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Nicolet Bankshares (NIC) Financials

Nicolet Bankshares logo
$147.85 +0.67 (+0.46%)
Closing price 03:59 PM Eastern
Extended Trading
$148.07 +0.22 (+0.15%)
As of 04:10 PM Eastern
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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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 11 18 33 41 55 60 61 94 62 124 151
Consolidated Net Income / (Loss)		 12 19 33 41 55 60 61 94 62 124 151
Net Income / (Loss) Continuing Operations		 12 19 33 41 55 60 61 94 62 124 151
Total Pre-Tax Income 		18 28 50 55 71 81 81 126 87 155 187
Total Revenue		 59 95 133 146 169 192 225 298 277 350 392
Net Interest Income / (Expense)		 41 68 99 107 116 129 158 240 242 268 306
Total Interest Income		 49 75 109 126 139 149 172 274 383 438 471
Loans and Leases Interest Income		 46 69 101 114 126 136 157 244 341 393 421
Investment Securities Interest Income		 2.52 4.72 7.09 8.36 9.66 10 12 26 24 25 28
Other Interest Income		 0.44 1.33 1.62 3.22 3.41 2.61 2.91 4.44 17 21 22
Total Interest Expense		 7.21 7.33 11 19 23 20 14 34 141 170 164
Deposits Interest Expense		 2.93 5.14 7.69 15 19 17 10 22 126 162 157
Short-Term Borrowings Interest Expense		 0.65 0.00 0.08 0.01 0.01 0.07 0.00 3.25 4.79 0.00 0.00
Long-Term Debt Interest Expense		 1.38 2.19 2.74 3.46 3.54 3.16 3.16 8.96 11 8.72 7.61
Total Non-Interest Income		 18 27 35 40 53 63 67 58 36 82 86
Other Service Charges		 7.93 25 31 36 43 61 60 54 58 67 72
Net Realized & Unrealized Capital Gains on Investments		 1.73 0.05 2.03 1.17 7.90 -1.81 4.18 1.76 -28 8.62 4.48
Other Non-Interest Income		 2.15 1.28 1.78 2.42 2.37 3.30 2.99 1.78 6.46 6.65 9.28
Provision for Credit Losses		 1.80 1.80 2.33 1.60 1.20 10 15 12 4.99 3.85 4.25
Total Non-Interest Expense		 40 65 81 90 97 101 129 161 186 191 201
Salaries and Employee Benefits		 23 34 44 49 54 57 71 89 99 108 115
Net Occupancy & Equipment Expense		 10 17 22 24 25 27 33 44 56 53 55
Marketing Expense		 2.24 3.49 4.70 5.32 5.69 5.40 5.40 8.47 7.79 8.33 8.01
Property & Liability Insurance Claims		 0.62 - - - 0.59 0.71 2.04 1.92 4.00 4.00 4.01
Other Operating Expenses		 2.75 7.32 5.48 6.48 7.37 5.70 9.05 9.02 11 11 11
Amortization Expense		 1.03 3.46 4.70 4.39 3.87 3.57 3.49 6.62 8.07 6.88 5.74
Restructuring Charge		 - - - - 0.10 1.02 5.65 1.66 0.19 0.00 1.96
Income Tax Expense		 6.09 9.37 16 13 16 20 20 31 25 31 36
Basic Earnings per Share		 $2.80 $2.49 $3.51 $4.26 $5.71 $5.82 $5.65 $6.78 $4.17 $8.24 $10.06
Weighted Average Basic Shares Outstanding		 4.00M 7.16M 9.44M 9.64M 9.56M 10.34M 10.74M 13.91M 14.74M 15.05M 14.98M
Diluted Earnings per Share		 $2.57 $2.37 $3.33 $4.12 $5.52 $5.70 $5.44 $6.56 $4.08 $8.05 $9.78
Weighted Average Diluted Shares Outstanding		 4.36M 7.51M 9.96M 9.96M 9.90M 10.54M 11.14M 14.37M 15.07M 15.42M 15.40M
Weighted Average Basic & Diluted Shares Outstanding		 4M 7.20M 9.40M 9.60M 10.50M 9.98M 13.59M 14.69M 14.90M 15.26M 21.37M
Cash Dividends to Common per Share		 - - - - - - - - $0.75 $1.09 $1.24

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 23 17 31 28 29 33 34 33 36 42 40
Consolidated Net Income / (Loss)		 23 17 31 28 29 33 34 33 36 42 40
Net Income / (Loss) Continuing Operations		 23 17 31 28 29 33 34 33 36 42 40
Total Pre-Tax Income 		30 32 37 34 37 41 43 40 45 52 50
Total Revenue		 76 78 89 82 85 91 92 89 96 103 104
Net Interest Income / (Expense)		 59 61 64 63 65 68 72 71 75 79 81
Total Interest Income		 92 100 104 104 109 113 113 113 118 120 120
Loans and Leases Interest Income		 84 88 90 94 98 101 101 101 106 108 107
Investment Securities Interest Income		 5.61 5.78 6.13 5.80 6.21 6.31 6.44 6.61 7.04 7.20 7.27
Other Interest Income		 2.36 6.45 7.15 4.59 4.70 5.49 5.79 5.47 4.62 5.20 6.39
Total Interest Expense		 33 38 39 41 44 44 41 42 43 41 39
Deposits Interest Expense		 29 35 37 39 41 42 39 39 40 39 38
Long-Term Debt Interest Expense		 2.57 2.97 2.68 2.23 2.15 2.19 2.15 2.07 2.06 1.76 1.72
Total Non-Interest Income		 17 17 24 19 20 22 21 18 21 24 23
Other Service Charges		 14 15 15 15 16 17 18 16 17 19 20
Net Realized & Unrealized Capital Gains on Investments		 0.82 1.14 6.97 3.04 1.73 2.27 1.57 0.70 0.75 1.96 1.07
Other Non-Interest Income		 1.57 0.63 2.11 1.41 1.39 2.62 1.23 1.47 2.87 2.63 2.32
Provision for Credit Losses		 0.45 0.45 1.00 0.75 1.35 0.75 1.00 1.50 1.05 0.95 0.75
Total Non-Interest Expense		 45 46 50 47 47 49 48 48 50 50 53
Salaries and Employee Benefits		 24 24 27 27 26 29 27 27 29 29 30
Net Occupancy & Equipment Expense		 13 14 17 13 13 13 13 14 14 14 14
Marketing Expense		 1.95 1.87 1.85 2.14 2.04 1.82 2.33 2.10 1.59 2.22 2.09
Property & Liability Insurance Claims		 1.01 1.50 0.95 1.03 0.99 0.99 0.99 0.94 1.03 1.01 1.03
Other Operating Expenses		 2.93 2.77 2.10 2.42 2.81 2.34 3.27 2.82 2.92 2.31 2.57
Amortization Expense		 2.08 1.99 1.84 1.83 1.76 1.69 1.59 1.55 1.48 1.41 1.29
Income Tax Expense		 7.88 15 6.76 6.54 7.48 8.33 8.72 7.55 8.74 10 9.87
Basic Earnings per Share		 $1.54 $1.16 $2.08 $1.86 $1.96 $2.16 $2.26 $2.14 $2.40 $2.81 $2.71
Weighted Average Basic Shares Outstanding		 14.71M 14.74M 14.74M 14.91M 14.94M 15.05M 15.05M 15.26M 15.03M 14.84M 14.98M
Diluted Earnings per Share		 $1.51 $1.14 $2.04 $1.82 $1.92 $2.10 $2.21 $2.08 $2.34 $2.73 $2.63
Weighted Average Diluted Shares Outstanding		 14.96M 15.10M 15.07M 15.25M 15.28M 15.48M 15.42M 15.65M 15.43M 15.30M 15.40M
Weighted Average Basic & Diluted Shares Outstanding		 14.74M 14.76M 14.90M 14.93M 15.06M 15.21M 15.26M 15.08M 14.86M 14.80M 21.37M

