Another record quarter with net income of $42 million for third quarter 2025, compared to net income of $36 million in prior quarter, and net income of $33 million for third quarter 2024
Quarterly net interest margin of 3.86%, an increase of 14 bps over the prior quarter
Exceptional quarter-over-quarter core deposit growth of $223 million (13% annualized)
Repurchased 155,393 common shares for $21 million during third quarter 2025

Nicolet Bankshares, Inc. (NYSE:NIC) ("Nicolet") announced another record quarter with net income of $42 million for third quarter 2025 and earnings per diluted common share of $2.73, compared to net income of $36 million and earnings per diluted common share of $2.34 for second quarter 2025, and net income of $33 million and earnings per diluted common share of $2.10 for third quarter 2024.

"I must admit, I got a bit nostalgic thinking about what I would say in this press release," said Mike Daniels, Chairman, President, and CEO of Nicolet. "Nicolet's 25th anniversary is November 1st, and I still vividly remember sitting in my basement discussing what Nicolet should look like with my co-founder. When we were younger, we learned that banking should be about relationships and mattering to your customers and communities. I think the smartest thing we did was to make Nicolet a reflection of what we believed, and what we knew worked. In a way, Nicolet is a 25-year case study that shows that working hard to create shared success between customers, communities, and employees creates positive if not superior shareholder results. That philosophy ran counter to the industry 25 years ago and still does to a degree today. We didn't set out to be contrarian. We set out to be ourselves."

"We just produced some of the best quarterly financial metrics in our history, with a Return on Average Assets and Return on Average Tangible Common Equity that should easily put us in the top decile of banks in the country," Daniels continued. "The off-the-charts results we are reporting today are directly related to the hard work of our employees, customers, and communities, all striving to do the right thing for one another. I feel like we have significant momentum right now, which leads to my continued optimism for Nicolet as a top-tier community bank, as well as community banking in general."

Balance Sheet Review

At September 30, 2025, period end assets were $9.0 billion, an increase of $99 million from June 30, 2025, mostly from higher cash balances and loan growth. Total loans increased $36 million from June 30, 2025 (mostly in construction and agricultural loans), while total deposits of $7.6 billion at September 30, 2025, increased $70 million from June 30, 2025, including a $223 million increase in customer (core) deposits, partly offset by a $153 million decrease in brokered deposits. Total capital was $1.2 billion at September 30, 2025, an increase of $25 million over June 30, 2025, with record earnings and favorable movements in the securities portfolio market valuation partly offset by common stock repurchases and the quarterly common stock dividend.

Asset Quality

Nonperforming assets were $28 million and represented 0.31% of total assets at September 30, 2025, compared to 0.32% of total assets at June 30, 2025 and 0.31% of total assets at September 30, 2024. The allowance for credit losses-loans was $69 million and represented 1.00% of total loans at September 30, 2025, compared to $68 million (or 1.00% of total loans) at June 30, 2025, and $66 million (or 1.00% of total loans) at September 30, 2024. Asset quality trends remain solid and loan net charge-offs were negligible.

Income Statement Review - Quarter

Net income was $42 million for third quarter 2025, compared to net income of $36 million for second quarter 2025.

Net interest income was $79 million for third quarter 2025, $4 million higher than second quarter 2025, primarily due to one additional earning day in the quarter and a reduction in noncore funding. Interest income increased $3 million between the sequential quarters, while interest expense decreased $1 million. The net interest margin for third quarter 2025 was 3.86%, up 14 bps from 3.72% for second quarter 2025. The yield on interest-earning assets increased 3 bps (to 5.85%), while the cost of interest-bearing liabilities for third quarter 2025 decreased 10 bps (to 2.76%).

Noninterest income of $24 million for third quarter 2025 increased $3 million from second quarter 2025, mostly due to a $1.5 million favorable change in net asset gains from equity security market valuations. Excluding the net asset gains, noninterest income for third quarter increased $1.5 million over the prior quarter, primarily due to a $0.8 million increase in wealth income and $0.7 million higher net mortgage income.

Noninterest expense of $50 million for third quarter 2025 was up slightly from second quarter 2025, and included a $0.3 million increase in personnel expense partly offset by a $0.2 million decrease in non-personnel related expenses. The reduction in non-personnel expenses included seasonally higher business development and marketing expenses more than offset by declines in most remaining noninterest expense categories.

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, 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 non-GAAP adjusted net income, non-GAAP adjusted earnings per diluted common share, tangible book value per common share, return on average tangible common equity, and tangible common equity to tangible assets. Management believes such measures to be helpful to management, investors and others in understanding Nicolet's results of operations and financial position. 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.




