NIC Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About NIC Interactive Breakdown Better Bets vs. NIC Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    Nicolet Bankshares (NIC)

    Market Price (7/22/2026): $168.0 | Market Cap: $3.1 BilSector: Financials | Industry: Regional Banks

    Nicolet Bankshares (NIC)

    Market Price (7/22/2026): $168.0
    Market Cap: $3.1 Bil
    Sector: Financials
    Industry: Regional Banks

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

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.0%

    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 -55%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%

    Low stock price volatility
    Vol 12M is 31%

    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 -2.3%, Dist 3Y High is -2.3%

    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 24x

    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 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.0%
    1 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 -55%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%
    3 Low stock price volatility
    Vol 12M is 31%
    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 -2.3%, Dist 3Y High is -2.3%
    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%
    7 Expensive valuation multiples
    P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x
    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%
    IWM0.10%
    IJR0.18%
    KRE0.93%
    SLYG0.20%
    IJT0.20%
    SLYV0.17%
    +11 more covered ETFs

    Valuation & Metrics

    FYE: 12/31NIC [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$437.4 Mil—
    FY 2026 Sales$656.8 Mil—
    FY 2027 Sales$705.6 Mil—
    FY 2026 Sales Growth50.1%—
    FY 2027 Sales Growth7.4%8.2%
    EARNINGS
    LTM Net Income (GAAP) [3]$133.3 Mil—
    FY 2026 Net Income (Non-GAAP)$183.6 Mil—
    FY 2027 Net Income (Non-GAAP)$205.4 Mil—
    FY 2027 Net Income Growth11.8%16.4%
    FY 2026 EPS (Non-GAAP)$11.92—
    FY 2027 EPS (Non-GAAP)$13.26—
    FY 2027 EPS Growth11.3%—
    VALUATION
    FY 2026 P/S4.73.2
    FY 2027 P/S4.3—
    FY 2026 P/E16.719.6
    FY 2027 P/E14.9—

    [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 7/31/27 (~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)0.4
    Rev Chg Q50.8%8.9%
    Rev Chg LTM22.8%7.5%
    Rev Chg 3Y Avg19.0%5.9%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.1
    Net Inc LTM ($ Bil)0.1
    CFO/Rev LTM29.3%21.4%
    Net Inc Mgn30.5%13.0%
    VALUATIONMODERATE
    P/S7.03.3
    P/CFO23.915.2
    P/FCF24.920.0
    P/E23.024.3

    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

    Upcoming
    7/21/2026Earnings ReleaseRev: $177 Mil (A) vs. $171 Mil (E)
    EPS: 2.99 (A) vs. $2.85 (E)
    10/22/2026Earnings ReleaseRev: $173 Mil (E)
    EPS: $3.09 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 7/21/2026

    Nicolet Bankshares (NIC) stock has gained about 15% since 3/31/2026 because of the following key factors:

    1. Exceptional Q2 2026 Earnings Performance.

    Nicolet Bankshares reported a significant surge in net income to $57 million for fiscal Q2 2026 (ended June 30, 2026), a substantial increase from $15 million in fiscal Q1 2026 and $36 million in fiscal Q2 2025. Diluted earnings per share (EPS) for fiscal Q2 2026 reached $2.62, up from $0.81 in the prior quarter. Core diluted EPS (non-GAAP) was $2.99, surpassing analyst estimates of $2.82 by $0.17. Additionally, the company's revenue for fiscal Q2 2026 stood at $179.36 million, exceeding estimates of $164.55 million.

    2. Expansion of Net Interest Margin and Income.

    The company demonstrated strong growth in its net interest income, which increased by $32 million, or 29%, to $141 million in fiscal Q2 2026 compared to fiscal Q1 2026. This was accompanied by an expansion of the net interest margin to 4.14% in fiscal Q2 2026, up from 3.98% in the preceding quarter. This improvement was largely driven by the full inclusion of MidWestOne acquisition balances, favorable loan purchase accounting accretion, and reduced core deposit funding costs.

    Show more
    Updated on 7/21/2026

    Nicolet Bankshares (NIC) stock has gained about 15% since 3/31/2026 because of the following key factors:

    1. Exceptional Q2 2026 Earnings Performance.

    Nicolet Bankshares reported a significant surge in net income to $57 million for fiscal Q2 2026 (ended June 30, 2026), a substantial increase from $15 million in fiscal Q1 2026 and $36 million in fiscal Q2 2025. Diluted earnings per share (EPS) for fiscal Q2 2026 reached $2.62, up from $0.81 in the prior quarter. Core diluted EPS (non-GAAP) was $2.99, surpassing analyst estimates of $2.82 by $0.17. Additionally, the company's revenue for fiscal Q2 2026 stood at $179.36 million, exceeding estimates of $164.55 million.

