National Bank Holdings Corp
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 3, 2026
NBHC$36.91-0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001104659-26-091272
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-03.
0001104659-26-122143
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 192 previous paragraphs and 199 current paragraphs.
120 unchanged; 67 reworded; 10 added; 3 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 56 previous and 54 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Operating Results
Current report
period. The effective tax rate for the nine months ended September 30, 2026 was 17.3%, compared to 18.0% for the full year 2025.
Current report
Our commercial and industrial loan portfolio is highly diversified across industry sectors and geography. At September 30, 2026, there were no industry sectors representing more than 15.0% of our total loan portfolio. Key sectors included government/non-profit loans of $1.0 billion, or 10.4% of total loans, and hotel/lodging loans of $649.5 million, or 6.6% of total loans. Also within commercial and industrial, loans in our franchise portfolio were $525.7 million, or 5.3% of total loans, and loans in our healthcare portfolio were $280.8 million, or 2.8% of total loans, at September 30, 2026. The franchise portfolio is diversified across multiple brand concepts and geographies, with a focus on quick serve restaurants and top tier brands. Quick serve restaurants and fitness centers, which are preferred segments, represent approximately 81% of total commitments within the franchise portfolio. The healthcare portfolio is well diversified geographically and exposure to senior living is diversified across a continuum of care types. The Company has also upgraded talent in the specialty banking group serving these segments, including new leaders of both specialty teams, stronger bankers and portfolio managers and new credit risk officers.
Current report
At September 30, 2026, non-performing loans to total loans increased ten basis points to 0.44%, compared to 0.34% at December 31, 2025. The increase was primarily driven by $15.9 million of specifically identified commercial loan relationships in the healthcare and franchise industries placed on non-accrual during the three months ended September 30, 2026 in connection with the third quarter credit events.
Current report
On October 1, 2026, the Company disclosed it expected to recognize material impairments related to specifically identified commercial loan relationships, primarily in the franchise and healthcare industries. Following completion of management's quarter-end evaluation, the Company recorded $46.8 million of charge-offs primarily within the originated loan portfolio and $37.7 million of provision expense related to these relationships during the three months ended September 30, 2026. After recognizing the impairments, the carrying value of these relationships totaled $18.2 million and were included in non-performing assets as of September 30, 2026. The workout process, which in some cases involves litigation, for the credits is ongoing, and as such, further adjustment to collateral valuations could occur as new information arises. The Company believes the charge-offs are borrower-specific and not indicative of broader deterioration within the loan portfolio.
Current report
For the three months ended September 30, 2026, net loss totaled $8.7 million, or ($0.20) per diluted share, compared to net income of $35.3 million, or $0.92 earnings per diluted share, for the three months ended September 30, 2025. Current quarter results were negatively impacted by $40.6 million of provision expense, primarily due to third quarter charges-offs within the franchise and healthcare industries, $15.2 million of acquisition and restructuring expense and a $4.0 million impairment on a third-party FinTech partnership investments classified within other securities. Adjusted net income, excluding acquisition and restructuring charges of $11.7 million and $1.3 million, after tax, for the three months ended September 30, 2026 and 2025, respectively, totaled $2.9 million and $36.6 million, for the three months ended September 30, 2026 and 2025, respectively. Adjusted earnings per diluted share totaled $0.06 and $0.96 for the three months ended September 30, 2026 and 2025, respectively.
Current report
Net income totaled $38.5 million, or $0.84 per diluted share, for the nine months ended September 30, 2026, compared to net income of $93.5 million, or $2.43 per diluted share, for the nine months ended September 30, 2025. Current period results were negatively impacted by $46.1 million of provision expense, primarily due to third quarter charge-offs within the franchise and healthcare industries, $42.0 million of acquisition and restructuring expense, and a $4.0 million impairment on a third-party FinTech partnership investment classified within other securities. Adjusted net income, excluding acquisition and restructuring charges of $32.3 million and $1.3 million, after tax, for the nine months ended September 30, 2026 and 2025, respectively, totaled $70.9 million and $94.9 million, for the nine months ended September 30, 2026 and 2025, respectively. Adjusted earnings per diluted share totaled $1.56 for the nine months ended September 30, 2026, compared to $2.47 for the nine months ended September 30, 2025.
Current report
Non-interest income totaled $13.5 million for the three months ended September 30, 2026, compared to $20.7 million for the three months ended September 30, 2025. Other non-interest income decreased $6.7 million, primarily due to a $4.0 million impairment on a third-party FinTech partnership investment classified within other securities. Mortgage banking income decreased $1.1 million driven by the current rate environment. These decreases were partially offset by a $0.4 million increase in bank card fee income. Included in the three months ended September 30, 2025 were $2.1 million of unrealized gains on partnership investments included within other non-interest income.
Current report
On September 30, 2026, the Board of Directors of the Company approved an additional authorization to repurchase up to $40.1 million of the Company's common stock. The authorization is in addition to the balance remaining at September 30, 2026 under the Company’s existing share repurchase authorization of $59.9 million. No time limit has been set for completion of the program.
Current report
During the three months ended September 30, 2026, the Company repurchased 285,164 shares of common stock for $11.9 million. During the nine months ended September 30, 2026, the Company repurchased 955,504 shares of common stock for $39.1 million. The aggregate remaining authorization under the programs as of September 30, 2026 was $100.0 million.
Removed paragraphs (3)
Previous report
Operating Highlights
Previous report
Net income totaled $47.3 million, or $1.04 per diluted share, for the six months ended June 31, 2026, compared to net income of $58.3 million, or $1.51 per diluted share, for the six months ended June 30, 2025. During the six months ended June 30, 2026, acquisition and restructuring charges totaled $20.6 million, after tax. Adjusted net income, excluding these items, increased $9.7 million, or 16.6%, to $67.9 million, during the six months ended June 30, 2026. Adjusted earnings per diluted share totaled $1.50 for the six months ended June 30, 2026.
Previous report
Non-interest income totaled $19.8 million for the three months ended June 30, 2026, increasing 15.8% compared to the three months ended June 30, 2025. Other non-interest income increased $2.4 million and included a $0.8 million increase in income from partnership investments and increases in our diversified sources of fee income including trust, Cambr, and swap fee income. Mortgage banking income decreased $0.1 million driven by the current rate environment.
