Core Viewpoint - National Bank Holdings Corporation successfully closed a public offering of $150.0 million in subordinated notes, reflecting strong investor demand and enhancing its Tier 2 capital [1]. Group 1: Offering Details - The offering was increased from an initial $100.0 million due to high demand from institutional investors [1]. - The notes have a fixed interest rate of 5.875% for the first five years, followed by a floating rate based on the Three-Month Term SOFR plus a spread of 241 basis points [1]. - Interest payments will be made semi-annually during the fixed period and quarterly during the floating rate period [1]. Group 2: Company Background - National Bank Holdings Corporation operates a network of over 100 banking centers across several states, including Colorado, Texas, and Florida, serving a diverse clientele [4]. - The company aims to build a leading community bank franchise focused on high-quality client service and stakeholder results [4]. - Its banking subsidiaries include NBH Bank and Bank of Jackson Hole Trust, which provide various financial services [4]. Group 3: Management and Legal Counsel - Piper Sandler & Co. served as the sole book-running manager for the offering [2]. - Legal counsel for the company was provided by Wachtell, Lipton, Rosen & Katz, while Otteson Shapiro LLP acted as legal counsel to the underwriter [2].

DENVER, Jan. 30, 2026 (GLOBE NEWSWIRE) -- National Bank Holdings Corporation (NYSE: NBHC, “NBHC” or the “Company”), the holding company for NBH Bank, announced today that it has granted inducement awards to 4 new employees. Each inducement award was committed to the employee in their employment agreement or offer letter, as applicable, with NBHC and/or NBH Bank and was granted as an inducement material to the employee’s commencement of employment in connection with NBHC’s acquisition of Vista Bancshares, In ...

Since I last wrote about Canadian Utilities Limited ( CU:CA ) in May 2025, the company has posted a respectable total return of over 18%. After several years of sluggish growth, Canadian Utilities stock is benefitingI am a value-oriented investor who seeks out high-quality companies with long histories of dividend growth. I believe that patient investors who build a core portfolio of dividend paying equities can achieve their retirement goals without taking on unnecessary risk. Dividend growth profiles are ...

Financial Data and Key Metrics Changes - The company ended 2025 with a tangible book value per share growth of 10% and a CET1 capital ratio of 14.89% [5] - For the fourth quarter, net income was $22.7 million or $0.60 per diluted share, while the full year adjusted net income was $117.6 million or $3.06 per diluted share [9] - The net interest margin for the full year was 3.94%, with a fourth quarter margin of 3.97% [8][11] Business Line Data and Key Metrics Changes - The company originated $591 million in total loans during the fourth quarter, with $429 million coming from commercial loan originations, marking a record for the company [24] - The loan portfolio is projected to grow approximately 10% in 2026, starting with a combined portfolio of about $9.4 billion [10] - Non-interest income for the fourth quarter was $14.4 million, while full-year non-interest income is projected to be between $75 million and $80 million for 2026 [12][13] Market Data and Key Metrics Changes - The non-performing asset ratio improved by 11 basis points to 36 basis points of total loans by the end of 2025 [11] - The criticized loan ratio improved by 73 basis points during the year, indicating better asset quality [11] Company Strategy and Development Direction - The company aims to focus on profitable growth following the Vista Bank acquisition, which is expected to enhance service offerings and market presence [6][19] - The strategy includes expanding services such as wealth management and trust services, and enhancing treasury management offerings [19] - The company is optimistic about growth opportunities in Texas and various resort markets, which are becoming primary residences for wealthy clients [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in entering 2026 with a clean slate and a focus on growth, despite a noisy fourth quarter due to one-time costs [6][9] - The company anticipates earnings exceeding $1 per share in the fourth quarter of 2026 and full-year earnings exceeding $4 per share in 2027 [17] - Management highlighted the importance of maintaining strong credit quality and a disciplined approach to loan origination [25][84] Other Important Information - The company expects to incur one-time expenses related to the acquisition and rebranding, with a projected non-interest expense of $320 million to $330 million for 2026 [13][15] - The effective tax rate for 2026 is expected to be around 20% due to the integration of Vista and changes in income mix [16] Q&A Session Summary Question: Confirmation of loan growth and margin expectations - Management confirmed a projected 10% loan growth in 2026, a margin near 4%, and earnings expectations of over $1 in Q4 2026 and over $4 in 2027 [37] Question: 2UniFi revenue and expense guidance - Management projected $2 million to $4 million in 2UniFi revenue for 2026, with expenses held flat at $22 million [39][55] Question: Credit quality and charge-offs - Management addressed that the decision to charge off certain loans was made to ensure a clean slate for 2026, emphasizing a proactive approach to problem loans [43] Question: Growth drivers for 2026 - Management indicated that growth would be driven by strong production in all markets, particularly Texas and resort areas, with confidence in achieving targets [46][49] Question: Partnership developments for 2UniFi - Management acknowledged delays in finalizing a partnership for 2UniFi but emphasized a strong focus on client activation and scaling the business [66] Question: Share buyback appetite - Management expressed strong interest in share buybacks, having announced a $100 million buyback authorization [72]

