National Bank Holdings Corporation · NYSE:NBHC
National Bank — Q1 2026 Earnings Presentation
47 slides from National Bank's earnings presentation, Apr 22, 2026
Slide 1: Investor Presentation Q4 2025
Investor Presentation Q4 – 2025
Slide 2: Legal Disclaimers
Legal Disclaimers Cautionary Note Regarding Forward-Looking Statements 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 This communication
Slide 3: Table of Contents
Table of Contents Financial Performance 07 Vista Acquisition 14 Credit 18 Balance Sheet 23 2UniFi 28 Cambr 30 Management Team 32 Corporate Governance 35 Appendix 42
Slide 4: Attractive Markets
Attractive Markets Company Highlights Headquarters Denver, CO Banking Centers(1) 91 8 banking centers(2) Listing NYSE: NBHC ‒Wyoming: #1 in State Tax Competitiveness Index (Tax Balance Sheet 2025 Foundation 2025) ‒Wyoming: #2 Tax Friendly Total Assets $9.9 billion state for middle income Total Loans
Slide 5: Shareholder Returns
Shareholder Returns 10-year Performance of NBH Shareholder Returns vs. S&P 600 Regional Banks(1) Net Income $142.0 ($ in millions) $123.9 200% S&P600 Bank median Non-Adjusted Adjusted $5.1 $117.6 $99.6 $8.0 NBHC $93.6 $88.6 $28.3 $118.8 $109.6 150% $71.3 120.8% YE20 YE21 YE22 (2) YE23 YE24 (2) YE25
Slide 6: Recent Recognitions
Recent Recognitions BEST _ Forbes _ COMPANIES AMERICA'S TO WORK FOR BEST BANKS ee [2024 Bank & Thrift Sm-All Stars KKKKK Bm National Bank Holdings PIPER | SANDLER BE National Bank Holdings a 2025 TOP 30 IN NATIONAL BANK RATING ly Ranked #29 2024 Top SBA 7(a) Lender b side capital KBW Bank Honor Roll
Slide 7: Financial Performance
Financial Performance CORPORATION
Slide 8: Financial Highlights
Financial Highlights Net Income 4Q25 • Announced, obtained regulatory approval, and closed the acquisition of Vista Bancshares, Inc. (“Vista”) in under four months $16.0 million / $22.7 million adjusted (1)(2) 3.89% Net interest margin FTE • Launched the initial phase of 2UniFi, an innovative financ
Slide 9: Profitable Steady Growth
Profitable Steady Growth Net Income Pre-Provision Net Revenue FTE(2) EPS (Fully Diluted) $3.72 $142.0 $190.0 Non-Adjusted $3.22 $123.9 Non-Adjusted $165.7 $169.8 $3.05 Non-Adjusted $117.6 $10.5 Adjusted $3.01 $0.14 $3.06 $5.1 $6.6 $2.85 Adjusted $8.0 Adjusted $0.21 $99.6 $143.5 $132.1 $2.55 $93.6 $1
Slide 10: Growth Trends
Growth Trends Total Assets Total Loans Tangible Common Equity(3) ($ in billions) ($ in billions) ($ in millions) $1,050.1 $9.9 $9.8 $9.9 Non-PPP Loans $9.6 $961.8 PPP Loans $7.8 $860.3 $7.7 $7.4 $7.2 $776.0 $7.2 $728.8 $707.3 $6.7 $651.4 $5.9 $4.4 $4.4 $4.5 $0.2 $4.2 YE19 YE20 YE21 YE22(1) YE23 YE24
Slide 11: Trust and Wealth Partners
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 ▪ Est
Slide 12: Prudent Stewards of Capital
Prudent Stewards of Capital ▪ $584 million in excess capital over 7.0% ROATCE (1)(2) – 3Q25 common equity tier 1 risk-based NBHC 14.21% regulatory requirement PEER MEDIAN(3) 13.74% ▪ Double-leverage ratio of 91.0% ▪ Executed $15.2 million of share buybacks Capital Ratios – YTD25 in 2025 TIER 1 LEVER
Slide 13: Net Interest Income
Net Interest Income Net Interest Income FTE Net Interest Margin FTE ($ in millions) $368.1 $356.4 $352.5 4.08% 3.85% 3.94% 3.73% $272.3 $192.3 2.95% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Cost of Funds Highlights ▪ Net interest income (FTE) grew $3.9 million to $356.4 million in FY25, 2.2
Slide 14: Vista Acquisition
Vista Acquisition CORPORATION
Slide 15: Well Structured Transaction with Significant Strategic Value
Well Structured Transaction with Significant Strategic Value • $377mm Deal Value (1) • Price / TBVPS: 1.52x Pricing • 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 $31.62 of cas
Slide 16: Creating a Premier Western Franchise
