Nicolet Bankshares, Inc. Announces Third Quarter 2026 Earnings

Lower expenses and a wider net interest margin accompanied higher quarterly earnings, while nonperforming assets increased.

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• Net income of $64 million ($68 million core*) for third quarter 2026, compared to net income of $57 million ($65 million core*) for second quarter 2026
• Diluted earnings per share of $2.96 ($3.15 core*) for third quarter 2026, compared to $2.62 ($2.99 core*) for second quarter 2026
• Completed the MidWestOne integration and core systems conversion, the sale of the Denver branches, and moved both wealth management platforms to a common operating system
• Net interest margin expanded to 4.19% for third quarter 2026, compared to 4.14% for second quarter 2026

* Core net income and core diluted earnings per share are non-GAAP financial measures

GREEN BAY, Wis.--(BUSINESS WIRE)-- Nicolet Bankshares, Inc. (NYSE: NIC) (“Nicolet”) announced net income of $64 million and earnings per diluted common share of $2.96 for third quarter 2026, compared to net income of $57 million and earnings per diluted common share of $2.62 for second quarter 2026, and net income of $42 million and earnings per diluted common share of $2.73 for third quarter 2025. Net income included certain non-core items, mostly merger-related expenses, that negatively impacted earnings per diluted common share $0.19 for third quarter 2026 and $0.37 for second quarter 2026, resulting in core diluted earnings per common share (non-GAAP) of $3.15 and $2.99, respectively.

“Our third quarter results are beginning to show what this combined company can produce,” said Mike Daniels, Chairman, President, and CEO of Nicolet. “Core earnings increased, our net interest margin expanded again, and we delivered a core return on average tangible common equity of 22%. Our people produced those results all while completing the MidWestOne systems conversion and integration, closing the Denver branch sale, and bringing our teams together around a shared culture. That takes a lot of work. I am proud of how they handled it while continuing to do the thousand little things that matter to our customers and communities every day.”

Daniels continued, “Core deposits grew $223 million, our funding mix improved, and asset quality remained solid. Our strong profitability also supported $40 million in common stock repurchases. We expect a cleaner fourth quarter giving a clearer view of what this company can earn as we head into 2027. From here, our focus is on growing customer relationships, and staying disciplined on credit and expenses. We like where we are headed. Now we need to keep delivering.”

Nicolet’s financial performance and certain balance sheet line items were impacted by the timing and size of the MidWestOne Financial Group, Inc. (“MidWestOne”) acquisition on February 13, 2026. Certain income statement results, average balances, and related ratios for 2026 include partial contributions from MidWestOne from the acquisition date. At acquisition, MidWestOne added total assets of $6.1 billion, loans of $4.4 billion, and deposits of $5.3 billion.

Balance Sheet Review

At September 30, 2026, period end assets were $15.1 billion, a decrease of $350 million from June 30, 2026, largely due to the Denver branches divestiture that closed on July 28, 2026. Total loans increased $34 million from June 30, 2026, while securities available for sale decreased $26 million. Total deposits of $12.6 billion at September 30, 2026, increased $73 million from June 30, 2026, including a $223 million increase in core deposits, partly offset by a $150 million decrease in brokered deposits. Total capital was $2.2 billion at September 30, 2026, a decrease of $37 million from June 30, 2026, with earnings more than offset by unfavorable market valuations on the investment portfolio from recent interest rate increases, common stock repurchases, and the quarterly common stock dividend.

Asset Quality

Nonperforming assets were $78 million and represented 0.52% of total assets at September 30, 2026, compared to $75 million (0.49% of total assets) at June 30, 2026. The allowance for credit losses-loans was $135 million and represented 1.24% of total loans at September 30, 2026, compared to $134 million (or 1.23% of total loans) at June 30, 2026. Asset quality trends remain solid and loan net charge-offs were negligible.

Income Statement Review - Quarter

Net income was $64 million for third quarter 2026, compared to net income of $57 million for second quarter 2026.

