Business Context and Reporting Period
Company: Nicolet Bankshares, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: September 28, 2015
Event: Redemption of Series C Preferred Stock issued under the Small Business Lending Fund (SBLF) program.
Key Financial Metrics
This filing does not provide comprehensive financial statements (revenue, profit, cash flow, or margins). The specific financial data disclosed relates to the preferred stock transaction:
- Redemption Amount: $12.2 million (12,200 shares).
- Redemption Price: $1,000 per share plus accrued dividends through the payoff date.
- Remaining Outstanding SBLF Stock: $12.2 million (12,200 shares).
- Total Original SBLF Issuance (2011): $24.4 million.
Material Changes
The primary material change is the reduction of the company's preferred stock liability. Nicolet redeemed 50% of its outstanding Series C Preferred Stock issued to the Secretary of the Treasury in September 2011. Consequently, the total outstanding balance of this specific instrument was halved from $24.4 million to $12.2 million.
Outlook, Risks, and Management Commentary
Management Commentary: The company executed the redemption at liquidation value plus accrued dividends. The filing incorporates a press release (Exhibit 99.1) for further details.
Risks and Contingencies: The filing does not disclose new risks or contingencies beyond the standard execution of the redemption. The company retains the remaining 50% of the SBLF preferred stock obligation.
Investor Verification Checklist
- Verify the exact amount of accrued dividends paid in addition to the $12.2 million principal redemption.
- Confirm the impact of this redemption on the company's overall capital structure and regulatory capital ratios.
- Review the full text of the press release (Exhibit 99.1) for any additional strategic commentary regarding future capital management.
- Check subsequent filings for the status of the remaining $12.2 million Series C Preferred Stock.