Form 8-K

8-K — FIRST BUSINESS FINANCIAL SERVICES, INC.

Accession: 0001193125-26-173671

Filed: 2026-04-23

Period: 2026-04-23

CIK: 0001521951

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Documents

8-K — fbiz-20260423.htm (Primary)

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8-K

8-K (Primary)

Filename: fbiz-20260423.htm · Sequence: 1

8-K

false000152195100015219512026-04-232026-04-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 23, 2026

First Business Financial Services, Inc.

(Exact name of Registrant as Specified in Its Charter)

Wisconsin

001-34095

39-1576570

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

401 Charmany Drive

Madison, Wisconsin

53719

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 608 238-8008

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

FBIZ

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 23, 2026, First Business Financial Services, Inc. (the “Company”) announced its earnings for the quarter ended March 31, 2026, as well as the declaration of a quarterly cash dividend on its common stock and 7% series A preferred stock. A copy of the Company’s press release containing this information is being “furnished” as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

On April 23, 2026, the Company posted an investor presentation to its website www.firstbusiness.bank under the “Investor Relations” tab. The information included in the presentation provides an overview of the Company’s recent operating performance, financial condition, and business strategy. The Company intends to use this presentation in connection with its first quarter 2026 earnings call to be held at 1:00 p.m. Central time on April 24, 2026, and from time to time when the Company's executives interact with shareholders, analysts, and other third parties. A copy of the registrant’s presentation is attached hereto as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in Items 2.02 and 7.01 of this Current Report on Form 8-K and Exhibits 99.1 and 99.2 attached hereto is being “furnished” and will not, except to the extent required by applicable law or regulation, be deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor will any of such information or exhibits be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibit is being “furnished” as part of this Current Report on Form 8-K:

99.1

Press release of the registrant dated April 23, 2026, containing financial information for its quarter ended March 31, 2026.

99.2

Supplemental earnings call slides

104

Cover Page Interactive Data File (embedded within the Inline XBRL Document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

April 23, 2026

FIRST BUSINESS FINANCIAL SERVICES, INC.

By:

/s/ Brian D. Spielmann

Name:

Brian D. Spielmann

Title:

Chief Financial Officer

EX-99.1

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EX-99.1

Exhibit 99.1

FIRST BUSINESS BANK ANNOUNCES FIRST QUARTER 2026 FINANCIAL RESULTS

-- Double-digit loan and deposit growth supports strong earnings and drives tangible book value expansion --

MADISON, Wis., April 23, 2026 (BUSINESS WIRE) -- First Business Financial Services, Inc. (the “Company”, the “Bank”, or “First Business Bank”) (Nasdaq: FBIZ) reported quarterly net income available to common shareholders of $12.0 million, or earnings per share ("EPS") of $1.44. This compares to net income available to common shareholders of $13.1 million, or $1.58 per share, in the fourth quarter of 2025 and $11.0 million, or $1.32 per share, in the first quarter of 2025.

"Our strong first quarter performance underscores the effectiveness of First Business Bank’s strategy,” said Corey Chambas, Chief Executive Officer. “We delivered broad-based growth, with loans and core deposits increasing 15% and 18%, respectively, exhibiting our team's success in driving exceptional levels of new client acquisition. Our higher-yielding C&I lending portfolios accounted for two-thirds of the late-quarter loan growth and should provide meaningful support to net interest margin going forward. Growth in non-interest income further reinforced the benefits of our diversified revenue model. Additionally, we made progress toward resolving our largest non-performing CRE credit, contributing to an 8% decline in non-accrual loans during the quarter. Our momentum in the first quarter positions us to achieve our full-year target of 10% growth and above-average shareholder returns while maintaining disciplined risk management."

Quarterly Highlights

•

Robust Loan Growth. Loans increased $125.9 million, or 14.9% annualized, from the linked quarter and $315.9 million, or 9.9%, from the first quarter of 2025. The Bank's higher-yielding C&I lending portfolios contributed $84.4 million, or 67%, of the linked quarter's growth, the majority of which occurred late in the quarter.

•

Continued Core Deposit Growth. Core deposits grew $123.1 million, or 18.4% annualized, from the linked quarter and $333.4 million, or 13.5%, from the first quarter of 2025.

•

Net Interest Margin. The Company's net interest margin was 3.56%, compared to 3.53% for the linked quarter. The first quarter was reduced by approximately five basis points due to fewer interest-earnings days. Excluding this impact, net interest margin was 3.61%. The company remains positioned to achieve its targeted net interest margin range of 3.60%-3.65%.

•

Strong Non-interest Income. Non-interest income increased $1.2 million, up 15.8% from the prior year quarter, reflecting the ongoing success of revenue diversification efforts, highlighted by a 25.8% increase in service charges on deposits. Fee income as a percentage of operating revenue measured 19.8% for the quarter, up from 18.8% in the prior year quarter.

•

Continued Tangible Book Value Growth. The Company’s strong earnings continued to drive growth in tangible book value per share, producing a 13.6% increase compared to the prior year quarter.

Quarterly Financial Results

(Unaudited)

As of and for the Three Months Ended

(Dollars in thousands, except per share amounts)

March 31,

2026

December 31,

2025

March 31,

2025

Net interest income

$35,518

$34,762

$33,258

Adjusted non-interest income (1)

8,775

7,461

7,579

Operating revenue (1)

44,293

42,223

40,837

Operating expense (1)

27,081

23,901

24,617

Pre-tax, pre-provision adjusted earnings (1)

17,212

18,322

16,220

Less:

Provision for credit losses

2,960

1,855

2,659

Loss on repossessed assets

—

(8)

SBA recourse benefit

(121)

—

(Recovery) impairment of tax credit investments

(7)

229

110

Income before income tax expense

14,380

16,238

13,459

Income tax expense

2,180

2,905

2,288

Net income

$12,200

$13,333

$11,171

Preferred stock dividends

219

Net income available to common shareholders

$11,981

$13,114

$10,952

Earnings per share, diluted

$1.44

$1.58

$1.32

Book value per share

$44.12

$43.19

$39.04

Tangible book value per share (1)

$42.68

$41.75

$37.58

Net interest margin (2)

3.56%

3.53%

3.69%

Fee income ratio (non-interest income / total revenue)

19.81%

17.67%

18.56%

Efficiency ratio (1)

61.14%

56.61%

60.28%

Return on average assets (2)

1.13%

1.25%

1.14%

Return on average tangible common equity (2)

13.55%

14.83%

14.12%

Period-end loans and leases receivable

$3,498,903

$3,373,241

$3,184,400

Average loans and leases receivable

$3,425,751

$3,363,752

$3,185,796

Period-end core deposits

$2,796,059

$2,673,003

$2,462,695

Average core deposits

$2,848,601

$2,765,730

$2,362,894

Allowance for credit losses, including unfunded commitment reserves

$38,489

$37,692

$36,515

Non-performing assets

$40,503

$43,855

$24,092

Allowance for credit losses as a percent of total gross loans and leases

1.10%

1.12%

1.15%

Non-performing assets as a percent of total assets

0.94%

1.07%

0.61%

This is a non-GAAP financial measure. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate financial performance, provide greater understanding of ongoing operations, and enhance comparability of results with prior periods. See the section titled Non-GAAP Reconciliations at the end of this release for a reconciliation of GAAP financial measures to non-GAAP financial measures.

