Earnings release
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Exhibit 99.1 National Bank Holdings Corporation Announces Second Quarter 2026 Financial Results NYSE Ticker: NBHC Denver, Colorado, July 21, 2026 - (Globe Newswire) – National Bank Holdings Corporation (the “Company” or “NBHC”) reported: For the quarter(1) For the six months ended June 30(1) 2026 Adjusted (1)(2) 2Q26 1Q26 2Q25 2026 2025 QTD YTD Net income ($000's) $ 26,490 $ 20,793 $ 34,022 $ 47,283 $ 58,253 $ 35,303 $ 67,910 Earnings per share - diluted $ 0.58 $ 0.46 $ 0.88 $ 1.04 $ 1.51 $ 0.78 $ 1.50 Return on average assets 0.86% 0.70% 1.38% 0.78% 1.19% 1.14% 1.12% Return on average tangible assets(2) 0.96% 0.79% 1.49% 0.87% 1.29% 1.26% 1.23% Return on average equity 6.34% 5.02% 10.15% 5.68% 8.80% 8.45% 8.16%Return on average tangible commonequity(2) 9.70% 7.75% 14.18% 8.62% 12.44% 12.71% 12.11% (1) Ratios are annualized. (2) Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures and Reconciliations” tables for reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP. In announcing these results, Chief Executive Officer Tim Laney shared, “We delivered solid second quarter results, with adjusted net income of $35.3 million and earnings of $0.78 per diluted share. Our teams generated record quarterly loan fundings of $926.9 million and 10% year-to-date annualized loan growth while maintaining strong credit quality, reflecting our prudent approach to growth. We grew our adjusted pre-provision net revenue 23% annualized compared to the first six months of the prior year and maintained a top quartile net interest margin through disciplined loan and deposit pricing.” Mr. Laney added, “Our teams are well prepared to integrate our most recent acquisition this quarter and are positioned to deliver a seamless experience for clients and associates. We are seeing strong momentum across the franchise, supported by our 12.29% Common Equity Tier 1 ratio, fortress balance sheet, and diversified funding sources, which will continue to drive meaningful long-term value for shareholders.” Second Quarter 2026 Results (All comparisons refer to the first quarter of 2026, except as noted) Net income increased $5.7 million, or 27.4%, to $26.5 million, or $0.58 per diluted share, during the second quarter of 2026, compared to $20.8 million or $0.46 per diluted share. Fully taxable equivalent pre-provision net revenue increased $4.2 million, or 13.1%, to $36.3 million. The return on average tangible assets increased 17 basis points to 0.96%, and the return on average tangible common equity increased 195 basis points to 9.70%. Adjusting for $11.4 million and $15.3 million of pre-tax acquisition and restructuring related charges in the second and first quarters, respectively, adjusted net income increased $2.7 million to $35.3 million, or $0.78 per diluted share. Adjusted, the fully taxable equivalent pre- provision net revenue increased to $47.8 million. The adjusted return on average tangible assets increased six basis points to 1.26%, and the adjusted return on average tangible common equity increased 92 basis points to 12.71%.
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2 Net Interest Income Fully taxable equivalent net interest income increased $0.5 million to $111.5 million primarily due to average interest earning assets growth of $254.0 million and one additional day during the second quarter. The fully taxable equivalent net interest margin totaled 3.94%, compared to 4.06%, narrowing 12 basis points due to a decrease in the yield on earning assets primarily driven by higher loan fee income in the prior quarter. The cost of deposits improved one basis point to 1.93%. Loans Loans increased $162.6 million, or 6.8% annualized, to $9.8 billion at June 30, 2026. We generated record quarterly loan fundings of $926.9 million, led by commercial loan fundings of $452.5 million. Asset Quality and Provision for Credit Losses The Company maintains strong credit quality and takes a proactive approach to monitoring credit. The Company recorded provision expense of $1.5 million during the quarter, primarily driven by the quarter’s loan growth, compared to $4.0 million in the prior quarter. Annualized net charge-offs totaled 0.27% of total loans. Non-performing loans totaled 0.31% of total loans at June 30, 2026, and non-performing assets totaled 0.35% of total loans and OREO at June 30, 2026, both consistent with prior quarter. The allowance for credit losses as a percentage of loans was 1.13% at June 30, 2026, compared to 1.18%. Deposits The Company maintains a low cost, diversified deposit franchise. Average total deposits increased $57.4 million to $10.2 billion, and average transaction deposits (defined as total deposits less time deposits) increased $115.7 million to $8.9 billion. The loan to deposit ratio totaled 94.1% at June 30, 2026, compared to 91.9%. The mix of transaction deposits to total deposits increased 16 basis points to 87.8% at June 30, 2026. Non-Interest Income Non-interest income increased $1.8 million, or 9.9%, to $19.8 million. Income from partnership investments increased $1.1 million and service charges and bank card fees increased $0.6 million. These increases were partially offset by the decrease in mortgage banking income driven by the current rate environment. Non-Interest Expense Non-interest expense improved $1.9 million to $95.0 million. Included in the second and first quarters were acquisition and restructuring related expenses of $11.2 million and $15.3 million, respectively. Excluding these items, second quarter adjusted non-interest expense totaled $83.7 million, compared to $81.5 million. The increase reflects strategic investments in talent, merit increases, and one additional day in the second quarter. The fully taxable equivalent efficiency ratio improved 277 basis points to 72.3%. The adjusted fully taxable equivalent efficiency ratio totaled 61.8%, compared to 61.3%. Income tax expense totaled $6.1 million, compared to $5.2 million in the previous quarter, driven by higher pre-tax income in the current quarter. The effective tax rate was 18.8%. Capital Common book value per share increased $0.23 to $37.48 at June 30, 2026, compared to March 31, 2026. Tangible book value per share increased $0.22 to $26.23, primarily driven by the quarter’s earnings after covering the quarterly dividend. NBHC executed $11.1 million of share buybacks in the second quarter as part of its ongoing capital strategy. Capital ratios continue to be well in excess of federal bank regulatory agency “well capitalized” thresholds. The tier 1 leverage ratio totaled 10.30%, and the common equity tier 1 capital ratio totaled 12.29% at June 30, 2026. Shareholders’ equity increased $4.2 million to $1.7 billion at June 30, 2026, compared to March 31, 2026, primarily driven by $11.9 million of growth in retained earnings from net income after covering the quarter’s dividend and share buybacks.
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3 Year-Over-Year Review (All comparisons refer to the first six months of 2025, except as noted) Net income totaled $47.3 million, or $1.04 per diluted share, compared to $58.3 million or $1.51 per diluted share. Fully taxable equivalent pre-provision net revenue totaled $68.5 million, compared to $85.4 million. The return on average tangible assets totaled 0.87%, compared to 1.29%, and the return on average tangible common equity totaled 8.62%, compared to 12.44%. Adjusting for $26.8 million of pre-tax acquisition and restructuring related charges, adjusted net income increased $9.7 million, or 16.6%, to $67.9 million or $1.50 per diluted share. Adjusted, the fully taxable equivalent pre-provision net revenue increased $9.9 million, or 11.5%, to $95.3 million. The adjusted return on average tangible assets totaled 1.23%, and the adjusted return on average tangible common equity totaled 12.11%. Fully taxable equivalent net interest income increased $44.6 million, or 25.1%, to $222.5 million. Average earning assets increased $2.1 billion, or 23.2%, driven by a $1.6 billion increase in average acquired loans and $232.4 million of average originated loan growth. Our Vista acquisition added $1.9 billion in total loans on January 7th, 2026. The fully taxable equivalent net interest margin expanded six basis points to 4.00%, driven by an eight basis point improvement in the cost of funds. Loans outstanding increased $2.3 billion, or 30.5%, to $9.8 billion. New loan fundings over the trailing twelve months totaled a record $2.7 billion, led by commercial fundings of $1.6 billion. The Company recorded $5.5 million of provision expense for credit losses, compared to $10.2 million. Net charge-offs totaled 0.30% of average total loans, compared to 0.43%. Non-performing loans improved 14 basis points to 0.31% of total loans at June 30, 2026, and non-performing assets improved 10 basis points to 0.35% of total loans and OREO at June 30, 2026. The allowance for credit losses as a percentage of loans totaled 1.13% at June 30, 2026, compared to 1.19% at June 30, 2025. Average deposits increased $1.9 billion to $10.2 billion, and average transaction deposits increased $1.7 billion to $8.9 billion compared to the same period prior year. The mix of transaction deposits to total deposits increased 77 basis points to 87.8% at June 30, 2026. Non-interest income increased $5.3 million, or 16.3%, to $37.7 million, primarily driven by increases in our diversified sources of fee income including service charges and bank card fees, income from partnership investments, swap fee income, and trust income. Non-interest expense totaled $191.8 million, which included $26.6 million of acquisition and restructuring expenses, compared to non-interest expense of $124.9 million in the same period prior year. Excluding these items, the current period adjusted non-interest expense totaled $165.2 million, increasing from the same period prior year primarily due to our recent acquisition. Occupancy and equipment expense increased $11.7 million primarily driven by the 2UniFiSM capitalized asset depreciation in connection with the launch of 2UniFi in the third quarter of 2025. The fully taxable equivalent efficiency ratio totaled 73.7%, compared to 59.4% in the same period prior year. The adjusted fully taxable equivalent efficiency ratio totaled 61.6% for the six months ended June 30, 2026. Income tax expense totaled $11.3 million, compared to $13.1 million in the same period prior year, and the effective tax rate was 19.2%, compared to 18.8% in the prior year.
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Conference Call Management will host a conference call to review the results at 11:00 a.m. Eastern Time on Wednesday, July 22, 2026. The call may also include discussion of company developments, forward-looking statements and other material information about business and financial matters. Interested parties may listen to this call by dialing (800) 330-6710 using the participant passcode of 8928718 and asking for the NBHC Q2 2026 Earnings Call. The earnings release and a link to the replay of the call will be available on the Company’s website at www.nationalbankholdings.com by visiting the investor relations area. About National Bank Holdings Corporation National Bank Holdings Corporation is a bank holding company created to build a leading community bank franchise, delivering high quality client service and committed to stakeholder results. Through its bank subsidiaries, NBH Bank and Bank of Jackson Hole Trust, National Bank Holdings Corporation operates a network of over 90 banking centers, serving individual consumers, small, medium and large businesses, and government and non-profit entities. Its banking centers are located in its core footprint of Colorado, the greater Kansas City region, Texas, Utah, Wyoming, New Mexico, Idaho, and Palm Beach, Florida. Its comprehensive residential mortgage banking group primarily serves the bank’s core footprint. Its trust and wealth management business is operated through its trust and wealth department under Bank of Jackson Hole, a division of NBH Bank. NBH Bank operates its core banking business under a single state charter through the following brand names as divisions of NBH Bank: in Colorado, Community Banks of Colorado and Community Banks Mortgage; in Kansas and Missouri, Bank Midwest and Bank Midwest Mortgage; in Texas, Vista Bank and Hillcrest Bank; in Utah, New Mexico and Idaho, Hillcrest Bank and Hillcrest Bank Mortgage; in Palm Beach, Florida, Vista Bank; and in Wyoming, Bank of Jackson Hole and Bank of Jackson Hole Mortgage. Additional information about National Bank Holdings Corporation can be found at www.nationalbankholdings.com. For more information visit: cobnks.com, bankmw.com, hillcrestbank.com, bankofjacksonhole.com, vistabank.com, or nbhbank.com, or connect with any of our brands on LinkedIn. About Non-GAAP Financial Measures Certain financial measures and ratios we present are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as “non-GAAP financial measures.” We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods. These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these differences by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non- GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance. A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not discuss historical facts but instead relate to expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. Forward-looking statements are generally identified by words such as “anticipate,” “believe,” “can,” “would,” “should,” “could,” “may,” “predict,” “seek,” “potential,” “will,”
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4 “estimate,” “target,” “plan,” “projected,” “continuing,” “ongoing,” “expect,” “intend,” “goal,” “focus,” “maintains,” “future,” “ultimately,” “likely,” “ensure,” “strategy,”
