First Bank & Trust Discloses $594M in Q3 2025 Holdings
First Bank & Trust
Filing Summary
First Bank & Trust Discloses $594M in Q3 2025 Holdings
Filer: First Bank & Trust CIK: 0001692632 Form: 13F-HR | Filed: 2025-10-10 Significance: Low
Portfolio Snapshot (as of 2025-09-30): • Total Value: $594,206,400 • Number of Holdings: 399
Key Insight: This is a routine quarterly disclosure of the bank's managed holdings. The portfolio shows a strong emphasis on diversified, low-cost ETFs, indicating a broad, passive investment strategy for its clients. The total value of reported assets is approximately $594 million.
Top Holdings Include: • Vanguard Total Stock Market ETF (VTI) • Vanguard FTSE Developed Markets ETF (VEA) • iShares Core U.S. Aggregate Bond ETF (AGG)
This is PUBLIC SEC data for educational purposes. Not investment advice.
Comprehensive Analysis
SEC Filing Analysis: First Bank & Trust (13F-HR)
Executive Summary
- Trading Significance: Low
- Key Takeaway: First Bank & Trust filed its quarterly Form 13F-HR, disclosing $594.2 million in assets under management across 399 positions as of September 30, 2025. The filing indicates a highly diversified, ETF-centric investment strategy, which is typical for a trust or wealth management institution.
- Market Impact: As a routine and backward-looking disclosure from a single mid-sized institution, the direct market impact is negligible. However, the data is valuable for aggregate analysis of institutional sentiment and flows.
Filer Information
| Field | Value |
|---|---|
| Filer Name | First Bank & Trust |
| CIK | 0001692632 |
| Type | Institutional Investment Manager |
Portfolio Summary
This Form 13F-HR is a snapshot of the filer's portfolio at the end of the quarter and does not represent individual insider transactions.
| Field | Value |
|---|---|
| Form Type | 13F-HR (Holdings Report) |
| Period of Report Date | 2025-09-30 |
| Total Portfolio Value | $594,206,400 |
| Total Number of Holdings | 399 |
Top 5 Reported Holdings by Value
| Holding | CUSIP | Value (USD) |
|---|---|---|
| Van Ttl Stk Mkt (VTI) | 922908769 | $69,870,018 |
| Vanguard FTSE Dev (VEA) | 921943858 | $47,412,974 |
| iShares Core (AGG) | 464287226 | $28,615,438 |
| Vanguard FTSE Emg (VWO) | 922042858 | $21,682,864 |
| Vanguard Index Fd Et (VOO) | 922908363 | $20,255,059 |
Market Impact Analysis
Stock Impact Prediction
- Direction: Neutral
- Reasoning: 13F filings are historical records of positions held at the end of a quarter. The data is at least 45 days old by the time it is public and does not signal imminent trades. Therefore, it does not typically trigger a direct market reaction for the underlying securities.
Volume & Sentiment
- Expected Volume Impact: None. This filing is not expected to impact trading volumes of the held securities.
- Sentiment Indicator: The portfolio structure indicates a neutral to bullish long-term sentiment, favoring broad market diversification over concentrated, high-conviction bets.
Investment Insights
Positive Market Indicators
- The substantial assets under management ($594M) reflect a stable and significant client base for First Bank & Trust's wealth management services.
- The heavy allocation to major index ETFs (like VTI, VEA, VOO) suggests a disciplined, low-cost, and diversified investment philosophy, which is a prudent strategy for long-term wealth management.
Risk Factors
- Backward-Looking Data: The primary risk is misinterpreting this data as current. The holdings listed were as of September 30, 2025, and may have changed significantly since then.
- No Indication of Strategy Change: This single filing does not provide enough information to determine changes in strategy. Analysis requires comparing this filing to previous and future ones to identify trends in allocation.
Key Takeaways
- Passive Strategy Dominates: The portfolio is heavily weighted towards broad-market ETFs, indicating a preference for passive, diversified exposure for its clients.
- Global Diversification: Significant holdings in developed (VEA) and emerging (VWO) market ETFs show a commitment to global diversification.
- Core Holdings: The top positions are foundational, core assets used in many model portfolios, reinforcing the institution's role as a traditional wealth manager rather than a speculative hedge fund.
Contextual Analysis
Filing Context
This Form 13F-HR is a mandatory quarterly report required by the SEC for institutional investment managers with over $100 million in qualifying assets under management. Its purpose is to increase the transparency of institutional holdings.
Company Context
First Bank & Trust is a financial institution based in Brookings, SD. This filing represents the holdings managed by its trust and investment division on behalf of clients. The composition of the portfolio is consistent with the fiduciary responsibilities of a trust company.
Risk Assessment
Risk Level for Interpretation: Medium
Risk Factors in Using This Data
- Timeliness: The data is over a month old and does not reflect real-time positioning.
- Lack of Granularity: The filing does not show cash positions, short positions, or certain other asset classes, providing an incomplete picture of the overall strategy.
- No 'Why': The filing shows what was held, but not why. The reasons for holding these assets are not disclosed.
IMPORTANT DISCLAIMER: This analysis is for informational purposes only and is not intended as investment advice. The information presented is based on publicly available SEC filings and should not be construed as a recommendation to buy, sell, or hold any securities. Past performance does not guarantee future results. All investments carry risk, including the potential loss of principal. Please consult with a qualified financial advisor before making any investment decisions.
Analysis generated on October 11, 2025 | Data source: SEC EDGAR
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Important Disclaimer
This content is drawn from public SEC filings and may contain errors. It is for informational purposes only and is not investment, legal, or tax advice.
Nothing here is a recommendation to buy, sell, or hold any security. Do your own due diligence.