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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 June 30, 2026

☐ 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 July 30, 2026 there were 20,957,513 shares of $0.01 par value common stock outstanding.

Nicolet Bankshares, Inc.

Quarterly Report on Form 10-Q

June 30, 2026

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	31

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	49

	Item 4.	Controls and Procedures	50

PART II	OTHER INFORMATION





	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	50





	Item 5.	Other Information	50

	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)


	June 30, 2026		December 31, 2025
	(Unaudited)		(Audited)
Assets
Cash and due from banks	$	153,492	$	107,956
Interest-earning deposits	311,756		552,276

Cash and cash equivalents	465,248		660,232

Securities available for sale (“AFS”), at fair value	2,006,963		859,834

Other investments	116,575		63,247
Loans held for sale	19,388		13,620
Other assets held for sale	411,348		—
Loans	10,848,164		6,836,345
Allowance for credit losses - loans (“ACL-Loans”)	(133,584)		(68,806)
Loans, net	10,714,580		6,767,539
Premises and equipment, net	189,197		120,462
Bank owned life insurance (“BOLI”)	296,095		192,498
Goodwill and other intangibles, net	961,687		382,400
Accrued interest receivable and other assets	233,538		125,275
Total assets	$	15,414,619	$	9,185,107

Liabilities and Stockholders’ Equity
Liabilities:
Noninterest-bearing demand deposits	$	2,717,610	$	1,828,928
Interest-bearing deposits	9,805,726		5,901,843
Total deposits	12,523,336		7,730,771

Long-term borrowings	92,750		134,860
Other liabilities held for sale	388,060		—
Accrued interest payable and other liabilities	138,999		61,814
Total liabilities	13,143,145		7,927,445

Stockholders’ Equity:
Common stock	211		148
Additional paid-in capital	1,552,947		583,257
Retained earnings	755,311		697,799
Accumulated other comprehensive income (loss)	(36,995)		(23,542)
Total stockholders’ equity	2,271,474		1,257,662
Total liabilities and stockholders’ equity	$	15,414,619	$	9,185,107

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)	60,000,000		30,000,000
Common shares outstanding	21,060,762		14,811,445
Common shares issued	21,228,645		14,930,213

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Interest income:
Loans, including loan fees	$	174,705	$	105,976	$	314,489	$	206,642
Investment securities:
Taxable	19,305		6,027		31,260		11,587
Tax-exempt	1,692		1,017		3,050		2,066
Other interest income	5,202		4,618		10,317		10,084
Total interest income	200,904		117,638		359,116		230,379
Interest expense:
Deposits	57,321		40,472		103,977		79,937

Long-term borrowings	2,112		2,057		4,109		4,127
Total interest expense	59,433		42,529		108,086		84,064
Net interest income	141,471		75,109		251,030		146,315
Provision for credit losses	1,500		1,050		7,550		2,550
Net interest income after provision for credit losses	139,971		74,059		243,480		143,765
Noninterest income:
Wealth management fee income	11,738		6,811		22,393		13,786
Mortgage income, net	3,624		2,907		7,163		4,833
Service charges on deposit accounts	4,139		1,962		7,288		3,987
Card interchange income	6,332		3,699		10,560		7,036
BOLI income	2,305		1,429		4,187		2,849
Deferred compensation plan asset market valuations	1,947		1,437		1,670		1,482
LSR income, net	778		950		1,489		2,007
Asset gains (losses), net	2,364		(199)		1,497		(553)
Other noninterest income	3,052		1,637		5,326		3,429
Total noninterest income	36,279		20,633		61,573		38,856
Noninterest expense:
Personnel	50,612		29,114		88,771		55,635
Occupancy, equipment and office	16,398		9,104		28,773		18,434
Business development and marketing	3,184		1,593		5,521		3,693
Data processing	7,758		4,682		13,943		9,207
Intangibles amortization	6,156		1,481		10,252		3,033
FDIC assessments	1,801		1,029		3,076		1,969
Merger-related expense	7,403		—		48,089		—
Other noninterest expense	10,452		2,916		15,134		5,735
Total noninterest expense	103,764		49,919		213,559		97,706
Income before income tax expense	72,486		44,773		91,494		84,915
Income tax expense	15,585		8,738		19,397		16,288
Net income	$	56,901	$	36,035	$	72,097	$	68,627
Earnings per common share:
Basic	$	2.68	$	2.40	$	3.65	$	4.53
Diluted	$	2.62	$	2.34	$	3.56	$	4.42
Weighted average common shares outstanding:
Basic	21,207,876		15,029,137		19,727,911		15,142,129
Diluted	21,728,914		15,431,127		20,246,022		15,538,082

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income	$	56,901	$	36,035	$	72,097	$	68,627
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on securities AFS:
Net unrealized holding gains (losses)	3,047		5,698		(16,866)		14,911
Net realized (gains) losses included in income	34		(1)		36		(4)

Income tax (expense) benefit	(649)		(1,324)		3,377		(3,258)
Total other comprehensive income (loss)	2,432		4,373		(13,453)		11,649
Comprehensive income (loss)	$	59,333	$	40,408	$	58,644	$	80,276

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 March 31, 2026	$	213	$	1,589,992	$	706,099	$	(39,427)	$	2,256,877
Comprehensive income:
Net income, three months ended June 30, 2026	—		—		56,901		—		56,901
Other comprehensive income (loss)	—		—		—		2,432		2,432

Stock-based compensation expense	—		3,525		—		—		3,525
Cash dividends on common stock, $0.36 per share	—		—		(7,689)		—		(7,689)
Issuance of stock in stock-based compensation plans	1		475		—		—		476
Purchase of stock in stock-based compensation plans	—		(836)		—		—		(836)
Issuance of common stock	—		30		—		—		30
Purchase and retirement of common stock	(3)		(40,239)		—		—		(40,242)

