National Bank Holdings Corporation Announces Third Quarter 2025 Financial Results

Q: What were NBHC Q3 2025 earnings and adjusted EPS?

NBHC reported Q3 2025 net income $35.3M and adjusted EPS $0.96 .

Q: What is the size and timing of NBHC’s Vista Bancshares acquisition?

NBHC agreed to acquire Vista for approximately $365.4M , expected to close in Q1 2026 subject to approvals.

Q: How did NBHC's credit metrics perform in Q3 2025?

Non-performing loans improved to 0.36% of loans and the company recorded a $1.5M provision release in Q3.

Q: What were NBHC’s capital ratios and buybacks as of Sept 30, 2025?

NBHC reported a CET1 ratio of 14.69% and executed $8.8M of share buybacks in Q3 2025.

Q: How did NBHC’s YTD provision for credit losses in 2025 compare to 2024?

For the first nine months of 2025 NBHC recorded $8.7M of provision expense versus $4.8M in the same period 2024.

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Insights

Solid quarter: earnings and capital strengthened; strategic acquisition announced to expand Texas footprint, closing expected in Q1 2026.

The company delivered quarter results with net income of $35,285,000 and adjusted net income of $36,621,000 for 3Q25, driving diluted earnings per share to $0.96 adjusted and a reported $0.92. Key profitability metrics improved: the adjusted return on average tangible common equity reached 14.72% and the fully taxable equivalent net interest margin widened to 3.98%. Capital remained strong with a Common Equity Tier 1 ratio of 14.69% and tangible common book value per share rose to $27.45.

Risks and dependencies center on integration and regulatory approvals for the announced acquisition of Vista Bancshares with an aggregate transaction value of approximately $365,400,000, and the stated expectation to close in Q1 2026, subject to regulatory and shareholder approvals. Credit metrics were stable to improving this quarter: non-performing loans improved to 0.36% and the company reported a provision release of $1,500,000, but the allowance for credit losses remained at 1.19%.

Concrete items to watch over the near term include completion of the Vista merger and required approvals by Q1 2026, post-close pro forma asset and deposit figures (the company disclosed ~$12.4 billion in assets and ~$10.4 billion in deposits pro forma), and quarterly trends in loan originations and net interest margin. Monitor next quarterly filings for integration costs, realized synergies, and any changes to credit reserves within the subsequent two to four quarters.

10/21/2025 - 04:10 PM

DENVER, Oct. 21, 2025 (GLOBE NEWSWIRE) -- National Bank Holdings Corporation (the “Company” or “NBHC”) reported:

	For the quarter⁽¹⁾									For the nine months ended⁽¹⁾						2025 Adjusted⁽²⁾
	3Q25			2Q25			3Q24			3Q25			3Q24			QTD			YTD
Net income ($000's)	$	35,285		$	34,022		$	33,105		$	93,538		$	90,631		$	36,621		$	94,874
Earnings per share - diluted	$	0.92		$	0.88		$	0.86		$	2.43		$	2.36		$	0.96		$	2.47
Return on average assets		1.43	%		1.38	%		1.32	%		1.27	%		1.22	%		1.48	%		1.29	%
Return on average tangible assets⁽²⁾		1.54	%		1.49	%		1.43	%		1.38	%		1.33	%		1.60	%		1.40	%
Return on average equity		10.25	%		10.15	%		10.33	%		9.30	%		9.70	%		10.64	%		9.43	%
Return on average tangible common equity⁽²⁾		14.21	%		14.18	%		14.84	%		13.05	%		14.14	%		14.72	%		13.23	%

(1	)	Ratios are annualized.
(2	)	Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures and Reconciliations” below.

In announcing these results, Chief Executive Officer Tim Laney shared, “We delivered quarterly earnings of $0.96 per diluted share and a return on average tangible common equity of 14.72%, adjusted for acquisition-related expenses. We maintained a strong net interest margin of 3.98% and continue to be disciplined with loan and deposit pricing. Credit quality remained solid with an improving non-performing loans ratio and five basis points of net recoveries. We continue to generate meaningful capital growth with a Common Equity Tier 1 capital ratio of 14.7% and 12.2% annualized growth in our tangible common book value per share.”

Mr. Laney added, “Our teams are well prepared to close on the pending strategic acquisition of Vista Bancshares, an organization with strong leadership that shares our commitment to improving the communities we serve. Our combined dedication to providing exceptional client service will enable us to offer differentiated and expanded banking services for clients. By deepening our presence in high growth Texas markets, we strengthen our position as a premier regional bank focused on commercial and business banking.”

Recent Announcement
As previously reported, during the third quarter, NBHC announced the execution of a definitive agreement and plan of merger, dated September 15, 2025, with Vista Bancshares, Inc., a Texas corporation and the holding company for Vista Bank (“Vista”), whereby NBHC will acquire Vista in a transaction with an aggregate transaction value of approximately $365.4 million based upon NBHC’s closing price of $37.96 on September 15, 2025. Vista operates in Dallas-Ft. Worth, Austin, and Lubbock, Texas, as well as Palm Beach, Florida. Upon completion of the transaction and on a pro forma basis, the combined company will have approximately $12.4 billion in assets and $10.4 billion in deposits. NBHC expects to close the proposed transaction in Q1 2026, subject to regulatory approval, Vista shareholder approval and other customary closing conditions.

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

Net income increased $1.3 million to $35.3 million or $0.92 per diluted share, during the third quarter of 2025. Fully taxable equivalent pre-provision net revenue increased $0.2 million to $43.6 million. The return on average tangible assets increased five basis points to 1.54%, and the return on average tangible common equity increased three basis points to 14.21%. Adjusting for $1.7 million of pre-tax acquisition-related expenses, net income increased $2.6 million, or 30.3% annualized, to $36.6 million, or $0.96 per diluted share. Adjusted, the fully taxable equivalent pre-provision net revenue totaled $45.4 million, an increase of $1.9 million or 17.5% annualized. The adjusted return on average tangible assets was 1.60%, an increase of 11 basis points, and the adjusted return on average tangible common equity was 14.72%, an increase of 54 basis points.