Reworded paragraphs (67)
Previous wording
The following management’s discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes as of and for the three and six months ended June 30, 2026, and with our annual report onForm 10-K (file number 001-35654), which includes our audited consolidated financial statements and related notes as of and for the years ended December 31, 2025, 2024 and 2023.Our acquisition of Vista occurred on January 7, 2026, subsequent to the dates of information in our most recent report onForm 10-K*, and comparisons herein to quarters or years prior to January 7, 2026 should be reviewed with that context.This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions that may cause actual results to differ materially from management’s expectations. Factors that could cause such differences are discussed in the section entitled “Cautionary Note Regarding Forward-Looking Statements” and in Item 1A“Risk Factors” in the annual report onForm 10-K**, referenced above, and should be read herewith.*
Current wording
The following management’s discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes as of and for the three and nine months ended September 30, 2026, and with our annual report onForm 10-K (file number 001-35654), which includes our audited consolidated financial statements and related notes as of and for the years ended December 31, 2025, 2024 and 2023.Our acquisition of Vista occurred on January 7, 2026, subsequent to the dates of information in our most recent report onForm 10-K*, and comparisons herein to quarters or years prior to January 7, 2026 should be reviewed with that context.This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions that may cause actual results to differ materially from management’s expectations. Factors that could cause such differences are discussed in the section entitled “Cautionary Note Regarding Forward-Looking Statements” and in Item 1A“Risk Factors” in the annual report onForm 10-K**, referenced above, and should be read herewith.*
Previous wording
Our focus is on building relationships by creating a win-win scenario for our clients and our Company. We believe in providing solutions and services for our clients that are based on fairness and simplicity. We have established a solid financial services franchise with a sizable presence for deposit gathering and building client relationships necessary for growth. We have executed on strategic acquisition opportunities to expand our presence in attractive markets and to diversify our revenue streams. Our digital banking solution, 2UniFi SM, continues to focus on providing a unified client experience that helps small- and medium-sized business owners manage financial products and services across multiple banks and fintechs. We believe that our established presence in our core markets of Colorado, the greater Kansas City region, Texas, Utah, Wyoming, New Mexico, Idaho and Palm Beach, Florida, as well as our ongoing investment in digital solutions and strategic acquisitions, position us well for growth opportunities. As of June 30, 2026, we had $12.6 billion in assets, $9.8 billion in loans, $10.4 billion in deposits, $1.7 billion in equity and $1.5 billion in assets under management in our trust and wealth management business.
Current wording
Our focus is on building relationships by creating a win-win scenario for our clients and our Company. We believe in providing solutions and services for our clients that are based on fairness and simplicity. We have established a solid financial services franchise with a sizable presence for deposit gathering and building client relationships necessary for growth. We have executed on strategic acquisition opportunities to expand our presence in attractive markets and to diversify our revenue streams. Our digital banking solution, 2UniFi SM, seeks to provide additional unified services to small- and medium-sized business owners. We believe that our established presence in our core markets of Colorado, the greater Kansas City region, Texas, Utah, Wyoming, New Mexico and Idaho position us well for growth opportunities, including strategic acquisitions. As of September 30, 2026, we had $12.7 billion in assets, $9.9 billion in loans, $10.5 billion in deposits, $1.6 billion in equity and $1.5 billion in assets under management in our trust and wealth management business.
Previous wording
We will continue to make investments in our digital growth strategy and our digital financial ecosystem for 2UniFi and may also seek to partner with third parties to accelerate growth. The Company also continues to shift from constructing systems for 2UniFi to activating services. 2UniFi may prove difficult to successfully scale and may require additional operational and control systems to manage fraud, cybersecurity, operational, legal and compliance risks.
Current wording
We will continue to make select investments in our digital growth strategy and may also seek to partner with third parties. The Company also continues to shift from constructing systems for 2UniFi to deposit generation. 2UniFi may prove difficult to successfully scale and may require additional operational and control systems to manage fraud, cybersecurity, operational, legal and compliance risks.
Previous wording
The Vista core system conversion was successfully completed in July 2026 and ongoing integration activities remain on track. Acquisition integrations present operational and execution challenges which require ongoing investments in systems, processes, and personnel. While the acquisition supports our long-term growth strategy, the integration process may be more costly or time consuming than anticipated.
Current wording
The Vista core system conversion was successfully completed in July 2026 and we have substantially completed our integration activities. Acquisition integrations present operational and execution challenges which require ongoing investments in systems, processes, and personnel. While post-integration optimization efforts remain ongoing, management does not expect them to have a material impact on operations or financial results.
Previous wording
Future growth in our interest income will ultimately be dependent on our ability to originate high-quality loans and source other high-quality earning assets such as investment securities as well as our ability to access liquidity and manage our cost of funds. Over the past two years, the Federal Reserve lowered the prevailing interest rates by 175 basis points. While further rate changes remain unclear, our future earnings will be impacted by the Federal Reserve’s future interest rate policy decisions. Management employs risk management policies to monitor and limit exposure to changes in market rates, which is discussed in more detail in the Asset/Liability Management and Interest Rate Risk section of Management’s Discussion and Analysis.
Current wording
Future growth in our interest income will ultimately be dependent on our ability to originate high-quality loans and source other high-quality earning assets such as investment securities as well as our ability to access liquidity and manage our cost of funds. During the nine months ended September 30, 2026, the Federal Reserve increased the prevailing interest rates by 25 basis points. While further rate changes remain unclear, our future earnings will be impacted by the Federal Reserve’s future interest rate policy decisions. Management employs risk management policies to monitor and limit exposure to changes in market rates, which is discussed in more detail in the Asset/Liability Management and Interest Rate Risk section of Management’s Discussion and Analysis.
Previous wording
At January 7, 2026, the Vista acquisition added $2.5 billion of total assets, including $339.1 million of cash and cash equivalents, $145.5 million of investment securities, $1.9 billion of loans and $31.9 million of allowance for credit losses. The acquisition also included total deposits of $2.2 billion.
Current wording
At January 7, 2026, the Vista acquisition added $2.5 billion of total assets, including $339.1 million of cash and cash equivalents, $145.5 million of investment securities, $1.9 billion of loans and $37.1 million of allowance for credit losses. The acquisition also included total deposits of $2.2 billion.
Previous wording
At June 30, 2026, the Company’s total assets, including the additions from the Vista acquisition, were $12.6 billion, increasing $2.7 billion, or 27.3%, from December 31, 2025. Cash and cash equivalents decreased $36.4 million from December 31, 2025, and investment securities increased $163.4 million. Loans totaled $9.8 billion and $7.4 billion at June 30, 2026 and December 31, 2025, respectively, and the allowance for credit losses totaled $110.3 million and $87.4 million at June 30, 2026 and December 31, 2025, respectively. Lower-cost transaction deposits increased $2.0 billion to $9.1 billion, compared to December 31, 2025. Total deposits increased $2.1 billion to $10.4 billion at June 30, 2026, compared to December 31, 2025.
Current wording
At September 30, 2026, the Company’s total assets, including the additions from the Vista acquisition, were $12.7 billion, increasing $2.8 billion, or 28.8%, from December 31, 2025. Cash and cash equivalents decreased $52.3 million from December 31, 2025, and investment securities increased $183.6 million. Loans totaled $9.9 billion and $7.4 billion at September 30, 2026 and December 31, 2025, respectively, and the allowance for credit losses totaled $109.9 million and $87.4 million at September 30, 2026 and December 31, 2025, respectively. Lower-cost transaction deposits increased $2.1 billion to $9.3 billion, compared to December 31, 2025. Total deposits increased $2.3 billion to $10.5 billion at September 30, 2026, compared to December 31, 2025.
Previous wording
Total investment securities available-for-sale were $585.5 million at June 30, 2026, compared to $528.6 million at December 31, 2025. Purchases of available-for-sale securities during the six months ended June 30, 2026 and 2025 totaled $154.3 million and $160.5 million, respectively. During 2026, the Company acquired available-for-sale securities with a fair value of $145.5 million related to the Vista acquisition. Paydowns and maturities totaled $61.8 million and $74.6 million during the six months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026, the Company sold $176.4 million of available-for-sale securities, primarily related to securities acquired in the Vista acquisition. There were no sales of available-for-sale securities during the six months ended June 30, 2025.
Current wording
Total investment securities available-for-sale were $638.1 million at September 30, 2026, compared to $528.6 million at December 31, 2025. Purchases of available-for-sale securities during the nine months ended September 30, 2026 and 2025 totaled $248.1 million and $164.7 million, respectively. During 2026, the Company acquired available-for-sale securities with a fair value of $145.5 million related to the Vista acquisition. Proceeds from maturities and paydowns of available-for-sale securities totaled $86.1 million and $100.4 million during the nine months ended September 30, 2026 and 2025, respectively. Included within proceeds from maturities and paydowns of available-for-sale securities during the nine months ended September 30, 2026 were $0.2 million of net purchases and maturities of certain U.S. Treasury securities that have quick turnover, occur in large volumes and have original maturities of three months or less. During the nine months ended September 30, 2026, the Company sold $176.4 million of available-for-sale securities, primarily related to securities acquired in the Vista acquisition. There were no sales of available-for-sale securities during the nine months ended September 30, 2025.
Previous wording
Mortgage-backed securities may have actual maturities that differ from contractual maturities depending on the repayment characteristics and experience of the underlying financial instruments. The estimated weighted average life of the available-for-sale mortgage-backed securities portfolio was 4.6 years and 4.6 years at June 30, 2026 and December 31, 2025, respectively. This estimate is based on assumptions and actual results may differ. At June 30, 2026 and December 31, 2025, the duration of the total available-for-sale investment portfolio was 3.9 years and 3.9 years, respectively.
Current wording
Mortgage-backed securities may have actual maturities that differ from contractual maturities depending on the repayment characteristics and experience of the underlying financial instruments. The estimated weighted average life of the available-for-sale mortgage-backed securities portfolio was 4.6 years at September 30, 2026 and December 31, 2025. This estimate is based on assumptions and actual results may differ. At September 30, 2026 and December 31, 2025, the duration of the total available-for-sale investment portfolio was 3.8 years and 3.9 years, respectively.
Previous wording
At June 30, 2026 and December 31, 2025, adjustable rate securities comprised 2.6% and 0.6%, respectively, of the available-for-sale MBS portfolio. The remainder of the portfolio was comprised of fixed rate amortizing securities with 10- to 30-year contractual maturities, with a weighted average coupon of 2.39% per annum and 2.30% per annum at June 30, 2026 and December 31, 2025, respectively.
Current wording
At September 30, 2026 and December 31, 2025, adjustable rate securities comprised 2.2% and 0.6%, respectively, of the available-for-sale MBS portfolio. The remainder of the portfolio was comprised of fixed rate amortizing securities with 10- to 30-year contractual maturities, with a weighted average coupon of 2.74% per annum and 2.30% per annum at September 30, 2026 and December 31, 2025, respectively.
Previous wording
The available-for-sale investment portfolio included $64.5 million of unrealized losses and $362 thousand of unrealized gains at June 30, 2026. At December 31, 2025, the available-for-sale investment portfolio included $60.2 million of unrealized losses and $2.9 million of unrealized gains. We believe any unrealized losses are a result of prevailing interest rates, and as such, we do not believe that any of the securities with unrealized losses were impaired. Management believes that default of the available-for-sale securities is highly unlikely. FHLMC, FNMA and GNMA guaranteed mortgage-backed securities and U.S. Treasury securities have a long history of zero credit losses, an explicit guarantee by the U.S. government (although limited for FNMA and FHLMC securities) and yields that generally trade based on market views of prepayment and liquidity risk rather than credit risk.
Current wording
The available-for-sale investment portfolio included $81.8 million of unrealized losses and $78 thousand of unrealized gains at September 30, 2026. At December 31, 2025, the available-for-sale investment portfolio included $60.2 million of unrealized losses and $2.9 million of unrealized gains. We believe any unrealized losses are a result of prevailing interest rates, and as such, we do not believe that any of the securities with unrealized losses were impaired. Management believes that default of the available-for-sale securities is highly unlikely. FHLMC, FNMA and GNMA guaranteed mortgage-backed securities and U.S. Treasury securities have a long history of zero credit losses, an explicit guarantee by the U.S. government (although limited for FNMA and FHLMC securities) and yields that generally trade based on market views of prepayment and liquidity risk rather than credit risk.
Previous wording
Held-to-maturity investment securities totaled $758.2 million at June 30, 2026, compared to $651.7 million at December 31, 2025, an increase of $106.5 million, or 16.3%. Purchases during the six months ended June 30, 2026 and 2025 totaled $202.2 million and $260.3 million, respectively. Maturities and paydowns of held-to-maturity securities totaled $96.9 million and $76.7 million during the six months ended June 30, 2026 and 2025, respectively.
