Investor Presentation2nd Quarter 2020

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Securities Legend

Forward Looking Statements “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995.

This presentation contains forward-looking statements within the meaning of federal securities law. Such statements that are not strictly historical are forward-looking and based upon current expectations that may differ materially from actual results. These forward-looking statements, identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or other words of similar meaning, involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties include, but are not limited to, general economic trends and changes in interest rates, the impact of the COVID-19 pandemic and governments’ response, both with respect to Nicolet and on the broader economy, increased competition, regulatory or legislative developments affecting the financial industry generally or Nicolet specifically, the interpretations of tax legislation, changes in consumer demand for financial services, the possibility of unforeseen events affecting the industry generally, or Nicolet specifically, the uncertainties associated with newly developed or acquired operations and market disruptions. Nicolet Bankshares, Inc. specifically disclaims any obligation to release revisions to these forward-looking statements publicly to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.

Company Profile

3

Wisconsin’s Premier Community Bank at a Glance

4

Selected Data at June 30, 2020

Assets $4.5 billionLoans $2.8 billionDeposits $3.5 billionCommon Equity $532 million

NASDAQ Traded NCBSMarket Capitalization ~$625 millionBook Value per Share $51.04Tangible BV per Share $35.30Outstanding Shares 10.4 millionYTD Diluted Average Shares 10.7 millionEquity to Assets 11.72%Tangible Common Equity Ratio 8.41%

Year-to-date:Net Income $24.0 millionDiluted Earnings per Share $2.25ROAA(1) 1.23%ROACE(1) 9.35%ROATCE(1) 13.74%Net Interest Margin(1) 3.53%Effective Tax Rate 24.56%

YTD NCOs/Average Loans(1) 0.01%Nonperforming Assets/Assets 0.29%Allowance to Loans 1.03%

Three Circle Philosophy: “We are a relationship-focused organization delivering exceptional service throughout our communities, focusing

on sustained value creation for customers, employees, andshareholders.”

(1) Ratios have been annualized

Customers115,700 checks deposited through our mobile app in 2019

2,240 mortgages closed in 2019 with over half coming through our online platform

Over 11 million debit card swipes in 2019

ShareholdersOver 310,000 shares repurchased in 2019

Over 25,000 shares traded on the NASDAQ per day

Peer leading profitability and asset quality

EmployeesNamed one of Independent Banker’s “Most Innovative Banks”

Named one of the Best Places to Work by the Greater Green Bay Chamber’s young professionals group

115 non-profit, 501(c)3 organizations helped through the Nicolet Foundation

Northern Wisconsin’s Leading Community Bank

5

Nicolet is Northeast and Northcentral Wisconsin’s leading community bank, operating in 12 counties through 39 branches(1) with a “Lead Local” market share position in Brown, Door and Winnebago

Counties, and a Top 5 position in six additional counties

Current Branch

Announced Closure

Advantage Community Branch

(1) As of June 30, 2020. Does not reflect the branches set for closure (8) or the acquisition of Advantage Community Bank (4)

Loans and Deposits by Market

6

BROWN COUNTY & FOX VALLEY

NORTHWOODS

LAKESHORE

$713M28.7%

$846M34.1%

$396M15.9%

$339M13.7%

$189M7.6%

$989M31.0%

$774M24.3%

$862M27.0%

$380M11.9%

$187M5.9%

Brown County

Fox Valley

Lakeshore

North woods

Other

Loans$2.5B(1)

Core Deposits$ 3.2B(2)

Market

*Loans and deposits by market based on internal reports using customer zip code. Data as of June 30, 2020. (1) Excludes PPP loans (and related loan fees) and approximately $89 million in loans from Advantage Community Bank

(largely Northwoods)(2) Excludes brokered deposits

Current Branch

Announced Closure

Advantage Community Branch

Green Bay / Fox Valley

7

• “Lead Local” Community Bank in both Green Bay and Fox Valley(1), which are Wisconsin’s 3rd and 4th largest MSAs

• Population of ~736,000 in the combined markets (or nearly 13% of total Wisconsin population)

• Green Bay and Appleton MSAs have the 2nd and 3rd largest projected % population growth in the state over the next 5 years

• Fox Valley market has the largest concentration of private manufacturing companies in the state

• Appleton has the second highest median household income of any MSA in the state ($73,144); with Green Bay MSA 6th at $66,541

• Green Bay’s projected population growth over the next 30 years is expected to be over 25% versus 14% for the state of Wisconsin(2)

• Brown County accounts for $713 million or 29% of total loans and $989 million or 31% of total deposits.

