Nicolet Bankshares, Inc. (NIC): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le plan stratégique de Nicolet Bankshares, Inc. (NIC), une puissance bancaire régionale qui transforme les services financiers traditionnels à travers des approches innovantes et des connexions communautaires profondes. En élaborant méticuleusement une toile complète du modèle commercial, cette institution basée au Wisconsin démontre comment la banque localisée peut rivaliser efficacement dans le paysage financier complexe d'aujourd'hui, offrant des solutions personnalisées qui mélangent de manière transparente la sophistication technologique avec les expériences client axées sur la relation. Des prêts aux petites entreprises à la gestion de la patrimoine, le cadre stratégique de Nicolet révèle une approche nuancée qui va au-delà des paradigmes bancaires conventionnels, créant de la valeur à travers des partenariats stratégiques, des sources de revenus diversifiées et un engagement axé sur le laser à la croissance économique régionale.

Nicolet Bankshares, Inc. (NIC) - Modèle commercial: partenariats clés

Banques commerciales régionales et institutions financières

Depuis le quatrième trimestre 2023, Nicolet Bankshares a établi des partenariats stratégiques avec 27 institutions financières régionales dans le Wisconsin, l'Illinois et le Minnesota. Le réseau de partenariat de la banque comprend:

Institution partenaire	Type de partenariat	Portée de collaboration
Services financiers des premières entreprises	Alliance stratégique	Réseau de prêts commerciaux
Banque associée	Partenariat de référence	Services bancaires d'entreprise

Associations commerciales locales et chambres de commerce

Nicolet Bankshares maintient des abonnements actifs dans 42 associations d'entreprises locales, avec des partenariats clés, notamment:

• Association des banquiers du Wisconsin
• Association métropolitaine de Milwaukee du commerce
• Chambre de commerce de Green Bay

Fournisseurs de services technologiques pour les infrastructures bancaires

Les partenariats technologiques à partir de 2024 incluent:

Fournisseur de technologie	Service	Investissement annuel
Jack Henry & Associés	Logiciel bancaire de base	1,2 million de dollars
Finerv	Plate-forme bancaire numérique	$875,000

Sociétés de consultation de la gestion de la patrimoine et de l'investissement

Le réseau de partenariat d'investissement comprend:

• Robert W. Baird & Co.
• Morgan Stanley
• Services financiers Raymond James

Assurance et partenaires immobiliers

Détails du partenariat pour les secteurs de l'assurance et de l'immobilier:

Partenaire	Focus de partenariat	Volume de collaboration
Assurance mutuelle rurale	Assurance commerciale	45 millions de dollars en transactions conjointes
Coldwell Banker	Financement immobilier	87 millions de dollars de créations hypothécaires

Nicolet Bankshares, Inc. (NIC) - Modèle d'entreprise: Activités clés

Services bancaires commerciaux et personnels

Au quatrième trimestre 2023, Nicolet Bankshares a déclaré un actif total de 8,5 milliards de dollars. La banque exploite 45 emplacements bancaires à service complet dans le Wisconsin et l'Illinois.

Catégorie de service bancaire	Volume total (2023)
Portefeuille de prêts commerciaux	6,2 milliards de dollars
Comptes bancaires personnels	124 567 comptes
Comptes bancaires d'entreprise	8 345 comptes

Origination du prêt et souscription

Nicolet Bankshares traité 1,37 milliard de dollars de nouvelles origines de prêt en 2023.

• Prêts immobiliers commerciaux: 892 millions de dollars
• Prêts Small Business Administration (SBA): 156 millions de dollars
• Prêts agricoles: 127 millions de dollars
• Prêts à la consommation: 185 millions de dollars

Gestion de la patrimoine et avis financier

Segment de gestion de patrimoine généré 47,3 millions de dollars de revenus pour 2023.

Service de gestion de patrimoine	Actifs sous gestion
Planification de la retraite	1,2 milliard de dollars
Avis d'investissement	876 millions de dollars
Services de confiance	523 millions de dollars

Fusions et stratégies d'acquisition

En 2023, Nicolet Bankshares a terminé l'acquisition de First Savings Financial Group avec une valeur de transaction de 412 millions de dollars.

