Nicolet Bankshares, Inc. Announces 2024 Results
Nicolet Bankshares (NYSE: NIC) reported strong financial results for 2024, with fourth quarter net income reaching $34 million ($2.19 per diluted share), up from $33 million in Q3 2024 and $31 million in Q4 2023. Full-year 2024 net income was $124 million ($8.05 per diluted share), compared to $62 million in 2023.
The company demonstrated solid performance with a net interest margin of 3.47% for 2024, improving 29 basis points over 2023. Assets grew by $328 million (4%) year-over-year to $8.8 billion, while total deposits reached $7.4 billion. The tangible common equity ratio strengthened to 9.33% at year-end.
Asset quality remained strong with nonperforming assets at 0.33% of total assets. The company resumed share repurchases in Q4 2024 and indicated potential M&A activity for 2025, supported by strong capital levels and earnings performance.
Nicolet Bankshares (NYSE: NIC) ha riportato risultati finanziari solidi per il 2024, con un reddito netto del quarto trimestre che ha raggiunto i 34 milioni di dollari (2,19 dollari per azione diluita), in aumento rispetto ai 33 milioni di dollari del terzo trimestre 2024 e ai 31 milioni di dollari del quarto trimestre 2023. Il reddito netto dell'intero anno 2024 è stato di 124 milioni di dollari (8,05 dollari per azione diluita), rispetto ai 62 milioni di dollari del 2023.
L'azienda ha dimostrato una solida performance con un margine di interesse netto del 3,47% per il 2024, migliorando di 29 punti base rispetto al 2023. Gli attivi sono aumentati di 328 milioni di dollari (4%) su base annua, raggiungendo gli 8,8 miliardi di dollari, mentre i depositi totali hanno toccato i 7,4 miliardi di dollari. Il rapporto di capitale tangibile è migliorato fino al 9,33% alla fine dell'anno.
La qualità degli attivi è rimasta forte con attivi non performanti pari allo 0,33% del totale degli attivi. L'azienda ha ripreso i riacquisti di azioni nel quarto trimestre 2024 e ha indicato una possibile attività di fusioni e acquisizioni per il 2025, sostenuta da solidi livelli di capitale e performance reddituali.
Nicolet Bankshares (NYSE: NIC) reportó resultados financieros sólidos para 2024, con un ingreso neto del cuarto trimestre que alcanzó los 34 millones de dólares (2,19 dólares por acción diluida), en comparación con los 33 millones de dólares en el tercer trimestre de 2024 y los 31 millones de dólares en el cuarto trimestre de 2023. El ingreso neto del año completo 2024 fue de 124 millones de dólares (8,05 dólares por acción diluida), en comparación con 62 millones de dólares en 2023.
La compañía demostró un rendimiento sólido con un margen de interés neto del 3,47% para 2024, mejorando 29 puntos básicos respecto a 2023. Los activos crecieron en 328 millones de dólares (4%) interanualmente, alcanzando los 8,8 mil millones de dólares, mientras que los depósitos totales llegaron a 7,4 mil millones de dólares. La relación de capital tangible común se fortaleció hasta el 9,33% al final del año.
La calidad de los activos se mantuvo fuerte con activos no productivos en el 0,33% del total de activos. La empresa reanudó las recompra de acciones en el cuarto trimestre de 2024 e indicó una posible actividad de fusiones y adquisiciones para 2025, respaldada por sólidos niveles de capital y desempeño de ganancias.
니코렛 뱅크셰어스(NYSE: NIC)는 2024년 강력한 재무 실적을 보고했으며, 4분기 순이익은 3,400만 달러(희석 주당 2.19달러)에 달해 2024년 3분기의 3,300만 달러와 2023년 4분기의 3,100만 달러에서 증가했습니다. 2024년 전체 순이익은 1억 2,400만 달러(희석 주당 8.05달러)로, 2023년의 6,200만 달러와 비교됩니다.
회사는 2024년 순이자 마진이 3.47%로 2023년 대비 29bp 개선되어 탄탄한 성과를 보였습니다. 자산은 전년 대비 3억 2,800만 달러(4%) 증가하여 88억 달러에 달했으며, 총 예금은 74억 달러에 도달했습니다. 유보 가능한 자기자본 비율은 연말에 9.33%로 강화되었습니다.
자산 품질은 여전히 강력하게 유지되었으며, 부실 자산 비율은 총 자산의 0.33%였습니다. 회사는 2024년 4분기 주식 재매입을 재개했으며, 2025년의 M&A 활동 가능성을 제시했으며, 이는 강력한 자본 수준과 수익 성과에 의해 뒷받침됩니다.
Nicolet Bankshares (NYSE: NIC) a annoncé des résultats financiers solides pour 2024, avec un bénéfice net du quatrième trimestre atteignant 34 millions de dollars (2,19 dollars par action diluée), en hausse par rapport à 33 millions de dollars au troisième trimestre 2024 et 31 millions de dollars au quatrième trimestre 2023. Le bénéfice net pour l'année 2024 s'est élevé à 124 millions de dollars (8,05 dollars par action diluée), contre 62 millions de dollars en 2023.
L'entreprise a démontré une performance solide avec une marge d'intérêt nette de 3,47% pour 2024, améliorée de 29 points de base par rapport à 2023. Les actifs ont augmenté de 328 millions de dollars (4%) d'une année sur l'autre pour atteindre 8,8 milliards de dollars, tandis que les dépôts totaux ont atteint 7,4 milliards de dollars. Le ratio de capitaux propres tangibles s'est renforcé à 9,33% à la fin de l'année.
La qualité des actifs est restée forte avec des actifs non performants représentant 0,33% des actifs totaux. L'entreprise a repris ses rachats d'actions au quatrième trimestre 2024 et a indiqué une éventuelle activité de fusions et acquisitions pour 2025, soutenue par de solides niveaux de capital et des performances bénéficiaires.
Nicolet Bankshares (NYSE: NIC) hat für 2024 starke finanzielle Ergebnisse erzielt, wobei der Nettoertrag im vierten Quartal 34 Millionen Dollar (2,19 Dollar pro verwässerter Aktie) erreichte, im Vergleich zu 33 Millionen Dollar im dritten Quartal 2024 und 31 Millionen Dollar im vierten Quartal 2023. Der Nettoertrag für das gesamte Jahr 2024 betrug 124 Millionen Dollar (8,05 Dollar pro verwässerter Aktie), verglichen mit 62 Millionen Dollar im Jahr 2023.
Das Unternehmen zeigte eine solide Leistung mit einer Nettozinsmarge von 3,47% für 2024, was eine Verbesserung um 29 Basispunkte im Vergleich zu 2023 bedeutet. Die Vermögenswerte wuchsen im Jahresvergleich um 328 Millionen Dollar (4%) auf 8,8 Milliarden Dollar, während die Gesamteinlagen 7,4 Milliarden Dollar erreichten. Das Verhältnis des greifbaren Eigenkapitals verbesserte sich zum Jahresende auf 9,33%.
