FIRST BUSINESS FINANCIAL SERVICES INC
For the period ended Mar 31, 2024. Filed Apr 26, 2024.
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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.
Mar 31, 2024 · Filed Apr 26, 2024
FBIZ$75.22-0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows (Unaudited)
| For the Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (In Thousands) | ||
| Operating activities | ||
| Net income | $8,848 | $8,979 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Deferred income taxes, net | 2,268 | 312 |
| Provision for credit losses | 2,326 | 1,561 |
| Depreciation, amortization and accretion, net | 791 | 912 |
| Share-based compensation | 665 | 634 |
| Net loss on disposal of fixed assets | 10 | — |
| Gain on disposal of lease equipment | — | 1 |
| Net loss on sale of securities | 8 | — |
| Amortization of tax credit investments | 1,296 | 436 |
| Bank-owned life insurance policy income | (412) | (366) |
| Origination of loans for sale | (37,213) | (27,639) |
| Sale of loans originated for sale | 37,142 | 28,049 |
| Gain on sale of loans originated for sale | (195) | (476) |
| Net loss on repossessed assets | 86 | 6 |
| Return on investment in limited partnerships | 644 | 1,690 |
| Excess tax benefit expense from share-based compensation | 90 | 137 |
| Net payments on operating lease liabilities | (385) | (355) |
| Net increase (decrease) in accrued interest receivable and other assets | 977 | (5,738) |
| Net (decrease) increase in accrued interest payable and other liabilities | (8,263) | 1,766 |
| Net cash provided by operating activities | 8,683 | 9,909 |
| Investing activities | ||
| Proceeds from maturities, redemptions, and paydowns of available-for-sale securities | 11,814 | 4,574 |
| Proceeds from maturities, redemptions, and paydowns of held-to-maturity securities | 369 | 1,169 |
| Proceeds from sale of available-for-sale securities | 7,533 | — |
| Purchases of available-for-sale securities | (39,332) | (25,924) |
| Net increase in loans and leases | (61,454) | (96,356) |
| Investments in limited partnerships | (600) | (650) |
| Returns of investments in limited partnerships | — | 4 |
| Investment in tax credit investments | (195) | (3,090) |
| Distribution from tax credit investments | 57 | — |
| Proceeds from sale of tax credit | 731 | — |
| Investment in Federal Home Loan Bank stock | (1,284) | (11,644) |
| Proceeds from the sale of Federal Home Loan Bank stock | — | 16,369 |
| Purchases of leasehold improvements and equipment, net | (397) | (798) |
| Proceeds from sale of leasehold improvements and equipment | 30 | — |
| Net cash used in investing activities | (82,728) | (116,346) |
| Financing activities | ||
| Net (decrease) increase in deposits | (41,373) | 308,635 |
| Repayment of Federal Home Loan Bank advances | (95,450) | (810,350) |
| Proceeds from Federal Home Loan Bank advances | 146,200 | 701,470 |
| Net increase (decrease) in long-term borrowed funds | 52 | (6,069) |
| Cash dividends paid | (2,087) | (1,906) |
| Preferred stock dividends paid | (219) | (219) |
| Proceeds from issuance of common stock under ESPP | 31 | 27 |
|---|---|---|
| Purchase of treasury stock | (579) | (1,860) |
| Net cash provided by financing activities | 6,575 | 189,728 |
| Net (decrease) increase in cash and cash equivalents | (67,470) | 83,291 |
| Cash and cash equivalents at the beginning of the period | 139,510 | 102,682 |
| Cash and cash equivalents at the end of the period | $72,040 | $185,973 |
| Supplementary cash flow information | ||
| Cash paid during the period for: | ||
| Interest paid on deposits and borrowings | $26,323 | $13,010 |
| Net income taxes paid (received) | 7 | (7) |
| Non-cash investing and financing activities: | ||
| Transfer of loans to repossessed assets | 157 | — |
See accompany Notes to Unaudited Consolidated Financial Statements
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