National Bank Holdings Corp NBHC
NBHC is a bank holding company that has elected financial holding company status and was incorporated in the State of Delaware in 2009. The Company is headquartered in Greenwood Village, Colorado, and its primary operations are conducted through its wholly owned subsidiaries, NBH Bank, BOJHT and 2UniFi, LLC. The Company provides a variety of banking
products and services to both commercial and consumer clients through a network of over 90 banking centers, as of December 31, 2025, located primarily in Colorado, the greater Kansas City region, Texas, Utah, Wyoming, New Mexico and Idaho, as well as through online and mobile banking products and services. As of December 31, 2025, we had $9.9 billion in assets, $7.4 billion in loans, $8.3 billion in deposits, $1.4 billion in shareholders' equity and $1.3 billion in assets under management in our trust and wealth management business.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $47.1M | $46.2M | $46.9M | $37.7M | $35.8M | $32.4M | $242.6M | $221.4M | $164.4M | $160.4M |
| Interest expense | $348.5M | $345.4M | $362.0M | $266.8M | $13.8M | $25.1M | $36.8M | $24.0M | $18.1M | $14.8M |
| Pre-tax income | $133.6M | $145.2M | $175.6M | $86.2M | $115.0M | $109.4M | $96.2M | $73.7M | $35.9M | $26.0M |
| Income tax | $24.1M | $26.4M | $33.6M | $14.9M | $21.4M | $20.8M | $15.8M | $12.2M | $21.3M | $2.9M |
| Net income | $109.6M | $118.8M | $142.0M | $71.3M | $93.6M | $88.6M | $80.4M | $61.5M | $14.6M | $23.1M |
| EPS, basic | 2.86 | 3.10 | 3.74 | 2.20 | 3.04 | 2.87 | 2.57 | 2.00 | 0.54 | 0.81 |
| EPS, diluted | 2.85 | 3.08 | 3.72 | 2.18 | 3.01 | 2.85 | 2.55 | 1.95 | 0.53 | 0.79 |
| Shares, diluted (wtd. avg.) | $38.1M | $38.4M | $38.1M | $32.7M | $31.1M | $31.1M | $31.5M | $31.4M | $27.7M | $29.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $417.1M | $127.8M | $192.3M | $198.5M | $850.2M | $615.6M | $120.2M | $119.6M | $257.4M | $152.7M |
| Property, plant and equipment | $214.6M | $196.8M | $162.7M | $136.1M | $96.7M | $107.0M | $112.2M | $110.0M | $93.7M | $95.7M |
| Goodwill | $306.0M | $306.0M | $306.0M | $279.1M | $115.0M | $115.0M | $115.0M | $115.0M | $59.6M | $59.6M |
| Other intangibles | $48.3M | $58.4M | $66.0M | $59.9M | $12.3M | $17.9M | $11.4M | $13.5M | $1.6M | $6.9M |
| Total assets | $9.88B | $9.81B | $9.95B | $9.57B | $7.21B | $6.66B | $5.90B | $5.68B | $4.84B | $4.57B |
| Long-term debt | $54.5M | $54.5M | $54.2M | $53.9M | $39.5M | — | — | — | — | — |
| Total liabilities | $8.50B | $8.50B | $8.74B | $8.48B | $6.37B | $5.84B | $5.13B | $4.98B | $4.31B | $4.04B |
| Retained earnings | $572.5M | $508.9M | $433.1M | $330.7M | $289.9M | $223.2M | $164.1M | $107.0M | $60.8M | $55.5M |
| Total equity | $1.39B | $1.31B | $1.21B | $1.09B | $840.1M | $820.7M | $766.9M | $695.0M | $532.4M | $536.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $162.4M | $155.3M | $166.9M | $214.6M | $179.5M | -$6.2M | $44.2M | $73.6M | $58.1M | -$3.9M |
| Depreciation and amortisation | $28.1M | $24.2M | $23.9M | $16.4M | $13.6M | $14.4M | $15.0M | $11.5M | $12.9M | $14.2M |
| Stock-based compensation | $7.3M | $8.0M | $7.2M | $6.1M | $5.5M | $5.3M | $4.9M | $4.4M | $3.6M | $3.5M |
| Investing cash flow | $186.5M | $64.7M | -$404.0M | -$752.1M | -$473.8M | -$152.6M | -$115.1M | -$102.0M | -$178.5M | $114.6M |
| Financing cash flow | -$59.7M | -$284.4M | $230.9M | -$114.2M | $529.0M | $654.2M | $71.4M | -$109.4M | $225.0M | -$124.0M |
| Dividends paid | $46.1M | $42.9M | $39.6M | $30.4M | $26.9M | $24.8M | $23.5M | $16.6M | $9.4M | $6.4M |
| Buybacks | $15.2M | — | — | — | $36.4M | $19.5M | — | — | — | $93.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-019119.
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