NICOLET BANKSHARES INC, 10-K filed on 2/27/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 26, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-37700    
Entity Registrant Name NICOLET BANKSHARES, INC    
Entity Incorporation, State or Country Code WI    
Entity Tax Identification Number 47-0871001    
Entity Address, Address Line One 111 North Washington Street    
Entity Address, City or Town Green Bay    
Entity Address, State or Province WI    
Entity Address, Postal Zip Code 54301    
City Area Code 920    
Local Phone Number 430-1400    
Title of 12(b) Security Common Stock, par value $0.01 per share    
Trading Symbol NIC    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 1.6
Entity Common Stock, Shares Outstanding   21,366,851  
Documents Incorporated by Reference
Portions of the Proxy Statement (the “2026 Proxy Statement”) for the 2026 Annual Meeting of Shareholders to be held on May 18, 2026, are incorporated by reference into Part III of this Annual Report on Form 10-K.
    
Entity Central Index Key 0001174850    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name Forvis Mazars, LLP
Auditor Location Springfield, Missouri
Auditor Firm ID 686
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Cash and due from banks $ 107,956 $ 115,943
Interest-earning deposits 552,276 420,104
Cash and cash equivalents [1] 660,232 536,047
Securities available for sale (“AFS”), at fair value 859,834 806,415
Other investments 63,247 62,125
Loans held for sale 13,620 7,637
Loans 6,836,345 6,626,584
Allowance for credit losses - loans (“ACL-Loans”) (68,806) (66,322)
Loans, net 6,767,539 6,560,262
Premises and equipment, net 120,462 126,979
Bank owned life insurance (“BOLI”) 192,498 186,448
Goodwill and other intangibles, net 382,400 388,140
Accrued interest receivable and other assets 125,275 122,742
Total assets 9,185,107 8,796,795
Liabilities:    
Noninterest-bearing demand deposits 1,828,928 1,791,228
Interest-bearing deposits 5,901,843 5,612,456
Total deposits 7,730,771 7,403,684
Long-term borrowings 134,860 161,387
Accrued interest payable and other liabilities 61,814 58,826
Total liabilities 7,927,445 7,623,897
Stockholders’ Equity:    
Common stock 148 154
Additional paid-in capital 583,257 655,540
Retained earnings 697,799 565,772
Accumulated other comprehensive income (loss) (23,542) (48,568)
Total stockholders’ equity 1,257,662 1,172,898
Total liabilities and stockholders’ equity $ 9,185,107 $ 8,796,795
Preferred shares authorized (no par value) (in shares) 10,000,000 10,000,000
Preferred shares outstanding (in shares) 0 0
Preferred shares issued (in shares) 0 0
Common shares authorized (par value $0.01 per share) (in shares) 30,000,000 30,000,000
Common shares outstanding (in shares) 14,811,445 15,356,785
Common shares issued (in shares) 14,930,213 15,450,298
[1] Cash and cash equivalents at December 31, 2025 included restricted cash totaling $0.5 million, while cash and cash equivalents at December 31, 2024, and December 31, 2023, did not include any restricted cash.
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred shares authorized, par value (in dollars per share) $ 0 $ 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
v3.25.4
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Interest income:      
Loans, including loan fees $ 421,151 $ 393,052 $ 341,155
Investment securities:      
Taxable 24,082 20,193 18,182
Tax-exempt 4,036 4,558 6,031
Other interest income 21,681 20,562 17,494
Total interest income 470,950 438,365 382,862
Interest expense:      
Deposits 156,871 161,574 125,824
Short-term borrowings 1 2 4,794
Long-term borrowings 7,605 8,724 10,728
Total interest expense 164,477 170,300 141,346
Net interest income 306,473 268,065 241,516
Provision for credit losses 4,250 3,850 4,990
Net interest income after provision for credit losses 302,223 264,215 236,526
Noninterest income:      
Mortgage income, net 12,054 10,177 7,164
BOLI income 6,360 5,448 4,524
Deferred compensation plan asset market valuations 2,919 1,198 1,937
LSR income, net 3,319 4,405 4,425
Asset gains (losses), net 1,163 4,212 (32,808)
Other income 7,578 8,530 8,016
Total noninterest income 85,567 82,267 35,972
Noninterest expense:      
Personnel 115,305 108,414 99,109
Occupancy, equipment and office 36,631 35,136 36,222
Business development and marketing 8,009 8,330 7,790
Data processing 18,569 17,754 19,892
Intangibles amortization 5,740 6,876 8,072
FDIC assessments 4,007 4,003 3,999
Merger-related expense 1,956 0 189
Other expense 10,616 10,840 10,593
Total noninterest expense 200,833 191,353 185,866
Income before income tax expense 186,957 155,129 86,632
Income tax expense 36,271 31,070 25,116
Net income $ 150,686 $ 124,059 $ 61,516
Earnings per common share:      
Basic (in dollars per share) $ 10.06 $ 8.24 $ 4.17
Diluted (in dollars per share) $ 9.78 $ 8.05 $ 4.08
Weighted average common shares outstanding:      
Basic (in shares) 14,979,671 15,049,225 14,742,675
Diluted (in shares) 15,403,934 15,415,822 15,070,579
Wealth management fee income      
Noninterest income:      
Fees and commissions $ 29,611 $ 27,452 $ 23,747
Service charges on deposit accounts      
Noninterest income:      
Fees and commissions 8,003 7,184 5,976
Card interchange income      
Noninterest income:      
Fees and commissions $ 14,560 $ 13,661 $ 12,991
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income $ 150,686 $ 124,059 $ 61,516
Unrealized gains (losses) on securities AFS:      
Net unrealized holding gains (losses) 32,315 7,139 23,233
Net realized (gains) losses included in income (126) (968) 3,313
Reclassification adjustment for securities transferred from held to maturity to available for sale 0 0 (20,434)
Income tax (expense) benefit (7,163) (1,566) (1,815)
Total other comprehensive income (loss), net of tax 25,026 4,605 4,297
Comprehensive income (loss) $ 175,712 $ 128,664 $ 65,813
v3.25.4
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stockholders’ equity $ 972,529 $ 147 $ 621,988 $ 407,864 $ (57,470)
Comprehensive income:          
Net income 61,516     61,516  
Other comprehensive income (loss) 4,297       4,297
Stock-based compensation expense 6,438   6,438    
Cash dividends on common stock (11,119)     (11,119)  
Issuance of common stock in stock-based compensation plans 10,532 3 10,529    
Purchase of common stock in stock-based compensation plans (4,509)   (4,509)    
Issuance of common stock 844   844    
Purchase and retirement of common stock (1,521) (1) (1,520)    
Stockholders’ equity 1,039,007 149 633,770 458,261 (53,173)
Net income 124,059     124,059  
Other comprehensive income (loss) 4,605       4,605
Stock-based compensation expense 6,635   6,635    
Cash dividends on common stock (16,548)     (16,548)  
Issuance of common stock in stock-based compensation plans 26,667 6 26,661    
Purchase of common stock in stock-based compensation plans (1,975)   (1,975)    
Issuance of common stock 585   585    
Purchase and retirement of common stock (10,137) (1) (10,136)    
Stockholders’ equity 1,172,898 154 655,540 565,772 (48,568)
Net income 150,686     150,686  
Other comprehensive income (loss) 25,026       25,026
Stock-based compensation expense 7,340   7,340    
Cash dividends on common stock (18,659)     (18,659)  
Issuance of common stock in stock-based compensation plans 9,560 2 9,558    
Purchase of common stock in stock-based compensation plans (12,729) (1) (12,728)    
Issuance of common stock 101   101    
Purchase and retirement of common stock (76,561) (7) (76,554)    
Stockholders’ equity $ 1,257,662 $ 148 $ 583,257 $ 697,799 $ (23,542)
v3.25.4
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]      
Cash dividends on common stock (in dollars per share) $ 1.24 $ 1.09 $ 0.75
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows From Operating Activities:      
Net income $ 150,686 $ 124,059 $ 61,516
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization and accretion 14,988 16,952 18,403
Provision for credit losses 4,250 3,850 4,990
Provision for deferred taxes (4,641) (7,382) 3,027
Increase in cash surrender value of life insurance (6,014) (5,448) (4,411)
Stock-based compensation expense 7,340 6,635 6,438
Assets (gains) losses, net (1,163) (4,212) 32,808
Gain on sale of loans held for sale, net (10,526) (8,030) (4,546)
Proceeds from sale of loans held for sale 304,395 253,121 147,906
Origination of loans held for sale (303,623) (251,318) (147,578)
Net change in accrued interest receivable and other assets (5,195) 11,737 (5,343)
Net change in accrued interest payable and other liabilities 3,038 (6,215) (5,236)
Net cash provided by (used in) operating activities 153,535 133,749 107,974
Cash Flows From Investing Activities:      
Purchases of securities AFS (140,392) (110,336) (59,734)
Proceeds from sales of securities AFS 10,950 4,987 65,749
Proceeds from sales of securities HTM 0 0 460,051
Proceeds from calls, paydowns, and maturities of securities AFS 107,163 105,831 285,407
Proceeds from calls, paydowns, and maturities of securities HTM 0 0 2,915
Net (increase) decrease in loans (206,713) (267,748) (168,801)
Purchases of other investments (4,925) (1,316) (13,465)
Proceeds from sales, paydowns, and maturities of other investments 4,530 8,128 25,085
Purchases of premises and equipment (4,092) (16,919) (18,567)
Proceeds from sales of premises and equipment 2,324 399 365
Net (increase) decrease in other real estate 406 37 12,151
Purchase of BOLI 0 (11,500) 0
Proceeds from redemption of BOLI 0 0 306
Net cash provided by (used in) investing activities (230,749) (288,437) 591,462
Cash Flows From Financing Activities:      
Net increase (decrease) in deposits 327,087 205,884 19,045
Net increase (decrease) in short-term borrowings 0 0 (317,000)
Repayments of long-term borrowings (27,400) (5,172) (59,000)
Purchase and retirement of common stock (76,561) (10,137) (1,521)
Cash dividends paid on common stock (18,659) (16,548) (11,119)
Proceeds from issuance of common stock, net 101 585 844
Proceeds from issuance of common stock in stock-based compensation plans 9,560 26,667 10,532
Purchases of common stock in stock-based compensation plans (12,729) (1,975) (4,509)
Net cash provided by (used in) financing activities 201,399 199,304 (362,728)
Net increase (decrease) in cash and cash equivalents 124,185 44,616 336,708
Cash and cash equivalents:      
Beginning cash and cash equivalents 536,047 [1] 491,431 [1] 154,723
Ending cash and cash equivalents [1] 660,232 536,047 491,431
Supplemental Disclosures of Cash Flow Information:      
Cash paid for interest 163,579 170,291 138,012
Cash paid for taxes 39,161 25,323 23,015
Transfer of securities from HTM to AFS 0 0 178,391
Transfer of loans and bank premises to other real estate owned 395 125 985
Capitalized mortgage servicing rights $ 3,771 $ 2,750 $ 1,540
[1] Cash and cash equivalents at December 31, 2025 included restricted cash totaling $0.5 million, while cash and cash equivalents at December 31, 2024, and December 31, 2023, did not include any restricted cash.
v3.25.4
Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Cash Flows [Abstract]      
Restricted cash pledged as collateral $ 0.5 $ 0.0 $ 0.0
v3.25.4
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
Nature of Banking Activities and Subsidiaries: Nicolet Bankshares, Inc. (the “Company” or “Nicolet”) was incorporated on April 5, 2000, to serve as the holding company and sole shareholder of Nicolet National Bank (the “Bank”). The Bank opened for business on November 1, 2000. Since its opening in late 2000, Nicolet has supplemented its organic growth with several acquisition transactions.

At December 31, 2025, the Company had three wholly owned subsidiaries, the Bank, Nicolet Advisory Services, LLC (“Nicolet Advisory”), and Nicolet Insurance Services, LLC (“Nicolet Insurance”). The consolidated income of the Company is derived principally from the Bank, which provides loan (primarily commercial and agricultural-based loans, as well as residential and consumer loans) and deposit products (including other banking- and deposit-related products and services, such as ATMs, safe deposit boxes, check cashing, wires, and debit cards) to businesses, consumers and municipalities principally in its trade area of Wisconsin, Michigan and Minnesota, trust services, brokerage services (delivered through the Bank and Nicolet Advisory), and the support to deliver, fund and manage all such banking and wealth management services to its customer base.

At December 31, 2025, the Bank wholly owns an investment subsidiary based in Nevada and an entity that owns the building in which Nicolet is headquartered. Nicolet Advisory is a registered investment advisor subsidiary that provides brokerage and investment advisory services to customers. Nicolet Insurance, acquired in 2021, was formed to facilitate the delivery of a crop insurance product associated with Nicolet’s agricultural lending.

Principles of Consolidation: The consolidated financial statements of the Company include the accounts of its subsidiaries. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and conform to general practices within the banking industry. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Results of operations of companies purchased, if any, are included from the date of acquisition.

Because the Company is not the primary beneficiary, the consolidated financial statements exclude the following wholly-owned variable interest entities: Mid-Wisconsin Statutory Trust, Baylake Capital Trust II, First Menasha Bancshares Statutory Trust I, First Menasha Bancshares Statutory Trust II, County Bancorp Statutory Trust II, County Bancorp Statutory Trust III, and Fox River Valley Trust I.

Operating Segment: The Bank represents the primary operating segment (as discussed above). While the chief operating decision maker monitors the revenue streams of the various products and services, and evaluates costs, balance sheet positions and quality, all such products, services and activities are directly or indirectly related to the business of community banking, with no regular, formal or material segment delineations. Operations are managed and financial performance is evaluated on a company-wide basis, and accordingly, all the financial service operations are considered to be aggregated in one reportable operating segment. See Note 21 for additional segment disclosures.

Use of Estimates: In preparing the accompanying consolidated financial statements in conformity with U.S. GAAP, the Company’s management is required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the disclosures provided. Actual results may differ from these estimates. Material estimates that are particularly susceptible to significant change in the near-term include the fair value of securities available for sale, the determination of the allowance for credit losses, acquisitions accounting, goodwill, and income taxes.

Business Combinations: The Company accounts for business combinations under the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”). The Company recognizes the full fair value of the assets acquired and liabilities assumed and immediately expenses transaction costs. If the amount of consideration exceeds the fair value of assets purchased less the fair value of liabilities assumed, goodwill is recorded. Alternatively, if the amount by which the fair value of assets purchased exceeds the fair value of liabilities assumed and consideration paid, a gain (“bargain purchase gain”) is recorded. Fair values are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Results of operations of the acquired business are included in the statements of income from the effective date of the acquisition.
Cash and Cash Equivalents: For purposes of the consolidated statements of cash flows, cash and cash equivalents include cash and due from banks, interest-earning deposits with no stated maturity, and federal funds sold. The Bank maintains amounts in due from banks which, at times, may exceed federally insured limits. Management monitors these correspondent relationships, and the Bank has not experienced any losses in such accounts.

Securities Available for Sale: Securities are classified as AFS on the consolidated balance sheets at the time of purchase and include those securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as AFS would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital considerations, and other similar factors. Securities classified as AFS are carried at fair value, with unrealized gains or losses, net of related deferred income taxes, reported as increases or decreases in accumulated other comprehensive income (loss). Realized gains or losses on sales of securities AFS (using the specific identification method) are included in the consolidated statements of income under asset gains (losses), net. Premiums and discounts are amortized or accreted into interest income over the estimated life of the related securities using the effective interest method.

Management evaluates securities AFS in unrealized loss positions on a quarterly basis to determine whether the decline in fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. In making this evaluation, management considers the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. Any impairment that is not credit-related is recognized in other comprehensive income (loss), net of related deferred income taxes. Credit-related impairment is recognized as an allowance for credit losses (“ACL”) on the balance sheet based on the amount by which the amortized cost basis exceeds the fair value, with a corresponding charge to net income. Both the ACL and charge to net income may be reversed if conditions change. However, if the Company intends to sell an impaired AFS security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment must be recognized in net income with a corresponding adjustment to the security’s amortized cost basis rather than through the establishment of an ACL.

Other Investments: Other investments include equity securities with readily determinable fair values, “restricted” equity securities, private company securities, and certificates of deposit in other banks. As a member of the Federal Reserve Bank System and the Federal Home Loan Bank (“FHLB”) System, the Bank is required to maintain an investment in the capital stock of these entities. These equity securities are “restricted” in that they can only be sold back to the respective institutions or another member institution at par. Therefore, they are less liquid than other exchange traded equity securities. As no ready market exists for these stocks, and they have no quoted market value, these investments are carried at cost. Also included are investments in other private companies that do not have quoted market prices, which are carried at cost less impairment charges, if any. Management’s evaluation of these other investments for impairment includes consideration of the financial condition and other available relevant information of the issuer.

Loans Held for Sale: Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value as determined on an aggregate basis and generally consist of current production of certain fixed-rate residential first lien mortgages. The amount by which cost exceeds fair value is recorded as a valuation allowance and charged to earnings. Changes, if any, in the valuation allowance are included in earnings in the period in which the change occurs. As of December 31, 2025 and 2024, no valuation allowance was necessary. Loans held for sale may be sold servicing retained or servicing released, and are generally sold without recourse. Gains and losses on sales of mortgage loans held for sale are included in earnings in mortgage income, net.

Loans – Originated: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are carried at their amortized cost basis, which is the unpaid principal amount outstanding, net of deferred loan fees and costs, and any direct principal charge-off. The Company made an accounting policy election to exclude accrued interest from the amortized cost basis of loans and report such accrued interest as part of accrued interest receivable and other assets on the consolidated balance sheets.

Interest income is accrued on the unpaid principal balance using the simple interest method. The accrual of interest income on loans is discontinued when, in the opinion of management, there is reasonable doubt as to the borrower’s ability to meet payment of interest or principal when due. Loans are generally placed on nonaccrual status when contractually past due 90 days or more as to interest or principal, though may be placed in such status earlier based on the circumstances. Loans past due 90 days or more may
continue on accrual only when they are well secured and / or in process of collection or renewal. When interest accrual is discontinued, all previously accrued but uncollected interest is reversed against current period interest income. Except in very limited circumstances, cash collections on nonaccrual loans are credited to the loan receivable balance and no interest income is recognized on those loans until the principal balance is paid in full. Accrual of interest may be resumed when the customer is current on all principal and interest payments and has been paying on a timely basis for a sustained period of time.

A description of each segment of the loan portfolio, including the corresponding credit risk, is included below.

Commercial and industrial loans consist primarily of commercial loans to small and mid-sized businesses within a diverse range of industries (manufacturing, wholesaling, paper, packaging, food production and processing, retail, service, and businesses supporting the general building industry). These loans are made for a wide variety of general corporate purposes, including working capital, equipment, and business expansion loans, with varying terms based upon the underlying purpose of the loan. Commercial and industrial loans are based primarily on the historical and projected cash flow of the underlying borrower, and secondarily on any underlying assets pledged by the borrower. The credit risk related to commercial and industrial loans is largely influenced by general economic conditions and the resulting impact on a borrower’s operations, or on the value of underlying collateral, if any. Credit risk is managed by employing sound underwriting guidelines, lending primarily to borrowers in local markets, formally reviewing the borrower’s financial condition on an ongoing basis, and generally require a guarantee (in full or part) from the primary business owners. Commercial bankers utilize SBA programs, where appropriate, as Nicolet is a preferred SBA lender.

Owner-occupied CRE loans primarily consist of loans within a diverse range of industries secured by business real estate that is occupied by borrowers who operate their businesses out of the underlying collateral and who may also have commercial and industrial loans. The credit risk related to owner-occupied CRE loans is largely influenced by general economic conditions and the resulting impact on a borrower’s operations, or on the value of underlying collateral. Credit risk is managed by employing sound underwriting guidelines, lending primarily to borrowers in local markets, periodically evaluating the underlying collateral, formally reviewing the borrower’s financial performance on an ongoing basis, and generally require a guarantee (in full or part) from the primary business owners.

Agricultural loans consist of loans secured by farmland and the related farming operations, primarily within the dairy industry. These loans support short-term needs (planting crops or buying feed), as well as longer term needs (fund cattle, equipment or real estate purchases and improvements) of our agricultural customers. The credit risk related to agricultural loans is largely influenced by the agricultural economy, including market prices for the cost of feed and the price of milk, and / or the underlying value of the farmland. Credit risk is managed by employing sound underwriting guidelines, regular personal contact with our agricultural customers, formally reviewing the borrower’s financial condition on an ongoing basis, and generally require a guarantee (in full or part) from the primary business owners. Agricultural bankers utilize FSA programs, where appropriate, as Nicolet is a preferred FSA lender.

The CRE investment loan classification primarily includes commercial-based mortgage loans that are secured by non-owner occupied, nonfarm / nonresidential real estate properties, and multi-family residential properties. Lending in this segment is focused on loans that are secured by commercial income-producing properties as opposed to speculative real estate development. The credit risk related to CRE investment loans is influenced by the cash flows of the properties, including vacancy experience, credit capacity of the tenants occupying the real estate, and general economic conditions, all of which may impact the borrower’s operations or the value of underlying collateral. Credit risk is managed by employing sound underwriting guidelines, lending primarily to borrowers in local markets, periodically evaluating the underlying collateral, regularly reviewing the borrower’s financial condition, and generally require a guarantee (in full or part) from the principals.

Construction and land development loans provide financing for the development of commercial income properties, multi-family residential development, and land designated for future development. The credit risk on construction loans depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost of construction. Nicolet controls the credit risk on these types of loans by making loans in familiar markets, reviewing the merits of individual projects, controlling loan structure, and monitoring the progress of projects through the analysis of construction advances. Credit risk is managed by employing sound underwriting guidelines, lending primarily to borrowers in local markets, periodically evaluating the underlying collateral, formally reviewing the borrower’s financial soundness and relationships on an ongoing basis, and generally require a guarantee (in full or part) from the principals.
Residential real estate includes residential first mortgage loans and residential junior mortgage loans (home equity lines and term loans secured by junior mortgage liens). Residential real estate also includes residential construction loans. As part of its management of originating residential mortgage loans, Nicolet generally sells the majority of its long-term, fixed-rate residential first mortgage loans in the secondary market with the servicing rights retained, and retains the adjustable-rate mortgage loans in its loan portfolio. The Company may also retain a portion of the long-term, fixed rate residential mortgage loans that do not conform with secondary market standards, but do meet other specific underwriting guidelines. Credit risk for residential real estate loans largely depends upon factors affecting the borrower’s ability to repay as well as general economic trends. Residential real estate loan underwriting is subject to specific regulations, and Nicolet typically underwrites these loans to conform with those widely accepted standards. Residential real estate loans typically have longer terms and higher balances with lower yields, but generally carry lower risks of default.

Retail loans include predominantly credit cards and other personal installment loans to individuals within Nicolet’s market areas. Retail loans are centrally underwritten utilizing the borrower’s financial history and information on the underlying collateral. Retail loans typically have shorter terms and lower balances with higher yields, but generally carry higher risks of default. Collection of these loans depends on the borrower’s financial stability, and is more likely to be affected by adverse personal circumstances.

Loans – Acquired: Loans purchased in acquisition transactions are acquired loans, and are recorded at their estimated fair value on the acquisition date.
Acquired loans that have evidence of more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated (“PCD”) loans. At acquisition, an estimate of expected credit losses is made for PCD loans. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair value to establish the initial amortized cost basis of the PCD loans. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors, resulting in a discount or premium that is amortized to interest income. For acquired loans not deemed PCD loans at acquisition, the difference between the initial fair value mark and the unpaid principal balance are recognized in interest income over the estimated life of the loans. In addition, an initial allowance for expected credit losses is estimated and recorded as provision expense at the acquisition date. The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans.

Allowance for Credit Losses - Loans: The ACL-Loans represents management’s estimate of expected credit losses over the lifetime of the loan based on loans in the Company’s loan portfolio at the balance sheet date. The Company estimates the ACL-Loans based on the amortized cost basis of the underlying loan and has made an accounting policy election to exclude accrued interest from the loan’s amortized cost basis and the related measurement of the ACL-Loans. Estimating the amount of the ACL-Loans is a function of a number of factors, including but not limited to changes in the loan portfolio, net charge-offs, trends in past due and nonaccrual loans, and the level of potential problem loans, all of which may be susceptible to significant change. Actual credit losses, net of recoveries, are deducted from the ACL-Loans. Loans are charged-off when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the ACL-Loans. A provision for credit losses, which is a charge against income, is recorded to bring the ACL-Loans to a level that, in management’s judgment, is appropriate to absorb expected credit losses in the loan portfolio.

The Company uses the current expected credit loss model (“CECL”) to estimate the ACL-Loans. This model considers historical loss rates and other qualitative adjustments, as well as a forward-looking component that considers reasonable and supportable forecasts over the expected life of each loan. To develop the ACL-Loans estimate under the CECL model, the Company segments the loan portfolio into loan pools based on loan type and similar credit risk elements; performs an individual evaluation of PCD and other credit-deteriorated loans; calculates the historical loss rates for the segmented loan pools; applies the loss rates over the calculated life of the pooled loans; adjusts for forecasted macro-level economic conditions; and determines qualitative adjustments based on factors and conditions unique to Nicolet’s portfolio.
To assess the overall appropriateness of the ACL-Loans, management applies an allocation methodology which focuses on evaluation of qualitative and environmental factors, including but not limited to: evaluation of facts and issues related to specific loans; management’s ongoing review and grading of the loan portfolio; consideration of historical loan loss and delinquency experience on each portfolio segment; trends in past due and nonaccrual loans; the risk characteristics of the various loan segments; changes in the size and character of the loan portfolio; concentrations of loans to specific borrowers or industries; existing economic conditions; the fair value of underlying collateral; and other qualitative and quantitative factors which could affect expected credit losses. Assessing these numerous factors involves significant judgment.

Management allocates the ACL-Loans by pools of risk within each loan portfolio segment. The allocation methodology consists of the following components. First, a specific reserve is established for individually evaluated PCD and other credit-deteriorated loans, which management defines as nonaccrual credit relationships over $250,000, collateral dependent loans, and other loans with evidence of credit deterioration. The specific reserve in the ACL-Loans for these credit deteriorated loans is equal to the aggregate collateral or discounted cash flow shortfall. Next, management allocates the ACL-Loans with historical loss rates by loan segment. The loss factors are measured on a quarterly basis and applied to each loan segment based on current loan balances and projected for their expected remaining life. Management also allocates the ACL-Loans using the qualitative and environmental factors mentioned above. Consideration is given to those current qualitative or environmental factors that are likely to cause estimated credit losses at the evaluation date to differ from the historical loss experience of each loan segment. Lastly, management considers reasonable and supportable forecasts to assess the collectability of future cash flows.

Allocations to the ACL-Loans may be made for specific loans but the entire ACL-Loans is available for any loan that, in management’s judgment, should be charged-off or for which an actual loss is realized. The allowance analysis is reviewed by the board of directors (the “Board”) on a quarterly basis in compliance with internal and regulatory requirements.

Credit-Related Financial Instruments: In the ordinary course of business, the Company has entered into financial instruments consisting of commitments to extend credit, financial standby letters of credit, and performance standby letters of credit. Financial standby letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party, while performance standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. Such financial instruments are recorded in the consolidated financial statements when they are funded.

Allowance for Credit Losses - Unfunded Commitments: In addition to the ACL-Loans, the Company has established an allowance for unfunded commitments, included in accrued interest payable and other liabilities on the consolidated balance sheets, representing expected credit losses over the contractual period for which the Company is exposed to credit risk resulting from a contractual obligation to extend credit. The ACL-Unfunded Commitments is maintained at a level that management believes is sufficient to absorb losses arising from unfunded loan commitments, and is determined quarterly based on methodology similar to the methodology for determining the ACL-Loans.

Transfers of Financial Assets: Transfers of financial assets, primarily in loan participation activities, are accounted for as sales only when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of the right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return assets.

Premises and Equipment: Premises and equipment are stated at cost less accumulated depreciation and amortization. Premises and equipment from acquisitions were recorded at estimated fair value on the respective dates of acquisition. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the estimated useful lives of the improvements or the terms of the related leases. Maintenance and repairs are expensed as incurred.

Estimated useful lives of new premises and equipment generally range as follows:
Building and improvements 
25 – 40 years
Leasehold improvements 
5 – 15 years
Furniture and equipment 
3 – 10 years
Operating Leases: The Company accounts for its operating leases in accordance with ASC 842, Leases, which requires lessees to record almost all leases on the balance sheet as a right-of-use (“ROU”) asset and lease liability. The operating lease ROU asset represents the right to use an underlying asset during the lease term (included in accrued interest receivable and other assets on the consolidated balance sheets), while the operating lease liability represents the obligation to make lease payments arising from the lease (included in accrued interest payable and other liabilities on the consolidated balance sheets). The ROU asset and lease liability are recognized at lease commencement based on the present value of the remaining lease payments, considering a discount rate that represents Nicolet’s incremental borrowing rate. Operating lease expense is recognized on a straight-line basis over the lease term and is recognized in occupancy, equipment, and office on the consolidated statements of income.

Other Real Estate Owned (“OREO”): OREO acquired through partial or total satisfaction of loans or bank facilities no longer in use are carried at fair value less estimated costs to sell. Any write-down in the carrying value of loans or vacated bank premises at the time of transfer to OREO is charged to the ACL-Loans or to write-down of assets, respectively. OREO properties acquired in conjunction with acquisition transactions were recorded at fair value on the date of acquisition. Any subsequent write-downs to reflect current fair value, as well as gains or losses on disposition and revenues and expenses incurred to hold and maintain such properties, are treated as period costs.

Goodwill and Other Intangibles: Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired. Goodwill is not amortized but, instead, is subject to impairment tests on at least an annual basis or more frequently if certain events or circumstances occur. Other intangibles include core deposit intangibles (which represent the value of acquired customer core deposit bases) and customer list intangibles. The core deposit intangibles have an estimated finite life, are amortized on an accelerated basis over a 10-year period, and are subject to periodic impairment evaluation. The customer list intangibles have finite lives, are amortized on a straight-line basis to expense over their estimated average life, and are subject to periodic impairment evaluation.

Management periodically reviews the carrying value of its intangible assets to determine if any impairment has occurred, in which case an impairment charge would be recorded as an expense in the period of impairment, or whether changes in circumstances have occurred that would require a revision to the remaining useful life which would impact expense prospectively. In making such determination, management evaluates whether there are any adverse qualitative factors indicating that an impairment may exist, as well as the performance, on an undiscounted basis, of the underlying operations or assets which give rise to the intangible.

Mortgage Servicing Rights (“MSRs”):  The Company sells originated residential mortgages into the secondary market and retains the right to service the loans sold. A mortgage servicing right asset (liability) is capitalized upon sale of such loans with the offsetting effect recorded as a gain (loss) on sale of loans in earnings (included in mortgage income, net), representing the then-current estimated fair value of future net cash flows expected to be realized for performing the servicing activities.  MSRs when purchased (including MSRs purchased in acquisitions) are initially recorded at their then-estimated fair value.  As the Company has not elected to measure any class of servicing assets under the fair value method, the Company utilizes the amortization method.  MSRs are amortized in proportion to and over the period of estimated net servicing income, with the amortization charged to earnings (included in mortgage income, net). MSRs are carried at the lower of initial capitalized amount, net of accumulated amortization, or estimated fair value, and are included in other assets in the consolidated balance sheets.  Mortgage loan servicing fee income is typically based on a contractual percentage of the outstanding principal and is recorded as income when earned (included in mortgage income, net with less material late fees and ancillary fees related to loan servicing).

At each reporting date, the MSR asset is assessed for impairment based on the estimated fair value, which considers the estimated prepayment speeds and stratifications based on the risk characteristics of the underlying loans serviced (predominantly loan type and note interest rate). The value of MSRs is adversely affected when mortgage interest rates decline and mortgage loan prepayments increase.  A valuation allowance is established through a charge to earnings (included in mortgage income, net) to the extent the amortized cost of the MSRs exceeds the estimated fair value by stratification.  If it is later determined that all or a portion of the temporary impairment no longer exists for a stratification, the valuation is reduced through a recovery to earnings, though not beyond the net amortized cost.  An other-than-temporary impairment (i.e., recoverability is considered remote when considering interest rates and loan payoff activity) is recognized as a write-down of the MSRs and the related valuation allowance (to the extent a valuation allowance is available) and then against earnings.  A direct write-down permanently reduces the carrying value of the MSRs and valuation allowance, precluding subsequent recoveries. 
Loan Servicing Rights (“LSRs”):  The Company acquired agricultural loan servicing rights in connection with a bank acquisition in 2021. These LSRs were recorded at estimated fair value upon acquisition, and are subsequently accounted for utilizing the amortization method (included in other assets in the consolidated balance sheets); thus, the LSRs are amortized in proportion to and over the period of estimated net servicing income, with the amortization charged to earnings. The LSRs are assessed for impairment at each reporting date based on estimated fair value. Impairment is determined by stratifying the rights into tranches based on predominant characteristics, such as interest rate, loan type, and investor type. A valuation allowance is established through a charge to earnings to the extent that estimated fair value is less than the carrying amount of the servicing assets for an individual tranche. The valuation allowance is adjusted to reflect changes in the measurement of impairment through either recovery or additions to the valuation allowance, with such changes reported as a component of loan servicing fees on the consolidated statements of income. Fair value in excess of the carrying amount of servicing assets is not recognized. The amortization of loan servicing rights is reflected net of loan servicing fee income. Loan servicing fee income is based on a contractual percentage of the outstanding principal and is recorded as income when earned.

Bank-owned Life Insurance (“BOLI”): The Company owns BOLI on certain executives and employees. BOLI balances are recorded at their cash surrender values. Changes in the cash surrender values and death proceeds exceeding carrying values are included in BOLI income.

Stock-based Compensation: Stock-based payments to employees, including grants of restricted stock awards, restricted stock units, or stock options, are valued at fair value of the award on the date of grant and expensed on a straight-line basis as compensation expense over the applicable vesting period. In addition, certain restricted stock units vest upon the satisfaction of specific performance-based metrics over a defined performance period. A Black-Scholes model is utilized to estimate the fair value of stock options and the quoted market price of the Company’s stock at the date of grant is used to estimate the fair value of restricted stock.

Income Taxes: The Company files a consolidated federal income tax return with its wholly owned subsidiaries and files state income tax returns with the various taxing jurisdictions based on its taxable presence. Amounts equal to tax benefits of those subsidiaries having taxable federal or state losses or credits are reimbursed by the entities that incur federal or state tax liabilities.

Amounts provided for income tax expense are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable under tax laws. Deferred income tax assets and liabilities are computed quarterly for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax rates applicable to the periods in which the differences are expected to affect taxable income. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through income tax expense. Valuation allowances are established when it is more likely than not that a portion of the full amount of the deferred tax asset will not be realized. In assessing the ability to realize deferred tax assets, management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies.

At acquisition, deferred taxes were evaluated in respect to the acquired assets and assumed liabilities (including the acquired net operating losses), and a net deferred tax asset was recorded. Certain limitations within the provisions of the tax code are placed on the amount of net operating losses which can be utilized as part of acquisition accounting rules and were incorporated into the calculation of the deferred tax asset. In addition, a portion of the fair value discounts on PCD loans which resolved in the first twelve months after the acquisition were disallowed under provisions of the tax code.

The Company may also recognize a liability for unrecognized tax benefits from uncertainty in income tax positions. Unrecognized tax benefits represent the differences between a tax position taken or expected to be taken in a tax return and the benefit recognized and measured in the consolidated financial statements. At December 31, 2025, the Company determined it had no significant uncertainty in income tax positions. Interest and penalties related to unrecognized tax benefits are classified as income tax expense.

At December 31, 2025, the Company was not under examination by any taxing authority.

Earnings per Common Share: Basic earnings per common share are calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of outstanding common stock awards unless the impact is anti-dilutive, by application of the treasury stock method.
Treasury Stock: Treasury stock is accounted for at cost on a first-in-first-out basis. It is the Company’s general practice to cancel treasury stock shares in the same quarter as purchased, and thus, not carry a treasury stock balance.

Comprehensive Income: Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on securities AFS, are reported in accumulated other comprehensive income (loss), as a separate component of the equity section of the balance sheet. Realized gains or losses are reclassified to current period income. Changes in these items, along with net income, are components of comprehensive income (loss). The Company presents comprehensive income in a separate consolidated statement of comprehensive income.

Revenue Recognition: Accounting principles (ASC 606, Revenue from Contracts with Customers) require that an entity recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The guidance includes a five-step model to apply to revenue recognition, consisting of the following: (1) identify the contract; (2) identify the performance obligation in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations; and (5) recognize revenue when or as the performance obligation is satisfied. ASC 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities, as well as certain noninterest income categories, such as gains or losses associated with mortgage servicing rights and income from BOLI. Descriptions of the Company’s primary revenue contracts within the scope of this revenue recognition guidance are discussed in detail below.

Trust services and brokerage fee income: A contract between the Company and its customers to provide fiduciary and / or investment administration services on trust accounts and brokerage accounts in exchange for a fee. Trust services and brokerage fee income is generally based upon the month-end market value of the assets under management and the applicable fee rate, which is recognized over the period the underlying trust or brokerage account is serviced (generally on a monthly basis). Such contracts are generally cancellable at any time, with the customer subject to a pro-rated fee in the month of termination.

Service charges on deposit accounts: The deposit contract obligates the Company to serve as a custodian of the customer’s deposited funds and generally can be terminated at will by either party. This contract permits the customer to access the funds on deposit and request additional services related to the deposit account. Service charges on deposit accounts consist of account analysis fees (net fees earned on analyzed business and public checking accounts), monthly service charges, nonsufficient fund (“NSF”) charges, and other deposit account related charges. The Company’s performance obligation for account analysis fees and monthly service charges is generally satisfied, and the related revenue recognized, over the period in which the service is provided (typically on a monthly basis); while NSF charges and other deposit account related charges are largely transactional based and the related revenue is recognized at the time the service is provided.

Card interchange income: A contract between the Company, as a card-issuing bank, and its customers whereby the Company receives a transaction fee from the merchant’s bank whenever a customer uses a debit or credit card to make a purchase. The performance obligation is completed and the fees are recognized as the service is provided (i.e., when the customer uses a debit or credit card).

Recent Accounting Pronouncements Adopted: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation table, as well as income taxes paid disaggregated by jurisdiction. These expanded disclosures allow investors to better assess how an entity’s overall operations, including the related tax risks, tax planning, and operational opportunities, affect its income tax rate and prospects for future cash flows. The updated guidance is effective for annual periods beginning after December 15, 2024, and did not have a material impact on the consolidated financial statements. See Note 13 for the new income tax disclosures.

Future Accounting Pronouncements: In November 2025, the FASB issued ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans. This ASU expands the scope of the “gross up” method, formerly applicable only to PCD loans, to include non-PCD loans that meet certain criteria, now referred to as “purchased seasoned loans” (“PSLs”). Under this model, an allowance for expected credit losses is recognized at acquisition, offsetting the loan’s amortized cost basis, thereby eliminating the day one credit loss expense previously required for non-PCD loans. PSLs are defined as non-PCD loans acquired (1) through a business combination, or (2) purchased more than 90 days after origination when the acquirer was not involved in the origination.
The updated guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this ASU make targeted improvements to improve the operability of the guidance in consideration of the different methods of software development. Specifically, this update removes all references to prescriptive and sequential software development stages; rather, an entity is required to start capitalizing software costs when both of the following occur: management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. The updated guidance is effective for annual reporting periods beginning after December 15, 2027.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this ASU require disclosure in the notes to financial statements of specified information about certain expenses, such as employee compensation, depreciation, and intangible asset amortization. The updated guidance is effective for annual reporting periods beginning after December 15, 2026.

Reclassifications: Certain amounts in the 2024 and 2023 financial statements have been reclassified to conform to the 2025 presentation, namely Certificates of deposit in other banks has been consolidated into Other investments on the consolidated balance sheets. This reclassification was not material and did not impact any other previously reported financial statement line items.
v3.25.4
ACQUISITION
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITION ACQUISITION
MidWestOne Financial Group, Inc. (“MidWestOne”): On February 13, 2026, Nicolet completed its merger with MidWestOne, at which time MidWestOne merged with and into Nicolet, and MidWestOne Bank, the wholly owned bank subsidiary of MidWestOne, was merged with and into Nicolet National Bank. MidWestOne Bank will operate as a division of Nicolet National Bank until the planned system conversion in August 2026. At that time, all MidWestOne locations will transition to the Nicolet brand and digital banking platform, expanding Nicolet’s presence in Iowa, the Twin Cities, Western Wisconsin, and Denver.
Based on initial financial data, the addition of MidWestOne added approximately $6 billion in assets to increase Nicolet’s total assets to approximately $15 billion. Total loans of the combined company will increase to approximately $11 billion and total deposits will increase to approximately $13 billion. As a result of the merger, Nicolet issued approximately 6.6 million shares of common stock for stock consideration valued at approximately $1.0 billion, based upon the closing stock price of $155.19 for Nicolet’s common stock on February 13, 2026.
v3.25.4
SECURITIES AND OTHER INVESTMENTS
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
SECURITIES AND OTHER INVESTMENTS SECURITIES AND OTHER INVESTMENTS
Securities
Securities are classified as AFS or HTM on the consolidated balance sheets at the time of purchase. AFS securities include those securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity, and are carried at fair value on the consolidated balance sheets. HTM securities include those securities which the Company has both the positive intent and ability to hold to maturity, and are carried at amortized cost on the consolidated balance sheets.
The amortized cost and fair value of securities available for sale are summarized as follows.
 December 31, 2025
(in thousands)Amortized
Cost		Gross Unrealized GainsGross Unrealized LossesFair
Value
Securities AFS:
U.S. Treasury securities$25,056 $2 $1,004 $24,054 
U.S. government agency securities4,189 4 21 4,172 
State, county and municipals289,826 323 15,325 274,824 
Mortgage-backed securities513,715 3,898 20,832 496,781 
Corporate debt securities61,302 226 1,525 60,003 
Total securities AFS$894,088 $4,453 $38,707 $859,834 
 December 31, 2024
(in thousands)Amortized
Cost		Gross Unrealized GainsGross Unrealized LossesFair
Value
Securities AFS:
U.S. Treasury securities$15,795 $— $1,767 $14,028 
U.S. government agency securities5,563 — 43 5,520 
State, county and municipals310,931 116 26,344 284,703 
Mortgage-backed securities455,386 1,101 34,534 421,953 
Corporate debt securities85,183 — 4,972 80,211 
Total securities AFS$872,858 $1,217 $67,660 $806,415 
Proceeds and realized gains / losses from the sale of securities were as follows.
 Years Ended December 31,
(in thousands)202520242023
Securities AFS:
Gross gains$140 $1,038 $268 
Gross losses(14)(70)(3,581)
   Gains (losses) on sales of securities AFS, net$126 $968 $(3,313)
Proceeds from sales of securities AFS$10,950 $4,987 $65,749 
Securities HTM:
Gross gains$— $— $— 
Gross losses— — (37,723)
Gains (losses) on sales of securities HTM, net$— $— $(37,723)
Proceeds from sales of securities HTM$— $— $460,051 
During first quarter 2023, Nicolet executed the sale of $500 million (par value) U.S. Treasury HTM securities for a pre-tax loss of $38 million or an after-tax loss of $28 million. As a result of the sale of securities previously classified as HTM, the remaining unsold portfolio of HTM securities was reclassified to AFS with a carrying value of approximately $157 million (at the time of reclassification), and the unrealized loss on this portfolio of $20 million (at the time of reclassification) increased the balance of accumulated other comprehensive loss $15 million, net of the deferred tax effect.
All mortgage-backed securities included in the securities portfolio were issued by U.S. government agencies and corporations. Securities with a fair value of $497 million and $355 million as of December 31, 2025 and 2024, respectively, were pledged as collateral to secure public deposits and borrowings, as applicable, and for liquidity or other purposes as required by regulation. Accrued interest on securities totaled $5 million at both December 31, 2025 and 2024, respectively, and is included in accrued interest receivable and other assets on the consolidated balance sheets.

The following tables present gross unrealized losses and the related estimated fair value of investment securities for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time the individual securities have been in a continuous unrealized loss position.
 December 31, 2025
 Less than 12 months12 months or moreTotal
($ in thousands)Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Number of Securities
Securities AFS:
U.S. Treasury securities$— $— $14,598 $1,004 $14,598 $1,004 1 
U.S. government agency securities411 — 2,825 21 3,236 21 8 
State, county and municipals7,002 38 229,648 15,287 236,650 15,325 388 
Mortgage-backed securities31,213 145 232,400 20,687 263,613 20,832 376 
Corporate debt securities2,332 20 40,093 1,505 42,425 1,525 30 
Total$40,958 $203 $519,564 $38,504 $560,522 $38,707 803 
 December 31, 2024
 Less than 12 months12 months or moreTotal
($ in thousands)Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Number of Securities
Securities AFS:
U.S. Treasury securities$— $— $14,028 $1,767 $14,028 $1,767 1 
U.S. government agency securities1,918 11 3,602 32 5,520 43 10 
State, county and municipals43,565 1,497 228,355 24,847 271,920 26,344 528 
Mortgage-backed securities79,899 1,105 252,612 33,429 332,511 34,534 429 
Corporate debt securities7,048 63 68,332 4,909 75,380 4,972 50 
Total$132,430 $2,676 $566,929 $64,984 $699,359 $67,660 1,018 
During first quarter 2023, the Company recognized provision expense of $2.3 million related to the expected credit loss on a bank subordinated debt investment (acquired in an acquisition), and immediately charged-off the full investment. The Company does not consider its remaining securities AFS with unrealized losses to be attributable to credit-related factors, as the unrealized losses in each category have occurred as a result of changes in noncredit-related factors such as changes in interest rates, market spreads and market conditions subsequent to purchase, not credit deterioration. Furthermore, the Company does not have the intent to sell any of these securities AFS and believes that it is more likely than not that we will not have to sell any such securities before a recovery of cost. For the years ended December 31, 2025, 2024, and 2023, no allowance for credit losses on securities AFS was recognized.

The amortized cost and fair value of investment securities by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; as this is particularly inherent in mortgage-backed securities, these securities are not included in the maturity categories below.
As of December 31, 2025
Securities AFS
(in thousands)Amortized CostFair Value
Due in less than one year$27,185 $27,119 
Due in one year through five years182,407 174,587 
Due after five years through ten years97,170 91,830 
Due after ten years73,611 69,517 
 380,373 363,053 
Mortgage-backed securities513,715 496,781 
   Total$894,088 $859,834 
Other Investments
Other investments include “restricted” equity securities, equity securities with readily determinable fair values, and private company securities. The carrying value of other investments are summarized as follows.
(in thousands)December 31, 2025December 31, 2024
Federal Reserve Bank stock$33,541 $33,335 
FHLB stock7,735 9,674 
Equity securities with readily determinable fair values9,505 8,610 
Other investments12,466 10,506 
   Total other investments$63,247 $62,125 
v3.25.4
LOANS, ALLOWANCE FOR CREDIT LOSSES - LOANS, AND CREDIT QUALITY
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
LOANS, ALLOWANCE FOR CREDIT LOSSES - LOANS, AND CREDIT QUALITY LOANS, ALLOWANCE FOR CREDIT LOSSES - LOANS, AND CREDIT QUALITY
Loans:
The loan composition was as follows.
 December 31, 2025December 31, 2024
(in thousands)Amount% of TotalAmount% of Total
Commercial & industrial$1,367,522 20 %$1,319,763 20 %
Owner-occupied commercial real estate (“CRE”)939,587 14 940,367 14 
Agricultural1,415,425 21 1,322,038 20 
  Commercial3,722,534 55 3,582,168 54 
CRE investment1,188,351 17 1,221,826 18 
Construction & land development326,638 5 239,694 4 
  Commercial real estate1,514,989 22 1,461,520 22 
    Commercial-based loans5,237,523 77 5,043,688 76 
Residential construction95,268 1 96,110 1 
Residential first mortgage1,193,683 17 1,196,158 18 
Residential junior mortgage268,188 4 234,634 4 
  Residential real estate1,557,139 22 1,526,902 23 
Retail & other41,683 1 55,994 1 
    Retail-based loans1,598,822 23 1,582,896 24 
      Loans6,836,345 100 %6,626,584 100 %
Less ACL-Loans68,806 66,322 
   Loans, net$6,767,539 $6,560,262 
ACL-Loans to loans1.01 %1.00 %

Accrued interest on loans totaled $21 million and $20 million at December 31, 2025 and December 31, 2024, respectively, and is included in accrued interest receivable and other assets on the consolidated balance sheets.

Allowance for Credit Losses-Loans:
The majority of the Company’s loans, commitments, and letters of credit have been granted to customers in the Company’s market area. Although the Company has a diversified loan portfolio, the credit risk in the loan portfolio is largely influenced by general economic conditions and trends of the counties and markets in which the debtors operate, and the resulting impact on the operations of borrowers or on the value of underlying collateral, if any.
A roll forward of the allowance for credit losses - loans was as follows.
 Years Ended December 31,
(in thousands)202520242023
Beginning balance$66,322 $63,610 $61,829 
Provision for credit losses4,300 3,750 2,650 
Charge-offs(2,263)(1,493)(1,653)
Recoveries447 455 784 
    Net (charge-offs) recoveries(1,816)(1,038)(869)
Ending balance$68,806 $66,322 $63,610 
The following table presents the balance and activity in the ACL-Loans by portfolio segment.
Year Ended December 31, 2025
(in thousands)Commercial
& industrial		Owner-
occupied
CRE		AgriculturalCRE
investment		Construction & land
development		Residential
construction		Residential
first mortgage		Residential
junior
mortgage		Retail
& other		Total
ACL-Loans
Beginning balance$16,147 $5,362 $9,957 $14,616 $2,658 $1,234 $12,590 $2,827 $931 $66,322 
Provision2,154 (79)(458)422 953 16 817 522 (47)4,300 
Charge-offs(1,577)(189)(65)— — — (98)(2)(332)(2,263)
Recoveries181 195 — — — — 1 4 66 447 
Net (charge-offs) recoveries(1,396)6 (65)— — — (97)2 (266)(1,816)
Ending balance$16,905 $5,289 $9,434 $15,038 $3,611 $1,250 $13,310 $3,351 $618 $68,806 
As % of ACL-Loans24 %8 %14 %22 %5 %2 %19 %5 %1 %100 %

For comparison purposes, the following table presents the balance and activity in the ACL-Loans by portfolio segment for the prior year-end period.
Year Ended December 31, 2024
(in thousands)Commercial
& industrial		Owner-
occupied
CRE		AgriculturalCRE
investment		Construction & land
development		Residential
construction		Residential
first mortgage		Residential
junior
mortgage		Retail
& other		Total
ACL-Loans
Beginning balance$15,225 $9,082 $12,629 $12,693 $2,440 $916 $7,320 $2,098 $1,207 $63,610 
Provision1,789 (3,844)(2,672)1,923 218 318 5,237 720 61 3,750 
Charge-offs(918)(120)— — — — — — (455)(1,493)
Recoveries51 244 — — — — 33 9 118 455 
Net (charge-offs) recoveries(867)124 — — — — 33 9 (337)(1,038)
Ending balance$16,147 $5,362 $9,957 $14,616 $2,658 $1,234 $12,590 $2,827 $931 $66,322 
As % of ACL-Loans24 %8 %15 %22 %4 %2 %19 %4 %2 %100 %

Allowance for Credit Losses-Unfunded Commitments:
In addition to the ACL-Loans, the Company has established an ACL-Unfunded Commitments of $3.0 million and $3.1 million at December 31, 2025 and December 31, 2024, respectively, classified in accrued interest payable and other liabilities on the consolidated balance sheets.

Provision for Credit Losses:
The provision for credit losses is determined by the Company as the amount to be added to the ACL loss accounts for various types of financial instruments (including loans, investment securities, and off-balance sheet credit exposures) after net charge-offs have been deducted to bring the ACL to a level that, in management’s judgment, is necessary to absorb expected credit losses over the lives of the respective financial instruments. The following table presents the components of the provision for credit losses.

Years Ended December 31,
(in thousands)202520242023
Provision for credit losses on:
Loans$4,300 $3,750 $2,650 
Unfunded commitments(50)100 — 
Investment securities— — 2,340 
  Total provision for credit losses$4,250 $3,850 $4,990 
Collateral Dependent Loans:
A loan is considered to be collateral dependent when, based upon management’s assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. For collateral dependent loans, expected credit losses are based on the fair value of the collateral at the balance sheet date, with consideration for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. The following table presents collateral dependent loans by portfolio segment and collateral type, including those loans with and without a related allowance allocation.

December 31, 2025
Collateral Type
(in thousands)Real EstateOther Business AssetsTotalWithout an AllowanceWith an AllowanceAllowance Allocation
Commercial & industrial$— $9,111 $9,111 $5,986 $3,125 $322 
Owner-occupied CRE5,755 — 5,755 5,755 — — 
Agricultural6,784 3,589 10,373 10,373 — — 
CRE investment497 — 497 497 — — 
Construction & land development— — — — — — 
Residential construction— — — — — — 
Residential first mortgage1,847 — 1,847 1,486 361 1 
Residential junior mortgage166 — 166 166 — — 
Retail & other— — — — — — 
Total loans$15,049 $12,700 $27,749 $24,263 $3,486 $323 
December 31, 2024Collateral Type
(in thousands)Real EstateOther Business AssetsTotalWithout an AllowanceWith an AllowanceAllowance Allocation
Commercial & industrial$— $7,788 $7,788 $4,047 $3,741 $723 
Owner-occupied CRE3,744 — 3,744 3,378 366 49 
Agricultural5,964 3,740 9,704 9,704 — — 
CRE investment1,488 — 1,488 1,488 — — 
Construction & land development— — — — — — 
Residential construction— — — — — — 
Residential first mortgage242 — 242 242 — — 
Residential junior mortgage— — — — — — 
Retail & other14 — 14 — 14 1 
Total loans$11,452 $11,528 $22,980 $18,859 $4,121 $773 
Past Due and Nonaccrual Loans:
The following tables present past due loans by portfolio segment.
 December 31, 2025
(in thousands)30-89 Days Past
Due (accruing)		90 Days & Over
or nonaccrual		CurrentTotal
Commercial & industrial$541 $10,314 $1,356,667 $1,367,522 
Owner-occupied CRE3,311 6,938 929,338 939,587 
Agricultural123 10,476 1,404,826 1,415,425 
CRE investment250 497 1,187,604 1,188,351 
Construction & land development29 — 326,609 326,638 
Residential construction601 — 94,667 95,268 
Residential first mortgage5,305 3,022 1,185,356 1,193,683 
Residential junior mortgage494 311 267,383 268,188 
Retail & other453 121 41,109 41,683 
Total loans$11,107 $31,679 $6,793,559 $6,836,345 
Percent of total loans0.1 %0.5 %99.4 %100.0 %
 
 December 31, 2024
(in thousands)30-89 Days Past
Due (accruing)		90 Days & Over
or nonaccrual		CurrentTotal
Commercial & industrial$693 $8,534 $1,310,536 $1,319,763 
Owner-occupied CRE177 4,547 935,643 940,367 
Agricultural— 9,969 1,312,069 1,322,038 
CRE investment— 1,688 1,220,138 1,221,826 
Construction & land development67 — 239,627 239,694 
Residential construction291 — 95,819 96,110 
Residential first mortgage3,989 3,370 1,188,799 1,196,158 
Residential junior mortgage333 185 234,116 234,634 
Retail & other237 126 55,631 55,994 
Total loans$5,787 $28,419 $6,592,378 $6,626,584 
Percent of total loans0.1 %0.4 %99.5 %100.0 %
The following table presents nonaccrual loans by portfolio segment. The nonaccrual loans without a related allowance for credit losses have been reflected in the collateral dependent loans table above.
 Total Nonaccrual Loans
(in thousands)
December 31, 2025
% to Total
December 31, 2024
% to Total
Commercial & industrial$10,314 32 %$8,534 30 %
Owner-occupied CRE6,938 22 4,547 16 
Agricultural10,476 33 9,969 35 
CRE investment497 2 1,688 6 
Construction & land development— — — — 
Residential construction— — — — 
Residential first mortgage3,022 10 3,370 12 
Residential junior mortgage311 1 185 1 
Retail & other121 — 126 — 
   Nonaccrual loans$31,679 100 %$28,419 100 %
Percent of total loans0.5 %0.4 %
Credit Quality Information:
The following tables present total loans by risk categories and year of origination. Acquired loans have been included based upon the actual origination date.
December 31, 2025
Amortized Cost Basis by Origination Year
(in thousands)20252024202320222021PriorRevolvingRevolving to TermTOTAL
Commercial & industrial
Grades 1-4$297,093 $144,896 $92,466 $84,058 $80,057 $77,686 $424,640 $— $1,200,896 
Grade 54,152 6,622 14,051 12,515 3,471 6,448 53,059 — 100,318 
Grade 613,593 896 1,497 2,677 826 — 13,285 — 32,774 
Grade 7 *805 2,580 3,612 4,170 4,901 4,817 12,649 — 33,534 
Total$315,643 $154,994 $111,626 $103,420 $89,255 $88,951 $503,633 $— $1,367,522 
Current period gross charge-offs$(125)$(103)$(45)$(76)$(524)$(8)$(696)$— $(1,577)
Owner-occupied CRE
Grades 1-4$132,613 $84,209 $77,111 $134,342 $113,456 $262,006 $2,321 $— $806,058 
Grade 51,653 6,496 12,864 14,243 24,479 25,868 49 — 85,652 
Grade 6— 13,038 1,511 1,311 — 1,097 — — 16,957 
Grade 7 *— 1,676 3,718 1,970 6,523 17,033 — — 30,920 
Total$134,266 $105,419 $95,204 $151,866 $144,458 $306,004 $2,370 $— $939,587 
Current period gross charge-offs$— $— $— $— $— $(189)$— $— $(189)
Agricultural
Grades 1-4$178,383 $178,254 $122,462 $233,078 $109,828 $184,017 $290,983 $— $1,297,005 
Grade 59,136 2,956 4,910 10,910 7,110 16,267 26,604 — 77,893 
Grade 61,197 — 595 137 — 5,997 1,632 — 9,558 
Grade 7 *937 381 1,278 3,926 6,982 12,412 5,053 — 30,969 
Total$189,653 $181,591 $129,245 $248,051 $123,920 $218,693 $324,272 $— $1,415,425 
Current period gross charge-offs$— $— $— $— $— $— $(65)$— $(65)
CRE investment
Grades 1-4$107,033 $115,996 $40,985 $233,167 $193,969 $438,694 $12,801 $— $1,142,645 
Grade 5— 3,608 1,177 4,694 12,622 19,183 — — 41,284 
Grade 6— — — 3,204 — — — — 3,204 
Grade 7 *— — 552 — — 666 — — 1,218 
Total$107,033 $119,604 $42,714 $241,065 $206,591 $458,543 $12,801 $— $1,188,351 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Construction & land development
Grades 1-4$90,203 $125,309 $26,359 $25,189 $42,103 $11,642 $2,205 $— $323,010 
Grade 5— 375 39 1,943 215 830 — — 3,402 
Grade 6— — — 166 — — — — 166 
Grade 7 *— — — 60 — — — — 60 
Total$90,203 $125,684 $26,398 $27,358 $42,318 $12,472 $2,205 $— $326,638 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential construction
Grades 1-4$77,376 $12,131 $872 $2,917 $1,572 $400 $— $— $95,268 
Grade 7 *— — — — — — — — — 
Total$77,376 $12,131 $872 $2,917 $1,572 $400 $— $— $95,268 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential first mortgage
Grades 1-4$164,721 $118,575 $139,900 $310,381 $194,581 $253,195 $824 $— $1,182,177 
Grade 5449 1,184 1,348 986 564 1,642 — — 6,173 
Grade 7 *— 399 378 1,421 1,316 1,819 — — 5,333 
Total$165,170 $120,158 $141,626 $312,788 $196,461 $256,656 $824 $— $1,193,683 
Current period gross charge-offs$— $(85)$— $— $— $(13)$— $— $(98)
Residential junior mortgage
Grades 1-4$9,258 $5,317 $6,072 $3,531 $2,539 $6,869 $229,989 $3,664 $267,239 
Grade 5— 12 — 454 — — 171 — 637 
Grade 7 *— — — 48 — — 264 — 312 
Total$9,258 $5,329 $6,072 $4,033 $2,539 $6,869 $230,424 $3,664 $268,188 
Current period gross charge-offs$— $— $— $— $— $(2)$— $— $(2)
Retail & other
Grades 1-4$6,696 $3,821 $2,930 $3,485 $1,798 $3,997 $18,832 $— $41,559 
Grade 7 *60 4 53 — 7 — — — 124 
Total$6,756 $3,825 $2,983 $3,485 $1,805 $3,997 $18,832 $— $41,683 
Current period gross charge-offs$— $(13)$(11)$— $— $(14)$(294)$— $(332)
Total loans$1,095,358 $828,735 $556,740 $1,094,983 $808,919 $1,352,585 $1,095,361 $3,664 $6,836,345 
* The total Grade 7 loans at December 31, 2025, included $15 million of loans covered by government loan program guarantees.
December 31, 2024Amortized Cost Basis by Origination Year
(in thousands)20242023202220212020PriorRevolvingRevolving to TermTOTAL
Commercial & industrial
Grades 1-4$225,888 $156,368 $173,824 $123,601 $41,811 $84,687 $398,708 $— $1,204,887 
Grade 52,326 4,061 7,315 9,066 1,992 7,362 41,773 — 73,895 
Grade 6148 1,300 960 50 186 1,326 5,168 — 9,138 
Grade 7 *314 5,773 4,331 1,081 1,713 4,277 14,354 — 31,843 
Total$228,676 $167,502 $186,430 $133,798 $45,702 $97,652 $460,003 $— $1,319,763 
Current period gross charge-offs$— $(110)$(68)$(26)$(58)$(356)$(300)$— $(918)
Owner-occupied CRE
Grades 1-4$102,650 $101,966 $155,261 $151,051 $79,073 $271,425 $4,411 $— $865,837 
Grade 51,858 7,559 6,964 7,830 3,542 18,182 24 — 45,959 
Grade 61,650 — — — 68 5,996 50 — 7,764 
Grade 7 *— 1,438 2,387 6,210 6,618 4,154 — — 20,807 
Total$106,158 $110,963 $164,612 $165,091 $89,301 $299,757 $4,485 $— $940,367 
Current period gross charge-offs$— $— $(90)$— $— $(30)$— $— $(120)
Agricultural
Grades 1-4$201,827 $151,827 $262,806 $124,527 $71,710 $145,128 $270,147 $— $1,227,972 
Grade 58,396 5,441 3,531 4,047 1,678 23,111 9,618 — 55,822 
Grade 61,314 — — — — 1,790 1,044 — 4,148 
Grade 7 *785 2,541 6,388 6,085 468 13,693 4,136 — 34,096 
Total$212,322 $159,809 $272,725 $134,659 $73,856 $183,722 $284,945 $— $1,322,038 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
CRE investment
Grades 1-4$102,931 $53,725 $240,553 $238,275 $159,838 $347,836 $7,103 $— $1,150,261 
Grade 56,542 4,205 10,999 7,763 8,002 31,037 24 — 68,572 
Grade 7 *— 1,034 177 — — 1,782 — — 2,993 
Total$109,473 $58,964 $251,729 $246,038 $167,840 $380,655 $7,127 $— $1,221,826 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Construction & land development
Grades 1-4$87,004 $42,684 $40,812 $46,413 $7,976 $7,409 $1,884 $— $234,182 
Grade 51,317 43 30 3,074 411 487 — — 5,362 
Grade 7 *— — 150 — — — — — 150 
Total$88,321 $42,727 $40,992 $49,487 $8,387 $7,896 $1,884 $— $239,694 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential construction
Grades 1-4$78,894 $9,307 $4,425 $1,706 $132 $429 $926 $— $95,819 
Grade 5291 — — — — — — — 291 
Total$79,185 $9,307 $4,425 $1,706 $132 $429 $926 $— $96,110 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential first mortgage
Grades 1-4$138,068 $174,494 $347,351 $219,376 $117,625 $184,004 $119 $1 $1,181,038 
Grade 5627 319 1,586 1,192 768 3,897 — — 8,389 
Grade 6— — — 70 — 72 — — 142 
Grade 7 *44 66 1,817 1,384 574 2,704 — — 6,589 
Total$138,739 $174,879 $350,754 $222,022 $118,967 $190,677 $119 $1 $1,196,158 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential junior mortgage
Grades 1-4$17,309 $8,998 $5,466 $2,757 $3,649 $5,608 $185,318 $4,933 $234,038 
Grade 515 29 66 196 — — — — 306 
Grade 6— — — — — — — — — 
Grade 7 *— — — — — 32 258 — 290 
Total$17,324 $9,027 $5,532 $2,953 $3,649 $5,640 $185,576 $4,933 $234,634 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Retail & other
Grades 1-4$7,518 $4,469 $5,334 $3,273 $1,423 $4,477 $29,371 $— $55,865 
Grade 5— — — — — — — — — 
Grade 7 *— 87 — 25 17 — — — 129 
Total$7,518 $4,556 $5,334 $3,298 $1,440 $4,477 $29,371 $— $55,994 
Current period gross charge-offs$(2)$(71)$(8)$(7)$— $(82)$(285)$— $(455)
Total loans$987,716 $737,734 $1,282,533 $959,052 $509,274 $1,170,905 $974,436 $4,934 $6,626,584 
* The total Grade 7 loans at December 31, 2024, included $15 million of loans covered by government loan program guarantees.
An internal loan review function rates loans using a grading system based on different risk categories. Loans with a Substandard grade are considered to have a greater risk of loss and may be assigned allocations for loss based on specific review of the weaknesses observed in the individual credits. Such loans are monitored by the loan review function to help ensure early identification of any deterioration. A description of the loan risk categories used by the Company follows.
Grades 1-4, Pass: Credits exhibit adequate cash flows, appropriate management and financial ratios within industry norms and/or are supported by sufficient collateral. Some credits in these rating categories may require a need for monitoring but elements of concern are not severe enough to warrant an elevated rating.
Grade 5, Watch: Credits with this rating are adequately secured and performing but are being monitored due to the presence of various short-term weaknesses which may include unexpected, short-term adverse financial performance, managerial problems, potential impact of a decline in the entire industry or local economy and delinquency issues. Loans to individuals or loans supported by guarantors with marginal net worth or collateral may be included in this rating category.
Grade 6, Special Mention: Credits with this rating have potential weaknesses that, without the Company’s attention and correction may result in deterioration of repayment prospects. These assets are considered Criticized Assets. Potential weaknesses may include adverse financial trends for the borrower or industry, repeated lack of compliance with Company requests, increasing debt to net worth, serious management conditions and decreasing cash flow.
Grade 7, Substandard: Assets with this rating are characterized by the distinct possibility the Company will sustain some loss if deficiencies are not corrected. All foreclosures, liquidations, and nonaccrual loans are considered to be categorized in this rating, regardless of collateral sufficiency.
Modifications to Borrowers Experiencing Financial Difficulty:
The following table presents the amortized cost of loans that were both experiencing financial difficulty and were modified during the years presented, aggregated by portfolio segment and type of modification.
Year Ended December 31, 2025

(in thousands)
Payment DelayTerm ExtensionInterest Rate ReductionTerm Extension & Interest Rate ReductionTotal% of Total Loans
Commercial & industrial$2,339 $— $— $— $2,339 0.17 %
Owner-occupied CRE— — — — — — %
Agricultural— — — — — — %
CRE investment— — — — — — %
Construction & land development— — — — — — %
Residential first mortgage173 — — — 173 0.01 %
Total$2,512 $— $— $— $2,512 0.04 %
Year Ended December 31, 2024

(in thousands)
Payment DelayTerm ExtensionInterest Rate ReductionTerm Extension & Interest Rate ReductionTotal% of Total Loans
Commercial & industrial$— $— $— $— $— — %
Owner-occupied CRE1,521 — — — 1,521 0.16 %
Agricultural— — — — — — %
CRE investment— — — — — — %
Construction & land development— — — — — — %
Residential first mortgage— — — — — — %
Total$1,521 $— $— $— $1,521 0.02 %
The loans presented in the tables above have had more than insignificant payment delays (which the Company has defined as payment delays in excess of three months). The Company closely monitors these loans to understand the effectiveness of its modification efforts, and such loans generally remain in nonaccrual status pending a sustained period of performance in accordance with the modified terms.
As of December 31, 2025 and 2024, there were no loans made to borrowers experiencing financial difficulty that were modified during the current period and subsequently defaulted, and there were no commitments to lend additional funds to such debtors.
v3.25.4
PREMISES AND EQUIPMENT
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PREMISES AND EQUIPMENT PREMISES AND EQUIPMENT
Premises and equipment, less accumulated depreciation and amortization, is summarized as follows.
(in thousands)December 31, 2025December 31, 2024
Land$18,636 $18,522 
Land improvements7,278 7,453 
Building and improvements109,757 109,977 
Leasehold improvements7,810 7,952 
Furniture and equipment42,480 41,115 
 185,961 185,019 
Less accumulated depreciation and amortization65,499 58,040 
Premises and equipment, net$120,462 $126,979 
Depreciation and amortization expense was $8.1 million in 2025, $8.2 million in 2024, and $8.2 million in 2023. The Company and certain of its subsidiaries are obligated under non-cancelable operating leases for facilities, certain of which provide for rental adjustments based upon increases in cost of living adjustments and other indices. Rent expense under leases totaled $2.3 million in 2025, $2.7 million in 2024, and $2.6 million in 2023. In addition, a lease termination charge of $0.4 million was recognized during 2025 when a bank branch was relocated from a leased location to an owned location.
Nicolet leases space under non-cancelable operating lease agreements for certain bank branch facilities. Certain lease arrangements contain extension options which typically range from 5 to 10 years at the then fair market rental rates. The lease asset and liability considers renewal options when they are reasonably certain of being exercised.
A summary of net lease cost and selected other information related to operating leases was as follows.
Years Ended
($ in thousands)December 31, 2025December 31, 2024December 31, 2023
Net lease cost:
Operating lease cost$1,866 $2,067 $2,004 
Variable lease cost446 604 631 
  Net lease cost$2,312 $2,671 $2,635 
Selected other operating lease information:
Weighted average remaining lease term (years)4.35.15.8
Weighted average discount rate2.5 %2.6 %2.7 %
The following table summarizes the maturity of remaining lease liabilities.
Years Ending December 31,(in thousands)
2026$1,465 
20271,374 
20281,122 
2029625 
2030338 
Thereafter570 
    Total future minimum lease payments5,494 
Less: amount representing interest(372)
   Present value of net future minimum lease payments$5,122 
v3.25.4
GOODWILL AND OTHER INTANGIBLES AND SERVICING RIGHTS
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLES AND SERVICING RIGHTS GOODWILL AND OTHER INTANGIBLES AND SERVICING RIGHTS
Management periodically reviews the carrying value of its goodwill and other intangibles for potential impairment. In making such determination, management evaluates whether there are any adverse qualitative factors indicating that an impairment may exist, as well as the overall financial performance of the Company and the performance of the underlying operations or assets which give rise to the intangible. Management also regularly monitors economic factors for potential impairment indications on the value of our franchise, stability of deposits, and wealth client base, underlying our goodwill and other intangibles. Management concluded no impairment was indicated for 2025 or 2024. A summary of goodwill and other intangibles was as follows. 
(in thousands)December 31, 2025December 31, 2024
Goodwill$367,387 $367,387 
Core deposit intangibles13,655 18,815 
Customer list intangibles1,358 1,938 
Other intangibles15,013 20,753 
Goodwill and other intangibles, net$382,400 $388,140 
Goodwill: Goodwill is not amortized but, instead, is subject to impairment tests on at least an annual basis or more frequently if certain events or circumstances occur. Goodwill was $367 million at both December 31, 2025 and December 31, 2024.
Other intangibles: Other intangible assets, consisting of core deposit intangibles and customer list intangibles, are amortized over their estimated finite lives. During first quarter 2024, Nicolet purchased a financial advisory book of business and established a corresponding customer list intangible. A summary of other intangibles was as follows.
(in thousands)December 31, 2025December 31, 2024
Core deposit intangibles:  
Gross carrying amount *$56,588 $60,724 
Accumulated amortization *(42,933)(41,909)
Net book value$13,655 $18,815 
Amortization during the period$5,160 $6,297 
Customer list intangibles:  
Gross carrying amount$6,173 $6,173 
Accumulated amortization(4,815)(4,235)
Net book value$1,358 $1,938 
Additions during the period$— $650 
Amortization during the period$580 $579 
* Core deposit intangibles of $4.1 million were fully amortized during 2024 and have been removed from both the gross carrying amount and accumulated amortization for 2025.
Servicing rights: The Company has a servicing rights asset related to certain agricultural and residential mortgage loans sold.
Agricultural loan servicing rights: The Company acquired an agricultural LSR asset in December 2021 which is being amortized over the estimated remaining loan service period.
Mortgage servicing rights: The Company sells originated residential mortgage loans into the secondary market and retains the right to service these sold loans. The mortgage servicing rights asset is periodically evaluated for impairment. At each reporting date, impairment is assessed based on estimated fair value using estimated prepayment speeds of the underlying mortgage loans serviced and stratification based on the risk characteristics of the underlying loans (predominantly loan type and note interest rate).
A summary of the changes in the servicing rights asset was as follows.
(in thousands)December 31, 2025December 31, 2024
Servicing rights asset at beginning of year$18,954 $20,486 
Capitalized servicing rights3,771 2,750 
Sale of servicing rights ^(64)— 
Amortization during the period(4,336)(4,282)
Servicing rights asset at end of year$18,325 $18,954 
Valuation allowance at beginning of year$(120)$— 
(Additions) / Reversals to valuation allowance79 (120)
Charge-offs ^41 — 
Valuation allowance at end of year$— $(120)
Servicing rights asset, net$18,325 $18,834 
Residential mortgage loans serviced for others$1,676,738 $1,644,821 
Agricultural loans serviced for others$387,974 $438,954 
^ During first quarter 2025, Nicolet sold mortgage servicing rights with a remaining carrying value of $64,000 for $23,000 and the difference of $41,000 was charged-off through the valuation allowance. These serviced loans had a remaining loan balance of approximately $30 million at the time of sale.
Estimated future amortization: The following table shows the estimated future amortization expense for amortizing intangible assets and servicing assets. The projections are based on existing asset balances, the current interest rate environment and prepayment speeds as of December 31, 2025. The actual amortization expense the Company recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements and events or circumstances that indicate the carrying amount of an asset may not be recoverable.
(in thousands)Core deposit
intangibles		Customer list
intangibles		Servicing rights asset
Years Ending December 31,   
2026$3,983 $379 $3,845 
20273,218 296 3,394 
20282,622 296 3,022 
20291,911 166 2,570 
20301,219 166 1,973 
Thereafter702 55 3,521 
Total$13,655 $1,358 $18,325 
v3.25.4
OTHER REAL ESTATE OWNED
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
OTHER REAL ESTATE OWNED OTHER REAL ESTATE OWNED
A summary of OREO, which is included in other assets in the consolidated balance sheets, for the periods indicated was as follows.
 Years Ended December 31,
(in thousands)20252024
Balance at beginning of period$693 $1,267 
Transfer in loans at net realizable value395 125 
Sales proceeds(453)(687)
Net gain from sales47 119 
Write-downs(15)(131)
Balance at end of period$667 $693 
v3.25.4
DEPOSITS
 12 Months Ended
Dec. 31, 2025
Deposits [Abstract]  
DEPOSITS DEPOSITS
The deposit composition was as follows.
 December 31, 2025December 31, 2024
(in thousands)Amount% of TotalAmount% of Total
Noninterest-bearing demand$1,828,928 24 %$1,791,228 24 %
Interest-bearing demand1,263,276 16 %1,168,560 16 %
Money market2,056,550 26 %1,942,367 26 %
Savings834,520 11 %774,707 11 %
Time1,747,497 23 %1,726,822 23 %
   Total deposits$7,730,771 100 %$7,403,684 100 %
At December 31, 2025, the scheduled maturities of time deposits were as follows.
Years Ending December 31,(in thousands)
2026$1,194,056 
2027259,960 
2028111,804 
2029117,270 
203064,397 
Thereafter10 
Total time deposits$1,747,497 
Time deposits in excess of FDIC insurance limits were $433 million and $325 million at December 31, 2025 and 2024, respectively. Brokered deposits were $581 million and $750 million at December 31, 2025 and 2024, respectively.
v3.25.4
SHORT AND LONG-TERM BORROWINGS
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
SHORT AND LONG-TERM BORROWINGS SHORT AND LONG-TERM BORROWINGS
Short-Term Borrowings:
Short-term borrowings include any borrowing with an original contractual maturity of one year or less. The Company did not have any short-term borrowings outstanding at either December 31, 2025 or December 31, 2024.

