- Net income of $17 million
or adjusted net income (non-GAAP) of $23
million for third quarter 2023, compared to net income of
$23 million in prior quarter, and net
income of $19 million or adjusted net
income (non-GAAP) of $25 million for
third quarter 2022
- Net income of $31 million
and adjusted net income (non-GAAP) of $73
million for first nine months of 2023, compared to
$67 million and adjusted net income
(non-GAAP) of $71 million for first
nine months of 2022, significantly impacted by first quarter
balance sheet repositioning
- Change in Wisconsin tax
law resulted in one-time $9.1 million
charge to state income tax expense in current quarter with expected
lower effective tax rate in future periods
- Quarterly net interest margin of 3.16%, an increase of 2
bps over second quarter
- Wealth assets under management increased 24% from
year-end 2022
GREEN
BAY, Wis., Oct. 24, 2023 /PRNewswire/ -- Nicolet
Bankshares, Inc. (NYSE: NIC) ("Nicolet") announced third quarter
2023 net income of $17 million and
earnings per diluted common share of $1.14, compared to net income of $23 million and earnings per diluted common share
of $1.51 for second quarter 2023, and
net income of $19 million and
earnings per diluted common share of $1.29 for third quarter 2022. Net income
for the nine months ended September 30,
2023 was $31 million and
earnings per diluted common share of $2.05, compared to net income of $67 million and earnings per diluted common share
of $4.72 for the nine months ended
September 30, 2022.
On July 1, 2023, Wisconsin's Governor signed the State Budget,
retroactive to January 1, 2023, which
included language that provides financial institutions with an
exemption from state taxable income for interest, fees, and
penalties earned on loans to existing Wisconsin-based business or agriculture
purpose loans that are $5 million or
less in balance on January 1, 2023,
and to new loans that meet the criteria. The impact to Nicolet
moving forward will be a reduction / elimination of State income
taxes being expensed, resulting in an estimated effective tax rate
of 19.5% (compared to a 25% effective tax rate previously).
However, the elimination of State income tax expense will also
cause a valuation allowance to be set up for the State-related
deferred tax asset as of the effective date of the legislation,
requiring a one-time $9.1 million
charge to state income tax expense in the third quarter.
Net income reflected certain non-core items and the related tax
effect of each, including the first quarter U.S. Treasury
securities sale loss, change in Wisconsin tax law, expected loss (provision
expense) on the Signature Bank sub debt investment (acquired in an
acquisition), merger-related expenses, Day 2 credit provision
expense required under the CECL model, as well as gains / (losses)
on other assets and investments. These non-core items
negatively impacted earnings per diluted common share $0.40 for third quarter 2023, $0.02 for second quarter 2023, and $0.45 for third quarter 2022. For the nine
months ended September 30, 2023,
these non-core items negatively impacted earnings per diluted
common share $2.82, and negatively
impacted earnings per diluted common share $0.33 for the comparable nine-month period of
2022.
"Our recent quarterly results continue to show
Nicolet's resilience in a challenging operating environment,"
said Mike Daniels, President and CEO
of Nicolet. "We have a saying at Nicolet - 'control what you can
control.' This quarter, our core operations, which we can control,
are solid and driven by top-line revenue growth, an increase in
core deposits, and another positive movement in our net interest
margin. Our customers continue to perform remarkably well
despite the macroeconomic headwinds of a tight labor market and
higher costs due to inflation. We are encouraged by the
momentum we have heading into the final quarter of the year."
Daniels continued, "The passage of the 2024 Wisconsin State
Budget with the state tax exemption for community banks will have a
meaningful impact on the earnings for Wisconsin banks this year and going
forward. I want to thank our state lawmakers for recognizing
the value and importance of Wisconsin community banks and for putting
positive actions behind their words."
Nicolet's financial performance and certain balance sheet line
items were impacted by the timing and size of Nicolet's
August 2022 acquisition of Charter
Bankshares, Inc. ("Charter"). Certain income statement results,
average balances, and related ratios for 2022 include contributions
from Charter from the acquisition date. At acquisition,
Charter added assets of $1.1 billion,
loans of $827 million, and deposits
of $869 million.
Balance Sheet Review
At September 30, 2023,
period end assets were $8.4 billion, a decrease of
$66 million (1%) from June 30,
2023, mostly maturities and paydowns of investment securities,
partly offset by higher cash balances. Total loans increased
slightly ($16 million) from
June 30, 2023, with growth in residential real estate and
agriculture loans, offset by slowing commercial loan demand.
Total deposits of $7.2 billion at September 30, 2023, decreased $16 million from June 30, 2023, with lower
customer transaction account balances and a reduction in noncore
deposits, offset by growth in customer time deposits. Total
borrowings declined $50 million due
to the maturity of a short-term FHLB advance. Total capital
was $974 million at September 30,
2023, a decrease of $3 million since June 30,
2023, with earnings more than offset by unfavorable market
valuations on available for sale securities.
Asset Quality
Nonperforming assets were $32 million and represented 0.37% of total assets
at September 30, 2023, compared to
$27 million or 0.32% at June 30,
2023, and $40 million or 0.45% at
September 30, 2022. The
allowance for credit losses-loans was $63
million and represented 1.01% of total loans at September 30, 2023, compared to $63 million (or 1.01% of total loans) at
June 30, 2023, and $60 million
(or 1.01% of total loans) at September
30, 2022. Asset quality trends remain solid and loan
net charge-offs were negligible.
