GREEN BAY, Wis., Jan. 18, 2022 /PRNewswire/ -- Nicolet
Bankshares, Inc. (NASDAQ: NCBS) ("Nicolet") announced fourth
quarter 2021 net income of $16
million and earnings per diluted common share of
$1.25, compared to $8 million and $0.73 for third quarter 2021, and $18 million and $1.74 for fourth quarter 2020,
respectively. Annualized quarterly return on average assets
was 0.96%, 0.59% and 1.58%, for fourth quarter 2021, third quarter
2021 and fourth quarter 2020, respectively.
Net income for the year ended December
31, 2021 was $61 million and
earnings per diluted common share was $5.44, compared to net income of $60 million and earnings per diluted common share
of $5.70 for 2020. Annualized
return on average assets was 1.15% and 1.41% for the years ended
December 31, 2021 and 2020,
respectively.
Non-core items, and the related tax effect of each, in net
income included merger and integration related expenses, Day 2
credit provision expense required under the CECL model, branch
optimization costs, contract negotiation expenses and gains on
other investments. Non-core items negatively impacted
earnings per diluted common share $0.58 for fourth quarter 2021, $0.76 for third quarter 2021, and $0.05 for fourth quarter 2020. For the full
year, non-core items negatively impacted diluted earnings per
common share $1.13 for 2021 and
$0.24 for 2020.
"As our fourth quarter numbers show, our financial and operating
performance was strong. The successful integration of County showed
that our team is adept at turning promises made into promises
kept," said Mike Daniels, President
and CEO of Nicolet. "We stretched the team with two acquisitions
(County and Mackinac) in a short
time, and they responded well. The acquisitions brought us more
than increased assets and earnings. They helped us add some
good people and communities to the Nicolet family. We have great
momentum heading into 2022, and our purpose to serve is resonating
with our customers, employees, and the communities we serve.
We will continue to purposefully serve our 3 Circles - customers,
employees, and shareholders, as we move forward. This focus has
served us well for over twenty years."
On December 3, 2021, Nicolet
completed its merger with County Bancorp, Inc. ("County"), pursuant
to the terms of the definitive merger agreement dated June 22, 2021, at which time County merged with
and into Nicolet, to become the premier agriculture lender
throughout Wisconsin. County shareholders received, at the
election of each holder, either $37.18 in cash or 0.48 shares of Nicolet common
stock, subject to proration procedures such that 1,237,000 shares
of County common stock were exchanged for cash, and the remaining
shares were exchanged for Nicolet common stock. As a result,
the total purchase price was $223
million, comprised of common stock consideration of
$176 million from the issuance of
approximately 2.4 million shares of Nicolet common stock and the
remainder in cash consideration. Upon consummation, County
added total assets of $1.4 billion,
loans of $1.0 billion, deposits of
$1.0 billion, and preliminary
goodwill of $70 million.
On September 3, 2021, Nicolet
completed its merger with Mackinac Financial Corporation
("Mackinac"), pursuant to the
terms of the definitive merger agreement dated April 12, 2021, at which time Mackinac merged with and into Nicolet,
expanding Nicolet prominently into Northern Michigan and the Upper Peninsula of
Michigan, and adding to Nicolet's
presence in upper northeastern Wisconsin. Mackinac shareholders received fixed
consideration of 0.22 shares of Nicolet common stock and
$4.64 in cash for each share of
Mackinac common stock owned,
resulting in the issuance of 2.3 million shares of Nicolet common
stock for stock consideration of $180
million and cash consideration of $49
million, or a total purchase price of $229 million. Upon consummation,
Mackinac added total assets of
$1.5 billion, loans of $0.9 billion, deposits of $1.4 billion, and preliminary goodwill of
$84 million.
Evaluation of financial performance and balance sheet line items
was impacted by the timing and size of Nicolet's acquisitions of
County and Mackinac. Certain income statement results,
average balances and related ratios for 2021 include partial
contributions from County and Mackinac, each from the respective acquisition
date.
"As for the full year numbers, the $61
million in GAAP earnings represents another record year for
Nicolet. However, by adjusting the numbers for both the
Mackinac and County deals, with
$14 million of Day 2 CECL credit
provisions required on better than projected asset quality metrics,
$1 million related to our branch
optimization strategy, and $6 million
in integration and merger related expenses, the non-GAAP earnings
of $73 million offers a better
understanding of the economic value that we created in 2021," CEO
Daniels added.
Executive Chairman of Nicolet Bob
Atwell commented, "The excitement I observe as our bankers
are out with our customers servicing the needs of our communities
and all business lines working to fully integrate these last two
acquisitions – that is the Nicolet Spirit and Culture fully
engaged."
Balance Sheet Review
At December 31, 2021, period
end assets were $7.7 billion, an increase of $1.3 billion (20%) from September 30, 2021,
largely due to the acquisition of County, which added $1.4 billion of assets at acquisition.
Total loans increased $1.1 billion from September 30, 2021,
with County adding loans of $1.0
billion at acquisition. Total deposits of $6.5
billion at December 31, 2021,
increased $1.0 billion (19%) from
September 30, 2021, largely due to the acquisition of
County. Total capital was $892 million at December 31, 2021, an increase of
$163 million since September 30, 2021, mostly due to the
acquisition of County. For the quarter ended December 31, 2021, Nicolet repurchased 345,166
shares at a total cost of $27.8 million, or an average per share cost
of $80.49.
Compared to December 31, 2020,
period end assets increased $3.1 billion (69%), largely due to the
acquisitions of Mackinac and
County. Total loans increased $1.8 billion and total deposits increased
$2.6 billion from December 31, 2020, also largely due to the
acquisitions of Mackinac and
County. Total capital was $892 million at December 31, 2021, an increase of
$353 million since December 31,
2020, mostly due to the stock issued in the Mackinac and County acquisitions. For the year
ended December 31, 2021, Nicolet
repurchased 793,064 shares at a total cost of $61.5 million, or an average per share cost
of $77.50.
