# EDGAR Filing Document

**Accession Number:** 0001521951
**File Stem:** 0001193125-26-173671
**Filing Date:** 2026-4
**Character Count:** 72629
**Document Hash:** 30c615426d65fb1662474960903980c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-173671.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001193125-26-173671

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20260423

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST BUSINESS FINANCIAL SERVICES, INC.
- **CENTRAL INDEX KEY:** 0001521951
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 391576570
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34095
- **FILM NUMBER:** 26888635

**BUSINESS ADDRESS:**
- **STREET 1:** 401 CHARMANY DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53719
- **BUSINESS PHONE:** 608-238-8008

**MAIL ADDRESS:**
- **STREET 1:** 401 CHARMANY DRIVE
- **STREET 2:** PO BOX 44961
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53744

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** First Business Financial Services, Inc.
- **DATE OF NAME CHANGE:** 20110527

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**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<br>

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First Business Financial Services, Inc.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Wisconsin | 001-34095 | 39-1576570 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>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<br>

N/A<br>

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

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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:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, $0.01 par value | FBIZ | The Nasdaq Stock Market LLC |

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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. ☐

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## 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:

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| | |
|:---|:---|
| 99.1 | [<u>Press release of the registrant dated April 23, 2026, containing financial information for its quarter ended March 31, 2026.</u>](fbiz-ex99_1.htm) |
| 99.2 | [<u>Supplemental earnings call slides</u>](fbiz-ex99_2.htm) |

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

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**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.

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| | | |
|:---|:---|:---|
| April 23, 2026 | **FIRST BUSINESS FINANCIAL SERVICES, INC.** | **FIRST BUSINESS FINANCIAL SERVICES, INC.** |
|  | By: | /s/ Brian D. Spielmann |
|  | Name: | Brian D. Spielmann |
|  | Title: | Chief Financial Officer |

---

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## Exhibit 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**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%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**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.

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**<u>Quarterly Financial Results</u>**

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| | | | |
|:---|:---|:---|:---|
| (Unaudited) | As of and for the Three Months Ended | As of and for the Three Months Ended | As of and for the Three Months Ended |
| (Dollars in thousands, except per share amounts) | March 31,<br>2026 | December 31,<br>2025 | March 31,<br>2025 |
| Net interest income | $35518 | $34762 | $33258 |
| Adjusted non-interest income <sup>(1)</sup> | 8775 | 7461 | 7579 |
| Operating revenue <sup>(1)</sup> | 44293 | 42223 | 40837 |
| Operating expense <sup>(1)</sup> | 27081 | 23901 | 24617 |
| Pre-tax, pre-provision adjusted earnings <sup>(1)</sup> | 17212 | 18322 | 16220 |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 2960 | 1855 | 2659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on repossessed assets |  |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;SBA recourse benefit | (121) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Recovery) impairment of tax credit investments | (7) | 229 | 110 |
| Income before income tax expense | 14380 | 16238 | 13459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 2180 | 2905 | 2288 |
| Net income | $12200 | $13333 | $11171 |
| Preferred stock dividends | 219 | 219 | 219 |
| Net income available to common shareholders | $11981 | $13114 | $10952 |
| 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 <sup>(1)</sup> | $42.68 | $41.75 | $37.58 |
| Net interest margin <sup>(2)</sup> | 3.56% | 3.53% | 3.69% |
| Fee income ratio (non-interest income / total revenue) | 19.81% | 17.67% | 18.56% |
| Efficiency ratio <sup>(1)</sup> | 61.14% | 56.61% | 60.28% |
| Return on average assets <sup>(2)</sup> | 1.13% | 1.25% | 1.14% |
| Return on average tangible common equity <sup>(2)</sup> | 13.55% | 14.83% | 14.12% |
| Period-end loans and leases receivable | $3498903 | $3373241 | $3184400 |
| Average loans and leases receivable | $3425751 | $3363752 | $3185796 |
| Period-end core deposits | $2796059 | $2673003 | $2462695 |
| Average core deposits | $2848601 | $2765730 | $2362894 |
| Allowance for credit losses, including unfunded commitment reserves | $38489 | $37692 | $36515 |
| Non-performing assets | $40503 | $43855 | $24092 |
| 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% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Calculation is annualized.