Current wording
Held-to-maturity investment securities totaled $725.9 million at September 30, 2026, compared to $651.7 million at December 31, 2025, an increase of $74.2 million, or 11.4%. Purchases during the nine months ended September 30, 2026 and 2025 totaled $202.2 million and $260.3 million, respectively. Maturities and paydowns of held-to-maturity securities totaled $129.7 million and $105.0 million during the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
The fair value of the held-to-maturity investment portfolio included $61.9 million of unrealized losses and $361 thousand of unrealized gains at June 30, 2026. At December 31, 2025, the held-to-maturity investment portfolio included $57.3 million of unrealized losses and $3.0 million of unrealized gains.
Current wording
The fair value of the held-to-maturity investment portfolio included $81.2 million of unrealized losses and no unrealized gains at September 30, 2026. At December 31, 2025, the held-to-maturity investment portfolio included $57.3 million of unrealized losses and $3.0 million of unrealized gains.
Previous wording
Mortgage-backed securities may have actual maturities that differ from contractual maturities depending on the repayment characteristics and experience of the underlying financial instruments. The estimated weighted average expected life of the held-to-maturity mortgage-backed securities portfolio as of June 30, 2026 and December 31, 2025 was 4.5 years and 4.3 years, respectively. This estimate is based on assumptions and actual results may differ. The duration of the total held-to-maturity investment portfolio was 3.8 years and 3.6 years as of June 30, 2026 and December 31, 2025, respectively.
Current wording
Mortgage-backed securities may have actual maturities that differ from contractual maturities depending on the repayment characteristics and experience of the underlying financial instruments. The estimated weighted average expected life of the held-to-maturity mortgage-backed securities portfolio as of September 30, 2026 and December 31, 2025 was 4.6 years and 4.3 years, respectively. This estimate is based on assumptions and actual results may differ. The duration of the total held-to-maturity investment portfolio was 3.7 years and 3.6 years as of September 30, 2026 and December 31, 2025, respectively.
Previous wording
Other securities included FRB stock, FHLB stock, convertible preferred stock, equity method investments and equity securities with readily determinable fair values. During the six months ended June 30, 2026, purchases of other securities totaled $32.6 million, and proceeds from maturities and paydowns of other securities totaled $2.7 million, and proceeds from sales of other securities totaled $22.0 million. During the six months ended June 30, 2025, purchases of other securities totaled $37.0 million, and proceeds from other securities totaled $32.4 million. Purchases consisted primarily of FHLB stock, and proceeds consisted primarily of redemptions of FHLB stock. Changes in the Company’s FHLB stock holdings directly correlated to FHLB line of credit advances and paydowns.
Current wording
Other securities included FRB stock, FHLB stock, convertible preferred stock, equity method investments and equity securities with readily determinable fair values. During the nine months ended September 30, 2026, purchases of other securities totaled $107.8 million, and proceeds from maturities and paydowns of other securities totaled $2.9 million, and proceeds from sales of other securities totaled $93.1 million. During the nine months ended September 30, 2025, purchases of other securities totaled $50.0 million, and proceeds from sales of other securities totaled $48.0 million. Purchases consisted primarily of FHLB stock, and proceeds consisted primarily of redemptions of FHLB stock. Changes in the Company’s FHLB stock holdings directly correlated to FHLB line of credit advances and paydowns.
Previous wording
Other securities include convertible preferred stock without a readily determinable fair value. During the three and six months ended June 30, 2026 and 2025, the Company had no purchases of convertible preferred stock.
Current wording
Other securities include convertible preferred stock without a readily determinable fair value. During the three and nine months ended September 30, 2026, the Company recorded a $4.0 million impairment on a third-party FinTech partnership investment within other non-interest income in the Company’s consolidated statement of operations, compared to no impairment for the three and nine months ended September 30, 2025. During the three and nine months ended September 30, 2026 and 2025, the Company had no purchases of convertible preferred stock.
Previous wording
Other securities also include equity method investments totaling $37.5 million and $32.4 million at June 30, 2026 and December 31, 2025, respectively. Purchases of equity method investments during the three months ended June 30, 2026 and 2025 totaled $1.1 million and zero, respectively. Purchases of equity method investments during the six months ended June 30, 2026 and 2025 totaled $3.4 million and $0.5 million, respectively. The Company recorded net unrealized gains on equity method investments totaling $1.3 million and $1.4 million during the three and six months ended June 30, 2026. During the three and six months ended June 30, 2025, the Company recorded net unrealized gains on equity method investments totaling $0.3 million and $15 thousand, respectively. These gains and losses were recorded in other non-interest income in the Company’s consolidated statements of operations. The Company recorded $0.2 million and zero impairment related to equity method investments for the six months ended June 30, 2026 and the year ended December 31, 2025, respectively.
Current wording
Other securities also include equity method investments totaling $38.3 million and $32.4 million at September 30, 2026 and December 31, 2025, respectively. The Company recorded net unrealized gains on equity method investments totaling $1.2 million and $2.6 million during the three and nine months ended September 30, 2026. During the three and nine months ended September 30, 2025, the Company recorded net unrealized gains on equity method investments totaling $1.7 million. These gains were recorded in other non-interest income in the Company’s consolidated statements of operations. The Company recorded $0.1 million and zero impairment related to equity method investments for the nine months ended September 30, 2026 and the year ended December 31, 2025, respectively.
Previous wording
Equity securities with readily determinable fair values are generally traded on an exchange and market prices are readily available. Unrealized gains or losses on equity securities with readily determinable fair values are recognized in other non-interest income in the Company’s consolidated statements of operations. During the six months ended June 30, 2026, the Company sold $4.6 million of equity securities with readily determinable fair values, resulting in a realized loss totaling $0.7 million. During the three and six months ended June 30, 2026, the Company recorded $35 thousand and $0.1 million of unrealized losses from equity securities with readily determinable fair values, respectively. During the three and six months ended June 30, 2025, the Company recorded no unrealized gains or losses from equity securities with readily determinable fair values, respectively.
Current wording
Equity securities with readily determinable fair values are generally traded on an exchange and market prices are readily available. Unrealized gains or losses on equity securities with readily determinable fair values are recognized in other non-interest income in the Company’s consolidated statements of operations. During the nine months ended September 30, 2026, the Company sold $4.6 million of equity securities with readily determinable fair values, resulting in a realized loss totaling $0.7 million recorded within other non-interest income in the Company’s consolidated statement of operations. During the three and nine months ended September 30, 2026, the Company recorded none and $0.1 million of unrealized losses from equity securities with readily determinable fair values, respectively. During the three and nine months ended September 30, 2025, the Company recorded no unrealized gains or losses from equity securities with readily determinable fair values, respectively.
