# EDGAR Filing Document

**Accession Number:** 0001174850
**File Stem:** 0001174850-25-000033
**Filing Date:** 2025-7
**Character Count:** 37253
**Document Hash:** 015364df30bc99f94c910faddd3e5755
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001174850-25-000033.hdr.sgml**: 20250715

**ACCESSION NUMBER**: 0001174850-25-000033

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250715

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250715

**DATE AS OF CHANGE**: 20250715

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NICOLET BANKSHARES INC
- **CENTRAL INDEX KEY:** 0001174850
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37700
- **FILM NUMBER:** 251124966

**BUSINESS ADDRESS:**
- **STREET 1:** 111 N WASHINGTON ST
- **CITY:** GREEN BAY
- **STATE:** WI
- **ZIP:** 54301
- **BUSINESS PHONE:** 920 430 1400

**MAIL ADDRESS:**
- **STREET 1:** 111 N WASHINGTON ST
- **CITY:** GREEN BAY
- **STATE:** WI
- **ZIP:** 54301

?xml version='1.0' encoding='ASCII'? nic-20250715

**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 15, 2025** 

**NICOLET BANKSHARES, INC.**

*(Exact name of registrant as specified in its charter)*

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| | | |
|:---|:---|:---|
| **Wisconsin** | **001-37700** | **47-0871001** |
| *(State or other jurisdiction<br>of incorporation)* | *(Commission<br>File Number)* | *(IRS Employer<br>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:

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| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol(s)</u> | <u>Name of each exchange on which registered</u> |
| **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. ☐

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On July 15, 2025, Nicolet Bankshares, Inc. ("Nicolet") announced its earnings for the quarter ended June 30, 2025. 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.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

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| | |
|:---|:---|
| Exhibit No. | Description of Exhibit |
| 99.1 | <u>[Press Release, dated July 15, 2025](exhibit99_12q2025pressrele.htm)</u> |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |

---

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**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 15, 2025 | NICOLET BANKSHARES, INC. | NICOLET BANKSHARES, INC. |
|  |  | By: | /s/ H. Phillip Moore, Jr. |
|  |  |  | H. Phillip Moore, Jr. |
|  |  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![nicoletbanksharesa08.jpg](nicoletbanksharesa08.jpg)

**FOR IMMEDIATE RELEASE**

.

**NICOLET BANKSHARES, INC. ANNOUNCES RECORD QUARTERLY NET INCOME FOR SECOND QUARTER 2025**

***• Record quarterly net income of $36 million for second quarter 2025, compared to net income of $33 million in prior quarter, and net income of $29 million for second quarter 2024***

***• Quarterly return on average assets of 1.62%, the highest level since the March 2023 balance sheet restructuring***

***• Quarterly net interest margin of 3.72%, an increase of 14 bps over the first quarter***

***• Solid quarter-over-quarter loan growth of $94 million (5.6% annualized) and core deposit growth of $68 million (4.1% annualized)***

***• Repurchased 257,402 common shares for $30 million during second quarter 2025***

**Green Bay, Wisconsin, July 15, 2025 -** Nicolet Bankshares, Inc. (NYSE: NIC) ("Nicolet") announced record quarterly net income of $36 million for second quarter 2025 and earnings per diluted common share of $2.34, compared to net income of $33 million and earnings per diluted common share of $2.08 for first quarter 2025, and net income of $29 million and earnings per diluted common share of $1.92 for second quarter 2024.

"Our quarterly results again demonstrated strong performance and continued consistency in a volatile market," said Mike Daniels, Chairman, President, and CEO of Nicolet. "What we saw in the second quarter is a testament to the tenacity and vibrancy of our customers and the markets we serve. Loan growth continued at a healthy pace, as did core deposits. Mortgage revenues also saw their seasonal growth return, driven by housing demand in the upper Midwest. Our net interest margin continued to grow at a healthy pace as rates remained stable, and our profitability metrics are likely to place us near the top decile of community banks. Overall, it was a very solid quarter for us."

