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what it is
Nicolet Bankshares is a Wisconsin bank that takes deposits, makes loans, and sells trust and cash-management services.
how it gets paid
Last year Nicolet Bankshares made $471M in revenue. Commercial loans was the main engine at $188M, or 40% of sales.
why it's growing
Revenue grew 7.4% last year. Annual revenue was $471M, up 7.4% vs. prior year.
what just happened
Revenue hit $351M, and EPS reached $7.14 as top-line growth ran 191% vs. prior year.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
60/100 earnings predictability — reasonably predictable
15.6x trailing p/e — the market's not buying it — or you found a deal
0.9% dividend yield — cash in your pocket every quarter
$9.80 fy2025 eps est
xvary composite: 60/100 — average
What they do
Nicolet Bankshares is a Wisconsin bank that takes deposits, makes loans, and sells trust and cash-management services.
You are buying a 978-employee bank with $471M in annual revenue. Beta → stock wiggle versus the market → 0.95, so the shares have moved a bit less than the market. The pending $864M MidWestOne deal adds scale, and switching banks still feels like homework with forms.
How they make money
$471M
annual revenue · their business grew +7.4% last year
Commercial loans
$188M
Commercial real estate and construction
$141M
Consumer and residential lending
$94M
Cash management, brokerage, and trust
$48M
The products that matter
makes commercial and consumer loans
Commercial & Consumer Loans
$387.8M net interest income
This is the core engine. Net interest income is $387.8M, or 82.3% of revenue, and it supported $151M of profit in 2025.
82.3% of revenue
gathers and prices deposits
Deposit Services
up to 3.00% APY
Deposits fund the loan book. Offering up to 3.00% APY helps attract balances, but it also tells you funding costs still matter here.
funding base
fee-based advisory services
Wealth Management
inside the $83.2M fee bucket
We do not get a standalone wealth revenue figure on this page. What we do know is non-interest income totals $83.2M, or 17.7% of revenue, and this business lives inside that smaller but steadier bucket.
diversifier
Key numbers
$471M
TTM revenue
That is 15.7% of a $3B market cap. You are paying a bank multiple for a real bank-sized business.
$9.56
trailing EPS
EPS of $9.56 against a $153.32 share price implies 15.6x earnings. The stock is not cheap.
15.6x
trailing P/E
That is above the 11.66x bank average. The market wants proof, not promises.
0.9%
dividend yield
The payout is less than 10% of trailing EPS. This is not a yield play.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 70 / 100
- long-term debt $161M (5% of capital)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for NIC right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $351M, and EPS reached $7.14 as top-line growth ran 191% vs. prior year.
Annual revenue was $471M, up 7.4% vs. prior year. The latest quarter showed $351M in revenue and $7.14 in EPS, both far above last year.
$351M
revenue
$7.14
eps
191.0%
revenue growth
the number that mattered
The 191% revenue jump mattered most. Banks do not usually print that kind of growth without a very loud base effect.
source: EDGAR SEC filing and company earnings report, 2026
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What could go wrong
the #1 risk is paying a 31% peer premium for merger execution at nicolet.
high
Premium valuation versus peers
NIC trades at 15.6x earnings versus an 11.7x industry average. That gap only holds if the post-merger bank keeps delivering above-average profit growth.
If the premium narrows back toward the peer average without faster earnings growth, you are leaning on the business to save the stock price.
med
Post-merger integration risk
The 2025 deal created a bank with more than $15B in assets. Bigger scale is the opportunity. System conversion, cost saves, and customer retention are the work.
If integration drags, the 38.9% margin can slip before investors get the benefit they already paid for.
med
Regional concentration
Nicolet operates across Indiana, Illinois, Michigan, and Wisconsin. Regional banks do not get to hide from their footprint.
A Midwest slowdown would hit credit quality, loan demand, and deposit growth at the same time.
The combined risk picture is simple: 82.3% of revenue comes from net interest income, and the stock trades 31% above peers. That mix leaves less room for a messy merger or softer regional credit.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
next earnings report
The next quarter needs to show the $2.73 beat was not a one-off and that management can keep the post-merger story tidy.
metric
earnings hold above the new base
Full-year diluted EPS was $9.78 and the current estimate is $9.80. If that run-rate slips, the 15.6x multiple starts looking generous.
trend
growth forecasts stay ambitious
Analysts model 33.5% annual earnings growth and 22.2% annual revenue growth. Those are strong numbers for a bank. The stock is priced like they are reachable.
risk
merger execution shows up in margins
The headline scale is $15B+ in assets. The proof is whether the 38.9% net margin holds up while the combined bank settles in.
Analyst rankings
earnings predictability
60 / 100
In human-speak, analysts think the earnings line is serviceable but not smooth. Expect a bank that can surprise you, not a metronome.
source: institutional data
Institutional activity
institutional ownership data for NIC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$153
current price
n/a
target midpoint · n/a from current
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