Long-Term Borrowings:
Long-term borrowings include any borrowing with an original contractual maturity greater than one year. The components of long-term borrowings were as follows.
(in thousands)December 31, 2025December 31, 2024
FHLB advances$— $5,000 
Junior subordinated debentures42,215 41,384 
Subordinated notes92,645 115,003 
Total long-term borrowings
$134,860 $161,387 
FHLB Advances: The FHLB advance at December 31, 2024 had a fixed rate of 1.55%, required interest-only monthly payments, and matured in March 2025. The FHLB advance was collateralized by a blanket lien on qualifying residential first and junior mortgage loans which had a pledged balance of $865 million at December 31, 2024.
Junior Subordinated Debentures: Each of the junior subordinated debentures was issued to an underlying statutory trust (the “statutory trusts”), which issued trust preferred securities and common securities and used the proceeds from the issuance of the common and the trust preferred securities to purchase the junior subordinated debentures of the Company. The debentures represent the sole asset of the statutory trusts. The Company owns all of the common securities of the statutory trusts. The statutory trusts are not included in the consolidated financial statements. The net effect of all the documents entered into with respect to the trust preferred securities is that the Company, through payments on its debentures, is liable for the distributions and other payments required on the trust preferred securities. Interest on all debentures is current. Any applicable discounts (initially recorded to carry an acquired debenture at its then estimated fair value) are being accreted to interest expense over the remaining life of the debenture. All the junior subordinated debentures are currently callable and may be redeemed in part or in full, at par, plus any accrued but unpaid interest. At both December 31, 2025 and 2024, $40 million of trust preferred securities qualify as Tier 1 capital.
Subordinated Notes (the “Notes”): In July 2021, the Company completed the private placement of $100 million in fixed-to-floating rate subordinated notes due in 2031, with a fixed annual rate of 3.125% for the first five years, and will reset quarterly thereafter to the then current three-month Secured Overnight Financing Rate (“SOFR”) plus 237.5 basis points. The Notes due in 2031 are redeemable beginning July 15, 2026 and quarterly thereafter on any interest payment date. All outstanding Notes qualify as Tier 2 capital for regulatory purposes, and are discounted in accordance with regulations when the debt has five years or less remaining to maturity.
In December 2021, as the result of an acquisition, Nicolet assumed $22 million in fixed-to-floating rate subordinated notes due in 2030, with a fixed annual interest rate of 7.00% through June 30, 2025, at which point the interest rate would reset quarterly thereafter to the then current SOFR plus 687.5 basis points. The Notes due in 2030 were redeemed on June 30, 2025.
The following table shows the breakdown of junior subordinated debentures and subordinated notes.
As of 12/31/2025
As of 12/31/2024
(in thousands)Maturity
Date		Interest
 Rate		Par

Unamortized Premium /(Discount) / Debt Issue Costs (1)

Carrying
Value		Interest
 Rate
Carrying
Value
Junior Subordinated Debentures:
Mid-Wisconsin Statutory Trust I (2)
12/15/20355.41 %$10,310 $(1,977)$8,333 6.05 %$8,134 
Baylake Capital Trust II (3)
9/30/20365.30 %16,598 (2,465)14,133 5.94 %13,897 
First Menasha Statutory Trust (4)
3/17/20346.76 %5,155 (356)4,799 7.40 %4,755 
County Bancorp Statutory Trust II (5)
9/15/20355.51 %6,186 (445)5,741 6.15 %5,586 
County Bancorp Statutory Trust III (6)
6/15/20365.67 %6,186 (503)5,683 6.31 %5,528 
Fox River Valley Capital Trust (7)
5/30/20337.89 %3,610 (84)3,526 7.89 %3,484 
Total$48,045 $(5,830)$42,215 $41,384 
Subordinated Notes:
Subordinated Notes due 20317/15/20313.13 %$92,750 $(105)$92,645 3.13 %$92,436 
County Subordinated Notes due 20306/30/2030— %— — — 7.00 %22,567 
Total$92,750 $(105)$92,645 $115,003 
1.Represents the remaining unamortized premium or discount on debt issuances assumed in acquisitions, and represents the unamortized debt issue costs for the debt issued directly by Nicolet.
2.The debentures, assumed in April 2013 as the result of an acquisition, have a floating rate of three-month SOFR plus 1.43%, adjusted quarterly. *
3.The debentures, assumed in April 2016 as a result of an acquisition, have a floating rate of three-month SOFR plus 1.35%, adjusted quarterly. *
4.The debentures, assumed in April 2017 as the result of an acquisition, have a floating rate of three-month SOFR plus 2.79%, adjusted quarterly. *
5.The debentures, assumed in December 2021 as the result of an acquisition, have a floating rate of three-month SOFR plus 1.53%, adjusted quarterly. *
6.The debentures, assumed in December 2021 as the result of an acquisition, have a floating rate of three-month SOFR plus 1.69%, adjusted quarterly. *
7.The debentures, assumed in December 2021 as the result of an acquisition, have a floating rate of 5-year swap rate plus 3.40%, which resets every five years.
* The floating rate on this debenture was originally based on three-month LIBOR. Effective with the cessation of LIBOR, the floating rate on this debenture is now based on three-month CME Term SOFR, plus the spread adjustment of 0.26161%.
v3.25.4
EMPLOYEE AND DIRECTOR BENEFIT PLANS
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
EMPLOYEE AND DIRECTOR BENEFIT PLANS EMPLOYEE AND DIRECTOR BENEFIT PLANS
Nonqualified deferred compensation plans:
The Company sponsors two deferred compensation plans, one for certain key management employees and another for directors. Under the management plan, employees designated by the Board may elect to defer compensation and the Company may at its discretion make nonelective contributions on behalf of one or more eligible plan participants. Upon retirement, termination of employment or at their election, the employee shall become entitled to receive the deferred amounts plus earnings thereon. The liability for the cumulative employee and employer contributions, including earnings thereon, at December 31, 2025 and 2024 totaled approximately $22.8 million and $19.0 million, respectively, and is included in other liabilities on the consolidated balance sheets. The Company recorded discretionary contributions of $0.4 million to selected participants during 2024 that vested immediately, while no discretionary contributions were made during 2025. The expense related to discretionary contributions is recognized over the vesting period of the related grant.
Under the director plan, participating directors may defer up to 100% of their Board compensation towards the purchase of Company common stock at market prices on a quarterly basis that is held in a Rabbi Trust and distributed when each such participating director ends his or her board service. During 2025 and 2024, the director plan purchased 2,783 and 3,541 shares of Company common stock valued at approximately $344,000 and $332,000, respectively. No common stock was distributed to past directors during 2025 or 2024. The common stock outstanding and the related director deferred compensation liability are offsetting components of the Company’s equity in the amount of $2.0 million at December 31, 2025 and $1.6 million at December 31, 2024 representing 36,805 shares and 34,022 shares, respectively.
Nicolet 401(k) plan:
The Company sponsors a 401(k) savings plan under which eligible employees may choose to save up to 100% of salary compensation on either a pre-tax or after-tax basis, subject to certain IRS limits. Under the plan, the Company matches 100% of participating employee contributions up to 6% of the participant’s eligible compensation. The Company contribution vests over five years. The Company can make additional annual discretionary profit sharing contributions, as determined by the Board. During 2025, 2024 and 2023, the Company’s 401(k) expense was approximately $4.9 million (including a $1.0 million profit sharing contribution), $4.4 million (including a $1.0 million profit sharing contribution), and $4.1 million (including a $0.6 million profit sharing contribution), respectively.
Employee stock purchase plan:
The Company sponsors an employee stock purchase plan under which eligible employees may purchase Nicolet common stock at a 10% discount, utilizing payroll deductions that range from a minimum of $20 to a maximum of $400 per payroll, during offering periods (currently quarterly).
v3.25.4
STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The Company may grant stock options and restricted stock under its stock-based compensation plan to certain officers, employees and directors. The plan is administered by a committee of the Board. The Company’s stock-based compensation plan at December 31, 2025 is described below.
2011 Long-Term Incentive Plan (“2011 LTIP”): The Company’s 2011 LTIP, as subsequently amended with shareholder approval, has reserved 3,000,000 shares of the Company’s common stock for potential stock-based awards. This plan provides for certain stock-based awards such as, but not limited to, stock options, stock appreciation rights and restricted common stock, as well as cash performance awards. As of December 31, 2025, approximately 0.4 million shares were available for grant under this plan.
Stock option grants generally will expire ten years after the date of grant, have an exercise price equal to the Company’s closing stock price on the date of grant, and will become exercisable based upon vesting terms determined by the committee. Restricted stock grants generally are issued at the Company’s closing stock price on the date of grant, are restricted as to transfer, but are not restricted as to dividend payments or voting rights, and the transfer restrictions lapse over time, depending upon vesting terms provided for in the grant and contingent upon continued employment. In addition, certain restricted stock awards vest upon the satisfaction of specific performance-based metrics over a defined performance period.
The weighted average assumptions used in the Black-Scholes model for estimating the fair value of stock option grants for the years ended December 31, 2024 and December 31, 2023 were as follows. There were no stock options granted for the year ended December 31, 2025.
 20242023
Dividend yield1.26 %1.55 %
Expected volatility30 %30 %
Risk-free interest rate4.51 %4.22 %
Expected average life6.9 years7.0 years
Weighted average per share fair value of options$28.44 $24.24 
The Company’s stock option activity is summarized below.
Stock OptionsOption Shares
Outstanding		Weighted Average
Exercise Price		Weighted Average Remaining Life (Years)Aggregate Intrinsic Value (in thousands)
Outstanding – December 31, 2022
1,853,064 $59.79 
Granted39,000 71.99 
Exercise of stock options *(241,876)43.54 
Forfeited(27,100)84.37 
Outstanding – December 31, 2023
1,623,088 $62.09 5.3$30,126 
Granted85,000 80.18 
Exercise of stock options *(538,159)49.55 
Forfeited(7,700)71.68 
Outstanding – December 31, 2024
1,162,229 $69.16 5.4$41,577 
Granted— —   
Exercise of stock options *(171,095)55.88   
Forfeited(11,800)80.14   
Outstanding – December 31, 2025
979,334 $71.35 4.7$48,922 
Exercisable – December 31, 2025
774,263 $69.46 4.2$40,136 
*The terms of the stock option agreements permit having a number of shares of stock withheld, the fair market value of which as of the date of exercise is sufficient to satisfy the exercise price and/or tax withholding requirements, and accordingly 92,843 shares, 12,068 shares, and 55,467 shares were surrendered during 2025, 2024, and 2023, respectively.
Intrinsic value represents the amount by which the fair value of the underlying stock exceeds the exercise price of the stock options. The intrinsic value of options exercised in 2025, 2024, and 2023 was approximately $11.7 million, $28.8 million, and $7.7 million, respectively.
The following options were outstanding at December 31, 2025.
 Number of SharesWeighted Average
Exercise Price		Weighted Average
Remaining Life (Years)
 OutstandingExercisableOutstandingExercisableOutstandingExercisable
$37.18 – $50.00
71,155 71,155 $46.97 $46.97 1.31.3
$50.01 – $60.00
142,000 142,000 56.37 56.37 1.91.9
$60.01 – $70.00
20,000 15,800 64.52 64.56 5.24.6
$70.01 – $80.00
703,250 520,550 75.86 75.34 5.55.1
$80.01 – $109.82
42,929 24,758 90.42 88.62 6.56.2
 979,334 774,263 $71.35 $69.46 4.74.2
The Company’s restricted stock activity is summarized below.
Restricted StockRestricted Shares
Outstanding		Weighted Average Grant
Date Fair  Value
Outstanding – December 31, 2022
73,490 $76.49 
Granted19,213 64.28 
Vested *(35,545)69.69 
Forfeited— — 
Outstanding – December 31, 2023
57,158 $76.61 
Granted64,564 100.77 
Vested *(28,209)78.10 
Forfeited— — 
Outstanding – December 31, 2024
93,513 $92.84 
Granted ^87,416 133.26 
Vested *(31,801)94.61 
Forfeited(360)109.82 
Outstanding – December 31, 2025
148,768 $116.17 
^ Includes an equity award to the CEO, which consisted of 30,000 shares of restricted stock that cliff vest upon 5 years of continued service through December 31, 2030, and 30,000 performance-based restricted stock units that vest upon the satisfaction of certain performance-based metrics over a 5-year performance period. The Company currently estimates maximum performance will be achieved for these performance-based awards, and 60,000 restricted stock units will ultimately vest.
*The terms of the restricted stock agreements permit the surrender of shares to the Company upon vesting in order to satisfy applicable tax withholding at the minimum statutory withholding rate, and accordingly 9,391 shares, 6,653 shares, and 3,637 shares were surrendered during 2025, 2024, and 2023, respectively.
The Company recognized $6.6 million, $5.9 million and $5.8 million of stock-based compensation expense (included in personnel on the consolidated statements of income) during the years ended December 31, 2025, 2024, and 2023, respectively, associated with its common stock awards granted to officers and employees. In addition, during 2025, 2024, and 2023, the Company recognized approximately $0.7 million, $0.7 million, and $0.6 million, respectively, of director expense (included in other expense on the consolidated statements of income) for restricted stock grants with immediate vesting to non-employee directors totaling 5,656 shares in 2025, 8,764 shares in 2024, and 11,674 shares in 2023. As of December 31, 2025, there was approximately $23.9 million of unrecognized compensation cost related to equity award grants. The cost is expected to be recognized over the remaining vesting period of approximately four years. The Company recognized a tax benefit of approximately $1.8 million, $4.3 million, and $0.8 million for the years ended December 31, 2025, 2024, and 2023 respectively, for the tax impact of stock option exercises and vesting of restricted stock.
v3.25.4
STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY
The Board has authorized the repurchase of Nicolet’s outstanding common stock through its common stock repurchase program. During 2025, $77 million was utilized to repurchase and cancel approximately 646,000 common shares at a weighted average price of $118.51, while during 2024, $10 million was utilized to repurchase and cancel approximately 92,000 common shares at a weighted average price of $109.63. As of December 31, 2025, there remained $19 million authorized under the repurchase program to be utilized from time-to-time to repurchase common shares in the open market, through block transactions or in private transactions. Subsequently, on January 20, 2026, the Board approved a $60 million increase to the common stock repurchase authorization.
On October 23, 2025, the Board approved an increase in the number of authorized shares of Nicolet’s common stock from 30 million shares to 60 million shares, which was subsequently approved by the shareholders on January 26, 2026. Such increase will be effective upon filing amended articles with the Wisconsin Department of Financial Institutions.
In addition, as a result of the merger with MidWestOne, on February 13, 2026, Nicolet issued approximately 6.6 million shares of common stock for stock consideration valued at approximately $1.0 billion, based upon the closing stock price of $155.19 for Nicolet’s common stock.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The current and deferred amounts of income tax expense were as follows.
 Years Ended December 31,
(in thousands)202520242023
Current$38,819 $31,022 $17,898 
Deferred(4,641)(7,382)3,027 
Increase in valuation allowance1,689 7,223 — 
Valuation allowance for securities AFS, net404 207 4,191 
Income tax expense$36,271 $31,070 $25,116 
Federal and state income taxes paid were as follows. State income taxes paid include the states of Wisconsin, Michigan, Minnesota, and Florida, and were not significant in the aggregate except as noted below.
 Years Ended December 31,
(in thousands)202520242023
DollarPercentDollarPercentDollarPercent
Federal$38,500 98 %$24,500 97 %$20,000 87 %
State *661 2 %823 3 %3,015 13 %
Total income taxes paid$39,161 $25,323 $23,015 
State income taxes paid in excess of 5% of total income taxes paid:
Wisconsin**$2,600 11 %
* Income taxes paid did not exceed 5% of total income taxes paid.

The differences between the income tax expense recognized and the amount computed by applying the statutory federal income tax rate of 21% to the income before income tax expense for the years ended as indicated are included in the following table.
 Years Ended December 31,
(in thousands)202520242023
DollarPercentDollarPercentDollarPercent
Tax on pretax income, at statutory rates$39,261 21.0 %$32,577 21.0 %$18,193 21.0 %
State income taxes, net of federal effect611 0.3 %554 0.4 %— — %
Tax-exempt interest income(1,060)(0.6)%(1,091)(0.7)%(1,072)(1.2)%
Increase in cash surrender value life insurance(1,336)(0.7)%(1,144)(0.7)%(950)(1.1)%
Stock-based employee compensation(1,804)(1.0)%(4,296)(2.8)%(811)(0.9)%
Executive compensation1,853 1.0 %3,857 2.5 %1,094 1.3 %
Valuation allowance, net— — %— — %8,677 10.0 %
Other, net(1,254)(0.7)%613 0.4 %(15)— %
Income tax expense$36,271 19.4 %$31,070 20.0 %$25,116 29.0 %
The net deferred tax asset includes the following amounts of deferred tax assets and liabilities.
(in thousands)December 31, 2025December 31, 2024
Deferred tax assets:  
ACL-Loans$19,308 $18,646 
Net operating loss carryforwards10,418 9,781 
Compensation12,254 10,823 
Purchase accounting adjustments— 67 
Unrealized loss on securities AFS10,530 17,693 
Valuation allowance - securities AFS(3,519)(3,922)
Valuation allowance - other timing differences(14,070)(11,978)
Total deferred tax assets34,921 41,110 
Deferred tax liabilities:  
Premises and equipment(4,101)(4,750)
Prepaid expenses(855)(1,110)
Core deposit and other intangibles(2,988)(4,359)
MSR and LSR assets(4,925)(5,062)
Other(434)— 
Total deferred tax liabilities(13,303)(15,281)
Net deferred tax assets$21,618 $25,829 
For the year ended December 31, 2023, income tax expense was impacted by a change in Wisconsin state income tax law associated with the exclusion of interest income on certain Wisconsin-based business or agriculture purpose loans. The impact of this tax law change was a one-time $9.1 million charge to state income tax expense in 2023, but moving forward Nicolet will experience a reduction / elimination of state income taxes being recognized.
A valuation allowance is required if it is more likely than not that some portion of the deferred tax asset will not be realized. The remaining valuation allowance as of December 31, 2025, of $18 million is the effect of the previously discussed Wisconsin tax law change on the state related net of tax attributes, along with the state related impact of changes to the unrealized losses on AFS securities disposed.
At December 31, 2025, the Company had a federal and state net operating loss carryforward of $3 million and $16 million, respectively, resulting from the Company’s acquisitions. These carryforwards are subject to the IRC section 382 limitation calculation and are limited in the overall amount expected to be realized. Additionally, due to the 2023 Wisconsin tax law change, the Company has accumulated a State loss carryforward of $151 million, for which a valuation allowance has been recognized.
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, financial guarantees, and standby letters of credit. Such commitments may involve, to varying degrees, elements of credit risk in excess of amounts recognized on the consolidated balance sheets. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and issuing letters of credit as they do for on-balance sheet financial instruments. See Note 1 for the Company’s accounting policy on commitments, contingencies, and the allowance for credit losses-unfunded commitments and see Note 4 for information on the allowance for credit losses-unfunded commitments.
A summary of the contract or notional amount of the Company’s exposure to off-balance sheet risk was as follows.
(in thousands)December 31, 2025December 31, 2024
Commitments to extend credit$2,071,841 $2,038,871 
Financial standby letters of credit20,186 15,683 
Performance standby letters of credit18,822 15,503 
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commercial-related commitments to extend credit represented 78% of the total year-end commitments for both 2025 and 2024, and were predominantly commercial lines of credit that carry a term of one year or less. The commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.
Financial and performance standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Financial standby letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party, while performance standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. Both of these guarantees are primarily issued to support public and private borrowing arrangements and, generally, have terms of one year or less. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company holds collateral, which may include accounts receivable, inventory, property, equipment, and income-producing properties, supporting those commitments if deemed necessary. In the event the customer does not perform in accordance with the terms of the agreement with the third-party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount. If the commitment is funded, the Company would be entitled to seek recovery from the customer.
Interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans held for sale are considered derivative instruments (“mortgage derivatives”) and the contractual amounts were $28 million and $24 million, respectively, at December 31, 2025. In comparison, interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans held for sale totaled $13 million and $12 million, respectively, at December 31, 2024. The net fair value of these mortgage derivatives combined was a net gain of $0.2 million and $0.1 million at December 31, 2025 and December 31, 2024, respectively.
Nicolet is party to various pending and threatened claims and legal proceedings arising in the normal course of business activities, some of which may involve claims for substantial amounts. Although Nicolet has developed policies and procedures to minimize legal noncompliance and the impact of claims and other proceedings and endeavored to procure reasonable amounts of insurance coverage, litigation and regulatory actions present an ongoing risk. With respect to all such claims, Nicolet continuously assesses its potential liability based on the allegations and evidence available. If the facts indicate that it is probable that Nicolet will incur a loss and the amount of such loss can be reasonably estimated, Nicolet will establish an accrual for the probable loss. For matters where a loss is not probable, or the amount of the loss cannot be reasonably estimated, Nicolet does not establish an accrual.
Future developments could result in an unfavorable outcome for or resolution of any one or more of the legal proceedings in which Nicolet is a defendant, which may be material to Nicolet’s business or consolidated results of operations or financial condition for a particular fiscal period or periods. Although it is not possible to predict the outcome of any of these legal proceedings or the range of possible loss, if any, based on the most recent information available, advice of counsel and available insurance coverage, if applicable, management believes that any liability resulting from such proceedings would not have a material adverse effect on our financial position or results of operations.
v3.25.4
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
The Company conducts transactions, in the normal course of business, with its directors and executive officers, including companies in which they have a beneficial interest. The Company is required to disclose material related party transactions, other than certain compensation arrangements, entered into in the normal course of business.

In connection with the Company’s succession and transition plan, on November 6, 2023, Robert B. Atwell, our former Executive Chairman and one of Nicolet’s founders, and the Company entered into a letter agreement setting forth the terms applicable to his transition from active employment through December 31, 2023 (the “Transition Date”), to thereafter as an advisor for a period of three years following the Transition Date (the “Term”). In connection with this letter agreement, Mr. Atwell received consulting fees totaling approximately $812,000 and $717,000 during 2025 and 2024, respectively.
The Company has granted loans to its directors, executive officers, and their related interests. These loans were made on substantially the same terms, including rates and collateral, as those prevailing at the time made for comparable transactions with other unrelated persons. A summary of the loans to related parties was as follows.

(in thousands)December 31, 2025
Balance at beginning of year$113,239 
New loans25,595 
Repayments(8,067)
Balance at end of year$130,767 

In October 2013, the Company entered into a lease for a branch location in a facility owned by a member of the Company’s Board and incurred annual rent expense of $230,000, and $228,000, on this facility during 2024, and 2023, respectively. This lease was terminated during 2024. This same Board member participated in a competitive bid process for and was awarded the contract as general contractor for the construction of a new branch location, which was completed in 2024. The branch construction was estimated to total $11.5 million, of which, approximately $9.5 million was paid during 2024 and approximately $2.0 million was paid during 2023, as progress was made on the construction. At least 75% of all branch construction payments were passed through to various subcontractors.
In August 2022, the Company assumed a lease for an administrative location in a facility owned by an entity for which another Board member had the controlling ownership interest. Rent expense of $37,000 and $149,000 was paid on this location during 2024 and 2023, respectively, until this facility was sold in April 2024 and the related lease was terminated.
v3.25.4
ASSET GAINS (LOSSES), NET
 12 Months Ended
Dec. 31, 2025
Assets Gains (Losses), Net [Abstract]  
ASSET GAINS (LOSSES), NET ASSET GAINS (LOSSES), NET
Components of the net gains (losses) on assets are as follows.
Years Ended December 31,
(in thousands)202520242023
Gains (losses) on sales of securities AFS, net$126 $968 $(3,313)
Gains (losses) on sales of securities HTM, net— — (37,723)
Gains (losses) on equity securities, net676 1,072 (252)
Gains (losses) on sales of OREO, net47 119 421 
Write-downs of OREO(15)(131)(181)
Write-down of other investment— — (954)
Gains (losses) on sales of other investments, net272 838 9,372 
Gains (losses) on sales or dispositions of other assets, net57 1,346 (178)
Asset gains (losses), net$1,163 $4,212 $(32,808)
v3.25.4
REGULATORY CAPITAL REQUIREMENTS
 12 Months Ended
Dec. 31, 2025
Regulatory Capital Requirements Under Banking Regulations [Abstract]  
REGULATORY CAPITAL REQUIREMENTS REGULATORY CAPITAL REQUIREMENTS
The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies.
The Company and Bank must also maintain a “capital conservation buffer” consisting of common equity Tier 1 (“CET1”) in an amount equal to 2.5% of risk-weighted assets in order to avoid certain restrictions. The capital conservation buffer effectively increases the minimum well-capitalized CET1 capital, Tier 1 capital, and total capital ratios for U.S. banking organizations to 7.0%, 8.5%, and 10.5%, respectively. Failure to meet this capital conservation buffer would result in limitations on dividends, other distributions, and discretionary bonuses.
Quantitative measures established by regulation to ensure capital adequacy require the Company and Bank to maintain minimum amounts and ratios (set forth in the table below) of Total, Tier 1 and CET1 capital (as defined in the regulations) to risk-weighted assets (as defined), and Tier 1 capital (as defined) to average assets (as defined). Management believes the Company and the Bank met all capital adequacy requirements to which they are subject as of December 31, 2025 and 2024.
As of December 31, 2025 and 2024, the most recent notifications from the regulatory agencies categorized the Bank as well-capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized, an institution must maintain minimum Total risk-based, Tier 1 risk-based, CET1 risk-based, and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since these notifications that management believes have changed the Bank’s category. The Bank is also subject to legal limitations on dividends that can be paid to the parent company without prior approval of the applicable regulatory agencies. Dividends declared by the Bank that exceed the retained net income for the most current year plus retained net income for the preceding two years must be approved by Federal regulatory agencies. At December 31, 2025, the Bank could pay dividends of approximately $46 million to the Company without seeking regulatory approval.
The Company’s and the Bank’s actual regulatory capital amounts and ratios are presented in the following table.
ActualFor Capital Adequacy
Purposes
To Be Well Capitalized
Under Prompt Corrective
Action Provisions (2)
(in thousands)Amount
Ratio (1)
Amount
Ratio (1)
Amount
Ratio (1)
December 31, 2025      
Company      
Total risk-based capital$1,107,849 14.8 %$600,447 8.0 %  
Tier 1 risk-based capital943,398 12.6 450,336 6.0   
Common equity Tier 1 capital902,964 12.0 337,752 4.5   
Leverage943,398 10.7 352,901 4.0   
Bank      
Total risk-based capital$907,726 12.1 %$599,299 8.0 %$749,124 10.0 %
Tier 1 risk-based capital835,920 11.2 449,474 6.0 599,299 8.0 
Common equity Tier 1 capital835,920 11.2 337,106 4.5 486,930 6.5 
Leverage835,920 9.5 352,390 4.0 440,488 5.0 
December 31, 2024      
Company      
Total risk-based capital$1,062,458 14.3 %$593,292 8.0 %  
Tier 1 risk-based capital882,056 11.9 444,969 6.0   
Common equity Tier 1 capital842,453 11.4 333,727 4.5   
Leverage882,056 10.5 335,834 4.0   
Bank      
Total risk-based capital$864,090 11.7 %$592,319 8.0 %$740,398 10.0 %
Tier 1 risk-based capital798,691 10.8 444,239 6.0 592,319 8.0 
Common equity Tier 1 capital798,691 10.8 333,179 4.5 481,259 6.5 
Leverage798,691 9.5 335,349 4.0 419,186 5.0 
(1)The Total risk-based capital ratio is defined as Tier 1 capital plus tier 2 capital divided by total risk-weighted assets. The Tier 1 risk-based capital ratio is defined as Tier 1 capital divided by total risk-weighted assets. CET1 risk-based capital ratio is defined as Tier 1 capital, with deductions for goodwill and other intangible assets (other than mortgage servicing assets), net of associated deferred tax liabilities, and limitations on the inclusion of deferred tax assets, mortgage servicing assets and investments in other financial institutions, in each case as provided further in the rules, divided by total risk-weighted assets. The Leverage ratio is defined as Tier 1 capital divided by the most recent quarter’s average total assets as adjusted.
(2)Prompt corrective action provisions are not applicable at the bank holding company level.
v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Fair value represents the estimated price at which an orderly transaction to sell an asset or transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept), and is a market-based measurement versus an entity-specific measurement. The Company records and/or discloses certain financial instruments on a fair value basis. These financial assets and financial liabilities are measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the assumptions used to determine fair value. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs that reflect assumptions of the reporting entity about how market participants would price the asset or liability based on the best information available under the circumstances. The three fair value levels are:
•Level 1 – quoted market prices in active markets for identical assets or liabilities that a company has the ability to access at the measurement date
•Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly
•Level 3 – significant unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity
In instances where the fair value measurement is based on inputs from different levels, the level within which the entire fair value measurement will be categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. This assessment of the significance of an input requires management judgment.
Recurring basis fair value measurements:
The following table presents the balances of assets and liabilities measured at fair value on a recurring basis.
(in thousands) Fair Value Measurements Using
Measured at Fair Value on a Recurring Basis:TotalLevel 1Level 2Level 3
December 31, 2025    
U.S. Treasury securities$24,054 $— $24,054 $— 
U.S. government agency securities4,172 — 4,172 — 
State, county and municipals274,824 — 274,057 767 
Mortgage-backed securities496,781 — 496,781 — 
Corporate debt securities60,003 — 54,146 5,857 
Securities AFS$859,834 $— $853,210 $6,624 
Other investments (equity securities)$9,505 $9,505 $— $— 
Derivative assets610 — 376 234 
Derivative liabilities450 — 376 74 
December 31, 2024    
U.S. Treasury securities$14,028 $— $14,028 $— 
U.S. government agency securities5,520 — 5,520 — 
State, county and municipals284,703 — 283,773 930 
Mortgage-backed securities421,953 — 421,027 926 
Corporate debt securities80,211 — 74,442 5,769 
Securities AFS$806,415 $— $798,790 $7,625 
Other investments (equity securities)$8,610 $8,610 $— $— 
Derivative assets160 — 71 89 
Derivative liabilities71 — 71 — 
The following is a description of the valuation methodologies used by the Company for the assets and liabilities measured at fair value on a recurring basis, noted in the table above.
Securities AFS and Equity Securities: Where quoted market prices on securities exchanges are available, the investments are classified as Level 1. Level 1 investments primarily include exchange-traded equity securities. If quoted market prices are not available, fair value is generally determined using prices obtained from independent pricing vendors who use pricing models (with typical inputs including benchmark yields, reported trades for similar securities, issuer spreads or relationship to other benchmark
quoted securities), or discounted cash flows, and are classified as Level 2. Examples of these investments include U.S. Treasury securities, U.S. government agency securities, mortgage-backed securities, obligations of state, county and municipals, and certain corporate debt securities. Finally, in certain cases where there is limited activity or less transparency around inputs to the estimated fair value, investments are classified within Level 3 of the hierarchy. Examples of these include private corporate debt securities, which are primarily trust preferred security investments, as well as certain municipal bonds and mortgage-backed securities. At December 31, 2025 and 2024, it was determined that carrying value was the best approximation of fair value for the majority of these Level 3 securities, based primarily on the internal analysis performed on these securities.
Derivatives: The derivative assets and liabilities include interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans held for sale, which are considered derivative instruments (“mortgage derivatives”), as well as interest rate swaps with a corresponding mirror interest rate swap. The fair value of interest rate lock commitments was determined using the projected sale price of individual loans based on changes in the market interest rates, projected pull-through rates (the probability that an interest rate lock commitment will ultimately result in an originated loan), the reduction in the value of the applicant’s option due to the passage of time, and the remaining origination costs to be incurred based on management’s estimate of market costs. The fair value of forward commitments was determined using quoted prices of to-be-announced securities in active markets, or benchmarked to such securities. The mortgage derivative assets and liabilities are classified within Level 3 of the hierarchy. The fair value of the interest rate swap derivative assets and liabilities was determined using a discounted cash flow analysis of the expected cash flows of each derivative, which considers the contractual terms of the underlying derivative financial instrument and observable market-based inputs, such as interest rate curves. The interest rate swap derivative assets and liabilities are classified within Level 2 of the hierarchy.
The following table presents the changes in Level 3 securities AFS measured at fair value on a recurring basis.
(in thousands)Years Ended
Level 3 Fair Value Measurements:December 31, 2025December 31, 2024
Balance at beginning of year$7,625 $6,063 
Transfer in— 2,004 
Paydowns/Sales/Settlements(1,099)(527)
Unrealized gains / (losses)98 85 
Balance at end of year$6,624 $7,625 
Nonrecurring basis fair value measurements:
The following table presents the Company’s assets measured at fair value on a nonrecurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall.
(in thousands) Fair Value Measurements Using
Measured at Fair Value on a Nonrecurring Basis:TotalLevel 1Level 2Level 3
December 31, 2025    
Collateral dependent loans$27,426 $— $— $27,426 
MSR asset (disclosure)18,474 — — 18,474 
December 31, 2024    
Collateral dependent loans$22,207 $— $— $22,207 
MSR asset (disclosure)17,182 — — 17,182 
The following is a description of the valuation methodologies used by the Company for the assets and liabilities measured at fair value on a nonrecurring basis, noted in the table above.
Collateral dependent loans: For individually evaluated collateral dependent loans, the estimated fair value is based upon the present value of expected future cash flows discounted at the loan’s effective interest rate, the estimated fair value of the underlying collateral with consideration for estimated selling costs if satisfaction of the loan depends upon the sale of the collateral, or the estimated liquidity of the note.
MSR asset: To estimate the fair value of the MSR asset, the underlying serviced loan pools are stratified by interest rate tranche and term of the loan, and a valuation model is used to calculate the present value of the expected future cash flows for each stratum. The servicing valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as costs to service, a discount rate, ancillary income, default rates and losses, and prepayment speeds. Although some of these
assumptions are based on observable market data, other assumptions are based on unobservable estimates of what market participants would use to measure fair value.
Financial instruments:
The carrying amounts and estimated fair values of the Company’s financial instruments are shown below.
December 31, 2025
(in thousands)Carrying
Amount		Estimated 
Fair Value		Level 1Level 2Level 3
Financial assets:     
Cash and cash equivalents$660,232 $660,232 $660,232 $— $— 
Securities AFS859,834 859,834 — 853,210 6,624 
Other investments63,247 63,241 9,505 43,233 10,503 
Loans held for sale13,620 13,935 — 13,935 — 
Loans, net6,767,539 6,627,011 — — 6,627,011 
MSR asset13,173 18,474 — — 18,474 
LSR asset5,152 5,152 — — 5,152 
Accrued interest receivable26,602 26,602 26,602 — — 
Financial liabilities:
Deposits$7,730,771 $7,737,106 $— $— $7,737,106 
Long-term borrowings134,860 131,840 — — 131,840 
Accrued interest payable8,672 8,672 8,672 — — 
December 31, 2024
(in thousands)Carrying
Amount		Estimated 
Fair Value		Level 1Level 2Level 3
Financial assets:     
Cash and cash equivalents$536,047 $536,047 $536,047 $— $— 
Securities AFS806,415 806,415 — 798,790 7,625 
Other investments62,125 62,114 8,610 45,197 8,307 
Loans held for sale7,637 7,778 — 7,778 — 
Loans, net6,560,262 6,300,325 — — 6,300,325 
MSR asset11,965 17,182 — — 17,182 
LSR asset6,869 6,869 — — 6,869 
Accrued interest receivable25,033 25,033 25,033 — — 
Financial liabilities:
Deposits$7,403,684 $7,402,589 $— $— $7,402,589 
Long-term borrowings161,387 148,900 — 4,969 143,931 
Accrued interest payable7,774 7,774 7,774 — — 
The carrying value of certain assets and liabilities such as cash and cash equivalents, accrued interest receivable, nonmaturing deposits, short-term borrowings, and accrued interest payable approximate their estimated fair value due to their immediate and shorter term maturities. For those financial instruments not previously disclosed, the following is a description of the valuation methodologies used.
Other investments: The valuation methodologies utilized for the exchange-traded equity securities are discussed under “Recurring basis fair value measurements” above. The carrying amount of Federal Reserve Bank and FHLB stock is a reasonably accepted fair value estimate given their restricted nature. Fair value is the redeemable (carrying) value based on the redemption provisions of the instruments which is considered a Level 2 measurement. The fair value of certificates of deposit in other banks was estimated using discounted cash flow analysis based on current interest rates being offered by instruments with similar terms and represents a Level 2 measurement. The carrying amount of the remaining other investments (particularly common stocks of companies or other banks that are not publicly traded) approximates their fair value, determined primarily by analysis of company financial statements and recent capital issuances of the respective companies or banks, if any, and represents a Level 3 measurement.
Loans held for sale: The fair value estimation process for the loans held for sale portfolio is segregated by loan type. The estimated fair value was based on what secondary markets are currently offering for portfolios with similar characteristics and represents a Level 2 measurement.
Loans, net: For variable-rate loans that reprice frequently and with no significant change in credit risk or other optionality, fair values are based on carrying values. Fair values for all other loans are estimated by discounting contractual cash flows using estimated market discount rates, which reflect the credit and interest rate risk inherent in the loan based on market participants. Collateral-dependent loans are included in loans, net. The fair value of loans is considered to be a Level 3 measurement due to internally developed discounted cash flow measurements.
Deposits: The fair value of deposits with no stated maturity (such as demand deposits, savings, interest and noninterest checking, and money market accounts) is equal to the amount payable on demand at the reporting date. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market place on certificates of similar remaining maturities. Use of internal discounted cash flows provides a Level 3 fair value measurement.
Long-term borrowings: The fair value of the FHLB advances was obtained from the FHLB which uses a discounted cash flow analysis based on current market rates of similar maturity debt securities and represents a Level 2 measurement. The fair values of the junior subordinated debentures and subordinated notes utilize a discounted cash flow analysis based on an estimate of current interest rates being offered by instruments with similar terms and credit quality. Since the market for these instruments is limited, the internal valuation represents a Level 3 measurement.
Lending-related commitments: The estimated fair value of lending-related commitments (letters of credit, interest rate lock commitments on residential mortgage loans and outstanding mandatory commitments to sell residential mortgage loans into the secondary market) were not significant.
Limitations: Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Fair value estimates may not be realizable in an immediate settlement of the instrument. In some instances, there are no quoted market prices for the Company’s various financial instruments, in which case fair values may be based on estimates using present value or other valuation techniques, or based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of the financial instruments, or other factors. Those techniques are significantly affected by the assumptions used, including the discount rate and estimate of future cash flows. Subsequent changes in assumptions could significantly affect the estimates.
v3.25.4
PARENT COMPANY ONLY FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
PARENT COMPANY ONLY FINANCIAL INFORMATION PARENT COMPANY ONLY FINANCIAL INFORMATION
Condensed Parent Company only financial statements of Nicolet Bankshares, Inc. follow.
Balance SheetsDecember 31,
(in thousands)20252024
Assets  
Cash and due from subsidiary$187,631 $188,587 
Investments11,782 10,408 
Investments in subsidiaries1,195,567 1,132,727 
Other assets497 210 
Total assets$1,395,477 $1,331,932 
Liabilities and Stockholders’ Equity  
Junior subordinated debentures$42,215 $41,384 
Subordinated notes92,645 115,003 
Other liabilities2,955 2,647 
Stockholders’ equity1,257,662 1,172,898 
Total liabilities and stockholders’ equity$1,395,477 $1,331,932 
Statements of IncomeYears Ended December 31,
(in thousands)202520242023
Interest income$91 $136 $126 
Interest expense7,587 8,645 10,633 
Net interest expense(7,496)(8,509)(10,507)
Dividend income from subsidiaries127,500 111,800 70,000 
Operating expense(1,762)(424)(107)
Asset gains (losses), net118 2,815 (1,164)
Income tax benefit1,952 1,296 3,803 
Earnings before equity in undistributed income (loss) of subsidiaries120,312 106,978 62,025 
Equity in undistributed income (loss) of subsidiaries30,374 17,081 (509)
Net income$150,686 $124,059 $61,516 
Statements of Cash FlowsYears Ended December 31,
(in thousands)202520242023
Cash Flows From Operating Activities:   
Net income$150,686 $124,059 $61,516 
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of discounts on borrowings874 706 588 
Asset (gains) losses, net(118)(2,815)1,164 
Change in other assets and liabilities, net(80)257 (1,190)
Equity in undistributed (income) loss of subsidiaries, net of dividends(30,374)(17,081)509 
Net cash provided by (used in) operating activities120,988 105,126 62,587 
Cash Flows from Investing Activities:   
Proceeds from sale of investments65 2,518 75 
Purchases of investments(1,321)(842)(1,451)
Net cash provided by (used in) investing activities(1,256)1,676 (1,376)
Cash Flows From Financing Activities:   
Purchase and retirement of common stock(89,290)(12,112)(6,030)
Proceeds from issuance of common stock, net9,661 27,252 11,376 
Cash dividends on common stock(18,659)(16,548)(11,119)
Repayment of long-term borrowings(22,400)(5,172)(31,000)
Net cash provided by (used in) financing activities(120,688)(6,580)(36,773)
Net increase (decrease) in cash and due from subsidiary(956)100,222 24,438 
Beginning cash and due from subsidiary188,587 88,365 63,927 
Ending cash and due from subsidiary$187,631 $188,587 $88,365 
v3.25.4
EARNINGS PER COMMON SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE
Presented below are the calculations for basic and diluted earnings per common share.
 Years Ended December 31,
(in thousands, except per share data)202520242023
Net income$150,686 $124,059 $61,516 
Weighted average common shares outstanding14,980 15,049 14,743 
Effect of dilutive common stock awards424 367 328 
Diluted weighted average common shares outstanding15,404 15,416 15,071 
Basic earnings per common share$10.06 $8.24 $4.17 
Diluted earnings per common share$9.78 $8.05 $4.08 
For the year ended December 31, 2025, less than 0.1 million shares were excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive. Comparatively, for the years ended December 31, 2024 and December 31, 2023, approximately 0.2 million shares and 0.8 million shares, respectively, were excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive.
v3.25.4
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures on January 1, 2024. The Company has determined that its current community bank operating model is structured whereby all banking locations serve a similar base of primarily commercial customers utilizing a company-wide offering of similar products and services managed through similar processes and technology platforms that are collectively reviewed by the Company’s Chief Executive Officer, who has been designated as the chief operating decision maker (“CODM”). The CODM regularly assesses performance of the aggregated single banking segment in determining how to allocate resources.
The banking segment derives revenue from customers by providing a broad array of loan and deposit products to businesses, consumers and government municipalities. Loan offerings include commercial and agricultural-based loans, as well as residential real estate and consumer loans. Deposit products include checking, savings, money market, and time deposits, as well as treasury management services, mobile banking, ATMs, and other deposit-related products and services
Accounting policies for the banking segment are the same as those described in Note 1. The CODM assesses performance of the banking segment and decides how to allocate resources based on net income as reported in the Company’s consolidated statements of income. All categories of interest expense, provision for credit losses, and noninterest expense, as disclosed in the Company’s consolidated statements of income, are considered significant to the banking segment. In addition, depreciation expense is disclosed within Note 5. For the years ended December 31, 2025, 2024, and 2023, respectively, there were no adjustments or reconciling items between the banking segment net income and consolidated net income as presented in the consolidated statements of income.
The measure of segment assets is based on total assets as reported on the consolidated balance sheets. For the years ended December 31, 2025 and 2024, respectively, there were no adjustments or reconciling items between the banking segment total assets and total assets as presented on the consolidated balance sheets.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Nicolet is susceptible to information security breaches and cybersecurity-related incidents like any other entity. Risks related to cybersecurity attacks are expected to remain heightened as digital capabilities continue to evolve. Increasing use in digital platforms create a vast footprint for sophisticated threats to attack organizations internally and externally, blurring the outermost edge of security. To mitigate these risks, resources are employed to provide visibility, prevention, and mitigation strategies, in line with information security standards.

