Nicolet Bankshares, Inc. Announces Third Quarter 2026 Earnings
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, Wis.--(BUSINESS WIRE)--Nicolet Bankshares, Inc. (NYSE: NIC) (“Nicolet”) announced net income of $64 million and earnings per diluted common share of $2.96 for third quarter 2026, compared to net income of $57 million and earnings per diluted common share of $2.62 for second quarter 2026, and net income of $42 million and earnings per diluted common share of $2.73 for third quarter 2025. Net income included certain non-core items, mostly merger-related expenses, that negatively impacted earnings per diluted common share $0.19 for third quarter 2026 and $0.37 for second quarter 2026, resulting in core diluted earnings per common share (non-GAAP) of $3.15 and $2.99, respectively.
“Our third quarter results are beginning to show what this combined company can produce,” said Mike Daniels, Chairman, President, and CEO of Nicolet. “Core earnings increased, our net interest margin expanded again, and we delivered a core return on average tangible common equity of 22%. Our people produced those results all while completing the MidWestOne systems conversion and integration, closing the Denver branch sale, and bringing our teams together around a shared culture. That takes a lot of work. I am proud of how they handled it while continuing to do the thousand little things that matter to our customers and communities every day.”
Daniels continued, “Core deposits grew $223 million, our funding mix improved, and asset quality remained solid. Our strong profitability also supported $40 million in common stock repurchases. We expect a cleaner fourth quarter giving a clearer view of what this company can earn as we head into 2027. From here, our focus is on growing customer relationships, and staying disciplined on credit and expenses. We like where we are headed. Now we need to keep delivering.”
Nicolet’s financial performance and certain balance sheet line items were impacted by the timing and size of the MidWestOne Financial Group, Inc. (“MidWestOne”) acquisition on February 13, 2026. Certain income statement results, average balances, and related ratios for 2026 include partial contributions from MidWestOne from the acquisition date. At acquisition, MidWestOne added total assets of $6.1 billion, loans of $4.4 billion, and deposits of $5.3 billion.
Balance Sheet Review
At September 30, 2026, period end assets were $15.1 billion, a decrease of $350 million from June 30, 2026, largely due to the Denver branches divestiture that closed on July 28, 2026. Total loans increased $34 million from June 30, 2026, while securities available for sale decreased $26 million. Total deposits of $12.6 billion at September 30, 2026, increased $73 million from June 30, 2026, including a $223 million increase in core deposits, partly offset by a $150 million decrease in brokered deposits. Total capital was $2.2 billion at September 30, 2026, a decrease of $37 million from June 30, 2026, with earnings more than offset by unfavorable market valuations on the investment portfolio from recent interest rate increases, common stock repurchases, and the quarterly common stock dividend.
Asset Quality
Nonperforming assets were $78 million and represented 0.52% of total assets at September 30, 2026, compared to $75 million (0.49% of total assets) at June 30, 2026. The allowance for credit losses-loans was $135 million and represented 1.24% of total loans at September 30, 2026, compared to $134 million (or 1.23% of total loans) at June 30, 2026. Asset quality trends remain solid and loan net charge-offs were negligible.
Income Statement Review - Quarter
Net income was $64 million for third quarter 2026, compared to net income of $57 million for second quarter 2026.
Net interest income was $142 million for third quarter 2026, $1 million (1%) higher than second quarter 2026. Average interest-earning assets of $13.6 billion were down $226 million from second quarter 2026, mostly due to $263 million lower average loans related to the Denver branches sale, partly offset by organic growth. Average interest-bearing liabilities of $10.0 billion were down $388 million from second quarter 2026, primarily due to $321 million lower average interest-bearing deposits also attributable to the Denver branches sale.
The net interest margin for third quarter 2026 was 4.19%, compared to 4.14% for second quarter 2026. The yield on interest-earning assets increased 2 bps (to 5.88%), including a 6 bps increase in loan yield (to 6.32%) partly offset by a 4 bps decrease in investment yield from lower discount accretion related to the early call of a municipal bond in second quarter 2026. On the funding side, the cost of interest-bearing liabilities for third quarter 2026 increased 1 bp (to 2.30%).
Noninterest income was $32 million for third quarter 2026, down $4 million compared to second quarter 2026, largely due to unfavorable market valuations. Net asset gains (losses) were $3 million unfavorable and deferred compensation plan asset market valuations were $2 million unfavorable from second quarter 2026 to third quarter 2026, mostly due to changes in market valuations. Excluding net asset gains (losses) and the deferred compensation plan asset market valuations, noninterest income increased $1 million, primarily due to an increase in wealth management fee income.
Noninterest expense was $91 million for third quarter 2026, compared to $104 million for second quarter 2026. Personnel expense decreased $4 million from second quarter 2026, reflecting lower salaries from the decline in average full-time equivalent employees, as well as the $2 million offsetting market valuation for the deferred compensation plan liabilities. Non-personnel expenses decreased $9 million from second quarter 2026, primarily due to a $3 million reduction in merger-related expense and a $5 million reduction in other noninterest expense for second quarter loss on the early redemption of junior subordinated debentures.
Declaration of Quarterly Cash Dividend to Shareholders
On October 19, 2026, Nicolet’s Board of Directors declared a quarterly cash dividend of $0.36 per share to holders of its common stock. The dividend is payable on December 15, 2026, to shareholders of record as of December 1, 2026.
Next Quarterly Earnings Release
Nicolet expects to issue the fourth quarter and full year 2026 earnings release on January 19, 2027.
About Nicolet Bankshares, Inc.
Nicolet Bankshares, Inc. is the bank holding company of Nicolet National Bank, a growing, full-service, community bank providing services ranging from commercial, agricultural and consumer banking to wealth management and retirement plan services. Founded in Green Bay in 2000, Nicolet National Bank operates branches primarily in Wisconsin, Iowa, Michigan, and Minnesota. More information can be found at www.nicoletbank.com.
Use of Non-GAAP Financial Measures
This communication contains non-GAAP financial measures, such as core net income, core diluted earnings per common share, core return on average assets, core return on average common equity, return on average tangible common equity, core return on average tangible common equity, tangible book value per common share, and tangible common equity to tangible assets. When non-GAAP financial measures are used, the comparable GAAP financial measures, as well as the reconciliation of the non-GAAP measures to the GAAP financial measures, are provided. See “Reconciliation of Non-GAAP Financial Measures (Unaudited)” below. The non-GAAP net income measure and related reconciliation provide information useful to investors in understanding the operating performance and trends of Nicolet and also aid investors in comparing Nicolet’s financial performance to the financial performance of peer banks. Management considers non-GAAP financial ratios to be critical metrics with which to analyze and evaluate financial condition and capital strengths. While non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of results as reported under GAAP.