• Fox Valley accounts for $846 million or 34% of total loans and $774 million or 24% of total deposits.

(1) FDIC Deposit market share data as of June 30, 2019. Fox Valley defined as Appleton and Neenah-Oshkosh MSAs. Loans & Deposits by Market information based on internal reports as of June 30, 2020 (2) Wisconsin Department of AdministrationDemographic information based on US Census data and Claritas.

Current Branch

Announced Closure

Lakeshore

8

• Dominant “Lead Local” with 65% deposit market share in Door County(1)

• 2nd in Kewaunee County with 35% deposit market share(1)

• Market is largely void of credit unions

• Door County is one of the Upper Midwest’s top vacation destinations, attracting over 2 million visitors per year and generating over $300 million in spending(2)

• Deposits and loans are affected somewhat by seasonality due to high summer tourism

• Century old shipbuilding industry in Sturgeon Bay provides for a growing collection of manufacturing and service industries throughout the region. Agriculture also plays an important role as Door County is one of the region’s top cherry producers

• Lakeshore accounts for $396 million or 16% of total loans and $862 million or 27% of total deposits

(1) FDIC Deposit market share data as of June 30, 2019. Loans & Deposits by Market information based on internal reports as of June 30, 2020.(2) Source: Tourism Economics Demographic information based on US Census data and Claritas.

Current Branch

Announced Closure

Northwoods

9

• North Central Wisconsin is our most mature market, with a stable population and core funding base

• Market share boosted by a lift out of three senior commercial lenders in January 2020, followed by the acquisition of Advantage Community Bank in August 2020

• 2nd in Taylor County (Medford) with 29% deposit market share(1)

• Population of the greater area is over 300,000 (~5% of the state)

• Under 4% market share in Wausau market(2) (population ~135,000) presents opportunities for additional growth through M&A

• Rhinelander, Eagle River, and Minocqua see significant tourism dollars much of the year

• Northwoods accounts for $339 million or 14% of total loans and $380 million or 12% of total deposits

(1) FDIC Deposit market share data as of June 30, 2019. Loans & Deposits by Market information based on internal reports as of June 30, 2020.(2) Pro forma for ACB acquisitionDemographic information based on US Census data and Claritas.

Current Branch

Announced Closure

Advantage Community Branch

$0.0

$0.5

$1.0

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$2.0

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History & Timeline

10

2000Nicolet National

Bank founded with more than $18 million in local capital –

most ever for a WI bank

2000 to 2007With compound

annual growth of 44% through 2007,

became the 2nd largest commercially focused bank in the

Green Bay MSA

2010Purchased 4 Green Bay area branches

from Anchor Bank –refocused strategy

on core versus wholesale funding

2013Acquired Mid-

Wisconsin Financial Services ($436M in assets) & Bank of Wausau ($47M in assets); Became a publicly traded company

2016Began trading on

NASDAQ; Included in Russell 2000

Index; Completed the merger with

Baylake Corp ($1.1B in assets)

and the purchase of a financial

advisor business

2017Completed the acquisition of First Menasha

($480M in assets)

Total Assets

Total Loans2019

Completed the acquisition of

Choice Bancorp ($457M in assets)

*Includes the announcement of Advantage Community Bank, which closed in August 2020

2020Announced acquisition of Advantage Community Bank ($160M in assets);

Processed $340M in PPP loans (shaded light green)*

$1

37

$1

28

$1

87

$2

82

$2

98

$3

17

$2

25

35%33% 33%

39% 40% 40%

28%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

$0

$100

$200

$300

$400

$500

Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Jun-20

Lin

e U

sage

(%

) -

line

Lin

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sage

($

M)

-b

ars

C&I, $729M,

29%

CRE (Investment), $448M, 18%

Residential RE, $583M, 23%

Ag, $99M, 4%

Other, $137M, 6%

CRE (Owner Occ), $496M, 20%

Commercially-Focused Community Banking Model

11*Excludes $329 million of PPP loansSource: Company Y9C, SEC reports, and internal company reports

Founded as a commercial bank, Nicolet’s focus on C&I and owner-occupied CRE lending has remained strong (approximately 50%+ of its portfolio since inception)

Period End Loan Trend* Loan Mix at June 30, 2020 - $2.5 Billion*

Commercial Lines Outstanding and Usage

$2

93

$2

85

$2

92

$2

64

$3

04

$4

41

$4

72

$4

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Commercial Loans (C&I + OOCRE) All Other Loans

