National Bank Holdings Corporation Announces Third Quarter 2025 Financial Results

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 YTDNet 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 AnnouncementAs 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 IncomeFully 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. LoansLoans 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 LossesThe 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. DepositsAverage 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 IncomeNon-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 ExpenseNon-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. CapitalNBHC 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 CallManagement 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 CorporationNational 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 MeasuresCertain 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.comNicole Van Denabeele, Chief Financial Officer, (720) 529-3370, ir@nationalbankholdings.com Media:Jody Soper, Chief Marketing Officer, (303) 784-5925, Jody.Soper@nbhbank.comNATIONAL BANK HOLDINGS CORPORATIONFINANCIAL SUMMARYConsolidated 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 2024Total interest and dividend income$ 132,238 $131,220 $138,003 $ 393,421 $402,182Total interest expense 44,038 43,811 50,350 131,121 146,925Net interest income 88,200 87,409 87,653 262,300 255,257Taxable equivalent adjustment 1,985 1,912 1,816 5,807 5,220Net interest income FTE(1) 90,185 89,321 89,469 268,107 260,477Provision (release) expense for credit losses (1,500) — 2,000 8,700 4,776Net interest income after provision for credit losses FTE(1) 91,685 89,321 87,469 259,407 255,701Non-interest income: Service charges 4,340 4,127 4,912 12,585 13,598Bank card fees 4,505 4,732 4,832 13,431 14,292Mortgage banking income 2,895 2,547 2,981 8,757 8,932Other non-interest income 8,951 5,660 5,664 18,360 13,290Total non-interest income 20,691 17,066 18,389 53,133 50,112Non-interest expense: Salaries and benefits 37,779 37,746 37,331 109,887 110,784Occupancy and equipment 12,383 9,436 9,697 32,656 29,758Professional fees 3,249 1,680 2,111 6,352 5,463Data processing 4,751 4,452 4,398 13,604 12,581Other non-interest expense 7,138 7,670 8,648 23,825 25,523Other intangible assets amortization 1,946 1,947 1,977 5,870 5,962Total non-interest expense 67,246 62,931 64,162 192,194 190,071 Income before income taxes FTE(1) 45,130 43,456 41,696 120,346 115,742Taxable equivalent adjustment 1,985 1,912 1,816 5,807 5,220Income before income taxes 43,145 41,544 39,880 114,539 110,522Income tax expense 7,860 7,522 6,775 21,001 19,891Net income$ 35,285 $34,022 $33,105 $ 93,538 $90,631Earnings per share - basic$ 0.92 $0.89 $0.86 $ 2.44 $2.37Earnings per share - diluted 0.92 0.88 0.86 2.43 2.36Common stock dividend 0.30 0.30 0.28 0.89 0.83 (1) Net interest income is presented on a GAAP basis and fully taxable equivalent (FTE) basis, as the Company believes this non-GAAP measure is the preferred industry measurement for this item. The FTE adjustment is for the tax benefit on certain tax exempt loans using the federal tax rate of 21% for each period presented. NATIONAL BANK HOLDINGS CORPORATIONConsolidated Statements of Financial Condition (Unaudited)(Dollars in thousands, except share and per share data) September 30, 2025 June 30, 2025 December 31, 2024 September 30, 2024ASSETS Cash and cash equivalents$ 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 $34.01 Tangible common book value per share(1) (non-GAAP) 27.45 26.64 25.28 24.91 CAPITAL RATIOS Average equity to average assets 13.94% 13.62% 13.10% 12.80%Tangible common equity to tangible assets(1) 10.57% 10.49% 10.16% 9.81%Tier 1 leverage ratio 11.49% 11.18% 10.69% 10.44%Common equity tier 1 risk-based capital ratio 14.69% 14.17% 13.20% 12.88%Tier 1 risk-based capital ratio 14.69% 14.17% 13.20% 12.88%Total risk-based capital ratio 16.63% 16.07% 15.11% 14.79% (1) Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures and Reconciliations” below. NATIONAL BANK HOLDINGS CORPORATIONLoan Portfolio (Dollars in thousands) Period End Loan Balances by Type September 30, 2025vs. June 30, 2025 September 30, 2025vs. September 30, 2024 September 30, 2025 June 30, 2025 % Change September 30, 2024 % ChangeOriginated: Commercial: Commercial and industrial$ 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)% $7,714,495 (3.7)% Loan Fundings(1) Third quarter Second quarter First quarter Fourth quarter Third quarter 2025 2025 2025 2024 2024Commercial: Commercial and industrial$ 159,250 $133,402 $108,594 $146,600 $93,711Municipal and non-profit 81,418 34,393 12,506 49,175 35,677Owner occupied commercial real estate 42,362 47,233 37,762 117,850 70,517Food and agribusiness 5,015 4,576 1,338 15,796 19,205Total commercial 288,045 219,604 160,200 329,421 219,110Commercial real estate non-owner occupied 81,136 56,770 65,254 119,132 91,809Residential real estate 49,877 44,470 29,300 30,750 47,322Consumer 2,142 1,823 970 726 1,010Total$ 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 CORPORATIONSummary 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 rateInterest 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 $1,816 for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively.(3) Other borrowings includes securities sold under agreements to repurchase and cash collateral received from counterparties in connection with derivative swap agreements. NATIONAL BANK HOLDINGS CORPORATIONSummary of Net Interest Margin(Dollars in thousands) For the nine months ended September 30, 2025 For the nine months ended September 30, 2024 Average Average Average Average balance Interest rate balance Interest rateInterest earning assets: Originated loans FTE(1)(2)$ 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 $5,220 for the nine months ended September 30, 2025 and September 30, 2024, respectively.(3) Other borrowings includes securities sold under agreements to repurchase and cash collateral received from counterparties in connection with derivative swap agreements. NATIONAL BANK HOLDINGS CORPORATIONAllowance for Credit Losses and Asset Quality(Dollars in thousands) Allowance for Credit Losses Analysis As of and for the three months ended September 30, 2025 June 30, 2025 September 30, 2024Beginning allowance for credit losses$ 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 $7,714,495 Average total loans during the period 7,376,685 7,530,783 7,714,765 Total non-performing loans 26,715 33,336 23,545 Past Due and Non-accrual Loans September 30, 2025 June 30, 2025 September 30, 2024Loans 30-89 days past due and still accruing interest$ 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 $64,307 Total 90 days past due and still accruing interest and non-accrual loans to total loans 0.52% 0.54% 0.43% Asset Quality Data September 30, 2025 June 30, 2025 September 30, 2024Non-performing loans$ 26,715 $33,336 $23,545 OREO 658 291 1,432 Total non-performing assets$ 27,373 $33,627 $24,977 Total non-performing loans to total loans 0.36% 0.45% 0.31%Total non-performing assets to total loans and OREO 0.37% 0.45% 0.32% NATIONAL BANK HOLDINGS CORPORATIONKey Metrics(1) As of and for the three months ended As of and for the nine months ended September 30, June 30, September 30, September 30, September 30, 2025 2025 2024 2025 2024 Return on average assets 1.43% 1.38% 1.32% 1.27% 1.22%Return on average tangible assets(2) 1.54% 1.49% 1.43% 1.38% 1.33%Return on average tangible assets, adjusted(2) 1.60% 1.49% 1.43% 1.40% 1.33%Return on average equity 10.25% 10.15% 10.33% 9.30% 9.70%Return on average tangible common equity(2) 14.21% 14.18% 14.84% 13.05% 14.14%Return on average tangible common equity, adjusted(2) 14.72% 14.18% 14.84% 13.23% 14.14%Loan to deposit ratio (end of period) 87.70% 90.54% 90.79% 87.70% 90.79%Non-interest bearing deposits to total deposits (end of period) 26.62% 26.22% 26.70% 26.62% 26.70%Net interest margin(3) 3.89% 3.86% 3.79% 3.87% 3.73%Net interest margin FTE(2)(3) 3.98% 3.95% 3.87% 3.95% 3.80%Interest rate spread FTE(2)(4) 3.09% 3.06% 2.86% 3.06% 2.81%Yield on earning assets(5) 5.83% 5.80% 5.97% 5.80% 5.87%Yield on earning assets FTE(2)(5) 5.92% 5.88% 6.05% 5.88% 5.95%Cost of funds 2.10% 2.09% 2.36% 2.09% 2.31%Cost of deposits 2.08% 2.05% 2.34% 2.05% 2.27%Non-interest income to total revenue FTE(2)(6) 18.66% 16.04% 17.05% 16.54% 16.13%Efficiency ratio 61.76% 60.24% 60.51% 60.93% 62.24%Efficiency ratio excluding other intangible assets amortization and adjusted for acquisition-related expenses FTE(2) 57.32% 57.32% 57.65% 57.46% 59.28%Pre-provision net revenue$ 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 CORPORATIONNON-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, 2024Total 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 2024Net 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 2024Interest 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 2024Net 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 2024Adjustments to net income: Net income $ 35,285 $34,022 $33,105 $ 93,538 $90,631Add: 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 $2.36Add: 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

National Bank Holdings Corporation Announces Third Quarter 2025 Financial Results

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