Forward Looking Statements “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995
This communication contains statements that constitute “forward-looking statements” within the meaning, and subject to the protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Such statements include, but are not limited to, statements related to expected fourth quarter 2026 and full year 2027 earnings and profitability, realization of merger-related cost savings, growth in customer relationship, and other statements that may not be historical facts. You can identify these forward-looking statements through the use of words such as “anticipate,” “believe,” “assume,” “aim,” “can,” “conclude,” “continue,” “could,” “estimate,” “expect,” “foresee,” “goal,” “intend,” “may,” “might,” “outlook,” “possible,” “plan,” “predict,” “project,” “potential,” “seek,” “should,” “target,” “will,” “will likely,” “would,” or the negative of these terms or other comparable terminology, as well as similar expressions of the future or otherwise regarding the outlook for Nicolet’s future businesses and financial performance and/or the performance of the banking industry and economy in general.
Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and express only management’s beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management’s control or ability to predict. A number of factors could cause actual results and outcomes to differ materially from those contemplated by these forward-looking statements. These factors include, but are not limited to: (1) post-conversion integration risks affecting customer or employee retention, and (2) continued non-core items affecting fourth quarter results.
All forward-looking statements included in this communication are made as of the date hereof and are based on information available to management at that time. Except as required by law, Nicolet does not assume any obligation to update any forward-looking statement to reflect events or circumstances that occur after the date the forward-looking statements were made.
Nicolet Bankshares, Inc. |
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Consolidated Balance Sheets (Unaudited) |
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(In thousands, except share data) |
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9/30/2026 |
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6/30/2026 |
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3/31/2026 |
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12/31/2025 |
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9/30/2025 |
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Assets |
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Cash and due from banks |
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$ |
103,443 |
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$ |
153,492 |
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|
$ |
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 |
|
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|
615,451 |
|
|
|
660,232 |
|
|
|
473,957 |
|
Securities available for sale, at fair value |
|
|
1,980,623 |
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|
2,006,963 |
|
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1,986,946 |
|
|
|
859,834 |
|
|
|
861,534 |
|
Other investments |
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|
118,067 |
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|
116,575 |
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|
99,835 |
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|
|
63,247 |
|
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|
61,380 |
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Loans held for sale |
|
|
9,080 |
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|
19,388 |
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16,627 |
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|
13,620 |
|
|
|
11,308 |
|
Other assets held for sale |
|
|
— |
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|
|
411,348 |
|
|
|
400,443 |
|
|
|
— |
|
|
|
— |
|
Loans |
|
|
10,882,449 |
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|
|
10,848,164 |
|
|
|
10,879,694 |
|
|
|
6,836,345 |
|
|
|
6,874,711 |
|
Allowance for credit losses - loans |
|
|
(134,780 |
) |
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|
(133,584 |
) |
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|
(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 |
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Bank owned life insurance (“BOLI”) |
|
|
298,496 |
|
|
|
296,095 |
|
|
|
293,790 |
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|
|
192,498 |
|
|
|
190,979 |
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Goodwill and other intangibles, net |
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|
959,659 |
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|
961,687 |
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|
967,843 |
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|
|
382,400 |
|
|
|
383,693 |
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Accrued interest receivable and other assets |
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|
247,342 |
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|
