National Bank Holdings Corporation Announces Third Quarter 2026 Financial Results

Q: Why did National Bank Holdings report a loss in the third quarter of 2026?

National Bank Holdings reported a $8.8 million net loss, primarily driven by $40.6 million of provision expense tied to identified commercial credits, mainly in franchise and healthcare lending. Results also included $15.2 million of pre-tax acquisition and restructuring expenses and a $4.0 million impairment on a third-party FinTech partnership investment.

Q: What is NBHC targeting for fourth-quarter 2026 earnings?

Management targets more than $1 in earnings per share for the fourth quarter of 2026. This is a company target, not an achieved result.

Q: What are the terms of NBH Bank’s Palm Beach banking center sale?

NBH Bank’s definitive sale agreement provides for a 5.00% deposit premium, subject to a minimum deposit premium of $8.8 million. Signed on October 24, 2026, it includes the location’s loans and deposits. The bank expects approximately $0.2 billion reductions in each of total assets, loans and deposits, with closing expected in mid-2027.

Q: What was NBHC’s adjusted third-quarter 2026 profit?

Adjusted third-quarter net income was $2.9 million, or $0.06 per diluted share, excluding $15.2 million of pre-tax acquisition and restructuring expenses. Adjusted tax-equivalent revenue before credit provisions totaled $46.1 million. These are non-GAAP measures, rather than the reported accounting results.

Non-performing loans rose to 0.44% of total loans, compared with 0.31% in the second quarter.

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Rhea-AI Summary

National Bank Holdings (NBHC) reported a third-quarter 2026 net loss of $8.8 million as provision expense weighed on results. The loss was $0.20 per diluted share, versus earnings of $0.58 in the second quarter. Provision expense reached $40.6 million, primarily reflecting identified commercial credit problems in franchise and healthcare lending. Results also included $15.2 million of pre-tax acquisition and restructuring expenses and a $4.0 million investment impairment.

Tax-equivalent net interest income rose $3.6 million sequentially to $115.2 million, while net interest margin expanded to 4.00%. Average deposits increased $96.0 million to $10.3 billion. Nine-month net income fell to $38.5 million from $93.5 million a year earlier. Management targets fourth-quarter earnings above $1 per share. NBH Bank also signed an agreement to sell its Palm Beach banking center, with closing expected in mid-2027.

24 points · 0 major

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0 major · 32 points

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Positive

Moderate pointQuarterly tax-equivalent net interest income increased $3.6 million to $115.2 million versus the second quarter.
Moderate pointLoans increased $119.4 million, or 4.9% annualized, sequentially to $9.9 billion.
Moderate point. Forward-looking: it has not happened yet and may not happen.Management targets more than $1 of fourth-quarter earnings per share.
Moderate pointNine-month tax-equivalent net interest income increased 26.0% to $337.7 million year over year.
Moderate pointNine-month average earning assets increased $2.2 billion, or 24.4%, including $500.9 million of average originated loan growth.
Moderate pointLoans outstanding increased $2.5 billion, or 33.2%, year over year to $9.9 billion.
Moderate pointNine-month average deposits increased $2.0 billion to $10.2 billion year over year.
Moderate pointAdjusted nine-month tax-equivalent revenue before credit provisions increased 8.1% to $141.4 million year over year.

16 minor points

Minor pointQuarterly net interest margin expanded six basis points to 4.00% versus the second quarter.
Minor pointQuarterly loan fundings totaled $819.3 million, led by $351.2 million of commercial fundings.
Minor pointQuarterly average deposits increased $96.0 million to $10.3 billion versus the second quarter.
Minor pointQuarterly average transaction deposits increased $102.9 million to $9.0 billion versus the second quarter.
Minor pointTransaction deposit mix rose 20 basis points sequentially and 167 basis points year over year to 88.0%.
Minor pointLoan-to-deposit ratio declined to 93.8% from 94.1% in the second quarter.
Minor pointQuarterly bank card fee income increased $0.3 million versus the second quarter.
Minor pointAdjusted quarterly non-interest expense decreased $1.1 million to $82.6 million versus the second quarter.
Minor pointVista core systems integration was completed in the third quarter.
Minor pointThird-quarter share buybacks returned $11.9 million to shareholders.
Minor pointCapital ratios remained above regulatory well-capitalized thresholds: 10.00% tier 1 leverage and 11.69% common equity tier 1.
Minor point. Forward-looking: it has not happened yet and may not happen.Palm Beach sale agreement provides a 5.00% deposit premium, subject to an $8.8 million minimum.
Minor pointNine-month net interest margin expanded five basis points to 4.00% year over year.
Minor pointTrailing twelve-month loan fundings totaled $3.1 billion, including $1.7 billion of commercial fundings.
Minor pointNine-month average transaction deposits increased $1.8 billion to $8.9 billion year over year.
Minor pointVista acquisition added $1.9 billion of loans and $2.2 billion of deposits on January 7, 2026.

Negative

Moderate pointThird-quarter net loss was $8.8 million, or $0.20 per diluted share, versus $26.5 million second-quarter profit.
Moderate pointQuarterly provision expense increased to $40.6 million from $1.5 million, primarily reflecting identified commercial loan write-downs.
Moderate pointQuarterly acquisition and restructuring expenses rose to $15.2 million from $11.2 million in the second quarter.
Moderate pointQuarterly tax-equivalent revenue before credit provisions declined to $30.9 million from $36.3 million sequentially.
Moderate pointNon-performing loans rose to 0.44% of loans, versus 0.31% sequentially and 0.36% a year earlier.
Moderate pointNon-performing assets rose to 0.50% of loans and foreclosed real estate, versus 0.35% sequentially and 0.37% annually.
Moderate pointQuarterly non-interest income declined to $13.5 million from $19.8 million in the second quarter.
Moderate pointQuarterly tax-equivalent efficiency ratio worsened to 76.0% from 72.3%; adjusted ratio rose to 62.3% from 61.8%.
Moderate pointAnnualized nine-month net charge-offs increased to 0.85% from 0.27% a year earlier.
Moderate pointNine-month non-interest expense increased to $289.6 million from $192.2 million a year earlier.

