Q3 2026 13F · SEC CIK 1521951

First Business Financial Services, Inc.

Bank & trustFiled 2026-10-29 for Q3 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $1.3B
Reported positions: 207
Top holdings a year, 3 yrs: +19.8%
Average holding period: 11.3 yrs

First Business Financial Services, Inc. is a bank & trust that reported 207 positions worth $1.3B in its Q3 2026 13F, filed 2026-10-29. Its largest holdings were Vanguard Index Fds (VTI, 23.2%), Ishares Tr (IEFA, 11.8%), Ishares Tr (IWF, 7.2%). A portfolio copying its top holdings returned 19.8% a year over the last 3 years, against 22.3% for the S&P 500.

First Business Financial Services, Inc. holdings largest 50 of 207 positions.

Weights are shares of the filer's total reported 13F value, compared with Q2 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

First Business Financial Services, Inc. 13F holdings
Stock	% of 13F value	Q2 2026	Shares	Share change	Reported value
VTIVanguard Index Fds	23.2%	22.8%	795,217	+0.0%	$297.6M
IEFAIshares Tr	11.8%	11.7%	1,560,371	-0.5%	$151.2M
IWFIshares Tr	7.2%	7.0%	735,798	+0.5%	$92.2M
IJRIshares Tr	5.3%	5.8%	503,295	+0.3%	$68.5M
IWDIshares Tr	5.1%	5.0%	264,391	-0.5%	$65.6M
DGROIshares Tr	5.0%	4.9%	847,306	+1.0%	$63.9M
AGGIshares Tr	3.1%	3.0%	422,624	+8.7%	$40.0M
SPYState Str Spdr S&p 500 ETF T	2.6%	2.5%	43,684	+0.0%	$33.3M
NVDANvidia Corporation	1.9%	1.6%	104,999	+2.4%	$24.0M
FBIZFirst Business Financial Servi	1.8%	1.7%	327,189	-3.8%	$22.5M
JPSTJ P Morgan Exchange Traded F	1.6%	1.4%	398,326	+9.5%	$20.1M
AAPLApple Inc	1.5%	1.3%	56,428	-5.9%	$18.8M
IJHIshares Tr	1.3%	4.3%	236,538	-66.8%	$17.0M
GOOGLAlphabet Inc	1.2%	1.2%	44,847	+2.9%	$15.4M
AVGOBroadcom Inc	1.2%	1.2%	42,796	+3.8%	$15.0M
ANETArista Networks Inc	1.1%	0.9%	70,066	+1.9%	$14.3M
JPMJpmorgan Chase & Co	1.0%	0.9%	36,835	+2.0%	$12.2M
LRCXLam Research Corp	0.9%	1.1%	34,990	+7.6%	$11.5M
GUNRNorthern Trust Global Natural	0.8%	—	188,023	—	$10.6M
CIENCiena Corp	0.8%	1.1%	28,916	+0.4%	$10.2M
IGFiShares Global Infrastructure	0.8%	—	162,671	—	$10.0M
PWRQuanta Svcs Inc	0.8%	0.9%	15,502	-0.6%	$10.0M
MSFTMicrosoft Corp	0.8%	0.5%	19,341	+3.7%	$9.9M
VTIPVanguard Malvern Fds	0.6%	0.6%	166,177	+10.7%	$8.2M
LLYEli Lilly & Co	0.6%	0.6%	6,780	+2.1%	$7.8M
XLKSelect Sector Spdr Tr	0.6%	0.5%	36,498	+0.0%	$7.1M
IVVIshares Tr	0.5%	0.5%	8,660	+0.2%	$6.6M
MTUMIshares Tr	0.5%	0.5%	20,335	+0.0%	$6.5M
MUBIshares Tr	0.5%	0.5%	59,706	+9.1%	$6.0M
ADIAnalog Devices Inc	0.4%	0.4%	14,174	+2.2%	$5.6M
CCitigroup Inc	0.4%	0.5%	42,301	+2.0%	$5.5M
XOMExxonmobil Holdings Corp	0.4%	—	30,981	—	$5.0M
NUENucor Corp	0.4%	0.4%	20,826	+1.8%	$4.9M
CORCencora Inc	0.4%	0.4%	16,062	+0.2%	$4.8M
BRK-ABerkshire Hathaway Inc Del	0.3%	0.3%	6	+0.0%	$4.5M
BACBank of Amer Corp	0.3%	0.4%	81,239	+1.5%	$4.4M
COSTCostco Wholesale Corporation	0.3%	0.3%	4,803	+1.7%	$4.4M
TXNTexas Instrs Inc	0.3%	0.3%	14,267	+2.1%	$4.0M
GDGeneral Dynamics Corp	0.3%	0.3%	10,698	+3.9%	$3.5M
EQIXEquinix Inc	0.3%	0.3%	3,494	+2.2%	$3.5M
RSSBTidal Trust II	0.3%	0.3%	118,614	+0.4%	$3.5M
KOCoca Cola Co	0.3%	0.3%	40,332	+1.4%	$3.5M
EXPEExpedia Group Inc	0.3%	0.3%	12,976	+2.4%	$3.4M
AMZNAmazon Com Inc	0.3%	0.2%	13,619	+5.7%	$3.4M
XLESelect Sector Spdr Tr	0.3%	—	54,244	—	$3.3M
PRUPrudential Finl Inc	0.3%	0.2%	29,137	+2.1%	$3.3M
CSCOCisco Sys Inc	0.2%	0.3%	28,338	-8.7%	$3.1M
GNRCGenerac Hldgs Inc	0.2%	—	14,635	—	$3.0M
TMUST-Mobile US Inc	0.2%	0.2%	18,027	+3.2%	$2.9M
ICEIntercontinental Exchange Inc	0.2%	—	18,931	—	$2.9M

