Downtown Location

2005 ANNUAL REPORT

111 N. Washington Street
PO Box 23900
Green Bay, WI 54305-3900
920-430-1400
2005 Annual Report

Marinette Location
2009 Hall Avenue
Marinette, WI 54143
715-732-2600

Menominee Location
1015 10th Avenue
Menominee, MI 49858
906-863-4407

De Pere Location
1011 N. Broadway
De Pere, WI 54115
920-425-1400
www.nicoletbank.com
1-800-369-0226
MISSION
Mission

Relationship
Service
Community
Value
SHAREHOLDERS
Letter to Our Shareholders
2005 Financial Highlights (in millions)
500

450

350
400

300
350

Dear Shareholders, 300 250

et. We
and successful year for Nicol
2005 was another very active
250

to our
200
ved
pleted privatization and mo
doubled our net income, com
200

n Green Bay.
150

new headquarters in downtow 150

100

unparalleled
we established Nicolet as an
100
Robert B. Atwell
During our first three years, las t two yea rs, we Chairman, President & 50

king. In the
50

growth story in Wisconsin ban

Chief Executive Officer
pro fita bility and
We will
wh ile dri vin g for
continued our strong growth
0 0
2000 2001 2002 2003 2004 2005 2000 2001 2002 2003 2004 2005
Green
No. 3 financial institution in Total Assets Total Loans
solidifying our position as the urn on assets of
.021 million represents a ret ile maintaining a
3.2

Bay. 2005 net income of $3 5 percent return on assets wh

e a 1.2
achieve our
3.0

erm goa l is to ach iev predict

0.71 percent. Our long-t holds, but it’s a lot easier to
2.8

No on e kn ow s wh at the fut ure

15 percent asset growth rate.
2.6

00.
we sta rte d fro m a bla nk she et of paper in November, 20 2.4

today than when

goals by
2.2
450

ociated with
did not see how the costs ass
2.0

in Ma rch , 20 05 . We sim ply ioned

1.8

We completed privatization t shareholders. We also quest

400

ue or liq uid ity of ou r cur ren 1.6

the val
being publicly held enhanced s really conducive to the lon
g-term, community-based
helping our
1.4 350

blic ma rke ts wa
the pu lly map out our
1.2

whether the climate in

Pri vat iza tio n bec am e the occasion for the board to rea 1.0 300

mission we have set forth. ectors, you

the stock owned by your dir
0.8
cen t of
customers
five yea rs. Wi th 45 per
expectations for the coming reholder wealth while
0.6 250

l ma int ain ou r foc us on building long-term sha

will achieve our
0.4

can be confident tha t we wil

at an appropriate value. We
200

nee ds of ou r sha reh old ers 0.2

supporting the liquidity

achieve
0.0

ers achieve theirs.

150

goals by helping our custom

-0.2

-0.4

n Green Bay.
100

r new headquarters in downtow

-0.6

of exc item ent abo ut ou out beautifully.

There has been a lot ple, the building has turned
theirs.
-0.8 50

coo per atio n of ma ny peo

Through the planning and ence of the bank is the
-1.0

r is a ph ysi cal ma nif est atio n of who we are, but the ess -1.2
2000 2001 2002 2003
0
2000 2001 2002 2003 2004 2005

Nicolet Cente
2004 2005

the customers we serve. Net Income Total Deposits

people who work within it and
nk all who have helped to
asi on on our fifth anniversary to tha
We would lik e to tak e thi s occ and allowed us to serve
ers who embraced the vision
4500

are gra tef ul to ou r cus tom what could not be

create Nicolet. We s – mo st of whom joined us believing in 4000
ou r em plo yee t and
them. We are grateful to has bee n a bo tto mless well of strength, insigh
bo ard , wh ich
seen. We are grateful to our
3500

in the mission!
d we are gra tef ul to each of you for investing
confidence. An 3000

2500

Bob Asset Management Revenue

Chairman, President &
2000

Secondary Market Mortgage

Chief Executive Officer 1500
Revenue
Other Revenue
1000
Other Revenue
500 Secondary Market Mortgage Revenue

0 Asset Management Revenue

2000 2001 2002 2003 2004 2005

Non-Interest Revenue
(in thousands)
BOARD OF DIRECTORS
Board of Directors Robert B. Atwell
Nicolet Bankshares Inc. Officers
Michael E. Daniels Jacqui A. Engebos
Vice President
Chairman, President Executive Vice President
Chief Executive Officer Secretary Chief Financial Officer