Previous wording
The Company maintains a granular and well-diversified loan portfolio with self-imposed concentration limits. At June 30, 2026, loans totaled $9.8 billion, compared to $7.4 billion at December 31, 2025. The increase was driven by record loan fundings of $1.7 billion during the six months ended June 30, 2026 on top of Vista loans acquired January 7, 2026 totaling $1.9 billion.
Current wording
The Company maintains a granular and well-diversified loan portfolio with self-imposed concentration limits. At September 30, 2026, loans totaled $9.9 billion, compared to $7.4 billion at December 31, 2025. The increase was driven by record loan fundings of $2.5 billion during the nine months ended September 30, 2026 on top of Vista loans acquired January 7, 2026 totaling $1.9 billion.
Previous wording
Our commercial and industrial loan portfolio is highly diversified across industry sectors and geography. At June 30, 2026, there were no industry sectors representing more than 15.0% of our total loan portfolio. Key sectors included government/non-profit loans of $1.0 billion, or 10.6% of total loans, and health care/hospital loans of $494.3 million, or 5.1% of total loans. The commercial and industrial portfolio also includes loans to companies that operate in the transportation industry. The transportation industry, trucking in particular, has experienced recent economic challenges. As a result of these industry challenges, some of the transportation loans may be subject to higher credit risk. The Company has intentionally reduced exposure to this industry to $114.4 million, or 1.2%, of total loans, at June 30, 2026.
Current wording
The commercial and industrial portfolio also includes loans to companies that operate in the transportation industry. The transportation industry, trucking in particular, has experienced recent economic challenges. As a result of these industry challenges, some of the transportation loans may be subject to higher credit risk. The Company has intentionally reduced exposure to this industry to $97.9 million, or 1.0%, of total loans, at September 30, 2026.
Previous wording
Non-owner occupied CRE loans were 171.6% of the Company’s risk based capital, or 27.1% of total loans, and no specific property type comprised more than 10.0% of total loans. The Company maintains limited exposure to non-owner occupied CRE retail properties and office properties, comprising 3.7% and 2.3% of total loans, respectively, including available credit. Multifamily loans totaled $299.8 million, or 3.1%, of total loans, including available credit, at June 30, 2026.
Current wording
Non-owner occupied CRE loans were 179.8% of the Company’s risk based capital, or 27.5% of total loans, and no specific property type comprised more than 10.0% of total loans. The Company maintains limited exposure to non-owner occupied CRE retail properties and hotel properties, comprising 4.6% and 6.6% of total loans, respectively, including available credit. Multifamily loans totaled $332.4 million, or 3.4%, of total loans, including available credit, at September 30, 2026.
Previous wording
The agriculture industry continues to be impacted by volatile commodity prices and generally by higher input costs, combining to stress margins. Our food and agribusiness portfolio is 2.4% of total loans and is well-diversified across food production, crop and livestock types. Crop and livestock loans represent 0.7% of total loans. We have maintained relationships with food and agribusiness clients that generally possess low leverage and, correspondingly, low bank debt to assets, minimizing any potential credit losses in the future.
Current wording
The agriculture industry continues to be impacted by volatile commodity prices and generally by higher input costs, combining to stress margins. Our food and agribusiness portfolio is 2.5% of total loans and is well-diversified across food production, crop and livestock types. Crop and livestock loans represent 0.9% of total loans. We have maintained relationships with food and agribusiness clients that generally possess low leverage and, correspondingly, low bank debt to assets, minimizing any potential credit losses in the future.
Previous wording
New loan origination is a direct result of our ability to recruit and retain top banking talent, connect with clients in our markets and provide needed services at competitive rates. Loan fundings totaled $2.7 billion over the trailing 12 months, led by commercial loan fundings of $1.6 billion. Fundings are defined as closed-end funded loans and revolving lines of credit advances, net of any current period paydowns. Management utilizes this more conservative definition of fundings to better approximate the impact of fundings on loans outstanding and ultimately net interest income.
Current wording
New loan origination is a direct result of our ability to recruit and retain top banking talent, connect with clients in our markets and provide needed services at competitive rates. Loan fundings totaled a record $3.1 billion over the trailing 12 months, led by commercial loan fundings of $1.7 billion. Fundings are defined as closed-end funded loans and revolving lines of credit advances, net of any current period paydowns. Management utilizes this more conservative definition of fundings to better approximate the impact of fundings on loans outstanding and ultimately net interest income.
Previous wording
Included in fundings are net (paydowns) fundings under revolving lines of credit totaling $178,133, $65,273, $95,774 ($1,591) and $15,490 for the dates noted in the table above, respectively.
Current wording
Included in fundings are net fundings (paydowns) under revolving lines of credit totaling $123,946, $178,133, $65,273, $95,774, and ($1,591) for the dates noted in the table above, respectively.
Previous wording
Non-performing assets consist of non-accrual loans and OREO. Interest income that would have been recorded had non-accrual loans performed in accordance with their original contract terms during the three and six months ended June 30, 2026 was $0.7 million and $1.3 million, respectively, and $0.6 million and $1.3 million during the three and six months ended June 30, 2025, respectively.
Current wording
Non-performing assets consist of non-accrual loans and OREO. Interest income that would have been recorded had non-accrual loans performed in accordance with their original contract terms during the three and nine months ended September 30, 2026 was $0.9 million and $2.2 million, respectively, and $0.5 million and $1.8 million during the three and nine months ended September 30, 2025, respectively.
Previous wording
At June 30, 2026, non-performing loans to total loans improved three basis points to 0.31%, compared to December 31, 2025. Loans 30-89 days past due and still accruing interest to total loans were 0.17% as of June 30, 2026, compared to 0.16% of total loans as of December 31, 2025, respectively. Loans 90 days or more past due and still accruing interest were 0.30% and 0.21% of total loans at June 30, 2026 and December 31, 2025, respectively. Non-performing assets to total loans and OREO improved one basis point to 0.35%, during the six months ended June 310 2026, compared to December 31, 2025.
