Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-08-28

FIRST BUSINESS FINANCIAL SERVICES, INC. (FBIZ)

CEO James Hartlieb was paid $620,487 in fiscal year 2025, ↑ up 13.6% from fiscal year 2024, the 4th percentile of its disclosed peer group (SEC filing 0001193125-26-092613 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,236,169
Corey Chambas total, FY2025
Chief Executive Officer First Business Financial Services, Inc. — highest-paid officer; CEO James Hartlieb: $620,487
4th
CEO (James Hartlieb) pay percentile vs peers
11:1
CEO-to-median pay ratio
97.69%
Say-on-pay support, latest vote

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FBIZ's next annual pay disclosure, estimated March 4, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Corey Chambas$533,000$0$312,837$0$355,617$0$34,715$1,236,169
Chief Executive Officer First Business Financial Services, Inc.
David Seiler500,0000234,6280300,280048,2841,083,192
President & Chief Operating Officer First Business Financial Services, Inc.
Brian Spielmann340,0000139,8870181,534026,845688,265
Chief Financial Officer First Business Financial Services, Inc.
Bradley Quade341,5500120,3220159,601046,013667,486
EVP & Chief Credit Officer First Business Financial Services, Inc.
James Hartlieb315,0000110,9850147,195047,308620,487
President & CEO First Business Bank

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Corey Chambas$1,236,169$1,229,082$1,978,750↑ +7,087
David Seiler1,083,192829,332729,335↑ +253,860
Brian Spielmann688,265576,043498,900↑ +112,222
Bradley Quade667,486561,963506,510↑ +105,523
James Hartlieb620,487545,970—↑ +74,517

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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$1,236,169 Corey Chambas total, FY2025

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Data as of August 28, 2026 · Source: 0001193125-26-092613 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

