Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by Nicolet Bankshares Inc for the reporting period ending March 31, 2020. The document discloses the equity securities held by the institution at the end of the quarter. It does not contain operational financial statements, revenue data, or management commentary regarding the bank's own business performance.
Key Financial Metrics and Portfolio Composition
The filing details a diversified portfolio of equity securities, including individual stocks and exchange-traded funds (ETFs). Key portfolio characteristics include:
- Self-Holding: The institution holds a significant position in its own stock (Nicolet Bankshares Inc), totaling 861,559 shares (848,418 shares with sole voting authority and 13,141 shares with other voting authority).
- Top Individual Holdings by Value:
- Apple Inc: $21,805,000
- Microsoft Corp: $29,114,000
- Johnson & Johnson: $11,342,000
- Intel Corp: $30,018,000
- Pfizer Inc: $35,266,000
- Top ETF Holdings by Value:
- SPDR Portfolio S&P 500 Value ETF: $519,952,000
- SPDR Portfolio S&P 500 Growth ETF: $253,402,000
- Vanguard FTSE Developed Market ETF: $231,558,000
- JPMorgan Alerian MLP Index Fund: $210,617,000
- Asset Classes: The portfolio includes significant exposure to U.S. large-cap equities, international equities (EAFE, Emerging Markets), and fixed income ETFs (e.g., FlexShares IBOXX, Vanguard Total Bond Market).
Material Changes and Voting Authority
The filing does not provide comparative data against the prior quarter (December 31, 2019) to determine material changes in holdings. However, the table distinguishes voting authority:
- Sole Discretion: The vast majority of holdings are reported with "Sole" voting authority.
- Shared/Other Authority: Certain positions, including the self-holding in Nicolet Bankshares Inc and various ETFs, show "Shared" or "Other" voting authority, indicating potential co-management or specific trust arrangements.
Guidance, Risks, and Contingencies
Guidance and Outlook: This filing type does not contain management guidance, earnings outlook, or strategic commentary.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy. No specific risk factors or contingencies related to the portfolio are disclosed in this text.
Important Facts for Investor Verification
- Portfolio Concentration: Verify the total market value of the portfolio to assess the bank's exposure to equity market volatility relative to its total assets.
- Self-Holding Structure: Confirm the purpose of the 861,559 shares of Nicolet Bankshares Inc held by the institution (e.g., treasury stock, employee benefit plans, or proprietary trading).
- ETF Exposure: Note the heavy weighting in passive index funds (S&P 500, Total Bond Market), which suggests a passive investment strategy for a portion of the assets.
- Missing Data: This document does not provide the bank's own revenue, profit, cash flow, or debt levels; those metrics must be sourced from the bank's Form 10-Q or 10-K filings.