Current wording
Loans 30-89 days past due and still accruing interest to total loans improved two basis points to 0.14% as of September 30, 2026, compared to 0.16% of total loans as of December 31, 2025. Loans 90 days or more past due and still accruing interest improved four basis points to 0.17% at September 30, 2026, compared to 0.21% at December 31, 2025, respectively. Non-performing assets to total loans and OREO were 0.50% at September 30, 2026, compared to 0.36% at December 31, 2025.
Previous wording
The ACL represents the amount that we believe is necessary to absorb estimated lifetime credit losses inherent in the loan portfolio at the balance sheet date and involves a high degree of judgment and complexity. The Company utilizes a DCF model developed within a third-party software tool to establish expected lifetime credit losses for the loan portfolio. The ACL is calculated as the difference between the amortized cost basis and the projections from the DCF analysis. The DCF model allows for individual lifetime loan cash flow modeling, excluding extensions and renewals, using loan-specific interest rates and repayment schedules including estimated prepayment rates and loss recovery timing delays. The model incorporates forecasts of certain national macro-economic factors, including unemployment rates, HPI, retail sales and GDP, which drive correlated loss rates. The determination and application of the
Current wording
The ACL represents the amount that we believe is necessary to absorb estimated lifetime credit losses inherent in the loan portfolio at the balance sheet date and involves a high degree of judgment and complexity. The Company utilizes a DCF model developed within a third-party software tool to establish expected lifetime credit losses for the loan portfolio. The ACL is calculated as the difference between the amortized cost basis and the projections from the DCF analysis. The DCF model allows for individual lifetime loan cash flow modeling, excluding extensions and renewals, using loan-specific interest rates and repayment schedules including estimated prepayment rates and loss recovery timing delays. The model incorporates forecasts of certain national macro-economic factors, including unemployment rates, HPI, retail sales and GDP, which drive correlated loss rates. The determination and application of the ACL accounting policy involves judgments, estimates and uncertainties that are subject to change. For periods beyond the reasonable and supportable forecast period, the Company reverts to historical long-term average loss rates on a straight-line basis.
Previous wording
At June 30, 2026 and December 31, 2025, the allowance for credit losses totaled $110.3 million and $87.4 million, respectively. As a result of the Vista acquisition, the Company recorded $31.9 million of allowance for credit losses for the loans acquired. The remaining increase during the six months ended June 30, 2026, excluding net charge-offs, was primarily driven by loan growth. Specific reserves on individually evaluated loans totaled $14.2 million at June 30, 2026, compared to $8.1 million at December 31, 2025.
Current wording
At September 30, 2026 and December 31, 2025, the allowance for credit losses totaled $109.9 million and $87.4 million, respectively. As a result of the Vista acquisition, the Company recorded $37.1 million of allowance for credit losses for the loans acquired. The remaining increase during the nine months ended September 30, 2026, excluding net charge-offs, was primarily driven by provision expense recorded related to the previously mentioned write downs on specifically identified commercial loans. Specific reserves on individually evaluated loans totaled $9.3 million at September 30, 2026, compared to $8.1 million at December 31, 2025.
Previous wording
During the three and six months ended June 30, 2026, net charge-offs totaled $6.4 million and $14.1 million, respectively. The ratio of annualized net charge-offs to average total loans totaled 0.27% and 0.30% for the three and six months ended June 30, 2026, respectively. Net charge-offs on loans during the three and six months ended June 30, 2025 totaled $1.0 million and $16.1 million, respectively, and the ratio of annualized net charge-offs to average total loans totaled 0.05% and 0.43%, respectively.
Current wording
During the three and nine months ended September 30, 2026, net charge-offs totaled $46.3 million and $60.4 million, respectively. The ratio of annualized net charge-offs to average total loans totaled 1.88% and 0.85% for the three and nine months ended September 30, 2026, respectively. During the three and nine months ended September 30, 2025, net recoveries totaled $0.9 million and net charge-offs totaled $15.2 million, respectively. The ratio of annualized net recoveries to average total loans totaled 0.05% for the three months ended September 30, 2025, and the ratio of annualized net charge-offs to average total loans totaled 0.27% for the nine months ended September 30, 2025.
Previous wording
The Company has elected to exclude AIR from the ACL calculation. As of June 30, 2026 and December 31, 2025, AIR from loans totaled $47.7 million and $38.3 million, respectively. When a loan is placed on non-accrual, any recorded AIR is reversed against interest income.
Current wording
The Company has elected to exclude AIR from the ACL calculation. As of September 30, 2026 and December 31, 2025, AIR from loans totaled $52.0 million and $38.3 million, respectively. When a loan is placed on non-accrual, any recorded AIR is reversed against interest income.
Previous wording
After considering the above-mentioned factors, we believe the ACL of $110.3 million is adequate to cover estimated lifetime losses inherent in the loan portfolio at June 30, 2026. However, it is likely that future adjustments to the ACL will be necessary. Any changes to the underlying assumptions, circumstances or estimates, including but not limited to changes in the underlying macro-economic forecast, used in determining the ACL, could negatively or positively affect the Company’s results of operations, liquidity or financial condition.
Current wording
After considering the above-mentioned factors, we believe the ACL of $109.9 million is adequate to cover estimated lifetime losses inherent in the loan portfolio at September 30, 2026. However, it is likely that future adjustments to the ACL will be necessary. Any changes to the underlying assumptions, circumstances or estimates, including but not limited to changes in the underlying macro-economic forecast, used in determining the ACL, could negatively or positively affect the Company’s results of operations, liquidity or financial condition.
Previous wording
At June 30, 2026 and December 31, 2025, time deposits that were scheduled to mature within 12 months totaled $1.2 billion and $1.0 billion, respectively. Of the time deposits scheduled to mature within 12 months at June 30, 2026, $346.5 million were in denominations of $250 thousand or more, and $816.5 million were in denominations less than $250 thousand. Approximately 69% of
Current wording
At September 30, 2026 and December 31, 2025, time deposits that were scheduled to mature within 12 months totaled $1.1 billion and $1.0 billion, respectively. Of the time deposits scheduled to mature within 12 months at September 30, 2026, $321.7 million were in denominations of $250 thousand or more, and $791.7 million were in denominations less than $250 thousand. Approximately 69% of
Previous wording
During the first quarter of 2026, the Company closed a public offering of fixed-to-floating rate subordinated notes totaling $150.0 million. The balance on the notes at June 30, 2026, net of long-term debt issuance costs of $2.6 million, totaled $147.4 million. During the three and six months ended June 30, 2026, interest expense totaling $2.2 million and $3.3 million, respectively, was recorded in the consolidated statements of operations. From the issue date to February 15, 2031, or the date of earlier redemption, the Company will pay interest on the notes semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2026, at a fixed annual interest rate equal to 5.875%. From February 15, 2031 to the maturity date, or the date of earlier redemption, the floating interest rate per annum will be equal to the three-month term SOFR plus a spread of 241 basis points, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on May 15, 2031. The notes will mature on February 15, 2036. The Company may, at its option, redeem the notes in whole or in part beginning with the interest payment date of February 15, 2031 and on any interest payment date thereafter. The Company deployed the net proceeds from the sale of the notes for general corporate purposes.
