GREEN BAY, Wis., Jan. 19,
2021 /PRNewswire/ -- Nicolet Bankshares, Inc. (NASDAQ: NCBS)
("Nicolet") announced fourth quarter 2020 net income of
$18.0 million and earnings per
diluted common share of $1.74,
compared to $18.1 million and
$1.72 for third quarter 2020, and
$12.3 million and $1.18 for fourth quarter 2019,
respectively. Annualized quarterly return on average assets
was 1.58%, 1.55% and 1.46%, for fourth quarter 2020, third quarter
2020 and fourth quarter 2019, respectively, even with elevated cash
assets in 2020.
For the year ended December 31,
2020, net income was $60.1
million, 10% higher than $54.6
million for 2019. Net income for 2020 included record
secondary mortgage income, higher net interest income and
efficiency efforts, which partially offset $4 million of isolated costs ($3 million after-tax) in second quarter for
pandemic-related actions and branch efficiency decisions as well as
$9 million ($7
million after-tax) higher annual provision for credit
losses. Net income for 2019 benefited from the net of two
nonrecurring items in the second quarter, a $7.4 million after-tax gain on the partial sale
of our equity interest in a data processing company, and
$2.75 million ($2.0 million after-tax) in personnel expense for
retirement-related compensation declared to benefit all employees
after that sale.
Diluted earnings per common share was $5.70 for 2020, 3% higher than $5.52 for 2019, benefiting from 10% stronger net
income, while covering a 6% increase in average diluted shares,
mostly due to the timing of the 1.2 million shares issued in our
November 2019 acquisition net of
strong repurchase activity throughout 2020 (totaling 0.6 million
shares).
Return on average assets was 1.41% for 2020, compared to 1.75%
for 2019. While earnings were up, this ratio declined given
the sizable increase in average assets to $4.3 billion for 2020 (up $1.1 billion or 36% over 2019), led by higher
cash levels (up $0.4
billion).
"Our 2020 earnings were record-breaking despite the very unusual
year," said Bob Atwell, Chairman and
CEO of Nicolet. "Sound, fair and timely decision-making was evident
to our customers and in our results, and will provide continued
momentum for 2021. We recorded a lower fourth quarter
provision (to $1.3 million compared
to $3 million for each of the
previous three quarters), on improved asset quality metrics. We
continue to be inspired by the tenacity and creativity of our
customers."
"We could not have foreseen the challenges 2020 presented, and
we certainly didn't know our response to the pandemic would result
in such a great year," said Atwell. "We kept our people safe
while helping our customers respond to their challenges and
opportunities with speed, flexibility and heart."
"We closed the year as a very liquid $4.6
billion bank, with over $800
million in cash on the balance sheet, at 18% of assets,
compared to 5% at year-end 2019," Atwell said.
"The complexion of our balance sheet has mirrored changes in
customer needs. Largely, our commercial base remained
profitable and liquid (reducing line usage and holding more cash
deposits) and utilized the Paycheck Protection Program ("PPP") for
equity-like support. They are now further benefiting from
loan forgiveness by the Small Business Administration, fueling more
cash back to us," Atwell stated. "Consumers, too, benefited
from stimulus checks and are holding more on deposit."
"We entered 2020 with a strategic plan that turned quickly into
tactical change management," said Mike
Daniels, President and CEO of Nicolet National Bank. "The goal became how to
best serve and be present for our customers during a
pandemic. We had to be flexible and adaptable, and we have
not yet stopped. We guided commercial customers through the
PPP and now prepare for round two. We provided $1.25 million of our money directly to smaller
businesses in second quarter to expedite aid to those who would
have otherwise waited for small PPP loans. And we adapted
resources and automated workflows to originate over $1 billion in mortgages to consumers under
atypical conditions."
"We have been fully back on-site since the end of May, operating
safely for our customers because being present matters," Daniels
said. "It is a key differentiator to the vast majority of our
industry, allowing us to move forward on goals and improvements,
not just get by on the status quo."
"For most consumers, their mortgages were the most important
banking action they could control this year, whether through a
refinanced rate or a new purchase to accommodate their changing
needs or circumstances," Daniels said. "Further, our financial
advisors proactively added and counseled clients through a volatile
market, when many competitors were inwardly focused."
Secondary mortgage income was $30
million for 2020 ($18 million
or 151% higher than 2019), and wealth revenues were $16 million ($1.9
million or 13% higher than 2019).
The timing of Nicolet's acquisitions, Choice Bancorp, Inc.
("Choice") on November 8, 2019, at
12% of then pre-merger assets, and Advantage Community Bancshares,
Inc. ("Advantage") on August 21,
2020, at 4% of then pre-merger assets, impacts financial
comparisons. Certain income statement results, average
balances and related ratios for the quarter and year-to-date
periods in 2020 include full contribution from Choice and a partial
contribution from Advantage starting in third quarter 2020, while
the same periods in 2019 include a partial contribution from Choice
starting in fourth quarter 2019 and no contribution from
Advantage. At consummation, Choice added $457 million in assets, including $348 million in loans, $1.7 million in core deposit intangible,
$45 million in goodwill, $289 million in deposits, and net one new
branch. At consummation, Advantage added $172 million in assets, $88 million in loans, $1
million in core deposit intangible, $12 million in goodwill, $141 million in deposits and four branches.
Balance Sheet Review
At December 31, 2020, period end assets were $4.6
billion, an increase of $975 million (27%) over December 31, 2019. The year-over-year
change was primarily due to higher cash and cash equivalents (up
$621 million to $803 million), investment securities (up
$90 million or 20% to $539 million), and loans (up $215 million or 8% to $2.8
billion). The significant increase in cash was
influenced by our liquidity build executed at the onset of the
pandemic (with brokered deposits at $325
million, up $165 million over
year-end 2019) and rising core deposits.