During 2020, we originated 2,725 PPP loans totaling $351 million, bearing a 1% contractual rate, and
earned a $12.3 million fee. During
2021, under the latest round of the SBA's program, Nicolet
originated 2,205 PPP loans totaling $160
million and earned a $9.3
million fee. Of the total fees, $5.7
million was accreted into interest in 2020 and $15.2 million was accreted in 2021. At
December 31, 2021, the net carrying
value of all remaining PPP loans was $25
million (1% of total loans), compared to $72 million (2% of total loans) at
September 30, 2021, and $186
million (7% of total loans) at December 31, 2020, reflecting continued loan
forgiveness.
Asset Quality
Nonperforming assets were $56 million at December
31, 2021 consisting of $44
million of nonaccrual loans (largely comprised of County's
previously identified nonaccrual ag loans) and $12 million of other real estate owned (primarily
closed bank branch properties yet to be sold), and representing
0.73% of total assets, compared to $21
million or 0.33% at September 30, 2021, and
$13 million or 0.29% at December 31, 2020. Since the prior quarter,
the allowance for credit losses-loans increased $11 million to $50
million, mostly due to the Day 2 allowance increase from the
acquisition of County. Compared to December 31, 2020, the allowance for credit
losses-loans increased $17 million,
with $14 million attributable to the
Day 2 allowance increase from the Mackinac and County acquisitions. At
December 31, 2021, the allowance
represented 1.07% of total loans.
Income Statement Review - Year
Net income for the year
ended December 31, 2021 was
$61 million, compared to net income
of $60 million for the full year
2020.
Net interest income increased 22% to $158
million for the year ended December
31, 2021, the net of $22
million higher interest income and $6
million lower interest expense. The net interest margin for
2021 was 3.37%, down 1bp from 3.38% for 2020. The yield on
interest-earning assets decreased 24bps (to 3.66%), due to the
change in mix of interest-earnings assets (including a higher
proportion of lower yielding cash assets) and continued PPP loan
forgiveness, while the cost of funds decreased 32bps (to 0.43%) for
full year 2021, attributable mainly to the change in mix of
interest-bearing liabilities.
Average interest-earning assets of $4.7
billion for full year 2021 were up $870 million (23%)
from full year 2020. The higher average loans and investment
securities were largely due to the timing of the Mackinac and County acquisitions, while the
higher balances in other interest-earning assets (up
$225 million, mostly cash) were due to the increased liquidity
of businesses and consumers, resulting in a shift in the mix of
average interest-earning assets. Other interest-earning
assets increased to 17% of total interest-earning assets for full
year 2021 (compared to 15% for 2020), while the percentage of loans
decreased to represent 67% of total interest-earning assets for
2021 (compared to 72% in the prior year) and investment securities
increased to represent 16% of total interest-earning assets for
2021 (compared to 13% in 2020). Average interest-bearing
liabilities of $3.1 billion increased
$480 million from 2020, mostly due to higher average
interest-bearing deposits (up $623 million), partly offset by
lower wholesale funding (mainly the early repayment of PPPLF in
fourth quarter 2020).
Noninterest income was $67 million
for full year 2021, up $5 million
(8%) over full year 2020. Excluding net asset gains (losses),
noninterest income for 2021 was $63
million, down $1 million
compared to 2020. Net mortgage income of $22 million remained strong in 2021, though
slower than the record levels experienced in 2020. Trust services
fee income and brokerage fee income combined increased $4 million (23%) over last year. Card interchange
income grew $2 million (31%) to
$9 million in 2021 due to higher
volume and activity. Net asset gains for full year 2021 were
$4 million (comprised primarily of
market gains on equity investments), compared to net asset losses
of $2 million for full year 2020
(mostly from $1 million market losses
on equity investments and $1 million
of net losses on branch other real estate owned
write-downs).
Noninterest expense of $129
million for full year 2021 increased $29 million (28%) over full year 2020. Personnel
expense increased $13 million (24%)
year over year, reflecting higher salaries from the larger employee
base and merit increases between the years, as well as increased
incentive compensation and fringe benefits. Non-personnel
expenses increased $15 million (35%)
largely due to higher merger-related expense, increased occupancy,
equipment and data processing costs for a larger operating base, as
well as higher professional fees, director fees, and costs to carry
closed bank branches.
Income Statement Review - Quarter
Net income for
fourth quarter 2021 was $16 million,
compared to net income of $8 million
for third quarter 2021 and net income of $18
million for fourth quarter 2020.
Net interest income was $54
million for fourth quarter 2021, $18
million (52%) higher than third quarter 2021, the net of
$19 million higher interest income
and $1 million higher interest
expense. Average interest-earning assets of $5.9 billion were up $1.2 billion from third quarter 2021, with
higher average loans (up $876 million, mostly due to the
timing of the Mackinac and County
acquisitions) and higher average investment securities (up
$658 million, largely due to the re-investment of
approximately $0.5 billion excess
cash liquidity into U.S. Treasury securities of varying yields and
durations), partly offset by lower balances in other
interest-earning assets (down $345 million, mostly cash from
the re-investment noted above), resulting in a shift in the mix of
average interest-earning assets. Other interest-earning
assets decreased to 12% of total interest-earning assets for fourth
quarter 2021 (compared to 22% for third quarter 2021), while the
percentage of loans increased to represent 67% of total
interest-earning assets for fourth quarter 2021 (compared to 65% in
the prior quarter) and investment securities increased to represent
21% of total interest-earning assets for fourth quarter 2021
(compared to 13% in the prior quarter). Average
interest-bearing liabilities of $4.0
billion increased $913 million from third quarter 2021,
mostly due to higher average interest-bearing deposits (up
$885 million, mostly due to the timing of the Mackinac and County acquisitions).
