National Bank Holdings Corporation Announces Fourth Quarter and Full Year 2025 Financial Results

Rhea-AI Summary

National Bank Holdings (NYSE:NBHC) reported 4Q25 net income of $16.0M ($0.42 diluted) and full‑year 2025 net income of $109.6M ($2.85 diluted). Adjusted 4Q25 EPS was $0.60 and adjusted 2025 EPS was $3.06. Tangible common book value per share rose 10.0% to $27.80 and common equity tier 1 capital increased to 14.89%. NBHC originated $1.6B of new loans in 2025 and closed the acquisition of Vista. The board approved a quarterly dividend of $0.32 and a new $100M share repurchase authority.

Positive

• Tangible common book value per share +10.0% to $27.80
• Common equity tier 1 ratio improved 169 bps to 14.89%
• Originated $1.6 billion of new loans in 2025
• Board authorized $100.0 million new share repurchase program
• Quarterly dividend increased 3.2% to $0.32 per share

Negative

• Provision for credit losses rose to $17.8 million in 2025
• Net charge-offs increased to 0.34% of average loans in 2025
• Non-interest expense rose, including $7.2 million acquisition costs

News Market Reaction – NBHC

-0.50%

1 alert

-0.50% News Effect

On the day this news was published, NBHC declined 0.50%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 net income: $16.0M Q4 2025 EPS (diluted): $0.42 2025 adjusted EPS: $3.06 +5 more

8 metrics

Q4 2025 net income $16.0M Q4 2025 GAAP net income vs $35.3M in Q3 2025

Q4 2025 EPS (diluted) $0.42 Q4 2025 diluted EPS vs $0.92 in Q3 2025

2025 adjusted EPS $3.06 Full-year 2025 adjusted diluted EPS

2025 net interest margin 3.94% Full-year 2025 fully taxable equivalent NIM

CET1 ratio 14.89% Common Equity Tier 1 ratio at Dec 31, 2025

New loan originations $1.6B New loans originated during 2025

2025 provision expense $17.8M 2025 provision for credit losses vs $6.8M prior year

Quarterly dividend $0.32 New quarterly dividend per share, up 3.2% from $0.31

Market Reality Check

Price: $42.52 Vol: Volume 230,342 vs 20-day ...

low vol

$42.52 Last Close

Volume Volume 230,342 vs 20-day average 352,233 suggests quieter-than-normal trading ahead of this release. low

Technical Shares at 40.31 are trading above the 200-day MA of 37.89, with the stock 8.61% below its 52-week high.

Peers on Argus

NBHC was roughly flat at -0.05% ahead of results. Peers were mixed: TCBK fell 1....

NBHC was roughly flat at -0.05% ahead of results. Peers were mixed: TCBK fell 1.3% while BY, HOPE, GABC, and STEL rose between 0.28% and 0.91%, pointing to stock-specific rather than sector-wide dynamics.

Previous Earnings Reports

5 past events · Latest: Oct 21 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Oct 21	Q3 2025 earnings	Positive	+2.3%	Strong Q3 earnings, robust NIM, high CET1 and Vista acquisition announcement.
Jul 22	Q2 2025 earnings	Positive	+2.8%	Strong Q2 profit growth, high ROATCE, solid NIM and loan growth.
Apr 22	Q1 2025 earnings	Negative	-6.2%	Earnings down versus prior quarters, driven by large fraud-related provision.
Jul 23	Q2 2024 earnings	Negative	-5.1%	Lower earnings from venture investment impairment and higher provision expense.
Apr 24	Q1 2024 earnings	Neutral	-2.2%	Q1 2024 results with limited detail provided but modest share decline.

Pattern Detected

Earnings headlines have consistently driven price moves aligned with the underlying tone: strong quarters and capital strength saw gains, while weaker or more complicated quarters led to declines.

Recent Company History

Over the past five earnings cycles from Apr 2024 to Oct 2025, NBHC has shown a clear linkage between fundamentals and share reaction. Strong Q2 and Q3 2025 results with solid net interest margins and capital ratios produced positive moves, while earlier quarters with earnings pressure, higher provisions, or investment impairments saw share price declines. Today’s Q4 and full-year 2025 update, which includes Vista integration and capital actions, fits into this pattern of fundamentals driving direction.

Historical Comparison

+3.7% avg move · Over the last five earnings releases, NBHC moved an average of 3.72%. Today’s pre-release move of -0...

earnings

+3.7%

Average Historical Move earnings

Over the last five earnings releases, NBHC moved an average of 3.72%. Today’s pre-release move of -0.05% is far smaller than typical post-earnings reactions.

Across recent earnings, NBHC has maintained solid net interest margins and strong capital ratios while navigating periods of higher provisions and acquisition activity, notably the Vista transaction.

Market Pulse Summary

This announcement combines softer Q4 GAAP earnings with solid full-year 2025 margins, strong capital...

Analysis

This announcement combines softer Q4 GAAP earnings with solid full-year 2025 margins, strong capital at 14.89% CET1, and shareholder-friendly actions including a higher $0.32 dividend and new buyback authorization. The Vista acquisition and 2UniFi rollout add strategic complexity. Investors may watch credit costs, non-performing metrics, integration progress, and future net interest margin trends across upcoming quarters.

Key Terms

non-gaap financial measure, tangible common book value per share, common equity tier 1 capital ratio, fully taxable equivalent net interest income, +4 more

8 terms

non-gaap financial measure financial

"Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures..."

A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.

tangible common book value per share financial

"Grew tangible common book value per share by 10.0%..."

The tangible common book value per share shows how much real, sellable net worth is attributed to each common share by taking a company’s total equity, subtracting intangible items (like goodwill) and preferred equity, and dividing the remainder by outstanding common shares. Investors use it as a conservative measure of a company’s per-share liquidation or balance-sheet strength — like checking how much cash you’d have per share after removing things you can’t easily sell.

common equity tier 1 capital ratio regulatory

"increased the common equity tier 1 capital ratio to 14.89%."

A bank’s common equity tier 1 (CET1) capital ratio measures the size of its strongest loss-absorbing capital—mainly common shares and retained earnings—relative to the bank’s assets after adjusting those assets for how risky they are (riskier loans count more). Think of it as the safety cushion compared with the weight of risky business; investors use it to judge a bank’s ability to survive losses, meet rules, and sustain dividends or growth.

fully taxable equivalent net interest income financial

"Fully taxable equivalent net interest income totaled $88.3 million..."

