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FOR IMMEDIATE RELEASE
 .
NICOLET BANKSHARES, INC. ANNOUNCES RECORD QUARTERLY NET INCOME FOR SECOND QUARTER 2025

•Record quarterly net income of $36 million for second quarter 2025, compared to net income of $33 million in prior quarter, and net income of $29 million for second quarter 2024
•Quarterly return on average assets of 1.62%, the highest level since the March 2023 balance sheet restructuring
•Quarterly net interest margin of 3.72%, an increase of 14 bps over the first quarter
•Solid quarter-over-quarter loan growth of $94 million (5.6% annualized) and core deposit growth of $68 million (4.1% annualized)
•Repurchased 257,402 common shares for $30 million during second quarter 2025

Green Bay, Wisconsin, July 15, 2025 - Nicolet Bankshares, Inc. (NYSE: NIC) (“Nicolet”) announced record quarterly net income of $36 million for second quarter 2025 and earnings per diluted common share of $2.34, compared to net income of $33 million and earnings per diluted common share of $2.08 for first quarter 2025, and net income of $29 million and earnings per diluted common share of $1.92 for second quarter 2024.

“Our quarterly results again demonstrated strong performance and continued consistency in a volatile market,” said Mike Daniels, Chairman, President, and CEO of Nicolet. “What we saw in the second quarter is a testament to the tenacity and vibrancy of our customers and the markets we serve. Loan growth continued at a healthy pace, as did core deposits. Mortgage revenues also saw their seasonal growth return, driven by housing demand in the upper Midwest. Our net interest margin continued to grow at a healthy pace as rates remained stable, and our profitability metrics are likely to place us near the top decile of community banks. Overall, it was a very solid quarter for us.”

“These results aren’t happening because of one or two big things, but rather a thousand little things done by nearly a thousand people who show up each day and matter to their customers and communities,” Daniels continued. “I am impressed but not surprised by our mid-year results. Our people truly embrace the challenge of finding a way to make a meaningful impact. We remain focused at all levels of Nicolet to keep this momentum going and continue to create shared success for our customers, communities, shareholders, and each other.”

Balance Sheet Review
At June 30, 2025, period end assets were $8.9 billion, a decrease of $44 million from March 31, 2025, mostly from lower cash balances. Total loans increased $94 million from March 31, 2025 (mostly in commercial-based loans), while total deposits of $7.5 billion at June 30, 2025, decreased $31 million from March 31, 2025, including a $99 million decrease in brokered deposits partly offset by a $68 million increase in customer (core) deposits. Long-term borrowings decreased $22 million from the prior quarter due to the redemption of a subordinated note issuance. Total capital was $1.2 billion at June 30, 2025, an increase of $7 million over March 31, 2025, with solid earnings and favorable movements in the securities portfolio market valuation partly offset by common stock repurchases and the quarterly common stock dividend.

Asset Quality
Nonperforming assets were $29 million and represented 0.32% of total assets at June 30, 2025, down slightly from 0.33% of total assets at March 31, 2025 and 0.34% of total assets at June 30, 2024. The allowance for credit losses-loans was $68 million and represented 1.00% of total loans at June 30, 2025, compared to $67 million (or 1.00% of total loans) at March 31, 2025, and $65 million (or 1.00% of total loans) at June 30, 2024. Asset quality trends remain solid and loan net charge-offs were negligible.


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Income Statement Review - Quarter
Net income was $36 million for second quarter 2025, compared to net income of $33 million for first quarter 2025.

Net interest income was $75 million for second quarter 2025, $4 million higher than first quarter 2025, primarily due to solid loan growth. Interest income increased $5 million between the sequential quarters, while interest expense increased $1 million. The net interest margin for second quarter 2025 was 3.72%, up 14 bps from 3.58% for first quarter 2025. The yield on interest-earning assets increased 15 bps (to 5.82%), while the cost of interest-bearing liabilities for second quarter 2025 increased 3 bps (to 2.86%).

Noninterest income of $21 million for second quarter 2025 increased $2 million from first quarter 2025, mostly due to seasonal improvements in net mortgage income and favorable market valuations on the nonqualified deferred compensation plan assets. Wealth income decreased $0.2 million, while card interchange income increased $0.4 million.

Noninterest expense of $50 million for second quarter 2025 increased $2 million from first quarter 2025. Personnel expense increased $3 million from higher incentives (commensurate with solid quarterly earnings) and higher market valuations on the nonqualified deferred compensation plan liabilities, while non-personnel related expenses combined decreased $1 million (mostly lower marketing).

About Nicolet Bankshares, Inc.
Nicolet Bankshares, Inc. is the bank holding company of Nicolet National Bank, a growing, full-service, community bank providing services ranging from commercial, agricultural and consumer banking to wealth management and retirement plan services. Founded in Green Bay in 2000, Nicolet National Bank operates branches primarily in Wisconsin, Michigan, and Minnesota. More information can be found at www.nicoletbank.com.

Use of Non-GAAP Financial Measures
This communication contains non-GAAP financial measures, such as non-GAAP adjusted net income, non-GAAP adjusted earnings per diluted common share, tangible book value per common share, return on average tangible common equity, and tangible common equity to tangible assets. Management believes such measures to be helpful to management, investors and others in understanding Nicolet’s results of operations and financial position. When non-GAAP financial measures are used, the comparable GAAP financial measures, as well as the reconciliation of the non-GAAP measures to the GAAP financial measures, are provided. See “Reconciliation of Non-GAAP Financial Measures (Unaudited)” below. The non-GAAP net income measure and related reconciliation provide information useful to investors in understanding the operating performance and trends of Nicolet and also aid investors in comparing Nicolet’s financial performance to the financial performance of peer banks. Management considers non-GAAP financial ratios to be critical metrics with which to analyze and evaluate financial condition and capital strengths. While non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of results as reported under GAAP.



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Nicolet Bankshares, Inc.
Consolidated Balance Sheets (Unaudited)
(In thousands, except share data)
6/30/20253/31/202512/31/20249/30/20246/30/2024
Assets
Cash and due from banks$129,607 $105,085 $115,943 $124,076 $109,674 
Interest-earning deposits293,031 467,095 420,104 303,908 298,856 
Cash and cash equivalents422,638 572,180 536,047 427,984 408,530 
Securities available for sale, at fair value849,253 838,105 806,415 825,907 799,937 
Other investments59,594 58,627 62,125 63,632 64,720 
Loans held for sale9,955 8,092 7,637 11,121 9,450 
Loans6,839,141 6,745,598 6,626,584 6,556,840 6,529,134 
Allowance for credit losses - loans(68,408)(67,480)(66,322)(65,785)(65,414)
Loans, net
6,770,733 6,678,118 6,560,262 6,491,055 6,463,720 
Premises and equipment, net123,723 125,274 126,979 123,585 120,988 
Bank owned life insurance (“BOLI”)
189,342 187,902 186,448 185,011 171,972 
Goodwill and other intangibles, net385,107 386,588 388,140 389,727 391,421 
Accrued interest receivable and other assets120,464 120,336 122,742 119,096 126,279 
Total assets$8,930,809 $8,975,222 $8,796,795 $8,637,118 $8,557,017 
Liabilities and Stockholders' Equity
Liabilities:
Noninterest-bearing demand deposits
$1,800,335 $1,689,129 $1,791,228 $1,839,617 $1,764,806 
Interest-bearing deposits
5,741,338 5,883,061 5,612,456 5,420,380 5,476,272 
Total deposits
7,541,673 7,572,190 7,403,684 7,259,997 7,241,078 
Long-term borrowings134,340 156,563 161,387 161,210 162,433 
Accrued interest payable and other liabilities64,698 63,201 58,826 66,584 62,093 
Total liabilities7,740,711 7,791,954 7,623,897 7,487,791 7,465,604 
Stockholders' Equity:
Common stock149 152 154 151 150 
Additional paid-in capital601,625 630,340 655,540 647,934 639,159 
Retained earnings
625,243 594,068 565,772 535,638 507,366 
Accumulated other comprehensive income (loss)
(36,919)(41,292)(48,568)(34,396)(55,262)
Total stockholders' equity1,190,098 1,183,268 1,172,898 1,149,327 1,091,413 
Total liabilities and stockholders' equity$8,930,809 $8,975,222 $8,796,795 $8,637,118 $8,557,017 
Common shares outstanding14,924,086 15,149,341 15,356,785 15,104,381 14,945,598 