Net Interest Income
Fully taxable equivalent net interest income increased $0.9 million to $90.2 million due to one additional day during the third quarter. The fully taxable equivalent net interest margin widened three basis points to 3.98%, driven by a four basis point increase in earning asset yields, partially offset by a one basis point increase in the cost of funds.

Loans
Loans totaled $7.4 billion at September 30, 2025, compared to $7.5 billion. We generated quarterly loan fundings of $421.2 million, led by commercial loan fundings of $288.0 million. The third quarter’s weighted average rate on new loans at the time of origination was 6.9%, compared to a weighted average yield of 6.5% on the loan portfolio.

Asset Quality and Provision for Credit Losses
The Company recorded a provision release of $1.5 million, compared to no provision in the previous quarter. This quarter’s provision release was primarily driven by the recovery of one previously charged off credit. Annualized net recoveries totaled 0.05% of average total loans, compared to annualized net charge-offs of 0.05% in the previous quarter. Non-performing loans improved nine basis points to 0.36% of total loans at September 30, 2025, and non-performing assets improved eight basis points to 0.37% of total loans and OREO at September 30, 2025. The allowance for credit losses as a percentage of loans was 1.19% at September 30, 2025, consistent with the previous quarter.

Deposits
Average total deposits remained consistent with the prior quarter at $8.2 billion, and average transaction deposits (defined as total deposits less time deposits) remained consistent at $7.1 billion. The loan to deposit ratio totaled 87.7% at September 30, 2025, compared to 90.5%. The mix of transaction deposits to total deposits was 86.3% at September 30, 2025, compared to 87.0%.

Non-Interest Income
Non-interest income increased $3.6 million, or 21.2%, to $20.7 million during the third quarter. Unrealized gains on partnership investments increased $3.5 million, and mortgage banking income increased $0.3 million.

Non-Interest Expense
Non-interest expense totaled $67.2 million, compared to $62.9 million in the second quarter, and included $1.7 million of acquisition-related expenses and an increase in depreciation expense as a result of the recent launch of 2UniFi. Occupancy and equipment expenses increased $2.9 million primarily driven by 2UniFi’s software asset depreciation. The third quarter’s salary and benefits expense included one additional payroll day in the quarter, a $0.7 million fair value adjustment on the deferred compensation liability, and $0.1 million higher mortgage commissions as a result of increased mortgage production.

Income tax expense totaled $7.9 million, compared to $7.5 million in the previous quarter, as a result of higher pre-tax income in the third quarter. The effective tax rate was 18.2%, consistent with the second quarter.

Capital
NBHC executed $8.8 million of share buybacks in the third quarter as part of its ongoing capital strategy. Capital ratios continue to be well in excess of federal bank regulatory agency “well capitalized” thresholds. The tier 1 leverage ratio totaled 11.49%, and the common equity tier 1 capital ratio totaled 14.69% at September 30, 2025. Shareholders’ equity increased $22.4 million to $1.4 billion at September 30, 2025, primarily driven by $23.8 million of growth in retained earnings from net income after covering the quarter’s dividend, and a $4.9 million improvement in accumulated other comprehensive loss due to changes in the interest rate environment. These increases were partially offset by the impact of share buybacks.

Common book value per share increased $0.81 to $36.36 at September 30, 2025. Tangible common book value per share increased $0.81 to $27.45 driven by the quarter’s earnings after covering the quarterly dividend and a $0.13 improvement in accumulated other comprehensive loss. These increases were partially offset $0.07 by the impact of share buybacks.

Year-Over-Year Review
(All comparisons refer to the first nine months of 2024, except as noted)

Net income increased $2.9 million to $93.5 million or $2.43 per diluted share, compared to $90.6 million or $2.36 per diluted share. Adjusting for acquisition-related expenses, net income increased $4.2 million, or 6.3% annualized, to $94.9 million, or $2.47 per diluted share, for the first nine months of 2025. Fully taxable equivalent pre-provision net revenue increased $8.5 million, or 7.1%, to $129.0 million. Adjusting for non-recurring acquisition-related expenses, the fully taxable equivalent pre-provision net revenue increased $10.3 million, or 11.4% annualized, to $130.8 million. The return on average tangible assets increased five basis points to 1.38%, and the return on average tangible common equity was 13.05%, compared to 14.14%. Adjusted, the return on average tangible assets increased seven basis points to 1.40%, and the return on average tangible common equity totaled 13.23%.

Fully taxable equivalent net interest income increased $7.6 million to $268.1 million. The fully taxable equivalent net interest margin widened 15 basis points to 3.95%, driven by a 22 basis point improvement in the cost of funds, partially offset by a seven basis point decrease in earning asset yields.

Loans outstanding totaled $7.4 billion as of September 30, 2025, compared to $7.7 billion. New loan fundings over the trailing twelve months totaled $1.5 billion, led by commercial fundings of $997.3 million.

The Company recorded $8.7 million of provision expense for credit losses, compared to $4.8 million in the same period prior year. Annualized net charge-offs totaled 0.27% of average total loans, compared to 0.13% in the same period prior year. Non-performing loans improved ten basis points to 0.36% of total loans at September 30, 2025, compared to December 31, 2024, and non-performing assets improved ten basis points to 0.37% of total loans and OREO at September 30, 2025, compared to December 31, 2024. The allowance for credit losses as a percentage of loans totaled 1.19% at September 30, 2025, compared to 1.22% at December 31, 2024.

Average deposits totaled $8.2 billion, compared to $8.3 billion in the same period prior year, and average transaction deposits totaled $7.1 billion, compared to $7.3 billion in the same period prior year. The mix of transaction deposits to total deposits was 86.3% at September 30, 2025, compared to 87.6%.

