Capital allocation remains opportunistic and inconsistent, highlighted by a $344.3 million investment in securities during 2026Q1 and volatile buyback activity that peaked at $37.4 million in 2025Q2.
| 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 from Operations | 128.02M | 153.53M | 133.75M | 107.97M | 117.4M | 97.65M | 78.9M | 58.14M | 50.99M | 40.71M | 24.81M | 15.05M | 11.04M | 20.18M | 14.94M |
| Operating CF Growth % | -60.36% | 14.79% | 23.87% | -8.03% | 20.22% | 23.77% | 35.71% | 14.02% | 25.24% | 64.13% | 64.81% | 36.33% | -45.29% | 35.06% | - |
| Net Income | 133.29M | 150.69M | 124.06M | 61.52M | 94.26M | 60.65M | 60.47M | 54.99M | 41.35M | 33.43M | 18.69M | 11.55M | 10.05M | 16.17M | 3.09M |
| Depreciation & Amortization | 13.35M | 14.99M | 16.95M | 18.4M | 21.93M | 13.86M | 10.69M | 7.31M | 6.28M | 7.07M | 5.13M | 3.32M | 3.85M | 3.41M | 2.42M |
| Deferred Taxes | 0 | -4.64M | 7.38M | 3.03M | -12.91M | 6.33M | 3.13M | -2.65M | -1.52M | 6.96M | 2.97M | 1.59M | 68K | 2.6M | -273K |
| Other Non-Cash Items | -14.64M | -12.68M | -12.04M | 29.17M | 7.31M | 19.01M | -13.79M | -12.61M | 398K | -3.08M | -1.85M | 1.55M | -4.56M | -2.37M | 7.22M |
| Working Capital Changes | -16.65M | -2.16M | -9.24M | -10.58M | -210K | -9.51M | 12.71M | 6.06M | -424K | -6.74M | -1.74M | -4.17M | 672K | -341K | 1.98M |
| Cash from Investing | -26.72M | -230.75M | -288.44M | 591.46M | -516.36M | -370.6M | -208.7M | -63.15M | -77.07M | -150.95M | 51.44M | -21.63M | -90.96M | 76.4M | -86.88M |
| Purchase of Investments | -449.63M | -145.32M | -111.65M | -73.2M | -90.1M | -883.09M | -174.88M | -98.3M | -78.11M | -66.44M | -85.89M | -41.49M | -60.13M | -14.4M | -17.36M |
| Sale/Maturity of Investments | 391.7M | 122.64M | 113.55M | 833.06M | 173.94M | 220.2M | 113.86M | 94.48M | 72.79M | 65.05M | 67.08M | 36.1M | 21.81M | 68.18M | 18.67M |
| Net Investment Activity | -57.93M | -22.67M | 1.9M | 759.86M | 83.84M | -662.89M | -61.02M | -3.81M | -5.32M | -1.39M | -18.81M | -5.38M | -38.32M | 53.78M | 1.31M |
| Acquisitions | 165.64M | 0 | 0 | 0 | 119.61M | 367.8M | -21.82M | 7.33M | 0 | 9.12M | 66.52M | -19.86M | 0 | 37.62M | 0 |
| Other Investing | -129.61M | -203.98M | -273.82M | -150.2M | -707.59M | -62.72M | -115.07M | -62.27M | -67.49M | -156.66M | 7.79M | 4.8M | -46.87M | -11.97M | -86.25M |
| Cash from Financing | -58.03M | 201.4M | 199.3M | -362.73M | -41.6M | 65.38M | 750.6M | -62.45M | 120.68M | 136.07M | -30.76M | 21.49M | 1.65M | -31.6M | 61.81M |
| Dividends Paid | -21.26M | -18.66M | -16.55M | -11.12M | 0 | 0 | 0 | 0 | 0 | -633K | -633K | -212K | -244K | -1.22M | -1.22M |
| Share Repurchases | -85.64M | -89.29M | -10.14M | -1.52M | -61.5M | -62.58M | -42.09M | -28.46M | -22.75M | -15.01M | -17.4M | -16.58M | -5.77M | -92K | -1.33M |
| Stock Issued | -7.11M | 9.66M | 585K | 844K | 751K | 2.38M | 2.06M | 8.74M | 1.8M | 4.03M | 1.64M | 1.72M | 887K | 3.44M | 0 |
| Net Stock Activity | -92.76M | -79.63M | -9.55M | -677K | -60.75M | -60.2M | -40.03M | -19.72M | -20.95M | -10.98M | -15.76M | -14.86M | -4.88M | 3.35M | -1.33M |
| Debt Issuance (Net) | -2M | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -315K |
| Other Financing | 126.6M | 327.09M | 230.58M | 25.07M | -144.99M | 209.59M | 806.88M | 48.73M | 142.88M | 127.23M | 90.98M | 30.51M | 25.14M | 30.6M | 64.68M |
| Net Change in Cash | 43.27M | 124.19M | 44.62M | 336.71M | -440.57M | -207.57M | 620.8M | -67.47M | 94.59M | 25.83M | 45.48M | 14.91M | -78.27M | 64.97M | -10.13M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 660.23M | 536.05M | 491.43M | 154.72M | 595.29M | 802.86M | 182.06M | 249.53M | 154.93M | 129.1M | 83.62M | 68.71M | 146.98M | 82M | 92.13M |
