NIC on NYSE

Nicolet Bankshares

Logo: Nicolet National Bank, Public domain, via Wikimedia Commons4

U.S. regional bank holding company

Nicolet Bankshares, Inc. is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank. As of June 30, 2021, it had over $6.1 billion in assets.3 Wikipedia text CC BY-SA 4.0

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Last updated Oct 20, 2026.

Overview

2000Founded1

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  • TickerNIC on NYSE1
  • IndustryNational Commercial Banks1
  • HeadquartersGreen Bay1
  • Websiteinvestors.nicoletbank.com
  • Legal formpublic company1
  • Incorporated inWI5
  • Business address111 N Washington St, Green Bay, Wi 543015
  • Filer categoryLarge accelerated filer5

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Nicolet Bankshares, Inc. is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Investment Advisory, Management and Administrative Service brought in 57% of the revenue Nicolet Bankshares broke down this way in fiscal 2025.

  1. Investment Advisory, Management and Administrative Service$29.6M757%up 8% from 2024
  2. Credit and Debit Card$14.6M728%up 7% from 2024
  3. Deposit Account$8.0M715%up 11% from 2024
Products and services by year
Products and services202320242025
Investment Advisory, Management and Administrative Service$23.7M$27.5M$29.6M
Credit and Debit Card$13.0M$13.7M$14.6M
Deposit Account$6.0M$7.2M$8.0M

Financial statements

Net income8910117$150.7M in 2025+176% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $54.6M$54.6M20192020: $60.1M$60.1M2020+10%2021: $60.7M$60.7M2021+1%2022: $94.3M$94.3M2022+55%2023: $61.5M$61.5M2023−35%2024: $124.1M$124.1M2024+102%2025: $150.7M$150.7M2025+21%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Loans, including loan fees$421.2M$393.1M$341.2M
Taxable$24.1M$20.2M$18.2M
Tax-exempt$4.0M$4.6M$6.0M
Other interest income$21.7M$20.6M$17.5M
Total interest income$470.9M$438.4M$382.9M
Deposits$156.9M$161.6M$125.8M
Short-term borrowings$1.0K$2.0K$4.8M
Long-term borrowings$7.6M$8.7M$10.7M
Total interest expense$164.5M$170.3M$141.3M
Net interest income$306.5M$268.1M$241.5M
Provision for credit losses$4.2M$3.9M$5.0M
Net interest income after provision for credit losses$302.2M$264.2M$236.5M
Mortgage income, net$12.1M$10.2M$7.2M
BOLI income$6.4M$5.4M$4.5M
Deferred compensation plan asset market valuations$2.9M$1.2M$1.9M
LSR income, net$3.3M$4.4M$4.4M
Asset gains (losses), net$1.2M$4.2M-$32.8M
Other income$7.6M$8.5M$8.0M
Total noninterest income$85.6M$82.3M$36.0M
Personnel$115.3M$108.4M$99.1M
Occupancy, equipment and office$36.6M$35.1M$36.2M
Business development and marketing$8.0M$8.3M$7.8M
Data processing$18.6M$17.8M$19.9M
Intangibles amortization$5.7M$6.9M$8.1M
FDIC assessments$4.0M$4.0M$4.0M
Merger-related expense$2.0M$0$189.0K
Other expense$10.6M$10.8M$10.6M
Total noninterest expense$200.8M$191.4M$185.9M
Income before income tax expense$187.0M$155.1M$86.6M
Income tax expense$36.3M$31.1M$25.1M
Net income$150.7M$124.1M$61.5M
Basic (in dollars per share)$10.06$8.24$4.17
Diluted (in dollars per share)$9.78$8.05$4.08
Basic (in shares)15.0M shares15.0M shares14.7M shares
Diluted (in shares)15.4M shares15.4M shares15.1M shares

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Corporate structure

Nicolet Bankshares sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Nicolet Bankshares

Built from subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Nicolet Bankshares reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$186.0M7 Dec 31, 2025$185.0M7 Dec 31, 2024+0.5%
Accumulated depreciation$65.5M7 Dec 31, 2025$58.0M7 Dec 31, 2024+12.9%
Property and equipment, net$120.5M7 Dec 31, 2025$127.0M7 Dec 31, 2024−5.1%