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5 “objective,” and similar words or phrases. These statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties. We have based these statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, liquidity, results of operations, business strategy and growth prospects. Although we believe that the expectations reflected in these forward- looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements due to a number of factors, including, but not limited to, business and economic conditions along with external events, both generally and in the financial services industry; susceptibility to credit risk and fluctuations in the value of real estate and other collateral securing a significant portion of our loan portfolio, including with regards to real estate acquired through foreclosure, and the accuracy of appraisals related to such real estate; changes impacting monetary supply and the businesses of our clients and counterparties, including levels of market interest rates, inflation, currency values, monetary, fiscal, and international trade policy, and the volatility of trading markets; our ability to maintain sufficient liquidity to meet the requirements of deposit withdrawals and other business needs; our desire to raise additional capital in connection with strategic growth initiatives and our ability to access the capital markets when desired or on favorable terms; changes in the fair value of our investment securities can fluctuate due to market conditions outside of our control; our investments in financial technology companies and initiatives may subject us to material financial, reputational and strategic risks; the allowance for credit losses and fair value adjustments may be insufficient to absorb losses in our loan portfolio; any service interruptions, cyber incidents or other breaches relating to our technology systems, security systems or infrastructure or those of our third-party providers; the occurrence of fraud or other financial crimes within our business; competition from other financial services providers, including traditional financial institutions and financial technology companies, and the effects of disintermediation within the banking business including consolidation within the industry; changes to federal government lending programs like the Small Business Administration’s Preferred Lender Program and the Federal Housing Administration’s insurance programs, including the impact of changes in regulations, budget appropriations and a prolonged government shutdown on such programs; impairment of our mortgage servicing rights, disruption in the secondary market for mortgage loans, declines in real estate values, or being required to repurchase mortgage loans or reimburse investors; claims and litigation related to our fiduciary responsibilities in connection with our trust and wealth business; our ability to manage and execute our organic growth and acquisition strategies, including our ability to realize the expected benefits of our acquisition strategies; developments in technology, such as artificial intelligence, the success of our digital growth strategy, and our ability to incorporate innovative technologies in our business and provide products and services that satisfy our clients’ expectations for convenience and security; our ability to integrate Vista Bank into our business may be more difficult, costly or time consuming than expected and we may fail to realize the anticipated benefits or cost savings of the merger; failure to obtain regulatory approvals or consummate attractive acquisitions or continue to increase organic loan growth would restrict our growth plans; the accuracy of projected operating results for assets and businesses we acquire as well as our ability to drive organic loan growth to replace loans in our existing portfolio with comparable loans as loans are paid down; our ability to comply with and manage costs related to extensive and potentially expanding government regulation and supervision, including current and future regulations affecting bank holding companies and depository institutions; our ability to execute our capital allocation strategy, including paying dividends or repurchasing shares, is subject to regulatory limitations; the application of any increased assessment rates imposed by the Federal Deposit Insurance Corporation; claims or legal action brought against us by third parties or government agencies; the loss of our executive officers and key personnel; changes to federal, state and local laws and regulations along with executive orders applicable to our business, including tax laws; and other factors, risks, trends and uncertainties described elsewhere in our other filings with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.
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6 Contacts: Analysts/Institutional Investors: Emily Gooden, Chief Accounting Officer and Investor Relations Director, (720) 554-6640, ir@nationalbankholdings.com Nicole Van Denabeele, Chief Financial Officer, (720) 529-3370, ir@nationalbankholdings.com Media: Dave Coons, SVP, Associate Director of Corporate Communications and Marketing, (816) 298-2214, dave.coons@nbhbank.com
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7 NATIONAL BANK HOLDINGS CORPORATION FINANCIAL SUMMARY Consolidated Statements of Operations (Unaudited) (Dollars in thousands, except share and per share data) For the three months ended For the six months ended June 30, March 31, June 30, June 30, June 30, 2026 2026 2025 2026 2025 Total interest and dividend income $ 162,004 $ 159,151 $ 131,220 $ 321,155 $ 261,183 Total interest expense 52,712 50,349 43,811 103,061 87,083 Net interest income 109,292 108,802 87,409 218,094 174,100 Taxable equivalent adjustment 2,239 2,182 1,912 4,421 3,822 Net interest income FTE(1) 111,531 110,984 89,321 222,515 177,922 Provision expense for credit losses 1,500 4,000 — 5,500 10,200 Net interest income after provision for credit losses FTE(1) 110,031 106,984 89,321 217,015 167,722 Non-interest income: Service charges 4,501 4,192 4,127 8,693 8,245 Bank card fees 4,616 4,334 4,732 8,950 8,926 Mortgage banking income 2,423 2,742 2,547 5,165 5,862 Other non-interest income 8,226 6,465 5,660 14,691 9,409 Gain (loss) on security sales — 246 — 246 — Total non-interest income 19,766 17,979 17,066 37,745 32,442 Non-interest expense: Salaries and benefits 54,366 56,970 37,746 111,336 72,108 Occupancy and equipment 16,154 15,834 9,436 31,988 20,273 Professional fees 3,002 2,232 1,680 5,234 3,103 Data processing 7,945 7,653 4,452 15,598 8,853 Other non-interest expense 11,050 11,684 7,670 22,734 16,687 Other intangible assets amortization 2,433 2,464 1,947 4,897 3,924 Total non-interest expense 94,950 96,837 62,931 191,787 124,948 Income before income taxes FTE(1) 34,847 28,126 43,456 62,973 75,216 Taxable equivalent adjustment 2,239 2,182 1,912 4,421 3,822 Income before income taxes 32,608 25,944 41,544 58,552 71,394 Income tax expense 6,118 5,151 7,522 11,269 13,141 Net income $ 26,490 $ 20,793 $ 34,022 $ 47,283 $ 58,253 Earnings per share - basic $ 0.58 $ 0.46 $ 0.89 $ 1.04 $ 1.52 Earnings per share - diluted 0.58 0.46 0.88 1.04 1.51 Common stock dividend 0.32 0.32 0.30 0.64 0.59 (1) Net interest income is presented on a GAAP basis and fully taxable equivalent (FTE) basis, as the Company believes this non- GAAP measure is the preferred industry measurement for this item. The FTE adjustment is for the tax benefit on certain tax exempt loans using the federal tax rate of 21% for each period presented.