Total deposits of $3.9 billion at December 31, 2020, increased $956 million (32%) over year-end 2019.
Since December 31, 2019, transaction
accounts combined (i.e., savings, money markets and
interest-bearing checking) increased $490
million (32%) to $2.0 billion
at December 31, 2020 and
noninterest-bearing demand grew $394
million (48%) to $1.2 billion
representing 31% of total deposits, influenced by the very
uncertain times, government stimulus payments and pandemic
stay-at-home orders, which reduced spending and increased liquidity
of consumers and businesses, and by PPP loan proceeds retained on
deposit by corporate borrowers.
During 2020, we originated 2,725 PPP loans totaling $351 million, bearing a 1% contractual rate, and
earned a $12.3 million fee, of which
$5.7 million was accreted into
interest income. At December
31, the net carrying value of PPP loans was $186 million, or 7% of total loans, with the
decline coming almost exclusively from SBA loan forgiveness that
started in November, boosting overall borrower equity in their
businesses. Given strong participation in the PPP and caution
around debt levels, borrowers' utilization of conventional lines of
credit fell. For the first time in recent history, commercial
lines of credit declined between year-end periods to $221 million (down $104
million or 32% since December
31, 2019). Excluding PPP loans and commercial lines of
credit, all other loans combined increased $133 million or 6% over December 31, 2019 (or up 2%, further excluding
loans acquired from Advantage).
Total capital was $539 million at
December 31, 2020, an increase of
$23 million since December 31,
2019, mostly due to solid earnings, partly offset by share
repurchase activity. Nicolet repurchased 646,748 shares at a total
cost of $40.5 million, or an average
per share cost of $62.69 during 2020.
Comparatively, during 2019, 310,781 shares were repurchased for
$18.7 million or an average of
$60.17 per share. On
November 17, 2020, Nicolet's board
authorized an increase to the program of $20
million or up to 325,000 shares of common stock. As a
result, at December 31, 2020, there
remained $20.4 million authorized
under the repurchase program, as modified, to be utilized from
time-to-time to repurchase shares in the open market, through block
transactions or in private transactions.
Asset Quality
"When the pandemic hit, we made sincere efforts to acknowledge
the potential impact of dramatically changed circumstances on our
borrowers. We provided $3
million in loan loss provision for each of the first three
quarters of 2020, largely from uncertainty and poor forward
visibility, provided temporary loan modifications, and guided
qualified customers through PPP," said Daniels. "We have
interacted with customers proactively and granularly, to better
understand the underlying pressures felt by the overall borrowing
base. As a result, we recorded a $1.3
million provision during fourth quarter, as potential
deterioration to loan quality metrics initially anticipated have
just not materialized."
Nonperforming assets were $13
million at December 31,
representing 0.29% of total assets compared to $12 million or 0.25% at September 30 and
$15 million or 0.42% at December 31, 2019. Since the prior quarter,
the allowance for credit losses-loans increased to $32 million, due to the $1.3 million provision for credit losses
recognized, less net charge-offs during the quarter of $0.5 million or 0.07% of average loans,
annualized. For the year, the provision was $10.3 million and represented 0.37% of average
loans (or 0.40% excluding PPP loans), which exceeded $1.4 million of net charge-offs representing
0.05% of average loans. At December 31,
2020, the allowance represented 1.15% of total loans, and
represented 1.24% of total loans excluding the net carrying value
of PPP loans.
Since the pandemic started, nearly 1,000 loans with a current
balance of $456 million were provided
payment modifications. Initial metrics reflected the loan
modifications as 88% commercial and 12% retail with 67% on interest
only payments and 33% on full payment deferrals. At
December 31, $408 million (90%) had returned to normal payment
structures, $29 million (6%) were
paid off, $15 million (3%) remain
under modification structure, and $4
million (1%) became troubled debt restructurings. At
December 31, the combined
$19 million under modification or
restructure represented less than 1% of total loans.
Income Statement Review
Net income for 2020 was $60.1
million, $5.5 million or 10%
stronger than $54.6 million for
2019.
Net interest income was up 11% over 2019, despite an 81bps
decline in net interest margin between the years. Very high
cash levels and a dramatically lower rate environment dominated the
story. Overall volumes aided net interest income but the mix
of interest-earning assets in particular squeezed the resulting
margin. In general, the lower rate environment pressured both
net interest income and net interest margin.
At the onset of the pandemic, but prior to the announcement of
government stimulus, we added liquidity to ensure we could meet
customer needs. The action demonstrated our capacity to support our
communities, but proved later to not be necessary, leading us to
reduce non-deposit leverage in the second half of the year.
Efforts to maximize net interest income during the changes
throughout 2020 included prudent pricing actions on deposits and
loans, allowing brokered deposits to mature without renewal,
prepayment of selected FHLB advances, and full payback of the PPPLF
funding (approximately $335 million
used for 5 months at a cost of 35bps). Further, we fully
redeemed our subordinated notes ($12
million at 5% fixed) in November and one of our junior
subordinated debenture issuances ($6
million at 8% fixed) in December, which combined will reduce
annual interest expense by approximately $1.1 million.
Net interest income was $129.3
million for 2020, $13.2
million or 11% higher than $116.1
million for 2019, comprised of $10.6
million higher interest income and $2.6 million lower interest expense. Higher
volumes added $26.3 million to net
interest income (with a $31.7 million
increase to interest income on higher earning assets offset partly
by a $5.4 million increase to
interest expense on higher interest-bearing liabilities). Rate
changes reduced net interest income $13.1
million (decreasing interest income $21.2 million, but also decreasing interest
expense on funding $8.1
million).
