Nicolet Bankshares, Inc. (NIC): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Sumerja el plan estratégico de Nicolet Bankshares, Inc. (NIC), una potencia bancaria regional que transforma los servicios financieros tradicionales a través de enfoques innovadores y profundas conexiones comunitarias. Al elaborar meticulosamente un lienzo de modelo de negocio integral, esta institución con sede en Wisconsin demuestra cómo la banca localizada puede competir de manera efectiva en el complejo panorama financiero actual, ofreciendo soluciones personalizadas que combinan perfectamente la sofisticación tecnológica con las experiencias de los clientes basadas en relaciones. Desde préstamos para pequeñas empresas hasta la gestión de patrimonio, el marco estratégico de Nicolet revela un enfoque matizado que va más allá de los paradigmas bancarios convencionales, creando valor a través de asociaciones estratégicas, flujos de ingresos diversificados y un compromiso centrado en el láser con el crecimiento económico regional.

Nicolet Bankshares, Inc. (NIC) - Modelo de negocios: asociaciones clave

Bancos comerciales e instituciones financieras regionales

A partir del cuarto trimestre de 2023, Nicolet Bankshares ha establecido asociaciones estratégicas con 27 instituciones financieras regionales en Wisconsin, Illinois y Minnesota. La red de asociación del banco incluye:

Institución asociada	Tipo de asociación	Alcance de colaboración
Primeros servicios financieros comerciales	Alianza estratégica	Red de préstamos comerciales
Banco asociado	Asociación de referencia	Servicios de banca de negocios

Asociaciones comerciales locales y cámaras de comercio

Nicolet Bankshares mantiene membresías activas en 42 asociaciones comerciales locales, con asociaciones clave que incluyen:

• Asociación de Banqueros de Wisconsin
• Asociación de Comercio Metropolitana Milwaukee
• Cámara de Comercio de Green Bay

Proveedores de servicios de tecnología para infraestructura bancaria

Las asociaciones tecnológicas a partir de 2024 incluyen:

Proveedor de tecnología	Servicio	Inversión anual
Jack Henry & Asociado	Software bancario central	$ 1.2 millones
Fiserv	Plataforma de banca digital	$875,000

Empresas de asesoramiento de gestión de patrimonio y inversiones

La red de asociación de inversión incluye:

• Robert W. Baird & Co.
• Morgan Stanley
• Servicios financieros de Raymond James

Seguros y socios inmobiliarios

Detalles de la sociedad para los sectores de seguros y bienes raíces:

Pareja	Enfoque de asociación	Volumen de colaboración
Seguro mutuo rural	Seguro comercial	$ 45 millones en transacciones conjuntas
Banquero de Coldwell	Financiamiento de bienes raíces	$ 87 millones en originaciones hipotecarias

Nicolet Bankshares, Inc. (NIC) - Modelo de negocio: actividades clave

Servicios bancarios comerciales y personales

A partir del cuarto trimestre de 2023, Nicolet Bankshares reportó activos totales de $ 8.5 mil millones. El banco opera 45 ubicaciones de banca de servicio completo en Wisconsin e Illinois.

Categoría de servicio bancario	Volumen total (2023)
Cartera de préstamos comerciales	$ 6.2 mil millones
Cuentas bancarias personales	124,567 cuentas
Cuentas bancarias de negocios	8.345 cuentas

Originación de préstamo y suscripción

Nicolet Bankshares procesado $ 1.37 mil millones en nuevas originaciones de préstamos durante 2023.

• Préstamos inmobiliarios comerciales: $ 892 millones
• Préstamos de Administración de Pequeñas Empresas (SBA): $ 156 millones
• Préstamo agrícola: $ 127 millones
• Préstamos al consumidor: $ 185 millones

Gestión de patrimonio y asesoramiento financiero

Segmento de gestión de patrimonio generado $ 47.3 millones en ingresos para 2023.

