National Bank Holdings Corp (NBHC)

Price$42.09Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkValuation sits between expensive trailing earnings and cheaper forward earnings, pointing to a balanced setup.

National Bank Holdings Corporation trades as NBHC on the NYSE. The market is valuing it at roughly 1.10 times common book value, 1.58 times tangible book value, about 17.5 times trailing earnings, and near 11 times forward earnings. Tangible book value strips out goodwill and other intangibles, so it is a stricter bank valuation yardstick. The gap between trailing and forward multiples reflects merger costs depressing reported profit and expectations for better normalized earnings. That mix supports a Fair-priced call rather than a clear bargain.

Big pictureGrowth is strong, but acquisition costs and dilution cloud how much of the improvement is truly organic.

Second-quarter net income rose to $26.5 million, while adjusted net income excluding acquisition and restructuring charges reached $35.3 million. For the first half, adjusted net income grew 16.6% year over year and net interest margin was 4.00%, a healthy spread between earning-asset yields and funding costs. Loans reached $9.8 billion and deposits $10.4 billion. However, Vista added $1.9 billion of loans and 7.3 million new shares, so headline growth mixes acquisition benefits with dilution. Organic loan growth near 9.7% annualized is the cleaner positive signal.

Business strengthCredit, capital, deposits, and borrowing capacity provide solid durability, although commercial real estate remains cyclical.

For a bank, cash durability comes from stable deposits and liquidity rather than industrial free cash flow. Non-performing loans were 0.31% of loans and annualized first-half net charge-offs were 0.30%. Common Equity Tier 1, the core loss-absorbing capital ratio, was 12.3%, comfortably above well-capitalized thresholds. On-balance-sheet liquidity was $915.3 million, with another $3.9 billion of secured and committed borrowing capacity. Debt rose after the $150 million subordinated-note offering and $125 million of Federal Home Loan Bank advances. Non-owner-occupied commercial real estate was 27.1% of loans, leaving meaningful recession and refinancing sensitivity.

What could change the storyExecution on Vista, margins, credit losses, and capital returns will decide whether today’s valuation proves attractive.

Bull case: Vista integration savings arrive, adjusted tangible return on common equity stays around 12–13%, organic loan growth remains mid-to-high single digits, net interest margin stays near 4%, and credit losses remain close to recent levels; earnings could then grow into the forward multiple while dividends and buybacks add support. Bear case: margin slips below roughly 3.7%, commercial real-estate or transportation losses rise materially, acquisition synergies disappoint, or further share issuance offsets growth. The company repurchased $27.2 million of stock in the first half, but acquisition dilution remains the main capital-allocation tradeoff.

AI: News

Quarterly dividend maintainedThe board kept the quarterly cash dividend steady, supporting income while preserving capital for integration.

On August 4, the board declared a $0.32 quarterly cash dividend payable September 15 to shareholders of record August 28. The maintained dividend, alongside first-half buybacks, shows continued capital return despite acquisition spending and integration work. Future dividends remain discretionary and depend on earnings, cash flows, regulatory capital, capital requirements, and other balance-sheet needs considered by the board.

Q2 earnings improveSecond-quarter earnings improved sequentially as loan production stayed strong and credit quality remained healthy.

On July 21, NBHC reported second-quarter net income of $26.5 million and adjusted net income of $35.3 million after excluding acquisition and restructuring charges. Record quarterly loan fundings of $926.9 million supported growth, while net interest margin remained strong at 3.94% and deposit costs improved slightly. Credit metrics were also healthy, with non-performing loans at 0.31% and low provisioning. The main caution is that reported earnings still carried meaningful Vista integration costs.

Subordinated debt raisedFebruary’s debt offering strengthened regulatory capital and liquidity while adding a meaningful fixed funding cost.

On February 11, NBHC closed a $150.0 million subordinated-note offering due in 2036. The notes pay 5.875% for the first five years, then switch to a floating benchmark rate plus a spread, and are intended to qualify as Tier 2 regulatory capital. Net proceeds were about $147.3 million for general corporate purposes. The issuance improves capital flexibility after the Vista transaction, but it also raises interest expense and explains much of the increase in long-term debt.

Vista acquisition closesJanuary’s Vista acquisition expanded Texas and Florida, but required cash plus substantial new equity issuance.

On January 7, NBHC completed its acquisition of Vista Bancshares and Vista Bank, adding operations in Dallas-Fort Worth, Austin, Lubbock, and Palm Beach. The deal added about $2.5 billion of assets, $1.9 billion of loans, and $2.2 billion of deposits at closing. Consideration included $89.0 million of cash and 7.3 million NBHC shares, creating meaningful dilution but also a larger earnings base. The core-system conversion was completed in July, reducing one major integration risk.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Revenue	$416.1M	$406.6M	$425.9M	$334.1M	$297.5M	$333.2M	$288.6M	$268.2M	$185.5M	$185.7M	$178.4M	$168.6M	$199.1M	$241.6M	$244.9M	$58.1M
Operating expenses	$264.6M	$254.6M	$242.0M	$211.2M	$191.8M	$206.2M	$180.7M	$189.3M	$136.7M	$136.0M	$158.0M	$150.0M	$184.0M	$209.6M	$155.5M	$49.0M
Net income	$109.6M	$118.8M	$142.0M	$71.3M	$93.6M	$88.6M	$80.4M	$61.5M	$14.6M	$23.1M	$4.9M	$9.2M	$6.9M	−$543,000	$42.0M	$6.1M
Net profit margin	26.34%	29.22%	33.35%	21.33%	31.46%	26.59%	27.85%	22.91%	7.86%	12.42%	2.74%	5.44%	3.48%	−0.22%	17.13%	10.42%
Basic EPSper basic share	$2.86	$3.10	$3.74	$2.20	$3.04	$2.87	$2.57	$2.00	$0.54	$0.81	$0.14	$0.22	$0.14	-$0.01	$0.81	$0.11
Diluted EPSper diluted share	$2.85	$3.08	$3.72	$2.18	$3.01	$2.85	$2.55	$1.95	$0.53	$0.79	$0.14	$0.22	$0.14	-$0.01	$0.81	$0.11

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 19 reported holders of NBHC
Holder	Shares held
LANEY G. TIMOTHY	687.46K
Steinmetz John	533.38K
Birkans Aldis	261.19K
Newfield Richard U Jr.	151.79K
Clermont Ralph W	79.16K
Spring Maria F	37.16K
Dean Robert E	35.54K
Joseph Fred J.	27.64K
Sobers Patrick G.	25.09K
PETRUCCI ANGELA NICOLE	23.07K
ZEILE ART	19.82K
Van Denabeele Nicole	18.55K
Randall Christopher S.	14.37K
Gupta Alka	12.96K
Kramer Valerie D.	11.16K
Doyle Robin Ann	7.72K
McLaughlin Kirk	7.35K
Sznewajs Daniel L	5.55K
Gooden Emily	3.86K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$1.00M disclosed value

Sells (SEC code S)19$6.53M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 20, 2026Form 4	Spring Maria FDirector	SellCommon Stock	963	$41.84	$40.3K	37.2K
Feb 11, 2026Form 4	Steinmetz JohnExec Mng Dir of Strategic Init	BuyCommon Stock	24.2K	$41.41	$1.00M	536.5K
Nov 11, 2025Form 4	Spring Maria FDirector	SellCommon Stock	6.2K	$37.14	$230.8K	35.7K
May 27, 2025Form 4	Spring Maria FDirector	SellCommon Stock	1.2K	$37.02	$43.2K	42.6K
Nov 13, 2024Form 4	Newfield Richard U Jr.CHIEF RISK MNGMT OFFICER	SellCommon Stock	19.3K	$49.81	$959.3K	143.2K

Review ownership filings at SEC.gov ↗

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