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01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Bradley QuadeExecutive$667,486
Brian SpielmannCFO$688,265
Corey ChambasEVP$1,236,169
David SeilerPresident$1,083,192
James HartliebCEO$620,487
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Carla C. ChavarriaIndependent Director$83,000
Daniel P. OlszewskiIndependent Director$87,000
Gerald L. KilcoyneChair of the Board$143,250
Jason R. GrahamIndependent Director$57,667
Laurie S. BensonIndependent Director$86,000
Ralph R. KautenIndependent Director$89,500
W. Kent LorenzIndependent Director$82,500
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Corey A. ChambasDirector2026-04-10A10,370$0$0CommonForm 4 ↗
Jodi A. ChandlerChief Human Resources Officer2026-04-10A2,08000CommonForm 4 ↗
Laura M. GarciaChief Risk Officer2026-04-10D1,1085964,929CommonForm 4 ↗
Laura M. GarciaChief Risk Officer2026-04-10A2,50000CommonForm 4 ↗
James HartliebPres&CEO First Business Bank2026-04-10D127——CommonForm 4 ↗
James HartliebPres&CEO First Business Bank2026-04-10D1,0395960,885CommonForm 4 ↗
James HartliebPres&CEO First Business Bank2026-04-10A2,73000CommonForm 4 ↗
Daniel OvokaitysChief Information Officer2026-04-10D1,1435966,980CommonForm 4 ↗
Daniel OvokaitysChief Information Officer2026-04-10A2,43000CommonForm 4 ↗
Bradley QuadeChief Credit Officer2026-04-10A2,74000CommonForm 4 ↗
David SeilerPresident and COO2026-04-10D1,91259112,043CommonForm 4 ↗
David SeilerPresident and COO2026-04-10A4,78000CommonForm 4 ↗
Brian SpielmannCFO2026-04-10D1,5015987,959CommonForm 4 ↗
Brian SpielmannCFO2026-04-10A3,19000CommonForm 4 ↗
Jodi A. ChandlerChief Human Resources Officer2026-04-10D8345948,872CommonForm 4 ↗
Corey A. ChambasDirector2026-04-10D4,87559285,675CommonForm 4 ↗
Bradley QuadeChief Credit Officer2026-04-10D1,0965964,226CommonForm 4 ↗
Corey A. ChambasDirector2026-05-16A71000CommonForm 4 ↗
Carla C. ChavarriaDirector2026-05-16A71000CommonForm 4 ↗
Daniel P. OlszewskiDirector2026-05-16A71000CommonForm 4 ↗
Kevin D. CramptonChief Accounting Officer2026-05-16D54542,906CommonForm 4 ↗
Laura M. GarciaChief Risk Officer2026-05-16D1945410,439CommonForm 4 ↗
Gerald L. KilcoyneDirector2026-05-16A71000CommonForm 4 ↗
David SeilerDirector2026-05-16A3,81500CommonForm 4 ↗
W. Kent LorenzDirector2026-05-16A71000CommonForm 4 ↗
Laurie S. BensonDirector2026-05-16A71000CommonForm 4 ↗
Jason R. GrahamDirector2026-05-16A71000CommonForm 4 ↗
Scott M. FerrisDirector2026-08-16A57500CommonForm 4 ↗
Jodi A. ChandlerChief Human Resources Officer2026-08-27D6757047,381Common, open-market saleForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Corey ChambasRSU2025-02-16——2,080—$109,741
Corey ChambasPSU2025-02-161,5603,120—6,240203,096
Brian SpielmannPSU2025-02-166981,395—2,79090,820
Brian SpielmannRSU2025-02-16——930—49,067
David SeilerPSU2025-02-161,1702,340—4,680152,322
David SeilerRSU2025-02-16——1,560—82,306
Bradley QuadePSU2025-02-166001,200—2,40078,114
Bradley QuadeRSU2025-02-16——800—42,208
James HartliebPSU2025-02-165531,105—2,21071,942
James HartliebRSU2025-02-16——740—39,042
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Corey Chambas$109,741$203,096$064.9%
Brian Spielmann49,06790,820064.9%
David Seiler82,306152,322064.9%
Bradley Quade42,20878,114064.9%
James Hartlieb39,04271,942064.8%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Brian SpielmannRSU297—$16,127
Brian SpielmannPSU3,190—173,217
David SeilerPSU4,680—254,124
James HartliebRSU660—35,838
Bradley QuadePSU2,970—161,271
James HartliebPSU2,970—161,271
Bradley QuadeRSU660—35,838
Corey ChambasPSU6,240—338,832
Corey ChambasRSU2,343—127,225
Corey ChambasRSU2,080—112,944
Corey ChambasPSU10,540—572,322
Corey ChambasPSU10,370—563,091
Corey ChambasRSU1,177—63,911
James HartliebRSU740—40,182
Brian SpielmannRSU160—8,688
David SeilerPSU4,780—259,554
David SeilerPSU4,530—245,979
Brian SpielmannPSU3,460—187,878
Brian SpielmannPSU2,790—151,497
Bradley QuadePSU2,740—148,782
James HartliebPSU2,730—148,239
Bradley QuadePSU2,400—130,320
James HartliebPSU2,210—120,003
David SeilerRSU1,560—84,708
David SeilerRSU1,006—54,626
Brian SpielmannRSU930—50,499
Bradley QuadeRSU800—43,440
Brian SpielmannRSU770—41,811
David SeilerRSU449—24,381
Bradley QuadeRSU330—17,919
James HartliebRSU329—17,865
05

Incentive-plan design — the Compensation Discussion & Analysis

the Compensation Committee does not target any particular percentile at which to align compensation. However, the Compensation Committee does use the peer group median as a reference point when making pay decisions.

CEO STI target (% of salary)50%
CEO LTI target (% of salary)—
Independent consultantMcLagan
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-04-245,506,342130,245172,85897.69%Passed
20252025-04-255,547,08338,358137,21899.31%Passed
20242024-04-265,322,163150,234308,28397.25%Passed
20232023-04-285,581,211133,981238,04197.66%Passed
20222022-04-294,983,69086,188381,82498.3%Passed
20212021-04-305,399,164278,574378,76195.09%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-04-2497.69%a
20252025-04-2599.31%b
20242024-04-2697.25%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not affect the voting results for this proposal.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not affect the voting results for this proposal.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not affect the voting results for this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)11 : 1
CEO total compensation$1,236,169
Median employee compensation$114,192
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Gerald L. KilcoyneIndependent · Board Chair · Audit$113,250$30,000$0$0$0$143,250
Ralph R. KautenIndependent · Audit (Chair) · Operational Risk · Not standing for re-election59,50030,00000089,500
Daniel P. OlszewskiIndependent · Corporate Governance and Nominating · Operational Risk (Chair)57,00030,00000087,000
Laurie S. BensonIndependent · Corporate Governance and Nominating (Chair) · Compensation56,00030,00000086,000
Carla C. ChavarriaIndependent · Compensation (Chair) · Corporate Governance and Nominating53,00030,00000083,000
W. Kent LorenzIndependent · Audit · Compensation · Operational Risk52,50030,00000082,500
Jason R. GrahamIndependent · Audit (Chair Elect) · Newly elected27,66730,00000057,667
Corey A. ChambasEmployee director000—00
09

