Nicolet Bankshares Reports Strong Q2 Results

By Bobby Samwell • Wednesday, July 17 15:18 • Permanent Link

Nicolet Bankshares, Inc. has reported its financial results for the second quarter of 2024, showing a net income of $29 million, which is an increase compared to the prior quarter's net income of $28 million and a significant improvement from the net income of $23 million for the second quarter of 2023.

The company also reported a net income of $57 million for the first half of 2024, a substantial increase from the net income of $14 million for the first half of 2023. Adjusted net income (non-GAAP) for the first half of 2024 was reported at $55 million, compared to adjusted net income (non-GAAP) of $45 million for the first half of 2023.

Nicolet Bankshares, Inc. also saw solid loan growth of $132 million (2%) and growth in core deposits after experiencing seasonal lows in the first quarter. The quarterly cash dividend of $0.28 per common share paid during the second quarter represented a 12% increase over the first quarter.

At the end of the second quarter of 2024, period end assets were reported at $8.6 billion, representing an increase of $110 million (1%) from the end of the first quarter of 2024, mostly driven by solid loan growth. Total loans increased by $132 million (2%) from the end of the first quarter of 2024, with growth in agricultural, commercial and industrial, and residential real estate loans. Total deposits at the end of the second quarter of 2024 were $7.2 billion, reflecting an increase of $75 million from the end of the first quarter of 2024, mostly from noninterest-bearing demand and time deposits.

Nonperforming assets were reported at $29 million and represented 0.34% of total assets at the end of the second quarter of 2024, showing minimal change from the end of the first quarter of 2024 and the end of the second quarter of 2023. The allowance for credit losses-loans was reported at $65 million and represented 1.00% of total loans at the end of the second quarter of 2024, compared to the first quarter of 2024 and the second quarter of 2023.

In terms of income statement review, net interest income for the second quarter of 2024 was reported at $65 million, up $3 million from the first quarter of 2024. Noninterest income for the second quarter of 2024 was minimally changed from the first quarter of 2024, with noninterest expense also showing minimal change between the two quarters.

Today the company's shares have moved 6.8% to a price of $99.52. For the full picture, make sure to review Nicolet Bankshares's 8-K report.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.