National Bank Holdings Corporation · NYSE:NBHC
National Bank — Investor Presentation (November 2025)
48 slides from National Bank's investor presentation, Nov 3, 2025
Slide 1: Investor Presentation Q3 2025
Investor Presentation Q3 – 2025
Slide 2: Legal Disclaimers: Cautionary Note Regarding Forward-Looking Statements
Legal Disclaimers Cautionary Note Regarding Forward-Looking Statements This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 related to, among other things, our business plans; growth opportunities; expense control initiativ
Slide 3: About Non-GAAP Financial Measures
About Non-GAAP Financial Measures 3 Certain of the 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
Slide 4: Table of Contents
Table of Contents Financial Performance 08 Vista Acquisition 15 Credit 19 Balance Sheet 24 2UniFi 29 Cambr 31 Management Team 33 Corporate Governance 36 Appendix 43
Slide 5: Company Highlights and Attractive Markets
(1)As of September 30, 2025. Includes one banking center shared by NBH Bank and BOJH Trust. (2)Represents a non-GAAP financial measure. ROAA and ROAE totaled 1.43% and 10.25% respectively. See Appendix for a reconciliation of these measures. (3)Adjusted for acquisition-related expenses. See Appendix
Slide 6: Shareholder Returns
96.7% 122.6% (50%) 0% 50% 100% 150% 200% S&P600 Bank median NBHC $0.80 $0.87 $0.94 $1.04 $1.12 $0.89 2020 2021 2022 2023 2024 YTD25 6 Shareholder Returns Source: S&P Global Market Intelligence, FactSet Research Systems, Bloomberg; market data as of 9/30/2025 (1)Peer median of the following group of
Slide 7: Recent Recognitions
Recent Recognitions 2025 ahr 2024 Top TOP 30 IN NATIONAL SBA 7(a) Lender BANK RATING : b side BEST COMPANIES TO WO ee fl 2024 Bank & Thrift Sm-All Stars KKKK* HH National Bank Holdings Forbes AMERICA’S BEST BANKS ee 2025 PIPER| SANDLER
Slide 8: Financial Performance
National Bank Holdings Financial Performance
Slide 9: Q3 2025 Financial Highlights
Deposits Approximately 77% FDIC insured deposits Capital Ratios 14.69% Common Equity Tier 1 Ratio Q3 2025 Financial Highlights (1) Based on NBHC’s closing price on September 15, 2025. (2) Adjusted for acquisition-related expenses related to the pending acquisition of Vista. (3) Represents a non-GAAP
Slide 10: Profitable Steady Growth
10 Profitable Steady Growth $80.4 $88.6 $93.6 $28.3 $142.0 $118.8 $93.5 YE19 YE20 YE21 YE22 YE23 YE24 YTD25 Net Income Non-Adjusted Adjusted $123.9 $5.1 (1) $94.9 $1.4 (1) $2.55 $2.85 $3.01 $0.87 $3.72 $3.08 $2.43 YE19 YE20 YE21 YE22 YE23 YE24 YTD25 EPS (Fully Diluted) Non-Adjusted Adjusted $0.14 $3
Slide 11: Growth Trends
11 Growth Trends $5.9 $6.7 $7.2 $9.6 $9.9 $9.8 $10.2 YE19 YE20 YE21 YE22 YE23 YE24 YTD25 Total Assets $4.4 $4.2 $4.5 $7.2 $7.7 $7.8 $7.4 $0.2 YE19 YE20 YE21 YE22 YE23 YE24 YTD25 Total Loans Non-PPP Loans PPP Loans $651.4 $707.3 $728.8 $776.0 $860.3 $961.8 $1,037.9 YE19 YE20 YE21 YE22 YE23 YE24 YTD25
Slide 12: Trust and Wealth Partners
12 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 13: Prudent Stewards of Capital
13 Prudent Stewards of Capital TIER 1 LEVERAGE 11.49% COMMON EQUITY TIER 1 RISK-BASED 14.69% TIER 1 RISK-BASED 14.69% TOTAL RISK-BASED 16.63% TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS(1) 10.57% Capital Ratios – YTD25 (1)Represents a non-GAAP financial measure. See Appendix for a reconciliation of th
Slide 14: Net Interest Income, Margin and Cost of Funds Highlights
Highlights ▪ Net interest margin (FTE) widened 11 basis points to a strong 3.98% in 3Q25 over the same period prior year, driven by disciplined loan and deposit pricing. ▪ Cost of funds improved 26 basis points to 2.10% in 3Q25 over the same period prior year. ▪ Net interest income (FTE) grew to $90
