UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37700 NICOLET BANKSHARES, INC. (Exact Name of Registrant as Specified in its Charter) Wisconsin 47-0871001 (State o ...

Corporate Update - Delota Corp. has completed the early redemption of Senior Secured Convertible Debentures amounting to $900,000 plus accrued interest [1][4] - The Debentures were originally issued on December 19, 2023, and were set to mature 18 months from issuance with a 1% monthly interest rate [2][3] Debenture Details - Each Debenture had a principal amount of $1,000 and was convertible into shares at a price of $0.10 per share [3] - The associated warrants allowed holders to acquire additional shares at a price of $0.15 per share, expiring on December 19, 2026 [3][4] Security and Obligations - The obligations under the Debentures were secured by a general security agreement from the Company and its subsidiaries, which will be discharged following the Prepayment [5] Management Changes - Christina Pan, the Chief Operating Officer, has left the Company as of April 16, 2025, and the position will not be replaced, indicating a restructuring for a more efficient management structure [6] Company Overview - Delota is the largest omni-channel specialty vape retailer in Ontario, aiming to expand nationally in the specialty retail market for nicotine vape and alternative tobacco products [7][8] - The Company's growth strategy includes expanding its flagship brand, enhancing its e-commerce platform, and pursuing strategic mergers and acquisitions [8]

分组1 - Nicolet Bankshares reported quarterly earnings of $2.10 per share, exceeding the Zacks Consensus Estimate of $1.96 per share, and up from $1.72 per share a year ago, representing an earnings surprise of 7.14% [1] - The company posted revenues of $89.43 million for the quarter ended March 2025, slightly missing the Zacks Consensus Estimate by 0.52%, but up from $82.73 million year-over-year [2] - Over the last four quarters, Nicolet Bankshares has surpassed consensus EPS estimates four times and topped consensus revenue estimates three times [2] 分组2 - The current consensus EPS estimate for the upcoming quarter is $2.07 on revenues of $92.8 million, and for the current fiscal year, it is $8.18 on revenues of $372.2 million [7] - The Zacks Industry Rank for Banks - Northeast is currently in the top 26% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] - The stock has lost about 1.2% since the beginning of the year, while the S&P 500 has declined by 8.1% [3]

Exhibit 99.1 FOR IMMEDIATE RELEASE . NICOLET BANKSHARES, INC. ANNOUNCES FIRST QUARTER 2025 RESULTS Green Bay, Wisconsin, April 15, 2025 - Nicolet Bankshares, Inc. (NYSE: NIC) ("Nicolet") announced first quarter 2025 net income of $33 million and earnings per diluted common share of $2.08, compared to net income of $34 million and earnings per diluted common share of $2.19 for fourth quarter 2024, and net income of $28 million and earnings per diluted common share of $1.82 for first quarter 2024. "Our first ...

Core Viewpoint - Delota Corp. reported its unaudited fourth-quarter results for the period ending January 31, 2025, highlighting a revenue of $40.2 million for the year, surpassing its target, and a strategic focus on growth through M&A and strengthening its balance sheet [2][3]. Financial Highlights - Total revenue for Q4 2025 was $10.3 million, reflecting a year-over-year growth of 1% [6][10]. - The gross profit margin for Q4 2025 was 37% [6][10]. - Adjusted EBITDA for Q4 2025 was positive at $287,329 [6][10]. - Total revenue for the twelve months ended January 31, 2025, was $40.2 million, representing an 18% year-over-year growth [6][10]. - The gross profit margin for the twelve months ended 2025 was 39% [6][10]. - Positive Adjusted EBITDA for the twelve months ended 2025 was $1,114,587 [6][10]. - Segmented revenue for the twelve months ended 2025 included B2C vape sales of $31.2 million, B2B vape sales of $5.5 million, and B2C cannabis sales of $3.5 million [6][10]. Operational Highlights - The company has expanded its retail presence to 32 locations across Ontario and plans to grow in major cities across Canada [6][10]. - The registered customer base has increased to over 280,000 accounts across online and brick-and-mortar platforms [6][10]. - The company opened a new 180 Smoke Vape Store in Etobicoke on February 3, 2025, as part of its expansion strategy [10]. Strategic Focus - The company aims to accelerate growth through a strategic focus on mergers and acquisitions, leveraging its omni-channel platform [3][14]. - There is a commitment to enhancing the nicotine product assortment and improving customer experience [14].