    2. Expansion of Net Interest Margin and Income.

    The company demonstrated strong growth in its net interest income, which increased by $32 million, or 29%, to $141 million in fiscal Q2 2026 compared to fiscal Q1 2026. This was accompanied by an expansion of the net interest margin to 4.14% in fiscal Q2 2026, up from 3.98% in the preceding quarter. This improvement was largely driven by the full inclusion of MidWestOne acquisition balances, favorable loan purchase accounting accretion, and reduced core deposit funding costs.

    3. Successful Integration of MidWestOne Acquisition.

    Fiscal Q2 2026 marked the first full quarter reflecting the benefits of the MidWestOne Financial Group acquisition, completed in February 2026, which significantly expanded Nicolet's assets, loans, and deposits. The integration efforts contributed materially to the increase in average interest-earning assets, which rose by $2.6 billion from fiscal Q1 2026. Management has expressed satisfaction with the progress of the integration, which included a strategic agreement in April 2026 to sell Denver branches, further refining the company's operational focus.

    4. Robust Capital Management and Shareholder Returns.

    Nicolet Bankshares actively engaged in capital management during fiscal Q2 2026, repurchasing 267,310 shares for a total of $40 million. Furthermore, the board authorized a new $150 million share buyback program. The company also maintained its quarterly cash dividend at $0.36 per share.

    Show less
    Holding a concentrated position? Know your true downside before the momentum shifts.
    Protect Your Wealth →

    Stock Movement Drivers

    Fundamental Drivers

    The 13.3% change in NIC stock from 3/31/2026 to 7/21/2026 was primarily driven by a 57.7% change in the company's P/E Multiple.
    (LTM values as of)33120267212026Change
    Stock Price ($)148.24167.9113.3%
    Change Contribution By: 
    Total Revenues ($ Mil)39243711.6%
    Net Income Margin (%)38.4%30.5%-20.7%
    P/E Multiple14.623.057.7%
    Shares Outstanding (Mil)1518-18.8%
    Cumulative Contribution13.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 7/21/2026
    ReturnCorrelation
    NIC13.3% 
    Market (SPY)15.1%20.8%
    Sector (XLF)13.7%41.7%

    Fundamental Drivers

    The 39.1% change in NIC stock from 12/31/2025 to 7/21/2026 was primarily driven by a 85.7% change in the company's P/E Multiple.
    (LTM values as of)123120257212026Change
    Stock Price ($)120.74167.9139.1%
    Change Contribution By: 
    Total Revenues ($ Mil)37943715.3%
    Net Income Margin (%)38.2%30.5%-20.2%
    P/E Multiple12.423.085.7%
    Shares Outstanding (Mil)1518-18.6%
    Cumulative Contribution39.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    12/31/2025 to 7/21/2026
    ReturnCorrelation
    NIC39.1% 
    Market (SPY)10.0%30.1%
    Sector (XLF)3.0%40.8%

    Fundamental Drivers

    The 37.3% change in NIC stock from 6/30/2025 to 7/21/2026 was primarily driven by a 58.6% change in the company's P/E Multiple.
    (LTM values as of)63020257212026Change
    Stock Price ($)122.32167.9137.3%
    Change Contribution By: 
    Total Revenues ($ Mil)35643722.8%
    Net Income Margin (%)36.2%30.5%-15.7%
    P/E Multiple14.523.058.6%
    Shares Outstanding (Mil)1518-16.3%
    Cumulative Contribution37.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2025 to 7/21/2026
    ReturnCorrelation
    NIC37.3% 
    Market (SPY)22.1%31.3%
    Sector (XLF)8.4%47.8%

    Fundamental Drivers

    The 155.6% change in NIC stock from 6/30/2023 to 7/21/2026 was primarily driven by a 67.6% change in the company's Total Revenues ($ Mil).
    (LTM values as of)63020237212026Change
    Stock Price ($)65.70167.91155.6%
    Change Contribution By: 
    Total Revenues ($ Mil)26143767.6%
    Net Income Margin (%)23.5%30.5%29.9%
    P/E Multiple15.823.045.6%
    Shares Outstanding (Mil)1518-19.4%
    Cumulative Contribution155.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2023 to 7/21/2026
    ReturnCorrelation
    NIC155.6% 
    Market (SPY)74.8%40.9%
    Sector (XLF)73.9%57.6%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    NIC Return29%-7%2%32%17%38%161%
    Peers Return34%-5%7%24%11%21%125%
    S&P 500 Return27%-19%24%23%16%9%98%

    Monthly Win Rates [3]
    NIC Win Rate50%42%58%58%67%57% 
    Peers Win Rate70%42%47%52%53%69% 
    S&P 500 Win Rate75%42%67%75%67%43% 

    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 7/21/2026 (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

    null

    AI Analysis | Feedback

    ```html

    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.

