National Bank Holdings Corporation · NYSE:NBHC
National Bank — Q4 2025 Earnings Presentation
47 slides from National Bank's earnings presentation, Feb 10, 2026
Slide 1: Investor Presentation Q4 – 2025
Investor Presentation Q4 – 2025
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This communication 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, fo
Slide 3: Table of Contents
07 14 18 23 28 30 32 35 42 07 14 18 23 28 30 32 35 42 Financial Performance Vista Acquisition Credit Balance Sheet 2UniFi Cambr Management Team Corporate Governance Appendix Table of Contents
Slide 4: Banking centers and market rankings
36 banking centers ‒Denver: #5 in Hottest U.S. Housing Markets (U.S. News 2025) ‒Colorado: #6 Best Economy in the U.S. (U.S. News 2025) ‒Colorado: #8 Best State to Start a Business (WalletHub 2025) ‒Colorado: #11 Best State to Raise a Family (WalletHub 2025) 15 banking centers across Texas, Utah, Ne
Slide 5: Stock performance and peer comparison
Source: S&P Global Market Intelligence, FactSet Research Systems, Bloomberg; market data as of 12/31/2025 (1)Peer median of the following group of 55 regional banks included in the S&P Small Cap 600 Index, not including NBHC: ABCB, AUB, AX, BANC, BANF, BANR, BBT, BKU, BOH, CASH, CATY, CBU, CFFN, CHC
Slide 6: Recent Recognitions
Recent Recognitions BEST COMPANIES TOW Forbes AMERICA’S BEST BANKS PIPER | SANDLER fl 2024 Bank & Thrift Sm-All Stars KKKkK* HH National Bank Holdings HH National Bank Holdings 2025 ahr 2024 Top TOP 30 IN NATIONAL SBA 7(a) Lender BANK RATING Proudly Ranked #29 . b side capital KBW Bank Honor Roll
Slide 7: Financial Performance
++ National Bank Holdings CORPORATION’ Financial Performance
Slide 8: Financial Highlights
Financial Highlights • Announced, obtained regulatory approval, and closed the acquisition of Vista Bancshares, Inc. (“Vista”) in under four months • Launched the initial phase of 2UniFi, an innovative financial ecosystem built to empower business entrepreneurs with treasury management depository ca
Slide 9: Profitable Steady Growth
Profitable Steady Growth 9 $80.4 $88.6 $93.6 $28.3 $142.0 $118.8 $109.6 YE19 YE20 YE21 YE22 YE23 YE24 YE25 Net Income Non-Adjusted Adjusted $123.9 $5.1 (1) $117.6 $8.0 (1) $99.6 $71.3 (1) $2.55 $2.85 $3.01 $0.87 $3.72 $3.08 $2.85 YE19 YE20 YE21 YE22 YE23 YE24 YE25 EPS (Fully Diluted) Non-Adjusted Ad
Slide 10: Growth Trends
10 Growth Trends $5.9 $6.7 $7.2 $9.6 $9.9 $9.8 $9.9 YE19 YE20 YE21 YE22(1) YE23 YE24 YE25 Total Assets $4.4 $4.2 $4.5 $7.2 $7.7 $7.8 $7.4 $0.2 YE19 YE20 YE21 YE22(2) YE23 YE24 YE25 Total Loans Non-PPP Loans PPP Loans $4.4 $651.4 $707.3 $728.8 $776.0 $860.3 $961.8 $1,050.1 YE19 YE20 YE21 YE22 YE23 YE
Slide 11: Trust and Wealth Partners
11 Trust and Wealth Partners ▪ Trust and Wealth Management solution tailored to high net worth individuals ▪ Scalable Private Wealth team provides a broad range of financial and retirement planning solutions, creating an opportunity to further leverage the platform to new and existing NBH clients ▪
Slide 12: Prudent Stewards of Capital
12 Prudent Stewards of Capital ▪ $584 million in excess capital over 7.0% common equity tier 1 risk-based regulatory requirement ▪ Double-leverage ratio of 91.0% ▪ Executed $15.2 million of share buybacks in 2025 ▪ Increased the share repurchase program to $100 million, replacing the previous $50 mi
Slide 13: Net Interest Income
13 Net Interest Income $192.3 $272.3 $368.1 $352.5 $356.4 2021 2022 2023 2024 2025 Net Interest Income FTE ($ in millions) 2.95% 3.73% 4.08% 3.85% 3.94% 2021 2022 2023 2024 2025 Net Interest Margin FTE 0.23% 0.26% 1.58% 2.27% 2.05% 2021 2022 2023 2024 2025 Cost of Funds Highlights ▪ Net interest inc
Slide 14: Vista Acquisition
Vista Acquisition CORPORATION’
Slide 15: Well Structured Transaction with Significant Strategic Value
Well Structured Transaction with Significant Strategic Value Pricing Structure • $377mm Deal Value (1) • Price / TBVPS: 1.52x • Deal Value / ‘26E Net Income: 11.0x (2) • Deal Value / ‘26E Net Income + Cost Savings: 7.6x (2)(3) • Each common share of Vista exchanged for 3.1161x shares of NBHC and $31
Slide 16: Creating a Premier Western Franchise