Investments

ItemLatestA year beforeChange
Loans, net of allowance$6.8B7 Dec 31, 2025$6.6B7 Dec 31, 2024+3.2%
Deposits held (banks)$7.7B7 Dec 31, 2025$7.4B7 Dec 31, 2024+4.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$367.4M7 Dec 31, 2025$367.4M7 Dec 31, 20240%
Finite-lived intangibles, net$20.8M11 Dec 31, 2024$27.0M11 Dec 31, 2023−23.1%

Properties, in its own words

The corporate headquarters of both the Parent Company and the Bank are located at 111 North Washington Street, Green Bay, Wisconsin. At year-end 2025, including the main office, the Bank operated 57 bank branch locations, 47 of which are owned and 10 that are leased. In connection with the MidWestOne acquisition, the Bank acquired an additional 57 bank branch locations, 45 of

which are owned and 12 that are leased. In addition, Nicolet owns or leases other real property that, when considered in aggregate, is not significant to its financial position. Most of the offices are free-standing, newer buildings that provide adequate access, customer parking, and drive-through and/or ATM services. The properties are in good condition and considered adequate for present and near term requirements. None of the owned properties are subject to a mortgage or similar encumbrance.

Item 2 of the 10-K filed Feb 27, 2026.15

The story

Nicolet Bankshares was founded in November 2000, after founders Bob Atwell and Mike Daniels felt that the local bank they worked for was getting away from community banking, which they felt was important. In 2010, Nicolet acquired four branches from Anchor Bank. In 2013, they acquired both Mid-Wisconsin Bank and the Bank of Wausau.

In 2015, the company merged with Baylake Bank; the new company took the Nicolet National Bank name. On April 12, 2016, the shareholders of both banks voted in favor of merging the two banks. The $140 million deal closed on April 29, 2016.

In February 2020, Nicolet Bankshares announced plans to acquire West Bend, Wisconsin-based Commerce State Bank and its four branches in a deal valued at $129.6 million. Three months later in May 2020, Nicolet terminated its agreement to acquire Commerce State Bank citing the impact of coronavirus and falling stock price for the publicly traded Nicolet Bank.

On April 26, 2021 Robert B. Atwell left as chief executive officer at Nicolet Bank after 19 years. Mike Daniels was named President and Chief Executive Officer, and Bob Atwell was named Executive Chairman of Nicolet.

On September 3, 2021, Nicolet completed a merger with Mackinac Financial Corporation, headquartered in Manistique, Michigan, and operating as mBank with branches in Michigan's Upper Peninsula and northern Lower Peninsula. Nicolet shuttered the mBank branches in Menominee, Alanson, Kaleva, Mio, West Ishpeming, Negaunee, and the McClellan Avenue branch in Marquette. It also sold the Birmingham branch and lending office in Metro Detroit to the Bank of Ann Arbor.

On August 30, 2022 Nicolet Bankshares, Inc. completed a merger with Charter Bankshares, Inc. As a result, Charter merged with and into Nicolet, with Nicolet being the surviving corporation. Charter Bankshares was valued at 1.1 billion at the time of this acquisition.

In October 2025, Nicolet Bankshares agreed to acquire MidWestOne Financial Group in a $864 million all-stock deal.

From Wikipedia’s article on Nicolet Bankshares, shared under CC BY-SA 4.0.6

Leadership

Who has led Nicolet Bankshares, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Robert J. Cera2016

Chair

  1. Robert J. Cera2016

Chief financial officer

  1. Ann Kuchera Lawson2016–2021
  2. Hubert Phillip Moore Jr.2021–now
20052010201520202025
Board members and other officers (38)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorMichael E Daniels named Sep 8, 202257
  • Executive OfficerPartrick J. Madson named Sep 8, 202257
  • Executive OfficerPhillip H. Moore, Jr. named Sep 8, 202257
  • Executive Officer, DirectorRobert B Atwell named Sep 8, 202257
  • DirectorLynn D. Davis named Sep 8, 202257
  • DirectorSusan L. Merkatoria named Sep 8, 202257

