NYSE : NIC
Nicolet Bankshares, Inc. — Financial statements
Financials · Banks - Regional · United States
Last price 171.56 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.57B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest Income on Loans | 595.08M | 421.15M | 393.05M | 341.15M | 243.68M | 156.56M |
| Interest Income on Investments | 84.62M | 49.80M | 45.31M | 41.71M | 30.24M | 15.00M |
| Total Interest Income | 679.71M | 470.95M | 438.37M | 382.86M | 273.92M | 171.56M |
| Interest Paid on Deposits | 198.41M | 156.87M | 161.57M | 125.82M | 21.75M | 10.45M |
| Interest Paid on Borrowings | 7.14M | 7.61M | 8.73M | 15.52M | 12.21M | 3.16M |
| Total Interest Expense | 205.55M | 164.48M | 170.30M | 141.35M | 33.96M | 13.60M |
| Net Interest Income | 474.15M | 306.47M | 268.06M | 241.52M | 239.96M | 157.96M |
| Trust Income | 43.15M | 29.61M | 27.45M | 23.75M | ||
| Mortgage Banking Activities | 14.44M | 12.05M | 10.18M | 7.16M | 8.50M | 22.16M |
| Gain (Loss) on Sale of Assets | 1.33M | 1.16M | 4.21M | -32.81M | 3.13M | 4.18M |
| Other Non-Interest Income | 44.73M | 34.74M | 33.24M | 31.89M | 40.19M | 36.01M |
| Total Non-Interest Income | 116.86M | 85.57M | 82.27M | 35.97M | 57.92M | 67.36M |
| Revenues Before Loan Losses | 591.02M | 392.04M | 350.33M | 277.49M | 297.88M | 225.32M |
| Provision for Loan Losses | 10.25M | 4.25M | 3.85M | 4.99M | 11.50M | 14.90M |
| Revenue | 580.77M | 387.79M | 346.48M | 272.50M | 286.38M | 210.42M |
| Salaries and Employee Benefits | 159.46M | 108.67M | 102.48M | 93.27M | 82.40M | 64.02M |
| Occupancy Expenses | 51.87M | 34.32M | 32.47M | 33.59M | 27.50M | 18.91M |
| Federal Deposit Insurance | 5.83M | 4.01M | 4.00M | 4.00M | 1.92M | 2.04M |
| Amortization of Goodwill & Intangibles | 17.50M | 5.74M | 6.88M | 8.07M | 6.62M | 3.49M |
| Selling, General & Administrative | 45.71M | 35.53M | 34.69M | 36.16M | 31.53M | 25.25M |
| Other Non-Interest Expense | 22.19M | 9.92M | 10.14M | 9.99M | 8.32M | 8.25M |
| Total Non-Interest Expense | 303.26M | 198.88M | 191.35M | 185.68M | 158.98M | 122.75M |
| EBT Excluding Unusual Items | 277.51M | 188.91M | 155.13M | 86.82M | 127.40M | 87.67M |
| Pretax Income | 222.87M | 186.96M | 155.13M | 86.63M | 125.74M | 81.12M |
| Income Tax Expense | 46.72M | 36.27M | 31.07M | 25.12M | 31.48M | 20.47M |
| Earnings From Continuing Operations | 176.15M | 150.69M | 124.06M | 61.52M | 94.26M | 60.65M |
| Net Income | 176.15M | 150.69M | 124.06M | 61.52M | 94.26M | 60.65M |
| Net Income to Common | 176.15M | 150.69M | 124.06M | 61.52M | 94.26M | 60.65M |
| Basic Shares Outstanding | 18.80M | 14.98M | 15.05M | 14.74M | 13.91M | 10.74M |
| Diluted Shares Outstanding | 19.32M | 15.40M | 15.42M | 15.07M | 14.37M | 11.14M |
| EPS (Basic) | 9.37 | 10.06 | 8.24 | 4.17 | 6.78 | 5.65 |
| EPS (Diluted) | 9.12 | 9.78 | 8.05 | 4.08 | 6.56 | 5.44 |
| Dividend Per Share | 1.36 | 1.24 | 1.09 | 0.75 | ||
| Effective Tax Rate | 20.96% | 19.40% | 20.03% | 28.99% | 25.03% | 25.23% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 510.53M | 660.23M | 536.05M | 491.43M | 154.72M | 593.39M |
| Investment Securities | 2.10B | 385.02M | 403.58M | 471.12M | 1.28B | 1.24B |
| Mortgage-Backed Securities | 496.78M | 421.95M | 352.62M | 338.79M | 371.38M | |
| Total Investments | 2.10B | 881.80M | 825.53M | 823.75M | 1.62B | 1.61B |
| Gross Loans | 10.88B | 6.84B | 6.63B | 6.35B | 6.18B | 4.62B |
