Nicolet Bankshares, Inc. (NIC) Bundle
An Overview of Nicolet Bankshares, Inc. (NIC)
General Summary of Nicolet Bankshares, Inc. (NIC)
Nicolet Bankshares, Inc. was established in 2000 and operates as a bank holding company. The company provides a range of financial services through its banking subsidiary, Nicolet National Bank, which serves customers in Wisconsin, Michigan, and Minnesota. As of 2024, Nicolet offers various products, including personal and commercial banking, wealth management, and mortgage services. The bank's focus is on local markets, with a commitment to community engagement and customer service.
As of 2024, Nicolet Bankshares reported total sales of approximately $197 million for the first nine months, reflecting a strong growth trajectory in both loan and deposit segments.
Company's Financial Performance in the Latest Financial Reports
In the latest financial reports for the nine months ended September 30, 2024, Nicolet Bankshares achieved record net income of $90 million, translating to earnings per diluted common share of $5.84. This marked a significant increase from the net income of $31 million (or $2.05 per diluted common share) for the same period in 2023 .
Nicolet's net interest income reached $197 million for the first nine months of 2024, an increase of $19 million (11%) compared to the previous year. This growth was primarily driven by an increase in interest income, which grew by $46 million due to the repricing of loans in a higher interest rate environment . The net interest margin for this period was 3.35%, up from 3.07% in the prior year .
Noninterest income for the first nine months of 2024 was $61 million, showcasing a favorable $50 million change from the comparable period in 2023. This increase was largely attributed to the significant balance sheet repositioning that occurred in early 2023 .
As of September 30, 2024, total assets stood at $8.6 billion, reflecting a growth of $168 million (2%) from December 31, 2023 . Total loans amounted to $6.6 billion, an increase of $203 million (3%) from the end of 2023 . The company reported nonperforming assets of $26 million, representing 0.31% of total assets .
| Financial Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Income | $32.5 million | $17.2 million | +89% |
| Earnings per Share | $2.10 | $1.14 | +84% |
| Net Interest Income | $68.9 million | $61.5 million | +6.9% |
| Noninterest Income | $22.4 million | $16.6 million | +35% |
| Total Assets | $8.6 billion | $8.4 billion | +2% |
| Total Loans | $6.6 billion | $6.4 billion | +3% |
| Nonperforming Assets | $26 million | $28 million | -7% |
Introduction to Nicolet Bankshares as a Leading Company in the Industry
Nicolet Bankshares, Inc. positions itself as a leader in the regional banking sector, recognized for its strong financial performance and commitment to community-oriented banking. The company's strategic focus on local markets, complemented by a diverse range of financial products, has enabled it to capture significant market share in Wisconsin and surrounding states. The record-breaking revenue and profit growth in 2024 illustrate the effectiveness of its business model and operational strategies. For those interested in understanding the factors contributing to Nicolet's success, further exploration of its business practices and market strategies is recommended.
Mission Statement of Nicolet Bankshares, Inc. (NIC)
Mission Statement Overview
Nicolet Bankshares, Inc. (NIC) emphasizes its commitment to providing exceptional financial services and fostering long-term relationships with its customers. The company’s mission statement serves as a foundational guide for its strategic objectives and operational practices, reflecting its dedication to community involvement, customer satisfaction, and financial growth.
Core Component 1: Customer Commitment
The first core component of Nicolet Bankshares' mission statement is its unwavering commitment to customers. This commitment is demonstrated through personalized banking services, tailored financial solutions, and an overall focus on enhancing customer experience.
As of September 30, 2024, total deposits at Nicolet Bankshares reached $7.3 billion, reflecting a growth of $62 million from the previous year. This growth indicates a robust trust in the bank's ability to meet customer needs effectively.
Core Component 2: Community Engagement
The second core component is community engagement. Nicolet Bankshares actively participates in local initiatives, supporting economic development and enhancing the quality of life in the communities it serves. This engagement is integral to the bank's identity and mission.
Nicolet has also utilized government loan programs, such as those from the U.S. Small Business Administration (SBA), to support local businesses. The bank's diverse loan portfolio, which totaled $6.6 billion as of September 30, 2024, includes significant contributions to agricultural, commercial, and residential real estate sectors.
Core Component 3: Financial Strength and Innovation
The third component focuses on financial strength and innovation. Nicolet Bankshares aims to maintain a strong financial position while continually innovating its products and services to adapt to changing market conditions.
For the nine months ended September 30, 2024, the bank reported a net income of $90 million, or $5.84 per diluted common share, marking a substantial increase from $31 million or $2.05 per diluted common share in the same period of the previous year. Additionally, net interest income was reported at $197 million, up 11% from the previous year, showcasing the bank's capacity for growth and adaptation in a competitive landscape.
| Key Financial Metrics | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Total Deposits | $7.3 billion | $7.2 billion | + $62 million |
| Total Loans | $6.6 billion | $6.4 billion | + $203 million |
| Net Income | $90 million | $31 million | + $59 million |
| Net Interest Income | $197 million | $178 million | + $19 million |
These financial metrics illustrate Nicolet Bankshares’ strong commitment to its mission, emphasizing customer satisfaction, community involvement, and financial resilience. The bank's strategic focus on these core components ensures its continued success and relevance in the financial industry.
