EX-99.1 2 exhibit99_14q2025pressrele.htm EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

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NICOLET BANKSHARES, INC. ANNOUNCES RECORD EARNINGS

•Record net income of $151 million for full year 2025, compared to net income of $124 million for 2024

•Diluted earnings per share of $9.78 for full year 2025, a 21.5% increase over 2024

•RoA of 1.68% and RoTCE (non-GAAP) of 18.53% for full year 2025, with RoE of 12.58%

•Net interest margin of 3.76% for full year 2025, improved 29 bps over 2024

•Exceptional year-over-year core deposit growth of $497 million (7%)

•Solid year-over-year loan growth of $210 million (3%)

Green Bay, Wisconsin, January 20, 2026 - Nicolet Bankshares, Inc. (NYSE: NIC) (“Nicolet”) announced record net income of $151 million and earnings per diluted common share of $9.78 for full year 2025, compared to net income of $124 million and earnings per diluted common share of $8.05 for full year 2024. Net income for fourth quarter 2025 was $40 million and earnings per diluted common share was $2.65, compared to net income of $42 million and earnings per diluted common share of $2.73 for third quarter 2025, and net income of $34 million and earnings per diluted common share of $2.19 for fourth quarter 2024.

“2025 was a defining year for Nicolet. We delivered record earnings and earnings per share while exceeding our targets across nearly every key performance metric. This performance likely places us among the top performing community banks in the country and reflects disciplined execution and a relentless focus on fundamentals,” said Mike Daniels, Chairman, President, and CEO of Nicolet. “Delivering record net income while expanding our net interest margin and growing core deposits reflects the strength of our core community bank franchise and the trust our customers place in us. We believe our model—rooted in community banking and long-term thinking—positions us well for the opportunities ahead in 2026, including welcoming the customers and employees of MidWestOne.”

“We expect to close the transaction with MidWestOne in the first quarter, following receipt of regulatory and shareholder approvals,” Daniels continued. “However, that’s when the real work of the acquisition begins – the melding of two similar cultures and geographies into one. Based on what I’ve seen thus far through the integration planning process, I am more excited by this combination than I ever have been. I have sensed nothing but excitement from the people across MidWestOne, and have little doubt our two teams of employees will come together as one very quickly while we work through the integration process over the next several months to continue to deliver shared success to our three circles - shareholders, customers and employees.”

Balance Sheet Review

At December 31, 2025, period end assets were $9.2 billion, an increase of $156 million from September 30, 2025, mostly higher cash balances related to deposit growth. Total loans decreased $38 million from September 30, 2025, while total deposits of $7.7 billion at December 31, 2025, increased $119 million from September 30, 2025, including a $144 million increase in customer (core) deposits, partly offset by a $25 million decrease in brokered deposits. Total capital was $1.3 billion at December 31, 2025, an increase of $43 million over September 30, 2025, with solid earnings and favorable movements in the securities portfolio market valuation partly offset by the quarterly common stock dividend.

Asset Quality

Nonperforming assets were $32 million and represented 0.35% of total assets at December 31, 2025, compared to 0.31% of total assets at September 30, 2025 and 0.33% of total assets at December 31, 2024. The allowance for credit losses-loans was $69 million and represented 1.01% of total loans at December 31, 2025, compared to $69 million (or 1.00% of total loans) at September 30, 2025, and $66 million (or 1.00% of total loans) at December 31, 2024. Asset quality trends remain solid and loan net charge-offs were negligible.

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Income Statement Review - Year

Net income was $151 million for the year ended December 31, 2025, compared to net income of $124 million for the year ended December 31, 2024.

Net interest income was $306 million for the year ended December 31, 2025, $38 million higher than the year ended December 31, 2024, attributable to both favorable rates and favorable volumes. Interest income of $471 million for full year 2025 increased over 2024, mostly due to loan growth, while interest expense decreased $6 million as deposit growth was more than offset by lower overall deposit rates. The net interest margin for full year 2025 was 3.76%, an increase of 29 bps over 3.47% for full year 2024. The yield on interest-earning assets increased 10 bps (to 5.76%), while the cost of interest-bearing liabilities decreased 27 bps (to 2.76%).

Noninterest income of $86 million for full year 2025 increased $3 million over full year 2024, with growth in most core noninterest income categories, partly offset by lower net asset gains (losses). Excluding the net asset gains (losses), noninterest income for full year 2025 increased $6 million over 2024, including $2 million higher wealth management fee income and $2 million higher net mortgage income.

Noninterest expense of $201 million for full year 2025 increased $9 million over full year 2024. Personnel expense increased $7 million, including higher incentives commensurate with record net income as well as annual merit increases between the years. Non-personnel expenses combined increased $2 million mostly from higher occupancy and merger-related expenses, partly offset by lower intangible amortization.

Income Statement Review - Quarter

Net income was $40 million for fourth quarter 2025, compared to net income of $42 million for third quarter 2025.

Net interest income was $81 million for fourth quarter 2025, $2 million higher than third quarter 2025, primarily due to a reduction in average funding costs from recent interest rate cuts. Interest income was minimally changed between the sequential quarters with growth in average earning assets offset by lower rates, while interest expense decreased $2 million. The net interest margin for fourth quarter 2025 was 3.86%, unchanged from third quarter 2025. The yield on interest-earning assets decreased 13 bps (to 5.72%), while the cost of interest-bearing liabilities for fourth quarter 2025 decreased 15 bps (to 2.61%).

Noninterest income of $23 million for fourth quarter 2025 decreased $1 million from third quarter 2025, mostly due to a $0.9 million unfavorable change in net asset gains from equity security market valuations. Excluding the net asset gains, noninterest income for third quarter increased $0.3 million over the prior quarter, primarily due to a $0.6 million increase in wealth income.

Noninterest expense of $53 million for fourth quarter 2025 increased $3 million from third quarter 2025, and was comprised of a $0.8 million increase in personnel expense and a $2.2 million increase in non-personnel related expenses. The increase in non-personnel expenses was mostly due to merger-related expenses.

Declaration of Quarterly Cash Dividend to Shareholders

Nicolet’s Board of Directors has declared a quarterly cash dividend of $0.32 per share to shareholders of its common stock. The dividend will be payable on March 16, 2026, to shareholders of record as of March 2, 2026.

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, agricultural and consumer banking to wealth management and retirement plan services. Founded in Green Bay in 2000, Nicolet National Bank operates branches primarily in Wisconsin, Michigan, and Minnesota. More information can be found at www.nicoletbank.com.

Use of Non-GAAP Financial Measures

This communication contains non-GAAP financial measures, such as non-GAAP adjusted net income, non-GAAP adjusted earnings per diluted common share, tangible book value per common share, return on average tangible common

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equity, and tangible common equity to tangible assets. Management believes such measures to be helpful to management, investors and others in understanding Nicolet’s results of operations and financial position. When non-GAAP financial measures are used, the comparable GAAP financial measures, as well as the reconciliation of the non-GAAP measures to the GAAP financial measures, are provided. See “Reconciliation of Non-GAAP Financial Measures (Unaudited)” below. The non-GAAP net income measure and related reconciliation provide information useful to investors in understanding the operating performance and trends of Nicolet and also aid investors in comparing Nicolet’s financial performance to the financial performance of peer banks. Management considers non-GAAP financial ratios to be critical metrics with which to analyze and evaluate financial condition and capital strengths. While non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of results as reported under GAAP.

Forward Looking Statements “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995

This communication contains statements that constitute “forward-looking statements” within the meaning, and subject to the protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Such statements include, but are not limited to, statements related to the expected timing of the proposed merger between Nicolet and MidWestOne Financial Group, Inc. (“MidWestOne”) and the expected speed of the integration process, and other statements that may not be historical facts. You can identify these forward-looking statements through the use of words such as “anticipate,” “believe,” “assume,” “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 of the future or otherwise regarding the outlook for Nicolet’s, MidWestOne’s or the combined company’s future businesses and financial performance and/or the performance of the banking industry and economy in general.

Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and 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 or predict. A number of factors could cause actual results and outcomes to differ materially from those contemplated by these forward-looking statements. These factors include, but are not limited to: (1) the risk that integration of MidWestOne’s and Nicolet’s respective businesses will be materially delayed or will be more costly or difficult than expected, including as a result of unexpected factors or events; (2) the parties’ inability to meet expectations regarding the timing of the proposed merger; (3) the failure to obtain the necessary approvals by the shareholders of Nicolet or MidWestOne; (4) the inability of either Nicolet or MidWestOne to obtain required governmental approvals of the proposed transaction on the timeline expected, or at all, and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company after the closing of the proposed transaction or adversely affect the expected benefits of the proposed transaction; (5), the failure to satisfy other conditions to completion of the proposed merger, or any unexpected delay in closing the proposed transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; and (6) the outcome of any legal or regulatory proceedings or governmental inquiries or investigations that may be currently pending or later instituted against Nicolet, MidWestOne or the combined company.

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.

Important Information About the Merger and Where to Find It

This communication includes information relating to the proposed merger transaction involving Nicolet and MidWestOne. In connection with the proposed merger, Nicolet has filed with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 that includes a joint proxy statement/prospectus and other relevant documents concerning the merger. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY REFERENCE IN THE JOINT PROXY STATEMENT/

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PROSPECTUS BECAUSE SUCH DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT NICOLET, MIDWESTONE AND THE PROPOSED MERGER. Investors may obtain copies of the joint proxy statement/prospectus and other relevant documents (as they become available) free of charge at the SEC’s website (www.sec.gov). Copies of the documents filed with the SEC by Nicolet will be available free of charge on Nicolet’s website at www.nicoletbank.com. Copies of the documents filed with the SEC by MidWestOne will be available free of charge on MidWestOne’s website at www.midwestonefinancial.com/financials/sec-filings.

Participants in Solicitation

Nicolet, MidWestOne, and their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Nicolet and the shareholders of MidWestOne in connection with the proposed merger. Information about the directors and executive officers of Nicolet is available in Nicolet’s proxy statement for its 2025 annual meeting of shareholders, which was filed with the SEC on March 18, 2025, and in other documents subsequently filed by Nicolet with the SEC, which can be obtained free of charge through the website maintained by the SEC. Any changes in the holdings of Nicolet’s securities by its directors or executive officers from the amounts described in the Nicolet 2025 Proxy have been or will be reflected on Initial Statements of Beneficial Ownership of Securities on Form 3 or on Statements of Change in Ownership on Form 4 filed with the SEC subsequent to the filing date of the Nicolet 2025 Proxy and are available at the SEC’s website. Information about the directors and executive officers of MidWestOne is available in MidWestOne’s proxy statement for its 2025 annual meeting of shareholders, which was filed with the SEC on March 11, 2025 (the “MidWestOne 2025 Proxy”) and in the MidWestOne Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 25, 2025 and in other documents subsequently filed by MidWestOne with the SEC, which can be obtained free of charge through the website maintained by the SEC. Any changes in the holdings of MidWestOne’s securities by its directors or executive officers from the amounts described in the MidWestOne 2025 Proxy have been or will be reflected on Initial Statements of Beneficial Ownership of Securities on Form 3 or on Statements of Change in Ownership on Form 4 filed with the SEC subsequent to the filing date of the MidWestOne 2025 Proxy and are available at the SEC’s website. Additional information regarding the interests of such participants and other persons who may be deemed participants in the transaction will be included in the joint proxy statement/prospectus and the other relevant documents to be filed with the SEC.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

