# EDGAR Filing Document

**Accession Number:** 0001475841
**File Stem:** 0001475841-26-000027
**Filing Date:** 2026-5
**Character Count:** 414885
**Document Hash:** 34d0e3c4ea16aa5f10534dde51dc316b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001475841-26-000027.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001475841-26-000027

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 117

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** National Bank Holdings Corp
- **CENTRAL INDEX KEY:** 0001475841
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 270563799
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35654
- **FILM NUMBER:** 26954025

**BUSINESS ADDRESS:**
- **STREET 1:** 7800 EAST ORCHARD ROAD
- **STREET 2:** SUITE 300
- **CITY:** GREENWOOD VILLAGE
- **STATE:** CO
- **ZIP:** 80111
- **BUSINESS PHONE:** 303-892-8715

**MAIL ADDRESS:**
- **STREET 1:** 7800 EAST ORCHARD ROAD
- **STREET 2:** SUITE 300
- **CITY:** GREENWOOD VILLAGE
- **STATE:** CO
- **ZIP:** 80111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NBH Holdings Corp.
- **DATE OF NAME CHANGE:** 20091030

?xml version='1.0' encoding='ASCII'? NATIONAL BANK HOLDINGS CORP_March 31, 2026

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

**☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended March 31, 2026** 

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to** 

**Commission File Number: 001-35654**

**NATIONAL BANK HOLDINGS CORPORATION**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Delaware**<br>| **27-0563799**<br>|
| &nbsp;&nbsp;**(State or other jurisdiction of**<br>**incorporation or organization)**<br>| &nbsp;&nbsp;**(I.R.S. Employer**<br>**Identification No.)**<br>|

---

**7800 East Orchard Road, Suite 300, Greenwood Village, Colorado 80111**

**(Address of principal executive offices) (Zip Code)**

**Registrant's telephone, including area code: (303) 892-8715**

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| **Title of each class:** | **Name of each exchange on which registered:** |
| Class A Common Stock, Par Value $0.01<br> NBHC | NYSE |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;No ◻

Indicate by check mark whether the registrant has submitted electronically every interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer<br>| ⌧<br>| Accelerated filer<br>| ◻<br>|
| Non-accelerated filer<br>| ◻ <br>| Smaller reporting company<br>| ☐<br>|
|  |  | Emerging growth company<br>| ☐<br>|

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

**APPLICABLE ONLY TO CORPORATE ISSUERS:**

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

As of May 1, 2026, the registrant had outstanding 44,790,822 shares of Class A voting common stock, each with $0.01 par value per share, excluding 808,262 shares of restricted Class A common stock issued but not yet vested.

---

| | | |
|:---|:---|:---|
| 6 | 6 |  |
|  |  | **Page** |
| [**Part I. Financial Information**](#FINANCIALINFORMATION_602291) | [**Part I. Financial Information**](#FINANCIALINFORMATION_602291) |  |
| [Item 1.](#FINANCIALINFORMATION_602291) | [Financial Statements (Unaudited)](#FINANCIALINFORMATION_602291) | 6 |
|  | [Consolidated Statements of Financial Condition as of March 31, 2026 and December 31, 2025](#FINANCIALINFORMATION_602291) | 6 |
|  | [Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025](#StatementsofOperations_867484) | 7 |
|  | [Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025](#ComprehensiveLossIncome_512929) | 8 |
|  | [Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2026 and 2025](#ShareholdersEquity_343883) | 9 |
|  | [Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025](#CashFlows_765357) | 10 |
|  | [Notes to Consolidated Financial Statements](#NOTESTOCONSOLIDATEDFINANCIALSTATEMENTSUn) | 11 |
| [Item 2.](#Item2MANAGEMENTSDISCUSSIONANDANALYSIS_35) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#Item2MANAGEMENTSDISCUSSIONANDANALYSIS_35) | 47 |
| [Item 3.](#Item3QUANTITATIVEANDQUALITATIVE_100994) | [Quantitative and Qualitative Disclosures About Market Risk](#Item3QUANTITATIVEANDQUALITATIVE_100994) | 75 |
| [Item 4.](#Item4CONTROLSANDPROCEDURES_321463) | [Controls and Procedures](#Item4CONTROLSANDPROCEDURES_321463) | 75 |
| [**Part II. Other Information**](#PARTIIOTHERINFORMATION_941139) | [**Part II. Other Information**](#PARTIIOTHERINFORMATION_941139) |  |
| [Item 1.](#Item1LEGALPROCEEDINGS) | [Legal Proceedings](#Item1LEGALPROCEEDINGS) | 77 |
| [Item 1A.](#Item1ARISKFACTORS_518497) | [Risk Factors](#Item1ARISKFACTORS_518497) | 77 |
| [Item 2.](#Item2UNREGISTEREDSALESOFEQUITY_204437) | [Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UNREGISTEREDSALESOFEQUITY_204437) | 77 |
| [Item 5.](#Item5OTHERINFORMATION_856576) | [Other Information](#Item5OTHERINFORMATION_856576) | 77 |
| [Item 6.](#Item6EXHIBITS_978956) | [Exhibits](#Item6EXHIBITS_978956) | 77 |

---

[**Table of Contents**](#TOC)

**GLOSSARY OF ACRONYMS, ABBREVIATIONS AND TERMS**

---

| | | | |
|:---|:---|:---|:---|
| ACL | Allowance for credit losses  | GDP | Gross domestic product |
| The acquisition | The acquisition of Vista Bancshares, Inc. | GNMA | Government National Mortgage Association |
| AFS | Available-for-sale | GSE | Government sponsored entity |
| AIR | Accrued interest receivable | HPI | Home price index |
| AOCI | Accumulated other comprehensive income (loss) | HTM | Held-to-maturity |
| ASC | Accounting Standards Codification | Inducement Plan | National Bank Holdings Corporation 2026 Inducement Plan  |
| ASPP | Associate Stock Purchase Plan | ISDA | International Swaps and Derivative Association |
| ASU | Accounting Standards Update | MBS | Mortgage-backed securities |
| ATM | Automated Teller Machine | MSR | Mortgage servicing right |
| Banks | NBH Bank and Bank of Jackson Hole Trust, collectively | NBHC or the Company | National Bank Holdings Corporation and all affiliates |
| BOJH | Bank of Jackson Hole | NCO | Net charge-offs |
| BOJHT | Bank of Jackson Hole Trust | OCI | National Bank Holdings Corporation 2023 Omnibus Incentive Plan, as amended, restated, other otherwise supplemented |
| Cambr | Cambr Solutions, LLC | Omnibus Plan | 2023 Omnibus Incentive Plan |
| CECL | Current expected credit loss | OREO | Other real estate owned  |
| CEO | Chief Executive Officer | PCD | Purchased credit deteriorated |
| Common stock | Class A common stock, par value $0.01 per share | PD | Probability of Default |
| CRE | Commercial real estate | PSL | Purchased seasoned loans |
| DCF | Discounted cash flow | PSU | Performance stock unit |
| EPS | Earnings Per Share | Repurchase | Repurchase the mortgage loans with identified defects, indemnify the investor or insurer, or reimburse the investor for credit loss incurred on the loan |
| Exchange Act | The Securities Exchange Act of 1934 | ROTA | Return on tangible assets |
| FASB | Financial Accounting Standards Board | S&P | Standard and Poor's |
| FDIC | Federal Deposit Insurance Corporation | SBA | Small Business Administration |
| Federal Reserve | Federal Reserve System | SBA Preferred Lender | An approved participant in the SBA Preferred Lender's Program |
| FHA | Federal Housing Administration | SEC | Securities and Exchange Commission |
| FHLB | Federal Home Loan Bank | SOFR | Secured overnight financing rate |
| FHLMC | Federal Home Loan Mortgage Corporation | Topic 606 | FASB ASC Topic 606 |
| Fintech | Financial technology company | Transaction deposits | Demand, savings, and money market deposits  |
| FNMA | Federal National Mortgage Association | TSR | Total shareholder return |
| FRB | Federal Reserve Bank | Vista | Vista Bancshares, Inc. |
| FTE | Fully taxable equivalent | Vista Equity Plan | Vista Bank Equity Incentive Plan  |
| GAAP | Generally accepted accounting principles |  |  |

---

[**Table of Contents**](#TOC)

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not discuss historical facts but instead relate to expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. Forward-looking statements are generally identified by words such as "anticipate," "believe," "can," "would," "should," "could," "may," "predict," "seek," "potential," "will," "estimate," "target," "plan," "project," "continuing," "ongoing," "expect," "intend," "goal," "focus," "maintains," "future," "ultimately, " "likely," "ensure," "strategy," "objective," and similar words or phrases. These statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties. We have based these statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, liquidity, results of operations, business strategy and growth prospects.

Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements due to a number of factors, including, but are not limited to:

● business and economic conditions, along with external events, such as political instability, geopolitical conflicts (including in regions such as the Middle East), international trade policies, tariffs, or acts of war, and the potential for such events to contribute to inflationary pressures, fluctuations in interest rates, disruptions in global supply chains, volatility in financial markets, and impacts on earnings and stock market performance;

● susceptibility to credit risk and fluctuations in the value of real estate and other collateral securing a significant portion of our loan portfolio, including with regards to real estate acquired through foreclosure, and the accuracy of appraisals related to such real estate;

● changes impacting monetary supply and the businesses of our clients and counterparties, including levels of market interest rates, inflation, currency values, monetary, fiscal, and international trade policy, and the volatility, including as influenced by geopolitical risks and related economic uncertainty;

● our ability to maintain sufficient liquidity to meet the requirements of deposit withdrawals and other business needs;

● our desire to raise additional capital in connection with strategic growth initiatives and our ability to access the capital markets when desired or on favorable terms;

● changes in the fair value of our investment securities due to market conditions outside of our control;

● our investments in 2UniFi ℠ and other fintechs and initiatives may subject us to material financial, reputational and strategic risks;

● the allowance for credit losses and fair value adjustments may be insufficient to absorb losses in our loan portfolio;

● any service interruptions, cyber incidents or other breaches relating to our technology systems, security systems or infrastructure or those of our third-party providers;

● the occurrence of fraud or other financial crimes within our business;

● competition from other financial services providers, including traditional financial institutions and fintechs, and the effects of disintermediation within the banking business including consolidation within the industry;

● changes to federal government lending programs like the SBA's Preferred Lender Program and the FHA's insurance programs, including the impact of changes in regulations and budget appropriations on such programs;

● impairment of our mortgage servicing rights, disruption in the secondary market for mortgage loans, declines in real estate values, or being required to repurchase mortgage loans or reimburse investors;

● claims and litigation related to our fiduciary responsibilities in connection with our trust and wealth business;

[**Table of Contents**](#TOC)

● our ability to manage and execute our organic growth and acquisition strategies, including our ability to realize the expected benefits of our acquisition strategies;

● developments in technology, such as artificial intelligence, the success of our digital growth strategy, and our ability to incorporate innovative technologies in our business and provide products and services that satisfy our clients' expectations for convenience and security;

● our ability to integrate Vista Bank into our business may be more difficult, costly or time consuming than expected and we may fail to realize the anticipated benefits or cost savings of the acquisition;

● failure to obtain regulatory approvals or consummate attractive acquisitions or continue to increase organic loan growth would restrict our growth plans:

● the accuracy of projected operating results for assets and businesses we acquire;

● our ability to comply with and manage costs related to extensive and potentially expanding government regulation and supervision, including current and future regulations affecting bank holding companies and depository institutions;

● our ability to execute our capital allocation strategy, including paying dividends or repurchasing shares, given regulatory limitations;

● the application of any increased assessment rates imposed by the FDIC;

● claims or legal action brought against us by third parties or government agencies;

● the loss of our executive officers and key personnel;

● changes to federal, state and local laws and regulations along with executive orders applicable to our business, including tax laws; and

● other factors, risks, trends and uncertainties described under "Part I, Item 1. Business," "Part I, Item 1A. Risk Factors," "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" disclosed in our Annual Report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/0001104659-26-019119-index.htm) for the year ended December 31, 2025 and in our other filings with the SEC.

Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.

[**Table of Contents**](#TOC)

**PART I: FINANCIAL INFORMATION**

**Item 1: FINANCIAL STATEMENTS.**

**NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES**

Consolidated Statements of Financial Condition (Unaudited)

(In thousands, except share and per share data)

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $472791 | $417058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities available-for-sale (at fair value) | 605167 | 528639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities held-to-maturity (fair value of $699,014 and $597,449 at March 31, 2026 and December 31, 2025, respectively) | 757350 | 651732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other securities | 90457 | 80634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans | 9611486 | 7433356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | (113477) | (87415) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, net | 9498009 | 7345941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for sale | 24905 | 25695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other real estate owned | 3821 | 1674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premises and equipment, net | 235666 | 214554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 454672 | 306043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 67375 | 48337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 404195 | 263211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $12614408 | $9883518 |
| LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-interest bearing demand deposits | $2573213 | $2204241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest bearing demand deposits | 1546569 | 1237006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings and money market | 5044181 | 3701616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 1294881 | 1149771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 10458844 | 8292634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold under agreements to repurchase | 16991 | 17350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net | 202138 | 54540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 271560 | 133880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 10949533 | 8498404 |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, par value $0.01 per share: 400,000,000 shares authorized; 58,851,591 and 51,487,888 shares issued; and 44,692,472 and 37,772,516 shares outstanding at March 31, 2026 and December 31, 2025, respectively | 588 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1454100 | 1171581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 578522 | 572461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock of 13,206,656 and 13,412,216 shares at March 31, 2026 and December 31, 2025, respectively, at cost | (320269) | (315397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss, net of tax | (48066) | (44046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 1664875 | 1385114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $12614408 | $9883518 |

---

*See accompanying notes to the consolidated interim financial statements.*

[**Table of Contents**](#TOC)

**NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES**

Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share data)

