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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)

Wisconsin

47-0871001

(State or Other Jurisdiction of Incorporation or Organization)

(I.R.S. Employer Identification No.)

111 North Washington Street

Green Bay,

Wisconsin

54301

(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 class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	NIC	New 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
PART I	FINANCIAL INFORMATION

	Item 1.	Financial Statements:

		Consolidated Balance Sheets	3

		Consolidated Statements of Income	4

		Consolidated Statements of Comprehensive Income (Loss)	5

		Consolidated Statements of Stockholders’ Equity	6

		Consolidated Statements of Cash Flows	7

		Notes to Unaudited Consolidated Financial Statements	8

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	48

	Item 4.	Controls and Procedures	48

PART II	OTHER INFORMATION



	Item 1A.	Risk Factors	48

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	51





	Item 5.	Other Information	51

	Item 6.	Exhibits	51

		Signatures	52

PART I – FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS:

NICOLET BANKSHARES, INC.

Consolidated Balance Sheets

(In thousands, except share and per share data)


	September 30, 2025		December 31, 2024
	(Unaudited)		(Audited)
Assets
Cash and due from banks	$	94,402	$	115,943
Interest-earning deposits	379,555		420,104

Cash and cash equivalents	473,957		536,047

Securities available for sale (“AFS”), at fair value	861,534		806,415

Other investments	61,380		62,125
Loans held for sale	11,308		7,637

Loans	6,874,711		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, net	121,711		126,979
Bank owned life insurance (“BOLI”)	190,979		186,448
Goodwill and other intangibles, net	383,693		388,140
Accrued interest receivable and other assets	118,942		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 deposits	5,785,012		5,612,456
Total deposits	7,611,465		7,403,684

Long-term borrowings	134,600		161,387

Accrued interest payable and other liabilities	68,405		58,826
Total liabilities	7,814,470		7,623,897

Stockholders’ Equity:
Common stock	148		154
Additional paid-in capital	581,815		655,540
Retained earnings	662,252		565,772
Accumulated other comprehensive income (loss)	(29,255)		(48,568)
Total stockholders’ equity	1,214,960		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 outstanding	14,798,895		15,356,785
Common shares issued	14,913,415		15,450,298

See accompanying notes to unaudited consolidated financial statements.

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,
	2025		2024		2025		2024
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 income	5,204		5,492		15,288		14,775
Total interest income	120,333		112,622		350,712		325,531
Interest expense:
Deposits	39,312		42,060		119,249		122,436
Short-term borrowings	—		2		—		2
Long-term borrowings	1,757		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 losses	950		750		3,500		2,850
Net interest income after provision for credit losses	78,314		67,616		222,079		193,665
Noninterest income:
Wealth management fee income	7,629		7,085		21,415		20,244
Mortgage income, net	3,568		2,853		8,401		6,851
Service charges on deposit accounts	2,000		1,913		5,987		5,307
Card interchange income	3,752		3,564		10,788		10,120
BOLI income	1,654		1,455		4,503		4,027
Deferred compensation plan asset market valuations	972		1,162		2,454		1,390
LSR income, net	668		1,090		2,675		3,341
Asset gains (losses), net	1,294		1,177		741		3,702
Other noninterest income	2,082		2,079		5,511		6,427
Total noninterest income	23,619		22,378		62,475		61,409
Noninterest expense:
Personnel	29,437		28,937		85,072		81,732
Occupancy, equipment and office	9,028		8,826		27,462		26,451
Business development and marketing	2,223		1,823		5,916		6,005
Data processing	4,671		4,535		13,878		13,086
Intangibles amortization	1,414		1,694		4,447		5,289
FDIC assessments	1,005		990		2,974		3,013

Other noninterest expense	2,310		2,343		8,045		7,572
Total noninterest expense	50,088		49,148		147,794		143,148
Income before income tax expense	51,845		40,846		136,760		111,926
Income tax expense	10,110		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:
Basic	14,835,670		15,052,524		15,038,854		14,965,982
Diluted	15,303,440		15,479,395		15,462,990		15,329,687

See accompanying notes to unaudited consolidated financial statements.

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,
	2025		2024		2025		2024
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.

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, net	1		(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, net	1		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, net	1		(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, net	2		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.

ITEM 1. Financial Statements Continued:

NICOLET BANKSHARES, INC.

Consolidated Statements of Cash Flows (Unaudited)


(In thousands)	Nine Months Ended September 30,
	2025		2024
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 accretion	10,981		13,604
Provision for credit losses	3,500		2,850
Increase in cash surrender value of life insurance	(4,503)		(4,027)
Stock-based compensation expense	5,278		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 sale	205,786		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 liabilities	9,829		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 AFS	9,425		4,987

Proceeds from calls and maturities of securities AFS	71,376		80,472

Purchases of other investments	(3,234)		(915)
Proceeds from sales of other investments	4,495		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 assets	326		(264)


Net cash provided by (used in) investing activities	(276,135)		(217,683)
Cash Flows From Financing Activities:
Net increase (decrease) in deposits	207,781		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 stock	79		585
Proceeds from issuance of common stock in stock-based compensation plans	8,845		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 taxes	26,500		15,260

Transfer of loans and bank premises to other real estate owned	395		109
Capitalized mortgage servicing rights	2,226		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.

