Nicolet Bankshares, Inc. (NIC) 10-Year Financial Performance & Capital Metrics

NIC • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingMidwest Community Banks

AboutNicolet Bankshares, Inc. operates as the bank holding company for Nicolet National Bank that provides banking products and services for businesses and individuals. The company accepts 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 real estate loans; construction and land development loans; residential real estate loans, such as residential first lien and junior lien mortgages, home equity loans, lines of credit, 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. As of December 31, 2021, it operated 52 branches throughout Wisconsin and Michigan. The company was formerly known as Green Bay Financial Corporation and changed its name to Nicolet Bankshares, Inc. in March 2002. Nicolet Bankshares, Inc. was incorporated in 2000 and is headquartered in Green Bay, Wisconsin.Show more

Net Interest Income $268M +11.0%
Total Revenue $519M +24.6%
Net Income $124M +101.7%
Return on Equity 11.22% +83.4%
Net Interest Margin 3.05% +6.9%
Efficiency Ratio 36.61% -18.1%
ROA 1.44% +101.3%
Equity / Assets 13.33% +8.7%
Book Value per Share 76.08 +10.4%
Tangible BV/Share 50.91 +19.0%
Debt/Equity 0.14 -14.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 17.8%
✓Strong Piotroski F-Score: 7/9
✓Efficient operations: 36.6% efficiency ratio
✓Well capitalized: 13.3% equity/assets