"These results aren't happening because of one or two big things, but rather a thousand little things done by nearly a thousand people who show up each day and matter to their customers and communities," Daniels continued. "I am impressed but not surprised by our mid-year results. Our people truly embrace the challenge of finding a way to make a meaningful impact. We remain focused at all levels of Nicolet to keep this momentum going and continue to create shared success for our customers, communities, shareholders, and each other."

**Balance Sheet Review**

At June 30, 2025, period end assets were $8.9 billion, a decrease of $44 million from March 31, 2025, mostly from lower cash balances. Total loans increased $94 million from March 31, 2025 (mostly in commercial-based loans), while total deposits of $7.5 billion at June 30, 2025, decreased $31 million from March 31, 2025, including a $99 million decrease in brokered deposits partly offset by a $68 million increase in customer (core) deposits. Long-term borrowings decreased $22 million from the prior quarter due to the redemption of a subordinated note issuance. Total capital was $1.2 billion at June 30, 2025, an increase of $7 million over March 31, 2025, with solid earnings and favorable movements in the securities portfolio market valuation partly offset by common stock repurchases and the quarterly common stock dividend.

**Asset Quality**

Nonperforming assets were $29 million and represented 0.32% of total assets at June 30, 2025, down slightly from 0.33% of total assets at March 31, 2025 and 0.34% of total assets at June 30, 2024. The allowance for credit losses-loans was $68 million and represented 1.00% of total loans at June 30, 2025, compared to $67 million (or 1.00% of total loans) at March 31, 2025, and $65 million (or 1.00% of total loans) at June 30, 2024. Asset quality trends remain solid and loan net charge-offs were negligible.

------

**Income Statement Review - Quarter**

Net income was $36 million for second quarter 2025, compared to net income of $33 million for first quarter 2025.

Net interest income was $75 million for second quarter 2025, $4 million higher than first quarter 2025, primarily due to solid loan growth. Interest income increased $5 million between the sequential quarters, while interest expense increased $1 million. The net interest margin for second quarter 2025 was 3.72%, up 14 bps from 3.58% for first quarter 2025. The yield on interest-earning assets increased 15 bps (to 5.82%), while the cost of interest-bearing liabilities for second quarter 2025 increased 3 bps (to 2.86%).

Noninterest income of $21 million for second quarter 2025 increased $2 million from first quarter 2025, mostly due to seasonal improvements in net mortgage income and favorable market valuations on the nonqualified deferred compensation plan assets. Wealth income decreased $0.2 million, while card interchange income increased $0.4 million.

Noninterest expense of $50 million for second quarter 2025 increased $2 million from first quarter 2025. Personnel expense increased $3 million from higher incentives (commensurate with solid quarterly earnings) and higher market valuations on the nonqualified deferred compensation plan liabilities, while non-personnel related expenses combined decreased $1 million (mostly lower marketing).

**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, Michigan, and Minnesota. More information can be found at <u>www.nicoletbank.com.</u>