Diverse Loan Portfolio & Disciplined Pricing

12(1) Source: Internal company reports as of June 30, 2020. Commercial loans include C&I, CRE, Ag, and Other Loans based

on NAICS codes versus call report codes ($2.0 billion as of June 30, 2020). Does not include PPP loans. (2) 2Q20 loan yield excluding PPP loans was 4.96%. Fed Funds Rate as reported at quarter end by fred.stlouisfed.org

The loan portfolio represents a diversity of industries across the Northern Wisconsin footprint. Loan yields, while under pressure due to sustained low rates, remain resilient due to pricing discipline

Commercial Loan Portfolio by Industry Type(1) Interest Rates & Floors(1)

Real Estate and Rental

(1-4 family),

$119.6 , 6%

Real Estate and Rental (Commercial), $223.8 ,

11%

Real Estate and Rental (Other), $200.6 , 10%

Manufacturing, $283.1 , 14%

Construction, $169.0 , 8%Retail Trade, $163.6

, 8%

Accommodation and Food Services , $134.1 ,

7%

Wholesale Trade, $132.3 , 6%

Health Care and Social Assistance, $128.6 , 6%

Agriculture, Forestry,

Fishing, and Hunting,

$102.3 , 5%

Other Services (except Public Administration),

$71.5 , 3%

Arts, Entertainment, and Recreation, $69.7 , 3%

Transportation and Warehousing, $52.5 , 3%

Professional, Scientific, and Technical Services,

$51.4 , 3%

All Other, $140.2 , 7%

Commercial loans ($2.04 billion)• 84% fixed / 16% variable• 75% of variable rate loans have floors, 97%

of which are at their floor

Retained mortgage & Consumer loans ($426 million)

• 81% fixed / 19% variable• 98% of variable rate loans have floors, 94%

of which are at their floor

5.10%5.35% 5.38% 5.51%

5.66% 5.56%5.33%

5.19%4.74%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Loan Yield

Effective Fed Funds Rate

Historical Loan Yields(2)

Demand31%

NOW & Other Transaction

15%Savings

12%

Money Market

21%

Brokered10%

Core Time11%

Strong Core Deposit Franchise

13

Demonstrated ability over time to rely on core deposits as primary funding source (increase in 2020 was the results of an intentional liquidity build at the outset of the COVID-19 pandemic.)

Source: Company Y9C, SEC reports, and internal company reportsNote: Customer deposit mix does not include brokered deposits

Period End Total Deposits Trend Deposit Mix at June 30, 2020 - $3.5 billion

Customer Deposit Mix by Type at 6/30/20

Retail, 55%Commercial,

39%

Muni / Government, 5%

Other, 1%

$3

27

$3

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Core Deposits Non-Core Deposits

Experienced Leader in M&A

14

• Purchased 4 branches in Brown County• $105M in deposits began the core deposit imperative

• $436 million in assets – entry into mature North-Central Wisconsin markets

• Purchase price of $10M created $10M bargain purchase gain

• $47 million in assets• Created $2.4M bargain purchase gain

• $1.1 billion in assets - Entry into Door County with a 61% deposit market share (since grown to 65% market share)

• $163 million stock-for-stock transaction closed in April 2016

Nicolet has successfully closed almost every type of bank M&A transaction over the past several years

• Hired selected financial advisors and purchased books of business• Private transaction

2016: Baylake(scale driven merger-of-equals)

2016: Financial advisor purchase (fee-based acquisition)

2013: Bank of Wausau(FDIC assisted)

2013: Mid-Wisconsin Financial (stressed bank – attractive economics)

2010: Anchor Branches (branch purchase to diversify funding)

2017: First Menasha (logical market expansion)

• $480 million in assets – Became #1 local community (“Lead Local”) bank in Fox Valley

• $82 million stock-and-cash transaction closed in April 2017

2019: Choice Bancorp (continued market expansion)

• $457 million in assets – Became #1 local community (“Lead Local”) bank in Oshkosh

• $80 million all-stock transaction closed in November 2019

2020: Advantage Community Bank (market consolidation)

• $160 million in assets – all cash transaction closed in August 2020• Complements January 2020 lift out of commercial banking team in

