First Bank & Trust
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 12, 2026), First Bank & Trust reported 260 stock positions worth $613.9 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 11.6% of the portfolio, followed by Vanguard Ftse Developed ETF (VEA, 8.1%) and iShares Core U.S. Aggregate (AGG, 5.0%). Compared with Q3 2025, it opened 18 new positions, sold out of 15, added to 114 and reduced 90. The biggest buy was Costco Wholesale (COST, shares +126%) and the biggest sale Microsoft (MSFT, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- BROOKINGS, SD
- CIK
- 0001692632
- Portfolio Value
- $613.9M (Q4 2025)
- SEC Filing
- 0001692632-26-000001 ↗ filed Jan 12, 2026
Holdings Value
Holdings 260 stocks · $613.9M
| VTI VG Morningstar TS MKT ETF-US | 11.63% | 212,908 | $71.4M | No change |
| VEA Vanguard Ftse Developed ETF | 8.08% | 794,444 | $49.6M | No change |
| AGG iShares Core U.S. Aggregate | 4.96% | 305,085 | $30.5M | Add +1.0% |
| VWO Vanguard Ftse Emerging Marke | 3.65% | 417,321 | $22.4M | Add +0.1% |
| VOO Vanguard S&P 500 ETF | 3.58% | 35,058 | $22.0M | Add +0.4% |
| MSFT Microsoft Corp. | 2.72% | 34,562 | $16.7M | Reduce -0.2% |
| AAPL Apple Inc. | 2.42% | 54,567 | $14.8M | Add +1.7% |
| IJR iShares Core S&P Small-Cap E | 2.37% | 120,821 | $14.5M | Reduce -0.0% |
| IJH iShares Core S&P Midcap ETF | 2.14% | 199,158 | $13.1M | Reduce -0.0% |
| VOOV Vanguard S&P 500 Value ETF | 1.53% | 45,762 | $9.4M | No change |
| NVDA Nvidia Corp. | 1.25% | 41,281 | $7.7M | Reduce -2.3% |
| VIOV Vanguard S&P Small-Cap 600 V | 1.25% | 78,422 | $7.7M | No change |
| DAKT Daktronics Inc. | 1.24% | 386,028 | $7.6M | Reduce -1.5% |
| COST Costco Wholesale Corp. | 1.23% | 8,782 | $7.6M | Add +126.3% |
| CATH Global X S&P 500 Ca Val ETF | 1.20% | 89,562 | $7.4M | No change |
| META Meta Platforms Inc. Class A | 1.08% | 10,006 | $6.6M | Add +0.8% |
| AMZN Amazon.com Inc. | 1.02% | 27,066 | $6.2M | Add +1.4% |
| GEVO Gevo Inc. | 1.00% | 3,064,948 | $6.1M | No change |
| GOOG Alphabet Inc. Class C | 0.93% | 18,238 | $5.7M | Reduce -4.7% |
| PM Philip Morris International | 0.79% | 30,423 | $4.9M | Add +2.1% |
| TTE Totalenergies SE | 0.79% | 74,455 | $4.9M | Reduce -1.3% |
| ABBV Abbvie Inc. | 0.76% | 20,414 | $4.7M | Reduce -0.9% |
| IVV iShares Core S&P 500 ETF | 0.76% | 6,809 | $4.7M | Add +8.7% |
| PFE Pfizer Inc. | 0.75% | 184,140 | $4.6M | Add +21.4% |
| GILD Gilead Sciences Inc. | 0.73% | 36,581 | $4.5M | Reduce -7.0% |
| ENB Enbridge Inc. | 0.73% | 93,074 | $4.5M | Reduce -0.5% |
| MA Mastercard Inc. Class A | 0.72% | 7,722 | $4.4M | Reduce -1.7% |
| USB US Bancorp | 0.71% | 82,005 | $4.4M | Add +4.9% |
| DUK Duke Energy Corp. | 0.71% | 36,982 | $4.3M | Reduce -0.9% |
| AMGN Amgen Inc. | 0.69% | 12,929 | $4.2M | Add +4.1% |