233,538 |
|
|
|
259,420 |
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|
|
125,275 |
|
|
|
118,942 |
|
Total assets |
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$ |
15,064,808 |
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|
$ |
15,414,619 |
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|
$ |
15,574,490 |
|
|
$ |
9,185,107 |
|
|
$ |
9,029,430 |
|
|
|
|
|
|
|
|
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||||||||||
Liabilities and Stockholders' Equity |
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Liabilities: |
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Noninterest-bearing demand deposits |
|
$ |
2,818,385 |
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|
$ |
2,717,610 |
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$ |
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 |
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|
|
12,523,336 |
|
|
|
12,624,364 |
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|
|
7,730,771 |
|
|
|
7,611,465 |
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Long-term borrowings |
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|
92,750 |
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|
|
92,750 |
|
|
|
179,968 |
|
|
|
134,860 |
|
|
|
134,600 |
|
Other liabilities held for sale |
|
|
— |
|
|
|
388,060 |
|
|
|
385,882 |
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|
|
— |
|
|
|
— |
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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 |
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Stockholders' Equity: |
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Common stock |
|
|
209 |
|
|
|
211 |
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|
|
213 |
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|
|
148 |
|
|
|
148 |
|
Additional paid-in capital |
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|
1,513,745 |
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|
|
1,552,947 |
|
|
|
1,589,992 |
|
|
|
583,257 |
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|
|
581,815 |
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Retained earnings |
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|
811,455 |
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|
|
755,311 |
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|
706,099 |
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|
|
697,799 |
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|
|
662,252 |
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Accumulated other comprehensive income (loss) |
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|
(91,169 |
) |
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|
(36,995 |
) |
|
|
(39,427 |
) |
|
|
(23,542 |
) |
|
|
(29,255 |
) |
Total stockholders' equity |
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|
2,234,240 |
|
|
|
2,271,474 |
|
|
|
2,256,877 |
|
|
|
1,257,662 |
|
|
|
1,214,960 |
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Total liabilities and stockholders' equity |
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$ |
15,064,808 |
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|
$ |
15,414,619 |
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$ |
15,574,490 |
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$ |
9,185,107 |
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$ |
9,029,430 |
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Common shares outstanding |
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|
20,845,434 |
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21,060,762 |
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|
21,316,619 |
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|
|
14,811,445 |
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|
14,798,895 |
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Nicolet Bankshares, Inc. |
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Consolidated Statements of Income (Unaudited) |
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For the Three Months Ended |
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For the Nine Months Ended |
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(In thousands, except per share data) |
|
9/30/2026 |
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6/30/2026 |
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3/31/2026 |
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12/31/2025 |
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9/30/2025 |
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9/30/2026 |
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9/30/2025 |
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Interest income: |
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|
|
|
|
|
|
|
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Loans, including loan fees |
|
$ |
174,014 |
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|
$ |
174,705 |
|
$ |
139,784 |
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|
$ |
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 |
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|
5,115 |
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|
|
6,393 |
