National Bank Holdings Corporation · NYSE:NBHC
National Bank — Debt Investor Presentation (February 2026)
35 slides from National Bank's debt investor presentation, February 2026
Slide 1: National Bank Holdings Corporation Fixed Income Investor Presentation
National Bank Holdings Corporation Fixed Income Investor Presentation
Slide 2: Legal Disclaimers
Legal Disclaimers Confidentiality 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
Slide 3: Overview of National Bank Holdings Corporation
Overview of National Bank Holdings Corporation NBHC Standalone Corporate Summary as of February 2026 Positioned in Attractive Markets Q3’25 Performance Ticker NBHC (NYSE) 1.60% Headquarters Denver, Colorado Adj. ROATA(2,3) Year Founded 2009 Banking Centers(1) 103 14.2% ROATCE(3) Colorado, Texas, Gre
Slide 4: A Long History of Disciplined Growth
A Long History of Disciplined Growth Six bank M&A transactions since 2015 with a 10.8% CAGR over 10 years 2025 One non-bank M&A transaction in 2023 2023 NBHC announces 2022 NBHC acquires the acquisition of NBHC acquires 2009 Formation of NBH Bank 2019 (Total assets ~$2.5Bn) 2010 2011 Closed 1/7/2026
Slide 5: Key Company Brands and Go-to-Market Strategy
Key Company Brands and Go-to-Market Strategy Diversified financial holding company with comprehensive and innovative solutions for individuals and businesses Commercial and Community Banking Platform Trust & Wealth Management Embedded Finance Operated efficiently with one core system, under a single
Slide 6: Experienced Management Team
Experienced Management Team Tim Laney Chairman & Chief Executive Officer 44 years in banking Aldis Birkans John Steinmetz President EVP & Managing Director of 27 years in financial industry Strategic Initiatives at NBH Bank 23 years in banking Richard Newfield Angela Petrucci Chief Risk Management O
Slide 7: Key Investor Highlights
Key Investor Highlights Recent Recognitions Disciplined credit culture and a conservative approach to underwriting drive strong historical credit performance Thoughtful approach to capital management maintains a strong balance sheet with flexibility to be opportunistic in M&A Attractive low-cost dep
Slide 8: Vista Adds to Track Record of Thoughtful and Accretive M&A
Vista Adds to Track Record of Thoughtful and Accretive M&A Pro Forma Financial Highlights(2) Closing January 7, 2026 Date Robust Pro Forma(2) $12.6Bn $9.3Bn $10.7Bn Assets Loans Deposits Capital Ratios Transaction $377.4mm Deal Value (1) Pricing Price / TBVPS: 1.52x Pro Forma Banking Center Footprin
Slide 9: A Top Quartile Performer
A Top Quartile Performer Financial data as of September 30, 2025 Indicates Peer Top Quartile Above Peer Median KRX Constituents Bottom Top Q3 Quartile Median Quartile Actual ROAA 1.2% 1.3% 1.4% 1.4% Top Quartile ROATCE(1) 12.4% 14.0% 16.0% 14.2% & Diversifed Profitability Net Interest Margin FTE 3.3
Slide 10: Financial Performance
Financial Performance All financial metrics reflect NBHC on a standalone basis, unless otherwise noted
Slide 11: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights ▪ Announced the definitive agreement and plan of merger with Vista Bancshares, Inc. (“Vista”) Net Income with an approximate aggregate transaction value of $377.4 million(1). Vista operates in Dallas- $35.3 million / $36.6 million adjusted (3)(4) Ft. Worth, Austin, and L
Slide 12: Consistent Profitability and Steady Growth
Consistent Profitability and Steady Growth Year-to-date financial data through September 30, 2025 Net Income Pre-Provision Net Revenue FTE(1) EPS (Fully Diluted) ($ in millions) $142.0 ($ in millions) ($ in per share) $190.0 $3.72 Non-Adjusted Non-Adjusted Non-Adjusted $123.9 Adjusted Adjusted $165.