Servicio de gestión de patrimonio	Activos bajo administración
Planificación de jubilación	$ 1.2 mil millones
Aviso de inversión	$ 876 millones
Servicios de confianza	$ 523 millones

Fusiones y estrategias de adquisición

En 2023, Nicolet Bankshares completó la adquisición de First Savings Financial Group con un valor de transacción de $ 412 millones.

Desarrollo de la plataforma de banca digital

La inversión en la plataforma de banca digital para 2023 fue $ 18.7 millones.

• Usuarios de banca móvil: 87,234
• Transacciones bancarias en línea: 3.2 millones
• Plataformas de pago digital: 4 sistemas integrados

Nicolet Bankshares, Inc. (NIC) - Modelo de negocio: recursos clave

Strong Regional Banking Network en Wisconsin e Illinois

A partir del cuarto trimestre de 2023, Nicolet Bankshares opera 47 lugares bancarios en Wisconsin e Illinois. Activos totales de la red de sucursales valorados en $ 9.2 mil millones.

Estado	Número de ramas	Activos totales de rama
Wisconsin	34	$ 6.5 mil millones
Illinois	13	$ 2.7 mil millones

Equipo de gestión experimentado

Equipo de liderazgo con experiencia bancaria acumulada de 157 años.

• Promedio de tenencia ejecutiva: 18.4 años
• Liderazgo senior con certificaciones bancarias avanzadas
• Experiencia de gestión promedio: 22 años en servicios financieros

Infraestructura bancaria digital y tecnológica

Inversión tecnológica en 2023: $ 14.3 millones. Soporte de plataforma bancaria digital:

• Aplicaciones de banca móvil
• Capacidades de transacción en línea
• Protocolos avanzados de ciberseguridad

Cartera de productos financieros

Categoría de productos	Valor total de la cartera	Cuota de mercado
Préstamo comercial	$ 3.6 mil millones	7.2%
Banca personal	$ 2.1 mil millones	5.8%
Gestión de patrimonio	$ 1.4 mil millones	4.5%

Reservas de capital y estabilidad financiera

Métricas financieras al 31 de diciembre de 2023:

• Activos totales: $ 12.4 mil millones
• Relación de capital de nivel 1: 13.6%
• Relación de capital total: 15.2%
• Retorno sobre el patrimonio (ROE): 11.3%

Nicolet Bankshares, Inc. (NIC) - Modelo de negocio: propuestas de valor

Soluciones bancarias personalizadas para empresas e individuos locales

A partir del cuarto trimestre de 2023, Nicolet Bankshares reportó $ 8.9 mil millones en activos totales, sirviendo a los mercados locales en Wisconsin, Illinois y Michigan.

Segmento de clientes	Cuentas totales	Valor de cuenta promedio
Pequeñas empresas	4,237	$523,000
Clientes individuales	62,500	$187,500

Tasas de interés competitivas y productos financieros

Tasas de interés para productos financieros clave a partir de enero de 2024:

• Verificación de negocios: 2.35% APY
• Ahorro personal: 1.85% APY
• Préstamos comerciales: tarifa preferente + 2.5%
• Tasas hipotecarias: a partir del 6.75%

Toma de decisiones locales y banca basada en relaciones

Nicolet Bankshares mantiene 17 centros bancarios locales con compromiso directo de la comunidad.

Región	Número de ramas	Los tomadores de decisiones locales
Wisconsin	8	12
Illinois	6	9
Michigan	3	6

Plataforma integral de servicios financieros

Las ofertas de productos financieros incluyen:

• Préstamo comercial
• Banca personal
• Gestión de patrimonio
• Banca en línea/móvil
• Servicios de inversión

Experiencia bancaria receptiva y centrada en el cliente

Métricas de servicio al cliente para 2023:

Métrico	Actuación
Tiempo de respuesta promedio	2.3 horas
Tasa de satisfacción del cliente	94.5%
Adopción de banca digital	68%

Nicolet Bankshares, Inc. (NIC) - Modelo de negocios: relaciones con los clientes

Gestión de relaciones personales

A partir del cuarto trimestre de 2023, Nicolet Bankshares mantiene 26 lugares bancarios en Wisconsin e Illinois. El banco atiende aproximadamente 47,500 cuentas de clientes con un enfoque personalizado para la banca de relaciones.

