FIRST BUSINESS FINANCIAL SERVICES, INC.

CIK 0001521951 • 6 13F filings • May 2, 2025 – Jul 28, 2026

Import this data to Google Sheets with:

=jivedata("first-business-financial-services-inc","13f")

Uses this filer's slug. Install the Jive Data add-on first; the second argument is "13f".

Filer information

Filed by: FIRST BUSINESS FINANCIAL SERVICES, INC., Chief Operating Officer
Address: 401 CHARMANY DRIVE, PO BOX 44961, MADISON, WI, 53744
Phone: 608-232-5788
AUM: $1.09B

AUM over time

$1.29B latest

Sector allocation over time

Past 5 quarters

Q4 2025

Q3 2025

Q2 2026

Q2 2025

Q1 2026

TechnologyHealthcareConsumer DiscretionaryConsumer StaplesFinancialsCommunicationIndustrialsEnergyReal EstateOther

Holdings by filing

Portfolio value: $1.09B168 positionsView on SEC.gov

			% of Portfolio
Abbott Laboratories	Com	$682K	0.1%Prev: 0.1%	5,443 SH	Decreased
Abbvie Inc Com	Com	$1.6M	0.1%Prev: 0.2%	6,840 SH	Decreased-438 SH
Accenture PLC	Com	$1.0M	0.1%Prev: 0.1%	3,884 SH	Increased-283 SH
Advanced Micro Devices Inc	Com	$674K	0.1%Prev: 0.1%	3,146 SH	Increased-390 SH
Alliant Energy Corp	Com	$354K	0.0%Prev: 0.1%	5,444 SH	Decreased-10,170 SH
Alphabet Inc Cap Stk Cl A	Com	$12.2M	1.1%Prev: 0.9%	38,978 SH	Increased+602 SH
Alphabet Inc Cap Stk Cl C	Com	$2.2M	0.2%Prev: 0.2%	6,896 SH	Increased-320 SH
Altria Group Inc	Com	$410K	0.0%Prev: 0.0%	7,116 SH	Decreased
Amazon.com Inc	Com	$2.5M	0.2%Prev: 0.2%	10,829 SH	Increased-100 SH
Amdocs Ltd ADR	Com	$358K	0.0%Prev: 0.0%	4,450 SH	Decreased
American Electric Power Inc	Com	$1.3M	0.1%Prev: 0.1%	11,322 SH	Increased+723 SH
American Express CO	Com	$545K	0.1%Prev: 0.0%	1,472 SH	Increased+4 SH
Ameriprise Financial Inc	Com	$498K	0.0%Prev: 0.0%	1,015 SH	Decreased
Analog Devices Inc	Com	$3.2M	0.3%Prev: 0.3%	11,959 SH	Increased+336 SH
Aon PLC Shs Cl A	Com	$488K	0.0%Prev: 0.0%	1,384 SH	Decreased
Apollo Global Mgmt Inc	Com	$1.3M	0.1%Prev: 0.1%	8,636 SH	Increased+674 SH
Apple Inc	Com	$15.5M	1.4%Prev: 1.3%	56,928 SH	Increased+451 SH
Applied Materials Inc	Com	$277K	0.0%Prev: 0.0%	1,078 SH	Increased-36 SH
Arista Networks Inc	Com	$7.7M	0.7%Prev: 0.8%	59,041 SH	Decreased+1,949 SH
Arthur J. Gallagher & Co	Com	$268K	0.0%Prev: 0.0%	1,037 SH	Decreased
ASML Holding N V N Y Registry	Com	$783K	0.1%Prev: 0.1%	732 SH	Increased-5 SH
ATI Inc	Com	$859K	0.1%Prev: 0.1%	7,484 SH	Increased
Bank of America Corp	Com	$3.9M	0.4%Prev: 0.3%	71,291 SH	Increased+1,643 SH
Bank Of Montreal ADR	Com	$320K	0.0%Prev: 0.0%	2,462 SH	Decreased-30 SH
Berkshire Hathaway Inc Class A	Com	$4.5M	0.4%Prev: 0.4%	6 SH	Increased
Berkshire Hathaway INC-CL B	Com	$1.0M	0.1%Prev: 0.1%	2,047 SH	Decreased
Blackrock Inc New	Com	$894K	0.1%Prev: 0.1%	835 SH	Decreased+4 SH