Average interest-earning assets of $3.8
billion increased $1.1 billion
(38%) over 2019, largely due to growth in average loans (up
$531 million or 24%, comprised of
$221 million PPP loans and
$310 million all other loans),
investments (up $81 million or 20%)
and other interest-earning assets, which are predominantly cash (up
$444 million). The mix of average
earning assets for 2020 was 72% loans (comprised of 6% PPP loans,
66% all other loans), 13% investments and 15% other
interest-earning assets, compared to 81% loans, 15% investments and
4% other interest-earning assets for 2019. Average
interest-bearing liabilities of $2.7
billion increased $721 million
(37%) over 2019, comprised of higher core interest-bearing deposits
(up $335 million), brokered deposits
(up $214 million), PPPLF funding (up
$162 million), and other
interest-bearing liabilities (up $10
million). Also adding to the heavy cash position and
net free funds was average noninterest-bearing demand deposits
totaling $1.0 billion for 2020 (up
$292 million or 40% over 2019).
The net interest margin for 2020 was 3.38%, down 81bps from
4.19% for 2019, as the yield on interest-earning assets declined
110bps (to 3.90%), the cost of funds favorably declined 41bps (to
0.75%), and the contribution from net free funds fell 12bps (on
much higher balances but worth less in a low rate
environment). The significantly higher mix of cash assets (to
15% of interest-earning assets versus 4% in 2019) coupled with
their dramatic decline in yield (to 0.46% versus 2.65% in 2019),
has pressured the net interest margin most. Loans yielded
4.90% for 2020, down 67bps from 2019, in part by the inclusion of
lower-earning PPP loans (yielding 3.66%) in 2020, while all other
loans earned 5.00%, down 57bps from 2019. Investments yielded
2.26%, 31bps lower than 2019. The cost of funds of 0.75%
declined 41bps during the same period, attributable mainly to
prudent pricing actions on core interest-bearing deposits (down
45bps to 0.57%) and lower wholesale funding rates (down 159bps to
3.13% for funding costs excluding PPPLF).
Noninterest income was $62.6
million for 2020, up $9.3
million (17%) compared to 2019. Excluding net asset gains
(losses), noninterest income grew $19.0
million (42%) over 2019. Record net mortgage income of
$29.8 million, increased $17.9 million (151%) over 2019, mostly on higher
sale gains and capitalized gains combined (up $18.9 million or 168%) from strong refinance
activity and better pricing between the years, partly offset by an
unfavorable change in the fair value mark on the mortgage servicing
asset (down $1.0 million). Trust
services fee income and brokerage fee income combined increased
$1.9 million (13%) over 2019,
consistent with growth in accounts and assets under management in a
volatile market. All remaining noninterest income categories
combined decreased $0.8 million from
2019 largely due to $0.6 million
lower service charges on deposit accounts as we waived certain fees
during second quarter 2020 to provide economic relief to our
customers and $0.5 million lower
income from our smaller equity interest in the data processing
company after the partial sale in 2019, partly offset by
$0.5 million higher card interchange
income.
Net asset losses were $1.8 million
in 2020 (mostly from $1.0 million
market losses on equities held in the lower, more volatile market,
and $0.9 million of net losses on
branch other real estate owned write-downs), compared to
$7.9 million net asset gains in 2019
(comprised primarily of the $7.4
million gain on equity investment sale), resulting in a
$9.7 million negative change between
the years.
Noninterest expense of $100.7
million increased $3.9 million
(4%) from 2019, with second quarter 2020 including $4 million of isolated expenses related to the
onset of the pandemic, a terminated acquisition and branch closure
decisions.
Personnel expense of $57.1
million, increased $2.7
million (5%) over 2019. Salaries increased
$2.3 million (7%) over 2019, of which
$0.6 million was attributable to
branch closure severances and on-site bonus pay in second quarter
2020, and $1.7 million (representing
a 5% increase over 2019) was due to merit increases and hires
between the years. Cash and equity award incentives increased
$1.5 million while retirement-based
compensation (401k, profit sharing
and nonqualified deferred compensation) declined $1.0 million between the years, rewarding strong
performance of both years and matching the mix of incentive
compensation to be meaningful to recipients. Overtime pay doubled
to $0.6 million (up $0.3 million over 2019), largely to cover the
effort of processing PPP originations and significant mortgage
volume. All other fringe benefits combined declined
$0.4 million from 2019, mainly on
lower health costs between the years. At the start of the
pandemic, Nicolet employed approximately 600 people and at peak
points had 34% working remotely, 18% paid but not working due to
risk concerns or temporary location closure, and the remainder of
employees working on site. At December
31, headcount was 573, with the net change principally due
to the 56 employee reductions from our branch closures, net of the
22 employees acquired with Advantage and additional positions for
business growth.
All non-personnel expenses combined increased $1.2 million from 2019, including $3.45 million of isolated expenses from second
quarter 2020 (including $1.25 million
for the micro-grant program, $0.2
million for protective supplies, $0.5
million to terminate a previously announced merger, and
$1.5 million for lease terminations
and branch write-offs related to the announced branch closures),
and our 2020 operating base accommodating a full year of Choice and
partial year of Advantage. Diligent expense management and
improved efficiencies for 2020 helped to minimize the increase in
non-personnel expenses to 3% over 2019.
"This year we succeeded in executing through a real-life stress
test of the value proposition embedded in our core franchise.
This was a vital validation that we matter in the communities we
serve," said Atwell. "Headwinds, however, continue for us and our
industry, and we believe the pace of consolidation will
increase. There continues to be great opportunity to create
shareholder value through accretive acquisitions in existing and
adjacent markets," concluded Atwell.
