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1. Company Snapshot

1.a. Company Description

National Bank Holdings Corporation operates as the bank holding company for NBH Bank that provides various banking products and financial services to commercial, business, and consumer clients in the United States.It offers deposit products, including checking, savings, money market, and other deposit accounts, including fixed-rate and fixed maturity time deposits.The company also provides commercial and industrial loans and leases, such as working capital loans, equipment loans, lender finance loans, food and agriculture loans, government and non-profit loans, owner occupied commercial real estate loans, and other commercial loans and leases; non-owner occupied commercial real estate loans consisting of loans on commercial properties, such as office buildings, warehouse/distribution buildings, multi-family, hospitality, and retail buildings; small business administration loans to support manufacturers, distributors, and service providers; term loans, line of credits, and real estate secured loans; residential real estate loans; and consumer loans.


In addition, it offers treasury management solutions comprising online and mobile banking, commercial credit card, wire transfer, automated clearing house, electronic bill payment, lock box, remote deposit capture, merchant processing, cash vault, controlled disbursements, and fraud prevention services, as well as other auxiliary services, including account reconciliation, collections, repurchase accounts, zero balance accounts, and sweep accounts.As of January 20, 2022, the company operated through a network of 81 banking centers located in Colorado, the greater Kansas City region, New Mexico, Utah, and Texas.It also operates 121 ATMs. The company was formerly known as NBH Holdings Corp.


and changed its name to National Bank Holdings Corporation in March 2012.National Bank Holdings Corporation was incorporated in 2009 and is headquartered in Greenwood Village, Colorado.

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1.b. Last Insights on NBHC

National Bank Holdings Corporation's recent performance was impacted by a moderate increase in profitability. The company's Q3 2025 earnings per share (EPS) was $0.92, slightly up from $0.88 in Q2 2025. Return on average assets (ROA) and return on average equity (ROE) stood at 1.43% and 10.25%, respectively. Despite a "Moderate Buy" rating from brokerages, with two hold, two buy, and one strong buy rating, the company's growth prospects seem limited. A 3.3% increase in quarterly dividend to $0.31 per share was announced, indicating a stable income stream for shareholders.

1.c. Company Highlights

2. NBHC Delivers Strong Q3 Earnings, Driven by Robust Revenue Growth and Stable Credit Metrics

National Bank Holdings Corporation (NBHC) reported earnings per diluted share of $0.96, surpassing analyst estimates of $0.9. The company's return on tangible common equity stood at 14.72%, while maintaining a high level of capital. Net income reached $35.3 million, and adjusted net income increased 30% annualized to $36.6 million. The fully taxable equivalent adjusted pre-provision net revenue grew 17.5% annualized, driven by a top-quartile net interest margin of 3.98%. Loan fundings totaled $421 million, bringing year-to-date fundings to $1 billion.

Publication Date: Oct -28

📋 Highlights
  • Earnings Per Share & ROE:: Delivered $0.96 EPS and 14.72% return on tangible common equity despite CRE payoff headwinds.
  • Adjusted Net Income Growth:: Adjusted net income surged 30% annualized to $36.6M ($0.96 EPS) from prior quarter.
  • Loan Fundings:: Q3 loan fundings totaled $421M, contributing to $1B year-to-date growth, led by 8.7% C&I portfolio expansion.
  • Stock Buybacks:: Repurchased 240,000 shares ($8.9M) in Q3, boosting tangible book value per share to $27.45 (+12% annualized).

Loan Production and Credit Metrics

Loan production returned to normalized levels, with commercial banking leading the charge, particularly in the C&I portfolio, which expanded at an annualized rate of 8.7%. Credit metrics continued to demonstrate a stable loan portfolio with improving trends. The company experienced a heavy volume of payoffs, primarily from the CRE portfolio, but management expects to return to growth in the fourth quarter. As Aldis Birkans noted, "We saw loan production return to more normalized levels with total loan fundings of $421 million, led by commercial banking."

Deposit Growth and Funding

Total deposits increased by $202 million compared to the prior quarter, with a cost of deposits totaling 2.08%. The company expects a decrease in the fourth quarter due to actions taken in late September following the Fed rate cut. Management believes that the reduction in deposit costs will help offset the impact of repricing on the variable loan portfolio.

