Nicolet Bankshares Q3 2024 Financials Filed

TL;DR

Nicolet Bankshares filed its Q3 2024 10-Q, showing key financial metrics for deposits and card activity.

AI Summary

Nicolet Bankshares Inc. reported its financial results for the quarter ending September 30, 2024. The company's filing details its financial position and performance, including various asset and liability accounts. Specific figures for interest receivable, deposit accounts, and credit/debit card activities are presented for the third quarter of 2024 and comparative periods.

Why It Matters

This filing provides investors and analysts with the latest financial data for Nicolet Bankshares, crucial for understanding the company's performance and making informed investment decisions.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant risks.

Key Numbers

• 2024-09-30 — Report Date (End of the reporting period for this 10-Q filing.)
• 2024-11-01 — Filing Date (Date the 10-Q was officially submitted to the SEC.)
• 2024 Q3 — Fiscal Quarter (The specific quarter covered by this financial report.)

Key Players & Entities

• NICOLET BANKSHARES INC (company) — Filer
• 20240930 (date) — Period of Report
• 20241101 (date) — Filing Date
• GREEN BAY (location) — Business Address City
• WI (location) — Business Address State

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share NIC New York Stock Exchange

Filing Documents

• nic-20240930.htm (10-Q) — 3494KB
• nic-3q24x10qxex311.htm (EX-31.1) — 10KB
• nic-3q24x10qxex312.htm (EX-31.2) — 10KB
• nic-3q24x10qxex321.htm (EX-32.1) — 4KB
• nic-3q24x10qxex322.htm (EX-32.2) — 4KB
• nic-20240930_g1.jpg (GRAPHIC) — 43KB
• 0001174850-24-000046.txt ( ) — 15950KB
• nic-20240930.xsd (EX-101.SCH) — 51KB
• nic-20240930_cal.xml (EX-101.CAL) — 120KB
• nic-20240930_def.xml (EX-101.DEF) — 400KB
• nic-20240930_lab.xml (EX-101.LAB) — 769KB
• nic-20240930_pre.xml (EX-101.PRE) — 614KB
• nic-20240930_htm.xml (XML) — 3834KB

Financial Statements

Financial Statements: Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Comprehensive Income (Loss) 5 Consolidated Statements of Stockholders' Equity 6 Consolidated Statements of Cash Flows 7 Notes to Unaudited Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 4.

Controls and Procedures

Controls and Procedures 49 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 49 Item 1A.

Risk Factors

Risk Factors 49 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 5. Other Information 49 Item 6. Exhibits 50

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS: NICOLET BANKSHARES, INC. Consolidated Balance Sheets (In thousands, except share and per share data) September 30, 2024 December 31, 2023 (Unaudited) (Audited) Assets Cash and due from banks $ 124,076 $ 129,898 Interest-earning deposits 303,908 361,533 Cash and cash equivalents 427,984 491,431 Certificates of deposit in other banks 3,189 6,374 Securities available for sale ("AFS"), at fair value 825,907 802,573 Other investments 60,443 57,560 Loans held for sale 11,121 4,160 Loans 6,556,840 6,353,942 Allowance for credit losses - loans ("ACL-Loans") ( 65,785 ) ( 63,610 ) Loans, net 6,491,055 6,290,332 Premises and equipment, net 123,585 118,756 Bank owned life insurance ("BOLI") 185,011 169,392 Goodwill and other intangibles, net 389,727 394,366 Accrued interest receivable and other assets 119,096 133,734 Total assets $ 8,637,118 $ 8,468,678 Liabilities and Stockholders' Equity Liabilities: Noninterest-bearing demand deposits $ 1,839,617 $ 1,958,709 Interest-bearing deposits 5,420,380 5,239,091 Total deposits 7,259,997 7,197,800 Short-term borrowings — — Long-term borrowings 161,210 166,930 Accrued interest payable and other liabilities 66,584 64,941 Total liabilities 7,487,791 7,429,671 Stockholders' Equity: Common stock 151 149 Additional paid-in capital 647,934 633,770 Retained earnings 535,638 458,261 Accumulated other comprehensive income (loss) ( 34,396 ) ( 53,173 ) Total stockholders' equity 1,149,327 1,039,007 Total liabilities and stockholders' equity $ 8,637,118 $ 8,468,678 Preferred shares authorized ( no par value) 10,000,000 10,000,000 Preferred shares issued and outstanding — — Common shares authorized (par value $ 0.01 per share) 30,000,000 30,000,000 Common shares outstanding 15,104,381 14,894,209 Common shares issued 15,158,639 14,951,367 See accompanying notes to unaudited consolidated financial statements. 3