    Latest Trefis Analyses

    Title
    0ARTICLES

    Recent Active Movers

    Top Gainers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    UTZUtz Brands1.288.0%37.8%
    LCIDLucid2.458.4%-30.7%
    IOVAIovance Biotherapeutics2.339.4%100.7%
    AEHRAehr Test Systems3.037.4%389.9%
    XNCRXencor1.536.8%33.6%
    FEIMFrequency Electronics0.835.5%48.3%
    CDNACareDx2.033.2%104.6%
    MANManpowerGroup2.431.9%77.9%
    ELVAElectrovaya0.529.2%29.0%
    ATAIAtaiBeckley2.625.8%74.4%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    AIAIAIAI0.5-28.3%-55.1%
    PENGPenguin Solutions3.0-25.3%197.0%
    LINCLincoln Educational Services1.3-23.5%69.6%
    TENBTenable4.0-20.1%44.9%
    UTIUniversal Technical Institute2.1-20.0%42.8%
    SPIRSpire Global0.4-19.6%55.5%
    VICRVicor9.8-18.8%95.9%
    PNRPentair10.0-18.8%-40.6%
    ABSIAbsci1.3-18.7%138.4%
    BLZEBackblaze0.8-18.5%189.3%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CRNXCrinetics Pharmaceuticals8.7133.9%80.2%
    TRAXFirst Tracks Biotherapeutics1.3114.5%100.9%
    UTZUtz Brands1.2101.2%37.8%
    DFTXDefinium Therapeutics, Inc.4.984.2%233.7%
    PBFPBF Energy7.777.1%147.1%
    ATAIAtaiBeckley2.675.7%74.4%
    MNPRMonopar Therapeutics1.068.3%73.9%
    ALITAlight9.965.0%-51.8%
    BLZEBackblaze0.864.6%189.3%
    ZBIOZenas BioPharma1.863.6%-10.9%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    FACFactorial Energy0.6-64.0%24.5%
    HTZHertz Global0.6-63.4%-64.0%
    AIAIAIAI0.5-59.2%-55.1%
    HYLNHyliion0.7-52.1%110.9%
    ALOYREalloys0.5-49.4%-4.7%
    ABTCAmerican Bitcoin6.6-49.3%-74.6%
    NVTSNavitas Semiconductor2.9-46.6%79.6%
    WOLFWolfspeed1.2-44.7%82.3%
    EOSEEos Energy Enterprises1.4-44.6%-63.0%
    YSSYork Space Systems2.2-41.6%-46.5%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    NICASBWTFCONBMBWMHBNCMedian
    NameNicolet .Associat.Wintrust.Old Nati.Mercanti.Horizon . 
    Mkt Price167.9130.96158.9326.1759.6820.4145.32
    Mkt Cap3.15.110.710.11.01.04.1
    Rev LTM4371,5182,7962,738253-27978
    Op Inc LTM-------
    FCF LTM1236161,6647284381369
    FCF 3Y Avg1205301,0196195951325
    CFO LTM1286531,7187794985391
    CFO 3Y Avg1325761,0786586557354

    Growth & Margins

    NICASBWTFCONBMBWMHBNCMedian
    NameNicolet .Associat.Wintrust.Old Nati.Mercanti.Horizon . 
    Rev Chg LTM22.8%44.5%12.3%41.6%9.8%-113.4%17.5%
    Rev Chg 3Y Avg19.0%8.1%10.7%14.7%7.3%-41.5%9.4%
    Rev Chg Q50.8%11.5%10.9%44.3%18.1%6.2%14.8%
    QoQ Delta Rev Chg LTM11.6%2.7%2.6%8.5%4.3%13.4%6.4%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM29.3%43.0%61.4%28.5%19.5%-29.3%
    CFO/Rev 3Y Avg35.9%47.9%41.6%30.7%27.8%-35.9%
    FCF/Rev LTM28.2%40.6%59.5%26.6%17.0%-28.2%
    FCF/Rev 3Y Avg32.5%43.9%39.2%28.9%24.9%-32.5%

