FBIZ files 13F holdings report with 185 positions totaling $1.09B

Rhea-AI Filing Summary

First Business Financial Services, Inc. (FBIZ) filed a Form 13F holdings report. The filing lists 185 reportable positions with a combined Form 13F Information Table Value Total of $1,090,082,121 (rounded). It is a 13F Holdings Report with 0 other included managers. The report was signed by Dave Seiler, Chief Operating Officer, in Madison, WI on October 20, 2025.

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE

OMB APPROVAL

OMB Number:			3235-0006
Estimated average burden
hours per response:			23.8

Report for the Calendar Year or Quarter Ended: 09-30-2025

Check here if Amendment		Amendment Number:
This Amendment (Check only one.):		is a restatement.
		adds new holdings entries.

Institutional Investment Manager Filing this Report:
Name:	FIRST BUSINESS FINANCIAL SERVICES, INC.
Address:	401 CHARMANY DRIVE
	PO BOX 44961
	MADISON, WI 53744
Form 13F File Number:	028-15585
CRD Number (if applicable):
SEC File Number (if applicable):

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name:		Dave Seiler
Title:		Chief Operating Officer
Phone:		608-232-5788
Signature, Place, and Date of Signing:
/s/ Dave Seiler			Madison, WI	10-20-2025
[Signature]			[City, State]	[Date]

Report Type (Check only one.):
X	13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
	13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
	13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

Form 13F Summary Page
	Report Summary:
	Number of Other Included Managers:		0
	Form 13F Information Table Entry Total:		185
	Form 13F Information Table Value Total:		1,090,082,121
			(round to nearest dollar)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state "NONE" and omit the column headings and list entries.]

NONE

FAQ

What did FBIZ file?

FBIZ filed a Form 13F Holdings Report detailing its reportable institutional equity holdings.

How many positions are in FBIZ’s 13F?

The report lists 185 holdings in the Form 13F Information Table.

What is the total value of FBIZ’s 13F holdings?

The Form 13F Information Table Value Total is $1,090,082,121 (rounded).

Are there other included managers in this filing?

No. The filing reports 0 other included managers and lists NONE.

Who signed the report for FBIZ?

The report was signed by Dave Seiler, Chief Operating Officer.

What type of 13F report is this?

It is a 13F Holdings Report, meaning all holdings of the reporting manager are included.