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8 NATIONAL BANK HOLDINGS CORPORATION Consolidated Statements of Financial Condition (Unaudited) (Dollars in thousands, except share and per share data) June 30, 2026 March 31, 2026 December 31, 2025 June 30, 2025 ASSETS Cash and cash equivalents $ 380,696$ 472,791$ 417,058 $ 296,483 Investment securities available-for-sale 585,533 605,167 528,639 631,947 Investment securities held-to-maturity 758,223 757,350 651,732 717,232 Other securities 99,184 90,457 80,634 81,124 Loans 9,774,052 9,611,486 7,433,356 7,486,918 Allowance for credit losses (110,271) (113,477) (87,415) (88,893) Loans, net 9,663,781 9,498,009 7,345,941 7,398,025 Loans held for sale 26,486 24,905 25,695 20,784 Other real estate owned 4,174 3,821 1,674 291 Premises and equipment, net 234,139 235,666 214,554 209,414 Goodwill 455,408 454,672 306,043 306,043 Intangible assets, net 64,631 67,375 48,337 52,496 Other assets 313,881 404,195 263,211 284,890 Total assets $ 12,586,136$ 12,614,408$ 9,883,518$ 9,998,729 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Non-interest bearing demand deposits $ 2,575,684$ 2,573,213$ 2,204,241$ 2,168,574 Interest bearing demand deposits 1,568,250 1,546,569 1,237,006 1,240,698 Savings and money market 4,975,841 5,044,181 3,701,616 3,785,951 Total transaction deposits 9,119,775 9,163,963 7,142,863 7,195,223 Time deposits 1,269,658 1,294,881 1,149,771 1,074,261 Total deposits 10,389,433 10,458,844 8,292,634 8,269,484 Securities sold under agreements to repurchase 20,239 16,991 17,350 18,513 Long-term debt 202,003 202,138 54,540 54,385 Federal Home Loan Bank advances 125,000 — — 185,000 Other liabilities 180,357 271,560 133,880 118,851 Total liabilities 10,917,032 10,949,533 8,498,404 8,646,233 Shareholders' equity: Common stock 588 588 515 515 Additional paid in capital 1,460,627 1,454,100 1,171,581 1,167,719 Retained earnings 590,437 578,522 572,461 544,428 Treasury stock (333,131) (320,269) (315,397) (304,254) Accumulated other comprehensive loss, net of tax (49,417) (48,066) (44,046) (55,912) Total shareholders' equity 1,669,104 1,664,875 1,385,114 1,352,496 Total liabilities and shareholders' equity $ 12,586,136$ 12,614,408$ 9,883,518$ 9,998,729 SHARE DATA Average basic shares outstanding 44,665,184 44,439,788 37,803,728 38,075,896 Average diluted shares outstanding 44,915,790 44,610,511 37,922,557 38,151,810 Ending shares outstanding 44,537,718 44,692,472 37,772,516 38,045,622 Common book value per share $ 37.48 $ 37.25 $ 36.67 $ 35.55 Tangible book value per share (non-GAAP)(1) 26.23 26.01 27.80 26.64 CAPITAL RATIOS Average equity to average assets 13.53% 13.84% 14.21% 13.62% Tangible common equity to tangible assets (non-GAAP)(1) 9.67% 9.60% 11.00% 10.49% Tier 1 leverage ratio 10.30% 10.45% 11.56% 11.18% Common equity tier 1 risk-based capital ratio 12.29% 12.51% 14.89% 14.17% Tier 1 risk-based capital ratio 12.29% 12.51% 14.89% 14.17% Total risk-based capital ratio 15.42% 15.78% 16.82% 16.07% (1) Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures and Reconciliations” starting on page 14.
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9 NATIONAL BANK HOLDINGS CORPORATION Loan Portfolio (Dollars in thousands) Period End Loan Balances by Type June 30, 2026 June 30, 2026 vs. March 31, 2026 vs. June 30, 2025 June 30, 2026 March 31, 2026 % Change June 30, 2025 % Change Originated: Commercial: Commercial and industrial $ 2,193,328$ 2,073,442 5.8% $ 1,829,984 19.9% Municipal and non-profit 1,296,609 1,290,778 0.5% 1,125,330 15.2% Owner-occupied commercial real estate 926,686 892,378 3.8% 1,051,964 (11.9)% Food and agribusiness 207,031 185,368 11.7% 213,254 (2.9)% Total commercial 4,623,654 4,441,966 4.1% 4,220,532 9.6% Commercial real estate non-owner occupied 1,434,867 1,189,200 20.7% 1,118,730 28.3% Residential real estate 1,033,943 974,316 6.1% 915,213 13.0% Consumer 13,645 13,340 2.3% 12,050 13.2% Total originated 7,106,109 6,618,822 7.4% 6,266,525 13.4% Acquired: Commercial: Commercial and industrial 566,984 688,955 (17.70)% 100,545 463.9% Municipal and non-profit 240 246 (2.44)% 265 (9.4)% Owner-occupied commercial real estate 382,970 399,285 (4.09)% 188,745 102.9% Food and agribusiness 31,451 46,295 (32.06)% 31,693 (0.8)% Total commercial 981,645 1,134,781 (13.49)% 321,248 205.6% Commercial real estate non-owner occupied 1,215,762 1,350,322 (9.97)% 601,890 102.0% Residential real estate 469,518 506,257 (7.26)% 296,795 58.2% Consumer 1,018 1,304 (21.93)% 460 121.3% Total acquired 2,667,943 2,992,664 (10.85)% 1,220,393 118.6% Total loans $ 9,774,052$ 9,611,486 1.7% $ 7,486,918 30.5% Loan Fundings(1) Second quarter First quarter Fourth quarter Third quarter Second quarter 2026 2026 2025 2025 2025 Commercial: Commercial and industrial $ 293,094 $ 346,250 $ 237,813 $ 159,250 $ 133,402 Municipal and non-profit 50,506 45,000 119,918 81,418 34,393 Owner occupied commercial real estate 84,606 49,556 66,798 42,362 47,233 Food and agribusiness 24,251 5,697 4,437 5,015 4,576 Total commercial 452,457 446,503 428,966 288,045 219,604 Commercial real estate non-owner occupied 352,629 268,021 96,482 81,136 56,770 Residential real estate 120,340 89,375 64,161 49,877 44,470 Consumer 1,460 1,583 1,399 2,142 1,823 Total $ 926,886 $ 805,482 $ 591,008 $ 421,200 $ 322,667 (1) Loan fundings are defined as closed end funded loans and net fundings under revolving lines of credit. Net fundings (paydowns) under revolving lines of credit were $178,133, $65,273, $95,774, ($1,591), and $15,490 for the periods noted in the table above, respectively.
