Annual Income Statements for First Business Financial Services
This table shows First Business Financial Services' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for First Business Financial Services
This table shows First Business Financial Services' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Net Income / (Loss) Attributable to Common Shareholders |
|
11 |
9.94 |
8.76 |
8.12 |
9.72 |
9.55 |
8.63 |
10 |
10 |
14 |
11 |
Consolidated Net Income / (Loss) |
|
11 |
10 |
8.98 |
8.34 |
9.94 |
9.77 |
8.85 |
10 |
11 |
14 |
11 |
Net Income / (Loss) Continuing Operations |
|
11 |
10 |
8.98 |
8.34 |
9.94 |
9.77 |
8.85 |
10 |
11 |
14 |
11 |
Total Pre-Tax Income |
|
14 |
13 |
12 |
11 |
12 |
12 |
11 |
12 |
13 |
15 |
13 |
Total Revenue |
|
34 |
34 |
35 |
35 |
37 |
37 |
36 |
38 |
38 |
41 |
41 |
Net Interest Income / (Expense) |
|
26 |
27 |
27 |
28 |
29 |
30 |
30 |
31 |
31 |
33 |
33 |
Total Interest Income |
|
32 |
38 |
42 |
47 |
51 |
55 |
56 |
58 |
59 |
60 |
60 |
Loans and Leases Interest Income |
|
30 |
36 |
40 |
44 |
48 |
51 |
52 |
54 |
56 |
56 |
55 |
Investment Securities Interest Income |
|
1.17 |
1.27 |
1.59 |
1.81 |
2.20 |
2.60 |
2.79 |
3.05 |
2.98 |
3.09 |
3.40 |
Deposits and Money Market Investments Interest Income |
|
0.45 |
0.62 |
0.66 |
1.07 |
0.88 |
1.47 |
1.44 |
0.97 |
0.85 |
1.07 |
0.85 |
Total Interest Expense |
|
5.90 |
11 |
15 |
19 |
22 |
25 |
26 |
27 |
28 |
27 |
26 |
Deposits Interest Expense |
|
3.18 |
8.17 |
12 |
17 |
20 |
23 |
24 |
25 |
25 |
24 |
23 |
Long-Term Debt Interest Expense |
|
2.72 |
2.69 |
2.93 |
2.87 |
2.54 |
2.58 |
2.44 |
2.69 |
3.03 |
2.84 |
3.26 |
Total Non-Interest Income |
|
8.20 |
6.97 |
8.41 |
7.37 |
8.43 |
7.09 |
6.76 |
7.43 |
7.06 |
8.01 |
7.58 |
Other Service Charges |
|
4.49 |
2.97 |
4.91 |
3.72 |
4.26 |
3.49 |
3.05 |
3.21 |
2.92 |
3.22 |
2.69 |
Net Realized & Unrealized Capital Gains on Investments |
|
0.73 |
0.27 |
0.48 |
0.40 |
0.85 |
0.28 |
0.19 |
0.35 |
0.46 |
0.94 |
0.96 |
Investment Banking Income |
|
2.62 |
2.57 |
2.65 |
2.89 |
2.95 |
2.93 |
3.11 |
3.46 |
3.26 |
3.43 |
3.49 |
Other Non-Interest Income |
|
0.36 |
1.17 |
0.37 |
0.36 |
0.38 |
0.39 |
0.41 |
0.40 |
0.42 |
0.42 |
0.44 |
Provision for Credit Losses |
|
0.01 |
0.70 |
1.56 |
2.23 |
1.82 |
2.57 |
2.33 |
1.71 |
2.09 |
2.70 |
2.66 |
Total Non-Interest Expense |
|
20 |
21 |
22 |
22 |
23 |
22 |
23 |
24 |
23 |
23 |
25 |
Salaries and Employee Benefits |
|
15 |
15 |
16 |
15 |
16 |
14 |
16 |
16 |
15 |
16 |
17 |
Net Occupancy & Equipment Expense |
|
1.54 |
1.83 |
1.80 |
2.02 |
1.88 |
1.85 |
1.97 |
2.11 |
1.96 |
2.54 |
2.05 |
Marketing Expense |
|
0.54 |
0.64 |
0.63 |
0.78 |
0.76 |
0.72 |
0.82 |
0.85 |
0.92 |
0.93 |
0.97 |
Property & Liability Insurance Claims |
|
0.23 |
0.20 |
0.39 |
0.58 |
0.68 |
0.58 |
0.61 |
0.61 |
0.81 |
0.73 |
0.78 |
Other Operating Expenses |
|
2.90 |
3.22 |
3.04 |
3.52 |
4.30 |
3.98 |
3.79 |
4.09 |
4.21 |
3.43 |
4.18 |
Income Tax Expense |
|
3.22 |
2.40 |
2.81 |
2.52 |
2.08 |
2.70 |
1.75 |
1.92 |
2.35 |
0.89 |
2.29 |
Preferred Stock Dividends Declared |
|
0.22 |
0.22 |
0.22 |
0.22 |
0.22 |
0.22 |
0.22 |
0.22 |
0.22 |
0.22 |
0.22 |
Basic Earnings per Share |
|
$1.25 |
$1.19 |
$1.05 |
$0.98 |
$1.17 |
$1.13 |
$1.04 |
$1.23 |
$1.24 |
$1.69 |
$1.32 |
Weighted Average Basic Shares Outstanding |
|
8.43M |
8.35M |
8.29M |
8.32M |
8.31M |
0.00 |
8.29M |
8.29M |
8.30M |
8.30M |
8.32M |
Diluted Earnings per Share |
|
$1.25 |
$1.19 |
$1.05 |
$0.98 |
$1.17 |
$1.13 |
$1.04 |
$1.23 |
$1.24 |
$1.69 |
$1.32 |
Weighted Average Diluted Shares Outstanding |
|
8.43M |
8.35M |
8.29M |
8.32M |
8.31M |
0.00 |
8.29M |
8.29M |
8.30M |
8.30M |
8.32M |
Weighted Average Basic & Diluted Shares Outstanding |
|
8.43M |
8.35M |
8.29M |
8.32M |
8.31M |
0.00 |
8.29M |
8.29M |
8.30M |
8.30M |
8.32M |
Cash Dividends to Common per Share |
|
$0.20 |
$0.20 |
$0.23 |
$0.23 |
$0.23 |
$0.23 |
$0.25 |
$0.25 |
$0.25 |
$0.25 |
$0.29 |
Annual Cash Flow Statements for First Business Financial Services
This table details how cash moves in and out of First Business Financial Services' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
Metric |
