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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-35654

NATIONAL BANK HOLDINGS CORPORATION

(Exact name of registrant as specified in its charter)


Delaware		27-0563799
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

7800 East Orchard Road, Suite 300, Greenwood Village, Colorado 80111

(Address of principal executive offices) (Zip Code)

Registrant’s telephone, including area code: (303) 892-8715

Securities registered pursuant to Section 12(b) of the Act:


Title of each class:	Trading Symbol	Name of each exchange on which registered:
Class A Common Stock, Par Value $0.01	NBHC	NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:


Large accelerated filer	⌧	Accelerated filer	◻
Non-accelerated filer	◻	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of October 24, 2025, the registrant had outstanding 37,819,914 shares of Class A voting common stock, each with $0.01 par value per share, excluding 312,144 shares of restricted Class A common stock issued but not yet vested.

6
		Page
Part I. Financial Information

Item 1.	Financial Statements (Unaudited)	6

	Consolidated Statements of Financial Condition as of September 30, 2025 and December 31, 2024	6

	Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024	7

	Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024	8

	Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2025 and 2024	9

	Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	10

	Notes to Consolidated Financial Statements	11

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	47

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	79

Item 4.	Controls and Procedures	79

Part II. Other Information

Item 1.	Legal Proceedings	80

Item 1A.	Risk Factors	80

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	81

Item 5.	Other Information	81

Item 6.	Exhibits	82

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GLOSSARY OF ACRONYMS, ABBREVIATIONS AND TERMS


2023 Plan	2023 Omnibus Incentive Plan	FTE	Fully taxable equivalent
ACL	Allowance for credit losses	GAAP	Generally accepted accounting principles
AFS	Available-for-sale	GDP	Gross domestic product
AIR	Accrued interest receivable	GNMA	Government National Mortgage Association
AOCI	Accumulated other comprehensive income (loss)	GSE	Government sponsored enterprises
ASC	Accounting Standards Codification	HPI	Home price index
ASU	Accounting Standards Update	HTM	Held-to-maturity
ATM	Automated Teller Machine	ISDA	International Swaps and Derivative Association
Banks	NBH Bank and Bank of Jackson Hole Trust, collectively	MBS	Mortgage-backed securities
BOJH	Bank of Jackson Hole	MSR	Mortgage servicing right
BOJHT	Bank of Jackson Hole Trust	NBHC or the Company	National Bank Holdings Corporation
Cambr	Cambr Solutions, LLC	NCO	Net charge-offs
CECL	Current expected credit loss	OCI	Other Comprehensive Income
CRE	Commercial real estate	OREO	Other real estate owned
DCF	Discounted cash flow	PSU	Performance stock unit
EPS	Earnings Per Share	ROTA	Return on tangible assets
ESPP	Employee Stock Purchase Plan	S&P	Standard and Poor's
FASB	Financial Accounting Standards Board	SBA	Small Business Administration
FDIC	Federal Deposit Insurance Corporation	SEC	Securities and Exchange Commission
FHA	Federal Housing Administration	SOFR	Secured overnight financing rate
FHLB	Federal Home Loan Bank	TDMs	Troubled debt modifications
FHLMC	Federal Home Loan Mortgage Corporation	Transaction deposits	Demand, savings, and money market deposits
Fintech	Financial technology	TSR	Total shareholder return
FNMA	Federal National Mortgage Association	Vista	Vista Bancshares, Inc.
FRB	Federal Reserve Bank

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not discuss historical facts but instead relate to expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. Forward-looking statements are often, but not always, identified by words such as “anticipate,” “believe,” “can,” “would,” “should,” “could,” “may,” “predict,” “seek,” “potential,” “will,” “estimate,” “target,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend,” “goal,” “focus,” “maintains,” “future,” “ultimately, ” “likely,” “ensure,” “strategy,” “objective,” and similar words or phrases. For example, our forward-looking statements include, without limitation, statements regarding our business plans, expectations, or opportunities for growth; the proposed acquisition of Vista; our anticipated financial performance, expenses, cash requirements and sources of liquidity; and our capital allocation strategies and plans. These statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties. We have based these statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, liquidity, results of operations, business strategy and growth prospects.

Forward-looking statements involve certain important risks, uncertainties and other factors, any of which could cause actual results to differ materially from those in such statements and, therefore, you are cautioned not to place undue reliance on such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

●

our ability to obtain required regulatory or shareholder approvals, which could be delayed due to, among other things, the current U.S. Federal government shutdown, or meet other closing conditions, to complete the acquisition of Vista when expected or at all, and to realize the anticipated benefits of the proposed transaction;

●

business and economic conditions along with external events both generally and in the financial services industry;

●

susceptibility to credit risk and fluctuations in the value of real estate and other collateral securing a significant portion of our loan portfolio, including with regards to real estate acquired through foreclosure, and the accuracy of appraisals related to such real estate;

●

insufficiency of the allowance for credit losses and fair value adjustments to absorb losses in our loan portfolio;

