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NBHC logoNational Bank Holdings Corporation(NBHC)Earnings, Financials & Key Ratios

NBHC•NYSE•Banking & Credit
15.3× P/E·Price updated Jun 13, 2026
SectorFinancial ServicesIndustryRegional BanksSub-IndustryCommercial and middle-market focused banks
AboutNational Bank Holdings Corporation operates as the bank holding company for NBH Bank that provides various banking products and financial services to commercial, business, and consumer clients in the United States. It offers deposit products, including checking, savings, money market, and other deposit accounts, including fixed-rate and fixed maturity time deposits. The company also provides commercial and industrial loans and leases, such as working capital loans, equipment loans, lender finance loans, food and agriculture loans, government and non-profit loans, owner occupied commercial real estate loans, and other commercial loans and leases; non-owner occupied commercial real estate loans consisting of loans on commercial properties, such as office buildings, warehouse/distribution buildings, multi-family, hospitality, and retail buildings; small business administration loans to support manufacturers, distributors, and service providers; term loans, line of credits, and real estate secured loans; residential real estate loans; and consumer loans. In addition, it offers treasury management solutions comprising online and mobile banking, commercial credit card, wire transfer, automated clearing house, electronic bill payment, lock box, remote deposit capture, merchant processing, cash vault, controlled disbursements, and fraud prevention services, as well as other auxiliary services, including account reconciliation, collections, repurchase accounts, zero balance accounts, and sweep accounts. As of January 20, 2022, the company operated through a network of 81 banking centers located in Colorado, the greater Kansas City region, New Mexico, Utah, and Texas. It also operates 121 ATMs. The company was formerly known as NBH Holdings Corp. and changed its name to National Bank Holdings Corporation in March 2012. National Bank Holdings Corporation was incorporated in 2009 and is headquartered in Greenwood Village, Colorado.Show more
  • Net Interest Income$347M+0.9%
  • Total Revenue$584M-1.7%
  • Net Income$110M-7.8%
  • Return on Equity8.15%-13.7%
  • Net Interest Margin3.51%+0.1%
  • Efficiency Ratio44.74%+6.6%
  • ROA1.11%-7.5%
  • Equity / Assets14.01%+5.3%
  • Book Value per Share36.28+6.8%
  • Tangible BV/Share27.00+10.3%
  • Debt/Equity0.05-45.1%

NBHC Key Insights

National Bank Holdings Corporation (NBHC) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Strong Piotroski F-Score: 7/9
  • ✓Strong NIM of 3.5%
  • ✓Efficient operations: 44.7% efficiency ratio
  • ✓10 consecutive years of dividend growth
  • ✓Well capitalized: 14.0% equity/assets

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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NBHC Price & Volume

National Bank Holdings Corporation (NBHC) stock price & volume — 10-year historical chart

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NBHC Growth Metrics

National Bank Holdings Corporation (NBHC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years10.96%
5 Years10.53%
3 Years19%
TTM-

Profit CAGR

10 Years36.5%
5 Years4.34%
3 Years15.41%
TTM-7.71%

EPS CAGR

10 Years35.17%
5 Years0%
3 Years9.34%
TTM-7.77%

Return on Capital

10 Years7.86%
5 Years8.23%
3 Years7.56%
Last Year3.58%

NBHC Recent Earnings

National Bank Holdings Corporation (NBHC) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 2/12 qtrs (17%)
Q2 2026Latest
Apr 21, 2026
EPS
$0.72
Est $0.59
+22.0%
Revenue
$127M
Est $131M
-3.4%
Q1 2026
Jan 27, 2026
EPS
$0.60
Est $0.87
-31.0%
Revenue
$101M
Est $107M
-6.4%
Q4 2025
Oct 21, 2025
EPS
$0.96
Est $0.90
+6.7%
Revenue
$108M
Est $108M
-0.3%
Q3 2025
Jul 22, 2025
EPS
$0.88
Est $0.82
+7.3%
Revenue
$103M
Est $112M
-7.7%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 21, 2026
$0.72vs $0.59+22.0%
$127Mvs $131M-3.4%
Q1 2026Jan 27, 2026
$0.60vs $0.87-31.0%
$101Mvs $107M-6.4%
Q4 2025Oct 21, 2025
$0.96vs $0.90+6.7%
$108Mvs $108M-0.3%
Q3 2025Jul 22, 2025
$0.88vs $0.82+7.3%
$103Mvs $112M-7.7%
Based on last 12 quarters of dataView full earnings history →

