Nicolet Bankshares, Inc. (NIC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no plano estratégico da Nicolet Bankshares, Inc. (NIC), uma potência bancária regional que transforma os serviços financeiros tradicionais por meio de abordagens inovadoras e conexões comunitárias profundas. Ao elaborar meticulosamente uma tela abrangente do modelo de negócios, essa instituição baseada em Wisconsin demonstra como os bancos localizados podem competir efetivamente no complexo cenário financeiro de hoje, oferecendo soluções personalizadas que misturam perfeitamente a sofisticação tecnológica com as experiências de clientes orientadas por relacionamentos. Desde empréstimos para pequenas empresas ao gerenciamento de patrimônio, a estrutura estratégica de Nicolet revela uma abordagem diferenciada que vai além dos paradigmas bancários convencionais, criando valor por meio de parcerias estratégicas, fluxos de receita diversificados e um compromisso focado em laser com o crescimento econômico regional.

Nicolet Bankshares, Inc. (NIC) - Modelo de negócios: Parcerias -chave

Bancos comerciais regionais e instituições financeiras

No quarto trimestre 2023, Nicolet Bankshares estabeleceu parcerias estratégicas com 27 instituições financeiras regionais em Wisconsin, Illinois e Minnesota. A rede de parceria do banco inclui:

Instituição parceira	Tipo de parceria	Escopo de colaboração
Primeiro Serviços Financeiros de Negócios	Aliança estratégica	Rede de empréstimos comerciais
Banco Associado	Parceria de referência	Serviços bancários de negócios

Associações comerciais locais e câmaras de comércio

Nicolet Bankshares mantém associações ativas em 42 associações comerciais locais, com parcerias -chave, incluindo:

• Associação de Banqueiros de Wisconsin
• Associação Metropolitana de Milwaukee
• Câmara de Comércio de Green Bay

Provedores de serviços de tecnologia para infraestrutura bancária

As parcerias de tecnologia em 2024 incluem:

Provedor de tecnologia	Serviço	Investimento anual
Jack Henry & Associados	Software bancário principal	US $ 1,2 milhão
Fiserv	Plataforma bancária digital	$875,000

Empresas de gestão de patrimônio e consultoria de investimentos

A Rede de Parceria de Investimento inclui:

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

Seguros e parceiros imobiliários

Detalhes da parceria para setores de seguros e imóveis:

Parceiro	Foco em parceria	Volume de colaboração
Seguro mútuo rural	Seguro comercial	US $ 45 milhões em transações conjuntas
Banqueiro Coldwell	Financiamento imobiliário	US $ 87 milhões em origens hipotecárias

Nicolet Bankshares, Inc. (NIC) - Modelo de negócios: Atividades -chave

Serviços bancários comerciais e pessoais

No quarto trimestre 2023, Nicolet Bankshares registrou ativos totais de US $ 8,5 bilhões. O banco opera 45 locais bancários de serviço completo em Wisconsin e Illinois.

Categoria de serviço bancário	Volume total (2023)
Portfólio de empréstimos comerciais	US $ 6,2 bilhões
Contas bancárias pessoais	124.567 contas
Contas bancárias de negócios	8.345 contas

Origem e subscrição de empréstimos

Nicolet Bankshares processado US $ 1,37 bilhão em novas origens durante 2023.

• Empréstimos imobiliários comerciais: US $ 892 milhões
• Empréstimos para Administração de Pequenas Empresas (SBA): US $ 156 milhões
• Empréstimos agrícolas: US $ 127 milhões
• Empréstimos ao consumidor: US $ 185 milhões

Gerenciamento de patrimônio e consultoria financeira

Segmento de gerenciamento de patrimônio gerado US $ 47,3 milhões em receita para 2023.

Serviço de gerenciamento de patrimônio	Ativos sob gestão
Planejamento de aposentadoria	US $ 1,2 bilhão
Aviso de investimento	US $ 876 milhões
Serviços de confiança	US $ 523 milhões

Fusões e estratégias de aquisição

Em 2023, Nicolet Bankshares concluiu a aquisição do First Savings Financial Group com um valor de transação de US $ 412 milhões.

