Document

Core banking operations (or adjusted net income (Non-GAAP)) earned $22 million on growth in loans and wealth management fee revenue. Asset quality continued to be very good as nonperforming assets were 0.50% of total assets. Net income reflected non-core items and the related tax effect of each, including U.S. Treasury securities sale loss, expected loss (provision expense) on the Signature Bank sub debt investment (acquired in an acquisition), merger-related expenses, Day 2 credit provision expense required under the CECL model, as well as gains / (losses) on other assets and investments. These non-core items negatively impacted earnings per diluted common share $2.06 for first quarter 2023 and $0.01 for fourth quarter 2022, and positively impacted earnings per diluted common share $0.06 for first quarter 2022.

On March 7, Nicolet executed the sale of $500 million (par value) U.S. Treasury held to maturity securities for a pre-tax loss of $38 million or an after-tax loss of $28 million. The $500 million portfolio yielded approximately 88 bps with scheduled maturities in 2024 and 2025 (or average duration of 2 years). Proceeds from the sale were used to reduce existing FHLB borrowings with the remainder held in investable cash. At the time of sale, the borrowings had an all-in cost of 456 bps, and the investable cash earned 465 bps, leading to an expected increase in annual net interest income of approximately $17 million before tax. Nicolet estimates the loss from the balance sheet repositioning will be earned back in approximately two years.

“We made several moves during the first quarter that were consistent with our mindset toward long-term thinking. Our goal with these moves was to make Nicolet a stronger and more nimble organization going forward,” said Mike Daniels, President and CEO of Nicolet. “The $500 million in U.S. Treasuries that were going to remain on our balance sheet for another two years were depressing our net interest margin, which had a negative effect on our earnings. In early March, after weighing the decision and prior to the banking turmoil, management and the Board felt it was in the best long-term interest of shareholders to sell the securities, as it better positions Nicolet for immediate and, more importantly, future success in the form of higher earnings. Based on this move, and as we began to see during March, we expect our net interest margin to increase for at least the next few quarters. Additionally, a benefit of this decision provides for better

“Despite the volatility the banking industry has witnessed in the past 45 days, Nicolet remains extremely well-positioned to take advantage of any future disruption. We have ample liquidity to fund growth. Credit quality remains healthy, and we have little exposure to higher risk areas like office commercial real estate. Inclusive of first quarter results, our tangible common equity ratio improved, leaving us in the enviable position of deciding how best to utilize our capital going forward. And most importantly, the past two months have demonstrated just how talented and relationship-focused our employees are when it comes to taking care of our customers.” Daniels added.

At March 31, 2023, period end assets were $8.2 billion, a decrease of $572 million (7%) from December 31, 2022, mostly investment securities due to the balance sheet repositioning. Total loans increased $43 million (3% annualized) from December 31, 2022. Total deposits of $6.9 billion at March 31, 2023, decreased $250 million (3%) from December 31, 2022, while total borrowings decreased $295 million from December 31, 2022 in FHLB advances. Total capital was $962 million at March 31, 2023, a decrease of $11 million since December 31, 2022, mostly from the balance sheet repositioning.

Nonperforming assets were $41 million and represented 0.50% of total assets at March 31, 2023, compared to $40 million or 0.46% at December 31, 2022, and $49 million or 0.68% at March 31, 2022. The allowance for credit losses-loans was $62 million and represented 1.00% of total loans at March 31, 2023, compared to $62 million (or 1.00% of total loans) at December 31, 2022, and $50 million (or 1.07% of total loans) at March 31, 2022. Asset quality trends have been solid and loan net charge-offs were negligible.

Net interest income was $57 million for first quarter 2023, down $11 million from fourth quarter 2022, the net of $2 million higher interest income and $13 million higher interest expense. The higher interest income was largely attributable to organic loan growth and the repricing of new and renewed loans in a rising interest rate environment, partly offset by lower interest income on investment securities from the balance sheet repositioning. The increase in interest expense was mostly due to higher average rates, reflecting the rising interest rate environment as well as the migration of customer deposits to higher rate deposit products. The net interest margin for first quarter 2023 was 2.91%, down 48 bps from 3.39% for fourth quarter 2022. The yield on interest-earning assets increased 22 bps (to 4.49%) mostly due to the rising interest rate environment, while the cost of funds increased 97 bps (to 2.30%) for first quarter 2023, attributable mainly to the repricing of deposits and funding in the higher interest rate environment.