    Valuation

    NICASBWTFCONBMBWMHBNCMedian
    NameNicolet .Associat.Wintrust.Old Nati.Mercanti.Horizon . 
    Mkt Cap3.15.110.710.11.01.04.1
    P/S7.03.43.83.74.1-3.8
    P/Op Inc-------
    P/EBIT-------
    P/E23.010.412.413.311.2-7.011.8
    P/CFO23.97.86.213.020.912.312.6
    Total Yield5.0%12.7%9.7%9.9%11.3%-11.3%9.8%
    Dividend Yield0.7%3.1%1.6%2.3%2.4%2.9%2.4%
    FCF Yield 3Y Avg6.5%13.2%11.8%8.9%7.9%7.0%8.4%
    D/E0.10.80.40.70.50.30.4
    Net D/E-0.5-0.6-0.60.5-1.0-0.4-0.6

    Returns

    NICASBWTFCONBMBWMHBNCMedian
    NameNicolet .Associat.Wintrust.Old Nati.Mercanti.Horizon . 
    1M Rtn14.3%6.0%3.1%5.5%11.0%6.4%6.2%
    3M Rtn8.7%12.0%6.2%10.8%16.9%16.3%11.4%
    6M Rtn28.4%20.5%10.6%15.7%19.7%20.3%20.0%
    12M Rtn22.3%25.2%22.8%18.4%26.2%33.6%24.0%
    3Y Rtn121.8%90.1%101.1%82.5%95.4%104.9%98.3%
    1M Excs Rtn14.2%5.9%3.0%5.4%10.9%6.2%6.1%
    3M Excs Rtn2.4%4.5%1.6%2.9%7.3%8.8%3.7%
    6M Excs Rtn20.1%10.5%1.5%5.7%12.4%10.4%10.5%
    12M Excs Rtn1.6%5.0%1.1%-2.0%7.4%13.8%3.3%
    3Y Excs Rtn76.8%37.2%51.8%29.3%61.9%56.2%54.0%

    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: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
    Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
    Filing Date5/6/20262/27/202610/31/20258/1/20254/29/20252/25/202511/1/20248/5/20245/8/20242/28/202411/7/20238/4/2023
    Key Financials Quarterly            
    Total Revenue135104103968991918582897876
    Net Income154042363334332928311723
    EPS0.832.722.812.402.142.252.161.961.862.071.161.54
    Key Financials TTM            
    Total Revenue TTM437392379367356349347334325276270268
    Net Income TTM13315114513612912412010598625860
    Growth Rates Quarterly            
    Total Revenue Growth50.8%14.0%13.4%12.7%8.8%2.4%16.3%12.0%152.7%7.1%2.7%9.6%
    Net Income Growth-53.4%16.9%28.4%23.1%17.3%12.5%89.5%29.6%412.3%11.1%-7.3%-5.8%
    Margins Quarterly            
    Net Income Margin11.3%38.8%40.6%37.6%36.4%37.8%35.8%34.5%33.8%34.4%22.0%29.8%
    Cash & Debt            
    Total Cash1,8611,1841,3351,2721,0451,3421,2571,2121,2371,3001,3471,436
    Total Debt180135135134157161161162162167198248
    Net Debt / (Cash)-1,681-1,049-1,201-1,138-888-1,181-1,096-1,050-1,075-1,133-1,150-1,189
    Cash Flows Quarterly            
    FCF from Operations162746394233403723382233
    Cash Flows TTM            
    FCF from Operations TTM128154160154152134138120116108100116
    Returns to Shareholders Quarterly            
    Dividends755544444444
    Share Repurchases3812533301110-05-02
    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$167.91 
    Market Cap ($ Bil)3.1 
    First Trading Date05/17/2013 
    Distance from 52W High-2.3% 
       50 Days200 Days
    DMA Price$151.09$140.97
    DMA Trendupup
    Distance from DMA11.1%19.1%
     3M1YR
    Volatility32.7%30.8%
    Downside Capture41.5964.46
    Upside Capture66.8674.18
    Correlation (SPY)11.5%31.2%
    NIC Betas & Captures as of 6/30/2026

     1M2M3M6M1Y3Y
    Beta0.330.460.560.750.810.85
    Up Beta-1.24-0.260.520.701.010.86
    Down Beta0.960.480.150.630.700.84
    Up Capture168%102%71%108%80%86%
    Bmk +ve Days11244067140429
    Stock +ve Days15243768130397
    Down Capture-35%35%68%57%75%91%
    Bmk -ve Days10172358112321
    Stock -ve Days6172657122353

