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

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

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

(1)	Income statement-related ratios for partial-year periods are annualized.
(2)	See Reconciliation of Non-GAAP Financial Measures below for a reconciliation of these financial measures.
(3)	Reflects common stock repurchased under board of director authorizations for the common stock repurchase program.

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

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

* During first quarter 2026, Nicolet reclassified fully reciprocated deposit balances with ICS from brokered deposits to core deposits to be more consistent with the presentation typically used by peer banks. The ICS reciprocal deposits are part of the IntraFi Network Deposits program, which is used by financial institutions to distribute deposits that exceed FDIC insurance coverage limits to numerous institutions in order to provide insurance coverage for all participating deposits. Prior periods have been restated to reflect this change. There was no change to total deposits or the deposit categories.
(1)	Nonaccrual loans and loans held for sale are included in the daily average loan balances outstanding.
(2)	The yield on tax-exempt loans and tax-exempt investment securities is computed on a tax-equivalent basis using a federal tax rate of 21%, and adjusted for the disallowance of interest expense.
(3)	Loan purchase accounting accretion and Loan nonaccrual interest included in Total loans interest above, and the related impact to net interest margin.

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

Note: Numbers may not sum due to rounding.
(1)	The core net income measure and related reconciliation provide information useful to investors in understanding the operating performance and trends of Nicolet and also to aid investors in the comparison of Nicolet’s financial performance to the financial performance of peer banks.
(2)	Includes the provision expense for the ACL on unfunded commitments related to the MidWestOne merger.
(3)	Assumes an effective tax rate of 21.5% for 2026 and 19.5% for 2025.
(4)	The ratios of core return on average assets and core return on average common equity use core net income as the numerator in place of net income (GAAP). These financial metrics have been included as they provide information useful to investors in understanding the operating performance and trends of Nicolet.
(5)	The ratios of tangible book value per common share, return on average tangible common equity, core return on average tangible common equity, and tangible common equity to tangible assets exclude goodwill and other intangibles, net. In addition, the ratios of return on average tangible common equity and core return on average tangible common equity remove the intangibles amortization, net of tax, from the numerator. These financial ratios have been included as they are considered to be critical metrics with which to analyze and evaluate financial condition and capital strength.