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Nicolet Bankshares (NCBS) Financials

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Annual Income Statements for Nicolet Bankshares

Annual Income Statements for Nicolet Bankshares

This table shows Nicolet Bankshares' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 9.71 11 18 33 41 55 60 61 94 62 124
Consolidated Net Income / (Loss)		 10 12 19 33 41 55 60 61 94 62 124
Net Income / (Loss) Continuing Operations		 10 12 19 33 41 55 60 61 94 62 124
Total Pre-Tax Income 		15 18 28 50 55 71 81 81 126 87 155
Total Revenue		 56 59 95 133 146 169 192 225 298 277 350
Net Interest Income / (Expense)		 42 41 68 99 107 116 129 158 240 242 268
Total Interest Income		 49 49 75 109 126 139 149 172 274 383 438
Loans and Leases Interest Income		 46 46 69 101 114 126 136 157 244 341 393
Investment Securities Interest Income		 2.40 2.52 4.72 7.09 8.36 9.66 10 12 26 24 25
Other Interest Income		 0.47 0.44 1.33 1.62 3.22 3.41 2.61 2.91 4.44 17 21
Total Interest Expense		 7.07 7.21 7.33 11 19 23 20 14 34 141 170
Deposits Interest Expense		 3.07 2.93 5.14 7.69 15 19 17 10 22 126 162
Short-Term Borrowings Interest Expense		 0.85 0.65 0.00 0.08 0.01 0.01 0.07 0.00 3.25 4.79 0.00
Long-Term Debt Interest Expense		 0.88 1.38 2.19 2.74 3.46 3.54 3.16 3.16 8.96 11 8.72
Total Non-Interest Income		 14 18 27 35 40 53 63 67 58 36 82
Other Service Charges		 5.83 7.93 25 31 36 43 61 60 54 58 67
Net Realized & Unrealized Capital Gains on Investments		 0.54 1.73 0.05 2.03 1.17 7.90 -1.81 4.18 1.76 -28 8.62
Other Non-Interest Income		 2.17 2.15 1.28 1.78 2.42 2.37 3.30 2.99 1.78 6.46 6.65
Provision for Credit Losses		 2.70 1.80 1.80 2.33 1.60 1.20 10 15 12 4.99 3.85
Total Non-Interest Expense		 39 40 65 81 90 97 101 129 161 186 191
Salaries and Employee Benefits		 21 23 34 44 49 54 57 71 89 99 108
Net Occupancy & Equipment Expense		 10 10 17 22 24 25 27 33 44 56 53
Marketing Expense		 2.27 2.24 3.49 4.70 5.32 5.69 5.40 5.40 8.47 7.79 8.33
Property & Liability Insurance Claims		 0.72 0.62 - - - 0.59 0.71 2.04 1.92 4.00 4.00
Other Operating Expenses		 2.78 2.75 7.32 5.48 6.48 7.37 5.70 9.05 9.02 11 11
Amortization Expense		 1.21 1.03 3.46 4.70 4.39 3.87 3.57 3.49 6.62 8.07 6.88
Restructuring Charge		 - - - - - 0.10 1.02 5.65 1.66 0.19 0.00
Income Tax Expense		 4.61 6.09 9.37 16 13 16 20 20 31 25 31
Basic Earnings per Share		 $2.33 $2.80 $2.49 $3.51 $4.26 $5.71 $5.82 $5.65 $6.78 $4.17 $8.24
Weighted Average Basic Shares Outstanding		 4.17M 4.00M 7.16M 9.44M 9.64M 9.56M 10.34M 10.74M 13.91M 14.74M 15.05M
Diluted Earnings per Share		 $2.25 $2.57 $2.37 $3.33 $4.12 $5.52 $5.70 $5.44 $6.56 $4.08 $8.05
Weighted Average Diluted Shares Outstanding		 4.31M 4.36M 7.51M 9.96M 9.96M 9.90M 10.54M 11.14M 14.37M 15.07M 15.42M
Weighted Average Basic & Diluted Shares Outstanding		 4.20M 4M 7.20M 9.40M 9.60M 10.50M 9.98M 13.59M 14.69M 14.90M 15.26M
Cash Dividends to Common per Share		 - - - - - - - - - $0.75 $1.09

Quarterly Income Statements for Nicolet Bankshares

This table shows Nicolet Bankshares' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 19 28 -8.90 23 17 31 28 29 33 34 33
Consolidated Net Income / (Loss)		 19 28 -8.90 23 17 31 28 29 33 34 33
Net Income / (Loss) Continuing Operations		 19 28 -8.90 23 17 31 28 29 33 34 33
Total Pre-Tax Income 		25 37 -13 30 32 37 34 37 41 43 40
Total Revenue		 76 83 35 76 78 89 82 85 91 92 89
Net Interest Income / (Expense)		 63 68 57 59 61 64 63 65 68 72 71
Total Interest Income		 71 86 87 92 100 104 104 109 113 113 113
Loans and Leases Interest Income		 63 76 79 84 88 90 94 98 101 101 101
Investment Securities Interest Income		 6.53 7.69 6.70 5.61 5.78 6.13 5.80 6.21 6.31 6.44 6.61
Other Interest Income		 1.13 1.70 1.54 2.36 6.45 7.15 4.59 4.70 5.49 5.79 5.47
Total Interest Expense		 7.73 18 31 33 38 39 41 44 44 41 42
Deposits Interest Expense		 4.64 13 25 29 35 37 39 41 42 39 39
Short-Term Borrowings Interest Expense		 0.59 2.62 3.21 1.11 0.47 - 0.00 0.00 0.00 - 0.00
Long-Term Debt Interest Expense		 2.50 2.53 2.51 2.57 2.97 2.68 2.23 2.15 2.19 2.15 2.07
Total Non-Interest Income		 13 15 -22 17 17 24 19 20 22 21 18
Other Service Charges		 13 13 13 14 15 15 15 16 17 18 16
Net Realized & Unrealized Capital Gains on Investments		 -0.56 -0.06 -37 0.82 1.14 6.97 3.04 1.73 2.27 1.57 0.70
Other Non-Interest Income		 0.40 1.47 2.15 1.57 0.63 2.11 1.41 1.39 2.62 1.23 1.47
Provision for Credit Losses		 8.60 1.85 3.09 0.45 0.45 1.00 0.75 1.35 0.75 1.00 1.50
Total Non-Interest Expense		 43 44 45 45 46 50 47 47 49 48 48
Salaries and Employee Benefits		 24 24 24 24 24 27 27 26 29 27 27
Net Occupancy & Equipment Expense		 11 12 13 13 14 17 13 13 13 13 14
Marketing Expense		 2.28 2.30 2.12 1.95 1.87 1.85 2.14 2.04 1.82 2.33 2.10
Property & Liability Insurance Claims		 0.48 0.48 0.54 1.01 1.50 0.95 1.03 0.99 0.99 0.99 0.94
Other Operating Expenses		 2.22 2.68 2.79 2.93 2.77 2.10 2.42 2.81 2.34 3.27 2.82
Amortization Expense		 1.63 2.22 2.16 2.08 1.99 1.84 1.83 1.76 1.69 1.59 1.55
Income Tax Expense		 6.31 9.50 -4.19 7.88 15 6.76 6.54 7.48 8.33 8.72 7.55
Basic Earnings per Share		 $1.33 $1.89 ($0.61) $1.54 $1.16 $2.08 $1.86 $1.96 $2.16 $2.26 $2.14
Weighted Average Basic Shares Outstanding		 13.89M 13.91M 14.69M 14.71M 14.74M 14.74M 14.91M 14.94M 15.05M 15.05M 15.26M
Diluted Earnings per Share		 $1.29 $1.84 ($0.61) $1.51 $1.14 $2.04 $1.82 $1.92 $2.10 $2.21 $2.08
Weighted Average Diluted Shares Outstanding		 14.31M 14.37M 14.69M 14.96M 15.10M 15.07M 15.25M 15.28M 15.48M 15.42M 15.65M
Weighted Average Basic & Diluted Shares Outstanding		 14.68M 14.69M 14.72M 14.74M 14.76M 14.90M 14.93M 15.06M 15.21M 15.26M 15.08M
Cash Dividends to Common per Share		 - - - $0.25 $0.25 - $0.25 $0.28 $0.28 - $0.28