The net interest margin for fourth quarter 2021 was 3.57%, up
63bps from 2.94% for third quarter 2021. The yield on
interest-earning assets increased 61bps (to 3.85%), due to the
change in mix of interest-earnings assets (including a lower
proportion of lower yielding cash assets), continued PPP loan
forgiveness, and higher yield on all other loans (up 33bps from the
prior quarter). The cost of funds decreased 6bps (to 0.40%)
for fourth quarter 2021, attributable mainly to the higher amount
of low cost deposits.
Noninterest income was $16 million for fourth quarter 2021,
up $2 million (15%) compared to third quarter 2021. Excluding
net asset gains (losses), noninterest income was up slightly (3%)
from third quarter 2021, largely due to higher card interchange
volumes and service charges on deposit accounts. Net mortgage
income of $5 million remains strong, though continues to slow
from the record levels experienced in 2020. Net asset gains were
$0.5 million (comprised
primarily of gains on asset sales), compared to net asset losses of
$1 million in third quarter 2021 (comprised primarily of
market losses on an equity investment).
Noninterest expense of $39 million increased
$6 million (19%) from third quarter 2021. Personnel expense
increased $5 million (27%) from third quarter 2021, reflecting
the larger employee base. Non-personnel expenses increased
$2 million (11%) largely due to higher occupancy and data
processing expense of a larger operating base.
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 in Northeast and Central
Wisconsin, Northern
Michigan and the upper peninsula of Michigan. 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 net income,
non-GAAP earnings per diluted common share, tangible book
value per common share, return on average tangible common equity,
and tangible common equity to tangible assets, where management
believes such measures to be helpful to management, investors and
others in understanding Nicolet's results of operations or
financial position. Where 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 corporation, 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.
Forward Looking Statements "Safe Harbor" Statement Under the
Private Securities Litigation Reform Act of 1995
Certain
statements contained in this communication, which are not
statements of historical fact, constitute forward-looking
statements within the meaning of the federal securities law. Such
statements include, but are not limited to, statements about
Nicolet's business plans, objectives, expectations and intentions,
including without limitation Nicolet's momentum heading into 2022
and business focus moving forward, all of which is subject to
numerous assumptions, risks and uncertainties. Words or phrases
such as "anticipate," "believe," "aim," "can," "conclude,"
"continue," "could," "estimate," "expect," "foresee," "goal,"
"intend," "may," "might," "outlook," "possible," "plan," "predict,"
"project," "potential," "seek," "should," "target," "will," "will
likely," "would," or the negative of these terms or other
comparable terminology, as well as similar expressions, are
intended to identify forward-looking statements but are not the
exclusive means of identifying such statements.
Forward-looking statements are not historical facts but instead
express only management's beliefs regarding future results or
events, many of which, by their nature, are inherently uncertain
and outside of management's control. It is possible that actual
results and outcomes may differ, possibly materially, from the
anticipated results or outcomes indicated in these forward-looking
statements. In addition to factors disclosed in reports filed by
Nicolet with the SEC, risks and uncertainties that may cause actual
results or outcomes to differ materially from those anticipated
include, but are not limited to: (1) the possibility that any of
the anticipated benefits of Nicolet's 2021 acquisitions of
Mackinac and/or County will not be
realized or will not be realized within the expected time period;
(2) diversion of management's attention from ongoing business
operations and opportunities due to the mergers; (3) the challenges
of integrating and retaining key employees of Nicolet, including
those who joined Nicolet from Mackinac and County; (4) the effect of the
mergers on Nicolet's and/or Mackinac's or County's historic customer and
employee relationships and operating results; (5) the magnitude and
duration of the COVID pandemic and its impact on the global economy
and financial market conditions and Nicolet's business, results of
operations and financial condition; (6) changes in consumer demand
for financial services; and (7) general competitive, economic,
political and market conditions and fluctuations. Please
refer to Nicolet's Annual Report on Form 10-K for the year ended
December 31, 2020, as well as its
other filings with the SEC, for a more detailed discussion of
risks, uncertainties and factors that could cause actual results to
differ from those discussed in the forward-looking statements.
The COVID pandemic is adversely affecting us, our customers,
counterparties, employees, and third-party service providers, and
the ultimate extent of the impacts on our business, financial
position, results of operations, liquidity, and prospects is
uncertain. Continued deterioration in general business and economic
conditions or turbulence in domestic financial markets could
adversely affect Nicolet's revenues and the values of its assets
and liabilities, lead to a tightening of credit, and increase stock
price volatility. In addition, the COVID pandemic may result in
changes to statutes, regulations, or regulatory policies or
practices that could affect Nicolet in substantial and
unpredictable ways.
All forward-looking statements included in this communication
are made as of the date hereof and are based on information
available to management at that time. Except as required by law,
Nicolet does not assume any obligation to update any
forward-looking statement to reflect events or circumstances that
occur after the date the forward-looking statements were made.
Nicolet
Bankshares, Inc.
