National Bank Holdings Corporation Announces First Quarter 2026 Financial Results
Rhea-AI Summary
National Bank Holdings (NYSE:NBHC) reported first-quarter 2026 results with adjusted diluted EPS $0.72, net income $20.8 million, and a net interest margin of 4.06%. The company closed the Vista acquisition (Jan 7, 2026), adding $1.9B loans and $2.2B deposits, driving loans to $9.6B and average deposits to $10.1B.
Adjusted pre-provision net revenue rose 21.7% QoQ; adjusted return on tangible common equity was 11.79%. Management authorized a $100M buyback and executed $16.1M in repurchases.
Positive
- Adjusted EPS of $0.72 in 1Q26
- Net interest margin expanded to 4.06%
- Loans increased 29.3% to $9.6B
- Record loan fundings of $805.5M in 1Q26
- Average deposits rose $2.0B to $10.1B
- Board authorized $100M share repurchase program
Negative
- Non-interest expense rose to $96.8M (+33.7% QoQ)
- Acquisition and restructuring costs of $15.3M in 1Q26
- Tangible book value per share declined to $26.01 (down from $27.80)
News Market Reaction – NBHC
In the Apr 22 session, NBHC declined 1.49%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jan 27 | Q4 & FY 2025 earnings | Positive | -0.5% | Reported Q4 and full‑year 2025 earnings with higher capital and new buyback. |
| Oct 21 | Q3 2025 earnings | Positive | +2.3% | Strong Q3 2025 results, NIM near 4%, Vista deal announcement and buybacks. |
| Jul 22 | Q2 2025 earnings | Positive | +2.8% | Robust Q2 2025 earnings with strong ROATCE, loan growth, and low charge‑offs. |
| Apr 22 | Q1 2025 earnings | Negative | -6.2% | Q1 2025 profit pressured by large fraud‑related provision despite solid NIM. |
| Jul 23 | Q2 2024 earnings | Negative | -5.1% | Q2 2024 earnings declined on investment impairment and higher provisions. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have typically moved NBHC shares modestly, with four of the last five earnings events seeing price moves directionally aligned with the tone of the results and an average move of about -1.35% on release day.
NBHC’s recent history centers on steady profitability and balance sheet growth alongside the Vista acquisition. Prior earnings reports in 2024–2025 highlighted solid net interest margins around the high‑3% range, strong capital ratios (CET1 often above 13%), and expanding loans and deposits. Some quarters were pressured by higher provisions or investment impairments, leading to negative price reactions. The Vista deal, announced in Q3 2025 and closed by year‑end, is now a key driver of loan and deposit growth, providing context for the strong Q1 2026 results.
Key Terms
non-gaap financial measure financial
net interest margin financial
pre-provision net revenue financial
provision for credit losses financial
non-performing loans financial
allowance for credit losses financial
loan to deposit ratio financial
common equity tier 1 capital ratio financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
DENVER, April 21, 2026 (GLOBE NEWSWIRE) -- National Bank Holdings Corporation (the “Company” or “NBHC”) reported:
| For the quarter(1) | For the quarter - adjusted(1)(2) | ||||||||||||||||
| 1Q26 | 4Q25 | 1Q25 | 1Q26 | 4Q25 | 1Q25 | ||||||||||||
| Net income ( | $ | 20,793 | $ | 16,036 | $ | 24,231 | $ | 32,607 | $ | 22,748 | $ | 24,231 | |||||
| Earnings per share - diluted | $ | 0.46 | $ | 0.42 | $ | 0.63 | $ | 0.72 | $ | 0.60 | $ | 0.63 | |||||
| Return on average assets | 0.70% | 1.09% | |||||||||||||||
| Return on average tangible assets(2) | 0.79% | 1.20% | |||||||||||||||
| Return on average equity | 5.02% | 7.87% | |||||||||||||||
| Return on average tangible common equity(2) | 7.75% | 11.79% | |||||||||||||||
| (1) | Quarterly ratios are annualized. | |
| (2) | Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures and Reconciliations” tables for reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP. |
In announcing these results, Chief Executive Officer Tim Laney shared, “We delivered solid first quarter results, with adjusted earnings of
Mr. Laney added, “I’m proud of our first quarter execution and the meaningful progress our teams continue to make integrating our most recent acquisition. Momentum across the organization reinforces our belief in our ability to prudently grow our earnings this year and surpass a projected
Recent Acquisition
On January 7, 2026, the Company completed its acquisition of Vista Bancshares, Inc. (“Vista”), the holding company for Vista Bank, with operations in Dallas-Ft. Worth, Austin, and Lubbock, Texas and Palm Beach, Florida. The acquisition added
First Quarter 2026 Results
(All comparisons refer to the fourth quarter of 2025, except as noted)
Net income increased
Net Interest Income
Fully taxable equivalent net interest income increased
Loans
Loans increased
Asset Quality and Provision for Credit Losses
The Company maintains strong credit quality and takes a proactive approach to monitoring credit. The Company recorded provision expense of
Deposits
The Company maintains a low cost, diversified deposit franchise. Average total deposits increased
Non-Interest Income
Non-interest income increased
Non-Interest Expense
Non-interest expense totaled
Income tax expense totaled
Capital
Common book value per share increased
As reported earlier this quarter, the Company’s Board of Directors authorized a new stock repurchase program under which the Company may repurchase up to
Year-Over-Year Review
(All comparisons refer to the first quarter of 2025, except as noted)
Adjusted net income increased
Fully taxable equivalent net interest income increased
Loans outstanding increased
The Company recorded
Average deposits increased
Non-interest income increased
Non-interest expense totaled
Income tax expense totaled
Conference Call
Management will host a conference call to review the results at 11:00 a.m. Eastern Time on Wednesday, April 22, 2026. The call may also include discussion of company developments, forward-looking statements and other material information about business and financial matters. Interested parties may listen to this call by dialing (800) 330-6710 using the participant passcode of 5153785 and asking for the NBHC Q1 2026 Earnings Call. The earnings release and a link to the replay of the call will be available on the Company’s website at www.nationalbankholdings.com by visiting the investor relations area.
About National Bank Holdings Corporation
National Bank Holdings Corporation is a bank holding company created to build a leading community bank franchise, delivering high quality client service and committed to stakeholder results. Through its bank subsidiaries, NBH Bank and Bank of Jackson Hole Trust, National Bank Holdings Corporation operates a network of over 100 banking centers, serving individual consumers, small, medium and large businesses, and government and non-profit entities. Its banking centers are located in its core footprint of Colorado, the greater Kansas City region, Texas, Utah, Wyoming, New Mexico, Idaho, and Palm Beach, Florida. Its comprehensive residential mortgage banking group primarily serves the bank’s core footprint. Its trust and wealth management business is operated in its core footprint under the Bank of Jackson Hole Trust charter. NBH Bank operates under a single state charter through the following brand names as divisions of NBH Bank: in Colorado, Community Banks of Colorado and Community Banks Mortgage; in Kansas and Missouri, Bank Midwest and Bank Midwest Mortgage; in Texas, Vista Bank and Hillcrest Bank; in Utah, New Mexico and Idaho, Hillcrest Bank and Hillcrest Bank Mortgage; in Palm Beach, Florida, Vista Bank; and in Wyoming, Bank of Jackson Hole and Bank of Jackson Hole Mortgage. Additional information about National Bank Holdings Corporation can be found at www.nationalbankholdings.com.
For more information visit: cobnks.com, bankmw.com, hillcrestbank.com, bankofjacksonhole.com, vistabank.com, or nbhbank.com, or connect with any of our brands on LinkedIn.
About Non-GAAP Financial Measures
Certain financial measures and ratios we present are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as “non-GAAP financial measures.” We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods.
These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these differences by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance. A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not discuss historical facts but instead relate to expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. Forward-looking statements are generally identified by words such as “anticipate,” “believe,” “can,” “would,” “should,” “could,” “may,” “predict,” “seek,” “potential,” “will,” “estimate,” “target,” “plan,” “projected,” “continuing,” “ongoing,” “expect,” “intend,” “goal,” “focus,” “maintains,” “future,” “ultimately,” “likely,” “ensure,” “strategy,” “objective,” and similar words or phrases. These statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties. We have based these statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, liquidity, results of operations, business strategy and growth prospects. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements due to a number of factors, including, but not limited to, business and economic conditions along with external events, both generally and in the financial services industry; susceptibility to credit risk and fluctuations in the value of real estate and other collateral securing a significant portion of our loan portfolio, including with regards to real estate acquired through foreclosure, and the accuracy of appraisals related to such real estate; changes impacting monetary supply and the businesses of our clients and counterparties, including levels of market interest rates, inflation, currency values, monetary, fiscal, and international trade policy, and the volatility of trading markets; our ability to maintain sufficient liquidity to meet the requirements of deposit withdrawals and other business needs; our desire to raise additional capital in connection with strategic growth initiatives and our ability to access the capital markets when desired or on favorable terms; changes in the fair value of our investment securities can fluctuate due to market conditions outside of our control; our investments in financial technology companies and initiatives may subject us to material financial, reputational and strategic risks; the allowance for credit losses and fair value adjustments may be insufficient to absorb losses in our loan portfolio; any service interruptions, cyber incidents or other breaches relating to our technology systems, security systems or infrastructure or those of our third-party providers; the occurrence of fraud or other financial crimes within our business; competition from other financial services providers, including traditional financial institutions and financial technology companies, and the effects of disintermediation within the banking business including consolidation within the industry; changes to federal government lending programs like the Small Business Administration’s Preferred Lender Program and the Federal Housing Administration’s insurance programs, including the impact of changes in regulations, budget appropriations and a prolonged government shutdown on such programs; impairment of our mortgage servicing rights, disruption in the secondary market for mortgage loans, declines in real estate values, or being required to repurchase mortgage loans or reimburse investors; claims and litigation related to our fiduciary responsibilities in connection with our trust and wealth business; our ability to manage and execute our organic growth and acquisition strategies, including our ability to realize the expected benefits of our acquisition strategies; developments in technology, such as artificial intelligence, the success of our digital growth strategy, and our ability to incorporate innovative technologies in our business and provide products and services that satisfy our clients’ expectations for convenience and security; our ability to integrate Vista Bank into our business may be more difficult, costly or time consuming than expected and we may fail to realize the anticipated benefits or cost savings of the merger; failure to obtain regulatory approvals or consummate attractive acquisitions or continue to increase organic loan growth would restrict our growth plans; the accuracy of projected operating results for assets and businesses we acquire as well as our ability to drive organic loan growth to replace loans in our existing portfolio with comparable loans as loans are paid down; our ability to comply with and manage costs related to extensive and potentially expanding government regulation and supervision, including current and future regulations affecting bank holding companies and depository institutions; our inability to execute our capital allocation strategy, including paying dividends or repurchasing shares, is subject to regulatory limitations; the application of any increased assessment rates imposed by the Federal Deposit Insurance Corporation; claims or legal action brought against us by third parties or government agencies; the loss of our executive officers and key personnel; changes to federal, state and local laws and regulations along with executive orders applicable to our business, including tax laws; and other factors, risks, trends and uncertainties described elsewhere in our other filings with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.