Die Vermögensqualität blieb stark mit notleidenden Krediten von 0,33% der Gesamtvermögenswerte. Das Unternehmen hat im vierten Quartal 2024 die Aktienrückkäufe wieder aufgenommen und wies auf mögliche M&A-Aktivitäten für 2025 hin, unterstützt durch starke Kapitalniveaus und Ergebnisleistungen.
- Record quarterly earnings in Q4 2024 with $34 million net income
- Full-year net income doubled to $124 million in 2024 from $62 million in 2023
- Net interest margin improved by 29 basis points to 3.47% in 2024
- Assets grew by $328 million (4%) to $8.8 billion
- Strong asset quality with negligible loan charge-offs
- Wealth management income increased by $4 million
- Noninterest-bearing deposits decreased by $48 million in Q4 2024
- Noninterest expense increased by $5 million in 2024 compared to 2023
- Personnel expenses rose by $9 million year-over-year
Insights
Nicolet Bankshares delivered an exceptional performance in Q4 2024, marking its strongest quarterly earnings in 24 years. The
Three key elements stand out from a banking analysis perspective:
- Superior Profitability Metrics: The net interest margin of
3.47% for 2024 shows remarkable improvement, positioning Nicolet in the top quartile of community banks. This demonstrates strong pricing power and efficient balance sheet management in a challenging rate environment. - Robust Capital Position: The tangible common equity ratio of
9.33% provides significant strategic flexibility. The bank's active share repurchase program and potential M&A opportunities in 2025 suggest confident capital deployment strategies. - Asset Quality Excellence: Nonperforming assets at just
0.33% of total assets and a stable loan loss allowance ratio of1.00% reflect conservative underwriting standards and strong risk management.
Looking ahead to 2025, Nicolet's strong capital position and top-tier performance metrics make it well-positioned for potential M&A opportunities. The management's indication of increased M&A discussions, coupled with improving bank valuations and a resilient economic outlook, suggests possible strategic acquisitions in the near term. However, the disciplined approach to capital deployment through share repurchases provides a solid floor for shareholder returns while waiting for attractive M&A opportunities.
-
Net income
$34 million $33 million $31 million -
Net income of
$124 million $121 million $62 million $101 million -
Net interest margin of
3.47% for full year 2024 improved 29 bps over 2023 -
Tangible common equity to tangible assets increased to
9.33% at year end 2024 due to strong core earnings -
Solid year-over-year asset growth of
$328 million 4% ) to$8.8 billion
Net income reflected certain non-core items and the related tax effect of each, including the first quarter 2023 balance sheet repositioning and third quarter 2023 change in
“I am pleased to report Nicolet produced its best quarterly earnings in its 24-year history, which caps off a record year for our Company,” said Mike Daniels, Chairman, President, and CEO of Nicolet. “While we always are finding ways to improve, our 2024 financial results were impressive across the board. In addition to record profitability, we also saw a continued improvement in our net interest margin, solid loan and deposit growth, and are continuing to build capital that strengthens an already solid balance sheet. I am extremely proud of our team for making this year possible, and am excited by the opportunities before us in the years to come.”
“I believe 2025 is exciting for Nicolet,” Daniels continued. “Given our strong capital levels coupled with continued earnings performance that likely places us in the top quartile, if not decile, of performance among community banks, we think all organic and acquisition options remain on the table in the coming year. The focus will always be to take care of our current customers, and to continue to win business one customer at a time, but we hope to return to the M&A market in 2025 given our proven ability to create substantial shareholder value through acquisitions. The increase in bank valuations, likely change in the bank regulatory environment, and a resilient economy that looks to continue for the foreseeable future has led to an increase in M&A conversations, albeit in the early stages. In the meantime, we’ve been making one of the best acquisitions we can make by acquiring our own stock through share repurchases, which we have begun again this past quarter and will likely continue to some degree until we can find a better use of our capital. Whether we deploy capital through those share repurchases, or through M&A, increasing the dividend, funding organic growth, preserving capital, or all the above, the fundamental strength of our franchise, which is driven by 950 individuals that show up and care every day, afford us that luxury.”
Balance Sheet Review
At December 31, 2024, period end assets were
Asset Quality
Nonperforming assets were
Income Statement Review - Year
Net income was
Net interest income was
Noninterest income of
Noninterest expense of
Income tax expense was
Income Statement Review - Quarter
Net income was
Net interest income was
Noninterest income of
Noninterest expense of
About Nicolet Bankshares, Inc.
Nicolet Bankshares, Inc. is the bank holding company of Nicolet National Bank, a growing, full-service, community bank providing services ranging from commercial, agricultural and consumer banking to wealth management and retirement plan services. Founded in
Use of Non-GAAP Financial Measures
This communication contains non-GAAP financial measures, such as non-GAAP adjusted net income, non-GAAP adjusted earnings per diluted common share, tangible book value per common share, return on average tangible common equity, and tangible common equity to tangible assets. Management believes such measures to be helpful to management, investors and others in understanding Nicolet’s results of operations and financial position. When non-GAAP financial measures are used, the comparable GAAP financial measures, as well as the reconciliation of the non-GAAP measures to the GAAP financial measures, are provided. See “Reconciliation of Non-GAAP Financial Measures (Unaudited)” below. The non-GAAP net income measure and related reconciliation provide information useful to investors in understanding the operating performance and trends of Nicolet and also aid investors in comparing Nicolet’s financial performance to the financial performance of peer banks. Management considers non-GAAP financial ratios to be critical metrics with which to analyze and evaluate financial condition and capital strengths. While non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of results as reported under GAAP.
