- Another record quarter with net income of $42 million for third quarter 2025, compared to net income of $36 million in prior quarter, and net income of $33 million for third quarter 2024
- Quarterly net interest margin of 3.86%, an increase of 14 bps over the prior quarter
- Exceptional quarter-over-quarter core deposit growth of $223 million (13% annualized)
- Repurchased 155,393 common shares for $21 million during third quarter 2025
Nicolet Bankshares, Inc. (NYSE: NIC) (“Nicolet”) announced another record quarter with net income of $42 million for third quarter 2025 and earnings per diluted common share of $2.73, compared to net income of $36 million and earnings per diluted common share of $2.34 for second quarter 2025, and net income of $33 million and earnings per diluted common share of $2.10 for third quarter 2024.
“I must admit, I got a bit nostalgic thinking about what I would say in this press release,” said Mike Daniels, Chairman, President, and CEO of Nicolet. “Nicolet’s 25th anniversary is November 1st, and I still vividly remember sitting in my basement discussing what Nicolet should look like with my co-founder. When we were younger, we learned that banking should be about relationships and mattering to your customers and communities. I think the smartest thing we did was to make Nicolet a reflection of what we believed, and what we knew worked. In a way, Nicolet is a 25-year case study that shows that working hard to create shared success between customers, communities, and employees creates positive if not superior shareholder results. That philosophy ran counter to the industry 25 years ago and still does to a degree today. We didn’t set out to be contrarian. We set out to be ourselves.”
“We just produced some of the best quarterly financial metrics in our history, with a Return on Average Assets and Return on Average Tangible Common Equity that should easily put us in the top decile of banks in the country,” Daniels continued. “The off-the-charts results we are reporting today are directly related to the hard work of our employees, customers, and communities, all striving to do the right thing for one another. I feel like we have significant momentum right now, which leads to my continued optimism for Nicolet as a top-tier community bank, as well as community banking in general.”
Balance Sheet Review
At September 30, 2025, period end assets were $9.0 billion, an increase of $99 million from June 30, 2025, mostly from higher cash balances and loan growth. Total loans increased $36 million from June 30, 2025 (mostly in construction and agricultural loans), while total deposits of $7.6 billion at September 30, 2025, increased $70 million from June 30, 2025, including a $223 million increase in customer (core) deposits, partly offset by a $153 million decrease in brokered deposits. Total capital was $1.2 billion at September 30, 2025, an increase of $25 million over June 30, 2025, with record earnings and favorable movements in the securities portfolio market valuation partly offset by common stock repurchases and the quarterly common stock dividend.
Asset Quality
Nonperforming assets were $28 million and represented 0.31% of total assets at September 30, 2025, compared to 0.32% of total assets at June 30, 2025 and 0.31% of total assets at September 30, 2024. The allowance for credit losses-loans was $69 million and represented 1.00% of total loans at September 30, 2025, compared to $68 million (or 1.00% of total loans) at June 30, 2025, and $66 million (or 1.00% of total loans) at September 30, 2024. Asset quality trends remain solid and loan net charge-offs were negligible.
Income Statement Review - Quarter
Net income was $42 million for third quarter 2025, compared to net income of $36 million for second quarter 2025.
Net interest income was $79 million for third quarter 2025, $4 million higher than second quarter 2025, primarily due to one additional earning day in the quarter and a reduction in noncore funding. Interest income increased $3 million between the sequential quarters, while interest expense decreased $1 million. The net interest margin for third quarter 2025 was 3.86%, up 14 bps from 3.72% for second quarter 2025. The yield on interest-earning assets increased 3 bps (to 5.85%), while the cost of interest-bearing liabilities for third quarter 2025 decreased 10 bps (to 2.76%).
Noninterest income of $24 million for third quarter 2025 increased $3 million from second quarter 2025, mostly due to a $1.5 million favorable change in net asset gains from equity security market valuations. Excluding the net asset gains, noninterest income for third quarter increased $1.5 million over the prior quarter, primarily due to a $0.8 million increase in wealth income and $0.7 million higher net mortgage income.
Noninterest expense of $50 million for third quarter 2025 was up slightly from second quarter 2025, and included a $0.3 million increase in personnel expense partly offset by a $0.2 million decrease in non-personnel related expenses. The reduction in non-personnel expenses included seasonally higher business development and marketing expenses more than offset by declines in most remaining noninterest expense categories.