Income Statement Review - Quarter
Net income was
$17 million and adjusted net income
(non-GAAP) was $23 million for third
quarter 2023, compared to net income of $23
million for second quarter 2023.
Net interest income was $61
million for third quarter 2023, up $2
million from second quarter 2023, the net effect of higher
interest income and higher interest expense. The higher interest
income was largely attributable to the repricing of new and renewed
loans in a rising interest rate environment along with a shift of
maturing investments (mostly U.S. Treasury securities) into
investable cash balances at higher rates. The increase in interest
expense was due to both higher average balances and higher average
rates, reflecting the rising interest rate environment as well as a
shift to higher rate deposit products (mostly time deposits). The
net interest margin for third quarter 2023 was 3.16%, up 2 bps from
3.14% for second quarter 2023. The yield on interest-earning assets
increased 25 bps (to 5.15%) due to the maturity of U.S. Treasury
securities reinvested as investable cash, as well as the rising
interest rate environment, while the cost of funds increased 29 bps
(to 2.83%) for third quarter 2023, attributable mainly to the
repricing of deposits and funding in the higher interest rate
environment.
Noninterest income of $17 million for third quarter 2023
was minimally changed from second quarter 2023. Excluding net asset
gains (losses), noninterest income for third quarter 2023 was
$17 million, a $1 million decrease from second quarter
2023. The sequential quarter decrease included an unfavorable
change in the fair value of nonqualified deferred compensation plan
assets, partly offset by higher wealth revenue (from growth in
accounts and assets under management, though tempered by
unfavorable market-related changes) and net mortgage
income.
Noninterest expense of $46 million for third quarter 2023,
increased $1 million compared to second quarter 2023.
Personnel expense was minimally changed with higher salaries,
incentives, and health insurance substantially offset by a decrease
in the fair value of nonqualified deferred compensation plan
liabilities. Non-personnel expenses increased 4% between the
sequential quarters, mostly higher data processing (volume-based
system processing) and office expense.
Income tax expense was $15 million (effective tax rate
46.09%) for third quarter 2023, compared to $8 million
(effective tax rate 25.85%) for second quarter 2023. The
change in income tax expense included a $9.1
million charge to income tax expense to establish a tax
valuation allowance, partly offset by a $3.0
million reduction to income tax expense to reverse amounts
recorded in the first half of 2023, both related to the
Wisconsin tax law change noted
above.
Subsequent Event
On October 2,
2023, Nicolet sold its member interest in UFS, LLC for
proceeds of $10 million and a pre-tax
gain of approximately $9
million. This gain on sale will be realized during
fourth quarter 2023.
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 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 or 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 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 Private Securities Litigation
Reform Act. Forward-looking statements generally can be
identified by words or phrases such as, without limitation,
"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, and in this press
release include our statements about our expected future effective
tax rate.
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. Risks, uncertainties and other factors that could cause
the actual results to differ materially from the statements,
include, but are not limited to future legislative changes to the
taxes imposed upon Nicolet. Additional factors which could affect