Noninterest income was a negative $22 million for first quarter 2023, a $37 million unfavorable change compared to fourth quarter 2023. Excluding net asset gains (losses), noninterest income for first quarter 2023 was $17 million, a $2 million increase over fourth quarter 2023. The sequential quarter increase included higher wealth revenue, a favorable change in the fair value of nonqualified deferred compensation plan assets, and higher net LSR income from slowing prepayment speeds, partly offset by a decrease in other noninterest income (mostly crop insurance sales and broker fees).

This communication contains non-GAAP financial measures, such as non-GAAP adjusted net income or core banking operations, non-GAAP adjusted earnings per diluted common share, tangible book value per common share, return on average tangible common equity, and tangible common equity to tangible assets. Management believes such measures to be helpful to management, investors and others in understanding Nicolet’s results of operations or financial position. When non-GAAP financial measures are used, the comparable GAAP financial measures, as well as the reconciliation of the non-GAAP measures to the GAAP financial measures, are provided. See “Reconciliation of Non-GAAP Financial Measures (Unaudited)” below. The non-GAAP net income measure and related reconciliation provide information useful to investors in understanding the operating performance and trends of Nicolet and also aid investors in comparing Nicolet’s financial performance to the financial performance of peer banks. Management considers non-GAAP financial ratios to be critical metrics with which to analyze and evaluate financial condition and capital strengths. While non-GAAP financial measures are frequently used by stakeholders in the evaluation of a corporation, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of results as reported under GAAP.

Certain statements contained in this communication, which are not statements of historical fact, constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements generally can be identified by words or phrases such as, without limitation, “anticipate,” “believe,” “aim,” “can,” “conclude,” “continue,” “could,” “estimate,” “expect,” “foresee,” “goal,” “intend,” “may,” “might,” “outlook,” “possible,” “plan,” “predict,” “project,” “potential,” “seek,” “should,” “target,” “will,” “will likely,” “would,” or the negative of these terms or other comparable terminology, as well as similar expressions, and in this press release include our statements about the anticipated time to earn back the loss from the sale of U. S. Treasuries, anticipated increases in our net income margin and our expectations of returning to the top quartiles in shareholder profit metrics.

Forward-looking statements are not historical facts but instead express only management’s beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management’s control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements. Risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, including, but not limited to: (i) deterioration in the financial condition of Nicolet’s borrowers, including as a result of the negative impact of inflationary pressures on our customers and their businesses, resulting in significant increases in loan losses and provisions for those losses; (ii) fluctuations or differences in interest rates on loans or deposits from those that Nicolet is modeling or anticipating, including as a result of Nicolet’s inability to better match deposit rates with the changes in the short-term rate environment, or that affect the yield curve; (iii) adverse conditions in the national or local economies including in Nicolet’s operating markets; (iv) the inability of Nicolet, or entities in which it has significant investments, to maintain the long-term historical growth rate of its loan portfolio; (v) the ability to grow and retain low-cost core deposits and retain large, uninsured deposits, including during times when Nicolet is seeking to limit the rates it pays on deposits; (vi) changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; (vii) effectiveness of Nicolet’s asset management activities in improving, resolving or liquidating lower-quality assets; (viii) the impact of competition with other financial institutions, including pricing pressures and the resulting impact on Nicolet’s results, including as a result of the negative impact to net interest margin from rising deposit and other funding costs; (ix) the results of regulatory examinations; (x) Nicolet’s ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions; (xi) difficulties and delays in integrating acquired businesses or fully realizing costs savings and other benefits from acquisitions; (xii) risks of expansion into new geographic or product markets; (xiiii) any matter that would cause Nicolet to conclude that there was impairment of any asset, including

