Nicolet Bankshares (NIC) Q4 2025 earnings summary

Executive summary

• Achieved record net income of $151 million for full year 2025, up from $124 million in 2024, and record diluted EPS of $9.78, a 21.5% increase year-over-year.

• Fourth quarter 2025 net income was $40 million, with diluted EPS of $2.65, compared to $42 million and $2.73 in the prior quarter.

• Strong core deposit growth of $497 million (7%) and loan growth of $210 million (3%) year-over-year.

• Announced pending acquisition of MidWestOne, expected to close in Q1 2026, with integration planning underway.

Financial highlights

• Net interest income for 2025 was $306 million, up $38 million from 2024, driven by higher rates and volumes.

• Net interest margin improved to 3.76% for 2025, up 29 bps from 2024.

• Noninterest income rose to $86 million, up $3 million year-over-year, with core categories growing but offset by lower net asset gains.

• Noninterest expense increased $9 million to $201 million, mainly due to higher personnel and merger-related costs.

• Quarterly cash dividend of $0.32 per share declared, payable March 16, 2026.

Outlook and guidance

• Management expects the MidWestOne acquisition to close in Q1 2026, with integration to follow.

• Leadership anticipates continued strong performance and sees the combined entity well-positioned for 2026.