Nicolet Bankshares, Inc.
Consolidated Balance Sheets (Unaudited)
(In thousands, except share data)	9/30/2025			6/30/2025			3/31/2025			12/31/2024			9/30/2024
Assets
Cash and due from banks	$	94,402		$	129,607		$	105,085		$	115,943		$	124,076
Interest-earning deposits		379,555			293,031			467,095			420,104			303,908
Cash and cash equivalents		473,957			422,638			572,180			536,047			427,984
Securities available for sale, at fair value		861,534			849,253			838,105			806,415			825,907
Other investments		61,380			59,594			58,627			62,125			63,632
Loans held for sale		11,308			9,955			8,092			7,637			11,121
Loans		6,874,711			6,839,141			6,745,598			6,626,584			6,556,840
Allowance for credit losses - loans		(68,785	)		(68,408	)		(67,480	)		(66,322	)		(65,785	)
Loans, net		6,805,926			6,770,733			6,678,118			6,560,262			6,491,055
Premises and equipment, net		121,711			123,723			125,274			126,979			123,585
Bank owned life insurance ("BOLI")		190,979			189,342			187,902			186,448			185,011
Goodwill and other intangibles, net		383,693			385,107			386,588			388,140			389,727
Accrued interest receivable and other assets		118,942			120,464			120,336			122,742			119,096
Total assets	$	9,029,430		$	8,930,809		$	8,975,222		$	8,796,795		$	8,637,118

Liabilities and Stockholders' Equity
Liabilities:
Noninterest-bearing demand deposits	$	1,826,453		$	1,800,335		$	1,689,129		$	1,791,228		$	1,839,617
Interest-bearing deposits		5,785,012			5,741,338			5,883,061			5,612,456			5,420,380
Total deposits		7,611,465			7,541,673			7,572,190			7,403,684			7,259,997
Long-term borrowings		134,600			134,340			156,563			161,387			161,210
Accrued interest payable and other liabilities		68,405			64,698			63,201			58,826			66,584
Total liabilities		7,814,470			7,740,711			7,791,954			7,623,897			7,487,791
Stockholders' Equity:
Common stock		148			149			152			154			151
Additional paid-in capital		581,815			601,625			630,340			655,540			647,934
Retained earnings		662,252			625,243			594,068			565,772			535,638
Accumulated other comprehensive income (loss)		(29,255	)		(36,919	)		(41,292	)		(48,568	)		(34,396	)
Total stockholders' equity		1,214,960			1,190,098			1,183,268			1,172,898			1,149,327
Total liabilities and stockholders' equity	$	9,029,430		$	8,930,809		$	8,975,222		$	8,796,795		$	8,637,118

Common shares outstanding		14,798,895			14,924,086			15,149,341			15,356,785			15,104,381





