Upcoming Dividend • May 25
Upcoming dividend of US$0.36 per share Eligible shareholders must have bought the stock before 01 June 2026. Payment date: 15 June 2026. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of American dividend payers (4.2%). Lower than average of industry peers (2.4%). Live News • May 09
Nicolet Bankshares Expands With MidWestOne Deal But Earnings Pressured By Merger Costs Nicolet Bankshares reported Q1 2026 results that reflect its first full quarter including the February acquisition of MidWestOne Financial Group.
The MidWestOne deal materially expanded assets, loans, deposits and geographic reach, and added $467.1 million of goodwill to Nicolet’s balance sheet.
Net income for the quarter was lower than the prior year, with management citing $40.7 million in merger-related expenses and a higher provision for credit losses, while credit metrics showed manageable changes after the acquisition.
For you as an investor, the latest quarter is essentially a reset point for Nicolet after absorbing MidWestOne. The balance sheet is now significantly larger, with an expanded customer base and footprint, but earnings are temporarily pressured by one-off merger costs and a more conservative stance on potential credit losses. The addition of $467.1 million in goodwill highlights how much of the purchase price sits in intangible value rather than tangible equity, which can be important when you look at capital ratios and metrics such as P/B.
The reference to “manageable” credit risk metrics suggests that while there has been some movement following the merger, reported asset quality still appears within what the company views as acceptable for its new scale. As you follow future quarters, key things to watch will likely include how quickly merger-related expenses taper off, how credit provisions trend on the larger loan book and whether the enlarged franchise translates into steadier earnings once integration work is further along. Major Estimate Revision • Apr 28
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$591.4m to US$533.6m. EPS estimate also fell from US$11.95 per share to US$9.75 per share. Net income forecast to grow 71% next year vs 13% growth forecast for Banks industry in the US. Consensus price target broadly unchanged at US$174. Share price fell 4.1% to US$149 over the past week. Declared Dividend • Apr 24
First quarter dividend increased to US$0.36 Dividend of US$0.36 is 13% higher than last year. Ex-date: 1st June 2026 Payment date: 15th June 2026 Dividend yield will be 0.9%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 13% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 27% over the next year, which should provide support to the dividend and adequate earnings cover. New Risk • Apr 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (40% increase in shares outstanding). Minor Risk Large one-off items impacting financial results. Announcement • Apr 22
Nicolet Bankshares, Inc. to Report Q2, 2026 Results on Jul 21, 2026 Nicolet Bankshares, Inc. announced that they will report Q2, 2026 results on Jul 21, 2026 Buy Or Sell Opportunity • Apr 10
Now 20% undervalued Over the last 90 days, the stock has risen 27% to US$157. The fair value is estimated to be US$197, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 28%. Revenue is forecast to grow by 68% in 2 years. Earnings are forecast to grow by 104% in the next 2 years. Recent Insider Transactions Derivative • Mar 08
Executive Director notifies of intention to sell stock Robert Atwell intends to sell 3k shares in the next 90 days after lodging an Intent To Sell Form on the 5th of March. If the sale is conducted around the recent share price of US$152, it would amount to US$507k. Since June 2025, Robert's direct individual holding has decreased from 34.22k shares to 34.05k. Company insiders have collectively sold US$7.3m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Mar 02
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: US$10.06 (up from US$8.24 in FY 2024). Revenue: US$387.8m (up 12% from FY 2024). Net income: US$150.7m (up 22% from FY 2024). Profit margin: 39% (up from 36% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.76% (up from 3.47% in FY 2024). Non-performing loans: 0.46% (up from 0.43% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 27% per year. New Risk • Mar 01
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 40% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Board Change • Mar 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Carl Chaney was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Feb 23
Upcoming dividend of US$0.32 per share Eligible shareholders must have bought the stock before 02 March 2026. Payment date: 16 March 2026. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of American dividend payers (4.2%). Lower than average of industry peers (2.3%). Recent Insider Transactions Derivative • Feb 20