| NGG National Grid PLC-SP ADR | 0.68% | 54,262 | $4.2M | Add +0.7% |
| XOM Exxon Mobil Corp. | 0.68% | 34,773 | $4.2M | Add +10.0% |
| XEL Xcel Energy Inc. | 0.68% | 56,518 | $4.2M | Reduce -7.3% |
| PNC PNC Financial Services Group | 0.68% | 19,871 | $4.1M | Add +0.7% |
| BTI British American Tob-SP ADR | 0.64% | 69,732 | $3.9M | Add +22.3% |
| VPL Vanguard Ftse Pacific ETF | 0.64% | 43,465 | $3.9M | No change |
| SO The Southern Co. | 0.62% | 43,319 | $3.8M | Reduce -4.3% |
| CVX Chevron Corp. | 0.58% | 23,364 | $3.6M | Reduce -8.6% |
| INTU Intuit Inc. | 0.58% | 5,375 | $3.6M | Add +0.5% |
| GLD SPDR Gold Shares | 0.58% | 8,940 | $3.5M | No change |
| JNJ Johnson & Johnson | 0.58% | 17,067 | $3.5M | Add +8.0% |
| WMB Williams Cos Inc. | 0.56% | 56,884 | $3.4M | Reduce -13.7% |
| ISRG Intuitive Surgical Inc. | 0.55% | 5,988 | $3.4M | Add +1.8% |
| VZ Verizon Communications Inc. | 0.55% | 83,164 | $3.4M | Reduce -20.7% |
| JPM JPMorgan Chase & Co. | 0.55% | 10,464 | $3.4M | Add +4.0% |
| PLD Prologis Inc. | 0.55% | 26,324 | $3.4M | Add +19.8% |
| HBAN Huntington Bancshares Inc. | 0.54% | 191,879 | $3.3M | Reduce -8.9% |
| SNY Sanofi-ADR | 0.54% | 68,649 | $3.3M | Reduce -1.6% |
| TRP TC Energy Corp. | 0.53% | 59,142 | $3.3M | Reduce -0.2% |
| AVGO Broadcom Inc. | 0.51% | 8,989 | $3.1M | Add +219.9% |
| TFC Truist Financial Corp. | 0.50% | 61,996 | $3.1M | Add +5.4% |
| NOW ServiceNow Inc. | 0.49% | 19,801 | $3.0M | Reduce -2.3% |
| AEP American Electric Power | 0.49% | 26,217 | $3.0M | Reduce -3.9% |
| HLT Hilton Worldwide Holdings Inc. | 0.48% | 10,364 | $3.0M | Add +1.1% |
| UBER Uber Technologies Inc. | 0.48% | 35,959 | $2.9M | Reduce -4.3% |
| CTAS Cintas Corp. | 0.47% | 15,238 | $2.9M | Reduce -2.0% |
| GOOGL Alphabet Inc. Class A | 0.46% | 9,089 | $2.8M | Reduce -0.6% |
| GSK GSK PLC-Spon ADR | 0.45% | 56,333 | $2.8M | Add +10.1% |
| PGR Progressive Corp. | 0.41% | 11,160 | $2.5M | Reduce -3.1% |
| ADSK Autodesk Inc. | 0.40% | 8,374 | $2.5M | Reduce -3.1% |
| PEP Pepsico Inc. | 0.39% | 16,765 | $2.4M | Add +71.4% |
| O Realty Income Corp. | 0.37% | 40,369 | $2.3M | Reduce -5.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.37% | 4,513 | $2.3M | Reduce -3.8% |
| AXP American Express Co. | 0.37% | 6,065 | $2.2M | New |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.36% | 17,135 | $2.2M | Add +1.8% |
| VGK Vanguard Ftse Europe ETF | 0.35% | 25,479 | $2.1M | No change |
| ETR Entergy Corp. | 0.34% | 22,684 | $2.1M | Reduce -7.0% |
| MRVL Marvell Technology Inc. | 0.34% | 24,436 | $2.1M | Add +1.1% |
| NFLX Netflix Inc. | 0.34% | 22,037 | $2.1M | Add +2.6% |
| EMXC iShares MSCI Emr MRK Ex Chna | 0.33% | 27,895 | $2.0M | No change |
| WFC Wells Fargo & Co. | 0.33% | 21,603 | $2.0M | Add +13.0% |