Calculation is annualized.

First Quarter 2026 Compared to Fourth Quarter 2025

Net interest income increased $756,000, or 2.2%, to $35.5 million.

•

The increase in net interest income was driven by an increase in average loans and leases receivable during the first quarter and the impact of non-accrual interest reversals in the linked quarter. This was partially offset by a decrease in earning asset yields, the impact of fewer interest-earning days in the quarter, and the late-quarter timing of loan growth. More than two-thirds of first quarter loan growth occurred in March, muting growth in average loans and leases receivable, which increased by $62.0 million, or 7.4% annualized, to $3.426 billion.

•

The yield on average interest-earning assets declined 17 basis points to 6.21% from 6.38%, primarily due to fewer interest-earning days in the quarter and lower short-term market rates. The fourth quarter of 2025 was negatively impacted by non-accrual interest. Excluding non-accrual interest activity in both periods, the yield decreased to 6.20% from 6.47%, representing an interest-earning asset beta of 104.6%. Asset beta measures the change in the yield on interest‑earning assets relative to changes in the effective daily federal funds rate.

•

The rate paid for average core deposits declined 23 basis points to 2.41% from 2.64%, while the rate paid on average total bank funding decreased 22 basis points to 2.73% from 2.95%. Total bank funding includes total deposits and Federal Home Loan Bank (“FHLB”) advances. Compared to the prior quarter, core deposit beta was 89.1% and the total bank funding beta was 82.8%.

•

Net interest margin increased to 3.56% from 3.53% in the linked quarter, driven primarily by non-accrual interest reversals in the linked quarter and partially offset by fewer interest-earning days in the current quarter. Excluding non-accrual interest reversals in the linked quarter and the impact of fewer days in the first quarter, net interest margin was 3.61%, compared to 3.63% in the linked quarter.

•

The Company maintains a long-term target for net interest margin in the range of 3.60% - 3.65%. Performance in future quarters will vary due to factors such as the level of fees in lieu of interest and the timing, pace, and scale of future interest rate changes.

The Bank reported provision for credit losses of $3.0 million compared to $1.9 million in the linked quarter. The current quarter provision primarily reflects net charge-offs and loan growth, partially offset by a decrease in general reserve qualitative factors. See the Provision for Credit Loss breakdown table below for more detail.

Non-interest income increased $1.3 million, or 17.6%, to $8.8 million.

•

Gain on sale of SBA loans increased $452,000 to $592,000. The fourth quarter of 2025 was lower primarily due to delays related to the government shutdown. Gain on sale of SBA loans varies period to period based on the amount of closed and fully funded loans.

•

Other non-interest income increased $709,000 to $1.2 million, primarily due to the reclassification of partnership investment expenses in the linked quarter, partially offset by lower partnership investment income. In the fourth quarter of 2025, the Company reclassified $904,000 of partnership investment expenses incurred during the first nine months of 2025 to net against related revenue to better present the net benefit of these investments. This presentation will continue prospectively, and periods prior to 2025 were not adjusted due to immateriality.

•

Service charges on deposits increased $130,000, or 10.9%, to $1.3 million, primarily driven by new and expanded core deposit relationships.

•

Commercial loan swap fee income decreased $110,000, or 14.9%, to $628,000. Swap fee income varies from period to period based on loan activity and the interest rate environment.

Non-interest expense increased $2.8 million, or 11.7%, to $27.0 million, while operating expense increased $3.2 million, or 13.3%, to $27.1 million.

•

Compensation expense was $18.5 million, an increase of $1.4 million, or 8.1% from the linked quarter. The increase was driven by higher seasonal payroll taxes, 401(k) match contributions paid on the annual cash bonus, annual merit increases, and workforce growth, partially offset by lower incentive compensation. Average full-time equivalents (“FTEs”) for the first quarter of 2026 were 373, compared to 368 in the linked quarter.

•

Other non-interest expense increased $935,000 to $1.2 million, primarily due to the aforementioned reclassification of partnership investment expenses.

•

Professional fees increased $445,000, or 44.5%, to $1.4 million, primarily due to increases in recruiting expenses and legal fees related to the Company's 10-K and Proxy filings.

•

Marketing expense decreased $227,000, or 24.2%, to $711,000, primarily due to timing of projects. Management expects marketing spend for full year 2026 to be in line with prior year.

Income tax expense decreased $725,000 to $2.2 million. The effective tax rate was 15.2% for the three months ended March 31, 2026, compared to 17.9% for the linked quarter. The change in tax expense reflects updated tax credit partnership estimates and timing of stock compensation vesting activity. The Company expects to report an effective tax rate between 16% and 18% for 2026.

Total period-end loans and leases receivable increased $125.9 million, or 14.9% annualized, to $3.501 billion. The average rate earned on average loans and leases receivable was 6.57%, down 20 basis points from 6.77% in the prior quarter. Excluding the non-accrual interest activity in both periods, the average rate earned on average loans and leases was 6.57% compared to 6.87% in the prior quarter.

•

C&I loans increased $84.4 million, or 26.5% to $1.358 billion, primarily due to growth across our bank markets and in Asset-Based Lending.

•

CRE loans increased $35.2 million, or 6.8%, to $2.095 billion, primarily due to growth in the South Central Wisconsin markets.

Total period-end core deposits increased $123.1 million, or 18.4% annualized, to $2.796 billion. The average rate paid was 2.41%, down 23 basis points from 2.64% in the prior quarter primarily due to a decrease in short-term market rates.

Period-end wholesale funding, including FHLB advances and brokered deposits, increased $113.9 million, or 12.6%, to $1.019 billion, driven primarily by liquidity management considerations. The increase also supported interest rate risk management through match-funding of fixed-rate assets to enhance funding flexibility and help stabilize net interest margin.

•

Wholesale deposits increased $62.5 million to $769.9 million. The average rate paid on wholesale deposits increased seven basis points to 3.97% and the weighted average original maturity decreased to 3.3 years from 4.4 years.

•

FHLB advances increased $51.4 million to $248.6 million. The average rate paid on FHLB advances decreased five basis points to 3.13% and the weighted average original maturity increased to 6.2 years from 5.7 years.

Non-performing assets decreased $3.4 million to $40.5 million, or 0.94% of total assets, compared to 1.07% in the prior quarter. The decline was primarily due to the sale at par of a land development CRE non-accrual loan within a previously identified Southeast Wisconsin-based client relationship.

The allowance for credit losses, including the unfunded credit commitments reserve, increased $797,000, or 2.1%, primarily due to increases in general reserves due to loan growth, an increase in specific reserves, and a decline in the economic outlook in our model forecast, partially offset by a decrease in qualitative risk factors. The allowance for credit losses, including unfunded credit commitment reserves, as a percent of total gross loans and leases was 1.10% compared to 1.12% in the prior quarter.

First Quarter 2026 Compared to First Quarter 2025

Net interest income increased $2.3 million, or 6.8%, to $35.5 million.

•

Growth reflects a 7.5% increase in average gross loans and leases, partially offset by a decrease in net interest margin.

•

The yield on average interest-earning assets decreased 40 basis points to 6.21% from 6.61%. This decrease in yield was primarily due to the decrease in short-term market rates. The interest-earning asset beta was 59.3%.

