FIRST BUSINESS FINANCIAL SERVICES, INC.

For the period ended Jun 30, 2025. Filed Jul 25, 2025.

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, 2025 · Filed Jul 25, 2025

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,
	2025	2024
(In Thousands)
Operating activities
Net income	$22,593	$19,304
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes, net	735	565
Provision for credit losses	5,360	4,039
Depreciation, amortization and accretion, net	1,821	1,770
Share-based compensation	1,577	1,289
Net loss on disposal of fixed assets	—	10
Net loss on sale of securities	—	8
Net loss on sale of tax credit investments	60	—
Amortization of tax credit investments	3,057	2,592
Bank-owned life insurance policy income	(1,051)	(815)
Origination of loans for sale	(88,044)	(66,160)
Sale of loans originated for sale	90,487	64,786
Gain on sale of loans originated for sale	(1,360)	(544)
Net (gain) loss on repossessed assets	(4)	151
Return on investment in limited partnerships	834	1,386
Excess tax benefit from share-based compensation	229	167
Net payments on operating lease liabilities	(784)	(771)
Net increase in accrued interest receivable and other assets	14,494	761
Net decrease in accrued interest payable and other liabilities	(22,858)	(6,805)
Net cash provided by operating activities	27,146	21,733
Investing activities
Proceeds from maturities, redemptions, and paydowns of available-for-sale securities	26,885	35,410
Proceeds from maturities, redemptions, and paydowns of held-to-maturity securities	1,022	1,415
Proceeds from sale of available-for-sale securities	—	7,533
Purchases of available-for-sale securities	(60,690)	(58,344)
Proceeds from sale of repossessed assets	24	18
Net increase in loans and leases	(142,215)	(137,217)
Investments in limited partnerships	(1,472)	(650)
Returns of investments in limited partnerships	712	—
Investment in tax credit investments	(12,673)	(8,123)
Distributions from tax credit investments	26	130
Proceeds from sale of tax credit investments	2,483	731
Investment in Federal Home Loan Bank stock	(19,910)	(8,529)
Proceeds from the sale of Federal Home Loan Bank stock	21,499	8,670
Purchases of leasehold improvements and equipment, net	(410)	(796)
Proceeds from sale of leasehold improvements and equipment	—	30
Purchases of bank owned life insurance policies	(24,500)	—
Net cash used in investing activities	(209,219)	(159,722)
Financing activities
Net increase (decrease) in deposits	198,082	88,404
Repayment of Federal Home Loan Bank advances	(966,377)	(483,250)
Proceeds from Federal Home Loan Bank advances	922,412	480,100
Net increase in long-term borrowed funds	47	89
Cash dividends paid	(4,856)	(4,163)
Preferred stock dividends paid	(438)	(438)
Proceeds from issuance of common stock under ESPP	72	62
Purchase of treasury stock	(1,363)	(1,245)
Net cash provided by financing activities	147,579	79,559
Net decrease in cash and cash equivalents	(34,494)	(58,430)
Cash and cash equivalents at the beginning of the period	157,702	139,510
Cash and cash equivalents at the end of the period	$123,208	$81,080
Supplementary cash flow information
Cash paid during the period for:
Interest paid on deposits and borrowings	$53,908	$53,213
Net income taxes paid	381	396
Non-cash investing and financing activities:
Transfer of repossessed assets to loans	—	23

See accompanying 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.