Net interest income was $142 million for third quarter 2026, $1 million (1%) higher than second quarter 2026. Average interest-earning assets of $13.6 billion were down $226 million from second quarter 2026, mostly due to $263 million lower average loans related to the Denver branches sale, partly offset by organic growth. Average interest-bearing liabilities of $10.0 billion were down $388 million from second quarter 2026, primarily due to $321 million lower average interest-bearing deposits also attributable to the Denver branches sale.

The net interest margin for third quarter 2026 was 4.19%, compared to 4.14% for second quarter 2026. The yield on interest-earning assets increased 2 bps (to 5.88%), including a 6 bps increase in loan yield (to 6.32%) partly offset by a 4 bps decrease in investment yield from lower discount accretion related to the early call of a municipal bond in second quarter 2026. On the funding side, the cost of interest-bearing liabilities for third quarter 2026 increased 1 bp (to 2.30%).

Noninterest income was $32 million for third quarter 2026, down $4 million compared to second quarter 2026, largely due to unfavorable market valuations. Net asset gains (losses) were $3 million unfavorable and deferred compensation plan asset market valuations were $2 million unfavorable from second quarter 2026 to third quarter 2026, mostly due to changes in market valuations. Excluding net asset gains (losses) and the deferred compensation plan asset market valuations, noninterest income increased $1 million, primarily due to an increase in wealth management fee income.

Noninterest expense was $91 million for third quarter 2026, compared to $104 million for second quarter 2026. Personnel expense decreased $4 million from second quarter 2026, reflecting lower salaries from the decline in average full-time equivalent employees, as well as the $2 million offsetting market valuation for the deferred compensation plan liabilities. Non-personnel expenses decreased $9 million from second quarter 2026, primarily due to a $3 million reduction in merger-related expense and a $5 million reduction in other noninterest expense for second quarter loss on the early redemption of junior subordinated debentures.

Declaration of Quarterly Cash Dividend to Shareholders

On October 19, 2026, Nicolet’s Board of Directors declared a quarterly cash dividend of $0.36 per share to holders of its common stock. The dividend is payable on December 15, 2026, to shareholders of record as of December 1, 2026.

Next Quarterly Earnings Release

Nicolet expects to issue the fourth quarter and full year 2026 earnings release on January 19, 2027.

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, Iowa, 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 core net income, core diluted earnings per common share, core return on average assets, core return on average common equity, return on average tangible common equity, core return on average tangible common equity, tangible book value per common share, and tangible common equity to tangible assets. 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 expected fourth quarter 2026 and full year 2027 earnings and profitability, realization of merger-related cost savings, growth in customer relationship, 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 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 ability to 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) post-conversion integration risks affecting customer or employee retention, and (2) continued non-core items affecting fourth quarter results.

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.

Nicolet Bankshares, Inc.
Consolidated Balance Sheets (Unaudited)
(In thousands, except share data)		9/30/2026				6/30/2026				3/31/2026				12/31/2025				9/30/2025
Assets
Cash and due from banks		$	103,443			$	153,492			$	123,359			$	107,956			$	94,402
Interest-earning deposits			407,088				311,756				492,092				552,276				379,555
Cash and cash equivalents			510,531				465,248				615,451				660,232				473,957
Securities available for sale, at fair value			1,980,623				2,006,963				1,986,946				859,834				861,534
Other investments			118,067				116,575				99,835				63,247				61,380
Loans held for sale			9,080				19,388				16,627				13,620				11,308
Other assets held for sale			—				411,348				400,443				—				—
Loans			10,882,449				10,848,164				10,879,694				6,836,345				6,874,711
Allowance for credit losses - loans			(134,780	)			(133,584	)			(133,435	)			(68,806	)			(68,785	)
Loans, net			10,747,669				10,714,580				10,746,259				6,767,539				6,805,926
Premises and equipment, net			193,341				189,197				187,876				120,462				121,711
Bank owned life insurance (“BOLI”)			298,496				296,095				293,790				192,498				190,979
Goodwill and other intangibles, net			959,659				961,687				967,843				382,400				383,693
Accrued interest receivable and other assets			247,342				233,538				259,420				125,275				118,942
Total assets		$	15,064,808			$	15,414,619			$	15,574,490			$	9,185,107			$	9,029,430
Liabilities and Stockholders' Equity
Liabilities:
Noninterest-bearing demand deposits		$	2,818,385			$	2,717,610			$	2,537,729			$	1,828,928			$	1,826,453
Interest-bearing deposits			9,778,250				9,805,726				10,086,635				5,901,843				5,785,012
Total deposits			12,596,635				12,523,336				12,624,364				7,730,771				7,611,465
Long-term borrowings			92,750				92,750				179,968				134,860				134,600
Other liabilities held for sale			—				388,060				385,882				—				—
Accrued interest payable and other liabilities			141,183				138,999				127,399				61,814				68,405
Total liabilities			12,830,568				13,143,145				13,317,613				7,927,445				7,814,470
Stockholders' Equity:
Common stock			209				211				213				148				148
Additional paid-in capital			1,513,745				1,552,947				1,589,992				583,257				581,815
Retained earnings			811,455				755,311				706,099				697,799				662,252
Accumulated other comprehensive income (loss)			(91,169	)			(36,995	)			(39,427	)			(23,542	)			(29,255	)
Total stockholders' equity			2,234,240				2,271,474				2,256,877				1,257,662				1,214,960
Total liabilities and stockholders' equity		$	15,064,808			$	15,414,619			$	15,574,490			$	9,185,107			$	9,029,430
Common shares outstanding			20,845,434				21,060,762				21,316,619				14,811,445				14,798,895

Nicolet Bankshares, Inc.
Consolidated Statements of Income (Unaudited)
		For the Three Months Ended																	For the Nine Months Ended
(In thousands, except per share data)		9/30/2026				6/30/2026			3/31/2026				12/31/2025			9/30/2025			9/30/2026			9/30/2025
Interest income:
Loans, including loan fees		$	174,014			$	174,705		$	139,784			$	106,579		$	107,930		$	488,503		$	314,572
Taxable investment securities			19,595				19,305			11,955				6,294			6,201			50,855			17,788
