Nicolet Bankshares, Inc. Announces Another Record Quarter

Nicolet Bankshares, Inc. Announces Another Record Quarter October 23, 2025 Another record quarter with net income of $42 million for third quarter 2025, compared to net income of $36 million in prior quarter, and net income of $33 million for third quarter 2024 Quarterly net interest margin of 3.86%, an increase of 14 bps over the prior quarter Exceptional quarter-over-quarter core deposit growth of $223 million (13% annualized) Repurchased 155,393 common shares for $21 million during third quarter 2025 Nicolet Bankshares, Inc. (NYSE: NIC) (“Nicolet”) announced another record quarter with net income of $42 million for third quarter 2025 and earnings per diluted common share of $2.73, compared to net income of $36 million and earnings per diluted common share of $2.34 for second quarter 2025, and net income of $33 million and earnings per diluted common share of $2.10 for third quarter 2024. “I must admit, I got a bit nostalgic thinking about what I would say in this press release,” said Mike Daniels, Chairman, President, and CEO of Nicolet. “Nicolet’s 25th anniversary is November 1st, and I still vividly remember sitting in my basement discussing what Nicolet should look like with my co-founder. When we were younger, we learned that banking should be about relationships and mattering to your customers and communities. I think the smartest thing we did was to make Nicolet a reflection of what we believed, and what we knew worked. In a way, Nicolet is a 25-year case study that shows that working hard to create shared success between customers, communities, and employees creates positive if not superior shareholder results. That philosophy ran counter to the industry 25 years ago and still does to a degree today. We didn’t set out to be contrarian. We set out to be ourselves.” “We just produced some of the best quarterly financial metrics in our history, with a Return on Average Assets and Return on Average Tangible Common Equity that should easily put us in the top decile of banks in the country,” Daniels continued. “The off-the-charts results we are reporting today are directly related to the hard work of our employees, customers, and communities, all striving to do the right thing for one another. I feel like we have significant momentum right now, which leads to my continued optimism for Nicolet as a top-tier community bank, as well as community banking in general.” Balance Sheet Review At September 30, 2025, period end assets were $9.0 billion, an increase of $99 million from June 30, 2025, mostly from higher cash balances and loan growth. Total loans increased $36 million from June 30, 2025 (mostly in construction and agricultural loans), while total deposits of $7.6 billion at September 30, 2025, increased $70 million from June 30, 2025, including a $223 million increase in customer (core) deposits, partly offset by a $153 million decrease in brokered deposits. Total capital was $1.2 billion at September 30, 2025, an increase of $25 million over June 30, 2025, with record earnings and favorable movements in the securities portfolio market valuation partly offset by common stock repurchases and the quarterly common stock dividend. Asset Quality Nonperforming assets were $28 million and represented 0.31% of total assets at September 30, 2025, compared to 0.32% of total assets at June 30, 2025 and 0.31% of total assets at September 30, 2024. The allowance for credit losses-loans