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) |
|
9/30/2025 |
|
6/30/2025 |
|
3/31/2025 |
|
12/31/2024 |
|
9/30/2024 |
||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks |
|
$ |
94,402 |
|
|
$ |
129,607 |
|
|
$ |
105,085 |
|
|
$ |
115,943 |
|
|
$ |
124,076 |
|
Interest-earning deposits |
|
|
379,555 |
|
|
|
293,031 |
|
|
|
467,095 |
|
|
|
420,104 |
|
|
|
303,908 |
|
Cash and cash equivalents |
|
|
473,957 |
|
|
|
422,638 |
|
|
|
572,180 |
|
|
|
536,047 |
|
|
|
427,984 |
|
Securities available for sale, at fair value |
|
|
861,534 |
|
|
|
849,253 |
|
|
|
838,105 |
|
|
|
806,415 |
|
|
|
825,907 |
|
Other investments |
|
|
61,380 |
|
|
|
59,594 |
|
|
|
58,627 |
|
|
|
62,125 |
|
|
|
63,632 |
|
Loans held for sale |
|
|
11,308 |
|
|
|
9,955 |
|
|
|
8,092 |
|
|
|
7,637 |
|
|
|
11,121 |
|
Loans |
|
|
6,874,711 |
|
|
|
6,839,141 |
|
|
|
6,745,598 |
|
|
|
6,626,584 |
|
|
|
6,556,840 |
|
Allowance for credit losses - loans |
|
|
(68,785 |
) |
|
|
(68,408 |
) |
|
|
(67,480 |
) |
|
|
(66,322 |
) |
|
|
(65,785 |
) |
Loans, net |
|
|
6,805,926 |
|
|
|
6,770,733 |
|
|
|
6,678,118 |
|
|
|
6,560,262 |
|
|
|
6,491,055 |
|
Premises and equipment, net |
|
|
121,711 |
|
|
|
123,723 |
|
|
|
125,274 |
|
|
|
126,979 |
|
|
|
123,585 |
|
Bank owned life insurance (“BOLI”) |
|
|
190,979 |
|
|
|
189,342 |
|
|
|
187,902 |
|
|
|
186,448 |
|
|
|
185,011 |
|
Goodwill and other intangibles, net |
|
|
383,693 |
|
|
|
385,107 |
|
|
|
386,588 |
|
|
|
388,140 |
|
|
|
389,727 |
|
Accrued interest receivable and other assets |
|
|
118,942 |
|
|
|
120,464 |
|
|
|
120,336 |
|
|
|
122,742 |
|
|
|
119,096 |
|
Total assets |
|
$ |
9,029,430 |
|
|
$ |
8,930,809 |
|
|
$ |
8,975,222 |
|
|
$ |
8,796,795 |
|
|
$ |
8,637,118 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand deposits |
|
$ |
1,826,453 |
|
|
$ |
1,800,335 |
|
|
$ |
1,689,129 |
|
|
$ |
1,791,228 |
|
|
$ |
1,839,617 |
|
Interest-bearing deposits |
|
|
5,785,012 |
|
|
|
5,741,338 |
|
|
|
5,883,061 |
|
|
|
5,612,456 |
|
|
|
5,420,380 |
|
Total deposits |
|
|
7,611,465 |
|
|
|
7,541,673 |
|
|
|
7,572,190 |
|
|
|
7,403,684 |
|
|
|
7,259,997 |
|
Long-term borrowings |
|
|
134,600 |
|
|
|
134,340 |
|
|
|
156,563 |
|
|
|
161,387 |
|
|
|
161,210 |
|
Accrued interest payable and other liabilities |
|
|
68,405 |
|
|
|
64,698 |
|
|
|
63,201 |
|
|
|
58,826 |
|
|
|
66,584 |
|
Total liabilities |
|
|
7,814,470 |
|
|
|
7,740,711 |
|
|
|
7,791,954 |
|
|
|
7,623,897 |
|
|
|
7,487,791 |
|
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Common stock |
|
|
148 |
|
|
|
149 |
|
|
|
152 |
|
|
|
154 |
|
|
|
151 |
|
Additional paid-in capital |
|
|
581,815 |
|
|
|
601,625 |
|
|
|
630,340 |
|
|
|
655,540 |
|
|
|
647,934 |
|
Retained earnings |
|
|
662,252 |
|
|
|
625,243 |
|
|
|
594,068 |
|
|
|
565,772 |
|
|
|
535,638 |
|
Accumulated other comprehensive income (loss) |
|
|
(29,255 |
) |
|
|
(36,919 |
) |
|
|
(41,292 |
) |
|
|
(48,568 |
) |
|
|
(34,396 |
) |
Total stockholders' equity |
|
|
1,214,960 |
|
|
|
1,190,098 |
|
|
|
1,183,268 |
|
|
|
1,172,898 |
|
|
|
1,149,327 |
|
Total liabilities and stockholders' equity |
|
$ |
9,029,430 |
|
|
$ |
8,930,809 |
|
|
$ |
8,975,222 |
|
|
$ |
8,796,795 |
|
|
$ |
8,637,118 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common shares outstanding |
|
|
14,798,895 |
|
|
|
14,924,086 |
|
|
|
15,149,341 |
|
|
|
15,356,785 |
|
|
|
15,104,381 |
|
Nicolet Bankshares, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consolidated Statements of Income (Unaudited) |
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||||||||||
(In thousands, except per share data) |
|
9/30/2025 |
|
6/30/2025 |
|
3/31/2025 |
|
12/31/2024 |
|
9/30/2024 |
|
9/30/2025 |
|
9/30/2024 |