22 minor points

Minor pointThird-party FinTech partnership investment impairment totaled $4.0 million in the third quarter.
Minor pointQuarterly tangible-asset and tangible-common-equity returns fell to negative 0.23% and negative 2.32%, respectively.
Minor pointCredit-loss allowance fell to 1.11% of loans, versus 1.13% sequentially and 1.19% a year earlier.
Minor pointDeposit costs increased one basis point to 1.94% versus the second quarter.
Minor pointQuarterly mortgage banking income decreased $0.6 million versus the second quarter.
Minor pointQuarterly non-interest expense increased to $97.8 million from $95.0 million in the second quarter.
Minor pointForeclosed-real-estate and problem-loan expenses totaled $1.4 million in the third quarter.
Minor pointCommon book value per share declined to $36.71 from $37.48 at June 30, 2026.
Minor pointTangible book value per share declined to $25.37 from $26.23 at June 30, 2026.
Minor pointShareholders’ equity declined to $1.6 billion from $1.7 billion in the second quarter.
Minor pointPalm Beach sale remains pending, with closing expected in mid-2027.
Minor point. Forward-looking: it has not happened yet and may not happen.Palm Beach sale is expected to reduce assets, loans and deposits by approximately $0.2 billion each.
Minor pointNine-month net income declined to $38.5 million, or $0.84 per diluted share, from $93.5 million and $2.43.
Minor pointAdjusted nine-month net income declined to $70.9 million, or $1.56 per diluted share, from $94.9 million and $2.47.
Minor pointNine-month provision expense increased to $46.1 million from $8.7 million a year earlier.
Minor pointNine-month acquisition and restructuring expenses increased to $42.0 million from $1.7 million a year earlier.
Minor pointNine-month tax-equivalent revenue before credit provisions fell to $99.4 million from $129.0 million.
Minor pointNine-month tangible-asset return fell to 0.50% from 1.38%; tangible-common-equity return fell to 5.01% from 13.05%.
Minor pointNine-month non-interest income declined to $51.3 million from $53.1 million a year earlier.
Minor pointNine-month mortgage banking income decreased $1.8 million year over year.
Minor pointAdjusted nine-month non-interest expense increased to $247.8 million, primarily reflecting the acquisition.
Minor pointNine-month tax-equivalent efficiency ratio worsened to 74.5% from 59.8%; adjusted ratio rose to 61.8% from 57.5%.

Key Figures

Net loss: $8.8 million Diluted EPS: ($0.20) per share Provision expense: $40.6 million +4 more

Net loss: $8.8 million; Third quarter 2026
Diluted EPS: ($0.20) per share; Third quarter 2026
Provision expense: $40.6 million; Third quarter 2026; tied primarily to identified commercial credits
Acquisition and restructuring expense: $15.2 million; Pre-tax, third quarter 2026
Adjusted net income: $2.9 million; Third quarter 2026, excluding specified acquisition and restructuring expenses
Net interest margin: 4.00%; Third quarter 2026; expanded six basis points
Deposit premium: 5.00%; Palm Beach banking center sale agreement; subject to a minimum deposit premium of $8.8 million

Previous Earnings Reports

1 past event · Latest: Jul 21

Same Type 1 event

Jul 21
Earnings report

24h Move

-4.3%

Q2 reported $26.5 million net income and $0.58 diluted EPS with stable credit metrics.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap financial measures, fully taxable equivalent, common equity tier 1

3 terms

non-gaap financial measures financial

"Represents a non-GAAP financial measure."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

fully taxable equivalent financial

"Fully taxable equivalent net interest income increased $3.6 million"

A fully taxable equivalent converts a tax-free yield into the pretax yield you would need from a taxable investment to get the same after-tax return, using an investor’s marginal tax rate. Think of it like inflating a discounted price to the full sticker price so you can compare items side‑by‑side; investors use it to fairly compare tax-exempt securities with taxable alternatives and choose the better after-tax income.

common equity tier 1 regulatory

"the common equity tier 1 capital ratio totaled 11.69%"

Common Equity Tier 1 is the highest-quality capital a bank holds—mainly common shares and retained profits—that acts as the primary cushion against losses. Investors use the CET1 level and ratio to judge a bank’s financial strength and regulatory standing: a bigger cushion means the bank is better able to absorb shocks, sustain payouts and borrow cheaply, much like an emergency fund for a household.

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10/27/2026 - 04:20 PM EDT

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


	For the quarter⁽¹⁾									For the nine months ended September 30⁽¹⁾						2026 Adjusted ⁽¹⁾⁽²⁾
	3Q26			2Q26			3Q25			2026			2025			QTD			YTD
Net (loss) income ($000's)	$	(8,761	)	$	26,490		$	35,285		$	38,522		$	93,538		$	2,941		$	70,860
(Loss) earnings per share - diluted	$	(0.20	)	$	0.58		$	0.92		$	0.84		$	2.43		$	0.06		$	1.56
Return on average assets		(0.28	)%		0.86	%		1.43	%		0.42	%		1.27	%		0.09	%		0.77	%
Return on average tangible assets⁽²⁾		(0.23	)%		0.96	%		1.54	%		0.50	%		1.38	%		0.16	%		0.87	%
Return on average equity		(2.07	)%		6.34	%		10.25	%		3.07	%		9.30	%		0.69	%		5.65	%
Return on average tangible common equity⁽²⁾		(2.32	)%		9.70	%		14.21	%		5.01	%		13.05	%		1.62	%		8.67	%

____________

(1	)		Ratios are annualized.
(2	)		Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures and Reconciliations” tables for reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP.

In announcing these results, Chief Executive Officer Tim Laney shared, “This was a deeply disappointing quarter. We reported a net loss of $8.8 million, driven primarily by $40.6 million of provision expense tied to a handful of specifically identified commercial credits, mainly in the franchise and healthcare industries. We take these credit events seriously and have made a series of both personnel and process improvements in these specific coverage areas of our business. To that end, none of these actions were driven by our regulators, and we will be relentless in our focus to meet the highest standards of credit risk management.”

Mr. Laney added, “Our margin expansion and deposit growth are positive, and all integration activity has been a success. Our responsibility is to protect the bank while driving to our target of a dollar plus of earnings per share in the fourth quarter. While the third quarter represented a painful setback, I believe our team is more than capable of delivering for our clients, communities and shareholders.”

Third Quarter 2026 Results
(All comparisons refer to the second quarter of 2026, except as noted)

As previously announced, third quarter results were impacted by elevated provision expense related to specifically identified credits addressed during the quarter. During the third quarter of 2026, net loss totaled $8.8 million, or ($0.20) per diluted share, compared to net income of $26.5 million, or $0.58 per diluted share. The quarter’s results were impacted by $40.6 million of provision expense, $15.2 million of pre-tax acquisition and restructuring expense, and a $4.0 million impairment on a third-party FinTech partnership investment classified within other securities. Fully taxable equivalent pre-provision net revenue totaled $30.9 million, compared to $36.3 million. The return on average tangible assets totaled (0.23)%, compared to 0.96%, and the return on average tangible common equity totaled (2.32)%, compared to 9.70%. Adjusting for the $15.2 million of pre-tax acquisition and restructuring related expenses in the third quarter, adjusted net income totaled $2.9 million, or $0.06 per diluted share, and adjusted fully taxable equivalent pre-provision net revenue totaled $46.1 million. The adjusted return on average tangible assets totaled 0.16%, and the adjusted return on average tangible common equity totaled 1.62%.

Net Interest Income
Fully taxable equivalent net interest income increased $3.6 million to $115.2 million, primarily due to average interest earning assets growth of $69.9 million and one additional day during the third quarter. The fully taxable equivalent net interest margin expanded six basis points to 4.00%, driven by a nine basis point increase in earning asset yields. The cost of deposits increased one basis point to 1.94%.

Loans
Loans increased $119.4 million, or 4.9% annualized, to $9.9 billion at September 30, 2026. We generated quarterly loan fundings of $819.3 million, led by commercial loan fundings of $351.2 million.

