GREEN BAY, Wis., Dec. 22, 2021 /PRNewswire/ -- Nicolet
Bankshares, Inc. (NASDAQ: NCBS) ("Nicolet" or the "Company"),
the holding company of Nicolet National Bank,
a Wisconsin-based community bank, announced that its Board of
Directors authorized an increase to the Company's common stock
repurchase program on December 21, 2021. Under the terms of
the amendment, the Board authorized the Company to buy back up to
an additional $50 million of the
Company's outstanding shares, representing approximately 5% of its
currently outstanding common stock. This amendment, coupled with
previous remaining repurchase authorizations of $31 million, provides the Company with the
ability to repurchase up to $81
million of its common stock.
Mike Daniels, President and CEO
of Nicolet, said, "This action by the Board is consistent with
Nicolet's long-term view of our stock and the company in
general. Given the market conditions and our cash position,
we feel that Nicolet's common stock is currently our best
acquisition right now. In addition, our actions in 2021, with
two acquisitions and a branch rationalization strategy, put us in a
strong strategic position to execute in 2022. We thank the
Board for their confidence."
The Company intends to accomplish the common stock repurchases
through open market transactions. However, the Company could
accomplish repurchases through other means, such as block trades
and privately negotiated transactions. The timing and amount of any
common stock repurchases will depend on various factors, including,
among others, securities law restrictions, the trading price of the
Company's common stock, regulatory requirements, potential
alternative uses for capital, and the Company's financial
performance. The common stock repurchase plan does not obligate the
Company to acquire any particular amount of common stock. The
plan may be modified or suspended at any time at the Company's
discretion. The Company expects to fund any repurchases from cash
on hand.
About Nicolet Bankshares, Inc.
Nicolet Bankshares, Inc. is the bank holding company of
Nicolet National Bank, a growing
full-service community bank providing services ranging from
commercial and consumer banking to wealth management and retirement
plan services. Founded in Green
Bay in 2000, Nicolet National
Bank operates branches in Northeast and Central Wisconsin, the upper peninsula of
Michigan, and Northern Michigan. More information can be
found at www.nicoletbank.com.
Forward Looking Statements "Safe Harbor" Statement Under the
Private Securities Litigation Reform Act of 1995
Certain statements contained in this communication, which are
not statements of historical fact, constitute forward-looking
statements within the meaning of the federal securities law. Such
statements include, but are not limited to, statements about
Nicolet's business plans, objectives, expectations and intentions,
including without limitation Nicolet's expectations regarding
future repurchases under its stock repurchase program and regarding
the Company's strategic position in 2022, all of which is subject
to numerous assumptions, risks and uncertainties. Words or phrases
such as "anticipate," "believe," "aim," "can," "conclude,"
"continue," "could," "estimate," "expect," "foresee," "goal,"
"intend," "may," "might," "outlook," "possible," "plan," "predict,"
"project," "potential," "seek," "should," "target," "will," "will
likely," "would," or the negative of these terms or other
comparable terminology, as well as similar expressions, are
intended to identify forward-looking statements but are not the
exclusive means of identifying such statements.
Forward-looking statements are not historical facts but instead
express only management's beliefs regarding future results or
events, many of which, by their nature, are inherently uncertain
and outside of management's control. It is possible that actual
results and outcomes may differ, possibly materially, from the
anticipated results or outcomes indicated in these forward-looking
statements. In addition to factors disclosed in reports filed by
Nicolet with the SEC, risks and uncertainties that may cause actual
results or outcomes to differ materially from those anticipated
include, but are not limited to: (1) the possibility that any of
the anticipated benefits of Nicolet's 2021 acquisitions of Mackinac
Financial Corporation ("Mackinac")
and/or County Bancorp, Inc. ("County") will not be realized or will
not be realized within the expected time period; (2) the risk that
integration of Mackinac's
operations and/or County's operations with those of Nicolet will be
materially delayed or will be more costly or difficult than
expected; (3) changes to tax legislation and their potential
effects on the accounting for the mergers; (4) diversion of
management's attention from ongoing business operations and
opportunities due to the mergers; (5) the challenges of integrating
and retaining key employees of Nicolet, including those who joined
Nicolet from Mackinac and County;
(6) the effect of the mergers on Nicolet's and/or Mackinac's or County's historic customer and
employee relationships and operating results; (7) the magnitude and
duration of the COVID pandemic and its impact on the global economy
and financial market conditions and Nicolet's business, results of
operations and financial condition; (8) changes in consumer demand
for financial services; and (9) general competitive, economic,
political and market conditions and fluctuations. Please
refer to Nicolet's Annual Report on Form 10-K for the year ended
December 31, 2020, as well as its
other filings with the SEC, for a more detailed discussion of
risks, uncertainties and factors that could cause actual results to
differ from those discussed in the forward-looking statements.
The COVID pandemic is adversely affecting us, our customers,
counterparties, employees, and third-party service providers, and
the ultimate extent of the impacts on our business, financial
position, results of operations, liquidity, and prospects is
uncertain. Continued deterioration in general business and economic
conditions or turbulence in domestic financial markets could
adversely affect Nicolet's revenues and the values of its assets
and liabilities, lead to a tightening of credit, and increase stock
price volatility. In addition, the COVID pandemic may result in
changes to statutes, regulations, or regulatory policies or
practices that could affect Nicolet in substantial and
unpredictable ways.
All forward-looking statements included in this communication
are made as of the date hereof and are based on information
available to management at that time. Except as required by law,
Nicolet does not assume any obligation to update any
forward-looking statement to reflect events or circumstances that
occur after the date the forward-looking statements were made.
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SOURCE Nicolet Bankshares, Inc.