was $69 million and represented 1.00% of total loans at September 30, 2025, compared to $68 million (or 1.00% of total loans) at June 30, 2025, and $66 million (or 1.00% of total loans) at September 30, 2024. Asset quality trends remain solid and loan net charge-offs were negligible. Income Statement Review - Quarter Net income was $42 million for third quarter 2025, compared to net income of $36 million for second quarter 2025. Net interest income was $79 million for third quarter 2025, $4 million higher than second quarter 2025, primarily due to one additional earning day in the quarter and a reduction in noncore funding. Interest income increased $3 million between the sequential quarters, while interest expense decreased $1 million. The net interest margin for third quarter 2025 was 3.86%, up 14 bps from 3.72% for second quarter 2025. The yield on interest-earning assets increased 3 bps (to 5.85%), while the cost of interest-bearing liabilities for third quarter 2025 decreased 10 bps (to 2.76%). Noninterest income of $24 million for third quarter 2025 increased $3 million from second quarter 2025, mostly due to a $1.5 million favorable change in net asset gains from equity security market valuations. Excluding the net asset gains, noninterest income for third quarter increased $1.5 million over the prior quarter, primarily due to a $0.8 million increase in wealth income and $0.7 million higher net mortgage income. Noninterest expense of $50 million for third quarter 2025 was up slightly from second quarter 2025, and included a $0.3 million increase in personnel expense partly offset by a $0.2 million decrease in non-personnel related expenses. The reduction in non-personnel expenses included seasonally higher business development and marketing expenses more than offset by declines in most remaining noninterest expense categories. About Nicolet Bankshares, Inc. Nicolet Bankshares, Inc. is the bank holding company of Nicolet National Bank, a growing, full-service, community bank providing services ranging from commercial, agricultural and consumer banking to wealth management and retirement plan services. Founded in Green Bay in 2000, Nicolet National Bank operates branches primarily in Wisconsin, Michigan, and Minnesota. More information can be found at www.nicoletbank.com. Use of Non-GAAP Financial Measures This communication contains non-GAAP financial measures, such as non-GAAP adjusted net income, non-GAAP adjusted earnings per diluted common share, tangible book value per common share, return on average tangible common equity, and tangible common equity to tangible assets. Management believes such measures to be helpful to management, investors and others in understanding Nicolet’s results of operations and financial position. When non-GAAP financial measures are used, the comparable GAAP financial measures, as well as the reconciliation of the non-GAAP measures to the GAAP financial measures, are provided. See “Reconciliation of Non-GAAP Financial Measures (Unaudited)” below. The non-GAAP net income measure and related reconciliation provide information useful to investors in understanding the operating performance and trends of Nicolet and also aid investors in comparing Nicolet’s financial performance to the financial performance of peer banks. Management considers non-GAAP financial ratios to be critical metrics with which to analyze and evaluate financial condition and capital strengths. While non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of results as reported under GAAP. Nicolet Bankshares, Inc. Consolidated Balance Sheets (Unaudited) (In thousands, except share data) 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Assets Cash and due from banks $ 94,402 $ 129,607 $ 105,085 $ 115,943 $ 124,076 Interest-earning deposits 379,555 293,031 467,095 420,104 303,908 Cash and cash equivalents 473,957 422,638 572,180 536,047 427,984 Securities available for sale, at fair value 861,534 849,253 838,105 806,415 825,907 Other investments 61,380 59,594 58,627 62,125 63,632 Loans held for sale 11,308 9,955 8,092 7,637 11,121 Loans 6,874,711 6,839,141 6,745,598 6,626,584 6,556,840 Allowance for credit losses - loans (68,785 ) (68,408 ) (67,480 ) (66,322 ) (65,785 ) Loans, net 6,805,926 6,770,733 6,678,118 6,560,262 6,491,055 Premises and equipment, net 121,711 123,723 125,274 126,979 123,585 Bank owned life insurance (“BOLI”) 190,979 189,342 187,902 186,448 185,011 Goodwill and other intangibles, net 383,693 385,107 386,588 388,140 389,727 Accrued interest receivable and other assets 118,942 120,464 120,336 122,742 119,096 Total assets $ 9,029,430 $ 8,930,809 $ 8,975,222 $ 8,796,795 $ 8,637,118 Liabilities and Stockholders' Equity Liabilities: Noninterest-bearing demand deposits $ 1,826,453 $ 1,800,335 $ 1,689,129 $ 1,791,228 $ 1,839,617 Interest-bearing deposits 5,785,012 5,741,338 5,883,061 5,612,456 5,420,380 Total deposits 7,611,465 7,541,673 7,572,190 7,403,684 7,259,997 Long-term borrowings 134,600 134,340 156,563 161,387 161,210 Accrued interest payable and other liabilities 68,405 64,698 63,201 58,826 66,584 Total liabilities 7,814,470 7,740,711 7,791,954 7,623,897 7,487,791 Stockholders' Equity: Common stock 148 149 152 154 151 Additional paid-in capital 581,815 601,625 630,340 655,540 647,934 Retained earnings 662,252 625,243 594,068 565,772 535,638 Accumulated other comprehensive income (loss) (29,255 ) (36,919 ) (41,292 ) (48,568 ) (34,396 ) Total stockholders' equity 1,214,960 1,190,098 1,183,268 1,172,898 1,149,327 Total liabilities and stockholders' equity $ 9,029,430 $ 8,930,809 $ 8,975,222 $ 8,796,795 $ 8,637,118 Common shares outstanding 14,798,895 14,924,086 15,149,341 15,356,785 15,104,381 Nicolet Bankshares, Inc. Consolidated Statements of Income (Unaudited) For the Three Months Ended For the Nine Months Ended (In thousands, except per share data) 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024 Interest income: Loans, including loan fees $ 107,930 $ 105,976 $ 100,666 $ 100,605 $ 100,824 $ 314,572 $ 292,447 Taxable investment securities 6,201 6,027 5,560 5,369 5,211 17,788 14,824 Tax-exempt investment securities 998 1,017 1,049 1,073 1,095 3,064 3,485 Other interest income 5,204 4,618 5,466 5,787 5,492 15,288 14,775 Total interest income 120,333 117,638 112,741 112,834 112,622 350,712 325,531 Interest expense: Deposits 39,312 40,472 39,465 39,138 42,060 119,249 122,436 Short-term borrowings — — — — 2 — 2 Long-term borrowings 1,757 2,057 2,070 2,146 2,194 5,884 6,578 Total interest expense 41,069 42,529 41,535 41,284 44,256 125,133 129,016 Net interest income 79,264 75,109 71,206 71,550 68,366 225,579 196,515 Provision for credit losses 950 1,050 1,500 1,000 750 3,500 2,850 Net interest income after provision for credit losses 78,314 74,059 69,706 70,550 67,616 222,079 193,665 Noninterest income: Wealth management fee income 7,629 6,811 6,975 7,208 7,085 21,415 20,244 Mortgage income, net 3,568 2,907 1,926 3,326 2,853 8,401 6,851 Service