Nicolet National Bank Officers

Stephen J. Albers Peggy A. Jenkins Eric M. Siudzinski

Asst. Vice President Asst. Vice President
Robert B. Atwell
Chairman, President &
Chief Executive Officer
Michael E. Daniels
Executive Vice President
& Chief Lending Officer
Daniel T. Ariens
President & CEO
Ariens Company
John N. Dykema
President & CEO
Campbell Wrapper Corp. &
Circle Packaging Machinery, Inc.
Senior Vice President
Trust and Investment
Manager
Branch Manager
Menominee
Commercial Banker
We are
Lindsay L. Tafelski
grateful to
Nicolet National Bank Nicolet National Bank
Marinette
W. Scott King Vice President
Robert B. Atwell Senior Vice President Retail Banker
Chairman, President
Chief Executive Officer
Commercial Banking
Manager Kirk R. Uslabar
Compliance Officer
our board,
Jo A. Beno
Vice President
Philip J. Kloida
Asst. Vice President Michael K. Van Ermen
Vice President
which has
Private Client Services Branch Manager
Wendell E. Ellsworth
Owner & Chief Executive Officer
Algoma Hardwoods, Inc.
Deanna L. Favre
Chief Executive Officer
Favre Fourward Foundation
Michael F. Felhofer
Owner
Candleworks of Door County, Inc.
James M. Halron
Co-owner
Halron Lubricants, Inc.
Jon A. Biskner
Marinette Retail Banker
been a
Information Technology Karen A. Lampereur Kim E. Van Osdol
Officer Vice President
Branch Manager
Community Bank
President/ bottomless
Commercial Banker
well of
Sharla R. Borg De Pere
Vice President Marinette/Menominee
Operations/IT Manager David B. Maguire

strength,
Vice President Michael J. Vogel
Lynn M. Caelwaerts Trust Officer Vice President
Susan L. Merkatoris Executive Administrative Marinette Commercial Banker
Donald J. Long, Jr.

insight and
Philip J. Hendrickson Andrew F. Hetzel, Jr. Certified Public Accountant
President Owner & CEO Assistant
Retired Chairman, CEO & President
KI Krueger International National Packaging Services, Inc. Century Drill & Tool Co., Inc.
Gerald J. Mortell III Peter F. Warmenhoven
Michael E. Daniels Senior Vice President Vice President
Executive Vice President
Chief Lending Officer
Private Banker Credit Administration
Manager confidence.
Katherine L. Pleger
Charles E. Dolsky Human Resources Eric J. Witczak
Vice President Director Senior Vice President
Employee Benefit Retail Banking Manager
Manager Daniel K. Reynolds, Jr.
Robert J. Weyers Vice President Daniel J. Wotruba
Ronald C. Miller Sandra A. Renard
Wade T. Micoley
Retired Owner Owner & President Owner
Jacqui A. Engebos Trust Operations Vice President
Owner Renco Machine Co., Inc. Commercial Horizons, Inc.
Micoley & Co. Realty Four Corporation
Vice President Manager Trust Officer
Chief Financial Officer
Dawn M. Rost Timothy J. Zeske
Deborah E. Frederiksen Controller Vice President
Terrence J. Lemerond
Asst. Vice President Commercial Banker
Advisory Director
Owner & President Asst. Branch Manager Kathy L. Simon-Kastein
Euro Pharma, Inc.
Marinette Employee Benefit Trust
Eugene Sit
Advisory Director
Officer
Chairman & CEO Wausau
Sit Investment Associates
RELATIONSHIP-FOCUSED
Relationship-Focused
u il d in g re lationsh ips
e n t to b
Our commitm
will never change just an
n G re en Ba y bu ilding is more than
nk’s new downtow the
Nicolet National Ba ni fie s ou r lo ng -te rm commitment to
nduct business. It sig g. You might even
say our
attractive place to co on om ic we ll- be in
le and its ec
community, its peop
in stone.
promise is now set but
up le hu nd re d ya rds down the street,
a co
r primary location ionship-focused or
ganization,
Yes, we’ve moved ou ill alw ay s be a re lat
anged. We w “Dealing with Scott King
who we are hasn’t ch or branch location
you visit. for many years, we’ve found
You might
of w hi ch bu ild in g with a personal touch. Sco him to be a commercial ba
regardless tt, Mike Daniels and the res nker
National t of the team – Eric Siudzins
by w hi ch w e liv e that define Nicolet Chuck Dolsky and Dan Wo
truba – are always looking ki,
the principles they all play an important for ways for us to improve,
It’s our people and role in our relationship with and
Bank, not our build
ings. Nicolet Bank.”
– Wayne R. Everson, Marte
ll Construction even say our
promise is
now set
in stone.
SERVICE
Service

