National Bank Holdings Corp
NBHC NYSE National Commercial Banks Financials FY2016–FY2025
Last close · Oct 23, 2026
$38.88
0.2%
Revenue
Total sales reported in the income statement.
$47.1M
2.9%
vs prior year
Efficiency ratio
Noninterest expense as a share of revenue. Lower is better for banks.
561.9%
5.8 pts
Net income
Profit after all expenses, interest and tax.
$110M
7.8%
Return on equity
Net income as a share of average shareholders' equity.
8.1%
1.3 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$1.7B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
16.3x
On $2.38 EPS (TTM)
What National Bank Holdings Corp does
No business description yet.
- Legal name
- National Bank Holdings Corp
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 24, 2026
- Accession · CIK
- 0001104659-26-019119
0001475841
Revenue and margins
National Bank Holdings Corp had $47.1M of revenue in fiscal 2025, up 2.9% on the year before.
FY16
Revenue $186M
FY17
Revenue $186M
FY18
Revenue $268M
FY19
Revenue $289M
FY20
Revenue $32.4M
FY21
Revenue $36.2M
FY22
Revenue $38.3M
FY23
Revenue $46.9M
FY24
Revenue $45.8M
FY25
Revenue $47.1M
Q3 '23
Revenue $13.0M
Q4 '23
Revenue $10.5M
Q1 '24
Revenue $11.0M
Q2 '24
Revenue $11.5M
Q3 '24
Revenue $12.1M
Q4 '24
Revenue $11.2M
Q1 '25
Revenue $10.8M
Q2 '25
Revenue $11.1M
Q3 '25
Revenue $11.3M
Q4 '25
Revenue $13.9M
Q1 '26
Revenue $11.3M
Q2 '26
Revenue $11.9M
FY16
Net interest share 78.4%
Efficiency ratio 73.3%
FY17
Net interest share 78.9%
Efficiency ratio 73.7%
FY18
Net interest share 73.6%
Efficiency ratio 70.6%
FY19
Net interest share 71.3%
Efficiency ratio 62.6%
FY20
Net interest share 595.6%
Efficiency ratio 636.4%
FY21
Net interest share 516.5%
Efficiency ratio 529.4%
FY22
Net interest share 696.7%
Efficiency ratio 551.5%
FY23
Net interest share 771.7%
Efficiency ratio 515.9%
FY24
Net interest share 754.3%
Efficiency ratio 556.1%
FY25
Net interest share 739.9%
Efficiency ratio 561.9%
Net interest share
Efficiency ratio
Q3 '23
Net interest share 676.3%
Efficiency ratio 466.9%
Q4 '23
Net interest share 856.3%
Efficiency ratio 594.1%
Q1 '24
Net interest share 763.5%
Efficiency ratio 570.9%
Q2 '24
Net interest share 726.9%
Efficiency ratio 548.6%
Q3 '24
Net interest share 723.7%
Efficiency ratio 529.7%
Q4 '24
Net interest share 806.6%
Efficiency ratio 577.6%
Q1 '25
Net interest share 801.1%
Efficiency ratio 573.1%
Q2 '25
Net interest share 789.0%
Efficiency ratio 568.1%
Q3 '25
Net interest share 782.2%
Efficiency ratio 596.4%
Q4 '25
Net interest share 619.2%
Efficiency ratio 520.3%
Q1 '26
Net interest share 959.0%
Efficiency ratio 853.6%
Q2 '26
Net interest share 915.3%
Efficiency ratio 795.2%
Net interest share
Efficiency ratio
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 15.3% a year. Loss periods are shown in red.
FY16
Net income $23.1M
FY17
Net income $14.6M
FY18
Net income $61.5M
FY19
Net income $80.4M
FY20
Net income $88.6M
FY21
Net income $93.6M
FY22
Net income $71.3M
FY23
Net income $142M
FY24
Net income $119M
FY25
Net income $110M
Q3 '23
Net income $36.1M
Q4 '23
Net income $33.1M
Q1 '24
Net income $31.4M
Q2 '24
Net income $26.1M
Q3 '24
Net income $33.1M
Q4 '24
Net income $28.2M
Q1 '25
Net income $24.2M
Q2 '25
Net income $34.0M
Q3 '25
Net income $35.3M
Q4 '25
Net income $16.0M
Q1 '26
Net income $20.8M
Q2 '26
Net income $26.5M
FY16
Diluted EPS $0.79
FY17
Diluted EPS $0.53
FY18
Diluted EPS $1.95
FY19
Diluted EPS $2.55
FY20
Diluted EPS $2.85
FY21
Diluted EPS $3.01
FY22
Diluted EPS $2.18
FY23
Diluted EPS $3.72
FY24
Diluted EPS $3.08
FY25
Diluted EPS $2.85
Q3 '23
Diluted EPS $0.94
Q4 '23
Diluted EPS $0.87
Q1 '24
Diluted EPS $0.82
Q2 '24
Diluted EPS $0.68
Q3 '24
Diluted EPS $0.86
Q4 '24
Diluted EPS $0.72
Q1 '25
Diluted EPS $0.63
Q2 '25
Diluted EPS $0.88
Q3 '25
Diluted EPS $0.92
Q4 '25
Diluted EPS $0.42
Q1 '26
Diluted EPS $0.46
Q2 '26
Diluted EPS $0.58
Returns and efficiency
For banks, return on equity and the efficiency ratio (costs as a share of revenue) say most about how well the business runs.
FY16
ROE 4.3%
ROTE 4.9%
Efficiency ratio 73.3%
FY17
ROE 2.7%
ROTE 3.1%
Efficiency ratio 73.7%
FY18
ROE 10.0%
ROTE 10.8%
Efficiency ratio 70.6%
FY19
ROE 11.0%
ROTE 12.5%
Efficiency ratio 62.6%
FY20
ROE 11.2%
ROTE 12.9%
Efficiency ratio 636.4%
FY21
ROE 11.3%
ROTE 13.1%
Efficiency ratio 529.4%
FY22
ROE 7.4%
ROTE 9.4%
Efficiency ratio 551.5%
FY23
ROE 12.3%
ROTE 16.9%
Efficiency ratio 515.9%
FY24
ROE 9.4%
ROTE 12.6%
Efficiency ratio 556.1%
FY25
ROE 8.1%
ROTE 10.5%
Efficiency ratio 561.9%
ROE
ROTE
Efficiency ratio
Dividends, buybacks and share count
National Bank Holdings Corp returned $61.2M to shareholders in fiscal 2025. The diluted share count fell 0.9%.
FY16
Dividends $6.4M
Buybacks $93.6M
FY17
Dividends $9.4M
Buybacks —
FY18
Dividends $16.6M
Buybacks —
FY19
Dividends $23.5M
Buybacks —
FY20
Dividends $24.8M
Buybacks $19.5M
FY21
Dividends $26.9M
Buybacks $36.4M
FY22
Dividends $30.4M
Buybacks —
FY23
Dividends $39.6M
Buybacks —
FY24
Dividends $42.9M
Buybacks —
FY25
Dividends $46.1M
Buybacks $15.2M
Dividends
Buybacks
Q3 '23
Dividends $9.9M
Buybacks —
Q4 '23
Dividends $10.3M
Buybacks —
Q1 '24
Dividends $10.3M
Buybacks —
Q2 '24
Dividends $10.8M
Buybacks —
Q3 '24
Dividends $10.7M
Buybacks —
Q4 '24
Dividends $11.1M
Buybacks —
Q1 '25
Dividends $11.3M
Buybacks —
Q2 '25
Dividends $11.5M
Buybacks —
Q3 '25
Dividends $11.4M
Buybacks $8.8M
Q4 '25
Dividends $11.8M
Buybacks $2.1M
Q1 '26
Dividends $14.7M
Buybacks $16.1M
Q2 '26
Dividends $14.5M
Buybacks $11.1M
Dividends
Buybacks
FY16
Diluted shares 0.03B
FY17
Diluted shares 0.03B
FY18
Diluted shares 0.03B
FY19
Diluted shares 0.03B
FY20
Diluted shares 0.03B
FY21
Diluted shares 0.03B
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.04B
FY24
Diluted shares 0.04B
FY25
Diluted shares 0.04B
Balance sheet
Loans, deposits and capital at each fiscal year end.
