National Bank Holdings (NBHC) Company Report

Fairstone Bank of Canada is set to acquire Laurentian Bank for approximately $1.9 billion Canadian dollars, while National Bank of Canada will purchase Laurentian's retail and small and medium-sized enterprise (SME) banking portfolios.
The deal involves the closure of Laurentian's 57 retail branches in Quebec and its 2,700 employees will not be transferred.
Post-acquisition, Laurentian Bank will retain its name and headquarters, focusing on specialized commercial banking services such as commercial real estate lending and capital markets activities.
The transaction is anticipated to close by late 2026, subject to shareholder approval and regulatory conditions, and will result in Laurentian Bank’s common shares being delisted from the Toronto Stock Exchange.

7 days ago

Bloomberg

National Bank Holdings Corporation Updates Investor Presentation with Q3 2025 Results and Vista Acquisition Details

NBHC

M&A

Earnings

New Projects/Investments

National Bank Holdings Corporation (NBHC) announced the acquisition of Vista Bancshares, Inc. for an approximate aggregate transaction value of $365.4 million, with an anticipated closing in Q1 2026. The transaction is expected to result in ~17% EPS accretion and improve 2026 ROATCE by 350bps+.
For Q3 2025, NBHC reported adjusted net income of $36.6 million, or $0.96 per diluted share, and an adjusted return on average tangible assets of 1.60%.
As of Q3 2025, the company's balance sheet included Total Assets of $10.2 billion, Total Loans of $7.4 billion, and Total Deposits of $8.5 billion.
NBHC maintained strong capital with a Common Equity Tier 1 of 14.69% and a Tier 1 Leverage of 11.49% as of Q3 2025.

Nov 3, 2025, 9:24 PM

8-K

NBHC Announces Quarterly Dividend Increase

NBHC

Dividends

M&A

National Bank Holdings Corporation (NBHC) announced a 3.3% increase in its quarterly cash dividend.
The quarterly cash dividend will rise from $0.30 to $0.31 per share of common stock.
The dividend is payable on December 15, 2025, to shareholders of record as of November 28, 2025.
Chairman and CEO Tim Laney stated that this increase reinforces the company's commitment to delivering attractive shareholder returns and aligns with the recently announced strategic acquisition of Vista Bancshares, Inc..

Oct 29, 2025, 8:28 PM

8-K

National Bank Holdings Corporation Reports Strong Q3 2025 Adjusted Earnings and Provides Q4 Guidance

NBHC

Earnings

M&A

Guidance Update

National Bank Holdings Corporation reported adjusted earnings per diluted share of $0.96 and an adjusted return on average tangible common equity of 14.7% for Q3 2025, with net income totaling $35.3 million.
The company announced a merger with Vista Bankshares, which is on track to close in Q1, and incurred approximately $1.7 million in deal-related expenses during the quarter.
Loan fundings for Q3 2025 were $421 million, bringing year-to-date fundings to $1 billion, and total deposits increased by $202 million over the prior quarter end, though overall loan portfolio outstandings were tempered by paydowns in certain CRE categories.
2Unify was launched during the quarter, with associated expenses of $6.2 million in Q3 2025, and projected Q4 2025 2Unify expenses are expected to be between $7 million and $9 million.
For Q4 2025, the company projects fully taxable equivalent net interest margin to remain in the mid-three nines, total non-interest income between $15 million and $17 million, and core non-interest expense in the range of $64 million to $66 million.

Oct 22, 2025, 3:00 PM

Transcript

National Bank Holdings Corporation Reports Strong Q3 2025 Earnings and Merger Progress

NBHC

Earnings

Guidance Update

M&A

National Bank Holdings Corporation reported Q3 2025 diluted earnings per share of $0.96 and an adjusted return on average tangible common equity of 14.7%.
The company's merger with Vista Bancshares is progressing and is on track to close in Q1 2026.
Loan fundings reached $421 million in Q3 2025, contributing to $1 billion in year-to-date fundings, while total deposits increased by $2 million.
Net interest margin expanded three basis points to 3.98% in Q3 2025, with projections to remain in the mid-3.9s for the rest of 2025. Credit quality improved, with non-performing loans decreasing by 20% to $27 million.
Non-interest expense totaled $67.2 million, including $1.7 million for acquisition expenses and $6.2 million for 2Unify. Core non-interest expense is projected to be between $64 million and $66 million for the remainder of 2025.

