NICOLET BANKSHARES INC NIC
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").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 10.06 | 8.24 | 4.17 | 6.78 | 5.65 | 5.82 | 5.71 | 4.26 | 3.51 | 2.49 |
| EPS, diluted | 9.78 | 8.05 | 4.08 | 6.56 | 5.44 | 5.70 | 5.52 | 4.12 | 3.33 | 2.37 |
| Shares, diluted (wtd. avg.) | $15.4M | $15.4M | $15.1M | $14.4M | $11.1M | $10.5M | $9.9M | $10.0M | $10.0M | $7.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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