FBIZ earnings analysis
What we found in FBIZ's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
First Business reported Q1 2026 diluted EPS of $1.44 on top-line revenue of $44.293M, beating consensus. Results were driven by strong loan growth (period-end gross loans +$125.9M to $3.501B) and deposit inflows, while net interest margin compressed to 3.56% and non-interest expense rose. Management reiterates a net interest margin target of 3.60%–3.65%, but the MD&A contains no numeric revenue or EPS guidance for the year.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue and EPS beat consensus
- Top line revenue was $44.293M (Q1 2026) vs. $40.837M a year ago, up $3.456M (8.5%), and diluted EPS was $1.44 vs. $1.32 in Q1 2025.
- Strong loan growth
- Period-end gross loans and leases increased $125.9M linked quarter to $3.501B (14.9% annualized) and average gross loans rose $240.0M (7.5%) year-over-year to $3.426B.
- Core deposit inflows
- Period-end core deposits increased $123.1M quarter-over-quarter to $2.796B and average core deposits rose $485.7M (20.6%) versus Q1 2025 to $2.849B.
- Non-interest income expansion
- Non-interest income rose to $8.775M from $7.579M, up $1.196M (15.8%), led by private wealth fees ($3.877M), swap fees (+$515k), and service charges (+$270k).
- Pre-tax, pre-provision (PTPP) improvement
- PTPP adjusted earnings increased to $17.212M from $16.220M, up $0.992M (6.1%).
- Asset base expanded
- Total assets grew $239.0M (5.9%) to $4.321B at March 31, 2026 from $4.082B at December 31, 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Net interest margin compression
- Net interest margin declined to 3.56% for Q1 2026 from 3.69% in Q1 2025, and is slightly below management's stated target range of 3.60%–3.65%.
- Rising provision and charge-off dynamics
- Provision for credit losses increased to $2.960M in Q1 2026 from $2.659M in Q1 2025; charge-offs were $2.331M in the quarter (Q1 2025 charge-offs $3.810M).
- Efficiency deterioration / higher expenses
- Total non-interest expense rose $2.234M to $26.953M and the efficiency ratio worsened to 61.14% from 60.28% year-over-year.
- Allowance coverage diluted by loan growth
- Allowance for credit losses (including unfunded commitment reserves) increased $797k vs. Dec 31, 2025, but represented 1.10% of total loans at March 31, 2026 versus 1.12% at December 31, 2025 due to loan growth.
- Asset-quality concentration still notable
- Non-performing assets were $40.5M, or 0.94% of total assets as of March 31, 2026 (down from $43.9M and 1.07% at December 31, 2025), requiring continued monitoring.
- No material risk-factor changes
- Item 1A states there were no material changes to the risk factors previously disclosed in the 2025 Form 10-K.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.44
- Segment
- Commercial banking (one operating segment) — top line revenue $44,293,000 for the three months ended March 31, 2026
What they said about what is next.
MD&A discloses a target net interest margin range of 3.60%–3.65% and discusses expectations that deposit growth and disciplined loan pricing will support NIM; the filing contains no numeric revenue or EPS guidance—outlook deferred to other disclosures.
The filing reads better than the one before it.
What came before.
- 10-K · February 25, 2026
- First Business (FBIZ) shows modest multi-year growth with total revenue rising to approximately $279.0 million in 2025 (sum of quarterly revenues) and diluted EPS improving to about $5.94 for 2025 (sum of quarterly…
- 10-Q · October 31, 2025
- First Business reported a quarter with revenue supported by higher net interest income and non‑interest income and diluted EPS of $1.70 (vs $1.24 YoY), beating consensus. Loans and deposits grew meaningfully…
- 10-Q · July 25, 2025
- First Business reported Q2 2025 revenue of $41,039,000 (net interest income $33,784,000 + non-interest income $7,255,000) and diluted EPS of $1.35, modestly above the quarter consensus. Loan balances and deposits…
- 10-K · February 26, 2025
- First Business describes a focused commercial banking strategy centered on business banking, private wealth and bank consulting, operating through one segment and avoiding a retail branch network. As of December 31,…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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