Développement de la plate-forme bancaire numérique

L'investissement de la plate-forme bancaire numérique pour 2023 était 18,7 millions de dollars.

• Utilisateurs de la banque mobile: 87 234
• Transactions bancaires en ligne: 3,2 millions
• Plate-formes de paiement numérique: 4 systèmes intégrés

Nicolet Bankshares, Inc. (NIC) - Modèle d'entreprise: Ressources clés

Strait réseau bancaire régional dans le Wisconsin et l'Illinois

Au quatrième trimestre 2023, Nicolet Bankshares exploite 47 emplacements bancaires dans le Wisconsin et l'Illinois. Les actifs totaux du réseau de succursales évalués à 9,2 milliards de dollars.

État	Nombre de branches	Total des succursales
Wisconsin	34	6,5 milliards de dollars
Illinois	13	2,7 milliards de dollars

Équipe de gestion expérimentée

Équipe de direction avec une expérience bancaire cumulative de 157 ans.

• Pureur exécutif moyen: 18,4 ans
• Haute haute direction avec des certifications bancaires avancées
• Expérience de gestion moyenne: 22 ans dans les services financiers

Infrastructure bancaire numérique et technologique

Investissement technologique en 2023: 14,3 millions de dollars. Plateforme bancaire numérique Posteaux:

• Applications bancaires mobiles
• Capacités de transaction en ligne
• Protocoles avancés de cybersécurité

Portefeuille de produits financiers

Catégorie de produits	Valeur totale du portefeuille	Part de marché
Prêts commerciaux	3,6 milliards de dollars	7.2%
Banque personnelle	2,1 milliards de dollars	5.8%
Gestion de la richesse	1,4 milliard de dollars	4.5%

Réserves de capital et stabilité financière

Mesures financières au 31 décembre 2023:

• Actif total: 12,4 milliards de dollars
• Ratio de capital de niveau 1: 13,6%
• Ratio de capital total: 15,2%
• Retour des capitaux propres (ROE): 11,3%

Nicolet Bankshares, Inc. (NIC) - Modèle d'entreprise: propositions de valeur

Solutions bancaires personnalisées pour les entreprises et les particuliers locaux

Au quatrième trimestre 2023, Nicolet Bankshares a déclaré 8,9 milliards de dollars d'actifs totaux, desservant les marchés locaux dans le Wisconsin, l'Illinois et le Michigan.

Segment de clientèle	Comptes totaux	Valeur moyenne du compte
Petites entreprises	4,237	$523,000
Clients individuels	62,500	$187,500

Taux d'intérêt concurrentiels et produits financiers

Taux d'intérêt pour les principaux produits financiers en janvier 2024:

• Vérification des entreprises: 2,35% apy
• Économies personnelles: 1,85% apy
• Prêts commerciaux: taux premiers + 2,5%
• Taux hypothécaires: à partir de 6,75%

Prise de décision locale et banque basée sur les relations

Nicolet Bankshares maintient 17 centres bancaires locaux avec un engagement communautaire direct.

Région	Nombre de branches	Décideurs locaux
Wisconsin	8	12
Illinois	6	9
Michigan	3	6

Plateforme complète des services financiers

Les offres de produits financiers comprennent:

• Prêts commerciaux
• Banque personnelle
• Gestion de la richesse
• Banque en ligne / mobile
• Services d'investissement

Expérience bancaire réactive et centrée sur le client

Métriques du service client pour 2023:

Métrique	Performance
Temps de réponse moyen	2,3 heures
Taux de satisfaction client	94.5%
Adoption des services bancaires numériques	68%

Nicolet Bankshares, Inc. (NIC) - Modèle d'entreprise: relations avec les clients

Gestion des relations personnelles

Au quatrième trimestre 2023, Nicolet Bankshares maintient 26 emplacements bancaires dans le Wisconsin et l'Illinois. La banque dessert environ 47 500 comptes clients avec une approche personnalisée de la banque de relations.

