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Nicolet Bankshares (NYSE: NIC) Q2 income surges to $57M

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Nicolet Bankshares reported second quarter 2026 net income of $57 million, with diluted EPS of $2.62, up from $15 million and $0.81 in the first quarter and $36 million and $2.34 in second quarter 2025. Core diluted EPS (non-GAAP) was $2.99, as merger-related and other non-core items reduced reported EPS by $0.37.

Net interest income rose to $141 million, a 29% increase from the prior quarter, and net interest margin improved to 4.14% from 3.98%, reflecting a full quarter of MidWestOne balances, loan purchase accounting accretion and lower core deposit funding costs. Noninterest income increased to $36 million, helped by higher wealth management, deposit service charges and card interchange fees.

At June 30, 2026, assets were $15.4 billion and deposits $12.5 billion, both slightly lower than March 31 mainly due to reduced cash and brokered deposits. Asset quality metrics remained favorable, with nonperforming assets of $75 million (0.49% of assets) and an allowance for credit losses on loans of $134 million (1.23% of loans). The company repurchased 267,310 shares for $40 million, received an additional $150 million repurchase authorization, and declared a $0.36 quarterly dividend payable September 15, 2026. Nicolet also agreed to sell its Denver branches, holding about $402 million in loans and $388 million in deposits, to Sunwest Bank, with closing expected in third quarter 2026.

Positive

  • Net income surged to $57 million in Q2 2026 from $15 million in Q1 2026, with diluted EPS rising to $2.62 from $0.81.
  • Net interest margin expanded to 4.14% and net interest income increased 29% quarter over quarter, supported by the MidWestOne acquisition and lower funding costs.
  • Asset quality remained favorable with nonperforming assets at 0.49% of total assets and an allowance for credit losses on loans at 1.23% of total loans.
  • Capital return was robust, with 267,310 shares repurchased for $40 million, a new $150 million buyback authorization, and a $0.36 quarterly cash dividend.

Negative

  • None.

Filing Explained

The Denver branch sale has received approval from Nicolet’s and Sunwest Bank’s boards and from regulators, but it is not complete: standard closing conditions remain, with closing expected in the third quarter of 2026.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income Q2 2026 $57 million Quarter ended June 30, 2026; compared with $15 million in Q1 2026 and $36 million in Q2 2025
Diluted EPS Q2 2026 $2.62 Earnings per diluted common share for the quarter ended June 30, 2026
Core diluted EPS Q2 2026 $2.99 Non-GAAP core diluted earnings per common share; excludes merger-related and other non-core items
Net interest margin Q2 2026 4.14% Quarterly net interest margin, up from 3.98% in first quarter 2026
Nonperforming assets ratio 0.49% Nonperforming assets as a percentage of total assets at June 30, 2026
Allowance for credit losses on loans $134 million Allowance for credit losses-loans at June 30, 2026, representing 1.23% of total loans
Quarterly dividend per share $0.36 Cash dividend on common stock payable September 15, 2026 to shareholders of record September 1, 2026
Share repurchases Q2 2026 $40 million for 267,310 shares Common stock repurchased during the second quarter of 2026 under the buyback program
net interest margin financial
"Net interest margin increased to 4.14% for second quarter 2026"
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.
allowance for credit losses-loans financial
"The allowance for credit losses-loans was $134 million and represented 1.23% of total loans"
A balance-sheet reserve that a lender sets aside to cover loans it now expects will not be repaid. Think of it as a rainy-day fund for a bank’s loan book: increasing the allowance shrinks reported assets and can reduce profit, while a small allowance may signal optimism or underestimation of future losses. Investors watch it to gauge loan quality, management conservatism, and possible hits to earnings or capital.
tangible common equity to tangible assets financial
"Tangible common equity to tangible assets (2) was 9.06%"
Tangible common equity to tangible assets is a ratio that compares the amount of common shareholders’ capital after removing intangible items (like goodwill) to a company’s physical and financial assets after the same removal. It tells investors how much real, loss‑absorbing capital supports each dollar of tangible assets—think of it as the safety cushion under a car: the thicker the cushion, the more protection against unexpected losses.
brokered deposits financial
"including a $100 million decrease in brokered deposits and a $1 million decrease in core deposits"
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.
loan purchase accounting accretion financial
"loan purchase accounting accretion (which added 23 bps and 18 bps to second and first quarter net interest margin)"
An accounting process that spreads the difference between the price paid for a loan and its remaining principal over the loan’s expected life, so the buyer recognizes that gap as interest income or expense over time. Like buying a bond at a discount and slowly counting that bargain as extra income, accretion changes reported interest revenue and effective yield on acquired loans, which can affect how investors read a lender’s earnings and return metrics.
efficiency ratio financial
"Efficiency ratio was 58.62% versus 80.30% in the prior quarter"
A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.
Net income $57 million up from $15 million in first quarter 2026 and $36 million in second quarter 2025
Diluted EPS $2.62 up from $0.81 in first quarter 2026 and $2.34 in second quarter 2025
Core diluted EPS (non-GAAP) $2.99 compared with $2.75 in first quarter 2026
Return on average assets 1.47% versus 0.50% in first quarter 2026
Return on average tangible common equity 19.07% versus 6.49% in first quarter 2026
Net interest income $141 million increased by $32 million, or 29%, from first quarter 2026
Net interest margin 4.14% up from 3.98% in first quarter 2026
Quarterly dividend per share $0.36 payable September 15, 2026 to shareholders of record as of September 1, 2026

