Nicolet Bankshares
Community bank for Upper Midwest businesses, farms, households, and wealth clients.
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Profile
Provides commercial, agricultural, and consumer banking, deposits, mortgages, treasury management, and wealth and retirement services across the Upper Midwest. Net interest income drives earnings, while the recent MidWestOne merger expanded the branch network and deepened its Iowa and Minnesota presence.
Provides commercial, agricultural, and consumer banking, deposit and treasury services, residential mortgages, and wealth management and retirement-plan services through Nicolet National Bank. Lending and deposit gathering form a single community-banking segment, with branches concentrated in Wisconsin, Iowa, Michigan, and Minnesota.
The recent MidWestOne merger roughly doubled the branch network and expanded the Iowa and Twin Cities franchises; former MidWestOne locations converted to the Nicolet brand and platform in August. Local decision-making is paired with a common product and technology platform across the network.
Most earnings come from the spread between interest earned on loans and investments and interest paid on deposits and borrowings. Agricultural, commercial, and real-estate lending ties credit performance to Upper Midwest businesses, property markets, and regulation of banks and financial holding companies.
Company facts
Categories
Key statistics
Year to date +42.6% · Average volume (30d) 168.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 22, 2026 | Piper Sandler | Reiterate | Overweight | $185 | $194 | |
| Jun 23, 2026 | Raymond James | Initiate | Market Perform | |||
| Feb 19, 2026 | Piper Sandler | Upgrade | Neutral | Overweight | $148 | $185 |
| Jan 27, 2026 | Hovde Group | Target | $190 | |||
| Jan 22, 2026 | Maxim Group | Reiterate | Buy | $124 | $173 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 21, 2026Q2 FY26 | $2.85 | $2.99 | +4.9% | $171.9M | $177.8M | +3.4% | −0.08% |
| Apr 21, 2026Q1 FY26 | $2.98 | $2.75 | −7.7% | $136.9M | $134.9M | −1.5% | −7.75% |
| Jan 20, 2026Q4 FY25 | $2.55 | $2.73 | +7.1% | $101.1M | $104.0M | +2.9% | +10.29% |
| Oct 23, 2025Q3 FY25 | $2.37 | $2.66 | +12.2% | $97.3M | $102.9M | +5.8% | −1.42% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $131.0M | $138.3M | $144.0M | $139.4M | $102.1M | $136.6M | |
| Gross profit | $87.9M | $94.7M | $101.9M | $99.3M | $47.4M | $75.7M | |
| Operating income | $40.1M | $44.8M | $51.8M | $50.2M | $19.0M | $72.5M | |
| Net income | $32.6M | $36.0M | $41.7M | $40.3M | $15.2M | $56.9M | |
| Diluted EPS | $2.08 | $2.34 | $2.72 | $2.65 | $1.00 | $2.62 | |
| Gross margin | 67.1% | 68.5% | 70.8% | 71.2% | 46.4% | 55.4% | |
| Operating margin | 30.7% | 32.4% | 36.0% | 36.0% | 18.6% | 53.1% |
Fiscal years (4-quarter sums)FY21 $239.1M · FY22 $332.1M · FY23 $419.2M · FY24 $519.4M · FY25 $552.6M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $153.5M · Total debt $92.8M · Total assets $15.41B · Shareholders' equity $2.27B
Dividends
Last raised to $0.36 from $0.32 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 1, 2026 | Jun 1 | Jun 15 | $0.36 | raised from $0.32 |
| Mar 2, 2026 | Mar 2 | Mar 16 | $0.32 | |
| Dec 8, 2025 | Dec 8 | Dec 15 | $0.32 | |
| Sep 2, 2025 | Sep 2 | Sep 15 | $0.32 | |
| Jun 2, 2025 | Jun 2 | Jun 13 | $0.32 | raised from $0.28 |
| Mar 10, 2025 | Mar 10 | Mar 17 | $0.28 | |
| Dec 2, 2024 | Dec 2 | Dec 16 | $0.28 | |
| Sep 3, 2024 | Sep 3 | Sep 16 | $0.28 |
Ownership
Shares outstanding 17.27M · Float 14.98M · 86.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| State Street Corporation | 1.17M | 5.50% | 13G | Aug 7, 2026 |
| Brenda L. Johnson · director | 672.8K | 3.90% | Form 4 | Jan 21, 2026 |
| Oliver Pierce Smith · director | 446.1K | 2.58% | Form 4 | May 21, 2026 |
| Michael E. Daniels · director, officer: Chairman, President & CEO | 126.8K | 0.73% | Form 4 | May 7, 2026 |
| Donald J. Jr Long · director | 87.1K | 0.50% | Form 4 | Aug 17, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 28, 2026 | Eric James Witczak | officer: EVP - Retail & Ag Banking | −342 | $171.96 |
| Jul 27, 2026 | Eric James Witczak | officer: EVP - Retail & Ag Banking | −1,215 | $167.89 |
| Jul 24, 2026 | Robert Bruce Atwell | director | −2,662 | $170.24 |
| Mar 12, 2026 | Robert Bruce Atwell | director | −3,309 | $149.82 |
| Mar 5, 2026 | Robert Bruce Atwell | director | −3,331 | $150.67 |
Peers
- Associated Banc-Corp
Largest WI-headquartered bank; direct rival across all WI market segments
- Old National Bancorp
~$72B Midwest regional with expanded WI/MN presence after Bremer acquisition
- Wintrust Financial
~$70B Chicago-area regional bank; southern WI presence, national wealth platform
- Bank First
Wisconsin community bank holding company, ~$6B assets, active M&A acquirer in WI
- First Business Financial Services
Madison WI commercial bank for business owners; ~$4B assets, WI-focused
- Citizens Community Bancorp
WI–MN community bank; 21 branches, ~$1.8B assets, ag and business focus
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Nicolet Bankshares | $171.74 | −0.02% | $2.97B | 19.1 | 13.3 | 5.7 | +227.9% |
| Associated Banc-Corp | $30.92 | −0.00% | $5.84B | 10.8 | 9.9 | 2.3 | +29.1% |
| Old National Bancorp | $25.85 | +0.02% | $9.89B | 11.4 | 9.5 | 2.5 | +12.3% |
| Wintrust Financial | $161.72 | +5.73% | $10.32B | 12.1 | 11.6 | 2.4 | +10.1% |
| Bank First | $152.84 | +0.06% | $1.71B | 19.9 | 14.2 | 5.9 | +60.0% |
| First Business Financial Services | $70.85 | −0.41% | $592.5M | 10.7 | 10.7 | 2.1 | +13.8% |
| Citizens Community Bancorp | $21.02 | +0.24% | $202.7M | 16.0 | 10.6 | 2.3 | −0.2% |
| Median | 11.8 | 10.7 | 2.3 | +13.1% |