Annual Cash Flow Statements for Nicolet Bankshares

This table details how cash moves in and out of Nicolet Bankshares' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -78 15 45 26 95 -67 621 -208 -441 337 45
Net Cash From Operating Activities		 11 15 25 41 51 58 79 98 117 108 134
Net Cash From Continuing Operating Activities		 11 15 25 41 51 58 79 98 117 108 134
Net Income / (Loss) Continuing Operations		 10 12 19 33 41 55 60 61 94 62 124
Consolidated Net Income / (Loss)		 10 12 19 33 41 55 60 61 94 62 124
Provision For Loan Losses		 2.77 1.80 1.80 2.33 1.60 1.20 10 15 12 4.99 3.85
Depreciation Expense		 3.85 3.32 5.13 7.07 6.28 7.31 11 14 22 18 17
Non-Cash Adjustments to Reconcile Net Income		 -6.30 2.54 0.92 4.63 3.70 -11 -15 18 -10 34 -1.87
Changes in Operating Assets and Liabilities, net		 0.67 -4.17 -1.74 -6.74 -1.95 6.06 13 -9.51 -0.21 -11 -9.24
Net Cash From Investing Activities		 -91 -22 51 -151 -77 -63 -209 -371 -516 591 -288
Net Cash From Continuing Investing Activities		 -91 -22 51 -151 -77 -63 -209 -371 -516 591 -288
Purchase of Investment Securities		 -103 -48 -110 -229 -154 -158 -333 -972 -862 -260 -407
Sale of Property, Leasehold Improvements and Equipment		 4.00 4.01 - 1.72 - 0.46 0.34 2.74 13 12 0.04
Divestitures		 - - 67 9.12 0.00 - 0.00 0.00 148 0.00 0.00
Sale and/or Maturity of Investments		 22 36 93 65 76 96 114 220 176 833 114
Other Investing Activities, net		 -8.43 6.97 1.43 2.24 0.75 -1.92 9.17 379 9.41 6.14 5.39
Net Cash From Financing Activities		 1.65 21 -31 136 121 -62 751 65 -42 -363 199
Net Cash From Continuing Financing Activities		 1.65 21 -31 136 121 -62 751 65 -42 -363 199
Net Change in Deposits		 25 31 91 127 143 49 815 210 -148 19 206
Issuance of Debt		 - 12 0.00 30 0.00 0.00 368 104 184 -317 0.00
Issuance of Common Equity		 0.89 1.72 1.90 4.03 1.80 8.74 2.06 2.38 0.75 0.84 0.59
Repayment of Debt		 -18 -5.76 -106 -9.55 -1.25 -91 -384 -188 -20 -59 -5.17
Repurchase of Common Equity		 - - -5.20 -15 -23 -28 -42 -63 -61 -1.52 -10
Payment of Dividends		 -0.24 -0.21 -0.63 - -0.28 - - 0.00 0.00 -11 -17
Other Financing Activities, Net		 -5.83 -4.38 -0.26 -0.19 0.00 -0.53 -8.22 -0.79 2.53 6.02 25
Cash Interest Paid		 7.32 7.29 7.51 11 19 22 23 11 37 138 170
Cash Income Taxes Paid		 3.54 2.89 7.15 13 11 16 22 24 34 23 25

Quarterly Cash Flow Statements for Nicolet Bankshares

This table details how cash moves in and out of Nicolet Bankshares' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Change in Cash & Equivalents		 257 -284 -41 391 41 -54 -64 -19 19 108 36
Net Cash From Operating Activities		 38 30 16 33 22 38 23 37 40 33 42
Net Cash From Continuing Operating Activities		 38 30 16 33 22 38 23 37 40 33 42
Net Income / (Loss) Continuing Operations		 19 28 -8.90 23 17 31 28 29 33 34 33
Consolidated Net Income / (Loss)		 19 28 -8.90 23 17 31 28 29 33 34 33
Provision For Loan Losses		 8.60 1.85 3.09 0.45 0.45 1.00 0.75 1.35 0.75 1.00 1.50
Depreciation Expense		 5.19 4.94 4.20 5.08 3.89 5.24 4.80 4.45 4.36 3.35 3.86
Non-Cash Adjustments to Reconcile Net Income		 1.46 -11 35 1.95 -2.99 -0.43 -3.06 -4.62 -3.65 9.46 -0.57
Changes in Operating Assets and Liabilities, net		 4.25 6.22 -18 2.75 3.33 1.30 -6.89 6.89 5.67 -15 4.40
Net Cash From Investing Activities		 -170 -135 489 93 89 -79 -49 -128 -41 -71 -138
Net Cash From Continuing Investing Activities		 -170 -135 489 93 89 -79 -49 -128 -41 -71 -138
Purchase of Investment Securities		 -227 -194 -51 -12 -40 -157 -94 -161 -54 -99 -159
Sale and/or Maturity of Investments		 56 55 539 103 126 66 45 32 12 25 20
Other Investing Activities, net		 1.94 -8.79 1.23 1.49 3.42 0.01 0.14 1.82 0.96 2.47 0.13
Net Cash From Financing Activities		 389 -179 -545 266 -70 -13 -38 71 21 145 133
Net Cash From Continuing Financing Activities		 389 -179 -545 266 -70 -13 -38 71 21 145 133
Net Change in Deposits		 242 -216 -250 270 -16 15 -32 75 19 144 169
Issuance of Common Equity		 0.19 0.19 0.19 0.21 0.20 0.25 0.20 0.23 0.16 - 0.04
Repayment of Debt		 - - -28 - - -31 -4.01 - -1.16 - -5.00
Repurchase of Common Equity		 - -0.79 - - - - - - - -10 -26
Payment of Dividends		 - - 0.00 -3.70 -3.70 -3.72 -3.76 -4.20 -4.24 -4.35 -4.30
Other Financing Activities, Net		 0.00 0.45 0.15 0.45 -0.15 5.57 1.27 0.10 7.10 16 -0.66
Cash Interest Paid		 8.42 18 31 31 38 39 41 42 45 41 41
Cash Income Taxes Paid		 6.05 7.90 0.00 12 11 0.10 0.05 7.00 8.21 10 0.00

