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A regional version of Bank of America or Chase for Wisconsin and Michigan.

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• Deposit Accounts: Provides checking, savings, money market, Certificates of Deposit (CDs), and Individual Retirement Accounts (IRAs).
• Commercial Lending: Offers commercial, industrial, business, commercial real estate, agricultural, and construction and land development loans and lines of credit.
• Residential Real Estate Lending: Provides first lien and junior lien mortgages, home equity loans, lines of credit, and residential construction loans.
• Consumer Loans: Offers personal loans to individuals for various needs.
• Wealth Management & Trust Services: Delivers wealth management, retirement plan, trust, fiduciary, and personal brokerage services.
• Cash Management & International Banking: Provides solutions for optimizing business cash flow and international financial transactions.
• Digital Banking Services: Includes online and mobile banking, automated bill payment, and remote deposit capture.
• Payment & Transaction Services: Offers debit cards, credit cards, pre-paid gift cards, wire transfers, direct deposits, and official bank checks.
• Mortgage Refinancing: Allows customers to refinance their existing mortgage loans.
• Safe Deposit Boxes: Provides secure storage facilities for valuables.
• Crop Insurance Products: Facilitates crop insurance products for agricultural clients.

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Nicolet Bankshares, Inc. (NIC) sells primarily to a diverse customer base rather than a few major corporate clients. Based on the company description, it serves the following categories of customers:

• Individuals: This category includes customers who utilize personal banking products and services such as checking, savings, and money market accounts; various certificates of deposit; individual retirement accounts; residential real estate loans (mortgages, home equity loans); consumer loans; personal brokerage; wealth management; and trust and fiduciary services.
• Businesses: This category encompasses a broad range of commercial clients, including those seeking commercial, industrial, and business loans and lines of credit; commercial real estate loans; commercial real estate investment loans; construction and land development loans; cash management; and international banking services.
• Agricultural Businesses: A specific segment within its business customer base, the company provides specialized services such as agricultural (AG) production and AG real estate loans, and facilitates crop insurance products for farming and other agricultural enterprises.

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Michael E. Daniels, Chairman, President & CEO

Mr. Daniels co-founded Nicolet National Bank in 2000 with Bob Atwell. He began his banking career with Associated Bank in 1986. From 1993 to 1995, he served as President and CEO of Effingham Bank & Trust. He returned to Green Bay in 1995 as Senior Vice President and Commercial Banking Group Manager at Associated Bank. Mr. Daniels became President and CEO of Nicolet Bank in 2016 and President and CEO of Nicolet Bankshares in 2021, and added the responsibilities of Chairman in 2024. He has led the successful integration of ten acquisitions for Nicolet.

H. Phillip Moore, Jr., Chief Financial Officer

Mr. Moore serves as the Chief Financial Officer for Nicolet Bankshares, Inc.

Robert B. Atwell, Director

Mr. Atwell is a co-founder of Nicolet Bankshares, Inc., established in 2000 with Mike Daniels. He has over 40 years of experience as a Wisconsin banker. He previously served as Chairman, President, and Chief Executive Officer of Nicolet Bankshares, stepping down as Chairman in December 2023, and continues as a board member and advisor. Mr. Atwell serves on numerous private company boards, including as Lead Director at Ariens Company, and is a director and shareholder at Great Northern Corporation. He is also a co-founder and current board member of Relevant Radio.

Eric J. Witczak, Executive Vice President and Secretary

Mr. Witczak holds the position of Executive Vice President and Secretary at Nicolet Bankshares.

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Key Risks to Nicolet Bankshares (NIC)

1. Economic, Interest Rate, and Credit Risk: As a financial institution, Nicolet Bankshares' performance is highly sensitive to broader economic conditions, including factors like the health of the housing market, consumer confidence, and overall economic growth. Adverse economic environments, such as a recession or a downturn in the real estate market, could lead to an increase in nonperforming assets and charge-offs, directly impacting the bank's financial stability and profitability. Furthermore, the bank's profitability is significantly dependent on net interest income, which is directly affected by fluctuations in interest rates. Changes in the interest rate environment, monetary policy (such as actions by the Federal Reserve), or tax policy can reduce Nicolet's net interest income, net interest margin, and the volume and value of its loan portfolio and other financial assets. The health of its loan portfolio and credit quality, including loan restructuring activities, are critical indicators of credit risk trends.
2. Operational and Cybersecurity Risks: Nicolet Bankshares, as a financial institution, inherently faces operational risks, including the threat of fraudulent activities and cybersecurity breaches. The bank must incur substantial expenditures to keep pace with technological advancements and meet regulatory requirements. The evolving nature of digital threats necessitates constant vigilance and investment in robust risk management and cybersecurity strategies, which can strain resources and potentially impact profitability if not effectively managed.
3. Integration and Execution Risk from Acquisitions: The company has recently undertaken significant acquisitions, notably the February 2026 acquisition of MidWestOne Financial Group. This acquisition substantially expands Nicolet's franchise, geographic reach across Wisconsin, Michigan, Minnesota, Iowa, and Colorado, and commercial lending capacity. However, such large-scale mergers introduce considerable integration and execution risk. Successfully integrating acquired businesses, realizing expected cost and revenue synergies, and maintaining credit quality are critical for the combined entity's continued performance and to avoid potential dilution or operational disruptions.