Tax-exempt investment securities			1,584				1,692			1,358				972			998			4,634			3,064
Other interest income			5,160				5,202			5,115				6,393			5,204			15,477			15,288
Total interest income			200,353				200,904			158,212				120,238			120,333			559,469			350,712
Interest expense:
Deposits			56,811				57,321			46,656				37,622			39,312			160,788			119,249
Short-term borrowings			—				—			—				1			—			—			—
Long-term borrowings			1,312				2,112			1,997				1,721			1,757			5,421			5,884
Total interest expense			58,123				59,433			48,653				39,344			41,069			166,209			125,133
Net interest income			142,230				141,471			109,559				80,894			79,264			393,260			225,579
Provision for credit losses			1,950				1,500			6,050				750			950			9,500			3,500
Net interest income after provision for credit losses			140,280				139,971			103,509				80,144			78,314			383,760			222,079
Noninterest income:
Wealth management fee income			12,557				11,738			10,655				8,196			7,629			34,950			21,415
Mortgage income, net			3,624				3,624			3,539				3,653			3,568			10,787			8,401
Service charges on deposit accounts			3,908				4,139			3,149				2,016			2,000			11,196			5,987
Card interchange income			6,815				6,332			4,228				3,772			3,752			17,375			10,788
BOLI income			2,401				2,305			1,882				1,857			1,654			6,588			4,503
Asset gains (losses), net			(586	)			2,364			(867	)			422			1,294			911			741
Deferred compensation plan asset market valuations			(424	)			1,947			(277	)			465			972			1,246			2,454
LSR income, net			649				778			711				644			668			2,138			2,675
Other noninterest income			3,256				3,052			2,274				2,067			2,082			8,582			5,511
Total noninterest income			32,200				36,279			25,294				23,092			23,619			93,773			62,475
Noninterest expense:
Personnel expense			47,099				50,612			38,159				30,233			29,437			135,870			85,072
Occupancy, equipment and office			16,236				16,398			12,375				9,169			9,028			45,009			27,462
Business development and marketing			3,391				3,184			2,337				2,093			2,223			8,912			5,916
Data processing			7,116				7,758			6,185				4,691			4,671			21,059			13,878
Intangibles amortization			5,959				6,156			4,096				1,293			1,414			16,211			4,447
FDIC assessments			1,722				1,801			1,275				1,033			1,005			4,798			2,974
Merger-related expense			4,588				7,403			40,686				1,956			—			52,677			—
Other noninterest expense			5,187				10,452			4,682				2,571			2,310			20,321			8,045
Total noninterest expense			91,298				103,764			109,795				53,039			50,088			304,857			147,794
Income before income tax expense			81,182				72,486			19,008				50,197			51,845			172,676			136,760
Income tax expense			17,454				15,585			3,812				9,873			10,110			36,851			26,398
Net income		$	63,728			$	56,901		$	15,196			$	40,324		$	41,735		$	135,825		$	110,362
Earnings per common share:
Basic		$	3.04			$	2.68		$	0.83			$	2.72		$	2.81		$	6.75		$	7.34
Diluted		$	2.96			$	2.62		$	0.81			$	2.65		$	2.73		$	6.57		$	7.14
Common shares outstanding:
Basic weighted average			20,934				21,208			18,232				14,804			14,836			20,134			15,039
Diluted weighted average			21,542				21,729			18,749				15,227			15,303			20,686			15,463