| Cash at End | 615.45M | 660.23M | 536.05M | 491.43M | 154.72M | 595.29M | 802.86M | 182.06M | 249.53M | 154.93M | 129.1M | 83.62M | 68.71M | 146.98M | 82M |
| Interest Paid | 175.11M | 163.58M | 170.29M | 138.01M | 37.43M | 10.88M | 23.48M | 22.33M | 18.54M | 10.93M | 7.51M | 7.29M | 7.32M | 6.68M | 6.8M |
| Income Taxes Paid | 39.16M | 39.16M | 25.32M | 23.02M | 33.56M | 24.34M | 21.97M | 16.14M | 10.82M | 12.79M | 7.15M | 2.89M | 3.54M | 2.36M | 930K |
| Free Cash Flow | 123.2M | 149.44M | 117.23M | 89.77M | 105.16M | 84.86M | 68.11M | 53.74M | 46.73M | 38.7M | 20.75M | 13.87M | 5.28M | 17.15M | 13M |
| FCF Growth % | -11.04% | 27.48% | 30.59% | -14.63% | 23.92% | 24.6% | 26.72% | 15.01% | 20.76% | 86.44% | 49.64% | 162.94% | -69.24% | 31.87% | - |
Acquisition Integration and Provisioning
According to recent financial disclosures, Nicolet’s ability to generate organic capital remains tied to volatile net income, which reached a low of $15.2 million in 2026Q1, suggesting that the bank's internal capital generation capacity is currently constrained by shifting regional economic conditions and acquisition-related accounting adjustments.
The bank's capital generation is heavily influenced by the timing of non-cash charges and acquisition-related provisioning. Investors should monitor whether the current earnings volatility limits the bank's capacity to fund organic loan growth without relying on external capital markets.
As reported in quarterly filings, Nicolet’s investment activity shows significant turnover, highlighted by a $344.3 million purchase of securities in 2026Q1, which indicates a strategic effort to manage liquidity and duration in response to the evolving interest rate environment within the Midwest regional market.
The high volume of securities purchases relative to sales suggests that management is actively repositioning the balance sheet to optimize yield. This activity warrants further investigation to determine if the bank is effectively hedging against potential margin compression or merely reacting to deposit flow volatility.
Based on reported figures, Nicolet’s capital return profile is characterized by inconsistent buyback activity, with expenditures peaking at $37.4 million in 2025Q2 before declining, suggesting that management prioritizes capital preservation or acquisition funding over a fixed, predictable return of capital to its common shareholders.
The fluctuation in share repurchases appears to correlate with the bank's M&A cycle and internal capital needs. Investors should interpret this as a signal that capital return is secondary to maintaining regulatory buffers during periods of inorganic expansion.
As indicated by the bank's quarterly statements, the provision for credit losses has exhibited extreme swings, including a $40.5 million release in 2025Q2 followed by a $6.0 million charge in 2026Q1, which complicates the assessment of underlying credit quality and long-term asset risk.
These large swings in provisioning appear to be driven by CECL accounting requirements related to acquired loan portfolios rather than purely organic credit deterioration. Analysts should look past these accounting-driven fluctuations to evaluate the actual performance of the core commercial and agricultural loan books.
Quick answers to the most common questions about buying NIC stock.
Nicolet Bankshares, Inc. (NIC) generated $153.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Nicolet Bankshares, Inc. (NIC) generated $149.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Nicolet Bankshares, Inc. (NIC) spent $4.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Nicolet Bankshares, Inc. (NIC) returned $18.7M to shareholders via cash dividends and spent $89.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.