Wausau

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20

NCBS: -19%

S&P: 9%

SNL US Bank: -33%

-50%

-30%

-10%

10%

30%

50%

70%

90%

110%

130%

150%

Au

g-1

5

No

v-1

5

Feb-

16

Ma

y-1

6

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g-1

6

No

v-1

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Feb-

17

Ma

y-1

7

Au

g-1

7

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v-1

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Feb-

18

Ma

y-1

8

Au

g-1

8

No

v-1

8

Feb-

19

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9

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9

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v-1

9

Feb-

20

Ma

y-2

0

Au

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NCBS: 82%

S&P: 76%

SNL US Bank: 4%

-20%

0%

20%

40%

60%

80%

100%

120%

140%

Feb-

16

May

-16

Au

g-1

6

No

v-1

6

Feb

-17

May

-17

Au

g-17

No

v-1

7

Feb

-18

May

-18

Au

g-18

Nov

-18

Feb

-19

May

-19

Au

g-1

9

Nov

-19

Feb-

20

May

-20

Au

g-2

0

NCBS: 85%

S&P: 82%

SNL US Bank: 23%

-100%

0%

100%

200%

300%

400%

500%

600%

700%

Nov

-00

No

v-0

1

No

v-0

2

No

v-0

3

No

v-0

4

No

v-0

5

No

v-0

6

Nov

-07

No

v-0

8

Nov

-09

Nov

-10

No

v-1

1

Nov

-12

Nov

-13

No

v-1

4

No

v-1

5

Nov

-16

No

v-1

7

No

v-1

8

No

v-1

9

NCBS: 500%

S&P: 146%

SNL US Bank: -2%

A History of Superior Returns

15Source: S&P Global Market Intelligence; As of August 31, 2020

2020 Year-to-Date Since NASDAQ Listing (2/24/16)

5-Year Since Inception (11/1/2000)

Senior Leadership Team

16

Name RoleYears with

NicoletYears Experience in Financial Services

Bob Atwell (62) Founder, Chairman, President & CEO (Nicolet Bankshares)

20 35+

Mike Daniels (56) Founder, President & CEO (Nicolet National Bank)

20 30+

Ann Lawson (59) Chief Financial Officer 11 35+

Eric Witczak (50) Executive Vice President 20 25+

Brad Hutjens (39) EVP, Chief Credit Officer, Compliance & Risk Manager

17 15+

Mike Vogel (52) SVP, Commercial Banking 17 25+

Patrick “PJ” Madson (40) SVP, Wealth Management 4 15+

Since inception, we have been able to attract and maintain a deep bench of talent

Recent Accolades

17

• Named one of ICBA Independent Banker’s “Most Innovative Banks” in August 2019

• Ranked #4 on S&P Global’s “Best Performing Community Banks of 2019” with $3 to $10 billion in assets

• Recipient of the “2019 Raymond James Bankers Cup” for financial performance (third consecutive year)

Acquisition & COVID-19 Updates

18

Advantage Community Bank Highlights & Market Overview

19

Branch Map (Marathon & Clark Counties)Transaction Rationale

Marathon / Clark County Deposit Market Share(1) Advantage Community Summary Financials(2)

• Improves market position in Wausau market

• Complements January 2020 lift out of a senior commercial banking team from another local community bank in the Wausau market

• Conservatively run & highly profitable community bank

• Minimal integration risk given relative size and compatible credit cultures

• While terms were not disclosed, all-cash consideration allows for expected meaningful EPS accretion in 2021

• Former CEO remaining with Nicolet as senior lender in market

(1) Source: FDIC Summary of Deposits as of June 30, 2019(2) Source: S&P Global; $ in 000s

Nicolet branchACB branch

2017 2018 2019 YTD 6/30Total Assets $146,618 $150,898 $155,121 $160,033 Asset Growth 2.9% 2.9% 2.8% 3.2%Total Net Loans $98,981 $92,134 $94,196 $89,225 Loan Growth 4.9% -6.9% 2.2% -5.3%Total Deposits $127,013 $128,787 $131,846 $134,983 Deposit Growth 4.1% 1.4% 2.4% 2.4%Loans / Deposits 78% 72% 71% 66%Equity / Assets 11.71% 12.24% 12.73% 13.16%-------------------------------Net Income $1,247 $1,608 $1,812 $1,044ROAA 0.89% 1.12% 1.24% 1.37%ROAE 7.42% 9.06% 9.52% 10.28%Net Interest Margin 3.36% 3.54% 3.53% 3.18%Efficiency Ratio 61.6% 61.1% 55.8% 53.1%-------------------------------NPAs/ Assets 0.90% 0.00% 0.01% 0.00%NCOs/ Avg Loans 0.03% 0.00% 0.01% 0.00%LLR / Loans 1.24% 1.18% 1.26% 1.23%

