First Business Bank (Nasdaq: FBIZ) posts Q2 2026 EPS of $1.84

Rhea-AI Filing Summary

First Business Financial Services, Inc. reported strong second-quarter 2026 results, with net income available to common shareholders of $15.4 million and diluted EPS of $1.84, up from $1.44 in the prior quarter and $1.35 a year earlier. EPS included a $0.14 per-share net benefit from a deferred tax allowance release partially offset by severance costs.

Pre-tax, pre-provision earnings reached a record $19.8 million, up 15.1% from the prior quarter and 23.7% year over year, as operating revenue grew 14% and the efficiency ratio improved to 57.57%. Net interest margin widened to 3.78% on 10.0% annualized linked-quarter loan growth and stable deposit costs. Period-end loans were $3.59 billion and core deposits $2.88 billion, both up around 10–14% year over year.

Asset quality remained solid: non-performing assets were $38.1 million, or 0.86% of total assets, with the allowance for credit losses covering 1.10% of loans and 104% of non-accruals. Tangible book value per share increased to $44.38, 15.2% above a year earlier. The board declared a $0.34 quarterly common dividend, a 2.01% yield and 18% payout ratio, and the company exited out-of-footprint SBA 7(a) lending, expecting a modest EPS benefit in 2027.

Positive

• EPS $1.84 rose 28% sequentially and 36% year over year, with net income available to common shareholders of $15.4 million and record pre-tax, pre-provision earnings up 23.7% year over year.
• Operating revenue $46.7 million grew 14% year over year, while the efficiency ratio improved to 57.57% and return on average tangible common equity reached 16.89%.
• Loans $3.59 billion and core deposits $2.88 billion increased about 10–14% year over year, supporting net interest margin expansion to 3.78% and 15.2% tangible book value per-share growth.
• Common dividend $0.34 per share equates to a 2.01% yield and an 18% payout ratio, balancing shareholder returns with retained earnings for growth.

Negative

• Non-performing assets were $38.1 million, or 0.86% of total assets, up from 0.72% a year earlier, reflecting elevated problem credits including a downgraded CRE relationship.

Filing Explained

The May SBA exit is complete: future loans will be retained, eliminating sale gains while expected cost savings and interest income partly offset the change.

A Form 8-K reports specified material events; this one furnished First Business Financial Services’ second-quarter results, dividend declarations, and an earnings presentation on July 30, 2026. The out-of-footprint SBA 7(a) lending exit was completed in May, and future SBA 7(a) production will be retained on the balance sheet rather than sold.

The disclosed change replaces sale-gain revenue with ongoing interest and servicing income and removes the related out-of-footprint salaries and benefits. The company said approximately $650,000 of quarterly salaries and benefits will be reduced, while about $160,000 of incremental quarterly net interest and servicing income is expected to offset part of the lost sale gains.

The filing estimates an immaterial effect on 2026 results excluding $405,000 of second-quarter severance, and an approximately $0.03 quarterly EPS benefit in 2027. At June 30, 2026, it reported total liquidity of $2,421,598 thousand and uninsured deposits net of collateralized deposits of $1,150,646 thousand.

A specified credit watch item is the two largest non-performing assets, reported at $17.0 million and $6.1 million at June 30, 2026; the company said it expects progress toward resolving those credits later in 2026.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net income to common: $15.4 million Diluted EPS: $1.84 Operating revenue: $46.7 million +5 more

8 metrics

Net income to common $15.4 million Quarter ended June 30, 2026; up 37% year over year

Diluted EPS $1.84 Q2 2026; up from $1.44 in Q1 2026 and $1.35 in Q2 2025

Operating revenue $46.7 million Q2 2026 operating revenue; 14% year-over-year growth

Net interest margin 3.78% Q2 2026; up from 3.56% in the linked quarter

Loans and leases receivable $3,585,615 thousand Period-end balance as of June 30, 2026; 10.3% above Q2 2025

Core deposits $2,877,675 thousand Period-end balance as of June 30, 2026; 13.6% above Q2 2025

Tangible book value per share $44.38 As of June 30, 2026; 15.2% higher than prior-year quarter

Non-performing assets / total assets 0.86% Q2 2026 ratio with NPAs of $38.1 million

Key Terms

pre-tax, pre-provision adjusted earnings, net interest margin, non-performing assets, tangible book value per share, +2 more

6 terms

pre-tax, pre-provision adjusted earnings financial

"Pre-tax, pre-provision adjusted earnings (1) | | 19,819"

net interest margin financial

"Net interest margin was 3.78%, compared to 3.56% for the linked quarter."

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

non-performing assets financial

"Non-performing assets ("NPAs") declined $2.4 million, or 6.0%, from the linked quarter"

Loans or other credit exposures that are not producing expected income because borrowers have stopped making scheduled payments for a significant period (commonly around 90 days). Think of it like a business lending money that has gone quiet — the cash flow stops while the lender still carries the debt on its books. High levels of non-performing assets matter to investors because they reduce a lender’s earnings, tie up capital that could be used for growth, and signal higher risk of future losses.

tangible book value per share financial

"Continued Tangible Book Value Growth. The Company’s strong earnings continued to drive growth in tangible book value per share"

Tangible book value per share is the company's total physical and financial assets minus its liabilities and intangible items (like goodwill and brand value), divided by the number of outstanding shares. It gives investors a conservative, per‑share estimate of what would remain if the business sold only its hard assets and paid its debts—useful for judging whether a stock is priced above or below its underlying, tangible worth, like valuing a property by its bricks and cash rather than its reputation.

wholesale funding financial

"Period-end wholesale funding, including FHLB advances and brokered deposits, decreased $12.1 million"

Wholesale funding is when a bank or financial firm raises large sums of money from other institutions, markets or investors instead of from many small customer deposits. It matters to investors because this type of borrowing can be cheaper or faster but also more volatile—like relying on a few big suppliers rather than many small customers—so sudden shifts in wholesale markets can quickly raise borrowing costs or cause liquidity stress that affects profitability and stability.

core deposits financial

"Core deposits grew $81.6 million, or 11.7% annualized, from the linked quarter"

Core deposits are the stable, everyday customer balances a bank keeps—like checking and savings accounts and regular business deposits—that are unlikely to be withdrawn suddenly. Think of them as a household’s paycheck direct-deposits: predictable, low-cost funding the bank can rely on. For investors, a larger share of core deposits means steadier cash available, lower borrowing needs and interest expenses, and therefore more predictable earnings and lower risk.

Earnings Snapshot

Operating revenue: $46.7 million · Guidance included

quarter ended June 30, 2026

Operating revenue $46.7 million up 14% year over year

Net income to common $15.4 million up 37% year over year

Diluted EPS $1.84 up 28% from prior quarter and 36% year over year

Guidance

Management maintains a long-term net interest margin target range of 3.60%-3.65% and expects a full year 2026 effective tax rate between 13% and 15%.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/30/2026 - 04:01 PM Accepted by SEC EDGAR 07/30/2026 - 04:00 PM Learn about SEC filing dates

FAQ

What were First Business Financial Services (FBIZ) Q2 2026 earnings?

FBIZ reported net income to common of $15.4 million and diluted EPS of $1.84 for Q2 2026, up from $1.44 in Q1 2026 and $1.35 in Q2 2025. Record pre-tax, pre-provision earnings of $19.8 million supported this growth.

How did FBIZ's loans and deposits change in Q2 2026?

Period-end loans reached $3.59 billion, up 10.3% year over year, while core deposits were $2.88 billion, up 13.6% year over year. Linked-quarter growth was 10.0% annualized for loans and 11.7% annualized for core deposits, supporting balance sheet expansion.

What are FBIZ’s key profitability metrics and net interest margin for Q2 2026?

FBIZ posted a net interest margin of 3.78%, up from 3.56% in Q1 2026. Return on average assets was 1.43%, and return on average tangible common equity was 16.89%, reflecting strong earnings on a growing balance sheet.

What dividend did First Business Financial Services (FBIZ) declare for Q2 2026?

The board declared a $0.34 quarterly cash dividend on common stock, equal to a 2.01% yield based on a $67.58 share price and an 18% payout ratio. The dividend is payable August 26, 2026, to shareholders of record August 12, 2026.

How strong are FBIZ’s asset quality and reserves as of June 30, 2026?

FBIZ reported non-performing assets of $38.1 million, or 0.86% of total assets. The allowance for credit losses covered 1.10% of total loans and 103.82% of non-accrual loans, with annualized net charge-offs of 0.12% of average loans in Q2 2026.

What strategic change did FBIZ make to its SBA lending business?

FBIZ exited out-of-footprint SBA 7(a) lending in May 2026, incurring $405,000 of severance costs in Q2. Existing and new SBA 7(a) loans will be held on balance sheet, and management estimates a $0.03 quarterly EPS benefit in 2027 from this shift.

How did non-interest income and private wealth management perform for FBIZ?

Q2 2026 non-interest income was $8.6 million, up 18.1% year over year. Private wealth management fees rose 13.6% to $4.3 million, with assets under management and administration reaching $4.24 billion, supporting fee diversification.

0001521951false00015219512026-07-302026-07-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 30, 2026

First Business Financial Services, Inc.