Executive Director notifies of intention to sell stock Robert Atwell intends to sell 6k shares in the next 90 days after lodging an Intent To Sell Form on the 18th of February. If the sale is conducted around the recent share price of US$155, it would amount to US$994k. Since March 2025, Robert's direct individual holding has increased from 33.82k shares to 34.05k. Company insiders have collectively sold US$6.4m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Feb 20
Nicolet Bankshares, Inc. Announces Board and Committee Changes Nicolet Bankshares, Inc. at the Effective Time of the Merger, and in accordance with the terms of the Merger Agreement, the Nicolet Board of Directors was set at twelve members, consisting of eight individuals selected by Nicolet from the directors of Nicolet immediately prior to the Effective Time, and four individuals selected by Nicolet from the directors of MidWest One immediately prior to the Effective Time. The eight Nicolet directors selected are as follows: Michael E. Daniels, Robert B. Atwell, John N. Dykema, Donald J. Long, Jr., Oliver Pierce Smith, Susan L. Merkatoris, Glen E. Tellock, and Robert J. Weyers. The four former directors of MidWest One selected are as follows: Tracy S. McCormick, Carl J. Chaney, Janet E. Godwin, and Matthew J. Hayek. Ms. McCormick, Mr. Chaney, Ms. Godwin, and Mr. Hayek were not selected as directors of Nicolet pursuant to any other arrangement or understanding with any other persons. Ms. McCormick is expected to serve on Nicolet’s Audit Committee and Nicolet’s Nominating and Corporate Governance Committee, Mr. Chaney is expected to serve on Nicolet’s Nominating and Corporate Governance Committee, and Ms. Godwin is expected to serve on Nicolet’s Audit Committee. Each of the new directors will receive compensation consistent with other non-employee directors, as described in Nicolet’s Proxy Statement. At the Effective Time of the Merger, and in accordance with the terms of the Merger Agreement, Marcia M. Anderson, Hector Colon, Lynn D. Davis, Christopher J. Ghidorzi, Andrew F. Hetzel, Jr., Brenda L. Johnson, and Dustin J. McClone ceased to be directors of Nicolet. These individuals each ceased to be directors of Nicolet due solely to the terms of the Merger Agreement. Nicolet thanks each of these directors for their service to Nicolet over the last several years. Price Target Changed • Feb 19
Price target increased by 11% to US$175 Up from US$158, the current price target is an average from 5 analysts. New target price is 10% above last closing price of US$159. Stock is up 33% over the past year. The company is forecast to post earnings per share of US$11.95 for next year compared to US$10.06 last year. Buy Or Sell Opportunity • Feb 18
Now 21% undervalued Over the last 90 days, the stock has risen 28% to US$154. The fair value is estimated to be US$194, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 28%. Revenue is forecast to grow by 61% in 2 years. Earnings are forecast to grow by 104% in the next 2 years. Declared Dividend • Jan 23
Fourth quarter dividend of US$0.32 announced Shareholders will receive a dividend of US$0.32. Ex-date: 2nd March 2026 Payment date: 16th March 2026 Dividend yield will be 0.9%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (12% payout ratio) and is expected to be well covered in 3 years' time (10% forecast payout ratio). The dividend has increased by an average of 8.6% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 38% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 21
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: US$10.06 (up from US$8.24 in FY 2024). Revenue: US$387.8m (up 12% from FY 2024). Net income: US$150.7m (up 22% from FY 2024). Profit margin: 39% (up from 36% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.76% (up from 3.47% in FY 2024). Non-performing loans: 0.46% (up from 0.43% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 27% per year. Declared Dividend • Nov 28
Third quarter dividend of US$0.32 announced Shareholders will receive a dividend of US$0.32. Ex-date: 8th December 2025 Payment date: 15th December 2025 Dividend yield will be 1.0%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (13% payout ratio) and is expected to be well covered in 3 years' time (11% forecast payout ratio). The dividend has increased by an average of 8.6% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 40% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 26
Nicolet Bankshares, Inc. Declares Quarterly Cash Dividend, Payable on December 15, 2025 Nicolet Bankshares, Inc. announced its Board of Directors has declared a quarterly cash dividend of $0.32 per share to shareholders of its common stock. The dividend will be payable on December 15, 2025, to shareholders of record as of December 8, 2025. Recent Insider Transactions • Nov 05
Independent Director recently bought US$347k worth of stock On the 30th of October, Robert Weyers bought around 3k shares on-market at roughly US$116 per share. This transaction amounted to 3.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold US$189k more in shares than they bought in the last 12 months. Major Estimate Revision • Oct 30
Consensus revenue estimates increase by 10% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from US$302.6m to US$334.3m. EPS estimate unchanged at US$9.25. Net income forecast to grow 31% next year vs 17% growth forecast for Banks industry in the US. Consensus price target up from US$148 to US$156. Share price fell 7.9% to US$116 over the past week. Reported Earnings • Oct 24
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$2.81 (up from US$2.16 in 3Q 2024). Revenue: US$101.9m (up 13% from 3Q 2024). Net income: US$41.7m (up 28% from 3Q 2024). Profit margin: 41% (up from 36% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is expected to decline by 4.8% p.a. on average during the next 3 years, while revenues in the Banks industry in the US are expected to grow by 8.0%. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Oct 24
Nicolet Bankshares, Inc. (NYSE:NIC) agreed to acquire MidWestOne Financial Group, Inc. (NasdaqGS:MOFG) for $870 million. Nicolet Bankshares, Inc. (NYSE:NIC) agreed to acquire MidWestOne Financial Group, Inc. (NasdaqGS:MOFG) for $870 million on October 23, 2025.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by acquirer shareholders, approval of offer by acquirer board and approval of offer by target shareholders. The deal has been unanimously approved by the board.
Sanford M. Brown and Mark C. Kanaly of Alston & Bird LLP acted as legal advisor for MidWestOne Financial Group, Inc. Robert D. Klingler of Nelson Mullins Riley & Scarborough LLP acted as legal advisor for Nicolet Bankshares, Inc. Keefe, Bruyette & Woods, Inc. acted as financial advisor for Nicolet Bankshares, Inc. Keefe, Bruyette & Woods, Inc. acted as fairness opinion provider for Nicolet Bankshares, Inc. Piper Sandler & Co. acted as financial advisor for MidWestOne Financial Group, Inc. Piper Sandler & Co. acted as fairness opinion provider for MidWestOne Financial Group, Inc. Recent Insider Transactions Derivative • Aug 28
Executive VP & Secretary exercised options and sold US$330k worth of stock On the 26th of August, Eric Witczak exercised 5k options at a strike price of around US$70.50 and sold these shares for an average price of US$137 per share. This trade did not impact their existing holding. Since September 2024, Eric's direct individual holding has increased from 32.28k shares to 35.68k. Company insiders have collectively sold US$24m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • Aug 22
Second quarter dividend of US$0.32 announced Shareholders will receive a dividend of US$0.32. Ex-date: 2nd September 2025 Payment date: 15th September 2025 Dividend yield will be 0.9%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 13% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 5.0% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 20
Nicolet Bankshares, Inc. Declares Quarterly Cash Dividend, Payable on September 15, 2025 Nicolet Bankshares, Inc. announced its Board of Directors has declared a quarterly cash dividend of $0.32 per share to shareholders of its common stock. The dividend will be payable on September 15, 2025, to shareholders of record as of September 2, 2025. Recent Insider Transactions Derivative • Jul 20
Executive VP & Secretary notifies of intention to sell stock Eric Witczak intends to sell 5k shares in the next 90 days after lodging an Intent To Sell Form on the 18th of July. If the sale is conducted around the recent share price of US$140, it would amount to US$699k. Since September 2024, Eric's direct individual holding has increased from 32.28k shares to 35.64k. Company insiders have collectively sold US$23m more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Jul 16
Price target increased by 8.9% to US$136 Up from US$125, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of US$136. Stock is up 35% over the past year. The company is forecast to post earnings per share of US$9.24 for next year compared to US$8.24 last year. Recent Insider Transactions Derivative • Jun 10
Executive Director notifies of intention to sell stock Robert Atwell intends to sell 3k shares in the next 90 days after lodging an Intent To Sell Form on the 9th of June. If the sale is conducted around the recent share price of US$118, it would amount to US$370k. Since September 2024, Robert's direct individual holding has decreased from 35.97k shares to 34.22k. Company insiders have collectively sold US$25m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Jun 01
Executive Director notifies of intention to sell stock Robert Atwell intends to sell 3k shares in the next 90 days after lodging an Intent To Sell Form on the 30th of May. If the sale is conducted around the recent share price of US$123, it would amount to US$396k. Since September 2024, Robert's direct individual holding has decreased from 35.97k shares to 34.22k. Company insiders have collectively sold US$24m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • May 23
First quarter dividend increased to US$0.32 Dividend of US$0.32 is 14% higher than last year. Ex-date: 2nd June 2025 Payment date: 13th June 2025 Dividend yield will be 0.9%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 5.8% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 3.6% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 21
Nicolet Bankshares, Inc. Declares Quarterly Dividend, Payable on June 13, 2025 Nicolet Bankshares, Inc. announced its Board of Directors has declared a quarterly cash dividend of $0.32 per share to shareholders of its common stock, an increase of $0.04 per share, or 14% over the prior quarter. The dividend will be payable on June 13, 2025, to shareholders of record as of June 2, 2025. New Risk • Apr 24
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$564k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Apr 24
Independent Director recently sold US$402k worth of stock On the 21st of April, Susan Merkatoris sold around 4k shares on-market at roughly US$109 per share. This transaction amounted to 4.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$3.6m more than they bought in the last 12 months. Reported Earnings • Apr 16
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: US$2.14 (up from US$1.86 in 1Q 2024). Revenue: US$87.9m (up 7.9% from 1Q 2024). Net income: US$32.6m (up 17% from 1Q 2024). Profit margin: 37% (up from 34% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 6.1%. Revenue is expected to decline by 8.4% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 7.0%. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Apr 16
Nicolet Bankshares, Inc. Reports Net Loan Charge-Offs for the First Quarter Ended March 31, 2025 Nicolet Bankshares, Inc. reported net loan charge-offs for the first quarter ended March 31, 2025. For the quarter, the company reported net loan charge-offs of $342,000 against $13,000 a year ago. Declared Dividend • Feb 28
Fourth quarter dividend of US$0.28 announced Shareholders will receive a dividend of US$0.28. Ex-date: 10th March 2025 Payment date: 17th March 2025 Dividend yield will be 0.9%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (13% payout ratio) and is expected to be well covered in 3 years' time (16% forecast payout ratio). The dividend has increased by an average of 5.8% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 4.0% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 27
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$8.24 (up from US$4.17 in FY 2023). Revenue: US$346.5m (up 27% from FY 2023). Net income: US$124.1m (up 102% from FY 2023). Profit margin: 36% (up from 23% in FY 2023). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.47% (up from 3.18% in FY 2023). Non-performing loans: 0.43% (up from 0.42% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.9%. Revenue is expected to decline by 7.9% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 7.3%. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 7% per year. Recent Insider Transactions Derivative • Feb 25
Executive Director notifies of intention to sell stock Robert Atwell intends to sell 3k shares in the next 90 days after lodging an Intent To Sell Form on the 24th of February. If the sale is conducted around the recent share price of US$118, it would amount to US$365k. Since March 2024, Robert's direct individual holding has decreased from 43.04k shares to 33.82k. Company insiders have collectively sold US$22m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Feb 13
Executive Director notifies of intention to sell stock Robert Atwell intends to sell 4k shares in the next 90 days after lodging an Intent To Sell Form on the 12th of February. If the sale is conducted around the recent share price of US$118, it would amount to US$469k. Since March 2024, Robert's direct individual holding has decreased from 43.04k shares to 30.32k. Company insiders have collectively sold US$22m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Jan 28
Independent Director notifies of intention to sell stock Susan Merkatoris intends to sell 5k shares in the next 90 days after lodging an Intent To Sell Form on the 27th of January. If the sale is conducted around the recent share price of US$109, it would amount to US$547k. Since March 2024, Susan's direct individual holding has decreased from 91.60k shares to 83.22k. Company insiders have collectively sold US$22m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Jan 22
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$8.24 (up from US$4.17 in FY 2023). Revenue: US$346.5m (up 27% from FY 2023). Net income: US$124.1m (up 102% from FY 2023). Profit margin: 36% (up from 23% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.9%. Revenue is expected to decline by 7.9% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 7.1%. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Declared Dividend • Nov 22