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 15 45 26 95 -67 621 -208 -441 337 45 124
Net Cash From Operating Activities		 15 25 41 51 58 79 98 117 108 134 154
Net Cash From Continuing Operating Activities		 15 25 41 51 58 79 98 117 108 134 154
Net Income / (Loss) Continuing Operations		 12 19 33 41 55 60 61 94 62 124 151
Consolidated Net Income / (Loss)		 12 19 33 41 55 60 61 94 62 124 151
Provision For Loan Losses		 1.80 1.80 2.33 1.60 1.20 10 15 12 4.99 3.85 4.25
Depreciation Expense		 3.32 5.13 7.07 6.28 7.31 11 14 22 18 17 15
Non-Cash Adjustments to Reconcile Net Income		 2.54 0.92 4.63 3.70 -11 -15 18 -10 34 -17 -14
Changes in Operating Assets and Liabilities, net		 -4.17 -1.74 -6.74 -1.95 6.06 13 -9.51 -0.21 -11 5.52 -2.16
Net Cash From Investing Activities		 -22 51 -151 -77 -63 -209 -371 -516 591 -288 -231
Net Cash From Continuing Investing Activities		 -22 51 -151 -77 -63 -209 -371 -516 591 -288 -231
Purchase of Property, Leasehold Improvements and Equipment		 -21 - - - - - - - -19 -17 -4.09
Purchase of Investment Securities		 -48 -110 -229 -154 -158 -333 -972 -862 -242 -391 -352
Sale of Property, Leasehold Improvements and Equipment		 4.01 - 1.72 - 0.46 0.34 2.74 13 0.37 0.40 2.32
Sale and/or Maturity of Investments		 36 93 65 76 96 114 220 176 840 119 123
Other Investing Activities, net		 6.97 1.43 2.24 0.75 -1.92 9.17 379 9.41 12 0.04 0.41
Net Cash From Financing Activities		 21 -31 136 121 -62 751 65 -42 -363 199 201
Net Cash From Continuing Financing Activities		 21 -31 136 121 -62 751 65 -42 -363 199 201
Net Change in Deposits		 31 91 127 143 49 815 210 -148 19 206 327
Issuance of Common Equity		 1.72 1.90 4.03 1.80 8.74 2.06 2.38 0.75 0.84 0.59 0.10
Repayment of Debt		 -5.76 -106 -9.55 -1.25 -91 -384 -188 -20 -376 -5.17 -27
Repurchase of Common Equity		 - -5.20 -15 -23 -28 -42 -63 -61 -1.52 -10 -77
Payment of Dividends		 -0.21 -0.63 - -0.28 - - 0.00 0.00 -11 -17 -19
Other Financing Activities, Net		 -4.38 -0.26 -0.19 0.00 -0.53 -8.22 -0.79 2.53 6.02 25 -3.17
Cash Interest Paid		 7.29 7.51 11 19 22 23 11 37 138 170 164
Cash Income Taxes Paid		 2.89 7.15 13 11 16 22 24 34 23 25 39

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Change in Cash & Equivalents		 391 41 -54 -64 -19 19 108 36 -150 51 186
Net Cash From Operating Activities		 33 22 38 23 37 40 33 42 39 46 27
Net Cash From Continuing Operating Activities		 33 22 38 23 37 40 33 42 39 46 27
Net Income / (Loss) Continuing Operations		 23 17 31 28 29 33 34 33 36 42 40
Consolidated Net Income / (Loss)		 23 17 31 28 29 33 34 33 36 42 40
Provision For Loan Losses		 0.45 0.45 1.00 0.75 1.35 0.75 1.00 1.50 1.05 0.95 0.75
Depreciation Expense		 5.08 3.89 5.24 4.80 4.45 4.36 3.35 3.86 3.52 3.60 4.01
Non-Cash Adjustments to Reconcile Net Income		 1.95 -2.99 -0.43 -3.06 -4.62 -3.65 9.46 -0.57 -1.68 -3.62 -8.37
Changes in Operating Assets and Liabilities, net		 2.75 3.33 1.30 -6.89 6.89 5.67 -15 4.40 -0.02 3.20 -9.73
Net Cash From Investing Activities		 93 89 -79 -49 -128 -41 -71 -138 -100 -38 45
Net Cash From Continuing Investing Activities		 93 89 -79 -49 -128 -41 -71 -138 -100 -38 45
Purchase of Investment Securities		 -12 -40 -157 -94 -161 -54 -99 -159 -124 -79 9.73
Sale and/or Maturity of Investments		 103 126 66 45 32 12 25 20 24 41 37
Other Investing Activities, net		 1.49 3.42 0.01 -0.60 1.82 0.96 2.47 0.13 0.06 0.13 0.08
Net Cash From Financing Activities		 266 -70 -13 -38 71 21 145 133 -89 44 114
Net Cash From Continuing Financing Activities		 266 -70 -13 -38 71 21 145 133 -89 44 114
Net Change in Deposits		 270 -16 15 -32 75 19 144 169 -31 70 119
Issuance of Common Equity		 0.21 0.20 0.25 0.20 0.23 0.16 - 0.04 0.02 0.02 0.02
Payment of Dividends		 -3.70 -3.70 -3.72 -3.76 -4.20 -4.24 -4.35 -4.30 -4.86 -4.73 -4.78
Other Financing Activities, Net		 0.45 -0.15 5.57 1.27 0.10 7.10 16 -0.66 -0.87 -1.00 -0.64
Cash Interest Paid		 31 38 39 41 42 45 41 41 42 42 39
Cash Income Taxes Paid		 12 11 0.10 0.05 7.00 8.21 10 0.00 17 10 13