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 Pro Forma Banking Center Footprint (4) Attractive • Leverages NBHC’s access to capital and expected to improve 2026 ROATCE 350bps+(1)
Slide 17: Attractive Pro Forma Financial Impact
Attractive Pro Forma Financial Impact Attractive Financial ~17% 7.8% ~3 years Impact 2026 EPS Accretion(1) TBV Dilution TBV Earnback (Fully Phased-in) Enhanced Pro Forma ~1.3% ~15.4% ~53% Profitability(1) 2026E ROAA 2026E ROATCE 2026E Efficiency Ratio Robust Capital at 9.4% 13.1% 14.8% Closing TCE /
Slide 18: Credit
Credit CORPORATION
Slide 19: Uniquely Diversified $7.4 Billion Loan Portfolio
Uniquely Diversified $7.4 Billion Loan Portfolio 16% 7% 4% Granular and Well-Diversified Loan Portfolio 2% 1% 2% 1%1% • Self-imposed concentration limits ensure a granular and diverse loan portfolio and 1% protect against downside risk to any particular industry or real estate sector 2%1% 4% 2% 2% 2
Slide 20: Granular Commercial Real Estate Portfolio
Granular Commercial Real Estate Portfolio Non-owner occupied CRE(1) Non-owner occupied CRE Portfolio Characteristics • Total non-owner-occupied CRE to total risk-based capital ratio at a low 127% at December 31, 2025, reflecting a well-balanced risk profile 1-4 Family Nursing Const. Home 7% • Office
Slide 21: Strong Credit Quality History
Strong Credit Quality History Non-performing Loans Non-performing Asset Composition ($ in millions) 0.46% 0.47% 0.37% 0.34% 0.42% 0.01% 0.23% 0.36% 0.05% 0.28% 0.05% 0.03% 0.02% 0.02% 0.05% 0.06% 0.41% $36 0.34% 0.32% $28 $25 $17 0.17% YE22 YE23 YE24 YE25 YE22 YE23 YE24 YE25 Non-performing loans Acq
Slide 22: Credit Loss Protection
Credit Loss Protection Total Loan Loss Coverage ACL/Total Loans Loan Marks/Total Loans Including Loan Marks 1.18% 0.22%(1) 1.40%(1) $16.8 $104.2 $87.4 ACL Loan Marks TOTAL 12/31/2025 12/31/2025 12/31/2025 All dollars in millions (1)Represents a non-GAAP financial measure. Calculated to include acqui
Slide 23: Balance Sheet
Balance Sheet CORPORATION
Slide 24: Solid Loan Growth
Solid Loan Growth Total Loan Fundings(1) Quarterly Loan Fundings Loan Composition ($ in billions) ($ in millions) ($7.4 Billion) $591.0 $2.0 Owner- Occupied $480.0 $1.6 CRE $1.5 $1.5 $1.5 $421.2 15% $1.2 $1.2 $322.7 Non-Owner $255.7 Occupied C&I 48% CRE 21% Resi Mortgage & Consumer FY19 FY20 FY21 FY
Slide 25: High Quality Liquidity Portfolio: $1.5 Billion
High Quality Liquidity Portfolio: $1.5 Billion $1.5 Billion Liquidity Portfolio(1) • Liquidity portfolio duration of 2.9 years Cash • Portfolio used exclusively as an on-balance sheet source of liquidity: 23.4% U.S. Treasury • 55% unencumbered • 45% pledged directly to client deposits or repo 6.7% O
Slide 26: Low Cost Transaction Deposits
Low Cost Transaction Deposits Low Cost Transaction Accounts Deposit Composition ($ in billions) Average Transaction Deposits Average Time Deposits Demand & NOW Savings & MM CDs < $250k CDs >= $250k Total $7.3 $7.0 $7.1 $7.9 $8.2 $8.2 $8.3 100% 3% 4% 3% 4% $5.9 9% 8% 9% 10% 37% 41% 44% 45% 87% 88% 88
Slide 27: Relationship Focused Deposit Base: $8.3 Billion
Relationship Focused Deposit Base: $8.3 Billion Deposit Deposit Composition Composition 4% 4% 3% 3% • Approximately 76% FDIC insured • Granular deposit base: Time Deposits 14% • Average deposit balance on full relationship basis Interest bearing just $59 thousand DDA 15% • Average deposit balance pe
Slide 28: 2UniFi
ga National Bank Holdings 2UNIF |
Slide 29: 2UniFi
2UniFi An innovation platform that builds ‘capital’ and drives outcomes for SMBs. Financial Capital Social Capital Technical Capital Cultural Capital Financial Management Mentorship & Guidance Operational Efficiency Fair Access FDIC insured account, protected Dedicated mentors, situational Improved
