Nicolet Bankshares, Inc. (NASDAQ: NCBS) is transferring its common stock listing from Nasdaq to the New York Stock Exchange (NYSE), effective May 24, 2022. The current trading on Nasdaq will cease on May 23, 2022. CEO Mike Daniels expressed enthusiasm for joining the NYSE, highlighting the company's focus on serving customers, communities, and employees, which aims to benefit shareholders. As a prominent community bank, Nicolet National Bank offers a range of services, including commercial banking and wealth management across Wisconsin and Michigan.
Nicolet Bankshares (NASDAQ: NCBS) reported a strong first quarter 2022, with net income of $24 million and earnings per diluted share of $1.70, outperforming the prior quarter's $16 million and $1.25. The bank's return on average assets was 1.30%. Notably, it announced an agreement to acquire Charter Bankshares for approximately $38.8 million and agrees to issue 1.26 million shares. Though total assets decreased by 5% to $7.3 billion, loans grew by $61 million. The bank returned $54 million to shareholders via stock repurchases.
Nicolet Bankshares, Inc. (NASDAQ: NCBS) has announced its acquisition of Charter Bankshares, Inc., valued at approximately $158 million. The merger will enhance Nicolet's assets to $8.8 billion and is expected to be accretive to tangible book value. Charter Bank, with total assets of $1.1 billion, brings strong community banking ties in Western Wisconsin and Minnesota. The transaction includes a share exchange of 1.26 million shares and a cash payment of $38.8 million. Completion is anticipated in Q3 2022, pending regulatory approval.
Nicolet National Bank announced the hiring of Kelly Fischer as Senior Vice President and Chief Innovation Officer. Previously at Bank First as COO, Fischer will lead Information Technology and fintech investments. President and CEO, Mike Daniels, emphasized the need for transformation amid industry disruption, highlighting Fischer's expertise as vital. With 23 years in community banking, Fischer's background includes leading various operational teams. Nicolet, founded in 2000, serves regions across Wisconsin and Michigan, focusing on community banking services.
Nicolet Bankshares reported fourth quarter 2021 net income of $16 million, with earnings per diluted share at $1.25, reflecting a significant increase from $8 million in Q3 2021. For the year, net income reached $61 million, compared to $60 million in 2020. The company completed two major acquisitions, County and Mackinac, significantly boosting total assets to $7.7 billion. Non-GAAP earnings for 2021 were $73 million, adjusted for integration costs. The annualized return on average assets for Q4 2021 was 0.96%, down from 1.58% in Q4 2020.
Nicolet Bankshares, Inc. (NASDAQ: NCBS) announced an increase in its common stock repurchase program on December 21, 2021, authorizing up to an additional $50 million for buybacks, representing about 5% of its outstanding shares. This brings the total repurchase capacity to $81 million. President and CEO Mike Daniels emphasized the company's strong cash position and strategic moves in 2021, such as acquisitions and branch rationalization, as reasons for this decision. The repurchase plan will be executed through open market transactions and may be modified at the company's discretion.
Nicolet Bankshares, Inc. (NASDAQ: NCBS) has successfully completed the consolidation and closure of fifteen branches as of December 10, 2021. This decision follows two recent mergers, with Mackinac Financial Corporation on September 3, 2021, and County Bancorp, Inc. on December 3, 2021. CEO Mike Daniels stated that the integration of these mergers and branch closures proceeded as planned, and the anticipated deposit run-off has not significantly occurred. Nicolet now operates 52 branches and four loan production offices across Wisconsin and Michigan.
Nicolet Bankshares (NCBS) has successfully completed its merger with County Bancorp (ICBK), with County merging into Nicolet, which is now the surviving corporation. This merger adds approximately $1.5 billion in assets, raising Nicolet's total assets to $8.0 billion. The combined entity's total loans increase to $4.5 billion and total deposits to $6.7 billion. Additionally, three branches of Investors Community Bank have transitioned to Nicolet National Bank, enhancing Nicolet's presence in Fox Valley and expanding into new markets in Stevens Point and Manitowoc, Wisconsin.
Nicolet Bankshares reported Q3 2021 net income of $7.8 million ($0.73 per share), down from $18.3 million in Q2 2021 and $18.1 million in Q3 2020. For the first nine months, net income reached $44.3 million, up from $42.1 million YoY. Key merger with Mackinac Financial added $1.5 billion in assets and $229 million total purchase price. Loans increased by $0.7 billion and deposits by $1.5 billion. Noninterest income declined 31% compared to Q2 2021. The merger with County Bancorp was approved, expected to close on December 3, 2021.
Nicolet Bankshares, Inc. (NASDAQ: NCBS) announced plans to consolidate or close 15 branches and sell its Birmingham, Michigan location. The closures will take effect on December 10, 2021. The decision is based on evolving customer preferences towards digital services over traditional branch access. CEO Mike Daniels emphasized the importance of investing in both digital and traditional channels. Additionally, the bank completed its merger with Mackinac Financial Corporation, resulting in total consolidated assets of approximately $6.1 billion.