GREEN BAY, Wis., Oct. 19, 2021 /PRNewswire/ -- Nicolet
Bankshares, Inc. (NASDAQ: NCBS) ("Nicolet") announced third quarter
2021 net income of $7.8 million and
earnings per diluted common share of $0.73, compared to $18.3
million and $1.77 for second
quarter 2021, and $18.1 million and
$1.72 for third quarter 2020,
respectively. Annualized quarterly return on average assets
was 0.59%, 1.62% and 1.55%, for third quarter 2021, second quarter
2021 and third quarter 2020, respectively.
Net income for the nine months ended September 30, 2021 was $44.3 million and earnings per diluted common
share was $4.22, compared to net
income of $42.1 million and earnings
per diluted common share of $3.97 for
the first nine months of 2020. Annualized return on average
assets was 1.24% and 1.35% for the first nine months of 2021 and
2020, respectively.
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
$92 million.
"We fully expected this to be a noisy quarter from a financial
perspective with the closing of the Mackinac acquisition, and the financial
results certainly proved that to be true. However, we view
our acquisitions as long-term investments in the Nicolet franchise,
which helps dampen some of the noise. Our integration team
delivered another solid performance of combining two banks.
We are especially pleased with the core performance of the bank
this quarter. Our people did a great job of serving our
customers without being distracted by the Mackinac integration. We remain focused
on introducing our brand to new communities, introducing our
culture to new employees, and operating an outstanding community
bank," said Mike Daniels, President
and CEO of Nicolet.
"Our organic loan growth is pacing at 7.5% annualized, and
continues to stay ahead of our PPP forgiveness activity. Our
credit metrics, including the addition of Mackinac, remain pristine and reflective of
our strong credit culture," Daniels said. "We continue to
focus on capital management, and although we were out of the market
for about half of the quarter due to our M&A activity and
related shareholder meetings, we repurchased $17.1 million or 233,594 of our shares
through our repurchase program."
"The merger, while an exciting part of our business model,
created some disruption in our reported earnings performance;
however, internally we continue to measure and monitor these
results to make sure we are remaining true to our commitment to
provide superior shareholder return," commented Bob Atwell, Executive Chairman of
Nicolet.
Balance Sheet Review
At September 30, 2021,
period end assets were $6.4 billion, an increase of
$1.8 billion (40%) from June 30, 2021, largely due to the acquisition of
Mackinac, which added $1.5 billion of assets at acquisition.
Total loans increased $0.7 billion from June 30, 2021, with
Mackinac adding loans of
$0.9 billion at acquisition, partly
offset by the transfer of $0.2
billion of loans to other assets held for sale in
anticipation of the previously announced sale of the Birmingham, Michigan branch. Total
deposits of $5.4 billion at September
30, 2021, increased $1.5
billion (38%) from June 30, 2021, largely due to the
acquisition of Mackinac. Total capital was $729 million
at September 30, 2021, an increase of
$170 million since June 30, 2021, mostly due to the
acquisition of Mackinac. For the
quarter ended September 30, 2021,
Nicolet repurchased 233,594 shares at a total cost of $17.1 million, or an average per share cost
of $73.31.
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 $9.8 million was accreted in the first nine
months of 2021. At September 30,
2021, the net carrying value of all remaining PPP loans was
$72 million (2% of total loans), a
$78 million decrease from
June 30, 2021, with the $28
million added from the Mackinac acquisition more than offset by
continued loan forgiveness.
Asset Quality
Nonperforming assets were $21 million at September
30, consisting of $17 million
of nonaccrual loans and $4 million of
other real estate owned (primarily closed bank branch properties
yet to be sold), and representing 0.33% of total assets, compared
to $10 million or 0.21% at
June 30, 2021, and $12 million
or 0.25% at September 30, 2020.
Since the prior quarter, the allowance for credit losses-loans
increased $6 million to $38 million, mostly due to the Day 2 allowance
increase from the acquisition of Mackinac. At September 30, 2021, the allowance represented
1.09% of total loans.
Income Statement Review
Net income for third quarter
2021 was $7.8 million, compared to
net income of $18.3 million for
second quarter 2021 and net income of $18.1
million for third quarter 2020.
Net interest income was $35.2
million for third quarter 2021, $0.4
million (1%) lower than $35.6
million for second quarter 2021, comprised of $0.4 million higher interest income more than
offset by $0.8 million higher
interest expense. Between the sequential quarters, the lower
net interest income included favorable volume variances (up
$1.8 million) and one additional
earning day (up $0.3 million), offset
by unfavorable rate changes (down $2.5
million).
Average interest-earning assets of $4.7
billion were up $625 million from second quarter 2021,
with higher average loans (up $207
million, mostly timing of the Mackinac acquisition) and continued growth in
other interest-earning assets (up $344
million, mostly cash), resulting in a shift in the mix of
average interest-earning assets to lower yielding assets.
Other interest-earning assets increased to 22% of total
interest-earning assets for third quarter 2021 (compared to 17% for
second quarter 2021), while the percentage of loans declined to
represent 65% of total interest-earning assets for third quarter
2021 (compared to 70% in the prior quarter). Average
interest-bearing liabilities of $3.1
billion increased $408 million from second quarter
2021, with higher average interest-bearing deposits (up
$308 million, mostly timing of the
Mackinac acquisition) and an
increase in other interest-bearing liabilities (up $100 million due to the subordinated notes
issuance in July).