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Nicolet Bankshares, Inc.
Consolidated Balance Sheets (Unaudited)
(In thousands, except share data)						12/31/2025						9/30/2025						6/30/2025						3/31/2025						12/31/2024
Assets
Cash and due from banks						$	107,956					$	94,402					$	129,607					$	105,085					$	115,943
Interest-earning deposits						552,276						379,555						293,031						467,095						420,104
Cash and cash equivalents						660,232						473,957						422,638						572,180						536,047
Securities available for sale, at fair value						859,834						861,534						849,253						838,105						806,415
Other investments						63,247						61,380						59,594						58,627						62,125
Loans held for sale						13,620						11,308						9,955						8,092						7,637
Loans						6,836,345						6,874,711						6,839,141						6,745,598						6,626,584
Allowance for credit losses - loans						(68,806)						(68,785)						(68,408)						(67,480)						(66,322)
Loans, net						6,767,539						6,805,926						6,770,733						6,678,118						6,560,262
Premises and equipment, net						120,462						121,711						123,723						125,274						126,979
Bank owned life insurance (“BOLI”)						192,498						190,979						189,342						187,902						186,448
Goodwill and other intangibles, net						382,400						383,693						385,107						386,588						388,140
Accrued interest receivable and other assets						125,275						118,942						120,464						120,336						122,742
Total assets						$	9,185,107					$	9,029,430					$	8,930,809					$	8,975,222					$	8,796,795
Liabilities and Stockholders' Equity
Liabilities:
Noninterest-bearing demand deposits						$	1,828,928					$	1,826,453					$	1,800,335					$	1,689,129					$	1,791,228
Interest-bearing deposits						5,901,843						5,785,012						5,741,338						5,883,061						5,612,456
Total deposits						7,730,771						7,611,465						7,541,673						7,572,190						7,403,684
Long-term borrowings						134,860						134,600						134,340						156,563						161,387
Accrued interest payable and other liabilities						61,814						68,405						64,698						63,201						58,826
Total liabilities						7,927,445						7,814,470						7,740,711						7,791,954						7,623,897
Stockholders' Equity:
Common stock						148						148						149						152						154
Additional paid-in capital						583,257						581,815						601,625						630,340						655,540
Retained earnings						697,799						662,252						625,243						594,068						565,772
Accumulated other comprehensive income (loss)						(23,542)						(29,255)						(36,919)						(41,292)						(48,568)
Total stockholders' equity						1,257,662						1,214,960						1,190,098						1,183,268						1,172,898
Total liabilities and stockholders' equity						$	9,185,107					$	9,029,430					$	8,930,809					$	8,975,222					$	8,796,795
Common shares outstanding						14,811,445						14,798,895						14,924,086						15,149,341						15,356,785

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Nicolet Bankshares, Inc.
Consolidated Statements of Income (Unaudited)
						For the Three Months Ended																														For the Years Ended
(In thousands, except per share data)						12/31/2025						9/30/2025						6/30/2025						3/31/2025						12/31/2024						12/31/2025						12/31/2024
Interest income:
Loans, including loan fees						$	106,579					$	107,930					$	105,976					$	100,666					$	100,605					$	421,151					$	393,052
Taxable investment securities						6,294						6,201						6,027						5,560						5,369						24,082						20,193
Tax-exempt investment securities						972						998						1,017						1,049						1,073						4,036						4,558
Other interest income						6,393						5,204						4,618						5,466						5,787						21,681						20,562
Total interest income						120,238						120,333						117,638						112,741						112,834						470,950						438,365
Interest expense:
Deposits						37,622						39,312						40,472						39,465						39,138						156,871						161,574
Short-term borrowings						1						—						—						—						—						1						2
Long-term borrowings						1,721						1,757						2,057						2,070						2,146						7,605						8,724
Total interest expense						39,344						41,069						42,529						41,535						41,284						164,477						170,300
Net interest income						80,894						79,264						75,109						71,206						71,550						306,473						268,065
Provision for credit losses						750						950						1,050						1,500						1,000						4,250						3,850
Net interest income after provision for credit losses						80,144						78,314						74,059						69,706						70,550						302,223						264,215
Noninterest income:
Wealth management fee income						8,196						7,629						6,811						6,975						7,208						29,611						27,452
Mortgage income, net						3,653						3,568						2,907						1,926						3,326						12,054						10,177
Service charges on deposit accounts						2,016						2,000						1,962						2,025						1,877						8,003						7,184
Card interchange income						3,772						3,752						3,699						3,337						3,541						14,560						13,661
BOLI income						1,857						1,654						1,429						1,420						1,421						6,360						5,448
Asset gains (losses), net						422						1,294						(199)						(354)						510						1,163						4,212
Deferred compensation plan asset market valuations						465						972						1,437						45						(192)						2,919						1,198
LSR income, net						644						668						950						1,057						1,064						3,319						4,405
Other noninterest income						2,067						2,082						1,637						1,792						2,103						7,578						8,530
Total noninterest income						23,092						23,619						20,633						18,223						20,858						85,567						82,267
Noninterest expense:
Personnel expense						30,233						29,437						29,114						26,521						26,682						115,305						108,414
Occupancy, equipment and office						9,169						9,028						9,104						9,330						8,685						36,631						35,136
Business development and marketing						2,093						2,223						1,593						2,100						2,325						8,009						8,330
Data processing						4,691						4,671						4,682						4,525						4,668						18,569						17,754
Intangibles amortization						1,293						1,414						1,481						1,552						1,587						5,740						6,876
FDIC assessments						1,033						1,005						1,029						940						990						4,007						4,003
Merger-related expense						1,956						—						—						—						—						1,956						—
Other noninterest expense						2,571						2,310						2,916						2,819						3,268						10,616						10,840
Total noninterest expense						53,039						50,088						49,919						47,787						48,205						200,833						191,353
Income before income tax expense						50,197						51,845						44,773						40,142						43,203						186,957						155,129
Income tax expense						9,873						10,110						8,738						7,550						8,723						36,271						31,070
Net income						$	40,324					$	41,735					$	36,035					$	32,592					$	34,480					$	150,686					$	124,059
Earnings per common share:
Basic						$	2.72					$	2.81					$	2.40					$	2.14					$	2.25					$	10.06					$	8.24
Diluted						$	2.65					$	2.73					$	2.34					$	2.08					$	2.19					$	9.78					$	8.05
Common shares outstanding:
Basic weighted average						14,804						14,836						15,029						15,256						15,297						14,980						15,049
Diluted weighted average						15,227						15,303						15,431						15,647						15,710						15,404						15,416

 

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Nicolet Bankshares, Inc.
Consolidated Financial Summary (Unaudited)
						For the Three Months Ended																														For the Years Ended
(In thousands, except share & per share data)						12/31/2025						9/30/2025						6/30/2025						3/31/2025						12/31/2024						12/31/2025						12/31/2024
Selected Average Balances:
Loans						$	6,858,444					$	6,843,189					$	6,833,236					$	6,710,206					$	6,581,059					$	6,811,763					$	6,505,103
Investment securities						902,147						903,839						900,469						886,010						884,376						898,176						880,876
Interest-earning assets						8,381,031						8,206,651						8,140,178						8,078,997						7,946,309						8,202,556						7,783,884
Cash and cash equivalents						634,751						480,208						423,272						497,865						493,237						509,320						416,109
Goodwill and other intangibles, net						382,956						384,296						385,735						387,260						388,824						385,048						391,343
Total assets						9,163,123						8,984,344						8,909,653						8,849,412						8,716,611						8,977,514						8,544,419
Deposits						7,717,321						7,583,986						7,504,224						7,446,107						7,314,632						7,563,710						7,215,038
Interest-bearing liabilities						5,989,196						5,911,850						5,972,117						5,953,083						5,667,803						5,956,538						5,622,605
Stockholders’ equity (common)						1,234,619						1,194,974						1,183,316						1,178,868						1,163,477						1,198,089						1,100,396
Selected Ratios: (1)
Book value per common share						$	84.91					$	82.10					$	79.74					$	78.11					$	76.38					$	84.91					$	76.38
Tangible book value per common share (2)						$	59.09					$	56.17					$	53.94					$	52.59					$	51.10					$	59.09					$	51.10
Return on average assets						1.75		%				1.84		%				1.62		%				1.49		%				1.57		%				1.68		%				1.45		%
Return on average common equity						12.96						13.86						12.21						11.21						11.79						12.58						11.27
Return on average tangible common equity (2)						18.78						20.42						18.12						16.70						17.71						18.53						17.50
Average equity to average assets						13.47						13.30						13.28						13.32						13.35						13.35						12.88
Stockholders’ equity to assets						13.69						13.46						13.33						13.18						13.33						13.69						13.33
Tangible common equity to tangible assets (2)						9.94						9.61						9.42						9.28						9.33						9.94						9.33
Net interest margin						3.86						3.86						3.72						3.58						3.61						3.76						3.47
Efficiency ratio						51.00						49.10						51.79						52.94						52.17						51.15						54.97
Effective tax rate						19.67						19.50						19.52						18.81						20.19						19.40						20.03
Selected Asset Quality Information:
Nonaccrual loans						$	31,679					$	27,463					$	27,735					$	28,325					$	28,419					$	31,679					$	28,419
Other real estate owned						667						767						881						946						693						667						693
Nonperforming assets						$	32,346					$	28,230					$	28,616					$	29,271					$	29,112					$	32,346					$	29,112
Net loan charge-offs (recoveries)						$	529					$	573					$	372					$	342					$	363					$	1,816					$	1,038
Allowance for credit losses-loans to loans						1.01		%				1.00		%				1.00		%				1.00		%				1.00		%				1.01		%				1.00		%
Net charge-offs to average loans (1)						0.03						0.03						0.02						0.02						0.02						0.03						0.02
Nonperforming loans to total loans						0.46						0.40						0.41						0.42						0.43						0.46						0.43
Nonperforming assets to total assets						0.35						0.31						0.32						0.33						0.33						0.35						0.33
Stock Repurchase Information: (3)
Common stock repurchased ($)						$	—					$	20,525					$	29,989					$	26,047					$	10,137					$	76,561					$	10,137
Common stock repurchased (shares)						—						155,393						257,402						233,207						92,440						646,002						92,440

(1)Income statement-related ratios for partial-year periods are annualized.

(2)See Reconciliation of Non-GAAP Financial Measures below for a reconciliation of these financial measures.

(3)Reflects common stock repurchased under board of director authorizations for the common stock repurchase program.

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Nicolet Bankshares, Inc.
Consolidated Loan & Deposit Metrics (Unaudited)
(In thousands)						12/31/2025						9/30/2025						6/30/2025						3/31/2025						12/31/2024
Period End Loan Composition
Commercial & industrial						$	1,367,522					$	1,415,841					$	1,412,621					$	1,409,320					$	1,319,763
Owner-occupied commercial real estate (“CRE”)						939,587						947,390						963,278						949,107						940,367
Agricultural						1,415,425						1,378,070						1,346,924						1,329,807						1,322,038
Commercial						3,722,534						3,741,301						3,722,823						3,688,234						3,582,168
CRE investment						1,188,351						1,213,301						1,231,423						1,225,490						1,221,826
Construction & land development						326,638						324,209						298,122						273,007						239,694
Commercial real estate						1,514,989						1,537,510						1,529,545						1,498,497						1,461,520
Commercial-based loans						5,237,523						5,278,811						5,252,368						5,186,731						5,043,688
Residential construction						95,268						92,325						88,152						91,321						96,110
Residential first mortgage						1,193,683						1,199,512						1,205,841						1,194,116						1,196,158
Residential junior mortgage						268,188						260,167						249,406						235,096						234,634
Residential real estate						1,557,139						1,552,004						1,543,399						1,520,533						1,526,902
Retail & other						41,683						43,896						43,374						38,334						55,994
Retail-based loans						1,598,822						1,595,900						1,586,773						1,558,867						1,582,896
Total loans						$	6,836,345					$	6,874,711					$	6,839,141					$	6,745,598					$	6,626,584
Period End Deposit Composition
Noninterest-bearing demand						$	1,828,928					$	1,826,453					$	1,800,335					$	1,689,129					$	1,791,228
Interest-bearing demand						1,263,276						1,104,552						1,266,507						1,239,075						1,168,560
Money market						2,056,550						2,044,055						1,900,639						1,988,648						1,942,367
Savings						834,520						825,683						805,300						794,223						774,707
Time						1,747,497						1,810,722						1,768,892						1,861,115						1,726,822
Total deposits						$	7,730,771					$	7,611,465					$	7,541,673					$	7,572,190					$	7,403,684
Brokered transaction accounts						$	175,776					$	160,706					$	307,527					$	249,537					$	163,580
Brokered time deposits						405,050						444,683						450,948						607,725						586,852
Total brokered deposits						$	580,826					$	605,389					$	758,475					$	857,262					$	750,432
Customer transaction accounts						$	5,807,498					$	5,640,037					$	5,465,254					$	5,461,538					$	5,513,282
Customer time deposits						1,342,447						1,366,039						1,317,944						1,253,390						1,139,970
Total customer deposits (core)						$	7,149,945					$	7,006,076					$	6,783,198					$	6,714,928					$	6,653,252

