Is NIC or NRIM more undervalued in 2026?

CirclFi compares Nicolet Bankshares Inc. (NIC) and Northrim BanCorp Inc (NRIM) using 13 institutional-grade valuation models. NIC has a Quality of Company score of 9.0/10 while NRIM scores 9.3/10.

Which is a better buy — NIC or NRIM?

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 NIC and NRIM valuations compare?

NIC at $140.50 and NRIM at $24.74 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

NIC vs NRIM Valuation Comparison 2026 — Intrinsic Value Analysis

NIC

Banks - Regional

Nicolet Bankshares Inc.

Quality

9.0

out of 10

Value Trap

SAFE

Price

$140.50

Last close

Models

12/13

Active

NRIM

Banks - Regional

Northrim BanCorp Inc

Quality

9.3

out of 10

Value Trap

LOW

Price

$24.74

Last close

Models

12/13

Active

Model-by-Model Comparison

Model	Type	NIC Fair Value	NIC Upside	NRIM Fair Value	NRIM Upside
Bayesian DCF	Intrinsic	$52.21	-62.8%	$29.28	+18.4%
Earnings Power Value	Intrinsic	$76.54	-45.5%	$26.30	+6.3%
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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NIC vs NRIM — Which Stock Is More Undervalued?

NRIM scores higher with a 9.3/10 quality rating vs NIC's 9.0/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Nicolet Bankshares Inc. (NIC) and Northrim BanCorp Inc (NRIM) 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.

NIC currently trades at $140.50 with a QOC of 9.0/10, while NRIM trades at $24.74 with a QOC of 9.3/10.

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).