Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by Nicolet Bankshares Inc for the reporting period ending September 30, 2016. The document discloses the company's holdings of equity securities and certain other investment vehicles as of the quarter-end date. It does not contain operational financial statements (revenue, profit, cash flow) for Nicolet Bankshares Inc itself, but rather a schedule of its investment portfolio.
Key Financial Metrics and Portfolio Composition
The filing details a diversified portfolio of common stocks, preferred stocks, and exchange-traded funds (ETFs). Key portfolio metrics derived from the table include:
- Total Holdings: The table lists over 100 distinct issuers, including major corporations and ETFs.
- Largest Equity Position: The largest single holding by value is Nicolet Bankshares Inc (the company's own stock), valued at $31,126,000 (811,635 shares).
- Top External Holdings: Significant positions include General Electric Corp ($2,306,000), ExxonMobil Corp ($2,757,000), Apple Inc ($3,210,000), and Coca-Cola Co ($2,912,000).
- ETF Exposure: The portfolio includes substantial allocations to ETFs, such as FlexShares Global Upstream Natural Gas ($10,829,000) and FlexShares iBoxx 3-Year Target Duration ($8,350,000).
- Voting Authority: The filing indicates "Sole" voting authority for the majority of positions, with some "Shared" authority noted for specific holdings (e.g., Alphabet Inc, Apple Inc).
Material Changes Versus Prior Period
The filing text does not provide a clear value for material changes compared to the prior comparable period. Form 13F tables typically list current holdings but do not explicitly state the net change in value or share count from the previous quarter within the data rows provided. Analysis of changes would require comparing this dataset against the prior quarter's filing, which is not included in the source text.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for management commentary, guidance, outlook, or specific risk factors. Form 13F is a regulatory disclosure of holdings and does not contain narrative sections regarding future business strategy or operational risks. The only disclaimer present is the standard SEC notice that the Commission has not reviewed the information for accuracy or completeness.
Important Facts for Investor Verification
- Self-Holding: Verify the rationale for holding a significant position ($31.1M) in the company's own common stock, which represents a substantial portion of the reported equity value.
- Concentration Risk: Assess the concentration in specific sectors, particularly Energy (via FlexShares Global Upstream Natural Gas and ExxonMobil) and Technology (Apple, Microsoft, Cisco).
- Investment Discretion: Confirm the extent of "Sole" versus "Shared" voting authority, as shared authority may indicate co-investment arrangements or specific fund structures.
- Valuation Basis: Note that values are reported in thousands; ensure calculations for total portfolio value account for this scaling factor.