Nicolet Bankshares (NIC) 10-Q 2 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 30, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-37700
Entity Registrant Name	NICOLET BANKSHARES, INC
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	47-0871001
Entity Address, Address Line One	111 North Washington Street
Entity Address, City or Town	Green Bay,
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	54301
City Area Code	(920)
Local Phone Number	430-1400
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	NIC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		14,716,616
Entity Central Index Key	0001174850
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023		Dec. 31, 2022
Assets
Cash and due from banks	$ 93,462		$ 121,211
Interest-earning deposits	20,718		33,512
Cash and cash equivalents	114,180	[1]	154,723
Certificates of deposit in other banks	11,293		12,518
Securities available for sale (“AFS”), at fair value	1,023,176		917,618
Securities held to maturity (“HTM”), at amortized cost	0		679,128
Other investments	57,482		65,286
Loans held for sale	4,962		1,482
Loans	6,223,732		6,180,499
Allowance for credit losses - loans (“ACL-Loans”)	(62,412)		(61,829)
Loans, net	6,161,320		6,118,670
Premises and equipment, net	112,569		108,956
Bank owned life insurance (“BOLI”)	166,107		165,137
Goodwill and other intangibles, net	400,277		402,438
Accrued interest receivable and other assets	140,988		138,013
Total assets	8,192,354		8,763,969
Liabilities:
Noninterest-bearing demand deposits	2,094,623		2,361,816
Interest-bearing deposits	4,833,956		4,817,105
Total deposits	6,928,579		7,178,921
Short-term borrowings	50,000		317,000
Long-term borrowings	197,448		225,342
Accrued interest payable and other liabilities	54,535		70,177
Total liabilities	7,230,562		7,791,440
Stockholders’ Equity:
Common stock	147		147
Additional paid-in capital	623,746		621,988
Retained earnings	398,966		407,864
Accumulated other comprehensive income (loss)	(61,067)		(57,470)
Total stockholders’ equity	961,792		972,529
Total liabilities and stockholders’ equity	$ 8,192,354		$ 8,763,969
Preferred shares authorized (no par value) (in shares)	10,000,000		10,000,000
Preferred shares issued and outstanding (in shares)	0		0
Common shares authorized (par value $0.01 per share) (in shares)	30,000,000		30,000,000
Common shares outstanding (in shares)	14,698,265		14,690,614
Common shares issued (in shares)	14,771,255		14,764,104
[1]There was no restricted cash in cash and cash equivalents at March 31, 2023, while cash and cash equivalents at March 31, 2022, included restricted cash of $1.9 million pledged as collateral on interest rate swaps. No reserve balance was required with the Federal Reserve Bank at either March 31, 2023 or March 31, 2022.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest income:
Loans, including loan fees	$ 79,142	$ 51,299
Investment securities:
Taxable	4,961	5,127
Tax-exempt	1,737	675
Other interest income	1,536	817
Total interest income	87,376	57,918
Interest expense:
Deposits	24,937	2,192
Short-term borrowings	3,212	0
Long-term borrowings	2,506	1,931
Total interest expense	30,655	4,123
Net interest income	56,721	53,795
Provision for credit losses	3,090	300
Net interest income after provision for credit losses	53,631	53,495
Noninterest income:
Mortgage income, net	1,466	3,253
BOLI income	1,200	933
Deferred compensation plan asset market valuations	946	(467)
LSR income, net	1,155	(382)
Asset gains (losses), net	(38,468)	1,313
Other income	1,832	1,536
Total noninterest income	(21,844)	15,943
Noninterest expense:
Personnel	24,328	21,191
Occupancy, equipment and office	8,783	6,944
Business development and marketing	2,121	1,831
Data processing	3,988	3,387
Intangibles amortization	2,161	1,424
FDIC assessments	540	480
Merger-related expense	163	98
Other expense	2,791	2,195
Total noninterest expense	44,875	37,550
Income (loss) before income tax expense	(13,088)	31,888
Income tax expense (benefit)	(4,190)	7,724
Net income (loss)	$ (8,898)	$ 24,164
Earnings (loss) per common share:
Basic (in dollars per share)	$ (0.61)	$ 1.77
Diluted (in dollars per share)	$ (0.61)	$ 1.70
Weighted average common shares outstanding:
Basic (in shares)	14,694,451	13,648,745
Diluted (in shares)	14,694,451	14,214,752
Wealth management fee income
Noninterest income:
Fees and commissions	$ 5,512	$ 5,699
Service charges on deposit accounts
Noninterest income:
Fees and commissions	1,480	1,477
Card interchange income
Noninterest income:
Fees and commissions	$ 3,033	$ 2,581

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (8,898)	$ 24,164
Unrealized gains (losses) on securities AFS:
Net unrealized holding gains (losses)	15,294	(39,948)
Net realized (gains) losses included in income	213	(15)
Reclassification adjustment for securities transferred from held to maturity to available for sale	(20,434)	0
Income tax (expense) benefit	1,330	10,790
Total other comprehensive income (loss)	(3,597)	(29,173)
Comprehensive income (loss)	$ (12,495)	$ (5,009)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2021	$ 891,891	$ 140	$ 575,045	$ 313,604	$ 3,102
Comprehensive income:
Net income (loss)	24,164			24,164
Other comprehensive income (loss)	(29,173)				(29,173)
Stock-based compensation expense	1,799		1,799
Exercise of stock options, net	1,887	1	1,886
Issuance of common stock	175		175
Purchase and retirement of common stock	(54,433)	(6)	(54,427)
Ending Balance at Mar. 31, 2022	836,310	135	524,478	337,768	(26,071)
Beginning Balance at Dec. 31, 2022	972,529	147	621,988	407,864	(57,470)
Comprehensive income:
Net income (loss)	(8,898)			(8,898)
Other comprehensive income (loss)	(3,597)				(3,597)
Stock-based compensation expense	1,424		1,424
Exercise of stock options, net	148		148
Issuance of common stock	186		186
Ending Balance at Mar. 31, 2023	$ 961,792	$ 147	$ 623,746	$ 398,966	$ (61,067)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Cash Flows From Operating Activities:
Net income (loss)		$ (8,898)	$ 24,164
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, amortization, and accretion		4,197	6,769
Provision for credit losses		3,090	300
Increase in cash surrender value of life insurance		(1,087)	(933)
Stock-based compensation expense		1,424	1,799
Asset (gains) losses, net		38,468	(1,313)
Gain on sale of loans held for sale, net		(612)	(2,377)
Net change due to:
Proceeds from sale of loans held for sale		17,789	86,478
Origination of loans held for sale		(20,861)	(88,304)
Accrued interest receivable and other assets		(2,326)	6,786
Accrued interest payable and other liabilities		(15,642)	(11,426)
Net cash provided by (used in) operating activities		15,542	21,943
Cash Flows From Investing Activities:
Net (increase) decrease in loans		(41,764)	(64,669)
Net (increase) decrease in certificates of deposit in other banks		1,225	2,228
Purchases of securities AFS		0	(5,017)
Purchases of securities HTM		0	(38,856)
Proceeds from sales of securities AFS		22,565	3,400
Proceeds from sales of securities HTM		460,051	0
Proceeds from calls and maturities of securities AFS		42,028	29,511
Proceeds from calls and maturities of securities HTM		2,916	5,430
Purchases of other investments		(3,801)	(10,953)
Proceeds from sales of other investments		11,108	775
Proceeds from redemption of BOLI		117	117
Net (increase) decrease in premises and equipment		(5,646)	(1,953)
Net (increase) decrease in other real estate and other assets		0	3,075
Net cash (paid) received in branch sale		0	147,833
Net cash provided by (used in) investing activities		488,799	70,921
Cash Flows From Financing Activities:
Net increase (decrease) in deposits		(250,218)	(229,862)
Net increase (decrease) in short-term borrowings		(267,000)	0
Repayments of long-term borrowings		(28,000)	(10,000)
Purchase and retirement of common stock		0	(54,433)
Proceeds from issuance of common stock		186	175
Proceeds from exercise of stock options		148	1,887
Net cash provided by (used in) financing activities		(544,884)	(292,233)
Net increase (decrease) in cash and cash equivalents		(40,543)	(199,369)
Cash and cash equivalents:
Beginning		154,723	595,292
Ending	[1]	114,180	395,923
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest		30,825	5,170
Cash paid for taxes		0	0
Transfer of securities from HTM to AFS		177,727	0
Transfer of loans and bank premises to other real estate owned		0	432
Capitalized mortgage servicing rights		$ 204	$ 886
[1]There was no restricted cash in cash and cash equivalents at March 31, 2023, while cash and cash equivalents at March 31, 2022, included restricted cash of $1.9 million pledged as collateral on interest rate swaps. No reserve balance was required with the Federal Reserve Bank at either March 31, 2023 or March 31, 2022.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Restricted cash and cash equivalents	$ 0	$ 1.9

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation General In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the consolidated balance sheets, statements of income (loss), comprehensive income (loss), changes in stockholders’ equity, and cash flows of Nicolet Bankshares, Inc. (the “Company” or “Nicolet”) and its subsidiaries, as of and for the periods presented, and all such adjustments are of a normal recurring nature. All material intercompany transactions and balances have been eliminated. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the entire year. These interim consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission and, therefore, certain information and footnote disclosures normally presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been omitted or abbreviated. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Critical Accounting Policies and Estimates Preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions, and judgments that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Estimates are used in accounting for, among other items, the allowance for credit losses, valuation of loans in acquisition transactions, useful lives for depreciation and amortization, fair value of financial instruments, impairment calculations, valuation of deferred tax assets, uncertain income tax positions and contingencies. These estimates are based on management’s knowledge of historical experience, current information, and other factors deemed to be relevant; accordingly, as this information changes, actual results could differ from those estimates. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: external market factors such as market interest rates and employment rates, changes to operating policies and procedures, changes in applicable banking or tax regulations, and changes to deferred tax estimates. Nicolet considers accounting estimates to be critical to reported financial results if the accounting estimate requires management to make assumptions about matters that are highly uncertain and different estimates that are reasonably likely to occur from period to period, could have a material impact on the financial statements. The accounting estimates we consider to be critical include business combinations and the valuation of loans acquired, the determination of the allowance for credit losses, and income taxes. There have been no material changes or developments with respect to the assumptions or methodologies that the Company uses when applying critical accounting policies and developing critical accounting estimates as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Recent Accounting Pronouncements Adopted In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings (“TDRs”) and Vintage Disclosures . This ASU eliminated the accounting guidance for TDRs by creditors and enhanced the disclosure requirements for loan modifications to borrowers experiencing financial difficulty. The ASU also requires public business entities to expand the vintage disclosures to include gross charge-offs by year of origination. The updated guidance is effective for fiscal years beginning after December 15, 2022. Adoption of this ASU did not have a material impact on the Company’s consolidated financial statements; however, it resulted in new disclosures. See Note 6 for the new disclosures. Future Accounting Pronouncements In March 2023, the FASB issued ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method . This ASU permits reporting entities to elect to account for tax equity investments, regardless of the tax credit program for which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense. A reporting entity makes an accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity level or to individual investments. This ASU also requires specific disclosures of investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the proportional amortization method. The updated guidance is effective for fiscal years beginning after December 15, 2023. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This ASU provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. It provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which defers the sunset date of the original guidance from December 31, 2022 to December 31, 2024. The Company continues to work through the cessation of LIBOR, including the modification of its loans and other financial instruments with attributes that are either directly or indirectly influenced by LIBOR. The Company expects to utilize the reference rate reform transition guidance, as applicable, and does not expect such adoption to have a material impact on its consolidated financial statements or financial disclosures. The Company will continue to assess the impact as the reference rate transition approaches June 30, 2023. Reclassifications Certain amounts in the 2022 consolidated financial statements have been reclassified to conform to the 2023 presentation. These reclassifications were not material and did not impact previously reported net income or comprehensive income.

Acquisition

Acquisition	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition Charter Bankshares, Inc. (“Charter”) : On August 26, 2022, Nicolet completed its merger with Charter, pursuant to the Agreement and Plan of Merger dated March 29, 2022, at which time Charter merged with and into Nicolet, and Charter Bank, the wholly owned bank subsidiary of Charter, was merged with and into Nicolet National Bank (the “Bank”), the wholly owned bank subsidiary of Nicolet. In the merger, Charter stockholders received 15.458 shares of Nicolet common stock and $475 in cash for each share of Charter owned. As a result, Nicolet issued approximately 1.26 million shares of Nicolet common stock for stock consideration of $98 million and cash consideration of $39 million, for a total purchase price of $137 million. With the Charter merger, Nicolet expanded to Western Wisconsin and Minnesota. A summary of the assets acquired and liabilities assumed in the Charter transaction, as of the acquisition date, including the purchase price allocation was as follows. (In millions, except share data) Acquired from Charter Fair Value Adjustments Estimated Fair Value Assets Acquired: Cash and cash equivalents $ 10 $ — $ 10 Investment securities 218 — 218 Loans 848 (21) 827 ACL-Loans (9) 7 (2) Premises and equipment 9 1 10 BOLI 29 — 29 Core deposit intangible — 19 19 Other assets 5 5 10 Total assets $ 1,110 $ 11 $ 1,121 Liabilities Assumed: Deposits $ 869 $ 1 $ 870 Borrowings 161 — 161 Other liabilities 3 — 3 Total liabilities $ 1,033 $ 1 $ 1,034 Net assets acquired $ 87 Purchase Price: Nicolet common stock issued (in shares) 1,262,360 Value of Nicolet common stock consideration $ 98 Cash consideration paid 39 Total purchase price $ 137 Preliminary goodwill $ 50 The Company purchased loans through the acquisition of Charter for which there was, at the date of acquisition, more than insignificant deterioration of credit quality since origination (purchased credit deteriorated loans or “PCD” loans). The carrying amount of these loans at acquisition was as follows. (In thousands) August 26, 2022 Purchase price of PCD loans at acquisition $ 24,031 Allowance for credit losses on PCD loans at acquisition 1,709 Par value of PCD acquired loans at acquisition $ 25,740 The Company accounted for the Charter acquisition under the acquisition method of accounting, and thus, the financial position and results of operations of Charter prior to the consummation date were not included in the accompanying consolidated financial statements. The accounting required assets purchased and liabilities assumed to be recorded at their respective estimated fair values at the date of acquisition. The estimated fair value was determined with the assistance of third party valuations, appraisals, and third party advisors. Goodwill arising as a result of the Charter acquisition is not deductible for tax purposes. Due to the timing of the merger, the purchase price allocation and estimated fair value measurements remain preliminary. Management will continue to review the estimated fair values and expects to finalize its analysis of the acquired assets and assumed liabilities in the transaction over the next few months, within one year of the merger. Therefore, adjustments to the purchase price allocation and estimated fair value may occur.

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per common share are calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per common share are calculated by dividing net income (loss) by the weighted average number of shares adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock), if any. Presented below are the calculations for basic and diluted earnings per common share. Three Months Ended March 31, (In thousands, except per share data) 2023 2022 Net income (loss) $ (8,898) $ 24,164 Weighted average common shares outstanding 14,694 13,649 Effect of dilutive common stock awards — 566 Diluted weighted average common shares outstanding 14,694 14,215 Basic earnings (loss) per common share* $ (0.61) $ 1.77 Diluted earnings (loss) per common share* $ (0.61) $ 1.70 *Cumulative quarterly per share performance may not equal annual per share totals due to the effects of the amount and timing of capital increases. When computing earnings per share for an interim period, the denominator is based on the weighted average shares outstanding during the interim period, and not on an annualized weighted average basis. Accordingly, the sum of the earnings per share data for the quarters will not necessarily equal the year to date earnings per share data.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company may grant stock options and restricted stock under its stock-based compensation plans to certain officers, employees and directors. These plans are administered by a committee of the Board of Directors, and at March 31, 2023, approximately 0.7 million shares were available for grant under these stock-based compensation plans. A Black-Scholes model is utilized to estimate the fair value of stock option grants, while the market price of the Company’s stock at the date of grant is used to estimate the fair value of restricted stock awards. The weighted average assumptions used in the Black-Scholes model for valuing stock option grants for the three months ended March 31, 2022 were as follows. There were no stock options granted for the three months ended March 31, 2023. Three Months Ended March 31, 2022 Dividend yield — % Expected volatility 30 % Risk-free interest rate 1.77 % Expected average life 7 years Weighted average per share fair value of options $ 32.99 A summary of the Company’s stock option activity is summarized below. Stock Options Option Shares Weighted Weighted Average Aggregate Outstanding - December 31, 2022 1,853,064 $ 59.79 Granted — — Exercise of stock options * (5,329) 34.82 Outstanding - March 31, 2023 1,847,735 $ 59.86 5.7 $ 16,359 Exercisable - March 31, 2023 1,278,592 $ 52.22 4.6 $ 16,302 * The terms of the stock option agreements permit having a number of shares of stock withheld, the fair market value of which as of the date of exercise is sufficient to satisfy the exercise price and/or tax withholding requirements. For the three months ended March 31, 2023, 492 such shares were withheld by the Company. Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock options. The intrinsic value of options exercised for the three months ended March 31, 2023 and 2022 was approximately $0.2 million and $3.0 million, respectively. A summary of the Company’s restricted stock activity is summarized below. Restricted Stock Weighted Average Grant Restricted Shares Outstanding - December 31, 2022 $ 76.49 73,490 Granted — — Vested 72.00 (500) Outstanding - March 31, 2023 $ 76.52 72,990 The Company recognized approximately $1.4 million and $1.8 million of stock-based compensation expense (included in personnel on the consolidated statements of income) for the three months ended March 31, 2023 and 2022, respectively, associated with its common stock awards granted to officers and employees. As of March 31, 2023, there was approximately $17.2 million of unrecognized compensation cost related to equity award grants, which is expected to be recognized over the remaining vesting period of approximately three years. The Company recognized a tax benefit of less than $0.1 million and approximately $0.4 million for the three months ended March 31, 2023 and 2022, respectively, for the tax impact of stock option exercises and vesting of restricted stock.

Securities and Other Investment

Securities and Other Investments	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Securities and Other Investments	Securities and Other Investments Securities Securities are classified as AFS or HTM on the consolidated balance sheets at the time of purchase. AFS securities include those securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity, and are carried at fair value on the consolidated balance sheets. HTM securities include those securities which the Company has both the positive intent and ability to hold to maturity, and are carried at amortized cost on the consolidated balance sheets. Premiums and discounts on investment securities are amortized or accreted into interest income over the estimated life of the related securities using the effective interest method. The amortized cost and fair value of securities AFS and HTM are summarized as follows. March 31, 2023 (in thousands) Amortized Cost Gross Gross Estimated Fair Value Securities AFS: U.S. Treasury securities $ 192,166 $ — $ 6,058 $ 186,108 U.S. government agency securities 9,959 36 25 9,970 State, county and municipals 428,643 692 31,887 397,448 Mortgage-backed securities 350,712 — 39,091 311,621 Corporate debt securities 125,349 — 7,320 118,029 Total securities AFS $ 1,106,829 $ 728 $ 84,381 $ 1,023,176 December 31, 2022 (in thousands) Amortized Cost Gross Gross Estimated Fair Value Securities AFS: U.S. Treasury securities $ 192,116 $ — $ 8,286 $ 183,830 U.S. government agency securities 2,133 — 33 2,100 State, county and municipals 433,733 123 35,668 398,188 Mortgage-backed securities 227,650 10 26,728 200,932 Corporate debt securities 140,712 3 8,147 132,568 Total securities AFS $ 996,344 $ 136 $ 78,862 $ 917,618 Securities HTM: U.S. Treasury securities $ 497,648 $ — $ 35,722 $ 461,926 U.S. government agency securities 8,744 46 — 8,790 State, county and municipals 34,874 — 3,349 31,525 Mortgage-backed securities 137,862 — 16,751 121,111 Total securities HTM $ 679,128 $ 46 $ 55,822 $ 623,352 On March 7, 2023, 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. Proceeds from the sale were used to reduce existing FHLB borrowings with the remainder held in investable cash. As a result of the sale of securities previously classified as held to maturity, the remaining unsold portfolio of held to maturity securities, with a book value of $177 million, was reclassified to available for sale with a carrying value of approximately $157 million. The unrealized loss on this portfolio of $20 million increased the balance of accumulated other comprehensive loss $15 million, net of the deferred tax effect, and is subject to future market changes. Proceeds and realized gains or losses from the sale of AFS and HTM securities were as follows. Three Months Ended March 31, (in thousands) 2023 2022 Securities AFS: Gross gains $ 126 $ 20 Gross losses (339) (5) Gains (losses) on sales of securities AFS, net $ (213) $ 15 Proceeds from sales of securities AFS $ 22,565 $ 3,400 Securities HTM: Gross gains $ — $ — Gross losses (37,723) — Gains (losses) on sales of securities HTM, net $ (37,723) $ — Proceeds from sales of securities HTM $ 460,051 $ — All mortgage-backed securities included in the tables above were issued by U.S. government agencies and corporations. Investment securities with a carrying value of $414 million and $883 million, as of March 31, 2023 and December 31, 2022, respectively, were pledged as collateral to secure public deposits and borrowings, as applicable, and for liquidity or other purposes as required by regulation. Accrued interest on investment securities totaled $6 million at both March 31, 2023 and December 31, 2022, and is included in accrued interest receivable and other assets on the consolidated balance sheets. The following table presents gross unrealized losses and the related estimated fair value of investment securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position. March 31, 2023 Less than 12 months 12 months or more Total ($ in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Number of Securities AFS: U.S. Treasury securities $ 456 $ 8 $ 185,640 $ 6,050 $ 186,096 $ 6,058 9 U.S. government agency securities 2,718 20 107 5 2,825 25 9 State, county and municipals 79,617 1,826 247,397 30,061 327,014 31,887 608 Mortgage-backed securities 35,724 2,158 275,897 36,933 311,621 39,091 464 Corporate debt securities 68,654 2,583 44,995 4,737 113,649 7,320 75 Total $ 187,169 $ 6,595 $ 754,036 $ 77,786 $ 941,205 $ 84,381 1,165 December 31, 2022 Less than 12 months 12 months or more Total ($ in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Number of Securities AFS: U.S. Treasury securities $ 448 $ 14 $ 183,382 $ 8,272 $ 183,830 $ 8,286 9 U.S. government agency securities 2,083 32 17 1 2,100 33 9 State, county and municipals 277,546 18,041 86,569 17,627 364,115 35,668 812 Mortgage-backed securities 102,108 11,320 95,614 15,408 197,722 26,728 376 Corporate debt securities 114,887 6,186 12,938 1,961 127,825 8,147 90 Total $ 497,072 $ 35,593 $ 378,520 $ 43,269 $ 875,592 $ 78,862 1,296 Securities HTM: U.S. Treasury securities $ — $ — $ 461,926 $ 35,722 $ 461,926 $ 35,722 6 State, county and municipals 17,591 1,594 11,654 1,755 29,245 3,349 58 Mortgage-backed securities 68,108 8,029 53,003 8,722 121,111 16,751 106 Total $ 85,699 $ 9,623 $ 526,583 $ 46,199 $ 612,282 $ 55,822 170 During first quarter 2023, the Company recognized provision expense of $2.3 million related to the expected credit loss on its Signature Bank sub debt investment (acquired in an acquisition), and immediately charged-off the full investment. The Company does not consider its remaining securities AFS with unrealized losses to be attributable to credit-related factors, as the unrealized losses in each category have occurred as a result of changes in noncredit-related factors such as changes in interest rates, market spreads and market conditions subsequent to purchase, not credit deterioration. Furthermore, the Company does not have the intent to sell any of these AFS securities and believes that it is more likely than not that we will not have to sell any such securities before a recovery of cost. As of March 31, 2023 and December 31, 2022, no allowance for credit losses on AFS securities was recognized. The Company evaluated the HTM securities and determined no allowance for credit losses was necessary at December 31, 2022. The U.S. Treasury and U.S. government agency securities are guaranteed by the U.S. government. For the state, county and municipal securities, management considered issuer bond ratings, historical loss rates by bond ratings, whether issuers continue to make timely principal and interest payments per the contractual terms of the investment securities, internal forecasts, and whether or not such investment securities provide insurance, other credit enhancement, or are pre-refunded by the issuers. For the mortgage-backed securities, all such securities were issued by U.S. government agencies and corporations, which are currently explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The amortized cost and fair value of investment securities by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; as this is particularly inherent in mortgage-backed securities, these securities are not included in the maturity categories below. As of March 31, 2023 Securities AFS (in thousands) Amortized Cost Fair Value Due in less than one year $ 225,921 $ 223,243 Due in one year through five years 173,794 163,788 Due after five years through ten years 223,776 201,296 Due after ten years 132,626 123,228 756,117 711,555 Mortgage-backed securities 350,712 311,621 Total investment securities $ 1,106,829 $ 1,023,176 Other Investments Other investments include “restricted” equity securities, equity securities with readily determinable fair values, and private company securities. As a member of the Federal Reserve Bank System and the Federal Home Loan Bank (“FHLB”) System, Nicolet is required to maintain an investment in the capital stock of these entities. These equity securities are “restricted” in that they can only be sold back to the respective institutions or another member institution at par. Therefore, they are less liquid than other exchange traded equity securities. As no ready market exists for these stocks, and they have no quoted market value, these investments are carried at cost. Also included are investments in other private companies that do not have quoted market prices, which are carried at cost less impairment charges, if any. The carrying value of other investments are summarized as follows. March 31, 2023 December 31, 2022 (in thousands) Amount Amount Federal Reserve Bank stock $ 32,708 $ 32,219 Federal Home Loan Bank (“FHLB”) stock 10,174 18,625 Equity securities with readily determinable fair values 3,912 4,376 Other investments 10,688 10,066 Total other investments $ 57,482 $ 65,286

