Nicolet Q2 net income hits record $36 mln

Overview

• Nicolet Q2 net income reaches record $36 mln, up from $33 mln prior qtr

• Net interest margin rose to 3.72%

• Company repurchased 257,402 shares for $30 mln during Q2

Outlook

• Company sees stable interest rates supporting net interest margin growth

Result Drivers

• LOAN GROWTH - "Solid" quarter-over-quarter loan growth of $94 million, primarily in commercial-based loans

• MORTGAGE REVENUES - Seasonal growth in mortgage revenues driven by housing demand in the upper Midwest

• NET INTEREST MARGIN - Net interest margin increased to 3.72%, reflecting stable interest rates

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for Nicolet Bankshares Inc is $125.00, about 4.4% below its July 14 closing price of $130.46

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 13 three months ago

Press Release: ID:nBwbFHD5ca