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Nicolet Bankshares, Inc.
Net Interest Income and Net Interest Margin Analysis (Unaudited)
						For the Three Months Ended
						December 31, 2025																		September 30, 2025																		December 31, 2024
						Average												Average						Average												Average						Average												Average
(In thousands)						Balance						Interest						Rate						Balance						Interest						Rate						Balance						Interest						Rate
ASSETS
Total loans (1) (2)						$	6,858,444					$	106,696					6.18		%				$	6,843,189					$	108,042					6.27		%				$	6,581,059					$	100,759					6.10		%
Investment securities (2)						902,147						7,578						3.36		%				903,839						7,519						3.33		%				884,376						6,795						3.07		%
Other interest-earning assets						620,440						6,393						4.09		%				459,623						5,204						4.50		%				480,874						5,787						4.79		%
Total interest-earning assets						8,381,031						$	120,667					5.72		%				8,206,651						$	120,765					5.85		%				7,946,309						$	113,341					5.68		%
Other assets, net						782,092																		777,693																		770,302
Total assets						$	9,163,123																	$	8,984,344																	$	8,716,611
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing core deposits						$	5,262,553					$	31,383					2.37		%				$	5,118,886					$	32,329					2.51		%				$	4,783,675					$	30,754					2.56		%
Brokered deposits						591,795						6,239						4.18		%				658,491						6,983						4.21		%				722,827						8,384						4.61		%
Total interest-bearing deposits						5,854,348						37,622						2.55		%				5,777,377						39,312						2.70		%				5,506,502						39,138						2.83		%
Wholesale funding						134,848						1,722						5.07		%				134,473						1,757						5.18		%				161,301						2,146						5.29		%
Total interest-bearing liabilities						5,989,196						$	39,344					2.61		%				5,911,850						$	41,069					2.76		%				5,667,803						$	41,284					2.90		%
Noninterest-bearing demand deposits						1,862,973																		1,806,609																		1,808,130
Other liabilities						76,335																		70,911																		77,201
Stockholders' equity						1,234,619																		1,194,974																		1,163,477
Total liabilities and stockholders' equity						$	9,163,123																	$	8,984,344																	$	8,716,611
Net interest income and rate spread												$	81,323					3.11		%										$	79,696					3.09		%										$	72,057					2.78		%
Net interest margin																		3.86		%																3.86		%																3.61		%
Loan purchase accounting accretion (3)												$	934					0.04		%										$	1,375					0.07		%										$	1,475					0.07		%
Loan nonaccrual interest (3)												$	(383)					(0.02)		%										$	(346)					(0.02)		%										$	(458)					(0.02)		%
						For the Years Ended
						December 31, 2025																		December 31, 2024
						Average												Average						Average												Average
(In thousands)						Balance						Interest						Rate						Balance						Interest						Rate
ASSETS
Total loans (1) (2)						$	6,811,763					$	421,645					6.19		%				$	6,505,103					$	393,551					6.05		%
Investment securities (2)						898,176						29,419						3.28		%				880,876						26,237						2.98		%
Other interest-earning assets						492,617						21,681						4.40		%				397,905						20,562						5.17		%
Total interest-earning assets						8,202,556						$	472,745					5.76		%				7,783,884						$	440,350					5.66		%
Other assets, net						774,958																		760,535
Total assets						$	8,977,514																	$	8,544,419
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing core deposits						$	5,096,949					$	126,172					2.48		%				$	4,709,494					$	126,675					2.69		%
Brokered deposits						713,188						30,699						4.30		%				750,499						34,899						4.65		%
Total interest-bearing deposits						5,810,137						156,871						2.70		%				5,459,993						161,574						2.96		%
Wholesale funding						146,401						7,606						5.20		%				162,612						8,726						5.37		%
Total interest-bearing liabilities						5,956,538						$	164,477					2.76		%				5,622,605						$	170,300					3.03		%
Noninterest-bearing demand deposits						1,753,573																		1,755,045
Other liabilities						69,314																		66,373
Stockholders' equity						1,198,089																		1,100,396
Total liabilities and stockholders' equity						$	8,977,514																	$	8,544,419
Net interest income and rate spread												$	308,268					3.00		%										$	270,050					2.63		%
Net interest margin																		3.76		%																3.47		%
Loan purchase accounting accretion (3)												$	5,259					0.06		%										$	6,057					0.08		%
Loan nonaccrual interest (3)												$	(1,059)					(0.01)		%										$	(419)					(0.01)		%