Banqueros de relaciones dedicadas

Categoría de banquero	Número de profesionales	Cartera promedio de clientes
Gerentes de relaciones comerciales	42	38 clientes comerciales por banquero
Especialistas en relaciones bancarias personales	68	215 cuentas individuales de clientes

Plataformas de banca en línea y móvil

Estadísticas de banca digital para Nicolet Bankshares:

• Usuarios de banca móvil: 32,600
• Penetración bancaria en línea: 68% de la base total de clientes
• Volumen de transacciones digitales: 1.2 millones de transacciones mensuales

Compromiso centrado en la comunidad

Nicolet Bankshares invirtió $ 1.47 millones En programas locales de desarrollo y patrocinio de la comunidad en 2023, apoyando a 87 iniciativas locales en Wisconsin e Illinois.

Servicios de consultoría financiera personalizadas

Servicio de consultoría	Número de clientes atendidos	Ingresos anuales promedio por servicio
Gestión de patrimonio	2,340 clientes	$487,000
Servicios de asesoramiento de negocios	612 clientes comerciales	$276,500
Planificación de jubilación	1.875 clientes individuales	$214,000

Nicolet Bankshares, Inc. (NIC) - Modelo de negocios: canales

Red de sucursales físicas

A partir de 2024, Nicolet Bankshares opera 45 lugares bancarios en Wisconsin e Illinois. La distribución de la rama es la siguiente:

Estado	Número de ramas
Wisconsin	37
Illinois	8

Portal bancario en línea

Nicolet Bankshares proporciona una plataforma bancaria integral basada en la web con las siguientes características:

• Seguimiento del saldo de la cuenta
• Historial de transacciones
• Servicios de pago de facturas
• Transferencias de fondos
• Acceso a la declaración digital

Aplicación de banca móvil

Estadísticas de banca móvil para Nicolet Bankshares:

Métrico	Valor
Descargas de aplicaciones móviles	48,375
Usuarios activos mensuales	32,600

Servicios de banca telefónica

Nicolet Bankshares mantiene un Centro de llamadas de atención al cliente 24/7 Con las siguientes métricas de contacto:

• Tiempo promedio de respuesta de llamadas: 47 segundos
• Volumen anual de llamadas: 142,500 llamadas
• Representantes de servicio al cliente: 22

Red de cajeros automáticos

Detalles de la red de cajeros automáticos para Nicolet Bankshares:

Tipo de cajero automático	Recuento total
Cajeros automáticos	38
ATM de red compartidos	175

Nicolet Bankshares, Inc. (NIC) - Modelo de negocio: segmentos de clientes

Empresas pequeñas a medianas

A partir del cuarto trimestre de 2023, Nicolet Bankshares atiende a aproximadamente 2,375 clientes comerciales pequeños a medianos en Wisconsin e Illinois. Cartera total de préstamos comerciales para este segmento: $ 487.3 millones.

Métricas de segmento de negocios	Valor
Total de clientes comerciales	2,375
Cartera de préstamos comerciales	$ 487.3 millones
Tamaño promedio del préstamo	$205,200

Empresas comerciales locales

Nicolet Bankshares se centra en las empresas comerciales locales con un ingreso anual promedio entre $ 2 millones y $ 50 millones.

• Total de clientes empresariales locales: 1.642
• Valor de relación promedio: $ 1.3 millones
• Concentración de la industria: fabricación, atención médica, agricultura

Clientes de banca minorista individual

Base de clientes minoristas de 47,893 al 31 de diciembre de 2023, con depósitos totales de $ 3.2 mil millones.

