Company Page

Changed Risks for NICOLET BANKSHARES INC (NCBS)

Nicolet may not be able to sustain its historical rate of growth, or may encounter issues associated with its growth, either of which could adversely affect our financial condition, results of operations, and share price

Nicolet has not historically paid dividends to our common shareholders, and we cannot guarantee that it will pay dividends to such shareholders in the future

Nicolet may need to raise additional capital in the future but that capital may not be available when it is needed or may be dilutive to our shareholders

As a community bank, Nicolet’s success depends upon local and regional economic conditions and has different lending risks than larger banks

Risks Relating to Nicolet’s Business

Nicolet’s directors and executive officers own a significant portion of our common stock and can influence shareholder decisions

Nicolet’s profitability is sensitive to changes in the interest rate environment

Competition in the banking industry is intense and Nicolet faces strong competition from larger, more established competitors

Nicolet may experience increased delinquencies and credit losses, which could have a material adverse effect on our capital, financial condition, results of operations, and share price

Nicolet continually encounters technological change, we may have fewer resources than our competition to continue to invest in technological improvements

Holders of Nicolet’s subordinated debentures have rights that are senior to those of its common shareholders

Table of Contents

ITEM 1A RISK FACTORS

Because Nicolet is a regulated bank holding company, your ability to obtain “control” or to act in concert with others to obtain control over Nicolet without the prior consent of the Federal Reserve or other applicable bank regulatory authorities is limited and may subject you to regulatory oversight

Risks Related to Ownership of Nicolet’s Common Stock

Nicolet faces significant operational risk, including risk of loss related to cybersecurity breaches, due to the financial services industry’s increased reliance on technology

Nicolet is subject to extensive regulation that could limit or restrict our activities, which could have a material adverse effect on our results of operations or share price

Negative publicity could damage our reputation