• Like U.S. Bank, but a regional version focused on the Mountain West and Kansas City.
• Regions Financial, but serving the Mountain West and Texas instead of the Southeast.

• Deposit Accounts: Offers various checking, savings, money market, and time deposit accounts for individuals and businesses.
• Commercial Loans & Leases: Provides financing for business operations, equipment purchases, and owner-occupied commercial real estate.
• Non-Owner Occupied Commercial Real Estate Loans: Funds investments in income-producing commercial properties such as office, retail, and multi-family buildings.
• Small Business Administration (SBA) Loans: Delivers government-backed loans to support small businesses across various sectors.
• Residential Real Estate Loans: Offers financing for individuals seeking to purchase or refinance residential properties.
• Consumer Loans: Provides loans to individuals for personal and household needs.
• Treasury Management & Business Services: Supplies a comprehensive suite of solutions including online banking, payment processing, fraud prevention, and cash management tools for businesses.

National Bank Holdings Corporation (NBHC) serves a diverse client base across both commercial and consumer segments. Based on the provided description, its major customer categories include:

1. Commercial and Business Clients: This category encompasses a wide range of businesses, including small businesses, manufacturers, distributors, service providers, food and agriculture businesses, government and non-profit organizations, and other commercial entities. These clients utilize services such as working capital loans, equipment loans, owner-occupied and non-owner occupied commercial real estate loans, Small Business Administration (SBA) loans, and a comprehensive suite of treasury management solutions.

2. Consumer Clients: This category includes individuals and households who utilize the bank's personal financial products. These services include various deposit accounts (checking, savings, money market, and time deposits), residential real estate loans, and other consumer loans.

G. Timothy Laney, Chairman and Chief Executive Officer

Mr. Laney is a founder of National Bank Holdings Corporation and has served as its Chief Executive Officer since 2010 and Chairman of the Board since 2014. Prior to his tenure at NBHC, he was the Senior Executive Vice President and Head of Business Services at Regions Financial, which he joined in late 2007. Before Regions Financial, Mr. Laney had a 24-year career with Bank of America, holding various senior management roles, including President of Bank of America, Florida.

Nicole L. Van Denabeele, Chief Financial Officer

Ms. Van Denabeele has served as the Company's Chief Financial Officer since September 2024. Before this role, she was the Chief Accounting Officer for the Company from 2018 to September 2024 and also served concurrently as President of Bank Midwest, a division of NBH Bank, from 2020 to 2024. Her prior experience includes various accounting roles at Deloitte and UMB Financial before joining NBH in 2018.

Aldis Birkans, President

Mr. Birkans was appointed President of the Company in September 2024. He previously held the position of Chief Financial Officer from August 2018 to September 2024 and served as Treasurer from 2011 through February 2020. Before joining NBHC in 2011, Mr. Birkans was a Vice President, Assistant Treasurer at M&I Bank for five years and a Senior Vice President, Corporate and Investment Bank Treasury at Citigroup.

Angela N. Petrucci, Chief Administrative Officer and General Counsel

Ms. Petrucci has served as the Company's Chief Administrative Officer and General Counsel since July 2020. She is responsible for overseeing various functions, including BSA/AML and financial crimes, facilities and security, human resources, legal, marketing, and project management. Ms. Petrucci joined the Company in 2015.

Daniel L. Sznewajs, Chief Corporate Development Officer and Treasurer

Mr. Sznewajs has been the Company's Chief Corporate Development Officer since January 2025 and also serves as Treasurer. He joined NBHC in 2014 and has held various positions, overseeing areas such as financial planning & analysis, capital markets, and NBH Ventures. Prior to NBHC, Mr. Sznewajs was a Vice President at Goldman, Sachs & Co. in their Financial Institutions Group for five years and served as a Commissioned Examiner at the Federal Reserve Bank of Chicago.

Key Risks to National Bank Holdings Corporation (NBHC)

1. Increased Regulatory Burden Due to Exceeding $10 Billion in Assets: National Bank Holdings Corporation recently completed an acquisition that pushed its pro forma assets to approximately $12.4 billion, exceeding the critical $10 billion asset threshold. This subjects NBHC to a heightened regulatory environment, including additional standards such as the Volcker Rule, tighter capital and liquidity expectations, debit interchange limits, and direct supervision by the Consumer Financial Protection Bureau (CFPB). These new requirements can lead to increased compliance costs and pressure on profitability.
2. Commercial Real Estate (CRE) Market Stress and Broader Credit Risk: The banking sector, including NBHC, faces significant stress from the Commercial Real Estate market, with substantial CRE loans maturing across the industry. National Bank Holdings Corporation has exposure to commercial real estate and other loan types, and a downturn in real estate values or broader economic conditions, particularly within its operating regions, could lead to higher loan defaults, increased credit losses, and pressure on earnings. The company's annual report explicitly cites exposure to economic downturns, real estate value declines, rising interest rates, and borrower stress as factors that could increase credit losses.
3. Interest Rate Risk: As a financial institution, NBHC's profitability is sensitive to fluctuations in interest rates. Changes in interest rates can impact the bank's net interest margin (the difference between interest earned on assets and interest paid on liabilities). While certain rate environments can be favorable, significant or unexpected movements can compress margins. Additionally, the company has issued subordinated notes with a fixed-to-floating interest rate structure, meaning that after an initial fixed period, the cost of this funding could increase in a rising interest rate environment, further impacting profitability.