Desenvolvimento da plataforma bancária digital

O investimento em plataforma bancária digital para 2023 foi US $ 18,7 milhões.

• Usuários bancários móveis: 87.234
• Transações bancárias online: 3,2 milhões
• Plataformas de pagamento digital: 4 sistemas integrados

Nicolet Bankshares, Inc. (NIC) - Modelo de negócios: Recursos -chave

Forte Rede Bancária Regional em Wisconsin e Illinois

A partir do quarto trimestre 2023, Nicolet Bankshares opera 47 locais bancários em Wisconsin e Illinois. Ativos de rede total de filiais avaliados em US $ 9,2 bilhões.

Estado	Número de ramificações	Total de ativos de ramificação
Wisconsin	34	US $ 6,5 bilhões
Illinois	13	US $ 2,7 bilhões

Equipe de gerenciamento experiente

Equipe de liderança com experiência bancária cumulativa de 157 anos.

• PRODIÇÃO EXECUTIVO Média: 18,4 anos
• Liderança sênior com certificações bancárias avançadas
• Experiência de gestão média: 22 anos em serviços financeiros

Infraestrutura bancária digital e tecnológica

Investimento de tecnologia em 2023: US $ 14,3 milhões. A plataforma bancária digital suporta:

• Aplicativos bancários móveis
• Recursos de transação online
• Protocolos avançados de segurança cibernética

Portfólio de produtos financeiros

Categoria de produto	Valor total do portfólio	Quota de mercado
Empréstimos comerciais	US $ 3,6 bilhões	7.2%
Bancos pessoais	US $ 2,1 bilhões	5.8%
Gestão de patrimônio	US $ 1,4 bilhão	4.5%

Reservas de capital e estabilidade financeira

Métricas financeiras em 31 de dezembro de 2023:

• Total de ativos: US $ 12,4 bilhões
• Tier 1 Capital Ratio: 13,6%
• Razão de capital total: 15,2%
• Retorno sobre o patrimônio (ROE): 11,3%

Nicolet Bankshares, Inc. (NIC) - Modelo de Negócios: Proposições de Valor

Soluções bancárias personalizadas para empresas e indivíduos locais

No quarto trimestre de 2023, Nicolet Bankshares registrou US $ 8,9 bilhões em ativos totais, servindo mercados locais em Wisconsin, Illinois e Michigan.

Segmento de clientes	Contas totais	Valor médio da conta
Pequenas empresas	4,237	$523,000
Clientes individuais	62,500	$187,500

Taxas de juros competitivas e produtos financeiros

Taxas de juros dos principais produtos financeiros em janeiro de 2024:

• Verificação de negócios: 2,35% APY
• Economia pessoal: 1,85% APY
• Empréstimos comerciais: taxa prima + 2,5%
• Taxas de hipoteca: a partir de 6,75%

Tomada de decisão local e bancos baseados em relacionamento

Nicolet Bankshares mantém 17 centros bancários locais com envolvimento direto da comunidade.

Região	Número de ramificações	Tomadores de decisão locais
Wisconsin	8	12
Illinois	6	9
Michigan	3	6

Plataforma abrangente de serviços financeiros

As ofertas de produtos financeiros incluem:

• Empréstimos comerciais
• Bancos pessoais
• Gestão de patrimônio
• Banco online/móvel
• Serviços de investimento

Experiência bancária responsiva e centrada no cliente

Métricas de atendimento ao cliente para 2023:

Métrica	Desempenho
Tempo médio de resposta	2,3 horas
Taxa de satisfação do cliente	94.5%
Adoção bancária digital	68%

Nicolet Bankshares, Inc. (NIC) - Modelo de Negócios: Relacionamentos do Cliente

Gerenciamento de relacionamento pessoal

No quarto trimestre 2023, Nicolet Bankshares mantém 26 locais bancários em Wisconsin e Illinois. O banco atende a aproximadamente 47.500 contas de clientes com uma abordagem personalizada para o banco de relacionamentos.