Contacts:
Analysts/Institutional Investors:
Emily Gooden, Chief Accounting Officer and Investor Relations Director, (720) 554-6640, ir@nationalbankholdings.com
Nicole Van Denabeele, Chief Financial Officer, (720) 529-3370, ir@nationalbankholdings.com
Media:
Dave Coons, SVP, Associate Director of Corporate Communications and Marketing, (816) 298-2214, dave.coons@nbhbank.com
NATIONAL BANK HOLDINGS CORPORATION
FINANCIAL SUMMARY
Consolidated Statements of Operations (Unaudited)
(Dollars in thousands, except share and per share data)
| For the three months ended | |||||||||
| March 31, | December 31, | March 31, | |||||||
| 2026 | 2025 | 2025 | |||||||
| Total interest and dividend income | $ | 159,151 | $ | 126,353 | $ | 129,963 | |||
| Total interest expense | 50,349 | 40,148 | 43,272 | ||||||
| Net interest income | 108,802 | 86,205 | 86,691 | ||||||
| Taxable equivalent adjustment | 2,182 | 2,059 | 1,910 | ||||||
| Net interest income FTE(1) | 110,984 | 88,264 | 88,601 | ||||||
| Provision expense for credit losses | 4,000 | 9,100 | 10,200 | ||||||
| Net interest income after provision for credit losses FTE(1) | 106,984 | 79,164 | 78,401 | ||||||
| Non-interest income: | |||||||||
| Service charges | 4,192 | 4,109 | 4,118 | ||||||
| Bank card fees | 4,334 | 4,390 | 4,194 | ||||||
| Mortgage banking income | 2,742 | 2,328 | 3,315 | ||||||
| Other non-interest income | 6,465 | 6,954 | 3,749 | ||||||
| Gain (loss) on security sales | 246 | (3,348 | ) | — | |||||
| Total non-interest income | 17,979 | 14,433 | 15,376 | ||||||
| Non-interest expense: | |||||||||
| Salaries and benefits | 56,970 | 38,447 | 34,362 | ||||||
| Occupancy and equipment | 15,834 | 13,173 | 10,837 | ||||||
| Professional fees | 2,232 | 6,175 | 1,423 | ||||||
| Data processing | 7,653 | 4,653 | 4,401 | ||||||
| Other non-interest expense | 11,684 | 8,054 | 9,017 | ||||||
| Other intangible assets amortization | 2,464 | 1,946 | 1,977 | ||||||
| Total non-interest expense | 96,837 | 72,448 | 62,017 | ||||||
| Income before income taxes FTE(1) | 28,126 | 21,149 | 31,760 | ||||||
| Taxable equivalent adjustment | 2,182 | 2,059 | 1,910 | ||||||
| Income before income taxes | 25,944 | 19,090 | 29,850 | ||||||
| Income tax expense | 5,151 | 3,054 | 5,619 | ||||||
| Net income | $ | 20,793 | $ | 16,036 | $ | 24,231 | |||
| Earnings per share - basic | $ | 0.46 | $ | 0.42 | $ | 0.63 | |||
| Earnings per share - diluted | 0.46 | 0.42 | 0.63 | ||||||
| Common stock dividend | 0.32 | 0.31 | 0.29 | ||||||
| (1) | Net interest income is presented on a GAAP basis and fully taxable equivalent (FTE) basis, as the Company believes this non-GAAP measure is the preferred industry measurement for this item. The FTE adjustment is for the tax benefit on certain tax exempt loans using the federal tax rate of |
NATIONAL BANK HOLDINGS CORPORATION
Consolidated Statements of Financial Condition (Unaudited)
(Dollars in thousands, except share and per share data)
| March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 472,791 | $ | 417,058 | $ | 246,298 | |||||
| Investment securities available-for-sale | 605,167 | 528,639 | 634,376 | ||||||||
| Investment securities held-to-maturity | 757,350 | 651,732 | 706,912 | ||||||||
| Other securities | 90,457 | 80,634 | 76,203 | ||||||||
| Loans | 9,611,486 | 7,433,356 | 7,646,296 | ||||||||
| Allowance for credit losses | (113,477 | ) | (87,415 | ) | (90,192 | ) | |||||
| Loans, net | 9,498,009 | 7,345,941 | 7,556,104 | ||||||||
| Loans held for sale | 24,905 | 25,695 | 11,885 | ||||||||
| Other real estate owned | 3,821 | 1,674 | 615 | ||||||||
| Premises and equipment, net | 235,666 | 214,554 | 204,567 | ||||||||
| Goodwill | 454,672 | 306,043 | 306,043 | ||||||||
| Intangible assets, net | 67,375 | 48,337 | 54,489 | ||||||||
| Other assets | 404,195 | 263,211 | 301,378 | ||||||||
| Total assets | $ | 12,614,408 | $ | 9,883,518 | $ | 10,098,870 | |||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
| Liabilities: | |||||||||||
| Non-interest bearing demand deposits | $ | 2,573,213 | $ | 2,204,241 | $ | 2,215,313 | |||||
| Interest bearing demand deposits | 1,546,569 | 1,237,006 | 1,337,905 | ||||||||
| Savings and money market | 5,044,181 | 3,701,616 | 3,812,312 | ||||||||
| Total transaction deposits | 9,163,963 | 7,142,863 | 7,365,530 | ||||||||
| Time deposits | 1,294,881 | 1,149,771 | 1,058,677 | ||||||||