goodwill or other intangible assets; (xiv) reduced ability to attract additional financial advisors (or failure of such advisors to cause their clients to switch to Nicolet), to retain financial advisors (including as a result of the competitive environment for associates) or otherwise to attract customers from other financial institutions; (xv) deterioration in the valuation of other real estate owned and increased expenses associated therewith; (xvi) inability to comply with regulatory capital requirements, including those resulting from changes to capital calculation methodologies, required capital maintenance levels or regulatory requests or directives; (xvii) the vulnerability of Nicolet’s network and online banking portals, and the systems of parties with whom Nicolet contracts, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches; (xviii) the possibility of increased compliance and operational costs as a result of increased regulatory oversight, and the development of additional banking products for Nicolet’s corporate and consumer clients; (xix) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers; (xx) fluctuations in the valuations of Nicolet’s equity investments and the ultimate success of such investments; (xxi) the availability of and access to capital; (xxii) adverse results (including costs, fines, reputational harm, inability to obtain necessary approvals and/or other negative effects) from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of Nicolet’s participation in and execution of government programs related to the COVID-19 pandemic; and (xxiii) general competitive, economic, political and market conditions. Additional factors which could affect the forward looking statements can be found in Nicolet’s 2022 Annual Report on Form 10-K, as well subsequent filings with the SEC and available on the SEC’s website at www.sec.gov.


Nicolet Bankshares, Inc.
Consolidated Balance Sheets (Unaudited)
(In thousands, except share data)	3/31/2023		12/31/2022		9/30/2022		6/30/2022		3/31/2022
Assets
Cash and due from banks	$	93,462	$	121,211	$	118,537	$	96,189	$	183,705
Interest-earning deposits	20,718		33,512		319,745		84,828		212,218
Cash and cash equivalents	114,180		154,723		438,282		181,017		395,923
Certificates of deposit in other banks	11,293		12,518		13,510		15,502		19,692
Securities available for sale, at fair value	1,023,176		917,618		949,597		813,248		852,331
Securities held to maturity, at amortized cost	—		679,128		686,424		695,812		684,991
Other investments	57,482		65,286		79,279		53,269		54,257
Loans held for sale	4,962		1,482		3,709		5,084		9,764

Loans	6,223,732		6,180,499		5,984,437		4,978,654		4,683,315
Allowance for credit losses - loans	(62,412)		(61,829)		(60,348)		(50,655)		(49,906)
Loans, net	6,161,320		6,118,670		5,924,089		4,927,999		4,633,409
Premises and equipment, net	112,569		108,956		106,648		96,656		94,275
Bank owned life insurance (“BOLI”)	166,107		165,137		165,166		136,060		135,292
Goodwill and other intangibles, net	400,277		402,438		407,117		336,721		338,068
Accrued interest receivable and other assets	140,988		138,013		122,095		108,884		102,210
Total assets	$	8,192,354	$	8,763,969	$	8,895,916	$	7,370,252	$	7,320,212

Liabilities and Stockholders' Equity
Liabilities:
Noninterest-bearing demand deposits	$	2,094,623	$	2,361,816	$	2,477,507	$	2,045,732	$	1,912,995
Interest-bearing deposits	4,833,956		4,817,105		4,918,395		4,240,534		4,318,125
Total deposits	6,928,579		7,178,921		7,395,902		6,286,266		6,231,120
Short-term borrowings	50,000		317,000		280,000		—		—
Long-term borrowings	197,448		225,342		225,236		196,963		206,946

Accrued interest payable and other liabilities	54,535		70,177		56,315		47,636		45,836
Total liabilities	7,230,562		7,791,440		7,957,453		6,530,865		6,483,902
Stockholders' Equity:
Common stock	147		147		147		134		135
Additional paid-in capital	623,746		621,988		620,392		520,741		524,478
Retained earnings	398,966		407,864		380,263		361,753		337,768
Accumulated other comprehensive income (loss)	(61,067)		(57,470)		(62,339)		(43,241)		(26,071)
Total stockholders' equity	961,792		972,529		938,463		839,387		836,310
Total liabilities and stockholders' equity	$	8,192,354	$	8,763,969	$	8,895,916	$	7,370,252	$	7,320,212

Common shares outstanding	14,698,265		14,690,614		14,673,197		13,407,375		13,456,741