charges on deposit accounts 2,000 1,962 2,025 1,877 1,913 5,987 5,307 Card interchange income 3,752 3,699 3,337 3,541 3,564 10,788 10,120 BOLI income 1,654 1,429 1,420 1,421 1,455 4,503 4,027 Asset gains (losses), net 1,294 (199 ) (354 ) 510 1,177 741 3,702 Deferred compensation plan asset market valuations 972 1,437 45 (192 ) 1,162 2,454 1,390 LSR income, net 668 950 1,057 1,064 1,090 2,675 3,341 Other noninterest income 2,082 1,637 1,792 2,103 2,079 5,511 6,427 Total noninterest income 23,619 20,633 18,223 20,858 22,378 62,475 61,409 Noninterest expense: Personnel expense 29,437 29,114 26,521 26,682 28,937 85,072 81,732 Occupancy, equipment and office 9,028 9,104 9,330 8,685 8,826 27,462 26,451 Business development and marketing 2,223 1,593 2,100 2,325 1,823 5,916 6,005 Data processing 4,671 4,682 4,525 4,668 4,535 13,878 13,086 Intangibles amortization 1,414 1,481 1,552 1,587 1,694 4,447 5,289 FDIC assessments 1,005 1,029 940 990 990 2,974 3,013 Other noninterest expense 2,310 2,916 2,819 3,268 2,343 8,045 7,572 Total noninterest expense 50,088 49,919 47,787 48,205 49,148 147,794 143,148 Income before income tax expense 51,845 44,773 40,142 43,203 40,846 136,760 111,926 Income tax expense 10,110 8,738 7,550 8,723 8,330 26,398 22,347 Net income $ 41,735 $ 36,035 $ 32,592 $ 34,480 $ 32,516 $ 110,362 $ 89,579 Earnings per common share: Basic $ 2.81 $ 2.40 $ 2.14 $ 2.25 $ 2.16 $ 7.34 $ 5.99 Diluted $ 2.73 $ 2.34 $ 2.08 $ 2.19 $ 2.10 $ 7.14 $ 5.84 Common shares outstanding: Basic weighted average 14,836 15,029 15,256 15,297 15,052 15,039 14,966 Diluted weighted average 15,303 15,431 15,647 15,710 15,479 15,463 15,330 Nicolet Bankshares, Inc. Consolidated Financial Summary (Unaudited) For the Three Months Ended For the Nine Months Ended (In thousands, except share & per share data) 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024 Selected Average Balances: Loans $ 6,843,189 $ 6,833,236 $ 6,710,206 $ 6,581,059 $ 6,542,532 $ 6,796,031 $ 6,479,598 Investment securities 903,839 900,469 886,010 884,376 873,212 896,839 879,701 Interest-earning assets 8,206,651 8,140,178 8,078,997 7,946,309 7,824,773 8,142,411 7,729,346 Cash and cash equivalents 480,208 423,272 497,865 493,237 431,632 467,050 390,213 Goodwill and other intangibles, net 384,296 385,735 387,260 388,824 390,453 385,753 392,189 Total assets 8,984,344 8,909,653 8,849,412 8,716,611 8,596,812 8,914,964 8,486,602 Deposits 7,583,986 7,504,224 7,446,107 7,314,632 7,247,321 7,511,944 7,181,597 Interest-bearing liabilities 5,911,850 5,972,117 5,953,083 5,667,803 5,653,259 5,945,532 5,607,430 Stockholders’ equity (common) 1,194,974 1,183,316 1,178,868 1,163,477 1,118,242 1,185,778 1,079,215 Selected Ratios:(1) Book value per common share $ 82.10 $ 79.74 $ 78.11 $ 76.38 $ 76.09 $ 82.10 $ 76.09 Tangible book value per common share (2) $ 56.17 $ 53.94 $ 52.59 $ 51.10 $ 50.29 $ 56.17 $ 50.29 Return on average assets 1.84 % 1.62 % 1.49 % 1.57 % 1.50 % 1.66 % 1.41 % Return on average common equity 13.86 12.21 11.21 11.79 11.57 12.44 11.09 Return on average tangible common equity(2) 20.42 18.12 16.70 17.71 17.77 18.44 17.42 Average equity to average assets 13.30 13.28 13.32 13.35 13.01 13.30 12.72 Stockholders’ equity to assets 13.46 13.33 13.18 13.33 13.31 13.46 13.31 Tangible common equity to tangible assets (2) 9.61 9.42 9.28 9.33 9.21 9.61 9.21 Net interest margin * 3.86 3.72 3.58 3.61 3.51 3.72 3.42 Efficiency ratio 49.10 51.79 52.94 52.17 54.57 51.20 55.98 Effective tax rate 19.50 19.52 