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**<u>First Quarter 2026 Compared to Fourth Quarter 2025</u>**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

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**<u>First Quarter 2026 Compared to First Quarter 2025</u>**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

**<u>Dividend Announced</u>**

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.

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**<u>2026 CEO Succession Plan</u>**

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.

**<u>Earnings Release Supplement and Conference Call</u>**

On April 23, 2026, the Company posted an earnings release supplement to its website <u>firstbusiness.bank</u> 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<sup>®</sup> 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<sup>®</sup>. First Business Bank is a wholly owned subsidiary of First Business Financial Services, Inc<sup>®</sup>. (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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Competitive pressures among depository and other financial institutions nationally and in the Company's markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Increases in defaults by borrowers and other delinquencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Management's ability to manage growth effectively, including the successful expansion of our client support, administrative infrastructure, and internal management systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fluctuations in interest rates and market prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in legislative or regulatory requirements applicable to the Company and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in tax requirements, including tax rate changes, new tax laws, and revised tax law interpretations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fraud, including client and system failure or breaches of our network security, including the Company's internet banking activities.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

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| | |
|:---|:---|
| CONTACT: | First Business Financial Services, Inc. |
|  | Brian D. Spielmann |
|  | Chief Financial Officer |
|  | 608-232-5977 |
|  | bspielmann@firstbusiness.bank |

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**SELECTED FINANCIAL CONDITION DATA**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Unaudited) | As of | As of | As of | As of | As of |
| (in thousands) | March 31,<br>2026 | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 |
| **Assets** |  |  |  |  |  |
| Cash and cash equivalents | $137125 | $39485 | $44349 | $123208 | $170617 |
| Securities available-for-sale, at fair value | 420325 | 422087 | 411111 | 382365 | 359394 |
| Securities held-to-maturity, at amortized cost | 4797 | 5210 | 5584 | 5714 | 6590 |
| Loans held for sale | 23700 | 18849 | 13482 | 12415 | 10523 |
| Loans and leases receivable | 3498903 | 3373241 | 3334956 | 3250925 | 3184400 |
| Allowance for credit losses | (36631) | (35877) | (36690) | (36861) | (35236) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and leases receivable, net | 3462272 | 3337364 | 3298266 | 3214064 | 3149164 |
| Premises and equipment, net | 4500 | 4669 | 4936 | 5063 | 5017 |
| Repossessed assets |  |  |  | 31 | 36 |
| Right-of-use assets | 5053 | 5317 | 5577 | 5713 | 5439 |
| Bank-owned life insurance | 84776 | 83994 | 83255 | 82761 | 57647 |
| Federal Home Loan Bank stock, at cost | 11242 | 8940 | 9605 | 10027 | 10434 |
| Goodwill and other intangible assets | 12011 | 11985 | 12041 | 12049 | 12058 |
| Derivatives | 38198 | 36515 | 37634 | 40814 | 48405 |
| Accrued interest receivable and other assets | 116856 | 107472 | 109005 | 108501 | 109555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $4320855 | $4081887 | $4034845 | $4002725 | $3944879 |
| **Liabilities and Stockholders' Equity** |  |  |  |  |  |
| Core deposits | $2796059 | $2673003 | $2592110 | $2533099 | $2462695 |
| Wholesale deposits | 769943 | 707412 | 740961 | 772123 | 780348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 3566002 | 3380415 | 3333071 | 3305222 | 3243043 |
| Federal Home Loan Bank advances and<br> other borrowings | 303451 | 252051 | 266677 | 276131 | 286590 |
| Lease liabilities | 7032 | 7361 | 7687 | 7887 | 7604 |
| Derivatives | 35857 | 36926 | 38726 | 41228 | 45612 |
| Accrued interest payable and other liabilities | 28433 | 33549 | 30365 | 27462 | 25967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3940775 | 3710302 | 3676526 | 3657930 | 3608816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 380080 | 371585 | 358319 | 344795 | 336063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $4320855 | $4081887 | $4034845 | $4002725 | $3944879 |

