COMP <GO>

FIBK vs NIC // 10Y YIELD & FRED MACRO BETA

First Interstate BancSystem Inc. (NASDAQ) VS. Nicolet Bankshares Inc. (NYSE) • 15-METRIC TALLY: FIBK 5 — NIC 1

■ METRIC PARITY

LAST: $37.95 (+1.04%) • MKT CAP: $3.62B

macro-sensitivity

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LAST: $172.52 (+0.89%) • MKT CAP: $3.62B

macro-sensitivity

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (FIBK VS. NIC) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	FIBK	NIC	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	8.80%	12.00%	-3.20	NIC	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	8.45%	4.13%	+4.32	FIBK	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	5.37%	0.52%	+4.85	FIBK	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	5/9	5/9	0.00	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	62.8	59.4	+3.43	FIBK	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta ACTIVE	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	11.2x	22.3x	-11.10	FIBK	/forward-pe <GO>
Enterprise Scale & Market Cap	$3.62B	$3.62B	$1.2M	FIBK	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	FIBK REV	NIC REV	FIBK GROSS %	NIC GROSS %	FIBK FCF	NIC FCF
FY 2025	$0	$0	—	—	$305.6M	$149.4M
FY 2024	$0	$0	—	—	$355.0M	$116.8M
FY 2023	$0	$0	—	—	$428.0M	$108.0M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

FIBK // BETA —

NIC // BETA —