●

our ability to maintain sufficient liquidity to meet the requirements of deposit withdrawals and other business needs;

●

changes and uncertainty impacting monetary supply and the businesses of our clients and counterparties, including levels of market interest rates, inflation, currency values, monetary and fiscal policies, and the volatility of trading markets;

●

changes in the fair value of our investment securities and the ability of companies in which we invest to commercialize their technology or product concepts;

●

the loss of certain executive officers and key personnel;

●

any service interruptions, cyber incidents or other breaches relating to our technology systems, security systems or infrastructure or those of our third-party providers;

●

the occurrence of fraud or other financial crimes within our business;

●

competition from other financial institutions and financial services providers and the effects of disintermediation within the banking business including consolidation within the industry;

●

changes and uncertainty with respect to federal government lending programs like the SBA’s Preferred Lender Program and the FHA’s insurance programs, including the impact of the government shutdown on such programs;

●

impairment of our mortgage servicing rights, disruption in the secondary market for mortgage loans, declines in real estate values, or being required to repurchase mortgage loans or reimburse investors;

●

developments in technology, such as artificial intelligence, the success of our digital growth strategy, and our ability to incorporate innovative technologies in our business and provide products and services that satisfy our clients’ expectations for convenience and security;

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●

our ability to execute our organic growth and acquisition strategies;

●

the accuracy of projected operating results for assets and businesses we acquire as well as our ability to drive organic loan growth to replace loans in our existing portfolio with comparable loans as loans are paid down;

●

changes and uncertainty with respect to federal, state and local laws, regulations, and policies along with executive orders applicable to our business, including tax laws, tariff policies, and Federal Reserve interest rate policies;

●

our ability to comply with and manage costs related to extensive government regulation and supervision, including current and future regulations affecting bank holding companies and depository institutions;

●

the application of any increased assessment rates imposed by the FDIC;

●

claims or legal action brought against us by third parties or government agencies; and

●

other factors, risks, trends and uncertainties described under “Part I, Item 1. Business,” “Part I, Item 1A. Risk Factors,” “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024 and in our other filings with the SEC.

Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.

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PART I: FINANCIAL INFORMATION

Item 1: FINANCIAL STATEMENTS.

NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Financial Condition (Unaudited)

(In thousands, except share and per share data)


	September 30, 2025		December 31, 2024
ASSETS
Cash and cash equivalents	$	555,560	$	127,848
Investment securities available-for-sale (at fair value)		612,719		527,547
Investment securities held-to-maturity (fair value of $630,802 and $451,386 at September 30, 2025 and December 31, 2024, respectively)		689,486		533,108
Other securities		80,526		76,462
Loans		7,429,501		7,751,143
Allowance for credit losses		(88,280)		(94,455)
Loans, net		7,341,221		7,656,688
Loans held for sale		22,252		24,495
Other real estate owned		658		662
Premises and equipment, net		211,436		196,773
Goodwill		306,043		306,043
Intangible assets, net		50,331		58,432
Other assets		282,454		299,635
Total assets	$	10,152,686	$	9,807,693
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing demand deposits	$	2,255,495	$	2,213,685
Interest bearing demand deposits		1,223,602		1,411,860
Savings and money market		3,832,460		3,592,312
Time deposits		1,160,123		1,020,036
Total deposits		8,471,680		8,237,893
Securities sold under agreements to repurchase		21,303		18,895
Long-term debt, net		54,743		54,511
Federal Home Loan Bank advances		—		50,000
Other liabilities		230,031		141,319
Total liabilities		8,777,757		8,502,618
Shareholders’ equity:
Common stock, par value $0.01 per share: 400,000,000 shares authorized; 51,487,888 and 51,487,888 shares issued; and 37,815,589 and 38,054,482 shares outstanding at September 30, 2025 and December 31, 2024, respectively		515		515
Additional paid-in capital		1,169,982		1,167,431
Retained earnings		568,276		508,864
Treasury stock of 13,340,349 and 13,141,392 shares at September 30, 2025 and December 31, 2024, respectively, at cost		(312,873)		(301,694)
Accumulated other comprehensive loss, net of tax		(50,971)		(70,041)
Total shareholders’ equity		1,374,929		1,305,075
Total liabilities and shareholders’ equity	$	10,152,686	$	9,807,693

See accompanying notes to the consolidated interim financial statements.

