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First Business Financial Services (FBIZ) investor relations material
First Business Financial Services Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Net income available to common shareholders was $14.2 million ($1.70/share) for Q3 2025, up from $10.3 million ($1.24/share) in Q3 2024 and $11.2 million ($1.35/share) in Q2 2025; nine-month net income was $36.3 million ($4.37/share), up from $29.2 million ($3.50/share) year-over-year.
Achieved record pre-tax, pre-provision earnings, 10% loan growth, 9% core deposit growth, and strong net interest margin, driving robust results.
Operating revenue rose 17% year-over-year to $44.5 million, with YTD operating revenue up 12.3% over the first nine months of 2024.
Tangible book value per share increased 16.8% annualized from Q2 2025 and 15.6% year-over-year.
Private Wealth assets under management reached $3.814 billion, with fee income up 13% year-over-year, supporting robust profitability metrics.
Financial highlights
Net interest income for Q3 2025 was $34.9 million, up 12.5% year-over-year; net interest margin was 3.68% (up from 3.64% in Q3 2024).
Non-interest income for Q3 2025 was $9.6 million, up 36.5% year-over-year, with strong growth in private wealth management fees, swap fees, and bank-owned life insurance income.
Loan balances grew $85 million (10% annualized) in the quarter and $286 million (9%) year-over-year; core deposits up 9% from both linked and prior-year quarters.
Efficiency ratio improved to 57.44% from 59.44% a year ago.
Allowance for credit losses was $38.4 million (1.15% of loans), up $1.1 million from year-end 2024.
Outlook and guidance
Management targets a long-term net interest margin of 3.60%–3.65%; future performance will depend on interest rate changes and fee variability.
Loan and deposit growth targets remain at 10% annually, supported by market opportunity and ongoing talent acquisition.
Effective tax rate for 2025 is projected between 16% and 18%.
Strategic plan targets ROATCE above 15% by 2028, TBV growth of at least 10% per year, and revenue growth of at least 10% per year.
Efficiency ratio goal set below 60% by 2028, with current YTD at 59.51%.
NIM stability given funding cost trends?
Update on ABL loan and new non-accrual loans
Sustainability of non-interest income growth?
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Next First Business Financial Services earnings date
Q4 202523 Jan, 2026
Next First Business Financial Services earnings date
Q4 202523 Jan, 2026
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Frequently asked questions
First Business Financial Services Inc. is a bank holding company that provides a range of financial services primarily for businesses, executives, and high-net-worth individuals through its subsidiary, First Business Bank. The company’s services include business banking, commercial lending, treasury management, and specialty finance products such as asset-based lending and equipment financing. Additionally, First Business Financial Services offers private wealth management and trust services to help clients achieve long-term financial goals. First Business Financial Services Inc. is headquartered in Madison, Wisconsin, and its shares are listed on the NASDAQ.
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