Nicolet Bankshares Inc
investors.nicoletbank.comWhat Do They Do?
Provides loans and deposit accounts to businesses, individuals, and government customers, alongside trust and investment management services.
10-K for FY2025, filed Feb 27, 2026Nicolet’s principal business is banking, consisting of lending and deposit gathering, as well as ancillary banking-related products and…View ↗
Nicolet offers a variety of loans, deposits and related services to business customers (especially small and medium-sized businesses and…View ↗
The banking segment derives revenue from customers by providing a broad array of loan and deposit products to businesses, consumers and…View ↗
How Do They Make Money?
Nicolet earns interest on loans and other interest-earning assets, less the interest it pays on deposits and borrowings; it also earns trust and brokerage fees while accounts are serviced, deposit charges monthly or per transaction, and card fees when customers use their cards.
10-K for FY2025, filed Feb 27, 2026Nicolet’s profitability is significantly dependent upon net interest income (interest income earned on loans and other interest-earning…View ↗
Trust services and brokerage fee income: A contract between the Company and its customers to provide fiduciary and / or investment…View ↗
Service charges on deposit accounts: The deposit contract obligates the Company to serve as a custodian of the customer’s deposited funds…View ↗
Card interchange income: A contract between the Company, as a card-issuing bank, and its customers whereby the Company receives a…View ↗
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10-K for FY2025, filed Feb 27, 2026
FY2025 revenue by product or service (Revenue from Contract with Customer, Including Assessed Tax) ↗
$471M
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10-K for FY2025, filed Feb 27, 2026
$471M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Wealth management fee income
Recurring
10-K for FY2025, filed Feb 27, 2026 |
57%
FY2022: 54%
|
Wealth management fee income, FY2025
$29.6M Sources
|
Recurring |
|
Service charges on deposit accounts
|
15%
FY2022: 16%
|
Service charges on deposit accounts, FY2025
$8M Sources
|
|
|
Card interchange income
Usage-based
10-K for FY2025, filed Feb 27, 2026 |
28%
FY2022: 30%
|
Card interchange income, FY2025
$14.6M Sources
|
Usage-based |
Who Are Their Customers?
Serves businesses, individuals, and government municipalities with banking products and services through branches, online and mobile banking, and a call center.
10-K for FY2025, filed Feb 27, 2026Nicolet’s principal business is banking, consisting of lending and deposit gathering, as well as ancillary banking-related products and…View ↗
Nicolet offers a variety of loans, deposits and related services to business customers (especially small and medium-sized businesses and…View ↗
The banking segment derives revenue from customers by providing a broad array of loan and deposit products to businesses, consumers and…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 32 cents of every revenue dollar as net income in FY2025 and turned 32 cents into free cash flow.
How Are They Changing?
10-Q for Q2 FY2026, filed Jul 31, 2026
Open tableView ↗
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Apr 21, 2026
Completed the MidWestOne acquisition and announced a Denver branch sale
The merger added MidWestOne; Nicolet also announced the sale of acquired Denver branches to Sunwest Bank.
Sources
8-K, filed Apr 21, 2026
Acquisition of MidWestOne closed on February 13, adding approximately $6 billion in assets Net income of $15 million ($52 million core *)…View ↗
Growing. Revenue grew 2.7x in 4 years, from $171.6M in FY2021 to $471M in FY2025, about 29% a year.
Geographic footprint
The earlier report describes operations in Wisconsin, Michigan, and Minnesota; the latest describes an expansion into Iowa and Denver, Colorado through the MidWestOne acquisition.
10-K for FY2022, filed Feb 24, 2023 10-K for FY2025, filed Feb 27, 2026The Bank is a full-service community bank, providing services ranging from commercial, agricultural, and consumer banking to wealth…View ↗
The Bank is a full-service community bank, providing services ranging from commercial, agricultural, and consumer banking to wealth…View ↗
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