First Business Financial Services, Inc.

$FBIZ Market Cap: $417.2 Million

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Financial Snapshot

Revenue

$227.8M

TTM

Gross Margin

Net Earnings

$38.95M

TTM

Current Assets

Current Liabilities

$39.29M

Q3 2024

Current Ratio

Total Assets

$3.716B

Q3 2024

Total Liabilities

$3.404B

Q3 2024

Book Value

$312.0M

Q3 2024

Cash

$132.0M

Q3 2024

P/E

10.71

Nov 29, 2024 EST

Free Cash Flow

$48.36M

TTM

Revenues

Revenue YoY Change

Revenues

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Revenue	$194.9M	$121.4M	$96.00M	$94.18M	$102.0M	$91.28M	$75.81M	$78.12M	$72.47M	$57.70M	$53.81M	$54.77M	$56.22M
YoY Change	60.61%	26.43%	1.93%	-7.7%	11.79%	20.4%	-2.95%	7.79%	25.6%	7.23%	-1.75%	-2.58%

Expenses

Cost Of Revenues

Gross Profit

Gross Profit Margin

Gross Profit

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Revenue	$194.9M	$121.4M	$96.00M	$94.18M	$102.0M	$91.28M	$75.81M	$78.12M	$72.47M	$57.70M	$53.81M	$54.77M	$56.22M
Cost Of Revenue
Gross Profit
Gross Profit Margin

Selling, General & Admin Expense

Research & Development

Depreciation, Depletion & Amortization

SGA Expense to Gross Profit Ratio

R&D To Gross Profit Ratio

DDA To Gross Profit Ratio

Operating Expenses Total

Operating Profits/Loss

Operational Expenses

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$961.0K	$578.0K	$585.0K	$822.0K	$877.0K	$835.0K	$744.0K	$767.0K	$746.0K	$385.0K	$313.0K	$292.0K	$2.400M	$1.590M	$850.0K	$540.0K	$480.0K	$600.0K	$960.0K	$1.180M	$1.010M
YoY Change	66.26%	-1.2%	-28.83%	-6.27%	5.03%	12.23%	-3.0%	2.82%	93.77%	23.0%	7.19%	-87.83%	50.94%	87.06%	57.41%	12.5%	-20.0%	-37.5%	-18.64%	16.83%	42.25%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change

Interest Expenses

Interest Expenses To Operating Income %

Other Expense/Income

Interest & Other Expense/Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Interest Expense	$82.34M	$22.95M	$11.33M	$17.11M	$32.18M	$23.93M	$15.20M	$14.79M	$13.83M	$11.57M	$11.71M	$16.89M	$20.76M
YoY Change	258.8%	102.5%	-33.76%	-46.84%	34.48%	57.43%	2.79%	6.93%	19.53%	-1.14%	-30.68%	-18.65%
% of Operating Profit
Other Income/Expense, Net						$23.00K	$12.00K	$129.0K	$347.0K	$202.0K	$240.0K	$562.0K
YoY Change						91.67%	-90.7%	-62.82%	71.78%	-15.83%	-57.3%

Income/Loss

Pretax Income

Income Tax

Net Profits/Loss

Pretax Income YoY Change

Income Tax Rate

Net Profits/Loss YoY Change

Basic EPS

Net Income To Revenue Ratio

Pretax & Net Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Pretax Income	$47.14M	$52.24M	$47.03M	$18.31M	$24.50M	$17.65M	$14.23M	$17.07M	$24.89M	$21.22M	$21.14M	$13.68M	$11.87M	$3.300M	$1.800M	$5.200M	$5.100M	$5.400M	$7.200M	$7.500M	$6.500M
YoY Change	-9.77%	11.09%	156.92%	-25.28%	38.77%	24.05%	-16.61%	-31.44%	17.29%	0.41%	54.54%	15.18%	259.82%	83.33%	-65.38%	1.96%	-5.56%	-25.0%	-4.0%	15.38%	-1028.57%
Income Tax	$10.11M	$11.39M	$11.28M	$1.327M	$1.175M	$1.351M	$2.326M	$2.156M	$8.377M	$7.083M	$7.389M	$4.750M	$3.449M	$2.300M	$700.0K	$2.100M	$1.800M	$1.700M	$2.500M	$3.300M	$900.0K
% Of Pretax Income	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%	69.7%	38.89%	40.38%	35.29%	31.48%	34.72%	44.0%	13.85%
Net Earnings	$36.15M	$40.86M	$35.76M	$16.98M	$23.32M	$16.30M	$11.91M	$14.91M	$16.51M	$14.14M	$13.75M	$8.926M	$8.425M	$900.0K	$1.000M	$3.100M	$3.300M	$3.700M	$4.800M	$4.300M	$5.600M
YoY Change	-11.52%	14.27%	110.6%	-27.21%	43.07%	36.94%	-20.15%	-9.72%	16.8%	2.86%	54.0%	5.95%	836.11%	-10.0%	-67.74%	-6.06%	-10.81%	-22.92%	11.63%	-23.21%	-2900.0%
Net Earnings / Revenue	18.55%	33.66%	37.25%	18.03%	22.86%	17.86%	15.7%	19.09%	22.79%	24.5%	25.55%	16.3%	14.99%
Basic Earnings Per Share	$4.33	$4.75	$4.17	$1.97	$2.68	$1.86	$1.36	$1.71	$1.90	$1.76	$1.75	$3.30	$3.23
Diluted Earnings Per Share	$4.45	$4.75	$4.17	$1.97	$2.68	$1.86	$1.36	$1.71	$1.90	$1.75	$1.74	$3.29	$3.23	$180.0K	$204.1K	$632.7K	$673.5K	$755.1K	$979.6K	$934.8K	$1.302M