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|
5,204 |
|
|
15,477 |
|
|
15,288 |
Total interest income |
|
|
200,353 |
|
|
|
200,904 |
|
|
158,212 |
|
|
|
120,238 |
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|
120,333 |
|
|
559,469 |
|
|
350,712 |
Interest expense: |
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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: |
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|
|
|
|
|
|
|
|
|
|
|
|
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Wealth management fee income |
|
|
12,557 |
|
|
|
11,738 |
|
|
10,655 |
|
|
|
8,196 |
|
|
7,629 |
|
|
34,950 |
|
|
21,415 |
Mortgage income, net |
|
|
3,624 |
|
|
|
3,624 |
|
|
3,539 |
|
|
|
3,653 |
|
|
3,568 |
|
|
10,787 |
|
|
8,401 |
Service charges on deposit accounts |
|
|
3,908 |
|
|
|
4,139 |
|
|
3,149 |
|
|
|
2,016 |
|
|
2,000 |
|
|
11,196 |
|
|
5,987 |
Card interchange income |
|
|
6,815 |
|
|
|
6,332 |
|
|
4,228 |
|
|
|
3,772 |
|
|
3,752 |
|
|
17,375 |
|
|
10,788 |
BOLI income |
|
|
2,401 |
|
|
|
2,305 |
|
|
1,882 |
|
|
|
1,857 |
|
|
1,654 |
|
|
6,588 |
|
|
4,503 |
Asset gains (losses), net |
|
|
(586 |
) |
|
|
2,364 |
|
|
(867 |
) |
|
|
422 |
|
|
1,294 |
|
|
911 |
|
|
741 |
Deferred compensation plan asset market valuations |
|
|
(424 |
) |
|
|
1,947 |
|
|
(277 |
) |
|
|
465 |
|
|
972 |
|
|
1,246 |
|
|
2,454 |
LSR income, net |
|
|
649 |
|
|
|
778 |
|
|
711 |
|
|
|
644 |
|
|
668 |
|
|
2,138 |
|
|
2,675 |
Other noninterest income |
|
|
3,256 |
|
|
|
3,052 |
|
|
2,274 |
|
|
|
2,067 |
|
|
2,082 |
|
|
8,582 |
|
|
5,511 |
Total noninterest income |
|
|
32,200 |
|
|
|
36,279 |
|
|
25,294 |
|
|
|
23,092 |
|
|
23,619 |
|
|
93,773 |
|
|
62,475 |
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Personnel expense |
|
|
47,099 |
|
|
|
50,612 |
|
|
38,159 |
|
|
|
30,233 |
|
|
29,437 |
|
|
135,870 |
|
|
85,072 |
Occupancy, equipment and office |
|
|
16,236 |
|
|
|
16,398 |
|
|
12,375 |
|
|
|
9,169 |
|
|
9,028 |
|
|
45,009 |
|
|
27,462 |
Business development and marketing |
|
|
3,391 |
|
|
|
3,184 |
|
|
2,337 |
|
|
|
2,093 |
|
|
2,223 |
|
|
8,912 |
|
|
5,916 |
Data processing |
|
|
7,116 |
|
|
|
7,758 |
|
|
6,185 |
|
|
|
4,691 |
|
|
4,671 |
|
|
21,059 |
|
|
13,878 |
Intangibles amortization |
|
|
5,959 |
|
|
|
6,156 |
|
|
4,096 |
|
|
|
1,293 |
|
|
1,414 |
|
|
16,211 |
|
|
4,447 |
FDIC assessments |
|
|
1,722 |
|
|
|
1,801 |
|
|
1,275 |
|
|
|
1,033 |
|
|
1,005 |
|
|
4,798 |
|
|
2,974 |
Merger-related expense |
|
|
4,588 |
|
|
|
7,403 |
|
|
40,686 |
|
|
|
1,956 |
|
|
— |
|
|
52,677 |
|
|
— |
Other noninterest expense |
|
|
5,187 |
|
|
|
10,452 |
|
|
4,682 |
|
|
|
2,571 |
|
|
2,310 |
|
|
20,321 |
|
|
8,045 |
Total noninterest expense |
|
|
91,298 |
|
|
|
103,764 |
|
|
109,795 |
|
|
|
53,039 |
|
|
50,088 |
|
|
304,857 |
|
|
147,794 |
Income before income tax expense |
|
|
81,182 |
|
|
|
72,486 |
|
|
19,008 |
|
|
|
50,197 |
|
|
51,845 |
|
|
172,676 |
|
|
136,760 |
Income tax expense |
|
|
17,454 |
|
|
|
15,585 |
|
|
3,812 |
|
|
|
9,873 |
|
|
10,110 |
|
|
36,851 |
|
|
26,398 |
Net income |
|
$ |
63,728 |
|
|
$ |
56,901 |
|
$ |
15,196 |
|
|
$ |
40,324 |
|
$ |
41,735 |
|
$ |
135,825 |
|
$ |
110,362 |
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Basic |
|
$ |
3.04 |
|
|
$ |
2.68 |
|
$ |
0.83 |
|
|
$ |
2.72 |
|
$ |
2.81 |
|
$ |
6.75 |
|
$ |
7.34 |
Diluted |
|
$ |
2.96 |
|
|
$ |
2.62 |
|
$ |
0.81 |
|
|
$ |
2.65 |
|
$ |
2.73 |
|
$ |
6.57 |
|
$ |
7.14 |
Common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Basic weighted average |
|
|
20,934 |
|
|
|
21,208 |
|
|
18,232 |
|
|
|
14,804 |
|
|
14,836 |
|
|
20,134 |
|
|
15,039 |
Diluted weighted average |
|
|
21,542 |
|
|
|
21,729 |
|
|
18,749 |
|
|
|
15,227 |
|
|
15,303 |
|
|
20,686 |
|
|
15,463 |
Nicolet Bankshares, Inc. |
||||||||||||||||||||||||||||
Consolidated Financial Summary (Unaudited) |
|
|
|
|
||||||||||||||||||||||||
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||||||||||||||
(In thousands, except share & per share data) |
|
9/30/2026 |
|
6/30/2026 |
|
3/31/2026 |
|
12/31/2025 |
|
9/30/2025 |
|
9/30/2026 |
|
9/30/2025 |
||||||||||||||
Selected Average Balances: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans |
|
$ |
10,996,471 |
|
|
$ |
11,259,572 |
|
|
$ |
9,194,624 |
|
|
$ |
6,858,444 |
|
|
$ |
6,843,189 |
|
|
$ |
10,490,156 |
|
|
$ |
6,796,031 |
|
Investment securities |
|
|
2,081,178 |
|
|
|
2,046,717 |
|
|
|
1,479,693 |
|
|
|
902,147 |
|
|
|
903,839 |
|
|
|
1,871,399 |
|
|
|
896,839 |
|
Interest-earning assets |
|
|
13,631,731 |
|
|
|
13,857,424 |
|
|
|
11,235,506 |
|
|
|
8,381,031 |
|
|
|
8,206,651 |
|
|
|
12,916,998 |
|
|
|
8,142,411 |
|
Cash and cash equivalents |
|
|
570,104 |
|
|
|
553,075 |
|
|
|
576,905 |
|
|
|
634,751 |
|
|
|
480,208 |
|
|
|
566,670 |
|
|
|
467,050 |
|
Goodwill and other intangibles, net |
|
|
958,785 |
|
|
|
964,140 |
|
|
|
642,403 |
|
|
|
382,956 |
|
|
|
384,296 |
|
|
|
856,268 |
|
|
|
385,753 |
|
Total assets |
|
|
15,248,802 |
|
|
|
15,479,444 |
|
|
|
12,429,336 |
|
|
|
9,163,123 |
|
|
|
8,984,344 |
|
|
|
14,396,188 |
|
|
|
8,914,964 |
|
Deposits |
|
|
12,740,654 |
|
|
|
12,922,613 |
|
|
|
10,386,008 |
|
|
|
7,717,321 |
|
|
|
7,583,986 |
|
|
|
12,025,050 |
|
|
|
7,511,944 |
|
Interest-bearing liabilities |
|
|
10,012,089 |
|
|
|
10,400,080 |
|
|
|
8,363,619 |
|
|
|
5,989,196 |
|
|
|
5,911,850 |
|
|
|
9,597,967 |
|
|
|
5,945,532 |
|
Stockholders’ equity (common) |
|
|
2,264,857 |
|
|
|
2,262,902 |
|
|
|
1,792,181 |
|
|
|
1,234,619 |
|
|
|
1,194,974 |
|
|
|
2,108,378 |
|
|
|
1,185,778 |
|
Selected Ratios: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Book value per common share |
|
$ |
107.18 |
|
|
$ |
107.85 |
|
|
$ |
105.87 |
|
|
$ |
84.91 |
|
|
$ |
82.10 |
|
|
$ |
107.18 |
|
|
$ |
82.10 |
|
Tangible book value per common share (2) |
|
$ |
61.14 |
|
|
$ |
62.19 |
|
|
$ |
60.47 |
|
|
$ |
59.09 |
|
|
$ |
56.17 |
|
|
$ |
61.14 |
|
|
$ |
56.17 |
|
Return on average assets |
|
|
1.66 |
% |
|
|
1.47 |
% |
|
|
0.50 |
% |
|
|
1.75 |
% |
|
|
1.84 |
% |
|
|
1.26 |
% |
|
|
1.66 |
% |
Return on average common equity |
|
|
11.16 |
|
|
|
10.09 |
|
|
|
3.44 |
|
|
|
12.96 |
|
|
|
13.86 |
|
|
|
8.61 |
|
|
|
12.44 |
|
Return on average tangible common equity (2) |
|
|
20.78 |
|
|
|
19.07 |
|
|
|
6.49 |
|
|
|
19.27 |
|
|
|
20.98 |
|
|
|
15.86 |
|
|
|
19.04 |
|
Core return on average assets (non-GAAP) (2) |
|
|
1.76 |
|
|
|
1.69 |
|
|
|
1.68 |
|
|
|
1.80 |
|
|
|
1.80 |
|
|
|
1.71 |
|
|
|
1.65 |
|
Core return on average common equity (non-GAAP) (2) |
|
|
11.87 |
|
|
|
11.53 |
|
|
|
11.66 |
|
|
|
13.35 |
|
|
|
13.51 |
|
|
|
11.69 |
|
|
|
12.38 |
|
Core return on average tangible common equity (non-GAAP) (2) |
|
|
22.01 |
|
|
|
21.59 |
|
|
|
19.30 |
|
|
|
19.84 |
|
|
|
20.47 |
|
|
|
21.05 |
|
|
|
18.94 |
|
Average equity to average assets |
|
|
14.85 |
|
|
|
14.62 |
|
|
|
14.42 |
|
|
|
13.47 |
|
|
|
13.30 |
|
|
|
14.65 |
|
|
|
13.30 |
|
Stockholders’ equity to assets |
|
|
14.83 |
|
|
|
14.74 |
|
|
|
14.49 |
|
|
|
13.69 |
|
|
|
13.46 |
|
|
|
14.83 |
|
|
|
13.46 |
|
Tangible common equity to tangible assets (2) |
|
|
9.04 |
|
|
|
9.06 |
|
|
|
8.82 |
|
|
|
9.94 |
|
|
|
9.61 |
|
|
|
9.04 |
|
|
|
9.61 |
|
Net interest margin |
|
|
4.19 |
|
|
|
4.14 |
|
|
|
3.98 |
|
|
|
3.86 |
|
|
|
3.86 |
|
|
|
4.11 |
|
|
|
3.72 |
|
Efficiency ratio |
|
|
51.72 |
|
|
|
58.62 |
|
|
|
80.30 |
|
|
|
51.00 |
|
|
|
49.10 |
|
|
|
62.18 |
|
|
|
51.20 |
|
Effective tax rate |
|
|
21.50 |
|
|
|
21.50 |
|
|
|
20.05 |
|
|
|
19.67 |
|
|
|
19.50 |
|
|
|
21.34 |
|
|
|
19.30 |
|
Selected Asset Quality Information: |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Nonaccrual loans |
|
$ |
73,364 |
|
|
$ |
71,545 |
|
|
$ |
73,494 |
|
|
$ |
31,679 |
|
|
$ |
27,463 |
|
|
$ |
73,364 |
|
|
$ |
27,463 |
|
Other real estate owned |
|
|
4,378 |
|
|
|
3,459 |
|
|
|
5,985 |
|
|
|
667 |
|
|
|
767 |
|
|
|
4,378 |
|
|
|
767 |
|
Nonperforming assets |
|
$ |
77,742 |
|
|
$ |
75,004 |
|
|
$ |
79,479 |
|
|
$ |
32,346 |
|
|
$ |
28,230 |
|
|
$ |
77,742 |
|
|
$ |
28,230 |
|
Net loan charge-offs (recoveries) |
|
$ |
754 |
|
|
$ |
651 |
|
|
$ |
833 |
|
|
$ |
529 |
|
|
$ |
573 |
|
|
$ |
2,238 |
|
|
$ |
1,287 |
|
Allowance for credit losses-loans to loans |
|
|
1.24 |
% |
|
|
1.23 |
% |
|
|
1.23 |
% |
|
|
1.01 |
% |
|
|
1.00 |
% |
|
|
1.24 |
% |
|
|
1.00 |
% |
Net charge-offs to average loans (1) |
|
|
0.03 |
|
|
|
0.02 |
|
|
|
0.04 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
Nonperforming loans to total loans |
|
|
0.67 |
|
|
|
0.66 |
|
|
|
0.68 |
|
|
|
0.46 |
|
|
|
0.40 |
|
|
|
0.67 |
|
|
|
0.40 |
|
Nonperforming assets to total assets |
|
|
0.52 |
|
|
|
0.49 |
|
|
|
0.51 |
|
|
|
0.35 |
|
|
|
0.31 |
|
|
|
0.52 |
|
|
|
0.31 |
|
Stock Repurchase Information: (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Common stock repurchased ($) |
|
$ |
40,019 |
|
|
$ |
40,242 |
|
|
$ |
22,401 |
|
|
$ |
— |
|
|
$ |
20,525 |
|
|
$ |
102,662 |
|
|
$ |
76,561 |
|
Common stock repurchased (shares) |
|
|
236,296 |
|
|
|
267,310 |
|
|
|
149,499 |
|
|
|
— |
|
|
|
155,393 |
|
|
|
653,105 |
|
|
|
646,002 |
|
(1) |
Income statement-related ratios for partial-year periods are annualized. |
|
(2) |
See Reconciliation of Non-GAAP Financial Measures below for a reconciliation of these financial measures. |
|
(3) |
Reflects common stock repurchased under board of director authorizations for the common stock repurchase program. |
Nicolet Bankshares, Inc. |
|||||||||||||||
Consolidated Loan & Deposit Metrics (Unaudited) |
|
|
|
|
|
|
|||||||||
(In thousands) |
|
9/30/2026 |
|
6/30/2026 |
|
3/31/2026 |
|
12/31/2025 |
|
9/30/2025 |
|||||
Period End Loan Composition |
|
|
|
|
|
|
|
|
|
|
|||||
Commercial & industrial |
|
$ |
2,335,023 |
|
$ |
2,350,769 |
|
$ |
2,330,665 |
|
$ |
1,367,522 |
|
$ |
1,415,841 |
Owner-occupied commercial real estate (“CRE”) |
|
|
1,596,195 |
|
|
1,543,772 |
|
|
1,558,995 |
|
|
939,587 |
|
|
947,390 |
Agricultural |
|
|
1,830,526 |
|
|
1,765,864 |
|
|
1,759,960 |
|
|
1,415,425 |
|
|
1,378,070 |
Commercial |
|
|
5,761,744 |
|
|
5,660,405 |
|
|
5,649,620 |
|
|
3,722,534 |
|
|
3,741,301 |
CRE investment |
|
|
2,245,677 |
|
|
2,329,696 |
|
|
2,378,946 |
|
|
1,188,351 |
|
|
1,213,301 |
Construction & land development |
|
|
592,437 |
|
|
571,280 |
|
|
575,030 |
|
|
326,638 |
|
|
324,209 |
Commercial real estate |
|
|
2,838,114 |
|
|
2,900,976 |
|
|
2,953,976 |
|
|
1,514,989 |
|
|
1,537,510 |
Commercial-based loans |
|
|
8,599,858 |
|
|
8,561,381 |
|
|
8,603,596 |
|
|
5,237,523 |
|
|
5,278,811 |
Residential construction |
|
|
137,045 |
|
|
139,823 |
|
|
144,737 |
|
|
95,268 |
|
|
92,325 |
Residential first mortgage |
|
|
1,585,467 |
|
|
1,584,362 |
|
|
1,580,088 |
|
|
1,193,683 |
|
|
1,199,512 |
Residential junior mortgage |
|
|
481,993 |
|
|
474,964 |
|
|
464,395 |
|
|
268,188 |
|
|
260,167 |
Residential real estate |
|
|
2,204,505 |
|
|
2,199,149 |
|
|
2,189,220 |
|
|
1,557,139 |
|
|
1,552,004 |
Retail & other |
|
|
78,086 |
|
|
87,634 |
|
|
86,878 |
|
|
41,683 |
|
|
43,896 |
Retail-based loans |
|
|
2,282,591 |
|
|
2,286,783 |
|
|
2,276,098 |
|
|
1,598,822 |
|
|
1,595,900 |
Total loans |
|
$ |
10,882,449 |
|
$ |
10,848,164 |
|
$ |
10,879,694 |
|
$ |
6,836,345 |
|
$ |
6,874,711 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Period End Deposit Composition |
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest-bearing demand |
|
$ |
2,818,385 |
|
$ |
2,717,610 |
|
$ |
2,537,729 |
|
$ |
1,828,928 |
|
$ |
1,826,453 |
Interest-bearing demand |
|
|
2,065,595 |
|
|
2,221,385 |
|
|
2,516,924 |
|
|
1,263,276 |
|
|
1,104,552 |
Money market |
|
|
3,237,208 |
|
|
3,007,957 |
|
|
2,955,846 |
|
|
2,056,550 |
|
|
2,044,055 |
Savings |
|
|
1,698,864 |
|
|
1,760,294 |
|
|
1,763,204 |
|
|
834,520 |
|
|
825,683 |
Time |
|
|
2,776,583 |
|
|
2,816,090 |
|
|
2,850,661 |
|
|
1,747,497 |
|
|
1,810,722 |
Total deposits |
|
$ |
12,596,635 |
|
$ |
12,523,336 |
|
$ |
12,624,364 |
|
$ |
7,730,771 |
|
$ |
7,611,465 |
Brokered transaction accounts * |
|
$ |
25,000 |
|
$ |
100,000 |
|
$ |
175,000 |
|
$ |
25,000 |
|
$ |
25,000 |
Brokered time deposits * |
|
|
310,036 |
|
|
385,080 |
|
|
409,922 |
|
|
382,116 |
|
|
422,516 |
Total brokered deposits * |
|
$ |
335,036 |
|
$ |
485,080 |
|
$ |
584,922 |
|
$ |
407,116 |
|
$ |
447,516 |
Customer transaction accounts * |
|
$ |
9,795,052 |
|
$ |
9,607,246 |
|
$ |
9,598,703 |
|
$ |
5,958,274 |
|
$ |
5,775,743 |
Customer time deposits * |
|
|
2,466,547 |
|
|
2,431,010 |
|
|
2,440,739 |
|
|
1,365,381 |
|
|
1,388,206 |
Total customer deposits (core) * |
|
$ |
12,261,599 |
|
$ |
12,038,256 |
|
$ |
12,039,442 |
|
$ |
7,323,655 |
|
$ |
7,163,949 |
|
|||||||||||||||
* During first quarter 2026, Nicolet reclassified fully reciprocated deposit balances with ICS from brokered deposits to core deposits to be more consistent with the presentation typically used by peer banks. The ICS reciprocal deposits are part of the IntraFi Network Deposits program, which is used by financial institutions to distribute deposits that exceed FDIC insurance coverage limits to numerous institutions in order to provide insurance coverage for all participating deposits. Prior periods have been restated to reflect this change. There was no change to total deposits or the deposit categories. |
|||||||||||||||
Nicolet Bankshares, Inc. |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Interest Income and Net Interest Margin Analysis (Unaudited) |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
For the Three Months Ended |
||||||||||||||||||||||||||||
|
|
September 30, 2026 |
|
June 30, 2026 |
|
September 30, 2025 |
||||||||||||||||||||||||
|
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
||||||||||||
(In thousands) |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans (1) (2) |
|
$ |
10,996,471 |
|
$ |
175,106 |
|
|
6.32 |
% |
|
$ |
11,259,572 |
|
$ |
175,903 |
|
|
6.26 |
% |
|
$ |
6,843,189 |
|
$ |
108,042 |
|
|
6.27 |
% |
Investment securities (2) |
|
|
2,081,178 |
|
|
21,588 |
|
|
4.15 |
% |
|
|
2,046,717 |
|
|
21,413 |
|
|
4.19 |
% |
|
|
903,839 |
|
|
7,519 |
|
|
3.33 |
% |
Other interest-earning assets |
|
|
554,082 |
|
|
5,160 |
|
|
3.70 |
% |
|
|
551,135 |
|
|
5,202 |
|
|
3.78 |
% |
|
|
459,623 |
|
|
5,204 |
|
|
4.50 |
% |
Total interest-earning assets |
|
|
13,631,731 |
|
$ |
201,854 |
|
|
5.88 |
% |
|
|
13,857,424 |
|
$ |
202,518 |
|
|
5.86 |
% |
|
|
8,206,651 |
|
$ |
120,765 |
|
|
5.85 |
% |
Other assets, net |
|
|
1,617,071 |
|
|
|
|
|
|
1,622,020 |
|
|
|
|
|
|
777,693 |
|
|
|
|
|||||||||
Total assets |
|
$ |
15,248,802 |
|
|
|
|
|
$ |
15,479,444 |
|
|
|
|
|
$ |
8,984,344 |
|
|
|
|
|||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Interest-bearing core deposits * |
|
$ |
9,499,178 |
|
$ |
52,414 |
|
|
2.19 |
% |
|
$ |
9,705,296 |
|
$ |
51,905 |
|
|
2.15 |
% |
|
$ |
5,282,714 |
|
$ |
33,898 |
|
|
2.55 |
% |
Brokered deposits * |
|
|
420,161 |
|
|
4,397 |
|
|
4.15 |
% |
|
|
535,443 |
|
|
5,416 |
|
|
4.06 |
% |
|
|
494,663 |
|
|
5,414 |
|
|
4.34 |
% |
Total interest-bearing deposits |
|
|
9,919,339 |
|
|
56,811 |
|
|
2.27 |
% |
|
|
10,240,739 |
|
|
57,321 |
|
|
2.25 |
% |
|
|
5,777,377 |
|
|
39,312 |
|
|
2.70 |
% |
Wholesale funding |
|
|
92,750 |
|
|
1,312 |
|
|
5.61 |
% |
|
|
159,341 |
|
|
2,112 |
|
|
5.32 |
% |
|
|
134,473 |
|
|
1,757 |
|
|
5.18 |
% |
Total interest-bearing liabilities |
|
|
10,012,089 |
|
$ |
58,123 |
|
|
2.30 |
% |
|
|
10,400,080 |
|
$ |
59,433 |
|
|
2.29 |
% |
|
|
5,911,850 |
|
$ |
41,069 |
|
|
2.76 |
% |
Noninterest-bearing demand deposits |
|
|
2,821,315 |
|
|
|
|
|
|
2,681,874 |
|
|
|
|
|
|
1,806,609 |
|
|
|
|
|||||||||
Other liabilities |
|
|
150,541 |
|
|
|
|
|
|
134,588 |
|
|
|
|
|
|
70,911 |
|
|
|
|
|||||||||
Stockholders' equity |
|
|
2,264,857 |
|
|
|
|
|
|
2,262,902 |
|
|
|
|
|
|
1,194,974 |
|
|
|
|
|||||||||
Total liabilities and stockholders' equity |
|
$ |
15,248,802 |
|
|
|
|
|
$ |
15,479,444 |
|
|
|
|
|
$ |
8,984,344 |
|
|
|
|
|||||||||
Net interest income and rate spread |