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y23.46%

5Y21.97%

3Y29.52%

TTM-

Profit (Net Income) CAGR

10Y28.7%

5Y17.82%

3Y26.94%

TTM29.31%

EPS CAGR

10Y13.6%

5Y7.84%

3Y13.95%

TTM26.23%

ROCE

10Y Avg11.76%

5Y Avg10.47%

3Y Avg9.78%

Latest11.65%

Peer Comparison

Midwest Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFSLTFS Financial Corporation	3.97B	14.13	44.16	4.37%	11.49%	4.41%	1.15%	2.57
ASBAssociated Banc-Corp	4.43B	26.70	37.08	4.42%	5.85%	3.62%	12.08%	0.69
ASBAAssociated Banc-Corp	4.11B	24.78	30.98	-6.56%	12.92%	3.77%	13.02%	0.17
BANFBancFirst Corporation	3.81B	114.30	17.75	12.28%	23.81%	13.33%	5.89%	0.05
SYBTStock Yards Bancorp, Inc.	2.03B	68.83	17.69	15.84%	22.86%	12.99%	6.56%	0.53
PRKPark National Corporation	2.63B	163.76	17.57	14.4%	23.46%	13.22%	6.44%	0.24
NICNicolet Bankshares, Inc.	1.97B	133.08	16.53	24.6%	23.88%	11.4%	5.95%	0.14
LKFNLakeland Financial Corporation	1.52B	59.47	16.38	9.38%	21.74%	13.06%	6.18%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	41.38M	68.13M	98.74M	106.65M	116.08M	129.34M	157.96M	239.96M	241.52M	268.06M
NII Growth %	-0.01%	0.65%	0.45%	0.08%	0.09%	0.11%	0.22%	0.52%	0.01%	0.11%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	48.6M	75.47M	109.25M	125.54M	138.59M	149.2M	171.56M	273.92M	382.86M	438.37M
Interest Expense	7.21M	7.33M	10.51M	18.89M	22.51M	19.86M	13.6M	33.96M	141.35M	170.3M
Loan Loss Provision	1.8M	1.8M	2.33M	1.6M	1.2M	10.3M	14.9M	11.5M	2.65M	3.85M
Non-Interest Income+	17.71M	26.67M	34.09M	39.42M	53.82M	63.9M	67.49M	58.16M	33.99M	81.05M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	66.31M	102.14M	143.34M	164.96M	192.41M	213.1M	239.05M	332.07M	416.85M	519.42M
Revenue Growth %	0.05%	0.54%	0.4%	0.15%	0.17%	0.11%	0.12%	0.39%	0.26%	0.25%
Non-Interest Expense	39.65M	64.94M	80.81M	89.67M	97.25M	101.99M	129.43M	160.88M	186.22M	190.14M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	17.64M	28.07M	49.7M	54.8M	71.1M	80.94M	81.12M	125.74M	86.63M	155.13M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.2%	0.59%	0.77%	0.1%	0.3%	0.14%	0%	0.55%	-0.31%	0.79%
Pretax Income+	17.64M	28.07M	49.7M	54.8M	71.45M	80.94M	81.12M	125.74M	86.63M	155.13M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	6.09M	9.37M	16.27M	13.45M	16.46M	20.48M	20.47M	31.48M	25.12M	31.07M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	11.43M	18.46M	33.15M	41.04M	54.64M	60.12M	60.65M	94.26M	61.52M	124.06M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.15%	0.62%	0.8%	0.24%	0.33%	0.1%	0.01%	0.55%	-0.35%	1.02%
Net Income (Continuing)	11.55M	18.69M	33.43M	41.35M	54.99M	60.47M	60.65M	94.26M	61.52M	124.06M
EPS (Diluted)+	2.57	2.37	3.33	4.12	5.52	5.70	5.44	6.56	4.08	8.05
EPS Growth %	0.14%	-0.08%	0.41%	0.24%	0.34%	0.03%	-0.05%	0.21%	-0.38%	0.97%
EPS (Basic)	2.80	2.49	3.51	4.26	5.71	5.82	5.65	6.78	4.17	8.24
Diluted Shares Outstanding	4.36M	7.51M	9.96M	9.96M	9.9M	10.54M	11.14M	14.38M	15.07M	15.42M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	86.12M	132.36M	155.94M	250.52M	201.36M	832.38M	617.21M	167.24M	497.81M	537.03M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	1.05B	1.95B	2.5B	2.57B	3.04B	3.35B	6.4B	7.78B	7.11B	7.39B
Investments Growth %	-0.01%	0.85%	0.28%	0.03%	0.18%	0.1%	0.91%	0.22%	-0.09%	0.04%
Long-Term Investments	879.57M	1.58B	2.09B	2.17B	2.59B	2.81B	5.47B	6.86B	6.31B	6.95B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	762K	66.74M	107.37M	107.37M	151.2M	163.15M	317.19M	367.39M	367.39M	367.39M
Intangible Assets	3.03M	21.2M	21.04M	16.94M	14.77M	12.2M	22.3M	35.05M	26.98M	20.75M
PP&E (Net)	29.61M	45.86M	47.15M	48.17M	56.47M	59.94M	94.57M	108.96M	118.76M	126.98M
Other Assets	29.39M	54.86M	65.19M	66.31M	78.14M	83.26M	134.48M	165.14M	345.89M	352.2M
Total Current Assets	272.07M	530.72M	596.91M	685.08M	690.13M	1.43B	1.65B	1.22B	1.3B	975.76M
Total Non-Current Assets	942.37M	1.77B	2.34B	2.41B	2.89B	3.12B	6.04B	7.54B	7.17B	7.82B
Total Assets+	1.21B	2.3B	2.93B	3.1B	3.58B	4.55B	7.7B	8.76B	8.47B	8.8B
Asset Growth %	-0%	0.89%	0.27%	0.06%	0.16%	0.27%	0.69%	0.14%	-0.03%	0.04%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	8.55M	16.91M	18.44M	17.74M	38.19M	48.33M	68.73M	70.18M	0	0
Total Debt+	39.79M	37.62M	78.05M	77.31M	67.63M	53.87M	216.91M	542.34M	166.93M	161.39M