Balances at June 30, 2026	$	211	$	1,552,947	$	755,311	$	(36,995)	$	2,271,474
Balances at March 31, 2025	$	152	$	630,340	$	594,068	$	(41,292)	$	1,183,268
Comprehensive income:
Net income, three months ended June 30, 2025	—		—		36,035		—		36,035
Other comprehensive income (loss)	—		—		—		4,373		4,373

Stock-based compensation expense	—		2,123		—		—		2,123
Cash dividends on common stock, $0.32 per share	—		—		(4,860)		—		(4,860)
Issuance of stock in stock-based compensation plans	—		2,553		—		—		2,553
Purchase of stock in stock-based compensation plans	—		(3,424)		—		—		(3,424)
Issuance of common stock	—		19		—		—		19
Purchase and retirement of common stock	(3)		(29,986)		—		—		(29,989)

Balances at June 30, 2025	$	149	$	601,625	$	625,243	$	(36,919)	$	1,190,098
Balances at December 31, 2025	$	148	$	583,257	$	697,799	$	(23,542)	$	1,257,662
Comprehensive income:
Net income, six months ended June 30, 2026	—		—		72,097		—		72,097
Other comprehensive income (loss)	—		—		—		(13,453)		(13,453)
Issuance of common stock in acquisition	66		1,030,223		—		—		1,030,289
Stock-based compensation expense	—		10,329		—		—		10,329
Cash dividends on common stock, $0.68 per share	—		—		(14,585)		—		(14,585)
Issuance of stock in stock-based compensation plans	2		3,530		—		—		3,532
Purchase of stock in stock-based compensation plans	(1)		(11,813)		—		—		(11,814)
Issuance of common stock	—		60		—		—		60
Purchase and retirement of common stock	(4)		(62,639)		—		—		(62,643)

Balances at June 30, 2026	$	211	$	1,552,947	$	755,311	$	(36,995)	$	2,271,474
Balances at December 31, 2024	$	154	$	655,540	$	565,772	$	(48,568)	$	1,172,898
Comprehensive income:
Net income, six months ended June 30, 2025	—		—		68,627		—		68,627
Other comprehensive income (loss)	—		—		—		11,649		11,649

Stock-based compensation expense	—		3,587		—		—		3,587
Cash dividends on common stock, $0.60 per share	—		—		(9,156)		—		(9,156)
Issuance of stock in stock-based compensation plans	—		5,846		—		—		5,846
Purchase of stock in stock-based compensation plans	—		(7,373)		—		—		(7,373)
Issuance of common stock	—		56		—		—		56
Purchase and retirement of common stock	(5)		(56,031)		—		—		(56,036)


Balances at June 30, 2025	$	149	$	601,625	$	625,243	$	(36,919)	$	1,190,098

See accompanying notes to unaudited consolidated financial statements.

ITEM 1. Financial Statements Continued:

NICOLET BANKSHARES, INC.

Consolidated Statements of Cash Flows (Unaudited)


(In thousands)	Six Months Ended June 30,
	2026		2025
Cash Flows From Operating Activities:
Net income	$	72,097	$	68,627
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, amortization, and accretion	3,203		7,385
Provision for credit losses	7,550		2,550
Increase in cash surrender value of life insurance	(4,196)		(2,849)
Stock-based compensation expense	10,329		3,587
Asset (gains) losses, net	(1,497)		553
Gain on sale of loans held for sale, net	(5,657)		(3,482)
Proceeds from sale of loans held for sale	200,647		106,410
Origination of loans held for sale	(201,853)		(106,465)
Loss on early extinguishment of debt	5,377		—
Net change in accrued interest receivable and other assets	21,668		(1,744)
Net change in accrued interest payable and other liabilities	2,019		6,122
Net cash provided by (used in) operating activities	109,687		80,694
Cash Flows From Investing Activities:
Net (increase) decrease in loans	(15,857)		(210,716)
Purchases of securities AFS	(471,997)		(68,718)

Proceeds from sales of securities AFS	282,219		1,250

Proceeds from calls and maturities of securities AFS	140,799		38,761

Purchases of other investments	(40,276)		(2,239)
Proceeds from sales of other investments	5,217		4,448


Net (increase) decrease in premises and equipment	(5,332)		(1,007)
Net (increase) decrease in other real estate and other assets	3,038		192

Net cash (paid) received in business combination	165,640		—
Net cash provided by (used in) investing activities	63,451		(238,029)
Cash Flows From Financing Activities:
Net increase (decrease) in deposits	(141,566)		137,989


Repayments of long-term borrowings	(141,106)		(27,400)
Purchase and retirement of common stock	(62,643)		(56,036)
Cash dividends paid on common stock	(14,585)		(9,156)

Proceeds from issuance of common stock	60		56
Proceeds from issuance of common stock in stock-based compensation plans	3,532		5,846
Purchases of common stock in stock-based compensation plans	(11,814)		(7,373)

Net cash provided by (used in) financing activities	(368,122)		43,926
Net increase (decrease) in cash and cash equivalents	(194,984)		(113,409)
Cash and cash equivalents:
Beginning	660,232		536,047
Ending *	$	465,248	$	422,638
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	110,134	$	83,038
Cash paid for taxes	17,325		16,500

Transfer of loans and bank premises to other real estate owned	760		395
Capitalized mortgage servicing rights	2,457		1,219
Acquisitions:
Fair value of assets acquired	$	6,048,000	$	—
Fair value of liabilities assumed	5,484,000		—
Net assets acquired	564,000		—

* Cash and cash equivalents included $10 million and $0.3 million of restricted cash at June 30, 2026 and June 30, 2025, respectively.