Board fee structure and ownership guideline

Annual cash retainer$37,500
Annual equity retainer$30,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)10,000 / 5,000 / 10,000
Stock ownership guideline$150,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$418,917
Equity awards (grant-date value)$210,000
All other compensation$0
Total cost of the board$628,917

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies FIRST BUSINESS FINANCIAL SERVICES, INC. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including FIRST BUSINESS FINANCIAL SERVICES, INC..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Northeast Bank2025Richard Wayne$674,733$1,308,982$0$1,180,783$3,687,821
2Equity Bancshares, Inc.2025Brad Elliott857,995663,156281,500854,4273,073,975
3Civista Bancshares, Inc.2025Dennis Shaffer573,657166,2460258,1462,894,036
4Business First Bancshares, Inc.2025David Melville, III801,500666,5820202,1062,582,764
5Lakeland Financial Corporation2025David Findlay739,6541,304,5820393,1282,473,892
6Mid Penn Bancorp, Inc.2025Rory Ritrievi773,077257,2000334,4002,209,726
7Orange County Bancorp, Inc.2025Michael Gilfeather700,000609,0010450,0002,092,482
8CrossFirst Bankshares, Inc.2023Michael Maddox712,500593,0190514,8231,924,315
9Great Southern Bancorp, Inc.2025Joseph Turner518,072093,756872,9701,815,277
10Mercantile Bank Corporation2025Raymond Reitsma734,600471,2830462,7981,769,983
11SmartFinancial, Inc.2025William Carroll, Jr.657,297476,7570509,4331,717,633
12MidWestOne Financial Group, Inc.2024Charles Reeves646,875400,0030534,0391,611,393
13FirstBank2025Patrick Ryan728,000360,7050357,9491,543,299
14HomeTrust Bancshares, Inc.2025C. Hunter Westbrook675,769349,4000422,5301,487,191
15Bridgewater Bancshares, Inc.2025Jerry Baack650,000218,3720433,0001,349,932
16Heritage Financial Corporation2025Bryan McDonald610,616256,6320356,8521,345,480
17Bankwell Financial Group, Inc.2025Christopher Gruseke700,000251,3650368,5501,336,526
18Home Bancorp, Inc.2025John Bordelon585,00400485,0001,235,742
19Citizens Financial Services2025Randall Black675,00089,969001,212,643
20Enterprise Bancorp, Inc.2024Steven Larochelle484,799305,0040267,4881,100,366
21Citizens & Northern Corporation2025J. Bradley Scovill605,000118,3940248,8381,041,499
22Colony Bankcorp, Inc.2025T. Heath Fountain535,000129,573001,008,595
23Farmers & Merchants Bancorp2025Lars Eller519,841109,1480283,573969,335
24FIRST BUSINESS FINANCIAL SERVICES, INC.2025James Hartlieb315,000110,9850147,195620,487
25Macatawa Bank Corporation2023Jon Swets410,417104,99600533,935

