National Bank Holdings Corp

For the period ended Dec 31, 2025. Filed Feb 24, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 24, 2026

NBHC$37.13+0.6%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

INDE****X


			Page
Cautionary Notes Regarding Forward Looking Statements	4
PART I	Item 1.	Business	5

	Item 1A.	Risk Factors	24

	Item 1B.	Unresolved Staff Comments	39

	Item 1C.	Cybersecurity	39

	Item 2.	Properties	40

	Item 3.	Legal Proceedings	41

	Item 4.	Mine Safety Disclosures	41

PART II	Item 5.	Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities	41

	Item 6.	[Reserved]	43

	Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	44

	Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	77

	Item 8.	Financial Statements and Supplementary Data	78

	Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	138

	Item 9A.	Controls and Procedures	138

	Item 9B.	Other Information	140

	Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	140

PART III	Item 10.	Directors, Executive Officers and Corporate Governance	140

	Item 11.	Executive Compensation	140

	Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters	141

	Item 13.	Certain Relationships and Related Transactions, and Director Independence	141

	Item 14.	Principal Accountant Fees and Services	141

PART IV	Item 15.	Exhibits and Financial Statement Schedules	142

Signatures	146

GLOSSARY OF ACRONYMS, ABBREVIATIONS AND TERMS


Omnibus Plan	2023 Omnibus Incentive Plan	FHLB	Federal Home Loan Bank
2UniFi Plan	2023 Equity Unit Incentive Plan	FHLMC	Federal Home Loan Mortgage Corporation
ACL	Allowance for credit losses	Fintech	Financial technology company
The acquisition	The acquisition of Vista Bancshares, Inc.	FNMA	Federal National Mortgage Association
AFS	Available-for-sale	FRB	Federal Reserve Bank
The agencies	The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve, and the Federal Deposit Insurance Corporation	FTE	Fully taxable equivalent
AIR	Accrued interest receivable	GAAP	Generally accepted accounting principles
AOCI	Accumulated other comprehensive income (loss)	GDP	Gross domestic product
ASC	Accounting Standards Codification	Genius Act	Guiding and Establishing National Innovation for U.S. Stablecoins Act
ASPP	Associate Stock Purchase Plan	GNMA	Government National Mortgage Association
ASU	Accounting Standards Update	GSE	Government sponsored entity
ATM	Automated Teller Machine	HPI	Home price index
Banks	NBH Bank and Bank of Jackson Hole Trust, collectively	HTM	Held-to-maturity
BHCA	Bank Holding Company Act of 1956, as amended	HUD	U.S. Department of Housing and Urban Development
BOJH	Bank of Jackson Hole	ISDA	International Swaps and Derivative Association
BOJHT	Bank of Jackson Hole Trust	LGD	Loss Given Default
BOLI	Bank-owned life insurance	LTV	Loan-to-value
BSA/AML	Bank Secrecy Act/Anti-money laundering	MBS	Mortgage-backed securities
Cambr	Cambr Solutions, LLC	MSA	Metropolitan statistical area
CECL	Current expected credit loss	MSR	Mortgage servicing right
CEO	Chief Executive Officer	NBHC or the Company	National Bank Holdings Corporation and all affiliates
CFPB	Consumer Financial Protection Bureau	NCO	Net charge-offs
CISO	Chief Information Security Officer	NOLs	Net operating loss carryovers
CODM	Chief operating decision maker	OBBBA	One Big Beautiful Bill Act
Common stock	Class A common stock, par value $0.01 per share	OCC	Office of the Comptroller of the Currency
Common stock equivalents	Stock options outstanding, certain unvested restricted shares, or other contracts to issue common shares	OCI	Other Comprehensive Income
Covered Transactions	Credit and non-credit transactions	OREO	Other real estate owned
CRA	Community Reinvestment Act	PCD	Purchased credit deteriorated
CRE	Commercial real estate	PD	Probability of Default
CTO	Chief Technology Officer	PSU	Performance stock unit
CSA	Credit Support Annexes	RCB	Rock Canyon Bank
DCF	Discounted cash flow	Repurchase	Repurchase the mortgage loans with identified defects, indemnify the investor or insurer, or reimburse the investor for credit loss incurred on the loan
DIF	Deposit Insurance Fund	ROTA	Return on tangible assets
Dodd-Frank Act	Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010	S&P	Standard and Poor’s
DOJ	Department of Justice	SBA	Small Business Administration
EGRRCPA	Economic Growth, Regulatory Relief and Consumer Protection Act	SBA Preferred Lender	An approved participant in the SBA Preferred Lender’s Program
EPS	Earnings Per Share	SEC	Securities and Exchange Commission
Exchange Act	The Securities Exchange Act of 1934	SOFR	Secured overnight financing rate
FASB	Financial Accounting Standards Board	Topic 606	FASB ASC Topic 606
FDI Act	Federal Deposit Insurance Act	Transaction deposits	Demand, savings, and money market deposits
FDIC	Federal Deposit Insurance Corporation	TSR	Total shareholder return
FDICIA	FDIC Improvement Act of 1991	USA PATRIOT Act	Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001
Federal Reserve	Federal Reserve System	Vista	Vista Bancshares, Inc.
FHA	Federal Housing Administration

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