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, 2025.

Segment Information

The Company has determined that its current community bank operating model is structured whereby all banking locations serve a similar base of primarily commercial customers utilizing a company-wide offering of similar products and services managed through similar processes and technology platforms that are collectively reviewed by the Company’s Chief Executive Officer, who has been designated as the chief operating decision maker (“CODM”). The CODM regularly assesses performance of the aggregated single banking segment in determining how to allocate resources.

The banking segment derives revenue from customers by providing a broad array of loan and deposit products to businesses, consumers and government municipalities. The CODM assesses performance of the banking segment and decides how to allocate resources based on net income as reported in the Company’s consolidated statements of income. The measure of segment assets is based on total assets as reported on the consolidated balance sheets. For the periods presented, there were no adjustments or reconciling items between the banking segment net income and consolidated net income as presented in the consolidated statements of income, and there were no adjustments or reconciling items between the banking segment total assets and total assets as presented on the consolidated balance sheets.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect: the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information available to management at the time the estimates are made. Actual results could differ from those estimates.

Significant Accounting Policies Update

All significant accounting policies followed in the preparation of the quarterly financial statements are disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. There have been no changes to these accounting policies during 2026 except as it relates to the accounting for the ACL-loans. During first quarter 2026, the Company transitioned from using a historical loss rate method to a discounted cash flow (“DCF”) method for estimating expected credit losses on segmented loan pools that exhibit similar risk characteristics. There was no change to the ACL methodology as it relates to PCD and other credit-deteriorated loans, which continue to be individually evaluated with a specific reserve established for the aggregate collateral or DCF shortfall.

Under the DCF method, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, probability of default, and loss given default. The modeling of expected prepayment speeds and curtailment rates are based on historical internal data. The Company uses regression analysis of historical internal and peer data to determine which variables are best suited to be economic variables utilized when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the economic variables, which may include the U.S. unemployment, national retail sales, CRE index, and U.S. gross domestic product.

Under the DCF method, management has determined that four quarters represents a reasonable and supportable forecast period and then reverts back to the long-run average of each considered economic factor over a four quarter period. Management leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the four quarter forecast period. Other internal and external indicators of economic forecasts are also considered by management when developing the forecast metrics.

The combination of adjustments for credit expectations (default and loss) and timing expectations (prepayment and curtailment) produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument level net present value of expected cash flows (“NPV”). An ACL is established for the difference between the instrument’s NPV and amortized cost basis. In addition, management utilizes qualitative factors to adjust the calculated ACL as appropriate. Qualitative factors are based on management’s judgment of company, market, industry, or business specific data, changes in underlying loan composition of specific portfolios, changes in collateral values, and trends relating to credit quality, delinquency, nonaccrual, or adversely rated loans. The transition to the DCF methodology for pooled loan segments did not have a significant impact to the recorded ACL.

Recent Accounting Pronouncements Adopted

In November 2025, the FASB issued ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans. This ASU expands the scope of the “gross up” method, formerly applicable only to PCD loans, to include non-PCD loans that meet certain criteria, now referred to as “purchased seasoned loans” (“PSLs”). Under this model, an allowance for expected credit losses is recognized at acquisition, offsetting the loan’s amortized cost basis, thereby eliminating the day one credit loss expense previously required for non-PCD loans. PSLs are defined as non-PCD loans acquired (1) through a business combination, or (2) purchased more than 90 days after origination when the acquirer was not involved in the origination. The updated guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company early adopted this standard for the acquisition completed in first quarter 2026, as discussed in Note 2.

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 in the guidance for 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.

Reclassifications

Certain amounts in the 2025 consolidated financial statements have been reclassified to conform to the 2026 presentation. During first quarter 2026, Nicolet reclassified fully reciprocated deposit balances with ICS from brokered deposits to core deposits to be more consistent with the presentation typically used by peer banks. The ICS reciprocal deposits are part of the IntraFi Network Deposits program, which is used by financial institutions to distribute deposits that exceed FDIC insurance coverage limits to numerous institutions in order to provide insurance coverage for all participating deposits. Prior periods have been restated to reflect this change. There was no change to total deposits or the deposit categories.

Note 2 – Acquisitions and Divestitures

MidWestOne Financial Group, Inc. (“MidWestOne”) Acquisition: On February 13, 2026, Nicolet completed its acquisition of MidWestOne. MidWestOne stockholders received 0.3175 shares of Nicolet common stock for each share of MidWestOne common stock owned, resulting in the issuance of approximately 6.6 million shares of Nicolet common stock valued at $1.0 billion (based upon the closing stock price of Nicolet’s common stock on February 13, 2026, of $155.19 per share). With the MidWestOne acquisition, Nicolet is one of the largest community banks in the Upper Midwest.

A summary of the assets acquired and liabilities assumed in the MidWestOne transaction, as of the acquisition date, including the purchase price allocation, was as follows.


