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National Bank Holdings Corporation Announces

Third Quarter 2025 Financial Results

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NYSE Ticker: NBHC

Denver, Colorado, October 21, 2025 - (Globe Newswire) – National Bank Holdings Corporation (the “Company” or “NBHC”) reported:

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In announcing these results, Chief Executive Officer Tim Laney shared, “We delivered quarterly earnings of $0.96 per diluted share and a return on average tangible common equity of 14.72%, adjusted for acquisition-related expenses. We maintained a strong net interest margin of 3.98% and continue to be disciplined with loan and deposit pricing. Credit quality remained solid with an improving non-performing loans ratio and five basis points of net recoveries. We continue to generate meaningful capital growth with a Common Equity Tier 1 capital ratio of 14.7% and 12.2% annualized growth in our tangible common book value per share.”

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Mr. Laney added, “Our teams are well prepared to close on the pending strategic acquisition of Vista Bancshares, an organization with strong leadership that shares our commitment to improving the communities we serve. Our combined dedication to providing exceptional client service will enable us to offer differentiated and expanded banking services for clients. By deepening our presence in high growth Texas markets, we strengthen our position as a premier regional bank focused on commercial and business banking.”

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Recent Announcement

As previously reported, during the third quarter, NBHC announced the execution of a definitive agreement and plan of merger, dated September 15, 2025, with Vista Bancshares, Inc., a Texas corporation and the holding company for Vista Bank (“Vista”), whereby NBHC will acquire Vista in a transaction with an aggregate transaction value of approximately $365.4 million based upon NBHC’s closing price of $37.96 on September 15, 2025. Vista operates in Dallas-Ft. Worth, Austin, and Lubbock, Texas, as well as Palm Beach, Florida. Upon completion of the transaction and on a pro forma basis, the combined company will have approximately $12.4 billion in assets and $10.4 billion in deposits. NBHC expects to close the proposed transaction in Q1 2026, subject to regulatory approval, Vista shareholder approval and other customary closing conditions.

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Third Quarter 2025 Results

(All comparisons refer to the second quarter of 2025, except as noted)

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Net income increased $1.3 million to $35.3 million or $0.92 per diluted share, during the third quarter of 2025. Fully taxable equivalent pre-provision net revenue increased $0.2 million to $43.6 million. The return on average tangible assets increased five basis points to 1.54%, and the return on average tangible common equity increased three basis points to 14.21%. Adjusting for $1.7 million of pre-tax acquisition-related expenses, net income increased $2.6 million, or 30.3% annualized, to $36.6 million, or $0.96 per diluted share. Adjusted, the fully taxable equivalent pre-provision net revenue totaled $45.4 million, an increase of $1.9 million or 17.5% annualized. The adjusted return on average tangible assets was 1.60%, an increase of 11 basis points, and the adjusted return on average tangible common equity was 14.72%, an increase of 54 basis points.

Net Interest Income

Fully taxable equivalent net interest income increased $0.9 million to $90.2 million due to one additional day during the third quarter. The fully taxable equivalent net interest margin widened three basis points to 3.98%, driven by a four basis point increase in earning asset yields, partially offset by a one basis point increase in the cost of funds.

Loans

Loans totaled $7.4 billion at September 30, 2025, compared to $7.5 billion. We generated quarterly loan fundings of $421.2 million, led by commercial loan fundings of $288.0 million. The third quarter’s weighted average rate on new loans at the time of origination was 6.9%, compared to a weighted average yield of 6.5% on the loan portfolio.

Asset Quality and Provision for Credit Losses

The Company recorded a provision release of $1.5 million, compared to no provision in the previous quarter. This quarter’s provision release was primarily driven by the recovery of one previously charged off credit. Annualized net recoveries totaled 0.05% of average total loans, compared to annualized net charge-offs of 0.05% in the previous quarter. Non-performing loans improved nine basis points to 0.36% of total loans at September 30, 2025, and non-performing assets improved eight basis points to 0.37% of total loans and OREO at September 30, 2025. The allowance for credit losses as a percentage of loans was 1.19% at September 30, 2025, consistent with the previous quarter.