Banqueiros de relacionamento dedicados

Categoria de banqueiro	Número de profissionais	Portfólio médio de clientes
Gerentes de relacionamento comercial	42	38 clientes comerciais por banqueiro
Especialistas pessoais de relacionamento bancário	68	215 contas individuais de clientes

Plataformas bancárias online e móveis

Estatísticas bancárias digitais para Nicolet Bankshares:

• Usuários bancários móveis: 32.600
• Penetração bancária online: 68% da base total de clientes
• Volume de transação digital: 1,2 milhão de transações mensais

Engajamento focado na comunidade

Nicolet Bankshares investiu US $ 1,47 milhão Em programas de desenvolvimento e patrocínio da comunidade local em 2023, apoiando 87 iniciativas locais em Wisconsin e Illinois.

Serviços de consultoria financeira personalizada

Serviço de consultoria	Número de clientes atendidos	Receita média anual por serviço
Gestão de patrimônio	2.340 clientes	$487,000
Serviços de Consultoria de Negócios	612 clientes comerciais	$276,500
Planejamento de aposentadoria	1.875 clientes individuais	$214,000

Nicolet Bankshares, Inc. (NIC) - Modelo de Negócios: Canais

Rede de ramificação física

A partir de 2024, Nicolet Bankshares opera 45 locais bancários em Wisconsin e Illinois. A distribuição da filial é a seguinte:

Estado	Número de ramificações
Wisconsin	37
Illinois	8

Portal bancário online

Nicolet Bankshares fornece uma plataforma bancária abrangente baseada na Web com os seguintes recursos:

• Rastreamento do saldo da conta
• Histórico de transações
• Serviços de pagamento da conta
• Transferências de fundos
• Acesso à declaração digital

Aplicativo bancário móvel

Estatísticas bancárias móveis para Nicolet Bankshares:

Métrica	Valor
Downloads de aplicativos móveis	48,375
Usuários ativos mensais	32,600

Serviços bancários telefônicos

Nicolet Bankshares mantém um 24/7 de suporte ao cliente de call center Com as seguintes métricas de contato:

• Tempo médio de resposta de chamada: 47 segundos
• Volume anual de chamada: 142.500 chamadas
• Representantes de atendimento ao cliente: 22

Rede ATM

Detalhes da rede ATM para Nicolet Bankshares:

Tipo de atm	Contagem total
Caixas eletrônicos de propriedade de bancos	38
Caixas eletrônicos de rede compartilhada	175

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

Pequenas e médias empresas

A partir do quarto trimestre de 2023, o Nicolet Bankshares atende a aproximadamente 2.375 clientes comerciais pequenos e médios em Wisconsin e Illinois. Portfólio total de empréstimos comerciais para este segmento: US $ 487,3 milhões.

Métricas de segmento de negócios	Valor
Total de clientes comerciais	2,375
Portfólio de empréstimos comerciais	US $ 487,3 milhões
Tamanho médio do empréstimo	$205,200

Empresas comerciais locais

Nicolet Bankshares se concentra nas empresas comerciais locais, com uma receita média anual entre US $ 2 milhões e US $ 50 milhões.

• Total de clientes da empresa local: 1.642
• Valor médio de relacionamento: US $ 1,3 milhão
• Concentração da indústria: fabricação, saúde, agricultura

Clientes bancários de varejo individuais

Base de clientes bancários de varejo de 47.893 em 31 de dezembro de 2023, com depósitos totais de US $ 3,2 bilhões.

Métricas bancárias de varejo	Valor
Total de clientes de varejo	47,893
Total de depósitos de varejo	US $ 3,2 bilhões
Depósito médio do cliente	$66,800

Indivíduos de alta rede

Nicolet Bankshares atende a 623 clientes de alta rede com ativos totais sob gerenciamento de US $ 412,6 milhões.