**Use of Non-GAAP Financial Measures**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Nicolet Bankshares, Inc.** | | | | | |
| **Consolidated Balance Sheets (Unaudited)** | | | | | |
| (In thousands, except share data) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** |
| **Assets** |  |  |  |  |  |
| Cash and due from banks | $129607 | $105085 | $115943 | $124076 | $109674 |
| Interest-earning deposits | 293031 | 467095 | 420104 | 303908 | 298856 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 422638 | 572180 | 536047 | 427984 | 408530 |
| Securities available for sale, at fair value | 849253 | 838105 | 806415 | 825907 | 799937 |
| Other investments | 59594 | 58627 | 62125 | 63632 | 64720 |
| Loans held for sale | 9955 | 8092 | 7637 | 11121 | 9450 |
| Loans | 6839141 | 6745598 | 6626584 | 6556840 | 6529134 |
| Allowance for credit losses - loans | (68408) | (67480) | (66322) | (65785) | (65414) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, net | 6770733 | 6678118 | 6560262 | 6491055 | 6463720 |
| Premises and equipment, net | 123723 | 125274 | 126979 | 123585 | 120988 |
| Bank owned life insurance ("BOLI") | 189342 | 187902 | 186448 | 185011 | 171972 |
| Goodwill and other intangibles, net | 385107 | 386588 | 388140 | 389727 | 391421 |
| Accrued interest receivable and other assets | 120464 | 120336 | 122742 | 119096 | 126279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $8930809 | $8975222 | $8796795 | $8637118 | $8557017 |
| **Liabilities and Stockholders' Equity** |  |  |  |  |  |
| Liabilities: |  |  |  |  |  |
| Noninterest-bearing demand deposits | $1800335 | $1689129 | $1791228 | $1839617 | $1764806 |
| Interest-bearing deposits | 5741338 | 5883061 | 5612456 | 5420380 | 5476272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 7541673 | 7572190 | 7403684 | 7259997 | 7241078 |
| Long-term borrowings | 134340 | 156563 | 161387 | 161210 | 162433 |
| Accrued interest payable and other liabilities | 64698 | 63201 | 58826 | 66584 | 62093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 7740711 | 7791954 | 7623897 | 7487791 | 7465604 |
| Stockholders' Equity: |  |  |  |  |  |
| Common stock | 149 | 152 | 154 | 151 | 150 |
| Additional paid-in capital | 601625 | 630340 | 655540 | 647934 | 639159 |
| Retained earnings | 625243 | 594068 | 565772 | 535638 | 507366 |
| Accumulated other comprehensive income (loss) | (36919) | (41292) | (48568) | (34396) | (55262) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 1190098 | 1183268 | 1172898 | 1149327 | 1091413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $8930809 | $8975222 | $8796795 | $8637118 | $8557017 |
| Common shares outstanding | 14924086 | 15149341 | 15356785 | 15104381 | 14945598 |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nicolet Bankshares, Inc.** | | | | | | | |
| **Consolidated Statements of Income (Unaudited)** | **Consolidated Statements of Income (Unaudited)** | **Consolidated Statements of Income (Unaudited)** | | | | | |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| (In thousands, except per share data) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| Interest income: |  |  |  |  |  |  |  |
| Loans, including loan fees | $105976 | $100666 | $100605 | $100824 | $97975 | $206642 | $191623 |
| Taxable investment securities | 6027 | 5560 | 5369 | 5211 | 5056 | 11587 | 9613 |
