Loading…
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% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 298.12 | 275.51 | 349.12 | 392 |
| Pretax Income | 125.74 | 86.63 | 155.13 | 186.96 |
| Tax Provision | 31.48 | 25.12 | 31.07 | 36.27 |
| Net Income | 94.26 | 61.52 | 124.06 | 150.69 |
| Net Income Common Stockholders | 94.26 | 61.52 | 124.06 | 150.69 |
| Interest Expense | 33.96 | 141.35 | 170.30 | 164.48 |
| Interest Income | 273.92 | 382.86 | 438.37 | 470.95 |
| Selling General And Administration | 99.11 | 110.90 | 120.75 | 127.32 |
| Normalized Income | 93.28 | 61.61 | 122.99 | 152.19 |
| Basic EPS | 6.78 | 4.17 | 8.24 | 10.06 |
| Diluted EPS | 6.56 | 4.08 | 8.05 | 9.78 |
| Tax Effect Of Unusual Items | 0.33 | -0.04 | 0.27 | -0.36 |
| Tax Rate For Calcs | 0.25 | 0.29 | 0.20 | 0.19 |
| Total Unusual Items | 1.31 | -0.13 | 1.33 | -1.87 |
| Total Unusual Items Excluding Goodwill | 1.31 | -0.13 | 1.33 | -1.87 |
| Net Income From Continuing Operation Net Minority Interest | 94.26 | 61.52 | 124.06 | 150.69 |
| Reconciled Depreciation | 21.93 | 18.40 | 16.95 | 14.99 |
| Net Interest Income | 239.96 | 241.52 | 268.06 | 306.47 |
| Net Income From Continuing And Discontinued Operation | 94.26 | 61.52 | 124.06 | 150.69 |
| Diluted Average Shares | 14.38 | 15.07 | 15.42 | 15.40 |
| Basic Average Shares | 13.91 | 14.74 | 15.05 | 14.98 |
| Diluted NI Availto Com Stockholders | 94.26 | 61.52 | 124.06 | 150.69 |
| Minority Interests | 0 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | 94.26 | 61.52 | 124.06 | 150.69 |
| Net Income Continuous Operations | 94.26 | 61.52 | 124.06 | 150.69 |
| 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 | 0.01 |
| 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 |
| Amortization | 6.62 | 8.07 | 6.88 | 5.74 |
| Amortization Of Intangibles Income Statement | 6.62 | 8.07 | 6.88 | 5.74 |
| Selling And Marketing Expense | 8.47 | 7.79 | 8.33 | 8.01 |
| General And Administrative Expense | 90.63 | 103.11 | 112.42 | 119.31 |
| Other Gand A | 0 | 0 | 0 | 0 |
| Insurance And Claims | 1.92 | 4 | 4 | 4.01 |
| Salaries And Wages | 88.71 | 99.11 | 108.41 | 115.31 |
| Operating Revenue | 298.12 | 275.51 | 349.12 | 392 |
| 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 | $3.1B | 16.94↑ premium | 1.70 | 12.0% | - |
| F&G Annuities & Life, Inc. | FG | $3.8B | 15.10 | 0.80 | 5.4% | 6.28 |
| Mechanics Bancorp | MCHB | $3.4B | 12.44 | 1.17 | 9.3% | - |
| WesBanco, Inc. | WSBC | $3.3B | 10.41 | 0.86 | 5.5% | - |
| TowneBank | TOWN | $3.2B |
| 15.81 |
| 1.10 |
| 7.0% |
| - |
| Hamilton Insurance Group, Ltd. | HG | $3.2B | 5.76 | 1.12 | 20.4% | 2.37 |
| DigitalBridge Group, Inc. | DBRG | $3.0B | 29.36 | 2.17 | 5.8% | -166.42 |
| Upstart Holdings, Inc. | UPST | $2.9B | 67.73 | 3.74 | 6.7% | 42.65 |
| First Merchants Corporation | FRME | $2.5B | 11.75 | 0.94 | 9.2% | - |
| Peer Median | - | 13.77 | 1.11 | 6.8% | 4.33 | |