On this page of StockholderLetter.com we present the latest annual shareholder letter from National Bank Holdings Corp — ticker symbol NBHC. Reading current and past NBHC letters to shareholders can bring important insights into the investment thesis.
A STRONG FUTURE FOR GROWTH 2025 ANNUAL REPORT AND FORM 10-K
A LETTER FROM OUR CHAIRMAN AND CEO TIM LANEY FELLOW SHAREHOLDERS, We also continue to build and manage our loan portfolio with self-imposed concentration limits, underwriting standards and policies proven through multiple economic cycles, with an unyielding focus on strong credit quality and relationship banking. NBHC Total Shareholder Returns 2,3 December 31, 2015 through December 31, 2025 2025 At a Glance KRX index 120.8% 101.9% 100% 50% 0% Shareholder value: Returned $1.20 per share in dividends and executed on $15.2 million of share buybacks in 2025. 25 20 1/ 20 24 /3 12 23 20 1/ /3 12 22 20 1/ /3 12 21 20 1/ /3 12 1/ /3 20 20 12 1/ /3 20 19 12 1/ /3 20 18 12 20 1/ /3 12 20 1/ /3 12 /3 1/ 20 Innovation delivered: Launched the initial phase of 2UniFi, featuring treasury management and deposit capabilities and a streamlined SBA loan offering for small- and medium-sized businesses. 17 (50%) 12 Core banking momentum: Originated $1.6 billion of new loans, including $591.0 million in the fourth quarter. NBHC 150% 15 Capital and book value: Increased tangible common book value per share by 10% and the Common Equity Tier 1 Ratio to 14.89%. 200% 1/ Strategic growth: Announced, obtained regulatory approval, and closed the Vista acquisition in under four months. 16 We delivered adjusted earnings of $3.061 per diluted share and a top quartile FTE net interest margin of 3.94%, while continuing to build a differentiated franchise. Our balance sheet remains anchored by robust capital with a Common Equity Tier 1 capital ratio of 14.89%. We maintain a relationship-focused core deposit base that includes a high mix of transaction deposits 86% at year-end. /3 We grew tangible common book value per share by 10% and further strengthened our capital levels providing us a solid platform to invest in future opportunities and strategic flexibility. We also advanced two important priorities: expanding our franchise through the Vista Bancshares, Inc. ( Vista ) acquisition and launching the initial phase of 2UniFiSM. We enter 2026 on strong footing with a clear focus on organic growth. Continued Strength and Stability Our financial results reflect our Company s disciplined approach to loan and deposit pricing as well as continued focus on expense management with 2025 adjusted net income of $117.6 million and adjusted earnings of $3.06 per diluted share.1 12 In 2025, we strengthened the foundation of our Company and advanced with purpose taking deliberate steps that reflect our discipline, our momentum, and our confidence in our long-term growth strategy. Investing in our Future We are committed to delivering near-term performance while building a durable platform for sustained organic growth. Vista: Accelerating our Growth The Vista acquisition strengthens our presence in high-growth Texas Markets including Dallas Fort Worth and Austin and advances our private banking strategy in the key resort markets of Aspen, Vail and Jackson Hole. The merger materially enhances our (1) Represents a non-GAAP financial measure. See About Non-GAAP Financial Measures within the annual report on Form 10-K for reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP. (2) Total Shareholder Return measured based on security and index market close prices and dividends re-invested into the same security or index. (3) Past results are not a guarantee of future performance.
long-term growth and earnings profile, supported by strong cultural alignment and a shared relationship banking philosophy. 