Products and brands

  • retail banking

Listed on Wikidata.1

Subsidiaries and ownership

Subsidiaries

From Wikidata.1

Timeline

  1. Jul 21, 20268-K Results of operations; Regulation FD disclosure58
  2. May 18, 20268-K Shareholder vote59
  3. Apr 21, 20268-K Results of operations; Regulation FD disclosure60
  4. Feb 20, 20268-K Completed an acquisition or sale; Executive or director change; Regulation FD disclosure61
  5. Jan 26, 20268-K Executive or director change; Shareholder vote; Regulation FD disclosure62
  6. Jan 20, 20268-K Results of operations; Regulation FD disclosure; Other events63
  7. Dec 22, 20258-K Other events64
  8. Nov 25, 20258-K Regulation FD disclosure65
  9. Oct 23, 20258-K Results of operations66
  10. Oct 23, 20258-K Entered a material agreement; Regulation FD disclosure67
  11. Sep 9, 20258-K Executive or director change; Regulation FD disclosure68
  12. Aug 19, 20258-K Regulation FD disclosure69
  13. May 2, 2016New chief executive Robert J. Cera becomes CEO16
  14. 2000Founded Founded1

Calendar

Coming up

  1. Oct 22, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $2.66 a share, on Oct 23, 2025.70

When it reported results

  1. Jul 21, 2026Reported quarterly or annual results58
  2. Apr 21, 2026Reported quarterly or annual results60
  3. Jan 20, 2026Reported quarterly or annual results63
  4. Oct 23, 2025Reported quarterly or annual results66
  5. Jul 15, 2025Reported quarterly or annual results71
  6. Apr 15, 2025Reported quarterly or annual results72
  7. Jan 21, 2025Reported quarterly or annual results73
  8. Oct 15, 2024Reported quarterly or annual results74

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

650 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 46 major events, 445 insider forms, 5 large holders, 1 private raises, 133 other. The latest 20:

  1. Aug 25, 2026144 EDGAR
  2. Aug 24, 2026N-PX EDGAR
  3. Aug 17, 20264 PRIMARY DOCUMENT EDGAR
  4. Aug 11, 202613F-HR EDGAR
  5. Aug 7, 2026SCHEDULE 13G EDGAR
  6. Jul 31, 202610-Q EDGAR
  7. Jul 29, 20264 PRIMARY DOCUMENT EDGAR
  8. Jul 28, 2026144/A EDGAR
  9. Jul 28, 2026144 EDGAR
  10. Jul 28, 20264 PRIMARY DOCUMENT EDGAR
  11. Jul 27, 2026144 EDGAR
  12. Jul 24, 2026144 EDGAR
  13. Jul 21, 20268-K EDGAR
  14. Jul 8, 2026SCHEDULE 13G/A EDGAR
  15. Jun 10, 20264 PRIMARY DOCUMENT EDGAR
  16. May 26, 20264 PRIMARY DOCUMENT EDGAR
  17. May 26, 20264 PRIMARY DOCUMENT EDGAR
  18. May 26, 20264 PRIMARY DOCUMENT EDGAR
  19. May 26, 20264 PRIMARY DOCUMENT EDGAR
  20. May 26, 20264 PRIMARY DOCUMENT EDGAR

