Exhibit 99.1

FOR IMMEDIATE RELEASE

 

NICOLET BANKSHARES, INC. ANNOUNCES THIRD QUARTER 2026 EARNINGS

•Net income of $64 million ($68 million core*) for third quarter 2026, compared to net income of $57 million ($65 million core*) for second quarter 2026

•Diluted earnings per share of $2.96 ($3.15 core*) for third quarter 2026, compared to $2.62 ($2.99 core*) for second quarter 2026

•Completed the MidWestOne integration and core systems conversion, the sale of the Denver branches, and moved both wealth management platforms to a common operating system

•Net interest margin expanded to 4.19% for third quarter 2026, compared to 4.14% for second quarter 2026

* Core net income and core diluted earnings per share are non-GAAP financial measures

Green Bay, Wisconsin, October 20, 2026 - Nicolet Bankshares, Inc. (NYSE: NIC) (“Nicolet”) announced net income of $64 million and earnings per diluted common share of $2.96 for third quarter 2026, compared to net income of $57 million and earnings per diluted common share of $2.62 for second quarter 2026, and net income of $42 million and earnings per diluted common share of $2.73 for third quarter 2025. Net income included certain non-core items, mostly merger-related expenses, that negatively impacted earnings per diluted common share $0.19 for third quarter 2026 and $0.37 for second quarter 2026, resulting in core diluted earnings per common share (non-GAAP) of $3.15 and $2.99, respectively.

“Our third quarter results are beginning to show what this combined company can produce,” said Mike Daniels, Chairman, President, and CEO of Nicolet. “Core earnings increased, our net interest margin expanded again, and we delivered a core return on average tangible common equity of 22%. Our people produced those results all while completing the MidWestOne systems conversion and integration, closing the Denver branch sale, and bringing our teams together around a shared culture. That takes a lot of work. I am proud of how they handled it while continuing to do the thousand little things that matter to our customers and communities every day.”

Daniels continued, “Core deposits grew $223 million, our funding mix improved, and asset quality remained solid. Our strong profitability also supported $40 million in common stock repurchases. We expect a cleaner fourth quarter giving a clearer view of what this company can earn as we head into 2027. From here, our focus is on growing customer relationships, and staying disciplined on credit and expenses. We like where we are headed. Now we need to keep delivering.”

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 September 30, 2026, period end assets were $15.1 billion, a decrease of $350 million from June 30, 2026, largely due to the Denver branches divestiture that closed on July 28, 2026. Total loans increased $34 million from June 30, 2026, while securities available for sale decreased $26 million. Total deposits of $12.6 billion at September 30, 2026, increased $73 million from June 30, 2026, including a $223 million increase in core deposits, partly offset by a $150 million decrease in brokered deposits. Total capital was $2.2 billion at September 30, 2026, a decrease of $37 million from June 30, 2026, with earnings more than offset by unfavorable market valuations on the investment portfolio from recent interest rate increases, common stock repurchases, and the quarterly common stock dividend.

Asset Quality

Nonperforming assets were $78 million and represented 0.52% of total assets at September 30, 2026, compared to $75 million (0.49% of total assets) at June 30, 2026. The allowance for credit losses-loans was $135 million and represented 1.24% of total loans at September 30, 2026, compared to $134 million (or 1.23% of total loans) at June 30, 2026. Asset quality trends remain solid and loan net charge-offs were negligible.

Income Statement Review - Quarter

Net income was $64 million for third quarter 2026, compared to net income of $57 million for second quarter 2026.

Net interest income was $142 million for third quarter 2026, $1 million (1%) higher than second quarter 2026. Average interest-earning assets of $13.6 billion were down $226 million from second quarter 2026, mostly due to $263 million lower average loans related to the Denver branches sale, partly offset by organic growth. Average interest-bearing liabilities of $10.0 billion were down $388 million from second quarter 2026, primarily due to $321 million lower average interest-bearing deposits also attributable to the Denver branches sale.