Nicolet Bankshares, Inc. |
|
|
|
|
|
|
|
|
|
|
||||||||||
Consolidated Balance Sheets (Unaudited) |
|
|
|
|
|
|
|
|
|
|
||||||||||
(In thousands, except share data) |
|
12/31/2024 |
|
9/30/2024 |
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks |
|
$ |
115,943 |
|
|
$ |
124,076 |
|
|
$ |
109,674 |
|
|
$ |
81,677 |
|
|
$ |
129,898 |
|
Interest-earning deposits |
|
|
420,104 |
|
|
|
303,908 |
|
|
|
298,856 |
|
|
|
345,747 |
|
|
|
361,533 |
|
Cash and cash equivalents |
|
|
536,047 |
|
|
|
427,984 |
|
|
|
408,530 |
|
|
|
427,424 |
|
|
|
491,431 |
|
Certificates of deposit in other banks |
|
|
980 |
|
|
|
3,189 |
|
|
|
3,924 |
|
|
|
5,639 |
|
|
|
6,374 |
|
Securities available for sale, at fair value |
|
|
806,415 |
|
|
|
825,907 |
|
|
|
799,937 |
|
|
|
803,963 |
|
|
|
802,573 |
|
Other investments |
|
|
61,145 |
|
|
|
60,443 |
|
|
|
60,796 |
|
|
|
60,464 |
|
|
|
57,560 |
|
Loans held for sale |
|
|
7,637 |
|
|
|
11,121 |
|
|
|
9,450 |
|
|
|
5,022 |
|
|
|
4,160 |
|
Loans |
|
|
6,626,584 |
|
|
|
6,556,840 |
|
|
|
6,529,134 |
|
|
|
6,397,617 |
|
|
|
6,353,942 |
|
Allowance for credit losses - loans |
|
|
(66,322 |
) |
|
|
(65,785 |
) |
|
|
(65,414 |
) |
|
|
(64,347 |
) |
|
|
(63,610 |
) |
Loans, net |
|
|
6,560,262 |
|
|
|
6,491,055 |
|
|
|
6,463,720 |
|
|
|
6,333,270 |
|
|
|
6,290,332 |
|
Premises and equipment, net |
|
|
126,979 |
|
|
|
123,585 |
|
|
|
120,988 |
|
|
|
119,962 |
|
|
|
118,756 |
|
Bank owned life insurance (“BOLI”) |
|
|
186,448 |
|
|
|
185,011 |
|
|
|
171,972 |
|
|
|
170,746 |
|
|
|
169,392 |
|
Goodwill and other intangibles, net |
|
|
388,140 |
|
|
|
389,727 |
|
|
|
391,421 |
|
|
|
393,183 |
|
|
|
394,366 |
|
Accrued interest receivable and other assets |
|
|
122,742 |
|
|
|
119,096 |
|
|
|
126,279 |
|
|
|
126,989 |
|
|
|
133,734 |
|
Total assets |
|
$ |
8,796,795 |
|
|
$ |
8,637,118 |
|
|
$ |
8,557,017 |
|
|
$ |
8,446,662 |
|
|
$ |
8,468,678 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand deposits |
|
$ |
1,791,228 |
|
|
$ |
1,839,617 |
|
|
$ |
1,764,806 |
|
|
$ |
1,665,229 |
|
|
$ |
1,958,709 |
|
Interest-bearing deposits |
|
|
5,612,456 |
|
|
|
5,420,380 |
|
|
|
5,476,272 |
|
|
|
5,500,503 |
|
|
|
5,239,091 |
|
Total deposits |
|
|
7,403,684 |
|
|
|
7,259,997 |
|
|
|
7,241,078 |
|
|
|
7,165,732 |
|
|
|
7,197,800 |
|
Long-term borrowings |
|
|
161,387 |
|
|
|
161,210 |
|
|
|
162,433 |
|
|
|
162,257 |
|
|
|
166,930 |
|
Accrued interest payable and other liabilities |
|
|
58,826 |
|
|
|
66,584 |
|
|
|
62,093 |
|
|
|
55,018 |
|
|
|
64,941 |
|
Total liabilities |
|
|
7,623,897 |
|
|
|
7,487,791 |
|
|
|
7,465,604 |
|
|
|
7,383,007 |
|
|
|
7,429,671 |
|
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Common stock |
|
|
154 |
|
|
|
151 |
|
|
|
150 |
|
|
|
149 |
|
|
|
149 |
|
Additional paid-in capital |
|
|
655,540 |
|
|
|
647,934 |
|
|
|
639,159 |
|
|
|
636,621 |
|
|
|
633,770 |
|
Retained earnings |
|
|
565,772 |
|
|
|
535,638 |
|
|
|
507,366 |
|
|
|
482,295 |
|
|
|
458,261 |
|
Accumulated other comprehensive income (loss) |
|
|
(48,568 |
) |
|
|
(34,396 |
) |
|
|
(55,262 |
) |
|
|
(55,410 |
) |
|
|
(53,173 |
) |
Total stockholders' equity |
|
|
1,172,898 |
|
|
|
1,149,327 |
|
|
|
1,091,413 |
|
|
|
1,063,655 |
|
|
|
1,039,007 |
|
Total liabilities and stockholders' equity |
|
$ |
8,796,795 |
|
|
$ |
8,637,118 |
|
|
$ |
8,557,017 |
|
|
$ |
8,446,662 |
|
|
$ |
8,468,678 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common shares outstanding |
|
|
15,356,785 |
|
|
|
15,104,381 |
|
|
|
14,945,598 |
|
|
|
14,930,549 |
|
|
|
14,894,209 |
|
Nicolet Bankshares, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated Statements of Income (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
For the Three Months Ended |
|
For the Years Ended |
|||||||||||||||||||
(In thousands, except per share data) |
|
12/31/2024 |
|
9/30/2024 |
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
12/31/2024 |
|
12/31/2023 |
|||||||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Loans, including loan fees |
|
$ |
100,605 |
|
|
$ |
100,824 |
|
$ |
97,975 |
|
$ |
93,648 |
|
$ |
90,265 |
|
$ |
393,052 |
|
$ |
341,155 |
|
Taxable investment securities |
|
|
5,369 |
|
|
|
5,211 |
|
|
5,056 |
|
|
4,557 |
|
|
4,737 |
|
|
20,193 |
|
|
18,182 |
|
Tax-exempt investment securities |
|
|
1,073 |
|
|
|
1,095 |
|
|
1,152 |
|
|
1,238 |
|
|
1,394 |
|
|
4,558 |
|
|
6,031 |
|
Other interest income |
|
|
5,787 |
|
|
|
5,492 |
|
|
4,695 |
|
|
4,588 |
|
|
7,149 |
|
|
20,562 |
|
|
17,494 |
|
Total interest income |
|
|
112,834 |
|
|
|
112,622 |
|
|
108,878 |
|
|
104,031 |
|
|
103,545 |
|
|
438,365 |
|
|
382,862 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Deposits |
|
|
39,138 |
|
|
|
42,060 |
|
|
41,386 |
|
|
38,990 |
|
|
36,583 |
|
|
161,574 |
|
|
125,824 |
|
Short-term borrowings |
|
|
— |
|
|
|
2 |
|
|
— |
|
|
— |
|
|
— |
|
|
2 |
|
|
4,794 |
|
Long-term borrowings |
|
|
2,146 |
