Nicolet Bankshares (NIC) investor relations material

Executive summary

• Completed the acquisition of MidWestOne on February 13, 2026, adding $6.1 billion in assets, $4.4 billion in loans, and $5.3 billion in deposits, making the company one of the largest community banks in the Upper Midwest.

• Achieved significant growth in total assets, loans, and deposits in 1Q 2026, with assets reaching $15.6B, loans $11.3B, and deposits $13.0B, reflecting major expansion year-over-year.

• Net income for Q1 2026 was $15 million, down from $33 million in Q1 2025, primarily due to higher merger-related expenses and provision for credit losses.

• Core net income (non-GAAP) was $52 million for Q1 2026, up from $42 million in Q4 2025.

• Increased quarterly dividend by 13% to $0.36 per share and restarted share repurchase program.

Financial highlights

• Net interest income rose to $110 million in Q1 2026, up 54% year-over-year and 35% from Q4 2025, with net interest margin improving to 3.98%.

• Noninterest income increased 39% year-over-year to $25.3 million, led by wealth management and mortgage income.

• Noninterest expense surged to $110 million, up 130% year-over-year and $57 million sequentially, mainly due to $39 million in merger-related costs.

• Diluted EPS was $0.81 (GAAP), down 61.1% year-over-year; adjusted diluted EPS was $2.75, up 30.7%.

• Book value per share rose to $105.87 at 3/31/26; tangible book value per share was $60.47.

Outlook and guidance

• Management expects continued integration of MidWestOne, with core conversion scheduled for late summer 2026 and anticipated cost savings.

• Interest rate environment and economic conditions remain key variables for future performance.

• Sale of Denver branches expected to close in Q3 2026, pending regulatory approval.

• Next earnings release scheduled for July 21, 2026.