Slide 13: Diversified Sources of Fee Income and Disciplined Expense Management
Diversified Sources of Fee Income and Disciplined Expense Management Fee Income Contribution (YTD 3Q’25) Non-Interest Expense ($ in millions) Salaries and benefits esidential Occupancy & Equipment Banking Income Data Processing Professional fees Bank Card Bank wned ife FDIC deposit insurance ees Ins
Slide 14: Consistent Net Interest Margin Through Rate Cycles
Consistent Net Interest Margin Through Rate Cycles Net Interest Income FTE ($ in millions) . . . . 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. et Interest Income et I
Slide 15: Historical Balance Sheet Growth
Historical Balance Sheet Growth Total Assets Total Loans . Tangible Common Equity(4) ($ in billions) ($ in billions) ($ in millions) . , , . . (3) . . . (1) . . . Vista Vista Vista Pro orma Pro orma Pro orma (1) Includes $2.3 billion of total assets added through the Rock Canyon Bank and Bank of Jac
Slide 16: Prudent Stewards of Capital
Prudent Stewards of Capital Tangible Common Equity / Tangible Assets(1) Leverage Ratio ▪ Over $600 million of excess Well-Capitalized Regulatory Threshold capital above 6.5% common . . . . . . . equity tier 1 risk-based regulatory . . . requirement at 3Q25 5.0% ▪ Executed $8.8 million of share repur
Slide 17: Credit
Credit
Slide 18: Uniquely Diversified $7.4 Billion Loan Portfolio
Uniquely Diversified $7.4 Billion Loan Portfolio Concentrations 7% Granular and Well-Diversified Loan Portfolio C&I 45% Non-owner 15% 4% occupied and Owner- 2% CRE ▪ Self-imposed concentration limits ensure a granular and diverse loan portfolio occupied 1% 2%2% 22% CRE 1% 1% and protect against down
Slide 19: Granular Commercial Real Estate Portfolio
Granular Commercial Real Estate Portfolio Financial data as of September 30, 2025 Non-owner occupied CRE(1) Non-owner occupied CRE Portfolio Characteristics $1.6Bn as of September 30, 2025 ▪ Total non-owner-occupied CRE to total risk-based capital ratio at a low 132% at Q325, reflecting a well-balan
Slide 20: Strong Credit Quality History
Strong Credit Quality History Non-performing Loans Non-performing Asset Composition ($ in millions) 0.47% 0.42% 0.01% 0.37% 0.46% 0.36% 0.23% 0.05% 0.05% 0.37% 0.01% 0.28% 0.03% 0.08% 0.05% 0.41% 0.06% 0.34% $36 0.28% $28 $27 0.17% $17 YE 2022 YE 2023 YE 2024 Q3 2025 YE 2022 YE 2023 YE 2024 Q3 2025
Slide 21: Credit Loss Protection
Credit Loss Protection Total Loan Loss Coverage ACL/Total Loans Loan Marks/Total Loans Including Loan Marks 1.19% 0.24%(1) 1.43%(1) $18.1 $106.4 $88.3 ACL Loan Marks TOTAL 9/30/2025 9/30/2025 9/30/2025 All dollars in millions (1) Represents a non-GAAP financial measure. Calculated to include loan ma
Slide 22: Balance Sheet
Bm National Bank Holdings Balance Sheet
Slide 23: Solid Loan Growth
Solid Loan Growth Total Loan Fundings(1) Quarterly Loan Fundings Loan Composition as of 9/30/2025 ($ in billions) ($ in millions) ($7.4 Billion) $2.0 $480.0 Owner- Occupied $421.2 CRE $1.5 $1.5 $1.5 $1.5 $359.3 16% $322.7 $1.2 $1.2 $255.7 C&I Non-Owner 45% Occupied CRE 22% Resi Mortgage & Consumer F
Slide 24: Low Cost Transaction Deposits
Low Cost Transaction Deposits Low Cost Transaction Accounts Deposit Composition Average Transaction Deposits Average Time Deposits Demand & NOW Savings & MM CDs < $250k CDs >= $250k Total ($ in billions) $7.3 $7.9 $8.2 $8.2 $8.5 $7.0 $7.1 100% 3% 4% 3% 4% 9% 8% 9% 10% $5.9 37% 41% 44% 45% 50% 87% 88