The net interest margin for third quarter 2021 was 2.94%, down
51bps from 3.45% for second quarter 2021. The yield on
interest-earning assets decreased 48bps (to 3.24%), mostly due to
the change in mix of interest-earnings assets, including a higher
proportion of lower yielding cash assets, continued PPP loan
forgiveness, and lower yield on all other loans (down 13bps from
the prior quarter, pressured by new or renewed loans in the low
rate environment). The cost of funds increased 5bps (to
0.46%) for third quarter 2021, attributable mainly to the
$100 million subordinated notes
issued in July.
Noninterest income was $14.0
million for third quarter 2021, down $6.2 million (31%) compared to second quarter
2021. Excluding net asset gains (losses), noninterest income was
$15.2 million, down $0.8 million (5%) from second quarter 2021.
Net mortgage income of $4.8 million
remains strong, though continues to slow from the record levels
experienced in 2020. Trust services fee income and brokerage fee
income combined increased $0.3
million (6%) over second quarter 2021. Net asset
losses were $1.2 million (comprised
primarily of market losses on an equity investment), compared to
net asset gains of $4.2 million in
second quarter 2021 (comprised primarily of market gains on the
same equity investment's initial public offering during the
quarter). All remaining noninterest income categories combined
decreased $0.3 million from second
quarter 2021 largely due to the favorable resolution of an early
lease termination in the prior quarter.
Noninterest expense of $33.1
million increased $2.3 million
(8%) from second quarter 2021. Personnel expense decreased
$0.2 million (1%) from second quarter
2021, while all non-personnel expenses combined increased
$2.5 million (18%) over second
quarter 2021. The increase in non-personnel expenses was
largely due to higher merger-related expense, a $0.9 million impairment charge for the previously
announced closure of five legacy Nicolet branches, and a larger
operating base, partly offset by a $2
million contract termination charge incurred in second
quarter.
On June 22, 2021, we entered into
a definitive merger agreement with County Bancorp, Inc. ("County"
(NASDAQ: ICBK)) pursuant to which County will merge with and into
Nicolet, to become the premier agriculture lender throughout
Wisconsin. Pursuant to the terms and subject to the
conditions set forth in the Merger Agreement, County shareholders
will have the right to receive for each share of County common
stock, at the election of each holder and subject to proration,
either $37.18 in cash or 0.48 shares
of Nicolet common stock. County shareholder elections will be
prorated to ensure the total consideration will consist of
approximately 20% cash and approximately 80% common stock. At
June 30, 2021, County had total
assets of $1.5 billion, loans of
$1.0 billion, deposits of
$1.1 billion and equity of
$175 million. As of
September 7, 2021, Nicolet had
received all regulatory approvals for the County merger. On
October 5, 2021, the shareholders of
both County and Nicolet approved the merger at special meetings of
their respective shareholders held on that date. Nicolet expects to
close the merger on December 3, 2021,
subject to customary closing conditions.
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 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.
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 our continuing organic loan growth, as
well as certain plans, expectations, goals, projections and
benefits relating to the September
2021 merger of Mackinac
into Nicolet and the proposed merger between Nicolet and County,
all of which are 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, including but not
limited to risks and uncertainties for Nicolet with respect to its
completed merger with Mackinac and
its proposed merger with County, 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 either or both of the mergers will not be realized or
will not be realized within the expected time period; (2) the risk
that integration of Mackinac's
operations and/or County's operations with those of Nicolet will be
materially delayed or will be more costly or difficult than
expected; (3) the inability of Nicolet and/or County to meet
expectations regarding the timing of their proposed merger; (4)
changes to tax legislation and their potential effects on the
accounting for the mergers; (5) the failure of Nicolet and/or
County to satisfy any remaining conditions to completion of their
proposed merger; (6) the failure of the proposed merger with County
to close for any other reason; (7) diversion of management's
attention from ongoing business operations and opportunities due to
the completed merger with Mackinac
and the proposed merger with County; (8) the challenges of
integrating and retaining key employees of Nicolet, including those
who joined Nicolet from Mackinac,
as well as key employees of County; (9) the effect of the
announcements and completion of the mergers on Nicolet's,
Mackinac's, County's, and/or the
combined companies' respective customer and employee relationships
and operating results; (10) the possibility that the Mackinac integration, as well as the proposed
merger with and integration of County, may be more expensive and
time-consuming to complete than anticipated, including as a result
of unexpected factors or events; (11) dilution caused by Nicolet's
issuance of additional shares of Nicolet common stock in connection
with the completed merger with Mackinac and the proposed merger with County;
(12) the magnitude and duration of the COVID pandemic and its
impact on the global economy and financial market conditions and
the business, results of operations and financial condition of
Nicolet, County, and the combined company; (13) changes in consumer
demand for financial services; and (14) general competitive,
economic, political and market conditions and fluctuations.
Please refer to each of Nicolet's, Mackinac's, and County's Annual Report on Form
10-K for the year ended December 31,
2020, as well as their 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.