18.81 20.19 20.39 19.30 19.97 Selected Asset Quality Information: Nonaccrual loans $ 27,463 $ 27,735 $ 28,325 $ 28,419 $ 25,565 $ 27,463 $ 25,565 Other real estate owned 767 881 946 693 859 767 859 Nonperforming assets $ 28,230 $ 28,616 $ 29,271 $ 29,112 $ 26,424 $ 28,230 $ 26,424 Net loan charge-offs (recoveries) $ 573 $ 372 $ 342 $ 363 $ 379 $ 1,287 $ 675 Allowance for credit losses-loans to loans 1.00 % 1.00 % 1.00 % 1.00 % 1.00 % 1.00 % 1.00 % Net charge-offs to average loans(1) 0.03 0.02 0.02 0.02 0.02 0.03 0.01 Nonperforming loans to total loans 0.40 0.41 0.42 0.43 0.39 0.40 0.39 Nonperforming assets to total assets 0.31 0.32 0.33 0.33 0.31 0.31 0.31 Stock Repurchase Information:(3) Common stock repurchased ($) $ 20,525 $ 29,989 $ 26,047 $ 10,137 $ — $ 76,561 $ — Common stock repurchased (shares) 155,393 257,402 233,207 92,440 — 646,002 — * During fourth quarter 2024, Nicolet changed the annualization methodology utilized for the calculation of selected net interest margin components from actual/360 to actual/actual to be more consistent with the methodology typically used by peer banks and to cause quarterly results to be more consistent with annual results. Prior periods have been restated for this change in methodology. There was no change to the reported average balances or interest recognized. (1) Income statement-related ratios for partial-year periods are annualized. (2) See Reconciliation of Non-GAAP Financial Measures below for a reconciliation of these financial measures. (3) Reflects common stock repurchased under board of director authorizations for the common stock repurchase program. Nicolet Bankshares, Inc. Consolidated Loan & Deposit Metrics (Unaudited) (In thousands) 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Period End Loan Composition Commercial & industrial $ 1,415,841 $ 1,412,621 $ 1,409,320 $ 1,319,763 $ 1,351,516 Owner-occupied commercial real estate (“CRE”) 947,390 963,278 949,107 940,367 920,533 Agricultural 1,378,070 1,346,924 1,329,807 1,322,038 1,261,152 Commercial 3,741,301 3,722,823 3,688,234 3,582,168 3,533,201 CRE investment 1,213,301 1,231,423 1,225,490 1,221,826 1,226,982 Construction & land development 324,209 298,122 273,007 239,694 231,694 Commercial real estate 1,537,510 1,529,545 1,498,497 1,461,520 1,458,676 Commercial-based loans 5,278,811 5,252,368 5,186,731 5,043,688 4,991,877 Residential construction 92,325 88,152 91,321 96,110 85,811 Residential first mortgage 1,199,512 1,205,841 1,194,116 1,196,158 1,194,574 Residential junior mortgage 260,167 249,406 235,096 234,634 223,456 Residential real estate 1,552,004 1,543,399 1,520,533 1,526,902 1,503,841 Retail & other 43,896 43,374 38,334 55,994 61,122 Retail-based loans 1,595,900 1,586,773 1,558,867 1,582,896 1,564,963 Total loans $ 6,874,711 $ 6,839,141 $ 6,745,598 $ 6,626,584 $ 6,556,840 Period End Deposit Composition Noninterest-bearing demand $ 1,826,453 $ 1,800,335 $ 1,689,129 $ 1,791,228 $ 1,839,617 Interest-bearing demand 1,104,552 1,266,507 1,239,075 1,168,560 1,035,593 Money market 2,044,055 1,900,639 1,988,648 1,942,367 1,928,977 Savings 825,683 805,300 794,223 774,707 763,024 Time 1,810,722 1,768,892 1,861,115 1,726,822 1,692,786 Total deposits $ 7,611,465 $ 7,541,673 $ 7,572,190 $ 7,403,684 $ 7,259,997 Brokered transaction accounts $ 160,706 $ 307,527 $ 249,537 $ 163,580 $ 159,547 Brokered time deposits 444,683 450,948 607,725 586,852 549,907 Total brokered deposits $ 605,389 $ 758,475 $ 857,262 $ 750,432 $ 709,454 Customer