(In millions, except share data)	Acquired from MidWestOne		Fair Value Adjustments		Estimated Fair Value
Assets Acquired:
Cash and cash equivalents	$	166	$	—	$	166
Investment securities	1,117		(2)		1,115
Loans	4,462		(75)		4,387
ACL-Loans	(51)		(13)		(64)
Premises and equipment	87		(11)		76
BOLI	100		—		100
Goodwill	70		(70)		—
Other intangibles	20		103		123
Other assets	132		13		145
Total assets	$	6,103	$	(55)	$	6,048
Liabilities Assumed:
Deposits	$	5,323	$	(2)	$	5,321
Borrowings	91		2		93
Other liabilities	74		(4)		70
Total liabilities	$	5,488	$	(4)	$	5,484
Net assets acquired					$	564
Purchase Price:
Nicolet common stock issued (in shares)					6,641,428
Value of Nicolet common stock consideration					$	1,031


Goodwill					$	467

The Company purchased loans through the acquisition of MidWestOne for which there was, at the date of acquisition, more than insignificant deterioration of credit quality since origination (purchased credit deteriorated loans or “PCD” loans). The carrying amount of these loans at acquisition was as follows.


(In thousands)	February 13, 2026
Purchase price of PCD loans at acquisition	$	233,690
Credit and interest rate mark on PCD loans at acquisition	19,787
Par value of PCD acquired loans at acquisition	$	253,477

The Company accounted for the MidWestOne acquisition under the acquisition method of accounting, and thus, the financial position and results of operations of MidWestOne prior to the consummation date were not included in the accompanying consolidated financial statements. The accounting required assets purchased and liabilities assumed to be recorded at their respective estimated fair values at the date of acquisition, which was determined with the assistance of third party valuations, appraisals, and third party advisors. Initial purchase accounting estimates were recorded during first quarter 2026; however, purchase accounting fair value estimates are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Goodwill arising as a result of the MidWestOne acquisition is not deductible for tax purposes.

Summary Unaudited Pro Forma Information: The following unaudited pro forma information is presented for illustrative purposes only, and gives effect to the acquisition of MidWestOne as if the acquisition had occurred on January 1, 2025, the beginning of the earliest period presented. The pro forma information should not be relied upon as being indicative of the historical results of operation the companies would have had if the acquisition had occurred before such periods or the future results of operations that the companies will experience as a result of the merger. The pro forma information, although it illustrates the financial characteristics of the combined company under one set of assumptions, does not reflect assumptions regarding expected cost savings, opportunities to earn additional revenue, or other factors that may result as a consequence of the merger and, accordingly, does not attempt to predict or suggest future results.


	Six Months Ended		Year Ended
(In thousands, except per share data)	June 30, 2026		December 31, 2025
Total revenue, net of interest expense	$	349,083	$	661,267
Net income	$	129,166	$	158,011
Diluted earnings per common share	$	6.06	$	7.19

Denver Branches Divestiture: On April 21, 2026, Nicolet entered into a definitive purchase and assumption agreement to sell its Denver, Colorado banking branches (acquired in the MidWestOne transaction) to Sunwest Bank. This was an all-cash transaction that closed on July 28, 2026. As of June 30, 2026, the Denver locations had total loans of approximately $402 million and deposits of approximately $388 million, which have been reflected as other assets held for sale and other liabilities held for sale on the consolidated balance sheets based on the estimated sale proceeds.

Note 3 – 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 June 30,				Six Months Ended June 30,
(In thousands, except per share data)	2026		2025		2026		2025
Net income	$	56,901	$	36,035	$	72,097	$	68,627
Weighted average common shares outstanding	21,208		15,029		19,728		15,142
Effect of dilutive common stock awards	521		402		518		396
Diluted weighted average common shares outstanding	21,729		15,431		20,246		15,538
Basic earnings per common share*	$	2.68	$	2.40	$	3.65	$	4.53
Diluted earnings per common share*	$	2.62	$	2.34	$	3.56	$	4.42

*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 six months ended June 30, 2026 and June 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.

Note 4 – Stock-Based Compensation

The Company may grant stock options and restricted stock under its stock-based compensation plan to certain officers, employees, and directors. The plan is administered by a committee of the Board of Directors, and at June 30, 2026, approximately 0.3 million shares were available for grant under this plan. Stock options generally will expire ten years after the date of grant, have an exercise price equal to the Company’s closing stock price on the date of grant, and will become exercisable based upon vesting terms provided for in the grant. Restricted stock grants include time-based restricted stock awards and performance-based restricted stock units, are generally issued at the Company’s closing stock price on the date of grant, and the restrictions lapse based upon the vesting terms provided for in the grant and are contingent upon continued employment.

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, 2025	979,334	$	71.35
Granted	—	—
Exercise of stock options *	(61,605)	57.32
Forfeited	—	—
Outstanding - June 30, 2026	917,729	$	72.29	4.4	$	85,443
Exercisable - June 30, 2026	800,944	$	71.46	4.0	$	75,235

* 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 six months ended June 30, 2026, 35,651 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 six months ended June 30, 2026 and 2025 was approximately $5.8 million and $7.1 million, respectively.

The Company’s restricted stock awards and restricted stock units activity is summarized below.


	Time-Based Restricted Stock Awards		Performance-Based Restricted Stock Units		Total Restricted Stock
Restricted Shares Outstanding
Outstanding December 31, 2025	118,768		30,000		148,768
Granted	59,229		91,000		150,229
Vested *	(9,919)		(30,328)		(40,247)
Forfeited	(195)		—		(195)
Outstanding June 30, 2026	167,883		90,672		258,555
Weighted Average Grant Date Fair Value
Outstanding December 31, 2025	$	110.74	$	137.68	$	116.17
Granted	138.19		132.74		134.89
Vested *	111.94		132.74		127.61
Forfeited	126.76		—		126.76
Outstanding June 30, 2026	$	120.34	$	134.37	$	125.26

* 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 12,609 shares were surrendered for the six months ended June 30, 2026.

