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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☑		Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2026


☐		Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission file number 001-34095

FIRST BUSINESS FINANCIAL SERVICES, INC.

(Exact name of registrant as specified in its charter)


Wisconsin		39-1576570
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)


401 Charmany Drive		53719
Madison	Wisconsin
(Address of Principal Executive Offices)		(Zip Code)

(608) 238-8008

Registrant’s telephone number, including area code

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: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	¨	Accelerated filer	þ	Non-accelerated filer	¨	Smaller reporting company	¨	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. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ

The number of shares outstanding of the registrant’s sole class of common stock, par value $0.01 per share, on April 20, 2026 was 8,362,166 shares.

Table of Contents

FIRST BUSINESS FINANCIAL SERVICES, INC.

INDEX — FORM 10-Q


PART I. Financial Information	1
Item 1. Financial Statements	1
Consolidated Balance Sheets (Unaudited)	1
Consolidated Statements of Income (Unaudited)	2
Consolidated Statements of Comprehensive Income (Unaudited)	3
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)	4
Consolidated Statements of Cash Flows (Unaudited)	5
Notes to Unaudited Consolidated Financial Statements	6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
Item 3. Quantitative and Qualitative Disclosures about Market Risk	56
Item 4. Controls and Procedures	56
PART II. Other Information	57
Item 1. Legal Proceedings	57
Item 1A. Risk Factors	57
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	57
Item 5. Other Information	57
Item 6. Exhibits	58
Signatures	59

Table of Contents

PART I. Financial Information

Item 1. Financial Statements

First Business Financial Services, Inc.

Consolidated Balance Sheets (Unaudited)


	March 31, 2026			December 31, 2025
	(Unaudited)
	(In Thousands, Except Share Data)
Assets
Cash and due from banks	$	32,560		$	30,771
Short-term investments		104,565			8,714
Cash and cash equivalents		137,125			39,485
Securities available-for-sale, at fair value		420,325			422,087
Securities held-to-maturity, at amortized cost		4,797			5,210
Loans held for sale		23,700			18,849
Loans and leases receivable, net of allowance for credit losses of $36,631 and $35,877, respectively		3,462,272			3,337,364
Premises and equipment, net		4,500			4,669
Right-of-use assets, net		5,053			5,317
Bank-owned life insurance		84,776			83,994
Federal Home Loan Bank stock, at cost		11,242			8,940
Goodwill and other intangible assets		12,011			11,985
Derivatives		38,198			36,515
Accrued interest receivable and other assets		116,856			107,472
Total assets	$	4,320,855		$	4,081,887
Liabilities and Stockholders’ Equity
Deposits	$	3,566,002		$	3,380,415
Federal Home Loan Bank advances and other borrowings		303,451			252,051
Lease liabilities		7,032			7,361
Derivatives		35,857			36,926
Accrued interest payable and other liabilities		28,433			33,549
Total liabilities		3,940,775			3,710,302
Stockholders’ equity:
Preferred stock, $0.01 par value, 2,500,000 shares authorized, 12,500 shares of 7% non-cumulative perpetual preferred stock, Series A, outstanding at March 31, 2026 and December 31, 2025		11,992			11,992
Common stock, $0.01 par value, 25,000,000 shares authorized, 9,525,323 and 9,493,274 shares issued, 8,343,519 and 8,325,376 shares outstanding at March 31, 2026 and December 31, 2025, respectively		96			96
Additional paid-in capital		97,167			96,487
Retained earnings		314,618			305,536
Accumulated other comprehensive loss		(10,196	)		(9,740	)
Treasury stock, 1,181,804 and 1,167,898 shares at March 31, 2026 and December 31, 2025, respectively, at cost		(33,597	)		(32,786	)
Total stockholders’ equity		380,080			371,585
Total liabilities and stockholders’ equity	$	4,320,855		$	4,081,887

See accompanying Notes to Unaudited Consolidated Financial Statements.

Table of Contents

First Business Financial Services, Inc.

Consolidated Statements of Income (Unaudited)


	For the Three Months Ended March 31,
	2026		2025
	(In Thousands, Except Per Share Data)
Interest income
Loans and leases	$	56,308	$	55,274
Securities		4,245		3,404
Short-term investments		1,343		852
Total interest income		61,896		59,530
Interest expense
Deposits		23,928		23,016
Federal Home Loan Bank advances and other borrowings		2,450		3,256
Total interest expense		26,378		26,272
Net interest income		35,518		33,258
Provision for credit losses		2,960		2,659
Net interest income after provision for credit losses		32,558		30,599
Non-interest income
Private wealth management service fees		3,877		3,492
Gain on sale of Small Business Administration loans		592		963
Service charges on deposits		1,318		1,048
Loan fees		436		388
Bank-owned life insurance policy income		757		437
Swap fees		628		113
Other non-interest income		1,167		1,138
Total non-interest income		8,775		7,579
Non-interest expense
Compensation		18,541		16,747
Occupancy		588		590
Professional fees		1,446		1,459
Data processing		1,270		1,082
Marketing		711		968
Equipment		407		376
Computer software		1,921		1,603
FDIC insurance		909		780
Other non-interest expense		1,160		1,114
Total non-interest expense		26,953		24,719
Income before income tax expense		14,380		13,459
Income tax expense		2,180		2,288
Net income		12,200		11,171
Preferred stock dividend		219		219
Net income available to common shareholders	$	11,981	$	10,952
Earnings per common share
Basic	$	1.44	$	1.32
Diluted		1.44		1.32
Dividends declared per share		0.34		0.29

See accompanying Notes to Unaudited Consolidated Financial Statements.

Table of Contents

First Business Financial Services, Inc.

Consolidated Statements of Comprehensive Income (Unaudited)


	For the Three Months Ended March 31,
	2026			2025
	(In Thousands)
Net income	$	12,200		$	11,171
Other comprehensive income (loss)
Securities available-for-sale:
Unrealized securities (losses) gains arising during the period		(3,181	)		4,685
Interest rate swaps:
Unrealized gains (losses) on interest rate swaps arising during the period		2,751			(5,901	)
Income tax (expense) benefit		(26	)		270
Total other comprehensive loss		(456	)		(946	)
Comprehensive income	$	11,744		$	10,225

See accompanying Notes to Unaudited Consolidated Financial Statements.

Table of Contents

First Business Financial Services, Inc.

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)


	Common Shares Outstanding			Preferred Stock		Common Stock		Additional Paid-in Capital		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Total
	(In Thousands, Except Share Data)
Balance at December 31, 2024		8,293,928		$	11,992	$	95	$	93,545	$	265,778		$	(11,425	)	$	(31,396	)	$	328,589
Net income		—			—		—		—		11,171			—			—			11,171
Other comprehensive loss		—			—		—		—		—			(946	)		—			(946	)
Share-based compensation - restricted shares and employee stock purchase plan		21,914			—		1		650		—			—			—			651
Issuance of common stock under the employee stock purchase plan		841			—		—		36		—			—			—			36
Preferred stock dividends		—			—		—		—		(219	)		—			—			(219	)
Cash dividends ($0.29 per share)		—			—		—		—		(2,442	)		—			—			(2,442	)
Treasury stock purchased		(14,716	)		—		—		—		—			—			(777	)		(777	)
Balance at March 31, 2025		8,301,967		$	11,992	$	96	$	94,231	$	274,288		$	(12,371	)	$	(32,173	)	$	336,063


	Common Shares Outstanding			Preferred Stock		Common Stock		Additional Paid-in Capital		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Total
	(In Thousands, Except Share Data)
Balance at December 31, 2025		8,325,376		$	11,992	$	96	$	96,487	$	305,536		$	(9,740	)	$	(32,786	)	$	371,585
Net income		—			—		—		—		12,200			—			—			12,200
Other comprehensive loss		—			—		—		—		—			(456	)		—			(456	)
Share-based compensation - restricted shares and employee stock purchase plan		31,357			—		—		647		—			—			—			647
Issuance of common stock under the employee stock purchase plan		692			—		—		33		—			—			—			33
Preferred stock dividends		—			—		—		—		(219	)		—			—			(219	)
Cash dividends ($0.34 per share)		—			—		—		—		(2,899	)		—			—			(2,899	)
Treasury stock purchased		(13,906	)		—		—		—		—			—			(811	)		(811	)
Balance at March 31, 2026		8,343,519		$	11,992	$	96	$	97,167	$	314,618		$	(10,196	)	$	(33,597	)	$	380,080

See accompanying Notes to Unaudited Consolidated Financial Statements.