| Total deposits | 10,458,844 | 8,292,634 | 8,424,207 | ||||||||
| Securities sold under agreements to repurchase | 16,991 | 17,350 | 20,749 | ||||||||
| Long-term debt | 202,138 | 54,540 | 54,588 | ||||||||
| Federal Home Loan Bank advances | — | — | 80,000 | ||||||||
| Other liabilities | 271,560 | 133,880 | 190,018 | ||||||||
| Total liabilities | 10,949,533 | 8,498,404 | 8,769,562 | ||||||||
| Shareholders' equity: | |||||||||||
| Common stock | 588 | 515 | 515 | ||||||||
| Additional paid in capital | 1,454,100 | 1,171,581 | 1,168,433 | ||||||||
| Retained earnings | 578,522 | 572,461 | 521,939 | ||||||||
| Treasury stock | (320,269 | ) | (315,397 | ) | (301,531 | ) | |||||
| Accumulated other comprehensive loss, net of tax | (48,066 | ) | (44,046 | ) | (60,048 | ) | |||||
| Total shareholders' equity | 1,664,875 | 1,385,114 | 1,329,308 | ||||||||
| Total liabilities and shareholders' equity | $ | 12,614,408 | $ | 9,883,518 | $ | 10,098,870 | |||||
| SHARE DATA | |||||||||||
| Average basic shares outstanding | 44,439,788 | 37,803,728 | 38,068,455 | ||||||||
| Average diluted shares outstanding | 44,610,511 | 37,922,557 | 38,229,869 | ||||||||
| Ending shares outstanding | 44,692,472 | 37,772,516 | 38,094,105 | ||||||||
| Common book value per share | $ | 37.25 | $ | 36.67 | $ | 34.90 | |||||
| Tangible book value per share (non-GAAP)(1) | 26.01 | 27.80 | 25.94 | ||||||||
| CAPITAL RATIOS | |||||||||||
| Average equity to average assets | 13.84% | ||||||||||
| Tangible common equity to tangible assets(1) | 9.60% | ||||||||||
| Tier 1 leverage ratio | 10.45% | ||||||||||
| Common equity tier 1 risk-based capital ratio | 12.51% | ||||||||||
| Tier 1 risk-based capital ratio | 12.51% | ||||||||||
| Total risk-based capital ratio | 15.78% | ||||||||||
| (1) | Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures and Reconciliations” below. |
NATIONAL BANK HOLDINGS CORPORATION
Loan Portfolio
(Dollars in thousands)
Period End Loan Balances by Type
| March 31, 2026 | March 31, 2026 | |||||||||||
| vs. December 31, 2025 | vs. March 31, 2025 | |||||||||||
| March 31, 2026 | December 31, 2025 | % Change | March 31, 2025 | % Change | ||||||||
| Originated: | ||||||||||||
| Commercial: | ||||||||||||
| Commercial and industrial | $ | 2,073,442 | $ | 1,948,332 | $ | 1,871,301 | ||||||
| Municipal and non-profit | 1,290,778 | 1,273,508 | 1,116,724 | |||||||||
| Owner-occupied commercial real estate | 892,378 | 950,269 | (6.1)% | 1,026,692 | (13.1)% | |||||||
| Food and agribusiness | 185,368 | 208,009 | (10.9)% | 251,120 | (26.2)% | |||||||
| Total commercial | 4,441,966 | 4,380,118 | 4,265,837 | |||||||||
| Commercial real estate non-owner occupied | 1,189,200 | 1,030,069 | 1,136,176 | |||||||||
| Residential real estate | 974,316 | 927,663 | 915,139 | |||||||||
| Consumer | 13,340 | 12,771 | 11,955 | |||||||||
| Total originated | 6,618,822 | 6,350,621 | 6,329,107 | |||||||||
| Acquired: | ||||||||||||
| Commercial: | ||||||||||||
| Commercial and industrial | 688,955 | 89,373 | 105,493 | |||||||||
| Municipal and non-profit | 246 | 253 | (2.8)% | 271 | (9.2)% | |||||||
| Owner-occupied commercial real estate | 399,285 | 178,348 | 198,339 | |||||||||
| Food and agribusiness | 46,295 | 20,061 | 33,831 | |||||||||
| Total commercial | 1,134,781 | 288,035 | 337,934 | |||||||||
| Commercial real estate non-owner occupied | 1,350,322 | 552,359 | 659,680 | |||||||||
| Residential real estate | 506,257 | 242,036 | 318,510 | |||||||||
| Consumer | 1,304 | 305 | 1,065 | |||||||||
| Total acquired | 2,992,664 | 1,082,735 | 1,317,189 | |||||||||
| Total loans | $ | 9,611,486 | $ | 7,433,356 | $ | 7,646,296 | ||||||
Loan Fundings(1)
| First quarter | Fourth quarter | Third quarter | Second quarter | First quarter | ||||||||||
| 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||
| Commercial: | ||||||||||||||
| Commercial and industrial | $ | 346,250 | $ | 237,813 | $ | 159,250 | $ | 133,402 | $ | 108,594 | ||||
| Municipal and non-profit | 45,000 | 119,918 | 81,418 | 34,393 | 12,506 | |||||||||
| Owner occupied commercial real estate | 49,556 | 66,798 | 42,362 | 47,233 | 37,762 | |||||||||
| Food and agribusiness | 5,697 | 4,437 | 5,015 | 4,576 | 1,338 | |||||||||
| Total commercial | 446,503 | 428,966 | 288,045 | 219,604 | 160,200 | |||||||||