Loans, Allowance for Credit Los

Loans, Allowance for Credit Losses - Loans, and Credit Quality	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Loans, Allowance for Credit Losses - Loans, and Credit Quality	Loans, Allowance for Credit Losses - Loans, and Credit Quality The loan composition is summarized as follows. March 31, 2023 December 31, 2022 (in thousands) Amount % of Amount % of Commercial & industrial $ 1,330,052 21 % $ 1,304,819 21 % Owner-occupied commercial real estate (“CRE”) 969,064 16 954,599 15 Agricultural 1,065,909 17 1,088,607 18 CRE investment 1,146,388 19 1,149,949 19 Construction & land development 333,370 5 318,600 5 Residential construction 134,782 2 114,392 2 Residential first mortgage 1,014,166 16 1,016,935 16 Residential junior mortgage 177,026 3 177,332 3 Retail & other 52,975 1 55,266 1 Loans 6,223,732 100 % 6,180,499 100 % Less allowance for credit losses - Loans (“ACL-Loans”) 62,412 61,829 Loans, net $ 6,161,320 $ 6,118,670 Allowance for credit losses - Loans to loans 1.00 % 1.00 % Accrued interest on loans totaled $16 million and $15 million at March 31, 2023 and December 31, 2022, respectively, and is included in accrued interest receivable and other assets on the consolidated balance sheets. Allowance for Credit Losses - Loans : The majority of the Company’s loans, commitments, and letters of credit have been granted to customers in the Company’s market area. Although the Company has a diversified loan portfolio, the credit risk in the loan portfolio is largely influenced by general economic conditions and trends of the counties and markets in which the debtors operate, and the resulting impact on the operations of borrowers or on the value of underlying collateral, if any. A roll forward of the allowance for credit losses - loans is summarized as follows. Three Months Ended Year Ended (in thousands) March 31, 2023 March 31, 2022 December 31, 2022 Beginning balance $ 61,829 $ 49,672 $ 49,672 ACL on PCD loans acquired — — 1,937 Provision for credit losses 750 300 10,950 Charge-offs (184) (100) (1,033) Recoveries 17 34 303 Net (charge-offs) recoveries (167) (66) (730) Ending balance $ 62,412 $ 49,906 $ 61,829 The following tables present the balance and activity in the ACL-Loans by portfolio segment. Three Months Ended March 31, 2023 (in thousands) Commercial Owner- Agricultural CRE Construction & land Residential Residential Residential Retail Total ACL-Loans Beginning balance $ 16,350 $ 9,138 $ 9,762 $ 12,744 $ 2,572 $ 1,412 $ 6,976 $ 1,846 $ 1,029 $ 61,829 Provision 457 172 (328) 210 106 262 (206) (31) 108 750 Charge-offs (118) — — — — — — — (66) (184) Recoveries 10 — 2 — — — 1 — 4 17 Net (charge-offs) recoveries (108) — 2 — — — 1 — (62) (167) Ending balance $ 16,699 $ 9,310 $ 9,436 $ 12,954 $ 2,678 $ 1,674 $ 6,771 $ 1,815 $ 1,075 $ 62,412 As % of ACL-Loans 27 % 15 % 15 % 21 % 4 % 2 % 11 % 3 % 2 % 100 % Year Ended December 31, 2022 (in thousands) Commercial Owner- Agricultural CRE Construction Residential Residential Residential Retail & ACL-Loans Beginning balance $ 12,613 $ 7,222 $ 9,547 $ 8,462 $ 1,812 $ 900 $ 6,844 $ 1,340 $ 932 $ 49,672 ACL on PCD loans 1,408 384 — 38 2 — 93 12 — 1,937 Provision 2,415 2,087 215 4,075 758 512 96 493 299 10,950 Charge-offs (190) (555) — — — — (65) — (223) (1,033) Recoveries 104 — — 169 — — 8 1 21 303 Net (charge-offs) recoveries (86) (555) — 169 — — (57) 1 (202) (730) Ending balance $ 16,350 $ 9,138 $ 9,762 $ 12,744 $ 2,572 $ 1,412 $ 6,976 $ 1,846 $ 1,029 $ 61,829 As % of ACL-Loans 26 % 15 % 16 % 21 % 4 % 2 % 11 % 3 % 2 % 100 % The ACL-Loans represents management’s estimate of expected credit losses in the Company’s loan portfolio at the balance sheet date. To assess the appropriateness of the ACL-Loans, management applies an allocation methodology which focuses on evaluation of qualitative and environmental factors, including but not limited to: (i) evaluation of facts and issues related to specific loans; (ii) management’s ongoing review and grading of the loan portfolio; (iii) consideration of historical loan loss and delinquency experience on each portfolio segment; (iv) trends in past due and nonperforming loans; (v) the risk characteristics of the various loan segments; (vi) changes in the size and character of the loan portfolio; (vii) concentrations of loans to specific borrowers or industries; (viii) existing economic conditions; (ix) the fair value of underlying collateral; and (x) other qualitative and quantitative factors which could affect expected credit losses. Assessing these numerous factors involves significant judgment. Management allocates the ACL-Loans by pools of risk within each loan portfolio segment. The allocation methodology consists of the following components. First, a specific reserve is established for individually evaluated credit-deteriorated loans, which management defines as nonaccrual credit relationships over $250,000, collateral dependent loans, purchased credit deteriorated loans, and other loans with evidence of credit deterioration. The specific reserve in the ACL-Loans for these credit deteriorated loans is equal to the aggregate collateral or discounted cash flow shortfall. Management allocates the ACL-Loans with historical loss rates by loan segment. The loss factors are measured on a quarterly basis and applied to each loan segment based on current loan balances and projected for their expected remaining life. Next, management allocates the ACL-Loans using the qualitative factors mentioned above. Consideration is given to those current qualitative or environmental factors that are likely to cause estimated credit losses as of the evaluation date to differ from the historical loss experience of each loan segment. Lastly, management considers reasonable and supportable forecasts to assess the collectability of future cash flows. Allowance for Credit Losses-Unfunded Commitments : In addition to the ACL-Loans, the Company has established an ACL-Unfunded commitments, classified in accrued interest payable and other liabilities on the consolidated balance sheets. This reserve is maintained at a level that management believes is sufficient to absorb losses arising from unfunded loan commitments, and is determined quarterly based on methodology similar to the methodology for determining the ACL-Loans. The reserve for unfunded commitments was $3.0 million at both March 31, 2023 and December 31, 2022. Provision for Credit Losses : The provision for credit losses is determined by the Company as the amount to be added to the ACL loss accounts for various types of financial instruments including loans, investment securities, and off-balance sheet credit exposures after net charge-offs have been deducted to bring the ACL to a level that, in management’s judgment, is necessary to absorb expected credit losses over the lives of the respective financial instruments. See Note 5 for additional information regarding the ACL related to investment securities. The following table presents the components of the provision for credit losses. Three Months Ended Year Ended (in thousands) March 31, 2023 March 31, 2022 December 31, 2022 Provision for credit losses on: Loans $ 750 $ 300 $ 10,950 Unfunded commitments — — 550 Investment securities 2,340 — — Total $ 3,090 $ 300 $ 11,500 Collateral Dependent Loans : A loan is considered to be collateral dependent when, based upon management’s assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. For collateral dependent loans, expected credit losses are based on the estimated fair value of the collateral at the balance sheet date, with consideration for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. The following tables present collateral dependent loans by portfolio segment and collateral type, including those loans with and without a related allowance allocation. March 31, 2023 Collateral Type (in thousands) Real Estate Other Business Assets Total Without an Allowance With an Allowance Allowance Allocation Commercial & industrial $ — $ 2,419 $ 2,419 $ 1,084 $ 1,335 $ 506 Owner-occupied CRE 5,905 — 5,905 5,697 208 54 Agricultural 12,656 5,800 18,456 12,751 5,705 166 CRE investment 3,158 — 3,158 2,635 523 7 Construction & land development 650 — 650 650 — — Residential first mortgage 1,357 — 1,357 1,357 — — Residential junior mortgage 8 — 8 8 — — Total loans $ 23,734 $ 8,219 $ 31,953 $ 24,182 $ 7,771 $ 733 December 31, 2022 Collateral Type (in thousands) Real Estate Other Business Assets Total Without an Allowance With an Allowance Allowance Allocation Commercial & industrial $ — $ 3,475 $ 3,475 $ 1,927 $ 1,548 $ 595 Owner-occupied CRE 4,907 — 4,907 4,699 208 53 Agricultural 13,758 6,458 20,216 14,358 5,858 261 CRE investment 2,713 — 2,713 979 1,734 212 Construction & land development 670 — 670 670 — — Residential first mortgage 91 — 91 91 — — Total loans $ 22,139 $ 9,933 $ 32,072 $ 22,724 $ 9,348 $ 1,121 Past Due and Nonaccrual Loans : The following tables present past due loans by portfolio segment. March 31, 2023 (in thousands) 30-89 Days Past 90 Days & Over or nonaccrual Current Total Commercial & industrial $ 256 $ 2,874 $ 1,326,922 $ 1,330,052 Owner-occupied CRE 388 7,128 961,548 969,064 Agricultural 178 18,782 1,046,949 1,065,909 CRE investment — 4,126 1,142,262 1,146,388 Construction & land development — 748 332,622 333,370 Residential construction 1,144 — 133,638 134,782 Residential first mortgage 3,852 4,986 1,005,328 1,014,166 Residential junior mortgage 219 196 176,611 177,026 Retail & other 222 55 52,698 52,975 Total loans $ 6,259 $ 38,895 $ 6,178,578 $ 6,223,732 Percent of total loans 0.1 % 0.6 % 99.3 % 100.0 % December 31, 2022 (in thousands) 30-89 Days Past 90 Days & Over or nonaccrual Current Total Commercial & industrial $ 210 $ 3,328 $ 1,301,281 $ 1,304,819 Owner-occupied CRE 833 5,647 948,119 954,599 Agricultural 20 20,416 1,068,171 1,088,607 CRE investment — 3,832 1,146,117 1,149,949 Construction & land development — 771 317,829 318,600 Residential construction — — 114,392 114,392 Residential first mortgage 3,628 3,780 1,009,527 1,016,935 Residential junior mortgage 236 224 176,872 177,332 Retail & other 261 82 54,923 55,266 Total loans $ 5,188 $ 38,080 $ 6,137,231 $ 6,180,499 Percent of total loans 0.1 % 0.6 % 99.3 % 100.0 % The following table presents nonaccrual loans by portfolio segment. March 31, 2023 December 31, 2022 (in thousands) Nonaccrual Loans % of Total Nonaccrual Loans % of Total Commercial & industrial $ 2,874 7 % $ 3,328 9 % Owner-occupied CRE 7,128 18 5,647 15 Agricultural 18,782 48 20,416 53 CRE investment 4,126 11 3,832 10 Construction & land development 748 2 771 2 Residential construction — — — — Residential first mortgage 4,986 13 3,780 10 Residential junior mortgage 196 1 224 1 Retail & other 55 — 82 — Nonaccrual loans $ 38,895 100 % $ 38,080 100 % Percent of total loans 0.6 % 0.6 % Credit Quality Information : The following tables present total loans by risk categories and gross charge-offs by year of origination. Acquired loans have been included based upon the actual origination date. March 31, 2023 Amortized Cost Basis by Origination Year (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Revolving to Term TOTAL Commercial & industrial Grades 1-4 $ 47,409 $ 312,964 $ 215,435 $ 96,534 $ 65,723 $ 111,114 $ 376,926 $ — $ 1,226,105 Grade 5 95 4,204 4,640 6,548 1,195 11,392 27,894 — 55,968 Grade 6 — 1,358 618 66 — 11,881 6,543 — 20,466 Grade 7 291 3,613 1,894 2,165 2,371 2,411 14,768 — 27,513 Total $ 47,795 $ 322,139 $ 222,587 $ 105,313 $ 69,289 $ 136,798 $ 426,131 $ — $ 1,330,052 Current period gross charge-offs $ — $ (77) $ (26) $ — $ — $ — $ (15) $ — $ (118) Owner-occupied CRE Grades 1-4 $ 28,513 $ 155,362 $ 196,641 $ 103,973 $ 97,039 $ 322,852 $ 4,773 $ — $ 909,153 Grade 5 1,381 3,134 6,310 4,485 908 17,497 490 — 34,205 Grade 6 — 1,000 355 41 1,575 2,070 250 — 5,291 Grade 7 — 224 684 7,244 1,358 10,905 — — 20,415 Total $ 29,894 $ 159,720 $ 203,990 $ 115,743 $ 100,880 $ 353,324 $ 5,513 $ — $ 969,064 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Agricultural Grades 1-4 $ 11,930 $ 280,631 $ 138,443 $ 83,733 $ 25,089 $ 152,730 $ 227,727 $ — $ 920,283 Grade 5 1,239 13,311 11,668 1,762 879 39,707 20,436 — 89,002 Grade 6 50 62 1,244 — 52 2,332 195 — 3,935 Grade 7 695 7,199 7,271 786 1,942 23,812 10,984 — 52,689 Total $ 13,914 $ 301,203 $ 158,626 $ 86,281 $ 27,962 $ 218,581 $ 259,342 $ — $ 1,065,909 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — CRE investment Grades 1-4 $ 8,011 $ 205,798 $ 228,060 $ 189,172 $ 132,082 $ 326,737 $ 11,704 $ — $ 1,101,564 Grade 5 2,825 563 1,633 3,552 3,312 21,095 — — 32,980 Grade 6 — — — — 1,159 3,778 183 — 5,120 Grade 7 — — 21 523 2,316 3,663 201 — 6,724 Total $ 10,836 $ 206,361 $ 229,714 $ 193,247 $ 138,869 $ 355,273 $ 12,088 $ — $ 1,146,388 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction & land development Grades 1-4 $ 6,947 $ 119,087 $ 144,313 $ 11,980 $ 8,802 $ 36,033 $ 5,290 $ — $ 332,452 Grade 5 — 34 — — 12 92 — — 138 Grade 6 — — — — — — — — — Grade 7 — 32 — — — 748 — — 780 Total $ 6,947 $ 119,153 $ 144,313 $ 11,980 $ 8,814 $ 36,873 $ 5,290 $ — $ 333,370 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential construction Grades 1-4 $ 5,036 $ 114,512 $ 12,948 $ 1,045 $ 121 $ 549 $ — $ — $ 134,211 Grade 5 — — 571 — — — — — 571 Grade 6 — — — — — — — — — Grade 7 — — — — — — — — — Total $ 5,036 $ 114,512 $ 13,519 $ 1,045 $ 121 $ 549 $ — $ — $ 134,782 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential first mortgage Grades 1-4 $ 35,309 $ 309,434 $ 270,665 $ 142,741 $ 66,489 $ 173,612 $ 1,426 $ 3 $ 999,679 Grade 5 — 1,364 776 987 1,776 2,759 — — 7,662 Grade 6 — — — — 703 — — — 703 Grade 7 — 152 477 178 359 4,956 — — 6,122 Total $ 35,309 $ 310,950 $ 271,918 $ 143,906 $ 69,327 $ 181,327 $ 1,426 $ 3 $ 1,014,166 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential junior mortgage Grades 1-4 $ 2,784 $ 9,905 $ 4,291 $ 5,055 $ 3,071 $ 4,780 $ 140,169 $ 6,570 $ 176,625 Grade 5 — — — — — — — — — Grade 6 — — — — — — — — — Grade 7 — 35 205 — — 23 138 — 401 Total $ 2,784 $ 9,940 $ 4,496 $ 5,055 $ 3,071 $ 4,803 $ 140,307 $ 6,570 $ 177,026 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Retail & other Grades 1-4 $ 1,646 $ 10,603 $ 8,010 $ 3,659 $ 2,622 $ 4,451 $ 21,885 $ — $ 52,876 Grade 5 — — 21 — — — — — 21 Grade 6 — — — — — — — — — Grade 7 — — 46 2 1 29 — — 78 Total $ 1,646 $ 10,603 $ 8,077 $ 3,661 $ 2,623 $ 4,480 $ 21,885 $ — $ 52,975 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ (66) $ — $ (66) Total loans $ 154,161 $ 1,554,581 $ 1,257,240 $ 666,231 $ 420,956 $ 1,292,008 $ 871,982 $ 6,573 $ 6,223,732 December 31, 2022 Amortized Cost Basis by Origination Year (in thousands) 2022 2021 2020 2019 2018 Prior Revolving Revolving to Term TOTAL Commercial & industrial Grades 1-4 $ 317,394 $ 226,065 $ 101,374 $ 68,884 $ 50,189 $ 77,589 $ 360,978 $ — $ 1,202,473 Grade 5 9,938 5,902 10,811 1,530 3,986 4,562 20,617 — 57,346 Grade 6 1,459 2,283 629 511 402 11,653 14,047 — 30,984 Grade 7 556 293 3,211 2,990 775 1,070 5,121 — 14,016 Total $ 329,347 $ 234,543 $ 116,025 $ 73,915 $ 55,352 $ 94,874 $ 400,763 $ — $ 1,304,819 Current period gross charge-offs $ (38) $ (41) $ (2) $ — $ (109) $ — $ — $ — $ (190) Owner-occupied CRE Grades 1-4 $ 151,391 $ 190,313 $ 105,156 $ 100,606 $ 91,479 $ 252,574 $ 6,734 $ — $ 898,253 Grade 5 5,241 3,192 4,287 2,163 4,791 14,632 348 — 34,654 Grade 6 — — 763 2,361 — 877 — — 4,001 Grade 7 227 706 6,344 616 — 9,798 — — 17,691 Total $ 156,859 $ 194,211 $ 116,550 $ 105,746 $ 96,270 $ 277,881 $ 7,082 $ — $ 954,599 Current period gross charge-offs $ — $ — $ — $ — $ — $ (555) $ — $ — $ (555) Agricultural Grades 1-4 $ 275,208 $ 145,272 $ 85,413 $ 25,463 $ 19,687 $ 130,849 $ 249,033 $ — $ 930,925 Grade 5 13,295 18,178 2,694 1,992 517 43,927 21,199 — 101,802 Grade 6 115 1,457 28 33 — 5,258 429 — 7,320 Grade 7 7,165 2,632 720 1,977 4,611 19,948 11,507 — 48,560 Total $ 295,783 $ 167,539 $ 88,855 $ 29,465 $ 24,815 $ 199,982 $ 282,168 $ — $ 1,088,607 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — CRE investment Grades 1-4 $ 205,930 $ 229,252 $ 192,527 $ 134,301 $ 79,649 $ 248,595 $ 11,383 $ — $ 1,101,637 Grade 5 567 1,649 3,578 4,266 3,086 24,897 — — 38,043 Grade 6 — — — 1,170 2,396 2,483 206 — 6,255 Grade 7 — — 121 299 245 3,140 209 — 4,014 Total $ 206,497 $ 230,901 $ 196,226 $ 140,036 $ 85,376 $ 279,115 $ 11,798 $ — $ 1,149,949 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction & land development Grades 1-4 $ 104,804 $ 140,727 $ 12,188 $ 9,747 $ 23,811 $ 13,138 $ 13,235 $ — $ 317,650 Grade 5 37 — — 14 — 95 — — 146 Grade 6 — — — — — — — — — Grade 7 33 — — — — 771 — — 804 Total $ 104,874 $ 140,727 $ 12,188 $ 9,761 $ 23,811 $ 14,004 $ 13,235 $ — $ 318,600 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential construction Grades 1-4 $ 92,417 $ 16,774 $ 966 $ 123 $ 336 $ 229 $ 3,547 $ — $ 114,392 Grade 5 — — — — — — — — — Grade 6 — — — — — — — — — Grade 7 — — — — — — — — — Total $ 92,417 $ 16,774 $ 966 $ 123 $ 336 $ 229 $ 3,547 $ — $ 114,392 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential first mortgage Grades 1-4 $ 318,628 $ 272,011 $ 147,857 $ 68,975 $ 31,208 $ 162,153 $ 2,080 $ 3 $ 1,002,915 Grade 5 1,494 758 997 1,803 2,272 465 — — 7,789 Grade 6 — — — 711 — — — — 711 Grade 7 154 329 188 349 197 4,303 — — 5,520 Total $ 320,276 $ 273,098 $ 149,042 $ 71,838 $ 33,677 $ 166,921 $ 2,080 $ 3 $ 1,016,935 Current period gross charge-offs $ — $ — $ — $ — $ — $ (65) $ — $ — $ (65) Residential junior mortgage Grades 1-4 $ 10,119 $ 4,580 $ 5,207 $ 3,151 $ 1,573 $ 3,409 $ 142,784 $ 5,762 $ 176,585 Grade 5 — — — — — 143 165 — 308 Grade 6 — — — — — — — — — Grade 7 — 206 — — — 24 209 — 439 Total $ 10,119 $ 4,786 $ 5,207 $ 3,151 $ 1,573 $ 3,576 $ 143,158 $ 5,762 $ 177,332 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Retail & other Grades 1-4 $ 12,318 $ 8,957 $ 4,221 $ 3,188 $ 1,035 $ 24,950 $ 492 $ — $ 55,161 Grade 5 — 23 — — — — — — 23 Grade 6 — — — — — — — — — Grade 7 — 23 22 2 30 5 — — 82 Total $ 12,318 $ 9,003 $ 4,243 $ 3,190 $ 1,065 $ 24,955 $ 492 $ — $ 55,266 Current period gross charge-offs $ — $ (1) $ (6) $ (1) $ — $ — $ (215) $ — $ (223) Total loans $ 1,528,490 $ 1,271,582 $ 689,302 $ 437,225 $ 322,275 $ 1,061,537 $ 864,323 $ 5,765 $ 6,180,499 An internal loan review function rates loans using a grading system based on different risk categories. Loans with a Substandard grade are considered to have a greater risk of loss and may be assigned allocations for loss based on specific review of the weaknesses observed in the individual credits. Such loans are monitored by the loan review function to help ensure early identification of any deterioration. A description of the loan risk categories used by the Company follows. Grades 1-4, Pass: Credits exhibit adequate cash flows, appropriate management and financial ratios within industry norms and/or are supported by sufficient collateral. Some credits in these rating categories may require a need for monitoring but elements of concern are not severe enough to warrant an elevated rating. Grade 5, Watch: Credits with this rating are adequately secured and performing but are being monitored due to the presence of various short-term weaknesses which may include unexpected, short-term adverse financial performance, managerial problems, potential impact of a decline in the entire industry or local economy and delinquency issues. Loans to individuals or loans supported by guarantors with marginal net worth or collateral may be included in this rating category. Grade 6, Special Mention: Credits with this rating have potential weaknesses that, without the Company’s attention and correction may result in deterioration of repayment prospects. These assets are considered Criticized Assets. Potential weaknesses may include adverse financial trends for the borrower or industry, repeated lack of compliance with Company requests, increasing debt to net worth, serious management conditions and decreasing cash flow. Grade 7, Substandard: Assets with this rating are characterized by the distinct possibility the Company will sustain some loss if deficiencies are not corrected. All foreclosures, liquidations, and nonaccrual loans are considered to be categorized in this rating, regardless of collateral sufficiency. Modifications to Borrowers Experiencing Financial Difficulty : On January 1, 2023, the Company adopted ASU 2022-02, which eliminated the accounting guidance for TDRs by creditors and enhanced the disclosure requirements for certain loan modifications to borrowers experiencing financial difficulty. The following table presents the amortized cost of loans that were both experiencing financial difficulty and were modified during the three months ended March 31, 2023, aggregated by portfolio segment and type of modification. (in thousands) Payment Delay Term Extension Interest Rate Reduction Term Extension & Interest Rate Reduction Total % of Total Loans Commercial & industrial $ — $ — $ — $ — $ — — % Owner-occupied CRE — — — — — — % Agricultural 110 — — — 110 0.01 % CRE investment — — — — — — % Construction & land development — — — — — — % Residential first mortgage — — — — — — % Total $ 110 $ — $ — $ — $ 110 — % The loans presented in the table above have had more than insignificant payment delays (which the Company has defined as payment delays in excess of six months). These modified loans are closely monitored by the Company to understand the effectiveness of its modification efforts, and such loans generally remain in nonaccrual status pending a sustained period of performance in accordance with the modified terms. As of March 31, 2023, there were no loans made to borrowers experiencing financial difficulty that were modified during the current period and subsequently defaulted, and there were no commitments to lend additional funds to such debtors. Troubled Debt Restructuring Disclosures Prior to Adoption of ASU 2022-02 : As of December 31, 2022, the Company had restructured loans totaling $18 million, with a pre-modification balance of $24 million, all of which were also reflected as nonaccrual loans. There were no restructured loans modified during 2022 that subsequently defaulted, and there were no commitments to lend additional funds to such debtors.