Important Information for Investors
This communication
relates to the proposed merger transaction involving Nicolet and
County. In connection with the proposed merger, Nicolet has filed a
joint proxy statement-prospectus on Form S-4 and other relevant
documents concerning the merger with the Securities and Exchange
Commission (the "SEC"). BEFORE MAKING ANY INVESTMENT DECISION,
INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT-PROSPECTUS
AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN
CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY REFERENCE IN
THE JOINT PROXY STATEMENT-PROSPECTUS BECAUSE THEY CONTAIN OR WILL
CONTAIN IMPORTANT INFORMATION ABOUT NICOLET, COUNTY, AND THE
PROPOSED MERGER. Investors may obtain copies of the joint proxy
statement-prospectus and other relevant documents free of charge at
the SEC's website (www.sec.gov). Copies of the documents filed with
the SEC by Nicolet are available free of charge on Nicolet's
website at www.nicoletbank.com. Copies of the documents filed with
the SEC by County are available free of charge on County's website
at Investors.ICBK.com/documents.
No Offer or Solicitation
This communication shall not
constitute an offer to sell or the solicitation of an offer to sell
or the solicitation of an offer to buy any securities, nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. No offer of securities shall be made except by means
of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
Nicolet
Bankshares, Inc.
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Balance Sheets (Unaudited)
|
|
|
|
|
|
|
|
|
At or for the
Three Months Ended
|
|
|
09/30/2021
|
|
06/30/2021
|
|
03/31/2021
|
|
12/31/2020
|
|
09/30/2020
|
(In thousands, except
share data)
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
217,608
|
|
|
$
|
77,634
|
|
|
$
|
61,295
|
|
|
$
|
88,460
|
|
|
$
|
67,922
|
|
Interest-earning
deposits
|
|
1,132,997
|
|
|
714,772
|
|
|
674,559
|
|
|
714,399
|
|
|
785,642
|
|
Cash and cash
equivalents
|
|
1,350,605
|
|
|
792,406
|
|
|
735,854
|
|
|
802,859
|
|
|
853,564
|
|
Certificates of
deposit in other banks
|
|
24,079
|
|
|
23,387
|
|
|
27,296
|
|
|
29,521
|
|
|
32,969
|
|
Securities available
for sale, at fair value
|
|
715,942
|
|
|
562,028
|
|
|
558,229
|
|
|
539,337
|
|
|
535,351
|
|
Securities held to
maturity, at amortized cost
|
|
49,063
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
investments
|
|
38,602
|
|
|
33,440
|
|
|
28,248
|
|
|
27,619
|
|
|
26,636
|
|
Loans held for
sale
|
|
16,784
|
|
|
11,235
|
|
|
16,883
|
|
|
21,450
|
|
|
8,384
|
|
Other assets held for
sale
|
|
177,627
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Loans
|
|
3,533,198
|
|
|
2,820,331
|
|
|
2,846,351
|
|
|
2,789,101
|
|
|
2,908,793
|
|
Allowance for credit
losses - loans
|
|
(38,399)
|
|
|
(32,561)
|
|
|
(32,626)
|
|
|
(32,173)
|
|
|
(31,388)
|
|
Loans, net
|
|
3,494,799
|
|
|
2,787,770
|
|
|
2,813,725
|
|
|
2,756,928
|
|
|
2,877,405
|
|
Premises and
equipment, net
|
|
83,513
|
|
|
61,618
|
|
|
59,413
|
|
|
59,944
|
|
|
64,184
|
|
Bank owned life
insurance ("BOLI")
|
|
100,690
|
|
|
84,347
|
|
|
83,788
|
|
|
83,262
|
|
|
82,905
|
|
Goodwill and other
intangibles, net
|
|
269,954
|
|
|
173,711
|
|
|
174,501
|
|
|
175,353
|
|
|
176,213
|
|
Accrued interest
receivable and other assets
|
|
86,162
|
|
|
57,405
|
|
|
45,867
|
|
|
55,516
|
|
|
48,764
|
|
Total
assets
|
|
$
|
6,407,820
|
|
|
$
|
4,587,347
|
|
|
$
|
4,543,804
|
|
|
$
|
4,551,789
|
|
|
$
|
4,706,375
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
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|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