| Commercial real estate non-owner occupied | 268,021 | 96,482 | 81,136 | 56,770 | 65,254 | |||||||||
| Residential real estate | 89,375 | 64,161 | 49,877 | 44,470 | 29,300 | |||||||||
| Consumer | 1,583 | 1,399 | 2,142 | 1,823 | 970 | |||||||||
| Total | $ | 805,482 | $ | 591,008 | $ | 421,200 | $ | 322,667 | $ | 255,724 | ||||
| (1) | Loan fundings are defined as closed end funded loans and net fundings under revolving lines of credit. Net fundings (paydowns) under revolving lines of credit were |
NATIONAL BANK HOLDINGS CORPORATION
Summary of Net Interest Margin
(Dollars in thousands)
| For the three months ended | For the three months ended | For the three months ended | ||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||||||||||||
| Average | Average | Average | Average | Average | Average | |||||||||||||||||||||
| balance | Interest | rate | balance | Interest | rate | balance | Interest | rate | ||||||||||||||||||
| Interest earning assets: | ||||||||||||||||||||||||||
| Originated loans FTE(1)(2) | $ | 6,324,783 | $ | 97,058 | 6.22% | $ | 6,231,548 | $ | 98,545 | $ | 6,335,931 | $ | 102,221 | |||||||||||||
| Acquired loans | 2,948,300 | 49,815 | 6.85% | 1,128,992 | 17,227 | 1,351,726 | 19,547 | |||||||||||||||||||
| Loans held for sale | 18,556 | 284 | 6.21% | 21,166 | 335 | 19,756 | 349 | |||||||||||||||||||
| Investment securities available-for-sale | 694,048 | 5,001 | 2.88% | 640,239 | 4,281 | 716,938 | 4,617 | |||||||||||||||||||
| Investment securities held-to-maturity | 691,109 | 5,150 | 2.98% | 673,344 | 4,909 | 635,961 | 4,120 | |||||||||||||||||||
| Other securities | 37,111 | 516 | 5.56% | 31,110 | 368 | 31,386 | 480 | |||||||||||||||||||
| Interest earning deposits | 375,473 | 3,509 | 3.79% | 272,509 | 2,747 | 48,206 | 539 | |||||||||||||||||||
| Total interest earning assets FTE(2) | $ | 11,089,380 | $ | 161,333 | 5.90% | $ | 8,998,908 | $ | 128,412 | $ | 9,139,904 | $ | 131,873 | |||||||||||||
| Cash and due from banks | $ | 99,579 | $ | 76,466 | $ | 77,237 | ||||||||||||||||||||
| Other assets | 1,040,484 | 809,541 | 794,374 | |||||||||||||||||||||||
| Allowance for credit losses | (97,098 | ) | (87,862 | ) | (95,492 | ) | ||||||||||||||||||||
| Total assets | $ | 12,132,345 | $ | 9,797,053 | $ | 9,916,023 | ||||||||||||||||||||
| Interest bearing liabilities: | ||||||||||||||||||||||||||
| Interest bearing demand, savings and money market deposits | $ | 6,321,115 | $ | 37,187 | 2.39% | $ | 4,848,541 | $ | 29,156 | $ | 5,027,052 | $ | 32,511 | |||||||||||||
| Time deposits | 1,329,219 | 11,182 | 3.41% | 1,154,614 | 10,272 | 1,035,983 | 8,756 | |||||||||||||||||||
| Federal Home Loan Bank advances | 8,333 | 152 | 7.40% | 217 | 2 | 107,151 | 1,105 | |||||||||||||||||||
| Other borrowings(3) | 29,978 | 124 | 1.68% | 29,602 | 200 | 50,277 | 382 | |||||||||||||||||||
| Long-term debt | 135,277 | 1,704 | 5.11% | 54,720 | 518 | 54,539 | 518 | |||||||||||||||||||
| Total interest bearing liabilities | $ | 7,823,922 | $ | 50,349 | 2.61% | $ | 6,087,694 | $ | 40,148 | $ | 6,275,002 | $ | 43,272 | |||||||||||||
| Demand deposits | $ | 2,477,131 | $ | 2,151,701 | $ | 2,197,300 | ||||||||||||||||||||
| Other liabilities | 152,030 | 165,095 | 119,806 | |||||||||||||||||||||||
| Total liabilities | 10,453,083 | 8,404,490 | 8,592,108 | |||||||||||||||||||||||
| Shareholders' equity | 1,679,262 | 1,392,563 | 1,323,915 | |||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 12,132,345 | $ | 9,797,053 | $ | 9,916,023 | ||||||||||||||||||||
| Net interest income FTE(2) | $ | 110,984 | $ | 88,264 | $ | 88,601 | ||||||||||||||||||||
| Interest rate spread FTE(2) | 3.29% | |||||||||||||||||||||||||
| Net interest earning assets | $ | 3,265,458 | $ | 2,911,214 | $ | 2,864,902 | ||||||||||||||||||||
| Net interest margin FTE(2) | 4.06% | |||||||||||||||||||||||||
| Average transaction deposits | $ | 8,798,246 | $ | 7,000,242 | $ | 7,224,352 | ||||||||||||||||||||
| Average total deposits | 10,127,465 | 8,154,856 | 8,260,335 | |||||||||||||||||||||||
| Ratio of average interest earning assets to average interest bearing liabilities | 141.74% | |||||||||||||||||||||||||
| (1) | Originated loans are net of deferred loan fees, less costs, which are included in interest income over the life of the loan. | |
| (2) | Presented on a fully taxable equivalent basis using the statutory tax rate of | |
