The bank's asset composition is heavily skewed toward a $13.2 billion investment securities portfolio as of 2026Q1, which, while maintaining an equity-to-assets ratio of 0.14, introduces significant duration-related valuation risks.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash & Short Term Investments | 5.9B | 1.18B | 975.76M | 1.29B | 1.08B | 1.54B | 1.37B | 650.67M | 650.66M | 561.1M | 497.65M | 258.71M | 246M | 275.39M | 137.41M |
| Cash & Due from Banks | 123.36M | 660.23M | 537.03M | 497.81M | 167.24M | 617.21M | 832.38M | 201.36M | 250.52M | 155.94M | 132.36M | 86.12M | 77.53M | 147.88M | 81.5M |
| Short Term Investments | 1.25B | 523.9M | 438.73M | 802.57M | 917.62M | 921.66M | 539.34M | 449.3M | 400.14M | 405.15M | 365.29M | 172.6M | 168.47M | 127.52M | 55.9M |
| Total Investments | 13.18B | 7.66B | 7.39B | 7.11B | 7.78B | 6.4B | 3.35B | 3.04B | 2.57B | 2.5B | 1.95B | 1.05B | 1.06B | 975.11M | 613.93M |
| Investments Growth % | 91.48% | 3.66% | 3.95% | -8.61% | 21.67% | 91.19% | 10.19% | 18% | 2.92% | 28.41% | 85.03% | -0.54% | 8.49% | 58.83% | - |
| Long-Term Investments | 33.05B | 7.14B | 6.95B | 6.31B | 6.86B | 5.47B | 2.81B | 2.59B | 2.17B | 2.09B | 1.58B | 879.57M | 889.39M | 847.59M | 558.02M |
| Accounts Receivables | 0 | 6.77B | 0 | 133.73M | 138.01M | 113.38M | 55.52M | 39.46M | 34.42M | 35.82M | 33.07M | 13.36M | 18.92M | 21.11M | 11.03M |
| Goodwill & Intangibles | 967.84M | 382.4M | 388.14M | 394.37M | 402.44M | 339.49M | 175.35M | 165.97M | 124.31M | 128.41M | 87.94M | 3.79M | 4.9M | 6.1M | 3M |
| Goodwill | 834.5M | 367.39M | 367.39M | 367.39M | 367.39M | 317.19M | 163.15M | 151.2M | 107.37M | 107.37M | 66.74M | 762K | 800K | 800K | 800K |
| Intangible Assets | 133.35M | 15.01M | 20.75M | 26.98M | 35.05M | 22.3M | 12.2M | 14.77M | 16.94M | 21.04M | 21.2M | 3.03M | 4.1M | 5.3M | 2.2M |
| PP&E (Net) | 187.88M | 120.46M | 126.98M | 118.76M | 108.96M | 94.57M | 59.94M | 56.47M | 48.17M | 47.15M | 45.86M | 29.61M | 31.92M | 29.84M | 19.6M |
| Other Assets | 2.3B | -5.9B | 352.2M | 345.89M | 165.14M | 134.48M | 83.26M | 78.14M | 66.31M | 65.19M | 54.86M | 29.39M | 24.14M | 18.75M | 16.2M |
| Total Current Assets | 177.78M | 7.44B | 975.76M | 1.3B | 1.22B | 1.65B | 1.43B | 690.13M | 685.08M | 596.91M | 530.72M | 272.07M | 264.93M | 296.51M | 148.43M |
| Total Non-Current Assets | 15.4B | 1.74B | 7.82B | 7.17B | 7.54B | 6.04B | 3.12B | 2.89B | 2.41B | 2.34B | 1.77B | 942.37M | 950.36M | 902.29M | 596.82M |
| Total Assets | 15.57B | 9.19B | 8.8B | 8.47B | 8.76B | 7.7B | 4.55B | 3.58B | 3.1B | 2.93B | 2.3B | 1.21B | 1.22B | 1.2B | 745.25M |
| Asset Growth % | 86.85% | 4.41% | 3.87% | -3.37% | 13.89% | 69.06% | 27.24% | 15.52% | 5.6% | 27.45% | 89.46% | -0.07% | 1.37% | 60.86% | - |
| Return on Assets (ROA) | 1.25% | 1.68% | 1.44% | 0.71% | 1.15% | 0.99% | 1.48% | 1.64% | 1.36% | 1.27% | 1.05% | 0.94% | 0.82% | 1.66% | 0.41% |
| Accounts Payable | 0 | 7.73B | 0 | 0 | 70.18M | 68.73M | 48.33M | 38.19M | 17.74M | 18.44M | 16.91M | 8.55M | 10.81M | 7.42M | 6.41M |
| Total Debt | 179.97M | 134.86M | 161.39M | 166.93M | 542.34M | 216.91M | 53.87M | 67.63M | 77.31M | 78.05M | 37.62M | 39.79M | 33.5M | 51.67M | 45.38M |
| Net Debt | 56.61M | -525.37M | -375.64M | -330.88M | 375.1M | -400.3M | -778.51M | -133.74M | -173.21M | -77.9M | -94.74M | -46.33M | -44.03M | -96.21M | -36.13M |
| Long-Term Debt | 179.97M | 134.86M | 161.39M | 166.93M | 225.34M | 216.91M | 53.87M | 67.63M | 77.31M | 78.05M | 37.62M | 39.79M | 33.5M | 44.55M | 41.34M |
| Short-Term Debt | 0 | 0 | 0 | 0 | 317M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.76M | 7.12M | 4.04M |
| Other Liabilities | 13.14B | 7.79B | 58.83M | 64.94M | 0 | 51.59M | 0 | 0 | 2.63B | -18.44M | -16.91M | -8.55M | -10.81M | -7.42M | -6.41M |
| Total Current Liabilities | 12.62B | 1.47M | 7.4B | 7.2B | 7.57B | 6.53B | 3.96B | 2.99B | 2.63B | 2.51B | 2B | 1.07B | 1.08B | 1.06B | 632.94M |
| Total Non-Current Liabilities | 13.32B | 7.93B | 220.21M | 231.87M | 225.34M | 268.5M | 53.87M | 67.63M | 77.31M | 59.6M | 20.71M | 31.24M | 22.69M | 37.13M | 34.93M |
| Total Liabilities | 13.32B | 7.93B | 7.62B | 7.43B | 7.79B | 6.8B | 4.01B | 3.06B | 2.71B | 2.57B | 2.02B | 1.1B | 1.1B | 1.09B | 667.88M |
| Total Equity | 2.26B | 1.26B | 1.17B | 1.04B | 972.53M | 891.89M | 539.19M | 516.99M | 387.35M | 364.88M | 276.37M | 109.69M | 111.07M | 104.88M | 77.38M |