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
FIRST BUSINESS FINANCIAL SERVICES, INC.134%PSU 60 · RSU 40Yes — Total Shareholder Return (TSR)McLagan
Bankwell Financial Group, Inc.117%PSU 100Yes — total shareholder return (TSR)Pearl Meyer & Partners, LLC
Bridgewater Bancshares, Inc.89%RSU 100not disclosedPearl Meyer
Business First Bancshares, Inc.123.93%RSU 50 · PSU 50NoMcLagan
Citizens & Northern Corporation141.4%RSU 50 · PSU 50NoPearl Meyer & Partners, LLC
Citizens Financial Servicesnot disclosednot disclosednot disclosedBlanchard Consulting Group
Civista Bancshares, Inc.not disclosedRSU 100Yes — Relative TSR vs. Peer Group (3 year average)Blanchard Consulting Group
Colony Bankcorp, Inc.not disclosedRSU 100not disclosednot disclosed
CrossFirst Bankshares, Inc.94.68%RSU 50 · PSU 50Yes — Relative Total Shareholder Return (TSR)Meridian
Enterprise Bancorp, Inc.not disclosedRestricted Stock 50 · PRSU 50NoPearl Meyer and Partners
Equity Bancshares, Inc.132.1%RSU 50 · PSU 50Yes — Total Stockholder Return (TSR)Blanchard Consulting Group
Farmers & Merchants Bancorpnot disclosedStock Awards 100not disclosednot disclosed
FirstBanknot disclosedRSU 100not disclosedAon Human Capital Solutions (division of Aon plc)
Great Southern Bancorp, Inc.not disclosedOption 100not disclosedPearl Meyer & Partners, LLC
Heritage Financial Corporation121%PSU 50 · RSU 50NoPearl Meyer
Home Bancorp, Inc.not disclosedRSU 100not disclosednot disclosed
HomeTrust Bancshares, Inc.not disclosednot disclosednot disclosedMeridian Compensation Partners, LLC
Lakeland Financial Corporation106%PSU 60 · RSU 40NoPearl Meyer & Partners
Macatawa Bank Corporationnot disclosedRestricted Stock 100not disclosedMcLagan, AON Hewitt
Mercantile Bank Corporation105.6%PSU 65 · RSU 35NoAON
Mid Penn Bancorp, Inc.104.5%RSU 100not disclosedMeridian Compensation Partners
MidWestOne Financial Group, Inc.127.0%PSU 60 · RSU 40not disclosedFrederic W. Cook & Co., Inc.
Northeast Banknot disclosedRestricted Stock (time-based) 50 · Restricted Stock (performance-based) 50not disclosedPricewaterhouseCoopers LLP
Orange County Bancorp, Inc.not disclosedRSU 100not disclosedAON
SmartFinancial, Inc.127.3%RSU 100NoBlanchard Consulting Group

