National Bank expects $46.8 million in loan losses, yet refills its buyback

National Bank Holdings owns NBH Bank. Its branches are in Colorado, the Kansas City area, Texas, Utah, Wyoming, New Mexico, Idaho and Palm Beach, Florida. [C1C][C1C] Second quarter press release, about the companyIts banking centers are located in its core footprint of Colorado, the greater Kansas City region, Texas, Utah, Wyoming, New Mexico, Idaho, and Palm Beach, Florida.National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm It bought Texas-based Vista Bank in January 2026. By June 30 it had $12.6 billion in assets, $9.8 billion in loans and $10.4 billion in deposits. [C34][C34] Form 10-Q, Note on acquisitionsOn January 7, 2026, the Company completed its acquisition of Vista Bancshares, Inc., the bank holding company of Texas-based Vista Bank.National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm [C31][C31] Form 10-Q, MD&A overviewAs of June 30, 2026, we had $12.6 billion in assets, $9.8 billion in loans, $10.4 billion in deposits, $1.7 billion in equityNational Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm

In the second quarter it earned $26.5 million, or $0.58 a share. Leaving out deal and restructuring costs, it earned $35.3 million, or $0.78 a share. [C11][C11] Second quarter press releaseNet income increased $5.7 million, or 27.4%, to $26.5 million, or $0.58 per diluted share, during the second quarter of 2026National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm [C10][C10] Second quarter press releaseWe delivered solid second quarter results, with adjusted net income of $35.3 million and earnings of $0.78 per diluted share.National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm

The October filing says the bad loans are mainly in the franchise and healthcare industries. In June the bank had $494.3 million of healthcare and hospital loans, 5.1% of all loans. [C1][C1] Form 8-K, Item 2.06On September 28, 2026, the Board of Directors and management of National Bank Holdings Corporation (the “Company”) concluded that NBH Bank (the “Bank”), a wholly owned subsidiary of the Company, expects to incur material impairments on specifically identified commercial loans, primarily within the franchise and healthcare industries, related to certain credit events impacting the third quarter.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm [C30][C30] Form 10-Q, MD&A, loan portfoliohealth care/hospital loans of $494.3 million, or 5.1% of total loansNational Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm It gives no total for franchise loans. Its July slides put restaurant loans at 4% of the book, but the filing does not say the franchise borrowers are restaurants. [C50][C50] Investor presentation, loan portfolioRestaurant, 4% Multifamily, 3%National Bank Holdings second quarter 2026 investor presentation, Exhibit 99.1 to Form 8-K, July 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926087128/nbhc-20260727xex99d1.htm

Credit has slipped before. In early 2025 the bank wrote off $8.9 million on one loan after suspected fraud, and it called that an isolated case. Late in 2025 it took losses on three more loans. [C41][C41] Form 10-K, allowance for credit lossesCharge-offs during 2025 were recorded primarily due to proactive credit actions taken on three credits during the fourth quarter and an $8.9 million charge-off from one credit during the first quarter due to suspected fraud by the borrower, which the Company believes is an isolated circumstance within the loan portfolio.National Bank Holdings annual report on Form 10-K for 2025Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/nbhc-20251231x10k.htm Loans with their own loss reserve also grew, from 15 loans worth $20.1 million at year-end to 23 worth $114.0 million in June. The bank says the rise in those reserves from a year earlier came mainly from $7.8 million set aside on loans acquired with Vista. [C42][C42] Form 10-K, fair value of individually evaluated loansAt December 31, 2025, the Company recorded a specific reserve of $ 8.1 million related to 15 loans with a carrying balance of $ 20.1 million.National Bank Holdings annual report on Form 10-K for 2025Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/nbhc-20251231x10k.htm [C35][C35] Form 10-Q, fair value of individually evaluated loansAt June 30, 2026, the Company recorded a specific reserve of $ 14.2 million related to 23 loans with a carrying balance of $ 114.0 million. At June 30, 2025, the Company recorded a specific reserve of $ 6.3 million related to 15 loans with a carrying balance of $ 26.0 million. The increase at June 30, 2026, compared to the same period in the prior year, was primarily due to $ 7.8 million of specific reserves related to acquired Vista loans.National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm

On September 28 the board and managers concluded that some business loans had suffered credit events in the third quarter. The filing does not say when the problems first came to light. [C1][C1] Form 8-K, Item 2.06On September 28, 2026, the Board of Directors and management of National Bank Holdings Corporation (the “Company”) concluded that NBH Bank (the “Bank”), a wholly owned subsidiary of the Company, expects to incur material impairments on specifically identified commercial loans, primarily within the franchise and healthcare industries, related to certain credit events impacting the third quarter.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm The loans total $65 million. The bank will cut them to $18.2 million, its estimate of what the collateral is worth, so it expects to lose about 72%. [C2][C2] Form 8-K, Item 2.06The relationships have an aggregate outstanding principal balance of $65.0 million and will be reserved or charged down to an estimated aggregate balance of $18.2 million.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm [C9][C9] Form 8-K, Item 2.06Management is assessing the remaining collateral and will charge down the loans to the estimated value of the remaining collateral.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm

A charge-off is the part of a loan written off as lost, and these come to $46.8 million. The bank will also book $38 million to $40 million of provision, the money set aside for loan losses. [C3][C3] Form 8-K, Item 2.06the Bank expects to incur an estimated $46.8 million of charge-offs, resulting in provision expense in the range of $38.0 million to $40.0 million for the three months ended September 30, 2026.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm It will also write down a stake in a financial technology partner by $4 million. [C4][C4] Form 8-K, Item 2.06the Company expects to recognize a $4.0 million impairment charge related to one of its FinTech partnership investmentsNational Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm In all, after-tax profit falls by $32 million to $34 million. That is $0.72 to $0.76 a share, close to the $0.78 a share of adjusted profit in the second quarter. [C5][C5] Form 8-K, Item 2.06The impairments described above are expected to reduce the Company’s after-tax earnings by approximately $32.0 million to $34.0 million, or $0.72 to $0.76 per diluted share, for the three and nine months ended September 30, 2026.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm [C10][C10] Second quarter press releaseWe delivered solid second quarter results, with adjusted net income of $35.3 million and earnings of $0.78 per diluted share.National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm

The size stands out against the bank's record. Write-offs were $9.8 million in 2024 and $25.2 million in 2025. [C40][C40] Form 10-K, allowance for credit lossesNet charge-offs of $25.2 million and $9.8 million were recorded during 2025 and 2024, respectively.National Bank Holdings annual report on Form 10-K for 2025Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/nbhc-20251231x10k.htm Still, $46.8 million is only about 0.48% of the $9.77 billion loan book. [C3][C3] Form 8-K, Item 2.06the Bank expects to incur an estimated $46.8 million of charge-offs, resulting in provision expense in the range of $38.0 million to $40.0 million for the three months ended September 30, 2026.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm [C18][C18] Second quarter press release, asset quality tableTotal loans $ 9,774,052 $ 9,611,486 $ 7,486,918National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm

The bank's loss reserve, called the allowance, was $110.3 million in June. These write-offs would use about 42% of it. [C17][C17] Second quarter press release, asset quality tableEnding allowance for credit losses ("ACL") $ 110,271 $ 113,477 $ 88,893National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm [C3][C3] Form 8-K, Item 2.06the Bank expects to incur an estimated $46.8 million of charge-offs, resulting in provision expense in the range of $38.0 million to $40.0 million for the three months ended September 30, 2026.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm The quarter's provision is smaller than the write-offs, so the allowance is set to shrink. It had already slipped to 1.13% of loans in June, from 1.18% in March. [C3][C3] Form 8-K, Item 2.06the Bank expects to incur an estimated $46.8 million of charge-offs, resulting in provision expense in the range of $38.0 million to $40.0 million for the three months ended September 30, 2026.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm [C19][C19] Second quarter press release, asset quality tableRatio of ACL to total loans outstanding at period end 1.13% 1.18% 1.19%National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm

Loans 90 days or more past due, but still counted as earning interest, were $29.1 million in June. That was up from $7.3 million a year earlier, but most of the rise came by March, when the figure was $26.9 million. [C15][C15] Second quarter press release, asset quality tableLoans 90 days past due and still accruing interest $ 29,112 $ 26,858 $ 7,315National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm Loans 30 to 89 days late fell to $17.2 million from $21.6 million in March, and non-performing loans held at 0.31% of all loans. [F2][F2] Second quarter press release, asset quality tableLoans 30-89 days past due and still accruing interest $ 17,169 $ 21,624 $ 13,923National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm [F3][F3] Second quarter press releaseNon-performing loans totaled 0.31% of total loans at June 30, 2026, and non-performing assets totaled 0.35% of total loans and OREO at June 30, 2026, both consistent with prior quarter.National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm

The main cushion is capital. Common equity tier 1 is the regulator's core measure of a bank's loss-absorbing capital. It was 12.29% in June, and the bank says that left $527 million above the 7.0% minimum. [C14][C14] Second quarter press releaseThe tier 1 leverage ratio totaled 10.30%, and the common equity tier 1 capital ratio totaled 12.29% at June 30, 2026.National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm [C55][C55] Investor presentation, capital$527 million in excess capital over 7.0% common equity tier 1 risk-based regulatory requirementNational Bank Holdings second quarter 2026 investor presentation, Exhibit 99.1 to Form 8-K, July 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926087128/nbhc-20260727xex99d1.htm If the full $34 million came out of that capital, and nothing else changed, the ratio would fall to about 11.9%. Spending the whole $100 million buyback would take about another 1.0 point off it. [C38][C38] Form 10-Q, regulatory capital tableCommon equity tier 1 risk based capital: Consolidated 12.3 % $ 1,230,519 N/A N/A 7.0 % $ 701,079National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm [C5][C5] Form 8-K, Item 2.06The impairments described above are expected to reduce the Company’s after-tax earnings by approximately $32.0 million to $34.0 million, or $0.72 to $0.76 per diluted share, for the three and nine months ended September 30, 2026.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm [C6][C6] Form 8-K, Item 8.01On September 30, 2026, the Board of Directors of the Company approved an additional authorization to repurchase up to $40.1 million of the Company's Class A common stock. This authorization is in addition to $59.9 million remaining under the Company's existing share repurchase authorization.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm The hit is also about 2.8% of tangible book value. That is equity without goodwill and other intangible assets, and it was $26.23 a share in June. [C5][C5] Form 8-K, Item 2.06The impairments described above are expected to reduce the Company’s after-tax earnings by approximately $32.0 million to $34.0 million, or $0.72 to $0.76 per diluted share, for the three and nine months ended September 30, 2026.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm [C13][C13] Second quarter press releaseTangible book value per share increased $0.22 to $26.23National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm

The parent company pays the dividend. In July it held $131.8 million of cash and said that was enough to support dividends. [C54][C54] Investor presentation, capitalHolding company cash reserves of $131.8 million, sufficient to support shareholder dividend paymentsNational Bank Holdings second quarter 2026 investor presentation, Exhibit 99.1 to Form 8-K, July 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926087128/nbhc-20260727xex99d1.htm The June dividend cost about $14.6 million. Interest on its $202 million of long-term debt was $2.8 million a quarter. [C36][C36] Form 10-Q, MD&A, capitalDuring the second quarter, we paid a quarterly dividend of $0.32 per common share for approximately $14.6 million on June 15, 2026National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm [C1A][C1A] Second quarter press release, balance sheetLong-term debt 202,003 202,138 54,540 54,385National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm [C1B][C1B] Second quarter press release, average balancesLong-term debt 202,144 2,789 5.53%National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm So in July the parent's cash covered about seven quarters of both, before any money sent up from the bank. [C54][C54] Investor presentation, capitalHolding company cash reserves of $131.8 million, sufficient to support shareholder dividend paymentsNational Bank Holdings second quarter 2026 investor presentation, Exhibit 99.1 to Form 8-K, July 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926087128/nbhc-20260727xex99d1.htm [C36][C36] Form 10-Q, MD&A, capitalDuring the second quarter, we paid a quarterly dividend of $0.32 per common share for approximately $14.6 million on June 15, 2026National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm [C1B][C1B] Second quarter press release, average balancesLong-term debt 202,144 2,789 5.53%National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm Since then it has paid a September dividend and used about $12.9 million on buybacks. The refilled $100 million buyback would draw on the same cash unless the bank sends dividends up. [C60][C60] Dividend press releaseThe cash dividend of thirty-two cents ($0.32) per share of NBHC common stock will be payable on September 15, 2026National Bank Holdings quarterly dividend press release, Exhibit 99.1 to Form 8-K, August 4, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926090375/nbhc-20260804xex99d1.htm [C33][C33] Form 10-Q, MD&A, capitalThe remaining authorization under the program as of June 30, 2026 was $72.8 million.National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm [C6][C6] Form 8-K, Item 8.01On September 30, 2026, the Board of Directors of the Company approved an additional authorization to repurchase up to $40.1 million of the Company's Class A common stock. This authorization is in addition to $59.9 million remaining under the Company's existing share repurchase authorization.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm

That debt is all subordinated notes, which are paid after depositors but before common shareholders. The bank has no preferred stock in its capital, since its tier 1 ratio equals its common equity ratio. [C3G][C3G] Form 10-Q, MD&A, long-term debtThe balance on all subordinated notes totaled $202.0 million and $54.5 million at June 30, 2026 and December 31, 2025, respectively.National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm [C1D][C1D] Second quarter press release, capital ratiosCommon equity tier 1 risk-based capital ratio 12.29% 12.51% 14.89% 14.17% Tier 1 risk-based capital ratio 12.29% 12.51% 14.89% 14.17%National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm One $40 million note pays 3.00% until November 15, 2026. After that its rate resets to a short-term market rate plus 2.03 points. [C39][C39] Form 10-Q, Note on long-term debtThe Company also holds a fixed-to-floating rate note totaling $40.0 million.National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm [C3A][C3A] Form 10-Q, Note on long-term debtwill bear interest at 3.00% per annum until November 15, 2026National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm [C3B][C3B] Form 10-Q, Note on long-term debtthe interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month term SOFR plus 203 basis pointsNational Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm The bank may repay it from November 5, 2026, so a choice is due within weeks. [C3C][C3C] Form 10-Q, Note on long-term debtBeginning on November 5, 2026 through maturity, the note may be redeemed, at the Company’s option, on any scheduled interest payment date.National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm

There were 44,285,618 shares at September 30. Another 813,990 restricted shares had not yet vested. [C7][C7] Form 8-K, Item 8.01As of the close of business on September 30, 2026 the Company had 44,285,618 shares of Class A Common Stock outstanding, excluding 813,990 shares of restricted Class A common stock issued but not yet vested.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm In June there were also 509,376 stock options, with an average strike price of $33.19. Another 439,014 performance share units could add shares. [C3D][C3D] Form 10-Q, Note on stock compensationAs of June 30, 2026 and 2025, the Company had 509,376 and 555,656 stock options outstanding, respectively, at a weighted average exercise price of $ 33.19 and $ 32.95 , respectively.National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm [C3E][C3E] Form 10-Q, Note on stock compensationUnvested at June 30, 2026 817,444 $ 39.08 439,014 $ 38.20National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm

On September 30 the board added $40.1 million to its buyback, bringing it back to $100 million. The plan has no end date and can be stopped at any time. [C6][C6] Form 8-K, Item 8.01On September 30, 2026, the Board of Directors of the Company approved an additional authorization to repurchase up to $40.1 million of the Company's Class A common stock. This authorization is in addition to $59.9 million remaining under the Company's existing share repurchase authorization.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm [CA][CA] Form 8-K, Item 8.01The authorization has no expiration date and may be modified, suspended, or terminated at any time.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm About $12.9 million of buyback room was used in the third quarter. The room left fell from $72.8 million in June to $59.9 million before the top-up. [C33][C33] Form 10-Q, MD&A, capitalThe remaining authorization under the program as of June 30, 2026 was $72.8 million.National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm [C6][C6] Form 8-K, Item 8.01On September 30, 2026, the Board of Directors of the Company approved an additional authorization to repurchase up to $40.1 million of the Company's Class A common stock. This authorization is in addition to $59.9 million remaining under the Company's existing share repurchase authorization.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm

The dividend is $0.32 a quarter, last declared on August 4. The bank aims to pay out 30% to 40% of earnings. [C37][C37] Form 10-Q, MD&A, capitalOn August 4, 2026, our Board of Directors declared a quarterly dividend of $0.32 per common share, payable on September 15, 2026National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm [C52][C52] Investor presentation, dividendsDividend Payout Ratio Target 30 - 40% of earningsNational Bank Holdings second quarter 2026 investor presentation, Exhibit 99.1 to Form 8-K, July 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926087128/nbhc-20260727xex99d1.htm This quarter's profit will fall far short of that. Federal Reserve guidance says a bank holding company should not pay cash dividends above its net income, which is the main risk to the payout. [C5][C5] Form 8-K, Item 2.06The impairments described above are expected to reduce the Company’s after-tax earnings by approximately $32.0 million to $34.0 million, or $0.72 to $0.76 per diluted share, for the three and nine months ended September 30, 2026.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm [F1][F1] Form 10-K, supervision and regulationA bank holding company should not pay cash dividends that exceed its net income or that can be funded only in ways that weaken the bank holding company’s financial health, such as by borrowing.National Bank Holdings annual report on Form 10-K for 2025Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/nbhc-20251231x10k.htm We still expect the board to hold it. The parent's cash covered about seven quarters of dividends and interest in July, and the buyback, which can be stopped at any time, is the easier thing to cut. [C54][C54] Investor presentation, capitalHolding company cash reserves of $131.8 million, sufficient to support shareholder dividend paymentsNational Bank Holdings second quarter 2026 investor presentation, Exhibit 99.1 to Form 8-K, July 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926087128/nbhc-20260727xex99d1.htm [C36][C36] Form 10-Q, MD&A, capitalDuring the second quarter, we paid a quarterly dividend of $0.32 per common share for approximately $14.6 million on June 15, 2026National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm [C1B][C1B] Second quarter press release, average balancesLong-term debt 202,144 2,789 5.53%National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm [CA][CA] Form 8-K, Item 8.01The authorization has no expiration date and may be modified, suspended, or terminated at any time.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm

The stock closed at about $39 on October 1, the day of the filing. That is about 1.5 times tangible book value, and about 13 times a year of second-quarter adjusted profit. [C90][C90] IEX closing pricesNBHC closed at $39.155 on October 1, 2026 (IEX)IEX closing prices for NBHC and KRE, September 25 and October 1, 2026Open source ↗https://iextrading.com/trading/market-data/ [C13][C13] Second quarter press releaseTangible book value per share increased $0.22 to $26.23National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm [C10][C10] Second quarter press releaseWe delivered solid second quarter results, with adjusted net income of $35.3 million and earnings of $0.78 per diluted share.National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm At that price the company was worth about $1.73 billion. The after-tax hit is about 2% of that, and the $100 million buyback is about 6%. [C7][C7] Form 8-K, Item 8.01As of the close of business on September 30, 2026 the Company had 44,285,618 shares of Class A Common Stock outstanding, excluding 813,990 shares of restricted Class A common stock issued but not yet vested.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm [C90][C90] IEX closing pricesNBHC closed at $39.155 on October 1, 2026 (IEX)IEX closing prices for NBHC and KRE, September 25 and October 1, 2026Open source ↗https://iextrading.com/trading/market-data/ [C5][C5] Form 8-K, Item 2.06The impairments described above are expected to reduce the Company’s after-tax earnings by approximately $32.0 million to $34.0 million, or $0.72 to $0.76 per diluted share, for the three and nine months ended September 30, 2026.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm [C6][C6] Form 8-K, Item 8.01On September 30, 2026, the Board of Directors of the Company approved an additional authorization to repurchase up to $40.1 million of the Company's Class A common stock. This authorization is in addition to $59.9 million remaining under the Company's existing share repurchase authorization.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm From September 25 to October 1 the stock fell about 2.5%, and KRE, a fund that holds regional bank stocks, fell about 2.2%. [C91][C91] IEX closing pricesNBHC closed at $40.16 on September 25, 2026 (IEX)IEX closing prices for NBHC and KRE, September 25 and October 1, 2026Open source ↗https://iextrading.com/trading/market-data/ [C90][C90] IEX closing pricesNBHC closed at $39.155 on October 1, 2026 (IEX)IEX closing prices for NBHC and KRE, September 25 and October 1, 2026Open source ↗https://iextrading.com/trading/market-data/ [C92][C92] IEX closing pricesKRE closed at $71.52 on September 25, 2026 (IEX)IEX closing prices for NBHC and KRE, September 25 and October 1, 2026Open source ↗https://iextrading.com/trading/market-data/ [C93][C93] IEX closing pricesKRE closed at $69.96 on October 1, 2026 (IEX)IEX closing prices for NBHC and KRE, September 25 and October 1, 2026Open source ↗https://iextrading.com/trading/market-data/

In April the chief executive said the bank expected to beat $1.00 of earnings per share in the fourth quarter. [C72][C72] First quarter press releaseMomentum across the organization reinforces our belief in our ability to prudently grow our earnings this year and surpass a projected $1.00 of earnings per share in the fourth quarter.National Bank Holdings first quarter 2026 results press release, Exhibit 99.1 to Form 8-K, April 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000147584126000018/nbhc-20260421xex99d1.htm The company also aims for about $18 million a year of Vista cost savings from steps taken by November 30, 2026, and part of managers' stock pay depends on it. These are goals, not promises, and the October filing updates neither. [C70][C70] Exhibit 10.27, performance metricsall cost reduction actions taken during the Performance Period with identified implementation steps and expected savings, which is expected to total approximately $18 million on a Run Rate Basis.Form of performance-based restricted stock award tied to the Vista integration, Exhibit 10.27 to the 2025 Form 10-KOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/nbhc-20251231xex10d27.htm [C71][C71] Exhibit 10.27, performance metrics“Performance Period” shall be the period from September 15, 2025 through November 30, 2026.Form of performance-based restricted stock award tied to the Vista integration, Exhibit 10.27 to the 2025 Form 10-KOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/nbhc-20251231xex10d27.htm

The bull case is a single, clear loss that the bank takes in one deep write-down. Capital stays well above the minimum, and the parent holds cash for the dividend. The board's buyback move suggests it sees the damage as contained. [C2][C2] Form 8-K, Item 2.06The relationships have an aggregate outstanding principal balance of $65.0 million and will be reserved or charged down to an estimated aggregate balance of $18.2 million.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm [C55][C55] Investor presentation, capital$527 million in excess capital over 7.0% common equity tier 1 risk-based regulatory requirementNational Bank Holdings second quarter 2026 investor presentation, Exhibit 99.1 to Form 8-K, July 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926087128/nbhc-20260727xex99d1.htm [C54][C54] Investor presentation, capitalHolding company cash reserves of $131.8 million, sufficient to support shareholder dividend paymentsNational Bank Holdings second quarter 2026 investor presentation, Exhibit 99.1 to Form 8-K, July 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926087128/nbhc-20260727xex99d1.htm [C6][C6] Form 8-K, Item 8.01On September 30, 2026, the Board of Directors of the Company approved an additional authorization to repurchase up to $40.1 million of the Company's Class A common stock. This authorization is in addition to $59.9 million remaining under the Company's existing share repurchase authorization.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm

The bear case, which we rank as the bigger risk, is a pattern. This is the third credit problem since early 2025, after a fraud loss the bank called isolated. [C41][C41] Form 10-K, allowance for credit lossesCharge-offs during 2025 were recorded primarily due to proactive credit actions taken on three credits during the fourth quarter and an $8.9 million charge-off from one credit during the first quarter due to suspected fraud by the borrower, which the Company believes is an isolated circumstance within the loan portfolio.National Bank Holdings annual report on Form 10-K for 2025Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/nbhc-20251231x10k.htm Late loans still counted as earning interest rose from $7.3 million to $29.1 million in a year, much faster than the loan book grew, though most of that came by March. [C15][C15] Second quarter press release, asset quality tableLoans 90 days past due and still accruing interest $ 29,112 $ 26,858 $ 7,315National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm [C18][C18] Second quarter press release, asset quality tableTotal loans $ 9,774,052 $ 9,611,486 $ 7,486,918National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm The allowance is shrinking, and the final loss still depends on collateral and lawsuits. [C19][C19] Second quarter press release, asset quality tableRatio of ACL to total loans outstanding at period end 1.13% 1.18% 1.19%National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm [C8][C8] Form 8-K, forward-looking statementsthe unpredictability of litigation with respect to such loans, which litigation may further affect certain impairment calculationsNational Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm

The next tests have dates. The note can be repaid from November 5, and its rate resets on November 15. [C3C][C3C] Form 10-Q, Note on long-term debtBeginning on November 5, 2026 through maturity, the note may be redeemed, at the Company’s option, on any scheduled interest payment date.National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm [C3A][C3A] Form 10-Q, Note on long-term debtwill bear interest at 3.00% per annum until November 15, 2026National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm Shares granted with the Vista deal for hitting goals can vest on December 15. [C3F][C3F] Form 10-Q, Note on stock compensationThe Company granted 567,549 shares of common stock in 2026 in connection with the Vista acquisition, consisting of 378,366 restricted stock awards that vest based on continued service and 189,183 restricted stock awards that vest based on achievement of certain established performance metrics. The performance-based restricted stock awards will vest on December 15, 2026National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm Third-quarter results, with no date set yet, will show whether the loss stayed in the bank's range. Our dividend call is wrong if the board cuts or skips the next payment. Warning signs would be a provision above $40 million, or new charges from the lawsuits. [C3][C3] Form 8-K, Item 2.06the Bank expects to incur an estimated $46.8 million of charge-offs, resulting in provision expense in the range of $38.0 million to $40.0 million for the three months ended September 30, 2026.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm [C8][C8] Form 8-K, forward-looking statementsthe unpredictability of litigation with respect to such loans, which litigation may further affect certain impairment calculationsNational Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm

Who the borrowers are and what the credit events were. The filing names only the two industries. [C1][C1] Form 8-K, Item 2.06On September 28, 2026, the Board of Directors and management of National Bank Holdings Corporation (the “Company”) concluded that NBH Bank (the “Bank”), a wholly owned subsidiary of the Company, expects to incur material impairments on specifically identified commercial loans, primarily within the franchise and healthcare industries, related to certain credit events impacting the third quarter.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm

Whether these loans were made by NBH Bank or came with the Vista purchase. [C34][C34] Form 10-Q, Note on acquisitionsOn January 7, 2026, the Company completed its acquisition of Vista Bancshares, Inc., the bank holding company of Texas-based Vista Bank.National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm

Whether these loans were among the 23 with their own reserve in June, or among the late loans. [C35][C35] Form 10-Q, fair value of individually evaluated loansAt June 30, 2026, the Company recorded a specific reserve of $ 14.2 million related to 23 loans with a carrying balance of $ 114.0 million. At June 30, 2025, the Company recorded a specific reserve of $ 6.3 million related to 15 loans with a carrying balance of $ 26.0 million. The increase at June 30, 2026, compared to the same period in the prior year, was primarily due to $ 7.8 million of specific reserves related to acquired Vista loans.National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm [C15][C15] Second quarter press release, asset quality tableLoans 90 days past due and still accruing interest $ 29,112 $ 26,858 $ 7,315National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm

Who the lawsuits over these loans involve, and how large they are. [C8][C8] Form 8-K, forward-looking statementsthe unpredictability of litigation with respect to such loans, which litigation may further affect certain impairment calculationsNational Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm

Which technology partner lost value, and what the stake is still worth on the books. [C4][C4] Form 8-K, Item 2.06the Company expects to recognize a $4.0 million impairment charge related to one of its FinTech partnership investmentsNational Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm

How many shares the bank bought after June 30, at what prices, and whether any came after managers knew of these loans. The buyback room left fell from $72.8 million in June to $59.9 million before the top-up. [C33][C33] Form 10-Q, MD&A, capitalThe remaining authorization under the program as of June 30, 2026 was $72.8 million.National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm [C6][C6] Form 8-K, Item 8.01On September 30, 2026, the Board of Directors of the Company approved an additional authorization to repurchase up to $40.1 million of the Company's Class A common stock. This authorization is in addition to $59.9 million remaining under the Company's existing share repurchase authorization.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm

The bank's main capital ratio and its allowance at September 30. In June they were 12.29% and $110.3 million. [C14][C14] Second quarter press releaseThe tier 1 leverage ratio totaled 10.30%, and the common equity tier 1 capital ratio totaled 12.29% at June 30, 2026.National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm [C17][C17] Second quarter press release, asset quality tableEnding allowance for credit losses ("ACL") $ 110,271 $ 113,477 $ 88,893National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm

Whether managers still expect to beat $1.00 a share in the fourth quarter, after a charge of $0.72 to $0.76 a share. [C72][C72] First quarter press releaseMomentum across the organization reinforces our belief in our ability to prudently grow our earnings this year and surpass a projected $1.00 of earnings per share in the fourth quarter.National Bank Holdings first quarter 2026 results press release, Exhibit 99.1 to Form 8-K, April 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000147584126000018/nbhc-20260421xex99d1.htm [C5][C5] Form 8-K, Item 2.06The impairments described above are expected to reduce the Company’s after-tax earnings by approximately $32.0 million to $34.0 million, or $0.72 to $0.76 per diluted share, for the three and nine months ended September 30, 2026.National Bank Holdings Form 8-K on material loan impairments and an added share buyback, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926112856/nbhc-20260928x8k.htm

Whether Vista's Florida operations will be sold. A contract with a former executive, filed in August, refers only to a proposed acquisition by a potential successor. [C80][C80] Exhibit 10.2, section on restrictive covenantsassist a potential successor to the Vista Bank operations in Florida with raising capital in connection with the proposed acquisition of the Vista Bank operations in FloridaIndependent contractor agreement with John D. Steinmetz, Exhibit 10.2 to the June 30, 2026 Form 10-QOpen exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630xex10d2.htm

How many loans were 90 days late but still earning interest at September 30. The October filing gives no update. [C15][C15] Second quarter press release, asset quality tableLoans 90 days past due and still accruing interest $ 29,112 $ 26,858 $ 7,315National Bank Holdings second quarter 2026 results press release, Exhibit 99.1 to Form 8-K, July 21, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926085408/nbhc-20260721xex99d1.htm

Whether more Vista deal and integration costs land in the third quarter, which could push profit under standard accounting below zero. The first half carried $20.6 million of such costs after tax. [F5][F5] Form 10-Q, MD&A, overviewDuring the six months ended June 30, 2026, acquisition and restructuring charges totaled $20.6 million, after tax.National Bank Holdings quarterly report on Form 10-Q for the quarter ended June 30, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1475841/000110465926091272/nbhc-20260630x10q.htm

How the stock traded once investors had the news. Our prices stop at the October 1 close. [C90][C90] IEX closing pricesNBHC closed at $39.155 on October 1, 2026 (IEX)IEX closing prices for NBHC and KRE, September 25 and October 1, 2026Open source ↗https://iextrading.com/trading/market-data/