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 1,214 2,301 2,932 3,097 3,577 4,552 7,695 8,764 8,469 8,797 9,185
Cash and Due from Banks		 12 68 86 86 75 88 209 121 130 116 108
Interest Bearing Deposits at Other Banks		 71 60 68 164 107 714 386 34 362 420 552
Trading Account Securities		 177 372 410 402 452 21 1,580 1,598 807 814 873
Loans and Leases, Net of Allowance		 867 1,557 2,075 2,153 -14 2,757 4,572 6,119 6,290 6,560 6,768
Loans and Leases		 877 1,569 2,088 2,166 - 2,789 4,622 6,180 6,354 6,627 6,836
Allowance for Loan and Lease Losses		 10 12 13 13 14 32 50 62 64 66 69
Premises and Equipment, Net		 30 46 47 48 56 60 95 109 119 127 120
Intangible Assets		 3.79 88 128 124 166 175 339 402 394 388 382
Other Assets		 50 105 115 119 2,715 706 492 368 361 371 381
Total Liabilities & Shareholders' Equity		 1,214 2,301 2,932 3,097 3,577 4,552 7,695 8,764 8,469 8,797 9,185
Total Liabilities		 1,105 2,025 2,568 2,709 3,060 4,013 6,803 7,791 7,430 7,624 7,927
Non-Interest Bearing Deposits		 - - 632 753 819 1,213 1,976 2,362 1,959 1,791 1,829
Interest Bearing Deposits		 1,056 1,970 1,839 1,861 2,135 2,698 4,490 4,817 5,239 5,612 5,902
Long-Term Debt		 40 38 78 77 68 54 217 225 167 161 135
Other Long-Term Liabilities		 - - 18 18 38 48 120 70 65 59 62
Total Equity & Noncontrolling Interests		 110 276 365 387 517 539 892 973 1,039 1,173 1,258
Total Preferred & Common Equity		 110 276 364 387 516 539 892 973 1,039 1,173 1,258
Total Common Equity		 97 276 364 387 516 539 892 973 1,039 1,173 1,258
Common Stock		 45 210 264 248 313 273 575 622 634 656 583
Retained Earnings		 51 69 102 144 199 253 314 408 458 566 698
Accumulated Other Comprehensive Income / (Loss)		 0.98 -2.73 -2.15 -5.64 4.42 13 3.10 -57 -53 -49 -24

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 Q2 2025 Q3 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 6/30/2025 9/30/2025
Total Assets		 8,896 8,192 8,483 8,416 8,447 8,557 8,637 8,975 8,931 9,029
Cash and Due from Banks		 119 93 122 109 82 110 124 105 130 94
Interest Bearing Deposits at Other Banks		 320 21 383 436 346 299 304 467 293 380
Trading Account Securities		 1,640 1,028 925 800 809 809 837 846 859 873
Loans and Leases, Net of Allowance		 5,924 6,161 6,160 6,176 6,333 6,464 6,491 6,678 6,771 6,806
Loans and Leases		 5,984 6,224 6,223 6,239 6,398 6,529 6,557 6,746 6,839 6,875
Allowance for Loan and Lease Losses		 60 62 63 63 64 65 66 67 68 69
Premises and Equipment, Net		 107 113 117 118 120 121 124 125 124 122
Intangible Assets		 407 400 398 396 393 391 390 387 385 384
Other Assets		 367 6,526 367 372 358 359 365 367 369 371
Total Liabilities & Shareholders' Equity		 8,896 8,192 8,483 8,416 8,447 8,557 8,637 8,975 8,931 9,029
Total Liabilities		 7,957 7,231 7,505 7,442 7,383 7,466 7,488 7,792 7,741 7,814
Non-Interest Bearing Deposits		 2,478 2,095 2,060 2,020 1,665 1,765 1,840 1,689 1,800 1,826
Interest Bearing Deposits		 4,918 4,834 5,139 5,162 5,501 5,476 5,420 5,883 5,741 5,785
Long-Term Debt		 225 197 198 198 162 162 161 157 134 135
Other Long-Term Liabilities		 56 55 59 62 55 62 67 63 65 68
Total Equity & Noncontrolling Interests		 938 962 978 974 1,064 1,091 1,149 1,183 1,190 1,215
Total Preferred & Common Equity		 938 962 978 974 1,064 1,091 1,149 1,183 1,190 1,215
Total Common Equity		 938 962 978 974 1,064 1,091 1,149 1,183 1,190 1,215
Common Stock		 621 624 625 626 637 639 648 630 602 582
Retained Earnings		 380 399 418 431 482 507 536 594 625 662
Accumulated Other Comprehensive Income / (Loss)		 -62 -61 -65 -83 -55 -55 -34 -41 -37 -29

