At a glance
Nicolet Bankshares Inc. is worth $3.55B, about 18 times its fiscal 2025 earnings. Revenue grew 11.9% to $392.0M in fiscal 2025, with 38.4% kept as profit; over 5 years it has grown 15.4% a year. It pays a 0.8% dividend yield, and returned $258.6M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +43.2% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Nicolet Bankshares owns Nicolet National Bank, a community bank that opened in Green Bay, Wisconsin, on November 1, 2000. It takes deposits from and lends to businesses, especially small and mid-sized firms, as well as farmers and households. Business lending includes commercial and industrial loans, commercial real estate, construction and agricultural loans. Consumers get home mortgages, home equity lines, and checking, savings and retirement accounts. It also offers trust, brokerage and retirement plan services, plus crop insurance linked to its farm lending.
Most of its revenue is net interest income: the gap between the interest it earns on loans and investments and the interest it pays on deposits and borrowings. In 2025 that was about $306 million of its $392 million revenue. The other $86 million was noninterest income, such as deposit service charges, trust and brokerage fees, card fees and income from home loans sold to other investors. Its annual report gives no clean revenue split by segment or region.
Acquisitions have added to its growth: ten from 2012 through 2025, then MidWestOne Financial Group, parent of Iowa City-based MidWestOne Bank, on February 13, 2026. At the end of 2025, Nicolet had 57 branches, mainly in Wisconsin, Michigan and Minnesota, and $9.2 billion in assets. The merger doubled the network to 114 branches and added Iowa and Denver. By June 30, 2026, assets were $15.4 billion.
Price history
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NIC +43.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $174.4M, up 69.5% from a year earlier, and net income was $63.7M (+52.7%).
- For fiscal 2025, revenue was $392.0M (+11.9% year over year; +15.4% a year from FY2020 to FY2025) with a 38.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +15.4% good |
|---|---|
| Return on equity | 12% good |
| Net income / revenue | 38.4% good |
| Deposits | $12.60B |
| Loans | $10.75B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $192.0M | $60.1M | — |
| FY2021 | $225.3M | $60.7M | — |
| FY2022 | $297.9M | $94.3M | — |
| FY2023 | $277.5M | $61.5M | — |
| FY2024 | $350.3M | $124.1M | — |
| FY2025 | $392.0M | $150.7M | — |
Valuation snapshot
| Market value | $3.55B |
|---|---|
| P/E ratio | 17.5 |
| Dividend yield | 0.8% |
Rank among 1514 US companies
Market value at each year end
Nicolet Bankshares’s market value went from $1.17B at the end of 2022 to $3.55B on Oct 28, 2026, about 3.0 times as much; since the end of 2025 it is up 98%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.55B | +98.0% |
| 2025 | $1.80B | +12.5% |
| 2024 | $1.60B | +34.3% |
| 2023 | $1.19B | +1.4% |
| 2022 | $1.17B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NIC price data to Oct 28, 2026 | +41.9% | +43.2% | +36.6% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +41.9% |
| 2025 | +16.8% |
| 2024 | +31.9% |
| 2023 | +1.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 4 sales ($1.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 23, 2026 | Robert Bruce Atwell Director | sell | $609K |
| Jul 24, 2026 | Robert Bruce Atwell Director | sell | $453K |
| Jul 27, 2026 | Eric James Witczak EVP - Retail & Ag Banking | sell | $204K |
| Jul 28, 2026 | Eric James Witczak EVP - Retail & Ag Banking | sell | $59K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13% | Jun 30, 2026 |
| STATE STREET CORPORATION | 5.5% | Jun 30, 2026 |
ETFs with the most weight in NIC
| FSGS First Trust SMID Growth Strength ETF | 1.17% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.65% |
| SVAL iShares US Small Cap Value Factor ETF | 0.64% |
| IWC iShares Micro-Cap ETF | 0.45% |
| SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF | 0.45% |
| SDVY First Trust SMID Cap Rising Dividend Achievers ETF | 0.44% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.29% |
| BFOR ALPS Barron's 400 ETF | 0.24% |
What could go wrong
- Absorbing the MidWestOne merger. The February 13, 2026 merger added roughly $6 billion of assets and doubled the branch count to 114. Missed cost savings, integration problems or misjudged loan quality could weigh on earnings.