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at FIRST BUSINESS FINANCIAL SERVICES, INC. in fiscal 2025?
As disclosed, Corey Chambas (Chief Executive Officer First Business Financial Services, Inc.) was the highest-paid executive at FIRST BUSINESS FINANCIAL SERVICES, INC. in fiscal 2025, with total compensation of $1,236,169.
How does FIRST BUSINESS FINANCIAL SERVICES, INC.'s chief executive pay compare to its disclosed peer group?
As disclosed, James Hartlieb's total compensation ranked at the 4th percentile of FIRST BUSINESS FINANCIAL SERVICES, INC.'s disclosed peer group.
What is FIRST BUSINESS FINANCIAL SERVICES, INC.'s CEO-to-median employee pay ratio?
As disclosed, FIRST BUSINESS FINANCIAL SERVICES, INC.'s CEO-to-median employee pay ratio was 11:1.
How did shareholders vote on FIRST BUSINESS FINANCIAL SERVICES, INC.'s executive compensation?
As disclosed, 97.69% of shareholders supported FIRST BUSINESS FINANCIAL SERVICES, INC.'s executive compensation in the latest say-on-pay vote.
How much does FIRST BUSINESS FINANCIAL SERVICES, INC. spend in total on board compensation for fiscal 2025?
As disclosed, FIRST BUSINESS FINANCIAL SERVICES, INC. reported total board compensation of $628,917 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Corey ChambasDEF 14A2026-03-050001193125-26-092613Section “Summary Compensation Table” · page 47. As printed: 1,236,169. Filing ↗machine: t39 · r2 · c16 · span 1032560–1032569
2Section 01, David SeilerDEF 14A2026-03-050001193125-26-092613Section “Summary Compensation Table” · page 47. As printed: 1,083,192. Filing ↗machine: r8 · c16 · span 1073528–1073538
3Section 01, Brian SpielmannDEF 14A2026-03-050001193125-26-092613Section “Summary Compensation Table” · page 47. As printed: 688,265. Filing ↗machine: r5 · c16 · span 1053047–1053055
4Section 01, Bradley QuadeDEF 14A2026-03-050001193125-26-092613Section “Summary Compensation Table” · page 47. As printed: 667,486. Filing ↗machine: r11 · c16 · span 1094029–1094037
5Section 01, James HartliebDEF 14A2026-03-050001193125-26-092613Section “Summary Compensation Table” · page 47. As printed: 620,487. Filing ↗machine: r14 · c16 · span 1114517–1114525
6Section 03, Corey Chambas RSUDEF 14A2026-03-050001193125-26-092613Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t25 · r2 · c3 · span 710696–710701
7Section 03, Corey Chambas PSUDEF 14A2026-03-050001193125-26-092613Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t25 · r2 · c1 · span 709867–709872
8Section 03, Brian Spielmann PSUDEF 14A2026-03-050001193125-26-092613Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t25 · r3 · c1 · span 712061–712066
9Section 03, Brian Spielmann RSUDEF 14A2026-03-050001193125-26-092613Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t25 · r3 · c3 · span 712889–712892
10Section 03, David Seiler PSUDEF 14A2026-03-050001193125-26-092613Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t25 · r4 · c1 · span 714248–714253
11Section 03, David Seiler RSUDEF 14A2026-03-050001193125-26-092613Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t25 · r4 · c3 · span 715077–715082
12Section 03, Bradley Quade PSUDEF 14A2026-03-050001193125-26-092613Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t25 · r5 · c1 · span 716439–716444
13Section 03, Bradley Quade RSUDEF 14A2026-03-050001193125-26-092613Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t25 · r5 · c3 · span 717267–717270
14Section 03, James Hartlieb PSUDEF 14A2026-03-050001193125-26-092613Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t25 · r6 · c1 · span 718628–718633
15Section 03, James Hartlieb RSUDEF 14A2026-03-050001193125-26-092613Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t25 · r6 · c3 · span 719456–719459
16Section 07, pay ratioDEF 14A2026-03-050001193125-26-092613Section “CEO Pay Ratio”. As printed: 11 : 1. Filing ↗machine: t50 · r2 · c2 · span 1660401–1660409
17Section 08, Gerald L. KilcoyneDEF 14A2026-03-050001193125-26-092613Section “Director Compensation”. As printed: 143,250. Filing ↗machine: t23 · r6 · c6 · span 621877–621885
18Section 08, Ralph R. KautenDEF 14A2026-03-050001193125-26-092613Section “Director Compensation”. As printed: 89,500. Filing ↗machine: t23 · r5 · c6 · span 618953–618960
19Section 08, Daniel P. OlszewskiDEF 14A2026-03-050001193125-26-092613Section “Director Compensation”. As printed: 87,000. Filing ↗machine: t23 · r8 · c6 · span 627721–627728
20Section 08, Laurie S. BensonDEF 14A2026-03-050001193125-26-092613Section “Director Compensation”. As printed: 86,000. Filing ↗machine: t23 · r2 · c6 · span 609997–610004