the forward looking statements can be found in Nicolet's 2022
Annual Report on Form 10-K, as well subsequent filings with the SEC
and are available on the SEC's website at www.sec.gov.
Any forward-looking statements included in this press release
are made as of the date hereof and are based on information
available to management at that time. Except as required by law,
Nicolet disclaims any obligation to update or revise any
forward-looking statement contained in this press release to
reflect new information or 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)
|
|
9/30/2023
|
|
6/30/2023
|
|
3/31/2023
|
|
12/31/2022
|
|
9/30/2022
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
109,414
|
|
$
122,021
|
|
$
93,462
|
|
$
121,211
|
|
$
118,537
|
Interest-earning
deposits
|
|
436,466
|
|
383,185
|
|
20,718
|
|
33,512
|
|
319,745
|
Cash and cash
equivalents
|
|
545,880
|
|
505,206
|
|
114,180
|
|
154,723
|
|
438,282
|
Certificates of deposit
in other banks
|
|
7,598
|
|
9,808
|
|
11,293
|
|
12,518
|
|
13,510
|
Securities available
for sale, at fair value
|
|
793,826
|
|
921,108
|
|
1,023,176
|
|
917,618
|
|
949,597
|
Securities held to
maturity, at amortized cost
|
|
—
|
|
—
|
|
—
|
|
679,128
|
|
686,424
|
Other
investments
|
|
58,367
|
|
57,578
|
|
57,482
|
|
65,286
|
|
79,279
|
Loans held for
sale
|
|
6,500
|
|
3,849
|
|
4,962
|
|
1,482
|
|
3,709
|
Loans
|
|
6,239,257
|
|
6,222,776
|
|
6,223,732
|
|
6,180,499
|
|
5,984,437
|
Allowance for credit
losses - loans
|
|
(63,160)
|
|
(62,811)
|
|
(62,412)
|
|
(61,829)
|
|
(60,348)
|
Loans, net
|
|
6,176,097
|
|
6,159,965
|
|
6,161,320
|
|
6,118,670
|
|
5,924,089
|
Premises and equipment,
net
|
|
117,744
|
|
117,278
|
|
112,569
|
|
108,956
|
|
106,648
|
Bank owned life
insurance ("BOLI")
|
|
168,223
|
|
167,192
|
|
166,107
|
|
165,137
|
|
165,166
|
Goodwill and other
intangibles, net
|
|
396,208
|
|
398,194
|
|
400,277
|
|
402,438
|
|
407,117
|
Accrued interest
receivable and other assets
|
|
145,719
|
|
142,450
|
|
140,988
|
|
138,013
|
|
122,095
|
Total
assets
|
|
$
8,416,162
|
|
$
8,482,628
|
|
$
8,192,354
|
|
$
8,763,969
|
|
$
8,895,916
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
|
$
2,020,074
|
|
$
2,059,939
|
|
$
2,094,623
|
|
$
2,361,816
|
|
$
2,477,507
|
Interest-bearing
deposits
|
|
5,162,314
|
|
5,138,665
|
|
4,833,956
|
|
4,817,105
|
|
4,918,395
|
Total
deposits
|
|
7,182,388
|
|
7,198,604
|
|
6,928,579
|
|
7,178,921
|
|
7,395,902
|
Short-term
borrowings
|
|
—
|
|
50,000
|
|
50,000
|
|
317,000
|
|
280,000
|
Long-term
borrowings
|
|
197,754
|
|
197,577
|
|
197,448
|
|
225,342
|
|
225,236
|
Accrued interest
payable and other liabilities
|
|
61,559
|
|
58,809
|
|
54,535
|
|
70,177
|
|
56,315
|
Total
liabilities
|
|
7,441,701
|
|
7,504,990
|
|
7,230,562
|
|
7,791,440
|
|
7,957,453
|
Stockholders'
Equity:
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
147
|
|
147
|
|
147
|
|
147
|
|
147
|
Additional paid-in
capital
|
|
626,348
|
|
624,897
|
|
623,746
|
|
621,988
|
|
620,392
|
Retained
earnings
|
|
431,317
|
|
417,863
|
|
398,966
|
|
407,864
|
|
380,263
|
Accumulated other
comprehensive income (loss)
|
|
(83,351)
|
|
(65,269)
|
|
(61,067)
|
|
(57,470)
|
|
(62,339)
|
Total stockholders'
equity
|
|
974,461
|
|
977,638
|
|
961,792
|
|
972,529
|
|
938,463
|
Total
liabilities and stockholders' equity
|
|
$
8,416,162
|
|
$
8,482,628
|
|
$
8,192,354
|
|
$
8,763,969
|
|
$
8,895,916
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
|
14,757,565
|
|
14,717,938
|
|
14,698,265
|
|
14,690,614
|
|
14,673,197
|
Nicolet Bankshares,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Statements of Income (Loss) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended
|
(In thousands, except
per share data)
|
|
9/30/2023
|
|
6/30/2023
|
|
3/31/2023
|
|
12/31/2022
|
|
9/30/2022
|
|
9/30/2023
|
|
9/30/2022
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including loan
