Nicolet Bankshares

NIC · NYSE · Financials · Financials, fiscal 2016 to 2025

NIC · Last close · November 6, 2026

$173.12

Nicolet Bankshares' revenue rose 11.9% to $392 million in fiscal 2025. Net income was $151 million, up 21.5%. Its return on equity was 12.4%, up from 11.2% a year earlier. Its efficiency ratio was 51.2%, down from 54.6% a year earlier. It paid out $95 million in dividends and buybacks.

NICOLET BANKSHARES, INC Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001174850-26-000077 Updated November 4, 2026

Revenue

$392M

11.9%

Net income

$151M

21.5%

Return on equity

12.4%

1.2 pts

Return on tangible equity

17.8%

1.0 pts

Efficiency ratio

51.2%

3.4 pts

Market cap

$3.7B

Nov 6 close

P/E

19.2x

On $9.03 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both. Revenue is net of interest expense.

Revenue (left axis)Net income (right axis)

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

From fiscal 2016 to 2025, earnings per share grew 17.1% a year and net income 26.2% a year, as new shares raised the share count by 105% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Balance sheet

Loans and deposits

US$ billions, at each fiscal year end

Loans, netDeposits

Total assets and shareholders' equity

US$ billions, at each fiscal year end. Assets on the left axis, equity on the right.

Total assets (left axis)Equity (right axis)

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	4,572	6,119	6,290	6,560	6,768
Deposits	6,466	7,179	7,198	7,404	7,731
Loans to deposits	70.7%	85.2%	87.4%	88.6%	87.5%
Provision for credit losses	12	12	5	4	4
Provision to average loans	0.3%	0.2%	0.1%	0.1%	0.1%
Total assets	7,695	8,764	8,469	8,797	9,185
Shareholders' equity	892	972	1,039	1,173	1,258

US$ millions unless stated, at each fiscal year end.

Cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Nicolet Bankshares' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them. Every projected figure is yours: it is not a forecast of ours.

Open Nicolet Bankshares' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $3,009 of Nicolet Bankshares shares on the open market, and 2 insiders sold $2.7 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Jul 28, 2026	Eric James WitczakEVP - Retail & Ag Banking	Sold	342	$171.96	$58,810	Form 4
Jul 27, 2026	Eric James WitczakEVP - Retail & Ag Banking	Sold	1,215	$167.89	$203,986	Form 4
Jul 24, 2026	Robert Bruce AtwellDirector	Sold	2,662	$170.24	$453,179	Form 4
Mar 12, 2026	Robert Bruce AtwellDirector	Sold	3,309	$149.82	$495,760	Form 4
Mar 5, 2026	Robert Bruce AtwellDirector	Sold	3,331	$150.67	$501,888	Form 4
Feb 18, 2026	Robert Bruce AtwellDirector	Sold	6,396	$155.47	$994,386	Form 4
Nov 18, 2025	Hubert Phillip Moore JrCFO	Bought	25	$120.35	$3,009	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put Nicolet Bankshares side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
Nicolet Bankshares	FY25	11.9%	38.4%	12.4%	17.8%	51.2%
S&T Bancorp	FY25	4.8%	33.4%	9.4%	12.8%	56.4%	Compare
Triumph Bancorp	FY25	5.6%	5.8%	2.8%	4.1%	91.8%	Compare
Tompkins Financial	FY25	49.2%	36.1%	19.5%	21.7%	47.1%	Compare
Dime Community Bancshares	FY25	44.2%	24.4%	7.7%	8.7%	55.9%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	95	133	146	169	192	225	298	278	350	392
Revenue growth	60.4%	40.7%	9.6%	15.9%	13.3%	17.4%	32.2%	−6.8%	26.2%	11.9%
Net interest income	68	99	107	116	129	158	240	242	268	306
Noninterest income	27	35	40	53	63	67	58	36	82	86
Noninterest expense	65	81	90	97	101	129	161	186	191	201
Provision for credit losses	2	2	2	1	10	12	12	5	4	4
Net income	18	33	41	55	60	61	94	62	124	151
Diluted EPS (US$)	2.37	3.33	4.12	5.52	5.70	5.44	6.56	4.08	8.05	9.78
Diluted shares (millions)	8	10	10	10	10	11	14	15	15	15
Payouts
Dividends paid	0	0	0	0	0	0	0	11	16	19
Share buybacks	5	15	23	28	42	63	62	2	10	77
Balance sheet at fiscal year end
Loans, net	1,557	2,075	2,153	2,560	2,757	4,572	6,119	6,290	6,560	6,768
Deposits	1,970	2,471	2,614	2,954	3,910	6,466	7,179	7,198	7,404	7,731
Total assets	2,301	2,932	3,096	3,577	4,552	7,695	8,764	8,469	8,797	9,185
Shareholders' equity	276	364	387	516	539	892	972	1,039	1,173	1,258
Ratios
Return on equity	9.6%	10.4%	10.9%	12.1%	11.4%	8.5%	10.1%	6.1%	11.2%	12.4%
Return on tangible common equity	11.2%	14.2%	15.3%	17.0%	16.2%	12.8%	16.0%	9.6%	16.8%	17.8%
Return on assets	1.1%	1.3%	1.4%	1.6%	1.5%	1.0%	1.1%	0.7%	1.4%	1.7%
Efficiency ratio	68.5%	61.0%	61.4%	57.1%	52.5%	57.4%	53.9%	67.0%	54.6%	51.2%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Nicolet Bankshares' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Nicolet Bankshares.