FIRST BUSINESS FINANCIAL SERVICES INC

For the period ended Jun 30, 2024. Filed Jul 26, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Jul 26, 2024

FBIZ$75.22-0.8%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows (Unaudited)

	For the Six Months Ended June 30,
	2024	2023
(In Thousands)
Operating activities
Net income	$19,304	$17,316
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes, net	565	510
Provision for credit losses	4,039	3,793
Depreciation, amortization and accretion, net	1,770	1,872
Share-based compensation	1,289	1,706
Net loss on disposal of fixed assets	10	73
Net loss on sale of securities	8	45
Amortization of tax credit investments	2,592	870
Bank-owned life insurance policy income	(815)	(729)
Origination of loans for sale	(66,160)	(64,032)
Sale of loans originated for sale	64,786	65,393
Gain on sale of loans originated for sale	(544)	(920)
Net loss on repossessed assets	151	4
Return on investment in limited partnerships	1,386	3,392
Excess tax benefit expense from share-based compensation	167	128
Net payments on operating lease liabilities	(771)	(709)
Net increase (decrease) in accrued interest receivable and other assets	761	(9,558)
Net (decrease) increase in accrued interest payable and other liabilities	(6,805)	3,307
Net cash provided by operating activities	21,733	22,461
Investing activities
Proceeds from maturities, redemptions, and paydowns of available-for-sale securities	35,410	10,047
Proceeds from maturities, redemptions, and paydowns of held-to-maturity securities	1,415	2,797
Proceeds from sale of available-for-sale securities	7,533	5,084
Purchases of available-for-sale securities	(58,344)	(57,281)
Proceeds from sale of repossessed assets	18	25
Net increase in loans and leases	(137,217)	(231,661)
Investments in limited partnerships	(8,773)	(700)
Returns of investments in limited partnerships	—	4
Investment in tax credit investments	—	(9,598)
Distribution from tax credit investments	130	33
Proceeds from sale of tax credit	731	—
Investment in Federal Home Loan Bank stock	(8,529)	(24,375)
Proceeds from the sale of Federal Home Loan Bank stock	8,670	27,705
Purchases of leasehold improvements and equipment, net	(796)	(1,255)
Proceeds from sale of leasehold improvements and equipment	30	—
Net cash used in investing activities	(159,722)	(279,175)
Financing activities
Net increase in deposits	88,404	360,646
Repayment of Federal Home Loan Bank advances	(483,250)	(1,228,050)
Proceeds from Federal Home Loan Bank advances	480,100	1,147,375
Net increase (decrease) in long-term borrowed funds	89	(6,020)
Cash dividends paid	(4,163)	(3,795)
Preferred stock dividends paid	(438)	(438)
Proceeds from issuance of common stock under ESPP	62	55
Purchase of treasury stock	(1,245)	(2,932)
Net cash provided by financing activities	79,559	266,841
Net (decrease) increase in cash and cash equivalents	(58,430)	10,127
Cash and cash equivalents at the beginning of the period	139,510	102,682
Cash and cash equivalents at the end of the period	$81,080	$112,809
Supplementary cash flow information
Cash paid during the period for:
Interest paid on deposits and borrowings	$53,213	$30,478
Net income taxes paid	396	1,192
Non-cash investing and financing activities:
Transfer of repossessed assets to loans	23	—

See accompany Notes to Unaudited Consolidated Financial Statements

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.