Métricas de banca minorista	Valor
Total de clientes minoristas	47,893
Depósitos minoristas totales	$ 3.2 mil millones
Depósito promedio del cliente	$66,800

Individuos de alto nivel de red

Nicolet Bankshares atiende a 623 clientes de alto valor neto con activos totales bajo una administración de $ 412.6 millones.

• Número de clientes de alto nivel de red: 623
• Activos bajo administración: $ 412.6 millones
• Valor promedio de la cartera: $ 662,000

Proveedores de servicios profesionales

El segmento de servicio profesional incluye 1.157 clientes de sectores legal, médico y consultoría con relaciones bancarias totales valoradas en $ 276.4 millones.

Segmento de servicios profesionales	Valor
Total de clientes profesionales	1,157
Relaciones bancarias totales	$ 276.4 millones
Relación promedio de clientes	$238,900

Nicolet Bankshares, Inc. (NIC) - Modelo de negocio: Estructura de costos

Salarios de personal y empleados

A partir del informe anual de 2022, Nicolet Bankshares reportó gastos de compensación total de $ 61.4 millones. El desglose de los costos de los empleados incluye:

Categoría de compensación	Monto ($)
Salarios	48,300,000
Bonos de rendimiento	6,500,000
Beneficios para empleados	6,600,000

Tecnología y mantenimiento de infraestructura digital

La inversión tecnológica para Nicolet Bankshares en 2022 totalizó aproximadamente $ 12.7 millones, lo que incluyó:

• Actualizaciones del sistema bancario central
• Infraestructura de ciberseguridad
• Desarrollo de la plataforma de banca digital
• Mantenimiento de hardware y software

Gastos de operación de rama

Los costos operativos relacionados con las sucursales para 2022 se estimaron en $ 18.3 millones, cubriendo:

Categoría de gastos	Monto ($)
Alquiler e instalaciones	8,200,000
Utilidades	3,600,000
Mantenimiento	4,500,000
Equipo de rama	2,000,000

Costos de cumplimiento regulatorio

Los gastos de cumplimiento para Nicolet Bankshares en 2022 fueron de $ 7.9 millones, que incluyen:

• Tarifas legales y de consultoría
• Software de cumplimiento
• Sistemas de informes regulatorios
• Programas de capacitación

Gastos de marketing y adquisición de clientes

Los gastos de marketing para 2022 totalizaron $ 4.6 millones, distribuidos en todo:

Canal de marketing	Monto ($)
Marketing digital	1,800,000
Publicidad tradicional	1,200,000
Patrocinios comunitarios	600,000
Programas de adquisición de clientes	1,000,000

Nicolet Bankshares, Inc. (NIC) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de préstamos

Para el año fiscal 2023, Nicolet Bankshares reportó ingresos por intereses totales de $ 217.4 millones. Desglose de intereses de préstamo:

Categoría de préstamo	Ingresos por intereses
Préstamos comerciales	$ 132.6 millones
Préstamos inmobiliarios	$ 68.3 millones
Préstamos al consumo	$ 16.5 millones

Tarifas de servicio bancario

Los cargos totales de servicio en cuentas de depósito para 2023 fueron de $ 15.2 millones.

• Tarifas de mantenimiento de la cuenta: $ 6.7 millones
• Tarifas de transacción: $ 5.3 millones
• Tarifas de sobregiro: $ 3.2 millones

Comisiones de gestión de patrimonio

Los ingresos de gestión de patrimonio en 2023 totalizaron $ 22.8 millones.

Categoría de servicio	Ganancia
Gestión de inversiones	$ 12.4 millones
Planificación financiera	$ 6.9 millones
Servicios de confianza	$ 3.5 millones

Servicios de asesoramiento de inversiones

Los servicios de asesoramiento de inversiones generaron $ 8.6 millones en ingresos para 2023.