Assets & Liabilities

Cash & Short-Term Investments

Cash & Equivalents

Cash To Operating Expenses Ratio

Inventory

Receivables

Total Short-Term Assets

Property, Plant And Equipment

Long-Term Investments

Total Long-Term Assets

Total Assets

Net Income To Total Assets Percentage

Accounts Payable

Short-Term Debt

Long Term Debt Due

Total Short-Term Liabilities

Long-Term Debt

Other Long-Term Liabilities

Total Long-Term Liabilities

Total Liabilities

Short-Term To Long-Term Debt Ratio

Short-Term Assets To Debt Ratio

Long-Term Debt To Net Income Ratio

Assets & Liabilities

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Cash & Short-Term Investments
YoY Change
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
Property, Plant & Equipment	$12.75M	$12.03M	$6.600M	$7.800M	$9.500M	$3.300M	$3.200M	$3.800M	$4.000M	$3.900M	$1.200M	$1.000M	$1.000M	$1.000M	$1.200M	$1.500M	$1.500M	$1.100M	$1.200M	$1.200M	$1.400M
YoY Change	5.98%	82.27%	-15.38%	-17.89%	187.88%	3.13%	-15.79%	-5.0%	2.56%	225.0%	20.0%	0.0%	0.0%	-16.67%	-20.0%	0.0%	36.36%	-8.33%	0.0%	-14.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$50.72M	$29.29M	$15.50M	$14.30M	$12.30M	$1.700M	$1.200M
YoY Change	73.18%	88.96%	8.39%	16.26%	623.53%	41.67%
Other Assets	$9.508M	$11.71M	$6.200M	$7.200M	$5.400M	$3.200M	$2.600M	$4.100M	$2.600M	$3.600M	$3.700M
YoY Change	-18.81%	88.89%	-13.89%	33.33%	68.75%	23.08%	-36.59%	57.69%	-27.78%	-2.7%
Total Long-Term Assets
YoY Change
Total Assets	$3.508B	$2.977B	$2.653B	$2.568B	$2.097B	$1.967B	$1.794B	$1.781B	$1.782B	$1.629B	$1.269B	$1.226B	$1.177B	$1.107B	$1.117B	$1.011B	$918.4M	$788.3M	$669.2M	$563.0M	$518.5M
YoY Change
Accounts Payable	$29.66M	$19.36M	$15.30M	$15.60M	$16.90M	$16.80M	$11.60M	$10.20M	$8.700M	$9.100M	$7.300M	$11.60M	$11.00M	$11.60M	$10.80M	$14.10M	$11.80M	$9.300M	$9.900M	$9.800M	$10.40M
YoY Change	53.18%	26.56%	-1.92%	-7.69%	0.6%	44.83%	13.73%	17.24%	-4.4%	24.66%	-37.07%	5.45%	-5.17%	7.41%	-23.4%	19.49%	26.88%	-6.06%	1.02%	-5.77%
Accrued Expenses	$8.954M	$10.18M	$5.400M	$6.400M	$7.500M
YoY Change	-12.0%	88.43%	-15.63%	-14.67%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$500.0K	$0.00	$0.00	$0.00	$0.00	$1.000M	$2.500M	$1.000M	$0.00	$12.40M	$40.30M	$41.50M	$57.50M	$72.50M	$67.70M	$93.00M	$39.80M	$30.00M	$25.50M
YoY Change		-100.0%					-100.0%	-60.0%	150.0%		-100.0%	-69.23%	-2.89%	-27.83%	-20.69%	7.09%	-27.2%	133.67%	32.67%	17.65%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$38.61M	$29.54M	$20.70M	$22.00M	$24.40M	$16.80M	$11.60M	$10.20M	$8.700M	$9.100M	$7.300M	$11.60M	$11.00M	$11.60M	$10.80M	$14.10M	$11.80M	$9.300M	$9.900M	$9.800M	$10.40M
YoY Change	30.73%	42.7%	-5.91%	-9.84%	45.24%	44.83%	13.73%	17.24%	-4.4%	24.66%	-37.07%	5.45%	-5.17%	7.41%	-23.4%	19.49%	26.88%	-6.06%	1.02%	-5.77%
Long-Term Debt	$330.9M	$40.43M	$44.20M	$34.70M	$34.40M	$34.50M	$34.40M	$35.10M	$34.00M	$33.20M	$22.20M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$0.00	$0.00	$10.30M	$10.30M	$10.00M
YoY Change	718.53%	-8.53%	27.38%	0.87%	-0.29%	0.29%	-1.99%	3.24%	2.41%	49.55%	115.53%	0.0%	0.0%	0.0%	0.0%			-100.0%	0.0%	3.0%
Other Long-Term Liabilities	$51.95M	$61.42M	$28.30M	$54.90M	$18.30M	$4.600M	$900.0K	$400.0K	$600.0K								$0.00
YoY Change	-15.42%	117.03%	-48.45%	200.0%	297.83%	411.11%	125.0%	-33.33%
Total Long-Term Liabilities	$382.9M	$101.8M	$72.50M	$89.60M	$52.70M	$39.10M	$35.30M	$35.50M	$34.60M	$33.20M	$22.20M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$0.00	$0.00	$10.30M	$10.30M	$10.00M
YoY Change	275.92%	40.48%	-19.08%	70.02%	34.78%	10.76%	-0.56%	2.6%	4.22%	49.55%	115.53%	0.0%	0.0%	0.0%	0.0%			-100.0%	0.0%	3.0%
Total Liabilities	$3.218B	$2.716B	$2.421B	$2.362B	$1.903B	$1.786B	$1.625B	$1.619B	$1.631B	$1.492B	$1.159B	$1.127B	$1.113B	$1.052B	$1.063B	$957.8M	$869.9M	$742.6M	$627.4M	$524.8M	$492.5M
YoY Change	18.49%	12.21%	2.49%	24.13%	6.54%	9.91%	0.36%	-0.75%	9.36%	28.65%	2.91%	1.22%	5.83%	-1.06%	10.98%	10.1%	17.14%	18.36%	19.55%	6.56%