Fully taxable equivalent net interest income is a bank metric that adjusts a lender’s interest income so tax-free items (like municipal bond interest) are shown as if they had been taxed, producing a common, after‑tax comparison. It matters to investors because it lets you compare how much banks earn from lending and investing on an even footing—like converting different currencies into one unit so you can fairly compare value and profitability.

provision for credit losses financial

"Asset Quality and Provision for Credit Losses The Company maintains..."

Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.

net charge-offs financial

"This year’s net charge-offs totaled 0.34% of average total loans..."

Net charge-offs are the amount of loans or credit a lender removes from its books as uncollectible after subtracting any money later recovered from previously written-off accounts. Think of it like a store writing off unpaid tabs but getting back a few dollars later — the net figure shows the real loss. Investors watch this to judge a lender’s loan quality, future profits and how much capital may be needed to cover bad debts.

non-performing loans financial

"non-performing loans improved two basis points to 0.34% of total loans..."

Loans on a bank’s books where the borrower has stopped making scheduled payments for a prolonged period (commonly about 90 days), so the lender no longer expects full repayment on time. Think of them as overdue IOUs that may never be paid back; a rising level of such loans weakens a lender’s earnings and balance sheet, signals greater credit risk in the economy, and can hurt investors through lower dividends, loan losses, or declines in the lender’s stock value.

allowance for credit losses financial

"The allowance for credit losses as a percentage of loans was 1.18%..."

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

AI-generated analysis. Not financial advice.

DENVER, Jan. 27, 2026 (GLOBE NEWSWIRE) -- National Bank Holdings Corporation (the “Company” or “NBHC”) reported:

	For the quarter(1)												For the year								2025 Adjusted (1)(2)
	4Q25				3Q25				4Q24				2025				2024				QTD				YTD
Net income ($000's)	$	16,036			$	35,285			$	28,184			$	109,574			$	118,815			$	22,748			$	117,622
Earnings per share - diluted	$	0.42			$	0.92			$	0.73			$	2.85			$	3.08			$	0.60			$	3.06
Return on average assets		0.65	%			1.43	%			1.13	%			1.11	%			1.20	%			0.92	%			1.19	%
Return on average tangible assets(2)		0.73	%			1.54	%			1.23	%			1.22	%			1.30	%			1.02	%			1.30	%
Return on average equity		4.57	%			10.25	%			8.59	%			8.08	%			9.41	%			6.48	%			8.67	%
Return on average tangible common equity(2)		6.58	%			14.21	%			12.31	%			11.36	%			13.65	%			9.10	%			12.15	%

                                                      

(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.

2025 Highlights

• Announced, obtained regulatory approval, and closed the acquisition of Vista Bancshares, Inc. (“Vista”) in under four months.
• Grew tangible common book value per share by 10.0% and increased the common equity tier 1 capital ratio to 14.89%.
• Originated $1.6 billion new loans including $591.0 million new loans in the fourth quarter.
• Launched the initial phase of 2UniFi, an innovative financial ecosystem built to empower business entrepreneurs with treasury management depository capabilities and a streamlined SBA loan offering.

In announcing these results, Chief Executive Officer Tim Laney shared, “We delivered adjusted quarterly and annual earnings of $0.60 and $3.06 per diluted share, respectively, with a full year net interest margin of 3.94%. We generated meaningful capital growth in 2025 with a 10.0% increase in tangible common book value per share. On the strength of our capital and earnings, we are announcing another dividend increase and a new $100 million share repurchase authority, reinforcing our commitment to delivering attractive shareholder returns. With a 14.89% Common Equity Tier 1 ratio, diversified funding sources, and a strong balance sheet, we are well positioned for future growth.”

Mr. Laney continued, “We recently closed our strategic acquisition of Vista and are working to seamlessly integrate Vista associates and clients into our bank family. We remain focused on delivering differentiated and expanded banking solutions across our franchise and believe the growth generated through our combined organization will drive meaningful shareholder returns in 2026.”

Recent Announcements
On January 27, 2026, the Company’s Board of Directors authorized an increase to its repurchase authority of up to $100.0 million of the Company’s common stock from time to time either in the open market or in privately negotiated transactions in accordance with applicable regulations of the Securities and Exchange Commission. The new program of $100.0 million replaces the previous $50.0 million program in its entirety.

On January 27, 2026, the Company’s Board of Directors approved an increase to its quarterly cash dividend. The quarterly cash dividend will increase 3.2% to $0.32 per share of NBHC common stock. The dividend will be payable on March 13, 2026 to shareholders of record at the close of business on February 27, 2026.

As reported earlier this month, NBHC successfully completed its acquisition of Vista, with operations in Dallas-Ft. Worth, Austin, and Lubbock, Texas, as well as Palm Beach, Florida. This acquisition further strengthens NBHC’s position as a premier regional bank and further increases our market share in high-growth markets including Dallas-Ft. Worth, Austin and Palm Beach. Integrating NBHC’s product capabilities with the strength of Vista Bank’s relationship-banking model further enhances NBHC’s long-term growth strategy.

Fourth Quarter 2025 Results
(All comparisons refer to the third quarter of 2025, except as noted)

Net income totaled $16.0 million, or $0.42 per diluted share, during the fourth quarter of 2025, compared to $35.3 million or $0.92 per diluted share. Fully taxable equivalent pre-provision net revenue totaled $30.2 million, compared to $43.6 million. The return on average tangible assets totaled 0.73%, compared to 1.54%, and the return on average tangible common equity totaled 6.58%, compared to 14.21%. Adjusting for $5.4 million of pre-tax acquisition-related expenses and $3.3 million of pre-tax loss on security sales, net income totaled $22.7 million, or $0.60 per diluted share. Adjusted, the fully taxable equivalent pre-provision net revenue totaled $39.0 million. The adjusted return on average tangible assets totaled 1.02%, and the adjusted return on average tangible common equity was 9.10%.

Net Interest Income
Fully taxable equivalent net interest income totaled $88.3 million, compared to $90.2 million. The fully taxable equivalent net interest margin totaled 3.89%, compared to 3.98%, driven by a 26 basis point decrease in earning asset yields as variable rate loans repriced ahead of the Federal Reserve rate cuts. The Company’s disciplined deposit pricing improved the cost of funds 17 basis points.