The 650 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

112 open-market trades by officers, directors and large owners since October 2021: 26 buys and 86 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 28, 2026Witczak Eric JamesEVP - Retail & Ag BankingSale342$171.96$58.8KForm 4
Jul 27, 2026Witczak Eric JamesEVP - Retail & Ag BankingSale1,215$167.89$204.0KForm 4
Jul 24, 2026ATWELL ROBERT BRUCEDirectorSale2,662$170.24$453.2KForm 4
Mar 12, 2026ATWELL ROBERT BRUCEDirectorSale3,309$149.82$495.8KForm 4
Mar 5, 2026ATWELL ROBERT BRUCEDirectorSale3,331$150.67$501.9KForm 4
Feb 18, 2026ATWELL ROBERT BRUCEDirectorSale6,396$155.47$994.4KForm 4
Nov 18, 2025MOORE HUBERT PHILLIP JRCFOBuy25$120.35$3.0KForm 4
Nov 4, 2025Ghidorzi Christopher J.DirectorBuy105$121.52$12.8KForm 4
Oct 30, 2025WEYERS ROBERT JDirectorBuy3,000$115.73$347.2KForm 4
Oct 30, 2025MOORE HUBERT PHILLIP JRCFOBuy240$115.84$27.8KForm 4
Aug 27, 2025Witczak Eric JamesEVP - Retail & Ag BankingSale1,588$139.42$221.4KForm 4
Aug 26, 2025Witczak Eric JamesEVP - Retail & Ag BankingSale1,564$136.70$213.8KForm 4
Jul 21, 2025ATWELL ROBERT BRUCEDirectorSale6,904$139.47$962.9KForm 4
Jul 18, 2025Witczak Eric JamesEVP - Retail & Ag BankingSale5,000$139.77$698.9KForm 4
Jun 9, 2025ATWELL ROBERT BRUCEDirectorSale3,126$118.30$369.8KForm 4
May 30, 2025ATWELL ROBERT BRUCEDirectorSale3,208$123.42$395.9KForm 4
Apr 23, 2025ATWELL ROBERT BRUCEDirectorSale6,192$115.85$717.4KForm 4
Apr 21, 2025MERKATORIS SUSAN LDirectorSale3,700$108.58$401.7KForm 4
Mar 7, 2025MERKATORIS SUSAN LDirectorSale300$115.26$34.6KForm 4
Feb 24, 2025ATWELL ROBERT BRUCEDirectorSale3,102$117.65$364.9KForm 4

All 112 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025ChairmanPresident, and Chief Executive Officer$850.0K$14.9M77
2025Chief Financial Officer$475.0K$1.1M77
2025Executive Vice PresidentRetail and Ag Banking$475.0K$1.1M77
2024(Principal Executive Officer)$700.0K$3.2M77
2024(Principal Financial Officer)$440.0K$1.7M77
2024Executive Vice PresidentRetail and Ag Banking$440.0K$1.3M77
2023(Principal Executive Officer)$700.0K$1.4M77
2023(Principal Financial Officer)$440.0K$836.5K77
2023Executive Vice PresidentRetail and Ag Banking$440.0K$754.3K77

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Aug 26, 2022Raised $98.1 million in a private offering of equity Form D: 3 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.3,027,246$500.7M0.0%+1,402,419
State Street Corp1,174,560$194.2M0.0%+463,199
Dimensional Fund Advisors LP823,902$136.3M0.0%+4,628
Vanguard Capital Management LLC818,051$135.3M0.0%−1,759
Geode Capital Management, LLC504,741$83.5M0.0%+47,764
Westwood Holdings Group Inc450,659$74.5M0.6%−36,092
Goldman Sachs Group Inc392,808$65.0M0.0%+113,124
American Century Companies Inc361,263$59.7M0.0%+36,645
Vanguard Portfolio Management LLC358,093$59.2M0.0%+211,407
Boston Partners311,319$51.5M0.0%+5,883
FJ Capital Management LLC277,243$45.9M6.0%−29,138
Alliancebernstein L.P.307,207$45.7M0.0%+52,017
Northern Trust Corp240,562$39.8M0.0%+36,995
Invesco Ltd.215,666$35.7M0.0%+11,655
Silvercrest Asset Management Group LLC198,353$32.8M0.2%−13,099
Manufacturers Life Insurance Company, The186,808$30.9M0.0%−17,428
Charles Schwab Investment Management Inc176,441$29.2M0.0%+18,689
Jennison Associates LLC172,925$28.6M0.0%−41,002
Morgan Stanley159,708$26.4M0.0%+79,877
First Trust Advisors LP144,116$23.8M0.0%−118,008
Bank of New York Mellon Corp139,427$23.1M0.0%+53,319
Vanguard Fiduciary Trust Co132,405$21.9M0.0%+5,406
Principal Financial Group Inc124,379$20.6M0.0%+96,387
Champlain Investment Partners, LLC103,783$17.2M0.4%−21,729
Oberweis Asset Management Inc/83,200$13.8M0.3%+8,400

