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Nicolet Bankshares
NIC
#4039
Rank
$3.07 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$144.04
Share price
0.83%
Change (1 day)
24.72%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Nicolet Bankshares
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q3

Nicolet Bankshares - 10-Q quarterly report FY2025 Q3


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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                           to                          
Commission file number: 001-37700
NICOLET BANKSHARES, INC.
(Exact Name of Registrant as Specified in its Charter)
Wisconsin47-0871001
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
111 North Washington Street
Green Bay,Wisconsin54301
(Address of Principal Executive Offices) 
(Zip Code)
(920)430-1400
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareNICNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 30, 2025 there were 14,798,920 shares of $0.01 par value common stock outstanding.


Nicolet Bankshares, Inc.
Quarterly Report on Form 10-Q
September 30, 2025
TABLE OF CONTENTS
PAGE
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2

PART I – FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS:
NICOLET BANKSHARES, INC.
Consolidated Balance Sheets
(In thousands, except share and per share data)
September 30, 2025December 31, 2024
(Unaudited)(Audited)
Assets
Cash and due from banks$94,402 $115,943 
Interest-earning deposits379,555 420,104 
Cash and cash equivalents
473,957 536,047 
Securities available for sale (“AFS”), at fair value861,534 806,415 
Other investments61,380 62,125 
Loans held for sale11,308 7,637 
Loans6,874,711 6,626,584 
Allowance for credit losses - loans (“ACL-Loans”)(68,785)(66,322)
Loans, net
6,805,926 6,560,262 
Premises and equipment, net121,711 126,979 
Bank owned life insurance (“BOLI”)190,979 186,448 
Goodwill and other intangibles, net383,693 388,140 
Accrued interest receivable and other assets118,942 122,742 
Total assets
$9,029,430 $8,796,795 
Liabilities and Stockholders’ Equity
Liabilities:
Noninterest-bearing demand deposits$1,826,453 $1,791,228 
Interest-bearing deposits5,785,012 5,612,456 
Total deposits
7,611,465 7,403,684 
Long-term borrowings134,600 161,387 
Accrued interest payable and other liabilities68,405 58,826 
Total liabilities
7,814,470 7,623,897 
Stockholders’ Equity:
Common stock148 154 
Additional paid-in capital581,815 655,540 
Retained earnings662,252 565,772 
Accumulated other comprehensive income (loss)(29,255)(48,568)
Total stockholders’ equity1,214,960 1,172,898 
Total liabilities and stockholders’ equity$9,029,430 $8,796,795 
Preferred shares authorized (no par value)
10,000,000 10,000,000 
Preferred shares issued and outstanding— — 
Common shares authorized (par value $0.01 per share)
30,000,000 30,000,000 
Common shares outstanding14,798,895 15,356,785 
Common shares issued14,913,415 15,450,298 
See accompanying notes to unaudited consolidated financial statements.
3
ITEM 1. Financial Statements Continued:

NICOLET BANKSHARES, INC.
Consolidated Statements of Income
(In thousands, except share and per share data) (Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Interest income:
Loans, including loan fees$107,930 $100,824 $314,572 $292,447 
Investment securities:
Taxable
6,201 5,211 17,788 14,824 
Tax-exempt
998 1,095 3,064 3,485 
Other interest income5,204 5,492 15,288 14,775 
Total interest income
120,333 112,622 350,712 325,531 
Interest expense:
Deposits39,312 42,060 119,249 122,436 
Short-term borrowings— 2 — 2 
Long-term borrowings1,757 2,194 5,884 6,578 
Total interest expense
41,069 44,256 125,133 129,016 
Net interest income
79,264 68,366 225,579 196,515 
Provision for credit losses950 750 3,500 2,850 
Net interest income after provision for credit losses78,314 67,616 222,079 193,665 
Noninterest income:
Wealth management fee income7,629 7,085 21,415 20,244 
Mortgage income, net3,568 2,853 8,401 6,851 
Service charges on deposit accounts2,000 1,913 5,987 5,307 
Card interchange income3,752 3,564 10,788 10,120 
BOLI income1,654 1,455 4,503 4,027 
Deferred compensation plan asset market valuations972 1,162 2,454 1,390 
LSR income, net668 1,090 2,675 3,341 
Asset gains (losses), net1,294 1,177 741 3,702 
Other noninterest income2,082 2,079 5,511 6,427 
Total noninterest income
23,619 22,378 62,475 61,409 
Noninterest expense:
Personnel29,437 28,937 85,072 81,732 
Occupancy, equipment and office9,028 8,826 27,462 26,451 
Business development and marketing2,223 1,823 5,916 6,005 
Data processing4,671 4,535 13,878 13,086 
Intangibles amortization1,414 1,694 4,447 5,289 
FDIC assessments1,005 990 2,974 3,013 
Other noninterest expense2,310 2,343 8,045 7,572 
Total noninterest expense
50,088 49,148 147,794 143,148 
Income before income tax expense51,845 40,846 136,760 111,926 
Income tax expense10,110 8,330 26,398 22,347 
Net income$41,735 $32,516 $110,362 $89,579 
Earnings per common share:
Basic$2.81 $2.16 $7.34 $5.99 
Diluted$2.73 $2.10 $7.14 $5.84 
Weighted average common shares outstanding:
Basic14,835,670 15,052,524 15,038,854 14,965,982 
Diluted15,303,440 15,479,395 15,462,990 15,329,687 
See accompanying notes to unaudited consolidated financial statements.
4
ITEM 1. Financial Statements Continued:

NICOLET BANKSHARES, INC.
Consolidated Statements of Comprehensive Income (Loss)
(In thousands) (Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Net income$41,735 $32,516 $110,362 $89,579 
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on securities AFS:
Net unrealized holding gains (losses)
9,992 26,467 24,903 24,967 
Net realized (gains) losses included in income
(103)— (107)(968)
Income tax (expense) benefit(2,225)(5,601)(5,483)(5,222)
Total other comprehensive income (loss)7,664 20,866 19,313 18,777 
Comprehensive income (loss)$49,399 $53,382 $129,675 $108,356 
See accompanying notes to unaudited consolidated financial statements.
5
ITEM 1. Financial Statements Continued:

NICOLET BANKSHARES, INC.
Consolidated Statements of Stockholders’ Equity
(In thousands) (Unaudited)
Common
Stock		Additional
Paid-In
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
Balances at June 30, 2025$149 $601,625 $625,243 $(36,919)$1,190,098 
Comprehensive income:
Net income, three months ended September 30, 2025
— — 41,735 — 41,735 
Other comprehensive income (loss)— — — 7,664 7,664 
Stock-based compensation expense— 1,691 — — 1,691 
Cash dividends on common stock, $0.32 per share
— — (4,726)— (4,726)
Exercise of stock options, net1 (1,001)— — (1,000)
Issuance of common stock— 23 — — 23 
Purchase and retirement of common stock(2)(20,523)— — (20,525)
Balances at September 30, 2025$148 $581,815 $662,252 $(29,255)$1,214,960 
Balances at June 30, 2024$150 $639,159 $507,366 $(55,262)$1,091,413 
Comprehensive income:
Net income, three months ended September 30, 2024
— — 32,516 — 32,516 
Other comprehensive income (loss)— — — 20,866 20,866 
Stock-based compensation expense— 1,521 — — 1,521 
Cash dividends on common stock, $0.28 per share
— — (4,244)— (4,244)
Exercise of stock options, net1 7,098 — — 7,099 
Issuance of common stock— 156 — — 156 
Balances at September 30, 2024$151 $647,934 $535,638 $(34,396)$1,149,327 
Balances at December 31, 2024$154 $655,540 $565,772 $(48,568)$1,172,898 
Comprehensive income:
Net income, nine months ended September 30, 2025
— — 110,362 — 110,362 
Other comprehensive income (loss)
— — — 19,313 19,313 
Stock-based compensation expense— 5,278 — — 5,278 
Cash dividends on common stock, $0.92 per share
— — (13,882)— (13,882)
Exercise of stock options, net1 (2,528)— — (2,527)
Issuance of common stock— 79 — — 79 
Purchase and retirement of common stock(7)(76,554)— — (76,561)
Balances at September 30, 2025$148 $581,815 $662,252 $(29,255)$1,214,960 
Balances at December 31, 2023$149 $633,770 $458,261 $(53,173)$1,039,007 
Comprehensive income:
Net income, nine months ended September 30, 2024
— — 89,579 — 89,579 
Other comprehensive income (loss)
— — — 18,777 18,777 
Stock-based compensation expense— 5,117 — — 5,117 
Cash dividends on common stock, $0.81 per share
— — (12,202)— (12,202)
Exercise of stock options, net2 8,462 — — 8,464 
Issuance of common stock— 585 — — 585 
Balances at September 30, 2024$151 $647,934 $535,638 $(34,396)$1,149,327 
See accompanying notes to unaudited consolidated financial statements.
6
ITEM 1. Financial Statements Continued:

NICOLET BANKSHARES, INC.
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Nine Months Ended September 30,
20252024
Cash Flows From Operating Activities:
Net income$110,362 $89,579 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, amortization, and accretion10,981 13,604 
Provision for credit losses3,500 2,850 
Increase in cash surrender value of life insurance(4,503)(4,027)
Stock-based compensation expense5,278 5,117 
Asset (gains) losses, net(741)(3,702)
Gain on sale of loans held for sale, net(6,991)(6,256)
Proceeds from sale of loans held for sale205,786 169,511 
Origination of loans held for sale(204,692)(171,974)
Net change in accrued interest receivable and other assets(2,254)4,019 
Net change in accrued interest payable and other liabilities9,829 1,643 
Net cash provided by (used in) operating activities
126,555 100,364 
Cash Flows From Investing Activities:
Net (increase) decrease in loans(245,485)(199,100)
Purchases of securities AFS(112,035)(86,045)
Proceeds from sales of securities AFS9,425 4,987 
Proceeds from calls and maturities of securities AFS71,376 80,472 
Purchases of other investments(3,234)(915)
Proceeds from sales of other investments4,495 5,884 
Purchases of BOLI— (11,500)
Net (increase) decrease in premises and equipment(1,003)(11,202)
Net (increase) decrease in other real estate and other assets326 (264)
Net cash provided by (used in) investing activities
(276,135)(217,683)
Cash Flows From Financing Activities:
Net increase (decrease) in deposits207,781 62,197 
Repayments of long-term borrowings(27,400)(5,172)
Purchase and retirement of common stock(76,561)— 
Cash dividends paid on common stock(13,882)(12,202)
Proceeds from issuance of common stock79 585 
Proceeds from issuance of common stock in stock-based compensation plans8,845 9,144 
Purchases of common stock in stock-based compensation plans(11,372)(680)
Net cash provided by (used in) financing activities
87,490 53,872 
Net increase (decrease) in cash and cash equivalents
(62,090)(63,447)
Cash and cash equivalents:
Beginning
536,047 491,431 
Ending *
$473,957 $427,984 
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest$124,611 $128,874 
Cash paid for taxes26,500 15,260 
Transfer of loans and bank premises to other real estate owned395 109 
Capitalized mortgage servicing rights2,226 1,738 
* Cash and cash equivalents included $530,000 of restricted cash at September 30, 2025, while there was no restricted cash in cash and cash equivalents at September 30, 2024.
See accompanying notes to unaudited consolidated financial statements.
7

NICOLET BANKSHARES, INC.
Notes to Unaudited Consolidated Financial Statements

Note 1 – Basis of Presentation
General
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the consolidated balance sheets, statements of income, comprehensive income (loss), changes in stockholders’ equity, and cash flows of Nicolet Bankshares, Inc. (the “Company” or “Nicolet”) and its subsidiaries, as of and for the periods presented, and all such adjustments are of a normal recurring nature. All material intercompany transactions and balances have been eliminated. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the entire year.
These interim consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission and, therefore, certain information and footnote disclosures normally presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been omitted or abbreviated. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Critical Accounting Policies and Estimates
Preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Material estimates may be used in accounting for, among other items, the allowance for credit losses, valuation of loans in acquisition transactions, useful lives for depreciation and amortization, fair value of financial instruments, impairment calculations, valuation of deferred tax assets, uncertain income tax positions, and contingencies. These estimates and assumptions are based on management’s knowledge of historical experience, current information, and other factors deemed to be relevant; accordingly, as this information changes, actual results could differ from those estimates. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: external market factors such as market interest rates and employment rates, changes to operating policies and procedures, changes in applicable banking or tax regulations, and changes to deferred tax estimates. Nicolet considers accounting estimates to be critical to reported financial results if the accounting estimate requires management to make assumptions about matters that are highly uncertain and different estimates that management reasonably could have used for the accounting estimate in the current period, or changes in the accounting estimate that are reasonably likely to occur from period to period, could have a material impact on the financial statements. The accounting estimate we consider to be critical is the determination of the allowance for credit losses.
There have been no material changes or developments with respect to the assumptions or methodologies that the Company uses when applying critical accounting policies and developing critical accounting estimates as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Recent Accounting Pronouncements Adopted
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU expands segment disclosure requirements for public entities to include disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The updated guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within the fiscal years beginning after December 15, 2024, and did not have a material impact on the consolidated financial statements. See Note 10 for the new interim segment disclosures.

Future Accounting Pronouncements
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this ASU make targeted improvements to improve the operability of the guidance in consideration of the different methods of software development. Specifically, this update removes all references to prescriptive and sequential software development stages; rather, an entity is required to start capitalizing software costs when both of the following occur: management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. The updated guidance is effective for annual reporting periods beginning after December 15, 2027.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this ASU require disclosure in the notes to financial statements of specified information about certain expenses, such as employee compensation, depreciation, and intangible asset amortization. The updated guidance is effective for annual reporting periods beginning after December 15, 2026.
8

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation table, as well as income taxes paid disaggregated by jurisdiction. These expanded disclosures will allow investors to better assess how an entity’s overall operations, including the related tax risks, tax planning, and operational opportunities, affect its income tax rate and prospects for future cash flows. The updated guidance is effective for annual periods beginning after December 15, 2024, and is not expected to have a material impact on the consolidated financial statements.
Reclassifications
Certain amounts in the 2024 consolidated financial statements have been reclassified to conform to the 2025 presentation, namely Certificates of deposit in other banks has been consolidated into Other investments on the consolidated balance sheets. This reclassification was not material and did not impact any other previously reported financial statement line items.

Note 2 – Earnings per Common Share
Basic earnings per common share are calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common share are calculated by dividing net income by the weighted average number of shares adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock), if any. Presented below are the calculations for basic and diluted earnings per common share.
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands, except per share data)2025202420252024
Net income$41,735 $32,516 $110,362 $89,579 
Weighted average common shares outstanding14,836 15,052 15,039 14,966 
Effect of dilutive common stock awards467 427 424 364 
Diluted weighted average common shares outstanding15,303 15,479 15,463 15,330 
Basic earnings per common share*$2.81 $2.16 $7.34 $5.99 
Diluted earnings per common share*$2.73 $2.10 $7.14 $5.84 
*Cumulative quarterly per share performance may not equal annual per share totals due to the effects of the amount and timing of capital increases. When computing earnings per share for an interim period, the denominator is based on the weighted average shares outstanding during the interim period, and not on an annualized weighted average basis. Accordingly, the sum of the earnings per share data for the quarters will not necessarily equal the year to date earnings per share data.
For the three and nine months ended September 30, 2025, less than 0.1 million shares were excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive. For the three and nine months ended September 30, 2024, approximately 0.2 million shares and 0.6 million shares, respectively, were excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive.

Note 3 – Stock-Based Compensation
The Company may grant stock options and restricted stock awards under its stock-based compensation plans to certain officers, employees, and directors. These plans are administered by a committee of the Board of Directors, and at September 30, 2025, approximately 0.5 million shares were available for grant under these stock-based compensation plans.
A Black-Scholes model is utilized to estimate the fair value of stock option grants, while the market price of the Company’s stock at the date of grant is used to estimate the fair value of restricted stock awards. The weighted average assumptions used in the Black-Scholes model for valuing stock option grants for the nine months ended September 30, 2024 were as follows. There were no stock options granted for the nine months ended September 30, 2025.
Nine Months Ended September 30, 2024
Dividend yield1.3 %
Expected volatility30 %
Risk-free interest rate4.52 %
Expected average life7 years
Weighted average per share fair value of options$27.91 
9

The Company’s stock option activity is summarized below.
Stock OptionsOption Shares
Outstanding		Weighted
Average
Exercise Price		Weighted Average
Remaining
Life (Years)		Aggregate
Intrinsic Value
(in thousands)
Outstanding - December 31, 20241,162,229 $69.16 
Granted— — 
Exercise of stock options *(159,295)55.53 
Forfeited(11,800)80.14 
Outstanding - September 30, 2025991,134 $71.22 4.9$62,721 
Exercisable - September 30, 2025768,963 $69.21 4.3$50,209 
* The terms of the stock option agreements permit having a number of shares of stock withheld, the fair market value of which as of the date of exercise is sufficient to satisfy the exercise price and/or tax withholding requirements. For the nine months ended September 30, 2025, 85,959 such shares were withheld by the Company.
Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock options. The intrinsic value of options exercised for the nine months ended September 30, 2025 and 2024 was approximately $10.9 million and $8.6 million, respectively.
The Company’s restricted stock awards and restricted stock units activity is summarized below.
Restricted StockWeighted Average Grant
Date Fair Value		Restricted Shares
Outstanding
Outstanding - December 31, 2024$92.84 93,513 
Granted ^134.69 71,656 
Vested *89.88 (20,289)
Forfeited109.82 (360)
Outstanding - September 30, 2025$113.96 144,520 
^ Includes an equity award to Mr. Daniels, which consists of 30,000 shares of restricted stock that cliff vest upon 5 years of continued service through December 31, 2030, and 30,000 performance-based restricted stock units that vest upon the satisfaction of certain performance-based metrics over a 5-year performance period. The Company currently estimates maximum performance will be achieved for these performance-based awards, and 60,000 restricted stock units will ultimately vest.
* The terms of the restricted stock agreements permit the surrender of shares to the Company upon vesting in order to satisfy applicable withholding at the minimum statutory withholding rate, and accordingly 5,513 shares were surrendered for the nine months ended September 30, 2025.
The Company recognized approximately $4.6 million and $4.4 million of stock-based compensation expense (included in personnel on the consolidated statements of income) for the nine months ended September 30, 2025 and 2024, respectively, associated with its common stock awards granted to officers and employees. In addition, for the nine months ended September 30, 2025, the Company recognized approximately $0.7 million of director expense (included in other noninterest expense on the consolidated statements of income) for restricted stock grants totaling 5,656 shares with immediate vesting to directors, while for the nine months ended September 30, 2024, the Company recognized approximately $0.7 million of director expense for restricted stock grants totaling 8,764 shares with immediate vesting to directors, in each case representing the annual stock retainer fee paid to non-employee board members. As of September 30, 2025, there was approximately $23.9 million of unrecognized compensation cost related to equity award grants, which is expected to be recognized over the remaining vesting period of approximately four years. The Company recognized a tax benefit of approximately $2.2 million and $1.5 million for the nine months ended September 30, 2025 and 2024, respectively, for the tax impact of stock option exercises and vesting of restricted stock.
10

Note 4 – Securities and Other Investments
Securities
Securities are classified as AFS on the consolidated balance sheets at the time of purchase. AFS securities include those securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity, and are carried at fair value on the consolidated balance sheets. Premiums and discounts on investment securities are amortized or accreted into interest income over the estimated life of the related securities using the effective interest method.

The amortized cost and fair value of securities AFS are summarized as follows.
September 30, 2025
(in thousands)Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated Fair Value
Securities AFS:
U.S. Treasury securities$28,277 $— $1,143 $27,134 
U.S. government agency securities4,427 1 26 4,402 
State, county and municipals293,760 201 18,164 275,797 
Mortgage-backed securities507,192 3,335 23,506 487,021 
Corporate debt securities69,525 138 2,483 67,180 
Total securities AFS$903,181 $3,675 $45,322 $861,534 
December 31, 2024
(in thousands)Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated Fair Value
Securities AFS:
U.S. Treasury securities$15,795 $— $1,767 $14,028 
U.S. government agency securities5,563 — 43 5,520 
State, county and municipals310,931 116 26,344 284,703 
Mortgage-backed securities455,386 1,101 34,534 421,953 
Corporate debt securities85,183 — 4,972 80,211 
Total securities AFS$872,858 $1,217 $67,660 $806,415 
Proceeds and realized gains or losses from the sale of AFS securities were as follows.
Nine Months Ended September 30,
(in thousands)20252024
Securities AFS:
Gross gains$107 $1,038 
Gross losses— (70)
Gains (losses) on sales of securities AFS, net
$107 $968 
Proceeds from sales of securities AFS$9,425 $4,987 
All mortgage-backed securities included in the securities portfolio were issued by U.S. government agencies and corporations. Investment securities with a carrying value of $437 million and $355 million, as of September 30, 2025 and December 31, 2024, respectively, were pledged as collateral to secure public deposits and borrowings, as applicable, and for liquidity or other purposes as required by regulation. Accrued interest on investment securities totaled $5 million at both September 30, 2025 and December 31, 2024, and is included in accrued interest receivable and other assets on the consolidated balance sheets.
11


The following table presents gross unrealized losses and the related estimated fair value of investment securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position.
September 30, 2025
Less than 12 months12 months or moreTotal
($ in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Number of
Securities
Securities AFS:
U.S. Treasury securities$12,623 $4 $14,511 $1,139 $27,134 $1,143 4 
U.S. government agency securities464 1 3,008 25 3,472 26 8 
State, county and municipals17,129 474 227,250 17,690 244,379 18,164 422 
Mortgage-backed securities21,275 158 239,431 23,348 260,706 23,506 382 
Corporate debt securities353 1 54,081 2,482 54,434 2,483 38 
Total
$51,844 $638 $538,281 $44,684 $590,125 $45,322 854 
December 31, 2024
Less than 12 months12 months or moreTotal
($ in thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Number of
Securities
Securities AFS:
U.S. Treasury securities$— $— $14,028 $1,767 $14,028 $1,767 1 
U.S. government agency securities1,918 11 3,602 32 5,520 43 10 
State, county and municipals43,565 1,497 228,355 24,847 271,920 26,344 528 
Mortgage-backed securities79,899 1,105 252,612 33,429 332,511 34,534 429 
Corporate debt securities7,048 63 68,332 4,909 75,380 4,972 50 
Total
$132,430 $2,676 $566,929 $64,984 $699,359 $67,660 1,018 
As of September 30, 2025 and December 31, 2024, no allowance for credit losses on AFS securities was recognized. The Company does not consider its securities AFS with unrealized losses to be attributable to credit-related factors, as the unrealized losses in each category have occurred as a result of changes in noncredit-related factors such as changes in interest rates, market spreads and market conditions subsequent to purchase, not credit deterioration. Furthermore, the Company does not have the intent to sell any of these AFS securities and believes that it is more likely than not that we will not have to sell any such securities before a recovery of cost.
The amortized cost and fair value of investment securities by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; as this is particularly inherent in mortgage-backed securities, these securities are not included in the maturity categories below.
As of September 30, 2025
Securities AFS
(in thousands)Amortized CostFair Value
Due in less than one year$29,856 $29,738 
Due in one year through five years166,643 158,519 
Due after five years through ten years123,164 115,490 
Due after ten years76,326 70,766 
395,989 374,513 
Mortgage-backed securities507,192 487,021 
Total investment securities$903,181 $861,534 
12

Other Investments
Other investments include “restricted” equity securities, equity securities with readily determinable fair values, and private company securities. As a member of the Federal Reserve Bank System and the Federal Home Loan Bank (“FHLB”) System, Nicolet is required to maintain an investment in the capital stock of these entities. These equity securities are “restricted” in that they can only be sold back to the respective institutions or another member institution at par. Therefore, they are less liquid than other exchange traded equity securities. As no ready market exists for these stocks, and they have no quoted market value, these investments are carried at cost. Also included are investments in other private companies that do not have quoted market prices, which are carried at cost less impairment charges, if any. The carrying value of other investments are summarized as follows.
September 30, 2025December 31, 2024
(in thousands)AmountAmount
Federal Reserve Bank stock
$33,490 $33,335 
Federal Home Loan Bank (“FHLB”) stock
7,030 9,674 
Equity securities with readily determinable fair values9,294 8,610 
Other investments11,566 10,506 
Total other investments$61,380 $62,125 

Note 5 – Loans, Allowance for Credit Losses - Loans, and Credit Quality
The loan composition is summarized as follows.
September 30, 2025December 31, 2024
(in thousands)Amount% of
Total		Amount% of
Total
Commercial & industrial$1,415,841 20 %$1,319,763 20 %
Owner-occupied commercial real estate (“CRE”)947,390 14 940,367 14 
Agricultural1,378,070 20 1,322,038 20 
CRE investment1,213,301 17 1,221,826 18 
Construction & land development324,209 5 239,694 4 
Residential construction92,325 1 96,110 1 
Residential first mortgage1,199,512 18 1,196,158 18 
Residential junior mortgage260,167 4 234,634 4 
Retail & other43,896 1 55,994 1 
Loans
6,874,711 100 %6,626,584 100 %
Less allowance for credit losses - Loans (“ACL-Loans”)68,785 66,322 
Loans, net
$6,805,926 $6,560,262 
Allowance for credit losses - Loans to loans1.00 %1.00 %
Accrued interest on loans totaled $22 million and $20 million at September 30, 2025 and December 31, 2024, respectively, and is included in accrued interest receivable and other assets on the consolidated balance sheets.
Allowance for Credit Losses - Loans:
The majority of the Company’s loans, commitments, and letters of credit have been granted to customers in the Company’s market area. Although the Company has a diversified loan portfolio, the credit risk in the loan portfolio is largely influenced by general economic conditions and trends of the counties and markets in which the debtors operate, and the resulting impact on the operations of borrowers or on the value of underlying collateral, if any.
13

A roll forward of the allowance for credit losses - loans is summarized as follows.
Three Months Ended Nine Months EndedYear Ended
(in thousands)September 30, 2025September 30, 2024September 30, 2025September 30, 2024December 31, 2024
Beginning balance$68,408 $65,414 $66,322 $63,610 $63,610 
Provision for credit losses - loans950 750 3,750 2,850 3,750 
Charge-offs(619)(475)(1,575)(1,066)(1,493)
Recoveries46 96 288 391 455 
Net (charge-offs) recoveries(573)(379)(1,287)(675)(1,038)
Ending balance$68,785 $65,785 $68,785 $65,785 $66,322 
The following tables present the balance and activity in the ACL-Loans by portfolio segment.
Nine Months Ended September 30, 2025
(in thousands)Commercial
& industrial		Owner-
occupied
CRE		AgriculturalCRE
investment		Construction & land
development		Residential
construction		Residential
first mortgage		Residential
junior
mortgage		Retail
& other		Total
ACL-Loans
Beginning balance$16,147 $5,362 $9,957 $14,616 $2,658 $1,234 $12,590 $2,827 $931 $66,322 
Provision1,978 224 (1,158)444 924 (47)1,007 452 (74)3,750 
Charge-offs(994)(189)(65)— — — (98)(2)(227)(1,575)
Recoveries172 52 — — — — 1 2 61 288 
Net (charge-offs) recoveries(822)(137)(65)— — — (97)— (166)(1,287)
Ending balance$17,303 $5,449 $8,734 $15,060 $3,582 $1,187 $13,500 $3,279 $691 $68,785 
As % of ACL-Loans25 %8 %13 %22 %5 %2 %19 %5 %1 %100 %

Year Ended December 31, 2024
(in thousands)Commercial
& industrial		Owner-
occupied
CRE		AgriculturalCRE
investment		Construction
& land
development		Residential
construction		Residential
first
mortgage		Residential
junior
mortgage		Retail &
other		 
Total
ACL-Loans
Beginning balance$15,225 $9,082 $12,629 $12,693 $2,440 $916 $7,320 $2,098 $1,207 $63,610 
Provision1,789 (3,844)(2,672)1,923 218 318 5,237 720 61 3,750 
Charge-offs(918)(120)— — — — — — (455)(1,493)
Recoveries51 244 — — — — 33 9 118 455 
Net (charge-offs) recoveries(867)124 — — — — 33 9 (337)(1,038)
Ending balance$16,147 $5,362 $9,957 $14,616 $2,658 $1,234 $12,590 $2,827 $931 $66,322 
As % of ACL-Loans24 %8 %15 %22 %4 %2 %19 %4 %2 %100 %
The ACL-Loans represents management’s estimate of expected credit losses in the Company’s loan portfolio at the balance sheet date. To assess the appropriateness of the ACL-Loans, management applies a methodology which focuses on evaluation of qualitative and environmental factors, including but not limited to: (i) evaluation of facts and issues related to specific loans; (ii) management’s ongoing review and grading of the loan portfolio; (iii) consideration of historical loan loss and delinquency experience on each portfolio segment; (iv) trends in past due and nonperforming loans; (v) the risk characteristics of the various loan segments; (vi) changes in the size and character of the loan portfolio; (vii) concentrations of loans to specific borrowers or industries; (viii) existing economic conditions; (ix) the fair value of underlying collateral; and (x) other qualitative and quantitative factors which could affect expected credit losses. Assessing these numerous factors involves significant judgment.
Management allocates the ACL-Loans by pools of risk within each loan portfolio segment. The allocation methodology consists of the following components. First, a specific reserve is established for individually evaluated credit-deteriorated loans, which management defines as nonaccrual credit relationships over $250,000, collateral dependent loans, purchased credit deteriorated loans, and other loans with evidence of credit deterioration. The specific reserve in the ACL-Loans for these credit deteriorated loans is equal to the aggregate collateral or discounted cash flow shortfall. Management allocates the ACL-Loans with historical loss rates by loan segment. The loss factors are measured on a quarterly basis and applied to each loan segment based on current loan balances and projected for their expected remaining life. Next, management allocates the ACL-Loans using the qualitative factors mentioned above. Consideration is given to those current qualitative or environmental factors that are likely to cause estimated credit losses as of the evaluation date to differ from the historical loss experience of each loan segment. Lastly, management considers reasonable and supportable forecasts to assess the collectability of future cash flows.
14

Allowance for Credit Losses-Unfunded Commitments:
In addition to the ACL-Loans, the Company has established an ACL-Unfunded commitments, classified in accrued interest payable and other liabilities on the consolidated balance sheets. This reserve is maintained at a level that management believes is sufficient to absorb losses arising from unfunded loan commitments, and is determined quarterly based on methodology similar to the methodology for determining the ACL-Loans. The reserve for unfunded commitments was $2.8 million and $3.1 million at September 30, 2025 and December 31, 2024, respectively.
Provision for Credit Losses:
The provision for credit losses is determined by the Company as the amount to be added to the ACL loss accounts for various types of financial instruments including loans, investment securities, and off-balance sheet credit exposures after net charge-offs have been deducted to bring the ACL to a level that, in management’s judgment, is necessary to absorb expected credit losses over the lives of the respective financial instruments. See Note 4 for additional information regarding the ACL related to investment securities. The following table presents the components of the provision for credit losses.
Three Months Ended Nine Months EndedYear Ended
(in thousands)September 30, 2025September 30, 2024September 30, 2025September 30, 2024December 31, 2024
Provision for credit losses on:
Loans$950 $750 $3,750 $2,850 $3,750 
Unfunded commitments— — (250)— 100 
Investment securities— — — — — 
Total$950 $750 $3,500 $2,850 $3,850 
15

Collateral Dependent Loans:
A loan is considered to be collateral dependent when, based upon management’s assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. For collateral dependent loans, expected credit losses are based on the estimated fair value of the collateral at the balance sheet date, with consideration for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. The following tables present collateral dependent loans by portfolio segment and collateral type, including those loans with and without a related allowance allocation.
September 30, 2025Collateral Type
(in thousands)Real EstateOther Business AssetsTotalWithout an AllowanceWith an AllowanceAllowance Allocation
Commercial & industrial$— $6,872 $6,872 $5,827 $1,045 $369 
Owner-occupied CRE5,040 — 5,040 5,040 — — 
Agricultural7,477 3,678 11,155 11,155 — — 
CRE investment508 — 508 508 — — 
Construction & land development— — — — — — 
Residential construction— — — — — — 
Residential first mortgage797 — 797 436 361 1 
Residential junior mortgage102 — 102 102 — — 
Retail & other— — — — — — 
Total loans$13,924 $10,550 $24,474 $23,068 $1,406 $370 

December 31, 2024Collateral Type
(in thousands)Real EstateOther Business AssetsTotalWithout an AllowanceWith an AllowanceAllowance Allocation
Commercial & industrial$— $7,788 $7,788 $4,047 $3,741 $723 
Owner-occupied CRE3,744 — 3,744 3,378 366 49 
Agricultural5,964 3,740 9,704 9,704 — — 
CRE investment1,488 — 1,488 1,488 — — 
Construction & land development— — — — — — 
Residential construction— — — — — — 
Residential first mortgage242 — 242 242 — — 
Residential junior mortgage— — — — — — 
Retail & other— 14 14 — 14 1 
Total loans$11,438 $11,542 $22,980 $18,859 $4,121 $773 


16

Past Due and Nonaccrual Loans:
The following tables present past due loans by portfolio segment.
September 30, 2025
(in thousands)30-89 Days Past
Due (accruing)		90 Days & Over or nonaccrualCurrentTotal
Commercial & industrial$1,559 $7,237 $1,407,045 $1,415,841 
Owner-occupied CRE264 6,322 940,804 947,390 
Agricultural26 11,259 1,366,785 1,378,070 
CRE investment43 508 1,212,750 1,213,301 
Construction & land development— — 324,209 324,209 
Residential construction569 — 91,756 92,325 
Residential first mortgage1,207 1,736 1,196,569 1,199,512 
Residential junior mortgage478 259 259,430 260,167 
Retail & other563 142 43,191 43,896 
Total loans$4,709 $27,463 $6,842,539 $6,874,711 
Percent of total loans0.1 %0.4 %99.5 %100.0 %
December 31, 2024
(in thousands)30-89 Days Past
Due (accruing)		90 Days & Over or nonaccrualCurrentTotal
Commercial & industrial$693 $8,534 $1,310,536 $1,319,763 
Owner-occupied CRE177 4,547 935,643 940,367 
Agricultural— 9,969 1,312,069 1,322,038 
CRE investment— 1,688 1,220,138 1,221,826 
Construction & land development67 — 239,627 239,694 
Residential construction291 — 95,819 96,110 
Residential first mortgage3,989 3,370 1,188,799 1,196,158 
Residential junior mortgage333 185 234,116 234,634 
Retail & other237 126 55,631 55,994 
Total loans$5,787 $28,419 $6,592,378 $6,626,584 
Percent of total loans0.1 %0.4 %99.5 %100.0 %

The following table presents nonaccrual loans by portfolio segment.
September 30, 2025December 31, 2024
(in thousands)Nonaccrual Loans% of TotalNonaccrual Loans% of Total
Commercial & industrial$7,237 26 %$8,534 30 %
Owner-occupied CRE6,322 23 4,547 16 
Agricultural11,259 41 9,969 35 
CRE investment508 2 1,688 6 
Construction & land development— — — — 
Residential construction— — — — 
Residential first mortgage1,736 6 3,370 12 
Residential junior mortgage259 1 185 1 
Retail & other142 1 126 — 
Nonaccrual loans
$27,463 100 %$28,419 100 %
Percent of total loans0.4 %0.4 %

17

Credit Quality Information:
The following tables present total loans by risk categories and year of origination, as well as gross charge-offs by year of origination. Acquired loans have been included based upon the actual origination date.
September 30, 2025Amortized Cost Basis by Origination Year
(in thousands)20252024202320222021PriorRevolvingRevolving to TermTOTAL
Commercial & industrial
Grades 1-4$222,735 $166,506 $119,358 $115,226 $87,223 $84,453 $463,912 $— $1,259,413 
Grade 52,711 2,554 7,673 12,014 3,555 5,814 48,048 — 82,369 
Grade 616,118 917 1,534 2,677 945 41 16,127 — 38,359 
Grade 7 *811 2,023 4,613 4,056 5,176 5,616 13,405 — 35,700 
Total$242,375 $172,000 $133,178 $133,973 $96,899 $95,924 $541,492 $— $1,415,841 
Current period gross charge-offs$— $— $— $(75)$(524)$(8)$(387)$— $(994)
Owner-occupied CRE
Grades 1-4$102,339 $87,235 $85,526 $139,336 $120,393 $288,847 $1,890 $— $825,566 
Grade 51,296 5,507 6,314 13,307 20,984 24,312 66 — 71,786 
Grade 6— 13,076 1,513 1,324 1,186 2,424 — — 19,523 
Grade 7 *— 1,979 3,711 1,921 7,226 15,678 — — 30,515 
Total$103,635 $107,797 $97,064 $155,888 $149,789 $331,261 $1,956 $— $947,390 
Current period gross charge-offs$— $— $— $— $— $(189)$— $— $(189)
Agricultural
Grades 1-4$124,008 $202,345 $129,230 $241,757 $115,925 $190,723 $256,056 $— $1,260,044 
Grade 59,210 3,959 3,556 10,023 3,293 19,523 23,413 — 72,977 
Grade 61,448 — 663 146 — 6,256 1,725 — 10,238 
Grade 7 *47 536 2,088 4,035 6,940 16,260 4,905 — 34,811 
Total$134,713 $206,840 $135,537 $255,961 $126,158 $232,762 $286,099 $— $1,378,070 
Current period gross charge-offs$— $(65)$— $— $— $— $— $— $(65)
CRE investment
Grades 1-4$81,166 $100,366 $48,885 $240,439 $226,815 $468,666 $8,404 $— $1,174,741 
Grade 5— 2,340 — 2,132 3,074 25,220 — — 32,766 
Grade 6— — 75 3,792 — 309 — — 4,176 
Grade 7 *— — 387 — — 1,231 — — 1,618 
Total$81,166 $102,706 $49,347 $246,363 $229,889 $495,426 $8,404 $— $1,213,301 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Construction & land development
Grades 1-4$57,595 $149,006 $26,728 $29,826 $43,014 $12,715 $2,040 $— $320,924 
Grade 5— 375 40 1,932 219 480 — — 3,046 
Grade 6— — — 169 — — — — 169 
Grade 7 *— — — 70 — — — — 70 
Total$57,595 $149,381 $26,768 $31,997 $43,233 $13,195 $2,040 $— $324,209 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential construction
Grades 1-4$48,737 $33,634 $3,751 $3,426 $1,592 $527 $658 $— $92,325 
Grade 5— — — — — — — — — 
Grade 6— — — — — — — — — 
Grade 7 *— — — — — — — — — 
Total$48,737 $33,634 $3,751 $3,426 $1,592 $527 $658 $— $92,325 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential first mortgage
Grades 1-4$127,289 $125,835 $150,334 $317,955 $201,005 $265,015 $510 $— $1,187,943 
Grade 5455 903 1,361 1,525 1,427 2,107 — — 7,778 
Grade 653 — — — — 88 — — 141 
Grade 7 *— 400 — 1,435 841 974 — — 3,650 
Total$127,797 $127,138 $151,695 $320,915 $203,273 $268,184 $510 $— $1,199,512 
Current period gross charge-offs$— $(85)$— $— $— $(13)$— $— $(98)
Residential junior mortgage
Grades 1-4$7,048 $5,956 $6,867 $3,809 $2,644 $7,664 $221,291 $3,928 $259,207 
Grade 5— 13 27 456 194 — 11 — 701 
Grade 6— — — — — — — — — 
Grade 7 *— — — 49 — — 210 — 259 
Total$7,048 $5,969 $6,894 $4,314 $2,838 $7,664 $221,512 $3,928 $260,167 
Current period gross charge-offs$— $— $— $— $— $(2)$— $— $(2)
Retail & other
Grades 1-4$5,430 $4,316 $3,209 $3,711 $2,037 $3,529 $21,519 $— $43,751 
Grade 5— — — — — — — — — 
Grade 6— — — — — — — — — 
Grade 7 *66 7 62 — 10 — — — 145 
Total$5,496 $4,323 $3,271 $3,711 $2,047 $3,529 $21,519 $— $43,896 
Current period gross charge-offs$— $(13)$— $— $— $(14)$(200)$— $(227)
Total loans$808,562 $909,788 $607,505 $1,156,548 $855,718 $1,448,472 $1,084,190 $3,928 $6,874,711 
* The total Grade 7 loans at September 30, 2025 included $17 million of loans covered by government loan program guarantees.
18

December 31, 2024Amortized Cost Basis by Origination Year
(in thousands)20242023202220212020PriorRevolvingRevolving to TermTOTAL
Commercial & industrial
Grades 1-4$225,888 $156,368 $173,824 $123,601 $41,811 $84,687 $398,708 $— $1,204,887 
Grade 52,326 4,061 7,315 9,066 1,992 7,362 41,773 — 73,895 
Grade 6148 1,300 960 50 186 1,326 5,168 — 9,138 
Grade 7 *314 5,773 4,331 1,081 1,713 4,277 14,354 — 31,843 
Total$228,676 $167,502 $186,430 $133,798 $45,702 $97,652 $460,003 $— $1,319,763 
Current period gross charge-offs$— $(110)$(68)$(26)$(58)$(356)$(300)$— $(918)
Owner-occupied CRE
Grades 1-4$102,650 $101,966 $155,261 $151,051 $79,073 $271,425 $4,411 $— $865,837 
Grade 51,858 7,559 6,964 7,830 3,542 18,182 24 — 45,959 
Grade 61,650 — — — 68 5,996 50 — 7,764 
Grade 7 *— 1,438 2,387 6,210 6,618 4,154 — — 20,807 
Total$106,158 $110,963 $164,612 $165,091 $89,301 $299,757 $4,485 $— $940,367 
Current period gross charge-offs$— $— $(90)$— $— $(30)$— $— $(120)
Agricultural
Grades 1-4$201,827 $151,827 $262,806 $124,527 $71,710 $145,128 $270,147 $— $1,227,972 
Grade 58,396 5,441 3,531 4,047 1,678 23,111 9,618 — 55,822 
Grade 61,314 — — — — 1,790 1,044 — 4,148 
Grade 7 *785 2,541 6,388 6,085 468 13,693 4,136 — 34,096 
Total$212,322 $159,809 $272,725 $134,659 $73,856 $183,722 $284,945 $— $1,322,038 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
CRE investment
Grades 1-4$102,931 $53,725 $240,553 $238,275 $159,838 $347,836 $7,103 $— $1,150,261 
Grade 56,542 4,205 10,999 7,763 8,002 31,037 24 — 68,572 
Grade 6— — — — — — — — — 
Grade 7 *— 1,034 177 — — 1,782 — — 2,993 
Total$109,473 $58,964 $251,729 $246,038 $167,840 $380,655 $7,127 $— $1,221,826 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Construction & land development
Grades 1-4$87,004 $42,684 $40,812 $46,413 $7,976 $7,409 $1,884 $— $234,182 
Grade 51,317 43 30 3,074 411 487 — — 5,362 
Grade 6— — — — — — — — — 
Grade 7 *— — 150 — — — — — 150 
Total$88,321 $42,727 $40,992 $49,487 $8,387 $7,896 $1,884 $— $239,694 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential construction
Grades 1-4$78,894 $9,307 $4,425 $1,706 $132 $429 $926 $— $95,819 
Grade 5291 — — — — — — — 291 
Grade 6— — — — — — — — — 
Grade 7 *— — — — — — — — — 
Total$79,185 $9,307 $4,425 $1,706 $132 $429 $926 $— $96,110 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential first mortgage
Grades 1-4$138,068 $174,494 $347,351 $219,376 $117,625 $184,004 $119 $1 $1,181,038 
Grade 5627 319 1,586 1,192 768 3,897 — — 8,389 
Grade 6— — — 70 — 72 — — 142 
Grade 7 *44 66 1,817 1,384 574 2,704 — — 6,589 
Total$138,739 $174,879 $350,754 $222,022 $118,967 $190,677 $119 $1 $1,196,158 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential junior mortgage
Grades 1-4$17,309 $8,998 $5,466 $2,757 $3,649 $5,608 $185,318 $4,933 $234,038 
Grade 515 29 66 196 — — — — 306 
Grade 6— — — — — — — — — 
Grade 7 *— — — — — 32 258 — 290 
Total$17,324 $9,027 $5,532 $2,953 $3,649 $5,640 $185,576 $4,933 $234,634 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Retail & other
Grades 1-4$7,518 $4,469 $5,334 $3,273 $1,423 $4,477 $29,371 $— $55,865 
Grade 5— — — — — — — — — 
Grade 6— — — — — — — — — 
Grade 7 *— 87 — 25 17 — — — 129 
Total$7,518 $4,556 $5,334 $3,298 $1,440 $4,477 $29,371 $— $55,994 
Current period gross charge-offs$(2)$(71)$(8)$(7)$— $(82)$(285)$— $(455)
Total loans$987,716 $737,734 $1,282,533 $959,052 $509,274 $1,170,905 $974,436 $4,934 $6,626,584 
* The total Grade 7 loans at December 31, 2024 included $15 million of loans covered by government loan program guarantees.


19

An internal loan review function rates loans using a grading system based on different risk categories. Loans with a Substandard grade are considered to have a greater risk of loss and may be assigned allocations for loss based on specific review of the weaknesses observed in the individual credits. Such loans are monitored by the loan review function to help ensure early identification of any deterioration. A description of the loan risk categories used by the Company follows.
Grades 1-4, Pass: Credits exhibit adequate cash flows, appropriate management and financial ratios within industry norms and/or are supported by sufficient collateral. Some credits in these rating categories may require a need for monitoring but elements of concern are not severe enough to warrant an elevated rating.
Grade 5, Watch: Credits with this rating are adequately secured and performing but are being monitored due to the presence of various short-term weaknesses which may include unexpected, short-term adverse financial performance, managerial problems, potential impact of a decline in the entire industry or local economy and delinquency issues. Loans to individuals or loans supported by guarantors with marginal net worth or collateral may be included in this rating category.
Grade 6, Special Mention: Credits with this rating have potential weaknesses that, without the Company’s attention and correction may result in deterioration of repayment prospects. These assets are considered Criticized Assets. Potential weaknesses may include adverse financial trends for the borrower or industry, repeated lack of compliance with Company requests, increasing debt to net worth, serious management conditions and decreasing cash flow.
Grade 7, Substandard: Assets with this rating are characterized by the distinct possibility the Company will sustain some loss if deficiencies are not corrected. All foreclosures, liquidations, and nonaccrual loans are considered to be categorized in this rating, regardless of collateral sufficiency.
Modifications to Borrowers Experiencing Financial Difficulty:
The following table presents the amortized cost of loans that were made to borrowers experiencing financial difficulty and were modified during the nine months ended September 30, 2025 and September 30, 2024, respectively, aggregated by portfolio segment and type of modification.
(in thousands)Payment DelayTerm ExtensionInterest Rate ReductionTerm Extension & Interest Rate ReductionTotal% of Total Loans
Nine Months Ended September 30, 2025
Commercial & industrial$2,367 $— $— $— $2,367 0.17 %
Owner-occupied CRE— — — — — — %
Agricultural— — — — — — %
CRE investment— — — — — — %
Total$2,367 $— $— $— $2,367 0.03 %
Nine Months Ended September 30, 2024
Commercial & industrial$— $— $— $— $— — %
Owner-occupied CRE1,521 — — — 1,521 0.17 %
Agricultural— — — — — — %
CRE investment— — — — — — %
Total$1,521 $— $— $— $1,521 0.02 %
The loans presented in the table above have had more than insignificant payment delays (which the Company has defined as payment delays in excess of three months). These modified loans are closely monitored by the Company to understand the effectiveness of its modification efforts, and such loans generally remain in nonaccrual status pending a sustained period of performance in accordance with the modified terms.
As of September 30, 2025 and December 31, 2024, there were no loans made to borrowers experiencing financial difficulty that were modified during the current period and subsequently defaulted, and there were no commitments to lend additional funds to such debtors.
20

Note 6 – Goodwill and Other Intangibles and Servicing Rights
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 also regularly monitors economic factors for potential impairment indications on the value of our franchise, stability of deposits, and the wealth client base, underlying our goodwill and other intangibles. Management concluded no impairment was indicated for the nine months ended September 30, 2025 and the year ended December 31, 2024. A summary of goodwill and other intangibles was as follows.
(in thousands)September 30, 2025December 31, 2024
Goodwill$367,387 $367,387 
Core deposit intangibles14,803 18,815 
Customer list intangibles1,503 1,938 
    Other intangibles16,306 20,753 
Goodwill and other intangibles, net$383,693 $388,140 
Other intangible assets: Other intangible assets, consisting of core deposit intangibles and customer list intangibles, are amortized over their estimated finite lives. During first quarter 2024, Nicolet purchased a financial advisory book of business and established a corresponding customer list intangible. A summary of other intangible assets was as follows.
Nine Months EndedYear Ended
(in thousands)September 30, 2025December 31, 2024
Core deposit intangibles:
Gross carrying amount *$56,588 $60,724 
Accumulated amortization *(41,785)(41,909)
Net book value$14,803 $18,815 
Amortization during the period$4,012 $6,297 
Customer list intangibles:
Gross carrying amount$6,173 $6,173 
Accumulated amortization(4,670)(4,235)
Net book value$1,503 $1,938 
Additions during the period$— $650 
Amortization during the period$435 $579 
*Core deposit intangibles of $4.1 million were fully amortized during 2024 and have been removed from both the gross carrying amount and accumulated amortization for 2025.
21

Servicing rights: The Company has a servicing rights asset related to certain agricultural and residential mortgage loans sold.
Agricultural loan servicing rights (“LSR”): The Company acquired an agricultural LSR asset in December 2021 which is being amortized over the estimated remaining loan service period.
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).
A summary of the changes in the servicing rights asset was as follows.
Nine Months EndedYear Ended
(in thousands)September 30, 2025December 31, 2024
Servicing rights asset at beginning of year$18,954 $20,486 
Capitalized servicing rights2,226 2,750 
Sale of servicing rights ^(64)— 
Amortization during the period(3,095)(4,282)
Servicing rights asset at end of period$18,021 $18,954 
Valuation allowance at beginning of year$(120)$— 
(Additions) / Reversals, net79 (120)
Charge-offs ^41 — 
Valuation allowance at end of period$— $(120)
Servicing rights asset, net$18,021 $18,834 
Residential mortgage loans serviced for others$1,638,282 $1,644,821 
Agricultural loans serviced for others$397,868 $438,954 
^ 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 September 30, 2025. 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,
2025 (remaining three months)
$1,149 $144 $1,221 
20263,983 379 3,681 
20273,218 296 3,231 
20282,622 296 2,859 
20291,911 166 2,407 
20301,219 166 1,811 
Thereafter701 56 2,811 
Total$14,803 $1,503 $18,021 


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Note 7 – Short and Long-Term Borrowings
Short-Term Borrowings:
Short-term borrowings include any borrowing with an original maturity of one year or less. The Company did not have any short-term borrowings outstanding at either September 30, 2025 or December 31, 2024.
Long-Term Borrowings:
Long-term borrowings include any borrowing with an original maturity greater than one year. The components of long-term borrowings were as follows.
(in thousands)September 30, 2025December 31, 2024
FHLB advances$— $5,000 
Junior subordinated debentures42,007 41,384 
Subordinated notes92,593 115,003 
Total long-term borrowings
$134,600 $161,387 
FHLB Advances: The Federal Home Loan Bank (“FHLB”) advance at December 31, 2024 had a fixed rate, required interest-only monthly payments, and matured in March 2025. The weighted average rate of the FHLB advance was 1.55% at December 31, 2024.
Junior Subordinated Debentures: Each of the junior subordinated debentures was issued to an underlying statutory trust (the “statutory trusts”), which issued trust preferred securities and common securities and used the proceeds from the issuance of the common and the trust preferred securities to purchase the junior subordinated debentures of the Company. The debentures represent the sole asset of the statutory trusts. All of the common securities of the statutory trusts are owned by the Company. The statutory trusts are not included in the consolidated financial statements. The net effect of all the documents entered into with respect to the trust preferred securities is that the Company, through payments on its debentures, is liable for the distributions and other payments required on the trust preferred securities. Interest on all debentures is current. Any applicable discounts (initially recorded to carry an acquired debenture at its then estimated fair value) are being accreted to interest expense over the remaining life of the debenture. All the junior subordinated debentures are currently callable and may be redeemed in part or in full, at par, plus any accrued but unpaid interest. At September 30, 2025 and December 31, 2024, approximately $40 million and $39 million, respectively, of trust preferred securities qualify as Tier 1 capital.

