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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 March 31, 2026

☐ 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 May 1, 2026, the registrant had outstanding 44,790,822 shares of Class A voting common stock, each with $0.01 par value per share, excluding 808,262 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 March 31, 2026 and December 31, 2025		6

	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025		7

	Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025		8

	Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2026 and 2025		9

	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025		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		75

Item 4.	Controls and Procedures		75

Part II. Other Information

Item 1.	Legal Proceedings		77

Item 1A.	Risk Factors		77

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		77

Item 5.	Other Information		77

Item 6.	Exhibits		77

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GLOSSARY OF ACRONYMS, ABBREVIATIONS AND TERMS


ACL	Allowance for credit losses	GDP	Gross domestic product
The acquisition	The acquisition of Vista Bancshares, Inc.	GNMA	Government National Mortgage Association
AFS	Available-for-sale	GSE	Government sponsored entity
AIR	Accrued interest receivable	HPI	Home price index
AOCI	Accumulated other comprehensive income (loss)	HTM	Held-to-maturity
ASC	Accounting Standards Codification	Inducement Plan	National Bank Holdings Corporation 2026 Inducement Plan
ASPP	Associate Stock Purchase Plan	ISDA	International Swaps and Derivative Association
ASU	Accounting Standards Update	MBS	Mortgage-backed securities
ATM	Automated Teller Machine	MSR	Mortgage servicing right
Banks	NBH Bank and Bank of Jackson Hole Trust, collectively	NBHC or the Company	National Bank Holdings Corporation and all affiliates
BOJH	Bank of Jackson Hole	NCO	Net charge-offs
BOJHT	Bank of Jackson Hole Trust	OCI	National Bank Holdings Corporation 2023 Omnibus Incentive Plan, as amended, restated, other otherwise supplemented
Cambr	Cambr Solutions, LLC	Omnibus Plan	2023 Omnibus Incentive Plan
CECL	Current expected credit loss	OREO	Other real estate owned
CEO	Chief Executive Officer	PCD	Purchased credit deteriorated
Common stock	Class A common stock, par value $0.01 per share	PD	Probability of Default
CRE	Commercial real estate	PSL	Purchased seasoned loans
DCF	Discounted cash flow	PSU	Performance stock unit
EPS	Earnings Per Share	Repurchase	Repurchase the mortgage loans with identified defects, indemnify the investor or insurer, or reimburse the investor for credit loss incurred on the loan
Exchange Act	The Securities Exchange Act of 1934	ROTA	Return on tangible assets
FASB	Financial Accounting Standards Board	S&P	Standard and Poor’s
FDIC	Federal Deposit Insurance Corporation	SBA	Small Business Administration
Federal Reserve	Federal Reserve System	SBA Preferred Lender	An approved participant in the SBA Preferred Lender’s Program
FHA	Federal Housing Administration	SEC	Securities and Exchange Commission
FHLB	Federal Home Loan Bank	SOFR	Secured overnight financing rate
FHLMC	Federal Home Loan Mortgage Corporation	Topic 606	FASB ASC Topic 606
Fintech	Financial technology company	Transaction deposits	Demand, savings, and money market deposits
FNMA	Federal National Mortgage Association	TSR	Total shareholder return
FRB	Federal Reserve Bank	Vista	Vista Bancshares, Inc.
FTE	Fully taxable equivalent	Vista Equity Plan	Vista Bank Equity Incentive Plan
GAAP	Generally accepted accounting principles

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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 generally 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. 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.

Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements due to a number of factors, including, but are not limited to:

●

business and economic conditions, along with external events, such as political instability, geopolitical conflicts (including in regions such as the Middle East), international trade policies, tariffs, or acts of war, and the potential for such events to contribute to inflationary pressures, fluctuations in interest rates, disruptions in global supply chains, volatility in financial markets, and impacts on earnings and stock market performance;

●

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;

●

changes impacting monetary supply and the businesses of our clients and counterparties, including levels of market interest rates, inflation, currency values, monetary, fiscal, and international trade policy, and the volatility, including as influenced by geopolitical risks and related economic uncertainty;

●

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

●

our desire to raise additional capital in connection with strategic growth initiatives and our ability to access the capital markets when desired or on favorable terms;

●

changes in the fair value of our investment securities due to market conditions outside of our control;

●

our investments in 2UniFi℠ and other fintechs and initiatives may subject us to material financial, reputational and strategic risks;

●

the allowance for credit losses and fair value adjustments may be insufficient to absorb losses in our loan portfolio;

●

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 services providers, including traditional financial institutions and fintechs, and the effects of disintermediation within the banking business including consolidation within the industry;

●

changes to federal government lending programs like the SBA’s Preferred Lender Program and the FHA’s insurance programs, including the impact of changes in regulations and budget appropriations 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;

●

claims and litigation related to our fiduciary responsibilities in connection with our trust and wealth business;

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●

our ability to manage and execute our organic growth and acquisition strategies, including our ability to realize the expected benefits of our acquisition strategies;

●

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;

●

our ability to integrate Vista Bank into our business may be more difficult, costly or time consuming than expected and we may fail to realize the anticipated benefits or cost savings of the acquisition;

●

failure to obtain regulatory approvals or consummate attractive acquisitions or continue to increase organic loan growth would restrict our growth plans:

●

the accuracy of projected operating results for assets and businesses we acquire;

●

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

●

our ability to execute our capital allocation strategy, including paying dividends or repurchasing shares, given regulatory limitations;

●

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

●

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

●

the loss of our executive officers and key personnel;

●

changes to federal, state and local laws and regulations along with executive orders applicable to our business, including tax laws; 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, 2025 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)


	March 31, 2026		December 31, 2025
ASSETS
Cash and cash equivalents	$	472,791	$	417,058
Investment securities available-for-sale (at fair value)		605,167		528,639
Investment securities held-to-maturity (fair value of $699,014 and $597,449 at March 31, 2026 and December 31, 2025, respectively)		757,350		651,732
Other securities		90,457		80,634
Loans		9,611,486		7,433,356
Allowance for credit losses		(113,477)		(87,415)
Loans, net		9,498,009		7,345,941
Loans held for sale		24,905		25,695
Other real estate owned		3,821		1,674
Premises and equipment, net		235,666		214,554
Goodwill		454,672		306,043
Intangible assets, net		67,375		48,337
Other assets		404,195		263,211
Total assets	$	12,614,408	$	9,883,518
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing demand deposits	$	2,573,213	$	2,204,241
Interest bearing demand deposits		1,546,569		1,237,006
Savings and money market		5,044,181		3,701,616
Time deposits		1,294,881		1,149,771
Total deposits		10,458,844		8,292,634
Securities sold under agreements to repurchase		16,991		17,350
Long-term debt, net		202,138		54,540
Other liabilities		271,560		133,880
Total liabilities		10,949,533		8,498,404
Shareholders’ equity:
Common stock, par value $0.01 per share: 400,000,000 shares authorized; 58,851,591 and 51,487,888 shares issued; and 44,692,472 and 37,772,516 shares outstanding at March 31, 2026 and December 31, 2025, respectively		588		515
Additional paid-in capital		1,454,100		1,171,581
Retained earnings		578,522		572,461
Treasury stock of 13,206,656 and 13,412,216 shares at March 31, 2026 and December 31, 2025, respectively, at cost		(320,269)		(315,397)
Accumulated other comprehensive loss, net of tax		(48,066)		(44,046)
Total shareholders’ equity		1,664,875		1,385,114
Total liabilities and shareholders’ equity	$	12,614,408	$	9,883,518

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
	March 31,
	2026		2025
Interest and dividend income:
Interest and fees on loans	$	144,975	$	120,207
Interest and dividends on investment securities		10,151		8,737
Dividends on other securities		516		480
Interest on interest bearing bank deposits		3,509		539
Total interest and dividend income		159,151		129,963
Interest expense:
Interest on deposits		48,369		41,267
Interest on borrowings		1,980		2,005
Total interest expense		50,349		43,272
Net interest income before provision for credit losses		108,802		86,691
Provision for credit loss expense		4,000		10,200
Net interest income after provision for credit losses		104,802		76,491
Non-interest income:
Service charges		4,192		4,118
Bank card fees		4,334		4,194
Mortgage banking income		2,742		3,315
Bank-owned life insurance income		887		764
Other non-interest income		5,578		2,985
Gain on security sales		246		—
Total non-interest income		17,979		15,376
Non-interest expense:
Salaries and benefits		56,970		34,362
Occupancy and equipment		15,834		10,837
Data processing		7,653		4,401
Marketing and business development		1,504		946
FDIC deposit insurance		1,358		1,326
Bank card expenses		1,078		1,103
Professional fees		2,232		1,423
Other non-interest expense		7,744		5,642
Other intangible assets amortization		2,464		1,977
Total non-interest expense		96,837		62,017
Income before income taxes		25,944		29,850
Income tax expense		5,151		5,619
Net income	$	20,793	$	24,231
Earnings per share—basic	$	0.46	$	0.63
Earnings per share—diluted		0.46		0.63
Common stock dividend		0.32		0.29
Weighted average number of common shares outstanding:
Basic		44,439,788		38,068,455
Diluted		44,610,511		38,229,869

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
	March 31,
	2026		2025
Net income	$	20,793	$	24,231
Other comprehensive (loss) income, net of tax:
Securities available-for-sale:
Net unrealized (losses) gains arising during the period, net of tax benefit (expense) of $955 and ($3,033) for the three months ended March 31, 2026 and 2025, respectively		(3,904)		9,716
Less: reclassification adjustment for gain on security sales realized in net income, net of tax expense of $57 and $0 for the three months ended March 31, 2026 and 2025, respectively.		(189)		—
Less: amortization of net unrealized holding losses to income, net of tax benefit of $0 and $3 for the three months ended March 31, 2026 and 2025, respectively		—		(8)
Cash flow hedges:
Net unrealized gains arising during the period, net of tax expense of $292 and $474 for the three months ended March 31, 2026 and 2025, respectively		946		1,554
Less: reclassification for gains included in net income, net of tax expense of $267 and $385 for the three months ended March 31, 2026 and 2025, respectively		(873)		(1,269)
Other comprehensive (loss) income		(4,020)		9,993
Comprehensive income	$	16,773	$	34,224

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 March 31,
									Accumulated
			Additional						other
	Common		paid-in		Retained		Treasury		comprehensive
	stock		capital		earnings		stock		income (loss), net		Total
Balance, December 31, 2024	$	515	$	1,167,431	$	508,864	$	(301,694)	$	(70,041)	$	1,305,075
Net income		—		—		24,231		—		—		24,231
Stock-based compensation		—		1,704		—		—		—		1,704
Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock of $1,374, net		—		(702)		—		163		—		(539)
Cash dividends declared ($0.29 per share)		—		—		(11,156)		—		—		(11,156)
Other comprehensive income		—		—		—		—		9,993		9,993
Balance, March 31, 2025	$	515	$	1,168,433	$	521,939	$	(301,531)	$	(60,048)	$	1,329,308
Balance, December 31, 2025	$	515	$	1,171,581	$	572,461	$	(315,397)	$	(44,046)	$	1,385,114
Net income		—		—		20,793		—		—		20,793
Stock-based compensation		—		6,349		—		—		—		6,349
Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock of $12,469, net		—		(12,416)		—		11,240		—		(1,176)
Issuance of common stock of 7,305,975 for acquisition of Vista		73		288,586		—		—		—		288,659
Repurchase of 401,869 shares		—		—		—		(16,112)		—		(16,112)
Cash dividends declared ($0.32 per share)		—		—		(14,732)		—		—		(14,732)
Other comprehensive loss		—		—		—		—		(4,020)		(4,020)
Balance, March 31, 2026	$	588	$	1,454,100	$	578,522	$	(320,269)	$	(48,066)	$	1,664,875

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 three months ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	20,793	$	24,231
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Provision for credit loss expense		4,000		10,200
Depreciation and amortization		8,955		6,328
Change in current income tax receivable		(6,318)		4,281
Change in deferred income taxes		(6,043)		4,560
Discount accretion, net of premium amortization on securities		(1,191)		(483)
Gain on sale of mortgages, net		(2,417)		(2,338)
Origination of loans held for sale, net of repayments		(80,076)		(72,646)
Proceeds from sales of loans held for sale		83,283		87,571
Originations of mortgage servicing rights		(92)		(62)
Proceeds from sales of mortgage servicing rights		—		2,360
Gain on sale of mortgage servicing rights		—		(646)
Stock-based compensation		6,349		1,704
Gain on security sales		(246)		—
Operating lease payments		(1,884)		(1,625)
Change in other assets		(79,069)		(11,605)
Change in other liabilities		(2,873)		(12,205)
Net cash (used in) provided by operating activities		(56,829)		39,625
Cash flows from investing activities:
Proceeds from maturities and paydowns of other securities		2,214		—
Proceeds from maturities and paydowns of investment securities available-for-sale		33,287		48,436
Proceeds from maturities and paydowns of investment securities held-to-maturity		32,763		17,027
Proceeds from sales of other securities		10,383		15,700
Proceeds from sales of investment securities available-for-sale		176,945		—
Proceeds from sales of other real estate owned		6,032		—
Purchases of other securities		(12,667)		(15,904)
Purchases of investment securities available-for-sale		(144,764)		(142,245)
Purchases of investment securities held-to-maturity		(137,863)		(190,624)
Purchases of premises and equipment, net		(5,491)		(10,166)
Net (increase) decrease in loans		(164,366)		138,351
Proceeds from the sale of loans		—		11,941
Net cash activity for acquisitions		250,074		—
Net cash provided by (used in) investing activities		46,547		(127,484)
Cash flows from financing activities:
Net (decrease) increase in deposits		(38,808)		186,312
Net (decrease) increase in repurchase agreements and other short-term borrowings		(359)		1,854
Proceeds from long-term debt issuance		150,000		—
Payment of long-term debt issuance costs		(2,752)		—
Net (payments to) advances from the FHLB		(10,000)		30,000
Issuance of stock under purchase and equity compensation plans		(1,762)		(583)
Proceeds from exercise of stock options		552		10
Payment of dividends		(14,744)		(11,284)
Repurchase of common stock		(16,112)		—
Net cash provided by financing activities		66,015		206,309
Increase in cash and cash equivalents		55,733		118,450
Cash and cash equivalents at beginning of the year		417,058		127,848
Cash and cash equivalents at end of period	$	472,791	$	246,298
Supplemental disclosure of cash flow information during the period:
Cash paid for interest	$	47,973	$	42,858
Net tax payments (refunds)		176		(95)
Supplemental schedule of non-cash activities:
Loans transferred to other real estate owned at fair value		1,645		—
Increase in loans purchased but not settled		129,588		60,350
Loans transferred from loans held for sale to loans		—		23

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)

March 31, 2026

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, and BOJHT is a Wyoming state-chartered bank and a member of the Federal Reserve. The Company provides a variety of banking products to both commercial and consumer clients through a network of over 100 banking centers, as of March 31, 2026, located primarily in Colorado, the greater Kansas City region, Texas, Utah, Wyoming, New Mexico, Idaho and Palm Beach, Florida, 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, 2025 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.

