Management periodically reviews the carrying value of its intangible assets to determine if any impairment has occurred, in which case an impairment charge would be recorded as an expense in the period of impairment, or whether changes in circumstances have occurred that would require a revision to the remaining useful life that would affect expense prospectively. In making such determination, management evaluates whether there are any adverse qualitative factors indicating that an impairment may exist, as well as the performance of the underlying operations or assets which give rise to the intangible. Management concluded no impairment was indicated for the six months ended June 30, 2026 and the year ended December 31, 2025. A summary of goodwill and other intangibles was as follows.



(in thousands)	June 30, 2026		December 31, 2025
Goodwill	$	834,495	$	367,387
Core deposit intangibles	117,264		13,655
Customer list intangibles	9,928		1,358
Other intangibles	127,192		15,013
Goodwill and other intangibles, net	$	961,687	$	382,400

Goodwill: Goodwill is not amortized but, instead, is subject to impairment tests on at least an annual basis or more frequently if certain events or circumstances occur. During 2026, goodwill increased due to the acquisition of MidWestOne. See Note 2 for additional information on the acquisition. A summary of goodwill was as follows.


	Six Months Ended		Year Ended
(in thousands)	June 30, 2026		December 31, 2025
Goodwill:
Goodwill at beginning of year	$	367,387	$	367,387
Acquisition	467,108		—

Goodwill at end of period	$	834,495	$	367,387

Other intangible assets: Other intangible assets, consisting of core deposit intangibles and customer list intangibles, are amortized over their estimated finite lives. During 2026, core deposit intangibles and customer list intangibles increased due to the acquisition of MidWestOne. See Note 2 for additional information on the acquisition. A summary of other intangible assets was as follows.


	Six Months Ended		Year Ended
(in thousands)	June 30, 2026		December 31, 2025
Core deposit intangibles:
Gross carrying amount	$	170,019	$	56,588
Accumulated amortization	(52,755)		(42,933)
Net book value	$	117,264	$	13,655
Additions during the period	$	113,431	$	—
Amortization during the period	$	9,822	$	5,160
Customer list intangibles:
Gross carrying amount	$	15,173	$	6,173
Accumulated amortization	(5,245)		(4,815)
Net book value	$	9,928	$	1,358
Additions during the period	$	9,000	$	—
Amortization during the period	$	430	$	580

Mortgage servicing rights (“MSR”): The Company sells originated residential mortgage loans into the secondary market and retains the right to service these sold loans. Mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income, and assessed for impairment at each reporting date, with the amortization recorded in mortgage income, net, in the consolidated statements of income. Mortgage servicing rights are carried at the lower of the initial capitalized amount, net of accumulated amortization, or estimated fair value, and are included in other assets in the consolidated balance sheets. The Company periodically evaluates its mortgage servicing rights asset for impairment. At each reporting date, impairment is assessed based on estimated fair value using estimated prepayment speeds of the underlying mortgage loans serviced and stratification based on the risk characteristics of the underlying loans (predominantly loan type and note interest rate).


	Six Months Ended		Year Ended
(in thousands)	June 30, 2026		December 31, 2025
Servicing rights asset at beginning of year	$	18,325	$	18,954
Capitalized servicing rights	2,457		3,771
Servicing rights acquired *	10,873		—
Sale of servicing rights ^	—		(64)
Amortization during the period	(2,763)		(4,336)
Servicing rights asset at end of period	$	28,892	$	18,325
Valuation allowance at beginning of year	$	—	$	(120)
(Additions) / Reversals, net	—		79
Charge-offs ^	—		41
Valuation allowance at end of period	$	—	$	—
Servicing rights asset, net	$	28,892	$	18,325
Residential mortgage loans serviced for others	$	2,475,882	$	1,676,738
Agricultural loans serviced for others	$	357,868	$	387,974

* During first quarter 2026, Nicolet acquired mortgage servicing rights with the MidWestOne transaction with a fair value of $11 million related to residential mortgage loans serviced for others with a remaining principal balance of $794 million as of the acquisition date.

^ 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.

Estimated future amortization: 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, 2026. 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,
2026 (remaining six months)	$	11,348	$	449	$	3,108
2027	22,123		896		5,763
2028	19,465		896		5,392
2029	16,691		766		4,939
2030	13,937		766		4,342
2031	11,227		655		1,877
Thereafter	22,473		5,500		3,471
Total	$	117,264	$	9,928	$	28,892