Subordinated Notes (the “Notes”): In July 2021, the Company completed the private placement of $100 million in fixed-to-floating rate subordinated notes due in 2031, with a fixed annual rate of 3.125% for the first five years, and will reset quarterly thereafter to the then current three-month Secured Overnight Financing Rate (“SOFR”) plus 237.5 basis points. The Notes due in 2031 are redeemable beginning July 15, 2026 and quarterly thereafter on any interest payment date. All outstanding Notes qualify as Tier 2 capital for regulatory purposes, and are discounted in accordance with regulations when the debt has five years or less remaining to maturity.
In December 2021, as the result of an acquisition, Nicolet assumed $22 million in fixed-to-floating rate subordinated notes due in 2030, with a fixed annual interest rate of 7.00% through June 30, 2025, at which point the interest rate would reset quarterly thereafter to the then current SOFR plus 687.5 basis points. The Notes due in 2030 have been redeemed.
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The following table shows the breakdown of junior subordinated debentures and subordinated notes.
As of September 30, 2025
As of December 31, 2024
(in thousands)Maturity
Date		Interest
 Rate		Par
Unamortized Premium /(Discount) / Debt Issue Costs (1)

Carrying
Value		Interest
 Rate
Carrying
Value
Junior Subordinated Debentures:
Mid-Wisconsin Statutory Trust I (2)
12/15/20355.73 %$10,310 $(2,027)$8,283 6.05 %$8,134 
Baylake Capital Trust II (3)
9/30/20365.61 %16,598 (2,524)14,074 5.94 %13,897 
First Menasha Statutory Trust (4)
3/17/20347.07 %5,155 (367)4,788 7.40 %4,755 
County Bancorp Statutory Trust II (5)
9/15/20355.83 %6,186 (484)5,702 6.15 %5,586 
County Bancorp Statutory Trust III (6)
6/15/20365.99 %6,186 (542)5,644 6.31 %5,528 
Fox River Valley Capital Trust (7)
5/30/20337.89 %3,610 (94)3,516 7.89 %3,484 
Total$48,045 $(6,038)$42,007 $41,384 
Subordinated Notes:
Subordinated Notes due 20317/15/20313.13 %$92,750 $(157)$92,593 3.13 %$92,436 
County Subordinated Notes due 20306/30/20307.00 %— — — 7.00 %22,567 
Total$92,750 $(157)$92,593 $115,003 
(1) Represents the remaining unamortized premium or discount on debt issuances assumed in acquisitions, and represents the unamortized debt issue costs for the debt issued directly by Nicolet.
(2) The debentures, assumed in April 2013 as the result of an acquisition, have a floating rate of three-month SOFR plus 1.43%, adjusted quarterly. *
(3) The debentures, assumed in April 2016 as a result of an acquisition, have a floating rate of three-month SOFR plus 1.35%, adjusted quarterly. *
(4) The debentures, assumed in April 2017 as the result of an acquisition, have a floating rate of three-month SOFR plus 2.79%, adjusted quarterly. *
(5) The debentures, assumed in December 2021 as the result of an acquisition, have a floating rate of three-month SOFR plus 1.53%, adjusted quarterly. *
(6) The debentures, assumed in December 2021 as the result of an acquisition, have a floating rate of three-month SOFR plus 1.69%, adjusted quarterly. *
(7) The debentures, assumed in December 2021 as the result of an acquisition, have a floating rate of 5-year swap rate plus 3.40%, which resets every five years.
* The floating rate on this debenture was originally based on three-month LIBOR. Effective with the cessation of LIBOR, the floating rate on this debenture is now based on three-month CME Term SOFR, plus the spread adjustment of 0.26161%.

Note 8 – Commitments and Contingencies
The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, financial guarantees, and standby letters of credit. Such commitments may involve, to varying degrees, elements of credit risk in excess of amounts recognized on the consolidated balance sheets. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and issuing letters of credit as they do for on-balance sheet financial instruments. See Note 5 for information on the allowance for credit losses-unfunded commitments.
A summary of the contract or notional amount of the Company’s exposure to off-balance sheet risk was as follows.
(in thousands)September 30, 2025December 31, 2024
Commitments to extend credit$2,037,470 $2,038,871 
Financial standby letters of credit19,949 15,683 
Performance standby letters of credit22,092 15,503 
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract, and predominantly included commercial lines of credit with a term of one year or less. The commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.
Financial and performance standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Financial standby letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party, while performance standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. Both of these guarantees are primarily issued to support public and private
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borrowing arrangements and, generally, have terms of one year or less. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company holds collateral, which may include accounts receivable, inventory, property, equipment, and income-producing properties, supporting those commitments if deemed necessary. In the event the customer does not perform in accordance with the terms of the agreement with the third-party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount. If the commitment is funded, the Company would be entitled to seek recovery from the customer.
Interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans held for sale are considered derivative instruments (“mortgage derivatives”) and the contractual amounts were $45 million and $37 million, respectively, at September 30, 2025. In comparison, interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans held for sale totaled $13 million and $12 million, respectively, at December 31, 2024. The net fair value of these mortgage derivatives combined was a net gain of $0.4 million and $0.1 million at September 30, 2025 and December 31, 2024, respectively.
Nicolet is party to various pending and threatened claims and legal proceedings arising in the normal course of business activities, some of which may involve claims for substantial amounts. Although Nicolet has developed policies and procedures to minimize legal noncompliance and the impact of claims and other proceedings and endeavored to procure reasonable amounts of insurance coverage, litigation and regulatory actions present an ongoing risk. With respect to all such claims, Nicolet continuously assesses its potential liability based on the allegations and evidence available. If the facts indicate that it is probable that Nicolet will incur a loss and the amount of such loss can be reasonably estimated, Nicolet will establish an accrual for the probable loss. For matters where a loss is not probable, or the amount of the loss cannot be reasonably estimated, Nicolet does not establish an accrual.
Future developments could result in an unfavorable outcome for or resolution of any one or more of the legal proceedings in which Nicolet is a defendant, which may be material to Nicolet’s business or consolidated results of operations or financial condition for a particular fiscal period or periods. Although it is not possible to predict the outcome of any of these legal proceedings or the range of possible loss, if any, based on the most recent information available, advice of counsel and available insurance coverage, if applicable, management believes that any liability resulting from such proceedings would not have a material adverse effect on our financial position or results of operations.

Note 9 – Fair Value Measurements
Fair value represents the estimated price at which an orderly transaction to sell an asset or transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept), and is a market-based measurement versus an entity-specific measurement. The Company records and/or discloses certain financial instruments on a fair value basis. These financial assets and financial liabilities are measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the assumptions used to determine fair value. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs that reflect assumptions of the reporting entity about how market participants would price the asset or liability based on the best information available under the circumstances. The three fair value levels are:
•Level 1 – quoted market prices in active markets for identical assets or liabilities that a company has the ability to access at the measurement date
•Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly
•Level 3 – significant unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity
In instances where the fair value measurement is based on inputs from different levels, the level within which the entire fair value measurement will be categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. This assessment of the significance of an input requires management judgment.
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Recurring basis fair value measurements:
The following table presents the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented.
(in thousands)Fair Value Measurements Using
Measured at Fair Value on a Recurring Basis:TotalLevel 1Level 2Level 3
September 30, 2025
U.S. Treasury securities$27,134 $— $27,134 $— 
U.S. government agency securities4,402 — 4,402 — 
State, county and municipals275,797 — 275,018 779 
Mortgage-backed securities487,021 — 487,021 — 
Corporate debt securities67,180 — 61,353 5,827 
Securities AFS
$861,534 $— $854,928 $6,606 
Other investments (equity securities)$9,294 $9,294 $— $— 
Derivative assets$785 $— $412 $373 
Derivative liabilities$412 $— $412 $— 
December 31, 2024
U.S. Treasury securities$14,028 $— $14,028 $— 
U.S. government agency securities5,520 — 5,520 — 
State, county and municipals284,703 — 283,773 930 
Mortgage-backed securities421,953 — 421,027 926 
Corporate debt securities80,211 — 74,442 5,769 
Securities AFS
$806,415 $— $798,790 $7,625 
Other investments (equity securities)$8,610 $8,610 $— $— 
Derivative assets$160 $— $71 $89 
Derivative liabilities$71 $— $71 $— 
The following is a description of the valuation methodologies used by the Company for the assets and liabilities measured at fair value on a recurring basis, noted in the tables above.
Securities AFS and Equity Securities: Where quoted market prices on securities exchanges are available, the investments are classified as Level 1. Level 1 investments primarily include exchange-traded equity securities. If quoted market prices are not available, fair value is generally determined using prices obtained from independent pricing vendors who use pricing models (with typical inputs including benchmark yields, reported trades for similar securities, issuer spreads or relationship to other benchmark quoted securities), or discounted cash flows, and are classified as Level 2. Examples of these investments include U.S. Treasury securities, U.S. government agency securities, mortgage-backed securities, obligations of state, county and municipals, and certain corporate debt securities. Finally, in certain cases where there is limited activity or less transparency around inputs to the estimated fair value, investments are classified within Level 3 of the hierarchy. Examples of these include private corporate debt securities, which are primarily trust preferred security investments, as well as certain municipal bonds and mortgage-backed securities. At September 30, 2025 and December 31, 2024, it was determined that carrying value was the best approximation of fair value for the majority of these Level 3 securities, based primarily on the internal analysis on these securities.
Derivatives: The derivative assets and liabilities include interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans held for sale, which are considered derivative instruments (“mortgage derivatives”), as well as interest rate swaps with corresponding mirror interest rate swaps. The fair value of interest rate lock commitments is determined using the projected sale price of individual loans based on changes in the market interest rates, projected pull-through rates (the probability that an interest rate lock commitment will ultimately result in an originated loan), the reduction in the value of the applicant’s option due to the passage of time, and the remaining origination costs to be incurred based on management’s estimate of market costs. The fair value of forward commitments is determined using quoted prices of to-be-announced securities in active markets, or benchmarked to such securities. The mortgage derivative assets and liabilities are classified within Level 3 of the hierarchy. The fair value of the interest rate swap derivative assets and liabilities is determined using a discounted cash flow analysis of the expected cash flows of each derivative, which considers the contractual terms of the underlying derivative financial instrument and observable market-based inputs, such as interest rate curves. The interest rate swap derivative assets and liabilities are classified within Level 2 of the hierarchy.

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The following table presents the changes in Level 3 securities AFS measured at fair value on a recurring basis.
(in thousands)Nine Months EndedYear Ended
Level 3 Fair Value Measurements:September 30, 2025December 31, 2024
Balance at beginning of year$7,625 $6,063 
Transfer in— 2,004 
Maturities / Paydowns(1,099)(527)
Unrealized gain / (loss)80 85 
Balance at end of period$6,606 $7,625 
Nonrecurring basis fair value measurements:
The following table presents the Company’s assets measured at fair value on a nonrecurring basis, aggregated by level in the fair value hierarchy within which those measurements fall.
(in thousands)Fair Value Measurements Using
Measured at Fair Value on a Nonrecurring Basis:TotalLevel 1Level 2Level 3
September 30, 2025
Collateral dependent loans$24,104 $— $— $24,104 
MSR asset (disclosure)18,206 — — 18,206 
December 31, 2024
Collateral dependent loans$22,207 $— $— $22,207 
MSR asset (disclosure)17,182 — — 17,182 
The following is a description of the valuation methodologies used by the Company for the assets and liabilities measured at fair value on a nonrecurring basis, noted in the table above.
Collateral dependent loans: For individually evaluated collateral dependent loans, the estimated fair value is based upon the present value of expected future cash flows discounted at the loan’s effective interest rate, the estimated fair value of the underlying collateral with consideration for estimated selling costs if satisfaction of the loan depends on the sale of the collateral, or the estimated liquidity of the note.
MSR asset: To estimate the fair value of the MSR asset, the underlying serviced loan pools are stratified by interest rate tranche and term of the loan, and a valuation model is used to calculate the present value of the expected future cash flows for each stratum. The servicing valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as costs to service, a discount rate, ancillary income, default rates and losses, and prepayment speeds. Although some of these assumptions are based on observable market data, other assumptions are based on unobservable estimates of what market participants would use to measure fair value.
Financial instruments:
The carrying amounts and estimated fair values of the Company’s financial instruments are shown below.
September 30, 2025
(in thousands)Carrying
Amount		Estimated
Fair Value		Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents$473,957 $473,957 $473,957 $— $— 
Securities AFS861,534 861,534 — 854,928 6,606 
Other investments, including equity securities61,380 61,373 9,294 42,476 9,603 
Loans held for sale11,308 11,547 — 11,547 — 
Loans, net6,805,926 6,659,520 — — 6,659,520 
MSR asset12,440 18,206 — — 18,206 
LSR asset5,581 5,581 — — 5,581 
Accrued interest receivable27,763 27,763 27,763 — — 
Financial liabilities:
Deposits$7,611,465 $7,612,383 $— $— $7,612,383 
Long-term borrowings134,600 133,183 — — 133,183 
Accrued interest payable8,296 8,296 8,296 — — 
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December 31, 2024
(in thousands)Carrying
Amount		Estimated
Fair Value		Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents$536,047 $536,047 $536,047 $— $— 
Securities AFS806,415 806,415 — 798,790 7,625 
Other investments62,125 62,114 8,610 45,197 8,307 
Loans held for sale7,637 7,778 — 7,778 — 
Loans, net6,560,262 6,300,325 — — 6,300,325 
MSR asset11,965 17,182 — — 17,182 
LSR asset6,869 6,869 — — 6,869 
Accrued interest receivable25,033 25,033 25,033 — — 
Financial liabilities:
Deposits$7,403,684 $7,402,589 $— $— $7,402,589 
Long-term borrowings161,387 148,900 — 4,969 143,931 
Accrued interest payable7,774 7,774 7,774 — — 
The valuation methodologies for the financial instruments disclosed in the above table are described in Note 18, Fair Value Measurements, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Note 10 – Segment Information
The Company adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures on January 1, 2024. The Company has determined that its current community bank operating model is structured whereby all banking locations serve a similar base of primarily commercial customers utilizing a company-wide offering of similar products and services managed through similar processes and technology platforms that are collectively reviewed by the Company’s Chief Executive Officer, who has been designated as the chief operating decision maker (“CODM”). The CODM regularly assesses performance of the aggregated single banking segment in determining how to allocate resources.
The banking segment derives revenue from customers by providing a broad array of loan and deposit products to businesses, consumers and government municipalities. Loan offerings include commercial and agricultural-based loans, as well as residential real estate and consumer loans. Deposit products include checking, savings, money market, and time deposits, as well as treasury management services, mobile banking, ATMs, and other deposit-related products and services
Accounting policies for the banking segment are the same as those described in Note 1, Nature of Business and Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The CODM assesses performance of the banking segment and decides how to allocate resources based on net income as reported in the Company’s consolidated statements of income. All categories of interest expense, provision for credit losses, and noninterest expense as disclosed in the Company’s consolidated statements of income are considered significant to the banking segment. For the nine months ended September 30, 2025 and 2024, respectively, there were no adjustments or reconciling items between the banking segment net income and consolidated net income as presented in the consolidated statements of income.
The measure of segment assets is based on total assets as reported on the consolidated balance sheets. For the nine months ended September 30, 2025, and the year ended December 31, 2024, respectively, there were no adjustments or reconciling items between the banking segment total assets and total assets as presented on the consolidated balance sheets.

Note 11 – Subsequent Event
On October 23, 2025, Nicolet and MidWestOne Financial Group, Inc. (“MidWestOne”) entered into a definitive merger agreement pursuant to which MidWestOne will merge with and into Nicolet (the “Merger”) in an all-stock transaction. In accordance with the terms and subject to the conditions set forth in the merger agreement, Nicolet will exchange 0.3175 shares of its common stock for each share of MidWestOne common stock outstanding at the effective time of the Merger. At September 30, 2025, MidWestOne had total assets of $6.2 billion, loans of $4.4 billion, deposits of $5.5 billion, and equity of $606 million.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
Nicolet Bankshares, Inc. (the “Company” or “Nicolet”) is a bank holding company headquartered in Green Bay, Wisconsin. Nicolet provides a diversified range of traditional banking and wealth management services to individuals and businesses in its market area and through the branch offices of its banking subsidiary, Nicolet National Bank (the “Bank”), primarily in Wisconsin, Michigan, and Minnesota. The following discussion is management’s analysis of Nicolet’s consolidated financial condition as of September 30, 2025 and December 31, 2024 and results of operations for the three and nine-month periods ended September 30, 2025 and 2024. It should be read in conjunction with our audited consolidated financial statements included in Nicolet’s 2024 Annual Report on Form 10-K.
In this Quarterly Report on Form 10-Q, unless the context indicates otherwise, all references to “we,” “us” and “our” refer to the Company.
Recent Development
On October 23, 2025, Nicolet announced that it had entered into a definitive merger agreement with MidWestOne Financial Group, Inc. (“MidWestOne”) pursuant to which MidWestOne will merge with and into Nicolet (the “Merger”) in an all-stock transaction. In accordance with the terms and subject to the conditions set forth in the merger agreement, Nicolet will exchange 0.3175 shares of its common stock for each share of MidWestOne common stock outstanding at the effective time of the Merger. At September 30, 2025, MidWestOne had total assets of $6.2 billion, loans of $4.4 billion, deposits of $5.5 billion, and equity of $606 million. The merger is expected to close in the first half of 2026, subject to customary closing conditions, including approval by regulators and stockholders of both Nicolet and MidWestOne.
Forward-Looking Statements
Statements made in this document and in any documents that are incorporated by reference which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, including any statements regarding our expectations regarding the expected completion date of our proposed merger with MidWestOne, descriptions of management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance, or with respect to expectations regarding the economic factors such as inflation and changes in interest rates. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. These statements are neither statements of historical fact nor assurance of future performance and generally may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” or similar expressions. Forward-looking statements (including their underlying assumptions) should be viewed with caution. Investors should note that many factors, some of which are discussed elsewhere in this document, could affect the future financial results of Nicolet and could cause those results to differ materially from those implied or anticipated by any forward-looking statements. Except as required by law, we expressly disclaim any obligations to publicly update any forward-looking statements whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. Important factors, many of which are beyond Nicolet’s control, that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements, in addition to those described in detail under Item 1A, “Risk Factors” of Nicolet’s 2024 Annual Report on Form 10-K and in Part II, Item 1A, “Risk Factors” of this Quarterly Report on Form 10-Q include, but are not necessarily limited to the following:
•our inability to meet expectations regarding the timing of the proposed MidWestOne merger;
•the failure to obtain the necessary approvals by the stockholders of Nicolet or MidWestOne for the proposed merger;
•the ability by each of Nicolet and MidWestOne to obtain required governmental approvals of the proposed transaction on the timeline expected (which could be affected by government shutdowns), or at all; the failure to satisfy other conditions to completion of the proposed MidWestOne merger, 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 MidWestOne merger agreement;
•the outcome of any legal or regulatory proceedings or governmental inquiries or investigations that may be currently pending or later instituted against Nicolet or MidWestOne that relate to the proposed MidWestOne merger;
•strategic, market, operating, legal and regulatory risks, including the effects of legislative or regulatory developments affecting the financial industry generally or Nicolet specifically;
•economic, market, political and competitive forces affecting Nicolet’s banking and wealth management businesses;
•potential fluctuations or unanticipated changes in the interest rate environment, monetary or tax policy or general economic conditions, including interest rate changes made by the Federal Reserve and the related cash flow reassessments, which may reduce Nicolet’s net interest income, net interest margin, and / or the volumes and values of loans made or held as well as the value of other financial assets;
•potential difficulties in identifying and completing future merger or acquisition opportunities, including our proposed merger with MidWestOne, as well as our ability to successfully expand and integrate any businesses we acquire;
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•cybersecurity risks and the vulnerability of our network and online banking portals, and the systems or parties with whom we contract, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches that could adversely affect our business and financial performance or reputation;
•changes in accounting standards, rules and interpretations (including effects of assumptions underlying purchase accounting) and any resulting impact on Nicolet’s financial statements;
•compliance or operational risks related to new products, services, ventures, or lines of business, if any, that Nicolet may pursue or implement;
•the risk that we may be required to make substantial expenditures to keep pace with regulatory initiatives and the rapid technological changes in the financial services market;
•our ability to attract and retain key personnel;
•examinations by our regulatory authorities, including the possibility that the regulatory authorities may, among other things, require us to increase our allowance for credit losses, write-down assets, or take other actions;
•adverse results (including judgments, costs, fines, reputational harm, inability to obtain necessary approvals and / or other negative effects) from current or future litigation, legislation, regulatory proceedings, examinations, investigations, or similar matters or developments related thereto, such as potential effects of the federal One Big Beautiful Bill Act on us or our customers;
•the potential effects of events beyond our control that may have a destabilizing effect on financial markets and the economy, such as inflation and recessions, weather events, climate change, natural disasters, epidemics and pandemics, war or terrorist activities, disruptions in our customers’ supply chains, disruptions in transportation, essential utility outages or trade disputes and related tariffs; and
•the risk that Nicolet’s analysis of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.
These factors should be considered in evaluating the forward-looking statements, and you should not place undue reliance on such statements.


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Earnings Summary
Table 1: Earnings Summary and Selected Financial Data
At or for the Three Months Ended
At or for the Nine Months Ended
(In thousands, except per share data)9/30/20256/30/20253/31/202512/31/20249/30/20249/30/20259/30/2024
Results of operations:
Net interest income$79,264 $75,109 $71,206 $71,550 $68,366 $225,579 $196,515 
Provision for credit losses950 1,050 1,500 1,000 750 3,500 2,850 
Noninterest income23,619 20,633 18,223 20,858 22,378 62,475 61,409 
Noninterest expense50,088 49,919 47,787 48,205 49,148 147,794 143,148 
Income tax expense10,110 8,738 7,550 8,723 8,330 26,398 22,347 
Net income (GAAP)$41,735 $36,035 $32,592 $34,480 $32,516 $110,362 $89,579 
Earnings per common share ("EPS"):      
Basic EPS$2.81 $2.40 $2.14 $2.25 $2.16 $7.34 $5.99 
Diluted EPS (GAAP)$2.73 $2.34 $2.08 $2.19 $2.10 $7.14 $5.84 
Adjusted net income & diluted EPS:
Adjusted net income (non-GAAP) (1)
$40,693 $36,195 $32,877 $34,069 $31,569 $109,765 $86,599 
Adjusted diluted EPS (non-GAAP) (1)
$2.66 $2.35 $2.10 $2.17 $2.04 $7.10 $5.65 
Common Shares:
Basic weighted average14,836 15,029 15,256 15,297 15,052 15,039 14,966 
Diluted weighted average15,303 15,431 15,647 15,710 15,479 15,463 15,330 
Outstanding (period end)14,799 14,924 15,149 15,357 15,104 14,799 15,104 
Period-End Balances:       
Loans$6,874,711 $6,839,141 $6,745,598 $6,626,584 $6,556,840 $6,874,711 $6,556,840 
Allowance for credit losses - loans68,785 68,408 67,480 66,322 65,785 68,785 65,785 
Total assets9,029,430 8,930,809 8,975,222 8,796,795 8,637,118 9,029,430 8,637,118 
Deposits7,611,465 7,541,673 7,572,190 7,403,684 7,259,997 7,611,465 7,259,997 
Stockholders’ equity (common)1,214,960 1,190,098 1,183,268 1,172,898 1,149,327 1,214,960 1,149,327 
Book value per common share82.10 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 
Financial Ratios: (3)
       
Return on average assets1.84 %1.62 %1.49 %1.57 %1.50 %1.66 %1.41 %
Return on average common equity13.86 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 
Stockholders’ equity to assets13.46 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 
Note: Numbers may not sum due to rounding.
(1) The adjusted net income and diluted EPS measures are non-GAAP financial measures that provide information that management believes is useful to investors in understanding our operating performance and trends and also aids investors in the comparison of our financial performance to the financial performance of peer banks. See section “Non-GAAP Financial Measures” below for a reconciliation of these financial measures.
(2) The ratios of tangible book value per common share, return on average tangible common equity, and tangible common equity to tangible assets are non-GAAP financial measures that exclude goodwill and other intangibles, net. These financial ratios have been included as management considers them to be useful metrics with which to analyze and evaluate financial condition and capital strength. See “Non-GAAP Financial Measures” below for a reconciliation of these financial measures.
(3) Income statement-related ratios for partial-year periods are annualized.

Non-GAAP Financial Measures
We identify “tangible book value per common share,” “return on average tangible common equity,” “tangible common equity to tangible assets” “adjusted net income,” and “adjusted diluted earnings per common share” as “non-GAAP financial measures.” In accordance with the SEC’s rules, we identify certain financial measures as non-GAAP financial measures if such financial measures exclude or include amounts in the most directly comparable measures calculated and presented in accordance with generally accepted accounting principles (“GAAP”) in effect in the United States in our statements of income, balance sheets or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures, ratios or statistical measures calculated using exclusively financial measures calculated in accordance with GAAP.
Management believes that the presentation of these non-GAAP financial measures (a) are important metrics used to analyze and evaluate our financial condition and capital strength and provide important supplemental information that contributes to a proper understanding of our operating performance and trends, (b) enables a more complete understanding of factors and trends affecting our business, and (c) allows investors to compare our financial performance to the financial performance of our peers and to evaluate our performance in a manner similar to management, the financial services industry, bank stock analysts, and bank regulators. Management uses non-GAAP measures as follows: in the preparation of our operating budgets, monthly financial performance reporting, and in our presentation to investors of our performance. However, we acknowledge that these non-GAAP financial measures have a number of limitations. Limitations associated with non-GAAP financial measures include the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might calculate these measures differently. These disclosures should not be considered an alternative to our GAAP results. A
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reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures is presented in the table below.
Table 1A: Reconciliation of Non-GAAP Financial Measures
At or for the Three Months Ended
At or for the Nine Months Ended
(In thousands, except per share data)9/30/20256/30/20253/31/202512/31/20249/30/20249/30/20259/30/2024
Adjusted Net Income Reconciliation (1)
Net income (GAAP)$41,735 $36,035 $32,592 $34,480 $32,516 $110,362 $89,579 
Adjustments:
Assets (gains) losses, net (2)
(1,294)199 354 (510)(1,177)(741)(3,702)
Adjustments subtotal(1,294)199 354 (510)(1,177)(741)(3,702)
Tax on Adjustments (3)
(252)39 69 (99)(230)(144)(722)
Adjusted net income (Non-GAAP)$40,693 $36,195 $32,877 $34,069 $31,569 $109,765 $86,599 
Diluted EPS (GAAP)$2.73 $2.34 $2.08 $2.19 $2.10 $7.14 $5.84 
Adjusted diluted EPS (Non-GAAP)$2.66 $2.35 $2.10 $2.17 $2.04 $7.10 $5.65 
Tangible Assets: (4)
Total assets$9,029,430 $8,930,809 $8,975,222 $8,796,795 $8,637,118 
Goodwill and other intangibles, net383,693 385,107 386,588 388,140 389,727 
Tangible assets$8,645,737 $8,545,702 $8,588,634 $8,408,655 $8,247,391 
Tangible Common Equity: (4)
Stockholders’ equity (common)$1,214,960 $1,190,098 $1,183,268 $1,172,898 $1,149,327 
Goodwill and other intangibles, net383,693 385,107 386,588 388,140 389,727 
Tangible common equity$831,267 $804,991 $796,680 $784,758 $759,600 
Average Tangible Common Equity: (4)
       
Stockholders’ equity (common)$1,194,974 $1,183,316 $1,178,868 $1,163,477 $1,118,242 $1,185,778 $1,079,215 
Goodwill and other intangibles, net384,296 385,735 387,260 388,824 390,453 385,753 392,189 
Average tangible common equity$810,678 $797,581 $791,608 $774,653 $727,789 $800,025 $687,026 
Note: Numbers may not sum due to rounding.
(1) The adjusted 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 gains / (losses) on other assets and investments.
(3) Assumes an effective tax rate of 19.5%.
(4) The ratios of tangible book value per common share, return on average tangible common equity, and tangible common equity to tangible assets exclude goodwill and other intangibles, net. These financial measures have been included as they are considered to be critical metrics with which to analyze and evaluate financial condition and capital strength.

Performance Summary
Net income was $110 million (or earnings per diluted common share of $7.14) for the nine months ended September 30, 2025, compared to net income of $90 million (or earnings per diluted common share of $5.84) for the nine months ended September 30, 2024.

•Net interest income was $226 million for the first nine months of 2025, up $29 million (15%) over the first nine months of 2024. Interest income grew $25 million including solid loan growth, as well as the repricing of new and renewed loans, while interest expense decreased $4 million between the comparable nine-month periods. Net interest margin was 3.72% for the nine months ended September 30, 2025, compared to 3.42% for the nine months ended September 30, 2024. For additional information regarding net interest income, see “Income Statement Analysis — Net Interest Income.”
•Noninterest income was $62 million for the nine months ended September 30, 2025, $1 million higher than the comparable period of 2024, with growth in most core noninterest income categories, partly offset by lower net asset gains (losses). Noninterest income excluding net asset gains (losses) for the first nine months of 2025 was $62 million, a $4 million (7%) increase over the first nine months of 2024. For additional information regarding noninterest income, see “Income Statement Analysis — Noninterest Income.”
•Noninterest expense was $148 million for the nine months ended September 30, 2025, an increase of $5 million (3%) over the comparable period of 2024. Personnel costs increased $3 million (4%), while non-personnel expenses combined increased $1 million (2%) compared to the first nine months of 2024. For additional information regarding noninterest expense, see “Income Statement Analysis — Noninterest Expense.”
•Nonperforming assets were $28 million, and represented 0.31% of total assets at September 30, 2025, compared to $29 million or 0.33% of total assets at December 31, 2024. For additional information regarding nonperforming assets, see “Balance Sheet Analysis – Nonperforming Assets.”
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•At September 30, 2025, assets were $9.0 billion, an increase of $233 million (3%) from December 31, 2024, mostly from solid loan growth, partly offset by lower cash balances. For additional balance sheet discussion see “Balance Sheet Analysis.”
•At September 30, 2025, loans were $6.9 billion, an increase of $248 million from December 31, 2024, mostly in commercial and industrial loans. On average, loans grew $316 million (5%) over the first nine months of 2024. For additional information regarding loans, see “Balance Sheet Analysis — Loans.”
•Total deposits of $7.6 billion at September 30, 2025, increased $208 million from December 31, 2024, with growth in core deposits of $353 million, partly offset by a $145 million reduction in brokered deposits. Year-to-date average deposits were $330 million (5%) higher than the first nine months of 2024. For additional information regarding deposits, see “Balance Sheet Analysis – Deposits.”

INCOME STATEMENT ANALYSIS
Net Interest Income
Tax-equivalent net interest income is a non-GAAP measure, but is a preferred industry measurement of net interest income (and its use in calculating a net interest margin) as it enhances the comparability of net interest income arising from taxable and tax-exempt sources. The tax-equivalent adjustments bring tax-exempt interest to a level that would yield the same after-tax income by applying the effective Federal corporate tax rates to the underlying assets. Tables 2 and 3 present information to facilitate the review and discussion of selected average balance sheet items, tax-equivalent net interest income, interest rate spread and net interest margin.

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Table 2: Average Balance Sheet and Net Interest Income Analysis - Tax-Equivalent Basis
For the Nine Months Ended September 30,
20252024
(in thousands)Average
Balance		InterestAverage
Yield/Rate		Average
Balance		InterestAverage
Yield/Rate *
ASSETS
Interest-earning assets
Total loans, including loan fees (1)(2)
$6,796,031 $314,949 6.19 %$6,479,598 $292,792 6.03 %
Investment securities:
Taxable
746,343 17,788 3.18 %698,289 14,824 2.82 %
Tax-exempt (2)
150,496 4,053 3.59 %181,412 4,618 3.39 %
Total investment securities896,839 21,841 3.25 %879,701 19,442 2.95 %
Other interest-earning assets449,541 15,288 4.55 %370,047 14,775 5.33 %
Total non-loan earning assets
1,346,380 37,129 3.68 %1,249,748 34,217 3.65 %
Total interest-earning assets
8,142,411 $352,078 5.78 %7,729,346 $327,009 5.65 %
Other assets, net772,553 757,256 
Total assets
$8,914,964 $8,486,602 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities
Savings$800,088 $7,621 1.27 %$760,609 $7,543 1.32 %
Interest-bearing demand993,920 13,210 1.78 %876,917 11,239 1.71 %
Money market accounts (“MMA”)1,966,132 35,689 2.43 %1,954,124 42,076 2.88 %
Core time deposits1,281,002 38,269 3.99 %1,092,936 35,063 4.29 %
Total interest-bearing core deposits
5,041,142 94,789 2.51 %4,684,586 95,921 2.74 %
Brokered deposits754,096 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 funding150,294 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 deposits1,716,706 1,737,220 
Other liabilities66,948 62,737 
Stockholders’ equity1,185,778 1,079,215 
Total liabilities and stockholders’ equity$8,914,964 $8,486,602 
Interest rate spread2.97 %2.58 %
Net free funds0.75 %0.84 %
Tax-equivalent net interest income and net interest margin$226,945 3.72 %$197,993 3.42 %
Tax-equivalent adjustment$1,366 $1,478 
Net interest income$225,579 $196,515 
Additional loan interest details:
Loan purchase accounting accretion (3)
$4,324 0.09 %$4,582 0.09 %
Loan nonaccrual interest (4)
$(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 included in Total loans interest above, and the related impact to net interest margin.
(4)Loan nonaccrual interest included in Total loans interest above, and the related impact to net interest margin.

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Table 2: Average Balance Sheet and Net Interest Income Analysis - Tax-Equivalent Basis (Continued)
For the Three Months Ended September 30,
20252024
(in thousands)Average
Balance		InterestAverage
Yield/Rate		Average
Balance		InterestAverage
Yield/Rate *
ASSETS
Interest-earning assets
Total loans, including loan fees (1)(2)
$6,843,189 $108,042 6.27 %$6,542,532 $100,962 6.14 %
Investment securities:
Taxable
759,101 6,201 3.27 %705,643 5,211 2.96 %
Tax-exempt (2)
144,738 1,318 3.64 %167,569 1,455 3.47 %
Total investment securities903,839 7,519 3.33 %873,212 6,666 3.05 %
Other interest-earning assets459,623 5,204 4.50 %409,029 5,492 5.35 %
Total non-loan earning assets
1,363,462 12,723 3.72 %1,282,241 12,158 3.79 %
Total interest-earning assets
8,206,651 $120,765 5.85 %7,824,773 $113,120 5.76 %
Other assets, net777,693 772,039 
Total assets
$8,984,344 $8,596,812 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities
Savings$818,747 $2,607 1.26 %$761,851 $2,543 1.33 %
Interest-bearing demand976,323 4,459 1.81 %872,730 3,901 1.78 %
MMA1,981,655 12,073 2.42 %1,949,872 13,883 2.83 %
Core time deposits1,342,161 13,190 3.90 %1,139,011 12,625 4.41 %
Total interest-bearing core deposits
5,118,886 32,329 2.51 %4,723,464 32,952 2.78 %
Brokered deposits658,491 6,983 4.21 %768,058 9,108 4.72 %
Total interest-bearing deposits
5,777,377 39,312 2.70 %5,491,522 42,060 3.05 %
Wholesale funding134,473 1,757 5.18 %161,737 2,196 5.40 %
Total interest-bearing liabilities
5,911,850 $41,069 2.76 %5,653,259 $44,256 3.11 %
Noninterest-bearing demand deposits1,806,609 1,755,799 
Other liabilities70,911 69,512 
Stockholders’ equity1,194,974 1,118,242 
Total liabilities and stockholders’ equity$8,984,344 $8,596,812 
Interest rate spread3.09 %2.65 %
Net free funds0.77 %0.86 %
Tax-equivalent net interest income and net interest margin$79,696 3.86 %$68,864 3.51 %
Tax-equivalent adjustment$432 $498 
Net interest income$79,264 $68,366 
Additional loan interest details:
Loan purchase accounting accretion (3)
$1,375 0.08 %$1,527 0.09 %
Loan nonaccrual interest (4)
$(346)(0.02)%$(48)— %
* 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 included in Total loans interest above, and the related impact to net interest margin.
(4)Loan nonaccrual interest included in Total loans interest above, and the related impact to net interest margin.