Oct 22, 2025, 3:00 PM

Transcript

National Bank Holdings Corporation Reports Strong Q3 2025 Earnings and Progress on Vista Bankshares Merger

NBHC

Earnings

M&A

Guidance Update

National Bank Holdings Corporation reported $0.96 of earnings per diluted share and an adjusted return on tangible common equity of 14.7% for Q3 2025.
The company announced a planned merger with Vista Bankshares, which is on track to close in the first quarter, incurring $1.7 million in deal-related expenses during the quarter.
Loan fundings reached $421 million in Q3 2025, contributing to $1 billion year-to-date, despite headwinds from loan paydowns, particularly in the CRE portfolio.
Net interest margin expanded three basis points to 3.98%, and credit quality improved with a 20% reduction in non-performing loans.
For the remainder of 2025, the company projects non-interest income to be between $15 million and $17 million, and core non-interest expense to be in the range of $64 million to $66 million.

Oct 22, 2025, 3:00 PM

Transcript

National Bank Holdings Corporation Reports Q3 2025 Adjusted EPS of $0.96 and Announces Merger with Vista Bancshares

NBHC

Earnings

M&A

Guidance Update

National Bank Holdings Corporation (NBHC) reported adjusted earnings per diluted share of $0.96 and an adjusted return on average tangible common equity of 14.7% for Q3 2025.
The company announced a planned merger with Vista Bancshares, which is on track to close in Q1, and incurred $1.7 million in deal-related expenses during the quarter.
Net interest margin expanded 3 basis points to 3.98% in Q3 2025, and is projected to remain in the mid-three nines for the remainder of 2025.
Credit quality improved with a 20% reduction in non-performing loans to $27 million, and the non-performing loan ratio improved 9 basis points to 36 basis points.
Total deposits increased by $202 million from the prior quarter, and the company repurchased 240,000 shares totaling $8.9 million during Q3 2025.

Oct 22, 2025, 3:00 PM

Transcript

National Bank Holdings Corporation Announces Q3 2025 Results and Strategic Acquisition

NBHC

Earnings

M&A

Share Buyback

National Bank Holdings Corporation reported net income of $35.3 million and diluted earnings per share of $0.92 for the third quarter of 2025. Adjusted for acquisition-related expenses, net income was $36.6 million, or $0.96 per diluted share.
Key financial metrics for Q3 2025 include a fully taxable equivalent net interest margin of 3.98% and an adjusted return on average tangible common equity of 14.72%.
The company's asset quality remained strong, with non-performing loans improving to 0.36% of total loans and annualized net recoveries totaling 0.05% of average total loans at September 30, 2025.
NBHC announced a definitive agreement to acquire Vista Bancshares, Inc. for approximately $365.4 million, a transaction expected to close in Q1 2026. This acquisition is projected to result in a combined entity with approximately $12.4 billion in assets and $10.4 billion in deposits.
In Q3 2025, NBHC executed $8.8 million of share buybacks and maintained a strong common equity tier 1 capital ratio of 14.69% at September 30, 2025.

Oct 21, 2025, 8:13 PM

8-K

National Bank Holdings Corporation Announces Third Quarter 2025 Financial Results and Strategic Acquisition

NBHC

Earnings

M&A

National Bank Holdings Corporation reported net income of $35.3 million and diluted earnings per share of $0.92 for the third quarter of 2025. Adjusted for acquisition-related expenses, net income was $36.6 million or $0.96 per diluted share, with an adjusted return on average tangible common equity of 14.72%.
The company announced a definitive agreement to acquire Vista Bancshares, Inc. for approximately $365.4 million, with the transaction expected to close in Q1 2026.
As of September 30, 2025, total loans were $7.4 billion and total deposits were $8.5 billion. The Common Equity Tier 1 capital ratio stood at 14.7%.

Oct 21, 2025, 8:10 PM

Press Release

National Bank Holdings Corporation Enters Merger Agreement with Vista Bancshares

NBHC

M&A

Takeover Bid

On September 15, 2025, National Bank Holdings Corporation (NBHC) entered into an Agreement and Plan of Merger with Vista Bancshares, Inc. (Vista).
Under the agreement, Vista will merge with and into NBHC, with NBHC continuing as the surviving corporation. Immediately following this, Vista's wholly-owned bank subsidiary, Vista Bank, will merge with NBHC's wholly-owned bank subsidiary, NBH Bank. The merger agreement was unanimously approved by the board of directors of both NBHC and Vista.
Each share of Vista common stock will be converted into the right to receive the following merger consideration :

Metric	Q2 2025
Cash Merger Consideration ($USD)	$31.62
Exchange Ratio (NBHC shares per Vista share)	3.1161

The merger agreement includes a termination date of September 15, 2026, and specifies that Vista will pay NBHC a $15,000,000 termination fee under certain circumstances.

Sep 18, 2025, 8:30 PM

8-K