||||||||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans, including loan fees |
|
$ |
107,930 |
|
$ |
105,976 |
|
|
$ |
100,666 |
|
|
$ |
100,605 |
|
|
$ |
100,824 |
|
$ |
314,572 |
|
$ |
292,447 |
Taxable investment securities |
|
|
6,201 |
|
|
6,027 |
|
|
|
5,560 |
|
|
|
5,369 |
|
|
|
5,211 |
|
|
17,788 |
|
|
14,824 |
Tax-exempt investment securities |
|
|
998 |
|
|
1,017 |
|
|
|
1,049 |
|
|
|
1,073 |
|
|
|
1,095 |
|
|
3,064 |
|
|
3,485 |
Other interest income |
|
|
5,204 |
|
|
4,618 |
|
|
|
5,466 |
|
|
|
5,787 |
|
|
|
5,492 |
|
|
15,288 |
|
|
14,775 |
Total interest income |
|
|
120,333 |
|
|
117,638 |
|
|
|
112,741 |
|
|
|
112,834 |
|
|
|
112,622 |
|
|
350,712 |
|
|
325,531 |
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits |
|
|
39,312 |
|
|
40,472 |
|
|
|
39,465 |
|
|
|
39,138 |
|
|
|
42,060 |
|
|
119,249 |
|
|
122,436 |
Short-term borrowings |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
— |
|
|
2 |
Long-term borrowings |
|
|
1,757 |
|
|
2,057 |
|
|
|
2,070 |
|
|
|
2,146 |
|
|
|
2,194 |
|
|
5,884 |
|
|
6,578 |
Total interest expense |
|
|
41,069 |
|
|
42,529 |
|
|
|
41,535 |
|
|
|
41,284 |
|
|
|
44,256 |
|
|
125,133 |
|
|
129,016 |
Net interest income |
|
|
79,264 |
|
|
75,109 |
|
|
|
71,206 |
|
|
|
71,550 |
|
|
|
68,366 |
|
|
225,579 |
|
|
196,515 |
Provision for credit losses |
|
|
950 |
|
|
1,050 |
|
|
|
1,500 |
|
|
|
1,000 |
|
|
|
750 |
|
|
3,500 |
|
|
2,850 |
Net interest income after provision for credit losses |
|
|
78,314 |
|
|
74,059 |
|
|
|
69,706 |
|
|
|
70,550 |
|
|
|
67,616 |
|
|
222,079 |
|
|
193,665 |
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Wealth management fee income |
|
|
7,629 |
|
|
6,811 |
|
|
|
6,975 |
|
|
|
7,208 |
|
|
|
7,085 |
|
|
21,415 |
|
|
20,244 |
Mortgage income, net |
|
|
3,568 |
|
|
2,907 |
|
|
|
1,926 |
|
|
|
3,326 |
|
|
|
2,853 |
|
|
8,401 |
|
|
6,851 |
Service charges on deposit accounts |
|
|
2,000 |
|
|
1,962 |
|
|
|
2,025 |
|
|
|
1,877 |
|
|
|
1,913 |
|
|
5,987 |
|
|
5,307 |
Card interchange income |
|
|
3,752 |
|
|
3,699 |
|
|
|
3,337 |
|
|
|
3,541 |
|
|
|
3,564 |
|
|
10,788 |
|
|
10,120 |
BOLI income |
|
|
1,654 |
|
|
1,429 |
|
|
|
1,420 |
|
|
|
1,421 |
|
|
|
1,455 |
|
|
4,503 |
|
|
4,027 |
Asset gains (losses), net |
|
|
1,294 |
|
|
(199 |
) |
|
|
(354 |
) |
|
|
510 |
|
|
|
1,177 |
|
|
741 |
|
|
3,702 |
Deferred compensation plan asset market valuations |
|
|
972 |
|
|
1,437 |
|
|
|
45 |
|
|
|
(192 |
) |
|
|
1,162 |
|
|
2,454 |
|
|
1,390 |
LSR income, net |
|
|
668 |
|
|
950 |
|
|
|
1,057 |
|
|
|
1,064 |
|
|
|
1,090 |
|
|
2,675 |
|
|
3,341 |
Other noninterest income |
|
|
2,082 |
|
|
1,637 |
|
|
|
1,792 |
|
|
|
2,103 |
|
|
|
2,079 |
|
|
5,511 |
|
|
6,427 |
Total noninterest income |
|
|
23,619 |
|
|
20,633 |
|
|
|
18,223 |
|
|
|
20,858 |
|
|
|
22,378 |
|
|
62,475 |
|
|
61,409 |
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Personnel expense |
|
|
29,437 |
|
|
29,114 |
|
|
|
26,521 |
|
|
|
26,682 |
|
|
|
28,937 |
|
|
85,072 |
|
|
81,732 |
Occupancy, equipment and office |
|
|
9,028 |
|
|
9,104 |
|
|
|
9,330 |
|
|
|
8,685 |
|
|
|
8,826 |
|
|
27,462 |
|
|
26,451 |
Business development and marketing |
|
|
2,223 |
|
|
1,593 |
|
|
|
2,100 |
|
|
|
2,325 |
|
|
|
1,823 |
|
|
5,916 |
|
|
6,005 |
Data processing |
|
|
4,671 |
|
|
4,682 |
|
|
|
4,525 |
|
|
|
4,668 |
|
|
|
4,535 |
|
|
13,878 |
|
|
13,086 |
Intangibles amortization |
|
|
1,414 |
|
|
1,481 |
|
|
|
1,552 |
|
|
|
1,587 |
|
|
|
1,694 |
|
|
4,447 |
|
|
5,289 |
FDIC assessments |
|
|
1,005 |
|
|
1,029 |
|
|
|
940 |
|
|
|
990 |
|
|
|
990 |
|
|
2,974 |
|
|
3,013 |
Other noninterest expense |
|
|
2,310 |
|
|
2,916 |
|
|
|
2,819 |
|
|
|
3,268 |
|
|
|
2,343 |
|
|
8,045 |
|
|
7,572 |
Total noninterest expense |
|
|
50,088 |
|
|
49,919 |