|
|
|
2,194 |
|
|
2,150 |
|
|
2,234 |
|
|
2,680 |
|
|
8,724 |
|
|
10,728 |
|
Total interest expense |
|
|
41,284 |
|
|
|
44,256 |
|
|
43,536 |
|
|
41,224 |
|
|
39,263 |
|
|
170,300 |
|
|
141,346 |
|
Net interest income |
|
|
71,550 |
|
|
|
68,366 |
|
|
65,342 |
|
|
62,807 |
|
|
64,282 |
|
|
268,065 |
|
|
241,516 |
|
Provision for credit losses |
|
|
1,000 |
|
|
|
750 |
|
|
1,350 |
|
|
750 |
|
|
1,000 |
|
|
3,850 |
|
|
4,990 |
|
Net interest income after provision for credit losses |
|
|
70,550 |
|
|
|
67,616 |
|
|
63,992 |
|
|
62,057 |
|
|
63,282 |
|
|
264,215 |
|
|
236,526 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Wealth management fee income |
|
|
7,208 |
|
|
|
7,085 |
|
|
6,674 |
|
|
6,485 |
|
|
6,308 |
|
|
27,452 |
|
|
23,747 |
|
Mortgage income, net |
|
|
3,326 |
|
|
|
2,853 |
|
|
2,634 |
|
|
1,364 |
|
|
1,856 |
|
|
10,177 |
|
|
7,164 |
|
Service charges on deposit accounts |
|
|
1,877 |
|
|
|
1,913 |
|
|
1,813 |
|
|
1,581 |
|
|
1,475 |
|
|
7,184 |
|
|
5,976 |
|
Card interchange income |
|
|
3,541 |
|
|
|
3,564 |
|
|
3,458 |
|
|
3,098 |
|
|
3,306 |
|
|
13,661 |
|
|
12,991 |
|
BOLI income |
|
|
1,421 |
|
|
|
1,455 |
|
|
1,225 |
|
|
1,347 |
|
|
1,161 |
|
|
5,448 |
|
|
4,524 |
|
Asset gains (losses), net |
|
|
510 |
|
|
|
1,177 |
|
|
616 |
|
|
1,909 |
|
|
5,947 |
|
|
4,212 |
|
|
(32,808 |
) |
Deferred compensation plan asset market valuations |
|
|
(192 |
) |
|
|
1,162 |
|
|
169 |
|
|
59 |
|
|
949 |
|
|
1,198 |
|
|
1,937 |
|
LSR income, net |
|
|
1,064 |
|
|
|
1,090 |
|
|
1,117 |
|
|
1,134 |
|
|
1,027 |
|
|
4,405 |
|
|
4,425 |
|
Other noninterest income |
|
|
2,103 |
|
|
|
2,079 |
|
|
1,903 |
|
|
2,445 |
|
|
2,405 |
|
|
8,530 |
|
|
8,016 |
|
Total noninterest income |
|
|
20,858 |
|
|
|
22,378 |
|
|
19,609 |
|
|
19,422 |
|
|
24,434 |
|
|
82,267 |
|
|
35,972 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Personnel expense |
|
|
26,682 |
|
|
|
28,937 |
|
|
26,285 |
|
|
26,510 |
|
|
26,937 |
|
|
108,414 |
|
|
99,109 |
|
Occupancy, equipment and office |
|
|
8,685 |
|
|
|
8,826 |
|
|
8,681 |
|
|
8,944 |
|
|
9,567 |
|
|
35,136 |
|
|
36,222 |
|
Business development and marketing |
|
|
2,325 |
|
|
|
1,823 |
|
|
2,040 |
|
|
2,142 |
|
|
1,854 |
|
|
8,330 |
|
|
7,790 |
|
Data processing |
|
|
4,668 |
|
|
|
4,535 |
|
|
4,281 |
|
|
4,270 |
|
|
7,043 |
|
|
17,754 |
|
|
19,892 |
|
Intangibles amortization |
|
|
1,587 |
|
|
|
1,694 |
|
|
1,762 |
|
|
1,833 |
|
|
1,842 |
|
|
6,876 |
|
|
8,072 |
|
FDIC assessments |
|
|
990 |
|
|
|
990 |
|
|
990 |
|
|
1,033 |
|
|
950 |
|
|
4,003 |
|
|
3,999 |
|
Merger-related expense |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
189 |
|
Other noninterest expense |
|
|
3,268 |
|
|
|
2,343 |
|
|
2,814 |
|
|
2,415 |
|
|
2,103 |
|
|
10,840 |
|
|
10,593 |
|
Total noninterest expense |
|
|
48,205 |
|
|
|
49,148 |
|
|
46,853 |
|
|
47,147 |
|
|
50,296 |
|
|
191,353 |
|
|
185,866 |
|
Income before income tax expense |
|
|
43,203 |
|
|
|
40,846 |
|
|
36,748 |
|
|
34,332 |
|
|
37,420 |
|
|
155,129 |
|
|
86,632 |
|
Income tax expense |
|
|
8,723 |
|
|
|
8,330 |
|
|
7,475 |
|
|
6,542 |
|
|
6,759 |
|
|
31,070 |
|
|
25,116 |
|
Net income |
|
$ |
34,480 |
|
|
$ |
32,516 |
|
$ |
29,273 |
|
$ |
27,790 |
|
$ |
30,661 |
|
$ |
124,059 |
|
$ |
61,516 |
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Basic |
|
$ |
2.25 |
|
|
$ |
2.16 |
|
$ |
1.96 |
|
$ |
1.86 |
|
$ |
2.07 |
|
$ |
8.24 |
|
$ |
4.17 |
|
Diluted |
|
$ |
2.19 |
|
|
$ |
2.10 |
|
$ |
1.92 |
|
$ |
1.82 |
|
$ |
2.02 |
|
$ |
8.05 |
|
$ |
4.08 |
|
Common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Basic weighted average |
|
|
15,297 |
|
|
|
15,052 |
|
|
14,937 |
|
|
14,907 |
|
|
14,823 |
|
|
15,049 |
|
|
14,743 |
|
Diluted weighted average |
|
|
15,710 |
|
|
|
15,479 |
|
|
15,276 |
|
|
15,249 |
|
|
15,142 |
|
|
15,416 |
|
|
15,071 |
|
Nicolet Bankshares, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Consolidated Financial Summary (Unaudited) |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
For the Three Months Ended |
|
For the Years Ended |
||||||||||||||||||||||||
(In thousands, except share & per share data) |
|
12/31/2024 |
|
9/30/2024 |
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
12/31/2024 |
|
12/31/2023 |
||||||||||||||
Selected Average Balances: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans |
|
$ |
6,581,059 |
|
|
$ |
6,542,532 |
|
|
$ |
6,496,732 |
|
|
$ |
6,398,838 |
|
|
$ |
6,263,971 |
|
|
$ |
6,505,103 |
|
|
$ |
6,233,623 |
|
Investment securities |
|
|
884,376 |
|
|
|
873,212 |
|
|
|
881,190 |
|
|
|
884,775 |
|
|
|
897,437 |
|
|
|
880,876 |
|
|
|
1,107,105 |
|
Interest-earning assets |
|
|
7,946,309 |
|
|
|
7,824,773 |
|
|
|
7,733,097 |
|
|
|
7,629,120 |
|
|
|
7,683,495 |
|
|
|
7,783,884 |
|
|
|
7,671,839 |
|
Cash and cash equivalents |
|
|
493,237 |
|
|
|
431,632 |
|
|
|
374,176 |
|
|
|
364,375 |
|
|
|
558,473 |
|
|
|
416,109 |
|
|
|
352,458 |
|