The Company recognized approximately $9.7 million and $2.9 million of stock-based compensation expense (included in personnel and merger-related expense on the consolidated statements of income) for the six months ended June 30, 2026 and 2025, respectively, associated with its common stock awards granted to officers and employees. In addition, for the six months ended June 30, 2026, 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 4,719 shares with immediate vesting to directors, while for the six months ended June 30, 2025, the Company recognized $0.7 million of director expense for restricted stock grants totaling 5,656 shares with immediate vesting to directors, in each case representing the annual stock retainer fee paid to external board members. As of June 30, 2026, there was approximately $33.8 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 $1.4 million and $1.3 million for the six months ended June 30, 2026 and 2025, respectively, for the tax impact of stock option exercises and vesting of restricted stock.

Note 5 – 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.


	June 30, 2026
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Securities AFS:
U.S. Treasury securities	$	288,288	$	492	$	4,078	$	284,702
U.S. government agency securities	27,121		—		344		26,777
State, county and municipals	367,314		471		17,559		350,226
Mortgage-backed securities	1,247,459		2,008		32,941		1,216,526
Corporate debt securities	127,865		2,231		1,364		128,732
Total securities AFS	$	2,058,047	$	5,202	$	56,286	$	2,006,963


	December 31, 2025
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Securities AFS:
U.S. Treasury securities	$	25,056	$	2	$	1,004	$	24,054
U.S. government agency securities	4,189		4		21		4,172
State, county and municipals	289,826		323		15,325		274,824
Mortgage-backed securities	513,715		3,898		20,832		496,781
Corporate debt securities	61,302		226		1,525		60,003
Total securities AFS	$	894,088	$	4,453	$	38,707	$	859,834

Proceeds and realized gains or losses from the sale of AFS securities were as follows.


	Six Months Ended June 30,
(in thousands)	2026		2025
Securities AFS:
Gross gains	$	20	$	4
Gross losses	(56)		—
Gains (losses) on sales of securities AFS, net	$	(36)	$	4
Proceeds from sales of securities AFS *	$	282,219	$	1,250

* Includes proceeds of $220 million recognized on the sale of securities AFS upon acquisition of MidWestOne in 2026 for which no gain or loss was recognized in the income statement as the investment securities were marked to fair value through purchase accounting.

The majority of the mortgage-backed securities included in the securities portfolio were issued by U.S. government agencies and corporations. Investment securities with a carrying value of $511 million and $497 million, as of June 30, 2026 and December 31, 2025, 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 $9 million and $5 million at June 30, 2026 and December 31, 2025, respectively, 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.


	June 30, 2026
	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	$	235,186	$	3,017	$	14,446	$	1,061	$	249,632	$	4,078	14
U.S. government agency securities	24,520		327		2,220		17		26,740		344		11
State, county and municipals	108,977		2,710		204,041		14,849		313,018		17,559		427
Mortgage-backed securities	745,011		11,628		209,249		21,313		954,260		32,941		490
Corporate debt securities	42,508		467		20,653		897		63,161		1,364		43
Total	$	1,156,202	$	18,149	$	450,609	$	38,137	$	1,606,811	$	56,286	985


	December 31, 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	$	—	$	—	$	14,598	$	1,004	$	14,598	$	1,004	1
U.S. government agency securities	411		—		2,825		21		3,236		21		8
State, county and municipals	7,002		38		229,648		15,287		236,650		15,325		388
Mortgage-backed securities	31,213		145		232,400		20,687		263,613		20,832		376
Corporate debt securities	2,332		20		40,093		1,505		42,425		1,525		30
Total	$	40,958	$	203	$	519,564	$	38,504	$	560,522	$	38,707	803

As of June 30, 2026 and December 31, 2025, 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 June 30, 2026	Securities AFS
(in thousands)	Amortized Cost		Fair Value
Due in less than one year	$	65,181	$	64,748
Due in one year through five years	419,642		409,227
Due after five years through ten years	257,447		251,570
Due after ten years	68,318		64,892
	810,588		790,437
Mortgage-backed securities	1,247,459		1,216,526
Total investment securities	$	2,058,047	$	2,006,963

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.


(in thousands)	June 30, 2026		December 31, 2025
Federal Reserve Bank stock	$	67,009	$	33,541
Federal Home Loan Bank (“FHLB”) stock	13,359		7,735
Equity securities with readily determinable fair values	12,763		9,505
Other investments	23,444		12,466
Total other investments	$	116,575	$	63,247

Note 6 – Loans, Allowance for Credit Losses - Loans, and Credit Quality

The loan composition is summarized as follows.


	June 30, 2026					December 31, 2025
(in thousands)	Amount			% of Total		Amount			% of Total
Commercial & industrial	$	2,350,769		22	%	$	1,367,522		20	%
Owner-occupied commercial real estate (“CRE”)	1,543,772			14		939,587			14
Agricultural	1,765,864			16		1,415,425			21
CRE investment	2,329,696			22		1,188,351			17
Construction & land development	571,280			5		326,638			5
Residential construction	139,823			1		95,268			1
Residential first mortgage	1,584,362			15		1,193,683			17
Residential junior mortgage	474,964			4		268,188			4
Retail & other	87,634			1		41,683			1
Loans	10,848,164			100	%	6,836,345			100	%
Less allowance for credit losses - Loans (“ACL-Loans”)	133,584					68,806
Loans, net	$	10,714,580				$	6,767,539
Allowance for credit losses - Loans to loans	1.23		%			1.01		%

Accrued interest on loans totaled $43 million and $21 million at June 30, 2026 and December 31, 2025, 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				Six Months Ended				Year Ended
(in thousands)	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025		December 31, 2025
Beginning balance	$	133,435	$	67,480	$	68,806	$	66,322	$	66,322
ACL on acquired PCD loans	—		—		19,735		—		—
ACL on acquired PSL loans	—		—		44,377		—		—
Provision for credit losses - loans	800		1,300		2,150		2,800		4,300
Charge-offs	(714)		(568)		(1,586)		(956)		(2,263)
Recoveries	63		196		102		242		447
Net (charge-offs) recoveries	(651)		(372)		(1,484)		(714)		(1,816)
Ending balance	$	133,584	$	68,408	$	133,584	$	68,408	$	68,806

The following tables present the balance and activity in the ACL-Loans by portfolio segment.