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.

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)	2025		2024		2025		2024
Net income	$	41,735	$	32,516	$	110,362	$	89,579
Weighted average common shares outstanding	14,836		15,052		15,039		14,966
Effect of dilutive common stock awards	467		427		424		364
Diluted weighted average common shares outstanding	15,303		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 yield	1.3		%
Expected volatility	30		%
Risk-free interest rate	4.52		%
Expected average life	7 years
Weighted average per share fair value of options	$	27.91

The Company’s stock option activity is summarized below.


Stock Options	Option Shares Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Life (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding - December 31, 2024	1,162,229	$	69.16
Granted	—	—
Exercise of stock options *	(159,295)	55.53
Forfeited	(11,800)	80.14
Outstanding - September 30, 2025	991,134	$	71.22	4.9	$	62,721
Exercisable - September 30, 2025	768,963	$	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 Stock	Weighted 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)
Forfeited	109.82		(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.

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 Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Securities AFS:
U.S. Treasury securities	$	28,277	$	—	$	1,143	$	27,134
U.S. government agency securities	4,427		1		26		4,402
State, county and municipals	293,760		201		18,164		275,797
Mortgage-backed securities	507,192		3,335		23,506		487,021
Corporate debt securities	69,525		138		2,483		67,180
Total securities AFS	$	903,181	$	3,675	$	45,322	$	861,534


	December 31, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Securities AFS:
U.S. Treasury securities	$	15,795	$	—	$	1,767	$	14,028
U.S. government agency securities	5,563		—		43		5,520
State, county and municipals	310,931		116		26,344		284,703
Mortgage-backed securities	455,386		1,101		34,534		421,953
Corporate debt securities	85,183		—		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)	2025		2024
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.

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 months				12 months or more				Total
($ 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 securities	464		1		3,008		25		3,472		26		8
State, county and municipals	17,129		474		227,250		17,690		244,379		18,164		422
Mortgage-backed securities	21,275		158		239,431		23,348		260,706		23,506		382
Corporate debt securities	353		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 months				12 months or more				Total
($ 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 securities	1,918		11		3,602		32		5,520		43		10
State, county and municipals	43,565		1,497		228,355		24,847		271,920		26,344		528
Mortgage-backed securities	79,899		1,105		252,612		33,429		332,511		34,534		429
Corporate debt securities	7,048		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 Cost		Fair Value
Due in less than one year	$	29,856	$	29,738
Due in one year through five years	166,643		158,519
Due after five years through ten years	123,164		115,490
Due after ten years	76,326		70,766
	395,989		374,513
Mortgage-backed securities	507,192		487,021
Total investment securities	$	903,181	$	861,534

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, 2025		December 31, 2024
(in thousands)	Amount		Amount
Federal Reserve Bank stock	$	33,490	$	33,335
Federal Home Loan Bank (“FHLB”) stock	7,030		9,674
Equity securities with readily determinable fair values	9,294		8,610
Other investments	11,566		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, 2025					December 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
Agricultural	1,378,070			20		1,322,038			20
CRE investment	1,213,301			17		1,221,826			18
Construction & land development	324,209			5		239,694			4
Residential construction	92,325			1		96,110			1
Residential first mortgage	1,199,512			18		1,196,158			18
Residential junior mortgage	260,167			4		234,634			4
Retail & other	43,896			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 loans	1.00		%			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.

A roll forward of the allowance for credit losses - loans is summarized as follows.


	Three Months Ended				Nine Months Ended				Year Ended
(in thousands)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024		December 31, 2024
Beginning balance	$	68,408	$	65,414	$	66,322	$	63,610	$	63,610

Provision for credit losses - loans	950		750		3,750		2,850		3,750
Charge-offs	(619)		(475)		(1,575)		(1,066)		(1,493)
Recoveries	46		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			Agricultural			CRE 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

Provision	1,978			224			(1,158)			444			924			(47)			1,007			452			(74)			3,750
Charge-offs	(994)			(189)			(65)			—			—			—			(98)			(2)			(227)			(1,575)
Recoveries	172			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-Loans	25		%	8		%	13		%	22		%	5		%	2		%	19		%	5		%	1		%	100		%


	Year Ended December 31, 2024
(in thousands)	Commercial & industrial			Owner- occupied CRE			Agricultural			CRE 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

Provision	1,789			(3,844)			(2,672)			1,923			218			318			5,237			720			61			3,750
Charge-offs	(918)			(120)			—			—			—			—			—			—			(455)			(1,493)
Recoveries	51			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-Loans	24		%	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.