| (3) | Other borrowings includes securities sold under agreements to repurchase and cash collateral received from counterparties in connection with derivative swap agreements. |
NATIONAL BANK HOLDINGS CORPORATION
Allowance for Credit Losses and Asset Quality
(Dollars in thousands)
Allowance for Credit Losses Analysis
| As of and for the three months ended | |||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||
| Beginning allowance for credit losses | $ | 87,415 | $ | 88,280 | $ | 94,455 | |||||
| Allowance for credit loss at acquisition | 29,462 | — | — | ||||||||
| Charge-offs | (7,757 | ) | (10,435 | ) | (15,251 | ) | |||||
| Recoveries | 57 | 470 | 138 | ||||||||
| Provision expense for credit losses on loans | 4,300 | 9,100 | 10,850 | ||||||||
| Ending allowance for credit losses ("ACL") | $ | 113,477 | $ | 87,415 | $ | 90,192 | |||||
| Ratio of annualized net charge-offs (recoveries) to average total loans during the period | 0.34% | ||||||||||
| Ratio of ACL to total loans outstanding at period end | 1.18% | ||||||||||
| Ratio of ACL to total non-performing loans at period end | 378.38% | ||||||||||
| Total loans | $ | 9,611,486 | $ | 7,433,356 | $ | 7,646,296 | |||||
| Average total loans during the period | 9,255,883 | 7,343,580 | 7,660,974 | ||||||||
| Total non-performing loans | 29,990 | 24,912 | 34,620 | ||||||||
Past Due and Non-accrual Loans
| March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||
| Loans 90 days past due and still accruing interest | $ | 26,858 | $ | 15,417 | $ | 1,012 | ||
| Non-accrual loans | 29,990 | 24,912 | 34,620 | |||||
| Total past due and non-accrual loans | $ | 56,848 | $ | 40,329 | $ | 35,632 | ||
| Total 90 days past due and still accruing interest and non-accrual loans to total loans | 0.59% | |||||||
| Loans 30-89 days past due and still accruing interest | $ | 21,624 | $ | 11,961 | $ | 17,003 | ||
Asset Quality Data
| March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||
| Non-performing loans | $ | 29,990 | $ | 24,912 | $ | 34,620 | ||
| OREO | 3,821 | 1,674 | 615 | |||||
| Total non-performing assets | $ | 33,811 | $ | 26,586 | $ | 35,235 | ||
| Total non-performing loans to total loans | 0.31% | |||||||
| Total non-performing assets to total loans and OREO | 0.35% | |||||||
NATIONAL BANK HOLDINGS CORPORATION
Key Metrics(1)
| As of and for the three months ended | |||||
| March 31, | December 31, | March 31, | |||
| 2026 | 2025 | 2025 | |||
| Return on average assets | 0.70% | ||||
| Return on average tangible assets(2) | 0.79% | ||||
| Adjusted return on average tangible assets(2) | 1.20% | ||||
| Return on average equity | 5.02% | ||||
| Return on average tangible common equity(2) | 7.75% | ||||
| Adjusted return on average tangible common equity(2) | 11.79% | ||||
| Loan to deposit ratio (end of period) | 91.90% | ||||
| Non-interest bearing deposits to total deposits (end of period) | 24.60% | ||||
| Net interest margin(3) | 3.98% | ||||
| Net interest margin FTE(3)(4) | 4.06% | ||||
| Interest rate spread FTE(4)(5) | 3.29% | ||||
| Yield on earning assets(6) | 5.82% | ||||
| Yield on earning assets FTE(4)(6) | 5.90% | ||||
| Cost of funds | 1.98% | ||||
| Cost of deposits | 1.94% | ||||
| Non-interest income to total revenue FTE(4)(7) | 13.94% | ||||
| Efficiency ratio FTE(4) | 75.09% | ||||
| Adjusted efficiency ratio FTE(2)(4) | 61.28% | ||||
| Pre-provision net revenue FTE(2)(4) | 32,126 | 30,249 | 41,960 | ||
| Adjusted pre-provision net revenue FTE(2)(4) | 47,475 | 39,009 | 41,960 | ||
| Total Loans Asset Quality Data(8)(9) | |||||
| Non-performing loans to total loans | 0.31% | ||||
| Non-performing assets to total loans and OREO | 0.35% | ||||
| Allowance for credit losses to total loans | 1.18% | ||||
| Allowance for credit losses to non-performing loans | 378.38% | ||||
| Net charge-offs (recoveries) to average loans | 0.34% | ||||
| (1) | Ratios are annualized. | |
| (2) | Ratio represents non-GAAP financial measure. See “Non-GAAP Financial Measures and Reconciliations” below. | |
| (3) | Net interest margin represents net interest income, including accretion income on interest earning assets, as a percentage of average interest earning assets. | |
| (4) | Presented on a fully taxable equivalent basis using the statutory tax rate of | |
