Wisconsin
|
|
001-37700
|
|
47-0871001
|
(State or other jurisdiction
of incorporation)
|
|
(Commission
File Number)
|
|
(IRS Employer
Identification No.)
|
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common stock, par value $0.01 per share
|
NCBS
|
The NASDAQ Stock Market LLC
|
Item 2.02
|
Results of Operations and Financial Condition.
|
Item 9.01
|
Financial Statements and Exhibits.
|
Exhibit No.
|
|
Description of Exhibit
|
99.1
|
|
Date:
|
January 21, 2020
|
NICOLET BANKSHARES, INC.
|
||
|
|
|
|
|
|
|
By:
|
/s/ Ann K. Lawson
|
|
|
|
|
Ann K. Lawson
|
|
|
|
|
Chief Financial Officer
|
|
•
|
Net income of $12.3 million, 13% above fourth quarter 2018
|
•
|
Net income of $54.6 million for 2019, 33% higher than 2018
|
•
|
Earnings per diluted common share of $1.18 for fourth quarter and $5.52 for 2019
|
•
|
Return on average assets of 1.46% for fourth quarter and 1.75% for 2019
|
•
|
Acquisition of Choice Bancorp, Inc. consummated November 8, 2019
|
Nicolet Bankshares, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Consolidated Financial Summary (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
At or for the Three Months Ended
|
|
At or for the Year Ended
|
||||||||||||||||||||||||
(In thousands, except per share data)
|
|
12/31/2019
|
|
9/30/2019
|
|
6/30/2019
|
|
3/31/2019
|
|
12/31/2018
|
|
12/31/2019
|
|
12/31/2018
|
||||||||||||||
Results of operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest income
|
|
$
|
36,192
|
|
|
$
|
34,667
|
|
|
$
|
34,570
|
|
|
$
|
33,159
|
|
|
$
|
32,327
|
|
|
$
|
138,588
|
|
|
$
|
125,537
|
|
Interest expense
|
|
5,723
|
|
|
5,477
|
|
|
5,626
|
|
|
5,684
|
|
|
5,298
|
|
|
22,510
|
|
|
18,889
|
|
|||||||
Net interest income
|
|
30,469
|
|
|
29,190
|
|
|
28,944
|
|
|
27,475
|
|
|
27,029
|
|
|
116,078
|
|
|
106,648
|
|
|||||||
Provision for loan losses
|
|
300
|
|
|
400
|
|
|
300
|
|
|
200
|
|
|
240
|
|
|
1,200
|
|
|
1,600
|
|
|||||||
Net interest income after provision for loan losses
|
|
30,169
|
|
|
28,790
|
|
|
28,644
|
|
|
27,275
|
|
|
26,789
|
|
|
114,878
|
|
|
105,048
|
|
|||||||
Noninterest income
|
|
13,309
|
|
|
12,312
|
|
|
18,560
|
|
|
9,186
|
|
|
9,797
|
|
|
53,367
|
|
|
39,509
|
|
|||||||
Noninterest expense
|
|
25,426
|
|
|
22,887
|
|
|
25,727
|
|
|
22,759
|
|
|
21,621
|
|
|
96,799
|
|
|
89,758
|
|
|||||||
Income before income tax expense
|
|
18,052
|
|
|
18,215
|
|
|
21,477
|
|
|
13,702
|
|
|
14,965
|
|
|
71,446
|
|
|
54,799
|
|
|||||||
Income tax expense
|
|
5,670
|
|
|
4,603
|
|
|
2,833
|
|
|
3,352
|
|
|
4,015
|
|
|
16,458
|
|
|
13,446
|
|
|||||||
Net income
|
|
12,382
|
|
|
13,612
|
|
|
18,644
|
|
|
10,350
|
|
|
10,950
|
|
|
54,988
|
|
|
41,353
|
|
|||||||
Net income attributable to noncontrolling interest
|
|
87
|
|
|
82
|
|
|
95
|
|
|
83
|
|
|
87
|
|
|
347
|
|
|
317
|
|
|||||||
Net income attributable to Nicolet Bankshares, Inc.
