Nicolet Bankshares Inc. reported significant financial growth for the third quarter and the first nine months of 2024, reflecting strong performance across various metrics compared to the same periods in 2023. As of September 30, 2024, the company’s total assets reached $8.6 billion, an increase of $168 million (2%) from December 31, 2023. Total loans grew to $6.6 billion, up $203 million (3%), driven by increases in agricultural, commercial, and industrial loans. Total deposits also rose to $7.3 billion, reflecting a $62 million increase.
For the three months ended September 30, 2024, net income was $32.5 million, a substantial increase from $17.2 million in the same quarter of 2023. Basic earnings per share rose to $2.16 from $1.16 year-over-year. For the nine months ended September 30, 2024, net income totaled $89.6 million, compared to $30.9 million for the same period in 2023, with earnings per diluted share increasing to $5.84 from $2.05.
Interest income for the third quarter of 2024 was $112.6 million, up from $99.9 million in the prior year, while net interest income increased to $68.4 million from $61.5 million. The net interest margin improved to 3.44%, compared to 3.16% in the third quarter of 2023. The growth in interest income was attributed to higher average rates on loans, which increased by $12.7 million, while interest expense also rose by $5.8 million due to higher funding costs.
Noninterest income for the nine months ended September 30, 2024, surged to $61.4 million, a remarkable increase of $49.9 million (approximately 440%) compared to the same period in 2023. Key contributors included wealth management fees, brokerage fees, and mortgage income, all reflecting strong growth.
The company’s provision for credit losses was $2.9 million for the nine months ended September 30, 2024, down from $4.0 million in the same period of 2023. Nonperforming assets decreased to $26 million (0.31% of total assets) from $28 million (0.33%) at year-end 2023.
Nicolet Bankshares maintained a strong capital position, with total risk-based capital increasing to $1.02 billion as of September 30, 2024, compared to $930.8 million at the end of 2023. The company’s Tier 1 capital ratio improved to 11.4% from 10.5%, indicating robust capital adequacy.
Overall, Nicolet Bankshares Inc. demonstrated solid financial performance and strategic growth, positioning itself favorably in the current market environment.
About NICOLET BANKSHARES INC
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