• Cuentas de asesoramiento individuales: $ 5.3 millones
• Servicios de asesoramiento institucional: $ 3.3 millones

Ingresos de productos hipotecarios y de préstamos

Los ingresos por hipotecas y productos de préstamo alcanzaron los $ 41.5 millones en 2023.

Categoría de productos	Ganancia
Origen hipotecario	$ 24.7 millones
Servicio hipotecario	$ 9.2 millones
Otros productos de préstamo	$ 7.6 millones

Nicolet Bankshares, Inc. (NIC) - Canvas Business Model: Value Propositions

You're looking at a bank built on local presence, which means decisions don't get stuck in a distant corporate office. Chairman, President, and CEO Mike Daniels has committed to leading through the end of 2030, signaling long-term stability rooted in that community focus.

Nicolet Bankshares, Inc. offers a complete set of services, not just basic checking accounts. This means they cover the full spectrum of financial needs for their clients.

• Commercial banking services.
• Consumer banking products.
• Comprehensive wealth management offerings.

The relationship-focused service is supported by tangible growth in key areas. For instance, in the third quarter of 2025, wealth income showed a sequential increase of $0.818 million. Also, net mortgage income grew by $0.661 million over the prior quarter. This shows they are actively growing the relationship-based revenue lines.

Asset quality remains a core value proposition, showing the bank manages risk well. As of September 30, 2025, nonperforming assets stood at 0.31% of total assets. This stability is part of a larger picture of strong recent performance.

Here's a quick look at some key financial metrics from the Q3 2025 report that back up the bank's operational strength:

Metric	Value (Q3 2025)
Total Assets	$9.0 billion
Nonperforming Assets Percentage	0.31%
Net Income	$42 million
Net Interest Margin (NIM)	3.86%
Total Deposits	$7.6 billion
Core Deposit Growth (Sequential)	$223 million

The improvement in funding mix is also a key value point; core deposits grew by $223 million sequentially, which is a 13% annualized increase. This shift away from brokered deposits toward customer relationships strengthens the balance sheet.

Finance: draft a comparison of core deposit growth versus brokered deposit change for Q3 2025 by Monday.

Nicolet Bankshares, Inc. (NIC) - Canvas Business Model: Customer Relationships

Nicolet Bankshares, Inc. emphasizes a philosophy centered on relationships with customers and communities, which the company views as a core differentiator, even against industry trends. This focus is reflected in its financial performance metrics as of late 2025.

The relationship focus manifests through several key channels:

• Dedicated, high-touch relationship management for commercial clients, evidenced by solid loan growth, including an increase of $36 million in total loans (mostly construction and agricultural) from June 30, 2025, to September 30, 2025.
• Long-term, trust-based relationships with individuals and families, which supports a strong, sticky deposit base. Total deposits reached $7.6 billion at September 30, 2025.
• Community involvement to foster local loyalty, with marketing expenses in Q4 2024 specifically noting 'donations to support capital campaigns within our communities.'
• Self-service options via digital banking platforms, alongside a branch network operating primarily in Wisconsin, Michigan, and Minnesota.

The success of these relationship-driven strategies can be quantified by looking at deposit stability and profitability metrics from the third quarter of 2025:

Metric	Value (as of Q3 2025)	Context/Period
Total Deposits	$7.6 billion	September 30, 2025
Core Deposit Growth (Annualized)	13%	Quarter-over-quarter in Q3 2025
Core Deposit Growth (Dollar Amount)	$223 million	Quarter-over-quarter in Q3 2025
Net Income	$42 million	Third Quarter 2025
Net Interest Margin (NIM)	3.86%	Third Quarter 2025

The growth in core deposits, which increased by $223 million (or 13% annualized) from the prior quarter to reach a total of $7.6 billion in total deposits as of September 30, 2025, is a direct indicator of deepening customer trust and relationships. Furthermore, the company achieved a quarterly net income of $42 million in the third quarter of 2025, demonstrating that this relationship-first approach supports superior shareholder results.