Goodwill and Other Intangibles

Goodwill and Other Intangibles and Servicing Rights	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles and Servicing Rights	Goodwill and Other Intangibles and Servicing Rights Management periodically reviews the carrying value of its intangible assets to determine if any impairment has occurred, in which case an impairment charge would be recorded as an expense in the period of impairment, or whether changes in circumstances have occurred that would require a revision to the remaining useful life that would affect expense prospectively. In making such determination, management evaluates whether there are any adverse qualitative factors indicating that an impairment may exist, as well as the performance of the underlying operations or assets which give rise to the intangible. Management also regularly monitors economic factors for potential impairment indications on the value of our franchise, stability of deposits, and the wealth client base, underlying our goodwill and other intangibles. Management concluded no impairment was indicated for the three months ended March 31, 2023 and the year ended December 31, 2022. A summary of goodwill and other intangibles was as follows. (in thousands) March 31, 2023 December 31, 2022 Goodwill $ 367,387 $ 367,387 Core deposit intangibles 30,667 32,701 Customer list intangibles 2,223 2,350 Other intangibles 32,890 35,051 Goodwill and other intangibles, net $ 400,277 $ 402,438 Goodwill : A summary of goodwill was as follows. During 2022, goodwill increased due to the Charter acquisition. Three Months Ended Year Ended (in thousands) March 31, 2023 December 31, 2022 Goodwill: Goodwill at beginning of year $ 367,387 $ 317,189 Acquisitions — 49,970 Purchase accounting adjustment — 228 Goodwill at end of period $ 367,387 $ 367,387 Other intangible assets : Other intangible assets, consisting of core deposit intangibles and customer list intangibles, are amortized over their estimated finite lives. A summary of other intangible assets was as follows. During 2022, core deposit intangibles increased due to the Charter acquisition. Three Months Ended Year Ended (in thousands) March 31, 2023 December 31, 2022 Core deposit intangibles: Gross carrying amount $ 60,724 $ 60,724 Accumulated amortization (30,057) (28,023) Net book value $ 30,667 $ 32,701 Additions during the period $ — $ 19,364 Amortization during the period $ 2,034 $ 6,108 Customer list intangibles: Gross carrying amount $ 5,523 $ 5,523 Accumulated amortization (3,300) (3,173) Net book value $ 2,223 $ 2,350 Amortization during the period $ 127 $ 508 Mortgage servicing rights (“MSR”) : Mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income, and assessed for impairment at each reporting date, with the amortization recorded in mortgage income, net, in the consolidated statements of income. Mortgage servicing rights are carried at the lower of the initial capitalized amount, net of accumulated amortization, or estimated fair value, and are included in other assets in the consolidated balance sheets. The Company periodically evaluates its mortgage servicing rights asset for impairment. At each reporting date, impairment is assessed based on estimated fair value using estimated prepayment speeds of the underlying mortgage loans serviced and stratification based on the risk characteristics of the underlying loans (predominantly loan type and note interest rate). A summary of the changes in the mortgage servicing rights asset was as follows. Three Months Ended Year Ended (in thousands) March 31, 2023 December 31, 2022 Mortgage servicing rights asset: MSR asset at beginning of year $ 13,080 $ 13,636 Capitalized MSR 204 2,327 Amortization during the period (740) (2,883) MSR asset at end of period $ 12,544 $ 13,080 Valuation allowance at beginning of year $ (500) $ (1,200) Reversals 500 700 Valuation allowance at end of period $ — $ (500) MSR asset, net $ 12,544 $ 12,580 Fair value of MSR asset at end of period $ 17,708 $ 17,215 Residential mortgage loans serviced for others $ 1,620,150 $ 1,637,109 Net book value of MSR asset to loans serviced for others 0.77 % 0.77 % Loan servicing rights (“LSR”) : The Company acquired an LSR asset in December 2021 which will be amortized over the estimated remaining loan service period. The Company does not expect to add new loans to this servicing portfolio. A summary of the changes in the LSR asset were as follows. Three Months Ended Year Ended (in thousands) March 31, 2023 December 31, 2022 Loan servicing rights asset: LSR asset at beginning of year $ 11,039 $ 20,055 Amortization during the period (552) (9,016) LSR asset at end of period $ 10,487 $ 11,039 Agricultural loans serviced for others $ 528,891 $ 538,392 The following table shows the estimated future amortization expense for amortizing intangible assets and the servicing assets. The projections are based on existing asset balances, the current interest rate environment and prepayment speeds as of March 31, 2023. The actual amortization expense the Company recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements and events or circumstances that indicate the carrying amount of an asset may not be recoverable. (in thousands) Core deposit Customer list MSR asset LSR asset Year ending December 31, 2023 (remaining nine months) $ 5,555 $ 356 $ 1,672 $ 1,656 2024 6,298 449 2,680 1,962 2025 5,161 449 1,942 1,717 2026 3,983 249 1,434 1,472 2027 3,218 166 1,434 1,227 2028 2,622 166 1,432 981 Thereafter 3,830 388 1,950 1,472 Total $ 30,667 $ 2,223 $ 12,544 $ 10,487

Short and Long-Term Borrowings

Short and Long-Term Borrowings	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Short and Long-Term Borrowings	Short and Long-Term Borrowings Short-Term Borrowings: Short-term borrowings include any borrowing with an original maturity of one year or less. At March 31, 2023, short-term borrowings included $50 million of short-term FHLB advances due in September 2023 with a weighted average rate of 4.26%. At December 31, 2022, short-term borrowings included $317 million of short-term FHLB advances, comprised of $117 million due in January 2023 at a weighted average rate of 4.29% and $200 million due in September 2023 at a weighted average rate of 4.30%. Long-Term Borrowings: Long-term borrowings include any borrowing with an original maturity greater than one year. The components of long-term borrowings were as follows. (in thousands) March 31, 2023 December 31, 2022 FHLB advances $ 5,000 $ 33,000 Junior subordinated debentures 39,928 39,720 Subordinated notes 152,520 152,622 Total long-term borrowings $ 197,448 $ 225,342 FHLB Advances : The Federal Home Loan Bank (“FHLB”) advances bear fixed rates, require interest-only monthly payments, and have maturity dates through March 2025. The weighted average rate of the FHLB advances was 1.55% at March 31, 2023 and 1.09% at December 31, 2022. Junior Subordinated Debentures : Each of the junior subordinated debentures was issued to an underlying statutory trust (the “statutory trusts”), which issued trust preferred securities and common securities and used the proceeds from the issuance of the common and the trust preferred securities to purchase the junior subordinated debentures of the Company. The debentures represent the sole asset of the statutory trusts. All of the common securities of the statutory trusts are owned by the Company. The statutory trusts are not included in the consolidated financial statements. The net effect of all the documents entered into with respect to the trust preferred securities is that the Company, through payments on its debentures, is liable for the distributions and other payments required on the trust preferred securities. Interest on all debentures is current. Any applicable discounts (initially recorded to carry an acquired debenture at its then estimated fair value) are being accreted to interest expense over the remaining life of the debenture. All the junior subordinated debentures are currently callable and may be redeemed in part or in full, at par, plus any accrued but unpaid interest. At both March 31, 2023 and December 31, 2022, approximately $38 million of trust preferred securities qualify as Tier 1 capital. Subordinated Notes (the “Notes”) : In July 2021, the Company completed the private placement of $100 million in fixed-to-floating rate subordinated notes due in 2031, with a fixed annual rate of 3.125% for the first five years, and will reset quarterly thereafter to the then current three-month Secured Overnight Financing Rate (“SOFR”) plus 237.5 basis points. The Notes due in 2031 are redeemable beginning July 15, 2026 and quarterly thereafter on any interest payment date. In December 2021, Nicolet assumed two subordinated note issuances at a premium as the result of an acquisition. One issuance was $30 million in fixed-to-floating rate subordinated notes due in 2028, with a fixed annual interest rate of 5.875% for the first five years, and will reset quarterly thereafter to the then current three-month LIBOR plus 2.88% The second issuance was $22 million in fixed-to-floating rate subordinated notes due in 2030, with a fixed annual interest rate of 7.00% for the first five years, and will reset quarterly thereafter to the then current SOFR plus 687.5 basis points. The Notes due in 2028 are redeemable beginning June 1, 2023, and quarterly thereafter on any interest payment date, while the Notes due in 2030 are redeemable beginning June 30, 2025, and quarterly thereafter on any interest payment date. All Notes qualify as Tier 2 capital for regulatory purposes. The following table shows the breakdown of junior subordinated debentures and subordinated notes. As of March 31, 2023 As of December 31, 2022 (in thousands) Maturity Interest Par Unamortized Premium /(Discount) / Debt Issue Costs (1) Carrying Interest Carrying Junior Subordinated Debentures: Mid-Wisconsin Statutory Trust I (2) 12/15/2035 6.30 % $ 10,310 $ (2,527) $ 7,783 6.20 % $ 7,734 Baylake Capital Trust II (3) 9/30/2036 6.51 % 16,598 (3,115) 13,483 6.08 % 13,424 First Menasha Statutory Trust (4) 3/17/2034 7.70 % 5,155 (476) 4,679 7.53 % 4,668 County Bancorp Statutory Trust II (5) 9/15/2035 6.40 % 6,186 (870) 5,316 6.30 % 5,277 County Bancorp Statutory Trust III (6) 6/15/2036 6.56 % 6,186 (928) 5,258 6.46 % 5,219 Fox River Valley Capital Trust (7) 5/30/2033 6.40 % 3,610 (201) 3,409 6.40 % 3,398 Total $ 48,045 $ (8,117) $ 39,928 $ 39,720 Subordinated Notes: Subordinated Notes due 2031 7/15/2031 3.13 % $ 100,000 $ (681) $ 99,319 3.13 % $ 99,267 County Subordinated Notes due 2028 6/1/2028 5.88 % 30,000 49 30,049 5.88 % 30,119 County Subordinated Notes due 2030 6/30/2030 7.00 % 22,400 752 23,152 7.00 % 23,236 Total $ 152,400 $ 120 $ 152,520 $ 152,622 (1) Represents the remaining unamortized premium or discount on debt issuances assumed in acquisitions, and represents the unamortized debt issue costs for the debt issued directly by Nicolet. (2) The debentures, assumed in April 2013 as the result of an acquisition, have a floating rate of three-month LIBOR plus 1.43%, adjusted quarterly. (3) The debentures, assumed in April 2016 as a result of an acquisition, have a floating rate of three-month LIBOR plus 1.35%, adjusted quarterly. (4) The debentures, assumed in April 2017 as the result of an acquisition, have a floating rate of three-month LIBOR plus 2.79%, adjusted quarterly. (5) The debentures, assumed in December 2021 as the result of an acquisition, have a floating rate of three-month LIBOR plus 1.53%, adjusted quarterly. (6) The debentures, assumed in December 2021 as the result of an acquisition, have a floating rate of three-month LIBOR plus 1.69%, adjusted quarterly. (7) The debentures, assumed in December 2021 as the result of an acquisition, have a floating rate of 5-year swap rate plus 3.40%, which resets every five years.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, financial guarantees, and standby letters of credit. Such commitments may involve, to varying degrees, elements of credit risk in excess of amounts recognized on the consolidated balance sheets. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and issuing letters of credit as they do for on-balance sheet financial instruments. See Note 6 for information on the allowance for credit losses-unfunded commitments. A summary of the contract or notional amount of the Company’s exposure to off-balance sheet risk was as follows. (in thousands) March 31, 2023 December 31, 2022 Commitments to extend credit $ 1,850,215 $ 1,850,601 Financial standby letters of credit 23,246 26,530 Performance standby letters of credit 9,952 9,375 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract, and predominantly included commercial lines of credit with a term of one year or less. The commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Financial and performance standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Financial standby letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party, while performance standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. Both of these guarantees are primarily issued to support public and private borrowing arrangements and, generally, have terms of one year or less. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company holds collateral, which may include accounts receivable, inventory, property, equipment, and income-producing properties, supporting those commitments if deemed necessary. In the event the customer does not perform in accordance with the terms of the agreement with the third-party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount. If the commitment is funded, the Company would be entitled to seek recovery from the customer. Interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans held for sale are considered derivative instruments (“mortgage derivatives”) and the contractual amounts were $18 million and $17 million, respectively, at March 31, 2023. In comparison, interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans held for sale totaled $9 million and $9 million, respectively, at December 31, 2022. The net fair value of these mortgage derivatives combined was a net gain of $0.1 million at both March 31, 2023 and December 31, 2022. Nicolet is party to various pending and threatened claims and legal proceedings arising in the normal course of business activities, some of which may involve claims for substantial amounts. Although Nicolet has developed policies and procedures to minimize legal noncompliance and the impact of claims and other proceedings and endeavored to procure reasonable amounts of insurance coverage, litigation and regulatory actions present an ongoing risk. With respect to all such claims, Nicolet continuously assesses its potential liability based on the allegations and evidence available. If the facts indicate that it is probable that Nicolet will incur a loss and the amount of such loss can be reasonably estimated, Nicolet will establish an accrual for the probable loss. For matters where a loss is not probable, or the amount of the loss cannot be reasonably estimated, Nicolet does not establish an accrual. Future developments could result in an unfavorable outcome for or resolution of any one or more of the legal proceedings in which Nicolet is a defendant, which may be material to Nicolet’s business or consolidated results of operations or financial condition for a particular fiscal period or periods. Although it is not possible to predict the outcomes of any of these legal proceedings or the range of possible loss, if any, based on the most recent information available, advice of counsel and available insurance coverage, if applicable, management believes that any liability resulting from such proceedings would not have a material adverse effect on our financial position or results of operations.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value represents the estimated price at which an orderly transaction to sell an asset or transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept), and is a market-based measurement versus an entity-specific measurement. The Company records and/or discloses certain financial instruments on a fair value basis. These financial assets and financial liabilities are measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the assumptions used to determine fair value. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs that reflect assumptions of the reporting entity about how market participants would price the asset or liability based on the best information available under the circumstances. The three fair value levels are: • Level 1 – quoted market prices in active markets for identical assets or liabilities that a company has the ability to access at the measurement date • Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly • Level 3 – significant unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity In instances where the fair value measurement is based on inputs from different levels, the level within which the entire fair value measurement will be categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. This assessment of the significance of an input requires management judgment. Recurring basis fair value measurements: The following table presents the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented. (in thousands) Fair Value Measurements Using Measured at Fair Value on a Recurring Basis: Total Level 1 Level 2 Level 3 March 31, 2023 U.S. Treasury securities $ 186,108 $ — $ 186,108 $ — U.S. government agency securities 9,970 — 9,970 — State, county and municipals 397,448 — 395,579 1,869 Mortgage-backed securities 311,621 — 310,638 983 Corporate debt securities 118,029 — 112,726 5,303 Securities AFS $ 1,023,176 $ — $ 1,015,021 $ 8,155 Other investments (equity securities) $ 3,912 $ 3,912 $ — $ — December 31, 2022 U.S. Treasury securities $ 183,830 $ — $ 183,830 $ — U.S. government agency securities 2,100 — 2,100 — State, county and municipals 398,188 — 396,315 1,873 Mortgage-backed securities 200,932 — 199,951 981 Corporate debt securities 132,568 — 127,269 5,299 Securities AFS $ 917,618 $ — $ 909,465 $ 8,153 Other investments (equity securities) $ 4,376 $ 4,376 $ — $ — The following is a description of the valuation methodologies used by the Company for the assets and liabilities measured at fair value on a recurring basis, noted in the tables above. Where quoted market prices on securities exchanges are available, the investments are classified as Level 1. Level 1 investments primarily include exchange-traded equity securities. If quoted market prices are not available, fair value is generally determined using prices obtained from independent pricing vendors who use pricing models (with typical inputs including benchmark yields, reported trades for similar securities, issuer spreads or relationship to other benchmark quoted securities), or discounted cash flows, and are classified as Level 2. Examples of these investments include U.S. Treasury securities, U.S. government agency securities, mortgage-backed securities, obligations of state, county and municipals, and certain corporate debt securities. Finally, in certain cases where there is limited activity or less transparency around inputs to the estimated fair value, investments are classified within Level 3 of the hierarchy. Examples of these include private corporate debt securities, which are primarily trust preferred security investments, as well as certain municipal bonds and mortgage-backed securities. At March 31, 2023 and December 31, 2022, it was determined that carrying value was the best approximation of fair value for these Level 3 securities, based primarily on the internal analysis on these securities. The following table presents the changes in Level 3 securities AFS measured at fair value on a recurring basis. Three Months Ended Year Ended Level 3 Fair Value Measurements: March 31, 2023 December 31, 2022 Balance at beginning of year $ 8,153 $ 8,065 Acquired balance — 750 Maturities / Paydowns — (451) Unrealized gain / (loss) 2 (211) Balance at end of period $ 8,155 $ 8,153 Nonrecurring basis fair value measurements: The following table presents the Company’s assets measured at fair value on a nonrecurring basis, aggregated by level in the fair value hierarchy within which those measurements fall. (in thousands) Fair Value Measurements Using Measured at Fair Value on a Nonrecurring Basis: Total Level 1 Level 2 Level 3 March 31, 2023 Collateral dependent loans $ 31,220 $ — $ — $ 31,220 Other real estate owned (“OREO”) 1,975 — — 1,975 MSR asset 12,544 — — 12,544 December 31, 2022 Collateral dependent loans $ 30,951 $ — $ — $ 30,951 OREO 1,975 — — 1,975 MSR asset 12,580 — — 12,580 The following is a description of the valuation methodologies used by the Company for the items noted in the table above. For collateral dependent loans, the estimated fair value is based upon the present value of expected future cash flows discounted at the loan’s effective interest rate, the estimated fair value of the underlying collateral with consideration for estimated selling costs if satisfaction of the loan depends on the sale of the collateral, or the estimated liquidity of the note. For OREO, the fair value is based upon the estimated fair value of the underlying collateral adjusted for the expected costs to sell. To estimate the fair value of the MSR asset, the underlying serviced loan pools are stratified by interest rate tranche and term of the loan, and a valuation model is used to calculate the present value of the expected future cash flows for each stratum. The servicing valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as costs to service, a discount rate, ancillary income, default rates and losses, and prepayment speeds. Although some of these assumptions are based on observable market data, other assumptions are based on unobservable estimates of what market participants would use to measure fair value. Financial instruments: The carrying amounts and estimated fair values of the Company’s financial instruments are shown below. March 31, 2023 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 114,180 $ 114,180 $ 114,180 $ — $ — Certificates of deposit in other banks 11,293 11,181 — 11,181 — Securities AFS 1,023,176 1,023,176 — 1,015,021 8,155 Other investments, including equity securities 57,482 57,482 3,912 42,982 10,588 Loans held for sale 4,962 5,057 — 5,057 — Loans, net 6,161,320 5,962,242 — — 5,962,242 MSR asset 12,544 17,708 — — 17,708 Accrued interest receivable 21,796 21,796 21,796 — — Financial liabilities: Deposits $ 6,928,579 $ 6,918,140 $ — $ — $ 6,918,140 Short-term borrowings 50,000 50,000 — 50,000 — Long-term borrowings 197,448 188,203 — 4,855 183,348 Accrued interest payable 4,219 4,219 4,219 — — December 31, 2022 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 154,723 $ 154,723 $ 154,723 $ — $ — Certificates of deposit in other banks 12,518 12,407 — 12,407 — Securities AFS 917,618 917,618 — 909,465 8,153 Securities HTM 679,128 623,352 — 623,352 — Other investments, including equity securities 65,286 65,286 4,376 52,093 8,817 Loans held for sale 1,482 1,529 — 1,529 — Loans, net 6,118,670 5,863,570 — — 5,863,570 MSR asset 12,580 17,215 — — 17,215 Accrued interest receivable 21,275 21,275 21,275 — — Financial liabilities: Deposits $ 7,178,921 $ 7,172,779 $ — $ — $ 7,172,779 Short-term borrowings 317,000 317,000 317,000 — — Long-term borrowings 225,342 220,513 — 33,001 187,512 Accrued interest payable 4,265 4,265 4,265 — — The valuation methodologies for the financial instruments disclosed in the above table are described in Note 18, Fair Value Measurements, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
General	General In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the consolidated balance sheets, statements of income (loss), comprehensive income (loss), changes in stockholders’ equity, and cash flows of Nicolet Bankshares, Inc. (the “Company” or “Nicolet”) and its subsidiaries, as of and for the periods presented, and all such adjustments are of a normal recurring nature. All material intercompany transactions and balances have been eliminated. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the entire year. These interim consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission and, therefore, certain information and footnote disclosures normally presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been omitted or abbreviated. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Critical Accounting Policies and Estimates	Critical Accounting Policies and Estimates Preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions, and judgments that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Estimates are used in accounting for, among other items, the allowance for credit losses, valuation of loans in acquisition transactions, useful lives for depreciation and amortization, fair value of financial instruments, impairment calculations, valuation of deferred tax assets, uncertain income tax positions and contingencies. These estimates are based on management’s knowledge of historical experience, current information, and other factors deemed to be relevant; accordingly, as this information changes, actual results could differ from those estimates. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: external market factors such as market interest rates and employment rates, changes to operating policies and procedures, changes in applicable banking or tax regulations, and changes to deferred tax estimates. Nicolet considers accounting estimates to be critical to reported financial results if the accounting estimate requires management to make assumptions about matters that are highly uncertain and different estimates that are reasonably likely to occur from period to period, could have a material impact on the financial statements. The accounting estimates we consider to be critical include business combinations and the valuation of loans acquired, the determination of the allowance for credit losses, and income taxes. There have been no material changes or developments with respect to the assumptions or methodologies that the Company uses when applying critical accounting policies and developing critical accounting estimates as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements Adopted In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings (“TDRs”) and Vintage Disclosures . This ASU eliminated the accounting guidance for TDRs by creditors and enhanced the disclosure requirements for loan modifications to borrowers experiencing financial difficulty. The ASU also requires public business entities to expand the vintage disclosures to include gross charge-offs by year of origination. The updated guidance is effective for fiscal years beginning after December 15, 2022. Adoption of this ASU did not have a material impact on the Company’s consolidated financial statements; however, it resulted in new disclosures. See Note 6 for the new disclosures. Future Accounting Pronouncements In March 2023, the FASB issued ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method . This ASU permits reporting entities to elect to account for tax equity investments, regardless of the tax credit program for which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense. A reporting entity makes an accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity level or to individual investments. This ASU also requires specific disclosures of investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the proportional amortization method. The updated guidance is effective for fiscal years beginning after December 15, 2023. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This ASU provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. It provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which defers the sunset date of the original guidance from December 31, 2022 to December 31, 2024. The Company continues to work through the cessation of LIBOR, including the modification of its loans and other financial instruments with attributes that are either directly or indirectly influenced by LIBOR. The Company expects to utilize the reference rate reform transition guidance, as applicable, and does not expect such adoption to have a material impact on its consolidated financial statements or financial disclosures. The Company will continue to assess the impact as the reference rate transition approaches June 30, 2023.
Reclassifications	Reclassifications Certain amounts in the 2022 consolidated financial statements have been reclassified to conform to the 2023 presentation. These reclassifications were not material and did not impact previously reported net income or comprehensive income.
Allowance for Credit Losses - Loans	The ACL-Loans represents management’s estimate of expected credit losses in the Company’s loan portfolio at the balance sheet date. To assess the appropriateness of the ACL-Loans, management applies an allocation methodology which focuses on evaluation of qualitative and environmental factors, including but not limited to: (i) evaluation of facts and issues related to specific loans; (ii) management’s ongoing review and grading of the loan portfolio; (iii) consideration of historical loan loss and delinquency experience on each portfolio segment; (iv) trends in past due and nonperforming loans; (v) the risk characteristics of the various loan segments; (vi) changes in the size and character of the loan portfolio; (vii) concentrations of loans to specific borrowers or industries; (viii) existing economic conditions; (ix) the fair value of underlying collateral; and (x) other qualitative and quantitative factors which could affect expected credit losses. Assessing these numerous factors involves significant judgment. Management allocates the ACL-Loans by pools of risk within each loan portfolio segment. The allocation methodology consists of the following components. First, a specific reserve is established for individually evaluated credit-deteriorated loans, which management defines as nonaccrual credit relationships over $250,000, collateral dependent loans, purchased credit deteriorated loans, and other loans with evidence of credit deterioration. The specific reserve in the ACL-Loans for these credit

