The bank's capital structure remains conservative with an equity-to-assets ratio of 0.13, though the balance sheet is heavily concentrated with $10.9 billion in investment securities representing 86% of total assets.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Cash & Short Term Investments | 4.12B | 945.7M | 655.39M | 819.65M | 901.79M | 1.54B | 1.27B | 748.44M | 900.66M | 1.11B | 1.04B | 1.32B | 1.74B | 1.97B | 2.49B | 3.38B | 1.51B | 1.72M |
| Cash & Due from Banks | 472.79M | 417.06M | 127.85M | 190.83M | 195.5M | 845.7M | 605.57M | 110.19M | 109.56M | 257.36M | 152.74M | 166.09M | 256.98M | 189.46M | 769.18M | 1.52B | 1.72M | 1.72M |
| Short Term Investments | 605.17M | 528.64M | 527.55M | 628.83M | 706.29M | 691.85M | 661.96M | 638.25M | 791.1M | 855.35M | 884.23M | 1.16B | 1.48B | 1.79B | 1.72B | 1.86B | 0 | 0 |
| Total Investments | 10.94B | 8.61B | 8.79B | 8.88B | 8.56B | 5.9B | 5.58B | 5.31B | 5.15B | 4.28B | 4.08B | 4.17B | 4.16B | 4.27B | 4.12B | 4.13B | 2.84B | 0 |
| Investments Growth % | 16.38% | -2.07% | -1.04% | 3.75% | 45.03% | 5.79% | 4.99% | 3.15% | 20.41% | 4.78% | -2.01% | 0.2% | -2.69% | 3.8% | -0.33% | 45.43% | - | - |
| Long-Term Investments | 34.71B | 8.08B | 8.26B | 8.25B | 7.86B | 5.21B | 4.92B | 4.68B | 4.36B | 3.42B | 3.2B | 3.01B | 2.68B | 2.49B | 2.4B | 2.27B | 2.84B | 0 |
| Accounts Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.32M | 14.26M | 12.56M | 8.81M | 11.46M | 11.36M | 12.67M | 16.02M | 0 | 0 |
| Goodwill & Intangibles | 522.07M | 354.38M | 364.48M | 372.07M | 339.02M | 127.35M | 132.96M | 126.39M | 128.5M | 61.24M | 66.58M | 72.06M | 76.51M | 81.86M | 87.2M | 92.55M | 0 | 0 |
| Goodwill | 454.67M | 306.04M | 306.04M | 306.04M | 279.13M | 115.03M | 115.03M | 115.03M | 115.03M | 59.63M | 59.63M | 59.63M | 59.63M | 59.63M | 59.63M | 59.63M | 0 | 0 |
| Intangible Assets | 67.4M | 48.34M | 58.43M | 66.03M | 59.89M | 12.32M | 17.93M | 11.36M | 13.47M | 1.61M | 6.95M | 12.43M | 16.88M | 22.23M | 27.57M | 32.92M | 0 | 0 |
| PP&E (Net) | 235.67M | 214.55M | 196.77M | 162.73M | 136.11M | 96.75M | 106.98M | 112.15M | 109.99M | 93.71M | 95.67M | 103.1M | 106.34M | 115.22M | 121.44M | 87.31M | 37.32M | 80K |
| Other Assets | 443.47M | 289.53M | 328.28M | 342.3M | 340.45M | 240.53M | 234.12M | 231.86M | 125.93M | 97.79M | 103.05M | 104.36M | 157.35M | 187.4M | 294.8M | 497.32M | 632.48M | 1.1B |
| Total Current Assets | 1.08B | 945.7M | 655.39M | 819.65M | 901.79M | 1.54B | 1.27B | 748.44M | 922.27M | 1.13B | 1.05B | 1.34B | 1.75B | 2B | 2.51B | 3.41B | 1.51B | 1.72M |
| Total Non-Current Assets | 11.54B | 8.94B | 9.15B | 9.13B | 8.67B | 5.68B | 5.39B | 5.15B | 4.75B | 3.71B | 3.52B | 3.34B | 3.07B | 2.91B | 2.9B | 2.95B | 3.59B | 1.1B |
| Total Assets | 12.61B | 9.88B | 9.81B | 9.95B | 9.57B | 7.21B | 6.66B | 5.9B | 5.68B | 4.84B | 4.57B | 4.68B | 4.82B | 4.91B | 5.41B | 6.35B | 5.11B | 1.1B |
| Asset Growth % | 27.56% | 0.77% | -1.44% | 3.95% | 32.7% | 8.32% | 12.97% | 3.86% | 17.2% | 5.91% | -2.37% | -2.82% | -1.92% | -9.18% | -14.82% | 24.41% | 364.2% | - |
| Return on Assets (ROA) | 1% | 1.11% | 1.2% | 1.46% | 0.85% | 1.35% | 1.41% | 1.39% | 1.17% | 0.31% | 0.5% | 0.1% | 0.19% | 0.13% | -0.01% | 0.73% | 0.19% | -0.14% |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.01M | 5.78M | 4.97M | 4.32M | 3.61M | 3.06M | 4.24M | 11.02M | 564.09M | 0 |
