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Nicolet Bankshares, Inc. operates as the bank holding company for Nicolet National Bank that provides banking products and services for businesses and individuals in Wisconsin, Michigan, and Minnesota. The company accepts demand deposits, checking, savings, and money market accounts; various certificates of deposit; and individual retirement accounts. It also offers commercial loans, including commercial, industrial, and business loans and lines of credit; commercial real estate loans; agricultural (AG) production and AG real estate loans; commercial real estate investment loans; construction and land development loans; residential real estate loans, such as residential first lien and junior lien mortgages, home equity loans, and residential construction loans; and consumer loans. In addition, the company provides cash management, international banking, personal brokerage, safe deposit boxes, and trust and fiduciary services, as well as wealth management and retirement plan services. Further, it offers mortgage refinancing; online services, such as commercial, retail, and trust online banking; automated bill payment, mobile banking deposits and account access, and remote deposit capture services; and other services consisting of wire transfers, debit cards, credit cards, pre-paid gift cards, direct deposits, and official bank checks, as well as facilitates crop insurance products. The company was formerly known as Green Bay Financial Corporation and changed its name to Nicolet Bankshares, Inc. in March 2002. The company was incorporated in 2000 and is headquartered in Green Bay, Wisconsin.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $392M | - | $151M | $149M | 12.0% | 12.3% | 21.5% |
| 2024 | $349M | - | $124M | $117M | 10.6% | 26.7% | 101.7% |
| 2023 | $276M | - | $62M | $89M | 5.9% | -7.6% | -34.7% |
| 2022 | $298M | - | $94M | $105M | 9.7% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 298.12 | 275.51 | 349.12 | 392 |
| Operating Revenue | - | 298.12 | 275.51 | 349.12 | 392 |
| Selling General And Administration | - | 99.10 | 110.90 | 120.75 | 127.32 |
| Interest Income | - | 273.92 | 382.86 | 438.36 | 470.95 |
| Interest Expense | - | 33.96 | 141.35 | 170.30 | 164.48 |
| Net Interest Income | - | 239.96 | 241.52 | 268.06 | 306.47 |
| Pretax Income | - | 125.74 | 86.63 | 155.13 | 186.96 |
| Tax Provision | - | 31.48 | 25.12 | 31.07 | 36.27 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.33 | -0.04 | 0.27 | -0.36 |
| Net Income Continuous Operations | - | 94.26 | 61.52 | 124.06 | 150.69 |
| Net Income From Continuing And Discontinued Operation | - | 94.26 | 61.52 | 124.06 | 150.69 |
| Net Income From Continuing Operation Net Minority Interest | - | 94.26 | 61.52 | 124.06 | 150.69 |
| Net Income | - | 94.26 | 61.52 | 124.06 | 150.69 |
| Net Income Common Stockholders | - | 94.26 | 61.52 | 124.06 | 150.69 |
| Net Income Including Noncontrolling Interests | - | 94.26 | 61.52 | 124.06 | 150.69 |
| Normalized Income | - | 93.28 | 61.61 | 122.99 | 152.19 |
| Diluted NI Availto Com Stockholders | - | 94.26 | 61.52 | 124.06 | 150.69 |
| Basic Average Shares | - | 13.91 | 14.74 | 15.05 | 14.98 |
| Diluted Average Shares | - | 14.38 | 15.07 | 15.42 | 15.40 |
| Reconciled Depreciation | - | 21.93 | 18.40 | 16.95 | 14.99 |
| Total Unusual Items | - | 1.31 | -0.13 | 1.33 | -1.87 |
| Total Unusual Items Excluding Goodwill | - | 1.31 | -0.13 | 1.33 | -1.87 |
| Minority Interests | 0 | 0 | - | - | - |
| Special Income Charges | - | -1.90 | -0.55 | 1.22 | -1.91 |
| Other Special Charges | - | -0.01 | 0.18 | -1.35 | -0.06 |
| Write Off | - | 0.24 | 0.18 | 0.13 | 0.02 |
| Restructuring And Mergern Acquisition | - | 1.66 | 0.19 | 0 | 1.96 |
| Gain On Sale Of Security | - | 0.16 | -35.21 | 2.88 | 1.07 |
| Depreciation Amortization Depletion Income Statement | - | 6.62 | 8.07 | 6.88 | 5.74 |
| Depreciation And Amortization In Income Statement | - | 6.62 | 8.07 | 6.88 | 5.74 |
| General And Administrative Expense | - | 90.63 | 103.11 | 112.42 | 119.31 |
| Other Gand A | 17.39 | - | - | - | - |
| Salaries And Wages | - | 88.71 | 99.11 | 108.41 | 115.30 |
| Insurance And Claims | - | 1.92 | 4 | 4 | 4.01 |
| Selling And Marketing Expense | - | 8.47 | 7.79 | 8.33 | 8.01 |
| Amortization | - | 6.62 | 8.07 | 6.88 | 5.74 |
| Amortization Of Intangibles Income Statement | - | 6.62 | 8.07 | 6.88 | 5.74 |
| Occupancy And Equipment | - | 29.72 | 36.22 | 35.14 | 36.63 |
| Other Non Interest Expense | - | 23.54 | 30.48 | 28.59 | 29.18 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Nicolet Bankshares, Inc.this co. | NIC | $2.9B | 19.21↑ premium | 2.30 | 12.0% | - |
| WesBanco, Inc. | WSBC | $3.3B | 14.92 | 0.87 | 5.9% | - |
| Mechanics Bancorp | MCHB | $3.3B | - | - | - | - |
| TowneBank | TOWN | $3.1B | 18.29 | 1.28 | 7.0% | - |
| Upstart Holdings, Inc. | UPST | $3.1B | 57.62 |
| - |
| - |
| - |
| - |
| - |
| 3.87 |
| 6.7% |
| - |
| DigitalBridge Group, Inc. | DBRG | $2.9B | 20.42 | 2.21 | 10.8% | 94.72 |
| Hamilton Insurance Group, Ltd. | HG | $2.9B | 5.01 | 1.02 | 20.4% | - |
| First Merchants Corporation | FRME | $2.5B | 11.18 | 1.04 | 9.3% | - |
| First Busey Corporation | BUSE | $2.3B | 17.16 | 0.94 | 5.5% | - |
| Peer Median | - | 17.16 | 1.04 | 7.0% | 94.72 | |