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First Business Financial Services, Inc.

Consolidated Statements of Cash Flows (Unaudited)


	For the Three Months Ended March 31,
	2026			2025
	(In Thousands)
Operating activities
Net income	$	12,200		$	11,171
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes, net		(68	)		153
Provision for credit losses		2,960			2,659
Depreciation, amortization and accretion, net		929			871
Share-based compensation		647			651
Net (gain) loss on sale of tax credit investments		(7	)		110
Amortization of tax credit investments		1,891			1,592
Bank-owned life insurance policy income		(757	)		(437	)
Origination of loans for sale		(52,483	)		(51,542	)
Sale of loans originated for sale		48,224			55,479
Gain on sale of loans originated for sale		(592	)		(963	)
Net loss on repossessed assets		—			(8	)
Return on investment in limited partnerships		295			—
Excess tax benefit from share-based compensation		187			379
Net payments on operating lease liabilities		(402	)		(398	)
Net (decrease) increase in accrued interest receivable and other assets		(5,745	)		(6,098	)
Net (increase) decrease in accrued interest payable and other liabilities		(4,228	)		(2,318	)
Net cash provided by operating activities		3,051			11,301
Investing activities
Proceeds from maturities, redemptions, and paydowns of available-for-sale securities		20,237			11,433
Proceeds from maturities, redemptions, and paydowns of held-to-maturity securities		411			148
Purchases of available-for-sale securities		(21,514	)		(24,789	)
Proceeds from sale of repossessed assets		—			23
Net increase in loans and leases		(127,825	)		(74,683	)
Investments in limited partnerships		(910	)		(1,212	)
Returns of investments in limited partnerships		8			14
Investment in tax credit investments		(6,656	)		(9,783	)
Distributions from tax credit investments		140			—
Proceeds from sale of tax credit investments		69			319
Investment in Federal Home Loan Bank stock		(3,465	)		(9,782	)
Proceeds from the sale of Federal Home Loan Bank stock		1,163			10,964
Purchases of leasehold improvements and equipment, net		(135	)		(80	)
Purchases of bank owned life insurance policies		(25	)		—
Net cash used in investing activities		(138,502	)		(97,428	)
Financing activities
Net increase in deposits		185,587			135,903
Repayment of Federal Home Loan Bank advances		(85,979	)		(578,724	)
Proceeds from Federal Home Loan Bank advances		137,349			545,238
Net increase in long-term borrowed funds		30			27
Cash dividends paid		(2,899	)		(2,442	)
Preferred stock dividends paid		(219	)		(219	)
Proceeds from issuance of common stock under ESPP		33			36
Purchase of treasury stock		(811	)		(777	)
Net cash provided by financing activities		233,091			99,042
Net increase in cash and cash equivalents		97,640			12,915
Cash and cash equivalents at the beginning of the period		39,485			157,702
Cash and cash equivalents at the end of the period	$	137,125		$	170,617
Supplementary cash flow information
Cash paid during the period for:
Interest paid on deposits and borrowings	$	26,920		$	26,432
Net income taxes received		(305	)		(20	)

See accompanying Notes to Unaudited Consolidated Financial Statements

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Notes to Unaudited Consolidated Financial Statements

Note 1 — Nature of Operations and Summary of Significant Accounting Policies

Nature of Operations

The accounting and reporting practices of First Business Financial Services, Inc. (“FBFS” or the “Corporation”), through our wholly-owned subsidiary, First Business Bank (“FBB” or the “Bank”), have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). FBB operates as a commercial banking institution primarily in Wisconsin and the greater Kansas City metropolitan area. The Bank provides a full range of financial services to businesses, business owners, executives, professionals, and high net worth individuals. FBB also offers bank consulting services to community financial institutions. The Bank is subject to competition from other financial institutions and service providers and is also subject to state and federal regulations.

