NICOLET BANKSHARES INC
For the period ended May 20, 2024. Filed Mar 19, 2024.
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May 20, 2024 · Filed Mar 19, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No.)
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Dear Shareholders:
2023 presented a host of challenges for the banking industry. From the failure of three large banks in the spring, the ongoing challenges posed by rapidly rising interest rates, and ongoing questions about credit quality given economic uncertainty, the industry as a whole remained volatile throughout much of the year. While it was not the year we thought it would be at the start, we certainly made the most of the year it became. After a challenging first quarter where our net interest margin fell below 3.0%, the proactive balance sheet repositioning produced the results we thought it would, and we saw a steady increase in the margin during the remainder of 2023 – a trend that was contrary to much of our peers and the industry. We saw strong loan growth, solid growth in fee income, resilience in our credit quality, and growth in our capital base. In addition, because the Board felt strongly about Nicolet’s positioning coming out of first quarter 2023, it instituted the first quarterly dividend of the Company in its history, announcing a $0.25 per share cash dividend beginning in the second quarter.
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