|
|
|
47,787 |
|
|
|
48,205 |
|
|
|
49,148 |
|
|
147,794 |
|
|
143,148 |
Income before income tax expense |
|
|
51,845 |
|
|
44,773 |
|
|
|
40,142 |
|
|
|
43,203 |
|
|
|
40,846 |
|
|
136,760 |
|
|
111,926 |
Income tax expense |
|
|
10,110 |
|
|
8,738 |
|
|
|
7,550 |
|
|
|
8,723 |
|
|
|
8,330 |
|
|
26,398 |
|
|
22,347 |
Net income |
|
$ |
41,735 |
|
$ |
36,035 |
|
|
$ |
32,592 |
|
|
$ |
34,480 |
|
|
$ |
32,516 |
|
$ |
110,362 |
|
$ |
89,579 |
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
$ |
2.81 |
|
$ |
2.40 |
|
|
$ |
2.14 |
|
|
$ |
2.25 |
|
|
$ |
2.16 |
|
$ |
7.34 |
|
$ |
5.99 |
Diluted |
|
$ |
2.73 |
|
$ |
2.34 |
|
|
$ |
2.08 |
|
|
$ |
2.19 |
|
|
$ |
2.10 |
|
$ |
7.14 |
|
$ |
5.84 |
Common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic weighted average |
|
|
14,836 |
|
|
15,029 |
|
|
|
15,256 |
|
|
|
15,297 |
|
|
|
15,052 |
|
|
15,039 |
|
|
14,966 |
Diluted weighted average |
|
|
15,303 |
|
|
15,431 |
|
|
|
15,647 |
|
|
|
15,710 |
|
|
|
15,479 |
|
|
15,463 |
|
|
15,330 |
Nicolet Bankshares, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Consolidated Financial Summary (Unaudited) |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||||||||||||||
(In thousands, except share & per share data) |
|
9/30/2025 |
|
6/30/2025 |
|
3/31/2025 |
|
12/31/2024 |
|
9/30/2024 |
|
9/30/2025 |
|
9/30/2024 |
||||||||||||||
Selected Average Balances: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans |
|
$ |
6,843,189 |
|
|
$ |
6,833,236 |
|
|
$ |
6,710,206 |
|
|
$ |
6,581,059 |
|
|
$ |
6,542,532 |
|
|
$ |
6,796,031 |
|
|
$ |
6,479,598 |
|
Investment securities |
|
|
903,839 |
|
|
|
900,469 |
|
|
|
886,010 |
|
|
|
884,376 |
|
|
|
873,212 |
|
|
|
896,839 |
|
|
|
879,701 |
|
Interest-earning assets |
|
|
8,206,651 |
|
|
|
8,140,178 |
|
|
|
8,078,997 |
|
|
|
7,946,309 |
|
|
|
7,824,773 |
|
|
|
8,142,411 |
|
|
|
7,729,346 |
|
Cash and cash equivalents |
|
|
480,208 |
|
|
|
423,272 |
|
|
|
497,865 |
|
|
|
493,237 |
|
|
|
431,632 |
|
|
|
467,050 |
|
|
|
390,213 |
|
Goodwill and other intangibles, net |
|
|
384,296 |
|
|
|
385,735 |
|
|
|
387,260 |
|
|
|
388,824 |
|
|
|
390,453 |
|
|
|
385,753 |
|
|
|
392,189 |
|
Total assets |
|
|
8,984,344 |
|
|
|
8,909,653 |
|
|
|
8,849,412 |
|
|
|
8,716,611 |
|
|
|
8,596,812 |
|
|
|
8,914,964 |
|
|
|
8,486,602 |
|
Deposits |
|
|
7,583,986 |
|
|
|
7,504,224 |
|
|
|
7,446,107 |
|
|
|
7,314,632 |
|
|
|
7,247,321 |
|
|
|
7,511,944 |
|
|
|
7,181,597 |
|
Interest-bearing liabilities |
|
|
5,911,850 |
|
|
|
5,972,117 |
|
|
|
5,953,083 |
|
|
|
5,667,803 |
|
|
|
5,653,259 |
|
|
|
5,945,532 |
|
|
|
5,607,430 |
|
Stockholders’ equity (common) |
|
|
1,194,974 |
|
|
|
1,183,316 |
|
|
|
1,178,868 |
|
|
|
1,163,477 |
|
|
|
1,118,242 |
|
|
|
1,185,778 |
|
|
|
1,079,215 |
|
Selected Ratios: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Book value per common share |
|
$ |
82.10 |
|
|
$ |
79.74 |
|
|
$ |
78.11 |
|
|
$ |
76.38 |
|
|
$ |
76.09 |
|
|
$ |
82.10 |
|
|
$ |
76.09 |
|
Tangible book value per common share (2) |
|
$ |
56.17 |
|
|
$ |
53.94 |
|
|
$ |
52.59 |
|
|
$ |
51.10 |
|
|
$ |
50.29 |
|
|
$ |
56.17 |
|
|
$ |
50.29 |
|
Return on average assets |
|
|
1.84 |
% |
|
|
1.62 |
% |
|
|
1.49 |
% |
|
|
1.57 |
% |
|
|
1.50 |
% |
|
|
1.66 |
% |
|
|
1.41 |
% |
Return on average common equity |
|
|
13.86 |
|
|
|
12.21 |
|
|
|
11.21 |
|
|
|
11.79 |
|
|
|
11.57 |
|
|
|
12.44 |
|
|
|
11.09 |
|
Return on average tangible common equity (2) |
|
|
20.42 |
|
|
|
18.12 |
|
|
|
16.70 |
|
|
|
17.71 |
|
|
|
17.77 |
|
|
|
18.44 |
|
|
|
17.42 |
|
Average equity to average assets |
|
|
13.30 |
|
|
|
13.28 |
|
|
|
13.32 |
|
|
|
13.35 |
|
|
|
13.01 |
|
|
|
13.30 |
|
|
|
12.72 |
|
Stockholders’ equity to assets |
|
|
13.46 |
|
|
|
13.33 |