| Tax-exempt investment securities | 1017 | 1049 | 1073 | 1095 | 1152 | 2066 | 2390 |
| Other interest income | 4618 | 5466 | 5787 | 5492 | 4695 | 10084 | 9283 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest income** | 117638 | 112741 | 112834 | 112622 | 108878 | 230379 | 212909 |
| Interest expense: |  |  |  |  |  |  |  |
| Deposits | 40472 | 39465 | 39138 | 42060 | 41386 | 79937 | 80376 |
| Short-term borrowings |  |  |  | 2 |  |  |  |
| Long-term borrowings | 2057 | 2070 | 2146 | 2194 | 2150 | 4127 | 4384 |
| &nbsp;&nbsp;&nbsp;**Total interest expense** | 42529 | 41535 | 41284 | 44256 | 43536 | 84064 | 84760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net interest income** | 75109 | 71206 | 71550 | 68366 | 65342 | 146315 | 128149 |
| Provision for credit losses | 1050 | 1500 | 1000 | 750 | 1350 | 2550 | 2100 |
| Net interest income after provision for credit losses | 74059 | 69706 | 70550 | 67616 | 63992 | 143765 | 126049 |
| Noninterest income: |  |  |  |  |  |  |  |
| Wealth management fee income | 6811 | 6975 | 7208 | 7085 | 6674 | 13786 | 13159 |
| Mortgage income, net | 2907 | 1926 | 3326 | 2853 | 2634 | 4833 | 3998 |
| Service charges on deposit accounts | 1962 | 2025 | 1877 | 1913 | 1813 | 3987 | 3394 |
| Card interchange income | 3699 | 3337 | 3541 | 3564 | 3458 | 7036 | 6556 |
| BOLI income | 1429 | 1420 | 1421 | 1455 | 1225 | 2849 | 2572 |
| Asset gains (losses), net | (199) | (354) | 510 | 1177 | 616 | (553) | 2525 |
| Deferred compensation plan asset market valuations | 1437 | 45 | (192) | 1162 | 169 | 1482 | 228 |
| LSR income, net | 950 | 1057 | 1064 | 1090 | 1117 | 2007 | 2251 |
| Other noninterest income | 1637 | 1792 | 2103 | 2079 | 1903 | 3429 | 4348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total noninterest income** | 20633 | 18223 | 20858 | 22378 | 19609 | 38856 | 39031 |
| Noninterest expense: |  |  |  |  |  |  |  |
| Personnel expense | 29114 | 26521 | 26682 | 28937 | 26285 | 55635 | 52795 |
| Occupancy, equipment and office | 9104 | 9330 | 8685 | 8826 | 8681 | 18434 | 17625 |
| Business development and marketing | 1593 | 2100 | 2325 | 1823 | 2040 | 3693 | 4182 |
| Data processing | 4682 | 4525 | 4668 | 4535 | 4281 | 9207 | 8551 |
| Intangibles amortization | 1481 | 1552 | 1587 | 1694 | 1762 | 3033 | 3595 |
| FDIC assessments | 1029 | 940 | 990 | 990 | 990 | 1969 | 2023 |
| Other noninterest expense | 2916 | 2819 | 3268 | 2343 | 2814 | 5735 | 5229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total noninterest expense** | 49919 | 47787 | 48205 | 49148 | 46853 | 97706 | 94000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income before income tax expense** | 44773 | 40142 | 43203 | 40846 | 36748 | 84915 | 71080 |
| Income tax expense | 8738 | 7550 | 8723 | 8330 | 7475 | 16288 | 14017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $36035 | $32592 | $34480 | $32516 | $29273 | $68627 | $57063 |
| **Earnings per common share:** |  |  |  |  |  |  |  |
| Basic | $2.40 | $2.14 | $2.25 | $2.16 | $1.96 | $4.53 | $3.82 |
| Diluted | $2.34 | $2.08 | $2.19 | $2.10 | $1.92 | $4.42 | $3.74 |
| **Common shares outstanding:** |  |  |  |  |  |  |  |
| Basic weighted average | 15029 | 15256 | 15297 | 15052 | 14937 | 15142 | 14922 |
| Diluted weighted average | 15431 | 15647 | 15710 | 15479 | 15276 | 15538 | 15263 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nicolet Bankshares, Inc.** | | | | | | | |