(Exact name of Registrant as Specified in Its Charter)

Wisconsin			001-34095	39-1576570
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
401 Charmany Drive
Madison, Wisconsin				53719
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 608 238-8008

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.01 par value		FBIZ		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 30, 2026, First Business Financial Services, Inc. (the “Company”) announced its earnings for the quarter ended June 30, 2026, as well as the declaration of a quarterly cash dividend on its common stock and 7% series A preferred stock. A copy of the Company’s press release containing this information is being “furnished” as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

On July 30, 2026, the Company posted an earnings call presentation to its website www.firstbusiness.bank under the “Investor Relations” tab. The information included in the presentation provides an overview of the Company’s recent operating performance, financial condition, and business strategy. The Company intends to use this presentation in connection with its second quarter 2026 earnings call to be held at 8:00 a.m. Central time on July 31, 2026, and from time to time when the Company's executives interact with shareholders, analysts, and other third parties. A copy of the registrant’s presentation is attached hereto as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in Items 2.02 and 7.01 of this Current Report on Form 8-K and Exhibits 99.1 and 99.2 attached hereto is being “furnished” and will not, except to the extent required by applicable law or regulation, be deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor will any of such information or exhibits be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibit is being “furnished” as part of this Current Report on Form 8-K:

99.1		Press release of the registrant dated July 30, 2026, containing financial information for its quarter ended June 30, 2026.
99.2		Supplemental earnings call slides

 104 Cover Page Interactive Data File (embedded within the Inline XBRL Document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

July 30, 2026				FIRST BUSINESS FINANCIAL SERVICES, INC.
				By:		/s/ Brian D. Spielmann
				Name:		Brian D. Spielmann
				Title:		Chief Financial Officer

Exhibit 99.1

FIRST BUSINESS BANK ANNOUNCES SECOND QUARTER 2026 FINANCIAL RESULTS

-- Sustained balance sheet growth and disciplined operating efficiency drive exceptional earnings and tangible book value growth --

MADISON, Wis., July 30, 2026 (BUSINESS WIRE) -- First Business Financial Services, Inc. (the “Company”, the “Bank”, or “First Business Bank”) (Nasdaq: FBIZ) reported quarterly net income available to common shareholders of $15.4 million, or earnings per share ("EPS") of $1.84. This compares to net income available to common shareholders of $12.0 million, or $1.44 per share, in the first quarter of 2026 and $11.2 million, or $1.35 per share, in the second quarter of 2025. EPS for the second quarter of 2026 included a tax benefit that was partially offset by one-time compensation costs, resulting in a net benefit of $0.14 per share.

"Our strong second quarter and first-half 2026 results position us to achieve our annual goal of 10% growth in loans, core deposits, revenue, and earnings,” said Dave Seiler, President and Chief Executive Officer. “During the quarter, we generated record pre-tax, pre-provision earnings by executing our relationship-based growth strategy, achieving strong loan and deposit growth with positive operating leverage. Our higher-yielding specialty C&I lending portfolios supported a strong net interest margin, which measured 3.67% and 3.68% for the first six months of 2026 and 2025, respectively. These achievements, along with stable asset quality, drove 11% growth in operating revenue, 15% growth in pre-tax, pre-provision earnings, and 17% growth in net income for the first half of 2026, excluding the impact of this quarter's $1.5 million tax benefit. This demonstrates our team's exceptional execution of our long-term strategic goals."

"Our commitment to long-term profitability drove our decision to exit Small Business Administration 7(a) lending activities outside our existing bank market footprint. We expect this to have a minimal impact on 2026 earnings and to provide a modest earnings benefit in 2027. We are redirecting resources to higher-return growth opportunities, including our existing bank markets, higher-yielding niche C&I lending businesses, private wealth management, and limited partnership investments. We believe efficient execution of these growth strategies will continue to support strong shareholder returns while maintaining disciplined risk management."

Quarterly Highlights

•Record Pre-Tax, Pre-Provision ("PTPP") Income. PTPP income grew to $19.8 million, up 15.1% and 23.7% from the linked and prior-year quarters, respectively, and up 14.9% on a year-to-date basis. This performance reflects continued growth across the Company’s balance sheet coupled with positive operating leverage.

•Robust Core Deposit Growth. Core deposits grew $81.6 million, or 11.7% annualized, from the linked quarter and $344.6 million, or 13.6%, from the second quarter of 2025.

•Continued Loan Growth. Loans increased $87.2 million, or 10.0% annualized, from the linked quarter and $336.2 million, or 10.3%, from the second quarter of 2025, including the transfer of $23.7 million in held-for-sale SBA loans to loans and leases receivable.

•Net Interest Margin Expansion. The Company's net interest margin was 3.78%, compared to 3.56% for the linked quarter. Expansion primarily reflects increased prepayment fees and asset-based loan fees. Net interest margin was strong and stable at 3.67% and 3.68% for the first six months of both 2026 and 2025, respectively. The Company maintains its annual net interest margin target range of 3.60%-3.65%.

•Strong Non-interest Income. Non-interest income increased $1.3 million, up 18.1% from the prior-year quarter, driven by a 13.6% increase in private wealth management service fees. Non-interest income for the first six months of 2026 grew 16.9% over the prior-year period, or 24.3% after excluding gains on the sale of SBA loans, reflecting the ongoing success of revenue diversification efforts.

•Decrease in Non-Performing Assets: Non-performing assets ("NPAs") declined $2.4 million, or 6.0%, from the linked quarter, resulting in an eight basis point improvement in the ratio of NPAs to Total Assets.

•Continued Tangible Book Value Growth. The Company’s strong earnings continued to drive growth in tangible book value per share, producing a 15.2% increase compared to the prior-year quarter.

1

Quarterly Financial Results

(Unaudited)		As of and for the Three Months Ended						As of and for the Six Months Ended
(Dollars in thousands, except per share amounts)		June 30, 2026		March 31, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Net interest income		$38,142		$35,518		$33,784		$73,659		$67,042
Adjusted non-interest income (1)		8,569		8,775		7,255		17,345		14,834
Operating revenue (1)		46,711		44,293		41,039		91,004		81,876
Operating expense (1)		26,892		27,081		25,023		53,973		49,640
Pre-tax, pre-provision adjusted earnings (1)		19,819		17,212		16,016		37,031		32,236
Less:
Provision for credit losses		2,066		2,960		2,701		5,027		5,360
Loss (gain) on repossessed assets		—		—		4		—		(4)
SBA recourse benefit		—		(121)		(59)		(121)		(59)
Impairment (recovery) of tax credit investments		552		(7)		—		545		110
SBA severance expense		405		—		—		405		—
Income before income tax expense		16,796		14,380		13,370		31,175		26,829
Income tax expense		1,216		2,180		1,948		3,395		4,236
Net income		$15,580		$12,200		$11,422		$27,780		$22,593
Preferred stock dividends		219		219		219		438		438
Net income available to common shareholders		$15,361		$11,981		$11,203		$27,342		$22,155
Earnings per share, diluted		$1.84		$1.44		$1.35		$3.28		$2.66
Book value per share		$45.81		$44.12		$39.98		$45.81		$39.98
Tangible book value per share (1)		$44.38		$42.68		$38.54		$44.38		$38.54
Net interest margin (2)		3.78%		3.56%		3.67%		3.67%		3.68%
Fee income ratio (non-interest income / total revenue)		18.34%		19.81%		17.68%		19.06%		18.12%
Efficiency ratio (1)		57.57%		61.14%		60.97%		59.31%		60.63%
Return on average assets (2)		1.43%		1.13%		1.14%		1.28%		1.14%
Return on average tangible common equity (2)		16.89%		13.55%		14.17%		15.25%		14.15%
Period-end loans and leases receivable		$3,585,615		$3,498,903		$3,250,925		$3,585,615		$3,250,925
Average loans and leases receivable		$3,550,415		$3,425,751		$3,239,840		$3,488,427		$3,212,967
Period-end core deposits		$2,877,675		$2,796,059		$2,533,099		$2,877,675		$2,533,099
Average core deposits		$2,860,053		$2,848,601		$2,396,517		$2,854,359		$2,379,799
Allowance for credit losses, including unfunded commitment reserves		$39,517		$38,489		$38,210		$39,517		$38,210
Non-performing assets		$38,062		$40,503		$28,664		$38,062		$28,664
Allowance for credit losses as a percent of total gross loans and leases		1.10%		1.10%		1.18%		1.10%		1.18%
Non-performing assets as a percent of total assets		0.86%		0.94%		0.72%		0.86%		0.72%

1.This is a non-GAAP financial measure. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate financial performance, provide greater understanding of ongoing operations, and enhance comparability of results with prior periods. See the section titled Non-GAAP Reconciliations at the end of this release for a reconciliation of GAAP financial measures to non-GAAP financial measures.

2.Calculation is annualized.

2

Second Quarter 2026 Compared to First Quarter 2026

Net interest income increased $2.6 million, or 7.4%, to $38.1 million.

•Net interest income increased as average loans and leases receivable grew by $124.7 million, or 14.6% annualized during the second quarter. The increase also benefited from a $645,000 increase in prepayment fees.

•The yield on average interest-earning assets increased 24 basis points to 6.45% from 6.21%, primarily due to the deployment of excess cash balances held at the Federal Reserve into loan growth during the second quarter and higher prepayment fees.

•The rate paid for average core deposits was stable at 2.40% compared to 2.41%, while the rate paid on average total bank funding increased two basis points to 2.75% from 2.73%. Total bank funding includes total deposits and Federal Home Loan Bank (“FHLB”) advances.

•Net interest margin increased to 3.78% from 3.56% in the linked quarter, primarily due to the deployment of excess cash balances held at the Federal Reserve into loan growth during the second quarter and higher prepayment fees.