|
$
|
1,852,119
|
|
|
$
|
1,324,994
|
|
|
$
|
1,216,477
|
|
|
$
|
1,212,787
|
|
|
$
|
1,135,384
|
|
Interest-bearing
deposits
|
|
3,576,655
|
|
|
2,614,028
|
|
|
2,684,117
|
|
|
2,697,612
|
|
|
2,577,424
|
|
Total
deposits
|
|
5,428,774
|
|
|
3,939,022
|
|
|
3,900,594
|
|
|
3,910,399
|
|
|
3,712,808
|
|
Short-term
borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Long-term
borrowings
|
|
144,233
|
|
|
45,108
|
|
|
43,988
|
|
|
53,869
|
|
|
405,826
|
|
Other liabilities
held for sale
|
|
47,496
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Accrued interest
payable and other liabilities
|
|
58,039
|
|
|
43,822
|
|
|
49,176
|
|
|
48,332
|
|
|
48,872
|
|
Total
liabilities
|
|
5,678,542
|
|
|
4,027,952
|
|
|
3,993,758
|
|
|
4,012,600
|
|
|
4,167,506
|
|
Stockholders'
Equity:
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
|
120
|
|
|
98
|
|
|
100
|
|
|
100
|
|
|
102
|
|
Additional paid-in
capital
|
|
425,367
|
|
|
261,096
|
|
|
271,388
|
|
|
273,390
|
|
|
289,536
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|
Retained
earnings
|
|
297,299
|
|
|
289,475
|
|
|
271,191
|
|
|
252,952
|
|
|
234,965
|
|
Accumulated other
comprehensive income (loss)
|
|
6,492
|
|
|
8,726
|
|
|
7,367
|
|
|
12,747
|
|
|
13,465
|
|
Total Nicolet
stockholders' equity
|
|
729,278
|
|
|
559,395
|
|
|
550,046
|
|
|
539,189
|
|
|
538,068
|
|
Noncontrolling
interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
801
|
|
Total liabilities,
noncontrolling interest, and stockholders'
equity
|
|
$
|
6,407,820
|
|
|
$
|
4,587,347
|
|
|
$
|
4,543,804
|
|
|
$
|
4,551,789
|
|
|
$
|
4,706,375
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
|
11,952,438
|
|
|
9,843,141
|
|
|
9,987,897
|
|
|
10,011,342
|
|
|
10,196,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nicolet
Bankshares, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Statements of Income (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the
Three Months Ended
|
|
At or for the Nine
Months Ended
|
|
|
09/30/2021
|
|
06/30/2021
|
|
03/31/2021
|
|
12/31/2020
|
|
09/30/2020
|
|
9/30/2021
|
|
9/30/2020
|
(In thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including loan
fees
|
|
$
|
35,294
|
|
|
$
|
35,111
|
|
|
$
|
33,862
|
|
|
$
|
34,781
|
|
|
$
|
34,047
|
|
|
$
|
104,267
|
|
|
$
|
101,591
|
|
Taxable investment
securities
|
|
2,061
|
|
|
2,060
|
|
|
1,814
|
|
|
2,003
|
|
|
2,001
|
|
|
5,935
|
|
|
6,115
|
|
Tax-exempt investment
securities
|
|
517
|
|
|
520
|
|
|
545
|
|
|
559
|
|
|
542
|
|
|
1,582
|
|
|
1,542
|
|
Other interest
income
|
|
869
|
|
|
616
|
|
|
655
|
|
|
694
|
|
|
680
|
|
|
2,140
|
|
|
1,917
|
|
Total interest
income
|
|
38,741
|
|
|
38,307
|
|
|
36,876
|
|
|
38,037
|
|
|
37,270
|
|
|
113,924
|
|
|
111,165
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
2,444
|
|
|
2,433
|
|
|
2,922
|
|
|
3,445
|
|
|
3,784
|
|
|
7,799
|
|
|
13,196
|
|
Short-term
borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
65
|
|
Long-term
borrowings
|
|
1,113
|
|
|
303
|
|
|
313
|
|
|
573
|
|
|
926
|
|
|
1,729
|
|
|
2,584
|
|
Total interest
expense
|
|
3,557
|
|
|
2,736
|
|
|
3,235
|
|
|
4,019
|
|
|
4,710
|
|
|
9,528
|
|
|
15,845
|
|
Net interest
income
|
|
35,184
|
|
|
35,571
|
|
|
33,641
|
|
|
34,018
|
|
|
32,560
|
|
|
104,396
|
|
|
95,320
|
|
Provision for credit
losses
|
|
6,000
|
|
|
—
|
|
|
500
|
|
|
1,300
|
|
|
3,000
|
|
|
6,500
|
|
|
9,000
|
|
Net interest income
after provision for credit losses
|
|
29,184
|
|
|
35,571
|
|
|
33,141
|
|
|
32,718
|
|
|
29,560
|
|
|
97,896
|
|
|
86,320
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust services fee
income
|
|
2,043
|
|
|
1,906
|
|
|
1,775
|
|
|
