First Business Financial Services Inc. Common Stock (FBIZ)

FairStock Score: 51/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a Buffett/Graham investor, I look for a simple, understandable bank with consistent profits, conservative leverage, and a price that offers a margin of safety. First Business Financial Services is a 355-employee commercial bank focused on small and midsized businesses in Wisconsin, Kansas, and Missouri. That niche can create relationship-based switching costs, but it is not a wide moat; community and regional banks compete on price and service. The filed numbers show net income rising from $37.0M in fiscal year 2023, ended December 31, 2023, to $44.2M in fiscal year 2024, ended December 31, 2024, to $50.3M in fiscal year 2025, ended December 31, 2025, with diluted EPS moving from $4.33 to $5.20 to $5.94. In fiscal Q2 2026, ended June 30, 2026, net income was $15.6M and diluted EPS $1.84, up from $12.2M and $1.44 in fiscal Q1 2026, ended March 31, 2026. FairStock's calculations put the shares at 10.68 times earnings and 1.53 times book at the 2026-10-13 close, with a 15.00% ROE and a 0.29 PEG. A 1.95% dividend yield and 0.67 beta add some appeal. The FairStock Score is only 51/100 and the Piotroski F-Score is 5/9, so this is not a screaming bargain or pristine financial. I cannot verify CET1, net interest margin, nonperforming loans, reserves, credit costs, or a combined ratio from the data; those are the real bank risks. At 1.53 times book for a 15% ROE, the price looks fair-to-reasonably cheap if credit stays clean, but a conservative investor would demand a larger discount before calling it a Graham-style bargain.

In plain English: First Business Financial Services is a small bank that lends to small and medium-sized businesses in Wisconsin, Kansas, and Missouri. The business looks reasonably strong: profits have grown steadily, it earns a solid return on shareholders' money, and it pays a modest dividend. At the recent price, the shares look neither clearly cheap nor clearly expensive compared with profits and accounting value, and important details about loan quality and capital are missing.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q4 2025 10-K (period ended 2025-12-31) · fiscal Q3 2025 10-K (period ended 2025-09-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer