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    Nicolet Bankshares (NIC)

    Market Price (9/5/2026): $172.13 | Market Cap: $3.7 BilSector: Financials | Industry: Regional Banks

    Nicolet Bankshares (NIC)

    Market Price (9/5/2026): $172.13
    Market Cap: $3.7 Bil
    Sector: Financials
    Industry: Regional Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -45%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34%

    Low stock price volatility
    Vol 12M is 30%

    Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.

    Trading close to highs
    Dist 52W High is -3.6%, Dist 3Y High is -3.6%

    Moderate capital ratio
    Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 11%

    Expensive valuation multiples
    P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 20x

    Key risks
    NIC key risks include [1] a fragile net interest margin expansion that is threatened by persistent high interest rates or a reversal in funding costs.

    0 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -45%
    1 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34%
    3 Low stock price volatility
    Vol 12M is 30%
    4 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.
    5 Trading close to highs
    Dist 52W High is -3.6%, Dist 3Y High is -3.6%
    6 Moderate capital ratio
    Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 11%
    7 Expensive valuation multiples
    P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 20x
    8 Key risks
    NIC key risks include [1] a fragile net interest margin expansion that is threatened by persistent high interest rates or a reversal in funding costs.

    NIC in ETFs

    Weight = NIC's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.11%
    IJR0.19%
    KRE0.99%
    IJT0.20%
    SLYG0.19%
    IJS0.18%
    +10 more covered ETFs

    Valuation & Metrics

    FYE: 12/31NIC [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$519.4 Mil—
    FY 2026 Sales$662.5 Mil—
    FY 2027 Sales$712.0 Mil—
    FY 2026 Sales Growth27.5%—
    FY 2027 Sales Growth7.5%13.1%
    EARNINGS
    LTM Net Income (GAAP) [3]$154.2 Mil—
    FY 2026 Net Income (Non-GAAP)$180.5 Mil—
    FY 2027 Net Income (Non-GAAP)$208.7 Mil—
    FY 2027 Net Income Growth15.6%18.5%
    FY 2026 EPS (Non-GAAP)$11.72—
    FY 2027 EPS (Non-GAAP)$13.52—
    FY 2027 EPS Growth15.3%—
    VALUATION
    FY 2026 P/S5.51.7
    FY 2027 P/S5.1—
    FY 2026 P/E20.27.8
    FY 2027 P/E17.5—

    [1] NIC forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    NICS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)0.5
    Rev Chg Q85.7%9.3%
    Rev Chg LTM41.5%8.4%
    Rev Chg 3Y Avg25.4%5.9%
    PROFITABILITYGOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.2
    Net Inc LTM ($ Bil)0.2
    CFO/Rev LTM35.1%21.9%
    Net Inc Mgn29.7%13.1%
    VALUATIONMODERATE
    P/S7.03.2
    P/CFO20.015.5
    P/FCF21.019.8
    P/E23.723.2

    AI Analysis | Feedback

    MetricValueDateSource
    Number of Branches5711042025Link
    Assets Under Management$4.1 billion9302025Link
    Commercial Real Estate Loans as a Percentage of Total Loans48%9302025Link
    Commercial and Industrial Loans as a Percentage of Total Loans26%9302025Link
    Agricultural Loans as a Percentage of Total Loans13%9302025Link
    Residential Real Estate Loans as a Percentage of Total Loans12%9302025Link
    Consumer and Other Loans as a Percentage of Total Loans1%9302025Link

    Price Chart

    Recent
    9/01/2026DividendAmount: $0.36
    Payment On: 9/15/2026
    Upcoming
    10/20/2026Earnings ReleaseRev: $173 Mil (E)
    EPS: $3.07 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/1/2026

    Nicolet Bankshares (NIC) stock has gained about 25% since 5/31/2026 because of the following key factors:

    1. Robust Q2 2026 Earnings Outperformance Driven by Strong Net Interest Income.

    Nicolet Bankshares reported significantly higher earnings for fiscal Q2 2026 (ended June 30, 2026), announcing net income of $57 million and diluted earnings per share (EPS) of $2.62, a substantial increase from $15 million and $0.81, respectively, in fiscal Q1 2026. The company's core diluted EPS of $2.99 surpassed the consensus analyst estimate of $2.8246 by 5.86%. This strong performance was primarily fueled by a 29% increase in net interest income, which reached $141 million in fiscal Q2 2026, up $32 million from fiscal Q1 2026. The net interest margin also improved to 4.14% in fiscal Q2 2026, compared to 3.98% in the previous quarter.

    2. Positive Impact of MidWestOne Acquisition on Asset Growth and Revenue.

    The full-quarter inclusion of MidWestOne Financial Group balances, following the acquisition closure on February 13, 2026, substantially contributed to Nicolet Bankshares' improved financial metrics. This acquisition added approximately $6.1 billion in assets, leading to a $2.6 billion increase in average interest-earning assets to $13.9 billion in fiscal Q2 2026 compared to fiscal Q1 2026. Total revenue for fiscal Q2 2026 reached US$176.3 million, marking an 86% increase from fiscal Q2 2025 and exceeding analyst expectations of $171.93 million.

    Show more
    Updated on 9/1/2026

    Nicolet Bankshares (NIC) stock has gained about 25% since 5/31/2026 because of the following key factors:

    1. Robust Q2 2026 Earnings Outperformance Driven by Strong Net Interest Income.

    Nicolet Bankshares reported significantly higher earnings for fiscal Q2 2026 (ended June 30, 2026), announcing net income of $57 million and diluted earnings per share (EPS) of $2.62, a substantial increase from $15 million and $0.81, respectively, in fiscal Q1 2026. The company's core diluted EPS of $2.99 surpassed the consensus analyst estimate of $2.8246 by 5.86%. This strong performance was primarily fueled by a 29% increase in net interest income, which reached $141 million in fiscal Q2 2026, up $32 million from fiscal Q1 2026. The net interest margin also improved to 4.14% in fiscal Q2 2026, compared to 3.98% in the previous quarter.

    2. Positive Impact of MidWestOne Acquisition on Asset Growth and Revenue.

    The full-quarter inclusion of MidWestOne Financial Group balances, following the acquisition closure on February 13, 2026, substantially contributed to Nicolet Bankshares' improved financial metrics. This acquisition added approximately $6.1 billion in assets, leading to a $2.6 billion increase in average interest-earning assets to $13.9 billion in fiscal Q2 2026 compared to fiscal Q1 2026. Total revenue for fiscal Q2 2026 reached US$176.3 million, marking an 86% increase from fiscal Q2 2025 and exceeding analyst expectations of $171.93 million.

    3. Favorable Analyst Sentiment and Increased Price Targets.

    Following the strong earnings report, several analysts maintained or upgraded their ratings and increased price targets for Nicolet Bankshares. On July 23, 2026, Keefe, Bruyette & Woods raised their rating to "Outperform" and increased their price target to $185.00 from $175.00. Piper Sandler also set a price target of $194.00 on July 22, 2026. The average analyst price target as of August 2026 was $191.80, indicating a projected upside of 12.2% from the stock's price at that time, with the consensus rating being a "Moderate Buy" or "Strong Buy" from multiple firms.

    4. Enhanced Shareholder Returns Through Dividend Increase and Share Repurchase Program.

    Nicolet Bankshares demonstrated a commitment to returning value to shareholders by increasing its quarterly dividend by 13% to $0.36 per share. This dividend was payable on June 15, 2026, to shareholders of record as of June 1, 2026, and a subsequent dividend of $0.36 per share was declared on July 21, 2026, payable on September 15, 2026. Additionally, the company restarted its share repurchase program in fiscal Q1 2026, buying back 149,499 shares for $22.4 million, and announced an expanded share repurchase program in July 2026.

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    Stock Movement Drivers

    Fundamental Drivers

    The 23.3% change in NIC stock from 5/31/2026 to 9/4/2026 was primarily driven by a 24.0% change in the company's P/E Multiple.
    (LTM values as of)53120269042026Change
    Stock Price ($)139.61172.1223.3%
    Change Contribution By: 
    Total Revenues ($ Mil)43751918.7%
    Net Income Margin (%)30.5%29.7%-2.6%
    P/E Multiple19.123.724.0%
    Shares Outstanding (Mil)1821-14.0%
    Cumulative Contribution23.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/4/2026
    ReturnCorrelation
    NIC23.3% 
    Market (SPY)1.8%18.6%
    Sector (XLF)12.6%39.1%

    Fundamental Drivers

    The 13.4% change in NIC stock from 2/28/2026 to 9/4/2026 was primarily driven by a 58.9% change in the company's P/E Multiple.
    (LTM values as of)22820269042026Change
    Stock Price ($)151.73172.1213.4%
    Change Contribution By: 
    Total Revenues ($ Mil)39251932.5%
    Net Income Margin (%)38.4%29.7%-22.8%
    P/E Multiple14.923.758.9%
    Shares Outstanding (Mil)1521-30.2%
    Cumulative Contribution13.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/4/2026
    ReturnCorrelation
    NIC13.4% 
    Market (SPY)12.6%30.7%
    Sector (XLF)13.6%45.2%

    Fundamental Drivers

    The 25.9% change in NIC stock from 8/31/2025 to 9/4/2026 was primarily driven by a 56.3% change in the company's P/E Multiple.
    (LTM values as of)83120259042026Change
    Stock Price ($)136.70172.1225.9%
    Change Contribution By: 
    Total Revenues ($ Mil)36751941.5%
    Net Income Margin (%)36.9%29.7%-19.7%
    P/E Multiple15.123.756.3%
    Shares Outstanding (Mil)1521-29.1%
    Cumulative Contribution25.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/4/2026
    ReturnCorrelation
    NIC25.9% 
    Market (SPY)20.4%28.0%
    Sector (XLF)8.9%45.4%

    Fundamental Drivers

    The 134.4% change in NIC stock from 8/31/2023 to 9/4/2026 was primarily driven by a 94.1% change in the company's Total Revenues ($ Mil).
    (LTM values as of)83120239042026Change
    Stock Price ($)73.43172.12134.4%
    Change Contribution By: 
    Total Revenues ($ Mil)26851994.1%
    Net Income Margin (%)22.4%29.7%32.8%
    P/E Multiple18.123.731.1%
    Shares Outstanding (Mil)1521-30.6%
    Cumulative Contribution134.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2023 to 9/4/2026
    ReturnCorrelation
    NIC134.4% 
    Market (SPY)77.1%40.9%
    Sector (XLF)76.6%57.4%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    NIC Return29%-7%2%32%17%42%168%
    Peers Return34%-5%7%24%11%20%124%
    S&P 500 Return27%-19%24%23%16%13%106%

    Monthly Win Rates [3]
    NIC Win Rate50%42%58%58%67%56% 
    Peers Win Rate70%42%47%52%53%62% 
    S&P 500 Win Rate75%42%67%75%67%56% 

    Max Drawdowns [4]
    NIC Max Drawdown-20%-27%-33%-17%-18%-18% 
    Peers Max Drawdown-19%-29%-39%-16%-27%-16% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: ASB, WTFC, ONB, MBWM, HBNC.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 9/4/2026 (YTD)

    How Low Can It Go

    EventNICS&P 500
    2025 US Tariff Shock
      % Loss-15.0%-18.8%
      % Gain to Breakeven17.6%23.1%
      Time to Breakeven28 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-16.0%-9.5%
      % Gain to Breakeven19.0%10.5%
      Time to Breakeven49 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-27.8%-6.7%
      % Gain to Breakeven38.5%7.1%
      Time to Breakeven34 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-19.4%-24.5%
      % Gain to Breakeven24.1%32.4%
      Time to Breakeven650 days427 days
    2020 COVID-19 Crash
      % Loss-31.0%-33.7%
      % Gain to Breakeven44.8%50.9%
      Time to Breakeven286 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-15.4%-19.2%
      % Gain to Breakeven18.2%23.8%
      Time to Breakeven29 days105 days

    Compare to ASB, WTFC, ONB, MBWM, HBNC

    In The Past

    Nicolet Bankshares's stock fell -15.0% during the 2025 US Tariff Shock. Such a loss loss requires a 17.6% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventNICS&P 500
    2023 SVB Regional Banking Crisis
      % Loss-27.8%-6.7%
      % Gain to Breakeven38.5%7.1%
      Time to Breakeven34 days31 days
    2020 COVID-19 Crash
      % Loss-31.0%-33.7%
      % Gain to Breakeven44.8%50.9%
      Time to Breakeven286 days140 days

    Compare to ASB, WTFC, ONB, MBWM, HBNC

    In The Past

    Nicolet Bankshares's stock fell -15.0% during the 2025 US Tariff Shock. Such a loss loss requires a 17.6% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Nicolet Bankshares (NIC)

    Nicolet Bankshares, Inc. (NIC) operates as the bank holding company for Nicolet National Bank, providing a comprehensive range of banking products and financial services. Headquartered in Green Bay, Wisconsin, the company serves businesses and individuals primarily across Wisconsin and Michigan through its network of 52 branches.

    The core offerings of Nicolet include a variety of deposit services, such as checking, savings, money market accounts, certificates of deposit, and individual retirement accounts. On the lending side, the bank provides commercial, industrial, and business loans, commercial and agricultural real estate loans, construction and land development financing, residential mortgages (including first and junior liens), home equity loans, and consumer loans.

    Beyond traditional banking, Nicolet Bankshares offers additional specialized services like cash management, international banking, personal brokerage, wealth management, and retirement plan services. The company also facilitates crop insurance products and provides modern conveniences through online and mobile banking, automated bill payment, and remote deposit capture, catering to the diverse financial needs of its individual and business clientele.

    AI Analysis | Feedback

    A regional version of Bank of America or Chase for Wisconsin and Michigan.

    AI Analysis | Feedback

    • Deposit Accounts: Provides checking, savings, money market, Certificates of Deposit (CDs), and Individual Retirement Accounts (IRAs).
    • Commercial Lending: Offers commercial, industrial, business, commercial real estate, agricultural, and construction and land development loans and lines of credit.
    • Residential Real Estate Lending: Provides first lien and junior lien mortgages, home equity loans, lines of credit, and residential construction loans.
    • Consumer Loans: Offers personal loans to individuals for various needs.
    • Wealth Management & Trust Services: Delivers wealth management, retirement plan, trust, fiduciary, and personal brokerage services.
    • Cash Management & International Banking: Provides solutions for optimizing business cash flow and international financial transactions.
    • Digital Banking Services: Includes online and mobile banking, automated bill payment, and remote deposit capture.
    • Payment & Transaction Services: Offers debit cards, credit cards, pre-paid gift cards, wire transfers, direct deposits, and official bank checks.
    • Mortgage Refinancing: Allows customers to refinance their existing mortgage loans.
    • Safe Deposit Boxes: Provides secure storage facilities for valuables.
    • Crop Insurance Products: Facilitates crop insurance products for agricultural clients.

    AI Analysis | Feedback

    Nicolet Bankshares, Inc. (NIC) sells primarily to a diverse customer base rather than a few major corporate clients. Based on the company description, it serves the following categories of customers:

    • Individuals: This category includes customers who utilize personal banking products and services such as checking, savings, and money market accounts; various certificates of deposit; individual retirement accounts; residential real estate loans (mortgages, home equity loans); consumer loans; personal brokerage; wealth management; and trust and fiduciary services.
    • Businesses: This category encompasses a broad range of commercial clients, including those seeking commercial, industrial, and business loans and lines of credit; commercial real estate loans; commercial real estate investment loans; construction and land development loans; cash management; and international banking services.
    • Agricultural Businesses: A specific segment within its business customer base, the company provides specialized services such as agricultural (AG) production and AG real estate loans, and facilitates crop insurance products for farming and other agricultural enterprises.

    AI Analysis | Feedback

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    Michael E. Daniels, Chairman, President & CEO

    Mr. Daniels co-founded Nicolet National Bank in 2000 with Bob Atwell. He began his banking career with Associated Bank in 1986. From 1993 to 1995, he served as President and CEO of Effingham Bank & Trust. He returned to Green Bay in 1995 as Senior Vice President and Commercial Banking Group Manager at Associated Bank. Mr. Daniels became President and CEO of Nicolet Bank in 2016 and President and CEO of Nicolet Bankshares in 2021, and added the responsibilities of Chairman in 2024. He has led the successful integration of ten acquisitions for Nicolet.

    H. Phillip Moore, Jr., Chief Financial Officer

    Mr. Moore serves as the Chief Financial Officer for Nicolet Bankshares, Inc.

    Robert B. Atwell, Director

    Mr. Atwell is a co-founder of Nicolet Bankshares, Inc., established in 2000 with Mike Daniels. He has over 40 years of experience as a Wisconsin banker. He previously served as Chairman, President, and Chief Executive Officer of Nicolet Bankshares, stepping down as Chairman in December 2023, and continues as a board member and advisor. Mr. Atwell serves on numerous private company boards, including as Lead Director at Ariens Company, and is a director and shareholder at Great Northern Corporation. He is also a co-founder and current board member of Relevant Radio.

    Eric J. Witczak, Executive Vice President and Secretary

    Mr. Witczak holds the position of Executive Vice President and Secretary at Nicolet Bankshares.

    ```

    AI Analysis | Feedback

    Here are the key risks to Nicolet Bankshares (NIC):

    Key Risks to Nicolet Bankshares (NIC)

    1. Economic, Interest Rate, and Credit Risk: As a financial institution, Nicolet Bankshares' performance is highly sensitive to broader economic conditions, including factors like the health of the housing market, consumer confidence, and overall economic growth. Adverse economic environments, such as a recession or a downturn in the real estate market, could lead to an increase in nonperforming assets and charge-offs, directly impacting the bank's financial stability and profitability. Furthermore, the bank's profitability is significantly dependent on net interest income, which is directly affected by fluctuations in interest rates. Changes in the interest rate environment, monetary policy (such as actions by the Federal Reserve), or tax policy can reduce Nicolet's net interest income, net interest margin, and the volume and value of its loan portfolio and other financial assets. The health of its loan portfolio and credit quality, including loan restructuring activities, are critical indicators of credit risk trends.
    2. Operational and Cybersecurity Risks: Nicolet Bankshares, as a financial institution, inherently faces operational risks, including the threat of fraudulent activities and cybersecurity breaches. The bank must incur substantial expenditures to keep pace with technological advancements and meet regulatory requirements. The evolving nature of digital threats necessitates constant vigilance and investment in robust risk management and cybersecurity strategies, which can strain resources and potentially impact profitability if not effectively managed.
    3. Integration and Execution Risk from Acquisitions: The company has recently undertaken significant acquisitions, notably the February 2026 acquisition of MidWestOne Financial Group. This acquisition substantially expands Nicolet's franchise, geographic reach across Wisconsin, Michigan, Minnesota, Iowa, and Colorado, and commercial lending capacity. However, such large-scale mergers introduce considerable integration and execution risk. Successfully integrating acquired businesses, realizing expected cost and revenue synergies, and maintaining credit quality are critical for the combined entity's continued performance and to avoid potential dilution or operational disruptions.

    AI Analysis | Feedback

    The clear emerging threat to Nicolet Bankshares, as a traditional regional bank, is the increasing prevalence and adoption of digital-first financial service providers. This includes:

    • Digital-only banks (neobanks) and online lenders: These entities can attract customers with streamlined digital experiences, competitive rates, and lower fees for traditional banking services like checking, savings, and various types of loans, directly challenging Nicolet's deposit base and lending operations.
    • Fintech companies specializing in payments and wealth management: Payment apps and platforms erode the traditional bank's role in daily transactions, while robo-advisors and other online investment platforms offer lower-cost alternatives to Nicolet's personal brokerage, wealth management, and retirement plan services.

    These competitors leverage technology to offer services with less overhead and greater convenience, posing a direct threat to the traditional, branch-based banking model.

    AI Analysis | Feedback

    Nicolet Bankshares, Inc. (NIC) operates primarily in Wisconsin and Michigan, offering a range of banking products and services to businesses and individuals. The addressable markets for its main products and services in these regions are substantial.

    Wisconsin Market Sizes:

    • Total Bank Deposits: As of March 31, 2025, total bank deposits across Wisconsin amounted to $129.73 billion.
    • Net Loans and Leases: For all banks in Wisconsin, net loans and leases reached $115.78 billion as of March 31, 2025.
    • Commercial and Industrial Loans: The market for commercial and industrial loans in Wisconsin stood at $18.95 billion as of March 31, 2025.
    • Residential Real Estate Loans: Wisconsin's residential real estate loan market was valued at $32.80 billion as of March 31, 2025. The median home price in Wisconsin was approximately $338,000 in August 2025.
    • Farm Loans: The market for farm loans in Wisconsin was $4.47 billion as of March 31, 2025. Farm lending in Wisconsin increased by 8.95% year-over-year in Q1 2025.
    • Small Business Loans: In 2023, large banks reported $3.9 billion in new lending to Wisconsin businesses with revenues of $1 million or less. Additionally, Wisconsin businesses received $525.7 million in SBA 7(a) loan approvals across 1,002 businesses in 2025.
    • Wealth Management: The State of Wisconsin Investment Board (SWIB) managed over $178 billion in assets as of December 31, 2025. This represents a significant pool of institutional wealth in the state. Fiduciary Management, Inc., a Milwaukee-based firm, had approximately $11.4 billion in assets under management (AUM) as of December 31, 2025.

    Michigan Market Sizes:

    • Commercial Banking Industry Revenue: The commercial banking industry in Michigan is projected to reach a market size of $23.6 billion in 2026. This market encompasses receiving deposits and issuing consumer, commercial, and industrial loans.
    • Total Bank Deposits: As of June 30, 2025, JPMorgan Chase held $62.95 billion in deposits in Michigan, and Huntington Bank held $37.45 billion. Community banks in Michigan held $58.04 billion in deposits as of December 13, 2024.
    • Total Credit Union Assets/Loans: Michigan credit unions held $101 billion in assets in 2024, and their loan portfolios expanded by 6.8% over the 12 months ending Q3 2025.
    • SBA Loans (Small Businesses): In Q2 2025, over $200 million in SBA loans were approved for Michigan businesses. In fiscal year 2022, Michigan businesses received over $813 million in SBA 7(a) loans.
    • Residential Mortgage: The median home price in Michigan was approximately $252,000 as of January 2026, with some reports showing $271,700 in 2025. The Michigan housing market is forecast to appreciate 2-4% in 2026.
    • Consumer Lending: Loan portfolios of Michigan credit unions grew by 6.8% year-over-year in Q3 2025, driven by strength in real estate and commercial lending, though consumer and auto loans saw slower growth.

    AI Analysis | Feedback

    Nicolet Bankshares, Inc. (NIC) is expected to drive future revenue growth over the next 2-3 years through several key strategies: * Strategic Acquisitions and Market Expansion: A significant driver of revenue growth is Nicolet Bankshares' disciplined acquisition strategy. The recently completed merger with MidWestOne Financial Group in February 2026 is a prime example, which substantially expanded Nicolet's geographic footprint into Iowa, the Twin Cities, Western Wisconsin, and Denver, and effectively doubled its branches to 114. This acquisition alone increased Nicolet's total assets to approximately $15 billion, total loans to about $11 billion, and total deposits to approximately $13 billion. The integration of MidWestOne Bank, with a planned system conversion in August 2026, is expected to bring increased scale and commercial lending capacity, driving revenue through an expanded customer base and larger asset and deposit portfolios. * Loan and Core Deposit Growth: Nicolet Bankshares has demonstrated solid year-over-year loan growth (3% in 2025) and exceptional core deposit growth (7% in 2025). Analysts anticipate consistent growth in both loans and core deposits moving forward, which directly contributes to increased net interest income, a primary component of banking revenue. * Net Interest Margin (NIM) Expansion: The company has shown an improving net interest margin, which reached 3.76% for the full year 2025, up 29 basis points from 2024. Projections indicate a continued gradual improvement in core net interest margin, expected to reach 3.87% by the fourth quarter of 2026. This expansion is attributed to the strategic repricing of fixed-rate loans and the overall growth in its interest-earning assets. * Growth in Non-Interest Income, particularly Wealth Management: While net interest income remains a primary revenue source, Nicolet Bankshares saw an increase in non-interest income in 2025, with wealth management fee income notably rising. This diversification of revenue streams, particularly through increased fee-based services like wealth management, is expected to contribute to overall revenue growth.

    AI Analysis | Feedback

    Share Repurchases

    • In December 2021, Nicolet Bankshares authorized an increase to its common stock repurchase program, allowing for an additional $50 million, bringing the total authorization to repurchase common stock to approximately $81 million.
    • During the third quarter of 2025, Nicolet Bankshares repurchased 155,393 common shares for a total of $21 million.
    • In January 2026, the Board approved a $60 million increase to the common stock repurchase authorization. This addition, combined with approximately $19 million remaining from the prior authorization as of December 31, 2025, made about $79 million available for future repurchases.

    Share Issuance

    • In connection with the MidWestOne Financial Group acquisition, shareholders approved the related share issuance and an amendment to double authorized common shares from 30,000,000 to 60,000,000.
    • The acquisition of MidWestOne Financial Group, Inc. was an all-stock transaction valued at approximately $864 million, with MidWestOne shareholders receiving 0.3175 shares of Nicolet common stock for each MidWestOne share.
    • In September 2025, Nicolet Bankshares approved an equity award to CEO Mike Daniels of up to 90,000 shares of common stock, with a grant date value of $12 million, consisting of restricted shares and restricted stock units set to vest over five years.

    Outbound Investments

    • In August 2022, Nicolet Bankshares acquired Charter Bankshares, Inc., which added approximately $1.1 billion in assets, $827 million in loans, and $869 million in deposits.
    • In October 2025, Nicolet Bankshares announced a definitive merger agreement to acquire MidWestOne Financial Group, Inc. in an all-stock transaction valued at approximately $864 million.
    • The merger with MidWestOne Financial Group, Inc. was completed in February 2026, adding approximately $6 billion in assets and increasing Nicolet's total assets to about $15 billion.

    Capital Expenditures

    • Specific dollar values for general capital expenditures beyond those integrated into acquisitions and branch expansions are not readily available in the provided information for the last 3-5 years. The company's growth in its branch network is primarily noted through strategic acquisitions.

    Peer Outperformance in Regional Banks

    NIC has outperformed 88% of its 264 Regional Banks peers over 5Y. Regional Banks ranks 6th of 18 industries in Financials by median 5Y return.
    Share of Regional Banks constituents that NIC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    49%
    of 286 industry peers · 26.3% return
    3Y
    84%
    of 276 industry peers · 130.2% return
    5Y
    88%
    of 264 industry peers · 132.6% return
    No Regional Banks peer with a comparable growth profile has beaten NIC by more than 20pp over 5Y.
    Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is NIC's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Investment Banking & Brokerage 13 6.6%134.5%144.9% IBKR 490% · SNEX 242% · GS 185%
    Reinsurance 6 21.1%85.6%126.7% SPNT 159% · RGA 139% · MTG 128%
    Diversified Banks 12 39.4%134.4%120.7% CM 156% · JPM 155% · RY 144%
    Life & Health Insurance 20 15.5%59.4%96.9% JXN 516% · UNM 322% · FG 229%
    Multi-Sector Holdings 6 3.6%49.0%78.9% JONE 361% · JEF 85% · BRK-B 80%
    Regional Banks ← 265 26.4%85.6%67.5% GCBC 376% · ESQ 355% · VBNK 328%
    Property & Casualty Insurance 42 9.7%75.4%66.9% ASIC 2739900% · HRTG 433% · UVE 298%
    Multi-line Insurance 9 11.9%88.2%55.2% GNW 184% · L 103% · SLF 94%
    Consumer Finance 30 8.4%86.8%36.7% ENVA 593% · EZPW 384% · FCFS 172%
    Insurance Brokers 16 -11.5%2.5%25.4% LIFE 626% · AJG 90% · ARX 89%
    Asset Management & Custody Banks 82 -10.3%17.5%21.7% WT 331% · SII 299% · VCTR 291%
    Financial Exchanges & Data 15 -0.4%21.5%21.3% VIRT 214% · CBOE 152% · CME 78%
    Diversified Financial Services 4 -2.0%1.9%14.0% FRHC 159% · EQH 93% · TMS -65%
    Commercial & Residential Mortgage Finance 12 -35.6%24.0%6.0% FNMA 492% · FMCC 472% · ESNT 64%
    Specialized Finance 3 16.1%48.5%-9.8% EFC 36% · CACC -10% · HASI -19%
    Mortgage REITs 33 -10.6%12.5%-12.9% NREF 56% · RITM 52% · DX 40%
    Transaction & Payment Processing Services 15 4.3%-0.1%-38.5% MA 75% · V 73% · CPAY 59%
    Diversified Capital Markets 21 -20.2%2.3%-43.4% BTCS 629% · OPY 198% · LPLA 145%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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    Financials

    NICASBWTFCONBMBWMHBNCMedian
    NameNicolet .Associat.Wintrust.Old Nati.Mercanti.Horizon . 
    Mkt Price172.1231.07154.1226.0462.1419.9146.61
    Mkt Cap3.75.810.49.91.11.04.7
    Rev LTM5191,6032,8642,823261-181,061
    Op Inc LTM-------
    FCF LTM1746801,5739406894427
    FCF 3Y Avg1415569866605857349
    CFO LTM1837191,6449877298451
    CFO 3Y Avg1526011,0506976461377

    Growth & Margins

    NICASBWTFCONBMBWMHBNCMedian
    NameNicolet .Associat.Wintrust.Old Nati.Mercanti.Horizon . 
    Rev Chg LTM41.5%46.4%11.5%34.1%11.1%-108.5%22.8%
    Rev Chg 3Y Avg25.4%9.5%9.5%14.7%6.1%-37.1%9.5%
    Rev Chg Q85.7%23.2%10.1%13.2%12.8%13.9%13.5%
    QoQ Delta Rev Chg LTM18.7%5.6%2.4%3.1%3.1%33.3%4.3%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM35.1%44.9%57.4%35.0%27.7%-35.1%
    CFO/Rev 3Y Avg37.7%48.1%39.5%30.5%26.4%-37.7%
    FCF/Rev LTM33.5%42.4%54.9%33.3%26.1%-33.5%
    FCF/Rev 3Y Avg34.8%44.4%36.9%28.8%23.8%-34.8%

    Valuation

    NICASBWTFCONBMBWMHBNCMedian
    NameNicolet .Associat.Wintrust.Old Nati.Mercanti.Horizon . 
    Mkt Cap3.75.810.49.91.11.04.7
    P/S7.03.63.63.54.1-3.6
    P/Op Inc-------
    P/EBIT-------
    P/E23.711.611.511.211.3-7.111.4
    P/CFO20.08.16.310.114.810.310.2
    Total Yield4.9%11.5%10.4%11.3%11.2%-11.0%10.8%
    Dividend Yield0.7%2.8%1.7%2.4%2.4%3.1%2.4%
    FCF Yield 3Y Avg7.1%13.2%11.2%8.6%7.4%7.6%8.1%
    D/E0.00.90.40.80.40.40.4
    Net D/E-0.5-0.5-0.70.6-0.9-0.4-0.5

    Returns

    NICASBWTFCONBMBWMHBNCMedian
    NameNicolet .Associat.Wintrust.Old Nati.Mercanti.Horizon . 
    1M Rtn-1.0%-0.7%-4.2%-3.0%0.9%-3.6%-2.0%
    3M Rtn25.6%12.8%1.1%9.3%18.6%7.0%11.0%
    6M Rtn16.8%25.5%12.4%18.1%25.2%24.4%21.2%
    12M Rtn26.3%20.5%11.8%15.8%31.3%22.8%21.7%
    3Y Rtn130.2%100.3%107.0%84.2%103.0%103.8%103.4%
    1M Excs Rtn-0.9%0.4%-3.3%-1.9%1.9%-2.9%-1.4%
    3M Excs Rtn21.1%8.3%-3.4%4.8%14.1%2.5%6.5%
    6M Excs Rtn2.3%11.0%-2.1%3.6%10.7%9.9%6.7%
    12M Excs Rtn7.6%1.8%-6.9%-2.9%12.5%4.1%3.0%
    3Y Excs Rtn64.4%35.1%38.1%15.4%36.1%30.7%35.6%

    Comparison Analyses

    null

    FDIC Bank Data

    Bank Assets

    FDIC Data As Of12312025
    ASSETS 
    Cash Balance ($ Bil)1
    Securities ($ Bil)1
    Net Loans ($ Bil)7
    Trading Assets ($ Bil)0
    Bank Premises Assets ($ Bil)0
    Other Real Estate Owned ($ Bil)0
    Goodwill & Intangibles ($ Bil)0
    Other Assets ($ Bil)0
    Total Assets (Sum) ($ Bil)9
    Total Assets (Reported) ($ Bil)9
    Risk Weighted Assets ($ Bil)7
    SECURITIES DETAILS 
    US Govt Securities ($ Bil)1
    Equity Securities Not Held for Trading ($ Bil)0
    Total Debt Securities ($ Bil)1
    Mortgage-Backed Securities ($ Bil)0
    SECURITIES VALUATION 
    Securities Held to Maturity (Book Value) ($ Bil)0
    Securities Available for Sale (Fair Market) ($ Bil)1

