Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by Nicolet Bankshares Inc to the U.S. Securities and Exchange Commission. The report details the company's holdings of equity securities as of the reporting period ending September 30, 2021. As a Form 13F, this document discloses investment positions rather than the company's own operational financial performance.
Key Financial Metrics and Portfolio Composition
The filing lists numerous equity holdings, including common stocks and exchange-traded funds (ETFs). Key portfolio characteristics include:
- Top Equity Holdings by Value: The largest single position by value is SPDR Portfolio S&P 500 Value ETF (approx. $34.5 million), followed by SPDR Portfolio S&P 500 Growth ETF (approx. $24.5 million) and Vanguard Developed Markets Index Fund (approx. $17.2 million).
- Significant Individual Stock Positions: Notable individual stock holdings include Apple Inc. ($11.2 million), Microsoft Corp. ($9.1 million), Johnson & Johnson ($2.1 million), and Procter & Gamble Co. ($2.4 million).
- Self-Holding: The company holds 833,207 shares of its own stock (Nicolet Bankshares Inc) valued at approximately $60.7 million, reported under "Other" voting authority.
- Asset Classes: The portfolio is heavily weighted toward large-cap U.S. equities (S&P 500 components), international equities (MSCI EAFE, Emerging Markets), and fixed-income ETFs (TIPS, Corporate Bonds, Municipal Bonds).
Material Changes and Voting Authority
The filing distinguishes between voting authority types:
- Sole Discretion: The vast majority of holdings are managed with sole voting discretion.
- Other Discretion: Certain positions, including the company's own stock and specific ETF tranches, are listed with "Other" voting authority, indicating shared or restricted control.
- Derivatives: The table includes columns for Put/Call options, but the provided data shows no active put or call positions for the listed securities.
Guidance, Outlook, and Risks
Management Commentary: This filing is a regulatory disclosure of holdings and does not contain management commentary, forward-looking guidance, or strategic outlook regarding Nicolet Bankshares Inc's operations.
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 operational risks or contingencies are detailed in this document.
Important Facts for Investor Verification
- Document Type: Verify that this is a 13F (investment holdings) and not a 10-Q or 10-K (operational financial results). It does not report Nicolet Bankshares' revenue, profit, or cash flow.
- Valuation Basis: The "Value" column represents the approximate market value of the holdings at the end of the quarter, not the cost basis.
- Self-Holding: Note the significant holding of the company's own stock ($60.7M), which may be part of a treasury stock program or employee benefit plan.
- Portfolio Concentration: A substantial portion of the reported assets is concentrated in passive index funds (SPDR, Vanguard, iShares) rather than active stock picking.