The net interest margin for third quarter 2026 was 4.19%, compared to 4.14% for second quarter 2026. The yield on interest-earning assets increased 2 bps (to 5.88%), including a 6 bps increase in loan yield (to 6.32%) partly offset by a 4 bps decrease in investment yield from lower discount accretion related to the early call of a municipal bond in second quarter 2026. On the funding side, the cost of interest-bearing liabilities for third quarter 2026 increased 1 bp (to 2.30%).

Noninterest income was $32 million for third quarter 2026, down $4 million compared to second quarter 2026, largely due to unfavorable market valuations. Net asset gains (losses) were $3 million unfavorable and deferred compensation plan asset market valuations were $2 million unfavorable from second quarter 2026 to third quarter 2026, mostly due to changes in market valuations. Excluding net asset gains (losses) and the deferred compensation plan asset market valuations, noninterest income increased $1 million, primarily due to an increase in wealth management fee income.

Noninterest expense was $91 million for third quarter 2026, compared to $104 million for second quarter 2026. Personnel expense decreased $4 million from second quarter 2026, reflecting lower salaries from the decline in average full-time equivalent employees, as well as the $2 million offsetting market valuation for the deferred compensation plan liabilities. Non-personnel expenses decreased $9 million from second quarter 2026, primarily due to a $3 million reduction in merger-related expense and a $5 million reduction in other noninterest expense for second quarter loss on the early redemption of junior subordinated debentures.

Declaration of Quarterly Cash Dividend to Shareholders

On October 19, 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 December 15, 2026, to shareholders of record as of December 1, 2026.

Next Quarterly Earnings Release

Nicolet expects to issue the fourth quarter and full year 2026 earnings release on January 19, 2027.

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.

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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 expected fourth quarter 2026 and full year 2027 earnings and profitability, realization of merger-related cost savings, growth in customer relationship, 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 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 ability to 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) post-conversion integration risks affecting customer or employee retention, and (2) continued non-core items affecting fourth quarter results.

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)						9/30/2026						6/30/2026						3/31/2026						12/31/2025						9/30/2025
Assets
Cash and due from banks						$	103,443					$	153,492					$	123,359					$	107,956					$	94,402
Interest-earning deposits						407,088						311,756						492,092						552,276						379,555
Cash and cash equivalents						510,531						465,248						615,451						660,232						473,957
Securities available for sale, at fair value						1,980,623						2,006,963						1,986,946						859,834						861,534
Other investments						118,067						116,575						99,835						63,247						61,380
Loans held for sale						9,080						19,388						16,627						13,620						11,308
Other assets held for sale						—						411,348						400,443						—						—
Loans						10,882,449						10,848,164						10,879,694						6,836,345						6,874,711
Allowance for credit losses - loans						(134,780)						(133,584)						(133,435)						(68,806)						(68,785)
Loans, net						10,747,669						10,714,580						10,746,259						6,767,539						6,805,926
Premises and equipment, net						193,341						189,197						187,876						120,462						121,711
Bank owned life insurance (“BOLI”)						298,496						296,095						293,790						192,498						190,979
Goodwill and other intangibles, net						959,659						961,687						967,843						382,400						383,693
Accrued interest receivable and other assets						247,342						233,538						259,420						125,275						118,942
Total assets						$	15,064,808					$	15,414,619					$	15,574,490					$	9,185,107					$	9,029,430
Liabilities and Stockholders' Equity
Liabilities:
Noninterest-bearing demand deposits						$	2,818,385					$	2,717,610					$	2,537,729					$	1,828,928					$	1,826,453
Interest-bearing deposits						9,778,250						9,805,726						10,086,635						5,901,843						5,785,012
Total deposits						12,596,635						12,523,336						12,624,364						7,730,771						7,611,465
Long-term borrowings						92,750						92,750						179,968						134,860						134,600
Other liabilities held for sale						—						388,060						385,882						—						—
Accrued interest payable and other liabilities						141,183						138,999						127,399						61,814						68,405
Total liabilities						12,830,568						13,143,145						13,317,613						7,927,445						7,814,470
Stockholders' Equity:
Common stock						209						211						213						148						148
Additional paid-in capital						1,513,745						1,552,947						1,589,992						583,257						581,815
Retained earnings						811,455						755,311						706,099						697,799						662,252
Accumulated other comprehensive income (loss)						(91,169)						(36,995)						(39,427)						(23,542)						(29,255)
Total stockholders' equity						2,234,240						2,271,474						2,256,877						1,257,662						1,214,960
Total liabilities and stockholders' equity						$	15,064,808					$	15,414,619					$	15,574,490					$	9,185,107					$	9,029,430
Common shares outstanding						20,845,434						21,060,762						21,316,619						14,811,445						14,798,895