Loans
Loans totaled $7.4 billion at December 31, 2025, consistent with the linked quarter. We expanded quarterly loan fundings to $591.0 million, led by commercial loan fundings of $429.0 million. The fourth quarter’s weighted average rate on new loans at the time of origination was 6.4%, compared to a weighted average yield of 6.2% on the loan portfolio.

Asset Quality and Provision for Credit Losses
The Company maintains strong credit quality and takes a proactive approach to monitoring credit. As a result of credit actions taken during the fourth quarter, the Company recorded provision expense of $9.1 million. This quarter’s provision expense was driven by specific reserves and net charge-offs related to three credits. This year’s net charge-offs totaled 0.34% of average total loans, compared to 0.13% in the prior year. Compared to the prior quarter, non-performing loans improved two basis points to 0.34% of total loans at December 31, 2025, and non-performing assets improved one basis point to 0.36% of total loans and OREO at December 31, 2025. The allowance for credit losses as a percentage of loans was 1.18% at December 31, 2025, compared to 1.19% at September 30, 2025. The Company has a history of maintaining strong credit quality and during 2025, lowered its non-performing assets ratio, criticized loan levels, and past due loans.

Deposits
The Company maintains a low cost, diversified deposit franchise. Average total deposits remained consistent with the prior quarter at $8.2 billion, and average transaction deposits (defined as total deposits less time deposits) totaled $7.0 billion, compared to $7.1 billion in the previous quarter. The cost of funds improved 17 basis points to 1.93%. The loan to deposit ratio totaled 89.6% at December 31, 2025, compared to 87.7%. The mix of transaction deposits to total deposits was 86% at December 31, 2025, consistent with the prior quarter.

Non-Interest Income
Non-interest income totaled $14.4 million, compared to $20.7 million. Excluding the loss on security sales during the fourth quarter, non-interest income totaled $17.8 million. The linked quarter decrease was primarily driven by other non-interest income which included $3.6 million unrealized gains on partnership investments recorded in the third quarter, partially offset by a $1.3 million increase in bank owned life insurance income in the fourth quarter.

Non-Interest Expense
Non-interest expense totaled $72.4 million, compared to $67.2 million in the third quarter, primarily driven by increased expenses from the Vista acquisition. Included in both the current and linked quarters were acquisition-related expenses of $5.4 million and $1.7 million, respectively, primarily within professional fees. Adjusting for the acquisition-related expenses, the fourth quarter non-interest expense totaled $67.0 million, compared to $65.5 million in the third quarter. The increase was primarily driven by $0.8 million higher 2UniFi capitalized asset depreciation due to the timing of the 2UniFi launch and higher problem loan expense during the fourth quarter.

Income tax expense totaled $3.1 million, compared to $7.9 million in the previous quarter, driven by lower pre-tax income. The effective tax rate was 16.0%, compared to 18.2%.

Capital
NBHC executed $2.1 million of share buybacks in the fourth quarter as part of its ongoing capital strategy for a total of $15.2 million completed in 2025. Capital ratios continue to be well in excess of federal bank regulatory agency “well capitalized” thresholds. The tier 1 leverage ratio totaled 11.56%, and the common equity tier 1 capital ratio increased 169 basis points to 14.89% at December 31, 2025, compared to December 31, 2024. Shareholders’ equity increased $80.0 million to $1.4 billion at December 31, 2025, compared to December 31, 2024, primarily driven by $63.6 million of growth in retained earnings from net income after covering the year’s dividends, and a $26.0 million improvement in accumulated other comprehensive loss due to changes in the interest rate environment.

Common book value per share increased $2.38 to $36.67 at December 31, 2025, compared to December 31, 2024. Tangible common book value per share increased $2.52, or 10.0%, to $27.80, compared to December 31, 2024, primarily driven by the year’s earnings.

Year-Over-Year Review
(All comparisons refer to the full year 2024, except as noted)

Net income totaled $109.6 million, or $2.85 per diluted share, compared to $118.8 million, or $3.08 per diluted share. Adjusting for acquisition-related expenses and the loss on security sales, net income totaled $117.6 million, or $3.06 per diluted share. Fully taxable equivalent pre-provision net revenue increased $0.2 million to $159.3 million. Adjusted, the fully taxable equivalent pre-provision net revenue increased $4.1 million, or 2.5%, to $169.8 million. The return on average tangible assets totaled 1.22%, compared to 1.30%, and the return on average tangible common equity was 11.36%, compared to 13.65%. Adjusted, the return on average tangible assets totaled 1.30%, and the return on average tangible common equity totaled 12.15%.

Fully taxable equivalent net interest income increased $3.9 million to $356.4 million due to disciplined loan and deposit pricing driving net interest margin expansion. The fully taxable equivalent net interest margin expanded nine basis points to 3.94%, driven by a 22 basis point improvement in the cost of funds, partially offset by a 13 basis point decrease in earning asset yields. Average earning assets totaled $9.1 billion, compared to $9.2 billion.

Loans outstanding totaled $7.4 billion as of December 31, 2025, compared to $7.8 billion. New loan fundings over the trailing twelve months totaled $1.6 billion, led by commercial fundings of $1.1 billion.

The Company continued to prudently manage credit risk in 2025, further strengthening our credit profile through proactive monitoring of credit. The Company recorded $17.8 million of provision expense for credit losses, compared to $6.8 million in the prior year. Net charge-offs totaled 0.34% of average total loans, compared to 0.13% in the prior year. Non-performing loans improved 12 basis points to 0.34% of total loans at December 31, 2025, compared to December 31, 2024, and non-performing assets improved 11 basis points to 0.36% of total loans and OREO at December 31, 2025, compared to December 31, 2024. The allowance for credit losses as a percentage of loans totaled 1.18% at December 31, 2025, compared to 1.22% at December 31, 2024.

Average deposits totaled $8.2 billion, compared to $8.3 billion in the prior year, and average transaction deposits totaled $7.1 billion, compared to $7.3 billion in the prior year. The mix of transaction deposits to total deposits was 86.1% at December 31, 2025, compared to 87.6%.

