Nicolet Bankshares (NIC)
Market Price (10/21/2026): $164.63 | Market Cap: $3.5 BilSector: Financials | Industry: Regional Banks
Nicolet Bankshares (NIC)
Market Price (10/21/2026): $164.63Market Cap: $3.5 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -47% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41% Attractive cash flow generationCFO/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 volatilityVol 12M is 28% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology. | Moderate capital ratioTier 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 multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 19x Key risksNIC key risks include [1] a fragile net interest margin expansion that is threatened by persistent high interest rates or a reversal in funding costs. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -47% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41% |
| Attractive cash flow generationCFO/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 volatilityVol 12M is 28% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology. |
| Moderate capital ratioTier 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 multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 19x |
| Key risksNIC key risks include [1] a fragile net interest margin expansion that is threatened by persistent high interest rates or a reversal in funding costs. |
Qualitative Assessment
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Updated on 10/20/2026
Nicolet Bankshares (NIC) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Consistent Earnings Performance: Nicolet Bankshares (NIC) delivered generally strong earnings results for fiscal Q2 2026 and fiscal Q3 2026, which likely contributed to investor confidence and stock stability. For fiscal Q2 2026, the company reported earnings per share (EPS) of $2.99, surpassing analysts' consensus estimates of $2.85 by $0.14. In fiscal Q3 2026, Nicolet Bankshares announced adjusted EPS of $3.15, exceeding the average analyst estimate of $3.06 per share, with revenue of $174.4 million aligning with consensus expectations.
2. Successful Integration of MidWestOne Acquisition: The successful completion of the MidWestOne Financial Group integration, including core systems conversion and the sale of acquired Denver branches during fiscal Q3 2026, demonstrated operational progress and merger benefits. This integration led to an expansion of the net interest margin (NIM) to 4.19% in fiscal Q3 2026, up from 4.14% in the prior quarter, indicating improved profitability from the combined entity.
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Nicolet Bankshares (NIC) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Consistent Earnings Performance: Nicolet Bankshares (NIC) delivered generally strong earnings results for fiscal Q2 2026 and fiscal Q3 2026, which likely contributed to investor confidence and stock stability. For fiscal Q2 2026, the company reported earnings per share (EPS) of $2.99, surpassing analysts' consensus estimates of $2.85 by $0.14. In fiscal Q3 2026, Nicolet Bankshares announced adjusted EPS of $3.15, exceeding the average analyst estimate of $3.06 per share, with revenue of $174.4 million aligning with consensus expectations.
2. Successful Integration of MidWestOne Acquisition: The successful completion of the MidWestOne Financial Group integration, including core systems conversion and the sale of acquired Denver branches during fiscal Q3 2026, demonstrated operational progress and merger benefits. This integration led to an expansion of the net interest margin (NIM) to 4.19% in fiscal Q3 2026, up from 4.14% in the prior quarter, indicating improved profitability from the combined entity.
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Updated on 10/20/2026
Nicolet Bankshares (NIC) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Consistent Earnings Performance: Nicolet Bankshares (NIC) delivered generally strong earnings results for fiscal Q2 2026 and fiscal Q3 2026, which likely contributed to investor confidence and stock stability. For fiscal Q2 2026, the company reported earnings per share (EPS) of $2.99, surpassing analysts' consensus estimates of $2.85 by $0.14. In fiscal Q3 2026, Nicolet Bankshares announced adjusted EPS of $3.15, exceeding the average analyst estimate of $3.06 per share, with revenue of $174.4 million aligning with consensus expectations.
2. Successful Integration of MidWestOne Acquisition: The successful completion of the MidWestOne Financial Group integration, including core systems conversion and the sale of acquired Denver branches during fiscal Q3 2026, demonstrated operational progress and merger benefits. This integration led to an expansion of the net interest margin (NIM) to 4.19% in fiscal Q3 2026, up from 4.14% in the prior quarter, indicating improved profitability from the combined entity.
3. Supportive Regional Banking Sector Environment: The broader regional banking sector experienced robust performance in fiscal Q3 2026, characterized by strong commercial loan demand, which provided a positive backdrop for Nicolet Bankshares. Despite rising borrowing costs, several regional banks reported healthy earnings, fostering a generally stable sentiment for the industry and supporting NIC's consistent stock movement.
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Nicolet Bankshares (NIC) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Consistent Earnings Performance: Nicolet Bankshares (NIC) delivered generally strong earnings results for fiscal Q2 2026 and fiscal Q3 2026, which likely contributed to investor confidence and stock stability. For fiscal Q2 2026, the company reported earnings per share (EPS) of $2.99, surpassing analysts' consensus estimates of $2.85 by $0.14. In fiscal Q3 2026, Nicolet Bankshares announced adjusted EPS of $3.15, exceeding the average analyst estimate of $3.06 per share, with revenue of $174.4 million aligning with consensus expectations.