•

The rate paid for average core deposits decreased 30 basis points to 2.41% from 2.71%. The rate paid for average total bank funding decreased 29 basis points to 2.73% from 3.02%. The core deposit and total bank funding betas compared to the prior year were 43.5% and 42.0%, respectively.

•

Net interest margin decreased 13 basis points to 3.56% from 3.69%. The decrease in net interest margin was primarily due to the decline in short-term earning asset yields outpacing the decline in total bank funding costs. Additionally, the year-over-year increase in non-performing assets contributed to three basis points of decline in net interest margin.

The Company reported provision for credit losses of $3.0 million, compared to $2.7 million in the first quarter of 2025. See the Provision for Credit Loss breakdown table below for more detail.

Non-interest income increased $1.2 million, or 15.8%, to $8.8 million.

•

Commercial loan swap fee income increased $515,000 to $628,000. Swap fee income varies period to period based on loan activity and the interest rate environment.

•

Private Wealth fee income increased $385,000, or 11.0%, to $3.9 million. Private wealth assets under management and administration measured $3.881 billion at March 31, 2026 up $456.2 million, or 13.3%.

•

Bank-owned life insurance income increased $320,000, or 73.2%, to $757,000, primarily due to the purchase of new policies in the second quarter of 2025.

•

Service charges on deposits increased $270,000, or 25.8%, to $1.3 million, primarily driven by new and expanded core deposit relationships and a reduction in earnings credit rates.

•

Gain on sale of SBA loans decreased $371,000, or 38.5%, to $592,000. Gain on sale of SBA loans varies period to period based on the amount of closed and fully funded loans.

Non-interest expense increased $2.2 million, or 9.0%, to $27.0 million. Operating expense increased $2.5 million or 10.0%, to $27.1 million.

•

Compensation expense increased $1.8 million, or 10.7%, to $18.5 million. Growth reflects an increase in average FTEs, salaries, individual incentive compensation, and the acceleration of deferred compensation related to the CEO transition. Average FTEs increased 5.7% to 373 in the first quarter of 2026, compared to 353 in the first quarter of 2025.

•

Computer software expense increased $318,000, or 19.8%, to $1.9 million, primarily due to our commitment to innovative technology to support growth initiatives, enhance productivity, and improve the client experience.

•

Data processing expense increased $188,000, or 17.4%, to $1.3 million, primarily due to a change in credit card vendor and core provider costs commensurate with an increase in transactions, accounts, and clients.

•

FDIC insurance increased $129,000, or 16.5%, to $909,000, primarily due to an increase in assessment rate related to an increase in non-performing assets and wholesale deposits.

•

Marketing expense decreased $257,000, or 26.5%, to $711,000, primarily due to seasonality and timing of projects. Management expects marketing spend for full year 2026 to be in line with prior year spend.

Total period-end loans and leases receivable increased $315.9 million, or 9.9%, to $3.501 billion. The average yield decreased 37 basis points to 6.57%, primarily due to a decrease in short-term market rates.

•

CRE loans increased $185.5 million, or 9.7%, to $2.095 billion, primarily due to growth across our bank markets.

•

C&I loans increased $129.3 million, or 10.5%, to $1.358 billion, primarily due to growth across our bank markets and in Asset-Based Lending.

Total period-end core deposits grew $333.4 million, or 13.5%, to $2.796 billion. The average rate paid decreased 30 basis points to 2.41%, reflecting a decrease in short-term market rates.

Period-end wholesale funding increased $6.3 million, or 0.6%, to $1.019 billion.

•

Wholesale deposits decreased $10.4 million, or 1.3%, to $769.9 million. The average rate paid on wholesale deposits decreased six basis points to 3.97% and the weighted average original maturity decreased to 3.3 years from 4.1 years.

•

FHLB advances increased $16.9 million, or 7.2%, to $303.5 million. The average rate paid on FHLB advances increased two basis points to 3.13% and the weighted average original maturity increased to 6.2 years from 5.4 years.

Non-performing assets increased to $40.5 million, or 0.94% of total assets, from $24.1 million, or 0.61% of total assets, primarily reflecting the fourth quarter 2025 downgrade of $20.4 million of CRE loans from a single client relationship. The increase was partially offset by a $3.4 million sale at par in the first quarter of 2026 related to that same relationship, as well as lower non-accrual balances from equipment finance loans and SBA loans.

The allowance for credit losses, including unfunded commitment reserves, increased $2.0 million to $38.5 million primarily due to higher general reserves as a result of loan growth and quantitative factors, partially offset by lower specific reserves. The allowance for credit losses as a percent of total gross loans and leases was 1.10%, compared with 1.15% in the prior year.

Dividend Announced

On April 23, 2026, the Company's Board of Directors declared a quarterly cash dividend on its common stock of $0.34 per share, which is equivalent to a dividend yield of 2.37% based on the market close price of $57.27 on Wednesday, April 22, 2026. The quarterly dividend is the same as the quarterly dividend declared in January 2026, and based on first quarter 2026 earnings per share, this represents a dividend payout ratio of 24%. This regular cash dividend is payable on May 20, 2026, to shareholders of record at the close of business on May 6, 2026.

The Board of Directors also declared a dividend on the Company’s 7% Series A Preferred Stock of $17.50 per share, payable on June 15, 2026, to shareholders of record on May 29, 2026.

2026 CEO Succession Plan

On April 15, 2026, the Board of Directors of First Business Financial Services, Inc. (the “Company”) appointed David R. Seiler as President and Chief Executive Officer of the Company, effective May 3, 2026. Mr. Seiler will succeed Corey A. Chambas, whose retirement from his role as the Company’s Chief Executive Officer was announced in May 2025.

Earnings Release Supplement and Conference Call

On April 23, 2026, the Company posted an earnings release supplement to its website firstbusiness.bank under the “Investor Relations” tab which will also be furnished to the U.S. Securities and Exchange Commission on April 23, 2026. The information included in the supplement provides an overview of the Company’s recent operating performance, financial condition, and other data relevant to the quarter. The Company intends to use this supplement in connection with its first quarter 2026 earnings call to be held at 1:00 p.m. Central time on April 24, 2026. The conference call can be accessed at 800-715-9871 (646-307-1963) if outside the United States and Canada), using the conference call access code: FBIZ, 2129267. Investors may also listen live via webcast at: https://events.q4inc.com/attendee/805218265. A replay of the call will be available through Friday, May 1, 2026, by calling 800-770-2030 (609-800-9909 if outside the United States and Canada). The webcast archive of the conference call will be available on the Company’s website, ir.firstbusiness.bank.

About First Business Bank

First Business Bank® specializes in Business Banking, including Commercial Banking and Specialty Finance, Private Wealth, and Bank Consulting services, and through its refined focus delivers unmatched expertise, accessibility, and responsiveness. Specialty Finance solutions are delivered through First Business Bank’s wholly owned subsidiary First Business Specialty Finance, LLC®. First Business Bank is a wholly owned subsidiary of First Business Financial Services, Inc®. (Nasdaq: FBIZ). For additional information, visit firstbusiness.bank.

This release may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which reflect First Business Bank’s current views with respect to future events and financial performance. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results, or other developments. Forward-looking statements are based on management’s expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, uncertainties, and other factors that may cause actual results to differ materially from the views, beliefs, and projections expressed in such statements. Such statements are subject to risks and uncertainties, including among other things:

•

Adverse changes in the economy or business conditions, either nationally or in our markets including, without limitation, inflation, economic downturn, labor shortages, wage pressures, the adverse effects of public health events on the global, national, and local economy, and geopolitical instability and international conflicts that may affect energy prices or otherwise result in market volatility.

