Form 8-K

8-K — NICOLET BANKSHARES INC

Accession: 0001174850-26-000157

Filed: 2026-07-21

Period: 2026-07-21

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-20260721.htm (Primary)

EX-99.1 (exhibit99_12q2026pressrele.htm)

GRAPHIC (nicoletbanksharesa08.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: nic-20260721.htm · Sequence: 1

nic-20260721

0001174850false00011748502026-07-212026-07-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 21, 2026

NICOLET BANKSHARES, INC.

(Exact name of registrant as specified in its charter)

Wisconsin 001-37700 47-0871001

(State or other jurisdiction

of incorporation) (Commission

File Number) (IRS Employer

Identification No.)

111 North Washington Street

Green Bay, Wisconsin 54301

(Address of principal executive offices)

(920) 430-1400

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each 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 July 21, 2026, Nicolet Bankshares, Inc. (“Nicolet”) issued a press release (the “Press Release”) announcing its earnings for the quarter ended June 30, 2026. A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Pursuant to General Instruction B.2 of Form 8-K, the information in this Item 2.02 and Exhibit 99.1, is being furnished to the Securities and Exchange Commission and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section. Furthermore, the information in this Item 2.02 and Exhibit 99.1, shall not be deemed to be incorporated by reference into Nicolet’s filings under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

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

Item 9.01 Financial Statements and Exhibits.

Exhibit No. Description of Exhibit

99.1

Press Release, dated July 21, 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: July 21, 2026 NICOLET BANKSHARES, INC.

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

H. Phillip Moore, Jr.

Chief Financial Officer

EX-99.1

Filename: exhibit99_12q2026pressrele.htm · Sequence: 2

Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

NICOLET BANKSHARES, INC. ANNOUNCES SECOND QUARTER 2026 EARNINGS

•Net income of $57 million ($65 million core*) for second quarter 2026, compared to net income of $15 million ($52 million core*) for first quarter 2026

•Diluted earnings per share of $2.62 ($2.99 core*) for second quarter 2026, compared to $0.81 ($2.75 core*) for first quarter 2026

•Return on average assets of 1.47% for second quarter 2026, and core* return on average assets of 1.69%

•Return on average tangible common equity of 19.07% for second quarter 2026, and core* return on average tangible common equity of 21.59%, with return on average equity of 10.09%

•Repurchased 267,310 common shares for $40 million during second quarter 2026, and authorized $150 million in additional repurchases

•Net interest margin increased to 4.14% for second quarter 2026, benefitting from a full quarter of loan purchase accounting accretion as well as lower core deposit funding costs

* Core net income, diluted earnings per share, return on average assets, and return on average tangible common equity are non-GAAP financial measures

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

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

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

Nicolet’s financial performance and certain balance sheet line items were impacted by the timing and size of the MidWestOne Financial Group, Inc. (“MidWestOne”) acquisition on February 13, 2026. Certain income statement results, average balances, and related ratios for 2026 include partial contributions from MidWestOne from the acquisition date. At acquisition, MidWestOne added total assets of $6.1 billion, loans of $4.4 billion, and deposits of $5.3 billion.

Balance Sheet Review

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

Asset Quality

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

Income Statement Review - Quarter

Net income was $57 million for second quarter 2026, compared to net income of $15 million for first quarter 2026.

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

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

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

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

Sale of Denver Branches

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

Declaration of Quarterly Cash Dividend to Shareholders

On July 21, 2026, Nicolet’s Board of Directors declared a quarterly cash dividend of $0.36 per share to holders of its common stock. The dividend is payable on September 15, 2026, to shareholders of record as of September 1, 2026.

Next Quarterly Earnings Release

Nicolet expects to issue the third quarter 2026 earnings release on October 20, 2026.

About Nicolet Bankshares, Inc.

Nicolet Bankshares, Inc. is the bank holding company of Nicolet National Bank, a growing, full-service, community bank providing services ranging from commercial, agricultural and consumer banking to wealth management and retirement plan services. Founded in Green Bay in 2000, Nicolet National Bank operates branches primarily in Wisconsin, Iowa, Michigan, and Minnesota. More information can be found at www.nicoletbank.com.

Use of Non-GAAP Financial Measures

This communication contains non-GAAP financial measures, such as core net income, core diluted earnings per common share, core return on average assets, core return on average common equity, return on average tangible common equity, core return on average tangible common equity, tangible book value per common share, and tangible common equity to tangible assets. When non-GAAP financial measures are used, the comparable GAAP financial measures, as well as the reconciliation of the non-GAAP measures to the GAAP financial measures, are provided. See “Reconciliation of Non-GAAP Financial Measures (Unaudited)” below. The non-GAAP net income measure and related reconciliation provide information useful to investors in understanding the operating performance and trends of Nicolet and also aid investors in comparing Nicolet’s financial performance to the financial performance of peer banks. Management considers non-GAAP financial ratios to be critical metrics with which to analyze and evaluate financial condition and capital strengths. While non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of results as reported under GAAP.

Forward Looking Statements “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995

This communication contains statements that constitute “forward-looking statements” within the meaning, and subject to the protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Such statements include, but are not limited to, statements related to the core conversion of the integration process of the Nicolet/MidWestOne merger and resulting cost savings, the expected return to historic levels of profitability, the expected closing date of the sale of our Denver branches, and other statements that may not be historical facts. You can identify these forward-looking statements through the use of words such as “anticipate,” “believe,” “assume,” “aim,” “can,” “conclude,” “continue,” “could,” “estimate,” “expect,” “foresee,” “goal,” “intend,” “may,” “might,” “outlook,” “possible,” “plan,” “predict,” “project,” “potential,” “seek,” “should,” “target,” “will,” “will likely,” “would,” or the negative of these terms or other comparable terminology, as well as similar expressions of the future or otherwise regarding the outlook for Nicolet’s, MidWestOne’s or the combined company’s future businesses and financial performance and/or the performance of the banking industry and economy in general.

Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and express only management’s beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management’s control or predict. A number of factors could cause actual results and outcomes to differ materially from those contemplated by these forward-looking statements. These factors include, but are not limited to: (1) the risk that integration of MidWestOne’s and Nicolet’s respective businesses will be materially delayed or will be more costly or difficult than expected, including as a result of unexpected factors or events; (2) the parties’ inability to meet expectations regarding the timing of the proposed sale of the Denver branches; and (3) the failure to satisfy other conditions to completion of the proposed sale, or any unexpected delay in closing the proposed transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the purchase and assumption agreement.

All forward-looking statements included in this communication are made as of the date hereof and are based on information available to management at that time. Except as required by law, Nicolet does not assume any obligation to update any forward-looking statement to reflect events or circumstances that occur after the date the forward-looking statements were made.

Nicolet Bankshares, Inc.

Consolidated Balance Sheets (Unaudited)

(In thousands, except share data)

6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025

Assets

Cash and due from banks $ 153,492 $ 123,359 $ 107,956 $ 94,402 $ 129,607

Interest-earning deposits 311,756 492,092 552,276 379,555 293,031

Cash and cash equivalents 465,248 615,451 660,232 473,957 422,638

Securities available for sale, at fair value 2,006,963 1,986,946 859,834 861,534 849,253

Other investments 116,575 99,835 63,247 61,380 59,594

Loans held for sale 19,388 16,627 13,620 11,308 9,955

Other assets held for sale 411,348 400,443 — — —

Loans 10,848,164 10,879,694 6,836,345 6,874,711 6,839,141

Allowance for credit losses - loans (133,584) (133,435) (68,806) (68,785) (68,408)

Loans, net

10,714,580 10,746,259 6,767,539 6,805,926 6,770,733

Premises and equipment, net 189,197 187,876 120,462 121,711 123,723

Bank owned life insurance (“BOLI”)

296,095 293,790 192,498 190,979 189,342

Goodwill and other intangibles, net 961,687 967,843 382,400 383,693 385,107

Accrued interest receivable and other assets 233,538 259,420 125,275 118,942 120,464

Total assets $ 15,414,619 $ 15,574,490 $ 9,185,107 $ 9,029,430 $ 8,930,809

Liabilities and Stockholders' Equity

Liabilities:

Noninterest-bearing demand deposits

$ 2,717,610 $ 2,537,729 $ 1,828,928 $ 1,826,453 $ 1,800,335

Interest-bearing deposits

9,805,726 10,086,635 5,901,843 5,785,012 5,741,338

Total deposits

12,523,336 12,624,364 7,730,771 7,611,465 7,541,673

Long-term borrowings 92,750 179,968 134,860 134,600 134,340

Other liabilities held for sale 388,060 385,882 — — —

Accrued interest payable and other liabilities 138,999 127,399 61,814 68,405 64,698

Total liabilities 13,143,145 13,317,613 7,927,445 7,814,470 7,740,711

Stockholders' Equity:

Common stock 211 213 148 148 149

Additional paid-in capital 1,552,947 1,589,992 583,257 581,815 601,625

Retained earnings

755,311 706,099 697,799 662,252 625,243

Accumulated other comprehensive income (loss)

(36,995) (39,427) (23,542) (29,255) (36,919)

Total stockholders' equity 2,271,474 2,256,877 1,257,662 1,214,960 1,190,098

Total liabilities and stockholders' equity $ 15,414,619 $ 15,574,490 $ 9,185,107 $ 9,029,430 $ 8,930,809

Common shares outstanding 21,060,762 21,316,619 14,811,445 14,798,895 14,924,086

Nicolet Bankshares, Inc.

Consolidated Statements of Income (Unaudited)

For the Three Months Ended For the Six Months Ended

(In thousands, except per share data)

6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025

Interest income:

Loans, including loan fees $ 174,705 $ 139,784 $ 106,579 $ 107,930 $ 105,976 $ 314,489 $ 206,642

Taxable investment securities 19,305 11,955 6,294 6,201 6,027 31,260 11,587

Tax-exempt investment securities 1,692 1,358 972 998 1,017 3,050 2,066

Other interest income 5,202 5,115 6,393 5,204 4,618 10,317 10,084

Total interest income 200,904 158,212 120,238 120,333 117,638 359,116 230,379

Interest expense:

Deposits 57,321 46,656 37,622 39,312 40,472 103,977 79,937

Short-term borrowings — — 1 — — — —

Long-term borrowings 2,112 1,997 1,721 1,757 2,057 4,109 4,127

Total interest expense 59,433 48,653 39,344 41,069 42,529 108,086 84,064

Net interest income 141,471 109,559 80,894 79,264 75,109 251,030 146,315

Provision for credit losses

1,500 6,050 750 950 1,050 7,550 2,550

Net interest income after provision for credit losses

139,971 103,509 80,144 78,314 74,059 243,480 143,765

Noninterest income:

Wealth management fee income 11,738 10,655 8,196 7,629 6,811 22,393 13,786

Mortgage income, net

3,624 3,539 3,653 3,568 2,907 7,163 4,833

Service charges on deposit accounts

4,139 3,149 2,016 2,000 1,962 7,288 3,987

Card interchange income

6,332 4,228 3,772 3,752 3,699 10,560 7,036

BOLI income

2,305 1,882 1,857 1,654 1,429 4,187 2,849

Asset gains (losses), net

2,364 (867) 422 1,294 (199) 1,497 (553)

Deferred compensation plan asset market valuations 1,947 (277) 465 972 1,437 1,670 1,482

LSR income, net 778 711 644 668 950 1,489 2,007

Other noninterest income

3,052 2,274 2,067 2,082 1,637 5,326 3,429

Total noninterest income

36,279 25,294 23,092 23,619 20,633 61,573 38,856

Noninterest expense:

Personnel expense

50,612 38,159 30,233 29,437 29,114 88,771 55,635

Occupancy, equipment and office

16,398 12,375 9,169 9,028 9,104 28,773 18,434

Business development and marketing

3,184 2,337 2,093 2,223 1,593 5,521 3,693

Data processing

7,758 6,185 4,691 4,671 4,682 13,943 9,207

Intangibles amortization

6,156 4,096 1,293 1,414 1,481 10,252 3,033

FDIC assessments 1,801 1,275 1,033 1,005 1,029 3,076 1,969

Merger-related expense 7,403 40,686 1,956 — — 48,089 —

Other noninterest expense

10,452 4,682 2,571 2,310 2,916 15,134 5,735

Total noninterest expense

103,764 109,795 53,039 50,088 49,919 213,559 97,706

Income before income tax expense 72,486 19,008 50,197 51,845 44,773 91,494 84,915

Income tax expense

15,585 3,812 9,873 10,110 8,738 19,397 16,288

Net income $ 56,901 $ 15,196 $ 40,324 $ 41,735 $ 36,035 $ 72,097 $ 68,627

Earnings per common share:

Basic

$ 2.68 $ 0.83 $ 2.72 $ 2.81 $ 2.40 $ 3.65 $ 4.53

Diluted

$ 2.62 $ 0.81 $ 2.65 $ 2.73 $ 2.34 $ 3.56 $ 4.42

Common shares outstanding:

Basic weighted average

21,208 18,232 14,804 14,836 15,029 19,728 15,142

Diluted weighted average

21,729 18,749 15,227 15,303 15,431 20,246 15,538

Nicolet Bankshares, Inc.

Consolidated Financial Summary (Unaudited)

For the Three Months Ended For the Six Months Ended

(In thousands, except share & per share data)

6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025

Selected Average Balances:

Loans

$ 11,259,572 $ 9,194,624 $ 6,858,444 $ 6,843,189 $ 6,833,236 $ 10,232,803 $ 6,772,060

Investment securities

2,046,717 1,479,693 902,147 903,839 900,469 1,764,771 893,280

Interest-earning assets

13,857,424 11,235,506 8,381,031 8,206,651 8,140,178 12,553,708 8,109,756

Cash and cash equivalents 553,075 576,905 634,751 480,208 423,272 564,924 460,363

Goodwill and other intangibles, net

964,140 642,403 382,956 384,296 385,735 804,160 386,494

Total assets

15,479,444 12,429,336 9,163,123 8,984,344 8,909,653 13,962,816 8,879,698

Deposits

12,922,613 10,386,008 7,717,321 7,583,986 7,504,224 11,661,318 7,475,325

Interest-bearing liabilities

10,400,080 8,363,619 5,989,196 5,911,850 5,972,117 9,387,475 5,962,651

Stockholders’ equity (common) 2,262,902 1,792,181 1,234,619 1,194,974 1,183,316 2,028,842 1,181,104

Selected Ratios: (1)

Book value per common share $ 107.85 $ 105.87 $ 84.91 $ 82.10 $ 79.74 $ 107.85 $ 79.74

Tangible book value per common share (2)

$ 62.19 $ 60.47 $ 59.09 $ 56.17 $ 53.94 $ 62.19 $ 53.94

Return on average assets

1.47 % 0.50 % 1.75 % 1.84 % 1.62 % 1.04 % 1.56 %

Return on average common equity

10.09 3.44 12.96 13.86 12.21 7.17 11.72

Return on average tangible common equity (2)

19.07 6.49 19.27 20.98 18.72 13.20 18.04

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

1.69 1.68 1.80 1.80 1.63 1.68 1.57

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

11.53 11.66 13.35 13.51 12.27 11.59 11.79

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

21.59 19.30 19.84 20.47 18.80 20.52 18.15

Average equity to average assets

14.62 14.42 13.47 13.30 13.28 14.53 13.30

Stockholders’ equity to assets

14.74 14.49 13.69 13.46 13.33 14.74 13.33

Tangible common equity to tangible assets (2)

9.06 8.82 9.94 9.61 9.42 9.06 9.42

Net interest margin 4.14 3.98 3.86 3.86 3.72 4.07 3.65

Efficiency ratio

58.62 80.30 51.00 49.10 51.79 68.07 52.34

Effective tax rate

21.50 20.05 19.67 19.50 19.52 21.20 19.18

Selected Asset Quality Information:

Nonaccrual loans

$ 71,545 $ 73,494 $ 31,679 $ 27,463 $ 27,735 $ 71,545 $ 27,735

Other real estate owned

3,459 5,985 667 767 881 3,459 881

Nonperforming assets

$ 75,004 $ 79,479 $ 32,346 $ 28,230 $ 28,616 $ 75,004 $ 28,616

Net loan charge-offs (recoveries)

$ 651 $ 833 $ 529 $ 573 $ 372 $ 1,484 $ 714

Allowance for credit losses-loans to loans

1.23 % 1.23 % 1.01 % 1.00 % 1.00 % 1.23 % 1.00 %

Net charge-offs to average loans (1)

0.02 0.04 0.03 0.03 0.02 0.03 0.02

Nonperforming loans to total loans

0.66 0.68 0.46 0.40 0.41 0.66 0.41

Nonperforming assets to total assets

0.49 0.51 0.35 0.31 0.32 0.49 0.32

Stock Repurchase Information: (3)

Common stock repurchased ($) $ 40,242 $ 22,401 $ — $ 20,525 $ 29,989 $ 62,643 $ 56,036

Common stock repurchased (shares) 267,310 149,499 — 155,393 257,402 416,809 490,609

(1)Income statement-related ratios for partial-year periods are annualized.