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**STATEMENTS OF INCOME**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Unaudited) | As of and for the Three Months Ended | As of and for the Three Months Ended | As of and for the Three Months Ended | As of and for the Three Months Ended | As of and for the Three Months Ended |
| (Dollars in thousands, except per share amounts) | March 31,<br>2026 | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 |
| Total interest income | $61896 | $62752 | $63746 | $61282 | $59530 |
| Total interest expense | 26378 | 27990 | 28860 | 27498 | 26272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 35518 | 34762 | 34886 | 33784 | 33258 |
| Provision for credit losses | 2960 | 1855 | 1440 | 2701 | 2659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 32558 | 32907 | 33446 | 31083 | 30599 |
| Private wealth management service fees | 3877 | 3788 | 3687 | 3748 | 3492 |
| Gain on sale of SBA loans | 592 | 140 | 382 | 397 | 963 |
| Service charges on deposits | 1318 | 1188 | 1151 | 1103 | 1048 |
| 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 | 1167 | 458 | 1980 | 798 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 8775 | 7461 | 9640 | 7255 | 7579 |
| Compensation | 18541 | 17151 | 17442 | 16534 | 16747 |
| Occupancy | 588 | 581 | 567 | 564 | 590 |
| Professional fees | 1446 | 1001 | 1071 | 1487 | 1459 |
| Data processing | 1270 | 1158 | 1123 | 1368 | 1082 |
| Marketing | 711 | 938 | 876 | 1062 | 968 |
| Equipment | 407 | 374 | 296 | 335 | 376 |
| Computer software | 1921 | 1902 | 1826 | 1656 | 1603 |
| FDIC insurance | 909 | 800 | 817 | 834 | 780 |
| Other non-interest expense | 1160 | 225 | 1682 | 1128 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 26953 | 24130 | 25700 | 24968 | 24719 |
| Income before income tax expense | 14380 | 16238 | 17386 | 13370 | 13459 |
| Income tax expense | 2180 | 2905 | 2993 | 1948 | 2288 |
| Net income | $12200 | $13333 | $14393 | $11422 | $11171 |
| Preferred stock dividends | 219 | 219 | 218 | 219 | 219 |
| Net income available to common shareholders | $11981 | $13114 | $14175 | $11203 | $10952 |
| 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 | 0.29 | 0.29 | 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<br> outstanding<sup>(1)</sup> | 8186174 | 8173059 | 8171404 | 8141159 | 8130743 |
| Weighted-average diluted common<br> shares outstanding<sup>(1)</sup> | 8186174 | 8173059 | 8171404 | 8141159 | 8130743 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Excluding participating securities.

