Nicolet Bankshares Inc. · NYSE:NIC
Nicolet Bankshares — Merger or Acquisition (October 2025)
20 slides from Nicolet Bankshares's merger presentation, Oct 23, 2025
Slide 1: Acquisition of MidWestOne Financial Group, Inc.
Acquisition of MidWestOne Financial Group, Inc. October 23rd, 2025
Slide 2: Securities Legend: Forward Looking Statements
Securities Securities Legend Legend Forward Looking Statements This communication contains statements that constitute “forward-looking statements” within the meaning, and subject to the protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange A
Slide 3: Securities Legend
Securities Securities Legend Legend Additional factors which could affect future results of Nicolet and MidWestOne can be found in Nicolet’s or MidWestOne’s filings with the U.S. Securities and Exchange Commission (“SEC”), including in Nicolet’s Annual Report on Form 10-K for the year ended December
Slide 4: Securities Legend: Participants in Solicitation
Securities Securities Legend Legend Participants in Solicitation Nicolet, MidWestOne, and their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Nicolet and the shareholders
Slide 5: Highlights of Transaction & Strategic Rationale
Transaction OverviewHighlights & Strategic of Nicolet Rationale Bankshares, Inc. • Enhances scale, creating a ~$15bn+ asset bank positioned Pro Forma Geographic Footprint (1) for significant growth across the Upper Midwest region • Top tier performer – Resulting company expected to enhance Duluth ex
Slide 6: Structure of Transaction
Transaction OverviewStructure of Nicolet Bankshares, Inc. • 100% stock consideration Transaction • Fixed exchange ratio of 0.3175x NIC shares for each MOFG share Structure • Pro Forma Ownership: 69.1% NIC | 30.9% MOFG Transaction • $41.37 per MOFG share(1) Value • Aggregate Consideration: $864.1 mil
Slide 7: Overview of MidWestOne
Overview Overview ofof MidWestOne Nicolet Bankshares, Inc. Overview of Markets 2025 Q3 Financial Highlights Iowa Community(1) $891mm $1.7bn $6.2bn $5.5bn $4.4bn Gross Loans Deposits Total Assets Total Deposits Gross Loans 22 $72K 9.2% Banking Median Proj. ’25-’30 1.09% $3.4bn 8.4% Offices HHI HHI Δ
Slide 8: Pro Forma Strategic Market Positioning
Pro Forma Strategic Overview Market of Nicolet Positioning Inc. Bankshares, The #1 Mid-Sized Bank(1) Across WI and IA by asset size… …With an Attractive Market Profile Dominant Regional Player Market Deposits Mid-Sized Pro Forma Market Creates a Top 10 mid-sized bank in the Midwest (1) NIC MOFG Ba
Slide 9: Compelling Financial Metrics
Compelling Overview Financial Metrics of Nicolet Bankshares, Inc. Strong Financial Impact Top Tier Profitability(1) Fortress Balance Sheet(2) ~37% ~1.8% ~10.6% Fully-Phased Fully-Phased CET1 Ratio 2026E EPS Accretion(1) 2026E ROAA ~1% ~23% ~85% Fully-Phased TBVPS Dilution Loans / Deposits 2026E ROAT
Slide 10: Positions Nicolet as a Top Performer
Positions Overview Nicolet as a TopBankshares, of Nicolet Performer Inc. +25 bps Performance Relative to Pro Forma Peers(1) ~1.8% Peer Median: 1.19% ~1.6% Peer Top Quartile: 1.37% Peer Top Decile: 1.60% Fully-Phased 2026E ROAA(2) Pro Forma NIC +617 bps ~23% Peer Median: 13.8% Peer Top Quartile: 15.4
Slide 11: Prioritizing Safety & Soundness
Prioritizing OverviewSafety & Soundness of Nicolet Bankshares, Inc. History of Prudent Underwriting Culture… …Supported by Strong Capital Position… Average NCOs / Avg. Loans since 2015 Common Equity Tier 1 Ratio 0.48% 11.5% 11.1% 10.6% Well- 0.22% Capitalized: 8.0% 0.04% Industry (1) Pro Forma …And
Slide 12: Diversified Balance Sheet Mix
Diversified OverviewBalance SheetBankshares, of Nicolet Mix Inc. Pro Forma(1) Commercial & Commercial Commercial & Industrial & Industrial Industrial Consumer & 21% Consumer & 29% Consumer & 24% Other Other Other 1% 1% 1% Construction Construction Agricultural Construction 6% Agricultural 6% 3% 6% A
Slide 13: Comprehensive Due Diligence Conducted
Comprehensive Due Diligence Overview of Nicolet Conducted Bankshares, Inc. Due Diligence Scope of Review • Comprehensive due diligence review of MOFG completed over a 30-day period • Diligence review covered all functional areas, in addition to business strategies, clients, associates, and culture •
Slide 14: Experienced M&A Leader in the Upper Midwest
Experienced M&A Leader in the Upper Midwest $15.3bn(1) $728mm 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9/30/25 2013 2016 2017 2019 2020 2021 2022 2025 Mid-Wisconsin Financial Services, Baylake Corp First Choice Advantage Mackinac Charter MidWestOne Bank of Wausau (FDIC assist
Slide 15: Appendix
Nicolet Appendix
Slide 16: Detailed Transaction Assumptions
Detailed Overview Transaction Assumptions of Nicolet Bankshares, Inc. Earnings • Projections based on “Street” consensus net income estimates until 2026 – Grown at 7% thereafter Cost • Cost saves equal to 25% of MOFG’s noninterest expense ($38 million pre-tax run-rate cost savings) Savings / − 50% p
Slide 17: Pro Forma Earnings Per Share Reconciliation
Pro Forma Earnings Overview Per Share of Nicolet Reconciliation Bankshares, Inc. $ in Millions GAAP Illustrative Full-Year 2026E EPS Reconciliation Impact Fully-Phased Impact (1) NIC 2026 Net Income $145.2 $145.2 (2) MOFG 2026 Net Income $57.3 $74.7 After-Tax Transaction Adjustments Cost Savings $11
Slide 18: Purchase Accounting Summary
Purchase Overview Accounting Summary of Nicolet Bankshares, Inc. Basic Shares TBVPS Build to Close $ millions (millions) $ Per Share Goodwill & Other Intangibles Recognition $ millions NIC TBVPS as of 9/30/2025 $831.3 14.8 $56.17 Merger Consideration $864.1 (+) Earnings Prior to Close 66.3 Standalon
Slide 19: MidWestOne Commercial Real Estate Portfolio
MidWestOne Overview ofCommercial Real Estate Portfolio Nicolet Bankshares, Inc. CRE Portfolio Composition NOO CRE Office Detail $ in millions 3Q25 2Q25 1Q25 Construction & Development $256.8 $280.9 $293.3 Farmland 194.9 186.5 180.6 Classified Multifamily 451.0 438.2 421.2 (accrual) CRE Other: 10% NO
Slide 20: Mike Daniels b Phil Moore
Mike Daniels Chairman, President & CEO 920.430.7318 mdaniels@nicoletbank.com b Phil Moore Chief Financial Officer 920.617.5325 pmoore@nicoletbank.com Eric Radzak SVP, Corporate Development & Investor Relations 920.617.4540 eradzak@nicoletbank.com Chip Reeves CEO, MidWestOne 319.356.5850 creeves@midw
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