Broadcom Inc	Com	$13.1M	1.2%Prev: 1.1%	37,823 SH	Increased+988 SH
Capital One Finl Corp Com	Com	$377K	0.0%Prev: 0.0%	1,556 SH	Decreased-400 SH
Caterpillar Inc	Com	$385K	0.0%Prev: 0.6%	672 SH	Decreased-13,995 SH
CENCORA INC	Com	$4.6M	0.4%Prev: 0.4%	13,742 SH	Increased+398 SH
Charles River Labs Intl	Com	$259K	0.0%Prev: 0.0%	1,300 SH	Increased
Chevron Corp	Com	$416K	0.0%Prev: 0.1%	2,731 SH	Decreased-2,918 SH
Ciena Corp	Com	$6.3M	0.6%Prev: 0.3%	26,740 SH	Increased+784 SH
Cintas Corporation	Com	$386K	0.0%Prev: 0.0%	2,052 SH	Decreased
Cisco Systems Inc	Com	$2.3M	0.2%Prev: 0.2%	30,321 SH	Increased-358 SH
Citigroup Inc	Com	$4.2M	0.4%Prev: 0.3%	35,927 SH	Increased+1,012 SH
Coca-Cola Co	Com	$2.7M	0.2%Prev: 0.2%	38,069 SH	Increased+614 SH
Colgate-Palmolive Co	Com	$977K	0.1%Prev: 0.1%	12,370 SH	Increased+832 SH
Corning Inc	Com	$733K	0.1%Prev: 0.1%	8,369 SH	Increased
Costco Wholesale Corp	Com	$3.6M	0.3%Prev: 0.4%	4,208 SH	Decreased+29 SH
Cummins Inc	Com	$421K	0.0%Prev: 0.0%	824 SH	Increased
Darden Restaurants Inc	Com	$1.8M	0.2%Prev: 0.2%	9,536 SH	Decreased+307 SH
Duke Energy Corp	Com	$360K	0.0%Prev: 0.0%	3,073 SH	Decreased-175 SH
Eaton Corp PLC	Com	$639K	0.1%Prev: 0.1%	2,006 SH	Decreased-56 SH
Electronic Arts Inc	Com	$2.9M	0.3%Prev: 0.3%	14,190 SH	Decreased-492 SH
Equinix Inc	Com	$2.3M	0.2%Prev: 0.2%	2,947 SH	Increased+102 SH
Exact Sciences Corp	Com	$225K	0.0%	2,215 SH	New
Expedia Group Inc New	Com	$3.1M	0.3%Prev: 0.2%	10,953 SH	Increased+337 SH
Exxon Mobil Corp	Com	$3.2M	0.3%Prev: 0.3%	26,898 SH	Increased+536 SH
Fidelity Enhanced Large Cap ET	Com	$238K	0.0%Prev: 0.0%	5,700 SH	Increased
Fidelity National Information	Com	$263K	0.0%Prev: 0.0%	3,963 SH	Increased
Financial Select Sector SPDR E	Com	$1.3M	0.1%Prev: 0.1%	24,095 SH	Increased
First Business Financial Servi	Com	$19.6M	1.8%Prev: 1.8%	361,311 SH	Increased-12,922 SH
GE Aerospace	Com	$366K	0.0%Prev: 0.0%	1,189 SH	Increased-3 SH
General Dynamics Corp	Com	$3.0M	0.3%Prev: 0.3%	8,822 SH	Increased+282 SH
Gilead Sciences Inc	Com	$210K	0.0%Prev: 0.0%	1,710 SH	Increased-96 SH
Global X US Infr Dev ETF	Com	$258K	0.0%Prev: 0.0%	5,401 SH	Increased
Goldman Sachs Group Inc	Com	$326K	0.0%Prev: 0.0%	371 SH	Decreased-40 SH
Home Depot Inc	Com	$593K	0.1%Prev: 0.1%	1,724 SH	Decreased-71 SH
Illinois Tool Works Inc	Com	$642K	0.1%Prev: 0.1%	2,606 SH	Decreased-400 SH
Intercontinental Exchange Inc	Com	$2.4M	0.2%Prev: 0.2%	14,745 SH	Decreased+413 SH
International Business Machine	Com	$523K	0.0%Prev: 0.1%	1,764 SH	Decreased-174 SH
Intuitive Surgical Inc	Com	$702K	0.1%Prev: 0.1%	1,240 SH	Increased-11 SH
Iqvia Holdings Inc	Com	$1.8M	0.2%Prev: 0.1%	7,925 SH	Increased-497 SH
iShares Core Dividend Growth	Com	$57.1M	5.2%Prev: 5.1%	822,044 SH	Increased-1,982 SH
iShares Core MSCI EAFE ETF	Com	$135.4M	12.4%Prev: 12.2%	1,513,690 SH	Increased-7,285 SH
iShares Core S&P Mid-Cap ETF	Com	$46.0M	4.2%Prev: 4.2%	696,772 SH	Increased-7,398 SH
iShares Core S&P Small-Cap ETF	Com	$59.2M	5.4%Prev: 5.4%	492,711 SH	Decreased-6,707 SH
iShares Core US Aggregate Bond	Com	$38.1M	3.5%Prev: 3.3%	381,535 SH	Increased+18,241 SH
iShares Edge MSCI Min Vol USA	Com	$819K	0.1%Prev: 0.1%	8,694 SH	Decreased
iShares Edge MSCI USA Momentum	Com	$5.1M	0.5%Prev: 0.5%	20,335 SH	Decreased
iShares MSCI ACWI ex US	Com	$396K	0.0%Prev: 0.0%	5,905 SH	Increased
iShares MSCI EAFE ETF	Com	$492K	0.0%Prev: 0.0%	5,128 SH	Increased
iShares National Muni Bond ETF	Com	$4.8M	0.4%Prev: 0.4%	45,130 SH	Increased+1,474 SH
iShares Russell 1000 ETF	Com	$1.6M	0.1%Prev: 0.1%	4,244 SH	Increased
iShares Russell 1000 Growth ET	Com	$86.2M	7.9%Prev: 8.1%	182,074 SH	Decreased-5,694 SH
iShares Russell 1000 Value ETF	Com	$55.2M	5.1%Prev: 5.0%	262,423 SH	Increased-3,006 SH
iShares Russell 2000	Com	$1.2M	0.1%Prev: 0.1%	4,950 SH	Increased-70 SH
iShares Russell 2000 Growth	Com	$1.0M	0.1%Prev: 0.1%	3,132 SH	Increased
iShares Russell 2000 Value	Com	$834K	0.1%Prev: 0.1%	4,604 SH	Increased
iShares S&P 500 Core	Com	$4.0M	0.4%Prev: 0.4%	5,873 SH	Increased
iShares S&P 500 Growth	Com	$238K	0.0%Prev: 0.0%	1,933 SH	Increased
Ishares Silver Trust	Com	$788K	0.1%Prev: 0.0%	12,230 SH	Increased
Ishares Tr Global Tech ETF	Com	$330K	0.0%Prev: 0.0%	3,143 SH	Increased
Johnson & Johnson	Com	$959K	0.1%Prev: 0.1%	4,635 SH	Increased-312 SH
JPMorgan Chase & Co	Com	$10.3M	0.9%Prev: 0.9%	32,107 SH	Increased+524 SH
JPMorgan Ultra-Short Income ET	Com	$11.0M	1.0%Prev: 0.9%	217,698 SH	Increased+14,901 SH
Kroger Co	Com	$1.4M	0.1%Prev: 0.1%	22,507 SH	Decreased+977 SH
Lam Research Corporation	Com	$4.6M	0.4%Prev: 0.3%	26,859 SH	Increased+648 SH
Lilly Eli Co	Com	$6.1M	0.6%Prev: 0.4%	5,719 SH	Increased+118 SH
Lowe's Companies Inc	Com	$2.0M	0.2%Prev: 0.2%	8,360 SH	Decreased+272 SH
Marvell Technology Group LTD	Com	$265K	0.0%Prev: 0.0%	3,113 SH	Increased-23 SH
Mastercard Inc Cl A	Com	$504K	0.0%Prev: 0.0%	883 SH	Increased-2 SH
McDonald's Corp	Com	$669K	0.1%Prev: 0.1%	2,188 SH	Decreased-41 SH
McKesson Corp	Com	$429K	0.0%Prev: 0.0%	523 SH	Increased
Merck & Co Inc	Com	$927K	0.1%Prev: 0.1%	8,804 SH	Increased-20 SH
Meta Platforms Inc	Com	$2.5M	0.2%Prev: 0.1%	3,843 SH	Increased+2,705 SH
MGE Energy Inc	Com	$490K	0.0%Prev: 0.3%	6,252 SH	Decreased-38,130 SH
Microsoft Corp	Com	$8.5M	0.8%Prev: 0.9%	17,678 SH	Decreased-1,125 SH
Mondelez Intl Inc Class A	Com	$652K	0.1%Prev: 0.1%	12,118 SH	Decreased-862 SH
Morgan Stanley	Com	$369K	0.0%Prev: 0.0%	2,076 SH	Increased-8 SH