(2)See Reconciliation of Non-GAAP Financial Measures below for a reconciliation of these financial measures.

(3)Reflects common stock repurchased under board of director authorizations for the common stock repurchase program.

Nicolet Bankshares, Inc.

Consolidated Loan & Deposit Metrics (Unaudited)

(In thousands)

6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025

Period End Loan Composition

Commercial & industrial $ 2,350,769 $ 2,330,665 $ 1,367,522 $ 1,415,841 $ 1,412,621

Owner-occupied commercial real estate (“CRE”)

1,543,772 1,558,995 939,587 947,390 963,278

Agricultural 1,765,864 1,759,960 1,415,425 1,378,070 1,346,924

Commercial 5,660,405 5,649,620 3,722,534 3,741,301 3,722,823

CRE investment 2,329,696 2,378,946 1,188,351 1,213,301 1,231,423

Construction & land development 571,280 575,030 326,638 324,209 298,122

Commercial real estate 2,900,976 2,953,976 1,514,989 1,537,510 1,529,545

Commercial-based loans 8,561,381 8,603,596 5,237,523 5,278,811 5,252,368

Residential construction 139,823 144,737 95,268 92,325 88,152

Residential first mortgage 1,584,362 1,580,088 1,193,683 1,199,512 1,205,841

Residential junior mortgage 474,964 464,395 268,188 260,167 249,406

Residential real estate

2,199,149 2,189,220 1,557,139 1,552,004 1,543,399

Retail & other 87,634 86,878 41,683 43,896 43,374

Retail-based loans 2,286,783 2,276,098 1,598,822 1,595,900 1,586,773

Total loans $ 10,848,164 $ 10,879,694 $ 6,836,345 $ 6,874,711 $ 6,839,141

Period End Deposit Composition

Noninterest-bearing demand

$ 2,717,610 $ 2,537,729 $ 1,828,928 $ 1,826,453 $ 1,800,335

Interest-bearing demand

2,221,385 2,516,924 1,263,276 1,104,552 1,266,507

Money market

3,007,957 2,955,846 2,056,550 2,044,055 1,900,639

Savings 1,760,294 1,763,204 834,520 825,683 805,300

Time 2,816,090 2,850,661 1,747,497 1,810,722 1,768,892

Total deposits $ 12,523,336 $ 12,624,364 $ 7,730,771 $ 7,611,465 $ 7,541,673

Brokered transaction accounts * $ 100,000 $ 175,000 $ 25,000 $ 25,000 $ 155,000

Brokered time deposits * 385,080 409,922 382,116 422,516 429,303

Total brokered deposits * $ 485,080 $ 584,922 $ 407,116 $ 447,516 $ 584,303

Customer transaction accounts * $ 9,607,246 $ 9,598,703 $ 5,958,274 $ 5,775,743 $ 5,617,781

Customer time deposits * 2,431,010 2,440,739 1,365,381 1,388,206 1,339,589

Total customer deposits (core) *

$ 12,038,256 $ 12,039,442 $ 7,323,655 $ 7,163,949 $ 6,957,370

* During first quarter 2026, Nicolet reclassified fully reciprocated deposit balances with ICS from brokered deposits to core deposits to be more consistent with the presentation typically used by peer banks. The ICS reciprocal deposits are part of the IntraFi Network Deposits program, which is used by financial institutions to distribute deposits that exceed FDIC insurance coverage limits to numerous institutions in order to provide insurance coverage for all participating deposits. Prior periods have been restated to reflect this change. There was no change to total deposits or the deposit categories.

Nicolet Bankshares, Inc.

