Nicolet Bankshares, Inc. (NIC) | Investment Case

1. Company Snapshot

1.a. Company Description

Nicolet 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 Full description

1.b. Last Insights on NIC

Nicolet Bankshares' recent performance was driven by several positive factors. The company announced record earnings for full-year 2025, with net income of $151 million and earnings per diluted common share of $9.78. Additionally, the company completed its merger with MidWestOne Financial Group, expanding its presence. Nicolet Bankshares was also added to the KBW Nasdaq Regional Bank Index, recognizing its growth and stability. Analysts have a consensus "Buy" rating on the stock, with a 12-month target price of $179.50. Insider activity also suggests confidence, with a director exercising options and selling shares worth $502,000.

1.c. Company Highlights

Last Price	158.27
Change Percentage	1.86%
Open	157.44
Previous Close	155.38
Market Cap ( Millions)	2371
Volume	236542
Year High	163.11
Year Low	108.13
M A 50	151.77
M A 200	135.84

FCF Yield	6.30%
Dividend Yield	0.81%
ROE	12.44%
Debt / Equity	10.72%
Net Debt / EBIDTA	-268.19%
Price To Book	1.86
Price Earnings Ratio	15.55
Price To FCF	15.86
Price To sales	4.29
EV / EBITDA	9.42

2. Transcript Summary

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3. NewsRoom

Nicolet Bankshares Inc. (NYSE:NIC) Receives Average Rating of “Buy” from Brokerages

Apr -11

Source: defenseworld.net

Tokio Marine: Strategic Alliance Warrants A 'Buy' (Rating Upgrade)

Apr -10

Source: seekingalpha.com

Nicolet Bankshares, Inc. Added to the KBW Nasdaq Regional Bank Index

Mar -30

Source: businesswire.com

Nicolet Bankshares Director Converts Options as Bank Enters New Era With MidWestOne Deal

Mar -30

Source: fool.com

Nicolet Bankshares Inc. (NYSE:NIC) Receives $179.50 Consensus Price Target from Analysts

Mar -20

Source: defenseworld.net

Sabra Health Care REIT, Inc. to Attend the 2026 NIC Spring Conference

Mar -16

Source: businesswire.com

KBW Announces Index Rebalancing for First-Quarter 2026

Mar -14

Source: globenewswire.com

American Century Companies Inc. Sells 5,015 Shares of Nicolet Bankshares Inc. $NIC

Mar -09

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.07%)

6. Segments

Banking and Related Activities

Expected Growth: 5.07%

Nicolet Bankshares, Inc.'s 5.07% growth in Banking and Related Activities is driven by increasing loan demand, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on digital transformation, cost savings initiatives, and a strong capital position have contributed to its growth. Furthermore, a favorable interest rate environment and a growing deposit base have also supported the segment's growth.

7. Detailed Products

Personal Banking

Nicolet Bankshares, Inc. offers a range of personal banking services, including checking and savings accounts, credit cards, loans, and investment products.

Business Banking

Nicolet Bankshares, Inc. provides business banking services, including commercial loans, cash management, and treasury management solutions.

Wealth Management

Nicolet Bankshares, Inc. offers wealth management services, including investment management, trust services, and financial planning.

Mortgage Lending

Nicolet Bankshares, Inc. provides mortgage lending services, including residential and commercial mortgage loans.

Insurance Services

Nicolet Bankshares, Inc. offers insurance services, including life insurance, disability insurance, and long-term care insurance.

8. Nicolet Bankshares, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Nicolet Bankshares, Inc. operates in a highly competitive industry, but the threat of substitutes is mitigated by the complexity and regulatory requirements of banking services.

Bargaining Power Of Customers

Nicolet Bankshares, Inc. has a diverse customer base, and individual customers do not have significant bargaining power.

Bargaining Power Of Suppliers

Nicolet Bankshares, Inc. has a diverse supplier base, and individual suppliers do not have significant bargaining power.

Threat Of New Entrants

The banking industry has high barriers to entry, but fintech companies and digital banks are increasingly competing with traditional banks like Nicolet Bankshares, Inc.

Intensity Of Rivalry

Nicolet Bankshares, Inc. operates in a highly competitive industry with many established players, leading to intense rivalry among banks.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	13.84%
Debt Cost	7.76%
Equity Weight	86.16%
Equity Cost	7.76%
WACC	7.76%
Leverage	16.07%

11. Quality Control: Nicolet Bankshares, Inc. passed 3 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Red River Bank

A-Score: 6.0/10

Value: 6.0

Growth: 5.9

Quality: 7.6

Yield: 1.0

Momentum: 7.5

Volatility: 8.0

1-Year Total Return ->

Nicolet Bankshares

A-Score: 5.9/10

Value: 5.8

Growth: 6.3

Quality: 8.0

Yield: 1.0

Momentum: 7.0

Volatility: 7.3

1-Year Total Return ->

First Northwest Bancorp

A-Score: 5.5/10

Value: 9.3

Growth: 5.4

Quality: 3.8

Yield: 4.0

Momentum: 3.5

Volatility: 7.0

1-Year Total Return ->

Summit State Bank

A-Score: 5.4/10

Value: 7.2

Growth: 3.4

Quality: 3.8

Yield: 3.0

Momentum: 9.5

Volatility: 5.7

1-Year Total Return ->

Old Point Financial

A-Score: 5.2/10

Value: 4.1

Growth: 5.3

Quality: 5.9

Yield: 3.0

Momentum: 5.0

Volatility: 8.0

1-Year Total Return ->

Kentucky First Federal

A-Score: 4.3/10

Value: 3.1

Growth: 1.9

Quality: 4.6

Yield: 4.0

Momentum: 10.0

Volatility: 2.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-0.84%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.76%

Nicolet Bankshares, Inc. - US65406E1029

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on NIC

1.c. Company Highlights

Fairly Valued

Average Quality

Average Growth

Earnings Beats

Revenues Beats

Expensive

Lower Yield

Better Quality

Stable Momentum

Strong Momentum

Revenues Miss

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.07%)

6. Segments

Banking and Related Activities

Expected Growth: 5.07%

7. Detailed Products

Personal Banking

Business Banking

Wealth Management

Mortgage Lending

Insurance Services

8. Nicolet Bankshares, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Nicolet Bankshares, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

158.27$

Current Price

158.27$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA