GREEN BAY, Wis., Jan. 21, 2020 /PRNewswire/ -- Nicolet
Bankshares, Inc. (NASDAQ: NCBS) ("Nicolet") announced fourth
quarter 2019 net income of $12.3
million and earnings per diluted common share of
$1.18, compared to $13.5 million and $1.40 for third quarter 2019, and $10.9 million and $1.11 for fourth quarter 2018,
respectively. Annualized quarterly return on average assets
was 1.46%, 1.73% and 1.44%, for fourth quarter 2019, third quarter
2019 and fourth quarter 2018, respectively.
Net income for the year ended December 31, 2019 was
$54.6 million, 33% higher than
$41.0 million for 2018.
Earnings per diluted common share was $5.52, 34% higher than $4.12 for 2018. Return on average assets
was 1.75% for 2019 and 1.38% for 2018.
The acquisition of Choice Bancorp, Inc. ("Choice") was
consummated on November 8, 2019,
adding $457 million in assets,
including $348 million in loans,
$289 million in deposits,
$2 million of core deposit
intangible, and $45 million of
goodwill. Pursuant to the agreed upon terms, the $82 million final purchase price consisted of
issuing 1.2 million shares of common stock (given the final
stock-for-stock exchange ratio of 0.497) valued at $80 million and $2
million in cash.
During second quarter 2019, net income favorably included
$5.4 million (or $0.55 of diluted earnings per share) related to
two actions combined, the sale of 80% of Nicolet's equity
investment in a data processing entity ($7.4
million after-tax gain) and retirement-related compensation
declared to benefit all employees after that sale ($2.0 million after-tax cost), impacting the 2019
year and quarter comparisons.
"2019 was an exceptional year, continuing our trend of strong
performance. The results primarily reflect the maturation of
our core strategies. Our profitable acquisition and integration
actions have propelled our level of performance into an elite
group," said Bob Atwell, Chairman
and CEO of Nicolet. "In addition to acquisitions, we have
remained consistently focused on active balance sheet management,
loan and deposit pricing, mortgage banking and wealth management
revenue growth, and efficiencies."
"The numbers speak for themselves and are the scorecard
underlying the efforts of our 600 employees who execute every day,"
said Mike Daniels, President and CEO
of Nicolet National Bank. "Our
people have done an excellent job adding value for customers,
especially in mortgage banking, commercial lending and wealth
management, where our relationship-based core values are
differentiators. As well, we have worked hard to preserve a
strong margin in a challenging rate environment."
"For 2020, our focus will be on driving core earnings growth
through our expanded customer base and capitalizing on our
investments in technology and infrastructure for additional
operating leverage," Atwell said. "We are well positioned to
increase shareholder value through prudent common stock repurchases
and by leveraging our strength as a bank consolidator."
Fourth quarter 2019 net interest income increased $1.3 million (4%) over third quarter, benefiting
from growth in average interest-earnings assets, mostly from the
inclusion of acquired assets during the quarter, and a resilient
net interest margin. Fourth quarter noninterest income grew
$1.0 million (8%) over third quarter,
predominantly from strong net mortgage income. Noninterest
expense increased $2.5 million (11%)
from third quarter. Personnel costs were up $0.7 million (mainly from timing of deferred
compensation and equity awards) and non-personnel costs were up
$1.8 million, mostly due to a
$0.7 million lease termination charge
for the closure of Nicolet's Oshkosh branch in conjunction with the Choice
acquisition and a $0.8 million
write-off of goodwill given a recent change in strategy.
Net interest income for 2019 increased $9.4 million (9%) over 2018 on disciplined rate
management in a lower interest rate environment (as the Federal
Reserve cut interest rates 75bps during the second half of 2019)
and overcoming lower aggregate discount income (down $0.9 million from 2018). Noninterest income
excluding net asset gains increased $7.1
million (19%) mostly from strong net mortgage income and
growth in wealth fees. Noninterest expense grew $7.0 million (8%) over 2018. Personnel
increased $5.0 million over 2018 from
the $2.75 million of
retirement-related compensation actions noted above, as well as
merit increases between the years and overall higher incentive
compensation. Non-personnel expenses increased $2.0 million, including the previously noted
lease termination charge and goodwill write-off, and $0.4 million for accelerated depreciation given
branch facility upgrades. Income tax expense increased
$3.0 million over 2018 on higher
pre-tax income and salary deduction limitations, partially offset
by the favorable tax treatment of the equity investment sale and
the tax benefit on stock-based compensation.