Third quarter dividend of US$0.28 announced Shareholders will receive a dividend of US$0.28. Ex-date: 2nd December 2024 Payment date: 16th December 2024 Dividend yield will be 1.0%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (13% payout ratio) and is expected to be well covered in 3 years' time (15% forecast payout ratio). The dividend has increased by an average of 5.8% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 2.2% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 20
Nicolet Bankshares, Inc. Declares Quarterly Dividend, Payable on December 16, 2024 Nicolet Bankshares, Inc. announced its Board of Directors has declared a quarterly cash dividend of $0.28 per share to shareholders of its common stock. The dividend will be payable on December 16, 2024, to shareholders of record as of December 2, 2024. Price Target Changed • Nov 18
Price target increased by 8.3% to US$117 Up from US$108, the current price target is an average from 5 analysts. New target price is 6.1% above last closing price of US$110. Stock is up 42% over the past year. The company is forecast to post earnings per share of US$7.81 for next year compared to US$4.17 last year. Recent Insider Transactions • Oct 24
Executive Director recently sold US$253k worth of stock On the 22nd of October, Robert Atwell sold around 3k shares on-market at roughly US$101 per share. This transaction amounted to 7.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$5.5m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Oct 20
Executive Director notifies of intention to sell stock Robert Atwell intends to sell 5k shares in the next 90 days after lodging an Intent To Sell Form on the 18th of October. If the sale is conducted around the recent share price of US$105, it would amount to US$523k. Since December 2023, Robert's direct individual holding has decreased from 45.19k shares to 35.97k. Company insiders have collectively sold US$11m more than they bought, via options and on-market transactions in the last 12 months. New Risk • Oct 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Significant insider selling over the past 3 months (US$2.4m sold). Reported Earnings • Oct 16
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$2.16 (up from US$1.16 in 3Q 2023). Revenue: US$90.0m (up 16% from 3Q 2023). Net income: US$32.5m (up 90% from 3Q 2023). Profit margin: 36% (up from 22% in 3Q 2023). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is expected to decline by 5.4% p.a. on average during the next 3 years, while revenues in the Banks industry in the US are expected to grow by 6.5%. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions Derivative • Aug 30
President exercised options and sold US$467k worth of stock On the 29th of August, Michael Daniels exercised 9k options at a strike price of around US$48.85 and sold these shares for an average price of US$98.97 per share. This trade did not impact their existing holding. For the year to December 2017, Michael's total compensation was 49% salary and 51% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2023, Michael's direct individual holding has increased from 88.35k shares to 88.39k. Company insiders have collectively sold US$11m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • Aug 23
Second quarter dividend of US$0.28 announced Shareholders will receive a dividend of US$0.28. Ex-date: 3rd September 2024 Payment date: 16th September 2024 Dividend yield will be 1.1%, which is lower than the industry average of 3.2%. Sustainability & Growth The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 4.2% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 21
Nicolet Bankshares, Inc. Declares Quarterly Cash Dividend, Payable on September 16, 2024 Nicolet Bankshares, Inc. announced its Board of Directors has declared a quarterly cash dividend of $0.28 per share to shareholders of its common stock. The dividend will be payable on September 16, 2024, to shareholders of record as of September 3, 2024. Recent Insider Transactions Derivative • Jul 29
Executive Director notifies of intention to sell stock Robert Atwell intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 23rd of July. If the sale is conducted around the recent share price of US$102, it would amount to US$1.0m. Since September 2023, Robert's direct individual holding has decreased from 58.76k shares to 37.67k. Company insiders have collectively sold US$10m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Jul 23
Executive VP & Secretary recently sold US$1.5m worth of stock On the 19th of July, Eric Witczak sold around 15k shares on-market at roughly US$97.18 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$4.9m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Jul 19