Nicolet Bankshares, Inc.
Consolidated Statements of Income (Unaudited)
	For the Three Months Ended													For the Nine Months Ended
(In thousands, except per share data)	9/30/2025		6/30/2025			3/31/2025			12/31/2024			9/30/2024		9/30/2025		9/30/2024
Interest income:
Loans, including loan fees	$	107,930	$	105,976		$	100,666		$	100,605		$	100,824	$	314,572	$	292,447
Taxable investment securities		6,201		6,027			5,560			5,369			5,211		17,788		14,824
Tax-exempt investment securities		998		1,017			1,049			1,073			1,095		3,064		3,485
Other interest income		5,204		4,618			5,466			5,787			5,492		15,288		14,775
Total interest income		120,333		117,638			112,741			112,834			112,622		350,712		325,531
Interest expense:
Deposits		39,312		40,472			39,465			39,138			42,060		119,249		122,436
Short-term borrowings		—		—			—			—			2		—		2
Long-term borrowings		1,757		2,057			2,070			2,146			2,194		5,884		6,578
Total interest expense		41,069		42,529			41,535			41,284			44,256		125,133		129,016
Net interest income		79,264		75,109			71,206			71,550			68,366		225,579		196,515
Provision for credit losses		950		1,050			1,500			1,000			750		3,500		2,850
Net interest income after provision for credit losses		78,314		74,059			69,706			70,550			67,616		222,079		193,665
Noninterest income:
Wealth management fee income		7,629		6,811			6,975			7,208			7,085		21,415		20,244
Mortgage income, net		3,568		2,907			1,926			3,326			2,853		8,401		6,851
Service charges on deposit accounts		2,000		1,962			2,025			1,877			1,913		5,987		5,307
Card interchange income		3,752		3,699			3,337			3,541			3,564		10,788		10,120
BOLI income		1,654		1,429			1,420			1,421			1,455		4,503		4,027
Asset gains (losses), net		1,294		(199	)		(354	)		510			1,177		741		3,702
Deferred compensation plan asset market valuations		972		1,437			45			(192	)		1,162		2,454		1,390
LSR income, net		668		950			1,057			1,064			1,090		2,675		3,341
Other noninterest income		2,082		1,637			1,792			2,103			2,079		5,511		6,427
Total noninterest income		23,619		20,633			18,223			20,858			22,378		62,475		61,409
Noninterest expense:
Personnel expense		29,437		29,114			26,521			26,682			28,937		85,072		81,732
Occupancy, equipment and office		9,028		9,104			9,330			8,685			8,826		27,462		26,451
Business development and marketing		2,223		1,593			2,100			2,325			1,823		5,916		6,005
Data processing		4,671		4,682			4,525			4,668			4,535		13,878		13,086
Intangibles amortization		1,414		1,481			1,552			1,587			1,694		4,447		5,289
FDIC assessments		1,005		1,029			940			990			990		2,974		3,013
Other noninterest expense		2,310		2,916			2,819			3,268			2,343		8,045		7,572
Total noninterest expense		50,088		49,919			47,787			48,205			49,148		147,794		143,148
Income before income tax expense		51,845		44,773			40,142			43,203			40,846		136,760		111,926
Income tax expense		10,110		8,738			7,550			8,723			8,330		26,398		22,347
Net income	$	41,735	$	36,035		$	32,592		$	34,480		$	32,516	$	110,362	$	89,579
Earnings per common share:
Basic	$	2.81	$	2.40		$	2.14		$	2.25		$	2.16	$	7.34	$	5.99
Diluted	$	2.73	$	2.34		$	2.08		$	2.19		$	2.10	$	7.14	$	5.84
Common shares outstanding:
Basic weighted average		14,836		15,029			15,256			15,297			15,052		15,039		14,966
Diluted weighted average		15,303		15,431			15,647			15,710			15,479		15,463		15,330





Nicolet Bankshares, Inc.
Consolidated Financial Summary (Unaudited)
	For the Three Months Ended															For the Nine Months Ended
(In thousands, except share & per share data)	9/30/2025			6/30/2025			3/31/2025			12/31/2024			9/30/2024			9/30/2025			9/30/2024
Selected Average Balances:
Loans	$	6,843,189		$	6,833,236		$	6,710,206		$	6,581,059		$	6,542,532		$	6,796,031		$	6,479,598
Investment securities		903,839			900,469			886,010			884,376			873,212			896,839			879,701
Interest-earning assets		8,206,651			8,140,178			8,078,997			7,946,309			7,824,773			8,142,411			7,729,346
Cash and cash equivalents		480,208			423,272			497,865			493,237			431,632			467,050			390,213
Goodwill and other intangibles, net		384,296			385,735			387,260			388,824			390,453			385,753			392,189
Total assets		8,984,344			8,909,653			8,849,412			8,716,611			8,596,812			8,914,964			8,486,602
Deposits		7,583,986			7,504,224			7,446,107			7,314,632			7,247,321			7,511,944			7,181,597
Interest-bearing liabilities		5,911,850			5,972,117			5,953,083			5,667,803			5,653,259			5,945,532			5,607,430
Stockholders' equity (common)		1,194,974			1,183,316			1,178,868			1,163,477			1,118,242			1,185,778			1,079,215
Selected Ratios: ⁽¹⁾
Book value per common share	$	82.10		$	79.74		$	78.11		$	76.38		$	76.09		$	82.10		$	76.09
Tangible book value per common share⁽²⁾	$	56.17		$	53.94		$	52.59		$	51.10		$	50.29		$	56.17		$	50.29
Return on average assets		1.84	%		1.62	%		1.49	%		1.57	%		1.50	%		1.66	%		1.41	%
Return on average common equity		13.86			12.21			11.21			11.79			11.57			12.44			11.09
Return on average tangible common equity ⁽²⁾		20.42			18.12			16.70			17.71			17.77			18.44			17.42
Average equity to average assets		13.30			13.28			13.32			13.35			13.01			13.30			12.72
Stockholders' equity to assets		13.46			13.33			13.18			13.33			13.31			13.46			13.31
Tangible common equity to tangible assets⁽²⁾		9.61			9.42			9.28			9.33			9.21			9.61			9.21
Net interest margin *		3.86			3.72			3.58			3.61			3.51			3.72			3.42
Efficiency ratio		49.10			51.79			52.94			52.17			54.57			51.20			55.98
Effective tax rate		19.50			19.52			18.81			20.19			20.39			19.30			19.97
Selected Asset Quality Information:
Nonaccrual loans	$	27,463		$	27,735		$	28,325		$	28,419		$	25,565		$	27,463		$	25,565
Other real estate owned		767			881			946			693			859			767			859
Nonperforming assets	$	28,230		$	28,616		$	29,271		$	29,112		$	26,424		$	28,230		$	26,424
Net loan charge-offs (recoveries)	$	573		$	372		$	342		$	363		$	379		$	1,287		$	675
Allowance for credit losses-loans to loans		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net charge-offs to average loans ⁽¹⁾		0.03			0.02			0.02			0.02			0.02			0.03			0.01
Nonperforming loans to total loans		0.40			0.41			0.42			0.43			0.39			0.40			0.39
Nonperforming assets to total assets		0.31			0.32			0.33			0.33			0.31			0.31			0.31
Stock Repurchase Information: ⁽³⁾
Common stock repurchased ($)	$	20,525		$	29,989		$	26,047		$	10,137		$	—		$	76,561		$	—
Common stock repurchased (shares)		155,393			257,402			233,207			92,440			—			646,002			—