| **Consolidated Financial Summary (Unaudited)** | **Consolidated Financial Summary (Unaudited)** | **Consolidated Financial Summary (Unaudited)** | | | | | |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| (In thousands, except share & per share data) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Selected Average Balances:** |  |  |  |  |  |  |  |
| Loans | $6833236 | $6710206 | $6581059 | $6542532 | $6496732 | $6772060 | $6447785 |
| Investment securities | 900469 | 886010 | 884376 | 873212 | 881190 | 893280 | 882982 |
| Interest-earning assets | 8140178 | 8078997 | 7946309 | 7824773 | 7733097 | 8109756 | 7681109 |
| Cash and cash equivalents | 423272 | 497865 | 493237 | 431632 | 374176 | 460363 | 369276 |
| Goodwill and other intangibles, net | 385735 | 387260 | 388824 | 390453 | 392171 | 386494 | 393066 |
| Total assets | 8909653 | 8849412 | 8716611 | 8596812 | 8481186 | 8879698 | 8430891 |
| Deposits | 7504224 | 7446107 | 7314632 | 7247321 | 7183777 | 7475325 | 7148373 |
| Interest-bearing liabilities | 5972117 | 5953083 | 5667803 | 5653259 | 5658642 | 5962651 | 5584262 |
| Stockholders' equity (common) | 1183316 | 1178868 | 1163477 | 1118242 | 1070379 | 1181104 | 1059487 |
| **Selected Ratios:** <sup>(1)</sup> |  |  |  |  |  |  |  |
| Book value per common share | $79.74 | $78.11 | $76.38 | $76.09 | $73.03 | $79.74 | $73.03 |
| Tangible book value per common share <sup>(2)</sup> | $53.94 | $52.59 | $51.10 | $50.29 | $46.84 | $53.94 | $46.84 |
| Return on average assets | 1.62% | 1.49% | 1.57% | 1.50% | 1.39% | 1.56% | 1.36% |
| Return on average common equity | 12.21 | 11.21 | 11.79 | 11.57 | 11.00 | 11.72 | 10.83 |
| Return on average tangible common equity <sup>(2)</sup> | 18.12 | 16.70 | 17.71 | 17.77 | 17.36 | 17.42 | 17.22 |
| Average equity to average assets | 13.28 | 13.32 | 13.35 | 13.01 | 12.62 | 13.30 | 12.57 |
| Stockholders' equity to assets | 13.33 | 13.18 | 13.33 | 13.31 | 12.75 | 13.33 | 12.75 |
| Tangible common equity to tangible assets <sup>(2)</sup> | 9.42 | 9.28 | 9.33 | 9.21 | 8.57 | 9.42 | 8.57 |
| Net interest margin \* | 3.72 | 3.58 | 3.61 | 3.51 | 3.42 | 3.65 | 3.37 |
| Efficiency ratio | 51.79 | 52.94 | 52.17 | 54.57 | 55.24 | 52.34 | 56.75 |
| Effective tax rate | 19.52 | 18.81 | 20.19 | 20.39 | 20.34 | 19.18 | 19.72 |
| **Selected Asset Quality Information:** | **Selected Asset Quality Information:** | **Selected Asset Quality Information:** |  |  |  |  |  |
| Nonaccrual loans | $27735 | $28325 | $28419 | $25565 | $27838 | $27735 | $27838 |
| Other real estate owned | 881 | 946 | 693 | 859 | 1147 | 881 | 1147 |
| Nonperforming assets | $28616 | $29271 | $29112 | $26424 | $28985 | $28616 | $28985 |
| Net loan charge-offs (recoveries) | $372 | $342 | $363 | $379 | $283 | $714 | $296 |
| Allowance for credit losses-loans to loans | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net charge-offs to average loans <sup>(1)</sup> | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 |
| Nonperforming loans to total loans | 0.41 | 0.42 | 0.43 | 0.39 | 0.43 | 0.41 | 0.43 |
| Nonperforming assets to total assets | 0.32 | 0.33 | 0.33 | 0.31 | 0.34 | 0.32 | 0.34 |
| **Stock Repurchase Information:** <sup>(3)</sup> |  |  |  |  |  |  |  |
| Common stock repurchased ($) | $29989 | $26047 | $10137 | $— | $— | $56036 | $— |
| Common stock repurchased (shares) | 257402 | 233207 | 92440 |  |  | 490609 |  |