2. Successful Integration of MidWestOne Acquisition: The successful completion of the MidWestOne Financial Group integration, including core systems conversion and the sale of acquired Denver branches during fiscal Q3 2026, demonstrated operational progress and merger benefits. This integration led to an expansion of the net interest margin (NIM) to 4.19% in fiscal Q3 2026, up from 4.14% in the prior quarter, indicating improved profitability from the combined entity.
3. Supportive Regional Banking Sector Environment: The broader regional banking sector experienced robust performance in fiscal Q3 2026, characterized by strong commercial loan demand, which provided a positive backdrop for Nicolet Bankshares. Despite rising borrowing costs, several regional banks reported healthy earnings, fostering a generally stable sentiment for the industry and supporting NIC's consistent stock movement.
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Stock Movement Drivers
Fundamental Drivers
The -0.3% change in NIC stock from 6/30/2026 to 10/20/2026 was primarily driven by a -14.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302026 | 10202026 | Change |
|---|---|---|---|
| Stock Price ($) | 165.04 | 164.61 | -0.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 437 | 519 | 18.7% |
| Net Income Margin (%) | 30.5% | 29.7% | -2.6% |
| P/E Multiple | 22.6 | 22.6 | 0.3% |
| Shares Outstanding (Mil) | 18 | 21 | -14.0% |
| Cumulative Contribution | -0.3% |
Market Drivers
6/30/2026 to 10/20/2026| Return | Correlation | |
|---|---|---|
| NIC | -0.3% | |
| Market (SPY) | 3.0% | 18.6% |
| Sector (XLF) | 3.9% | 49.3% |
Fundamental Drivers
The 11.3% change in NIC stock from 3/31/2026 to 10/20/2026 was primarily driven by a 55.8% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10202026 | Change |
|---|---|---|---|
| Stock Price ($) | 147.92 | 164.61 | 11.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 392 | 519 | 32.5% |
| Net Income Margin (%) | 38.4% | 29.7% | -22.8% |
| P/E Multiple | 14.5 | 22.6 | 55.8% |
| Shares Outstanding (Mil) | 15 | 21 | -30.2% |
| Cumulative Contribution | 11.3% |
Market Drivers
3/31/2026 to 10/20/2026| Return | Correlation | |
|---|---|---|
| NIC | 11.3% | |
| Market (SPY) | 18.6% | 21.1% |
| Sector (XLF) | 13.3% | 42.9% |
Fundamental Drivers
The 23.5% change in NIC stock from 9/30/2025 to 10/20/2026 was primarily driven by a 53.4% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10202026 | Change |
|---|---|---|---|
| Stock Price ($) | 133.26 | 164.61 | 23.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 367 | 519 | 41.5% |
| Net Income Margin (%) | 36.9% | 29.7% | -19.7% |
| P/E Multiple | 14.8 | 22.6 | 53.4% |
| Shares Outstanding (Mil) | 15 | 21 | -29.1% |
| Cumulative Contribution | 23.5% |
Market Drivers
9/30/2025 to 10/20/2026| Return | Correlation | |
|---|---|---|
| NIC | 23.5% | |
| Market (SPY) | 16.4% | 27.8% |
| Sector (XLF) | 4.7% | 46.1% |
Fundamental Drivers
The 143.5% change in NIC stock from 9/30/2023 to 10/20/2026 was primarily driven by a 94.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10202026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.59 | 164.61 | 143.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 268 | 519 | 94.1% |
| Net Income Margin (%) | 22.4% | 29.7% | 32.8% |
| P/E Multiple | 16.6 | 22.6 | 36.2% |
| Shares Outstanding (Mil) | 15 | 21 | -30.6% |
| Cumulative Contribution | 143.5% |
Market Drivers
9/30/2023 to 10/20/2026| Return | Correlation | |
|---|---|---|
| NIC | 143.5% | |
| Market (SPY) | 86.1% | 40.1% |
| Sector (XLF) | 75.4% | 57.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NIC Return | 29% | -7% | 2% | 32% | 17% | 35% | 155% |
| Peers Return | 34% | -5% | 7% | 24% | 11% | 14% | 113% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| NIC Win Rate | 50% | 42% | 58% | 58% | 67% | 40% | |
| Peers Win Rate | 70% | 42% | 47% | 52% | 53% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
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 10/20/2026 (YTD)
How Low Can It Go
| Event | NIC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.0% | -18.8% |
| % Gain to Breakeven | 17.6% | 23.1% |
| Time to Breakeven | 28 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.0% | -9.5% |
| % Gain to Breakeven | 19.0% | 10.5% |
| Time to Breakeven | 49 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.8% | -6.7% |
| % Gain to Breakeven | 38.5% | 7.1% |
| Time to Breakeven | 34 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -19.4% | -24.5% |
| % Gain to Breakeven | 24.1% | 32.4% |
| Time to Breakeven | 650 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.0% | -33.7% |
| % Gain to Breakeven | 44.8% | 50.9% |
| Time to Breakeven | 286 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.4% | -19.2% |
| % Gain to Breakeven | 18.2% | 23.8% |
| Time to Breakeven | 29 days | 105 days |
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
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Asset Allocation
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| Event | NIC | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.8% | -6.7% |
| % Gain to Breakeven | 38.5% | 7.1% |
| Time to Breakeven | 34 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.0% | -33.7% |
| % Gain to Breakeven | 44.8% | 50.9% |
| Time to Breakeven | 286 days | 140 days |
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.