---

| | | |
|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Interest and dividend income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and fees on loans | $144975 | $120207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends on investment securities | 10151 | 8737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends on other securities | 516 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on interest bearing bank deposits | 3509 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income | 159151 | 129963 |
| Interest expense: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on deposits | 48369 | 41267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on borrowings | 1980 | 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 50349 | 43272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income before provision for credit losses | 108802 | 86691 |
| Provision for credit loss expense | 4000 | 10200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 104802 | 76491 |
| Non-interest income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service charges | 4192 | 4118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank card fees | 4334 | 4194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking income | 2742 | 3315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank-owned life insurance income | 887 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-interest income | 5578 | 2985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on security sales | 246 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 17979 | 15376 |
| Non-interest expense: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries and benefits | 56970 | 34362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occupancy and equipment | 15834 | 10837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data processing | 7653 | 4401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and business development | 1504 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FDIC deposit insurance | 1358 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank card expenses | 1078 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 2232 | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-interest expense | 7744 | 5642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets amortization | 2464 | 1977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 96837 | 62017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 25944 | 29850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 5151 | 5619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $20793 | $24231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings per share—basic | $0.46 | $0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings per share—diluted | 0.46 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock dividend | 0.32 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average number of common shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 44439788 | 38068455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 44610511 | 38229869 |

---

*See accompanying notes to the consolidated interim financial statements.*

[**Table of Contents**](#TOC)

**NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES**

Consolidated Statements of Comprehensive Income (Unaudited)

(In thousands)

---

| | | |
|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Net income | $20793 | $24231 |
| Other comprehensive (loss) income, net of tax: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities available-for-sale: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (losses) gains arising during the period, net of tax benefit (expense) of $955 and ($3033) for the three months ended March 31, 2026 and 2025, respectively | (3904) | 9716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: reclassification adjustment for gain on security sales realized in net income, net of tax expense of $57 and $0 for the three months ended March 31, 2026 and 2025, respectively. | (189) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: amortization of net unrealized holding losses to income, net of tax benefit of $0 and $3 for the three months ended March 31, 2026 and 2025, respectively |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flow hedges: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains arising during the period, net of tax expense of $292 and $474 for the three months ended March 31, 2026 and 2025, respectively | 946 | 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: reclassification for gains included in net income, net of tax expense of $267 and $385 for the three months ended March 31, 2026 and 2025, respectively | (873) | (1269) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive (loss) income | (4020) | 9993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income | $16773 | $34224 |

---

*See accompanying notes to the consolidated interim financial statements.*

[**Table of Contents**](#TOC)

**NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES**

Consolidated Statements of Changes in Shareholders' Equity (Unaudited)

(In thousands, except share and per share data)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31,**  | **For the three months ended March 31,**  | **For the three months ended March 31,**  | **For the three months ended March 31,**  | **For the three months ended March 31,**  | **For the three months ended March 31,**  |
|  | <br><br>**Common**<br>**stock** | <br>**Additional**<br>**paid-in**<br>**capital** | <br><br>**Retained**<br>**earnings** | <br><br>**Treasury**<br>**stock** | **Accumulated**<br>**other**<br>**comprehensive**<br>**income (loss), net** | <br><br>**Total** |
| Balance, December 31, 2024 | $515 | $1167431 | $508864 | $(301694) | $(70041) | $1305075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  | 24231 |  |  | 24231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  | 1704 |  |  |  | 1704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock of $1,374, net |  | (702) |  | 163 |  | (539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends declared ($0.29 per share) |  |  | (11156) |  |  | (11156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income |  |  |  |  | 9993 | 9993 |
| Balance, March 31, 2025 | $515 | $1168433 | $521939 | $(301531) | $(60048) | $1329308 |
| Balance, December 31, 2025 | $515 | $1171581 | $572461 | $(315397) | $(44046) | $1385114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  | 20793 |  |  | 20793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  | 6349 |  |  |  | 6349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock of $12,469, net |  | (12416) |  | 11240 |  | (1176) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock of 7,305,975 for acquisition of Vista | 73 | 288586 |  |  |  | 288659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of 401,869 shares |  |  |  | (16112) |  | (16112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends declared ($0.32 per share) |  |  | (14732) |  |  | (14732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss |  |  |  |  | (4020) | (4020) |
| Balance, March 31, 2026 | $588 | $1454100 | $578522 | $(320269) | $(48066) | $1664875 |

---

*See accompanying notes to the consolidated interim financial statements.*

[**Table of Contents**](#TOC)

**NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES**

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,**  | **For the three months ended March 31,**  |
|  | **2026** | **2025** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $20793 | $24231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash (used in) provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit loss expense | 4000 | 10200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 8955 | 6328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in current income tax receivable | (6318) | 4281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in deferred income taxes | (6043) | 4560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discount accretion, net of premium amortization on securities | (1191) | (483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of mortgages, net | (2417) | (2338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origination of loans held for sale, net of repayments | (80076) | (72646) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of loans held for sale | 83283 | 87571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Originations of mortgage servicing rights | (92) | (62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of mortgage servicing rights |  | 2360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of mortgage servicing rights |  | (646) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 6349 | 1704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on security sales | (246) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease payments | (1884) | (1625) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in other assets | (79069) | (11605) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in other liabilities | (2873) | (12205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by operating activities | (56829) | 39625 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from maturities and paydowns of other securities | 2214 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from maturities and paydowns of investment securities available-for-sale | 33287 | 48436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from maturities and paydowns of investment securities held-to-maturity | 32763 | 17027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of other securities | 10383 | 15700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of investment securities available-for-sale | 176945 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of other real estate owned | 6032 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of other securities | (12667) | (15904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investment securities available-for-sale | (144764) | (142245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investment securities held-to-maturity | (137863) | (190624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of premises and equipment, net | (5491) | (10166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (increase) decrease in loans | (164366) | 138351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of loans |  | 11941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash activity for acquisitions | 250074 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | 46547 | (127484) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) increase in deposits | (38808) | 186312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) increase in repurchase agreements and other short-term borrowings | (359) | 1854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term debt issuance | 150000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of long-term debt issuance costs | (2752) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (payments to) advances from the FHLB | (10000) | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of stock under purchase and equity compensation plans | (1762) | (583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 552 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of dividends | (14744) | (11284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (16112) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 66015 | 206309 |
| Increase in cash and cash equivalents | 55733 | 118450 |
| Cash and cash equivalents at beginning of the year | 417058 | 127848 |
| Cash and cash equivalents at end of period | $472791 | $246298 |
| *Supplemental disclosure of cash flow information during the period:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $47973 | $42858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net tax payments (refunds) | 176 | (95) |
| *Supplemental schedule of non-cash activities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans transferred to other real estate owned at fair value | 1645 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in loans purchased but not settled | 129588 | 60350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans transferred from loans held for sale to loans |  | 23 |

---

*See accompanying notes to the consolidated interim financial statements.*

[**Table of Contents**](#TOC)

**NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES**

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

March 31, 2026

**Note 1 Basis of Presentation**

National Bank Holdings Corporation is a bank holding company that has elected financial holding company status and was incorporated in the State of Delaware in 2009. The Company is headquartered in Greenwood Village, Colorado, and its primary operations are conducted through its wholly owned subsidiaries NBH Bank and BOJHT. NBH Bank is a Colorado state-chartered bank and a member of the Federal Reserve, and BOJHT is a Wyoming state-chartered bank and a member of the Federal Reserve. The Company provides a variety of banking products to both commercial and consumer clients through a network of over 100 banking centers, as of March 31, 2026, located primarily in Colorado, the greater Kansas City region, Texas, Utah, Wyoming, New Mexico, Idaho and Palm Beach, Florida, as well as through online and mobile banking products and services.