* During fourth quarter 2024, Nicolet changed the annualization methodology utilized for the calculation of selected net interest margin components from actual/360 to actual/actual to be more consistent with the methodology typically used by peer banks and to cause quarterly results to be more consistent with annual results. Prior periods have been restated for this change in methodology. There was no change to the reported average balances or interest recognized.

(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.





Nicolet Bankshares, Inc.
Consolidated Loan & Deposit Metrics (Unaudited)
(In thousands)	9/30/2025		6/30/2025		3/31/2025		12/31/2024		9/30/2024
Period End Loan Composition
Commercial & industrial	$	1,415,841	$	1,412,621	$	1,409,320	$	1,319,763	$	1,351,516
Owner-occupied commercial real estate ("CRE")		947,390		963,278		949,107		940,367		920,533
Agricultural		1,378,070		1,346,924		1,329,807		1,322,038		1,261,152
Commercial		3,741,301		3,722,823		3,688,234		3,582,168		3,533,201
CRE investment		1,213,301		1,231,423		1,225,490		1,221,826		1,226,982
Construction & land development		324,209		298,122		273,007		239,694		231,694
Commercial real estate		1,537,510		1,529,545		1,498,497		1,461,520		1,458,676
Commercial-based loans		5,278,811		5,252,368		5,186,731		5,043,688		4,991,877
Residential construction		92,325		88,152		91,321		96,110		85,811
Residential first mortgage		1,199,512		1,205,841		1,194,116		1,196,158		1,194,574
Residential junior mortgage		260,167		249,406		235,096		234,634		223,456
Residential real estate		1,552,004		1,543,399		1,520,533		1,526,902		1,503,841
Retail & other		43,896		43,374		38,334		55,994		61,122
Retail-based loans		1,595,900		1,586,773		1,558,867		1,582,896		1,564,963
Total loans	$	6,874,711	$	6,839,141	$	6,745,598	$	6,626,584	$	6,556,840

Period End Deposit Composition
Noninterest-bearing demand	$	1,826,453	$	1,800,335	$	1,689,129	$	1,791,228	$	1,839,617
Interest-bearing demand		1,104,552		1,266,507		1,239,075		1,168,560		1,035,593
Money market		2,044,055		1,900,639		1,988,648		1,942,367		1,928,977
Savings		825,683		805,300		794,223		774,707		763,024
Time		1,810,722		1,768,892		1,861,115		1,726,822		1,692,786
Total deposits	$	7,611,465	$	7,541,673	$	7,572,190	$	7,403,684	$	7,259,997
Brokered transaction accounts	$	160,706	$	307,527	$	249,537	$	163,580	$	159,547
Brokered time deposits		444,683		450,948		607,725		586,852		549,907
Total brokered deposits	$	605,389	$	758,475	$	857,262	$	750,432	$	709,454
Customer transaction accounts	$	5,640,037	$	5,465,254	$	5,461,538	$	5,513,282	$	5,407,664
Customer time deposits		1,366,039		1,317,944		1,253,390		1,139,970		1,142,879
Total customer deposits (core)	$	7,006,076	$	6,783,198	$	6,714,928	$	6,653,252	$	6,550,543





Nicolet Bankshares, Inc.
Net Interest Income and Net Interest Margin Analysis (Unaudited)

