Nicolet Bankshares (NIC) Financials

$137.84 -0.76 (-0.55%)

Closing price 03:59 PM Eastern

Extended Trading

$138.10 +0.26 (+0.19%)

As of 05:30 PM Eastern

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

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

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

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

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

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

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%

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) Financial Overview:

Over the last four years, Nicolet Bankshares has shown consistent growth in key financial metrics with some volatility early in 2023. The bank’s core operations have stabilized recently, reflecting in steady net interest income and modest income growth.

Net interest income increased from $56.7 million in Q1 2023 to $71.2 million in Q1 2025, showing steady growth in core earnings.
Total revenues grew from $34.9 million in Q1 2023 to $89.4 million in Q1 2025, driven by increases in both interest and non-interest income.
Net income improved from a loss of $8.9 million in Q1 2023 to a profit of $32.6 million in Q1 2025, indicating a successful turnaround.
Loans and leases net of allowance increased from about $6.16 billion in Q1 2023 to approximately $6.68 billion in Q1 2025, supporting revenue growth through interest income.
Deposits grew significantly, with total deposits increasing by over $1 billion from mid-2023 to early 2025, strengthening the bank’s funding base.
The bank continues returning capital to shareholders with regular dividends (around $0.25 - $0.28 per share) and share repurchases shown in cash flow activities.
Provision for credit losses fluctuated but remained relatively moderate, around $750,000 to $3 million per quarter, suggesting stable asset quality without major spikes.
Other service charges and non-interest income have had moderate fluctuations but generally contributed positively to total revenue.
Non-interest expenses have increased from $44.9 million in Q1 2023 to almost $48 million in recent quarters, reflecting higher operating costs including salaries and occupancy.
Interest expense on deposits increased sharply, partially offsetting interest income gains, with interest expense rising from about $25 million in Q1 2023 to nearly $39 million in Q1 2025.

Balance Sheet and Liquidity:

Total assets have grown from approximately $8.19 billion in Q1 2023 to about $8.98 billion in Q1 2025, demonstrating asset base expansion consistent with loan growth.
The bank has maintained solid equity levels, with total common equity increasing from $961 million in Q1 2023 to $1.18 billion in Q1 2025, supporting capital adequacy.
Allowance for loan and lease losses relative to total loans has remained steady around $67 million, maintaining prudent coverage levels.
Long-term debt has slightly decreased but remains over $150 million; interest costs could pressure earnings as rates fluctuate.

Cash Flow Highlights:

Operating cash flow improved significantly to about $41.8 million in Q1 2025 from $15.5 million in Q1 2023, reflecting stronger earnings and working capital management.
Investing cash flows show heavy purchases of investment securities periodically, indicating significant outflows that may pressure liquidity short term.
Financing activities reflect growth in deposits and modest issuance/repurchase of common equity supporting shareholder returns and liquidity.

Summary: Nicolet Bankshares has made a strong recovery since Q1 2023, turning losses into robust profits through growth in loans, deposits, and net interest income. While expenses and interest costs have risen, the bank’s growth in equity and asset base offset these pressures. The improving cash flows and ongoing capital returns to shareholders make it a more stable and potentially attractive regional bank investment. Investors should watch operating expenses and net interest margin trends alongside credit quality for future performance indications.

08/29/25 10:05 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Nicolet Bankshares' Financials

When does Nicolet Bankshares' financial year end?

According to the most recent income statement we have on file, Nicolet Bankshares' fiscal year ends in December. Their fiscal 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. Find out what analysts predict for Nicolet Bankshares in the coming months.

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 (NYSE:NIC) was last updated on 8/29/2025 by MarketBeat.com Staff

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Nicolet Bankshares (NIC) Financials

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Nicolet Bankshares (NIC) Financials

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