Annual Balance Sheets for Nicolet Bankshares

This table presents Nicolet Bankshares' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 1,215 1,214 2,301 2,932 3,097 3,577 4,552 7,695 8,764 8,469 8,797
Cash and Due from Banks		 24 12 68 86 86 75 88 209 121 130 116
Interest Bearing Deposits at Other Banks		 43 71 60 68 164 107 714 386 34 362 420
Time Deposits Placed and Other Short-Term Investments		 10 3.42 3.98 1.75 0.99 19 30 22 13 6.37 0.98
Trading Account Securities		 176 177 372 410 402 452 21 1,580 1,598 807 814
Loans and Leases, Net of Allowance		 874 867 1,557 2,075 2,153 -14 2,757 4,572 6,119 6,290 6,560
Loans and Leases		 883 877 1,569 2,088 2,166 - 2,789 4,622 6,180 6,354 6,627
Allowance for Loan and Lease Losses		 9.29 10 12 13 13 14 32 50 62 64 66
Premises and Equipment, Net		 32 30 46 47 48 56 60 95 109 119 127
Intangible Assets		 - 3.79 88 128 124 166 175 339 402 394 388
Other Assets		 54 50 105 115 119 2,715 706 492 368 361 370
Total Liabilities & Shareholders' Equity		 1,215 1,214 2,301 2,932 3,097 3,577 4,552 7,695 8,764 8,469 8,797
Total Liabilities		 1,104 1,105 2,025 2,568 2,709 3,060 4,013 6,803 7,791 7,430 7,624
Non-Interest Bearing Deposits		 - - - 632 753 819 1,213 1,976 2,362 1,959 1,791
Interest Bearing Deposits		 1,060 1,056 1,970 1,839 1,861 2,135 2,698 4,490 4,817 5,239 5,612
Long-Term Debt		 34 40 38 78 77 68 54 217 225 167 161
Other Long-Term Liabilities		 - - - 18 18 38 48 120 70 65 59
Total Equity & Noncontrolling Interests		 111 110 276 365 387 517 539 892 973 1,039 1,173
Total Preferred & Common Equity		 111 110 276 364 387 516 539 892 973 1,039 1,173
Total Common Equity		 87 97 276 364 387 516 539 892 973 1,039 1,173
Common Stock		 46 45 210 264 248 313 273 575 622 634 656
Retained Earnings		 40 51 69 102 144 199 253 314 408 458 566
Accumulated Other Comprehensive Income / (Loss)		 1.03 0.98 -2.73 -2.15 -5.64 4.42 13 3.10 -57 -53 -49

Quarterly Balance Sheets for Nicolet Bankshares

This table presents Nicolet Bankshares' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025
Total Assets		 8,896 8,192 8,483 8,416 8,447 8,557 8,637 8,975
Cash and Due from Banks		 119 93 122 109 82 110 124 105
Interest Bearing Deposits at Other Banks		 320 21 383 436 346 299 304 467
Trading Account Securities		 1,640 1,028 925 800 809 809 837 846
Loans and Leases, Net of Allowance		 5,924 6,161 6,160 6,176 6,333 6,464 6,491 6,678
Loans and Leases		 5,984 6,224 6,223 6,239 6,398 6,529 6,557 6,746
Allowance for Loan and Lease Losses		 60 62 63 63 64 65 66 67
Premises and Equipment, Net		 107 113 117 118 120 121 124 125
Intangible Assets		 407 400 398 396 393 391 390 387
Other Assets		 367 6,526 367 372 358 359 365 367
Total Liabilities & Shareholders' Equity		 8,896 8,192 8,483 8,416 8,447 8,557 8,637 8,975
Total Liabilities		 7,957 7,231 7,505 7,442 7,383 7,466 7,488 7,792
Non-Interest Bearing Deposits		 2,478 2,095 2,060 2,020 1,665 1,765 1,840 1,689
Interest Bearing Deposits		 4,918 4,834 5,139 5,162 5,501 5,476 5,420 5,883
Short-Term Debt		 280 50 50 0.00 0.00 0.00 0.00 0.00
Long-Term Debt		 225 197 198 198 162 162 161 157
Other Long-Term Liabilities		 56 55 59 62 55 62 67 63
Total Equity & Noncontrolling Interests		 938 962 978 974 1,064 1,091 1,149 1,183
Total Preferred & Common Equity		 938 962 978 974 1,064 1,091 1,149 1,183
Total Common Equity		 938 962 978 974 1,064 1,091 1,149 1,183
Common Stock		 621 624 625 626 637 639 648 630
Retained Earnings		 380 399 418 431 482 507 536 594
Accumulated Other Comprehensive Income / (Loss)		 -62 -61 -65 -83 -55 -55 -34 -41