Asset Quality and Provision for Credit Losses
The Company recorded provision expense of $40.6 million during the quarter, compared to $1.5 million. The increase was primarily driven by write downs on specifically identified commercial loans, principally within the franchise and healthcare industries, related to credit events impacting the third quarter. Annualized net charge-offs for the nine months ended September 30, 2026 totaled 0.85% of average total loans. Non-performing loans totaled 0.44% of total loans at September 30, 2026, compared to 0.31%, and non-performing assets totaled 0.50% of total loans and OREO at September 30, 2026, compared to 0.35%. The allowance for credit losses as a percentage of loans was 1.11% at September 30, 2026, compared to 1.13%.

Deposits
The Company maintains a low cost, diversified deposit franchise. Average total deposits increased $96.0 million to $10.3 billion, and average transaction deposits (defined as total deposits less time deposits) increased $102.9 million to $9.0 billion. The loan to deposit ratio totaled 93.8% at September 30, 2026, compared to 94.1%. The mix of transaction deposits to total deposits increased 20 basis points to 88.0% at September 30, 2026.

Non-Interest Income
Non-interest income totaled $13.5 million, compared to $19.8 million, during the second quarter. Other non-interest income decreased $5.9 million and included $4.0 million of impairment on a third-party FinTech partnership investment classified within other securities. Mortgage banking income decreased $0.6 million driven by the current rate environment. These decreases were partially offset by a $0.3 million increase in bank card fee income.

Non-Interest Expense
Non-interest expense totaled $97.8 million, compared to $95.0 million. Included in the third and second quarters were acquisition and restructuring related expenses of $15.2 million and $11.2 million, respectively. Excluding these items, third quarter adjusted non-interest expense decreased $1.1 million, to $82.6 million, compared to $83.7 million. The linked-quarter decrease reflects management’s continued execution on operational synergies following the successful third-quarter integration of Vista’s core systems. Third quarter’s expenses include one additional payroll day compared to the second quarter and $1.4 million of OREO and problem loan expenses. The fully taxable equivalent efficiency ratio totaled 76.0%, compared to 72.3%. The adjusted fully taxable equivalent efficiency ratio totaled 62.3%, compared to 61.8%.

Income tax benefit totaled $3.2 million, compared to income tax expense of $6.1 million in the previous quarter. The effective tax rate for the nine months ended September 30, 2026 was 17.3%, compared to 18.3% for the same period prior year.

Capital
Common book value per share totaled $36.71 at September 30, 2026, compared to $37.48 at June 30, 2026. Tangible book value per share totaled $25.37, compared to $26.23, primarily reflecting the quarterly dividend payment, share repurchases and an increase in accumulated other comprehensive loss due to changes in the interest rate environment.

NBHC executed $11.9 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 10.00%, and the common equity tier 1 capital ratio totaled 11.69% at September 30, 2026. Shareholders’ equity totaled $1.6 billion at September 30, 2026, compared to $1.7 billion.

Recent Events
On October 24, 2026, NBH Bank (the “Bank”) entered into a definitive agreement to sell its Palm Beach, Florida banking center location, including the banking center’s loans and deposits. The sale is expected to result in a reduction of the Bank’s total assets of approximately $0.2 billion, including total loans of approximately $0.2 billion, and a reduction of total deposits of approximately $0.2 billion. The agreement provides for a deposit premium of 5.00%, subject to a minimum deposit premium of $8.8 million. The Bank expects to close the transaction in mid-2027.

Year-Over-Year Review
(All comparisons refer to the first nine months of 2025, except as noted)

Net income totaled $38.5 million, or $0.84 per diluted share, compared to $93.5 million or $2.43 per diluted share. Current year results were impacted by $46.1 million of provision expense, primarily due to third quarter credit events within the franchise and healthcare industries, $42.0 million of pre-tax acquisition and restructuring expense, and a $4.0 million impairment on a third-party FinTech partnership investment classified within other securities. Fully taxable equivalent pre-provision net revenue totaled $99.4 million, compared to $129.0 million. The return on average tangible assets totaled 0.50%, compared to 1.38%, and the return on average tangible common equity totaled 5.01%, compared to 13.05%. Adjusting for $42.0 million and $1.7 million of pre-tax acquisition and restructuring related charges for the nine months 2026 and 2025, respectively, adjusted net income totaled $70.9 million, or $1.56 per diluted share, compared to adjusted net income of $94.9 million, or $2.47 per diluted share. Adjusted, the fully taxable equivalent pre-provision net revenue increased $10.6 million, or 8.1%, to $141.4 million. The adjusted return on average tangible assets totaled 0.87%, and the adjusted return on average tangible common equity totaled 8.67%.

Fully taxable equivalent net interest income increased $69.6 million, or 26.0%, to $337.7 million. Average earning assets increased $2.2 billion, or 24.4%, driven by $500.9 million of average originated loan growth and loans acquired through the Vista acquisition. The Vista acquisition added $1.9 billion in total loans on January 7, 2026. The fully taxable equivalent net interest margin expanded five basis points to 4.00%, primarily driven by an eight basis point improvement in the cost of funds.

Loans outstanding increased $2.5 billion, or 33.2%, to $9.9 billion. New loan fundings over the trailing twelve months totaled a record $3.1 billion, led by commercial fundings of $1.7 billion.

The Company recorded $46.1 million of provision expense for credit losses, compared to $8.7 million. The increase was primarily driven by write downs on specifically identified commercial loans, primarily within the franchise and healthcare industries, related to credit events impacting the third quarter. Annualized net charge-offs totaled 0.85%, compared to 0.27%. Non-performing loans totaled 0.44% of total loans at September 30, 2026, compared to 0.36%, and non-performing assets totaled 0.50% of total loans and OREO at September 30, 2026, compared to 0.37%. The allowance for credit losses as a percentage of loans totaled 1.11% at September 30, 2026, compared to 1.19% at September 30, 2025.

Average deposits increased $2.0 billion to $10.2 billion, and average transaction deposits increased $1.8 billion to $8.9 billion compared to the same period prior year. The mix of transaction deposits to total deposits increased 167 basis points to 88.0% at September 30, 2026. The Vista acquisition added $2.2 billion of total deposits, including $2.0 billion of transaction deposits and $0.2 billion of time deposits on January 7, 2026.

Non-interest income totaled $51.3 million, compared to $53.1 million, decreasing due to $4.0 million of impairment on a third-party FinTech partnership investment within other securities and a $1.8 million decrease in mortgage banking income driven by the current rate environment. These decreases were mostly offset by increases in our diversified sources of fee income including service charges, bank card fees, trust income and swap fee income.

Non-interest expense totaled $289.6 million, compared to $192.2 million. Included in the periods were $42.0 million and $1.7 million of acquisition and restructuring expenses during the nine months ended September 30, 2026 and 2025, respectively. Excluding these items, the current period adjusted non-interest expense totaled $247.8 million, an increase from the same period prior year primarily due to our recent acquisition. Occupancy and equipment expense during the nine months ended September 30, 2026, included a full period of 2UniFi^SM capitalized asset depreciation in connection with the launch of 2UniFi in the third quarter of 2025. The fully taxable equivalent efficiency ratio totaled 74.5%, compared to 59.8% in the same period prior year. The adjusted fully taxable equivalent efficiency ratio totaled 61.8% for the nine months ended September 30, 2026, compared to 57.5%.

