- Net income $34 million for fourth quarter 2024, compared to
net income of $33 million in prior quarter, and net income of $31
million for fourth quarter 2023
- Net income of $124 million or adjusted net income (non-GAAP)
of $121 million for 2024, compared to net income of $62 million or
adjusted net income (non-GAAP) of $101 million for 2023
- 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
Nicolet Bankshares, Inc. (NYSE: NIC) (“Nicolet”) announced
fourth quarter 2024 net income of $34 million and earnings per
diluted common share of $2.19, compared to net income of $33
million and earnings per diluted common share of $2.10 for third
quarter 2024, and net income of $31 million and earnings per
diluted common share of $2.02 for fourth quarter 2023. Net income
for the year ended December 31, 2024 was $124 million and earnings
per diluted common share of $8.05, compared to net income of $62
million and earnings per diluted common share of $4.08 for the year
ended December 31, 2023.
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 Wisconsin state tax
law (as detailed in the Reconciliation of Non-GAAP Financial
Measures table below), as well as gains / (losses) on other assets
and investments in all periods. For the year ended December 31,
2024, these non-core items positively impacted earnings per diluted
common share $0.22, and negatively impacted earnings per diluted
common share $2.64 for the year ended December 31, 2023.
“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 $8.8 billion, an
increase of $160 million (2%) from September 30, 2024, mostly from
loan growth and higher cash balances. Total loans increased $70
million from September 30, 2024, mostly in agricultural loans.
Total deposits of $7.4 billion at December 31, 2024, increased $144
million from September 30, 2024, the net of a $48 million decrease
in noninterest-bearing demand and a $192 million increase in
interest-bearing deposits. Total capital was $1.2 billion at
December 31, 2024, an increase of $24 million over September 30,
2024, with solid earnings and stock option exercises partly offset
by the quarterly common stock dividend and unfavorable movements in
the securities portfolio market valuation.
Asset Quality
Nonperforming assets were $29 million and represented 0.33% of
total assets at December 31, 2024, compared to $26 million or 0.31%
of total assets at September 30, 2024, and $28 million or 0.33% of
total assets at December 31, 2023. The allowance for credit
losses-loans was $66 million and represented 1.00% of total loans
at December 31, 2024, compared to $66 million (or 1.00% of total
loans) at September 30, 2024, and $64 million (or 1.00% of total
loans) at December 31, 2023. Asset quality trends remain solid and
loan net charge-offs were negligible.
Income Statement Review - Year
Net income was $124 million and adjusted net income (non-GAAP)
was $121 million for the year ended December 31, 2024, compared to
net income of $62 million and adjusted net income (non-GAAP) of
$101 million for the year ended December 31, 2023.
Net interest income was $268 million for the year ended December
31, 2024, up $27 million from the year ended December 31, 2023.
Interest income increased $56 million mostly due to the repricing
of new and renewed loans in a higher interest rate environment, as
well as solid loan growth, while interest expense increased $29
million due to both higher average balances and higher rates. The
net interest margin for 2024 was 3.47%, up 29 bps from 3.18% for
2023. The yield on interest-earning assets increased 64 bps (to
5.66%) mostly due to higher average rates from the repricing of the
loan portfolio, while the cost of funds increased 38 bps (to 3.03%)
for 2024.
Noninterest income of $82 million for full year 2024 increased
$46 million over full year 2023, significantly impacted by the 2023
balance sheet repositioning noted above. Excluding net asset gains
(losses), noninterest income for 2024 was $78 million, a $9 million
increase over 2023, with growth in most noninterest income
categories. Wealth income increased $4 million on growth in assets
under management (due to both net new accounts and positive market
value changes), while net mortgage income grew $3 million mostly
from higher gains on sale.
Noninterest expense of $191 million for full year 2024 increased
$5 million over full year 2023. Personnel expense increased $9
million over 2023, including higher incentives commensurate with
solid earnings as well as annual merit increases between the years.
Non-personnel expenses combined decreased $4 million from full year
2023 mostly from lower data processing, as 2023 included a $3
million early contract termination charge.
Income tax expense was $31 million (effective tax rate of
20.03%) for the year ended December 31, 2024, compared to $25
million (effective tax rate of 28.99%) for the year ended December
31, 2023. The change in income tax expense was due to higher pretax
income, partly offset by the impact of the 2023 Wisconsin tax law
change noted above.
Income Statement Review - Quarter
Net income was $34 million for fourth quarter 2024, compared to
net income of $33 million for third quarter 2024.
Net interest income was $72 million for fourth quarter 2024, up
$3 million from third quarter 2024, due a reduction in interest
expense from lower deposit rates. The net interest margin for
fourth quarter 2024 was 3.61%, up 10 bps from 3.51% for third
quarter 2024. The yield on interest-earning assets decreased 8 bps
(to 5.68%) due to the impact of recent Federal Reserve interest
reductions on new and variable rate assets, while the cost of funds
decreased 21 bps (to 2.90%) for fourth quarter 2024 due to lower
deposit costs.
Noninterest income of $21 million for fourth quarter 2024
decreased $2 million from third quarter 2024, mostly due to
unfavorable changes in the deferred compensation plan asset market
valuations. Wealth income increased $0.1 million, while net
mortgage income grew $0.5 million.
Noninterest expense of $48 million for fourth quarter 2024
decreased $1 million from third quarter 2024. Personnel expense
decreased $2 million from third quarter 2024, mostly due to the
offsetting market value change in the deferred compensation plan
liabilities. Non-personnel expenses combined increased $1 million
from third quarter 2024 on higher marketing (due to donations to
support capital campaigns within our communities) and higher other
noninterest expense (mostly legal and professional fees).
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 Green
Bay in 2000, Nicolet National Bank operates branches primarily in
Wisconsin, Michigan, and Minnesota. More information can be found
at www.nicoletbank.com.
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 21%, and adjusted for the
disallowance of interest expense.
(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 $500
million (par value) U.S. Treasury held to maturity securities for a
pre-tax loss of $38 million or an after-tax loss of $28 million,
with the net proceeds used to reduce FHLB borrowings and the
remainder held in investable cash.
(4)
In July 2023, a new Wisconsin tax
law change was signed which provided financial institutions with an
exemption from state taxable income for interest, fees, and
penalties earned on specific loans to existing Wisconsin-based
business or agriculture purpose loans. The effective tax rate for
periods prior to the July 1, 2023, effective date of this tax law
change assumed an effective tax rate of 25%, and periods subsequent
to the effective date assumed an effective tax rate of 19.5%. The
adjusted net income reconciliation for first and second quarter
2023 is as originally reported, and has not been restated to
reflect the $3 million excess tax expense of those quarters that
was subsequently reversed in third quarter 2023 due to the
Wisconsin tax law change. Thus, the adjusted net income
reconciliation for the quarters of 2023 will not sum to the full
year impact.
(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/
ir@nicoletbank.com
Nicolet Bankshares (NYSE:NIC)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
Nicolet Bankshares (NYSE:NIC)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025
