Nicolet Bankshares, Inc.
- Open
- 169.10
- Day high
- 169.68
- Day low
- 167.02
- Prev close
- 169.77
- Volume
- 145K
- Mkt cap
- $3.5B
- P/E (TTM)
- 18.7
- EPS (TTM)
- $8.95
- P/B
- 1.6
- P/S
- 6.8
- Yield
- 0.79%
- Per share
- $1.32
Nicolet Bankshares, Inc. (NIC) is a Financial Services company listed on NYSE. The stock is up 21% over the past year.
Nicolet Bankshares, Inc. (NIC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NIC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 21, 2026 | $2.98 | $2.75 | -7.7% | $135M | -1.5% |
| Jan 20, 2026 | $2.55 | $2.73 | +7.1% | $100M | +24.9% |
| Oct 23, 2025 | $2.37 | $2.66 | +12.2% | $103M | +5.8% |
| Jul 15, 2025 | $2.14 | $2.35 | +9.8% | $54M | -29.4% |
| Apr 15, 2025 | $1.96 | $2.10 | +7.1% | $89M | +24.8% |
| Jan 21, 2025 | $1.98 | $2.17 | +9.6% | $91M | +33.0% |
| Oct 15, 2024 | $1.86 | $2.10 | +12.9% | $91M | +6.0% |
| Jul 16, 2024 | $1.66 | $1.92 | +15.7% | $85M | +29.7% |
| Apr 16, 2024 | $1.64 | $1.82 | +11.0% | $82M | +14.6% |
| Jan 16, 2024 | $2.08 | $2.15 | +3.4% | $91M | +49.7% |
| Jul 18, 2023 | $1.46 | $1.51 | +3.4% | $76M | +24.2% |
| Apr 18, 2023 | $1.76 | $1.45 | -17.6% | $63M | -6.8% |
NIC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 10, 2026 | MOORE HUBERT PHILLIP JRofficer: CFO | Tax | 940 | $144.06 |
| May 26, 2026 | Dykema John Nicholasdirector | Grant | 551 | $139.63 |
| May 26, 2026 | ATWELL ROBERT BRUCEdirector | Grant | 498 | $139.63 |
| May 26, 2026 | WEYERS ROBERT Jdirector | Grant | 458 | $139.63 |
| May 26, 2026 | LONG DONALD J JRdirector | Grant | 569 | $139.63 |
| May 26, 2026 | CHANEY CARL Jdirector | Grant | 498 | $139.63 |
| May 21, 2026 | Godwin Janet Edirector | Grant | 429 | $139.63 |
| May 21, 2026 | Hayek Matthew Jdirector | Grant | 429 | $139.63 |
| May 21, 2026 | Dykema John Nicholasdirector | Grant | 429 | $139.63 |
| May 21, 2026 | CHANEY CARL Jdirector | Grant | 429 | $139.63 |
| May 21, 2026 | ATWELL ROBERT BRUCEdirector | Grant | 429 | $139.63 |
| May 21, 2026 | LONG DONALD J JRdirector | Grant | 429 | $139.63 |
| May 21, 2026 | TELLOCK GLEN Edirector | Grant | 429 | $139.63 |
| May 21, 2026 | McCormick Tracy Sdirector | Grant | 429 | $139.63 |
| May 21, 2026 | MERKATORIS SUSAN Ldirector | Grant | 429 | $139.63 |
Source: NIC SEC Form 4 filings, latest Jun 10, 2026. For informational purposes only — not investment advice.
See the full NIC insider & 13F page →Nicolet Bankshares, Inc. company profile
Overview
Nicolet Bankshares, Inc. (NASDAQ:NIC) is a regional bank holding company that operates through its subsidiary, Nicolet National Bank. Originally incorporated in 2000 as Green Bay Financial Corporation, the company changed its name to Nicolet Bankshares in March 2002 and went public in May 2013. Headquartered in Green Bay, Wisconsin, Nicolet has grown to become a significant regional banking presence across Wisconsin and Michigan, operating 52 branches as of 2021. The company serves both business and individual customers with a comprehensive suite of traditional banking products and specialized financial services.
Business
Nicolet Bankshares operates in the regional banking industry, which serves as a critical intermediary between depositors seeking safe storage and modest returns on their money, and borrowers needing capital for various purposes. Regional banks like Nicolet typically focus on specific geographic markets, allowing them to develop deep local relationships and expertise in their communities' economic conditions. The company's core business revolves around traditional banking services that can be divided into several key segments. On the deposit side, Nicolet accepts checking accounts, savings accounts, money market accounts, certificates of deposit, and individual retirement accounts from customers. These deposits provide the bank with low-cost funding that it can then lend out at higher interest rates. On the lending side, Nicolet offers a diverse portfolio of loan products. Commercial lending represents a significant portion of their business, including commercial and industrial loans, business lines of credit, and commercial real estate loans. The bank also provides agricultural financing, offering both production loans for farming operations and agricultural real estate loans, which is particularly relevant given their Wisconsin and Michigan footprint where agriculture plays an important economic role. Residential real estate lending includes first and junior lien mortgages, home equity loans and lines of credit, and residential construction loans. Additionally, they offer various consumer loans for personal financing needs. Beyond traditional banking, Nicolet provides wealth management and trust services, including fiduciary services, retirement plan administration, and personal brokerage services. They also offer cash management solutions for business customers, international banking services, and various convenience services such as online banking, mobile banking, wire transfers, and debit and credit card programs. The bank even facilitates crop insurance products, further demonstrating their commitment to serving agricultural communities.