Asset quality remained exceptional, with nonperforming assets of
only $15 million, representing 0.42%
of total assets at December 31, 2019. The allowance for loan
losses of $14 million represented
0.54% of total loans at December 31, 2019. The provision
for loan losses was $1.2 million for
the year ended December 31, 2019 (covering $0.4 million of net charge-offs), compared to
$1.6 million (covering $1.1 million of net charge-offs) for the year
ended December 31, 2018.
At December 31, 2019, assets were $3.6 billion (up 16% since December 31,
2018), loans were $2.6 billion (up
19%), and deposits were $3.0 billion
(up 13%), largely due to the acquisition of Choice which was 12% of
Nicolet's pre-merger size. Excluding the impact of Choice,
loans increased 3% and deposits increased 2% since
December 31, 2018. On average for 2019, loans of
$2.3 billion were 6% stronger than
2018 (or up 4% excluding the acquisition), and deposits of
$2.6 billion were 4% higher than 2018
(or up 2% excluding the acquisition).
Total capital was $516 million at
December 31, 2019, an increase of $130
million since December 31, 2018, mostly due to stock
issued in connection with the Choice acquisition and net income,
partially offset by stock repurchases. We continue to be
opportunistic with respect to such repurchases. At
December 31, 2019, there remained $21.0
million authorized under the repurchase program, as
modified, to be utilized from time-to-time to repurchase shares in
the open market, through block transactions or in private
transactions.
The adoption of the current expected credit losses ("CECL")
model in 2020 is expected to increase the allowance for loan losses
by 55-65%. This estimate considers our recently completed
acquisition of Choice, as well as fourth quarter changes in current
economic conditions, forecasts, and our existing loan
portfolio.
About Nicolet Bankshares, Inc.
Nicolet Bankshares, Inc. is the bank holding company of
Nicolet National Bank, a growing,
full-service, community bank providing services ranging from
commercial and consumer banking to wealth management and retirement
plan services. Founded in Green
Bay in 2000, Nicolet National
Bank operates branches in Northeast and Central Wisconsin and the upper peninsula of
Michigan. More information can be found at
www.nicoletbank.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the federal securities law. Statements in this
release that are not strictly historical are forward-looking and
based upon current expectations that may differ materially from
actual results. These forward-looking statements, identified
by words such as "will", "expect", "believe", "prospects", or other
words of similar meaning, involve risks and uncertainties that
could cause actual results to differ materially from those
anticipated by the statements made herein. These risks and
uncertainties include, but are not limited to, general economic
trends and changes in interest rates, increased competition,
regulatory or legislative developments affecting the financial
industry generally or Nicolet specifically, the interpretation of
tax legislation, changes in consumer demand for financial services,
the possibility of unforeseen events affecting the industry
generally or Nicolet specifically, the uncertainties associated
with newly developed or acquired operations and market
disruptions. Nicolet undertakes no obligation to release
revisions to these forward-looking statements publicly to reflect
events or circumstances after the date hereof or to reflect the
occurrence of unforeseen events, except as required to be reported
under the rules and regulations of the Securities and Exchange
Commission.