Slide 30: Cambr
Cambr CORPORATION
Slide 31: Cambr Overview
Cambr Overview Diversifies NBH’s Deposit Franchise with Minimal Overhead Costs Relationship Schematic NBH Deposit Flows Account Details & Instructions Data Embedded Cambr Finance Program End User Bank of Custodial Deposit $ Record $ Account $ Network About Cambr Strategic Rationale ▪ Cambr offers th
Slide 32: Management Team
CORPORATION Management leam
Slide 33: Experienced Management Team
Experienced Management Team Tim Laney Aldis Birkans Chairman & CEO President (44 years in banking) (27 years in financial industry) • Head of Business Services at Regions Financial, where he also led the transformation of • Previously Chief Financial Officer at NBHC wholesale lines of business • Pre
Slide 34: Management & Directors
Management & Directors Beneficial Ownership (as of 12/31/25) 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 Sz
Slide 35: Corporate Governance
CORPORATION Corporate Governance
Slide 36: Best Practices in Governance and Compensation
Best Practices in Governance and Compensation NBHC’s corporate governance policies and executive compensation practices support our business and align with best practices Corporate Governance Executive Compensation ✓ Independent Lead Director with robust role and responsibilities ✓ Provide the major
Slide 37: NBHC Board of Directors
NBHC Board of Directors G. Timothy Laney Ralph W. Clermont A* C N I • CEO and Chairman • Former Sr Executive VP & Head of Business Services at • Independent Lead Director • Former Managing Partner of KPMG, St. Louis office Robust Independent Lead Director Regions Financial • 24-year tenure at Bank o
Slide 38: NBHC Board Represents a Diverse Range of Qualifications and Skills
NBHC Board Represents a Diverse Range of Qualifications and Skills Experience or Number of Directors Expertise CEO or President of Gupta Laney McLaughlin Spring Zeile 5 Private or Public Company Experienced leaders capable of Other Public Board overseeing Clermont Dean Gupta Zeile 4 Experience execu
Slide 39: Board's Role in Oversight of Risk
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 NBHC Audit and Risk Committee is responsible for Employs detection and response mechanisms Evolving nature and complexity of the t
Slide 40: Executive Compensation Program
Executive Compensation Program NBH’s executive compensation practices align management incentives with long-term shareholder interests Components of Executive Compensation (2024) Compensation Metrics Tied to Long-Term Strategy Component Metrics Link to Strategy Base Salary • Among other things, attr
Slide 41: Doing Good at NBH
Doing Good at NBH NBH’s long-standing commitment to “Doing Good” in all of its business activities ▪ Committed to using environmentally friendly office products and materials and optimizing our office and banking center space. Environmental ▪ Continued investment in our mobile and digital platforms,
Slide 42: Appendix
HH National Bank Holdings . —e | |e
Slide 43: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures ($ in millions, except per share) (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 2
Slide 44: Reconciliation of Non-GAAP Measures (cont'd)
Reconciliation of Non-GAAP Measures (cont’d) ($ 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 $7.2 million of acqu
Slide 45: Reconciliation of Non-GAAP Measures (cont'd)
Reconciliation of Non-GAAP Measures (cont’d) ($ in millions, except per share) 45
Slide 46: Reconciliation of Non-GAAP Measures (cont'd)
Reconciliation of Non-GAAP Measures (cont’d) ($ in millions, except per share) 46
Slide 47: Thank you!
Thank you! CORPORATION
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