Nicolet Bankshares (NIC) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Since a ...

Financial Performance - For the year ended December 31, 2024, Nicolet earned net income of $124 million, translating to $8.05 per diluted common share[14]. - Net income for 2024 was $124 million, with earnings per diluted common share at $8.05, compared to $62 million and $4.08 in 2023, reflecting a significant increase[186]. - Net income (GAAP) for 2024 was $124,059,000, a substantial increase from $61,516,000 in 2023, representing a growth of 102%[196]. - Basic earnings per share (EPS) increased to $8.24 in 2024, up from $4.17 in 2023, reflecting a growth of 97%[196]. - The return on average assets improved to 1.45% in 2024, up from 0.73% in 2023[196]. - Adjusted net income (Non-GAAP) for 2024 was $120,668,000, compared to $101,245,000 in 2023, reflecting a growth of 19%[201]. Asset and Equity Growth - As of December 31, 2024, Nicolet Bankshares, Inc. reported total assets of $8.8 billion, loans of $6.6 billion, deposits of $7.4 billion, and total stockholders' equity of $1.2 billion[14]. - Total assets reached $8,796,795,000 in 2024, compared to $8,468,678,000 in 2023, indicating an increase of 4%[196]. - Stockholders' equity (common) rose to $1,172,898,000 in 2024, compared to $1,039,007,000 in 2023, an increase of 13%[196]. Loan and Deposit Information - Total loans increased to $6,626,584,000 in 2024, up from $6,353,942,000 in 2023, representing a growth of 4%[196]. - Total deposits rose by $206 million (3%) to $7.4 billion, and total stockholders' equity increased by $134 million to $1.2 billion[189]. - Approximately 76% of the company's loan portfolio consisted of commercial-related loans as of December 31, 2024, which may increase credit risk during economic downturns[105]. - Approximately 36% of the company's loans were secured by commercial-based real estate, 14% by agriculture-based real estate, and 23% by residential real estate as of December 31, 2024[140]. Community Engagement and Employee Information - In 2024, Nicolet employees reported almost 18,500 total volunteer hours and donated over $190,000 to the Nicolet Foundation, reflecting community engagement[25]. - Nicolet's employee base consisted of 978 employees as of December 31, 2024, with approximately 64% being women[25]. - The company offers a comprehensive financial benefits package, including a 401(k) plan with a dollar-for-dollar match of employee contributions up to 6%[25]. Regulatory and Compliance Matters - As of December 31, 2024, the Bank satisfied the requirements of "well-capitalized" under the regulatory framework for prompt corrective action[54]. - The Federal Reserve requires bank holding companies to maintain a minimum Tier 1 capital ratio of 6.0% to be considered adequately capitalized[46]. - The company is preparing for examination by the CFPB as it approaches the $10 billion asset threshold, which will affect compliance with federal consumer financial laws[71]. - The company is subject to regulatory restrictions on the amount of dividends it can pay, which may affect its liquidity and ability to declare dividends[149]. Risk Management and Economic Conditions - Economic conditions, including inflation and governmental policies, are expected to adversely affect deposit levels, loan demand, and borrowers' ability to repay loans[95]. - The company’s risk management framework may not effectively mitigate all risks, potentially leading to unexpected losses and regulatory scrutiny[90]. - The company faces risks associated with rising interest rates and inflation, which could adversely affect borrowers' ability to repay loans and the value of collateral[104]. - Deterioration in economic conditions, particularly in primary markets like Wisconsin, Michigan, and Minnesota, could lead to higher credit losses and negatively impact financial results[107]. Strategic Initiatives and Market Position - The company emphasizes competitive pricing, personalized service, and community engagement to differentiate itself in a highly competitive financial services market[28]. - The Bank's strategy includes pursuing acquisitions and organic growth, with a focus on cost and revenue synergies from recent acquisitions[77]. - The company is investing significantly in innovation, particularly in technologies such as artificial intelligence, machine learning, and blockchain, to adapt existing products and develop new services[82]. - The company anticipates a year of optionality in 2025, focusing on organic growth, M&A, share repurchases, and increased dividends[191]. Dividend Information - The Parent Company declared quarterly cash dividends on its common stock of $1.09 per share in 2024 and $0.75 per share in 2023[40]. - In 2024, the Board declared quarterly cash dividends totaling $1.09 per share on common stock, marking the first dividends since inception in 2000[172]. - The Board increased the quarterly dividend by $0.03 per share (12%) in 2024, with further assessments planned for 2025[194]. Technology and Cybersecurity - The Chief Information Security Officer oversees the Information Security Program, which includes risk assessments, incident response, and employee training[162]. - Cybersecurity threats are evolving rapidly, increasing the risk of theft, fraud, and reputational damage due to potential breaches[87]. - The company has not experienced any reportable cybersecurity incidents that materially impacted operations or financial condition[161]. Market and Competitive Landscape - The Bank faces intense competition from various financial service providers, including non-traditional and disruptive service providers, which may affect its market position[75]. - The decline in physical branch utilization necessitates a shift towards enhancing remote banking services and digital platforms to retain customers[81]. - The U.S. banking industry outlook turned bullish post-November 2024 elections, with expectations of increased M&A activity and improved regulatory conditions[185].