Ownership

Basic Shares Outstanding

Diluted Shares Outstanding

Preferred Stock

Treasury Stock Shares

Stock Issuance & Repurchase

Ownership Data

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Basic Shares Outstanding	8.131M shares	8.227M shares	8.315M shares	8.384M shares	8.515M shares	8.640M shares	8.613M shares	8.574M shares	8.549M shares	7.870M shares	7.665M shares	2.609M shares	2.508M shares
Diluted Shares Outstanding	8.131M shares	8.227M shares	8.315M shares	8.384M shares	8.515M shares	8.640M shares	8.613M shares	8.574M shares	8.550M shares	7.907M shares	7.695M shares	2.611M shares	2.508M shares
Preferred Stock
Treasury Stock Shares

Return On Shareholders' Equity

Book Value

Free Cash Flow

Free Cash Flow YoY

Free Cash Flow Margin

Dividends

Stock Price

Market Cap: $417.24 Million

About FIRST BUSINESS FINANCIAL SERVICES, INC.

First Business Financial Services, Inc. operates as a bank holding company, which engages in the provision of commercial banking services. The company is headquartered in Madison, Wisconsin and currently employs 353 full-time employees. The company went IPO on 2005-10-07. The firm is engaged in the commercial banking business through its bank subsidiary, First Business Bank (the Bank). The Bank operates as a business bank, delivering a full line of commercial banking products and services tailored to meet the specific needs of small and medium-sized businesses, business owners, executives, professionals, and high net worth individuals. Its products and services are focused on business banking, private wealth, and bank consulting. The company offers commercial real estate lending, commercial and industrial lending, asset-based lending, accounts receivable financing, equipment financing, floorplan financing, vendor financing, small business administration (SBA) lending and servicing, treasury management solutions, and company retirement services. Its private wealth management services include trust and estate administration, financial planning, investment management, and private banking.

Industry: State Commercial Banks Peers: BCB BANCORP INC CITIZENS FINANCIAL SERVICES INC PCB BANCORP PCSB Financial Corp PNC FINANCIAL SERVICES GROUP, INC. Primis Financial Corp. SIERRA BANCORP