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Nicolet BANKSHARES , INC . FOR IMMEDIATE RELEASE NICOLET BANKSHARES , INC . ANNOUNCES FIRST QUARTER 2021 EARNINGS • Net income of $ 18.2 million , 73 % higher than first quarter 2020 • Earnings per diluted common share of $ 1.75 for first quarter , 79 % higher than first quarter 2020 • Return on average assets of 1.64 % for first quarter , compared to 1.19 % for 2020 • • Asset quality , mortgage income and PPP loan activity remain the key drivers to strong performance Agreement to acquire Mackinac Financial Corporation announced April 12 Exhibit 99.1 Green Bay , Wisconsin , April 20 , 2021 - Nicolet Bankshares , Inc. ( NASDAQ : NCBS ) ( “ Nicolet ” ) announced first quarter 2021 net income of $ 18.2 million and earnings per diluted common share of $ 1.75 , compared to $ 18.0 million and $ 1.74 for fourth quarter 2020 , and $ 10.6 million and $ 0.98 for first quarter 2020 , respectively . Annualized quarterly return on average assets was 1.64 % , 1.58 % and 1.19 % , for first quarter 2021 , fourth quarter 2020 and first quarter 2020 , respectively . " We are very pleased with the exceptional start to 2021 , " said Mike Daniels , President and CEO of Nicolet National Bank . “ The main themes from late 2020 continue to drive our earnings - strong mortgage income , improved asset quality , Paycheck Protection Program ( “ PPP ” ) loan activity , and expense control - producing $ 18 million of net income for the third consecutive quarter . ” " Our commercial customer base as a whole has proven to be resilient , entrepreneurial , and focused on being great operators of their businesses . Our bankers have worked hard to build solid relationships , not just for a transaction , but to become a true asset to our customers and to be a partner in finding solutions , ” Daniels said . “ This combination of great customers and great bankers has led to pristine asset quality metrics , allowing us to lower our loan loss provision to $ 0.5 million this quarter . " " In the mortgage and wealth business , our bankers and advisors continue to build on their outstanding reputation because of their willingness to lead proactive , real conversations , especially as the pandemic continues to affect our communities , " Daniels said . “ Word - of - mouth referrals determine success in these businesses . We continue to grow because of the trust we earn every day , with every customer . " Secondary mortgage income was $ 7.2 million for first quarter ( compared to $ 7.8 million and $ 2.3 million for fourth and first quarters of 2020 , respectively ) , and wealth revenues were $ 4.6 million ( 3 % and 17 % more than fourth and first quarters of 2020 , respectively ) . " All areas of the bank are performing well because we remain focused on executing a simple yet important purpose : serve our customers , communities , and each other , ” said Bob Atwell , Chairman and CEO of Nicolet . " The results of this execution are what shows in the first quarter numbers . " The timing of Nicolet's acquisition of Advantage Community Bancshares , Inc. ( “ Advantage ” ) on August 21 , 2020 , at 4 % of then pre - merger assets , impacts financial comparisons . At consummation , Advantage added $ 172 million in assets , $ 88 million in loans , $ 1 million in core deposit intangible , $ 12 million in goodwill , $ 141 million in deposits and four branches . Balance Sheet Review At March 31 , 2021 , period end assets were $ 4.5 billion , unchanged from December 31 , 2020 , with a slight shift in composition . The shift in assets included a $ 57 million increase in loans ( including $ 43 million from net activity in PPP loans , and $ 14 million increase in all other loans , mainly commercial ) and a $ 19 million increase in investment securities ,