fees
|
|
$
87,657
|
|
$
84,091
|
|
$
79,142
|
|
$
76,367
|
|
$
63,060
|
|
$
250,890
|
|
$
167,313
|
Taxable investment
securities
|
|
4,351
|
|
4,133
|
|
4,961
|
|
5,771
|
|
5,350
|
|
13,445
|
|
15,612
|
Tax-exempt investment
securities
|
|
1,424
|
|
1,476
|
|
1,737
|
|
1,915
|
|
1,181
|
|
4,637
|
|
2,503
|
Other interest
income
|
|
6,452
|
|
2,357
|
|
1,536
|
|
1,703
|
|
1,127
|
|
10,345
|
|
2,734
|
Total interest
income
|
|
99,884
|
|
92,057
|
|
87,376
|
|
85,756
|
|
70,718
|
|
279,317
|
|
188,162
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
34,964
|
|
29,340
|
|
24,937
|
|
12,512
|
|
4,638
|
|
89,241
|
|
9,240
|
Short-term
borrowings
|
|
474
|
|
1,108
|
|
3,212
|
|
2,624
|
|
594
|
|
4,794
|
|
622
|
Long-term
borrowings
|
|
2,972
|
|
2,570
|
|
2,506
|
|
2,528
|
|
2,496
|
|
8,048
|
|
6,431
|
Total interest
expense
|
|
38,410
|
|
33,018
|
|
30,655
|
|
17,664
|
|
7,728
|
|
102,083
|
|
16,293
|
Net interest
income
|
|
61,474
|
|
59,039
|
|
56,721
|
|
68,092
|
|
62,990
|
|
177,234
|
|
171,869
|
Provision for credit
losses
|
|
450
|
|
450
|
|
3,090
|
|
1,850
|
|
8,600
|
|
3,990
|
|
9,650
|
Net interest income
after provision for credit losses
|
|
61,024
|
|
58,589
|
|
53,631
|
|
66,242
|
|
54,390
|
|
173,244
|
|
162,219
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth management fee
income
|
|
6,057
|
|
5,870
|
|
5,512
|
|
5,170
|
|
5,009
|
|
17,439
|
|
15,700
|
Mortgage income,
net
|
|
2,020
|
|
1,822
|
|
1,466
|
|
1,311
|
|
1,728
|
|
5,308
|
|
7,186
|
Service charges on
deposit accounts
|
|
1,492
|
|
1,529
|
|
1,480
|
|
1,502
|
|
1,589
|
|
4,501
|
|
4,602
|
Card interchange
income
|
|
3,321
|
|
3,331
|
|
3,033
|
|
3,100
|
|
3,012
|
|
9,685
|
|
8,543
|
BOLI income
|
|
1,090
|
|
1,073
|
|
1,200
|
|
1,151
|
|
966
|
|
3,363
|
|
2,667
|
Asset gains (losses),
net
|
|
31
|
|
(318)
|
|
(38,468)
|
|
260
|
|
(46)
|
|
(38,755)
|
|
2,870
|
Deferred compensation
plan asset market valuations
|
|
(457)
|
|
499
|
|
946
|
|
314
|
|
(571)
|
|
988
|
|
(2,354)
|
LSR income,
net
|
|
1,108
|
|
1,135
|
|
1,155
|
|
(324)
|
|
(517)
|
|
3,398
|
|
(1,042)
|
Other noninterest
income
|
|
1,879
|
|
1,900
|
|
1,832
|
|
2,362
|
|
1,830
|
|
5,611
|
|
4,902
|
Total noninterest
income
|
|
16,541
|
|
16,841
|
|
(21,844)
|
|
14,846
|
|
13,000
|
|
11,538
|
|
43,074
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
expense
|
|
23,944
|
|
23,900
|
|
24,328
|
|
23,705
|
|
24,136
|
|
72,172
|
|
65,008
|
Occupancy, equipment
and office
|
|
9,027
|
|
8,845
|
|
8,783
|
|
8,246
|
|
7,641
|
|
26,655
|
|
21,476
|
Business development
and marketing
|
|
1,869
|
|
1,946
|
|
2,121
|
|
2,303
|
|
2,281
|
|
5,936
|
|
6,169
|
Data
processing
|
|
4,643
|
|
4,218
|
|
3,988
|
|
3,871
|
|
3,664
|
|
12,849
|
|
10,647
|
Intangibles
amortization
|
|
1,986
|
|
2,083
|
|
2,161
|
|
2,217
|
|
1,628
|
|
6,230
|
|
4,399
|
FDIC
assessments
|
|
1,500
|
|
1,009
|
|
540
|
|
480
|
|
480
|
|
3,049
|
|
1,440
|
Merger-related
expense
|
|
—
|
|
26
|
|
163
|
|
492
|
|
519
|
|
189
|
|
1,172
|
Other noninterest
expense
|
|
2,769
|
|
2,930
|
|
2,791
|
|
2,675
|
|
2,218
|
|
8,490
|
|
6,344
|
Total noninterest
expense
|
|
45,738
|
|
44,957
|
|
44,875
|
|
43,989
|
|
42,567
|
|
135,570
|
|
116,655
|
Income (loss)
before income tax expense
|
|
31,827
|
|
30,473
|
|
(13,088)
|
|
37,099
|
|
24,823
|
|
49,212
|
|
88,638
|
Income tax expense
(benefit)
|
|
14,669
|
|
7,878
|
|
(4,190)
|
|
9,498
|
|
6,313
|
|
18,357
|
|
21,979
|
Net income
(loss)
|
|
$
17,158
|
|
$
22,595
|
|
$
(8,898)
|
|
$
27,601
|
|
$
18,510
|
|
$
30,855
|
|
$
66,659
|
Earnings (loss) per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
1.16
|
|
$
1.54
|
|
$
(0.61)
|
|
$
1.88
|
|
$
1.33
|
|
$
2.10
|
|
$
4.88
|
Diluted
|
|
$
1.14
|
|
$
1.51
|
|
$
(0.61)
|
|
$
1.83
|
|
$
1.29
|
|
$
2.05
|
|
$
4.72
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted
average
|
|
14,740
|
|
14,711
|
|
14,694