•The Company maintains a long-term target for net interest margin in the range of 3.60% - 3.65%. Performance in future quarters will vary due to factors such as the level of fees in lieu of interest and the timing, pace, and scale of future interest rate changes.

The Bank reported provision for credit losses of $2.1 million compared to $3.0 million in the linked quarter. Compared to the linked quarter, the provision for credit losses was primarily driven by lower net charge-offs and a decrease in qualitative reserve factors within the general reserve, partially offset by increases in general reserves due to quantitative reserve factors and loan growth. See the Provision for Credit Loss breakdown table below for more detail.

Non-interest income decreased $206,000, or 2.3%, to $8.6 million. Excluding gain on sale of SBA loans, non-interest income increased $386,000, or 4.7%.

•Gain on sale of SBA loans decreased $592,000 due to management's decision to hold for investment any existing and new SBA 7(a) loans.

•Commercial loan swap fee income decreased $466,000, or 74.2%, to $162,000. Swap fee income varies from period to period based on loan activity and the interest rate environment.

•Private wealth fee income increased $380,000, or 9.8%, to $4.3 million. Private wealth assets under management and administration measured $4.235 billion on June 30, 2026, up $353.8 million or, 36.47% annualized from the prior quarter. Results for the quarter benefited from seasonal client tax processing fees of $247,000. Fee income is primarily based on asset levels and may vary based on seasonal activity and the timing of fluctuations in market values.

•Other non-interest income increased $362,000 to $1.5 million, primarily due to an increase in limited partnership investment income.

Non-interest expense increased $896,000, or 3.3%, to $27.8 million, while operating expense decreased $189,000, or 0.7%, to $26.9 million.

3

•Compensation expense was $18.5 million, decreasing by $79,000, or 0.4% from the linked quarter. The decrease was primarily driven by lower salaries and benefits expense associated with the Company's strategic exit from out of market SBA 7(a) lending activities, as well as lower payroll taxes following the first quarter annual cash bonus payout. These decreases were almost fully offset by $405,000 of severance expense related to the out of market SBA 7(a) lending exit and higher annual cash bonus accruals reflecting above-target Company performance. Average full-time equivalents (“FTEs”) for the second quarter of 2026 were 360, compared to 373 in the linked quarter, with the decrease primarily driven by exit of out of market SBA 7(a) lending. Excluding FTEs in out of market SBA 7(a) lending from both periods of comparison, average FTEs were 354, compared to 352 in the linked quarter.

•Other non-interest expense increased $646,000 to $1.8 million, primarily due to a $552,000 impairment on tax credit investments. The impairment on tax credit investments is related to historic rehabilitation tax credits that are more than offset by a reduction to income tax expense in current or prior periods.

•Data processing expense increased $212,000, or 16.7%, to $1.5 million, due to an increase in core processing costs and annual expense related to tax processing on behalf of the Bank's private wealth clients.

•Marketing expense increased $129,000, or 18.1%, to $840,000, primarily due to timing of marketing campaigns.

Income tax expense decreased $964,000 to $1.2 million. The effective tax rate was 7.2% for the three months ended June 30, 2026, compared to 15.2% for the linked quarter. The change in tax expense primarily reflects the $1.5 million, or $0.18 after tax per share, release of the remaining state deferred tax valuation allowance which was initially recognized in 2023 following the enactment of a state law that excluded small business lending interest from state tax. In the second quarter 2026, this valuation allowance was released due to sustained historical and forecasted Wisconsin taxable income. Excluding the allowance release, the effective tax rate was 15.9%. The Company expects to report a full year 2026 effective tax rate between 13% and 15%. For the remaining quarters, the effective quarterly tax rate is estimated to range between 15% and 17%.

Total period-end loans and leases receivable increased $87.2 million, or 10.0% annualized, to $3.588 billion. The average rate earned on average loans and leases receivable was 6.76%, up 19 basis points from 6.57% in the prior quarter. Excluding the transfer of $23.7 million of SBA 7(a) loans from held-for-sale to loans and leases receivable, period-end loans increased 7.2% during the quarter. Loan growth was moderated by elevated payoff activity, with payoffs approximately $50 million above the Company's quarterly average over the past two years.

•CRE loans increased $66.3 million, or 12.7%, to $2.162 billion, primarily due to growth across the bank markets.

•C&I loans increased $22.1 million, or 6.5% to $1.380 billion, primarily due to the aforementioned transfer of held for sale SBA 7(a) loans to held for investment and an increase in asset-based lending loans.

Total period-end core deposits increased $81.6 million, or 11.7% annualized, to $2.878 billion. The average rate paid was stable at 2.40% compared to 2.41% in the prior quarter.

Period-end wholesale funding, including FHLB advances and brokered deposits, decreased $12.1 million, or 1.19%, to $1.006 billion. Wholesale funding continues to support interest rate risk management through match-funding of fixed-rate assets to enhance funding flexibility and help stabilize net interest margin.

•Wholesale deposits decreased $55.5 million to $714.5 million. The average rate paid on wholesale deposits increased six basis points to 4.03% and the weighted average original maturity remained flat at 3.3 years.

•FHLB advances increased $43.3 million to $291.9 million. The average rate paid on FHLB advances increased 39 basis points to 3.53% and the weighted average original maturity decreased to 6.0 years from 6.2 years.

Non-performing assets decreased $2.4 million to $38.1 million, or 0.86% of total assets, compared to 0.94% in the prior quarter. The decline was primarily due to a repayment of a non-accrual SBA loan and lower non-accrual equipment finance loans and leases.

4

The allowance for credit losses, including the unfunded credit commitments reserve, increased $1.0 million, or 2.7%, primarily due to increases in general reserves due to loan growth and a modest decline in the economic outlook in our model forecast, partially offset by a decrease in general reserves due to qualitative risk factors and lower specific reserves. The allowance for credit losses, including unfunded credit commitment reserves, as a percent of total gross loans and leases was 1.10% in both quarters.

Second Quarter 2026 Compared to Second Quarter 2025

Net interest income increased $4.4 million, or 12.9%, to $38.1 million.

•Growth reflects a 9.59% increase in average gross loans and leases and a $706,000 increase in prepayment fees.

•The yield on average interest-earning assets decreased 20 basis points to 6.45% from 6.65%. This decrease in yield was primarily due to the decrease in short-term market rates, partially offset by an increase in prepayment fees and asset-based loan fees. The interest-earning asset beta was 28.8%.

•The rate paid for average core deposits decreased 35 basis points to 2.40% from 2.75%. The rate paid for average total bank funding decreased 33 basis points to 2.75% from 3.08%. The core deposit and total bank funding betas compared to the prior year were 50.0% and 47.1%, respectively.

•Net interest margin increased 11 basis points to 3.78% from 3.67%. The increase in net interest margin was primarily due to an increase in prepayment fees and asset-based loan fees, partially offset by a decrease in short-term market rates.

The Company reported provision for credit losses of $2.1 million, compared to $2.7 million in the second quarter of 2025. See the Provision for Credit Loss breakdown table below for more detail.

Non-interest income increased $1.3 million, or 18.1%, to $8.6 million. Excluding gain on sale of SBA loans, non-interest income increased $1.7 million, or 24.9%.

•Other non-interest income increased $731,000, or 91.6%, to $1.5 million, primarily driven by higher returns on the Company’s investments in limited partnerships.

•Private wealth fee income increased $509,000, or 13.6%, to $4.3 million. Private wealth assets under management and administration measured $4.235 billion at June 30, 2026 up $503.9 million, or 13.5%. Fee income is primarily based on asset levels and may vary based on seasonal activity and the timing of fluctuations in market values.

•Service charges on deposits increased $233,000, or 21.1%, to $1.3 million, primarily driven by new and expanded core deposit relationships.

•Bank-owned life insurance income increased $142,000, or 23.1%, to $757,000, primarily due to the purchase of new policies in the second quarter of 2025.

•Gain on sale of SBA loans decreased $397,000 due to management's decision to hold for investment any existing and new SBA 7(a) loans.

5

Non-interest expense increased $2.9 million, or 11.5%, to $27.8 million. Operating expense increased $1.9 million or 7.5%, to $26.9 million.

•Compensation expense increased $1.9 million, or 11.7%, to $18.5 million. Growth reflects annual merit increases and promotions, the aforementioned $405,000 of severance expense related to the out of market SBA 7(a) lending exit, and higher annual cash bonus accruals due to improved Company performance. Excluding SBA severance, compensation expense increased $1.5 million, or 9.2%. Average FTEs decreased 1.1% to 360 in the second quarter of 2026, compared to 364 in the second quarter of 2025. Excluding FTEs in out of market SBA 7(a) lending in both periods of comparison, average FTEs increased 2.9% to 354 in the second quarter of 2026, compared to 344 in the second quarter of 2025.

•Computer software expense increased $302,000, or 18.2%, to $2.0 million, primarily due to our commitment to innovative technology to support growth initiatives, enhance productivity, and improve the client experience.

•Marketing expense decreased $222,000, or 20.9%, to $840,000, primarily due to seasonality and timing of marketing campaigns. Management expects marketing spend for full year 2026 to be in line with prior-year spend.

Total period-end loans and leases receivable increased $336.2 million, or 10.3%, to $3.588 billion. The average yield decreased 23 basis points to 6.76%, primarily due to a decrease in short-term market rates.

•CRE loans increased $214.6 million, or 11.0%, to $2.162 billion, primarily due to growth across our bank markets.