Financial Data and Key Metrics Changes - The company reported a 10% growth in tangible book value per share and a CET1 capital ratio of 14.89% for the end of 2025 [5][9] - The net interest margin for the fourth quarter was 3.97%, with a full-year net interest margin of 3.94% [7][8] - Fourth quarter net income, excluding one-time items, was $22.7 million or $0.60 per diluted share, while full-year adjusted net income was $117.6 million or $3.06 per diluted share [9][12] Business Line Data and Key Metrics Changes - The company originated $591 million in total loans during the fourth quarter, with $429 million coming from commercial loan originations, marking a record for the company [24] - The commercial loan portfolio grew nearly 8% annualized, while there was a decline in commercial real estate loan balances due to accelerated payoffs [24][25] - The company expects loan growth of approximately 10% in 2026, starting with a combined loan portfolio of about $9.4 billion [10][37] Market Data and Key Metrics Changes - The non-performing asset ratio improved by 11 basis points to 36 basis points of total loans by the end of 2025 [11] - The criticized loan ratio improved by 73 basis points during the year, indicating better asset quality [12] - The company is focusing on expanding its presence in Texas and resort markets, which are expected to drive growth [20][49] Company Strategy and Development Direction - The company aims to enter 2026 with a clean slate and a focus on profitable growth following the Vista Bank acquisition [6][10] - The strategy includes enhancing service offerings such as wealth management and trust services, and expanding mortgage products [19] - The company is committed to maintaining a loan-to-deposit ratio of approximately 90% and holding about 15% of total assets in cash and investments [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, projecting earnings exceeding $1 per share in Q4 2026 and over $4 per share in 2027 [17] - The management acknowledged challenges in 2025 but emphasized a strong focus on credit quality and prudent growth strategies for 2026 [43][80] - The integration of Vista Bank is expected to enhance the company's growth profile and market presence [19][21] Other Important Information - The company incurred $4.1 million in after-tax acquisition costs and a $2.6 million after-tax loss on the strategic sale of investment securities in Q4 2025 [8][12] - Non-interest income for the fourth quarter was $14.4 million, with projections for total non-interest income in 2026 to be between $75 million and $80 million [13] - The effective tax rate for 2025 was 18%, with an expected increase to approximately 20% for 2026 due to changes in income mix [16] Q&A Session Summary Question: Confirmation of loan growth and margin guidance - Management confirmed a projected 10% loan growth in 2026, a margin near 4%, and earnings over $1 in Q4 2026 and over $4 in 2027 [37] Question: 2UniFi revenue and expense guidance - The projected revenue for 2UniFi in 2026 is $2 million to $4 million, with expenses held flat at $22 million [39][55] Question: Credit quality and charge-offs - Management addressed that the charge-offs were due to a few problem loans and emphasized a clean slate for 2026 [43][80] Question: Growth drivers in Texas and resort markets - Management highlighted strong loan production and growth potential in Texas and resort markets, supported by the Vista acquisition [46][49] Question: Margin performance and interest reversals - Management clarified that there were no interest reversals in Q4 and that the margin was managed well despite rate cuts [52][53] Question: Partnership developments for 2UniFi - Management acknowledged delays in partnership discussions but emphasized a strong focus on client activation and scaling the business [66][67]

