N
NICOLET BANKSHARES INC
Period
FY 2025
Revenue
—
Net Income
$150.69M
Total Assets
$9.19B
Equity
$1.26B
Shares Out
21.25M
Op. Cash Flow
$153.53M
Business
Nicolet Bankshares, Inc. is a bank holding company that conducts banking operations through its subsidiary Nicolet National Bank, offering commercial, agricultural, and residential lending; deposit products; and wealth management services. The company provides business and consumer banking, trust, brokerage, investment advisory, and retirement plan services through 57 branch locations (expanding to 114 following the MidWestOne acquisition). Nicolet operates primarily in Wisconsin, Michigan, and Minnesota, with expansion into Iowa and Denver, Colorado following recent acquisition activity.
Summary from 10-K filed 2026-02-27
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Loans, including loan fees | 421 | 393 | 341 | 244 | 157 | |
| Taxable | 24 | 20 | 18 | 21 | 10 | |
| Tax-exempt | 4 | 5 | 6 | 4 | 2 | |
| Other interest income | 22 | 21 | 17 | 4 | 3 | |
| Total interest income | 471 | 438 | 383 | 274 | 172 | |
| Deposits | 157 | 162 | 126 | 22 | 10 | |
| Short-term borrowings | 1,000 | 2,000 | 5 | 3 | 1,000 | |
| Long-term borrowings | 8 | 9 | 11 | 9 | 3 | |
| Total interest expense | 164 | 170 | 141 | 34 | — | |
| Net interest income | 306 | 268 | 242 | 240 | 158 | |
| Provision for credit losses | 4 | 4 | 5 | 12 | 15 | |
| Net interest income after provision for credit losses | 302 | 264 | 237 | 228 | 143 | |
| Mortgage income, net | 12 | 10 | 7 | 8 | 22 | |
| BOLI income | 6 | 5 | 5 | 4 | 2 | |
| Deferred compensation plan asset market valuations | 3 | 1 | 2 | −2 | 609,000 | |
| LSR income, net | 3 | 4 | 4 | −1 | 0 | |
| Asset gains (losses), net | 1 | 4 | −33 | 3 | 4 | |
| Other income | 8 | 9 | 8 | 7 | 4 | |
| Total noninterest income | 86 | 82 | 36 | 58 | 67 | |
| Personnel | 115 | 108 | 99 | 89 | 71 | |
| Occupancy, equipment and office | 37 | 35 | 36 | 30 | 21 | |
| Business development and marketing | 8 | 8 | 8 | 8 | 5 | |
| Data processing | 19 | 18 | 20 | 15 | 12 | |
| Intangibles amortization | 6 | 7 | 8 | 7 | 3 | |
| FDIC assessments | 4 | 4 | 4 | 2 | 2 | |
| Merger-related expense | 2 | 0 | 189,000 | 2 | 6 | |
| Other expense | 11 | 11 | 11 | 9 | 9 | |
| Total noninterest expense | 201 | 191 | 186 | 161 | 129 | |
| Income before income tax expense | 187 | 155 | 87 | 126 | 81 | |
| Income tax expense | 36 | 31 | 25 | 31 | 20 | |
| Net income | 151 | 124 | 62 | 94 | 61 | |
| Basic (in dollars per share) | 10.06 | 8.24 | 4.17 | 6.78 | 5.65 | |
| Diluted (in dollars per share) | 9.78 | 8.05 | 4.08 | 6.56 | 5.44 | |
| Basic (in shares) | 15 | 15 | 15 | 14 | 11 | |
| Diluted (in shares) | 15 | 15 | 15 | 14 | 11 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and due from banks | 108 | 116 | 130 | 121 | 209 | |
| Interest-earning deposits | 552 | 420 | 362 | 34 | 386 | |
| Cash and cash equivalents | 660 | 536 | 491 | 155 | 595 | |
| Securities available for sale (AFS), at fair value | 860 | 806 | 803 | 918 | 922 | |
| Other investments | 63 | 62 | 58 | 65 | 44 | |
| Loans held for sale | 14 | 8 | 4 | 1 | 6 | |
| Loans | 6,836 | 6,627 | 6,354 | 6,180 | 4,622 | |
| Allowance for credit losses - loans (ACL-Loans) | −69 | −66 | −64 | −62 | −50 | |
| Loans, net | 6,768 | 6,560 | 6,290 | 6,119 | 4,572 | |