2021 |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
0.20 |
46 |
37 |
18 |
Net Cash From Operating Activities |
36 |
39 |
52 |
57 |
Net Cash From Continuing Operating Activities |
36 |
39 |
52 |
57 |
Net Income / (Loss) Continuing Operations |
36 |
41 |
37 |
44 |
Consolidated Net Income / (Loss) |
36 |
41 |
37 |
44 |
Provision For Loan Losses |
-5.80 |
-3.87 |
8.18 |
8.83 |
Depreciation Expense |
3.55 |
4.07 |
3.64 |
3.74 |
Amortization Expense |
- |
1.04 |
4.05 |
5.99 |
Non-Cash Adjustments to Reconcile Net Income |
6.53 |
-0.74 |
5.42 |
-8.66 |
Changes in Operating Assets and Liabilities, net |
-4.04 |
-2.70 |
-6.03 |
3.35 |
Net Cash From Investing Activities |
-111 |
-245 |
-507 |
-328 |
Net Cash From Continuing Investing Activities |
-111 |
-245 |
-507 |
-328 |
Purchase of Property, Leasehold Improvements and Equipment |
- |
-3.22 |
-2.88 |
-0.22 |
Purchase of Investment Securities |
-192 |
-334 |
-573 |
-458 |
Sale of Property, Leasehold Improvements and Equipment |
- |
0.00 |
0.00 |
0.03 |
Sale and/or Maturity of Investments |
80 |
92 |
69 |
129 |
Other Investing Activities, net |
0.06 |
-0.05 |
-0.02 |
-0.03 |
Net Cash From Financing Activities |
75 |
252 |
491 |
289 |
Net Cash From Continuing Financing Activities |
75 |
252 |
491 |
289 |
Net Change in Deposits |
102 |
210 |
629 |
310 |
Issuance of Debt |
798 |
2,437 |
1,573 |
1,153 |
Issuance of Preferred Equity |
0.00 |
12 |
0.00 |
0.00 |
Issuance of Common Equity |
0.16 |
0.13 |
0.13 |
0.14 |
Repayment of Debt |
-814 |
-2,394 |
-1,699 |
-1,163 |
Repurchase of Common Equity |
-5.48 |
-6.13 |
-2.97 |
-1.27 |
Payment of Dividends |
-6.17 |
-7.37 |
-8.45 |
-9.20 |
Cash Interest Paid |
13 |
20 |
76 |
110 |
Cash Income Taxes Paid |
15 |
8.04 |
7.46 |
0.16 |
Quarterly Cash Flow Statements for First Business Financial Services
This table details how cash moves in and out of First Business Financial Services' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Net Change in Cash & Equivalents |
|
15 |
-8.28 |
83 |
-73 |
20 |
6.60 |
-67 |
9.04 |
51 |
26 |
13 |
Net Cash From Operating Activities |
|
15 |
7.26 |
9.91 |
13 |
16 |
13 |
8.68 |
13 |
14 |
22 |
11 |
Net Cash From Continuing Operating Activities |
|
15 |
7.26 |
9.91 |
13 |
16 |
13 |
8.68 |
13 |
14 |
22 |
11 |
Net Income / (Loss) Continuing Operations |
|
11 |
10 |
8.98 |
8.34 |
9.94 |
9.77 |
8.85 |
10 |
11 |
14 |
11 |
Consolidated Net Income / (Loss) |
|
11 |
10 |
8.98 |
8.34 |
9.94 |
9.77 |
8.85 |
10 |
11 |
14 |
11 |
Provision For Loan Losses |
|
0.01 |
0.70 |
1.56 |
2.23 |
1.82 |
2.57 |
2.33 |
1.71 |
2.09 |
2.70 |
2.66 |
Depreciation Expense |
|
1.06 |
0.98 |
0.91 |
0.96 |
0.97 |
0.80 |
0.79 |
0.98 |
0.95 |
1.02 |
0.87 |
Amortization Expense |
|
0.55 |
0.48 |
0.44 |
0.43 |
2.01 |
1.17 |
1.30 |
1.30 |
1.30 |
2.10 |
1.59 |
Non-Cash Adjustments to Reconcile Net Income |
|
0.39 |
-0.75 |
1.99 |
2.87 |
-3.09 |
3.66 |
2.71 |
-2.64 |
-1.65 |
-7.09 |
3.42 |
Changes in Operating Assets and Liabilities, net |
|
1.77 |
-4.32 |
-3.97 |
-2.28 |
4.86 |
-4.63 |
-7.29 |
1.24 |
0.58 |
8.81 |
-8.42 |
Net Cash From Investing Activities |
|
-38 |
-128 |
-116 |
-163 |
-116 |
-111 |
-83 |
-77 |
-67 |
-102 |
-97 |
Net Cash From Continuing Investing Activities |
|
-38 |
-128 |
-116 |
-163 |
-116 |
-111 |
-83 |
-77 |
-67 |
-102 |
-97 |
Purchase of Property, Leasehold Improvements and Equipment |
|
- |
- |
- |
- |
-1.32 |
-0.31 |
- |
- |
0.62 |
-0.04 |
-0.08 |
Purchase of Investment Securities |
|
-70 |
-144 |
-138 |
-185 |
-130 |
-120 |
-103 |
-110 |
-105 |
-140 |
-120 |
Sale of Property, Leasehold Improvements and Equipment |
|
- |
- |
0.00 |
- |
- |
- |
0.03 |
- |
- |
- |
0.00 |
Sale and/or Maturity of Investments |
|
32 |
19 |
22 |
24 |
15 |
8.93 |
20 |
33 |
38 |
38 |
23 |
Net Cash From Financing Activities |
|
38 |
113 |
190 |
77 |
120 |
105 |
6.58 |
73 |
104 |
106 |
99 |
Net Cash From Continuing Financing Activities |
|
38 |
113 |
190 |
77 |
120 |
105 |
6.58 |
73 |
104 |
106 |
99 |
Net Change in Deposits |
|
218 |
81 |
309 |
52 |
128 |
140 |
-41 |
130 |
85 |
137 |
136 |
Issuance of Debt |
|
589 |
414 |
695 |
446 |
302 |
130 |
146 |
334 |