r s i s p riori ty #1
ur cus t o m e mean a
Serving o g s a n d p ro
g s in th e world don’t
duct offerin ributes are all part of
tt
the
tive buildin r focus. Sure, those a taking
e te c h n o logy, attrac g c u st o m e g to y o u r needs and
All th -leadin t listenin
ut industry s today, bu
thing witho t a leading bank need e.
big picture
tha
c u st omer servic to ensure
th e root o f tr u e
p ic tu re . We want
acti o n is n c ia l nking
personal ba
Our go a l is to c re
Bank is yo
s to c o m p
ate solution ur trusted source for
le te your fina
bu
you first. W
si n e ss
e’re
a n
a
d
c u st omer-cente
red
... listening to
o le t National th a t is to put
your needs
th a t N ic r us to d o
only way fo o business.
needs. The w ed
that’s how
bank, and

and taking
action is the
root of true
customer
“We feel very
We know our
comfortable d
bankers perso
oing business
n ally and they
with the Nicol
et Bank team
service.
customer serv know us, and .
ice is all abou that’s what
t.”
– Ray and Tam
i Schneider
COMMUNITY
Community

r c o mmun ities
fabric o f o u
of th e
We’re part l B ank family
beli e ve th e y c
e
an have a p
ll as in the ba
ositive
nking
a ti o n a c e a s w s to
b e rs o f th e Nicolet N outside of the workpla a s lo c a l O ptimist club
m unities h
Me
their comm izations suc
impact on ss ro o ts se rvice organ u s out and inv
olved.
t. F ro m g ra yo u ’l l se e
environmen roups such as CP Inc., where in
e r p ro fi le g ss , p e rs o nal or some
hig h si n e That
e o p le . W h ether it’s bu c e th a n w e found it.
about p better pla
We believe
b e tw e e n , b
banking is
o u t m a k in
anking is ab d the boundaries of ou
on
g the world a
r jobs. ...banking is
extends bey
philosophy

We work w
ith yo u , a n d we live with
you, too. about
making the
world a
better place
than we
found it.
VALUE
Value

th a t c re ate true va lue

It’s the in ta n g ib le s
to gauging your
ba nk in g relationship is akin it, but
Measuring va lu e in a
g da y. It’s ha rd to put your finger on
a sunny sprin
enjoyment level of
you experience it.
you know it when
an d de pe nd ab ili ty are the rays of su
nshine we strive to
as an
Trust,
Trust, honesty hile not as tangible
honesty and
re la tio ns hi ps . W
create in our bankin
g its are as
ay be on yo ur bo ttom line, these tra
interest rate’s effect
sm garden. Without
m er s as a rain shower to a
ou r cu sto partnership
important to
them, there can be
can weather almos
no gr ow
t any storm.
th ; w ith them, the resulting
dependability
are the rays
of sunshine
we strive to
create in our
banking
relationships.

Management Team, clockwise from bottom left: Kather

ine L. Pleger, Michael E. Daniels, Sharla R. Borg, Eric
Stephen J. Albers, Robert B. Atwell, W. Scott King, Jacqui J. Witczak,
A. Engebos.
 OUR FIRST
Looking Back onFIVE YEARS…
Our First Five Years…
five years in business for the
It’s been an eventful and gratifying first
grown from a small organization
Nicolet National Bank family. We’ve of
in Building (on the southwest corner
formed on the first floor of the Bell at
, to leased space just south of there
East Walnut and Washington streets)
110 S. Washington Street.
on
en Bay operations a short walk north
In the fall of 2005, we moved our Gre
Most of
a new building that is a cen terp iece of
Washington Street into Nicolet Center,
the revitalized downtown district.