|
|
14,685
|
|
13,890
|
|
14,716
|
|
13,648
|
Diluted weighted
average
|
|
15,100
|
|
14,960
|
|
14,694
|
|
15,110
|
|
14,310
|
|
15,044
|
|
14,127
|
Nicolet Bankshares,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Financial Summary (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended
|
(In thousands, except
share & per share data)
|
|
9/30/2023
|
|
6/30/2023
|
|
3/31/2023
|
|
12/31/2022
|
|
9/30/2022
|
|
9/30/2023
|
|
9/30/2022
|
Selected Average
Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
6,230,336
|
|
$
6,237,757
|
|
$
6,201,780
|
|
$
6,087,146
|
|
$
5,391,258
|
|
$
6,223,396
|
|
$
4,975,432
|
Investment
securities
|
|
962,607
|
|
1,068,144
|
|
1,508,535
|
|
1,701,531
|
|
1,625,453
|
|
1,177,762
|
|
1,591,551
|
Interest-earning
assets
|
|
7,676,895
|
|
7,497,935
|
|
7,830,590
|
|
7,963,485
|
|
7,161,120
|
|
7,667,911
|
|
6,818,966
|
Cash and cash
equivalents
|
|
513,250
|
|
203,883
|
|
127,726
|
|
179,381
|
|
167,550
|
|
283,032
|
|
316,381
|
Goodwill and other
intangibles, net
|
|
397,052
|
|
399,080
|
|
401,212
|
|
403,243
|
|
363,211
|
|
399,100
|
|
346,488
|
Total assets
|
|
8,417,456
|
|
8,228,600
|
|
8,570,623
|
|
8,688,741
|
|
7,856,131
|
|
8,404,999
|
|
7,550,894
|
Deposits
|
|
7,156,577
|
|
6,941,037
|
|
7,060,262
|
|
7,222,415
|
|
6,643,247
|
|
7,052,978
|
|
6,408,863
|
Interest-bearing
liabilities
|
|
5,385,292
|
|
5,212,285
|
|
5,391,107
|
|
5,262,278
|
|
4,730,209
|
|
5,329,540
|
|
4,613,360
|
Stockholders' equity
(common)
|
|
983,133
|
|
967,142
|
|
970,108
|
|
954,970
|
|
890,205
|
|
973,509
|
|
863,272
|
Selected Ratios:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share
|
|
$
66.03
|
|
$
66.42
|
|
$
65.44
|
|
$
66.20
|
|
$
63.96
|
|
$
66.03
|
|
$
63.96
|
Tangible book value per
common share (2)
|
|
$
39.18
|
|
$
39.37
|
|
$
38.20
|
|
$
38.81
|
|
$
36.21
|
|
$
39.18
|
|
$
36.21
|
Return on average
assets
|
|
0.81 %
|
|
1.10 %
|
|
(0.42) %
|
|
1.26 %
|
|
0.93 %
|
|
0.49 %
|
|
1.18 %
|
Return on average
common equity
|
|
6.92
|
|
9.37
|
|
(3.72)
|
|
11.47
|
|
8.25
|
|
4.24
|
|
10.32
|
Return on average
tangible common equity (2)
|
|
11.62
|
|
15.95
|
|
(6.34)
|
|
19.85
|
|
13.93
|
|
7.18
|
|
17.25
|
Average equity to
average assets
|
|
11.68
|
|
11.75
|
|
11.32
|
|
10.99
|
|
11.33
|
|
11.58
|
|
11.43
|
Stockholders' equity to
assets
|
|
11.58
|
|
11.53
|
|
11.74
|
|
11.10
|
|
10.55
|
|
11.58
|
|
10.55
|
Tangible common equity
to tangible assets (2)
|
|
7.21
|
|
7.17
|
|
7.21
|
|
6.82
|
|
6.26
|
|
7.21
|
|
6.26
|
Net interest
margin
|
|
3.16
|
|
3.14
|
|
2.91
|
|
3.39
|
|
3.48
|
|
3.07
|
|
3.36
|
Efficiency
ratio
|
|
58.27
|
|
58.60
|
|
60.69
|
|
52.79
|
|
55.62
|
|
59.16
|
|
54.68
|
Effective tax
rate
|
|
46.09
|
|
25.85
|
|
32.01
|
|
25.60
|
|
25.43
|
|
37.30
|
|
24.80
|
Selected Asset
Quality Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
29,507
|
|
$
25,278
|
|
$
38,895
|
|
$
38,080
|
|
$
38,326
|
|
$
29,507
|
|
$
38,326
|
Other real estate owned
- closed branches
|
|
884
|
|
958
|
|
1,347
|
|
1,347
|
|
1,506
|
|
884
|
|
1,506
|
Other real estate
owned
|
|
1,147
|
|
520
|
|
628
|
|
628
|
|
628
|
|
1,147
|
|
628
|
Nonperforming
assets
|
|
$
31,538
|
|
$
26,756
|
|
$
40,870
|
|
$
40,055
|
|
$
40,460
|
|
$
31,538
|
|
$
40,460
|
Net loan charge-offs
(recoveries)
|
|
$
101
|
|
$
51
|
|
$
167
|
|
$
597
|
|
$
216
|
|
$
319
|
|
$
133
|
Allowance for credit
losses-loans to loans
|
|
1.01 %
|
|
1.01 %
|
|
1.00 %
|
|
1.00 %
|
|
1.01 %
|
|
1.01 %
|
|
1.01 %
|
Net loan charge-offs to
average loans (1)
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.04
|
|
0.02
|
|
0.01
|
|
0.00
|
Nonperforming loans to
total loans
|
|
0.47
|
|
0.41
|
|
0.62
|
|
0.62
|
|
0.64
|
|
0.47
|
|
0.64
|
Nonperforming assets to
total assets
|
|
0.37
|
|
0.32
|
|
0.50
|
|
0.46
|
|
0.45
|
|
0.37
|
|
0.45
|
Stock Repurchase
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