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Table 3: Volume/Rate Variance - Tax-Equivalent Basis
For the Three Months Ended
September 30, 2025
Compared to September 30, 2024:
For the Nine Months Ended
 September 30, 2025
Compared to September 30, 2024:
Increase (Decrease) Due to Changes inIncrease (Decrease) Due to Changes in
(in thousands)VolumeRate
Net (1)
VolumeRate
Net (1)
Interest-earning assets
Total loans (2)
$4,976 $2,104 $7,080 $14,989 $7,168 $22,157 
Investment securities:
Taxable
429 561 990 1,082 1,882 2,964 
Tax-exempt (2)
(208)71 (137)(833)268 (565)
Total investment securities221 632 853 249 2,150 2,399 
Other interest-earning assets570 (858)(288)2,710 (2,197)513 
 Total non-loan earning assets
791 (226)565 2,959 (47)2,912 
Total interest-earning assets
$5,767 $1,878 $7,645 $17,948 $7,121 $25,069 
Interest-bearing liabilities
Savings$181 $(117)$64 $376 $(298)$78 
Interest-bearing demand473 85 558 1,555 416 1,971 
MMA194 (2,004)(1,810)218 (6,605)(6,387)
Core time deposits1,996 (1,431)565 5,618 (2,412)3,206 
Total interest-bearing core deposits
2,844 (3,467)(623)7,767 (8,899)(1,132)
Brokered deposits(1,162)(963)(2,125)(185)(1,870)(2,055)
Total interest-bearing deposits
1,682 (4,430)(2,748)7,582 (10,769)(3,187)
Wholesale funding(355)(84)(439)(499)(197)(696)
Total interest-bearing liabilities
1,327 (4,514)(3,187)7,083 (10,966)(3,883)
Net interest income$4,440 $6,392 $10,832 $10,865 $18,087 $28,952 
(1)The change in interest due to both rate and volume has been allocated in proportion to the relationship of dollar amount of change in each.
(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.

At the beginning of 2024, the Federal Funds range was 5.25% to 5.50%. The Federal Reserve decreased short-term interest rates a total of 100 bps during the second half of 2024, resulting in a Federal Funds range of 4.25% to 4.50% at December 31, 2024. During third quarter 2025, the Federal Reserve decreased short-term interest rates 25 bps, resulting in a Federal Funds range of 4.00% to 4.25% at September 30, 2025.
Tax-equivalent net interest income was $227 million for the nine months ended September 30, 2025, an increase of $29 million (15%) over the nine months ended September 30, 2024. The $29 million increase in tax-equivalent net interest income was attributable to both favorable rates and favorable volumes, which added $18 million and $11 million to net interest income, respectively.
Average interest-earning assets increased $413 million (5%) to $8.1 billion over the comparable 2024 period, due primarily to loan growth. Between the comparable nine-month periods, average loans increased $316 million (5%), from organic loan growth. Average investment securities increased slightly (up $17 million) between the comparable nine-month periods, while other interest-earning assets increased $79 million (mostly cash). As a result, the mix of average interest-earning assets was 83% loans, 11% investments and 6% other interest-earning assets (mostly cash) for the first nine months of 2025, compared to 84%, 11%, and 5%, respectively, for the first nine months of 2024 .
Average interest-bearing liabilities were $5.9 billion for the first nine months of 2025, an increase of $338 million (6%) over the first nine months of 2024, due primarily to deposit growth. Average interest-bearing core deposits increased $357 million while average brokered deposits decreased $6 million between the comparable nine-month periods, reflecting growth in higher cost deposit products and a shift in funding strategy. Wholesale funding decreased $13 million between the comparable nine-month periods. The mix of average interest-bearing liabilities was comprised of 85% core deposits, 13% brokered deposits and 2% wholesale funding for the first nine months of 2025, compared to 84%, 14%, and 2% respectively, for the first nine months of 2024.
The interest rate spread increased 39 bps between the comparable nine-month periods. The loan yield improved 16 bps to 6.19% between the comparable nine-month periods, mostly from the repricing of new and renewed loans. The yield on investment securities increased 30 bps to 3.25%, while the yield on other interest-earning assets (mostly cash) decreased 78 bps to 4.55%, consistent with the Federal Reserve interest rate cuts. The cost of interest-bearing liabilities decreased 26 bps to
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2.81% for the first nine months of 2025, mostly due to lower deposit costs. As a result, the tax-equivalent net interest margin was 3.72% for the first nine months of 2025, a 30 bps increase over 3.42% for the first nine months of 2024.
Tax-equivalent interest income was $352 million for the first nine months of 2025, up $25 million from the comparable period of 2024, comprised of $18 million higher average volume and $7 million higher average rates. Interest income on loans increased $22 million over the first nine months of 2024, due to both loan growth and higher rates. Interest expense was $125 million for first nine months of 2025, down $4 million from the comparable period of 2024, with the higher interest expense from deposit growth more than offset by lower deposit rates.
Provision for Credit Losses
The provision for credit losses was $3.5 million for the nine months ended September 30, 2025, compared to $2.9 million for the nine months ended September 30, 2024, with the increase for both periods attributable to growth and changes in the underlying loan portfolio.
The provision for credit losses is predominantly a function of Nicolet’s methodology and judgment as to qualitative and quantitative factors used to determine the appropriateness of the ACL. The appropriateness of the ACL-Loans is affected by changes in the size and character of the loan portfolio, changes in levels of collateral dependent and other nonperforming loans, historical losses and delinquencies in each portfolio segment, the risk inherent in specific loans, concentrations of loans to specific borrowers or industries, existing and future economic conditions, the fair value of underlying collateral, and other factors which could affect expected credit losses. The ACL for securities is affected by the risk of the underlying issuer, while the ACL for unfunded commitments is affected by many of the same factors as the ACL-Loans, as well as funding assumptions relative to lines of credit. See also Note 5, “Loans, Allowance for Credit Losses - Loans, and Credit Quality” of the Notes to Unaudited Consolidated Financial Statements under Part I, Item 1, for additional disclosures. For additional information regarding asset quality and the ACL-Loans, see “BALANCE SHEET ANALYSIS — Loans,” “— Allowance for Credit Losses - Loans,” and “— Nonperforming Assets.”

Noninterest Income
Table 4: Noninterest Income
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)20252024$ Change% Change20252024$ Change% Change
Trust services fee income$2,918 $2,656 $262 10 %$8,048 $7,501 $547 7 %
Brokerage fee income4,711 4,429 282 6 13,367 12,743 624 5 
Wealth management fee income7,629 7,085 544 8 21,415 20,244 1,171 6 
Mortgage income, net3,568 2,853 715 25 8,401 6,851 1,550 23 
Service charges on deposit accounts2,000 1,913 87 5 5,987 5,307 680 13 
Card interchange income3,752 3,564 188 5 10,788 10,120 668 7 
BOLI income1,654 1,455 199 14 4,503 4,027 476 12 
Deferred compensation plan asset market valuations972 1,162 (190)N/M2,454 1,390 1,064 N/M
LSR income, net668 1,090 (422)(39)2,675 3,341 (666)(20)
Other noninterest income2,082 2,079 3 — 5,511 6,427 (916)(14)
Noninterest income without
 net gains (losses)
22,325 21,201 1,124 5 61,734 57,707 4,027 7 
Asset gains (losses), net1,294 1,177 117 N/M741 3,702 (2,961)N/M
Total noninterest income
$23,619 $22,378 $1,241 6 %$62,475 $61,409 $1,066 2 %
N/M means not meaningful.

Noninterest income was $62.5 million for the nine months ended September 30, 2025, $1.1 million higher than the comparable period of 2024, with growth in most core noninterest income categories, partly offset by lower net asset gains (losses). Noninterest income excluding net asset gains (losses) for the first nine months of 2025 was $61.7 million, a $4.0 million (7%) increase over the first nine months of 2024.
Wealth management fee income was $21.4 million, up $1.2 million (6%) from the first nine months of 2024, including favorable market-related changes, as well as growth in accounts and assets under management.
Mortgage income includes net gains received from the sale of residential real estate loans into the secondary market, capitalized mortgage servicing rights (“MSR”), servicing fees net of MSR amortization, fair value marks on the mortgage interest rate lock commitments and forward commitments (“mortgage derivatives”), and MSR valuation changes, if any. Net mortgage income of
37

$8.4 million, increased $1.6 million (23%) between the comparable nine-month periods, mostly due to higher secondary market volumes and the related gains on sales. See also Note 6, “Goodwill and Other Intangibles and Servicing Rights” of the Notes to Unaudited Consolidated Financial Statements under Part I, Item 1, for additional disclosures on the MSR asset.
Services charges on deposit accounts were $6.0 million, up $0.7 million (13%) from the first nine months of 2024, on growth in both accounts and account analysis fees.
The Company sponsors a nonqualified deferred compensation (“NQDC”) plan for certain employees, the value of which fluctuates based upon changes in market valuations of the underlying plan assets. See also “Noninterest Expense” for the offsetting fair value change to the nonqualified deferred compensation plan liabilities.
Other income of $5.5 million for the nine months ended September 30, 2025 was down $0.9 million from the comparable 2024 period, largely due to timing of card incentive income.
Net asset gains of $0.7 million for the first nine months of 2025 were mostly due to favorable fair value marks on equity securities. Net asset gains of $3.7 million for the first nine months of 2024 included gains of $1.6 million on sales of investments, a $1.3 million gain on the early extinguishment of Nicolet subordinated notes, and $0.7 million favorable fair value marks on equity securities.

Noninterest Expense
Table 5: Noninterest Expense
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)20252024Change% Change20252024Change% Change
Personnel$29,437 $28,937 $500 2 %$85,072 $81,732 $3,340 4 %
Occupancy, equipment and office9,028 8,826 202 2 27,462 26,451 1,011 4 
Business development and marketing2,223 1,823 400 22 5,916 6,005 (89)(1)
Data processing4,671 4,535 136 3 13,878 13,086 792 6 
Intangibles amortization1,414 1,694 (280)(17)4,447 5,289 (842)(16)
FDIC assessments1,005 990 15 2 2,974 3,013 (39)(1)
Other noninterest expense2,310 2,343 (33)(1)8,045 7,572 473 6 
Total noninterest expense
$50,088 $49,148 $940 2 %$147,794 $143,148 $4,646 3 %
Non-personnel expenses$20,651 $20,211 $440 2 %$62,722 $61,416 $1,306 2 %
Average full-time equivalent (“FTE”) employees972 955 17 2 %957 952 5 1 %

Noninterest expense was $147.8 million for the nine months ended September 30, 2025, an increase of $4.6 million (3%) over the comparable period of 2024. Personnel costs increased $3.3 million (4%), while non-personnel expenses combined increased $1.3 million (2%) compared to the first nine months of 2024.
Personnel expense was $85.1 million for the nine months ended September 30, 2025, an increase of $3.3 million (4%) from the comparable period in 2024, reflecting merit increases between the years and higher incentives commensurate with current period earnings.
Occupancy, equipment and office expense was $27.5 million for the nine months ended September 30, 2025, up $1.0 million (4%) from the comparable period in 2024, mostly due to additional expense for software and technology solutions.
Business development and marketing was $5.9 million for the first nine months of 2025, a reduction of $0.1 million from the comparable period in 2024, reflective of the timing and extent of marketing campaigns, promotions, and media.
Data processing expense was $13.9 million, up $0.8 million (6%) between the comparable nine-month periods, mostly due to volume-based increases in core and card processing charges.
Intangibles amortization decreased $0.8 million between the comparable nine-month periods due to lower amortization from the aging intangibles.
Other expense was $8.0 million, up $0.5 million (6%) between the comparable nine-month periods, mostly due to higher audit-related expenses.

38

Income Taxes
Income tax expense was $26.4 million (effective tax rate of 19.3%) for the first nine months of 2025, compared to income tax expense of $22.3 million (effective tax rate of 20.0%) for the comparable period of 2024. The change in income tax expense was mostly due to the higher pretax earnings in 2025.

Income Statement Analysis – Three Months Ended September 30, 2025 versus Three Months Ended September 30, 2024
Net income was $41.7 million for the three months ended September 30, 2025, compared to net income of $32.5 million for the three months ended September 30, 2024. Earnings per diluted common share was $2.73 for third quarter 2025, compared to $2.10 for third quarter 2024.
Tax-equivalent net interest income was $79.7 million for third quarter 2025, an increase of $10.8 million from third quarter 2024. Interest income increased $7.6 million over third quarter 2024, while interest expense decreased $3.2 million from third quarter 2024. The increase in interest income was mostly attributable to strong loan growth (average loans increased $301 million or 5% over third quarter 2024) as well as higher yields (mostly from the repricing of new and renewed loans). Average investment securities increased $31 million between the comparable third quarter periods, while other interest-earning assets increased $51 million (primarily investable cash) between the comparable third quarter periods. The $3.2 million decrease in interest expense from third quarter 2024, was mostly attributable to lower deposit costs, partly offset by deposit growth. For additional information regarding average balances, net interest income and net interest margin, see “INCOME STATEMENT ANALYSIS — Net Interest Income.”
The net interest margin for third quarter 2025 was 3.86%, up 35 bps compared to 3.51% for third quarter 2024. The yield on interest-earning assets of 5.85% increased 9 bps from third quarter 2024, while the cost of funds of 2.76% decreased 35 bps between the comparable quarters.
Provision for credit losses was $1.0 million for third quarter 2025, compared to $0.8 million provision for credit losses for third quarter 2024. For additional information regarding the allowance for credit losses-loans and asset quality, see “BALANCE SHEET ANALYSIS — Allowance for Credit Losses - Loans” and “BALANCE SHEET ANALYSIS — Nonperforming Assets.”
Noninterest income was $23.6 million for third quarter 2025, an increase of $1.2 million (6%) from third quarter 2024. Net mortgage income of $3.6 million, increased $0.7 million (25%) between the comparable third quarter periods, while wealth management fee income of $7.6 million, increased $0.5 million (8%) over third quarter 2024. For additional information regarding noninterest income, see “INCOME STATEMENT ANALYSIS — Noninterest Income.”
Noninterest expense was $50.1 million for third quarter 2025, an increase of $0.9 million (2%) from third quarter 2024. Personnel expense increased $0.5 million mostly due to higher salaries and incentives. The increase in non-personnel expenses was mostly due to higher building expense for cleaning and maintenance, as well as higher business development and marketing reflective of the timing and extent of marketing campaigns, promotions, and media. For additional information regarding noninterest expense, see “INCOME STATEMENT ANALYSIS — Noninterest Expense.”
Income tax expense was $10.1 million (effective tax rate of 19.5%) for third quarter 2025, compared to $8.3 million (effective tax rate of 20.4%) for third quarter 2024.

BALANCE SHEET ANALYSIS
At September 30, 2025, period end assets were $9.0 billion, an increase of $233 million (3%) from December 31, 2024, mostly from loan growth, partly offset by lower cash balances. Total loans increased $248 million (4%) from December 31, 2024, mostly in commercial and industrial loans. Total deposits were $7.6 billion at September 30, 2025, an increase of $208 million (3%) from December 31, 2024, with growth in customer (core) deposits of $353 million, partly offset by a $145 million reduction in brokered deposits. Total stockholders’ equity was $1.2 billion at September 30, 2025, an increase of $42 million over December 31, 2024, with solid earnings and favorable movements in the securities portfolio market valuation partly offset by common stock repurchases and the quarterly common stock dividend.
39

Loans
Nicolet services a diverse customer base primarily throughout Wisconsin, Michigan and Minnesota. We concentrate on originating loans in our local markets and assisting current loan customers. Nicolet actively utilizes government loan programs such as those provided by the U.S. Small Business Administration (“SBA”) and the U.S. Department of Agriculture’s Farm Service Agency (“FSA”).
An active credit risk management process is used to ensure that sound and consistent credit decisions are made. The credit management process is regularly reviewed and has been modified over the past several years to further strengthen the controls. Factors that are important to managing overall credit quality are sound loan underwriting and administration, systematic monitoring of existing loans and commitments, effective loan review on an ongoing basis, early problem loan identification and remedial action to minimize losses, an appropriate ACL-Loans, and sound nonaccrual and charge-off policies.
For additional disclosures on loans, see also Note 5, “Loans, Allowance for Credit Losses - Loans, and Credit Quality,” in the Notes to Unaudited Consolidated Financial Statements under Part I, Item 1. For information regarding the allowance for credit losses and nonperforming assets see “BALANCE SHEET ANALYSIS – Allowance for Credit Losses - Loans” and “BALANCE SHEET ANALYSIS – Nonperforming Assets.” A detailed discussion of the loan portfolio accounting policies, general loan portfolio characteristics, and credit risk are described in Note 1, “Nature of Business and Significant Accounting Policies,” of the Notes to Consolidated Financial Statements, included in Part II, Item 8 of the Company’s 2024 Annual Report on Form 10-K.
Table 6: Period End Loan Composition
September 30, 2025December 31, 2024September 30, 2024
(in thousands)Amount% of TotalAmount% of TotalAmount% of Total
Commercial & industrial$1,415,841 20 %$1,319,763 20 %$1,351,516 21 %
Owner-occupied CRE947,390 14 940,367 14 920,533 14 
Agricultural1,378,070 20 1,322,038 20 1,261,152 19 
Commercial
3,741,301 54 3,582,168 54 3,533,201 54 
CRE investment1,213,301 17 1,221,826 18 1,226,982 19 
Construction & land development324,209 5 239,694 4 231,694 3 
Commercial real estate
1,537,510 22 1,461,520 22 1,458,676 22 
Commercial-based loans
5,278,811 76 5,043,688 76 4,991,877 76 
Residential construction92,325 1 96,110 1 85,811 2 
Residential first mortgage1,199,512 18 1,196,158 18 1,194,574 18 
Residential junior mortgage260,167 4 234,634 4 223,456 3 
Residential real estate
1,552,004 23 1,526,902 23 1,503,841 23 
Retail & other43,896 1 55,994 1 61,122 1 
Retail-based loans
1,595,900 24 1,582,896 24 1,564,963 24 
Total loans$6,874,711 100 %$6,626,584 100 %$6,556,840 100 %
As noted in Table 6 above, the loan portfolio at September 30, 2025, was 76% commercial-based and 24% retail-based. Commercial-based loans are considered to have more inherent risk of default than retail-based loans, in part because of the broader list of factors that could impact a commercial borrower negatively. In addition, the commercial balance per borrower is typically larger than that for retail-based loans, implying higher potential losses on an individual customer basis. Credit risk on commercial-based loans is largely influenced by general economic conditions and the resulting impact on a borrower’s operations or on the value of underlying collateral, if any.
Total loans of $6.9 billion at September 30, 2025, increased $248 million (4%) from December 31, 2024, mostly in commercial and industrial loans. At September 30, 2025, commercial and industrial loans and agricultural loans represented the largest segments of Nicolet’s loan portfolio, with each at 20% of the total portfolio. The next largest segments were CRE investment and residential first mortgage, representing 17% and 18% of the total loan portfolio, respectively. The loan portfolio is widely diversified and included the following industries: manufacturing, wholesaling, paper, packaging, food production and processing, agriculture, forest products, hospitality, retail, service, and businesses supporting the general building industry. The following chart provides the industry distribution of our commercial loan portfolio at September 30, 2025.
40