NBHC Peer Comparison

National Bank Holdings Corporation (NBHC) competitors in Commercial and middle-market focused banks — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
IBCP logoIBCPIndependent Bank CorporationDirect Competitor730.38M35.4810.85-0.3%22.12%14.2%0.23
FFIN logoFFINFirst Financial Bankshares, Inc.Direct Competitor4.83B33.6519.0111.71%30.71%14.16%0.01
CVBF logoCVBFCVB Financial Corp.Direct Competitor2.88B21.2313.97-2.33%32.48%9.25%0.43
SFNC logoSFNCSimmons First National CorporationDirect Competitor3.27B22.51-7.63-56.66%-64.33%-11.48%0.19
BOKF logoBOKFBOK Financial CorporationDirect Competitor8.18B134.6114.66-1.07%17.38%9.79%0.78
INDB logoINDBIndependent Bank Corp.Direct Competitor4.12B83.2718.7119.82%17.57%6.21%0.25
COLB logoCOLBColumbia Banking System, Inc.Product Competitor7.45B31.3113.618.35%17.11%8.39%0.51
BANR logoBANRBanner CorporationProduct Competitor2.28B67.2411.92-0.95%23.84%10.34%0.19

Compare NBHC vs Peers

National Bank Holdings Corporation (NBHC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs IBCP

Most directly comparable listed peer for NBHC.

Scale Benchmark

vs ICE

Larger-name benchmark to compare NBHC against a more recognizable public peer.

Peer Set

Compare Top 5

vs IBCP, FFIN, CVBF, SFNC

NBHC Income Statement

National Bank Holdings Corporation (NBHC) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Net Interest Income
146.31M197.44M204.06M191.79M186.31M265.8M358.7M343.56M346.61M
NII Growth %
0.98%34.95%3.35%-6.01%-2.86%42.67%34.95%-4.22%0.89%
Net Interest Margin %
3.02%3.48%3.46%2.88%2.58%2.78%3.6%3.5%3.51%
Interest Income
164.42M221.39M240.83M216.84M200.97M283.65M492.16M536.44M517.88M
Interest Expense
18.11M23.95M36.77M25.06M13.82M17.85M133.46M192.88M171.27M
Loan Loss Provision
12.97M5.2M11.64M17.63M-9.29M36.73M8.29M6.75M8.7M
Non-Interest Income
39.2M70.78M86.94M137.06M105.19M62.87M61.4M57.88M66.06M
Non-Interest Income %
19.25%24.22%26.52%38.73%34.36%18.14%11.09%9.74%11.31%
Total Revenue
203.63M▲ 0%
292.17M▲ 43.5%
327.77M▲ 12.2%
353.91M▲ 8.0%
306.15M▼ 13.5%
346.52M▲ 13.2%
553.56M▲ 59.7%
594.31M▲ 7.4%
583.94M▼ 1.7%
Revenue Growth %
1.6%43.48%12.18%7.98%-13.49%13.19%59.75%7.36%-1.75%
Non-Interest Expense
136.68M189.33M183.16M201.83M186.65M205.75M236.2M249.43M261.24M
Efficiency Ratio
67.12%64.8%55.88%57.03%60.97%59.38%42.67%41.97%44.74%
Operating Income
35.86M▲ 0%
73.68M▲ 105.5%
96.19M▲ 30.6%
109.4M▲ 13.7%
114.97M▲ 5.1%
86.18M▼ 25.0%
175.6M▲ 103.8%
145.25M▼ 17.3%
142.73M▼ 1.7%
Operating Margin %
17.61%25.22%29.35%30.91%37.55%24.87%31.72%24.44%24.44%
Operating Income Growth %
37.89%105.46%30.55%13.73%5.1%-25.04%103.75%-17.29%-1.73%
Pretax Income
35.86M▲ 0%
73.68M▲ 105.5%
96.19M▲ 30.6%
109.4M▲ 13.7%
114.97M▲ 5.1%
86.18M▼ 25.0%
175.6M▲ 103.8%
145.25M▼ 17.3%
133.63M▼ 8.0%
Pretax Margin %
17.61%25.22%29.35%30.91%37.55%24.87%31.72%24.44%22.88%
Income Tax
21.28M12.23M15.83M20.81M21.36M14.91M33.55M26.43M24.05M
Effective Tax Rate %
59.35%16.6%16.46%19.02%18.58%17.3%19.11%18.2%18%
Net Income
14.58M▲ 0%
61.45M▲ 321.5%
80.36M▲ 30.8%
88.59M▲ 10.2%
93.61M▲ 5.7%
71.27M▼ 23.9%
142.05M▲ 99.3%
118.81M▼ 16.4%
109.57M▼ 7.8%
Net Margin %
7.16%21.03%24.52%25.03%30.58%20.57%25.66%19.99%18.76%
Net Income Growth %
-36.78%321.5%30.78%10.24%5.66%-23.86%99.3%-16.36%-7.78%
Net Income (Continuing)
14.58M61.45M80.36M88.59M93.61M71.27M142.05M118.81M109.57M
EPS (Diluted)
0.53▲ 0%
1.96▲ 269.8%
2.55▲ 30.1%
2.85▲ 11.8%
3.01▲ 5.6%
2.18▼ 27.6%
3.72▲ 70.6%
3.08▼ 17.2%
2.85▼ 7.5%
EPS Growth %
-32.91%269.81%30.1%11.76%5.61%-27.57%70.64%-17.2%-7.47%
EPS (Basic)
0.542.002.572.873.042.203.743.102.86
Diluted Shares Outstanding
27.01M31.43M31.53M31.08M31.07M32.68M38.11M38.42M38.18M

