Nicolet Bankshares, Inc. reported a significant increase in its financial performance for the year ended December 31, 2024, with net income reaching $124 million, or $8.05 per diluted share, compared to $62 million, or $4.08 per diluted share, in 2023. This 100% increase in net income was attributed to a rise in net interest income, which totaled $268 million, up from $242 million in the previous year. The company also saw total assets grow to $8.8 billion, a 4% increase from $8.5 billion at the end of 2023, driven by a 4% rise in loans to $6.6 billion and a 3% increase in deposits to $7.4 billion.
The year 2024 marked a notable recovery for Nicolet following the challenges faced in 2023, which included a significant tax law change in Wisconsin and a balance sheet repositioning that impacted earnings. The company’s noninterest income surged to $82 million, a 129% increase from $36 million in 2023, largely due to the previous year's losses on asset sales. Excluding these net asset gains, noninterest income still increased by 13%, reflecting growth in wealth management and mortgage income.
Strategically, Nicolet has continued to focus on organic growth while exploring potential mergers and acquisitions. Although no acquisitions were finalized in 2024, the company remains optimistic about future opportunities, particularly as the regulatory environment appears to be shifting towards a more favorable stance for bank mergers. The company’s management emphasized its commitment to maintaining a strong capital position, with total stockholders’ equity increasing to $1.2 billion, up from $1.0 billion in 2023.
Operationally, Nicolet's workforce grew to 978 employees, with a focus on enhancing employee engagement and community involvement. The company reported nearly 18,500 volunteer hours contributed by employees in 2024, alongside over $190,000 in donations to local non-profits. The bank operates 57 branches primarily in Wisconsin, Michigan, and Minnesota, and continues to emphasize personalized service and community engagement as key differentiators in a competitive banking landscape.
Looking ahead, Nicolet's management expressed a cautious optimism for 2025, anticipating continued growth in both organic and acquisition strategies. The company plans to evaluate its dividend policy and share repurchase program in light of its strong capital position and earnings performance. With a focus on maintaining profitability and enhancing shareholder returns, Nicolet aims to position itself favorably within the banking sector amidst evolving economic conditions.
About NICOLET BANKSHARES INC
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.