Goodwill and other intangibles, net |
|
|
388,824 |
|
|
|
390,453 |
|
|
|
392,171 |
|
|
|
393,961 |
|
|
|
395,158 |
|
|
|
391,343 |
|
|
|
398,106 |
|
Total assets |
|
|
8,716,611 |
|
|
|
8,596,812 |
|
|
|
8,481,186 |
|
|
|
8,380,595 |
|
|
|
8,415,169 |
|
|
|
8,544,419 |
|
|
|
8,407,562 |
|
Deposits |
|
|
7,314,632 |
|
|
|
7,247,321 |
|
|
|
7,183,777 |
|
|
|
7,112,971 |
|
|
|
7,189,650 |
|
|
|
7,215,038 |
|
|
|
7,087,427 |
|
Interest-bearing liabilities |
|
|
5,667,803 |
|
|
|
5,653,259 |
|
|
|
5,658,642 |
|
|
|
5,509,882 |
|
|
|
5,358,445 |
|
|
|
5,622,605 |
|
|
|
5,336,825 |
|
Stockholders’ equity (common) |
|
|
1,163,477 |
|
|
|
1,118,242 |
|
|
|
1,070,379 |
|
|
|
1,048,596 |
|
|
|
996,745 |
|
|
|
1,100,396 |
|
|
|
979,366 |
|
Selected Ratios: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Book value per common share |
|
$ |
76.38 |
|
|
$ |
76.09 |
|
|
$ |
73.03 |
|
|
$ |
71.24 |
|
|
$ |
69.76 |
|
|
$ |
76.38 |
|
|
$ |
69.76 |
|
Tangible book value per common share (2) |
|
$ |
51.10 |
|
|
$ |
50.29 |
|
|
$ |
46.84 |
|
|
$ |
44.91 |
|
|
$ |
43.28 |
|
|
$ |
51.10 |
|
|
$ |
43.28 |
|
Return on average assets |
|
|
1.57 |
% |
|
|
1.50 |
% |
|
|
1.39 |
% |
|
|
1.33 |
% |
|
|
1.45 |
% |
|
|
1.45 |
% |
|
|
0.73 |
% |
Return on average common equity |
|
|
11.79 |
|
|
|
11.57 |
|
|
|
11.00 |
|
|
|
10.66 |
|
|
|
12.20 |
|
|
|
11.27 |
|
|
|
6.28 |
|
Return on average tangible common equity (2) |
|
|
17.71 |
|
|
|
17.77 |
|
|
|
17.36 |
|
|
|
17.07 |
|
|
|
20.22 |
|
|
|
17.50 |
|
|
|
10.58 |
|
Average equity to average assets |
|
|
13.35 |
|
|
|
13.01 |
|
|
|
12.62 |
|
|
|
12.51 |
|
|
|
11.84 |
|
|
|
12.88 |
|
|
|
11.65 |
|
Stockholders’ equity to assets |
|
|
13.33 |
|
|
|
13.31 |
|
|
|
12.75 |
|
|
|
12.59 |
|
|
|
12.27 |
|
|
|
13.33 |
|
|
|
12.27 |
|
Tangible common equity to tangible assets (2) |
|
|
9.33 |
|
|
|
9.21 |
|
|
|
8.57 |
|
|
|
8.33 |
|
|
|
7.98 |
|
|
|
9.33 |
|
|
|
7.98 |
|
Net interest margin * |
|
|
3.61 |
|
|
|
3.51 |
|
|
|
3.42 |
|
|
|
3.33 |
|
|
|
3.35 |
|
|
|
3.47 |
|
|
|
3.18 |
|
Efficiency ratio |
|
|
52.17 |
|
|
|
54.57 |
|
|
|
55.24 |
|
|
|
58.34 |
|
|
|
60.41 |
|
|
|
54.97 |
|
|
|
59.50 |
|
Effective tax rate |
|
|
20.19 |
|
|
|
20.39 |
|
|
|
20.34 |
|
|
|
19.06 |
|
|
|
18.06 |
|
|
|
20.03 |
|
|
|
28.99 |
|
Selected Asset Quality Information: |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Nonaccrual loans |
|
$ |
28,419 |
|
|
$ |
25,565 |
|
|
$ |
27,838 |
|
|
$ |
26,677 |
|
|
$ |
26,625 |
|
|
$ |
28,419 |
|
|
$ |
26,625 |
|
Other real estate owned |
|
|
693 |
|
|
|
859 |
|
|
|
1,147 |
|
|
|
1,245 |
|
|
|
1,267 |
|
|
|
693 |
|
|
|
1,267 |
|
Nonperforming assets |
|
$ |
29,112 |
|
|
$ |
26,424 |
|
|
$ |
28,985 |
|
|
$ |
27,922 |
|
|
$ |
27,892 |
|
|
$ |
29,112 |
|
|
$ |
27,892 |
|
Net loan charge-offs (recoveries) |
|
$ |
363 |
|
|
$ |
379 |
|
|
$ |
283 |
|
|
$ |
13 |
|
|
$ |
550 |
|
|
$ |
1,038 |
|
|
$ |
869 |
|
Allowance for credit losses-loans to loans |
|
|
1.00 |
% |
|
|
1.00 |
% |
|
|
1.00 |
% |
|
|
1.01 |
% |
|
|
1.00 |
% |
|
|
1.00 |
% |
|
|
1.00 |
% |
Net charge-offs to average loans (1) |
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.00 |
|
|
|
0.03 |
|
|
|
0.02 |
|
|
|
0.01 |
|
Nonperforming loans to total loans |
|
|
0.43 |
|
|
|
0.39 |
|
|
|
0.43 |
|
|
|
0.42 |
|
|
|
0.42 |
|
|
|
0.43 |
|
|
|
0.42 |
|
Nonperforming assets to total assets |
|
|
0.33 |
|
|
|
0.31 |
|
|
|
0.34 |
|
|
|
0.33 |
|
|
|
0.33 |
|
|
|
0.33 |
|
|
|
0.33 |
|
Stock Repurchase Information: (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Common stock repurchased ($) |
|
$ |
10,137 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,137 |
|
|
$ |
1,519 |
|
Common stock repurchased (shares) |
|
|
92,440 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
92,440 |
|
|
|
26,853 |
|
* During fourth quarter 2024, Nicolet changed the annualization methodology utilized for the calculation of net interest margin from 30/365 to actual/365 to be more consistent with the methodology typically used by peer banks and to cause quarterly results to be more consistent with annual results. Prior periods have been restated for the this change in methodology. There was no change to the reported average balances or interest recognized. |
(1) |
Income statement-related ratios for partial-year periods are annualized. |
|
(2) |
See Reconciliation of Non-GAAP Financial Measures below for a reconciliation of these financial measures. |
|
(3) |
Reflects common stock repurchased under board of director authorizations for the common stock repurchase program. |
| Nicolet Bankshares, Inc. |
|
|
|
|
|
|
|
|
|
|
|||||
Consolidated Loan & Deposit Metrics (Unaudited) |
|
|
|
|
|
|
|||||||||
(In thousands) |
|
12/31/2024 |
|
9/30/2024 |
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|||||
Period End Loan Composition |
|
|
|
|
|
|
|
|
|
|
|||||
Commercial & industrial |
|
$ |
1,319,763 |
|
$ |