Our management Info Sec Steering Committee has established an Information Security Program, which includes appropriate security risk assessments, security monitoring, incident response, policies, operating standards, compliance, and employee training. The underlying controls of this security program are based on the guidelines and frameworks provided by the OCC, the Federal
Financial Institutions Examination Council (the “FFIEC”), and the National Institute of Standards and Technology (“NIST”), as well as industry best practices and standards. The Information Security Program focuses on the following key areas:

•IT Governance, Risk & Compliance – As discussed in further detail under the “Governance” section below, we have established programs, policies, and procedures for security oversight, including risk assessments for business processes and applications. These cyber and information security programs, policies and procedures are reviewed annually by a third-party.
•Identity & Access Management – We have established controls to mitigate risks related to unauthorized access, identity theft, and data breaches. Process and technology controls include identity, authentication, authorization, account management, and access, along with monitoring and logging for tracking events.
•Security Architecture & Engineering – Our security is tailored around industry best practices and guidance. This establishes the foundation for secure resilient systems that can withstand and mitigate cyber risks effectively.
•Security Operations – We use various tools to assess, monitor, and analyze the vulnerability of our environment, and have established an incident response plan for addressing identified threats and incidents.
•Resiliency, Safety & Security – We have established policies and procedures to withstand and recover from disruption, protect our people and environment, as well as protect our systems and information from threats and unauthorized access.
•Vendor Risk Management – We use a risk-based approach to assess and monitor cybersecurity risks presented by our vendors, third-party service providers, and other third-party users that we partner with.
•Security Awareness Education – We use current cybersecurity and information security threats to develop our education program. This training focuses on information security, privacy, cybersecurity best practices (e.g., social engineering, incident reporting, maintaining strong passwords), identity and access management, and physical security. All employees receive education and awareness training throughout the year. In addition, some of this education is extended to our customer base, with current cyber activity and hygiene highlighted.

To our knowledge, no cybersecurity incidents or threats have resulted in a reportable event, and have not materially impacted Nicolet’s operations or financial condition. For additional discussion of cybersecurity risks, see Item 1A, “Risk Factors – Operational Risks.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Our management Info Sec Steering Committee has established an Information Security Program, which includes appropriate security risk assessments, security monitoring, incident response, policies, operating standards, compliance, and employee training.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] The Board is actively engaged in oversight of our cybersecurity practices, with the Risk and Audit Committees having primary oversight responsibility. The Risk Committee reviews and approves the information security program on an annual basis, as well as receives management updates about information security matters on at least a quarterly basis. In addition, the Audit Committee receives prompt reporting and updates on IT audits and material cybersecurity-related incidents. The full Board receives regular presentations regarding pertinent cyber and information security topics. These updates cover external cybersecurity hot topics and notable events, current and emerging threats, cybersecurity program achievements and progress on key initiatives, key performance indicators, key risk indicators, and notable internal events.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board is actively engaged in oversight of our cybersecurity practices, with the Risk and Audit Committees having primary oversight responsibility. The Risk Committee reviews and approves the information security program on an annual basis, as well as receives management updates about information security matters on at least a quarterly basis. In addition, the Audit Committee receives prompt reporting and updates on IT audits and material cybersecurity-related incidents. The full Board receives regular presentations regarding pertinent cyber and information security topics. These updates cover external cybersecurity hot topics and notable events, current and emerging threats, cybersecurity program achievements and progress on key initiatives, key performance indicators, key risk indicators, and notable internal events.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board is actively engaged in oversight of our cybersecurity practices, with the Risk and Audit Committees having primary oversight responsibility. The Risk Committee reviews and approves the information security program on an annual basis, as well as receives management updates about information security matters on at least a quarterly basis. In addition, the Audit Committee receives prompt reporting and updates on IT audits and material cybersecurity-related incidents. The full Board receives regular presentations regarding pertinent cyber and information security topics. These updates cover external cybersecurity hot topics and notable events, current and emerging threats, cybersecurity program achievements and progress on key initiatives, key performance indicators, key risk indicators, and notable internal events.
Cybersecurity Risk Role of Management [Text Block]
Our Chief Information Security Officer (“CISO”) is responsible for managing our information security team and implementing the Information Security Program, in conjunction with our Chief Innovation Officer (“CIO”). As discussed in further detail under “Risk Management and Strategy” above, the primary responsibilities of the information security team include IT governance, risk and compliance; identity and access management; security architecture and engineering; security operations; resiliency, safety and security; vendor risk management, and security awareness education. The team includes information security professionals with varying degrees of education and experience, and some team members are subject to professional education and certification requirements. In particular, our information security team has substantial relevant experience in the areas of information security and cybersecurity risk management.
The management Info Sec Steering Committee provides oversight and governance of the Information Security Program. This committee includes members of information security, risk, compliance, audit, human resources, legal, operations, banking, and wealth. The committee maintains monthly meetings to review and provide oversight of our risk management strategy; audit reports related to our cyber and information security processes; third-party risk assessments; periodic testing of systems and infrastructure; status of employee and customer training; and updates on security incidents. More frequent meetings may occur in accordance with the incident response plan to facilitate timely assessment, monitoring, and reporting.
The Board is actively engaged in oversight of our cybersecurity practices, with the Risk and Audit Committees having primary oversight responsibility. The Risk Committee reviews and approves the information security program on an annual basis, as well as receives management updates about information security matters on at least a quarterly basis. In addition, the Audit Committee receives prompt reporting and updates on IT audits and material cybersecurity-related incidents. The full Board receives regular presentations regarding pertinent cyber and information security topics. These updates cover external cybersecurity hot topics and notable events, current and emerging threats, cybersecurity program achievements and progress on key initiatives, key performance indicators, key risk indicators, and notable internal events.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our Chief Information Security Officer (“CISO”) is responsible for managing our information security team and implementing the Information Security Program, in conjunction with our Chief Innovation Officer (“CIO”). As discussed in further detail under “Risk Management and Strategy” above, the primary responsibilities of the information security team include IT governance, risk and compliance; identity and access management; security architecture and engineering; security operations; resiliency, safety and security; vendor risk management, and security awareness education.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The team includes information security professionals with varying degrees of education and experience, and some team members are subject to professional education and certification requirements. In particular, our information security team has substantial relevant experience in the areas of information security and cybersecurity risk management.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our Chief Information Security Officer (“CISO”) is responsible for managing our information security team and implementing the Information Security Program, in conjunction with our Chief Innovation Officer (“CIO”). As discussed in further detail under “Risk Management and Strategy” above, the primary responsibilities of the information security team include IT governance, risk and compliance; identity and access management; security architecture and engineering; security operations; resiliency, safety and security; vendor risk management, and security awareness education. The team includes information security professionals with varying degrees of education and experience, and some team members are subject to professional education and certification requirements. In particular, our information security team has substantial relevant experience in the areas of information security and cybersecurity risk management.
The management Info Sec Steering Committee provides oversight and governance of the Information Security Program. This committee includes members of information security, risk, compliance, audit, human resources, legal, operations, banking, and wealth. The committee maintains monthly meetings to review and provide oversight of our risk management strategy; audit reports related to our cyber and information security processes; third-party risk assessments; periodic testing of systems and infrastructure; status of employee and customer training; and updates on security incidents. More frequent meetings may occur in accordance with the incident response plan to facilitate timely assessment, monitoring, and reporting.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation: The consolidated financial statements of the Company include the accounts of its subsidiaries. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and conform to general practices within the banking industry. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Results of operations of companies purchased, if any, are included from the date of acquisition.

Because the Company is not the primary beneficiary, the consolidated financial statements exclude the following wholly-owned variable interest entities: Mid-Wisconsin Statutory Trust, Baylake Capital Trust II, First Menasha Bancshares Statutory Trust I, First Menasha Bancshares Statutory Trust II, County Bancorp Statutory Trust II, County Bancorp Statutory Trust III, and Fox River Valley Trust I.
Operating Segment
Operating Segment: The Bank represents the primary operating segment (as discussed above). While the chief operating decision maker monitors the revenue streams of the various products and services, and evaluates costs, balance sheet positions and quality, all such products, services and activities are directly or indirectly related to the business of community banking, with no regular, formal or material segment delineations. Operations are managed and financial performance is evaluated on a company-wide basis, and accordingly, all the financial service operations are considered to be aggregated in one reportable operating segment. See Note 21 for additional segment disclosures.
Use of Estimates Use of Estimates: In preparing the accompanying consolidated financial statements in conformity with U.S. GAAP, the Company’s management is required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the disclosures provided. Actual results may differ from these estimates. Material estimates that are particularly susceptible to significant change in the near-term include the fair value of securities available for sale, the determination of the allowance for credit losses, acquisitions accounting, goodwill, and income taxes.
Business Combinations Business Combinations: The Company accounts for business combinations under the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”). The Company recognizes the full fair value of the assets acquired and liabilities assumed and immediately expenses transaction costs. If the amount of consideration exceeds the fair value of assets purchased less the fair value of liabilities assumed, goodwill is recorded. Alternatively, if the amount by which the fair value of assets purchased exceeds the fair value of liabilities assumed and consideration paid, a gain (“bargain purchase gain”) is recorded. Fair values are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Results of operations of the acquired business are included in the statements of income from the effective date of the acquisition.
Cash and Cash Equivalents Cash and Cash Equivalents: For purposes of the consolidated statements of cash flows, cash and cash equivalents include cash and due from banks, interest-earning deposits with no stated maturity, and federal funds sold. The Bank maintains amounts in due from banks which, at times, may exceed federally insured limits. Management monitors these correspondent relationships, and the Bank has not experienced any losses in such accounts.
Securities Available for Sale
Securities Available for Sale: Securities are classified as AFS on the consolidated balance sheets at the time of purchase and include those securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as AFS would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital considerations, and other similar factors. Securities classified as AFS are carried at fair value, with unrealized gains or losses, net of related deferred income taxes, reported as increases or decreases in accumulated other comprehensive income (loss). Realized gains or losses on sales of securities AFS (using the specific identification method) are included in the consolidated statements of income under asset gains (losses), net. Premiums and discounts are amortized or accreted into interest income over the estimated life of the related securities using the effective interest method.
Management evaluates securities AFS in unrealized loss positions on a quarterly basis to determine whether the decline in fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. In making this evaluation, management considers the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. Any impairment that is not credit-related is recognized in other comprehensive income (loss), net of related deferred income taxes. Credit-related impairment is recognized as an allowance for credit losses (“ACL”) on the balance sheet based on the amount by which the amortized cost basis exceeds the fair value, with a corresponding charge to net income. Both the ACL and charge to net income may be reversed if conditions change. However, if the Company intends to sell an impaired AFS security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment must be recognized in net income with a corresponding adjustment to the security’s amortized cost basis rather than through the establishment of an ACL.
Other Investments Other Investments: Other investments include equity securities with readily determinable fair values, “restricted” equity securities, private company securities, and certificates of deposit in other banks. As a member of the Federal Reserve Bank System and the Federal Home Loan Bank (“FHLB”) System, the Bank is required to maintain an investment in the capital stock of these entities. These equity securities are “restricted” in that they can only be sold back to the respective institutions or another member institution at par. Therefore, they are less liquid than other exchange traded equity securities. As no ready market exists for these stocks, and they have no quoted market value, these investments are carried at cost. Also included are investments in other private companies that do not have quoted market prices, which are carried at cost less impairment charges, if any. Management’s evaluation of these other investments for impairment includes consideration of the financial condition and other available relevant information of the issuer.
Loans Held for Sale
Loans Held for Sale: Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value as determined on an aggregate basis and generally consist of current production of certain fixed-rate residential first lien mortgages. The amount by which cost exceeds fair value is recorded as a valuation allowance and charged to earnings. Changes, if any, in the valuation allowance are included in earnings in the period in which the change occurs. As of December 31, 2025 and 2024, no valuation allowance was necessary. Loans held for sale may be sold servicing retained or servicing released, and are generally sold without recourse. Gains and losses on sales of mortgage loans held for sale are included in earnings in mortgage income, net.
Loans - Originated and Acquired
Loans – Originated: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are carried at their amortized cost basis, which is the unpaid principal amount outstanding, net of deferred loan fees and costs, and any direct principal charge-off. The Company made an accounting policy election to exclude accrued interest from the amortized cost basis of loans and report such accrued interest as part of accrued interest receivable and other assets on the consolidated balance sheets.

Interest income is accrued on the unpaid principal balance using the simple interest method. The accrual of interest income on loans is discontinued when, in the opinion of management, there is reasonable doubt as to the borrower’s ability to meet payment of interest or principal when due. Loans are generally placed on nonaccrual status when contractually past due 90 days or more as to interest or principal, though may be placed in such status earlier based on the circumstances. Loans past due 90 days or more may
continue on accrual only when they are well secured and / or in process of collection or renewal. When interest accrual is discontinued, all previously accrued but uncollected interest is reversed against current period interest income. Except in very limited circumstances, cash collections on nonaccrual loans are credited to the loan receivable balance and no interest income is recognized on those loans until the principal balance is paid in full. Accrual of interest may be resumed when the customer is current on all principal and interest payments and has been paying on a timely basis for a sustained period of time.

A description of each segment of the loan portfolio, including the corresponding credit risk, is included below.

Commercial and industrial loans consist primarily of commercial loans to small and mid-sized businesses within a diverse range of industries (manufacturing, wholesaling, paper, packaging, food production and processing, retail, service, and businesses supporting the general building industry). These loans are made for a wide variety of general corporate purposes, including working capital, equipment, and business expansion loans, with varying terms based upon the underlying purpose of the loan. Commercial and industrial loans are based primarily on the historical and projected cash flow of the underlying borrower, and secondarily on any underlying assets pledged by the borrower. The credit risk related to commercial and industrial loans is largely influenced by general economic conditions and the resulting impact on a borrower’s operations, or on the value of underlying collateral, if any. Credit risk is managed by employing sound underwriting guidelines, lending primarily to borrowers in local markets, formally reviewing the borrower’s financial condition on an ongoing basis, and generally require a guarantee (in full or part) from the primary business owners. Commercial bankers utilize SBA programs, where appropriate, as Nicolet is a preferred SBA lender.

Owner-occupied CRE loans primarily consist of loans within a diverse range of industries secured by business real estate that is occupied by borrowers who operate their businesses out of the underlying collateral and who may also have commercial and industrial loans. The credit risk related to owner-occupied CRE loans is largely influenced by general economic conditions and the resulting impact on a borrower’s operations, or on the value of underlying collateral. Credit risk is managed by employing sound underwriting guidelines, lending primarily to borrowers in local markets, periodically evaluating the underlying collateral, formally reviewing the borrower’s financial performance on an ongoing basis, and generally require a guarantee (in full or part) from the primary business owners.

Agricultural loans consist of loans secured by farmland and the related farming operations, primarily within the dairy industry. These loans support short-term needs (planting crops or buying feed), as well as longer term needs (fund cattle, equipment or real estate purchases and improvements) of our agricultural customers. The credit risk related to agricultural loans is largely influenced by the agricultural economy, including market prices for the cost of feed and the price of milk, and / or the underlying value of the farmland. Credit risk is managed by employing sound underwriting guidelines, regular personal contact with our agricultural customers, formally reviewing the borrower’s financial condition on an ongoing basis, and generally require a guarantee (in full or part) from the primary business owners. Agricultural bankers utilize FSA programs, where appropriate, as Nicolet is a preferred FSA lender.

The CRE investment loan classification primarily includes commercial-based mortgage loans that are secured by non-owner occupied, nonfarm / nonresidential real estate properties, and multi-family residential properties. Lending in this segment is focused on loans that are secured by commercial income-producing properties as opposed to speculative real estate development. The credit risk related to CRE investment loans is influenced by the cash flows of the properties, including vacancy experience, credit capacity of the tenants occupying the real estate, and general economic conditions, all of which may impact the borrower’s operations or the value of underlying collateral. Credit risk is managed by employing sound underwriting guidelines, lending primarily to borrowers in local markets, periodically evaluating the underlying collateral, regularly reviewing the borrower’s financial condition, and generally require a guarantee (in full or part) from the principals.

Construction and land development loans provide financing for the development of commercial income properties, multi-family residential development, and land designated for future development. The credit risk on construction loans depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost of construction. Nicolet controls the credit risk on these types of loans by making loans in familiar markets, reviewing the merits of individual projects, controlling loan structure, and monitoring the progress of projects through the analysis of construction advances. Credit risk is managed by employing sound underwriting guidelines, lending primarily to borrowers in local markets, periodically evaluating the underlying collateral, formally reviewing the borrower’s financial soundness and relationships on an ongoing basis, and generally require a guarantee (in full or part) from the principals.
Residential real estate includes residential first mortgage loans and residential junior mortgage loans (home equity lines and term loans secured by junior mortgage liens). Residential real estate also includes residential construction loans. As part of its management of originating residential mortgage loans, Nicolet generally sells the majority of its long-term, fixed-rate residential first mortgage loans in the secondary market with the servicing rights retained, and retains the adjustable-rate mortgage loans in its loan portfolio. The Company may also retain a portion of the long-term, fixed rate residential mortgage loans that do not conform with secondary market standards, but do meet other specific underwriting guidelines. Credit risk for residential real estate loans largely depends upon factors affecting the borrower’s ability to repay as well as general economic trends. Residential real estate loan underwriting is subject to specific regulations, and Nicolet typically underwrites these loans to conform with those widely accepted standards. Residential real estate loans typically have longer terms and higher balances with lower yields, but generally carry lower risks of default.

Retail loans include predominantly credit cards and other personal installment loans to individuals within Nicolet’s market areas. Retail loans are centrally underwritten utilizing the borrower’s financial history and information on the underlying collateral. Retail loans typically have shorter terms and lower balances with higher yields, but generally carry higher risks of default. Collection of these loans depends on the borrower’s financial stability, and is more likely to be affected by adverse personal circumstances.

Loans – Acquired: Loans purchased in acquisition transactions are acquired loans, and are recorded at their estimated fair value on the acquisition date.
Acquired loans that have evidence of more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated (“PCD”) loans. At acquisition, an estimate of expected credit losses is made for PCD loans. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair value to establish the initial amortized cost basis of the PCD loans. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors, resulting in a discount or premium that is amortized to interest income. For acquired loans not deemed PCD loans at acquisition, the difference between the initial fair value mark and the unpaid principal balance are recognized in interest income over the estimated life of the loans. In addition, an initial allowance for expected credit losses is estimated and recorded as provision expense at the acquisition date. The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans.
Allowance for Credit Losses - Loans and Unfunded Commitments
Allowance for Credit Losses - Loans: The ACL-Loans represents management’s estimate of expected credit losses over the lifetime of the loan based on loans in the Company’s loan portfolio at the balance sheet date. The Company estimates the ACL-Loans based on the amortized cost basis of the underlying loan and has made an accounting policy election to exclude accrued interest from the loan’s amortized cost basis and the related measurement of the ACL-Loans. Estimating the amount of the ACL-Loans is a function of a number of factors, including but not limited to changes in the loan portfolio, net charge-offs, trends in past due and nonaccrual loans, and the level of potential problem loans, all of which may be susceptible to significant change. Actual credit losses, net of recoveries, are deducted from the ACL-Loans. Loans are charged-off when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the ACL-Loans. A provision for credit losses, which is a charge against income, is recorded to bring the ACL-Loans to a level that, in management’s judgment, is appropriate to absorb expected credit losses in the loan portfolio.

The Company uses the current expected credit loss model (“CECL”) to estimate the ACL-Loans. This model considers historical loss rates and other qualitative adjustments, as well as a forward-looking component that considers reasonable and supportable forecasts over the expected life of each loan. To develop the ACL-Loans estimate under the CECL model, the Company segments the loan portfolio into loan pools based on loan type and similar credit risk elements; performs an individual evaluation of PCD and other credit-deteriorated loans; calculates the historical loss rates for the segmented loan pools; applies the loss rates over the calculated life of the pooled loans; adjusts for forecasted macro-level economic conditions; and determines qualitative adjustments based on factors and conditions unique to Nicolet’s portfolio.
To assess the overall appropriateness of the ACL-Loans, management applies an allocation methodology which focuses on evaluation of qualitative and environmental factors, including but not limited to: evaluation of facts and issues related to specific loans; management’s ongoing review and grading of the loan portfolio; consideration of historical loan loss and delinquency experience on each portfolio segment; trends in past due and nonaccrual loans; the risk characteristics of the various loan segments; changes in the size and character of the loan portfolio; concentrations of loans to specific borrowers or industries; existing economic conditions; the fair value of underlying collateral; and other qualitative and quantitative factors which could affect expected credit losses. Assessing these numerous factors involves significant judgment.

Management allocates the ACL-Loans by pools of risk within each loan portfolio segment. The allocation methodology consists of the following components. First, a specific reserve is established for individually evaluated PCD and other credit-deteriorated loans, which management defines as nonaccrual credit relationships over $250,000, collateral dependent loans, and other loans with evidence of credit deterioration. The specific reserve in the ACL-Loans for these credit deteriorated loans is equal to the aggregate collateral or discounted cash flow shortfall. Next, management allocates the ACL-Loans with historical loss rates by loan segment. The loss factors are measured on a quarterly basis and applied to each loan segment based on current loan balances and projected for their expected remaining life. Management also allocates the ACL-Loans using the qualitative and environmental factors mentioned above. Consideration is given to those current qualitative or environmental factors that are likely to cause estimated credit losses at the evaluation date to differ from the historical loss experience of each loan segment. Lastly, management considers reasonable and supportable forecasts to assess the collectability of future cash flows.

Allocations to the ACL-Loans may be made for specific loans but the entire ACL-Loans is available for any loan that, in management’s judgment, should be charged-off or for which an actual loss is realized. The allowance analysis is reviewed by the board of directors (the “Board”) on a quarterly basis in compliance with internal and regulatory requirements.
Allowance for Credit Losses - Unfunded Commitments: In addition to the ACL-Loans, the Company has established an allowance for unfunded commitments, included in accrued interest payable and other liabilities on the consolidated balance sheets, representing expected credit losses over the contractual period for which the Company is exposed to credit risk resulting from a contractual obligation to extend credit. The ACL-Unfunded Commitments is maintained at a level that management believes is sufficient to absorb losses arising from unfunded loan commitments, and is determined quarterly based on methodology similar to the methodology for determining the ACL-Loans.
Credit-Related Financial Instruments
Credit-Related Financial Instruments: In the ordinary course of business, the Company has entered into financial instruments consisting of commitments to extend credit, financial standby letters of credit, and performance standby letters of credit. Financial standby letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party, while performance standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. Such financial instruments are recorded in the consolidated financial statements when they are funded.
Transfers of Financial Assets
Transfers of Financial Assets: Transfers of financial assets, primarily in loan participation activities, are accounted for as sales only when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of the right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return assets.
Premises and Equipment
Premises and Equipment: Premises and equipment are stated at cost less accumulated depreciation and amortization. Premises and equipment from acquisitions were recorded at estimated fair value on the respective dates of acquisition. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the estimated useful lives of the improvements or the terms of the related leases. Maintenance and repairs are expensed as incurred.

Estimated useful lives of new premises and equipment generally range as follows:
Building and improvements 
25 – 40 years
Leasehold improvements 
5 – 15 years
Furniture and equipment 
3 – 10 years
Operating Leases Operating Leases: The Company accounts for its operating leases in accordance with ASC 842, Leases, which requires lessees to record almost all leases on the balance sheet as a right-of-use (“ROU”) asset and lease liability. The operating lease ROU asset represents the right to use an underlying asset during the lease term (included in accrued interest receivable and other assets on the consolidated balance sheets), while the operating lease liability represents the obligation to make lease payments arising from the lease (included in accrued interest payable and other liabilities on the consolidated balance sheets). The ROU asset and lease liability are recognized at lease commencement based on the present value of the remaining lease payments, considering a discount rate that represents Nicolet’s incremental borrowing rate. Operating lease expense is recognized on a straight-line basis over the lease term and is recognized in occupancy, equipment, and office on the consolidated statements of income.
Other Real Estate Owned ("OREO") Other Real Estate Owned (“OREO”): OREO acquired through partial or total satisfaction of loans or bank facilities no longer in use are carried at fair value less estimated costs to sell. Any write-down in the carrying value of loans or vacated bank premises at the time of transfer to OREO is charged to the ACL-Loans or to write-down of assets, respectively. OREO properties acquired in conjunction with acquisition transactions were recorded at fair value on the date of acquisition. Any subsequent write-downs to reflect current fair value, as well as gains or losses on disposition and revenues and expenses incurred to hold and maintain such properties, are treated as period costs.
Goodwill and Other Intangibles
Goodwill and Other Intangibles: Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired. Goodwill is not amortized but, instead, is subject to impairment tests on at least an annual basis or more frequently if certain events or circumstances occur. Other intangibles include core deposit intangibles (which represent the value of acquired customer core deposit bases) and customer list intangibles. The core deposit intangibles have an estimated finite life, are amortized on an accelerated basis over a 10-year period, and are subject to periodic impairment evaluation. The customer list intangibles have finite lives, are amortized on a straight-line basis to expense over their estimated average life, and are subject to periodic impairment evaluation.
Management periodically reviews the carrying value of its intangible assets to determine if any impairment has occurred, in which case an impairment charge would be recorded as an expense in the period of impairment, or whether changes in circumstances have occurred that would require a revision to the remaining useful life which would impact expense prospectively. In making such determination, management evaluates whether there are any adverse qualitative factors indicating that an impairment may exist, as well as the performance, on an undiscounted basis, of the underlying operations or assets which give rise to the intangible.
Mortgage Servicing Rights ("MSRs") and Loan Servicing Rights ("LSRs")
Mortgage Servicing Rights (“MSRs”):  The Company sells originated residential mortgages into the secondary market and retains the right to service the loans sold. A mortgage servicing right asset (liability) is capitalized upon sale of such loans with the offsetting effect recorded as a gain (loss) on sale of loans in earnings (included in mortgage income, net), representing the then-current estimated fair value of future net cash flows expected to be realized for performing the servicing activities.  MSRs when purchased (including MSRs purchased in acquisitions) are initially recorded at their then-estimated fair value.  As the Company has not elected to measure any class of servicing assets under the fair value method, the Company utilizes the amortization method.  MSRs are amortized in proportion to and over the period of estimated net servicing income, with the amortization charged to earnings (included in mortgage income, net). MSRs are carried at the lower of initial capitalized amount, net of accumulated amortization, or estimated fair value, and are included in other assets in the consolidated balance sheets.  Mortgage loan servicing fee income is typically based on a contractual percentage of the outstanding principal and is recorded as income when earned (included in mortgage income, net with less material late fees and ancillary fees related to loan servicing).
At each reporting date, the MSR asset is assessed for impairment based on the estimated fair value, which considers the estimated prepayment speeds and stratifications based on the risk characteristics of the underlying loans serviced (predominantly loan type and note interest rate). The value of MSRs is adversely affected when mortgage interest rates decline and mortgage loan prepayments increase.  A valuation allowance is established through a charge to earnings (included in mortgage income, net) to the extent the amortized cost of the MSRs exceeds the estimated fair value by stratification.  If it is later determined that all or a portion of the temporary impairment no longer exists for a stratification, the valuation is reduced through a recovery to earnings, though not beyond the net amortized cost.  An other-than-temporary impairment (i.e., recoverability is considered remote when considering interest rates and loan payoff activity) is recognized as a write-down of the MSRs and the related valuation allowance (to the extent a valuation allowance is available) and then against earnings.  A direct write-down permanently reduces the carrying value of the MSRs and valuation allowance, precluding subsequent recoveries.Loan Servicing Rights (“LSRs”):  The Company acquired agricultural loan servicing rights in connection with a bank acquisition in 2021. These LSRs were recorded at estimated fair value upon acquisition, and are subsequently accounted for utilizing the amortization method (included in other assets in the consolidated balance sheets); thus, the LSRs are amortized in proportion to and over the period of estimated net servicing income, with the amortization charged to earnings. The LSRs are assessed for impairment at each reporting date based on estimated fair value. Impairment is determined by stratifying the rights into tranches based on predominant characteristics, such as interest rate, loan type, and investor type. A valuation allowance is established through a charge to earnings to the extent that estimated fair value is less than the carrying amount of the servicing assets for an individual tranche. The valuation allowance is adjusted to reflect changes in the measurement of impairment through either recovery or additions to the valuation allowance, with such changes reported as a component of loan servicing fees on the consolidated statements of income. Fair value in excess of the carrying amount of servicing assets is not recognized. The amortization of loan servicing rights is reflected net of loan servicing fee income. Loan servicing fee income is based on a contractual percentage of the outstanding principal and is recorded as income when earned.
Bank-owned Life Insurance ("BOLI")
Bank-owned Life Insurance (“BOLI”): The Company owns BOLI on certain executives and employees. BOLI balances are recorded at their cash surrender values. Changes in the cash surrender values and death proceeds exceeding carrying values are included in BOLI income.
Stock-based Compensation Stock-based Compensation: Stock-based payments to employees, including grants of restricted stock awards, restricted stock units, or stock options, are valued at fair value of the award on the date of grant and expensed on a straight-line basis as compensation expense over the applicable vesting period. In addition, certain restricted stock units vest upon the satisfaction of specific performance-based metrics over a defined performance period. A Black-Scholes model is utilized to estimate the fair value of stock options and the quoted market price of the Company’s stock at the date of grant is used to estimate the fair value of restricted stock.
Income Taxes
Income Taxes: The Company files a consolidated federal income tax return with its wholly owned subsidiaries and files state income tax returns with the various taxing jurisdictions based on its taxable presence. Amounts equal to tax benefits of those subsidiaries having taxable federal or state losses or credits are reimbursed by the entities that incur federal or state tax liabilities.

