-- Net income $33 million for first quarter 2025, compared to net income of
$34 million in prior quarter, and net income of $28 million for first
quarter 2024
-- Solid loan growth of $119 million (2%) from year end 2024
-- Core deposits increased $62 million (1%) from year end 2024
-- Repurchased 233,207 common shares for $26 million during first quarter
2025, and authorized $60 million in additional repurchases
GREEN BAY, Wis.--(BUSINESS WIRE)--April 15, 2025--
Nicolet Bankshares, Inc. $(NIC)$ ("Nicolet") announced first quarter 2025 net income of $33 million and earnings per diluted common share of $2.08, compared to net income of $34 million and earnings per diluted common share of $2.19 for fourth quarter 2024, and net income of $28 million and earnings per diluted common share of $1.82 for first quarter 2024.
"Our first quarter profitability metrics likely place us well within the top quartile of community banks and these results continue to demonstrate that our actions match our words as discussed in our annual report letter," said Mike Daniels, Chairman, President, and CEO of Nicolet. "We are growing core relationships in all revenue lines, and we are especially encouraged that our typical seasonal decline in core deposits was much less than in prior years. We are also encouraged that our growth is occurring in a disciplined manner. Even with the recent public market volatility and uncertainty, our team is doing what we do best -- having real conversations with customers and figuring out how to matter to them and our communities."
Daniels continued, "while we continue to have high-level M&A conversations, we remain steadfast in our belief that any deal needs to make Nicolet a better bank and enhance long-term shareholder value. Given the market uncertainty, we believe it makes sense to allow the dust to settle. In the meantime, our Board increased our stock buyback authorization, and affirmed that the best acquisition we can make -- regardless of any market volatility -- is in our own company through share repurchases."
Balance Sheet Review
At March 31, 2025, period end assets were $9.0 billion, an increase of $178 million (2%) from December 31, 2024, mostly from loan growth. Total loans increased $119 million from December 31, 2024, mostly in commercial & industrial loans. Total deposits of $7.6 billion at March 31, 2025, increased $169 million from December 31, 2024, including a $107 million increase in brokered deposits and a $62 million increase in customer (core) deposits. Total capital was $1.2 billion at March 31, 2025, an increase of $10 million over December 31, 2024, with solid earnings and favorable movements in the securities portfolio market valuation partly offset by common stock repurchases and the quarterly common stock dividend. At March 31, 2025, approximately $10 million remained available for common stock repurchases under the current board authorization. Subsequently, on April 15, 2025, the Board approved a $60 million increase to the common stock repurchase authorization.
Asset Quality
Nonperforming assets were $29 million and represented 0.33% of total assets at March 31, 2025, minimally changed from both December 31, 2024 and March 31, 2024. The allowance for credit losses-loans was $67 million and represented 1.00% of total loans at March 31, 2025, compared to $66 million (or 1.00% of total loans) at December 31, 2024, and $64 million (or 1.01% of total loans) at March 31, 2024. Asset quality trends remain solid and loan net charge-offs were negligible.
Income Statement Review - Quarter
Net income was $33 million for first quarter 2025, compared to net income of $34 million for fourth quarter 2024.
Net interest income was $71 million for first quarter 2025, down slightly from fourth quarter 2024, mostly due to higher interest expense from deposit growth, with average interest-bearing deposits up $285 million (5%) over fourth quarter. The net interest margin for first quarter 2025 was 3.58%, down 3 bps from 3.61% for fourth quarter 2024. The yield on interest-earning assets decreased 1 bps (to 5.67%), while the cost of interest-bearing liabilities for first quarter 2025 decreased 7 bps (to 2.83%) due to lower deposit costs and decreased 9 bps due to lower noninterest-bearing demand deposits.
Noninterest income of $18 million for first quarter 2025 decreased $3 million from fourth quarter 2024, mostly due to seasonably lower net mortgage income from fewer secondary market sales. Wealth income decreased $0.2 million, while other noninterest income declined $0.3 million on lower swap fees. Net asset gains were $0.9 million unfavorable, mostly from changes in the market value of equity securities.