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\* During fourth quarter 2024, Nicolet changed the annualization methodology utilized for the calculation of selected net interest margin components from actual/360 to actual/actual to be more consistent with the methodology typically used by peer banks and to cause quarterly results to be more consistent with annual results. Prior periods have been restated for this change in methodology. There was no change to the reported average balances or interest recognized.

(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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Nicolet Bankshares, Inc.** | | | | | |
| **Consolidated Loan & Deposit Metrics (Unaudited)** | **Consolidated Loan & Deposit Metrics (Unaudited)** | **Consolidated Loan & Deposit Metrics (Unaudited)** | | | |
| (In thousands) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** |
| **Period End Loan Composition** |  |  |  |  |  |
| Commercial & industrial | $1412621 | $1409320 | $1319763 | $1351516 | $1358152 |
| Owner-occupied commercial real estate ("CRE") | 963278 | 949107 | 940367 | 920533 | 941137 |
| Agricultural | 1346924 | 1329807 | 1322038 | 1261152 | 1224885 |
| &nbsp;&nbsp;&nbsp;Commercial | 3722823 | 3688234 | 3582168 | 3533201 | 3524174 |
| CRE investment | 1231423 | 1225490 | 1221826 | 1226982 | 1198020 |
| Construction & land development | 298122 | 273007 | 239694 | 231694 | 247565 |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 1529545 | 1498497 | 1461520 | 1458676 | 1445585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial-based loans | 5252368 | 5186731 | 5043688 | 4991877 | 4969759 |
| Residential construction | 88152 | 91321 | 96110 | 85811 | 90904 |
| Residential first mortgage | 1205841 | 1194116 | 1196158 | 1194574 | 1190790 |
| Residential junior mortgage | 249406 | 235096 | 234634 | 223456 | 218512 |
| &nbsp;&nbsp;Residential real estate | 1543399 | 1520533 | 1526902 | 1503841 | 1500206 |
| Retail & other | 43374 | 38334 | 55994 | 61122 | 59169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail-based loans | 1586773 | 1558867 | 1582896 | 1564963 | 1559375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | $6839141 | $6745598 | $6626584 | $6556840 | $6529134 |
| **Period End Deposit Composition** |  |  |  |  |  |
| Noninterest-bearing demand | $1800335 | $1689129 | $1791228 | $1839617 | $1764806 |
| Interest-bearing demand | 1266507 | 1239075 | 1168560 | 1035593 | 1093621 |
| Money market | 1900639 | 1988648 | 1942367 | 1928977 | 1963559 |
| Savings | 805300 | 794223 | 774707 | 763024 | 762529 |
| Time | 1768892 | 1861115 | 1726822 | 1692786 | 1656563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $7541673 | $7572190 | $7403684 | $7259997 | $7241078 |
| Brokered transaction accounts | $307527 | $249537 | $163580 | $159547 | $250109 |
| Brokered time deposits | 450948 | 607725 | 586852 | 549907 | 557657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total brokered deposits | $758475 | $857262 | $750432 | $709454 | $807766 |
| Customer transaction accounts | $5465254 | $5461538 | $5513282 | $5407664 | $5334406 |
| Customer time deposits | 1317944 | 1253390 | 1139970 | 1142879 | 1098906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total customer deposits (core) | $6783198 | $6714928 | $6653252 | $6550543 | $6433312 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nicolet Bankshares, Inc.** | **Nicolet Bankshares, Inc.** | **Nicolet Bankshares, Inc.** | **Nicolet Bankshares, Inc.** | **Nicolet Bankshares, Inc.** | | | | | |
| **Net Interest Income and Net Interest Margin Analysis (Unaudited)** | **Net Interest Income and Net Interest Margin Analysis (Unaudited)** | **Net Interest Income and Net Interest Margin Analysis (Unaudited)** | **Net Interest Income and Net Interest Margin Analysis (Unaudited)** | **Net Interest Income and Net Interest Margin Analysis (Unaudited)** | | | | | |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| | **Average** | | **Average** | **Average** | | **Average** | **Average** | | **Average** |
| (In thousands) | **Balance** | **Interest** | **Rate \*** | **Balance** | **Interest** | **Rate \*** | **Balance** | **Interest** | **Rate \*** |