1,746
|
|
|
1,628
|
|
|
5,724
|
|
|
4,717
|
|
Brokerage fee
income
|
|
3,154
|
|
|
2,991
|
|
|
2,793
|
|
|
2,673
|
|
|
2,489
|
|
|
8,938
|
|
|
7,080
|
|
Mortgage income,
net
|
|
4,808
|
|
|
5,599
|
|
|
7,230
|
|
|
7,842
|
|
|
9,675
|
|
|
17,637
|
|
|
21,965
|
|
Service charges on
deposit accounts
|
|
1,314
|
|
|
1,136
|
|
|
1,091
|
|
|
1,133
|
|
|
1,037
|
|
|
3,541
|
|
|
3,075
|
|
Card interchange
income
|
|
2,299
|
|
|
2,266
|
|
|
1,927
|
|
|
1,922
|
|
|
1,877
|
|
|
6,492
|
|
|
5,076
|
|
BOLI
income
|
|
572
|
|
|
559
|
|
|
527
|
|
|
936
|
|
|
531
|
|
|
1,658
|
|
|
1,774
|
|
Asset gains (losses),
net
|
|
(1,187)
|
|
|
4,192
|
|
|
711
|
|
|
(620)
|
|
|
217
|
|
|
3,716
|
|
|
(1,185)
|
|
Other noninterest
income
|
|
993
|
|
|
1,529
|
|
|
1,072
|
|
|
1,247
|
|
|
1,237
|
|
|
3,594
|
|
|
3,245
|
|
Total noninterest
income
|
|
13,996
|
|
|
20,178
|
|
|
17,126
|
|
|
16,879
|
|
|
18,691
|
|
|
51,300
|
|
|
45,747
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
expense
|
|
16,927
|
|
|
17,084
|
|
|
15,116
|
|
|
15,244
|
|
|
14,072
|
|
|
49,127
|
|
|
41,877
|
|
Occupancy, equipment
and office
|
|
5,749
|
|
|
4,053
|
|
|
4,137
|
|
|
4,102
|
|
|
4,051
|
|
|
13,939
|
|
|
12,616
|
|
Business development
and marketing
|
|
1,654
|
|
|
1,210
|
|
|
989
|
|
|
713
|
|
|
810
|
|
|
3,853
|
|
|
4,683
|
|
Data
processing
|
|
2,939
|
|
|
2,811
|
|
|
2,658
|
|
|
2,921
|
|
|
2,612
|
|
|
8,408
|
|
|
7,574
|
|
Intangibles
amortization
|
|
758
|
|
|
790
|
|
|
852
|
|
|
860
|
|
|
834
|
|
|
2,400
|
|
|
2,707
|
|
FDIC
assessments
|
|
480
|
|
|
480
|
|
|
595
|
|
|
360
|
|
|
347
|
|
|
1,555
|
|
|
347
|
|
Merger-related
expense
|
|
2,793
|
|
|
656
|
|
|
—
|
|
|
167
|
|
|
151
|
|
|
3,449
|
|
|
853
|
|
Other noninterest
expense
|
|
1,761
|
|
|
3,663
|
|
|
1,734
|
|
|
1,000
|
|
|
808
|
|
|
7,158
|
|
|
4,695
|
|
Total noninterest
expense
|
|
33,061
|
|
|
30,747
|
|
|
26,081
|
|
|
25,367
|
|
|
23,685
|
|
|
89,889
|
|
|
75,352
|
|
Income before
income tax expense
|
|
10,119
|
|
|
25,002
|
|
|
24,186
|
|
|
24,230
|
|
|
24,566
|
|
|
59,307
|
|
|
56,715
|
|
Income tax
expense
|
|
2,295
|
|
|
6,718
|
|
|
5,947
|
|
|
6,145
|
|
|
6,434
|
|
|
14,960
|
|
|
14,331
|
|
Net
income
|
|
7,824
|
|
|
18,284
|
|
|
18,239
|
|
|
18,085
|
|
|
18,132
|
|
|
44,347
|
|
|
42,384
|
|
Net income
attributable to noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98
|
|
|
30
|
|
|
—
|
|
|
249
|
|
Net income
attributable to Nicolet
|
|
$
|
7,824
|
|
|
$
|
18,284
|
|
|
$
|
18,239
|
|
|
$
|
17,987
|
|
|
$
|
18,102
|
|
|
$
|
44,347
|
|
|
$
|
42,135
|
|
Earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.75
|
|
|
$
|
1.85
|
|
|
$
|
1.82
|
|
|
$
|
1.79
|
|
|
$
|
1.75
|
|
|
$
|
4.39
|
|
|
$
|
4.04
|
|
Diluted
|
|
$
|
0.73
|
|
|
$
|
1.77
|
|
|
$
|
1.75
|
|
|
$
|
1.74
|
|
|
$
|
1.72
|
|
|
$
|
4.22
|
|
|
$
|
3.97
|
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted
average
|
|
10,392
|
|
|
9,902
|
|
|
9,998
|
|
|
10,074
|
|
|
10,349
|
|
|
10,098
|
|
|
10,426
|
|
Diluted weighted
average
|
|
10,776
|
|
|
10,326
|
|
|
10,403
|
|
|
10,350
|
|
|
10,499
|
|
|
10,503
|
|
|
10,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nicolet
Bankshares, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Financial Summary (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the
Three Months Ended
|
|
At or for the Nine
Months Ended
|
|
|
09/30/2021
|
|
6/30/2021
|
|
3/31/2021
|
|
12/31/2020
|
|
9/30/2020
|
|
9/30/2021
|
|
9/30/2020
|
(In thousands, except
share & per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Average
Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
3,076,422
|
|
|
$
|
2,869,105
|
|
|
$
|
2,825,664
|
|
|
$
|
2,868,827
|
