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Q2 2026 · read from the 30 June 2026 Call Report · United States · Great Lakes · Wisconsin, the state note

Nicolet National Bank

Green Bay, Wisconsin · $15.39B in assets · beside the 11 other the Great Lakes states banks over $10B (the state alone holds too few in the band to rank)

The filing

+64.5%
Loans, year over year
1st of 12, largest first
15.0%
Equity / assets
2nd of 12
64.9%
Efficiency
10th of 12

Nicolet National Bank is the tenth largest of the 12 the Great Lakes states banks nearest its size over $10B, with $15.39B in assets at 30 June 2026. Loans are 87.0% of deposits, 4th of 12 against a median of 89.7%, and equity is 15.0% of assets, 2nd of 12. Loans grew +64.5% in the year, the fastest in the cohort, and deposits grew 68.6%; the cohort's median loan growth is +15.1%.

Noncurrent loans are 0.63% of the book, 5th of 12 against a median of 0.76%; 0.08% is 30 to 89 days past due, and the allowance covers them 1.9 times. Commercial real estate is 28.6% of loans, 6th of 12 against a median of 28.7%, and 208% of capital, below the 300% screen, with construction at 47% against the 100% screen. CRE has grown +107.5% over 36 months, past the guidance's 50% prong.

Return on assets is 1.01%, 9th of 12 against a median of 1.43%, on an efficiency ratio of 64.9%, 10th of 12. Five years ago it was 1.41%. The question is whether the new lending seasons as cleanly as the book it joined, and what funded it.

Equity as a share of assetsGreat Lakes states banks over $10B · 30 June 2026 · higher is stronger, listed first
median 11.9% CB CIBC Bank USA 17.4% NN Nicolet National Bank 15.0% BB Busey Bank 13.7% FF First Financial Bank 13.4% FM First Merchants Bank 12.8% PN Park National Bank 12.4% ON Old National Bank 11.3% MB Merchants Bank of Indiana 11.0% AB Associated Bank N.A. 10.4% TF Third Federal Savings & Loan Association of Cleveland 9.9% CB Centier Bank 9.9% NT Northern Trust Co. 6.7%
Loans, year over yearGreat Lakes states banks over $10B · 30 June 2026 · no better direction, largest first
median +15.1% NN Nicolet National Bank +64.5% PN Park National Bank +22.2% AB Associated Bank N.A. +19.1% FM First Merchants Bank +17.1% FF First Financial Bank +16.6% MB Merchants Bank of Indiana +15.5% CB CIBC Bank USA +14.6% ON Old National Bank +5.9% CB Centier Bank +4.4% TF Third Federal Savings & Loan Association of Cleveland +3.6% NT Northern Trust Co. +1.2% BB Busey Bank -4.5%

SBA 7(a), FY2008 to FY2026

Nicolet National Bank is the 6th largest 7(a) lender into Wisconsin of 426, with $296M across 741 loans, 3.2% of everything approved in the state (Byline Bank leads with $864M). 96 of its 157 markets have had no approvals since before FY2023: an absence in the record, not a stated withdrawal.

Where it lends in Wisconsin, and where it has gone quietshare movement, FY2023 to FY2025 against FY2020 to FY2022; outlined counties are on the book
Gaining shareLosing shareFlatGone quiet: nothing since FY2023Too thin to read a directionNo record
Every market on the book, largest firstrank and share among every lender in the county, FY2008 to FY2026
CountyApprovedRankShareTrend
Brown, WI$36M4th of 857.6%-3.5 pts
Hennepin, MN$35M21st of 2281.2%-2.1 pts
Outagamie, WI$33M1st of 918.2%-12.4 pts
Manitowoc, WI$29M2nd of 4018.8%-8.0 pts
Marquette, MI$29M1st of 3131.3%-64.7 pts
Winnebago, WI$26M2nd of 769.7%-19.7 pts
Door, WI$24M1st of 3026.4%-39.6 pts
Denver, CO$20M26th of 1931.0%thin
Eau Claire, WI$19M2nd of 5311.3%-11.7 pts
Johnson, IA$19M1st of 6715.2%-1.5 pts
Polk, WI$18M2nd of 4620.6%+9.6 pts
Grand Traverse, MI$18M4th of 616.4%-18.6 pts
Jefferson, CO$15M28th of 1831.0%+1.8 pts
144 smaller markets not shown.
What it lends to: the five largest industries on the bookshare of book is concentration; share of sector and rank are position, among every 7(a) lender nationally
IndustryLoansApprovedShare of bookShare of sectorRank
Manufacturing217$138M20.5%0.35%47th of 2,246
Retail trade241$111M16.5%0.18%102nd of 2,589
Accommodation & food services244$110M16.4%0.14%129th of 2,596
Construction123$57M8.5%0.18%89th of 2,063
Other services126$41M6.0%0.12%143rd of 2,248
7(a) lenders into Wisconsin, share of approvals since FY2008426 lenders on record; the ten largest and Nicolet National Bank
BB Byline Bank 9.3% $864M · 860 loans BF Bank Five Nine 7.9% $733M · 1,782 loans BF Bank First, N.A. 4.7% $437M · 963 loans UB UMB Bank, National Association 3.8% $355M · 672 loans UB U.S. Bank, National Association 3.5% $324M · 1,831 loans NN Nicolet National Bank 3.2% $296M · 741 loans ON Old National Bank 3.0% $279M · 390 loans AB Associated Bank National Associat… 3.0% $278M · 2,089 loans LO Live Oak Banking Company 2.6% $246M · 206 loans SC Summit CU 2.6% $244M · 1,034 loans

