v3.26.1
Goodwill and Other Intangibles and Servicing Rights (Tables)
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Schedule of Goodwill and Intangible Assets A summary of goodwill and other intangibles was as follows.
(in thousands)June 30, 2026December 31, 2025
Goodwill$834,495 $367,387 
Core deposit intangibles117,264 13,655 
Customer list intangibles9,928 1,358 
    Other intangibles127,192 15,013 
Goodwill and other intangibles, net$961,687 $382,400 
Schedule of Goodwill A summary of goodwill was as follows.
Six Months EndedYear Ended
(in thousands)June 30, 2026December 31, 2025
Goodwill:
Goodwill at beginning of year$367,387 $367,387 
Acquisition467,108 — 
Goodwill at end of period$834,495 $367,387 
Schedule of Other Intangible Assets A summary of other intangible assets was as follows.
Six Months EndedYear Ended
(in thousands)June 30, 2026December 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 
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, 2026December 31, 2025
Servicing rights asset at beginning of year$18,325 $18,954 
Capitalized servicing rights2,457 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.
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, 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 
202722,123 896 5,763 
202819,465 896 5,392 
202916,691 766 4,939 
203013,937 766 4,342 
203111,227 655 1,877 
Thereafter22,473 5,500 3,471 
Total$117,264 $9,928 $28,892