Net interest income remains highly sensitive to regional rate shifts, evidenced by a sharp contraction to $109.6 million in 2026Q1 alongside a compressed net interest margin that has largely stagnated between 0.7% and 0.9% over the last ten quarters.
| 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 |
|---|
| Net Interest Income | 416.03M | 306.47M | 268.06M | 241.52M | 239.96M | 157.96M | 129.34M | 116.08M | 106.65M | 98.74M | 68.13M | 41.38M | 41.88M | 36.9M | 22.27M |
| NII Growth % | 206.78% | 14.33% | 10.99% | 0.65% | 51.92% | 22.13% | 11.42% | 8.84% | 8.01% | 44.93% | 64.64% | -1.19% | 13.49% | 65.75% | - |
| Net Interest Margin % | 2.67% | 3.34% | 3.05% | 2.85% | 2.74% | 2.05% | 2.84% | 3.24% | 3.44% | 3.37% | 2.96% | 3.41% | 3.45% | 3.08% | 2.99% |
| Interest Income | 629.16M | 470.95M | 438.37M | 382.86M | 273.92M | 171.56M | 149.2M | 138.59M | 125.54M | 109.25M | 75.47M | 48.6M | 48.95M | 43.2M | 28.8M |
| Interest Expense | 213.13M | 164.48M | 170.3M | 141.35M | 33.96M | 13.6M | 19.86M | 22.51M | 18.89M | 10.51M | 7.33M | 7.21M | 7.07M | 6.29M | 6.53M |
| Loan Loss Provision | -32.73M | 4.25M | 3.85M | 2.65M | 11.5M | 14.9M | 10.3M | 1.2M | 1.6M | 2.33M | 1.8M | 1.8M | 2.7M | 6.2M | 4.33M |
| Non-Interest Income | -105.39M | 81.66M | 81.05M | 33.99M | 58.16M | 67.49M | 63.9M | 53.82M | 39.42M | 34.09M | 26.67M | 17.71M | 14.19M | 13.82M | 10.74M |
| Non-Interest Income % | -20.12% | 14.78% | 15.6% | 8.15% | 17.51% | 28.23% | 29.98% | 27.97% | 23.9% | 23.78% | 26.11% | 26.71% | 22.47% | 24.24% | 27.17% |
| Total Revenue | 523.77M | 552.61M | 519.42M | 416.85M | 332.07M | 239.05M | 213.1M | 192.41M | 164.96M | 143.34M | 102.14M | 66.31M | 63.13M | 57.02M | 39.54M |
| Revenue Growth % | -2.53% | 6.39% | 24.6% | 25.53% | 38.91% | 12.18% | 10.75% | 16.64% | 15.08% | 40.34% | 54.05% | 5.02% | 10.73% | 44.2% | - |
| Non-Interest Expense | 177.56M | 196.92M | 190.14M | 186.22M | 160.88M | 129.43M | 101.99M | 97.25M | 89.67M | 80.81M | 64.94M | 39.65M | 38.71M | 24.52M | 24.06M |
| Efficiency Ratio | 33.9% | 35.64% | 36.61% | 44.67% | 48.45% | 54.14% | 47.86% | 50.54% | 54.36% | 56.37% | 63.58% | 59.8% | 61.31% | 43% | 60.86% |
| Operating Income | 165.82M | 186.96M | 155.13M | 86.63M | 125.74M | 81.12M | 80.94M | 71.1M | 54.8M | 49.7M | 28.07M | 17.64M | 14.66M | 20.01M | 4.62M |
| Operating Margin % | 31.66% | 33.83% | 29.87% | 20.78% | 37.86% | 33.94% | 37.98% | 36.95% | 33.22% | 34.67% | 27.48% | 26.61% | 23.22% | 35.09% | 11.69% |
| Operating Income Growth % | - | 20.52% | 79.07% | -31.1% | 55% | 0.22% | 13.85% | 29.75% | 10.26% | 77.09% | 59.06% | 20.37% | -26.74% | 332.91% | - |
| Pretax Income | 165.82M | 186.96M | 155.13M | 86.63M | 125.74M | 81.12M | 80.94M | 71.45M | 54.8M | 49.7M | 28.07M | 17.64M | 14.66M | 20.01M | 4.62M |
| Pretax Margin % | 31.66% | 33.83% | 29.87% | 20.78% | 37.86% | 33.94% | 37.98% | 37.13% | 33.22% | 34.67% | 27.48% | 26.61% | 23.22% | 35.09% | 11.69% |
| Income Tax | 32.53M | 36.27M | 31.07M | 25.12M | 31.48M | 20.47M | 20.48M | 16.46M | 13.45M | 16.27M | 9.37M | 6.09M | 4.61M | 3.84M | 1.53M |
| Effective Tax Rate % | 19.62% | 19.4% | 20.03% | 28.99% | 25.03% | 25.23% | 25.3% | 23.04% | 24.54% | 32.73% | 33.39% | 34.51% | 31.43% | 19.18% | 33.08% |
| Net Income | 133.29M | 150.69M | 124.06M | 61.52M | 94.26M | 60.65M | 60.12M | 54.64M | 41.04M | 33.15M | 18.46M | 11.43M | 9.95M | 16.14M | 3.04M |
| Net Margin % | 25.45% | 27.27% | 23.88% | 14.76% | 28.39% | 25.37% | 28.21% | 28.4% | 24.88% | 23.13% | 18.08% | 17.24% | 15.76% | 28.31% | 7.68% |
| Net Income Growth % | 3.44% | 21.46% | 101.67% | -34.74% | 55.41% | 0.88% | 10.03% | 33.15% | 23.79% | 79.56% | 61.55% | 14.87% | -38.36% | 431.65% | - |
| Net Income (Continuing) | 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 |
| EPS (Diluted) | 8.75 | 9.78 | 8.05 | 4.08 | 6.56 | 5.44 | 5.70 | 5.52 | 4.12 | 3.33 | 2.37 | 2.57 | 2.25 | 3.80 | 0.43 |
| EPS Growth % | 5.07% | 21.49% | 97.3% | -37.8% | 20.59% | -4.56% | 3.26% | 33.98% | 23.72% | 40.51% | -7.78% | 14.22% | -40.79% | 783.72% | - |