Non-interest income increased $3.0 million to $53.1 million primarily due to $3.3 million of unrealized gains on partnership investments, a $0.9 million increase in the gains on sales of previously consolidated banking center properties, and a $0.7 million increase in trust income. These increases were partially offset by decreases in SBA and swap fee income.

Non-interest expense totaled $192.2 million, compared to $190.1 million in the same period prior year. Excluding $1.7 million of acquisition-related expenses primarily included within professional fees, non-interest expense totaled $190.5 million. Occupancy and equipment expense increased $2.9 million primarily driven by the depreciation of the 2UniFi software asset in connection with the recent launch of 2UniFi in the third quarter of 2025. The fully taxable equivalent efficiency ratio, excluding other intangible assets amortization and adjusted for acquisition-related expenses improved 1.82% to 57.46% compared to the same period prior year.

Income tax expense totaled $21.0 million, compared to $19.9 million in the same period prior year, as a result of higher pre-tax income in the current period. The effective tax rate was 18.3%, compared to 18.0% in the same period prior year.

Conference Call
Management will host a conference call to review the results at 11:00 a.m. Eastern Time on Wednesday, October 22, 2025. 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 9559561 and asking for the NBHC Q3 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 85 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, Utah, Wyoming, Texas, New Mexico and Idaho. 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, Utah, New Mexico and Idaho, Hillcrest Bank and Hillcrest Bank Mortgage; 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, or nbhbank.com, or connect with any of our brands on LinkedIn.

About Non-GAAP Financial Measures
Certain of the financial measures and ratios we present, including “tangible assets,” “return on average tangible assets,” “adjusted return on average tangible assets,” “return on average assets,” “adjusted return on average assets,” “return on average equity,” “adjusted return on average equity,” “tangible common equity,” “return on average tangible common equity,” “adjusted return on average tangible common equity,” “tangible common book value per share,” “tangible common equity to tangible assets,” “non-interest expense excluding other intangible assets amortization, adjusted for acquisition-related expenses,” “efficiency ratio excluding other intangible assets amortization, adjusted for acquisition-related expenses,” “net income excluding the impact of other intangible assets amortization expense, after tax,” “net income excluding the impact of other intangible assets amortization expense, adjusted for acquisition-related expenses, after tax,” “net income adjusted for acquisition-related expenses, after tax,” “pre-provision net revenue,” “pre-provision net revenue, FTE,” “pre-provision net revenue, adjusted for acquisition-related expenses FTE” and “fully taxable equivalent” metrics, 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 or by presenting certain metrics on a fully taxable equivalent basis. 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. Forward-looking statements involve certain important risks, uncertainties and other factors, any of which could cause actual results to differ materially from those in such statements and, therefore, you are cautioned not to place undue reliance on such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: our ability to complete the acquisition of Vista when expected or at all and realize the anticipated benefits of the transaction; 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; the allowance for credit losses and fair value adjustments may be insufficient to absorb losses in our loan portfolio; our ability to maintain sufficient liquidity to meet the requirements of deposit withdrawals and other business needs; changes impacting monetary supply and the businesses of our clients and counterparties, including levels of market interest rates, inflation, currency values, monetary and fiscal policies, and the volatility of trading markets; changes in the fair value of our investment securities and the ability of companies in which we invest to commercialize their technology or product concepts; the loss of certain executive officers and key personnel; 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 institutions and financial services providers 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 a government shutdown of 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; 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 execute our organic growth and acquisition strategies; 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; changes to federal, state and local laws and regulations along with executive orders applicable to our business, including tax laws; our ability to comply with and manage costs related to extensive government regulation and supervision, including current and future regulations affecting bank holding companies and depository institutions; 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; 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 nine months ended
	September 30,			June 30,		September 30,		September 30,		September 30,
	2025			2025		2024		2025		2024
Total interest and dividend income	$	132,238		$	131,220	$	138,003	$	393,421	$	402,182
Total interest expense		44,038			43,811		50,350		131,121		146,925
Net interest income		88,200			87,409		87,653		262,300		255,257
Taxable equivalent adjustment		1,985			1,912		1,816		5,807		5,220
Net interest income FTE⁽¹⁾		90,185			89,321		89,469		268,107		260,477
Provision (release) expense for credit losses		(1,500	)		—		2,000		8,700		4,776
Net interest income after provision for credit losses FTE⁽¹⁾		91,685			89,321		87,469		259,407		255,701
Non-interest income:
Service charges		4,340			4,127		4,912		12,585		13,598
Bank card fees		4,505			4,732		4,832		13,431		14,292
Mortgage banking income		2,895			2,547		2,981		8,757		8,932
Other non-interest income		8,951			5,660		5,664		18,360		13,290
Total non-interest income		20,691			17,066		18,389		53,133		50,112
Non-interest expense:
Salaries and benefits		37,779			37,746		37,331		109,887		110,784
Occupancy and equipment		12,383			9,436		9,697		32,656		29,758
Professional fees		3,249			1,680		2,111		6,352		5,463
Data processing		4,751			4,452		4,398		13,604		12,581
Other non-interest expense		7,138			7,670		8,648		23,825		25,523
Other intangible assets amortization		1,946			1,947		1,977		5,870		5,962
Total non-interest expense		67,246			62,931		64,162		192,194		190,071

Income before income taxes FTE⁽¹⁾		45,130			43,456		41,696		120,346		115,742
Taxable equivalent adjustment		1,985			1,912		1,816		5,807		5,220
Income before income taxes		43,145			41,544		39,880		114,539		110,522
Income tax expense		7,860			7,522		6,775		21,001		19,891
Net income	$	35,285		$	34,022	$	33,105	$	93,538	$	90,631
Earnings per share - basic	$	0.92		$	0.89	$	0.86	$	2.44	$	2.37
Earnings per share - diluted		0.92			0.88		0.86		2.43		2.36
Common stock dividend		0.30			0.30		0.28		0.89		0.83

(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)

	September 30, 2025			June 30, 2025			December 31, 2024			September 30, 2024
ASSETS
Cash and cash equivalents	$	555,560		$	296,483		$	127,848		$	180,796
Investment securities available-for-sale		612,719			631,947			527,547			708,987
Investment securities held-to-maturity		689,486			717,232			533,108			538,157
Other securities		80,526			81,124			76,462			72,353
Loans		7,429,501			7,486,918			7,751,143			7,714,495
Allowance for credit losses		(88,280	)		(88,893	)		(94,455	)		(95,047	)
Loans, net		7,341,221			7,398,025			7,656,688			7,619,448
Loans held for sale		22,252			20,784			24,495			16,765
Other real estate owned		658			291			662			1,432
Premises and equipment, net		211,436			209,414			196,773			191,889
Goodwill		306,043			306,043			306,043			306,043
Intangible assets, net		50,331			52,496			58,432			60,390
Other assets		282,454			284,890			299,635			297,023
Total assets	$	10,152,686		$	9,998,729		$	9,807,693		$	9,993,283
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Non-interest bearing demand deposits	$	2,255,495		$	2,168,574		$	2,213,685		$	2,268,801
Interest bearing demand deposits		1,223,602			1,240,698			1,411,860			1,407,667
Savings and money market		3,832,460			3,785,951			3,592,312			3,768,211
Total transaction deposits		7,311,557			7,195,223			7,217,857			7,444,679
Time deposits		1,160,123			1,074,261			1,020,036			1,052,449
Total deposits		8,471,680			8,269,484			8,237,893			8,497,128
Securities sold under agreements to repurchase		21,303			18,513			18,895			19,517
Long-term debt		54,743			54,385			54,511			54,433
Federal Home Loan Bank advances		—			185,000			50,000			—
Other liabilities		230,031			118,851			141,319			130,208
Total liabilities		8,777,757			8,646,233			8,502,618			8,701,286
Shareholders' equity:
Common stock		515			515			515			515
Additional paid in capital		1,169,982			1,167,719			1,167,431			1,164,395
Retained earnings		568,276			544,428			508,864			491,849
Treasury stock		(312,873	)		(304,254	)		(301,694	)		(302,277	)
Accumulated other comprehensive loss, net of tax		(50,971	)		(55,912	)		(70,041	)		(62,485	)
Total shareholders' equity		1,374,929			1,352,496			1,305,075			1,291,997
Total liabilities and shareholders' equity	$	10,152,686		$	9,998,729		$	9,807,693		$	9,993,283
SHARE DATA
Average basic shares outstanding		37,911,643			38,075,896			38,327,964			38,277,042
Average diluted shares outstanding		38,034,473			38,151,810			38,565,164			38,495,091
Ending shares outstanding		37,815,589			38,045,622			38,054,482			37,988,364
Common book value per share	$	36.36		$	35.55		$	34.29		$	34.01
Tangible common book value per share⁽¹⁾ (non-GAAP)		27.45			26.64			25.28			24.91
CAPITAL RATIOS
Average equity to average assets		13.94	%		13.62	%		13.10	%		12.80	%
Tangible common equity to tangible assets⁽¹⁾		10.57	%		10.49	%		10.16	%		9.81	%
Tier 1 leverage ratio		11.49	%		11.18	%		10.69	%		10.44	%
Common equity tier 1 risk-based capital ratio		14.69	%		14.17	%		13.20	%		12.88	%
Tier 1 risk-based capital ratio		14.69	%		14.17	%		13.20	%		12.88	%
Total risk-based capital ratio		16.63	%		16.07	%		15.11	%		14.79	%

(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

					September 30, 2025 vs. June 30, 2025				September 30, 2025 vs. September 30, 2024
	September 30, 2025		June 30, 2025		% Change		September 30, 2024		% Change
Originated:
Commercial:
Commercial and industrial	$	1,877,645	$	1,829,984	2.6	%	$	1,894,830	(0.9	)%
Municipal and non-profit		1,189,677		1,125,330	5.7	%		1,096,843	8.5	%
Owner-occupied commercial real estate		986,868		1,051,964	(6.2	)%		949,330	4.0	%
Food and agribusiness		211,940		213,254	(0.6	)%		257,743	(17.8	)%
Total commercial		4,266,130		4,220,532	1.1	%		4,198,746	1.6	%
Commercial real estate non-owner occupied		1,069,815		1,118,730	(4.4	)%		1,113,796	(3.9	)%
Residential real estate		914,168		915,213	(0.1	)%		933,644	(2.1	)%
Consumer		12,757		12,050	5.9	%		13,600	(6.2	)%
Total originated		6,262,870		6,266,525	(0.1	)%		6,259,786	0.0	%

Acquired:
Commercial:
Commercial and industrial		95,015		100,545	(5.5	)%		116,683	(18.6	)%
Municipal and non-profit		259		265	(2.3	)%		282	(8.2	)%
Owner-occupied commercial real estate		189,408		188,745	0.4	%		221,928	(14.7	)%
Food and agribusiness		29,506		31,693	(6.9	)%		43,733	(32.5	)%
Total commercial		314,188		321,248	(2.2	)%		382,626	(17.9	)%
Commercial real estate non-owner occupied		570,062		601,890	(5.3	)%		720,384	(20.9	)%
Residential real estate		282,026		296,795	(5.0	)%		349,916	(19.4	)%
Consumer		355		460	(22.8	)%		1,783	(80.1	)%
Total acquired		1,166,631		1,220,393	(4.4	)%		1,454,709	(19.8	)%
Total loans	$	7,429,501	$	7,486,918	(0.8	)%	$	7,714,495	(3.7	)%