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements were prepared in accordance with GAAP and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Corporation’s Consolidated Financial Statements and footnotes thereto included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2025. The unaudited Consolidated Financial Statements include the accounts of the Corporation and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Management of the Corporation is required to make estimates and assumptions which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Material estimates that could significantly change in the near-term include the value of securities and interest rate swaps, level of the allowance for credit losses, lease residuals, property under operating leases, goodwill, and income taxes. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of results that may be expected for any other interim period or the entire fiscal year ending December 31, 2026. Certain amounts in prior periods may have been reclassified to conform to the current presentation. Subsequent events have been evaluated through the date of the issuance of the unaudited Consolidated Financial Statements. No significant subsequent events have occurred through this date requiring adjustment to the financial statements or disclosures.

The Corporation has not changed its significant accounting and reporting policies from those disclosed in the Corporation’s Form 10-K for the year ended December 31, 2025.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU No. 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40).” This update improves the transparency and usefulness of financial statements by requiring companies to break down certain expense line items. This update is effective for fiscal years beginning after December 15, 2026. The Corporation will implement this standard when it becomes effective. The adoption of the standard only requires additional disclosures and therefore will not affect net income, stockholders' equity or cash flows.

In September 2025, the FASB issued ASU No. 2025-06, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” This update modernizes the accounting for internal-use software. This update is effective for fiscal years beginning after December 15, 2027. The Corporation is assessing the impact of this standard.

In November 2025, the FASB issued ASU No. 2025-09, "Derivatives and Hedging (Subtopic 815): Hedge Accounting Improvements." This update clarifies and improves hedge accounting requirements. This update is effective for fiscal years beginning after December 15, 2026. The Corporation is assessing the impact of this standard.

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Note 2 — Earnings per Common Share

Earnings per common share are computed using the two-class method. Basic earnings per common share are computed by dividing net income allocated to common shares by the weighted-average number of shares outstanding during the applicable period, excluding outstanding participating securities. Participating securities include unvested restricted shares. Unvested restricted shares are considered participating securities because holders of these securities receive non-forfeitable dividends, or dividend equivalents, at the same rate as holders of the Corporation’s common stock. Diluted earnings per share are computed by dividing net income allocated to common shares adjusted for reallocation of undistributed earnings of unvested restricted shares by the weighted average number of shares determined for the basic earnings per common share computation plus the dilutive effect of common stock equivalents using the treasury stock method.


	For the Three Months Ended March 31,
	2026		2025
	(Dollars in Thousands, Except Share Data)
Basic earnings per common share
Net income	$	12,200	$	11,171
Less: preferred stock dividends		219		219
Less: earnings allocated to participating securities		220		237
Basic earnings allocated to common shareholders	$	11,761	$	10,715
Weighted-average common shares outstanding, excluding participating securities		8,186,174		8,130,743
Basic earnings per common share	$	1.44	$	1.32
Diluted earnings per common share
Earnings allocated to common shareholders, diluted	$	11,761	$	10,715
Weighted-average diluted common shares outstanding, excluding participating securities		8,186,174		8,130,743
Diluted earnings per common share	$	1.44	$	1.32

Note 3 — Share-Based Compensation

The Corporation initially adopted the 2019 Equity Incentive Plan (the “Plan”) during the quarter ended June 30, 2019. The Plan is administered by the Compensation Committee of the Board of Directors (the “Board”) of the Corporation and provides for the grant of equity ownership opportunities through incentive stock options and nonqualified stock options, restricted stock, restricted stock units, dividend equivalent units, and any other type of award permitted by the Plan. As of March 31, 2026, 144,687 shares were available for future grants under the Plan, as amended. Shares covered by awards that expire, terminate, or lapse will again be available for the grant of awards under the Plan.