|
|
|
$ |
143,731 |
|
|
3.58 |
% |
|
|
|
$ |
143,085 |
|
|
3.57 |
% |
|
|
|
$ |
79,696 |
|
|
3.09 |
% |
|||
Net interest margin |
|
|
|
|
|
4.19 |
% |
|
|
|
|
|
4.14 |
% |
|
|
|
|
|
3.86 |
% |
|||||||||
Loan purchase accounting accretion (3) |
|
|
|
$ |
7,876 |
|
|
0.23 |
% |
|
|
|
$ |
7,989 |
|
|
0.23 |
% |
|
|
|
$ |
1,375 |
|
|
0.07 |
% |
|||
Loan nonaccrual interest (3) |
|
|
|
$ |
(58 |
) |
|
— |
% |
|
|
|
$ |
97 |
|
|
— |
% |
|
|
|
$ |
(346 |
) |
|
(0.02 |
)% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
For the Nine Months Ended |
|
|
|
|
|
|
||||||||||||||||||||||
|
|
September 30, 2026 |
|
September 30, 2025 |
|
|
|
|
|
|
||||||||||||||||||||
|
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
|
|
|
|
|
|
||||||||||||
(In thousands) |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
|
|
|
|
|
||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans (1) (2) |
|
$ |
10,490,156 |
|
$ |
491,421 |
|
|
6.26 |
% |
|
$ |
6,796,031 |
|
$ |
314,949 |
|
|
6.19 |
% |
|
|
|
|
|
|
||||
Investment securities (2) |
|
|
1,871,399 |
|
|
56,704 |
|
|
4.04 |
% |
|
|
896,839 |
|
|
21,841 |
|
|
3.25 |
% |
|
|
|
|
|
|
||||
Other interest-earning assets |
|
|
555,443 |
|
|
15,477 |
|
|
3.72 |
% |
|
|
449,541 |
|
|
15,288 |
|
|
4.55 |
% |
|
|
|
|
|
|
||||
Total interest-earning assets |
|
|
12,916,998 |
|
$ |
563,602 |
|
|
5.83 |
% |
|
|
8,142,411 |
|
$ |
352,078 |
|
|
5.78 |
% |
|
|
|
|
|
|
||||
Other assets, net |
|
|
1,479,190 |
|
|
|
|
|
|
772,553 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets |
|
$ |
14,396,188 |
|
|
|
|
|
$ |
8,914,964 |
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Interest-bearing core deposits * |
|
$ |
8,975,472 |
|
$ |
146,081 |
|
|
2.18 |
% |
|
$ |
5,210,437 |
|
$ |
99,741 |
|
|
2.56 |
% |
|
|
|
|
|
|
||||
Brokered deposits * |
|
|
485,647 |
|
|
14,707 |
|
|
4.05 |
% |
|
|
584,801 |
|
|
19,508 |
|
|
4.46 |
% |
|
|
|
|
|
|
||||
Total interest-bearing deposits |
|
|
9,461,119 |
|
|
160,788 |
|
|
2.27 |
% |
|
|
5,795,238 |
|
|
119,249 |
|
|
2.75 |
% |
|
|
|
|
|
|
||||
Wholesale funding |
|
|
136,848 |
|
|
5,421 |
|
|
5.30 |
% |
|
|
150,294 |
|
|
5,884 |
|
|
5.23 |
% |
|
|
|
|
|
|
||||
Total interest-bearing liabilities |
|
|
9,597,967 |
|
$ |
166,209 |
|
|
2.32 |
% |
|
|
5,945,532 |
|
$ |
125,133 |
|
|
2.81 |
% |
|
|
|
|
|
|
||||
Noninterest-bearing demand deposits |
|
|
2,563,931 |
|
|
|
|
|
|
1,716,706 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Other liabilities |
|
|
125,912 |
|
|
|
|
|
|
66,948 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders' equity |
|
|
2,108,378 |
|
|
|
|
|
|
1,185,778 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total liabilities and stockholders' equity |
|
$ |
14,396,188 |
|
|
|
|
|
$ |
8,914,964 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income and rate spread |
|
|
|
$ |
397,393 |
|
|
3.51 |
% |
|
|
|
$ |
226,945 |
|
|
2.97 |
% |
|
|
|
|
|
|
||||||
Net interest margin |
|
|
|
|
|
4.11 |
% |
|
|
|
|
|
3.72 |
% |
|
|
|
|
|
|
||||||||||
Loan purchase accounting accretion (3) |
|
|
|
$ |
20,762 |
|
|
0.21 |
% |
|
|
|
$ |
4,324 |
|
|
0.07 |
% |
|
|
|
|
|
|
||||||
Loan nonaccrual interest (3) |
|
|
|
$ |
819 |
|
|
0.01 |
% |
|
|
|
$ |
(677 |
) |
|
(0.01 |
)% |
|
|
|
|
|
|
||||||
* During first quarter 2026, Nicolet reclassified fully reciprocated deposit balances with ICS from brokered deposits to core deposits to be more consistent with the presentation typically used by peer banks. The ICS reciprocal deposits are part of the IntraFi Network Deposits program, which is used by financial institutions to distribute deposits that exceed FDIC insurance coverage limits to numerous institutions in order to provide insurance coverage for all participating deposits. Prior periods have been restated to reflect this change. There was no change to total deposits or the deposit categories. |
||
|
||
(1) |
Nonaccrual loans and loans held for sale are included in the daily average loan balances outstanding. |
|
(2) |
The yield on tax-exempt loans and tax-exempt investment securities is computed on a tax-equivalent basis using a federal tax rate of 21%, and adjusted for the disallowance of interest expense. |
|
(3) |
Loan purchase accounting accretion and Loan nonaccrual interest included in Total loans interest above, and the related impact to net interest margin. |
|
Nicolet Bankshares, Inc. |
||||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures (Unaudited) |
|
|
|
|
||||||||||||||||||||||||
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||||||||||||||
(In thousands, except per share data) |
|
9/30/2026 |
|
6/30/2026 |
|
3/31/2026 |
|
12/31/2025 |
|
9/30/2025 |
|
9/30/2026 |
|
9/30/2025 |
||||||||||||||
Core net income reconciliation: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net income (GAAP) |
|
$ |
63,728 |
|
|
$ |
56,901 |
|
|
$ |
15,196 |
|
|
$ |
40,324 |
|
|
$ |
41,735 |
|
|
$ |
135,825 |
|
|
$ |
110,362 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Provision expense (2) |
|
|
— |
|
|
|
— |
|
|
|
4,700 |
|
|
|
— |
|
|
|
— |
|
|
|
4,700 |
|
|
|
— |
|
Assets (gains) losses, net |
|
|
586 |
|
|
|
(2,364 |
) |
|
|
867 |
|
|
|
(422 |
) |
|
|
(1,294 |
) |
|
|
(911 |
) |
|
|
(741 |
) |
Merger-related expense |
|
|
4,588 |
|
|
|
7,403 |
|
|
|
40,686 |
|
|
|