461 |
211 |
545 |
Issuance of Common Equity |
|
0.03 |
0.03 |
0.03 |
0.03 |
0.03 |
0.04 |
0.03 |
0.03 |
0.03 |
0.05 |
0.04 |
Repayment of Debt |
|
-765 |
-378 |
-810 |
-418 |
-308 |
-162 |
-95 |
-388 |
-440 |
-240 |
-579 |
Repurchase of Common Equity |
|
-1.53 |
-2.62 |
-1.86 |
-1.07 |
-0.02 |
-0.02 |
-0.58 |
-0.67 |
-0.01 |
-0.01 |
-0.78 |
Payment of Dividends |
|
-1.89 |
-1.88 |
-2.13 |
-2.11 |
-2.11 |
-2.11 |
-2.31 |
-2.30 |
-2.30 |
-2.30 |
-2.66 |
Cash Interest Paid |
|
5.38 |
9.03 |
13 |
17 |
21 |
24 |
26 |
27 |
29 |
28 |
26 |
Cash Income Taxes Paid |
|
3.29 |
4.78 |
-0.01 |
1.20 |
3.83 |
2.43 |
0.01 |
0.39 |
0.46 |
-0.70 |
-0.02 |
Annual Balance Sheets for First Business Financial Services
This table presents First Business Financial Services' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
Metric |
2021 |
2022 |
2023 |
2024 |
Total Assets |
3,508 |
2,977 |
3,508 |
3,853 |
Cash and Due from Banks |
32 |
26 |
32 |
29 |
Interest Bearing Deposits at Other Banks |
107 |
77 |
107 |
128 |
Trading Account Securities |
361 |
293 |
361 |
414 |
Loans and Leases, Net of Allowance |
0.00 |
0.00 |
2,819 |
3,077 |
Loans Held for Sale |
2,824 |
2,421 |
4.59 |
13 |
Premises and Equipment, Net |
6.19 |
4.34 |
6.19 |
5.23 |
Intangible Assets |
12 |
12 |
12 |
12 |
Other Assets |
165 |
143 |
165 |
174 |
Total Liabilities & Shareholders' Equity |
3,508 |
2,977 |
3,508 |
3,853 |
Total Liabilities |
3,218 |
2,716 |
3,218 |
3,525 |
Non-Interest Bearing Deposits |
2,797 |
2,168 |
2,797 |
3,107 |
Long-Term Debt |
331 |
457 |
331 |
320 |
Other Long-Term Liabilities |
91 |
91 |
91 |
97 |
Total Equity & Noncontrolling Interests |
290 |
261 |
290 |
329 |
Total Preferred & Common Equity |
290 |
261 |
290 |
329 |
Preferred Stock |
12 |
12 |
12 |
12 |
Total Common Equity |
278 |
249 |
278 |
317 |
Common Stock |
91 |
88 |
91 |
94 |
Retained Earnings |
231 |
204 |
231 |
266 |
Treasury Stock |
-30 |
-27 |
-30 |
-31 |
Accumulated Other Comprehensive Income / (Loss) |
-14 |
-15 |
-14 |
-11 |
Quarterly Balance Sheets for First Business Financial Services
This table presents First Business Financial Services' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q1 2025 |
Total Assets |
|
2,851 |
3,164 |
3,266 |
3,419 |
3,531 |
3,617 |
3,716 |
3,945 |
Cash and Due from Banks |
|
24 |
212 |
32 |
23 |
25 |
26 |
45 |
35 |
Interest Bearing Deposits at Other Banks |
|
87 |
160 |
81 |
110 |
47 |
55 |
87 |
136 |
Trading Account Securities |
|
284 |
303 |
334 |
375 |
392 |
387 |
363 |
414 |
Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
2,952 |
3,016 |
3,149 |
Loans Held for Sale |
|
2,307 |
2.70 |
2,649 |
2,739 |
2,883 |
6.51 |
8.17 |
11 |
Premises and Equipment, Net |
|
3.14 |
4.93 |
5.09 |
6.16 |
6.27 |
6.38 |
5.48 |
5.02 |
Intangible Assets |
|
12 |
12 |
12 |
12 |
12 |
12 |
12 |
12 |
Other Assets |
|
133 |
142 |
153 |
154 |
166 |
172 |
179 |
183 |
Total Liabilities & Shareholders' Equity |
|
2,851 |
3,164 |
3,266 |
3,419 |
3,531 |
3,617 |
3,716 |
3,945 |
Total Liabilities |
|
2,598 |
2,507 |
2,993 |
3,138 |
3,234 |
3,312 |
3,404 |
3,609 |
Non-Interest Bearing Deposits |
|
2,088 |
2,477 |
2,529 |
2,657 |
2,755 |
2,885 |
2,970 |
3,243 |
Long-Term Debt |
|
420 |
- |
370 |
364 |
382 |
328 |
349 |
287 |
Other Long-Term Liabilities |
|
90 |
30 |
94 |
117 |
96 |
99 |
85 |
79 |
Total Equity & Noncontrolling Interests |
|
253 |
267 |
273 |
281 |
298 |
305 |
312 |
336 |
Total Preferred & Common Equity |
|
253 |
267 |
273 |
281 |
298 |
305 |
312 |
336 |
Preferred Stock |
|
12 |
12 |
12 |
12 |
12 |
12 |
12 |
12 |
Total Common Equity |
|
241 |
255 |
261 |
269 |
286 |
293 |
300 |
324 |
Common Stock |
|
87 |
88 |
89 |
90 |
91 |
92 |
93 |
94 |
Retained Earnings |
|
195 |
209 |
215 |
223 |
237 |
245 |
254 |
274 |
Treasury Stock |
|
-25 |
-29 |
-30 |
-30 |
-31 |
-31 |
-31 |
-32 |
Accumulated Other Comprehensive Income / (Loss) |
|
-17 |
-14 |
-14 |
-14 |
-12 |
-13 |
-15 |
-12 |
Annual Metrics And Ratios for First Business Financial Services
This table displays calculated financial ratios and metrics derived from First Business Financial Services' official financial filings.