Creating a Premier Western Franchise Attractive Financial Impact • Enhances NBHC’s financial performance and growth profile • Expect strong EPS accretion of ~17%, 20%+ IRR, and earnback ~3 years • Leverages NBHC’s access to capital and expected to improve 2026 ROATCE 350bps+(1) • Significant revenue
Slide 17: Attractive Pro Forma Financial Impact
Attractive Pro Forma Financial Impact 17 ~53% 2026E Efficiency Ratio ~15.4% 2026E ROATCE ~1.3% 2026E ROAA Enhanced Pro Forma Profitability(1) Robust Capital at Closing 14.8% Total Capital Ratio 13.1% CET1 Ratio 9.4% TCE / TA ~3 years TBV Earnback 7.8% TBV Dilution ~17% 2026 EPS Accretion(1) (Fully P
Slide 18: Credit
Credit CORPORATION’
Slide 19: Uniquely Diversified $7.4 Billion Loan Portfolio
19 Uniquely Diversified $7.4 Billion Loan Portfolio 7% 4% 2% 2% 1%1% 4% 14% 1% 1% 13% 7% 5% 4% 3% 2% 2% 2% 2% 2% 2%1% 1% 1% 16% • Self-imposed concentration limits ensure a granular and diverse loan portfolio and protect against downside risk to any particular industry or real estate sector • Indivi
Slide 20: Granular Commercial Real Estate Portfolio
20 Granular Commercial Real Estate Portfolio Non-owner occupied CRE(1) Non-owner occupied CRE Portfolio Characteristics Hotel & Lodging 31% Multifamily 19% CML Const. 5% Retail 10% Warehouse & Ind. 10% All Other 8% CML A & D 2% Office 5% Nursing Home 3% 1-4 Family Const. 7% • Total non-owner-occupie
Slide 21: Strong Credit Quality History
21 Strong Credit Quality History YE22 YE23 YE24 YE25 Loan charge-offs 0.17% 0.34% 0.41% 0.32% 0.06% 0.03% 0.05% 0.02% 0.05% 0.05% 0.01% YE22 YE23 YE24 YE25 Non-performing loans Acquired non-performing loans OREO 0.36% 0.02% Non-performing Loans Non-performing Asset Composition Net Charge-Offs(1) Tot
Slide 22: Credit Loss Protection
22 Credit Loss Protection $87.4 Total Loan Loss Coverage Including Loan Marks 1.40%(1) ACL/Total Loans 1.18% Loan Marks/Total Loans 0.22%(1) $16.8 $104.2 All dollars in millions (1)Represents a non-GAAP financial measure. Calculated to include acquired loan marks of $16.8 divided by total loans of $
Slide 23: Balance Sheet
Balance Sheet CORPORATION’
Slide 24: Solid Loan Growth
24 Solid Loan Growth • Portfolio built on a relationship-banking strategy, with emphasis on depository and treasury management relationships • Self-imposed concentration limits; individual industry sectors are limited to no more than 15% of total loan commitments, with the majority being 10% or less
Slide 25: High Quality Liquidity Portfolio: $1.5 Billion
25 High Quality Liquidity Portfolio: $1.5 Billion 23.4% 6.7% 0.3% 69.6% Cash U.S. Treasury Other U.S. Agency Mortgage/Sponsored Debt • Liquidity portfolio duration of 2.9 years • Portfolio used exclusively as an on-balance sheet source of liquidity: • 55% unencumbered • 45% pledged directly to clien
Slide 26: Low Cost Transaction Deposits
26 Low Cost Transaction Deposits Granular Deposit Base ▪ No exposure to venture capital or crypto deposits ▪ Cost of average transaction deposits decreased 28 basis points to 1.79% during 2025 ▪ The mix of transaction deposits to total deposits was 86.1% Low Cost Deposits $5.9 $7.0 $7.3 $7.1 $0.8 $1
Slide 27: Relationship Focused Deposit Base: $8.3 Billion
27 Relationship Focused Deposit Base: $8.3 Billion • Approximately 76% FDIC insured • Granular deposit base: • Average deposit balance on full relationship basis just $59 thousand • Average deposit balance per account $30 thousand • Approximately $0.6 billion of deposits collateralized • No concentr
Slide 28: 2UniFi
+ National Bank Holdings CORPORATION’ 2UNIFI
Slide 29: 2UniFi
29 2UniFi An innovation platform that builds ‘capital’ and drives outcomes for SMBs. Financial Capital Social Capital Technical Capital Cultural Capital Operational Efficiency FDIC insured account, protected deposits, treasury management, recurring billing, invoicing Improved operating information,
Slide 30: Cambr
Cambr CORPORATION’
Slide 31: Cambr Overview
31 Cambr Overview About Cambr Strategic Rationale Relationship Schematic Diversifies NBH’s Deposit Franchise with Minimal Overhead Costs End User Bank of Record NBH Custodial Account Cambr Deposit $ $ $ Network Embedded Finance Program Data Deposit Flows Account Details & Instructions ▪ Funding Flex