Nicolet
Bankshares, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Financial Summary (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the
Three Months Ended
|
|
At or for the Year
Ended
|
(In thousands, except
per share data)
|
|
12/31/2019
|
|
9/30/2019
|
|
6/30/2019
|
|
3/31/2019
|
|
12/31/2018
|
|
12/31/2019
|
|
12/31/2018
|
Results of
operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
36,192
|
|
|
$
|
34,667
|
|
|
$
|
34,570
|
|
|
$
|
33,159
|
|
|
$
|
32,327
|
|
|
$
|
138,588
|
|
|
$
|
125,537
|
|
Interest
expense
|
|
5,723
|
|
|
5,477
|
|
|
5,626
|
|
|
5,684
|
|
|
5,298
|
|
|
22,510
|
|
|
18,889
|
|
Net interest
income
|
|
30,469
|
|
|
29,190
|
|
|
28,944
|
|
|
27,475
|
|
|
27,029
|
|
|
116,078
|
|
|
106,648
|
|
Provision for loan
losses
|
|
300
|
|
|
400
|
|
|
300
|
|
|
200
|
|
|
240
|
|
|
1,200
|
|
|
1,600
|
|
Net interest income
after provision for loan losses
|
|
30,169
|
|
|
28,790
|
|
|
28,644
|
|
|
27,275
|
|
|
26,789
|
|
|
114,878
|
|
|
105,048
|
|
Noninterest
income
|
|
13,309
|
|
|
12,312
|
|
|
18,560
|
|
|
9,186
|
|
|
9,797
|
|
|
53,367
|
|
|
39,509
|
|
Noninterest
expense
|
|
25,426
|
|
|
22,887
|
|
|
25,727
|
|
|
22,759
|
|
|
21,621
|
|
|
96,799
|
|
|
89,758
|
|
Income before income
tax expense
|
|
18,052
|
|
|
18,215
|
|
|
21,477
|
|
|
13,702
|
|
|
14,965
|
|
|
71,446
|
|
|
54,799
|
|
Income tax
expense
|
|
5,670
|
|
|
4,603
|
|
|
2,833
|
|
|
3,352
|
|
|
4,015
|
|
|
16,458
|
|
|
13,446
|
|
Net income
|
|
12,382
|
|
|
13,612
|
|
|
18,644
|
|
|
10,350
|
|
|
10,950
|
|
|
54,988
|
|
|
41,353
|
|
Net income
attributable to noncontrolling interest
|
|
87
|
|
|
82
|
|
|
95
|
|
|
83
|
|
|
87
|
|
|
347
|
|
|
317
|
|
Net income
attributable to Nicolet Bankshares, Inc.
|
|
$
|
12,295
|
|
|
$
|
13,530
|
|
|
$
|
18,549
|
|
|
$
|
10,267
|
|
|
$
|
10,863
|
|
|
$
|
54,641
|
|
|
$
|
41,036
|
|
Earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.22
|
|
|
$
|
1.45
|
|
|
$
|
1.98
|
|
|
$
|
1.09
|
|
|
$
|
1.14
|
|
|
$
|
5.71
|
|
|
$
|
4.26
|
|
Diluted
|
|
$
|
1.18
|
|
|
$
|
1.40
|
|
|
$
|
1.91
|
|
|
$
|
1.05
|
|
|
$
|
1.11
|
|
|
$
|
5.52
|
|
|
$
|
4.12
|
|
Common
Shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted
average
|
|
10,061
|
|
9,347
|
|
9,374
|
|
9,461
|
|
9,526
|
|
9,562
|
|
9,640
|
Diluted weighted
average
|
|
10,452
|
|
9,697
|
|
9,692
|
|
9,758
|
|
9,814
|
|
9,900
|
|
9,956
|
Outstanding
|
|
10,588
|
|
9,363
|
|
9,327
|
|
9,431
|
|
9,495
|
|
10,588
|
|
9,495
|
Noninterest
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust services fee
income
|
|
$
|
1,596
|
|
|
$
|
1,594
|
|
|
$
|
1,569
|
|
|
$
|
1,468
|
|
|
$
|
1,583
|
|
|
$
|
6,227
|
|
|
$
|
6,498
|
|
Brokerage fee
income