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Nicolet Bankshares (NIC) perform financially in Q2 2026?
Nicolet Bankshares reported Q2 2026 net income of $57 million and diluted EPS of $2.62. This compares to $15 million and $0.81 in Q1 2026 and $36 million and $2.34 in Q2 2025, reflecting stronger earnings and higher net interest income.

What were Nicolet Bankshares (NIC) key profitability ratios for Q2 2026?
For Q2 2026, Nicolet posted a return on average assets of 1.47% and a return on average tangible common equity of 19.07%. Core non-GAAP metrics were higher, with core ROA at 1.69% and core return on average tangible common equity at 21.59%.

How did the MidWestOne acquisition impact Nicolet Bankshares (NIC) in 2026?
The MidWestOne acquisition added $6.1 billion of assets, $4.4 billion of loans and $5.3 billion of deposits at closing. In Q2 2026, it contributed to higher average interest-earning assets, stronger net interest income, and lower core deposit funding costs from a full quarter of combined operations.

What is Nicolet Bankshares (NIC) asset quality position as of June 30, 2026?
As of June 30, 2026, Nicolet reported nonperforming assets of $75 million, or 0.49% of total assets. The allowance for credit losses on loans was $134 million, representing 1.23% of total loans, and loan net charge-offs were described as negligible.

What capital return actions did Nicolet Bankshares (NIC) take in Q2 2026?
In Q2 2026, Nicolet repurchased 267,310 shares for $40 million and received an additional $150 million repurchase authorization. The board also declared a $0.36 per share quarterly cash dividend, payable September 15, 2026 to shareholders of record September 1, 2026.

What strategic balance sheet moves did Nicolet Bankshares (NIC) announce regarding its Denver branches?
Nicolet National Bank agreed to sell its Denver, Colorado branches, with about $402 million of loans and $388 million of deposits, to Sunwest Bank in an all-cash deal. The transaction has board and regulatory approvals and is expected to close in third quarter 2026.
0001174850false00011748502026-07-212026-07-21

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported): July 21, 2026
 
NICOLET BANKSHARES, INC.
(Exact name of registrant as specified in its charter)
Wisconsin 001-37700 47-0871001
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
 
111 North Washington Street
Green Bay, Wisconsin 54301
(Address of principal executive offices)
 
(920) 430-1400
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)
  
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareNICNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter.)
 
Emerging Growth Company  ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐





Item 2.02Results of Operations and Financial Condition.
 
On July 21, 2026, Nicolet Bankshares, Inc. (“Nicolet”) issued a press release (the “Press Release”) announcing its earnings for the quarter ended June 30, 2026. A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
 
Pursuant to General Instruction B.2 of Form 8-K, the information in this Item 2.02 and Exhibit 99.1, is being furnished to the Securities and Exchange Commission and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section. Furthermore, the information in this Item 2.02 and Exhibit 99.1, shall not be deemed to be incorporated by reference into Nicolet’s filings under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01Regulation FD Disclosure.

In the Press Release, Nicolet also announced that it had declared a quarterly cash dividend of $0.36 per share on its common stock. The dividend is payable September 15, 2026, to shareholders of record as of September 1, 2026.

Item 9.01Financial Statements and Exhibits.
Exhibit No. Description of Exhibit
99.1 
Press Release, dated July 21, 2026
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document


Signatures
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date:July 21, 2026NICOLET BANKSHARES, INC.
    
 By: /s/ H. Phillip Moore, Jr. 
         H. Phillip Moore, Jr. 
         Chief Financial Officer 


Exhibit 99.1
nicoletbanksharesa08.jpg


FOR IMMEDIATE RELEASE
 
NICOLET BANKSHARES, INC. ANNOUNCES SECOND QUARTER 2026 EARNINGS

•Net income of $57 million ($65 million core*) for second quarter 2026, compared to net income of $15 million ($52 million core*) for first quarter 2026
•Diluted earnings per share of $2.62 ($2.99 core*) for second quarter 2026, compared to $0.81 ($2.75 core*) for first quarter 2026
•Return on average assets of 1.47% for second quarter 2026, and core* return on average assets of 1.69%
•Return on average tangible common equity of 19.07% for second quarter 2026, and core* return on average tangible common equity of 21.59%, with return on average equity of 10.09%
•Repurchased 267,310 common shares for $40 million during second quarter 2026, and authorized $150 million in additional repurchases
•Net interest margin increased to 4.14% for second quarter 2026, benefitting from a full quarter of loan purchase accounting accretion as well as lower core deposit funding costs
* Core net income, diluted earnings per share, return on average assets, and return on average tangible common equity are non-GAAP financial measures

Green Bay, Wisconsin, July 21, 2026 - Nicolet Bankshares, Inc. (NYSE: NIC) (“Nicolet”) announced net income of $57 million and earnings per diluted common share of $2.62 for second quarter 2026, compared to net income of $15 million and earnings per diluted common share of $0.81 for first quarter 2026, and net income of $36 million and earnings per diluted common share of $2.34 for second quarter 2025. Net income included certain non-core items, mostly merger-related expenses, that negatively impacted earnings per diluted common share $0.37 for second quarter 2026 and $1.94 for first quarter 2026, resulting in core diluted earnings per common share (non-GAAP) of $2.99 and $2.75, respectively.

“Our second quarter results reflect the strength of the Nicolet model and the disciplined execution of our team,” said Mike Daniels, Chairman, President, and CEO of Nicolet. “Core earnings remained strong, net interest margin expanded, credit quality continued to perform well, allowing us to repurchase stock throughout the quarter, and tangible book value increased. I’m particularly pleased with the progress we’ve made integrating MidWestOne. Throughout the process, our teams have remained focused on serving our clients while executing our integration plan. As we complete our conversion later this summer and begin fully realizing our planned cost savings, we’ll be in a stronger position to restore the high level of profitability and returns that have historically defined Nicolet.”

Daniels added, “From a balance sheet perspective, we continued to improve the composition of both our loan and deposit portfolios during the quarter. While period-end balances were relatively stable, we continue to see a shift toward higher-yielding in-market commercial loans, supported by growth in lower-cost core deposits. This combined with the momentum we’re seeing across our markets and the opportunities we’ve created in Iowa and Minnesota, those trends support continued margin expansion and position us well to deliver solid organic growth through the balance of 2026.”

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.
1

Balance Sheet Review
At June 30, 2026, period end assets were $15.4 billion, a decrease of $160 million from March 31, 2026, largely due to lower cash and cash equivalents. Total loans decreased $32 million from March 31, 2026, while investments grew $20 million. Total deposits of $12.5 billion at June 30, 2026, decreased $101 million from March 31, 2026, including a $100 million decrease in brokered deposits and a $1 million decrease in core deposits. Long-term borrowings decreased $87 million from the prior quarter due to the early redemption of junior subordinated debentures. Total capital was $2.3 billion at June 30, 2026, an increase of $15 million over March 31, 2026, with earnings offset by common stock repurchases and the quarterly common stock dividend.

Asset Quality
Nonperforming assets were $75 million and represented 0.49% of total assets at June 30, 2026, compared to $79 million (0.51% of total assets) at March 31, 2026. The allowance for credit losses-loans was $134 million and represented 1.23% of total loans at June 30, 2026, compared to $133 million (or 1.23% of total loans) at March 31, 2026. Asset quality trends remain solid and loan net charge-offs were negligible.

Income Statement Review - Quarter
Net income was $57 million for second quarter 2026, compared to net income of $15 million for first quarter 2026.

Net interest income was $141 million for second quarter 2026, $32 million (29%) higher than first quarter 2026, the net of a $43 million increase in interest income and an $11 million increase in interest expense. Average interest-earning assets of $13.9 billion were up $2.6 billion from first quarter 2026, with higher average loans (up $2.1 billion) and higher average securities (up $567 million), mostly due to the inclusion of a full quarter of MidWestOne balances. Average interest-bearing liabilities of $10.4 billion were up $2.0 billion from first quarter 2026, also attributable to a full quarter of MidWestOne balances.

The net interest margin for second quarter 2026 was 4.14%, compared to 3.98% for first quarter 2026, with a portion of the increase attributable to loan purchase accounting accretion (which added 23 bps and 18 bps to second and first quarter net interest margin, respectively). The yield on interest-earning assets increased 13 bps (to 5.86%), including an 8 bps increase in loan yield (to 6.26%) as well as a higher investment yield from the discount accretion on the early call of a municipal bond and a full quarter of purchase accretion. On the funding side, the cost of interest-bearing liabilities for second quarter 2026 decreased 7 bps (to 2.29%), benefitting from a full quarter of the lower core deposit funding costs from MidWestOne.

Noninterest income was $36 million for second quarter 2026, up $11 million compared to first quarter 2026. Excluding net asset gains (losses), noninterest income was up $8 million, including a $1 million increase in wealth management fee income, a $1 million increase in service charges on deposit accounts, and a $2 million increase in card interchange income, all mostly due to the MidWestOne acquisition. Net asset gains were $2 million for second quarter 2026 (mostly due to favorable market valuations on an equity investment), compared to net asset losses of $1 million for first quarter 2026 (comprised primarily of a write-down on an equity investment).

Noninterest expense was $104 million for second quarter 2026, a $6 million decrease from first quarter 2026, mostly due to a $33 million decrease in merger-related expense offset by a full quarter of MidWestOne expenses. Personnel expense increased $12 million from first quarter 2026, reflecting the larger employee base post-acquisition. Non-personnel expense decreased $18 million from first quarter 2026, and included the decrease in merger-related expense, offset by higher overall expense for a full quarter of the larger operating base and a $5 million loss on the early redemption of junior subordinated debentures.

Sale of Denver Branches
On April 21, 2026, Nicolet National Bank entered into a definitive purchase and assumption agreement to sell its Denver, Colorado banking branches (acquired in the MidWestOne transaction) to Sunwest Bank. This transaction is an all-cash deal that has been approved by the respective boards of directors, has received regulatory approval, and is expected to close in third quarter 2026, subject to standard closing conditions. As of June 30, 2026, the Denver locations had total loans of approximately $402 million and deposits of approximately $388 million.

2

Declaration of Quarterly Cash Dividend to Shareholders
On July 21, 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 September 15, 2026, to shareholders of record as of September 1, 2026.

Next Quarterly Earnings Release
Nicolet expects to issue the third quarter 2026 earnings release on October 20, 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, 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 the core conversion of the integration process of the Nicolet/MidWestOne merger and resulting cost savings, the expected return to historic levels of profitability, the expected closing date of the sale of our Denver branches, 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 sale of the Denver branches; and (3) the failure to satisfy other conditions to completion of the proposed sale, 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 purchase and assumption agreement.
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.
3

Nicolet Bankshares, Inc.
Consolidated Balance Sheets (Unaudited)
(In thousands, except share data)
6/30/20263/31/202612/31/20259/30/20256/30/2025
Assets
Cash and due from banks$153,492 $123,359 $107,956 $94,402 $129,607 
Interest-earning deposits311,756 492,092 552,276 379,555 293,031 
Cash and cash equivalents465,248 615,451 660,232 473,957 422,638 
Securities available for sale, at fair value2,006,963 1,986,946 859,834 861,534 849,253 
Other investments116,575 99,835 63,247 61,380 59,594 
Loans held for sale19,388 16,627 13,620 11,308 9,955 
Other assets held for sale411,348 400,443 — — — 
Loans10,848,164 10,879,694 6,836,345 6,874,711 6,839,141 
Allowance for credit losses - loans(133,584)(133,435)(68,806)(68,785)(68,408)
Loans, net
10,714,580 10,746,259 6,767,539 6,805,926 6,770,733 
Premises and equipment, net189,197 187,876 120,462 121,711 123,723 
Bank owned life insurance (“BOLI”)
296,095 293,790 192,498 190,979 189,342 
Goodwill and other intangibles, net961,687 967,843 382,400 383,693 385,107 
Accrued interest receivable and other assets233,538 259,420 125,275 118,942 120,464 
Total assets$15,414,619 $15,574,490 $9,185,107 $9,029,430 $8,930,809 
Liabilities and Stockholders' Equity
Liabilities:
Noninterest-bearing demand deposits
$2,717,610 $2,537,729 $1,828,928 $1,826,453 $1,800,335 
Interest-bearing deposits
9,805,726 10,086,635 5,901,843 5,785,012 5,741,338 
Total deposits
12,523,336 12,624,364 7,730,771 7,611,465 7,541,673 
Long-term borrowings92,750 179,968 134,860 134,600 134,340 
Other liabilities held for sale388,060 385,882 — — — 
Accrued interest payable and other liabilities138,999 127,399 61,814 68,405 64,698 
Total liabilities13,143,145 13,317,613 7,927,445 7,814,470 7,740,711 
Stockholders' Equity:
Common stock211 213 148 148 149 
Additional paid-in capital1,552,947 1,589,992 583,257 581,815 601,625 
Retained earnings
755,311 706,099 697,799 662,252 625,243 
Accumulated other comprehensive income (loss)
(36,995)(39,427)(23,542)(29,255)(36,919)
Total stockholders' equity2,271,474 2,256,877 1,257,662 1,214,960 1,190,098 
Total liabilities and stockholders' equity$15,414,619 $15,574,490 $9,185,107 $9,029,430 $8,930,809 
Common shares outstanding21,060,762 21,316,619 14,811,445 14,798,895 14,924,086 