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 and the upper peninsula of
Michigan. More information can be found at
www.nicoletbank.com.
Forward-Looking Statements
This news release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, which Congress passed in an effort to encourage companies to
provide information about their anticipated future financial
performance. This act protects a company from unwarranted
litigation if actual results are different from management
expectations. This report reflects the current views and estimates
of future economic circumstances, industry conditions, company
performance, and financial results of the management of Nicolet.
These forward-looking statements are subject to a number of factors
and uncertainties which could cause Nicolet's actual results and
experience to differ from the anticipated results and expectations
expressed in such forward-looking statements, and such differences
may be material. Forward-looking statements speak only as of the
date they are made and Nicolet does not assume any duty to update
forward-looking statements. There are a number of factors that
could cause our actual results to differ materially from those
projected in such forward-looking statements.
In addition to factors previously disclosed in Nicolet's
reports filed with the SEC and those identified elsewhere in this
news release, these forward-looking statements include, but are not
limited to, statements about (i) Nicolet's expected COVID pandemic
response and how its operations and financial condition may change
as a result of the COVID pandemic; (ii) the expected impact on the
broader economy with regard to the effects of the COVID pandemic
and the government's response to the COVID pandemic; and (iii)
Nicolet's plans, objectives, expectations and intentions and other
statements contained in this report that are not historical
facts. Other statements identified by words such as
"expects," "anticipates," "intends," "plans," "believes," "seeks,"
"estimates," "targets," "projects" or words of similar meaning
generally are intended to identify forward-looking statements.
These statements are based upon the current beliefs and
expectations of Nicolet's management and are inherently subject to
significant business, economic and competitive risks and
uncertainties, many of which are beyond their control. In addition,
these forward-looking statements are subject to assumptions with
respect to future business strategies and decisions that are
subject to change. Actual results may differ from those indicated
or implied in the forward-looking statements and such differences
may be material.
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 resulting from could affect Nicolet in substantial and
unpredictable ways.
Nicolet
Bankshares, Inc.
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Consolidated
Financial Summary (Unaudited)
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At or for the
Three Months Ended
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At or for the Year
Ended
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(In thousands, except
per share data)
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12/31/2020
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09/30/2020
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06/30/2020
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03/31/2020
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12/31/2019
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12/31/2020
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12/31/2019
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Results of
operations:
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Interest
income
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$
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38,037
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|
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$
|
37,270
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|
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$
|
36,892
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$
|
37,003
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|
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$
|
36,192
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|
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$
|
149,202
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|
|
$
|
138,588
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|
Interest
expense
|
|
4,019
|
|
|
4,710
|
|
|
5,395
|
|
|
5,740
|
|
|
5,723
|
|
|
19,864
|
|
|
22,510
|
|
Net interest
income
|
|
34,018
|
|
|
32,560
|
|
|
31,497
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|
|
31,263
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|
|
30,469
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|
|
129,338
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|
|
116,078
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Provision for credit
losses
|
|
1,300
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|
|
3,000
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|
|
3,000
|
|
|
3,000
|
|
|
300
|
|
|
10,300
|
|
|
1,200
|
|
Net interest income
after provision for credit losses
|
|
32,718
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|
|
29,560
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|
|
28,497
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|
|
28,263
|
|
|
30,169
|
|
|
119,038
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|
|
114,878
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|
Noninterest
income
|
|
16,879
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|
|
18,691
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|
|
17,471
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|
|
9,585
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|
|
13,309
|
|
|
62,626
|
|
|
53,367
|
|
Noninterest
expense
|
|
25,367
|
|
|
23,685
|
|
|
27,813
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|
|
23,854
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|
|
25,426
|
|
|
100,719
|
|
|
96,799
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|
Income before income
tax expense
|
|
24,230
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|
|
24,566
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|
|
18,155
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|
|
13,994
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|
|
18,052
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|
|
80,945
|
|
|
71,446
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Income tax
expense
|
|
6,145
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|
|
6,434
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|
|
4,576
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|
|
3,321
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|
|
5,670
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|
|
20,476
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|
|
16,458
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Net income
|
|
18,085
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|
|
18,132
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|
|
13,579
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|
|
10,673
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|
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12,382
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|
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60,469
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|
|
54,988
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Net income
attributable to noncontrolling interest
|
|
98
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|
|
30
|
|
|
101
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|
|
118
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|
|
87
|
|
|
347
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|
|
347
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|
Net income
attributable to Nicolet Bankshares, Inc.