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 Ended				Year Ended
(in thousands)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024		December 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

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, 2025	Collateral Type
(in thousands)	Real Estate		Other Business Assets		Total		Without an Allowance		With an Allowance		Allowance Allocation
Commercial & industrial	$	—	$	6,872	$	6,872	$	5,827	$	1,045	$	369
Owner-occupied CRE	5,040		—		5,040		5,040		—		—
Agricultural	7,477		3,678		11,155		11,155		—		—
CRE investment	508		—		508		508		—		—
Construction & land development	—		—		—		—		—		—
Residential construction	—		—		—		—		—		—
Residential first mortgage	797		—		797		436		361		1
Residential junior mortgage	102		—		102		102		—		—
Retail & other	—		—		—		—		—		—
Total loans	$	13,924	$	10,550	$	24,474	$	23,068	$	1,406	$	370


December 31, 2024	Collateral Type
(in thousands)	Real Estate		Other Business Assets		Total		Without an Allowance		With an Allowance		Allowance Allocation
Commercial & industrial	$	—	$	7,788	$	7,788	$	4,047	$	3,741	$	723
Owner-occupied CRE	3,744		—		3,744		3,378		366		49
Agricultural	5,964		3,740		9,704		9,704		—		—
CRE investment	1,488		—		1,488		1,488		—		—
Construction & land development	—		—		—		—		—		—
Residential construction	—		—		—		—		—		—
Residential first mortgage	242		—		242		242		—		—
Residential junior mortgage	—		—		—		—		—		—
Retail & other	—		14		14		—		14		1
Total loans	$	11,438	$	11,542	$	22,980	$	18,859	$	4,121	$	773

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 nonaccrual			Current			Total
Commercial & industrial	$	1,559		$	7,237		$	1,407,045		$	1,415,841
Owner-occupied CRE	264			6,322			940,804			947,390
Agricultural	26			11,259			1,366,785			1,378,070
CRE investment	43			508			1,212,750			1,213,301
Construction & land development	—			—			324,209			324,209
Residential construction	569			—			91,756			92,325
Residential first mortgage	1,207			1,736			1,196,569			1,199,512
Residential junior mortgage	478			259			259,430			260,167
Retail & other	563			142			43,191			43,896
Total loans	$	4,709		$	27,463		$	6,842,539		$	6,874,711
Percent of total loans	0.1		%	0.4		%	99.5		%	100.0		%


	December 31, 2024
(in thousands)	30-89 Days Past Due (accruing)			90 Days & Over or nonaccrual			Current			Total
Commercial & industrial	$	693		$	8,534		$	1,310,536		$	1,319,763
Owner-occupied CRE	177			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 development	67			—			239,627			239,694
Residential construction	291			—			95,819			96,110
Residential first mortgage	3,989			3,370			1,188,799			1,196,158
Residential junior mortgage	333			185			234,116			234,634
Retail & other	237			126			55,631			55,994
Total loans	$	5,787		$	28,419		$	6,592,378		$	6,626,584
Percent of total loans	0.1		%	0.4		%	99.5		%	100.0		%

The following table presents nonaccrual loans by portfolio segment.


	September 30, 2025					December 31, 2024
(in thousands)	Nonaccrual Loans			% of Total		Nonaccrual Loans			% of Total
Commercial & industrial	$	7,237		26	%	$	8,534		30	%
Owner-occupied CRE	6,322			23		4,547			16
Agricultural	11,259			41		9,969			35
CRE investment	508			2		1,688			6
Construction & land development	—			—		—			—
Residential construction	—			—		—			—
Residential first mortgage	1,736			6		3,370			12
Residential junior mortgage	259			1		185			1
Retail & other	142			1		126			—
Nonaccrual loans	$	27,463		100	%	$	28,419		100	%
Percent of total loans	0.4		%			0.4		%

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, 2025	Amortized Cost Basis by Origination Year
(in thousands)	2025		2024		2023		2022		2021		Prior		Revolving		Revolving to Term		TOTAL
Commercial & industrial
Grades 1-4	$	222,735	$	166,506	$	119,358	$	115,226	$	87,223	$	84,453	$	463,912	$	—	$	1,259,413
Grade 5	2,711		2,554		7,673		12,014		3,555		5,814		48,048		—		82,369
Grade 6	16,118		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 5	1,296		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 5	9,210		3,959		3,556		10,023		3,293		19,523		23,413		—		72,977
Grade 6	1,448		—		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 5	455		903		1,361		1,525		1,427		2,107		—		—		7,778
Grade 6	53		—		—		—		—		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.


December 31, 2024	Amortized Cost Basis by Origination Year
(in thousands)	2024		2023		2022		2021		2020		Prior		Revolving		Revolving to Term		TOTAL
Commercial & industrial
Grades 1-4	$	225,888	$	156,368	$	173,824	$	123,601	$	41,811	$	84,687	$	398,708	$	—	$	1,204,887
Grade 5	2,326		4,061		7,315		9,066		1,992		7,362		41,773		—		73,895
Grade 6	148		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 5	1,858		7,559		6,964		7,830		3,542		18,182		24		—		45,959
Grade 6	1,650		—		—		—		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 5	8,396		5,441		3,531		4,047		1,678		23,111		9,618		—		55,822
Grade 6	1,314		—		—		—		—		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 5	6,542		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 5	1,317		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 5	291		—		—		—		—		—		—		—		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 5	627		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 5	15		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)

NICOLET BANKSHARES INC 10-Q