Nicolet(NIC) - 2025 Q4 - Annual Results

Financial Performance - Record net income of $151 million for full year 2025, a 21.8% increase from $124 million in 2024[2][6] - Diluted earnings per share of $9.78 for full year 2025, up 21.5% from $8.05 in 2024[2][6] - Net income for the year ended 12/31/2025 was $150,686 thousand, a 21.5% increase from $124,059 thousand in 2024[27] - Adjusted net income (Non-GAAP) for the year ended December 31, 2025, was $151,324,000, up from $120,668,000 in 2024, representing a growth of 25.5%[33] - The diluted earnings per common share (GAAP) for the year ended December 31, 2025, was $9.78, an increase from $8.05 in 2024, indicating a rise of 21.5%[33] - Adjusted diluted earnings per common share (Non-GAAP) for the year ended December 31, 2025, reached $9.82, compared to $7.83 in 2024, marking a growth of 25.4%[33] Asset Growth - Total assets reached $9.2 billion at December 31, 2025, an increase of $156 million from September 30, 2025[4] - Total assets increased to $9,185,107 thousand as of 12/31/2025, up from $9,029,430 thousand on 9/30/2025, representing a growth of 1.72%[26] - Total assets as of December 31, 2025, amounted to $9,185,107,000, an increase from $8,796,795,000 in 2024, reflecting a growth of 4.4%[33] Deposits and Loans - Core deposits grew by $497 million (7%) year-over-year, totaling $7.7 billion at December 31, 2025[6][4] - Total deposits rose to $7,730,771 thousand as of 12/31/2025, up from $7,611,465 thousand on 9/30/2025, marking a 1.56% increase[26] - Deposits rose to $7,717,321 thousand as of December 31, 2025, up from $7,314,632 thousand a year ago, marking a growth of 5.5%[28] - Total loans as of December 31, 2025, amounted to $6,836,345, a slight decrease of 0.56% from $6,874,711 on September 30, 2025[30] - Loans reached $6,858,444 thousand for the three months ended December 31, 2025, compared to $6,581,059 thousand for the same period last year, reflecting an increase of 4.2%[28] Income and Expenses - Noninterest income for full year 2025 was $86 million, a $3 million increase from 2024[9] - Noninterest expense for full year 2025 was $201 million, an increase of $9 million from 2024, driven by higher personnel expenses[10] - Total noninterest income for the year ended 12/31/2025 was $85,567 thousand, compared to $82,267 thousand in 2024, reflecting a growth of 4.0%[27] Credit Quality - Nonperforming assets represented 0.35% of total assets at December 31, 2025, compared to 0.31% at September 30, 2025[5] - Provision for credit losses decreased to $750 thousand for the three months ended 12/31/2025, down from $1,500 thousand in the previous quarter, indicating improved credit quality[27] - The allowance for credit losses to loans ratio was 1.01% as of December 31, 2025, unchanged from the previous year, indicating stable credit quality management[28] - Nonperforming assets increased to $32,346 thousand as of December 31, 2025, compared to $29,112 thousand a year ago, representing a rise of 7.7%[28] Operational Efficiency - The efficiency ratio improved to 51.00% for the quarter ended December 31, 2025, down from 52.17% a year earlier, showing enhanced operational efficiency[28] - The return on average assets was 1.75% for the quarter ended December 31, 2025, compared to 1.57% for the same quarter last year, indicating an improvement of 18 basis points[28] Stockholder Information - Quarterly cash dividend of $0.32 per share declared, payable on March 16, 2026[15] - The book value per common share increased to $84.91 as of December 31, 2025, compared to $76.38 a year earlier, reflecting a growth of 11.1%[28] - Total stockholders' equity increased to $1,257,662 thousand as of 12/31/2025, up from $1,214,960 thousand on 9/30/2025, a growth of 3.5%[26] Future Outlook - The acquisition of MidWestOne is expected to close in the first quarter of 2026, pending regulatory and shareholder approvals[3]