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, 2025 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, 2025, except for the following:

Acquisition activities—The Company accounts for business combinations under the acquisition method of accounting. Assets acquired and liabilities assumed are measured and recorded at fair value at the date of acquisition, including identifiable intangible assets. If the fair value of net assets acquired exceeds the fair value of consideration paid, a bargain purchase gain is recognized at the date of acquisition. Conversely, if the consideration paid exceeds the fair value of the net assets acquired, goodwill is recognized at the acquisition date. Fair values are subject to refinement for up to a maximum of one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Adjustments recorded to the acquired assets and liabilities assumed are applied prospectively in accordance with ASC Topic 805. The determination of the fair value of loans acquired takes into account credit quality deterioration and probability of loss with an ACL established on Day 1 through a gross-up adjustment to the amortized cost basis of the loans.

Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). The depositor relationship related to deposit liabilities, the client relationship related to assets under management, acquired technology intangibles and the trade name intangible (known as the core deposit, client relationship, acquired technology intangible assets and trade name intangible, respectively) may be exchanged in observable exchange transactions. As a result, these intangible assets are considered identifiable, because the separability criterion has been met.

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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, 2025, except for the following:

In November 2025, the FASB issued ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans. The update amends the guidance in ASC 326 on the accounting for certain purchased loans. Under the new guidance, the initial recognition of the ACL for purchased loans that meet the criteria to be deemed purchased seasoned loans is aligned with the treatment for PCD loans. Specifically, an ACL is established for the initial estimate of expected credit losses as of the acquisition date and recorded through a gross-up adjustment to the amortized cost basis of the loans. The Company elected to adopt ASU 2025-08 early, as permitted by the guidance, as of January 1, 2026. The update impacted purchase accounting entries related to loans from the Vista acquisition as described below in note 3.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Topic 350): Targeted Improvements to the Accounting for Internal-Use Software. The update eliminates the accounting consideration of software project development stages and enhances the guidance around the threshold for cost capitalization. The Company adopted ASU 2025-06 early as of January 1, 2026, using a prospective transition approach. The update did not have a material impact to the financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The update is related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC Topic 606. It allows all entities to elect a practical expedient that assumes current conditions as of the balance sheet date do not change for the remaining life of the asset. The update also allows for an accounting policy election, which is not applicable to public business entities. The Company adopted ASU 2025-05 as of January 1, 2026, on a prospective basis, and elected to use the practical expedient. The guidance did not have a material impact on the Company’s financial statements.

Note 3 Acquisition Activities

On January 7, 2026, the Company completed its acquisition of Vista Bancshares, Inc., the bank holding company of Texas-based Vista Bank. Pursuant to the merger agreement executed in September 2025, the Company paid $89.0 million of cash consideration and issued 7.3 million shares of the Company’s common stock in exchange for all of the outstanding common stock of Vista Bancshares, Inc. The transaction was valued at $377.7 million in the aggregate, based on the Company’s closing price of $39.51 on January 6, 2026. In addition, the Company held $45.0 million in debt of Vista that was effectively settled upon closing. The acquisition added 12 banking centers, including 11 within the Dallas/Ft. Worth, Austin and Lubbock regions of Texas and one banking center in Palm Beach, Florida. Acquisition-related costs of $14.3 million, pre-tax, were included in the Company’s consolidated statements of operations for the three months ended March 31, 2026. The financial results as of and for the three months ended March 31, 2026 include activity of the combined entity. The Company has made the determination of fair values using the best information available at the time; however, purchase accounting is not complete and the assumptions used are subject to change and, if changed, could have a material effect on the Company's financial position and results of operations.

The Company determined that this acquisition constitutes a business combination as defined in ASC Topic 805, Business Combinations. Accordingly, as of the date of the acquisition, the Company has recorded the assets acquired and liabilities assumed at fair value. The Company determined fair values in accordance with the guidance provided in ASC Topic 820, Fair Value Measurements and Disclosures. Fair value is established by discounting the expected future cash flows with a market discount rate for like maturities and risk instruments. The estimation of expected future cash flows, market conditions, other future events and actual results could differ materially from the original estimates. The determination of the fair values of fixed assets, loans, OREO and core deposit intangible involves a high degree of judgment and complexity.