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Nicolet Bankshares is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNICOLET BANKSHARES INC2
  • CIK0001174850
  • Employer ID (EIN)47-087100115
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company15
  • Incorporated inWisconsin15
  • Fiscal year endsDecember 312
  • Industry code (SIC)6021 National Commercial Banks2
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance2
  • Business address111 N Washington St, Green Bay, WI 543012
  • Phone920 430 14002
  • Shares outstanding20,957,513 as of Jul 30, 202613
  • Public float$1.6B as of Jun 30, 202515
  • AuditorForvis Mazars, LLP, Springfield, Missouri PCAOB ID 686; it also attests to the company’s internal control over financial reporting15
  • On EDGAR sinceJun 7, 20022
  • Filings1,505 in all: 4 (919), 8-K (143), 144 (74), 3 (48), 13F-HR (43), 10-Q (41), 425 (31), DEF 14A (14)2
    All 52 form types

    10-K (13), S-4/A (13), 11-K (12), CORRESP (12), 4/A (11), EFFECT (10), UPLOAD (10), S-4 (9), 10QSB (8), 5 (8), S-8 (8), 424B3 (7), S-8 POS (7), 3/A (5), D (5), 144/A (4), ARS (4), SC 13G/A (4), 8-K/A (3), DEFA14A (3), N-PX (3), SC 13E3/A (3), 10KSB (2), 8-A12B (2), D/A (2), PRER14A (2), REGDEX (2), S-3 (2), SB-2 (2), SB-2/A (2), 10KSB/A (1), 15-12G (1), 25 (1), 424B5 (1), 5/A (1), 8-A12G (1), CERT (1), CERTNAS (1), PRE 14A (1), RW (1), SC 13E3 (1), SC 13G (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Jul 31, 2026
    Proxy statement (DEF 14A) Mar 24, 2026
    Latest 8-K (8-K) Jul 21, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per shareNICNew York Stock Exchange

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).15

Risk factors and legal proceedings

The risks Nicolet Bankshares names in Item 1A of its 10-K filed Feb 27, 2026: 45 risks under these headings, as written.15