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NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share data)


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
Interest and dividend income:
Interest and fees on loans	$	120,132	$	129,566	$	360,577	$	377,167
Interest and dividends on investment securities		9,992		7,476		28,563		21,613
Dividends on other securities		409		405		1,355		1,398
Interest on interest bearing bank deposits		1,705		556		2,926		2,004
Total interest and dividend income		132,238		138,003		393,421		402,182
Interest expense:
Interest on deposits		42,886		49,366		125,998		141,580
Interest on borrowings		1,152		984		5,123		5,345
Total interest expense		44,038		50,350		131,121		146,925
Net interest income before provision for credit losses		88,200		87,653		262,300		255,257
Provision (release) for credit loss expense		(1,500)		2,000		8,700		4,776
Net interest income after provision for credit losses		89,700		85,653		253,600		250,481
Non-interest income:
Service charges		4,340		4,912		12,585		13,598
Bank card fees		4,505		4,832		13,431		14,292
Mortgage banking income		2,895		2,981		8,757		8,932
Bank-owned life insurance income		795		759		2,335		2,228
Other non-interest income		8,156		4,905		16,025		11,062
Total non-interest income		20,691		18,389		53,133		50,112
Non-interest expense:
Salaries and benefits		37,779		37,331		109,887		110,784
Occupancy and equipment		12,383		9,697		32,656		29,758
Data processing		4,751		4,398		13,604		12,581
Marketing and business development		948		1,091		2,862		2,836
FDIC deposit insurance		1,041		1,297		3,357		4,073
Bank card expenses		1,033		1,176		3,404		3,916
Professional fees		3,249		2,111		6,352		5,463
Other non-interest expense		4,116		5,084		14,202		14,698
Other intangible assets amortization		1,946		1,977		5,870		5,962
Total non-interest expense		67,246		64,162		192,194		190,071
Income before income taxes		43,145		39,880		114,539		110,522
Income tax expense		7,860		6,775		21,001		19,891
Net income	$	35,285	$	33,105	$	93,538	$	90,631
Earnings per share—basic	$	0.92	$	0.86	$	2.44	$	2.37
Earnings per share—diluted		0.92		0.86		2.43		2.36
Common stock dividend		0.30		0.28		0.89		0.83
Weighted average number of common shares outstanding:
Basic		37,911,643		38,277,042		38,018,090		38,173,469
Diluted		38,034,473		38,495,091		38,142,300		38,368,011

See accompanying notes to the consolidated interim financial statements.

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NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Unaudited)

(In thousands)


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
Net income	$	35,285	$	33,105	$	93,538	$	90,631
Other comprehensive income, net of tax:
Securities available-for-sale:
Net unrealized gains arising during the period, net of tax expense of $1,460 and $5,847 for the three months ended September 30, 2025 and 2024, respectively; and net of tax expense of $5,714 and $4,632 for the nine months ended September 30, 2025 and 2024, respectively		4,812		16,779		18,440		13,411
Less: amortization of net unrealized holding gains to income, net of tax benefit of $1 and $5 for the three months ended September 30, 2025 and 2024, respectively; and net of tax benefit of $5 and $20 for the nine months ended September 30, 2025 and 2024, respectively		(2)		(16)		(15)		(61)
Cash flow hedges:
Net unrealized gains arising during the period, net of tax expense of $54 and $376 for the three months ended September 30, 2025 and 2024, respectively; and net of tax expense of $429 and $209 for the nine months ended September 30, 2025 and 2024, respectively		177		1,150		1,398		645
Less: reclassification adjustment for (gains) losses included in net income, net of tax expense (benefit) of $14 and ($8) for the three months ended September 30, 2025 and 2024, respectively; and net of tax expense of $228 and $24 for the nine months ended September 30, 2025 and 2024, respectively		(46)		27		(753)		(79)
Other comprehensive income		4,941		17,940		19,070		13,916
Comprehensive income	$	40,226	$	51,045	$	112,608	$	104,547

See accompanying notes to the consolidated interim financial statements.

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NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

(In thousands, except share and per share data)


	For the three months ended September 30,
									Accumulated
			Additional						other
	Common		paid-in		Retained		Treasury		comprehensive
	stock		capital		earnings		stock		income, net		Total
Balance, June 30, 2024	$	515	$	1,161,804	$	469,630	$	(303,880)	$	(80,425)	$	1,247,644
Net income		—		—		33,105		—		—		33,105
Stock-based compensation		—		2,002		—		—		—		2,002
Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock of $2,173, net		—		589		—		1,603		—		2,192
Cash dividends declared ($0.28 per share)		—		—		(10,886)		—		—		(10,886)
Other comprehensive income		—		—		—		—		17,940		17,940
Balance, September 30, 2024	$	515	$	1,164,395	$	491,849	$	(302,277)	$	(62,485)	$	1,291,997
Balance, June 30, 2025	$	515	$	1,167,719	$	544,428	$	(304,254)	$	(55,912)	$	1,352,496
Net income		—		—		35,285		—		—		35,285
Stock-based compensation		—		2,145		—		—		—		2,145
Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock of $280, net		—		118		—		185		—		303
Repurchase of 240,000 shares		—		—		—		(8,804)		—		(8,804)
Cash dividends declared ($0.30 per share)		—		—		(11,437)		—		—		(11,437)
Other comprehensive income		—		—		—		—		4,941		4,941
Balance, September 30, 2025	$	515	$	1,169,982	$	568,276	$	(312,873)	$	(50,971)	$	1,374,929


	For the nine months ended September 30,
									Accumulated
			Additional						other
	Common		paid-in		Retained		Treasury		comprehensive
	stock		capital		earnings		stock		income, net		Total
Balance, December 31, 2023	$	515	$	1,162,269	$	433,126	$	(306,702)	$	(76,401)	$	1,212,807
Net income		—		—		90,631		—		—		90,631
Stock-based compensation		—		5,666		—		—		—		5,666
Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock of $6,163, net		—		(3,540)		—		4,425		—		885
Cash dividends declared ($0.83 per share)		—		—		(31,908)		—		—		(31,908)
Other comprehensive income		—		—		—		—		13,916		13,916
Balance, September 30, 2024	$	515	$	1,164,395	$	491,849	$	(302,277)	$	(62,485)	$	1,291,997
Balance, December 31, 2024	$	515	$	1,167,431	$	508,864	$	(301,694)	$	(70,041)	$	1,305,075
Net income		—		—		93,538		—		—		93,538
Stock-based compensation		—		5,840		—		—		—		5,840
Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock of $4,452, net		—		(3,289)		—		1,862		—		(1,427)
Repurchase of 359,300 shares		—		—		—		(13,041)		—		(13,041)
Cash dividends declared ($0.89 per share)		—		—		(34,126)		—		—		(34,126)
Other comprehensive income		—		—		—		—		19,070		19,070
Balance, September 30, 2025	$	515	$	1,169,982	$	568,276	$	(312,873)	$	(50,971)	$	1,374,929

See accompanying notes to the consolidated interim financial statements.

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NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)


	For the nine months ended September 30,
	2025		2024
Cash flows from operating activities:
Net income	$	93,538	$	90,631
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit loss expense		8,700		4,776
Depreciation and amortization		19,832		17,881
Change in current income tax receivable		(1,710)		634
Change in deferred income taxes		19,451		7,641
Discount accretion, net of premium amortization on securities		(1,994)		(1,200)
Gain on sale of mortgages, net		(7,234)		(7,711)
Origination of loans held for sale, net of repayments		(260,886)		(253,078)
Proceeds from sales of loans held for sale		270,363		261,881
Originations of mortgage servicing rights		(146)		(258)
Proceeds from sales of mortgage servicing rights		2,360		—
Gain on sale of mortgage servicing rights		(646)		—
Gain on sale of fixed assets		(1,584)		(637)
Stock-based compensation		5,840		5,666
Operating lease payments		(4,904)		(4,909)
Change in other assets		(8,988)		(13,761)
Change in other liabilities		(7,630)		1,285
Net cash provided by operating activities		124,362		108,841
Cash flows from investing activities:
Proceeds from other securities		48,029		42,559
Proceeds from maturities and paydowns of investment securities available-for-sale		100,403		137,632
Proceeds from maturities and paydowns of investment securities held-to-maturity		104,985		47,385
Proceeds from sales of other real estate owned		269		2,462
Purchases of other securities		(49,949)		(26,238)
Purchases of investment securities available-for-sale		(164,656)		(199,079)
Purchases of investment securities held-to-maturity		(260,257)		—
Purchases of premises and equipment, net		(21,907)		(26,375)
Net decrease (increase) in loans		380,473		(34,044)
Proceeds from the sale of loans		28,531		—
Net cash provided by (used in) investing activities		165,921		(55,698)
Cash flows from financing activities:
Net increase in deposits		233,813		306,464
Net increase (decrease) in repurchase agreements and other short-term borrowings		2,408		(110)
Net payments to the Federal Home Loan Bank		(50,000)		(340,000)
Issuance of stock under purchase and equity compensation plans		(1,509)		(1,205)
Proceeds from exercise of stock options		10		2,008
Payment of dividends		(34,252)		(31,830)
Repurchase of common stock		(13,041)		—
Net cash provided by (used in) financing activities		137,429		(64,673)
Increase (decrease) in cash and cash equivalents		427,712		(11,530)
Cash and cash equivalents at beginning of the year		127,848		192,326
Cash and cash equivalents at end of period	$	555,560	$	180,796
Supplemental disclosure of cash flow information during the period:
Cash paid for interest	$	127,638	$	141,120
Net tax payments		9,176		16,413
Supplemental schedule of non-cash activities:
Increase in loans purchased but not settled	$	101,661	$	—
Loans transferred from loans held for sale to loans		—		997

See accompanying notes to the consolidated interim financial statements.

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NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

September 30, 2025

Note 1 Basis of Presentation

National Bank Holdings Corporation is a bank holding company that has elected financial holding company status and was incorporated in the State of Delaware in 2009. The Company is headquartered in Greenwood Village, Colorado, and its primary operations are conducted through its wholly owned subsidiaries NBH Bank and BOJHT. NBH Bank is a Colorado state-chartered bank and a member of the Federal Reserve System, and BOJHT is a Wyoming state-chartered bank and a member of the Federal Reserve System. The Company provides a variety of banking products to both commercial and consumer clients through a network of over 90 banking centers, as of September 30, 2025, located primarily in Colorado, the greater Kansas City region, Utah, Wyoming, Texas, New Mexico and Idaho, as well as through online and mobile banking products and services.

The accompanying interim unaudited consolidated financial statements serve to update the National Bank Holdings Corporation Annual Report on Form 10-K for the year ended December 31, 2024 and include the accounts of the Company and its wholly owned subsidiaries, NBH Bank, BOJHT and 2UniFi, LLC. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP and, where applicable, with general practices in the banking industry or guidelines prescribed by bank regulatory agencies. However, they may not include all information and notes necessary to constitute a complete set of financial statements under GAAP applicable to annual periods and accordingly should be read in conjunction with the financial information contained in the Company’s most recent Form 10-K. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results presented. All such adjustments are of a normal recurring nature. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications of prior years’ amounts are made whenever necessary to conform to current period presentation. The results of operations for the interim period are not necessarily indicative of the results that may be expected for the full year or any other interim period. All amounts are in thousands, except share data, or as otherwise noted.

GAAP requires management to make estimates that affect the reported amounts of assets, liabilities, revenues and expenses and disclosures of contingent assets and liabilities. By their nature, estimates are based on judgment and available information. Management has made significant estimates in certain areas, such as the fair values of financial instruments, contingent liabilities and the ACL. Because of the inherent uncertainties associated with any estimation process and future changes in market and economic conditions, it is possible that actual results could differ significantly from those estimates.

During the current period, the balance sheet caption previously titled ‘Non-marketable securities’ was retitled as ‘Other securities’ without effect to the financial statements beyond the retitle.

The Company’s significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in note 2 of the audited financial statements and notes for the year ended December 31, 2024 and are contained in the Company’s Annual Report on Form 10-K. There have been no significant changes to the application of significant accounting policies since December 31, 2024.

Note 2 Recent Accounting Pronouncements

The Company has not adopted any recent accounting pronouncements in addition to those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, except for the following:

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The update requires public business entities to disclose specific categories related to rate reconciliation. It also requires more detailed information for reconciling items, provided certain quantitative thresholds are met. The amendments in this update will be applied on a prospective basis and are effective for fiscal years beginning after December 15, 2024. The update will not have a material impact on its financial statements apart from the inclusion of additional disclosures.

In March 2024, the FASB issued ASU 2024-01, Compensation – Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. This update improves GAAP by adding an illustrative example that includes four fact patterns to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether a profit interest award

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should be accounted for in accordance with Topic 718. The amendments in this update are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. The Company adopted ASU 2024-01 on January 1, 2025 with no material impact to its financial statements.

Note 3 Investment Securities

The Company’s investment securities portfolio is comprised of available-for-sale and held-to-maturity investment securities. These investment securities totaled $1.3 billion at September 30, 2025 and included $0.6 billion of available-for-sale securities and $0.7 billion of held-to-maturity securities. At December 31, 2024, investment securities totaled $1.0 billion and included $0.5 billion of available-for-sale securities and $0.5 billion of held-to-maturity securities.

Available-for-sale

Available-for-sale securities are summarized as follows as of the dates indicated:


	September 30, 2025
	Amortized		Gross		Gross
	cost		unrealized gains		unrealized losses		Fair value
U.S. Treasury securities	$	72,930	$	1,032	$	—	$	73,962
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises		229,757		1,113		(22,353)		208,517
Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises		373,555		640		(46,668)		327,527
Corporate debt		2,000		—		(10)		1,990
Other securities		723		—		—		723
Total investment securities available-for-sale	$	678,965	$	2,785	$	(69,031)	$	612,719


	December 31, 2024
	Amortized		Gross		Gross
	cost		unrealized gains		unrealized losses		Fair value
U.S. Treasury securities	$	24,958	$	—	$	(84)	$	24,874
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises		164,785		53		(29,793)		135,045
Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises		425,476		432		(60,970)		364,938
Corporate debt		2,000		—		(38)		1,962
Other securities		728		—		—		728
Total investment securities available-for-sale	$	617,947	$	485	$	(90,885)	$	527,547

During the nine months ended September 30, 2025 and 2024, purchases of available-for-sale securities totaled $164.7 million and $199.1 million, respectively. Maturities and paydowns of available-for-sale securities during the nine months ended September 30, 2025 and 2024 totaled $100.4 million and $137.6 million, respectively. There were no sales of available-for-sale securities during the nine months ended September 30, 2025 or 2024.

At September 30, 2025 and December 31, 2024, the Company’s available-for-sale investment portfolio was primarily comprised of U.S. Treasury securities and mortgage-backed securities. All mortgage-backed securities were backed by GSE collateral such as FHLMC and FNMA and the government-owned agency GNMA.