•

Uncertainty created by potential federal government actions relating to the authority of regulatory agencies (including bank regulators), international trade policy, prolonged shutdown of the federal government, and other significant policy matters.

•

Competitive pressures among depository and other financial institutions nationally and in the Company’s markets.

•

Increases in defaults by borrowers and other delinquencies.

•

Management’s ability to manage growth effectively, including the successful expansion of our client support, administrative infrastructure, and internal management systems.

•

Fluctuations in interest rates and market prices.

•

Changes in legislative or regulatory requirements applicable to the Company and its subsidiaries.

•

Changes in tax requirements, including tax rate changes, new tax laws, and revised tax law interpretations.

•

Fraud, including client and system failure or breaches of our network security, including the Company’s internet banking activities.

•

Failure to comply with the applicable SBA regulations in order to maintain the eligibility of the guaranteed portion of SBA loans.

•

Ongoing volatility in the banking sector may result in new legislation, regulations or policy changes that could subject the Company and the Bank to increased government regulation and supervision.

•

The proportion of the Company’s deposit account balances that exceed FDIC insurance limits may expose the Bank to enhanced liquidity risk.

For further information about the factors that could affect the Company’s future results, please see the Company’s annual report on Form 10-K for the year ended December 31, 2025, and other filings with the Securities and Exchange Commission.

CONTACT:

First Business Financial Services, Inc.

Brian D. Spielmann

Chief Financial Officer

608-232-5977

bspielmann@firstbusiness.bank

SELECTED FINANCIAL CONDITION DATA

(Unaudited)

As of

(in thousands)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Assets

Cash and cash equivalents

$137,125

$39,485

$44,349

$123,208

$170,617

Securities available-for-sale, at fair value

420,325

422,087

411,111

382,365

359,394

Securities held-to-maturity, at amortized cost

4,797

5,210

5,584

5,714

6,590

Loans held for sale

23,700

18,849

13,482

12,415

10,523

Loans and leases receivable

3,498,903

3,373,241

3,334,956

3,250,925

3,184,400

Allowance for credit losses

(36,631)

(35,877)

(36,690)

(36,861)

(35,236)

Loans and leases receivable, net

3,462,272

3,337,364

3,298,266

3,214,064

3,149,164

Premises and equipment, net

4,500

4,669

4,936

5,063

5,017

Repossessed assets

—

Right-of-use assets

5,053

5,317

5,577

5,713

5,439

Bank-owned life insurance

84,776

83,994

83,255

82,761

57,647

Federal Home Loan Bank stock, at cost

11,242

8,940

9,605

10,027

10,434

Goodwill and other intangible assets

12,011

11,985

12,041

12,049

12,058

Derivatives

38,198

36,515

37,634

40,814

48,405

Accrued interest receivable and other assets

116,856

107,472

109,005

108,501

109,555

Total assets

$4,320,855

$4,081,887

$4,034,845

$4,002,725

$3,944,879

Liabilities and Stockholders’ Equity

Core deposits

$2,796,059

$2,673,003

$2,592,110

$2,533,099

$2,462,695

Wholesale deposits

769,943

707,412

740,961

772,123

780,348

Total deposits

3,566,002

3,380,415

3,333,071

3,305,222

3,243,043

Federal Home Loan Bank advances and

other borrowings

303,451

252,051

266,677

276,131

286,590

Lease liabilities

7,032

7,361

7,687

7,887

7,604

Derivatives

35,857

36,926

38,726

41,228

45,612

Accrued interest payable and other liabilities

28,433

33,549

30,365

27,462

25,967

Total liabilities

3,940,775

3,710,302

3,676,526

3,657,930

3,608,816

Total stockholders’ equity

380,080

371,585

358,319

344,795

336,063

Total liabilities and stockholders’ equity

$4,320,855

$4,081,887

$4,034,845

$4,002,725

$3,944,879

STATEMENTS OF INCOME

(Unaudited)

As of and for the Three Months Ended

(Dollars in thousands, except per share amounts)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Total interest income

$61,896

$62,752

$63,746

$61,282

$59,530

Total interest expense

26,378

27,990

28,860

27,498

26,272

Net interest income

35,518

34,762

34,886

33,784

33,258

Provision for credit losses

2,960

1,855

1,440

2,701

2,659

Net interest income after provision for credit losses

32,558

32,907

33,446

31,083

30,599

Private wealth management service fees

3,877

3,788

3,687

3,748

3,492

Gain on sale of SBA loans

592

140

382

397

963

Service charges on deposits

1,318

1,188

1,151

1,103

1,048

Loan fees

436

410

501

424

388

Bank owned life insurance income

757

739

965

615

437

Swap fees

628

738

974

170

113

Other non-interest income

1,167

458

1,980

798

1,138

Total non-interest income

8,775

7,461

9,640

7,255

7,579

Compensation

18,541

17,151

17,442

16,534

16,747

Occupancy

588

581

567

564

590

Professional fees

1,446

1,001

1,071

1,487

1,459

Data processing

1,270

1,158

1,123

1,368

1,082

Marketing

711

938

876

1,062

968

Equipment

407

374

296

335

376

Computer software

1,921

1,902

1,826

1,656

1,603

FDIC insurance

909

800

817

834

780

Other non-interest expense

1,160

225

1,682

1,128

1,114

Total non-interest expense

26,953

24,130

25,700

24,968

24,719

Income before income tax expense

14,380

16,238

17,386

13,370

13,459

Income tax expense

2,180

2,905

2,993

1,948

2,288

Net income

$12,200

$13,333

$14,393

$11,422

$11,171

Preferred stock dividends

219

218

219

Net income available to common shareholders

$11,981

$13,114

$14,175

$11,203

$10,952

Per common share:

Basic earnings

$1.44

$1.58

$1.70

$1.35

$1.32

Diluted earnings

1.44

1.58

1.70

1.35

1.32

Dividends declared

0.34

0.29

Book value

44.12

43.19

41.60

39.98

39.04

Tangible book value

42.68

41.75

40.16

38.54

37.58

Weighted-average common shares

outstanding(1)

8,186,174

8,173,059

8,171,404

8,141,159

8,130,743

Weighted-average diluted common

shares outstanding(1)

8,186,174

8,173,059

8,171,404

8,141,159

8,130,743

(1)

Excluding participating securities.