Nicolet Bankshares, Inc.
Consolidated Statements of Income (Loss) (Unaudited)
	For the Three Months Ended
(In thousands, except per share data)	3/31/2023		12/31/2022		9/30/2022		6/30/2022		3/31/2022
Interest income:
Loans, including loan fees	$	79,142	$	76,367	$	63,060	$	52,954	$	51,299
Taxable investment securities	4,961		5,771		5,350		5,135		5,127
Tax-exempt investment securities	1,737		1,915		1,181		647		675
Other interest income	1,536		1,703		1,127		790		817
Total interest income	87,376		85,756		70,718		59,526		57,918
Interest expense:
Deposits	24,937		12,512		4,638		2,410		2,192
Short-term borrowings	3,212		2,624		594		28		—
Long-term borrowings	2,506		2,528		2,496		2,004		1,931
Total interest expense	30,655		17,664		7,728		4,442		4,123
Net interest income	56,721		68,092		62,990		55,084		53,795
Provision for credit losses	3,090		1,850		8,600		750		300
Net interest income after provision for credit losses	53,631		66,242		54,390		54,334		53,495
Noninterest income:
Wealth management fee income	5,512		5,170		5,009		4,992		5,699
Mortgage income, net	1,466		1,311		1,728		2,205		3,253
Service charges on deposit accounts	1,480		1,502		1,589		1,536		1,477
Card interchange income	3,033		3,100		3,012		2,950		2,581
BOLI income	1,200		1,151		966		768		933
Asset gains (losses), net	(38,468)		260		(46)		1,603		1,313
Deferred compensation plan asset market valuations	946		314		(571)		(1,316)		(467)
LSR income, net	1,155		(324)		(517)		(143)		(382)
Other noninterest income	1,832		2,362		1,830		1,536		1,536
Total noninterest income	(21,844)		14,846		13,000		14,131		15,943
Noninterest expense:
Personnel expense	24,328		23,705		24,136		19,681		21,191
Occupancy, equipment and office	8,783		8,246		7,641		6,891		6,944
Business development and marketing	2,121		2,303		2,281		2,057		1,831
Data processing	3,988		3,871		3,664		3,596		3,387
Intangibles amortization	2,161		2,217		1,628		1,347		1,424
FDIC assessments	540		480		480		480		480
Merger-related expense	163		492		519		555		98
Other noninterest expense	2,791		2,675		2,218		1,931		2,195
Total noninterest expense	44,875		43,989		42,567		36,538		37,550
Income (loss) before income tax expense	(13,088)		37,099		24,823		31,927		31,888
Income tax expense (benefit)	(4,190)		9,498		6,313		7,942		7,724
Net income (loss)	$	(8,898)	$	27,601	$	18,510	$	23,985	$	24,164
Earnings (loss) per common share:
Basic	$	(0.61)	$	1.88	$	1.33	$	1.79	$	1.77
Diluted	$	(0.61)	$	1.83	$	1.29	$	1.73	$	1.70
Common shares outstanding:
Basic weighted average	14,694		14,685		13,890		13,402		13,649
Diluted weighted average	14,694		15,110		14,310		13,852		14,215


Nicolet Bankshares, Inc.
Consolidated Financial Summary (Unaudited)
	For the Three Months Ended
(In thousands, except share & per share data)	3/31/2023			12/31/2022			9/30/2022			6/30/2022			3/31/2022
Selected Average Balances:
Loans	$	6,201,780		$	6,087,146		$	5,391,258		$	4,838,535		$	4,688,784
Investment securities	1,508,535			1,701,531			1,625,453			1,573,027			1,575,624
Interest-earning assets	7,830,590			7,963,485			7,161,120			6,579,644			6,711,191
Cash and cash equivalents	127,726			179,381			167,550			217,553			568,472
Goodwill and other intangibles, net	401,212			403,243			363,211			337,289			338,694
Total assets	8,570,623			8,688,741			7,856,131			7,273,219			7,519,636
Deposits	7,060,262			7,222,415			6,643,247			6,188,044			6,392,544
Interest-bearing liabilities	5,391,107			5,262,278			4,730,209			4,425,450			4,683,915
Stockholders’ equity (common)	970,108			954,970			890,205			837,975			861,319
Selected Ratios: (1)
Book value per common share	$	65.44		$	66.20		$	63.96		$	62.61		$	62.15
Tangible book value per common share (2)	$	38.20		$	38.81		$	36.21		$	37.49		$	37.03
Return on average assets	(0.42)		%	1.26		%	0.93		%	1.32		%	1.30		%
Return on average common equity	(3.72)			11.47			8.25			11.48			11.38
Return on average tangible common equity (2)	(6.34)			19.85			13.93			19.21			18.75
Average equity to average assets	11.32			10.99			11.33			11.52			11.45
Stockholders’ equity to assets	11.74			11.10			10.55			11.39			11.42
Tangible common equity to tangible assets (2)	7.21			6.82			6.26			7.15			7.14
Net interest margin	2.91			3.39			3.48			3.34			3.23
Efficiency ratio	60.69			52.79			55.62			53.74			54.56
Effective tax rate	32.01			25.60			25.43			24.88			24.22
Selected Asset Quality Information:
Nonaccrual loans	$	38,895		$	38,080		$	38,326		$	36,580		$	39,670
Other real estate owned - closed branches	1,347			1,347			1,506			4,378			9,019
Other real estate owned	628			628			628			628			797
Nonperforming assets	$	40,870		$	40,055		$	40,460		$	41,586		$	49,486
Net loan charge-offs (recoveries)	$	167		$	597		$	216		$	(149)		$	66
Allowance for credit losses-loans to loans	1.00		%	1.00		%	1.01		%	1.02		%	1.07		%
Net loan charge-offs to average loans (1)	0.01			0.04			0.02			(0.01)			0.01
Nonperforming loans to total loans	0.62			0.62			0.64			0.73			0.85
Nonperforming assets to total assets	0.50			0.46			0.45			0.56			0.68
Stock Repurchase Information:
Common stock repurchased (dollars) (3)	$	—		$	786		$	—		$	6,277		$	54,420
Common stock repurchased (full shares) (3)	—			10,000			—			67,949			593,713