Our location has changed, but we hav

mission. We’re proud of our new hom
we’ve made to all the communities in
e never strayed from our original
e and we’re proud of the contributions
which we do business. Most of all, we’r
e all, we’re
our customers.
honored to be the bank of choice for
honored to
be the
bank of
choice for
our
customers.

September 30, 2000

$18.5 million of September 24, 2002
capital raised in Marinette Branch opens $13.8 million of capital raised $337 million in assets $390 million in assets $471 million in assets
common stock offering October 15, 2001 in common stock offering December 31, 2003 December 31, 2004 December 31, 2005

Nicolet Bank opens Reorganized into holding company Acquired Republic Bank of DePere Office opens 5-Year Anniversary
November 1, 2000 structure, June 6, 2002 Menominee, MI November 29, 2004 Grand Opening of new headquarters
December 5, 2003 November 1-2, 2005
 COMMERCIAL BANKING
Commercial Banking
Retail banking
Yes, we’re a community bank.
And no, that doesn’t mean you
the way of technology or servic have to sacrifice anything in
es. On the contrary, our retail
of products and innovative sol ban king team has a full range
utions to meet your needs.
One of the advantages of doing
business with a community ban
develop with our team. Their k is the relationships you
task is to provide the appropriat
make informed decisions. e information you need to

A good bank offers choices. A

customer-centered bank provid
objectives come to life. es the guidance to help your

Left to right: Eric J. Witczak, Senior Vice President, Retail

Banking Manage
Michael K. Van Ermen, Vice President, Retail Banker; Lindsay r; Jo A. Beno, Vice President, Private Client Services;
L. Tafelski, Vice President, Retail Banker.

J. Vogel, Vice President, Commercial Banker; Gerald J. Mortell III, Senior Vice
Left to right: Eric M. Siudzinski, Assistant Vice President, Commercial Banker; Michael
Timothy J. Zeske, Vice President, Commercial Banker; Brad V. Hutjens, Commercial
President, Private Banker; W. Scott King, Senior Vice President/Group Manager;
Banker.

mid-sized business. Our commercial

The lifeblood of our area’s economy is the small and
et segment by building strong personal
banking team stays in tune with this important mark
ed on a shared vision.
relationships, anchored in mutual trust and focus
mized financial solutions – supported by the
You’ll benefit from our team’s ability to craft custo
business prosper.
latest in banking technology – designed to help your
to strengthen the financial well-being of
We’re committed to providing the resources you need
onsin and Upper Michigan.
the cities, towns and families of Northeastern Wisc
TRUST
Trust & INVESTMENT
& Investment Management
Trust Services
It’s been said that people nev
er plan to fail, they simply fail
team works with customers to plan. Our Trust Services
to plan wealth creation and
ensure their efforts will be app pre servation strategies that help
reciated well into the future
.
Your family’s financial securi
ty is one of the most importa
during your lifetime. Wheth nt legacies you can impact
er your asset base is large or
Nicolet’s team to provide the small, old or new, you can tru
appropriate financial vehicle st
s to meet your objectives.

Left to right: Stephen J. Albers, Senior Vice President

Trust Manag
Jeanie L. Danielak, Trust Relationship Manager; David er; Daniel J. Wotruba, Vice President Trust Officer;
B. Maguire, Vice President Trust Officer

Benefit Trust Officer;

r; Ka thy L. Sim on-Kastein, Employee
nefit Man age ager
sident, Employee Be ust Operations Man
es E. Dolsky, Vice Prel K. Reynolds, Jr., Vice President, Tr
Left to right: Charl Danie

Investment Management
challenge of doing business in our region. One
The competition for quality workforce is a major
attractive retirement plan, helping tilt the scales
way to differentiate your business is by offering an
.
of employee attraction and retention in your favor
opriate plan design and investment choices to
Our employee benefits team researches the most appr
nsibilities. With no restrictions mandating the
meet your objectives and satisfy your fiduciary respo
are free to offer unbiased investment options from
use of proprietary funds, our experienced advisors
the complete spectrum available.
 INVESTMENT CENTER
Investment Center
Private Banking
Our higher net worth custom
ers often require multiple ban
their objectives, and we’ve got king services to accomplish
just the solution – a dedicated
identify the most appropriate coordinator to help
avenues to make this happen.
These go-to experts help design
customized solutions to meet
these customers, serving as a virt the complex needs of
ual quarterback for our team of
It’s this type of value-added ser banking professionals.
vice that separates Nicolet from
the pack.