1


Nicolet Bankshares, Inc.
Consolidated Statements of Income (Unaudited)
For the Three Months EndedFor the Six Months Ended
(In thousands, except per share data)
6/30/20263/31/202612/31/20259/30/20256/30/20256/30/20266/30/2025
Interest income:
Loans, including loan fees$174,705 $139,784 $106,579 $107,930 $105,976 $314,489 $206,642 
Taxable investment securities19,305 11,955 6,294 6,201 6,027 31,260 11,587 
Tax-exempt investment securities1,692 1,358 972 998 1,017 3,050 2,066 
Other interest income5,202 5,115 6,393 5,204 4,618 10,317 10,084 
Total interest income200,904 158,212 120,238 120,333 117,638 359,116 230,379 
Interest expense:
Deposits57,321 46,656 37,622 39,312 40,472 103,977 79,937 
Short-term borrowings— — 1 — — — — 
Long-term borrowings2,112 1,997 1,721 1,757 2,057 4,109 4,127 
Total interest expense59,433 48,653 39,344 41,069 42,529 108,086 84,064 
Net interest income141,471 109,559 80,894 79,264 75,109 251,030 146,315 
Provision for credit losses
1,500 6,050 750 950 1,050 7,550 2,550 
Net interest income after provision for credit losses
139,971 103,509 80,144 78,314 74,059 243,480 143,765 
Noninterest income:
Wealth management fee income11,738 10,655 8,196 7,629 6,811 22,393 13,786 
Mortgage income, net
3,624 3,539 3,653 3,568 2,907 7,163 4,833 
Service charges on deposit accounts
4,139 3,149 2,016 2,000 1,962 7,288 3,987 
Card interchange income
6,332 4,228 3,772 3,752 3,699 10,560 7,036 
BOLI income
2,305 1,882 1,857 1,654 1,429 4,187 2,849 
Asset gains (losses), net
2,364 (867)422 1,294 (199)1,497 (553)
Deferred compensation plan asset market valuations1,947 (277)465 972 1,437 1,670 1,482 
LSR income, net778 711 644 668 950 1,489 2,007 
Other noninterest income
3,052 2,274 2,067 2,082 1,637 5,326 3,429 
Total noninterest income
36,279 25,294 23,092 23,619 20,633 61,573 38,856 
Noninterest expense:
Personnel expense
50,612 38,159 30,233 29,437 29,114 88,771 55,635 
Occupancy, equipment and office
16,398 12,375 9,169 9,028 9,104 28,773 18,434 
Business development and marketing
3,184 2,337 2,093 2,223 1,593 5,521 3,693 
Data processing
7,758 6,185 4,691 4,671 4,682 13,943 9,207 
Intangibles amortization
6,156 4,096 1,293 1,414 1,481 10,252 3,033 
FDIC assessments1,801 1,275 1,033 1,005 1,029 3,076 1,969 
Merger-related expense7,403 40,686 1,956 — — 48,089 — 
Other noninterest expense
10,452 4,682 2,571 2,310 2,916 15,134 5,735 
Total noninterest expense
103,764 109,795 53,039 50,088 49,919 213,559 97,706 
Income before income tax expense72,486 19,008 50,197 51,845 44,773 91,494 84,915 
Income tax expense
15,585 3,812 9,873 10,110 8,738 19,397 16,288 
Net income$56,901 $15,196 $40,324 $41,735 $36,035 $72,097 $68,627 
Earnings per common share:
Basic
$2.68 $0.83 $2.72 $2.81 $2.40 $3.65 $4.53 
Diluted
$2.62 $0.81 $2.65 $2.73 $2.34 $3.56 $4.42 
Common shares outstanding:
Basic weighted average
21,20818,23214,80414,83615,02919,72815,142
Diluted weighted average
21,72918,74915,22715,30315,43120,24615,538
 
2

Nicolet Bankshares, Inc.
Consolidated Financial Summary (Unaudited)
For the Three Months EndedFor the Six Months Ended
(In thousands, except share & per share data)
6/30/20263/31/202612/31/20259/30/20256/30/20256/30/20266/30/2025
Selected Average Balances:
Loans
$11,259,572 $9,194,624 $6,858,444 $6,843,189 $6,833,236 $10,232,803 $6,772,060 
Investment securities
2,046,717 1,479,693 902,147 903,839 900,469 1,764,771 893,280 
Interest-earning assets
13,857,424 11,235,506 8,381,031 8,206,651 8,140,178 12,553,708 8,109,756 
Cash and cash equivalents553,075 576,905 634,751 480,208 423,272 564,924 460,363 
Goodwill and other intangibles, net
964,140 642,403 382,956 384,296 385,735 804,160 386,494 
Total assets
15,479,444 12,429,336 9,163,123 8,984,344 8,909,653 13,962,816 8,879,698 
Deposits
12,922,613 10,386,008 7,717,321 7,583,986 7,504,224 11,661,318 7,475,325 
Interest-bearing liabilities
10,400,080 8,363,619 5,989,196 5,911,850 5,972,117 9,387,475 5,962,651 
Stockholders’ equity (common)2,262,902 1,792,181 1,234,619 1,194,974 1,183,316 2,028,842 1,181,104 
Selected Ratios: (1)
Book value per common share$107.85 $105.87 $84.91 $82.10 $79.74 $107.85 $79.74 
Tangible book value per common share (2)
$62.19 $60.47 $59.09 $56.17 $53.94 $62.19 $53.94 
Return on average assets
1.47 %0.50 %1.75 %1.84 %1.62 %1.04 %1.56 %
Return on average common equity
10.09 3.44 12.96 13.86 12.21 7.17 11.72 
Return on average tangible common equity (2)
19.07 6.49 19.27 20.98 18.72 13.20 18.04 
Core return on average assets (non-GAAP) (2)
1.69 1.68 1.80 1.80 1.63 1.68 1.57 
Core return on average common equity (non-GAAP) (2)
11.53 11.66 13.35 13.51 12.27 11.59 11.79 
Core return on average tangible common equity (non-GAAP) (2)
21.59 19.30 19.84 20.47 18.80 20.52 18.15 
Average equity to average assets
14.62 14.42 13.47 13.30 13.28 14.53 13.30 
Stockholders’ equity to assets
14.74 14.49 13.69 13.46 13.33 14.74 13.33 
Tangible common equity to tangible assets (2)
9.06 8.82 9.94 9.61 9.42 9.06 9.42 
Net interest margin4.14 3.98 3.86 3.86 3.72 4.07 3.65 
Efficiency ratio
58.62 80.30 51.00 49.10 51.79 68.07 52.34 
Effective tax rate
21.50 20.05 19.67 19.50 19.52 21.20 19.18 
Selected Asset Quality Information:
Nonaccrual loans
$71,545 $73,494 $31,679 $27,463 $27,735 $71,545 $27,735 
Other real estate owned
3,459 5,985 667 767 881 3,459 881 
Nonperforming assets
$75,004 $79,479 $32,346 $28,230 $28,616 $75,004 $28,616 
Net loan charge-offs (recoveries)
$651 $833 $529 $573 $372 $1,484 $714 
Allowance for credit losses-loans to loans
1.23 %1.23 %1.01 %1.00 %1.00 %1.23 %1.00 %
Net charge-offs to average loans (1)
0.02 0.04 0.03 0.03 0.02 0.03 0.02 
Nonperforming loans to total loans
0.66 0.68 0.46 0.40 0.41 0.66 0.41 
Nonperforming assets to total assets
0.49 0.51 0.35 0.31 0.32 0.49 0.32 
Stock Repurchase Information: (3)
Common stock repurchased ($)$40,242 $22,401 $— $20,525 $29,989 $62,643 $56,036 
Common stock repurchased (shares)267,310 149,499 — 155,393 257,402 416,809 490,609 
(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.