Amounts provided for income tax expense are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable under tax laws. Deferred income tax assets and liabilities are computed quarterly for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax rates applicable to the periods in which the differences are expected to affect taxable income. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through income tax expense. Valuation allowances are established when it is more likely than not that a portion of the full amount of the deferred tax asset will not be realized. In assessing the ability to realize deferred tax assets, management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies.

At acquisition, deferred taxes were evaluated in respect to the acquired assets and assumed liabilities (including the acquired net operating losses), and a net deferred tax asset was recorded. Certain limitations within the provisions of the tax code are placed on the amount of net operating losses which can be utilized as part of acquisition accounting rules and were incorporated into the calculation of the deferred tax asset. In addition, a portion of the fair value discounts on PCD loans which resolved in the first twelve months after the acquisition were disallowed under provisions of the tax code.
The Company may also recognize a liability for unrecognized tax benefits from uncertainty in income tax positions. Unrecognized tax benefits represent the differences between a tax position taken or expected to be taken in a tax return and the benefit recognized and measured in the consolidated financial statements. At December 31, 2025, the Company determined it had no significant uncertainty in income tax positions. Interest and penalties related to unrecognized tax benefits are classified as income tax expense.
Earnings per Common Share Earnings per Common Share: Basic earnings per common share are calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of outstanding common stock awards unless the impact is anti-dilutive, by application of the treasury stock method.
Treasury Stock
Treasury Stock: Treasury stock is accounted for at cost on a first-in-first-out basis. It is the Company’s general practice to cancel treasury stock shares in the same quarter as purchased, and thus, not carry a treasury stock balance.
Comprehensive Income
Comprehensive Income: Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on securities AFS, are reported in accumulated other comprehensive income (loss), as a separate component of the equity section of the balance sheet. Realized gains or losses are reclassified to current period income. Changes in these items, along with net income, are components of comprehensive income (loss). The Company presents comprehensive income in a separate consolidated statement of comprehensive income.
Revenue Recognition
Revenue Recognition: Accounting principles (ASC 606, Revenue from Contracts with Customers) require that an entity recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The guidance includes a five-step model to apply to revenue recognition, consisting of the following: (1) identify the contract; (2) identify the performance obligation in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations; and (5) recognize revenue when or as the performance obligation is satisfied. ASC 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities, as well as certain noninterest income categories, such as gains or losses associated with mortgage servicing rights and income from BOLI. Descriptions of the Company’s primary revenue contracts within the scope of this revenue recognition guidance are discussed in detail below.

Trust services and brokerage fee income: A contract between the Company and its customers to provide fiduciary and / or investment administration services on trust accounts and brokerage accounts in exchange for a fee. Trust services and brokerage fee income is generally based upon the month-end market value of the assets under management and the applicable fee rate, which is recognized over the period the underlying trust or brokerage account is serviced (generally on a monthly basis). Such contracts are generally cancellable at any time, with the customer subject to a pro-rated fee in the month of termination.

Service charges on deposit accounts: The deposit contract obligates the Company to serve as a custodian of the customer’s deposited funds and generally can be terminated at will by either party. This contract permits the customer to access the funds on deposit and request additional services related to the deposit account. Service charges on deposit accounts consist of account analysis fees (net fees earned on analyzed business and public checking accounts), monthly service charges, nonsufficient fund (“NSF”) charges, and other deposit account related charges. The Company’s performance obligation for account analysis fees and monthly service charges is generally satisfied, and the related revenue recognized, over the period in which the service is provided (typically on a monthly basis); while NSF charges and other deposit account related charges are largely transactional based and the related revenue is recognized at the time the service is provided.

Card interchange income: A contract between the Company, as a card-issuing bank, and its customers whereby the Company receives a transaction fee from the merchant’s bank whenever a customer uses a debit or credit card to make a purchase. The performance obligation is completed and the fees are recognized as the service is provided (i.e., when the customer uses a debit or credit card).
Recent Accounting Pronouncements Adopted and Future Accounting Pronouncements
Recent Accounting Pronouncements Adopted: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation table, as well as income taxes paid disaggregated by jurisdiction. These expanded disclosures allow investors to better assess how an entity’s overall operations, including the related tax risks, tax planning, and operational opportunities, affect its income tax rate and prospects for future cash flows. The updated guidance is effective for annual periods beginning after December 15, 2024, and did not have a material impact on the consolidated financial statements. See Note 13 for the new income tax disclosures.

Future Accounting Pronouncements: In November 2025, the FASB issued ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans. This ASU expands the scope of the “gross up” method, formerly applicable only to PCD loans, to include non-PCD loans that meet certain criteria, now referred to as “purchased seasoned loans” (“PSLs”). Under this model, an allowance for expected credit losses is recognized at acquisition, offsetting the loan’s amortized cost basis, thereby eliminating the day one credit loss expense previously required for non-PCD loans. PSLs are defined as non-PCD loans acquired (1) through a business combination, or (2) purchased more than 90 days after origination when the acquirer was not involved in the origination.
The updated guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this ASU make targeted improvements to improve the operability of the guidance in consideration of the different methods of software development. Specifically, this update removes all references to prescriptive and sequential software development stages; rather, an entity is required to start capitalizing software costs when both of the following occur: management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. The updated guidance is effective for annual reporting periods beginning after December 15, 2027.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this ASU require disclosure in the notes to financial statements of specified information about certain expenses, such as employee compensation, depreciation, and intangible asset amortization. The updated guidance is effective for annual reporting periods beginning after December 15, 2026.
Reclassifications
Reclassifications: Certain amounts in the 2024 and 2023 financial statements have been reclassified to conform to the 2025 presentation, namely Certificates of deposit in other banks has been consolidated into Other investments on the consolidated balance sheets. This reclassification was not material and did not impact any other previously reported financial statement line items.
Fair Value Measurement
The following is a description of the valuation methodologies used by the Company for the assets and liabilities measured at fair value on a recurring basis, noted in the table above.
Securities AFS and Equity Securities: Where quoted market prices on securities exchanges are available, the investments are classified as Level 1. Level 1 investments primarily include exchange-traded equity securities. If quoted market prices are not available, fair value is generally determined using prices obtained from independent pricing vendors who use pricing models (with typical inputs including benchmark yields, reported trades for similar securities, issuer spreads or relationship to other benchmark
quoted securities), or discounted cash flows, and are classified as Level 2. Examples of these investments include U.S. Treasury securities, U.S. government agency securities, mortgage-backed securities, obligations of state, county and municipals, and certain corporate debt securities. Finally, in certain cases where there is limited activity or less transparency around inputs to the estimated fair value, investments are classified within Level 3 of the hierarchy. Examples of these include private corporate debt securities, which are primarily trust preferred security investments, as well as certain municipal bonds and mortgage-backed securities. At December 31, 2025 and 2024, it was determined that carrying value was the best approximation of fair value for the majority of these Level 3 securities, based primarily on the internal analysis performed on these securities.
Derivatives: The derivative assets and liabilities include interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans held for sale, which are considered derivative instruments (“mortgage derivatives”), as well as interest rate swaps with a corresponding mirror interest rate swap. The fair value of interest rate lock commitments was determined using the projected sale price of individual loans based on changes in the market interest rates, projected pull-through rates (the probability that an interest rate lock commitment will ultimately result in an originated loan), the reduction in the value of the applicant’s option due to the passage of time, and the remaining origination costs to be incurred based on management’s estimate of market costs. The fair value of forward commitments was determined using quoted prices of to-be-announced securities in active markets, or benchmarked to such securities. The mortgage derivative assets and liabilities are classified within Level 3 of the hierarchy. The fair value of the interest rate swap derivative assets and liabilities was determined using a discounted cash flow analysis of the expected cash flows of each derivative, which considers the contractual terms of the underlying derivative financial instrument and observable market-based inputs, such as interest rate curves. The interest rate swap derivative assets and liabilities are classified within Level 2 of the hierarchy.
The following is a description of the valuation methodologies used by the Company for the assets and liabilities measured at fair value on a nonrecurring basis, noted in the table above.
Collateral dependent loans: For individually evaluated collateral dependent loans, the estimated fair value is based upon the present value of expected future cash flows discounted at the loan’s effective interest rate, the estimated fair value of the underlying collateral with consideration for estimated selling costs if satisfaction of the loan depends upon the sale of the collateral, or the estimated liquidity of the note.
MSR asset: To estimate the fair value of the MSR asset, the underlying serviced loan pools are stratified by interest rate tranche and term of the loan, and a valuation model is used to calculate the present value of the expected future cash flows for each stratum. The servicing valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as costs to service, a discount rate, ancillary income, default rates and losses, and prepayment speeds. Although some of these
assumptions are based on observable market data, other assumptions are based on unobservable estimates of what market participants would use to measure fair value.
The carrying value of certain assets and liabilities such as cash and cash equivalents, accrued interest receivable, nonmaturing deposits, short-term borrowings, and accrued interest payable approximate their estimated fair value due to their immediate and shorter term maturities. For those financial instruments not previously disclosed, the following is a description of the valuation methodologies used.
Other investments: The valuation methodologies utilized for the exchange-traded equity securities are discussed under “Recurring basis fair value measurements” above. The carrying amount of Federal Reserve Bank and FHLB stock is a reasonably accepted fair value estimate given their restricted nature. Fair value is the redeemable (carrying) value based on the redemption provisions of the instruments which is considered a Level 2 measurement. The fair value of certificates of deposit in other banks was estimated using discounted cash flow analysis based on current interest rates being offered by instruments with similar terms and represents a Level 2 measurement. The carrying amount of the remaining other investments (particularly common stocks of companies or other banks that are not publicly traded) approximates their fair value, determined primarily by analysis of company financial statements and recent capital issuances of the respective companies or banks, if any, and represents a Level 3 measurement.
Loans held for sale: The fair value estimation process for the loans held for sale portfolio is segregated by loan type. The estimated fair value was based on what secondary markets are currently offering for portfolios with similar characteristics and represents a Level 2 measurement.
Loans, net: For variable-rate loans that reprice frequently and with no significant change in credit risk or other optionality, fair values are based on carrying values. Fair values for all other loans are estimated by discounting contractual cash flows using estimated market discount rates, which reflect the credit and interest rate risk inherent in the loan based on market participants. Collateral-dependent loans are included in loans, net. The fair value of loans is considered to be a Level 3 measurement due to internally developed discounted cash flow measurements.
Deposits: The fair value of deposits with no stated maturity (such as demand deposits, savings, interest and noninterest checking, and money market accounts) is equal to the amount payable on demand at the reporting date. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market place on certificates of similar remaining maturities. Use of internal discounted cash flows provides a Level 3 fair value measurement.
Long-term borrowings: The fair value of the FHLB advances was obtained from the FHLB which uses a discounted cash flow analysis based on current market rates of similar maturity debt securities and represents a Level 2 measurement. The fair values of the junior subordinated debentures and subordinated notes utilize a discounted cash flow analysis based on an estimate of current interest rates being offered by instruments with similar terms and credit quality. Since the market for these instruments is limited, the internal valuation represents a Level 3 measurement.
Lending-related commitments: The estimated fair value of lending-related commitments (letters of credit, interest rate lock commitments on residential mortgage loans and outstanding mandatory commitments to sell residential mortgage loans into the secondary market) were not significant.
Limitations: Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Fair value estimates may not be realizable in an immediate settlement of the instrument. In some instances, there are no quoted market prices for the Company’s various financial instruments, in which case fair values may be based on estimates using present value or other valuation techniques, or based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of the financial instruments, or other factors. Those techniques are significantly affected by the assumptions used, including the discount rate and estimate of future cash flows. Subsequent changes in assumptions could significantly affect the estimates.
v3.25.4
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives of Premises and Equipment
Estimated useful lives of new premises and equipment generally range as follows:
Building and improvements 
25 – 40 years
Leasehold improvements 
5 – 15 years
Furniture and equipment 
3 – 10 years
v3.25.4
SECURITIES AND OTHER INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Securities AFS
The amortized cost and fair value of securities available for sale are summarized as follows.
 December 31, 2025
(in thousands)Amortized
Cost		Gross Unrealized GainsGross Unrealized LossesFair
Value
Securities AFS:
U.S. Treasury securities$25,056 $2 $1,004 $24,054 
U.S. government agency securities4,189 4 21 4,172 
State, county and municipals289,826 323 15,325 274,824 
Mortgage-backed securities513,715 3,898 20,832 496,781 
Corporate debt securities61,302 226 1,525 60,003 
Total securities AFS$894,088 $4,453 $38,707 $859,834 
 December 31, 2024
(in thousands)Amortized
Cost		Gross Unrealized GainsGross Unrealized LossesFair
Value
Securities AFS:
U.S. Treasury securities$15,795 $— $1,767 $14,028 
U.S. government agency securities5,563 — 43 5,520 
State, county and municipals310,931 116 26,344 284,703 
Mortgage-backed securities455,386 1,101 34,534 421,953 
Corporate debt securities85,183 — 4,972 80,211 
Total securities AFS$872,858 $1,217 $67,660 $806,415 
Schedule of Proceeds and Realized Gains or Losses from the Sale of AFS and HTM Securities
Proceeds and realized gains / losses from the sale of securities were as follows.
 Years Ended December 31,
(in thousands)202520242023
Securities AFS:
Gross gains$140 $1,038 $268 
Gross losses(14)(70)(3,581)
   Gains (losses) on sales of securities AFS, net$126 $968 $(3,313)
Proceeds from sales of securities AFS$10,950 $4,987 $65,749 
Securities HTM:
Gross gains$— $— $— 
Gross losses— — (37,723)
Gains (losses) on sales of securities HTM, net$— $— $(37,723)
Proceeds from sales of securities HTM$— $— $460,051 
Schedule of Available for Sale Securities in a Continuous Loss Position
The following tables present gross unrealized losses and the related estimated fair value of investment securities for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time the individual securities have been in a continuous unrealized loss position.
 December 31, 2025
 Less than 12 months12 months or moreTotal
($ in thousands)Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Number of Securities
Securities AFS:
U.S. Treasury securities$— $— $14,598 $1,004 $14,598 $1,004 1 
U.S. government agency securities411 — 2,825 21 3,236 21 8 
State, county and municipals7,002 38 229,648 15,287 236,650 15,325 388 
Mortgage-backed securities31,213 145 232,400 20,687 263,613 20,832 376 
Corporate debt securities2,332 20 40,093 1,505 42,425 1,525 30 
Total$40,958 $203 $519,564 $38,504 $560,522 $38,707 803 
 December 31, 2024
 Less than 12 months12 months or moreTotal
($ in thousands)Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Number of Securities
Securities AFS:
U.S. Treasury securities$— $— $14,028 $1,767 $14,028 $1,767 1 
U.S. government agency securities1,918 11 3,602 32 5,520 43 10 
State, county and municipals43,565 1,497 228,355 24,847 271,920 26,344 528 
Mortgage-backed securities79,899 1,105 252,612 33,429 332,511 34,534 429 
Corporate debt securities7,048 63 68,332 4,909 75,380 4,972 50 
Total$132,430 $2,676 $566,929 $64,984 $699,359 $67,660 1,018 
Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity
The amortized cost and fair value of investment securities by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; as this is particularly inherent in mortgage-backed securities, these securities are not included in the maturity categories below.
As of December 31, 2025
Securities AFS
(in thousands)Amortized CostFair Value
Due in less than one year$27,185 $27,119 
Due in one year through five years182,407 174,587 
Due after five years through ten years97,170 91,830 
Due after ten years73,611 69,517 
 380,373 363,053 
Mortgage-backed securities513,715 496,781 
   Total$894,088 $859,834 
Schedule of Carrying Value of other Investments The carrying value of other investments are summarized as follows.
(in thousands)December 31, 2025December 31, 2024
Federal Reserve Bank stock$33,541 $33,335 
FHLB stock7,735 9,674 
Equity securities with readily determinable fair values9,505 8,610 
Other investments12,466 10,506 
   Total other investments$63,247 $62,125 
v3.25.4
LOANS, ALLOWANCE FOR CREDIT LOSSES - LOANS, AND CREDIT QUALITY (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Loan Composition by Portfolio Segment
The loan composition was as follows.
 December 31, 2025December 31, 2024
(in thousands)Amount% of TotalAmount% of Total
Commercial & industrial$1,367,522 20 %$1,319,763 20 %
Owner-occupied commercial real estate (“CRE”)939,587 14 940,367 14 
Agricultural1,415,425 21 1,322,038 20 
  Commercial3,722,534 55 3,582,168 54 
CRE investment1,188,351 17 1,221,826 18 
Construction & land development326,638 5 239,694 4 
  Commercial real estate1,514,989 22 1,461,520 22 
    Commercial-based loans5,237,523 77 5,043,688 76 
Residential construction95,268 1 96,110 1 
Residential first mortgage1,193,683 17 1,196,158 18 
Residential junior mortgage268,188 4 234,634 4 
  Residential real estate1,557,139 22 1,526,902 23 
Retail & other41,683 1 55,994 1 
    Retail-based loans1,598,822 23 1,582,896 24 
      Loans6,836,345 100 %6,626,584 100 %
Less ACL-Loans68,806 66,322 
   Loans, net$6,767,539 $6,560,262 
ACL-Loans to loans1.01 %1.00 %
Schedule of Changes in the Allowance for Credit Losses - Loans by Portfolio Segment
A roll forward of the allowance for credit losses - loans was as follows.
 Years Ended December 31,
(in thousands)202520242023
Beginning balance$66,322 $63,610 $61,829 
Provision for credit losses4,300 3,750 2,650 
Charge-offs(2,263)(1,493)(1,653)
Recoveries447 455 784 
    Net (charge-offs) recoveries(1,816)(1,038)(869)
Ending balance$68,806 $66,322 $63,610 
The following table presents the balance and activity in the ACL-Loans by portfolio segment.
Year Ended December 31, 2025
(in thousands)Commercial
& industrial		Owner-
occupied
CRE		AgriculturalCRE
investment		Construction & land
development		Residential
construction		Residential
first mortgage		Residential
junior
mortgage		Retail
& other		Total
ACL-Loans
Beginning balance$16,147 $5,362 $9,957 $14,616 $2,658 $1,234 $12,590 $2,827 $931 $66,322 
Provision2,154 (79)(458)422 953 16 817 522 (47)4,300 
Charge-offs(1,577)(189)(65)— — — (98)(2)(332)(2,263)
Recoveries181 195 — — — — 1 4 66 447 
Net (charge-offs) recoveries(1,396)6 (65)— — — (97)2 (266)(1,816)
Ending balance$16,905 $5,289 $9,434 $15,038 $3,611 $1,250 $13,310 $3,351 $618 $68,806 
As % of ACL-Loans24 %8 %14 %22 %5 %2 %19 %5 %1 %100 %

For comparison purposes, the following table presents the balance and activity in the ACL-Loans by portfolio segment for the prior year-end period.
Year Ended December 31, 2024
(in thousands)Commercial
& industrial		Owner-
occupied
CRE		AgriculturalCRE
investment		Construction & land
development		Residential
construction		Residential
first mortgage		Residential
junior
mortgage		Retail
& other		Total
ACL-Loans
Beginning balance$15,225 $9,082 $12,629 $12,693 $2,440 $916 $7,320 $2,098 $1,207 $63,610 
Provision1,789 (3,844)(2,672)1,923 218 318 5,237 720 61 3,750 
Charge-offs(918)(120)— — — — — — (455)(1,493)
Recoveries51 244 — — — — 33 9 118 455 
Net (charge-offs) recoveries(867)124 — — — — 33 9 (337)(1,038)
Ending balance$16,147 $5,362 $9,957 $14,616 $2,658 $1,234 $12,590 $2,827 $931 $66,322 
As % of ACL-Loans24 %8 %15 %22 %4 %2 %19 %4 %2 %100 %
Schedule of Provision of Credit Losses The following table presents the components of the provision for credit losses.
Years Ended December 31,
(in thousands)202520242023
Provision for credit losses on:
Loans$4,300 $3,750 $2,650 
Unfunded commitments(50)100 — 
Investment securities— — 2,340 
  Total provision for credit losses$4,250 $3,850 $4,990 
Schedule of Collateral Dependent Loans by Portfolio Segment The following table presents collateral dependent loans by portfolio segment and collateral type, including those loans with and without a related allowance allocation.
December 31, 2025
Collateral Type
(in thousands)Real EstateOther Business AssetsTotalWithout an AllowanceWith an AllowanceAllowance Allocation
Commercial & industrial$— $9,111 $9,111 $5,986 $3,125 $322 
Owner-occupied CRE5,755 — 5,755 5,755 — — 
Agricultural6,784 3,589 10,373 10,373 — — 
CRE investment497 — 497 497 — — 
Construction & land development— — — — — — 
Residential construction— — — — — — 
Residential first mortgage1,847 — 1,847 1,486 361 1 
Residential junior mortgage166 — 166 166 — — 
Retail & other— — — — — — 
Total loans$15,049 $12,700 $27,749 $24,263 $3,486 $323 
December 31, 2024Collateral Type
(in thousands)Real EstateOther Business AssetsTotalWithout an AllowanceWith an AllowanceAllowance Allocation
Commercial & industrial$— $7,788 $7,788 $4,047 $3,741 $723 
Owner-occupied CRE3,744 — 3,744 3,378 366 49 
Agricultural5,964 3,740 9,704 9,704 — — 
CRE investment1,488 — 1,488 1,488 — — 
Construction & land development— — — — — — 
Residential construction— — — — — — 
Residential first mortgage242 — 242 242 — — 
Residential junior mortgage— — — — — — 
Retail & other14 — 14 — 14 1 
Total loans$11,452 $11,528 $22,980 $18,859 $4,121 $773 
Schedule of Past Due Loans by Portfolio Segment
The following tables present past due loans by portfolio segment.
 December 31, 2025
(in thousands)30-89 Days Past
Due (accruing)		90 Days & Over
or nonaccrual		CurrentTotal
Commercial & industrial$541 $10,314 $1,356,667 $1,367,522 
Owner-occupied CRE3,311 6,938 929,338 939,587 
Agricultural123 10,476 1,404,826 1,415,425 
CRE investment250 497 1,187,604 1,188,351 
Construction & land development29 — 326,609 326,638 
Residential construction601 — 94,667 95,268 
Residential first mortgage5,305 3,022 1,185,356 1,193,683 
Residential junior mortgage494 311 267,383 268,188 
Retail & other453 121 41,109 41,683 
Total loans$11,107 $31,679 $6,793,559 $6,836,345 
Percent of total loans0.1 %0.5 %99.4 %100.0 %
 
 December 31, 2024
(in thousands)30-89 Days Past
Due (accruing)		90 Days & Over
or nonaccrual		CurrentTotal
Commercial & industrial$693 $8,534 $1,310,536 $1,319,763 
Owner-occupied CRE177 4,547 935,643 940,367 
Agricultural— 9,969 1,312,069 1,322,038 
CRE investment— 1,688 1,220,138 1,221,826 
Construction & land development67 — 239,627 239,694 
Residential construction291 — 95,819 96,110 
Residential first mortgage3,989 3,370 1,188,799 1,196,158 
Residential junior mortgage333 185 234,116 234,634 
Retail & other237 126 55,631 55,994 
Total loans$5,787 $28,419 $6,592,378 $6,626,584 
Percent of total loans0.1 %0.4 %99.5 %100.0 %
Schedule of Nonaccrual Loans by Portfolio Segment
The following table presents nonaccrual loans by portfolio segment. The nonaccrual loans without a related allowance for credit losses have been reflected in the collateral dependent loans table above.
 Total Nonaccrual Loans
(in thousands)
December 31, 2025
% to Total
December 31, 2024
% to Total
Commercial & industrial$10,314 32 %$8,534 30 %
Owner-occupied CRE6,938 22 4,547 16 
Agricultural10,476 33 9,969 35 
CRE investment497 2 1,688 6 
Construction & land development— — — — 
Residential construction— — — — 
Residential first mortgage3,022 10 3,370 12 
Residential junior mortgage311 1 185 1 
Retail & other121 — 126 — 
   Nonaccrual loans$31,679 100 %$28,419 100 %
Percent of total loans0.5 %0.4 %
Schedule of Total Loans by Risk Categories and Year of Origination
The following tables present total loans by risk categories and year of origination. Acquired loans have been included based upon the actual origination date.
December 31, 2025
Amortized Cost Basis by Origination Year
(in thousands)20252024202320222021PriorRevolvingRevolving to TermTOTAL
Commercial & industrial
Grades 1-4$297,093 $144,896 $92,466 $84,058 $80,057 $77,686 $424,640 $— $1,200,896 
Grade 54,152 6,622 14,051 12,515 3,471 6,448 53,059 — 100,318 
Grade 613,593 896 1,497 2,677 826 — 13,285 — 32,774 
Grade 7 *805 2,580 3,612 4,170 4,901 4,817 12,649 — 33,534 
Total$315,643 $154,994 $111,626 $103,420 $89,255 $88,951 $503,633 $— $1,367,522 
Current period gross charge-offs$(125)$(103)$(45)$(76)$(524)$(8)$(696)$— $(1,577)
Owner-occupied CRE
Grades 1-4$132,613 $84,209 $77,111 $134,342 $113,456 $262,006 $2,321 $— $806,058 
Grade 51,653 6,496 12,864 14,243 24,479 25,868 49 — 85,652 
Grade 6— 13,038 1,511 1,311 — 1,097 — — 16,957 
Grade 7 *— 1,676 3,718 1,970 6,523 17,033 — — 30,920 
Total$134,266 $105,419 $95,204 $151,866 $144,458 $306,004 $2,370 $— $939,587 
Current period gross charge-offs$— $— $— $— $— $(189)$— $— $(189)
Agricultural
Grades 1-4$178,383 $178,254 $122,462 $233,078 $109,828 $184,017 $290,983 $— $1,297,005 
Grade 59,136 2,956 4,910 10,910 7,110 16,267 26,604 — 77,893 
Grade 61,197 — 595 137 — 5,997 1,632 — 9,558 
Grade 7 *937 381 1,278 3,926 6,982 12,412 5,053 — 30,969 
Total$189,653 $181,591 $129,245 $248,051 $123,920 $218,693 $324,272 $— $1,415,425 
Current period gross charge-offs$— $— $— $— $— $— $(65)$— $(65)
CRE investment
Grades 1-4$107,033 $115,996 $40,985 $233,167 $193,969 $438,694 $12,801 $— $1,142,645 
Grade 5— 3,608 1,177 4,694 12,622 19,183 — — 41,284 
Grade 6— — — 3,204 — — — — 3,204 
Grade 7 *— — 552 — — 666 — — 1,218 
Total$107,033 $119,604 $42,714 $241,065 $206,591 $458,543 $12,801 $— $1,188,351 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Construction & land development
Grades 1-4$90,203 $125,309 $26,359 $25,189 $42,103 $11,642 $2,205 $— $323,010 
Grade 5— 375 39 1,943 215 830 — — 3,402 
Grade 6— — — 166 — — — — 166 
Grade 7 *— — — 60 — — — — 60 
Total$90,203 $125,684 $26,398 $27,358 $42,318 $12,472 $2,205 $— $326,638 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential construction
Grades 1-4$77,376 $12,131 $872 $2,917 $1,572 $400 $— $— $95,268 
Grade 7 *— — — — — — — — — 
Total$77,376 $12,131 $872 $2,917 $1,572 $400 $— $— $95,268 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential first mortgage
Grades 1-4$164,721 $118,575 $139,900 $310,381 $194,581 $253,195 $824 $— $1,182,177 
Grade 5449 1,184 1,348 986 564 1,642 — — 6,173 
Grade 7 *— 399 378 1,421 1,316 1,819 — — 5,333 
Total$165,170 $120,158 $141,626 $312,788 $196,461 $256,656 $824 $— $1,193,683 
Current period gross charge-offs$— $(85)$— $— $— $(13)$— $— $(98)
Residential junior mortgage
Grades 1-4$9,258 $5,317 $6,072 $3,531 $2,539 $6,869 $229,989 $3,664 $267,239 
Grade 5— 12 — 454 — — 171 — 637 
Grade 7 *— — — 48 — — 264 — 312 
Total$9,258 $5,329 $6,072 $4,033 $2,539 $6,869 $230,424 $3,664 $268,188 
Current period gross charge-offs$— $— $— $— $— $(2)$— $— $(2)
Retail & other
Grades 1-4$6,696 $3,821 $2,930 $3,485 $1,798 $3,997 $18,832 $— $41,559 
Grade 7 *60 4 53 — 7 — — — 124 
Total$6,756 $3,825 $2,983 $3,485 $1,805 $3,997 $18,832 $— $41,683 
Current period gross charge-offs$— $(13)$(11)$— $— $(14)$(294)$— $(332)
Total loans$1,095,358 $828,735 $556,740 $1,094,983 $808,919 $1,352,585 $1,095,361 $3,664 $6,836,345 
* The total Grade 7 loans at December 31, 2025, included $15 million of loans covered by government loan program guarantees.
December 31, 2024Amortized Cost Basis by Origination Year
(in thousands)20242023202220212020PriorRevolvingRevolving to TermTOTAL
Commercial & industrial
Grades 1-4$225,888 $156,368 $173,824 $123,601 $41,811 $84,687 $398,708 $— $1,204,887 
Grade 52,326 4,061 7,315 9,066 1,992 7,362 41,773 — 73,895 
Grade 6148 1,300 960 50 186 1,326 5,168 — 9,138 
Grade 7 *314 5,773 4,331 1,081 1,713 4,277 14,354 — 31,843 
Total$228,676 $167,502 $186,430 $133,798 $45,702 $97,652 $460,003 $— $1,319,763 
Current period gross charge-offs$— $(110)$(68)$(26)$(58)$(356)$(300)$— $(918)
Owner-occupied CRE
Grades 1-4$102,650 $101,966 $155,261 $151,051 $79,073 $271,425 $4,411 $— $865,837 
Grade 51,858 7,559 6,964 7,830 3,542 18,182 24 — 45,959 
Grade 61,650 — — — 68 5,996 50 — 7,764 
Grade 7 *— 1,438 2,387 6,210 6,618 4,154 — — 20,807 
Total$106,158 $110,963 $164,612 $165,091 $89,301 $299,757 $4,485 $— $940,367 
Current period gross charge-offs$— $— $(90)$— $— $(30)$— $— $(120)
Agricultural
Grades 1-4$201,827 $151,827 $262,806 $124,527 $71,710 $145,128 $270,147 $— $1,227,972 
Grade 58,396 5,441 3,531 4,047 1,678 23,111 9,618 — 55,822 
Grade 61,314 — — — — 1,790 1,044 — 4,148 
Grade 7 *785 2,541 6,388 6,085 468 13,693 4,136 — 34,096 
Total$212,322 $159,809 $272,725 $134,659 $73,856 $183,722 $284,945 $— $1,322,038 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
CRE investment
Grades 1-4$102,931 $53,725 $240,553 $238,275 $159,838 $347,836 $7,103 $— $1,150,261 
Grade 56,542 4,205 10,999 7,763 8,002 31,037 24 — 68,572 
Grade 7 *— 1,034 177 — — 1,782 — — 2,993 
Total$109,473 $58,964 $251,729 $246,038 $167,840 $380,655 $7,127 $— $1,221,826 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Construction & land development
Grades 1-4$87,004 $42,684 $40,812 $46,413 $7,976 $7,409 $1,884 $— $234,182 
Grade 51,317 43 30 3,074 411 487 — — 5,362 
Grade 7 *— — 150 — — — — — 150 
Total$88,321 $42,727 $40,992 $49,487 $8,387 $7,896 $1,884 $— $239,694 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential construction
Grades 1-4$78,894 $9,307 $4,425 $1,706 $132 $429 $926 $— $95,819 
Grade 5291 — — — — — — — 291 
Total$79,185 $9,307 $4,425 $1,706 $132 $429 $926 $— $96,110 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential first mortgage
Grades 1-4$138,068 $174,494 $347,351 $219,376 $117,625 $184,004 $119 $1 $1,181,038 
Grade 5627 319 1,586 1,192 768 3,897 — — 8,389 
Grade 6— — — 70 — 72 — — 142 
Grade 7 *44 66 1,817 1,384 574 2,704 — — 6,589 
Total$138,739 $174,879 $350,754 $222,022 $118,967 $190,677 $119 $1 $1,196,158 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential junior mortgage
Grades 1-4$17,309 $8,998 $5,466 $2,757 $3,649 $5,608 $185,318 $4,933 $234,038 
Grade 515 29 66 196 — — — — 306 
Grade 6— — — — — — — — — 
Grade 7 *— — — — — 32 258 — 290 
Total$17,324 $9,027 $5,532 $2,953 $3,649 $5,640 $185,576 $4,933 $234,634 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Retail & other
Grades 1-4$7,518 $4,469 $5,334 $3,273 $1,423 $4,477 $29,371 $— $55,865 
Grade 5— — — — — — — — — 
Grade 7 *— 87 — 25 17 — — — 129 
Total$7,518 $4,556 $5,334 $3,298 $1,440 $4,477 $29,371 $— $55,994 
Current period gross charge-offs$(2)$(71)$(8)$(7)$— $(82)$(285)$— $(455)
Total loans$987,716 $737,734 $1,282,533 $959,052 $509,274 $1,170,905 $974,436 $4,934 $6,626,584 
* The total Grade 7 loans at December 31, 2024, included $15 million of loans covered by government loan program guarantees.
Schedule of Aggregated by Portfolio Segment and Type of Modification
The following table presents the amortized cost of loans that were both experiencing financial difficulty and were modified during the years presented, aggregated by portfolio segment and type of modification.
Year Ended December 31, 2025

(in thousands)
Payment DelayTerm ExtensionInterest Rate ReductionTerm Extension & Interest Rate ReductionTotal% of Total Loans
Commercial & industrial$2,339 $— $— $— $2,339 0.17 %
Owner-occupied CRE— — — — — — %
Agricultural— — — — — — %
CRE investment— — — — — — %
Construction & land development— — — — — — %
Residential first mortgage173 — — — 173 0.01 %
Total$2,512 $— $— $— $2,512 0.04 %
Year Ended December 31, 2024

(in thousands)
Payment DelayTerm ExtensionInterest Rate ReductionTerm Extension & Interest Rate ReductionTotal% of Total Loans
Commercial & industrial$— $— $— $— $— — %
Owner-occupied CRE1,521 — — — 1,521 0.16 %
Agricultural— — — — — — %
CRE investment— — — — — — %
Construction & land development— — — — — — %
Residential first mortgage— — — — — — %
Total$1,521 $— $— $— $1,521 0.02 %
v3.25.4
PREMISES AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Premises and Equipment, Less Accumulated Depreciation and Amortization
Premises and equipment, less accumulated depreciation and amortization, is summarized as follows.
(in thousands)December 31, 2025December 31, 2024
Land$18,636 $18,522 
Land improvements7,278 7,453 
Building and improvements109,757 109,977 
Leasehold improvements7,810 7,952 
Furniture and equipment42,480 41,115 
 185,961 185,019 
Less accumulated depreciation and amortization65,499 58,040 
Premises and equipment, net$120,462 $126,979 
Schedule of Operating Lease
A summary of net lease cost and selected other information related to operating leases was as follows.
Years Ended
($ in thousands)December 31, 2025December 31, 2024December 31, 2023
Net lease cost:
Operating lease cost$1,866 $2,067 $2,004 
Variable lease cost446 604 631 
  Net lease cost$2,312 $2,671 $2,635 
Selected other operating lease information:
Weighted average remaining lease term (years)4.35.15.8
Weighted average discount rate2.5 %2.6 %2.7 %
Schedule of Maturity of Remaining Lease Liabilities
The following table summarizes the maturity of remaining lease liabilities.
Years Ending December 31,(in thousands)
2026$1,465 
20271,374 
20281,122 
2029625 
2030338 
Thereafter570 
    Total future minimum lease payments5,494 
Less: amount representing interest(372)
   Present value of net future minimum lease payments$5,122 
v3.25.4
GOODWILL AND OTHER INTANGIBLES AND SERVICING RIGHTS (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Other Intangibles A summary of goodwill and other intangibles was as follows. 
(in thousands)December 31, 2025December 31, 2024
Goodwill$367,387 $367,387 
Core deposit intangibles13,655 18,815 
Customer list intangibles1,358 1,938 
Other intangibles15,013 20,753 
Goodwill and other intangibles, net$382,400 $388,140 
Schedule of Other Intangibles A summary of other intangibles was as follows.
(in thousands)December 31, 2025December 31, 2024
Core deposit intangibles:  
Gross carrying amount *$56,588 $60,724 
Accumulated amortization *(42,933)(41,909)
Net book value$13,655 $18,815 
Amortization during the period$5,160 $6,297 
Customer list intangibles:  
Gross carrying amount$6,173 $6,173 
Accumulated amortization(4,815)(4,235)
Net book value$1,358 $1,938 
Additions during the period$— $650 
Amortization during the period$580 $579 
* Core deposit intangibles of $4.1 million were fully amortized during 2024 and have been removed from both the gross carrying amount and accumulated amortization for 2025.
Schedule of Mortgage Servicing Rights
A summary of the changes in the servicing rights asset was as follows.
(in thousands)December 31, 2025December 31, 2024
Servicing rights asset at beginning of year$18,954 $20,486 
Capitalized servicing rights3,771 2,750 
Sale of servicing rights ^(64)— 
Amortization during the period(4,336)(4,282)
Servicing rights asset at end of year$18,325 $18,954 
Valuation allowance at beginning of year$(120)$— 
(Additions) / Reversals to valuation allowance79 (120)
Charge-offs ^41 — 
Valuation allowance at end of year$— $(120)
Servicing rights asset, net$18,325 $18,834 
Residential mortgage loans serviced for others$1,676,738 $1,644,821 
Agricultural loans serviced for others$387,974 $438,954 
^ During first quarter 2025, Nicolet sold mortgage servicing rights with a remaining carrying value of $64,000 for $23,000 and the difference of $41,000 was charged-off through the valuation allowance. These serviced loans had a remaining loan balance of approximately $30 million at the time of sale.
Schedule of Estimated Future Amortization Expense for Amortizing Intangible Assets and the MSR Asset The following table shows the estimated future amortization expense for amortizing intangible assets and servicing assets. The projections are based on existing asset balances, the current interest rate environment and prepayment speeds as of December 31, 2025. The actual amortization expense the Company recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements and events or circumstances that indicate the carrying amount of an asset may not be recoverable.
(in thousands)Core deposit
intangibles		Customer list
intangibles		Servicing rights asset
Years Ending December 31,   
2026$3,983 $379 $3,845 
20273,218 296 3,394 
20282,622 296 3,022 
20291,911 166 2,570 
20301,219 166 1,973 
Thereafter702 55 3,521 
Total$13,655 $1,358 $18,325 
v3.25.4
OTHER REAL ESTATE OWNED (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Summary of Oreo
A summary of OREO, which is included in other assets in the consolidated balance sheets, for the periods indicated was as follows.
 Years Ended December 31,
(in thousands)20252024
Balance at beginning of period$693 $1,267 
Transfer in loans at net realizable value395 125 
Sales proceeds(453)(687)
Net gain from sales47 119 
Write-downs(15)(131)
Balance at end of period$667 $693 
v3.25.4
DEPOSITS (Tables)
 12 Months Ended
Dec. 31, 2025
Deposits [Abstract]  
Schedule of Deposit Composition
The deposit composition was as follows.
 December 31, 2025December 31, 2024
(in thousands)Amount% of TotalAmount% of Total
Noninterest-bearing demand$1,828,928 24 %$1,791,228 24 %
Interest-bearing demand1,263,276 16 %1,168,560 16 %
Money market2,056,550 26 %1,942,367 26 %
Savings834,520 11 %774,707 11 %
Time1,747,497 23 %1,726,822 23 %
   Total deposits$7,730,771 100 %$7,403,684 100 %
Schedule of Maturities of Time Deposits
At December 31, 2025, the scheduled maturities of time deposits were as follows.
Years Ending December 31,(in thousands)
2026$1,194,056 
2027259,960 
2028111,804 
2029117,270 
203064,397 
Thereafter10 
Total time deposits$1,747,497 
v3.25.4
SHORT AND LONG-TERM BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Borrowings The components of long-term borrowings were as follows.
(in thousands)December 31, 2025December 31, 2024
FHLB advances$— $5,000 
Junior subordinated debentures42,215 41,384 
Subordinated notes92,645 115,003 
Total long-term borrowings
$134,860 $161,387 
Schedule of Junior Subordinated Debentures
The following table shows the breakdown of junior subordinated debentures and subordinated notes.
As of 12/31/2025
As of 12/31/2024
(in thousands)Maturity
Date		Interest
 Rate		Par