What First Business Financial Services, Inc. bought and sold in Q3 2026, against Q2 2026.

New positions

Q2 2026's filing was too long to tell new positions apart.

Added to

VTIP Vanguard Malvern Fds+10.7% shares
JPST J P Morgan Exchange Traded F+9.5% shares
MUB Ishares Tr+9.1% shares
AGG Ishares Tr+8.7% shares
LRCX Lam Research Corp+7.6% shares
AMZN Amazon Com Inc+5.7% shares

Reduced

IJH Ishares Tr-66.8% shares
CSCO Cisco Sys Inc-8.7% shares
AAPL Apple Inc-5.9% shares

Left the top 50

Share counts compared with the Q2 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +11.1% /yr; S&P 500 +11.7%
3 years: +19.8% /yr; S&P 500 +22.3%
5 years: +7.4% /yr; S&P 500 +10.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q3 2026	$1.3B	207
Q2 2026	$1.3B	201
Q1 2026	$1.1B	192
Q4 2025	$1.1B	168
Q3 2025	$1.1B	185
Q2 2025	$1.1B	185
Q1 2025	$1.0B	170
Q4 2024	$1.0B	162
Q3 2024	$999.2M	159
Q2 2024	$943.3M	157
Q1 2024	$932.5M	165
Q4 2023	$860.2M	162

Questions about First Business Financial Services, Inc.'s portfolio

What stocks does First Business Financial Services, Inc. own?

First Business Financial Services, Inc.'s latest 13F, for Q3 2026 and filed Oct 29, 2026, lists 207 positions worth $1.3B. The largest are Vanguard Index Fds (VTI) at 23.2%, Ishares Tr (IEFA) at 11.8%, Ishares Tr (IWF) at 7.2%, Ishares Tr (IJR) at 5.3% and Ishares Tr (IWD) at 5.1%.

What did First Business Financial Services, Inc. buy last quarter?

In Q3 2026, First Business Financial Services, Inc. added Vanguard Malvern Fds (VTIP) (+10.7% shares), J P Morgan Exchange Traded F (JPST) (+9.5% shares) and Ishares Tr (MUB) (+9.1% shares), compared with its Q2 2026 filing.

What did First Business Financial Services, Inc. sell last quarter?

In Q3 2026, First Business Financial Services, Inc. cut from its top 50 Exxon Mobil Corp (XOM), cut from its top 50 Stryker Corporation (SYK), cut from its top 50 Republic Svcs Inc (RSG), cut from its top 50 Tjx Cos Inc New (TJX), cut from its top 50 Nextera Energy Inc (NEE), Ishares Tr (IJH) (-66.8% shares), Cisco Sys Inc (CSCO) (-8.7% shares) and Apple Inc (AAPL) (-5.9% shares), compared with its Q2 2026 filing.

How has First Business Financial Services, Inc.'s portfolio performed?

A portfolio copying First Business Financial Services, Inc.'s 20 largest 13F holdings each quarter, from the day each filing was public, returned +19.8% a year over the last 3 years, against +22.3% for the S&P 500. Over 1 year: +11.1% against +11.7%. Over 5 years: +7.4% a year against +10.6%.

When is First Business Financial Services, Inc.'s next 13F filing due?

13F filings are due 45 days after each quarter ends. First Business Financial Services, Inc.'s filing for the quarter ending Dec 31, 2026 is due by Feb 14, 2027; this page updates the day after it is published.