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The table below summarizes net assets acquired (at fair value) and consideration transferred in connection with the Vista acquisition. The fair value of the acquired assets and liabilities noted in the table may change during the provisional period, which may last up to twelve months subsequent to the acquisition date. The Company may obtain additional information to refine the valuation of the acquired assets and liabilities and adjust the recorded fair value.


	January 7, 2026
Assets:
Cash and due from banks	$	339,112
Investment securities available-for-sale		145,509
Other securities		10,397
Loans		1,907,944
Other real estate owned		6,548
Premises and equipment		21,306
Core deposit and trade name intangible		21,547
Other assets		50,156
Total assets acquired	$	2,502,519

Liabilities:
Total deposits	$	2,205,031
Other liabilities		23,420
Total liabilities assumed	$	2,228,451

Identifiable net assets acquired	$	274,068

Consideration:
NBHC common stock paid at January 7, 2026, closing price of $39.51	$	288,659
Cash		89,038
Purchase price paid		377,697
Effective settlement of pre-existing debt ⁽¹⁾		45,000
Total	$	422,697

Estimated goodwill created	$	148,629


(1)		The Company held $45.0 million in debt of Vista. The debt was effectively settled.

In connection with the Vista acquisition, the Company recorded $148.6 million of goodwill. The amount of goodwill recorded reflects the expanded market presence, synergies and operational efficiencies that are expected to result from the acquisition. The following is a description of the methods used to determine the fair values of significant assets and liabilities presented above:

Cash and due from banks—The carrying amount of these assets was deemed a reasonable estimate of fair value based on the short-term nature of these assets.

Investment securities available-for-sale— The investment securities portfolio fair value was determined utilizing third-party pricing services.

Loans, net—The fair value of loans were based on a discounted cash flow methodology that considered the loans’ underlying characteristics including account type, remaining terms of loan, annual interest rates or coupon, interest types, past delinquencies, timing of principal and interest payments, current market rates, loan to value ratios, loss exposure and remaining balance. The discount rates applied were based upon a build-up approach considering the alternative cost of funds, capital charges, servicing costs, and a liquidity premium. Loans were aggregated according to similar characteristics when applying the valuation method.

Core deposit and other intangibles—The Company recorded a core deposit intangible asset of $20.5 million and a trade name intangible of $1.0 million. The core deposit intangible was valued utilizing a discounted cash flow methodology based upon assumptions regarding retained balances, such as account retention rate and growth rates, interest expense including maintenance costs, and alternative costs of funding. The discount rate applied is consistent to that applied to loans above. The trade name intangible

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was valued using the relief‑from‑royalty method, which estimates fair value based on projected revenues, an assumed market‑based royalty rate, and a discount rate applied to the resulting cash flows.

The core deposit intangible and trade name intangible will be amortized straight-line over ten years.

Deposits—By definition, the fair value of demand and saving deposits equals the amount payable. For time deposits acquired, the Company utilized an income approach, discounting the contractual cash flows on the instruments over their remaining contractual lives at prevailing market rates.

Accounting for acquired loans

The Company adopted ASU 2025-08 as of January 1, 2026, which impacted the accounting for acquired loans. The Company grouped acquired loans according to similar characteristics. Loans that reflected a more-than-insignificant deterioration of credit were categorized as purchased credit deteriorated loans, and all other loans were categorized as purchased seasoned loans. For both PSLs and PCD loans, the initial estimate of expected credit losses was included in the balance of loans with an offsetting amount recorded to the ACL as of the date of acquisition.

The following table provides a summary of loans purchased as part of the Vista acquisition as of the acquisition date:


	Unpaid principal balance		Allowance for credit loss at acquisition		Net premium/ (discount) on acquired loans		Fair value
Purchased seasoned loans	$	1,897,010	$	(21,323)	$	(3,107)	$	1,872,580
PCD Loans		50,142		(8,139)		(6,639)		35,364
Total acquired loans	$	1,947,152	$	(29,462)	$	(9,746)	$	1,907,944

Unaudited Pro forma information

The following unaudited pro forma information combines the historical results of Vista and the Company. The pro forma financial information does not include the potential impacts of possible business model changes, current market conditions, revenue enhancements, expense efficiencies, or other factors. If the Vista acquisition had been completed on January 1, 2025, pro forma total revenue for the Company would have been approximately $126.8 million and $137.9 million for the three months ended March 31, 2026 and 2025, respectively. Pro forma net income for the Company would have been approximately $31.8 million and $20.7 million for the three months ended March 31, 2026 and 2025, respectively. Pro forma basic and dilutive earnings per share for the Company would have been $0.71 and $0.70 for the three months ended March 31, 2026, respectively, and $0.45 and $0.45 for the three months ended March 31, 2025, respectively. For the three months ended March 31, 2026, the pro forma information reflects adjustments made to exclude acquisition-related expenses of the Company totaling $14.3 million. Adjustments also included estimated net accretion of loan and investment marks of $1.4 million and estimated amortization of acquired identifiable intangibles of $0.5 million for the three months ended March 31, 2025.