  • Traditional Competition Risks
  • We are subject to intense competition for clients and the nature of that competition is rapidly evolving.
  • Strategic and Macro Risks
  • We may be unable to successfully implement our strategy to grow our commercial and consumer banking businesses.
  • Failure to achieve one or more key elements needed for successful business acquisitions (including the integration of those businesses) could adversely affect our business and earnings.
  • Failure to achieve one or more key elements needed for successful organic growth could adversely affect our business and earnings.
  • Industry Disruption
  • Failure to keep pace with technological changes could adversely affect our business.
  • Failure to keep pace with evolving habits of customers in how they use financial services could hinder ongoing customer acquisition and retention efforts.
  • The nature of technology-driven disruption to our industry is changing, in some cases seeking to displace traditional financial service providers rather than merely enhance traditional services or their delivery.
  • Operational Risks
  • Fraud is a major, and increasing, operational risk for us and all banks.
The other 37 risks
  • Our ability to conduct and grow our businesses depends in part upon our ability to create, maintain, expand, and evolve an appropriate operational and organizational infrastructure, manage expenses, and recruit and retain personnel with the ability to manage a complex business.
  • A serious information technology security (cybersecurity) breach can cause significant damage and at the same time be difficult to detect even after it occurs.
  • We rely on information technology and telecommunications systems and certain third-party service providers, the operational functions of which may experience disruptions that could adversely affect us and over which we may have limited or no control.
  • Our risk management framework may not be effective in mitigating risks and/or losses.
  • Competition for management talent is substantial and increasing. Moreover, revenue growth in some business lines increasingly depends upon top talent.
  • Our accounting estimates and risk management processes rely on analytical and forecasting models.
  • Risks From Changes in Economic Conditions
  • Weakness in the economy and governmental policies, whether or not adopted in response to economic conditions such as inflation, may adversely affect us.
  • Inflationary pressures present a potential threat to our results of operations and financial condition.
  • Generally, in periods of economic downturns, our realized credit losses increase, demand for our products and services declines, and the credit quality of our loan portfolio declines.
  • Risks Associated with Monetary Events
  • Federal Reserve strategies can, and often are intended to, affect the domestic money supply, inflation, interest rates, and the shape of the yield curve. These strategies have had, and will continue to have, a significant impact on our business and on many of our customers.
  • Reputation Risks
  • Our ability to conduct and grow our businesses, and to obtain and retain clients, is highly dependent upon external perceptions of our business practices and financial stability.
  • Credit and Counterparty Risks
  • We face the risk that our clients may not repay their loans or other obligations and that the realizable value of collateral may be insufficient to avoid a charge-off.
  • We are exposed to higher credit and concentration risk from our commercial-related lending.
  • If our allowance for credit losses was required to be increased because it is not large enough to cover actual losses in our loan portfolio, our results of operations and financial condition could be materially and adversely affected.
  • Risks Related to Public Health Issues
  • Pandemics and outbreaks of communicable diseases may lead to periods of significant volatility in financial and other markets, and could adversely affect our ability to conduct normal business, our clients, and could harm our businesses, financial condition and results of operations.
  • Regulatory, Legislative and Legal Risks
  • We are subject to a challenging regulatory environment that restricts our activities.
  • Failure to maintain certain regulatory capital levels and ratios could result in regulatory actions that would be materially adverse to our shareholders.
  • Political dysfunction and volatility within the federal government, both at the regulatory and Congressional level, creates significant potential for major and abrupt shifts in federal policy regarding bank regulation, taxes, and the economy, any of which could have significant and adverse impacts on our business and financial performance.
  • Legal disputes are an unavoidable part of business, and the outcome of pending or threatened litigation cannot be predicted with any certainty.
  • Data privacy is becoming a major business and political concern. The laws governing it are new, and are likely to evolve and expand.
  • Liquidity and Funding Risk
  • Liquidity is essential to our business model and a lack of liquidity, or an increase in the cost of liquidity could materially impair our ability to fund our operations and jeopardize our results of operation, financial condition and cash flows.
  • The proportion of our deposit account balances that exceed FDIC insurance limits may expose us to enhanced liquidity risk in times of financial distress.
  • Unrealized losses in our securities portfolio could negatively affect our liquidity.
  • Maintaining liquidity could increase our interest expense.
  • Interest Rate and Yield Curve Risks
  • We are subject to interest rate risk because a significant portion of our business involves borrowing and lending money, and investing in financial instruments.
  • A flat or inverted yield curve may reduce our net interest margin and adversely affect our loan and investment portfolios.
  • Accounting and Tax Risks
  • The preparation of our consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make significant assumptions, estimates and judgments that affect the financial statements.
  • In addition, changes in accounting standards or interpretations could negatively impact our reported earnings and financial condition.
  • We could be subject to changes in tax laws, regulations and interpretations or challenges to our income tax provision.
  • Our internal controls and procedures may fail or be circumvented.
  • Geographic and Climate Risks
  • Natural disasters and weather-related events exacerbated by climate change could have a negative impact on our results of operations and financial condition.
  • Stock Holding and Governance Risks
  • The inability of our bank subsidiary to declare and pay dividends or other distributions to the Holding Company could adversely affect its liquidity and ability to declare and pay dividends.
  • Holders of our indebtedness have rights that are senior to those of our common shareholders.
  • Our stock price can be volatile.
  • Nicolet’s corporate organizational documents and the provisions of Wisconsin law to which we are subject contain certain provisions that could have an anti-takeover effect and may delay, make it more difficult or prevent an attempted acquisition of Nicolet that you may favor.
  • Our stockholders may suffer dilution if we raise capital through public or private equity financings to fund our operations, to increase our capital, or to expand.
  • Nicolet’s securities are not FDIC insured.

Legal proceedings

We and our subsidiaries may be involved from time to time in various routine legal proceedings incidental to our respective businesses. Neither we nor any of our subsidiaries are currently engaged in any legal proceedings that are expected to have a material adverse effect on our results of operations or financial position. For additional disclosure, see Note 14, “Commitments and Contingencies,” of the Notes to Consolidated Financial Statements under Part II, Item 8.

The opening of Item 3, Legal Proceedings.15

Sources

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  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
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  64. 64
    SEC EDGAROther events
  65. 65
  66. 66
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  69. 69
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  71. 71
  72. 72
  73. 73
  74. 74
  75. 75
  76. 76
  77. 77