Nicolet Bankshares, Inc.
Consolidated Financial Summary (Unaudited)
		For the Three Months Ended																				For the Nine Months Ended
(In thousands, except share & per share data)		9/30/2026				6/30/2026				3/31/2026				12/31/2025				9/30/2025				9/30/2026				9/30/2025
Selected Average Balances:
Loans		$	10,996,471			$	11,259,572			$	9,194,624			$	6,858,444			$	6,843,189			$	10,490,156			$	6,796,031
Investment securities			2,081,178				2,046,717				1,479,693				902,147				903,839				1,871,399				896,839
Interest-earning assets			13,631,731				13,857,424				11,235,506				8,381,031				8,206,651				12,916,998				8,142,411
Cash and cash equivalents			570,104				553,075				576,905				634,751				480,208				566,670				467,050
Goodwill and other intangibles, net			958,785				964,140				642,403				382,956				384,296				856,268				385,753
Total assets			15,248,802				15,479,444				12,429,336				9,163,123				8,984,344				14,396,188				8,914,964
Deposits			12,740,654				12,922,613				10,386,008				7,717,321				7,583,986				12,025,050				7,511,944
Interest-bearing liabilities			10,012,089				10,400,080				8,363,619				5,989,196				5,911,850				9,597,967				5,945,532
Stockholders’ equity (common)			2,264,857				2,262,902				1,792,181				1,234,619				1,194,974				2,108,378				1,185,778
Selected Ratios: (1)
Book value per common share		$	107.18			$	107.85			$	105.87			$	84.91			$	82.10			$	107.18			$	82.10
Tangible book value per common share (2)		$	61.14			$	62.19			$	60.47			$	59.09			$	56.17			$	61.14			$	56.17
Return on average assets			1.66	%			1.47	%			0.50	%			1.75	%			1.84	%			1.26	%			1.66	%
Return on average common equity			11.16				10.09				3.44				12.96				13.86				8.61				12.44
Return on average tangible common equity (2)			20.78				19.07				6.49				19.27				20.98				15.86				19.04
Core return on average assets (non-GAAP) (2)			1.76				1.69				1.68				1.80				1.80				1.71				1.65
Core return on average common equity (non-GAAP) (2)			11.87				11.53				11.66				13.35				13.51				11.69				12.38
Core return on average tangible common equity (non-GAAP) (2)			22.01				21.59				19.30				19.84				20.47				21.05				18.94
Average equity to average assets			14.85				14.62				14.42				13.47				13.30				14.65				13.30
Stockholders’ equity to assets			14.83				14.74				14.49				13.69				13.46				14.83				13.46
Tangible common equity to tangible assets (2)			9.04				9.06				8.82				9.94				9.61				9.04				9.61
Net interest margin			4.19				4.14				3.98				3.86				3.86				4.11				3.72
Efficiency ratio			51.72				58.62				80.30				51.00				49.10				62.18				51.20
Effective tax rate			21.50				21.50				20.05				19.67				19.50				21.34				19.30
Selected Asset Quality Information:
Nonaccrual loans		$	73,364			$	71,545			$	73,494			$	31,679			$	27,463			$	73,364			$	27,463
Other real estate owned			4,378				3,459				5,985				667				767				4,378				767
Nonperforming assets		$	77,742			$	75,004			$	79,479			$	32,346			$	28,230			$	77,742			$	28,230
Net loan charge-offs (recoveries)		$	754			$	651			$	833			$	529			$	573			$	2,238			$	1,287
Allowance for credit losses-loans to loans			1.24	%			1.23	%			1.23	%			1.01	%			1.00	%			1.24	%			1.00	%
Net charge-offs to average loans (1)			0.03				0.02				0.04				0.03				0.03				0.03				0.03
Nonperforming loans to total loans			0.67				0.66				0.68				0.46				0.40				0.67				0.40
Nonperforming assets to total assets			0.52				0.49				0.51				0.35				0.31				0.52				0.31
Stock Repurchase Information: (3)
Common stock repurchased ($)		$	40,019			$	40,242			$	22,401			$	—			$	20,525			$	102,662			$	76,561
Common stock repurchased (shares)			236,296				267,310				149,499				—				155,393				653,105				646,002

