Nicolet Bankshares Inc (NYSE: NIC)

Nicolet Bankshares Inc operates as a bank and financial holding company, primarily engaged in providing a range of banking and financial services. The company operates under the regulatory framework of the Bank Holding Company Act and the bank holding company laws of the State of Wisconsin. Nicolet Bankshares Inc generates revenue through a combination of net interest income and noninterest income sources. Net interest income is derived from interest earned on loans and other interest-earning assets, such as investments, minus the interest expense on deposits and other borrowed funds. Noninterest income includes service charges on deposits, trust and brokerage fees, card interchange income, and mortgage income from sales of residential mortgages into the secondary market. The company's customer base comprises businesses, individuals, governmental units, and institutional customers across its service areas.

• Nicolet National Bank: This is the primary subsidiary of Nicolet Bankshares Inc, offering a full range of commercial, agricultural, and consumer banking services. It provides business checking and deposit products, cash management services, international banking services, business loans, lines of credit, commercial real estate financing, construction loans, agricultural real estate or production loans, and letters of credit. For consumers, it offers residential mortgage loans, mortgage refinancing, home equity loans and lines of credit, residential construction loans, personal loans, checking, savings and money market accounts, various certificates of deposit, individual retirement accounts, safe deposit boxes, and personal brokerage, trust, and fiduciary services. The bank also provides online services including commercial, retail, and trust online banking, automated bill payment, mobile banking deposits and account access, remote deposit capture, wire transfers, debit cards, credit cards, pre-paid gift cards, direct deposit, and official bank checks.

• Nicolet Advisory Services, LLC: This subsidiary provides brokerage and investment advisory services to customers, catering to individuals and businesses seeking wealth management and retirement plan services.

• Nicolet Insurance Services, LLC: This entity facilitates the delivery of a crop insurance product associated with Nicolet's agricultural lending, serving the agricultural sector.

Nicolet Bankshares Inc competes in the highly competitive financial services industry, facing competition from other bank and nonbank institutions, internet-based banks, out-of-market banks, credit unions, savings and loan associations, consumer finance companies, trust companies, money market and mutual funds, securities brokerage houses, investment counseling firms, mortgage companies, insurance companies, and other commercial entities offering financial services products. The company's competitive advantages include competitive pricing, personalized service, and community engagement. Nicolet employs seasoned banking and wealth management professionals with experience in its market areas and who are active in their communities. The emphasis on meeting customer needs in a relationship-focused manner, combined with local decision-making on extensions of credit, distinguishes Nicolet from its competitors, particularly large financial institutions. The company aims to provide a range of products and services characteristic of a large financial institution while offering the personalized service and convenience typical of a local, community bank.

The company's customer base includes owner-managed companies, individual owners of these businesses, and other residents within its market areas. As of December 31, 2025, Nicolet Bankshares Inc operated 57 branches, primarily within Wisconsin, Michigan, and Minnesota. With the consummation of the MidWestOne acquisition, the network expanded to 114 branches, extending into Iowa and Denver, Colorado. The company serves a diverse range of customers, including small and medium-sized businesses, professional concerns, and individual consumers, providing tailored financial solutions to meet their specific needs.