First Business (FBIZ) Insider Sale: 104 Shares Disposed by CEO

Rhea-AI Filing Summary

First Business Financial Services, Inc. insider James Edward Hartlieb, who serves as President & CEO of First Business Bank, reported a sale of company common stock on 08/16/2025. The filing shows a transaction coded F (sale to satisfy tax withholding or similar rule-specified disposition) disposing of 104 shares at a price of $49.54 per share. After the reported transaction, Mr. Hartlieb is listed as beneficially owning 29,749.874 shares, held directly. The Form 4 was signed on 08/19/2025 by Peter J. Wilder pursuant to a previously filed power of attorney.

Positive

• Timely disclosure of an insider transaction with transaction code, price, and post-transaction ownership clearly reported
• No derivative transactions reported, simplifying the ownership picture

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: A routine insider sale by the CEO reported under Form 4; the filing discloses quantity, price, and remaining direct ownership.

This Form 4 records a single non-derivative sale by the CEO, coded F, disposing of 104 shares at $49.54 each. The report lists direct beneficial ownership of 29,749.874 shares following the sale. The filing is straightforward and administrative in nature; it provides no information about the companys operations, financial results, or any change in management or policy. The involvement of a power of attorney for signature is procedural. From a governance standpoint, the form meets disclosure requirements by reporting an insider transaction promptly and including transaction code, price, and post-transaction holdings.

Securities Analyst

TL;DR: Insider sale disclosed; transaction size and context are provided but no material financial implications are evident from the filing alone.

The Form 4 shows a sale (Code F) of 104 common shares at $49.54 with post-sale direct ownership of 29,749.874 shares. There are no derivative transactions disclosed. The report does not include any explanation beyond the mechanics of the sale and the authorized signature. Without additional context on the insiders total holdings relative to outstanding shares or recent trading patterns, this single-line disclosure should be treated as a routine reporting of a disposition rather than evidence of a material corporate development.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hartlieb James Edward

(Last) (First) (Middle)

401 CHARMANY DRIVE

(Street)

MADISON WI 53719

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FIRST BUSINESS FINANCIAL SERVICES, INC. [ FBIZ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Pres&CEO First Business Bank

3. Date of Earliest Transaction (Month/Day/Year)
08/16/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/16/2025		F		104	D	$49.54	29,749.874	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	Peter J. Wilder (pursuant to Power of Attorney filed previously)	08/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did FBIZ insider James Edward Hartlieb report on Form 4?

The Form 4 reports a sale of 104 shares of First Business Financial Services common stock on 08/16/2025 at a price of $49.54 per share.

How many FBIZ shares does the reporting person own after the transaction?

The filing lists 29,749.874 shares as beneficially owned directly following the reported transaction.

What does transaction code F mean on this Form 4 for FBIZ?

The Form shows the transaction code as F. The filing lists the code but does not provide further explanation beyond the code itself in this document.

Was any derivative security reported in the FBIZ Form 4?

No. Table II for derivative securities contains no entries; only a non-derivative common stock sale is reported.

Who signed the Form 4 for the FBIZ filing and when?

The Form 4 was signed by Peter J. Wilder pursuant to a previously filed power of attorney on 08/19/2025.