|
|
$
|
17,987
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|
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$
|
18,102
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|
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$
|
13,478
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|
|
$
|
10,555
|
|
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$
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12,295
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|
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$
|
60,122
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|
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$
|
54,641
|
|
Earnings per
common share:
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Basic
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$
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1.79
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$
|
1.75
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$
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1.29
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$
|
1.00
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|
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$
|
1.22
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|
|
$
|
5.82
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|
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$
|
5.71
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Diluted
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$
|
1.74
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|
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$
|
1.72
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|
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$
|
1.28
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|
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$
|
0.98
|
|
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$
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1.18
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$
|
5.70
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$
|
5.52
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Common
Shares:
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Basic weighted
average
|
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10,074
|
|
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10,349
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|
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10,417
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|
|
10,516
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|
|
10,061
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|
|
10,337
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|
|
9,562
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|
Diluted weighted
average
|
|
10,350
|
|
|
10,499
|
|
|
10,520
|
|
|
10,801
|
|
|
10,452
|
|
|
10,541
|
|
|
9,900
|
|
Outstanding
|
|
10,011
|
|
|
10,196
|
|
|
10,424
|
|
|
10,408
|
|
|
10,588
|
|
|
10,011
|
|
|
10,588
|
|
Noninterest
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust services fee
income
|
|
$
|
1,746
|
|
|
$
|
1,628
|
|
|
$
|
1,510
|
|
|
$
|
1,579
|
|
|
$
|
1,596
|
|
|
$
|
6,463
|
|
|
$
|
6,227
|
|
Brokerage fee
income
|
|
2,673
|
|
|
2,489
|
|
|
2,269
|
|
|
2,322
|
|
|
2,190
|
|
|
9,753
|
|
|
8,115
|
|
Mortgage income,
net
|
|
7,842
|
|
|
9,675
|
|
|
9,963
|
|
|
2,327
|
|
|
4,916
|
|
|
29,807
|
|
|
11,878
|
|
Service charges on
deposit accounts
|
|
1,133
|
|
|
1,037
|
|
|
813
|
|
|
1,225
|
|
|
1,237
|
|
|
4,208
|
|
|
4,824
|
|
Card interchange
income
|
|
1,922
|
|
|
1,877
|
|
|
1,637
|
|
|
1,562
|
|
|
1,683
|
|
|
6,998
|
|
|
6,498
|
|
BOLI
income
|
|
936
|
|
|
531
|
|
|
540
|
|
|
703
|
|
|
535
|
|
|
2,710
|
|
|
2,369
|
|
Other noninterest
income
|
|
1,247
|
|
|
1,237
|
|
|
1,487
|
|
|
521
|
|
|
1,285
|
|
|
4,492
|
|
|
5,559
|
|
Noninterest income
without net gains
|
|
17,499
|
|
|
18,474
|
|
|
18,219
|
|
|
10,239
|
|
|
13,442
|
|
|
64,431
|
|
|
45,470
|
|
Asset gains (losses),
net
|
|
(620)
|
|
|
217
|
|
|
(748)
|
|
|
(654)
|
|
|
(133)
|
|
|
(1,805)
|
|
|
7,897
|
|
Total noninterest
income
|
|
$
|
16,879
|
|
|
$
|
18,691
|
|
|
$
|
17,471
|
|
|
$
|
9,585
|
|
|
$
|
13,309
|
|
|
$