1,351,516 |
|
$ |
1,358,152 |
|
$ |
1,307,490 |
|
$ |
1,284,009 |
Owner-occupied commercial real estate (“CRE”) |
|
|
940,367 |
|
|
920,533 |
|
|
941,137 |
|
|
955,786 |
|
|
956,594 |
Agricultural |
|
|
1,322,038 |
|
|
1,261,152 |
|
|
1,224,885 |
|
|
1,190,371 |
|
|
1,161,531 |
Commercial |
|
|
3,582,168 |
|
|
3,533,201 |
|
|
3,524,174 |
|
|
3,453,647 |
|
|
3,402,134 |
CRE investment |
|
|
1,221,826 |
|
|
1,226,982 |
|
|
1,198,020 |
|
|
1,188,722 |
|
|
1,142,251 |
Construction & land development |
|
|
239,694 |
|
|
231,694 |
|
|
247,565 |
|
|
241,730 |
|
|
310,110 |
Commercial real estate |
|
|
1,461,520 |
|
|
1,458,676 |
|
|
1,445,585 |
|
|
1,430,452 |
|
|
1,452,361 |
Commercial-based loans |
|
|
5,043,688 |
|
|
4,991,877 |
|
|
4,969,759 |
|
|
4,884,099 |
|
|
4,854,495 |
Residential construction |
|
|
96,110 |
|
|
85,811 |
|
|
90,904 |
|
|
84,370 |
|
|
75,726 |
Residential first mortgage |
|
|
1,196,158 |
|
|
1,194,574 |
|
|
1,190,790 |
|
|
1,167,069 |
|
|
1,167,109 |
Residential junior mortgage |
|
|
234,634 |
|
|
223,456 |
|
|
218,512 |
|
|
206,434 |
|
|
200,884 |
Residential real estate |
|
|
1,526,902 |
|
|
1,503,841 |
|
|
1,500,206 |
|
|
1,457,873 |
|
|
1,443,719 |
Retail & other |
|
|
55,994 |
|
|
61,122 |
|
|
59,169 |
|
|
55,645 |
|
|
55,728 |
Retail-based loans |
|
|
1,582,896 |
|
|
1,564,963 |
|
|
1,559,375 |
|
|
1,513,518 |
|
|
1,499,447 |
Total loans |
|
$ |
6,626,584 |
|
$ |
6,556,840 |
|
$ |
6,529,134 |
|
$ |
6,397,617 |
|
$ |
6,353,942 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Period End Deposit Composition |
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest-bearing demand |
|
$ |
1,791,228 |
|
$ |
1,839,617 |
|
$ |
1,764,806 |
|
$ |
1,665,229 |
|
$ |
1,958,709 |
Interest-bearing demand |
|
|
1,168,560 |
|
|
1,035,593 |
|
|
1,093,621 |
|
|
1,121,030 |
|
|
1,055,520 |
Money market |
|
|
1,942,367 |
|
|
1,928,977 |
|
|
1,963,559 |
|
|
2,027,559 |
|
|
1,891,287 |
Savings |
|
|
774,707 |
|
|
763,024 |
|
|
762,529 |
|
|
765,084 |
|
|
768,401 |
Time |
|
|
1,726,822 |
|
|
1,692,786 |
|
|
1,656,563 |
|
|
1,586,830 |
|
|
1,523,883 |
Total deposits |
|
$ |
7,403,684 |
|
$ |
7,259,997 |
|
$ |
7,241,078 |
|
$ |
7,165,732 |
|
$ |
7,197,800 |
Brokered transaction accounts |
|
$ |
163,580 |
|
$ |
159,547 |
|
$ |
250,109 |
|
$ |
265,818 |
|
$ |
166,861 |
Brokered time deposits |
|
|
586,852 |
|
|
549,907 |
|
|
557,657 |
|
|
517,190 |
|
|
448,582 |
Total brokered deposits |
|
$ |
750,432 |
|
$ |
709,454 |
|
$ |
807,766 |
|
$ |
783,008 |
|
$ |
615,443 |
Customer transaction accounts |
|
$ |
5,513,282 |
|
$ |
5,407,664 |
|
$ |
5,334,406 |
|
$ |
5,313,085 |
|
$ |
5,507,056 |
Customer time deposits |
|
|
1,139,970 |
|
|
1,142,879 |
|
|
1,098,906 |
|
|
1,069,639 |
|
|
1,075,301 |
Total customer deposits (core) |
|
$ |
6,653,252 |
|
$ |
6,550,543 |
|
$ |
6,433,312 |
|
$ |
6,382,724 |
|
$ |
6,582,357 |
Nicolet Bankshares, Inc. |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Interest Income and Net Interest Margin Analysis (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
For the Three Months Ended |
|
||||||||||||||||||||||||||||
|
|
December 31, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
|
||||||||||||||||||||||||
|
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
||||||||||||
(In thousands) |
|
Balance |
|
Interest |
|
Rate * |
|
Balance |
|
Interest |
|
Rate * |
|
Balance |
|
Interest |
|
Rate * |
|
||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans (1) (2) |
|
$ |
6,581,059 |
|
$ |
100,759 |
|
|
6.10 |
% |
|
$ |
6,542,532 |
|
$ |
100,962 |
|
|
6.14 |
% |
|
$ |
6,263,971 |
|
$ |
90,313 |
|
|
5.73 |
% |
|
Investment securities (2) |
|
|
884,376 |
|
|
6,795 |
|
|
3.07 |
% |
|
|
873,212 |
|
|
6,666 |
|
|
3.05 |
% |
|
|
897,437 |
|
|
6,567 |
|
|
2.93 |
% |
|
Other interest-earning assets |
|
|
480,874 |
|
|
5,787 |
|
|
4.79 |
% |
|
|
409,029 |
|
|
5,492 |
|
|
5.35 |
% |
|
|
522,087 |
|
|
7,149 |
|
|
5.44 |
% |
|
Total interest-earning assets |
|
|
7,946,309 |
|
$ |
113,341 |
|
|
5.68 |
% |
|
|
7,824,773 |
|
$ |
113,120 |
|
|
5.76 |
% |
|
|
7,683,495 |
|
$ |
104,029 |
|
|
5.38 |
% |
|
Other assets, net |
|
|
770,302 |
|
|
|
|
|
|
772,039 |
|
|
|
|
|
|
731,674 |
|
|
|
|
|
|||||||||
Total assets |
|
$ |
8,716,611 |
|
|
|
|
|
$ |
8,596,812 |
|
|
|
|
|
$ |
8,415,169 |
|
|
|
|
|
|||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Interest-bearing core deposits |
|
$ |
4,783,675 |
|
$ |
30,754 |
|
|
2.56 |
% |
|
$ |
4,723,464 |
|
$ |
32,952 |
|
|
2.78 |
% |
|
$ |
4,570,493 |
|
$ |
29,730 |
|
|
2.58 |
% |
|
Brokered deposits |
|
|
722,827 |
|
|
8,384 |
|
|
4.61 |
% |
|
|
768,058 |
|
|
9,108 |
|
|
4.72 |
% |
|
|
601,379 |
|
|
6,853 |
|
|
4.52 |
% |
|
Total interest-bearing deposits |
|
|
5,506,502 |
|
|
39,138 |
|
|
2.83 |
% |
|
|
5,491,522 |
|
|
42,060 |
|
|
3.05 |
% |
|
|
5,171,872 |
|
|
36,583 |
|
|
2.81 |
% |
|
Wholesale funding |
|
|
161,301 |
