National Bank Holdings Corporation
- Open
- 46.37
- Day high
- 46.39
- Day low
- 45.49
- Prev close
- 46.49
- Volume
- 354K
- Mkt cap
- $2.0B
- P/E (TTM)
- 16.5
- EPS (TTM)
- $2.77
- P/B
- 1.2
- P/S
- 3.3
- Yield
- 2.73%
- Per share
- $1.25
- ▼Insiders net selling -$40K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
National Bank Holdings Corporation (NBHC) is a Financial Services company listed on NYSE. The stock is up 15% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
National Bank Holdings Corporation (NBHC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NBHC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $0.59 | $0.72 | +22.0% | $127M | -3.4% |
| Jan 27, 2026 | $0.87 | $0.60 | -31.0% | $141M | +9.4% |
| Oct 21, 2025 | $0.90 | $0.96 | +6.7% | $108M | -0.3% |
| Jul 22, 2025 | $0.82 | $0.88 | +7.3% | $103M | -7.7% |
| Apr 22, 2025 | $0.76 | $0.63 | -17.1% | $101M | -8.9% |
| Jan 22, 2025 | $0.79 | $0.86 | +8.9% | $100M | -8.3% |
| Oct 22, 2024 | $0.75 | $0.86 | +14.7% | $105M | +0.3% |
| Jul 23, 2024 | $0.74 | $0.68 | -8.1% | $96M | -8.9% |
| Jan 23, 2024 | $0.82 | $0.87 | +6.1% | $104M | +0.1% |
| Jul 19, 2023 | $0.92 | $0.85 | -7.6% | $102M | -4.7% |
| Apr 19, 2023 | $0.96 | $1.06 | +10.4% | $108M | -2.5% |
| Jan 24, 2023 | $0.80 | $0.91 | +13.7% | $108M | -0.4% |
NBHC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 16, 2026 | Steinmetz Johnofficer: Exec Mng Dir of Strategic Init | Tax | 3,127 | $42.92 |
| May 21, 2026 | Spring Maria Fdirector | Sell | 963 | $41.84 |
| May 8, 2026 | Dean Robert Edirector | Grant | 3,153 | — |
| May 8, 2026 | Gupta Alkadirector | Grant | 3,153 | — |
| May 8, 2026 | Clermont Ralph Wdirector | Grant | 3,620 | — |
| May 8, 2026 | Sobers Patrick G.director | Grant | 3,153 | — |
| May 8, 2026 | Joseph Fred J.director | Grant | 3,153 | — |
| May 8, 2026 | Doyle Robin Anndirector | Grant | 3,153 | — |
| May 8, 2026 | Sobers Patrick G.director | Tax | 580 | $42.96 |
| May 8, 2026 | Spring Maria Fdirector | Grant | 3,153 | — |
| May 8, 2026 | Dean Robert Edirector | Tax | 613 | $42.96 |
| May 8, 2026 | ZEILE ARTdirector | Tax | 686 | $42.96 |
| May 8, 2026 | Spring Maria Fdirector | Tax | 696 | $42.96 |
| May 8, 2026 | Joseph Fred J.director | Tax | 686 | $42.96 |
| May 8, 2026 | McLaughlin Kirkdirector | Tax | 312 | $42.96 |
Source: NBHC SEC Form 4 filings, latest Jun 16, 2026. For informational purposes only — not investment advice.
See the full NBHC insider & 13F page →National Bank Holdings Corporation company profile
Overview
National Bank Holdings Corporation (NASDAQ:NBHC) is a regional bank holding company founded in 2009 and headquartered in Greenwood Village, Colorado. The company went public in September 2012 and operates through its subsidiary NBH Bank, providing traditional banking services across five states in the western United States. NBHC has grown through both organic expansion and strategic acquisitions, including the 2022 purchases of Rock Canyon Bank and Bank of Jackson Hole, and the 2023 acquisition of Cambr Solutions. The bank currently operates 81 banking centers and 121 ATMs across Colorado, Kansas, New Mexico, Utah, and Texas, with total assets of approximately $9.8 billion as of December 2024.
Business
National Bank Holdings operates as a traditional regional bank, providing comprehensive banking and financial services to commercial businesses, small and medium enterprises, and individual consumers across its geographic footprint. The company's core business revolves around the fundamental banking model of accepting deposits from customers and lending those funds to borrowers at higher interest rates. The bank's primary services include deposit products such as checking accounts, savings accounts, money market accounts, and certificates of deposit (time deposits with fixed rates and maturity dates). On the lending side, NBHC offers commercial and industrial loans for business operations, equipment financing, and working capital needs; commercial real estate loans for both owner-occupied and investment properties including office buildings, warehouses, and retail spaces; Small Business Administration (SBA) loans that are partially guaranteed by the federal government; and residential mortgages and consumer loans for individual borrowers. Beyond traditional banking, NBHC provides treasury management services that help businesses manage their cash flow, including online banking platforms, wire transfers, automated clearing house (ACH) services, and merchant payment processing. The company has also expanded into financial technology through its Cambr Solutions subsidiary, which offers banking-as-a-service platforms and reciprocal deposit networks that allow banks to share deposits and manage liquidity more efficiently. The bank is also developing 2UniFi, a proprietary digital banking platform designed specifically for small and medium-sized businesses, which represents a significant strategic investment in financial technology. This platform aims to streamline how businesses access banking services and could potentially be licensed to other financial institutions.
