FIRST BUSINESS FINANCIAL SERVICES, INC.

For the period ended Sep 30, 2026. Filed Oct 30, 2026.

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, 2026 · Filed Oct 30, 2026

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,
	2026	2025
(In Thousands)
Operating activities
Net income	$44,352	$36,986
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes, net	(288)	225
Provision for credit losses	6,969	6,800
Depreciation, amortization and accretion, net	2,897	2,824
Share-based compensation	2,266	2,161
Impairment of tax credit investments	845	60
Amortization of tax credit investments	6,253	4,104
Bank-owned life insurance policy income	(2,299)	(2,016)
Origination of loans for sale	(72,363)	(113,272)
Sale of loans originated for sale	72,955	115,030
Gain on sale of loans originated for sale	(592)	(1,742)
Net gain on repossessed assets	—	27
Return on investment in limited partnerships	1,384	1,334
Excess tax benefit from share-based compensation	370	233
Net payments on operating lease liabilities	(1,214)	(1,184)
Net (decrease) increase in accrued interest receivable and other assets	(36,853)	17,263
Net decrease (increase) in accrued interest payable and other liabilities	27,662	(23,279)
Net cash provided by operating activities	52,344	45,554
Investing activities
Proceeds from maturities, redemptions, and paydowns of available-for-sale securities	59,900	42,416
Proceeds from maturities, redemptions, and paydowns of held-to-maturity securities	660	1,151
Purchases of available-for-sale securities	(54,814)	(102,813)
Proceeds from sale of repossessed assets	—	24
Net increase in loans and leases	(287,539)	(227,513)
Investments in limited partnerships	(2,065)	(3,029)
Returns of investments in limited partnerships	25	229
Investment in tax credit investments	(11,218)	(12,673)
Distributions from tax credit investments	140	26
Proceeds from sale of tax credit investments	69	2,483
Investment in Federal Home Loan Bank stock	(31,706)	(20,634)
Proceeds from the sale of Federal Home Loan Bank stock	34,667	22,645
Purchases of leasehold improvements and equipment, net	(599)	(556)
Proceeds from sale of leasehold improvements and equipment	42	—
Purchases of bank owned life insurance policies	(25)	(24,500)
Proceeds from bank owned life insurance claim	—	471
Net cash used in investing activities	(292,463)	(322,273)
Financing activities
Net increase in deposits	369,358	225,931
Repayment of Federal Home Loan Bank advances	(1,343,733)	(1,040,261)
Proceeds from Federal Home Loan Bank advances	1,278,986	986,812
Net increase in long-term borrowed funds	89	77
Cash dividends paid	(8,696)	(7,271)
Preferred stock dividends paid	(656)	(656)
Proceeds from issuance of common stock under ESPP	101	108
Purchase of treasury stock	(2,538)	(1,374)
Net cash provided by financing activities	292,911	163,366
Net increase (decrease) in cash and cash equivalents	52,792	(113,353)
Cash and cash equivalents at the beginning of the period	39,485	157,702
Cash and cash equivalents at the end of the period	$92,277	$44,349
Supplementary cash flow information
Cash paid during the period for:
Interest paid on deposits and borrowings	$81,492	$82,646
Net income taxes paid	4,750	1,613
Non-cash investing and financing activities:
Transfer of loans held for sale to loans and leases receivable	18,849	—
Right-of-use assets obtained in exchange for lease liabilities	—	712

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.