Metric |
2021 |
2022 |
2023 |
2024 |
Growth Metrics |
- |
- |
- |
- |
Revenue Growth |
8.41% |
13.38% |
12.55% |
6.64% |
EBITDA Growth |
151.35% |
4.80% |
-4.39% |
11.04% |
EBIT Growth |
156.92% |
11.09% |
-9.77% |
8.51% |
NOPAT Growth |
110.60% |
14.27% |
-9.38% |
19.49% |
Net Income Growth |
110.60% |
14.27% |
-9.38% |
19.49% |
EPS Growth |
111.68% |
13.91% |
-8.84% |
20.09% |
Operating Cash Flow Growth |
96.33% |
7.37% |
35.31% |
9.94% |
Free Cash Flow Firm Growth |
153.40% |
-210.75% |
338.87% |
-87.97% |
Invested Capital Growth |
-2.34% |
15.62% |
-13.51% |
4.53% |
Revenue Q/Q Growth |
-0.72% |
4.87% |
1.56% |
0.00% |
EBITDA Q/Q Growth |
17.55% |
-3.20% |
5.29% |
0.00% |
EBIT Q/Q Growth |
9.63% |
2.12% |
-0.18% |
0.00% |
NOPAT Q/Q Growth |
7.54% |
3.98% |
-1.03% |
0.00% |
Net Income Q/Q Growth |
7.54% |
3.98% |
-1.03% |
0.00% |
EPS Q/Q Growth |
8.31% |
3.49% |
-1.37% |
0.00% |
Operating Cash Flow Q/Q Growth |
13.73% |
-34.41% |
13.15% |
0.00% |
Free Cash Flow Firm Q/Q Growth |
-48.41% |
-1,128.34% |
102.79% |
197.99% |
Invested Capital Q/Q Growth |
-1.42% |
6.56% |
-3.75% |
-1.88% |
Profitability Metrics |
- |
- |
- |
- |
EBITDA Margin |
48.53% |
44.85% |
38.10% |
39.67% |
EBIT Margin |
41.71% |
40.86% |
32.76% |
33.33% |
Profit (Net Income) Margin |
31.71% |
31.96% |
25.73% |
28.83% |
Tax Burden Percent |
76.03% |
78.21% |
78.55% |
86.50% |
Interest Burden Percent |
100.00% |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
23.97% |
21.79% |
21.45% |
13.50% |
Return on Invested Capital (ROIC) |
5.69% |
6.11% |
5.53% |
6.97% |
ROIC Less NNEP Spread (ROIC-NNEP) |
5.69% |
6.11% |
5.53% |
6.97% |
Return on Net Nonoperating Assets (RNNOA) |
8.73% |
8.74% |
7.92% |
7.34% |
Return on Equity (ROE) |
14.42% |
14.85% |
13.46% |
14.31% |
Cash Return on Invested Capital (CROIC) |
8.06% |
-8.38% |
20.03% |
2.54% |
Operating Return on Assets (OROA) |
1.55% |
1.61% |
1.45% |
1.39% |
Return on Assets (ROA) |
1.18% |
1.26% |
1.14% |
1.20% |
Return on Common Equity (ROCE) |
14.08% |
14.20% |
12.87% |
13.76% |
Return on Equity Simple (ROE_SIMPLE) |
12.35% |
15.68% |
12.79% |
13.47% |
Net Operating Profit after Tax (NOPAT) |
36 |
41 |
37 |
44 |
NOPAT Margin |
31.71% |
31.96% |
25.73% |
28.83% |
Net Nonoperating Expense Percent (NNEP) |
0.00% |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
53.20% |
52.20% |
49.69% |
49.01% |
Operating Expenses to Revenue |
63.44% |
62.16% |
61.55% |
60.92% |
Earnings before Interest and Taxes (EBIT) |
47 |
52 |
47 |
51 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
55 |
57 |
55 |
61 |
Valuation Ratios |
- |
- |
- |
- |
Price to Book Value (P/BV) |
0.82 |
1.17 |
1.16 |
1.21 |
Price to Tangible Book Value (P/TBV) |
0.86 |
1.23 |
1.22 |
1.25 |
Price to Revenue (P/Rev) |
2.02 |
2.27 |
2.25 |
2.49 |
Price to Earnings (P/E) |
6.37 |
7.22 |
8.94 |
8.81 |
Dividend Yield |
2.65% |
2.30% |
2.34% |
2.17% |
Earnings Yield |
15.71% |
13.84% |
11.19% |
11.36% |
Enterprise Value to Invested Capital (EV/IC) |
0.69 |
0.91 |
0.85 |
0.86 |
Enterprise Value to Revenue (EV/Rev) |
3.82 |
5.13 |
3.66 |
3.62 |
Enterprise Value to EBITDA (EV/EBITDA) |
7.88 |
11.45 |
9.60 |
9.14 |
Enterprise Value to EBIT (EV/EBIT) |
9.17 |
12.56 |
11.17 |
10.87 |
Enterprise Value to NOPAT (EV/NOPAT) |
12.06 |
16.06 |
14.22 |
12.57 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
8.24 |
16.98 |
10.07 |
9.68 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
8.51 |
0.00 |
3.93 |
34.53 |
Leverage & Solvency |
- |
- |
- |
- |
Debt to Equity |
1.14 |
1.75 |
1.14 |
0.97 |
Long-Term Debt to Equity |
1.14 |
1.75 |
1.14 |
0.97 |
Financial Leverage |
1.53 |
1.43 |
1.43 |
1.05 |
Leverage Ratio |
12.26 |
11.79 |
11.79 |
11.91 |
Compound Leverage Factor |
12.26 |
11.79 |
11.79 |
11.91 |
Debt to Total Capital |
53.33% |
63.67% |
53.33% |
49.34% |
Short-Term Debt to Total Capital |
0.00% |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
53.33% |
63.67% |
53.33% |
49.34% |
Preferred Equity to Total Capital |
1.93% |
1.67% |
1.93% |
1.85% |
Noncontrolling Interests to Total Capital |
0.00% |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
44.74% |
34.66% |
44.74% |
48.81% |
Debt to EBITDA |
6.05 |
7.97 |
6.04 |
5.26 |
Net Debt to EBITDA |
3.50 |
6.18 |
3.49 |
2.67 |
Long-Term Debt to EBITDA |
6.05 |
7.97 |
6.04 |
5.26 |
Debt to NOPAT |
9.26 |
11.18 |
8.94 |
7.23 |
Net Debt to NOPAT |
5.35 |
8.67 |
5.17 |
3.67 |
Long-Term Debt to NOPAT |
9.26 |
11.18 |
8.94 |
7.23 |
Noncontrolling Interest Sharing Ratio |
2.42% |
4.36% |
4.36% |
3.88% |
Liquidity Ratios |
- |
- |
- |
- |
Cash Flow Metrics |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