Acquisition (Tables)

Acquisition (Tables)	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Assets Acquired and Liabilities Assumed and Preliminary Purchase Price Allocation	A summary of the assets acquired and liabilities assumed in the Charter transaction, as of the acquisition date, including the purchase price allocation was as follows. (In millions, except share data) Acquired from Charter Fair Value Adjustments Estimated Fair Value Assets Acquired: Cash and cash equivalents $ 10 $ — $ 10 Investment securities 218 — 218 Loans 848 (21) 827 ACL-Loans (9) 7 (2) Premises and equipment 9 1 10 BOLI 29 — 29 Core deposit intangible — 19 19 Other assets 5 5 10 Total assets $ 1,110 $ 11 $ 1,121 Liabilities Assumed: Deposits $ 869 $ 1 $ 870 Borrowings 161 — 161 Other liabilities 3 — 3 Total liabilities $ 1,033 $ 1 $ 1,034 Net assets acquired $ 87 Purchase Price: Nicolet common stock issued (in shares) 1,262,360 Value of Nicolet common stock consideration $ 98 Cash consideration paid 39 Total purchase price $ 137 Preliminary goodwill $ 50 (In thousands) August 26, 2022 Purchase price of PCD loans at acquisition $ 24,031 Allowance for credit losses on PCD loans at acquisition 1,709 Par value of PCD acquired loans at acquisition $ 25,740

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Common Share	Presented below are the calculations for basic and diluted earnings per common share. Three Months Ended March 31, (In thousands, except per share data) 2023 2022 Net income (loss) $ (8,898) $ 24,164 Weighted average common shares outstanding 14,694 13,649 Effect of dilutive common stock awards — 566 Diluted weighted average common shares outstanding 14,694 14,215 Basic earnings (loss) per common share* $ (0.61) $ 1.77 Diluted earnings (loss) per common share* $ (0.61) $ 1.70 *Cumulative quarterly per share performance may not equal annual per share totals due to the effects of the amount and timing of capital increases. When computing earnings per share for an interim period, the denominator is based on the weighted average shares outstanding during the interim period, and not on an annualized weighted average basis. Accordingly, the sum of the earnings per share data for the quarters will not necessarily equal the year to date earnings per share data.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Weighted Average Assumption for Stock Option	The weighted average assumptions used in the Black-Scholes model for valuing stock option grants for the three months ended March 31, 2022 were as follows. There were no stock options granted for the three months ended March 31, 2023. Three Months Ended March 31, 2022 Dividend yield — % Expected volatility 30 % Risk-free interest rate 1.77 % Expected average life 7 years Weighted average per share fair value of options $ 32.99
Schedule of Stock Options Outstanding	A summary of the Company’s stock option activity is summarized below. Stock Options Option Shares Weighted Weighted Average Aggregate Outstanding - December 31, 2022 1,853,064 $ 59.79 Granted — — Exercise of stock options * (5,329) 34.82 Outstanding - March 31, 2023 1,847,735 $ 59.86 5.7 $ 16,359 Exercisable - March 31, 2023 1,278,592 $ 52.22 4.6 $ 16,302 * The terms of the stock option agreements permit having a number of shares of stock withheld, the fair market value of which as of the date of exercise is sufficient to satisfy the exercise price and/or tax withholding requirements. For the three months ended March 31, 2023, 492 such shares were withheld by the Company.
Schedule of Restricted Stock Awards	A summary of the Company’s restricted stock activity is summarized below. Restricted Stock Weighted Average Grant Restricted Shares Outstanding - December 31, 2022 $ 76.49 73,490 Granted — — Vested 72.00 (500) Outstanding - March 31, 2023 $ 76.52 72,990

Securities and Other Investme_2

Securities and Other Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Amortized Cost and Fair Value of Securities AFS	The amortized cost and fair value of securities AFS and HTM are summarized as follows. March 31, 2023 (in thousands) Amortized Cost Gross Gross Estimated Fair Value Securities AFS: U.S. Treasury securities $ 192,166 $ — $ 6,058 $ 186,108 U.S. government agency securities 9,959 36 25 9,970 State, county and municipals 428,643 692 31,887 397,448 Mortgage-backed securities 350,712 — 39,091 311,621 Corporate debt securities 125,349 — 7,320 118,029 Total securities AFS $ 1,106,829 $ 728 $ 84,381 $ 1,023,176 December 31, 2022 (in thousands) Amortized Cost Gross Gross Estimated Fair Value Securities AFS: U.S. Treasury securities $ 192,116 $ — $ 8,286 $ 183,830 U.S. government agency securities 2,133 — 33 2,100 State, county and municipals 433,733 123 35,668 398,188 Mortgage-backed securities 227,650 10 26,728 200,932 Corporate debt securities 140,712 3 8,147 132,568 Total securities AFS $ 996,344 $ 136 $ 78,862 $ 917,618 Securities HTM: U.S. Treasury securities $ 497,648 $ — $ 35,722 $ 461,926 U.S. government agency securities 8,744 46 — 8,790 State, county and municipals 34,874 — 3,349 31,525 Mortgage-backed securities 137,862 — 16,751 121,111 Total securities HTM $ 679,128 $ 46 $ 55,822 $ 623,352
Schedule of Amortized Cost and Fair Value of Securities HTM	The amortized cost and fair value of securities AFS and HTM are summarized as follows. March 31, 2023 (in thousands) Amortized Cost Gross Gross Estimated Fair Value Securities AFS: U.S. Treasury securities $ 192,166 $ — $ 6,058 $ 186,108 U.S. government agency securities 9,959 36 25 9,970 State, county and municipals 428,643 692 31,887 397,448 Mortgage-backed securities 350,712 — 39,091 311,621 Corporate debt securities 125,349 — 7,320 118,029 Total securities AFS $ 1,106,829 $ 728 $ 84,381 $ 1,023,176 December 31, 2022 (in thousands) Amortized Cost Gross Gross Estimated Fair Value Securities AFS: U.S. Treasury securities $ 192,116 $ — $ 8,286 $ 183,830 U.S. government agency securities 2,133 — 33 2,100 State, county and municipals 433,733 123 35,668 398,188 Mortgage-backed securities 227,650 10 26,728 200,932 Corporate debt securities 140,712 3 8,147 132,568 Total securities AFS $ 996,344 $ 136 $ 78,862 $ 917,618 Securities HTM: U.S. Treasury securities $ 497,648 $ — $ 35,722 $ 461,926 U.S. government agency securities 8,744 46 — 8,790 State, county and municipals 34,874 — 3,349 31,525 Mortgage-backed securities 137,862 — 16,751 121,111 Total securities HTM $ 679,128 $ 46 $ 55,822 $ 623,352
Schedule of Proceeds and Realized Gains or Losses from the Sale of AFS and HTM Securities	Proceeds and realized gains or losses from the sale of AFS and HTM securities were as follows. Three Months Ended March 31, (in thousands) 2023 2022 Securities AFS: Gross gains $ 126 $ 20 Gross losses (339) (5) Gains (losses) on sales of securities AFS, net $ (213) $ 15 Proceeds from sales of securities AFS $ 22,565 $ 3,400 Securities HTM: Gross gains $ — $ — Gross losses (37,723) — Gains (losses) on sales of securities HTM, net $ (37,723) $ — Proceeds from sales of securities HTM $ 460,051 $ —
Schedule of Unrealized Losses and Fair Value of Investment Securities	The following table presents gross unrealized losses and the related estimated fair value of investment securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position. March 31, 2023 Less than 12 months 12 months or more Total ($ in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Number of Securities AFS: U.S. Treasury securities $ 456 $ 8 $ 185,640 $ 6,050 $ 186,096 $ 6,058 9 U.S. government agency securities 2,718 20 107 5 2,825 25 9 State, county and municipals 79,617 1,826 247,397 30,061 327,014 31,887 608 Mortgage-backed securities 35,724 2,158 275,897 36,933 311,621 39,091 464 Corporate debt securities 68,654 2,583 44,995 4,737 113,649 7,320 75 Total $ 187,169 $ 6,595 $ 754,036 $ 77,786 $ 941,205 $ 84,381 1,165 December 31, 2022 Less than 12 months 12 months or more Total ($ in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Number of Securities AFS: U.S. Treasury securities $ 448 $ 14 $ 183,382 $ 8,272 $ 183,830 $ 8,286 9 U.S. government agency securities 2,083 32 17 1 2,100 33 9 State, county and municipals 277,546 18,041 86,569 17,627 364,115 35,668 812 Mortgage-backed securities 102,108 11,320 95,614 15,408 197,722 26,728 376 Corporate debt securities 114,887 6,186 12,938 1,961 127,825 8,147 90 Total $ 497,072 $ 35,593 $ 378,520 $ 43,269 $ 875,592 $ 78,862 1,296 Securities HTM: U.S. Treasury securities $ — $ — $ 461,926 $ 35,722 $ 461,926 $ 35,722 6 State, county and municipals 17,591 1,594 11,654 1,755 29,245 3,349 58 Mortgage-backed securities 68,108 8,029 53,003 8,722 121,111 16,751 106 Total $ 85,699 $ 9,623 $ 526,583 $ 46,199 $ 612,282 $ 55,822 170
Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity	The amortized cost and fair value of investment securities by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; as this is particularly inherent in mortgage-backed securities, these securities are not included in the maturity categories below. As of March 31, 2023 Securities AFS (in thousands) Amortized Cost Fair Value Due in less than one year $ 225,921 $ 223,243 Due in one year through five years 173,794 163,788 Due after five years through ten years 223,776 201,296 Due after ten years 132,626 123,228 756,117 711,555 Mortgage-backed securities 350,712 311,621 Total investment securities $ 1,106,829 $ 1,023,176
Summary of Other Investments	The carrying value of other investments are summarized as follows. March 31, 2023 December 31, 2022 (in thousands) Amount Amount Federal Reserve Bank stock $ 32,708 $ 32,219 Federal Home Loan Bank (“FHLB”) stock 10,174 18,625 Equity securities with readily determinable fair values 3,912 4,376 Other investments 10,688 10,066 Total other investments $ 57,482 $ 65,286