Noninterest expense of $48 million for first quarter 2025 was down slightly from fourth quarter 2024. Occupancy, equipment, and office expense increased $0.6 million on higher software and snowplowing costs, while marketing declined $0.2 million due to donations to support capital campaigns within our communities in fourth quarter 2024 and other noninterest expense declined $0.4 million mostly within 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) 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
------------ ------------ ------------ ------------ --------------
Assets
Cash and due from
banks $ 105,085 $ 115,943 $ 124,076 $ 109,674 $ 81,677
Interest-earning
deposits 467,095 420,104 303,908 298,856 345,747
---------- ---------- ---------- ---------- ----------
Cash and cash
equivalents 572,180 536,047 427,984 408,530 427,424
Securities available
for sale, at fair
value 838,105 806,415 825,907 799,937 803,963
Other investments 58,627 62,125 63,632 64,720 66,103
Loans held for sale 8,092 7,637 11,121 9,450 5,022
Loans 6,745,598 6,626,584 6,556,840 6,529,134 6,397,617
Allowance for credit
losses - loans (67,480) (66,322) (65,785) (65,414) (64,347)
---------- ---------- ---------- ---------- ----------
Loans, net 6,678,118 6,560,262 6,491,055 6,463,720 6,333,270
Premises and
equipment, net 125,274 126,979 123,585 120,988 119,962
Bank owned life
insurance ("BOLI") 187,902 186,448 185,011 171,972 170,746
Goodwill and other
intangibles, net 386,588 388,140 389,727 391,421 393,183
Accrued interest
receivable and other
assets 120,336 122,742 119,096 126,279 126,989
---------- ---------- ---------- ---------- ----------
Total assets $ 8,975,222 $ 8,796,795 $ 8,637,118 $ 8,557,017 $ 8,446,662
========== ========== ========== ========== ==========
Liabilities and
Stockholders'
Equity
Liabilities:
Noninterest-bearing
demand deposits $ 1,689,129 $ 1,791,228 $ 1,839,617 $ 1,764,806 $ 1,665,229
Interest-bearing
deposits 5,883,061 5,612,456 5,420,380 5,476,272 5,500,503
---------- ---------- ---------- ---------- ----------
Total deposits 7,572,190 7,403,684 7,259,997 7,241,078 7,165,732
Long-term borrowings 156,563 161,387 161,210 162,433 162,257
Accrued interest
payable and other
liabilities 63,201 58,826 66,584 62,093 55,018
---------- ---------- ---------- ---------- ----------
Total liabilities 7,791,954 7,623,897 7,487,791 7,465,604 7,383,007
Stockholders'
Equity:
Common stock 152 154 151 150 149
Additional paid-in
capital 630,340 655,540 647,934 639,159 636,621
Retained earnings 594,068 565,772 535,638 507,366 482,295
Accumulated other
comprehensive income
(loss) (41,292) (48,568) (34,396) (55,262) (55,410)
---------- ---------- ---------- ---------- ----------
Total
stockholders'
equity 1,183,268 1,172,898 1,149,327 1,091,413 1,063,655
---------- ---------- ---------- ---------- ----------
Total
liabilities
and
stockholders'
equity $ 8,975,222 $ 8,796,795 $ 8,637,118 $ 8,557,017 $ 8,446,662
========== ========== ========== ========== ==========
Common shares
outstanding 15,149,341 15,356,785 15,104,381 14,945,598 14,930,549
Nicolet
Bankshares, Inc.
Consolidated Statements of Income
(Unaudited)
-------------------------------------------- ----------- ----------- -----------
For the Three Months Ended
--------------------------------------------------------------
(In thousands,
except per share
data) 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
--------- ------------ ----------- ----------- -----------
Interest income:
Loans, including
loan fees $100,666 $ 100,605 $ 100,824 $ 97,975 $ 93,648
Taxable investment
securities 5,560 5,369 5,211 5,056 4,557
Tax-exempt
investment
securities 1,049 1,073 1,095 1,152 1,238
Other interest
income 5,466 5,787 5,492 4,695 4,588
------- ------- ------- ------- -------
Total interest
income 112,741 112,834 112,622 108,878 104,031
Interest expense:
Deposits 39,465 39,138 42,060 41,386 38,990