51 |
-56 |
134 |
16 |
Operating Cash Flow to CapEx |
0.00% |
1,199.04% |
1,813.18% |
29,788.08% |
Free Cash Flow to Firm to Interest Expense |
4.47 |
-2.44 |
1.63 |
0.15 |
Operating Cash Flow to Interest Expense |
4.61 |
1.68 |
0.64 |
0.53 |
Operating Cash Flow Less CapEx to Interest Expense |
4.61 |
1.54 |
0.60 |
0.53 |
Efficiency Ratios |
- |
- |
- |
- |
Asset Turnover |
0.04 |
0.04 |
0.04 |
0.04 |
Fixed Asset Turnover |
27.54 |
24.28 |
27.33 |
26.88 |
Capital & Investment Metrics |
- |
- |
- |
- |
Invested Capital |
621 |
717 |
621 |
649 |
Invested Capital Turnover |
0.18 |
0.19 |
0.22 |
0.24 |
Increase / (Decrease) in Invested Capital |
-15 |
97 |
-97 |
28 |
Enterprise Value (EV) |
431 |
656 |
527 |
556 |
Market Capitalization |
228 |
290 |
323 |
382 |
Book Value per Share |
$33.09 |
$29.49 |
$33.39 |
$38.17 |
Tangible Book Value per Share |
$31.65 |
$28.05 |
$31.94 |
$36.73 |
Total Capital |
621 |
717 |
621 |
649 |
Total Debt |
331 |
457 |
331 |
320 |
Total Long-Term Debt |
331 |
457 |
331 |
320 |
Net Debt |
191 |
354 |
191 |
162 |
Capital Expenditures (CapEx) |
0.00 |
3.22 |
2.88 |
0.19 |
Net Nonoperating Expense (NNE) |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
331 |
457 |
331 |
320 |
Total Depreciation and Amortization (D&A) |
7.69 |
5.10 |
7.69 |
9.73 |
Earnings Adjustments |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
$4.17 |
$0.00 |
$0.00 |
$5.20 |
Adjusted Weighted Average Basic Shares Outstanding |
8.46M |
0.00 |
0.00 |
8.30M |
Adjusted Diluted Earnings per Share |
$4.17 |
$0.00 |
$0.00 |
$5.20 |
Adjusted Weighted Average Diluted Shares Outstanding |
8.46M |
0.00 |
0.00 |
8.30M |
Adjusted Basic & Diluted Earnings per Share |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
8.46M |
0.00 |
0.00 |
8.30M |
Normalized Net Operating Profit after Tax (NOPAT) |
36 |
41 |
37 |
44 |
Normalized NOPAT Margin |
31.71% |
31.96% |
25.73% |
28.83% |
Pre Tax Income Margin |
41.71% |
40.86% |
32.76% |
33.33% |
Debt Service Ratios |
- |
- |
- |
- |
EBIT to Interest Expense |
4.15 |
2.28 |
0.57 |
0.47 |
NOPAT to Interest Expense |
3.15 |
1.78 |
0.45 |
0.41 |
EBIT Less CapEx to Interest Expense |
4.15 |
2.14 |
0.54 |
0.47 |
NOPAT Less CapEx to Interest Expense |
3.15 |
1.64 |
0.41 |
0.40 |
Payout Ratios |
- |
- |
- |
- |
Dividend Payout Ratio |
23.64% |
18.04% |
22.83% |
20.78% |
Augmented Payout Ratio |
31.95% |
33.03% |
30.85% |
23.65% |
Quarterly Metrics And Ratios for First Business Financial Services
This table displays calculated financial ratios and metrics derived from First Business Financial Services' official financial filings.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
20.69% |
20.82% |
21.88% |
15.03% |
8.64% |
6.42% |
3.28% |
8.10% |
2.82% |
12.34% |
12.60% |
EBITDA Growth |
|
21.67% |
-14.86% |
10.32% |
-22.28% |
-4.20% |
3.03% |
-3.41% |
19.55% |
0.85% |
27.54% |
25.50% |
EBIT Growth |
|
16.84% |
9.47% |
8.70% |
-26.64% |
-14.39% |
-0.66% |
-10.07% |
13.94% |
7.13% |
22.67% |
26.97% |
NOPAT Growth |
|
17.70% |
18.22% |
3.54% |
-25.59% |
-8.17% |
-3.80% |
-1.46% |
25.42% |
5.88% |
47.54% |
26.25% |
Net Income Growth |
|
17.70% |
18.22% |
3.54% |
-25.59% |
-8.17% |
-3.80% |
-1.46% |
25.42% |
5.88% |
47.54% |
26.25% |
EPS Growth |
|
16.82% |
15.53% |
2.94% |
-24.03% |
-6.40% |
-5.04% |
-0.95% |
25.51% |
5.98% |
49.56% |
26.92% |
Operating Cash Flow Growth |
|
49.26% |
-35.40% |
372.31% |
-14.49% |
12.89% |
83.79% |
-12.37% |
3.97% |
-16.38% |
64.72% |
30.15% |
Free Cash Flow Firm Growth |
|
-144.57% |
-469.66% |
-49.95% |
215.47% |
216.83% |
222.96% |
-219.35% |
-90.49% |
-115.33% |
-112.86% |
615.10% |
Invested Capital Growth |
|
6.97% |
15.62% |
-0.32% |
-24.08% |
-4.26% |
-13.51% |
3.35% |
-1.51% |
2.55% |
4.53% |
-8.37% |
Revenue Q/Q Growth |
|
11.62% |
1.01% |
2.00% |
0.02% |
5.42% |
-1.06% |
0.00% |
4.68% |
0.28% |
8.10% |
-0.77% |
EBITDA Q/Q Growth |
|
-0.70% |
-10.47% |
-9.84% |
-6.71% |
22.40% |
-3.71% |
0.00% |
15.46% |
3.26% |
21.77% |
-13.56% |
EBIT Q/Q Growth |
|
-5.15% |
-10.58% |
-6.12% |
-7.87% |
10.69% |
3.77% |
0.00% |
16.73% |
4.07% |
18.82% |
-12.03% |
NOPAT Q/Q Growth |
|
-3.37% |
-6.19% |
-11.59% |
-7.15% |
19.24% |
-1.72% |
0.00% |
18.17% |
0.67% |
36.95% |
-22.50% |
Net Income Q/Q Growth |
|
-3.37% |
-6.19% |
-11.59% |
-7.15% |
19.24% |
-1.72% |
0.00% |
18.17% |
0.67% |
36.95% |
-22.50% |
EPS Q/Q Growth |
|
-3.10% |
-4.80% |
-11.76% |
-6.67% |
19.39% |
-3.42% |
0.00% |
18.27% |
0.81% |
36.29% |
-21.89% |
Operating Cash Flow Q/Q Growth |
|
-0.45% |
-50.35% |
36.58% |
26.67% |
31.43% |
-19.17% |
0.00% |
50.29% |
5.70% |
59.23% |
-48.55% |
Free Cash Flow Firm Q/Q Growth |
