v3.25.2
Goodwill and Other Intangibles and Servicing Rights (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Intangible Assets A summary of goodwill and other intangibles was as follows.
(in thousands)June 30, 2025December 31, 2024
Goodwill$367,387 $367,387 
Core deposit intangibles16,072 18,815 
Customer list intangibles1,648 1,938 
    Other intangibles17,720 20,753 
Goodwill and other intangibles, net$385,107 $388,140 
Schedule of Other Intangible Assets A summary of other intangible assets was as follows.
Six Months EndedYear Ended
(in thousands)June 30, 2025December 31, 2024
Core deposit intangibles:
Gross carrying amount *$56,588 $60,724 
Accumulated amortization *(40,516)(41,909)
Net book value$16,072 $18,815 
Amortization during the period$2,743 $6,297 
Customer list intangibles:
Gross carrying amount$6,173 $6,173 
Accumulated amortization(4,525)(4,235)
Net book value$1,648 $1,938 
Additions during the period$— $650 
Amortization during the period$290 $579 
*Core deposit intangibles of $4.1 million were fully amortized during 2024 and have been removed from both the gross carrying amount and accumulated amortization for 2025.
Schedule of Mortgage and Loan Servicing Rights
A summary of the changes in the servicing rights asset was as follows.
Six Months EndedYear Ended
(in thousands)June 30, 2025December 31, 2024
Servicing rights asset at beginning of year$18,954 $20,486 
Capitalized servicing rights1,219 2,750 
Sale of servicing rights ^(64)— 
Amortization during the period(2,067)(4,282)
Servicing rights asset at end of period$18,042 $18,954 
Valuation allowance at beginning of year$(120)$— 
(Additions) / Reversals, net79 (120)
Charge-offs ^41 — 
Valuation allowance at end of period$— $(120)
Servicing rights asset, net$18,042 $18,834 
Residential mortgage loans serviced for others$1,616,737 $1,644,821 
Agricultural loans serviced for others$414,204 $438,954 
^ During first quarter 2025, Nicolet sold mortgage servicing rights with a remaining carrying value of $64,000 for $23,000 and the difference of $41,000 was charged-off through the valuation allowance. These serviced loans had a remaining loan balance of approximately $30 million at the time of sale.
Schedule of Estimated Future Amortization Expense for Amortizing Intangible Assets and the MSR Asset The following table shows the estimated future amortization expense for amortizing intangible assets and servicing assets. The projections are based on existing asset balances, the current interest rate environment and estimated prepayment speeds as of June 30, 2025. The actual amortization expense the Company recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements and events or circumstances that indicate the carrying amount of an asset may not be recoverable.
(in thousands)Core deposit
intangibles		Customer list
intangibles		Servicing rights asset
Year ending December 31,
2025 (remaining six months)
$2,418 $289 $2,202 
20263,983 379 3,577 
20273,218 296 3,126 
20282,622 296 2,754 
20291,911 166 2,302 
20301,219 166 1,710 
Thereafter701 56 2,371 
Total$16,072 $1,648 $18,042