|
|
2,190
|
|
|
2,113
|
|
|
2,002
|
|
|
1,810
|
|
|
1,968
|
|
|
8,115
|
|
|
7,042
|
|
Mortgage income,
net
|
|
4,916
|
|
|
3,700
|
|
|
2,059
|
|
|
1,203
|
|
|
1,834
|
|
|
11,878
|
|
|
6,344
|
|
Service charges on
deposit accounts
|
|
1,237
|
|
|
1,223
|
|
|
1,194
|
|
|
1,170
|
|
|
1,208
|
|
|
4,824
|
|
|
4,845
|
|
Card interchange
income
|
|
1,683
|
|
|
1,735
|
|
|
1,660
|
|
|
1,420
|
|
|
1,583
|
|
|
6,498
|
|
|
5,665
|
|
BOLI
income
|
|
535
|
|
|
495
|
|
|
880
|
|
|
459
|
|
|
489
|
|
|
2,369
|
|
|
2,418
|
|
Other noninterest
income
|
|
1,285
|
|
|
1,166
|
|
|
1,624
|
|
|
1,484
|
|
|
1,285
|
|
|
5,559
|
|
|
5,528
|
|
Noninterest income
without net gains
|
|
13,442
|
|
|
12,026
|
|
|
10,988
|
|
|
9,014
|
|
|
9,950
|
|
|
45,470
|
|
|
38,340
|
|
Asset gains (losses),
net
|
|
(133)
|
|
|
286
|
|
|
7,572
|
|
|
172
|
|
|
(153)
|
|
|
7,897
|
|
|
1,169
|
|
Total noninterest
income
|
|
$
|
13,309
|
|
|
$
|
12,312
|
|
|
$
|
18,560
|
|
|
$
|
9,186
|
|
|
$
|
9,797
|
|
|
$
|
53,367
|
|
|
$
|
39,509
|
|
Noninterest
Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
expense
|
|
$
|
13,628
|
|
|
$
|
12,914
|
|
|
$
|
15,358
|
|
|
$
|
12,537
|
|
|
$
|
11,327
|
|
|
$
|
54,437
|
|
|
$
|
49,476
|
|
Occupancy, equipment
and office
|
|
3,827
|
|
|
3,454
|
|
|
3,757
|
|
|
3,750
|
|
|
3,673
|
|
|
14,788
|
|
|
14,574
|
|
Business development
and marketing
|
|
1,397
|
|
|
1,428
|
|
|
1,579
|
|
|
1,281
|
|
|
1,185
|
|
|
5,685
|
|
|
5,324
|
|
Data
processing
|
|
2,730
|
|
|
2,515
|
|
|
2,350
|
|
|
2,355
|
|
|
2,420
|
|
|
9,950
|
|
|
9,514
|
|
Intangibles
amortization
|
|
936
|
|
|
914
|
|
|
969
|
|
|
1,053
|
|
|
1,053
|
|
|
3,872
|
|
|
4,389
|
|
Other noninterest
expense
|
|
2,908
|
|
|
1,662
|
|
|
1,714
|
|
|
1,783
|
|
|
1,963
|
|
|
8,067
|
|
|
6,481
|
|
Total noninterest
expense
|
|
$
|
25,426
|
|
|
$
|
22,887
|
|
|
$
|
25,727
|
|
|
$
|
22,759
|
|
|
$
|
21,621
|
|
|
$
|
96,799
|
|
|
$
|
89,758
|
|
Nicolet
Bankshares, Inc.
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Financial Summary (Unaudited) - Continued
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the
Three Months Ended
|
|
At or for the Year
Ended
|
(In thousands, except
per share data)
|
|
12/31/2019
|
|
9/30/2019
|
|
6/30/2019
|
|
3/31/2019
|
|
12/31/2018
|
|
12/31/2019
|
|
12/31/2018
|
Period-End
Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
2,573,751
|
|
|
$
|
2,242,931
|
|
|
$
|
2,203,273
|
|
|
$
|
2,189,688
|
|
|
$
|
2,166,181
|
|
|
$
|
2,573,751
|
|
|
$
|
2,166,181
|
|
Allowance for loan
losses
|
|
13,972
|
|
|
13,620
|
|
|
13,571
|
|
|
13,370
|
|
|
13,153
|
|
|
13,972
|
|
|
13,153
|
|
Securities available
for sale, at fair value
|
|
449,302
|
|
|
419,300
|