NET INTEREST INCOME ANALYSIS

(Unaudited)

For the Three Months Ended

(Dollars in thousands)

March 31, 2026

December 31, 2025

March 31, 2025

Average

Balance

Interest

Average

Yield/Rate(4)

Average

Balance

Interest

Average

Yield/Rate(4)

Average

Balance

Interest

Average

Yield/Rate(4)

Interest-earning assets

Commercial real estate and

other mortgage loans(1)

$2,071,202

$30,216

5.84%

$2,039,138

$31,063

6.09%

$1,925,661

$29,886

6.21%

Commercial and industrial

loans(1)

1,306,970

25,409

7.78

1,280,406

25,222

7.88

1,212,656

24,727

8.16

Consumer and other loans(1)

47,579

683

5.74

44,208

631

5.71

47,479

661

5.57

Total loans and leases

receivable(1)

3,425,751

56,308

6.57

3,363,752

56,916

6.77

3,185,796

55,274

6.94

Mortgage-related securities(2)

375,989

3,965

4.22

366,158

3,894

4.25

308,656

3,195

4.14

Other investment securities(3)

50,146

280

2.23

49,716

282

2.27

43,145

209

1.94

FHLB stock

9,067

211

9.31

8,614

202

9.38

13,623

294

8.63

Short-term investments

128,649

1,132

3.52

145,425

1,458

4.01

51,072

558

4.37

Total interest-earning assets

3,989,602

61,896

6.21

3,933,665

62,752

6.38

3,602,292

59,530

6.61

Non-interest-earning assets

259,039

247,676

240,076

Total assets

$4,248,641

$4,181,341

$3,842,368

Interest-bearing liabilities

Transaction accounts

$1,220,945

8,354

2.74%

$1,108,916

$8,357

3.01%

$927,250

$7,412

3.20%

Money market

925,282

6,354

2.75

920,194

7,002

3.04

831,598

6,751

3.25

Certificates of deposit

273,635

2,447

3.58

299,349

2,907

3.88

189,547

1,861

3.93

Wholesale deposits

682,138

6,773

3.97

725,607

7,330

4.04

694,431

6,992

4.03

Total interest-bearing

deposits

3,102,000

23,928

3.09

3,054,066

25,596

3.35

2,642,826

23,016

3.48

FHLB advances

200,132

1,567

3.13

189,900

1,510

3.18

305,549

2,374

3.11

Other borrowings

54,815

883

6.44

54,787

883

6.45

54,708

882

6.45

Total interest-bearing

liabilities

3,356,947

26,378

3.14

3,298,753

27,989

3.39

3,003,083

26,272

3.50

Non-interest-bearing demand

deposit accounts

428,739

437,271

414,499

Other non-interest-bearing

liabilities

85,304

79,505

90,683

Total liabilities

3,870,990

3,815,529

3,508,265

Stockholders’ equity

377,651

365,812

334,103

Total liabilities and

stockholders’ equity

$4,248,641

$4,181,341

$3,842,368

Net interest income

$35,518

$34,763

$33,258

Interest rate spread

3.06%

2.99%

3.11%

Net interest-earning assets

$632,655

$634,912

$599,209

Net interest margin

3.56%

3.53%

3.69%

(1)

The average balances of loans and leases include non-accrual loans and leases and loans held for sale. Interest income related to non-accrual loans and leases is recognized when collected. Interest income includes net loan fees collected in lieu of interest.

(2)

Includes amortized cost basis of assets available for sale and held to maturity.

(3)

Yields on tax-exempt municipal obligations are not presented on a tax-equivalent basis in this table.

(4)

Represents annualized yields/rates.

BETA ANALYSIS

For the Three Months Ended

(Unaudited)

March 31, 2026

December 31, 2025

March 31, 2025

Average Yield/Rate(3)

Increase (Decrease)

Average Yield/Rate(3)

Increase (Decrease)

Total loans and leases(1)

receivable (a)

6.57%

6.87%

(0.31)%

6.94%

(0.37)%

Total interest-earning assets(b)(1)

6.20%

6.47%

(0.27)%

6.61%

(0.41)%

Total core deposits(e)

2.41%

2.64%

(0.23)%

2.71%

(0.30)%

Total bank funding(f)

2.73%

2.95%

(0.22)%

3.02%

(0.29)%

Net interest margin(g)(1)

3.56%

3.63%

(0.07)%

3.69%

(0.14)%

Effective fed funds rate (2)(i)

3.64%

3.90%

(0.26)%

4.33%

(0.69)%

Beta Calculations:

Total loans and leases

receivable(a)/(i)

117.9%

53.8%

Total interest-earning assets(b)/(i)

104.6%

59.3%

Total core deposits(e/i)

89.1%

43.5%

Total bank funding(f)/(i)

82.8%

42.0%

Net interest margin(g/i)

27.1%

19.8%

Excludes non-accrual interest activity in all periods of comparison.

Board of Governors of the Federal Reserve System (US), Effective Federal Funds Rate [DFF]. Retrieved from FRED, Federal Reserve Bank of St. Louis. Represents average daily rate.

Represents annualized yields/rates.

PROVISION FOR CREDIT LOSS COMPOSITION

(Unaudited)

For the Three Months Ended

(Dollars in thousands)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Change due to qualitative factors

$(706)

$(538)

$(243)

$590

$(355)

Change due to quantitative factors

(607)

(173)

746

1,560

Charge-offs

2,331

2,809

1,708

1,338

3,810

Recoveries

(168)

(264)

(440)

(332)

(398)

Change in reserves on individually

evaluated loans, net

382

(76)

(550)

(247)

(2,495)

Change due to loan growth, net

1,068

408

795

536

741

Change in unfunded commitment

reserves

123

343

(204)

Total provision for credit losses

$2,960

$1,855

$1,440

$2,701

$2,659

ALLOWANCE FOR CREDIT LOSS COMPOSITION

As of

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

(In Thousands)

% of Total

Loans and

Leases

(In Thousands)

% of Total

Loans and

Leases

(In Thousands)

% of Total

Loans and

Leases

(In Thousands)

% of Total

Loans and

Leases

Allowance for credit losses:

Loans collectively evaluated

$30,700

0.88%

$30,327

0.90%

$31,065

0.93%

$30,685

0.94%

Loans individually evaluated

5,931

0.17%

5,550

0.16%

5,625

0.17%

6,176

0.19%

Unfunded commitments reserve

1,858

1,815

1,692

1,349

Total

38,489

1.10%

37,692

1.12%

38,382

1.15%

38,210

1.18%

Loans and lease receivables:

$3,498,903

$3,373,241

$3,334,956

$3,250,925

PERFORMANCE RATIOS

For the Three Months Ended

(Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Return on average assets (annualized)

1.13%

1.25%

1.40%

1.14%

Return on average tangible common equity (annualized)

13.55%

14.83%

17.29%

14.17%

14.13%

Efficiency ratio

61.14%

56.61%

57.44%

60.97%

60.28%

Interest rate spread

3.06%

2.99%

3.11%

3.10%

3.11%

Net interest margin

3.56%

3.53%

3.68%

3.67%

3.69%

Average interest-earning assets to average interest-bearing liabilities

118.85%

119.25%

118.66%

118.94%

119.95%

ASSET QUALITY RATIOS

(Unaudited)

As of

(Dollars in thousands)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Non-accrual loans and leases

$40,503

$43,855

$23,513

$28,633

$24,056

Repossessed assets

Total non-performing assets

$40,503

$43,855

$23,513

$28,664

$24,092

Non-accrual loans and leases as a

percent of total gross loans and leases

1.16%

1.30%

0.70%

0.88%

0.76%

Non-performing assets as a percent of

total gross loans and leases plus

repossessed assets

1.16%

1.30%

0.70%

0.88%

0.76%

Non-performing assets as a percent of

total assets

0.94%

1.07%

0.58%

0.72%

0.61%

Allowance for credit losses as a percent

of total gross loans and leases

1.10%

1.12%

1.15%

1.18%

1.15%

Allowance for credit losses as a percent

of non-accrual loans and leases

95.03%

85.95%

163.24%

133.45%

151.79%

NET CHARGE-OFFS (RECOVERIES)