Commercial real estate against capital

Commercial real estate concentrationthe 2006 interagency screens against total risk-based capital; owner-occupied excluded; bold marks a screen met
Nicolet National BankRankCohort median
Total CRE against capital, the 300% screen208%8th of 12190%
Construction against capital, the 100% screen47%9th of 1241%
Construction and land development, share of loans6.5%8th of 126.0%
Non-owner-occupied nonfarm nonresidential, share of loans15.6%5th of 1216.6%
Total CRE, the guidance definition, share of loans28.6%6th of 1228.7%
CRE growth over 36 months, the third prong+107.5%12th of 12+24.0%

Among its peers

Where it sits among its peersnavy: the stronger half of each column; amber: the weaker; darker at the ends
InstitutionAssetsROAEfficiencyNPA / loansNet charge-offsAllowance / loansLoans / depositsEquity / assets
Northern Trust Co.$178.57B1.6%70.3%0.23%0.00%0.4%29.6%6.7%
Old National Bank$73.86B1.4%49.4%0.92%0.25%1.1%89.2%11.3%
CIBC Bank USA$66.50B1.5%36.8%1.35%0.25%1.1%84.2%17.4%
Associated Bank N.A.$51.76B1.0%58.8%0.42%0.16%1.2%91.2%10.4%
First Financial Bank$22.35B1.5%57.5%0.70%0.27%1.4%77.3%13.4%
First Merchants Bank$21.32B0.7%65.2%0.82%0.18%1.5%93.0%12.8%
Merchants Bank of Indiana$21.17B1.5%40.2%1.18%0.39%0.4%121.1%11.0%
Busey Bank$18.15B1.3%59.9%0.51%0.21%1.2%87.1%13.7%
Third Federal Savings & Loan Association of Cleveland$18.06B0.6%60.7%0.25%-0.02%0.5%159.7%9.9%
Nicolet National Bank$15.39B1.0%64.9%0.63%0.03%1.2%87.0%15.0%
Park National Bank$12.61B1.8%54.7%0.86%0.11%1.1%90.3%12.4%
Centier Bank$10.41B1.5%48.2%0.82%0.08%1.2%92.3%9.9%
Five years, 2021 to 2026same quarter, five years apart; dollars as growth, ratios in points
Nicolet National BankCohort median
20212026Change20212026Change
Loans$2.83B$11.27B+298%$9.34B$15.94B+71%
Deposits$3.99B$12.95B+224%$10.80B$15.97B+48%
NPA / loans0.24%0.63%+0.39 pts0.51%0.76%+0.25 pts
Efficiency55.7%64.9%+9.2 pts56.5%58.1%+1.6 pts
ROA1.41%1.01%-0.41 pts1.36%1.43%+0.07 pts

This read was prepared for Nicolet National Bank's board and management from the public record, and is one slice of what Lynx builds for any bank from its own filing: the peer cohort, the capital, liquidity and rate models with the assumptions the institution sets, and a summary report of twenty sections for the board.

The full pack on Nicolet National Bank is prepared on request, and thirty days on the institution's own numbers are open to anyone at the bank.

Ask for the pack

Prepared 7 September 2026
Filing 30 June 2026
Cohort Great Lakes states banks over $10B
Institution www.nicoletbank.com

Public record only: FFIEC Call Report, 30 June 2026; FDIC data; cohort by New England and asset band; SBA 7(a) FOIA release as of the 2026 file, loans credited to the institution holding them today. Computed from the institution's own Call Report and its peers' as published; no estimate, no adjustment; not a rating, not an audited statement and not a supervisory judgement.
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