12-Nov-2013
Results of Operations and Financial Condition, Financial Statements and
Item 2.02 Results of Operations and Financial Condition.
Nicolet announced earnings for the three months and nine months ended September 30, 2013 on October 15, 2013. Subsequent to that date, there were developments related to an ongoing legal matter acquired in the Mid-Wisconsin Financial Services, Inc. ("Mid-Wisconsin") transaction. Such litigation was pre-existing at the time of acquisition. The recent events in the fourth quarter supported a change in estimate of loss on this litigation to $0.9 million, net of tax, which was recorded against the bargain purchase gain of the Mid-Wisconsin transaction and imposed back against third quarter earnings, initially reported on October 15, 2013. The effect of the foregoing is to reduce net income, as originally reported on October 15, 2013, by $0.9 million to $2.9 million and $15.2 million for the three and nine month periods ended September 30, 2013, respectively, and to reduce originally reported diluted earnings per share of $0.84 and $3.88 to $0.62 and $3.65 for the three and nine month periods ended September 30, 2013, respectively.
The Consolidated Financial Summary, which has been adjusted for this change in estimate, is attached as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description of Exhibit
99.1 Consolidated Financial Summary at and for the three and nine months ended September 30, 2013
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