|
|
2,146 |
|
|
5.29 |
% |
|
|
161,737 |
|
|
2,196 |
|
|
5.40 |
% |
|
|
186,573 |
|
|
2,680 |
|
|
5.70 |
% |
|
Total interest-bearing liabilities |
|
|
5,667,803 |
|
$ |
41,284 |
|
|
2.90 |
% |
|
|
5,653,259 |
|
$ |
44,256 |
|
|
3.11 |
% |
|
|
5,358,445 |
|
$ |
39,263 |
|
|
2.91 |
% |
|
Noninterest-bearing demand deposits |
|
|
1,808,130 |
|
|
|
|
|
|
1,755,799 |
|
|
|
|
|
|
2,017,778 |
|
|
|
|
|
|||||||||
Other liabilities |
|
|
77,201 |
|
|
|
|
|
|
69,512 |
|
|
|
|
|
|
42,201 |
|
|
|
|
|
|||||||||
Stockholders' equity |
|
|
1,163,477 |
|
|
|
|
|
|
1,118,242 |
|
|
|
|
|
|
996,745 |
|
|
|
|
|
|||||||||
Total liabilities and stockholders' equity |
|
$ |
8,716,611 |
|
|
|
|
|
$ |
8,596,812 |
|
|
|
|
|
$ |
8,415,169 |
|
|
|
|
|
|||||||||
Net interest income and rate spread |
|
|
|
$ |
72,057 |
|
|
2.78 |
% |
|
|
|
$ |
68,864 |
|
|
2.65 |
% |
|
|
|
$ |
64,766 |
|
|
2.47 |
% |
|
|||
Net interest margin |
|
|
|
|
|
3.61 |
% |
|
|
|
|
|
3.51 |
% |
|
|
|
|
|
3.35 |
% |
|
|||||||||
Loan purchase accounting accretion (3) |
|
|
|
$ |
1,475 |
|
|
0.09 |
% |
|
|
|
$ |
1,527 |
|
|
0.09 |
% |
|
|
|
$ |
1,587 |
|
|
0.10 |
% |
|
|||
Loan nonaccrual interest (4) |
|
|
|
$ |
(458 |
) |
|
(0.03 |
)% |
|
|
|
$ |
(48 |
) |
|
0.00 |
% |
|
|
|
$ |
(327 |
) |
|
(0.02 |
)% |
|
|||
|
|
For the Years Ended |
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
December 31, 2024 |
|
December 31, 2023 |
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
|
|
|
|
|
|
||||||||||||
(In thousands) |
|
Balance |
|
Interest |
|
Rate * |
|
Balance |
|
Interest |
|
Rate * |
|
|
|
|
|
|
|
||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans (1) (2) |
|
$ |
6,505,103 |
|
$ |
393,551 |
|
|
6.05 |
% |
|
$ |
6,233,623 |
|
$ |
341,332 |
|
|
5.48 |
% |
|
|
|
|
|
|
|
||||
Investment securities (2) |
|
|
880,876 |
|
|
26,237 |
|
|
2.98 |
% |
|
|
1,107,105 |
|
|
26,142 |
|
|
2.36 |
% |
|
|
|
|
|
|
|
||||
Other interest-earning assets |
|
|
397,905 |
|
|
20,562 |
|
|
5.17 |
% |
|
|
331,111 |
|
|
17,494 |
|
|
5.28 |
% |
|
|
|
|
|
|
|
||||
Total interest-earning assets |
|
|
7,783,884 |
|
$ |
440,350 |
|
|
5.66 |
% |
|
|
7,671,839 |
|
$ |
384,968 |
|
|
5.02 |
% |
|
|
|
|
|
|
|
||||
Other assets, net |
|
|
760,535 |
|
|
|
|
|
|
735,723 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets |
|
$ |
8,544,419 |
|
|
|
|
|
$ |
8,407,562 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Interest-bearing core deposits |
|
$ |
4,709,494 |
|
$ |
126,675 |
|
|
2.69 |
% |
|
$ |
4,417,426 |
|
$ |
99,673 |
|
|
2.26 |
% |
|
|
|
|
|
|
|
||||
Brokered deposits |
|
|
750,499 |
|
|
34,899 |
|
|
4.65 |
% |
|
|
615,209 |
|
|
26,151 |
|
|
4.25 |
% |
|
|
|
|
|
|
|
||||
Total interest-bearing deposits |
|
|
5,459,993 |
|
|
161,574 |
|
|
2.96 |
% |
|
|
5,032,635 |
|
|
125,824 |
|
|
2.50 |
% |
|
|
|
|
|
|
|
||||
Wholesale funding |
|
|
162,612 |
|
|
8,726 |
|
|
5.37 |
% |
|
|
304,190 |
|
|
15,522 |
|
|
5.10 |
% |
|
|
|
|
|
|
|
||||
Total interest-bearing liabilities |
|
|
5,622,605 |
|
$ |
170,300 |
|
|
3.03 |
% |
|
|
5,336,825 |
|
$ |
141,346 |
|
|
2.65 |
% |
|
|
|
|
|
|
|
||||
Noninterest-bearing demand deposits |
|
|
1,755,045 |
|
|
|
|
|
|
2,054,792 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other liabilities |
|
|
66,373 |
|
|
|
|
|
|
36,579 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders' equity |
|
|
1,100,396 |
|
|
|
|
|
|
979,366 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total liabilities and stockholders' equity |
|
$ |
8,544,419 |
|
|
|
|
|
$ |
8,407,562 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income and rate spread |
|
|
|
$ |
270,050 |
|
|
2.63 |
% |
|
|
|
$ |
243,622 |
|
|
2.37 |
% |
|
|
|
|
|
|
|
||||||
Net interest margin |
|
|
|
|
|
3.47 |
% |
|
|
|
|
|
3.18 |
% |
|
|
|
|
|
|
|
||||||||||
Loan purchase accounting accretion (3) |
|
|
|
$ |
6,057 |
|
|
0.09 |
% |
|
|
|
$ |
6,496 |
|
|
0.10 |
% |
|
|
|
|
|
|
|
||||||
* During fourth quarter 2024, Nicolet changed the annualization methodology utilized for the calculation of net interest margin from 30/365 to actual/365 to be more consistent with the methodology typically used by peer banks and to cause quarterly results to be more consistent with annual results. Prior periods have been restated for the this change in methodology. There was no change to the reported average balances or interest recognized. |
(1) |
Nonaccrual loans and loans held for sale are included in the daily average loan balances outstanding. |
|
(2) |
The yield on tax-exempt loans and tax-exempt investment securities is computed on a tax-equivalent basis using a federal tax rate of |
|
(3) |
Loan purchase accounting accretion included in Total loans interest above, and the related impact to net interest margin. |
|
(4) |
Loan nonaccrual interest included in Total loans interest above, and the related impact to net interest margin. |
|
|
|