Netflix Inc	Com	$1.9M	0.2%Prev: 0.2%	19,889 SH	Decreased+17,894 SH
Nextera Energy Inc	Com	$2.4M	0.2%Prev: 0.2%	30,371 SH	Increased+811 SH
Nucor Corp	Com	$2.9M	0.3%Prev: 0.2%	17,808 SH	Increased+605 SH
Nuveen ESG Large Cap Value	Com	$864K	0.1%Prev: 0.1%	19,185 SH	Decreased-1,818 SH
Nvidia Corp	Com	$17.6M	1.6%Prev: 1.6%	94,501 SH	Increased+847 SH
Oklo Inc.	Com	$477K	0.0%Prev: 0.1%	6,650 SH	Decreased
Oracle Corp	Com	$350K	0.0%Prev: 0.0%	1,794 SH	Decreased-20 SH
Oshkosh Corporation	Com	$1.5M	0.1%Prev: 0.1%	12,110 SH	Decreased+265 SH
Palantir Technologies Inc	Com	$1.4M	0.1%Prev: 0.1%	8,116 SH	Decreased
Parker Hannifin Corp	Com	$413K	0.0%Prev: 0.0%	470 SH	Increased
Pepsico Inc	Com	$547K	0.1%Prev: 0.1%	3,809 SH	Decreased-1,233 SH
Philip Morris International In	Com	$1.7M	0.2%Prev: 0.2%	10,458 SH	Decreased-29 SH
PNC Financial Services Group I	Com	$281K	0.0%Prev: 0.1%	1,348 SH	Decreased-1,993 SH
Procter & Gamble Co	Com	$911K	0.1%Prev: 0.1%	6,360 SH	Decreased-985 SH
Prudential Financial Inc	Com	$2.8M	0.3%Prev: 0.2%	25,141 SH	Increased+7,986 SH
Qualcomm Inc	Com	$1.6M	0.1%Prev: 0.1%	9,169 SH	Increased+184 SH
Quanta Services Inc	Com	$6.0M	0.5%Prev: 0.5%	14,111 SH	Increased+266 SH
Republic Services Inc	Com	$2.6M	0.2%Prev: 0.3%	12,495 SH	Decreased-220 SH
Rockwell Automation Inc	Com	$252K	0.0%Prev: 0.0%	648 SH	Decreased-219 SH
Salesforce Inc.	Com	$1.1M	0.1%Prev: 0.1%	4,295 SH	Increased+156 SH
Servicenow Inc	Com	$305K	0.0%Prev: 0.0%	1,990 SH	Decreased+1,587 SH
SLB Limited	Com	$1.4M	0.1%Prev: 0.1%	35,613 SH	Decreased-4,180 SH
Southern Company	Com	$387K	0.0%Prev: 0.1%	4,434 SH	Decreased-2,791 SH
Spdr Gold Trust	Com	$2.1M	0.2%	5,247 SH	New
SPDR S&P 500 ETF	Com	$29.9M	2.7%Prev: 2.7%	43,791 SH	Increased
SPDRA S&P MidCap 400 ETF	Com	$535K	0.0%Prev: 0.0%	887 SH	Increased
State Street Comm Svcs Select	Com	$861K	0.1%	7,317 SH	New
State Street Consumer Dis Sele	Com	$1.5M	0.1%	12,902 SH	New
State Street Energy Select Sec	Com	$2.4M	0.2%	54,244 SH	New
State Street Industrial Select	Com	$2.2M	0.2%	14,013 SH	New
State Street Technology Select	Com	$5.3M	0.5%	36,498 SH	New
State Street Utilities Select	Com	$337K	0.0%	7,904 SH	New
STRATTEC Security Corporation	Com	$274K	0.0%Prev: 0.0%	3,598 SH	Increased
Stryker Corp	Com	$3.1M	0.3%Prev: 0.3%	8,689 SH	Decreased+259 SH
T Mobile US Inc	Com	$2.9M	0.3%Prev: 0.3%	14,101 SH	Decreased+422 SH
TE Connectivity PLC ADR	Com	$540K	0.0%Prev: 0.1%	2,375 SH	Decreased-425 SH
Tetra Tech Inc New	Com	$564K	0.1%Prev: 0.1%	16,820 SH	Decreased-735 SH
Texas Instruments Inc	Com	$2.1M	0.2%Prev: 0.2%	12,335 SH	Decreased+302 SH
The Charles Schwab Corp	Com	$288K	0.0%Prev: 0.0%	2,881 SH	Decreased-1,050 SH