Loan Fundings⁽¹⁾

	Third quarter		Second quarter		First quarter		Fourth quarter		Third quarter
	2025		2025		2025		2024		2024
Commercial:
Commercial and industrial	$	159,250	$	133,402	$	108,594	$	146,600	$	93,711
Municipal and non-profit		81,418		34,393		12,506		49,175		35,677
Owner occupied commercial real estate		42,362		47,233		37,762		117,850		70,517
Food and agribusiness		5,015		4,576		1,338		15,796		19,205
Total commercial		288,045		219,604		160,200		329,421		219,110
Commercial real estate non-owner occupied		81,136		56,770		65,254		119,132		91,809
Residential real estate		49,877		44,470		29,300		30,750		47,322
Consumer		2,142		1,823		970		726		1,010
Total	$	421,200	$	322,667	$	255,724	$	480,029	$	359,251

(1	)		Loan fundings are defined as closed end funded loans and net fundings under revolving lines of credit. Net (paydowns) fundings under revolving lines of credit were ($1,591), $15,490, $21,752, $64,375 and $16,302 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
	September 30, 2025								June 30, 2025								September 30, 2024
	Average					Average			Average					Average			Average					Average
	balance			Interest		rate			balance			Interest		rate			balance			Interest		rate
Interest earning assets:
Originated loans FTE⁽¹⁾⁽²⁾	$	6,213,268		$	103,600		6.62	%	$	6,289,154		$	102,399		6.53	%	$	6,251,827		$	108,403		6.90	%
Acquired loans		1,183,171			18,151		6.09	%		1,262,933			19,397		6.16	%		1,487,002			22,660		6.06	%
Loans held for sale		21,964			366		6.61	%		21,115			354		6.72	%		18,078			319		7.02	%
Investment securities available-for-sale		693,173			4,679		2.70	%		701,920			4,661		2.66	%		790,268			5,132		2.60	%
Investment securities held-to-maturity		705,927			5,313		3.01	%		713,178			5,173		2.90	%		548,120			2,344		1.71	%
Other securities		32,461			409		5.04	%		30,560			466		6.10	%		26,213			405		6.18	%
Interest earning deposits		149,867			1,705		4.51	%		57,634			682		4.75	%		70,946			556		3.12	%
Total interest earning assets FTE⁽²⁾	$	8,999,831		$	134,223		5.92	%	$	9,076,494		$	133,132		5.88	%	$	9,192,454		$	139,819		6.05	%
Cash and due from banks	$	78,598							$	79,131							$	86,887
Other assets		806,872								807,802								777,758
Allowance for credit losses		(88,787	)							(90,292	)							(96,369	)
Total assets	$	9,796,514							$	9,873,135							$	9,960,730
Interest bearing liabilities:
Interest bearing demand, savings and money market deposits	$	4,929,785		$	33,095		2.66	%	$	4,986,119		$	32,758		2.64	%	$	5,134,650		$	40,146		3.11	%
Time deposits		1,111,958			9,791		3.49	%		1,062,481			9,087		3.43	%		1,039,563			9,220		3.53	%
Federal Home Loan Bank advances		33,682			391		4.61	%		93,676			1,170		5.01	%		32,641			460		5.61	%
Other borrowings⁽³⁾		34,429			242		2.79	%		41,300			278		2.70	%		17,146			5		0.12	%
Long-term debt		54,471			519		3.78	%		54,574			518		3.81	%		54,383			519		3.80	%
Total interest bearing liabilities	$	6,164,325		$	44,038		2.83	%	$	6,238,150		$	43,811		2.82	%	$	6,278,383		$	50,350		3.19	%
Demand deposits	$	2,150,330							$	2,152,899							$	2,226,807
Other liabilities		116,548								137,319								180,667
Total liabilities		8,431,203								8,528,368								8,685,857
Shareholders' equity		1,365,311								1,344,767								1,274,873
Total liabilities and shareholders' equity	$	9,796,514							$	9,873,135							$	9,960,730
Net interest income FTE⁽²⁾				$	90,185							$	89,321							$	89,469
Interest rate spread FTE⁽²⁾							3.09	%							3.06	%							2.86	%
Net interest earning assets	$	2,835,506							$	2,838,344							$	2,914,071
Net interest margin FTE⁽²⁾							3.98	%							3.95	%							3.87	%
Average transaction deposits	$	7,080,115							$	7,139,018							$	7,361,457
Average total deposits		8,192,073								8,201,499								8,401,020
Ratio of average interest earning assets to average interest bearing liabilities		146.00	%							145.50	%							146.41	%

(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 $1,985, $1,912 and $1,816 for the three months ended September 30, 2025, June 30, 2025 and September 30, 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 nine months ended September 30, 2025							For the nine months ended September 30, 2024
	Average					Average		Average					Average
	balance			Interest		rate		balance			Interest		rate
Interest earning assets:
Originated loans FTE⁽¹⁾⁽²⁾	$	6,279,001		$	308,220	6.56	%	$	6,124,757		$	311,112	6.79	%
Acquired loans		1,265,326			57,095	6.03	%		1,546,482			70,413	6.08	%
Loans held for sale		20,953			1,069	6.82	%		15,661			862	7.35	%
Investment securities available-for-sale		703,442			13,957	2.65	%		781,454			14,336	2.45	%
Investment securities held-to-maturity		685,278			14,606	2.84	%		563,975			7,277	1.72	%
Other securities		31,473			1,355	5.74	%		28,771			1,398	6.48	%
Interest earning deposits		85,608			2,926	4.57	%		84,920			2,004	3.15	%
Total interest earning assets FTE⁽²⁾	$	9,071,081		$	399,228	5.88	%	$	9,146,020		$	407,402	5.95	%
Cash and due from banks	$	78,327						$	96,510
Other assets		803,544							768,521
Allowance for credit losses		(91,499	)						(97,327	)
Total assets	$	9,861,453						$	9,913,724
Interest bearing liabilities:
Interest bearing demand, savings and money market deposits	$	4,980,629		$	98,364	2.64	%	$	5,064,386		$	116,240	3.07	%
Time deposits		1,070,419			27,634	3.45	%		1,015,081			25,340	3.33	%
Federal Home Loan Bank advances		77,900			2,666	4.58	%		89,918			3,774	5.61	%
Other borrowings⁽³⁾		41,944			902	2.88	%		17,839			16	0.12	%
Long-term debt		54,528			1,555	3.81	%		54,307			1,555	3.82	%
Total interest bearing liabilities	$	6,225,420		$	131,121	2.82	%	$	6,241,531		$	146,925	3.14	%
Demand deposits	$	2,166,671						$	2,253,986
Other liabilities		124,546							170,005
Total liabilities		8,516,637							8,665,522
Shareholders' equity		1,344,816							1,248,202
Total liabilities and shareholders' equity	$	9,861,453						$	9,913,724
Net interest income FTE⁽²⁾				$	268,107						$	260,477
Interest rate spread FTE⁽²⁾						3.06	%						2.81	%
Net interest earning assets	$	2,845,661						$	2,904,489
Net interest margin FTE⁽²⁾						3.95	%						3.80	%
Average transaction deposits	$	7,147,300						$	7,318,372
Average total deposits		8,217,719							8,333,453
Ratio of average interest earning assets to average interest bearing liabilities		145.71	%						146.53	%

