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Nicolet Bankshares, Inc.

NIC

Nicolet Bankshares, Inc. • NYSE
$125.98 ▼ -1.01% (-1.28)
Market Cap $1.86 B
52w High $141.92
52w Low $97.90
Dividend Yield 1.20%
P/E 13.47
Volume 57.54K
Outstanding Shares 14.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $143.952M ▲ $50.088M ▲ $41.735M ▲ 28.992% ▲ $2.8 ▲ $55.441M ▲
Q2-2025 $138.271M ▲ $49.919M ▲ $36.035M ▲ 26.061% ▲ $2.4 ▲ $46.254M ▲
Q1-2025 $130.964M ▼ $47.787M ▲ $32.592M ▼ 24.886% ▼ $2.14 ▼ $44.006M ▼
Q4-2024 $132.477M ▼ $46.99M ▼ $34.48M ▲ 26.027% ▲ $2.25 ▲ $46.551M ▲
Q3-2024 $135M $49.148M $32.516M 24.086% $2.16 $45.206M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.335B ▲ $9.029B ▲ $7.814B ▲ $1.215B ▲
Q2-2025 $1.272B ▲ $8.931B ▼ $7.741B ▼ $1.19B ▲
Q1-2025 $1.045B ▲ $8.975B ▲ $7.792B ▲ $1.183B ▲
Q4-2024 $975.758M ▼ $8.797B ▲ $7.624B ▲ $1.173B ▲
Q3-2024 $1.257B $8.637B $7.488B $1.149B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $36.035M ▲ $38.906M ▼ $-99.83M ▲ $-88.618M ▼ $-149.542M ▼ $38.362M ▼
Q1-2025 $32.592M ▼ $41.788M ▲ $-138.199M ▼ $132.544M ▼ $36.133M ▼ $41.325M ▲
Q4-2024 $34.48M ▲ $33.385M ▼ $-70.754M ▼ $145.432M ▲ $108.063M ▲ $28.067M ▼
Q3-2024 $32.516M ▲ $39.646M ▲ $-40.96M ▲ $20.768M ▼ $19.454M ▲ $34.717M ▲
Q2-2024 $29.273M $37.336M $-127.698M $71.468M $-18.894M $34.388M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Credit and Debit Card
Credit and Debit Card
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Deposit Account
Deposit Account
 $0 ▲$0 ▲$0 ▲$0 ▲
Investment Advisory Management and Administrative Service
Investment Advisory Management and Administrative Service
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Nicolet’s income statement shows a steadily growing franchise with a temporary setback and a strong rebound. Revenue has risen meaningfully over the last five years, reflecting both organic growth and acquisitions. Profitability has generally followed the same upward path, though earnings dipped in the middle of the period before recovering sharply most recently. Operating and net margins look healthy for a regional bank, suggesting good cost control and fairly efficient integration of deals. Overall, the bank appears to be converting growth into solid earnings, with some normal banking‑cycle volatility along the way.

Balance Sheet

Balance Sheet The balance sheet reflects a bank that has scaled up significantly while maintaining a solid capital base. Total assets have expanded considerably, consistent with a strategy of acquisitions and regional growth. Shareholder equity has trended higher over time, which points to retained profits and a stronger capital cushion. Debt levels rose at one point but have since moderated, implying a more conservative funding stance now than at the peak. Cash levels can swing for a bank, but Nicolet appears to be managing liquidity prudently while supporting growth.

Cash Flow

Cash Flow Cash generation looks steady and disciplined. Operating cash flow has been consistently positive and has generally grown over time, which is important support for dividends, growth, and capital strength. Free cash flow closely tracks operating cash flow because ongoing investment needs are modest relative to the cash generated. Capital spending has been small and stable, indicating that Nicolet can fund its technology and infrastructure needs without straining its finances. Overall, earnings quality appears reasonably strong, with profits backed by cash.

Competitive Edge

Competitive Edge Nicolet holds a strong niche as a community‑oriented regional bank in the Upper Midwest. It has climbed to a leading position in its home state through disciplined acquisitions, which has expanded its customer base and presence without losing its local-bank identity. The bank’s culture emphasizes personal relationships, local decision-making, and employee engagement, which can build loyalty among households and small businesses that feel overlooked by national players. Its specialized expertise in agricultural banking provides a further edge in its core markets, where deep sector knowledge and long-term relationships matter. Together, these factors create a defensible, if not unassailable, competitive position.

Innovation and R&D

Innovation and R&D For a community bank, Nicolet is notably proactive on innovation. The appointment of a dedicated Chief Innovation Officer, partnerships with established tech providers like NCR Voyix, and investments in data management and security signal a serious push to modernize. The bank is upgrading its digital banking experience, adding money-management tools, and using data more intelligently to streamline operations. It has also launched tailored digital solutions for key customer groups, such as farmers and business clients, including spend management tools and sector-specific online platforms. While not a technology disruptor, Nicolet is behaving like a fast follower that wants to stay ahead of peers in digital capability and customer experience.

Summary

Nicolet Bankshares combines the profile of a traditional community bank with the growth trajectory of an active consolidator. Financially, revenue and earnings have grown over time, with a recent bounce-back after a softer year, backed by solid margins and reliable cash flow. The balance sheet shows expanded scale and strengthening capital, with manageable leverage and reasonable liquidity. Competitively, Nicolet benefits from strong community roots, a clear niche in agricultural and small-business banking, and an acquisition track record that has lifted it into a leading regional position. On the innovation front, management is investing in digital platforms, data, and fintech partnerships to keep pace with changing customer expectations. Key uncertainties include the usual banking risks—credit quality, interest rate swings, regulatory shifts—as well as the ongoing challenge of integrating acquisitions and fully executing on its digital strategy. Overall, Nicolet looks like a growing regional bank trying to balance local-bank strengths with modern technology and scale.

NEWS

November 25, 2025 · 4:10 PM UTC

Nicolet Bankshares, Inc. Declares Cash Dividend to Shareholders

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October 27, 2025 · 9:20 AM UTC

NIC Stock Alert: Halper Sadeh LLC Is Investigating Whether the Merger of Nicolet Bankshares, Inc. Is Fair to Shareholders

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October 25, 2025 · 11:48 AM UTC

MidWestOne Investor Alert By The Former Attorney General Of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of MidWestOne Financial Group, Inc. - MOFG

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October 24, 2025 · 5:30 PM UTC

$HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Nicolet Bankshares, Inc. (NYSE: NIC)

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October 23, 2025 · 9:04 PM UTC

NIC STOCK ALERT: HALPER SADEH LLC IS INVESTIGATING WHETHER THE MERGER OF NICOLET BANKSHARES, INC. IS FAIR TO SHAREHOLDERS

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