10-K · February 24, 2026
NBHC reports a stable core franchise with $9.9 billion in assets and a growing digital initiative (2UniFi launched July 2025), but FY2025 showed modest revenue decline versus FY2024 and a sharp operating-margin…
Earnings analysis · 10-Q
NBHC earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
National Bank Holdings Corporation (NBHC) reported a revenue of $126.8 million for Q1 2026, slightly below expectations of $131.8 million, though it generated a stronger diluted EPS of $0.72, exceeding estimates by…
Read full summary
National Bank Holdings Corporation (NBHC) reported a revenue of $126.8 million for Q1 2026, slightly below expectations of $131.8 million, though it generated a stronger diluted EPS of $0.72, exceeding estimates by 14.3%. The growth was bolstered by the recent acquisition of Vista Bank, contributing to a significant increase in total loans and total deposits, despite an uptick in acquisition-related expenses impacting the overall profitability metrics.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.72
- Segment
- Commercial
- Segment
- Commercial Real Estate
- Segment
- Consumer
What stood out
-
Strong EPS Performance
Actual diluted EPS was $0.72, surpassing estimates of $0.63 by 14.3%.
-
Acquisition Boosting Growth
Acquisition of Vista Bank added $1.9 billion in loans and $2.2 billion in deposits, significantly bolstering total assets.
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Loan Fundings Hit Record
Loan fundings for Q1 2026 reached $805.5 million, supporting a 29.3% increase in total loans.
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Increased Liquidity Position
Cash and cash equivalents rose to $472.8 million from $417 million, bolstering on-balance sheet liquidity.
-
Improved Credit Metrics
The allowance for credit losses increased to $113.5 million, accounting for 1.18% of total loans, stable vs. December 2025.
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Share Repurchase Program
The company repurchased 401,869 shares for $16.1 million amid a $100 million stock buyback authorization.
What to watch
-
High Acquisition Expenses
Acquisition-related expenses were $11.8 million post-tax, affecting overall profitability for the quarter.
-
Increased Allowance for Credit Losses
ACL rose to $113.5 million, suggesting rising credit risk in the loan portfolio post-acquisition.
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Market Competition Challenges
Ongoing market pressures may lead to tighter liquidity and challenges in deposit gathering.
Management's outlook
Management expects the integration of Vista will enhance profitability, with confidence in sustaining or exceeding adjusted EPS of $0.72 in the upcoming quarters.
Earlier filings 4
10-Q · July 31, 2024
National Bank Holdings Corporation reported a decline in revenue and net income for Q2 2024 compared to both the prior quarter and the same quarter last year. Revenue fell to $97.6 million, down 5% sequentially and 28%…
10-Q · May 1, 2024
NBHC reported quarter-over-quarter results showing revenue of $101,724,000 and diluted EPS of $0.82 for the three months ended March 31, 2024. Revenue and EPS declined versus the prior-year quarter (revenue $108,654,000…
10-K · February 27, 2024
National Bank Holdings (NBHC) reports scale and regional expansion: as of December 31, 2023 the company had $9.9 billion in assets, $7.7 billion in loans and $8.2 billion in deposits and operates over 90 banking…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.