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Section 1: 10-Q (10-Q)

ncbs-20200630
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________
FORM 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                           to                          
Commission file number: 001-37700
NICOLET BANKSHARES, INC.
(Exact Name of Registrant as Specified in its Charter)
Wisconsin47-0871001
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
111 North Washington Street
Green Bay,Wisconsin54301
(Address of Principal Executive Offices) 
(Zip Code)
(920)430-1400
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareNCBSThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒
As of July 27, 2020 there were 10,417,695 shares of $0.01 par value common stock outstanding.



Nicolet Bankshares, Inc.
Quarterly Report on Form 10-Q
June 30, 2020
TABLE OF CONTENTS
PAGE
2


PART I – FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS:
NICOLET BANKSHARES, INC.
Consolidated Balance Sheets
(In thousands, except share and per share data)
June 30, 2020December 31, 2019
(Unaudited)(Audited)
Assets
Cash and due from banks$66,870  $75,433  
Interest-earning deposits755,814  106,626  
Cash and cash equivalents
822,684  182,059  
Certificates of deposit in other banks17,809  19,305  
Securities available for sale (“AFS”), at fair value510,809  449,302  
Other investments26,375  24,072  
Loans held for sale21,832  2,706  
Loans2,821,501  2,573,751  
Allowance for credit losses - loans (“ACL-Loans”)(29,130) (13,972) 
Loans, net
2,792,371  2,559,779  
Premises and equipment, net59,896  56,469  
Bank owned life insurance (“BOLI”)78,953  78,140  
Goodwill and other intangibles, net164,094  165,967  
Accrued interest receivable and other assets46,405  39,461  
Total assets
$4,541,228  $3,577,260  
Liabilities and Stockholders’ Equity
Liabilities:
Noninterest-bearing demand deposits$1,087,884  $819,055  
Interest-bearing deposits2,449,921  2,135,398  
Total deposits
3,537,805  2,954,453  
Short-term borrowings    
Long-term borrowings417,826  67,629  
Accrued interest payable and other liabilities52,744  38,188  
Total liabilities
4,008,375  3,060,270  
Stockholders’ Equity:
Common stock104  106  
Additional paid-in capital301,778  312,733  
Retained earnings216,863  199,005  
Accumulated other comprehensive income (loss)13,288  4,418  
Total Nicolet Bankshares, Inc. stockholders’ equity
532,033  516,262  
Noncontrolling interest820  728  
Total stockholders’ equity and noncontrolling interest
532,853  516,990  
Total liabilities, noncontrolling interest and stockholders’ equity
$4,541,228  $3,577,260  
Preferred shares authorized (no par value)
10,000,000  10,000,000  
Preferred shares issued and outstanding    
Common shares authorized (par value $0.01 per share)
30,000,000  30,000,000  
Common shares outstanding10,424,407  10,587,738  
Common shares issued10,443,763  10,610,259  
See accompanying notes to unaudited consolidated financial statements.
3

ITEM 1. Financial Statements Continued:

NICOLET BANKSHARES, INC.
Consolidated Statements of Income
(In thousands, except share and per share data) (Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Interest income:
Loans, including loan fees$33,766  $31,209  $67,544  $61,177  
Investment securities:
Taxable
2,042  2,041  4,114  3,674  
Tax-exempt
509  522  1,000  1,071  
Other interest income575  798  1,237  1,807  
Total interest income
36,892  34,570  73,895  67,729  
Interest expense:
Deposits4,455  4,730  9,412  9,507  
Short-term borrowings38    65    
Long-term borrowings902  896  1,658  1,803  
Total interest expense
5,395  5,626  11,135  11,310  
Net interest income
31,497  28,944  62,760  56,419  
Provision for credit losses3,000  300  6,000  500  
Net interest income after provision for credit losses
28,497  28,644  56,760  55,919  
Noninterest income:
Trust services fee income1,510  1,569  3,089  3,037  
Brokerage fee income2,269  2,002  4,591  3,812  
Mortgage income, net9,963  2,059  12,290  3,262  
Service charges on deposit accounts813  1,194  2,038  2,364  
Card interchange income1,637  1,660  3,199  3,080  
BOLI income540  880  1,243  1,339  
Asset gains (losses), net(748) 7,572  (1,402) 7,744  
Other income1,487  1,624  2,008  3,108  
Total noninterest income
17,471  18,560  27,056  27,746  
Noninterest expense:
Personnel14,482  15,358  27,805  27,895  
Occupancy, equipment and office4,361  3,757  8,565  7,507  
Business development and marketing2,514  1,579  3,873  2,860  
Data processing2,399  2,350  4,962  4,705  
Intangibles amortization880  969  1,873  2,022  
Other expense3,177  1,714  4,589  3,497  
Total noninterest expense
27,813  25,727  51,667  48,486  
Income before income tax expense
18,155  21,477  32,149  35,179  
Income tax expense4,576  2,833  7,897  6,185  
Net income
13,579  18,644  24,252  28,994  
Less: Net income attributable to noncontrolling interest101  95  219  178  
Net income attributable to Nicolet Bankshares, Inc.$13,478  $18,549  $24,033  $28,816  
Earnings per common share:
Basic$1.29  $1.98  $2.30  $3.06  
Diluted$1.28  $1.91  $2.25  $2.97  
Weighted average common shares outstanding:
Basic10,417,226  9,374,348  10,466,590  9,417,676  
Diluted10,519,739  9,692,378  10,659,318  9,710,827  
See accompanying notes to unaudited consolidated financial statements.
4

