Form 4: Director Marcia Anderson Boosts NIC Stake

Nicolet Bankshares Director Marcia M. Anderson increased her indirect ownership in the company by acquiring shares through a deferred compensation plan.

Summary

• Marcia M. Anderson, a Director of Nicolet Bankshares Inc. (NIC), acquired 7.684 shares of common stock on January 20, 2026, at a price of $131.43 per share.
• This acquisition was made by deferring a portion of her fourth-quarter 2025 earned board fees into the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors.
• Additionally, 0.983 fractional shares were received as dividend reinvestment from a cash dividend paid on December 15, 2025, also within the deferred compensation plan.
• Following these transactions, her indirect beneficial ownership in the deferred compensation plan totals 412.488 shares.
• The transaction was executed under a Rule 10b5-1(c) plan, indicating a pre-arranged trading plan.

Sentiment

Score: 7

Explanation: The acquisition of shares by a director, even through a deferred compensation plan, generally signals confidence in the company's prospects. It's a positive, albeit minor, indicator of insider alignment.

Positives

• A director increasing their stake, even through deferred compensation, can signal confidence in the company's future performance and alignment with shareholder interests.
• The use of a Rule 10b5-1(c) plan indicates a pre-planned, systematic approach to share acquisition, reducing concerns about opportunistic trading.

Future Outlook

The filing does not contain specific forward-looking statements or guidance, as it is a report on past insider transactions.

Industry Context

This is a routine insider transaction for a director of a regional bank. Such transactions are common for board members who often receive compensation in the form of equity or defer fees into equity-based plans. It reflects standard corporate governance practices within the banking sector, aiming to align director interests with those of shareholders.

Comparison to Industry Standards

• The acquisition of shares through a deferred compensation plan is a common practice among directors in the financial services industry, aligning their interests with shareholders.
• Many regional banks, similar to Nicolet Bankshares, utilize such plans to retain and incentivize non-employee directors.
• No specific comparable companies or projects are detailed in this filing, but the mechanism for director compensation and share acquisition is standard across the industry.

Related Party Transactions

• Marcia M. Anderson, a director, acquired shares through the Nicolet National Bank Deferred Compensation Plan for Non-employee Directors, which is a standard compensation arrangement between the company and its director.

Stakeholder Impact

• Shareholders: The transaction indicates a director's continued investment in the company, potentially signaling confidence in future performance and aligning director interests with shareholder value.
• Employees: No direct impact mentioned.
• Customers: No direct impact mentioned.

Key Dates

Recommendation

This Form 4 filing reports a routine insider transaction where a director acquired a small number of shares through a deferred compensation plan. While it signals a degree of confidence from the insider, it is not a significant open-market purchase that would typically warrant a change in investment recommendation. The transaction is expected and does not provide new material information to alter the fundamental outlook for Nicolet Bankshares Inc.

Keywords

Nicolet Bankshares, NIC, Marcia Anderson, Insider Transaction, Form 4, Director Stock Acquisition, Deferred Compensation, Bank Stock, Financial Services