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Nicolet Bankshares, Inc.
Consolidated Statements of Income (Unaudited)
For the Three Months EndedFor the Six Months Ended
(In thousands, except per share data)
6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Interest income:
Loans, including loan fees$105,976 $100,666 $100,605 $100,824 $97,975 $206,642 $191,623 
Taxable investment securities6,027 5,560 5,369 5,211 5,056 11,587 9,613 
Tax-exempt investment securities1,017 1,049 1,073 1,095 1,152 2,066 2,390 
Other interest income4,618 5,466 5,787 5,492 4,695 10,084 9,283 
Total interest income117,638 112,741 112,834 112,622 108,878 230,379 212,909 
Interest expense:
Deposits40,472 39,465 39,138 42,060 41,386 79,937 80,376 
Short-term borrowings— — — 2 — — — 
Long-term borrowings2,057 2,070 2,146 2,194 2,150 4,127 4,384 
Total interest expense42,529 41,535 41,284 44,256 43,536 84,064 84,760 
Net interest income75,109 71,206 71,550 68,366 65,342 146,315 128,149 
Provision for credit losses
1,050 1,500 1,000 750 1,350 2,550 2,100 
Net interest income after provision for credit losses
74,059 69,706 70,550 67,616 63,992 143,765 126,049 
Noninterest income:
Wealth management fee income6,811 6,975 7,208 7,085 6,674 13,786 13,159 
Mortgage income, net
2,907 1,926 3,326 2,853 2,634 4,833 3,998 
Service charges on deposit accounts
1,962 2,025 1,877 1,913 1,813 3,987 3,394 
Card interchange income
3,699 3,337 3,541 3,564 3,458 7,036 6,556 
BOLI income
1,429 1,420 1,421 1,455 1,225 2,849 2,572 
Asset gains (losses), net
(199)(354)510 1,177 616 (553)2,525 
Deferred compensation plan asset market valuations1,437 45 (192)1,162 169 1,482 228 
LSR income, net950 1,057 1,064 1,090 1,117 2,007 2,251 
Other noninterest income
1,637 1,792 2,103 2,079 1,903 3,429 4,348 
Total noninterest income
20,633 18,223 20,858 22,378 19,609 38,856 39,031 
Noninterest expense:
Personnel expense
29,114 26,521 26,682 28,937 26,285 55,635 52,795 
Occupancy, equipment and office
9,104 9,330 8,685 8,826 8,681 18,434 17,625 
Business development and marketing
1,593 2,100 2,325 1,823 2,040 3,693 4,182 
Data processing
4,682 4,525 4,668 4,535 4,281 9,207 8,551 
Intangibles amortization
1,481 1,552 1,587 1,694 1,762 3,033 3,595 
FDIC assessments1,029 940 990 990 990 1,969 2,023 
Other noninterest expense
2,916 2,819 3,268 2,343 2,814 5,735 5,229 
Total noninterest expense
49,919 47,787 48,205 49,148 46,853 97,706 94,000 
Income before income tax expense44,773 40,142 43,203 40,846 36,748 84,915 71,080 
Income tax expense
8,738 7,550 8,723 8,330 7,475 16,288 14,017 
Net income$36,035 $32,592 $34,480 $32,516 $29,273 $68,627 $57,063 
Earnings per common share:
Basic
$2.40 $2.14 $2.25 $2.16 $1.96 $4.53 $3.82 
Diluted
$2.34 $2.08 $2.19 $2.10 $1.92 $4.42 $3.74 
Common shares outstanding:
Basic weighted average
15,02915,25615,29715,05214,93715,14214,922
Diluted weighted average
15,43115,64715,71015,47915,27615,53815,263
 
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Nicolet Bankshares, Inc.
Consolidated Financial Summary (Unaudited)
For the Three Months EndedFor the Six Months Ended
(In thousands, except share & per share data)
6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Selected Average Balances:
Loans
$6,833,236 $6,710,206 $6,581,059 $6,542,532 $6,496,732 $6,772,060 $6,447,785 
Investment securities
900,469 886,010 884,376 873,212 881,190 893,280 882,982 
Interest-earning assets
8,140,178 8,078,997 7,946,309 7,824,773 7,733,097 8,109,756 7,681,109 
Cash and cash equivalents423,272 497,865 493,237 431,632 374,176 460,363 369,276 
Goodwill and other intangibles, net
385,735 387,260 388,824 390,453 392,171 386,494 393,066 
Total assets
8,909,653 8,849,412 8,716,611 8,596,812 8,481,186 8,879,698 8,430,891 
Deposits
7,504,224 7,446,107 7,314,632 7,247,321 7,183,777 7,475,325 7,148,373 
Interest-bearing liabilities
5,972,117 5,953,083 5,667,803 5,653,259 5,658,642 5,962,651 5,584,262 
Stockholders’ equity (common)1,183,316 1,178,868 1,163,477 1,118,242 1,070,379 1,181,104 1,059,487 
Selected Ratios: (1)
Book value per common share$79.74 $78.11 $76.38 $76.09 $73.03 $79.74 $73.03 
Tangible book value per common share (2)
$53.94 $52.59 $51.10 $50.29 $46.84 $53.94 $46.84 
Return on average assets
1.62 %1.49 %1.57 %1.50 %1.39 %1.56 %1.36 %
Return on average common equity
12.21 11.21 11.79 11.57 11.00 11.72 10.83 
Return on average tangible common equity (2)
18.12 16.70 17.71 17.77 17.36 17.42 17.22 
Average equity to average assets
13.28 13.32 13.35 13.01 12.62 13.30 12.57 
Stockholders’ equity to assets
13.33 13.18 13.33 13.31 12.75 13.33 12.75 
Tangible common equity to tangible assets (2)
9.42 9.28 9.33 9.21 8.57 9.42 8.57 
Net interest margin *3.72 3.58 3.61 3.51 3.42 3.65 3.37 
Efficiency ratio
51.79 52.94 52.17 54.57 55.24 52.34 56.75 
Effective tax rate
19.52 18.81 20.19 20.39 20.34 19.18 19.72 
Selected Asset Quality Information:
Nonaccrual loans
$27,735 $28,325 $28,419 $25,565 $27,838 $27,735 $27,838 
Other real estate owned
881 946 693 859 1,147 881 1,147 
Nonperforming assets
$28,616 $29,271 $29,112 $26,424 $28,985 $28,616 $28,985 
Net loan charge-offs (recoveries)
$372 $342 $363 $379 $283 $714 $296 
Allowance for credit losses-loans to loans
1.00 %1.00 %1.00 %1.00 %1.00 %1.00 %1.00 %
Net charge-offs to average loans (1)
0.02 0.02 0.02 0.02 0.02 0.02 0.01 
Nonperforming loans to total loans
0.41 0.42 0.43 0.39 0.43 0.41 0.43 
Nonperforming assets to total assets
0.32 0.33 0.33 0.31 0.34 0.32 0.34 
Stock Repurchase Information: (3)
Common stock repurchased ($)$29,989 $26,047 $10,137 $— $— $56,036 $— 
Common stock repurchased (shares)257,402 233,207 92,440 — — 490,609 — 
* During fourth quarter 2024, Nicolet changed the annualization methodology utilized for the calculation of selected net interest margin components from actual/360 to actual/actual to be more consistent with the methodology typically used by peer banks and to cause quarterly results to be more consistent with annual results. Prior periods have been restated for this change in methodology. There was no change to the reported average balances or interest recognized.
(1)Income statement-related ratios for partial-year periods are annualized.
(2)See Reconciliation of Non-GAAP Financial Measures below for a reconciliation of these financial measures.
(3)Reflects common stock repurchased under board of director authorizations for the common stock repurchase program.


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Nicolet Bankshares, Inc.
Consolidated Loan & Deposit Metrics (Unaudited)
(In thousands)
6/30/20253/31/202512/31/20249/30/20246/30/2024
Period End Loan Composition
Commercial & industrial$1,412,621 $1,409,320 $1,319,763 $1,351,516 $1,358,152 
Owner-occupied commercial real estate (“CRE”)
963,278 949,107 940,367 920,533 941,137 
Agricultural1,346,924 1,329,807 1,322,038 1,261,152 1,224,885 
Commercial3,722,823 3,688,234 3,582,168 3,533,201 3,524,174 
CRE investment1,231,423 1,225,490 1,221,826 1,226,982 1,198,020 
Construction & land development298,122 273,007 239,694 231,694 247,565 
Commercial real estate1,529,545 1,498,497 1,461,520 1,458,676 1,445,585 
Commercial-based loans5,252,368 5,186,731 5,043,688 4,991,877 4,969,759 
Residential construction88,152 91,321 96,110 85,811 90,904 
Residential first mortgage1,205,841 1,194,116 1,196,158 1,194,574 1,190,790 
Residential junior mortgage249,406 235,096 234,634 223,456 218,512 
Residential real estate
1,543,399 1,520,533 1,526,902 1,503,841 1,500,206 
Retail & other43,374 38,334 55,994 61,122 59,169 
Retail-based loans1,586,773 1,558,867 1,582,896 1,564,963 1,559,375 
Total loans$6,839,141 $6,745,598 $6,626,584 $6,556,840 $6,529,134 
Period End Deposit Composition
Noninterest-bearing demand
$1,800,335 $1,689,129 $1,791,228 $1,839,617 $1,764,806 
Interest-bearing demand
1,266,507 1,239,075 1,168,560 1,035,593 1,093,621 
Money market
1,900,639 1,988,648 1,942,367 1,928,977 1,963,559 
Savings805,300 794,223 774,707 763,024 762,529 
Time1,768,892 1,861,115 1,726,822 1,692,786 1,656,563 
Total deposits$7,541,673 $7,572,190 $7,403,684 $7,259,997 $7,241,078 
Brokered transaction accounts$307,527 $249,537 $163,580 $159,547 $250,109 
Brokered time deposits450,948 607,725 586,852 549,907 557,657 
Total brokered deposits$758,475 $857,262 $750,432 $709,454 $807,766 
Customer transaction accounts$5,465,254 $5,461,538 $5,513,282 $5,407,664 $5,334,406 
Customer time deposits1,317,944 1,253,390 1,139,970 1,142,879 1,098,906 
Total customer deposits (core)
$6,783,198 $6,714,928 $6,653,252 $6,550,543 $6,433,312 