The accompanying interim unaudited consolidated financial statements serve to update the National Bank Holdings Corporation Annual Report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/0001104659-26-019119-index.htm) for the year ended December 31, 2025 and include the accounts of the Company and its wholly owned subsidiaries, NBH Bank, BOJHT and 2UniFi, LLC. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP and, where applicable, with general practices in the banking industry or guidelines prescribed by bank regulatory agencies. However, they may not include all information and notes necessary to constitute a complete set of financial statements under GAAP applicable to annual periods and accordingly should be read in conjunction with the financial information contained in the Company's most recent [Form 10-K](https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/0001104659-26-019119-index.htm). The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results presented. All such adjustments are of a normal recurring nature. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications of prior years' amounts are made whenever necessary to conform to current period presentation. The results of operations for the interim period are not necessarily indicative of the results that may be expected for the full year or any other interim period. All amounts are in thousands, except share data, or as otherwise noted.

GAAP requires management to make estimates that affect the reported amounts of assets, liabilities, revenues and expenses and disclosures of contingent assets and liabilities. By their nature, estimates are based on judgment and available information. Management has made significant estimates in certain areas, such as the fair values of financial instruments, contingent liabilities and the ACL. Because of the inherent uncertainties associated with any estimation process and future changes in market and economic conditions, it is possible that actual results could differ significantly from those estimates.

The Company's significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in note 2 of the audited financial statements and notes for the year ended December 31, 2025 and are contained in the Company's Annual Report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/0001104659-26-019119-index.htm). There have been no significant changes to the application of significant accounting policies since December 31, 2025, except for the following:

***Acquisition activities***—The Company accounts for business combinations under the acquisition method of accounting. Assets acquired and liabilities assumed are measured and recorded at fair value at the date of acquisition, including identifiable intangible assets. If the fair value of net assets acquired exceeds the fair value of consideration paid, a bargain purchase gain is recognized at the date of acquisition. Conversely, if the consideration paid exceeds the fair value of the net assets acquired, goodwill is recognized at the acquisition date. Fair values are subject to refinement for up to a maximum of one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Adjustments recorded to the acquired assets and liabilities assumed are applied prospectively in accordance with ASC Topic 805. The determination of the fair value of loans acquired takes into account credit quality deterioration and probability of loss with an ACL established on Day 1 through a gross-up adjustment to the amortized cost basis of the loans.

Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). The depositor relationship related to deposit liabilities, the client relationship related to assets under management, acquired technology intangibles and the trade name intangible (known as the core deposit, client relationship, acquired technology intangible assets and trade name intangible, respectively) may be exchanged in observable exchange transactions. As a result, these intangible assets are considered identifiable, because the separability criterion has been met.

[**Table of Contents**](#TOC)

**Note 2 Recent Accounting Pronouncements**

The Company has not adopted any recent accounting pronouncements in addition to those disclosed in our Annual Report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/0001104659-26-019119-index.htm) for the year ended December 31, 2025, except for the following:

In November 2025, the FASB issued ASU 2025-08, *Financial Instruments - Credit Losses* (Topic 326): *Purchased Loans*. The update amends the guidance in ASC 326 on the accounting for certain purchased loans. Under the new guidance, the initial recognition of the ACL for purchased loans that meet the criteria to be deemed purchased seasoned loans is aligned with the treatment for PCD loans. Specifically, an ACL is established for the initial estimate of expected credit losses as of the acquisition date and recorded through a gross-up adjustment to the amortized cost basis of the loans. The Company elected to adopt ASU 2025-08 early, as permitted by the guidance, as of January 1, 2026. The update impacted purchase accounting entries related to loans from the Vista acquisition as described below in note 3.

In September 2025, the FASB issued ASU 2025-06, *Intangibles—Goodwill and Other—Internal-Use Software* (Topic 350): *Targeted Improvements to the Accounting for Internal-Use Software*. The update eliminates the accounting consideration of software project development stages and enhances the guidance around the threshold for cost capitalization. The Company adopted ASU 2025-06 early as of January 1, 2026, using a prospective transition approach. The update did not have a material impact to the financial statements.

In July 2025, the FASB issued ASU 2025-05, *Financial Instruments—Credit Losses* (Topic 326): *Measurement of Credit Losses for Accounts Receivable and Contract Assets*. The update is related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC Topic 606. It allows all entities to elect a practical expedient that assumes current conditions as of the balance sheet date do not change for the remaining life of the asset. The update also allows for an accounting policy election, which is not applicable to public business entities. The Company adopted ASU 2025-05 as of January 1, 2026, on a prospective basis, and elected to use the practical expedient. The guidance did not have a material impact on the Company's financial statements.

**Note 3 Acquisition Activities**

On January 7, 2026, the Company completed its acquisition of Vista Bancshares, Inc., the bank holding company of Texas-based Vista Bank. Pursuant to the merger agreement executed in September 2025, the Company paid $89.0 million of cash consideration and issued 7.3 million shares of the Company's common stock in exchange for all of the outstanding common stock of Vista Bancshares, Inc. The transaction was valued at $377.7 million in the aggregate, based on the Company's closing price of $39.51 on January 6, 2026. In addition, the Company held $45.0 million in debt of Vista that was effectively settled upon closing. The acquisition added 12 banking centers, including 11 within the Dallas/Ft. Worth, Austin and Lubbock regions of Texas and one banking center in Palm Beach, Florida. Acquisition-related costs of $14.3 million, pre-tax, were included in the Company's consolidated statements of operations for the three months ended March 31, 2026. The financial results as of and for the three months ended March 31, 2026 include activity of the combined entity. The Company has made the determination of fair values using the best information available at the time; however, purchase accounting is not complete and the assumptions used are subject to change and, if changed, could have a material effect on the Company's financial position and results of operations.

The Company determined that this acquisition constitutes a business combination as defined in ASC Topic 805, *Business Combinations*. Accordingly, as of the date of the acquisition, the Company has recorded the assets acquired and liabilities assumed at fair value. The Company determined fair values in accordance with the guidance provided in ASC Topic 820, *Fair Value Measurements and Disclosures*. Fair value is established by discounting the expected future cash flows with a market discount rate for like maturities and risk instruments. The estimation of expected future cash flows, market conditions, other future events and actual results could differ materially from the original estimates. The determination of the fair values of fixed assets, loans, OREO and core deposit intangible involves a high degree of judgment and complexity.

[**Table of Contents**](#TOC)

The table below summarizes net assets acquired (at fair value) and consideration transferred in connection with the Vista acquisition. The fair value of the acquired assets and liabilities noted in the table may change during the provisional period, which may last up to twelve months subsequent to the acquisition date. The Company may obtain additional information to refine the valuation of the acquired assets and liabilities and adjust the recorded fair value.

---

| | |
|:---|:---|
|  | **January 7, 2026** |
| Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | $339112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities available-for-sale | 145509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other securities | 10397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | 1907944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other real estate owned | 6548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premises and equipment | 21306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core deposit and trade name intangible | 21547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 50156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets acquired | $2502519 |
| Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $2205031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 23420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities assumed | $2228451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identifiable net assets acquired | $274068 |
| Consideration: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NBHC common stock paid at January 7, 2026, closing price of $39.51 | $288659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 89038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase price paid | 377697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective settlement of pre-existing debt <sup>(1)</sup> | 45000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $422697 |
| Estimated goodwill created | $148629 |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp; The Company held $45.0 million in debt of Vista. The debt was effectively settled.