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The tables below summarize the available-for-sale securities with unrealized losses, along with the length of time they have been in an unrealized loss position, as of the dates shown:


	September 30, 2025
	Less than 12 months				12 months or more				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	value		losses		value		losses		value		losses
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises	$	17,480	$	(39)	$	126,521	$	(22,314)	$	144,001	$	(22,353)
Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises		6,367		(12)		250,580		(46,656)		256,947		(46,668)
Corporate debt		—		—		1,990		(10)		1,990		(10)
Total	$	23,847	$	(51)	$	379,091	$	(68,980)	$	402,938	$	(69,031)


	December 31, 2024
	Less than 12 months				12 months or more				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	value		losses		value		losses		value		losses
U.S. Treasury securities	$	—	$	—	$	24,874	$	(84)	$	24,874	$	(84)
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises		—		—		132,935		(29,793)		132,935		(29,793)
Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises		41,426		(95)		264,621		(60,875)		306,047		(60,970)
Corporate debt		—		—		1,963		(38)		1,963		(38)
Total	$	41,426	$	(95)	$	424,393	$	(90,790)	$	465,819	$	(90,885)

Management regularly monitors the investment securities portfolio in its entirety and further evaluates all of the available-for-sale securities in an unrealized loss position at each reporting period. The portfolio included 168 securities which were in an unrealized loss position at September 30, 2025, compared to 180 securities at December 31, 2024. The unrealized losses in the Company’s investment portfolio at September 30, 2025 were caused by changes in interest rates. The Company has no intention to sell these securities and believes it will not be required to sell the securities before the recovery of their amortized cost. 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.

Certain securities are pledged as collateral for public deposits, securities sold under agreements to repurchase and to secure borrowing capacity at the FRB, if needed. The fair value of available-for-sale investment securities pledged as collateral totaled $140.8 million and $238.6 million at September 30, 2025 and at December 31, 2024, respectively. The Company may also pledge available-for-sale investment securities as collateral for FHLB advances. No securities were pledged for this purpose at September 30, 2025 or December 31, 2024.

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A summary of the available-for-sale securities by maturity is shown in the following table as of September 30, 2025. Mortgage-backed securities may have actual maturities that differ from contractual maturities depending on the repayment characteristics and experience of the underlying financial instruments and are therefore not included in the table below. The Company holds other available-for-sale securities with an amortized cost and fair value of $0.7 million as of September 30, 2025 that have no stated contractual maturity date.


	September 30, 2025
					Weighted
	Amortized cost		Fair value		average yield
U.S. Treasury securities
After one but within five years	$	72,930	$	73,962	4.35%
Corporate debt
After one but within five years		2,000		1,990	9.68%

As of September 30, 2025 and December 31, 2024, AIR from available-for-sale investment securities totaled $1.5 million and $1.3 million, respectively, and was included within other assets in the consolidated statements of financial condition.

Held-to-maturity

Held-to-maturity investment securities are summarized as follows as of the dates indicated:


	September 30, 2025
			Gross		Gross
	Amortized		unrealized		unrealized
	cost		gains		losses		Fair value
U.S. Treasury securities	$	24,840	$	—	$	(120)	$	24,720
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises		244,916		469		(25,682)		219,703
Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises		419,730		2,008		(35,359)		386,379
Total investment securities held-to-maturity	$	689,486	$	2,477	$	(61,161)	$	630,802


	December 31, 2024
			Gross		Gross
	Amortized		unrealized		unrealized
	cost		gains		losses		Fair value
U.S. Treasury securities	$	49,639	$	—	$	(480)	$	49,159
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises		271,105		51		(36,870)		234,286
Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises		212,364		—		(44,423)		167,941
Total investment securities held-to-maturity	$	533,108	$	51	$	(81,773)	$	451,386

During the nine months ended September 30, 2025, purchases of held-to-maturity securities totaled $260.3 million. There were no purchases of held-to-maturity securities during the nine months ended September 30, 2024. Maturities and paydowns of held-to-maturity securities totaled $105.0 million and $47.4 million during the nine months ended September 30, 2025 and 2024, respectively.

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The held-to-maturity portfolio included 112 securities which were in an unrealized loss position as of September 30, 2025, compared to 160 securities at December 31, 2024. The tables below summarize the held-to-maturity securities with unrealized losses, along with the length of time they have been in an unrealized loss position, as of the dates shown:


	September 30, 2025
	Less than 12 months				12 months or more				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	value		losses		value		losses		value		losses
U.S. Treasury securities	$	—	$	—	$	24,720	$	(120)	$	24,720	$	(120)
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises		10,245		(26)		174,132		(25,656)		184,377		(25,682)
Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises		—		—		147,427		(35,359)		147,427		(35,359)
Total	$	10,245	$	(26)	$	346,279	$	(61,135)	$	356,524	$	(61,161)


	December 31, 2024
	Less than 12 months				12 months or more				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	value		losses		value		losses		value		losses
U.S. Treasury securities	$	—	$	—	$	49,159	$	(480)	$	49,159	$	(480)
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises		45,427		(880)		185,558		(35,990)		230,985		(36,870)
Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises		2,818		(51)		165,123		(44,372)		167,941		(44,423)
Total	$	48,245	$	(931)	$	399,840	$	(80,842)	$	448,085	$	(81,773)

The Company does not measure expected credit losses on a financial asset, or group of financial assets, in which historical credit loss information adjusted for current conditions and reasonable and supportable forecasts results in an expectation that nonpayment of the amortized cost basis is zero. Management evaluated held-to-maturity securities noting they are backed by loans guaranteed by either U.S. government agencies or U.S. government sponsored entities, and management believes that default is highly unlikely given this governmental backing and long history without credit losses. Additionally, management notes that yields on which the portfolio generally trades are based upon market views of prepayment and liquidity risk and not credit risk. The Company has no intention to sell any held-to-maturity securities and believes it will not be required to sell any held-to-maturity securities before the recovery of their amortized cost.