Regarding digital self-service, while Nicolet Bankshares offers electronic banking services, the broader U.S. banking context shows that a significant majority of consumers, approximately 77%, prefer to manage their accounts via a mobile app or computer. For millennials, this preference rises to 80% in 2025.

The company's commitment to its community focus is also seen in its operational expenses; for instance, non-personnel expenses in Q4 2024 included higher marketing costs specifically 'due to donations to support capital campaigns within our communities.'

Here's a quick look at the profitability supporting the business model:

• Return on Average Assets (ROAA) in Q2 2025 was 1.62%.
• Earnings Per Diluted Common Share (EPS) in Q3 2025 was $2.73.

Finance: draft 13-week cash view by Friday.

Nicolet Bankshares, Inc. (NIC) - Canvas Business Model: Channels

You're looking at how Nicolet Bankshares, Inc. gets its value proposition to its customers as of late 2025. The bank is clearly balancing its traditional footprint with digital capabilities, especially following the October 2025 agreement to acquire MidWestOne Financial Group in an $864 million all-stock deal.

The physical presence remains a core channel, though the stated pro forma target of over 110 locations is not explicitly confirmed with a final post-merger count in the latest reports. What we do have is the operational footprint as of the third quarter of 2025, which supports their community banking focus.

The physical network is anchored by a specific number of locations serving key regions:

• - Physical branch network: 57 branches reported across Northeast and Central Wisconsin, the Upper Peninsula and Northern Michigan, Eastern Minnesota, and a single branch in Naples, Florida, as of late 2025.
• - Commercial lending centers for business clients: These centers support the commercial banking segment, where the process starts with a conversation about business goals.
• - Loan production offices (LPOs) in strategic growth markets: The Naples, Florida branch is explicitly mentioned as part of the operating footprint, serving as a key location in a growth market.

The digital channel is critical for modern convenience, supporting the bank's stated intent to find the right balance between traditional and non-branch channels. The success in deposit gathering suggests active digital engagement:

• - Digital banking platform (mobile and online): This channel supports electronic banking services, including treasury management and payment processing.
• - Core deposit growth: Nicolet Bankshares reported exceptional quarter-over-quarter core deposit growth of $223 million, representing a 13% annualized rate for the third quarter of 2025.

To give you a snapshot of the scale across these channels as of September 30, 2025, here's a look at some related metrics:

Channel/Service Metric	Data Point (As of Q3 2025)	Context/Detail
Total Period End Assets	$9.0 billion	Increase of $99 million from June 30, 2025.
Wealth Management Staff	90+	Advisors and support staff across the entire branch footprint.
Loan Production Office Location	Naples, Florida	One of the key markets served by the branch network.
Loan Production Office Location	Fond du Lac, WI	Mentioned as a specific LPO location.
Q3 2025 Net Income	$42 million	Reflects the operational output supported by these channels.

The commercial lending centers and LPOs are designed to facilitate business banking relationships, which is a key focus area, alongside consumer and wealth management services. The emphasis on local decision-making suggests that while digital is present, the physical and relationship-focused centers are where complex business solutions start.

Nicolet Bankshares, Inc. (NIC) - Canvas Business Model: Customer Segments

You're looking at the customer base for Nicolet Bankshares, Inc. as of late 2025, right after they announced the definitive merger agreement with MidWestOne Financial Group, Inc. in October 2025.

The core customer base is geographically concentrated, operating branches primarily across Wisconsin, Michigan, and Minnesota. As of September 30, 2025, Nicolet Bankshares, Inc. reported total assets of $9.0 billion, with a pro forma total asset projection of $15.3 billion following the announced merger.