transaction accounts $ 5,640,037 $ 5,465,254 $ 5,461,538 $ 5,513,282 $ 5,407,664 Customer time deposits 1,366,039 1,317,944 1,253,390 1,139,970 1,142,879 Total customer deposits (core) $ 7,006,076 $ 6,783,198 $ 6,714,928 $ 6,653,252 $ 6,550,543 Nicolet Bankshares, Inc. Net Interest Income and Net Interest Margin Analysis (Unaudited) For the Three Months Ended September 30, 2025 June 30, 2025 September 30, 2024 Average Average Average Average Average Average (In thousands) Balance Interest Rate * Balance Interest Rate * Balance Interest Rate * ASSETS Total loans(1) (2) $ 6,843,189 $ 108,042 6.27 % $ 6,833,236 $ 106,103 6.23 % $ 6,542,532 $ 100,962 6.14 % Investment securities(2) 903,839 7,519 3.33 % 900,469 7,371 3.27 % 873,212 6,666 3.05 % Other interest-earning assets 459,623 5,204 4.50 % 406,473 4,618 4.56 % 409,029 5,492 5.35 % Total interest-earning assets 8,206,651 $ 120,765 5.85 % 8,140,178 $ 118,092 5.82 % 7,824,773 $ 113,120 5.76 % Other assets, net 777,693 769,475 772,039 Total assets $ 8,984,344 $ 8,909,653 $ 8,596,812 LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing core deposits $ 5,118,886 $ 32,329 2.51 % $ 5,001,714 $ 31,677 2.54 % $ 4,723,464 $ 32,952 2.78 % Brokered deposits 658,491 6,983 4.21 % 814,789 8,795 4.33 % 768,058 9,108 4.72 % Total interest-bearing deposits 5,777,377 39,312 2.70 % 5,816,503 40,472 2.79 % 5,491,522 42,060 3.05 % Wholesale funding 134,473 1,757 5.18 % 155,614 2,057 5.30 % 161,737 2,196 5.40 % Total interest-bearing liabilities 5,911,850 $ 41,069 2.76 % 5,972,117 $ 42,529 2.86 % 5,653,259 $ 44,256 3.11 % Noninterest-bearing demand deposits 1,806,609 1,687,721 1,755,799 Other liabilities 70,911 66,499 69,512 Stockholders' equity 1,194,974 1,183,316 1,118,242 Total liabilities and stockholders' equity $ 8,984,344 $ 8,909,653 $ 8,596,812 Net interest income and rate spread $ 79,696 3.09 % $ 75,563 2.96 % $ 68,864 2.65 % Net interest margin 3.86 % 3.72 % 3.51 % Loan purchase accounting accretion (3) $ 1,375 0.08 % $ 1,475 0.09 % $ 1,527 0.09 % Loan nonaccrual interest(3) $ (346 ) (0.02 )% $ (26 ) — % $ (48 ) — % For the Nine Months Ended September 30, 2025 September 30, 2024 Average Average Average Average (In thousands) Balance Interest Rate * Balance Interest Rate * ASSETS Total loans(1) (2) $ 6,796,031 $ 314,949 6.19 % $ 6,479,598 $ 292,792 6.03 % Investment securities(2) 896,839 21,841 3.25 % 879,701 19,442 2.95 % Other interest-earning assets 449,541 15,288 4.55 % 370,047 14,775 5.33 % Total interest-earning assets 8,142,411 $ 352,078 5.78 % 7,729,346 $ 327,009 5.65 % Other assets, net 772,553 757,256 Total assets $ 8,914,964 $ 8,486,602 LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing core deposits $ 5,041,142 $ 94,789 2.51 % $ 4,684,586 $ 95,921 2.74 % Brokered deposits 754,096 24,460 4.34 % 759,791 26,515 4.66 % Total interest-bearing deposits 5,795,238 119,249 2.75 % 5,444,377 122,436 3.00 % Wholesale funding 150,294 5,884 5.23 % 163,053 6,580 5.39 % Total interest-bearing liabilities 5,945,532 $ 125,133 2.81 % 5,607,430 $ 129,016 3.07 % Noninterest-bearing demand deposits 1,716,706 1,737,220 Other liabilities 66,948 62,737 Stockholders' equity 1,185,778 1,079,215 Total liabilities and stockholders' equity $ 8,914,964 $ 8,486,602 Net interest income and rate spread $ 226,945 2.97 % $ 197,993 2.58 % Net interest margin 3.72 % 3.42 % Loan purchase accounting accretion (3) $ 4,324 0.09 % $ 4,582 0.09 % Loan nonaccrual interest(3) $ (677 ) (0.01 )% $ 40 — % * During fourth quarter 2024, Nicolet changed the annualization methodology utilized for the calculation of selected net interest margin components from actual/360 to actual/actual to be more consistent with the methodology typically used by peer banks and to cause quarterly results to be more consistent with annual results. Prior periods have been restated for this change in methodology. There was no change to the reported average balances or interest recognized.