| Allowance for Loan Losses | -134.78M | -68.81M | -66.32M | -63.61M | -61.83M | -49.67M |
| Net Loans | 10.75B | 6.77B | 6.56B | 6.29B | 6.12B | 4.57B |
| Property, Plant & Equipment | 193.34M | 120.46M | 126.98M | 118.76M | 108.96M | 94.57M |
| Goodwill | 367.39M | 367.39M | 367.39M | 367.39M | 317.19M | |
| Other Intangible Assets | 959.66M | 15.01M | 20.75M | 26.98M | 35.05M | 22.30M |
| Loans Held for Sale | 9.08M | 13.62M | 7.64M | 4.16M | 1.48M | 6.45M |
| Accrued Interest Receivable | 242.96M | 26.60M | 25.03M | 24.24M | 21.27M | 15.28M |
| Restricted Cash | 1.90M | |||||
| Other Current Assets | 199.83M | |||||
| Other Real Estate Owned & Foreclosed | 4.38M | 667.00K | 693.00K | 1.27M | 1.98M | 11.96M |
| Other Long-Term Assets | 298.50M | 324.05M | 316.80M | 310.71M | 312.12M | 241.59M |
| Total Assets | 15.06B | 9.19B | 8.80B | 8.47B | 8.76B | 7.70B |
| Interest Bearing Deposits | 9.78B | 5.90B | 5.61B | 5.24B | 4.82B | 4.49B |
| Non-Interest Bearing Deposits | 2.82B | 1.83B | 1.79B | 1.96B | 2.36B | 1.98B |
| Total Deposits | 12.60B | 7.73B | 7.40B | 7.20B | 7.18B | 6.47B |
| Short-Term Borrowings | 317.00M | |||||
| Current Portion of Leases | 1.47M | |||||
| Accrued Interest Payable | 141.18M | 8.67M | 7.77M | 7.76M | 4.26M | 3.08M |
| Other Current Liabilities | 51.59M | |||||
| Long-Term Debt | 92.75M | 92.64M | 115.00M | 121.38M | 152.62M | 153.03M |
| Federal Home Loan Bank Debt, Long-Term | 5.00M | 5.00M | 33.00M | 25.00M | ||
| Long-Term Leases | 3.66M | |||||
| Trust Preferred Securities | 42.22M | 41.38M | 40.55M | 39.72M | 38.88M | |
| Other Long-Term Liabilities | 48.02M | 51.05M | 57.18M | 65.91M | 65.65M | |
| Total Liabilities | 12.83B | 7.93B | 7.62B | 7.43B | 7.79B | 6.80B |
| Common Stock | 209.00K | 148.00K | 154.00K | 149.00K | 147.00K | 140.00K |
| Additional Paid-In Capital | 1.51B | 583.26M | 655.54M | 633.77M | 621.99M | 575.04M |
| Retained Earnings | 811.46M | 697.80M | 565.77M | 458.26M | 407.86M | 313.60M |
| Comprehensive Income & Other | -91.17M | -23.54M | -48.57M | -53.17M | -57.47M | 3.10M |
| Total Common Equity | 2.23B | 1.26B | 1.17B | 1.04B | 972.53M | 891.89M |
| Shareholders' Equity | 2.23B | 1.26B | 1.17B | 1.04B | 972.53M | 891.89M |
| Total Liabilities & Equity | 15.06B | 9.19B | 8.80B | 8.47B | 8.76B | 7.70B |
| Total Debt | 92.75M | 139.98M | 161.39M | 166.93M | 542.34M | 216.91M |
| Net Cash (Debt) | 417.78M | 520.25M | 374.66M | 330.88M | -375.10M | 398.40M |
| Net Cash Per Share | 21.62 | 33.77 | 24.30 | 21.96 | -26.09 | 35.75 |
| Filing Date Shares Outstanding | 20.85M | 21.37M | 15.26M | 14.90M | 14.69M | 13.59M |
| Total Common Shares Outstanding | 20.85M | 14.78M | 15.36M | 14.89M | 14.69M | 13.99M |
| Book Value Per Share | 107.18 | 85.08 | 76.38 | 69.76 | 66.20 | 63.73 |
| Tangible Book Value | 1.27B | 875.26M | 784.76M | 644.64M | 570.09M | 552.40M |
| Tangible Book Value Per Share | 61.14 | 59.21 | 51.10 | 43.28 | 38.81 | 39.47 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 150.69M | 124.06M | 61.52M | 94.26M | 60.65M | |
| Depreciation & Amortization | 14.99M | 16.95M | 18.40M | 7.60M | 7.59M | |
| Gain (Loss) on Sale of Assets | -89.00K | -1.33M | -62.00K | -2.97M | -469.00K | |
| Gain (Loss) on Sale of Investments | -1.07M | -2.88M | 32.87M | -160.00K | -3.71M | |
| Provision for Credit Losses | 4.25M | 3.85M | 4.99M | 11.50M | 14.90M | |
| Net Decrease (Increase) in Loans Originated / Sold - Operating | 772.00K | 1.80M | 328.00K | 7.53M | 31.14M | |