3

Nicolet Bankshares, Inc.
Consolidated Loan & Deposit Metrics (Unaudited)
(In thousands)
6/30/20263/31/202612/31/20259/30/20256/30/2025
Period End Loan Composition
Commercial & industrial$2,350,769 $2,330,665 $1,367,522 $1,415,841 $1,412,621 
Owner-occupied commercial real estate (“CRE”)
1,543,772 1,558,995 939,587 947,390 963,278 
Agricultural1,765,864 1,759,960 1,415,425 1,378,070 1,346,924 
Commercial5,660,405 5,649,620 3,722,534 3,741,301 3,722,823 
CRE investment2,329,696 2,378,946 1,188,351 1,213,301 1,231,423 
Construction & land development571,280 575,030 326,638 324,209 298,122 
Commercial real estate2,900,976 2,953,976 1,514,989 1,537,510 1,529,545 
Commercial-based loans8,561,381 8,603,596 5,237,523 5,278,811 5,252,368 
Residential construction139,823 144,737 95,268 92,325 88,152 
Residential first mortgage1,584,362 1,580,088 1,193,683 1,199,512 1,205,841 
Residential junior mortgage474,964 464,395 268,188 260,167 249,406 
Residential real estate
2,199,149 2,189,220 1,557,139 1,552,004 1,543,399 
Retail & other87,634 86,878 41,683 43,896 43,374 
Retail-based loans2,286,783 2,276,098 1,598,822 1,595,900 1,586,773 
Total loans$10,848,164 $10,879,694 $6,836,345 $6,874,711 $6,839,141 
Period End Deposit Composition
Noninterest-bearing demand
$2,717,610 $2,537,729 $1,828,928 $1,826,453 $1,800,335 
Interest-bearing demand
2,221,385 2,516,924 1,263,276 1,104,552 1,266,507 
Money market
3,007,957 2,955,846 2,056,550 2,044,055 1,900,639 
Savings1,760,294 1,763,204 834,520 825,683 805,300 
Time2,816,090 2,850,661 1,747,497 1,810,722 1,768,892 
Total deposits$12,523,336 $12,624,364 $7,730,771 $7,611,465 $7,541,673 
Brokered transaction accounts *$100,000 $175,000 $25,000 $25,000 $155,000 
Brokered time deposits *385,080 409,922 382,116 422,516 429,303 
Total brokered deposits *$485,080 $584,922 $407,116 $447,516 $584,303 
Customer transaction accounts *$9,607,246 $9,598,703 $5,958,274 $5,775,743 $5,617,781 
Customer time deposits *2,431,010 2,440,739 1,365,381 1,388,206 1,339,589 
Total customer deposits (core) *
$12,038,256 $12,039,442 $7,323,655 $7,163,949 $6,957,370 

* 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.
4

Nicolet Bankshares, Inc.
Net Interest Income and Net Interest Margin Analysis (Unaudited)
For the Three Months Ended
June 30, 2026March 31, 2026June 30, 2025
AverageAverageAverageAverageAverageAverage
(In thousands)BalanceInterestRateBalanceInterestRateBalanceInterestRate
ASSETS
Total loans (1) (2)
$11,259,572 $175,903 6.26 %$9,194,624 $140,412 6.18 %$6,833,236 $106,103 6.23 %
Investment securities (2)
2,046,717 21,413 4.19 %1,479,693 13,703 3.71 %900,469 7,371 3.27 %
Other interest-earning assets551,135 5,202 3.78 %561,189 5,115 3.69 %406,473 4,618 4.56 %
Total interest-earning assets13,857,424 $202,518 5.86 %11,235,506 $159,230 5.73 %8,140,178 $118,092 5.82 %
Other assets, net1,622,020 1,193,830 769,475 
Total assets$15,479,444 $12,429,336 $8,909,653 
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing core deposits *$9,705,296 $51,905 2.15 %$7,702,195 $41,762 2.20 %$5,167,371 $33,268 2.58 %
Brokered deposits *535,443 5,416 4.06 %502,241 4,894 3.95 %649,132 7,204 4.45 %
Total interest-bearing deposits10,240,739 57,321 2.25 %8,204,436 46,656 2.31 %5,816,503 40,472 2.79 %
Wholesale funding159,341 2,112 5.32 %159,183 1,997 5.09 %155,614 2,057 5.30 %
Total interest-bearing liabilities10,400,080 $59,433 2.29 %8,363,619 $48,653 2.36 %5,972,117 $42,529 2.86 %
Noninterest-bearing demand deposits2,681,874 2,181,572 1,687,721 
Other liabilities134,588 91,964 66,499 
Stockholders' equity2,262,902 1,792,181 1,183,316 
Total liabilities and stockholders' equity$15,479,444 $12,429,336 $8,909,653 
Net interest income and rate spread$143,085 3.57 %$110,577 3.37 %$75,563 2.96 %
Net interest margin4.14 %3.98 %3.72 %
Loan purchase accounting accretion (3)
$7,989 0.23 %$4,896 0.18 %$1,475 0.07 %
Loan nonaccrual interest (3)
$97 — %$780 0.03 %$(26)— %
For the Six Months Ended
June 30, 2026June 30, 2025
AverageAverageAverageAverage
(In thousands)BalanceInterestRateBalanceInterestRate
ASSETS
Total loans (1) (2)
$10,232,803 $316,315 6.23 %$6,772,060 $206,907 6.15 %
Investment securities (2)
1,764,771 35,116 3.98 %893,280 14,322 3.21 %
Other interest-earning assets556,134 10,317 3.74 %444,416 10,084 4.57 %
Total interest-earning assets12,553,708 $361,748 5.80 %8,109,756 $231,313 5.74 %
Other assets, net1,409,108 769,942 
Total assets$13,962,816 $8,879,698 
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing core deposits *$8,709,279 $93,667 2.17 %$5,173,698 $65,843 2.57 %
Brokered deposits *518,933 10,310 4.01 %630,617 14,094 4.51 %
Total interest-bearing deposits9,228,212 103,977 2.27 %5,804,315 79,937 2.78 %
Wholesale funding159,263 4,109 5.20 %158,336 4,127 5.26 %
Total interest-bearing liabilities9,387,475 $108,086 2.32 %5,962,651 $84,064 2.84 %
Noninterest-bearing demand deposits2,433,106 1,671,010 
Other liabilities113,393 64,933 
Stockholders' equity2,028,842 1,181,104 
Total liabilities and stockholders' equity$13,962,816 $8,879,698 
Net interest income and rate spread$253,662 3.48 %$147,249 2.90 %
Net interest margin4.07 %3.65 %
Loan purchase accounting accretion (3)
$12,885 0.21 %$2,950 0.07 %
Loan nonaccrual interest (3)
$877 0.01 %$(330)(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.
5