In connection with the Vista acquisition, the Company recorded $148.6 million of goodwill. The amount of goodwill recorded reflects the expanded market presence, synergies and operational efficiencies that are expected to result from the acquisition. The following is a description of the methods used to determine the fair values of significant assets and liabilities presented above:

*Cash and due from banks*—The carrying amount of these assets was deemed a reasonable estimate of fair value based on the short-term nature of these assets.

*Investment securities available-for-sale*— The investment securities portfolio fair value was determined utilizing third-party pricing services.

*Loans, net*—The fair value of loans were based on a discounted cash flow methodology that considered the loans' underlying characteristics including account type, remaining terms of loan, annual interest rates or coupon, interest types, past delinquencies, timing of principal and interest payments, current market rates, loan to value ratios, loss exposure and remaining balance. The discount rates applied were based upon a build-up approach considering the alternative cost of funds, capital charges, servicing costs, and a liquidity premium. Loans were aggregated according to similar characteristics when applying the valuation method.

*Core deposit and other intangibles—*The Company recorded a core deposit intangible asset of $20.5 million and a trade name intangible of $1.0 million. The core deposit intangible was valued utilizing a discounted cash flow methodology based upon assumptions regarding retained balances, such as account retention rate and growth rates, interest expense including maintenance costs, and alternative costs of funding. The discount rate applied is consistent to that applied to loans above. The trade name intangible

[**Table of Contents**](#TOC)

was valued using the relief-from-royalty method, which estimates fair value based on projected revenues, an assumed market-based royalty rate, and a discount rate applied to the resulting cash flows.

The core deposit intangible and trade name intangible will be amortized straight-line over ten years.

*Deposits*—By definition, the fair value of demand and saving deposits equals the amount payable. For time deposits acquired, the Company utilized an income approach, discounting the contractual cash flows on the instruments over their remaining contractual lives at prevailing market rates.

*Accounting for acquired loans*

The Company adopted ASU 2025-08 as of January 1, 2026, which impacted the accounting for acquired loans. The Company grouped acquired loans according to similar characteristics. Loans that reflected a more-than-insignificant deterioration of credit were categorized as purchased credit deteriorated loans, and all other loans were categorized as purchased seasoned loans. For both PSLs and PCD loans, the initial estimate of expected credit losses was included in the balance of loans with an offsetting amount recorded to the ACL as of the date of acquisition.

The following table provides a summary of loans purchased as part of the Vista acquisition as of the acquisition date:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Unpaid principal balance** | **Allowance for credit loss at acquisition** | **Net premium/(discount) on acquired loans** | **Fair value** |
| Purchased seasoned loans | $1897010 | $(21323) | $(3107) | $1872580 |
| PCD Loans | 50142 | (8139) | (6639) | 35364 |
| Total acquired loans | $1947152 | $(29462) | $(9746) | $1907944 |

---

***Unaudited Pro forma information***

The following unaudited pro forma information combines the historical results of Vista and the Company. The pro forma financial information does not include the potential impacts of possible business model changes, current market conditions, revenue enhancements, expense efficiencies, or other factors. If the Vista acquisition had been completed on January 1, 2025, pro forma total revenue for the Company would have been approximately $126.8 million and $137.9 million for the three months ended March 31, 2026 and 2025, respectively. Pro forma net income for the Company would have been approximately $31.8 million and $20.7 million for the three months ended March 31, 2026 and 2025, respectively. Pro forma basic and dilutive earnings per share for the Company would have been $0.71 and $0.70 for the three months ended March 31, 2026, respectively, and $0.45 and $0.45 for the three months ended March 31, 2025, respectively. For the three months ended March 31, 2026, the pro forma information reflects adjustments made to exclude acquisition-related expenses of the Company totaling $14.3 million. Adjustments also included estimated net accretion of loan and investment marks of $1.4 million and estimated amortization of acquired identifiable intangibles of $0.5 million for the three months ended March 31, 2025.

The unaudited pro forma information is theoretical in nature and not necessarily indicative of future consolidated results of operations of the Company or the consolidated results of operations which would have resulted had the Company acquired Vista during the periods presented.

**Note 4 Investment Securities**

The Company's investment securities portfolio is comprised of available-for-sale and held-to-maturity investment securities. These investment securities totaled $1.4 billion at March 31, 2026 and included $0.6 billion of available-for-sale securities and $0.8 billion of held-to-maturity securities. During 2026, the Company acquired available-for-sale securities with a fair value of $145.5 million related to the acquisition of Vista. At December 31, 2025, investment securities totaled $1.2 billion and included $0.5 billion of available-for-sale securities and $0.7 billion of held-to-maturity securities.

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***Available-for-sale***

Available-for-sale securities are summarized as follows as of the dates indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Amortized**<br>**cost** | **Gross**<br>**unrealized gains** | **Gross**<br>**unrealized losses** | <br>**Fair value** |
| U.S. Treasury securities | $53341 | $341 | $(5) | $53677 |
| Mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises | 218308 | 268 | (17605) | 200971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises | 395618 | 205 | (45555) | 350268 |
| Other securities | 251 |  |  | 251 |
| Total investment securities available-for-sale | $667518 | $814 | $(63165) | $605167 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized**<br>**cost** | **Gross**<br>**unrealized gains** | **Gross**<br>**unrealized losses** | <br>**Fair value** |
| U.S. Treasury securities | $73144 | $1082 | $— | $74226 |
| Mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises | 173308 | 1248 | (16891) | 157665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises | 338768 | 563 | (43305) | 296026 |
| Other securities | 722 |  |  | 722 |
| Total investment securities available-for-sale | $585942 | $2893 | $(60196) | $528639 |

---

During the three months ended March 31, 2026 and 2025, purchases of available-for-sale securities totaled $144.8 million and $142.2 million, respectively. Maturities and paydowns of available-for-sale securities during the three months ended March 31, 2026 and 2025 totaled $33.3 million and $48.4 million, respectively. During the three months ended March 31, 2026, the Company sold $176.9 million of available-for-sale securities, primarily related to Vista securities. There were no sales of available-for-sale securities during the three months ended March 31, 2025.

At March 31, 2026 and December 31, 2025, the Company's available-for-sale investment portfolio was primarily comprised of U.S. Treasury securities and mortgage-backed securities. All mortgage-backed securities were backed by GSE collateral such as FHLMC and FNMA and the government-owned agency GNMA.