• Número de clientes de alta rede: 623
• Ativos sob gestão: US $ 412,6 milhões
• Valor médio do portfólio: $ 662.000

Provedores de serviços profissionais

O segmento de serviço profissional inclui 1.157 clientes de setores jurídicos, médicos e de consultoria, com tota de relações bancárias, avaliadas em US $ 276,4 milhões.

Segmento de serviços profissionais	Valor
Total de clientes profissionais	1,157
Total de relacionamentos bancários	US $ 276,4 milhões
Relacionamento médio do cliente	$238,900

Nicolet Bankshares, Inc. (NIC) - Modelo de negócios: estrutura de custos

Salários de pessoal e funcionários

No relatório anual de 2022, Nicolet Bankshares registrou despesas totais de compensação de US $ 61,4 milhões. A quebra dos custos dos funcionários inclui:

Categoria de compensação	Valor ($)
Salários	48,300,000
Bônus de desempenho	6,500,000
Benefícios dos funcionários	6,600,000

Manutenção de tecnologia e infraestrutura digital

O investimento em tecnologia para Nicolet Bankshares em 2022 totalizou aproximadamente US $ 12,7 milhões, que incluía:

• Atualizações do sistema bancário principal
• Infraestrutura de segurança cibernética
• Desenvolvimento da plataforma bancária digital
• Manutenção de hardware e software de TI

Despesas de operação de ramificação

Os custos operacionais relacionados à filial para 2022 foram estimados em US $ 18,3 milhões, cobrindo:

Categoria de despesa	Valor ($)
Aluguel e instalações	8,200,000
Utilitários	3,600,000
Manutenção	4,500,000
Equipamento de ramificação	2,000,000

Custos de conformidade regulatória

As despesas de conformidade para Nicolet Bankshares em 2022 foram de US $ 7,9 milhões, incluindo:

• Taxas legais e de consultoria
• Software de conformidade
• Sistemas de relatórios regulatórios
• Programas de treinamento

Despesas de marketing e aquisição de clientes

As despesas de marketing para 2022 totalizaram US $ 4,6 milhões, distribuídas:

Canal de marketing	Valor ($)
Marketing digital	1,800,000
Publicidade tradicional	1,200,000
Patrocínio da comunidade	600,000
Programas de aquisição de clientes	1,000,000

Nicolet Bankshares, Inc. (NIC) - Modelo de negócios: fluxos de receita

Receita de juros de empréstimos

Para o ano fiscal de 2023, Nicolet Bankshares registrou receita total de juros de US $ 217,4 milhões. Redução de juros de empréstimo:

Categoria de empréstimo	Receita de juros
Empréstimos comerciais	US $ 132,6 milhões
Empréstimos imobiliários	US $ 68,3 milhões
Empréstimos ao consumidor	US $ 16,5 milhões

Taxas de serviço bancário

As taxas totais de serviço nas contas de depósito de 2023 foram de US $ 15,2 milhões.

• Taxas de manutenção de conta: US $ 6,7 milhões
• Taxas de transação: US $ 5,3 milhões
• Taxas de cheque especial: US $ 3,2 milhões

Comissões de gerenciamento de patrimônio

A receita de gerenciamento de patrimônio em 2023 totalizou US $ 22,8 milhões.

Categoria de serviço	Receita
Gerenciamento de investimentos	US $ 12,4 milhões
Planejamento financeiro	US $ 6,9 milhões
Serviços de confiança	US $ 3,5 milhões

Serviços de consultoria de investimentos

Os serviços de consultoria de investimentos geraram US $ 8,6 milhões em receita para 2023.

• Contas consultivas individuais: US $ 5,3 milhões
• Serviços de consultoria institucional: US $ 3,3 milhões

Receita de produtos hipotecários e empréstimos

As receitas de produtos de hipoteca e empréstimos atingiram US $ 41,5 milhões em 2023.

Categoria de produto	Receita
Originação hipotecária	US $ 24,7 milhões
Manutenção hipotecária	US $ 9,2 milhões
Outros produtos de empréstimos	US $ 7,6 milhões

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.