Income tax expense decreased $13.0 million to $8.0 million driven by lower pre-tax income in the current period. The effective tax rate was 17.3%, compared to 18.3% 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, October 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 3883449 and asking for the NBHC Q3 2026 Earnings Call. The earnings release and a link to the replay of the call will be available on the Company’s website at www.nationalbankholdings.com by visiting the investor relations area.

About National Bank Holdings Corporation
National Bank Holdings Corporation is a bank holding company created to build a leading community bank franchise, delivering high quality client service and committed to stakeholder results. Through its bank subsidiaries, NBH Bank and 2UniFi Bank, National Bank Holdings Corporation operates a network of over 90 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 through its trust and wealth department under Bank of Jackson Hole Trust & Wealth, a division of NBH Bank. NBH Bank operates its core banking business 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, Idaho, in Palm Beach, Florida, Vista Bank; and in Wyoming, Bank of Jackson Hole, Bank of Jackson Hole Mortgage and Bank of Jackson Hole Trust & Wealth. Additional information about National Bank Holdings Corporation can be found at www.nationalbankholdings.com.

For more information visit: cobnks.com, bankmw.com, bankofjacksonhole.com, vistabank.com, or nbhbank.com, or connect with any of our brands on LinkedIn.

About Non-GAAP Financial Measures
Certain financial measures and ratios we present are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as “non-GAAP financial measures.” We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods.

These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these differences by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance. A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not discuss historical facts but instead relate to expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. Forward-looking statements are generally identified by words such as “anticipate,” “believe,” “can,” “would,” “should,” “could,” “may,” “predict,” “seek,” “potential,” “will,” “estimate,” “target,” “plan,” “projected,” “continuing,” “ongoing,” “expect,” “intend,” “goal,” “focus,” “maintains,” “future,” “ultimately,” “likely,” “ensure,” “strategy,” “objective,” and similar words or phrases. These statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties. We have based these statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, liquidity, results of operations, business strategy and growth prospects. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements due to a number of factors, including, but not limited to, business and economic conditions along with external events, both generally and in the financial services industry; susceptibility to credit risk and fluctuations in the value of real estate and other collateral securing a significant portion of our loan portfolio, including with regards to real estate acquired through foreclosure, and the accuracy of appraisals related to such real estate; changes impacting monetary supply and the businesses of our clients and counterparties, including levels of market interest rates, inflation, currency values, monetary, fiscal, and international trade policy, and the volatility of trading markets; our ability to maintain sufficient liquidity to meet the requirements of deposit withdrawals and other business needs; our desire to raise additional capital in connection with strategic growth initiatives and our ability to access the capital markets when desired or on favorable terms; changes in the fair value of our investment securities can fluctuate due to market conditions outside of our control; our investments in financial technology companies and initiatives may subject us to material financial, reputational and strategic risks; the allowance for credit losses and fair value adjustments may be insufficient to absorb losses in our loan portfolio (including due to fluctuations in collateral value, the ability of the borrower to repay and the results of outstanding litigation related to the realization of collateral); 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 ability to execute our capital allocation strategy, including paying dividends or repurchasing shares, is subject to regulatory limitations; the application of any increased assessment rates imposed by the Federal Deposit Insurance Corporation; claims or legal action brought against us by third parties or government agencies; the loss of our executive officers and key personnel; changes to federal, state and local laws and regulations along with executive orders applicable to our business, including tax laws; and other factors, risks, trends and uncertainties described elsewhere in our other filings with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.

Contacts:
Analysts/Institutional Investors:
Emily Gooden, Chief Accounting Officer and Investor Relations Director, (720) 554-6640, ir@nationalbankholdings.com
Nicole Van Denabeele, Chief Financial Officer, (720) 529-3370, ir@nationalbankholdings.com

Media:
Dave Coons, SVP, Associate Director of Corporate Communications and Marketing, (816) 298-2214, dave.coons@nbhbank.com

NATIONAL BANK HOLDINGS CORPORATION
FINANCIAL SUMMARY
Consolidated Statements of Operations (Unaudited)
(Dollars in thousands, except share and per share data)

	For the three months ended								For the nine months ended
	September 30,			June 30,		September 30,			September 30,		September 30,
	2026			2026		2025			2026		2025
Total interest and dividend income	$	167,335		$	162,004	$	132,238		$	488,490	$	393,421
Total interest expense		54,435			52,712		44,038			157,496		131,121
Net interest income		112,900			109,292		88,200			330,994		262,300
Taxable equivalent adjustment		2,272			2,239		1,985			6,693		5,807
Net interest income FTE⁽¹⁾		115,172			111,531		90,185			337,687		268,107
Provision expense (release) for credit losses		40,635			1,500		(1,500	)		46,135		8,700
Net interest income after provision for credit losses FTE⁽¹⁾		74,537			110,031		91,685			291,552		259,407
Non-interest income:
Service charges		4,456			4,501		4,340			13,149		12,585
Bank card fees		4,929			4,616		4,505			13,879		13,431
Mortgage banking income		1,796			2,423		2,895			6,961		8,757
Other non-interest income		2,357			8,226		8,951			17,048		18,360
Gain on security sales		—			—		—			246		—
Total non-interest income		13,538			19,766		20,691			51,283		53,133
Non-interest expense:
Salaries and benefits		56,869			54,366		37,779			168,205		109,887
Occupancy and equipment		16,838			16,154		12,383			48,825		32,656
Professional fees		2,142			3,002		3,249			7,376		6,352
Data processing		7,663			7,945		4,751			23,261		13,604
Other non-interest expense		11,847			11,050		7,138			34,582		23,825
Other intangible assets amortization		2,433			2,433		1,946			7,330		5,870
Total non-interest expense		97,792			94,950		67,246			289,579		192,194

(Loss) income before income taxes FTE⁽¹⁾		(9,717	)		34,847		45,130			53,256		120,346
Taxable equivalent adjustment		2,272			2,239		1,985			6,693		5,807
(Loss) income before income taxes		(11,989	)		32,608		43,145			46,563		114,539
Income tax (benefit) expense		(3,228	)		6,118		7,860			8,041		21,001
Net (loss) income	$	(8,761	)	$	26,490	$	35,285		$	38,522	$	93,538
(Loss) earnings per share - basic	$	(0.20	)	$	0.58	$	0.92		$	0.85	$	2.44
(Loss) earnings per share - diluted		(0.20	)		0.58		0.92			0.84		2.43
Common stock dividend		0.32			0.32		0.30			0.96		0.89

____________

)