•C&I loans increased $121.3 million, or 9.6%, to $1.380 billion, primarily due to growth across our bank markets and in asset-based lending.

Total period-end core deposits grew $344.6 million, or 13.6%, to $2.878 billion. The average rate paid decreased 35 basis points to 2.40%, reflecting a decrease in short-term market rates.

Period-end wholesale funding increased $12.9 million, or 1.3%, to $1.006 billion.

•Wholesale deposits decreased $57.6 million, or 7.5%, to $714.5 million. The average rate paid on wholesale deposits decreased one basis point to 4.03% and the weighted average original maturity decreased to 3.3 years from 4.1 years.

•FHLB advances increased $70.7 million, or 31.9%, to $346.8 million. The average rate paid on FHLB advances increased 21 basis points to 3.53% and the weighted average original maturity increased to 6.0 years from 5.5 years.

Non-performing assets increased to $38.1 million, or 0.86% of total assets, from $28.7 million, or 0.72% of total assets, primarily reflecting the fourth quarter 2025 downgrade of $20.4 million of CRE loans from a single client relationship. The increase was partially offset by a $3.4 million sale at par in the first quarter of 2026 related to that same relationship, paydowns in SBA, and lower non-accrual balances from equipment finance loans.

The allowance for credit losses, including unfunded commitment reserves, increased $1.3 million to $39.5 million primarily due to higher general reserves as a result of loan growth and quantitative factors, partially offset by lower specific reserves and lower qualitative factors. The allowance for credit losses as a percent of total gross loans and leases was 1.10%, compared with 1.18% in the prior year.

Dividend Announced

On July 30, 2026, the Company's Board of Directors declared a quarterly cash dividend on its common stock of $0.34 per share, which is equivalent to a dividend yield of 2.01% based on the market close price of $67.58 on Wednesday, July 29, 2026. The quarterly dividend is the same as the quarterly dividend declared in April 2026, and based on second quarter 2026 earnings per share, this represents a dividend payout ratio of 18%. This regular cash dividend is payable on August 26, 2026, to shareholders of record at the close of business on August 12, 2026.

The Board of Directors also declared a dividend on the Company’s 7% Series A Preferred Stock of $17.50 per share, payable on September 15, 2026, to shareholders of record on August 28, 2026.

6

Earnings Release Supplement and Conference Call

On July 30, 2026, the Company posted an earnings release supplement to its website firstbusiness.bank under the “Investor Relations” tab which will also be furnished to the U.S. Securities and Exchange Commission on July 30, 2026. The information included in the supplement provides an overview of the Company’s recent operating performance, financial condition, and other data relevant to the quarter. The Company intends to use this supplement in connection with its second quarter 2026 earnings call to be held at 8:00 a.m. Central time on July 31, 2026. The conference call can be accessed at 833-461-5787 (585-542-9983 if outside the United States and Canada), using the conference call access code: FBIZ, 940117929. Investors may also listen live via webcast at: https://events.q4inc.com/attendee/940117929. The webcast archive of the conference call will be available on the Company’s website, ir.firstbusiness.bank.

About First Business Bank

First Business Bank® specializes in Business Banking, including Commercial Banking and Specialty Finance, Private Wealth, and Bank Consulting services, and through its refined focus delivers unmatched expertise, accessibility, and responsiveness. Specialty Finance solutions are delivered through First Business Bank’s wholly owned subsidiary First Business Specialty Finance, LLC®. First Business Bank is a wholly owned subsidiary of First Business Financial Services, Inc®. (Nasdaq: FBIZ). For additional information, visit firstbusiness.bank.

This release may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which reflect First Business Bank’s current views with respect to future events and financial performance. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results, or other developments. Forward-looking statements are based on management’s expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, uncertainties, and other factors that may cause actual results to differ materially from the views, beliefs, and projections expressed in such statements. Such statements are subject to risks and uncertainties, including among other things:

•Adverse changes in the economy or business conditions, either nationally or in our markets including, without limitation, inflation, economic downturn, labor shortages, wage pressures, the adverse effects of public health events on the global, national, and local economy, and geopolitical instability and international conflicts that may affect energy prices or otherwise result in market volatility.

•Uncertainty created by potential federal government actions relating to the authority of regulatory agencies (including bank regulators), international trade policy, prolonged shutdown of the federal government, and other significant policy matters.

•Competitive pressures among depository and other financial institutions nationally and in the Company’s markets.

•Increases in defaults by borrowers and other delinquencies.

•Management’s ability to manage growth effectively, including the successful expansion of our client support, administrative infrastructure, and internal management systems.

•Fluctuations in interest rates and market prices.

•Changes in legislative or regulatory requirements applicable to the Company and its subsidiaries.

•Changes in tax requirements, including tax rate changes, new tax laws, and revised tax law interpretations.

•Fraud, including client and system failure or breaches of our network security, including the Company’s internet banking activities.

•Failure to comply with the applicable SBA regulations in order to maintain the eligibility of the guaranteed portion of SBA loans.

•Ongoing volatility in the banking sector may result in new legislation, regulations or policy changes that could subject the Company and the Bank to increased government regulation and supervision.

7

•The proportion of the Company’s deposit account balances that exceed FDIC insurance limits may expose the Bank to enhanced liquidity risk.

•Increases in FDIC insurance assessments.

For further information about the factors that could affect the Company’s future results, please see the Company’s annual report on Form 10-K for the year ended December 31, 2025, and other filings with the Securities and Exchange Commission.

CONTACT:		First Business Financial Services, Inc.
		Brian D. Spielmann
		Chief Financial Officer
		608-232-5977
		bspielmann@firstbusiness.bank

8

SELECTED FINANCIAL CONDITION DATA

(Unaudited)		As of
(in thousands)		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Assets
Cash and cash equivalents		$163,358		$137,125		$39,485		$44,349		$123,208
Securities available-for-sale, at fair value		409,692		420,325		422,087		411,111		382,365
Securities held-to-maturity, at amortized cost		4,674		4,797		5,210		5,584		5,714
Loans held for sale		—		23,700		18,849		13,482		12,415
Loans and leases receivable		3,585,615		3,498,903		3,373,241		3,334,956		3,250,925
Allowance for credit losses		(37,393)		(36,631)		(35,877)		(36,690)		(36,861)
Loans and leases receivable, net		3,548,222		3,462,272		3,337,364		3,298,266		3,214,064
Premises and equipment, net		4,328		4,500		4,669		4,936		5,063
Repossessed assets		—		—		—		—		31
Right-of-use assets		4,787		5,053		5,317		5,577		5,713
Bank-owned life insurance		85,533		84,776		83,994		83,255		82,761
Federal Home Loan Bank stock, at cost		13,173		11,242		8,940		9,605		10,027
Goodwill and other intangible assets		11,933		12,011		11,985		12,041		12,049
Derivatives		45,827		38,198		36,515		37,634		40,814
Accrued interest receivable and other assets		118,477		116,856		107,472		109,005		108,501
Total assets		$4,410,004		$4,320,855		$4,081,887		$4,034,845		$4,002,725
Liabilities and Stockholders’ Equity
Core deposits		$2,877,675		$2,796,059		$2,673,003		$2,592,110		$2,533,099
Wholesale deposits		714,490		769,943		707,412		740,961		772,123
Total deposits		3,592,165		3,566,002		3,380,415		3,333,071		3,305,222
Federal Home Loan Bank advances and    other borrowings		346,794		303,451		252,051		266,677		276,131
Lease liabilities		6,698		7,032		7,361		7,687		7,887
Derivatives		39,733		35,857		36,926		38,726		41,228
Accrued interest payable and other liabilities		29,307		28,433		33,549		30,365		27,462
Total liabilities		4,014,697		3,940,775		3,710,302		3,676,526		3,657,930
Total stockholders’ equity		395,307		380,080		371,585		358,319		344,795
Total liabilities and stockholders’ equity		$4,410,004		$4,320,855		$4,081,887		$4,034,845		$4,002,725

