National Bank Holdings Corp-A 2025年度报告

ANNUALREPORT ANDFORM 10-K2025 FELLOW SHAREHOLDERS, In 2025, we strengthened the foundation of ourCompanyand advanced with purpose—takingdeliberatesteps that reflect our discipline,ourmomentum, and our confidence in our long-termgrowth strategy. Continued Strength and Stability Our financial results reflect our Company’s disciplinedapproach to loan and deposit pricing as well ascontinued focus on expense management with 2025adjusted net income of $117.6 million and adjustedearnings of $3.06 per diluted share.1 Wegrewtangiblecommonbookvaluepershareby10%and further strengthened our capital levels—providingus a solid platform to invest in future opportunities andstrategic flexibility. We also advanced two importantpriorities: expanding our franchise through the VistaBancshares, Inc. (“Vista”) acquisition and launchingthe initial phase of 2UniFiSM. We enter 2026 on strongfooting with a clear focus on organic growth. Our balance sheet remains anchored by robust capitalwith a Common Equity Tier 1 capital ratio of 14.89%.We maintain a relationship-focused core deposit basethat includes a high mix of transaction deposits—86%at year-end. We also continue to build and manage our loanportfoliowith self-imposed concentration limits,underwriting standards and policies proven throughmultiple economic cycles, with an unyielding focuson strong credit quality and relationship banking. We delivered adjusted earnings of $3.061per dilutedshare and a top quartile FTE net interest margin of 3.94%,while continuing to build a differentiated franchise. 2025 At a Glance • Strategic growth:Announced, obtainedregulatory approval, and closed theVista acquisition in under four months. • Capital and book value:Increased tangiblecommon book value per share by 10% andthe Common Equity Tier 1 Ratio to 14.89%. • Core banking momentum:Originated$1.6 billion of new loans, including$591.0 million in the fourth quarter. Investing in our Future Weare committed to delivering near-termperformance while building a durable platform forsustained organic growth. • Innovation delivered:Launched theinitial phase of 2UniFi, featuring treasurymanagement and deposit capabilitiesand a streamlined SBA loan offeringfor small- and medium-sized businesses. Vista: Accelerating our Growth The Vista acquisition strengthens our presence inhigh-growth Texas Markets—including Dallas–FortWorth and Austin—and advances our private bankingstrategy in the key resort markets of Aspen, Vail andJackson Hole. The merger materially enhances our • Shareholder value:Returned $1.20per share in dividends and executed on$15.2 million of share buybacks in 2025. In early 2026, our Board authorized a new $100million share repurchase program and approved a3.2% increase in our quarterly dividend to $0.32 pershare—a direct reflection of our capital strength. Thisbalanced approach underscores our commitment todelivering meaningful value to shareholders whilemaintaining the flexibility to invest in future growth. long-term growth and earnings profile, supported bystrong cultural alignment and a shared relationshipbanking philosophy. 2UniFi: Building What’s Next for SMBs In2025,we moved from vision to execution,launching 2UniFi in July with treasury managementand deposit capabilities alongside a streamlinedSBAloan offering. Our vision for 2UniFi remains clear: to providefinancialsolutions that solve problems faced bysmall- and medium-sized business owners, improvingoutcomesby combining operational efficiency,digital lending, and actionable insights. Doing Good in our Communities Webelieve in Doing Good—it strengthens ourculture, deepens our connection to our communities,and ultimately improves our long-term performance. Closing Thoughts Our 2025 results reflect the franchise we havebeenintentional in building—one grounded indisciplined banking, strong capital, and deep clientrelationships with a clear strategy to expand inattractive markets and to invest in capabilities thatelevate the client experience. We held our 2025 Do More Charity Challenge®andDo More Concert®in Utah and reached the $2 millionmark in fundraising for charities since the inception ofour Do More events. Ourcombination with Vista marks an importantmilestone in our Company’s evolution, enhancing ourscale while amplifying the value of the technologyinvestments we have made in Cambr®, 2UniFi, andourdigital banking platform.These capabilitiesstrengthen our fee income businesses, expand ourwealth and SBA revenue streams, and deepen ourability to perform through a range of economicenvironments. Together we are building a stronger,more efficient, and more diversified bank—one that isnot just larger, but fundamentally better. Across our footprint, our associates support localnonprofits through our Do More efforts, charitablefoundationgrants,and paid volunteer hoursthatalign with CRA-focused initiatives,includingfinancial literacy, affordable housing, and workforcedevelopment. Our second annual Week of