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The clear emerging threat to Nicolet Bankshares, as a traditional regional bank, is the increasing prevalence and adoption of digital-first financial service providers. This includes:

• Digital-only banks (neobanks) and online lenders: These entities can attract customers with streamlined digital experiences, competitive rates, and lower fees for traditional banking services like checking, savings, and various types of loans, directly challenging Nicolet's deposit base and lending operations.
• Fintech companies specializing in payments and wealth management: Payment apps and platforms erode the traditional bank's role in daily transactions, while robo-advisors and other online investment platforms offer lower-cost alternatives to Nicolet's personal brokerage, wealth management, and retirement plan services.

These competitors leverage technology to offer services with less overhead and greater convenience, posing a direct threat to the traditional, branch-based banking model.

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Wisconsin Market Sizes:

• Total Bank Deposits: As of March 31, 2025, total bank deposits across Wisconsin amounted to $129.73 billion.
• Net Loans and Leases: For all banks in Wisconsin, net loans and leases reached $115.78 billion as of March 31, 2025.
• Commercial and Industrial Loans: The market for commercial and industrial loans in Wisconsin stood at $18.95 billion as of March 31, 2025.
• Residential Real Estate Loans: Wisconsin's residential real estate loan market was valued at $32.80 billion as of March 31, 2025. The median home price in Wisconsin was approximately $338,000 in August 2025.
• Farm Loans: The market for farm loans in Wisconsin was $4.47 billion as of March 31, 2025. Farm lending in Wisconsin increased by 8.95% year-over-year in Q1 2025.
• Small Business Loans: In 2023, large banks reported $3.9 billion in new lending to Wisconsin businesses with revenues of $1 million or less. Additionally, Wisconsin businesses received $525.7 million in SBA 7(a) loan approvals across 1,002 businesses in 2025.
• Wealth Management: The State of Wisconsin Investment Board (SWIB) managed over $178 billion in assets as of December 31, 2025. This represents a significant pool of institutional wealth in the state. Fiduciary Management, Inc., a Milwaukee-based firm, had approximately $11.4 billion in assets under management (AUM) as of December 31, 2025.

Michigan Market Sizes:

• Commercial Banking Industry Revenue: The commercial banking industry in Michigan is projected to reach a market size of $23.6 billion in 2026. This market encompasses receiving deposits and issuing consumer, commercial, and industrial loans.
• Total Bank Deposits: As of June 30, 2025, JPMorgan Chase held $62.95 billion in deposits in Michigan, and Huntington Bank held $37.45 billion. Community banks in Michigan held $58.04 billion in deposits as of December 13, 2024.
• Total Credit Union Assets/Loans: Michigan credit unions held $101 billion in assets in 2024, and their loan portfolios expanded by 6.8% over the 12 months ending Q3 2025.
• SBA Loans (Small Businesses): In Q2 2025, over $200 million in SBA loans were approved for Michigan businesses. In fiscal year 2022, Michigan businesses received over $813 million in SBA 7(a) loans.
• Residential Mortgage: The median home price in Michigan was approximately $252,000 as of January 2026, with some reports showing $271,700 in 2025. The Michigan housing market is forecast to appreciate 2-4% in 2026.
• Consumer Lending: Loan portfolios of Michigan credit unions grew by 6.8% year-over-year in Q3 2025, driven by strength in real estate and commercial lending, though consumer and auto loans saw slower growth.

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Share Repurchases

• In December 2021, Nicolet Bankshares authorized an increase to its common stock repurchase program, allowing for an additional $50 million, bringing the total authorization to repurchase common stock to approximately $81 million.
• During the third quarter of 2025, Nicolet Bankshares repurchased 155,393 common shares for a total of $21 million.
• In January 2026, the Board approved a $60 million increase to the common stock repurchase authorization. This addition, combined with approximately $19 million remaining from the prior authorization as of December 31, 2025, made about $79 million available for future repurchases.

Share Issuance

• In connection with the MidWestOne Financial Group acquisition, shareholders approved the related share issuance and an amendment to double authorized common shares from 30,000,000 to 60,000,000.
• The acquisition of MidWestOne Financial Group, Inc. was an all-stock transaction valued at approximately $864 million, with MidWestOne shareholders receiving 0.3175 shares of Nicolet common stock for each MidWestOne share.
• In September 2025, Nicolet Bankshares approved an equity award to CEO Mike Daniels of up to 90,000 shares of common stock, with a grant date value of $12 million, consisting of restricted shares and restricted stock units set to vest over five years.

Outbound Investments

• In August 2022, Nicolet Bankshares acquired Charter Bankshares, Inc., which added approximately $1.1 billion in assets, $827 million in loans, and $869 million in deposits.
• In October 2025, Nicolet Bankshares announced a definitive merger agreement to acquire MidWestOne Financial Group, Inc. in an all-stock transaction valued at approximately $864 million.
• The merger with MidWestOne Financial Group, Inc. was completed in February 2026, adding approximately $6 billion in assets and increasing Nicolet's total assets to about $15 billion.

Capital Expenditures

• Specific dollar values for general capital expenditures beyond those integrated into acquisitions and branch expansions are not readily available in the provided information for the last 3-5 years. The company's growth in its branch network is primarily noted through strategic acquisitions.