| IEFA iShares Core MSCI Eafe ETF | 0.31% | 21,022 | $1.9M | Reduce -0.7% |
| T AT&T Inc. | 0.29% | 72,815 | $1.8M | Reduce -30.9% |
| KO The Coca-Cola Co. | 0.28% | 24,742 | $1.7M | Reduce -0.3% |
| PPL PPL Corp. | 0.26% | 44,911 | $1.6M | Reduce -1.1% |
| EEM iShares MSCI Emerging Market | 0.24% | 26,947 | $1.5M | No change |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 0.24% | 16,164 | $1.5M | Reduce -34.7% |
| GNRC Generac Holdings Inc. | 0.24% | 10,675 | $1.5M | Add +26.0% |
| IOT Samsara Inc. Class A | 0.23% | 40,446 | $1.4M | Add +210.5% |
| TSM Taiwan Semiconductor-SP ADR | 0.23% | 4,612 | $1.4M | Add +1.9% |
| VLTO Veralto Corp. | 0.23% | 14,040 | $1.4M | Add +0.9% |
| V Visa Inc. Class A | 0.22% | 3,917 | $1.4M | Reduce -1.7% |
| DDOG Datadog Inc. Class A | 0.22% | 10,025 | $1.4M | Add +8.4% |
| FE Firstenergy Corp. | 0.22% | 30,223 | $1.4M | Add +10.6% |
| CSGP Costar Group Inc. | 0.22% | 20,028 | $1.3M | Reduce -16.5% |
| CCB Coastal Financial Corp. | 0.22% | 11,570 | $1.3M | Reduce -6.2% |
| CME Cme Group Inc. | 0.22% | 4,852 | $1.3M | New |
| FICO Fair Isaac Corp. | 0.21% | 778 | $1.3M | Add +70.2% |
| WMT Walmart Inc. | 0.21% | 11,607 | $1.3M | Add +1.8% |
| UL Unilever PLC-Sponsored ADR | 0.20% | 18,852 | $1.2M | Add +71.7% |
| IWF iShares Russell 1000 Growth | 0.20% | 2,594 | $1.2M | No change |
| WST West Pharmaceutical Services | 0.19% | 4,197 | $1.2M | Add +41.3% |
| AMCR Amcor PLC | 0.19% | 138,234 | $1.2M | Add +38.8% |
| SPGI S&P Global Inc. | 0.19% | 2,177 | $1.1M | Reduce -2.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.18% | 7,186 | $1.1M | Add +106.0% |
| IAU iShares Gold Trust | 0.18% | 13,557 | $1.1M | Add +3.9% |
| RWJ Invesco S&P Smallcap 600 | 0.18% | 22,506 | $1.1M | Add +26.7% |
| DHR Danaher Corp. | 0.17% | 4,610 | $1.1M | New |
| IMCG iShares Morningstar Mid-Cap | 0.17% | 13,143 | $1.0M | Add +22.4% |
| CDNS Cadence Design SYS Inc. | 0.16% | 3,174 | $992K | Add +12.9% |
Portfolio Sells Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Reduce -0.2% | 2.72% | −0.30 |
| KVUE Kenvue Inc. | Sold out | 0.00% | −0.26 |
| VZ Verizon Communications Inc. | Reduce -20.7% | 0.55% | −0.22 |
| T AT&T Inc. | Reduce -30.9% | 0.29% | −0.21 |
| XEL Xcel Energy Inc. | Reduce -7.3% | 0.68% | −0.15 |
| WMB Williams Cos Inc. | Reduce -13.7% | 0.56% | −0.15 |
| ZTS Zoetis Inc. | Reduce -70.2% | 0.05% | −0.15 |
| UBER Uber Technologies Inc. | Reduce -4.3% | 0.48% | −0.14 |
| NXPI NXP Semiconductors NV | Reduce -52.1% | 0.11% | −0.14 |
| DAKT Daktronics Inc. | Reduce -1.5% | 1.24% | −0.14 |
| NOW ServiceNow Inc. | Reduce -2.3% | 0.49% | −0.13 |
| ARE Alexandria Real Estate Equit | Sold out | 0.00% | −0.12 |
| CSGP Costar Group Inc. | Reduce -16.5% | 0.22% | −0.12 |