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10 NATIONAL BANK HOLDINGS CORPORATION Summary of Net Interest Margin (Dollars in thousands) For the three months ended For the three months ended For the three months endedJune 30, 2026 March 31, 2026 June 30, 2025 Average Average Average Average Average Averagebalance Interest rate balance Interest rate balance Interest rate Interest earning assets: Originated loans FTE(1)(2) $ 6,762,456 $ 102,709 6.09% $ 6,324,783 $ 97,058 6.22% $ 6,289,154 $ 102,399 6.53% Acquired loans 2,867,500 47,819 6.69% 2,948,300 49,815 6.85% 1,262,933 19,397 6.16%Loans held for sale 21,612 316 5.86% 18,556 284 6.21% 21,115 354 6.72%Investment securitiesavailable-for-sale 663,636 4,619 2.78% 694,048 5,001 2.88% 701,920 4,661 2.66%Investment securities held-to-maturity 791,847 6,327 3.20% 691,109 5,150 2.98% 713,178 5,173 2.90%Other securities 41,977 688 6.56% 37,111 516 5.56% 30,560 466 6.10% Interest earning deposits 194,358 1,765 3.64% 375,473 3,509 3.79% 57,634 682 4.75% Total interest earningassets FTE(2) $ 11,343,386 $ 164,243 5.81% $ 11,089,380 $ 161,333 5.90% $ 9,076,494 $ 133,132 5.88% Cash and due from banks $ 95,632 $ 99,579 $ 79,131Other assets 1,054,388 1,040,484 807,802 Allowance for credit losses (114,769) (97,098) (90,292) Total assets $ 12,378,637 $ 12,132,345 $ 9,873,135 Interest bearing liabilities:Interest bearing demand,savings and moneymarket deposits $ 6,393,003 $ 38,371 2.41% $ 6,321,115 $ 37,187 2.39% $ 4,986,119 $ 32,758 2.64% Time deposits 1,270,963 10,530 3.32% 1,329,219 11,182 3.41% 1,062,481 9,087 3.43%Federal Home Loan Bankadvances 89,188 855 3.85% 8,333 152 7.40% 93,676 1,170 5.01%Other borrowings(3) 37,202 167 1.80% 29,978 124 1.68% 41,300 278 2.70% Long-term debt 202,144 2,789 5.53% 135,277 1,704 5.11% 54,574 518 3.81% Total interest bearingliabilities $ 7,992,500 $ 52,712 2.65% $ 7,823,922 $ 50,349 2.61% $ 6,238,150 $ 43,811 2.82% Demand deposits $ 2,520,897 $ 2,477,131 $ 2,152,899 Other liabilities 189,969 152,030 137,319 Total liabilities 10,703,366 10,453,083 8,528,368 Shareholders' equity 1,675,271 1,679,262 1,344,767 Total liabilities andshareholders' equity $ 12,378,637 $ 12,132,345 $ 9,873,135 Net interest income FTE(2) $ 111,531 $ 110,984 $ 89,321 Interest rate spread FTE(2) 3.16% 3.29% 3.06% Net interest earning assets $ 3,350,886 $ 3,265,458 $ 2,838,344 Net interest margin FTE(2) 3.94% 4.06% 3.95% Average transaction deposits $ 8,913,900 $ 8,798,246 $ 7,139,018 Average total deposits 10,184,863 10,127,465 8,201,499Ratio of average interestearning assets to averageinterest bearing liabilities 141.93% 141.74% 145.50% (1) Originated loans are net of deferred loan fees, less costs, which are included in interest income over the life of the loan. (2) Presented on a fully taxable equivalent basis using the statutory tax rate of 21%. The tax equivalent adjustments included above are $2,239, $2,182 and $1,912 for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. (3) Other borrowings includes securities sold under agreements to repurchase and cash collateral received from counterparties in connection with derivative swap agreements.