Short-term
borrowings -- -- 2 -- --
Long-term
borrowings 2,070 2,146 2,194 2,150 2,234
------- ------- ------- ------- -------
Total interest
expense 41,535 41,284 44,256 43,536 41,224
------- ------- ------- ------- -------
Net
interest
income 71,206 71,550 68,366 65,342 62,807
Provision for
credit losses 1,500 1,000 750 1,350 750
------- ------- ------- ------- -------
Net interest income
after provision
for credit losses 69,706 70,550 67,616 63,992 62,057
Noninterest
income:
Wealth management
fee income 6,975 7,208 7,085 6,674 6,485
Mortgage income,
net 1,926 3,326 2,853 2,634 1,364
Service charges on
deposit accounts 2,025 1,877 1,913 1,813 1,581
Card interchange
income 3,337 3,541 3,564 3,458 3,098
BOLI income 1,420 1,421 1,455 1,225 1,347
Asset gains
(losses), net (354) 510 1,177 616 1,909
Deferred
compensation plan
asset market
valuations 45 (192) 1,162 169 59
LSR income, net 1,057 1,064 1,090 1,117 1,134
Other noninterest
income 1,792 2,103 2,079 1,903 2,445
------- ------- ------- ------- -------
Total
noninterest
income 18,223 20,858 22,378 19,609 19,422
Noninterest
expense:
Personnel expense 26,521 26,682 28,937 26,285 26,510
Occupancy,
equipment and
office 9,330 8,685 8,826 8,681 8,944
Business
development and
marketing 2,100 2,325 1,823 2,040 2,142
Data processing 4,525 4,668 4,535 4,281 4,270
Intangibles
amortization 1,552 1,587 1,694 1,762 1,833
FDIC assessments 940 990 990 990 1,033
Other noninterest
expense 2,819 3,268 2,343 2,814 2,415
------- ------- ------- ------- -------
Total
noninterest
expense 47,787 48,205 49,148 46,853 47,147
------- ------- ------- ------- -------
Income before
income tax
expense 40,142 43,203 40,846 36,748 34,332
Income tax expense 7,550 8,723 8,330 7,475 6,542
------- ------- ------- ------- -------
Net income $ 32,592 $ 34,480 $ 32,516 $ 29,273 $ 27,790
======= ======= ======= ======= =======
Earnings per
common share:
Basic $ 2.14 $ 2.25 $ 2.16 $ 1.96 $ 1.86
Diluted $ 2.08 $ 2.19 $ 2.10 $ 1.92 $ 1.82
Common shares
outstanding:
Basic weighted
average 15,256 15,297 15,052 14,937 14,907
Diluted weighted
average 15,647 15,710 15,479 15,276 15,249
Nicolet
Bankshares, Inc.
Consolidated Financial Summary (Unaudited)
-------------------------------------------------- -------------- -------------- --------------
For the Three Months Ended
------------------------------------------------------------------------------
(In thousands,
except share &
per share data) 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
-------------- -------------- -------------- -------------- --------------
Selected Average
Balances:
Loans $6,710,206 $6,581,059 $6,542,532 $6,496,732 $6,398,838
Investment
securities 886,010 884,376 873,212 881,190 884,775
Interest-earning
assets 8,078,997 7,946,309 7,824,773 7,733,097 7,629,120
Cash and cash
equivalents 497,865 493,237 431,632 374,176 364,375
Goodwill and other
intangibles, net 387,260 388,824 390,453 392,171 393,961
Total assets 8,849,412 8,716,611 8,596,812 8,481,186 8,380,595
Deposits 7,446,107 7,314,632 7,247,321 7,183,777 7,112,971
Interest-bearing
liabilities 5,953,083 5,667,803 5,653,259 5,658,642 5,509,882
Stockholders'
equity (common) 1,178,868 1,163,477 1,118,242 1,070,379 1,048,596
--------- --------- --------- --------- ---------
Selected Ratios:
(1)
Book value per
common share $ 78.11 $ 76.38 $ 76.09 $ 73.03 $ 71.24
Tangible book
value per common
share (2) $ 52.59 $ 51.10 $ 50.29 $ 46.84 $ 44.91
Return on average
assets 1.49% 1.57% 1.50% 1.39% 1.33%
Return on average
common equity 11.21 11.79 11.57 11.00 10.66
Return on average
tangible common
equity (2) 16.70 17.71 17.77 17.36 17.07
Average equity to
average assets 13.32 13.35 13.01 12.62 12.51
Stockholders'
equity to assets 13.18 13.33 13.31 12.75 12.59
Tangible common
equity to
tangible assets
(2) 9.28 9.33 9.21 8.57 8.33
Net interest
margin * 3.58 3.61 3.51 3.42 3.33
Efficiency ratio 52.94 52.17 54.57 55.24 58.34
