NIC earnings analysis
What we found in NIC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Nicolet Bankshares experienced a challenging Q1 2026, with reported revenue of $109.6 million and diluted EPS of $0.81, both lower than consensus expectations. The company faced a significant impact from acquisition-related expenses stemming from the MidWestOne acquisition. Despite these challenges, core earnings showed resilience, reflecting strong net interest income and increased loan volumes related to the acquisition.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline vs Prior Period
- Revenue for Q1 2026 was $109.6 million, down from $131 million in Q1 2025, a decrease of 16.4%.
- Core EPS Resilience
- Core diluted EPS (non-GAAP) reached $2.75, slightly above prior quarter but affected by merger expenses.
- Strong Net Interest Income Growth
- Net interest income increased by 54% year-over-year to $109.6 million due to the MidWestOne acquisition.
- Significant Asset Growth
- Total assets rose to $15.6 billion, a 70% increase attributed to the MidWestOne acquisition.
- Increase in Noninterest Income
- Noninterest income for Q1 2026 was $25.3 million, a 39% increase compared to Q1 2025.
- Enhanced Net Interest Margin
- Net interest margin improved to 3.98%, up from 3.58% in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Merger-Related Expenses
- Q1 2026 saw $40.7 million in merger-related expenses, significantly impacting GAAP earnings.
- Increased Provision for Credit Losses
- Provision for credit losses rose to $6 million, compared to $1.5 million a year earlier.
- Nonperforming Assets Increase
- Nonperforming assets rose to $79.5 million, an increase from $32.3 million at December 31, 2025.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.81
What they said about what is next.
Management's outlook indicates expected cost savings from integration, but no numeric revenue or EPS guidance was provided.
The filing reads worse than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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