FIRST BUSINESS FINANCIAL SERVICES INC

For the period ended Sep 30, 2024. Filed Oct 25, 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.

Sep 30, 2024 · Filed Oct 25, 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 Nine Months Ended September 30,
	2024	2023
(In Thousands)
Operating activities
Net income	$29,830	$27,257
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes, net	565	(733)
Provision for credit losses	6,126	5,610
Depreciation, amortization and accretion, net	2,723	2,838
Share-based compensation	1,938	2,349
Net loss on disposal of fixed assets	10	73
Net loss on sale of securities	8	45
Amortization of tax credit investments	3,888	2,882
Bank-owned life insurance policy income	(1,231)	(1,106)
Origination of loans for sale	(103,865)	(115,925)
Sale of loans originated for sale	101,285	116,160
Gain on sale of loans originated for sale	(1,004)	(1,771)
Net loss on repossessed assets	162	9
Return on investment in limited partnerships	1,481	3,542
Excess tax benefit expense from share-based compensation	172	185
Net payments on operating lease liabilities	(1,099)	(1,061)
Net decrease in accrued interest receivable and other assets	(10,465)	(8,870)
Net increase in accrued interest payable and other liabilities	5,003	7,474
Net cash provided by operating activities	35,527	38,958
Investing activities
Proceeds from maturities, redemptions, and paydowns of available-for-sale securities	60,688	16,536
Proceeds from maturities, redemptions, and paydowns of held-to-maturity securities	1,586	3,932
Proceeds from sale of available-for-sale securities	7,533	5,028
Purchases of available-for-sale securities	(79,066)	(88,563)
Proceeds from sale of repossessed assets	18	25
Net increase in loans and leases	(203,422)	(321,570)
Investments in limited partnerships	(1,200)	(1,106)
Returns of investments in limited partnerships	22	7
Investment in tax credit investments	(13,417)	(11,430)
Distribution from tax credit investments	130	33
Proceeds from sale of tax credit	1,645	—
Investment in Federal Home Loan Bank stock	(20,555)	(30,540)
Proceeds from the sale of Federal Home Loan Bank stock	19,822	34,824
Purchases of leasehold improvements and equipment, net	(181)	(2,574)
Proceeds from sale of leasehold improvements and equipment	30	—
Net cash used in investing activities	(226,367)	(395,398)
Financing activities
Net increase in deposits	173,168	488,801
Repayment of Federal Home Loan Bank advances	(908,205)	(1,536,255)
Proceeds from Federal Home Loan Bank advances	921,155	1,434,375
Repayment of subordinated notes and debentures	(15,000)	—
Proceeds from issuance of subordinated notes and debentures	20,000	15,000
Net increase (decrease) in long-term borrowed funds	243	(6,037)
Cash dividends paid	(6,242)	(5,687)
Preferred stock dividends paid	(656)	(656)
Proceeds from issuance of common stock under ESPP	96	87
Purchase of treasury stock	(1,257)	(2,955)
Net cash provided by financing activities	183,302	386,673
Net (decrease) increase in cash and cash equivalents	(7,538)	30,233
Cash and cash equivalents at the beginning of the period	139,510	102,682
Cash and cash equivalents at the end of the period	$131,972	$132,915
Supplementary cash flow information
Cash paid during the period for:
Interest paid on deposits and borrowings	$82,002	$51,092
Net income taxes paid	853	5,022
Non-cash investing and financing activities:
Transfer of repossessed assets to loans	10	—

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.