NICOLET BANKSHARES INC — Form 8-K
Filed July 21, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 48/100
What the filing says
Nicolet reported Q2 2026 net income of $57M ($65M core) on $2.62 diluted EPS ($2.99 core), compared to $15M ($52M core) and $0.81 EPS ($2.75 core) in Q1 2026. The MidWest One acquisition (closed Feb 13, 2026; added $6.1B assets, $4.4B loans, $5.3B deposits) drove net interest margin expansion to 4.14% from 3.98%, benefiting from loan purchase accounting accretion (23 bps) and lower deposit costs. The company repurchased 267,310 shares for $40M in Q2 and authorized $150M additional repurchases. Nonperforming assets improved to 0.49% of assets. The company is selling Denver branches (acquired via MidWest One) to Sunwest Bank for all cash, closing Q3 2026, with $402M loans and $388M deposits.
Why this rating
Large acquisition integration on track with margin expansion; earnings recovery material but temporary NIM accretion (23 bps) and integration costs ($7.4M Q2) will normalize. Relative to $1.6B market cap, $6.1B acquired asset integration and $40M buyback are meaningful but not transformational given integration headwinds and partial-quarter contributions.
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