21Section 08, Carla C. ChavarriaDEF 14A2026-03-050001193125-26-092613Section “Director Compensation”. As printed: 83,000. Filing ↗machine: t23 · r3 · c6 · span 612920–612927
22Section 08, W. Kent LorenzDEF 14A2026-03-050001193125-26-092613Section “Director Compensation”. As printed: 82,500. Filing ↗machine: t23 · r7 · c6 · span 624797–624804
23Section 08, Jason R. GrahamDEF 14A2026-03-050001193125-26-092613Section “Director Compensation”. As printed: 57,667. Filing ↗machine: t23 · r4 · c6 · span 616033–616040
24Section 08, Corey A. ChambasDEF 14A2026-03-050001193125-26-092613Section “Director Compensation”. As printed: 0. Filing ↗
25Section 02, Corey A. Chambas 2026-04-10Form 42026-04-140000892712-26-000209Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Jodi A. Chandler 2026-04-10Form 42026-04-140000892712-26-000210Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Laura M. Garcia 2026-04-10Form 42026-04-140000892712-26-000211Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Laura M. Garcia 2026-04-10Form 42026-04-140000892712-26-000211Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, James Hartlieb 2026-04-10Form 42026-04-140000892712-26-000213Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, James Hartlieb 2026-04-10Form 42026-04-140000892712-26-000213Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, James Hartlieb 2026-04-10Form 42026-04-140000892712-26-000213Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Daniel Ovokaitys 2026-04-10Form 42026-04-140000892712-26-000214Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Daniel Ovokaitys 2026-04-10Form 42026-04-140000892712-26-000214Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Bradley Quade 2026-04-10Form 42026-04-140000892712-26-000215Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, David Seiler 2026-04-10Form 42026-04-140000892712-26-000216Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, David Seiler 2026-04-10Form 42026-04-140000892712-26-000216Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Brian Spielmann 2026-04-10Form 42026-04-140000892712-26-000217Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Brian Spielmann 2026-04-10Form 42026-04-140000892712-26-000217Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Jodi A. Chandler 2026-04-10Form 42026-04-140000892712-26-000210Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Corey A. Chambas 2026-04-10Form 42026-04-140000892712-26-000209Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Bradley Quade 2026-04-10Form 42026-04-140000892712-26-000215Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Corey A. Chambas 2026-05-16Form 42026-05-190000892712-26-000262Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Carla C. Chavarria 2026-05-16Form 42026-05-190000892712-26-000263Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Daniel P. Olszewski 2026-05-16Form 42026-05-190000892712-26-000267Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Kevin D. Crampton 2026-05-16Form 42026-05-190000892712-26-000268Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Laura M. Garcia 2026-05-16Form 42026-05-190000892712-26-000269Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Gerald L. Kilcoyne 2026-05-16Form 42026-05-190000892712-26-000265Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, David Seiler 2026-05-16Form 42026-05-190000892712-26-000260Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, W. Kent Lorenz 2026-05-16Form 42026-05-190000892712-26-000266Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Laurie S. Benson 2026-05-16Form 42026-05-190000892712-26-000261Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Jason R. Graham 2026-05-16Form 42026-05-190000892712-26-000264Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Scott M. Ferris 2026-08-16Form 42026-08-180000892712-26-000353Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Jodi A. Chandler 2026-08-27Form 42026-08-280000892712-26-000359Insider equity transaction reported since the proxy statement. Filing ↗
54Section 06, 2026 voteForm 8-K2026-04-290001193125-26-191442Item 5.07 · say-on-pay result. As reported: 97.69% (votes for as printed: 5,506,342). Filing ↗
55Section 06, 2025 voteForm 8-K2025-05-020000950170-25-062084Item 5.07 · say-on-pay result. As reported: 99.31% (votes for as printed: 5,547,083). Filing ↗
56Section 06, 2024 voteForm 8-K2024-05-010001104659-24-055727Item 5.07 · say-on-pay result. As reported: 97.25% (votes for as printed: 5,322,163). Filing ↗
57Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
58Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