The unaudited pro forma information is theoretical in nature and not necessarily indicative of future consolidated results of operations of the Company or the consolidated results of operations which would have resulted had the Company acquired Vista during the periods presented.

Note 4 Investment Securities

The Company’s investment securities portfolio is comprised of available-for-sale and held-to-maturity investment securities. These investment securities totaled $1.4 billion at March 31, 2026 and included $0.6 billion of available-for-sale securities and $0.8 billion of held-to-maturity securities. During 2026, the Company acquired available-for-sale securities with a fair value of $145.5 million related to the acquisition of Vista. At December 31, 2025, investment securities totaled $1.2 billion and included $0.5 billion of available-for-sale securities and $0.7 billion of held-to-maturity securities.

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Available-for-sale

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


	March 31, 2026
	Amortized		Gross		Gross
	cost		unrealized gains		unrealized losses		Fair value
U.S. Treasury securities	$	53,341	$	341	$	(5)	$	53,677
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises		218,308		268		(17,605)		200,971
Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises		395,618		205		(45,555)		350,268
Other securities		251		—		—		251
Total investment securities available-for-sale	$	667,518	$	814	$	(63,165)	$	605,167


	December 31, 2025
	Amortized		Gross		Gross
	cost		unrealized gains		unrealized losses		Fair value
U.S. Treasury securities	$	73,144	$	1,082	$	—	$	74,226
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises		173,308		1,248		(16,891)		157,665
Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises		338,768		563		(43,305)		296,026
Other securities		722		—		—		722
Total investment securities available-for-sale	$	585,942	$	2,893	$	(60,196)	$	528,639

During the three months ended March 31, 2026 and 2025, purchases of available-for-sale securities totaled $144.8 million and $142.2 million, respectively. Maturities and paydowns of available-for-sale securities during the three months ended March 31, 2026 and 2025 totaled $33.3 million and $48.4 million, respectively. During the three months ended March 31, 2026, the Company sold $176.9 million of available-for-sale securities, primarily related to Vista securities. There were no sales of available-for-sale securities during the three months ended March 31, 2025.

At March 31, 2026 and December 31, 2025, 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.

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:


	March 31, 2026
	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	$	4,909	$	(5)	$	—	$	—	$	4,909	$	(5)
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises		77,802		(675)		94,268		(16,930)		172,070		(17,605)
Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises		76,350		(556)		224,836		(44,999)		301,186		(45,555)
Total	$	159,061	$	(1,236)	$	319,104	$	(61,929)	$	478,165	$	(63,165)

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	December 31, 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	$	—	$	—	$	96,937	$	(16,891)	$	96,937	$	(16,891)
Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises		2,546		(5)		232,742		(43,300)		235,288		(43,305)
Total	$	2,546	$	(5)	$	329,679	$	(60,191)	$	332,225	$	(60,196)

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 89 securities, which were in an unrealized loss position at March 31, 2026, compared to 84 securities at December 31, 2025. The unrealized losses in the Company’s investment portfolio at March 31, 2026 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 $158.8 million and $102.4 million at March 31, 2026 and at December 31, 2025, respectively. The Company may also pledge available-for-sale investment securities as collateral for FHLB advances. No securities were pledged for this purpose at March 31, 2026 or December 31, 2025.

A summary of the available-for-sale securities by maturity is shown in the following table as of March 31, 2026. 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 $0.3 million as of March 31, 2026 that have no stated contractual maturity date.


	March 31, 2026
					Weighted
	Amortized cost		Fair value		average yield
U.S. Treasury securities
Within one year	$	29,891	$	30,031	4.23%
After one but within five years		23,450		23,646	4.30%
Total	$	53,341	$	53,677

As of March 31, 2026 and December 31, 2025, AIR from available-for-sale investment securities totaled $1.5 million and $1.9 million, respectively, and was included within other assets in the consolidated statements of financial condition.

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Held-to-maturity

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


	March 31, 2026
			Gross		Gross
	Amortized		unrealized		unrealized
	cost		gains		losses		Fair value
U.S. Treasury securities	$	24,958	$	—	$	(28)	$	24,930
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises		244,697		315		(23,592)		221,420
Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises		487,695		959		(35,990)		452,664
Total investment securities held-to-maturity	$	757,350	$	1,274	$	(59,610)	$	699,014


	December 31, 2025
			Gross		Gross
	Amortized		unrealized		unrealized
	cost		gains		losses		Fair value
U.S. Treasury securities	$	24,900	$	—	$	(49)	$	24,851
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises		236,535		666		(23,227)		213,974
Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises		390,297		2,310		(33,983)		358,624
Total investment securities held-to-maturity	$	651,732	$	2,976	$	(57,259)	$	597,449

During the three months ended March 31, 2026 and 2025, purchases of held-to-maturity securities totaled $137.9 million and $190.6 million, respectively. Maturities and paydowns of held-to-maturity securities totaled $32.8 million and $17.0 million during the three months ended March 31, 2026 and 2025, respectively.

