For the quarter(1)
For the quarter - adjusted(1)(2)
1Q26
4Q25
1Q25
1Q26
4Q25
1Q25
Net income ($000's)
$
20,793
$
16,036
$
24,231
$
32,607
$
22,748
$
24,231
Earnings per share - diluted
$
0.46
$
0.42
$
0.63
$
0.72
$
0.60
$
0.63
Return on average assets
0.70%
0.65%
0.99%
1.09%
0.92%
0.99%
Return on average tangible assets(2)
0.79%
0.73%
1.09%
1.20%
1.02%
1.09%
Return on average equity
5.02%
4.57%
7.42%
7.87%
6.48%
7.42%
Return on average tangible common equity(2)
7.75%
6.58%
10.64%
11.79%
9.10%
10.64%
(1)
Quarterly ratios are annualized.
(2)
Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures and Reconciliations" tables for reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP.
In announcing these results, Chief Executive Officer Tim Laney shared, "We delivered solid first quarter results, with adjusted earnings of $0.72 per diluted share and a net interest margin of 4.06%. Record quarterly loan fundings of $805.5 million drove organic loan growth of 12.4% annualized. Adjusted pre‑provision net revenue increased 21.7% from the prior quarter, reflecting strong core performance and the successful close of our strategic acquisition."
Mr. Laney added, "I'm proud of our first quarter execution and the meaningful progress our teams continue to make integrating our most recent acquisition. Momentum across the organization reinforces our belief in our ability to prudently grow our earnings this year and surpass a projected $1.00 of earnings per share in the fourth quarter."
Recent Acquisition
On January 7, 2026, the Company completed its acquisition of Vista Bancshares, Inc. ("Vista"), the holding company for Vista Bank, with operations in Dallas-Ft. Worth, Austin, and Lubbock, Texas and Palm Beach, Florida. The acquisition added $1.9 billion in total loans and $2.2 billion in total deposits. The merger consideration totaled $377.7 million and consisted of $288.7 million in Class A common stock, par value $0.01 per share, of the Company and $89.0 million in cash. This acquisition further strengthens NBHC's position as a premier regional bank and expands its footprint into the high-growth Dallas-Ft. Worth and Austin markets. Integrating NBHC's product capabilities with the strength of Vista Bank's relationship-banking model further enhances NBHC's long-term growth strategy. Quarter-over-quarter and year-over-year results are impacted by the acquisition.
First Quarter 2026 Results(All comparisons refer to the fourth quarter of 2025, except as noted)
Net income increased $4.8 million, or 29.7%, to $20.8 million, or $0.46 per diluted share, during the first quarter of 2026, compared to $16.0 million or $0.42 per diluted share. Fully taxable equivalent pre-provision net revenue increased $1.9 million to $32.1 million. The return on average tangible assets increased six basis points to 0.79%, and the return on average tangible common equity increased 117 basis points to 7.75%. Adjusting for $15.3 million of pre-tax acquisition and restructuring related expenses, adjusted net income increased $9.9 million, or 43.3%, to $32.6 million, or $0.72 per diluted share. Adjusted, the fully taxable equivalent pre-provision net revenue increased $8.5 million, or 21.7%, to $47.5 million. The adjusted return on average tangible assets increased 18 basis points to 1.20%, and the adjusted return on average tangible common equity increased 269 basis points to 11.79%.
Net Interest IncomeFully taxable equivalent net interest income increased $22.7 million, or 25.7%, to $111.0 million. Average earning assets increased $2.1 billion, or 23.2%, as a result of the acquisition of Vista and the quarter's loan growth. The fully taxable equivalent net interest margin expanded 17 basis points to 4.06%, driven by a 24 basis point increase in earning asset yields.
LoansLoans increased $2.2 billion, or 29.3%, to $9.6 billion at March 31, 2026. During the first quarter, organic loan growth totaled $285.3 million, or 12.4% annualized, compared to the combined balance sheet at the beginning of the quarter. We generated record quarterly loan fundings of $805.5 million, led by commercial loan fundings of $446.5 million.
