NIC

Nicolet is doing what a well-run community bank should do, and the numbers back the management narrative. FY2025 net income hit a record $151M (+21.5% YoY) on diluted EPS of $9.78, with total assets of $9.19B and deposits up 4% — organic growth that funded itself. Management explicitly states the franchise ranks 'among the top decile of banks in the country' by ROA and ROTCE, and the 12.0% reported ROE (depressed by a healthy $1.26B equity base and rising cash) is consistent with that claim. Credit quality is the standout: nonperforming assets were just 0.35% of total assets and the ACL sits at 1.01% of loans — virtually unchanged YoY, in a year when MD&A explicitly flags rising losses 'particularly among institutions with heavy CRE exposure or concentrations in large urban markets,' a peer cohort Nicolet says it sits outside of as an Upper Midwest, non-major-metro lender.