Annual Metrics And Ratios for Nicolet Bankshares

This table displays calculated financial ratios and metrics derived from Nicolet Bankshares' official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -10.49% 5.40% 60.44% 40.69% 9.58% 15.93% 13.29% 17.38% 32.20% -6.85% 26.25%
EBITDA Growth		 -20.98% 13.29% 58.34% 71.00% 7.60% 28.94% 16.35% 3.65% 55.47% -28.87% 63.83%
EBIT Growth		 -26.74% 20.37% 59.06% 77.09% 10.26% 30.38% 13.30% 0.22% 55.00% -31.10% 79.07%
NOPAT Growth		 -37.85% 14.96% 61.78% 78.84% 23.69% 32.97% 9.97% 0.30% 55.41% -34.74% 101.67%
Net Income Growth		 -37.85% 14.96% 61.78% 78.84% 23.69% 32.97% 9.97% 0.30% 55.41% -34.74% 101.67%
EPS Growth		 -40.79% 14.22% -7.78% 40.51% 23.72% 33.98% 3.26% -4.56% 20.59% -37.80% 97.30%
Operating Cash Flow Growth		 -45.29% 36.33% 64.81% 64.13% 25.24% 14.02% 35.71% 23.77% 20.22% -8.03% 23.87%
Free Cash Flow Firm Growth		 225.01% -69.81% -2,292.68% 34.50% 120.54% -431.15% 180.08% -974.68% 31.49% 218.81% -101.16%
Invested Capital Growth		 -7.65% 3.39% 110.06% 41.07% 4.91% 25.82% 1.44% 86.96% 36.62% -20.39% 10.64%
Revenue Q/Q Growth		 0.74% 1.37% 15.48% 5.71% 1.18% 4.28% 3.85% 9.06% 4.68% 2.13% 1.07%
EBITDA Q/Q Growth		 19.12% 0.22% 18.83% 5.31% 6.55% 4.65% 8.59% -1.02% 11.87% 0.60% 2.31%
EBIT Q/Q Growth		 17.44% 5.14% 19.58% 8.13% 4.07% 4.52% 8.26% -2.89% 13.84% 0.37% 3.87%
NOPAT Q/Q Growth		 16.79% 3.66% 21.38% 9.91% 4.53% 2.67% 10.41% -2.85% 13.62% 5.23% 3.18%
Net Income Q/Q Growth		 16.79% 3.66% 21.38% 9.91% 4.53% 2.67% 10.41% -2.85% 13.62% 5.23% 3.18%
EPS Q/Q Growth		 13.64% 3.63% 3.95% 5.71% 5.37% 0.91% 10.89% -8.88% 11.00% 5.15% 2.16%
Operating Cash Flow Q/Q Growth		 -27.06% -20.83% 190.33% -5.25% -0.63% 23.85% -8.15% 45.99% -11.56% 7.70% -3.18%
Free Cash Flow Firm Q/Q Growth		 -27.01% -37.04% 5.27% 15.03% -52.57% -389.25% 112.89% -440.60% 36.00% 12.28% 76.28%
Invested Capital Q/Q Growth		 0.24% 3.22% -0.05% -3.07% 2.09% 20.23% -37.22% 26.94% 4.93% 2.88% 1.81%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 33.01% 35.48% 35.02% 42.56% 41.79% 46.48% 47.73% 42.15% 49.57% 37.85% 49.12%
EBIT Margin		 26.14% 29.86% 29.60% 37.26% 37.49% 42.16% 42.17% 36.00% 42.21% 31.22% 44.28%
Profit (Net Income) Margin		 17.93% 19.55% 19.72% 25.07% 28.29% 32.45% 31.50% 26.92% 31.64% 22.17% 35.41%
Tax Burden Percent		 68.57% 65.49% 66.61% 67.27% 75.46% 76.96% 74.70% 74.77% 74.97% 71.01% 79.97%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 31.43% 34.51% 33.39% 32.73% 24.54% 23.04% 25.30% 25.23% 25.03% 28.99% 20.03%
Return on Invested Capital (ROIC)		 6.68% 7.86% 8.07% 8.83% 9.11% 10.48% 10.27% 7.13% 7.19% 4.52% 9.77%
ROIC Less NNEP Spread (ROIC-NNEP)		 6.68% 7.86% 8.07% 8.83% 9.11% 10.48% 10.27% 7.13% 7.19% 4.52% 9.77%
Return on Net Nonoperating Assets (RNNOA)		 2.63% 2.61% 1.62% 1.59% 1.88% 1.68% 1.18% 1.35% 2.93% 1.59% 1.45%
Return on Equity (ROE)		 9.31% 10.47% 9.68% 10.43% 10.99% 12.16% 11.45% 8.48% 10.11% 6.12% 11.22%
Cash Return on Invested Capital (CROIC)		 14.63% 4.52% -62.92% -25.24% 4.32% -12.38% 8.84% -53.48% -23.77% 27.23% -0.34%
Operating Return on Assets (OROA)		 1.21% 1.45% 1.60% 1.90% 1.82% 2.14% 1.99% 1.32% 1.53% 1.01% 1.80%
Return on Assets (ROA)		 0.83% 0.95% 1.06% 1.28% 1.37% 1.65% 1.49% 0.99% 1.15% 0.71% 1.44%
Return on Common Equity (ROCE)		 7.20% 8.72% 9.36% 10.41% 10.97% 12.14% 11.44% 8.48% 10.11% 6.12% 11.22%
Return on Equity Simple (ROE_SIMPLE)		 9.05% 10.55% 6.77% 9.18% 10.70% 10.65% 11.21% 6.80% 9.69% 5.92% 10.58%
Net Operating Profit after Tax (NOPAT)		 10 12 19 33 41 55 60 61 94 62 124
NOPAT Margin		 17.93% 19.55% 19.72% 25.07% 28.29% 32.45% 31.50% 26.92% 31.64% 22.17% 35.41%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 60.65% 59.67% 57.13% 53.37% 53.97% 50.08% 46.74% 48.41% 47.48% 58.75% 48.42%
Operating Expenses to Revenue		 69.04% 67.10% 68.50% 61.00% 61.41% 57.13% 52.47% 57.38% 53.93% 66.98% 54.62%
Earnings before Interest and Taxes (EBIT)		 15 18 28 50 55 71 81 81 126 87 155
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 19 21 33 57 61 79 92 95 148 105 172
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.04 0.90 1.45 1.45 1.18 1.32 1.22 1.13 1.18 1.13 1.36
Price to Tangible Book Value (P/TBV)		 1.04 0.94 2.13 2.24 1.74 1.94 1.81 1.82 2.01 1.82 2.03
Price to Revenue (P/Rev)		 1.61 1.48 4.23 3.95 3.13 4.01 3.43 4.47 3.84 4.23 4.56
Price to Earnings (P/E)		 9.29 7.79 22.48 15.91 11.14 12.45 10.94 16.62 12.15 19.08 12.86
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.94% 1.04%
Earnings Yield		 10.76% 12.83% 4.45% 6.28% 8.98% 8.03% 9.14% 6.02% 8.23% 5.24% 7.77%
Enterprise Value to Invested Capital (EV/IC)		 0.48 0.35 0.97 1.02 0.61 0.94 0.00 0.55 1.00 0.70 0.91
Enterprise Value to Revenue (EV/Rev)		 1.23 0.89 3.22 3.37 1.95 3.23 0.00 2.70 5.10 3.04 3.48
Enterprise Value to EBITDA (EV/EBITDA)		 3.73 2.51 9.21 7.92 4.66 6.95 0.00 6.40 10.30 8.03 7.09
Enterprise Value to EBIT (EV/EBIT)		 4.71 2.98 10.89 9.05 5.19 7.66 0.00 7.49 12.09 9.73 7.87
Enterprise Value to NOPAT (EV/NOPAT)		 6.87 4.55 16.35 13.45 6.88 9.95 0.00 10.02 16.13 13.70 9.84
