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National Bank Holdings Corporation operates as the bank holding company for NBH Bank that provides various banking products and financial services to commercial, business, and consumer clients in the United States. It offers deposit products, including checking, savings, money market, health savings, and other deposit accounts, including fixed-rate and fixed maturity time deposits. The company also provides commercial and industrial loans and leases, such as working capital loans, equipment loans, lender finance loans, food and agriculture loans, government and non-profit loans, owner occupied commercial real estate loans, and other commercial loans and leases; non-owner occupied commercial real estate loans consisting of loans on commercial properties, such as hospitality, office buildings, warehouse/distribution buildings, multi-family, and retail buildings; small business administration loans to support small businesses and entrepreneurs; term loans, line of credits, and real estate secured loans; residential real estate loans; and consumer loans. In addition, it offers treasury management solutions comprising online and mobile banking, commercial credit card, wire transfer, automated clearing house, electronic bill payment, lock box, remote deposit capture, merchant processing, cash vault, controlled disbursements, and fraud prevention services, as well as positive pay and other auxiliary services, including account reconciliation, collections, repurchase accounts, zero balance accounts, and sweep accounts. The company operates through a network of banking centers located in Colorado, the greater Kansas City region, Texas, Utah, Wyoming, New Mexico and Idaho. It also operates ATMs. The company was formerly known as NBH Holdings Corp. and changed its name to National Bank Holdings Corporation in March 2012. The company was incorporated in 2009 and is headquartered in Greenwood Village, Colorado.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $412M | - | $110M | $132M | 7.9% | 2.5% | -7.8% |
| 2024 | $401M | - | $119M | $121M | 9.1% | -4.4% | -16.4% |
| 2023 | $420M | - | $142M | $130M | 11.7% | 27.8% | 99.3% |
| 2022 | $329M | - | $71M | $202M | 6.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 328.67 | 420.10 | 401.43 | 411.58 |
| Operating Revenue | - | 328.67 | 420.10 | 401.43 | 411.58 |
| Selling General And Administration | - | 130.91 | 148.71 | 155.62 | 157.04 |
| Interest Income | - | 283.65 | 492.16 | 536.44 | 518.05 |
| Interest Expense | - | 17.85 | 133.46 | 192.88 | 171.27 |
| Net Interest Income | - | 265.80 | 358.70 | 343.56 | 346.78 |
| Pretax Income | - | 86.18 | 175.60 | 145.25 | 133.63 |
| Tax Provision | - | 14.91 | 33.55 | 26.43 | 24.06 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 71.27 | 142.05 | 118.82 | 109.57 |
| Net Income From Continuing And Discontinued Operation | - | 71.27 | 142.05 | 118.82 | 109.57 |
| Net Income From Continuing Operation Net Minority Interest | - | 71.27 | 142.05 | 118.82 | 109.57 |
| Net Income | - | 71.27 | 142.05 | 118.82 | 109.57 |
| Net Income Common Stockholders | - | 71.12 | 141.80 | 118.49 | 108.69 |
| Net Income Including Noncontrolling Interests | - | 71.27 | 142.05 | 118.82 | 109.57 |
| Normalized Income | - | 71.27 | 142.05 | 118.82 | 109.57 |
| Diluted NI Availto Com Stockholders | - | 71.12 | 141.80 | 118.49 | 108.69 |
| Basic Average Shares | - | 32.40 | 37.98 | 38.33 | 37.96 |
| Diluted Average Shares | - | 32.69 | 38.18 | 38.58 | 38.09 |
| Reconciled Depreciation | - | 16.45 | 23.85 | 24.19 | 28.10 |
| Total Unusual Items | -1.08 | 0.66 | - | - | - |
| Total Unusual Items Excluding Goodwill | -1.08 | 0.66 | - | - | - |
| Special Income Charges | -1.59 | 0 | - | - | - |
| Restructuring And Mergern Acquisition | 1.59 | 0 | - | - | - |
| Gain On Sale Of Security | - | 0 | 0 | -6.58 | -3.35 |
| Depreciation Amortization Depletion Income Statement | - | 2.34 | 7.39 | 7.94 | 7.82 |
| Depreciation And Amortization In Income Statement | - | 2.34 | 7.39 | 7.94 | 7.82 |
| General And Administrative Expense | - | 127.09 | 144.71 | 151.63 | 152.69 |
| Other Gand A | 9.31 | - | - | - | - |
| Salaries And Wages | - | 124.97 | 137.70 | 146.24 | 148.33 |
| Insurance And Claims | - | 2.12 | 7.01 | 5.39 | 4.36 |
| Selling And Marketing Expense | - | 3.82 | 4 | 3.99 | 4.35 |
| Otherunder Preferred Stock Dividend | - | 0.15 | 0.24 | 0.33 | 0.88 |
| Amortization | - | 2.34 | 7.39 | 7.94 | 7.82 |
| Amortization Of Intangibles Income Statement | - | 2.34 | 7.39 | 7.94 | 7.82 |
| Occupancy And Equipment | - | 31.50 | 37.55 | 39.95 | 45.83 |
| Professional Expense And Contract Services Expense | - | 14.42 | 10.46 | 7.06 | 12.53 |
| Other Non Interest Expense | - | 26.59 | 32.09 | 38.86 | 36.94 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| National Bank Holdings Corporationthis co. | NBHC | $1.9B | 17.05↑ premium | 1.35 | 7.9% | - |
| OFG Bancorp | OFG | $1.9B | 9.47 | 1.40 | 14.8% | - |
| First Commonwealth Financial Corporation | FCF | $1.9B | 12.65 | 1.24 | 9.8% | - |
| Stellar Bancorp, Inc. | STEL | $1.9B | 18.53 | 1.14 | 6.2% | - |
| The Baldwin Insurance Group, Inc. |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| BWIN |
| $1.9B |
| -55.47 |
| 3.13 |
| -5.6% |
| 16.99 |
| Horace Mann Educators Corporation | HMN | $1.8B | 11.35 | 1.24 | 10.9% | - |
| Slide Insurance Holdings, Inc. | SLDE | $1.8B | 4.14 | 1.65 | 39.9% | - |
| Patria Investments Limited | PAX | $1.8B | 21.43 | 3.00 | 14.0% | 12.81 |
| 1st Source Corporation | SRCE | $1.8B | 11.35 | 1.41 | 12.4% | - |
| Peer Median | - | 11.35 | 1.40 | 11.7% | 14.90 | |