Annual Metrics And Ratios for Nicolet Bankshares

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 14,798,920.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 14,798,920.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 10.18
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 5.40% 60.44% 40.69% 9.58% 15.93% 13.29% 17.38% 32.20% -6.85% 26.25% 11.91%
EBITDA Growth		 13.29% 58.34% 71.00% 7.60% 28.94% 16.35% 3.65% 55.47% -28.87% 63.83% 17.35%
EBIT Growth		 20.37% 59.06% 77.09% 10.26% 30.38% 13.30% 0.22% 55.00% -31.10% 79.07% 20.52%
NOPAT Growth		 14.96% 61.78% 78.84% 23.69% 32.97% 9.97% 0.30% 55.41% -34.74% 101.67% 21.46%
Net Income Growth		 14.96% 61.78% 78.84% 23.69% 32.97% 9.97% 0.30% 55.41% -34.74% 101.67% 21.46%
EPS Growth		 14.22% -7.78% 40.51% 23.72% 33.98% 3.26% -4.56% 20.59% -37.80% 97.30% 21.49%
Operating Cash Flow Growth		 36.33% 64.81% 64.13% 25.24% 14.02% 35.71% 23.77% 20.22% -8.03% 23.87% 14.79%
Free Cash Flow Firm Growth		 -69.81% -2,292.68% 34.50% 120.54% -431.15% 180.08% -974.68% 31.49% 218.81% -101.16% 2,255.49%
Invested Capital Growth		 3.39% 110.06% 41.07% 4.91% 25.82% 1.44% 86.96% 36.62% -20.39% 10.64% 4.36%
Revenue Q/Q Growth		 1.37% 15.48% 5.71% 1.18% 4.28% 3.85% 9.06% 4.68% 2.13% 1.07% 3.04%
EBITDA Q/Q Growth		 0.22% 18.83% 5.31% 6.55% 4.65% 8.59% -1.02% 11.87% 0.60% 2.31% 3.94%
EBIT Q/Q Growth		 5.14% 19.58% 8.13% 4.07% 4.52% 8.26% -2.89% 13.84% 0.37% 3.87% 3.89%
NOPAT Q/Q Growth		 3.66% 21.38% 9.91% 4.53% 2.67% 10.41% -2.85% 13.62% 5.23% 3.18% 4.03%
Net Income Q/Q Growth		 3.66% 21.38% 9.91% 4.53% 2.67% 10.41% -2.85% 13.62% 5.23% 3.18% 4.03%
EPS Q/Q Growth		 3.63% 3.95% 5.71% 5.37% 0.91% 10.89% -8.88% 11.00% 5.15% 2.16% 4.49%
Operating Cash Flow Q/Q Growth		 -20.83% 190.33% -5.25% -0.63% 23.85% -8.15% 45.99% -11.56% 7.70% -3.18% -4.00%
Free Cash Flow Firm Q/Q Growth		 -37.04% 5.27% 15.03% -52.57% -389.25% 112.89% -440.60% 36.00% 12.28% 76.28% -12.63%
Invested Capital Q/Q Growth		 3.22% -0.05% -3.07% 2.09% 20.23% -37.22% 26.94% 4.93% 2.88% 1.81% 3.18%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 35.48% 35.02% 42.56% 41.79% 46.48% 47.73% 42.15% 49.57% 37.85% 49.12% 51.51%
EBIT Margin		 29.86% 29.60% 37.26% 37.49% 42.16% 42.17% 36.00% 42.21% 31.22% 44.28% 47.69%
Profit (Net Income) Margin		 19.55% 19.72% 25.07% 28.29% 32.45% 31.50% 26.92% 31.64% 22.17% 35.41% 38.44%
Tax Burden Percent		 65.49% 66.61% 67.27% 75.46% 76.96% 74.70% 74.77% 74.97% 71.01% 79.97% 80.60%
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		 34.51% 33.39% 32.73% 24.54% 23.04% 25.30% 25.23% 25.03% 28.99% 20.03% 19.40%
Return on Invested Capital (ROIC)		 7.86% 8.07% 8.83% 9.11% 10.48% 10.27% 7.13% 7.19% 4.52% 9.77% 11.05%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.86% 8.07% 8.83% 9.11% 10.48% 10.27% 7.13% 7.19% 4.52% 9.77% 11.05%
Return on Net Nonoperating Assets (RNNOA)		 2.61% 1.62% 1.59% 1.88% 1.68% 1.18% 1.35% 2.93% 1.59% 1.45% 1.35%
Return on Equity (ROE)		 10.47% 9.68% 10.43% 10.99% 12.16% 11.45% 8.48% 10.11% 6.12% 11.22% 12.40%
Cash Return on Invested Capital (CROIC)		 4.52% -62.92% -25.24% 4.32% -12.38% 8.84% -53.48% -23.77% 27.23% -0.34% 6.78%
Operating Return on Assets (OROA)		 1.45% 1.60% 1.90% 1.82% 2.14% 1.99% 1.32% 1.53% 1.01% 1.80% 2.08%
Return on Assets (ROA)		 0.95% 1.06% 1.28% 1.37% 1.65% 1.49% 0.99% 1.15% 0.71% 1.44% 1.68%
Return on Common Equity (ROCE)		 8.72% 9.36% 10.41% 10.97% 12.14% 11.44% 8.48% 10.11% 6.12% 11.22% 12.40%
Return on Equity Simple (ROE_SIMPLE)		 10.55% 6.77% 9.18% 10.70% 10.65% 11.21% 6.80% 9.69% 5.92% 10.58% 11.98%
Net Operating Profit after Tax (NOPAT)		 12 19 33 41 55 60 61 94 62 124 151
NOPAT Margin		 19.55% 19.72% 25.07% 28.29% 32.45% 31.50% 26.92% 31.64% 22.17% 35.41% 38.44%
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		 59.67% 57.13% 53.37% 53.97% 50.08% 46.74% 48.41% 47.48% 58.75% 48.42% 45.53%
Operating Expenses to Revenue		 67.10% 68.50% 61.00% 61.41% 57.13% 52.47% 57.38% 53.93% 66.98% 54.62% 51.23%
Earnings before Interest and Taxes (EBIT)		 18 28 50 55 71 81 81 126 87 155 187
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 21 33 57 61 79 92 95 148 105 172 202
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.90 1.45 1.45 1.18 1.32 1.22 1.13 1.18 1.13 1.36 1.43
Price to Tangible Book Value (P/TBV)		 0.94 2.13 2.24 1.74 1.94 1.81 1.82 2.01 1.82 2.03 2.05
Price to Revenue (P/Rev)		 1.48 4.23 3.95 3.13 4.01 3.43 4.47 3.84 4.23 4.56 4.58
Price to Earnings (P/E)		 7.79 22.48 15.91 11.14 12.45 10.94 16.62 12.15 19.08 12.86 11.91
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.94% 1.04% 1.02%
Earnings Yield		 12.83% 4.45% 6.28% 8.98% 8.03% 9.14% 6.02% 8.23% 5.24% 7.77% 8.39%
Enterprise Value to Invested Capital (EV/IC)		 0.35 0.97 1.02 0.61 0.94 0.00 0.55 1.00 0.70 0.91 0.91
Enterprise Value to Revenue (EV/Rev)		 0.89 3.22 3.37 1.95 3.23 0.00 2.70 5.10 3.04 3.48 3.24
Enterprise Value to EBITDA (EV/EBITDA)		 2.51 9.21 7.92 4.66 6.95 0.00 6.40 10.30 8.03 7.09 6.29
Enterprise Value to EBIT (EV/EBIT)		 2.98 10.89 9.05 5.19 7.66 0.00 7.49 12.09 9.73 7.87 6.79
Enterprise Value to NOPAT (EV/NOPAT)		 4.55 16.35 13.45 6.88 9.95 0.00 10.02 16.13 13.70 9.84 8.43
