Nicolet Bankshares (NIC) Q3 2024 earnings summary

Executive summary

• Net income for Q3 2024 was $33 million, up from $29 million in Q2 2024 and $17 million in Q3 2023; EPS was $2.10, up from $1.92 sequentially and $1.14 year-over-year.

• Net income for the first nine months of 2024 was $90 million, or adjusted net income of $87 million, compared to $31 million or adjusted $73 million for the same period in 2023.

• Strong results across all revenue lines, with growth in loans, core deposits, and fee income.

• Asset quality remains solid, with nonperforming assets at 0.31% of total assets, the lowest in over three years.

Financial highlights

• Total assets at September 30, 2024, were $8.6 billion, up $80 million (1%) from June 30, 2024, driven by loan growth and improved securities portfolio value.

• Total loans increased $28 million and total deposits rose $19 million from the prior quarter; total deposits reached $7.3 billion.

• Net interest income for Q3 2024 was $68 million, up $3 million from Q2 2024; net interest margin rose to 3.44%.

• Noninterest income was $22 million, up $3 million sequentially, with increases in wealth, mortgage, and other fee income.

• Noninterest expense was $49 million, up $2 million from Q2 2024, mainly due to higher personnel costs.

Outlook and guidance

• Management highlighted resilience amid higher interest rates, inflation, and labor market challenges, with customers adapting well.

• Continued focus on core earnings, stable funding costs, and maintaining strong credit quality.