Deposits

Average total deposits remained consistent with the prior quarter at $8.2 billion, and average transaction deposits (defined as total deposits less time deposits) remained consistent at $7.1 billion. The loan to deposit ratio totaled 87.7% at September 30, 2025, compared to 90.5%. The mix of transaction deposits to total deposits was 86.3% at September 30, 2025, compared to 87.0%.

Non-Interest Income

Non-interest income increased $3.6 million, or 21.2%, to $20.7 million during the third quarter. Unrealized gains on partnership investments increased $3.5 million, and mortgage banking income increased $0.3 million.

Non-Interest Expense

Non-interest expense totaled $67.2 million, compared to $62.9 million in the second quarter, and included $1.7 million of acquisition-related expenses and an increase in depreciation expense as a result of the recent launch of 2UniFi. Occupancy and equipment expenses increased $2.9 million primarily driven by 2UniFi’s software asset depreciation. The third quarter’s salary and benefits expense included one additional payroll day in the quarter, a $0.7 million fair value adjustment on the deferred compensation liability, and $0.1 million higher mortgage commissions as a result of increased mortgage production.

Income tax expense totaled $7.9 million, compared to $7.5 million in the previous quarter, as a result of higher pre-tax income in the third quarter. The effective tax rate was 18.2%, consistent with the second quarter.

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Capital

NBHC executed $8.8 million of share buybacks in the third quarter as part of its ongoing capital strategy. Capital ratios continue to be well in excess of federal bank regulatory agency “well capitalized” thresholds. The tier 1 leverage ratio totaled 11.49%, and the common equity tier 1 capital ratio totaled 14.69% at September 30, 2025. Shareholders’ equity increased $22.4 million to $1.4 billion at September 30, 2025, primarily driven by $23.8 million of growth in retained earnings from net income after covering the quarter’s dividend, and a $4.9 million improvement in accumulated other comprehensive loss due to changes in the interest rate environment. These increases were partially offset by the impact of share buybacks.

Common book value per share increased $0.81 to $36.36 at September 30, 2025. Tangible common book value per share increased $0.81 to $27.45 driven by the quarter’s earnings after covering the quarterly dividend and a $0.13 improvement in accumulated other comprehensive loss. These increases were partially offset $0.07 by the impact of share buybacks.

Year-Over-Year Review

(All comparisons refer to the first nine months of 2024, except as noted)

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Net income increased $2.9 million to $93.5 million or $2.43 per diluted share, compared to $90.6 million or $2.36 per diluted share. Adjusting for acquisition-related expenses, net income increased $4.2 million, or 6.3% annualized, to $94.9 million, or $2.47 per diluted share, for the first nine months of 2025. Fully taxable equivalent pre-provision net revenue increased $8.5 million, or 7.1%, to $129.0 million. Adjusting for non-recurring acquisition-related expenses, the fully taxable equivalent pre-provision net revenue increased $10.3 million, or 11.4% annualized, to $130.8 million. The return on average tangible assets increased five basis points to 1.38%, and the return on average tangible common equity was 13.05%, compared to 14.14%. Adjusted, the return on average tangible assets increased seven basis points to 1.40%, and the return on average tangible common equity totaled 13.23%.

Fully taxable equivalent net interest income increased $7.6 million to $268.1 million. The fully taxable equivalent net interest margin widened 15 basis points to 3.95%, driven by a 22 basis point improvement in the cost of funds, partially offset by a seven basis point decrease in earning asset yields.

Loans outstanding totaled $7.4 billion as of September 30, 2025, compared to $7.7 billion. New loan fundings over the trailing twelve months totaled $1.5 billion, led by commercial fundings of $997.3 million.

The Company recorded $8.7 million of provision expense for credit losses, compared to $4.8 million in the same period prior year. Annualized net charge-offs totaled 0.27% of average total loans, compared to 0.13% in the same period prior year. Non-performing loans improved ten basis points to 0.36% of total loans at September 30, 2025, compared to December 31, 2024, and non-performing assets improved ten basis points to 0.37% of total loans and OREO at September 30, 2025, compared to December 31, 2024. The allowance for credit losses as a percentage of loans totaled 1.19% at September 30, 2025, compared to 1.22% at December 31, 2024.

