Revenue: As of FY2026 Q2, the actual value is USD 237.18 M.

EPS: As of FY2026 Q2, the actual value is USD 2.62, missing the estimate of USD 2.668.

EBIT: As of FY2026 Q2, the actual value is USD 72.49 M.

Financial Performance

Nicolet Bankshares, Inc. reported a net income of $57 million for the second quarter of 2026, a significant increase from $15 million in the first quarter of 2026 and $36 million in the second quarter of 2025. Core net income, a non-GAAP measure, was $65 million for the second quarter of 2026, up from $52 million in the first quarter of 2026. The company’s return on average assets was 1.47% for the second quarter of 2026, with a core return on average assets of 1.69%. Return on average tangible common equity stood at 19.07%, and core return on average tangible common equity was 21.59%. The return on average equity was 10.09%.

Balance Sheet Highlights

As of June 30, 2026, total period-end assets were $15.4 billion, reflecting a $160 million decrease from March 31, 2026, primarily due to lower cash and cash equivalents. Total loans decreased by $32 million from March 31, 2026, while investments grew by $20 million. Total deposits reached $12.5 billion at June 30, 2026, a decrease of $101 million from the prior quarter, which included a $100 million decrease in brokered deposits and a $1 million decrease in core deposits. Long-term borrowings decreased by $87 million, and total capital increased by $15 million to $2.3 billion over the same period.

Income Statement Details

Net interest income for the second quarter of 2026 was $141 million, an increase of $32 million (29%) compared to the first quarter of 2026, driven by a $43 million increase in interest income and an $11 million increase in interest expense. The net interest margin expanded to 4.14% in the second quarter of 2026, up from 3.98% in the first quarter of 2026, benefiting from loan purchase accounting accretion (adding 23 bps) and lower core deposit funding costs. The yield on interest-earning assets increased by 13 bps to 5.86%, and the loan yield increased by 8 bps to 6.26%. The cost of interest-bearing liabilities decreased by 7 bps to 2.29%.Noninterest income for the second quarter of 2026 was $36 million, an $11 million increase from the first quarter of 2026. Excluding net asset gains (losses), noninterest income increased by $8 million, largely due to the MidWestOne acquisition. Net asset gains were $2 million in the second quarter of 2026, compared to net asset losses of - $1 million in the first quarter of 2026.Noninterest expense decreased by $6 million to $104 million in the second quarter of 2026, primarily due to a - $33 million decrease in merger-related expenses, partially offset by a full quarter of MidWestOne expenses. Personnel expense increased by $12 million, reflecting the larger employee base post-acquisition.

Asset Quality and Capital Management

Nonperforming assets were $75 million, representing 0.49% of total assets at June 30, 2026, an improvement from $79 million (0.51% of total assets) at March 31, 2026. The allowance for credit losses-loans remained stable at 1.23% of total loans, amounting to $134 million. Loan net charge-offs were negligible. Nicolet Bankshares, Inc. repurchased 267,310 common shares for $40 million during the second quarter of 2026 and authorized an additional $150 million in share repurchases. A quarterly cash dividend of $0.36 per share was declared, payable on September 15, 2026, to shareholders of record as of September 1, 2026.

Operational Developments

On April 21, 2026, Nicolet National Bank agreed to sell its Denver, Colorado banking branches, acquired in the MidWestOne transaction, to Sunwest Bank. This all-cash deal is expected to close in the third quarter of 2026, with the Denver locations holding approximately $402 million in total loans and $388 million in deposits as of June 30, 2026.

Outlook

Management expects to be in a stronger position to restore high levels of profitability and returns after completing the MidWestOne conversion later in summer 2026 and fully realizing planned cost savings. The company anticipates continued margin expansion and solid organic growth through the balance of 2026. This growth is expected to be driven by a favorable shift in loan and deposit portfolios.