Loans, Allowance for Credit L_2

Loans, Allowance for Credit Losses - Loans, and Credit Quality (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Loan Composition by Portfolio Segment	The loan composition is summarized as follows. March 31, 2023 December 31, 2022 (in thousands) Amount % of Amount % of Commercial & industrial $ 1,330,052 21 % $ 1,304,819 21 % Owner-occupied commercial real estate (“CRE”) 969,064 16 954,599 15 Agricultural 1,065,909 17 1,088,607 18 CRE investment 1,146,388 19 1,149,949 19 Construction & land development 333,370 5 318,600 5 Residential construction 134,782 2 114,392 2 Residential first mortgage 1,014,166 16 1,016,935 16 Residential junior mortgage 177,026 3 177,332 3 Retail & other 52,975 1 55,266 1 Loans 6,223,732 100 % 6,180,499 100 % Less allowance for credit losses - Loans (“ACL-Loans”) 62,412 61,829 Loans, net $ 6,161,320 $ 6,118,670 Allowance for credit losses - Loans to loans 1.00 % 1.00 %
Schedule of Changes in Allowance for Credit Losses	A roll forward of the allowance for credit losses - loans is summarized as follows. Three Months Ended Year Ended (in thousands) March 31, 2023 March 31, 2022 December 31, 2022 Beginning balance $ 61,829 $ 49,672 $ 49,672 ACL on PCD loans acquired — — 1,937 Provision for credit losses 750 300 10,950 Charge-offs (184) (100) (1,033) Recoveries 17 34 303 Net (charge-offs) recoveries (167) (66) (730) Ending balance $ 62,412 $ 49,906 $ 61,829 The following tables present the balance and activity in the ACL-Loans by portfolio segment. Three Months Ended March 31, 2023 (in thousands) Commercial Owner- Agricultural CRE Construction & land Residential Residential Residential Retail Total ACL-Loans Beginning balance $ 16,350 $ 9,138 $ 9,762 $ 12,744 $ 2,572 $ 1,412 $ 6,976 $ 1,846 $ 1,029 $ 61,829 Provision 457 172 (328) 210 106 262 (206) (31) 108 750 Charge-offs (118) — — — — — — — (66) (184) Recoveries 10 — 2 — — — 1 — 4 17 Net (charge-offs) recoveries (108) — 2 — — — 1 — (62) (167) Ending balance $ 16,699 $ 9,310 $ 9,436 $ 12,954 $ 2,678 $ 1,674 $ 6,771 $ 1,815 $ 1,075 $ 62,412 As % of ACL-Loans 27 % 15 % 15 % 21 % 4 % 2 % 11 % 3 % 2 % 100 % Year Ended December 31, 2022 (in thousands) Commercial Owner- Agricultural CRE Construction Residential Residential Residential Retail & ACL-Loans Beginning balance $ 12,613 $ 7,222 $ 9,547 $ 8,462 $ 1,812 $ 900 $ 6,844 $ 1,340 $ 932 $ 49,672 ACL on PCD loans 1,408 384 — 38 2 — 93 12 — 1,937 Provision 2,415 2,087 215 4,075 758 512 96 493 299 10,950 Charge-offs (190) (555) — — — — (65) — (223) (1,033) Recoveries 104 — — 169 — — 8 1 21 303 Net (charge-offs) recoveries (86) (555) — 169 — — (57) 1 (202) (730) Ending balance $ 16,350 $ 9,138 $ 9,762 $ 12,744 $ 2,572 $ 1,412 $ 6,976 $ 1,846 $ 1,029 $ 61,829 As % of ACL-Loans 26 % 15 % 16 % 21 % 4 % 2 % 11 % 3 % 2 % 100 %
Schedule of Provision for Credit Losses	The following table presents the components of the provision for credit losses. Three Months Ended Year Ended (in thousands) March 31, 2023 March 31, 2022 December 31, 2022 Provision for credit losses on: Loans $ 750 $ 300 $ 10,950 Unfunded commitments — — 550 Investment securities 2,340 — — Total $ 3,090 $ 300 $ 11,500
Schedule of Collateral Dependent Loans by Portfolio Segment	The following tables present collateral dependent loans by portfolio segment and collateral type, including those loans with and without a related allowance allocation. March 31, 2023 Collateral Type (in thousands) Real Estate Other Business Assets Total Without an Allowance With an Allowance Allowance Allocation Commercial & industrial $ — $ 2,419 $ 2,419 $ 1,084 $ 1,335 $ 506 Owner-occupied CRE 5,905 — 5,905 5,697 208 54 Agricultural 12,656 5,800 18,456 12,751 5,705 166 CRE investment 3,158 — 3,158 2,635 523 7 Construction & land development 650 — 650 650 — — Residential first mortgage 1,357 — 1,357 1,357 — — Residential junior mortgage 8 — 8 8 — — Total loans $ 23,734 $ 8,219 $ 31,953 $ 24,182 $ 7,771 $ 733 December 31, 2022 Collateral Type (in thousands) Real Estate Other Business Assets Total Without an Allowance With an Allowance Allowance Allocation Commercial & industrial $ — $ 3,475 $ 3,475 $ 1,927 $ 1,548 $ 595 Owner-occupied CRE 4,907 — 4,907 4,699 208 53 Agricultural 13,758 6,458 20,216 14,358 5,858 261 CRE investment 2,713 — 2,713 979 1,734 212 Construction & land development 670 — 670 670 — — Residential first mortgage 91 — 91 91 — — Total loans $ 22,139 $ 9,933 $ 32,072 $ 22,724 $ 9,348 $ 1,121
Schedule of Past Due Loans by Portfolio Segment	The following tables present past due loans by portfolio segment. March 31, 2023 (in thousands) 30-89 Days Past 90 Days & Over or nonaccrual Current Total Commercial & industrial $ 256 $ 2,874 $ 1,326,922 $ 1,330,052 Owner-occupied CRE 388 7,128 961,548 969,064 Agricultural 178 18,782 1,046,949 1,065,909 CRE investment — 4,126 1,142,262 1,146,388 Construction & land development — 748 332,622 333,370 Residential construction 1,144 — 133,638 134,782 Residential first mortgage 3,852 4,986 1,005,328 1,014,166 Residential junior mortgage 219 196 176,611 177,026 Retail & other 222 55 52,698 52,975 Total loans $ 6,259 $ 38,895 $ 6,178,578 $ 6,223,732 Percent of total loans 0.1 % 0.6 % 99.3 % 100.0 % December 31, 2022 (in thousands) 30-89 Days Past 90 Days & Over or nonaccrual Current Total Commercial & industrial $ 210 $ 3,328 $ 1,301,281 $ 1,304,819 Owner-occupied CRE 833 5,647 948,119 954,599 Agricultural 20 20,416 1,068,171 1,088,607 CRE investment — 3,832 1,146,117 1,149,949 Construction & land development — 771 317,829 318,600 Residential construction — — 114,392 114,392 Residential first mortgage 3,628 3,780 1,009,527 1,016,935 Residential junior mortgage 236 224 176,872 177,332 Retail & other 261 82 54,923 55,266 Total loans $ 5,188 $ 38,080 $ 6,137,231 $ 6,180,499 Percent of total loans 0.1 % 0.6 % 99.3 % 100.0 %
Schedule of Nonaccrual Loans by Portfolio Segment	The following table presents nonaccrual loans by portfolio segment. March 31, 2023 December 31, 2022 (in thousands) Nonaccrual Loans % of Total Nonaccrual Loans % of Total Commercial & industrial $ 2,874 7 % $ 3,328 9 % Owner-occupied CRE 7,128 18 5,647 15 Agricultural 18,782 48 20,416 53 CRE investment 4,126 11 3,832 10 Construction & land development 748 2 771 2 Residential construction — — — — Residential first mortgage 4,986 13 3,780 10 Residential junior mortgage 196 1 224 1 Retail & other 55 — 82 — Nonaccrual loans $ 38,895 100 % $ 38,080 100 % Percent of total loans 0.6 % 0.6 %
Schedule of Loans by Risk Categories and Gross Charge-offs	The following tables present total loans by risk categories and gross charge-offs by year of origination. Acquired loans have been included based upon the actual origination date. March 31, 2023 Amortized Cost Basis by Origination Year (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Revolving to Term TOTAL Commercial & industrial Grades 1-4 $ 47,409 $ 312,964 $ 215,435 $ 96,534 $ 65,723 $ 111,114 $ 376,926 $ — $ 1,226,105 Grade 5 95 4,204 4,640 6,548 1,195 11,392 27,894 — 55,968 Grade 6 — 1,358 618 66 — 11,881 6,543 — 20,466 Grade 7 291 3,613 1,894 2,165 2,371 2,411 14,768 — 27,513 Total $ 47,795 $ 322,139 $ 222,587 $ 105,313 $ 69,289 $ 136,798 $ 426,131 $ — $ 1,330,052 Current period gross charge-offs $ — $ (77) $ (26) $ — $ — $ — $ (15) $ — $ (118) Owner-occupied CRE Grades 1-4 $ 28,513 $ 155,362 $ 196,641 $ 103,973 $ 97,039 $ 322,852 $ 4,773 $ — $ 909,153 Grade 5 1,381 3,134 6,310 4,485 908 17,497 490 — 34,205 Grade 6 — 1,000 355 41 1,575 2,070 250 — 5,291 Grade 7 — 224 684 7,244 1,358 10,905 — — 20,415 Total $ 29,894 $ 159,720 $ 203,990 $ 115,743 $ 100,880 $ 353,324 $ 5,513 $ — $ 969,064 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Agricultural Grades 1-4 $ 11,930 $ 280,631 $ 138,443 $ 83,733 $ 25,089 $ 152,730 $ 227,727 $ — $ 920,283 Grade 5 1,239 13,311 11,668 1,762 879 39,707 20,436 — 89,002 Grade 6 50 62 1,244 — 52 2,332 195 — 3,935 Grade 7 695 7,199 7,271 786 1,942 23,812 10,984 — 52,689 Total $ 13,914 $ 301,203 $ 158,626 $ 86,281 $ 27,962 $ 218,581 $ 259,342 $ — $ 1,065,909 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — CRE investment Grades 1-4 $ 8,011 $ 205,798 $ 228,060 $ 189,172 $ 132,082 $ 326,737 $ 11,704 $ — $ 1,101,564 Grade 5 2,825 563 1,633 3,552 3,312 21,095 — — 32,980 Grade 6 — — — — 1,159 3,778 183 — 5,120 Grade 7 — — 21 523 2,316 3,663 201 — 6,724 Total $ 10,836 $ 206,361 $ 229,714 $ 193,247 $ 138,869 $ 355,273 $ 12,088 $ — $ 1,146,388 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction & land development Grades 1-4 $ 6,947 $ 119,087 $ 144,313 $ 11,980 $ 8,802 $ 36,033 $ 5,290 $ — $ 332,452 Grade 5 — 34 — — 12 92 — — 138 Grade 6 — — — — — — — — — Grade 7 — 32 — — — 748 — — 780 Total $ 6,947 $ 119,153 $ 144,313 $ 11,980 $ 8,814 $ 36,873 $ 5,290 $ — $ 333,370 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential construction Grades 1-4 $ 5,036 $ 114,512 $ 12,948 $ 1,045 $ 121 $ 549 $ — $ — $ 134,211 Grade 5 — — 571 — — — — — 571 Grade 6 — — — — — — — — — Grade 7 — — — — — — — — — Total $ 5,036 $ 114,512 $ 13,519 $ 1,045 $ 121 $ 549 $ — $ — $ 134,782 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential first mortgage Grades 1-4 $ 35,309 $ 309,434 $ 270,665 $ 142,741 $ 66,489 $ 173,612 $ 1,426 $ 3 $ 999,679 Grade 5 — 1,364 776 987 1,776 2,759 — — 7,662 Grade 6 — — — — 703 — — — 703 Grade 7 — 152 477 178 359 4,956 — — 6,122 Total $ 35,309 $ 310,950 $ 271,918 $ 143,906 $ 69,327 $ 181,327 $ 1,426 $ 3 $ 1,014,166 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential junior mortgage Grades 1-4 $ 2,784 $ 9,905 $ 4,291 $ 5,055 $ 3,071 $ 4,780 $ 140,169 $ 6,570 $ 176,625 Grade 5 — — — — — — — — — Grade 6 — — — — — — — — — Grade 7 — 35 205 — — 23 138 — 401 Total $ 2,784 $ 9,940 $ 4,496 $ 5,055 $ 3,071 $ 4,803 $ 140,307 $ 6,570 $ 177,026 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Retail & other Grades 1-4 $ 1,646 $ 10,603 $ 8,010 $ 3,659 $ 2,622 $ 4,451 $ 21,885 $ — $ 52,876 Grade 5 — — 21 — — — — — 21 Grade 6 — — — — — — — — — Grade 7 — — 46 2 1 29 — — 78 Total $ 1,646 $ 10,603 $ 8,077 $ 3,661 $ 2,623 $ 4,480 $ 21,885 $ — $ 52,975 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ (66) $ — $ (66) Total loans $ 154,161 $ 1,554,581 $ 1,257,240 $ 666,231 $ 420,956 $ 1,292,008 $ 871,982 $ 6,573 $ 6,223,732 December 31, 2022 Amortized Cost Basis by Origination Year (in thousands) 2022 2021 2020 2019 2018 Prior Revolving Revolving to Term TOTAL Commercial & industrial Grades 1-4 $ 317,394 $ 226,065 $ 101,374 $ 68,884 $ 50,189 $ 77,589 $ 360,978 $ — $ 1,202,473 Grade 5 9,938 5,902 10,811 1,530 3,986 4,562 20,617 — 57,346 Grade 6 1,459 2,283 629 511 402 11,653 14,047 — 30,984 Grade 7 556 293 3,211 2,990 775 1,070 5,121 — 14,016 Total $ 329,347 $ 234,543 $ 116,025 $ 73,915 $ 55,352 $ 94,874 $ 400,763 $ — $ 1,304,819 Current period gross charge-offs $ (38) $ (41) $ (2) $ — $ (109) $ — $ — $ — $ (190) Owner-occupied CRE Grades 1-4 $ 151,391 $ 190,313 $ 105,156 $ 100,606 $ 91,479 $ 252,574 $ 6,734 $ — $ 898,253 Grade 5 5,241 3,192 4,287 2,163 4,791 14,632 348 — 34,654 Grade 6 — — 763 2,361 — 877 — — 4,001 Grade 7 227 706 6,344 616 — 9,798 — — 17,691 Total $ 156,859 $ 194,211 $ 116,550 $ 105,746 $ 96,270 $ 277,881 $ 7,082 $ — $ 954,599 Current period gross charge-offs $ — $ — $ — $ — $ — $ (555) $ — $ — $ (555) Agricultural Grades 1-4 $ 275,208 $ 145,272 $ 85,413 $ 25,463 $ 19,687 $ 130,849 $ 249,033 $ — $ 930,925 Grade 5 13,295 18,178 2,694 1,992 517 43,927 21,199 — 101,802 Grade 6 115 1,457 28 33 — 5,258 429 — 7,320 Grade 7 7,165 2,632 720 1,977 4,611 19,948 11,507 — 48,560 Total $ 295,783 $ 167,539 $ 88,855 $ 29,465 $ 24,815 $ 199,982 $ 282,168 $ — $ 1,088,607 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — CRE investment Grades 1-4 $ 205,930 $ 229,252 $ 192,527 $ 134,301 $ 79,649 $ 248,595 $ 11,383 $ — $ 1,101,637 Grade 5 567 1,649 3,578 4,266 3,086 24,897 — — 38,043 Grade 6 — — — 1,170 2,396 2,483 206 — 6,255 Grade 7 — — 121 299 245 3,140 209 — 4,014 Total $ 206,497 $ 230,901 $ 196,226 $ 140,036 $ 85,376 $ 279,115 $ 11,798 $ — $ 1,149,949 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction & land development Grades 1-4 $ 104,804 $ 140,727 $ 12,188 $ 9,747 $ 23,811 $ 13,138 $ 13,235 $ — $ 317,650 Grade 5 37 — — 14 — 95 — — 146 Grade 6 — — — — — — — — — Grade 7 33 — — — — 771 — — 804 Total $ 104,874 $ 140,727 $ 12,188 $ 9,761 $ 23,811 $ 14,004 $ 13,235 $ — $ 318,600 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential construction Grades 1-4 $ 92,417 $ 16,774 $ 966 $ 123 $ 336 $ 229 $ 3,547 $ — $ 114,392 Grade 5 — — — — — — — — — Grade 6 — — — — — — — — — Grade 7 — — — — — — — — — Total $ 92,417 $ 16,774 $ 966 $ 123 $ 336 $ 229 $ 3,547 $ — $ 114,392 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential first mortgage Grades 1-4 $ 318,628 $ 272,011 $ 147,857 $ 68,975 $ 31,208 $ 162,153 $ 2,080 $ 3 $ 1,002,915 Grade 5 1,494 758 997 1,803 2,272 465 — — 7,789 Grade 6 — — — 711 — — — — 711 Grade 7 154 329 188 349 197 4,303 — — 5,520 Total $ 320,276 $ 273,098 $ 149,042 $ 71,838 $ 33,677 $ 166,921 $ 2,080 $ 3 $ 1,016,935 Current period gross charge-offs $ — $ — $ — $ — $ — $ (65) $ — $ — $ (65) Residential junior mortgage Grades 1-4 $ 10,119 $ 4,580 $ 5,207 $ 3,151 $ 1,573 $ 3,409 $ 142,784 $ 5,762 $ 176,585 Grade 5 — — — — — 143 165 — 308 Grade 6 — — — — — — — — — Grade 7 — 206 — — — 24 209 — 439 Total $ 10,119 $ 4,786 $ 5,207 $ 3,151 $ 1,573 $ 3,576 $ 143,158 $ 5,762 $ 177,332 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Retail & other Grades 1-4 $ 12,318 $ 8,957 $ 4,221 $ 3,188 $ 1,035 $ 24,950 $ 492 $ — $ 55,161 Grade 5 — 23 — — — — — — 23 Grade 6 — — — — — — — — — Grade 7 — 23 22 2 30 5 — — 82 Total $ 12,318 $ 9,003 $ 4,243 $ 3,190 $ 1,065 $ 24,955 $ 492 $ — $ 55,266 Current period gross charge-offs $ — $ (1) $ (6) $ (1) $ — $ — $ (215) $ — $ (223) Total loans $ 1,528,490 $ 1,271,582 $ 689,302 $ 437,225 $ 322,275 $ 1,061,537 $ 864,323 $ 5,765 $ 6,180,499
Schedule of Loan Modifications and Financial Impact of Loan Modifications by Portfolio Segment	The following table presents the amortized cost of loans that were both experiencing financial difficulty and were modified during the three months ended March 31, 2023, aggregated by portfolio segment and type of modification. (in thousands) Payment Delay Term Extension Interest Rate Reduction Term Extension & Interest Rate Reduction Total % of Total Loans Commercial & industrial $ — $ — $ — $ — $ — — % Owner-occupied CRE — — — — — — % Agricultural 110 — — — 110 0.01 % CRE investment — — — — — — % Construction & land development — — — — — — % Residential first mortgage — — — — — — % Total $ 110 $ — $ — $ — $ 110 — %

Goodwill and Other Intangible_2

Goodwill and Other Intangibles and Servicing Rights (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Intangible Assets	A summary of goodwill and other intangibles was as follows. (in thousands) March 31, 2023 December 31, 2022 Goodwill $ 367,387 $ 367,387 Core deposit intangibles 30,667 32,701 Customer list intangibles 2,223 2,350 Other intangibles 32,890 35,051 Goodwill and other intangibles, net $ 400,277 $ 402,438
Schedule of Goodwill	Three Months Ended Year Ended (in thousands) March 31, 2023 December 31, 2022 Goodwill: Goodwill at beginning of year $ 367,387 $ 317,189 Acquisitions — 49,970 Purchase accounting adjustment — 228 Goodwill at end of period $ 367,387 $ 367,387
Schedule of Other Intangible Assets	A summary of other intangible assets was as follows. During 2022, core deposit intangibles increased due to the Charter acquisition. Three Months Ended Year Ended (in thousands) March 31, 2023 December 31, 2022 Core deposit intangibles: Gross carrying amount $ 60,724 $ 60,724 Accumulated amortization (30,057) (28,023) Net book value $ 30,667 $ 32,701 Additions during the period $ — $ 19,364 Amortization during the period $ 2,034 $ 6,108 Customer list intangibles: Gross carrying amount $ 5,523 $ 5,523 Accumulated amortization (3,300) (3,173) Net book value $ 2,223 $ 2,350 Amortization during the period $ 127 $ 508
Schedule of Mortgage and Loan Servicing Rights	A summary of the changes in the mortgage servicing rights asset was as follows. Three Months Ended Year Ended (in thousands) March 31, 2023 December 31, 2022 Mortgage servicing rights asset: MSR asset at beginning of year $ 13,080 $ 13,636 Capitalized MSR 204 2,327 Amortization during the period (740) (2,883) MSR asset at end of period $ 12,544 $ 13,080 Valuation allowance at beginning of year $ (500) $ (1,200) Reversals 500 700 Valuation allowance at end of period $ — $ (500) MSR asset, net $ 12,544 $ 12,580 Fair value of MSR asset at end of period $ 17,708 $ 17,215 Residential mortgage loans serviced for others $ 1,620,150 $ 1,637,109 Net book value of MSR asset to loans serviced for others 0.77 % 0.77 % Three Months Ended Year Ended (in thousands) March 31, 2023 December 31, 2022 Loan servicing rights asset: LSR asset at beginning of year $ 11,039 $ 20,055 Amortization during the period (552) (9,016) LSR asset at end of period $ 10,487 $ 11,039 Agricultural loans serviced for others $ 528,891 $ 538,392
Schedule of Estimated Future Amortization Expense for Amortizing Intangible Assets and the MSR Asset	The following table shows the estimated future amortization expense for amortizing intangible assets and the servicing assets. The projections are based on existing asset balances, the current interest rate environment and prepayment speeds as of March 31, 2023. The actual amortization expense the Company recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements and events or circumstances that indicate the carrying amount of an asset may not be recoverable. (in thousands) Core deposit Customer list MSR asset LSR asset Year ending December 31, 2023 (remaining nine months) $ 5,555 $ 356 $ 1,672 $ 1,656 2024 6,298 449 2,680 1,962 2025 5,161 449 1,942 1,717 2026 3,983 249 1,434 1,472 2027 3,218 166 1,434 1,227 2028 2,622 166 1,432 981 Thereafter 3,830 388 1,950 1,472 Total $ 30,667 $ 2,223 $ 12,544 $ 10,487

Short and Long-Term Borrowings

Short and Long-Term Borrowings (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Components of Long-term Borrowings	The components of long-term borrowings were as follows. (in thousands) March 31, 2023 December 31, 2022 FHLB advances $ 5,000 $ 33,000 Junior subordinated debentures 39,928 39,720 Subordinated notes 152,520 152,622 Total long-term borrowings $ 197,448 $ 225,342
Schedule of Junior Subordinated Debentures and Subordinated Notes	The following table shows the breakdown of junior subordinated debentures and subordinated notes. As of March 31, 2023 As of December 31, 2022 (in thousands) Maturity Interest Par Unamortized Premium /(Discount) / Debt Issue Costs (1) Carrying Interest Carrying Junior Subordinated Debentures: Mid-Wisconsin Statutory Trust I (2) 12/15/2035 6.30 % $ 10,310 $ (2,527) $ 7,783 6.20 % $ 7,734 Baylake Capital Trust II (3) 9/30/2036 6.51 % 16,598 (3,115) 13,483 6.08 % 13,424 First Menasha Statutory Trust (4) 3/17/2034 7.70 % 5,155 (476) 4,679 7.53 % 4,668 County Bancorp Statutory Trust II (5) 9/15/2035 6.40 % 6,186 (870) 5,316 6.30 % 5,277 County Bancorp Statutory Trust III (6) 6/15/2036 6.56 % 6,186 (928) 5,258 6.46 % 5,219 Fox River Valley Capital Trust (7) 5/30/2033 6.40 % 3,610 (201) 3,409 6.40 % 3,398 Total $ 48,045 $ (8,117) $ 39,928 $ 39,720 Subordinated Notes: Subordinated Notes due 2031 7/15/2031 3.13 % $ 100,000 $ (681) $ 99,319 3.13 % $ 99,267 County Subordinated Notes due 2028 6/1/2028 5.88 % 30,000 49 30,049 5.88 % 30,119 County Subordinated Notes due 2030 6/30/2030 7.00 % 22,400 752 23,152 7.00 % 23,236 Total $ 152,400 $ 120 $ 152,520 $ 152,622 (1) Represents the remaining unamortized premium or discount on debt issuances assumed in acquisitions, and represents the unamortized debt issue costs for the debt issued directly by Nicolet. (2) The debentures, assumed in April 2013 as the result of an acquisition, have a floating rate of three-month LIBOR plus 1.43%, adjusted quarterly. (3) The debentures, assumed in April 2016 as a result of an acquisition, have a floating rate of three-month LIBOR plus 1.35%, adjusted quarterly. (4) The debentures, assumed in April 2017 as the result of an acquisition, have a floating rate of three-month LIBOR plus 2.79%, adjusted quarterly. (5) The debentures, assumed in December 2021 as the result of an acquisition, have a floating rate of three-month LIBOR plus 1.53%, adjusted quarterly. (6) The debentures, assumed in December 2021 as the result of an acquisition, have a floating rate of three-month LIBOR plus 1.69%, adjusted quarterly. (7) The debentures, assumed in December 2021 as the result of an acquisition, have a floating rate of 5-year swap rate plus 3.40%, which resets every five years.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Summary of the Contract or Notional Amount of Exposure to Off-balance-sheet Risk	A summary of the contract or notional amount of the Company’s exposure to off-balance sheet risk was as follows. (in thousands) March 31, 2023 December 31, 2022 Commitments to extend credit $ 1,850,215 $ 1,850,601 Financial standby letters of credit 23,246 26,530 Performance standby letters of credit 9,952 9,375

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented. (in thousands) Fair Value Measurements Using Measured at Fair Value on a Recurring Basis: Total Level 1 Level 2 Level 3 March 31, 2023 U.S. Treasury securities $ 186,108 $ — $ 186,108 $ — U.S. government agency securities 9,970 — 9,970 — State, county and municipals 397,448 — 395,579 1,869 Mortgage-backed securities 311,621 — 310,638 983 Corporate debt securities 118,029 — 112,726 5,303 Securities AFS $ 1,023,176 $ — $ 1,015,021 $ 8,155 Other investments (equity securities) $ 3,912 $ 3,912 $ — $ — December 31, 2022 U.S. Treasury securities $ 183,830 $ — $ 183,830 $ — U.S. government agency securities 2,100 — 2,100 — State, county and municipals 398,188 — 396,315 1,873 Mortgage-backed securities 200,932 — 199,951 981 Corporate debt securities 132,568 — 127,269 5,299 Securities AFS $ 917,618 $ — $ 909,465 $ 8,153 Other investments (equity securities) $ 4,376 $ 4,376 $ — $ —
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis	The following table presents the changes in Level 3 securities AFS measured at fair value on a recurring basis. Three Months Ended Year Ended Level 3 Fair Value Measurements: March 31, 2023 December 31, 2022 Balance at beginning of year $ 8,153 $ 8,065 Acquired balance — 750 Maturities / Paydowns — (451) Unrealized gain / (loss) 2 (211) Balance at end of period $ 8,155 $ 8,153
Schedule of Assets Measured at Fair Value on a Nonrecurring Basis	The following table presents the Company’s assets measured at fair value on a nonrecurring basis, aggregated by level in the fair value hierarchy within which those measurements fall. (in thousands) Fair Value Measurements Using Measured at Fair Value on a Nonrecurring Basis: Total Level 1 Level 2 Level 3 March 31, 2023 Collateral dependent loans $ 31,220 $ — $ — $ 31,220 Other real estate owned (“OREO”) 1,975 — — 1,975 MSR asset 12,544 — — 12,544 December 31, 2022 Collateral dependent loans $ 30,951 $ — $ — $ 30,951 OREO 1,975 — — 1,975 MSR asset 12,580 — — 12,580
Schedule of Estimated Fair Values of Financial Instruments	The carrying amounts and estimated fair values of the Company’s financial instruments are shown below. March 31, 2023 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 114,180 $ 114,180 $ 114,180 $ — $ — Certificates of deposit in other banks 11,293 11,181 — 11,181 — Securities AFS 1,023,176 1,023,176 — 1,015,021 8,155 Other investments, including equity securities 57,482 57,482 3,912 42,982 10,588 Loans held for sale 4,962 5,057 — 5,057 — Loans, net 6,161,320 5,962,242 — — 5,962,242 MSR asset 12,544 17,708 — — 17,708 Accrued interest receivable 21,796 21,796 21,796 — — Financial liabilities: Deposits $ 6,928,579 $ 6,918,140 $ — $ — $ 6,918,140 Short-term borrowings 50,000 50,000 — 50,000 — Long-term borrowings 197,448 188,203 — 4,855 183,348 Accrued interest payable 4,219 4,219 4,219 — — December 31, 2022 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 154,723 $ 154,723 $ 154,723 $ — $ — Certificates of deposit in other banks 12,518 12,407 — 12,407 — Securities AFS 917,618 917,618 — 909,465 8,153 Securities HTM 679,128 623,352 — 623,352 — Other investments, including equity securities 65,286 65,286 4,376 52,093 8,817 Loans held for sale 1,482 1,529 — 1,529 — Loans, net 6,118,670 5,863,570 — — 5,863,570 MSR asset 12,580 17,215 — — 17,215 Accrued interest receivable 21,275 21,275 21,275 — — Financial liabilities: Deposits $ 7,178,921 $ 7,172,779 $ — $ — $ 7,172,779 Short-term borrowings 317,000 317,000 317,000 — — Long-term borrowings 225,342 220,513 — 33,001 187,512 Accrued interest payable 4,265 4,265 4,265 — —

