Nicolet Bankshares Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Nicolet Bankshares Inc. has submitted its 2023 10-K annual report, detailing financial performance and business operations.</b>

AI Summary

NICOLET BANKSHARES INC (NIC) filed a Annual Report (10-K) with the SEC on February 28, 2024. Nicolet Bankshares Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company is classified under SIC code 6021, National Commercial Banks. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial segments include Investment Advisory, Management and Administrative Services, Deposit Accounts, and Credit and Debit Cards. The report includes financial data for the fiscal years 2020, 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking NICOLET BANKSHARES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Nicolet Bankshares Inc.'s financial health and strategic direction for the fiscal year 2023, crucial for investors assessing its performance. The detailed segment information and historical financial data allow for trend analysis and comparison against industry benchmarks, aiding in investment decisions.

Risk Assessment

Risk Level: medium — NICOLET BANKSHARES INC shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of information, but specific risk factors and financial performance details require deeper analysis to determine the precise risk level.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Nicolet Bankshares Inc.'s performance and potential risks for the 2023 fiscal year.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-28 — Filed As Of Date (Date the report was filed)
• 146 — Public Document Count (Number of documents in the filing)
• 0001174850-24-000010 — Accession Number (Unique identifier for the filing)

Key Players & Entities

• NICOLET BANKSHARES INC (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-02-28 (date) — Filing date
• WI (location) — State of incorporation and business address
• GREEN BAY (location) — Business address city
• 6021 (industry) — Standard Industrial Classification

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date Nicolet Bankshares Inc. submitted its 10-K report.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share NIC New York Stock Exchange
• $67.91 — lion based on the closing sale price of $67.91 per share as reported on the New York S
• $8.5 b — r 31, 2023, Nicolet had total assets of $8.5 billion, loans of $6.4 billion, deposits
• $6.4 b — total assets of $8.5 billion, loans of $6.4 billion, deposits of $7.2 billion and tot
• $7.2 billion — ion, loans of $6.4 billion, deposits of $7.2 billion and total stockholders' equity of $1.0
• $1.0 billion — llion and total stockholders' equity of $1.0 billion. For the year ended December 31, 2023,
• $62 m — 31, 2023, Nicolet earned net income of $62 million, or $4.08 per diluted common shar
• $4.08 — et earned net income of $62 million, or $4.08 per diluted common share. Nicolet was
• $180,000 — ddition, Nicolet employees donated over $180,000 to the Nicolet Foundation (which was ma

Filing Documents

• nic-20231231.htm (10-K) — 4656KB
• nic-12312023x10kxex1015.htm (EX-10.15) — 131KB
• nic-12312023x10kxex1017.htm (EX-10.17) — 131KB
• nic-12312023x10kxexhibit211.htm (EX-21.1) — 12KB
• nic-12312023x10kxexhibit231.htm (EX-23.1) — 4KB
• nic-12312023x10kxexhibit311.htm (EX-31.1) — 13KB
• nic-12312023x10kxexhibit312.htm (EX-31.2) — 12KB
• nic-12312023x10kxexhibit321.htm (EX-32.1) — 6KB
• nic-12312023x10kxexhibit322.htm (EX-32.2) — 6KB
• nic-12312023x10kxexhibit971.htm (EX-97.1) — 24KB
• forvislogoa.jpg (GRAPHIC) — 13KB
• nic-20231231_g1.jpg (GRAPHIC) — 35KB
• nic-20231231_g2.jpg (GRAPHIC) — 33KB
• nic-20231231_g3.jpg (GRAPHIC) — 13KB
• 0001174850-24-000010.txt (&nbsp;) — 24226KB
• nic-20231231.xsd (EX-101.SCH) — 102KB
• nic-20231231_cal.xml (EX-101.CAL) — 237KB
• nic-20231231_def.xml (EX-101.DEF) — 718KB
• nic-20231231_lab.xml (EX-101.LAB) — 1426KB
• nic-20231231_pre.xml (EX-101.PRE) — 1054KB
• nic-20231231_htm.xml (XML) — 5361KB

Forward-Looking Statements

Forward-Looking Statements 3 PART I Item 1.

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 26 Item 1C. Cybersecurity 26 Item 2.

Properties

Properties 27 Item 3.

Legal Proceedings

Legal Proceedings 27 Item 4. Mine Safety Disclosures 28 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 Item 6. [Reserved] 29 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 51 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 52 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 101 Item 9A.

Controls and Procedures

Controls and Procedures 101 Item 9B. Other Information 101 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 101 PART III Item 10. Directors, Executive Officers and Corporate Governance 102 Item 11.

Executive Compensation

Executive Compensation 102 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 103 Item 13. Certain Relationships and Related Transactions, and Director Independence 103 Item 14. Principal Accountant Fees and Services 103 PART IV Item 15. Exhibits and Financial Statement Schedules 104 Item 16. Form 10-K Summary 104 Exhibit Index 105

Forward-Looking Statements

Forward-Looking Statements

BUSINESS

ITEM 1. BUSINESS General Nicolet Bankshares, Inc. (individually referred to herein as the "Parent Company" and together with all its subsidiaries collectively referred to herein as "Nicolet," the "Company," "we," "us" or "our") is a registered bank holding company under the Bank Holding Company Act of 1956, as amended, and under the bank holding company laws of the State of Wisconsin. At December 31, 2023, Nicolet had total assets of $8.5 billion, loans of $6.4 billion, deposits of $7.2 billion and total stockholders' equity of $1.0 billion. For the year ended December 31, 2023, Nicolet earned net income of $62 million, or $4.08 per diluted common share. Nicolet was founded upon five core values (Be Real, Be Responsive, Be Personal, Be Memorable, and Be Entrepreneurial) which are embodied within each of our employees and create a distinct competitive positioning in the markets within which we operate. Our mission is to be the lead community bank within the communities we serve, while our vision is to optimize the long-term return to our customers and communities, employees and shareholders (the "3 Circles"). The Parent Company is a Wisconsin corporation, originally incorporated on April 5, 2000 as Green Bay Financial Corporation, a Wisconsin corporation, to serve as the holding company for and the sole shareholder of Nicolet National Bank. The Parent Company amended and restated its articles of incorporation and changed its name to Nicolet Bankshares, Inc. on March 14, 2002. It subsequently became the holding company for Nicolet National Bank upon the completion of the bank's reorganization into a holding company structure on June 6, 2002. Nicolet elected to become a financial holding company in 2008. Nicolet conducts its primary operations through its wholly owned subsidiary, Nicolet National Bank, a commercial bank which was organized in 2000 as a national bank under the laws of the United States and opened for business in Green Bay, Wisconsin, on November 1,

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View this 10-K filing on SEC EDGAR