|
|
|
13.18 |
|
|
|
13.33 |
|
|
|
13.31 |
|
|
|
13.46 |
|
|
|
13.31 |
|
Tangible common equity to tangible assets (2) |
|
|
9.61 |
|
|
|
9.42 |
|
|
|
9.28 |
|
|
|
9.33 |
|
|
|
9.21 |
|
|
|
9.61 |
|
|
|
9.21 |
|
Net interest margin * |
|
|
3.86 |
|
|
|
3.72 |
|
|
|
3.58 |
|
|
|
3.61 |
|
|
|
3.51 |
|
|
|
3.72 |
|
|
|
3.42 |
|
Efficiency ratio |
|
|
49.10 |
|
|
|
51.79 |
|
|
|
52.94 |
|
|
|
52.17 |
|
|
|
54.57 |
|
|
|
51.20 |
|
|
|
55.98 |
|
Effective tax rate |
|
|
19.50 |
|
|
|
19.52 |
|
|
|
18.81 |
|
|
|
20.19 |
|
|
|
20.39 |
|
|
|
19.30 |
|
|
|
19.97 |
|
Selected Asset Quality Information: |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Nonaccrual loans |
|
$ |
27,463 |
|
|
$ |
27,735 |
|
|
$ |
28,325 |
|
|
$ |
28,419 |
|
|
$ |
25,565 |
|
|
$ |
27,463 |
|
|
$ |
25,565 |
|
Other real estate owned |
|
|
767 |
|
|
|
881 |
|
|
|
946 |
|
|
|
693 |
|
|
|
859 |
|
|
|
767 |
|
|
|
859 |
|
Nonperforming assets |
|
$ |
28,230 |
|
|
$ |
28,616 |
|
|
$ |
29,271 |
|
|
$ |
29,112 |
|
|
$ |
26,424 |
|
|
$ |
28,230 |
|
|
$ |
26,424 |
|
Net loan charge-offs (recoveries) |
|
$ |
573 |
|
|
$ |
372 |
|
|
$ |
342 |
|
|
$ |
363 |
|
|
$ |
379 |
|
|
$ |
1,287 |
|
|
$ |
675 |
|
Allowance for credit losses-loans to loans |
|
|
1.00 |
% |
|
|
1.00 |
% |
|
|
1.00 |
% |
|
|
1.00 |
% |
|
|
1.00 |
% |
|
|
1.00 |
% |
|
|
1.00 |
% |
Net charge-offs to average loans (1) |
|
|
0.03 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
|
0.01 |
|
Nonperforming loans to total loans |
|
|
0.40 |
|
|
|
0.41 |
|
|
|
0.42 |
|
|
|
0.43 |
|
|
|
0.39 |
|
|
|
0.40 |
|
|
|
0.39 |
|
Nonperforming assets to total assets |
|
|
0.31 |
|
|
|
0.32 |
|
|
|
0.33 |
|
|
|
0.33 |
|
|
|
0.31 |
|
|
|
0.31 |
|
|
|
0.31 |
|
Stock Repurchase Information: (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Common stock repurchased ($) |
|
$ |
20,525 |
|
|
$ |
29,989 |
|
|
$ |
26,047 |
|
|
$ |
10,137 |
|
|
$ |
— |
|
|
$ |
76,561 |
|
|
$ |
— |
|
Common stock repurchased (shares) |
|
|
155,393 |
|
|
|
257,402 |
|
|
|
233,207 |
|
|
|
92,440 |
|
|
|
— |
|
|
|
646,002 |
|
|
|
— |
|
* During fourth quarter 2024, Nicolet changed the annualization methodology utilized for the calculation of selected net interest margin components from actual/360 to actual/actual 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 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) |
|
9/30/2025 |
|
6/30/2025 |
|
3/31/2025 |
|
12/31/2024 |
|
9/30/2024 |
|||||
Period End Loan Composition |
|
|
|
|
|
|
|
|
|
|
|||||
Commercial & industrial |
|
$ |
1,415,841 |
|
$ |
1,412,621 |
|
$ |
1,409,320 |
|
$ |
1,319,763 |
|
$ |
1,351,516 |
Owner-occupied commercial real estate (“CRE”) |
|
|
947,390 |
|
|
963,278 |
|
|
949,107 |
|
|
940,367 |
|
|
920,533 |
Agricultural |
|
|
1,378,070 |
|
|
1,346,924 |
|
|
1,329,807 |
|
|
1,322,038 |
|
|
1,261,152 |
Commercial |
|
|
3,741,301 |
|
|
3,722,823 |
|
|
3,688,234 |
|
|
3,582,168 |
|
|
3,533,201 |
CRE investment |
|
|
1,213,301 |
|
|
1,231,423 |
|
|
1,225,490 |
|
|
1,221,826 |
|
|
1,226,982 |
Construction & land development |
|
|
324,209 |
|
|
298,122 |
|
|
273,007 |
|
|
239,694 |
|
|
231,694 |
Commercial real estate |
|
|
1,537,510 |
|
|
1,529,545 |
|
|
1,498,497 |
|
|
1,461,520 |
|
|
1,458,676 |
Commercial-based loans |
|
|
5,278,811 |
|
|
5,252,368 |
|
|
5,186,731 |
|
|
5,043,688 |
|
|
4,991,877 |
Residential construction |
|
|
92,325 |
|
|
88,152 |
|
|
91,321 |
|
|
96,110 |
|
|
85,811 |
Residential first mortgage |
|
|
1,199,512 |
|
|
1,205,841 |
|
|
1,194,116 |
|
|
1,196,158 |
|
|
1,194,574 |
Residential junior mortgage |
|
|
260,167 |
|
|
249,406 |
|
|
235,096 |
|
|
234,634 |
|
|
223,456 |
Residential real estate |
|
|
1,552,004 |
|
|
1,543,399 |
|
|
1,520,533 |
|
|
1,526,902 |