The held-to-maturity portfolio included 99 securities which were in an unrealized loss position as of March 31, 2026, compared to 92 securities at December 31, 2025. The tables below summarize the held-to-maturity securities with unrealized losses as of the dates shown, along with the length of the impairment period:


	March 31, 2026
	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	$	—	$	—	$	24,931	$	(28)	$	24,931	$	(28)
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises		26,946		(228)		158,774		(23,364)		185,720		(23,592)
Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises		128,248		(1,077)		139,367		(34,913)		267,615		(35,990)
Total	$	155,194	$	(1,305)	$	323,072	$	(58,305)	$	478,266	$	(59,610)

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	December 31, 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	$	—	$	—	$	24,850	$	(49)	$	24,850	$	(49)
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises		1,174		(1)		169,340		(23,226)		170,514		(23,227)
Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises		—		—		144,208		(33,983)		144,208		(33,983)
Total	$	1,174	$	(1)	$	338,398	$	(57,258)	$	339,572	$	(57,259)

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 GSEs, 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:


	March 31, 2026		December 31, 2025
	AA+		AA+
U.S. Treasury securities	$	24,958	$	24,900
Mortgage-backed securities:
Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises		244,697		236,535
Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises		487,695		390,297
Total investment securities held-to-maturity	$	757,350	$	651,732

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 $586.7 million and $604.0 million at March 31, 2026 and December 31, 2025, 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 March 31, 2026 or December 31, 2025.

A summary of the held-to-maturity securities by maturity is shown in the following table as of March 31, 2026. 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.


	March 31, 2026
					Weighted
	Amortized cost		Fair value		average yield
U.S. Treasury securities
Within one year	$	24,958	$	24,930	3.10%

As of March 31, 2026 and December 31, 2025, AIR from held-to-maturity investment securities totaled $2.0 million and $1.4 million, respectively, and was included within other assets in the consolidated statements of financial condition.

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Note 5 Other Securities

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


	March 31, 2026		December 31, 2025
FRB, FHLB and correspondent bank stock	$	35,479	$	24,641
Convertible preferred stock		18,508		18,508
Equity method investments		36,103		32,426
Equity securities with readily determinable fair values		367		5,059
Total	$	90,457	$	80,634

Other securities included FRB stock, FHLB stock, correspondent bank stock, convertible preferred stock, equity method investments and equity securities with readily determinable fair values. During the three months ended March 31, 2026, purchases of other securities totaled $12.7 million, proceeds from maturities and paydowns of other securities totaled $2.2 million, and proceeds from sales totaled $10.4 million. During the three months ended March 31, 2025, purchases of other securities totaled $15.9 million, and proceeds from other securities totaled $15.7 million. Purchases consisted primarily of FHLB stock, and proceeds consisted primarily of sales of FHLB stock. Changes in the Company’s FHLB stock holdings directly correlate to FHLB line of credit advances and paydowns.

FRB, FHLB and correspondent bank stock

At March 31, 2026 and December 31, 2025, the Company held FRB, FHLB and correspondent bank 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, FHLB and correspondent bank stock carried at cost.

Convertible preferred stock

Other securities include convertible preferred stock without a readily determinable fair value. During the three months ended March 31, 2026 and 2025, the Company had no purchases of convertible preferred stock.

Equity method investments

Other securities also include equity method investments totaling $36.1 million and $32.4 million at March 31, 2026 and December 31, 2025, respectively. Purchases of equity method investments during the three months ended March 31, 2026 and 2025 totaled $2.2 million and $0.5 million, respectively. During the three months ended March 31, 2026 and 2025, the Company recorded net unrealized gains totaling $0.1 million and net unrealized losses totaling $0.3 million, respectively, on equity method investments. These gains and losses were recorded in other non-interest income in the Company’s consolidated statements of operations. Carrying values of equity method investments without a readily determinable fair value are updated periodically and impairments may be taken to reflect a new basis. The Company recorded no impairment related to equity method investments without a readily determinable fair value for the three months ended March 31, 2026 or the year ended December 31, 2025.

Equity securities with readily determinable fair values

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 months ended March 31, 2026 and 2025, the Company sold $4.6 million and zero, respectively, of equity securities with readily determinable fair values, resulting in a realized loss totaling $0.7 million in the first quarter of 2026. During the three months ended March 31, 2026 and 2025, the Company recorded $0.1 million and zero, respectively, of unrealized losses from equity securities with readily determinable fair values.

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Note 6 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 $28.1 million and $21.7 million as of March 31, 2026 and December 31, 2025, respectively.


