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NBHC

National Bank Holdings Corporation

NBHC

National Bank Holdings Corporation • NYSE
$37.21 ▼ -0.40% (-0.15)
Market Cap $1.41 B
52w High $48.78
52w Low $32.83
Dividend Yield 1.20%
P/E 11.81
Volume 143.96K
Outstanding Shares 37.82M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $151.896M ▲ $66.213M ▲ $35.285M ▲ 23.23% ▲ $-1.53 ▼ $50.73M ▲
Q2-2025 $147.018M ▲ $61.663M ▲ $34.022M ▲ 23.141% ▲ $0.89 ▲ $47.463M ▲
Q1-2025 $144.236M ▼ $60.914M ▼ $24.231M ▼ 16.8% ▼ $0.63 ▼ $36.178M ▼
Q4-2024 $145.936M ▼ $63.277M ▲ $28.184M ▼ 19.313% ▼ $0.73 ▼ $41.035M ▼
Q3-2024 $155.216M $62.986M $33.016M 21.271% $0.86 $45.738M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.168B ▲ $10.153B ▲ $8.778B ▲ $1.375B ▲
Q2-2025 $928.43M ▲ $9.999B ▼ $8.646B ▼ $1.352B ▲
Q1-2025 $880.674M ▲ $10.099B ▲ $8.77B ▲ $1.329B ▲
Q4-2024 $655.395M ▼ $9.808B ▼ $8.503B ▼ $1.305B ▲
Q3-2024 $889.783M $9.993B $8.701B $1.292B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $34.022M ▲ $32.343M ▼ $86.74M ▲ $-68.898M ▼ $50.185M ▼ $26.501M ▼
Q1-2025 $24.231M ▼ $39.625M ▼ $-127.484M ▼ $206.309M ▲ $118.45M ▲ $29.459M ▼
Q4-2024 $28.099M ▼ $46.43M ▼ $120.357M ▲ $-219.735M ▼ $-52.948M ▼ $38.213M ▼
Q3-2024 $33.016M ▲ $46.966M ▲ $-87.776M ▼ $76.613M ▲ $35.803M ▲ $39.367M ▲
Q2-2024 $26.046M $31.918M $-61.541M $-118.315M $-147.938M $18.624M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Bank card fees
Bank card fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Other NonInterest income
Other NonInterest income
 $0 ▲$0 ▲$0 ▲$0 ▲
Service charges and other fees
Service charges and other fees
 $20.00M ▲$10.00M ▼$0 ▼$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement NBHC’s income statement shows a bank that has grown its revenue meaningfully over the last several years while staying consistently profitable. Profitability has generally trended upward, though the most recent year shows earnings easing back a bit from a very strong prior year, likely reflecting margin pressure, higher funding costs, or more conservative credit provisioning. Overall, the bank looks solidly profitable with reasonably efficient operations, but the recent dip in earnings suggests the easy gains from earlier rate moves and growth may be behind them, and future improvement could be more gradual and dependent on execution and credit quality.

Balance Sheet

Balance Sheet The balance sheet looks relatively conservative. Total assets have grown over time, supported by a steady build in shareholder equity, which points to retained earnings and a generally strong capital position. Debt increased notably a couple of years ago but has since been reduced, suggesting active balance sheet management rather than a structurally high reliance on borrowing. Cash levels are lower than earlier pandemic-era peaks, which is normal as excess liquidity is redeployed, but it does mean the bank has less of a cash cushion than in those unusually liquid years. Overall, NBHC appears reasonably well-capitalized with manageable leverage, but with a tighter liquidity profile than during its recent high-cash period.

Cash Flow

Cash Flow NBHC generates consistent cash flow from its core banking activities, which is a key strength. Operating cash flow has been positive and relatively stable in recent years, and free cash flow has followed a similar pattern, indicating that after funding its basic investment needs, the bank still retains cash to support growth initiatives and strategic flexibility. Capital spending is modest but has ticked up, which is consistent with ongoing investment in technology and infrastructure rather than heavy brick-and-mortar expansion. This pattern suggests a disciplined approach: enough spending to modernize and differentiate, but not at a level that strains the bank’s cash generation.

Competitive Edge

Competitive Edge NBHC occupies a differentiated niche as a technology-forward community and regional bank focused on small and mid-sized businesses. Its hybrid model—combining an in-person branch network with a digital ecosystem—positions it between traditional community banks and large national institutions. The emphasis on serving business clients in economically vibrant markets in the West, Midwest, and Southwest, including an expanded presence in Texas via the Vista Bancshares deal, supports growth potential. At the same time, NBHC remains much smaller than the national banks and faces intense competition for deposits and loans from both larger incumbents and fintechs. Its edge rests on specialization, integration of digital tools, and relationship banking rather than sheer scale.

Innovation and R&D

Innovation and R&D Innovation is a clear strategic pillar for NBHC. The 2UniFi platform is designed to be an integrated financial hub for small businesses, going beyond basic online banking to include credit-building tools, financial health insights, and working capital solutions. Partnerships with firms like Nav, Finstro, and Figure Technologies let NBHC plug advanced capabilities—such as credit analytics and blockchain-enabled services—into its offering without having to build everything internally. This approach can speed innovation and lower development risk, but it does introduce dependence on partners and execution risk around integration, user adoption, and eventual monetization. The key question is whether 2UniFi and these alliances can drive meaningful, scalable revenue and deeper client relationships over time.

Summary

NBHC comes across as a steadily profitable, reasonably conservative regional bank that is trying to distinguish itself through technology and a sharp focus on small and mid-sized businesses. Its income statement shows solid growth and good profitability, even if the latest year reflects some normalizing pressures. The balance sheet is sound with growing equity and manageable leverage, and the cash flow profile is healthy enough to support ongoing investment in digital capabilities. Competitively, NBHC is not a scale leader, but it is carving out a focused position around SMBs in attractive markets, using its 2UniFi ecosystem and fintech partnerships as a digital moat. The main opportunities lie in scaling this ecosystem and deepening customer relationships; the main risks are typical banking concerns—credit cycles, funding costs, regulation—plus the added challenge of executing a tech-led strategy and proving that its digital investments produce durable economic returns.

NEWS

October 29, 2025 · 4:25 PM UTC

National Bank Holdings Corporation Announces 3.3% Increase to Quarterly Dividend

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October 21, 2025 · 4:10 PM UTC

National Bank Holdings Corporation Announces Third Quarter 2025 Financial Results

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October 6, 2025 · 4:11 PM UTC

National Bank Holdings Corporation Announces Date for 2025 Third Quarter Earnings Release

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September 15, 2025 · 4:50 PM UTC

National Bank Holdings Corporation announces merger agreement with Vista Bancshares, Inc.

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