Non-interest income increased $6.3 million, or 10.3%, to $67.6 million. The Company executed strategic balance sheet actions in both 2025 and 2024, which resulted in security sale losses of $3.3 million and $6.6 million, in the respective periods. Excluding these items, non-interest income increased $3.1 million primarily driven by $3.9 million of unrealized gains on partnership investments, a $0.9 million increase in gains on sales of previously consolidated banking center properties, and a $0.8 million increase in trust income. These increases were partially offset by decreases in SBA loan sale gains and swap fee income.

Non-interest expense totaled $264.6 million, which included $7.2 million of expenses from the Vista acquisition, compared to non-interest expense of $254.6 million in the prior year. Excluding the acquisition-related expenses, which are primarily professional fees, the current year non-interest expense totaled $257.5 million. Occupancy and equipment expense increased $5.9 million primarily driven by the 2UniFi capitalized asset depreciation in connection with the launch of 2UniFi in the third quarter of 2025. This increase was partially offset by a $4.1 million improvement in other non-interest expense resulting from diligent expense management. The fully taxable equivalent efficiency ratio totaled 62.42%, compared to 61.54%. Excluding other intangible assets amortization and adjusted for acquisition related expenses and the loss on security sales, the fully taxable equivalent efficiency ratio improved 26 basis points to 58.43% compared to the prior year.

Income tax expense totaled $24.1 million, compared to $26.4 million in the prior year, and the effective tax rate was 18.0%, compared to 18.2% in the prior year.

Conference Call
Management will host a conference call to review the results at 11:00 a.m. Eastern Time on Wednesday, January 28, 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 6983606 and asking for the NBHC Q4 2025 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,” “project,” “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:
Jody Soper, Chief Marketing Officer, (303) 784-5925, Jody.Soper@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												For the years ended
	December 31,				September 30,				December 31,				December 31,				December 31,
	2025				2025				2024				2025				2024
Total interest and dividend income	$	126,353			$	132,238			$	136,086			$	519,774			$	538,268
Total interest expense		40,148				44,038				45,955				171,269				192,880
Net interest income		86,205				88,200				90,131				348,505				345,388
Taxable equivalent adjustment		2,059				1,985				1,874				7,866				7,094
Net interest income FTE(1)		88,264				90,185				92,005				356,371				352,482
Provision expense (release) for credit losses		9,100				(1,500	)			1,979				17,800				6,755
Net interest income after provision for credit losses FTE(1)		79,164				91,685				90,026				338,571				345,727
Non-interest income:
Service charges		4,109				4,340				4,359				16,694				17,957
Bank card fees		4,390				4,505				4,671				17,821				18,963
Mortgage banking income		2,328				2,895				2,296				11,085				11,228
Other non-interest income		6,954				8,951				6,375				25,314				19,665
Loss on security sales		(3,348	)			—				(6,582	)			(3,348	)			(6,582	)
Total non-interest income		14,433				20,691				11,119				67,566				61,231
Non-interest expense:
Salaries and benefits		38,447				37,779				35,459				148,334				146,243
Occupancy and equipment		13,173				12,383				10,193				45,829				39,951
Professional fees		6,175				3,249				1,599				12,527				7,062
Data processing		4,653				4,751				4,900				18,257				17,481
Other non-interest expense		8,054				7,138				10,418				31,878				35,941
Other intangible assets amortization		1,946				1,946				1,977				7,817				7,939
Total non-interest expense		72,448				67,246				64,546				264,642				254,617
Income before income taxes FTE(1)		21,149				45,130				36,599				141,495				152,341
Taxable equivalent adjustment		2,059				1,985				1,874				7,866				7,094
Income before income taxes		19,090				43,145				34,725				133,629				145,247
Income tax expense		3,054				7,860				6,541				24,055				26,432
Net income	$	16,036			$	35,285			$	28,184			$	109,574			$	118,815
Earnings per share - basic	$	0.42			$	0.92			$	0.73			$	2.86			$	3.10
Earnings per share - diluted		0.42				0.92				0.73				2.85				3.08
Common stock dividend		0.31				0.30				0.29				1.20				1.12

                                                      

(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 21% for each period presented.

NATIONAL BANK HOLDINGS CORPORATION Consolidated Statements of Financial Condition (Unaudited) (Dollars in thousands, except share and per share data)
	December 31, 2025				September 30, 2025				December 31, 2024
ASSETS
Cash and cash equivalents	$	417,058			$	555,560			$	127,848
Investment securities available-for-sale		528,639				612,719				527,547
Investment securities held-to-maturity		651,732				689,486				533,108
Other securities		80,634				80,526				76,462
Loans		7,433,356				7,429,501				7,751,143
Allowance for credit losses		(87,415	)			(88,280	)			(94,455	)
Loans, net		7,345,941				7,341,221				7,656,688
Loans held for sale		25,695				22,252				24,495
Other real estate owned		1,674				658				662
Premises and equipment, net		214,554				211,436				196,773
Goodwill		306,043				306,043				306,043
Intangible assets, net		48,337				50,331				58,432
Other assets		263,211				282,454				299,635
Total assets	$	9,883,518			$	10,152,686			$	9,807,693
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Non-interest bearing demand deposits	$	2,204,241			$	2,255,495			$	2,213,685
Interest bearing demand deposits		1,237,006				1,223,602				1,411,860
Savings and money market		3,701,616				3,832,460				3,592,312
Total transaction deposits		7,142,863				7,311,557				7,217,857
Time deposits		1,149,771				1,160,123				1,020,036
Total deposits		8,292,634				8,471,680				8,237,893
Securities sold under agreements to repurchase		17,350				21,303				18,895
Long-term debt		54,540				54,743				54,511
Federal Home Loan Bank advances		—				—				50,000
Other liabilities		133,880				230,031				141,319
Total liabilities		8,498,404				8,777,757				8,502,618
Shareholders' equity:
Common stock		515				515				515
Additional paid in capital		1,171,581				1,169,982				1,167,431
Retained earnings		572,461				568,276				508,864
Treasury stock		(315,397	)			(312,873	)			(301,694	)
Accumulated other comprehensive loss, net of tax		(44,046	)			(50,971	)			(70,041	)
Total shareholders' equity		1,385,114				1,374,929				1,305,075
Total liabilities and shareholders' equity	$	9,883,518			$	10,152,686			$	9,807,693
SHARE DATA
Average basic shares outstanding		37,803,728				37,911,643				38,327,964
Average diluted shares outstanding		37,922,557				38,034,473				38,565,164
Ending shares outstanding		37,772,516				37,815,589				38,054,482
Common book value per share	$	36.67			$	36.36			$	34.29
Tangible common book value per share(1) (non-GAAP)		27.80				27.45				25.28
CAPITAL RATIOS
Average equity to average assets		14.21	%			13.94	%			13.10	%
Tangible common equity to tangible assets(1)		11.00	%			10.57	%			10.16	%
Tier 1 leverage ratio		11.56	%			11.49	%			10.69	%
Common equity tier 1 risk-based capital ratio		14.89	%			14.69	%			13.20	%
Tier 1 risk-based capital ratio		14.89	%			14.69	%			13.20	%
Total risk-based capital ratio		16.82	%			16.63	%			15.11	%