FY16
Loans —
Deposits $3.9B
FY17
Loans —
Deposits $4.0B
FY18
Loans —
Deposits $4.5B
FY19
Loans $4.4B
Deposits $4.7B
FY20
Loans $4.4B
Deposits $5.7B
FY21
Loans $4.5B
Deposits $6.2B
FY22
Loans $7.1B
Deposits $7.9B
FY23
Loans $7.6B
Deposits $8.2B
FY24
Loans $7.7B
Deposits $8.2B
FY25
Loans $7.3B
Deposits $8.3B
Loans
Deposits
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | $4.5B | $7.1B | $7.6B | $7.7B | $7.3B |
| Deposits | $6.2B | $7.9B | $8.2B | $8.2B | $8.3B |
| Loans / deposits | 72.5% | 90.6% | 92.8% | 92.9% | 88.6% |
| Total assets | $7.2B | $9.6B | $10.0B | $9.8B | $9.9B |
| Shareholders' equity | $840M | $1.1B | $1.2B | $1.3B | $1.4B |
| Goodwill | $115M | $279M | $306M | $306M | $306M |
| Intangible assets | $12.3M | $59.9M | $66.0M | $58.4M | $48.3M |
| Provision / loans | −0.2% | 0.5% | 0.1% | 0.1% | 0.2% |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $186M | $186M | $268M | $289M | $32.4M | $36.2M | $38.3M | $46.9M | $45.8M | $47.1M |
| Net interest income | $146M | $146M | $197M | $206M | $193M | $187M | $267M | $362M | $345M | $349M |
| Noninterest income | $40.0M | $39.2M | $70.8M | $82.8M | $140M | $110M | $67.3M | $63.9M | $61.2M | $67.6M |
| Noninterest expense | $136M | $137M | $189M | $181M | $206M | $192M | $211M | $242M | $255M | $265M |
| Provision for credit losses | $23.7M | $13.0M | $5.2M | $11.6M | $17.6M | −$9.3M | $36.7M | $8.3M | $6.8M | $17.8M |
| Interest expense | $14.8M | $18.1M | $24.0M | $36.8M | $25.1M | $13.8M | $17.9M | $133M | — | — |
| Pretax income | $26.0M | $35.9M | $73.7M | $96.2M | $109M | $115M | $86.2M | $176M | $145M | $134M |
| Income tax | $2.9M | $21.3M | $12.2M | $15.8M | $20.8M | $21.4M | $14.9M | $33.6M | $26.4M | $24.1M |
| Net income | $23.1M | $14.6M | $61.5M | $80.4M | $88.6M | $93.6M | $71.3M | $142M | $119M | $110M |
| Net income to common | $23.0M | $14.5M | $61.4M | $80.3M | $88.5M | $93.5M | $71.1M | $142M | $118M | $109M |
| Diluted EPS | $0.79 | $0.53 | $1.95 | $2.55 | $2.85 | $3.01 | $2.18 | $3.72 | $3.08 | $2.85 |
| Diluted shares | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.04B | 0.04B | 0.04B |
| Cash flow | ||||||||||
| Cash from operations | −$3.9M | $58.1M | $73.6M | $44.2M | −$6.2M | $180M | $215M | $167M | $155M | $162M |
| Depreciation and amortization | $14.2M | $12.9M | $11.5M | $15.0M | $14.4M | $13.6M | $16.4M | $23.9M | $24.2M | $28.1M |
| Stock-based compensation | $3.5M | $3.6M | $4.4M | $4.9M | $5.3M | $5.5M | $6.1M | $7.2M | $8.0M | $7.3M |
| Share buybacks | $93.6M | — | — | — | $19.5M | $36.4M | — | — | — | $15.2M |
| Dividends paid | $6.4M | $9.4M | $16.6M | $23.5M | $24.8M | $26.9M | $30.4M | $39.6M | $42.9M | $46.1M |
| Dividends and buybacks | $100.0M | $9.4M | $16.6M | $23.5M | $44.3M | $63.3M | $30.4M | $39.6M | $42.9M | $61.2M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $153M | $257M | $110M | $110M | $606M | $846M | $196M | $191M | $128M | $417M |