2UniFi: Building What s Next for SMBs In 2025, we moved from vision to execution, launching 2UniFi in July with treasury management and deposit capabilities alongside a streamlined SBA loan offering. Our vision for 2UniFi remains clear: to provide financial solutions that solve problems faced by small- and medium-sized business owners, improving outcomes by combining operational efficiency, digital lending, and actionable insights. In early 2026, our Board authorized a new $100 million share repurchase program and approved a 3.2% increase in our quarterly dividend to $0.32 per share a direct reflection of our capital strength. This balanced approach underscores our commitment to delivering meaningful value to shareholders while maintaining the flexibility to invest in future growth. Historical Dividend Per Share CAGR: 21% $0.75 We held our 2025 Do More Charity Challenge and Do More Concert in Utah and reached the $2 million mark in fundraising for charities since the inception of our Do More events. $0.87 $0.94 $1.12 $1.20 $0.54 $0.34 $0.22 2016 Doing Good in our Communities We believe in Doing Good it strengthens our culture, deepens our connection to our communities, and ultimately improves our long-term performance. $0.80 $1.04 2017 2018 2019 2020 2021 2022 2023 2024 2025 Closing Thoughts Our 2025 results reflect the franchise we have been intentional in building one grounded in disciplined banking, strong capital, and deep client relationships with a clear strategy to expand in attractive markets and to invest in capabilities that elevate the client experience. Across our footprint, our associates support local nonprofits through our Do More efforts, charitable foundation grants, and paid volunteer hours that align with CRA-focused initiatives, including financial literacy, affordable housing, and workforce development. Our second annual Week of Caring generated over 1,200 volunteer hours from associates across our footprint, impacting over 120 different charitable organizations, all in a single week. Our combination with Vista marks an important milestone in our Company s evolution, enhancing our scale while amplifying the value of the technology investments we have made in Cambr , 2UniFi, and our digital banking platform. These capabilities strengthen our fee income businesses, expand our wealth and SBA revenue streams, and deepen our ability to perform through a range of economic environments. Together we are building a stronger, more efficient, and more diversified bank one that is not just larger, but fundamentally better. While these commitments fuel stronger connections and genuine trust with our associates, these actions are essential to who we are and how we serve our clients and communities. Thank you for your continued support and trust as we move forward with confidence and purpose. SINCERELY, Returning Capital to Shareholders We believe a strong company should actively demonstrate its commitment to delivering attractive returns to its shareholders. TIM LANEY CHAIRMAN AND CEO
2025 HIGHLIGHTS GROWTH FOR A STRONG FUTURE Closed the acquisition of Vista Bancshares, Inc. in early 2026, to further strengthen our presence in high-growth markets and provide enhanced capabilities throughout our footprint Trust and Wealth assets under management increased to $1.3 billion, driven by private client relationship growth and the unique value provided by operating in Wyoming Launched the initial phase of 2UniFi to empower small- and medium-sized businesses with treasury management, depository capabilities, and a streamlined SBA loan offering Dividends paid per common share increased 7.1% to $1.20 during 2025 COMMUNITY INVESTMENTS Completed our 10th annual Do More Charity Challenge and hosted the third Do More Concert for charity in Utah, bringing total contributions to $2 million for non-profits in our communities Further enhanced community involvement with our second annual Week of Caring, generating over 1,200 associate volunteer hours for 120+ charitable organizations across our footprint in a single week STRONG FINANCIAL PERFORMANCE STRENGTH PROFITABILITY RETURNS 14.9% CET1 3.94% NIM $15.2 million increased 169 bps versus 2024 expanded NIM 9 bps YoY share repurchases completed in 2025 10% TCBVPS Growth $117.6 million $0.32 Quarterly Dividend increased TCBVPS to $27.801 adjusted net income, or $3.06 adjusted EPS1 increased 3.2% in 1Q 2026 ACCOMPLISHMENTS (1) Represents a non-GAAP financial measure. See About Non-GAAP Financial Measures within the annual report on Form 10-K for reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP. From Forbes. 2026 Forbes Media LLC. All rights reserved. Used under license.
 • shareholder letter icon 4/3/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/3/2023 NBHC Stockholder Letter
 • stockholder letter icon 3/29/2024 NBHC Stockholder Letter
 • stockholder letter icon 3/28/2025 NBHC Stockholder Letter
 • stockholder letter icon More "Banking & Savings" Category Stockholder Letters
 • Benford's Law Stocks icon NBHC Benford's Law Stock Score = 100