| Total Debt | 219.13M | 71.89M | 123.41M | 413.83M | 459.1M | 62.25M | 22.9M | 264.61M | 367.71M | 259.58M | 130.68M | 176.52M | 173.55M | 99.55M | 53.69M | 47.6M | 0 | 0 |
| Net Debt | -253.66M | -345.17M | -4.44M | 223M | 263.6M | -783.45M | -582.67M | 154.42M | 258.15M | 2.21M | -22.06M | 10.43M | -83.43M | -89.91M | -715.5M | -1.47B | -1.72M | -1.72M |
| Long-Term Debt | 202.14M | 54.54M | 104.51M | 394.2M | 438.89M | 39.48M | 0 | 207.68M | 301.66M | 129.12M | 38.66M | 40M | 40M | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 16.99M | 17.35M | 18.89M | 19.63M | 20.21M | 22.77M | 22.9M | 56.94M | 66.05M | 130.46M | 92.01M | 136.52M | 133.55M | 99.55M | 53.69M | 47.6M | 0 | 0 |
| Other Liabilities | 10.73B | 4.99B | 141.32M | 134.04M | 149.31M | 83.49M | 140.13M | 126.85M | 50.66M | 49.97M | 19.52M | 34.91M | 62.42M | 59.98M | 49.31M | 125.71M | 74.33M | 2.36M |
| Total Current Liabilities | 16.99M | 3.46B | 8.26B | 8.21B | 7.89B | 6.25B | 5.7B | 4.79B | 4.63B | 4.13B | 3.98B | 3.99B | 3.92B | 3.96B | 4.27B | 5.14B | 4.04B | 0 |
| Total Non-Current Liabilities | 10.93B | 5.04B | 245.83M | 528.24M | 588.2M | 122.96M | 140.13M | 334.52M | 352.32M | 179.09M | 58.18M | 74.91M | 102.42M | 59.98M | 49.31M | 125.71M | 74.33M | 2.36M |
| Total Liabilities | 10.95B | 8.5B | 8.5B | 8.74B | 8.48B | 6.37B | 5.84B | 5.13B | 4.98B | 4.31B | 4.04B | 4.07B | 4.03B | 4.02B | 4.32B | 5.26B | 4.11B | 2.36M |
| Total Equity | 1.66B | 1.39B | 1.31B | 1.21B | 1.09B | 840.11M | 820.69M | 766.92M | 695.01M | 532.41M | 536.19M | 617.54M | 794.58M | 897.79M | 1.09B | 1.09B | 993.76M | 1.1B |
| Equity Growth % | 46.2% | 6.13% | 7.61% | 11.04% | 30.01% | 2.37% | 7.01% | 10.35% | 30.54% | -0.71% | -13.17% | -22.28% | -11.5% | -17.68% | 0.17% | 9.56% | -9.45% | - |
| Equity / Assets (Capital Ratio) | 13.2% | 14.01% | 13.31% | 12.19% | 11.41% | 11.65% | 12.32% | 13.01% | 12.24% | 10.99% | 11.72% | 13.18% | 16.49% | 18.27% | 20.16% | 17.14% | 19.46% | 99.79% |
| Return on Equity (ROE) | 7.35% | 8.15% | 9.44% | 12.33% | 7.38% | 11.27% | 11.16% | 10.99% | 10.01% | 2.73% | 4% | 0.69% | 1.08% | 0.7% | -0.05% | 4.03% | 0.58% | -0.14% |
| Book Value per Share | 43.60 | 36.28 | 33.97 | 31.82 | 33.42 | 27.04 | 26.41 | 24.32 | 22.11 | 19.71 | 19.52 | 20.05 | 20.14 | 18.90 | 20.89 | 20.90 | 19.00 | 20.98 |
| Tangible BV per Share | 29.93 | 27.00 | 24.48 | 22.06 | 23.05 | 22.94 | 22.13 | 20.31 | 18.02 | 17.45 | 17.09 | 17.71 | 18.20 | 17.18 | 19.22 | 19.12 | 19.00 | 20.98 |
| Common Stock | 588K | 515K | 515K | 515K | 515K | 515K | 515K | 515K | 515K | 515K | 514K | 513K | 512K | 512K | 523K | 522K | 520K | 584K |
| Additional Paid-in Capital | 1.45B | 1.17B | 1.17B | 1.16B | 1.16B | 1.01B | 1.01B | 1.01B | 1.01B | 970.67M | 984.09M | 997.93M | 993.21M | 990.22M | 1.01B | 994.71M | 982.64M | 1.1B |
| Retained Earnings | 578.52M | 572.46M | 508.86M | 433.13M | 330.72M | 289.88M | 223.18M | 164.08M | 106.99M | 60.8M | 55.45M | 38.67M | 40.53M | 39.97M | 43.27M | 46.48M | 4.52M | -1.53M |
| Accumulated OCI | -48.07M | -44.05M | -70.04M | -76.4M | -88.2M | -6.96M | 9.77M | 2.06M | -11.28M | -6.24M | -1.76M | 95K | 5.84M | -6.76M | 40.57M | 47.02M | 6.08M | 0 |
| Treasury Stock | -320.27M | -315.4M | -301.69M | -306.7M | -310.34M | -457.62M | -424.13M | -408.96M | -415.62M | -493.33M | -502.1M | -419.66M | -245.52M | -126.15M | -4K | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