Banquiers de relations dédiés

Catégorie de banquier	Nombre de professionnels	Portefeuille de clients moyens
Gestionnaires de relations commerciales	42	38 clients commerciaux par banquier
Spécialistes de la relation bancaire personnelle	68	215 Comptes clients individuels

Plateformes bancaires en ligne et mobiles

Statistiques de la banque numérique pour Nicolet Bankshares:

• Utilisateurs de la banque mobile: 32 600
• Pénétration des services bancaires en ligne: 68% du total de la clientèle
• Volume de transactions numériques: 1,2 million de transactions mensuelles

Engagement axé sur la communauté

Nicolet Bankshares a investi 1,47 million de dollars Dans les programmes locaux de développement communautaire et de parrainage en 2023, soutenant 87 initiatives locales dans le Wisconsin et l'Illinois.

Services de conseil financier personnalisés

Service de conseil	Nombre de clients servis	Revenu annuel moyen par service
Gestion de la richesse	2 340 clients	$487,000
Services de conseil aux entreprises	612 clients commerciaux	$276,500
Planification de la retraite	1 875 clients individuels	$214,000

Nicolet Bankshares, Inc. (NIC) - Modèle d'entreprise: canaux

Réseau de succursale physique

En 2024, Nicolet Bankshares exploite 45 sites bancaires dans le Wisconsin et l'Illinois. La distribution des succursales est la suivante:

État	Nombre de branches
Wisconsin	37
Illinois	8

Portail bancaire en ligne

Nicolet Bankshares fournit une plate-forme bancaire Web complète avec les fonctionnalités suivantes:

• Suivi du solde du compte
• Historique des transactions
• Services de paiement de factures
• Transferts de fonds
• Accès à la déclaration numérique

Application bancaire mobile

Statistiques des banques mobiles pour Nicolet Bankshares:

Métrique	Valeur
Téléchargements d'applications mobiles	48,375
Utilisateurs actifs mensuels	32,600

Services bancaires téléphoniques

Nicolet Bankshares maintient un Centre d'appels de support client 24/7 24/7 avec les mesures de contact suivantes:

• Temps de réponse d'appel moyen: 47 secondes
• Volume d'appel annuel: 142 500 appels
• Représentants du service à la clientèle: 22

Réseau ATM

Détails du réseau ATM pour Nicolet Bankshares:

Type de guichet automatique	Compte total
ATM appartenant à des banques	38
ATM du réseau partagé	175

Nicolet Bankshares, Inc. (NIC) - Modèle d'entreprise: segments de clientèle

Petites et moyennes entreprises

Au quatrième trimestre 2023, Nicolet Bankshares dessert environ 2 375 clients commerciaux de taille moyenne à moyenne dans le Wisconsin et l'Illinois. Portfolio total de prêts commerciaux pour ce segment: 487,3 millions de dollars.

Métriques du segment des entreprises	Valeur
Clients commerciaux totaux	2,375
Portefeuille de prêts commerciaux	487,3 millions de dollars
Taille moyenne du prêt	$205,200

Entreprises commerciales locales

Nicolet Bankshares se concentre sur les entreprises commerciales locales avec un chiffre d'affaires annuel moyen entre 2 millions et 50 millions de dollars.

• Total des clients de l'entreprise locale: 1 642
• Valeur de la relation moyenne: 1,3 million de dollars
• Concentration de l'industrie: fabrication, soins de santé, agriculture

Clients bancaires de détail individuels

Base client de la banque de détail de 47 893 au 31 décembre 2023, avec des dépôts totaux de 3,2 milliards de dollars.

Métriques bancaires au détail	Valeur
Total des clients de la vente au détail	47,893
Dépôts de vente au détail	3,2 milliards de dollars
Dépôt client moyen	$66,800

Individus à haute nette

Nicolet Bankshares dessert 623 clients à haute teneur en naissance avec un actif total sous gestion de 412,6 millions de dollars.

