Nicolet Bankshares, Inc. Announces First Quarter 2026 Earnings

Nicolet Bankshares, Inc. Announces First Quarter 2026 Earnings GREEN BAY, Wis.--( BUSINESS WIRE)--Nicolet Bankshares, Inc. (NYSE: NIC) (“Nicolet”) announced net income of $15 million and earnings per diluted common share of $0.81 for first quarter 2026, compared to net income of $33 million and earnings per diluted common share of $2.08 for first quarter 2025 and net income of $40 million and earnings per diluted common share of $2.65 for fourth quarter 2025. Net income included certain non-core items, mostly merger-related expenses, that negatively impacted earnings per diluted common share $1.94 for first quarter 2026, resulting in core diluted earnings per common share (non-GAAP) of $2.75.

On February 13, 2026, Nicolet completed its acquisition of MidWestOne Financial Group, Inc. (“MidWestOne”), creating one of the largest community banks in the Upper Midwest. MidWestOne shareholders received 0.3175 shares of Nicolet common stock for each share of MidWestOne common stock owned, resulting in the issuance of approximately 6.6 million shares of Nicolet common stock valued at $1.0 billion (based upon the closing stock price of Nicolet’s common stock on February 13, 2026). Upon consummation, MidWestOne added total assets of $6.1 billion, loans of $4.4 billion, deposits of $5.3 billion, and preliminary goodwill of approximately $0.5 billion to Nicolet’s balance sheet.

Evaluation of financial performance and balance sheet line items is impacted both by the timing and size of the MidWestOne acquisition. Certain income statement results, average balances, and related ratios for 2026 include partial contributions from MidWestOne from the acquisition date.

“This quarter reflects disciplined execution through a period of transformational growth,” said Mike Daniels, Chairman, President, and CEO of Nicolet. “We delivered solid core earnings, expanded margins, and increased tangible book value with no material per share dilution in book value from the MidWestOne acquisition. Also, our strong profitability allows us to continue to return capital to shareholders through a 13% increase in our dividend as well as restarting our share repurchase program during the quarter. All of this occurred while completing a transaction that we believe strengthens Nicolet’s competitive position and long-term shared success returns to our Three Circles.”

Daniels continued, “The integration continues as planned with no surprises and I am continually encouraged by the alignment between our teams. Our core conversion is currently scheduled for late summer, after which all anticipated cost savings should be realized and we look to return to our regular position of producing top decile core profitability.”

Balance Sheet Review

At March 31, 2026, period end assets were $15.6 billion, an increase of $6.4 billion from December 31, 2025, largely due to the acquisition of MidWestOne, which added $6.1 billion of total assets at acquisition. Total loans increased $4.0 billion from December 31, 2025, with MidWestOne adding loans of $4.4 billion at acquisition. Total deposits of $12.6 billion at March 31, 2026, increased $4.9 billion from December 31, 2025, also largely due to the acquisition of MidWestOne. Total capital was $2.3 billion at March 31, 2026, an increase of $1.0 billion over December 31, 2025, mostly due to the acquisition of MidWestOne.

Asset Quality

Nonperforming assets were $79 million and represented 0.51% of total assets at March 31, 2026, compared to $32 million and 0.35% of total assets at December 31, 2025, with the increase largely due to the MidWestOne acquisition. The allowance for credit losses-loans was $133 million and represented 1.23% of total loans at March 31, 2026, compared to $69 million (or 1.01% of total loans) at December 31, 2025, with the increase mostly due to the allowance increase from the acquisition of MidWestOne. Asset quality trends remain solid and loan net charge-offs were negligible.

Income Statement Review - Quarter

Net income was $15 million for first quarter 2026, compared to net income of $40 million for fourth quarter 2025.

Net interest income was $110 million for first quarter 2026, $29 million (35%) higher than fourth quarter 2025, the net of a $38 million increase in interest income and a $9 million increase in interest expense. Average interest-earning assets of $11.2 billion were up $2.9 billion from fourth quarter 2025, with higher average loans (up $2.3 billion) and higher average securities (up $578 million), mostly due to the MidWestOne acquisition. Average interest-bearing liabilities of $8.4 billion were up $2.4 billion from fourth quarter 2025, mostly due to higher average interest-bearing deposits (up $2.4 billion) acquired with MidWestOne.

The net interest margin for first quarter 2026 was 3.98%, compared to 3.86% for fourth quarter 2025. The yield on interest-earning assets increased 1 bp (to 5.73%), while the cost of interest-bearing liabilities for first quarter 2026 decreased 25 bps (to 2.36%).

Noninterest income was $25 million for first quarter 2026, up $2 million compared to fourth quarter 2025. Excluding net asset gains (losses), noninterest income was up $3 million, including a $2 million increase in wealth management fee income and a $1 million increase in service charges on deposit accounts, both mostly due to the MidWestOne acquisition. Net asset losses were $1 million for first quarter 2026 (comprised primarily of a write-down on an equity investment), compared to nominal net asset gains for fourth quarter 2025.

Noninterest expense was $110 million for first quarter 2025, a $57 million increase from fourth quarter 2025, mostly due to a $39 million increase in merger-related expense. Personnel expense increased $8 million from fourth quarter 2025, reflecting the larger employee base post-acquisition. Non-personnel expense increased $49 million from fourth quarter 2025, and included the increase in merger-related expense, as well as higher overall expense for a larger operating base.

Subsequent Event

Nicolet National Bank has 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, and is expected to close in third quarter 2026, subject to regulatory approval and other standard closing conditions. As of March 31, 2026, the Denver locations had total loans of approximately $390 million and deposits of approximately $380 million. Hovde Group, LLC served as financial adviser and Nelson Mullins Riley & Scarborough LLP provided legal counsel to Nicolet.

Declaration of Quarterly Cash Dividend to Shareholders

On April 21, 2026, Nicolet’s Board of Directors declared a quarterly cash dividend of $0.36 per share to holders of its common stock, an increase of $0.04 per share, or 13%, over the prior quarter. The dividend is payable on June 15, 2026, to shareholders of record as of June 1, 2026.

Next Quarterly Earnings Release

Nicolet expects to issue the second quarter 2026 earnings release on July 21, 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 earnings per diluted common share, tangible book value per common share, return on average tangible common 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 completion of the core conversion of the integration process of the Nicolet/MidWestOne merger and resulting cost savings, the expected return to top decile core 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; (3) the inability of either Nicolet or Sunwest Bank to obtain required governmental approvals of the proposed sale of the Denver branches on the timeline expected, or at all, and (4) 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.

Nicolet Bankshares, Inc.

Consolidated Balance Sheets (Unaudited)

(In thousands, except share data)

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Assets

Cash and due from banks

123,359

107,956

94,402

129,607

105,085

Interest-earning deposits

492,092

552,276

379,555

293,031

467,095

Cash and cash equivalents

615,451

660,232

473,957

422,638

572,180

Securities available for sale, at fair value

1,986,946

859,834

861,534

849,253

838,105

Other investments

99,835

63,247

61,380

59,594

58,627

Loans held for sale

16,627

13,620

11,308

9,955

8,092

Other assets held for sale

400,443

—

Loans

10,879,694

6,836,345

6,874,711

6,839,141

6,745,598

Allowance for credit losses - loans

(133,435

)

(68,806

)

(68,785

)

(68,408

)

(67,480

)

Loans, net

10,746,259

6,767,539

6,805,926

6,770,733

6,678,118

Premises and equipment, net

187,876

120,462

121,711

123,723

125,274

Bank owned life insurance (“BOLI”)

293,790

192,498

190,979

189,342

187,902

Goodwill and other intangibles, net

967,843

382,400

383,693

385,107

386,588

Accrued interest receivable and other assets

259,420

125,275

118,942

120,464

120,336

Total assets

15,574,490

9,185,107

9,029,430

8,930,809

8,975,222

Liabilities and Stockholders' Equity

Liabilities:

Noninterest-bearing demand deposits

2,537,729

1,828,928

1,826,453

1,800,335

1,689,129

Interest-bearing deposits

10,086,635

5,901,843

5,785,012

5,741,338

5,883,061

Total deposits

12,624,364

7,730,771

7,611,465

7,541,673

7,572,190

Long-term borrowings

179,968

134,860

134,600

134,340

156,563

Other liabilities held for sale

385,882

—

Accrued interest payable and other liabilities

127,399

61,814

68,405

64,698

63,201

Total liabilities

13,317,613

7,927,445

7,814,470

7,740,711

7,791,954

Stockholders' Equity:

Common stock

213

148

149

152

Additional paid-in capital

1,589,992

583,257

581,815

601,625

630,340

Retained earnings

706,099

697,799

662,252

625,243

594,068

Accumulated other comprehensive income (loss)

(39,427

)

(23,542

)

(29,255

)

(36,919

)

(41,292

)

Total stockholders' equity

2,256,877

1,257,662

1,214,960

1,190,098

1,183,268

Total liabilities and stockholders' equity

15,574,490

9,185,107

9,029,430

8,930,809

8,975,222

Common shares outstanding

21,316,619

14,811,445

14,798,895

14,924,086

15,149,341

Nicolet Bankshares, Inc.

Consolidated Statements of Income (Unaudited)

For the Three Months Ended

(In thousands, except per share data)

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Interest income:

Loans, including loan fees

139,784

106,579

107,930

105,976

100,666

Taxable investment securities

11,955

6,294

6,201

6,027

5,560

Tax-exempt investment securities

1,358

972

998

1,017

1,049

Other interest income

5,115

6,393

5,204

4,618

5,466

Total interest income

158,212

120,238

120,333

117,638

112,741

Interest expense:

Deposits

46,656

37,622

39,312

40,472

39,465

Short-term borrowings

—

Long-term borrowings

1,997

1,721

1,757

2,057

2,070

Total interest expense

48,653

39,344

41,069

42,529

41,535

Net interest income

109,559

80,894

79,264

75,109

71,206

Provision for credit losses

6,050

750

950

1,050

1,500

Net interest income after provision for credit losses

103,509

80,144

78,314

74,059

69,706

Noninterest income:

Wealth management fee income

10,655

8,196

7,629

6,811

6,975

Mortgage income, net

3,539

3,653

3,568

2,907

1,926

Service charges on deposit accounts

3,149

2,016

2,000

1,962

2,025

Card interchange income

4,228

3,772

3,752

3,699

3,337

BOLI income

1,882

1,857

1,654

1,429

1,420

Asset gains (losses), net

(867

)

422

1,294

(199

)

(354

)

Deferred compensation plan asset market valuations

(277

)

465

972

1,437

LSR income, net

711

644

668

950

1,057

Other noninterest income

2,274

2,067

2,082

1,637

1,792

Total noninterest income

25,294

23,092

23,619

20,633

18,223

Noninterest expense:

Personnel expense

38,159

30,233

29,437

29,114

26,521

Occupancy, equipment and office

12,375

9,169

9,028

9,104

9,330

Business development and marketing

2,337

2,093

2,223

1,593

2,100

Data processing

6,185

4,691

4,671

4,682

4,525

Intangibles amortization

4,096

1,293

1,414

1,481

1,552

FDIC assessments

1,275

1,033

1,005

1,029

940

Merger-related expense

40,686

1,956

—

Other noninterest expense

4,682

2,571

2,310

2,916

2,819

Total noninterest expense

109,795

53,039

50,088

49,919

47,787

Income before income tax expense

19,008

50,197

51,845

44,773

40,142

Income tax expense

3,812

9,873

10,110

8,738

7,550

Net income

15,196

40,324

41,735

36,035

32,592

Earnings per common share:

Basic

0.83

2.72

2.81

2.40

2.14

Diluted

0.81

2.65

2.73

2.34

2.08

Common shares outstanding:

Basic weighted average

18,232

14,804

14,836

15,029

15,256

Diluted weighted average

18,749

15,227

15,303

15,431

15,647

Nicolet Bankshares, Inc.

Consolidated Financial Summary (Unaudited)

For the Three Months Ended

(In thousands, except share & per share data)

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Selected Average Balances:

Loans

9,194,624

6,858,444

6,843,189

6,833,236

6,710,206

Investment securities

1,479,693

902,147

903,839

900,469

886,010

Interest-earning assets

11,235,506

8,381,031

8,206,651

8,140,178

8,078,997

Cash and cash equivalents

576,905

634,751

480,208

423,272

497,865

Goodwill and other intangibles, net

642,403

382,956

384,296

385,735

387,260

Total assets

12,429,336

9,163,123

8,984,344

8,909,653

8,849,412

Deposits

10,386,008

7,717,321

7,583,986

7,504,224

7,446,107

Interest-bearing liabilities

8,363,619

5,989,196

5,911,850

5,972,117

5,953,083

Stockholders’ equity (common)

1,792,181

1,234,619

1,194,974

1,183,316

1,178,868

Selected Ratios: (1)

Book value per common share

105.87

84.91

82.10

79.74

78.11

Tangible book value per common share (2)