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A regional version of Bank of America or Chase for Wisconsin and Michigan.
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- 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.
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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.
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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.
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Here are the key risks to Nicolet Bankshares (NIC):
Key Risks to Nicolet Bankshares (NIC)
- 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.
- 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.
- 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.
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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.
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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.
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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.
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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 92% of its 263 Regional Banks peers over 5Y. Regional Banks ranks 8th 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 285 industry peers · 29.3% return
3Y
86%
of 275 industry peers · 149.0% return
5Y
92%
of 263 industry peers · 138.3% 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 med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 29.0% | 73.5% | 119.6% | SPNT 175% · RNR 149% · RGA 146% |
| Diversified Banks | 12 | 28.1% | 143.6% | 87.2% | CM 137% · JPM 122% · RY 122% |
| Life & Health Insurance | 20 | 12.4% | 61.6% | 81.1% | JXN 472% · UNM 280% · MFC 177% |
| Investment Banking & Brokerage | 13 | -12.0% | 102.4% | 68.8% | IBKR 354% · SNEX 177% · GS 145% |
| Property & Casualty Insurance | 42 | 14.2% | 80.2% | 66.6% | TRV 174% · PGR 162% · ACGL 150% |
| Multi-line Insurance | 9 | 8.3% | 66.9% | 59.7% | GNW 99% · L 95% · AIZ 87% |
| Multi-Sector Holdings | 3 | 6.4% | 55.8% | 52.3% | BRK-B 88% · VOYA 52% · JEF 31% |
| Regional Banks ← | 264 | 29.4% | 97.9% | 49.9% | CBC 230% · FCNCA 153% · OFG 144% |
| Financial Exchanges & Data | 15 | 8.1% | 35.0% | 30.1% | CBOE 165% · VIRT 158% · CME 70% |
| Consumer Finance | 30 | 2.5% | 86.6% | 21.1% | ENVA 397% · EZPW 320% · FCFS 154% |
| Insurance Brokers | 15 | -6.1% | 7.9% | 18.3% | LIFE 375% · ARX 88% · AJG 68% |
| Diversified Financial Services | 4 | -2.6% | 23.6% | 6.4% | FRHC 161% · EQH 81% |
| Asset Management & Custody Banks | 84 | -13.0% | 22.7% | 3.3% | WT 293% · AAMI 257% · VCTR 245% |
| Commercial & Residential Mortgage Finance | 15 | -53.5% | 34.8% | -4.5% | FNMA 333% · FMCC 289% · ACT 154% |
| Specialized Finance | 3 | 8.8% | 36.6% | -13.5% | CACC -13% · HASI -23% |
| Mortgage REITs | 34 | -21.0% | -3.0% | -34.3% | RITM 26% · DX 17% · AGNC 7% |
| Transaction & Payment Processing Services | 17 | 2.1% | 8.2% | -35.9% | V 82% · MA 79% · CPAY 49% |
| Diversified Capital Markets | 20 | -48.9% | 12.8% | -62.8% | LPLA 89% · TW 45% · RIOT -56% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 44.07 |
| Mkt Cap | 4.5 |
| Rev LTM | 1,061 |
| Op Inc LTM | - |
| FCF LTM | 427 |
| FCF 3Y Avg | 349 |
| CFO LTM | 451 |
| CFO 3Y Avg | 377 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 22.8% |