Nicolet Bankshares, Inc.
Consolidated Loan & Deposit Metrics (Unaudited)
(In thousands)	3/31/2023		12/31/2022		9/30/2022		6/30/2022		3/31/2022
Period End Loan Composition
Commercial & industrial	$	1,330,052	$	1,304,819	$	1,268,252	$	1,118,360	$	1,063,300
Owner-occupied commercial real estate (“CRE”)	969,064		954,599		954,933		790,680		794,946
Agricultural	1,065,909		1,088,607		1,017,498		967,192		826,364
Commercial	3,365,025		3,348,025		3,240,683		2,876,232		2,684,610
CRE investment	1,146,388		1,149,949		1,132,951		818,562		807,602
Construction & land development	333,370		318,600		306,446		228,575		211,640
Commercial real estate	1,479,758		1,468,549		1,439,397		1,047,137		1,019,242
Commercial-based loans	4,844,783		4,816,574		4,680,080		3,923,369		3,703,852
Residential construction	134,782		114,392		101,286		69,423		72,660
Residential first mortgage	1,014,166		1,016,935		970,384		785,591		721,107
Residential junior mortgage	177,026		177,332		176,428		148,732		133,817
Residential real estate	1,325,974		1,308,659		1,248,098		1,003,746		927,584
Retail & other	52,975		55,266		56,259		51,539		51,879
Retail-based loans	1,378,949		1,363,925		1,304,357		1,055,285		979,463
Total loans	$	6,223,732	$	6,180,499	$	5,984,437	$	4,978,654	$	4,683,315

Period End Deposit Composition
Noninterest-bearing demand	$	2,094,623	$	2,361,816	$	2,477,507	$	2,045,732	$	1,912,995
Interest-bearing demand	1,138,415		1,279,850		1,242,961		1,230,822		1,239,582
Money market	1,886,879		1,707,619		1,769,444		1,411,688		1,500,442
Savings	865,824		931,417		939,832		858,160		841,369
Time	942,838		898,219		966,158		739,864		736,732
Total deposits	$	6,928,579	$	7,178,921	$	7,395,902	$	6,286,266	$	6,231,120
Brokered transaction accounts	$	233,393	$	252,829	$	252,891	$	265,240	$	228,079
Brokered time deposits	289,181		339,066		386,101		218,198		180,823
Total brokered deposits	$	522,574	$	591,895	$	638,992	$	483,438	$	408,902
Customer transaction accounts	$	5,752,348	$	6,027,873	$	6,176,853	$	5,281,162	$	5,266,309
Customer time deposits	653,657		559,153		580,057		521,666		555,909
Total customer deposits (core)	$	6,406,005	$	6,587,026	$	6,756,910	$	5,802,828	$	5,822,218


Nicolet Bankshares, Inc.
Net Interest Income and Net Interest Margin Analysis (Unaudited)