(Unaudited)

For the Three Months Ended

(Dollars in thousands)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Charge-offs

$2,331

$2,809

$1,708

$1,338

$3,810

Recoveries

(168)

(264)

(440)

(332)

(398)

Net charge-offs (recoveries)

$2,163

$2,545

$1,268

$1,006

$3,412

Net charge-offs (recoveries) as a percent of average gross loans and leases (annualized)

0.25%

0.30%

0.15%

0.12%

0.43%

CAPITAL RATIOS

As of and for the Three Months Ended

(Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Total capital to risk-weighted assets

12.15%

12.24%

12.18%

12.25%

12.20%

Tier I capital to risk-weighted assets

9.74%

9.79%

9.67%

9.66%

9.60%

Common equity tier I capital to risk-

weighted assets

9.43%

9.48%

9.34%

9.33%

9.26%

Tier I capital to adjusted assets

8.93%

8.86%

8.87%

8.82%

8.77%

Tangible common equity to tangible

assets

8.26%

8.54%

8.31%

8.04%

7.93%

LOAN AND LEASE RECEIVABLE COMPOSITION

(Unaudited)

As of

(in thousands)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Commercial real estate:

Commercial real estate - owner occupied

$306,593

$293,706

$287,005

$262,988

$258,050

Commercial real estate - non-owner occupied

925,425

885,870

871,807

846,990

838,634

Construction and land development

224,866

248,560

236,590

218,840

215,613

Multi-family

577,271

571,468

565,102

573,208

549,220

1-4 family

61,332

60,661

66,735

45,171

48,450

Total commercial real estate

2,095,487

2,060,265

2,027,239

1,947,197

1,909,967

Commercial and industrial

1,358,413

1,273,997

1,264,111

1,259,171

1,229,098

Consumer and other

47,223

40,965

45,323

45,744

46,190

Total gross loans and leases receivable

3,501,123

3,375,227

3,336,673

3,252,112

3,185,255

Less:

Allowance for credit losses

36,631

35,877

36,690

36,861

35,236

Deferred loan fees

2,220

1,986

1,717

1,187

855

Loans and leases receivable, net

$3,462,272

$3,337,364

$3,298,266

$3,214,064

$3,149,164

DEPOSIT COMPOSITION

(Unaudited)

As of

(in thousands)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Non-interest-bearing transaction accounts

$405,281

$378,770

$400,697

$396,448

$433,201

Interest-bearing transaction accounts

1,170,271

1,103,696

1,050,233

1,047,434

1,015,846

Money market accounts

960,052

905,773

840,477

833,684

831,897

Certificates of deposit

260,455

284,764

300,703

255,533

181,751

Wholesale deposits

769,943

707,412

740,961

772,123

780,348

Total deposits

$3,566,002

$3,380,415

$3,333,071

$3,305,222

$3,243,043

Uninsured deposits

$1,237,344

$1,220,177

$1,100,868

$1,069,509

$1,055,347

Less: uninsured deposits collateralized by pledged assets

59,613

68,656

72,561

67,990

9,344

Total uninsured, net of collateralized deposits

$1,177,731

$1,151,521

$1,028,307

$1,001,519

$1,046,003

% of total deposits

33.0%

34.1%

30.9%

30.3%

32.3%

SOURCES OF LIQUIDITY

(Unaudited)

As of

(in thousands)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Short-term investments

$104,565

$8,714

$8,074

$72,520

$136,033

Collateral value of unencumbered pledged loans

968,320

992,398

906,042

893,499

973,494

Market value of unencumbered securities

387,700

388,474

376,783

347,196

324,365

Readily accessible liquidity

1,460,585

1,389,586

1,290,899

1,313,215

1,433,892

Fed fund lines

45,000

Excess brokered CD capacity(1)

806,268

775,851

732,951

645,843

477,468

Total liquidity

$2,311,853

$2,210,437

$2,068,850

$2,004,058

$1,956,360

Total uninsured, net of collateralized deposits

$1,177,731

$1,151,521

$1,028,307

$1,001,519

$1,046,003

Bank internal policy limits brokered CDs to 50% of total bank funding when combined with value of unencumbered pledged loans.

PRIVATE WEALTH OFF-BALANCE SHEET COMPOSITION

(Unaudited)

As of

(in thousands)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Trust assets under management

$3,613,536

$3,541,768

$3,543,594

$3,461,659

$3,184,197

Trust assets under administration

267,214

272,910

270,222

268,996

240,366

Total trust assets

$3,880,750

$3,814,678

$3,813,816

$3,730,655

$3,424,563

NON-GAAP RECONCILIATIONS

Certain financial information provided in this release is determined by methods other than in accordance with generally accepted accounting principles (United States) (“GAAP”). Although the Company’s management believes that these non-GAAP financial measures provide a greater understanding of its business, these measures are not necessarily comparable to similar measures that may be presented by other companies.

TANGIBLE BOOK VALUE

“Tangible book value per share” is a non-GAAP measure representing tangible common equity divided by total common shares outstanding. “Tangible common equity” itself is a non-GAAP measure representing common stockholders’ equity reduced by intangible assets, if any. The Company’s management believes that this measure is important to many investors in the marketplace who are interested in period-to-period changes in book value per common share exclusive of changes in intangible assets. The information provided below reconciles tangible book value per share and tangible common equity to their most comparable GAAP measures.

(Unaudited)

As of

(Dollars in thousands, except per share amounts)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Common stockholders’ equity

$368,088

$359,593

$346,327

$332,803

$324,071

Less: Goodwill and other intangible assets

(12,011)

(11,985)

(12,041)

(12,049)

(12,058)

Tangible common equity

$356,077

$347,608

$334,286

$320,754

$312,013

Common shares outstanding

8,343,519

8,325,376

8,324,387

8,323,470

8,301,967

Book value per share

$44.12

$43.19

$41.60

$39.98

$39.04

Tangible book value per share

$42.68

$41.75

$40.16

$38.54

$37.58

TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS

“Tangible common equity to tangible assets” (“TCE”) is defined as the ratio of common stockholders’ equity reduced by intangible assets, if any, divided by total assets reduced by intangible assets, if any. Adjusted TCE ratio is defined as TCE adjusted for net fair value adjustments of financial assets and liabilities. For more information on fair value adjustments please refer to Note 19 - Fair Value Disclosures in the annual report on Form 10-K for the year ended December 31, 2025. The Company’s management believes that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period in common equity and total assets, each exclusive of changes in intangible assets. The information below reconciles tangible common equity and tangible assets to their most comparable GAAP measures.