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - Charter Bankshares, Inc. $ / shares in Units, $ in Millions	Aug. 26, 2022 USD ($) $ / shares shares
Business Acquisition [Line Items]
Entity shares issued per acquiree share (in shares) | shares	15.458
Cash paid per acquiree share (in dollars per share) | $ / shares	$ 475
Number of common stock issued for consideration (in shares) | shares	1,262,360
Value of Nicolet common stock consideration	$ 98
Cash consideration paid	39
Purchase price	$ 137

Acquisition - Summary of the As

Acquisition - Summary of the Assets Acquired and Liabilities Assumed, Including Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands		3 Months Ended	7 Months Ended	12 Months Ended
	Aug. 26, 2022	Mar. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Purchase Price:
Preliminary goodwill		$ 0		$ 49,970
Charter Bankshares, Inc.
Assets Acquired:
Cash and cash equivalents	$ 10,000	10,000	$ 10,000
Investment securities	218,000	218,000	218,000
Loans	848,000	827,000	827,000
ACL-Loans	(9,000)	(2,000)	(2,000)
Premises and equipment	9,000	10,000	10,000
BOLI	29,000	29,000	29,000
Core deposit intangible	0	19,000	19,000
Other assets	5,000	10,000	10,000
Total assets	1,110,000	1,121,000	1,121,000
Liabilities Assumed:
Deposits	869,000	870,000	870,000
Borrowings	161,000	161,000	161,000
Other liabilities	3,000	3,000	3,000
Total liabilities	$ 1,033,000	1,034,000	1,034,000
Net assets acquired		$ 87,000	87,000
Assets Acquired:
Cash and cash equivalents			0
Investment securities			0
Loans			(21,000)
ACL-Loans			7,000
Premises and equipment			1,000
BOLI			0
Core deposit intangible			19,000
Other assets			5,000
Total assets			11,000
Liabilities Assumed:
Deposits			1,000
Borrowings			0
Other liabilities			0
Total liabilities			$ 1,000
Purchase Price:
Nicolet common stock issued (in shares)	1,262,360
Value of Nicolet common stock consideration	$ 98,000
Cash consideration paid	39,000
Total purchase price	137,000
Preliminary goodwill	$ 50,000

Acquisition - Carrying Value of

Acquisition - Carrying Value of PCD Loans Acquired (Details) - Charter Bankshares, Inc. - USD ($) $ in Thousands	Mar. 31, 2023	Aug. 26, 2022
Business Acquisition [Line Items]
Allowance for credit losses on PCD loans at acquisition	$ 2,000	$ 9,000
Par value of PCD acquired loans at acquisition	$ 827,000	848,000
PCD loans aquired
Business Acquisition [Line Items]
Purchase price of PCD loans at acquisition		24,031
Allowance for credit losses on PCD loans at acquisition		1,709
Par value of PCD acquired loans at acquisition		$ 25,740

Earnings per Common Share - Cal

Earnings per Common Share - Calculations for Basic and Diluted Earnings (Loss) per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ (8,898)	$ 24,164
Weighted average common shares outstanding (in shares)	14,694,451	13,648,745
Effect of dilutive common stock awards (in shares)	0	566,000
Diluted weighted average common shares outstanding (in shares)	14,694,451	14,214,752
Basic earnings (loss) per common share (in dollars per share)	$ (0.61)	$ 1.77
Diluted earnings (loss) per common share (in dollars per share)	$ (0.61)	$ 1.70

Earnings per Common Share - Nar

Earnings per Common Share - Narrative (Details) shares in Millions	3 Months Ended
	Mar. 31, 2022 shares
Earnings Per Share [Abstract]
Shares excluded from calculation of earnings per common share (in shares)	0.1

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares were available for grant (in shares)	0.7
Stock-based compensation expense	$ 1.4	$ 1.8
Unrecognized compensation cost	$ 17.2
Remaining vesting period over which cost expected to be recognized	3 years
Tax benefit for impact of share based compensation	$ 0.1	0.4
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised	$ 0.2	$ 3

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted Average Assumptions (Details) - Stock Incentive Plan - Stock Options	3 Months Ended
	Mar. 31, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0%
Expected volatility	30%
Risk-free interest rate	1.77%
Expected average life (in years)	7 years
Weighted average per share fair value of options (in dollars per share)	$ 32.99

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Weighted Average Exercise Price
Shares surrendered to satisfy exercise price and/or tax withholding requirements (in shares)	492
Stock Incentive Plan | Stock Options
Option Shares Outstanding
Beginning balance outstanding (in shares)	1,853,064
Granted (in shares)	0
Exercise of stock options (in shares)	(5,329)
Ending balance outstanding (in shares)	1,847,735
Exercisable (in shares)	1,278,592
Weighted Average Exercise Price
Beginning balance outstanding (in dollars per share) | $ / shares	$ 59.79
Granted (in dollars per share) | $ / shares	0
Exercise of stock options (in dollars per share) | $ / shares	34.82
Ending balance outstanding (in dollars per share) | $ / shares	59.86
Exercisable (in dollars per share) | $ / shares	$ 52.22
Weighted average remaining life outstanding (in years)	5 years 8 months 12 days
Weighted average remaining life exercisable (in years)	4 years 7 months 6 days
Aggregate intrinsic value outstanding | $	$ 16,359
Aggregate intrinsic value exercisable | $	$ 16,302

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Award Activity (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Weighted Average Grant Date Fair Value
Beginning balance outstanding (in dollars per share) | $ / shares	$ 76.49
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	72
Ending balance outstanding (in dollars per share) | $ / shares	$ 76.52
Restricted Shares Outstanding
Beginning balance outstanding (in shares) | shares	73,490
Granted (in shares) | shares	0
Vested (in shares) | shares	(500)
Ending balance outstanding (in shares) | shares	72,990

Securities and Other Investme_3

Securities and Other Investments - Amortized Costs and Fair Value of Securities AFS and HTM (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,106,829	$ 996,344
Gross Unrealized Gains	728	136
Gross Unrealized Losses	84,381	78,862
Estimated Fair Value	1,023,176	917,618
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	0	679,128
Gross Unrealized Gains		46
Gross Unrealized Losses		55,822
Estimated Fair Value		623,352
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	192,166	192,116
Gross Unrealized Gains	0	0
Gross Unrealized Losses	6,058	8,286
Estimated Fair Value	186,108	183,830
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost		497,648
Gross Unrealized Gains		0
Gross Unrealized Losses		35,722
Estimated Fair Value		461,926
U.S. government agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,959	2,133
Gross Unrealized Gains	36	0
Gross Unrealized Losses	25	33
Estimated Fair Value	9,970	2,100
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost		8,744
Gross Unrealized Gains		46
Gross Unrealized Losses		0
Estimated Fair Value		8,790
State, county and municipals
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	428,643	433,733
Gross Unrealized Gains	692	123
Gross Unrealized Losses	31,887	35,668
Estimated Fair Value	397,448	398,188
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost		34,874
Gross Unrealized Gains		0
Gross Unrealized Losses		3,349
Estimated Fair Value		31,525
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	350,712	227,650
Gross Unrealized Gains	0	10
Gross Unrealized Losses	39,091	26,728
Estimated Fair Value	311,621	200,932
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost		137,862
Gross Unrealized Gains		0
Gross Unrealized Losses		16,751
Estimated Fair Value		121,111
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	125,349	140,712
Gross Unrealized Gains	0	3
Gross Unrealized Losses	7,320	8,147
Estimated Fair Value	$ 118,029	$ 132,568

Securities and Other Investme_4

Securities and Other Investments - Narrative (Details) - USD ($)		3 Months Ended
	Mar. 07, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]
Other comprehensive income (loss)		$ 3,597,000	$ 29,173,000
Investments securities pledged as collateral		414,000,000		$ 883,000,000
Accumulated other comprehensive loss		(61,067,000)		(57,470,000)
Accrued interest on investment securities		6,000,000		6,000,000
Provision for credit loss		2,300,000
Charge-off of credit loss		2,300,000
Allowance for credit losses on securities AFS		$ 0		0
Mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Allowance for credit losses on securities HTM				$ 0
U.S. Treasury securities
Schedule of Held-to-maturity Securities [Line Items]
Sale of held-to-maturity debt securities at par value	$ 500,000,000
Pre-tax loss	38,000,000
After-tax loss	28,000,000
Held to maturity securities book value	177,000,000
Carrying value	157,000,000
U.S. Treasury securities | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent
Schedule of Held-to-maturity Securities [Line Items]
Unrealized loss	20,000,000
Other comprehensive income (loss)	$ 15,000,000

Securities and Other Investme_5

Securities and Other Investments - Realized Gains or Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Securities AFS:
Gross gains	$ 126	$ 20
Gross losses	(339)	(5)
Gains (losses) on sales of securities AFS, net	(213)	15
Proceeds from sales of securities AFS	22,565	3,400
Securities HTM:
Gross gains	0	0
Gross losses	(37,723)	0
Gains (losses) on sales of securities HTM, net	(37,723)	0
Proceeds from sales of securities HTM	$ 460,051	$ 0

Securities and Other Investme_6

Securities and Other Investments - Gross Unrealized Losses and the Related Fair Value of Investment Securities (Details) $ in Thousands	Mar. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	$ 187,169	$ 497,072
Less than 12 months, unrealized losses	6,595	35,593
12 months or more, fair value	754,036	378,520
12 months or more, unrealized losses	77,786	43,269
Total, fair value	941,205	875,592
Total, unrealized losses	$ 84,381	$ 78,862
Total, number of securities | security	1,165	1,296
Schedule of Held-to-maturity Securities [Line Items]
Less than 12 months, fair value		$ 85,699
Less than 12 months, unrealized losses		9,623
12 months or more, fair value		526,583
12 months or more, unrealized losses		46,199
Total, fair value		612,282
Total, unrealized losses		$ 55,822
Total, number of securities | security		170
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	$ 456	$ 448
Less than 12 months, unrealized losses	8	14
12 months or more, fair value	185,640	183,382
12 months or more, unrealized losses	6,050	8,272
Total, fair value	186,096	183,830
Total, unrealized losses	$ 6,058	$ 8,286
Total, number of securities | security	9	9
Schedule of Held-to-maturity Securities [Line Items]
Less than 12 months, fair value		$ 0
Less than 12 months, unrealized losses		0
12 months or more, fair value		461,926
12 months or more, unrealized losses		35,722
Total, fair value		461,926
Total, unrealized losses		$ 35,722
Total, number of securities | security		6
U.S. government agency securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	$ 2,718	$ 2,083
Less than 12 months, unrealized losses	20	32
12 months or more, fair value	107	17
12 months or more, unrealized losses	5	1
Total, fair value	2,825	2,100
Total, unrealized losses	$ 25	$ 33
Total, number of securities | security	9	9
State, county and municipals
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	$ 79,617	$ 277,546
Less than 12 months, unrealized losses	1,826	18,041
12 months or more, fair value	247,397	86,569
12 months or more, unrealized losses	30,061	17,627
Total, fair value	327,014	364,115
Total, unrealized losses	$ 31,887	$ 35,668
Total, number of securities | security	608	812
Schedule of Held-to-maturity Securities [Line Items]
Less than 12 months, fair value		$ 17,591
Less than 12 months, unrealized losses		1,594
12 months or more, fair value		11,654
12 months or more, unrealized losses		1,755
Total, fair value		29,245
Total, unrealized losses		$ 3,349
Total, number of securities | security		58
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	$ 35,724	$ 102,108
Less than 12 months, unrealized losses	2,158	11,320
12 months or more, fair value	275,897	95,614
12 months or more, unrealized losses	36,933	15,408
Total, fair value	311,621	197,722
Total, unrealized losses	$ 39,091	$ 26,728
Total, number of securities | security	464	376
Schedule of Held-to-maturity Securities [Line Items]
Less than 12 months, fair value		$ 68,108
Less than 12 months, unrealized losses		8,029
12 months or more, fair value		53,003
12 months or more, unrealized losses		8,722
Total, fair value		121,111
Total, unrealized losses		$ 16,751
Total, number of securities | security		106
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	$ 68,654	$ 114,887
Less than 12 months, unrealized losses	2,583	6,186
12 months or more, fair value	44,995	12,938
12 months or more, unrealized losses	4,737	1,961
Total, fair value	113,649	127,825
Total, unrealized losses	$ 7,320	$ 8,147
Total, number of securities | security	75	90

Securities and Other Investme_7

Securities and Other Investments - Amortized Cost and Fair Values of Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Amortized Cost
Due in less than one year	$ 225,921
Due in one year through five years	173,794
Due after five years through ten years	223,776
Due after ten years	132,626
Allocated and single maturity date	756,117
Amortized Cost	1,106,829	$ 996,344
Fair Value
Due in less than one year	223,243
Due in one year through five years	163,788
Due after five years through ten years	201,296
Due after ten years	123,228
Allocated and single maturity date	711,555
Fair Value	1,023,176	917,618
Mortgage-backed securities
Amortized Cost
Mortgage-backed securities	350,712
Amortized Cost	350,712	227,650
Fair Value
Mortgage-backed securities	311,621
Fair Value	$ 311,621	$ 200,932

Securities and Other Investme_8

Securities and Other Investments - Other Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Federal Reserve Bank stock	$ 32,708	$ 32,219
Federal Home Loan Bank (“FHLB”) stock	10,174	18,625
Equity securities with readily determinable fair values	3,912	4,376
Other investments	10,688	10,066
Total other investments	$ 57,482	$ 65,286

Loans, Allowance for Credit L_3

Loans, Allowance for Credit Losses - Loans, and Credit Quality - Summary of Loan Composition (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 6,223,732	$ 6,180,499
Less allowance for credit losses - Loans (“ACL-Loans”)	62,412	61,829	$ 49,906	$ 49,672
Loans, net	$ 6,161,320	$ 6,118,670
Allowance for credit losses - Loans to loans (in percent)	1%	1%
% of Total	100%	100%
Retail & other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 52,975	$ 55,266
Less allowance for credit losses - Loans (“ACL-Loans”)	$ 1,075	$ 1,029		932
% of Total	1%	1%
Commercial | Commercial & industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 1,330,052	$ 1,304,819
Less allowance for credit losses - Loans (“ACL-Loans”)	$ 16,699	$ 16,350		12,613
% of Total	21%	21%
Commercial | Owner-occupied commercial real estate (“CRE”)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 969,064	$ 954,599
Less allowance for credit losses - Loans (“ACL-Loans”)	$ 9,310	$ 9,138		7,222
% of Total	16%	15%
Commercial | Agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 1,065,909	$ 1,088,607
Less allowance for credit losses - Loans (“ACL-Loans”)	$ 9,436	$ 9,762		9,547
% of Total	17%	18%
Commercial real estate | CRE investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 1,146,388	$ 1,149,949
Less allowance for credit losses - Loans (“ACL-Loans”)	$ 12,954	$ 12,744		8,462
% of Total	19%	19%
Commercial real estate | Construction & land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 333,370	$ 318,600
Less allowance for credit losses - Loans (“ACL-Loans”)	$ 2,678	$ 2,572		1,812
% of Total	5%	5%
Residential | Residential first mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 1,014,166	$ 1,016,935
Less allowance for credit losses - Loans (“ACL-Loans”)	$ 6,771	$ 6,976		6,844
% of Total	16%	16%
Residential | Residential junior mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 177,026	$ 177,332
Less allowance for credit losses - Loans (“ACL-Loans”)	$ 1,815	$ 1,846		1,340
% of Total	3%	3%
Residential | Residential construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 134,782	$ 114,392
Less allowance for credit losses - Loans (“ACL-Loans”)	$ 1,674	$ 1,412		$ 900
% of Total	2%	2%

Loans, Allowance for Credit L_4

Loans, Allowance for Credit Losses - Loans, and Credit Quality - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest on loans	$ 16,000,000	$ 15,000,000
Material loans criteria for ACL-Loans adequacy calculation	250,000
Reserve for unfunded commitments	$ 3,000,000	$ 3,000,000

Loans, Allowance for Credit L_5

Loans, Allowance for Credit Losses - Loans, and Credit Quality - Roll Forward of Allowance for Credit Losses-Loans (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 61,829	$ 49,672	$ 49,672
ACL on PCD loans acquired	0	0	1,937
Provision for credit losses	750	300	10,950
Charge-offs	(184)	(100)	(1,033)
Recoveries	17	34	303
Net (charge-offs) recoveries	(167)	(66)	(730)
Ending balance	$ 62,412	$ 49,906	$ 61,829

Loans, Allowance for Credit L_6

Loans, Allowance for Credit Losses - Loans, and Credit Quality - Activity in ACL-Loans by Portfolio Segment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
ACL-Loans
Beginning balance	$ 61,829	$ 49,672	$ 49,672
ACL on PCD loans acquired	0	0	1,937
Provision for credit losses	750	300	10,950
Charge-offs	(184)	(100)	(1,033)
Recoveries	17	34	303
Net (charge-offs) recoveries	(167)	(66)	(730)
Ending balance	$ 62,412	49,906	$ 61,829
As % of ACL-Loans	100%		100%
Retail & other
ACL-Loans
Beginning balance	$ 1,029	932	$ 932
ACL on PCD loans acquired			0
Provision for credit losses	108		299
Charge-offs	(66)		(223)
Recoveries	4		21
Net (charge-offs) recoveries	(62)		(202)
Ending balance	$ 1,075		$ 1,029
As % of ACL-Loans	2%		2%
Commercial | Commercial & industrial
ACL-Loans
Beginning balance	$ 16,350	12,613	$ 12,613
ACL on PCD loans acquired			1,408
Provision for credit losses	457		2,415
Charge-offs	(118)		(190)
Recoveries	10		104
Net (charge-offs) recoveries	(108)		(86)
Ending balance	$ 16,699		$ 16,350
As % of ACL-Loans	27%		26%
Commercial | Owner-occupied CRE
ACL-Loans
Beginning balance	$ 9,138	7,222	$ 7,222
ACL on PCD loans acquired			384
Provision for credit losses	172		2,087
Charge-offs	0		(555)
Recoveries	0		0
Net (charge-offs) recoveries	0		(555)
Ending balance	$ 9,310		$ 9,138
As % of ACL-Loans	15%		15%
Commercial | Agricultural
ACL-Loans
Beginning balance	$ 9,762	9,547	$ 9,547
ACL on PCD loans acquired			0
Provision for credit losses	(328)		215
Charge-offs	0		0
Recoveries	2		0
Net (charge-offs) recoveries	2		0
Ending balance	$ 9,436		$ 9,762
As % of ACL-Loans	15%		16%
Commercial real estate | CRE investment
ACL-Loans
Beginning balance	$ 12,744	8,462	$ 8,462
ACL on PCD loans acquired			38
Provision for credit losses	210		4,075
Charge-offs	0		0
Recoveries	0		169
Net (charge-offs) recoveries	0		169
Ending balance	$ 12,954		$ 12,744
As % of ACL-Loans	21%		21%
Commercial real estate | Construction & land development
ACL-Loans
Beginning balance	$ 2,572	1,812	$ 1,812
ACL on PCD loans acquired			2
Provision for credit losses	106		758
Charge-offs	0		0
Recoveries	0		0
Net (charge-offs) recoveries	0		0
Ending balance	$ 2,678		$ 2,572
As % of ACL-Loans	4%		4%
Residential | Residential first mortgage
ACL-Loans
Beginning balance	$ 6,976	6,844	$ 6,844
ACL on PCD loans acquired			93
Provision for credit losses	(206)		96
Charge-offs	0		(65)
Recoveries	1		8
Net (charge-offs) recoveries	1		(57)
Ending balance	$ 6,771		$ 6,976
As % of ACL-Loans	11%		11%
Residential | Residential junior mortgage
ACL-Loans
Beginning balance	$ 1,846	1,340	$ 1,340
ACL on PCD loans acquired			12
Provision for credit losses	(31)		493
Charge-offs	0		0
Recoveries	0		1
Net (charge-offs) recoveries	0		1
Ending balance	$ 1,815		$ 1,846
As % of ACL-Loans	3%		3%
Residential | Residential construction
ACL-Loans
Beginning balance	$ 1,412	$ 900	$ 900
ACL on PCD loans acquired			0
Provision for credit losses	262		512
Charge-offs	0		0
Recoveries	0		0
Net (charge-offs) recoveries	0		0
Ending balance	$ 1,674		$ 1,412
As % of ACL-Loans	2%		2%

Loans, Allowance for Credit L_7

Loans, Allowance for Credit Losses - Loans, and Credit Quality - Provision for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Receivables [Abstract]
Loans	$ 750	$ 300	$ 10,950
Unfunded commitments	0	0	550
Investment securities	2,340	0	0
Total	$ 3,090	$ 300	$ 11,500