Asset Quality and Provision for Credit LossesThe Company maintains strong credit quality and takes a proactive approach to monitoring credit. The Company recorded provision expense of $4.0 million during the quarter, primarily driven by the quarter's loan growth, compared to $9.1 million in the prior quarter. Annualized net charge-offs totaled 0.34%. Non-performing loans improved three basis points to 0.31% of total loans at March 31, 2026, and non-performing assets improved one basis point to 0.35% of total loans and OREO at March 31, 2026. The allowance for credit losses as a percentage of loans was 1.18% at March 31, 2026, consistent with the prior quarter.
DepositsThe Company maintains a low cost, diversified deposit franchise. Average total deposits increased $2.0 billion to $10.1 billion, and average transaction deposits (defined as total deposits less time deposits) increased $1.8 billion to $8.8 billion. The cost of deposits totaled 1.94%, compared to 1.92%. The loan to deposit ratio totaled 91.9% at March 31, 2026, compared to 89.6%. The mix of transaction deposits to total deposits increased 148 basis points to 87.6% at March 31, 2026.
Non-Interest IncomeNon-interest income increased $3.5 million, or 24.6%, to $18.0 million. The first quarter benefited from a $0.2 million gain on security sales; the prior quarter included a $3.3 million loss on security sales driven by the Company's strategic balance sheet management. Mortgage banking income increased $0.4 million.
Non-Interest ExpenseNon-interest expense totaled $96.8 million, compared to $72.4 million in the fourth quarter of 2025, primarily driven by increased expenses from our recent acquisition. Included in the first quarter were acquisition and restructuring related expenses of $15.3 million, and included in the fourth quarter was acquisition-related expenses of $5.4 million. Adjusting for these items, the first quarter adjusted non-interest expense increased $14.5 million to $81.5 million, primarily due to an increase in core operating expenses driven by growth from our recent acquisition. The fully taxable equivalent efficiency ratio totaled 75.1%, compared to 70.6%. The fully taxable equivalent adjusted efficiency ratio improved ten basis points to 61.3%.
Income tax expense totaled $5.2 million, compared to $3.1 million in the previous quarter, driven by higher pre-tax income. The effective tax rate was 19.9%.
CapitalCommon book value per share increased $0.58 to $37.25 at March 31, 2026, compared to December 31, 2025. Tangible book value per share totaled $26.01, compared to $27.80 at December 31, 2025, decreasing as a result of capital deployed for the Vista acquisition and share buybacks.
As reported earlier this quarter, the Company's Board of Directors authorized a new stock repurchase program under which the Company may repurchase up to $100.0 million of its common stock. NBHC executed $16.1 million of share buybacks in the first 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 10.45%, and the common equity tier 1 capital ratio totaled 12.51% at March 31, 2026. Shareholders' equity increased $279.8 million to $1.7 billion at March 31, 2026, compared to December 31, 2025, primarily due to the issuance of stock for the Vista acquisition.
Year-Over-Year Review(All comparisons refer to the first quarter of 2025, except as noted)
Adjusted net income increased $8.4 million, or 34.6%, to $32.6 million, or $0.72 per diluted share. Adjusted, the fully taxable equivalent pre-provision net revenue increased $5.5 million, or 13.1%, to $47.5 million. The adjusted return on average tangible assets increased 11 basis points to 1.20%, and the adjusted return on average tangible common equity increased 115 basis points to 11.79%.
Fully taxable equivalent net interest income increased $22.4 million, or 25.3%, to $111.0 million. Average earning assets increased $1.9 billion, or 21.3%, including an increase in average loans of $1.6 billion driven by the Vista acquisition. The fully taxable equivalent net interest margin expanded 13 basis points to 4.06%, driven by a five basis point increase in earning asset yields and a nine basis point improvement in the cost of funds.
Loans outstanding increased $2.0 billion, or 25.7%, to $9.6 billion. New loan fundings over the trailing twelve months totaled $2.1 billion, led by commercial fundings of $1.4 billion.