|
|
1,503,841 |
Retail & other |
|
|
43,896 |
|
|
43,374 |
|
|
38,334 |
|
|
55,994 |
|
|
61,122 |
Retail-based loans |
|
|
1,595,900 |
|
|
1,586,773 |
|
|
1,558,867 |
|
|
1,582,896 |
|
|
1,564,963 |
Total loans |
|
$ |
6,874,711 |
|
$ |
6,839,141 |
|
$ |
6,745,598 |
|
$ |
6,626,584 |
|
$ |
6,556,840 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Period End Deposit Composition |
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest-bearing demand |
|
$ |
1,826,453 |
|
$ |
1,800,335 |
|
$ |
1,689,129 |
|
$ |
1,791,228 |
|
$ |
1,839,617 |
Interest-bearing demand |
|
|
1,104,552 |
|
|
1,266,507 |
|
|
1,239,075 |
|
|
1,168,560 |
|
|
1,035,593 |
Money market |
|
|
2,044,055 |
|
|
1,900,639 |
|
|
1,988,648 |
|
|
1,942,367 |
|
|
1,928,977 |
Savings |
|
|
825,683 |
|
|
805,300 |
|
|
794,223 |
|
|
774,707 |
|
|
763,024 |
Time |
|
|
1,810,722 |
|
|
1,768,892 |
|
|
1,861,115 |
|
|
1,726,822 |
|
|
1,692,786 |
Total deposits |
|
$ |
7,611,465 |
|
$ |
7,541,673 |
|
$ |
7,572,190 |
|
$ |
7,403,684 |
|
$ |
7,259,997 |
Brokered transaction accounts |
|
$ |
160,706 |
|
$ |
307,527 |
|
$ |
249,537 |
|
$ |
163,580 |
|
$ |
159,547 |
Brokered time deposits |
|
|
444,683 |
|
|
450,948 |
|
|
607,725 |
|
|
586,852 |
|
|
549,907 |
Total brokered deposits |
|
$ |
605,389 |
|
$ |
758,475 |
|
$ |
857,262 |
|
$ |
750,432 |
|
$ |
709,454 |
Customer transaction accounts |
|
$ |
5,640,037 |
|
$ |
5,465,254 |
|
$ |
5,461,538 |
|
$ |
5,513,282 |
|
$ |
5,407,664 |
Customer time deposits |
|
|
1,366,039 |
|
|
1,317,944 |
|
|
1,253,390 |
|
|
1,139,970 |
|
|
1,142,879 |
Total customer deposits (core) |
|
$ |
7,006,076 |
|
$ |
6,783,198 |
|
$ |
6,714,928 |
|
$ |
6,653,252 |
|
$ |
6,550,543 |
Nicolet Bankshares, Inc. |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Interest Income and Net Interest Margin Analysis (Unaudited) |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
For the Three Months Ended |
||||||||||||||||||||||||||||
|
|
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
||||||||||||||||||||||||
|
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
||||||||||||
(In thousands) |
|
Balance |
|
Interest |
|
Rate * |
|
Balance |
|
Interest |
|
Rate * |
|
Balance |
|
Interest |
|
Rate * |
||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans (1) (2) |
|
$ |
6,843,189 |
|
$ |
108,042 |
|
|
6.27 |
% |
|
$ |
6,833,236 |
|
$ |
106,103 |
|
|
6.23 |
% |
|
$ |
6,542,532 |
|
$ |
100,962 |
|
|
6.14 |
% |
Investment securities (2) |
|
|
903,839 |
|
|
7,519 |
|
|
3.33 |
% |
|
|
900,469 |
|
|
7,371 |
|
|
3.27 |
% |
|
|
873,212 |
|
|
6,666 |
|
|
3.05 |
% |
Other interest-earning assets |
|
|
459,623 |
|
|
5,204 |
|
|
4.50 |
% |
|
|
406,473 |
|
|
4,618 |
|
|
4.56 |
% |
|
|
409,029 |
|
|
5,492 |
|
|
5.35 |
% |
Total interest-earning assets |
|
|
8,206,651 |
|
$ |
120,765 |
|
|
5.85 |
% |
|
|
8,140,178 |
|
$ |
118,092 |
|
|
5.82 |
% |
|
|
7,824,773 |
|
$ |
113,120 |
|
|
5.76 |
% |
Other assets, net |
|
|
777,693 |
|
|
|
|
|
|
769,475 |
|
|
|
|
|
|
772,039 |
|
|
|
|
|||||||||
Total assets |
|
$ |
8,984,344 |
|
|
|
|
|
$ |
8,909,653 |
|
|
|
|
|
$ |
8,596,812 |
|
|
|
|
|||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Interest-bearing core deposits |
|
$ |
5,118,886 |
|
$ |
32,329 |
|
|
2.51 |
% |
|
$ |
5,001,714 |
|
$ |
31,677 |
|
|
2.54 |
% |
|
$ |
4,723,464 |
|
$ |
32,952 |
|
|
2.78 |
% |
Brokered deposits |
|
|
658,491 |
|
|
6,983 |
|
|
4.21 |
% |
|
|
814,789 |
|
|
8,795 |
|
|
4.33 |
% |
|
|
768,058 |
|
|
9,108 |
|
|
4.72 |
% |
Total interest-bearing deposits |
|
|
5,777,377 |
|
|
39,312 |
|
|
2.70 |
% |
|
|
5,816,503 |
|
|
40,472 |
|
|
2.79 |
% |
|
|
5,491,522 |
|
|
42,060 |
|
|
3.05 |
% |
Wholesale funding |
|
|
134,473 |
|
|
1,757 |
|
|
5.18 |
% |
|
|