Loans, Allowance for Credit L_8

Loans, Allowance for Credit Losses - Loans, and Credit Quality - Collateral Dependent Loans by Portfolio Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	$ 31,953	$ 32,072
Without an Allowance	24,182	22,724
With an Allowance	7,771	9,348
Allowance Allocation	733	1,121
Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	23,734	22,139
Other Business Assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	8,219	9,933
Commercial | Commercial & industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	2,419	3,475
Without an Allowance	1,084	1,927
With an Allowance	1,335	1,548
Allowance Allocation	506	595
Commercial | Commercial & industrial | Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	0	0
Commercial | Commercial & industrial | Other Business Assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	2,419	3,475
Commercial | Owner-occupied CRE
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	5,905	4,907
Without an Allowance	5,697	4,699
With an Allowance	208	208
Allowance Allocation	54	53
Commercial | Owner-occupied CRE | Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	5,905	4,907
Commercial | Owner-occupied CRE | Other Business Assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	0	0
Commercial | Agricultural
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	18,456	20,216
Without an Allowance	12,751	14,358
With an Allowance	5,705	5,858
Allowance Allocation	166	261
Commercial | Agricultural | Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	12,656	13,758
Commercial | Agricultural | Other Business Assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	5,800	6,458
Commercial real estate | CRE investment
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	3,158	2,713
Without an Allowance	2,635	979
With an Allowance	523	1,734
Allowance Allocation	7	212
Commercial real estate | CRE investment | Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	3,158	2,713
Commercial real estate | CRE investment | Other Business Assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	0	0
Commercial real estate | Construction & land development
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	650	670
Without an Allowance	650	670
With an Allowance	0	0
Allowance Allocation	0	0
Commercial real estate | Construction & land development | Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	650	670
Commercial real estate | Construction & land development | Other Business Assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	0	0
Residential | Residential first mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	1,357	91
Without an Allowance	1,357	91
With an Allowance	0	0
Allowance Allocation	0	0
Residential | Residential first mortgage | Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	1,357	91
Residential | Residential first mortgage | Other Business Assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	0	$ 0
Residential | Residential junior mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	8
Without an Allowance	8
With an Allowance	0
Allowance Allocation	0
Residential | Residential junior mortgage | Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	8
Residential | Residential junior mortgage | Other Business Assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	$ 0

Loans, Allowance for Credit L_9

Loans, Allowance for Credit Losses - Loans, and Credit Quality - Summary of Loans by Past Due Status (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Loans	$ 6,223,732	$ 6,180,499
Percent of total loans	100%	100%
30-89 Days Past Due (accruing)
Financing Receivable, Past Due [Line Items]
Loans	$ 6,259	$ 5,188
Percent past due	0.10%	0.10%
90 Days & Over or nonaccrual
Financing Receivable, Past Due [Line Items]
Loans	$ 38,895	$ 38,080
Percent past due	0.60%	0.60%
Current
Financing Receivable, Past Due [Line Items]
Loans	$ 6,178,578	$ 6,137,231
Percent of current loans	99.30%	99.30%
Retail & other
Financing Receivable, Past Due [Line Items]
Loans	$ 52,975	$ 55,266
Retail & other | 30-89 Days Past Due (accruing)
Financing Receivable, Past Due [Line Items]
Loans	222	261
Retail & other | 90 Days & Over or nonaccrual
Financing Receivable, Past Due [Line Items]
Loans	55	82
Retail & other | Current
Financing Receivable, Past Due [Line Items]
Loans	52,698	54,923
Commercial | Commercial & industrial
Financing Receivable, Past Due [Line Items]
Loans	1,330,052	1,304,819
Commercial | Commercial & industrial | 30-89 Days Past Due (accruing)
Financing Receivable, Past Due [Line Items]
Loans	256	210
Commercial | Commercial & industrial | 90 Days & Over or nonaccrual
Financing Receivable, Past Due [Line Items]
Loans	2,874	3,328
Commercial | Commercial & industrial | Current
Financing Receivable, Past Due [Line Items]
Loans	1,326,922	1,301,281
Commercial | Owner-occupied CRE
Financing Receivable, Past Due [Line Items]
Loans	969,064	954,599
Commercial | Owner-occupied CRE | 30-89 Days Past Due (accruing)
Financing Receivable, Past Due [Line Items]
Loans	388	833
Commercial | Owner-occupied CRE | 90 Days & Over or nonaccrual
Financing Receivable, Past Due [Line Items]
Loans	7,128	5,647
Commercial | Owner-occupied CRE | Current
Financing Receivable, Past Due [Line Items]
Loans	961,548	948,119
Commercial | Agricultural
Financing Receivable, Past Due [Line Items]
Loans	1,065,909	1,088,607
Commercial | Agricultural | 30-89 Days Past Due (accruing)
Financing Receivable, Past Due [Line Items]
Loans	178	20
Commercial | Agricultural | 90 Days & Over or nonaccrual
Financing Receivable, Past Due [Line Items]
Loans	18,782	20,416
Commercial | Agricultural | Current
Financing Receivable, Past Due [Line Items]
Loans	1,046,949	1,068,171
Commercial real estate | CRE investment
Financing Receivable, Past Due [Line Items]
Loans	1,146,388	1,149,949
Commercial real estate | CRE investment | 30-89 Days Past Due (accruing)
Financing Receivable, Past Due [Line Items]
Loans	0	0
Commercial real estate | CRE investment | 90 Days & Over or nonaccrual
Financing Receivable, Past Due [Line Items]
Loans	4,126	3,832
Commercial real estate | CRE investment | Current
Financing Receivable, Past Due [Line Items]
Loans	1,142,262	1,146,117
Commercial real estate | Construction & land development
Financing Receivable, Past Due [Line Items]
Loans	333,370	318,600
Commercial real estate | Construction & land development | 30-89 Days Past Due (accruing)
Financing Receivable, Past Due [Line Items]
Loans	0	0
Commercial real estate | Construction & land development | 90 Days & Over or nonaccrual
Financing Receivable, Past Due [Line Items]
Loans	748	771
Commercial real estate | Construction & land development | Current
Financing Receivable, Past Due [Line Items]
Loans	332,622	317,829
Residential | Residential first mortgage
Financing Receivable, Past Due [Line Items]
Loans	1,014,166	1,016,935
Residential | Residential first mortgage | 30-89 Days Past Due (accruing)
Financing Receivable, Past Due [Line Items]
Loans	3,852	3,628
Residential | Residential first mortgage | 90 Days & Over or nonaccrual
Financing Receivable, Past Due [Line Items]
Loans	4,986	3,780
Residential | Residential first mortgage | Current
Financing Receivable, Past Due [Line Items]
Loans	1,005,328	1,009,527
Residential | Residential junior mortgage
Financing Receivable, Past Due [Line Items]
Loans	177,026	177,332
Residential | Residential junior mortgage | 30-89 Days Past Due (accruing)
Financing Receivable, Past Due [Line Items]
Loans	219	236
Residential | Residential junior mortgage | 90 Days & Over or nonaccrual
Financing Receivable, Past Due [Line Items]
Loans	196	224
Residential | Residential junior mortgage | Current
Financing Receivable, Past Due [Line Items]
Loans	176,611	176,872
Residential | Residential construction
Financing Receivable, Past Due [Line Items]
Loans	134,782	114,392
Residential | Residential construction | 30-89 Days Past Due (accruing)
Financing Receivable, Past Due [Line Items]
Loans	1,144	0
Residential | Residential construction | 90 Days & Over or nonaccrual
Financing Receivable, Past Due [Line Items]
Loans	0	0
Residential | Residential construction | Current
Financing Receivable, Past Due [Line Items]
Loans	$ 133,638	$ 114,392

Loans, Allowance for Credit _10

Loans, Allowance for Credit Losses - Loans, and Credit Quality - Nonaccrual Loans by Portfolio Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	$ 38,895	$ 38,080
Percent of total loans	0.60%	0.60%
% of Total	100%	100%
Retail & other
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	$ 55	$ 82
% of Total	0%	0%
Commercial | Commercial & industrial
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	$ 2,874	$ 3,328
% of Total	7%	9%
Commercial | Owner-occupied CRE
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	$ 7,128	$ 5,647
% of Total	18%	15%
Commercial | Agricultural
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	$ 18,782	$ 20,416
% of Total	48%	53%
Commercial real estate | CRE investment
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	$ 4,126	$ 3,832
% of Total	11%	10%
Commercial real estate | Construction & land development
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	$ 748	$ 771
% of Total	2%	2%
Residential | Residential first mortgage
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	$ 4,986	$ 3,780
% of Total	13%	10%
Residential | Residential junior mortgage
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	$ 196	$ 224
% of Total	1%	1%
Residential | Residential construction
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	$ 0	$ 0
% of Total	0%	0%

Loans, Allowance for Credit _11

Loans, Allowance for Credit Losses - Loans, and Credit Quality - Summary of Loans by Loan Risk Categories (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	$ 154,161	$ 1,528,490
2022/2021	1,554,581	1,271,582
2021/2020	1,257,240	689,302
2020/2019	666,231	437,225
2019/2018	420,956	322,275
Prior	1,292,008	1,061,537
Revolving	871,982	864,323
Revolving to Term	6,573	5,765
Total loans	6,223,732	6,180,499
Residential first mortgage
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	0	0
2021/2020	0	0
2020/2019	0	0
2019/2018	0	0
Prior	0	(65)
Revolving	0	0
Revolving to Term	0	0
Total loans	0	(65)
Residential junior mortgage
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	0	0
2021/2020	0	0
2020/2019	0	0
2019/2018	0	0
Prior	0	0
Revolving	0	0
Revolving to Term	0	0
Total loans	0	0
Retail & other
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023/2022		0
2022/2021		(1)
2021/2020		(6)
2020/2019		(1)
2019/2018		0
Prior		0
Revolving		(215)
Revolving to Term		0
Total loans		(223)
Commercial & industrial
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023/2022	0	(38)
2022/2021	(77)	(41)
2021/2020	(26)	(2)
2020/2019	0	0
2019/2018	0	(109)
Prior	0	0
Revolving	(15)	0
Revolving to Term	0	0
Total loans	(118)	(190)
Owner-occupied CRE
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	0	0
2021/2020	0	0
2020/2019	0	0
2019/2018	0	0
Prior	0	(555)
Revolving	0	0
Revolving to Term	0	0
Total loans	0	(555)
Agricultural
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	0	0
2021/2020	0	0
2020/2019	0	0
2019/2018	0	0
Prior	0	0
Revolving	0	0
Revolving to Term	0	0
Total loans	0	0
CRE investment
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	0	0
2021/2020	0	0
2020/2019	0	0
2019/2018	0	0
Prior	0	0
Revolving	0	0
Revolving to Term	0	0
Total loans	0	0
Construction & land development
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	0	0
2021/2020	0	0
2020/2019	0	0
2019/2018	0	0
Prior	0	0
Revolving	0	0
Revolving to Term	0	0
Total loans	0	0
Residential construction
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	0	0
2021/2020	0	0
2020/2019	0	0
2019/2018	0	0
Prior	0	0
Revolving	0	0
Revolving to Term	0	0
Total loans	0	0
Retail & other
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	1,646	12,318
2022/2021	10,603	9,003
2021/2020	8,077	4,243
2020/2019	3,661	3,190
2019/2018	2,623	1,065
Prior	4,480	24,955
Revolving	21,885	492
Revolving to Term	0	0
Total loans	52,975	55,266
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2023/2022	0
2022/2021	0
2021/2020	0
2020/2019	0
2019/2018	0
Prior	0
Revolving	(66)
Revolving to Term	0
Total loans	(66)
Retail & other | Grades 1-4
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	1,646	12,318
2022/2021	10,603	8,957
2021/2020	8,010	4,221
2020/2019	3,659	3,188
2019/2018	2,622	1,035
Prior	4,451	24,950
Revolving	21,885	492
Revolving to Term	0	0
Total loans	52,876	55,161
Retail & other | Grade 5
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	0	23
2021/2020	21	0
2020/2019	0	0
2019/2018	0	0
Prior	0	0
Revolving	0	0
Revolving to Term	0	0
Total loans	21	23
Retail & other | Grade 6
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	0	0
2021/2020	0	0
2020/2019	0	0
2019/2018	0	0
Prior	0	0
Revolving	0	0
Revolving to Term	0	0
Total loans	0	0
Retail & other | Grade 7
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	0	23
2021/2020	46	22
2020/2019	2	2
2019/2018	1	30
Prior	29	5
Revolving	0	0
Revolving to Term	0	0
Total loans	78	82
Commercial | Commercial & industrial
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	47,795	329,347
2022/2021	322,139	234,543
2021/2020	222,587	116,025
2020/2019	105,313	73,915
2019/2018	69,289	55,352
Prior	136,798	94,874
Revolving	426,131	400,763
Revolving to Term	0	0
Total loans	1,330,052	1,304,819
Commercial | Commercial & industrial | Grades 1-4
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	47,409	317,394
2022/2021	312,964	226,065
2021/2020	215,435	101,374
2020/2019	96,534	68,884
2019/2018	65,723	50,189
Prior	111,114	77,589
Revolving	376,926	360,978
Revolving to Term	0	0
Total loans	1,226,105	1,202,473
Commercial | Commercial & industrial | Grade 5
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	95	9,938
2022/2021	4,204	5,902
2021/2020	4,640	10,811
2020/2019	6,548	1,530
2019/2018	1,195	3,986
Prior	11,392	4,562
Revolving	27,894	20,617
Revolving to Term	0	0
Total loans	55,968	57,346
Commercial | Commercial & industrial | Grade 6
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	1,459
2022/2021	1,358	2,283
2021/2020	618	629
2020/2019	66	511
2019/2018	0	402
Prior	11,881	11,653
Revolving	6,543	14,047
Revolving to Term	0	0
Total loans	20,466	30,984
Commercial | Commercial & industrial | Grade 7
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	291	556
2022/2021	3,613	293
2021/2020	1,894	3,211
2020/2019	2,165	2,990
2019/2018	2,371	775
Prior	2,411	1,070
Revolving	14,768	5,121
Revolving to Term	0	0
Total loans	27,513	14,016
Commercial | Owner-occupied CRE
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	29,894	156,859
2022/2021	159,720	194,211
2021/2020	203,990	116,550
2020/2019	115,743	105,746
2019/2018	100,880	96,270
Prior	353,324	277,881
Revolving	5,513	7,082
Revolving to Term	0	0
Total loans	969,064	954,599
Commercial | Owner-occupied CRE | Grades 1-4
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	28,513	151,391
2022/2021	155,362	190,313
2021/2020	196,641	105,156
2020/2019	103,973	100,606
2019/2018	97,039	91,479
Prior	322,852	252,574
Revolving	4,773	6,734
Revolving to Term	0	0
Total loans	909,153	898,253
Commercial | Owner-occupied CRE | Grade 5
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	1,381	5,241
2022/2021	3,134	3,192
2021/2020	6,310	4,287
2020/2019	4,485	2,163
2019/2018	908	4,791
Prior	17,497	14,632
Revolving	490	348
Revolving to Term	0	0
Total loans	34,205	34,654
Commercial | Owner-occupied CRE | Grade 6
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	1,000	0
2021/2020	355	763
2020/2019	41	2,361
2019/2018	1,575	0
Prior	2,070	877
Revolving	250	0
Revolving to Term	0	0
Total loans	5,291	4,001
Commercial | Owner-occupied CRE | Grade 7
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	227
2022/2021	224	706
2021/2020	684	6,344
2020/2019	7,244	616
2019/2018	1,358	0
Prior	10,905	9,798
Revolving	0	0
Revolving to Term	0	0
Total loans	20,415	17,691
Commercial | Agricultural
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	13,914	295,783
2022/2021	301,203	167,539
2021/2020	158,626	88,855
2020/2019	86,281	29,465
2019/2018	27,962	24,815
Prior	218,581	199,982
Revolving	259,342	282,168
Revolving to Term	0	0
Total loans	1,065,909	1,088,607
Commercial | Agricultural | Grades 1-4
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	11,930	275,208
2022/2021	280,631	145,272
2021/2020	138,443	85,413
2020/2019	83,733	25,463
2019/2018	25,089	19,687
Prior	152,730	130,849
Revolving	227,727	249,033
Revolving to Term	0	0
Total loans	920,283	930,925
Commercial | Agricultural | Grade 5
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	1,239	13,295
2022/2021	13,311	18,178
2021/2020	11,668	2,694
2020/2019	1,762	1,992
2019/2018	879	517
Prior	39,707	43,927
Revolving	20,436	21,199
Revolving to Term	0	0
Total loans	89,002	101,802
Commercial | Agricultural | Grade 6
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	50	115
2022/2021	62	1,457
2021/2020	1,244	28
2020/2019	0	33
2019/2018	52	0
Prior	2,332	5,258
Revolving	195	429
Revolving to Term	0	0
Total loans	3,935	7,320
Commercial | Agricultural | Grade 7
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	695	7,165
2022/2021	7,199	2,632
2021/2020	7,271	720
2020/2019	786	1,977
2019/2018	1,942	4,611
Prior	23,812	19,948
Revolving	10,984	11,507
Revolving to Term	0	0
Total loans	52,689	48,560
Commercial real estate | CRE investment
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	10,836	206,497
2022/2021	206,361	230,901
2021/2020	229,714	196,226
2020/2019	193,247	140,036
2019/2018	138,869	85,376
Prior	355,273	279,115
Revolving	12,088	11,798
Revolving to Term	0	0
Total loans	1,146,388	1,149,949
Commercial real estate | CRE investment | Grades 1-4
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	8,011	205,930
2022/2021	205,798	229,252
2021/2020	228,060	192,527
2020/2019	189,172	134,301
2019/2018	132,082	79,649
Prior	326,737	248,595
Revolving	11,704	11,383
Revolving to Term	0	0
Total loans	1,101,564	1,101,637
Commercial real estate | CRE investment | Grade 5
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	2,825	567
2022/2021	563	1,649
2021/2020	1,633	3,578
2020/2019	3,552	4,266
2019/2018	3,312	3,086
Prior	21,095	24,897
Revolving	0	0
Revolving to Term	0	0
Total loans	32,980	38,043
Commercial real estate | CRE investment | Grade 6
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	0	0
2021/2020	0	0
2020/2019	0	1,170
2019/2018	1,159	2,396
Prior	3,778	2,483
Revolving	183	206
Revolving to Term	0	0
Total loans	5,120	6,255
Commercial real estate | CRE investment | Grade 7
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	0	0
2021/2020	21	121
2020/2019	523	299
2019/2018	2,316	245
Prior	3,663	3,140
Revolving	201	209
Revolving to Term	0	0
Total loans	6,724	4,014
Commercial real estate | Construction & land development
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	6,947	104,874
2022/2021	119,153	140,727
2021/2020	144,313	12,188
2020/2019	11,980	9,761
2019/2018	8,814	23,811
Prior	36,873	14,004
Revolving	5,290	13,235
Revolving to Term	0	0
Total loans	333,370	318,600
Commercial real estate | Construction & land development | Grades 1-4
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	6,947	104,804
2022/2021	119,087	140,727
2021/2020	144,313	12,188
2020/2019	11,980	9,747
2019/2018	8,802	23,811
Prior	36,033	13,138
Revolving	5,290	13,235
Revolving to Term	0	0
Total loans	332,452	317,650
Commercial real estate | Construction & land development | Grade 5
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	37
2022/2021	34	0
2021/2020	0	0
2020/2019	0	14
2019/2018	12	0
Prior	92	95
Revolving	0	0
Revolving to Term	0	0
Total loans	138	146
Commercial real estate | Construction & land development | Grade 6
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	0	0
2021/2020	0	0
2020/2019	0	0
2019/2018	0	0
Prior	0	0
Revolving	0	0
Revolving to Term	0	0
Total loans	0	0
Commercial real estate | Construction & land development | Grade 7
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	33
2022/2021	32	0
2021/2020	0	0
2020/2019	0	0
2019/2018	0	0
Prior	748	771
Revolving	0	0
Revolving to Term	0	0
Total loans	780	804
Residential | Residential first mortgage
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	35,309	320,276
2022/2021	310,950	273,098
2021/2020	271,918	149,042
2020/2019	143,906	71,838
2019/2018	69,327	33,677
Prior	181,327	166,921
Revolving	1,426	2,080
Revolving to Term	3	3
Total loans	1,014,166	1,016,935
Residential | Residential first mortgage | Grades 1-4
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	35,309	318,628
2022/2021	309,434	272,011
2021/2020	270,665	147,857
2020/2019	142,741	68,975
2019/2018	66,489	31,208
Prior	173,612	162,153
Revolving	1,426	2,080
Revolving to Term	3	3
Total loans	999,679	1,002,915
Residential | Residential first mortgage | Grade 5
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	1,494
2022/2021	1,364	758
2021/2020	776	997
2020/2019	987	1,803
2019/2018	1,776	2,272
Prior	2,759	465
Revolving	0	0
Revolving to Term	0	0
Total loans	7,662	7,789
Residential | Residential first mortgage | Grade 6
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	0	0
2021/2020	0	0
2020/2019	0	711
2019/2018	703	0
Prior	0	0
Revolving	0	0
Revolving to Term	0	0
Total loans	703	711
Residential | Residential first mortgage | Grade 7
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	154
2022/2021	152	329
2021/2020	477	188
2020/2019	178	349
2019/2018	359	197
Prior	4,956	4,303
Revolving	0	0
Revolving to Term	0	0
Total loans	6,122	5,520
Residential | Residential junior mortgage
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	2,784	10,119
2022/2021	9,940	4,786
2021/2020	4,496	5,207
2020/2019	5,055	3,151
2019/2018	3,071	1,573
Prior	4,803	3,576
Revolving	140,307	143,158
Revolving to Term	6,570	5,762
Total loans	177,026	177,332
Residential | Residential junior mortgage | Grades 1-4
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	2,784	10,119
2022/2021	9,905	4,580
2021/2020	4,291	5,207
2020/2019	5,055	3,151
2019/2018	3,071	1,573
Prior	4,780	3,409
Revolving	140,169	142,784
Revolving to Term	6,570	5,762
Total loans	176,625	176,585
Residential | Residential junior mortgage | Grade 5
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	0	0
2021/2020	0	0
2020/2019	0	0
2019/2018	0	0
Prior	0	143
Revolving	0	165
Revolving to Term	0	0
Total loans	0	308
Residential | Residential junior mortgage | Grade 6
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	0	0
2021/2020	0	0
2020/2019	0	0
2019/2018	0	0
Prior	0	0
Revolving	0	0
Revolving to Term	0	0
Total loans	0	0
Residential | Residential junior mortgage | Grade 7
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	35	206
2021/2020	205	0
2020/2019	0	0
2019/2018	0	0
Prior	23	24
Revolving	138	209
Revolving to Term	0	0
Total loans	401	439
Residential | Residential construction
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	5,036	92,417
2022/2021	114,512	16,774
2021/2020	13,519	966
2020/2019	1,045	123
2019/2018	121	336
Prior	549	229
Revolving	0	3,547
Revolving to Term	0	0
Total loans	134,782	114,392
Residential | Residential construction | Grades 1-4
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	5,036	92,417
2022/2021	114,512	16,774
2021/2020	12,948	966
2020/2019	1,045	123
2019/2018	121	336
Prior	549	229
Revolving	0	3,547
Revolving to Term	0	0
Total loans	134,211	114,392
Residential | Residential construction | Grade 5
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	0	0
2021/2020	571	0
2020/2019	0	0
2019/2018	0	0
Prior	0	0
Revolving	0	0
Revolving to Term	0	0
Total loans	571	0
Residential | Residential construction | Grade 6
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	0	0
2021/2020	0	0
2020/2019	0	0
2019/2018	0	0
Prior	0	0
Revolving	0	0
Revolving to Term	0	0
Total loans	0	0
Residential | Residential construction | Grade 7
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	0	0
2022/2021	0	0
2021/2020	0	0
2020/2019	0	0
2019/2018	0	0
Prior	0	0
Revolving	0	0
Revolving to Term	0	0
Total loans	$ 0	$ 0