Slide 25: Relationship-Focused Deposit Base: $8.5 Billion
Relationship-Focused Deposit Base: $8.5 Billion $8.5 Billion Deposit Portfolio Composition ▪ Approximately 77% FDIC insured ▪ Granular deposit base: Time Deposits - Average deposit balance on full relationship basis Interest bearing DDA 14% just $58 thousand 14% - Average deposit balance per account
Slide 26: Disciplined Capital Return Framework
Disciplined Capital Return Framework CET1 Capital Ratio Trends Total Capital Returned to Stockholders 29% ($ in millions) $60.3 21% 14.7% 16% $42.9 . 29% $39.6 13.2% 13.1% $27.6 11.9% . . . . . 10.5% ividends Buyback iv. Payout atio Tangible Book Value Per Share (1) 6.5% - Well-Capitalized Regulator
Slide 27: Robust Liquidity Profile
Robust Liquidity Profile Highly Liquid Securities Portfolio Key Highlights $1.7 Billion(1) ▪ 77% of client deposits are protected with 65% insured Cash 27.8% U.S. Agency ▪ No Fed Funds or FHLB borrowings Mortgage/ Sponsored ▪ Investment portfolio Debt ▪ Readily available/secured wholesale capacity ~
Slide 28: Appendix
Bm National Bank Holdings Appendix
Slide 29: Consolidated Pro Forma Condensed Balance Sheet Reconciliation of Non-GAAP Measures
Consolidated Pro Forma Condensed Balance Sheet Reconciliation of Non-GAAP Measures September 30, 2025 September 30, 2025 Dollars in Millions ($M) Dollars in Millions ($M) National Bank Vista Pro Forma (1) National Bank Vista Pro Forma (1) Holdings Corporation Bancshares Inc. Combined Holdings Corpor
Slide 30: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures ($ in millions, except per share) As of and for the three months As of and for the nine months ended ended As of and for the years ended Return on Average Tangible Assets and Return on Average Tangible Equity 30-Sep-25 30-Sep-25 31-Dec-24 31-Dec-23 31-Dec-22 Net i
Slide 31: Reconciliation of Non-GAAP Measures (Continued)
Reconciliation of Non-GAAP Measures (Continued) ($ in millions, except per share) As of and for the three As of and for the nine months ended months ended As of and for the years ended Efficiency Ratio and Pre-Provision Net Revenue 30-Sep-25 30-Sep-25 31-Dec-24 31-Dec-23 31-Dec-22 Net interest incom
Slide 32: Reconciliation of Non-GAAP Measures (Continued)
Reconciliation of Non-GAAP Measures (Continued) ($ in millions, except per share) As of and for the nine months ended As of and for the years ended Tangible Common Book Value Ratios 30-Sep-25 31-Dec-24 31-Dec-23 31-Dec-22 Total shareholders' equity $ 1,374.9 $ 1,305.1 $ 1,212.8 $ 1,092.2 Less: goodw
Slide 33: Reconciliation of Non-GAAP Measures (Continued)
Reconciliation of Non-GAAP Measures (Continued) ($ in millions, except per share) As of and for the As of and for the As of and for the As of and for the As of and for the As of and for the three months ended nine months ended three months ended three months ended three months ended three months end
Slide 34: NBHC Board of Directors
NBHC Board of Directors Independent Board Members (9) Non-independent Board Members (1) G. Timothy Laney Ralph W. Clermont Robert E. Dean Alka Gupta CEO & Chairman Lead Independent Former Senior Co-Founder and Director Since 2010 Director; Former Managing Director of former President at Managing Par
Slide 35: Thank you.
BE National Bank Holdings CORPORATION” Thank you.
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