(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 $5,807 and $5,220 for the nine months ended September 30, 2025 and September 30, 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
	September 30, 2025			June 30, 2025			September 30, 2024
Beginning allowance for credit losses	$	88,893		$	90,192		$	96,457
Charge-offs		(1,617	)		(1,158	)		(3,505	)
Recoveries		2,504			170			95
Provision (release) expense for credit losses		(1,500	)		(311	)		2,000
Ending allowance for credit losses ("ACL")	$	88,280		$	88,893		$	95,047
Ratio of annualized net (recoveries) charge-offs to average total loans during the period		(0.05	)%		0.05	%		0.18	%
Ratio of ACL to total loans outstanding at period end		1.19	%		1.19	%		1.23	%
Ratio of ACL to total non-performing loans at period end		330.45	%		266.66	%		403.68	%
Total loans	$	7,429,501		$	7,486,918		$	7,714,495
Average total loans during the period		7,376,685			7,530,783			7,714,765
Total non-performing loans		26,715			33,336			23,545

Past Due and Non-accrual Loans


	September 30, 2025			June 30, 2025			September 30, 2024
Loans 30-89 days past due and still accruing interest	$	14,288		$	13,923		$	31,253
Loans 90 days past due and still accruing interest		12,120			7,315			9,509
Non-accrual loans		26,715			33,336			23,545
Total past due and non-accrual loans	$	53,123		$	54,574		$	64,307
Total 90 days past due and still accruing interest and non-accrual loans to total loans		0.52	%		0.54	%		0.43	%

Asset Quality Data

	September 30, 2025			June 30, 2025			September 30, 2024
Non-performing loans	$	26,715		$	33,336		$	23,545
OREO		658			291			1,432
Total non-performing assets	$	27,373		$	33,627		$	24,977
Total non-performing loans to total loans		0.36	%		0.45	%		0.31	%
Total non-performing assets to total loans and OREO		0.37	%		0.45	%		0.32	%

NATIONAL BANK HOLDINGS CORPORATION
Key Metrics⁽¹⁾


	As of and for the three months ended									As of and for the nine months ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2025			2025			2024			2025			2024

Return on average assets		1.43	%		1.38	%		1.32	%		1.27	%		1.22	%
Return on average tangible assets⁽²⁾		1.54	%		1.49	%		1.43	%		1.38	%		1.33	%
Return on average tangible assets, adjusted⁽²⁾		1.60	%		1.49	%		1.43	%		1.40	%		1.33	%
Return on average equity		10.25	%		10.15	%		10.33	%		9.30	%		9.70	%
Return on average tangible common equity⁽²⁾		14.21	%		14.18	%		14.84	%		13.05	%		14.14	%
Return on average tangible common equity, adjusted⁽²⁾		14.72	%		14.18	%		14.84	%		13.23	%		14.14	%
Loan to deposit ratio (end of period)		87.70	%		90.54	%		90.79	%		87.70	%		90.79	%
Non-interest bearing deposits to total deposits (end of period)		26.62	%		26.22	%		26.70	%		26.62	%		26.70	%
Net interest margin⁽³⁾		3.89	%		3.86	%		3.79	%		3.87	%		3.73	%
Net interest margin FTE⁽²⁾⁽³⁾		3.98	%		3.95	%		3.87	%		3.95	%		3.80	%
Interest rate spread FTE⁽²⁾⁽⁴⁾		3.09	%		3.06	%		2.86	%		3.06	%		2.81	%
Yield on earning assets⁽⁵⁾		5.83	%		5.80	%		5.97	%		5.80	%		5.87	%
Yield on earning assets FTE⁽²⁾⁽⁵⁾		5.92	%		5.88	%		6.05	%		5.88	%		5.95	%
Cost of funds		2.10	%		2.09	%		2.36	%		2.09	%		2.31	%
Cost of deposits		2.08	%		2.05	%		2.34	%		2.05	%		2.27	%
Non-interest income to total revenue FTE⁽²⁾⁽⁶⁾		18.66	%		16.04	%		17.05	%		16.54	%		16.13	%
Efficiency ratio		61.76	%		60.24	%		60.51	%		60.93	%		62.24	%
Efficiency ratio excluding other intangible assets amortization and adjusted for acquisition-related expenses FTE⁽²⁾		57.32	%		57.32	%		57.65	%		57.46	%		59.28	%
Pre-provision net revenue	$	41,645		$	41,544		$	41,880		$	123,239		$	115,298
Pre-provision net revenue FTE⁽²⁾		43,630			43,456			43,696			129,046			120,518
Pre-provision net revenue, adjusted for acquisition-related expenses FTE⁽²⁾		45,374			43,456			43,696			130,790			120,518