Restricted Stock

Under the Plan, the Corporation may grant restricted stock awards (“RSA”), restricted stock units (“RSU”), and other stock-based awards to plan participants, subject to forfeiture upon the occurrence of certain events until the dates specified in the participant’s award agreement. While restricted stock is subject to forfeiture, RSA participants may exercise full voting rights and will receive all dividends and other distributions paid with respect to the restricted shares. RSUs do not have voting rights. RSUs granted prior to 2023 are provided dividend equivalents concurrent with dividends paid to shareholders while RSUs granted in 2023 and after will accrue dividend equivalents payable upon vesting. The restricted stock granted under the Plan is typically subject to a vesting period. Compensation expense for restricted stock is recognized over the requisite service period of generally three or four years for the entire award on a straight-line basis. Upon vesting of restricted stock, the benefit of tax deductions in excess of recognized compensation expense is reflected as an income tax benefit in the unaudited Consolidated Statements of Income.

The Corporation may also issue performance-based restricted stock units (“PRSU”). Vesting of the PRSU will be measured on the relative Total Shareholder Return (“TSR”) and relative Return on Average Tangible Common Equity ("ROATCE"), and will cliff-vest after a three-year measurement period based on the Corporation’s TSR performance and ROATCE performance compared to a broad peer group of over 100 banks. At the end of the performance period, the number of actual shares to be awarded varies between 0% and 200% of target amounts. The restricted stock awards and units issued to executive officers will vest ratably over a three-year period. Compensation expense is recognized for PRSU over the requisite service and performance period of generally three years for the entire expected award on a straight-line basis. The compensation expense for the awards expected to vest for the percentage of

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performance-based restricted stock units subject to the ROATCE metric will be adjusted if there is a change in the expectation of ROATCE. The compensation expense for the awards expected to vest for the percentage of PRSU subject to the TSR metric are never adjusted and are amortized utilizing the fair value provided using a Monte Carlo pricing model.

Restricted stock activity for the year ended December 31, 2025 and the three months ended March 31, 2026 was as follows:


	RSA	Weighted Average Grant Price	PRSU	Weighted Average Grant Price	RSU	Weighted Average Grant Price	Total	Weighted Average Grant Price
Nonvested balance as of December 31, 2024	28,896	$30.09	49,630	$42.24	80,161	$36.04	158,687	$36.77
Granted (1)	—	—	12,195	63.61	45,789	51.39	57,984	53.92
Vested	(20,280)	28.74	(15,825)	42.70	(32,376)	37.56	(68,481)	37.21
Forfeited	(976)	33.60	—	—	(2,468)	41.48	(3,444)	40.79
Nonvested balance as of December 31, 2025	7,640	33.76	46,000	47.31	91,106	43.03	144,746	43.87
Granted (1)	—	—	9,575	63.60	34,035	57.84	43,610	59.09
Vested	(6,665)	33.60	—	—	(31,357)	40.93	(38,022)	39.65
Forfeited	—	—	—	—	(1,721)	50.26	(1,721)	50.26
Nonvested balance as of March 31, 2026	975	$34.85	55,575	$50.12	92,063	$49.17	148,613	$49.43
Unrecognized compensation cost (in thousands)	$9		$1,340		$4,247		$5,596
Weighted average remaining recognition period (in years)	0.40		2.13		2.44		2.42

(1)

The number of restricted shares/units shown includes the shares that would be granted if the target level of performance is achieved related to the PRSU. The number of shares actually issued may vary.

Employee Stock Purchase Plan

The Corporation is authorized to issue up to 250,000 shares of common stock under the employee stock purchase plan ("ESPP"). The plan qualifies as an employee stock purchase plan under section 423 of the Internal Revenue Code of 1986. Under the ESPP, eligible employees may enroll in a three month offer period that begins January, April, July, and October of each year. Employees may elect to purchase a limited number of shares of the Corporation's common stock at 90% of the fair market value on the last day of the offering period. The ESPP is treated as a compensatory item for purposes of share-based compensation expense.

The Corporation issued 692 and 841 shares of common stock under the ESPP during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026 and 2025, 222,999 and 225,965, respectively, shares remained available for issuance under the ESPP.