The Company recorded $4.0 million of provision expense for credit losses, compared to $10.2 million in the first quarter of 2025. Net charge-offs totaled 0.34% of average total loans, compared to 0.80%. Non-performing loans improved 14 basis points to 0.31% of total loans at March 31, 2026, and non-performing assets improved 11 basis points to 0.35% of total loans and OREO at March 31, 2026. The allowance for credit losses as a percentage of loans totaled 1.18% at March 31, 2026, consistent with March 31, 2025.
Average deposits increased $1.9 billion to $10.1 billion, and average transaction deposits increased $1.6 billion to $8.8 billion compared to the first quarter of 2025. The mix of transaction deposits to total deposits increased 19 basis points to 87.6% at March 31, 2026.
Non-interest income increased $2.6 million, or 16.9%, to $18.0 million primarily driven by increases in our diversified sources of fee income including swap fee income, Cambr fee income, and trust income.
Non-interest expense totaled $96.8 million, which included $15.3 million of acquisition and restructuring expenses, compared to non-interest expense of $62.0 million in the first quarter of 2025. Excluding these items, the current quarter adjusted non-interest expense totaled $81.5 million, increasing from the first quarter of 2025 primarily due to growth from our recent acquisition. Occupancy and equipment expense increased $5.0 million primarily driven by the 2UniFi capitalized asset depreciation in connection with the launch of 2UniFi in the third quarter of 2025. The fully taxable equivalent adjusted efficiency ratio totaled 61.3%, compared to 57.7% in the first quarter of 2025.
Income tax expense totaled $5.2 million, compared to $5.6 million in the first quarter of 2025, and the effective tax rate was 19.9%, compared to 18.8% in the prior year.
Conference CallManagement will host a conference call to review the results at 11:00 a.m. Eastern Time on Wednesday, April 22, 2026. The call may also include discussion of company developments, forward-looking statements and other material information about business and financial matters. Interested parties may listen to this call by dialing (800) 330-6710 using the participant passcode of 5153785 and asking for the NBHC Q1 2026 Earnings Call. The earnings release and a link to the replay of the call will be available on the Company's website at www.nationalbankholdings.com by visiting the investor relations area.
About National Bank Holdings 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 100 banking centers, serving individual consumers, small, medium and large businesses, and government and non-profit entities. Its banking centers are located in its core footprint of Colorado, the greater Kansas City region, Texas, Utah, Wyoming, New Mexico, Idaho, and Palm Beach, Florida. Its comprehensive residential mortgage banking group primarily serves the bank's core footprint. Its trust and wealth management business is operated in its core footprint under the Bank of Jackson Hole Trust charter. NBH Bank operates under a single state charter through the following brand names as divisions of NBH Bank: in Colorado, Community Banks of Colorado and Community Banks Mortgage; in Kansas and Missouri, Bank Midwest and Bank Midwest Mortgage; in Texas, Vista Bank and Hillcrest Bank; in Utah, New Mexico and Idaho, Hillcrest Bank and Hillcrest Bank Mortgage; in Palm Beach, Florida, Vista Bank; and in Wyoming, Bank of Jackson Hole and Bank of Jackson Hole Mortgage. Additional information about National Bank Holdings Corporation can be found at www.nationalbankholdings.com.
For more information visit: cobnks.com, bankmw.com, hillcrestbank.com, bankofjacksonhole.com, vistabank.com, or nbhbank.com, or connect with any of our brands on LinkedIn.
About Non-GAAP Financial MeasuresCertain financial measures and ratios we present are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as "non-GAAP financial measures." We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods.