| Total debt | — | — | — | — | — | $39.5M | $53.9M | $54.2M | $54.5M | $54.5M |
| Loans, net | — | — | — | $4.4B | $4.4B | $4.5B | $7.1B | $7.6B | $7.7B | $7.3B |
| Deposits | $3.9B | $4.0B | $4.5B | $4.7B | $5.7B | $6.2B | $7.9B | $8.2B | $8.2B | $8.3B |
| Property and equipment, net | $95.7M | $93.7M | $110M | $112M | $107M | $96.7M | $136M | $163M | $197M | $215M |
| Goodwill | $59.6M | $59.6M | $115M | $115M | $115M | $115M | $279M | $306M | $306M | $306M |
| Intangible assets | $6.9M | $1.6M | $13.5M | $11.4M | $17.9M | $12.3M | $59.9M | $66.0M | $58.4M | $48.3M |
| Total assets | $4.6B | $4.8B | $5.7B | $5.9B | $6.7B | $7.2B | $9.6B | $10.0B | $9.8B | $9.9B |
| Total liabilities | $4.0B | $4.3B | $5.0B | $5.1B | $5.8B | $6.4B | $8.5B | $8.7B | $8.5B | $8.5B |
| Shareholders' equity | $536M | $532M | $695M | $767M | $821M | $840M | $1.1B | $1.2B | $1.3B | $1.4B |
| Margins | ||||||||||
| Net margin | 12.4% | 7.9% | 22.9% | 27.8% | 273.5% | 258.3% | 186.1% | 302.8% | 259.5% | 232.6% |
| Net interest share of revenue | 78.4% | 78.9% | 73.6% | 71.3% | 595.6% | 516.5% | 696.7% | 771.7% | 754.3% | 739.9% |
| Efficiency ratio | 73.3% | 73.7% | 70.6% | 62.6% | 636.4% | 529.4% | 551.5% | 515.9% | 556.1% | 561.9% |
| Returns | ||||||||||
| Return on equity | 4.3% | 2.7% | 10.0% | 11.0% | 11.2% | 11.3% | 7.4% | 12.3% | 9.4% | 8.1% |
| Return on assets | 0.5% | 0.3% | 1.2% | 1.4% | 1.4% | 1.3% | 0.8% | 1.5% | 1.2% | 1.1% |
| Return on tangible equity | 4.9% | 3.1% | 10.8% | 12.5% | 12.9% | 13.1% | 9.4% | 16.9% | 12.6% | 10.5% |
| Growth | ||||||||||
| Revenue growth | — | −0.1% | 44.6% | 7.6% | −88.8% | 11.8% | 5.7% | 22.5% | −2.4% | 2.9% |
| Net income growth | — | −36.8% | 321.5% | 30.8% | 10.2% | 5.7% | −23.9% | 99.3% | −16.4% | −7.8% |
| EPS growth | — | −32.9% | 267.9% | 30.8% | 11.8% | 5.6% | −27.6% | 70.6% | −17.2% | −7.5% |
| Share count change | — | −4.7% | 13.4% | 0.3% | −1.4% | −0.0% | 5.2% | 16.6% | 0.8% | −0.9% |
| Financial health | ||||||||||
| Debt / equity | — | — | — | — | — | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x |
| Loans / deposits | — | — | — | 93.2% | 76.7% | 72.5% | 90.6% | 92.8% | 92.9% | 88.6% |
| Provision / loans | — | — | — | 0.3% | 0.4% | −0.2% | 0.5% | 0.1% | 0.1% | 0.2% |
| Capital allocation | ||||||||||
| Stock comp / revenue | 1.9% | 2.0% | 1.6% | 1.7% | 16.4% | 15.3% | 15.8% | 15.4% | 17.6% | 15.4% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | — | — | — | — | 3.0 | 6.0 | 3.0 | 6.0 |
| Accruals ratio | 0.6% | −0.9% | −0.2% | 0.6% | 1.5% | −1.2% | −1.7% | −0.3% | −0.4% | −0.5% |
Source: SEC EDGAR XBRL filings (CIK 0001475841). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.