NBHC Balance Sheet

National Bank Holdings Corporation (NBHC) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash & Short Term Investments
1.11B900.66M748.44M1.27B1.54B901.79M819.65M655.39M945.7M
Cash & Due from Banks
257.36M109.56M110.19M605.57M845.7M195.5M190.83M127.85M417.06M
Short Term Investments
855.35M791.1M638.25M661.96M691.85M706.29M628.83M527.55M528.64M
Total Investments
4.28B5.15B5.31B5.58B5.9B8.56B8.88B8.79B528.64M
Investments Growth %
4.78%20.41%3.15%4.99%5.79%45.03%3.75%-1.04%-93.99%
Long-Term Investments
3.42B4.36B4.68B4.92B5.21B7.86B8.25B8.26B0
Accounts Receivables
14.26M19.32M0000000
Goodwill & Intangibles
61.24M128.5M126.39M132.96M127.35M339.02M372.07M364.48M354.38M
Goodwill
59.63M115.03M115.03M115.03M115.03M279.13M306.04M306.04M306.04M
Intangible Assets
1.61M13.47M11.36M17.93M12.32M59.89M66.03M58.43M48.34M
PP&E (Net)
93.71M109.99M112.15M106.98M96.75M136.11M162.73M196.77M214.55M
Other Assets
97.79M125.93M231.86M234.12M240.53M340.45M342.3M328.28M0
Total Current Assets
1.13B922.27M748.44M1.27B1.54B901.79M819.65M655.39M945.7M
Total Non-Current Assets
3.71B4.75B5.15B5.39B5.68B8.67B9.13B9.15B568.93M
Total Assets
4.84B▲ 0%
5.68B▲ 17.2%
5.9B▲ 3.9%
6.66B▲ 13.0%
7.21B▲ 8.3%
9.57B▲ 32.7%
9.95B▲ 3.9%
9.81B▼ 1.4%
9.88B▲ 0.8%
Asset Growth %
5.91%17.2%3.86%12.97%8.32%32.7%3.95%-1.44%0.77%
Return on Assets (ROA)
0.31%1.17%1.39%1.41%1.35%0.85%1.46%1.2%1.11%
Accounts Payable
5.78M7.01M0000000
Total Debt
259.58M367.71M264.61M22.9M62.25M459.1M413.83M123.41M71.89M
Net Debt
2.21M258.15M154.42M-582.67M-783.45M263.6M223M-4.44M-345.17M
Long-Term Debt
129.12M301.66M207.68M039.48M438.89M394.2M104.51M54.54M
Short-Term Debt
130.46M66.05M56.94M22.9M22.77M20.21M19.63M18.89M17.35M
Other Liabilities
49.97M50.66M126.85M140.13M83.49M149.31M134.04M141.32M4.99B
Total Current Liabilities
4.13B4.63B4.79B5.7B6.25B7.89B8.21B8.26B3.46B
Total Non-Current Liabilities
179.09M352.32M334.52M140.13M122.96M588.2M528.24M245.83M5.04B
Total Liabilities
4.31B4.98B5.13B5.84B6.37B8.48B8.74B8.5B8.5B
Total Equity
532.41M▲ 0%
695.01M▲ 30.5%
766.92M▲ 10.3%
820.69M▲ 7.0%
840.11M▲ 2.4%
1.09B▲ 30.0%
1.21B▲ 11.0%
1.31B▲ 7.6%
1.39B▲ 6.1%
Equity Growth %
-0.71%30.54%10.35%7.01%2.37%30.01%11.04%7.61%6.13%
Equity / Assets (Capital Ratio)
10.99%12.24%13.01%12.32%11.65%11.41%12.19%13.31%14.01%
Return on Equity (ROE)
2.73%10.01%10.99%11.16%11.27%7.38%12.33%9.44%8.15%
Book Value per Share
19.7122.1124.3226.4127.0433.4231.8233.9736.28
Tangible BV per Share
17.4518.0220.3122.1322.9423.0522.0624.4827.00
Common Stock
515K515K515K515K515K515K515K515K515K
Additional Paid-in Capital
970.67M1.01B1.01B1.01B1.01B1.16B1.16B1.17B1.17B
Retained Earnings
60.8M106.99M164.08M223.18M289.88M330.72M433.13M508.86M572.46M
Accumulated OCI
-6.24M-11.28M2.06M9.77M-6.96M-88.2M-76.4M-70.04M-44.05M
Treasury Stock
-493.33M-415.62M-408.96M-424.13M-457.62M-310.34M-306.7M-301.69M-315.4M
Preferred Stock
000000000