Net Debt	-46.33M	-94.74M	-77.9M	-173.21M	-133.74M	-778.51M	-400.3M	375.1M	-330.88M	-375.64M
Long-Term Debt	39.79M	37.62M	78.05M	77.31M	67.63M	53.87M	216.91M	225.34M	166.93M	161.39M
Short-Term Debt	0	0	0	0	0	0	0	317M	0	0
Other Liabilities	-8.55M	-16.91M	-18.44M	0	0	0	51.59M	0	64.94M	58.83M
Total Current Liabilities	1.07B	2B	2.51B	2.63B	2.99B	3.96B	6.53B	7.57B	7.2B	7.4B
Total Non-Current Liabilities	31.24M	20.71M	59.6M	77.31M	67.63M	53.87M	268.5M	225.34M	231.87M	220.21M
Total Liabilities	1.1B	2.02B	2.57B	2.71B	3.06B	4.01B	6.8B	7.79B	7.43B	7.62B
Total Equity+	109.69M	276.37M	364.88M	387.35M	516.99M	539.19M	891.89M	972.53M	1.04B	1.17B
Equity Growth %	-0.01%	1.52%	0.32%	0.06%	0.33%	0.04%	0.65%	0.09%	0.07%	0.13%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.1%	0.1%	0.1%	0.11%	0.12%	0.11%	0.08%	0.1%	0.06%	0.11%
Book Value per Share	25.14	36.78	36.64	38.91	52.22	51.15	80.03	67.65	68.94	76.08
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	42K	86K	98K	95K	106K	100K	140K	147K	149K	154K
Additional Paid-in Capital	45.22M	209.7M	263.83M	247.79M	312.73M	273.39M	575.04M	621.99M	633.77M	655.54M
Retained Earnings	51.06M	68.89M	102.39M	144.36M	199M	252.95M	313.6M	407.86M	458.26M	565.77M
Accumulated OCI	980K	-2.73M	-2.15M	-5.64M	4.42M	12.75M	3.1M	-57.47M	-53.17M	-48.57M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	12.2M	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	15.05M	24.81M	40.71M	50.99M	58.14M	78.9M	97.65M	117.4M	107.97M	133.75M
Operating CF Growth %	0.36%	0.65%	0.64%	0.25%	0.14%	0.36%	0.24%	0.2%	-0.08%	0.24%
Net Income	11.55M	18.69M	33.43M	41.35M	54.99M	60.47M	60.65M	94.26M	61.52M	124.06M
Depreciation & Amortization	3.32M	5.13M	7.07M	6.28M	7.31M	10.69M	13.86M	21.93M	18.4M	16.95M
Deferred Taxes	1.59M	2.97M	6.96M	-1.52M	-2.65M	3.13M	6.33M	-12.91M	3.03M	7.38M
Other Non-Cash Items	1.55M	-1.85M	-3.08M	398K	-12.61M	-13.79M	19.01M	7.31M	29.17M	-12.04M
Working Capital Changes	-4.17M	-1.74M	-6.74M	-424K	6.06M	12.71M	-9.51M	-210K	-10.58M	-9.24M
Cash from Investing+	-21.63M	51.44M	-150.95M	-77.07M	-63.15M	-208.7M	-370.6M	-516.36M	591.46M	-288.44M
Purchase of Investments	-41.49M	-85.89M	-66.44M	-78.11M	-98.3M	-174.88M	-883.09M	-90.1M	-73.2M	-111.65M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-19.86M	66.52M	9.12M	0	7.33M	-21.82M	367.8M	119.61M	0	0
Other Investing	4.8M	7.79M	-156.66M	-67.49M	-62.27M	-115.07M	-62.72M	-707.59M	-150.2M	-273.82M
Cash from Financing+	21.49M	-30.76M	136.07M	120.68M	-62.45M	750.6M	65.38M	-41.6M	-362.73M	199.3M
Dividends Paid	-212K	-633K	-633K	0	0	0	0	0	-11.12M	-16.55M
Share Repurchases	-16.58M	-17.4M	-15.01M	-22.75M	-28.46M	-42.09M	-62.58M	-61.5M	-1.52M	-10.14M
Stock Issued	1.72M	1.9M	4.03M	1.8M	8.74M	2.06M	2.38M	751K	844K	585K
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K
Other Financing	30.51M	90.98M	126.6M	142.88M	48.73M	808.93M	209.59M	-144.99M	25.07M	230.58M
Net Change in Cash+	14.91M	45.48M	25.83M	94.59M	-67.47M	620.8M	-207.57M	-440.57M	336.71M	44.62M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	68.71M	83.62M	129.1M	154.93M	249.53M	182.06M	802.86M	595.29M	154.72M	491.43M
Cash at End	83.62M	129.1M	154.93M	249.53M	182.06M	802.86M	595.29M	154.72M	491.43M	536.05M
Interest Paid	7.29M	7.51M	10.93M	18.54M	22.33M	23.48M	10.88M	37.43M	138.01M	170.29M
Income Taxes Paid	2.89M	7.15M	12.79M	10.82M	16.14M	21.97M	24.34M	33.56M	23.02M	25.32M
Free Cash Flow+	13.87M	20.75M	38.7M	46.73M	53.74M	68.11M	84.86M	105.16M	89.77M	117.23M
FCF Growth %	1.63%	0.5%	0.86%	0.21%	0.15%	0.27%	0.25%	0.24%	-0.15%	0.31%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	10.35%	9.56%	10.34%	10.91%	12.08%	11.38%	8.48%	10.11%	6.12%	11.22%
Return on Assets (ROA)	0.94%	1.05%	1.27%	1.36%	1.64%	1.48%	0.99%	1.15%	0.71%	1.44%
Net Interest Margin	3.41%	2.96%	3.37%	3.44%	3.24%	2.84%	2.05%	2.74%	2.85%	3.05%
Efficiency Ratio	59.8%	63.58%	56.37%	54.36%	50.54%	47.86%	54.14%	48.45%	44.67%	36.61%
Equity / Assets	9.03%	12.01%	12.44%	12.51%	14.45%	11.85%	11.59%	11.1%	12.27%	13.33%
Book Value / Share	25.14	36.78	36.64	38.91	52.22	51.15	80.03	67.65	68.94	76.08
NII Growth	-1.19%	64.64%	44.93%	8.01%	8.84%	11.42%	22.13%	51.92%	0.65%	10.99%
Dividend Payout	-	-	-	-	-	-	-	-	18.07%	13.34%