155,614 |
|
|
2,057 |
|
|
5.30 |
% |
|
|
161,737 |
|
|
2,196 |
|
|
5.40 |
% |
Total interest-bearing liabilities |
|
|
5,911,850 |
|
$ |
41,069 |
|
|
2.76 |
% |
|
|
5,972,117 |
|
$ |
42,529 |
|
|
2.86 |
% |
|
|
5,653,259 |
|
$ |
44,256 |
|
|
3.11 |
% |
Noninterest-bearing demand deposits |
|
|
1,806,609 |
|
|
|
|
|
|
1,687,721 |
|
|
|
|
|
|
1,755,799 |
|
|
|
|
|||||||||
Other liabilities |
|
|
70,911 |
|
|
|
|
|
|
66,499 |
|
|
|
|
|
|
69,512 |
|
|
|
|
|||||||||
Stockholders' equity |
|
|
1,194,974 |
|
|
|
|
|
|
1,183,316 |
|
|
|
|
|
|
1,118,242 |
|
|
|
|
|||||||||
Total liabilities and stockholders' equity |
|
$ |
8,984,344 |
|
|
|
|
|
$ |
8,909,653 |
|
|
|
|
|
$ |
8,596,812 |
|
|
|
|
|||||||||
Net interest income and rate spread |
|
|
|
$ |
79,696 |
|
|
3.09 |
% |
|
|
|
$ |
75,563 |
|
|
2.96 |
% |
|
|
|
$ |
68,864 |
|
|
2.65 |
% |
|||
Net interest margin |
|
|
|
|
|
3.86 |
% |
|
|
|
|
|
3.72 |
% |
|
|
|
|
|
3.51 |
% |
|||||||||
Loan purchase accounting accretion (3) |
|
|
|
$ |
1,375 |
|
|
0.08 |
% |
|
|
|
$ |
1,475 |
|
|
0.09 |
% |
|
|
|
$ |
1,527 |
|
|
0.09 |
% |
|||
Loan nonaccrual interest (3) |
|
|
|
$ |
(346 |
) |
|
(0.02 |
)% |
|
|
|
$ |
(26 |
) |
|
— |
% |
|
|
|
$ |
(48 |
) |
|
— |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
For the Nine Months Ended |
|
|
|
|
|
|
||||||||||||||||||||||
|
|
September 30, 2025 |
|
September 30, 2024 |
|
|
|
|
|
|
||||||||||||||||||||
|
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
|
|
|
|
|
||||||||||||
(In thousands) |
|
Balance |
|
Interest |
|
Rate * |
|
Balance |
|
Interest |
|
Rate * |
|
|
|
|
|
|
||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans (1) (2) |
|
$ |
6,796,031 |
|
$ |
314,949 |
|
|
6.19 |
% |
|
$ |
6,479,598 |
|
$ |
292,792 |
|
|
6.03 |
% |
|
|
|
|
|
|
||||
Investment securities (2) |
|
|
896,839 |
|
|
21,841 |
|
|
3.25 |
% |
|
|
879,701 |
|
|
19,442 |
|
|
2.95 |
% |
|
|
|
|
|
|
||||
Other interest-earning assets |
|
|
449,541 |
|
|
15,288 |
|
|
4.55 |
% |
|
|
370,047 |
|
|
14,775 |
|
|
5.33 |
% |
|
|
|
|
|
|
||||
Total interest-earning assets |
|
|
8,142,411 |
|
$ |
352,078 |
|
|
5.78 |
% |
|
|
7,729,346 |
|
$ |
327,009 |
|
|
5.65 |
% |
|
|
|
|
|
|
||||
Other assets, net |
|
|
772,553 |
|
|
|
|
|
|
757,256 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets |
|
$ |
8,914,964 |
|
|
|
|
|
$ |
8,486,602 |
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Interest-bearing core deposits |
|
$ |
5,041,142 |
|
$ |
94,789 |
|
|
2.51 |
% |
|
$ |
4,684,586 |
|
$ |
95,921 |
|
|
2.74 |
% |
|
|
|
|
|
|
||||
Brokered deposits |
|
|
754,096 |
|
|
24,460 |
|
|
4.34 |
% |
|
|
759,791 |
|
|
26,515 |
|
|
4.66 |
% |
|
|
|
|
|
|
||||
Total interest-bearing deposits |
|
|
5,795,238 |
|
|
119,249 |
|
|
2.75 |
% |
|
|
5,444,377 |
|
|
122,436 |
|
|
3.00 |
% |
|
|
|
|
|
|
||||
Wholesale funding |
|
|
150,294 |
|
|
5,884 |
|
|
5.23 |
% |
|
|
163,053 |
|
|
6,580 |
|
|
5.39 |
% |
|
|
|
|
|
|
||||
Total interest-bearing liabilities |
|
|
5,945,532 |
|
$ |
125,133 |
|
|
2.81 |
% |
|
|
5,607,430 |
|
$ |
129,016 |
|
|
3.07 |
% |
|
|
|
|
|
|
||||
Noninterest-bearing demand deposits |
|
|
1,716,706 |
|
|
|
|
|
|
1,737,220 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Other liabilities |
|
|
66,948 |
|
|
|
|
|
|
62,737 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders' equity |
|
|
1,185,778 |
|
|
|
|
|
|
1,079,215 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total liabilities and stockholders' equity |
|
$ |
8,914,964 |
|
|
|
|
|
$ |
8,486,602 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income and rate spread |
|
|
|
$ |
226,945 |
|
|
2.97 |
% |
|
|
|
$ |
197,993 |
|
|
2.58 |
% |
|
|
|
|
|
|
||||||
Net interest margin |
|
|
|
|
|
3.72 |
% |
|
|
|
|
|