Enterprise Value to Operating Cash Flow (EV/OCF)		 6.25 3.49 12.32 11.04 5.58 9.41 0.00 6.22 12.95 7.81 9.12
Enterprise Value to Free Cash Flow (EV/FCFF)		 3.13 7.90 0.00 0.00 14.50 0.00 0.00 0.00 0.00 2.28 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.30 0.36 0.14 0.21 0.20 0.13 0.10 0.24 0.56 0.16 0.14
Long-Term Debt to Equity		 0.30 0.36 0.14 0.21 0.20 0.13 0.10 0.24 0.23 0.16 0.14
Financial Leverage		 0.39 0.33 0.20 0.18 0.21 0.16 0.12 0.19 0.41 0.35 0.15
Leverage Ratio		 11.18 11.01 9.11 8.16 8.01 7.38 7.70 8.56 8.83 8.57 7.81
Compound Leverage Factor		 11.18 11.01 9.11 8.16 8.01 7.38 7.70 8.56 8.83 8.57 7.81
Debt to Total Capital		 23.17% 26.62% 11.98% 17.62% 16.64% 11.57% 9.08% 19.56% 35.80% 13.84% 12.10%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 20.93% 0.00% 0.00%
Long-Term Debt to Total Capital		 23.17% 26.62% 11.98% 17.62% 16.64% 11.57% 9.08% 19.56% 14.88% 13.84% 12.10%
Preferred Equity to Total Capital		 16.88% 8.16% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.04% 0.12% 0.13% 0.16% 0.16% 0.12% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 59.91% 65.10% 87.89% 82.22% 83.20% 88.31% 90.92% 80.44% 64.20% 86.16% 87.90%
Debt to EBITDA		 1.81 1.90 1.13 1.37 1.27 0.86 0.59 2.28 3.67 1.59 0.94
Net Debt to EBITDA		 -2.46 -2.25 -2.88 -1.39 -2.84 -1.70 -8.50 -4.21 2.54 -3.15 -2.18
Long-Term Debt to EBITDA		 1.81 1.90 1.13 1.37 1.27 0.86 0.59 2.28 1.53 1.59 0.94
Debt to NOPAT		 3.33 3.44 2.01 2.33 1.87 1.23 0.89 3.58 5.75 2.71 1.30
Net Debt to NOPAT		 -4.54 -4.09 -5.11 -2.35 -4.19 -2.43 -12.87 -6.60 3.98 -5.38 -3.03
Long-Term Debt to NOPAT		 3.33 3.44 2.01 2.33 1.87 1.23 0.89 3.58 2.39 2.71 1.30
Noncontrolling Interest Sharing Ratio		 22.63% 16.69% 3.32% 0.17% 0.19% 0.16% 0.07% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 22 6.65 -146 -96 20 -65 52 -455 -312 370 -4.29
Operating Cash Flow to CapEx		 625.50% 88.34% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 3.12 0.92 -19.88 -9.09 1.04 -2.89 2.62 -33.45 -9.18 2.62 -0.03
Operating Cash Flow to Interest Expense		 1.56 2.09 3.38 3.87 2.70 2.58 3.97 7.18 3.46 0.76 0.79
Operating Cash Flow Less CapEx to Interest Expense		 1.31 -0.28 3.38 4.04 2.70 2.60 3.99 7.38 3.84 0.85 0.79
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.04 0.04 0.03 0.04
Fixed Asset Turnover		 1.82 1.92 2.51 2.87 3.07 3.24 3.30 2.92 2.93 2.44 2.85
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 145 149 314 443 465 585 593 1,109 1,515 1,206 1,334
Invested Capital Turnover		 0.37 0.40 0.41 0.35 0.32 0.32 0.33 0.26 0.23 0.20 0.28
Increase / (Decrease) in Invested Capital		 -12 4.91 165 129 22 120 8.44 516 406 -309 128
Enterprise Value (EV)		 69 53 306 450 285 547 -121 607 1,520 843 1,220
Market Capitalization		 90 87 401 527 457 680 658 1,008 1,145 1,174 1,596
Book Value per Share		 $21.11 $24.46 $32.29 $37.15 $40.59 $55.12 $53.46 $74.61 $66.26 $70.39 $77.11
Tangible Book Value per Share		 $21.11 $23.50 $22.00 $24.05 $27.54 $37.40 $36.07 $46.21 $38.84 $43.67 $51.59
Total Capital		 145 149 314 443 465 585 593 1,109 1,515 1,206 1,334
Total Debt		 34 40 38 78 77 68 54 217 542 167 161
Total Long-Term Debt		 34 40 38 78 77 68 54 217 225 167 161
Net Debt		 -46 -47 -95 -79 -173 -134 -779 -400 375 -331 -376
Capital Expenditures (CapEx)		 1.77 17 0.00 -1.72 0.00 -0.46 -0.34 -2.74 -13 -12 -0.04
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 34 40 38 78 77 68 54 217 542 167 161
Total Depreciation and Amortization (D&A)		 3.85 3.32 5.13 7.07 6.28 7.31 11 14 22 18 17
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.33 $2.80 $2.49 $3.51 $4.26 $5.71 $5.82 $5.65 $6.78 $4.17 $8.24
Adjusted Weighted Average Basic Shares Outstanding		 4.17M 4.00M 7.16M 9.44M 9.64M 9.56M 10.34M 10.74M 13.91M 14.74M 15.05M
Adjusted Diluted Earnings per Share		 $2.25 $2.57 $2.37 $3.33 $4.12 $5.52 $5.70 $5.44 $6.56 $4.08 $8.05
Adjusted Weighted Average Diluted Shares Outstanding		 4.31M 4.36M 7.51M 9.96M 9.96M 9.90M 10.54M 11.14M 14.37M 15.07M 15.42M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 4.02M 4.19M 8.59M 9.74M 9.46M 10.50M 9.98M 13.59M 14.69M 14.90M 15.26M
Normalized Net Operating Profit after Tax (NOPAT)		 10 12 19 33 41 55 61 65 96 62 124
Normalized NOPAT Margin		 17.93% 19.55% 19.72% 25.07% 28.29% 32.50% 31.90% 28.79% 32.06% 22.22% 35.41%
Pre Tax Income Margin		 26.14% 29.86% 29.60% 37.26% 37.49% 42.16% 42.17% 36.00% 42.21% 31.22% 44.28%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.07 2.45 3.83 4.73 2.90 3.17 4.08 5.96 3.70 0.61 0.91
NOPAT to Interest Expense		 1.42 1.60 2.55 3.18 2.19 2.44 3.04 4.46 2.78 0.44 0.73
EBIT Less CapEx to Interest Expense		 1.82 0.08 3.83 4.89 2.90 3.19 4.09 6.16 4.09 0.70 0.91
NOPAT Less CapEx to Interest Expense		 1.17 -0.76 2.55 3.34 2.19 2.46 3.06 4.66 3.16 0.52 0.73
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 2.43% 1.83% 3.39% 0.00% 0.67% 0.00% 0.00% 0.00% 0.00% 18.08% 13.34%
Augmented Payout Ratio		 2.43% 1.83% 31.21% 44.89% 55.68% 51.76% 69.60% 103.18% 65.24% 20.55% 21.51%