|
82.02% |
-162.73% |
112.75% |
1,817.37% |
-81.81% |
176.51% |
0.00% |
252.78% |
-129.32% |
-131.90% |
595.84% |
Invested Capital Q/Q Growth |
|
-20.47% |
6.56% |
-8.36% |
-2.24% |
0.30% |
-3.75% |
0.00% |
-6.84% |
4.43% |
-1.88% |
-4.01% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
45.94% |
40.72% |
37.41% |
34.89% |
40.51% |
39.42% |
34.98% |
38.58% |
39.73% |
44.76% |
38.99% |
EBIT Margin |
|
41.20% |
36.47% |
33.57% |
30.92% |
32.46% |
34.05% |
29.23% |
32.59% |
33.82% |
37.18% |
32.96% |
Profit (Net Income) Margin |
|
31.77% |
29.50% |
25.57% |
23.74% |
26.85% |
26.67% |
24.40% |
27.54% |
27.65% |
35.03% |
27.36% |
Tax Burden Percent |
|
77.10% |
80.89% |
76.18% |
76.78% |
82.70% |
78.33% |
83.47% |
84.51% |
81.74% |
94.22% |
83.00% |
Interest Burden Percent |
|
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
|
22.90% |
19.11% |
23.82% |
23.23% |
17.30% |
21.67% |
16.53% |
15.49% |
18.26% |
5.78% |
17.00% |
Return on Invested Capital (ROIC) |
|
5.95% |
5.64% |
5.21% |
4.42% |
5.77% |
5.74% |
0.00% |
0.00% |
0.00% |
8.47% |
6.64% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
5.95% |
5.64% |
5.21% |
4.42% |
5.77% |
5.74% |
0.00% |
0.00% |
0.00% |
8.47% |
6.64% |
Return on Net Nonoperating Assets (RNNOA) |
|
10.25% |
8.07% |
8.20% |
8.18% |
8.48% |
8.21% |
0.00% |
0.00% |
0.00% |
8.92% |
7.00% |
Return on Equity (ROE) |
|
16.19% |
13.71% |
13.41% |
12.61% |
14.25% |
13.95% |
0.00% |
0.00% |
0.00% |
17.39% |
13.64% |
Cash Return on Invested Capital (CROIC) |
|
-0.70% |
-8.38% |
6.57% |
32.51% |
10.03% |
20.03% |
-3.30% |
1.52% |
-2.52% |
2.54% |
15.88% |
Operating Return on Assets (OROA) |
|
1.85% |
1.44% |
1.53% |
1.42% |
1.47% |
1.51% |
0.00% |
0.00% |
0.00% |
1.55% |
1.39% |
Return on Assets (ROA) |
|
1.43% |
1.16% |
1.17% |
1.09% |
1.21% |
1.18% |
0.00% |
0.00% |
0.00% |
1.46% |
1.16% |
Return on Common Equity (ROCE) |
|
15.79% |
13.11% |
12.78% |
12.03% |
13.61% |
13.34% |
0.00% |
0.00% |
0.00% |
16.72% |
13.12% |
Return on Equity Simple (ROE_SIMPLE) |
|
15.53% |
0.00% |
15.44% |
14.05% |
13.33% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
13.86% |
Net Operating Profit after Tax (NOPAT) |
|
11 |
10 |
8.98 |
8.34 |
9.94 |
9.77 |
8.85 |
10 |
11 |
14 |
11 |
NOPAT Margin |
|
31.77% |
29.50% |
25.57% |
23.74% |
26.85% |
26.67% |
24.40% |
27.54% |
27.65% |
35.03% |
27.36% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
|
49.58% |
51.54% |
52.22% |
51.04% |
49.18% |
46.47% |
52.24% |
50.51% |
47.50% |
46.17% |
48.39% |
Operating Expenses to Revenue |
|
58.77% |
61.49% |
61.99% |
62.73% |
62.63% |
58.93% |
64.36% |
62.90% |
60.69% |
56.26% |
60.53% |
Earnings before Interest and Taxes (EBIT) |
|
14 |
13 |
12 |
11 |
12 |
12 |
11 |
12 |
13 |
15 |
13 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
16 |
14 |
13 |
12 |
15 |
14 |
13 |
15 |
15 |
18 |
16 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
1.08 |
1.17 |
0.96 |
0.91 |
0.90 |
1.16 |
1.08 |
1.04 |
1.26 |
1.21 |
1.21 |
Price to Tangible Book Value (P/TBV) |
|
1.13 |
1.23 |
1.01 |
0.95 |
0.95 |
1.22 |
1.12 |
1.08 |
1.31 |
1.25 |
1.25 |
Price to Revenue (P/Rev) |
|
2.13 |
2.27 |
1.82 |
1.70 |
1.71 |
2.25 |
0.00 |
0.00 |
0.00 |
2.49 |
2.48 |
Price to Earnings (P/E) |
|
6.68 |
7.22 |
6.06 |
6.31 |
6.64 |
8.94 |
0.00 |
0.00 |
0.00 |
8.81 |
8.57 |
Dividend Yield |
|
2.53% |
2.30% |
2.81% |
2.98% |
3.02% |
2.34% |
2.52% |
2.60% |
2.14% |
2.17% |
2.21% |
Earnings Yield |
|
14.98% |
13.84% |
16.51% |
15.84% |
15.05% |
11.19% |
0.00% |
0.00% |
0.00% |
11.36% |
11.67% |
Enterprise Value to Invested Capital (EV/IC) |
|
0.86 |
0.91 |
0.00 |
0.79 |
0.75 |
0.85 |
0.93 |
0.89 |
0.92 |
0.86 |
0.83 |
Enterprise Value to Revenue (EV/Rev) |
|
4.76 |
5.13 |
0.00 |
3.64 |
3.43 |
3.66 |
0.00 |
0.00 |
0.00 |
3.62 |
3.29 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
9.80 |
11.45 |
0.00 |
9.33 |
9.33 |
9.60 |
0.00 |
0.00 |
0.00 |
9.14 |
8.10 |
Enterprise Value to EBIT (EV/EBIT) |
|
11.35 |
12.56 |
0.00 |
10.27 |
10.28 |
11.17 |
0.00 |
0.00 |
0.00 |
10.87 |
9.62 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
14.78 |
16.06 |
0.00 |
13.20 |
12.98 |
14.22 |
0.00 |
0.00 |
0.00 |
12.57 |
11.15 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
9.85 |
16.98 |
0.00 |
11.41 |
10.51 |
10.07 |
0.00 |
0.00 |
0.00 |
9.68 |
8.64 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.00 |
0.00 |
0.00 |
2.09 |
7.35 |
3.93 |
0.00 |
57.97 |
0.00 |
34.53 |
5.02 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
1.66 |
1.75 |
0.00 |
1.36 |
1.30 |
1.14 |
1.28 |
1.07 |
1.12 |
0.97 |
0.85 |
Long-Term Debt to Equity |
|
1.66 |
1.75 |
0.00 |
1.36 |
1.30 |
1.14 |
1.28 |