                                                      

(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
									December 31, 2025							December 31, 2025
									vs. September 30, 2025							vs. December 31, 2024
	December 31, 2025				September 30, 2025				% Change			December 31, 2024				% Change
Originated:
Commercial:
Commercial and industrial	$	1,948,332			$	1,877,645			3.8	%		$	1,881,570			3.5	%
Municipal and non-profit		1,273,508				1,189,677			7.0	%			1,106,865			15.1	%
Owner-occupied commercial real estate		950,269				986,868			(3.7	)%			1,048,481			(9.4	)%
Food and agribusiness		208,009				211,940			(1.9	)%			266,332			(21.9	)%
Total commercial		4,380,118				4,266,130			2.7	%			4,303,248			1.8	%
Commercial real estate non-owner occupied		1,030,069				1,069,815			(3.7	)%			1,123,718			(8.3	)%
Residential real estate		927,663				914,168			1.5	%			922,328			0.6	%
Consumer		12,771				12,757			0.1	%			12,773			(0.0	)%
Total originated		6,350,621				6,262,870			1.4	%			6,362,067			(0.2	)%
Acquired:
Commercial:
Commercial and industrial		89,373				95,015			(5.9	)%			114,255			(21.8	)%
Municipal and non-profit		253				259			(2.3	)%			277			(8.7	)%
Owner-occupied commercial real estate		178,348				189,408			(5.8	)%			215,663			(17.3	)%
Food and agribusiness		20,061				29,506			(32.0	)%			36,987			(45.8	)%
Total commercial		288,035				314,188			(8.3	)%			367,182			(21.6	)%
Commercial real estate non-owner occupied		552,359				570,062			(3.1	)%			688,620			(19.8	)%
Residential real estate		242,036				282,026			(14.2	)%			331,510			(27.0	)%
Consumer		305				355			(14.1	)%			1,764			(82.7	)%
Total acquired		1,082,735				1,166,631			(7.2	)%			1,389,076			(22.1	)%
Total loans	$	7,433,356			$	7,429,501			0.1	%		$	7,751,143			(4.1	)%

Loan Fundings(1)
	Fourth quarter				Third quarter				Second quarter				First quarter				Fourth quarter
	2025				2025				2025				2025				2024
Commercial:
Commercial and industrial	$	237,813			$	159,250			$	133,402			$	108,594			$	146,600
Municipal and non-profit		119,918				81,418				34,393				12,506				49,175
Owner occupied commercial real estate		66,798				42,362				47,233				37,762				117,850
Food and agribusiness		4,437				5,015				4,576				1,338				15,796
Total commercial		428,966				288,045				219,604				160,200				329,421
Commercial real estate non-owner occupied		96,482				81,136				56,770				65,254				119,132
Residential real estate		64,161				49,877				44,470				29,300				30,750
Consumer		1,399				2,142				1,823				970				726
Total	$	591,008			$	421,200			$	322,667			$	255,724			$	480,029

                                                      

(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 $95,774, ($1,591), $15,490, $21,752 and $64,375 for the periods noted in the table above, respectively.

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
	December 31, 2025												September 30, 2025												December 31, 2024
	Average								Average				Average								Average				Average								Average
	balance				Interest				rate				balance				Interest				rate				balance				Interest				rate
Interest earning assets:
Originated loans FTE(1)(2)	$	6,231,548			$	98,545				6.27	%		$	6,213,268			$	103,600				6.62	%		$	6,368,697			$	107,400				6.71	%
Acquired loans		1,128,992				17,227				6.05	%			1,183,171				18,151				6.09	%			1,425,344				22,253				6.21	%
Loans held for sale		21,166				335				6.28	%			21,964				366				6.61	%			20,196				320				6.30	%
Investment securities available-for-sale		640,239				4,281				2.67	%			693,173				4,679				2.70	%			735,977				3,196				1.74	%
Investment securities held-to-maturity		673,344				4,909				2.92	%			705,927				5,313				3.01	%			537,970				3,887				2.89	%
Other securities		31,110				368				4.73	%			32,461				409				5.04	%			29,256				434				5.93	%
Interest earning deposits		272,509				2,747				4.00	%			149,867				1,705				4.51	%			60,400				470				3.10	%
Total interest earning assets FTE(2)	$	8,998,908			$	128,412				5.66	%		$	8,999,831			$	134,223				5.92	%		$	9,177,840			$	137,960				5.98	%
Cash and due from banks	$	76,466											$	78,598											$	81,371
Other assets		809,541												806,872												793,734
Allowance for credit losses		(87,862	)											(88,787	)											(95,750	)
Total assets	$	9,797,053											$	9,796,514											$	9,957,195
Interest bearing liabilities:
Interest bearing demand, savings and money market deposits	$	4,848,541			$	29,156				2.39	%		$	4,929,785			$	33,095				2.66	%		$	5,087,799			$	35,443				2.77	%
Time deposits		1,154,614				10,272				3.53	%			1,111,958				9,791				3.49	%			1,034,560				9,169				3.53	%
Federal Home Loan Bank advances		217				2				3.66	%			33,682				391				4.61	%			18,374				5				0.11	%
Other borrowings(3)		29,602				200				2.68	%			34,429				242				2.79	%			54,464				518				3.78	%
Long-term debt		54,720				518				3.76	%			54,471				519				3.78	%			66,428				820				4.91	%
Total interest bearing liabilities	$	6,087,694			$	40,148				2.62	%		$	6,164,325			$	44,038				2.83	%		$	6,261,625			$	45,955				2.92	%
Demand deposits	$	2,151,701											$	2,150,330											$	2,249,614
Other liabilities		165,095												116,548												141,327
Total liabilities		8,404,490												8,431,203												8,652,566
Shareholders' equity		1,392,563												1,365,311												1,304,629
Total liabilities and shareholders' equity	$	9,797,053											$	9,796,514											$	9,957,195
Net interest income FTE(2)					$	88,264											$	90,185											$	92,005
Interest rate spread FTE(2)										3.04	%											3.09	%											3.06	%
Net interest earning assets	$	2,911,214											$	2,835,506											$	2,916,215
Net interest margin FTE(2)										3.89	%											3.98	%											3.99	%
Average transaction deposits	$	7,000,242											$	7,080,115											$	7,337,413
Average total deposits		8,154,856												8,192,073												8,371,973
Ratio of average interest earning assets to average interest bearing liabilities		147.82	%											146.00	%											146.57	%

