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National Bank Holdings Corporation

National Bank Holdings Corporation

NYSE•NBHC
CEO: Mr. G. Timothy Laney
Sector: Financial Services
Industry: Banks - Regional
Listing Date: 2012-09-20
National Bank Holdings Corporation operates as the bank holding company for NBH Bank that provides various banking products and financial services to commercial, business, and consumer clients in the United States. It offers deposit products, including checking, savings, money market, and other deposit accounts, including fixed-rate and fixed maturity time deposits. The company also provides commercial and industrial loans and leases, such as working capital loans, equipment loans, lender finance loans, food and agriculture loans, government and non-profit loans, owner occupied commercial real estate loans, and other commercial loans and leases; non-owner occupied commercial real estate loans consisting of loans on commercial properties, such as office buildings, warehouse/distribution buildings, multi-family, hospitality, and retail buildings; small business administration loans to support small businesses and entrepreneurs; term loans, line of credits, and real estate secured loans; residential real estate loans; and consumer loans. In addition, it offers treasury management solutions comprising online and mobile banking, commercial credit card, wire transfer, automated clearing house, electronic bill payment, lock box, remote deposit capture, merchant processing, cash vault, controlled disbursements, and fraud prevention services, as well as other auxiliary services, including account reconciliation, collections, repurchase accounts, zero balance accounts, and sweep accounts. The company operates through a network of banking centers located in Colorado, the greater Kansas City region, New Mexico, Utah, Wyoming, Idaho, and Texas. It also operates ATMs. The company was formerly known as NBH Holdings Corp. and changed its name to National Bank Holdings Corporation in March 2012. The company was incorporated in 2009 and is headquartered in Greenwood Village, Colorado.
Contact Information
7800 East Orchard Road, Suite 300, Greenwood Village, CO, 80111, United States
303-892-8715
www.nationalbankholdings.com
Market Cap
$1.46B
P/E (TTM)
12.0
14.5
Dividend Yield
3.1%
52W High
$48.05
52W Low
$32.83
52W Range
37%
Rank46Top 45.7%
3.9
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.9 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$151.90M-2.14%
4-Quarter Trend

EPS

$0.92+6.98%
4-Quarter Trend

FCF

$46.50M+18.11%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

NIM Expansion Driven By Costs FTE Net Interest Margin widened 15 basis points to 3.95% for nine months, driven by 22 bps improvement in cost of funds to 2.09%.
Deposit Base Growth Strong Total deposits grew 2.8% to $8.47B by September 30, 2025, supported by $7.31B in transaction deposits (86.3% mix).
Asset Quality Continues Improving Non-performing loans improved 10 bps to 0.36% of total loans; ACL coverage ratio stood at 1.19% of total loans at period end.
Capital Ratios Remain Strong Consolidated Tier 1 leverage ratio was 11.5% at September 30, 2025, well exceeding the 4.0% minimum requirement.

Risk Factors

Vista Merger Integration Risk Substantial costs incurred for the pending Vista merger; integration difficulties could prevent realizing anticipated benefits and cost savings.
Macroeconomic Volatility Exposure Sustained higher interest rates and macroeconomic uncertainty create volatility, tightening liquidity and increasing competition for deposits across markets.
Digital Strategy Integration Risk Investments in the 2UniFi digital ecosystem require complex integration and introduce risks related to fraud, cybersecurity, and operational controls.
Sector Concentration Credit Risk Exposure to the transportation industry, facing recent economic challenges, totals $151.4M, or 2.0% of total loans, posing credit risk.

Outlook

Vista Merger Closing Timeline Expect to close the proposed transaction with Vista in Q1 2026, subject to regulatory approval and shareholder conditions being met.
Digital Ecosystem Expansion Continued investment in the 2UniFi digital ecosystem, including partnership with Nav, aims to enhance access to financial services for SMBs.
Asset Sensitivity Management Interest rate risk model indicates asset sensitivity; management employs derivatives (floors/collars) to manage primary market risk exposures going forward.
Funding Strategy Focus Maintain liquidity profile focused on core deposits and stable funding sources, supplemented by secured/unsecured wholesale capacity access.

Peer Comparison

Revenue (TTM)

Merchants BancorpMBIN
$1.39B
-1.8%
First Merchants CorporationFRME
$1.04B
-2.0%
Hope Bancorp, Inc.HOPE
$945.24M
-8.9%

Gross Margin (Latest Quarter)

National Bank Holdings CorporationNBHC
72.0%
+5.7pp
Stellar Bancorp, Inc.STEL
70.0%
-2.0pp
S&T Bancorp, Inc.STBA
64.4%
-3.1pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
FRME$2.15B9.29.9%6.3%
STEL$1.62B15.96.3%0.7%
MBIN$1.58B6.411.2%15.0%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
1.3%
Moderate Growth
4Q Net Income CAGR
7.8%
Profitability Improving
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Jan 28, 2026
|
EPS:$0.87
|
Revenue:-
Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Oct 29, 2025|
    Revenue: $151.90M-2.1%
    |
    EPS: $0.92+7.0%
    Beat
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 5, 2025|
    Revenue: $147.02M+1.3%
    |
    EPS: $0.89+30.9%
    Beat
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: Apr 30, 2025|
    Revenue: $144.24M-2.6%
    |
    EPS: $0.63-23.2%
    Miss
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 25, 2025|
    Revenue: $594.31M+7.4%
    |
    EPS: $3.10-17.1%
    Beat
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 5, 2024|
    Revenue: $155.22M+7.9%
    |
    EPS: $0.86-9.5%
    Beat
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Jul 31, 2024|
    Revenue: $145.09M+8.6%
    |
    EPS: $0.68-20.9%
    Miss
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 1, 2024|
    Revenue: $148.08M+16.7%
    |
    EPS: $0.82-23.4%
    Beat
  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 27, 2024|
    Revenue: $553.56M+59.7%
    |
    EPS: $3.74+70.0%
    Beat