Core Insights - Delota Corp has opened a new retail store in Etobicoke, Ontario, increasing its total locations to 32 across the province [1] - The new store is part of Delota's strategy to enhance both brick-and-mortar and e-commerce growth, with a small footprint of almost 500 sq. ft. [1] - The company currently has over 260,000 registered customers on its platform [1][3] Expansion Strategy - Delota aims to accelerate growth through strategic mergers and acquisitions (M&A) and plans to expand its physical presence beyond Ontario, focusing on Western Canada [2] - The company is committed to growing its flagship brand, 180 Smoke Vape Store, and enhancing its national e-commerce platform [3] - Delota's growth strategy includes expanding its nicotine product assortment and improving customer experience [3]

Company Announcement - Delota Corp. has changed its fiscal year-end from January 31st to March 31st, effective immediately, to better align financial reporting resources and improve consistency between calendar and fiscal quarters [1][2]. Company Overview - Delota is the largest omni-channel specialty vape retailer in Ontario, aiming to become the largest national specialty retailer of nicotine vape and alternative tobacco products [3]. - The company's growth strategy includes expanding its flagship brand, 180 Smoke Vape Store, through organic growth in Ontario and select provinces, enhancing its national e-commerce platform, and pursuing strategic mergers and acquisitions for market consolidation [3]. - Delota is committed to expanding its nicotine product assortment, enhancing customer experience, and growing its registered customer base, which currently exceeds 260,000 accounts [3].

Core Viewpoint - Nicolet Bankshares reported quarterly earnings of $2.17 per share, exceeding the Zacks Consensus Estimate of $1.98 per share, and showing an increase from $1.85 per share a year ago, representing an earnings surprise of 9.60% [1][2] Financial Performance - The company posted revenues of $92.41 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 3.25%, compared to $89.2 million in the same quarter last year [2] - Over the last four quarters, Nicolet Bankshares has exceeded consensus EPS estimates three times and topped consensus revenue estimates four times [2] Stock Performance and Outlook - Since the beginning of the year, Nicolet Bankshares shares have increased by approximately 1.8%, while the S&P 500 has gained 2% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] Estimate Revisions - The trend for estimate revisions ahead of the earnings release was unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] - The current consensus EPS estimate for the upcoming quarter is $1.85 on revenues of $87.4 million, and for the current fiscal year, it is $7.83 on revenues of $359.7 million [7] Industry Context - The Zacks Industry Rank for Banks - Northeast is currently in the top 25% of over 250 Zacks industries, suggesting that the industry outlook can significantly impact stock performance [8]