Quarterly Metrics And Ratios for Nicolet Bankshares

This table displays calculated financial ratios and metrics derived from Nicolet Bankshares' official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 54.51% 19.12% -49.99% 9.63% 2.66% 6.97% 135.77% 11.95% 16.32% 4.16% 8.76%
EBITDA Growth		 111.12% 59.40% -123.00% -3.82% 19.00% 1.49% 540.10% 15.88% 26.57% 9.12% 12.46%
EBIT Growth		 145.31% 70.06% -141.04% -4.55% 28.22% 0.87% 362.32% 20.59% 28.34% 15.45% 16.92%
NOPAT Growth		 136.58% 69.28% -137.91% -5.80% -7.30% 11.09% 403.33% 29.56% 89.51% 12.46% 17.28%
Net Income Growth		 136.58% 69.28% -136.82% -5.80% -7.30% 11.09% 412.32% 29.56% 89.51% 12.46% 17.28%
EPS Growth		 76.71% 54.62% -135.88% -12.72% -11.63% 10.87% 398.36% 27.15% 84.21% 8.33% 14.29%
Operating Cash Flow Growth		 311.02% -33.81% -29.17% 19.80% -42.55% 25.71% 50.44% 13.74% 81.56% -11.61% 78.72%
Free Cash Flow Firm Growth		 -798.26% 24.22% 58.79% 59.23% 152.32% 189.73% 106.35% 100.39% -136.66% -127.64% -831.49%
Invested Capital Growth		 65.28% 36.62% 15.91% 18.22% -18.80% -20.39% 1.38% 2.34% 11.80% 10.64% 9.29%
Revenue Q/Q Growth		 9.79% 9.14% -57.95% 117.56% 2.81% 13.72% -7.31% 3.31% 6.82% 1.83% -3.22%
EBITDA Q/Q Growth		 -18.80% 40.06% -121.15% 499.84% 0.47% 19.44% -8.28% 5.28% 9.74% 2.98% -5.47%
EBIT Q/Q Growth		 -22.25% 49.45% -135.28% 332.83% 4.44% 17.57% -8.25% 7.04% 11.15% 5.77% -7.09%
NOPAT Q/Q Growth		 -22.83% 49.11% -133.19% 346.63% -24.06% 78.70% -9.36% 5.34% 11.08% 6.04% -5.48%
Net Income Q/Q Growth		 -22.83% 49.11% -132.24% 353.93% -24.06% 78.70% -9.36% 5.34% 11.08% 6.04% -5.48%
EPS Q/Q Growth		 -25.43% 42.64% -133.15% 347.54% -24.50% 78.95% -10.78% 5.49% 9.38% 5.24% -5.88%
Operating Cash Flow Q/Q Growth		 38.72% -20.94% -48.27% 111.20% -33.48% 72.98% -38.10% 59.68% 6.19% -15.79% 25.17%
Free Cash Flow Firm Q/Q Growth		 -35.26% 31.40% 53.72% 5.07% 273.60% 17.65% -96.73% -94.23% -16,580.69% 11.28% 13.36%
Invested Capital Q/Q Growth		 39.31% 4.93% -20.18% 1.32% -4.33% 2.88% 1.66% 2.28% 4.52% 1.81% 0.42%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 39.50% 50.68% -25.49% 46.85% 45.78% 48.09% 47.59% 48.49% 49.82% 50.38% 49.21%
EBIT Margin		 32.67% 44.73% -37.53% 40.16% 40.80% 42.18% 41.75% 43.26% 45.01% 46.75% 44.89%
Profit (Net Income) Margin		 24.36% 33.28% -25.51% 29.78% 21.99% 34.56% 33.80% 34.46% 35.83% 37.31% 36.44%
Tax Burden Percent		 74.57% 74.40% 67.99% 74.15% 53.91% 81.94% 80.94% 79.66% 79.61% 79.81% 81.19%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 25.43% 25.60% 0.00% 25.85% 46.09% 18.06% 19.06% 20.34% 20.39% 20.19% 18.81%
Return on Invested Capital (ROIC)		 5.98% 7.56% -6.13% 7.10% 4.57% 7.05% 9.02% 9.28% 10.01% 10.29% 10.16%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.98% 7.56% -6.02% 7.10% 4.57% 7.05% 9.02% 9.28% 10.01% 10.29% 10.16%
Return on Net Nonoperating Assets (RNNOA)		 2.33% 3.08% -1.52% 1.74% 1.68% 2.49% 1.82% 1.84% 1.69% 1.53% 1.44%
Return on Equity (ROE)		 8.31% 10.63% -7.66% 8.84% 6.25% 9.54% 10.84% 11.12% 11.70% 11.82% 11.60%
Cash Return on Invested Capital (CROIC)		 -42.05% -23.77% -9.30% -11.41% 25.23% 27.23% 6.70% 6.15% -1.46% -0.34% 1.16%
Operating Return on Assets (OROA)		 1.21% 1.62% -1.27% 1.37% 1.28% 1.36% 1.63% 1.70% 1.83% 1.90% 1.84%
Return on Assets (ROA)		 0.91% 1.20% -0.87% 1.01% 0.69% 1.11% 1.32% 1.35% 1.46% 1.51% 1.50%
Return on Common Equity (ROCE)		 8.31% 10.63% -7.66% 8.84% 6.25% 9.54% 10.84% 11.12% 11.70% 11.82% 11.60%
Return on Equity Simple (ROE_SIMPLE)		 8.84% 0.00% 6.36% 6.12% 6.00% 0.00% 9.23% 9.61% 10.46% 0.00% 10.89%
Net Operating Profit after Tax (NOPAT)		 19 28 -9.16 23 17 31 28 29 33 34 33
NOPAT Margin		 24.36% 33.28% -26.27% 29.78% 21.99% 34.56% 33.80% 34.46% 35.83% 37.31% 36.44%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% -0.12% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 49.64% 45.97% 112.45% 51.28% 50.61% 51.18% 50.91% 48.60% 48.62% 45.84% 47.50%
Operating Expenses to Revenue		 56.02% 53.04% 128.67% 59.25% 58.63% 56.69% 57.34% 55.15% 54.16% 52.17% 53.44%
Earnings before Interest and Taxes (EBIT)		 25 37 -13 30 32 37 34 37 41 43 40
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 30 42 -8.89 36 36 43 39 41 45 47 44
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.99 1.18 0.95 1.01 1.04 1.13 1.19 1.14 1.25 1.36 1.41
Price to Tangible Book Value (P/TBV)		 1.75 2.01 1.62 1.70 1.76 1.82 1.89 1.77 1.90 2.03 2.09
Price to Revenue (P/Rev)		 3.26 3.84 3.46 3.66 3.74 4.23 3.89 3.71 4.15 4.56 4.65
Price to Earnings (P/E)		 11.19 12.15 14.88 16.49 17.37 19.08 12.88 11.82 11.98 12.86 12.90
Dividend Yield		 0.00% 0.00% 0.00% 0.37% 0.73% 0.94% 1.17% 1.24% 1.11% 1.04% 1.03%
Earnings Yield		 8.93% 8.23% 6.72% 6.06% 5.76% 5.24% 7.76% 8.46% 8.35% 7.77% 7.75%
Enterprise Value to Invested Capital (EV/IC)		 0.68 1.00 0.85 0.59 0.56 0.70 0.81 0.79 0.89 0.91 0.93
Enterprise Value to Revenue (EV/Rev)		 3.45 5.10 3.93 2.67 2.43 3.04 3.06 2.97 3.38 3.48 3.49
Enterprise Value to EBITDA (EV/EBITDA)		 7.44 10.30 10.32 7.28 6.32 8.03 6.50 6.24 6.96 7.09 7.05