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11 NATIONAL BANK HOLDINGS CORPORATION Summary of Net Interest Margin (Dollars in thousands) For the six months ended June 30, 2026 For the six months ended June 30, 2025 Average Average Average Averagebalance Interest rate balance Interest rate Interest earning assets: Originated loans FTE(1)(2) $ 6,544,828$ 199,767 6.16% $ 6,312,413$ 204,620 6.54% Acquired loans 2,907,677 97,634 6.77% 1,307,084 38,944 6.01% Loans held for sale 20,093 600 6.02% 20,439 703 6.94% Investment securities available-for-sale 678,758 9,620 2.83% 709,387 9,278 2.62% Investment securities held-to-maturity 741,756 11,477 3.09% 674,783 9,293 2.75% Other securities 39,557 1,204 6.09% 30,971 946 6.11% Interest earning deposits 284,415 5,274 3.74% 52,946 1,221 4.65% Total interest earning assets FTE(2) $ 11,217,084$ 325,576 5.85% $ 9,108,023$ 265,005 5.87% Cash and due from banks $ 97,594 $ 78,189 Other assets 1,047,471 801,127 Allowance for credit losses (105,982) (92,878) Total assets $ 12,256,167 $ 9,894,461 Interest bearing liabilities:Interest bearing demand, savings and moneymarket deposits $ 6,327,912$ 75,558 2.41% $ 5,006,472$ 65,269 2.63% Time deposits 1,299,930 21,712 3.37% 1,049,305 17,843 3.43% Federal Home Loan Bank advances 48,873 1,007 4.16% 100,376 2,275 4.57% Other borrowings(3) 33,720 291 1.74% 45,764 660 2.91% Long-term debt 168,895 4,493 5.36% 54,557 1,036 3.83% Total interest bearing liabilities $ 7,879,330$ 103,061 2.64% $ 6,256,474$ 87,083 2.81% Demand deposits $ 2,528,481 $ 2,174,977 Other liabilities 171,104 128,611 Total liabilities 10,578,915 8,560,062 Shareholders' equity 1,677,252 1,334,399 Total liabilities and shareholders' equity $ 12,256,167 $ 9,894,461 Net interest income FTE(2) $ 222,515 $ 177,922 Interest rate spread FTE(2) 3.21% 3.06% Net interest earning assets $ 3,337,754 $ 2,851,549 Net interest margin FTE(2) 4.00% 3.94% Average transaction deposits $ 8,856,393 $ 7,181,449 Average total deposits 10,156,323 8,230,754 Ratio of average interest earning assets to averageinterest bearing liabilities 142.36% 145.58% (1) Originated loans are net of deferred loan fees, less costs, which are included in interest income over the life of the loan. (2) Presented on a fully taxable equivalent basis using the statutory tax rate of 21%. The tax equivalent adjustments included above are $4,421 and $3,822 for the six months ended June 30, 2026 and June 30, 2025, respectively. (3) Other borrowings includes securities sold under agreements to repurchase and cash collateral received from counterparties in connection with derivative swap agreements.
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12 NATIONAL BANK HOLDINGS CORPORATION Allowance for Credit Losses and Asset Quality (Dollars in thousands) Allowance for Credit Losses Analysis As of and for the three months ended June 30, 2026 March 31, 2026 June 30, 2025 Beginning allowance for credit losses $ 113,477 $ 87,415 $ 90,192 Allowance for credit loss at acquisition 2,473 29,462 — Charge-offs (6,508) (7,757) (1,158) Recoveries 79 57 170 Provision expense (release) for credit losses on loans 750 4,300 (311) Ending allowance for credit losses ("ACL") $ 110,271 $ 113,477 $ 88,893 Ratio of annualized net charge-offs (recoveries) to average total loans during the period 0.27% 0.34% 0.05% Ratio of ACL to total loans outstanding at period end 1.13% 1.18% 1.19% Ratio of ACL to total non-performing loans at period end 365.97% 378.38% 266.66% Total loans $ 9,774,052$ 9,611,486 $ 7,486,918 Average total loans during the period 9,608,203 9,255,883 7,530,783 Total non-performing loans 30,131 29,990 33,336 Past Due and Non-accrual Loans June 30, 2026 March 31, 2026 June 30, 2025 Loans 90 days past due and still accruing interest $ 29,112 $ 26,858 $ 7,315 Non-accrual loans 30,131 29,990 33,336 Total past due and non-accrual loans $ 59,243 $ 56,848 $ 40,651 Total 90 days past due and still accruing interest and non- accrual loans to total loans 0.61% 0.59% 0.54% Loans 30-89 days past due and still accruing interest $ 17,169 $ 21,624 $ 13,923 Asset Quality Data June 30, 2026 March 31, 2026 June 30, 2025 Non-performing loans $ 30,131 $ 29,990 $ 33,336 OREO 4,174 3,821 291 Total non-performing assets $ 34,305 $ 33,811 $ 33,627 Total non-performing loans to total loans 0.31% 0.31% 0.45% Total non-performing assets to total loans and OREO 0.35% 0.35% 0.45%
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13 NATIONAL BANK HOLDINGS CORPORATION Key Metrics(1) As of and for the three months ended As of and for the six months ended June 30, March 31, June 30, June 30, June 30, 2026 2026 2025 2026 2025 Return on average assets 0.86% 0.70% 1.38% 0.78% 1.19% Return on average tangible assets(2) 0.96% 0.79% 1.49% 0.87% 1.29% Adjusted return on average tangible assets(2) 1.26% 1.20% 1.49% 1.23% 1.29% Return on average equity 6.34% 5.02% 10.15% 5.68% 8.80% Return on average tangible common equity(2) 9.70% 7.75% 14.18% 8.62% 12.44% Adjusted return on average tangible common equity(2) 12.71% 11.79% 14.18% 12.11% 12.44% Loan to deposit ratio (end of period) 94.08% 91.90% 90.54% 94.08% 90.54% Non-interest bearing deposits to total deposits (end of period) 24.79% 24.60% 26.22% 24.79% 