|
|
$
|
2,871,256
|
|
|
$
|
2,924,648
|
|
|
$
|
2,760,309
|
|
Investment
securities
|
|
611,870
|
|
|
537,632
|
|
|
528,342
|
|
|
520,867
|
|
|
496,153
|
|
|
559,588
|
|
|
479,916
|
|
Interest-earning
assets
|
|
4,734,768
|
|
|
4,109,394
|
|
|
4,089,603
|
|
|
4,091,460
|
|
|
4,216,106
|
|
|
4,313,618
|
|
|
3,768,676
|
|
Cash and cash
equivalents
|
|
1,100,153
|
|
|
716,873
|
|
|
750,075
|
|
|
714,031
|
|
|
864,295
|
|
|
856,983
|
|
|
540,552
|
|
Goodwill and other
intangibles, net
|
|
201,748
|
|
|
174,026
|
|
|
174,825
|
|
|
175,678
|
|
|
169,353
|
|
|
183,632
|
|
|
166,493
|
|
Total
assets
|
|
5,246,193
|
|
|
4,527,839
|
|
|
4,514,927
|
|
|
4,515,226
|
|
|
4,633,359
|
|
|
4,765,665
|
|
|
4,167,902
|
|
Deposits
|
|
4,448,468
|
|
|
3,897,797
|
|
|
3,875,205
|
|
|
3,793,430
|
|
|
3,636,260
|
|
|
4,075,923
|
|
|
3,320,994
|
|
Interest-bearing
liabilities
|
|
3,093,031
|
|
|
2,684,871
|
|
|
2,764,232
|
|
|
2,744,578
|
|
|
2,933,737
|
|
|
2,848,583
|
|
|
2,632,280
|
|
Stockholders' equity
(common)
|
|
608,946
|
|
|
550,974
|
|
|
544,541
|
|
|
537,920
|
|
|
537,826
|
|
|
568,390
|
|
|
523,904
|
|
Selected Ratios:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share
|
|
$
|
61.01
|
|
|
$
|
56.83
|
|
|
$
|
55.07
|
|
|
$
|
53.86
|
|
|
$
|
52.77
|
|
|
$
|
61.01
|
|
|
$
|
52.77
|
|
Tangible book value
per common share (2)
|
|
$
|
38.43
|
|
|
$
|
39.18
|
|
|
$
|
37.60
|
|
|
$
|
36.34
|
|
|
$
|
35.49
|
|
|
$
|
38.43
|
|
|
$
|
35.49
|
|
Return on average
assets
|
|
0.59
|
%
|
|
1.62
|
%
|
|
1.64
|
%
|
|
1.58
|
%
|
|
1.55
|
%
|
|
1.24
|
%
|
|
1.35
|
%
|
Return on average
common equity
|
|
5.10
|
|
|
13.31
|
|
|
13.58
|
|
|
13.30
|
|
|
13.39
|
|
|
10.43
|
|
|
10.74
|
|
Return on average
tangible common equity (2)
|
|
7.62
|
|
|
19.46
|
|
|
20.01
|
|
|
19.75
|
|
|
19.54
|
|
|
15.41
|
|
|
15.75
|
|
Average equity to
average assets
|
|
11.61
|
|
|
12.17
|
|
|
12.06
|
|
|
11.91
|
|
|
11.61
|
|
|
11.93
|
|
|
12.57
|
|
Stockholders' equity
to assets
|
|
11.38
|
|
|
12.19
|
|
|
12.11
|
|
|
11.85
|
|
|
11.43
|
|
|
11.38
|
|
|
11.43
|
|
Tangible common
equity to tangible assets (2)
|
|
7.48
|
|
|
8.74
|
|
|
8.60
|
|
|
8.31
|
|
|
7.99
|
|
|
7.48
|
|
|
7.99
|
|
Net interest
margin
|
|
2.94
|
|
|
3.45
|
|
|
3.31
|
|
|
3.29
|
|
|
3.06
|
|
|
3.22
|
|
|
3.35
|
|
Efficiency
ratio
|
|
65.32
|
|
|
59.37
|
|
|
51.84
|
|
|
48.99
|
|
|
46.18
|
|
|
58.86
|
|
|
52.71
|
|
Effective tax
rate
|
|
22.68
|
|
|
26.87
|
|
|
24.59
|
|
|
25.36
|
|
|
26.19
|
|
|
25.22
|
|
|
25.27
|
|
Selected Asset
Quality Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
16,715
|
|
|
$
|
6,932
|
|
|
$
|
8,965
|
|
|
$
|
9,455
|
|
|
$
|
10,997
|
|
|
$
|
16,715
|
|
|
$
|
10,997
|
|
Other real estate
owned
|
|
4,469
|
|
|
2,895
|
|
|
3,797
|
|
|
3,608
|
|
|
1,000
|
|
|
4,469
|
|
|
1,000
|
|
Nonperforming
assets
|
|
$
|
21,184
|
|
|
$
|
9,827
|
|
|
$
|
12,762
|
|
|
$
|
13,063
|
|
|
$
|
11,997
|
|
|
$
|
21,184
|
|
|
$
|
11,997
|
|
Net loan charge-offs
(recoveries)
|
|
$
|
58
|
|
|
$
|
65
|
|
|
$
|
47
|
|
|
$
|
515
|
|
|
$
|
743
|
|
|
$
|
170
|
|
|
$
|
869
|
|
Allowance for credit
losses-loans to loans
|
|
1.09
|
%
|
|
1.15
|
%
|
|
1.15
|
%
|
|
1.15
|
%
|
|
1.08
|
%
|
|
1.09
|
%
|
|
1.08
|
%
|
Net loan charge-offs
to average loans (1)
|
|
0.01
|
|
|
0.01
|
|
|
0.01
|
|
|
0.07
|
|
|
0.10
|
|
|
0.01
|
|
|
0.04
|
|
Nonperforming loans
to total loans
|
|
0.47
|
|
|
0.25
|
|
|
0.31
|
|
|
0.34
|
|
|
0.38
|
|
|
0.47
|
|
|
0.38
|
|
Nonperforming assets
to total assets
|
|
0.33
|
|
|
0.21
|
|
|
0.28
|
|
|
0.29
|
|
|
0.25
|
|
|
0.33
|
|
|
0.25
|
|
Stock Repurchase
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
repurchased (dollars) (3)
|
|
$
|