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**NET INTEREST INCOME ANALYSIS**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (Unaudited) | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
| (Dollars in thousands) | March 31, 2026 | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 | December 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2025 |
|  | Average<br>Balance | Interest | Average<br>Yield/Rate<sup>(4)</sup> | Average<br>Balance | Interest | Average<br>Yield/Rate<sup>(4)</sup> | Average<br>Balance | Interest | Average<br>Yield/Rate<sup>(4)</sup> |
| **Interest-earning assets** |  |  |  |  |  |  |  |  |  |
| Commercial real estate and<br> other mortgage loans<sup>(1)</sup> | $2071202 | $30216 | 5.84% | $2039138 | $31063 | 6.09% | $1925661 | $29886 | 6.21% |
| Commercial and industrial<br> loans<sup>(1)</sup> | 1306970 | 25409 | 7.78 | 1280406 | 25222 | 7.88 | 1212656 | 24727 | 8.16 |
| Consumer and other loans<sup>(1)</sup> | 47579 | 683 | 5.74 | 44208 | 631 | 5.71 | 47479 | 661 | 5.57 |
| Total loans and leases<br> receivable<sup>(1)</sup> | 3425751 | 56308 | 6.57 | 3363752 | 56916 | 6.77 | 3185796 | 55274 | 6.94 |
| Mortgage-related securities<sup>(2)</sup> | 375989 | 3965 | 4.22 | 366158 | 3894 | 4.25 | 308656 | 3195 | 4.14 |
| Other investment securities<sup>(3)</sup> | 50146 | 280 | 2.23 | 49716 | 282 | 2.27 | 43145 | 209 | 1.94 |
| FHLB stock | 9067 | 211 | 9.31 | 8614 | 202 | 9.38 | 13623 | 294 | 8.63 |
| Short-term investments | 128649 | 1132 | 3.52 | 145425 | 1458 | 4.01 | 51072 | 558 | 4.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 3989602 | 61896 | 6.21 | 3933665 | 62752 | 6.38 | 3602292 | 59530 | 6.61 |
| Non-interest-earning assets | 259039 |  |  | 247676 |  |  | 240076 |  |  |
| Total assets | $4248641 |  |  | $4181341 |  |  | $3842368 |  |  |
| **Interest-bearing liabilities** |  |  |  |  |  |  |  |  |  |
| Transaction accounts | $1220945 | 8354 | 2.74% | $1108916 | $8357 | 3.01% | $927250 | $7412 | 3.20% |
| Money market | 925282 | 6354 | 2.75 | 920194 | 7002 | 3.04 | 831598 | 6751 | 3.25 |
| Certificates of deposit | 273635 | 2447 | 3.58 | 299349 | 2907 | 3.88 | 189547 | 1861 | 3.93 |
| Wholesale deposits | 682138 | 6773 | 3.97 | 725607 | 7330 | 4.04 | 694431 | 6992 | 4.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing<br> deposits | 3102000 | 23928 | 3.09 | 3054066 | 25596 | 3.35 | 2642826 | 23016 | 3.48 |
| FHLB advances | 200132 | 1567 | 3.13 | 189900 | 1510 | 3.18 | 305549 | 2374 | 3.11 |
| Other borrowings | 54815 | 883 | 6.44 | 54787 | 883 | 6.45 | 54708 | 882 | 6.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing<br> liabilities | 3356947 | 26378 | 3.14 | 3298753 | 27989 | 3.39 | 3003083 | 26272 | 3.50 |
| Non-interest-bearing demand<br> deposit accounts | 428739 |  |  | 437271 |  |  | 414499 |  |  |
| Other non-interest-bearing<br> liabilities | 85304 |  |  | 79505 |  |  | 90683 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3870990 |  |  | 3815529 |  |  | 3508265 |  |  |
| Stockholders' equity | 377651 |  |  | 365812 |  |  | 334103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and<br> stockholders' equity | $4248641 |  |  | $4181341 |  |  | $3842368 |  |  |
| Net interest income |  | $35518 |  |  | $34763 |  |  | $33258 |  |
| Interest rate spread |  |  | 3.06% |  |  | 2.99% |  |  | 3.11% |
| Net interest-earning assets | $632655 |  |  | $634912 |  |  | $599209 |  |  |
| Net interest margin |  |  | 3.56% |  |  | 3.53% |  |  | 3.69% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Includes amortized cost basis of assets available for sale and held to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Yields on tax-exempt municipal obligations are not presented on a tax-equivalent basis in this table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Represents annualized yields/rates.

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**BETA ANALYSIS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
| (Unaudited) | March 31, 2026 | December 31, 2025 |  | March 31, 2025 |  |
|  | Average Yield/Rate<sup>(3)</sup> | Average Yield/Rate<sup>(3)</sup> | Increase (Decrease) | Average Yield/Rate<sup>(3)</sup> | Increase (Decrease) |
| Total loans and leases<sup>(1)</sup><br> receivable <sup>(a)</sup> | 6.57% | 6.87% | (0.31)% | 6.94% | (0.37)% |
| Total interest-earning assets<sup>(b)(1)</sup> | 6.20% | 6.47% | (0.27)% | 6.61% | (0.41)% |
| Total core deposits<sup>(e)</sup> | 2.41% | 2.64% | (0.23)% | 2.71% | (0.30)% |
| Total bank funding<sup>(f)</sup> | 2.73% | 2.95% | (0.22)% | 3.02% | (0.29)% |
| Net interest margin<sup>(g)(1)</sup> | 3.56% | 3.63% | (0.07)% | 3.69% | (0.14)% |
| Effective fed funds rate <sup>(2)(i)</sup> | 3.64% | 3.90% | (0.26)% | 4.33% | (0.69)% |
| <u>Beta Calculations:</u> |  |  |  |  |  |
| Total loans and leases<br> receivable<sup>(a)/(i)</sup> |  |  | 117.9% |  | 53.8% |
| Total interest-earning assets<sup>(b)/(i)</sup> |  |  | 104.6% |  | 59.3% |
| Total core deposits<sup>(e/i)</sup> |  |  | 89.1% |  | 43.5% |
| Total bank funding<sup>(f)/(i)</sup> |  |  | 82.8% |  | 42.0% |
| Net interest margin<sup>(g/i)</sup> |  |  | 27.1% |  | 19.8% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Excludes non-accrual interest activity in all periods of comparison.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Represents annualized yields/rates.

