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Nicolet BANKSHARES , INC . Exhibit 99.1 FOR IMMEDIATE RELEASE • • • • NICOLET BANKSHARES , INC . ANNOUNCES THIRD QUARTER 2021 EARNINGS Acquisition of Mackinac Financial Corporation closed and integrated on September 3 , adding approximately $ 1.5 billion in assets Net income of $ 7.8 million , compared to $ 18.3 million in prior quarter and $ 18.1 million in third quarter 2020 , significantly impacted by the Mackinac acquisition Net income of $ 44.3 million for first nine months of 2021 , compared to $ 42.1 million for first nine months of 2020 Earnings per diluted common share of $ 0.73 and $ 4.22 for the three and nine months ended September 30 • • Return on average assets of 0.59 % and 1.24 % for the three and nine months ended September 30 Completed the private placement of $ 100 million of Subordinated Notes on July 7 Green Bay , Wisconsin , October 19 , 2021 - Nicolet Bankshares , Inc. ( NASDAQ : NCBS ) ( “ Nicolet ” ) announced third quarter 2021 net income of $ 7.8 million and earnings per diluted common share of $ 0.73 , compared to $ 18.3 million and $ 1.77 for second quarter 2021 , and $ 18.1 million and $ 1.72 for third quarter 2020 , respectively . Annualized quarterly return on average assets was 0.59 % , 1.62 % and 1.55 % , for third quarter 2021 , second quarter 2021 and third quarter 2020 , respectively . Net income for the nine months ended September 30 , 2021 was $ 44.3 million and earnings per diluted common share was $ 4.22 , compared to net income of $ 42.1 million and earnings per diluted common share of $ 3.97 for the first nine months of 2020. Annualized return on average assets was 1.24 % and 1.35 % for the first nine months of 2021 and 2020 , respectively . On September 3 , 2021 , Nicolet completed its merger with Mackinac Financial Corporation ( " Mackinac ” ) , pursuant to the terms of the definitive merger agreement dated April 12 , 2021 , at which time Mackinac merged with and into Nicolet , expanding Nicolet prominently into Northern Michigan and the Upper Peninsula of Michigan , and adding to Nicolet's presence in upper northeastern Wisconsin . Mackinac shareholders received fixed consideration of 0.22 shares of Nicolet common stock and $ 4.64 in cash for each share of Mackinac common stock owned , resulting in the issuance of 2.3 million shares of Nicolet common stock for stock consideration of $ 180 million and cash consideration of $ 49 million , or a total purchase price of $ 229 million . Upon consummation , Mackinac added total assets of $ 1.5 billion , loans of $ 0.9 billion , deposits of $ 1.4 billion and preliminary goodwill of $ 92 million . " We fully expected this to be a noisy quarter from a financial perspective with the closing of the Mackinac acquisition , and the financial results certainly proved that to be true . However , we view our acquisitions as long - term investments in the Nicolet franchise , which helps dampen some of the noise . Our integration team delivered another solid performance of combining two banks . We are especially pleased with the core performance of the bank this quarter . Our people did a great job of serving our customers without being distracted by the Mackinac integration . We remain focused on introducing our brand to new communities , introducing our culture to new employees , and operating an outstanding community bank , ” said Mike Daniels , President and CEO of Nicolet . " Our organic loan growth is pacing at 7.5 % annualized , and continues to stay ahead of our PPP forgiveness activity . Our credit metrics , including the addition of Mackinac , remain pristine and reflective of our strong credit culture , ” Daniels said . " We continue to focus on capital management , and although we were out of the market for about half of the quarter due to our M & A activity and related shareholder meetings , we repurchased $ 17.1 million or 233,594 of our shares through our repurchase program . "