ITEM 1. Financial Statements Continued:

NICOLET BANKSHARES, INC.
Consolidated Statements of Comprehensive Income
(In thousands) (Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Net income$13,579  $18,644  $24,252  $28,994  
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on securities AFS:
Net unrealized holding gains (losses)
7,985  4,401  12,314  12,112  
Net realized (gains) losses included in income
(164) (19) (164) (32) 
Income tax (expense) benefit(2,112) (1,183) (3,280) (3,262) 
Total other comprehensive income (loss)5,709  3,199  8,870  8,818  
Comprehensive income$19,288  $21,843  $33,122  $37,812  
See accompanying notes to unaudited consolidated financial statements.
5

ITEM 1. Financial Statements Continued:

NICOLET BANKSHARES, INC.
Consolidated Statements of Stockholders’ Equity
(In thousands) (Unaudited)
Nicolet Bankshares, Inc. Stockholders’ Equity
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Non-
controlling
Interest
Total
Balances at March 31, 2020$104  $299,903  $203,385  $7,579  $769  $511,740  
Comprehensive income:
Net income, three months ended June 30, 2020—  —  13,478  —  101  13,579  
Other comprehensive income (loss)
—  —  —  5,709  —  5,709  
Stock-based compensation expense—  1,657  —  —  —  1,657  
Exercise of stock options, net—  103  —  —  —  103  
Issuance of common stock—  119  —  —  —  119  
Purchase and retirement of common stock—  (4) —  —  —  (4) 
Distribution to noncontrolling interest—  —  —  —  (50) (50) 
Balances at June 30, 2020$104  $301,778  $216,863  $13,288  $820  $532,853  
Balances at March 31, 2019$94  $244,063  $154,631  $(21) $826  $399,593  
Comprehensive income:
Net income, three months ended June 30, 2019—  —  18,549  —  95  18,644  
Other comprehensive income (loss)
—  —  —  3,199  —  3,199  
Stock-based compensation expense—  1,391  —  —  —  1,391  
Exercise of stock options, net2  2,482  —  —  —  2,484  
Issuance of common stock—  135  —  —  —  135  
Purchase and retirement of common stock(2) (13,108) —  —  —  (13,110) 
Distribution to noncontrolling interest—  —  —  —  (188) (188) 
Balances at June 30, 2019$94  $234,963  $173,180  $3,178  $733  $412,148  
Balances at December 31, 2019$106  $312,733  $199,005  $4,418  $728  $516,990  
Comprehensive income:
Net income, six months ended June 30, 2020—  —  24,033  —  219  24,252  
Other comprehensive income (loss)
—  —  —  8,870  —  8,870  
Stock-based compensation expense—  2,956  —  —  —  2,956  
Exercise of stock options, net—  954  —  —  —  954  
Issuance of common stock—  334  —  —  —  334  
Purchase and retirement of common stock(2) (15,199) —  —  —  (15,201) 
Distribution to noncontrolling interest—  —  —  —  (127) (127) 
Adoption of new accounting pronouncement (see Note 1)—  —  (6,175) —  —  (6,175) 
Balances at June 30, 2020$104  $301,778  $216,863  $13,288  $820  $532,853  
Balances at December 31, 2018$95  $247,790  $144,364  $(5,640) $743  $387,352  
Comprehensive income:
Net income, six months ended June 30, 2019—  —  28,816  —  178  28,994  
Other comprehensive income (loss)
—  —  —  8,818  —  8,818  
Stock-based compensation expense—  2,499  —  —  —  2,499  
Exercise of stock options, net2  3,180  —  —  —  3,182  
Issuance of common stock—  283  —  —  —  283  
Purchase and retirement of common stock(3) (18,789) —  —  —  (18,792) 
Distribution to noncontrolling interest—  —  —  —  (188) (188) 
Balances at June 30, 2019$94  $234,963  $173,180  $3,178  $733  $412,148  
See accompanying notes to unaudited consolidated financial statements.
6

ITEM 1. Financial Statements Continued:

NICOLET BANKSHARES, INC.
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Six Months Ended June 30,
20202019
Cash Flows From Operating Activities:
Net income$24,252  $28,994  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and accretion4,954  3,194  
Provision for credit losses6,000  500  
Increase in cash surrender value of life insurance(1,058) (938) 
Stock-based compensation expense2,956  2,499  
Asset (gains) losses, net1,402  (7,744) 
Gain on sale of loans held for sale, net(12,217) (3,246) 
Proceeds from sale of loans held for sale395,187  120,753  
Origination of loans held for sale(404,346) (