| PARENT COMPANY ONLY FINANCIAL INFORMATION |
| NOTE 21. |
PARENT COMPANY ONLY FINANCIAL INFORMATION |
Condensed parent company only financial statements of Nicolet Bankshares, Inc. follow:
| Balance Sheets |
|
December 31, |
|
| (in thousands) |
|
2016 |
|
|
2015 |
|
| Assets |
|
|
|
|
|
|
| Cash and due from subsidiary |
|
$ |
28,265 |
|
|
$ |
13,632 |
|
| Investments |
|
|
6,361 |
|
|
|
6,754 |
|
| Investments in subsidiaries |
|
|
284,416 |
|
|
|
115,504 |
|
| Goodwill |
|
|
(2,850 |
) |
|
|
- |
|
| Other assets |
|
|
398 |
|
|
|
342 |
|
| Total assets |
|
$ |
316,590 |
|
|
$ |
136,232 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
| Junior subordinated debentures |
|
$ |
24,732 |
|
|
$ |
12,527 |
|
| Subordinated debt |
|
|
11,885 |
|
|
|
11,849 |
|
| Other liabilities |
|
|
4,026 |
|
|
|
2,355 |
|
| Stockholders’ equity |
|
|
275,947 |
|
|
|
109,501 |
|
| Total liabilities and stockholders’ equity |
|
$ |
316,590 |
|
|
$ |
136,232 |
|
| Statements of Income |
|
Years ended December 31, |
|
| (in thousands) |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| Interest income |
|
$ |
58 |
|
|
$ |
90 |
|
|
$ |
68 |
|
| Interest expense |
|
|
1,951 |
|
|
|
1,375 |
|
|
|
875 |
|
| Net interest expense |
|
|
(1,893 |
) |
|
|
(1,285 |
) |
|
|
(807 |
) |
| Dividend income from subsidiaries |
|
|
35,500 |
|
|
|
11,000 |
|
|
|
9,060 |
|
| Operating expense |
|
|
(202 |
) |
|
|
(258 |
) |
|
|
(164 |
) |
| Gain (loss) on investments, net |
|
|
(500 |
) |
|
|
228 |
|
|
|
341 |
|
| Bargain purchase gain |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Income tax benefit |
|
|
833 |
|
|
|
375 |
|
|
|
135 |
|
| Earnings before equity in undistributed income of subsidiaries |
|
|
33,738 |
|
|
|
10,060 |
|
|
|
8,565 |
|
| Equity in undistributed income (loss) of subsidiaries |
|
|
(15,276 |
) |
|
|
1,368 |
|
|
|
1,384 |
|
| Net income |
|
$ |
18,462 |
|
|
$ |
11,428 |
|
|
$ |
9,949 |
|
| Statements of Cash Flows |
|
Years ended December 31, |
|
| (in thousands) |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income attributable to Nicolet Bankshares, Inc. |
|
$ |
18,462 |
|
|
$ |
11,428 |
|
|
$ |
9,949 |
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Accretion of discounts |
|
|
353 |
|
|
|
228 |
|
|
|
199 |
|
| Gain (loss) on investments, net |
|
|
500 |
|
|
|
(228 |
) |
|
|
(341 |
) |
| Change in other assets and liabilities, net |
|
|
395 |
|
|
|
(160 |
) |
|
|
506 |
|
| Equity in undistributed earnings of subsidiaries, net of dividends received |
|
|
15,276 |
|
|
|
(1,368 |
) |
|
|
(1,444 |
) |
| Net cash provided by operating activities |
|
|
34,986 |
|
|
|
9,900 |
|
|
|
8,869 |
|
| Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sale of investments |
|
|
565 |
|
|
|
378 |
|
|
|
531 |
|
| Purchases of investments |
|
|
- |
|
|
|
(1,774 |
) |
|
|
(791 |
) |
| Capital infusion to subsidiary |
|
|
- |
|
|
|
- |
|
|
|
(1,200 |
) |
| Net cash from business combinations |
|
|
(608 |
) |
|
|
- |
|
|
|
- |
|
| Net cash used by investing activities |
|
|
(43 |
) |
|
|
(1,396 |
) |
|
|
(1,460 |
) |
| Cash Flows From Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase and cancellation of treasury stock |
|
|
(5,201 |
) |
|
|
(4,381 |
) |
|
|
(5,770 |
) |
| Proceeds from issuance of common stock, net |
|
|
1,900 |
|
|
|
1,721 |
|
|
|
887 |
|
| Capitalized issuance costs, net |
|
|
(260 |
) |
|
|
- |
|
|
|
- |
|
| Proceeds from issuance of subordinated debt, net |
|
|
- |
|
|
|
11,820 |
|
|
|
- |
|
| Redemption of preferred stock (SBLF) |
|
|
(12,200 |
) |
|
|
(12,200 |
) |
|
|
- |
|
| Repayment of long-term debt |
|
|
(3,916 |
) |
|
|
|
|
|
|
|
|
| Noncontrolling interest in joint venture |
|
|
- |
|
|
|
- |
|
|
|
60 |
|
| Cash dividends paid on preferred stock |
|
|
(633 |
) |
|
|
(212 |
) |
|
|
(244 |
) |
| Net cash used by financing activities |
|
|
(20,310 |
) |
|
|
(3,252 |
) |
|
|
(5,067 |
) |
| Net increase in cash |
|
|
14,633 |
|
|
|
5,252 |
|
|
|
2,342 |
|
| Beginning cash |
|
|
13,632 |
|
|
|
8,380 |
|
|
|
6,038 |
|
| Ending cash |
|
$ |
28,265 |
|
|
$ |
13,632 |
|
|
$ |
8,380 |
|
|