|
|
$
|
12,295
|
|
|
$
|
13,530
|
|
|
$
|
18,549
|
|
|
$
|
10,267
|
|
|
$
|
10,863
|
|
|
$
|
54,641
|
|
|
$
|
41,036
|
|
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Basic
|
|
$
|
1.22
|
|
|
$
|
1.45
|
|
|
$
|
1.98
|
|
|
$
|
1.09
|
|
|
$
|
1.14
|
|
|
$
|
5.71
|
|
|
$
|
4.26
|
|
Diluted
|
|
$
|
1.18
|
|
|
$
|
1.40
|
|
|
$
|
1.91
|
|
|
$
|
1.05
|
|
|
$
|
1.11
|
|
|
$
|
5.52
|
|
|
$
|
4.12
|
|
Common Shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Basic weighted average
|
|
10,061
|
|
|
9,347
|
|
|
9,374
|
|
|
9,461
|
|
|
9,526
|
|
|
9,562
|
|
|
9,640
|
|
|||||||
Diluted weighted average
|
|
10,452
|
|
|
9,697
|
|
|
9,692
|
|
|
9,758
|
|
|
9,814
|
|
|
9,900
|
|
|
9,956
|
|
|||||||
Outstanding
|
|
10,588
|
|
|
9,363
|
|
|
9,327
|
|
|
9,431
|
|
|
9,495
|
|
|
10,588
|
|
|
9,495
|
|
|||||||
Noninterest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Trust services fee income
|
|
$
|
1,596
|
|
|
$
|
1,594
|
|
|
$
|
1,569
|
|
|
$
|
1,468
|
|
|
$
|
1,583
|
|
|
$
|
6,227
|
|
|
$
|
6,498
|
|
Brokerage fee income
|
|
2,190
|
|
|
2,113
|
|
|
2,002
|
|
|
1,810
|
|
|
1,968
|
|
|
8,115
|
|
|
7,042
|
|
|||||||
Mortgage income, net
|
|
4,916
|
|
|
3,700
|
|
|
2,059
|
|
|
1,203
|
|
|
1,834
|
|
|
11,878
|
|
|
6,344
|
|
|||||||
Service charges on deposit accounts
|
|
1,237
|
|
|
1,223
|
|
|
1,194
|
|
|
1,170
|
|
|
1,208
|
|
|
4,824
|
|
|
4,845
|
|
|||||||
Card interchange income
|
|
1,683
|
|
|
1,735
|
|
|
1,660
|
|
|
1,420
|
|
|
1,583
|
|
|
6,498
|
|
|
5,665
|
|
|||||||
BOLI income
|
|
535
|
|
|
495
|
|
|
880
|
|
|
459
|
|
|
489
|
|
|
2,369
|
|
|
2,418
|
|
|||||||
Other noninterest income
|
|
1,285
|
|
|
1,166
|
|
|
1,624
|
|
|
1,484
|
|
|
1,285
|
|
|
5,559
|
|
|
5,528
|
|
|||||||
Noninterest income without net gains
|
|
13,442
|
|
|
12,026
|
|
|
10,988
|
|
|
9,014
|
|
|
9,950
|
|
|
45,470
|
|
|
38,340
|
|
|||||||
Asset gains (losses), net
|
|
(133
|
)
|
|
286
|
|
|
7,572
|
|
|
172
|
|
|
(153
|
)
|
|
7,897
|
|
|
1,169
|
|
|||||||
Total noninterest income
|
|
$
|
13,309
|
|
|
$
|
12,312
|
|
|
$
|
18,560
|
|
|
$
|
9,186
|
|
|
$
|
9,797
|
|
|
$
|
53,367
|
|
|
$
|
39,509
|
|
Noninterest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Personnel expense
|
|
$
|
13,628
|
|
|
$
|
12,914
|
|
|
$
|
15,358
|
|
|
$
|
12,537
|
|
|
$
|
11,327
|
|
|
$
|
54,437
|
|
|
$
|
49,476
|
|
Occupancy, equipment and office
|
|
3,827