Enterprise Value to Operating Cash Flow (EV/OCF)		 3.49 12.32 11.04 5.58 9.41 0.00 6.22 12.95 7.81 9.12 8.27
Enterprise Value to Free Cash Flow (EV/FCFF)		 7.90 0.00 0.00 14.50 0.00 0.00 0.00 0.00 2.28 0.00 13.73
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.36 0.14 0.21 0.20 0.13 0.10 0.24 0.56 0.16 0.14 0.11
Long-Term Debt to Equity		 0.36 0.14 0.21 0.20 0.13 0.10 0.24 0.23 0.16 0.14 0.11
Financial Leverage		 0.33 0.20 0.18 0.21 0.16 0.12 0.19 0.41 0.35 0.15 0.12
Leverage Ratio		 11.01 9.11 8.16 8.01 7.38 7.70 8.56 8.83 8.57 7.81 7.40
Compound Leverage Factor		 11.01 9.11 8.16 8.01 7.38 7.70 8.56 8.83 8.57 7.81 7.40
Debt to Total Capital		 26.62% 11.98% 17.62% 16.64% 11.57% 9.08% 19.56% 35.80% 13.84% 12.10% 9.68%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 20.93% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 26.62% 11.98% 17.62% 16.64% 11.57% 9.08% 19.56% 14.88% 13.84% 12.10% 9.68%
Preferred Equity to Total Capital		 8.16% 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		 0.12% 0.13% 0.16% 0.16% 0.12% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 65.10% 87.89% 82.22% 83.20% 88.31% 90.92% 80.44% 64.20% 86.16% 87.90% 90.32%
Debt to EBITDA		 1.90 1.13 1.37 1.27 0.86 0.59 2.28 3.67 1.59 0.94 0.67
Net Debt to EBITDA		 -2.25 -2.88 -1.39 -2.84 -1.70 -8.50 -4.21 2.54 -3.15 -2.18 -2.60
Long-Term Debt to EBITDA		 1.90 1.13 1.37 1.27 0.86 0.59 2.28 1.53 1.59 0.94 0.67
Debt to NOPAT		 3.44 2.01 2.33 1.87 1.23 0.89 3.58 5.75 2.71 1.30 0.90
Net Debt to NOPAT		 -4.09 -5.11 -2.35 -4.19 -2.43 -12.87 -6.60 3.98 -5.38 -3.03 -3.49
Long-Term Debt to NOPAT		 3.44 2.01 2.33 1.87 1.23 0.89 3.58 2.39 2.71 1.30 0.90
Noncontrolling Interest Sharing Ratio		 16.69% 3.32% 0.17% 0.19% 0.16% 0.07% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 6.65 -146 -96 20 -65 52 -455 -312 370 -4.29 92
Operating Cash Flow to CapEx		 88.34% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 8,684.11%
Free Cash Flow to Firm to Interest Expense		 0.92 -19.88 -9.09 1.04 -2.89 2.62 -33.45 -9.18 2.62 -0.03 0.56
Operating Cash Flow to Interest Expense		 2.09 3.38 3.87 2.70 2.58 3.97 7.18 3.46 0.76 0.79 0.93
Operating Cash Flow Less CapEx to Interest Expense		 -0.28 3.38 4.04 2.70 2.60 3.99 7.38 3.84 0.85 0.79 0.92
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.05 0.05 0.05 0.05 0.05 0.05 0.04 0.04 0.03 0.04 0.04
Fixed Asset Turnover		 1.92 2.51 2.87 3.07 3.24 3.30 2.92 2.93 2.44 2.85 3.17
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 149 314 443 465 585 593 1,109 1,515 1,206 1,334 1,393
Invested Capital Turnover		 0.40 0.41 0.35 0.32 0.32 0.33 0.26 0.23 0.20 0.28 0.29
Increase / (Decrease) in Invested Capital		 4.91 165 129 22 120 8.44 516 406 -309 128 58
Enterprise Value (EV)		 53 306 450 285 547 -121 607 1,520 843 1,220 1,270
Market Capitalization		 87 401 527 457 680 658 1,008 1,145 1,174 1,596 1,795
Book Value per Share		 $24.46 $32.29 $37.15 $40.59 $55.12 $53.46 $74.61 $66.26 $70.39 $77.11 $84.98
Tangible Book Value per Share		 $23.50 $22.00 $24.05 $27.54 $37.40 $36.07 $46.21 $38.84 $43.67 $51.59 $59.14
Total Capital		 149 314 443 465 585 593 1,109 1,515 1,206 1,334 1,393
Total Debt		 40 38 78 77 68 54 217 542 167 161 135
Total Long-Term Debt		 40 38 78 77 68 54 217 225 167 161 135
Net Debt		 -47 -95 -79 -173 -134 -779 -400 375 -331 -376 -525
Capital Expenditures (CapEx)		 17 0.00 -1.72 0.00 -0.46 -0.34 -2.74 -13 -12 -0.04 1.77
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)		 40 38 78 77 68 54 217 542 167 161 135
Total Depreciation and Amortization (D&A)		 3.32 5.13 7.07 6.28 7.31 11 14 22 18 17 15
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.80 $2.49 $3.51 $4.26 $5.71 $5.82 $5.65 $6.78 $4.17 $8.24 $10.06
Adjusted Weighted Average Basic Shares Outstanding		 4.00M 7.16M 9.44M 9.64M 9.56M 10.34M 10.74M 13.91M 14.74M 15.05M 14.98M
Adjusted Diluted Earnings per Share		 $2.57 $2.37 $3.33 $4.12 $5.52 $5.70 $5.44 $6.56 $4.08 $8.05 $9.78
Adjusted Weighted Average Diluted Shares Outstanding		 4.36M 7.51M 9.96M 9.96M 9.90M 10.54M 11.14M 14.37M 15.07M 15.42M 15.40M
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		 4.19M 8.59M 9.74M 9.46M 10.50M 9.98M 13.59M 14.69M 14.90M 15.26M 21.37M
Normalized Net Operating Profit after Tax (NOPAT)		 12 19 33 41 55 61 65 96 62 124 152
Normalized NOPAT Margin		 19.55% 19.72% 25.07% 28.29% 32.50% 31.90% 28.79% 32.06% 22.22% 35.41% 38.84%
Pre Tax Income Margin		 29.86% 29.60% 37.26% 37.49% 42.16% 42.17% 36.00% 42.21% 31.22% 44.28% 47.69%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.45 3.83 4.73 2.90 3.17 4.08 5.96 3.70 0.61 0.91 1.14
NOPAT to Interest Expense		 1.60 2.55 3.18 2.19 2.44 3.04 4.46 2.78 0.44 0.73 0.92
EBIT Less CapEx to Interest Expense		 0.08 3.83 4.89 2.90 3.19 4.09 6.16 4.09 0.70 0.91 1.13
NOPAT Less CapEx to Interest Expense		 -0.76 2.55 3.34 2.19 2.46 3.06 4.66 3.16 0.52 0.73 0.91
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 1.83% 3.39% 0.00% 0.67% 0.00% 0.00% 0.00% 0.00% 18.08% 13.34% 12.38%
Augmented Payout Ratio		 1.83% 31.21% 44.89% 55.68% 51.76% 69.60% 103.18% 65.24% 20.55% 21.51% 63.19%