Gerald J. Mortell III, Senior Vice President, Private Banker;

Jo A. Beno, Vice President, Private Client Services

stment Professionals*
nt Center Manager, Registered Inve
n, Wealth Manager; Derek R. Schanhofer, Investme
Left to right: Peter M. Mickelso

ons lend themselves to investment opportunities that

Sometimes your financial objectives and time horiz
a bank. These products, while not insured or
fall outside the traditional products offered through
agency, can play an important role in your overall
guaranteed by the bank or any federal government
financial picture.
you in selecting investment options that are
Our registered investment professionals* will assist
ate objectives. Their recommendations will reflect
appropriate for your risk tolerance level and ultim
your individual situation, not some preset format.
count on our Investment Center team to be your
There are no guarantees with securities, but you can
guides throughout your investment journey.

Not bank guaranteed Not insured by any federal

Not a deposit May go down in value
Not FDIC insured
government agency
ies and related services through PFIC Securities Corporation, member NASD & SIPC; not
* Registered investment professionals offer securit
t Banksh ares Inc.
affiliated with Nicolet National Bank or Nicole
DE PERE BRANCH
De Pere Branch

Karen A. Lampereur,
Vice President,
Branch Manager, De Pere

Stop in and
Our De Pere branch has quickly become one of Nicolet
Bank’s fastest growing locations. With Karen Lampereur
experience
at
the helm, our customers can take comfort in the fact they’r
dealing with a veteran banker who’s already worked in their
community for about 20 years.
e
the personal
Karen’s well-established relationships give the De Pere branc
h
care Karen
a comfortable feeling seldom present in such a new facilit
Stop in and experience the personal care she and her team
provide. It’s one of the value-added features a community
y.
Lampereur
and her team
bank offers that makes you feel right at home.

provide.
MARINETTE/MENOMINEE
Marinette/Menominee
truly
te an d M enominee are
in et ause
ic e o u r cu st omers in Mar d ar o u n d th ose cities, bec
that serv esses in an
professionals ple and busin
The banking k n o w th e p eo
ankers. They
community b lves . ect from a
e themse ne would exp
they live ther ice and at te n ti o n o
joy; it’s person
al.
d e th e se rv ip th ey en
to provi s relationsh
ors trust them ften more than a busines
Their neighb ’s o
quaintance. It be.
hometown ac g is meant to e area
is love for th
They know
u n it y b an k in H
k e co m m n g ti m e.
Just li arts for a lo
b an ker in these p old in the
sd o l h as been a tr u st ed
p ed N ic o le t gain a footh
Kim Van O stomers h el
and h is
Marinette/M
co m m it ment to his cu
enominee area
.
to h el p w it h Nicolet’s nort
hern
that
the people
the promise ent, knowing
and businesses
f 2 0 0 1 w it h in g re ti re m
lo com
icolet in Apri well in his up
Kim joined N five years. We wish Kim trib ons.
u ti
development
for
s ar e st ro n g er for his con
his customer
Nicolet and
in and around
those cities,
Peggy A. Jenkins, Branch Manager, Menominee Branch; Deborah E. Frederiksen, Assistant Vice President, Assistant
Branch Manager, Marinette Branch; Philip J. Kloida, Branch Manager, Marinette Branch Great Lakes Carbide Tool
Manufacturing, Inc.: Ray
with Kim E. Van Osdol, Com Martin, President and Rus
because they
live there
munity Bank President, Com s Martin, Vice President
mercial Banker, Marinette/M
enominee

themselves.
BALANCE SHEET
Consolidated Balance Sheet
Nicolet Bankshares, Inc. and Subsidiaries
December 31, 2004 and 2003

