Nicolet Bankshares (NIC) Q3 2025 earnings summary

Executive summary

• Announced definitive merger agreement with MidWestOne Financial Group, Inc., expected to close in the first half of 2026, subject to regulatory and shareholder approvals.

• Net income for the nine months ended September 30, 2025, was $110 million, up from $90 million in the prior year period.

• Achieved record net income of $42 million for Q3 2025, up from $36 million in Q2 2025 and $33 million in Q3 2024.

• Earnings per diluted share rose to $2.73 in Q3 2025, compared to $2.34 in the prior quarter and $2.10 a year ago.

• Total assets reached $9.0 billion, a 3% increase from December 31, 2024, driven by loan growth.

Financial highlights

• Net interest income for the first nine months of 2025 was $226 million, up 15% year-over-year.

• Net interest income reached $79 million in Q3 2025, $4 million higher than Q2 2025, driven by an extra earning day and reduced noncore funding.

• Noninterest income was $62.5 million for the nine months, a 2% increase from the prior year, with growth in core categories offset by lower asset gains.

• Noninterest expense rose 3% to $147.8 million for the nine months, mainly due to higher personnel and technology costs.

• Diluted EPS for the nine months was $7.14, compared to $5.84 in the prior year.

Outlook and guidance

• The merger with MidWestOne is expected to enhance scale and market presence, with anticipated cost savings and growth opportunities.

• Management expressed optimism for continued top-tier community bank performance, citing significant momentum.

• Management expects continued focus on organic loan and deposit growth, with attention to integration risks and market conditions.