|
|
|
3,454
|
|
|
3,757
|
|
|
3,750
|
|
|
3,673
|
|
|
14,788
|
|
|
14,574
|
|
|||||||
Business development and marketing
|
|
1,397
|
|
|
1,428
|
|
|
1,579
|
|
|
1,281
|
|
|
1,185
|
|
|
5,685
|
|
|
5,324
|
|
|||||||
Data processing
|
|
2,730
|
|
|
2,515
|
|
|
2,350
|
|
|
2,355
|
|
|
2,420
|
|
|
9,950
|
|
|
9,514
|
|
|||||||
Intangibles amortization
|
|
936
|
|
|
914
|
|
|
969
|
|
|
1,053
|
|
|
1,053
|
|
|
3,872
|
|
|
4,389
|
|
|||||||
Other noninterest expense
|
|
2,908
|
|
|
1,662
|
|
|
1,714
|
|
|
1,783
|
|
|
1,963
|
|
|
8,067
|
|
|
6,481
|
|
|||||||
Total noninterest expense
|
|
$
|
25,426
|
|
|
$
|
22,887
|
|
|
$
|
25,727
|
|
|
$
|
22,759
|
|
|
$
|
21,621
|
|
|
$
|
96,799
|
|
|
$
|
89,758
|
|
Nicolet Bankshares, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Consolidated Financial Summary (Unaudited) - Continued
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
At or for the Three Months Ended
|
|
At or for the Year Ended
|
||||||||||||||||||||||||
(In thousands, except per share data)
|
|
12/31/2019
|
|
9/30/2019
|
|
6/30/2019
|
|
3/31/2019
|
|
12/31/2018
|
|
12/31/2019
|
|
12/31/2018
|
||||||||||||||
Period-End Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans
|
|
$
|
2,573,751
|
|
|
$
|
2,242,931
|
|
|
$
|
2,203,273
|
|
|
$
|
2,189,688
|
|
|
$
|
2,166,181
|
|
|
$
|
2,573,751
|
|
|
$
|
2,166,181
|
|
Allowance for loan losses
|
|
13,972
|
|
|
13,620
|
|
|
13,571
|
|
|
13,370
|
|
|
13,153
|
|
|
13,972
|
|
|
13,153
|
|
|||||||
Securities available for sale, at fair value
|
|
449,302
|
|
|
419,300
|
|
|
403,989
|
|
|
407,693
|
|
|
400,144
|
|
|
449,302
|
|
|
400,144
|
|
|||||||
Goodwill and other intangibles, net
|
|
165,967
|
|
|
121,371
|
|
|
122,285
|
|
|
123,254
|
|
|
124,307
|
|
|
165,967
|
|
|
124,307
|
|
|||||||
Total assets
|
|
3,577,260
|
|
|
3,105,671
|
|
|
3,054,813
|
|
|
3,041,091
|
|
|
3,096,535
|
|
|
3,577,260
|
|
|
3,096,535
|
|
|||||||
Deposits
|
|
2,954,453
|
|
|
2,584,447
|
|
|
2,536,639
|
|
|
2,538,486
|
|
|
2,614,138
|
|
|
2,954,453
|
|
|
2,614,138
|
|
|||||||
Stockholders’ equity
|
|
516,262
|
|
|
428,014
|
|
|
411,415
|
|
|
398,767
|
|
|
386,609
|
|
|
516,262
|
|
|
386,609
|
|
|||||||
Book value per common share
|
|
48.76
|
|
|
45.71
|
|
|
44.11
|
|
|
42.28
|
|
|
40.72
|
|
|
48.76
|
|
|
40.72
|
|
|||||||
Tangible book value per common share (1)
|
|
33.08
|
|
|
32.75
|
|
|