Assets 2005 2004

Cash and due from banks, including reserve
requirements of $2,256,000 and $1,081,000 at
December 31, 2005 and 2004, respectively $ 13,415,604 $ 14,028,329
Interest-bearing deposits 468,429 155,666
Federal funds sold 31,785,000 10,681,000
Cash and cash equivalents 45,669,033 24,864,995
Securities available for sale 46,321,673 32,253,723
Other investments 1,896,494 1,579,400
Loans held for sale 932,800 2,464,340
Loans, net 341,506,671 305,460,820
Premises and equipment, net 20,361,773 9,948,640
Bank owned life insurance 7,852,392 7,455,269
Accrued interest receivable and other assets 5,976,304 5,875,698
$ 470,517,140 $389,902,885
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Demand $ 40,182,925 $ 36,880,501
Money market and NOW accounts 93,951,326 77,689,676
Savings 4,983,374 5,054,803
Time 268,900,677 213,179,954
Total deposits 408,018,302 332,804,934
Securities sold under agreements to repurchase 5,725,719 7,550,915
Notes payable 10,500,000 6,027,587
Junior subordinated debentures 6,185,568 6,185,568
Accrued interest payable and other liabilities 4,754,735 3,045,599
Total liabilities 435,184,324 355,614,603
Minority interest in joint venture 322,363 500,000
Stockholders’ equity:
Common stock, $0.01 par value, 30,000,000 shares
authorized; 2,931,590 and 2,975,454 shares issued
and outstanding 29,316 29,754
Additional paid-in capital 31,143,954 32,372,072
Retained earnings (deficit) 4,292,470 1,271,432
Accumulated other comprehensive income (455,287) 115,024
Total stockholders’ equity 35,010,453 33,788,282
Total liabilities and stockholders’ equity $ 470,517,140 $389,902,885
Nicolet Bankshares, Inc. and Subsidiaries
Years Ended December 31, 2005, 2004 and 2003
Shareholder Information
2005 2004 2003
Interest income:
Loans, including loan fees $ 22,016,836 $ 16,526,600 $ 14,006,460
Annual Meeting
Investment securities:
Shareholders’ Meeting
Taxable 907,714 690,054 782,068
Tuesday, May 2, 2006
Non-taxable 419,268 321,510 95,251 Meyer Theatre
Other investments 91,086 90,379 27,775 117 South Washington Street
Interest-bearing deposits 643,735 5,040 1,729 Green Bay, Wisconsin 54301
Federal funds sold 18,735 82,939 49,035
Other interest income 15,052 - -
Total interest income 24,112,426 17,716,522 14,962,318 Independent Auditor
Interest expense: Porter Keadle Moore, LLP
Money market and NOW accounts 1,644,616 955,224 492,804
235 Peachtree Street, NE
Suite 1800
Savings and time deposits 9,128,158 6,148,190 6,643,416
Atlanta, Georgia 30303
Junior subordinated debentures 501,718 232,302 -
Notes payable 332,948 12,773 -
Other 7,067 82,778 79,245 Legal Counsel
Total interest expense 11,614,507 7,431,267 7,215,465 Godfrey & Kahn, S.C.
Net interest income 12,497,919 10,285,255 7,746,853 780 North Water Street
Milwaukee, Wisconsin 53202-3590
Provision for loan losses 1,680,000 2,975,000 2,335,000
Net interest income after provision for loan losses 10,817,919 7,310,255 5,411,853
Powell, Goldstein LLP
Other income: One Atlantic Center
Service charges on deposit accounts 421,292 409,073 505,292 Fourteenth Floor
Fees from trust services 1,726,964 1,047,968 608,499 1201 West Peachtree Street, NW
Mortgage fee income 1,083,441 1,104,375 1,415,042 Atlanta, Georgia 30309-3488
Brokerage fee income 322,710 312,431 119,845
Securities gains (losses), net 13,056 76,426 295,282
Other 855,670 517,365 254,253 Transfer Agent
Total other income 4,423,133 3,467,638 3,198,213 Computershare
2 North La Salle Street
Other expenses: Chicago, Illinois 60602
Salaries and employee benefits 5,940,218 5,116,739 3,839,630
Occupancy and equipment 1,471,750 946,958 853,456
Data processing fees 479,003 439,515 382,021
Professional fees 301,070 267,652 297,235
Advertising and marketing 292,131 280,459 199,646
Other operating 2,228,372 1,870,970 1,638,925
Total other expenses 10,713,544 8,922,293 7,210,913
Minority interest in joint venture (107,647) - -
Income before income tax expense 4,635,155 1,855,600 1,399,153
Income tax expense 1,614,117 508,396 421,184
Net income $ 3,021,038 $ 1,347,204 $ 977,969
Basic earnings per share $ 1.04 $ 0.46 $ 0.33
Diluted earnings per share $ 0.98 $ 0.44 $ 0.32
Weighted average shares outstanding 2,913,267 2,956,899 2,948,668