National Bank Holdings Issues $150 Million Subordinated Notes

National Bank Holdings ( (NBHC) ) has provided an announcement.

On February 9, 2026, National Bank Holdings Corporation entered an underwriting agreement with Piper Sandler & Co. and subsequently issued $150 million of 5.875% fixed-to-floating rate subordinated notes due 2036 at par, with the offering closing on February 11, 2026 and generating about $147.3 million in net proceeds for general corporate purposes. The notes, which were upsized from an initial $100 million on strong institutional demand and are intended to qualify as Tier 2 capital, pay a fixed 5.875% rate until 2031 before switching to a SOFR-based floating rate, include issuer call options from 2031 or upon specified regulatory and tax events, and are expected to bolster the bank’s regulatory capital position and funding flexibility.

The most recent analyst rating on (NBHC) stock is a Buy with a $46.00 price target. To see the full list of analyst forecasts on National Bank Holdings stock, see the NBHC Stock Forecast page.

Spark’s Take on NBHC Stock

According to Spark, TipRanks’ AI Analyst, NBHC is a Outperform.

The score is driven primarily by solid financial health (strong capital structure and profitability) and a supportive valuation (mid-teens P/E with a ~3% dividend). Technicals are modestly positive but not strongly trending, while earnings-call guidance is constructive yet tempered by higher expected expenses, integration-related one-time items, and ongoing 2UniFi losses.

To see Spark’s full report on NBHC stock, click here.

More about National Bank Holdings

National Bank Holdings Corporation is a bank holding company that operates NBH Bank and Bank of Jackson Hole Trust, running more than 100 branches across Colorado, the greater Kansas City region, Texas, Utah, Wyoming, New Mexico, Idaho and Palm Beach, Florida. It targets consumers, businesses, government and non-profits with retail banking, residential mortgage services, and trust and wealth management under multiple regional brand names.

Its residential mortgage banking arm primarily serves its core footprint, while trust and wealth activities operate under the Bank of Jackson Hole Trust charter. NBH Bank consolidates its operations under a single state charter but uses brands such as Community Banks of Colorado, Bank Midwest, Vista Bank, Hillcrest Bank and Bank of Jackson Hole to address local market segments and build a community banking franchise.

Average Trading Volume: 384,066

Technical Sentiment Signal: Strong Buy

Current Market Cap: $1.59B

Find detailed analytics on NBHC stock on TipRanks’ Stock Analysis page.