31.00
|
|
|
29.21
|
|
|
27.62
|
|
|
33.08
|
|
|
27.62
|
|
|||||||
Average Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans
|
|
$
|
2,438,908
|
|
|
$
|
2,218,307
|
|
|
$
|
2,189,070
|
|
|
$
|
2,179,420
|
|
|
$
|
2,142,870
|
|
|
$
|
2,257,033
|
|
|
$
|
2,127,470
|
|
Securities available for sale, at fair value
|
|
424,981
|
|
|
399,090
|
|
|
402,934
|
|
|
409,580
|
|
|
421,693
|
|
|
409,161
|
|
|
411,007
|
|
|||||||
Interest-earning assets
|
|
2,974,974
|
|
|
2,763,997
|
|
|
2,702,357
|
|
|
2,734,936
|
|
|
2,693,752
|
|
|
2,794,641
|
|
|
2,671,560
|
|
|||||||
Total assets
|
|
3,339,283
|
|
|
3,094,546
|
|
|
3,022,383
|
|
|
3,047,068
|
|
|
2,996,553
|
|
|
3,126,535
|
|
|
2,977,457
|
|
|||||||
Deposits
|
|
2,756,295
|
|
|
2,563,821
|
|
|
2,514,226
|
|
|
2,556,927
|
|
|
2,518,378
|
|
|
2,598,271
|
|
|
2,508,952
|
|
|||||||
Interest-bearing liabilities
|
|
2,023,448
|
|
|
1,895,754
|
|
|
1,892,775
|
|
|
1,946,210
|
|
|
1,867,327
|
|
|
1,939,639
|
|
|
1,951,846
|
|
|||||||
Goodwill and other intangibles, net
|
|
147,636
|
|
|
121,895
|
|
|
122,841
|
|
|
123,892
|
|
|
124,930
|
|
|
129,112
|
|
|
126,284
|
|
|||||||
Stockholders’ equity
|
|
478,645
|
|
|
420,864
|
|
|
404,345
|
|
|
391,027
|
|
|
379,846
|
|
|
423,952
|
|
|
371,635
|
|
|||||||
Financial Ratios: (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Return on average assets
|
|
1.46
|
%
|
|
1.73
|
%
|
|
2.46
|
%
|
|
1.37
|
%
|
|
1.44
|
%
|
|
1.75
|
%
|
|
1.38
|
%
|
|||||||
Return on average common equity
|
|
10.19
|
|
|
12.75
|
|
|
18.40
|
|
|
10.65
|
|
|
11.35
|
|
|
12.89
|
|
|
11.04
|
|
|||||||
Return on average tangible common equity (1)
|
|
14.74
|
|
|
17.95
|
|
|
26.43
|
|
|
15.59
|
|
|
16.91
|
|
|
18.53
|
|
|
16.73
|
|
|||||||
Average equity to average assets
|
|
14.33
|
|
|
13.60
|
|
|
13.38
|
|
|
12.83
|
|
|
12.68
|
|
|
13.56
|
|
|
12.48
|
|
|||||||
Stockholders’ equity to assets
|
|
14.43
|
|
|
13.78
|
|
|
13.47
|
|
|
13.11
|
|
|
12.49
|
|
|
14.43
|
|
|
12.49
|
|
|||||||
Tangible common equity to tangible assets (1)
|
|
10.27
|
|
|
10.28
|
|
|
9.86
|
|
|
9.44
|
|
|
8.83
|
|
|
10.27
|
|
|
8.83
|
|
|||||||
Loan yield
|
|
5.33
|
|
|
5.56
|
|
|
5.66
|
|
|
5.51
|
|
|
5.38
|
|
|
5.57
|
|
|
5.37
|
|
|||||||
Earning asset yield
|
|
4.82
|
|
|
4.97
|
|
|
5.11
|
|
|
4.89
|
|
|
4.76
|
|
|
5.00
|
|
|
4.74
|
|
|||||||
Cost of interest-bearing deposits
