SEC Filing Analysis: NICOLET BANKSHARES INC (NIC)

Executive Summary

• Trading Significance: Low
• Key Takeaway: A director acquired a nominal amount of stock by deferring board fees into a compensation plan, a routine and non-indicative transaction.
• Market Impact: Neutral. The transaction is too small to have any market impact.

Company Information

Field	Value
Company	NICOLET BANKSHARES INC
Ticker Symbol	NIC
CIK	0001174850
Industry	NATIONAL COMMERCIAL BANKS

Insider Information

Field	Value
Name	JOHNSON BRENDA L
CIK	0001942061
Title/Position	null
Relationship	Director

Transaction Details

Field	Value
Form Type	4
Transaction Date	2025-10-21
Transaction Code	A (Award)
Security Type	Common Stock
Shares Involved	31.187
Price Per Share	$129.40
Total Value	$4,035.48
Shares Owned After	887.54 (in this specific indirect account)
Ownership Type	Indirect

Financial Impact Assessment

Transaction Materiality

Metric	Value
Transaction Value	$4,035.48
% of Market Cap	0.00023%
Shares Transacted	31.187
% of Shares Outstanding	0.00021%
Post-Transaction Ownership	672,780.54 shares (4.53% of outstanding)
Materiality Assessment	Low

Impact Evaluation

• Market Cap Context: The transaction value of ~$4k is negligible against the company's $1.75 billion market capitalization.
• Ownership Concentration: While this specific transaction is minor, the director maintains a substantial total holding of over 672,000 shares, representing approximately 4.53% of all outstanding shares.
• Transaction Significance: The transaction is classified as low significance. It is not an open-market purchase reflecting new investment sentiment but rather a routine allocation of compensation.

Market Impact Analysis

Stock Impact Prediction

• Direction: Neutral
• Reasoning: The transaction is a non-event for the market. It is an automatic acquisition as part of a director's compensation plan and does not signal any new insider sentiment.

Volume & Sentiment

• Expected Volume Impact: None. This is not an open-market trade and will not affect trading volume.
• Sentiment Indicator: Neutral. The filing is purely informational and carries no bullish or bearish signal.

Additional Context

Transaction Notes

• Special Circumstances: Per footnote 1, the shares were acquired by deferring the director's third-quarter 2025 earned board fees into the Nicolet National Bank Deferred Compensation Plan. This is a common practice and not an investment decision.