	For the Three Months Ended
	September 30, 2025							June 30, 2025							September 30, 2024
	Average					Average		Average					Average		Average					Average
(In thousands)	Balance		Interest			Rate *		Balance		Interest			Rate *		Balance		Interest			Rate *
ASSETS
Total loans ^{(1) (2)}	$	6,843,189	$	108,042		6.27	%	$	6,833,236	$	106,103		6.23	%	$	6,542,532	$	100,962		6.14	%
Investment securities ⁽²⁾		903,839		7,519		3.33	%		900,469		7,371		3.27	%		873,212		6,666		3.05	%
Other interest-earning assets		459,623		5,204		4.50	%		406,473		4,618		4.56	%		409,029		5,492		5.35	%
Total interest-earning assets		8,206,651	$	120,765		5.85	%		8,140,178	$	118,092		5.82	%		7,824,773	$	113,120		5.76	%
Other assets, net		777,693							769,475							772,039
Total assets	$	8,984,344						$	8,909,653						$	8,596,812
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing core deposits	$	5,118,886	$	32,329		2.51	%	$	5,001,714	$	31,677		2.54	%	$	4,723,464	$	32,952		2.78	%
Brokered deposits		658,491		6,983		4.21	%		814,789		8,795		4.33	%		768,058		9,108		4.72	%
Total interest-bearing deposits		5,777,377		39,312		2.70	%		5,816,503		40,472		2.79	%		5,491,522		42,060		3.05	%
Wholesale funding		134,473		1,757		5.18	%		155,614		2,057		5.30	%		161,737		2,196		5.40	%
Total interest-bearing liabilities		5,911,850	$	41,069		2.76	%		5,972,117	$	42,529		2.86	%		5,653,259	$	44,256		3.11	%
Noninterest-bearing demand deposits		1,806,609							1,687,721							1,755,799
Other liabilities		70,911							66,499							69,512
Stockholders' equity		1,194,974							1,183,316							1,118,242
Total liabilities and stockholders' equity	$	8,984,344						$	8,909,653						$	8,596,812
Net interest income and rate spread			$	79,696		3.09	%			$	75,563		2.96	%			$	68,864		2.65	%
Net interest margin						3.86	%						3.72	%						3.51	%
Loan purchase accounting accretion⁽³⁾			$	1,375		0.08	%			$	1,475		0.09	%			$	1,527		0.09	%
Loan nonaccrual interest ⁽³⁾			$	(346	)	(0.02	)%			$	(26	)	—	%			$	(48	)	—	%


	For the Nine Months Ended
	September 30, 2025							September 30, 2024
	Average					Average		Average					Average
(In thousands)	Balance		Interest			Rate *		Balance		Interest			Rate *
ASSETS
Total loans ^{(1) (2)}	$	6,796,031	$	314,949		6.19	%	$	6,479,598	$	292,792		6.03	%
Investment securities ⁽²⁾		896,839		21,841		3.25	%		879,701		19,442		2.95	%
Other interest-earning assets		449,541		15,288		4.55	%		370,047		14,775		5.33	%
Total interest-earning assets		8,142,411	$	352,078		5.78	%		7,729,346	$	327,009		5.65	%
Other assets, net		772,553							757,256
Total assets	$	8,914,964						$	8,486,602
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing core deposits	$	5,041,142	$	94,789		2.51	%	$	4,684,586	$	95,921		2.74	%
Brokered deposits		754,096		24,460		4.34	%		759,791		26,515		4.66	%
Total interest-bearing deposits		5,795,238		119,249		2.75	%		5,444,377		122,436		3.00	%
Wholesale funding		150,294		5,884		5.23	%		163,053		6,580		5.39	%
Total interest-bearing liabilities		5,945,532	$	125,133		2.81	%		5,607,430	$	129,016		3.07	%
Noninterest-bearing demand deposits		1,716,706							1,737,220
Other liabilities		66,948							62,737
Stockholders' equity		1,185,778							1,079,215
Total liabilities and stockholders' equity	$	8,914,964						$	8,486,602
Net interest income and rate spread			$	226,945		2.97	%			$	197,993		2.58	%
Net interest margin						3.72	%						3.42	%
Loan purchase accounting accretion⁽³⁾			$	4,324		0.09	%			$	4,582		0.09	%
Loan nonaccrual interest ⁽³⁾			$	(677	)	(0.01	)%			$	40		—	%

* During fourth quarter 2024, Nicolet changed the annualization methodology utilized for the calculation of selected net interest margin components from actual/360 to actual/actual to be more consistent with the methodology typically used by peer banks and to cause quarterly results to be more consistent with annual results. Prior periods have been restated for this change in methodology. There was no change to the reported average balances or interest recognized.

(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.