The tables below summarize the available-for-sale securities with unrealized losses, along with the length of time they have been in an unrealized loss position, as of the dates shown:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Less than 12 months** | **Less than 12 months** | **12 months or more** | **12 months or more** | **Total** | **Total** |
|  | **Fair**<br>**value** | **Unrealized**<br>**losses** | **Fair**<br>**value** | **Unrealized**<br>**losses** | **Fair**<br>**value** | **Unrealized**<br>**losses** |
| U.S. Treasury securities | $4909 | $(5) | $— | $— | $4909 | $(5) |
| Mortgage-backed securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises | 77802 | (675) | 94268 | (16930) | 172070 | (17605) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises | 76350 | (556) | 224836 | (44999) | 301186 | (45555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $159061 | $(1236) | $319104 | $(61929) | $478165 | $(63165) |

---

[**Table of Contents**](#TOC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Less than 12 months** | **Less than 12 months** | **12 months or more** | **12 months or more** | **Total** | **Total** |
|  | **Fair**<br>**value** | **Unrealized**<br>**losses** | **Fair**<br>**value** | **Unrealized**<br>**losses** | **Fair**<br>**value** | **Unrealized**<br>**losses** |
| Mortgage-backed securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises | $— | $— | $96937 | $(16891) | $96937 | $(16891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises | 2546 | (5) | 232742 | (43300) | 235288 | (43305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $2546 | $(5) | $329679 | $(60191) | $332225 | $(60196) |

---

Management regularly monitors the investment securities portfolio in its entirety and further evaluates all of the available-for-sale securities in an unrealized loss position at each reporting period. The portfolio included 89 securities, which were in an unrealized loss position at March 31, 2026, compared to 84 securities at December 31, 2025. The unrealized losses in the Company's investment portfolio at March 31, 2026 were caused by changes in interest rates. The Company has no intention to sell these securities and believes it will not be required to sell the securities before the recovery of their amortized cost. Management believes that default of the available-for-sale securities is highly unlikely. FHLMC, FNMA and GNMA guaranteed mortgage-backed securities and U.S. Treasury securities have a long history of zero credit losses, an explicit guarantee by the U.S. government (although limited for FNMA and FHLMC securities) and yields that generally trade based on market views of prepayment and liquidity risk rather than credit risk.

Certain securities are pledged as collateral for public deposits, securities sold under agreements to repurchase and to secure borrowing capacity at the FRB, if needed. The fair value of available-for-sale investment securities pledged as collateral totaled $158.8 million and $102.4 million at March 31, 2026 and at December 31, 2025, respectively. The Company may also pledge available-for-sale investment securities as collateral for FHLB advances. No securities were pledged for this purpose at March 31, 2026 or December 31, 2025.

A summary of the available-for-sale securities by maturity is shown in the following table as of March 31, 2026. Mortgage-backed securities may have actual maturities that differ from contractual maturities depending on the repayment characteristics and experience of the underlying financial instruments and are therefore not included in the table below. The Company holds other available-for-sale securities with an amortized cost and fair value of $0.3 million as of March 31, 2026 that have no stated contractual maturity date.

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | <br>**Amortized cost** | <br>**Fair value** | **Weighted**<br>**average yield** |
| U.S. Treasury securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Within one year | $29891 | $30031 | 4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;After one but within five years | 23450 | 23646 | 4.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $53341 | $53677 |  |

---

As of March 31, 2026 and December 31, 2025, AIR from available-for-sale investment securities totaled $1.5 million and $1.9 million, respectively, and was included within other assets in the consolidated statements of financial condition.

[**Table of Contents**](#TOC)

***Held-to-maturity***

Held-to-maturity investment securities are summarized as follows as of the dates indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | <br>**Amortized**<br>**cost** | **Gross**<br>**unrealized**<br>**gains** | **Gross**<br>**unrealized**<br>**losses** | <br>**Fair value** |
| U.S. Treasury securities | $24958 | $— | $(28) | $24930 |
| Mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises | 244697 | 315 | (23592) | 221420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises | 487695 | 959 | (35990) | 452664 |
| Total investment securities held-to-maturity | $757350 | $1274 | $(59610) | $699014 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | <br>**Amortized**<br>**cost** | **Gross**<br>**unrealized**<br>**gains** | **Gross**<br>**unrealized**<br>**losses** | <br>**Fair value** |
| U.S. Treasury securities | $24900 | $— | $(49) | $24851 |
| Mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises | 236535 | 666 | (23227) | 213974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises | 390297 | 2310 | (33983) | 358624 |
| Total investment securities held-to-maturity | $651732 | $2976 | $(57259) | $597449 |

---

During the three months ended March 31, 2026 and 2025, purchases of held-to-maturity securities totaled $137.9 million and $190.6 million, respectively. Maturities and paydowns of held-to-maturity securities totaled $32.8 million and $17.0 million during the three months ended March 31, 2026 and 2025, respectively.

The held-to-maturity portfolio included 99 securities which were in an unrealized loss position as of March 31, 2026, compared to 92 securities at December 31, 2025. The tables below summarize the held-to-maturity securities with unrealized losses as of the dates shown, along with the length of the impairment period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Less than 12 months** | **Less than 12 months** | **12 months or more** | **12 months or more** | **Total** | **Total** |
|  | **Fair**<br>**value** | **Unrealized**<br>**losses** | **Fair**<br>**value** | **Unrealized**<br>**losses** | **Fair**<br>**value** | **Unrealized**<br>**losses** |
| U.S. Treasury securities | $— | $— | $24931 | $(28) | $24931 | $(28) |
| Mortgage-backed securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises | 26946 | (228) | 158774 | (23364) | 185720 | (23592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises | 128248 | (1077) | 139367 | (34913) | 267615 | (35990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $155194 | $(1305) | $323072 | $(58305) | $478266 | $(59610) |

---

[**Table of Contents**](#TOC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Less than 12 months** | **Less than 12 months** | **12 months or more** | **12 months or more** | **Total** | **Total** |
|  | **Fair**<br>**value** | **Unrealized**<br>**losses** | **Fair**<br>**value** | **Unrealized**<br>**losses** | **Fair**<br>**value** | **Unrealized**<br>**losses** |
| U.S. Treasury securities | $— | $— | $24850 | $(49) | $24850 | $(49) |
| Mortgage-backed securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises | 1174 | (1) | 169340 | (23226) | 170514 | (23227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises |  |  | 144208 | (33983) | 144208 | (33983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1174 | $(1) | $338398 | $(57258) | $339572 | $(57259) |

---

The Company does not measure expected credit losses on a financial asset, or group of financial assets, in which historical credit loss information adjusted for current conditions and reasonable and supportable forecasts results in an expectation that nonpayment of the amortized cost basis is zero. Management evaluated held-to-maturity securities noting they are backed by loans guaranteed by either U.S. government agencies or GSEs, and management believes that default is highly unlikely given this governmental backing and long history without credit losses. Additionally, management notes that yields on which the portfolio generally trades are based upon market views of prepayment and liquidity risk and not credit risk. The Company has no intention to sell any held-to-maturity securities and believes it will not be required to sell any held-to-maturity securities before the recovery of their amortized cost.

The table below summarizes the credit quality indicators, by amortized cost, of held-to-maturity securities as of the dates shown:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | **AA+** | **AA+** |
| U.S. Treasury securities | $24958 | $24900 |
| Mortgage-backed securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises | 244697 | 236535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises | 487695 | 390297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment securities held-to-maturity | $757350 | $651732 |

---

Certain securities are pledged as collateral for public deposits, securities sold under agreements to repurchase and to secure borrowing capacity at the FRB, if needed. The carrying value of held-to-maturity investment securities pledged as collateral totaled $586.7 million and $604.0 million at March 31, 2026 and December 31, 2025, respectively. The Company may also pledge held-to-maturity investment securities as collateral for FHLB advances. No held-to-maturity investment securities were pledged for this purpose at March 31, 2026 or December 31, 2025.