|
|
0.99
|
|
|
1.00
|
|
|
1.05
|
|
|
1.04
|
|
|
0.98
|
|
|
1.02
|
|
|
0.82
|
|
|||||||
Cost of funds
|
|
1.12
|
|
|
1.14
|
|
|
1.19
|
|
|
1.18
|
|
|
1.12
|
|
|
1.16
|
|
|
0.97
|
|
|||||||
Net interest margin
|
|
4.06
|
|
|
4.19
|
|
|
4.28
|
|
|
4.05
|
|
|
3.98
|
|
|
4.19
|
|
|
4.04
|
|
|||||||
Net loan charge-offs to average loans
|
|
(0.01
|
)
|
|
0.06
|
|
|
0.02
|
|
|
(0.00
|
)
|
|
0.01
|
|
|
0.02
|
|
|
0.05
|
|
|||||||
Nonperforming loans to total loans
|
|
0.55
|
|
|
0.41
|
|
|
0.35
|
|
|
0.40
|
|
|
0.25
|
|
|
0.55
|
|
|
0.25
|
|
|||||||
Nonperforming assets to total assets
|
|
0.42
|
|
|
0.34
|
|
|
0.26
|
|
|
0.30
|
|
|
0.19
|
|
|
0.42
|
|
|
0.19
|
|
|||||||
Allowance for loan losses to loans
|
|
0.54
|
|
|
0.61
|
|
|
0.62
|
|
|
0.61
|
|
|
0.61
|
|
|
0.54
|
|
|
0.61
|
|
|||||||
Efficiency ratio
|
|
57.57
|
|
|
55.19
|
|
|
64.01
|
|
|
61.91
|
|
|
58.03
|
|
|
59.54
|
|
|
61.42
|
|
|||||||
Effective tax rate
|
|
31.41
|
|
|
25.27
|
|
|
13.19
|
|
|
24.46
|
|
|
26.83
|
|
|
23.04
|
|
|
24.54
|
|
|||||||
Selected Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest income resolved PCI loans (rounded)
|
|
$
|
1,400
|
|
|
$
|
1,800
|
|
|
$
|
1,300
|
|
|
$
|
200
|
|
|
$
|
100
|
|
|
$
|
4,700
|
|
|
$
|
2,000
|
|
Tax-equivalent adjustment net interest income
|
|
257
|
|
|
251
|
|
|
263
|
|
|
272
|
|
|
278
|
|
|
1,043
|
|
|
1,150
|
|
|||||||
Tax benefit on stock-based compensation
|
|
(1,275
|
)
|
|
(128
|
)
|
|
(739
|
)
|
|
(144
|
)
|
|
(23
|
)
|
|
(2,286
|
)
|
|
(182
|
)
|
|||||||
Common stock repurchased (dollars) (3)
|
|
$
|
3,383
|
|
|
$
|
576
|
|
|
$
|
9,142
|
|
|
$
|
5,600
|
|
|
$
|
5,233
|
|
|
$
|
18,701
|
|
|
$
|
22,177
|
|
Common stock repurchased (full shares) (3)
|
|
47,728
|
|
|
9,300
|
|
|
151,098
|
|
|
102,655
|
|
|
100,245
|
|
|
310,781
|
|
|
408,071
|
|
1
|
The ratios of tangible book value per common share, return on average tangible common equity, and tangible common equity to tangible assets exclude goodwill and other intangibles, net. These financial ratios have been included as they are considered to be critical metrics with which to analyze and evaluate financial condition and capital strength.
|
2
|
Income statement-related ratios for partial-year periods are annualized.
|
3
|
Reflects common stock repurchased under board of director authorizations for the common stock repurchase program.
|