	Six Months Ended June 30, 2026
(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	$	16,905		$	5,289		$	9,434		$	15,038		$	3,611		$	1,250		$	13,310		$	3,351		$	618		$	68,806
ACL on PCD loans	8,174			2,168			518			5,300			2,638			—			204			49			684			19,735
ACL on PSL loans	21,262			4,254			1,739			7,758			3,192			718			3,920			1,223			311			44,377
Provision	(10,027)			4,787			(563)			1,670			1,761			(1,147)			248			4,215			1,206			2,150
Charge-offs	(804)			(23)			—			—			—			—			(33)			(42)			(684)			(1,586)
Recoveries	38			—			5			—			—			—			1			4			54			102
Net (charge-offs) recoveries	(766)			(23)			5			—			—			—			(32)			(38)			(630)			(1,484)
Ending balance	$	35,548		$	16,475		$	11,133		$	29,766		$	11,202		$	821		$	17,650		$	8,800		$	2,189		$	133,584
As % of ACL-Loans	27		%	12		%	8		%	22		%	8		%	1		%	13		%	7		%	2		%	100		%


	Year Ended December 31, 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	2,154			(79)			(458)			422			953			16			817			522			(47)			4,300
Charge-offs	(1,577)			(189)			(65)			—			—			—			(98)			(2)			(332)			(2,263)
Recoveries	181			195			—			—			—			—			1			4			66			447
Net (charge-offs) recoveries	(1,396)			6			(65)			—			—			—			(97)			2			(266)			(1,816)
Ending balance	$	16,905		$	5,289		$	9,434		$	15,038		$	3,611		$	1,250		$	13,310		$	3,351		$	618		$	68,806
As % of ACL-Loans	24		%	8		%	14		%	22		%	5		%	2		%	19		%	5		%	1		%	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 evaluates 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 $500,000, 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. Next, management uses a DCF model to estimate expected credit losses on segmented loan pools that exhibit similar risk characteristics. The DCF model calculates an expected loss percentage for each loan category by considering probability of default, using life-of-loan analysis periods for all loan segments, and the historical severity of loss, based on the aggregate net lifetime losses incurred per loan category. For each

of these loan pools, the Company generates cash flow projections at the instrument level adjusting payment expectations for estimated prepayment speed, curtailments, probability of default, and loss given default. Lastly, additional qualitative adjustments are applied for risk factors that are not considered in the modeling process but are relevant in assessing the expected credit losses within the loan pools. Management utilizes a qualitative factor framework to provide a qualitative estimate of the expected credit losses inherent in the loan portfolio in relation to potential limitations of the quantitative model.

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 $8.4 million and $3.0 million at June 30, 2026 and December 31, 2025, 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 5 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				Six Months Ended				Year Ended
(in thousands)	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025		December 31, 2025
Provision for credit losses on:
Loans	$	800	$	1,300	$	2,150	$	2,800	$	4,300
Unfunded commitments	700		(250)		5,400		(250)		(50)

Total	$	1,500	$	1,050	$	7,550	$	2,550	$	4,250

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 less 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.


June 30, 2026	Collateral Type
(in thousands)	Real Estate		Other Business Assets		Total		Without an Allowance		With an Allowance		Allowance Allocation
Commercial & industrial	$	—	$	14,537	$	14,537	$	8,407	$	6,130	$	4,210
Owner-occupied CRE	19,759		—		19,759		16,531		3,228		425
Agricultural	5,919		2,892		8,811		8,811		—		—
CRE investment	9,136		—		9,136		1,667		7,469		661
Construction & land development	—		—		—		—		—		—
Residential construction	—		—		—		—		—		—
Residential first mortgage	2,376		—		2,376		2,287		89		6
Residential junior mortgage	278		—		278		—		278		4
Retail & other	—		—		—		—		—		—
Total loans	$	37,468	$	17,429	$	54,897	$	37,703	$	17,194	$	5,306


December 31, 2025	Collateral Type
(in thousands)	Real Estate		Other Business Assets		Total		Without an Allowance		With an Allowance		Allowance Allocation
Commercial & industrial	$	—	$	9,111	$	9,111	$	5,986	$	3,125	$	322
Owner-occupied CRE	5,755		—		5,755		5,755		—		—
Agricultural	6,784		3,589		10,373		10,373		—		—
CRE investment	497		—		497		497		—		—
Construction & land development	—		—		—		—		—		—
Residential construction	—		—		—		—		—		—
Residential first mortgage	1,847		—		1,847		1,486		361		1
Residential junior mortgage	166		—		166		166		—		—
Retail & other	—		—		—		—		—		—
Total loans	$	15,049	$	12,700	$	27,749	$	24,263	$	3,486	$	323

Past Due and Nonaccrual Loans:

The following tables present past due loans by portfolio segment.