Revenue model
Nicolet Bankshares makes money primarily through the net interest margin business model typical of traditional banks. The company borrows money from depositors at relatively low interest rates and lends it out to borrowers at higher rates, capturing the spread as profit. This interest rate differential, known as the net interest margin, forms the core of their revenue generation. The bank's paying customers fall into two main categories: depositors who pay through lower interest rates on their deposits (and sometimes fees), and borrowers who pay interest on loans and credit facilities. Business customers also pay for cash management services, while individuals and businesses pay fees for various banking services like wire transfers, overdraft protection, and account maintenance. Based on the financial data, Nicolet generated approximately $349 million in revenue for fiscal year 2024, with net income of $124 million, indicating strong profitability from their banking operations. The wealth management and trust services provide additional fee-based revenue streams that are less dependent on interest rate movements. Several factors can significantly impact Nicolet's margins and profitability. Interest rate environment is perhaps the most critical factor - rising rates generally benefit banks by allowing them to charge more for loans while deposit costs may lag, expanding net interest margins. Conversely, falling rates can compress margins. Credit quality directly affects profitability, as loan losses reduce net income. Economic conditions in Wisconsin and Michigan influence both loan demand and credit quality. Competition from other regional banks, credit unions, and national banks can pressure both loan pricing and deposit rates. Regulatory changes can impact operating costs and capital requirements. Additionally, the bank's agricultural exposure makes it somewhat sensitive to commodity prices and weather conditions that affect farming operations in their market areas.
Competitive moat
Nicolet Bankshares operates in the highly competitive regional banking sector, where traditional moats are generally modest compared to other industries. The company's primary competitive advantages stem from local market relationships and geographic concentration. By focusing on Wisconsin and Michigan markets, Nicolet has developed deep community ties and local market knowledge that can be difficult for larger national banks to replicate. This local presence allows for more personalized service and better understanding of regional economic conditions, particularly important for their agricultural lending business. The bank's specialized agricultural expertise provides some differentiation in their market areas, as agricultural lending requires specific knowledge of farming cycles, commodity markets, and rural real estate values that not all competitors possess. Their crop insurance facilitation services further demonstrate this specialization. However, Nicolet's moat is relatively narrow. The banking industry faces intense competition from multiple directions: large national banks with superior technology and resources, other regional banks with similar strategies, credit unions that may offer better rates due to their tax-exempt status, and increasingly, fintech companies that can offer specific banking services more efficiently. Regulatory barriers to entry do provide some protection, as obtaining banking charters and meeting compliance requirements creates hurdles for new competitors. The company's moderate size (approximately $8.8 billion in assets) places it in a challenging position - large enough to face significant regulatory burden but not large enough to achieve the economies of scale of major national banks. Technology disruption poses an ongoing threat, as customers increasingly expect digital banking capabilities that require substantial investment. The concentration in Wisconsin and Michigan markets, while providing local expertise, also creates geographic risk if these regional economies underperform.
Risks & safety
Nicolet Bankshares presents a moderate margin of safety profile typical of well-managed regional banks, though with some areas of concern. • Solvency and Liquidity: The bank maintains solid capital ratios with total equity of approximately $1.17 billion against $8.8 billion in assets. Cash and short-term investments of $116 million provide reasonable liquidity, though this represents only about 1.3% of total assets. Debt-to-equity ratio of 0.14 indicates conservative leverage. • Profitability Metrics: Strong return on equity of 10.6% for 2024 demonstrates effective capital utilization. Net income of $124 million on $349 million revenue shows healthy 35.5% net margins, well above typical banking industry standards. • Valuation: Trading at 12.7x trailing earnings and 1.35x book value, the stock appears reasonably valued relative to regional bank peers. Graham number calculation suggests fair value around $120, close to current trading levels near $118. • Cash Generation: Strong operating cash flow of $134 million and free cash flow of $117 million in 2024 indicate robust cash generation capabilities. • Risk Factors: The significant exposure to commercial real estate and agricultural lending creates sector concentration risk. Geographic concentration in Wisconsin and Michigan limits diversification. Interest rate sensitivity could impact margins during rate cycles. Asset quality metrics would need monitoring during economic downturns.
Recent development
Based on the available financial data, Nicolet Bankshares has demonstrated several key developments over recent years, though specific strategic initiatives are limited due to the absence of earnings call transcripts. The most notable trend has been the company's strong financial performance recovery following the challenging interest rate environment of recent years. The bank experienced significant revenue volatility between 2022-2024, with revenue declining from $298 million in 2022 to $272 million in 2023, before rebounding strongly to $349 million in 2024. This pattern likely reflects the impact of changing interest rates on the bank's net interest margin and lending activity. Despite revenue fluctuations, the bank maintained profitability discipline, with net income remaining positive throughout this period, though declining from $94 million in 2022 to $62 million in 2023 before recovering to $124 million in 2024. The company has maintained a conservative balance sheet approach, with total assets remaining relatively stable around $8.5-8.8 billion over the past three years. Cash positions have varied significantly, from $167 million in 2022 to $491 million in 2023, then settling at $116 million in 2024, suggesting active liquidity management in response to market conditions. Operational efficiency improvements appear evident in the 2024 results, with the bank achieving higher profitability margins despite the challenging operating environment. The strong free cash flow generation of $117 million in 2024 indicates effective capital management and suggests the bank is well-positioned for future growth opportunities or potential acquisitions within their regional markets.
NIC company profile · for informational purposes only — not investment advice.
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