(Unaudited)

As of

(Dollars in thousands)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Common stockholders’ equity

$368,088

$359,593

$346,327

$332,803

$324,071

Less: Goodwill and other intangible assets

(12,011)

(11,985)

(12,041)

(12,049)

(12,058)

Tangible common equity (a)

$356,077

$347,608

$334,286

$320,754

$312,013

Total assets

$4,320,855

$4,081,887

$4,034,845

$4,002,725

$3,944,879

Less: Goodwill and other intangible assets

(12,011)

(11,985)

(12,041)

(12,049)

(12,058)

Tangible assets (b)

$4,308,844

$4,069,902

$4,022,804

$3,990,676

$3,932,821

Tangible common equity to tangible assets

8.26%

8.54%

8.31%

8.04%

7.93%

EFFICIENCY RATIO & PRE-TAX, PRE-PROVISION ADJUSTED EARNINGS

“Efficiency ratio” is a non-GAAP measure representing non-interest expense excluding the effects of the SBA recourse provision, impairment of tax credit investments, losses or gains on repossessed assets, amortization of other intangible assets and other discrete items, if any, divided by operating revenue, which is equal to net interest income plus non-interest income less realized gains or losses on securities, if any. “Pre-tax, pre-provision adjusted earnings” is defined as operating revenue less operating expense. In the judgment of the Company’s management, the adjustments made to non-interest expense and non-interest income allow investors and analysts to better assess the Company’s operating expenses in relation to its core operating revenue by removing the volatility that is associated with certain one-time items and other discrete items. The information provided below reconciles the efficiency ratio and pre-tax, pre-provision adjusted earnings to its most comparable GAAP measure.

(Unaudited)

For the Three Months Ended

(Dollars in thousands)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Total non-interest expense

$26,953

$24,130

$25,700

$24,968

$24,719

Less:

Net (gain) loss on repossessed assets

—

(8)

(Recovery) impairment of tax credit investments

(7)

229

—

110

Contribution to First Business Charitable Foundation

—

234

—

SBA recourse provision (benefit)

(121)

—

(5)

(59)

—

Total operating expense (a)

$27,081

$23,901

$25,440

$25,023

$24,617

Net interest income

$35,518

$34,762

$34,886

$33,784

$33,258

Total non-interest income

8,775

7,461

9,640

7,255

7,579

Less:

Bank owned life insurance claim

—

234

—

Adjusted non-interest income

8,775

7,461

9,406

7,255

7,579

Total operating revenue (b)

$44,293

$42,223

$44,292

$41,039

$40,837

Efficiency ratio

61.14%

56.61%

57.44%

60.97%

60.28%

Pre-tax, pre-provision adjusted earnings (b - a)

$17,212

$18,322

$18,852

$16,016

$16,220

EX-99.2

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NASDAQ: FBIZ Earnings Release SupplementFirst Quarter 2026

When used in this presentation, and in any other oral statements made with the approval of an authorized executive officer, the words or phrases “may,” “could,” “should,” “hope,” “might,” “believe,” “expect,” “plan,” “assume,” “intend,” “estimate,” “anticipate,” “project,” “likely,” or similar expressions are intended to identify “forward‐looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties, including among other things: (i) Adverse changes in the economy or business conditions, either nationally or in our markets, including, without limitation, inflation, economic downturn, labor shortages, wage pressures, the adverse effects of public health events on the global, national, and local economy, and geopolitical instability and international conflicts that may affect energy prices of otherwise result in market volatility; (ii) Uncertainty created by potential federal government actions relating to the authority of regulatory agencies (including bank regulators), international trade policy, prolonged shutdown of the federal government, and other significant policy matters; (iii) Competitive pressures among depository and other financial institutions nationally and in our markets; (iv) Increases in defaults by borrowers and other delinquencies; (v) Our ability to manage growth effectively, including the successful expansion of our client support, administrative infrastructure, and internal management systems; (vi) Fluctuations in interest rates and market prices; (vii) Changes in legislative or regulatory requirements applicable to us and our subsidiaries; (viii) Changes in tax requirements, including tax rate changes, new tax laws, and revised tax law interpretations; (ix) Fraud, including client and system failure or breaches of our network security, including our internet banking activities; (x) Failure to comply with the applicable SBA regulations in order to maintain the eligibility of the guaranteed portions of SBA loans. (xi) Ongoing volatility in the banking sector may result in new legislation, regulations or policy changes that could subject the Corporation and the Bank to increased government regulation and supervision, (xii) the proportion of the Corporation’s deposit account balances that exceed FDIC insurance limits may expose the Bank to enhanced liquidity risk, and (xiii) The Corporation may be subject to increases in FDIC insurance assessments. These risks could cause actual results to differ materially from what FBIZ has anticipated or projected. These risk factors and uncertainties should be carefully considered by our shareholders and potential investors. For further information about the factors that could affect the Corporation’s future results, please see the Corporation’s annual report on Form 10‐K for the year ended December 31, 2025 and other filings with the Securities and Exchange Commission. Investors should not place undue reliance on any such forward‐looking statement, which speaks only as of the date on which it was made. The factors described within the filings could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods. Where any such forward‐looking statement includes a statement of the assumptions or bases underlying such forward‐looking statement, FBIZ cautions that, while its management believes such assumptions or bases are reasonable and are made in good faith, assumed facts or bases can vary from actual results, and the differences between assumed facts or bases and actual results can be material, depending on the circumstances. Where, in any forward‐looking statement, an expectation or belief is expressed as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the statement of expectation or belief will be achieved or accomplished. FBIZ does not intend to, and specifically disclaims any obligation to, update any forward‐looking statements. Forward-Looking Statements

Highlights Q1 2026 Tangible Book Value Per Share1 +14% YOY Fee Income +18% Non-interest income grew 17.6% from the linked quarter and 15.8% year-over-year, reflecting ongoing success of revenue diversification efforts. Core Deposits +18% Core deposits grew 18.4% from the linked quarter and 13.5% year-over-year. Core deposit funding mix improved to 73.3% from 70.9% in the prior-year quarter. Loans +15% NIM 3.56% NIM was 3.56% compared to 3.53% in 4Q25. Excluding the impact of fewer accrual days in the first quarter, 1Q26 NIM was 3.61%. NPAs/TAs -13bps NPAs decreased $3.4 million to $40.5 million, or 0.94% of total assets, compared to 1.07% for 4Q25. Improvement reflects the 1Q26 sale of a portion of the CRE NPA that was downgraded in 4Q25. PTPP Earnings +6% Continued growth in loans, core deposits, and diversified fee income sources drove 6.1% year-over-year growth in pre-tax, pre-provision earnings1 and 9.4% growth in net income. Loans grew 14.9% from the linked quarter and 9.9% year-over-year. 1. PTPP earnings and tangible book value per share are non-GAAP measurements. Refer to the section entitled Non-GAAP Reconciliations in the Company’s Q1 earnings release for additional detail. Note: Linked quarter growth rates for loans and core deposits are annualized.

Relationship Banking Key to Success Deposit‐centric sales strategy led by treasury management sales teams located in all bank markets with direct production and outside calling goals Bankers trained and incented to fund their loan production with deposit growth goals Niche lending businesses provide support across various economic cycles Goal is 10% annual deposit and loan growth core deposit growth supports loan growth +18% LQA +14% YOY +15% LQA +10% YOY

Diversified Lending Growth Continuing To Grow Higher-Yielding C&I PORTFOLIO 2023-2025 3-Year Loan CAGR C&I = 18% CRE & Other = 10% C&I comprised 67% of 1Q26 loan growth 1Q26 loan growth predominantly occurred late in the quarter, limiting the yield benefit in the first quarter.

