Nicolet Bankshares trades at $144.06 per share and has stayed right on track with the overall market, gaining 12.9% over the last six months. At the same time, the S&P 500 has returned 8%.
Is now the time to buy NIC? Find out in our full research report, it’s free.
Why Is Nicolet Bankshares a Good Business?
Starting as Green Bay Financial Corporation in 2000 before rebranding in 2002, Nicolet Bankshares (NYSE: NIC) is a regional bank holding company that provides commercial, agricultural, and consumer banking services primarily in Wisconsin, Michigan, and Minnesota.
1. Net Interest Income Skyrockets, Fueling Growth Opportunities
While banks generate revenue from multiple sources, investors view net interest income as a cornerstone — its predictable, recurring characteristics stand in sharp contrast to the volatility of one-time fees.
Nicolet Bankshares’s net interest income has grown at a 21.9% annualized rate over the last five years, much better than the broader banking industry and faster than its total revenue.
2. Increasing Net Interest Margin Juices Financials
Net interest margin (NIM) represents the unit economics of a bank by measuring the profitability of its interest-bearing assets relative to its interest-bearing liabilities. It’s a fundamental metric that investors use to assess lending premiums and returns.
Over the past two years, Nicolet Bankshares’s net interest margin averaged 3.6%, climbing by 65 basis points (100 basis points = 1 percentage point) over that period.
This expansion was a tailwind for its net interest income, and while prevailing interest rates matter the most for industry net interest margins, banks that consistently increase this figure generally boast higher-earning loan books (all else equal such as the risk of those loans) or provide differentiated services that give them the ability to charge higher rates (pricing power).
3. Growing TBVPS Reflects Strong Asset Base
We consider tangible book value per share (TBVPS) the most important metric to track for banks. TBVPS represents the real, liquid net worth per share of a bank, excluding intangible assets that have debatable value upon liquidation.
Nicolet Bankshares’s TBVPS increased by 10.2% annually over the last five years, and growth has recently accelerated as TBVPS grew at an excellent 17% annual clip over the past two years (from $43.28 to $59.21 per share).
Final Judgment
These are just a few reasons why Nicolet Bankshares ranks highly on our list, but at $144.06 per share (or 1.2× forward P/B), is now the right time to buy the stock? See for yourself in our comprehensive research report, it’s free.
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