CRE concentration and liquidity
According to recent financial disclosures, NBHC's total assets grew to $12.6 billion in 2026Q1, marking a significant expansion from the $10.0 billion level maintained throughout 2024, largely driven by inorganic growth initiatives that have fundamentally altered the scale and composition of the bank's balance sheet.
The jump in asset size suggests that management is successfully executing its hub-and-spoke acquisition strategy to capture market share in high-growth regions. Investors should monitor whether this rapid expansion can be integrated without diluting the core operational efficiency that has historically defined the bank's performance.
As reported in the latest quarterly filings, NBHC maintains an equity-to-assets ratio of 0.13, a figure that has remained remarkably stable despite the significant increase in total assets, suggesting a disciplined approach to capital management that supports the bank's ongoing acquisition-led growth strategy.
This capital position appears adequate to absorb potential volatility in the loan book while providing a buffer for future opportunistic M&A. The consistency in this ratio indicates that management is effectively balancing the need for regulatory capital with the desire to deploy equity for long-term value creation.
Based on the provided balance sheet data, NBHC holds $10.9 billion in investment securities as of 2026Q1, representing the vast majority of its asset base and indicating a heavy reliance on the securities portfolio to manage liquidity rather than a traditional loan-heavy banking model.
This high concentration in securities suggests that the bank's liquidity profile is sensitive to interest rate fluctuations and duration risk. Analysts should investigate whether this allocation is a temporary defensive posture or a structural shift that may limit the bank's ability to capture higher yields from commercial lending.
Analysis of the 2026Q1 balance sheet reveals that investment securities account for nearly 86% of total assets, a figure that warrants further investigation into potential unrealized losses and the impact of duration mismatches on the bank's overall interest rate sensitivity profile.
While this portfolio provides a source of liquidity, it may also expose the bank to significant valuation volatility if interest rates remain elevated for an extended period. The lack of a traditional loan-to-deposit focus in the current data suggests that the bank's earnings power may be more tied to market-based securities performance than to core relationship-based lending.
Quick answers to the most common questions about buying NBHC stock.
As of 2025, National Bank Holdings Corporation (NBHC) had total assets of $9.88B including $945.7M in current assets.
National Bank Holdings Corporation (NBHC) carries total debt of $71.9M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
National Bank Holdings Corporation (NBHC) has total shareholders' equity (book value) of $1.39B ($36.28 book value per share). Book value represents the net worth of the company belonging to common stock holders.
National Bank Holdings Corporation (NBHC) reported a current ratio of 0.27x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.