9

STATEMENTS OF INCOME

(Unaudited)		As of and for the Three Months Ended										As of and for the Six Months Ended
(Dollars in thousands, except per share amounts)		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		June 30, 2026		June 30, 2025
Total interest income		$65,021		$61,896		$62,752		$63,746		$61,282		$126,916		$120,812
Total interest expense		26,879		26,378		27,990		28,860		27,498		53,257		53,770
Net interest income		38,142		35,518		34,762		34,886		33,784		73,659		67,042
Provision for credit losses		2,066		2,960		1,855		1,440		2,701		5,027		5,360
Net interest income after provision for credit losses		36,076		32,558		32,907		33,446		31,083		68,632		61,682
Private wealth management service fees		4,257		3,877		3,788		3,687		3,748		8,134		7,240
Gain on sale of SBA loans		—		592		140		382		397		592		1,360
Service charges on deposits		1,336		1,318		1,188		1,151		1,103		2,653		2,152
Loan fees		528		436		410		501		424		964		812
Bank owned life insurance income		757		757		739		965		615		1,514		1,051
Swap fees		162		628		738		974		170		790		283
Other non-interest income		1,529		1,167		458		1,980		798		2,698		1,936
Total non-interest income		8,569		8,775		7,461		9,640		7,255		17,345		14,834
Compensation		18,462		18,541		17,151		17,442		16,534		37,003		33,281
Occupancy		638		588		581		567		564		1,226		1,155
Professional fees		1,493		1,446		1,001		1,071		1,487		2,938		2,946
Data processing		1,482		1,270		1,158		1,123		1,368		2,752		2,450
Marketing		840		711		938		876		1,062		1,551		2,030
Equipment		351		407		374		296		335		758		711
Computer software		1,958		1,921		1,902		1,826		1,656		3,879		3,259
FDIC insurance		819		909		800		817		834		1,729		1,614
Other non-interest expense		1,806		1,160		225		1,682		1,128		2,966		2,241
Total non-interest expense		27,849		26,953		24,130		25,700		24,968		54,802		49,687
Income before income tax expense		16,796		14,380		16,238		17,386		13,370		31,175		26,829
Income tax expense		1,216		2,180		2,905		2,993		1,948		3,395		4,236
Net income		$15,580		$12,200		$13,333		$14,393		$11,422		$27,780		$22,593
Preferred stock dividends		219		219		219		218		219		438		438
Net income available to common shareholders		$15,361		$11,981		$13,114		$14,175		$11,203		$27,342		$22,155
Per common share:
Basic earnings		$1.84		$1.44		$1.58		$1.70		$1.35		$3.28		$2.66
Diluted earnings		1.84		1.44		1.58		1.70		1.35		$3.28		$2.66
Dividends declared		0.34		0.34		0.29		0.29		0.29		$0.68		$0.58
Book value		45.81		44.12		43.19		41.60		39.98		$45.81		$39.98
Tangible book value		44.38		42.68		41.75		40.16		38.54		$44.38		$38.54
Weighted-average common shares    outstanding(1)		8,208,002		8,186,174		8,173,059		8,171,404		8,141,159		8,201,585		8,149,600
Weighted-average diluted common    shares outstanding(1)		8,208,002		8,186,174		8,173,059		8,171,404		8,141,159		8,201,585		8,149,600

(1)Excluding participating securities.

10

NET INTEREST INCOME ANALYSIS

(Unaudited)		For the Three Months Ended
(Dollars in thousands)		June 30, 2026						March 31, 2026						June 30, 2025
		Average Balance		Interest		Average Yield/Rate(4)		Average Balance		Interest		Average Yield/Rate(4)		Average Balance		Interest		Average Yield/Rate(4)
Interest-earning assets
Commercial real estate and    other mortgage loans(1)		$2,137,098		$31,660		5.93%		$2,071,202		$30,216		5.84%		$1,932,593		$30,344		6.28%
Commercial and industrial    loans(1)		1,364,594		27,594		8.09		1,306,970		25,409		7.78		1,257,296		25,604		8.15
Consumer and other loans(1)		48,723		756		6.21		47,579		683		5.74		49,951		673		5.39
Total loans and leases    receivable(1)		3,550,415		60,010		6.76		3,425,751		56,308		6.57		3,239,840		56,621		6.99
Mortgage-related securities(2)		372,462		3,941		4.23		375,989		3,965		4.22		334,159		3,533		4.23
Other investment securities(3)		48,679		279		2.29		50,146		280		2.23		46,416		250		2.15
FHLB stock		14,799		338		9.14		9,067		211		9.31		12,852		297		9.24
Short-term investments		46,681		453		3.88		128,649		1,132		3.52		52,772		581		4.40
Total interest-earning assets		4,033,036		65,021		6.45		3,989,602		61,896		6.21		3,686,039		61,282		6.65
Non-interest-earning assets		250,531						259,039						229,968
Total assets		$4,283,567						$4,248,641						$3,916,007
Interest-bearing liabilities
Transaction accounts		$1,279,116		8,556		2.68%		$1,220,945		$8,354		2.74%		$985,606		$7,964		3.23%
Money market		931,051		6,488		2.79		925,282		6,354		2.75		821,845		6,789		3.30
Certificates of deposit		235,510		2,109		3.58		273,635		2,447		3.58		178,643		1,720		3.85
Wholesale deposits		590,739		5,952		4.03		682,138		6,773		3.97		773,750		7,784		4.02
Total interest-bearing    deposits		3,036,416		23,105		3.04		3,102,000		23,928		3.09		2,759,844		24,257		3.52
FHLB advances		327,915		2,891		3.53		200,132		1,567		3.13		284,428		2,358		3.32
Other borrowings		54,846		883		6.44		54,815		883		6.44		54,733		883		6.45
Total interest-bearing    liabilities		3,419,177		26,879		3.14		3,356,947		26,378		3.14		3,099,005		27,498		3.55
Non-interest-bearing demand    deposit accounts		414,376						428,739						410,423
Other non-interest-bearing    liabilities		74,188						85,304						78,388
Total liabilities		3,907,741						3,870,990						3,587,816
Stockholders’ equity		387,798						377,651						340,271
Total liabilities and    stockholders’ equity		$4,295,539						$4,248,641						$3,928,087
Net interest income				$38,142						$35,518						$33,784
Interest rate spread						3.30%						3.06%						3.10%
Net interest-earning assets		$613,859						$632,655						$587,034
Net interest margin						3.78%						3.56%						3.67%

(1)The average balances of loans and leases include non-accrual loans and leases and loans held for sale. Interest income related to non-accrual loans and leases is recognized when collected. Interest income includes net loan fees collected in lieu of interest.

(2)Includes amortized cost basis of assets available for sale and held to maturity.

(3)Yields on tax-exempt municipal obligations are not presented on a tax-equivalent basis in this table.

(4)Represents annualized yields/rates.

11

BETA ANALYSIS

		For the Three Months Ended
(Unaudited)		June 30, 2026		June 30, 2025
		Average Yield/Rate(3)		Average Yield/Rate(3)		Increase (Decrease)
Total loans and leases    receivable (a)		6.76%		6.99%		(0.23)%
Total interest-earning assets(b)		6.45%		6.65%		(0.20)%
Total core deposits(e)		2.40%		2.75%		(0.35)%
Total bank funding(f)		2.75%		3.08%		(0.33)%
Net interest margin(g)		3.78%		3.67%		0.12%
Effective fed funds rate (2)(i)		3.63%		4.33%		(0.70)%
Beta Calculations:
Total loans and leases    receivable(a)/(i)						32.8%
Total interest-earning assets(b)/(i)						28.8%
Total core deposits(e/i)						50.0%
Total bank funding(f)/(i)						47.1%
Net interest margin(g/i)						(16.7)%

1.Excludes prepayment activity in all periods of comparison.

2.Board of Governors of the Federal Reserve System (US), Effective Federal Funds Rate [DFF]. Retrieved from FRED, Federal Reserve Bank of St. Louis. Represents average daily rate.

3.Represents annualized yields/rates.

PROVISION FOR CREDIT LOSS COMPOSITION

(Unaudited)		For the Three Months Ended										For the Six Months Ended
(Dollars in thousands)		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		June 30, 2026		June 30, 2025
Change due to qualitative factors		$(357)		$(706)		$(538)		$(243)		$590		$(1,063)		$235
Change due to quantitative factors		541		10		(607)		(173)		746		551		2,306
Charge-offs		1,524		2,331		2,809		1,708		1,338		3,856		5,148
Recoveries		(486)		(168)		(264)		(440)		(332)		(654)		(730)
Change in reserves on individually    evaluated loans, net		(37)		382		(76)		(550)		(247)		345		(2,742)
Change due to loan growth, net		615		1,068		408		795		536		1,683		1,277
Change in unfunded commitment    reserves		266		43		123		343		70		309		(134)
Total provision for credit losses		$2,066		$2,960		$1,855		$1,440		$2,701		$5,027		$5,360

ALLOWANCE FOR CREDIT LOSS COMPOSITION

		As of
		June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
		(In Thousands)		% of Total Loans and Leases		(In Thousands)		% of Total Loans and Leases		(In Thousands)		% of Total Loans and Leases		(In Thousands)		% of Total Loans and Leases
Allowance for credit losses:
Loans collectively evaluated		$31,499		0.88%		$30,700		0.88%		$30,327		0.90%		$31,065		0.93%
Loans individually evaluated		5,894		0.16%		5,931		0.17%		5,550		0.16%		5,625		0.17%
Unfunded commitments reserve		2,124				1,858				1,815				1,692
Total		39,517		1.10%		38,489		1.10%		37,692		1.12%		38,382		1.15%
Loans and lease receivables:		$3,585,615				$3,498,903				$3,373,241				$3,334,956

12

PERFORMANCE RATIOS

		For the Three Months Ended										For the Six Months Ended
(Unaudited)		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		June 30, 2026		June 30, 2025
Return on average assets (annualized)		1.43%		1.13%		1.25%		1.40%		1.14%		1.28%		1.14%
Return on average tangible common equity (annualized)		16.89%		13.55%		14.83%		17.29%		14.17%		15.25%		14.15%
Efficiency ratio		57.57%		61.14%		56.61%		57.44%		60.97%		59.31%		60.63%
Interest rate spread		3.30%		3.06%		2.99%		3.11%		3.10%		3.18%		3.11%
Net interest margin		3.78%		3.56%		3.53%		3.68%		3.67%		3.67%		3.68%
Average interest-earning assets to average interest-bearing liabilities		117.95%		118.85%		119.25%		118.66%		118.94%		118.39%		119.44%

