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First Business Financial Services Executive Compensation (FY25)

FBIZ · Executive and director compensation, fiscal 2025 only
Data as of September 5, 2026Latest filing (8-K): April 29, 2026
202 figures on this page: 191 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Corey Chambas was paid $1,236,169 in total compensation as Chief Executive Officer for fiscal 2025, and the company reported a chief executive pay ratio of 11:1 for fiscal 2025, against median employee compensation of $114,192. Shareholders supported the say-on-pay proposal with 97.7% of votes cast for or against in favor at the meeting held April 24, 2026 for fiscal 2025. Companies named in the disclosed peer group include Bankwell Financial Group, Inc., Bridgewater Bancshares, Inc., Business First Bancshares, Inc., Citizens & Northern Corporation and Citizens Financial Services, among others. The fiscal 2025 disclosure covers 5 named executive officers.
Chief executive, fiscal 2025
◇
Corey Chambas
Latest say-on-pay support
=
April 24, 2026
Chief executive pay ratio
◇
To the median employee

Frequently asked questions

Answers drawn from the data on this page.
Who is First Business Financial Services' chief executive and what were they paid?
Corey Chambas was paid $1,236,169 in total compensation as Chief Executive Officer for fiscal 2025.
What was First Business Financial Services' say-on-pay result?
Shareholders supported the say-on-pay proposal with 97.7% of votes cast for or against in favor at the meeting held April 24, 2026 for fiscal 2025.
Which companies are in First Business Financial Services' peer group?
Companies named in the disclosed peer group include Bankwell Financial Group, Inc., Bridgewater Bancshares, Inc., Business First Bancshares, Inc., Citizens & Northern Corporation and Citizens Financial Services, among others.
What is First Business Financial Services' chief executive pay ratio?
The company reported a chief executive pay ratio of 11:1 for fiscal 2025, against median employee compensation of $114,192.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Corey Chambas
Chief Executive Officer First Business Financial Services, Inc.
◇—◇—◇—◇◇
David Seiler
President & Chief Operating Officer First Business Financial Services, Inc.
◇—◇—◇—◇◇
Brian Spielmann
Chief Financial Officer First Business Financial Services, Inc.
◇—◇—◇—◇◇
Bradley Quade
EVP & Chief Credit Officer First Business Financial Services, Inc.
◇—◇—◇—◇◇
James Hartlieb
President & CEO First Business Bank
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Bradley A. QuadePSU◇◇◇—◇—◇
Bradley A. QuadeRSU◇——◇——◇
Brian D. SpielmannPSU◇◇◇—◇—◇
Brian D. SpielmannRSU◇——◇——◇
Corey A. ChambasRSU◇——◇——◇
Corey A. ChambasPSU◇◇◇—◇—◇
David R. SeilerRSU◇——◇——◇
David R. SeilerPSU◇◇◇—◇—◇
James E. HartliebRSU◇——◇——◇
James E. HartliebPSU◇◇◇—◇—◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Brian SpielmannRSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
David SeilerPSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
James HartliebRSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
Bradley QuadePSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
Corey ChambasPSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Gerald L. Kilcoyne
Board chair
◇◇————◇
Ralph R. Kauten
◇◇————◇
Daniel P. Olszewski
◇◇————◇
Laurie S. Benson
◇◇————◇
Carla C. Chavarria
◇◇————◇
W. Kent Lorenz
◇◇————◇
Jason R. Graham
◇◇————◇
Corey A. Chambas served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as Fully vested shares.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Bankwell Financial Group, Inc. BWFG
  • Bridgewater Bancshares, Inc. BWB
  • Business First Bancshares, Inc. BFST
  • Citizens & Northern Corporation CZNC
  • Citizens Financial Services CZFS
  • Civista Bancshares, Inc. CIVB
  • Colony Bankcorp, Inc. CBAN
  • CrossFirst Bankshares, Inc. CFB
  • Enterprise Bancorp, Inc. EBTC
  • Equity Bancshares, Inc. EQBK
  • Farmers & Merchants Bancorp FMAO
  • FirstBank FRBA
  • Great Southern Bancorp, Inc. GSBC
  • Heritage Financial Corporation HFWA
  • Home Bancorp, Inc. HBCP
  • HomeTrust Bancshares, Inc. HTB
  • Lakeland Financial Corporation LKFN
  • Macatawa Bank Corporation MCBC
  • Mercantile Bank Corporation MBWM
  • Mid Penn Bancorp, Inc. MPB
  • MidWestOne Financial Group, Inc. MOFG
  • Northeast Bank NBN
  • Orange County Bancorp, Inc. OBT
  • SmartFinancial, Inc. SMBK

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025April 24, 2026=◇◇◇
2024April 25, 2025=◇◇◇
2023April 26, 2024=◇◇◇
2022April 28, 2023=◇◇◇
2021April 29, 2022=◇◇◇
2020April 30, 2021=◇◇◇
2019April 24, 2020=◇◇◇
2018May 2, 2019=◇◇◇
2017May 22, 2018=◇◇◇
2016May 23, 2017=◇◇◇
2015May 16, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact First Business Financial Services disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where First Business Financial Services sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
202 figures on this page: 191 cited to the filing that reported them, 11 calculated from figures it prints.
191 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001193125-26-191442
  2. 0001193125-26-092613
    CEO Pay Ratio · DIRECTOR COMPENSATION · Director Compensation · Grant of Plan-Based Awards · and 2 more sections
  3. 0000950170-25-062084
  4. 0001104659-24-055727
  5. 0001521951-23-000047
  6. 0001521951-22-000036
  7. 0001521951-21-000047
  8. 0001521951-20-000032
  9. 0001521951-19-000036
  10. 0001521951-18-000051
  11. 0001521951-17-000054
  12. 0001521951-16-000117
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Velarion, “First Business Financial Services executive compensation, FY2025.” https://intel.velarion.ai/comp/FBIZ (accessed 2026).
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Banking rankings

Chief executive pay — BankingCEO pay ratio — BankingSay-on-pay support — Banking

Peers First Business Financial Services discloses

The companies named in FBIZ's own disclosed peer group.

Bankwell Financial Group, Inc.Bridgewater Bancshares, Inc.Business First Bancshares, Inc.Citizens & Northern CorporationCitizens Financial ServicesCivista Bancshares, Inc.Colony Bankcorp, Inc.Equity Bancshares, Inc.Farmers & Merchants BancorpFirstBankGreat Southern Bancorp, Inc.Heritage Financial CorporationHome Bancorp, Inc.HomeTrust Bancshares, Inc.Lakeland Financial CorporationMercantile Bank CorporationMid Penn Bancorp, Inc.Northeast BankOrange County Bancorp, Inc.SmartFinancial, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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