The clear emerging threat to National Bank Holdings Corporation (NBHC) is the increasing competition from digital-only banks (neobanks) and specialized financial technology (fintech) companies. These entities leverage lower operational overheads, as they do not maintain extensive physical branch networks, to offer more competitive rates, lower fees, and often more seamless digital user experiences for deposit products, various loan types, and treasury management solutions. This trend directly challenges the traditional brick-and-mortar banking model of NBHC, potentially eroding its market share among consumer, small business, and commercial clients as banking increasingly shifts towards purely digital channels.

Expected Drivers of Future Revenue Growth for National Bank Holdings Corporation (NBHC)

• Loan Growth: National Bank Holdings Corporation anticipates continued expansion in its loan portfolio. The company projects mid-single-digit loan growth for 2025, building on strong loan fundings, including $1.6 billion in new loan originations in 2025, led by commercial loans. This growth is expected to be a significant contributor to net interest income.
• Strategic Acquisitions and Market Expansion: The company actively pursues strategic acquisitions to expand its footprint in growth markets. Recent examples include the acquisition of Cambr and Vista Bancshares, which is expected to extend NBHC's presence in the Sunbelt region, particularly in Texas, a rapidly growing economy. NBHC targets institutions in the $1 billion to $3 billion range within familiar growth markets for potential future acquisitions.
• Net Interest Margin (NIM) Management: Disciplined management of net interest margin is a key driver. National Bank Holdings Corporation has focused on optimizing loan and deposit pricing. In 2024, the company saw its net interest margin expand to 3.99% due to effective deposit repricing, and it projects the fully taxable equivalent net interest margin to remain around 3.9% in 2025. New loan originations at favorable rates are expected to continue to benefit earning asset yields.
• Diversification and Growth of Non-Interest Income: NBHC is focused on increasing its non-interest income through diversification efforts. The company expects momentum from sources such as SBA loan gains on sale, trust income, and fees generated from the Cambr acquisition. Furthermore, the initial phase of the 2UniFi marketplace, an innovative financial ecosystem, is set to begin generating revenue in the second half of 2025. Non-interest income, excluding security sales, increased by 10.3% in 2025, driven by unrealized gains on partnership investments, gains from banking center property sales, and increased trust income.
• Building Client Relationships and Deposit Growth: A continued emphasis on cultivating robust new client relationships and improving the core deposit base is expected to drive revenue. Strong client relationships support growth in deposits, which in turn provides a stable funding source for loans and can contribute to fee income from personal banking activities.

Share Repurchases

• National Bank Holdings Corporation executed $15.2 million in share repurchases during 2025, including $8.8 million in the third quarter and $2.1 million in the fourth quarter.
• The Board of Directors approved a new $100 million share repurchase authority on January 27, 2026, which replaced a previous $50 million program.
• A $50.0 million share repurchase program was authorized on May 9, 2023.

Share Issuance

• In connection with the Vista acquisition, restricted NBHC Common Stock was granted to executive officers on January 7, 2026, including 377,724 shares to Mr. Laney and 189,825 shares to Mr. Birkans.
• A stockholder planned to sell 6,214 common shares on November 11, 2025, which were acquired from the issuer "in lieu of services" through multiple grants between 2022 and 2025.

Inbound Investments

• In February 2026, NBHC completed a public offering of $150.0 million aggregate principal amount of 5.875% Fixed-to-Floating Rate Subordinated Notes due 2036, which was upsized from an initial $100.0 million due to strong investor demand and is intended to qualify as Tier 2 capital.

Outbound Investments

• National Bank Holdings Corporation completed the acquisition of Vista Bancshares, Inc., for approximately $369.1 million (based on NBHC's closing price on September 12, 2025). The transaction received regulatory and shareholder approvals and closed on January 7, 2026.
• The acquisition of Vista Bancshares, Inc., added approximately $2.5 billion in assets and $2.2 billion in deposits to NBHC's pro forma balance sheet as of September 30, 2025.

Capital Expenditures

• An increase in depreciation expense and a $2.9 million increase in occupancy and equipment expense in the third quarter of 2025 were primarily due to the depreciation of the 2UniFi software asset, which was recently launched.