Loans, Allowance for Credit _12

Loans, Allowance for Credit Losses - Loans, and Credit Quality - Loan Modifications (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Financing Receivable, Impaired [Line Items]
Total	$ 110
% of Total Loans	0%
Payment Delay
Financing Receivable, Impaired [Line Items]
Total	$ 110
Term Extension
Financing Receivable, Impaired [Line Items]
Total	0
Interest Rate Reduction
Financing Receivable, Impaired [Line Items]
Total	0
Term Extension & Interest Rate Reduction
Financing Receivable, Impaired [Line Items]
Total	0
Commercial & industrial | Commercial
Financing Receivable, Impaired [Line Items]
Total	$ 0
% of Total Loans	0%
Commercial & industrial | Payment Delay | Commercial
Financing Receivable, Impaired [Line Items]
Total	$ 0
Commercial & industrial | Term Extension | Commercial
Financing Receivable, Impaired [Line Items]
Total	0
Commercial & industrial | Interest Rate Reduction | Commercial
Financing Receivable, Impaired [Line Items]
Total	0
Commercial & industrial | Term Extension & Interest Rate Reduction | Commercial
Financing Receivable, Impaired [Line Items]
Total	0
Owner-occupied CRE | Commercial
Financing Receivable, Impaired [Line Items]
Total	$ 0
% of Total Loans	0%
Owner-occupied CRE | Payment Delay | Commercial
Financing Receivable, Impaired [Line Items]
Total	$ 0
Owner-occupied CRE | Term Extension | Commercial
Financing Receivable, Impaired [Line Items]
Total	0
Owner-occupied CRE | Interest Rate Reduction | Commercial
Financing Receivable, Impaired [Line Items]
Total	0
Owner-occupied CRE | Term Extension & Interest Rate Reduction | Commercial
Financing Receivable, Impaired [Line Items]
Total	0
Agricultural | Commercial
Financing Receivable, Impaired [Line Items]
Total	$ 110
% of Total Loans	0.01%
Agricultural | Payment Delay | Commercial
Financing Receivable, Impaired [Line Items]
Total	$ 110
Agricultural | Term Extension | Commercial
Financing Receivable, Impaired [Line Items]
Total	0
Agricultural | Interest Rate Reduction | Commercial
Financing Receivable, Impaired [Line Items]
Total	0
Agricultural | Term Extension & Interest Rate Reduction | Commercial
Financing Receivable, Impaired [Line Items]
Total	0
CRE investment | Commercial real estate
Financing Receivable, Impaired [Line Items]
Total	$ 0
% of Total Loans	0%
CRE investment | Payment Delay | Commercial real estate
Financing Receivable, Impaired [Line Items]
Total	$ 0
CRE investment | Term Extension | Commercial real estate
Financing Receivable, Impaired [Line Items]
Total	0
CRE investment | Interest Rate Reduction | Commercial real estate
Financing Receivable, Impaired [Line Items]
Total	0
CRE investment | Term Extension & Interest Rate Reduction | Commercial real estate
Financing Receivable, Impaired [Line Items]
Total	0
Construction & land development | Commercial real estate
Financing Receivable, Impaired [Line Items]
Total	$ 0
% of Total Loans	0%
Construction & land development | Payment Delay | Commercial real estate
Financing Receivable, Impaired [Line Items]
Total	$ 0
Construction & land development | Term Extension | Commercial real estate
Financing Receivable, Impaired [Line Items]
Total	0
Construction & land development | Interest Rate Reduction | Commercial real estate
Financing Receivable, Impaired [Line Items]
Total	0
Construction & land development | Term Extension & Interest Rate Reduction | Commercial real estate
Financing Receivable, Impaired [Line Items]
Total	0
Residential first mortgage | Residential first mortgage
Financing Receivable, Impaired [Line Items]
Total	$ 0
% of Total Loans	0%
Residential first mortgage | Payment Delay | Residential first mortgage
Financing Receivable, Impaired [Line Items]
Total	$ 0
Residential first mortgage | Term Extension | Residential first mortgage
Financing Receivable, Impaired [Line Items]
Total	0
Residential first mortgage | Interest Rate Reduction | Residential first mortgage
Financing Receivable, Impaired [Line Items]
Total	0
Residential first mortgage | Term Extension & Interest Rate Reduction | Residential first mortgage
Financing Receivable, Impaired [Line Items]
Total	$ 0

Loans, Allowance for Credit _13

Loans, Allowance for Credit Losses - Loans, and Credit Quality - Trouble Debt Restructuring (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Receivables [Abstract]
Troubled debt restructurings	$ 18,000
Pre-modification balance	$ 24,000

Goodwill and Other Intangible_3

Goodwill and Other Intangibles and Servicing Rights - Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 367,387	$ 367,387	$ 317,189
Other intangibles	32,890	35,051
Goodwill and other intangibles, net	400,277	402,438
Core deposit intangibles
Finite-Lived Intangible Assets [Line Items]
Other intangibles	30,667	32,701
Customer list intangibles
Finite-Lived Intangible Assets [Line Items]
Other intangibles	$ 2,223	$ 2,350

Goodwill and Other Intangible_4

Goodwill and Other Intangibles and Servicing Rights - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill:
Goodwill at beginning of year	$ 367,387	$ 317,189
Acquisitions	0	49,970
Purchase accounting adjustment	0	228
Goodwill at end of period	$ 367,387	$ 367,387

Goodwill and Other Intangible_5

Goodwill and Other Intangibles and Servicing Rights - Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Net book value	$ 32,890		$ 35,051
Amortization during the period	2,161	$ 1,424
Core deposit intangibles:
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	60,724		60,724
Accumulated amortization	(30,057)		(28,023)
Net book value	30,667		32,701
Additions during the period	0		19,364
Amortization during the period	2,034		6,108
Customer list intangibles:
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	5,523		5,523
Accumulated amortization	(3,300)		(3,173)
Net book value	2,223		2,350
Amortization during the period	$ 127		$ 508

Goodwill and Other Intangible_6

Goodwill and Other Intangibles and Servicing Rights - Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Mortgage Servicing Rights
Mortgage servicing rights asset:
MSR asset at beginning of year	$ 13,080	$ 13,636
Capitalized MSR	204	2,327
Amortization during the period	(740)	(2,883)
MSR asset at end of period	12,544	13,080
Valuation Allowance:
Valuation allowance at beginning of year	(500)	(1,200)
Reversals	500	700
Valuation allowance at end of period	0	(500)
MSR asset, net	12,544	12,580
Fair value of MSR asset at end of period	17,708	17,215
Residential mortgage loans serviced for others	$ 1,620,150	$ 1,637,109
Net book value of MSR asset to loans serviced for others	0.77%	0.77%
LSR asset
Mortgage servicing rights asset:
MSR asset at beginning of year	$ 11,039	$ 20,055
Amortization during the period	(552)	(9,016)
MSR asset at end of period	10,487	11,039
Valuation Allowance:
Residential mortgage loans serviced for others	$ 528,891	$ 538,392

Goodwill and Other Intangible_7

Goodwill and Other Intangibles and Servicing Rights - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Net book value	$ 32,890	$ 35,051
Core deposit intangibles
Finite-Lived Intangible Assets [Line Items]
2023 (remaining nine months)	5,555
2024	6,298
2025	5,161
2026	3,983
2027	3,218
2028	2,622
Thereafter	3,830
Net book value	30,667	32,701
Customer list intangibles
Finite-Lived Intangible Assets [Line Items]
2023 (remaining nine months)	356
2024	449
2025	449
2026	249
2027	166
2028	166
Thereafter	388
Net book value	2,223	$ 2,350
MSR asset
Finite-Lived Intangible Assets [Line Items]
2023 (remaining nine months)	1,672
2024	2,680
2025	1,942
2026	1,434
2027	1,434
2028	1,432
Thereafter	1,950
Net book value	12,544
LSR asset
Finite-Lived Intangible Assets [Line Items]
2023 (remaining nine months)	1,656
2024	1,962
2025	1,717
2026	1,472
2027	1,227
2028	981
Thereafter	1,472
Net book value	$ 10,487

Short and Long-Term Borrowing_2

Short and Long-Term Borrowings - Narrative (Details)	1 Months Ended	24 Months Ended	48 Months Ended	60 Months Ended
	Dec. 31, 2021 USD ($) note	Dec. 31, 2028	Dec. 31, 2030	Jul. 15, 2031	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 31, 2021 USD ($)
Debt Instrument
Short-term borrowings					$ 50,000,000	$ 317,000,000
Trust preferred securities qualify as Tier 1 capital					$ 38,000,000	$ 38,000,000
FHLB advances
Debt Instrument
FHLB weighted average interest rate at period end					1.55%	1.09%
Subordinated notes
Debt Instrument
Face amount issued					$ 152,400,000
Number of notes assumed | note	2
Subordinated Notes due 2031 | Subordinated notes
Debt Instrument
Face amount issued					100,000,000		$ 100,000,000
Subordinated Notes due 2031 | Subordinated notes | Interest Rate For The Years One Through 5
Debt Instrument
Fixed interest rate							3.125%
Subordinated Notes due 2031 | Subordinated notes | SOFR | Forecast | Interest Rate After Year Five
Debt Instrument
Floating interest rate basis spread				2.375%
County Subordinated Notes due 2028 | Subordinated notes
Debt Instrument
Face amount issued	$ 30,000,000				30,000,000
County Subordinated Notes due 2028 | Subordinated notes | Interest Rate For The Years One Through 5
Debt Instrument
Fixed interest rate	5.875%
County Subordinated Notes due 2028 | Subordinated notes | LIBOR | Forecast | Interest Rate After Year Five
Debt Instrument
Floating interest rate basis spread		2.88%
County Subordinated Notes due 2030 | Subordinated notes
Debt Instrument
Face amount issued	$ 22,000,000				22,400,000
County Subordinated Notes due 2030 | Subordinated notes | Interest Rate For The Years One Through 5
Debt Instrument
Fixed interest rate	7%
County Subordinated Notes due 2030 | Subordinated notes | SOFR | Forecast | Interest Rate After Year Five
Debt Instrument
Floating interest rate basis spread			6.875%
FHLB advances
Debt Instrument
Short-term borrowings						$ 317,000,000
FHLB advances | Maturing September 2023
Debt Instrument
Short-term borrowings					$ 50,000,000	$ 200,000,000
Weighted average interest rate on short-term debt					4.26%	4.30%
FHLB advances | Maturing January 2023
Debt Instrument
Short-term borrowings						$ 117,000,000
Weighted average interest rate on short-term debt						4.29%

Short and Long-Term Borrowing_3

Short and Long-Term Borrowings - Long-term Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument
Long-term borrowings	$ 197,448	$ 225,342
FHLB advances
Debt Instrument
Long-term borrowings	5,000	33,000
Junior subordinated debentures
Debt Instrument
Long-term borrowings	39,928	39,720
Subordinated notes
Debt Instrument
Long-term borrowings	$ 152,520	$ 152,622

Short and Long-Term Borrowing_4

Short and Long-Term Borrowings - Junior Subordinated Debentures (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 31, 2021
Debt Instrument [Line Items]
Carrying Value	$ 197,448,000	$ 225,342,000
Junior subordinated debentures
Debt Instrument [Line Items]
Par	48,045,000
Unamortized Premium /(Discount) / Debt Issue Costs	(8,117,000)
Carrying Value	$ 39,928,000	$ 39,720,000
Junior subordinated debentures | 2005 Mid-Wisconsin Financial Services, Inc.
Debt Instrument [Line Items]
Interest Rate	6.30%	6.20%
Par	$ 10,310,000
Unamortized Premium /(Discount) / Debt Issue Costs	(2,527,000)
Carrying Value	$ 7,783,000	$ 7,734,000
Junior subordinated debentures | 2006 Baylake Corp.
Debt Instrument [Line Items]
Interest Rate	6.51%	6.08%
Par	$ 16,598,000
Unamortized Premium /(Discount) / Debt Issue Costs	(3,115,000)
Carrying Value	$ 13,483,000	$ 13,424,000
Junior subordinated debentures | 2004 First Menasha Bancshares, Inc.
Debt Instrument [Line Items]
Interest Rate	7.70%	7.53%
Par	$ 5,155,000
Unamortized Premium /(Discount) / Debt Issue Costs	(476,000)
Carrying Value	$ 4,679,000	$ 4,668,000
Junior subordinated debentures | County Bancorp Statutory Trust II
Debt Instrument [Line Items]
Interest Rate	6.40%	6.30%
Par	$ 6,186,000
Unamortized Premium /(Discount) / Debt Issue Costs	(870,000)
Carrying Value	$ 5,316,000	$ 5,277,000
Junior subordinated debentures | County Bancorp Statutory Trust III
Debt Instrument [Line Items]
Interest Rate	6.56%	6.46%
Par	$ 6,186,000
Unamortized Premium /(Discount) / Debt Issue Costs	(928,000)
Carrying Value	$ 5,258,000	$ 5,219,000
Junior subordinated debentures | Fox River Valley Capital Trust
Debt Instrument [Line Items]
Interest Rate	6.40%	6.40%
Par	$ 3,610,000
Unamortized Premium /(Discount) / Debt Issue Costs	(201,000)
Carrying Value	$ 3,409,000	$ 3,398,000
Junior subordinated debentures | LIBOR | 2005 Mid-Wisconsin Financial Services, Inc.
Debt Instrument [Line Items]
Floating interest rate basis spread	1.43%
Junior subordinated debentures | LIBOR | 2006 Baylake Corp.
Debt Instrument [Line Items]
Floating interest rate basis spread	1.35%
Junior subordinated debentures | LIBOR | 2004 First Menasha Bancshares, Inc.
Debt Instrument [Line Items]
Floating interest rate basis spread	2.79%
Junior subordinated debentures | LIBOR | County Bancorp Statutory Trust II
Debt Instrument [Line Items]
Floating interest rate basis spread	1.53%
Junior subordinated debentures | LIBOR | County Bancorp Statutory Trust III
Debt Instrument [Line Items]
Floating interest rate basis spread	1.69%
Junior subordinated debentures | LIBOR | Fox River Valley Capital Trust
Debt Instrument [Line Items]
Floating interest rate basis spread	3.40%
Subordinated notes
Debt Instrument [Line Items]
Par	$ 152,400,000
Unamortized Premium /(Discount) / Debt Issue Costs	120,000
Carrying Value	$ 152,520,000	$ 152,622,000
Subordinated notes | Subordinated Notes due 2031
Debt Instrument [Line Items]
Interest Rate	3.13%	3.13%
Par	$ 100,000,000			$ 100,000,000
Unamortized Premium /(Discount) / Debt Issue Costs	(681,000)
Carrying Value	$ 99,319,000	$ 99,267,000
Subordinated notes | County Subordinated Notes due 2028
Debt Instrument [Line Items]
Interest Rate	5.88%	5.88%
Par	$ 30,000,000		$ 30,000,000
Unamortized Premium /(Discount) / Debt Issue Costs	49,000
Carrying Value	$ 30,049,000	$ 30,119,000
Subordinated notes | County Subordinated Notes due 2030
Debt Instrument [Line Items]
Interest Rate	7%	7%
Par	$ 22,400,000		$ 22,000,000
Unamortized Premium /(Discount) / Debt Issue Costs	752,000
Carrying Value	$ 23,152,000	$ 23,236,000

Commitment and Contingencies -

Commitment and Contingencies - Contract or Notional Amount of Exposure to Off-balance-sheet Risk (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Commitments to extend credit
Other Commitments [Line Items]
Contract and notional amounts of commitments	$ 1,850,215	$ 1,850,601
Financial standby letters of credit
Other Commitments [Line Items]
Contract and notional amounts of commitments	23,246	26,530
Performance standby letters of credit
Other Commitments [Line Items]
Contract and notional amounts of commitments	$ 9,952	$ 9,375

Commitment and Contingencies _2

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative fair value, net	$ 0.1	$ 0.1
Interest Rate Lock Commitments
Derivative [Line Items]
Commitments to sell residential mortgage loans held for sale considered derivative instruments	18	9
Forward Contracts
Derivative [Line Items]
Commitments to sell residential mortgage loans held for sale considered derivative instruments	$ 17	$ 9

Fair Value Measurements - Measu

Fair Value Measurements - Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	$ 1,023,176	$ 917,618
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	186,108	183,830
U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	9,970	2,100
State, county and municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	397,448	398,188
Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	311,621	200,932
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	118,029	132,568
Reccurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	1,023,176	917,618
Reccurring | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	186,108	183,830
Reccurring | U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	9,970	2,100
Reccurring | State, county and municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	397,448	398,188
Reccurring | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	311,621	200,932
Reccurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	118,029	132,568
Reccurring | Other investments (equity securities)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments (equity securities)	3,912	4,376
Reccurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	0	0
Reccurring | Level 1 | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	0	0
Reccurring | Level 1 | U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	0	0
Reccurring | Level 1 | State, county and municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	0	0
Reccurring | Level 1 | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	0	0
Reccurring | Level 1 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	0	0
Reccurring | Level 1 | Other investments (equity securities)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments (equity securities)	3,912	4,376
Reccurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	1,015,021	909,465
Reccurring | Level 2 | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	186,108	183,830
Reccurring | Level 2 | U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	9,970	2,100
Reccurring | Level 2 | State, county and municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	395,579	396,315
Reccurring | Level 2 | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	310,638	199,951
Reccurring | Level 2 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	112,726	127,269
Reccurring | Level 2 | Other investments (equity securities)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments (equity securities)	0	0
Reccurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	8,155	8,153
Reccurring | Level 3 | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	0	0
Reccurring | Level 3 | U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	0	0
Reccurring | Level 3 | State, county and municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	1,869	1,873
Reccurring | Level 3 | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	983	981
Reccurring | Level 3 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	5,303	5,299
Reccurring | Level 3 | Other investments (equity securities)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments (equity securities)	$ 0	$ 0

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - Securities AFS - Recurring - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Level 3 Fair Value Measurements:
Balance at beginning of year	$ 8,153	$ 8,065
Acquired balance	0	750
Unrealized gain / (loss)	2	(211)
Balance at end of period	8,155	8,153
Level 3
Level 3 Fair Value Measurements:
Maturities / Paydowns	$ 0	$ (451)

Fair Value Measurements - Mea_2

Fair Value Measurements - Measured at Fair Value on Nonrecurring Basis (Details) - Measured at Fair Value on a Nonrecurring Basis - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Collateral dependent loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	$ 31,220	$ 30,951
Other real estate owned (“OREO”)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	1,975	1,975
MSR asset
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	12,544	12,580
Level 1 | Collateral dependent loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Level 1 | Other real estate owned (“OREO”)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Level 1 | MSR asset
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Level 2 | Collateral dependent loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Level 2 | Other real estate owned (“OREO”)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Level 2 | MSR asset
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Level 3 | Collateral dependent loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	31,220	30,951
Level 3 | Other real estate owned (“OREO”)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	1,975	1,975
Level 3 | MSR asset
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	$ 12,544	$ 12,580

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial assets:
Securities AFS	$ 1,023,176	$ 917,618
Securities HTM		623,352
Carrying Amount
Financial assets:
Cash and cash equivalents	114,180	154,723
Certificates of deposit in other banks	11,293	12,518
Securities AFS	1,023,176	917,618
Securities HTM		679,128
Other investments, including equity securities	57,482	65,286
Loans held for sale	4,962	1,482
Loans, net	6,161,320	6,118,670
Accrued interest receivable	21,796	21,275
Financial liabilities:
Deposits	6,928,579	7,178,921
Short-term borrowings	50,000	317,000
Long-term borrowings	197,448	225,342
Accrued interest payable	4,219	4,265
Carrying Amount | MSR asset
Financial assets:
MSR asset	12,544	12,580
Estimated Fair Value
Financial assets:
Cash and cash equivalents	114,180	154,723
Certificates of deposit in other banks	11,181	12,407
Securities AFS	1,023,176	917,618
Securities HTM		623,352
Other investments, including equity securities	57,482	65,286
Loans held for sale	5,057	1,529
Loans, net	5,962,242	5,863,570
Accrued interest receivable	21,796	21,275
Financial liabilities:
Deposits	6,918,140	7,172,779
Short-term borrowings	50,000	317,000
Long-term borrowings	188,203	220,513
Accrued interest payable	4,219	4,265
Estimated Fair Value | MSR asset
Financial assets:
MSR asset	17,708	17,215
Estimated Fair Value | Level 1
Financial assets:
Cash and cash equivalents	114,180	154,723
Certificates of deposit in other banks	0	0
Securities AFS	0	0
Securities HTM		0
Other investments, including equity securities	3,912	4,376
Loans held for sale	0	0
Loans, net	0	0
Accrued interest receivable	21,796	21,275
Financial liabilities:
Deposits	0	0
Short-term borrowings	0	317,000
Long-term borrowings	0	0
Accrued interest payable	4,219	4,265
Estimated Fair Value | Level 1 | MSR asset
Financial assets:
MSR asset	0	0
Estimated Fair Value | Level 2
Financial assets:
Cash and cash equivalents	0	0
Certificates of deposit in other banks	11,181	12,407
Securities AFS	1,015,021	909,465
Securities HTM		623,352
Other investments, including equity securities	42,982	52,093
Loans held for sale	5,057	1,529
Loans, net	0	0
Accrued interest receivable	0	0
Financial liabilities:
Deposits	0	0
Short-term borrowings	50,000	0
Long-term borrowings	4,855	33,001
Accrued interest payable	0	0
Estimated Fair Value | Level 2 | MSR asset
Financial assets:
MSR asset	0	0
Estimated Fair Value | Level 3
Financial assets:
Cash and cash equivalents	0	0
Certificates of deposit in other banks	0	0
Securities AFS	8,155	8,153
Securities HTM		0
Other investments, including equity securities	10,588	8,817
Loans held for sale	0	0
Loans, net	5,962,242	5,863,570
Accrued interest receivable	0	0
Financial liabilities:
Deposits	6,918,140	7,172,779
Short-term borrowings	0	0
Long-term borrowings	183,348	187,512
Accrued interest payable	0	0
Estimated Fair Value | Level 3 | MSR asset
Financial assets:
MSR asset	$ 17,708	$ 17,215