Financial Data and Key Metrics Changes - The company reported a 10% growth in tangible book value per share and a CET1 capital ratio of 14.89% for the year [4] - The net interest income margin for the fourth quarter was 3.97%, with a full-year net interest margin of 3.94% [6][10] - Fourth quarter net income was $22.7 million, or $0.60 per diluted share, while full-year adjusted net income totaled $117.6 million, or $3.06 per diluted share [7][8] Business Line Data and Key Metrics Changes - The company originated $591 million in total loans during the fourth quarter, with $429 million coming from commercial loan originations, marking a record for the company [22] - The loan portfolio at the end of the year was approximately $9.4 billion, with projected loan growth of about 10% for 2026 [9] - Non-interest income for the fourth quarter was $14.4 million, while full-year non-interest income is projected to be between $75 million and $80 million for 2026 [12] Market Data and Key Metrics Changes - The non-performing asset ratio improved by 11 basis points to 36 basis points of total loans by year-end [10] - The criticized loan ratio improved by 73 basis points during the year [10] - The company expects to maintain a loan-to-deposit ratio of approximately 90% [9] Company Strategy and Development Direction - The company aims to focus on profitable growth following the acquisition of Vista Bank, which is expected to enhance its service offerings and market presence [5][18] - The strategic sale of securities and addressing problem loans were part of the company's efforts to enter 2026 with a clean slate [5] - The company is committed to expanding its services, including wealth management and enhanced treasury management offerings [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026 with strong growth potential, driven by the Vista acquisition and a focus on client activation [25][26] - The company anticipates a strong economic environment in Texas and various resort markets, which are expected to provide growth opportunities [19] - Management expects to deliver earnings exceeding $1 per share in the fourth quarter of 2026 and full-year earnings exceeding $4 per share in 2027 [15] Other Important Information - The company completed the initial phase of its 2UniFi project, which aims to revolutionize small business banking [27][29] - The effective tax rate for 2025 was 18%, with an expected increase to approximately 20% for 2026 due to the integration of Vista [14] - The company plans to hold 15% of total assets in cash and investments [9] Q&A Session Summary Question: Confirmation of loan growth and margin expectations - Management confirmed a projected 10% loan growth in 2026, a margin near 4%, and earnings over $1 in the fourth quarter of 2026 [35] Question: 2UniFi revenue and expense guidance - Management projected $2 million to $4 million in 2UniFi revenue for 2026, with expenses held flat at $22 million [36] Question: Credit quality and charge-offs - Management addressed that the charge-offs were due to specific problem loans and expressed confidence in improving credit metrics in 2026 [41] Question: Growth drivers for 2026 - Management indicated that growth would be driven by strong production in Texas and resort markets, with a focus on commercial loans [44][46] Question: Margin performance and deposit costs - Management clarified that the December margin was 3.97%, with a lag in deposit pricing compared to asset repricing [50][62] Question: Partnership developments for 2UniFi - Management acknowledged delays in finalizing a partnership for 2UniFi but emphasized a strong focus on client activation and scaling the business [63] Question: Loan growth confidence and payoffs - Management expressed confidence in achieving 10% loan growth in 2026, with reduced scheduled maturities compared to the previous year [79]