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Nicolet Bankshares, Inc.
Consolidated Statements of Income (Unaudited)
						For the Three Months Ended																														For the Nine Months Ended
(In thousands, except per share data)						9/30/2026						6/30/2026						3/31/2026						12/31/2025						9/30/2025						9/30/2026						9/30/2025
Interest income:
Loans, including loan fees						$	174,014					$	174,705					$	139,784					$	106,579					$	107,930					$	488,503					$	314,572
Taxable investment securities						19,595						19,305						11,955						6,294						6,201						50,855						17,788
Tax-exempt investment securities						1,584						1,692						1,358						972						998						4,634						3,064
Other interest income						5,160						5,202						5,115						6,393						5,204						15,477						15,288
Total interest income						200,353						200,904						158,212						120,238						120,333						559,469						350,712
Interest expense:
Deposits						56,811						57,321						46,656						37,622						39,312						160,788						119,249
Short-term borrowings						—						—						—						1						—						—						—
Long-term borrowings						1,312						2,112						1,997						1,721						1,757						5,421						5,884
Total interest expense						58,123						59,433						48,653						39,344						41,069						166,209						125,133
Net interest income						142,230						141,471						109,559						80,894						79,264						393,260						225,579
Provision for credit losses						1,950						1,500						6,050						750						950						9,500						3,500
Net interest income after provision for credit losses						140,280						139,971						103,509						80,144						78,314						383,760						222,079
Noninterest income:
Wealth management fee income						12,557						11,738						10,655						8,196						7,629						34,950						21,415
Mortgage income, net						3,624						3,624						3,539						3,653						3,568						10,787						8,401
Service charges on deposit accounts						3,908						4,139						3,149						2,016						2,000						11,196						5,987
Card interchange income						6,815						6,332						4,228						3,772						3,752						17,375						10,788
BOLI income						2,401						2,305						1,882						1,857						1,654						6,588						4,503
Asset gains (losses), net						(586)						2,364						(867)						422						1,294						911						741
Deferred compensation plan asset market valuations						(424)						1,947						(277)						465						972						1,246						2,454
LSR income, net						649						778						711						644						668						2,138						2,675
Other noninterest income						3,256						3,052						2,274						2,067						2,082						8,582						5,511
Total noninterest income						32,200						36,279						25,294						23,092						23,619						93,773						62,475
Noninterest expense:
Personnel expense						47,099						50,612						38,159						30,233						29,437						135,870						85,072
Occupancy, equipment and office						16,236						16,398						12,375						9,169						9,028						45,009						27,462
Business development and marketing						3,391						3,184						2,337						2,093						2,223						8,912						5,916
Data processing						7,116						7,758						6,185						4,691						4,671						21,059						13,878
Intangibles amortization						5,959						6,156						4,096						1,293						1,414						16,211						4,447
FDIC assessments						1,722						1,801						1,275						1,033						1,005						4,798						2,974
Merger-related expense						4,588						7,403						40,686						1,956						—						52,677						—
Other noninterest expense						5,187						10,452						4,682						2,571						2,310						20,321						8,045
Total noninterest expense						91,298						103,764						109,795						53,039						50,088						304,857						147,794
Income before income tax expense						81,182						72,486						19,008						50,197						51,845						172,676						136,760
Income tax expense						17,454						15,585						3,812						9,873						10,110						36,851						26,398
Net income						$	63,728					$	56,901					$	15,196					$	40,324					$	41,735					$	135,825					$	110,362
Earnings per common share:
Basic						$	3.04					$	2.68					$	0.83					$	2.72					$	2.81					$	6.75					$	7.34
Diluted						$	2.96					$	2.62					$	0.81					$	2.65					$	2.73					$	6.57					$	7.14
Common shares outstanding:
Basic weighted average						20,934						21,208						18,232						14,804						14,836						20,134						15,039
Diluted weighted average						21,542						21,729						18,749						15,227						15,303						20,686						15,463

 

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Nicolet Bankshares, Inc.
Consolidated Financial Summary (Unaudited)
						For the Three Months Ended																														For the Nine Months Ended
(In thousands, except share & per share data)						9/30/2026						6/30/2026						3/31/2026						12/31/2025						9/30/2025						9/30/2026						9/30/2025
Selected Average Balances:
Loans						$	10,996,471					$	11,259,572					$	9,194,624					$	6,858,444					$	6,843,189					$	10,490,156					$	6,796,031
Investment securities						2,081,178						2,046,717						1,479,693						902,147						903,839						1,871,399						896,839
Interest-earning assets						13,631,731						13,857,424						11,235,506						8,381,031						8,206,651						12,916,998						8,142,411
Cash and cash equivalents						570,104						553,075						576,905						634,751						480,208						566,670						467,050
Goodwill and other intangibles, net						958,785						964,140						642,403						382,956						384,296						856,268						385,753
Total assets						15,248,802						15,479,444						12,429,336						9,163,123						8,984,344						14,396,188						8,914,964
Deposits						12,740,654						12,922,613						10,386,008						7,717,321						7,583,986						12,025,050						7,511,944
Interest-bearing liabilities						10,012,089						10,400,080						8,363,619						5,989,196						5,911,850						9,597,967						5,945,532
Stockholders’ equity (common)						2,264,857						2,262,902						1,792,181						1,234,619						1,194,974						2,108,378						1,185,778
Selected Ratios: (1)
Book value per common share						$	107.18					$	107.85					$	105.87					$	84.91					$	82.10					$	107.18					$	82.10
Tangible book value per common share (2)						$	61.14					$	62.19					$	60.47					$	59.09					$	56.17					$	61.14					$	56.17
Return on average assets						1.66		%				1.47		%				0.50		%				1.75		%				1.84		%				1.26		%				1.66		%
Return on average common equity						11.16						10.09						3.44						12.96						13.86						8.61						12.44
Return on average tangible common equity (2)						20.78						19.07						6.49						19.27						20.98						15.86						19.04
Core return on average assets (non-GAAP) (2)						1.76						1.69						1.68						1.80						1.80						1.71						1.65
Core return on average common equity (non-GAAP) (2)						11.87						11.53						11.66						13.35						13.51						11.69						12.38
Core return on average tangible common equity (non-GAAP) (2)						22.01						21.59						19.30						19.84						20.47						21.05						18.94
Average equity to average assets						14.85						14.62						14.42						13.47						13.30						14.65						13.30
Stockholders’ equity to assets						14.83						14.74						14.49						13.69						13.46						14.83						13.46
Tangible common equity to tangible assets (2)						9.04						9.06						8.82						9.94						9.61						9.04						9.61
Net interest margin						4.19						4.14						3.98						3.86						3.86						4.11						3.72
Efficiency ratio						51.72						58.62						80.30						51.00						49.10						62.18						51.20
Effective tax rate						21.50						21.50						20.05						19.67						19.50						21.34						19.30
Selected Asset Quality Information:
Nonaccrual loans						$	73,364					$	71,545					$	73,494					$	31,679					$	27,463					$	73,364					$	27,463
Other real estate owned						4,378						3,459						5,985						667						767						4,378						767
Nonperforming assets						$	77,742					$	75,004					$	79,479					$	32,346					$	28,230					$	77,742					$	28,230
Net loan charge-offs (recoveries)						$	754					$	651					$	833					$	529					$	573					$	2,238					$	1,287
Allowance for credit losses-loans to loans						1.24		%				1.23		%				1.23		%				1.01		%				1.00		%				1.24		%				1.00		%
Net charge-offs to average loans (1)						0.03						0.02						0.04						0.03						0.03						0.03						0.03
Nonperforming loans to total loans						0.67						0.66						0.68						0.46						0.40						0.67						0.40
Nonperforming assets to total assets						0.52						0.49						0.51						0.35						0.31						0.52						0.31
Stock Repurchase Information: (3)
Common stock repurchased ($)						$	40,019					$	40,242					$	22,401					$	—					$	20,525					$	102,662					$	76,561
Common stock repurchased (shares)						236,296						267,310						149,499						—						155,393						653,105						646,002