|
62,626
|
|
|
$
|
53,367
|
|
Noninterest
Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
expense
|
|
$
|
15,244
|
|
|
$
|
14,072
|
|
|
$
|
14,482
|
|
|
$
|
13,323
|
|
|
$
|
13,628
|
|
|
$
|
57,121
|
|
|
$
|
54,437
|
|
Occupancy, equipment
and office
|
|
4,102
|
|
|
4,051
|
|
|
4,361
|
|
|
4,204
|
|
|
3,827
|
|
|
16,718
|
|
|
14,788
|
|
Business development
and marketing
|
|
713
|
|
|
810
|
|
|
2,514
|
|
|
1,359
|
|
|
1,397
|
|
|
5,396
|
|
|
5,685
|
|
Data
processing
|
|
3,074
|
|
|
2,658
|
|
|
2,399
|
|
|
2,563
|
|
|
2,730
|
|
|
10,694
|
|
|
9,950
|
|
Intangibles
amortization
|
|
860
|
|
|
834
|
|
|
880
|
|
|
993
|
|
|
936
|
|
|
3,567
|
|
|
3,872
|
|
Other noninterest
expense
|
|
1,374
|
|
|
1,260
|
|
|
3,177
|
|
|
1,412
|
|
|
2,908
|
|
|
7,223
|
|
|
8,067
|
|
Total noninterest
expense
|
|
$
|
25,367
|
|
|
$
|
23,685
|
|
|
$
|
27,813
|
|
|
$
|
23,854
|
|
|
$
|
25,426
|
|
|
$
|
100,719
|
|
|
$
|
96,799
|
|
Period-End
Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
loans
|
|
$
|
2,789,101
|
|
|
$
|
2,908,793
|
|
|
$
|
2,821,501
|
|
|
$
|
2,607,424
|
|
|
$
|
2,573,751
|
|
|
$
|
2,789,101
|
|
|
$
|
2,573,751
|
|
PPP loans
|
|
186,016
|
|
|
335,236
|
|
|
329,157
|
|
|
—
|
|
|
—
|
|
|
186,016
|
|
|
—
|
|
Total loans, ex. PPP
loans
|
|
2,603,085
|
|
|
2,573,557
|
|
|
2,492,344
|
|
|
2,607,424
|
|
|
2,573,751
|
|
|
2,603,085
|
|
|
2,573,751
|
|
Allowance for credit
losses - loans
|
|
32,173
|
|
|
31,388
|
|
|
29,130
|
|
|
26,202
|
|
|
13,972
|
|
|
32,173
|
|
|
13,972
|
|
Securities available
for sale, at fair value
|
|
539,337
|
|
|
535,351
|
|
|
510,809
|
|
|
511,860
|
|
|
449,302
|
|
|
539,337
|
|
|
449,302
|
|
Cash and cash
equivalents
|
|
802,859
|
|
|
853,564
|
|
|
822,684
|
|
|
241,960
|
|
|
182,059
|
|
|
802,859
|
|
|
182,059
|
|
Goodwill and other
intangibles, net
|
|
175,353
|
|
|
176,213
|
|
|
164,094
|
|
|
164,974
|
|
|
165,967
|
|
|
175,353
|
|
|
165,967
|
|
Total
assets
|
|
4,551,789
|
|
|
4,706,375
|
|
|
4,541,228
|
|
|
3,732,554
|
|
|
3,577,260
|
|
|
4,551,789
|
|
|
3,577,260
|
|
Deposits
|
|
3,910,399
|
|
|
3,712,808
|
|
|
3,537,805
|
|
|
3,023,466
|
|
|
2,954,453
|
|
|
3,910,399
|
|
|
2,954,453
|
|
Stockholders'
equity
|
|
539,189
|
|
|
538,068
|
|
|
532,033
|
|
|
510,971
|
|
|
516,262
|
|
|
539,189
|
|
|
516,262
|
|
Book value per common
share
|
|
53.86
|
|
|
52.77
|
|
|
51.04
|
|
|
49.09
|
|
|
48.76
|
|
|
53.86
|
|
|
48.76
|
|
Tangible book value
per common share (1)
|
|
36.34
|
|
|
35.49
|
|
|
35.30
|
|
|
33.24
|
|
|
33.08
|
|
|
36.34
|
|
|
33.08
|
|
Nicolet
Bankshares, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Financial Summary (Unaudited) - Continued
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the
Three Months Ended
|
|
At or for the Year
Ended
|
(In thousands, except
per share data)
|
|
12/31/2020
|
|
9/30/2020
|
|
6/30/2020
|
|
3/31/2020
|
|
12/31/2019
|
|
12/31/2020
|
|
12/31/2019
|
Average
Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
2,868,827
|
|
|
$
|
2,871,256
|
|
|
$
|
2,823,866
|
|
|
$
|
2,584,584
|
|
|
$
|
2,438,908
|
|
|
$
|
2,787,587
|
|
|
$
|
2,257,033
|
|
Investment
securities
|
|
520,867
|
|
|
496,153
|
|
|
489,597
|
|
|
453,820
|
|
|
424,981
|
|
|
490,209
|
|
|
409,161
|
|
Interest-earning
assets
|
|
4,091,460
|
|
|
4,216,106
|
|
|
3,917,499
|
|
|
3,167,505
|
|
|
2,974,974
|
|
|
3,849,812
|
|
|
2,794,641
|
|
Cash and cash
equivalents
|
|
714,031
|
|
|
864,295
|
|
|
614,034
|
|
|
139,768
|
|
|
129,647
|
|
|
584,159
|
|
|
158,077
|
|
Goodwill and other
intangibles, net
|
|
175,678
|
|
|
169,353
|
|
|
164,564
|
|
|
165,532
|
|
|
147,636
|
|
|
168,802
|
|
|
129,112
|
|
Total
assets
|
|
4,515,226
|
|
|
4,633,359
|
|
|
4,310,088
|
|
|
3,555,144
|
|
|
3,339,283
|
|
|
4,255,207
|
|
|
3,126,535
|
|
Deposits
|
|
3,793,430
|
|
|
3,636,260
|
|
|
3,403,188
|
|
|
2,920,071
|
|
|
2,756,295
|
|
|
3,439,748
|
|
|
2,598,271
|
|
Interest-bearing
liabilities
|
|
2,744,578
|
|
|
2,933,737
|
|
|
2,741,199
|
|
|
2,218,592
|
|
|
2,023,448
|
|
|
2,660,508
|
|
|
1,939,639
|
|
Stockholders'
equity
|
|
537,920
|
|
|
537,826
|
|
|
520,177
|
|
|
513,558
|
|
|
478,645
|
|
|
527,428
|
|
|
423,952
|
|
Selected Financial
Ratios: (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.58
|
%
|
|
1.55
|
%
|
|
1.26
|
%
|
|
1.19
|
%
|
|
1.46