| Premises and equipment, net | 120 | 127 | 119 | 109 | 95 | |
| Bank owned life insurance (BOLI) | 192 | 186 | 169 | 165 | 134 | |
| Goodwill and other intangibles, net | 382 | 388 | 394 | 402 | 339 | |
| Accrued interest receivable and other assets | 125 | 123 | 134 | 138 | 113 | |
| Total assets | 9,185 | 8,797 | 8,469 | 8,764 | 7,695 | |
| Noninterest-bearing demand deposits | 1,829 | 1,791 | 1,959 | 2,362 | 1,976 | |
| Interest-bearing deposits | 5,902 | 5,612 | 5,239 | 4,817 | 4,490 | |
| Total deposits | 7,731 | 7,404 | 7,198 | 7,179 | 6,466 | |
| Long-term borrowings | 135 | 161 | 167 | 225 | 217 | |
| Accrued interest payable and other liabilities | 62 | 59 | 65 | 70 | 69 | |
| Total liabilities | 7,927 | 7,624 | 7,430 | 7,791 | 6,803 | |
| Common stock | 148,000 | 154,000 | 149,000 | 147,000 | 140,000 | |
| Additional paid-in capital | 583 | 656 | 634 | 622 | 575 | |
| Retained earnings | 698 | 566 | 458 | 408 | 314 | |
| Accumulated other comprehensive income (loss) | −24 | −49 | −53 | −57 | 3 | |
| Total stockholders equity | 1,258 | 1,173 | 1,039 | 973 | 892 | |
| Total liabilities and stockholders equity | 9,185 | 8,797 | 8,469 | 8,764 | 7,695 | |
| Preferred shares authorized (no par value) (in shares) | 10 | 10 | 10 | 10 | 10 | |
| Preferred shares outstanding (in shares) | 0 | 0 | 0 | 0 | — | |
| Preferred shares issued (in shares) | 0 | 0 | 0 | 0 | 0 | |
| Common shares authorized (par value $0.01 per share) (in shares) | 30 | 30 | 30 | 30 | 30 | |
| Common shares outstanding (in shares) | 15 | 15 | 15 | 15 | 14 | |
| Common shares issued (in shares) | 15 | 15 | 15 | 15 | 14 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation, amortization and accretion | 15 | 17 | 18 | 22 | 14 | |
| Provision for credit losses | 4 | 4 | 5 | 12 | — | |
| Provision for deferred taxes | −5 | −7 | 3 | −13 | 6 | |
| Increase in cash surrender value of life insurance | −6 | −5 | −4 | −4 | −2 | |
| Stock-based compensation expense | 7 | 7 | 6 | 7 | 7 | |
| Gain on sale of loans held for sale, net | −11 | −8 | −5 | −5 | −20 | |
| Proceeds from sale of loans held for sale | 304 | 253 | 148 | 208 | 651 | |
| Origination of loans held for sale | −304 | −251 | −148 | −201 | −619 | |
| Net change in accrued interest receivable and other assets | −5 | 12 | −5 | 73,000 | −11 | |
| Net change in accrued interest payable and other liabilities | 3 | −6 | −5 | −283,000 | 1 | |
| Net cash provided by (used in) operating activities | 154 | 134 | 108 | 117 | 98 | |
| Purchases of securities AFS | −140 | −110 | −60 | −9 | −300 | |
| Proceeds from sales of securities AFS | 11 | 5 | 66 | 28 | 43 | |
| Proceeds from sales of securities HTM | 0 | 0 | 460 | 0 | 0 | |
| Proceeds from calls, paydowns, and maturities of securities AFS | 107 | 106 | 285 | 104 | 167 | |
| Proceeds from calls, paydowns, and maturities of securities HTM | 0 | 0 | 3 | 28 | 0 | |
| Net (increase) decrease in loans | −207 | −268 | −169 | −732 | −76 | |
| Purchases of other investments | −5 | −1 | −13 | −25 | −13 | |
| Proceeds from sales, paydowns, and maturities of other investments | 5 | 8 | 25 | 13 | 10 | |
| Purchases of premises and equipment | −4 | −17 | −19 | — | — | |
| Proceeds from sales of premises and equipment | 2 | 399,000 | 365,000 | — | — | |