Valuation and Outlook

With a Price-to-Tangible Book Value (P/TBV) ratio of approximately 1.03, NBHC's valuation appears reasonable. The company's Dividend Yield stands at 3.17%, providing a relatively attractive return for investors. Analysts estimate revenue growth at 28.7% for next year, indicating a positive outlook for the company. As Tim Laney mentioned, "We're very active" in terms of discussions, and the company is seeing "other interesting opportunities that could create meaningful market share step-ups in markets we already do business with."

3. NewsRoom

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National Bank Holdings: Growth Bank At A Value Price

Dec -04

Source: seekingalpha.com

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National Bank Holdings Corporation $NBHC Shares Sold by American Century Companies Inc.

Dec -03

Source: defenseworld.net

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Third Coast Bancshares (NASDAQ:TCBX) & National Bank (NYSE:NBHC) Head to Head Contrast

Nov -19

Source: defenseworld.net

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National Bank Holdings Corporation (NYSE:NBHC) Receives Average Recommendation of “Moderate Buy” from Brokerages

Oct -31

Source: defenseworld.net

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National Bank Holdings Corporation Announces 3.3% Increase to Quarterly Dividend

Oct -29

Source: globenewswire.com

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OLD National Bancorp IN Buys Shares of 128,655 NVIDIA Corporation $NVDA

Oct -24

Source: defenseworld.net

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Contrasting National Bank (NYSE:NBHC) & Catalyst Bancorp (NASDAQ:CLST)

Oct -24

Source: defenseworld.net

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Farmers National Banc (NASDAQ:FMNB) Sees Large Volume Increase After Earnings Beat

Oct -23

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.00%)

6. Segments

Banking and Related Activities

Expected Growth: 4.0%

National Bank Holdings Corporation's 4.0% growth in Banking and Related Activities is driven by increasing loan demand, expansion of commercial banking services, and strategic acquisitions. Additionally, the corporation's focus on digital transformation, cost savings initiatives, and a favorable interest rate environment have contributed to its growth.

7. Detailed Products

Personal Banking

National Bank Holdings Corporation offers a range of personal banking services, including checking and savings accounts, credit cards, personal loans, and mortgages.

Business Banking

The company provides business banking services, including commercial loans, lines of credit, cash management, and treasury management solutions.

Wealth Management

National Bank Holdings Corporation offers wealth management services, including investment management, financial planning, and retirement planning.

Mortgage Banking

The company provides mortgage banking services, including residential and commercial mortgage lending, and mortgage servicing.

Treasury Management

National Bank Holdings Corporation offers treasury management services, including cash management, fraud prevention, and account services.

Commercial Lending

The company provides commercial lending services, including commercial real estate loans, construction loans, and equipment financing.

8. National Bank Holdings Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

National Bank Holdings Corporation operates in a highly competitive industry, and customers have various alternatives to choose from. However, the company's strong brand recognition and customer loyalty mitigate the threat of substitutes.

Bargaining Power Of Customers

National Bank Holdings Corporation's customers have significant bargaining power due to the availability of alternative banking services. The company must maintain competitive pricing and services to retain customers.

Bargaining Power Of Suppliers

National Bank Holdings Corporation has a diversified supplier base, reducing the bargaining power of individual suppliers. The company's scale and financial stability also give it negotiating power.

Threat Of New Entrants

The banking industry has significant barriers to entry, including regulatory hurdles and capital requirements. New entrants would face significant challenges in competing with established players like National Bank Holdings Corporation.

Intensity Of Rivalry

The banking industry is highly competitive, with many established players competing for market share. National Bank Holdings Corporation must maintain its competitive edge through innovative products and services.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 25.59%
Debt Cost 6.67%
Equity Weight 74.41%
Equity Cost 8.11%
WACC 7.75%
Leverage 34.39%

11. Quality Control: National Bank Holdings Corporation passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Yield: 6.0

Momentum: 6.5

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NBH

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Quality: 6.1

Yield: 6.0

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Quality: 6.0

Yield: 6.0

Momentum: 5.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

38.5$

Current Price

38.5$

Potential

-0.00%

Expected Cash-Flows