                                                      

(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 21%. The tax equivalent adjustments included above are $2,059, $1,985 and $1,874 for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively.
(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 Summary of Net Interest Margin (Dollars in thousands)
	For the year ended December 31, 2025											For the year ended December 31, 2024
	Average								Average			Average								Average
	balance				Interest				rate			balance				Interest				rate
Interest earning assets:
Originated loans FTE(1)(2)	$	6,267,041			$	406,765			6.49	%		$	6,186,075			$	418,512			6.77	%
Acquired loans		1,230,962				74,323			6.04	%			1,516,032				92,666			6.11	%
Loans held for sale		21,007				1,404			6.68	%			16,801				1,182			7.04	%
Investment securities available-for-sale		687,511				18,238			2.65	%			770,023				17,532			2.28	%
Investment securities held-to-maturity		682,270				19,515			2.86	%			557,438				11,164			2.00	%
Other securities		31,381				1,723			5.49	%			28,893				1,832			6.34	%
Interest earning deposits		132,717				5,672			4.27	%			78,756				2,474			3.14	%
Total interest earning assets FTE(2)	$	9,052,889			$	527,640			5.83	%		$	9,154,018			$	545,362			5.96	%
Cash and due from banks	$	77,858										$	92,705
Other assets		805,056											774,859
Allowance for credit losses		(90,582	)										(96,931	)
Total assets	$	9,845,221										$	9,924,651
Interest bearing liabilities:
Interest bearing demand, savings and money market deposits	$	4,947,336			$	127,520			2.58	%		$	5,070,271			$	151,683			2.99	%
Time deposits		1,091,641				37,906			3.47	%			1,019,978				34,509			3.38	%
Federal Home Loan Bank advances		58,320				2,668			4.57	%			17,973				21			0.12	%
Other borrowings(3)		38,833				1,102			2.84	%			54,346				2,073			3.81	%
Long-term debt		54,576				2,073			3.80	%			84,013				4,594			5.47	%
Total interest bearing liabilities	$	6,190,706			$	171,269			2.77	%		$	6,246,581			$	192,880			3.09	%
Demand deposits	$	2,162,898										$	2,252,887
Other liabilities		134,766											162,797
Total liabilities		8,488,370											8,662,265
Shareholders' equity		1,356,851											1,262,386
Total liabilities and shareholders' equity	$	9,845,221										$	9,924,651
Net interest income FTE(2)					$	356,371										$	352,482
Interest rate spread FTE(2)									3.06	%										2.87	%
Net interest earning assets	$	2,862,183										$	2,907,437
Net interest margin FTE(2)									3.94	%										3.85	%
Average transaction deposits	$	7,110,234										$	7,323,158
Average total deposits		8,201,875											8,343,136
Ratio of average interest earning assets to average interest bearing liabilities		146.23	%										146.54	%

                                                      

(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 21%. The tax equivalent adjustments included above are $7,866 and $7,094 for the years ended December 31, 2025 and December 31, 2024, respectively.
(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
	December 31, 2025				September 30, 2025				December 31, 2024
Beginning allowance for credit losses	$	88,280			$	88,893			$	95,047
Charge-offs		(10,435	)			(1,617	)			(2,391	)
Recoveries		470				2,504				175
Provision expense (release) for credit losses		9,100				(1,500	)			1,624
Ending allowance for credit losses ("ACL")	$	87,415			$	88,280			$	94,455
Ratio of annualized net charge-offs (recoveries) to average total loans during the period		0.54	%			(0.05	)%			0.11	%
Ratio of ACL to total loans outstanding at period end		1.18	%			1.19	%			1.22	%
Ratio of ACL to total non-performing loans at period end		350.90	%			330.45	%			262.42	%
Total loans	$	7,433,356			$	7,429,501			$	7,751,143
Average total loans during the period		7,343,580				7,376,685				7,772,712
Total non-performing loans		24,912				26,715				35,994

Past Due and Non-accrual Loans
	December 31, 2025				September 30, 2025				December 31, 2024
Loans 30-89 days past due and still accruing interest	$	11,961			$	14,288			$	23,164
Loans 90 days past due and still accruing interest		15,417				12,120				14,940
Non-accrual loans		24,912				26,715				35,994
Total past due and non-accrual loans	$	52,290			$	53,123			$	74,098
Total 90 days past due and still accruing interest and non-accrual loans to total loans		0.54	%			0.52	%			0.66	%

Asset Quality Data
	December 31, 2025				September 30, 2025				December 31, 2024
Non-performing loans	$	24,912			$	26,715			$	35,994
OREO		1,674				658				662
Total non-performing assets	$	26,586			$	27,373			$	36,656
Total non-performing loans to total loans		0.34	%			0.36	%			0.46	%
Total non-performing assets to total loans and OREO		0.36	%			0.37	%			0.47	%