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Balance Sheets (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except
share data)
|
|
12/31/2021
|
|
09/30/2021
|
|
06/30/2021
|
|
03/31/2021
|
|
12/31/2020
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
209,349
|
|
$
217,608
|
|
$
77,634
|
|
$
61,295
|
|
$
88,460
|
Interest-earning
deposits
|
|
385,943
|
|
1,132,997
|
|
714,772
|
|
674,559
|
|
714,399
|
Cash and cash
equivalents
|
|
595,292
|
|
1,350,605
|
|
792,406
|
|
735,854
|
|
802,859
|
Certificates of
deposit in other banks
|
|
21,920
|
|
24,079
|
|
23,387
|
|
27,296
|
|
29,521
|
Securities available
for sale, at fair value
|
|
921,661
|
|
715,942
|
|
562,028
|
|
558,229
|
|
539,337
|
Securities held to
maturity, at amortized cost
|
|
651,803
|
|
49,063
|
|
—
|
|
—
|
|
—
|
Other
investments
|
|
44,008
|
|
38,602
|
|
33,440
|
|
28,248
|
|
27,619
|
Loans held for
sale
|
|
6,447
|
|
16,784
|
|
11,235
|
|
16,883
|
|
21,450
|
Other assets held for
sale
|
|
199,833
|
|
177,627
|
|
—
|
|
—
|
|
—
|
Loans
|
|
4,621,836
|
|
3,533,198
|
|
2,820,331
|
|
2,846,351
|
|
2,789,101
|
Allowance for credit
losses - loans
|
|
(49,672)
|
|
(38,399)
|
|
(32,561)
|
|
(32,626)
|
|
(32,173)
|
Loans, net
|
|
4,572,164
|
|
3,494,799
|
|
2,787,770
|
|
2,813,725
|
|
2,756,928
|
Premises and
equipment, net
|
|
94,566
|
|
83,513
|
|
61,618
|
|
59,413
|
|
59,944
|
Bank owned life
insurance ("BOLI")
|
|
134,476
|
|
100,690
|
|
84,347
|
|
83,788
|
|
83,262
|
Goodwill and other
intangibles, net
|
|
339,492
|
|
269,954
|
|
173,711
|
|
174,501
|
|
175,353
|
Accrued interest
receivable and other assets
|
|
113,375
|
|
86,162
|
|
57,405
|
|
45,867
|
|
55,516
|
Total
assets
|
|
$
7,695,037
|
|
$
6,407,820
|
|
$
4,587,347
|
|
$
4,543,804
|
|
$
4,551,789
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
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|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
|
$
1,975,705
|
|
$
1,852,119
|
|
$
1,324,994
|
|
$
1,216,477
|
|
$
1,212,787
|
Interest-bearing
deposits
|
|
4,490,211
|
|
3,576,655
|
|
2,614,028
|
|
2,684,117
|
|
2,697,612
|
Total
deposits
|
|
6,465,916
|
|
5,428,774
|
|
3,939,022
|
|
3,900,594
|
|
3,910,399
|
Short-term
borrowings
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Long-term
borrowings
|
|
216,915
|
|
144,233
|
|
45,108
|
|
43,988
|
|
53,869
|
Other liabilities
held for sale
|
|
51,586
|
|
47,496
|
|
—
|
|
—
|
|
—
|
Accrued interest
payable and other liabilities
|
|
68,729
|
|
58,039
|
|
43,822
|
|
49,176
|
|
48,332
|
Total
liabilities
|
|
6,803,146
|
|
5,678,542
|
|
4,027,952
|
|
3,993,758
|
|
4,012,600
|
Stockholders'
Equity:
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
|
140
|
|
120
|
|
98
|
|
100
|
|
100
|
Additional paid-in
capital
|
|
575,045
|
|
425,367
|
|
261,096
|
|
271,388
|
|
273,390
|
Retained
earnings
|
|
313,604
|
|
297,299
|
|
289,475
|
|
271,191
|
|
252,952
|
Accumulated other
comprehensive income (loss)
|
|
3,102
|
|
6,492
|
|
8,726
|
|
7,367
|
|
12,747
|
Total Nicolet
stockholders' equity
|
|
891,891
|
|
729,278
|
|
559,395
|
|
550,046
|
|
539,189
|
Total liabilities
and stockholders' equity
|
|
$
7,695,037
|
|
$
6,407,820
|
|
$
4,587,347
|
|
$
4,543,804
|
|
$
4,551,789
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
|
13,994,079
|
|
11,952,438
|
|
9,843,141
|
|
9,987,897
|
|
10,011,342
|
Nicolet
Bankshares, Inc.
|
|
|
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|
|
|
|
|
|
|
|
|
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|
Consolidated
Statements of Income (Unaudited)
|
|
|
|
|
|
|
|
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|
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|
|
At or for the
Three Months Ended
|
|
At or for the
Years Ended
|
(In thousands, except
per share data)
|
|
12/31/2021
|
|
09/30/2021
|
|
06/30/2021
|
|
03/31/2021
|
|
12/31/2020
|
|
12/31/2021
|
|
12/31/2020
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including loan
fees
|
|
$
52,292
|
|
$
35,294
|
|
$
35,111
|
|
$
33,862
|
|
$
34,781
|
|
$