Slide 15: Vista Acquisition
Ha National Bank Holdings Vista Acquisition
Slide 16: Pricing Structure, Leadership and Branding, Timing and Approvals
16 Pricing Structure Leadership and Branding Timing and Approvals • $365mm 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 to be exchanged for 3.1161x shares of NBHC and $31.62 of
Slide 17: Creating a Premier Western Franchise
17 Creating a Premier Western Franchise • 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+ • Significant revenue synergy opportunities (none
Slide 18: Attractive Pro Forma Financial Impact
18 Attractive Pro Forma Financial Impact ~53% 2026E Efficiency Ratio ~15.4% 2026E ROATCE ~1.3% 2026E ROAA Enhanced Pro Forma Profitability(1) Attractive Financial Impact Robust Capital at Closing 14.1% Total Capital Ratio 12.5% CET1 Ratio 9.4% TCE / TA ~3 years TBV Earnback 7.8% TBV Dilution ~17% 20
Slide 19: Credit
Credit
Slide 20: Uniquely Diversified $7.4 Billion Loan Portfolio
20 Uniquely Diversified $7.4 Billion Loan Portfolio Concentrations ▪ Self-imposed concentration limits ensure a granular and diverse loan portfolio and protect against downside risk to any particular industry or real estate sector ▪ Individual industry sectors are limited to no more than 15% of tota
Slide 21: Granular Commercial Real Estate Portfolio
21 Granular Commercial Real Estate Portfolio Hotel & Lodging 31% Multifamily 18% CML Const. 6% Retail 10% Warehouse & Ind. 10% All Other 9% CML A & D 2% Office 5% Nursing Home 3% 1-4 Family Const. 6% ▪ Total non-owner-occupied CRE to total risk-based capital ratio at a low 132% at Q325, reflecting a
Slide 22: Strong Credit Quality History
22 Strong Credit Quality History YE22 YE23 YE24 3Q25 Loan charge-offs 0.17% 0.34% 0.41% 0.28% 0.06% 0.03% 0.05% 0.08% 0.05% 0.05% 0.01% YE22 YE23 YE24 3Q25 Non-performing loans Acquired non-performing loans OREO 0.37% 0.01% Non-performing Loans Non-performing Asset Composition Net Charge-Offs(1) Tot
Slide 23: Credit Loss Protection
23 Credit Loss Protection $88.3 Total Loan Loss Coverage Including Loan Marks 1.43%(1) ACL/Total Loans 1.19% Loan Marks/Total Loans 0.24%(1) $18.1 $106.4 All dollars in millions (1)Represents a non-GAAP financial measure. Calculated to include loan marks of $18.1 divided by total loans of $7,429. AC
Slide 24: Balance Sheet
Ha National Bank Holdings Balance Sheet
Slide 25: Loan Portfolio and Composition
▪ 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 ▪ Industries requiri
Slide 26: High Quality Liquidity Portfolio: $1.7 Billion
27.8% 5.8% 0.2% 66.2% Cash U.S. Treasury Other U.S. Agency Mortgage/Sponsored Debt 26 High Quality Liquidity Portfolio: $1.7 Billion ▪ Liquidity portfolio duration of 2.9 years ▪ Portfolio used exclusively as an on-balance sheet source of liquidity: ▪ 64% unencumbered ▪ 36% pledged directly to clien
Slide 27: Granular Deposit Base
Granular Deposit Base ▪ No exposure to venture capital or crypto deposits ▪ Total deposits increased to $8.5 billion during 2025 ▪ Cost of average transaction deposits decreased 23 basis points to 1.84% during 2025 ▪ The mix of transaction deposits to total deposits was 86.3% Low Cost Deposits $5.9
Slide 28: Relationship Focused Deposit Base: $8.5 Billion
28 Relationship Focused Deposit Base: $8.5 Billion ▪ Approximately 77% FDIC insured ▪ Granular deposit base: - Average deposit balance on full relationship basis just $58 thousand - Average deposit balance per account $30 thousand ▪ Approximately $0.5 billion of deposits collateralized ▪ No concentr
Slide 29: UniFi
Ha National Bank Holdings CORPORATION"
Slide 30: UniFi Capital Framework