Quarterly Metrics And Ratios for Nicolet Bankshares

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

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 14,798,920.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 14,798,920.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 2.72
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 9.63% 2.66% 6.97% 135.77% 11.95% 16.32% 4.16% 8.76% 12.70% 13.38% 12.53%
EBITDA Growth		 -3.82% 19.00% 1.49% 540.10% 15.88% 26.57% 9.12% 12.46% 17.23% 22.64% 16.44%
EBIT Growth		 -4.55% 28.22% 0.87% 362.32% 20.59% 28.34% 15.45% 16.92% 21.84% 26.93% 16.19%
NOPAT Growth		 -5.80% -7.30% 11.09% 403.33% 29.56% 89.51% 12.46% 17.28% 23.10% 28.35% 16.95%
Net Income Growth		 -5.80% -7.30% 11.09% 412.32% 29.56% 89.51% 12.46% 17.28% 23.10% 28.35% 16.95%
EPS Growth		 -12.72% -11.63% 10.87% 398.36% 27.15% 84.21% 8.33% 14.29% 21.88% 30.00% 19.00%
Operating Cash Flow Growth		 19.80% -42.55% 25.71% 50.44% 13.74% 81.56% -11.61% 78.72% 4.21% 15.68% -19.19%
Free Cash Flow Firm Growth		 59.23% 152.32% 189.73% 106.35% 100.39% -136.66% -127.64% -831.49% -5,482.71% 102.56% 80.92%
Invested Capital Growth		 18.22% -18.80% -20.39% 1.38% 2.34% 11.80% 10.64% 9.29% 5.63% 2.98% 4.36%
Revenue Q/Q Growth		 117.56% 2.81% 13.72% -7.31% 3.31% 6.82% 1.83% -3.22% 7.06% 7.46% 1.07%
EBITDA Q/Q Growth		 499.84% 0.47% 19.44% -8.28% 5.28% 9.74% 2.98% -5.47% 9.74% 14.80% -2.23%
EBIT Q/Q Growth		 332.83% 4.44% 17.57% -8.25% 7.04% 11.15% 5.77% -7.09% 11.54% 15.80% -3.18%
NOPAT Q/Q Growth		 346.63% -24.06% 78.70% -9.36% 5.34% 11.08% 6.04% -5.48% 10.56% 15.82% -3.38%
Net Income Q/Q Growth		 353.93% -24.06% 78.70% -9.36% 5.34% 11.08% 6.04% -5.48% 10.56% 15.82% -3.38%
EPS Q/Q Growth		 347.54% -24.50% 78.95% -10.78% 5.49% 9.38% 5.24% -5.88% 12.50% 16.67% -3.66%
Operating Cash Flow Q/Q Growth		 111.20% -33.48% 72.98% -38.10% 59.68% 6.19% -15.79% 25.17% -6.90% 17.88% -41.17%
Free Cash Flow Firm Q/Q Growth		 5.07% 273.60% 17.65% -96.73% -94.23% -16,580.69% 11.28% 13.36% 57.51% 107.85% -760.51%
Invested Capital Q/Q Growth		 1.32% -4.33% 2.88% 1.66% 2.28% 4.52% 1.81% 0.42% -1.15% 1.90% 3.18%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 46.85% 45.78% 48.09% 47.59% 48.49% 49.82% 50.38% 49.21% 50.44% 53.89% 52.13%
EBIT Margin		 40.16% 40.80% 42.18% 41.75% 43.26% 45.01% 46.75% 44.89% 46.76% 50.39% 48.27%
Profit (Net Income) Margin		 29.78% 21.99% 34.56% 33.80% 34.46% 35.83% 37.31% 36.44% 37.64% 40.57% 38.78%
Tax Burden Percent		 74.15% 53.91% 81.94% 80.94% 79.66% 79.61% 79.81% 81.19% 80.48% 80.50% 80.33%
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		 25.85% 46.09% 18.06% 19.06% 20.34% 20.39% 20.19% 18.81% 19.52% 19.50% 19.67%
Return on Invested Capital (ROIC)		 7.10% 4.57% 7.05% 9.02% 9.28% 10.01% 10.29% 10.16% 10.75% 11.60% 11.15%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.10% 4.57% 7.05% 9.02% 9.28% 10.01% 10.29% 10.16% 10.75% 11.60% 11.15%
Return on Net Nonoperating Assets (RNNOA)		 1.74% 1.68% 2.49% 1.82% 1.84% 1.69% 1.53% 1.44% 1.40% 1.45% 1.36%
Return on Equity (ROE)		 8.84% 6.25% 9.54% 10.84% 11.12% 11.70% 11.82% 11.60% 12.15% 13.06% 12.51%
Cash Return on Invested Capital (CROIC)		 -11.41% 25.23% 27.23% 6.70% 6.15% -1.46% -0.34% 1.16% 5.04% 7.96% 6.78%
Operating Return on Assets (OROA)		 1.37% 1.28% 1.36% 1.63% 1.70% 1.83% 1.90% 1.84% 1.97% 2.17% 2.10%
Return on Assets (ROA)		 1.01% 0.69% 1.11% 1.32% 1.35% 1.46% 1.51% 1.50% 1.59% 1.75% 1.69%
Return on Common Equity (ROCE)		 8.84% 6.25% 9.54% 10.84% 11.12% 11.70% 11.82% 11.60% 12.15% 13.06% 12.51%
Return on Equity Simple (ROE_SIMPLE)		 6.12% 6.00% 0.00% 9.23% 9.61% 10.46% 0.00% 10.89% 11.40% 11.92% 0.00%
Net Operating Profit after Tax (NOPAT)		 23 17 31 28 29 33 34 33 36 42 40
NOPAT Margin		 29.78% 21.99% 34.56% 33.80% 34.46% 35.83% 37.31% 36.44% 37.64% 40.57% 38.78%
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		 51.28% 50.61% 51.18% 50.91% 48.60% 48.62% 45.84% 47.50% 46.47% 44.09% 44.42%
Operating Expenses to Revenue		 59.25% 58.63% 56.69% 57.34% 55.15% 54.16% 52.17% 53.44% 52.14% 48.68% 51.01%
Earnings before Interest and Taxes (EBIT)		 30 32 37 34 37 41 43 40 45 52 50
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 36 36 43 39 41 45 47 44 48 55 54
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.01 1.04 1.13 1.19 1.14 1.25 1.36 1.41 1.56 1.64 1.43
Price to Tangible Book Value (P/TBV)		 1.70 1.76 1.82 1.89 1.77 1.90 2.03 2.09 2.31 2.40 2.05
Price to Revenue (P/Rev)		 3.66 3.74 4.23 3.89 3.71 4.15 4.56 4.65 5.06 5.25 4.58
Price to Earnings (P/E)		 16.49 17.37 19.08 12.88 11.82 11.98 12.86 12.90 13.73 13.80 11.91
Dividend Yield		 0.37% 0.73% 0.94% 1.17% 1.24% 1.11% 1.04% 1.03% 0.94% 0.89% 1.02%
Earnings Yield		 6.06% 5.76% 5.24% 7.76% 8.46% 8.35% 7.77% 7.75% 7.28% 7.25% 8.39%
Enterprise Value to Invested Capital (EV/IC)		 0.59 0.56 0.70 0.81 0.79 0.89 0.91 0.93 1.19 1.23 0.91
Enterprise Value to Revenue (EV/Rev)		 2.67 2.43 3.04 3.06 2.97 3.38 3.48 3.49 4.27 4.36 3.24
Enterprise Value to EBITDA (EV/EBITDA)		 7.28 6.32 8.03 6.50 6.24 6.96 7.09 7.05 8.55 8.54 6.29