A summary of the held-to-maturity securities by maturity is shown in the following table as of March 31, 2026. Actual maturities of mortgage-backed securities may differ from scheduled maturities depending on the repayment characteristics and experience of the underlying financial instruments and are therefore not included in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | <br>**Amortized cost** | <br>**Fair value** | **Weighted**<br>**average yield** |
| U.S. Treasury securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Within one year | $24958 | $24930 | 3.10% |

---

As of March 31, 2026 and December 31, 2025, AIR from held-to-maturity investment securities totaled $2.0 million and $1.4 million, respectively, and was included within other assets in the consolidated statements of financial condition.

[**Table of Contents**](#TOC)

**Note 5 Other Securities**

The carrying balances of other securities are summarized as follows as of the dates indicated:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| FRB, FHLB and correspondent bank stock | $35479 | $24641 |
| Convertible preferred stock | 18508 | 18508 |
| Equity method investments | 36103 | 32426 |
| Equity securities with readily determinable fair values | 367 | 5059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $90457 | $80634 |

---

Other securities included FRB stock, FHLB stock, correspondent bank stock, convertible preferred stock, equity method investments and equity securities with readily determinable fair values. During the three months ended March 31, 2026, purchases of other securities totaled $12.7 million, proceeds from maturities and paydowns of other securities totaled $2.2 million, and proceeds from sales totaled $10.4 million. During the three months ended March 31, 2025, purchases of other securities totaled $15.9 million, and proceeds from other securities totaled $15.7 million. Purchases consisted primarily of FHLB stock, and proceeds consisted primarily of sales of FHLB stock. Changes in the Company's FHLB stock holdings directly correlate to FHLB line of credit advances and paydowns.

*FRB, FHLB and correspondent bank stock*

At March 31, 2026 and December 31, 2025, the Company held FRB, FHLB and correspondent bank stock for regulatory or debt facility purposes. These are restricted securities which, lacking a market, are carried at cost. There have been no identified events or changes in circumstances that may have an adverse effect on the FRB, FHLB and correspondent bank stock carried at cost.

*Convertible preferred stock*

Other securities include convertible preferred stock without a readily determinable fair value. During the three months ended March 31, 2026 and 2025, the Company had no purchases of convertible preferred stock.

*Equity method investments*

Other securities also include equity method investments totaling $36.1 million and $32.4 million at March 31, 2026 and December 31, 2025, respectively. Purchases of equity method investments during the three months ended March 31, 2026 and 2025 totaled $2.2 million and $0.5 million, respectively. During the three months ended March 31, 2026 and 2025, the Company recorded net unrealized gains totaling $0.1 million and net unrealized losses totaling $0.3 million, respectively, on equity method investments. These gains and losses were recorded in other non-interest income in the Company's consolidated statements of operations. Carrying values of equity method investments without a readily determinable fair value are updated periodically and impairments may be taken to reflect a new basis. The Company recorded no impairment related to equity method investments without a readily determinable fair value for the three months ended March 31, 2026 or the year ended December 31, 2025.

*Equity securities with readily determinable fair values*

Equity securities with readily determinable fair values are generally traded on an exchange and market prices are readily available. Unrealized gains or losses on equity securities with readily determinable fair values are recognized in other non-interest income in the Company's consolidated statements of operations. During the three months ended March 31, 2026 and 2025, the Company sold $4.6 million and zero, respectively, of equity securities with readily determinable fair values, resulting in a realized loss totaling $0.7 million in the first quarter of 2026. During the three months ended March 31, 2026 and 2025, the Company recorded $0.1 million and zero, respectively, of unrealized losses from equity securities with readily determinable fair values.

[**Table of Contents**](#TOC)

**Note 6 Loans**

The loan portfolio is comprised of loans originated by the Company and loans that were acquired in connection with the Company's acquisitions. The tables below show the loan portfolio composition including carrying value by segment as of the dates shown. The carrying value of loans is net of discounts, fees, costs and fair value marks of $28.1 million and $21.7 million as of March 31, 2026 and December 31, 2025, respectively.

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** |
|  | **Total loans** | **% of total** |
| Commercial | $5576747 | 58.0% |
| Commercial real estate non-owner occupied | 2539522 | 26.4% |
| Residential real estate | 1480573 | 15.4% |
| Consumer | 14644 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $9611486 | 100.0% |

---

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Total loans** | **% of total** |
| Commercial | $4668153 | 62.8% |
| Commercial real estate non-owner occupied | 1582428 | 21.3% |
| Residential real estate | 1169699 | 15.7% |
| Consumer | 13076 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $7433356 | 100.0% |

---

Information about delinquent and non-accrual loans is shown in the following tables at March 31, 2026 and December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | <br>**30-89 days**<br>**past due and**<br>**accruing** | **Greater**<br>**than 90 days**<br>**past due and**<br>**accruing** | <br><br>**Non-accrual**<br>**loans** | <br>**Total past**<br>**due and**<br>**non-accrual** | <br><br>**Current** | <br><br>**Total loans** |
| Commercial: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $10254 | $12390 | $23986 | $46630 | $2715767 | $2762397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal and non-profit |  |  |  |  | 1291024 | 1291024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied commercial real estate | 6481 | 1211 | 1806 | 9498 | 1282165 | 1291663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food and agribusiness | 223 | 10392 |  | 10615 | 221048 | 231663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 16958 | 23993 | 25792 | 66743 | 5510004 | 5576747 |
| Commercial real estate non-owner occupied: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 2075 |  | 1578 | 3653 | 266345 | 269998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition/development |  |  | 317 | 317 | 189226 | 189543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily |  |  |  |  | 320271 | 320271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 254 |  |  | 254 | 1759456 | 1759710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate non-owner occupied | 2329 |  | 1895 | 4224 | 2535298 | 2539522 |
| Residential real estate: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior lien | 2103 | 2856 | 2135 | 7094 | 1386750 | 1393844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Junior lien | 218 |  | 168 | 386 | 86343 | 86729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential real estate | 2321 | 2856 | 2303 | 7480 | 1473093 | 1480573 |
| Consumer | 16 | 9 |  | 25 | 14619 | 14644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | $21624 | $26858 | $29990 | $78472 | $9533014 | $9611486 |

---

[**Table of Contents**](#TOC)