| Accrued Interest Receivable | -5.20M | 11.74M | -5.34M | 73.00K | -10.53M | |
| Other Operating Activities | -10.65M | -12.83M | -1.38M | -2.28M | 9.31M | |
| Operating Cash Flow | 153.53M | 133.75M | 107.97M | 117.40M | 97.65M | |
| Capital Expenditures | -4.09M | -16.92M | -18.57M | -12.23M | -12.79M | |
| Sale of Property, Plant and Equipment | 2.32M | 399.00K | 365.00K | |||
| Cash Acquisitions | -28.22M | 367.80M | ||||
| Investment in Securities | -22.67M | 7.29M | 766.01M | 93.25M | -651.92M | |
| Divestitures | 147.83M | |||||
| Net Decrease (Increase) in Loans Originated / Sold - Investing | -206.71M | -267.75M | -168.80M | -731.90M | -76.43M | |
| Other Investing Activities | -11.50M | 306.00K | 1.76M | |||
| Investing Cash Flow | -230.75M | -288.44M | 591.46M | -516.36M | -370.60M | |
| Short-Term Debt Issued | 184.13M | |||||
| Long-Term Debt Issued | 103.95M | |||||
| Total Debt Issued | 184.13M | 103.95M | ||||
| Short-Term Debt Repaid | -317.00M | |||||
| Long-Term Debt Repaid | -27.40M | -5.17M | -59.00M | -20.00M | -187.96M | |
| Total Debt Repaid | -27.40M | -5.17M | -376.00M | -20.00M | -187.96M | |
| Net Debt Issued (Repaid) | -27.40M | -5.17M | -376.00M | 164.13M | -84.01M | |
| Issuance of Common Stock | 9.66M | 27.25M | 11.38M | 3.28M | 2.38M | |
| Repurchase of Common Stock | -89.29M | -12.11M | -6.03M | -61.50M | -62.58M | |
| Common Dividends Paid | -18.66M | -16.55M | -11.12M | |||
| Total Dividends Paid | -18.66M | -16.55M | -11.12M | |||
| Net Increase (Decrease) in Deposit Accounts | 327.09M | 205.88M | 19.05M | -147.52M | 210.38M | |
| Other Financing Activities | -789.00K | |||||
| Financing Cash Flow | 201.40M | 199.30M | -362.73M | -41.60M | 65.38M | |
| Net Cash Flow | 124.19M | 44.62M | 336.71M | -440.57M | -207.57M | |
| Free Cash Flow | 149.44M | 116.83M | 89.41M | 105.16M | 84.86M | |
| Free Cash Flow Margin | 38.54% | 33.72% | 32.81% | 36.72% | 40.33% | |
| Free Cash Flow Per Share | 9.70 | 7.58 | 5.93 | 7.32 | 7.62 | |
| Cash Interest Paid | 163.58M | 170.29M | 138.01M | 37.43M | 10.88M | |
| Cash Income Tax Paid | 39.16M | 25.32M | 23.02M | 33.56M | 24.34M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.57B | 1.80B | 1.59B | 1.19B | 1.17B | 1.03B |
| Last Close Price | 171.56 | 120.48 | 103.18 | 78.22 | 76.74 | 82.47 |
| PE Ratio | 18.82 | 11.91 | 12.82 | 19.31 | 12.42 | 16.90 |
| PS Ratio | 6.14 | 4.63 | 4.59 | 4.36 | 4.09 | 4.87 |
| PB Ratio | 1.59 | 1.43 | 1.36 | 1.14 | 1.20 | 1.15 |
| P/FCF Ratio | 20.48 | 12.01 | 13.61 | 13.29 | 11.14 | 12.08 |
| P/OCF Ratio | 19.54 | 11.69 | 11.89 | 11.00 | 9.97 | 10.50 |
| Debt / Equity Ratio | 0.04 | 0.11 | 0.14 | 0.16 | 0.56 | 0.24 |
| Debt / FCF Ratio | 0.94 | 1.38 | 1.87 | 5.16 | 2.56 | |
| Net Debt / Equity Ratio | -0.19 | -0.41 | -0.32 | -0.32 | 0.39 | -0.45 |
| Net Debt / FCF Ratio | -3.48 | -3.21 | -3.70 | 3.57 | -4.70 | |
| Return on Equity (ROE) | 10.21% | 12.40% | 11.22% | 6.12% | 10.11% | 8.48% |
| Return on Assets (ROA) | 1.46% | 1.68% | 1.44% | 0.71% | 1.15% | 0.99% |
| Earnings Yield | 5.31% | 8.39% | 7.80% | 5.18% | 8.05% | 5.92% |
| FCF Yield | 4.88% | 8.33% | 7.35% | 7.53% | 8.98% | 8.28% |
| Dividend Yield | 0.84% | 1.02% | 1.05% | 0.94% | ||
| Payout Ratio | 15.79% | 12.38% | 13.34% | 18.07% | ||
| Buyback Yield / Dilution | -24.53% | 0.08% | -2.29% | -4.84% | -28.98% | -5.73% |
| Total Shareholder Return | -23.69% | 1.10% | -1.24% | -3.90% | -28.98% | -5.73% |