ASSET QUALITY RATIOS

(Unaudited)		As of
(Dollars in thousands)		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Non-accrual loans and leases		$38,062		$40,503		$43,855		$23,513		$28,633
Repossessed assets		—		—		—		—		31
Total non-performing assets		$38,062		$40,503		$43,855		$23,513		$28,664
Non-accrual loans and leases as a    percent of total gross loans and leases		1.06%		1.16%		1.30%		0.70%		0.88%
Non-performing assets as a percent of    total gross loans and leases plus    repossessed assets		1.06%		1.16%		1.30%		0.70%		0.88%
Non-performing assets as a percent of    total assets		0.86%		0.94%		1.07%		0.58%		0.72%
Allowance for credit losses as a percent    of total gross loans and leases		1.10%		1.10%		1.12%		1.15%		1.18%
Allowance for credit losses as a percent    of non-accrual loans and leases		103.82%		95.03%		85.95%		163.24%		133.45%

NET CHARGE-OFFS (RECOVERIES)

(Unaudited)		For the Three Months Ended										For the Six Months Ended
(Dollars in thousands)		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		June 30, 2026		June 30, 2025
Charge-offs		$1,524		$2,331		$2,809		$1,708		$1,338		$3,856		$5,148
Recoveries		(486)		(168)		(264)		(440)		(332)		(654)		(730)
Net charge-offs (recoveries)		$1,038		$2,163		$2,545		$1,268		$1,006		$3,202		$4,418
Net charge-offs (recoveries) as a percent of average gross loans and leases (annualized)		0.12%		0.25%		0.30%		0.15%		0.12%		0.18%		0.28%

CAPITAL RATIOS

		As of and for the Three Months Ended
(Unaudited)		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Total capital to risk-weighted assets		12.21%		12.15%		12.24%		12.18%		12.25%
Tier I capital to risk-weighted assets		9.84%		9.74%		9.79%		9.67%		9.66%
Common equity tier I capital to risk-    weighted assets		9.54%		9.43%		9.48%		9.34%		9.33%
Tier I capital to adjusted assets		9.11%		8.93%		8.86%		8.87%		8.82%
Tangible common equity to tangible    assets		8.44%		8.26%		8.54%		8.31%		8.04%

13

LOAN AND LEASE RECEIVABLE COMPOSITION

(Unaudited)		As of
(in thousands)		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Commercial real estate:
Commercial real estate - owner occupied		$345,984		$306,593		$293,706		$287,005		$262,988
Commercial real estate - non-owner occupied		874,669		925,425		885,870		871,807		846,990
Construction and land development		227,782		224,866		248,560		236,590		218,840
Multi-family		654,405		577,271		571,468		565,102		573,208
1-4 family		58,981		61,332		60,661		66,735		45,171
Total commercial real estate		2,161,821		2,095,487		2,060,265		2,027,239		1,947,197
Commercial and industrial		1,380,476		1,358,413		1,273,997		1,264,111		1,259,171
Consumer and other		46,027		47,223		40,965		45,323		45,744
Total gross loans and leases receivable		3,588,324		3,501,123		3,375,227		3,336,673		3,252,112
Less:
Allowance for credit losses		37,393		36,631		35,877		36,690		36,861
Deferred loan fees		2,709		2,220		1,986		1,717		1,187
Loans and leases receivable, net		$3,548,222		$3,462,272		$3,337,364		$3,298,266		$3,214,064

DEPOSIT COMPOSITION

(Unaudited)		As of
(in thousands)		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Non-interest-bearing transaction accounts		$420,556		$405,281		$378,770		$400,697		$396,448
Interest-bearing transaction accounts		1,297,353		1,170,271		1,103,696		1,050,233		1,047,434
Money market accounts		936,914		960,052		905,773		840,477		833,684
Certificates of deposit		222,852		260,455		284,764		300,703		255,533
Wholesale deposits		714,490		769,943		707,412		740,961		772,123
Total deposits		$3,592,165		$3,566,002		$3,380,415		$3,333,071		$3,305,222
Uninsured deposits		$1,192,776		$1,237,344		$1,220,177		$1,100,868		$1,069,509
Less: uninsured deposits collateralized by pledged assets		42,130		59,613		68,656		72,561		67,990
Total uninsured, net of collateralized deposits		$1,150,646		$1,177,731		$1,151,521		$1,028,307		$1,001,519
% of total deposits		32.0%		33.0%		34.1%		30.9%		30.3%

SOURCES OF LIQUIDITY

(Unaudited)		As of
(in thousands)		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Short-term investments		$131,294		$104,565		$8,714		$8,074		$72,520
Collateral value of unencumbered pledged loans		987,993		968,320		992,398		906,042		893,499
Market value of unencumbered securities		378,423		387,700		388,474		376,783		347,196
Readily accessible liquidity		1,497,710		1,460,585		1,389,586		1,290,899		1,313,215
Fed fund lines		45,000		45,000		45,000		45,000		45,000
Excess brokered CD capacity(1)		878,888		806,268		775,851		732,951		645,843
Total liquidity		$2,421,598		$2,311,853		$2,210,437		$2,068,850		$2,004,058
Total uninsured, net of collateralized deposits		$1,150,646		$1,177,731		$1,151,521		$1,028,307		$1,001,519

1.Bank internal policy limits brokered CDs to 50% of total bank funding when combined with value of unencumbered pledged loans.

14

EARNINGS PER SHARE

		For the Three Months Ended																				For the Six Months Ended
		June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025				June 30, 2025				June 30, 2026				June 30, 2025
		(Dollars in Thousands, Except Share Data)
Basic earnings per common share
Net Income		$	15,580			$	12,200			$	13,333			$	14,393			$	11,422			$	27,780			$	22,593
Less: preferred stock dividends			219				219				219				218				219				438				438
Less: earnings allocated to participating securities			233				220				235				259				207				462				443
Basic earnings allocated to common shareholders		$	15,128			$	11,761			$	12,879			$	13,916			$	10,996			$	26,880			$	21,712
Weighted-average common shares outstanding, excluding participating securities			8,208,002				8,186,174				8,173,059				8,171,404				8,141,159				8,201,585				8,149,600
Basic earnings per common share		$	1.84			$	1.44			$	1.58			$	1.70			$	1.35			$	3.28			$	2.66
Diluted earnings per common share
Earnings allocated to common shareholders, diluted		$	15,128			$	11,761			$	12,879			$	13,916			$	10,996			$	26,880			$	21,712
Weighted-average diluted shares outstanding, excluding participating securities			8,208,002				8,186,174				8,173,059				8,171,404				8,141,159				8,201,585				8,149,600
Diluted earnings per common share		$	1.84			$	1.44			$	1.58			$	1.70			$	1.35			$	3.28			$	2.66

PRIVATE WEALTH OFF-BALANCE SHEET COMPOSITION

(Unaudited)		As of
(in thousands)		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Trust assets under management		$3,947,362		$3,613,536		$3,541,768		$3,543,594		$3,461,659
Trust assets under administration		287,226		267,214		272,910		270,222		268,996
Total trust assets		$4,234,588		$3,880,750		$3,814,678		$3,813,816		$3,730,655

NON-GAAP RECONCILIATIONS

Certain financial information provided in this release is determined by methods other than in accordance with generally accepted accounting principles (United States) (“GAAP”). Although the Company’s management believes that these non-GAAP financial measures provide a greater understanding of its business, these measures are not necessarily comparable to similar measures that may be presented by other companies.

TANGIBLE BOOK VALUE

“Tangible book value per share” is a non-GAAP measure representing tangible common equity divided by total common shares outstanding. “Tangible common equity” itself is a non-GAAP measure representing common stockholders’ equity reduced by intangible assets, if any. The Company’s management believes that this measure is important to many investors in the marketplace who are interested in period-to-period changes in book value per common share exclusive of changes in intangible assets. The information provided below reconciles tangible book value per share and tangible common equity to their most comparable GAAP measures.

(Unaudited)		As of
(Dollars in thousands, except per share amounts)		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Common stockholders’ equity		$383,315		$368,088		$359,593		$346,327		$332,803
Less: Goodwill and other intangible assets		(11,933)		(12,011)		(11,985)		(12,041)		(12,049)
Tangible common equity		$371,382		$356,077		$347,608		$334,286		$320,754
Common shares outstanding		8,368,320		8,343,519		8,325,376		8,324,387		8,323,470
Book value per share		$45.81		$44.12		$43.19		$41.60		$39.98
Tangible book value per share		$44.38		$42.68		$41.75		$40.16		$38.54

15

TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS

“Tangible common equity to tangible assets” (“TCE”) is defined as the ratio of common stockholders’ equity reduced by intangible assets, if any, divided by total assets reduced by intangible assets, if any. The Company’s management believes that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period in common equity and total assets, each exclusive of changes in intangible assets. The information below reconciles tangible common equity and tangible assets to their most comparable GAAP measures.

(Unaudited)		As of
(Dollars in thousands)		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Common stockholders’ equity		$383,315		$368,088		$359,593		$346,327		$332,803
Less: Goodwill and other intangible assets		(11,933)		(12,011)		(11,985)		(12,041)		(12,049)
Tangible common equity (a)		$371,382		$356,077		$347,608		$334,286		$320,754
Total assets		$4,410,004		$4,320,855		$4,081,887		$4,034,845		$4,002,725
Less: Goodwill and other intangible assets		(11,933)		(12,011)		(11,985)		(12,041)		(12,049)
Tangible assets (b)		$4,398,071		$4,308,844		$4,069,902		$4,022,804		$3,990,676
Tangible common equity to tangible assets		8.44%		8.26%		8.54%		8.31%		8.04%

RETURN ON AVERAGE TANGIBLE COMMON EQUITY

“Return on Average Tangible Common Equity” (“ROATCE”) is defined as the ratio net income available to common shareholders divided by average tangible common equity. The Company’s management believes that this measure is important to many investors in the marketplace who are interested in the return generated for common shareholders on the tangible capital invested. The information below reconciles average tangible common equity to its most comparable GAAP measure.

