SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: NICOLET BANKSHARES INC
Filing Type: Form 13F Information Table
Reporting Period: December 31, 2015
Context: This filing discloses the equity securities held by the company as of the end of the fourth quarter of 2015. It is a regulatory disclosure of investment holdings, not a financial performance report.
Key Financial Metrics
Revenue, Profit, Cash Flow, Margins, Debt, Liquidity: The filing text does not provide a clear value for these metrics. Form 13F filings are restricted to reporting investment holdings and do not contain the issuer's operational financial statements.
Portfolio Composition: The portfolio consists of common stocks, preferred stocks, and exchange-traded funds (ETFs). Voting authority is primarily "Sole" (DFND), with some "Shared" authority noted for specific positions.
Material Changes and Portfolio Highlights
As this is a snapshot of holdings at a specific date, material changes versus prior periods cannot be calculated from this single document. However, the following highlights the portfolio structure:
- Largest Equity Holdings by Value:
- Wells Fargo & Co: $2,545,000
- Apple Inc: $2,410,000
- Coca-Cola Co: $2,987,000
- Microsoft Corp: $1,206,000
- Procter & Gamble Co: $1,205,000
- Significant ETF Positions:
- FlexShares IBOXX 3-Year Target Duration Bond ETF: $5,740,000
- FlexShares Global Upstream Energy Index Fund: $4,870,000
- iShares S&P Global Infrastructure ETF: $5,298,000
- iShares MSCI EAFE ETF: $4,305,000
- Shared Voting Authority: Several positions, including Apple Inc ($2,572,000), Microsoft Corp ($2,599,000), and Visa Inc ($2,437,000), list shared voting authority, indicating the company may not have sole discretion over these specific shares.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not provide a clear value for management guidance or future outlook. Form 13F is a historical record of holdings and does not include forward-looking statements.
Risks and Contingencies: No specific risks or contingencies are detailed in this filing. The standard SEC disclaimer notes that the Commission has not reviewed the information for accuracy or completeness.
Unusual Items: The portfolio includes a mix of large-cap U.S. equities, international exposure via ETFs, and specific sector bets (e.g., Energy, Infrastructure, Real Estate).
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing the "Value" column to assess the scale of the investment arm relative to the bank's balance sheet.
- Confirm the breakdown of "Sole" vs. "Shared" voting authority to understand the extent of the company's control over its investments.
- Review the concentration risk in the top 10 holdings, which appear to be heavily weighted toward financials, technology, and consumer staples.
- Check subsequent filings (e.g., Q1 2016) to determine if the significant ETF positions were maintained or liquidated.
- Ensure the "Other" voting authority entries (e.g., iShares Core U.S. Value ETF) are understood in the context of fund structure.