repurchased (dollars) (3)
|
|
$
—
|
|
$
1,519
|
|
$
—
|
|
$
786
|
|
$
—
|
|
$
1,519
|
|
$
60,697
|
Common stock
repurchased (full shares) (3)
|
|
—
|
|
26,853
|
|
—
|
|
10,000
|
|
—
|
|
26,853
|
|
661,662
|
|
|
(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)
|
|
9/30/2023
|
|
6/30/2023
|
|
3/31/2023
|
|
12/31/2022
|
|
9/30/2022
|
Period End Loan
Composition
|
|
|
|
|
|
|
|
|
|
|
Commercial &
industrial
|
|
$
1,237,789
|
|
$
1,318,567
|
|
$
1,330,052
|
|
$
1,304,819
|
|
$
1,268,252
|
Owner-occupied
commercial real estate ("CRE")
|
|
971,397
|
|
969,202
|
|
969,064
|
|
954,599
|
|
954,933
|
Agricultural
|
|
1,108,261
|
|
1,068,999
|
|
1,065,909
|
|
1,088,607
|
|
1,017,498
|
Commercial
|
|
3,317,447
|
|
3,356,768
|
|
3,365,025
|
|
3,348,025
|
|
3,240,683
|
CRE
investment
|
|
1,130,938
|
|
1,108,692
|
|
1,146,388
|
|
1,149,949
|
|
1,132,951
|
Construction & land
development
|
|
326,747
|
|
337,389
|
|
333,370
|
|
318,600
|
|
306,446
|
Commercial real
estate
|
|
1,457,685
|
|
1,446,081
|
|
1,479,758
|
|
1,468,549
|
|
1,439,397
|
Commercial-based
loans
|
|
4,775,132
|
|
4,802,849
|
|
4,844,783
|
|
4,816,574
|
|
4,680,080
|
Residential
construction
|
|
76,289
|
|
108,095
|
|
134,782
|
|
114,392
|
|
101,286
|
Residential first
mortgage
|
|
1,136,748
|
|
1,072,609
|
|
1,014,166
|
|
1,016,935
|
|
970,384
|
Residential junior
mortgage
|
|
195,432
|
|
184,873
|
|
177,026
|
|
177,332
|
|
176,428
|
Residential real
estate
|
|
1,408,469
|
|
1,365,577
|
|
1,325,974
|
|
1,308,659
|
|
1,248,098
|
Retail &
other
|
|
55,656
|
|
54,350
|
|
52,975
|
|
55,266
|
|
56,259
|
Retail-based
loans
|
|
1,464,125
|
|
1,419,927
|
|
1,378,949
|
|
1,363,925
|
|
1,304,357
|
Total loans
|
|
$
6,239,257
|
|
$
6,222,776
|
|
$
6,223,732
|
|
$
6,180,499
|
|
$
5,984,437
|
|
|
|
|
|
|
|
|
|
|
|
Period End Deposit
Composition
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand
|
|
$
2,020,074
|
|
$
2,059,939
|
|
$
2,094,623
|
|
$
2,361,816
|
|
$
2,477,507
|
Interest-bearing
demand
|
|
955,746
|
|
1,030,919
|
|
1,138,415
|
|
1,279,850
|
|
1,242,961
|
Money market
|
|
1,933,227
|
|
1,835,523
|
|
1,886,879
|
|
1,707,619
|
|
1,769,444
|
Savings
|
|
789,045
|
|
821,803
|
|
865,824
|
|
931,417
|
|
939,832
|
Time
|
|
1,484,296
|
|
1,450,420
|
|
942,838
|
|
898,219
|
|
966,158
|
Total
deposits
|
|
$
7,182,388
|
|
$
7,198,604
|
|
$
6,928,579
|
|
$
7,178,921
|
|
$
7,395,902
|
Brokered transaction
accounts
|
|
$
146,517
|
|
$
173,107
|
|
$
233,393
|
|
$
252,829
|
|
$
252,891
|
Brokered time
deposits
|
|
457,433
|
|
566,405
|
|
289,181
|
|
339,066
|
|
386,101
|
Total brokered
deposits
|
|
$
603,950
|
|
$
739,512
|
|
$
522,574
|
|
$
591,895
|
|
$
638,992
|
Customer transaction
accounts
|
|
$
5,551,575
|
|
$
5,575,077
|
|
$
5,752,348
|
|
$
6,027,873
|
|
$
6,176,853
|
Customer time
deposits
|
|
1,026,863
|
|
884,015
|
|
653,657
|
|
559,153
|
|
580,057
|
Total customer
deposits (core)
|
|
$
6,578,438
|
|
$
6,459,092
|
|
$
6,406,005
|
|
$
6,587,026
|
|
$
6,756,910
|
Nicolet Bankshares,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
and Net Interest Margin Analysis (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
|
September 30,
2023
|
|
June 30,
2023
|
|
September 30,
2022
|
|
|
|
Average
|
|
|
|
Average
|
|
Average
|
|
|
|
Average
|
|
Average
|
|
|
|
Average
|
|
(In
thousands)
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans (1)
(2)
|
|
$ 6,230,336
|
|
$
87,701
|
|
5.54 %
|
|
$ 6,237,757
|
|
$
84,132
|
|
5.35 %
|
|
$ 5,391,258
|
|
$
63,095
|
|
4.60 %
|
|
Investment securities
(2)
|
|
962,607
|
|
6,235
|
|
2.59 %
|
|
1,068,144
|
|
6,094
|
|
2.28 %
|
|
1,625,453
|
|
6,989
|
|
1.72 %
|
|
Other interest-earning
assets
|
|
483,952
|
|
6,452
|
|
5.23 %
|
|
192,034
|
|
2,357
|
|
4.87 %
|
|
144,409
|
|
1,127
|
|
3.09 %
|
|
Total interest-earning
assets
|
|
7,676,895
|
|
$ 100,388
|
|
5.15 %
|
|
7,497,935
|
|
$
92,583
|
|
4.90 %
|
|
7,161,120