Executive VP & Secretary notifies of intention to sell stock Eric Witczak intends to sell 17k shares in the next 90 days after lodging an Intent To Sell Form on the 19th of July. If the sale is conducted around the recent share price of US$100, it would amount to US$1.7m. Since December 2023, Eric's direct individual holding has increased from 48.18k shares to 48.21k. Company insiders have collectively sold US$7.2m more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Jul 18
Price target increased by 21% to US$108 Up from US$89.00, the current price target is an average from 5 analysts. New target price is 9.6% above last closing price of US$98.33. Stock is up 25% over the past year. The company is forecast to post earnings per share of US$7.46 for next year compared to US$4.17 last year. Reported Earnings • Jul 17
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: US$1.96 (up from US$1.54 in 2Q 2023). Revenue: US$83.6m (up 11% from 2Q 2023). Net income: US$29.3m (up 30% from 2Q 2023). Profit margin: 35% (up from 30% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) exceeded analyst estimates by 16%. Revenue is expected to decline by 7.9% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 5.5%. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Recent Insider Transactions • Jun 10
Independent Director recently sold US$237k worth of stock On the 6th of June, Susan Merkatoris sold around 3k shares on-market at roughly US$79.02 per share. This transaction amounted to 3.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$2.9m more than they bought in the last 12 months. Recent Insider Transactions Derivative • May 30
Independent Director notifies of intention to sell stock Susan Merkatoris intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 28th of May. If the sale is conducted around the recent share price of US$81.01, it would amount to US$810k. Since December 2023, Susan has owned 91.60k shares directly. Company insiders have collectively sold US$6.9m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • May 23
First quarter dividend increased to US$0.28 Dividend of US$0.28 is 12% higher than last year. Ex-date: 3rd June 2024 Payment date: 14th June 2024 Dividend yield will be 1.3%, which is lower than the industry average of 3.2%. Sustainability & Growth The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 3.5% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 22
Nicolet Bankshares, Inc. Declares Quarterly Cash Dividend, Payable on June 14, 2024 Nicolet Bankshares, Inc. announced its Board of Directors has declared a quarterly cash dividend of $0.28 per share to shareholders of its common stock, an increase of $0.03 per share, or 12% over the prior quarter. The dividend will be payable on June 14, 2024 to shareholders of record as of June 3, 2024. Reported Earnings • Apr 17
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: US$1.86 (up from US$0.61 loss in 1Q 2023). Revenue: US$81.5m (up 156% from 1Q 2023). Net income: US$27.8m (up US$36.7m from 1Q 2023). Profit margin: 34% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 10%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is expected to decline by 1.8% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 5.2%. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Apr 17
Nicolet Bankshares, Inc. Reports Net Loan Charge-Offs for the First Quarter Ended March 31, 2024 Nicolet Bankshares, Inc. reported net loan charge-offs for the first quarter ended March 31, 2024. For the quarter, the company reported net loan charge-offs of $13,000 against $167,000 a year ago. Recent Insider Transactions • Mar 15
Executive Director recently sold US$176k worth of stock On the 12th of March, Robert Atwell sold around 2k shares on-market at roughly US$81.93 per share. This transaction amounted to 4.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$2.5m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Mar 11
Executive Director notifies of intention to sell stock Robert Atwell intends to sell 5k shares in the next 90 days after lodging an Intent To Sell Form on the 7th of March. If the sale is conducted around the recent share price of US$82.37, it would amount to US$437k. Since September 2023, Robert's direct individual holding has decreased from 58.76k shares to 45.19k. Company insiders have collectively sold US$6.3m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Mar 03
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: US$4.17 (down from US$6.78 in FY 2022). Revenue: US$272.5m (down 4.8% from FY 2022). Net income: US$61.5m (down 35% from FY 2022). Profit margin: 23% (down from 33% in FY 2022). The decrease in margin was primarily driven by higher expenses. Net interest margin (NIM): 3.18% (down from 3.40% in FY 2022). Non-performing loans: 0.42% (down from 0.62% in FY 2022). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 3.0%. Revenue is forecast to grow 5.0% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Feb 28