| (5) | Interest rate spread represents the difference between the weighted average yield on interest earning assets, including FTE income, and the weighted average cost of interest bearing liabilities. Ratio represents a non-GAAP financial measure. | |
| (6) | Interest earning assets include assets that earn interest/accretion or dividends. Any market value adjustments on investment securities or loans are excluded from interest earning assets. | |
| (7) | Non-interest income to total revenue represents non-interest income divided by the sum of net interest income FTE and non-interest income. | |
| (8) | Non-performing loans consist of non-accruing loans. | |
| (9) | Total loans are net of unearned discounts and fees. |
NATIONAL BANK HOLDINGS CORPORATION
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
(Dollars in thousands, except share and per share data)
Tangible Book Value Ratios
| March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||
| Total shareholders' equity | $ | 1,664,875 | $ | 1,385,114 | $ | 1,329,308 | |||||
| Less: goodwill and other intangible assets, net | (516,672 | ) | (348,961 | ) | (354,800 | ) | |||||
| Add: deferred tax liability related to goodwill | 14,050 | 13,947 | 13,638 | ||||||||
| Tangible common equity (non-GAAP) | $ | 1,162,253 | $ | 1,050,100 | $ | 988,146 | |||||
| Total assets | $ | 12,614,408 | $ | 9,883,518 | $ | 10,098,870 | |||||
| Less: goodwill and other intangible assets, net | (516,672 | ) | (348,961 | ) | (354,800 | ) | |||||
| Add: deferred tax liability related to goodwill | 14,050 | 13,947 | 13,638 | ||||||||
| Tangible assets (non-GAAP) | $ | 12,111,786 | $ | 9,548,504 | $ | 9,757,708 | |||||
| Tangible common equity to tangible assets calculations: | |||||||||||
| Total shareholders' equity to total assets | 13.20% | ||||||||||
| Less: impact of goodwill and other intangible assets, net | (3.60)% | (3.01)% | (3.03)% | ||||||||
| Tangible common equity to tangible assets (non-GAAP) | 9.60% | ||||||||||
| Tangible book value per share calculations: | |||||||||||
| Tangible common equity (non-GAAP) | $ | 1,162,253 | $ | 1,050,100 | $ | 988,146 | |||||
| Divided by: ending shares outstanding | 44,692,472 | 37,772,516 | 38,094,105 | ||||||||
| Tangible book value per share (non-GAAP) | $ | 26.01 | $ | 27.80 | $ | 25.94 | |||||
NATIONAL BANK HOLDINGS CORPORATION
(Dollars in thousands, except share and per share data)
Return on Average Tangible Assets and Return on Average Tangible Equity
| As of and for the three months ended | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| Net income | $ | 20,793 | $ | 16,036 | $ | 24,231 | |||||
| Add: adjustments, after tax (non-GAAP)(1) | 11,814 | 6,712 | — | ||||||||
| Adjusted net income (non-GAAP)(1) | $ | 32,607 | $ | 22,748 | $ | 24,231 | |||||
| Net income | $ | 20,793 | $ | 16,036 | $ | 24,231 | |||||
| Add: impact of other intangible assets amortization expense, after tax (non-GAAP) | 1,897 | 1,491 | 1,516 | ||||||||
| Net income excluding the impact of other intangible assets amortization expense, after tax (non-GAAP) | $ | 22,690 | $ | 17,527 | $ | 25,747 | |||||
| Net income excluding the impact of other intangible assets amortization expense, after tax (non-GAAP) | $ | 22,690 | $ | 17,527 | $ | 25,747 | |||||
| Add: adjustments, after tax (non-GAAP)(1) | 11,814 | 6,712 | — | ||||||||
| Net income excluding the impact of other intangible assets amortization expense, adjusted for acquisition-related expenses, restructuring expenses and loss on security sales, after tax (non-GAAP)(1) | $ | 34,504 | $ | 24,239 | $ | 25,747 | |||||
| Average assets | $ | 12,132,345 | $ | 9,797,053 | $ | 9,916,023 | |||||
| Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill (non-GAAP) | (492,642 | ) | (336,252 | ) | (342,425 | ) | |||||
| Average tangible assets (non-GAAP) | $ | 11,639,703 | $ | 9,460,801 | $ | 9,573,598 | |||||
| Average shareholders' equity | $ | 1,679,262 | $ | 1,392,563 | $ | 1,323,915 | |||||
| Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill (non-GAAP) | (492,642 | ) | (336,252 | ) | (342,425 | ) | |||||
| Average tangible common equity (non-GAAP) | $ | 1,186,620 | $ | 1,056,311 | $ | 981,490 | |||||
| Return on average assets | 0.70% | ||||||||||
| Adjusted return on average assets (non-GAAP) | 1.09% | ||||||||||
| Return on average tangible assets (non-GAAP) | 0.79% | ||||||||||
| Adjusted return on average tangible assets (non-GAAP)(1) | 1.20% | ||||||||||
