Core Viewpoint - Delota Corp. has changed its auditor to Horizon Assurance LLP effective July 15, 2025, following the resignation of its previous auditor, Stern & Lovrics LLP, at the company's request [1][2]. Company Overview - Delota Corp. is the largest omni-channel specialty vape retailer in Ontario, aiming to become a leading national 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 [3]. - Delota is focused on expanding its nicotine product assortment, improving customer experience, and increasing its registered customer base, which currently exceeds 280,000 accounts [3].

Group 1: Earnings Performance - Nicolet Bankshares reported quarterly earnings of $2.35 per share, exceeding the Zacks Consensus Estimate of $2.14 per share, and up from $1.88 per share a year ago, representing an earnings surprise of +9.81% [1] - The company has surpassed consensus EPS estimates in all four of the last quarters [2] - The revenues for the quarter ended June 2025 were $95.74 million, surpassing the Zacks Consensus Estimate by 3.39%, compared to $85.43 million in the same quarter last year [2] Group 2: Stock Performance and Outlook - Nicolet Bankshares shares have increased approximately 24.4% since the beginning of the year, significantly outperforming the S&P 500's gain of 6.6% [3] - The current consensus EPS estimate for the upcoming quarter is $2.20 on revenues of $94.4 million, and for the current fiscal year, it is $8.82 on revenues of $371.3 million [7] - The estimate revisions trend for Nicolet Bankshares was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Group 3: Industry Context - The Zacks Industry Rank for Banks - Northeast is currently in the top 33% of over 250 Zacks industries, suggesting that the industry outlook can significantly impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

