Nicolet Bankshares, Inc. reported significant financial growth in its quarterly results for the period ending March 31, 2026, driven primarily by its recent acquisition of MidWestOne Financial Group, Inc. The company achieved a net income of $15.2 million, or $0.81 per diluted share, a decrease from $32.6 million, or $2.08 per diluted share, in the same quarter of the previous year. Total assets surged to $15.6 billion, reflecting a 70% increase from $9.2 billion at the end of 2025, largely due to the acquisition, which added approximately $6 billion in assets.
The acquisition also contributed to a substantial rise in loans and deposits. Total loans reached $10.9 billion, up 59% from $6.8 billion at the end of 2025, while total deposits increased by 63% to $12.6 billion. The net interest income for the quarter was reported at $109.6 million, a 54% increase compared to the same period last year, attributed to higher volumes and improved yields on loans and investments. The net interest margin improved to 3.98%, up from 3.58% in the prior year, as the yield on earning assets increased.
Operationally, Nicolet's noninterest income also saw growth, totaling $25.3 million, a 39% increase from $18.2 million in the first quarter of 2025. This growth was driven by increases in wealth management fees and mortgage income, which rose by $3.7 million and $1.6 million, respectively. However, noninterest expenses rose sharply to $109.8 million, up 130% from the previous year, primarily due to personnel costs and merger-related expenses associated with the MidWestOne acquisition.
The company reported an allowance for credit losses of $133.4 million, representing 1.23% of total loans, an increase from 1.01% at the end of 2025. This increase was influenced by the acquisition and the associated credit quality considerations. Looking ahead, Nicolet Bankshares anticipates continued integration of MidWestOne and expects to leverage its expanded footprint to enhance growth opportunities in its core markets across Wisconsin, Michigan, Iowa, and Minnesota. The company remains focused on maintaining strong capital ratios and managing its liquidity effectively in the evolving economic landscape.
About NICOLET BANKSHARES INC
Nicolet Bankshares, Inc. is a community-focused bank holding company based in Wisconsin, operating through its subsidiary Nicolet National Bank. It provides a range of banking services including commercial, agricultural, and consumer loans, deposit products, wealth management, and trust services. The company emphasizes personalized service, community engagement, and strategic growth through organic expansion and acquisitions within its regional markets.
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