	June 30, 2026
(in thousands)	30-89 Days Past Due (accruing)			90 Days & Over or nonaccrual			Current			Total
Commercial & industrial	$	722		$	18,409		$	2,331,638		$	2,350,769
Owner-occupied CRE	2,134			21,661			1,519,977			1,543,772
Agricultural	107			9,661			1,756,096			1,765,864
CRE investment	—			9,446			2,320,250			2,329,696
Construction & land development	5			100			571,175			571,280
Residential construction	557			—			139,266			139,823
Residential first mortgage	3,663			10,214			1,570,485			1,584,362
Residential junior mortgage	1,015			1,862			472,087			474,964
Retail & other	728			192			86,714			87,634
Total loans	$	8,931		$	71,545		$	10,767,688		$	10,848,164
Percent of total loans	0.1		%	0.7		%	99.2		%	100.0		%


	December 31, 2025
(in thousands)	30-89 Days Past Due (accruing)			90 Days & Over or nonaccrual			Current			Total
Commercial & industrial	$	541		$	10,314		$	1,356,667		$	1,367,522
Owner-occupied CRE	3,311			6,938			929,338			939,587
Agricultural	123			10,476			1,404,826			1,415,425
CRE investment	250			497			1,187,604			1,188,351
Construction & land development	29			—			326,609			326,638
Residential construction	601			—			94,667			95,268
Residential first mortgage	5,305			3,022			1,185,356			1,193,683
Residential junior mortgage	494			311			267,383			268,188
Retail & other	453			121			41,109			41,683
Total loans	$	11,107		$	31,679		$	6,793,559		$	6,836,345
Percent of total loans	0.1		%	0.5		%	99.4		%	100.0		%

The following table presents nonaccrual loans by portfolio segment.


	June 30, 2026					December 31, 2025
(in thousands)	Nonaccrual Loans			% of Total		Nonaccrual Loans			% of Total
Commercial & industrial	$	18,409		26	%	$	10,314		32	%
Owner-occupied CRE	21,661			30		6,938			22
Agricultural	9,661			14		10,476			33
CRE investment	9,446			13		497			2
Construction & land development	100			—		—			—
Residential construction	—			—		—			—
Residential first mortgage	10,214			14		3,022			10
Residential junior mortgage	1,862			3		311			1
Retail & other	192			—		121			—
Nonaccrual loans	$	71,545		100	%	$	31,679		100	%
Percent of total loans	0.7		%			0.5		%

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.


June 30, 2026	Amortized Cost Basis by Origination Year
(in thousands)	2026		2025		2024		2023		2022		Prior		Revolving		Revolving to Term		TOTAL
Commercial & industrial
Grades 1-4	$	238,582	$	448,744	$	171,621	$	155,496	$	173,209	$	273,263	$	660,336	$	—	$	2,121,251
Grade 5	6,300		10,281		6,695		14,850		10,944		17,310		56,582		—		122,962
Grade 6	—		13,799		2,626		1,547		2,755		4,519		4,900		—		30,146
Grade 7 *	1,395		1,710		9,013		6,404		18,302		13,588		25,998		—		76,410
Total	$	246,277	$	474,534	$	189,955	$	178,297	$	205,210	$	308,680	$	747,816	$	—	$	2,350,769
Current period gross charge-offs	$	—	$	(29)	$	(128)	$	(360)	$	(105)	$	(12)	$	(170)	$	—	$	(804)
Owner-occupied CRE
Grades 1-4	$	122,988	$	237,431	$	167,387	$	138,964	$	202,434	$	481,107	$	16,406	$	—	$	1,366,717
Grade 5	354		5,348		8,323		17,029		15,682		50,186		147		—		97,069
Grade 6	—		—		180		—		2,469		5,572		115		—		8,336
Grade 7 *	111		913		6,063		12,888		15,443		34,503		1,729		—		71,650
Total	$	123,453	$	243,692	$	181,953	$	168,881	$	236,028	$	571,368	$	18,397	$	—	$	1,543,772
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	(23)	$	—	$	—	$	(23)
Agricultural
Grades 1-4	$	83,935	$	230,580	$	182,083	$	125,319	$	248,322	$	350,702	$	372,520	$	—	$	1,593,461
Grade 5	13,489		9,900		4,851		6,761		19,304		23,089		49,234		—		126,628
Grade 6	577		139		1,310		101		493		2,984		2,945		—		8,549
Grade 7 *	638		4,572		1,229		2,101		1,769		19,385		7,532		—		37,226
Total	$	98,639	$	245,191	$	189,473	$	134,282	$	269,888	$	396,160	$	432,231	$	—	$	1,765,864
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
CRE investment
Grades 1-4	$	77,769	$	184,302	$	197,062	$	133,777	$	373,786	$	1,129,851	$	47,430	$	—	$	2,143,977
Grade 5	—		911		4,441		19,202		26,204		51,852		—		—		102,610
Grade 6	—		—		—		20,000		18,246		1,056		—		—		39,302
Grade 7 *	—		1,153		—		10,271		13,463		18,920		—		—		43,807
Total	$	77,769	$	186,366	$	201,503	$	183,250	$	431,699	$	1,201,679	$	47,430	$	—	$	2,329,696
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction & land development
Grades 1-4	$	43,384	$	214,382	$	117,061	$	44,556	$	26,257	$	42,487	$	3,258	$	—	$	491,385
Grade 5	—		12,675		826		4,395		44,456		1,011		56		—		63,419
Grade 6	—		—		—		—		162		—		—		—		162
Grade 7 *	—		—		—		831		15,483		—		—		—		16,314
Total	$	43,384	$	227,057	$	117,887	$	49,782	$	86,358	$	43,498	$	3,314	$	—	$	571,280
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Residential construction
Grades 1-4	$	27,731	$	76,626	$	8,673	$	2,960	$	4,523	$	1,992	$	10,292	$	—	$	132,797
Grade 5	401		163		—		6,462		—		—		—		—		7,026
Grade 6	—		—		—		—		—		—		—		—		—
Grade 7 *	—		—		—		—		—		—		—		—		—
Total	$	28,132	$	76,789	$	8,673	$	9,422	$	4,523	$	1,992	$	10,292	$	—	$	139,823
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Residential first mortgage
Grades 1-4	$	99,690	$	201,591	$	129,180	$	153,436	$	385,219	$	578,566	$	8,797	$	—	$	1,556,479
Grade 5	273		1,358		636		1,539		3,517		5,661		242		—		13,226
Grade 6	—		—		—		80		49		624		—		—		753
Grade 7 *	—		237		689		1,392		3,378		8,208		—		—		13,904
Total	$	99,963	$	203,186	$	130,505	$	156,447	$	392,163	$	593,059	$	9,039	$	—	$	1,584,362
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	(33)	$	—	$	—	$	(33)
Residential junior mortgage
Grades 1-4	$	3,203	$	15,191	$	10,846	$	14,646	$	17,876	$	28,002	$	378,864	$	3,262	$	471,890
Grade 5	—		—		9		—		449		342		—		—		800
Grade 6	—		—		—		187		—		—		—		—		187
Grade 7 *	—		133		—		446		867		319		322		—		2,087
Total	$	3,203	$	15,324	$	10,855	$	15,279	$	19,192	$	28,663	$	379,186	$	3,262	$	474,964
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	(42)	$	—	$	—	$	—	$	(42)
Retail & other
Grades 1-4	$	10,716	$	15,308	$	7,766	$	6,432	$	5,527	$	12,090	$	29,603	$	—	$	87,442
Grade 5	—		—		—		—		—		—		—		—		—
Grade 6	—		—		—		—		—		—		—		—		—
Grade 7 *	—		63		31		74		22		2		—		—		192
Total	$	10,716	$	15,371	$	7,797	$	6,506	$	5,549	$	12,092	$	29,603	$	—	$	87,634
Current period gross charge-offs	$	—	$	(13)	$	(7)	$	(99)	$	(6)	$	(129)	$	(430)	$	—	$	(684)
Total loans	$	731,536	$	1,687,510	$	1,038,601	$	902,146	$	1,650,610	$	3,157,191	$	1,677,308	$	3,262	$	10,848,164