Unamortized Premium /(Discount) / Debt Issue Costs (1)

Carrying
Value		Interest
 Rate
Carrying
Value
Junior Subordinated Debentures:
Mid-Wisconsin Statutory Trust I (2)
12/15/20355.41 %$10,310 $(1,977)$8,333 6.05 %$8,134 
Baylake Capital Trust II (3)
9/30/20365.30 %16,598 (2,465)14,133 5.94 %13,897 
First Menasha Statutory Trust (4)
3/17/20346.76 %5,155 (356)4,799 7.40 %4,755 
County Bancorp Statutory Trust II (5)
9/15/20355.51 %6,186 (445)5,741 6.15 %5,586 
County Bancorp Statutory Trust III (6)
6/15/20365.67 %6,186 (503)5,683 6.31 %5,528 
Fox River Valley Capital Trust (7)
5/30/20337.89 %3,610 (84)3,526 7.89 %3,484 
Total$48,045 $(5,830)$42,215 $41,384 
Subordinated Notes:
Subordinated Notes due 20317/15/20313.13 %$92,750 $(105)$92,645 3.13 %$92,436 
County Subordinated Notes due 20306/30/2030— %— — — 7.00 %22,567 
Total$92,750 $(105)$92,645 $115,003 
1.Represents the remaining unamortized premium or discount on debt issuances assumed in acquisitions, and represents the unamortized debt issue costs for the debt issued directly by Nicolet.
2.The debentures, assumed in April 2013 as the result of an acquisition, have a floating rate of three-month SOFR plus 1.43%, adjusted quarterly. *
3.The debentures, assumed in April 2016 as a result of an acquisition, have a floating rate of three-month SOFR plus 1.35%, adjusted quarterly. *
4.The debentures, assumed in April 2017 as the result of an acquisition, have a floating rate of three-month SOFR plus 2.79%, adjusted quarterly. *
5.The debentures, assumed in December 2021 as the result of an acquisition, have a floating rate of three-month SOFR plus 1.53%, adjusted quarterly. *
6.The debentures, assumed in December 2021 as the result of an acquisition, have a floating rate of three-month SOFR plus 1.69%, adjusted quarterly. *
7.The debentures, assumed in December 2021 as the result of an acquisition, have a floating rate of 5-year swap rate plus 3.40%, which resets every five years.
* The floating rate on this debenture was originally based on three-month LIBOR. Effective with the cessation of LIBOR, the floating rate on this debenture is now based on three-month CME Term SOFR, plus the spread adjustment of 0.26161%.
v3.25.4
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Weighted Average Assumptions for Valuing Stock Option Grants
The weighted average assumptions used in the Black-Scholes model for estimating the fair value of stock option grants for the years ended December 31, 2024 and December 31, 2023 were as follows. There were no stock options granted for the year ended December 31, 2025.
 20242023
Dividend yield1.26 %1.55 %
Expected volatility30 %30 %
Risk-free interest rate4.51 %4.22 %
Expected average life6.9 years7.0 years
Weighted average per share fair value of options$28.44 $24.24 
Schedule of Stock Option Activity
The Company’s stock option activity is summarized below.
Stock OptionsOption Shares
Outstanding		Weighted Average
Exercise Price		Weighted Average Remaining Life (Years)Aggregate Intrinsic Value (in thousands)
Outstanding – December 31, 2022
1,853,064 $59.79 
Granted39,000 71.99 
Exercise of stock options *(241,876)43.54 
Forfeited(27,100)84.37 
Outstanding – December 31, 2023
1,623,088 $62.09 5.3$30,126 
Granted85,000 80.18 
Exercise of stock options *(538,159)49.55 
Forfeited(7,700)71.68 
Outstanding – December 31, 2024
1,162,229 $69.16 5.4$41,577 
Granted— —   
Exercise of stock options *(171,095)55.88   
Forfeited(11,800)80.14   
Outstanding – December 31, 2025
979,334 $71.35 4.7$48,922 
Exercisable – December 31, 2025
774,263 $69.46 4.2$40,136 
*The terms of the stock option agreements permit having a number of shares of stock withheld, the fair market value of which as of the date of exercise is sufficient to satisfy the exercise price and/or tax withholding requirements, and accordingly 92,843 shares, 12,068 shares, and 55,467 shares were surrendered during 2025, 2024, and 2023, respectively.
Schedule of Options Outstanding
The following options were outstanding at December 31, 2025.
 Number of SharesWeighted Average
Exercise Price		Weighted Average
Remaining Life (Years)
 OutstandingExercisableOutstandingExercisableOutstandingExercisable
$37.18 – $50.00
71,155 71,155 $46.97 $46.97 1.31.3
$50.01 – $60.00
142,000 142,000 56.37 56.37 1.91.9
$60.01 – $70.00
20,000 15,800 64.52 64.56 5.24.6
$70.01 – $80.00
703,250 520,550 75.86 75.34 5.55.1
$80.01 – $109.82
42,929 24,758 90.42 88.62 6.56.2
 979,334 774,263 $71.35 $69.46 4.74.2
Schedule of Options Outstanding
The Company’s restricted stock activity is summarized below.
Restricted StockRestricted Shares
Outstanding		Weighted Average Grant
Date Fair  Value
Outstanding – December 31, 2022
73,490 $76.49 
Granted19,213 64.28 
Vested *(35,545)69.69 
Forfeited— — 
Outstanding – December 31, 2023
57,158 $76.61 
Granted64,564 100.77 
Vested *(28,209)78.10 
Forfeited— — 
Outstanding – December 31, 2024
93,513 $92.84 
Granted ^87,416 133.26 
Vested *(31,801)94.61 
Forfeited(360)109.82 
Outstanding – December 31, 2025
148,768 $116.17 
^ Includes an equity award to the CEO, which consisted of 30,000 shares of restricted stock that cliff vest upon 5 years of continued service through December 31, 2030, and 30,000 performance-based restricted stock units that vest upon the satisfaction of certain performance-based metrics over a 5-year performance period. The Company currently estimates maximum performance will be achieved for these performance-based awards, and 60,000 restricted stock units will ultimately vest.
*The terms of the restricted stock agreements permit the surrender of shares to the Company upon vesting in order to satisfy applicable tax withholding at the minimum statutory withholding rate, and accordingly 9,391 shares, 6,653 shares, and 3,637 shares were surrendered during 2025, 2024, and 2023, respectively.
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Current and Deferred Amounts of Income Tax Expense
The current and deferred amounts of income tax expense were as follows.
 Years Ended December 31,
(in thousands)202520242023
Current$38,819 $31,022 $17,898 
Deferred(4,641)(7,382)3,027 
Increase in valuation allowance1,689 7,223 — 
Valuation allowance for securities AFS, net404 207 4,191 
Income tax expense$36,271 $31,070 $25,116 
Schedule of Cash Flow, Supplemental Disclosures
Federal and state income taxes paid were as follows. State income taxes paid include the states of Wisconsin, Michigan, Minnesota, and Florida, and were not significant in the aggregate except as noted below.
 Years Ended December 31,
(in thousands)202520242023
DollarPercentDollarPercentDollarPercent
Federal$38,500 98 %$24,500 97 %$20,000 87 %
State *661 2 %823 3 %3,015 13 %
Total income taxes paid$39,161 $25,323 $23,015 
State income taxes paid in excess of 5% of total income taxes paid:
Wisconsin**$2,600 11 %
* Income taxes paid did not exceed 5% of total income taxes paid.
Schedule of Income Tax Reconciliation
The differences between the income tax expense recognized and the amount computed by applying the statutory federal income tax rate of 21% to the income before income tax expense for the years ended as indicated are included in the following table.
 Years Ended December 31,
(in thousands)202520242023
DollarPercentDollarPercentDollarPercent
Tax on pretax income, at statutory rates$39,261 21.0 %$32,577 21.0 %$18,193 21.0 %
State income taxes, net of federal effect611 0.3 %554 0.4 %— — %
Tax-exempt interest income(1,060)(0.6)%(1,091)(0.7)%(1,072)(1.2)%
Increase in cash surrender value life insurance(1,336)(0.7)%(1,144)(0.7)%(950)(1.1)%
Stock-based employee compensation(1,804)(1.0)%(4,296)(2.8)%(811)(0.9)%
Executive compensation1,853 1.0 %3,857 2.5 %1,094 1.3 %
Valuation allowance, net— — %— — %8,677 10.0 %
Other, net(1,254)(0.7)%613 0.4 %(15)— %
Income tax expense$36,271 19.4 %$31,070 20.0 %$25,116 29.0 %
Schedule of Net Deferred Tax Asset
The net deferred tax asset includes the following amounts of deferred tax assets and liabilities.
(in thousands)December 31, 2025December 31, 2024
Deferred tax assets:  
ACL-Loans$19,308 $18,646 
Net operating loss carryforwards10,418 9,781 
Compensation12,254 10,823 
Purchase accounting adjustments— 67 
Unrealized loss on securities AFS10,530 17,693 
Valuation allowance - securities AFS(3,519)(3,922)
Valuation allowance - other timing differences(14,070)(11,978)
Total deferred tax assets34,921 41,110 
Deferred tax liabilities:  
Premises and equipment(4,101)(4,750)
Prepaid expenses(855)(1,110)
Core deposit and other intangibles(2,988)(4,359)
MSR and LSR assets(4,925)(5,062)
Other(434)— 
Total deferred tax liabilities(13,303)(15,281)
Net deferred tax assets$21,618 $25,829 
v3.25.4
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Summary of the Contract or Notional Amount of Exposure to Off-balance-sheet Risk
A summary of the contract or notional amount of the Company’s exposure to off-balance sheet risk was as follows.
(in thousands)December 31, 2025December 31, 2024
Commitments to extend credit$2,071,841 $2,038,871 
Financial standby letters of credit20,186 15,683 
Performance standby letters of credit18,822 15,503 
v3.25.4
RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Loans to Related Parties A summary of the loans to related parties was as follows.
(in thousands)December 31, 2025
Balance at beginning of year$113,239 
New loans25,595 
Repayments(8,067)
Balance at end of year$130,767 
v3.25.4
ASSETS GAINS (LOSSES), NET (Tables)
 12 Months Ended
Dec. 31, 2025
Assets Gains (Losses), Net [Abstract]  
Schedule of Components of the Net Gain (Losses) on Assets
Components of the net gains (losses) on assets are as follows.
Years Ended December 31,
(in thousands)202520242023
Gains (losses) on sales of securities AFS, net$126 $968 $(3,313)
Gains (losses) on sales of securities HTM, net— — (37,723)
Gains (losses) on equity securities, net676 1,072 (252)
Gains (losses) on sales of OREO, net47 119 421 
Write-downs of OREO(15)(131)(181)
Write-down of other investment— — (954)
Gains (losses) on sales of other investments, net272 838 9,372 
Gains (losses) on sales or dispositions of other assets, net57 1,346 (178)
Asset gains (losses), net$1,163 $4,212 $(32,808)
v3.25.4
REGULATORY CAPITAL REQUIREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Regulatory Capital Requirements Under Banking Regulations [Abstract]  
Schedule of Bank's Actual Regulatory Capital Amounts and Ratios
The Company’s and the Bank’s actual regulatory capital amounts and ratios are presented in the following table.
ActualFor Capital Adequacy
Purposes
To Be Well Capitalized
Under Prompt Corrective
Action Provisions (2)
(in thousands)Amount
Ratio (1)
Amount
Ratio (1)
Amount
Ratio (1)
December 31, 2025      
Company      
Total risk-based capital$1,107,849 14.8 %$600,447 8.0 %  
Tier 1 risk-based capital943,398 12.6 450,336 6.0   
Common equity Tier 1 capital902,964 12.0 337,752 4.5   
Leverage943,398 10.7 352,901 4.0   
Bank      
Total risk-based capital$907,726 12.1 %$599,299 8.0 %$749,124 10.0 %
Tier 1 risk-based capital835,920 11.2 449,474 6.0 599,299 8.0 
Common equity Tier 1 capital835,920 11.2 337,106 4.5 486,930 6.5 
Leverage835,920 9.5 352,390 4.0 440,488 5.0 
December 31, 2024      
Company      
Total risk-based capital$1,062,458 14.3 %$593,292 8.0 %  
Tier 1 risk-based capital882,056 11.9 444,969 6.0   
Common equity Tier 1 capital842,453 11.4 333,727 4.5   
Leverage882,056 10.5 335,834 4.0   
Bank      
Total risk-based capital$864,090 11.7 %$592,319 8.0 %$740,398 10.0 %
Tier 1 risk-based capital798,691 10.8 444,239 6.0 592,319 8.0 
Common equity Tier 1 capital798,691 10.8 333,179 4.5 481,259 6.5 
Leverage798,691 9.5 335,349 4.0 419,186 5.0 
(1)The Total risk-based capital ratio is defined as Tier 1 capital plus tier 2 capital divided by total risk-weighted assets. The Tier 1 risk-based capital ratio is defined as Tier 1 capital divided by total risk-weighted assets. CET1 risk-based capital ratio is defined as Tier 1 capital, with deductions for goodwill and other intangible assets (other than mortgage servicing assets), net of associated deferred tax liabilities, and limitations on the inclusion of deferred tax assets, mortgage servicing assets and investments in other financial institutions, in each case as provided further in the rules, divided by total risk-weighted assets. The Leverage ratio is defined as Tier 1 capital divided by the most recent quarter’s average total assets as adjusted.
(2)Prompt corrective action provisions are not applicable at the bank holding company level.
v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the balances of assets and liabilities measured at fair value on a recurring basis.
(in thousands) Fair Value Measurements Using
Measured at Fair Value on a Recurring Basis:TotalLevel 1Level 2Level 3
December 31, 2025    
U.S. Treasury securities$24,054 $— $24,054 $— 
U.S. government agency securities4,172 — 4,172 — 
State, county and municipals274,824 — 274,057 767 
Mortgage-backed securities496,781 — 496,781 — 
Corporate debt securities60,003 — 54,146 5,857 
Securities AFS$859,834 $— $853,210 $6,624 
Other investments (equity securities)$9,505 $9,505 $— $— 
Derivative assets610 — 376 234 
Derivative liabilities450 — 376 74 
December 31, 2024    
U.S. Treasury securities$14,028 $— $14,028 $— 
U.S. government agency securities5,520 — 5,520 — 
State, county and municipals284,703 — 283,773 930 
Mortgage-backed securities421,953 — 421,027 926 
Corporate debt securities80,211 — 74,442 5,769 
Securities AFS$806,415 $— $798,790 $7,625 
Other investments (equity securities)$8,610 $8,610 $— $— 
Derivative assets160 — 71 89 
Derivative liabilities71 — 71 — 
Schedule of Changes in Level 3 Securities Afs Measured at Fair Value on a Recurring Basis
The following table presents the changes in Level 3 securities AFS measured at fair value on a recurring basis.
(in thousands)Years Ended
Level 3 Fair Value Measurements:December 31, 2025December 31, 2024
Balance at beginning of year$7,625 $6,063 
Transfer in— 2,004 
Paydowns/Sales/Settlements(1,099)(527)
Unrealized gains / (losses)98 85 
Balance at end of year$6,624 $7,625 
Schedule of Assets Measured at Fair Value on a Nonrecurring Basis
The following table presents the Company’s assets measured at fair value on a nonrecurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall.
(in thousands) Fair Value Measurements Using
Measured at Fair Value on a Nonrecurring Basis:TotalLevel 1Level 2Level 3
December 31, 2025    
Collateral dependent loans$27,426 $— $— $27,426 
MSR asset (disclosure)18,474 — — 18,474 
December 31, 2024    
Collateral dependent loans$22,207 $— $— $22,207 
MSR asset (disclosure)17,182 — — 17,182 
Schedule of Estimated Fair Values of Financial Instruments
The carrying amounts and estimated fair values of the Company’s financial instruments are shown below.
December 31, 2025
(in thousands)Carrying
Amount		Estimated 
Fair Value		Level 1Level 2Level 3
Financial assets:     
Cash and cash equivalents$660,232 $660,232 $660,232 $— $— 
Securities AFS859,834 859,834 — 853,210 6,624 
Other investments63,247 63,241 9,505 43,233 10,503 
Loans held for sale13,620 13,935 — 13,935 — 
Loans, net6,767,539 6,627,011 — — 6,627,011 
MSR asset13,173 18,474 — — 18,474 
LSR asset5,152 5,152 — — 5,152 
Accrued interest receivable26,602 26,602 26,602 — — 
Financial liabilities:
Deposits$7,730,771 $7,737,106 $— $— $7,737,106 
Long-term borrowings134,860 131,840 — — 131,840 
Accrued interest payable8,672 8,672 8,672 — — 
December 31, 2024
(in thousands)Carrying
Amount		Estimated 
Fair Value		Level 1Level 2Level 3
Financial assets:     
Cash and cash equivalents$536,047 $536,047 $536,047 $— $— 
Securities AFS806,415 806,415 — 798,790 7,625 
Other investments62,125 62,114 8,610 45,197 8,307 
Loans held for sale7,637 7,778 — 7,778 — 
Loans, net6,560,262 6,300,325 — — 6,300,325 
MSR asset11,965 17,182 — — 17,182 
LSR asset6,869 6,869 — — 6,869 
Accrued interest receivable25,033 25,033 25,033 — — 
Financial liabilities:
Deposits$7,403,684 $7,402,589 $— $— $7,402,589 
Long-term borrowings161,387 148,900 — 4,969 143,931 
Accrued interest payable7,774 7,774 7,774 — — 
v3.25.4
PARENT COMPANY ONLY FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Schedule of Parent Company Only Condensed Financial Statements
Condensed Parent Company only financial statements of Nicolet Bankshares, Inc. follow.
Balance SheetsDecember 31,
(in thousands)20252024
Assets  
Cash and due from subsidiary$187,631 $188,587 
Investments11,782 10,408 
Investments in subsidiaries1,195,567 1,132,727 
Other assets497 210 
Total assets$1,395,477 $1,331,932 
Liabilities and Stockholders’ Equity  
Junior subordinated debentures$42,215 $41,384 
Subordinated notes92,645 115,003 
Other liabilities2,955 2,647 
Stockholders’ equity1,257,662 1,172,898 
Total liabilities and stockholders’ equity$1,395,477 $1,331,932 
Statements of IncomeYears Ended December 31,
(in thousands)202520242023
Interest income$91 $136 $126 
Interest expense7,587 8,645 10,633 
Net interest expense(7,496)(8,509)(10,507)
Dividend income from subsidiaries127,500 111,800 70,000 
Operating expense(1,762)(424)(107)
Asset gains (losses), net118 2,815 (1,164)
Income tax benefit1,952 1,296 3,803 
Earnings before equity in undistributed income (loss) of subsidiaries120,312 106,978 62,025 
Equity in undistributed income (loss) of subsidiaries30,374 17,081 (509)
Net income$150,686 $124,059 $61,516 
Statements of Cash FlowsYears Ended December 31,
(in thousands)202520242023
Cash Flows From Operating Activities:   
Net income$150,686 $124,059 $61,516 
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of discounts on borrowings874 706 588 
Asset (gains) losses, net(118)(2,815)1,164 
Change in other assets and liabilities, net(80)257 (1,190)
Equity in undistributed (income) loss of subsidiaries, net of dividends(30,374)(17,081)509 
Net cash provided by (used in) operating activities120,988 105,126 62,587 
Cash Flows from Investing Activities:   
Proceeds from sale of investments65 2,518 75 
Purchases of investments(1,321)(842)(1,451)
Net cash provided by (used in) investing activities(1,256)1,676 (1,376)
Cash Flows From Financing Activities:   
Purchase and retirement of common stock(89,290)(12,112)(6,030)
Proceeds from issuance of common stock, net9,661 27,252 11,376 
Cash dividends on common stock(18,659)(16,548)(11,119)
Repayment of long-term borrowings(22,400)(5,172)(31,000)
Net cash provided by (used in) financing activities(120,688)(6,580)(36,773)
Net increase (decrease) in cash and due from subsidiary(956)100,222 24,438 
Beginning cash and due from subsidiary188,587 88,365 63,927 
Ending cash and due from subsidiary$187,631 $188,587 $88,365 
v3.25.4
EARNINGS PER COMMON SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Common Share
Presented below are the calculations for basic and diluted earnings per common share.
 Years Ended December 31,
(in thousands, except per share data)202520242023
Net income$150,686 $124,059 $61,516 
Weighted average common shares outstanding14,980 15,049 14,743 
Effect of dilutive common stock awards424 367 328 
Diluted weighted average common shares outstanding15,404 15,416 15,071 
Basic earnings per common share$10.06 $8.24 $4.17 
Diluted earnings per common share$9.78 $8.05 $4.08 
v3.25.4
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
subsidiary
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Number of wholly owned subsidiaries | subsidiary 3
Number of reportable segments 1
Number of operating segments 1
Loans, threshold period past due 90 days
Material loans criteria for ACL-Loans adequacy calculation | $ $ 250,000
Operating Lease, Liability, Statement of Financial Position [Extensible List] Accrued interest payable and other liabilities
Core deposit intangibles:  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Amortized period of core deposit intangible 10 years
v3.25.4
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Lives Of Premises and Equipment (Details)
Dec. 31, 2025
Minimum | Building and improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of new premises and equipment 25 years
Minimum | Leasehold improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of new premises and equipment 5 years
Minimum | Furniture and equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of new premises and equipment 3 years
Maximum | Building and improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of new premises and equipment 40 years
Maximum | Leasehold improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of new premises and equipment 15 years
Maximum | Furniture and equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of new premises and equipment 10 years
v3.25.4
ACQUISITION - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions
Feb. 13, 2026
Dec. 31, 2025
Dec. 31, 2024
Business Combination [Line Items]      
Nicolet's total assets   $ 9,185,107 $ 8,796,795
Loans   6,836,345 6,626,584
Total deposits   $ 7,730,771 $ 7,403,684
MidWestOne | Subsequent Event      
Business Combination [Line Items]      
Total assets $ 6,000,000    
Nicolet's total assets 15,000,000    
Loans 11,000,000    
Total deposits $ 13,000,000    
Nicolet common stock issued (in shares) 6.6    
Value of Nicolet common stock consideration $ 1,000,000    
Closing stock price (in dollars per share) $ 155.19    
v3.25.4
SECURITIES AND OTHER INVESTMENTS - Schedule of Amortized Costs and Fair Values of Securities AFS (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 894,088 $ 872,858
Gross Unrealized Gains 4,453 1,217
Gross Unrealized Losses 38,707 67,660
Securities available for sale (“AFS”), at fair value 859,834 806,415
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 25,056 15,795
Gross Unrealized Gains 2 0
Gross Unrealized Losses 1,004 1,767
Securities available for sale (“AFS”), at fair value 24,054 14,028
U.S. government agency securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 4,189 5,563
Gross Unrealized Gains 4 0
Gross Unrealized Losses 21 43
Securities available for sale (“AFS”), at fair value 4,172 5,520
State, county and municipals    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 289,826 310,931
Gross Unrealized Gains 323 116
Gross Unrealized Losses 15,325 26,344
Securities available for sale (“AFS”), at fair value 274,824 284,703
Mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 513,715 455,386
Gross Unrealized Gains 3,898 1,101
Gross Unrealized Losses 20,832 34,534
Securities available for sale (“AFS”), at fair value 496,781 421,953
Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 61,302 85,183
Gross Unrealized Gains 226 0
Gross Unrealized Losses 1,525 4,972
Securities available for sale (“AFS”), at fair value $ 60,003 $ 80,211
v3.25.4
SECURITIES AND OTHER INVESTMENTS - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]        
Pre-tax loss   $ 0 $ 0 $ 37,723,000
Other comprehensive loss   (25,026,000) (4,605,000) (4,297,000)
Securities pledged as collateral   497,000,000 355,000,000  
Accrued interest on securities   5,000,000 5,000,000  
Investment securities $ 2,300,000 0 0 2,340,000
Allowance for credit losses on securities AFS   $ 0 $ 0 $ 0
U.S. Treasury securities        
Debt Securities, Available-for-sale [Line Items]        
Sale of held-to-maturity debt securities at par value 500,000,000      
Pre-tax loss 38,000,000      
After-tax loss 28,000,000      
Carrying value 157,000,000      
Unrealized loss 20,000,000      
Other comprehensive loss $ 15,000,000      
v3.25.4
SECURITIES AND OTHER INVESTMENTS - Schedule of Proceeds from Sales of Securities AFS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Securities AFS:      
Gross gains $ 140 $ 1,038 $ 268
Gross losses (14) (70) (3,581)
Gains (losses) on sales of securities AFS, net 126 968 (3,313)
Proceeds from sales of securities AFS 10,950 4,987 65,749
Securities HTM:      
Gross gains 0 0 0
Gross losses 0 0 (37,723)
Gains (losses) on sales of securities HTM, net 0 0 (37,723)
Proceeds from sales of securities HTM $ 0 $ 0 $ 460,051
v3.25.4
SECURITIES AND OTHER INVESTMENTS - Schedule of Gross Unrealized Losses and the Related fair Value of Securities Available for Sale (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
security
Dec. 31, 2024
USD ($)
security
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, fair value $ 40,958 $ 132,430
Less than 12 months, unrealized losses 203 2,676
12 months or more, fair value 519,564 566,929
12 months or more, unrealized losses 38,504 64,984
Total, fair value 560,522 699,359
Total, unrealized losses $ 38,707 $ 67,660
Total, number of securities | security 803 1,018
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, fair value $ 0 $ 0
Less than 12 months, unrealized losses 0 0
12 months or more, fair value 14,598 14,028
12 months or more, unrealized losses 1,004 1,767
Total, fair value 14,598 14,028
Total, unrealized losses $ 1,004 $ 1,767
Total, number of securities | security 1 1
U.S. government agency securities    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, fair value $ 411 $ 1,918
Less than 12 months, unrealized losses 0 11
12 months or more, fair value 2,825 3,602
12 months or more, unrealized losses 21 32
Total, fair value 3,236 5,520
Total, unrealized losses $ 21 $ 43
Total, number of securities | security 8 10
State, county and municipals    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, fair value $ 7,002 $ 43,565
Less than 12 months, unrealized losses 38 1,497
12 months or more, fair value 229,648 228,355
12 months or more, unrealized losses 15,287 24,847
Total, fair value 236,650 271,920
Total, unrealized losses $ 15,325 $ 26,344
Total, number of securities | security 388 528
Mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, fair value $ 31,213 $ 79,899
Less than 12 months, unrealized losses 145 1,105
12 months or more, fair value 232,400 252,612
12 months or more, unrealized losses 20,687 33,429
Total, fair value 263,613 332,511
Total, unrealized losses $ 20,832 $ 34,534
Total, number of securities | security 376 429
Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, fair value $ 2,332 $ 7,048
Less than 12 months, unrealized losses 20 63
12 months or more, fair value 40,093 68,332
12 months or more, unrealized losses 1,505 4,909
Total, fair value 42,425 75,380
Total, unrealized losses $ 1,525 $ 4,972
Total, number of securities | security 30 50
v3.25.4
SECURITIES AND OTHER INVESTMENTS - Schedule of Amortized Cost and Fair Values of Securities Available for Sale at by Contractual Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Amortized Cost    
Due in less than one year $ 27,185  
Due in one year through five years 182,407  
Due after five years through ten years 97,170  
Due after ten years 73,611  
Allocated and single maturity date 380,373  
Amortized Cost 894,088  
Fair Value    
Due in less than one year 27,119  
Due in one year through five years 174,587  
Due after five years through ten years 91,830  
Due after ten years 69,517  
Allocated and single maturity date 363,053  
Fair Value 859,834 $ 806,415
Mortgage-backed securities    
Amortized Cost    
Mortgage-backed securities 513,715  
Fair Value    
Mortgage-backed securities 496,781  
Fair Value $ 496,781 $ 421,953
v3.25.4
SECURITIES AND OTHER INVESTMENTS - Schedule of Carrying Value of other Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Federal Reserve Bank stock $ 33,541 $ 33,335
FHLB stock 7,735 9,674
Equity securities with readily determinable fair values 9,505 8,610
Other investments 12,466 10,506
Total other investments $ 63,247 $ 62,125
v3.25.4
LOANS, ALLOWANCE FOR CREDIT LOSSES - LOANS, AND CREDIT QUALITY - Schedule of Loan Composition (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans $ 6,836,345 $ 6,626,584    
Less ACL-Loans 68,806 66,322 $ 63,610 $ 61,829
Loans, net $ 6,767,539 $ 6,560,262    
ACL-Loans to loans (in percent) 1.01% 1.00%    
% of Total 100.00% 100.00%    
Retail & other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans $ 41,683 $ 55,994    
Less ACL-Loans $ 618 $ 931 1,207  
% of Total 1.00% 1.00%    
Retail-based loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans $ 1,598,822 $ 1,582,896    
% of Total 23.00% 24.00%    
Commercial        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans $ 3,722,534 $ 3,582,168    
% of Total 55.00% 54.00%    
Commercial | Commercial & industrial        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans $ 1,367,522 $ 1,319,763    
Less ACL-Loans $ 16,905 $ 16,147 15,225  
% of Total 20.00% 20.00%    
Commercial | Owner-occupied commercial real estate (“CRE”)        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans $ 939,587 $ 940,367    
Less ACL-Loans $ 5,289 $ 5,362 9,082  
% of Total 14.00% 14.00%    
Commercial | Agricultural        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans $ 1,415,425 $ 1,322,038    
Less ACL-Loans $ 9,434 $ 9,957 12,629  
% of Total 21.00% 20.00%    
Commercial real estate        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans $ 1,514,989 $ 1,461,520    
% of Total 22.00% 22.00%    
Commercial real estate | CRE investment        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans $ 1,188,351 $ 1,221,826    
Less ACL-Loans $ 15,038 $ 14,616 12,693  
% of Total 17.00% 18.00%    
Commercial real estate | Construction & land development        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans $ 326,638 $ 239,694    
Less ACL-Loans $ 3,611 $ 2,658 2,440  
% of Total 5.00% 4.00%    
Commercial-based loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans $ 5,237,523 $ 5,043,688    
% of Total 77.00% 76.00%    
Residential        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans $ 1,557,139 $ 1,526,902    
% of Total 22.00% 23.00%    
Residential | Residential first mortgage        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans $ 1,193,683 $ 1,196,158    
Less ACL-Loans $ 13,310 $ 12,590 7,320  
% of Total 17.00% 18.00%    
Residential | Residential junior mortgage        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans $ 268,188 $ 234,634    
Less ACL-Loans $ 3,351 $ 2,827 2,098  
% of Total 4.00% 4.00%    
Residential | Residential construction        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans $ 95,268 $ 96,110    
Less ACL-Loans $ 1,250 $ 1,234 $ 916  
% of Total 1.00% 1.00%    
v3.25.4
LOANS, ALLOWANCE FOR CREDIT LOSSES - LOANS, AND CREDIT QUALITY- Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Receivables [Abstract]    
Accrued interest on loans $ 21.0 $ 20.0
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Interest Receivable and Other Assets Interest Receivable and Other Assets
Reserve for unfunded commitments $ 3.0 $ 3.1
v3.25.4
LOANS, ALLOWANCE FOR CREDIT LOSSES - LOANS, AND CREDIT QUALITY - Schedule of Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 66,322 $ 63,610 $ 61,829
Provision for credit losses 4,300 3,750 2,650
Charge-offs (2,263) (1,493) (1,653)
Recoveries 447 455 784
Net (charge-offs) recoveries (1,816) (1,038) (869)
Ending balance $ 68,806 $ 66,322 $ 63,610
v3.25.4
LOANS, ALLOWANCE FOR CREDIT LOSSES - LOANS, AND CREDIT QUALITY - Schedule of Changes in ACL-Loans by Portfolio Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
ACL-Loans      
Beginning balance $ 66,322 $ 63,610 $ 61,829
Provision 4,300 3,750  
Charge-offs (2,263) (1,493) (1,653)
Recoveries 447 455 784
Net (charge-offs) recoveries (1,816) (1,038) (869)
Ending balance $ 68,806 $ 66,322 63,610
As % of ACL-Loans 100.00% 100.00%  
Retail & other      
ACL-Loans      
Beginning balance $ 931 $ 1,207  
Provision (47) 61  
Charge-offs (332) (455)  
Recoveries 66 118  
Net (charge-offs) recoveries (266) (337)  
Ending balance $ 618 $ 931 1,207
As % of ACL-Loans 1.00% 2.00%  
Commercial | Commercial & industrial      
ACL-Loans      
Beginning balance $ 16,147 $ 15,225  
Provision 2,154 1,789  
Charge-offs (1,577) (918)  
Recoveries 181 51  
Net (charge-offs) recoveries (1,396) (867)  
Ending balance $ 16,905 $ 16,147 15,225
As % of ACL-Loans 24.00% 24.00%  
Commercial | Owner- occupied CRE      
ACL-Loans      
Beginning balance $ 5,362 $ 9,082  
Provision (79) (3,844)  
Charge-offs (189) (120)  
Recoveries 195 244  
Net (charge-offs) recoveries 6 124  
Ending balance $ 5,289 $ 5,362 9,082
As % of ACL-Loans 8.00% 8.00%  
Commercial | Agricultural      
ACL-Loans      
Beginning balance $ 9,957 $ 12,629  
Provision (458) (2,672)  
Charge-offs (65) 0  
Recoveries 0 0  
Net (charge-offs) recoveries (65) 0  
Ending balance $ 9,434 $ 9,957 12,629
As % of ACL-Loans 14.00% 15.00%  
Commercial real estate | CRE investment      
ACL-Loans      
Beginning balance $ 14,616 $ 12,693  
Provision 422 1,923  
Charge-offs 0 0  
Recoveries 0 0  
Net (charge-offs) recoveries 0 0  
Ending balance $ 15,038 $ 14,616 12,693
As % of ACL-Loans 22.00% 22.00%  
Commercial real estate | Construction & land development      
ACL-Loans      
Beginning balance $ 2,658 $ 2,440  
Provision 953 218  
Charge-offs 0 0  
Recoveries 0 0  
Net (charge-offs) recoveries 0 0  
Ending balance $ 3,611 $ 2,658 2,440
As % of ACL-Loans 5.00% 4.00%  
Residential | Residential first mortgage      
ACL-Loans      
Beginning balance $ 12,590 $ 7,320  
Provision 817 5,237  
Charge-offs (98) 0  
Recoveries 1 33  
Net (charge-offs) recoveries (97) 33  
Ending balance $ 13,310 $ 12,590 7,320
As % of ACL-Loans 19.00% 19.00%  
Residential | Residential junior mortgage      
ACL-Loans      
Beginning balance $ 2,827 $ 2,098  
Provision 522 720  
Charge-offs (2) 0  
Recoveries 4 9  
Net (charge-offs) recoveries 2 9  
Ending balance $ 3,351 $ 2,827 2,098
As % of ACL-Loans 5.00% 4.00%  
Residential | Residential construction      
ACL-Loans      
Beginning balance $ 1,234 $ 916  
Provision 16 318  
Charge-offs 0 0  
Recoveries 0 0  
Net (charge-offs) recoveries 0 0  
Ending balance $ 1,250 $ 1,234 $ 916
As % of ACL-Loans 2.00% 2.00%  
v3.25.4
LOANS, ALLOWANCE FOR CREDIT LOSSES - LOANS, AND CREDIT QUALITY - Schedule of Provision for Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Receivables [Abstract]        
Loans   $ 4,300 $ 3,750 $ 2,650
Unfunded commitments   (50) 100 0
Investment securities $ 2,300 0 0 2,340
Total provision for credit losses   $ 4,250 $ 3,850 $ 4,990
v3.25.4
LOANS, ALLOWANCE FOR CREDIT LOSSES - LOANS, AND CREDIT QUALITY - Schedule of Collateral Dependent Loans by Portfolio Segment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans $ 27,749 $ 22,980
Without an Allowance 24,263 18,859
With an Allowance 3,486 4,121
Allowance Allocation 323 773
Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 15,049 11,452
Other Business Assets    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 12,700 11,528
Retail & other    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 0 14
Without an Allowance 0 0
With an Allowance 0 14
Allowance Allocation 0 1
Retail & other | Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 0 14
Retail & other | Other Business Assets    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 0 0
Commercial | Commercial & industrial    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 9,111 7,788
Without an Allowance 5,986 4,047
With an Allowance 3,125 3,741
Allowance Allocation 322 723
Commercial | Commercial & industrial | Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 0 0
Commercial | Commercial & industrial | Other Business Assets    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 9,111 7,788
Commercial | Owner-occupied commercial real estate (“CRE”)    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 5,755 3,744
Without an Allowance 5,755 3,378
With an Allowance 0 366
Allowance Allocation 0 49
Commercial | Owner-occupied commercial real estate (“CRE”) | Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 5,755 3,744
Commercial | Owner-occupied commercial real estate (“CRE”) | Other Business Assets    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 0 0
Commercial | Agricultural    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 10,373 9,704
Without an Allowance 10,373 9,704
With an Allowance 0 0
Allowance Allocation 0 0
Commercial | Agricultural | Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 6,784 5,964
Commercial | Agricultural | Other Business Assets    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 3,589 3,740
Commercial real estate | CRE investment    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 497 1,488
Without an Allowance 497 1,488
With an Allowance 0 0
Allowance Allocation 0 0
Commercial real estate | CRE investment | Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 497 1,488
Commercial real estate | CRE investment | Other Business Assets    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 0 0
Commercial real estate | Construction & land development    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 0 0
Without an Allowance 0 0
With an Allowance 0 0
Allowance Allocation 0 0
Commercial real estate | Construction & land development | Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 0 0
Commercial real estate | Construction & land development | Other Business Assets    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 0 0
Residential | Residential first mortgage    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 1,847 242
Without an Allowance 1,486 242
With an Allowance 361 0
Allowance Allocation 1 0
Residential | Residential first mortgage | Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 1,847 242
