Nicolet Bankshares : NIC Investor Presentation

Investor Presentation

4Q 2022

Securities Legend

Forward Looking Statements "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995

Certain statements contained in this communication, which are not statements of historical fact, constitute forward-looking statements within the meaning of the federal securities law. Such statements include, but are not limited to, statements about Nicolet's business plans, objectives, expectations and intentions, all of which are subject to numerous assumptions, risks and uncertainties. Words or phrases such as "anticipate," "believe," "aim," "can," "conclude," "continue," "could," "estimate," "expect," "foresee," "goal," "intend," "may," "might," "outlook," "possible," "plan," "predict," "project," "potential," "seek," "should," "target," "will," "will likely," "would," or the negative of these terms or other comparable terminology, as well as similar expressions, are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements are not historical facts but instead express only management's beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management's control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements. Please refer to Nicolet's 2021 Annual Report on Form 10-K, as well as its other filings with the SEC, for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.

All forward-looking statements included in this communication are made as of the date hereof and are based on information available to management at that time. Except as required by law, Nicolet does not assume any obligation to update any forward-looking statement to reflect events or circumstances that occur after the date the forward-looking statements were made.

2

Company Profile

Real People. Real Conversations.

3

Overview of Nicolet Bankshares, Inc.

Company Overview

• Founded in 2000, and has quickly grown to become the second largest bank headquartered in Wisconsin
• Full-servicecommunity bank serving northern Wisconsin and Michigan and Eastern Minnesota, including the MSAs of Green Bay, the Fox Cities, and Eau Claire in Wisconsin; Marquette, Alpena, and Traverse City in Michigan; and the southwest suburbs of the Twin Cities
• Commercial focus (C&I and owner-occupied CRE) with ag specialty, all funded by a low-cost, stable core deposit franchise
• Three Circle Philosophy of Shared Success: "We are a relationship-focused organization delivering exceptional service throughout our communities, focusing on sustained value creation for customers, employees, and shareholders."

Primary Business Lines

Financial Highlights(1)

$ in millions		2019	2020	2021	2022
Total Assets		$3,577	$4,552	$7,695	$8,764
Total Loans		$2,574	$2,789	$4,622	$6,180
Total Deposits		$2,954	$3,910	$6,466	$7,179
Total Equity		$516	$539	$892	$973
(2)		1.56%	1.47%	1.39%	1.27%
Adjusted ROAA
Adjusted ROATCE	(2)	16.55%	17.46%	17.81%	18.89%
NIM		4.19%	3.38%	3.37%	3.40%
Efficiency Ratio		59.54%	51.72%	58.20%	54.15%
NPA/Assets		0.42%	0.29%	0.73%	0.46%
NCO/Avg Loans		0.02%	0.05%	0.01%	0.01%

History of Growth(3)

Commercial

Wealth

Mortgage

Banking

Management

•

Founded as a

•

Provides wealth and

•

$2.3 billion+ loans

commercially-focused

asset management

closed between 2020

bank since 2000,

services to individuals

and 2022

offering a full suite of

and businesses

•

$1.6 billion mortgage

products and services

•

Offered wealth

servicing portfolio(3)

Assets

for businesses

services since 2002

•

Unique non-

•

55 branch locations(1)

• Team of 85+ wealth

commission based

•

Entrepreneurial

advisors and support

compensation structure

philosophy provides

staff across entire

allows for greater

an attractive platform

branch footprint

operating leverage with

for talented bankers

•

Total AUM (trust/RIA)

additional volumes

of $3.8 billion(3)

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

(1) Source: S&P Global Market Intelligence / Company Reports

4

(2)

Adjusted ROAA and ROATCE are non-GAAP calculations, and remove certain one-time merger related costs and assets gains/losses. See Appendix for reconciliation to reported GAAP results

(3) Source: Company Reports; data as of December 31, 2022; shaded area includes past acquisitions

The Upper Midwest's Leading Community Bank The Upper Midwest's Leading Community Bank

Note: Lake Hallie, WI location currently under construction

5