Financial Capital Social Capital Technical Capital Cultural Capital Operational Efficiency FDIC insured account., protected deposits, treasury management, recurring billing, invoicing Improved operating information, financial statement preparation, marketplace opportunities Cash Flow Analysis, predi
Slide 31: Cambr
Ha National Bank Holdings Cambr
Slide 32: Strategic Rationale
Strategic Rationale ▪ Cambr offers the use of a deposit administration platform (the Cambr platform) to various depository institutions, each known as a Bank of Record, that hold the deposits of individual clients. Cambr utilizes the Cambr platform to facilitate the placement of the Bank of Record d
Slide 33: Management Team
National Bank Holdings Management Team
Slide 34: Experienced Management Team
34 Experienced Management Team Nicole Van Denabeele Chief Financial Officer (22 years in financial industry) • Previously EVP, Chief Accounting Officer at NBHC, and President of Bank Midwest • Controller at Polsinelli, PC • Senior Vice President, Assistant Controller at UMB Financial Corporation • A
Slide 35: Management & Directors Beneficial Ownership
35 Management & Directors NBHC MANAGEMENT & DIRECTORS BENEFICIAL OWNERSHIP(1) PERCENT OF CLASS(2) G. Timothy Laney 509,106 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 36: Corporate Governance
National Bank Holdings Corporate Governance
Slide 37: Best Practices in Governance and Compensation
37 Best Practices In Governance and Compensation Corporate Governance ✓ Lead Independent 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 38: Board Members and Lead Director Responsibilities
Fred J. Joseph ▪ Financial services regulator for 30 years as the Banking and Securities Commissioner for the State of Colorado ▪ Member of the Investor Issues Committee for FINRA A N I Compensation Independent Governance & Nominating Committee Chair Audit & Risk Appointed within the last five years
Slide 39: NBHC Board Qualifications and Skills
39 NBHC Board Represents a Diverse Range of Qualifications and Skills 4 4 9 8 5 8 4 3 Gupta Joseph Spring Zeile Clermont Zeile Sobers Laney Sobers Spring Zeile Experience or Expertise Number of Directors Experienced leaders capable of overseeing execution and challenging management Critical industry
Slide 40: Board's Role in Oversight of Risk
40 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 respo
Slide 41: Executive Compensation Program
Long-Term Incentive Award 42% Annual Cash Incentive Award 31% Base Salary 27% 41 Executive Compensation Program NBH’s executive compensation practices align management incentives with long-term shareholder interests Components of Executive Compensation (2024) 2024 Compensation Breakdown Additional C
Slide 42: Doing Good At NBH
42 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 43: Appendix
Ha National Bank Holdings Appendix
Slide 44: Reconciliation of Non-GAAP Measures
44 Reconciliation of Non ($ in millions, except per share) -GAAP Measures (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.
Slide 45: Reconciliation of Non-GAAP Measures (cont'd)
45 Reconciliation of Non-GAAP Measures (cont’d) ($ in millions, except per share) (1) Represents a non-GAAP financial measure. YE22 adjusted for $8.0 million and $15.1 million of acquisition-related expenses, respectively. YE24 adjusted for $6.6 million of non-recurring loss on security sales. YTD25
Slide 46: Reconciliation of Non-GAAP Measures (cont'd)
46 Reconciliation of Non-GAAP Measures (cont’d) ($ in millions, except per share)
Slide 47: Reconciliation of Non-GAAP Measures (cont'd)
47 Reconciliation of Non-GAAP Measures (cont’d) ($ in millions, except per share)
Slide 48: Thank you.
Thank you.
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