Nicolet Bankshares (NIC) Q1 2025 earnings summary

Executive summary

• Net income for Q1 2025 was $32.6 million, up 17% year-over-year, with diluted EPS of $2.08, compared to $1.82 in Q1 2024.

• Net income was $33 million, down from $34 million in Q4 2024 but up from $28 million in Q1 2024.

• Total assets reached $9.0 billion, a 2% increase from December 31, 2024, driven by loan growth.

• Book value per common share rose to $78.11, and tangible book value per share to $52.59.

• Repurchased 233,207 shares for $26 million; board authorized an additional $60 million for repurchases.

Financial highlights

• Net interest income was $71.2 million, up 13% year-over-year, with a net interest margin of 3.58% (up 25 bps).

• Noninterest income was $18.2 million, down $1.2 million from Q1 2024, mainly due to lower asset gains.

• Noninterest expense was $47.8 million, up 1% year-over-year, with personnel costs flat and non-personnel expenses up $0.6 million.

• Provision for credit losses was $1.5 million, up from $0.8 million in Q1 2024, reflecting portfolio growth.

• Adjusted net income for Q1 2025 was $32.9 million; adjusted EPS was $2.10.

Outlook and guidance

• Management expects continued focus on loan growth, stable credit quality, and maintaining strong capital and liquidity positions.

• Interest rate sensitivity modeling shows net interest income could vary by ±2.6% for a 200 bps rate change.

• No material changes in market risk or critical accounting estimates are anticipated for the remainder of 2025.

• Management remains cautious on M&A, prioritizing shareholder value and disciplined growth amid market volatility.

• Focus remains on core relationship growth and disciplined expansion.