(Unaudited)		For the Three Months Ended										For the Six Months Ended
(Dollars in thousands)		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		June 30, 2026		June 30, 2025
Net Income available to common shareholders (a)		$15,361		$11,981		$13,114		$14,175		$11,203		$27,342		$22,155
Average common stockholders' equity		375,806		365,659		353,820		339,980		328,279		370,633		325,212
Less: average goodwill and other intangible assets		11,972		11,987		12,023		12,056		12,080		11,980		12,020
Average tangible common equity (b)		363,834		353,672		341,797		327,924		316,199		358,653		313,192
Return on average tangible common equity (a)/(b)		16.89%		13.55%		15.35%		17.29%		14.17%		15.25%		14.15%

16

EFFICIENCY RATIO & PRE-TAX, PRE-PROVISION ADJUSTED EARNINGS

“Efficiency ratio” is a non-GAAP measure representing non-interest expense excluding the effects of the SBA recourse provision, impairment of tax credit investments, losses or gains on repossessed assets, amortization of other intangible assets and other discrete items, if any, divided by operating revenue, which is equal to net interest income plus non-interest income less realized gains or losses on securities, if any. “Pre-tax, pre-provision adjusted earnings” is defined as operating revenue less operating expense. In the judgment of the Company’s management, the adjustments made to non-interest expense and non-interest income allow investors and analysts to better assess the Company’s operating expenses in relation to its core operating revenue by removing the volatility that is associated with certain one-time items and other discrete items. The information provided below reconciles the efficiency ratio and pre-tax, pre-provision adjusted earnings to its most comparable GAAP measure.

(Unaudited)		For the Three Months Ended										For the Six Months Ended
(Dollars in thousands)		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		June 30, 2026		June 30, 2025
Total non-interest expense		$27,849		$26,953		$24,130		$25,700		$24,968		$54,802		$49,687
Less:
Net loss (gain) on repossessed assets		—		—		—		31		4		—		(4)
Impairment (recovery) of tax credit investments		552		(7)		229		—		—		545		110
SBA severance expense		405		—		—		—		—		405		—
Contribution to First Business Charitable Foundation		—		—		—		234		—		—		—
SBA recourse benefit		—		(121)		—		(5)		(59)		(121)		(59)
Total operating expense (a)		$26,892		$27,081		$23,901		$25,440		$25,023		$53,973		$49,640
Net interest income		$38,142		$35,518		$34,762		$34,886		$33,784		$73,659		$67,042
Total non-interest income		8,569		8,775		7,461		9,640		7,255		17,345		14,834
Less:
Bank owned life insurance claim		—		—		—		234		—		—		—
Adjusted non-interest income		8,569		8,775		7,461		9,406		7,255		17,345		14,834
Total operating revenue (b)		$46,711		$44,293		$42,223		$44,292		$41,039		$91,004		$81,876
Efficiency ratio		57.57%		61.14%		56.61%		57.44%		60.97%		59.31%		60.63%
Pre-tax, pre-provision adjusted earnings (b - a)		$19,819		$17,212		$18,322		$18,852		$16,016		$37,031		$32,236

17

NASDAQ: FBIZ Earnings Release SupplementSecond Quarter 2026

When used in this presentation, and in any other oral statements made with the approval of an authorized executive officer, the words or phrases “may,” “could,” “should,” “hope,” “might,” “believe,” “expect,” “plan,” “assume,” “intend,” “estimate,” “anticipate,” “project,” “likely,” or similar expressions are intended to identify “forward‐looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties, including among other things: (i) Adverse changes in the economy or business conditions, either nationally or in our markets, including, without limitation, inflation, economic downturn, labor shortages, wage pressures, the adverse effects of public health events on the global, national, and local economy, and geopolitical instability and international conflicts that may affect energy prices of otherwise result in market volatility; (ii) Uncertainty created by potential federal government actions relating to the authority of regulatory agencies (including bank regulators), international trade policy, prolonged shutdown of the federal government, and other significant policy matters; (iii) Competitive pressures among depository and other financial institutions nationally and in our markets; (iv) Increases in defaults by borrowers and other delinquencies; (v) Our ability to manage growth effectively, including the successful expansion of our client support, administrative infrastructure, and internal management systems; (vi) Fluctuations in interest rates and market prices; (vii) Changes in legislative or regulatory requirements applicable to us and our subsidiaries; (viii) Changes in tax requirements, including tax rate changes, new tax laws, and revised tax law interpretations; (ix) Fraud, including client and system failure or breaches of our network security, including our internet banking activities; (x) Failure to comply with the applicable SBA regulations in order to maintain the eligibility of the guaranteed portions of SBA loans. (xi) Ongoing volatility in the banking sector may result in new legislation, regulations or policy changes that could subject the Corporation and the Bank to increased government regulation and supervision, (xii) the proportion of the Corporation’s deposit account balances that exceed FDIC insurance limits may expose the Bank to enhanced liquidity risk, and (xiii) The Corporation may be subject to increases in FDIC insurance assessments. These risks could cause actual results to differ materially from what FBIZ has anticipated or projected. These risk factors and uncertainties should be carefully considered by our shareholders and potential investors. For further information about the factors that could affect the Corporation’s future results, please see the Corporation’s annual report on Form 10‐K for the year ended December 31, 2025 and other filings with the Securities and Exchange Commission. Investors should not place undue reliance on any such forward‐looking statement, which speaks only as of the date on which it was made. The factors described within the filings could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods. Where any such forward‐looking statement includes a statement of the assumptions or bases underlying such forward‐looking statement, FBIZ cautions that, while its management believes such assumptions or bases are reasonable and are made in good faith, assumed facts or bases can vary from actual results, and the differences between assumed facts or bases and actual results can be material, depending on the circumstances. Where, in any forward‐looking statement, an expectation or belief is expressed as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the statement of expectation or belief will be achieved or accomplished. FBIZ does not intend to, and specifically disclaims any obligation to, update any forward‐looking statements. Forward-Looking Statements

Highlights Q2 2026 Tangible Book Value Per Share1 +15% YOY Loans +10% Loans grew 10.0% from the linked quarter and 10.3% year-over-year, including the transfer of $23.7 million in held-for-sale loans to loans and leases receivable. Core Deposits +12% Core deposits grew 11.7% from the linked quarter and 13.6% year-over-year. Core deposit funding mix improved to 74.1% from 71.8% in the prior-year quarter. PTPP Earnings1 +15% NIM 3.78% NIM was 3.78% compared to 3.56% in 1Q’26. YTD 2026 NIM was 3.67% compared to 3.68% for the prior YTD period. NPAs -6% NPAs decreased $2.4 million, or 6.0% from the linked quarter, resulting in an eight basis point improvement in NPA/Total Assets. Fee Income +18% Fee income grew 18.1% from the prior year quarter, driven by a 13.6% increase in private wealth management fees. PTPP earnings grew 15.1% from the linked quarter and 23.7% year-over-year. 1. PTPP earnings and tangible book value per share are non-GAAP measurements. Refer to the section entitled Non-GAAP Reconciliations in the Company’s Q2 2026 earnings release for additional detail. Note: Linked quarter growth rates for loans and core deposits are annualized.

Quarterly Update Q2 2026 Earnings per share included $0.14 net EPS benefit from one-time events: $1.5 million deferred tax asset valuation allowance reversal $405,000 in severance costs related to exit from out-of-footprint SBA 7(a) lending activities Double-digit growth in loans and core deposits supports annual growth goals Net interest margin benefited from the redeployment of excess cash into loan growth and elevated prepayment fees 1H’26 net interest margin of 3.67% in line with 3.68% for 1H’25, showing strength and stability Private Wealth Management revenues grew 14% YoY and comprised 50% of fee income Positive operating leverage reflects efficient execution Stable asset quality, with improved NPAs/Total Assets and NCOs/Avg Loans $ in millions, except per share Q2'26 LQ* YoY   1H'26 1H'26 vs. 1H'25 EARNINGS Operating revenue $ 46.7 5% 14% $ 91.0 11% Operating expense 26.9 -1% 7% 54.0 9% Pre-tax, pre-provision earnings 19.8 15% 24% 37.0 15% Provision for credit losses 2.1 -30% -24% 5.0 -6% Income Taxes 1.2 -44% -38% 3.4 -20% Net Income Avail. to Common $ 15.4 28% 37% $ 27.3 23% Diluted EPS $ 1.84 28% 36% $ 3.28 23% TBV per share $ 44.38 4% 15%   PROFITABILITY Net Interest Margin 3.78% 22 bps 11 bps 3.67% -1 bps Operating Leverage   6.2% 6.4%   2.4% Efficiency Ratio 57.57% -357 bps -340 bps 59.31% -132 bps ROAA 1.43% 30 bps 29 bps 1.28% 14 bps ROATCE 16.89% 334 bps 272 bps 15.25% 110 bps BALANCES Assets $ 4,410 8% 10% Loans $ 3,586 10% 10% Core Deposits $ 2,878 12% 14% PWM AUM&A $ 4,235 9% 14% ASSET QUALITY NPAs $ 38.1 -6% 33%   NPAs/Total Assets 0.86% -8 bps 14 bps   NCOs/Avg Loans 0.12% -13 bps 0 bps 0.18% -10 bps TARGET = 10% Annual Growth 15% growth in TBVPS driven by record PTPP earnings and positive operating leverage * Represents annualized linked quarter growth rates for balance sheet items. Note: Operating revenue, operating expenses, tangible book value per share, efficiency ratio, and ROATCE are non-GAAP measurements. Operating leverage is defined as the percent growth in operating revenue less the percent growth in operating expenses. See section titled Non-GAAP Reconciliations in the Company's most recent earnings release, included as an exhibit to the Current Report on Form 8-K furnished to the SEC on July 30, 2026.