- Commercial and farm lending concentration. Nicolet's lending centers on businesses, farms and commercial real estate. The company says these loans carry higher credit and concentration risk, and a downturn in local industries or farm incomes could raise loan losses.
- Smaller and more regional than big rivals. Nicolet competes with national banks, credit unions and less-regulated nonbanks. Its smaller size and regional focus limit diversification, and after the 2023 bank failures, deposits shifted toward larger banks seen as safer.
- More shares can dilute existing owners. Shares outstanding rose about 75% between October 27, 2021, and July 30, 2026. The company says issuing new stock to fund growth or capital could dilute shareholders further.
- Interest rate swings squeeze margins. Most revenue is net interest income, the gap between loan yields and deposit costs. Federal Reserve moves or a flat or inverted yield curve, where short rates match or exceed long rates, can shrink it.
- Uninsured deposits could leave quickly. Deposits above the government's FDIC insurance limit can leave fast in a scare. Covering withdrawals could mean paying more for funding or locking in losses on bonds whose value has fallen.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Acquisition or sale of assets completed; Executive or board change; Investor presentation or announcement
- Executive or board change; Shareholder vote results; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Other company announcement
- Investor presentation or announcement
For income and retirement investors
Nicolet pays a small dividend. Its filings record no dividend payments in 2021 or 2022. Dividends per share were $0.75 in 2023, $1.09 in 2024 and $1.24 in 2025, rising each year. Dividends paid in 2025 equaled about 12.4% of net income, and the yield was 0.8% as of October 28, 2026. That leaves income investors little cash; most of any return would depend on the share price. The company has leaned more on share repurchases (buybacks), spending about $212 million from 2021 through 2025 versus about $46 million on dividends. Even so, shares outstanding rose about 75% between October 2021 and July 2026.
Our price records span only about 4.4 years to October 28, 2026, so they miss the 2008 financial crisis, the 2020 COVID crash and the 2022 bear market. Its deepest peak-to-trough drop in that span was 37.3%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Nicolet Bankshares make money?
Mostly from the interest on its loans. Nicolet National Bank earns interest on loans to businesses, farms and households and pays a lower rate on deposits. That difference, called net interest income, was about $306 million of the company's $392 million revenue in 2025. The other $86 million was noninterest income, such as deposit service charges, trust and brokerage fees, card interchange fees (paid by merchants when customers use their cards) and income from home loans sold to other investors.
Does Nicolet Bankshares pay a dividend?
Yes, but the dividend is small. Dividends per share rose from $0.75 in 2023 to $1.09 in 2024 and $1.24 in 2025. Dividends paid in 2025 equaled about 12.4% of net income, a low payout ratio. The yield was 0.8% as of October 28, 2026, so most of any return has depended on the share price. Nicolet spent about $212 million on share repurchases from 2021 through 2025, far more than the roughly $46 million it paid in dividends.
What does the MidWestOne merger mean for Nicolet?
It doubled Nicolet's branch network and took it into new states. Nicolet completed its merger with MidWestOne Financial Group, parent of Iowa City-based MidWestOne Bank, on February 13, 2026. MidWestOne had about $6 billion of assets and about $5 billion each of loans and deposits at the end of 2025. Branches went from 57 to 114, adding Iowa and Denver, Colorado. Nicolet's total assets were $15.4 billion as of June 30, 2026, up from $9.2 billion at the end of 2025. Integrating a deal this size carries risk.
How has Nicolet Bankshares stock performed?
The share price rose sharply in the three years to October 28, 2026. It gained 36.6% a year, or 155% in total, and 43.2% in the last year of that span. By calendar year, it gained 1.95% in 2023, 31.92% in 2024 and 16.78% in 2025, and was up 41.9% for 2026 through October 28. The deepest peak-to-trough fall over about 4.4 years of price history was 37.3%. Past gains don't predict future ones.
Is Nicolet Bankshares profitable?
Yes. Nicolet earned record net income of about $151 million in 2025, up 21.5% from 2024, or $9.78 per diluted share. Its return on equity (profit as a share of shareholders' capital) was 12%, and its return on assets was 1.6%. It set aside $4.25 million for expected loan losses. At the October 28, 2026 share price, the stock traded at about 17.5 times 2025 earnings per share. That figure is called the price-to-earnings ratio.