| Equity Growth % | 112.71% | 7.23% | 12.89% | 6.84% | 9.04% | 65.41% | 4.29% | 33.47% | 6.16% | 32.03% | 151.96% | -1.24% | 5.9% | 35.54% | - |
| Equity / Assets (Capital Ratio) | 14.49% | 13.69% | 13.33% | 12.27% | 11.1% | 11.59% | 11.85% | 14.45% | 12.51% | 12.44% | 12.01% | 9.03% | 9.14% | 8.75% | 10.38% |
| Return on Equity (ROE) | 9.01% | 12.4% | 11.22% | 6.12% | 10.11% | 8.48% | 11.38% | 12.08% | 10.91% | 10.34% | 9.56% | 10.35% | 9.21% | 17.71% | 3.92% |
| Book Value per Share | 148.22 | 81.65 | 76.08 | 68.94 | 67.65 | 80.03 | 51.15 | 52.22 | 38.91 | 36.64 | 36.78 | 25.14 | 25.76 | 26.30 | 18.13 |
| Tangible BV per Share | 84.65 | 56.82 | 50.91 | 42.77 | 39.66 | 49.56 | 34.52 | 35.46 | 26.42 | 23.75 | 25.08 | 24.28 | 24.63 | 24.77 | 17.42 |
| Common Stock | 213K | 148K | 154K | 149K | 147K | 140K | 100K | 106K | 95K | 98K | 86K | 42K | 41K | 42K | 34K |
| Additional Paid-in Capital | 1.59B | 583.26M | 655.54M | 633.77M | 621.99M | 575.04M | 273.39M | 312.73M | 247.79M | 263.83M | 209.7M | 45.22M | 45.69M | 49.62M | 36.24M |
| Retained Earnings | 706.1M | 697.8M | 565.77M | 458.26M | 407.86M | 313.6M | 252.95M | 199M | 144.36M | 102.39M | 68.89M | 51.06M | 39.84M | 30.14M | 14.97M |
| Accumulated OCI | -39.43M | -23.54M | -48.57M | -53.17M | -57.47M | 3.1M | 12.75M | 4.42M | -5.64M | -2.15M | -2.73M | 980K | 1.03M | 666K | 1.68M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.2M | 24.4M | 24.4M | 24.4M |
Acquisition-Driven Balance Sheet Volatility
According to recent quarterly filings, Nicolet's total assets surged from $8.5 billion in 2023Q4 to $15.6 billion by 2026Q1, reflecting a rapid expansion strategy that appears heavily reliant on recent acquisitions rather than organic loan book growth within its core Midwest markets.
The dramatic jump in asset size suggests that management is prioritizing geographic scale to capture market share in the Fox River Valley and beyond. Investors should monitor whether this rapid growth dilutes the bank's localized underwriting advantage, as the integration of larger portfolios often introduces unforeseen credit risks.
As reported in financial statements, the equity-to-assets ratio remained relatively stable at 0.14 in 2026Q1, indicating that the bank has successfully maintained its capital buffer despite the significant balance sheet expansion observed over the preceding ten quarters of aggressive acquisition activity.
Maintaining a consistent capital ratio during a period of near-doubling in asset size suggests disciplined capital management and effective use of equity to support growth. However, the bank's reliance on inorganic expansion warrants further investigation into the quality of the acquired capital and potential future dilution risks.
Based on the provided balance sheet data, investment securities reached $13.2 billion in 2026Q1, representing the vast majority of total assets, which suggests a highly liquid but potentially duration-sensitive balance sheet structure that may be vulnerable to shifts in the interest rate environment.
The heavy concentration in securities rather than traditional loan assets implies that the bank's liquidity profile is currently tied to market-based instruments. This strategy may provide flexibility, but it also exposes the bank to unrealized loss risks if interest rates remain elevated for a prolonged period.
Based on reported figures, the massive shift toward a $13.2 billion investment securities portfolio by 2026Q1 introduces significant duration risk, which may not be fully captured by standard credit metrics and could lead to earnings volatility if market conditions force a revaluation of these holdings.
While the bank maintains a healthy equity-to-assets ratio, the sheer scale of the securities portfolio relative to the total balance sheet suggests that interest rate sensitivity is the primary hidden risk. Investors should monitor the duration of these securities to assess the potential for future margin compression.
Quick answers to the most common questions about buying NIC stock.
As of 2025, Nicolet Bankshares, Inc. (NIC) had total assets of $9.19B including $7.44B in current assets.
Nicolet Bankshares, Inc. (NIC) carries total debt of $134.9M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Nicolet Bankshares, Inc. (NIC) has total shareholders' equity (book value) of $1.26B ($81.65 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Nicolet Bankshares, Inc. (NIC) reported a current ratio of 5079.45x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.