17,125
|
|
|
$
|
12,453
|
|
|
$
|
4,102
|
|
|
$
|
12,909
|
|
|
$
|
13,732
|
|
|
$
|
33,680
|
|
|
$
|
27,635
|
|
Common stock
repurchased (full shares) (3)
|
|
233,594
|
|
|
157,418
|
|
|
56,886
|
|
|
205,001
|
|
|
234.914
|
|
|
447,898
|
|
|
441,747
|
|
Non-GAAP Financial
Measures: (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
6,407,820
|
|
|
$
|
4,587,347
|
|
|
$
|
4,543,804
|
|
|
$
|
4,551,789
|
|
|
$
|
4,706,375
|
|
|
|
|
|
Goodwill and other
intangibles, net
|
|
269,954
|
|
|
173,711
|
|
|
174,501
|
|
|
175,353
|
|
|
176,213
|
|
|
|
|
|
Tangible
assets
|
|
$
|
6,137,866
|
|
|
$
|
4,413,636
|
|
|
$
|
4,369,303
|
|
|
$
|
4,376,436
|
|
|
$
|
4,530,162
|
|
|
|
|
|
Stockholders'
equity
|
|
$
|
729,278
|
|
|
$
|
559,395
|
|
|
$
|
550,046
|
|
|
$
|
539,189
|
|
|
$
|
538,068
|
|
|
|
|
|
Goodwill and other
intangibles, net
|
|
269,954
|
|
|
173,711
|
|
|
174,501
|
|
|
175,353
|
|
|
176,213
|
|
|
|
|
|
Tangible common
equity
|
|
$
|
459,324
|
|
|
$
|
385,684
|
|
|
$
|
375,545
|
|
|
$
|
363,836
|
|
|
$
|
361,855
|
|
|
|
|
|
Average stockholders'
equity (common)
|
|
$
|
608,946
|
|
|
$
|
550,974
|
|
|
$
|
544,541
|
|
|
$
|
537,920
|
|
|
$
|
537,826
|
|
|
$
|
568,390
|
|
|
$
|
523,904
|
|
Average goodwill and
other intangibles, net
|
|
201,748
|
|
|
174,026
|
|
|
174,825
|
|
|
175,678
|
|
|
169,353
|
|
|
183,632
|
|
|
166,493
|
|
Average tangible
common equity
|
|
$
|
407,198
|
|
|
$
|
376,948
|
|
|
$
|
369,716
|
|
|
$
|
362,242
|
|
|
$
|
368,473
|
|
|
$
|
384,758
|
|
|
$
|
357,411
|
|
|
|
1
|
Income
statement-related ratios for partial-year periods are
annualized.
|
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. See section Non-GAAP Financial Measures 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
|
|
|
|
September 30,
2021
|
|
June 30,
2021
|
|
September 30,
2020
|
|
|
|
Average
|
|
|
|
Average
|
|
Average
|
|
|
|
Average
|
|
Average
|
|
|
|
Average
|
|
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP loans
|
|
$
|
109,318
|
|
|
$
|
2,310
|
|
|
8.27
|
%
|
|
$
|
205,639
|
|
|
$
|
4,862
|
|
|
9.35
|
%
|
|
$
|
332,816
|
|
|
$
|
2,477
|
|
|
2.91
|
%
|
|
Total loans ex
PPP
|
|
2,967,104
|
|
|
33,001
|
|
|
4.37
|
%
|
|
2,663,466
|
|
|
30,267
|
|
|
4.50
|
%
|
|
2,538,440
|
|
|
31,598
|
|
|
4.89
|
%
|
|
Total loans (1)
(2)
|
|
3,076,422
|
|
|
35,311
|
|
|
4.51
|
%
|
|
2,869,105
|
|
|
35,129
|
|
|
4.85
|
%
|
|
2,871,256
|
|
|
34,075
|
|
|
4.66
|
%
|
|
Investment securities
(2)
|
|
611,870
|
|
|
2,805
|
|
|
1.83
|
%
|
|
537,632
|
|
|
2,794
|
|
|
2.08
|
%
|
|
496,153
|
|
|
2,764
|
|
|
2.23
|
%
|
|
Other
interest-earning assets
|
|
1,046,476
|
|
|
869
|
|
|
0.33
|
%
|
|
702,657
|
|
|
616
|
|
|
0.35
|
%
|
|
848,697
|
|
|
680
|
|
|
0.32
|
%
|
|
Total interest-earning
assets
|
|
4,734,768
|
|
|
$
|
38,985
|
|
|
3.24
|
%
|
|
4,109,394
|
|
|
$
|
38,539
|
|
|
3.72
|
%
|
|
4,216,106
|
|
|
$
|
37,519
|
|
|
3.50
|
%
|
|
Other assets,
net
|
|
511,425
|
|
|
|
|
|
|
418,445
|
|
|
|
|
|
|
417,253
|
|
|
|
|
|
|
Total
assets
|
|
$
|
5,246,193
|
|
|
|
|
|
|
$
|
4,527,839
|
|
|
|
|
|
|
$
|
4,633,359
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing core
deposits
|
|
$
|
2,665,252
|
|
|
$
|
1,550
|
|
|
0.23
|
%
|
|
$
|
2,387,730
|
|
|
$
|
1,523
|
|
|
0.26
|
%
|
|
$
|
2,180,575
|
|
|
$
|
2,541
|
|
|
0.46
|
%
|
|
Brokered
deposits
|
|
284,164
|
|
|
894
|
|
|
1.25
|
%
|
|
253,816
|
|
|
910
|
|
|
1.44
|
%
|
|
336,026
|
|
|
1,243
|
|
|
1.47
|
%
|
|
Total interest-bearing
deposits
|
|
2,949,416
|
|
|
2,444
|
|
|
0.33
|
%
|
|
2,641,546
|
|
|
2,433
|
|
|
0.37
|
%
|
|
2,516,601
|
|
|
3,784
|
|
|
0.60
|
%
|
|
PPPLF
|
|
—
|
|
|
—
|
|
|
0.00
|
%
|
|
—
|
|
|
—
|
|
|
0.00
|
%
|
|
335,865
|
|
|