Strong and Resilient Net Interest Margin Wholesale funding defined as brokered CDs and non‐reciprocal interest‐bearing transaction accounts plus FHLB advances. Note: Peer group defined as publicly‐traded bank with total assets between $1.75 billion and $7 billion. Peer data not yet available for 1Q26. MATCH FUNDING STRATEGY SUPPORTS Long-term NIM stability 1Q26 and 1Q25 NIM include 5bp of impact due to fewer accrual days in the first quarter Excluding this impact, 1Q26 NIM was 3.61% and 1Q25 was 3.74% 4Q25 NIM includes 10bp of compression due to non-accrual interest reversals

Disciplined Interest Rate Risk Management FLOATING RATE PORTFOLIO Floating portfolio is predominantly indexed to SOFR, which aligns with the Bank’s SOFR‐indexed and managed rate non‐maturity deposit portfolio. 60% of portfolio as of 3/31/26: METHODICAL APPROACH Typically individually match‐fund loans with maturities over 5 years and amounts greater than $5MM. Portfolio match‐funding in various terms against the fixed‐rate loan portfolio with maturities under 5 years and amounts less than $5MM. ~$10‐$25 million of monthly wholesale funding maturities to effectively manage the liquidity requirements of the match‐funding strategy. Loans Deposits SOFR: $1.633 B SOFR: $831 MM Prime: $468 MM Managed rate, non‐maturity: $1.331 B TOTAL = $2.101 B TOTAL = $2.162 B FIXED RATE PORTFOLIO Wholesale funding used to match maturities and cash flows on long‐term fixed rate loans. This locks in interest rate spread and maintains greater stability in net interest margin. 40% of portfolio as of 3/31/26.

Match Funded Balance Sheet Unique Among Peers Note: Peer group defined as publicly‐traded bank with total assets between $1.75 billion and $7 billion.

Operating Revenue Highlights Continued strong revenue supported by: Robust loan and deposit growth Strong and stable net interest margin Diverse sources of non‐interest income, including service fees from our Private Wealth Management business, which comprised 46% of Q1 26 TTM non‐interest income Strategic investments drive growth while maintaining positive long‐term operating leverage 1. Operating Revenue is a non-GAAP measurement. Refer to the section entitled Non-GAAP reconciliations in the Company’s Q1 2026 earnings release. Balanced and Steady Growth DIVERSIFIED REVENUE SOURCES Operating Revenue1 +9% TTM Q1 26 vs TTM Q1 25

FBIZ’s average loss rate since 2005 is approximately one-third of industry rate *Industry reflects all FDIC-insured depositories Source: FDIC.gov Superior Credit Experience Across Cycles Deep client relationships, strong underwriting, and niche lending expertise Loan growth that is C&I focused and diversified, including niche lending businesses that provide support across various economic cycles Historical loss experience is favorable to industry

Performing Portfolio Remains Strong and Stable RECENT AND FIVE-YEAR TRENDS REFLECT CONSISTENT STRENGTH OF PORTFOLIO 1. For more detailed definitions of credit quality categories, see the Company’s Annual Report on Form 10-K filed with the SEC on February 25, 2025. As of 3/31/26, 93% of the loan portfolio was classified in category I(1) and 99% of loans were current Performing Loans - Annual 2021 2022 2023 2024 2025 Current 99.9% 99.9% 99.9% 99.3% 99.4% 30-59 PD 0.1% 0.1% 0.1% 0.7% 0.5% 60-89 PD 0.0% 0.0% 0.0% 0.0% 0.0% >90 PD 0.0% 0.0% 0.0% 0.0% 0.0% Total Performing 100.0% 100.0% 100.0% 100.0% 100.0% Performing % of Total Loans 99.7% 99.8% 99.3% 99.1% 98.7% Performing Loans - Quarterly 1Q25 2Q25 3Q25 4Q25 1Q26 Current 99.9% 99.9% 99.8% 99.4% 99.8% 30-59 PD 0.0% 0.1% 0.1% 0.5% 0.1% 60-89 PD 0.0% 0.0% 0.0% 0.0% 0.0% >90 PD 0.0% 0.0% 0.0% 0.0% 0.0% Total Performing 100.0% 100.0% 100.0% 100.0% 100.0% Performing % of Total Loans 99.2% 99.1% 99.3% 98.7% 99.8% Performing loans comprised 99% of the Bank’s total loan portfolio as of March 31, 2026 Outside of the isolated NPLs, the remainder of the portfolio continues to perform as expected, with no areas of concern We continue to see ongoing strength across our markets and businesses Niche C&I businesses performing well and growing CRE markets are strong Equipment finance transportation portfolio continues to improve and shrink Credit Quality Indicators

Decline in Non-Performing Assets PROGRESS ON SINGLE BORROWER NPA WITH STRONG COLLATERAL POSITION NPAs declined in 1Q26, driven by the sale of $3.4 million of land development loans, at par, from a single Wisconsin-based relationship that was downgraded in Q4 2025 The client’s remaining nonperforming loans were $17.0 million at March 31, 2026. Isolated, internal management challenges limited the client’s ability to advance raw land projects to multi-family development No specific reserve was recorded, as land is in healthy markets and appraisals exceed carrying values

Robust Liquidity with Stable Deposit Base Stable Core Deposit Base Substantial Liquidity Source 3/31/2026 3/31/2025 Short-term investments $104,565 $136,033 Collateral value of unencumbered pledged loans 968,320 973,494 Market value of unencumbered securities 387,700 324,365 Readily accessible liquidity $1,460,585 $1,433,892 Fed fund lines 45,000 45,000 Excess brokered CD capacity (1) 806,268 477,468 Total liquidity $2,311,853 $1,956,360 Uninsured Deposits Collateralized Public Funds FDIC Insured 69% of deposits are insured or collateralized 1. Bank internal policy limits brokered CDs to 50% of total bank funding when combined with FHLB advances. Dollars in thousands Category 3/31/2026 3/31/2025 Uninsured deposits $1,237,344 $1,055,347 Collateralized public funds 59,613 9,344 FDIC insured deposits 2,269,045 2,178,352 Total deposits $3,566,002 $3,243,043 Percent insured or collateralized 67% 68%

Robust Capital Base Strong Capital Ratios +9% LQA +14% YOY STRONG EARNINGS GENERATE CAPITAL FOR GROWTH 1. “Tangible Book Value Per Share" is a non‐GAAP measurement. Refer to section entitled Non-GAAP Reconciliations in the Company’s Q1 26 earnings release.

Deliver above-average total shareholder return compared to peer median ROATCE and TBV/share are non-GAAP measurements. ROATCE is defined as net income divided by average tangible common equity. 1Q26 ROATCE represents annualized Q1 net incomed divided by average tangible common equity. TBV Growth represents growth over Q1 2025. Refer to the section entitled Non-GAAP Reconciliations in the Company’s Q1 earnings release for additional detail. Revenue Growth represents growth over Q1 2025. Represents data from the 2025 employee engagement survey. Net promoter score assesses likelihood to recommend on an 11‐point scale, where detractors (scores 0‐6) are subtracted from promoters (scores 9‐10), while passives (scores 7‐8) are not considered. See appendix for additional information on the source of the net promoter score. Represents data from the 2025 survey. Goals & Progress STRATEGIC PLAN 2024-2028 Goals 2024‐2028 2025 Q1 2026 ROATCE1 ≥15% by 2028 15.3% 13.6% TBV Growth1 ≥10% per year 13.7% 13.6% Revenue Growth2 ≥10% per year 9.7% 8.5% Efficiency Ratio <60% by 2028 58.78% 61.14% Core Deposits to Total Funding ≥75% 75% 73% Employee Engagement & Participation3 ≥85% 85% 85% Net Promoter Score4 ≥70 78 78

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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dei_TradingSymbol

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

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