| **ASSETS** |  |  |  |  |  |  |  |  |  |
| Total loans <sup>(1) (2)</sup> | $6833236 | $106103 | 6.23% | $6710206 | $100804 | 6.08% | $6496732 | $98086 | 6.07% |
| Investment securities <sup>(2)</sup> | 900469 | 7371 | 3.27% | 886010 | 6951 | 3.14% | 881190 | 6579 | 2.99% |
| Other interest-earning assets | 406473 | 4618 | 4.56% | 482781 | 5466 | 4.58% | 355175 | 4695 | 5.31% |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets | 8140178 | $118092 | 5.82% | 8078997 | $113221 | 5.67% | 7733097 | $109360 | 5.68% |
| Other assets, net | 769475 |  |  | 770415 |  |  | 748089 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $8909653 |  |  | $8849412 |  |  | $8481186 |  |  |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |  |  |  |
| Interest-bearing core deposits | $5001714 | $31677 | 2.54% | $5001535 | $30783 | 2.50% | $4665195 | $31713 | 2.73% |
| Brokered deposits | 814789 | 8795 | 4.33% | 790460 | 8682 | 4.45% | 831100 | 9673 | 4.68% |
| &nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 5816503 | 40472 | 2.79% | 5791995 | 39465 | 2.76% | 5496295 | 41386 | 3.03% |
| Wholesale funding | 155614 | 2057 | 5.30% | 161088 | 2070 | 5.21% | 162347 | 2150 | 5.33% |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 5972117 | $42529 | 2.86% | 5953083 | $41535 | 2.83% | 5658642 | $43536 | 3.09% |
| Noninterest-bearing demand deposits | 1687721 |  |  | 1654112 |  |  | 1687482 |  |  |
| Other liabilities | 66499 |  |  | 63349 |  |  | 64683 |  |  |
| Stockholders' equity | 1183316 |  |  | 1178868 |  |  | 1070379 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $8909653 |  |  | $8849412 |  |  | $8481186 |  |  |
| Net interest income and rate spread |  | $75563 | 2.96% |  | $71686 | 2.84% |  | $65824 | 2.59% |
| Net interest margin |  |  | 3.72% |  |  | 3.58% |  |  | 3.42% |
| Loan purchase accounting accretion <sup>(3)</sup> |  | $1475 | 0.09% |  | $1475 | 0.09% |  | $1527 | 0.08% |
| Loan nonaccrual interest <sup>(3)</sup> |  | $(26) | 0.00% |  | $(304) | (0.02)% |  | $329 | 0.02% |
|  | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |  |  |  |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |  |  |  |
|  | **Average** |  | **Average** | **Average** |  | **Average** |  |  |  |
| (In thousands) | **Balance** | **Interest** | **Rate \*** | **Balance** | **Interest** | **Rate \*** |  |  |  |
| **ASSETS** |  |  |  |  |  |  |  |  |  |
| Total loans <sup>(1) (2)</sup> | $6772060 | $206907 | 6.15% | $6447785 | $191830 | 5.98% |  |  |  |
| Investment securities <sup>(2)</sup> | 893280 | 14322 | 3.21% | 882982 | 12776 | 2.89% |  |  |  |
| Other interest-earning assets | 444416 | 10084 | 4.57% | 350342 | 9283 | 5.32% |  |  |  |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets | 8109756 | $231313 | 5.74% | 7681109 | $213889 | 5.59% |  |  |  |
| Other assets, net | 769942 |  |  | 749782 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $8879698 |  |  | $8430891 |  |  |  |  |  |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |  |  |  |
| Interest-bearing core deposits | $5001624 | $62460 | 2.52% | $4664932 | $62969 | 2.71% |  |  |  |
| Brokered deposits | 802691 | 17477 | 4.39% | 755612 | 17407 | 4.63% |  |  |  |
| &nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 5804315 | 79937 | 2.78% | 5420544 | 80376 | 2.98% |  |  |  |
| Wholesale funding | 158336 | 4127 | 5.26% | 163718 | 4384 | 5.38% |  |  |  |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 5962651 | $84064 | 2.84% | 5584262 | $84760 | 3.05% |  |  |  |
| Noninterest-bearing demand deposits | 1671010 |  |  | 1727829 |  |  |  |  |  |
| Other liabilities | 64933 |  |  | 59313 |  |  |  |  |  |
| Stockholders' equity | 1181104 |  |  | 1059487 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $8879698 |  |  | $8430891 |  |  |  |  |  |
| Net interest income and rate spread |  | $147249 | 2.90% |  | $129129 | 2.54% |  |  |  |
| Net interest margin |  |  | 3.65% |  |  | 3.37% |  |  |  |
| Loan purchase accounting accretion <sup>(3)</sup> |  | $2950 | 0.09% |  | $3055 | 0.08% |  |  |  |
| Loan nonaccrual interest <sup>(3)</sup> |  | $(330) | (0.01)% |  | $88 | —% |  |  |  |