Share-based compensation expense related to restricted stock and ESPP included in the unaudited Consolidated Statements of Income was as follows:


	For the Three Months Ended March 31,
	2026		2025
	(In Thousands)
Share-based compensation expense	$	647	$	651

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Note 4 — Securities

The amortized cost and fair value of securities available-for-sale and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:


	As of March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
Available-for-sale:
U.S. treasuries	$	4,997	$	—	$	(68	)	$	4,929
U.S. government agency securities - government-sponsored enterprises		2,500		—		(189	)		2,311
Municipal securities		46,882		187		(4,083	)		42,986
Residential mortgage-backed securities - government issued		168,591		502		(2,188	)		166,905
Residential mortgage-backed securities - government-sponsored enterprises		168,694		457		(7,490	)		161,661
Commercial mortgage-backed securities - government issued		2,362		—		(309	)		2,053
Commercial mortgage-backed securities - government-sponsored enterprises		42,100		43		(2,663	)		39,480
	$	436,126	$	1,189	$	(16,990	)	$	420,325


	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
Available-for-sale:
U.S. treasuries	$	4,995	$	—	$	(94	)	$	4,901
U.S. government agency securities - government-sponsored enterprises		2,500		—		(186	)		2,314
Municipal securities		46,993		328		(3,429	)		43,892
Residential mortgage-backed securities - government issued		166,933		1,279		(1,577	)		166,635
Residential mortgage-backed securities - government-sponsored enterprises		168,544		929		(6,930	)		162,543
Commercial mortgage-backed securities - government issued		2,416		—		(302	)		2,114
Commercial mortgage-backed securities - government-sponsored enterprises		42,326		71		(2,709	)		39,688
	$	434,707	$	2,607	$	(15,227	)	$	422,087

The amortized cost and fair value of securities held-to-maturity and the corresponding amounts of gross unrecognized gains and losses were as follows:


	As of March 31, 2026
	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Fair Value
	(In Thousands)
Held-to-maturity:
Municipal securities	$	1,858	$	—	$	(3	)	$	1,855
Residential mortgage-backed securities - government issued		481		—		(26	)		455
Residential mortgage-backed securities - government-sponsored enterprises		457		—		(19	)		438
Commercial mortgage-backed securities - government-sponsored enterprises		2,001		—		(26	)		1,975
	$	4,797	$	—	$	(74	)	$	4,723

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	As of December 31, 2025
	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Fair Value
	(In Thousands)
Held-to-maturity:
Municipal securities	$	2,144	$	—	$	(3	)	$	2,141
Residential mortgage-backed securities - government issued		546		—		(26	)		520
Residential mortgage-backed securities - government-sponsored enterprises		518		—		(18	)		500
Commercial mortgage-backed securities - government-sponsored enterprises		2,002		—		(22	)		1,980
	$	5,210	$	—	$	(69	)	$	5,141

U.S. Treasuries contain treasury bonds issued by the United States Treasury. U.S. government agency securities - government-sponsored enterprises represent securities issued by Federal National Mortgage Association (“FNMA”) and the Small Business Administration ("SBA"). Municipal securities include securities issued by various municipalities and are primarily general obligation bonds that are primarily tax-exempt. Residential and commercial mortgage-backed securities - government issued represent securities guaranteed by the Government National Mortgage Association. Residential and commercial mortgage-backed securities - government-sponsored enterprises include securities guaranteed by the Federal Home Loan Mortgage Corporation, FNMA, and the FHLB. The Corporation sold no available-for-sale securities during the three months ended March 31, 2026 and 2025.

At March 31, 2026 and December 31, 2025, securities with a fair value of $37.3 million and $38.8 million, respectively, were pledged to secure various obligations, including interest rate swap contracts and municipal deposits.

The amortized cost and fair value of securities by contractual maturity at March 31, 2026 are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay certain obligations with or without call or prepayment penalties.


	Available-for-Sale				Held-to-Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	5,929	$	5,860	$	460	$	460
Due in one year through five years		12,875		12,349		1,398		1,395
Due in five through ten years		10,757		9,991		—		—
Due in over ten years		24,818		22,026		—		—
		54,379		50,226		1,858		1,855
Residential mortgage-backed securities		337,285		328,566		938		893
Commercial mortgage-backed securities		44,462		41,533		2,001		1,975
	$	436,126	$	420,325	$	4,797	$	4,723

The tables below show the Corporation’s gross unrealized losses and fair value of available-for-sale investments aggregated by investment category and length of time that individual investments were in a continuous loss position at March 31, 2026 and December 31, 2025. At March 31, 2026, the Corporation held 188 available-for-sale securities that were in an unrealized loss position, 147 of which have been in a continuous unrealized loss position for twelve months or greater.

