Is NBTB or NIC more undervalued in 2026?

CirclFi compares NBT Bancorp Inc. (NBTB) and Nicolet Bankshares Inc. (NIC) using 13 institutional-grade valuation models. NBTB has a Quality of Company score of 8.4/10 while NIC scores 9.0/10.

Which is a better buy — NBTB or NIC?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do NBTB and NIC valuations compare?

NBTB at $46.24 and NIC at $140.27 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

NBTB vs NIC Valuation Comparison 2026 — Intrinsic Value Analysis

NBTB

National Commercial Banks

NBT Bancorp Inc.

Quality

8.4

out of 10

Value Trap

SAFE

Price

$46.24

Last close

Models

11/13

Active

NIC

National Commercial Banks

Nicolet Bankshares Inc.

Quality

9.0

out of 10

Value Trap

SAFE

Price

$140.27

Last close

Models

12/13

Active

Model-by-Model Comparison

Model	Type	NBTB Fair Value	NBTB Upside	NIC Fair Value	NIC Upside
Bayesian DCF	Intrinsic	$30.44	-34.2%	$57.53	-59.0%
Earnings Power Value	Intrinsic	$40.40	-12.6%	$76.54	-45.4%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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NBTB vs NIC — Which Stock Is More Undervalued?

NIC scores higher with a 9.0/10 quality rating vs NBTB's 8.4/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing NBT Bancorp Inc. (NBTB) and Nicolet Bankshares Inc. (NIC) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

NBTB currently trades at $46.24 with a QOC of 8.4/10, while NIC trades at $140.27 with a QOC of 9.0/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).