| Return on average equity | 5.02% | ||||||||||
| Adjusted return on average equity (non-GAAP) | 7.87% | ||||||||||
| Return on average tangible common equity (non-GAAP) | 7.75% | ||||||||||
| Adjusted return on average tangible common equity (non-GAAP)(1) | 11.79% | ||||||||||
| Adjustments: | |||||||||||
| Non-interest income adjustments: | |||||||||||
| Loss on security sales(2) | $ | — | $ | 3,348 | $ | — | |||||
| Non-interest expense adjustments: | |||||||||||
| Acquisition-related expenses | 14,342 | 5,412 | — | ||||||||
| Restructuring expenses(3) | 1,007 | — | — | ||||||||
| Total adjustments before tax (non-GAAP) | 15,349 | 8,760 | — | ||||||||
| Tax benefit impact | (3,535 | ) | (2,048 | ) | — | ||||||
| Total adjustments, after tax (non-GAAP) | $ | 11,814 | $ | 6,712 | $ | — | |||||
| (1) | For details, refer to the “Adjustments” section at the bottom of the table. | |
| (2) | Adjusted for the loss on security sales incurred as part of the Company's strategic balance sheet management during the fourth quarter of 2025. | |
| (3) | Restructuring expenses are primarily related to banking center consolidation expenses. |
Efficiency Ratio and Pre-Provision Net Revenue
| As of and for the three months ended | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| Net interest income FTE(1) | $ | 110,984 | $ | 88,264 | $ | 88,601 | |||||
| Non-interest income | $ | 17,979 | $ | 14,433 | $ | 15,376 | |||||
| Add: loss on security sales | — | 3,348 | — | ||||||||
| Adjusted non-interest income (non-GAAP) | $ | 17,979 | $ | 17,781 | $ | 15,376 | |||||
| Non-interest expense | $ | 96,837 | $ | 72,448 | $ | 62,017 | |||||
| Less: other intangible assets amortization | (2,464 | ) | (1,946 | ) | (1,977 | ) | |||||
| Less: acquisition-related expenses and restructuring expenses | (15,349 | ) | (5,412 | ) | — | ||||||
| Adjusted non-interest expense, excluding other intangible assets amortization (non-GAAP) | $ | 79,024 | $ | 65,090 | $ | 60,040 | |||||
| Non-interest expense | $ | 96,837 | $ | 72,448 | $ | 62,017 | |||||
| Less: acquisition-related expenses and restructuring expenses | (15,349 | ) | (5,412 | ) | — | ||||||
| Adjusted non-interest expense (non-GAAP) | $ | 81,488 | $ | 67,036 | $ | 62,017 | |||||
| Efficiency ratio FTE(1) | 75.09% | ||||||||||
| Adjusted efficiency ratio FTE (non-GAAP)(1)(2) | 61.28% | ||||||||||
| Net income | $ | 20,793 | $ | 16,036 | $ | 24,231 | |||||
| Add: income tax expense | 5,151 | 3,054 | 5,619 | ||||||||
| Add: provision expense for credit losses | 4,000 | 9,100 | 10,200 | ||||||||
| Add: impact of taxable equivalent adjustment | 2,182 | 2,059 | 1,910 | ||||||||
| Pre-provision net revenue, FTE (non-GAAP)(1) | $ | 32,126 | $ | 30,249 | $ | 41,960 | |||||
| Pre-provision net revenue, FTE (non-GAAP)(1) | $ | 32,126 | $ | 30,249 | $ | 41,960 | |||||
| Add: acquisition-related expenses | 14,342 | 5,412 | — | ||||||||
| Add: restructuring expenses | 1,007 | — | — | ||||||||
| Add: loss on security sales | — | 3,348 | — | ||||||||
| Adjusted pre-provision net revenue FTE (non-GAAP)(1) | $ | 47,475 | $ | 39,009 | $ | 41,960 | |||||
| (1) | Presented on a fully taxable equivalent basis using the statutory tax rate of | |
| (2) | Adjusted efficiency ratio FTE excludes other intangible assets amortization, acquisition-related expenses, restructuring expenses and loss on security sales. |
Adjusted Net Income and Adjusted Earnings Per Share
| As of and for the three months ended | ||||||||
| March 31, | December 31, | March 31, | ||||||
| 2026 | 2025 | 2025 | ||||||
| Adjustments to net income: | ||||||||
| Net income | $ | 20,793 | $ | 16,036 | $ | 24,231 | ||
| Add: acquisition-related adjustments, after tax | 11,039 | 4,147 | — | |||||
| Add: restructuring expenses, after tax | 775 | — | — | |||||
| Add: loss on security sales, after tax | — | 2,565 | — | |||||
| Adjusted net income (non-GAAP) | $ | 32,607 | $ | 22,748 | $ | 24,231 | ||
| Adjustments to earnings per share: | ||||||||
| Earnings per share diluted | $ | 0.46 | $ | 0.42 | $ | 0.63 | ||
| Add: acquisition-related adjustments, after tax | 0.24 | 0.11 | — | |||||
| Add: restructuring expenses, after tax | 0.02 | — | — | |||||
| Add: adjustment for the loss on security sales, after tax | — | 0.07 | — | |||||
| Adjusted earnings per share - diluted (non-GAAP) | $ | 0.72 | $ | 0.60 | $ | 0.63 | ||
