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National Bank Holdings
(NYSE:NBHC)
National Bank Holdings (NBHC) vs. SPDR S&P 500 ETF (SPY)
National Bank Holdings Business Overview & Revenue Model
National Bank Holdings Earnings Call Summary
National Bank Holdings Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 583.94M | 594.31M | 553.56M | 346.52M | 306.15M |
| Gross Profit | 403.97M | 394.68M | 411.80M | 291.94M | 301.62M |
| EBITDA | 164.51M | 169.44M | 199.46M | 102.63M | 128.56M |
| Net Income | 109.57M | 118.81M | 142.05M | 71.27M | 93.61M |
Balance Sheet | |||||
| Total Assets | 9.88B | 9.81B | 9.95B | 9.57B | 7.21B |
| Cash, Cash Equivalents and Short-Term Investments | 945.70M | 655.39M | 819.65M | 901.79M | 1.54B |
| Total Debt | 71.89M | 123.41M | 413.83M | 459.10M | 62.25M |
| Total Liabilities | 8.50B | 8.50B | 8.74B | 8.48B | 6.37B |
| Stockholders Equity | 1.39B | 1.31B | 1.21B | 1.09B | 840.11M |
Cash Flow | |||||
| Free Cash Flow | 132.50M | 120.68M | 130.10M | 202.20M | 179.50M |
| Operating Cash Flow | 162.42M | 155.27M | 166.94M | 214.63M | 179.50M |
| Investing Cash Flow | 186.49M | 64.66M | -404.03M | -752.14M | -473.84M |
| Financing Cash Flow | -59.70M | -284.41M | 230.90M | -114.20M | 528.99M |
National Bank Holdings Technical Analysis
National Bank Holdings Risk Analysis
National Bank Holdings Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $1.56B | 12.13 | 9.35% | 3.38% | -1.48% | -1.58% | |
70 Outperform | $1.55B | 13.05 | 9.20% | 2.83% | 0.93% | 5.65% | |
68 Neutral | $1.82B | 14.14 | 9.06% | 3.07% | -2.46% | -1.98% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $1.46B | 23.47 | 2.65% | 4.97% | -7.96% | -52.79% | |
58 Neutral | $1.98B | 11.40 | 11.84% | 1.19% | -2.45% | -28.20% | |
50 Neutral | $1.46B | 66.22 | 1.11% | ― | 2.04% | -64.17% |
National Bank Holdings Corporate Events
National Bank Holdings Corporation, a regional banking group offering commercial, specialty and business banking services, is continuing to build scale and capabilities following its acquisition of Vista Bancshares, Inc., which closed on January 7, 2026. The company provides a range of lending and depository products to commercial and small business customers through its bank subsidiaries.
In connection with the Vista Bancshares deal, National Bank Holdings implemented organizational changes to support long-term growth and integration, including appointing former executive officer Chris Randall as EVP, SBA Delivery effective February 13, 2026. Under a new transition agreement, Randall stepped down from the boards of NBH Bank and Bank of Jackson Hole Trust and received a revised compensation package, while his prior change-of-control agreement was mutually terminated, signaling a refocus of his role around Small Business Administration lending operations.
The most recent analyst rating on (NBHC) stock is a Buy with a $48.00 price target. To see the full list of analyst forecasts on National Bank Holdings stock, see the NBHC Stock Forecast page.
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.
On February 10, 2026, National Bank Holdings Corporation posted an updated investor presentation for the fourth quarter of 2025 on its website for use in meetings with investors, analysts and other stakeholders. The materials, furnished via a current report and not deemed filed with regulators, outline the company’s financial performance, balance sheet, Vista Bank acquisition, digital initiatives and use of non-GAAP metrics, while emphasizing legal disclaimers, risk factors and the economic strengths of its core markets.
The investor deck underscores NBHC’s reliance on both GAAP and non-GAAP measures to evaluate performance and communicate trends, noting that reconciliations are provided and that such metrics should not be viewed as substitutes for GAAP results. It also highlights the bank’s exposure to a wide range of macroeconomic, credit, regulatory, technology and integration risks that could materially affect future results, framing the updated presentation as a key tool for stakeholders to assess the company’s strategy, risk profile and regional growth prospects.
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.
On January 7, 2026, National Bank Holdings Corporation completed its previously announced acquisition of Texas-based Vista Bancshares, Inc., merging Vista into NBHC and subsequently combining Vista Bank with NBH Bank, which remains the surviving bank. In connection with this closing and a related shelf registration, NBHC has furnished Vista’s audited 2023–2024 financial statements, interim 2025 results, and pro forma combined financials for NBHC and Vista, offering investors greater transparency into the enlarged balance sheet and earnings profile following the transaction, while confirming that NBHC’s previously filed standalone financial statements remain unchanged by this disclosure.
