<SEC-DOCUMENT>0001521951-17-000052.txt : 20170511
<SEC-HEADER>0001521951-17-000052.hdr.sgml : 20170511
<ACCEPTANCE-DATETIME>20170511142621
ACCESSION NUMBER:		0001521951-17-000052
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170331
FILED AS OF DATE:		20170511
DATE AS OF CHANGE:		20170511
EFFECTIVENESS DATE:		20170511

FILER:

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

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-15585
		FILM NUMBER:		17833737

	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
</SEC-HEADER>
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<SEQUENCE>1
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          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>03-31-2017</periodOfReport>
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      <reportCalendarOrQuarter>03-31-2017</reportCalendarOrQuarter>
      <filingManager>
        <name>FIRST BUSINESS FINANCIAL SERVICES, INC.</name>
        <address>
          <com:street1>401 CHARMANY DRIVE</com:street1>
          <com:street2>PO Box 44961</com:street2>
          <com:city>MADISON</com:city>
          <com:stateOrCountry>WI</com:stateOrCountry>
          <com:zipCode>53744</com:zipCode>
        </address>
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      <form13FFileNumber>028-15585</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Joan A. Burke</name>
      <title>President, First Business Trust &amp; Investments</title>
      <phone>608-232-5993</phone>
      <signature>/s/Joan A. Burke</signature>
      <city>Madison</city>
      <stateOrCountry>WI</stateOrCountry>
      <signatureDate>05-11-2017</signatureDate>
    </signatureBlock>
    <summaryPage>
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    <votingAuthority>
      <Sole>8857</Sole>
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      <None>50</None>
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    <nameOfIssuer>Industrials Select Sector SPDR</nameOfIssuer>
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    <cusip>81369Y704</cusip>
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      <sshPrnamt>281217</sshPrnamt>
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    <votingAuthority>
      <Sole>281217</Sole>
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      <None>0</None>
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    <cusip>458140100</cusip>
    <value>208</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2839</Sole>
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      <None>2920</None>
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    <value>508</value>
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    <votingAuthority>
      <Sole>8482</Sole>
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      <None>0</None>
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    <cusip>G491BT108</cusip>
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    <votingAuthority>
      <Sole>15571</Sole>
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      <None>0</None>
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    <nameOfIssuer>iShares Core MSCI EAFE ETF</nameOfIssuer>
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    <cusip>46432F842</cusip>
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      <sshPrnamt>8192</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8192</Sole>
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      <None>0</None>
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    <cusip>464287226</cusip>
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      <sshPrnamt>485301</sshPrnamt>
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    <votingAuthority>
      <Sole>485301</Sole>
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      <None>0</None>
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    <cusip>464287465</cusip>
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    <votingAuthority>
      <Sole>1143727</Sole>
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      <None>0</None>
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    <cusip>464288414</cusip>
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      <sshPrnamt>21410</sshPrnamt>
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    <votingAuthority>
      <Sole>21410</Sole>
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      <None>0</None>
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    <cusip>464287622</cusip>
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      <sshPrnamt>2600</sshPrnamt>
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    <votingAuthority>
      <Sole>2600</Sole>
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      <None>0</None>
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    <votingAuthority>
      <Sole>147957</Sole>
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      <None>0</None>
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    <cusip>464287598</cusip>
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    <votingAuthority>
      <Sole>363483</Sole>
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      <None>0</None>
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    <votingAuthority>
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      <None>0</None>
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    <cusip>464287648</cusip>
    <value>587</value>
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      <sshPrnamt>3632</sshPrnamt>
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    <votingAuthority>
      <Sole>3632</Sole>
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      <None>0</None>
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    <nameOfIssuer>iShares Russell 2000 Value</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>464287630</cusip>
    <value>633</value>
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      <sshPrnamt>5354</sshPrnamt>
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    <votingAuthority>
      <Sole>5354</Sole>
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      <None>0</None>
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    <nameOfIssuer>JPMorgan Chase &amp; Co</nameOfIssuer>