Rank Institution

Deposits In

Market ($M) Market Share

1 Bank of Montreal $866 21.8%

2 PSB Holdings Inc. $553 13.9%

3 River Valley Bancorp. Inc. $493 12.4%

4 Associated Banc-Corp $377 9.5%

5 Abby Bancorp Inc. $300 7.5%

6 Nicolet / ACB Pro Forma $218 5.5%

7 U.S. Bancorp $173 4.3%

8 Forward MHC $148 3.7%

9 Bosshard Banco Ltd. $146 3.7%

10 Citizens Bcshs of Loyal Inc. $136 3.4%

11 Marathon Bank $125 3.1%

12 Advantage Community Bancshares $123 3.1%

13 Stratford Bancshares Inc. $115 2.9%

14 Nicolet Bankshares Inc. $95 2.4%

Total For 24 Institutions In Market $3,981

Loan Deferrals & PPP Participation

20Source: Internal reports(1) Deadline for filing applications through the Paycheck Protection Program

PPP Loans Originated as of August 8, 2020(1)

Size Number % of Total

$ of Loans

(000s) % of Total

Under $150k 2,143 81% $91,912 27%

$150k to $500k 357 14% 94,187 27%

$500k to $1 million 85 3% 60,704 18%

$1m to $2 million 31 1% 42,753 12%

Greater than $2 million 18 1% 53,356 16%

Totals 2,634 100% $342,911 100%

Other PPP Highlights

• 2,634 loans originated across footprint

• $130,000 average size

• Supported over 40,000 local employees

• 3.53% average fee (or $12.2 million) accreted over the life of the loan pool

• Fully funded by PPPLF (at cost of 35bps)

• Created micro-grant program, providing $1.25 million directly to 325 customers that qualified for PPP loans of $5,000 or less (one time expense in the 2Q20)

COVID-19 Related Loan Deferrals

Initially, over 900 loans were provided payment modifications for 90 to 120 days

• $447 million in principal (18% of non-PPP loan portfolio)

• 88% commercial / 12% retail – mainly to most impacted sectors such as hospitality, lodging, etc.

• 67% interest only / 33% full payment deferral

As of July 9:

• 24% have returned to normal payment structures

• 11% received secondary extension to interest only for up to 90 additional days (after bringing accrued interest current)

• Remainder expected to end modification periods by early September

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Un

em

plo

yme

nt

Rat

e (

July

)

US Wisconsin NCBS Footprint*

Economically Stable Footprint has led to Lower Problem Assets

21Source: US Bureau of Labor Statistics; Unemployment rate as of July each year; Peer data provided by S&P Global*NCBS footprint defined as the 12-counties shown on the map on page 5 of this presentation. Unemployment rate for this “market” based on population-weighted average of each county’s individual unemployment rate

Over the last 14 years, the counties in Nicolet’s footprint* have averaged an unemployment rate that was 5% lower than the state of Wisconsin and 20% lower than the US national average.

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD

NP

As

/ To

tal A

sse

ts

Nicolet

Wisconsin Banks

Midwest Banks ($750M - $5B)

Couple this with Nicolet’s conservative credit culture and its NPAs / Total assets have remained well below in-state and Midwest-based peers through the credit cycle

Quarterly Update

22

2020 Second Quarter Highlights

23

• Solid quarterly earnings of $13.5 million, EPS of $1.28, and ROAA of 1.26%.

• Originated $340 million of PPP loans during the quarter for nearly 2,550 business customers, which supported 40,000 employees in those underlying businesses. Created a micro-grant program, providing $1.25 million of funds directly to small business customers.

• Record mortgage related income of $10 million during the quarter – highest in Nicolet’s history.

• Announced the permanent closing of seven branch locations and a 10% reduction in headcount.

• Balance sheet ballooned to $4.5 billion (up from $3.6 billion at 12/31/19) due to strong core deposit growth, PPP loans and related deposits, and intentional liquidity build during the onset of the COVID pandemic.

• Net interest margin dropped to 3.21% during the quarter due to the substantial increase in cash and equivalents, coupled with historically low interest rates and the low-yielding PPP loan portfolio

• Underlying asset quality remains fundamentally strong despite economic headwinds

o Nonperforming assets remain near historical lows at 0.29% of total assets

o Net charge-offs of 0.01% of average loans for the first six months of 2020

• Reported tangible common equity to tangible assets of 8.41% (due to PPP and balance sheet bloat). Total Risk-Based Capital Ratio continues to build at 14.05%

• Acquisition of Advantage Community Bank received all regulatory and shareholder approvals. Closing and system conversion subsequently occurred on August 21st.