| Net (increase) decrease in other real estate | 406,000 | 37,000 | 12 | 13 | 3 | |
| Purchase of BOLI | 0 | −12 | 0 | 0 | — | |
| Proceeds from redemption of BOLI | 0 | 0 | 306,000 | 2 | 0 | |
| Net cash provided by (used in) investing activities | −231 | −288 | 591 | −516 | −371 | |
| Net increase (decrease) in deposits | 327 | 206 | 19 | −148 | 210 | |
| Net increase (decrease) in short-term borrowings | 0 | 0 | −317 | 184 | 0 | |
| Repayments of long-term borrowings | −27 | −5 | −59 | −20 | −188 | |
| Purchase and retirement of common stock | −77 | −10 | −2 | −61 | −63 | |
| Cash dividends paid on common stock | −19 | −17 | −11 | 0 | 0 | |
| Proceeds from issuance of common stock, net | 101,000 | 585,000 | 844,000 | 751,000 | 2 | |
| Proceeds from issuance of common stock in stock-based compensation plans | 10 | 27 | 11 | 3 | — | |
| Purchases of common stock in stock-based compensation plans | −13 | −2 | −5 | — | — | |
| Net cash provided by (used in) financing activities | 201 | 199 | −363 | −42 | 65 | |
| Net increase (decrease) in cash and cash equivalents | 124 | 45 | 337 | −441 | −208 | |
| Cash paid for interest | 164 | 170 | 138 | 37 | 11 | |
| Cash paid for taxes | 39 | 25 | 23 | 34 | 24 | |
| Transfer of securities from HTM to AFS | 0 | 0 | 178 | 0 | 0 | |
| Transfer of loans and bank premises to other real estate owned | 395,000 | 125,000 | 985,000 | 612,000 | 8 | |
| Capitalized mortgage servicing rights | 4 | 3 | 2 | 2 | 0 |
Filings
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Holdings (13F)
Portfolio as of 2026-03-31 · 832 positions
Reported AUM
$3.47B
Holdings
832
Top sector
$3.47B
Top sectors
| Sector | Value | % of portfolio |
|---|---|---|
| Uncategorized | $3.47B | 100.0% |
Top holdings
| Issuer | Ticker | Shares | Value | % |
|---|---|---|---|---|
| CHIPOTLE MEXICAN GRILL INC | — | 16.2K | $520.03M | 15.0% |
| SPDR SERIES TRUST | — | 3.76M | $289.62M | 8.3% |
| ADVANCED MICRO DEVICES INC | — | 200.2K | $244.26M | 7.0% |
| SPDR SERIES TRUST | — | 1.20M | $67.76M | 1.9% |
| SPDR SERIES TRUST | — | 879.1K | $67.28M | 1.9% |
| AMERICAN CENTY ETF TR | — | 777.8K | $63.22M | 1.8% |
| SPDR SERIES TRUST | — | 580.7K | $57.61M | 1.7% |
| VANGUARD TAX-MANAGED FDS | — | 809.6K | $52.74M | 1.5% |
| APPLE INC | — | 203.2K | $51.94M | 1.5% |
| ISHARES TR | — | 322.4K | $46.25M | 1.3% |
Frequently asked questions
What is NICOLET BANKSHARES INC's CIK number?
NICOLET BANKSHARES INC's SEC CIK number is 0001174850 (1174850). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find NICOLET BANKSHARES INC's SEC filings?
All of NICOLET BANKSHARES INC's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did NICOLET BANKSHARES INC last report earnings?
NICOLET BANKSHARES INC (NIC) most recently filed an earnings 8-K with the SEC on Apr 21, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001174850-26-000093). This is NICOLET BANKSHARES INC's most recent earnings filing of record — not a forecast of its next earnings date.
What is NICOLET BANKSHARES INC's most recent earnings 8-K?
NICOLET BANKSHARES INC's latest earnings 8-K (Item 2.02) was filed Apr 21, 2026 under accession 0001174850-26-000093. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View NICOLET BANKSHARES INC's latest earnings 8-K →
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