* The total Grade 7 loans at June 30, 2026 included $25 million of loans covered by government loan program guarantees.


December 31, 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	$	297,093	$	144,896	$	92,466	$	84,058	$	80,057	$	77,686	$	424,640	$	—	$	1,200,896
Grade 5	4,152		6,622		14,051		12,515		3,471		6,448		53,059		—		100,318
Grade 6	13,593		896		1,497		2,677		826		—		13,285		—		32,774
Grade 7 *	805		2,580		3,612		4,170		4,901		4,817		12,649		—		33,534
Total	$	315,643	$	154,994	$	111,626	$	103,420	$	89,255	$	88,951	$	503,633	$	—	$	1,367,522
Current period gross charge-offs	$	(125)	$	(103)	$	(45)	$	(76)	$	(524)	$	(8)	$	(696)	$	—	$	(1,577)
Owner-occupied CRE
Grades 1-4	$	132,613	$	84,209	$	77,111	$	134,342	$	113,456	$	262,006	$	2,321	$	—	$	806,058
Grade 5	1,653		6,496		12,864		14,243		24,479		25,868		49		—		85,652
Grade 6	—		13,038		1,511		1,311		—		1,097		—		—		16,957
Grade 7 *	—		1,676		3,718		1,970		6,523		17,033		—		—		30,920
Total	$	134,266	$	105,419	$	95,204	$	151,866	$	144,458	$	306,004	$	2,370	$	—	$	939,587
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	(189)	$	—	$	—	$	(189)
Agricultural
Grades 1-4	$	178,383	$	178,254	$	122,462	$	233,078	$	109,828	$	184,017	$	290,983	$	—	$	1,297,005
Grade 5	9,136		2,956		4,910		10,910		7,110		16,267		26,604		—		77,893
Grade 6	1,197		—		595		137		—		5,997		1,632		—		9,558
Grade 7 *	937		381		1,278		3,926		6,982		12,412		5,053		—		30,969
Total	$	189,653	$	181,591	$	129,245	$	248,051	$	123,920	$	218,693	$	324,272	$	—	$	1,415,425
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	(65)	$	—	$	(65)
CRE investment
Grades 1-4	$	107,033	$	115,996	$	40,985	$	233,167	$	193,969	$	438,694	$	12,801	$	—	$	1,142,645
Grade 5	—		3,608		1,177		4,694		12,622		19,183		—		—		41,284
Grade 6	—		—		—		3,204		—		—		—		—		3,204
Grade 7 *	—		—		552		—		—		666		—		—		1,218
Total	$	107,033	$	119,604	$	42,714	$	241,065	$	206,591	$	458,543	$	12,801	$	—	$	1,188,351
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction & land development
Grades 1-4	$	90,203	$	125,309	$	26,359	$	25,189	$	42,103	$	11,642	$	2,205	$	—	$	323,010
Grade 5	—		375		39		1,943		215		830		—		—		3,402
Grade 6	—		—		—		166		—		—		—		—		166
Grade 7 *	—		—		—		60		—		—		—		—		60
Total	$	90,203	$	125,684	$	26,398	$	27,358	$	42,318	$	12,472	$	2,205	$	—	$	326,638
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Residential construction
Grades 1-4	$	77,376	$	12,131	$	872	$	2,917	$	1,572	$	400	$	—	$	—	$	95,268

NICOLET BANKSHARES INC 10-Q