NBHC Shareholder/Stockholder Letter Transcript:

A STRONG FUTURE FOR
GROWTH
2025
ANNUAL
REPORT AND
FORM 10-K

A LETTER FROM OUR CHAIRMAN AND CEO
TIM LANEY
FELLOW SHAREHOLDERS,
We also continue to build and manage our loan
portfolio with self-imposed concentration limits,
underwriting standards and policies proven through
multiple economic cycles, with an unyielding focus
on strong credit quality and relationship banking.
NBHC Total Shareholder Returns 2,3
December 31, 2015 through December 31, 2025
2025 At a Glance
KRX index
120.8%
101.9%
100%
50%
0%
    Shareholder value: Returned $1.20
per share in dividends and executed on
$15.2 million of share buybacks in 2025.
25
20
1/
20
24
/3
12
23
20
1/
/3
12
22
20
1/
/3
12
21
20
1/
/3
12
1/
/3
20
20
12
1/
/3
20
19
12
1/
/3
20
18
12
20
1/
/3
12
20
1/
/3
12
/3
1/
20
    Innovation delivered: Launched the
initial phase of 2UniFi, featuring treasury
management and deposit capabilities
and a streamlined SBA loan offering
for small- and medium-sized businesses.
17
(50%)
12
    Core banking momentum: Originated
$1.6 billion of new loans, including
$591.0 million in the fourth quarter.
NBHC
150%
15
    Capital and book value: Increased tangible
common book value per share by 10% and
the Common Equity Tier 1 Ratio to 14.89%.
200%
1/
    Strategic growth: Announced, obtained
regulatory approval, and closed the
Vista acquisition in under four months.
16
We delivered adjusted earnings of $3.061 per diluted
share and a top quartile FTE net interest margin of 3.94%,
while continuing to build a differentiated franchise.
Our balance sheet remains anchored by robust capital
with a Common Equity Tier 1 capital ratio of 14.89%.
We maintain a relationship-focused core deposit base
that includes a high mix of transaction deposits   86%
at year-end.
/3
We grew tangible common book value per share by 10%
and further strengthened our capital levels   providing
us a solid platform to invest in future opportunities and
strategic flexibility. We also advanced two important
priorities: expanding our franchise through the Vista
Bancshares, Inc. (   Vista   ) acquisition and launching
the initial phase of 2UniFiSM. We enter 2026 on strong
footing with a clear focus on organic growth.
Continued Strength and Stability
Our financial results reflect our Company   s disciplined
approach to loan and deposit pricing as well as
continued focus on expense management with 2025
adjusted net income of $117.6 million and adjusted
earnings of $3.06 per diluted share.1
12
In 2025, we strengthened the foundation of our
Company and advanced with purpose   taking
deliberate steps that reflect our discipline, our
momentum, and our confidence in our long-term
growth strategy.
Investing in our Future
We are committed to delivering near-term
performance while building a durable platform for
sustained organic growth.
Vista: Accelerating our Growth
The Vista acquisition strengthens our presence in
high-growth Texas Markets   including Dallas   Fort
Worth and Austin   and advances our private banking
strategy in the key resort markets of Aspen, Vail and
Jackson Hole. The merger materially enhances our
(1) Represents a non-GAAP financial measure. See    About Non-GAAP Financial Measures    within the annual report on Form 10-K for reconciliations to the most directly comparable financial
measures calculated and presented in accordance with GAAP. (2) Total Shareholder Return measured based on security and index market close prices and dividends re-invested into the same
security or index. (3) Past results are not a guarantee of future performance.

