logo
Twitter
Discord
Email
logo
Nicolet Bankshares, Inc.

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
$1.83B
P/E (TTM)
12.7
13.9
Dividend Yield
1.0%
52W High
$141.92
52W Low
$97.90
52W Range
58%
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: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$120.33M-10.86%
4-Quarter Trend

EPS

$2.80+29.63%
4-Quarter Trend

FCF

$0.00+0.00%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Strong Net Income Growth Net income reached $110.4M YTD, driven by NII growth of 15% to $225.6M, resulting in diluted EPS of $7.14.
NIM Expansion and Yields Tax-equivalent NIM expanded 30 basis points to 3.72% YTD, benefiting from higher loan yields and reduced funding costs across the portfolio.
Solid Loan Portfolio Growth Total loans grew 4% since year-end to $6.87B by September 30, 2025, primarily driven by commercial and industrial loan expansion.
Stable Asset Quality Metrics Nonperforming assets decreased slightly to $28.2M (0.31% of assets); ACL coverage remained steady at 1.00% of period-end loans.

Risk Factors

Merger Integration Uncertainty Successful integration of MidWestOne is uncertain; potential delays, cost overruns, or failure to realize anticipated cost savings pose risks.
Regulatory Approval Delays Merger completion is subject to regulatory approvals which may be delayed or impose unanticipated burdensome conditions on operations.
Interest Rate Sensitivity Exposure Projected net interest income sensitivity shows a 3.9% decline under a 200 bps rate increase scenario over one year.
Deposit Funding Mix Shift Brokered deposits decreased $145M from year-end, requiring reliance on core deposit growth to fund increasing loan volumes.

Outlook

MidWestOne Merger Execution Merger expected to close in the first half of 2026, contingent on regulatory approvals and stockholder satisfaction of closing conditions.
Maintaining NIM Performance Management will focus on managing rate spread by balancing loan repricing against expected deposit cost dynamics in the current environment.
Capital Strength Maintained Bank capital ratios remain well-capitalized above minimums, supporting opportunistic strategic growth initiatives post-merger.
Credit Quality Monitoring Continued intensive analysis of the loan portfolio to maintain prudent underwriting and establish appropriate allowance levels for expected losses.

Peer Comparison

Revenue (TTM)

Banco BBVA Argentina S.A.BBAR
$4.26B
-37.0%
Pinnacle Financial Partners, Inc.PNFP
$2.82B
+2.0%
Bank OZKOZK
$2.80B
+2.5%

Gross Margin (Latest Quarter)

Pinnacle Financial Partners, Inc.PNFP
94.1%
+43.3 pp
Enterprise Financial Services CorpEFSC
83.6%
+20.5 pp
NBT Bancorp Inc.NBTB
76.6%
+5.2 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
PNFP$6.72B10.79.4%4.5%
OZK$5.03B7.112.3%1.1%
BBAR$3.22B14.912.2%2.2%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-3.2%
Flat Growth
4Q Net Income CAGR
+6.6%
Profitability Improving
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Oct 31, 2025|
    Revenue: $120.33M-10.9%
    |
    EPS: $2.80+29.6%
    Beat

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 1, 2025|
    Revenue: $138.27M+7.6%
    |
    EPS: $2.40+22.4%
    Beat

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: Apr 29, 2025|
    Revenue: $130.96M+6.1%
    |
    EPS: $2.14+15.1%
    Beat

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 25, 2025|
    Revenue: $519.42M+24.6%
    |
    EPS: $8.24+97.6%
    Beat

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 1, 2024|
    Revenue: $135.00M+16.0%
    |
    EPS: $2.16+86.2%
    Beat

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 5, 2024|
    Revenue: $128.49M+18.0%
    |
    EPS: $1.96+27.3%
    Beat

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 8, 2024|
    Revenue: $123.45M+95.4%
    |
    EPS: $1.86-404.9%
    Beat

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 28, 2024|
    Revenue: $416.85M+25.5%
    |
    EPS: $4.17-38.5%
    Beat