	March 31, 2026
	Total loans		% of total
Commercial	$	5,576,747	58.0%
Commercial real estate non-owner occupied		2,539,522	26.4%
Residential real estate		1,480,573	15.4%
Consumer		14,644	0.2%
Total	$	9,611,486	100.0%


	December 31, 2025
	Total loans		% of total
Commercial	$	4,668,153	62.8%
Commercial real estate non-owner occupied		1,582,428	21.3%
Residential real estate		1,169,699	15.7%
Consumer		13,076	0.2%
Total	$	7,433,356	100.0%

Information about delinquent and non-accrual loans is shown in the following tables at March 31, 2026 and December 31, 2025:


	March 31, 2026
			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	$	10,254	$	12,390	$	23,986	$	46,630	$	2,715,767	$	2,762,397
Municipal and non-profit		—		—		—		—		1,291,024		1,291,024
Owner occupied commercial real estate		6,481		1,211		1,806		9,498		1,282,165		1,291,663
Food and agribusiness		223		10,392		—		10,615		221,048		231,663
Total commercial		16,958		23,993		25,792		66,743		5,510,004		5,576,747
Commercial real estate non-owner occupied:
Construction		2,075		—		1,578		3,653		266,345		269,998
Acquisition/development		—		—		317		317		189,226		189,543
Multifamily		—		—		—		—		320,271		320,271
Non-owner occupied		254		—		—		254		1,759,456		1,759,710
Total commercial real estate non-owner occupied		2,329		—		1,895		4,224		2,535,298		2,539,522
Residential real estate:
Senior lien		2,103		2,856		2,135		7,094		1,386,750		1,393,844
Junior lien		218		—		168		386		86,343		86,729
Total residential real estate		2,321		2,856		2,303		7,480		1,473,093		1,480,573
Consumer		16		9		—		25		14,619		14,644
Total loans	$	21,624	$	26,858	$	29,990	$	78,472	$	9,533,014	$	9,611,486

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	March 31, 2026
	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	$	11,679	$	12,307	$	23,986
Owner occupied commercial real estate		1,806		—		1,806
Total commercial		13,485		12,307		25,792
Commercial real estate non-owner occupied:
Construction		1,578		—		1,578
Acquisition/development		46		271		317
Total commercial real estate non-owner occupied		1,624		271		1,895
Residential real estate:
Senior lien		1,524		611		2,135
Junior lien		168		—		168
Total residential real estate		1,692		611		2,303
Total loans	$	16,801	$	13,189	$	29,990


	December 31, 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	$	6,243	$	4,716	$	19,607	$	30,566	$	2,007,138	$	2,037,704
Municipal and non-profit		—		—		—		—		1,273,761		1,273,761
Owner occupied commercial real estate		1,498		1,541		2,355		5,394		1,123,224		1,128,618
Food and agribusiness		2,868		6,184		—		9,052		219,018		228,070
Total commercial		10,609		12,441		21,962		45,012		4,623,141		4,668,153
Commercial real estate non-owner occupied:
Construction		—		—		—		—		188,992		188,992
Acquisition/development		—		867		331		1,198		51,289		52,487
Multifamily		—		—		—		—		298,497		298,497
Non-owner occupied		154		—		—		154		1,042,298		1,042,452
Total commercial real estate non-owner occupied		154		867		331		1,352		1,581,076		1,582,428
Residential real estate:
Senior lien		1,027		2,100		2,332		5,459		1,082,248		1,087,707
Junior lien		123		—		249		372		81,620		81,992
Total residential real estate		1,150		2,100		2,581		5,831		1,163,868		1,169,699
Consumer		48		9		38		95		12,981		13,076
Total loans	$	11,961	$	15,417	$	24,912	$	52,290	$	7,381,066	$	7,433,356


	December 31, 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	$	13,738	$	5,869	$	19,607
Owner occupied commercial real estate		2,355		—		2,355
Total commercial		16,093		5,869		21,962
Commercial real estate non-owner occupied:
Acquisition/development		47		284		331
Total commercial real estate non-owner occupied		47		284		331
Residential real estate:
Senior lien		1,715		617		2,332
Junior lien		249		—		249
Total residential real estate		1,964		617		2,581
Consumer		38		—		38
Total loans	$	18,142	$	6,770	$	24,912

Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement remains unpaid after the due date of the scheduled payment. Loans to borrowers experiencing financial difficulties may be modified. Modified loans are discussed in more detail below. There was no interest income recognized from non-accrual loans during the three months ended March 31, 2026 or 2025.

Table of Contents

The Company’s internal risk rating system uses a series of grades, which reflect our assessment of the credit quality of loans based on an analysis of the borrower’s financial condition, liquidity and ability to meet contractual debt service requirements and are categorized as “Pass,” “Special mention,” “Substandard” and “Doubtful.” For a description of the general characteristics of the risk grades, refer to note 2 Summary of Significant Accounting Policies in our audited consolidated financial statements in our 2025 Annual Report on Form 10-K.

Table of Contents

The amortized cost basis and current period gross charge-offs for all loans as determined by the Company’s internal risk rating system and year of origination are shown in the following tables as of and for the three months ended March 31, 2026 and the year ended December 31, 2025:

March 31, 2026

Revolving

loans

Origination year

amortized

converted

2026

2025

2024

2023

2022

Prior

cost basis

to term

National Bank Holdings Corp 10-Q