156,559
|
|
$
136,372
|
Taxable investment
securities
|
|
3,999
|
|
2,061
|
|
2,060
|
|
1,814
|
|
2,003
|
|
9,934
|
|
8,118
|
Tax-exempt investment
securities
|
|
575
|
|
517
|
|
520
|
|
545
|
|
559
|
|
2,157
|
|
2,101
|
Other interest
income
|
|
769
|
|
869
|
|
616
|
|
655
|
|
694
|
|
2,909
|
|
2,611
|
Total interest
income
|
|
57,635
|
|
38,741
|
|
38,307
|
|
36,876
|
|
38,037
|
|
171,559
|
|
149,202
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
2,649
|
|
2,444
|
|
2,433
|
|
2,922
|
|
3,445
|
|
10,448
|
|
16,641
|
Short-term
borrowings
|
|
1
|
|
—
|
|
—
|
|
—
|
|
1
|
|
1
|
|
66
|
Long-term
borrowings
|
|
1,426
|
|
1,113
|
|
303
|
|
313
|
|
573
|
|
3,155
|
|
3,157
|
Total interest
expense
|
|
4,076
|
|
3,557
|
|
2,736
|
|
3,235
|
|
4,019
|
|
13,604
|
|
19,864
|
Net interest
income
|
|
53,559
|
|
35,184
|
|
35,571
|
|
33,641
|
|
34,018
|
|
157,955
|
|
129,338
|
Provision for credit
losses
|
|
8,400
|
|
6,000
|
|
—
|
|
500
|
|
1,300
|
|
14,900
|
|
10,300
|
Net interest income
after provision for credit losses
|
|
45,159
|
|
29,184
|
|
35,571
|
|
33,141
|
|
32,718
|
|
143,055
|
|
119,038
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust services fee
income
|
|
2,050
|
|
2,043
|
|
1,906
|
|
1,775
|
|
1,746
|
|
7,774
|
|
6,463
|
Brokerage fee
income
|
|
3,205
|
|
3,154
|
|
2,991
|
|
2,793
|
|
2,673
|
|
12,143
|
|
9,753
|
Mortgage income,
net
|
|
4,518
|
|
4,808
|
|
5,599
|
|
7,230
|
|
7,842
|
|
22,155
|
|
29,807
|
Service charges on
deposit accounts
|
|
1,482
|
|
1,314
|
|
1,136
|
|
1,091
|
|
1,133
|
|
5,023
|
|
4,208
|
Card interchange
income
|
|
2,671
|
|
2,299
|
|
2,266
|
|
1,927
|
|
1,922
|
|
9,163
|
|
6,998
|
BOLI
income
|
|
722
|
|
572
|
|
559
|
|
527
|
|
936
|
|
2,380
|
|
2,710
|
Asset gains (losses),
net
|
|
465
|
|
(1,187)
|
|
4,192
|
|
711
|
|
(620)
|
|
4,181
|
|
(1,805)
|
Other noninterest
income
|
|
951
|
|
993
|
|
1,529
|
|
1,072
|
|
1,247
|
|
4,545
|
|
4,492
|
Total noninterest
income
|
|
16,064
|
|
13,996
|
|
20,178
|
|
17,126
|
|
16,879
|
|
67,364
|
|
62,626
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
expense
|
|
21,491
|
|
16,927
|
|
17,084
|
|
15,116
|
|
15,244
|
|
70,618
|
|
57,121
|
Occupancy, equipment
and office
|
|
7,119
|
|
5,749
|
|
4,053
|
|
4,137
|
|
4,102
|
|
21,058
|
|
16,718
|
Business development
and marketing
|
|
1,550
|
|
1,654
|
|
1,210
|
|
989
|
|
713
|
|
5,403
|
|
5,396
|
Data
processing
|
|
3,582
|
|
2,939
|
|
2,811
|
|
2,658
|
|
2,921
|
|
11,990
|
|
10,495
|
Intangibles
amortization
|
|
1,094
|
|
758
|
|
790
|
|
852
|
|
860
|
|
3,494
|
|
3,567
|
FDIC
assessments
|
|
480
|
|
480
|
|
480
|
|
595
|
|
360
|
|
2,035
|
|
707
|
Merger-related
expense
|
|
2,202
|
|
2,793
|
|
656
|
|
—
|
|
167
|
|
5,651
|
|
1,020
|
Other noninterest
expense
|
|
1,890
|
|
1,761
|
|
3,663
|
|
1,734
|
|
1,000
|
|
9,048
|
|
5,695
|
Total noninterest
expense
|
|
39,408
|
|
33,061
|
|
30,747
|
|
26,081
|
|
25,367
|
|
129,297
|
|
100,719
|
Income before
income tax expense
|
|
21,815
|
|
10,119
|
|
25,002
|
|
24,186
|
|
24,230
|
|
81,122
|
|
80,945
|
Income tax
expense
|
|
5,510
|
|
2,295
|
|
6,718
|
|
5,947
|
|
6,145
|
|
20,470
|
|
20,476
|
Net
income
|
|
16,305
|
|
7,824
|
|
18,284
|
|
18,239
|
|
18,085
|
|
60,652
|
|
60,469
|
Net income
attributable to noncontrolling interest
|
|
—
|
|
—
|
|
—
|
|
—
|
|
98
|
|
—
|
|
347
|
Net income
attributable to Nicolet
|
|
$
16,305
|
|
$
7,824
|
|
$
18,284
|
|
$
18,239
|
|
$
17,987
|
|
$
60,652
|
|
$
60,122
|
Earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
1.29
|
|
$
0.75
|
|
$
1.85
|
|
$
1.82
|
|
$
1.79
|
|
$
5.65
|
|
$
5.82
|
Diluted
|
|
$
1.25
|
|
$
0.73
|
|
$
1.77
|
|
$
1.75
|
|
$
1.74
|
|
$
5.44
|
|
$
5.70
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted
average
|
|
12,626
|
|
10,392
|
|
9,902
|
|
9,998
|
|
10,074
|
|
10,736
|
|
10,337
|
Diluted weighted
average
|
|
13,049
|
|
10,776
|
|
10,326
|
|
10,403
|
|
10,350
|
|
11,145
|
|
10,541
|
Nicolet
Bankshares, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Financial Summary (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the