|
|
$
71,211
|
|
3.91 %
|
|
Other assets,
net
|
|
740,561
|
|
|
|
|
|
730,665
|
|
|
|
|
|
695,011
|
|
|
|
|
|
Total
assets
|
|
$ 8,417,456
|
|
|
|
|
|
$ 8,228,600
|
|
|
|
|
|
$ 7,856,131
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing core
deposits
|
|
$ 4,491,858
|
|
$
27,628
|
|
2.44 %
|
|
$ 4,278,502
|
|
$
22,728
|
|
2.13 %
|
|
$ 3,974,448
|
|
$ 3,353
|
|
0.33 %
|
|
Brokered
deposits
|
|
651,745
|
|
7,336
|
|
4.47 %
|
|
640,643
|
|
6,612
|
|
4.14 %
|
|
468,010
|
|
1,285
|
|
1.09 %
|
|
Total interest-bearing
deposits
|
|
5,143,603
|
|
34,964
|
|
2.70 %
|
|
4,919,145
|
|
29,340
|
|
2.39 %
|
|
4,442,458
|
|
4,638
|
|
0.41 %
|
|
Wholesale
funding
|
|
241,689
|
|
3,446
|
|
5.58 %
|
|
293,140
|
|
3,678
|
|
4.96 %
|
|
287,751
|
|
3,090
|
|
4.25 %
|
|
Total interest-bearing
liabilities
|
|
5,385,292
|
|
$
38,410
|
|
2.83 %
|
|
5,212,285
|
|
$
33,018
|
|
2.54 %
|
|
4,730,209
|
|
$ 7,728
|
|
0.65 %
|
|
Noninterest-bearing
demand deposits
|
|
2,012,974
|
|
|
|
|
|
2,021,892
|
|
|
|
|
|
2,200,789
|
|
|
|
|
|
Other
liabilities
|
|
36,057
|
|
|
|
|
|
27,281
|
|
|
|
|
|
34,928
|
|
|
|
|
|
Stockholders'
equity
|
|
983,133
|
|
|
|
|
|
967,142
|
|
|
|
|
|
890,205
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$ 8,417,456
|
|
|
|
|
|
$ 8,228,600
|
|
|
|
|
|
$ 7,856,131
|
|
|
|
|
|
Net interest income and
rate spread
|
|
|
|
$
61,978
|
|
2.32 %
|
|
|
|
$
59,565
|
|
2.36 %
|
|
|
|
$
63,483
|
|
3.26 %
|
|
Net interest
margin
|
|
|
|
|
|
3.16 %
|
|
|
|
|
|
3.14 %
|
|
|
|
|
|
3.48 %
|
|
Loan purchase
accounting accretion (3)
|
|
|
|
$ 1,637
|
|
0.10 %
|
|
|
|
$ 1,636
|
|
0.10 %
|
|
|
|
$ 1,075
|
|
0.05 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
September 30,
2023
|
|
September 30,
2022
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
Average
|
|
Average
|
|
|
|
Average
|
|
|
|
|
|
|
|
(In
thousands)
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans (1)
(2)
|
|
$ 6,223,396
|
|
$ 251,019
|
|
5.33 %
|
|
$ 4,975,432
|
|
$ 167,413
|
|
4.45 %
|
|
|
|
|
|
|
|
Investment securities
(2)
|
|
1,177,762
|
|
19,575
|
|
2.22 %
|
|
1,591,551
|
|
19,273
|
|
1.62 %
|
|
|
|
|
|
|
|
Other interest-earning
assets
|
|
266,753
|
|
10,345
|
|
5.13 %
|
|
251,983
|
|
2,734
|
|
1.44 %
|
|
|
|
|
|
|
|
Total interest-earning
assets
|
|
7,667,911
|
|
$ 280,939
|
|
4.85 %
|
|
6,818,966
|
|
$ 189,420
|
|
3.67 %
|
|
|
|
|
|
|
|
Other assets,
net
|
|
737,088
|
|
|
|
|
|
731,928
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$ 8,404,999
|
|
|
|
|
|
$ 7,550,894
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing core
deposits
|
|
$ 4,365,843
|
|
$
69,943
|
|
2.14 %
|
|
$ 3,923,687
|
|
$ 6,846
|
|
0.23 %
|
|
|
|
|
|
|
|
Brokered
deposits
|
|
619,870
|
|
19,298
|
|
4.16 %
|
|
450,311
|
|
2,394
|
|
0.71 %
|
|
|
|
|
|
|
|
Total interest-bearing
deposits
|
|
4,985,713
|
|
89,241
|
|
2.39 %
|
|
4,373,998
|
|
9,240
|
|
0.28 %
|
|
|
|
|
|
|
|
Wholesale
funding
|
|
343,827
|
|
12,842
|
|
4.93 %
|
|
239,362
|
|
7,053
|
|
3.91 %
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
|
5,329,540
|
|
$ 102,083
|
|
2.56 %
|
|
4,613,360
|
|
$
16,293
|
|
0.47 %
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
|
2,067,265
|
|
|
|
|
|
2,034,865
|
|
|
|
|
|
|
|
|
|
|
|
Other
liabilities
|
|
34,685
|
|
|
|
|
|
39,397
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
973,509
|
|
|
|
|
|
863,272
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$ 8,404,999
|
|
|
|
|
|
$ 7,550,894
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
rate spread
|
|
|
|
$ 178,856
|
|
2.29 %
|
|
|
|
$ 173,127
|
|
3.20 %
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
3.07 %
|
|
|
|
|
|
3.36 %
|
|
|
|
|
|
|
|
Loan purchase
accounting accretion (3)
|
|
|
|
$ 4,908
|
|
0.10 %
|
|
|
|
$ 2,636
|
|
0.06 %
|
|
|
|
|
|
|
|
|
|
(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 above, and the related
impact to net interest margin.