Snapshot of Quarterly Financials

24

2Q 1Q 2Q % change % change

($ in 000s, except per share) 2020 2020 2019 Linked Q 2Q / 2Q

Net Interest Income 31,497$ 31,263$ 28,944$ 0.7% 8.8%

Noninterest Income 17,471 9,585 18,560 82.3% -5.9%

Provision Expense 3,000 3,000 300 0.0% 900.0%

Noninterest Expense 27,813 23,854 25,727 16.6% 8.1%

Pretax Income 18,155 13,994 21,477 29.7% -15.5%

Tax Expense 4,576 3,321 2,833 37.8% 61.5%

Noncontrolling Interest 101 118 95 NM NM

Net Income to Nicolet 13,478$ 10,555$ 18,549$ 27.7% -27.3%

Diluted Earnings Per Share 1.28$ 0.98$ 1.91$ 30.6% -33.0%

Return on Average Assets 1.26% 1.19% 2.46% 7 bps -120 bps

Return on Average TCE 15.24% 12.20% 26.43% 304 bps NM

Net Interest Margin 3.21% 3.94% 4.28% -73 bps -107 bps

Net Charge-offs / Avg Loans 0.01% 0.01% 0.02% 0 bps -1 bps

Nonperforming Assets / Total Assets 0.29% 0.42% 0.26% -13 bps 3 bps

Period End Balances ($ in millions)

Assets 4,541$ 3,733$ 3,055$ 21.7% 48.7%

Loans 2,822 2,607 2,203 8.2% 28.1%

Deposits 3,538 3,023 2,537 17.0% 39.5%

Common Equity 532 511 411 4.1% 29.3%

Note: 2Q2019 included two nonrecurring items: a $7.4 million after-tax gain from the partial sale of UFS, LLC and $2.75

million in pretax compensation related expense. 2Q'19 diluted EPS, ROAA, and ROATCE would have been $1.36, 1.75%, and

18.77%, respectively, excluding the special items.

Historical Financial Performance

25

Earnings and Book Value per Share

26

Diluted Earnings per Share Book Value per Share

*Reported EPS of $5.52 per share; includes $0.55 per share of two nonrecurring items in the 2Q19

$2.57$2.37

$3.33

$4.12

$4

.97

$2.25

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

2015 2016 2017 2018 2019 YTD 2020

$5.52*

$2

2.5

1

$2

1.9

8

$2

4.0

1 $2

7.6

2

$3

3.0

8

$3

5.3

0

$2

3.4

2

$3

2.2

6 $3

7.0

9 $4

0.7

2

$4

8.7

6

$5

1.0

4

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

2015 2016 2017 2018 2019 6/30/20

Tangible Book Value per Share

Book Value per Share

Return Metrics

27

Return on Average AssetsReturn on Average Tangible

Common EquityReturn on

Average Common Equity

*2019 includes $5.4 million in after-tax nonrecurring items. The adjusted ROAA, ROACE, and ROATCE without the nonrecurring items would have been 1.58%, 11.62%, and 16.71%, respectively.

0.96% 0.95%

1.25%

1.38%

1.5

8%

1.23%

0.00%

0.25%

0.50%

0.75%

1.00%

1.25%

1.50%

1.75%

2.00%

2015 2016 2017 2018 2019* YTD2020

1.75%12.35%

8.20%

9.96%

11.04%

11

.62

%

9.35%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

2015 2016 2017 2018 2019* YTD2020

12.89%

12.97%

11.44%

15.24%

16.73%

16

.71

%

13.74%

0.00%

2.50%

5.00%

7.50%

10.00%

12.50%

15.00%

17.50%

20.00%

22.50%

2015 2016 2017 2018 2019* YTD2020

18.53%

30% 21% 18% 17% 14%15% 11%

4%

14%18%

18% 18%

19% 16%

20%

20%

16%

17%

26%

16%

43%

15%

13%

14%

13%

11%

12%

7%

10%

12%

14%

15%

14%

15%

11%

21%

20%

19%

21%

17%

22%

11%

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000

2015 2016 2017 2018 2019 YTD 2019 YTD 2020

($0

00

)

Trust Brokerage Mortgage Service Charges Interchange Fees All other Income

Growing and Diversified Fee Income Base

28

Note: Totals may not equal 100% due to rounding. YTD through June 2020*Noninterest revenue excludes Asset gains (losses), net. All Other Income includes BOLI, income from UFS (beginning in 2016), ancillary banking fees (such as swap fees, safe deposit box fees), management advisory fees, and other miscellaneous income

Noninterest Revenue* by Type

$16.0M

$26.6M

$32.6M

$20.0M

$28.5M

$38.3M

$45.5M

Key Drivers to Fee Income Growth

29

• Total AUM (trust/brokerage/retirement plan services) of over $3.6 billion as of June 30, 2020.