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, 2026			June 30, 2026			December 31, 2025			September 30, 2025
ASSETS
Cash and cash equivalents	$	364,798		$	380,696		$	417,058		$	555,560
Investment securities available-for-sale		638,085			585,533			528,639			612,719
Investment securities held-to-maturity		725,921			758,223			651,732			689,486
Other securities		100,134			99,184			80,634			80,526
Loans		9,893,448			9,774,052			7,433,356			7,429,501
Allowance for credit losses		(109,866	)		(110,271	)		(87,415	)		(88,280	)
Loans, net		9,783,582			9,663,781			7,345,941			7,341,221
Loans held for sale		12,578			26,486			25,695			22,252
Other real estate owned		5,082			4,174			1,674			658
Premises and equipment, net		232,244			234,139			214,554			211,436
Goodwill		459,481			455,408			306,043			306,043
Intangible assets, net		61,881			64,631			48,337			50,331
Other assets		343,354			313,881			263,211			282,454
Total assets	$	12,727,140		$	12,586,136		$	9,883,518		$	10,152,686
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Non-interest bearing demand deposits	$	2,656,315		$	2,575,684		$	2,204,241		$	2,255,495
Interest bearing demand deposits		1,626,488			1,568,250			1,237,006			1,223,602
Savings and money market		4,994,262			4,975,841			3,701,616			3,832,460
Total transaction deposits		9,277,065			9,119,775			7,142,863			7,311,557
Time deposits		1,267,968			1,269,658			1,149,771			1,160,123
Total deposits		10,545,033			10,389,433			8,292,634			8,471,680
Securities sold under agreements to repurchase		22,479			20,239			17,350			21,303
Long-term debt		201,884			202,003			54,540			54,743
Federal Home Loan Bank advances		125,000			125,000			—			—
Other liabilities		206,847			180,357			133,880			230,031
Total liabilities		11,101,243			10,917,032			8,498,404			8,777,757
Shareholders' equity:
Common stock		588			588			515			515
Additional paid in capital		1,467,649			1,460,627			1,171,581			1,169,982
Retained earnings		567,146			590,437			572,461			568,276
Treasury stock		(344,511	)		(333,131	)		(315,397	)		(312,873	)
Accumulated other comprehensive loss, net of tax		(64,975	)		(49,417	)		(44,046	)		(50,971	)
Total shareholders' equity		1,625,897			1,669,104			1,385,114			1,374,929
Total liabilities and shareholders' equity	$	12,727,140		$	12,586,136		$	9,883,518		$	10,152,686
SHARE DATA
Average basic shares outstanding		44,451,388			44,665,184			37,803,728			37,911,643
Average diluted shares outstanding		44,758,349			44,915,790			37,922,557			38,034,473
Ending shares outstanding		44,285,618			44,537,718			37,772,516			37,815,589
Common book value per share	$	36.71		$	37.48		$	36.67		$	36.36
Tangible book value per share (non-GAAP)⁽¹⁾		25.37			26.23			27.80			27.45
CAPITAL RATIOS
Average equity to average assets		13.50	%		13.53	%		14.21	%		13.94	%
Tangible common equity to tangible assets (non-GAAP)⁽¹⁾		9.19	%		9.67	%		11.00	%		10.57	%
Tier 1 leverage ratio		10.00	%		10.30	%		11.56	%		11.49	%
Common equity tier 1 risk-based capital ratio		11.69	%		12.29	%		14.89	%		14.69	%
Tier 1 risk-based capital ratio		11.69	%		12.29	%		14.89	%		14.69	%
Total risk-based capital ratio		14.74	%		15.42	%		16.82	%		16.63	%

____________

(1	)		Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures and Reconciliations” starting on page 15.

NATIONAL BANK HOLDINGS CORPORATION
Loan Portfolio
(Dollars in thousands)

Period End Loan Balances by Type


					September 30, 2026				September 30, 2026
					vs. June 30, 2026				vs. September 30, 2025
	September 30, 2026		June 30, 2026		% Change		September 30, 2025		% Change
Originated:
Commercial:
Commercial and industrial	$	2,288,210	$	2,193,328	4.3	%	$	1,877,645	21.9	%
Municipal and non-profit		1,278,627		1,296,609	(1.4	%)		1,189,677	7.5	%
Owner-occupied commercial real estate		923,026		926,686	(0.4	%)		986,868	(6.5	%)
Food and agribusiness		218,896		207,031	5.7	%		211,940	3.3	%
Total commercial		4,708,759		4,623,654	1.8	%		4,266,130	10.4	%
Commercial real estate non-owner occupied		1,632,937		1,434,867	13.8	%		1,069,815	52.6	%
Residential real estate		1,142,226		1,033,943	10.5	%		914,168	24.9	%
Consumer		12,356		13,645	(9.4	%)		12,757	(3.1	%)
Total originated		7,496,278		7,106,109	5.5	%		6,262,870	19.7	%

Acquired:
Commercial:
Commercial and industrial		478,692		566,984	(15.6	%)		95,015	403.8	%
Municipal and non-profit		234		240	(2.5	%)		259	(9.7	%)
Owner-occupied commercial real estate		361,778		382,970	(5.5	%)		189,408	91.0	%
Food and agribusiness		30,314		31,451	(3.6	%)		29,506	2.7	%
Total commercial		871,018		981,645	(11.3	%)		314,188	177.2	%
Commercial real estate non-owner occupied		1,088,408		1,215,762	(10.5	%)		570,062	90.9	%
Residential real estate		436,833		469,518	(7.0	%)		282,026	54.9	%
Consumer		911		1,018	(10.5	%)		355	156.6	%
Total acquired		2,397,170		2,667,943	(10.1	%)		1,166,631	105.5	%
Total loans	$	9,893,448	$	9,774,052	1.2	%	$	7,429,501	33.2	%

Loan Fundings⁽¹⁾


	Third quarter		Second quarter		First quarter		Fourth quarter		Third quarter
	2026		2026		2026		2025		2025
Commercial:
Commercial and industrial	$	286,624	$	293,094	$	346,250	$	237,813	$	159,250
Municipal and non-profit		15,852		50,506		45,000		119,918		81,418
Owner occupied commercial real estate		35,314		84,606		49,556		66,798		42,362
Food and agribusiness		13,371		24,251		5,697		4,437		5,015
Total commercial		351,161		452,457		446,503		428,966		288,045
Commercial real estate non-owner occupied		312,364		352,629		268,021		96,482		81,136
Residential real estate		154,868		120,340		89,375		64,161		49,877
Consumer		860		1,460		1,583		1,399		2,142
Total	$	819,253	$	926,886	$	805,482	$	591,008	$	421,200