Nicolet Bankshares, Inc. Declares Quarterly Cash Dividend, Payable on March 15, 2024 Nicolet Bankshares, Inc. announced its Board of Directors has declared a quarterly cash dividend of $0.25 per share to shareholders of its common stock. The dividend will be payable on March 15, 2024 to shareholders of record as of March 8, 2024. Major Estimate Revision • Jan 23
Consensus revenue estimates increase by 15% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from US$246.5m to US$283.1m. EPS estimate increased from US$6.51 to US$6.88 per share. Net income forecast to grow 70% next year vs 9.0% decline forecast for Banks industry in the US. Consensus price target up from US$85.60 to US$88.00. Share price rose 11% to US$83.32 over the past week. Reported Earnings • Jan 17
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: US$4.17 (down from US$6.78 in FY 2022). Revenue: US$272.5m (down 4.8% from FY 2022). Net income: US$61.5m (down 35% from FY 2022). Profit margin: 23% (down from 33% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 3.0%. Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 4.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Recent Insider Transactions Derivative • Dec 16
Executive VP & Secretary notifies of intention to sell stock Eric Witczak intends to sell 15k shares in the next 90 days after lodging an Intent To Sell Form on the 14th of December. If the sale is conducted around the recent share price of US$81.98, it would amount to US$1.2m. Since March 2023, Eric's direct individual holding has increased from 28.00k shares to 48.18k. Company insiders have collectively sold US$4.6m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Dec 10
President notifies of intention to sell stock Michael Daniels intends to sell 4k shares in the next 90 days after lodging an Intent To Sell Form on the 7th of December. If the sale is conducted around the recent share price of US$76.52, it would amount to US$331k. For the year to December 2016, Michael's total compensation was 34% salary and 66% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2023, Michael's direct individual holding has increased from 98.74k shares to 99.18k. Company insiders have collectively sold US$4.1m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Dec 08
Executive Chairman recently sold US$153k worth of stock On the 6th of December, Robert Atwell sold around 2k shares on-market at roughly US$76.68 per share. This transaction amounted to 3.8% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$235k. Robert has been a net seller over the last 12 months, reducing personal holdings by US$705k. Announcement • Nov 22
Nicolet Bankshares, Inc. Declares Quarterly Cash Dividend, Payable on December 15, 2023 Nicolet Bankshares, Inc. announced its Board of Directors has declared a quarterly cash dividend of $0.25 per share to shareholders of its common stock. The dividend will be payable on December 15, 2023 to shareholders of record as of December 1, 2023. Recent Insider Transactions • Nov 18
Independent Director recently sold US$230k worth of stock On the 14th of November, Susan Merkatoris sold around 3k shares on-market at roughly US$76.77 per share. This transaction amounted to 3.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$505k more than they bought in the last 12 months. Announcement • Nov 09
Nicolet Bankshares, Inc. Announces Step Down of Robert Atwell as Executive Chairman of the Board, Effective January 1, 2024 Nicolet Bankshares, Inc. announced the planned transition of Co-Founder and Executive Chairman Robert Atwell. Effective January 1, 2024, Atwell will step down as Executive Chairman of the Board but will remain as a current director. The board is expected to elect current President and CEO Mike Daniels Chairman of the Board at that time. Atwell and Daniels co-founded Nicolet in November 2000, growing it from a de novo start-up bank to the second-largest bank headquartered in Wisconsin. Under their leadership, Nicolet grew from a single location with no assets to one of the Upper Midwest's predominant community bank franchises with 56 branches with over 1,000 employees, and $8.5 billion in assets. Atwell served as Nicolet's Chairman, President, and CEO until April 2021, when he was appointed Executive Chairman. He has served as Chairman of the Board for more than 23 years since Nicolet's inception. Recent Insider Transactions Derivative • Nov 09
President notifies of intention to sell stock Michael Daniels intends to sell 100k shares in the next 90 days after lodging an Intent To Sell Form on the 6th of November. If the sale is conducted around the recent share price of US$76.96, it would amount to US$7.7m. For the year to December 2016, Michael's total compensation was 34% salary and 66% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2022, Michael's direct individual holding has increased from 98.70k shares to 98.74k. Company insiders have collectively sold US$705k more than they bought, via options and on-market transactions in the last 12 months.