The business focuses heavily on commercial relationships, which you can see reflected in the loan growth trends:

• Small to mid-sized businesses drive significant loan activity.
• Commercial & Industrial loans were the primary driver of loan growth in the first quarter of 2025.
• Loan growth in the third quarter of 2025 was noted as being mostly in construction and agricultural loans.

For the high-net-worth segment, wealth management is a key revenue driver. For the first half of 2025, wealth management fee income reached $13.8 million, marking a 5% increase over the first six months of 2024.

Retail consumers and households are served through deposit gathering, which is a critical component of their funding base. Core deposits showed exceptional growth, increasing $223 million quarter-over-quarter in the third quarter of 2025, which is a 13% annualized rate.

The bank's stated philosophy centers on community banking, which naturally encompasses nonprofit organizations and municipalities within its operating footprint. The company provides services ranging from commercial, agricultural, and consumer banking to wealth management and retirement plan services.

Here's a quick look at some key financial metrics that underpin the scale of these customer relationships as of the third quarter of 2025:

Metric	Value as of September 30, 2025	Period Comparison Data
Total Assets	$9.0 billion	Pro Forma Assets Post-Merger: $15.3 billion
Total Loans	Increased $36 million from June 30, 2025	Q1 2025 Total Loan Growth: 2% from year end 2024
Total Deposits	$7.6 billion	Core Deposits increased $223 million in Q3 2025
Wealth Management Fee Income (6M 2025)	$13.8 million	Increase of 5% over first half of 2024
Net Income (Q3 2025)	$42 million	Up from $36 million in Q2 2025

The focus on core relationships is evident in the deposit growth, showing that the retail and local business segments are actively growing their primary banking relationships with Nicolet Bankshares, Inc. The loan portfolio mix clearly favors commercial activity, especially C&I and real estate-related lending, including agriculture.

Finance: draft 13-week cash view by Friday.

Nicolet Bankshares, Inc. (NIC) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive the operations for Nicolet Bankshares, Inc. as of late 2025. For a bank, the cost of money-interest expense-is usually the biggest factor, followed closely by the people who manage the relationships and the technology that supports them.

The cost structure is heavily influenced by funding costs. For the third quarter of 2025, the cost of interest-bearing liabilities settled at 2.76%. This was an improvement, as interest expense decreased by $1 million between the second quarter of 2025 and the third quarter of 2025, even as net interest income rose to $79 million.

Personnel is a significant, ongoing cost. As of December 1, 2025, Nicolet Bankshares, Inc. reported 952 employees. Personnel expense for the third quarter of 2025 saw an increase of $0.323 million compared to the second quarter of 2025. This reflects the investment in the team delivering services across their footprint.

Total noninterest expense for the third quarter of 2025 was reported at $50.088 million. This figure bundles the costs of running the physical and digital infrastructure, including the branch network, technology, and compliance requirements.

Here's a breakdown of the key noninterest expense components for Q3 2025 and related context:

• Total Noninterest Expense (Q3 2025): $50.088 million.
• Personnel Expense Change (QoQ): Increased by $0.323 million.
• Non-personnel Related Expenses Change (QoQ): Decreased by $0.2 million.
• Full Year 2024 Personnel Expense Increase (YoY): Up $9 million over 2023.
• Full Year 2024 Non-personnel Expenses Change (YoY): Decreased by a combined $4 million from 2023.

The non-personnel component covers everything from the physical footprint to the digital backbone. Occupancy and equipment costs are part of this, supporting the branch network that serves communities across northeastern Wisconsin and the Upper Peninsula of Michigan. Technology maintenance and regulatory compliance expenses are embedded here, though specific line items aren't detailed for Q3 2025 outside of the aggregate noninterest expense.

For perspective on the non-personnel costs, the decrease in Q3 2025 non-personnel expenses was driven by declines in most categories, despite seasonally higher business development and marketing expenses. In the prior full year (2024), the decrease in non-personnel expenses was mostly due to lower data processing costs, as 2023 included a $3 million early contract termination charge. Legal and professional fees were noted as a driver for higher non-personnel expenses in Q4 2024.