| Rev Chg 3Y Avg | 9.5% |
| Rev Chg Q | 13.5% |
| QoQ Delta Rev Chg LTM | 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 LTM | 35.1% |
| CFO/Rev 3Y Avg | 37.7% |
| FCF/Rev LTM | 33.5% |
| FCF/Rev 3Y Avg | 34.8% |
Price Behavior
Price Behavior
| Market Price | $164.61 | |
| Market Cap ($ Bil) | 3.5 | |
| First Trading Date | 05/17/2013 | |
| Distance from 52W High | -7.9% | |
| 50 Days | 200 Days | |
| DMA Price | $168.65 | $154.76 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -2.4% | 6.4% |
| 3M | 1YR | |
| Volatility | 16.8% | 28.4% |
| Downside Capture | 47.54 | 47.01 |
| Upside Capture | 29.49 | 72.33 |
| Correlation (S&P 500) | 21.5% | 26.8% |
NIC Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.39 | 0.45 | 0.34 | 0.46 | 0.65 | 0.82 |
| Up Beta | -2.37 | 0.48 | 0.01 | 0.27 | 0.68 | 0.85 |
| Down Beta | 1.35 | 1.45 | 0.51 | 0.29 | 0.64 | 0.83 |
| Up Capture | 37% | 15% | 34% | 52% | 61% | 68% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 10 | 20 | 32 | 68 | 134 | 395 |
| Down Capture | 110% | 66% | 51% | 61% | 65% | 89% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 12 | 22 | 32 | 58 | 118 | 356 |
[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 | |
|---|---|---|---|---|
| NIC | 33.1% | 28.4% | 0.99 | - |
| Sector ETF (XLF) | 8.1% | 14.5% | 0.31 | 42.0% |
| Equity (SPY) | 16.8% | 12.7% | 0.93 | 26.4% |
| Gold (GLD) | -2.9% | 29.3% | -0.10 | 10.1% |
| Commodities (DBC) | 52.5% | 20.7% | 1.93 | -18.4% |
| Real Estate (VNQ) | 5.1% | 13.8% | 0.11 | 37.3% |
| Bitcoin (BTCUSD) | -23.7% | 43.6% | -0.50 | 9.5% |
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 | |
|---|---|---|---|---|
| NIC | 16.4% | 30.1% | 0.53 | - |
| Sector ETF (XLF) | 9.5% | 18.3% | 0.38 | 55.2% |
| Equity (SPY) | 13.6% | 17.1% | 0.61 | 42.5% |
| Gold (GLD) | 18.1% | 18.9% | 0.77 | 3.0% |
| Commodities (DBC) | 9.7% | 19.5% | 0.38 | 3.3% |
| Real Estate (VNQ) | 1.4% | 18.9% | -0.03 | 44.1% |
| Bitcoin (BTCUSD) | 7.7% | 51.7% | 0.33 | 18.0% |
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 | |
|---|---|---|---|---|
| NIC | 15.5% | 30.7% | 0.53 | - |
| Sector ETF (XLF) | 13.0% | 22.1% | 0.53 | 61.7% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 49.5% |
| Gold (GLD) | 12.1% | 16.4% | 0.60 | 0.4% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 12.8% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 47.9% |
| Bitcoin (BTCUSD) | 62.9% | 66.2% | 1.03 | 13.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/21/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/21/2026 | -0.1% | 3.1% | 2.8% |
| 4/21/2026 | -7.7% | -4.1% | -8.1% |
| 1/20/2026 | 10.3% | 9.1% | 20.7% |
| 10/23/2025 | -1.4% | -7.9% | -3.5% |
| 7/15/2025 | 7.8% | 8.8% | 6.1% |
| 4/15/2025 | 2.1% | 10.4% | 16.8% |
| 1/21/2025 | 2.2% | 2.4% | 10.5% |
| 10/15/2024 | 5.8% | 3.6% | 13.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 16 | 17 |
| # Negative | 9 | 7 | 6 |
| Median Positive | 3.4% | 6.3% | 6.9% |
| Median Negative | -2.6% | -5.5% | -4.4% |
| Max Positive | 10.3% | 10.7% | 20.7% |
| Max Negative | -9.7% | -10.1% | -8.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/21/2026 | -0.1% | 3.1% | 2.8% |
| 4/21/2026 | -7.7% | -4.1% | -8.1% |
| 1/20/2026 | 10.3% | 9.1% | 20.7% |
| 10/23/2025 | -1.4% | -7.9% | -3.5% |
| 7/15/2025 | 7.8% | 8.8% | 6.1% |
| 4/15/2025 | 2.1% | 10.4% | 16.8% |
| 1/21/2025 | 2.2% | 2.4% | 10.5% |