(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.

Nicolet Bankshares, Inc.
Consolidated Loan & Deposit Metrics (Unaudited)
(In thousands)		9/30/2026			6/30/2026			3/31/2026			12/31/2025			9/30/2025
Period End Loan Composition
Commercial & industrial		$	2,335,023		$	2,350,769		$	2,330,665		$	1,367,522		$	1,415,841
Owner-occupied commercial real estate (“CRE”)			1,596,195			1,543,772			1,558,995			939,587			947,390
Agricultural			1,830,526			1,765,864			1,759,960			1,415,425			1,378,070
Commercial			5,761,744			5,660,405			5,649,620			3,722,534			3,741,301
CRE investment			2,245,677			2,329,696			2,378,946			1,188,351			1,213,301
Construction & land development			592,437			571,280			575,030			326,638			324,209
Commercial real estate			2,838,114			2,900,976			2,953,976			1,514,989			1,537,510
Commercial-based loans			8,599,858			8,561,381			8,603,596			5,237,523			5,278,811
Residential construction			137,045			139,823			144,737			95,268			92,325
Residential first mortgage			1,585,467			1,584,362			1,580,088			1,193,683			1,199,512
Residential junior mortgage			481,993			474,964			464,395			268,188			260,167
Residential real estate			2,204,505			2,199,149			2,189,220			1,557,139			1,552,004
Retail & other			78,086			87,634			86,878			41,683			43,896
Retail-based loans			2,282,591			2,286,783			2,276,098			1,598,822			1,595,900
Total loans		$	10,882,449		$	10,848,164		$	10,879,694		$	6,836,345		$	6,874,711
Period End Deposit Composition
Noninterest-bearing demand		$	2,818,385		$	2,717,610		$	2,537,729		$	1,828,928		$	1,826,453
Interest-bearing demand			2,065,595			2,221,385			2,516,924			1,263,276			1,104,552
Money market			3,237,208			3,007,957			2,955,846			2,056,550			2,044,055
Savings			1,698,864			1,760,294			1,763,204			834,520			825,683
Time			2,776,583			2,816,090			2,850,661			1,747,497			1,810,722
Total deposits		$	12,596,635		$	12,523,336		$	12,624,364		$	7,730,771		$	7,611,465
Brokered transaction accounts *		$	25,000		$	100,000		$	175,000		$	25,000		$	25,000
Brokered time deposits *			310,036			385,080			409,922			382,116			422,516
Total brokered deposits *		$	335,036		$	485,080		$	584,922		$	407,116		$	447,516
Customer transaction accounts *		$	9,795,052		$	9,607,246		$	9,598,703		$	5,958,274		$	5,775,743
Customer time deposits *			2,466,547			2,431,010			2,440,739			1,365,381			1,388,206
Total customer deposits (core) *		$	12,261,599		$	12,038,256		$	12,039,442		$	7,323,655		$	7,163,949
* During first quarter 2026, Nicolet reclassified fully reciprocated deposit balances with ICS from brokered deposits to core deposits to be more consistent with the presentation typically used by peer banks. The ICS reciprocal deposits are part of the IntraFi Network Deposits program, which is used by financial institutions to distribute deposits that exceed FDIC insurance coverage limits to numerous institutions in order to provide insurance coverage for all participating deposits. Prior periods have been restated to reflect this change. There was no change to total deposits or the deposit categories.

