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, 2022
Context: This filing discloses the equity securities held by Nicoret Bankshares Inc. as of the end of the fourth quarter of 2022. As a Form 13F, this document details investment holdings rather than the company's own operating financial results (revenue, profit, or cash flow).
Key Financial Metrics and Holdings
The filing lists individual security positions, share counts, and market values. Aggregate portfolio totals are not explicitly stated in the text, but the following observations are derived from the data:
- Asset Class: The portfolio consists primarily of U.S. common stocks and Exchange Traded Funds (ETFs).
- Top Holdings by Value (Selected):
- SPDR Portfolio S&P 500 Value ETF: $44,203,463
- SPDR Portfolio S&P 500 Growth ETF: $22,664,032
- Vanguard Total Bond Market ETF: $17,926,738
- JPMorgan Alerian MLP Index ETN: $7,607,824
- Apple Inc.: $8,585,690
- Microsoft Corp.: $5,947,344
- Self-Holding: The company holds 934,011 shares of its own stock (NICOLET BANKSHARES INC) valued at $74,525.
- Voting Authority: The majority of positions are held with "Sole" voting authority. Some positions (e.g., Apple, Microsoft, Pfizer) show split authority between "Sole" and "Shared" or "None" (likely due to derivatives or specific account structures).
Material Changes and Portfolio Composition
Note: This filing is a snapshot of holdings at a specific date. It does not provide comparative data against the prior quarter (September 30, 2022) to determine material changes in position size or value.
- Diversification: The portfolio is heavily diversified across sectors including Technology (Apple, Microsoft, Alphabet), Financials (JPMorgan, Bank of America, Wells Fargo), Healthcare (Pfizer, Johnson & Johnson), and Energy (Exxon Mobil, Chevron).
- ETF Exposure: A significant portion of the portfolio is allocated to passive index funds, particularly S&P 500 growth/value splits and broad market ETFs from Vanguard and iShares.
- Derivatives/Options: The table includes columns for "Put/Call" and "Other," but the provided text indicates "SH" (Shares) for the vast majority of entries, suggesting a long-only equity strategy with minimal reported options activity in this specific view.
Guidance, Risks, and Contingencies
Management Commentary: None. Form 13F filings are statutory disclosures of holdings and do not contain management discussion, guidance, or outlook.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. No specific risk factors or contingencies regarding the company's operations are disclosed in this document.
Key Facts for Investor Verification
- Portfolio Concentration: Verify if the heavy weighting in S&P 500 ETFs (Growth and Value) aligns with the company's stated investment policy or if it represents a shift in strategy.
- Self-Holding Valuation: The company holds 934,011 shares of its own stock valued at only $74,525 (approx. $0.08/share). Investors should verify the current market price of Nicoret Bankshares stock to understand if this reflects a distressed valuation or a specific accounting treatment.
- Derivative Exposure: While most entries are "Sole" shares, verify the "Shared" and "None" voting authority entries (e.g., Apple, Microsoft, Pfizer) to understand if these represent hedging positions or securities lending arrangements.
- Liquidity Profile: The portfolio is highly liquid, consisting of large-cap equities and major ETFs, which suggests a high degree of liquidity for the bank's investment portfolio.