Residential | Residential first mortgage | Other Business Assets    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 0 0
Residential | Residential junior mortgage    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 166 0
Without an Allowance 166 0
With an Allowance 0 0
Allowance Allocation 0 0
Residential | Residential junior mortgage | Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 166 0
Residential | Residential junior mortgage | Other Business Assets    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 0 0
Residential | Residential construction    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 0 0
Without an Allowance 0 0
With an Allowance 0 0
Allowance Allocation 0 0
Residential | Residential construction | Real Estate    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans 0 0
Residential | Residential construction | Other Business Assets    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Loans $ 0 $ 0
v3.25.4
LOANS, ALLOWANCE FOR CREDIT LOSSES - LOANS, AND CREDIT QUALITY - Schedule of Loans by Past due Status (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans $ 6,836,345 $ 6,626,584
Percent of total loans 100.00% 100.00%
30-89 Days Past Due (accruing)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans $ 11,107 $ 5,787
Percent past due 0.10% 0.10%
90 Days & Over or nonaccrual    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans $ 31,679 $ 28,419
Percent past due 0.50% 0.40%
Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans $ 6,793,559 $ 6,592,378
Percent of current loans 99.40% 99.50%
Retail & other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans $ 41,683 $ 55,994
Retail & other | 30-89 Days Past Due (accruing)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 453 237
Retail & other | 90 Days & Over or nonaccrual    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 121 126
Retail & other | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 41,109 55,631
Commercial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 3,722,534 3,582,168
Commercial | Commercial & industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 1,367,522 1,319,763
Commercial | Commercial & industrial | 30-89 Days Past Due (accruing)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 541 693
Commercial | Commercial & industrial | 90 Days & Over or nonaccrual    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 10,314 8,534
Commercial | Commercial & industrial | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 1,356,667 1,310,536
Commercial | Owner-occupied commercial real estate (“CRE”)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 939,587 940,367
Commercial | Owner-occupied commercial real estate (“CRE”) | 30-89 Days Past Due (accruing)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 3,311 177
Commercial | Owner-occupied commercial real estate (“CRE”) | 90 Days & Over or nonaccrual    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 6,938 4,547
Commercial | Owner-occupied commercial real estate (“CRE”) | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 929,338 935,643
Commercial | Agricultural    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 1,415,425 1,322,038
Commercial | Agricultural | 30-89 Days Past Due (accruing)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 123 0
Commercial | Agricultural | 90 Days & Over or nonaccrual    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 10,476 9,969
Commercial | Agricultural | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 1,404,826 1,312,069
Commercial real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 1,514,989 1,461,520
Commercial real estate | CRE investment    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 1,188,351 1,221,826
Commercial real estate | CRE investment | 30-89 Days Past Due (accruing)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 250 0
Commercial real estate | CRE investment | 90 Days & Over or nonaccrual    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 497 1,688
Commercial real estate | CRE investment | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 1,187,604 1,220,138
Commercial real estate | Construction & land development    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 326,638 239,694
Commercial real estate | Construction & land development | 30-89 Days Past Due (accruing)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 29 67
Commercial real estate | Construction & land development | 90 Days & Over or nonaccrual    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 0 0
Commercial real estate | Construction & land development | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 326,609 239,627
Residential    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 1,557,139 1,526,902
Residential | Residential first mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 1,193,683 1,196,158
Residential | Residential first mortgage | 30-89 Days Past Due (accruing)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 5,305 3,989
Residential | Residential first mortgage | 90 Days & Over or nonaccrual    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 3,022 3,370
Residential | Residential first mortgage | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 1,185,356 1,188,799
Residential | Residential junior mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 268,188 234,634
Residential | Residential junior mortgage | 30-89 Days Past Due (accruing)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 494 333
Residential | Residential junior mortgage | 90 Days & Over or nonaccrual    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 311 185
Residential | Residential junior mortgage | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 267,383 234,116
Residential | Residential construction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 95,268 96,110
Residential | Residential construction | 30-89 Days Past Due (accruing)    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 601 291
Residential | Residential construction | 90 Days & Over or nonaccrual    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 0 0
Residential | Residential construction | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans $ 94,667 $ 95,819
v3.25.4
LOANS, ALLOWANCE FOR CREDIT LOSSES - LOANS, AND CREDIT QUALITY - Schedule of Nonaccrual Loans by Portfolio Segment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Past Due [Line Items]    
Nonaccrual loans $ 31,679 $ 28,419
Percent of total loans 0.50% 0.40%
% to Total 100.00% 100.00%
Retail & other    
Financing Receivable, Past Due [Line Items]    
Nonaccrual loans $ 121 $ 126
% to Total 0.00% 0.00%
Commercial | Commercial & industrial    
Financing Receivable, Past Due [Line Items]    
Nonaccrual loans $ 10,314 $ 8,534
% to Total 32.00% 30.00%
Commercial | Owner-occupied commercial real estate (“CRE”)    
Financing Receivable, Past Due [Line Items]    
Nonaccrual loans $ 6,938 $ 4,547
% to Total 22.00% 16.00%
Commercial | Agricultural    
Financing Receivable, Past Due [Line Items]    
Nonaccrual loans $ 10,476 $ 9,969
% to Total 33.00% 35.00%
Commercial real estate | CRE investment    
Financing Receivable, Past Due [Line Items]    
Nonaccrual loans $ 497 $ 1,688
% to Total 2.00% 6.00%
Commercial real estate | Construction & land development    
Financing Receivable, Past Due [Line Items]    
Nonaccrual loans $ 0 $ 0
% to Total 0.00% 0.00%
Residential | Residential first mortgage    
Financing Receivable, Past Due [Line Items]    
Nonaccrual loans $ 3,022 $ 3,370
% to Total 10.00% 12.00%
Residential | Residential junior mortgage    
Financing Receivable, Past Due [Line Items]    
Nonaccrual loans $ 311 $ 185
% to Total 1.00% 1.00%
Residential | Residential construction    
Financing Receivable, Past Due [Line Items]    
Nonaccrual loans $ 0 $ 0
% to Total 0.00% 0.00%
v3.25.4
LOANS, ALLOWANCE FOR CREDIT LOSSES - LOANS, AND CREDIT QUALITY - Schedule of Loans by Loan Risk Categories (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one $ 1,095,358 $ 987,716
Year two 828,735 737,734
Year three 556,740 1,282,533
Year four 1,094,983 959,052
Year five 808,919 509,274
Prior 1,352,585 1,170,905
Revolving 1,095,361 974,436
Revolving to Term 3,664 4,934
TOTAL 6,836,345 6,626,584
Loans 6,836,345 6,626,584
Grade 7 | Loans Insured or Guaranteed by US Government Authorities    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
TOTAL 15,000 15,000
Loans 15,000 15,000
Residential first mortgage    
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
Year one 0 0
Year two (85) 0
Year three 0 0
Year four 0 0
Year five 0 0
Prior (13) 0
Revolving 0 0
Revolving to Term 0 0
Total loans (98) 0
Residential junior mortgage    
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
Year one 0 0
Year two 0 0
Year three 0 0
Year four 0 0
Year five 0 0
Prior (2) 0
Revolving 0 0
Revolving to Term 0 0
Total loans (2) 0
Retail & other    
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
Year one   (2)
Year two   (71)
Year three   (8)
Year four   (7)
Year five   0
Prior   (82)
Revolving   (285)
Revolving to Term   0
Total loans   (455)
Commercial & industrial    
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
Year one (125) 0
Year two (103) (110)
Year three (45) (68)
Year four (76) (26)
Year five (524) (58)
Prior (8) (356)
Revolving (696) (300)
Revolving to Term 0 0
Total loans (1,577) (918)
Owner-occupied commercial real estate (“CRE”)    
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
Year one 0 0
Year two 0 0
Year three 0 (90)
Year four 0 0
Year five 0 0
Prior (189) (30)
Revolving 0 0
Revolving to Term 0 0
Total loans (189) (120)
Agricultural    
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
Year one 0 0
Year two 0 0
Year three 0 0
Year four 0 0
Year five 0 0
Prior 0 0
Revolving (65) 0
Revolving to Term 0 0
Total loans (65) 0
CRE investment    
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
Year one 0 0
Year two 0 0
Year three 0 0
Year four 0 0
Year five 0 0
Prior 0 0
Revolving 0 0
Revolving to Term 0 0
Total loans 0 0
Construction & land development    
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
Year one 0 0
Year two 0 0
Year three 0 0
Year four 0 0
Year five 0 0
Prior 0 0
Revolving 0 0
Revolving to Term 0 0
Total loans 0 0
Residential construction    
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
Year one 0 0
Year two 0 0
Year three 0 0
Year four 0 0
Year five 0 0
Prior 0 0
Revolving 0 0
Revolving to Term 0 0
Total loans 0 0
Retail & other    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 6,756 7,518
Year two 3,825 4,556
Year three 2,983 5,334
Year four 3,485 3,298
Year five 1,805 1,440
Prior 3,997 4,477
Revolving 18,832 29,371
Revolving to Term 0 0
TOTAL 41,683 55,994
Loans 41,683 55,994
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
Year one 0  
Year two (13)  
Year three (11)  
Year four 0  
Year five 0  
Prior (14)  
Revolving (294)  
Revolving to Term 0  
Total loans (332)  
Retail & other | Grades 1-4    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 6,696 7,518
Year two 3,821 4,469
Year three 2,930 5,334
Year four 3,485 3,273
Year five 1,798 1,423
Prior 3,997 4,477
Revolving 18,832 29,371
Revolving to Term 0 0
TOTAL 41,559 55,865
Loans 41,559 55,865
Retail & other | Grade 5    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one   0
Year two   0
Year three   0
Year four   0
Year five   0
Prior   0
Revolving   0
Revolving to Term   0
TOTAL   0
Loans   0
Retail & other | Grade 7    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 60 0
Year two 4 87
Year three 53 0
Year four 0 25
Year five 7 17
Prior 0 0
Revolving 0 0
Revolving to Term 0 0
TOTAL 124 129
Loans 124 129
Commercial    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
TOTAL 3,722,534 3,582,168
Loans 3,722,534 3,582,168
Commercial | Commercial & industrial    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 315,643 228,676
Year two 154,994 167,502
Year three 111,626 186,430
Year four 103,420 133,798
Year five 89,255 45,702
Prior 88,951 97,652
Revolving 503,633 460,003
Revolving to Term 0 0
TOTAL 1,367,522 1,319,763
Loans 1,367,522 1,319,763
Commercial | Commercial & industrial | Grades 1-4    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 297,093 225,888
Year two 144,896 156,368
Year three 92,466 173,824
Year four 84,058 123,601
Year five 80,057 41,811
Prior 77,686 84,687
Revolving 424,640 398,708
Revolving to Term 0 0
TOTAL 1,200,896 1,204,887
Loans 1,200,896 1,204,887
Commercial | Commercial & industrial | Grade 5    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 4,152 2,326
Year two 6,622 4,061
Year three 14,051 7,315
Year four 12,515 9,066
Year five 3,471 1,992
Prior 6,448 7,362
Revolving 53,059 41,773
Revolving to Term 0 0
TOTAL 100,318 73,895
Loans 100,318 73,895
Commercial | Commercial & industrial | Grade 6    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 13,593 148
Year two 896 1,300
Year three 1,497 960
Year four 2,677 50
Year five 826 186
Prior 0 1,326
Revolving 13,285 5,168
Revolving to Term 0 0
TOTAL 32,774 9,138
Loans 32,774 9,138
Commercial | Commercial & industrial | Grade 7    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 805 314
Year two 2,580 5,773
Year three 3,612 4,331
Year four 4,170 1,081
Year five 4,901 1,713
Prior 4,817 4,277
Revolving 12,649 14,354
Revolving to Term 0 0
TOTAL 33,534 31,843
Loans 33,534 31,843
Commercial | Owner-occupied commercial real estate (“CRE”)    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 134,266 106,158
Year two 105,419 110,963
Year three 95,204 164,612
Year four 151,866 165,091
Year five 144,458 89,301
Prior 306,004 299,757
Revolving 2,370 4,485
Revolving to Term 0 0
TOTAL 939,587 940,367
Loans 939,587 940,367
Commercial | Owner-occupied commercial real estate (“CRE”) | Grades 1-4    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 132,613 102,650
Year two 84,209 101,966
Year three 77,111 155,261
Year four 134,342 151,051
Year five 113,456 79,073
Prior 262,006 271,425
Revolving 2,321 4,411
Revolving to Term 0 0
TOTAL 806,058 865,837
Loans 806,058 865,837
Commercial | Owner-occupied commercial real estate (“CRE”) | Grade 5    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 1,653 1,858
Year two 6,496 7,559
Year three 12,864 6,964
Year four 14,243 7,830
Year five 24,479 3,542
Prior 25,868 18,182
Revolving 49 24
Revolving to Term 0 0
TOTAL 85,652 45,959
Loans 85,652 45,959
Commercial | Owner-occupied commercial real estate (“CRE”) | Grade 6    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 0 1,650
Year two 13,038 0
Year three 1,511 0
Year four 1,311 0
Year five 0 68
Prior 1,097 5,996
Revolving 0 50
Revolving to Term 0 0
TOTAL 16,957 7,764
Loans 16,957 7,764
Commercial | Owner-occupied commercial real estate (“CRE”) | Grade 7    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 0 0
Year two 1,676 1,438
Year three 3,718 2,387
Year four 1,970 6,210
Year five 6,523 6,618
Prior 17,033 4,154
Revolving 0 0
Revolving to Term 0 0
TOTAL 30,920 20,807
Loans 30,920 20,807
Commercial | Agricultural    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 189,653 212,322
Year two 181,591 159,809
Year three 129,245 272,725
Year four 248,051 134,659
Year five 123,920 73,856
Prior 218,693 183,722
Revolving 324,272 284,945
Revolving to Term 0 0
TOTAL 1,415,425 1,322,038
Loans 1,415,425 1,322,038
Commercial | Agricultural | Grades 1-4    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 178,383 201,827
Year two 178,254 151,827
Year three 122,462 262,806
Year four 233,078 124,527
Year five 109,828 71,710
Prior 184,017 145,128
Revolving 290,983 270,147
Revolving to Term 0 0
TOTAL 1,297,005 1,227,972
Loans 1,297,005 1,227,972
Commercial | Agricultural | Grade 5    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 9,136 8,396
Year two 2,956 5,441
Year three 4,910 3,531
Year four 10,910 4,047
Year five 7,110 1,678
Prior 16,267 23,111
Revolving 26,604 9,618
Revolving to Term 0 0
TOTAL 77,893 55,822
Loans 77,893 55,822
Commercial | Agricultural | Grade 6    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 1,197 1,314
Year two 0 0
Year three 595 0
Year four 137 0
Year five 0 0
Prior 5,997 1,790
Revolving 1,632 1,044
Revolving to Term 0 0
TOTAL 9,558 4,148
Loans 9,558 4,148
Commercial | Agricultural | Grade 7    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 937 785
Year two 381 2,541
Year three 1,278 6,388
Year four 3,926 6,085
Year five 6,982 468
Prior 12,412 13,693
Revolving 5,053 4,136
Revolving to Term 0 0
TOTAL 30,969 34,096
Loans 30,969 34,096
Commercial real estate    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
TOTAL 1,514,989 1,461,520
Loans 1,514,989 1,461,520
Commercial real estate | CRE investment    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 107,033 109,473
Year two 119,604 58,964
Year three 42,714 251,729
Year four 241,065 246,038
Year five 206,591 167,840
Prior 458,543 380,655
Revolving 12,801 7,127
Revolving to Term 0 0
TOTAL 1,188,351 1,221,826
Loans 1,188,351 1,221,826
Commercial real estate | CRE investment | Grades 1-4    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 107,033 102,931
Year two 115,996 53,725
Year three 40,985 240,553
Year four 233,167 238,275
Year five 193,969 159,838
Prior 438,694 347,836
Revolving 12,801 7,103
Revolving to Term 0 0
TOTAL 1,142,645 1,150,261
Loans 1,142,645 1,150,261
Commercial real estate | CRE investment | Grade 5    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 0 6,542
Year two 3,608 4,205
Year three 1,177 10,999
Year four 4,694 7,763
Year five 12,622 8,002
Prior 19,183 31,037
Revolving 0 24
Revolving to Term 0 0
TOTAL 41,284 68,572
Loans 41,284 68,572
Commercial real estate | CRE investment | Grade 6    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 0  
Year two 0  
Year three 0  
Year four 3,204  
Year five 0  
Prior 0  
Revolving 0  
Revolving to Term 0  
TOTAL 3,204  
Loans 3,204  
Commercial real estate | CRE investment | Grade 7    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 0 0
Year two 0 1,034
Year three 552 177
Year four 0 0
Year five 0 0
Prior 666 1,782
Revolving 0 0
Revolving to Term 0 0
TOTAL 1,218 2,993
Loans 1,218 2,993
Commercial real estate | Construction & land development    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 90,203 88,321
Year two 125,684 42,727
Year three 26,398 40,992
Year four 27,358 49,487
Year five 42,318 8,387
Prior 12,472 7,896
Revolving 2,205 1,884
Revolving to Term 0 0
TOTAL 326,638 239,694
Loans 326,638 239,694
Commercial real estate | Construction & land development | Grades 1-4    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 90,203 87,004
Year two 125,309 42,684
Year three 26,359 40,812
Year four 25,189 46,413
Year five 42,103 7,976
Prior 11,642 7,409
Revolving 2,205 1,884
Revolving to Term 0 0
TOTAL 323,010 234,182
Loans 323,010 234,182
Commercial real estate | Construction & land development | Grade 5    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 0 1,317
Year two 375 43
Year three 39 30
Year four 1,943 3,074
Year five 215 411
Prior 830 487
Revolving 0 0
Revolving to Term 0 0
TOTAL 3,402 5,362
Loans 3,402 5,362
Commercial real estate | Construction & land development | Grade 6    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 0  
Year two 0  
Year three 0  
Year four 166  
Year five 0  
Prior 0  
Revolving 0  
Revolving to Term 0  
TOTAL 166  
Loans 166  
Commercial real estate | Construction & land development | Grade 7    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 0 0
Year two 0 0
Year three 0 150
Year four 60 0
Year five 0 0
Prior 0 0
Revolving 0 0
Revolving to Term 0 0
TOTAL 60 150
Loans 60 150
Residential    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
TOTAL 1,557,139 1,526,902
Loans 1,557,139 1,526,902
Residential | Residential first mortgage    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 165,170 138,739
Year two 120,158 174,879
Year three 141,626 350,754
Year four 312,788 222,022
Year five 196,461 118,967
Prior 256,656 190,677
Revolving 824 119
Revolving to Term 0 1
TOTAL 1,193,683 1,196,158
Loans 1,193,683 1,196,158
Residential | Residential first mortgage | Grades 1-4    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 164,721 138,068
Year two 118,575 174,494
Year three 139,900 347,351
Year four 310,381 219,376
Year five 194,581 117,625
Prior 253,195 184,004
Revolving 824 119
Revolving to Term 0 1
TOTAL 1,182,177 1,181,038
Loans 1,182,177 1,181,038
Residential | Residential first mortgage | Grade 5    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 449 627
Year two 1,184 319
Year three 1,348 1,586
Year four 986 1,192
Year five 564 768
Prior 1,642 3,897
Revolving 0 0
Revolving to Term 0 0
TOTAL 6,173 8,389
Loans 6,173 8,389
Residential | Residential first mortgage | Grade 6    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one   0
Year two   0
Year three   0
Year four   70
Year five   0
Prior   72
Revolving   0
Revolving to Term   0
TOTAL   142
Loans   142
Residential | Residential first mortgage | Grade 7    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 0 44
Year two 399 66
Year three 378 1,817
Year four 1,421 1,384
Year five 1,316 574
Prior 1,819 2,704
Revolving 0 0
Revolving to Term 0 0
TOTAL 5,333 6,589
Loans 5,333 6,589
Residential | Residential junior mortgage    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 9,258 17,324
Year two 5,329 9,027
Year three 6,072 5,532
Year four 4,033 2,953
Year five 2,539 3,649
Prior 6,869 5,640
Revolving 230,424 185,576
Revolving to Term 3,664 4,933
TOTAL 268,188 234,634
Loans 268,188 234,634
Residential | Residential junior mortgage | Grades 1-4    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 9,258 17,309
Year two 5,317 8,998
Year three 6,072 5,466
Year four 3,531 2,757
Year five 2,539 3,649
Prior 6,869 5,608
Revolving 229,989 185,318
Revolving to Term 3,664 4,933
TOTAL 267,239 234,038
Loans 267,239 234,038
Residential | Residential junior mortgage | Grade 5    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 0 15
Year two 12 29
Year three 0 66
Year four 454 196
Year five 0 0
Prior 0 0
Revolving 171 0
Revolving to Term 0 0
TOTAL 637 306
Loans 637 306
Residential | Residential junior mortgage | Grade 6    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one   0
Year two   0
Year three   0
Year four   0
Year five   0
Prior   0
Revolving   0
Revolving to Term   0
TOTAL   0
Loans   0
Residential | Residential junior mortgage | Grade 7    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 0 0
Year two 0 0
Year three 0 0
Year four 48 0
Year five 0 0
Prior 0 32
Revolving 264 258
Revolving to Term 0 0
TOTAL 312 290
Loans 312 290
Residential | Residential construction    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 77,376 79,185
Year two 12,131 9,307
Year three 872 4,425
Year four 2,917 1,706
Year five 1,572 132
Prior 400 429
Revolving 0 926
Revolving to Term 0 0
TOTAL 95,268 96,110
Loans 95,268 96,110
Residential | Residential construction | Grades 1-4    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 77,376 78,894
Year two 12,131 9,307
Year three 872 4,425
Year four 2,917 1,706
Year five 1,572 132
Prior 400 429
Revolving 0 926
Revolving to Term 0 0
TOTAL 95,268 95,819
Loans 95,268 95,819
Residential | Residential construction | Grade 5    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one   291
Year two   0
Year three   0
Year four   0
Year five   0
Prior   0
Revolving   0
Revolving to Term   0
TOTAL   291
Loans   $ 291
Residential | Residential construction | Grade 7    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]    
Year one 0  
Year two 0  
Year three 0  
Year four 0  
Year five 0  
Prior 0  
Revolving 0  
Revolving to Term 0  
TOTAL 0  
Loans $ 0  
v3.25.4
LOANS, ALLOWANCE FOR CREDIT LOSSES - LOANS, AND CREDIT QUALITY - Schedule of Aggregated by Portfolio Segment and Type of Modification (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Impaired [Line Items]    
Total $ 2,512 $ 1,521
% of Total Loans 0.04% 0.02%
Payment Delay    
Financing Receivable, Impaired [Line Items]    
Total $ 2,512 $ 1,521
Term Extension    
Financing Receivable, Impaired [Line Items]    
Total 0 0
Interest Rate Reduction    
Financing Receivable, Impaired [Line Items]    
Total 0 0
Term Extension & Interest Rate Reduction    
Financing Receivable, Impaired [Line Items]    
Total 0 0
Commercial & industrial | Commercial    
Financing Receivable, Impaired [Line Items]    
Total $ 2,339 $ 0
% of Total Loans 0.17% 0.00%
Commercial & industrial | Payment Delay | Commercial    
Financing Receivable, Impaired [Line Items]    
Total $ 2,339 $ 0
Commercial & industrial | Term Extension | Commercial    
Financing Receivable, Impaired [Line Items]    
Total 0 0
Commercial & industrial | Interest Rate Reduction | Commercial    
Financing Receivable, Impaired [Line Items]    
Total 0 0
Commercial & industrial | Term Extension & Interest Rate Reduction | Commercial    
Financing Receivable, Impaired [Line Items]    
Total 0 0
Owner-occupied commercial real estate (“CRE”) | Commercial    
Financing Receivable, Impaired [Line Items]    
Total $ 0 $ 1,521
% of Total Loans 0.00% 0.16%
Owner-occupied commercial real estate (“CRE”) | Payment Delay | Commercial    
Financing Receivable, Impaired [Line Items]    
Total $ 0 $ 1,521
Owner-occupied commercial real estate (“CRE”) | Term Extension | Commercial    
Financing Receivable, Impaired [Line Items]    
Total 0 0
Owner-occupied commercial real estate (“CRE”) | Interest Rate Reduction | Commercial    
Financing Receivable, Impaired [Line Items]    
Total 0 0
Owner-occupied commercial real estate (“CRE”) | Term Extension & Interest Rate Reduction | Commercial    
Financing Receivable, Impaired [Line Items]    
Total 0 0
Agricultural | Commercial    
Financing Receivable, Impaired [Line Items]    
Total $ 0 $ 0
% of Total Loans 0.00% 0.00%
Agricultural | Payment Delay | Commercial    
Financing Receivable, Impaired [Line Items]    
Total $ 0 $ 0
Agricultural | Term Extension | Commercial    
Financing Receivable, Impaired [Line Items]    
Total 0 0
Agricultural | Interest Rate Reduction | Commercial    
Financing Receivable, Impaired [Line Items]    
Total 0 0
Agricultural | Term Extension & Interest Rate Reduction | Commercial    
Financing Receivable, Impaired [Line Items]    
Total 0 0
CRE investment | Commercial real estate    
Financing Receivable, Impaired [Line Items]    
Total $ 0 $ 0
% of Total Loans 0.00% 0.00%
CRE investment | Payment Delay | Commercial real estate    
Financing Receivable, Impaired [Line Items]    
Total $ 0 $ 0
CRE investment | Term Extension | Commercial real estate    
Financing Receivable, Impaired [Line Items]    
Total 0 0
CRE investment | Interest Rate Reduction | Commercial real estate    
Financing Receivable, Impaired [Line Items]    
Total 0 0
CRE investment | Term Extension & Interest Rate Reduction | Commercial real estate    
Financing Receivable, Impaired [Line Items]    
Total 0 0
Construction & land development | Commercial real estate    
Financing Receivable, Impaired [Line Items]    
Total $ 0 $ 0
% of Total Loans 0.00% 0.00%
Construction & land development | Payment Delay | Commercial real estate    
Financing Receivable, Impaired [Line Items]    
Total $ 0 $ 0
Construction & land development | Term Extension | Commercial real estate    
Financing Receivable, Impaired [Line Items]    
Total 0 0
Construction & land development | Interest Rate Reduction | Commercial real estate    
Financing Receivable, Impaired [Line Items]    
Total 0 0
Construction & land development | Term Extension & Interest Rate Reduction | Commercial real estate    
Financing Receivable, Impaired [Line Items]    
Total 0 0
Residential first mortgage | Residential    
Financing Receivable, Impaired [Line Items]    
Total $ 173 $ 0
% of Total Loans 0.01% 0.00%
Residential first mortgage | Payment Delay | Residential    
Financing Receivable, Impaired [Line Items]    
Total $ 173 $ 0
Residential first mortgage | Term Extension | Residential    
Financing Receivable, Impaired [Line Items]    
Total 0 0
Residential first mortgage | Interest Rate Reduction | Residential    
Financing Receivable, Impaired [Line Items]    
Total 0 0
Residential first mortgage | Term Extension & Interest Rate Reduction | Residential    
Financing Receivable, Impaired [Line Items]    
Total $ 0 $ 0
v3.25.4
PREMISES AND EQUIPMENT - Schedule of Premises and Equipment, Less Accumulated Depreciation and Amortization (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Premises and equipment, gross $ 185,961 $ 185,019
Less accumulated depreciation and amortization 65,499 58,040
Premises and equipment, net 120,462 126,979
Land    
Property, Plant and Equipment [Line Items]    
Premises and equipment, gross 18,636 18,522
Land improvements    
Property, Plant and Equipment [Line Items]    
Premises and equipment, gross 7,278 7,453
Building and improvements    
Property, Plant and Equipment [Line Items]    
Premises and equipment, gross 109,757 109,977
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Premises and equipment, gross 7,810 7,952
Furniture and equipment    
Property, Plant and Equipment [Line Items]    
Premises and equipment, gross $ 42,480 $ 41,115
v3.25.4
PREMISES AND EQUIPMENT - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Depreciation expense $ 8.1 $ 8.2 $ 8.2
Rent expense 2.3 $ 2.7 $ 2.6
Lease termination charge $ 0.4    
Minimum      
Property, Plant and Equipment [Line Items]      
Renewal term on operating leases 5 years    
Maximum      
Property, Plant and Equipment [Line Items]      
Renewal term on operating leases 10 years    
v3.25.4
PREMISES AND EQUIPMENT - Schedule of Other Information Related To Operating Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Operating lease cost $ 1,866 $ 2,067 $ 2,004
Variable lease cost 446 604 631
Net lease cost $ 2,312 $ 2,671 $ 2,635
Weighted average remaining lease term (years) 4 years 3 months 18 days 5 years 1 month 6 days 5 years 9 months 18 days
Weighted average discount rate 2.50% 2.60% 2.70%
v3.25.4
PREMISES AND EQUIPMENT - Schedule of Minimum Annual Rentals Under these Noncancelable Agreements with Remaining Terms in Excess of One Year (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Property, Plant and Equipment [Abstract]  
2026 $ 1,465
2027 1,374
2028 1,122
2029 625
2030 338
Thereafter 570
Total future minimum lease payments 5,494
Less: amount representing interest (372)
Present value of net future minimum lease payments $ 5,122
v3.25.4
GOODWILL AND OTHER INTANGIBLES AND SERVICING RIGHTS - Summary of Goodwill and Other Intangibles (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Goodwill $ 367,387 $ 367,387
Goodwill and other intangibles, net 382,400 388,140
Core deposit intangibles    
Finite-Lived Intangible Assets [Line Items]    
Other intangibles 13,655 18,815
Customer list intangibles    
Finite-Lived Intangible Assets [Line Items]    
Other intangibles 1,358 1,938
Other intangibles    
Finite-Lived Intangible Assets [Line Items]    
Other intangibles $ 15,013 $ 20,753
v3.25.4
GOODWILL AND OTHER INTANGIBLES AND SERVICING RIGHTS - Schedule of Other Intangibles (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Amortization during the period $ 5,740 $ 6,876 $ 8,072
Core deposit intangibles:      
Finite-Lived Intangible Assets [Line Items]      
Gross carrying amount 56,588 60,724  
Accumulated Amortization (42,933) (41,909)  
Net book value 13,655 18,815  
Amortization during the period 5,160 6,297  
Core deposits   4,100  
Customer list intangibles      
Finite-Lived Intangible Assets [Line Items]      
Gross carrying amount 6,173 6,173  
Accumulated Amortization (4,815) (4,235)  
Net book value 1,358 1,938  
Additions during the period 0 650  
Amortization during the period $ 580 $ 579  
v3.25.4
GOODWILL AND OTHER INTANGIBLES AND SERVICING RIGHTS - Schedule of Mortgage Servicing Rights (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Servicing rights asset      
Asset      
Servicing rights asset at beginning of year $ 18,954 $ 18,954 $ 20,486
Capitalized servicing rights   3,771 2,750
Sale of servicing rights   (64) 0
Amortization during the period   (4,336) (4,282)
Servicing rights asset at end of year   18,325 18,954
Valuation allowance:      
Valuation allowance at beginning of year (120) (120) 0
(Additions) / Reversals to valuation allowance   79 (120)
Charge-offs   41 0
Valuation allowance at end of year   0 (120)
Servicing rights asset, net   18,325 18,834
Residential mortgage loans serviced for others   1,676,738 1,644,821
Sale of servicing rights   64 0
Charge-offs   41 0
LSR asset      
Valuation allowance:      
Residential mortgage loans serviced for others   $ 387,974 $ 438,954
MSR asset (disclosure)      
Asset      
Sale of servicing rights (64)    
Valuation allowance:      
Charge-offs 41    
Sale of servicing rights 64    
Proceeds from sale of MSRs 23    
Charge-offs 41    
MSR asset $ 30,000    
v3.25.4
GOODWILL AND OTHER INTANGIBLES AND SERVICING RIGHTS - Schedule of Estimated Future Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Core deposit intangibles    
Core Deposit and Customer List Intangibles    
2026 $ 3,983  
2027 3,218  
2028 2,622  
2029 1,911  
2030 1,219  
Thereafter 702  
Net book value 13,655 $ 18,815
Customer list intangibles    
Core Deposit and Customer List Intangibles    
2026 379  
2027 296  
2028 296  
2029 166  
2030 166  
Thereafter 55  
Net book value 1,358 $ 1,938
Servicing rights asset    
Core Deposit and Customer List Intangibles    
2026 3,845  
2027 3,394  
2028 3,022  
2029 2,570  
2030 1,973  
Thereafter 3,521  
Net book value $ 18,325  
v3.25.4
OTHER REAL ESTATE OWNED - Schedule of Other Real Estate Owned Net of Valuation Allowances (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Real Estate [Roll Forward]      
Balance at beginning of period $ 693 $ 1,267  
Transfer in loans at net realizable value 395 125  
Sales proceeds (453) (687)  
Net gain from sales 47 119 $ 421
Write-downs (15) (131)  
Balance at end of period $ 667 $ 693 $ 1,267
v3.25.4
DEPOSITS - Schedule of Deposit Composition (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Amount    
Noninterest-bearing demand deposits $ 1,828,928 $ 1,791,228
Interest-bearing deposits 1,263,276 1,168,560
Money market 2,056,550 1,942,367
Savings 834,520 774,707
Time 1,747,497 1,726,822
Total deposits $ 7,730,771 $ 7,403,684
% of Total    
Noninterest-bearing demand 24.00% 24.00%
Interest-bearing demand 16.00% 16.00%
Money market 26.00% 26.00%
Savings 11.00% 11.00%
Time 23.00% 23.00%
Total deposits 100.00% 100.00%
v3.25.4
DEPOSITS - Schedule of Maturities of Time Deposits (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Deposits [Abstract]  
2026 $ 1,194,056
2027 259,960
2028 111,804
2029 117,270
2030 64,397
Thereafter 10
Total time deposits $ 1,747,497
v3.25.4
DEPOSITS - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deposits [Abstract]    
Aggregate amount of time deposits with minimum denomination $ 433 $ 325
Brokered deposits $ 581 $ 750
v3.25.4
SHORT AND LONG-TERM BORROWINGS - Narrative (Details) - USD ($)
 48 Months Ended 60 Months Ended
Dec. 31, 2030
Jul. 15, 2031
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2021
Jul. 31, 2021
Debt Type [Line Items]            
Short-term borrowings     $ 0 $ 0    
FHLB advances collateralized pledged       865,000,000    
Trust preferred securities qualify as Tier 1 capital     40,000,000 $ 40,000,000    
FHLB advances            
Debt Type [Line Items]            
Weighted average rate of FHLB advances       1.55%    
Subordinated Notes            
Debt Type [Line Items]            
Face amount issued     $ 92,750,000      
Subordinated Notes | Subordinated Notes due 2031            
Debt Type [Line Items]            
Face amount issued           $ 100,000,000
Subordinated Notes | Subordinated Notes due 2031 | Interest Rate For The Years One Through FIve            
Debt Type [Line Items]            
Stated interest rate           3.125%
Subordinated Notes | Subordinated Notes due 2031 | Interest Rate After Year Five | Forecast            
Debt Type [Line Items]            
Floating interest rate basis spread   2.375%        
Subordinated Notes | County Subordinated Notes due 2030            
Debt Type [Line Items]            
Face amount issued         $ 22,000,000  
Subordinated Notes | County Subordinated Notes due 2030 | Interest Rate For The Years One Through FIve            
Debt Type [Line Items]            
Stated interest rate         7.00%  
Subordinated Notes | County Subordinated Notes due 2030 | Interest Rate After Year Five | Forecast            
Debt Type [Line Items]            
Floating interest rate basis spread 6.875%          
v3.25.4
SHORT AND LONG-TERM BORROWINGS - Schedule of Long-Term Borrowings (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term borrowings $ 134,860 $ 161,387
FHLB advances    
Debt Instrument [Line Items]    
Long-term borrowings 0 5,000
Junior subordinated debentures    
Debt Instrument [Line Items]    
Long-term borrowings 42,215 41,384
Subordinated notes    
Debt Instrument [Line Items]    
Long-term borrowings $ 92,645 $ 115,003
v3.25.4
SHORT AND LONG-TERM BORROWINGS - Schedule of Junior Subordinated and Subordinated Debentures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Carrying Value $ 134,860 $ 161,387
Mid-Wisconsin Statutory Trust I    
Debt Instrument [Line Items]    