Enterprise Value to EBIT (EV/EBIT)		 9.06 7.65 9.73 7.42 7.06 7.84 7.87 7.75 9.31 9.22 6.79
Enterprise Value to NOPAT (EV/NOPAT)		 12.02 11.29 13.70 10.12 9.44 9.73 9.84 9.68 11.60 11.45 8.43
Enterprise Value to Operating Cash Flow (EV/OCF)		 6.18 6.58 7.81 8.58 8.23 8.47 9.12 8.20 10.24 10.37 8.27
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 2.00 2.28 12.19 12.98 0.00 0.00 83.46 24.20 15.68 13.73
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.25 0.20 0.16 0.15 0.15 0.14 0.14 0.13 0.11 0.11 0.11
Long-Term Debt to Equity		 0.20 0.20 0.16 0.15 0.15 0.14 0.14 0.13 0.11 0.11 0.11
Financial Leverage		 0.24 0.37 0.35 0.20 0.20 0.17 0.15 0.14 0.13 0.13 0.12
Leverage Ratio		 8.72 9.05 8.57 8.22 8.24 8.03 7.81 7.75 7.67 7.47 7.40
Compound Leverage Factor		 8.72 9.05 8.57 8.22 8.24 8.03 7.81 7.75 7.67 7.47 7.40
Debt to Total Capital		 20.21% 16.87% 13.84% 13.24% 12.95% 12.30% 12.10% 11.69% 10.14% 9.97% 9.68%
Short-Term Debt to Total Capital		 4.08% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 16.13% 16.87% 13.84% 13.24% 12.95% 12.30% 12.10% 11.69% 10.14% 9.97% 9.68%
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		 79.79% 83.13% 86.16% 86.76% 87.05% 87.70% 87.90% 88.31% 89.86% 90.03% 90.32%
Debt to EBITDA		 2.51 1.89 1.59 1.06 1.02 0.96 0.94 0.88 0.73 0.69 0.67
Net Debt to EBITDA		 -2.71 -3.41 -3.15 -1.77 -1.58 -1.61 -2.18 -2.35 -1.57 -1.75 -2.60
Long-Term Debt to EBITDA		 2.00 1.89 1.59 1.06 1.02 0.96 0.94 0.88 0.73 0.69 0.67
Debt to NOPAT		 4.14 3.38 2.71 1.65 1.55 1.34 1.30 1.22 0.99 0.93 0.90
Net Debt to NOPAT		 -4.47 -6.09 -5.38 -2.76 -2.38 -2.25 -3.03 -3.23 -2.13 -2.34 -3.49
Long-Term Debt to NOPAT		 3.30 3.38 2.71 1.65 1.55 1.34 1.30 1.22 0.99 0.93 0.90
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)		 -166 289 340 11 0.64 -106 -94 -81 -35 2.71 -18
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		 -5.04 7.51 8.65 0.27 0.01 -2.39 -2.27 -1.96 -0.81 0.07 -0.46
Operating Cash Flow to Interest Expense		 0.99 0.57 0.96 0.57 0.86 0.90 0.81 1.01 0.91 1.12 0.69
Operating Cash Flow Less CapEx to Interest Expense		 0.99 0.57 0.96 0.57 0.86 0.90 0.81 1.01 0.91 1.12 0.69
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.03 0.03 0.03 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04
Fixed Asset Turnover		 2.52 2.42 2.44 2.79 2.80 2.87 2.85 2.92 3.01 3.10 3.17
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,225 1,172 1,206 1,226 1,254 1,311 1,334 1,340 1,324 1,350 1,393
Invested Capital Turnover		 0.24 0.21 0.20 0.27 0.27 0.28 0.28 0.28 0.29 0.29 0.29
Increase / (Decrease) in Invested Capital		 189 -271 -309 17 29 138 128 114 71 39 58
Enterprise Value (EV)		 719 660 843 994 990 1,170 1,220 1,247 1,574 1,659 1,270
Market Capitalization		 986 1,016 1,174 1,265 1,240 1,440 1,596 1,663 1,862 1,998 1,795
Book Value per Share		 $66.43 $66.11 $70.39 $71.35 $73.09 $76.32 $77.11 $77.55 $78.92 $81.78 $84.98
Tangible Book Value per Share		 $39.37 $39.23 $43.67 $44.98 $46.87 $50.44 $51.59 $52.21 $53.38 $55.95 $59.14
Total Capital		 1,225 1,172 1,206 1,226 1,254 1,311 1,334 1,340 1,324 1,350 1,393
Total Debt		 248 198 167 162 162 161 161 157 134 135 135
Total Long-Term Debt		 198 198 167 162 162 161 161 157 134 135 135
Net Debt		 -267 -356 -331 -271 -250 -270 -376 -416 -288 -339 -525
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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 248 198 167 162 162 161 161 157 134 135 135
Total Depreciation and Amortization (D&A)		 5.08 3.89 5.24 4.80 4.45 4.36 3.35 3.86 3.52 3.60 4.01
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.54 $1.16 $2.08 $1.86 $1.96 $2.16 $2.26 $2.14 $2.40 $2.81 $2.71
Adjusted Weighted Average Basic Shares Outstanding		 14.71M 14.74M 14.74M 14.91M 14.94M 15.05M 15.05M 15.26M 15.03M 14.84M 14.98M
Adjusted Diluted Earnings per Share		 $1.51 $1.14 $2.04 $1.82 $1.92 $2.10 $2.21 $2.08 $2.34 $2.73 $2.63
Adjusted Weighted Average Diluted Shares Outstanding		 14.96M 15.10M 15.07M 15.25M 15.28M 15.48M 15.42M 15.65M 15.43M 15.30M 15.40M
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		 14.74M 14.76M 14.90M 14.93M 15.06M 15.21M 15.26M 15.08M 14.86M 14.80M 21.37M
Normalized Net Operating Profit after Tax (NOPAT)		 23 17 31 28 29 33 34 33 36 42 40
Normalized NOPAT Margin		 29.80% 21.99% 34.56% 33.80% 34.46% 35.83% 37.31% 36.44% 37.64% 40.57% 38.78%
Pre Tax Income Margin		 40.16% 40.80% 42.18% 41.75% 43.26% 45.01% 46.75% 44.89% 46.76% 50.39% 48.27%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.92 0.83 0.95 0.83 0.84 0.92 1.05 0.97 1.05 1.26 1.28
NOPAT to Interest Expense		 0.68 0.45 0.78 0.67 0.67 0.73 0.84 0.78 0.85 1.02 1.02
EBIT Less CapEx to Interest Expense		 0.92 0.83 0.95 0.83 0.84 0.92 1.05 0.97 1.05 1.26 1.28
NOPAT Less CapEx to Interest Expense		 0.68 0.45 0.78 0.67 0.67 0.73 0.84 0.78 0.85 1.02 1.02
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 6.18% 12.66% 18.08% 15.15% 14.66% 13.24% 13.34% 13.26% 13.08% 12.58% 12.38%
Augmented Payout Ratio		 10.04% 16.61% 20.55% 15.15% 14.66% 13.24% 21.51% 41.34% 61.88% 72.44% 63.19%