Thermo Fisher Scientific Inc	Com	$238K	0.0%Prev: 0.0%	411 SH	Increased-31 SH
Thomson Reuters Corp.	Com	$520K	0.0%Prev: 0.1%	3,942 SH	Decreased
TJX Companies Inc	Com	$2.8M	0.3%Prev: 0.2%	17,940 SH	Increased+142 SH
Toll Brothers Inc	Com	$2.0M	0.2%Prev: 0.2%	15,109 SH	Increased+530 SH
Transdigm Group Inc	Com	$867K	0.1%Prev: 0.1%	652 SH	Increased
Truist Financial Corporation	Com	$211K	0.0%	4,292 SH	New
Under Armour Inc	Com	$48K	0.0%Prev: 0.0%	10,000 SH	Decreased
Union Pacific Corp	Com	$329K	0.0%Prev: 0.0%	1,422 SH	Decreased-197 SH
UnitedHealth Group Inc	Com	$290K	0.0%Prev: 0.0%	879 SH	Decreased-105 SH
US Bancorp	Com	$288K	0.0%Prev: 0.1%	5,397 SH	Decreased-5,971 SH
Vanguard Communication SVCS ET	Com	$1.2M	0.1%Prev: 0.1%	6,200 SH	Increased
Vanguard FTSE Developed Market	Com	$402K	0.0%Prev: 0.0%	6,432 SH	Increased-82 SH
Vanguard Index Growth	Com	$733K	0.1%Prev: 0.1%	1,502 SH	Increased
Vanguard Index Value	Com	$514K	0.0%Prev: 0.0%	2,689 SH	Increased
Vanguard Information Technolog	Com	$391K	0.0%Prev: 0.0%	519 SH	Increased
Vanguard Mid-Cap ETF	Com	$862K	0.1%Prev: 0.1%	2,969 SH	Decreased
Vanguard Small-Cap ETF	Com	$1.3M	0.1%Prev: 0.1%	5,039 SH	Increased
Vanguard Total Stock Market ET	Com	$264.5M	24.3%Prev: 24.3%	788,902 SH	Decreased-18,227 SH
Visa Inc	Com	$430K	0.0%Prev: 0.0%	1,227 SH	Decreased-125 SH
Wal-Mart Inc	Com	$926K	0.1%Prev: 0.1%	8,309 SH	Increased-283 SH
Walt Disney Company	Com	$260K	0.0%Prev: 0.0%	2,281 SH	Decreased-636 SH
Waste Mgmt Inc Del	Com	$364K	0.0%Prev: 0.0%	1,659 SH	Decreased-100 SH
Wells Fargo & Co	Com	$230K	0.0%Prev: 0.0%	2,473 SH	Increased+48 SH
Weyco Group Inc	Com	$433K	0.0%Prev: 0.0%	14,156 SH	Increased
Wisdomtree Tr US Qtly Div Grt	Com	$227K	0.0%Prev: 0.0%	2,543 SH	Increased
Woodward Inc	Com	$302K	0.0%Prev: 0.0%	1,000 SH	Increased
Xcel Energy Inc.	Com	$309K	0.0%Prev: 0.0%	4,184 SH	Decreased-128 SH

Sold (vs prior filing)

Ameren Corporation — $1.2M
AT&T Inc — $244K
Communication Sector Select SP — $835K
Consumer Discr Select Sect SPD — $1.5M
Deere & Co Com — $4.6M
Douglas Dynamics Inc — $625K
Energy Select Sector SPDR ETF — $2.4M
EOG Res Inc — $1.5M
GE Vernova Inc — $240K
Gopro Inc — $21K
Hca Healthcare Inc Com — $252K
Howmet Aerospace Inc — $327K
Industrials Select Sector SPDR — $2.2M
Intel Corp — $213K
iShares Global Clean Energy ET — $170K
Marathon Petroleum Corp — $215K
Microchip Technology Inc — $216K
Nice Ltd Sponsored ADR — $235K
Nike Inc — $226K
Paypal Hldgs Inc — $222K
… and 6 more

All filings

Open a filing on Jive Data

Filing Date	Quarter	Form	Accession	Portfolio	Filing
Feb 6, 2026	Q4 2025	13F-HR	0001140361-26-004002	$1.09B	View
Oct 30, 2025	Q3 2025	13F-HR	0001140361-25-039810	$1.09B	View
Jul 28, 2026	Q2 2026