Revenue model
National Bank Holdings generates revenue primarily through net interest income, which is the difference between the interest earned on loans and investments and the interest paid on deposits and borrowed funds. This spread, known as the net interest margin, was 3.99% in Q4 2024. The bank earns interest on its loan portfolio, which includes commercial loans typically priced at rates like the recent 7.9% weighted average for new loan production, while paying lower rates on customer deposits. The company also generates non-interest income through various fee-based services. These include service charges on deposit accounts, treasury management fees, loan origination fees, mortgage banking income when interest rates favor refinancing activity, and interchange fees from debit card transactions. The Cambr Solutions subsidiary contributes additional fee income through its banking technology services. Several factors significantly impact NBHC's profitability margins. Interest rate environment is the most critical factor - rising rates generally benefit the bank as loan yields increase faster than deposit costs, while falling rates can compress margins. Credit quality directly affects profitability through loan loss provisions and charge-offs; NBHC has maintained strong credit metrics with net charge-offs of only 13 basis points in 2024. Competition for deposits can force higher deposit rates, while competitive lending markets may limit loan pricing power. Regulatory changes like the Durbin Amendment, which will impact interchange fee income once the bank exceeds $10 billion in assets, represent headwinds. Economic conditions in the bank's geographic markets affect loan demand and credit quality, while operational efficiency through technology investments like 2UniFi can improve long-term cost structure and competitiveness.
Competitive moat
National Bank Holdings operates in the highly competitive regional banking sector with limited sustainable competitive advantages. The company's primary moat stems from its local market relationships and specialized focus on small and medium-sized businesses, where personal relationships and local market knowledge create some customer stickiness. NBHC has built expertise in specific lending niches and maintains strong credit underwriting standards, evidenced by consistently low charge-off rates. The bank's geographic concentration in growing western markets like Colorado, Utah, and Texas provides some advantages through local market expertise and economic tailwinds, but this also creates concentration risk. The developing 2UniFi technology platform represents a potential differentiator if successfully deployed, as it could provide superior digital banking experiences for business customers and potentially generate licensing revenue from other banks. However, NBHC's competitive position is relatively weak compared to larger regional and national banks. The company lacks significant scale advantages - with $9.8 billion in assets, it's much smaller than major regional competitors and faces cost disadvantages in technology development and regulatory compliance. Funding costs are generally higher than larger banks with more diverse deposit bases, and the bank has limited ability to cross-sell sophisticated financial products. The banking industry faces ongoing disruption from fintech companies offering digital-first banking solutions, credit unions with tax advantages, and large national banks with superior technology platforms and marketing budgets. NBHC's moat is narrow and primarily dependent on maintaining strong local relationships and credit discipline, making it vulnerable to both economic downturns and competitive pressures from better-capitalized rivals.
Risks & safety
National Bank Holdings exhibits a moderate margin of safety with solid capitalization but faces some structural challenges as a smaller regional bank. • Capital Position: Strong with Common Equity Tier 1 ratio of 13.2% and Tier 1 leverage ratio of 10.2%, well above regulatory minimums • Liquidity: Adequate with $246 million in cash and short-term investments plus access to Federal Home Loan Bank borrowing capacity • Debt Level: Low debt-to-equity ratio of 8.0%, minimal solvency risk from debt obligations • Credit Quality: Excellent with non-performing loan ratio of 46 basis points and net charge-offs of only 13 basis points annually • Profitability: Consistent with ROE of 9.1% for 2024 and return on tangible common equity of 14.4% • Valuation Metrics: Trading at 1.26x book value and 13.8x earnings, reasonable for a regional bank • Regulatory Risk: Approaching $10 billion asset threshold triggering Durbin Amendment with estimated $5 million annual impact • Concentration Risk: Geographic concentration in western markets and exposure to commercial real estate lending • Technology Investment: Significant ongoing investment in 2UniFi platform ($27-29 million projected for 2025) with uncertain returns
Recent development
Over the past few years, National Bank Holdings has pursued a multi-pronged strategy focused on geographic expansion, technology innovation, and fee income diversification. The company completed two strategic acquisitions in 2022, purchasing Rock Canyon Bank and Bank of Jackson Hole to expand its presence in attractive western markets. In 2023, NBHC acquired Cambr Solutions, a financial technology company that provides banking-as-a-service platforms and reciprocal deposit networks, representing a significant move into fintech services. The bank's most ambitious initiative is the development of 2UniFi, a proprietary digital banking platform specifically designed for small and medium-sized businesses. This multi-year technology project began user testing in Q4 2024 and is expected to enter controlled beta testing, with potential revenue generation in the second half of 2025. Management views 2UniFi as potentially transformative for how businesses access banking services and sees opportunities to license the platform to other financial institutions. NBHC has also focused on balance sheet optimization while approaching the critical $10 billion asset threshold. The bank has deliberately managed its growth to stay below this regulatory milestone, which triggers additional compliance requirements and the Durbin Amendment's impact on interchange fee income. However, management has signaled intentions to grow beyond $10 billion in 2025, accepting the estimated $5 million annual revenue impact in exchange for expanded growth opportunities. The company has maintained an active approach to mergers and acquisitions, engaging in discussions with potential strategic partners that share similar relationship banking cultures and operate in attractive growth markets. This M&A strategy appears focused on building scale and market presence rather than purely financial engineering.
NBHC company profile · for informational purposes only — not investment advice.
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