3.42 |
% |
|
|
|
|
|
|
||||||||||
Loan purchase accounting accretion (3) |
|
|
|
$ |
4,324 |
|
|
0.09 |
% |
|
|
|
$ |
4,582 |
|
|
0.09 |
% |
|
|
|
|
|
|
||||||
Loan nonaccrual interest (3) |
|
|
|
$ |
(677 |
) |
|
(0.01 |
)% |
|
|
|
$ |
40 |
|
|
— |
% |
|
|
|
|
|
|
||||||
| * During fourth quarter 2024, Nicolet changed the annualization methodology utilized for the calculation of selected net interest margin components from actual/360 to actual/actual 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 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 and 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 Nine Months Ended |
||||||||||||||||||||||
(In thousands, except per share data) |
|
9/30/2025 |
|
6/30/2025 |
|
3/31/2025 |
|
12/31/2024 |
|
9/30/2024 |
|
9/30/2025 |
|
9/30/2024 |
||||||||||||
Adjusted net income reconciliation: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income (GAAP) |
|
$ |
41,735 |
|
|
$ |
36,035 |
|
$ |
32,592 |
|
$ |
34,480 |
|
|
$ |
32,516 |
|
|
$ |
110,362 |
|
|
$ |
89,579 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Assets (gains) losses, net (2) |
|
|
(1,294 |
) |
|
|
199 |
|
|
354 |
|
|
(510 |
) |
|
|
(1,177 |
) |
|
|
(741 |
) |
|
|
(3,702 |
) |
Adjustments subtotal |
|
|
(1,294 |
) |
|
|
199 |
|
|
354 |
|
|
(510 |
) |
|
|
(1,177 |
) |
|
|
(741 |
) |
|
|
(3,702 |
) |
Tax on Adjustments (3) |
|
|
(252 |
) |
|
|
39 |
|
|
69 |
|
|
(99 |
) |
|
|
(230 |
) |
|
|
(144 |
) |
|
|
(722 |
) |
Adjusted net income (Non-GAAP) |
|
$ |
40,693 |
|
|
$ |
36,195 |
|
$ |
32,877 |
|
$ |
34,069 |
|
|
$ |
31,569 |
|
|
$ |
109,765 |
|
|
$ |
86,599 |
|
Diluted earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted earnings per common share (GAAP) |
|
$ |
2.73 |
|
|
$ |
2.34 |
|
$ |
2.08 |
|
$ |
2.19 |
|
|
$ |
2.10 |
|
|
$ |
7.14 |
|
|
$ |
5.84 |
|
Adjusted Diluted earnings per common share (Non-GAAP) |
|
$ |
2.66 |
|
|
$ |
2.35 |
|
$ |
2.10 |
|
$ |
2.17 |
|
|
$ |
2.04 |
|
|
$ |
7.10 |
|
|
$ |
5.65 |
|
Tangible assets: (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total assets |
|
$ |
9,029,430 |
|
|
$ |
8,930,809 |
|
$ |
8,975,222 |
|
$ |
8,796,795 |
|
|
$ |
8,637,118 |
|
|
|
|
|
||||
Goodwill and other intangibles, net |
|
|
383,693 |
|
|
|
385,107 |
|
|
386,588 |
|
|
388,140 |
|
|
|
389,727 |
|
|
|
|
|
||||
Tangible assets |
|
$ |
8,645,737 |
|
|
$ |
8,545,702 |
|
$ |
8,588,634 |
|
$ |
8,408,655 |
|
|
$ |
8,247,391 |
|
|
|
|
|
||||
Tangible common equity: (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Stockholders’ equity (common) |
|
$ |
1,214,960 |
|
|
$ |
1,190,098 |
|
$ |
1,183,268 |
|
$ |
1,172,898 |
|
|
$ |
1,149,327 |
|
|
|
|
|
||||
Goodwill and other intangibles, net |
|
|
383,693 |
|
|
|
385,107 |
|
|
386,588 |
|
|
388,140 |
|
|
|
389,727 |
|
|
|
|
|
||||
Tangible common equity |
|
$ |
831,267 |
|
|
$ |
804,991 |
|
$ |
796,680 |
|
$ |
784,758 |
|
|
$ |
759,600 |
|
|
|
|
|
||||
Tangible average common equity: (4) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average stockholders’ equity (common) |
|
$ |
1,194,974 |
|
|
$ |
1,183,316 |
|
$ |
1,178,868 |
|
$ |
1,163,477 |
|
|
$ |
1,118,242 |
|
|
$ |
1,185,778 |
|
|
$ |
1,079,215 |
|
Average goodwill and other intangibles, net |
|
|
384,296 |
|
|
|
385,735 |
|
|
387,260 |
|
|
388,824 |
|
|
|
390,453 |
|
|
|
385,753 |
|
|
|
392,189 |
|
Average tangible common equity |
|
$ |
810,678 |
|
|
$ |
797,581 |
|
$ |
791,608 |
|
$ |
774,653 |
|
|
$ |
727,789 |
|
|
$ |
800,025 |
|
|
$ |
687,026 |
|
| 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) |
Includes the gains / (losses) on other assets and investments. |
(3) |
Assumes an effective tax rate of 19.5%. |
(4) |
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/20251023844086/en/
