FIRST BUSINESS FINANCIAL SERVICES, INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)


Unless otherwise indicated or unless the context requires otherwise, all
references in this Report to the “Corporation,” “we,” “us,” “our,” or similar
references mean First Business Financial Services, Inc. together with our
subsidiary. “FBB” or the “Bank” refers to our subsidiary, First Business Bank.

                           Forward-Looking Statements

  This report may include forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995, which reflect our 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. Such statements are subject to
risks and uncertainties, including among other things:

•Adverse changes in the economy or business conditions, either nationally or in
our markets, including, without limitation, inflation, supply chain issues,
labor shortages, wage pressures, and the adverse effects of the COVID-19
pandemic on the global, national, and local economy.
•Competitive pressures among depository and other financial institutions
nationally and in our markets.
•Increases in defaults by borrowers and other delinquencies.
•Our ability to manage growth effectively, including the successful expansion of
our client support, administrative infrastructure, and internal management
•Fluctuations in interest rates and market prices.
•Changes in legislative or regulatory requirements applicable to us and our
•Changes in tax requirements, including tax rate changes, new tax laws, and
revised tax law interpretations.
•Fraud, including client and system failure or breaches of our network security,
including our internet banking activities.
•Failure to comply with the applicable SBA regulations in order to maintain the
eligibility of the guaranteed portions of SBA loans.

  These risks could cause actual results to 
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The following Management's Discussion and Analysis ("MD&A") is intended to help
the reader understand the results of operations and financial condition of
Equifax Inc. MD&A is provided as a supplement to and should be read in
conjunction with our consolidated financial statements and the accompanying
Notes to Financial Statements in Item 8 of this Form 10-K. This section
discusses the results of our operations for the year ended December 31, 2022
compared to the year ended December 31, 2021 and the year ended December 31,
2021 compared to the year ended December 31, 2020. All percentages have been
calculated using unrounded amounts for each of the periods presented.

As used herein, the terms Equifax, the Company, we, our and us refer to
Equifax Inc., a Georgia corporation, and its consolidated subsidiaries as a
combined entity, except where it is clear that the terms mean only Equifax Inc.

All references to earnings per share data in MD&A are to diluted earnings per
share, or EPS, unless otherwise noted. Diluted EPS is calculated to reflect the
potential dilution that would occur if stock options or other contracts to issue
common stock were exercised and resulted in additional common shares


Equifax Inc. is a global data, analytics and technology company. We provide
information solutions for businesses, governments and consumers, and we provide
human resources business process automation and outsourcing services for
employers. We have a large and diversified group of clients, including financial
institutions, corporations, government agencies and individuals. Our services
are based on comprehensive databases of consumer and business information
derived from numerous sources including credit, financial assets,
telecommunications and utility payments, employment, income, educational
history, criminal history, healthcare professional licensure and sanctions,
demographic and marketing data. We use advanced statistical techniques, machine
learning and proprietary software 
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