Nicolet Bankshares, Inc. Announces Strong 2024 Results

Nicolet Bankshares, Inc. (NYSE: NIC) has announced its 2024 financial results, showcasing a robust performance across various metrics. The company's net income for the fourth quarter of 2024 reached $34 million, marking a significant increase from the previous quarter and the same period in 2023. For the full year, net income stood at $124 million, reflecting a substantial improvement from the previous year.



The company's strong financial performance can be attributed to several factors, including a solid net interest margin, loan and deposit growth, and a resilient asset quality. Nicolet's net interest margin improved by 29 basis points (bps) in 2024 compared to 2023, reaching 3.47%. This improvement was driven by a combination of higher interest income and lower interest expenses. The company's loan portfolio grew by $328 million (4%) to $8.8 billion, while deposits increased by $744 million (10%) to $7.4 billion.



Nicolet's asset quality remained strong, with nonperforming assets representing 0.33% of total assets at the end of 2024. The allowance for credit losses-loans was 1.00% of total loans, indicating a well-reserved position. The company's tangible common equity ratio increased to 9.33% at year-end 2024, reflecting its solid capital position.

Mike Daniels, Chairman, President, and CEO of Nicolet, expressed his satisfaction with the company's performance, stating, "I am pleased to report Nicolet produced its best quarterly earnings in its 24-year history, which caps off a record year for our Company." Daniels also highlighted the company's continued improvement in its net interest margin, loan and deposit growth, and strong capital position.

Looking ahead, Nicolet is well-positioned to explore various capital deployment options, including share buybacks, dividends, organic growth, and strategic acquisitions. The company's strong core profitability and capital build-up have placed it in an enviable position to consider these options. While the M&A market remains slow, Nicolet is reviewing opportunities and participating in high-level discussions with potential partners, maintaining its disciplined approach to acquisitions.

In conclusion, Nicolet Bankshares, Inc. has announced strong 2024 results, driven by a solid net interest margin, loan and deposit growth, and a resilient asset quality. The company's strong financial performance and capital position have placed it in an enviable position to consider various capital deployment options, ensuring its continued success in the community banking sector.