The EPS miss and revenue shortfall, despite successful integration milestones, suggest near-term earnings headwinds from elevated expenses and market volatility. Monitor Q4 2026 for expense normalization and organic loan growth as the cleaner operating base takes effect.
Price Chart
Executive Summary
Nicolet Bankshares reported Q3 2026 GAAP diluted EPS of $2.96, below the consensus estimate of $3.28, and core diluted EPS of $3.15, also below the $3.28 consensus. Revenue (net interest income) was $142.2M, slightly below the $143.3M consensus. The miss was driven by higher noninterest expenses and unfavorable market valuations, partially offset by net interest margin expansion to 4.19% and solid core deposit growth. The company completed the MidWestOne integration and Denver branch sale, signaling a cleaner operating base ahead.
Key Financial Metrics
Key Facts
- GAAP diluted EPS of $2.96 vs consensus $3.28 (miss of -9.8%)
- Core diluted EPS (non-GAAP) of $3.15 vs consensus $3.28 (miss of -3.9%)
- Net interest income of $142.2M vs consensus $143.3M (miss of -0.8%)
- Net interest margin expanded to 4.19% from 4.14% in Q2 2026
- Core deposits grew $223M sequentially; total deposits up $73M
- Completed MidWestOne integration, core systems conversion, and Denver branch sale
- Repurchased $40M in common stock during Q3
- Quarterly dividend maintained at $0.36 per share
Financial Impact
EPS miss of ~$0.13 vs consensus on core basis; revenue slightly below consensus
Risk Factors
- Continued elevated noninterest expenses from integration and personnel costs
- Unfavorable market valuations on investment portfolio from rising interest rates
- Potential credit quality deterioration if economic conditions weaken
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001174850-26-000172 |
| Document: nic-20261020.htm | 0001174850-26-000172 |
| Document: 0001174850-26-000172-index-headers.html | 0001174850-26-000172 |
| Document: 0001174850-26-000172-index.html | 0001174850-26-000172 |
| Document: 0001174850-26-000172.txt | 0001174850-26-000172 |
| 8-K Data (Synthetic) | 0001174850-26-000172 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 8-K | $165.73 $169.64 | ▼ −2.36% | ▼ −3.54% | $173.77 (−4.85%) |
Sep 22, 2026 4w ago | Institutional Cluster | $165.65 $164.78 | ▼ −0.53% | ▲ +0.20% | $173.77 (+4.90%) |
Jul 29, 2026 12w ago | Insider Cluster | $169.55 $170.92 | ▲ +0.81% | ▲ +0.09% | $173.77 (+2.49%) |
Apr 21, 2026 26w ago | 8-K | $142.86 $144.04 | ▲ +0.83% | ▲ +1.22% | $173.77 (+21.64%) |
US Market Status
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