**PROVISION FOR CREDIT LOSS COMPOSITION**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Unaudited) | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
| (Dollars in thousands) | March 31,<br>2026 | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 |
| Change due to qualitative factors | $(706) | $(538) | $(243) | $590 | $(355) |
| Change due to quantitative factors | 10 | (607) | (173) | 746 | 1560 |
| Charge-offs | 2331 | 2809 | 1708 | 1338 | 3810 |
| Recoveries | (168) | (264) | (440) | (332) | (398) |
| Change in reserves on individually<br> evaluated loans, net | 382 | (76) | (550) | (247) | (2495) |
| Change due to loan growth, net | 1068 | 408 | 795 | 536 | 741 |
| Change in unfunded commitment<br> reserves | 43 | 123 | 343 | 70 | (204) |
| Total provision for credit losses | $2960 | $1855 | $1440 | $2701 | $2659 |

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**ALLOWANCE FOR CREDIT LOSS COMPOSITION**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | As of | As of | As of | As of | As of | As of | As of | As of |
|  | March 31,<br>2026 | March 31,<br>2026 | December 31, <br>2025 | December 31, <br>2025 | September 30,<br>2025 | September 30,<br>2025 | June 30, <br>2025 | June 30, <br>2025 |
|  | (In Thousands) | % of Total<br>Loans and<br>Leases | (In Thousands) | % of Total<br>Loans and<br>Leases | (In Thousands) | % of Total<br>Loans and<br>Leases | (In Thousands) | % of Total<br>Loans and<br>Leases |
| **Allowance for credit losses:** |  |  |  |  |  |  |  |  |
| Loans collectively evaluated | $30700 | 0.88% | $30327 | 0.90% | $31065 | 0.93% | $30685 | 0.94% |
| Loans individually evaluated | 5931 | 0.17% | 5550 | 0.16% | 5625 | 0.17% | 6176 | 0.19% |
| Unfunded commitments reserve | 1858 |  | 1815 |  | 1692 |  | 1349 |  |
| Total | 38489 | 1.10% | 37692 | 1.12% | 38382 | 1.15% | 38210 | 1.18% |
| **Loans and lease receivables:** | $3498903 |  | $3373241 |  | $3334956 |  | $3250925 |  |

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**PERFORMANCE RATIOS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
| (Unaudited) | March 31,<br>2026 | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 |
| Return on average assets (annualized) | 1.13% | 1.25% | 1.40% | 1.14% | 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% |

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**ASSET QUALITY RATIOS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Unaudited) | As of | As of | As of | As of | As of |
| (Dollars in thousands) | March 31,<br>2026 | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 |
| Non-accrual loans and leases | $40503 | $43855 | $23513 | $28633 | $24056 |
| Repossessed assets | 0 | 0 | 0 | 31 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-performing assets | $40503 | $43855 | $23513 | $28664 | $24092 |
| Non-accrual loans and leases as a<br> percent of total gross loans and leases | 1.16% | 1.30% | 0.70% | 0.88% | 0.76% |
| Non-performing assets as a percent of<br> total gross loans and leases plus<br> repossessed assets | 1.16% | 1.30% | 0.70% | 0.88% | 0.76% |
| Non-performing assets as a percent of<br> total assets | 0.94% | 1.07% | 0.58% | 0.72% | 0.61% |
| Allowance for credit losses as a percent<br> of total gross loans and leases | 1.10% | 1.12% | 1.15% | 1.18% | 1.15% |
| Allowance for credit losses as a percent<br> of non-accrual loans and leases | 95.03% | 85.95% | 163.24% | 133.45% | 151.79% |