Nicolet Bankshares, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Reconciliation of Non-GAAP Financial Measures (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
For the Three Months Ended |
|
For the Years Ended |
|||||||||||||||||||||||
(In thousands, except per share data) |
|
12/31/2024 |
|
9/30/2024 |
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
12/31/2024 |
|
12/31/2023 |
|||||||||||||
Adjusted net income reconciliation: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net income (GAAP) |
|
$ |
34,480 |
|
|
$ |
32,516 |
|
|
$ |
29,273 |
|
|
$ |
27,790 |
|
|
$ |
30,661 |
|
|
$ |
124,059 |
|
|
$ |
61,516 |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Provision expense (2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,340 |
Assets (gains) losses, net (3) |
|
|
(510 |
) |
|
|
(1,177 |
) |
|
|
(616 |
) |
|
|
(1,909 |
) |
|
|
(5,947 |
) |
|
|
(4,212 |
) |
|
|
32,808 |
Merger-related expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
189 |
Contract termination charge |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,689 |
|
|
|
— |
|
|
|
2,689 |
Adjustments subtotal |
|
|
(510 |
) |
|
|
(1,177 |
) |
|
|
(616 |
) |
|
|
(1,909 |
) |
|
|
(3,258 |
) |
|
|
(4,212 |
) |
|
|
38,026 |
Tax on Adjustments (4) |
|
|
(99 |
) |
|
|
(230 |
) |
|
|
(120 |
) |
|
|
(372 |
) |
|
|
(635 |
) |
|
|
(821 |
) |
|
|
7,415 |
Tax - Wisconsin Tax Law Change (4) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,118 |
Adjusted net income (Non-GAAP) |
|
$ |
34,069 |
|
|
$ |
31,569 |
|
|
$ |
28,777 |
|
|
$ |
26,253 |
|
|
$ |
28,038 |
|
|
$ |
120,668 |
|
|
$ |
101,245 |
Diluted earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Diluted earnings per common share (GAAP) |
|
$ |
2.19 |
|
|
$ |
2.10 |
|
|
$ |
1.92 |
|
|
$ |
1.82 |
|
|
$ |
2.02 |
|
|
$ |
8.05 |
|
|
$ |
4.08 |
Adjusted Diluted earnings per common share (Non-GAAP) |
|
$ |
2.17 |
|
|
$ |
2.04 |
|
|
$ |
1.88 |
|
|
$ |
1.72 |
|
|
$ |
1.85 |
|
|
$ |
7.83 |
|
|
$ |
6.72 |
Tangible assets: (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total assets |
|
$ |
8,796,795 |
|
|
$ |
8,637,118 |
|
|
$ |
8,557,017 |
|
|
$ |
8,446,662 |
|
|
$ |
8,468,678 |
|
|
|
|
|
|||
Goodwill and other intangibles, net |
|
|
388,140 |
|
|
|
389,727 |
|
|
|
391,421 |
|
|
|
393,183 |
|
|
|
394,366 |
|
|
|
|
|
|||
Tangible assets |
|
$ |
8,408,655 |
|
|
$ |
8,247,391 |
|
|
$ |
8,165,596 |
|
|
$ |
8,053,479 |
|
|
$ |
8,074,312 |
|
|
|
|
|
|||
Tangible common equity: (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Stockholders’ equity (common) |
|
$ |
1,172,898 |
|
|
$ |
1,149,327 |
|
|
$ |
1,091,413 |
|
|
$ |
1,063,655 |
|
|
$ |
1,039,007 |
|
|
|
|
|
|||
Goodwill and other intangibles, net |
|
|
388,140 |
|
|
|
389,727 |
|
|
|
391,421 |
|
|
|
393,183 |
|
|
|
394,366 |
|
|
|
|
|
|||
Tangible common equity |
|
$ |
784,758 |
|
|
$ |
759,600 |
|
|
$ |
699,992 |
|
|
$ |
670,472 |
|
|
$ |
644,641 |
|
|
|
|
|
|||
Tangible average common equity: (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average stockholders’ equity (common) |
|
$ |
1,163,477 |
|
|
$ |
1,118,242 |
|
|
$ |
1,070,379 |
|
|
$ |
1,048,596 |
|
|
$ |
996,745 |
|
|
$ |
1,100,396 |
|
|
$ |
979,366 |
Average goodwill and other intangibles, net |
|
|
388,824 |
|
|
|
390,453 |
|
|
|
392,171 |
|
|
|
393,961 |
|
|
|
395,158 |
|
|
|
391,343 |
|
|
|
398,106 |
Average tangible common equity |
|
$ |
774,653 |
|
|
$ |
727,789 |
|
|
$ |
678,208 |
|
|
$ |
654,635 |
|
|
$ |
601,587 |
|
|
$ |
709,053 |
|
|
$ |
581,260 |
Note: Numbers may not sum due to rounding. |
(1) |
The adjusted net income measure and related reconciliation provide information useful to investors in understanding the operating performance and trends of Nicolet and also to aid investors in the comparison of Nicolet’s financial performance to the financial performance of peer banks. |
|
(2) |
Provision expense for 2023 is attributable to the expected loss on a bank subordinated debt investment. |
|
(3) |
Includes the gains / (losses) on other assets and investments, as well as the impact of the March 2023 balance sheet repositioning which included the sale of |
|
(4) |
In July 2023, a new |
|
(5) |
The ratios of tangible book value per common share, return on average tangible common equity, and tangible common equity to tangible assets exclude goodwill and other intangibles, net. These financial ratios have been included as they are considered to be critical metrics with which to analyze and evaluate financial condition and capital strength. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250121882882/en/
Source: Nicolet Bankshares, Inc.
FAQ
What was Nicolet Bankshares (NIC) net income for Q4 2024?
How much did Nicolet Bankshares (NIC) assets grow in 2024?
What was NIC's net interest margin for full year 2024?
What are Nicolet Bankshares' (NIC) expansion plans for 2025?
What was Nicolet's (NIC) asset quality status at the end of 2024?