The Corporation has not specifically identified available-for-sale securities in a loss position that it intends to sell in the near term and does not believe that it will be required to sell any such securities. The Corporation reviews its securities on a quarterly basis to assess declines in fair value for credit losses. Consideration is given to such factors as the credit rating of the borrower, market conditions such as current interest rates, any adverse conditions specific to the security, and delinquency status on contractual payments. For the three months ended March 31, 2026 and 2025, management concluded that in all instances securities with fair value less than carrying value was due to market factors; thus, no credit loss provision was required.

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A summary of unrealized loss information for securities available-for-sale, categorized by security type and length of time for which the security has been in a continuous unrealized loss position, follows:


	As of March 31, 2026
	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In Thousands)
Available-for-sale:
U.S. treasuries	$	—	$	—	$	4,929	$	68	$	4,929	$	68
U.S. government agency securities - government- sponsored enterprises		—		—		2,311		189		2,311		189
Municipal securities		4,002		1,038		29,497		3,045		33,499		4,083
Residential mortgage-backed securities - government issued		76,384		650		10,574		1,538		86,958		2,188
Residential mortgage-backed securities - government-sponsored enterprises		33,730		369		73,857		7,121		107,587		7,490
Commercial mortgage-backed securities - government issued		—		—		2,053		309		2,053		309
Commercial mortgage-backed securities - government-sponsored enterprises		2,823		147		35,647		2,516		38,470		2,663
	$	116,939	$	2,204	$	158,868	$	14,786	$	275,807	$	16,990


	As of December 31, 2025
	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In Thousands)
Available-for-sale:
U.S. treasuries	$	—	$	—	$	4,901	$	94	$	4,901	$	94
U.S. government agency securities - government- sponsored enterprises		—		—		2,314		186		2,314		186
Municipal securities		—		—		34,660		3,429		34,660		3,429
Residential mortgage-backed securities - government issued		25,970		85		17,454		1,492		43,424		1,577
Residential mortgage-backed securities - government-sponsored enterprises		14,002		73		72,481		6,857		86,483		6,930
Commercial mortgage-backed securities - government issued		—		—		2,114		302		2,114		302
Commercial mortgage-backed securities - government-sponsored enterprises		5,971		44		27,575		2,665		33,546		2,709
	$	45,943	$	202	$	161,499	$	15,025	$	207,442	$	15,227

The tables below show the Corporation’s gross unrealized losses and fair value of held-to-maturity investments, aggregated by investment category and length of time that individual investments were in a continuous loss position at March 31, 2026 and December 31, 2025. At March 31, 2026, the Corporation held 19 held-to-maturity securities that were in an unrealized loss position, 15 of which have been in a continuous loss position for twelve months or greater. Management assesses held-to-maturity securities for credit losses on a quarterly basis. The assessment includes review of credit ratings, identification of delinquency and evaluation of market factors. Based on this analysis, management concludes the decline in fair value is due to market factors, specifically changes in interest rates. Accordingly, no credit loss provision was recorded in the unaudited Consolidated Statements of Income for the three months ended March 31, 2026 and 2025.

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A summary of unrecognized loss information for securities held-to-maturity, categorized by security type and length of time for which the security has been in a continuous unrealized loss position, follows:


	As of March 31, 2026
	Less than 12 Months		12 Months or Longer		Total
	Fair Value	Unrecognized Losses	Fair Value	Unrecognized Losses	Fair Value	Unrecognized Losses
	(In Thousands)
Held-to-maturity:
Municipal securities	$1,855	$3	$—	$—	$1,855	$3
Residential mortgage-backed securities - government issued	—	—	455	26	455	26
Residential mortgage-backed securities - government-sponsored enterprises	—	—	438	19	438

FIRST BUSINESS FINANCIAL SERVICES, INC. 10-Q