    Bank Loans

    FDIC Data As Of12312025
    LOAN DETAILS 
    All Real Estate Loans ($ Bil)5
    Farm Loans ($ Bil)0
    Commercial and Industrial Loans ($ Bil)1
    Loans to Individuals (CC, revolving credit, auto, other) (non-mortgage) ($ Bil)0
    Commercial Real Estate Loans not Secured by Real Estate ($ Bil)0
    Commercial Real Estate Owner-Occupied ($ Bil)1
    Commercial Real Estate Other Non-Farm Non-Residential ($ Bil)1
    Total Net Loans ($ Bil)7

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date7/31/20265/6/20262/27/202610/31/20258/1/20254/29/20252/25/202511/1/20248/5/20245/8/20242/28/202411/7/2023
    Key Financials Quarterly            
    Total Revenue1781351041039689919185828978
    Net Income571540423633343329283117
    EPS2.680.832.722.812.402.142.252.161.961.862.071.16
    Key Financials TTM            
    Total Revenue TTM519437392379367356349347334325276270
    Net Income TTM154133151145136129124120105986258
    Growth Rates Quarterly            
    Total Revenue Growth85.7%50.8%14.0%13.4%12.7%8.8%2.4%16.3%12.0%152.7%7.1%2.7%
    Net Income Growth57.9%-53.4%16.9%28.4%23.1%17.3%12.5%89.5%29.6%412.3%11.1%-7.3%
    Margins Quarterly            
    Net Income Margin32.0%11.3%38.8%40.6%37.6%36.4%37.8%35.8%34.5%33.8%34.4%22.0%
    Cash & Debt            
    Total Cash1,7471,8611,1841,3351,2721,0451,3421,2571,2121,2371,3001,347
    Total Debt93180135135134157161161162162167198
    Net Debt / (Cash)-1,654-1,681-1,049-1,201-1,138-888-1,181-1,096-1,050-1,075-1,133-1,150
    Cash Flows Quarterly            
    FCF from Operations931627463942334037233822
    Cash Flows TTM            
    FCF from Operations TTM183128154160154152134138120116108100
    Returns to Shareholders Quarterly            
    Dividends875554444444
    Share Repurchases373812533301110-05-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC------------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM------------

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Banking Segment392349278298225
    Total392349278298225


    Price Behavior

    Price Behavior
    Market Price$172.12 
    Market Cap ($ Bil)3.7 
    First Trading Date05/17/2013 
    Distance from 52W High-3.6% 
       50 Days200 Days
    DMA Price$169.88$148.47
    DMA Trendupup
    Distance from DMA1.3%15.9%
     3M1YR
    Volatility23.8%30.1%
    Downside Capture-18.9453.79
    Upside Capture89.3369.57
    Correlation (SPY)15.6%28.3%
    NIC Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta0.540.340.300.600.650.84
    Up Beta1.220.37-0.230.500.810.87
    Down Beta1.210.090.450.650.620.84
    Up Capture-3%35%85%60%58%71%
    Bmk +ve Days10213268138427
    Stock +ve Days10213767131392
    Down Capture26%46%-4%62%63%90%
    Bmk -ve Days11213259113324
    Stock -ve Days11212760120358

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with NIC
    NIC26.4%30.1%0.78-
    Sector ETF (XLF)8.8%14.6%0.3545.3%
    Equity (SPY)19.7%12.8%1.1327.9%
    Gold (GLD)24.6%29.2%0.756.0%
    Commodities (DBC)44.1%20.4%1.69-17.6%
    Real Estate (VNQ)9.1%13.6%0.3936.2%
    Bitcoin (BTCUSD)-26.9%43.8%-0.5912.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with NIC
    NIC16.9%30.3%0.54-
    Sector ETF (XLF)10.1%18.4%0.4155.6%
    Equity (SPY)12.8%17.2%0.5742.9%
    Gold (GLD)19.1%18.8%0.822.8%
    Commodities (DBC)10.7%19.5%0.433.6%
    Real Estate (VNQ)1.7%18.9%-0.0143.8%
    Bitcoin (BTCUSD)10.6%52.6%0.3818.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with NIC
    NIC16.4%30.8%0.56-
    Sector ETF (XLF)13.6%22.1%0.5661.7%
    Equity (SPY)15.3%17.9%0.7249.7%
    Gold (GLD)12.4%16.3%0.620.4%
    Commodities (DBC)7.9%18.1%0.3512.8%
    Real Estate (VNQ)4.8%20.7%0.1947.8%
    Bitcoin (BTCUSD)64.0%66.2%1.0413.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date8142026
    Short Interest: Shares Quantity0.9 Mil
    Short Interest: % Change Since 7312026-4.9%
    Average Daily Volume0.2 Mil
    Days-to-Cover Short Interest6.0 days
    Basic Shares Quantity21.2 Mil
    Short % of Basic Shares4.5%