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Nicolet Bankshares, Inc.
Net Interest Income and Net Interest Margin Analysis (Unaudited)
For the Three Months Ended
June 30, 2025March 31, 2025June 30, 2024
AverageAverageAverageAverageAverageAverage
(In thousands)BalanceInterestRate *BalanceInterestRate *BalanceInterestRate *
ASSETS
Total loans (1) (2)
$6,833,236 $106,103 6.23 %$6,710,206 $100,804 6.08 %$6,496,732 $98,086 6.07 %
Investment securities (2)
900,469 7,371 3.27 %886,010 6,951 3.14 %881,190 6,579 2.99 %
Other interest-earning assets406,473 4,618 4.56 %482,781 5,466 4.58 %355,175 4,695 5.31 %
Total interest-earning assets8,140,178 $118,092 5.82 %8,078,997 $113,221 5.67 %7,733,097 $109,360 5.68 %
Other assets, net769,475 770,415 748,089 
Total assets$8,909,653 $8,849,412 $8,481,186 
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing core deposits$5,001,714 $31,677 2.54 %$5,001,535 $30,783 2.50 %$4,665,195 $31,713 2.73 %
Brokered deposits814,789 8,795 4.33 %790,460 8,682 4.45 %831,100 9,673 4.68 %
Total interest-bearing deposits5,816,503 40,472 2.79 %5,791,995 39,465 2.76 %5,496,295 41,386 3.03 %
Wholesale funding155,614 2,057 5.30 %161,088 2,070 5.21 %162,347 2,150 5.33 %
Total interest-bearing liabilities5,972,117 $42,529 2.86 %5,953,083 $41,535 2.83 %5,658,642 $43,536 3.09 %
Noninterest-bearing demand deposits1,687,721 1,654,112 1,687,482 
Other liabilities66,499 63,349 64,683 
Stockholders' equity1,183,316 1,178,868 1,070,379 
Total liabilities and stockholders' equity$8,909,653 $8,849,412 $8,481,186 
Net interest income and rate spread$75,563 2.96 %$71,686 2.84 %$65,824 2.59 %
Net interest margin3.72 %3.58 %3.42 %
Loan purchase accounting accretion (3)
$1,475 0.09 %$1,475 0.09 %$1,527 0.08 %
Loan nonaccrual interest (3)
$(26)0.00 %$(304)(0.02)%$329 0.02 %
For the Six Months Ended
June 30, 2025June 30, 2024
AverageAverageAverageAverage
(In thousands)BalanceInterestRate *BalanceInterestRate *
ASSETS
Total loans (1) (2)
$6,772,060 $206,907 6.15 %$6,447,785 $191,830 5.98 %
Investment securities (2)
893,280 14,322 3.21 %882,982 12,776 2.89 %
Other interest-earning assets444,416 10,084 4.57 %350,342 9,283 5.32 %
Total interest-earning assets8,109,756 $231,313 5.74 %7,681,109 $213,889 5.59 %
Other assets, net769,942 749,782 
Total assets$8,879,698 $8,430,891 
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing core deposits$5,001,624 $62,460 2.52 %$4,664,932 $62,969 2.71 %
Brokered deposits802,691 17,477 4.39 %755,612 17,407 4.63 %
Total interest-bearing deposits5,804,315 79,937 2.78 %5,420,544 80,376 2.98 %
Wholesale funding158,336 4,127 5.26 %163,718 4,384 5.38 %
Total interest-bearing liabilities5,962,651 $84,064 2.84 %5,584,262 $84,760 3.05 %
Noninterest-bearing demand deposits1,671,010 1,727,829 
Other liabilities64,933 59,313 
Stockholders' equity1,181,104 1,059,487 
Total liabilities and stockholders' equity$8,879,698 $8,430,891 
Net interest income and rate spread$147,249 2.90 %$129,129 2.54 %
Net interest margin3.65 %3.37 %
Loan purchase accounting accretion (3)
$2,950 0.09 %$3,055 0.08 %
Loan nonaccrual interest (3)
$(330)(0.01)%$88 — %
* During fourth quarter 2024, Nicolet changed the annualization methodology utilized for the calculation of selected net interest margin components from actual/360 to actual/actual to be more consistent with the methodology typically used by peer banks and to cause quarterly results to be more consistent with annual results. Prior periods have been restated for this change in methodology. There was no change to the reported average balances or interest recognized.
(1) Nonaccrual loans and loans held for sale are included in the daily average loan balances outstanding.
(2) The yield on tax-exempt loans and tax-exempt investment securities is computed on a tax-equivalent basis using a federal tax rate of 21%, and adjusted for the disallowance of interest expense.
(3) Loan purchase accounting accretion and Loan nonaccrual interest included in Total loans interest above, and the related impact to net interest margin.
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Nicolet Bankshares, Inc.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
For the Three Months EndedFor the Six Months Ended
(In thousands, except per share data)
6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Adjusted net income reconciliation: (1)
Net income (GAAP)$36,035 $32,592 $34,480 $32,516 $29,273 $68,627 $57,063 
Adjustments:
Assets (gains) losses, net (2)
199 354 (510)(1,177)(616)553 (2,525)
Adjustments subtotal199 354 (510)(1,177)(616)553 (2,525)
Tax on Adjustments (3)
39 69 (99)(230)(120)108 (492)
Adjusted net income (Non-GAAP)$36,195 $32,877 $34,069 $31,569 $28,777 $69,072 $55,030 
Diluted earnings per common share:
Diluted earnings per common share (GAAP)$2.34 $2.08 $2.19 $2.10 $1.92 $4.42 $3.74 
Adjusted Diluted earnings per common share (Non-GAAP)$2.35 $2.10 $2.17 $2.04 $1.88 $4.45 $3.61 
Tangible assets: (4)
Total assets$8,930,809 $8,975,222 $8,796,795 $8,637,118 $8,557,017 
Goodwill and other intangibles, net385,107 386,588 388,140 389,727 391,421 
Tangible assets$8,545,702 $8,588,634 $8,408,655 $8,247,391 $8,165,596 
Tangible common equity: (4)
Stockholders’ equity (common)$1,190,098 $1,183,268 $1,172,898 $1,149,327 $1,091,413 
Goodwill and other intangibles, net385,107 386,588 388,140 389,727 391,421 
Tangible common equity$804,991 $796,680 $784,758 $759,600 $699,992 
Tangible average common equity: (4)
Average stockholders’ equity (common)$1,183,316 $1,178,868 $1,163,477 $1,118,242 $1,070,379 $1,181,104 $1,059,487 
Average goodwill and other intangibles, net385,735 387,260 388,824 390,453 392,171 386,494 393,066 
Average tangible common equity$797,581 $791,608 $774,653 $727,789 $678,208 $794,610 $666,421 
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 ratios have been included as they are considered to be critical metrics with which to analyze and evaluate financial condition and capital strength.


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