Nicolet Bankshares Q3 net income rises on lower expenses
NIC•Nicolet Bankshares reported Q3 net income of $63.73 million, up from $57 million in the prior quarter, as noninterest expenses fell by $13 million. Adjusted EPS of $3.15 beat analyst expectations of $3.06.
1. Earnings and expenses
Nicolet Bankshares’ Q3 adjusted EPS was $3.15, above the $3.06 analyst consensus, while reported EPS was $2.96. Net interest income was $142.23 million, and the credit loss provision was $1.95 million. Net interest margin expanded to 4.19% from 4.14% in Q2.
2. Funding and capital moves
Noninterest expense fell by $13 million from Q2, reflecting lower personnel costs, reduced merger-related expenses and lower other noninterest expense. Core deposits grew by $223 million, offsetting a decline in brokered deposits. The company completed the MidWestOne integration, sold Denver branches and repurchased $40 million in stock; it expects a cleaner fourth quarter and says its focus remains on customer relationships and discipline on credit and expenses.
