Nicolet(US:NIC)2025-10-23 20:16Financial Performance - Record net income of $42 million for Q3 2025, up from $36 million in Q2 2025 and $33 million in Q3 2024[1] - Earnings per diluted common share increased to $2.73 in Q3 2025, compared to $2.34 in Q2 2025 and $2.10 in Q3 2024[1] - Net income for Q3 2025 was $41,735,000, a 28.5% increase from $32,516,000 in Q3 2024[14] - Basic earnings per share for Q3 2025 were $2.81, up from $2.16 in Q3 2024, representing a 30.1% increase[14] - Adjusted net income (Non-GAAP) for the same period was $40,693,000, compared to $36,195,000 in the prior quarter, reflecting a growth of approximately 4.1%[20] - The diluted earnings per common share (GAAP) for Q3 2025 was $2.73, up from $2.34 in Q2 2025, representing an increase of 16.7%[20] - The adjusted diluted earnings per common share (Non-GAAP) for Q3 2025 was $2.66, compared to $2.35 in Q2 2025, reflecting a growth of 13.2%[20] Asset and Loan Growth - Total assets reached $9.0 billion at September 30, 2025, an increase of $99 million from June 30, 2025[3] - Total assets as of September 30, 2025, were $8,984,344,000, an increase from $8,596,812,000 a year earlier, reflecting a growth of 4.5%[15] - Loans outstanding increased to $6,843,189,000 in Q3 2025, compared to $6,542,532,000 in Q3 2024, indicating a growth of 4.6%[15] - Total loans increased by $36 million from June 30, 2025, primarily in construction and agricultural loans[3] - Total loans as of September 30, 2025, reached $6,874,711,000, an increase from $6,839,141,000 in the previous quarter[17] Deposits and Capital - Core deposits grew by $223 million (13% annualized) during Q3 2025[5] - Total deposits increased to $7,611,465,000 as of September 30, 2025, compared to $7,541,673,000 in the prior quarter, reflecting a growth of 0.92%[17] - Total capital increased to $1.2 billion at September 30, 2025, up $25 million from June 30, 2025[3] Income and Interest Metrics - Total interest income for Q3 2025 reached $120,333,000, an increase of 6.9% compared to $112,622,000 in Q3 2024[14] - Net interest income after provision for credit losses was $78,314,000 for Q3 2025, up from $67,616,000 in Q3 2024, reflecting a year-over-year increase of 15.8%[14] - Net interest income for the three months ended September 30, 2025, was $79,696,000, with a net interest margin of 3.86%[18] - Net interest margin improved to 3.86%, up 14 basis points from Q2 2025[5] - The average interest rate on interest-bearing core deposits was 2.51% for the nine months ended September 30, 2025[18] Noninterest Income and Efficiency - Noninterest income for Q3 2025 was $24 million, an increase of $3 million from Q2 2025[8] - Noninterest income totaled $23,619,000 in Q3 2025, compared to $22,378,000 in Q3 2024, marking a 5.5% increase[14] - The efficiency ratio improved to 49.10% in Q3 2025, down from 54.57% in Q3 2024, indicating better cost management[15] Share Repurchase and Stock Metrics - The company repurchased 155,393 common shares for $21 million during Q3 2025[5] - Common stock repurchased in Q3 2025 amounted to $20,525,000, with 155,393 shares repurchased[15] Nonperforming Assets - Nonperforming assets were $28 million, representing 0.31% of total assets at September 30, 2025[4] Tax and Equity Metrics - The effective tax rate assumed for adjustments was 19.5%, which is critical for understanding the adjusted net income calculations[21] - Tangible common equity stood at $831,267,000 as of September 30, 2025, an increase from $804,991,000 in the previous quarter, reflecting a growth of 3.3%[20] - Average tangible common equity for the nine months ended September 30, 2025, was $800,025,000, compared to $687,026,000 for the same period last year, showing a significant increase of 16.4%[20]