Nicolet Bankshares, Inc.
Net Interest Income and Net Interest Margin Analysis (Unaudited)
		For the Three Months Ended
		September 30, 2026										June 30, 2026										September 30, 2025
		Average							Average			Average							Average			Average							Average
(In thousands)		Balance			Interest				Rate			Balance			Interest				Rate			Balance			Interest				Rate
ASSETS
Total loans (1) (2)		$	10,996,471		$	175,106			6.32	%		$	11,259,572		$	175,903			6.26	%		$	6,843,189		$	108,042			6.27	%
Investment securities (2)			2,081,178			21,588			4.15	%			2,046,717			21,413			4.19	%			903,839			7,519			3.33	%
Other interest-earning assets			554,082			5,160			3.70	%			551,135			5,202			3.78	%			459,623			5,204			4.50	%
Total interest-earning assets			13,631,731		$	201,854			5.88	%			13,857,424		$	202,518			5.86	%			8,206,651		$	120,765			5.85	%
Other assets, net			1,617,071										1,622,020										777,693
Total assets		$	15,248,802									$	15,479,444									$	8,984,344
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing core deposits *		$	9,499,178		$	52,414			2.19	%		$	9,705,296		$	51,905			2.15	%		$	5,282,714		$	33,898			2.55	%
Brokered deposits *			420,161			4,397			4.15	%			535,443			5,416			4.06	%			494,663			5,414			4.34	%
Total interest-bearing deposits			9,919,339			56,811			2.27	%			10,240,739			57,321			2.25	%			5,777,377			39,312			2.70	%
Wholesale funding			92,750			1,312			5.61	%			159,341			2,112			5.32	%			134,473			1,757			5.18	%
Total interest-bearing liabilities			10,012,089		$	58,123			2.30	%			10,400,080		$	59,433			2.29	%			5,911,850		$	41,069			2.76	%
Noninterest-bearing demand deposits			2,821,315										2,681,874										1,806,609
Other liabilities			150,541										134,588										70,911
Stockholders' equity			2,264,857										2,262,902										1,194,974
Total liabilities and stockholders' equity		$	15,248,802									$	15,479,444									$	8,984,344
Net interest income and rate spread					$	143,731			3.58	%					$	143,085			3.57	%					$	79,696			3.09	%
Net interest margin									4.19	%									4.14	%									3.86	%
Loan purchase accounting accretion (3)					$	7,876			0.23	%					$	7,989			0.23	%					$	1,375			0.07	%
Loan nonaccrual interest (3)					$	(58	)		—	%					$	97			—	%					$	(346	)		(0.02	)%
		For the Nine Months Ended
		September 30, 2026										September 30, 2025
		Average							Average			Average							Average
(In thousands)		Balance			Interest				Rate			Balance			Interest				Rate
ASSETS
Total loans (1) (2)		$	10,490,156		$	491,421			6.26	%		$	6,796,031		$	314,949			6.19	%
Investment securities (2)			1,871,399			56,704			4.04	%			896,839			21,841			3.25	%
Other interest-earning assets			555,443			15,477			3.72	%			449,541			15,288			4.55	%
Total interest-earning assets			12,916,998		$	563,602			5.83	%			8,142,411		$	352,078			5.78	%
Other assets, net			1,479,190										772,553
Total assets		$	14,396,188									$	8,914,964
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing core deposits *		$	8,975,472		$	146,081			2.18	%		$	5,210,437		$	99,741			2.56	%
Brokered deposits *			485,647			14,707			4.05	%			584,801			19,508			4.46	%
Total interest-bearing deposits			9,461,119			160,788			2.27	%			5,795,238			119,249			2.75	%
Wholesale funding			136,848			5,421			5.30	%			150,294			5,884			5.23	%
Total interest-bearing liabilities			9,597,967		$	166,209			2.32	%			5,945,532		$	125,133			2.81	%
Noninterest-bearing demand deposits			2,563,931										1,716,706
Other liabilities			125,912										66,948
Stockholders' equity			2,108,378										1,185,778
Total liabilities and stockholders' equity		$	14,396,188									$	8,914,964
Net interest income and rate spread					$	397,393			3.51	%					$	226,945			2.97	%
Net interest margin									4.11	%									3.72	%
Loan purchase accounting accretion (3)					$	20,762			0.21	%					$	4,324			0.07	%
Loan nonaccrual interest (3)					$	819			0.01	%					$	(677	)		(0.01	)%