1.07 |
1.12 |
0.97 |
0.85 |
Financial Leverage |
|
1.72 |
1.43 |
1.57 |
1.85 |
1.47 |
1.43 |
1.37 |
1.21 |
1.20 |
1.05 |
1.05 |
Leverage Ratio |
|
11.36 |
11.79 |
11.51 |
11.56 |
11.75 |
11.79 |
11.86 |
11.91 |
12.04 |
11.91 |
11.79 |
Compound Leverage Factor |
|
11.36 |
11.79 |
11.51 |
11.56 |
11.75 |
11.79 |
11.86 |
11.91 |
12.04 |
11.91 |
11.79 |
Debt to Total Capital |
|
62.42% |
63.67% |
0.00% |
57.58% |
56.45% |
53.33% |
56.18% |
51.79% |
52.81% |
49.34% |
46.03% |
Short-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
|
62.42% |
63.67% |
0.00% |
57.58% |
56.45% |
53.33% |
56.18% |
51.79% |
52.81% |
49.34% |
46.03% |
Preferred Equity to Total Capital |
|
1.78% |
1.67% |
4.50% |
1.87% |
1.86% |
1.93% |
1.76% |
1.89% |
1.81% |
1.85% |
1.93% |
Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
|
35.80% |
34.66% |
95.50% |
40.55% |
41.69% |
44.74% |
42.06% |
46.31% |
45.38% |
48.81% |
52.05% |
Debt to EBITDA |
|
7.09 |
7.97 |
0.00 |
6.83 |
6.99 |
6.04 |
0.00 |
0.00 |
0.00 |
5.26 |
4.47 |
Net Debt to EBITDA |
|
5.22 |
6.18 |
0.00 |
4.75 |
4.44 |
3.49 |
0.00 |
0.00 |
0.00 |
2.67 |
1.81 |
Long-Term Debt to EBITDA |
|
7.09 |
7.97 |
0.00 |
6.83 |
6.99 |
6.04 |
0.00 |
0.00 |
0.00 |
5.26 |
4.47 |
Debt to NOPAT |
|
10.70 |
11.18 |
0.00 |
9.66 |
9.73 |
8.94 |
0.00 |
0.00 |
0.00 |
7.23 |
6.15 |
Net Debt to NOPAT |
|
7.87 |
8.67 |
0.00 |
6.72 |
6.17 |
5.17 |
0.00 |
0.00 |
0.00 |
3.67 |
2.49 |
Long-Term Debt to NOPAT |
|
10.70 |
11.18 |
0.00 |
9.66 |
9.73 |
8.94 |
0.00 |
0.00 |
0.00 |
7.23 |
6.15 |
Noncontrolling Interest Sharing Ratio |
|
2.51% |
4.36% |
4.69% |
4.59% |
4.49% |
4.36% |
4.25% |
4.15% |
4.05% |
3.88% |
3.78% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
-33 |
-87 |
11 |
212 |
39 |
107 |
-13 |
20 |
-5.92 |
-14 |
68 |
Operating Cash Flow to CapEx |
|
0.00% |
0.00% |
0.00% |
0.00% |
1,250.72% |
4,301.29% |
0.00% |
0.00% |
0.00% |
52,295.24% |
14,126.25% |
Free Cash Flow to Firm to Interest Expense |
|
-5.60 |
-7.99 |
0.72 |
10.93 |
1.73 |
4.23 |
-0.50 |
0.74 |
-0.21 |
-0.51 |
2.59 |
Operating Cash Flow to Interest Expense |
|
2.48 |
0.67 |
0.65 |
0.65 |
0.74 |
0.53 |
0.33 |
0.48 |
0.49 |
0.81 |
0.43 |
Operating Cash Flow Less CapEx to Interest Expense |
|
2.48 |
0.67 |
0.65 |
0.65 |
0.68 |
0.52 |
0.33 |
0.48 |
0.51 |
0.81 |
0.43 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.04 |
0.04 |
0.05 |
0.05 |
0.05 |
0.04 |
0.00 |
0.00 |
0.00 |
0.04 |
0.04 |
Fixed Asset Turnover |
|
50.35 |
24.28 |
40.94 |
39.68 |
30.47 |
27.33 |
0.00 |
0.00 |
0.00 |
26.88 |
28.01 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
673 |
717 |
657 |
643 |
645 |
621 |
680 |
633 |
661 |
649 |
623 |
Invested Capital Turnover |
|
0.19 |
0.19 |
0.20 |
0.19 |
0.22 |
0.22 |
0.00 |
0.00 |
0.00 |
0.24 |
0.24 |
Increase / (Decrease) in Invested Capital |
|
44 |
97 |
-2.09 |
-204 |
-29 |
-97 |
22 |
-9.72 |
16 |
28 |
-57 |
Enterprise Value (EV) |
|
581 |
656 |
-116 |
506 |
486 |
527 |
629 |
563 |
607 |
556 |
519 |
Market Capitalization |
|
259 |
290 |
244 |
236 |
243 |
323 |
307 |
305 |
378 |
382 |
391 |
Book Value per Share |
|
$28.43 |
$29.49 |
$30.50 |
$31.43 |
$32.32 |
$33.39 |
$34.41 |
$35.37 |
$36.17 |
$38.17 |
$39.04 |
Tangible Book Value per Share |
|
$26.99 |
$28.05 |
$29.04 |
$29.97 |
$30.86 |
$31.94 |
$32.97 |
$33.94 |
$34.74 |
$36.73 |
$37.59 |
Total Capital |
|
673 |
717 |
267 |
643 |
645 |
621 |
680 |
633 |
661 |
649 |
623 |
Total Debt |
|
420 |
457 |
0.00 |
370 |
364 |
331 |
382 |
328 |
349 |
320 |
287 |
Total Long-Term Debt |
|
420 |
457 |
0.00 |
370 |
364 |
331 |
382 |
328 |
349 |
320 |
287 |
Net Debt |
|
309 |
354 |
-372 |
257 |
231 |
191 |
310 |
247 |
217 |
162 |
116 |
Capital Expenditures (CapEx) |
|
0.00 |
0.00 |
0.00 |
0.00 |
1.32 |
0.31 |
-0.03 |
0.00 |
-0.62 |
0.04 |
0.08 |
Net Nonoperating Expense (NNE) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
|
420 |
457 |
391 |
370 |
364 |
331 |
382 |
328 |
349 |
320 |
287 |
Total Depreciation and Amortization (D&A) |
|
1.62 |
1.46 |
1.35 |
1.39 |
2.98 |
1.97 |
2.09 |
2.28 |
2.25 |
3.12 |
2.46 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$1.25 |
$1.19 |
$1.05 |
$0.98 |
$1.17 |
$1.13 |
$1.04 |
$1.23 |
$1.24 |
$1.69 |
$1.32 |
Adjusted Weighted Average Basic Shares Outstanding |
|
8.43M |
8.35M |
8.29M |
8.32M |
8.31M |
0.00 |
8.29M |
8.29M |
8.30M |
8.30M |
8.32M |
Adjusted Diluted Earnings per Share |
|
$1.25 |
$1.19 |
$1.05 |
$0.98 |
$1.17 |
$1.13 |
$1.04 |
$1.23 |
$1.24 |
$1.69 |
$1.32 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
8.43M |
8.35M |
8.29M |
8.32M |
8.31M |
0.00 |
8.29M |
8.29M |
8.30M |
8.30M |
8.32M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