Revenue by Segment

	2018	2019	2020	2021	2022	2024
Investment Advisory, Management and Administrative Service	-	-	-	-	-	27.45M
Investment Advisory, Management and Administrative Service Growth	-	-	-	-	-	-
Credit and Debit Card	5.67M	6.5M	7M	9.16M	11.64M	13.66M
Credit and Debit Card Growth	-	14.70%	7.69%	30.94%	27.07%	17.33%
Deposit Account	4.84M	4.82M	4.21M	5.02M	6.1M	7.18M
Deposit Account Growth	-	-0.43%	-12.77%	19.37%	21.52%	17.69%
Administrative Service	7.04M	8.12M	9.75M	12.14M	12.92M	-
Administrative Service Growth	-	15.24%	20.18%	24.51%	6.42%	-
Fiduciary and Trust	6.5M	6.23M	6.46M	7.77M	7.95M	-
Fiduciary and Trust Growth	-	-4.17%	3.79%	20.28%	2.23%	-

Frequently Asked Questions

Valuation & Price

Nicolet Bankshares, Inc. (NIC) has a price-to-earnings (P/E) ratio of 16.5x. This is roughly in line with market averages.

Growth & Financials

Nicolet Bankshares, Inc. (NIC) grew revenue by 24.6% over the past year. This is strong growth.

Yes, Nicolet Bankshares, Inc. (NIC) is profitable, generating $135.6M in net income for fiscal year 2024 (23.9% net margin).

Dividend & Returns

Yes, Nicolet Bankshares, Inc. (NIC) pays a dividend with a yield of 0.81%. This makes it attractive for income-focused investors.

Nicolet Bankshares, Inc. (NIC) has a return on equity (ROE) of 11.2%. This is reasonable for most industries.

Industry Metrics

Nicolet Bankshares, Inc. (NIC) has a net interest margin (NIM) of 3.0%. This indicates healthy earnings from lending activities.

Nicolet Bankshares, Inc. (NIC) has an efficiency ratio of 36.6%. This is excellent, indicating strong cost control.

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