long-term growth and earnings profile, supported by
strong cultural alignment and a shared relationship
banking philosophy.
2UniFi: Building What   s Next for SMBs
In 2025, we moved from vision to execution,
launching 2UniFi in July with treasury management
and deposit capabilities alongside a streamlined
SBA loan offering.
Our vision for 2UniFi remains clear: to provide
financial solutions that solve problems faced by
small- and medium-sized business owners, improving
outcomes by combining operational efficiency,
digital lending, and actionable insights.
In early 2026, our Board authorized a new $100
million share repurchase program and approved a
3.2% increase in our quarterly dividend to $0.32 per
share   a direct reflection of our capital strength. This
balanced approach underscores our commitment to
delivering meaningful value to shareholders while
maintaining the flexibility to invest in future growth.
Historical Dividend Per Share
CAGR: 21%
$0.75
We held our 2025 Do More Charity Challenge   and
Do More Concert   in Utah and reached the $2 million
mark in fundraising for charities since the inception of
our Do More events.
$0.87
$0.94
$1.12
$1.20
$0.54
$0.34
$0.22
2016
Doing Good in our Communities
We believe in Doing Good   it strengthens our
culture, deepens our connection to our communities,
and ultimately improves our long-term performance.
$0.80
$1.04
2017
2018
2019
2020
2021
2022
2023
2024
2025
Closing Thoughts
Our 2025 results reflect the franchise we have
been intentional in building   one grounded in
disciplined banking, strong capital, and deep client
relationships with a clear strategy to expand in
attractive markets and to invest in capabilities that
elevate the client experience.
Across our footprint, our associates support local
nonprofits through our Do More efforts, charitable
foundation grants, and paid volunteer hours
that align with CRA-focused initiatives, including
financial literacy, affordable housing, and workforce
development. Our second annual Week of Caring
generated over 1,200 volunteer hours from associates
across our footprint, impacting over 120 different
charitable organizations, all in a single week.
Our combination with Vista marks an important
milestone in our Company   s evolution, enhancing our
scale while amplifying the value of the technology
investments we have made in Cambr  , 2UniFi, and
our digital banking platform. These capabilities
strengthen our fee income businesses, expand our
wealth and SBA revenue streams, and deepen our
ability to perform through a range of economic
environments. Together we are building a stronger,
more efficient, and more diversified bank   one that is
not just larger, but fundamentally better.
While these commitments fuel stronger connections
and genuine trust with our associates, these actions
are essential to who we are and how we serve our
clients and communities.
Thank you for your continued support and trust as we
move forward with confidence and purpose.
SINCERELY,
Returning Capital to Shareholders
We believe a strong company should actively
demonstrate its commitment to delivering attractive
returns to its shareholders.
TIM LANEY
CHAIRMAN AND CEO

2025 HIGHLIGHTS
GROWTH FOR A STRONG FUTURE
Closed the acquisition of Vista Bancshares, Inc. in early 2026, to further strengthen our
presence in high-growth markets and provide enhanced capabilities throughout our footprint
Trust and Wealth assets under management increased to $1.3 billion, driven by private client
relationship growth and the unique value provided by operating in Wyoming
Launched the initial phase of 2UniFi to empower small- and medium-sized businesses with
treasury management, depository capabilities, and a streamlined SBA loan offering
Dividends paid per common share increased 7.1% to $1.20 during 2025
COMMUNITY INVESTMENTS
Completed our 10th annual Do More Charity Challenge and hosted the third Do More
Concert for charity in Utah, bringing total contributions to $2 million for non-profits
in our communities
Further enhanced community involvement with our second annual Week of Caring,
generating over 1,200 associate volunteer hours for 120+ charitable organizations
across our footprint in a single week
STRONG FINANCIAL PERFORMANCE
STRENGTH
PROFITABILITY
RETURNS
14.9% CET1
3.94% NIM
$15.2 million
increased 169 bps
versus 2024
expanded NIM 9 bps
YoY
share repurchases
completed in 2025
10% TCBVPS
Growth
$117.6 million
$0.32 Quarterly
Dividend
increased TCBVPS to $27.801
adjusted net income, or
$3.06 adjusted EPS1
increased 3.2% in 1Q 2026
ACCOMPLISHMENTS
(1) Represents a non-GAAP financial measure. See    About Non-GAAP Financial Measures    within the annual report on Form 10-K for reconciliations to the most
directly comparable financial measures calculated and presented in accordance with GAAP. From Forbes.    2026 Forbes Media LLC. All rights reserved. Used
under license.


shareholder letter icon 4/3/2026 Letter Continued (Full PDF)
 

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