Vision Statement of Nicolet Bankshares, Inc. (NIC)
Vision Statement Overview
The vision statement of Nicolet Bankshares, Inc. (NIC) is centered around its commitment to providing exceptional financial services while focusing on community engagement and sustainable growth. The company aims to be recognized as a trusted partner in the financial sector.
Commitment to Community
Nicolet Bankshares emphasizes its dedication to serving the communities in which it operates. As of September 30, 2024, the bank's total assets amounted to $8.6 billion, reflecting its robust position within the community banking sector. The bank's focus on local lending has resulted in total loans of $6.6 billion, with significant growth in various sectors including agricultural and commercial loans.
Innovation and Technology
The company's vision includes embracing innovation and technology to enhance customer experience. Noninterest income for the first nine months of 2024 reached $61 million, a substantial increase from the previous year, indicating the success of its technological investments. This includes growth in wealth management fee income, which rose 17% year-over-year.
Financial Performance and Growth
Nicolet Bankshares aims for sustainable growth, as demonstrated by its net income of $90 million for the nine months ended September 30, 2024, compared to $31 million for the same period in 2023. This significant increase reflects the bank's strategic initiatives and operational efficiencies.
Customer-Centric Approach
The vision also emphasizes a customer-centric approach, with a strong focus on understanding and meeting customer needs. As of September 30, 2024, total deposits were reported at $7.3 billion, showcasing the trust and reliance customers place in the bank. The composition of deposits includes $1.8 billion in noninterest-bearing demand deposits and $1.9 billion in money market accounts, highlighting a diverse customer base.
| Financial Metrics | September 30, 2024 | December 31, 2023 | September 30, 2023 |
|---|---|---|---|
| Total Assets | $8.6 billion | $8.4 billion | $8.0 billion |
| Total Loans | $6.6 billion | $6.4 billion | $6.3 billion |
| Total Deposits | $7.3 billion | $7.2 billion | $7.2 billion |
| Net Income | $90 million | $31 million | $30 million |
| Noninterest Income | $61 million | $11 million | $10 million |
Strategic Partnerships
Nicolet Bankshares envisions strengthening its strategic partnerships to enhance service offerings. The bank's focus on local markets and collaboration with community organizations is evident in its loan growth, particularly in agricultural and small business sectors, which have seen an increase of 3% year-over-year.
Long-Term Sustainability
The vision statement also highlights a commitment to long-term sustainability, ensuring that the bank remains resilient in changing economic conditions. The bank's liquidity management strategy includes maintaining $428 million in cash and due from banks, ensuring adequate liquid funds are available to meet operational needs.
Employee Engagement and Development
Finally, Nicolet Bankshares recognizes the importance of employee engagement in achieving its vision. As of the third quarter of 2024, noninterest expense was reported at $49.1 million, with a notable increase in personnel costs attributed to higher salaries and benefits, reflecting the bank's investment in its workforce.
Core Values of Nicolet Bankshares, Inc. (NIC)
Integrity
The core value of Integrity at Nicolet Bankshares, Inc. emphasizes ethical behavior and transparency in all dealings. This commitment is crucial for building trust with customers and stakeholders.
Nicolet demonstrates its integrity through strict adherence to regulatory standards and ethical practices. For example, the bank has maintained transparent reporting practices, with total assets growing to $8.6 billion as of September 30, 2024, reflecting a 2% increase from the previous year.
Customer-Centricity
Customer-Centricity is a fundamental value that drives Nicolet’s operations. The bank prioritizes the needs and satisfaction of its customers, ensuring that services are tailored to meet diverse client requirements.
In 2024, Nicolet reported a total noninterest income of $61 million for the first nine months, marking a 50% increase compared to the previous year. This growth is attributed to enhanced customer service initiatives, including expanded wealth management services and improved mortgage offerings.
Community Engagement
Community Engagement reflects Nicolet’s dedication to supporting local communities. The bank invests in initiatives that foster economic development and social responsibility.
For instance, Nicolet actively participates in community development projects and has provided loans totaling $6.6 billion as of September 30, 2024, which includes significant support for agricultural and commercial enterprises.
Innovation
Innovation is a vital core value that drives Nicolet to continually enhance its products and services. The bank invests in technology to improve customer experiences and operational efficiency.
As part of its innovation strategy, Nicolet has increased its digital banking capabilities, which contributed to a 41% rise in net mortgage income for the third quarter of 2024, reaching $2.9 million.
Teamwork
Teamwork underscores the importance of collaboration among employees to achieve common goals. Nicolet fosters a culture where teamwork is essential for providing exceptional service and achieving business objectives.
In 2024, personnel expenses rose 7% to $49.1 million, reflecting investments in team development and employee engagement programs.
| Core Value | Description | Key Metrics |
|---|---|---|
| Integrity | Commitment to ethical behavior and transparency | Total assets: $8.6 billion (2% increase) |
| Customer-Centricity | Focus on customer satisfaction and tailored services | Noninterest income: $61 million (50% increase) |
| Community Engagement | Support for local economic development and social initiatives | Total loans: $6.6 billion |
| Innovation | Investment in technology and product enhancement | Net mortgage income: $2.9 million (41% increase) |
| Teamwork | Collaboration to achieve business goals | Personnel expenses: $49.1 million (7% increase) |
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Article updated on 8 Nov 2024
Resources:
- Nicolet Bankshares, Inc. (NIC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Nicolet Bankshares, Inc. (NIC)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Nicolet Bankshares, Inc. (NIC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.