Floating interest rate basis spread 1.43%  
Junior subordinated debentures    
Debt Instrument [Line Items]    
Par $ 48,045  
Unamortized Premium (Discount)/Debt Issue Costs (5,830)  
Carrying Value $ 42,215 $ 41,384
Adjustment on variable rate 0.26161%  
Junior subordinated debentures | Mid-Wisconsin Statutory Trust I    
Debt Instrument [Line Items]    
Interest Rate 5.41% 6.05%
Par $ 10,310  
Unamortized Premium (Discount)/Debt Issue Costs (1,977)  
Carrying Value $ 8,333 $ 8,134
Junior subordinated debentures | Baylake Capital Trust II    
Debt Instrument [Line Items]    
Interest Rate 5.30% 5.94%
Par $ 16,598  
Unamortized Premium (Discount)/Debt Issue Costs (2,465)  
Carrying Value $ 14,133 $ 13,897
Floating interest rate basis spread 1.35%  
Junior subordinated debentures | First Menasha Statutory Trust    
Debt Instrument [Line Items]    
Interest Rate 6.76% 7.40%
Par $ 5,155  
Unamortized Premium (Discount)/Debt Issue Costs (356)  
Carrying Value $ 4,799 $ 4,755
Floating interest rate basis spread 2.79%  
Junior subordinated debentures | County Bancorp Statutory Trust II    
Debt Instrument [Line Items]    
Interest Rate 5.51% 6.15%
Par $ 6,186  
Unamortized Premium (Discount)/Debt Issue Costs (445)  
Carrying Value $ 5,741 $ 5,586
Floating interest rate basis spread 1.53%  
Junior subordinated debentures | County Bancorp Statutory Trust III    
Debt Instrument [Line Items]    
Interest Rate 5.67% 6.31%
Par $ 6,186  
Unamortized Premium (Discount)/Debt Issue Costs (503)  
Carrying Value $ 5,683 $ 5,528
Floating interest rate basis spread 1.69%  
Junior subordinated debentures | Fox River Valley Capital Trust    
Debt Instrument [Line Items]    
Interest Rate 7.89% 7.89%
Par $ 3,610  
Unamortized Premium (Discount)/Debt Issue Costs (84)  
Carrying Value $ 3,526 $ 3,484
Floating interest rate basis spread 3.40%  
Subordinated notes    
Debt Instrument [Line Items]    
Par $ 92,750  
Unamortized Premium (Discount)/Debt Issue Costs (105)  
Carrying Value $ 92,645 $ 115,003
Subordinated notes | Subordinated Notes due 2031    
Debt Instrument [Line Items]    
Interest Rate 3.13% 3.13%
Par $ 92,750  
Unamortized Premium (Discount)/Debt Issue Costs (105)  
Carrying Value $ 92,645 $ 92,436
Subordinated notes | County Subordinated Notes due 2030    
Debt Instrument [Line Items]    
Interest Rate 0.00% 7.00%
Par $ 0  
Unamortized Premium (Discount)/Debt Issue Costs 0  
Carrying Value $ 0 $ 22,567
v3.25.4
EMPLOYEE AND DIRECTOR BENEFIT PLANS - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
plan
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]      
Employee percentage contribution 100.00%    
Employer contribution matching percentage 100.00%    
Percentage of employee's gross pay 6.00%    
Vesting period 5 years    
Company 401k expense $ 4,900,000 $ 4,400,000 $ 4,100,000
Profit sharing contribution $ 1,000,000.0 1,000,000.0 $ 600,000
Employee Stock Purchase Plan      
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]      
ESPP discount percentage from market price, beginning of purchase period 10.00%    
Employee Stock Purchase Plan | Minimum      
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]      
Payroll deductions, per payroll $ 20    
Employee Stock Purchase Plan | Maximum      
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]      
Payroll deductions, per payroll $ 400    
Deferred compensation plan      
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]      
Number of deferred compensation plans | plan 2    
Deferred compensation plan | Share-Based Payment Arrangement, Tranche One      
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]      
Award vesting ratio 0.33    
Deferred compensation plan | Share-Based Payment Arrangement, Tranche Two      
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]      
Award vesting ratio 0.33    
Deferred compensation plan | Share-Based Payment Arrangement, Tranche Three      
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]      
Award vesting ratio 0.33    
Deferred compensation plan | Key Management Employees      
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]      
Liability for cumulative employee contributions and earnings $ 22,800,000 19,000,000.0  
Non elective contributions to selected recipients $ 0 $ 400,000  
Deferred compensation plan | Director      
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]      
Maximum percentage to defer the compensation under the plan 100.00%    
Shares purchased under deferred compensation plan (in shares) | shares 2,783 3,541  
Value of shares purchased under deferred compensation plan $ 344,000 $ 332,000  
Shares distributed under director plan (in shares) | shares 0    
Deferred compensation liability offsetting equity component $ 2,000,000.0 $ 1,600,000  
Deferred compensation liability offsetting equity component (in shares) | shares 36,805 34,022  
v3.25.4
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expiration period of options 10 years    
Stock based compensation expense $ 6.6 $ 5.9 $ 5.8
Unrecognized compensation cost $ 23.9    
Remaining vesting period over which cost expected to be recognized 4 years    
Stock based compensation tax benefit $ 1.8 4.3 0.8
Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total intrinsic value of options exercised 11.7 28.8 7.7
Restricted Stock | Director      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock based compensation expense $ 0.7 $ 0.7 $ 0.6
Granted (in shares) 5,656 8,764 11,674
2011 Long Term Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares initially covered under the plan (in shares) 3,000,000    
Number of shares were available for grant (in shares) 400,000    
Stock Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in shares) 0 85,000 39,000
Stock Incentive Plan | Restricted Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in shares) 87,416 64,564 19,213
v3.25.4
STOCK-BASED COMPENSATION - Schedule of Weighted Average Assumptions for Valuing Stock Option Grants (Details) - Stock Incentive Plan - Stock Options - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Dividend yield 1.26% 1.55%
Expected volatility 30.00% 30.00%
Risk-free interest rate 4.51% 4.22%
Expected average life 6 years 10 months 24 days 7 years
Weighted average per share fair value of options (in dollars per share) $ 28.44 $ 24.24
v3.25.4
STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Stock Options      
Weighted Average Exercise Price      
Shares surrendered to satisfy exercise price and/or tax withholding requirements (in shares) 92,843 12,068 55,467
Stock Incentive Plan      
Option Shares Outstanding      
Outstanding, beginning of period (in shares) 1,162,229 1,623,088 1,853,064
Granted (in shares) 0 85,000 39,000
Exercise of stock options (in shares) (171,095) (538,159) (241,876)
Forfeited (in shares) (11,800) (7,700) (27,100)
Outstanding, end of period (in shares) 979,334 1,162,229 1,623,088
Weighted Average Exercise Price      
Outstanding, beginning of period (in dollars per share) $ 69.16 $ 62.09 $ 59.79
Granted (in dollars per share) 0 80.18 71.99
Exercise of stock options (in dollars per share) 55.88 49.55 43.54
Forfeited (in dollars per share) 80.14 71.68 84.37
Outstanding, end of period (in dollars per share) $ 71.35 $ 69.16 $ 62.09
Exercisable (in shares) 774,263    
Exercisable (in dollars per share) $ 69.46    
Weighted average remaining life outstanding (in years) 4 years 8 months 12 days 5 years 4 months 24 days 5 years 3 months 18 days
Weighted average remaining life exercisable (in years) 4 years 2 months 12 days    
Aggregate intrinsic value outstanding $ 48,922 $ 41,577 $ 30,126
Aggregate intrinsic value exercisable $ 40,136    
v3.25.4
STOCK-BASED COMPENSATION - Schedule of Options Outstanding (Details)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Number of Shares Outstanding (in shares) | shares 979,334
Number of Shares Exercisable (in shares) | shares 774,263
Weighted Average Exercise Price Outstanding (in dollars per share) $ 71.35
Weighted Average Exercise Price Exercisable (in dollars per share) $ 69.46
Weighted Average Remaining Life (Years) Outstanding 4 years 8 months 12 days
Weighted Average Remaining Life (Years) Exercisable 4 years 2 months 12 days
$37.18 – $50.00  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Number of Shares Outstanding (in shares) | shares 71,155
Number of Shares Exercisable (in shares) | shares 71,155
Weighted Average Exercise Price Outstanding (in dollars per share) $ 46.97
Weighted Average Exercise Price Exercisable (in dollars per share) $ 46.97
Weighted Average Remaining Life (Years) Outstanding 1 year 3 months 18 days
Weighted Average Remaining Life (Years) Exercisable 1 year 3 months 18 days
$50.01 – $60.00  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Number of Shares Outstanding (in shares) | shares 142,000
Number of Shares Exercisable (in shares) | shares 142,000
Weighted Average Exercise Price Outstanding (in dollars per share) $ 56.37
Weighted Average Exercise Price Exercisable (in dollars per share) $ 56.37
Weighted Average Remaining Life (Years) Outstanding 1 year 10 months 24 days
Weighted Average Remaining Life (Years) Exercisable 1 year 10 months 24 days
$60.01 – $70.00  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Number of Shares Outstanding (in shares) | shares 20,000
Number of Shares Exercisable (in shares) | shares 15,800
Weighted Average Exercise Price Outstanding (in dollars per share) $ 64.52
Weighted Average Exercise Price Exercisable (in dollars per share) $ 64.56
Weighted Average Remaining Life (Years) Outstanding 5 years 2 months 12 days
Weighted Average Remaining Life (Years) Exercisable 4 years 7 months 6 days
$70.01 – $80.00  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Number of Shares Outstanding (in shares) | shares 703,250
Number of Shares Exercisable (in shares) | shares 520,550
Weighted Average Exercise Price Outstanding (in dollars per share) $ 75.86
Weighted Average Exercise Price Exercisable (in dollars per share) $ 75.34
Weighted Average Remaining Life (Years) Outstanding 5 years 6 months
Weighted Average Remaining Life (Years) Exercisable 5 years 1 month 6 days
$80.01 – $109.82  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Number of Shares Outstanding (in shares) | shares 42,929
Number of Shares Exercisable (in shares) | shares 24,758
Weighted Average Exercise Price Outstanding (in dollars per share) $ 90.42
Weighted Average Exercise Price Exercisable (in dollars per share) $ 88.62
Weighted Average Remaining Life (Years) Outstanding 6 years 6 months
Weighted Average Remaining Life (Years) Exercisable 6 years 2 months 12 days
Minimum | $37.18 – $50.00  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Weighted Average Exercise Price Outstanding (in dollars per share) $ 37.18
Weighted Average Exercise Price Exercisable (in dollars per share) 37.18
Minimum | $50.01 – $60.00  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Weighted Average Exercise Price Outstanding (in dollars per share) 50.01
Weighted Average Exercise Price Exercisable (in dollars per share) 50.01
Minimum | $60.01 – $70.00  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Weighted Average Exercise Price Outstanding (in dollars per share) 60.01
Weighted Average Exercise Price Exercisable (in dollars per share) 60.01
Minimum | $70.01 – $80.00  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Weighted Average Exercise Price Outstanding (in dollars per share) 70.01
Weighted Average Exercise Price Exercisable (in dollars per share) 70.01
Minimum | $80.01 – $109.82  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Weighted Average Exercise Price Outstanding (in dollars per share) 80.01
Weighted Average Exercise Price Exercisable (in dollars per share) 80.01
Maximum | $37.18 – $50.00  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Weighted Average Exercise Price Outstanding (in dollars per share) 50.00
Weighted Average Exercise Price Exercisable (in dollars per share) 50.00
Maximum | $50.01 – $60.00  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Weighted Average Exercise Price Outstanding (in dollars per share) 60.00
Weighted Average Exercise Price Exercisable (in dollars per share) 60.00
Maximum | $60.01 – $70.00  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Weighted Average Exercise Price Outstanding (in dollars per share) 70.00
Weighted Average Exercise Price Exercisable (in dollars per share) 70.00
Maximum | $70.01 – $80.00  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Weighted Average Exercise Price Outstanding (in dollars per share) 80.00
Weighted Average Exercise Price Exercisable (in dollars per share) 80.00
Maximum | $80.01 – $109.82  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Weighted Average Exercise Price Outstanding (in dollars per share) 109.82
Weighted Average Exercise Price Exercisable (in dollars per share) $ 109.82
v3.25.4
STOCK-BASED COMPENSATION - Schedule of Restricted Stock Award Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock      
Weighted Average Grant Date Fair  Value      
Shares surrendered to satisfy tax withholding requirements (in shares) 9,391 6,653 3,637
Restricted Stock | Chief Executive Officer      
Restricted Shares Outstanding      
Granted (in shares) 30,000    
Weighted Average Grant Date Fair  Value      
Restricted stock grant (in shares) 30,000    
Vesting period 5 years    
Restricted Stock Units (RSUs) | Chief Executive Officer      
Restricted Shares Outstanding      
Granted (in shares) 30,000    
Weighted Average Grant Date Fair  Value      
Restricted stock grant (in shares) 30,000    
Award requisite service period 5 years    
Restricted Stock Units (RSUs) | Chief Executive Officer | Maximum      
Restricted Shares Outstanding      
Granted (in shares) 60,000    
Weighted Average Grant Date Fair  Value      
Restricted stock grant (in shares) 60,000    
Stock Incentive Plan | Restricted Stock      
Restricted Shares Outstanding      
Outstanding, beginning of period (in shares) 93,513 57,158 73,490
Granted (in shares) 87,416 64,564 19,213
Vested (in shares) (31,801) (28,209) (35,545)
Forfeited (in shares) (360) 0 0
Outstanding, end of period (in shares) 148,768 93,513 57,158
Weighted Average Grant Date Fair  Value      
Outstanding, beginning of period (in dollars per share) $ 92.84 $ 76.61 $ 76.49
Granted (in dollars per share) 133.26 100.77 64.28
Vested (in dollars per share) 94.61 78.10 69.69
Forfeited (in dollars per share) 109.82 0 0
Outstanding, end of period (in dollars per share) $ 116.17 $ 92.84 $ 76.61
Restricted stock grant (in shares) 87,416 64,564 19,213
v3.25.4
STOCKHOLDERS' EQUITY (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Feb. 13, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jan. 20, 2026
Oct. 23, 2025
Oct. 22, 2025
Stock Transaction [Line Items]              
Stock repurchased under plan   $ 76,561 $ 10,137 $ 1,521      
Subsequent Event | MidWestOne              
Stock Transaction [Line Items]              
Nicolet common stock issued (in shares) 6,600            
Value of Nicolet common stock consideration $ 1,000,000            
Closing stock price (in dollars per share) $ 155.19            
Common Stock [Member]              
Stock Transaction [Line Items]              
Stock repurchased under plan   7 1 $ 1      
Stock repurchase remaining authorized amount           $ 60,000 $ 30,000
Common Stock [Member] | Subsequent Event              
Stock Transaction [Line Items]              
Share repurchase program, authorized, increase amount         $ 60,000    
Common Stock Repurchase Program              
Stock Transaction [Line Items]              
Stock repurchased under plan   $ 77,000 $ 10,000        
Stock repurchased (in shares)   646 92        
Weighted average price of share cancelled (in dollars per share)   $ 118.51 $ 109.63        
Stock repurchase remaining authorized amount   $ 19,000          
v3.25.4
INCOME TAXES - Schedule of Current and Deferred Amounts of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Current $ 38,819 $ 31,022 $ 17,898
Deferred (4,641) (7,382) 3,027
Increase in valuation allowance 1,689 7,223 0
Valuation allowance for securities AFS, net 404 207 4,191
Income tax expense $ 36,271 $ 31,070 $ 25,116
v3.25.4
INCOME TAXES - Federal and State Income Taxes Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dollar      
Federal $ 38,500 $ 24,500 $ 20,000
State 661 823 3,015
Total income taxes paid $ 39,161 $ 25,323 $ 23,015
Percent      
Federal 98.00% 97.00% 87.00%
State 2.00% 3.00% 13.00%
Wisconsin      
Dollar      
State     $ 2,600
Percent      
State     11.00%
v3.25.4
INCOME TAXES - Schedule of Income Tax Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dollar      
Tax on pretax income, at statutory rates $ 39,261 $ 32,577 $ 18,193
State income taxes, net of federal effect 611 554 0
Tax-exempt interest income (1,060) (1,091) (1,072)
Increase in cash surrender value life insurance (1,336) (1,144) (950)
Stock-based employee compensation (1,804) (4,296) (811)
Executive compensation 1,853 3,857 1,094
Valuation allowance, net 0 0 8,677
Other, net (1,254) 613 (15)
Income tax expense $ 36,271 $ 31,070 $ 25,116
Percent      
Tax on pretax income, at statutory rates 21.00% 21.00% 21.00%
State income taxes, net of federal effect 0.30% 0.40% 0.00%
Tax-exempt interest income (0.60%) (0.70%) (1.20%)
Increase in cash surrender value life insurance (0.70%) (0.70%) (1.10%)
Stock-based employee compensation (1.00%) (2.80%) (0.90%)
Executive compensation 1.00% 2.50% 1.30%
Valuation allowance, net 0.00% 0.00% 10.00%
Other, net (0.70%) 0.40% 0.00%
Income tax expense 19.40% 20.00% 29.00%
v3.25.4
INCOME TAXES - Schedule of Net Deferred Tax Asset (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
ACL-Loans $ 19,308 $ 18,646
Net operating loss carryforwards 10,418 9,781
Compensation 12,254 10,823
Purchase accounting adjustments 0 67
Unrealized loss on securities AFS 10,530 17,693
Total deferred tax assets 34,921 41,110
Deferred tax liabilities:    
Premises and equipment (4,101) (4,750)
Prepaid expenses (855) (1,110)
Core deposit and other intangibles (2,988) (4,359)
MSR and LSR assets (4,925) (5,062)
Other (434) 0
Total deferred tax liabilities (13,303) (15,281)
Net deferred tax assets 21,618 25,829
Securities AFS    
Deferred tax assets:    
Valuation allowance (3,519) (3,922)
Other timing differences    
Deferred tax assets:    
Valuation allowance $ (14,070) $ (11,978)
v3.25.4
INCOME TAXES - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2023
Wisconsin 2023 Tax Law Change Effect    
Additional Tax information [Line Items]    
Valuation allowance $ 18.0 $ 9.1
Federal    
Additional Tax information [Line Items]    
Operating loss carryforwards 3.0  
State    
Additional Tax information [Line Items]    
Operating loss carryforwards 16.0  
State | Wisconsin 2023 Tax Law Change Effect    
Additional Tax information [Line Items]    
Operating loss carryforwards $ 151.0  
v3.25.4
COMMITMENTS AND CONTINGENCIES - Schedule of Contract or Notional Amount of Exposure to Off-Balance-Sheet Risk (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Commitments to extend credit    
Other Commitments [Line Items]    
Contract and notional amounts of commitments $ 2,071,841 $ 2,038,871
Financial standby letters of credit    
Other Commitments [Line Items]    
Contract and notional amounts of commitments 20,186 15,683
Performance standby letters of credit    
Other Commitments [Line Items]    
Contract and notional amounts of commitments $ 18,822 $ 15,503
v3.25.4
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Commercial-related commitments to extend credit 78.00% 78.00%
Derivative fair value, net $ 0.2 $ 0.1
Interest Rate Lock Commitments    
Derivative [Line Items]    
Commitments to sell residential mortgage loans held for sale considered derivative instruments 28.0 13.0
Forward Commitments    
Derivative [Line Items]    
Commitments to sell residential mortgage loans held for sale considered derivative instruments $ 24.0 $ 12.0
v3.25.4
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
Rent expense $ 2,300 $ 2,700 $ 2,600
Related Party      
Related Party Transaction [Line Items]      
Percentage payments for branch reconstruction paid to subcontractor     75.00%
Related Party | Letter Agreement With Former Executive Chairman      
Related Party Transaction [Line Items]      
Consulting fees $ 812 717  
Related Party | New branch location in facility opened in October 2013      
Related Party Transaction [Line Items]      
Rent expense   230 $ 228
Related Party | 2023 New Branch Construction      
Related Party Transaction [Line Items]      
Payments for branch reconstruction     11,500
Payments for construction in process   9,500 2,000
Related Party | Charter Administrative Location In Facility      
Related Party Transaction [Line Items]      
Rent expense   $ 37 $ 149
v3.25.4
RELATED PARTY TRANSACTIONS - Schedule of Loans to Related Parties (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Loans and Leases Receivable, Related Parties [Roll Forward]  
Balance at beginning of year $ 113,239
New loans 25,595
Repayments (8,067)
Balance at end of year $ 130,767
v3.25.4
ASSETS GAINS (LOSSES), NET - Schedule of Components of Net Gain (Loss) on Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Assets Gains (Losses), Net [Abstract]      
Gains (losses) on sales of securities AFS, net $ 126 $ 968 $ (3,313)
Gains (losses) on sales of securities HTM, net 0 0 (37,723)
Gains (losses) on equity securities, net 676 1,072 (252)
Gains (losses) on sales of OREO, net 47 119 421
Write-downs of OREO (15) (131) (181)
Write-down of other investment 0 0 (954)
Gains (losses) on sales of other investments, net 272 838 9,372
Gains (losses) on sales or dispositions of other assets, net 57 1,346 (178)
Asset gains (losses), net $ 1,163 $ 4,212 $ (32,808)
v3.25.4
REGULATORY CAPITAL REQUIREMENTS - Narrative (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Regulatory Capital Requirements Under Banking Regulations [Abstract]  
Allowable amount of dividends before regulatory approval required $ 46
v3.25.4
REGULATORY CAPITAL REQUIREMENTS - Schedule of Bank's Actual Regulatory Capital Amounts and Ratios (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Nicolet Bankshares, Inc    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Total risk-based capital, Actual amount $ 1,107,849 $ 1,062,458
Total risk-based capital, Actual ratio 0.148 0.143
Total risk-based capital, For capital adequacy purposes, Amount $ 600,447 $ 593,292
Total risk-based capital, For capital adequacy purposes, Ratio 0.080 0.080
Tier I risk-based capital, Actual amount $ 943,398 $ 882,056
Tier I risk-based capital, Actual ratio 0.126 0.119
Tier I risk-based capital, For capital adequacy purposes, Amount $ 450,336 $ 444,969
Tier I risk-based capital, For capital adequacy purposes, Ratio 0.060 0.060
Common equity Tier 1 capital, Actual Amount $ 902,964 $ 842,453
Common equity Tier 1 capital, Actual Ratio 0.120 0.114
Common equity Tier 1 capital, For Capital Adequacy Purposes, Amount $ 337,752 $ 333,727
Common equity Tier I risk-based capital, For capital adequacy purposes, Ratio 0.045 0.045
Leverage, Actual amount $ 943,398 $ 882,056
Leverage, Actual ratio 0.107 0.105
Leverage, For capital adequacy purposes, Amount $ 352,901 $ 335,834
Leverage, For capital adequacy purposes, Ratio 0.040 0.040
Nicolet national bank    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Total risk-based capital, Actual amount $ 907,726 $ 864,090
Total risk-based capital, Actual ratio 0.121 0.117
Total risk-based capital, For capital adequacy purposes, Amount $ 599,299 $ 592,319
Total risk-based capital, For capital adequacy purposes, Ratio 0.080 0.080
Total risk-based capital, To be well capitalized under prompt corrective action provisions, Amount $ 749,124 $ 740,398
Total risk-based capital, To be well capitalized under prompt corrective action provisions, Ratio 0.100 0.100
Tier I risk-based capital, Actual amount $ 835,920 $ 798,691
Tier I risk-based capital, Actual ratio 0.112 0.108
Tier I risk-based capital, For capital adequacy purposes, Amount $ 449,474 $ 444,239
Tier I risk-based capital, For capital adequacy purposes, Ratio 0.060 0.060
Tier I risk-based capital, To be well capitalized under prompt corrective action provisions, Amount $ 599,299 $ 592,319
Tier I risk-based capital, To be well capitalized under prompt corrective action provisions, Ratio 0.080 0.080
Common equity Tier 1 capital, Actual Amount $ 835,920 $ 798,691
Common equity Tier 1 capital, Actual Ratio 0.112 0.108
Common equity Tier 1 capital, For Capital Adequacy Purposes, Amount $ 337,106 $ 333,179
Common equity Tier I risk-based capital, For capital adequacy purposes, Ratio 0.045 0.045
Common equity Tier 1 capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 486,930 $ 481,259
Common equity Tier 1 capital, To be well capitalized under prompt corrective action provisions ratio, Ratio 0.065 0.065
Leverage, Actual amount $ 835,920 $ 798,691
Leverage, Actual ratio 0.095 0.095
Leverage, For capital adequacy purposes, Amount $ 352,390 $ 335,349
Leverage, For capital adequacy purposes, Ratio 0.040 0.040
Leverage, To be well capitalized under prompt corrective action provisions, Amount $ 440,488 $ 419,186
Leverage, To be well capitalized under prompt corrective action provisions, Ratio 0.050 0.050
v3.25.4
FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS $ 859,834 $ 806,415
U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 24,054 14,028
U.S. government agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 4,172 5,520
State, county and municipals    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 274,824 284,703
Mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 496,781 421,953
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 60,003 80,211
Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 859,834 806,415
Derivative assets 610 160
Derivative liabilities 450 71
Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 0 0
Derivative assets 0 0
Derivative liabilities 0 0
Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 853,210 798,790
Derivative assets 376 71
Derivative liabilities 376 71
Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 6,624 7,625
Derivative assets 234 89
Derivative liabilities 74 0
Recurring | U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 24,054 14,028
Recurring | U.S. Treasury securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 0 0
Recurring | U.S. Treasury securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 24,054 14,028
Recurring | U.S. Treasury securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 0 0
Recurring | U.S. government agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 4,172 5,520
Recurring | U.S. government agency securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 0 0
Recurring | U.S. government agency securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 4,172 5,520
Recurring | U.S. government agency securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 0 0
Recurring | State, county and municipals    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 274,824 284,703
Recurring | State, county and municipals | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 0 0
Recurring | State, county and municipals | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 274,057 283,773
Recurring | State, county and municipals | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 767 930
Recurring | Mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 496,781 421,953
Recurring | Mortgage-backed securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 0 0
Recurring | Mortgage-backed securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 496,781 421,027
Recurring | Mortgage-backed securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 0 926
Recurring | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 60,003 80,211
Recurring | Corporate debt securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 0 0
Recurring | Corporate debt securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 54,146 74,442
Recurring | Corporate debt securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities AFS 5,857 5,769
Recurring | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other investments (equity securities) 9,505 8,610
Recurring | Equity securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other investments (equity securities) 9,505 8,610
Recurring | Equity securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other investments (equity securities) 0 0
Recurring | Equity securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other investments (equity securities) $ 0 $ 0
v3.25.4
FAIR VALUE MEASUREMENTS - Schedule of Changes in Level 3 Assets (Details) - Level 3 - Recurring - Debt Securities - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Level 3 Fair Value Measurements:    
Balance at beginning of year $ 7,625 $ 6,063
Transfer in 0 2,004
Paydowns/Sales/Settlements (1,099) (527)
Unrealized gains / (losses) 98 85
Balance at end of year $ 6,624 $ 7,625
v3.25.4
FAIR VALUE MEASUREMENTS - Schedule of Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Nonrecurring - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Collateral dependent loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value $ 27,426 $ 22,207
MSR asset (disclosure)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 18,474 17,182
Level 1 | Collateral dependent loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Level 1 | MSR asset (disclosure)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Level 2 | Collateral dependent loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Level 2 | MSR asset (disclosure)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Level 3 | Collateral dependent loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 27,426 22,207
Level 3 | MSR asset (disclosure)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value $ 18,474 $ 17,182
v3.25.4
FAIR VALUE MEASUREMENTS - Schedule of Carrying amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Financial assets:    
Securities AFS $ 859,834 $ 806,415
Carrying Amount    
Financial assets:    
Cash and cash equivalents 660,232 536,047
Securities AFS 859,834 806,415
Other investments 63,247 62,125
Loans held for sale 13,620 7,637
Loans, net 6,767,539 6,560,262
Accrued interest receivable 26,602 25,033
Financial liabilities:    
Deposits 7,730,771 7,403,684
Long-term borrowings 134,860 161,387
Accrued interest payable 8,672 7,774
Carrying Amount | MSR asset (disclosure)    
Financial assets:    
MSR asset 13,173 11,965
Carrying Amount | LSR asset    
Financial assets:    
MSR asset 5,152 6,869
Estimated  Fair Value    
Financial assets:    
Cash and cash equivalents 660,232 536,047
Securities AFS 859,834 806,415
Other investments 63,241 62,114
Loans held for sale 13,935 7,778
Loans, net 6,627,011 6,300,325
Accrued interest receivable 26,602 25,033
Financial liabilities:    
Deposits 7,737,106 7,402,589
Long-term borrowings 131,840 148,900
Accrued interest payable 8,672 7,774
Estimated  Fair Value | MSR asset (disclosure)    
Financial assets:    
MSR asset 18,474 17,182
Estimated  Fair Value | LSR asset    
Financial assets:    
MSR asset 5,152 6,869
Level 1 | Estimated  Fair Value    
Financial assets:    
Cash and cash equivalents 660,232 536,047
Securities AFS 0 0
Other investments 9,505 8,610
Loans held for sale 0 0
Loans, net 0 0
Accrued interest receivable 26,602 25,033
Financial liabilities:    
Deposits 0 0
Long-term borrowings 0 0
Accrued interest payable 8,672 7,774
Level 1 | Estimated  Fair Value | MSR asset (disclosure)    
Financial assets:    
MSR asset 0 0
Level 1 | Estimated  Fair Value | LSR asset    
Financial assets:    
MSR asset 0 0
Level 2 | Estimated  Fair Value    
Financial assets:    
Cash and cash equivalents 0 0
Securities AFS 853,210 798,790
Other investments 43,233 45,197
Loans held for sale 13,935 7,778
Loans, net 0 0
Accrued interest receivable 0 0
Financial liabilities:    
Deposits 0 0
Long-term borrowings 0 4,969
Accrued interest payable 0 0
Level 2 | Estimated  Fair Value | MSR asset (disclosure)    
Financial assets:    
MSR asset 0 0
Level 2 | Estimated  Fair Value | LSR asset    
Financial assets:    
MSR asset 0 0
Level 3 | Estimated  Fair Value    
Financial assets:    
Cash and cash equivalents 0 0
Securities AFS 6,624 7,625
Other investments 10,503 8,307
Loans held for sale 0 0
Loans, net 6,627,011 6,300,325
Accrued interest receivable 0 0
Financial liabilities:    
Deposits 7,737,106 7,402,589
Long-term borrowings 131,840 143,931
Accrued interest payable 0 0
Level 3 | Estimated  Fair Value | MSR asset (disclosure)    
Financial assets:    
MSR asset 18,474 17,182
Level 3 | Estimated  Fair Value | LSR asset    
Financial assets:    
MSR asset $ 5,152 $ 6,869
v3.25.4
PARENT COMPANY ONLY FINANCIAL INFORMATION - Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets        
Cash and due from subsidiary $ 107,956 $ 115,943    
Total assets 9,185,107 8,796,795    
Liabilities and Stockholders’ Equity        
Other liabilities 61,814 58,826    
Stockholders’ equity 1,257,662 1,172,898 $ 1,039,007 $ 972,529
Total liabilities and stockholders’ equity 9,185,107 8,796,795    
Nicolet Bankshares, Inc        
Assets        
Cash and due from subsidiary 187,631 188,587    
Investments 11,782 10,408    
Investments in subsidiaries 1,195,567 1,132,727    
Other assets 497 210    
Total assets 1,395,477 1,331,932    
Liabilities and Stockholders’ Equity        
Junior subordinated debentures 42,215 41,384    
Subordinated notes 92,645 115,003    
Other liabilities 2,955 2,647    
Stockholders’ equity 1,257,662 1,172,898    
Total liabilities and stockholders’ equity $ 1,395,477 $ 1,331,932    
v3.25.4
PARENT COMPANY ONLY FINANCIAL INFORMATION - Statements of Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]      
Interest income $ 470,950 $ 438,365 $ 382,862
Net interest income 306,473 268,065 241,516
Income tax benefit (36,271) (31,070) (25,116)
Nicolet Bankshares, Inc      
Condensed Financial Statements, Captions [Line Items]      
Interest income 91 136 126
Interest expense 7,587 8,645 10,633
Net interest income (7,496) (8,509) (10,507)
Dividend income from subsidiaries 127,500 111,800 70,000
Operating expense (1,762) (424) (107)
Asset gains (losses), net 118 2,815 (1,164)
Income tax benefit 1,952 1,296 3,803
Earnings before equity in undistributed income (loss) of subsidiaries 120,312 106,978 62,025
Equity in undistributed income (loss) of subsidiaries 30,374 17,081 (509)
Net income $ 150,686 $ 124,059 $ 61,516
v3.25.4
PARENT COMPANY ONLY FINANCIAL INFORMATION - Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Adjustments to reconcile net income to net cash provided by operating activities:      
Assets (gains) losses, net $ (1,163) $ (4,212) $ 32,808
Cash Flows From Financing Activities:      
Purchase and retirement of common stock (76,561) (10,137) (1,521)
Proceeds from issuance of common stock, net 101 585 844
Cash dividends paid on common stock (18,659) (16,548) (11,119)
Repayments of long-term borrowings (27,400) (5,172) (59,000)
Net increase (decrease) in cash and cash equivalents 124,185 44,616 336,708
Nicolet Bankshares, Inc      
Cash Flows From Operating Activities:      
Net income 150,686 124,059 61,516
Adjustments to reconcile net income to net cash provided by operating activities:      
Accretion of discounts on borrowings 874 706 588
Assets (gains) losses, net (118) (2,815) 1,164
Change in other assets and liabilities, net (80) 257 (1,190)
Equity in undistributed (income) loss of subsidiaries, net of dividends (30,374) (17,081) 509
Net cash provided by (used in) operating activities 120,988 105,126 62,587
Cash Flows From Investing Activities:      
Proceeds from sale of investments 65 2,518 75
Purchases of investments (1,321) (842) (1,451)
Net cash provided by (used in) investing activities (1,256) 1,676 (1,376)
Cash Flows From Financing Activities:      
Purchase and retirement of common stock (89,290) (12,112) (6,030)
Proceeds from issuance of common stock, net 9,661 27,252 11,376
Cash dividends paid on common stock (18,659) (16,548) (11,119)
Repayments of long-term borrowings (22,400) (5,172) (31,000)
Net cash provided by (used in) financing activities (120,688) (6,580) (36,773)
Net increase (decrease) in cash and cash equivalents (956) 100,222 24,438
Beginning cash and due from subsidiary 188,587 88,365 63,927
Ending cash and due from subsidiary $ 187,631 $ 188,587 $ 88,365
v3.25.4
EARNINGS PER COMMON SHARE - Schedule of Calculations for Basic and Diluted Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Net income $ 150,686 $ 124,059 $ 61,516
Weighted average common shares outstanding (in shares) 14,979,671 15,049,225 14,742,675
Effect of dilutive common stock awards (in shares) 424,000 367,000 328,000
Diluted weighted average common shares outstanding (in shares) 15,403,934 15,415,822 15,070,579
Basic earnings per common share (in dollars per share) $ 10.06 $ 8.24 $ 4.17
Diluted earnings per common share (in dollars per share) $ 9.78 $ 8.05 $ 4.08
v3.25.4
EARNINGS PER COMMON SHARE - Narrative (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Shares excluded from calculation of earnings per common share (in shares) 0.1 0.2 0.8