NATIONAL BANK HOLDINGS CORPORATION Key Metrics(1)
	As of and for the three months ended												As of and for the years ended
	December 31,				September 30,				December 31,				December 31,				December 31,
	2025				2025				2024				2025				2024
Return on average assets		0.65	%			1.43	%			1.13	%			1.11	%			1.20	%
Return on average tangible assets(2)		0.73	%			1.54	%			1.23	%			1.22	%			1.30	%
Return on average tangible assets, adjusted(2)		1.02	%			1.60	%			1.44	%			1.30	%			1.36	%
Return on average equity		4.57	%			10.25	%			8.59	%			8.08	%			9.41	%
Return on average tangible common equity(2)		6.58	%			14.21	%			12.31	%			11.36	%			13.65	%
Return on average tangible common equity, adjusted(2)		9.10	%			14.72	%			14.40	%			12.15	%			14.20	%
Loan to deposit ratio (end of period)		89.64	%			87.70	%			94.09	%			89.64	%			94.09	%
Non-interest bearing deposits to total deposits (end of period)		26.58	%			26.62	%			26.87	%			26.58	%			26.87	%
Net interest margin(3)		3.80	%			3.89	%			3.91	%			3.85	%			3.77	%
Net interest margin FTE(3)(4)		3.89	%			3.98	%			3.99	%			3.94	%			3.85	%
Interest rate spread FTE(4)(5)		3.04	%			3.09	%			3.06	%			3.06	%			2.87	%
Yield on earning assets(6)		5.57	%			5.83	%			5.90	%			5.74	%			5.88	%
Yield on earning assets FTE(4)(6)		5.66	%			5.92	%			5.98	%			5.83	%			5.96	%
Cost of funds		1.93	%			2.10	%			2.15	%			2.05	%			2.27	%
Cost of deposits		1.92	%			2.08	%			2.12	%			2.02	%			2.23	%
Non-interest income to total revenue FTE(4)(7)		14.05	%			18.66	%			10.78	%			15.94	%			14.80	%
Efficiency ratio		71.99	%			61.76	%			63.75	%			63.61	%			62.62	%
Efficiency ratio excluding other intangible assets amortization FTE, adjusted(2)(4)		61.38	%			57.32	%			57.03	%			58.43	%			58.69	%
Pre-provision net revenue FTE(2)(4)		30,249				43,630				38,578				159,295				159,096
Pre-provision net revenue FTE, adjusted(2)(4)		39,009				45,374				45,160				169,799				165,678
Total Loans Asset Quality Data(8)(9)
Non-performing loans to total loans		0.34	%			0.36	%			0.46	%			0.34	%			0.46	%
Non-performing assets to total loans and OREO		0.36	%			0.37	%			0.47	%			0.36	%			0.47	%
Allowance for credit losses to total loans		1.18	%			1.19	%			1.22	%			1.18	%			1.22	%
Allowance for credit losses to non-performing loans		350.90	%			330.45	%			262.42	%			350.90	%			262.42	%
Net charge-offs (recoveries) to average loans		0.54	%			(0.05	)%			0.11	%			0.34	%			0.13	%

                                                      

(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 21%. The tax equivalent adjustments included above are $2,059, $1,985 and $1,874 for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively. For the years ended December 31, 2025 and December 31, 2024, the tax equivalent adjustments included above are $7,866 and $7,094, respectively.
(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 Common Book Value Ratios
	December 31, 2025				September 30, 2025				December 31, 2024
Total shareholders' equity	$	1,385,114			$	1,374,929			$	1,305,075
Less: goodwill and other intangible assets, net		(348,961	)			(350,907	)			(356,777	)
Add: deferred tax liability related to goodwill		13,947				13,844				13,535
Tangible common equity (non-GAAP)	$	1,050,100			$	1,037,866			$	961,833
Total assets	$	9,883,518			$	10,152,686			$	9,807,693
Less: goodwill and other intangible assets, net		(348,961	)			(350,907	)			(356,777	)
Add: deferred tax liability related to goodwill		13,947				13,844				13,535
Tangible assets (non-GAAP)	$	9,548,504			$	9,815,623			$	9,464,451
Tangible common equity to tangible assets calculations:
Total shareholders' equity to total assets		14.01	%			13.54	%			13.31	%
Less: impact of goodwill and other intangible assets, net		(3.01	)%			(2.97	)%			(3.15	)%
Tangible common equity to tangible assets (non-GAAP)		11.00	%			10.57	%			10.16	%
Tangible common book value per share calculations:
Tangible common equity (non-GAAP)	$	1,050,100			$	1,037,866			$	961,833
Divided by: ending shares outstanding		37,772,516				37,815,589				38,054,482
Tangible common book value per share (non-GAAP)	$	27.80			$	27.45			$	25.28

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												As of and for the years ended
	December 31,				September 30,				December 31,				December 31,				December 31,
	2025				2025				2024				2025				2024
Net income	$	16,036			$	35,285			$	28,184			$	109,574			$	118,815
Add: adjustments, after tax (non-GAAP)(1)		6,712				1,336				5,048				8,048				5,048
Net income adjusted for acquisition-related expenses and loss on security sales, after tax (non-GAAP)(1)	$	22,748			$	36,621			$	33,232			$	117,622			$	123,863
Net income	$	16,036			$	35,285			$	28,184			$	109,574			$	118,815
Add: impact of other intangible assets amortization expense, after tax (non-GAAP)		1,491				1,491				1,516				5,989				6,089
Net income excluding the impact of other intangible assets amortization expense, after tax (non-GAAP)	$	17,527			$	36,776			$	29,700			$	115,563			$	124,904
Net income excluding the impact of other intangible assets amortization expense, after tax (non-GAAP)	$	17,527			$	36,776			$	29,700			$	115,563			$	124,904
Add: adjustments, after tax (non-GAAP)(1)		6,712				1,336				5,048				8,048				5,048
Net income excluding the impact of other intangible assets amortization expense, adjusted for acquisition-related expenses and loss on security sales, after tax (non-GAAP)(1)	$	24,239			$	38,112			$	34,748			$	123,611			$	129,952
Average assets	$	9,797,053			$	9,796,514			$	9,957,195			$	9,845,221			$	9,924,651
Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill (non-GAAP)		(336,252	)			(338,294	)			(344,417	)			(339,152	)			(347,388	)
Average tangible assets (non-GAAP)	$	9,460,801			$	9,458,220			$	9,612,778			$	9,506,069			$	9,577,263
Average shareholders' equity	$	1,392,563			$	1,365,311			$	1,304,629			$	1,356,851			$	1,262,386
Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill (non-GAAP)		(336,252	)			(338,294	)			(344,417	)			(339,152	)			(347,388	)
Average tangible common equity (non-GAAP)	$	1,056,311			$	1,027,017			$	960,212			$	1,017,699			$	914,998
Return on average assets		0.65	%			1.43	%			1.13	%			1.11	%			1.20	%
Return on average assets, adjusted (non-GAAP)		0.92	%			1.48	%			1.33	%			1.19	%			1.25	%
Return on average tangible assets (non-GAAP)		0.73	%			1.54	%			1.23	%			1.22	%			1.30	%
Return on average tangible assets, adjusted (non-GAAP)(1)		1.02	%			1.60	%			1.44	%			1.30	%			1.36	%
Return on average equity		4.57	%			10.25	%			8.59	%			8.08	%			9.41	%
Return on average equity, adjusted (non-GAAP)		6.48	%			10.64	%			10.13	%			8.67	%			9.81	%
Return on average tangible common equity (non-GAAP)		6.58	%			14.21	%			12.31	%			11.36	%			13.65	%
Return on average tangible common equity, adjusted (non-GAAP)(1)		9.10	%			14.72	%			14.40	%			12.15	%			14.20	%
(1) Adjustments:
Non-interest income adjustments:
Loss on security sales (non-GAAP)	$	3,348			$	—			$	6,582			$	3,348			$	6,582
Non-interest expense adjustments:
Acquisition-related expenses (non-GAAP)		5,412				1,744				—				7,156				—
Total adjustments before tax (non-GAAP)		8,760				1,744				6,582				10,504				6,582
Tax benefit impact		(2,048	)			(408	)			(1,534	)			(2,456	)			(1,534	)
Total adjustments, after tax (non-GAAP)	$	6,712			$	1,336			$	5,048			$	8,048			$	5,048