59Section 09b board cost (computed)Computed——Cash 418,917 + equity 210,000 + all other 0 = 628,917, summed across the director compensation table rows.machine: formula: Σ = 628,917
60Northeast Bank, Section 10b CEO totalDEF 14A2025-10-06—CEO total compensation as printed in Northeast Bank's own proxy. As printed: 3,687,821. Filing ↗
61Equity Bancshares, Inc., Section 10b CEO totalDEF 14A2026-03-120001193125-26-103215CEO total compensation as printed in Equity Bancshares, Inc.'s own proxy. As printed: 3,073,975. Filing ↗machine: r2 · c31 · span 655068–655077
62Civista Bancshares, Inc., Section 10b CEO totalDEF 14A2026-04-070001193125-26-145510CEO total compensation as printed in Civista Bancshares, Inc.'s own proxy. As printed: 2,894,036. Filing ↗
63Business First Bancshares, Inc., Section 10b CEO totalDEF 14A2026-04-080001437749-26-011695CEO total compensation as printed in Business First Bancshares, Inc.'s own proxy. As printed: 2,582,764. Filing ↗
64Lakeland Financial Corporation, Section 10b CEO totalDEF 14A2026-03-050000721994-26-000036CEO total compensation as printed in Lakeland Financial Corporation's own proxy. As printed: 2,473,892. Filing ↗machine: span 916200–916209
65Mid Penn Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-270001193125-26-128769CEO total compensation as printed in Mid Penn Bancorp, Inc.'s own proxy. As printed: 2,209,726. Filing ↗machine: r3 · c35 · span 723945–723954
66Orange County Bancorp, Inc., Section 10b CEO totalDEF 14A2026-04-150001104659-26-043778CEO total compensation as printed in Orange County Bancorp, Inc.'s own proxy. As printed: 2,092,482. Filing ↗machine: r1 · c47 · span 243871–243880
67CrossFirst Bankshares, Inc., Section 10b CEO totalDEF 14A2024-03-260001558370-24-003893CEO total compensation as printed in CrossFirst Bankshares, Inc.'s own proxy. As printed: 1,924,315. Filing ↗
68Great Southern Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-310002077096-26-000017CEO total compensation as printed in Great Southern Bancorp, Inc.'s own proxy. As printed: 1,815,277. Filing ↗machine: r7 · c33 · span 320537–320546
69Mercantile Bank Corporation, Section 10b CEO totalDEF 14A2026-04-020001437749-26-010964CEO total compensation as printed in Mercantile Bank Corporation's own proxy. As printed: 1,769,983. Filing ↗machine: t42 · r1 · c20 · span 302151–302160
70SmartFinancial, Inc., Section 10b CEO totalDEF 14A2026-04-070001104659-26-040440CEO total compensation as printed in SmartFinancial, Inc.'s own proxy. As printed: 1,717,633. Filing ↗machine: t125 · r5 · c14 · span 980764–980773
71MidWestOne Financial Group, Inc., Section 10b CEO totalDEF 14A2025-03-110001412665-25-000046CEO total compensation as printed in MidWestOne Financial Group, Inc.'s own proxy. As printed: 1,611,393. Filing ↗machine: span 451813–451822
72FirstBank, Section 10b CEO totalDEF 14A2026-03-20—CEO total compensation as printed in FirstBank's own proxy. As printed: 1,543,299. Filing ↗
73HomeTrust Bancshares, Inc., Section 10b CEO totalDEF 14A2026-04-070001538263-26-000032CEO total compensation as printed in HomeTrust Bancshares, Inc.'s own proxy. As printed: 1,487,191. Filing ↗machine: span 442986–442995
74Bridgewater Bancshares, Inc., Section 10b CEO totalDEF 14A2026-03-160001104659-26-028272CEO total compensation as printed in Bridgewater Bancshares, Inc.'s own proxy. As printed: 1,349,932. Filing ↗machine: t135 · r6 · c22 · span 897478–897487
75Heritage Financial Corporation, Section 10b CEO totalDEF 14A2026-03-200001628280-26-019987CEO total compensation as printed in Heritage Financial Corporation's own proxy. As printed: 1,345,480. Filing ↗machine: r5 · c24 · span 657550–657559
76Bankwell Financial Group, Inc., Section 10b CEO totalDEF 14A2026-04-070001505732-26-000064CEO total compensation as printed in Bankwell Financial Group, Inc.'s own proxy. As printed: 1,336,526. Filing ↗machine: r2 · c21 · span 357480–357489
77Home Bancorp, Inc., Section 10b CEO totalDEF 14A2026-04-020002077096-26-000037CEO total compensation as printed in Home Bancorp, Inc.'s own proxy. As printed: 1,235,742. Filing ↗machine: span 239000–239009
78Citizens Financial Services, Section 10b CEO totalDEF 14A2026-03-120001140361-26-009104CEO total compensation as printed in Citizens Financial Services's own proxy. As printed: 1,212,643. Filing ↗
79Enterprise Bancorp, Inc., Section 10b CEO totalDEF 14A2025-04-010001018399-25-000025CEO total compensation as printed in Enterprise Bancorp, Inc.'s own proxy. As printed: 1,100,366. Filing ↗machine: r9 · c28 · span 513496–513505