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**NET CHARGE-OFFS (RECOVERIES)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Unaudited) | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
| (Dollars in thousands) | March 31,<br>2026 | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 |
| Charge-offs | $2331 | $2809 | $1708 | $1338 | $3810 |
| Recoveries | (168) | (264) | (440) | (332) | (398) |
| Net charge-offs (recoveries) | $2163 | $2545 | $1268 | $1006 | $3412 |
| Net charge-offs (recoveries) as a percent of average gross loans and leases (annualized) | 0.25% | 0.30% | 0.15% | 0.12% | 0.43% |

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**CAPITAL RATIOS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of and for the Three Months Ended | As of and for the Three Months Ended | As of and for the Three Months Ended | As of and for the Three Months Ended | As of and for the Three Months Ended |
| (Unaudited) | March 31,<br>2026 | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>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-<br> 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<br> assets | 8.26% | 8.54% | 8.31% | 8.04% | 7.93% |

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**LOAN AND LEASE RECEIVABLE COMPOSITION**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(Unaudited)** | As of | As of | As of | As of | As of |
| **(in thousands)** | March 31,<br>2026 | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 |
| Commercial real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate - owner occupied | $306593 | $293706 | $287005 | $262988 | $258050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate - non-owner occupied | 925425 | 885870 | 871807 | 846990 | 838634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction and land development | 224866 | 248560 | 236590 | 218840 | 215613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multi-family | 577271 | 571468 | 565102 | 573208 | 549220 |
| &nbsp;&nbsp;&nbsp;&nbsp;1-4 family | 61332 | 60661 | 66735 | 45171 | 48450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate | 2095487 | 2060265 | 2027239 | 1947197 | 1909967 |
| Commercial and industrial | 1358413 | 1273997 | 1264111 | 1259171 | 1229098 |
| Consumer and other | 47223 | 40965 | 45323 | 45744 | 46190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gross loans and leases receivable | 3501123 | 3375227 | 3336673 | 3252112 | 3185255 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | 36631 | 35877 | 36690 | 36861 | 35236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred loan fees | 2220 | 1986 | 1717 | 1187 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans and leases receivable, net | $3462272 | $3337364 | $3298266 | $3214064 | $3149164 |

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**DEPOSIT COMPOSITION**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(Unaudited)** | As of | As of | As of | As of | As of |
| **(in thousands)** | March 31,<br>2026 | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 |
| Non-interest-bearing transaction accounts | $405281 | $378770 | $400697 | $396448 | $433201 |
| Interest-bearing transaction accounts | 1170271 | 1103696 | 1050233 | 1047434 | 1015846 |
| Money market accounts | 960052 | 905773 | 840477 | 833684 | 831897 |
| Certificates of deposit | 260455 | 284764 | 300703 | 255533 | 181751 |
| Wholesale deposits | 769943 | 707412 | 740961 | 772123 | 780348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $3566002 | $3380415 | $3333071 | $3305222 | $3243043 |
| Uninsured deposits | $1237344 | $1220177 | $1100868 | $1069509 | $1055347 |
| Less: uninsured deposits collateralized by pledged assets | 59613 | 68656 | 72561 | 67990 | 9344 |
| Total uninsured, net of collateralized deposits | $1177731 | $1151521 | $1028307 | $1001519 | $1046003 |
| % of total deposits | 33.0% | 34.1% | 30.9% | 30.3% | 32.3% |

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**SOURCES OF LIQUIDITY**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(Unaudited)** | As of | As of | As of | As of | As of |
| **(in thousands)** | March 31,<br>2026 | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 |
| Short-term investments | $104565 | $8714 | $8074 | $72520 | $136033 |
| Collateral value of unencumbered pledged loans | 968320 | 992398 | 906042 | 893499 | 973494 |
| Market value of unencumbered securities | 387700 | 388474 | 376783 | 347196 | 324365 |
| Readily accessible liquidity | 1460585 | 1389586 | 1290899 | 1313215 | 1433892 |
| Fed fund lines | 45000 | 45000 | 45000 | 45000 | 45000 |
| Excess brokered CD capacity(1) | 806268 | 775851 | 732951 | 645843 | 477468 |
| Total liquidity | $2311853 | $2210437 | $2068850 | $2004058 | $1956360 |
| Total uninsured, net of collateralized deposits | $1177731 | $1151521 | $1028307 | $1001519 | $1046003 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.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**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(Unaudited)** | As of | As of | As of | As of | As of |
| **(in thousands)** | March 31,<br>2026 | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 |
| Trust assets under management | $3613536 | $3541768 | $3543594 | $3461659 | $3184197 |
| Trust assets under administration | 267214 | 272910 | 270222 | 268996 | 240366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total trust assets | $3880750 | $3814678 | $3813816 | $3730655 | $3424563 |

