FIRST BUSINESS FINANCIAL SERVICES, INC. 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Issuer Purchases of Securities On March 4, 2022, the Corporation’s Board approved a new share repurchase program. The program authorized the repurchase by the Corporation of up to $5 million of its total outstanding shares of common stock over a period of approximately twelve months, ending March 4, 2023. As of June 30, 2022, the Corporation had repurchased a total of 30,600 shares for approximately $1.0 million at an average cost of $33.28 per share. Under the share repurchase program, the Corporation is authorized to repurchase shares from time to time in the open market or negotiated transactions at prevailing market rates, or by other means in accordance with federal securities laws. In connection with the share repurchase program, the Corporation implemented a 10b5-1 trading plan. The trading plan allows the Corporation to repurchase shares of its common stock at times when it otherwise might be prevented from doing so under insider trading laws by requiring that an agent selected by the Corporation repurchase shares of common stock on the Corporation’s behalf on pre-determined terms. The following table sets forth information about the Corporation's purchases of its common stock during the three months ended June 30, 2022. Period Total Number of Shares Purchased (1) Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Total Number of Shares that May Yet Be Purchased Under the Plans or Programs April 1, 2022 - April 30, 2022 22,797 $ 33.15 7,809 — May 1, 2022 - May 31, 2022 10,557 33.74 9,743 — June 1, 2022 - June 30, 2022 7,646 32.78 8,546 — Total 41,000 33.24 26,098 124,075 (1) During the second quarter of 2022, the Corporation repurchased an aggregate 41,000 shares of the Corporation’s common stock in open-market transactions, of which 26,098 shares were purchased pursuant to the repurchase program publicly announced on March 4, 2022, and of which 14,902 shares were surrendered to us to satisfy income tax withholding obligations in connection with the vesting of restricted awards. Item 6. Exhibits 31.1 Certification of the Chief Executive Officer 31.2 Certification of the Chief Financial Officer 32 Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 101 The following financial information from First Business Financial Services, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021, (ii) Consolidated Statements of Income for the three and six months ended June 30, 2022 and 2021, (iii) Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2022 and 2021, (iv) Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2022 and 2021, (v) Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021, and (vi) the Notes to Unaudited Consolidated Financial Statements 104 The cover page from First Business Financial Services, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 has been formatted in Inline XBRL and contained in Exhibit 101. 66 Table of Contents 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, thereunto duly authorized. FIRST BUSINESS FINANCIAL SERVICES, INC. July 29, 2022 /s/ Corey A. Chambas Corey A. Chambas Chief Executive Officer July 29, 2022 /s/ Edward G. Sloane, Jr. Edward G. Sloane, Jr. Chief Financial Officer (principal financial officer) 67