• Established RIA (Nicolet Advisory Services) in 4Q 2016 to house brokerage business and further enhance gross revenue after purchasing brokerage books of business (~$500M in client assets) and technology platform for advisors.

• Brokerage revenue $8.1 million in 2019 – an increase of 124% over 2016.

Wealth Management Home Mortgages and Secondary Market

• Servicing-retained portfolio established in mid-2015. Prior to that all secondary production was sold servicing released. At June 30, servicing portfolio is over $1.0 billion.

• Beginning in 2019 and through 2020, originations lean heavily to refinancing versus purchases given the recent shift down in rates (although purchase activity remains robust).

• Unique non-commission compensation structure for bankers / mortgage lenders allow for greater operating margins during periods of higher production.

Sources: Company reports; Mortgage market share data provided by S&P Global Market Intelligence and includes all funded residential first & second mortgages and residential construction loans under $10 million

MarketShare Rank

#2 #1 #1 #1 #1 #1

$-

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

2015 2016 2017 2018 2019 YTD 2020

Re

ven

ue

s in

$M

Wealth Management Revenues

Trust Brokerage

$151 $251 $174 $195 $336 $155

6.1%

9.0%

8.8%

10.1%11.1%

11.6%

$0

$50

$100

$150

$200

$250

$300

$350

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

2015 2016 2017 2018 2019 YTD 2020 (May)

Fun

de

d L

oan

s ($

M)

(bar

)

Mar

ket

Shar

e (

line

)

Green Bay MSA Mortgage Originations & Market Share

Balance Sheet Growth

30

Total Assets ($M) Total Loans ($M)

Total Deposits ($M) Shareholders Equity ($M)

Sources: SEC and internal Company reports

$1,214

$2,301

$2,932 $3,097$3,577

$4,541

2015 2016 2017 2018 2019 6/30/20

$877

$1,569

$2,088 $2,166

$2,574$2,822

2015 2016 2017 2018 2019 6/30/20

$1,056

$1,970

$2,471 $2,614$2,954

$3,538

2015 2016 2017 2018 2019 6/30/20

$97

$276

$364$387

$516 $532

$12

2015 2016 2017 2018 2019 6/30/20

Common

Preferred

3.88%4.01%

4.30%

4.04%4.19%

3.53%

2015 2016 2017 2018 2019 YTD 2020

Reported Net Interest Margin

Costs and Yield Analysis

31

Net Interest Margin

Cost of Funds / Deposits Yield on Loans & Interest Earning Assets

• Nicolet has remained commercially focused since inception, typically leading to higher yielding loans than peers

• Prior to the adoption of CECL in the 1Q’2020, the net interest margin had benefited from aggregate discount income accretion related to acquisitions, especially from credit impaired loans being worked out more favorably than initially marked.

• YTD 2020 net interest margin impacted by PPP loan portfolio (which carried an average rate of 2.67%, inclusive of loan fees). Excluding PPP loans, the YTD net interest margin would have been 3.58%. NIM also reflects the low rate environment, accounting treatment of acquired loans, and sizable increase in cash due to increased core deposits and added liquidity.

Combination of a low cost deposit gatherer with a commercial loan generator

Sources: SEC and internal Company reports

0.84%

0.56% 0.60%

0.97%

1.16%

0.90%

0.64%0.41%

0.46%

0.82%

1.02%0.84%

0.51%

0.31% 0.34%

0.61%

0.73%

0.60%

2015 2016 2017 2018 2019 YTD 2020

Cost of Interest Bearing Liabilities

Cost of Interest Bearing Deposits

Cost of Total Deposits

5.12% 5.11%5.31% 5.37%

5.57%

4.95%

4.54% 4.44%4.75% 4.74%

5.00%

4.16%

2015 2016 2017 2018 2019 YTD 2020

Loan Yield

Yield on Earning Assets

1.09% 1.05%1.18%

0.75%

0.61% 0.61%0.54%

1.03%

2013 2014 2015 2016 2017 2018 2019 6/30/20

Asset Quality Metrics

32

Nonperforming Assets / Assets

Net Charge-Offs / Average Loans Reserves / Loans

• Nicolet’s conservative credit culture maintained NPAs well below peers during the last financial crisis through recent periods. Periodic spikes have largely been due to acquisition activity.