Effective tax rate 18.81 20.19 20.39 20.34 19.06
--------- --------- --------- --------- ---------
Selected Asset Quality Information:
Nonaccrual loans $ 28,325 $ 28,419 $ 25,565 $ 27,838 $ 26,677
Other real estate
owned 946 693 859 1,147 1,245
--------- --------- --------- --------- ---------
Nonperforming
assets $ 29,271 $ 29,112 $ 26,424 $ 28,985 $ 27,922
========= ========= ========= ========= =========
Net loan
charge-offs
(recoveries) $ 342 $ 363 $ 379 $ 283 $ 13
Allowance for
credit
losses-loans to
loans 1.00% 1.00% 1.00% 1.00% 1.01%
Net charge-offs to
average loans
(1) 0.02 0.02 0.02 0.02 0.00
Nonperforming
loans to total
loans 0.42 0.43 0.39 0.43 0.42
Nonperforming
assets to total
assets 0.33 0.33 0.31 0.34 0.33
--------- --------- --------- --------- ---------
Stock Repurchase
Information: (3)
Common stock
repurchased ($) $ 26,047 $ 10,137 $ -- $ -- $ --
Common stock
repurchased
(shares) 233,207 92,440 -- -- --
--------- --------- --------- --------- ---------
* During fourth quarter 2024, Nicolet changed the annualization methodology
utilized for the calculation of net interest margin 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) 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
---------- ---------- ---------- ---------- ----------
Period End Loan
Composition
Commercial & industrial $1,409,320 $1,319,763 $1,351,516 $1,358,152 $1,307,490
Owner-occupied
commercial real estate
("CRE") 949,107 940,367 920,533 941,137 955,786
Agricultural 1,329,807 1,322,038 1,261,152 1,224,885 1,190,371
--------- --------- --------- --------- ---------
Commercial 3,688,234 3,582,168 3,533,201 3,524,174 3,453,647
CRE investment 1,225,490 1,221,826 1,226,982 1,198,020 1,188,722
Construction & land
development 273,007 239,694 231,694 247,565 241,730
--------- --------- --------- --------- ---------
Commercial real
estate 1,498,497 1,461,520 1,458,676 1,445,585 1,430,452
--------- --------- --------- --------- ---------
Commercial-based
loans 5,186,731 5,043,688 4,991,877 4,969,759 4,884,099
Residential construction 91,321 96,110 85,811 90,904 84,370
Residential first
mortgage 1,194,116 1,196,158 1,194,574 1,190,790 1,167,069
Residential junior
mortgage 235,096 234,634 223,456 218,512 206,434
--------- --------- --------- --------- ---------
Residential real
estate 1,520,533 1,526,902 1,503,841 1,500,206 1,457,873
Retail & other 38,334 55,994 61,122 59,169 55,645
--------- --------- --------- --------- ---------
Retail-based loans 1,558,867 1,582,896 1,564,963 1,559,375 1,513,518
--------- --------- --------- --------- ---------
Total loans $6,745,598 $6,626,584 $6,556,840 $6,529,134 $6,397,617
========= ========= ========= ========= =========
Period End Deposit
Composition
Noninterest-bearing
demand $1,689,129 $1,791,228 $1,839,617 $1,764,806 $1,665,229
Interest-bearing demand 1,239,075 1,168,560 1,035,593 1,093,621 1,121,030
Money market 1,988,648 1,942,367 1,928,977 1,963,559 2,027,559
Savings 794,223 774,707 763,024 762,529 765,084
Time 1,861,115 1,726,822 1,692,786 1,656,563 1,586,830
--------- --------- --------- --------- ---------
Total deposits $7,572,190 $7,403,684 $7,259,997 $7,241,078 $7,165,732
========= ========= ========= ========= =========
Brokered transaction
accounts $ 249,537 $ 163,580 $ 159,547 $ 250,109 $ 265,818
Brokered time deposits 607,725 586,852 549,907 557,657 517,190
--------- --------- --------- --------- ---------
Total brokered
deposits $ 857,262 $ 750,432 $ 709,454 $ 807,766 $ 783,008
========= ========= ========= ========= =========
Customer transaction
accounts $5,461,538 $5,513,282 $5,407,664 $5,334,406 $5,313,085
Customer time deposits 1,253,390 1,139,970 1,142,879 1,098,906 1,069,639
--------- --------- --------- --------- ---------
Total customer
deposits
(core) $6,714,928 $6,653,252 $6,550,543 $6,433,312 $6,382,724
========= ========= ========= ========= =========
Nicolet Bankshares, Inc.