Three Months Ended
|
|
At or for the
Years Ended
|
(In thousands, except
share & per share data)
|
|
12/31/2021
|
|
9/30/2021
|
|
6/30/2021
|
|
3/31/2021
|
|
12/31/2020
|
|
12/31/2021
|
|
12/31/2020
|
Selected Average
Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
3,952,330
|
|
$
3,076,422
|
|
$
2,869,105
|
|
$
2,825,664
|
|
$
2,868,827
|
|
$
3,183,681
|
|
$
2,787,587
|
Investment
securities
|
|
1,269,562
|
|
611,870
|
|
537,632
|
|
528,342
|
|
520,867
|
|
738,540
|
|
490,209
|
Interest-earning
assets
|
|
5,923,581
|
|
4,734,768
|
|
4,109,394
|
|
4,089,603
|
|
4,091,460
|
|
4,719,417
|
|
3,849,812
|
Cash and cash
equivalents
|
|
839,607
|
|
1,100,153
|
|
716,873
|
|
750,075
|
|
714,031
|
|
852,603
|
|
584,159
|
Goodwill and other
intangibles, net
|
|
294,051
|
|
201,748
|
|
174,026
|
|
174,825
|
|
175,678
|
|
211,463
|
|
168,802
|
Total
assets
|
|
6,772,363
|
|
5,246,193
|
|
4,527,839
|
|
4,514,927
|
|
4,515,226
|
|
5,271,463
|
|
4,255,207
|
Deposits
|
|
5,754,778
|
|
4,448,468
|
|
3,897,797
|
|
3,875,205
|
|
3,793,430
|
|
4,499,087
|
|
3,439,748
|
Interest-bearing
liabilities
|
|
4,006,307
|
|
3,093,031
|
|
2,684,871
|
|
2,764,232
|
|
2,744,578
|
|
3,140,393
|
|
2,660,508
|
Stockholders' equity
(common)
|
|
784,666
|
|
608,946
|
|
550,974
|
|
544,541
|
|
537,920
|
|
622,903
|
|
527,428
|
Selected Ratios:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share
|
|
$
63.73
|
|
$
61.01
|
|
$
56.83
|
|
$
55.07
|
|
$
53.86
|
|
$
63.73
|
|
$
53.86
|
Tangible book value
per common share (2)
|
|
$
39.47
|
|
$
38.43
|
|
$
39.18
|
|
$
37.60
|
|
$
36.34
|
|
$
39.47
|
|
$
36.34
|
Return on average
assets
|
|
0.96 %
|
|
0.59 %
|
|
1.62 %
|
|
1.64 %
|
|
1.58 %
|
|
1.15 %
|
|
1.41 %
|
Return on average
common equity
|
|
8.24
|
|
5.10
|
|
13.31
|
|
13.58
|
|
13.30
|
|
9.74
|
|
11.40
|
Return on average
tangible common equity (2)
|
|
13.19
|
|
7.62
|
|
19.46
|
|
20.01
|
|
19.75
|
|
14.74
|
|
16.76
|
Average equity to
average assets
|
|
11.59
|
|
11.61
|
|
12.17
|
|
12.06
|
|
11.91
|
|
11.82
|
|
12.39
|
Stockholders' equity
to assets
|
|
11.59
|
|
11.38
|
|
12.19
|
|
12.11
|
|
11.85
|
|
11.59
|
|
11.85
|
Tangible common
equity to tangible assets (2)
|
|
7.51
|
|
7.48
|
|
8.74
|
|
8.60
|
|
8.31
|
|
7.51
|
|
8.31
|
Net interest
margin
|
|
3.57
|
|
2.94
|
|
3.45
|
|
3.31
|
|
3.29
|
|
3.37
|
|
3.38
|
Efficiency
ratio
|
|
56.73
|
|
65.32
|
|
59.37
|
|
51.84
|
|
48.99
|
|
58.20
|
|
51.72
|
Effective tax
rate
|
|
25.26
|
|
22.68
|
|
26.87
|
|
24.59
|
|
25.36
|
|
25.23
|
|
25.30
|
Selected Asset
Quality Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
44,154
|
|
$
16,715
|
|
$
6,932
|
|
$
8,965
|
|
$
9,455
|
|
$
44,154
|
|
$
9,455
|
Other real estate
owned - closed branches
|
|
10,307
|
|
2,895
|
|
2,895
|
|
3,495
|
|
3,608
|
|
10,307
|
|
3,608
|
Other real estate
owned
|
|
1,648
|
|
1,574
|
|
—
|
|
302
|
|
—
|
|
1,648
|
|
—
|
Nonperforming
assets
|
|
$
56,109
|
|
$
21,184
|
|
$
9,827
|
|
$
12,762
|
|
$
13,063
|
|
$
56,109
|
|
$
13,063
|
Net loan charge-offs
(recoveries)
|
|
$
(10)
|
|
$
58
|
|
$
65
|
|
$
47
|
|
$
515
|
|
$
160
|
|
$
1,384
|
Allowance for credit
losses-loans to loans
|
|
1.07 %
|
|
1.09 %
|
|
1.15 %
|
|
1.15 %
|
|
1.15 %
|
|
1.07 %
|
|
1.15 %
|
Net loan charge-offs
to average loans (1)
|
|
0.00
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.07
|
|
0.01
|
|
0.05
|
Nonperforming loans
to total loans
|
|
0.96
|
|
0.47
|
|
0.25
|
|
0.31
|
|
0.34
|
|
0.96
|
|
0.34
|
Nonperforming assets
to total assets
|
|
0.73
|
|
0.33
|
|
0.21
|
|
0.28
|
|
0.29
|
|
0.73
|
|
0.29
|
Stock Repurchase
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
repurchased (dollars) (3)
|
|
$
27,784
|
|
$
17,125
|
|
$
12,453
|
|
$
4,102
|
|
$
12,909
|
|
$
61,464
|
|
$
40,544
|
Common stock
repurchased (full shares) (3)
|
|
345,166
|
|
233,594
|
|
157,418
|
|
56,886
|
|
205,001
|
|
793,064
|
|
646,748
|
(1)
|
Income
statement-related ratios for partial-year periods are
annualized.
|
(2)
|
See Reconcilation 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.