|
%
|
|
1.41
|
%
|
|
1.75
|
%
|
Return on average
common equity
|
|
13.30
|
|
|
13.39
|
|
|
10.42
|
|
|
8.27
|
|
|
10.19
|
|
|
11.40
|
|
|
12.89
|
|
Return on average
tangible common
equity
(1)
|
|
19.75
|
|
|
19.54
|
|
|
15.24
|
|
|
12.20
|
|
|
14.74
|
|
|
16.76
|
|
|
18.53
|
|
Average equity to
average assets
|
|
11.91
|
|
|
11.61
|
|
|
12.07
|
|
|
14.45
|
|
|
14.33
|
|
|
12.39
|
|
|
13.56
|
|
Stockholders' equity
to assets
|
|
11.85
|
|
|
11.43
|
|
|
11.72
|
|
|
13.69
|
|
|
14.43
|
|
|
11.85
|
|
|
14.43
|
|
Tangible common
equity to tangible assets (1)
|
|
8.31
|
|
|
7.99
|
|
|
8.41
|
|
|
9.70
|
|
|
10.27
|
|
|
8.31
|
|
|
10.27
|
|
Net interest
margin
|
|
3.29
|
|
|
3.06
|
|
|
3.21
|
|
|
3.94
|
|
|
4.06
|
|
|
3.38
|
|
|
4.19
|
|
Efficiency
ratio
|
|
48.99
|
|
|
46.18
|
|
|
55.69
|
|
|
57.16
|
|
|
57.57
|
|
|
51.72
|
|
|
59.54
|
|
Effective tax
rate
|
|
25.36
|
|
|
26.19
|
|
|
25.21
|
|
|
23.73
|
|
|
31.41
|
|
|
25.30
|
|
|
23.04
|
|
Selected Asset
Quality Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
9,455
|
|
|
$
|
10,997
|
|
|
11,998
|
|
|
$
|
14,769
|
|
|
$
|
14,122
|
|
|
$
|
9,455
|
|
|
$
|
14,122
|
|
Other real estate
owned
|
|
3,608
|
|
|
1,000
|
|
|
1,000
|
|
|
1,000
|
|
|
1,000
|
|
|
3,608
|
|
|
1,000
|
|
Nonperforming
assets
|
|
$
|
13,063
|
|
|
$
|
11,997
|
|
|
$
|
12,998
|
|
|
$
|
15,769
|
|
|
$
|
15,122
|
|
|
$
|
13,063
|
|
|
$
|
15,122
|
|
Net loan charge-offs
(recoveries)
|
|
$
|
515
|
|
|
$
|
743
|
|
|
$
|
71
|
|
|
$
|
55
|
|
|
$
|
(52)
|
|
|
$
|
1,384
|
|
|
$
|
381
|
|
Allowance for credit
losses-loans to loans
|
|
1.15
|
%
|
|
1.08
|
%
|
|
1.03
|
%
|
|
1.00
|
%
|
|
0.54
|
%
|
|
1.15
|
%
|
|
0.54
|
%
|
Net loan charge-offs
to average loans (2)
|
|
0.07
|
|
|
0.10
|
|
|
0.01
|
|
|
0.01
|
|
|
(0.01)
|
|
|
0.05
|
|
|
0.02
|
|
Nonperforming loans
to total loans
|
|
0.34
|
|
|
0.38
|
|
|
0.43
|
|
|
0.57
|
|
|
0.55
|
|
|
0.34
|
|
|
0.55
|
|
Nonperforming assets
to total assets
|
|
0.29
|
|
|
0.25
|
|
|
0.29
|
|
|
0.42
|
|
|
0.42
|
|
|
0.29
|
|
|
0.42
|
|
Selected Other
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
resolved PCI loans (rounded)
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
$
|
1,400
|
|
|
N/A
|
|
|
$
|
4,700
|
|
Tax-equivalent
adjustment net interest income
|
|
$
|
260
|
|
|
$
|
249
|
|
|
$
|
229
|
|
|
$
|
231
|
|
|
$
|
257
|
|
|
$
|
969
|
|
|
$
|
1,043
|
|
Tax benefit on
stock-based compensation
|
|
$
|
(77)
|
|
|
$
|
(14)
|
|
|
$
|
(24)
|
|
|
$
|
(323)
|
|
|
$
|
(1,275)
|
|
|
$
|
(438)
|
|
|
$
|
(2,286)
|
|
Common stock
repurchased (dollars) (3)
|
|
$
|
12,909
|
|
|
$
|
13,732
|
|
|
$
|
—
|
|
|
$
|
13,903
|
|
|
$
|
3,383
|
|
|
$
|
40,544
|
|
|
$
|
18,701
|
|
Common stock
repurchased (full shares) (3)
|
|
205,001
|
|
|
234,914
|
|
|
—
|
|
|
206,833
|
|
|
47,728
|
|
|
646,748
|
|
|
310,781
|
|
1
|
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.
|
2
|
Income
statement-related ratios for partial-year periods are
annualized.
|
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,
2020
|
|
September 30,
2020
|
|
December 31,
2019
|
|
|
|
Average
|
|
|
|
Average
|
|
Average
|
|
|
|
Average
|
|
Average
|
|
|
|
Average
|
|
(In
thousands)
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP loans
|
|
$
|
282,736
|
|
|
$
|
3,799
|
|
|
5.26
|
%
|
|
$
|
332,816
|
|
|
$
|
2,477
|
|
|
2.91
|
%
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
|
Total loans ex
PPP
|
|
2,586,091
|
|
|
31,005
|
|
|
4.71
|
%
|
|
2,538,440
|
|
|
31,598
|
|
|
4.89
|
%
|
|
2,438,908
|
|
|
33,065
|
|
|
5.33
|
%
|
|
Total loans (1)
(2)
|
|
2,868,827
|
|
|
34,804
|
|
|
4.76
|
%
|
|
2,871,256
|
|
|
34,075
|
|
|
4.66
|
%
|
|
2,438,908
|
|
|
33,065
|
|
|
5.33
|
%
|
|
Investment securities
(2)
|
|
520,867
|
|
|
2,799
|
|
|
2.15
|
%
|
|
496,153
|
|
|
2,764
|
|
|
2.23
|
%
|
|
424,981
|
|
|
2,712
|
|
|
2.55
|
%
|
|
Other
interest-earning assets
|
|
701,766
|
|
|
694
|
|
|
0.39
|
%
|
|
848,697
|
|
|
680
|
|
|
0.32
|
%
|
|
111,085
|
|
|
672
|
|
|
2.39
|
%
|
|
Total interest-earning
assets
|
|
4,091,460
|
|
|
$
|
38,297
|
|
|
3.68
|
%
|
|
4,216,106
|
|
|
$
|
37,519
|
|
|
3.50
|
%
|
|
2,974,974
|
|
|
$
|
36,449
|
|
|
4.82
|
%
|
|
Other assets,
net
|
|
423,766
|
|
|
|
|
|
|
417,253
|
|
|
|
|
|
|
364,309
|
|
|
|
|
|
|
Total
assets
|
|
$4,515,226
|
|
|
|
|
|
|