Average deposits totaled $8.2 billion, compared to $8.3 billion in the same period prior year, and average transaction deposits totaled $7.1 billion, compared to $7.3 billion in the same period prior year. The mix of transaction deposits to total deposits was 86.3% at September 30, 2025, compared to 87.6%.

Non-interest income increased $3.0 million to $53.1 million primarily due to $3.3 million of unrealized gains on partnership investments, a $0.9 million increase in the gains on sales of previously consolidated banking center properties, and a $0.7 million increase in trust income. These increases were partially offset by decreases in SBA and swap fee income.

Non-interest expense totaled $192.2 million, compared to $190.1 million in the same period prior year. Excluding $1.7 million of acquisition-related expenses primarily included within professional fees, non-interest expense totaled $190.5 million. Occupancy and equipment expense increased $2.9 million primarily driven by the depreciation of the 2UniFi software asset in connection with the recent launch of 2UniFi in the third quarter of 2025. The fully taxable equivalent efficiency ratio, excluding other intangible assets amortization and adjusted for acquisition-related expenses improved 1.82% to 57.46% compared to the same period prior year.

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Income tax expense totaled $21.0 million, compared to $19.9 million in the same period prior year, as a result of higher pre-tax income in the current period. The effective tax rate was 18.3%, compared to 18.0% in the same period prior year.

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Conference Call

Management will host a conference call to review the results at 11:00 a.m. Eastern Time on Wednesday, October 22, 2025. The call may also include discussion of company developments, forward-looking statements and other material information about business and financial matters. Interested parties may listen to this call by dialing (800) 330-6710 using the participant passcode of 9559561 and asking for the NBHC Q3 2025 Earnings Call. The earnings release and a link to the replay of the call will be available on the Company’s website at www.nationalbankholdings.com by visiting the investor relations area.

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About National Bank Holdings Corporation

National Bank Holdings Corporation is a bank holding company created to build a leading community bank franchise, delivering high quality client service and committed to stakeholder results. Through its bank subsidiaries, NBH Bank and Bank of Jackson Hole Trust, National Bank Holdings Corporation operates a network of over 85 banking centers, serving individual consumers, small, medium and large businesses, and government and non-profit entities. Its banking centers are located in its core footprint of Colorado, the greater Kansas City region, Utah, Wyoming, Texas, New Mexico and Idaho. Its comprehensive residential mortgage banking group primarily serves the bank’s core footprint. Its trust and wealth management business is operated in its core footprint under the Bank of Jackson Hole Trust charter. NBH Bank operates under a single state charter through the following brand names as divisions of NBH Bank: in Colorado, Community Banks of Colorado and Community Banks Mortgage; in Kansas and Missouri, Bank Midwest and Bank Midwest Mortgage; in Texas, Utah, New Mexico and Idaho, Hillcrest Bank and Hillcrest Bank Mortgage; and in Wyoming, Bank of Jackson Hole and Bank of Jackson Hole Mortgage. Additional information about National Bank Holdings Corporation can be found at www.nationalbankholdings.com.

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For more information visit: cobnks.com, bankmw.com, hillcrestbank.com, bankofjacksonhole.com, or nbhbank.com, or connect with any of our brands on LinkedIn.

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About Non-GAAP Financial Measures

Certain of the financial measures and ratios we present, including “tangible assets,” “return on average tangible assets,” “adjusted return on average tangible assets,” “return on average assets,” “adjusted return on average assets,” “return on average equity,” “adjusted return on average equity,” “tangible common equity,” “return on average tangible common equity,” “adjusted return on average tangible common equity,” “tangible common book value per share,” “tangible common equity to tangible assets,” “non-interest expense excluding other intangible assets amortization, adjusted for acquisition-related expenses,” “efficiency ratio excluding other intangible assets amortization, adjusted for acquisition-related expenses,” “net income excluding the impact of other intangible assets amortization expense, after tax,” “net income excluding the impact of other intangible assets amortization expense, adjusted for acquisition-related expenses, after tax,” “net income adjusted for acquisition-related expenses, after tax,” “pre-provision net revenue,” “pre-provision net revenue, FTE,” “pre-provision net revenue, adjusted for acquisition-related expenses FTE” and “fully taxable equivalent” metrics, are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as “non-GAAP financial measures.” We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results or by presenting certain metrics on a fully taxable equivalent basis. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods.