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income and Net Interest Margin Analysis (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the
Three Months Ended
|
|
|
|
December 31,
2021
|
|
September 30,
2021
|
|
December 31,
2020
|
|
|
|
Average
|
|
|
|
Average
|
|
Average
|
|
|
|
Average
|
|
Average
|
|
|
|
Average
|
|
(In
thousands)
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP loans
|
|
$
46,694
|
|
$
5,549
|
|
46.50
%
|
|
$
109,318
|
|
$
2,310
|
|
8.27
%
|
|
$
282,736
|
|
$
3,799
|
|
5.26
%
|
|
Total loans ex
PPP
|
|
3,905,636
|
|
46,770
|
|
4.70
%
|
|
2,967,104
|
|
33,001
|
|
4.37
%
|
|
2,586,091
|
|
31,005
|
|
4.71
%
|
|
Total loans (1)
(2)
|
|
3,952,330
|
|
52,319
|
|
5.20
%
|
|
3,076,422
|
|
35,311
|
|
4.51
%
|
|
2,868,827
|
|
34,804
|
|
4.76
%
|
|
Investment securities
(2)
|
|
1,269,562
|
|
4,860
|
|
1.53
%
|
|
611,870
|
|
2,805
|
|
1.83
%
|
|
520,867
|
|
2,799
|
|
2.15
%
|
|
Other
interest-earning assets
|
|
701,689
|
|
769
|
|
0.43
%
|
|
1,046,476
|
|
869
|
|
0.33
%
|
|
701,766
|
|
694
|
|
0.39
%
|
|
Total interest-earning
assets
|
|
5,923,581
|
|
$
57,948
|
|
3.85
%
|
|
4,734,768
|
|
$
38,985
|
|
3.24
%
|
|
4,091,460
|
|
$
38,297
|
|
3.68
%
|
|
Other assets,
net
|
|
848,782
|
|
|
|
|
|
511,425
|
|
|
|
|
|
423,766
|
|
|
|
|
|
Total
assets
|
|
$
6,772,363
|
|
|
|
|
|
$
5,246,193
|
|
|
|
|
|
$
4,515,226
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing core
deposits
|
|
$
3,456,699
|
|
$
1,743
|
|
0.20
%
|
|
$
2,665,252
|
|
$
1,550
|
|
0.23
%
|
|
$
2,285,858
|
|
$
2,269
|
|
0.39
%
|
|
Brokered
deposits
|
|
377,390
|
|
906
|
|
0.95
%
|
|
284,164
|
|
894
|
|
1.25
%
|
|
320,237
|
|
1,176
|
|
1.46
%
|
|
Total interest-bearing
deposits
|
|
3,834,089
|
|
2,649
|
|
0.27
%
|
|
2,949,416
|
|
2,444
|
|
0.33
%
|
|
2,606,095
|
|
3,445
|
|
0.53
%
|
|
PPPLF
|
|
—
|
|
—
|
|
0.00
%
|
|
—
|
|
—
|
|
0.00
%
|
|
72,582
|
|
64
|
|
0.35
%
|
|
Other
interest-bearing liabilities
|
|
172,218
|
|
1,427
|
|
3.30
%
|
|
143,615
|
|
1,113
|
|
3.08
%
|
|
65,901
|
|
510
|
|
3.04
%
|
|
Total interest-bearing
liabilities
|
|
4,006,307
|
|
$
4,076
|
|
0.40
%
|
|
3,093,031
|
|
$
3,557
|
|
0.46
%
|
|
2,744,578
|
|
$
4,019
|
|
0.58
%
|
|
Noninterest-bearing
demand deposits
|
|
1,920,689
|
|
|
|
|
|
1,499,052
|
|
|
|
|
|
1,187,335
|
|
|
|
|
|
Other
liabilities
|
|
60,701
|
|
|
|
|
|
45,164
|
|
|
|
|
|
45,393
|
|
|
|
|
|
Stockholders'
equity
|
|
784,666
|
|
|
|
|
|
608,946
|
|
|
|
|
|
537,920
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
6,772,363
|
|
|
|
|
|
$
5,246,193
|
|
|
|
|
|
$
4,515,226
|
|
|
|
|
|
Net interest income
and rate spread
|
|
|
|
$
53,872
|
|
3.45
%
|
|
|
|
$
35,428
|
|
2.78
%
|
|
|
|
$
34,278
|
|
3.10
%
|
|
Net interest
margin
|
|
|
|
|
|
3.57
%
|
|
|
|
|
|
2.94
%
|
|
|
|
|
|
3.29
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the
Years Ended
|
|
|
|
|
|
|
|
|
|
December 31,
2021
|
|
December 31,
2020
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
Average
|
|
Average
|
|
|
|
Average
|
|
|
|
|
|
|
|
(In
thousands)
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP loans
|
|
$
141,510
|
|
$
16,672
|
|
11.78
%
|
|
$
220,544
|
|
$
8,062
|
|
3.66
%
|
|
|
|
|
|
|
|
Total loans ex
PPP
|
|
3,042,171
|
|
139,972
|
|
4.60
%
|
|
2,567,043
|
|
128,419
|
|
5.00
%
|
|
|
|
|
|
|
|
Total loans (1)
(2)
|
|
3,183,681
|
|
156,644
|
|
4.92
%
|
|
2,787,587
|
|
136,481
|
|
4.90
%
|
|
|
|
|
|
|
|
Investment securities
(2)
|
|
738,540
|
|
13,047
|
|
1.77
%
|
|
490,209
|
|
11,079
|
|
2.26
%
|
|
|
|
|
|
|
|
Other
interest-earning assets
|
|
797,196
|
|
2,909
|
|
0.36
%
|
|
572,016
|
|
2,611
|
|
0.46
%
|
|
|
|
|
|
|
|
Total interest-earning
assets
|
|
4,719,417
|
|
$ 172,600
|
|
3.66
%
|
|
3,849,812
|
|
$ 150,171
|
|
3.90
%
|
|
|
|
|
|
|
|
Other assets,
net
|
|
552,046
|
|
|
|
|
|
405,395
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
5,271,463
|
|
|
|
|
|
$
4,255,207
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing core
deposits
|
|
$
2,729,146
|
|
$
6,657
|
|
0.24
%
|
|
$
2,124,634
|
|
$
12,163
|
|
0.57
%
|
|
|
|
|
|
|
|
Brokered
deposits
|
|
308,091
|
|
3,791
|
|
1.23
%
|
|
289,489
|
|
4,478
|
|
1.55
%
|
|
|
|
|
|
|
|
Total interest-bearing
deposits
|
|
3,037,237
|
|
10,448
|
|
0.34
%
|
|
2,414,123
|
|
16,641
|
|
0.69
%
|
|
|
|
|
|
|
|
PPPLF
|
|
—
|
|
—
|
|
0.00
%
|
|
161,634
|
|
571
|
|
0.35
%
|
|
|
|
|
|
|
|
Other
interest-bearing liabilities
|
|
103,156
|
|
3,156
|
|
3.06
%
|
|
84,751
|
|
2,652
|
|
3.13
%
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
|
3,140,393
|
|
$
13,604
|
|
0.43
%
|
|
2,660,508
|
|
$
19,864
|
|
0.75
%
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
|
1,461,850
|
|
|
|
|
|
1,025,625
|
|
|
|
|
|
|
|
|
|
|
|
Other
liabilities
|
|
46,317
|
|
|
|
|
|
41,646
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
622,903
|
|
|
|
|
|
527,428
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
5,271,463
|
|
|
|
|
|
$
4,255,207
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
and rate spread
|
|
|
|
$ 158,996
|
|
3.23
%
|
|
|
|
$ 130,307
|
|
3.15
%
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
3.37
%
|
|
|
|
|
|
3.38
%
|
|
|
|
|
|
|
|
(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.