Commercial Loan Portfolio by Industry Type (based on NAICS codes)
Commercial Loans by Industry_09.30.2025.jpg
The following tables present the maturity distribution of the loan portfolio.
Table 7: Loan Maturity Distribution
As of September 30, 2025
Loan Maturity
(in thousands)One Year
or Less		After One Year
to Five Years		After Five Years to Fifteen YearsAfter Fifteen YearsTotal
Commercial & industrial$691,759 $609,258 $110,190 $4,634 $1,415,841 
Owner-occupied CRE266,339 548,692 105,402 26,957 947,390 
Agricultural600,194 453,764 293,021 31,091 1,378,070 
CRE investment309,552 714,499 166,172 23,078 1,213,301 
Construction & land development108,590 157,621 45,352 12,646 324,209 
Residential construction *76,652 5,033 699 9,941 92,325 
Residential first mortgage86,142 213,542 147,988 751,840 1,199,512 
Residential junior mortgage31,084 11,750 30,323 187,010 260,167 
Retail & other23,884 9,442 6,096 4,474 43,896 
   Total loans$2,194,196 $2,723,601 $905,243 $1,051,671 $6,874,711 
Percent by maturity distribution32 %40 %13 %15 %100 %
Total fixed rate loans$1,139,241 $2,145,146 $577,018 $337,057 $4,198,462 
Total floating rate loans$1,054,955 $578,455 $328,225 $714,614 $2,676,249 
As of December 31, 2024
Loan Maturity
(in thousands)One Year
or Less		After One Year
to Five Years		After Five Years to Fifteen YearsAfter Fifteen YearsTotal
Commercial & industrial$541,948 $665,448 $105,773 $6,594 $1,319,763 
Owner-occupied CRE197,945 580,072 130,746 31,604 940,367 
Agricultural505,889 461,631 320,859 33,659 1,322,038 
CRE investment229,552 788,954 179,186 24,134 1,221,826 
Construction & land development72,310 115,708 39,740 11,936 239,694 
Residential construction *78,891 5,589 716 10,914 96,110 
Residential first mortgage72,428 229,325 156,481 737,924 1,196,158 
Residential junior mortgage27,138 14,438 35,233 157,825 234,634 
Retail & other33,413 10,260 7,953 4,368 55,994 
   Total loans$1,759,514 $2,871,425 $976,687 $1,018,958 $6,626,584 
Percent by maturity distribution27 %43 %15 %15 %100 %
Total fixed rate loans$897,796 $2,440,488 $610,033 $336,244 $4,284,561 
Total floating rate loans$861,718 $430,937 $366,654 $682,714 $2,342,023 
* The residential construction loans with a loan maturity after five years represent a construction to permanent loan product.
41

Allowance for Credit Losses - Loans
For additional disclosures on the allowance for credit losses, see Note 5, “Loans, Allowance for Credit Losses - Loans, and Credit Quality,” in the Notes to Unaudited Consolidated Financial Statements under Part I, Item 1. A detailed discussion of the loan portfolio accounting policies, general loan portfolio characteristics, and credit risk are described in Note 1, “Nature of Business and Significant Accounting Policies,” of the Notes to Consolidated Financial Statements, included in Part II, Item 8 of the Company’s 2024 Annual Report on Form 10-K.
Credit risks within the loan portfolio are inherently different for each loan type. Credit risk is controlled and monitored through the use of lending standards, a thorough review of potential borrowers, and ongoing review of loan payment performance. Active asset quality administration, including early problem loan identification and timely resolution of problems, aids in the management of credit risk and minimization of loan losses. Loans charged off are subject to continuous review, and specific efforts are taken to achieve maximum recovery of principal, interest, and related expenses. For additional information regarding nonperforming assets see also “BALANCE SHEET ANALYSIS – Nonperforming Assets.”
The ACL-Loans represents management’s estimate of expected credit losses in the Company’s loan portfolio at the balance sheet date. To assess the overall appropriateness of the ACL-Loans, management applies a methodology which focuses on evaluation of qualitative and environmental factors, including but not limited to: (i) evaluation of facts and issues related to specific loans; (ii) management’s ongoing review and grading of the loan portfolio; (iii) consideration of historical loan loss and delinquency experience on each portfolio segment; (iv) trends in past due and nonaccrual loans; (v) the risk characteristics of the various loan segments; (vi) changes in the size and character of the loan portfolio; (vii) concentrations of loans to specific borrowers or industries; (viii) existing economic conditions; (ix) the fair value of underlying collateral; and (x) other qualitative and quantitative factors which could affect expected credit losses. Assessing these numerous factors involves significant judgment; therefore, management considers the ACL-Loans a critical accounting estimate.
Management performs ongoing intensive analysis of the loan portfolio to allow for early identification of customers experiencing financial difficulties, maintains prudent underwriting standards, understands the economy of its markets, and considers the trend of deterioration in loan quality in establishing the level of the ACL-Loans. In addition, various regulatory agencies periodically review the ACL-Loans, and may require the Company to make additions to the ACL-Loans or may require that certain loan balances be charged off or downgraded into classified loan categories when their credit evaluations differ from those of management based on their judgments of collectability from information available to them at the time of their examination.
At September 30, 2025, the ACL-Loans was $69 million and represented 1.00% of period end loans, compared to $66 million (or 1.00% of period end loans) at December 31, 2024 and $66 million (or 1.00% of period end loans) at September 30, 2024. The components of the ACL-Loans are detailed further in Table 8 below.
42

Table 8: Allowance for Credit Losses - Loans
Nine Months EndedYear Ended
(in thousands)September 30, 2025September 30, 2024December 31, 2024
ACL-Loans:
Balance at beginning of period$66,322 $63,610 $63,610 
Provision for credit losses3,750 2,850 3,750 
Charge-offs(1,575)(1,066)(1,493)
Recoveries288 391 455 
Net (charge-offs) recoveries(1,287)(675)(1,038)
Balance at end of period$68,785 $65,785 $66,322 
Net loan (charge-offs) recoveries:
Commercial & industrial$(822)$(525)$(867)
Owner-occupied CRE(137)107 124 
Agricultural(65)— — 
CRE investment— — — 
Construction & land development— — — 
Residential construction— — — 
Residential first mortgage(97)32 33 
Residential junior mortgage— 8 9 
Retail & other(166)(297)(337)
Total net (charge-offs) recoveries$(1,287)$(675)$(1,038)
Ratios:
ACL-Loans to total loans1.00 %1.00 %1.00 %
Net charge-offs to average loans, annualized0.03 %0.01 %0.02 %

Nonperforming Assets
As part of its overall credit risk management process, management is committed to an aggressive problem loan identification philosophy. This philosophy has been implemented through the ongoing monitoring and review of all pools of risk in the loan portfolio to identify problem loans early and minimize the risk of loss. For additional disclosures on credit quality, see Note 5, “Loans, Allowance for Credit Losses - Loans, and Credit Quality” of the Notes to Unaudited Consolidated Financial Statements under Part I, Item 1. For additional information on loans see “BALANCE SHEET ANALYSIS – Loans” and for additional information on the ACL-Loans see “BALANCE SHEET ANALYSIS – Allowance for Credit Losses-Loans.”
Nonperforming loans are considered one indicator of potential future loan losses. Nonperforming loans are defined as nonaccrual loans and loans 90 days or more past due but still accruing interest. Loans are generally placed on nonaccrual status when contractually past due 90 days or more as to interest or principal payments. Additionally, whenever management becomes aware of facts or circumstances that may adversely impact the collectability of principal or interest on loans, it is management’s practice to place such loans on nonaccrual status immediately. Nonperforming assets include nonperforming loans and other real estate owned (“OREO”). At September 30, 2025, nonperforming assets were $28 million and represented 0.31% of total assets, compared to 0.33% of total assets at December 31, 2024, and 0.31% of total assets at September 30, 2024.
The level of potential problem loans is another predominant factor in determining the relative level of risk in the loan portfolio and in determining the appropriate level of the ACL-Loans. Potential problem loans are generally defined by management to include loans rated as Substandard by management but that are in performing status; however, there are circumstances present which might adversely affect the ability of the borrower to comply with present repayment terms. The decision of management to include performing loans in potential problem loans does not necessarily mean that Nicolet expects losses to occur, but that management recognizes a higher degree of risk associated with these loans. The loans that have been reported as potential problem loans are predominantly commercial-based loans covering a diverse range of businesses and real estate property types. Potential problem loans were $79 million (1% of loans) and $68 million (1% of loans) at September 30, 2025 and December 31, 2024, respectively. Potential problem loans require heightened management review given the pace at which a credit may deteriorate, the potential duration of asset quality stress, and uncertainty around the magnitude and scope of economic stress that may be felt by Nicolet’s customers and on the underlying real estate or collateral values.
43

Table 9: Nonperforming Assets
(in thousands)September 30, 2025December 31, 2024September 30, 2024
Nonperforming loans:
Commercial & industrial$7,237 $8,534 $5,658 
Owner-occupied CRE6,322 4,547 4,104 
Agricultural11,259 9,969 10,280 
Commercial24,818 23,050 20,042 
CRE investment508 1,688 1,747 
Construction & land development— — — 
Commercial real estate508 1,688 1,747 
Commercial-based loans25,326 24,738 21,789 
Residential construction— — — 
Residential first mortgage1,736 3,370 3,478 
Residential junior mortgage259 185 184 
Residential real estate1,995 3,555 3,662 
Retail & other142 126 114 
Retail-based loans
2,137 3,681 3,776 
Total nonaccrual loans
27,463 28,419 25,565 
Accruing loans past due 90 days or more— — — 
Total nonperforming loans
$27,463 $28,419 $25,565 
Nonaccrual loans (included above) covered by guarantees$9,229 $7,463 $7,460 
OREO:
Commercial real estate owned$170 $80 $235 
Residential real estate owned— 16 27 
Bank property real estate owned597 597 597 
Total OREO
767 693 859 
Total nonperforming assets
$28,230 $29,112 $26,424 
Ratios:
Nonperforming loans to total loans0.40 %0.43 %0.39 %
Nonperforming assets to total loans plus OREO0.41 %0.44 %0.40 %
Nonperforming assets to total assets0.31 %0.33 %0.31 %
ACL-Loans to nonperforming loans250 %233 %257 %
44

Deposits
Deposits represent Nicolet’s largest source of funds, and provide a stable, lower-cost funding source. Deposit levels may be impacted by competition with other bank and nonbank institutions, as well as with a number of non-deposit investment alternatives available to depositors. Deposit challenges include competitive deposit product features, price changes on deposit products given movements in the interest rate environment and other competitive pricing pressures, and customer preferences regarding higher rate deposit products or non-deposit investment alternatives.
Total deposits of $7.6 billion at September 30, 2025, increased $208 million (3%) from December 31, 2024. Core deposit balances of $7.0 billion at September 30, 2025, increased $353 million from December 31, 2024, while brokered deposits decreased $145 million. Compared to September 30, 2024, total deposits increased $351 million, including a $456 million increase in core deposits and a $104 million decrease in brokered deposits. The deposit composition is presented in Table 10 below.
Table 10: Period End Deposit Composition
September 30, 2025December 31, 2024September 30, 2024
(in thousands)Amount% of TotalAmount% of TotalAmount% of Total
Noninterest-bearing demand$1,826,453 24 %$1,791,228 24 %$1,839,617 25 %
Interest-bearing demand1,104,552 14 %1,168,560 16 %1,035,593 14 %
Money market2,044,055 27 %1,942,367 26 %1,928,977 27 %
Savings825,683 11 %774,707 11 %763,024 11 %
Time1,810,722 24 %1,726,822 23 %1,692,786 23 %
Total deposits
$7,611,465 100 %$7,403,684 100 %$7,259,997 100 %
Brokered transaction accounts$160,706 2 %$163,580 2 %$159,547 2 %
Brokered and listed time deposits444,683 6 %586,852 8 %549,907 8 %
Total brokered deposits
$605,389 8 %$750,432 10 %$709,454 10 %
Customer transaction accounts$5,640,037 74 %$5,513,282 75 %$5,407,664 74 %
Customer time deposits1,366,039 18 %1,139,970 15 %1,142,879 16 %
Total customer deposits (core)
$7,006,076 92 %$6,653,252 90 %$6,550,543 90 %
Total estimated uninsured deposits were $2.3 billion (representing 30% of total deposits) at September 30, 2025, compared to $2.2 billion (representing 30% of total deposits) at December 31, 2024.

Liquidity Management
Liquidity management refers to the ability to ensure that adequate liquid funds are available to meet the current and future cash flow obligations arising in the daily operations of the Company. These cash flow obligations include the ability to meet the commitments to borrowers for extensions of credit, accommodate deposit cycles and trends, fund capital expenditures, pay dividends to stockholders (if any), and satisfy other operating expenses. The Company’s most liquid assets are cash and due from banks and interest-earning deposits, which totaled $474 million and $536 million at September 30, 2025 and December 31, 2024, respectively. Balances of these liquid assets are dependent on our operating, investing, and financing activities during any given period.
The $62 million decrease in cash and cash equivalents since year-end 2024 included $127 million net cash provided by operating activities (mostly earnings), $276 million net cash used in investing activities (mostly to fund loan growth) and $87 million net cash provided by financing activities (with deposit growth offset by repayments of borrowings and common stock repurchases). As of September 30, 2025, management believed that adequate liquidity existed to meet all projected cash flow obligations.
Nicolet’s primary sources of funds include the core deposit base, repayment and maturity of loans, investment securities calls, maturities, and sales, and procurement of brokered deposits or other wholesale funding. At September 30, 2025, approximately 51% of the investment securities portfolio was pledged as collateral to secure public deposits and borrowings, as applicable, and for liquidity or other purposes as required by regulation. Liquidity sources available to the Company at September 30, 2025, are presented in Table 11 below.
45

Table 11: Liquidity Sources
(in millions)September 30, 2025
Fed Funds Lines$175 
Brokered Capacity1,297 
Total Uncollateralized Lines1,472 
Securities Collateral Available589 
FHLB Borrowing Availability629 
Fed Discount Window12 
Total Collateralized Lines1,230 
Total Liquidity Funding Availability$2,702 
Management is committed to the Parent Company being a source of strength to the Bank and its other subsidiaries, and therefore, regularly evaluates capital and liquidity positions of the Parent Company in light of current and projected needs, growth or strategies. The Parent Company uses cash for normal expenses, dividend payments, debt service requirements, and, when opportune, for common stock repurchases, repayment of debt, or investment in other strategic actions such as mergers or acquisitions. At September 30, 2025, the Parent Company had $148 million in cash. Additional cash sources available to the Parent Company include access to the public or private markets to issue new equity, subordinated notes or other debt. Dividends from the Bank and, to a lesser extent, stock option exercises, represent significant sources of cash flows for the Parent Company. The Bank is required by federal law to obtain prior approval of the OCC for payments of dividends if the total of all dividends declared by the Bank in any year will exceed certain thresholds. Management does not believe that regulatory restrictions on dividends from the Bank will adversely affect its ability to meet its cash obligations.

Interest Rate Sensitivity Management and Impact of Inflation
A reasonable balance between interest rate risk, credit risk, liquidity risk and maintenance of yield, is highly important to Nicolet’s business success and profitability. As an ongoing part of our financial strategy and risk management, we attempt to understand and manage the impact of fluctuations in market interest rates on our net interest income. The consolidated balance sheet consists mainly of interest-earning assets (loans, investments and cash) which are primarily funded by interest-bearing liabilities (deposits and borrowings). Such financial instruments have varying levels of sensitivity to changes in market rates of interest. Market rates are highly sensitive to many factors beyond our control, including but not limited to general economic conditions and policies of government and regulatory authorities. Our operating income and net income depend, to a substantial extent, on “rate spread” (i.e., the difference between the income earned on loans, investments and other earning assets and the interest expense paid to obtain deposits and other funding liabilities).
Asset-liability management policies establish guidelines for acceptable limits on the sensitivity to changes in interest rates on earnings and market value of assets and liabilities. Such policies are set and monitored by management and the Board of Directors’ Asset and Liability Committee.
To understand and manage the impact of fluctuations in market interest rates on net interest income, we measure our overall interest rate sensitivity through a net interest income analysis, which calculates the change in net interest income in the event of hypothetical changes in interest rates under different scenarios versus a baseline scenario. Such scenarios can involve static balance sheets, balance sheets with projected growth, parallel (or non-parallel) yield curve slope changes, immediate or gradual changes in market interest rates, and one-year or longer time horizons. The simulation modeling uses assumptions involving market spreads, prepayments of rate-sensitive instruments, renewal rates on maturing or new loans, deposit retention rates, and other assumptions.
Among other scenarios, we assessed the impact on net interest income in the event of a gradual +/-100 bps and +/-200 bps change in market rates (parallel to the change in prime rate) over a one-year time horizon to a static (flat) balance sheet. The results provided include the liquidity measures mentioned above and reflect the current interest rate environment. The interest rate scenarios are used for analytical purposes only and do not necessarily represent management’s view of future market interest rate movements. Based on financial data at September 30, 2025 and December 31, 2024, the projected changes in net interest income over a one-year time horizon, versus the baseline, are presented in Table 12 below. The results are in compliance with Nicolet’s policy guidelines.
Table 12: Interest Rate Sensitivity
September 30, 2025December 31, 2024
200 bps decrease in interest rates(3.9)%(2.5)%
100 bps decrease in interest rates(2.0)%(1.3)%
100 bps increase in interest rates1.9 %1.3 %
200 bps increase in interest rates3.9 %2.6 %
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Actual results may differ from these simulated results due to timing, magnitude and frequency of interest rate changes, as well as changes in market conditions and their impact on customer behavior and management strategies.
The effect of inflation on a financial institution differs significantly from the effect on an industrial company. While a financial institution’s operating expenses, particularly salary and employee benefits, are affected by general inflation, the asset and liability structure of a financial institution consists largely of monetary items. Monetary items, such as cash, investments, loans, deposits, and borrowings, are those assets and liabilities which are or will be converted into a fixed number of dollars regardless of changes in prices. As a result, changes in interest rates have a more significant impact on a financial institution’s performance than does general inflation. Inflation may also have impacts on the Bank’s customers, on businesses and consumers and their ability or willingness to invest, save or spend, and potentially on their ability to repay loans. As such, there would likely be impacts on the general appetite for banking products and the credit health of the Bank’s customer base.

