Nicolet Bankshares, Inc.

NYSE•NIC

CEO: Mr. Michael E. Daniels

Sector: Financial Services

Industry: Banks - Regional

Listing Date: 2013-05-17

Nicolet Bankshares, Inc. operates as the bank holding company for Nicolet National Bank that provides banking products and services for businesses and individuals in Wisconsin and Michigan. The company accepts checking, savings, and money market accounts; various certificates of deposit; and individual retirement accounts. It also offers commercial loans, including commercial, industrial, and business loans and lines of credit; commercial real estate loans; agricultural (AG) production and AG real estate loans; commercial real estate investment real estate loans; construction and land development loans; residential real estate loans, such as residential first lien and junior lien mortgages, home equity loans, lines of credit, and residential construction loans; and consumer loans. In addition, the company provides cash management, international banking, personal brokerage, safe deposit boxes, and trust and fiduciary services, as well as wealth management and retirement plan services. Further, it offers mortgage refinancing; online services, such as commercial, retail, and trust online banking; automated bill payment, mobile banking deposits and account access, and remote deposit capture services; and other services consisting of wire transfers, debit cards, credit cards, pre-paid gift cards, direct deposits, and official bank checks, as well as facilitates crop insurance products. The company was formerly known as Green Bay Financial Corporation and changed its name to Nicolet Bankshares, Inc. in March 2002. The company was incorporated in 2000 and is headquartered in Green Bay, Wisconsin.

Contact Information

111 North Washington Street, Green Bay, WI, 54301, United States

920-430-1400

www.nicoletbank.com

Market Cap

$2.23B

P/E (TTM)

14.6

13.5

Dividend Yield

0.9%

52W High

$163.11

52W Low

$99.00

52W Range

78%

Rank40Top 42.0%

4.1

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Average • 4.1 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$139.42M+5.24%

4-Quarter Trend

EPS

$2.72+20.89%

4-Quarter Trend

FCF

$23.89M-100.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Record Net Income Achieved Net income reached $150.7M in 2025, up significantly from $124.1M in 2024; diluted EPS was $9.78, reflecting strong operational performance.

Strong Net Interest Income Growth NII increased 14% to $306.5M, driven by favorable volume and rates; Net Interest Margin improved to 3.76% from 3.47% year-over-year.

Balance Sheet Expansion Underway Total assets grew 4% to $9.19B by year-end 2025; total loans reached $6.84B, supported by solid organic growth across key segments.

Robust Capital Position Maintained Company CET1 ratio stood strong at 12.0% (Bank at 11.2%), well above minimum requirements, supporting strategic flexibility and shareholder returns.

Risk Factors

Credit Quality Creep Noted NPAs rose slightly to 0.35% of assets ($32.3M); net charge-offs increased to $1.8M, requiring continued monitoring of commercial loan quality.

MidWestOne Integration Complexity Successful integration of the large MidWestOne acquisition, closing early 2026, poses significant operational, cultural, and system conversion challenges.

Interest Rate Sensitivity Pressure Profitability remains highly dependent on managing the interest rate spread; NIM compression risk exists if funding costs rise faster than asset yields.

Intense Competitive Environment Competition from non-traditional fintech providers is intensifying, requiring continuous capital investment to maintain competitive product offerings.

Outlook

2026 Integration Focus Primary focus for 2026 is successfully integrating MidWestOne's operations, with core system conversion intentionally delayed until late summer 2026.

Capital Allocation Decisions Ahead The Board will determine 2026 capital allocation strategy, balancing organic growth, increased dividends, and potential future strategic actions.

Stable Credit Quality Expected Management anticipates solid credit quality trends to continue, though concentration risk in commercial lending and economic uncertainty require vigilance.

Adapting to Regulatory Changes Anticipating potential shifts in federal regulatory priorities and scope, requiring ongoing compliance adaptation and resource allocation.

Peer Comparison

Revenue (TTM)

BBAR

$4.49B

-3.5%

PNFP

$2.92B

+2.3%

OZK

$2.81B

+1.1%

Gross Margin (Latest Quarter)

OFG

80.6%

+14.5pp

TCBK

79.7%

+5.9pp

CHCO

79.3%

+4.6pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
PNFP	$6.79B	10.6	9.5%	4.4%
OZK	$5.22B	7.2	11.9%	1.1%
BBAR	$3.20B	21.3	7.4%	7.7%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

2.1%

Moderate Growth

4Q Net Income CAGR

7.4%

Profitability Improving

Cash Flow Stability

100%

Strong Cash Flow

Deep Research

Next earnings:Apr 13, 2026

EPS:-

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data