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\* During fourth quarter 2024, Nicolet changed the annualization methodology utilized for the calculation of selected net interest margin components from actual/360 to actual/actual to be more consistent with the methodology typically used by peer banks and to cause quarterly results to be more consistent with annual results. Prior periods have been restated for this change in methodology. There was no change to the reported average balances or interest recognized.

(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.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nicolet Bankshares, Inc.** | | | | | | | |
| **Reconciliation of Non-GAAP Financial Measures (Unaudited)** | **Reconciliation of Non-GAAP Financial Measures (Unaudited)** | **Reconciliation of Non-GAAP Financial Measures (Unaudited)** | | | | | |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| (In thousands, except per share data) | **6/30/2025** | **3/31/2025** | **12/31/2024** | **9/30/2024** | **6/30/2024** | **6/30/2025** | **6/30/2024** |
| **Adjusted net income reconciliation:** <sup>(1)</sup> |  |  |  |  |  |  |  |
| Net income (GAAP) | $36035 | $32592 | $34480 | $32516 | $29273 | $68627 | $57063 |
| *Adjustments:* |  |  |  |  |  |  |  |
| Assets (gains) losses, net <sup>(2)</sup> | 199 | 354 | (510) | (1177) | (616) | 553 | (2525) |
| &nbsp;&nbsp;&nbsp;Adjustments subtotal | 199 | 354 | (510) | (1177) | (616) | 553 | (2525) |
| Tax on Adjustments <sup>(3)</sup> | 39 | 69 | (99) | (230) | (120) | 108 | (492) |
| Adjusted net income (Non-GAAP) | $36195 | $32877 | $34069 | $31569 | $28777 | $69072 | $55030 |
| *Diluted earnings per common share:* |  |  |  |  |  |  |  |
| Diluted earnings per common share (GAAP) | $2.34 | $2.08 | $2.19 | $2.10 | $1.92 | $4.42 | $3.74 |
| Adjusted Diluted earnings per common share (Non-GAAP) | $2.35 | $2.10 | $2.17 | $2.04 | $1.88 | $4.45 | $3.61 |
| **Tangible assets:** <sup>(4)</sup> |  |  |  |  |  |  |  |
| Total assets | $8930809 | $8975222 | $8796795 | $8637118 | $8557017 |  |  |
| Goodwill and other intangibles, net | 385107 | 386588 | 388140 | 389727 | 391421 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible assets | $8545702 | $8588634 | $8408655 | $8247391 | $8165596 |  |  |
| **Tangible common equity:** <sup>(4)</sup> |  |  |  |  |  |  |  |
| Stockholders' equity (common) | $1190098 | $1183268 | $1172898 | $1149327 | $1091413 |  |  |
| Goodwill and other intangibles, net | 385107 | 386588 | 388140 | 389727 | 391421 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common equity | $804991 | $796680 | $784758 | $759600 | $699992 |  |  |
| **Tangible average common equity:** <sup>(4)</sup> | **Tangible average common equity:** <sup>(4)</sup> |  |  |  |  |  |  |
| Average stockholders' equity (common) | $1183316 | $1178868 | $1163477 | $1118242 | $1070379 | $1181104 | $1059487 |
| Average goodwill and other intangibles, net | 385735 | 387260 | 388824 | 390453 | 392171 | 386494 | 393066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible common equity | $797581 | $791608 | $774653 | $727789 | $678208 | $794610 | $666421 |

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Note: Numbers may not sum due to rounding.

(1)The adjusted 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 gains / (losses) on other assets and investments.

(3)Assumes an effective tax rate of 19.5%.

(4)The ratios of tangible book value per common share, return on average tangible common equity, and tangible common equity to tangible assets exclude goodwill and other intangibles, net. 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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