(1) Nonaccrual loans and loans held for sale are included in the daily average loan balances outstanding. (2) The yield on tax-exempt loans and tax-exempt investment securities is computed on a tax-equivalent basis using a federal tax rate of 21%, and adjusted for the disallowance of interest expense. (3) Loan purchase accounting accretion and Loan nonaccrual interest included in Total loans interest above, and the related impact to net interest margin. Nicolet Bankshares, Inc. Reconciliation of Non-GAAP Financial Measures (Unaudited) For the Three Months Ended For the Nine Months Ended (In thousands, except per share data) 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024 Adjusted net income reconciliation:(1) Net income (GAAP) $ 41,735 $ 36,035 $ 32,592 $ 34,480 $ 32,516 $ 110,362 $ 89,579 Adjustments: Assets (gains) losses, net(2) (1,294 ) 199 354 (510 ) (1,177 ) (741 ) (3,702 ) Adjustments subtotal (1,294 ) 199 354 (510 ) (1,177 ) (741 ) (3,702 ) Tax on Adjustments(3) (252 ) 39 69 (99 ) (230 ) (144 ) (722 ) Adjusted net income (Non-GAAP) $ 40,693 $ 36,195 $ 32,877 $ 34,069 $ 31,569 $ 109,765 $ 86,599 Diluted earnings per common share: Diluted earnings per common share (GAAP) $ 2.73 $ 2.34 $ 2.08 $ 2.19 $ 2.10 $ 7.14 $ 5.84 Adjusted Diluted earnings per common share (Non-GAAP) $ 2.66 $ 2.35 $ 2.10 $ 2.17 $ 2.04 $ 7.10 $ 5.65 Tangible assets:(4) Total assets $ 9,029,430 $ 8,930,809 $ 8,975,222 $ 8,796,795 $ 8,637,118 Goodwill and other intangibles, net 383,693 385,107 386,588 388,140 389,727 Tangible assets $ 8,645,737 $ 8,545,702 $ 8,588,634 $ 8,408,655 $ 8,247,391 Tangible common equity:(4) Stockholders’ equity (common) $ 1,214,960 $ 1,190,098 $ 1,183,268 $ 1,172,898 $ 1,149,327 Goodwill and other intangibles, net 383,693 385,107 386,588 388,140 389,727 Tangible common equity $ 831,267 $ 804,991 $ 796,680 $ 784,758 $ 759,600 Tangible average common equity:(4) Average stockholders’ equity (common) $ 1,194,974 $ 1,183,316 $ 1,178,868 $ 1,163,477 $ 1,118,242 $ 1,185,778 $ 1,079,215 Average goodwill and other intangibles, net 384,296 385,735 387,260 388,824 390,453 385,753 392,189 Average tangible common equity $ 810,678 $ 797,581 $ 791,608 $ 774,653 $ 727,789 $ 800,025 $ 687,026 Note: Numbers may not sum due to rounding.(1) The adjusted net income measure and related reconciliation provide information useful to investors in understanding the operating performance and trends of Nicolet and also to aid investors in the comparison of Nicolet’s financial performance to the financial performance of peer banks. (2) Includes the gains / (losses) on other assets and investments. (3) Assumes an effective tax rate of 19.5%. (4) The ratios of tangible book value per common share, return on average tangible common equity, and tangible common equity to tangible assets exclude goodwill and other intangibles, net. These financial ratios have been included as they are considered to be critical metrics with which to analyze and evaluate financial condition and capital strength. Source: Nicolet Bankshares, Inc.