NBHC Cash Flow Statement

National Bank Holdings Corporation (NBHC) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations
58.14M73.57M44.24M-6.21M179.5M214.63M166.94M155.27M162.42M
Operating CF Growth %
1577.11%26.55%-39.87%-114.04%2989.6%19.57%-22.22%-6.99%4.6%
Net Income
14.58M61.45M80.36M88.59M93.61M71.27M142.05M118.81M109.57M
Depreciation & Amortization
12.89M11.52M15.04M14.45M13.59M16.45M23.85M24.19M25.33M
Deferred Taxes
17.18M9.09M8.79M3.48M-226K00024.57M
Other Non-Cash Items
-24.07M-36.98M-80.15M-122.83M105.86M152.3M3.7M-1.43M10.49M
Working Capital Changes
33.91M24.07M15.33M4.8M-38.86M-31.44M-9.89M5.65M-14.79M
Cash from Investing
-178.52M-102.02M-115.05M-152.59M-473.84M-752.14M-404.03M64.66M186.49M
Purchase of Investments
-202.69M-118.01M-74.65M-574.41M-714.03M-398.82M-108.63M-241.09M-472.04M
Sale/Maturity of Investments
295.93M313.06M291.53M373.29M399.79M407.86M261.63M410.26M190.4M
Net Investment Activity
93.24M195.06M216.88M-201.12M-314.24M9.04M153.01M169.17M-281.64M
Acquisitions
068.98M000234.26M-45.3M00
Other Investing
-266.14M-359.78M-320.73M52.88M-164.75M-983.01M-474.9M-69.92M468.13M
Cash from Financing
225.01M-109.36M71.44M654.18M528.99M-114.2M230.9M-284.41M-59.7M
Dividends Paid
-9.4M-16.62M-23.53M-24.82M-26.89M-30.45M-39.64M-42.95M-46.05M
Share Repurchases
-93.57M772K0-19.48M-36.4M000-15.17M
Stock Issued
-8.29M-772K-3.44M00-379K-917K3.56M28K
Net Stock Activity
-101.86M0-3.44M-19.48M-36.4M-379K-917K3.56M-15.14M
Debt Issuance (Net)
1000K1000K-1000K-1000K1000K1000K-1000K-1000K-1000K
Other Financing
152.25M-238.26M192.4M906.14M552.28M-468.37M316.46M44.98M53.04M
Net Change in Cash
104.63M▲ 0%
-137.81M▼ 231.7%
634K▲ 100.5%
495.38M▲ 78034.9%
234.66M▼ 52.6%
-651.7M▼ 377.7%
-6.19M▲ 99.0%
-64.48M▼ 941.1%
289.21M▲ 548.5%
Exchange Rate Effect
000000000
Cash at Beginning
152.74M257.36M119.56M120.19M615.57M850.22M198.52M192.33M127.85M
Cash at End
257.36M119.56M120.19M615.57M850.22M198.52M192.33M127.85M417.06M
Interest Paid
17.31M22.71M34.46M27.62M16.64M18.6M124.43M189.97M0
Income Taxes Paid
127K2.35M9.27M22.11M15.39M11.3M32.85M20.84M0
Free Cash Flow
52.52M▲ 0%
67.3M▲ 28.1%
33.04M▼ 50.9%
-10.56M▼ 132.0%
179.5M▲ 1799.2%
202.2M▲ 12.6%
130.1M▼ 35.7%
120.68M▼ 7.2%
132.5M▲ 9.8%
FCF Growth %
1434.4%28.13%-50.91%-131.97%1799.19%12.65%-35.66%-7.24%9.79%