These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these differences by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance. A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not discuss historical facts but instead relate to expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. Forward-looking statements are generally identified by words such as "anticipate," "believe," "can," "would," "should," "could," "may," "predict," "seek," "potential," "will," "estimate," "target," "plan," "projected," "continuing," "ongoing," "expect," "intend," "goal," "focus," "maintains," "future," "ultimately," "likely," "ensure," "strategy," "objective," and similar words or phrases. These statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties. We have based these statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, liquidity, results of operations, business strategy and growth prospects. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements due to a number of factors, including, but not limited to, business and economic conditions along with external events, both generally and in the financial services industry; susceptibility to credit risk and fluctuations in the value of real estate and other collateral securing a significant portion of our loan portfolio, including with regards to real estate acquired through foreclosure, and the accuracy of appraisals related to such real estate; changes impacting monetary supply and the businesses of our clients and counterparties, including levels of market interest rates, inflation, currency values, monetary, fiscal, and international trade policy, and the volatility of trading markets; our ability to maintain sufficient liquidity to meet the requirements of deposit withdrawals and other business needs; our desire to raise additional capital in connection with strategic growth initiatives and our ability to access the capital markets when desired or on favorable terms; changes in the fair value of our investment securities can fluctuate due to market conditions outside of our control; our investments in financial technology companies and initiatives may subject us to material financial, reputational and strategic risks; the allowance for credit losses and fair value adjustments may be insufficient to absorb losses in our loan portfolio; any service interruptions, cyber incidents or other breaches relating to our technology systems, security systems or infrastructure or those of our third-party providers; the occurrence of fraud or other financial crimes within our business; competition from other financial services providers, including traditional financial institutions and financial technology companies, and the effects of disintermediation within the banking business including consolidation within the industry; changes to federal government lending programs like the Small Business Administration's Preferred Lender Program and the Federal Housing Administration's insurance programs, including the impact of changes in regulations, budget appropriations and a prolonged government shutdown on such programs; impairment of our mortgage servicing rights, disruption in the secondary market for mortgage loans, declines in real estate values, or being required to repurchase mortgage loans or reimburse investors; claims and litigation related to our fiduciary responsibilities in connection with our trust and wealth business; our ability to manage and execute our organic growth and acquisition strategies, including our ability to realize the expected benefits of our acquisition strategies; developments in technology, such as artificial intelligence, the success of our digital growth strategy, and our ability to incorporate innovative technologies in our business and provide products and services that satisfy our clients' expectations for convenience and security; our ability to integrate Vista Bank into our business may be more difficult, costly or time consuming than expected and we may fail to realize the anticipated benefits or cost savings of the merger; failure to obtain regulatory approvals or consummate attractive acquisitions or continue to increase organic loan growth would restrict our growth plans; the accuracy of projected operating results for assets and businesses we acquire as well as our ability to drive organic loan growth to replace loans in our existing portfolio with comparable loans as loans are paid down; our ability to comply with and manage costs related to extensive and potentially expanding government regulation and supervision, including current and future regulations affecting bank holding companies and depository institutions; our inability to execute our capital allocation strategy, including paying dividends or repurchasing shares, is subject to regulatory limitations; the application of any increased assessment rates imposed by the Federal Deposit Insurance Corporation; claims or legal action brought against us by third parties or government agencies; the loss of our executive officers and key personnel; changes to federal, state and local laws and regulations along with executive orders applicable to our business, including tax laws; and other factors, risks, trends and uncertainties described elsewhere in our other filings with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.
