Nicolet Bankshares reports Q2 EPS $1.51, consensus $1.46

Results for FY23 were significantly impacted by the March 7 sale of $500M, par value, U.S. Treasury held to maturity securities for a pre-tax loss of $38M or an after-tax loss of $28M. The company said, “Asset quality trends remain solid and loan net charge-offs were negligible”. “First things first, I am impressed at how the entire Nicolet team has responded to our decision to reposition our balance sheet in the first quarter. We have been re-energized by the move and the results are showing up in new relationships across our revenue lines,” said Mike Daniels, President and CEO of Nicolet. “I think this shows the value of putting actions behind our words and trusting our team to continue to deliver on Nicolet’s promise – to serve our customers, communities, and each other. Thus far, they have, and I am confident that this will continue. We anticipated a higher net interest margin, which has happened this quarter. This, combined with an already outstanding asset quality profile and a clean balance sheet, continues to put Nicolet in an enviable position despite the ongoing macroeconomic challenges.”