You can see the main cost drivers in the table below:

Cost Component	Latest Available Metric/Value	Period/Context
Cost of Interest-Bearing Liabilities	2.76%	Q3 2025
Interest Expense Change (Sequential)	Decreased by $1 million	Q3 2025 vs Q2 2025
Total Noninterest Expense	$50.088 million	Q3 2025
Personnel Expense (Sequential Change)	Increased by $0.323 million	Q3 2025 vs Q2 2025
Number of Employees	952	As of December 1, 2025

The bank is actively managing its funding mix, which directly impacts the interest expense line. The reduction in brokered deposits by $153 million, offset by core deposit growth of $223 million in Q3 2025, suggests a strategic shift to lower-cost funding sources, which helps control the cost of interest-bearing liabilities.

Finance: draft 13-week cash view by Friday.

Nicolet Bankshares, Inc. (NIC) - Canvas Business Model: Revenue Streams

You're looking at how Nicolet Bankshares, Inc. actually brings in its money as of late 2025. It's pretty standard for a community-focused bank, relying heavily on the difference between what it earns on loans and what it pays out on deposits, plus a healthy dose of fees for services.

The core of the revenue machine is Net Interest Income (NII). For the third quarter of 2025, NII totaled $79 million. This number reflects the spread between interest earned on assets and interest paid on liabilities, which was helped by a net interest margin of 3.86% for that quarter. The yield on interest-earning assets was 5.85%, while the cost of interest-bearing liabilities settled at 2.76% in Q3 2025.

Beyond the interest spread, Noninterest Income is a significant contributor. In Q3 2025, this segment brought in $24 million. This was up $3 million from the second quarter of 2025, though a $1.5 million favorable change in net asset gains from equity security market valuations played a part. Still, excluding those gains, the underlying fee and service income grew by $1.5 million sequentially.

Here's a quick look at the primary revenue components for that period:

Revenue Component	Q3 2025 Amount	Sequential Change Note
Net Interest Income (NII)	$79 million	Up $4 million from Q2 2025.
Noninterest Income (Total)	$24 million	Up $3 million from Q2 2025.
Wealth Income (Component of Noninterest)	Not specified for Q3 2025 total	Increased $0.8 million over Q2 2025.
Net Mortgage Income (Component of Noninterest)	Not specified for Q3 2025 total	Higher by $0.7 million over Q2 2025.

The interest income component is driven by the loan book. Nicolet Bankshares, Inc. focuses on interest earned from commercial, real estate, and consumer loans. Total loans grew by $36 million from June 30, 2025, with growth concentrated mostly in construction and agricultural loans. This lending activity is the engine for the NII.

For the fee-based revenue, you see direct contributions from wealth management, trust, and treasury management services. For instance, looking at the first half of 2025, wealth management fee income grew from $13.2 million in the first half of 2024 to $13.8 million in the first half of 2025. Similarly, mortgage income for the first half of 2025 was $4.8 million, up from $4 million the prior year. You also see revenue from service charges on deposit accounts and card interchange income contributing to that Noninterest Income bucket.

So, the revenue streams are clearly segmented:

• - Net Interest Income (NII): The primary driver, totaling $79 million in Q3 2025.
• - Interest from Loans: Derived from commercial, real estate, and consumer lending, with recent growth in construction and agricultural loans.
• - Noninterest Income: Reached $24 million in Q3 2025.
• - Wealth and Trust Fees: Saw an increase of $0.8 million quarter-over-quarter in Q3 2025, with H1 2025 income at $13.8 million.
• - Mortgage Income: Contributed to the noninterest growth, with H1 2025 income at $4.8 million.

Finance: draft the Q4 2025 NII projection based on current margin trends by next Tuesday.