Financials Breakdown Chart

Key Financial Trends

Below are concise, investor-focused takeaways from Nicolet Bankshares (NYSE: NIC) across the last four years of quarterly reports, focusing on trends in profitability, balance sheet strength, and cash flow. The items are organized to highlight positives first, followed by neutral observations, then potential negatives.

  • Solid quarterly profitability in 2025 — Q4 2025 net income attributable to common shareholders was $40.32M with basic EPS $2.71 and diluted EPS $2.63, continuing a stable profitability trajectory through 2025 (peaking around $41.7M in Q3 2025).
  • Strong net interest income driving revenue — Net interest income reached about $80.89M in Q4 2025, contributing to total revenue of $103.99M, underscoring the bank’s core earning power from loans, investment securities, and related funding.
  • Growing loan portfolio — Loans and Leases, Net of Allowance stood around $6.80B in mid-2025 (e.g., $6.8059B in Q3 2025), indicating ongoing loan growth capacity and balance sheet depth.
  • Healthy deposit base and liquidity — Total deposits were roughly $7.6B in Q3 2025 (Non-Interest Bearing ~ $1.83B and Interest Bearing ~ $5.75B), pointing to strong liquidity and funding diversity.
  • Solid balance sheet scale — Total assets were about $9.03B in Q3 2025, with total liabilities around $7.81B and total equity near $1.21B, reflecting a stable, scalable franchise.
  • Consistent operating cash flow generation — Cash flow from continuing operating activities was positive across 2025 quarters (e.g., Q1 ~ $41.8M; Q3 ~ $45.9M; Q4 ~ $26.98M), signaling ongoing ability to fund lending and dividends from operations.
  • Solid capitalization — Total Common Equity around $1.21B in 2025 (and rising vs earlier periods), complemented by a durable equity base that supports growth and capital adequacy metrics.
  • Steady dividend policy — Dividends per share remained consistent at $0.32 across 2025 quarters, providing predictable income for shareholders (up from $0.28 in early 2024, indicating modest growth potential).
  • Stable non-interest income contribution — Total non-interest income remained in the teens of millions (e.g., around $23M in Q3–Q4 2025), providing a diversified earnings component alongside net interest income.
  • Modest credit-loss provisioning — Provision for credit losses remained modest throughout 2025 (ranging roughly from $0.75M to $1.05M per quarter), suggesting generally solid credit quality, with caveats for macro changes.
  • Quarterly cash flow volatility opposed by seasonal factors — While operating cash flow was positive, Q4 2025 cash from continuing operating activities declined versus Q3 2025 (roughly $26.98M vs. $45.86M), which may reflect working capital movements or seasonality.
05/06/26 08:27 PM ETAI Generated. May Contain Errors.

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 2025 ended on December 31, 2025.

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 $150.69 million in 2025, rising from $11.56 million in 2015. The previous period was $124.06 million in 2024. See where experts think Nicolet Bankshares is headed by visiting Nicolet Bankshares' forecast page.

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

Over the last 10 years, Nicolet Bankshares' total revenue changed from $59.09 million in 2015 to $392.04 million in 2025, a change of 563.4%.

How much debt does Nicolet Bankshares have?

Nicolet Bankshares' total liabilities were at $7.93 billion at the end of 2025, a 4.0% increase from 2024, and a 617.6% increase since 2015.

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 $107.96 million as of their latest financial filing in 2025.

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 24.46 in 2015 to 84.98 in 2025, a change of 247.5%.


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Financial statements for NYSE:NIC last updated on 3/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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