Operating cash flow appears distorted, evidenced by a -$56.8 million outflow in 2026Q1, while capital allocation remains cautious with $16.1 million in quarterly buybacks.
| 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 from Operations | 65.96M | 162.42M | 155.27M | 166.94M | 214.63M | 179.5M | -6.21M | 44.24M | 73.57M | 58.14M | -3.94M | -37.63M | -2.75M | -25.58M | -130.84M | -19.16M | -19.07M | -1.95M |
| Operating CF Growth % | -248.56% | 4.6% | -6.99% | -22.22% | 19.57% | 2989.6% | -114.04% | -39.87% | 26.55% | 1577.11% | 89.54% | -1265.81% | 89.23% | 80.45% | -583.01% | -0.46% | -880.36% | - |
| Net Income | 106.14M | 109.57M | 118.81M | 142.05M | 71.27M | 93.61M | 88.59M | 80.36M | 61.45M | 14.58M | 23.06M | 4.88M | 9.18M | 6.93M | -543K | 41.96M | 6.05M | -1.53M |
| Depreciation & Amortization | 31.6M | 25.33M | 24.19M | 23.85M | 16.45M | 13.59M | 14.45M | 15.04M | 11.52M | 12.89M | 14.2M | 15.5M | 15.93M | 15.83M | 12.3M | 7.03M | 228K | 0 |
| Deferred Taxes | -13.94M | 24.57M | 0 | 0 | 0 | -226K | 3.48M | 8.79M | 9.09M | 17.18M | -176K | -4.24M | -15.78M | -1.62M | -23.23M | -1.94M | 2.56M | 0 |
| Other Non-Cash Items | -48.73M | 10.49M | -1.43M | 3.7M | 152.3M | 105.86M | -122.83M | -80.15M | -36.98M | -24.07M | -34.36M | -21.16M | -20.62M | -70.28M | -32.42M | -102.06M | -37.02M | 0 |
| Working Capital Changes | -21M | -14.79M | 5.65M | -9.89M | -31.44M | -38.86M | 4.8M | 15.33M | 24.07M | 33.91M | -10.15M | -35.96M | 4.97M | 18.7M | -100.02M | 23.29M | -7.5M | -411K |
| Cash from Investing | 360.52M | 186.49M | 64.66M | -404.03M | -752.14M | -473.84M | -152.59M | -115.05M | -102.02M | -178.52M | 114.63M | 182.34M | 196.84M | -80.49M | 132.33M | 205.45M | 1.17B | -80K |
| Purchase of Investments | -405.89M | -472.04M | -241.09M | -108.63M | -398.82M | -714.03M | -574.41M | -74.65M | -118.01M | -202.69M | -4.87M | -6.22M | 0 | -945.67M | -1.13B | -1.48B | -460.17M | 0 |
| Sale/Maturity of Investments | 653.14M | 384.6M | 410.26M | 261.63M | 407.86M | 399.79M | 373.29M | 291.53M | 313.06M | 295.93M | 372.28M | 454.02M | 438.53M | 728.28M | 690.67M | 504.04M | 77.15M | 0 |
| Net Investment Activity | 247.25M | -87.44M | 169.17M | 153.01M | 9.04M | -314.24M | -201.12M | 216.88M | 195.06M | 93.24M | 367.41M | 447.8M | 438.53M | -217.4M | -443.31M | -976.64M | -383.02M | 0 |
| Acquisitions | 250.07M | 0 | 0 | -45.3M | 234.26M | 0 | 0 | 0 | 68.98M | 0 | 0 | 22.83M | 0 | 0 | 0 | 636.92M | 1.49B | 0 |
| Other Investing | -93.4M | 303.85M | -69.92M | -474.9M | -983.01M | -164.75M | 52.88M | -320.73M | -359.78M | -266.14M | -253.47M | -283.2M | -240.1M | 143.71M | 616.73M | 567M | 65.85M | 0 |
| Cash from Financing | -199.99M | -59.7M | -284.41M | 230.9M | -114.2M | 528.99M | 654.18M | 71.44M | -109.36M | 225.01M | -124.05M | -235.6M | -126.57M | -473.65M | -860.45M | -465.89M | -346.54M | 1.1B |
| Dividends Paid | -49.52M | -46.05M | -42.95M | -39.64M | -30.45M | -26.89M | -24.82M | -23.53M | -16.62M | -9.4M | -6.4M | -6.71M | -8.51M | -10.14M | -2.62M | 0 | 0 | 0 |
| Share Repurchases | -31.28M | -15.17M | 0 | 0 | 0 | -36.4M | -19.48M | 0 | 772K | -93.57M | -93.57M | -175.05M | -119.37M | -146.74M | -4K | 0 | -127.64M | 0 |
| Stock Issued | 570K | 28K | 3.56M | -917K | -379K | 222K | 0 | -3.44M | -772K | -8.29M | 0 | 96K | 0 | 0 | 0 | 2K | 0 | 0 |
| Net Stock Activity | -30.71M | -15.14M | 3.56M | -917K | -379K | -36.18M | -19.48M | -3.44M | 0 | -101.86M | -93.57M | -174.95M | -119.37M | -146.74M | -4K | 2K | -127.64M | 0 |
| Debt Issuance (Net) | 0 | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 0 |
| Other Financing | -172.74M | 53.04M | 44.98M | 316.46M | -468.37M | 552.05M | 906.14M | 192.4M | -238.26M | 152.25M | -22.74M | -56.81M | -38.69M | -362.64M | -863.92M | -347.16M | -146.57M | 0 |
| Net Change in Cash | 226.49M | 289.21M | -64.48M | -6.19M | -651.7M | 234.66M | 495.38M | 634K | -137.81M | 104.63M | -13.36M | -90.89M | 67.52M | -579.72M | -858.96M | -279.59M | 808.44M | 1.1B |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 417.06M | 127.85M | 192.33M | 198.52M | 850.22M | 615.57M | 120.19M | 119.56M | 257.36M | 152.74M | 166.09M | 256.98M | 189.46M | 769.18M | 1.63B | 1.91B | 1.1B | 0 |
