Nicolet Bankshares, Inc. has reported net income of $34 million for the fourth quarter of 2024, marking an increase from the $33 million reported in the previous quarter and $31 million in the same quarter of 2023. For the full year 2024, the company reported net income of $124 million, a significant improvement from the $62 million reported in the previous year.
The company's net interest margin for the full year 2024 improved by 29 basis points over 2023, reaching 3.47%. This was driven by a 4% year-over-year asset growth to $8.8 billion, with total loans increasing by $70 million, primarily in agricultural loans, and total deposits increasing by $144 million.
The tangible common equity to tangible assets ratio increased to 9.33% at the end of 2024, attributed to strong core earnings. Furthermore, nonperforming assets represented 0.33% of total assets at the end of 2024, compared to 0.31% at the end of the previous quarter, and 0.33% at the end of 2023.
In terms of income, net interest income for the full year 2024 was reported at $268 million, up $27 million from 2023. Noninterest income for the full year 2024 increased to $82 million, up $46 million from 2023, with notable growth in wealth income and net mortgage income.
Nicolet Bankshares also highlighted its strong capital levels and continued earnings performance, positioning the company in the top quartile, if not decile, of performance among community banks. The company expressed its intention to explore organic and acquisition options in 2025, including potential share repurchases and mergers and acquisitions.
Today the company's shares have moved 2.2% to a price of $110.25. For more information, read the company's full 8-K submission here.