Financial Performance - Net income for Q4 2025 was $16.0 million, or $0.42 per diluted share, a decrease from $35.3 million, or $0.92 per diluted share in Q3 2025[9]. - Net income for Q4 2025 was $16,036,000, down from $35,285,000 in Q3 2025 and $28,184,000 in Q4 2024[40]. - Adjusted net income for the same period was $22,748 thousand, compared to $36,621 thousand in the prior quarter, reflecting a decline of 37.9%[58]. - Earnings per share (EPS) for Q4 2025 was $0.42, compared to $0.92 in Q3 2025 and $0.73 in Q4 2024[40]. - Return on average assets decreased to 0.65% for the three months ended December 31, 2025, compared to 1.43% for the previous quarter and 1.13% for the same quarter last year[53]. - Return on average tangible assets for the three months ended December 31, 2025, was 0.73%, compared to 1.54% in the previous quarter[56]. - Return on average tangible common equity for the same period was 6.58%, a decrease from 14.21% in the prior quarter[56]. Income and Expenses - Non-interest income for 2025 increased by $6.3 million, or 10.3%, to $67.6 million, excluding losses from security sales[27]. - Non-interest income for Q4 2025 totaled $14,433,000, a decrease from $20,691,000 in Q3 2025 and an increase from $11,119,000 in Q4 2024[40]. - Total non-interest expense for Q4 2025 was $72,448,000, an increase from $67,246,000 in Q3 2025 and $64,546,000 in Q4 2024[40]. - The efficiency ratio increased to 71.99% for the three months ended December 31, 2025, compared to 61.76% for the previous quarter and 63.75% for the same quarter last year[53]. - The efficiency ratio for the three months ended December 31, 2025, was 70.55%, an increase from 60.65% in the previous quarter[57]. - Pre-provision net revenue for the three months ended December 31, 2025, was $30,249 thousand, down from $43,630 thousand in the prior quarter[57]. Capital and Assets - The common equity tier 1 capital ratio increased to 14.89%, up 169 basis points from the previous year[19]. - The Tier 1 risk-based capital ratio remained stable at 14.89%, consistent with the previous quarter[42]. - The total risk-based capital ratio improved to 16.82%, up from 16.63% in the prior quarter[42]. - Total assets decreased to $9,883,518 thousand as of December 31, 2025, down from $10,152,686 thousand at September 30, 2025, representing a decline of 2.65%[42]. - The total assets as of December 31, 2025, were $9,845,221,000, with total liabilities of $8,488,370,000 and shareholders' equity of $1,356,851,000[47]. - The average equity to average assets ratio improved to 14.21%, up from 13.94% in the prior quarter[42]. Loans and Deposits - New loan originations totaled $1.6 billion for the year, with $591.0 million originated in Q4 2025[5][23]. - Total originated loans increased to $6,350,621 thousand, a 1.4% increase from $6,262,870 thousand in the previous quarter[43]. - Total loan fundings for the fourth quarter reached $591,008 thousand, significantly higher than $421,200 thousand in the third quarter[44]. - Average total deposits remained stable at $8.2 billion, with a loan to deposit ratio of 89.6%[15][26]. - Total deposits decreased to $8,292,634 thousand, down 2.11% from $8,471,680 thousand in the prior quarter[42]. - The average total deposits for the year ended December 31, 2025, were $8,201,875,000[47]. Credit Quality - The company recorded a provision expense of $17.8 million for credit losses, compared to $6.8 million in the prior year, with net charge-offs at 0.34% of average total loans[25]. - The provision expense for credit losses in Q4 2025 was $9,100,000, compared to a release of $(1,500,000) in Q3 2025 and $1,979,000 in Q4 2024[40]. - The allowance for credit losses decreased to $87,415 thousand as of December 31, 2025, from $88,280 thousand as of September 30, 2025, and $94,455 thousand as of December 31, 2024[50]. - The ratio of non-performing loans to total loans was 0.34% as of December 31, 2025, down from 0.36% as of September 30, 2025, and 0.46% as of December 31, 2024[52]. - The total past due and non-accrual loans amounted to $52,290 thousand as of December 31, 2025, slightly down from $53,123 thousand as of September 30, 2025, and significantly down from $74,098 thousand as of December 31, 2024[51]. - The ratio of allowance for credit losses to non-performing loans was 350.90% as of December 31, 2025, compared to 330.45% as of September 30, 2025, and 262.42% as of December 31, 2024[53]. Shareholder Returns - The quarterly cash dividend was increased by 3.2% to $0.32 per share, payable on March 13, 2026[7]. - The company executed $2.1 million in share buybacks during Q4 2025, totaling $15.2 million for the year[19]. - The company reported a common stock dividend of $0.31 for Q4 2025, up from $0.30 in Q3 2025 and $0.29 in Q4 2024[40].