(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)						9/30/2026						6/30/2026						3/31/2026						12/31/2025						9/30/2025
Period End Loan Composition
Commercial & industrial						$	2,335,023					$	2,350,769					$	2,330,665					$	1,367,522					$	1,415,841
Owner-occupied commercial real estate (“CRE”)						1,596,195						1,543,772						1,558,995						939,587						947,390
Agricultural						1,830,526						1,765,864						1,759,960						1,415,425						1,378,070
Commercial						5,761,744						5,660,405						5,649,620						3,722,534						3,741,301
CRE investment						2,245,677						2,329,696						2,378,946						1,188,351						1,213,301
Construction & land development						592,437						571,280						575,030						326,638						324,209
Commercial real estate						2,838,114						2,900,976						2,953,976						1,514,989						1,537,510
Commercial-based loans						8,599,858						8,561,381						8,603,596						5,237,523						5,278,811
Residential construction						137,045						139,823						144,737						95,268						92,325
Residential first mortgage						1,585,467						1,584,362						1,580,088						1,193,683						1,199,512
Residential junior mortgage						481,993						474,964						464,395						268,188						260,167
Residential real estate						2,204,505						2,199,149						2,189,220						1,557,139						1,552,004
Retail & other						78,086						87,634						86,878						41,683						43,896
Retail-based loans						2,282,591						2,286,783						2,276,098						1,598,822						1,595,900
Total loans						$	10,882,449					$	10,848,164					$	10,879,694					$	6,836,345					$	6,874,711
Period End Deposit Composition
Noninterest-bearing demand						$	2,818,385					$	2,717,610					$	2,537,729					$	1,828,928					$	1,826,453
Interest-bearing demand						2,065,595						2,221,385						2,516,924						1,263,276						1,104,552
Money market						3,237,208						3,007,957						2,955,846						2,056,550						2,044,055
Savings						1,698,864						1,760,294						1,763,204						834,520						825,683
Time						2,776,583						2,816,090						2,850,661						1,747,497						1,810,722
Total deposits						$	12,596,635					$	12,523,336					$	12,624,364					$	7,730,771					$	7,611,465
Brokered transaction accounts *						$	25,000					$	100,000					$	175,000					$	25,000					$	25,000
Brokered time deposits *						310,036						385,080						409,922						382,116						422,516
Total brokered deposits *						$	335,036					$	485,080					$	584,922					$	407,116					$	447,516
Customer transaction accounts *						$	9,795,052					$	9,607,246					$	9,598,703					$	5,958,274					$	5,775,743
Customer time deposits *						2,466,547						2,431,010						2,440,739						1,365,381						1,388,206
Total customer deposits (core) *						$	12,261,599					$	12,038,256					$	12,039,442					$	7,323,655					$	7,163,949