The table below summarizes the credit quality indicators, by amortized cost, of held-to-maturity securities as of the dates shown:


	September 30, 2025		December 31, 2024
	AA+		AA+
U.S. Treasury securities	$	24,840	$	49,639
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises		244,916		271,105
Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises		419,730		212,364
Total investment securities held-to-maturity	$	689,486	$	533,108

Certain securities are pledged as collateral for public deposits, securities sold under agreements to repurchase and to secure borrowing capacity at the FRB, if needed. The carrying value of held-to-maturity investment securities pledged as collateral totaled $531.6 million and $500.5 million at September 30, 2025 and December 31, 2024, respectively. The Company may also pledge held-to-maturity investment securities as collateral for FHLB advances. No held-to-maturity investment securities were pledged for this purpose at September 30, 2025 or December 31, 2024.

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A summary of the held-to-maturity securities by maturity is shown in the following table as of September 30, 2025. Actual maturities of mortgage-backed securities may differ from scheduled maturities depending on the repayment characteristics and experience of the underlying financial instruments and are therefore not included in the table below.


	September 30, 2025
					Weighted
	Amortized cost		Fair value		average yield
U.S. Treasury securities
Within one year	$	24,840	$	24,720	3.10%

As of September 30, 2025 and December 31, 2024, AIR from held-to-maturity investment securities totaled $1.7 million and $0.9 million, respectively, and was included within other assets in the consolidated statements of financial condition.

Note 4 Other Securities

The carrying balances of other securities are summarized as follows as of the dates indicated:


	September 30, 2025		December 31, 2024
Federal Reserve Bank stock	$	24,062	$	24,062
Federal Home Loan Bank stock		573		3,922
Convertible preferred stock		18,508		20,508
Equity method investments		33,270		27,970
Equity securities with readily determinable fair values		4,113		—
Total	$	80,526	$	76,462

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, 2025, purchases of other securities totaled $50.0 million, and proceeds from redemptions and sales of other securities totaled $48.0 million. During the nine months ended September 30, 2024, purchases of other securities totaled $26.2 million, and proceeds from redemptions and sales of other securities totaled $42.6 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 correlate to FHLB line of credit advances and paydowns.

FRB and FHLB stock

At September 30, 2025 and December 31, 2024, the Company held FRB stock and FHLB stock for regulatory or debt facility purposes. These are restricted securities which, lacking a market, are carried at cost. There have been no identified events or changes in circumstances that may have an adverse effect on the FRB and FHLB stock carried at cost.

Convertible preferred stock

Other securities include convertible preferred stock without a readily determinable fair value. During the three and nine months ended September 30, 2025, there were no purchases of convertible preferred stock. One convertible preferred stock investment underwent an initial public offering and was reclassified as an equity security with a readily determinable fair value during the third quarter of 2025. The Company purchased zero and $0.4 million of convertible preferred stock during the three and nine months ended September 30, 2024, respectively. During the three and nine months ended September 30, 2024, the Company recorded $3.9 million of impairment on convertible preferred stock related to venture capital investments, included in other non-interest income in the Company’s consolidated statements of operations. The Company also sold convertible preferred stock totaling $1.0 million, during the three and nine months ended September 30, 2024, which generated realized gains of $0.1 million recorded in other non-interest income in the Company’s consolidated statements of operations.

Equity method investments

Other securities also include equity method investments totaling $33.3 million and $28.0 million at September 30, 2025 and December 31, 2024, respectively. The increase was primarily due to a $5.0 million investment in Nav, a credit and financial health platform for small business owners. The Company recorded net unrealized gains on equity method investments totaling $1.7 million during the

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three and nine months ended September 30, 2025. During the three and nine months ended September 30, 2024, the Company recorded net unrealized gains on equity method investments totaling $0.4 million and $0.7 million, respectively. These gains and losses were recorded in other non-interest income in the Company’s consolidated statements of operations. The Company recorded no impairment related to equity method investments for the nine months ended September 30, 2025 or the year ended December 31, 2024.

Equity securities with readily determinable fair values

During the three and nine months ended September 30, 2025, one convertible preferred stock investment underwent an initial public offering and was reclassified as an equity security with a readily determinable fair value totaling $4.1 million at September 30, 2025. 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 three and nine months ended September 30, 2025, the Company recorded $2.1 million of unrealized gains from equity securities with readily determinable fair values.