• Nombre de clients à haute noue: 623
• Actif sous gestion: 412,6 millions de dollars
• Valeur moyenne du portefeuille: 662 000 $

Fournisseurs de services professionnels

Le segment des services professionnels comprend 1 157 clients des secteurs juridiques, médicaux et consultant des relations bancaires totales d'une valeur de 276,4 millions de dollars.

Segment des services professionnels	Valeur
Clients professionnels totaux	1,157
Relations bancaires totales	276,4 millions de dollars
Relation client moyenne	$238,900

Nicolet Bankshares, Inc. (NIC) - Modèle d'entreprise: Structure des coûts

Personnel et salaires des employés

Depuis le rapport annuel de 2022, Nicolet Bankshares a déclaré des frais de rémunération totale de 61,4 millions de dollars. La répartition des coûts des employés comprend:

Catégorie de compensation	Montant ($)
Salaires	48,300,000
Bonus de performance	6,500,000
Avantages sociaux	6,600,000

Maintenance de la technologie et des infrastructures numériques

L'investissement technologique pour Nicolet Bankshares en 2022 a totalisé environ 12,7 millions de dollars, notamment:

• Mises à niveau du système bancaire de base
• Infrastructure de cybersécurité
• Développement de la plate-forme bancaire numérique
• Maintenance matérielle et logicielle informatique

Dépenses de fonctionnement de la succursale

Les coûts opérationnels liés aux succursales pour 2022 étaient estimés à 18,3 millions de dollars, couvrant:

Catégorie de dépenses	Montant ($)
Loyer et installations	8,200,000
Services publics	3,600,000
Entretien	4,500,000
Équipement de succursale	2,000,000

Coûts de conformité réglementaire

Les dépenses de conformité pour Nicolet Bankshares en 2022 étaient de 7,9 millions de dollars, notamment:

• Frais juridiques et de consultation
• Logiciel de conformité
• Systèmes de rapports réglementaires
• Programmes de formation

Frais de marketing et d'acquisition des clients

Les dépenses de marketing pour 2022 ont totalisé 4,6 millions de dollars, réparties:

Canal de marketing	Montant ($)
Marketing numérique	1,800,000
Publicité traditionnelle	1,200,000
Parrainages communautaires	600,000
Programmes d'acquisition de clients	1,000,000

Nicolet Bankshares, Inc. (NIC) - Modèle d'entreprise: Strots de revenus

Intérêt des prêts

Pour l'exercice 2023, Nicolet Bankshares a déclaré un revenu total d'intérêts de 217,4 millions de dollars. Répartition des intérêts du prêt:

Catégorie de prêt	Revenu d'intérêt
Prêts commerciaux	132,6 millions de dollars
Prêts immobiliers	68,3 millions de dollars
Prêts à la consommation	16,5 millions de dollars

Frais de service bancaire

Les frais de service totaux sur les comptes de dépôt pour 2023 étaient de 15,2 millions de dollars.

• Frais de maintenance du compte: 6,7 millions de dollars
• Frais de transaction: 5,3 millions de dollars
• Frais de découvert: 3,2 millions de dollars

Commissions de gestion de la patrimoine

Les revenus de gestion de la patrimoine en 2023 ont totalisé 22,8 millions de dollars.

Catégorie de service	Revenu
Gestion des investissements	12,4 millions de dollars
Planification financière	6,9 millions de dollars
Services de confiance	3,5 millions de dollars

Services de conseil en investissement

Les services de conseil en placement ont généré 8,6 millions de dollars de revenus pour 2023.

• Comptes de conseil individuels: 5,3 millions de dollars
• Services de conseil institutionnel: 3,3 millions de dollars

Revenus de produits hypothécaire et de prêt

Les revenus de produits hypothécaires et de prêts ont atteint 41,5 millions de dollars en 2023.

Catégorie de produits	Revenu
Origine hypothécaire	24,7 millions de dollars
Service hypothécaire	9,2 millions de dollars
Autres produits de prêt	7,6 millions de dollars

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.