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    <cusip>46625H100</cusip>
    <value>202</value>
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    <votingAuthority>
      <Sole>2052</Sole>
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      <None>247</None>
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    <nameOfIssuer>Kraft Heinz Co Com</nameOfIssuer>
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    <cusip>500754106</cusip>
    <value>350</value>
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      <sshPrnamt>3859</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>138</Sole>
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      <None>3721</None>
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    <nameOfIssuer>Lincoln National Corp</nameOfIssuer>
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    <cusip>534187109</cusip>
    <value>519</value>
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      <sshPrnamt>7934</sshPrnamt>
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    <votingAuthority>
      <Sole>7934</Sole>
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      <None>0</None>
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    <nameOfIssuer>Lowe's Companies Inc</nameOfIssuer>
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    <cusip>548661107</cusip>
    <value>540</value>
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      <sshPrnamt>6568</sshPrnamt>
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    <votingAuthority>
      <Sole>6568</Sole>
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      <None>0</None>
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    <nameOfIssuer>Marriott International Inc Class A</nameOfIssuer>
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    <cusip>571903202</cusip>
    <value>534</value>
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    <votingAuthority>
      <Sole>5673</Sole>
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      <None>0</None>
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    <nameOfIssuer>McDonald's Corp</nameOfIssuer>
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    <cusip>580135101</cusip>
    <value>401</value>
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      <sshPrnamt>3092</sshPrnamt>
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    <votingAuthority>
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      <None>2214</None>
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    <cusip>594918104</cusip>
    <value>472</value>
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    <votingAuthority>
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    <nameOfIssuer>Mondelez Intl Inc Class A</nameOfIssuer>
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    <cusip>609207105</cusip>
    <value>481</value>
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    <nameOfIssuer>Moody's Corporation</nameOfIssuer>
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    <cusip>615369105</cusip>
    <value>510</value>
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    <nameOfIssuer>Paychex Inc</nameOfIssuer>
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    <cusip>704326107</cusip>
    <value>494</value>
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    <votingAuthority>
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      <None>0</None>
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    <cusip>718172109</cusip>
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    <votingAuthority>
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      <None>9388</None>
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    <nameOfIssuer>PNC Financial Services Group I</nameOfIssuer>
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    <cusip>693475105</cusip>
    <value>256</value>
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    <votingAuthority>
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      <None>1868</None>
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    <cusip>74251V102</cusip>
    <value>519</value>
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      <sshPrnamt>8225</sshPrnamt>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>Public Storage</nameOfIssuer>
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    <cusip>74460D109</cusip>
    <value>503</value>
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    <votingAuthority>
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    <cusip>747525103</cusip>
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    <cusip>824348106</cusip>
    <value>498</value>
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    <nameOfIssuer>SPDR S&amp;P 500 ETF</nameOfIssuer>
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    <cusip>78462F103</cusip>
    <value>4289</value>
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    <cusip>85207H104</cusip>
    <value>198</value>
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    <cusip>855244109</cusip>
    <value>626</value>
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    <nameOfIssuer>The Home Depot Inc</nameOfIssuer>
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    <cusip>437076102</cusip>
    <value>698</value>
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    <nameOfIssuer>The Travelers Companies Inc</nameOfIssuer>
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    <cusip>89417E109</cusip>
    <value>523</value>
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      <Sole>4342</Sole>
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    <value>568</value>
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    <nameOfIssuer>United States Steel Corp</nameOfIssuer>
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    <cusip>912909108</cusip>
    <value>458</value>
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    <cusip>91324P102</cusip>
    <value>528</value>
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    <votingAuthority>
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    <cusip>921937835</cusip>
    <value>22511</value>
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    <votingAuthority>
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</DOCUMENT>
</SEC-DOCUMENT>