* 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
						September 30, 2026																		June 30, 2026																		September 30, 2025
						Average												Average						Average												Average						Average												Average
(In thousands)						Balance						Interest						Rate						Balance						Interest						Rate						Balance						Interest						Rate
ASSETS
Total loans (1) (2)						$	10,996,471					$	175,106					6.32		%				$	11,259,572					$	175,903					6.26		%				$	6,843,189					$	108,042					6.27		%
Investment securities (2)						2,081,178						21,588						4.15		%				2,046,717						21,413						4.19		%				903,839						7,519						3.33		%
Other interest-earning assets						554,082						5,160						3.70		%				551,135						5,202						3.78		%				459,623						5,204						4.50		%
Total interest-earning assets						13,631,731						$	201,854					5.88		%				13,857,424						$	202,518					5.86		%				8,206,651						$	120,765					5.85		%
Other assets, net						1,617,071																		1,622,020																		777,693
Total assets						$	15,248,802																	$	15,479,444																	$	8,984,344
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing core deposits *						$	9,499,178					$	52,414					2.19		%				$	9,705,296					$	51,905					2.15		%				$	5,282,714					$	33,898					2.55		%
Brokered deposits *						420,161						4,397						4.15		%				535,443						5,416						4.06		%				494,663						5,414						4.34		%
Total interest-bearing deposits						9,919,339						56,811						2.27		%				10,240,739						57,321						2.25		%				5,777,377						39,312						2.70		%
Wholesale funding						92,750						1,312						5.61		%				159,341						2,112						5.32		%				134,473						1,757						5.18		%
Total interest-bearing liabilities						10,012,089						$	58,123					2.30		%				10,400,080						$	59,433					2.29		%				5,911,850						$	41,069					2.76		%
Noninterest-bearing demand deposits						2,821,315																		2,681,874																		1,806,609
Other liabilities						150,541																		134,588																		70,911
Stockholders' equity						2,264,857																		2,262,902																		1,194,974
Total liabilities and stockholders' equity						$	15,248,802																	$	15,479,444																	$	8,984,344
Net interest income and rate spread												$	143,731					3.58		%										$	143,085					3.57		%										$	79,696					3.09		%
Net interest margin																		4.19		%																4.14		%																3.86		%
Loan purchase accounting accretion (3)												$	7,876					0.23		%										$	7,989					0.23		%										$	1,375					0.07		%
Loan nonaccrual interest (3)												$	(58)					—		%										$	97					—		%										$	(346)					(0.02)		%
						For the Nine Months Ended
						September 30, 2026																		September 30, 2025
						Average												Average						Average												Average
(In thousands)						Balance						Interest						Rate						Balance						Interest						Rate
ASSETS
Total loans (1) (2)						$	10,490,156					$	491,421					6.26		%				$	6,796,031					$	314,949					6.19		%
Investment securities (2)						1,871,399						56,704						4.04		%				896,839						21,841						3.25		%
Other interest-earning assets						555,443						15,477						3.72		%				449,541						15,288						4.55		%
Total interest-earning assets						12,916,998						$	563,602					5.83		%				8,142,411						$	352,078					5.78		%
Other assets, net						1,479,190																		772,553
Total assets						$	14,396,188																	$	8,914,964
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing core deposits *						$	8,975,472					$	146,081					2.18		%				$	5,210,437					$	99,741					2.56		%
Brokered deposits *						485,647						14,707						4.05		%				584,801						19,508						4.46		%
Total interest-bearing deposits						9,461,119						160,788						2.27		%				5,795,238						119,249						2.75		%
Wholesale funding						136,848						5,421						5.30		%				150,294						5,884						5.23		%
Total interest-bearing liabilities						9,597,967						$	166,209					2.32		%				5,945,532						$	125,133					2.81		%
Noninterest-bearing demand deposits						2,563,931																		1,716,706