____________

(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 $123,946, $178,133, $65,273, $95,744, and ($1,591) 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, 2026								June 30, 2026								September 30, 2025
	Average					Average			Average					Average			Average					Average
	balance			Interest		rate			balance			Interest		rate			balance			Interest		rate
Interest earning assets:
Originated loans FTE⁽¹⁾⁽²⁾	$	7,242,490		$	110,606		6.06	%	$	6,762,456		$	102,709		6.09	%	$	6,213,268		$	103,600		6.62	%
Acquired loans		2,555,867			46,146		7.16	%		2,867,500			47,819		6.69	%		1,183,171			18,151		6.09	%
Loans held for sale		18,273			262		5.69	%		21,612			316		5.86	%		21,964			366		6.61	%
Investment securities available-for-sale		645,657			4,430		2.74	%		663,636			4,619		2.78	%		693,173			4,679		2.70	%
Investment securities held-to-maturity		774,413			6,249		3.23	%		791,847			6,327		3.20	%		705,927			5,313		3.01	%
Other securities		43,686			744		6.81	%		41,977			688		6.56	%		32,461			409		5.04	%
Interest earning deposits		132,863			1,170		3.49	%		194,358			1,765		3.64	%		149,867			1,705		4.51	%
Total interest earning assets FTE⁽²⁾	$	11,413,249		$	169,607		5.90	%	$	11,343,386		$	164,243		5.81	%	$	8,999,831		$	134,223		5.92	%
Cash and due from banks	$	95,446							$	95,632							$	78,598
Other assets		1,042,235								1,054,388								806,872
Allowance for credit losses		(112,023	)							(114,769	)							(88,787	)
Total assets	$	12,438,907							$	12,378,637							$	9,796,514
Interest bearing liabilities:
Interest bearing demand, savings and money market deposits	$	6,474,638		$	39,974		2.45	%	$	6,393,003		$	38,371		2.41	%	$	4,929,785		$	33,095		2.66	%
Time deposits		1,264,037			10,380		3.26	%		1,270,963			10,530		3.32	%		1,111,958			9,791		3.49	%
Federal Home Loan Bank advances		95,561			945		3.92	%		89,188			855		3.85	%		33,682			391		4.61	%
Other borrowings⁽³⁾		47,001			227		1.92	%		37,202			167		1.80	%		34,429			242		2.79	%
Long-term debt		202,011			2,909		5.71	%		202,144			2,789		5.53	%		54,471			519		3.78	%
Total interest bearing liabilities	$	8,083,248		$	54,435		2.67	%	$	7,992,500		$	52,712		2.65	%	$	6,164,325		$	44,038		2.83	%
Demand deposits	$	2,542,154							$	2,520,897							$	2,150,330
Other liabilities		134,269								189,969								116,548
Total liabilities		10,759,671								10,703,366								8,431,203
Shareholders' equity		1,679,236								1,675,271								1,365,311
Total liabilities and shareholders' equity	$	12,438,907							$	12,378,637							$	9,796,514
Net interest income FTE⁽²⁾				$	115,172							$	111,531							$	90,185
Interest rate spread FTE⁽²⁾							3.23	%							3.16	%							3.09	%
Net interest earning assets	$	3,330,001							$	3,350,886							$	2,835,506
Net interest margin FTE⁽²⁾							4.00	%							3.94	%							3.98	%
Average transaction deposits	$	9,016,792							$	8,913,900							$	7,080,115
Average total deposits		10,280,829								10,184,863								8,192,073
Ratio of average interest earning assets to average interest bearing liabilities		141.20	%							141.93	%							146.00	%

____________

(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 $2,272, $2,239 and $1,985 for the three months ended September 30, 2026, June 30, 2026, and September 30, 2025, 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, 2026							For the nine months ended September 30, 2025
	Average					Average		Average					Average
	balance			Interest		rate		balance			Interest		rate
Interest earning assets:
Originated loans FTE⁽¹⁾⁽²⁾	$	6,779,938		$	310,373	6.12	%	$	6,279,001		$	308,220	6.56	%
Acquired loans		2,789,118			143,780	6.89	%		1,265,326			57,095	6.03	%
Loans held for sale		19,479			862	5.92	%		20,953			1,069	6.82	%
Investment securities available-for-sale		667,603			14,050	2.81	%		703,442			13,957	2.65	%
Investment securities held-to-maturity		752,761			17,726	3.14	%		685,278			14,606	2.84	%
Other securities		40,949			1,948	6.34	%		31,473			1,355	5.74	%
Interest earning deposits		233,342			6,444	3.69	%		85,608			2,926	4.57	%
Total interest earning assets FTE⁽²⁾	$	11,283,190		$	495,183	5.87	%	$	9,071,081		$	399,228	5.88	%
Cash and due from banks	$	96,870						$	78,327
Other assets		1,045,708							803,544
Allowance for credit losses		(108,018	)						(91,499	)
Total assets	$	12,317,750						$	9,861,453
Interest bearing liabilities:
Interest bearing demand, savings and money market deposits	$	6,377,358		$	115,532	2.42	%	$	4,980,629		$	98,364	2.64	%
Time deposits		1,287,835			32,092	3.33	%		1,070,419			27,634	3.45	%
Federal Home Loan Bank advances		64,607			1,952	4.04	%		77,900			2,666	4.58	%
Other borrowings⁽³⁾		38,196			518	1.81	%		41,944			902	2.88	%
Long-term debt		180,055			7,402	5.50	%		54,528			1,555	3.81	%
Total interest bearing liabilities	$	7,948,051		$	157,496	2.65	%	$	6,225,420		$	131,121	2.82	%
Demand deposits	$	2,533,089						$	2,166,671
Other liabilities		158,689							124,546
Total liabilities		10,639,829							8,516,637
Shareholders' equity		1,677,921							1,344,816
Total liabilities and shareholders' equity	$	12,317,750						$	9,861,453
Net interest income FTE⁽²⁾				$	337,687						$	268,107
Interest rate spread FTE⁽²⁾						3.22	%						3.06	%
Net interest earning assets	$	3,335,139						$	2,845,661
Net interest margin FTE⁽²⁾						4.00	%						3.95	%
Average transaction deposits	$	8,910,447						$	7,147,300
Average total deposits		10,198,282							8,217,719
Ratio of average interest earning assets to average interest bearing liabilities		141.96	%						145.71	%

____________

(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 $6,693 and $5,807 for the nine months ended September 30, 2026 and September 30, 2025, 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, 2026			June 30, 2026			September 30, 2025
Beginning allowance for credit losses	$	110,271		$	113,477		$	88,893
Allowance for credit loss at acquisition		5,164			2,473			—
Charge-offs		(47,208	)		(6,508	)		(1,617	)
Recoveries		888			79			2,504
Provision expense (release) for credit losses on loans		40,751			750			(1,500	)
Ending allowance for credit losses ("ACL")	$	109,866		$	110,271		$	88,280
Ratio of annualized net charge-offs (recoveries) to average total loans during the period		1.88	%		0.27	%		(0.05	)%
Ratio of ACL to total loans outstanding at period end		1.11	%		1.13	%		1.19	%
Ratio of ACL to total non-performing loans at period end		250.17	%		365.97	%		330.45	%
Total loans	$	9,893,448		$	9,774,052		$	7,429,501
Average total loans during the period		9,771,279			9,608,203			7,376,685
Total non-performing loans		43,917			30,131			26,715

Past Due and Non-accrual Loans


	September 30, 2026			June 30, 2026			September 30, 2025
Loans 90 days past due and still accruing interest	$	16,762		$	29,112		$	12,120
Non-accrual loans		43,917			30,131			26,715
Total 90 days past due and non-accrual loans	$	60,679		$	59,243		$	38,835
Total 90 days past due and still accruing interest and non-accrual loans to total loans		0.61	%		0.61	%		0.52	%

Loans 30-89 days past due and still accruing interest	$	14,010		$	17,169		$	14,288

Asset Quality Data


	September 30, 2026			June 30, 2026			September 30, 2025
Non-performing loans	$	43,917		$	30,131		$	26,715
OREO		5,082			4,174			658
Total non-performing assets	$	48,999		$	34,305		$	27,373
Total non-performing loans to total loans		0.44	%		0.31	%		0.36	%
Total non-performing assets to total loans and OREO		0.50	%		0.35	%		0.37	%