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.
National Bank Holdings Corporation announced it expects to begin making presentations to current and prospective investors on or after February 5, 2026, using a fixed income investor deck prepared for rating discussions with Moody’s Investor Services. The materials, furnished via a current report, emphasize that the presentation is informational only, incorporates non-GAAP financial metrics alongside GAAP measures, and does not constitute an offer or solicitation to buy or sell securities, underscoring the company’s engagement with capital markets and credit rating agencies while carefully managing regulatory and disclosure obligations for stakeholders.
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.
On January 27, 2026, National Bank Holdings Corporation reported fourth-quarter 2025 net income of $16.0 million, or $0.42 per diluted share, down from the prior quarter, with adjusted earnings of $22.7 million, or $0.60 per share, after excluding acquisition-related costs and securities losses. For full-year 2025, the bank posted net income of $109.6 million and adjusted diluted earnings of $3.06 per share, achieved a 3.94% net interest margin, grew tangible common book value per share by 10%, and increased its common equity tier 1 capital ratio to 14.89%, while keeping loan balances at $7.4 billion, originating $1.6 billion in new loans over the year, and maintaining stable deposits and generally strong credit quality despite higher charge-offs tied to a small number of credits. On the same date, the board approved a 3.2% increase in the quarterly cash dividend to $0.32 per share, payable March 13, 2026 to shareholders of record on February 27, 2026, and authorized a new $100 million share repurchase program that replaces a prior authorization, signaling confidence in the bank’s capital strength and earnings power while aligning capital returns with its strategy following the rapid closing and integration of the Vista Bancshares acquisition.
The most recent analyst rating on (NBHC) stock is a Buy with a $44.00 price target. To see the full list of analyst forecasts on National Bank Holdings stock, see the NBHC Stock Forecast page.
On January 7, 2026, National Bank Holdings Corporation completed its acquisition of Vista Bancshares, Inc. and the merger of Vista Bank into NBH Bank, in a stock-and-cash transaction valued at approximately $377.4 million based on NBHC’s January 6, 2026 closing share price. Vista shareholders received a mix of NBHC Class A common stock and $31.62 in cash per share, will own about 16% of NBHC on a fully diluted basis, and are also entitled to related option and warrant cash-outs, with a portion of the cash consideration held in escrow pending a tangible common equity adjustment. With the deal closed, NBHC’s pro forma balance sheet rises to roughly $12.6 billion in assets and $10.7 billion in deposits, and the combined organization gains an enlarged presence in high-growth markets including Dallas–Fort Worth, Austin, Lubbock and Palm Beach; NBHC plans to adopt the Vista Bank brand in Texas and roll it out enterprise-wide later this year, except at Bank of Jackson Hole, with systems integration slated for the third quarter of 2026. The transaction also brings Vista veteran Kirk A. McLaughlin onto NBHC’s board, while Chairman and CEO G. Timothy Laney and President Aldis Birkans received sizable restricted stock awards tied in part to achieving successful integration, rebranding and cost-savings targets, underscoring the strategic importance of the Vista deal to NBHC’s growth ambitions and regional competitive positioning.
The most recent analyst rating on (NBHC) stock is a Buy with a $45.00 price target. To see the full list of analyst forecasts on National Bank Holdings stock, see the NBHC Stock Forecast page.
On December 23, 2025, National Bank Holdings Corporation announced it had secured all required regulatory approvals, including from the Federal Reserve and the Colorado Division of Banking, for its previously announced acquisition of Vista Bancshares, Inc. and the merger of Vista Bank into NBH Bank. Vista shareholders approved the deal on December 19, 2025, and the parties plan to close the transaction on January 7, 2026, with systems conversion slated for the third quarter of 2026. The acquisition will add approximately $2.5 billion in assets, including $1.9 billion in loans and $2.2 billion in deposits as of September 30, 2025, expanding NBHC’s presence in key Texas markets and Palm Beach, Florida, and bringing the combined company to about $12.6 billion in pro forma assets and $10.7 billion in pro forma deposits, marking a significant scale-up of its regional community banking platform.
The most recent analyst rating on (NBHC) stock is a Buy with a $44.00 price target. To see the full list of analyst forecasts on National Bank Holdings stock, see the NBHC Stock Forecast page.