	For the Three Months Ended
	March 31, 2023						December 31, 2022						March 31, 2022
	Average				Average		Average				Average		Average				Average
(In thousands)	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
ASSETS
Commercial-based loans	$	5,145,341	$	65,512	5.09	%	$	5,070,077	$	63,812	4.92	%	$	3,920,744	$	43,197	4.41	%
Retail-based loans	1,056,439		13,674		5.18	%	1,017,069		12,594		4.95	%	768,040		8,137		4.24	%
Total loans (1) (2)	6,201,780		79,186		5.11	%	6,087,146		76,406		4.93	%	4,688,784		51,334		4.38	%
Investment securities (2)	1,508,535		7,246		1.93	%	1,701,531		8,302		1.95	%	1,575,624		6,158		1.57	%
Other interest-earning assets	120,275		1,536		5.11	%	174,808		1,703		3.85	%	446,783		817		0.73	%
Total interest-earning assets	7,830,590		$	87,968	4.49	%	7,963,485		$	86,411	4.27	%	6,711,191		$	58,309	3.48	%
Other assets, net	740,033						725,256						808,445
Total assets	$	8,570,623					$	8,688,741					$	7,519,636
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing core deposits	$	4,325,340	$	19,587	1.84	%	$	4,175,671	$	8,477	0.81	%	$	4,009,898	$	1,637	0.17	%
Brokered deposits	566,282		5,350		3.83	%	611,226		4,035		2.62	%	459,460		555		0.49	%
Total interest-bearing deposits	4,891,622		24,937		2.07	%	4,786,897		12,512		1.04	%	4,469,358		2,192		0.20	%
Wholesale funding	499,485		5,718		4.58	%	475,381		5,152		4.27	%	214,557		1,931		3.60	%
Total interest-bearing liabilities	5,391,107		$	30,655	2.30	%	5,262,278		$	17,664	1.33	%	4,683,915		$	4,123	0.35	%
Noninterest-bearing demand deposits	2,168,640						2,435,518						1,923,186
Other liabilities	40,768						35,975						51,216
Stockholders' equity	970,108						954,970						861,319
Total liabilities and stockholders' equity	$	8,570,623					$	8,688,741					$	7,519,636
Net interest income and rate spread			$	57,313	2.19	%			$	68,747	2.94	%			$	54,186	3.13	%
Net interest margin					2.91	%					3.39	%					3.23	%
Loan purchase accounting accretion (3)			$	1,636	0.11	%			$	1,935	0.09	%			$	575	0.05	%


Nicolet Bankshares, Inc.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
	At or for the Three Months Ended
(In thousands, except per share data)	3/31/2023		12/31/2022		9/30/2022		6/30/2022		3/31/2022
Adjusted net income (loss) reconciliation: (1)
Net income (loss) (GAAP)	$	(8,898)	$	27,601	$	18,510	$	23,985	$	24,164
Adjustments:
Provision expense (2)	2,340		—		8,000		—		—
Assets (gains) losses, net	38,468		(260)		46		(1,603)		(1,313)
Merger-related expense	163		492		519		555		98

Adjustments subtotal	40,971		232		8,565		(1,048)		(1,215)
Tax on Adjustments (25%)	10,243		58		2,141		(262)		(304)
Adjustments, net of tax	30,728		174		6,424		(786)		(911)
Core banking operations / Adjusted net income (Non-GAAP)	$	21,830	$	27,775	$	24,934	$	23,199	$	23,253


Diluted earnings (loss) per common share:
Diluted earnings (loss) per common share (GAAP)	$	(0.61)	$	1.83	$	1.29	$	1.73	$	1.70
Adjusted Diluted earnings per common share (Non-GAAP)	$	1.45	$	1.84	$	1.74	$	1.67	$	1.64
Tangible assets: (3)
Total assets	$	8,192,354	$	8,763,969	$	8,895,916	$	7,370,252	$	7,320,212
Goodwill and other intangibles, net	400,277		402,438		407,117		336,721		338,068
Tangible assets	$	7,792,077	$	8,361,531	$	8,488,799	$	7,033,531	$	6,982,144
Tangible common equity: (3)
Stockholders’ equity (common)	$	961,792	$	972,529	$	938,463	$	839,387	$	836,310
Goodwill and other intangibles, net	400,277		402,438		407,117		336,721		338,068
Tangible common equity	$	561,515	$	570,091	$	531,346	$	502,666	$	498,242
Tangible average common equity: (3)
Average stockholders’ equity (common)	$	970,108	$	954,970	$	890,205	$	837,975	$	861,319
Average goodwill and other intangibles, net	401,212		403,243		363,211		337,289		338,694
Average tangible common equity	$	568,896	$	551,727	$	526,994	$	500,686	$	522,625