Net Interest Income and Net Interest Margin Analysis (Unaudited)

For the Three Months Ended

June 30, 2026 March 31, 2026 June 30, 2025

Average Average Average Average Average Average

(In thousands) Balance Interest Rate Balance Interest Rate Balance Interest Rate

ASSETS

Total loans (1) (2)

$ 11,259,572 $ 175,903 6.26 % $ 9,194,624 $ 140,412 6.18 % $ 6,833,236 $ 106,103 6.23 %

Investment securities (2)

2,046,717 21,413 4.19 % 1,479,693 13,703 3.71 % 900,469 7,371 3.27 %

Other interest-earning assets 551,135 5,202 3.78 % 561,189 5,115 3.69 % 406,473 4,618 4.56 %

Total interest-earning assets 13,857,424 $ 202,518 5.86 % 11,235,506 $ 159,230 5.73 % 8,140,178 $ 118,092 5.82 %

Other assets, net 1,622,020 1,193,830 769,475

Total assets $ 15,479,444 $ 12,429,336 $ 8,909,653

LIABILITIES AND STOCKHOLDERS' EQUITY

Interest-bearing core deposits * $ 9,705,296 $ 51,905 2.15 % $ 7,702,195 $ 41,762 2.20 % $ 5,167,371 $ 33,268 2.58 %

Brokered deposits * 535,443 5,416 4.06 % 502,241 4,894 3.95 % 649,132 7,204 4.45 %

Total interest-bearing deposits 10,240,739 57,321 2.25 % 8,204,436 46,656 2.31 % 5,816,503 40,472 2.79 %

Wholesale funding 159,341 2,112 5.32 % 159,183 1,997 5.09 % 155,614 2,057 5.30 %

Total interest-bearing liabilities 10,400,080 $ 59,433 2.29 % 8,363,619 $ 48,653 2.36 % 5,972,117 $ 42,529 2.86 %

Noninterest-bearing demand deposits 2,681,874 2,181,572 1,687,721

Other liabilities 134,588 91,964 66,499

Stockholders' equity 2,262,902 1,792,181 1,183,316

Total liabilities and stockholders' equity $ 15,479,444 $ 12,429,336 $ 8,909,653

Net interest income and rate spread $ 143,085 3.57 % $ 110,577 3.37 % $ 75,563 2.96 %

Net interest margin 4.14 % 3.98 % 3.72 %

Loan purchase accounting accretion (3)

$ 7,989 0.23 % $ 4,896 0.18 % $ 1,475 0.07 %

Loan nonaccrual interest (3)

$ 97 — % $ 780 0.03 % $ (26) — %

For the Six Months Ended

June 30, 2026 June 30, 2025

Average Average Average Average

(In thousands) Balance Interest Rate Balance Interest Rate

ASSETS

Total loans (1) (2)

$ 10,232,803 $ 316,315 6.23 % $ 6,772,060 $ 206,907 6.15 %

Investment securities (2)

1,764,771 35,116 3.98 % 893,280 14,322 3.21 %

Other interest-earning assets 556,134 10,317 3.74 % 444,416 10,084 4.57 %

Total interest-earning assets 12,553,708 $ 361,748 5.80 % 8,109,756 $ 231,313 5.74 %

Other assets, net 1,409,108 769,942

Total assets $ 13,962,816 $ 8,879,698

LIABILITIES AND STOCKHOLDERS' EQUITY

Interest-bearing core deposits * $ 8,709,279 $ 93,667 2.17 % $ 5,173,698 $ 65,843 2.57 %

Brokered deposits * 518,933 10,310 4.01 % 630,617 14,094 4.51 %

Total interest-bearing deposits 9,228,212 103,977 2.27 % 5,804,315 79,937 2.78 %

Wholesale funding 159,263 4,109 5.20 % 158,336 4,127 5.26 %

Total interest-bearing liabilities 9,387,475 $ 108,086 2.32 % 5,962,651 $ 84,064 2.84 %

Noninterest-bearing demand deposits 2,433,106 1,671,010

Other liabilities 113,393 64,933

Stockholders' equity 2,028,842 1,181,104

Total liabilities and stockholders' equity $ 13,962,816 $ 8,879,698

Net interest income and rate spread $ 253,662 3.48 % $ 147,249 2.90 %

Net interest margin 4.07 % 3.65 %

Loan purchase accounting accretion (3)

$ 12,885 0.21 % $ 2,950 0.07 %

Loan nonaccrual interest (3)

$ 877 0.01 % $ (330) (0.01) %

(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 Six Months Ended

(In thousands, except per share data)

6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025

Core net income reconciliation: (1)

Net income (GAAP) $ 56,901 $ 15,196 $ 40,324 $ 41,735 $ 36,035 $ 72,097 $ 68,627

Adjustments:

Provision expense (2)