Financial Statements Continued

ITEM 1. Financial Statements Continued : NICOLET BANKSHARES, INC. Consolidated Statements of Income (In thousands, except share and per share data) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest income: Loans, including loan fees $ 100,824 $ 87,657 $ 292,447 $ 250,890 Investment securities: Taxable 5,211 4,351 14,824 13,445 Tax-exempt 1,095 1,424 3,485 4,637 Other interest income 5,492 6,452 14,775 10,345 Total interest income 112,622 99,884 325,531 279,317 Interest expense: Deposits 42,060 34,964 122,436 89,241 Short-term borrowings 2 474 2 4,794 Long-term borrowings 2,194 2,972 6,578 8,048 Total interest expense 44,256 38,410 129,016 102,083 Net interest income 68,366 61,474 196,515 177,234 Provision for credit losses 750 450 2,850 3,990 Net interest income after provision for credit losses 67,616 61,024 193,665 173,244 Noninterest income: Wealth management fee income 7,085 6,057 20,244 17,439 Mortgage income, net 2,853 2,020 6,851 5,308 Service charges on deposit accounts 1,913 1,492 5,307 4,501 Card interchange income 3,564 3,321 10,120 9,685 BOLI income 1,455 1,090 4,027 3,363 Deferred compensation plan asset market valuations 1,162 ( 457 ) 1,390 988 LSR income, net 1,090 1,108 3,341 3,398 Asset gains (losses), net 1,177 31 3,702 ( 38,755 ) Other income 2,079 1,879 6,427 5,611 Total noninterest income 22,378 16,541 61,409 11,538 Noninterest expense: Personnel 28,937 23,944 81,732 72,172 Occupancy, equipment and office 8,826 9,027 26,451 26,655 Business development and marketing 1,823 1,869 6,005 5,936 Data processing 4,535 4,643 13,086 12,849 Intangibles amortization 1,694 1,986 5,289 6,230 FDIC assessments 990 1,500 3,013 3,049 Merger-related expense — — — 189 Other expense 2,343 2,769 7,572 8,490 Total noninterest expense 49,148 45,738 143,148 135,570 Income before income tax expense 40,846 31,827 111,926 49,212 Income tax expense 8,330 14,669 22,347

Financial Statements Continued

ITEM 1. Financial Statements Continued : NICOLET BANKSHARES, INC. Consolidated Statements of Comprehensive Income (Loss) (In thousands) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 32,516 $ 17,158 $ 89,579 $ 30,855 Other comprehensive income (loss), net of tax: Unrealized gains (losses) on securities AFS: Net unrealized holding gains (losses) 26,467 ( 21,645 ) 24,967 ( 12,244 ) Net realized (gains) losses included in income — ( 11 ) ( 968 ) 337 Reclassification adjustment for securities transferred from held to maturity to available for sale — — — ( 20,434 ) Income tax (expense) benefit ( 5,601 ) 3,574 ( 5,222 ) 6,460 Total other comprehensive income (loss) 20,866 ( 18,082 ) 18,777 ( 25,881 ) Comprehensive income (loss) $ 53,382 $ ( 924 ) $ 108,356 $ 4,974 See accompanying notes to unaudited consolidated financial statements. 5