8.43M |
8.35M |
8.29M |
8.32M |
8.31M |
0.00 |
8.29M |
8.29M |
8.30M |
8.30M |
8.32M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
11 |
10 |
8.98 |
8.34 |
9.94 |
9.77 |
8.85 |
10 |
11 |
14 |
11 |
Normalized NOPAT Margin |
|
31.77% |
29.50% |
25.57% |
23.74% |
26.85% |
26.67% |
24.40% |
27.54% |
27.65% |
35.03% |
27.36% |
Pre Tax Income Margin |
|
41.20% |
36.47% |
33.57% |
30.92% |
32.46% |
34.05% |
29.23% |
32.59% |
33.82% |
37.18% |
32.96% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
2.38 |
1.16 |
0.77 |
0.56 |
0.54 |
0.49 |
0.40 |
0.45 |
0.45 |
0.57 |
0.51 |
NOPAT to Interest Expense |
|
1.83 |
0.93 |
0.58 |
0.43 |
0.44 |
0.39 |
0.34 |
0.38 |
0.37 |
0.53 |
0.43 |
EBIT Less CapEx to Interest Expense |
|
2.38 |
1.16 |
0.77 |
0.56 |
0.48 |
0.48 |
0.40 |
0.45 |
0.48 |
0.57 |
0.51 |
NOPAT Less CapEx to Interest Expense |
|
1.83 |
0.93 |
0.58 |
0.43 |
0.39 |
0.38 |
0.34 |
0.38 |
0.39 |
0.53 |
0.42 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
23.66% |
18.04% |
19.01% |
20.91% |
21.99% |
22.83% |
0.00% |
0.00% |
0.00% |
20.78% |
20.51% |
Augmented Payout Ratio |
|
28.13% |
33.03% |
36.93% |
39.42% |
36.90% |
30.85% |
0.00% |
0.00% |
0.00% |
23.65% |
23.66% |
Key Financial Trends
First Business Financial Services (NASDAQ: FBIZ) has demonstrated solid financial performance from Q3 2022 through Q1 2025, with key trends evident across income, cash flow, and balance sheet data.
Income Statement Highlights
- Consistent growth in loans and leases interest income, increasing from $30.2M in Q3 2022 to $55.3M in Q1 2025, showing strong core lending activity expansion.
- Net interest income remains healthy and stable, with Q1 2025 at $33.3M, slightly up from $25.9M in Q3 2022, reflecting improved net interest margins.
- Non-interest income has generally trended higher, with investment banking income rising from $2.6M in Q3 2022 to $3.5M in Q1 2025, indicating diversification in revenue sources.
- Provision for credit losses has increased modestly, from $12K in Q3 2022 to $2.7M by Q4 2024 - Q1 2025, suggesting rising credit risk or prudent reserve building.
- Total non-interest expenses have risen from approximately $20M in Q3 2022 to $24.7M in Q1 2025, reflecting higher operating costs but mostly in line with revenue growth.
- Earnings per share fluctuated, increasing to $1.69 in Q4 2024 but then moderating to $1.32 in Q1 2025, influenced by varying net income and share count stability.
Cash Flow Statement Highlights
- Consistent positive net cash from operating activities, with $11.3M generated in Q1 2025, supporting business sustainability.
- Substantial cash outflows for investment securities purchases continue, over $120M in Q1 2025, indicating ongoing investment to support asset growth.
- Financing activities largely driven by issuance and repayment of debt, showing active balance sheet management with net inflows of $99M in Q1 2025.
Balance Sheet Highlights
- Total assets steadily increased from approximately $2.85B in Q3 2022 to nearly $3.94B by Q1 2025, demonstrating strong asset growth.
- Loans and leases net balance expanded from about $2.3B in Q3 2022 to around $3.15B in Q1 2025, confirming loan portfolio growth as the core asset base.
- Deposits, a main funding source, grew significantly from ~ $2.09B non-interest bearing deposits in Q3 2022 to $3.24B by Q1 2025, a strong sign of customer trust and funding stability.
- Long-term debt increased modestly from $420M in Q3 2022 to $286M in Q1 2025, reflecting financing taken on to support growth but with some repayment as well.
- Total equity grew steadily from $253M in Q3 2022 to $336M in Q1 2025, supporting a stable capital base; however, accumulated other comprehensive loss continues to weigh slightly on equity.
Summary
Overall, First Business Financial Services displays positive trends of growing loan and deposit balances, stable net interest income, and diversified revenue from investment banking and other non-interest sources. While provisions for credit losses have increased, this appears to be a cautious move in line with portfolio expansion. Operating cash flows remain strong, though investment outflows are substantial as the company invests for growth. The balance sheet shows healthy expansion in assets and deposits, supported by stable equity and manageable debt levels.
Retail investors may view First Business Financial Services as a solid regional financial institution expanding its core business and diversifying income streams, with a generally sound financial footing and manageable risk profile.
09/18/25 12:30 PM ETAI Generated. May Contain Errors.