$4,633,359
|
|
|
|
|
|
|
$3,339,283
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing core
deposits
|
|
$
|
2,285,858
|
|
|
$
|
2,269
|
|
|
0.39
|
%
|
|
$
|
2,180,575
|
|
|
$
|
2,541
|
|
|
0.46
|
%
|
|
$
|
1,848,714
|
|
|
$
|
4,380
|
|
|
0.94
|
%
|
|
Brokered
deposits
|
|
320,237
|
|
|
1,176
|
|
|
1.46
|
%
|
|
336,026
|
|
|
1,243
|
|
|
1.47
|
%
|
|
106,528
|
|
|
482
|
|
|
1.80
|
%
|
|
Total interest-bearing
deposits
|
|
2,606,095
|
|
|
3,445
|
|
|
0.53
|
%
|
|
2,516,601
|
|
|
3,784
|
|
|
0.60
|
%
|
|
1,955,242
|
|
|
4,862
|
|
|
0.99
|
%
|
|
PPPLF
|
|
72,582
|
|
|
64
|
|
|
0.35
|
%
|
|
335,865
|
|
|
297
|
|
|
0.35
|
%
|
|
—
|
|
|
—
|
|
|
0.00
|
%
|
|
Other
interest-bearing liabilities
|
|
65,901
|
|
|
510
|
|
|
3.04
|
%
|
|
81,271
|
|
|
629
|
|
|
3.05
|
%
|
|
68,206
|
|
|
861
|
|
|
4.96
|
%
|
|
Total interest-bearing
liabilities
|
|
2,744,578
|
|
|
$
|
4,019
|
|
|
0.58
|
%
|
|
2,933,737
|
|
|
$
|
4,710
|
|
|
0.64
|
%
|
|
2,023,448
|
|
|
$
|
5,723
|
|
|
1.12
|
%
|
|
Noninterest-bearing
demand deposits
|
|
1,187,335
|
|
|
|
|
|
|
1,119,659
|
|
|
|
|
|
|
801,053
|
|
|
|
|
|
|
Other
liabilities
|
|
45,393
|
|
|
|
|
|
|
42,137
|
|
|
|
|
|
|
36,137
|
|
|
|
|
|
|
Stockholders'
equity
|
|
537,920
|
|
|
|
|
|
|
537,826
|
|
|
|
|
|
|
478,645
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
4,515,226
|
|
|
|
|
|
|
$
|
4,633,359
|
|
|
|
|
|
|
$
|
3,339,283
|
|
|
|
|
|
|
Net interest income
and rate spread
|
|
|
|
$
|
34,278
|
|
|
3.10
|
%
|
|
|
|
$
|
32,809
|
|
|
2.86
|
%
|
|
|
|
$
|
30,726
|
|
|
3.70
|
%
|
|
Net interest
margin
|
|
|
|
|
|
3.29
|
%
|
|
|
|
|
|
3.06
|
%
|
|
|
|
|
|
4.06
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the Year
Ended
|
|
|
|
|
|
|
|
|
|
December 31,
2020
|
|
December 31,
2019
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
Average
|
|
Average
|
|
|
|
Average
|
|
|
|
|
|
|
|
(In
thousands)
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP loans
|
|
$
|
220,544
|
|
|
$
|
8,062
|
|
|
3.66
|
%
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
|
|
|
|
|
|
|
Total loans ex
PPP
|
|
2,567,043
|
|
|
128,419
|
|
|
5.00
|
%
|
|
2,257,033
|
|
|
125,715
|
|
|
5.57
|
%
|
|
|
|
|
|
|
|
Total loans (1)
(2)
|
|
2,787,587
|
|
|
136,481
|
|
|
4.90
|
%
|
|
2,257,033
|
|
|
125,715
|
|
|
5.57
|
%
|
|
|
|
|
|
|
|
Investment securities
(2)
|
|
490,209
|
|
|
11,079
|
|
|
2.26
|
%
|
|
409,161
|
|
|
10,511
|
|
|
2.57
|
%
|
|
|
|
|
|
|
|
Other
interest-earning assets
|
|
572,016
|
|
|
2,611
|
|
|
0.46
|
%
|
|
128,447
|
|
|
3,405
|
|
|
2.65
|
%
|
|
|
|
|
|
|
|
Total interest-earning
assets
|
|
3,849,812
|
|
|
$
|
150,171
|
|
|
3.90
|
%
|
|
2,794,641
|
|
|
$
|
139,631
|
|
|
5.00
|
%
|
|
|
|
|
|
|
|
Other assets,
net
|
|
405,395
|
|
|
|
|
|
|
331,894
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
4,255,207
|
|
|
|
|
|
|
$
|
3,126,535
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing core
deposits
|
|
$
|
2,124,634
|
|
|
$
|
12,163
|
|
|
0.57
|
%
|
|
$
|
1,789,451
|
|
|
$
|
18,192
|
|
|
1.02
|
%
|
|
|
|
|
|
|
|
Brokered
deposits
|
|
289,489
|
|
|
4,478
|
|
|
1.55
|
%
|
|
75,159
|
|
|
773
|
|
|
1.03
|
%
|
|
|
|
|
|
|
|
Total interest-bearing
deposits
|
|
2,414,123
|
|
|
16,641
|
|
|
0.69
|
%
|
|
1,864,610
|
|
|
18,965
|
|
|
1.02
|
%
|
|
|
|
|
|
|
|
PPPLF
|
|
161,634
|
|
|
571
|
|
|
0.35
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
|
|
|
|
|
|
Other
interest-bearing liabilities
|
|
84,751
|
|
|
2,652
|
|
|
3.13
|
%
|
|
75,029
|
|
|
3,545
|
|
|
4.72
|
%
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
|
2,660,508
|
|
|
$
|
19,864
|
|
|
0.75
|
%
|
|
1,939,639
|
|
|
$
|
22,510
|
|
|
1.16
|
%
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
|
1,025,625
|
|
|
|
|
|
|
733,661
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
liabilities
|
|
41,646
|
|
|
|
|
|
|
29,283
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
527,428
|
|
|
|
|
|
|
423,952
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
4,255,207
|
|
|
|
|
|
|
$
|
3,126,535
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
and rate spread
|
|
|
|
$
|
130,307
|
|
|
3.15
|
%
|
|
|
|
$
|
117,121
|
|
|
3.84
|
%
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
3.38
|
%
|
|
|
|
|
|
4.19
|
%
|
|
|
|
|
|
|
|
(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.