80Citizens & Northern Corporation, Section 10b CEO totalDEF 14A2026-03-130001104659-26-027576CEO total compensation as printed in Citizens & Northern Corporation's own proxy. As printed: 1,041,499. Filing ↗machine: r8 · c26 · span 452428–452437
81Colony Bankcorp, Inc., Section 10b CEO totalDEF 14A2026-04-160001104659-26-044388CEO total compensation as printed in Colony Bankcorp, Inc.'s own proxy. As printed: 1,008,595. Filing ↗machine: t35 · r3 · c17 · span 278949–278958
82Farmers & Merchants Bancorp, Section 10b CEO totalDEF 14A2026-03-240001140361-26-010915CEO total compensation as printed in Farmers & Merchants Bancorp's own proxy. As printed: 969,335. Filing ↗machine: r2 · c21 · span 457783–457790
83FIRST BUSINESS FINANCIAL SERVICES, INC. (subject), Section 10b CEO totalDEF 14A2026-03-050001193125-26-092613CEO total compensation as printed in FIRST BUSINESS FINANCIAL SERVICES, INC.'s own proxy. As printed: 620,487. Filing ↗machine: r14 · c16 · span 1114517–1114525
84Macatawa Bank Corporation, Section 10b CEO totalDEF 14A2024-04-290001437749-24-013731CEO total compensation as printed in Macatawa Bank Corporation's own proxy. As printed: 533,935. Filing ↗
85Section 10a, Citizens Financial Services reciprocityDEF 14A—0001140361-26-009104Citizens Financial Services's most recent proxy was read; its disclosed peer group does not include FIRST BUSINESS FINANCIAL SERVICES, INC.. Filing ↗
86Section 10a, MidWestOne Financial Group, Inc. reciprocityDEF 14A—0001412665-25-000046MidWestOne Financial Group, Inc.'s most recent proxy was read; its disclosed peer group does not include FIRST BUSINESS FINANCIAL SERVICES, INC.. Filing ↗
87Section 10a, Lakeland Financial Corporation reciprocityDEF 14A—0000721994-26-000036Lakeland Financial Corporation's most recent proxy was read; its disclosed peer group does not include FIRST BUSINESS FINANCIAL SERVICES, INC.. Filing ↗
88Section 10a, Enterprise Bancorp, Inc. reciprocityDEF 14A—0001018399-25-000025Enterprise Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include FIRST BUSINESS FINANCIAL SERVICES, INC.. Filing ↗
89Section 10a, Bridgewater Bancshares, Inc. reciprocityDEF 14A—0001104659-26-028272Bridgewater Bancshares, Inc. names FIRST BUSINESS FINANCIAL SERVICES, INC. in its own disclosed peer group (read from its most recent proxy). Filing ↗
90Section 10a, Farmers & Merchants Bancorp reciprocityDEF 14A—0001193125-25-044260Farmers & Merchants Bancorp's most recent proxy was read; its disclosed peer group does not include FIRST BUSINESS FINANCIAL SERVICES, INC.. Filing ↗
91Section 10a, FirstBank reciprocityDEF 14A——FirstBank's most recent proxy was read; its disclosed peer group does not include FIRST BUSINESS FINANCIAL SERVICES, INC.. Filing ↗
92Section 10a, Bankwell Financial Group, Inc. reciprocityDEF 14A—0001505732-26-000064Bankwell Financial Group, Inc.'s most recent proxy was read; its disclosed peer group does not include FIRST BUSINESS FINANCIAL SERVICES, INC.. Filing ↗
93Section 10a, Business First Bancshares, Inc. reciprocityDEF 14A—0001437749-26-011695Business First Bancshares, Inc.'s most recent proxy was read; its disclosed peer group does not include FIRST BUSINESS FINANCIAL SERVICES, INC.. Filing ↗
94Section 10a, Civista Bancshares, Inc. reciprocityDEF 14A—0001193125-26-145510Civista Bancshares, Inc.'s most recent proxy was read; its disclosed peer group does not include FIRST BUSINESS FINANCIAL SERVICES, INC.. Filing ↗
95Section 10a, Equity Bancshares, Inc. reciprocityDEF 14A—0001193125-26-103215Equity Bancshares, Inc.'s most recent proxy was read; its disclosed peer group does not include FIRST BUSINESS FINANCIAL SERVICES, INC.. Filing ↗
96Section 10a, Heritage Financial Corporation reciprocityDEF 14A—0001628280-26-019987Heritage Financial Corporation's most recent proxy was read; its disclosed peer group does not include FIRST BUSINESS FINANCIAL SERVICES, INC.. Filing ↗
97Section 10a, HomeTrust Bancshares, Inc. reciprocityDEF 14A—0001538263-26-000032HomeTrust Bancshares, Inc.'s most recent proxy was read; its disclosed peer group does not include FIRST BUSINESS FINANCIAL SERVICES, INC.. Filing ↗
98Section 10a, Mercantile Bank Corporation reciprocityDEF 14A—0001437749-26-010964Mercantile Bank Corporation's most recent proxy was read; its disclosed peer group does not include FIRST BUSINESS FINANCIAL SERVICES, INC.. Filing ↗
99Section 10a, Mid Penn Bancorp, Inc. reciprocityDEF 14A—0001193125-26-128769Mid Penn Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include FIRST BUSINESS FINANCIAL SERVICES, INC.. Filing ↗

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