Efficiency Ratio and Pre-Provision Net Revenue
	As of and for the three months ended												As of and for the years ended
	December 31,				September 30,				December 31,				December 31,				December 31,
	2025				2025				2024				2025				2024
Net interest income FTE(1)	$	88,264			$	90,185			$	92,005			$	356,371			$	352,482
Non-interest income	$	14,433			$	20,691			$	11,119			$	67,566			$	61,231
Add: loss on security sales (non-GAAP)		3,348				—				6,582				3,348				6,582
Non-interest income adjusted for loss on security sales (non-GAAP)	$	17,781			$	20,691			$	17,701			$	70,914			$	67,813
Non-interest expense	$	72,448			$	67,246			$	64,546			$	264,642			$	254,617
Less: other intangible assets amortization (non-GAAP)		(1,946	)			(1,946	)			(1,977	)			(7,817	)			(7,939	)
Less: acquisition-related expenses (non-GAAP)		(5,412	)			(1,744	)			—				(7,156	)			—
Non-interest expense excluding other intangible assets amortization, adjusted for acquisition-related expenses (non-GAAP)	$	65,090			$	63,556			$	62,569			$	249,669			$	246,678
Efficiency ratio FTE(1)		70.55	%			60.65	%			62.59	%			62.42	%			61.54	%
Efficiency ratio excluding other intangible assets amortization, adjusted for acquisition-related expenses and loss on security sales FTE (non-GAAP)(1)		61.38	%			57.32	%			57.03	%			58.43	%			58.69	%
Net income	$	16,036			$	35,285			$	28,184			$	109,574			$	118,815
Add: income tax expense		3,054				7,860				6,541				24,055				26,432
Add: provision expense (release) for credit losses		9,100				(1,500	)			1,979				17,800				6,755
Add: impact of taxable equivalent adjustment		2,059				1,985				1,874				7,866				7,094
Pre-provision net revenue, FTE (non-GAAP)(1)	$	30,249			$	43,630			$	38,578			$	159,295			$	159,096
Pre-provision net revenue, FTE (non-GAAP)(1)	$	30,249			$	43,630			$	38,578			$	159,295			$	159,096
Add: loss on security sales (non-GAAP)		3,348				—				6,582				3,348				6,582
Add: acquisition-related expenses (non-GAAP)		5,412				1,744				—				7,156				—
Pre-provision net revenue, adjusted for acquisition-related expenses and loss on security sales FTE (non-GAAP)(1)	$	39,009			$	45,374			$	45,160			$	169,799			$	165,678

                                                      

(1)

Presented on a fully taxable equivalent basis using the statutory tax rate of 21%. The tax equivalent adjustments included above are $2,059, $1,985 and $1,874 for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively. For the years ended December 31, 2025 and December 31, 2024, the tax equivalent adjustments included above are $7,866 and $7,094, respectively.

Adjusted Net Income and Adjusted Earnings Per Share
	As of and for the three months ended												As of and for the years ended
	December 31,				September 30,				December 31,				December 31,				December 31,
	2025				2025				2024				2025				2024
Adjustments to net income:
Net income	$	16,036			$	35,285			$	28,184			$	109,574			$	118,815
Add: acquisition-related adjustments, after tax (non-GAAP)		4,147				1,336				—				5,483				—
Add: loss on security sales, after tax (non-GAAP)		2,565				—				5,048				2,565				5,048
Adjusted net income (non-GAAP)	$	22,748			$	36,621			$	33,232			$	117,622			$	123,863
Adjustments to earnings per share:
Earnings per share diluted	$	0.42			$	0.92			$	0.73			$	2.85			$	3.08
Add: acquisition-related adjustments, after tax (non-GAAP)		0.11				0.04				—				0.14				—
Add: adjustment for the loss on security sales, after tax (non-GAAP)		0.07				—				0.13				0.07				0.14
Adjusted earnings per share - diluted (non-GAAP)	$	0.60			$	0.96			$	0.86			$	3.06			$	3.22

FAQ

What were NBHC's reported net income and diluted EPS for full-year 2025?

NBHC reported full-year 2025 net income of $109.6M and diluted EPS of $2.85.

How much did NBHC originate in new loans during 2025 (NBHC)?

NBHC originated $1.6 billion of new loans in 2025, led by commercial fundings.

What is NBHC's new share repurchase authorization announced January 27, 2026?

The board approved a $100.0 million repurchase authority, replacing the prior $50.0 million program.

How much did NBHC raise its quarterly dividend and when is the payment date?

The quarterly dividend was increased 3.2% to $0.32 per share, payable March 13, 2026 to holders of record Feb 27, 2026.

What capital metrics improved for NBHC at December 31, 2025?

NBHC's common equity tier 1 ratio rose to 14.89% and tangible book value per share grew 10.0% year‑over‑year.

What credit trends did NBHC report for 2025 that concern investors?

Provision expense increased to $17.8M and net charge-offs rose to 0.34% of average loans in 2025.