Nicolet Bankshares (NIC) Q3 2026 earnings summary

Executive summary

• Q3 reported net income was $63.7 million and diluted EPS was $2.96; core/adjusted net income was $67.8 million and core/adjusted diluted EPS was $3.15.

• At September 30, assets were $15.065 billion, loans $10.882 billion and deposits $12.597 billion; year-over-year increases were 66.8%, 58.3% and 65.5%, respectively.

• The February 13 MidWestOne acquisition added $6.1 billion of assets, $4.4 billion of loans and $5.3 billion of deposits; 2026 results include partial-period contributions.

Financial highlights

• Q3 net interest income was $142.2 million, up 0.5% QoQ and 79.4% YoY; net interest margin was 4.19%, up 5 bps QoQ and 33 bps YoY.

• Noninterest income was $32.2 million, down 11.2% QoQ and up 36.3% YoY; noninterest expense was $91.3 million, including $4.6 million of merger-related expense.

• Q3 net income was $63.7 million versus $41.7 million in Q3 2025; diluted EPS was $2.96 versus $2.73, and core diluted EPS was $3.15 versus $2.99 in Q2.

• 9M net income was $135.8 million versus $110.4 million; core net income was $184.4 million versus $109.8 million. 9M net interest income was $393.3 million, up 74% YoY.

• 9M noninterest income was $93.8 million, up 50% YoY; noninterest expense was $304.9 million, up 106%, largely reflecting MidWestOne. Merger-related expense was $52.7 million.

Outlook and guidance

• Management expected a cleaner Q4, with focus on customer relationship growth and disciplined credit and expenses; continued non-core items could affect Q4 results.

• One-year static-balance-sheet simulations showed NII changes of -2.2% and -4.5% under +100 bps and +200 bps scenarios, and +2.3% and +4.6% under -100 bps and -200 bps scenarios.

• Available liquidity funding was $5.457 billion at September 30; liquidity was assessed as adequate for projected cash flow obligations.

• 2026 capital priorities included organic loan growth, share repurchases and cash dividends; future bank M&A was considered unlikely until 2027 or later.