NBHC Banking Ratios

National Bank Holdings Corporation (NBHC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)4%2.73%10.01%10.99%11.16%11.27%7.38%12.33%9.44%8.15%
Return on Assets (ROA)0.5%0.31%1.17%1.39%1.41%1.35%0.85%1.46%1.2%1.11%
Net Interest Margin3.17%3.02%3.48%3.46%2.88%2.58%2.78%3.6%3.5%3.51%
Efficiency Ratio67.83%67.12%64.8%55.88%57.03%60.97%59.38%42.67%41.97%44.74%
Equity / Assets11.72%10.99%12.24%13.01%12.32%11.65%11.41%12.19%13.31%14.01%
Book Value / Share19.5219.7122.1124.3226.4127.0433.4231.8233.9736.28
NII Growth-6.96%0.98%34.95%3.35%-6.01%-2.86%42.67%34.95%-4.22%0.89%
Dividend Payout27.75%64.48%27.05%29.28%28.01%28.72%42.72%27.91%36.14%42.03%
Related:NBHC Dividend History·NBHC Revenue History·NBHC Price History·NBHC P/E History·NBHC Financial Ratios·NBHC Institutional Holders

NBHC SEC Filings & Documents

National Bank Holdings Corporation (NBHC) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 21, 2026·SEC

Material company update

Feb 19, 2026·SEC

Material company update

Feb 11, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 24, 2026·SEC

FY 2025

Feb 25, 2025·SEC

10-Q Quarterly Reports

6
FY 2025

Oct 29, 2025·SEC

FY 2025

Aug 5, 2025·SEC

FY 2025

Apr 30, 2025·SEC

NBHC Frequently Asked Questions

National Bank Holdings Corporation (NBHC) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

National Bank Holdings Corporation (NBHC) saw revenue decline by 1.7% over the past year.

Yes, National Bank Holdings Corporation (NBHC) is profitable, generating $109.6M in net income for fiscal year 2025 (18.8% net margin).

Dividend & Returns

Yes, National Bank Holdings Corporation (NBHC) pays a dividend with a yield of 2.76%. This makes it attractive for income-focused investors.

National Bank Holdings Corporation (NBHC) has a return on equity (ROE) of 8.1%. This is below average, suggesting room for improvement.

Industry Metrics

National Bank Holdings Corporation (NBHC) has a net interest margin (NIM) of 3.5%. This indicates healthy earnings from lending activities.

National Bank Holdings Corporation (NBHC) has an efficiency ratio of 44.7%. This is excellent, indicating strong cost control.

What if you invested $1,000 in NBHC back in 2009?

Total return calculator · dividends reinvested · 17+ years of data

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How much would $100/month in NBHC be worth today?

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