Capital
Management regularly reviews the adequacy of its capital to ensure that sufficient capital is available for current and future needs and is in compliance with regulatory guidelines. The capital position and strategies are actively reviewed in light of perceived business risks associated with current and prospective earning levels, liquidity, asset quality, economic conditions in the markets served, and level of returns available to shareholders. Management intends to maintain an optimal capital and leverage mix for growth and shareholder return. For details on the change in capital see “BALANCE SHEET ANALYSIS.”
The Company’s and the Bank’s regulatory capital ratios remain above minimum regulatory ratios, including the capital conservation buffer. At September 30, 2025, the Bank’s regulatory capital ratios qualify the Bank as well-capitalized under the prompt-corrective action framework. This strong base of capital has allowed Nicolet to be opportunistic in strategic growth. A summary of the Company’s and the Bank’s regulatory capital amounts and ratios, as well as selected capital metrics are presented in the following table.
Table 13: Capital
At or for the Nine Months Ended
At or for the
Year Ended
($ in thousands)September 30, 2025December 31, 2024
Company Stock Repurchases: *
Common stock repurchased during the period (dollars)$76,561 $10,137 
Common stock repurchased during the period (full shares)646,002 92,440 
Company Risk-Based Capital:
Total risk-based capital$1,069,440 $1,062,458 
Tier 1 risk-based capital905,262 882,056 
Common equity Tier 1 capital865,036 842,453 
Total capital ratio14.3 %14.3 %
Tier 1 capital ratio12.1 %11.9 %
Common equity tier 1 capital ratio11.5 %11.4 %
Tier 1 leverage ratio10.5 %10.5 %
Bank Risk-Based Capital:
Total risk-based capital$904,232 $864,090 
Tier 1 risk-based capital832,647 798,691 
Common equity Tier 1 capital832,647 798,691 
Total capital ratio12.1 %11.7 %
Tier 1 capital ratio11.1 %10.8 %
Common equity tier 1 capital ratio11.1 %10.8 %
Tier 1 leverage ratio9.6 %9.5 %
* Reflects common stock repurchased under board of director authorizations for the common stock repurchase program.
In managing capital for optimal return, we evaluate capital sources and uses, pricing and availability of our stock in the market, and alternative uses of capital (such as the level of organic growth or acquisition opportunities, dividends, or repayment of equity-equivalent debt) in light of strategic plans. Through an ongoing repurchase program, the Board has authorized the repurchase of Nicolet’s common stock as an alternative use of capital. At September 30, 2025, there remained $19 million authorized under this repurchase program, as modified, to be utilized from time-to-time to repurchase shares in the open market, through block transactions or in private transactions.
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Critical Accounting Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions or judgments that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions are based on historical experience, current information, and other factors deemed to be relevant; accordingly, as this information changes, actual results could differ from those estimates. Nicolet considers accounting estimates to be critical to reported financial results if the accounting estimate requires management to make assumptions about matters that are highly uncertain and different estimates that management reasonably could have used for the accounting estimate in the current period, or changes in the accounting estimate that are reasonably likely to occur from period to period, could have a material impact on the financial statements. The accounting estimate we consider to be critical is the determination of the allowance for credit losses. A discussion of this estimate can be found in the “Critical Accounting Estimates” section in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s 2024 Annual Report on Form 10-K. There have been no changes in the Company’s determination of critical accounting policies and estimates since December 31, 2024.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes in our market risk at September 30, 2025, from that presented in our 2024 Annual Report on Form 10-K. See section “Interest Rate Sensitivity Management and Impact of Inflation” within Management’s Discussion and Analysis of Financial Condition and Results of Operations under Part I, Item 2, for our interest rate sensitivity position at September 30, 2025.

ITEM 4. CONTROLS AND PROCEDURES
(a) Disclosure Controls and Procedures. Management, under the supervision, and with the participation, of our principal executive officer and principal financial officer, evaluated our disclosure controls and procedures (as such term is defined in Exchange Act Rule 13a-15(e)). Based upon that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.
(b) Changes in Internal Control Over Financial Reporting. There were no changes in the Company’s internal control over financial reporting (as such term is defined in Exchange Act Rule 13a-15(f)) during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1A. RISK FACTORS
Except with respect to the additional risk factors related to the proposed MidWestOne merger, which are set forth below, there have been no material changes to the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Risks With Regard to Merger with MidWestOne
Combining Nicolet and MidWestOne may be more difficult, costly or time-consuming than expected, and the anticipated benefits and cost savings of the merger and the bank merger may not be realized.
Nicolet and MidWestOne have operated and, until the completion of the merger, must continue to operate, independently. The success of the merger and the bank merger, including anticipated benefits and cost savings, will depend, in part, on Nicolet’s ability to successfully combine and integrate the businesses of Nicolet and MidWestOne in a manner that permits growth opportunities and does not materially disrupt the existing customer relations or result in decreased revenues due to loss of customers. If Nicolet is unable to successfully achieve these objectives, the anticipated benefits of the merger and the bank merger may not be realized fully or at all or may take longer to realize than expected. In addition, the actual cost savings of the merger and the bank merger could be less than anticipated, and integration may result in additional and unforeseen expenses.
An inability to realize the full extent of the anticipated benefits of the merger, as well as any delays encountered in the integration process, could have an adverse effect upon the revenues, levels of expenses and operating results of the combined company, which may adversely affect the value of Nicolet common stock after the completion of the merger.
It is possible that the integration process could result in the loss of key employees, the disruption of either company’s ongoing businesses or inconsistencies in standards, controls, procedures and policies that adversely affect the combined company’s ability to maintain relationships with clients, customers, depositors and employees or to achieve the anticipated benefits and cost savings of the merger and the bank merger. If Nicolet experiences difficulties with the integration process, the anticipated benefits of the merger and the bank merger may not be realized fully or at all, or may take longer to realize than expected. As
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with any merger of financial institutions, there also may be business disruptions that cause Nicolet and/or MidWestOne to lose customers or cause customers to remove their accounts from Nicolet and/or MidWestOne and move their business to competing financial institutions. Integration efforts between the two companies will also divert management attention and resources. These integration matters could have an adverse effect on each of Nicolet and MidWestOne during this transition period and for an undetermined period after completion of the merger on the combined company.
Furthermore, the board of directors and executive leadership of the combined companies following the merger will consist of former directors and executive officers from each of Nicolet and MidWestOne. Combining the boards of directors and management teams of each company into a single board and a single management team could require the reconciliation of differing priorities and philosophies.
Regulatory approvals may not be received, may take longer than expected, or may impose conditions that are not presently anticipated or that could have an adverse effect on the combined company following the merger.
Before the merger and the bank merger may be completed, various approvals, consents and non-objections must be obtained from the Federal Reserve Board and various other bank regulatory, antitrust, insurance and other authorities in the United States. Other approvals, waivers or consents from regulators may also be required. In determining whether to grant these approvals, the regulators consider a variety of factors, including the regulatory standing of each party. These approvals could be delayed or not obtained at all, including due to: an adverse development in either party’s regulatory standing or in any other factors considered by regulators when granting such approvals; governmental, political or community group inquiries, investigations or opposition; or changes in legislation or the political environment generally. These regulators also could impose conditions on the completion of the merger or the bank merger or require changes to the terms of the merger or the bank merger. Such conditions or changes could have the effect of delaying or preventing completion of the merger or the bank merger or imposing additional costs on or limiting the revenues of the combined company following the merger and the bank merger, any of which might have an adverse effect on the combined company following the merger.
Additionally, the completion of the merger is conditioned on the absence of certain orders, injunctions or decrees by any court or regulatory agency of competent jurisdiction that would prohibit or make illegal the completion of any of the transactions contemplated by the merger agreement.
In addition, despite the parties’ commitments to use their reasonable best efforts to comply with conditions imposed by regulators, under the terms of the merger agreement, neither Nicolet nor MidWestOne will be required, and neither party will be permitted without the prior written consent of the other party, to take actions or agree to conditions that would reasonably be expected to have a material adverse effect on the combined company, after giving effect to the merger.
The success of the merger and the bank merger and integration of Nicolet and MidWestOne will depend on a number of uncertain factors.
The success of the merger and the bank merger will depend on a number of factors, including, without limitation:
•Nicolet’s ability to integrate the branches acquired from MidWestOne in the merger, which we refer to as the acquired branches, into Nicolet’s current operations;
•Nicolet’s ability to limit the outflow of deposits held by its new customers in the acquired branches and to successfully retain and manage interest-earning assets (i.e., loans) acquired in the merger;
•Nicolet’s ability to control the incremental noninterest expense from the acquired branches in a manner that enables it to maintain a favorable overall efficiency ratio;
•Nicolet’s ability to retain and attract the appropriate personnel to staff and manage the acquired branches;
•Nicolet’s ability to retain the customer relationships from the acquired branches; and
•Nicolet’s ability to earn acceptable levels of interest and noninterest income, including fee income, from the acquired branches.
Integrating the acquired branches will be an operation of substantial size and expense, and may be affected by general market and economic conditions or government actions affecting the financial industry generally. Integration efforts will also likely divert Nicolet’s management’s attention and resources. No assurance can be given that Nicolet will be able to integrate the acquired branches successfully, and the integration process could result in the loss of key employees, the disruption of ongoing business or inconsistencies in standards, controls, procedures and policies that adversely affect Nicolet’s ability to maintain relationships with clients, customers, depositors and employees, or to achieve the anticipated benefits of the merger and the bank merger. Nicolet may also encounter unexpected difficulties or costs during the integration that could adversely affect its earnings and financial condition, perhaps materially. Additionally, no assurance can be given that the operation of the acquired branches will not adversely affect Nicolet’s existing profitability, that Nicolet will be able to achieve results in the future similar to those achieved by its existing banking business or that Nicolet will be able to manage any growth resulting from the merger and the bank merger effectively.
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The merger agreement may be terminated in accordance with its terms and the merger and other transactions contemplated by the merger agreement may not be completed. If the merger is not completed, Nicolet will have incurred substantial expenses without realizing the expected benefits of the merger.
The merger agreement is subject to a number of conditions which must be fulfilled in order to complete the merger. Those conditions include: (i) the approval of the merger by the stockholders of Nicolet and MidWestOne merger proposal by the requisite vote of the MidWestOne stockholders; (ii) the receipt of all required regulatory approvals which are necessary to close the merger and the bank merger without the imposition of any materially burdensome regulatory condition; (iii) the absence of any order, injunction, decree or other legal restraint preventing the completion of the merger or any of the other transactions contemplated by the merger agreement or making the completion of the merger illegal; (iv) the effectiveness of the registration statement on Form S-4 registering the shares of Nicolet common stock to be issued in the merger, and the absence of a stop order or proceeding initiated or threatened by the SEC for that purpose; (v) authorization for listing on the NYSE of the shares of Nicolet common stock to be issued in the merger; (vi) receipt by each party of an opinion from its counsel to the effect that the merger will qualify as a “reorganization” within the meaning of Section 368(a) of the Code; (vii) subject to certain exceptions, the accuracy of the representations and warranties of each party to the merger agreement; and (viii) the prior performance in all material respects by each party of its obligations under the merger agreement.
These conditions to the closing may not be fulfilled in a timely manner or at all, and, accordingly, the merger may not be completed. In addition, the parties can mutually decide to terminate the merger agreement at any time, before or after stockholder approval, or Nicolet or MidWestOne may elect to terminate the merger agreement in certain other circumstances.
Each of Nicolet and MidWestOne has incurred and will incur substantial expenses in connection with the negotiation and completion of the transactions contemplated by the merger agreement. If the merger is not completed, Nicolet and MidWestOne would have to recognize these expenses without realizing the expected benefits of the merger.
If the merger agreement is not completed for any reason, including as a result of either Nicolet stockholders failing to approve the Nicolet merger proposal or MidWestOne stockholders failing to approve the MidWestOne merger proposal, there may be various adverse consequences and Nicolet may experience negative reactions from the financial markets and from their customers and employees. Additionally, if the merger agreement is terminated, the market price of Nicolet common stock could decline to the extent that the current market prices reflect a market assumption that the merger will be completed. Nicolet also could be subject to litigation related to any failure to complete the merger or to proceedings commenced against Nicolet to perform its obligations under the merger agreement. If the merger agreement is terminated under certain circumstances, either Nicolet or MidWestOne may be required to pay a termination fee of $35 million to the other party.
Stockholder litigation could prevent or delay the completion of the merger or otherwise negatively impact the business and operations of Nicolet.
Stockholders of Nicolet and/or MidWestOne may file lawsuits against Nicolet, MidWestOne and/or the directors and officers of either company in connection with the merger and/or the other transactions contemplated by the merger agreement. Although MidWestOne and Nicolet are not aware of any pending or threatened lawsuits relating to the merger or any of the transactions contemplated by the merger agreement as of the date of this Form 10-Q, lawsuits arising out of the merger or any of the transactions contemplated by the merger agreement could be filed in the future. One of the conditions to the closing is that no order, injunction or decree issued by any court or governmental entity of competent jurisdiction or other legal restraint preventing the consummation of the merger or any of the other transactions contemplated by the merger agreement be in effect. If any plaintiff were successful in obtaining an injunction prohibiting Nicolet or MidWestOne defendants from completing the merger or other transactions contemplated by the merger agreement, then such injunction may delay or prevent the effectiveness of the merger or such other transactions and could result in significant costs to Nicolet and/or MidWestOne, including any cost associated with the indemnification of directors and officers of each company. If a lawsuit is filed, Nicolet and MidWestOne may incur costs in connection with the defense or settlement of any stockholder lawsuits filed in connection with the merger or any of the transactions contemplated by the merger agreement. Such litigation could have an adverse effect on the financial condition and results of operations of Nicolet and MidWestOne and could prevent or delay the completion of the merger or the transactions contemplated by the merger agreement.
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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Purchases of Equity Securities
The following table contains information regarding purchases of Nicolet’s common stock made during third quarter 2025 by or on behalf of the Company or any “affiliated purchaser,” as defined by Rule 10b-18(a)(3) of the Exchange Act.
Total Number of
Shares Purchased (a)
Average Price
Paid per Share		Total Number of
Shares Purchased as
Part of Publicly
Announced Plans
or Programs
Maximum Number of
Shares that May Yet
Be Purchased Under
the Plans
or Programs (b)
(#)($)(#)(#)
Period
July 1 – July 31, 202596,348 $133.93 82,007 
August 1 – August 31, 202583,817 $132.09 73,386 
September 1 – September 30, 20254,176 $131.33 — 
Total184,341 $133.03 155,393 143,000 
a.During third quarter 2025, the Company withheld 4,151 common shares for minimum tax withholding settlements on restricted stock, and 24,797 common shares were withheld to satisfy the exercise price and tax withholding requirements on stock option exercises. These are not considered “repurchases” and, therefore, do not count against the maximum number of shares that may yet be purchased under the Board of Directors’ authorization.
b.The Board of Directors approved a common stock repurchase program which authorized, with subsequent modifications, the use of up to $336 million to repurchase outstanding shares of common stock. At September 30, 2025, approximately $19 million remained available under this common stock repurchase program, or approximately 143,000 shares of common stock (based upon the closing stock price of $134.50 on September 30, 2025).

ITEM 5. OTHER INFORMATION
Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements: None.

ITEM 6. EXHIBITS
The following exhibits are filed herewith:
Exhibit
Number		Description
2.1
Agreement and Plan of Merger by and between Nicolet Bankshares, Inc. and MidWestOne Financial Group, Inc. dated October 23, 2025 (1)
10.1
Form of Restricted Stock and Restricted Stock Unit Award Agreement with Michael E. Daniels
31.1
Certification of CEO under Section 302 of Sarbanes-Oxley Act of 2002
31.2
Certification of CFO under Section 302 of Sarbanes-Oxley Act of 2002
32.1
Certification of CEO Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of Sarbanes-Oxley Act of 2002
32.2
Certification of CFO Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of Sarbanes-Oxley Act of 2002
101
Interactive data files for Nicolet Bankshares, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in Inline XBRL: (i) the Consolidated Balance Sheets (unaudited), (ii) the Consolidated Statements of Income (unaudited), (iii) the Consolidated Statements of Comprehensive Income (Loss) (unaudited), (iv) the Consolidated Statements of Stockholders’ Equity (unaudited), (v) the Consolidated Statements of Cash Flows (unaudited), and (vi) Notes to Unaudited Consolidated Financial Statements.
104
Cover Page from Nicolet Bankshares, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (formatted in Inline XBRL and contained in Exhibit 101)
(1) Incorporated by reference to the exhibit of the same number in the Registrant’s Current Report on Form 8-K filed on October 23, 2025.


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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
NICOLET BANKSHARES, INC.
October 31, 2025/s/ Michael E. Daniels
Michael E. Daniels
Chairman, President, and Chief Executive Officer
October 31, 2025/s/ H. Phillip Moore, Jr.
H. Phillip Moore, Jr.
Chief Financial Officer

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