1,956 |
|
|
|
— |
|
|
|
52,677 |
|
|
|
— |
|
Loss on early extinguishment of debt |
|
|
— |
|
|
|
5,377 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,377 |
|
|
|
— |
|
Adjustments subtotal |
|
|
5,174 |
|
|
|
10,416 |
|
|
|
46,253 |
|
|
|
1,534 |
|
|
|
(1,294 |
) |
|
|
61,843 |
|
|
|
(741 |
) |
Tax on Adjustments (3) |
|
|
1,112 |
|
|
|
2,239 |
|
|
|
9,944 |
|
|
|
299 |
|
|
|
(252 |
) |
|
|
13,296 |
|
|
|
(144 |
) |
Core net income (non-GAAP) |
|
$ |
67,790 |
|
|
$ |
65,078 |
|
|
$ |
51,505 |
|
|
$ |
41,559 |
|
|
$ |
40,693 |
|
|
$ |
184,372 |
|
|
$ |
109,765 |
|
Intangibles amortization, net of tax |
|
$ |
4,678 |
|
|
$ |
4,832 |
|
|
$ |
3,215 |
|
|
$ |
1,041 |
|
|
$ |
1,138 |
|
|
$ |
12,726 |
|
|
$ |
3,580 |
|
Core net income (non-GAAP) for tangible common equity ratio |
|
$ |
72,467 |
|
|
$ |
69,910 |
|
|
$ |
54,720 |
|
|
$ |
42,600 |
|
|
$ |
41,832 |
|
|
$ |
197,097 |
|
|
$ |
113,345 |
|
Diluted earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Diluted earnings per common share (GAAP) |
|
$ |
2.96 |
|
|
$ |
2.62 |
|
|
$ |
0.81 |
|
|
$ |
2.65 |
|
|
$ |
2.73 |
|
|
$ |
6.57 |
|
|
$ |
7.14 |
|
Core diluted earnings per common share (non-GAAP) |
|
$ |
3.15 |
|
|
$ |
2.99 |
|
|
$ |
2.75 |
|
|
$ |
2.73 |
|
|
$ |
2.66 |
|
|
$ |
8.91 |
|
|
$ |
7.10 |
|
Selected Ratios: (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Return on average assets (GAAP) |
|
|
1.66 |
% |
|
|
1.47 |
% |
|
|
0.50 |
% |
|
|
1.75 |
% |
|
|
1.84 |
% |
|
|
1.26 |
% |
|
|
1.66 |
% |
Return on average common equity (GAAP) |
|
|
11.16 |
% |
|
|
10.09 |
% |
|
|
3.44 |
% |
|
|
12.96 |
% |
|
|
13.86 |
% |
|
|
8.61 |
% |
|
|
12.44 |
% |
Return on average tangible common equity (non-GAAP) (5) |
|
|
20.78 |
% |
|
|
19.07 |
% |
|
|
6.49 |
% |
|
|
19.27 |
% |
|
|
20.98 |
% |
|
|
15.86 |
% |
|
|
19.04 |
% |
Core return on average assets (non-GAAP) |
|
|
1.76 |
% |
|
|
1.69 |
% |
|
|
1.68 |
% |
|
|
1.80 |
% |
|
|
1.80 |
% |
|
|
1.71 |
% |
|
|
1.65 |
% |
Core return on average common equity (non-GAAP) |
|
|
11.87 |
% |
|
|
11.53 |
% |
|
|
11.66 |
% |
|
|
13.35 |
% |
|
|
13.51 |
% |
|
|
11.69 |
% |
|
|
12.38 |
% |
Core return on average tangible common equity (non-GAAP) (5) |
|
|
22.01 |
% |
|
|
21.59 |
% |
|
|
19.30 |
% |
|
|
19.84 |
% |
|
|
20.47 |
% |
|
|
21.05 |
% |
|
|
18.94 |
% |
Tangible assets: (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total assets |
|
$ |
15,064,808 |
|
|
$ |
15,414,619 |
|
|
$ |
15,574,490 |
|
|
$ |
9,185,107 |
|
|
$ |
9,029,430 |
|
|
|
|
|
||||
Goodwill and other intangibles, net |
|
|
959,659 |
|
|
|
961,687 |
|
|
|
967,843 |
|
|
|
382,400 |
|
|
|
383,693 |
|
|
|
|
|
||||
Tangible assets |
|
$ |
14,105,149 |
|
|
$ |
14,452,932 |
|
|
$ |
14,606,647 |
|
|
$ |
8,802,707 |
|
|
$ |
8,645,737 |
|
|
|
|
|
||||
Tangible common equity: (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Stockholders’ equity (common) |
|
$ |
2,234,240 |
|
|
$ |
2,271,474 |
|
|
$ |
2,256,877 |
|
|
$ |
1,257,662 |
|
|
$ |
1,214,960 |
|
|
|
|
|
||||
Goodwill and other intangibles, net |
|
|
959,659 |
|
|
|
961,687 |
|
|
|
967,843 |
|
|
|
382,400 |
|
|
|
383,693 |
|
|
|
|
|
||||
Tangible common equity |
|
$ |
1,274,581 |
|
|
$ |
1,309,787 |
|
|
$ |
1,289,034 |
|
|
$ |
875,262 |
|
|
$ |
831,267 |
|
|
|
|
|
||||
Tangible average common equity: (5) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Average stockholders’ equity (common) |
|
$ |
2,264,857 |
|
|
$ |
2,262,902 |
|
|
$ |
1,792,181 |
|
|
$ |
1,234,619 |
|
|
$ |
1,194,974 |
|
|
$ |
2,108,378 |
|
|
$ |
1,185,778 |
|
Average goodwill and other intangibles, net |
|
|
958,785 |
|
|
|
964,140 |
|
|
|
642,403 |
|
|
|
382,956 |
|
|
|
384,296 |
|
|
|
856,268 |
|
|
|
385,753 |
|
Average tangible common equity |
|
$ |
1,306,072 |
|
|
$ |
1,298,762 |
|
|
$ |
1,149,778 |
|
|
$ |
851,663 |
|
|
$ |
810,678 |
|
|
$ |
1,252,110 |
|
|
$ |
800,025 |
|
Note: Numbers may not sum due to rounding. |
||
(1) |
The core net income measure and related reconciliation provide information useful to investors in understanding the operating performance and trends of Nicolet and also to aid investors in the comparison of Nicolet’s financial performance to the financial performance of peer banks. |
|
(2) |
Includes the provision expense for the ACL on unfunded commitments related to the MidWestOne merger. |
|
(3) |
Assumes an effective tax rate of 21.5% for 2026 and 19.5% for 2025. |
|
(4) |
The ratios of core return on average assets and core return on average common equity use core net income as the numerator in place of net income (GAAP). These financial metrics have been included as they provide information useful to investors in understanding the operating performance and trends of Nicolet. |
|
(5) |
The ratios of tangible book value per common share, return on average tangible common equity, core return on average tangible common equity, and tangible common equity to tangible assets exclude goodwill and other intangibles, net. In addition, the ratios of return on average tangible common equity and core return on average tangible common equity remove the intangibles amortization, net of tax, from the numerator. These financial ratios have been included as they are considered to be critical metrics with which to analyze and evaluate financial condition and capital strength. |
|