|
Nicolet Bankshares,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Financial Measures (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the Three
Months Ended
|
|
At or for the Nine
Months Ended
|
(In thousands, except
per share data)
|
|
9/30/2023
|
|
6/30/2023
|
|
3/31/2023
|
|
12/31/2022
|
|
9/30/2022
|
|
9/30/2023
|
|
9/30/2022
|
Adjusted net income
(loss) reconciliation: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
(GAAP)
|
|
$
17,158
|
|
$
22,595
|
|
$
(8,898)
|
|
$
27,601
|
|
$
18,510
|
|
$
30,855
|
|
$
66,659
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision expense
(2)
|
|
—
|
|
—
|
|
2,340
|
|
—
|
|
8,000
|
|
2,340
|
|
8,000
|
Assets (gains) losses,
net
|
|
(31)
|
|
318
|
|
38,468
|
|
(260)
|
|
46
|
|
38,755
|
|
(2,870)
|
Merger-related
expense
|
|
—
|
|
26
|
|
163
|
|
492
|
|
519
|
|
189
|
|
1,172
|
Adjustments
subtotal
|
|
(31)
|
|
344
|
|
40,971
|
|
232
|
|
8,565
|
|
41,284
|
|
6,302
|
Tax on Adjustments
(3)
|
|
(6)
|
|
86
|
|
10,243
|
|
58
|
|
2,141
|
|
8,050
|
|
1,576
|
Tax - Wisconsin
Tax Law Change
|
|
6,151
|
|
—
|
|
—
|
|
—
|
|
—
|
|
9,118
|
|
—
|
Adjusted net income
(Non-GAAP)
|
|
$
23,284
|
|
$
22,853
|
|
$
21,830
|
|
$
27,775
|
|
$
24,934
|
|
$
73,207
|
|
$
71,386
|
Diluted earnings
(loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss)
per common share (GAAP)
|
|
$
1.14
|
|
$
1.51
|
|
$
(0.61)
|
|
$
1.83
|
|
$
1.29
|
|
$
2.05
|
|
$
4.72
|
Adjusted Diluted
earnings per common share (Non-GAAP)
|
|
$
1.54
|
|
$
1.53
|
|
$
1.45
|
|
$
1.84
|
|
$
1.74
|
|
$
4.87
|
|
$
5.05
|
Tangible assets:
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ 8,416,162
|
|
$ 8,482,628
|
|
$ 8,192,354
|
|
$ 8,763,969
|
|
$ 8,895,916
|
|
|
|
|
Goodwill and other
intangibles, net
|
|
396,208
|
|
398,194
|
|
400,277
|
|
402,438
|
|
407,117
|
|
|
|
|
Tangible
assets
|
|
$ 8,019,954
|
|
$ 8,084,434
|
|
$ 7,792,077
|
|
$ 8,361,531
|
|
$ 8,488,799
|
|
|
|
|
Tangible common
equity: (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
(common)
|
|
$
974,461
|
|
$
977,638
|
|
$
961,792
|
|
$
972,529
|
|
$
938,463
|
|
|
|
|
Goodwill and other
intangibles, net
|
|
396,208
|
|
398,194
|
|
400,277
|
|
402,438
|
|
407,117
|
|
|
|
|
Tangible common
equity
|
|
$
578,253
|
|
$
579,444
|
|
$
561,515
|
|
$
570,091
|
|
$
531,346
|
|
|
|
|
Tangible average
common equity: (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average stockholders'
equity (common)
|
|
$
983,133
|
|
$
967,142
|
|
$
970,108
|
|
$
954,970
|
|
$
890,205
|
|
$
973,509
|
|
$
863,272
|
Average goodwill and
other intangibles, net
|
|
397,052
|
|
399,080
|
|
401,212
|
|
403,243
|
|
363,211
|
|
399,100
|
|
346,488
|
Average tangible
common equity
|
|
$
586,081
|
|
$
568,062
|
|
$
568,896
|
|
$
551,727
|
|
$
526,994
|
|
$
574,409
|
|
$
516,784
|
|
Note: Numbers may not
sum due to rounding.
|
(1)
|
The adjusted net income
measure and related reconciliation provide information useful to
investors in understanding the operating performance and trends
of Nicolet and also to aid investors in the comparison of
Nicolet's financial performance to the financial performance of
peer banks.
|
(2)
|
Provision expense for
2023 is attributable to the expected loss on our investment in
Signature Bank sub debt, and the provision expense for 2022 is
attributable to the Day 2 allowance from the acquisition
of Charter Bankshares, Inc.
|
(3)
|
The effective tax rate
for periods prior to the July 1, 2023, effective date of the
Wisconsin tax law change assumed an effective tax rate of 25%, and
periods subsequent to the effective date assumed an effective tax
rate of 19.5%.
|
(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 original content to download
multimedia:https://www.prnewswire.com/news-releases/nicolet-bankshares-inc-announces-third-quarter-2023-results-301966430.html
SOURCE Nicolet Bankshares, Inc.