NICOLET BANKSHARES INC NIC

Financials SIC 6021 - National Commercial Banks NAICS Finance and Insurance › Credit Intermediation and Related Activities › Depository Credit Intermediation › Commercial Banking derived NYSE

Nicolet Bankshares, Inc. (individually referred to herein as the "Parent Company" and together with all its subsidiaries collectively referred to herein as "Nicolet," the "Company," "we," "us" or "our") is a registered bank and financial holding company under the Bank Holding Company Act of 1956, as amended (the "Bank Holding Company Act"), and under the bank holding company laws of the State of Wisconsin. At December 31, 2025, Nicolet had total assets of $9.2 billion, loans of $6.8 billion, deposits of $7.7 billion and total stockholders' equity of $1.3 billion. For the year ended December 31, 2025, Nicolet earned record net income of $151 million, or $9.78 per diluted common share.

Nicolet was founded upon five core values (Be Real, Be Responsive, Be Personal, Be Memorable, and Be Entrepreneurial) which are embodied within each of our employees and create a distinct competitive positioning in the markets within which we operate. Our mission is to be the lead community bank within the communities we serve, while our vision is to optimize the long-term return to our customers and communities, employees and shareholders (the "3 Circles").

Last close 171.41 2026-10-23
Market cap $3.59B 2026-06-30 share count
52-week range 114.11 - 180.00

Valuation FY2025 figures against the last close

P/S7.6x
P/E17.5x
P/FCF24.0x
EV/EBITDA—
Dividend yield0.5%
Diluted EPS9.78

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $470.9M$438.4M$382.9M$273.9M$171.6M$149.2M$138.6M$125.5M$109.3M$75.5M
Interest expense $306.5M$268.1M$241.5M$240.0M$13.6M$19.9M$22.5M$18.9M$10.5M$7.3M
Pre-tax income $187.0M$155.1M$86.6M$125.7M$81.1M$80.9M$71.4M$54.8M$49.7M$28.1M
Income tax $36.3M$31.1M$25.1M$31.5M$20.5M$20.5M$16.5M$13.4M$16.3M$9.4M
Net income $150.7M$124.1M$61.5M$94.3M$60.7M$60.1M$54.6M$41.0M$33.1M$18.5M
EPS, basic 10.068.244.176.785.655.825.714.263.512.49
EPS, diluted 9.788.054.086.565.445.705.524.123.332.37
Shares, diluted (wtd. avg.) 15.4M15.4M15.1M14.4M11.1M10.5M9.9M10.0M10.0M7.5M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $660.2M$536.0M$491.4M$154.7M$595.3M$802.9M$182.1M$249.5M$154.9M$129.1M
Property, plant and equipment $120.5M$127.0M$118.8M$109.0M$94.6M$59.9M$56.5M$48.2M$47.2M$45.9M
Goodwill $367.4M$367.4M$367.4M$367.4M$317.2M$163.2M$151.2M$107.4M$107.4M$66.7M
Other intangibles —$20.8M$27.0M$35.1M$22.3M$12.2M$14.8M———
Total assets $9.19B$8.80B$8.47B$8.76B$7.70B$4.55B$3.58B$3.10B$2.93B$2.30B
Short-term debt $0$0$0$317.0M$0$0$0$0$0—
Long-term debt $134.9M$161.4M$166.9M$225.3M$216.9M$53.9M$67.6M$77.3M$78.0M$1.0M
Total liabilities $7.93B$7.62B$7.43B$7.79B$6.80B$4.01B$3.06B$2.71B$2.57B$2.02B
Retained earnings $697.8M$565.8M$458.3M$407.9M$313.6M$253.0M$199.0M$144.4M$102.4M$68.9M
Total equity $1.26B$1.17B$1.04B$972.5M$891.9M$539.2M$517.0M$387.4M$364.9M$276.4M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $153.5M$133.7M$108.0M$117.4M$97.7M$78.9M$58.1M$51.0M$40.7M$24.8M
Depreciation and amortisation $15.0M$17.0M$18.4M$21.9M$13.9M$10.7M$7.3M$6.3M$7.1M$5.1M
Stock-based compensation $7.3M$6.6M$6.4M$7.0M$7.3M$5.7M$5.0M$4.9M$3.1M$1.6M
Capital expenditure $4.1M$16.9M$18.6M$12.2M$12.8M$10.8M$4.4M$4.3M$3.7M$4.1M
Investing cash flow -$230.7M-$288.4M$591.5M-$516.4M-$370.6M-$208.7M-$63.1M-$77.1M-$151.0M$51.4M
Financing cash flow $201.4M$199.3M-$362.7M-$41.6M$65.4M$750.6M-$62.5M$120.7M$136.1M-$30.8M
Dividends paid $18.7M$16.5M$11.1M$0$0—————
Buybacks $76.6M$10.1M$1.5M$61.5M$62.6M$42.1M$28.5M$22.7M$15.0M$5.2M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001174850-26-000077.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 200M 400M 600M Revenue, FY2016: 75.5M Net income, FY2016: 18.5M Revenue, FY2017: 109.3M Net income, FY2017: 33.1M Revenue, FY2018: 125.5M Net income, FY2018: 41M Revenue, FY2019: 138.6M Net income, FY2019: 54.6M Revenue, FY2020: 149.2M Net income, FY2020: 60.1M Revenue, FY2021: 171.6M Net income, FY2021: 60.7M Revenue, FY2022: 273.9M Net income, FY2022: 94.3M Revenue, FY2023: 382.9M Net income, FY2023: 61.5M Revenue, FY2024: 438.4M Net income, FY2024: 124.1M Revenue, FY2025: 470.9M Net income, FY2025: 150.7M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $75.5M $109.3M $125.5M $138.6M $149.2M $171.6M $273.9M $382.9M $438.4M $470.9M
Gross profit — — — — — — — — — —
Net income $18.5M $33.1M $41.0M $54.6M $60.1M $60.7M $94.3M $61.5M $124.1M $150.7M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Item 5.02
  • Shareholder vote Item 5.07
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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