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These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these differences by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components

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may be considered when analyzing our performance. A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not discuss historical facts but instead relate to expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. Forward-looking statements are generally identified by words such as “anticipate,” “believe,” “can,” “would,” “should,” “could,” “may,” “predict,” “seek,” “potential,” “will,” “estimate,” “target,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend,” “goal,” “focus,” “maintains,” “future,” “ultimately,” “likely,” “ensure,” “strategy,” “objective,” and similar words or phrases. These statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties. We have based these statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, liquidity, results of operations, business strategy and growth prospects. Forward-looking statements involve certain important risks, uncertainties and other factors, any of which could cause actual results to differ materially from those in such statements and, therefore, you are cautioned not to place undue reliance on such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: our ability to complete the acquisition of Vista when expected or at all and realize the anticipated benefits of the transaction; business and economic conditions along with external events both generally and in the financial services industry; susceptibility to credit risk and fluctuations in the value of real estate and other collateral securing a significant portion of our loan portfolio, including with regards to real estate acquired through foreclosure, and the accuracy of appraisals related to such real estate; the allowance for credit losses and fair value adjustments may be insufficient to absorb losses in our loan portfolio; our ability to maintain sufficient liquidity to meet the requirements of deposit withdrawals and other business needs; changes impacting monetary supply and the businesses of our clients and counterparties, including levels of market interest rates, inflation, currency values, monetary and fiscal policies, and the volatility of trading markets; changes in the fair value of our investment securities and the ability of companies in which we invest to commercialize their technology or product concepts; the loss of certain executive officers and key personnel; any service interruptions, cyber incidents or other breaches relating to our technology systems, security systems or infrastructure or those of our third-party providers; the occurrence of fraud or other financial crimes within our business; competition from other financial institutions and financial services providers and the effects of disintermediation within the banking business including consolidation within the industry; changes to federal government lending programs like the Small Business Administration’s Preferred Lender Program and the Federal Housing Administration’s insurance programs, including the impact of a government shutdown of such programs; impairment of our mortgage servicing rights, disruption in the secondary market for mortgage loans, declines in real estate values, or being required to repurchase mortgage loans or reimburse investors; developments in technology, such as artificial intelligence, the success of our digital growth strategy, and our ability to incorporate innovative technologies in our business and provide products and services that satisfy our clients’ expectations for convenience and security; our ability to execute our organic growth and acquisition strategies; the accuracy of projected operating results for assets and businesses we acquire as well as our ability to drive organic loan growth to replace loans in our existing portfolio with comparable loans as loans are paid down; changes to federal, state and local laws and regulations along with executive orders applicable to our business, including tax laws; our ability to comply with and manage costs related to extensive government regulation and supervision, including current and future regulations affecting bank holding companies and depository institutions; the application of any increased assessment rates imposed by the Federal Deposit Insurance Corporation; claims or legal action brought against us by third parties or government agencies; and other factors, risks, trends and uncertainties described elsewhere in our other filings with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.

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Contacts:

Analysts/Institutional Investors:

Emily Gooden, Chief Accounting Officer and Investor Relations Director, (720) 554-6640, ir@nationalbankholdings.com

Nicole Van Denabeele, Chief Financial Officer, (720) 529-3370, ir@nationalbankholdings.com

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Media:

Jody Soper, Chief Marketing Officer, (303) 784-5925, Jody.Soper@nbhbank.com

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NATIONAL BANK HOLDINGS CORPORATION

FINANCIAL SUMMARY

Consolidated Statements of Operations (Unaudited)

(Dollars in thousands, except share and per share data)

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NATIONAL BANK HOLDINGS CORPORATION

Consolidated Statements of Financial Condition (Unaudited)

(Dollars in thousands, except share and per share data)

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NATIONAL BANK HOLDINGS CORPORATION

Loan Portfolio

(Dollars in thousands)

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Period End Loan Balances by Type

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Loan Fundings⁽¹⁾

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NATIONAL BANK HOLDINGS CORPORATION

Summary of Net Interest Margin

(Dollars in thousands)

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