Current wording
During the first quarter of 2026, the Company closed a public offering of fixed-to-floating rate subordinated notes totaling $150.0 million. The balance on the notes at September 30, 2026, net of long-term debt issuance costs of $2.6 million, totaled $147.4 million. During the three and nine months ended September 30, 2026, interest expense totaling $2.3 million and $5.6 million, respectively, was recorded in the consolidated statements of operations. From the issue date to February 15, 2031, or the date of earlier redemption, the Company will pay interest on the notes semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2026, at a fixed annual interest rate equal to 5.875%. From February 15, 2031 to the maturity date, or the date of earlier redemption, the floating interest rate per annum will be equal to the three-month term SOFR plus a spread of 241 basis points, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on May 15, 2031. The notes will mature on February 15, 2036. The Company may, at its option, redeem the notes in whole or in part beginning with the interest payment date of February 15, 2031 and on any interest payment date thereafter. The Company deployed the net proceeds from the sale of the notes for general corporate purposes.
Previous wording
The Company also holds a fixed-to-floating rate note totaling $40.0 million. The balance on the note at June 30, 2026 and December 31, 2025, net of long-term debt issuance costs totaled $40.0 million. Interest expense totaling $0.3 million and $0.6 million was recorded in the consolidated statements of operations for the three and six months ended June 30, 2026, respectively. Interest expense totaling $0.3 million and $0.6 million was recorded in the consolidated statements of operations for the three and six months ended June 30, 2025. The note is subordinated, unsecured and matures on November 15, 2031. Payments were interest only. Interest expense on the note is payable semi-annually in arrears and will bear interest at 3.00% per annum until November 15, 2026 (or any earlier redemption date). From November 15, 2026 until November 15, 2031 (or any earlier redemption date) payments will be made quarterly in arrears, and the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month term SOFR plus 203 basis points. The Company deployed the net proceeds from the sale of the note for general corporate purposes. Prior to November 5, 2026, the Company may redeem the note only under certain limited circumstances. Beginning on November 5, 2026 through maturity, the note may be redeemed, at the Company’s option, on any scheduled interest payment date. Any redemption by the Company would be at a redemption price equal to 100% of the principal amount of the note being redeemed, together with any accrued and unpaid interest on the note being redeemed up to but excluding the date of redemption. The note is not subject to redemption at the option of the holder.
Current wording
The Company also holds a fixed-to-floating rate note totaling $40.0 million. The balance on the note at September 30, 2026 and December 31, 2025, net of long-term debt issuance costs totaled $40.0 million. Interest expense totaling $0.3 million and $0.9 million was recorded in the consolidated statements of operations for the three and nine months ended September 30, 2026, respectively. Interest expense totaling $0.3 million and $0.9 million was recorded in the consolidated statements of operations for the three and nine months ended September 30, 2025. The note is subordinated, unsecured and matures on November 15, 2031. Payments are interest only. Interest expense on the note is payable semi-annually in arrears and will bear interest at 3.00% per annum until November 15, 2026 (or any earlier redemption date). From November 15, 2026 until November 15, 2031 (or any earlier redemption date) payments will be made quarterly in arrears, and the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month term SOFR plus 203 basis points. The Company deployed the net proceeds from the sale of the note for general corporate purposes. Prior to November 5, 2026, the Company may redeem the note only under certain limited circumstances. Beginning on November 5, 2026 through maturity, the note may be redeemed, at the Company’s option, on any scheduled interest payment date. Any redemption by the Company would be at a redemption price equal to 100% of the principal amount of the note being redeemed, together with any accrued and unpaid interest on the note being redeemed up to but excluding the date of redemption. The note is not subject to redemption at the option of the holder.
Previous wording
As part of the acquisition of BOJH on October 1, 2022, the Company assumed three subordinated fixed-to-floating rate notes totaling $15.0 million. The balance on the notes at June 30, 2026 and December 31, 2025, net of the fair value adjustment from the acquisition, totaled $15.0 million. Interest expense related to the notes totaling $0.1 million and $0.3 million was recorded in the consolidated statements of operations during the three and six months ended June 30, 2026 and 2025, respectively. The three notes, containing similar terms, are subordinated, unsecured and mature on June 15, 2031. Payments were interest only. Interest expense on the notes is payable semi-annually in arrears and bore interest at 3.75% per annum until June 15, 2026 (or any earlier redemption date). From June 15, 2026 until June 15, 2031 (or any earlier redemption date) payments will be made quarterly in arrears, and the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month term SOFR plus 306 basis points. Beginning on June 15, 2026 through maturity, the notes may be redeemed, at the Company’s option, on any scheduled interest payment date. Any redemption by the Company would be at a redemption price equal to 100% of the principal amount of the notes being redeemed, together with any accrued and unpaid interest on the notes being redeemed up to but excluding the date of redemption. The notes are not subject to redemption at the option of the holder.
Current wording
As part of the acquisition of BOJH on October 1, 2022, the Company assumed three subordinated fixed-to-floating rate notes totaling $15.0 million. The balance on the notes at September 30, 2026 and December 31, 2025, net of the fair value adjustment from the acquisition, totaled $15.0 million. Interest expense related to the notes totaling $0.1 million and $0.4 million was recorded in the consolidated statements of operations during the three and nine months ended September 30, 2026 and 2025, respectively. The three notes, containing similar terms, are subordinated, unsecured and mature on June 15, 2031. Payments are interest only. Interest expense on the notes is payable semi-annually in arrears and bore interest at 3.75% per annum until June 15, 2026 (or any earlier redemption date). From June 15, 2026 until June 15, 2031 (or any earlier redemption date) payments will be made quarterly in arrears, and the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month term SOFR plus 306 basis points. Beginning on June 15, 2026 through maturity, the notes may be redeemed, at the Company’s option, on any scheduled interest payment date. Any redemption by the Company would be at a redemption price equal to 100% of the principal amount of the notes being redeemed, together with any accrued and unpaid interest on the notes being redeemed up to but excluding the date of redemption. The notes are not subject to redemption at the option of the holder.