Slide 32: Management Team
CORPORATION’ Management leam
Slide 33: Experienced Management Team
33 Experienced Management Team Tim Laney Chairman & CEO (44 years in banking) • Head of Business Services at Regions Financial, where he also led the transformation of wholesale lines of business • Senior management roles in small business, commercial banking, private banking, corporate marketing an
Slide 34: Management & Directors Beneficial Ownership
34 Management & Directors NBHC MANAGEMENT & DIRECTORS BENEFICIAL OWNERSHIP(1) PERCENT OF CLASS(2) G. Timothy Laney 509,107 1.33% Aldis Birkans 113,885 0.30% Nicole Van Denabeele 16,296 0.04% Richard U. Newfield, Jr. 192,179 0.50% Angela Petrucci 38,791 0.10% Dan Sznewajs 2,553 0.01% Ralph W. Clermon
Slide 35: Corporate Governance
CORPORATION’ Corporate Governance
Slide 36: Best Practices in Governance and Compensation
36 Best Practices in Governance and Compensation Corporate Governance ✓ Independent Lead Director with robust role and responsibilities ✓ Majority independent Board ✓ No short-selling, hedging, or pledging of NBHC shares (applies to all NBHC and NBH Bank insiders) ✓ Annual election of Board members
Slide 37: NBHC Board of Directors
37 NBHC Board of Directors Robust Independent Lead Director Responsibilities • Mr. Clermont presides at all Board meetings where the Chairman is not present and at all executive sessions of independent Directors • Acts as liaison between Chairman and independent Directors • Reviews and approves Boar
Slide 38: Board Represents a Diverse Range of Qualifications and Skills
38 NBHC Board Represents a Diverse Range of Qualifications and Skills Experience or Expertise Number of Directors CEO or President of Private or Public Company Gupta Laney McLaughlin Spring Zeile 5 Experienced leaders capable of overseeing execution and challenging management Other Public Board Expe
Slide 39: Board's Role in Oversight of Risk
39 Board’s Role in Oversight of Risk The Board is actively engaged in NBHC’s risk management Robust Risk Oversight at Board Level Risk Board Oversight Actions Cybersecurity Evolving nature and complexity of the threats from organized cybercriminals and hackers NBHC Audit and Risk Committee is respon
Slide 40: Executive Compensation Program
40 Executive Compensation Program Long-Term Incentive Award 42% Annual Cash Incentive Award 31% Base Salary 27% Components of Executive Compensation (2024) 2024 Compensation Breakdown Additional Compensation Features Component Metrics Base Salary (Cash) • Reviewed annually Annual Cash Incentive Awar
Slide 41: Doing Good at NBH
41 Doing Good at NBH Environmental ▪ Committed to using environmentally friendly office products and materials and optimizing our office and banking center space. ▪ Continued investment in our mobile and digital platforms, resulting in a reduction in paper and fuel emissions. ▪ Providing financing f
Slide 42: Appendix
+ National Bank Holdings CORPORATION’ Appendix
Slide 43: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures 43 (1) Represents acquisition-related expenses related to the Bank of Jackson Hole and Rock Canyon Bank acquisitions in 2022 and the pending Vista acquisition in 2025. (2) Represents non-recurring loss on security sales in 2024 and 2025. ($ in millions, except per
Slide 44: Reconciliation of Non-GAAP Measures (cont'd)
Reconciliation of Non-GAAP Measures (cont’d) 44 ($ in millions, except per share) (1) Represents a non-GAAP financial measure. YE22 adjusted for $15.1 million of acquisition-related expenses. YE24 adjusted for $6.6 million of non-recurring loss on security sales. YTD25 adjusted for $7.2 million of a
Slide 45: Reconciliation of Non-GAAP Measures (cont'd)
Reconciliation of Non-GAAP Measures (cont’d) 45 ($ in millions, except per share)
Slide 46: Reconciliation of Non-GAAP Measures (cont'd)
Reconciliation of Non-GAAP Measures (cont’d) 46 ($ in millions, except per share)
Slide 47: Thank you!
Thank you! CORPORATION’
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