    [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
    NIC21.0%30.7%0.63-
    Sector ETF (XLF)8.1%14.6%0.3247.1%
    Equity (SPY)20.3%12.6%1.1931.1%
    Gold (GLD)21.6%28.1%0.697.4%
    Commodities (DBC)31.4%19.1%1.30-16.1%
    Real Estate (VNQ)15.0%14.0%0.7637.7%
    Bitcoin (BTCUSD)-44.6%42.9%-1.2516.9%

    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
    NIC18.8%30.4%0.60-
    Sector ETF (XLF)10.7%18.5%0.4556.0%
    Equity (SPY)12.9%17.1%0.5843.2%
    Gold (GLD)17.3%18.4%0.763.3%
    Commodities (DBC)8.9%19.5%0.355.1%
    Real Estate (VNQ)2.9%18.9%0.0544.2%
    Bitcoin (BTCUSD)14.9%53.4%0.4618.8%

    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
    NIC15.8%30.8%0.54-
    Sector ETF (XLF)13.7%22.0%0.5661.5%
    Equity (SPY)15.2%17.9%0.7249.5%
    Gold (GLD)11.2%16.1%0.570.6%
    Commodities (DBC)7.2%17.9%0.3213.3%
    Real Estate (VNQ)5.1%20.7%0.2147.6%
    Bitcoin (BTCUSD)58.7%66.2%0.9913.9%

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

    Short Interest

    Short Interest: As Of Date6302026
    Short Interest: Shares Quantity1.3 Mil
    Short Interest: % Change Since 615202658.8%
    Average Daily Volume0.7 Mil
    Days-to-Cover Short Interest2.0 days
    Basic Shares Quantity18.2 Mil
    Short % of Basic Shares7.3%

    Returns Analyses

    Earnings Returns History

    Updated 7/21/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    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%
    ...
    SUMMARY STATS   
    # Positive151617
    # Negative876
    Median Positive3.1%6.5%9.7%
    Median Negative-3.2%-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
    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%
    7/21/20202.2%5.5%11.2%
    SUMMARY STATS   
    # Positive151617
    # Negative876
    Median Positive3.1%6.5%9.7%
    Median Negative-3.2%-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
    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
     Collapse to Preview
    Report DateFiling DateFiling
    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
    06/30/201908/02/201910-Q

    Insider Activity

    Updated 6/10/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Atwell, Robert Bruce DirectSell3162026149.823,309495,7595,102,022Form
    2Atwell, Robert Bruce DirectSell3092026150.673,331501,8885,130,976Form
    3Atwell, Robert Bruce DirectSell2202026155.476,396994,3865,294,375Form
    4Moore, Hubert Phillip JRCFOSpouse's IRABuy11202025120.35253,00948,140Form
    5Ghidorzi, Christopher J DirectBuy11062025121.5210512,7601,027,573Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Atwell, Robert Bruce DirectSell3162026149.823,309495,7595,102,022Form
    2Atwell, Robert Bruce DirectSell3092026150.673,331501,8885,130,976Form
    3Atwell, Robert Bruce DirectSell2202026155.476,396994,3865,294,375Form
    4Moore, Hubert Phillip JRCFOSpouse's IRABuy11202025120.35253,00948,140Form
    5Ghidorzi, Christopher J DirectBuy11062025121.5210512,7601,027,573Form
    6Weyers, Robert J Weyers Family Limited PartnershipBuy11032025115.781,000115,7803,039,225Form
    7Weyers, Robert J Ronald Weyers TrustBuy11032025115.711,000115,710115,710Form
    8Weyers, Robert J Colleen Weyers TrustBuy11032025115.711,000115,710115,710Form
    9Moore, Hubert Phillip JRCFODirectBuy10312025115.8424027,8023,816,580Form
    10Witczak, Eric JamesEVP & SecretaryDirectSell8282025139.421,588221,3994,029,377Form
    11Witczak, Eric JamesEVP & SecretaryDirectSell8272025136.701,564213,7993,950,767Form
    12Atwell, Robert Bruce DirectSell7222025139.476,904962,8744,772,531Form
    13Witczak, Eric JamesEVP & SecretaryDirectSell7222025139.775,000698,8504,039,493Form
    14Atwell, Robert Bruce DirectSell6102025118.303,126369,8064,048,226Form
    15Atwell, Robert Bruce DirectSell6032025123.423,208395,9344,223,462Form

    Investor Activity (13F)

    Updated Jul 22, 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

    External Quote Links


    Prefer one of these to Trefis? Tell us why.
    Core Cache Last Updated: 7/21/2026