60.47

59.09

56.17

53.94

52.59

Return on average assets

0.50

1.75

1.84

1.62

1.49

Return on average common equity

3.44

12.96

13.86

12.21

11.21

Return on average tangible common equity (2)

6.49

19.27

20.98

18.72

17.34

Core return on average assets (non-GAAP) (2)

1.68

1.80

1.63

1.51

Core return on average common equity (non-GAAP) (2)

11.66

13.35

13.51

12.27

11.31

Core return on average tangible common equity (non-GAAP) (2)

19.30

19.84

20.47

18.80

17.48

Average equity to average assets

14.42

13.47

13.30

13.28

13.32

Stockholders’ equity to assets

14.49

13.69

13.46

13.33

13.18

Tangible common equity to tangible assets (2)

8.82

9.94

9.61

9.42

9.28

Net interest margin

3.98

3.86

3.72

3.58

Efficiency ratio

80.30

51.00

49.10

51.79

52.94

Effective tax rate

20.05

19.67

19.50

19.52

18.81

Selected Asset Quality Information:

Nonaccrual loans

73,494

31,679

27,463

27,735

28,325

Other real estate owned

5,985

667

767

881

946

Nonperforming assets

79,479

32,346

28,230

28,616

29,271

Net loan charge-offs (recoveries)

833

529

573

372

342

Allowance for credit losses-loans to loans

1.23

1.01

1.00

Net charge-offs to average loans (1)

0.04

0.03

0.02

Nonperforming loans to total loans

0.68

0.46

0.40

0.41

0.42

Nonperforming assets to total assets

0.51

0.35

0.31

0.32

0.33

Stock Repurchase Information: (3)

Common stock repurchased ($)

22,401

—

20,525

29,989

26,047

Common stock repurchased (shares)

149,499

—

155,393

257,402

233,207

(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)

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Period End Loan Composition

Commercial & industrial

2,330,665

1,367,522

1,415,841

1,412,621

1,409,320

Owner-occupied commercial real estate (“CRE”)

1,558,995

939,587

947,390

963,278

949,107

Agricultural

1,759,960

1,415,425

1,378,070

1,346,924

1,329,807

Commercial

5,649,620

3,722,534

3,741,301

3,722,823

3,688,234

CRE investment

2,378,946

1,188,351

1,213,301

1,231,423

1,225,490

Construction & land development

575,030

326,638

324,209

298,122

273,007

Commercial real estate

2,953,976

1,514,989

1,537,510

1,529,545

1,498,497

Commercial-based loans

8,603,596

5,237,523

5,278,811

5,252,368

5,186,731

Residential construction

144,737

95,268

92,325

88,152

91,321

Residential first mortgage

1,580,088

1,193,683

1,199,512

1,205,841

1,194,116

Residential junior mortgage

464,395

268,188

260,167

249,406

235,096

Residential real estate

2,189,220

1,557,139

1,552,004

1,543,399

1,520,533

Retail & other

86,878

41,683

43,896

43,374

38,334

Retail-based loans

2,276,098

1,598,822

1,595,900

1,586,773

1,558,867

Total loans

10,879,694

6,836,345

6,874,711

6,839,141

6,745,598

Period End Deposit Composition

Noninterest-bearing demand

2,537,729

1,828,928

1,826,453

1,800,335

1,689,129

Interest-bearing demand

2,516,924

1,263,276

1,104,552

1,266,507

1,239,075

Money market

2,955,846

2,056,550

2,044,055

1,900,639

1,988,648

Savings

1,763,204

834,520

825,683

805,300

794,223

Time

2,850,661

1,747,497

1,810,722

1,768,892

1,861,115

Total deposits

12,624,364

7,730,771

7,611,465

7,541,673

7,572,190

Brokered transaction accounts *

175,000

25,000

155,000

100,000

Brokered time deposits *

409,922

382,116

422,516

429,303

585,372

Total brokered deposits *

584,922

407,116

447,516

584,303

685,372

Customer transaction accounts *

9,598,703

5,958,274

5,775,743

5,617,781

5,611,075

Customer time deposits *

2,440,739

1,365,381

1,388,206

1,339,589

1,275,743

Total customer deposits (core) *

12,039,442

7,323,655

7,163,949

6,957,370

6,886,818

* 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

March 31, 2026

December 31, 2025

March 31, 2025

Average

(In thousands)

Balance

Interest

Rate

Balance

Interest

Rate

Balance

Interest

Rate

ASSETS

Total loans (1) (2)