26.22% Net interest margin(3) 3.86% 3.98% 3.86% 3.92% 3.85% Net interest margin FTE(3)(4) 3.94% 4.06% 3.95% 4.00% 3.94% Interest rate spread FTE(4)(5) 3.16% 3.29% 3.06% 3.21% 3.06% Yield on earning assets(6) 5.73% 5.82% 5.80% 5.77% 5.78% Yield on earning assets FTE(4)(6) 5.81% 5.90% 5.88% 5.85% 5.87% Cost of funds 2.01% 1.98% 2.09% 2.00% 2.08% Cost of deposits 1.93% 1.94% 2.05% 1.93% 2.04% Non-interest income to total revenue FTE(4)(7) 15.05% 13.94% 16.04% 14.50% 15.42% Efficiency ratio FTE(4) 72.32% 75.09% 59.15% 73.69% 59.40% Adjusted efficiency ratio FTE(2)(4) 61.81% 61.28% 57.32% 61.55% 57.53% Pre-provision net revenue FTE(2)(4) 36,347 32,126 43,456 68,473 85,416 Adjusted pre-provision net revenue FTE(2)(4) 47,795 47,475 43,456 95,270 85,416 Total Loans Asset Quality Data(8)(9) Non-performing loans to total loans 0.31% 0.31% 0.45% 0.31% 0.45% Non-performing assets to total loans and OREO0.35% 0.35% 0.45% 0.35% 0.45% Allowance for credit losses to total loans 1.13% 1.18% 1.19% 1.13% 1.19% Allowance for credit losses to non-performing loans365.97% 378.38% 266.66% 365.97% 266.66% Net charge-offs to average loans 0.27% 0.34% 0.05% 0.30% 0.43% (1) Ratios are annualized. (2) Ratio represents non-GAAP financial measure. See “Non-GAAP Financial Measures and Reconciliations” starting on page 14. (3) Net interest margin represents net interest income, including accretion income on interest earning assets, as a percentage of average interest earning assets. (4) Presented on a fully taxable equivalent basis using the statutory tax rate of 21%. The tax equivalent adjustments included above are $2,239, $2,182 and $1,912 for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively, and $4,421 and $3,822 for the six months ended June 30, 2026 and June 30, 2025, respectively. (5) Interest rate spread represents the difference between the weighted average yield on interest earning assets, including FTE income, and the weighted average cost of interest bearing liabilities. Ratio represents a non-GAAP financial measure. (6) Interest earning assets include assets that earn interest/accretion or dividends. Any market value adjustments on investment securities or loans are excluded from interest earning assets. (7) Non-interest income to total revenue represents non-interest income divided by the sum of net interest income FTE and non- interest income. (8) Non-performing loans consist of non-accruing loans. (9) Total loans are net of unearned discounts and fees.
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14 NATIONAL BANK HOLDINGS CORPORATION NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (Dollars in thousands, except share and per share data) Tangible Book Value Ratios June 30, 2026 March 31, 2026 December 31, 2025 June 30, 2025 Total shareholders' equity $ 1,669,104$ 1,664,875$ 1,385,114 $ 1,352,496 Less: goodwill and other intangible assets, net (514,975) (516,672) (348,961) (352,854) Add: deferred tax liability related to goodwill 14,154 14,050 13,947 13,741 Tangible common equity (non-GAAP) $ 1,168,283$ 1,162,253$ 1,050,100$ 1,013,383 Total assets $ 12,586,136$ 12,614,408$ 9,883,518$ 9,998,729 Less: goodwill and other intangible assets, net (514,975) (516,672) (348,961) (352,854) Add: deferred tax liability related to goodwill 14,154 14,050 13,947 13,741 Tangible assets (non-GAAP) $ 12,085,315$ 12,111,786 $ 9,548,504$ 9,659,616 Tangible common equity to tangible assetscalculations: Total shareholders' equity to total assets 13.26% 13.20% 14.01% 13.53% Less: impact of goodwill and other intangible assets, net (3.59)% (3.60)% (3.01)% (3.04)% Tangible common equity to tangible assets (non-GAAP) 9.67% 9.60% 11.00% 10.49% Tangible book value per share calculations: Tangible common equity (non-GAAP) $ 1,168,283$ 1,162,253$ 1,050,100$ 1,013,383 Divided by: ending shares outstanding 44,537,718 44,692,472 37,772,516 38,045,622 Tangible book value per share (non-GAAP) $ 26.23 $ 26.01 $ 27.80 $ 26.64
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15 NATIONAL BANK HOLDINGS CORPORATION (Dollars in thousands, except share and per share data) Return on Average Tangible Assets and Return on Average Tangible Equity As of and for the three months ended As of and for the six months ended June 30, March 31, June 30, June 30, June 30, 2026 2026 2025 2026 2025 Net income $ 26,490 $ 20,793 $ 34,022 $ 47,283 $ 58,253Add: adjustments, after tax (non-GAAP)(1) 8,813 11,814 — 20,627 — Adjusted net income (non-GAAP)(1) $ 35,303 $ 32,607 $ 34,022 $ 67,910 $ 58,253 Net income $ 26,490 $ 20,793 $ 34,022 $ 47,283 $ 58,253Add: impact of other intangible assets amortization expense,after tax (non-GAAP) 1,873 1,897 1,492 3,769 3,006 Net income excluding the impact of other intangible assetsamortization expense, after tax (non-GAAP) $ 28,363 $ 22,690 $ 35,514 $ 51,052 $ 61,259 Net income excluding the impact of other intangible assetsamortization expense, after tax (non-GAAP) $ 28,363 $ 22,690 $ 35,514 $ 51,052 $ 61,259 Add: adjustments, after tax (non-GAAP)(1) 8,813 11,814 — 20,627 — Adjusted net income excluding the impact of other intangibleassets amortization expense (non-GAAP)(1) $ 37,176 $ 34,504 $ 35,514 $ 71,679 $ 61,259 Average assets $ 12,378,637 $ 12,132,345 $ 9,873,135 $ 