* During first quarter 2026, Nicolet reclassified fully reciprocated deposit balances with ICS from brokered deposits to core deposits to be more consistent with the presentation typically used by peer banks. The ICS reciprocal deposits are part of the IntraFi Network Deposits program, which is used by financial institutions to distribute deposits that exceed FDIC insurance coverage limits to numerous institutions in order to provide insurance coverage for all participating deposits. Prior periods have been restated to reflect this change. There was no change to total deposits or the deposit categories.
(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.

Nicolet Bankshares, Inc.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
		For the Three Months Ended																				For the Nine Months Ended
(In thousands, except per share data)		9/30/2026				6/30/2026				3/31/2026				12/31/2025				9/30/2025				9/30/2026				9/30/2025
Core net income reconciliation: (1)
Net income (GAAP)		$	63,728			$	56,901			$	15,196			$	40,324			$	41,735			$	135,825			$	110,362
Adjustments:
Provision expense (2)			—				—				4,700				—				—				4,700				—
Assets (gains) losses, net			586				(2,364	)			867				(422	)			(1,294	)			(911	)			(741	)
Merger-related expense			4,588				7,403				40,686				1,956				—				52,677				—
Loss on early extinguishment of debt			—				5,377				—				—				—				5,377				—
Adjustments subtotal			5,174				10,416				46,253				1,534				(1,294	)			61,843				(741	)
Tax on Adjustments (3)			1,112				2,239				9,944				299				(252	)			13,296				(144	)
Core net income (non-GAAP)		$	67,790			$	65,078			$	51,505			$	41,559			$	40,693			$	184,372			$	109,765
Intangibles amortization, net of tax		$	4,678			$	4,832			$	3,215			$	1,041			$	1,138			$	12,726			$	3,580
Core net income (non-GAAP) for tangible common equity ratio		$	72,467			$	69,910			$	54,720			$	42,600			$	41,832			$	197,097			$	113,345
Diluted earnings per common share:
Diluted earnings per common share (GAAP)		$	2.96			$	2.62			$	0.81			$	2.65			$	2.73			$	6.57			$	7.14
Core diluted earnings per common share (non-GAAP)		$	3.15			$	2.99			$	2.75			$	2.73			$	2.66			$	8.91			$	7.10
Selected Ratios: (4)
Return on average assets (GAAP)			1.66	%			1.47	%			0.50	%			1.75	%			1.84	%			1.26	%			1.66	%
Return on average common equity (GAAP)			11.16	%			10.09	%			3.44	%			12.96	%			13.86	%			8.61	%			12.44	%
Return on average tangible common equity (non-GAAP) (5)			20.78	%			19.07	%			6.49	%			19.27	%			20.98	%			15.86	%			19.04	%
Core return on average assets (non-GAAP)			1.76	%			1.69	%			1.68	%			1.80	%			1.80	%			1.71	%			1.65	%
Core return on average common equity (non-GAAP)			11.87	%			11.53	%			11.66	%			13.35	%			13.51	%			11.69	%			12.38	%
Core return on average tangible common equity (non-GAAP) (5)			22.01	%			21.59	%			19.30	%			19.84	%			20.47	%			21.05	%			18.94	%
Tangible assets: (5)
Total assets		$	15,064,808			$	15,414,619			$	15,574,490			$	9,185,107			$	9,029,430
Goodwill and other intangibles, net			959,659				961,687				967,843				382,400				383,693
Tangible assets		$	14,105,149			$	14,452,932			$	14,606,647			$	8,802,707			$	8,645,737
Tangible common equity: (5)
Stockholders’ equity (common)		$	2,234,240			$	2,271,474			$	2,256,877			$	1,257,662			$	1,214,960
Goodwill and other intangibles, net			959,659				961,687				967,843				382,400				383,693
Tangible common equity		$	1,274,581			$	1,309,787			$	1,289,034			$	875,262			$	831,267
Tangible average common equity: (5)
Average stockholders’ equity (common)		$	2,264,857			$	2,262,902			$	1,792,181			$	1,234,619			$	1,194,974			$	2,108,378			$	1,185,778
Average goodwill and other intangibles, net			958,785				964,140				642,403				382,956				384,296				856,268				385,753
Average tangible common equity		$	1,306,072			$	1,298,762			$	1,149,778			$	851,663			$	810,678			$	1,252,110			$	800,025

Note: Numbers may not sum due to rounding.
(1)		The core 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 provision expense for the ACL on unfunded commitments related to the MidWestOne merger.
(3)		Assumes an effective tax rate of 21.5% for 2026 and 19.5% for 2025.
(4)		The ratios of core return on average assets and core return on average common equity use core net income as the numerator in place of net income (GAAP). These financial metrics have been included as they provide information useful to investors in understanding the operating performance and trends of Nicolet.
(5)		The ratios of tangible book value per common share, return on average tangible common equity, core return on average tangible common equity, and tangible common equity to tangible assets exclude goodwill and other intangibles, net. In addition, the ratios of return on average tangible common equity and core return on average tangible common equity remove the intangibles amortization, net of tax, from the numerator. 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.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20261020761781/en/

ir@nicoletbank.com

Source: Nicolet Bankshares, Inc.

Key Terms

non-gaap financial measures financial

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

net interest margin financial

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

brokered deposits financial

Brokered deposits are large sums of customer cash placed at a bank through a third-party intermediary that shops around for the best interest rate, like a broker assembling a big bucket of savings and directing it to a bank. They matter to investors because they can quickly change a bank’s funding level and cost — providing fast liquidity but also adding volatility and regulatory scrutiny that can affect a bank’s stability and profitability.

nonperforming assets financial

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.