Financial Statements Continued

ITEM 1. Financial Statements Continued : NICOLET BANKSHARES, INC. Consolidated Statements of Stockholders' Equity (In thousands) (Unaudited) Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Balances at June 30, 2024 $ 150 $ 639,159 $ 507,366 $ ( 55,262 ) $ 1,091,413 Comprehensive income: Net income, three months ended September 30, 2024 — — 32,516 — 32,516 Other comprehensive income (loss) — — — 20,866 20,866 Stock-based compensation expense — 1,521 — — 1,521 Cash dividends on common stock, $ 0.28 per share — — ( 4,244 ) — ( 4,244 ) Exercise of stock options, net 1 7,098 — — 7,099 Issuance of common stock — 156 — — 156 Balances at September 30, 2024 $ 151 $ 647,934 $ 535,638 $ ( 34,396 ) $ 1,149,327 Balances at June 30, 2023 $ 147 $ 624,897 $ 417,863 $ ( 65,269 ) $ 977,638 Comprehensive income: Net income, three months ended September 30, 2023 — — 17,158 — 17,158 Other comprehensive income (loss) — — — ( 18,082 ) ( 18,082 ) Stock-based compensation expense — 1,399 — — 1,399 Cash dividends on common stock, $ 0.25 per share — — ( 3,704 ) — ( 3,704 ) Exercise of stock options, net — ( 146 ) — — ( 146 ) Issuance of common stock — 198 — — 198 Balances at September 30, 2023 $ 147 $ 626,348 $ 431,317 $ ( 83,351 ) $ 974,461 Balances at December 31, 2023 $ 149 $ 633,770 $ 458,261 $ ( 53,173 ) $ 1,039,007 Comprehensive income: Net income, nine months ended September 30, 2024 — — 89,579 — 89,579 Other comprehensive income (loss) — — — 18,777 18,777 Stock-based compensation expense — 5,117 — — 5,117 Cash dividends on common stock, $ 0.81 per share — — ( 12,202 ) — ( 12,202 ) Exercise of stock options, net 2 8,462 — — 8,464 Issuance of common stock — 585 — — 585 Balances at September 30, 2024 $ 151 $ 647,934 $ 535,638 $ ( 34,396 ) $ 1,149,327 Balances at December 31, 2022 $ 147 $ 621,988 $ 407,864 $ ( 57,470 ) $ 972,529 Comprehensive income: Net income, nine months ended

Financial Statements Continued

ITEM 1. Financial Statements Continued : NICOLET BANKSHARES, INC. Consolidated Statements of Cash Flows (Unaudited) (In thousands) Nine Months Ended September 30, 2024 2023 Cash Flows From Operating Activities: Net income $ 89,579 $ 30,855 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation, amortization, and accretion 13,604 13,163 Provision for credit losses 2,850 3,990 Increase in cash surrender value of life insurance ( 4,027 ) ( 3,386 ) Stock-based compensation expense 5,117 4,829 Asset (gains) losses, net ( 3,702 ) 38,755 Gain on sale of loans held for sale, net ( 6,256 ) ( 3,230 ) Proceeds from sale of loans held for sale 169,511 108,991 Origination of loans held for sale ( 171,974 ) ( 111,883 ) Net change due to: Accrued interest receivable and other assets 4,019 ( 3,263 ) Accrued interest payable and other liabilities 1,643 ( 8,618 ) Net cash provided by (used in) operating activities 100,364 70,203 Cash Flows From Investing Activities: Net (increase) decrease in loans ( 199,100 ) ( 55,042 ) Net (increase) decrease in certificates of deposit in other banks 3,185 4,920 Purchases of securities AFS ( 86,045 ) ( 20,220 ) Proceeds from sales of securities AFS 4,987 28,992 Proceeds from sales of securities HTM — 460,051 Proceeds from calls and maturities of securities AFS 80,472 256,151 Proceeds from calls and maturities of securities HTM — 2,916 Purchases of other investments ( 915 ) ( 12,934 ) Proceeds from sales of other investments 2,699 18,939 Purchases of BOLI ( 11,500 ) — Proceeds from redemption of BOLI — 312 Net (increase) decrease in premises and equipment ( 11,202 ) ( 15,104 ) Net (increase) decrease in other real estate and other assets ( 264 ) 1,211 Net cash provided by (used in) investing activities ( 217,683 ) 670,192 Cash Flows From Financing Activities: Net increase (decrease) in deposits 62,197 3,633 Net increase (decrease) in short-term borrowings

View Full Filing

View this 10-Q filing on SEC EDGAR