| WDAY Workday Inc. Class A | Sold out | 0.00% | −0.12 |
| SO The Southern Co. | Reduce -4.3% | 0.62% | −0.11 |
| CM Can Imperial BK of Commerce | Reduce -34.7% | 0.24% | −0.09 |
| CVX Chevron Corp. | Reduce -8.6% | 0.58% | −0.09 |
| MS Morgan Stanley | Reduce -40.6% | 0.15% | −0.08 |
| LYB Lyondellbasell Indu Class A | Sold out | 0.00% | −0.08 |
| NVDA Nvidia Corp. | Reduce -2.3% | 1.25% | −0.07 |
| DUK Duke Energy Corp. | Reduce -0.9% | 0.71% | −0.07 |
| CTAS Cintas Corp. | Reduce -2.0% | 0.47% | −0.07 |
| HBAN Huntington Bancshares Inc. | Reduce -8.9% | 0.54% | −0.07 |
| CB Chubb Ltd. | Reduce -35.0% | 0.16% | −0.07 |
| ENB Enbridge Inc. | Reduce -0.5% | 0.73% | −0.07 |
| TDG Transdigm Group Inc. | Reduce -28.6% | 0.16% | −0.07 |
| O Realty Income Corp. | Reduce -5.8% | 0.37% | −0.07 |
| ORCL Oracle Corp. | Reduce -25.6% | 0.07% | −0.07 |
| UPS United Parcel Service Class B | Sold out | 0.00% | −0.07 |
| PGR Progressive Corp. | Reduce -3.1% | 0.41% | −0.06 |
| ADSK Autodesk Inc. | Reduce -3.1% | 0.40% | −0.06 |
| DEO Diageo PLC-Sponsored ADR | Reduce -23.8% | 0.12% | −0.06 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.05 |
| PANW Palo Alto Networks Inc. | Sold out | 0.00% | −0.05 |
| IJR iShares Core S&P Small-Cap E | Reduce -0.0% | 2.37% | −0.05 |
| IJH iShares Core S&P Midcap ETF | Reduce -0.0% | 2.14% | −0.05 |
| ROP Roper Technologies Inc. | Reduce -41.3% | 0.05% | −0.05 |
| QAI Nylim HDG MLT-STR TRC ETF-Ui | Sold out | 0.00% | −0.04 |
| PYPL PayPal Holdings Inc. | Sold out | 0.00% | −0.04 |
| ABBV Abbvie Inc. | Reduce -0.9% | 0.76% | −0.04 |
| CBT Cabot Corp. | Sold out | 0.00% | −0.04 |
| ADBE Adobe Inc. | Sold out | 0.00% | −0.04 |
| ETR Entergy Corp. | Reduce -7.0% | 0.34% | −0.04 |
| TTD Trade Desk Inc./the Class A | Reduce -5.6% | 0.09% | −0.04 |
| GTLS Chart Industries Inc. | Sold out | 0.00% | −0.04 |
| FOXF Fox Factory Holding Corp. | Sold out | 0.00% | −0.03 |
| MDLZ Mondelez International Inc. Class A | Sold out | 0.00% | −0.03 |
| MA Mastercard Inc. Class A | Reduce -1.7% | 0.72% | −0.03 |
| SMCI Super Micro Computer Inc. | Reduce -3.3% | 0.04% | −0.03 |
| PPL PPL Corp. | Reduce -1.1% | 0.26% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| COST Costco Wholesale Corp. | Add +126.3% | 1.23% | +0.63 |
| AXP American Express Co. | New | 0.37% | +0.37 |
| AVGO Broadcom Inc. | Add +219.9% | 0.51% | +0.35 |
| CME Cme Group Inc. | New | 0.22% | +0.22 |
| DHR Danaher Corp. | New | 0.17% | +0.17 |
| PEP Pepsico Inc. | Add +71.4% | 0.39% | +0.16 |
| IOT Samsara Inc. Class A | Add +210.5% | 0.23% | +0.15 |
| MMM 3M Co. | New | 0.13% | +0.13 |
| BTI British American Tob-SP ADR | Add +22.3% | 0.64% | +0.13 |
| MO Altria Group Inc. | New | 0.13% | +0.13 |
| PLD Prologis Inc. | Add +19.8% | 0.55% | +0.12 |