| EPS (Basic) | - | 10.06 | 8.24 | 4.17 | 6.78 | 5.65 | 5.82 | 5.71 | 4.26 | 3.51 | 2.49 | 2.80 | 2.33 | 3.81 | 0.43 |
| Diluted Shares Outstanding | 15.23M | 15.4M | 15.42M | 15.07M | 14.38M | 11.14M | 10.54M | 9.9M | 9.96M | 9.96M | 7.51M | 4.36M | 4.31M | 3.99M | 4.27M |
Deposit Beta and Margin Compression
According to quarterly financial data, Nicolet's net interest income experienced significant fluctuations, peaking at $146.3 million in 2025Q2 before contracting to $109.6 million in 2026Q1, suggesting that the bank's interest-earning assets are highly sensitive to recent shifts in the regional interest rate environment.
The sharp variance in NII suggests that the bank's asset-liability management may be struggling to maintain a consistent spread in the current rate cycle. Investors should monitor whether the recent volatility reflects structural changes in the loan portfolio or merely temporary accounting adjustments related to acquisition activity.
As reported in recent filings, Nicolet's net interest margin has largely stagnated between 0.7% and 0.9% over the last ten quarters, with the notable exception of a 1.6% spike in 2025Q2, indicating persistent difficulty in expanding core profitability amidst rising regional funding costs.
The inability to sustain a higher NIM suggests that competitive pressures in the Wisconsin and Michigan markets are forcing the bank to pay up for deposits. This margin profile warrants further investigation into whether the bank's deposit beta is higher than management's historical assumptions.
Based on the provided income statement data, Nicolet's efficiency ratio has fluctuated between 27.8% and 38.8% over the past ten quarters, suggesting that the bank's ability to leverage its cost base remains inconsistent as it navigates the integration of recent regional acquisitions.
The variability in the efficiency ratio may indicate that the bank is facing challenges in rationalizing administrative expenses following its recent M&A activity. Analysts should watch for signs of sustained cost discipline to determine if the bank can achieve better operating leverage in future periods.
As indicated by the bank's quarterly reports, provision for credit losses has shown extreme volatility, ranging from a negative $40.5 million in 2025Q2 to a high of $6.0 million in 2026Q1, which complicates the assessment of underlying asset quality and credit risk exposure.
The significant swings in provision expense appear to be heavily influenced by accounting adjustments rather than purely organic credit deterioration. Investors should be cautious in interpreting these figures, as they may obscure the true performance of the agricultural and commercial real estate loan portfolios.
Based on reported figures, non-interest income has been highly erratic, swinging from a positive $27.1 million in 2023Q4 to a negative $92.1 million in 2025Q2, highlighting a significant dependency risk on transactional or non-recurring items within the bank's non-interest revenue streams.
The negative fee income figures suggest that the bank's wealth management and mortgage banking segments are experiencing significant volatility that detracts from core earnings. This lack of consistency in fee generation may indicate that the bank's non-interest income is not yet a reliable stabilizer for the P&L.
Quick answers to the most common questions about buying NIC stock.
Nicolet Bankshares, Inc. (NIC) is profitable, generating $150.7M in net income for the fiscal year ending 2025 with a net profit margin of 27.3%.
Nicolet Bankshares, Inc. (NIC) reported an operating income of $187.0M, resulting in an operating profit margin of 33.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Nicolet Bankshares, Inc. (NIC) generated $383.9M in gross profit for the year, representing a gross profit margin of 69.5%. This demonstrates the company's core pricing power and production efficiency.