|
|
403,989
|
|
|
407,693
|
|
|
400,144
|
|
|
449,302
|
|
|
400,144
|
|
Goodwill and other
intangibles, net
|
|
165,967
|
|
|
121,371
|
|
|
122,285
|
|
|
123,254
|
|
|
124,307
|
|
|
165,967
|
|
|
124,307
|
|
Total
assets
|
|
3,577,260
|
|
|
3,105,671
|
|
|
3,054,813
|
|
|
3,041,091
|
|
|
3,096,535
|
|
|
3,577,260
|
|
|
3,096,535
|
|
Deposits
|
|
2,954,453
|
|
|
2,584,447
|
|
|
2,536,639
|
|
|
2,538,486
|
|
|
2,614,138
|
|
|
2,954,453
|
|
|
2,614,138
|
|
Stockholders'
equity
|
|
516,262
|
|
|
428,014
|
|
|
411,415
|
|
|
398,767
|
|
|
386,609
|
|
|
516,262
|
|
|
386,609
|
|
Book value per common
share
|
|
48.76
|
|
|
45.71
|
|
|
44.11
|
|
|
42.28
|
|
|
40.72
|
|
|
48.76
|
|
|
40.72
|
|
Tangible book value
per common share (1)
|
|
33.08
|
|
|
32.75
|
|
|
31.00
|
|
|
29.21
|
|
|
27.62
|
|
|
33.08
|
|
|
27.62
|
|
Average
Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
2,438,908
|
|
|
$
|
2,218,307
|
|
|
$
|
2,189,070
|
|
|
$
|
2,179,420
|
|
|
$
|
2,142,870
|
|
|
$
|
2,257,033
|
|
|
$
|
2,127,470
|
|
Securities available
for sale, at fair value
|
|
424,981
|
|
|
399,090
|
|
|
402,934
|
|
|
409,580
|
|
|
421,693
|
|
|
409,161
|
|
|
411,007
|
|
Interest-earning
assets
|
|
2,974,974
|
|
|
2,763,997
|
|
|
2,702,357
|
|
|
2,734,936
|
|
|
2,693,752
|
|
|
2,794,641
|
|
|
2,671,560
|
|
Total
assets
|
|
3,339,283
|
|
|
3,094,546
|
|
|
3,022,383
|
|
|
3,047,068
|
|
|
2,996,553
|
|
|
3,126,535
|
|
|
2,977,457
|
|
Deposits
|
|
2,756,295
|
|
|
2,563,821
|
|
|
2,514,226
|
|
|
2,556,927
|
|
|
2,518,378
|
|
|
2,598,271
|
|
|
2,508,952
|
|
Interest-bearing
liabilities
|
|
2,023,448
|
|
|
1,895,754
|
|
|
1,892,775
|
|
|
1,946,210
|
|
|
1,867,327
|
|
|
1,939,639
|
|
|
1,951,846
|
|
Goodwill and other
intangibles, net
|
|
147,636
|
|
|
121,895
|
|
|
122,841
|
|
|
123,892
|
|
|
124,930
|
|
|
129,112
|
|
|
126,284
|
|
Stockholders'
equity
|
|
478,645
|
|
|
420,864
|
|
|
404,345
|
|
|
391,027
|
|
|
379,846
|
|
|
423,952
|
|
|
371,635
|
|
Financial Ratios:
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.46
|
%
|
|
1.73
|
%
|
|
2.46
|
%
|
|
1.37
|
%
|
|
1.44
|
%
|
|
1.75
|
%
|
|
1.38
|
%
|
Return on average
common equity
|
|
10.19
|
|
|
12.75
|
|
|
18.40
|
|
|
10.65
|
|
|
11.35
|
|
|
12.89
|
|
|
11.04
|
|
Return on average
tangible common equity (1)
|
|
14.74
|
|
|
17.95
|
|
|
26.43
|
|
|
15.59
|
|
|
16.91
|
|
|
18.53
|
|
|
16.73
|
|
Average equity to
average assets
|
|
14.33
|
|
|
13.60
|
|
|
13.38
|
|
|
12.83
|
|
|
12.68
|
|
|
13.56
|
|
|
12.48
|
|
Stockholders' equity
to assets
|
|
14.43
|
|
|
13.78
|
|
|
13.47
|
|
|
13.11
|
|
|
12.49
|
|
|
14.43
|
|
|
12.49
|
|
Tangible common
equity to tangible assets (1)
|
|
10.27
|
|
|
10.28
|
|
|