[Financial Performance Highlights](index=1&type=section&id=Financial%20Performance%20Highlights) [Second Quarter 2025 Performance Overview](index=1&type=section&id=Second%20Quarter%202025%20Performance%20Overview) Nicolet Bankshares achieved a record **$36 million** net income in Q2 2025, driven by loan and deposit growth, mortgage revenue, and an expanding net interest margin Net Income and Diluted EPS (Millions of USD) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | **Net Income** | $36 million | $33 million | $29 million | | **Diluted EPS** | $2.34 | $2.08 | $1.92 | - CEO Mike Daniels attributed consistent performance to **strong loan and core deposit growth**, seasonal mortgage revenue, and **healthy net interest margin expansion**[3](index=3&type=chunk) [Key Financial Metrics](index=1&type=section&id=Key%20Financial%20Metrics) Q2 2025 saw record net income, the highest return on average assets since March 2023, a 14 bps NIM increase, and solid loan and deposit growth - **Record quarterly net income** of **$36 million**[6](index=6&type=chunk) - **Return on Average Assets (ROAA)** reached **1.62%**, highest since March 2023[6](index=6&type=chunk) - **Net Interest Margin (NIM)** increased **14 bps** over Q1 2025 to **3.72%**[6](index=6&type=chunk) - Quarter-over-quarter loan growth of **$94 million** (**5.6% annualized**) and core deposit growth of **$68 million** (**4.1% annualized**)[6](index=6&type=chunk) - Repurchased **257,402 common shares** for **$30 million** during the quarter[6](index=6&type=chunk) [Financial Condition Analysis](index=1&type=section&id=Financial%20Condition%20Analysis) [Balance Sheet Review](index=1&type=section&id=Balance%20Sheet%20Review) Total assets were **$8.9 billion** as of June 30, 2025, with **$94 million** loan growth and **$68 million** core deposit growth, partially offset by reduced brokered deposits Balance Sheet Summary (Millions of USD) | Balance Sheet Item | June 30, 2025 | Change from Mar 31, 2025 | | :--- | :--- | :--- | | **Total Assets** | $8.9 billion | -$44 million | | **Total Loans** | - | +$94 million | | **Total Deposits** | $7.5 billion | -$31 million | | **Core Deposits** | - | +$68 million | | **Brokered Deposits** | - | -$99 million | | **Total Capital** | $1.2 billion | +$7 million | [Asset Quality](index=1&type=section&id=Asset%20Quality) Asset quality remained strong in Q2 2025, with nonperforming assets at **0.32%** of total assets and a stable **1.00%** allowance for credit losses Asset Quality Ratios | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | :--- | | **Nonperforming Assets / Total Assets** | 0.32% | 0.33% | 0.34% | | **Allowance for Credit Losses / Total Loans** | 1.00% | 1.00% | 1.00% | - Asset quality trends remain solid, with **negligible loan net charge-offs** for the quarter[5](index=5&type=chunk) [Detailed Financial Review](index=2&type=section&id=Detailed%20Financial%20Review) [Income Statement Analysis (Quarterly)](index=2&type=section&id=Income%20Statement%20Analysis%20(Quarterly)) Q2 2025 net income rose to **$36 million**, driven by a **$4 million** increase in net interest income and a **14 bps** NIM expansion to **3.72%** - Net interest income grew by **$4 million** sequentially, driven by solid loan growth, with net interest margin expanding **14 bps** to **3.72%**[8](index=8&type=chunk) - Noninterest income increased by **$2 million** quarter-over-quarter, primarily from seasonal mortgage improvements and favorable deferred compensation asset valuations[9](index=9&type=chunk) - Noninterest expense rose by **$2 million** sequentially, with personnel costs increasing **$3 million** due to higher incentives from strong earnings[10](index=10&type=chunk) [Consolidated Financial Statements & Metrics](index=3&type=section&id=Consolidated%20Financial%20Statements%20%26%20Metrics) [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets reached **$8.93 billion**, supported by increased net loans to **$6.77 billion** and total deposits to **$7.54 billion** year-over-year Consolidated Balance Sheet (Thousands of USD) | (In thousands) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | **Total Assets** | $8,930,809 | $8,557,017 | | **Loans, net** | $6,770,733 | $6,463,720 | | **Total Deposits** | $7,541,673 | $7,241,078 | | **Total Stockholders' Equity** | $1,190,098 | $1,091,413 | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Q2 2025 net income reached **$36.0 million**, a significant increase from Q2 2024, primarily driven by a rise in net interest income to **$75.1 million** Consolidated Statements of Income (Thousands of USD) | For the Three Months Ended (In thousands) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | **Net Interest Income** | $75,109 | $65,342 | | **Total Noninterest Income** | $20,633 | $19,609 | | **Total Noninterest Expense** | $49,919 | $46,853 | | **Net Income** | $36,035 | $29,273 | [Consolidated Financial Summary & Key Ratios](index=5&type=section&id=Consolidated%20Financial%20Summary%20%26%20Key%20Ratios) Q2 2025 financial summary shows strong profitability and efficiency, with ROAA improving to **1.62%**, NIM expanding to **3.72%**, and efficiency ratio decreasing to **51.79%** Selected Financial Ratios | Selected Ratios | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Return on average assets** | 1.62% | 1.39% | | **Return on average common equity** | 12.21% | 11.00% | | **Net interest margin** | 3.72% | 3.42% | | **Efficiency ratio** | 51.79% | 55.24% | - The company repurchased **257,402 shares** of common stock for approximately **$30.0 million** during Q2 2025[16](index=16&type=chunk) [Loan and Deposit Composition](index=6&type=section&id=Loan%20and%20Deposit%20Composition) As of June 30, 2025, total loans were **$6.84 billion**, with commercial loans at **$5.25 billion**, and total deposits were **$7.54 billion**, including **$6.78 billion** in core customer deposits Period End Loan Composition (Thousands of USD) | Period End Loan Composition (6/30/2025) | Amount (In thousands) | | :--- | :--- | | Commercial-based loans | $5,252,368 | | Retail-based loans | $1,586,773 | | **Total loans** | **$6,839,141** | Period End Deposit Composition (Thousands of USD) | Period End Deposit Composition (6/30/2025) | Amount (In thousands) | | :--- | :--- | | Total customer deposits (core) | $6,783,198 | | Total brokered deposits | $758,475 | | **Total deposits** | **$7,541,673** | [Net Interest Income and Margin Analysis](index=7&type=section&id=Net%20Interest%20Income%20and%20Margin%20Analysis) Q2 2025 net interest margin increased to **3.72%**, driven by a higher average rate on earning assets (**5.82%**) while the cost of interest-bearing liabilities remained stable Net Interest Margin and Rate Analysis | For the Three Months Ended | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | **Net Interest Margin** | 3.72% | 3.58% | 3.42% | | **Average Rate on Earning Assets** | 5.82% | 5.67% | 5.68% | | **Average Rate on Bearing Liabilities** | 2.86% | 2.83% | 3.09% | [Non-GAAP Financial Measures](index=2&type=section&id=Non-GAAP%20Financial%20Measures) [Use of Non-GAAP Measures](index=2&type=section&id=Use%20of%20Non-GAAP%20Measures) Nicolet uses non-GAAP measures like tangible book value and return on average tangible common equity to enhance understanding of operational performance and capital strength - The company utilizes non-GAAP measures including **adjusted net income**, **tangible book value per common share**, and **return on average tangible common equity**[12](index=12&type=chunk) - Management considers these measures useful for understanding operating performance, trends, and for peer bank comparisons[12](index=12&type=chunk) [Reconciliation of Non-GAAP Measures](index=8&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) The report reconciles GAAP to non-GAAP figures, showing Q2 2025 adjusted net income of **$36.2 million** and tangible common equity of **$805.0 million** Non-GAAP Adjusted Net Income Reconciliation (Thousands of USD) | Reconciliation (Q2 2025, In thousands) | Amount | | :--- | :--- | | Net income (GAAP) | $36,035 | | Adjustments: Assets gains, net | $199 | | Tax on Adjustments | $39 | | **Adjusted net income (Non-GAAP)** | **$36,195** | Non-GAAP Tangible Common Equity Reconciliation (Thousands of USD) | Tangible Reconciliation (June 30, 2025, In thousands) | Amount | | :--- | :--- | | Total stockholders' equity (GAAP) | $1,190,098 | | Less: Goodwill and other intangibles, net | $385,107 | | **Tangible common equity (Non-GAAP)** | **$804,991** |

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].