| 10/15/2024 | 5.8% | 3.6% | 13.2% |
| 7/16/2024 | 8.1% | 10.7% | -6.3% |
| 4/16/2024 | -2.3% | 4.3% | 5.7% |
| 1/16/2024 | 6.4% | 9.2% | 2.0% |
| 10/24/2023 | -1.5% | 8.0% | 12.0% |
| 7/18/2023 | 5.3% | 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% |
| 7/19/2022 | 0.7% | 7.7% | 13.3% |
| 1/18/2022 | 3.1% | 7.5% | 9.7% |
| 10/19/2021 | -4.5% | -5.5% | -2.0% |
| 7/20/2021 | 2.1% | 2.3% | 6.9% |
| 4/20/2021 | 1.7% | 3.8% | 0.9% |
| 1/19/2021 | 0.8% | -1.3% | 1.1% |
| 10/20/2020 | 3.7% | 2.0% | 12.5% |
| SUMMARY STATS | |||
| # Positive | 14 | 16 | 17 |
| # Negative | 9 | 7 | 6 |
| Median Positive | 3.4% | 6.3% | 6.9% |
| Median Negative | -2.6% | -5.5% | -4.4% |
| Max Positive | 10.3% | 10.7% | 20.7% |
| Max Negative | -9.7% | -10.1% | -8.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
Recent Forward Guidance
Updated 10/20/2026Latest: Q3 2026 Earnings Reported 10/20/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Dividends | Reported | 0.36 | 0.0% | Same New | Guidance: 0.36 for Q3 2026 | |||
Insider Activity
Updated 7/28/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Atwell, Robert Bruce | Direct | Sell | 7282026 | 170.24 | 2,662 | 453,179 | 5,870,386 | Form | |
| 2 | Atwell, Robert Bruce | Direct | Sell | 3162026 | 149.82 | 3,309 | 495,759 | 5,102,022 | Form | |
| 3 | Atwell, Robert Bruce | Direct | Sell | 3092026 | 150.67 | 3,331 | 501,888 | 5,130,976 | Form | |
| 4 | Atwell, Robert Bruce | Direct | Sell | 2202026 | 155.47 | 6,396 | 994,386 | 5,294,375 | Form | |
| 5 | Moore, Hubert Phillip JR | CFO | Spouse's IRA | Buy | 11202025 | 120.35 | 25 | 3,009 | 48,140 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Atwell, Robert Bruce | Direct | Sell | 7282026 | 170.24 | 2,662 | 453,179 | 5,870,386 | Form | |
| 2 | Atwell, Robert Bruce | Direct | Sell | 3162026 | 149.82 | 3,309 | 495,759 | 5,102,022 | Form | |
| 3 | Atwell, Robert Bruce | Direct | Sell | 3092026 | 150.67 | 3,331 | 501,888 | 5,130,976 | Form | |
| 4 | Atwell, Robert Bruce | Direct | Sell | 2202026 | 155.47 | 6,396 | 994,386 | 5,294,375 | Form | |
| 5 | Moore, Hubert Phillip JR | CFO | Spouse's IRA | Buy | 11202025 | 120.35 | 25 | 3,009 | 48,140 | Form |
| 6 | Ghidorzi, Christopher J | Direct | Buy | 11062025 | 121.52 | 105 | 12,760 | 1,027,573 | Form | |
| 7 | Weyers, Robert J | Weyers Family Limited Partnership | Buy | 11032025 | 115.78 | 1,000 | 115,780 | 3,039,225 | Form | |
| 8 | Weyers, Robert J | Ronald Weyers Trust | Buy | 11032025 | 115.71 | 1,000 | 115,710 | 115,710 | Form | |
| 9 | Weyers, Robert J | Colleen Weyers Trust | Buy | 11032025 | 115.71 | 1,000 | 115,710 | 115,710 | Form | |
| 10 | Moore, Hubert Phillip JR | CFO | Direct | Buy | 10312025 | 115.84 | 240 | 27,802 | 3,816,580 | Form |
| 11 | Witczak, Eric James | EVP & Secretary | Direct | Sell | 8282025 | 139.42 | 1,588 | 221,399 | 4,029,377 | Form |
| 12 | Witczak, Eric James | EVP & Secretary | Direct | Sell | 8272025 | 136.70 | 1,564 | 213,799 | 3,950,767 | Form |
| 13 | Atwell, Robert Bruce | Direct | Sell | 7222025 | 139.47 | 6,904 | 962,874 | 4,772,531 | Form | |
| 14 | Witczak, Eric James | EVP & Secretary | Direct | Sell | 7222025 | 139.77 | 5,000 | 698,850 | 4,039,493 | Form |
Investor Activity (13F)
Updated Oct 21, 202613F 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 Manager |
|---|
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