Enterprise Value to EBIT (EV/EBIT)		 8.89 12.09 12.79 9.06 7.65 9.73 7.42 7.06 7.84 7.87 7.75
Enterprise Value to NOPAT (EV/NOPAT)		 11.84 16.13 16.88 12.02 11.29 13.70 10.12 9.44 9.73 9.84 9.68
Enterprise Value to Operating Cash Flow (EV/OCF)		 7.40 12.95 9.31 6.18 6.58 7.81 8.58 8.23 8.47 9.12 8.20
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 2.00 2.28 12.19 12.98 0.00 0.00 83.46
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.54 0.56 0.26 0.25 0.20 0.16 0.15 0.15 0.14 0.14 0.13
Long-Term Debt to Equity		 0.24 0.23 0.21 0.20 0.20 0.16 0.15 0.15 0.14 0.14 0.13
Financial Leverage		 0.39 0.41 0.25 0.24 0.37 0.35 0.20 0.20 0.17 0.15 0.14
Leverage Ratio		 9.18 8.83 8.63 8.72 9.05 8.57 8.22 8.24 8.03 7.81 7.75
Compound Leverage Factor		 9.18 8.83 8.63 8.72 9.05 8.57 8.22 8.24 8.03 7.81 7.75
Debt to Total Capital		 35.00% 35.80% 20.46% 20.21% 16.87% 13.84% 13.24% 12.95% 12.30% 12.10% 11.69%
Short-Term Debt to Total Capital		 19.39% 20.93% 4.13% 4.08% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 15.60% 14.88% 16.33% 16.13% 16.87% 13.84% 13.24% 12.95% 12.30% 12.10% 11.69%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 65.00% 64.20% 79.54% 79.79% 83.13% 86.16% 86.76% 87.05% 87.70% 87.90% 88.31%
Debt to EBITDA		 3.83 3.67 2.47 2.51 1.89 1.59 1.06 1.02 0.96 0.94 0.88
Net Debt to EBITDA		 0.40 2.54 1.22 -2.71 -3.41 -3.15 -1.77 -1.58 -1.61 -2.18 -2.35
Long-Term Debt to EBITDA		 1.71 1.53 1.97 2.00 1.89 1.59 1.06 1.02 0.96 0.94 0.88
Debt to NOPAT		 6.09 5.75 4.04 4.14 3.38 2.71 1.65 1.55 1.34 1.30 1.22
Net Debt to NOPAT		 0.64 3.98 1.99 -4.47 -6.09 -5.38 -2.76 -2.38 -2.25 -3.03 -3.23
Long-Term Debt to NOPAT		 2.71 2.39 3.23 3.30 3.38 2.71 1.65 1.55 1.34 1.30 1.22
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -552 -378 -175 -166 289 340 11 0.64 -106 -94 -81
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -71.39 -21.43 -5.71 -5.04 7.51 8.65 0.27 0.01 -2.39 -2.27 -1.96
Operating Cash Flow to Interest Expense		 4.92 1.70 0.51 0.99 0.57 0.96 0.57 0.86 0.90 0.81 1.01
Operating Cash Flow Less CapEx to Interest Expense		 4.92 1.70 0.51 0.99 0.57 0.96 0.57 0.86 0.90 0.81 1.01
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.04 0.04 0.03 0.03 0.03 0.03 0.04 0.04 0.04 0.04 0.04
Fixed Asset Turnover		 2.99 2.93 2.54 2.52 2.42 2.44 2.79 2.80 2.87 2.85 2.92
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,444 1,515 1,209 1,225 1,172 1,206 1,226 1,254 1,311 1,334 1,340
Invested Capital Turnover		 0.25 0.23 0.23 0.24 0.21 0.20 0.27 0.27 0.28 0.28 0.28
Increase / (Decrease) in Invested Capital		 570 406 166 189 -271 -309 17 29 138 128 114
Enterprise Value (EV)		 982 1,520 1,033 719 660 843 994 990 1,170 1,220 1,247
Market Capitalization		 929 1,145 911 986 1,016 1,174 1,265 1,240 1,440 1,596 1,663
Book Value per Share		 $69.98 $66.26 $65.45 $66.43 $66.11 $70.39 $71.35 $73.09 $76.32 $77.11 $77.55
Tangible Book Value per Share		 $39.62 $38.84 $38.21 $39.37 $39.23 $43.67 $44.98 $46.87 $50.44 $51.59 $52.21
Total Capital		 1,444 1,515 1,209 1,225 1,172 1,206 1,226 1,254 1,311 1,334 1,340
Total Debt		 505 542 247 248 198 167 162 162 161 161 157
Total Long-Term Debt		 225 225 197 198 198 167 162 162 161 161 157
Net Debt		 53 375 122 -267 -356 -331 -271 -250 -270 -376 -416
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 -0.26 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 505 542 247 248 198 167 162 162 161 161 157
Total Depreciation and Amortization (D&A)		 5.19 4.94 4.20 5.08 3.89 5.24 4.80 4.45 4.36 3.35 3.86
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.33 $1.89 ($0.61) $1.54 $1.16 $2.08 $1.86 $1.96 $2.16 $2.26 $2.14
Adjusted Weighted Average Basic Shares Outstanding		 13.89M 13.91M 14.69M 14.71M 14.74M 14.74M 14.91M 14.94M 15.05M 15.05M 15.26M
Adjusted Diluted Earnings per Share		 $1.29 $1.84 ($0.61) $1.51 $1.14 $2.04 $1.82 $1.92 $2.10 $2.21 $2.08
Adjusted Weighted Average Diluted Shares Outstanding		 14.31M 14.37M 14.69M 14.96M 15.10M 15.07M 15.25M 15.28M 15.48M 15.42M 15.65M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 14.68M 14.69M 14.72M 14.74M 14.76M 14.90M 14.93M 15.06M 15.21M 15.26M 15.08M
Normalized Net Operating Profit after Tax (NOPAT)		 19 28 -9.05 23 17 31 28 29 33 34 33
Normalized NOPAT Margin		 24.87% 33.72% -25.94% 29.80% 21.99% 34.56% 33.80% 34.46% 35.83% 37.31% 36.44%
Pre Tax Income Margin		 32.67% 44.73% -37.53% 40.16% 40.80% 42.18% 41.75% 43.26% 45.01% 46.75% 44.89%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.21 2.10 -0.43 0.92 0.83 0.95 0.83 0.84 0.92 1.05 0.97
NOPAT to Interest Expense		 2.40 1.56 -0.30 0.68 0.45 0.78 0.67 0.67 0.73 0.84 0.78
EBIT Less CapEx to Interest Expense		 3.21 2.10 -0.43 0.92 0.83 0.95 0.83 0.84 0.92 1.05 0.97
NOPAT Less CapEx to Interest Expense		 2.40 1.56 -0.30 0.68 0.45 0.78 0.67 0.67 0.73 0.84 0.78
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 6.18% 12.66% 18.08% 15.15% 14.66% 13.24% 13.34% 13.26%
Augmented Payout Ratio		 107.10% 65.24% 0.00% 10.04% 16.61% 20.55% 15.15% 14.66% 13.24% 21.51% 41.34%

