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.

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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.

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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.

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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

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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

 

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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.

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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.

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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)		%

* 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.

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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.

6