9,194,624

140,412

6.18

6,858,444

106,696

6.18

6,710,206

100,804

6.08

Investment securities (2)

1,479,693

13,703

3.71

902,147

7,578

3.36

886,010

6,951

3.14

Other interest-earning assets

561,189

5,115

3.69

620,440

6,393

4.09

482,781

5,466

4.58

Total interest-earning assets

11,235,506

159,230

5.73

8,381,031

120,667

5.72

8,078,997

113,221

5.67

Other assets, net

1,193,830

782,092

770,415

Total assets

12,429,336

9,163,123

8,849,412

LIABILITIES AND STOCKHOLDERS' EQUITY

Interest-bearing core deposits *

7,702,195

41,762

2.20

5,417,210

32,829

2.40

5,180,098

32,575

2.55

Brokered deposits *

502,241

4,894

3.95

437,138

4,793

4.35

611,897

6,890

4.57

Total interest-bearing deposits

8,204,436

46,656

2.31

5,854,348

37,622

2.55

5,791,995

39,465

2.76

Wholesale funding

159,183

1,997

5.09

134,848

1,722

5.07

161,088

2,070

5.21

Total interest-bearing liabilities

8,363,619

48,653

2.36

5,989,196

39,344

2.61

5,953,083

41,535

2.83

Noninterest-bearing demand deposits

2,181,572

1,862,973

1,654,112

Other liabilities

91,964

76,335

63,349

Stockholders' equity

1,792,181

1,234,619

1,178,868

Total liabilities and stockholders' equity

12,429,336

9,163,123

8,849,412

Net interest income and rate spread

110,577

3.37

81,323

3.11

71,686

2.84

Net interest margin

3.98

3.86

3.58

Loan purchase accounting accretion (3)

4,896

0.18

934

0.04

1,475

0.07

Loan nonaccrual interest (3)

780

0.03

(383

)

(0.02

(304

)

(0.02

(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

(In thousands, except per share data)

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Core net income reconciliation: (1)

Net income (GAAP)

15,196

40,324

41,735

36,035

32,592

Adjustments:

Provision expense (2)

4,700

—

Assets (gains) losses, net

867

(422

)

(1,294

)

199

354

Merger-related expense

40,686

1,956

—

Adjustments subtotal

46,253

1,534

(1,294

)

199

354

Tax on Adjustments (3)

9,944

299

(252

)

Core net income (non-GAAP)

51,505

41,559

40,693

36,195

32,877

Intangibles amortization, net of tax

3,215

1,041

1,138

1,192

1,249

Core net income (non-GAAP) for tangible common equity ratio

54,720

42,600

41,832

37,387

34,126

Diluted earnings per common share:

Diluted earnings per common share (GAAP)

0.81

2.65

2.73

2.34

2.08

Core diluted earnings per common share (non-GAAP)

2.75

2.73

2.66

2.35

2.10

Selected Ratios: (4)

Return on average assets (GAAP)

0.50

1.75

1.84

1.62

1.49

Return on average common equity (GAAP)

3.44

12.96

13.86

12.21

11.21

Return on average tangible common equity (non-GAAP) (5)

6.49

19.27

20.98

18.72

17.34

Core return on average assets (non-GAAP)

1.68

1.80

1.63

1.51

Core return on average common equity (non-GAAP)

11.66

13.35

13.51

12.27

11.31

Core return on average tangible common equity (non-GAAP) (5)

19.30

19.84

20.47

18.80

17.48

Tangible assets: (5)

Total assets

15,574,490

9,185,107

9,029,430

8,930,809

8,975,222

Goodwill and other intangibles, net

967,843

382,400

383,693

385,107

386,588

Tangible assets

14,606,647

8,802,707

8,645,737

8,545,702

8,588,634

Tangible common equity: (5)

Stockholders’ equity (common)

2,256,877

1,257,662

1,214,960

1,190,098

1,183,268

Goodwill and other intangibles, net

967,843

382,400

383,693

385,107

386,588

Tangible common equity

1,289,034

875,262

831,267

804,991

796,680

Tangible average common equity: (5)

Average stockholders’ equity (common)

1,792,181

1,234,619

1,194,974

1,183,316

1,178,868

Average goodwill and other intangibles, net

642,403

382,956

384,296

385,735

387,260

Average tangible common equity

1,149,778

851,663

810,678

797,581

791,608

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.