| AAPL Apple Inc. | Add +1.7% | 2.42% | +0.12 |
| SCHW Schwab (charles) Corp. | Add +258.0% | 0.16% | +0.12 |
| ISRG Intuitive Surgical Inc. | Add +1.8% | 0.55% | +0.11 |
| MRK Merck & Co. Inc. | New | 0.10% | +0.10 |
| AMGN Amgen Inc. | Add +4.1% | 0.69% | +0.10 |
| FICO Fair Isaac Corp. | Add +70.2% | 0.21% | +0.10 |
| PFE Pfizer Inc. | Add +21.4% | 0.75% | +0.10 |
| TJX TJX Companies Inc. | Add +106.0% | 0.18% | +0.09 |
| AMP Ameriprise Financial Inc. | Add +165.5% | 0.15% | +0.09 |
| PAYX Paychex Inc. | Add +216.5% | 0.14% | +0.09 |
| JNJ Johnson & Johnson | Add +8.0% | 0.58% | +0.08 |
| XOM Exxon Mobil Corp. | Add +10.0% | 0.68% | +0.08 |
| GSK GSK PLC-Spon ADR | Add +10.1% | 0.45% | +0.08 |
| UL Unilever PLC-Sponsored ADR | Add +71.7% | 0.20% | +0.08 |
| USB US Bancorp | Add +4.9% | 0.71% | +0.08 |
| TROW T Rowe Price Group Inc. | New | 0.07% | +0.07 |
| VICR Vicor Corp. | New | 0.07% | +0.07 |
| WFC Wells Fargo & Co. | Add +13.0% | 0.33% | +0.06 |
| WST West Pharmaceutical Services | Add +41.3% | 0.19% | +0.06 |
| FBND Fidelity Total Bond ETF | Add +74.2% | 0.14% | +0.06 |
| IVV iShares Core S&P 500 ETF | Add +8.7% | 0.76% | +0.05 |
| TXN Texas Instruments Inc. | New | 0.05% | +0.05 |
| AMCR Amcor PLC | Add +38.8% | 0.19% | +0.05 |
| DKNG Draftkings Inc. Class A | Add +72.6% | 0.14% | +0.05 |
| JPIB JPMorgan Intl BND ETF | New | 0.05% | +0.05 |
| TFC Truist Financial Corp. | Add +5.4% | 0.50% | +0.04 |
| HLT Hilton Worldwide Holdings Inc. | Add +1.1% | 0.48% | +0.04 |
| ELAN Elanco Animal Health Inc. | New | 0.04% | +0.04 |
| CWAN Clearwater Analytics HDS-A | New | 0.04% | +0.04 |
| SF Stifel Financial Corp. | New | 0.04% | +0.04 |
| MSGS Madison Square Garden Sports | New | 0.04% | +0.04 |
| RWJ Invesco S&P Smallcap 600 | Add +26.7% | 0.18% | +0.03 |
| BBIO Bridgebio Pharma Inc. | Add +1.1% | 0.11% | +0.03 |
| RGA Reinsurance Group of America | New | 0.03% | +0.03 |
| BNY Bank of New York Mellon Corp. | New | 0.03% | +0.03 |
| AMZN Amazon.com Inc. | Add +1.4% | 1.02% | +0.03 |
| EXPE Expedia Group Inc. | Add +6.5% | 0.09% | +0.03 |
| STIP iShares 0-5 Year Tips Bond E | Add +73.4% | 0.06% | +0.02 |
| NGG National Grid PLC-SP ADR | Add +0.7% | 0.68% | +0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 270 | $680.0M | VTI, VEA, AGG, VOO, VWO |
| Q1 2026 | 257 | $620.8M | VTI, VEA, AGG, VOO, VWO |
| Q4 2025 | 260 | $613.9M | VTI, VEA, AGG, VWO, VOO |
| Q3 2025 | 257 | $594.2M | VTI, VEA, AGG, VWO, VOO |
| Q2 2025 | 242 | $560.5M | VTI, VEA, AGG, VOO, VWO |
| Q1 2025 | 232 | $516.4M | VTI, VEA, AGG, VOO, VWO |
| Q4 2024 | 236 | $521.0M | VTI, VEA, AGG, VWO, VOO |
| Q3 2024 | 233 | $526.9M | VTI, VEA, AGG, VWO, VOO |
| Q2 2024 | 225 | $491.0M | VTI, VEA, AGG, VWO, VOO |
| Q1 2024 | 230 | $483.8M | VTI, VEA, AGG, VWO, VOO |