9.86
|
|
|
9.44
|
|
|
8.83
|
|
|
10.27
|
|
|
8.83
|
|
Loan yield
|
|
5.33
|
|
|
5.56
|
|
|
5.66
|
|
|
5.51
|
|
|
5.38
|
|
|
5.57
|
|
|
5.37
|
|
Earning asset
yield
|
|
4.82
|
|
|
4.97
|
|
|
5.11
|
|
|
4.89
|
|
|
4.76
|
|
|
5.00
|
|
|
4.74
|
|
Cost of
interest-bearing deposits
|
|
0.99
|
|
|
1.00
|
|
|
1.05
|
|
|
1.04
|
|
|
0.98
|
|
|
1.02
|
|
|
0.82
|
|
Cost of
funds
|
|
1.12
|
|
|
1.14
|
|
|
1.19
|
|
|
1.18
|
|
|
1.12
|
|
|
1.16
|
|
|
0.97
|
|
Net interest
margin
|
|
4.06
|
|
|
4.19
|
|
|
4.28
|
|
|
4.05
|
|
|
3.98
|
|
|
4.19
|
|
|
4.04
|
|
Net loan charge-offs
to average loans
|
|
(0.01)
|
|
|
0.06
|
|
|
0.02
|
|
|
(0.00)
|
|
|
0.01
|
|
|
0.02
|
|
|
0.05
|
|
Nonperforming loans
to total loans
|
|
0.55
|
|
|
0.41
|
|
|
0.35
|
|
|
0.40
|
|
|
0.25
|
|
|
0.55
|
|
|
0.25
|
|
Nonperforming assets
to total assets
|
|
0.42
|
|
|
0.34
|
|
|
0.26
|
|
|
0.30
|
|
|
0.19
|
|
|
0.42
|
|
|
0.19
|
|
Allowance for loan
losses to loans
|
|
0.54
|
|
|
0.61
|
|
|
0.62
|
|
|
0.61
|
|
|
0.61
|
|
|
0.54
|
|
|
0.61
|
|
Efficiency
ratio
|
|
57.57
|
|
|
55.19
|
|
|
64.01
|
|
|
61.91
|
|
|
58.03
|
|
|
59.54
|
|
|
61.42
|
|
Effective tax
rate
|
|
31.41
|
|
|
25.27
|
|
|
13.19
|
|
|
24.46
|
|
|
26.83
|
|
|
23.04
|
|
|
24.54
|
|
Selected
Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
resolved PCI loans (rounded)
|
|
$
|
1,400
|
|
|
$
|
1,800
|
|
|
$
|
1,300
|
|
|
$
|
200
|
|
|
$
|
100
|
|
|
$
|
4,700
|
|
|
$
|
2,000
|
|
Tax-equivalent
adjustment net interest income
|
|
257
|
|
|
251
|
|
|
263
|
|
|
272
|
|
|
278
|
|
|
1,043
|
|
|
1,150
|
|
Tax benefit on
stock-based compensation
|
|
(1,275)
|
|
|
(128)
|
|
|
(739)
|
|
|
(144)
|
|
|
(23)
|
|
|
(2,286)
|
|
|
(182)
|
|
Common stock
repurchased (dollars) (3)
|
|
$
|
3,383
|
|
|
$
|
576
|
|
|
$
|
9,142
|
|
|
$
|
5,600
|
|
|
$
|
5,233
|
|
|
$
|
18,701
|
|
|
$
|
22,177
|
|
Common stock
repurchased (full shares) (3)
|
|
47,728
|
|
|
9,300
|
|
|
151,098
|
|
|
102,655
|
|
|
100,245
|
|
|
310,781
|
|
|
408,071
|
|
|
|
1
|
The ratios of
tangible book value per common share, return on average tangible
common equity, and tangible common equity to tangible assets
exclude goodwill and other intangibles, net. These financial
ratios have been included as they are considered to be critical
metrics with which to analyze and evaluate financial condition and
capital strength.
|
2
|
Income
statement-related ratios for partial-year periods are
annualized.
|
3
|
Reflects common stock
repurchased under board of director authorizations for the common
stock repurchase program.
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/bankshares-inc-announces-record-2019-earnings-300990649.html
SOURCE Nicolet Bankshares, Inc.