Other liabilities						125,912																		66,948
Stockholders' equity						2,108,378																		1,185,778
Total liabilities and stockholders' equity						$	14,396,188																	$	8,914,964
Net interest income and rate spread												$	397,393					3.51		%										$	226,945					2.97		%
Net interest margin																		4.11		%																3.72		%
Loan purchase accounting accretion (3)												$	20,762					0.21		%										$	4,324					0.07		%
Loan nonaccrual interest (3)												$	819					0.01		%										$	(677)					(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 Nine Months Ended
(In thousands, except per share data)						9/30/2026						6/30/2026						3/31/2026						12/31/2025						9/30/2025						9/30/2026						9/30/2025
Core net income reconciliation: (1)
Net income (GAAP)						$	63,728					$	56,901					$	15,196					$	40,324					$	41,735					$	135,825					$	110,362
Adjustments:
Provision expense (2)						—						—						4,700						—						—						4,700						—
Assets (gains) losses, net						586						(2,364)						867						(422)						(1,294)						(911)						(741)
Merger-related expense						4,588						7,403						40,686						1,956						—						52,677						—
Loss on early extinguishment of debt						—						5,377						—						—						—						5,377						—
Adjustments subtotal						5,174						10,416						46,253						1,534						(1,294)						61,843						(741)
Tax on Adjustments (3)						1,112						2,239						9,944						299						(252)						13,296						(144)
Core net income (non-GAAP)						$	67,790					$	65,078					$	51,505					$	41,559					$	40,693					$	184,372					$	109,765
Intangibles amortization, net of tax						$	4,678					$	4,832					$	3,215					$	1,041					$	1,138					$	12,726					$	3,580
Core net income (non-GAAP) for tangible common equity ratio						$	72,467					$	69,910					$	54,720					$	42,600					$	41,832					$	197,097					$	113,345
Diluted earnings per common share:
Diluted earnings per common share (GAAP)						$	2.96					$	2.62					$	0.81					$	2.65					$	2.73					$	6.57					$	7.14
Core diluted earnings per common share (non-GAAP)						$	3.15					$	2.99					$	2.75					$	2.73					$	2.66					$	8.91					$	7.10
Selected Ratios: (4)
Return on average assets (GAAP)						1.66		%				1.47		%				0.50		%				1.75		%				1.84		%				1.26		%				1.66		%
Return on average common equity (GAAP)						11.16		%				10.09		%				3.44		%				12.96		%				13.86		%				8.61		%				12.44		%
Return on average tangible common equity (non-GAAP) (5)						20.78		%				19.07		%				6.49		%				19.27		%				20.98		%				15.86		%				19.04		%
Core return on average assets (non-GAAP)						1.76		%				1.69		%				1.68		%				1.80		%				1.80		%				1.71		%				1.65		%
Core return on average common equity (non-GAAP)						11.87		%				11.53		%				11.66		%				13.35		%				13.51		%				11.69		%				12.38		%
Core return on average tangible common equity (non-GAAP) (5)						22.01		%				21.59		%				19.30		%				19.84		%				20.47		%				21.05		%				18.94		%
Tangible assets: (5)
Total assets						$	15,064,808					$	15,414,619					$	15,574,490					$	9,185,107					$	9,029,430
Goodwill and other intangibles, net						959,659						961,687						967,843						382,400						383,693
Tangible assets						$	14,105,149					$	14,452,932					$	14,606,647					$	8,802,707					$	8,645,737
Tangible common equity: (5)
Stockholders’ equity (common)						$	2,234,240					$	2,271,474					$	2,256,877					$	1,257,662					$	1,214,960
Goodwill and other intangibles, net						959,659						961,687						967,843						382,400						383,693
Tangible common equity						$	1,274,581					$	1,309,787					$	1,289,034					$	875,262					$	831,267
Tangible average common equity: (5)
Average stockholders’ equity (common)						$	2,264,857					$	2,262,902					$	1,792,181					$	1,234,619					$	1,194,974					$	2,108,378					$	1,185,778
Average goodwill and other intangibles, net						958,785						964,140						642,403						382,956						384,296						856,268						385,753
Average tangible common equity						$	1,306,072					$	1,298,762					$	1,149,778					$	851,663					$	810,678					$	1,252,110					$	800,025

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.

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