• Loan loss reserves as a % of loans declined sharply in periods immediately after past acquisitions closed as a direct result of purchase accounting treatment of acquired loans and no LLR carryover. 2020 increase in LLR due to the adoption of CECL during the 1Q

• Net charge-offs have remained at near historical lows, despite current economic uncertainty surrounding the pandemic

Conservative Credit Culture + Aggressive Asset Resolution = Strong Asset Quality

Source: SEC and Company reports; S&P Global Market Intelligence

0.60%

0.54%

0.31%

0.09%

0.02%

0.08% 0.05%

0.02% 0.01%

2012 2013 2014 2015 2016 2017 2018 2019 YTD2020

1.17% excluding PPP loans

0.97%

1.35%

0.92%

0.32%

0.97%

0.49%

0.19%

0.42%

0.29%

2012 2013 2014 2015 2016 2017 2018 2019 6/30/20

Capital Ratios & Share Repurchases

33

6/30/20 Regulatory Capital Profile ($M)

Consolidated Capital Ratios

• Completed four capital accretive M&A transactions in the last seven years – continue to look for strategic opportunities

• Regulatory capital ratios continue to increase (leverage and TCE ratio down at 6/30/20 due to bloated balance sheet)

• Expect near-term capital deployment to come through a combination of continued organic growth coupled with opportunistic share repurchases. Since 2015, purchased between 2.2% and 4.2% of outstanding shares each year.

Strong and Improving Capital Base

*Source: SEC reports & Internal company reports

Common Shares Repurchased

8.4%

12.1%

10.1%

13.1%14.1%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

2015 2016 2017 2018 2019 6/30/20

Tangible Common Equity Ratio CET1 Ratio

Leverage Ratio Tier 1 Capital Ratio

Total Capital Ratio

Tier 1 Common

Capital, $365.1

Trust Preferred Securities,

$29.7

Qualifying Subordinated

Debt, $9.6

$0

$5

$10

$15

$20

$25

0

50

100

150

200

250

300

350

400

450

500

2015 2016 2017 2018 2019 YTD6/30/20

Co

mm

on

Sto

ck R

ep

urc

has

ed

($

mill

ion

s)

# Sh

are

s R

ep

urc

has

ed

(0

00

s)

Shares Repurchased (bar) $ Common Stock Repurchased (line)

Strategic Focus and Investment Considerations

34

Long Term Strategic Plan:

“Be a profitably focused bank doubling in size over 5 years through targeted acquisition growth and smart organic growth across all our revenue lines, while remaining committed to share price return and active supportive capital management.”

How do we get there?

1) Organic loan growth Long term target of mid-single digits in core markets

2) Wealth management revenue growth Continued investment, strategic hires, and improved margins with additional scale

3) Capital management and efficiencies Primarily through share buybacks and growth opportunities

4) Strategic M&A Continue to look for fill-in and market expansion opportunities that are earnings accretive, allow for “lead local” positioning, and are of a relevant size

5) Investment in Innovation Supports each of the above through new product offerings, greater engagement between customers and employees, and being a leader among community banks in Wisconsin

Strategic Focus

35

Investment Considerations

36

• Northern Wisconsin’s predominant community banking franchise

• Became the third largest Wisconsin-based bank in less than 20 years

• Since inception, proven ability to grow both organically and through M&A

• Commercially focused with a stable and low cost core deposit base

• Operates with the founding management team that employs the same core principles and values since 2000

• Experienced consolidator that has successfully announced, closed, and integrated almost all types of M&A transactions – A predominant breakout buyer of choice in the state of Wisconsin

• Conservative Balance Sheet: Minimal credit risk in investment portfolio, core funded, loan portfolio almost entirely in market with very few participations

• “Owner/Manager” philosophy drives capital management decisions:

capital and earnings accretive M&A transactions

active share repurchase program

considerate of current shareholders when raising new capital by focusing on costs and an immediate use of proceeds

Strong insider ownership (> 12%) by officers and directors(1)

(1) As of June 30, 2020

Bob AtwellChairman, President & Chief Executive Officer(920) 430-7317batwell@nicoletbank.com

Mike DanielsPresident & CEONicolet National Bank(920) 430-7318mdaniels@nicoletbank.com

Ann LawsonChief Financial Officer(920) 617-5325ann.lawson@nicoletbank.com

Eric RadzakCorporate Development Officer / Investor Relations(920) 617-4540eradzak@nicoletbank.com