Total Loans Asset Quality Data⁽⁷⁾⁽⁸⁾
Non-performing loans to total loans		0.36	%		0.45	%		0.31	%		0.36	%		0.31	%
Non-performing assets to total loans and OREO		0.37	%		0.45	%		0.32	%		0.37	%		0.32	%
Allowance for credit losses to total loans		1.19	%		1.19	%		1.23	%		1.19	%		1.23	%
Allowance for credit losses to non-performing loans		330.45	%		266.66	%		403.68	%		330.45	%		403.68	%
Net (recoveries) charge-offs to average loans		(0.05	)%		0.05	%		0.18	%		0.27	%		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	)	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.
(5	)	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.
(6	)	Non-interest income to total revenue represents non-interest income divided by the sum of net interest income FTE and non-interest income.
(7	)	Non-performing loans consist of non-accruing loans.
(8	)	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


	September 30, 2025			June 30, 2025			December 31, 2024			September 30, 2024
Total shareholders' equity	$	1,374,929		$	1,352,496		$	1,305,075		$	1,291,997
Less: goodwill and other intangible assets, net		(350,907	)		(352,854	)		(356,777	)		(358,754	)
Add: deferred tax liability related to goodwill		13,844			13,741			13,535			13,203
Tangible common equity (non-GAAP)	$	1,037,866		$	1,013,383		$	961,833		$	946,446

Total assets	$	10,152,686		$	9,998,729		$	9,807,693		$	9,993,283
Less: goodwill and other intangible assets, net		(350,907	)		(352,854	)		(356,777	)		(358,754	)
Add: deferred tax liability related to goodwill		13,844			13,741			13,535			13,203
Tangible assets (non-GAAP)	$	9,815,623		$	9,659,616		$	9,464,451		$	9,647,732

Tangible common equity to tangible assets calculations:
Total shareholders' equity to total assets		13.54	%		13.53	%		13.31	%		12.93	%
Less: impact of goodwill and other intangible assets, net		(2.97	)%		(3.04	)%		(3.15	)%		(3.12	)%
Tangible common equity to tangible assets (non-GAAP)		10.57	%		10.49	%		10.16	%		9.81	%

Tangible common book value per share calculations:
Tangible common equity (non-GAAP)	$	1,037,866		$	1,013,383		$	961,833		$	946,446
Divided by: ending shares outstanding		37,815,589			38,045,622			38,054,482			37,988,364
Tangible common book value per share (non-GAAP)	$	27.45		$	26.64		$	25.28		$	24.91

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 nine months ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2025			2025			2024			2025			2024
Net income	$	35,285		$	34,022		$	33,105		$	93,538		$	90,631
Add: adjustments, after tax (non-GAAP)⁽¹⁾		1,336			—			—			1,336			—
Net income adjusted for acquisition-related expenses, after tax (non-GAAP)⁽¹⁾	$	36,621		$	34,022		$	33,105		$	94,874		$	90,631

Net income	$	35,285		$	34,022		$	33,105		$	93,538		$	90,631
Add: impact of other intangible assets amortization expense, after tax		1,491			1,492			1,517			4,497			4,575
Net income excluding the impact of other intangible assets amortization expense, after tax (non-GAAP)	$	36,776		$	35,514		$	34,622		$	98,035		$	95,206

Net income excluding the impact of other intangible assets amortization expense, after tax	$	36,776		$	35,514		$	34,622		$	98,035		$	95,206
Add: adjustments, after tax (non-GAAP)⁽¹⁾		1,336			—			—			1,336			—
Net income excluding the impact of other intangible assets amortization expense, adjusted for acquisition-related expenses, after tax (non-GAAP)⁽¹⁾	$	38,112		$	35,514		$	34,622		$	99,371		$	95,206

Average assets	$	9,796,514		$	9,873,135		$	9,960,730		$	9,861,453		$	9,913,724
Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill		(338,294	)		(340,330	)		(346,757	)		(340,231	)		(348,717	)
Average tangible assets (non-GAAP)	$	9,458,220		$	9,532,805		$	9,613,973		$	9,521,222		$	9,565,007

Average shareholders' equity	$	1,365,311		$	1,344,767		$	1,274,873		$	1,344,816		$	1,248,202
Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill		(338,294	)		(340,330	)		(346,757	)		(340,231	)		(348,717	)
Average tangible common equity (non-GAAP)	$	1,027,017		$	1,004,437		$	928,116		$	1,004,585		$	899,485

Return on average assets		1.43	%		1.38	%		1.32	%		1.27	%		1.22	%
Adjusted return on average assets (non-GAAP)		1.48	%		1.38	%		1.32	%		1.29	%		1.22	%
Return on average tangible assets (non-GAAP)		1.54	%		1.49	%		1.43	%		1.38	%		1.33	%
Adjusted return on average tangible assets (non-GAAP)		1.60	%		1.49	%		1.43	%		1.40	%		1.33	%
Return on average equity		10.25	%		10.15	%		10.33	%		9.30	%		9.70	%
Adjusted return on average equity (non-GAAP)		10.64	%		10.15	%		10.33	%		9.43	%		9.70	%
Return on average tangible common equity (non-GAAP)		14.21	%		14.18	%		14.84	%		13.05	%		14.14	%
Adjusted return on average tangible common equity (non-GAAP)		14.72	%		14.18	%		14.84	%		13.23	%		14.14	%

(1) Adjustments:
Acquisition-related expenses	$	1,744		$	—		$	—		$	1,744		$	—
Tax benefit impact		(408	)		—			—			(408	)		—
Total adjustments, after tax (non-GAAP)	$	1,336		$	—		$	—		$	1,336		$	—

