Nicolet Bankshares, Inc. reported a net income of $32.6 million for the first quarter of 2025, translating to earnings per diluted share of $2.08. This represents a decrease from the $34.5 million net income and $2.19 earnings per diluted share recorded in the previous quarter, but an increase from the $27.8 million net income and $1.82 earnings per diluted share reported in the same quarter of 2024. The company's total assets grew to $9.0 billion, up $178 million or 2% from the end of 2024, primarily driven by an increase in loans.
Total loans reached $6.7 billion, reflecting a $119 million or 2% increase from the previous quarter, with notable growth in commercial and industrial loans. Deposits also increased by $169 million or 2% to $7.6 billion, supported by a $107 million rise in brokered deposits and a $62 million increase in customer deposits. The net interest margin improved to 3.58%, a 25 basis point increase from the prior year, attributed to a higher yield on earning assets and a decrease in the cost of funds.
In terms of operational metrics, Nicolet's noninterest income for the quarter was $18.2 million, down from $19.4 million in the same quarter last year, largely due to fluctuations in asset gains and losses. However, excluding these gains, noninterest income increased by 6% year-over-year. Noninterest expenses rose slightly to $47.8 million, reflecting a 1% increase compared to the previous year, with personnel costs remaining stable.
The company maintained an allowance for credit losses on loans of $67.5 million, representing 1.00% of total loans, consistent with the previous quarter. Nonperforming assets remained stable at $29 million, accounting for 0.33% of total assets. Looking ahead, Nicolet Bankshares expressed confidence in its growth strategy, supported by a strong capital position and ongoing investments in its loan portfolio, while remaining vigilant to market conditions and potential economic challenges.
About NICOLET BANKSHARES INC
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