Nicolet(US:NIC)2025-01-21 21:25Financial Performance - Fourth quarter 2024 net income was $34 million, up from $33 million in the prior quarter and $31 million in the fourth quarter of 2023, with earnings per diluted common share of $2.19[2] - For the year ended December 31, 2024, net income was $124 million, compared to $62 million for 2023, with adjusted net income of $121 million for 2024 versus $101 million for 2023[8] - Net income for the year ended December 31, 2024, was $124,059,000, compared to $61,516,000 in 2023, representing a year-over-year increase of 102.5%[21] - Basic earnings per share for the year ended December 31, 2024, was $8.24, up from $4.17 in 2023, indicating a growth of 97.2%[21] - For the three months ended December 31, 2024, the net income (GAAP) was $34,480,000, an increase from $30,661,000 for the same period in 2023, representing a year-over-year growth of 12%[28] Asset and Deposit Growth - Total assets at December 31, 2024, were $8.8 billion, reflecting a year-over-year growth of $328 million (4%) and an increase of $160 million (2%) from September 30, 2024[5] - Total assets increased to $8,796,795 thousand as of 12/31/2024, up from $8,468,678 thousand on 12/31/2023, representing a growth of 3.9%[19] - Total deposits reached $7.4 billion at December 31, 2024, an increase of $144 million from September 30, 2024, driven by a $192 million rise in interest-bearing deposits[6] - Total deposits rose to $7,403,684 thousand, compared to $7,197,800 thousand a year earlier, marking an increase of 2.9%[19] - Total deposits rose to $7,403,684 thousand, compared to $7,197,800 thousand at the end of 2023, marking an increase of 2.9%[24] Loan and Interest Metrics - The net interest margin for 2024 improved to 3.47%, an increase of 29 basis points from 3.18% in 2023[9] - Net loans reached $6,560,262 thousand, an increase from $6,290,332 thousand year-over-year, reflecting a growth of 4.3%[19] - Total loans increased to $6,626,584 thousand as of December 31, 2024, up from $6,353,942 thousand a year earlier, representing a growth of 4.3%[24] - Average total loans for the year ended December 31, 2024, were $6,505,103 thousand, generating interest income of $393,551 thousand at an average rate of 6.05%[25] - The company reported a net interest income of $71,550,000 for the three months ended December 31, 2024, compared to $64,282,000 for the same period in 2023, marking an increase of 11.8%[21] Noninterest Income and Expenses - Noninterest income for the full year 2024 was $82 million, an increase of $46 million over 2023, with growth in most noninterest income categories[10] - Noninterest income for the year ended December 31, 2024, totaled $82,267,000, significantly higher than $35,972,000 in 2023, marking an increase of 128.1%[21] - Total noninterest expense for the year ended December 31, 2024, was $191,353,000, up from $185,866,000 in 2023, reflecting an increase of 2.6%[21] Capital and Equity - Stockholders' equity increased to $1,172,898 thousand, up from $1,039,007 thousand, indicating a growth of 12.8% year-over-year[19] - Stockholders' equity reached $1,163,477 thousand as of December 31, 2024, up from $996,745 thousand a year earlier, indicating a growth of 16.67%[22] - Tangible common equity increased to $784,758,000 as of December 31, 2024, from $644,641,000 in 2023, representing a rise of 22%[28] - The average tangible common equity for the year was $709,053,000, up from $581,260,000 in 2023, indicating a growth of 22%[28] Tax and Regulatory Changes - The effective tax rate for the year ended December 31, 2024, was 20.03%, compared to 28.99% for 2023, reflecting higher pretax income[12] - A new Wisconsin tax law change effective July 1, 2023, reduced the effective tax rate from 25% to 19.5%, positively influencing future earnings[31] - The effective tax rate for the fourth quarter of 2024 was 20.19%, slightly up from 18.06% in the same quarter of the previous year[22] Strategic Plans and Shareholder Actions - The company plans to explore both organic growth and acquisition opportunities in 2025, supported by strong capital levels and earnings performance[4] - Share repurchases have resumed, with the company indicating a preference for this strategy until better capital deployment opportunities arise[4] - Common stock repurchased amounted to $10,137 thousand during the fourth quarter of 2024, with 92,440 shares repurchased[22]