Fully Taxable Equivalent Yield on Earning Assets and Net Interest Margin


	As of and for the three months ended									As of and for the nine months ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2025			2025			2024			2025			2024
Interest income	$	132,238		$	131,220		$	138,003		$	393,421		$	402,182
Add: impact of taxable equivalent adjustment		1,985			1,912			1,816			5,807			5,220
Interest income FTE (non-GAAP)	$	134,223		$	133,132		$	139,819		$	399,228		$	407,402

Net interest income	$	88,200		$	87,409		$	87,653		$	262,300		$	255,257
Add: impact of taxable equivalent adjustment		1,985			1,912			1,816			5,807			5,220
Net interest income FTE (non-GAAP)	$	90,185		$	89,321		$	89,469		$	268,107		$	260,477

Average earning assets	$	8,999,831		$	9,076,494		$	9,192,454		$	9,071,081		$	9,146,020
Yield on earning assets		5.83	%		5.80	%		5.97	%		5.80	%		5.87	%
Yield on earning assets FTE (non-GAAP)		5.92	%		5.88	%		6.05	%		5.88	%		5.95	%
Net interest margin		3.89	%		3.86	%		3.79	%		3.87	%		3.73	%
Net interest margin FTE (non-GAAP)		3.98	%		3.95	%		3.87	%		3.95	%		3.80	%

Efficiency Ratio and Pre-Provision Net Revenue


	As of and for the three months ended									As of and for the nine months ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2025			2025			2024			2025			2024
Net interest income	$	88,200		$	87,409		$	87,653		$	262,300		$	255,257
Add: impact of taxable equivalent adjustment		1,985			1,912			1,816			5,807			5,220
Net interest income FTE (non-GAAP)	$	90,185		$	89,321		$	89,469		$	268,107		$	260,477

Non-interest income	$	20,691		$	17,066		$	18,389		$	53,133		$	50,112

Non-interest expense	$	67,246		$	62,931		$	64,162		$	192,194		$	190,071
Less: other intangible assets amortization		(1,946	)		(1,947	)		(1,977	)		(5,870	)		(5,962	)
Less: acquisition-related expenses (non-GAAP)		(1,744	)		—			—			(1,744	)		—
Non-interest expense excluding other intangible assets amortization, adjusted for acquisition-related expenses (non-GAAP)	$	63,556		$	60,984		$	62,185		$	184,580		$	184,109

Efficiency ratio		61.76	%		60.24	%		60.51	%		60.93	%		62.24	%
Efficiency ratio excluding other intangible assets amortization and acquisition-related expenses FTE (non-GAAP)		57.32	%		57.32	%		57.65	%		57.46	%		59.28	%
Pre-provision net revenue (non-GAAP)	$	41,645		$	41,544		$	41,880		$	123,239		$	115,298
Pre-provision net revenue, FTE (non-GAAP)		43,630			43,456			43,696			129,046			120,518
Pre-provision net revenue, adjusted for acquisition-related expenses FTE (non-GAAP)		45,374			43,456			43,696			130,790			120,518

Adjusted Net Income and Adjusted Earnings Per Share


	As of and for the three months ended						As of and for the nine months ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2025		2025		2024		2025		2024
Adjustments to net income:
Net income	$	35,285	$	34,022	$	33,105	$	93,538	$	90,631
Add: acquisition-related adjustments, after tax (non-GAAP)		1,336		—		—		1,336		—
Adjusted net income (non-GAAP)	$	36,621	$	34,022	$	33,105	$	94,874	$	90,631

Adjustments to earnings per share:
Earnings per share diluted	$	0.92	$	0.88	$	0.86	$	2.43	$	2.36
Add: acquisition-related adjustments, after tax (non-GAAP)		0.04		—		—		0.04		—
Adjusted earnings per share - diluted (non-GAAP)	$	0.96	$	0.88	$	0.86	$	2.47	$	2.36

FAQ

What were NBHC Q3 2025 earnings and adjusted EPS?

NBHC reported Q3 2025 net income $35.3M and adjusted EPS $0.96.

How strong was NBHC's net interest margin in Q3 2025?

The fully taxable equivalent net interest margin widened to 3.98% in Q3 2025.

What is the size and timing of NBHC’s Vista Bancshares acquisition?

NBHC agreed to acquire Vista for approximately $365.4M, expected to close in Q1 2026 subject to approvals.

How did NBHC's credit metrics perform in Q3 2025?

Non-performing loans improved to 0.36% of loans and the company recorded a $1.5M provision release in Q3.

What were NBHC’s capital ratios and buybacks as of Sept 30, 2025?

NBHC reported a CET1 ratio of 14.69% and executed $8.8M of share buybacks in Q3 2025.

How did NBHC’s YTD provision for credit losses in 2025 compare to 2024?

For the first nine months of 2025 NBHC recorded $8.7M of provision expense versus $4.8M in the same period 2024.

National Bank Holdings Corporation Announces Third Quarter 2025 Financial Results

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FAQ

What were NBHC Q3 2025 earnings and adjusted EPS?

How strong was NBHC's net interest margin in Q3 2025?

What is the size and timing of NBHC’s Vista Bancshares acquisition?

How did NBHC's credit metrics perform in Q3 2025?

What were NBHC’s capital ratios and buybacks as of Sept 30, 2025?

How did NBHC’s YTD provision for credit losses in 2025 compare to 2024?

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National Bank Holdings Corporation Announces Third Quarter 2025 Financial Results

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Banking financial analyst positive

FAQ

What were NBHC Q3 2025 earnings and adjusted EPS?

How strong was NBHC's net interest margin in Q3 2025?

What is the size and timing of NBHC’s Vista Bancshares acquisition?

How did NBHC's credit metrics perform in Q3 2025?

What were NBHC’s capital ratios and buybacks as of Sept 30, 2025?

How did NBHC’s YTD provision for credit losses in 2025 compare to 2024?

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