Note 5 Loans

The loan portfolio is comprised of loans originated by the Company and loans that were acquired in connection with the Company’s acquisitions. The tables below show the loan portfolio composition including carrying value by segment as of the dates shown. The carrying value of loans is net of discounts, fees, costs and fair value marks of $22.4 million and $30.1 million as of September 30, 2025 and December 31, 2024, respectively.


	September 30, 2025
	Total loans		% of total
Commercial	$	4,580,318	61.6%
Commercial real estate non-owner occupied		1,639,877	22.1%
Residential real estate		1,196,194	16.1%
Consumer		13,112	0.2%
Total	$	7,429,501	100.0%


	December 31, 2024
	Total loans		% of total
Commercial	$	4,670,430	60.2%
Commercial real estate non-owner occupied		1,812,338	23.4%
Residential real estate		1,253,838	16.2%
Consumer		14,537	0.2%
Total	$	7,751,143	100.0%

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Information about delinquent and non-accrual loans is shown in the following tables at September 30, 2025 and December 31, 2024:


	September 30, 2025
			Greater
	30-89 days		than 90 days				Total past
	past due and		past due and		Non-accrual		due and
	accruing		accruing		loans		non-accrual		Current		Total loans
Commercial:
Commercial and industrial	$	7,113	$	3,926	$	14,617	$	25,656	$	1,947,004	$	1,972,660
Municipal and non-profit		—		—		—		—		1,189,936		1,189,936
Owner occupied commercial real estate		2,384		2,270		5,561		10,215		1,166,061		1,176,276
Food and agribusiness		2,039		5,921		587		8,547		232,899		241,446
Total commercial		11,536		12,117		20,765		44,418		4,535,900		4,580,318
Commercial real estate non-owner occupied:
Construction		—		—		—		—		205,338		205,338
Acquisition/development		—		—		337		337		54,071		54,408
Multifamily		—		—		—		—		300,250		300,250
Non-owner occupied		155		—		—		155		1,079,726		1,079,881
Total commercial real estate non-owner occupied		155		—		337		492		1,639,385		1,639,877
Residential real estate:
Senior lien		1,913		3		5,136		7,052		1,110,667		1,117,719
Junior lien		537		—		410		947		77,528		78,475
Total residential real estate		2,450		3		5,546		7,999		1,188,195		1,196,194
Consumer		147		—		67		214		12,898		13,112
Total loans	$	14,288	$	12,120	$	26,715	$	53,123	$	7,376,378	$	7,429,501


	September 30, 2025
	Non-accrual loans		Non-accrual loans
	with a related		with no related
	allowance for		allowance for		Non-accrual
	credit loss		credit loss		loans
Commercial:
Commercial and industrial	$	8,794	$	5,823	$	14,617
Owner occupied commercial real estate		3,735		1,826		5,561
Food and agribusiness		1		586		587
Total commercial		12,530		8,235		20,765
Commercial real estate non-owner occupied:
Acquisition/development		46		291		337
Total commercial real estate non-owner occupied		46		291		337
Residential real estate:
Senior lien		3,442		1,694		5,136
Junior lien		410		—		410
Total residential real estate		3,852		1,694		5,546
Consumer		67		—		67
Total loans	$	16,495	$	10,220	$	26,715

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	December 31, 2024
			Greater
	30-89 days		than 90 days				Total past
	past due and		past due and		Non-accrual		due and
	accruing		accruing		loans		non-accrual		Current		Total loans
Commercial:
Commercial and industrial	$	20,290	$	5,492	$	21,950	$	47,732	$	1,948,093	$	1,995,825
Municipal and non-profit		—		—		—		—		1,107,142		1,107,142
Owner occupied commercial real estate		1,611		9,447		195		11,253		1,252,891		1,264,144
Food and agribusiness		—		—		587		587		302,732		303,319
Total commercial		21,901		14,939		22,732		59,572		4,610,858		4,670,430
Commercial real estate non-owner occupied:
Construction		—		—		—		—		250,335		250,335
Acquisition/development		—		—		—		—		82,862		82,862
Multifamily		—		—		—		—		320,781		320,781
Non-owner occupied		158		—		5,971		6,129		1,152,231		1,158,360
Total commercial real estate non-owner occupied		158		—		5,971		6,129		1,806,209		1,812,338
Residential real estate:
Senior lien		952		—		6,747		7,699		1,161,568		1,169,267
Junior lien		133		—		505		638		83,933		84,571
Total residential real estate		1,085		—		7,252		8,337		1,245,501		1,253,838
Consumer		20		1		39		60		14,477		14,537
Total loans	$	23,164	$	14,940	$	35,994	$	74,098	$	7,677,045	$	7,751,143


	December 31, 2024
	Non-accrual loans	Non-accrual loans
	with a related	with no related
	allowance for	allowance for	Non-accrual
	credit loss	credit loss	loans
Commercial:

National Bank Holdings Corp 10-Q