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FOR IMMEDIATE RELEASE

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NICOLET BANKSHARES, INC. ANNOUNCES ANOTHER RECORD QUARTER

•Another record quarter with net income of $42 million for third quarter 2025, compared to net income of $36 million in prior quarter, and net income of $33 million for third quarter 2024

•Quarterly net interest margin of 3.86%, an increase of 14 bps over the prior quarter

•Exceptional quarter-over-quarter core deposit growth of $223 million (13% annualized)

•Repurchased 155,393 common shares for $21 million during third quarter 2025

Green Bay, Wisconsin, October 23, 2025 - Nicolet Bankshares, Inc. (NYSE: NIC) (“Nicolet”) announced another record quarter with net income of $42 million for third quarter 2025 and earnings per diluted common share of $2.73, compared to net income of $36 million and earnings per diluted common share of $2.34 for second quarter 2025, and net income of $33 million and earnings per diluted common share of $2.10 for third quarter 2024.

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

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

Balance Sheet Review

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

Asset Quality

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

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Income Statement Review - Quarter

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

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

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

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

About Nicolet Bankshares, Inc.

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

Use of Non-GAAP Financial Measures

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

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Nicolet Bankshares, Inc.
Consolidated Balance Sheets (Unaudited)
(In thousands, except share data)						9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024
Assets
Cash and due from banks						$	94,402					$	129,607					$	105,085					$	115,943					$	124,076
Interest-earning deposits						379,555						293,031						467,095						420,104						303,908
Cash and cash equivalents						473,957						422,638						572,180						536,047						427,984
Securities available for sale, at fair value						861,534						849,253						838,105						806,415						825,907
Other investments						61,380						59,594						58,627						62,125						63,632
Loans held for sale						11,308						9,955						8,092						7,637						11,121
Loans						6,874,711						6,839,141						6,745,598						6,626,584						6,556,840
Allowance for credit losses - loans						(68,785)						(68,408)						(67,480)						(66,322)						(65,785)
Loans, net						6,805,926						6,770,733						6,678,118						6,560,262						6,491,055
Premises and equipment, net						121,711						123,723						125,274						126,979						123,585
Bank owned life insurance (“BOLI”)						190,979						189,342						187,902						186,448						185,011
Goodwill and other intangibles, net						383,693						385,107						386,588						388,140						389,727
Accrued interest receivable and other assets						118,942						120,464						120,336						122,742						119,096
Total assets						$	9,029,430					$	8,930,809					$	8,975,222					$	8,796,795					$	8,637,118
Liabilities and Stockholders' Equity
Liabilities:
Noninterest-bearing demand deposits						$	1,826,453					$	1,800,335					$	1,689,129					$	1,791,228					$	1,839,617
Interest-bearing deposits						5,785,012						5,741,338						5,883,061						5,612,456						5,420,380
Total deposits						7,611,465						7,541,673						7,572,190						7,403,684						7,259,997
Long-term borrowings						134,600						134,340						156,563						161,387						161,210
Accrued interest payable and other liabilities						68,405						64,698						63,201						58,826						66,584
Total liabilities						7,814,470						7,740,711						7,791,954						7,623,897						7,487,791
Stockholders' Equity:
Common stock						148						149						152						154						151
Additional paid-in capital						581,815						601,625						630,340						655,540						647,934
Retained earnings						662,252						625,243						594,068						565,772						535,638
Accumulated other comprehensive income (loss)						(29,255)						(36,919)						(41,292)						(48,568)						(34,396)
Total stockholders' equity						1,214,960						1,190,098						1,183,268						1,172,898						1,149,327
Total liabilities and stockholders' equity						$	9,029,430					$	8,930,809					$	8,975,222					$	8,796,795					$	8,637,118
Common shares outstanding						14,798,895						14,924,086						15,149,341						15,356,785						15,104,381

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

 

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

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

(1)Income statement-related ratios for partial-year periods are annualized.

(2)See Reconciliation of Non-GAAP Financial Measures below for a reconciliation of these financial measures.

(3)Reflects common stock repurchased under board of director authorizations for the common stock repurchase program.

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Nicolet Bankshares, Inc.
Consolidated Loan & Deposit Metrics (Unaudited)
(In thousands)						9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024
Period End Loan Composition
Commercial & industrial						$	1,415,841					$	1,412,621					$	1,409,320					$	1,319,763					$	1,351,516
Owner-occupied commercial real estate (“CRE”)						947,390						963,278						949,107						940,367						920,533
Agricultural						1,378,070						1,346,924						1,329,807						1,322,038						1,261,152
Commercial						3,741,301						3,722,823						3,688,234						3,582,168						3,533,201
CRE investment						1,213,301						1,231,423						1,225,490						1,221,826						1,226,982
Construction & land development						324,209						298,122						273,007						239,694						231,694
Commercial real estate						1,537,510						1,529,545						1,498,497						1,461,520						1,458,676
Commercial-based loans						5,278,811						5,252,368						5,186,731						5,043,688						4,991,877
Residential construction						92,325						88,152						91,321						96,110						85,811
Residential first mortgage						1,199,512						1,205,841						1,194,116						1,196,158						1,194,574
Residential junior mortgage						260,167						249,406						235,096						234,634						223,456
Residential real estate						1,552,004						1,543,399						1,520,533						1,526,902						1,503,841
Retail & other						43,896						43,374						38,334						55,994						61,122
Retail-based loans						1,595,900						1,586,773						1,558,867						1,582,896						1,564,963
Total loans						$	6,874,711					$	6,839,141					$	6,745,598					$	6,626,584					$	6,556,840
Period End Deposit Composition
Noninterest-bearing demand						$	1,826,453					$	1,800,335					$	1,689,129					$	1,791,228					$	1,839,617
Interest-bearing demand						1,104,552						1,266,507						1,239,075						1,168,560						1,035,593
Money market						2,044,055						1,900,639						1,988,648						1,942,367						1,928,977
Savings						825,683						805,300						794,223						774,707						763,024
Time						1,810,722						1,768,892						1,861,115						1,726,822						1,692,786
Total deposits						$	7,611,465					$	7,541,673					$	7,572,190					$	7,403,684					$	7,259,997
Brokered transaction accounts						$	160,706					$	307,527					$	249,537					$	163,580					$	159,547
Brokered time deposits						444,683						450,948						607,725						586,852						549,907
Total brokered deposits						$	605,389					$	758,475					$	857,262					$	750,432					$	709,454
Customer transaction accounts						$	5,640,037					$	5,465,254					$	5,461,538					$	5,513,282					$	5,407,664
Customer time deposits						1,366,039						1,317,944						1,253,390						1,139,970						1,142,879
Total customer deposits (core)						$	7,006,076					$	6,783,198					$	6,714,928					$	6,653,252					$	6,550,543

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Nicolet Bankshares, Inc.
Net Interest Income and Net Interest Margin Analysis (Unaudited)
						For the Three Months Ended
						September 30, 2025																		June 30, 2025																		September 30, 2024
						Average												Average						Average												Average						Average												Average
(In thousands)						Balance						Interest						Rate *						Balance						Interest						Rate *						Balance						Interest						Rate *
ASSETS
Total loans (1) (2)						$	6,843,189					$	108,042					6.27		%				$	6,833,236					$	106,103					6.23		%				$	6,542,532					$	100,962					6.14		%
Investment securities (2)						903,839						7,519						3.33		%				900,469						7,371						3.27		%				873,212						6,666						3.05		%
Other interest-earning assets						459,623						5,204						4.50		%				406,473						4,618						4.56		%				409,029						5,492						5.35		%
Total interest-earning assets						8,206,651						$	120,765					5.85		%				8,140,178						$	118,092					5.82		%				7,824,773						$	113,120					5.76		%
Other assets, net						777,693																		769,475																		772,039
Total assets						$	8,984,344																	$	8,909,653																	$	8,596,812
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing core deposits						$	5,118,886					$	32,329					2.51		%				$	5,001,714					$	31,677					2.54		%				$	4,723,464					$	32,952					2.78		%
Brokered deposits						658,491						6,983						4.21		%				814,789						8,795						4.33		%				768,058						9,108						4.72		%
Total interest-bearing deposits						5,777,377						39,312						2.70		%				5,816,503						40,472						2.79		%				5,491,522						42,060						3.05		%
Wholesale funding						134,473						1,757						5.18		%				155,614						2,057						5.30		%				161,737						2,196						5.40		%
Total interest-bearing liabilities						5,911,850						$	41,069					2.76		%				5,972,117						$	42,529					2.86		%				5,653,259						$	44,256					3.11		%
Noninterest-bearing demand deposits						1,806,609																		1,687,721																		1,755,799
Other liabilities						70,911																		66,499																		69,512
Stockholders' equity						1,194,974																		1,183,316																		1,118,242
Total liabilities and stockholders' equity						$	8,984,344																	$	8,909,653																	$	8,596,812
Net interest income and rate spread												$	79,696					3.09		%										$	75,563					2.96		%										$	68,864					2.65		%
Net interest margin																		3.86		%																3.72		%																3.51		%
Loan purchase accounting accretion (3)												$	1,375					0.08		%										$	1,475					0.09		%										$	1,527					0.09		%
Loan nonaccrual interest (3)												$	(346)					(0.02)		%										$	(26)					—		%										$	(48)					—		%
						For the Nine Months Ended
						September 30, 2025																		September 30, 2024
						Average												Average						Average												Average
(In thousands)						Balance						Interest						Rate *						Balance						Interest						Rate *
ASSETS
Total loans (1) (2)						$	6,796,031					$	314,949					6.19		%				$	6,479,598					$	292,792					6.03		%
Investment securities (2)						896,839						21,841						3.25		%				879,701						19,442						2.95		%
Other interest-earning assets						449,541						15,288						4.55		%				370,047						14,775						5.33		%
Total interest-earning assets						8,142,411						$	352,078					5.78		%				7,729,346						$	327,009					5.65		%
Other assets, net						772,553																		757,256
Total assets						$	8,914,964																	$	8,486,602
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing core deposits						$	5,041,142					$	94,789					2.51		%				$	4,684,586					$	95,921					2.74		%
Brokered deposits						754,096						24,460						4.34		%				759,791						26,515						4.66		%
Total interest-bearing deposits						5,795,238						119,249						2.75		%				5,444,377						122,436						3.00		%
Wholesale funding						150,294						5,884						5.23		%				163,053						6,580						5.39		%
Total interest-bearing liabilities						5,945,532						$	125,133					2.81		%				5,607,430						$	129,016					3.07		%
Noninterest-bearing demand deposits						1,716,706																		1,737,220
Other liabilities						66,948																		62,737
Stockholders' equity						1,185,778																		1,079,215
Total liabilities and stockholders' equity						$	8,914,964																	$	8,486,602
Net interest income and rate spread												$	226,945					2.97		%										$	197,993					2.58		%
Net interest margin																		3.72		%																3.42		%
Loan purchase accounting accretion (3)												$	4,324					0.09		%										$	4,582					0.09		%
Loan nonaccrual interest (3)												$	(677)					(0.01)		%										$	40					—		%

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

(1) Nonaccrual loans and loans held for sale are included in the daily average loan balances outstanding.

(2) The yield on tax-exempt loans and tax-exempt investment securities is computed on a tax-equivalent basis using a federal tax rate of 21%, and adjusted for the disallowance of interest expense.

(3) Loan purchase accounting accretion and Loan nonaccrual interest included in Total loans interest above, and the related impact to net interest margin.

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Nicolet Bankshares, Inc.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
						For the Three Months Ended																														For the Nine Months Ended
(In thousands, except per share data)						9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024						9/30/2025						9/30/2024
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 earnings per common share:
Diluted earnings per common share (GAAP)						$	2.73					$	2.34					$	2.08					$	2.19					$	2.10					$	7.14					$	5.84
Adjusted Diluted earnings per common share (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, net						383,693						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, net						383,693						385,107						386,588						388,140						389,727
Tangible common equity						$	831,267					$	804,991					$	796,680					$	784,758					$	759,600
Tangible average common equity: (4)
Average stockholders’ equity (common)						$	1,194,974					$	1,183,316					$	1,178,868					$	1,163,477					$	1,118,242					$	1,185,778					$	1,079,215
Average goodwill and other intangibles, net						384,296						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 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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