297
|
|
|
0.35
|
%
|
|
Other
interest-bearing liabilities
|
|
143,615
|
|
|
1,113
|
|
|
3.08
|
%
|
|
43,325
|
|
|
303
|
|
|
2.76
|
%
|
|
81,271
|
|
|
629
|
|
|
3.05
|
%
|
|
Total interest-bearing
liabilities
|
|
3,093,031
|
|
|
$
|
3,557
|
|
|
0.46
|
%
|
|
2,684,871
|
|
|
$
|
2,736
|
|
|
0.41
|
%
|
|
2,933,737
|
|
|
$
|
4,710
|
|
|
0.64
|
%
|
|
Noninterest-bearing
demand deposits
|
|
1,499,052
|
|
|
|
|
|
|
1,256,251
|
|
|
|
|
|
|
1,119,659
|
|
|
|
|
|
|
Other
liabilities
|
|
45,164
|
|
|
|
|
|
|
35,743
|
|
|
|
|
|
|
42,137
|
|
|
|
|
|
|
Stockholders'
equity
|
|
608,946
|
|
|
|
|
|
|
550,974
|
|
|
|
|
|
|
537,826
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
5,246,193
|
|
|
|
|
|
|
$
|
4,527,839
|
|
|
|
|
|
|
$
|
4,633,359
|
|
|
|
|
|
|
Net interest income
and rate spread
|
|
|
|
$
|
35,428
|
|
|
2.78
|
%
|
|
|
|
$
|
35,803
|
|
|
3.31
|
%
|
|
|
|
$
|
32,809
|
|
|
2.86
|
%
|
|
Net interest
margin
|
|
|
|
|
|
2.94
|
%
|
|
|
|
|
|
3.45
|
%
|
|
|
|
|
|
3.06
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the Nine
Months Ended
|
|
|
|
|
|
|
|
|
|
September 30,
2021
|
|
September 30,
2020
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
Average
|
|
Average
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP loans
|
|
$
|
173,463
|
|
|
$
|
11,123
|
|
|
8.46
|
%
|
|
$
|
199,662
|
|
|
$
|
4,263
|
|
|
2.80
|
%
|
|
|
|
|
|
|
|
Total loans ex
PPP
|
|
2,751,185
|
|
|
93,202
|
|
|
4.48
|
%
|
|
2,560,647
|
|
|
97,414
|
|
|
5.01
|
%
|
|
|
|
|
|
|
|
Total loans (1)
(2)
|
|
2,924,648
|
|
|
104,325
|
|
|
4.71
|
%
|
|
2,760,309
|
|
|
101,677
|
|
|
4.85
|
%
|
|
|
|
|
|
|
|
Investment securities
(2)
|
|
559,588
|
|
|
8,187
|
|
|
1.95
|
%
|
|
479,916
|
|
|
8,280
|
|
|
2.30
|
%
|
|
|
|
|
|
|
|
Other
interest-earning assets
|
|
829,382
|
|
|
2,140
|
|
|
0.34
|
%
|
|
528,451
|
|
|
1,917
|
|
|
0.48
|
%
|
|
|
|
|
|
|
|
Total interest-earning
assets
|
|
4,313,618
|
|
|
$
|
114,652
|
|
|
3.51
|
%
|
|
3,768,676
|
|
|
$
|
111,874
|
|
|
3.91
|
%
|
|
|
|
|
|
|
|
Other assets,
net
|
|
452,047
|
|
|
|
|
|
|
399,226
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
4,765,665
|
|
|
|
|
|
|
$
|
4,167,902
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing core
deposits
|
|
$
|
2,483,963
|
|
|
$
|
4,914
|
|
|
0.26
|
%
|
|
$
|
2,070,500
|
|
|
$
|
9,894
|
|
|
0.64
|
%
|
|
|
|
|
|
|
|
Brokered
deposits
|
|
284,738
|
|
|
2,885
|
|
|
1.35
|
%
|
|
279,165
|
|
|
3,302
|
|
|
1.58
|
%
|
|
|
|
|
|
|
|
Total interest-bearing
deposits
|
|
2,768,701
|
|
|
7,799
|
|
|
0.38
|
%
|
|
2,349,665
|
|
|
13,196
|
|
|
0.75
|
%
|
|
|
|
|
|
|
|
PPPLF
|
|
—
|
|
|
—
|
|
|
0.00
|
%
|
|
191,535
|
|
|
507
|
|
|
0.35
|
%
|
|
|
|
|
|
|
|
Other
interest-bearing liabilities
|
|
79,882
|
|
|
1,729
|
|
|
2.87
|
%
|
|
91,080
|
|
|
2,142
|
|
|
3.10
|
%
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
|
2,848,583
|
|
|
$
|
9,528
|
|
|
0.45
|
%
|
|
2,632,280
|
|
|
$
|
15,845
|
|
|
0.80
|
%
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
|
1,307,222
|
|
|
|
|
|
|
971,329
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
liabilities
|
|
41,470
|
|
|
|
|
|
|
40,389
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
568,390
|
|
|
|
|
|
|
523,904
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
4,765,665
|
|
|
|
|
|
|
$
|
4,167,902
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
and rate spread
|
|
|
|
$
|
105,124
|
|
|
3.06
|
%
|
|
|
|
$
|
96,029
|
|
|
3.11
|
%
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
3.22
|
%
|
|
|
|
|
|
3.35
|
%
|
|
|
|
|
|
|
|
|
|
(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.
|
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SOURCE Nicolet Bankshares, Inc.