---

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**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 | As of | As of | As of | As of |
| (Dollars in thousands, except per share amounts) | March 31,<br>2026 | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 |
| Common stockholders' equity | $368088 | $359593 | $346327 | $332803 | $324071 |
| Less: Goodwill and other intangible assets | (12011) | (11985) | (12041) | (12049) | (12058) |
| Tangible common equity | $356077 | $347608 | $334286 | $320754 | $312013 |
| Common shares outstanding | 8343519 | 8325376 | 8324387 | 8323470 | 8301967 |
| 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 |

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**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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(Unaudited)** | As of | As of | As of | As of | As of |
| **(Dollars in thousands)** | March 31,<br>2026 | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 |
| Common stockholders' equity | $368088 | $359593 | $346327 | $332803 | $324071 |
| Less: Goodwill and other intangible assets | (12011) | (11985) | (12041) | (12049) | (12058) |
| Tangible common equity (a) | $356077 | $347608 | $334286 | $320754 | $312013 |
| Total assets | $4320855 | $4081887 | $4034845 | $4002725 | $3944879 |
| Less: Goodwill and other intangible assets | (12011) | (11985) | (12041) | (12049) | (12058) |
| Tangible assets (b) | $4308844 | $4069902 | $4022804 | $3990676 | $3932821 |
| Tangible common equity to tangible assets | 8.26% | 8.54% | 8.31% | 8.04% | 7.93% |

---

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**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 | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
| **(Dollars in thousands)** | March 31,<br>2026 | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 |
| Total non-interest expense | $26953 | $24130 | $25700 | $24968 | $24719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on repossessed assets |  |  | 31 | 4 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Recovery) impairment of tax credit investments | (7) | 229 |  |  | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contribution to First Business Charitable Foundation |  |  | 234 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA recourse provision (benefit) | (121) |  | (5) | (59) |  |
| Total operating expense (a) | $27081 | $23901 | $25440 | $25023 | $24617 |
| Net interest income | $35518 | $34762 | $34886 | $33784 | $33258 |
| Total non-interest income | 8775 | 7461 | 9640 | 7255 | 7579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank owned life insurance claim |  |  | 234 |  |  |
| Adjusted non-interest income | 8775 | 7461 | 9406 | 7255 | 7579 |
| Total operating revenue (b) | $44293 | $42223 | $44292 | $41039 | $40837 |
| Efficiency ratio | 61.14% | 56.61% | 57.44% | 60.97% | 60.28% |
| Pre-tax, pre-provision adjusted earnings (b - a) | $17212 | $18322 | $18852 | $16016 | $16220 |

---

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## Exhibit 99.2

![Slide 1](fbiz-ex99_2s1.jpg)

NASDAQ: FBIZ Earnings Release SupplementFirst Quarter 2026

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![Slide 2](fbiz-ex99_2s2.jpg)

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![Slide 3](fbiz-ex99_2s3.jpg)

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.

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![Slide 4](fbiz-ex99_2s4.jpg)

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

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![Slide 5](fbiz-ex99_2s5.jpg)

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.

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![Slide 6](fbiz-ex99_2s6.jpg)

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

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![Slide 7](fbiz-ex99_2s7.jpg)

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.

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![Slide 8](fbiz-ex99_2s8.jpg)

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.

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![Slide 9](fbiz-ex99_2s9.jpg)

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

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![Slide 10](fbiz-ex99_2s10.jpg)

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

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![Slide 11](fbiz-ex99_2s11.jpg)

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

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![Slide 12](fbiz-ex99_2s12.jpg)

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

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![Slide 13](fbiz-ex99_2s13.jpg)

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%

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![Slide 14](fbiz-ex99_2s14.jpg)

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.

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![Slide 15](fbiz-ex99_2s15.jpg)

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