Core Insights - National Bank Holdings Corporation (NBHC) reported a decline in net income for Q4 2025, totaling $16.0 million or $0.42 per diluted share, compared to $35.3 million or $0.92 per diluted share in Q3 2025 [7] - The company announced a 3.2% increase in its quarterly cash dividend to $0.32 per share and a new $100 million share repurchase authority [4][5] - NBHC completed the acquisition of Vista Bancshares, enhancing its market presence in high-growth areas [6] Financial Performance - For Q4 2025, net interest income was $86.2 million, down from $88.2 million in Q3 2025, with a net interest margin of 3.89% [8] - The company generated adjusted earnings of $0.60 per diluted share for Q4 2025, with a full-year net interest margin of 3.94% [3] - Year-to-date net income for 2025 was $109.6 million, or $2.85 per diluted share, compared to $118.8 million, or $3.08 per diluted share in 2024 [18] Capital and Shareholder Returns - The tangible common book value per share increased by 10.0% to $27.80 at the end of 2025 [17] - The Common Equity Tier 1 ratio stood at 14.89%, indicating a strong capital position [3] - The company executed $2.1 million in share buybacks during Q4 2025, totaling $15.2 million for the year [16] Loan and Deposit Metrics - Total loans remained stable at $7.4 billion as of December 31, 2025, with new loan fundings of $1.6 billion for the year [9][20] - Average total deposits were consistent at $8.2 billion, with a loan-to-deposit ratio of 89.6% [12] - The cost of funds improved by 17 basis points to 1.93% [12] Asset Quality - The company recorded a provision expense of $9.1 million for credit losses in Q4 2025, with net charge-offs totaling 0.34% of average total loans [11][21] - Non-performing loans improved to 0.34% of total loans, while the allowance for credit losses was 1.18% [11][21] Non-Interest Income and Expenses - Non-interest income for Q4 2025 totaled $14.4 million, down from $20.7 million in Q3 2025 [13] - Non-interest expenses increased to $72.4 million, primarily due to acquisition-related costs from the Vista acquisition [14]

Group 1 - National Bank Holdings Corporation (NBHC) has successfully acquired Vista Bancshares, Inc. and Vista Bank, expanding its presence in key growth markets such as Dallas-Ft. Worth, Austin, Lubbock, and Palm Beach [1] - The combined organization will have approximately $12.6 billion in pro forma assets following the acquisition [1] - Sterlington advised the management team of NBHC during this transaction, showcasing its expertise in complex corporate matters within the financial institutions industry [2] Group 2 - Sterlington was ranked third for U.S. targets and sellers in sponsor M&A exit transactions by deal value in Mergermarket's FY2025 league tables [2] - The transaction was led by partners Jeremy L. Goldstein, Christopher S. Harrison, and Kristy Fields from Sterlington [2] - Sterlington PLLC is a full-service law firm that focuses on complex corporate, litigation, executive compensation, and private wealth matters [3]

Core Insights - National Bank Holdings Corporation (NBHC) is set to report its fourth quarter and full year 2025 financial results on January 27, 2026, after market close [1] - A conference call to discuss the results will take place on January 28, 2026, at 11:00 a.m. Eastern Time, which may include discussions on company developments and forward-looking statements [1] Company Overview - National Bank Holdings Corporation is a bank holding company focused on building a community bank franchise that emphasizes high-quality client service and stakeholder results [2] - The company operates through its bank subsidiaries, NBH Bank and Bank of Jackson Hole Trust, with a network of over 100 banking centers across states including Colorado, Kansas, Texas, Utah, Wyoming, New Mexico, and Idaho [2] - NBH Bank operates under various brand names in different states, including Community Banks of Colorado, Bank Midwest, and Hillcrest Bank, among others [2]