Net Interest Income and Net Interest Margin Analysis (Unaudited)
For the Three Months Ended
----------------------------------------------------------------------------------------------------
March 31, 2025 December 31, 2024 March 31, 2024
-------------------------------- -------------------------------- --------------------------------
Average Average Average Average Average Average
(In thousands) Balance Interest Rate * Balance Interest Rate * Balance Interest Rate *
---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
ASSETS
Total loans (1) (2) $6,710,206 $100,804 6.08% $6,581,059 $100,759 6.10% $6,398,838 $ 93,744 5.89%
Investment securities
(2) 886,010 6,951 3.14% 884,376 6,795 3.07% 884,775 6,197 2.80%
Other
interest-earning
assets 482,781 5,466 4.58% 480,874 5,787 4.79% 345,507 4,588 5.34%
--------- ------- --------- ------- --------- -------
Total
interest-earning
assets 8,078,997 $113,221 5.67% 7,946,309 $113,341 5.68% 7,629,120 $104,529 5.50%
Other assets, net 770,415 770,302 751,475
--------- --------- ---------
Total assets $8,849,412 $8,716,611 $8,380,595
========= ========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing core
deposits $5,001,535 $ 30,783 2.50% $4,783,675 $ 30,754 2.56% $4,664,670 $ 31,256 2.69%
Brokered deposits 790,460 8,682 4.45% 722,827 8,384 4.61% 680,124 7,734 4.57%
--------- ------- --------- ------- --------- -------
Total
interest-bearing
deposits 5,791,995 39,465 2.76% 5,506,502 39,138 2.83% 5,344,794 38,990 2.93%
Wholesale funding 161,088 2,070 5.21% 161,301 2,146 5.29% 165,088 2,234 5.44%
--------- ------- --------- ------- --------- -------
Total
interest-bearing
liabilities 5,953,083 $ 41,535 2.83% 5,667,803 $ 41,284 2.90% 5,509,882 $ 41,224 3.01%
Noninterest-bearing
demand deposits 1,654,112 1,808,130 1,768,177
Other liabilities 63,349 77,201 53,940
Stockholders' equity 1,178,868 1,163,477 1,048,596
--------- --------- ---------
Total liabilities
and stockholders'
equity $8,849,412 $8,716,611 $8,380,595
========= --------- ========= --------- ========= ---------
Net interest income
and rate spread $ 71,686 2.84% $ 72,057 2.78% $ 63,305 2.49%
======= ======= =======
Net interest margin 3.58% 3.61% 3.33%
Loan purchase
accounting accretion
(3) $ 1,475 0.09% $ 1,475 0.09% $ 1,527 0.09%
Loan nonaccrual
interest (4) $ (304) (0.02)% $ (458) (0.03)% $ (241) (0.02)%
* During fourth quarter 2024, Nicolet changed the annualization methodology
utilized for the calculation of net interest margin 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 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
----------------------------------------------------------------
(In thousands,
except per share
data) 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
---------- ----------- ----------- ----------- -------------
Adjusted net
income
reconciliation:
(1)
Net income (GAAP) $ 32,592 $ 34,480 $ 32,516 $ 29,273 $ 27,790
Adjustments:
Assets (gains)
losses, net (2) 354 (510) (1,177) (616) (1,909)
--------- --------- --------- --------- ---------
Adjustments
subtotal 354 (510) (1,177) (616) (1,909)
Tax on
Adjustments (3) 69 (99) (230) (120) (372)
--------- --------- --------- --------- ---------
Adjusted net
income
(Non-GAAP) $ 32,877 $ 34,069 $ 31,569 $ 28,777 $ 26,253
========= ========= ========= ========= =========
Diluted earnings
per common
share:
Diluted earnings
per common share
(GAAP) $ 2.08 $ 2.19 $ 2.10 $ 1.92 $ 1.82
Adjusted Diluted
earnings per
common share
(Non-GAAP) $ 2.10 $ 2.17 $ 2.04 $ 1.88 $ 1.72
Tangible assets:
(4)
Total assets $8,975,222 $8,796,795 $8,637,118 $8,557,017 $8,446,662
Goodwill and
other
intangibles,
net 386,588 388,140 389,727 391,421 393,183
--------- --------- --------- --------- ---------
Tangible
assets $8,588,634 $8,408,655 $8,247,391 $8,165,596 $8,053,479
========= ========= ========= ========= =========
Tangible common
equity: (4)
Stockholders'
equity (common) $1,183,268 $1,172,898 $1,149,327 $1,091,413 $1,063,655
Goodwill and
other
intangibles,
net 386,588 388,140 389,727 391,421 393,183
--------- --------- --------- --------- ---------
Tangible
common
equity $ 796,680 $ 784,758 $ 759,600 $ 699,992 $ 670,472
========= ========= ========= ========= =========
Tangible average common
equity: (4)
Average
stockholders'
equity (common) $1,178,868 $1,163,477 $1,118,242 $1,070,379 $1,048,596
Average goodwill
and other
intangibles,
net 387,260 388,824 390,453 392,171 393,961
--------- --------- --------- --------- ---------
Average
tangible
common
equity $ 791,608 $ 774,653 $ 727,789 $ 678,208 $ 654,635
========= ========= ========= ========= =========
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/20250415218518/en/
CONTACT:
ir@nicoletbank.com
(END) Dow Jones Newswires
April 15, 2025 16:15 ET (20:15 GMT)
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