Key Financial Trends

Nicolet Bankshares (NYSE: NIC) has shown solid financial performance over the past several quarters, with recent data from Q1 2025 through earlier quarters in 2023 and 2024 revealing several strengths and areas of caution for investors.

Positive developments:

  • Net interest income remains robust, with Q1 2025 reporting $71.2 million, consistent with prior quarters and generally increasing from 2023 levels, indicating stable core banking income.
  • The bank’s loans and leases, net of allowance, have grown steadily from about $6.16 billion in Q1 2023 to approximately $6.68 billion in Q1 2025, supporting future interest income potential.
  • Non-interest income, including service charges and capital gains, has stayed positive and relatively stable, with $18.2 million in Q1 2025, supporting diversified revenue streams.
  • Total equity has been increasing gradually, from $961.8 million in Q1 2023 to $1.18 billion in Q1 2025, reflecting retained earnings growth and capital strength.
  • The company maintains substantial cash and equivalents ($105 million in Q1 2025) and sizeable trading securities holdings ($846 million), indicating liquidity.
  • Dividend payments have been consistent, with a payout of $0.28 per share in Q1 2025, reflecting management's commitment to return capital to shareholders.
  • There is steady growth in deposits, particularly interest-bearing deposits, which increased from $4.83 billion in Q1 2023 to about $5.88 billion in Q1 2025, underpinning the bank’s funding stability.
  • Provision for credit losses remains relatively controlled at $1.5 million in Q1 2025, indicating good credit quality and risk management.
  • Net cash provided by operating activities increased to $41.8 million in Q1 2025 from lower levels in prior periods, signaling healthy cash flow from core operations.

Neutral factors:

  • Interest expense on deposits and long-term debt has increased moderately, with total interest expense at $41.5 million in Q1 2025, which may pressure net interest margins if rates rise further.
  • Provision for credit losses, while stable, fluctuates quarter to quarter, reflecting sensitivity to economic and loan portfolio conditions.
  • Marketing and other operating expenses have shown slight variations but remain a moderate portion of non-interest expenses.
  • Repurchase of common equity continues to be material (e.g., $26 million in Q1 2025), affecting cash flow but potentially supporting share price.
  • Intangible assets and goodwill are sizable (~$387 million), which is typical for banking institutions but should be monitored for impairment risks.

Potential concerns or negatives:

  • Q1 2023 showed a net loss of about $8.9 million, partly due to large negative capital gains, though subsequent quarters recovered well, indicating some earnings volatility.
  • The allowance for loan and lease losses has grown to approximately $67.5 million by Q1 2025, signaling potential pressure from credit risk despite stable provisions.
  • The bank’s total liabilities increased significantly, nearly $7.79 billion in Q1 2025 from around $7.23 billion in Q1 2023, which may increase leverage and financial risk if not managed prudently.
  • Non-interest expense increased to $47.8 million in Q1 2025 from $44.9 million in Q1 2023, indicating rising operational costs that could pressure net income.
  • Net cash used in investing activities remains high due to large purchases of investment securities (e.g., $159 million in Q1 2025), which could constrain liquidity if not matched by funding inflows.

Summary: Nicolet Bankshares has demonstrated growth in loans, stable interest income, and improved profitability since the early 2023 loss. The bank's solid capital position and consistent dividend signal financial strength. However, growing loan loss reserves, rising expenses, and heavy investment purchases warrant monitoring. Retail investors should watch upcoming quarters for continued trend confirmation in credit quality and expense control.

08/25/25 06:14 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Nicolet Bankshares' Financials

When does Nicolet Bankshares' fiscal year end?

According to the most recent income statement we have on file, Nicolet Bankshares' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Nicolet Bankshares' net income changed over the last 10 years?

Nicolet Bankshares' net income appears to be on an upward trend, with a most recent value of $124.06 million in 2024, rising from $10.05 million in 2014. The previous period was $61.52 million in 2023.

How has Nicolet Bankshares' revenue changed over the last 10 years?

Over the last 10 years, Nicolet Bankshares' total revenue changed from $56.07 million in 2014 to $350.33 million in 2024, a change of 524.8%.

How much debt does Nicolet Bankshares have?

Nicolet Bankshares' total liabilities were at $7.62 billion at the end of 2024, a 2.6% increase from 2023, and a 590.4% increase since 2014.

How much cash does Nicolet Bankshares have?

In the past 10 years, Nicolet Bankshares' cash and equivalents has ranged from $11.95 million in 2015 to $209.35 million in 2021, and is currently $115.94 million as of their latest financial filing in 2024.

How has Nicolet Bankshares' book value per share changed over the last 10 years?

Over the last 10 years, Nicolet Bankshares' book value per share changed from 21.11 in 2014 to 77.11 in 2024, a change of 265.3%.


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This page (NASDAQ:NCBS) was last updated on 8/25/2025 by MarketBeat.com Staff
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