(1) Nonaccrual loans and loans held for sale are included in the daily average loan balances outstanding.

(2) The yield on tax-exempt loans and tax-exempt investment securities is computed on a tax-equivalent basis using a federal tax rate of 21%, and adjusted for the disallowance of interest expense.

(3) Loan purchase accounting accretion and Loan nonaccrual interest included in Total loans interest above, and the related impact to net interest margin.

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Nicolet Bankshares, Inc.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
						For the Three Months Ended																														For the Years Ended
(In thousands, except per share data)						12/31/2025						9/30/2025						6/30/2025						3/31/2025						12/31/2024						12/31/2025						12/31/2024
Adjusted net income reconciliation: (1)
Net income (GAAP)						$	40,324					$	41,735					$	36,035					$	32,592					$	34,480					$	150,686					$	124,059
Adjustments:
Assets (gains) losses, net (2)						(422)						(1,294)						199						354						(510)						(1,163)						(4,212)
Merger-related expense						1,956						—						—						—						—						1,956						—
Adjustments subtotal						1,534						(1,294)						199						354						(510)						793						(4,212)
Tax on Adjustments (3)						299						(252)						39						69						(99)						155						(821)
Adjusted net income (Non-GAAP)						$	41,559					$	40,693					$	36,195					$	32,877					$	34,069					$	151,324					$	120,668
Diluted earnings per common share:
Diluted earnings per common share (GAAP)						$	2.65					$	2.73					$	2.34					$	2.08					$	2.19					$	9.78					$	8.05
Adjusted Diluted earnings per common share (Non-GAAP)						$	2.73					$	2.66					$	2.35					$	2.10					$	2.17					$	9.82					$	7.83
Tangible assets: (4)
Total assets						$	9,185,107					$	9,029,430					$	8,930,809					$	8,975,222					$	8,796,795
Goodwill and other intangibles, net						382,400						383,693						385,107						386,588						388,140
Tangible assets						$	8,802,707					$	8,645,737					$	8,545,702					$	8,588,634					$	8,408,655
Tangible common equity: (4)
Stockholders’ equity (common)						$	1,257,662					$	1,214,960					$	1,190,098					$	1,183,268					$	1,172,898
Goodwill and other intangibles, net						382,400						383,693						385,107						386,588						388,140
Tangible common equity						$	875,262					$	831,267					$	804,991					$	796,680					$	784,758
Tangible average common equity: (4)
Average stockholders’ equity (common)						$	1,234,619					$	1,194,974					$	1,183,316					$	1,178,868					$	1,163,477					$	1,198,089					$	1,100,396
Average goodwill and other intangibles, net						382,956						384,296						385,735						387,260						388,824						385,048						391,343
Average tangible common equity						$	851,663					$	810,678					$	797,581					$	791,608					$	774,653					$	813,041					$	709,053

Note: Numbers may not sum due to rounding.

(1)The adjusted net income measure and related reconciliation provide information useful to investors in understanding the operating performance and trends of Nicolet and also to aid investors in the comparison of Nicolet’s financial performance to the financial performance of peer banks.

(2)Includes the gains / (losses) on other assets and investments.

(3)Assumes an effective tax rate of 19.5%.

(4)The ratios of tangible book value per common share, return on average tangible common equity, and tangible common equity to tangible assets exclude goodwill and other intangibles, net. These financial ratios have been included as they are considered to be critical metrics with which to analyze and evaluate financial condition and capital strength.

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