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…
Earnings analysis · 10-Q
FBIZ earnings analysis
Filed April 24, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- 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 stood out
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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.
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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.
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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.
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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).
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Pre-tax, pre-provision (PTPP) improvement
PTPP adjusted earnings increased to $17.212M from $16.220M, up $0.992M (6.1%).
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Asset base expanded
Total assets grew $239.0M (5.9%) to $4.321B at March 31, 2026 from $4.082B at December 31, 2025.
What to watch
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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%.
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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).
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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.
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.