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,
	2026			2026			2025			2026			2025
Return on average assets		(0.28	)%		0.86	%		1.43	%		0.42	%		1.27	%
Return on average tangible assets⁽²⁾		(0.23	)%		0.96	%		1.54	%		0.50	%		1.38	%
Adjusted return on average tangible assets⁽²⁾		0.16	%		1.26	%		1.60	%		0.87	%		1.40	%
Return on average equity		(2.07	)%		6.34	%		10.25	%		3.07	%		9.30	%
Return on average tangible common equity⁽²⁾		(2.32	)%		9.70	%		14.21	%		5.01	%		13.05	%
Adjusted return on average tangible common equity⁽²⁾		1.62	%		12.71	%		14.72	%		8.67	%		13.23	%
Loan to deposit ratio (end of period)		93.82	%		94.08	%		87.70	%		93.82	%		87.70	%
Non-interest bearing deposits to total deposits (end of period)		25.19	%		24.79	%		26.62	%		25.19	%		26.62	%
Net interest margin⁽³⁾		3.92	%		3.86	%		3.89	%		3.92	%		3.87	%
Net interest margin FTE⁽³⁾⁽⁴⁾		4.00	%		3.94	%		3.98	%		4.00	%		3.95	%
Interest rate spread FTE⁽⁴⁾⁽⁵⁾		3.23	%		3.16	%		3.09	%		3.22	%		3.06	%
Yield on earning assets⁽⁶⁾		5.82	%		5.73	%		5.83	%		5.79	%		5.80	%
Yield on earning assets FTE⁽⁴⁾⁽⁶⁾		5.90	%		5.81	%		5.92	%		5.87	%		5.88	%
Cost of funds		2.03	%		2.01	%		2.10	%		2.01	%		2.09	%
Cost of deposits		1.94	%		1.93	%		2.08	%		1.94	%		2.05	%
Non-interest income to total revenue FTE⁽⁴⁾⁽⁷⁾		10.52	%		15.05	%		18.66	%		13.18	%		16.54	%
Efficiency ratio FTE⁽⁴⁾		75.98	%		72.32	%		60.65	%		74.45	%		59.83	%
Adjusted efficiency ratio FTE⁽²⁾⁽⁴⁾		62.28	%		61.81	%		57.32	%		61.79	%		57.46	%
Pre-provision net revenue FTE⁽²⁾⁽⁴⁾		30,918			36,347			43,630			99,391			129,046
Adjusted pre-provision net revenue FTE⁽²⁾⁽⁴⁾		46,113			47,795			45,374			141,383			130,790

Total Loans Asset Quality Data⁽⁸⁾⁽⁹⁾
Non-performing loans to total loans		0.44	%		0.31	%		0.36	%		0.44	%		0.36	%
Non-performing assets to total loans and OREO		0.50	%		0.35	%		0.37	%		0.50	%		0.37	%
Allowance for credit losses to total loans		1.11	%		1.13	%		1.19	%		1.11	%		1.19	%
Allowance for credit losses to non-performing loans		250.17	%		365.97	%		330.45	%		250.17	%		330.45	%
Net charge-offs (recoveries) to average loans		1.88	%		0.27	%		(0.05	)%		0.85	%		0.27	%

____________

(1	)	Ratios are annualized.
(2	)	Ratio represents non-GAAP financial measure. See “Non-GAAP Financial Measures and Reconciliations” starting on page 15.
(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 $2,272, $2,239 and $1,985 for the three months ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively, and $6,693 and $5,807 for the nine months ended September 30, 2026 and September 30, 2025, 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 Book Value Ratios


	September 30, 2026			June 30, 2026			December 31, 2025			September 30, 2025
Total shareholders' equity	$	1,625,897		$	1,669,104		$	1,385,114		$	1,374,929
Less: goodwill and other intangible assets, net		(516,615	)		(514,975	)		(348,961	)		(350,907	)
Add: deferred tax liability related to goodwill		14,257			14,154			13,947			13,844
Tangible common equity (non-GAAP)	$	1,123,539		$	1,168,283		$	1,050,100		$	1,037,866

Total assets	$	12,727,140		$	12,586,136		$	9,883,518		$	10,152,686
Less: goodwill and other intangible assets, net		(516,615	)		(514,975	)		(348,961	)		(350,907	)
Add: deferred tax liability related to goodwill		14,257			14,154			13,947			13,844
Tangible assets (non-GAAP)	$	12,224,782		$	12,085,315		$	9,548,504		$	9,815,623

Tangible common equity to tangible assets calculations:
Total shareholders' equity to total assets		12.78	%		13.26	%		14.01	%		13.54	%
Less: impact of goodwill and other intangible assets, net		(3.59	)%		(3.59	)%		(3.01	)%		(2.97	)%
Tangible common equity to tangible assets (non-GAAP)		9.19	%		9.67	%		11.00	%		10.57	%

Tangible book value per share calculations:
Tangible common equity (non-GAAP)	$	1,123,539		$	1,168,283		$	1,050,100		$	1,037,866
Divided by: ending shares outstanding		44,285,618			44,537,718			37,772,516			37,815,589
Tangible book value per share (non-GAAP)	$	25.37		$	26.23		$	27.80		$	27.45

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,
	2026			2026			2025			2026			2025
Net (loss) income	$	(8,761	)	$	26,490		$	35,285		$	38,522		$	93,538
Add: adjustments, after tax (non-GAAP)⁽¹⁾		11,702			8,813			1,336			32,338			1,336
Adjusted net income (non-GAAP)⁽¹⁾	$	2,941		$	35,303		$	36,621		$	70,860		$	94,874

Net (loss) income	$	(8,761	)	$	26,490		$	35,285		$	38,522		$	93,538
Add: impact of other intangible assets amortization expense, after tax (non-GAAP)		1,874			1,873			1,491			5,645			4,497
Net (loss) income excluding the impact of other intangible assets amortization expense, after tax (non-GAAP)	$	(6,887	)	$	28,363		$	36,776		$	44,167		$	98,035

Net (loss) income excluding the impact of other intangible assets amortization expense, after tax (non-GAAP)	$	(6,887	)	$	28,363		$	36,776		$	44,167		$	98,035
Add: adjustments, after tax (non-GAAP)⁽¹⁾		11,702			8,813			1,336			32,338			1,336
Adjusted net income excluding the impact of other intangible assets amortization expense (non-GAAP)⁽¹⁾	$	4,815		$	37,176		$	38,112		$	76,505		$	99,371

Average assets	$	12,438,907		$	12,378,637		$	9,796,514		$	12,317,750		$	9,861,453
Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill (non-GAAP)		(501,172	)		(502,057	)		(338,294	)		(498,106	)		(340,231	)
Average tangible assets (non-GAAP)	$	11,937,735		$	11,876,580		$	9,458,220		$	11,819,644		$	9,521,222

Average shareholders' equity	$	1,679,236		$	1,675,271		$	1,365,311		$	1,677,921		$	1,344,816
Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill (non-GAAP)		(501,172	)		(502,057	)		(338,294	)		(498,106	)		(340,231	)
Average tangible common equity (non-GAAP)	$	1,178,064		$	1,173,214		$	1,027,017		$	1,179,815		$	1,004,585