|
Nicolet
Bankshares, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Financial Measures (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the
Three Months Ended
|
|
At or for the
Years Ended
|
(In thousands, except
per share data)
|
|
12/31/2021
|
|
9/30/2021
|
|
6/30/2021
|
|
3/31/2021
|
|
12/31/2020
|
|
12/31/2021
|
|
12/31/2020
|
Adjusted net
income reconciliation: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Nicolet (GAAP)
|
|
$
16,305
|
|
$
7,824
|
|
$
18,284
|
|
$
18,239
|
|
$
17,987
|
|
$
60,652
|
|
$
60,122
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision expense
related to merger
|
|
8,400
|
|
6,000
|
|
—
|
|
—
|
|
—
|
|
14,400
|
|
—
|
Assets (gains)
losses, net
|
|
(465)
|
|
1,187
|
|
(4,192)
|
|
(711)
|
|
620
|
|
(4,181)
|
|
1,805
|
Merger-related
expense
|
|
2,202
|
|
2,793
|
|
656
|
|
—
|
|
167
|
|
5,651
|
|
1,020
|
Branch closure
expense
|
|
—
|
|
944
|
|
—
|
|
—
|
|
—
|
|
944
|
|
500
|
Adjustments
subtotal
|
|
10,137
|
|
10,924
|
|
(3,536)
|
|
(711)
|
|
787
|
|
16,814
|
|
3,325
|
Tax on Adjustments
(25%)
|
|
2,534
|
|
2,731
|
|
(884)
|
|
(178)
|
|
197
|
|
4,204
|
|
831
|
Adjustments, net of
tax
|
|
7,603
|
|
8,193
|
|
(2,652)
|
|
(533)
|
|
590
|
|
12,611
|
|
2,494
|
Adjusted net income
attributable to Nicolet (Non-GAAP)
|
|
$
23,908
|
|
$
16,017
|
|
$
15,632
|
|
$
17,706
|
|
$
18,577
|
|
$
73,263
|
|
$
62,616
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted common shares
|
|
13,049
|
|
10,776
|
|
10,326
|
|
10,403
|
|
10,350
|
|
11,145
|
|
10,541
|
Diluted earnings
per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share (GAAP)
|
|
$
1.25
|
|
$
0.73
|
|
$
1.77
|
|
$
1.75
|
|
$
1.74
|
|
$
5.44
|
|
$
5.70
|
Adjusted Diluted
earnings per common share (Non-GAAP)
|
|
$
1.83
|
|
$
1.49
|
|
$
1.51
|
|
$
1.70
|
|
$
1.79
|
|
$
6.57
|
|
$
5.94
|
Tangible assets:
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
7,695,037
|
|
$
6,407,820
|
|
$
4,587,347
|
|
$
4,543,804
|
|
$
4,551,789
|
|
|
|
|
Goodwill and other
intangibles, net
|
|
339,492
|
|
269,954
|
|
173,711
|
|
174,501
|
|
175,353
|
|
|
|
|
Tangible
assets
|
|
$
7,355,545
|
|
$
6,137,866
|
|
$
4,413,636
|
|
$
4,369,303
|
|
$
4,376,436
|
|
|
|
|
Tangible common
equity: (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
$
891,891
|
|
$
729,278
|
|
$
559,395
|
|
$
550,046
|
|
$
539,189
|
|
|
|
|
Goodwill and other
intangibles, net
|
|
339,492
|
|
269,954
|
|
173,711
|
|
174,501
|
|
175,353
|
|
|
|
|
Tangible common
equity
|
|
$
552,399
|
|
$
459,324
|
|
$
385,684
|
|
$
375,545
|
|
$
363,836
|
|
|
|
|
Tangible average
common equity: (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average stockholders'
equity (common)
|
|
$
784,666
|
|
$
608,946
|
|
$
550,974
|
|
$
544,541
|
|
$
537,920
|
|
$
622,903
|
|
$
527,428
|
Average goodwill and
other intangibles, net
|
|
294,051
|
|
201,748
|
|
174,026
|
|
174,825
|
|
175,678
|
|
211,463
|
|
168,802
|
Average tangible
common equity
|
|
$
490,615
|
|
$
407,198
|
|
$
376,948
|
|
$
369,716
|
|
$
362,242
|
|
$
411,440
|
|
$
358,626
|
(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)
|
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.
|
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SOURCE Nicolet Bankshares, Inc.