12,256,167 $ 9,894,461Less: average goodwill and other intangible assets, net ofdeferred tax liability related to goodwill (non-GAAP) (502,057) (492,642) (340,330) (483,276) (341,320) Average tangible assets (non-GAAP) $ 11,876,580 $ 11,639,703 $ 9,532,805 $ 11,772,891 $ 9,553,141 Average shareholders' equity $ 1,675,271 $ 1,679,262 $ 1,344,767 $ 1,677,252 $ 1,334,399Less: average goodwill and other intangible assets, net ofdeferred tax liability related to goodwill (non-GAAP) (502,057) (492,642) (340,330) (483,276) (341,320) Average tangible common equity (non-GAAP) $ 1,173,214 $ 1,186,620 $ 1,004,437 $ 1,193,976 $ 993,079 Return on average assets 0.86% 0.70% 1.38% 0.78% 1.19%Adjusted return on average assets (non-GAAP) 1.14% 1.09% 1.38% 1.12% 1.19%Return on average tangible assets (non-GAAP) 0.96% 0.79% 1.49% 0.87% 1.29%Adjusted return on average tangible assets (non-GAAP)(1) 1.26% 1.20% 1.49% 1.23% 1.29%Return on average equity 6.34% 5.02% 10.15% 5.68% 8.80%Adjusted return on average equity (non-GAAP) 8.45% 7.87% 10.15% 8.16% 8.80%Return on average tangible common equity (non-GAAP) 9.70% 7.75% 14.18% 8.62% 12.44%Adjusted return on average tangible common equity (non-GAAP)(1) 12.71% 11.79% 14.18% 12.11% 12.44% Adjustments:Non-interest income adjustments:Restructuring impairment(2) $ 223 $ — $ — $ 223 $ —Non-interest expense adjustments:Acquisition-related expenses 10,890 14,342 — 25,232 — Restructuring expenses(2) 335 1,007 — 1,342 — Total non-interest expense adjustments, before tax (non-GAAP) 11,225 15,349 26,574 Total adjustments, before tax (non-GAAP) 11,448 15,349 — 26,797 — Tax benefit impact(3) (2,635) (3,535) — (6,170) — Total adjustments, after tax (non-GAAP) $ 8,813 $ 11,814 $ — $ 20,627 $ — (1) For details, refer to the “Adjustments” section at the bottom of the table. (2) Restructuring expenses and restructuring impairment are primarily related to banking center consolidation expenses. (3) Calculated using the company’s marginal tax rate of 23%. Certain acquisition-related expenses are non-deductible.
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16 Efficiency Ratio and Pre-Provision Net Revenue As of and for the three months ended As of and for the six months ended June 30, March 31, June 30, June 30, June 30, 2026 2026 2025 2026 2025 Net interest income FTE(1) $ 111,531 $ 110,984 $ 89,321 $ 222,515 $ 177,922 Non-interest income $ 19,766 $ 17,979 $ 17,066 $ 37,745 $ 32,442 Add: restructuring impairment 223 — — 223 — Adjusted non-interest income (non-GAAP) $ 19,989 $ 17,979 $ 17,066 $ 37,968 $ 32,442 Non-interest expense $ 94,950 $ 96,837 $ 62,931 $ 191,787 $ 124,948Less: other intangible assets amortization (2,433) (2,464) (1,947) (4,897) (3,924) Less: acquisition-related expenses and restructuring expenses (11,225) (15,349) — (26,574) — Adjusted non-interest expense, excluding other intangibleassets amortization (non-GAAP) $ 81,292 $ 79,024 $ 60,984 $ 160,316 $ 121,024 Non-interest expense $ 94,950 $ 96,837 $ 62,931 $ 191,787 $ 124,948 Less: acquisition-related expenses and restructuring expenses (11,225) (15,349) — (26,574) — Adjusted non-interest expense (non-GAAP) $ 83,725 $ 81,488 $ 62,931 $ 165,213 $ 124,948 Efficiency ratio FTE(1) 72.32% 75.09% 59.15% 73.69% 59.40%Adjusted efficiency ratio FTE (non-GAAP)(1)(2) 61.81% 61.28% 57.32% 61.55% 57.53% Net income $ 26,490 $ 20,793 $ 34,022 $ 47,283 $ 58,253Add: income tax expense 6,118 5,151 7,522 11,269 13,141Add: provision expense for credit losses 1,500 4,000 — 5,500 10,200 Add: impact of taxable equivalent adjustment 2,239 2,182 1,912 4,421 3,822 Pre-provision net revenue, FTE (non-GAAP)(1) $ 36,347 $ 32,126 $ 43,456 $ 68,473 $ 85,416 Pre-provision net revenue, FTE (non-GAAP)(1) $ 36,347 $ 32,126 $ 43,456 $ 68,473 $ 85,416Add: acquisition-related expenses 10,890 14,342 — 25,232 — Add: restructuring expenses and impairment 558 1,007 — 1,565 — Adjusted pre-provision net revenue FTE (non-GAAP)(1) $ 47,795 $ 47,475 $ 43,456 $ 95,270 $ 85,416 (1) Presented on a fully taxable equivalent basis using the statutory tax rate of 21%. The tax equivalent adjustments included above are $2,239, $2,182 and $1,912 for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively, and $4,421 and $3,822 for the six months ended June 30, 2026 and June 30, 2025, respectively. (2) Adjusted efficiency ratio FTE excludes other intangible assets amortization, acquisition-related expenses and restructuring expenses. Adjusted Net Income and Adjusted Earnings Per Share As of and for the three months ended As of and for the six months ended June 30, March 31, June 30, June 30, June 30, 2026 2026 2025 2026 2025 Adjustments to net income:Net income $ 26,490 $ 20,793 $ 34,022 $ 47,283 $ 58,253Add: acquisition-related adjustments, after tax 8,383 11,039 — 19,422 —Add: restructuring expenses and impairment, after tax 430 775 — 1,205 — Adjusted net income (non-GAAP) $ 35,303 $ 32,607 $ 34,022 $ 67,910 $ 58,253 Adjustments to earnings per share:Earnings per share diluted $ 0.58 $ 0.46 $ 0.88 $ 1.04 $ 1.51Add: acquisition-related adjustments, after tax 0.18 0.24 — 0.42 —Add: restructuring expenses and impairment, after tax 0.02 0.02 — 0.04 — Adjusted earnings per share - diluted (non-GAAP) $ 0.78 $ 0.72 $ 0.88 $ 1.50 $ 1.51