Return on average assets		(0.28	)%		0.86	%		1.43	%		0.42	%		1.27	%
Adjusted return on average assets (non-GAAP)		0.09	%		1.14	%		1.48	%		0.77	%		1.29	%
Return on average tangible assets (non-GAAP)		(0.23	)%		0.96	%		1.54	%		0.50	%		1.38	%
Adjusted return on average tangible assets (non-GAAP)⁽¹⁾		0.16	%		1.26	%		1.60	%		0.87	%		1.40	%
Return on average equity		(2.07	)%		6.34	%		10.25	%		3.07	%		9.30	%
Adjusted return on average equity (non-GAAP)		0.69	%		8.45	%		10.64	%		5.65	%		9.43	%
Return on average tangible common equity (non-GAAP)		(2.32	)%		9.70	%		14.21	%		5.01	%		13.05	%
Adjusted return on average tangible common equity (non-GAAP)⁽¹⁾		1.62	%		12.71	%		14.72	%		8.67	%		13.23	%

Adjustments:
Non-interest income adjustments:
Restructuring impairment⁽²⁾	$	—		$	223		$	—		$	223		$	—
Non-interest expense adjustments:
Acquisition-related expenses⁽³⁾		14,696			10,890			1,744			39,928			1,744
Restructuring expenses⁽²⁾		499			335			—			1,841			—
Total non-interest expense adjustments, before tax (non-GAAP)		15,195			11,225			1,744			41,769			1,744

Total adjustments, before tax (non-GAAP)		15,195			11,448			1,744			41,992			1,744
Tax benefit impact⁽⁴⁾		(3,493	)		(2,635	)		(408	)		(9,654	)		(408	)
Total adjustments, after tax (non-GAAP)	$	11,702		$	8,813		$	1,336		$	32,338		$	1,336

____________

(1	)	For details, refer to the “Adjustments” section at the bottom of the table.
(2	)	Restructuring expenses and restructuring impairment are primarily related to banking center consolidation expenses and corporate personnel actions.
(3	)	Includes general acquisition-related expenses and Vista rebranding costs.
(4	)	Calculated using the company’s marginal tax rate of 23%. Certain acquisition-related expenses are non-deductible.

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,
	2026			2026			2025			2026			2025
Net interest income FTE⁽¹⁾	$	115,172		$	111,531		$	90,185		$	337,687		$	268,107

Non-interest income	$	13,538		$	19,766		$	20,691		$	51,283		$	53,133
Add: restructuring impairment		—			223			—			223			—
Adjusted non-interest income (non-GAAP)	$	13,538		$	19,989		$	20,691		$	51,506		$	53,133

Non-interest expense	$	97,792		$	94,950		$	67,246		$	289,579		$	192,194
Less: other intangible assets amortization		(2,433	)		(2,433	)		(1,946	)		(7,330	)		(5,870	)
Less: acquisition-related expenses and restructuring expenses		(15,195	)		(11,225	)		(1,744	)		(41,769	)		(1,744	)
Adjusted non-interest expense, excluding other intangible assets amortization (non-GAAP)	$	80,164		$	81,292		$	63,556		$	240,480		$	184,580

Non-interest expense	$	97,792		$	94,950		$	67,246		$	289,579		$	192,194
Less: acquisition-related expenses and restructuring expenses		(15,195	)		(11,225	)		(1,744	)		(41,769	)		(1,744	)
Adjusted non-interest expense (non-GAAP)	$	82,597		$	83,725		$	65,502		$	247,810		$	190,450

Efficiency ratio FTE⁽¹⁾		75.98	%		72.32	%		60.65	%		74.45	%		59.83	%
Adjusted efficiency ratio FTE (non-GAAP)⁽¹⁾⁽²⁾		62.28	%		61.81	%		57.32	%		61.79	%		57.46	%

Net (loss) income	$	(8,761	)	$	26,490		$	35,285		$	38,522		$	93,538
Add: income tax (benefit) expense		(3,228	)		6,118			7,860			8,041			21,001
Add: provision expense (release) for credit losses		40,635			1,500			(1,500	)		46,135			8,700
Add: impact of taxable equivalent adjustment		2,272			2,239			1,985			6,693			5,807
Pre-provision net revenue FTE (non-GAAP)⁽¹⁾	$	30,918		$	36,347		$	43,630		$	99,391		$	129,046

Pre-provision net revenue, FTE (non-GAAP)⁽¹⁾	$	30,918		$	36,347		$	43,630		$	99,391		$	129,046
Add: acquisition-related expenses		14,696			10,890			1,744			39,928			1,744
Add: restructuring expenses and impairment		499			558			—			2,064			—
Adjusted pre-provision net revenue FTE (non-GAAP)⁽¹⁾	$	46,113		$	47,795		$	45,374		$	141,383		$	130,790

____________

(1	)	Presented on a fully taxable equivalent basis using the statutory tax rate of 21%. The tax equivalent adjustments included above are $2,272, $2,239 and $1,985 for the three months ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively, and $6,693 and $5,807 for the nine months ended September 30, 2026 and September 30, 2025, respectively.
(2	)	Adjusted efficiency ratio FTE excludes other intangible assets amortization, acquisition-related expenses and restructuring expenses.

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,
	2026			2026		2025		2026		2025
Adjustments to net income:
Net (loss) income	$	(8,761	)	$	26,490	$	35,285	$	38,522	$	93,538
Add: acquisition-related adjustments, after tax		11,318			8,383		1,336		30,749		1,336
Add: restructuring expenses and impairment, after tax		384			430		—		1,589		—
Adjusted net income (non-GAAP)	$	2,941		$	35,303	$	36,621	$	70,860	$	94,874

Adjustments to earnings per share:
(Loss) earnings per share diluted	$	(0.20	)	$	0.58	$	0.92	$	0.84	$	2.43
Add: acquisition-related adjustments, after tax		0.25			0.18		0.04		0.67		0.04
Add: restructuring expenses and impairment, after tax		0.01			0.02		—		0.05		—
Adjusted earnings per share - diluted (non-GAAP)	$	0.06		$	0.78	$	0.96	$	1.56	$	2.47

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Why did National Bank Holdings report a loss in the third quarter of 2026?

National Bank Holdings reported a $8.8 million net loss, primarily driven by $40.6 million of provision expense tied to identified commercial credits, mainly in franchise and healthcare lending. Results also included $15.2 million of pre-tax acquisition and restructuring expenses and a $4.0 million impairment on a third-party FinTech partnership investment.

What is NBHC targeting for fourth-quarter 2026 earnings?

Management targets more than $1 in earnings per share for the fourth quarter of 2026. This is a company target, not an achieved result.

What are the terms of NBH Bank’s Palm Beach banking center sale?

NBH Bank’s definitive sale agreement provides for a 5.00% deposit premium, subject to a minimum deposit premium of $8.8 million. Signed on October 24, 2026, it includes the location’s loans and deposits. The bank expects approximately $0.2 billion reductions in each of total assets, loans and deposits, with closing expected in mid-2027.

What was NBHC’s adjusted third-quarter 2026 profit?

Adjusted third-quarter net income was $2.9 million, or $0.06 per diluted share, excluding $15.2 million of pre-tax acquisition and restructuring expenses. Adjusted tax-equivalent revenue before credit provisions totaled $46.1 million. These are non-GAAP measures, rather than the reported accounting results.

National Bank Holdings Corporation Announces Third Quarter 2026 Financial Results