Previous wording
At June 30, 2026 and December 31, 2025, the Company sold securities under agreements to repurchase totaling $20.2 million and $17.4 million, respectively. In addition, as a member of the FHLB, the Company has access to a line of credit and term financing from the FHLB with total available credit of $2.0 billion at June 30, 2026. The Company may utilize the FHLB line of credit as a funding mechanism for originated loans and loans held for sale. At June 30, 2026 and December 31, 2025, NBH Bank had $125.0 million and no outstanding borrowings with the FHLB, respectively. The Company may pledge investment securities and loans as collateral for FHLB advances. There were no investment securities pledged at June 30, 2026 or December 31, 2025. Loans pledged were $3.6 billion and $2.4 billion at June 30, 2026 and December 31, 2025, respectively. The Company incurred $0.9 million and $1.0 million of interest expense related to FHLB advances or other short-term borrowings for the three and six months ended June 30, 2026, respectively. During the three and six months ended June 30, 2025, the Company incurred $1.2 million and $2.3 million, respectively, of interest expense related to FHLB advances or other short-term borrowings.
Current wording
At September 30, 2026 and December 31, 2025, the Company sold securities under agreements to repurchase totaling $22.5 million and $17.4 million, respectively. In addition, as a member of the FHLB, the Company has access to a line of credit and term financing from the FHLB with total available credit of $2.2 billion at September 30, 2026. The Company may utilize the FHLB line of credit as a funding mechanism for originated loans and loans held for sale. At September 30, 2026 and December 31, 2025, NBH Bank had $125.0 million and no outstanding borrowings with the FHLB, respectively. The Company may pledge investment securities and loans as collateral for FHLB advances. There were no investment securities pledged at September 30, 2026 or December 31, 2025. Loans pledged were $3.6 billion and $2.4 billion at September 30, 2026 and December 31, 2025, respectively. The Company incurred $0.9 million and $2.0 million of interest expense related to FHLB advances or other short-term borrowings for the three and nine months ended September 30, 2026, respectively. During the three and nine months ended September 30, 2025, the Company incurred $0.4 million and $2.7 million, respectively, of interest expense related to FHLB advances or other short-term borrowings.
Previous wording
Pre-provision net revenue FTE totaled $68.5 million and $85.4 million for the six months ended June 30, 2026 and 2025, respectively. Excluding acquisition and restructuring charges, adjusted pre-provision net revenue FTE increased $9.9 million, or 11.5%, to $95.3 million for the six months ended June 30, 2026, compared to $85.4 million for the same period in the prior year.
Current wording
Pre-provision net revenue FTE totaled $99.4 million and $129.0 million for the nine months ended September 30, 2026 and 2025, respectively. Excluding acquisition and restructuring charges, adjusted pre-provision net revenue FTE increased $10.6 million, or 8.1%, to $141.4 million for the nine months ended September 30, 2026, compared to $130.8 million for the same period in the prior year.
Previous wording
The return on average assets totaled 0.78% and 1.19% for the six months ended June 30, 2026 and 2025, respectively. Excluding acquisition and restructuring charges, the adjusted return on average tangible assets totaled 1.23% for the six months ended June 30, 2026, compared to 1.29% for the same period in the prior year.
Current wording
The return on average assets totaled 0.42% and 1.27% for the nine months ended September 30, 2026 and 2025, respectively. Excluding acquisition and restructuring charges, the adjusted return on average tangible assets totaled 0.87% for the nine months ended September 30, 2026, compared to 1.40% for the same period in the prior year.
Previous wording
The return on average equity totaled 5.68% for the six months ended June 30, 2026, compared to 8.80% for the six months ended June 30, 2025. Excluding acquisition and restructuring charges, the adjusted return on average tangible common equity for the six months ended June 30, 2026 was 12.11%, compared to 12.44% for the six months ended June 30, 2025
Current wording
The return on average equity totaled 3.07% for the nine months ended September 30, 2026, compared to 9.30% for the nine months ended September 30, 2025. Excluding acquisition and restructuring charges, the adjusted return on average tangible common equity for the nine months ended September 30, 2026 was 8.67%, compared to 13.23% for the nine months ended September 30, 2025.
Previous wording
Net interest income increased $21.9 million, or 25.0%, to $109.3 million during the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Net interest income on an FTE basis increased $22.2 million to $111.5 million during the three months ended June 30, 2026, compared to the three months ended June 30, 2025. During the three months ended June 30, 2026, the net interest margin FTE totaled 3.94%, compared to 3.95% for the three months ended June 30, 2025. The cost of funds improved
Current wording
Net interest income increased $24.7 million, or 28.0%, to $112.9 million during the three months ended September 30, 2026, compared to the three months ended September 30, 2025. Net interest income on an FTE basis increased $25.0 million to $115.2 million during the three months ended September 30, 2026, compared to the three months ended September 30, 2025. During the three months ended September 30, 2026, the net interest margin FTE totaled 4.00%, compared to 3.98% for the three months ended
Showing the first 40 of 67 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Company also holds other fixed-to-floating notes. The balance on all subordinated notes totaled $201.9 million and $54.5 million at September 30, 2026 and December 31, 2025, respectively.
Current report — wording carried from elsewhere
within the balance sheet and pursue a controlled assumption of interest rate risk while preserving adequate levels of liquidity and capital.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
ACL accounting policy involves judgments, estimates and uncertainties that are subject to change. For periods beyond the reasonable and supportable forecast period, the Company reverts to historical long-term average loss rates on a straight-line basis.
Previous report — wording carried elsewhere
unrealized gains and losses are detailed in note 4 of our consolidated financial statements. As of June 30, 2026, our investment securities portfolio consisted primarily of MBS, all of which were issued or guaranteed by U.S. government agencies or sponsored enterprises. The anticipated repayments and marketability of these securities offer substantial resources and flexibility to meet new loan demand, reinvest in the investment securities portfolio, or provide optionality for reductions in our deposit funding base. At June 30, 2026, the duration of the investment securities portfolio was 3.8 years and the weighted average life was 4.5 years.