STOCKHOLDERS' EQUITY |
12 Months Ended | ||
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Dec. 31, 2016 | |||
| Stockholders' Equity Note [Abstract] | |||
| STOCKHOLDERS' EQUITY |
During 2014, a common stock repurchase program was authorized to use up to $12 million to repurchase up to 625,000 shares of Nicolet common stock as an alternative use of capital. On July 21, 2015, a modification to the current stock repurchase program was approved, adding $6 million more to repurchase up to 175,000 more shares of its common stock. On January 17, 2017, the stock repurchase program was modified again, adding $12 million more to repurchase up to 250,000 more shares of its common stock. This brings the total authorization to $30 million to repurchase up to 1,050,000 shares of outstanding common stock. Through December 31, 2016, $14.2 million was used to repurchase and cancel 518,609 shares at a weighted average price of $27.31 per share including commissions.
On April 29, 2016, in connection with its acquisition of Baylake, the Company issued 4,344,243 shares of its common stock for consideration of $163.3 million, and recorded $1.2 million consideration for assumed stock options. Approximately $0.3 million of common stock issuance expenses related to the transaction were incurred and charged against additional paid in capital. In connection with the financial advisor business acquisition that completed April 1, 2016, the Company issued $2.6 million in common stock consideration. On February 24, 2016, Nicolet’s common stock moved off the OTCBB and began trading on the Nasdaq Capital Market, also under the trading symbol of “NCBS.”
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