc. (FBIZ) is profitable, generating $50.3M in net income for the fiscal year ending 2025 with a net profit margin of 18.0%.
First Business Financial Services, Inc. (FBIZ) reported an operating income of $60.5M, resulting in an operating profit margin of 21.6%. This margin reflects the operational efficiency of the business before interest and taxes.
First Business Financial Services, Inc. (FBIZ) generated $160.0M in gross profit for the year, representing a gross profit margin of 57.3%. This demonstrates the company's core pricing power and production efficiency.