— 4,700 — — — 4,700 —

Assets (gains) losses, net (2,364) 867 (422) (1,294) 199 (1,497) 553

Merger-related expense 7,403 40,686 1,956 — — 48,089 —

Loss on early extinguishment of debt 5,377 — — — — 5,377 —

Adjustments subtotal 10,416 46,253 1,534 (1,294) 199 56,669 553

Tax on Adjustments (3)

2,239 9,944 299 (252) 39 12,184 108

Core net income (non-GAAP) $ 65,078 $ 51,505 $ 41,559 $ 40,693 $ 36,195 $ 116,582 $ 69,072

Intangibles amortization, net of tax $ 4,832 $ 3,215 $ 1,041 $ 1,138 $ 1,192 $ 8,048 $ 2,442

Core net income (non-GAAP) for tangible common equity ratio $ 69,910 $ 54,720 $ 42,600 $ 41,832 $ 37,387 $ 124,630 $ 71,514

Diluted earnings per common share:

Diluted earnings per common share (GAAP) $ 2.62 $ 0.81 $ 2.65 $ 2.73 $ 2.34 $ 3.56 $ 4.42

Core diluted earnings per common share (non-GAAP) $ 2.99 $ 2.75 $ 2.73 $ 2.66 $ 2.35 $ 5.76 $ 4.45

Selected Ratios: (4)

Return on average assets (GAAP) 1.47 % 0.50 % 1.75 % 1.84 % 1.62 % 1.04 % 1.56 %

Return on average common equity (GAAP) 10.09 % 3.44 % 12.96 % 13.86 % 12.21 % 7.17 % 11.72 %

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

19.07 % 6.49 % 19.27 % 20.98 % 18.72 % 13.20 % 18.04 %

Core return on average assets (non-GAAP) 1.69 % 1.68 % 1.80 % 1.80 % 1.63 % 1.68 % 1.57 %

Core return on average common equity (non-GAAP) 11.53 % 11.66 % 13.35 % 13.51 % 12.27 % 11.59 % 11.79 %

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

21.59 % 19.30 % 19.84 % 20.47 % 18.80 % 20.52 % 18.15 %

Tangible assets: (5)

Total assets $ 15,414,619 $ 15,574,490 $ 9,185,107 $ 9,029,430 $ 8,930,809

Goodwill and other intangibles, net 961,687 967,843 382,400 383,693 385,107

Tangible assets $ 14,452,932 $ 14,606,647 $ 8,802,707 $ 8,645,737 $ 8,545,702

Tangible common equity: (5)

Stockholders’ equity (common) $ 2,271,474 $ 2,256,877 $ 1,257,662 $ 1,214,960 $ 1,190,098

Goodwill and other intangibles, net 961,687 967,843 382,400 383,693 385,107

Tangible common equity $ 1,309,787 $ 1,289,034 $ 875,262 $ 831,267 $ 804,991

Tangible average common equity: (5)

Average stockholders’ equity (common) $ 2,262,902 $ 1,792,181 $ 1,234,619 $ 1,194,974 $ 1,183,316 $ 2,028,842 $ 1,181,104

Average goodwill and other intangibles, net 964,140 642,403 382,956 384,296 385,735 804,160 386,494

Average tangible common equity $ 1,298,762 $ 1,149,778 $ 851,663 $ 810,678 $ 797,581 $ 1,224,682 $ 794,610

Note: Numbers may not sum due to rounding.

(1)The core net income measure and related reconciliation provide information useful to investors in understanding the operating performance and trends of Nicolet and also to aid investors in the comparison of Nicolet’s financial performance to the financial performance of peer banks.

(2)Includes the provision expense for the ACL on unfunded commitments related to the MidWestOne merger.

(3)Assumes an effective tax rate of 21.5% for 2026 and 19.5% for 2025.

(4)The ratios of core return on average assets and core return on average common equity use core net income as the numerator in place of net income (GAAP). These financial metrics have been included as they provide information useful to investors in understanding the operating performance and trends of Nicolet.

(5)The ratios of tangible book value per common share, return on average tangible common equity, core return on average tangible common equity, and tangible common equity to tangible assets exclude goodwill and other intangibles, net. In addition, the ratios of return on average tangible common equity and core return on average tangible common equity remove the intangibles amortization, net of tax, from the numerator. These financial ratios have been included as they are considered to be critical metrics with which to analyze and evaluate financial condition and capital strength.

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