Form 8-K

8-K — NICOLET BANKSHARES INC

Accession: 0001174850-26-000172

Filed: 2026-10-20

Period: 2026-10-20

CIK: 0001174850

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — nic-20261020.htm (Primary)

EX-99.1 (exhibit99_13q2026pressrele.htm)

GRAPHIC (nicoletbanksharesa08.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: nic-20261020.htm · Sequence: 1

nic-20261020

0001174850false00011748502026-10-202026-10-20

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): October 20, 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 class Trading Symbol(s) Name of each exchange on which registered

Common stock, par value $0.01 per share NIC New 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 2.02 Results of Operations and Financial Condition.

On October 20, 2026, Nicolet Bankshares, Inc. (“Nicolet”) issued a press release (the “Press Release”) announcing its earnings for the quarter ended September 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.

Item 7.01 Regulation 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 December 15, 2026, to shareholders of record as of December 1, 2026.

Item 9.01 Financial Statements and Exhibits.

Exhibit No. Description of Exhibit

99.1

Press Release, dated October 20, 2026

104 Cover 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: October 20, 2026 NICOLET BANKSHARES, INC.

By: /s/ H. Phillip Moore, Jr.

H. Phillip Moore, Jr.

Chief Financial Officer

EX-99.1

Filename: exhibit99_13q2026pressrele.htm · Sequence: 2

Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

NICOLET BANKSHARES, INC. ANNOUNCES THIRD QUARTER 2026 EARNINGS

•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, Wisconsin, October 20, 2026 - 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) %

(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.

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