WHY? Economic returns did not meet internal targets; investments in SBA talent and capacity did not consistently produce adequate volume and profitability Decision aligns with commitment to achieving 10%+ annual loan and revenue growth WHAT’S NEXT? In-footprint SBA 7(a) and 504 lending will continue as needed to support clients SBA 7(a) loans at 6/30/2026 and any future production will be retained on balance sheet and serviced through the life of the loans FINANCIAL IMPACT? Excluding $405,000 in Q2’26 severance costs, immaterial impact expected to 2026 results Approximately $650,000 reduction in quarterly salaries & benefits No further gains on sale of SBA loans will be recognized SBA GOS averaged $500,000 per quarter over the previous 5 quarters Estimated $0.03 quarterly EPS benefit in 2027 due to cost savings and retention of loans in process and all future production Expense – salaries & benefits lower by $650,000 per quarter Revenue – ~$160,000 incremental quarterly net interest income and servicing income helps offset elimination of gain on sale revenue Efficiency ratio estimated to be approximately 30-50bps lower on an annual basis Exit from Out-of-Footprint SBA 7(a) Lending Completed in May 2026 REDIRECTING RESOURCES TO MORE PROFITABLE GROWTH OPPORTUNITIES Expected 2027 Quarterly EPS Benefit ($ in thousands, except EPS) Incremental net interest income benefit $ 140 Incremental servicing income benefit 20 Loss of gains on sale, @ $500k recent 5qtr avg. (500) Revenue (340) Salaries and benefits (650) Pre-tax income 310 Income taxes @ 21% 65 Approx. Qtly Net Income Benefit $ 245 Approx. Qtly EPS Benefit $ 0.03 Assumptions:   ~$15M in 7(a) loans currently in process to be held on balance sheet by 2027: Previous 75% sell / 25% hold split is now 100% hold Incremental volume from holding extra 75% $ 11,250 Historical spread 4.90% Servicing income 1%

Relationship Banking Key to Success Deposit‐centric sales strategy led by treasury management sales teams located in all bank markets with direct production and outside calling goals Bankers trained and incented to fund their loan production with deposit growth goals Niche lending businesses provide support across various economic cycles Goal is 10% annual deposit and loan growth core deposit growth supports loan growth +12% LQA +14% YOY +10% LQA +10% YOY

Diversified Lending Growth Continuing To Grow Higher-Yielding C&I PORTFOLIO 2023-2025 3-Year Loan CAGR C&I = 18% CRE & Other = 10%

Strong and Resilient Net Interest Margin Wholesale funding defined as brokered CDs and non‐reciprocal interest‐bearing transaction accounts plus FHLB advances. Note: Peer group defined as publicly‐traded bank with total assets between $1.75 billion and $7 billion. Peer data not yet available for 2Q26. MATCH FUNDING STRATEGY SUPPORTS Long-term NIM stability

Disciplined Interest Rate Risk Management FLOATING RATE PORTFOLIO Floating portfolio is predominantly indexed to SOFR, which aligns with the Bank’s SOFR‐indexed and managed rate non‐maturity deposit portfolio. 61% of portfolio as of 6/30/26: METHODICAL APPROACH Typically individually match‐fund loans with maturities over 5 years and amounts greater than $5MM. Portfolio match‐funding in various terms against the fixed‐rate loan portfolio with maturities under 5 years and amounts less than $5MM. ~$10‐$25 million of monthly wholesale funding maturities to effectively manage the liquidity requirements of the match‐funding strategy. Loans Deposits SOFR: $1.700 B SOFR: $811 MM Prime: $468 MM Managed rate, non‐maturity: $1.378 B TOTAL = $2.168 B TOTAL = $2.189 B FIXED RATE PORTFOLIO Wholesale funding used to match maturities and cash flows on long‐term fixed rate loans. This locks in interest rate spread and maintains greater stability in net interest margin. 39% of portfolio as of 6/30/26.

Match Funded Balance Sheet Unique Among Peers Note: Peer group defined as publicly‐traded bank with total assets between $1.75 billion and $7 billion.

Operating Revenue Highlights Continued strong revenue supported by: Robust loan and deposit growth Strong and stable net interest margin Diverse sources of non‐interest income: Service fees from private wealth management comprised 45% of Q2 26 TTM non‐interest income and have grown 35% over the past 3 years Service charges on deposits have grown 17% over the past 3 years Continue to optimize our limited partnership investment strategy to provide meaningful growth in other fee income Strategic investments drive growth while maintaining positive long‐term operating leverage 1. Operating Revenue is a non-GAAP measurement. Refer to the section entitled Non-GAAP reconciliations in the Company’s Q2 2026 earnings release. Balanced and Steady Growth DIVERSIFIED REVENUE SOURCES Operating Revenue1 +10% TTM Q2 26 vs TTM Q2 25

Consistent, Positive Operating Leverage HISTORY OF GROWING REVENUES FASTER THAN EXPENSES We aim to achieve 10% revenue growth on an annual basis, with positive operating leverage1 Strategic initiatives directed toward revenue growth and operating efficiency through use of technology have generated positive operating leverage on an annual basis Operating revenue 5‐year CAGR of 10.1% outpaces operating expense 5‐year CAGR of 8.6% Initiatives include: Expanding higher‐yielding C&I lending business lines Strong focus on treasury management and growing core deposits Increasing our commercial banking market share outside of Madison Scaling our private wealth management business in our less mature commercial banking markets Optimizing our limited partnership investment strategy Robotic process automation implementation Leverage AI to increase productivity and scale 5-Year Average2 FBIZ = 2.76% Peer = 0.02% Operating leverage is defined as the percent growth in operating revenue less the percent growth in operating expenses. Operating revenue and operating expense are non-GAAP measurements. See section titled non-GAAP Reconciliations in the Company’s most recent earnings release, included as an exhibit to the Current Report on Form 8-K furnished to the SEC on July 30, 2026. FBIZ average data is average of 2020-2025.

Decline in Non-Performing Assets PROGRESS ON NPAS WITH STRONG COLLATERAL POSITION NPAs declined in 2Q26, driven by the repayment of a non-accrual SBA loan and lower non-accrual equipment finance loans. Two largest NPAs were $17.0 million and $6.1 million at June 30, 2026. We continue to expect progress toward resolution of these credits later this year.

FBIZ’s average loss rate since 2005 is approximately one-third of industry rate *Industry reflects all FDIC-insured depositories Source: FDIC.gov Superior Credit Experience Across Cycles Favorable loss experience reflects: Deep client relationships, strong underwriting, and niche lending expertise Loan growth that is C&I- focused and diversified, including niche lending businesses that provide support across various economic cycles Historical loss experience is favorable to industry

Robust Capital Base Strong Capital Ratios +16% LQA +15% YOY STRONG EARNINGS GENERATE CAPITAL FOR GROWTH 1. “Tangible Book Value Per Share" is a non‐GAAP measurement. Refer to section entitled Non-GAAP Reconciliations in the Company’s Q2 26 earnings release.

Robust Liquidity with Stable Deposit Base Stable Core Deposit Base Substantial Liquidity Source 6/30/2026 6/30/2025 Short-term investments $131,294 $72,520 Collateral value of unencumbered pledged loans 987,993 893,499 Market value of unencumbered securities 378,423 347,196 Readily accessible liquidity $1,497,710 $1,313,215 Fed fund lines 45,000 45,000 Excess brokered CD capacity (1) 878,888 645,843 Total liquidity $2,421,598 $2,004,058 Uninsured Deposits Collateralized Public Funds FDIC Insured 69% of deposits are insured or collateralized 1. Bank internal policy limits brokered CDs to 50% of total bank funding when combined with value of unencumbered pledged loans. Dollars in thousands Category 6/30/2026 6/30/2025 Uninsured deposits $1,192,776 $1,069,509 Collateralized public funds 42,130 67,990 FDIC insured deposits 2,357,259 2,167,723 Total deposits $3,592,165 $3,305,222 Percent insured or collateralized 68% 70%

Deliver above-average total shareholder return compared to peer median ROATCE, TBV/share, and Efficiency Ratio are non-GAAP measurements. Refer to the section entitled Non-GAAP Reconciliations in the Company’s Q2 earnings release for additional detail. Represents data from the 2025 employee engagement survey. Net promoter score assesses likelihood to recommend on an 11‐point scale, where detractors (scores 0‐6) are subtracted from promoters (scores 9‐10), while passives (scores 7‐8) are not considered. See appendix for additional information on the source of the net promoter score. Represents data from the 2025 survey. Goals & Progress STRATEGIC PLAN 2024-2028 Goals 2024‐2028 2025 YTD June 2026 ROATCE1 ≥15% by 2028 15.3% 15.2% TBV Growth1 ≥10% per year 13.7% 15.2% Revenue Growth ≥10% per year 9.7% 11.1% Efficiency Ratio1 <60% by 2028 58.78% 59.31% Core Deposits to Total Funding ≥75% 75% 74% Employee Engagement & Participation3 ≥85% 85% 85% Net Promoter Score4 ≥70 78 78

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