| Cash at End | 472.79M | 417.06M | 127.85M | 192.33M | 198.52M | 850.22M | 615.57M | 120.19M | 119.56M | 257.36M | 152.74M | 166.09M | 256.98M | 189.46M | 769.18M | 1.63B | 1.91B | 1.1B |
| Interest Paid | 173.51M | 168.4M | 189.97M | 124.43M | 18.6M | 16.64M | 27.62M | 34.46M | 22.71M | 17.31M | 14.15M | 13.75M | 13.86M | 17.69M | 36.01M | 46.06M | 8.5M | 0 |
| Income Taxes Paid | 1.83M | 10.55M | 20.84M | 32.85M | 11.3M | 15.39M | 22.11M | 9.27M | 2.35M | 127K | 2.19M | 7.42M | 8.12M | 26.21M | 45.65M | 16.77M | 685K | 0 |
| Free Cash Flow | 22.56M | 132.5M | 120.68M | 130.1M | 202.2M | 179.5M | -10.56M | 33.04M | 67.3M | 52.52M | -3.94M | -42.71M | -4.34M | -32.38M | -171.91M | -40.98M | -20.02M | -2.02M |
| FCF Growth % | -82.05% | 9.79% | -7.24% | -35.66% | 12.65% | 1799.19% | -131.97% | -50.91% | 28.13% | 1434.4% | 90.78% | -884.08% | 86.6% | 81.17% | -319.52% | -104.71% | -888.54% | - |
CRE concentration and funding
According to quarterly cash flow statements, NBHC's investment activity shows significant volatility, highlighted by a $282.6 million purchase in 2026Q1, which suggests a tactical approach to managing liquidity and duration rather than a static hold-to-maturity strategy common among more conservative regional banking peers.
The frequent turnover in the investment portfolio indicates that management actively uses securities as a buffer for balance sheet liquidity. Investors should monitor whether these large-scale purchases and sales are intended to capture yield or simply to offset the volatility inherent in the bank's deposit-gathering activities.
Based on reported financial figures, NBHC has maintained consistent dividend payments, averaging approximately $11 million per quarter, while share buybacks remain opportunistic and sporadic, totaling $16.1 million in 2026Q1, which indicates a disciplined but cautious approach to returning excess capital to shareholders.
The bank's ability to sustain these distributions appears contingent on its capacity to generate organic capital through earnings. Given the recent fluctuations in net income, the reliance on buybacks as a secondary lever suggests that management prioritizes capital preservation during periods of heightened economic uncertainty.
As indicated by the company's cash flow data, the provision for credit losses has shown erratic behavior, ranging from a $10.2 million charge in 2025Q1 to a $1.5 million reversal in 2025Q3, reflecting the inherent difficulty in managing credit risk within the bank's concentrated commercial loan portfolio.
This inconsistency in provisioning suggests that the bank is frequently adjusting its loss expectations in response to shifting economic conditions in its core mountain-region markets. Analysts should interpret these swings as a potential indicator of underlying asset quality pressure rather than purely accounting-driven adjustments.
Based on an analysis of the cash flow statement, the reported operating cash flow of -$56.8 million in 2026Q1 appears heavily distorted by non-cash items and working capital swings, which masks the underlying core earnings power of the bank's traditional community banking operations.
The divergence between net income and operating cash flow suggests that traditional cash flow metrics are less informative for NBHC than for industrial firms. Investors should focus on the impact of purchase accounting accretion and deposit-related fluctuations, which likely obscure the true cash-generating capacity of the franchise.
Quick answers to the most common questions about buying NBHC stock.
National Bank Holdings Corporation (NBHC) generated $162.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
National Bank Holdings Corporation (NBHC) generated $132.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
National Bank Holdings Corporation (NBHC) spent $29.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, National Bank Holdings Corporation (NBHC) returned $46.1M to shareholders via cash dividends and spent $15.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.