    Returns Analyses

    Earnings Returns History

    Updated 8/21/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/21/2026-0.1%3.1%2.8%
    4/21/2026-7.7%-4.1%-8.1%
    1/20/202610.3%9.1%20.7%
    10/23/2025-1.4%-7.9%-3.5%
    7/15/20257.8%8.8%6.1%
    4/15/20252.1%10.4%16.8%
    1/21/20252.2%2.4%10.5%
    10/15/20245.8%3.6%13.2%
    ...
    SUMMARY STATS   
    # Positive141617
    # Negative976
    Median Positive3.4%6.3%6.9%
    Median Negative-2.6%-5.5%-4.4%
    Max Positive10.3%10.7%20.7%
    Max Negative-9.7%-10.1%-8.1%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/21/2026-0.1%3.1%2.8%
    4/21/2026-7.7%-4.1%-8.1%
    1/20/202610.3%9.1%20.7%
    10/23/2025-1.4%-7.9%-3.5%
    7/15/20257.8%8.8%6.1%
    4/15/20252.1%10.4%16.8%
    1/21/20252.2%2.4%10.5%
    10/15/20245.8%3.6%13.2%
    7/16/20248.1%10.7%-6.3%
    4/16/2024-2.3%4.3%5.7%
    1/16/20246.4%9.2%2.0%
    10/24/2023-1.5%8.0%12.0%
    7/18/20235.3%5.2%2.6%
    4/18/2023-3.9%-5.7%-1.6%
    1/17/2023-9.7%-10.1%-5.4%
    10/25/2022-2.6%-1.0%5.7%
    7/19/20220.7%7.7%13.3%
    1/18/20223.1%7.5%9.7%
    10/19/2021-4.5%-5.5%-2.0%
    7/20/20212.1%2.3%6.9%
    4/20/20211.7%3.8%0.9%
    1/19/20210.8%-1.3%1.1%
    10/20/20203.7%2.0%12.5%
    SUMMARY STATS   
    # Positive141617
    # Negative976
    Median Positive3.4%6.3%6.9%
    Median Negative-2.6%-5.5%-4.4%
    Max Positive10.3%10.7%20.7%
    Max Negative-9.7%-10.1%-8.1%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202607/31/202610-Q
    03/31/202605/06/202610-Q
    12/31/202502/27/202610-K
    09/30/202510/31/202510-Q
    06/30/202508/01/202510-Q
    03/31/202504/29/202510-Q
    12/31/202402/25/202510-K
    09/30/202411/01/202410-Q
    06/30/202408/05/202410-Q
    03/31/202405/08/202410-Q
    12/31/202302/28/202410-K
    09/30/202311/07/202310-Q
    06/30/202308/04/202310-Q
    03/31/202305/02/202310-Q
    12/31/202202/24/202310-K
    09/30/202211/01/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202607/31/202610-Q
    03/31/202605/06/202610-Q
    12/31/202502/27/202610-K
    09/30/202510/31/202510-Q
    06/30/202508/01/202510-Q
    03/31/202504/29/202510-Q
    12/31/202402/25/202510-K
    09/30/202411/01/202410-Q
    06/30/202408/05/202410-Q
    03/31/202405/08/202410-Q
    12/31/202302/28/202410-K
    09/30/202311/07/202310-Q
    06/30/202308/04/202310-Q
    03/31/202305/02/202310-Q
    12/31/202202/24/202310-K
    09/30/202211/01/202210-Q
    06/30/202208/08/202210-Q
    03/31/202204/29/202210-Q
    12/31/202102/25/202210-K
    09/30/202110/29/202110-Q
    06/30/202107/30/202110-Q
    03/31/202104/30/202110-Q
    12/31/202002/26/202110-K
    09/30/202010/30/202010-Q
    06/30/202007/31/202010-Q
    03/31/202004/30/202010-Q
    12/31/201902/28/202010-K
    09/30/201910/31/201910-Q

    Insider Activity

    Updated 7/28/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Atwell, Robert Bruce DirectSell7282026170.242,662453,1795,870,386Form
    2Atwell, Robert Bruce DirectSell3162026149.823,309495,7595,102,022Form
    3Atwell, Robert Bruce DirectSell3092026150.673,331501,8885,130,976Form
    4Atwell, Robert Bruce DirectSell2202026155.476,396994,3865,294,375Form
    5Moore, Hubert Phillip JRCFOSpouse's IRABuy11202025120.35253,00948,140Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Atwell, Robert Bruce DirectSell7282026170.242,662453,1795,870,386Form
    2Atwell, Robert Bruce DirectSell3162026149.823,309495,7595,102,022Form
    3Atwell, Robert Bruce DirectSell3092026150.673,331501,8885,130,976Form
    4Atwell, Robert Bruce DirectSell2202026155.476,396994,3865,294,375Form
    5Moore, Hubert Phillip JRCFOSpouse's IRABuy11202025120.35253,00948,140Form
    6Ghidorzi, Christopher J DirectBuy11062025121.5210512,7601,027,573Form
    7Weyers, Robert J Weyers Family Limited PartnershipBuy11032025115.781,000115,7803,039,225Form
    8Weyers, Robert J Ronald Weyers TrustBuy11032025115.711,000115,710115,710Form
    9Weyers, Robert J Colleen Weyers TrustBuy11032025115.711,000115,710115,710Form
    10Moore, Hubert Phillip JRCFODirectBuy10312025115.8424027,8023,816,580Form
    11Witczak, Eric JamesEVP & SecretaryDirectSell8282025139.421,588221,3994,029,377Form
    12Witczak, Eric JamesEVP & SecretaryDirectSell8272025136.701,564213,7993,950,767Form
    13Atwell, Robert Bruce DirectSell7222025139.476,904962,8744,772,531Form
    14Witczak, Eric JamesEVP & SecretaryDirectSell7222025139.775,000698,8504,039,493Form

    Investor Activity (13F)

    Updated Sep 5, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Stieven Capital Advisors, L.P.$7.8 Mil1.7%35New13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Stieven Capital Advisors, L.P.$7.8 Mil1.7%35New13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Stieven Capital Advisors, L.P.$7.8 Mil1.7%35New13F

    Industry Resources

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