Contacts:Analysts/Institutional Investors:Emily Gooden, Chief Accounting Officer and Investor Relations Director, (720) 554-6640, [email protected]Nicole Van Denabeele, Chief Financial Officer, (720) 529-3370, [email protected]
Media:Dave Coons, SVP, Associate Director of Corporate Communications and Marketing, (816) 298-2214, [email protected]
NATIONAL BANK HOLDINGS CORPORATIONFINANCIAL SUMMARYConsolidated Statements of Operations (Unaudited)(Dollars in thousands, except share and per share data)
For the three months ended
March 31,
December 31,
March 31,
2026
2025
2025
Total interest and dividend income
$
159,151
$
126,353
$
129,963
Total interest expense
50,349
40,148
43,272
Net interest income
108,802
86,205
86,691
Taxable equivalent adjustment
2,182
2,059
1,910
Net interest income FTE(1)
110,984
88,264
88,601
Provision expense for credit losses
4,000
9,100
10,200
Net interest income after provision for credit losses FTE(1)
106,984
79,164
78,401
Non-interest income:
Service charges
4,192
4,109
4,118
Bank card fees
4,334
4,390
4,194
Mortgage banking income
2,742
2,328
3,315
Other non-interest income
6,465
6,954
3,749
Gain (loss) on security sales
246
(3,348
)
—
Total non-interest income
17,979
14,433
15,376
Non-interest expense:
Salaries and benefits
56,970
38,447
34,362
Occupancy and equipment
15,834
13,173
10,837
Professional fees
2,232
6,175
1,423
Data processing
7,653
4,653
4,401
Other non-interest expense
11,684
8,054
9,017
Other intangible assets amortization
2,464
1,946
1,977
Total non-interest expense
96,837
72,448
62,017
Income before income taxes FTE(1)
28,126
21,149
31,760
Taxable equivalent adjustment
2,182
2,059
1,910
Income before income taxes
25,944
19,090
29,850
Income tax expense
5,151
3,054
5,619
Net income
$
20,793
$
16,036
$
24,231
Earnings per share - basic
$
0.46
$
0.42
$
0.63
Earnings per share - diluted
0.46
0.42
0.63
Common stock dividend
0.32
0.31
0.29
(1)
Net interest income is presented on a GAAP basis and fully taxable equivalent (FTE) basis, as the Company believes this non-GAAP measure is the preferred industry measurement for this item. The FTE adjustment is for the tax benefit on certain tax exempt loans using the federal tax rate of 21% for each period presented.
NATIONAL BANK HOLDINGS CORPORATIONConsolidated Statements of Financial Condition (Unaudited)(Dollars in thousands, except share and per share data)
March 31, 2026
December 31, 2025
March 31, 2025
ASSETS
Cash and cash equivalents
$
472,791
$
417,058
$
246,298
Investment securities available-for-sale
605,167
528,639
634,376
Investment securities held-to-maturity
757,350
651,732
706,912
Other securities
90,457
80,634
76,203
Loans
9,611,486
7,433,356
7,646,296
Allowance for credit losses
(113,477
)
(87,415
)
(90,192
)
Loans, net
9,498,009
7,345,941
7,556,104
Loans held for sale
24,905
25,695
11,885
Other real estate owned
3,821
1,674
615
Premises and equipment, net
235,666
214,554
204,567
Goodwill
454,672
306,043
306,043
Intangible assets, net
67,375
48,337
54,489
Other assets
404,195
263,211
301,378
Total assets
$
12,614,408
$
9,883,518
$
10,098,870
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Non-interest bearing demand deposits
$
2,573,213
$
2,204,241
$
2,215,313
Interest bearing demand deposits
1,546,569
1,237,006
1,337,905
Savings and money market
5,044,181
3,701,616
3,812,312
Total transaction deposits
9,163,963
7,142,863
7,365,530
Time deposits
1,294,881
1,149,771
1,058,677
Total deposits
10,458,844
8,292,634
8,424,207
Securities sold under agreements to repurchase
16,991
17,350
20,749
Long-term debt
202,138
54,540
54,588
Federal Home Loan Bank advances
—
—
80,000
Other liabilities
271,560
133,880
190,018
Total liabilities
10,949,533
8,498,404
8,769,562
Shareholders' equity:
Common stock
588
515
515
Additional paid in capital
1,454,100
1,171,581
1,168,433
Retained earnings
578,522
572,461
521,939
Treasury stock
(320,269
)
(315,397
)
(301,531
)
Accumulated other comprehensive loss, net of tax
(48,066
)
(44,046
)
(60,048
)
Total shareholders' equity
1,664,875
1,385,114
1,329,308
Total liabilities and shareholders' equity
$
12,614,408
$
9,883,518
$
10,098,870
SHARE DATA
Average basic shares outstanding
44,439,788
37,803,728
38,068,455
Average diluted shares outstanding
44,610,511
37,922,557
38,229,869
Ending shares outstanding