Nicolet Bankshares, Inc.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
For the Three Months EndedFor the Six Months Ended
(In thousands, except per share data)
6/30/20263/31/202612/31/20259/30/20256/30/20256/30/20266/30/2025
Core net income reconciliation: (1)
Net income (GAAP)$56,901 $15,196 $40,324 $41,735 $36,035 $72,097 $68,627 
Adjustments:
Provision expense (2)
— 4,700 — — — 4,700 — 
Assets (gains) losses, net(2,364)867 (422)(1,294)199 (1,497)553 
Merger-related expense7,403 40,686 1,956 — — 48,089 — 
Loss on early extinguishment of debt5,377 — — — — 5,377 — 
Adjustments subtotal10,416 46,253 1,534 (1,294)199 56,669 553 
Tax on Adjustments (3)
2,239 9,944 299 (252)39 12,184 108 
Core net income (non-GAAP)$65,078 $51,505 $41,559 $40,693 $36,195 $116,582 $69,072 
Intangibles amortization, net of tax$4,832 $3,215 $1,041 $1,138 $1,192 $8,048 $2,442 
Core net income (non-GAAP) for tangible common equity ratio$69,910 $54,720 $42,600 $41,832 $37,387 $124,630 $71,514 
Diluted earnings per common share:
Diluted earnings per common share (GAAP)$2.62 $0.81 $2.65 $2.73 $2.34 $3.56 $4.42 
Core diluted earnings per common share (non-GAAP)$2.99 $2.75 $2.73 $2.66 $2.35 $5.76 $4.45 
Selected Ratios: (4)
Return on average assets (GAAP)1.47 %0.50 %1.75 %1.84 %1.62 %1.04 %1.56 %
Return on average common equity (GAAP)10.09 %3.44 %12.96 %13.86 %12.21 %7.17 %11.72 %
Return on average tangible common equity (non-GAAP) (5)
19.07 %6.49 %19.27 %20.98 %18.72 %13.20 %18.04 %
Core return on average assets (non-GAAP)1.69 %1.68 %1.80 %1.80 %1.63 %1.68 %1.57 %
Core return on average common equity (non-GAAP)11.53 %11.66 %13.35 %13.51 %12.27 %11.59 %11.79 %
Core return on average tangible common equity (non-GAAP) (5)
21.59 %19.30 %19.84 %20.47 %18.80 %20.52 %18.15 %
Tangible assets: (5)
Total assets$15,414,619 $15,574,490 $9,185,107 $9,029,430 $8,930,809 
Goodwill and other intangibles, net961,687 967,843 382,400 383,693 385,107 
Tangible assets$14,452,932 $14,606,647 $8,802,707 $8,645,737 $8,545,702 
Tangible common equity: (5)
Stockholders’ equity (common)$2,271,474 $2,256,877 $1,257,662 $1,214,960 $1,190,098 
Goodwill and other intangibles, net961,687 967,843 382,400 383,693 385,107 
Tangible common equity$1,309,787 $1,289,034 $875,262 $831,267 $804,991 
Tangible average common equity: (5)
Average stockholders’ equity (common)$2,262,902 $1,792,181 $1,234,619 $1,194,974 $1,183,316 $2,028,842 $1,181,104 
Average goodwill and other intangibles, net964,140 642,403 382,956 384,296 385,735 804,160 386,494 
Average tangible common equity$1,298,762 $1,149,778 $851,663 $810,678 $797,581 $1,224,682 $794,610 
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.

6

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