Net income climbed from $10.5M in 2Q24 to $16.6M in 3Q26 with diluted EPS of $2.01, though non-interest income volatility between $7.1M and $9.6M per quarter warrants further investigation into its recurring quality.
First Business Financial Services, Inc. (FBIZ) annual income statement — 23-year revenue, gross profit & net income history
| 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 | 147.5M | 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 % | 36.58% | 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 % | 3.32% | 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 | 256.19M | 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 | 108.69M | 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 | 8.82M | 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 | 33.23M | 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 % | 18.39% | 18.94% | 19.06% | 21.76% | 23.02% | 24.92% | 24.15% | 21.67% | 19.28% | 18.63% | 18.42% | 22.49% | 17.97% | 16.7% | 18.68% | 16.6% | 17.43% | 18.7% | 16.28% | 15.99% | 16.22% | 19.26% | 16.23% | -537.34% |
| Total Net Revenue | 180.73M | 168.63M | 153.46M | 143.9M | 127.85M | 112.76M | 101.62M | 89.19M | 83.43M | 74.49M | 77.63M | 75.65M | 56.23M | 50.55M | 46.58M | 42.52M | 38.69M | 34.48M | 31.36M | 27.62M | 22.64M | 22.02M | 20.13M | 2.4M |
| Revenue Growth % | 7.87% | 9.89% | 6.64% | 12.55% | 13.38% | 10.97% | 13.94% | 6.9% | 12% | -4.04% | 2.61% | 34.53% | 11.25% | 8.52% | 9.55% | 9.89% | 12.21% | 9.95% | 13.54% | 21.99% | 2.86% | 9.36% | 737.05% | - |
| Non-Interest Expense | 105.04M | 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 | 58.12% | 59.02% | 60.92% | 61.55% | 62.16% | 63.44% | 65.45% | 69.98% | 69.96% | 69.6% | 65.28% | 62.62% | 60.06% | 60.08% | 61.53% | 62.08% | 73.29% | 71.05% | 69.78% | 71.16% | 69.32% | 65.42% | 65.36% | -210.27% |
| Operating Income | 66.87M | 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 % | 37% | 35.85% | 33.33% | 32.76% | 40.86% | 41.71% | 18.01% | 27.47% | 21.16% | 19.1% | 21.98% | 32.9% | 37.74% | 41.81% | 29.36% | 27.93% | 8.5% | 5.1% | 16.52% | 18.33% | 23.97% | 32.76% | 37.33% | 301.95% |
| 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 | 66.87M | 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 % | 37% | 35.85% | 33.33% | 32.76% | 40.86% | 41.71% | 18.01% | 27.47% | 21.16% | 19.1% | 21.98% | 32.9% | 37.74% | 41.81% | 29.36% | 27.93% | 8.5% | 5.1% | 16.52% | 18.33% | 23.97% | 32.76% | 37.33% | 301.95% |
| Income Tax | 9.19M | 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 % | 13.74% | 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 | 57.69M | 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 % | 31.92% | 29.84% | 28.83% | 25.73% | 31.96% | 31.71% | 16.71% | 26.15% | 19.54% | 15.98% | 19.21% | 21.83% | 25.14% | 27.19% | 19.16% | 19.81% | 2.43% | 3.02% | 9.96% | 11.79% | 16.55% | 21.61% | 21.16% | 234.84% |
| Net Income Growth % | 12.23% | 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) | 57.69M | 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) | 7.00 | 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 % | 14.14% | 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 | 8.25M | 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 |
Quick answers to the most common questions about buying FBIZ stock.
For fiscal year 2025, First Business Financial Services, Inc. (FBIZ) reported total revenue of $168.6M. This represents a 6911.5% increase compared to $2.4M in 2003.
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 29.8%.
First Business Financial Services, Inc. (FBIZ) reported an operating income of $60.5M, resulting in an operating profit margin of 35.9%. 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 94.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Commercial deposit competition pressure
Metrics are mathematically derived from official filings.
Net Interest Income Momentum Holding Firm
According to reported quarterly figures, FBIZ's net interest income climbed from $30.5M in 2Q24 to $39.1M in 3Q26, a gain of roughly 28 percent that points to sustained loan volume growth alongside a manageable funding cost path over the period.
The steady sequential expansion, including a 12.0 percent year-over-year rise in the latest quarter, suggests the commercial loan book is compounding faster than deposit repricing is eroding spreads. This pattern appears consistent with an asset-sensitive balance sheet, though the pace of growth may moderate if mid-market deposit competition forces higher betas. Investors should monitor whether NII growth stays ahead of funding cost increases in coming quarters.
Net Interest Margin Stable Near Peak
Based on FBIZ's reported figures, net interest margin has held in a tight 0.8 to 0.9 percent band across the ten quarters shown, indicating that asset repricing has largely kept pace with funding costs despite rate volatility.
The narrow range suggests disciplined pricing on specialty credits, which typically carry wider spreads than standard commercial lending. The modest drift toward 0.9 percent in recent quarters may reflect higher-yielding floorplan and asset-based exposure rather than structural improvement. Warrants further investigation into whether this level can be sustained if commercial deposit costs continue to rise.
Efficiency Ratio Improves Meaningfully
As reported in financial statements, FBIZ's efficiency ratio improved from 62.9 percent in 2Q24 to 54.9 percent in 3Q26, a substantial reduction that suggests revenue is scaling faster than non-interest expense.
Operating leverage appears to be the main driver, as total revenue grew while the lean, branch-light cost base expanded more slowly. A sub-55 percent ratio positions the bank favorably against typical regional peers, though the quarterly figure has fluctuated between roughly 54 and 61 percent. The durability of this improvement depends on whether talent-related costs remain contained as the specialty lending platform grows.
Provisioning Normalizing After Volatility
Based on FBIZ's reported figures, provision expense moved from $1.7M in 2Q24 to a peak of $3.0M in 1Q26 before easing to $1.9M in 3Q26, showing credit cost activity that has been episodic rather than persistent.
The provision pattern suggests reserve builds tied to specific credit events or loan growth rather than broad deterioration. Given the bank's exposure to asset-based and equipment finance credits under CECL, reserve assumptions may drive meaningful quarter-to-quarter swings. Investors should monitor charge-off trends in the specialty portfolios to confirm the easing trend holds.
Earnings Quality Depends on Gain-on-Sale
As reported in financial statements, FBIZ's non-interest income ranged from $7.1M to $9.6M per quarter, and a material share of that volatility may stem from timing-sensitive SBA gain-on-sale activity rather than recurring fee streams.
If secondary SBA loan pricing softens or sale volumes slip, the fee contribution could fall back toward the lower end of its range, reducing the non-interest buffer against NII compression. The strong recent efficiency ratio and EPS beat would then rest more heavily on spread income alone. This warrants further investigation into the recurring versus episodic composition of fee income before extrapolating current profitability.