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Non-accrual loans**<br>**with a related**<br>**allowance for**<br>**credit loss** | **Non-accrual loans**<br>**with no related**<br>**allowance for**<br>**credit loss** | <br><br>**Non-accrual**<br>**loans** |
| Commercial: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $11679 | $12307 | $23986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied commercial real estate | 1806 |  | 1806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 13485 | 12307 | 25792 |
| Commercial real estate non-owner occupied: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 1578 |  | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition/development | 46 | 271 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate non-owner occupied | 1624 | 271 | 1895 |
| Residential real estate: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior lien | 1524 | 611 | 2135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Junior lien | 168 |  | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential real estate | 1692 | 611 | 2303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | $16801 | $13189 | $29990 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | <br>**30-89 days**<br>**past due and**<br>**accruing** | **Greater**<br>**than 90 days**<br>**past due and**<br>**accruing** | <br><br>**Non-accrual**<br>**loans** | <br>**Total past**<br>**due and**<br>**non-accrual** | <br><br>**Current** | <br><br>**Total loans** |
| Commercial: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $6243 | $4716 | $19607 | $30566 | $2007138 | $2037704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal and non-profit |  |  |  |  | 1273761 | 1273761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied commercial real estate | 1498 | 1541 | 2355 | 5394 | 1123224 | 1128618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food and agribusiness | 2868 | 6184 |  | 9052 | 219018 | 228070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 10609 | 12441 | 21962 | 45012 | 4623141 | 4668153 |
| Commercial real estate non-owner occupied: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction |  |  |  |  | 188992 | 188992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition/development |  | 867 | 331 | 1198 | 51289 | 52487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily |  |  |  |  | 298497 | 298497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 154 |  |  | 154 | 1042298 | 1042452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate non-owner occupied | 154 | 867 | 331 | 1352 | 1581076 | 1582428 |
| Residential real estate: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior lien | 1027 | 2100 | 2332 | 5459 | 1082248 | 1087707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Junior lien | 123 |  | 249 | 372 | 81620 | 81992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential real estate | 1150 | 2100 | 2581 | 5831 | 1163868 | 1169699 |
| Consumer | 48 | 9 | 38 | 95 | 12981 | 13076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | $11961 | $15417 | $24912 | $52290 | $7381066 | $7433356 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Non-accrual loans**<br>**with a related**<br>**allowance for**<br>**credit loss** | **Non-accrual loans**<br>**with no related**<br>**allowance for**<br>**credit loss** | <br><br>**Non-accrual**<br>**loans** |
| Commercial: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $13738 | $5869 | $19607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied commercial real estate | 2355 |  | 2355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 16093 | 5869 | 21962 |
| Commercial real estate non-owner occupied: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition/development | 47 | 284 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate non-owner occupied | 47 | 284 | 331 |
| Residential real estate: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior lien | 1715 | 617 | 2332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Junior lien | 249 |  | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential real estate | 1964 | 617 | 2581 |
| Consumer | 38 |  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | $18142 | $6770 | $24912 |

---

Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement remains unpaid after the due date of the scheduled payment. Loans to borrowers experiencing financial difficulties may be modified. Modified loans are discussed in more detail below. There was no interest income recognized from non-accrual loans during the three months ended March 31, 2026 or 2025.

[**Table of Contents**](#TOC)

The Company's internal risk rating system uses a series of grades, which reflect our assessment of the credit quality of loans based on an analysis of the borrower's financial condition, liquidity and ability to meet contractual debt service requirements and are categorized as "Pass," "Special mention," "Substandard" and "Doubtful." For a description of the general characteristics of the risk grades, refer to note 2 Summary of Significant Accounting Policies in our audited consolidated financial statements in our 2025 Annual Report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/0001104659-26-019119-index.htm).

[**Table of Contents**](#TOC)

The amortized cost basis and current period gross charge-offs for all loans as determined by the Company's internal risk rating system and year of origination are shown in the following tables as of and for the three months ended March 31, 2026 and the year ended December 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Origination year** | **Origination year** | **Origination year** | **Origination year** | **Origination year** | **Origination year** | | | |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **Prior** | **Revolving**<br>**loans**<br>**amortized**<br>**cost basis** | **Revolving**<br>**loans**<br>**converted**<br>**to term** | <br>**Total** |
| **Commercial:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and industrial: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | $219264 | $622399 | $503722 | $155286 | $227469 | $250203 | $642724 | $586 | $2621653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special mention |  | 11482 | 4699 | 27919 | 13376 | 4422 | 15621 | (1) | 77518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 805 | 4839 | 14833 | 2953 | 11299 | 20028 | 1292 | 56049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  | 4000 | 750 | 1231 | 454 | 742 |  |  | 7177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial and industrial | 219264 | 638686 | 514010 | 199269 | 244252 | 266666 | 678373 | 1877 | 2762397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gross charge-offs: Commercial and industrial* | *—* | *—* | *—* | *2525* | *62* | *4722* | *—* | *—* | *7309* |
| &nbsp;&nbsp;&nbsp;Municipal and non-profit: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 42299 | 260834 | 108631 | 127848 | 133277 | 581504 | 36631 |  | 1291024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total municipal and non-profit | 42299 | 260834 | 108631 | 127848 | 133277 | 581504 | 36631 |  | 1291024 |
| &nbsp;&nbsp;&nbsp;Owner occupied commercial real estate: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 38905 | 191595 | 179063 | 134088 | 251359 | 400864 | 27593 | 72 | 1223539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special mention |  | 1946 | 6361 | 2546 | 6186 | 23468 |  |  | 40507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  | 650 | 1939 | 6428 | 13632 | 2659 |  | 25308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  |  |  | 250 | 121 | 1713 | 225 |  | 2309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total owner occupied commercial real estate | 38905 | 193541 | 186074 | 138823 | 264094 | 439677 | 30477 | 72 | 1291663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gross charge-offs: Owner occupied commercial real estate* | *—* | *—* | *—* | *—* | *142* | *—* | *—* | *—* | *142* |
| &nbsp;&nbsp;&nbsp;Food and agribusiness: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 290 | 1609 | 14735 | 15561 | 63955 | 25738 | 83663 | 103 | 205654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special mention |  |  | 5631 |  | 9866 | 16 | 298 |  | 15811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  | 10198 |  |  | 10198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total food and agribusiness | 290 | 1609 | 20366 | 15561 | 73821 | 35952 | 83961 | 103 | 231663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 300758 | 1094670 | 829081 | 481501 | 715444 | 1323799 | 829442 | 2052 | 5576747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gross charge-offs: Commercial* | *—* | *—* | *—* | *2525* | *204* | *4722* | *—* | *—* | *7451* |
| **Commercial real estate non-owner occupied:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Construction: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 16188 | 61021 | 87993 | 19426 | 19858 | 22001 | 20606 | 14901 | 261994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 118 |  |  | 5671 | 1345 |  |  | 7134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  | 18 |  |  | 620 | 232 |  |  | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total construction | 16188 | 61157 | 87993 | 19426 | 26149 | 23578 | 20606 | 14901 | 269998 |
| &nbsp;&nbsp;&nbsp;Acquisition/development: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 16095 | 32513 | 68820 | 4076 | 24236 | 13442 | 7504 |  | 166686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special mention |  |  | 1974 | 9872 | 7267 |  |  |  | 19113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  | 2614 |  | 317 |  |  | 2931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  |  | 249 | 564 |  |  |  |  | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total acquisition/development | 16095 | 32513 | 71043 | 17126 | 31503 | 13759 | 7504 |  | 189543 |
| &nbsp;&nbsp;&nbsp;Multifamily: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass |  | 37667 | 1307 | 32753 | 161728 | 74047 |  |  | 307502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special mention |  |  |  |  | 4464 |  |  |  | 4464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  | 8305 |  |  |  | 8305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total multifamily |  | 37667 | 1307 | 32753 | 174497 | 74047 |  |  | 320271 |
| &nbsp;&nbsp;&nbsp;Non-owner occupied: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 188338 | 174305 | 222225 | 192960 | 313470 | 617999 | 30902 | 2480 | 1742679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special mention |  |  | 696 |  | 7255 | 174 |  |  | 8125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  | 2052 | 3949 |  |  | 6001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  | 2352 | 553 |  |  | 2905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-owner occupied | 188338 | 174305 | 222921 | 192960 | 325129 | 622675 | 30902 | 2480 | 1759710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate non-owner occupied | 220621 | 305642 | 383264 | 262265 | 557278 | 734059 | 59012 | 17381 | 2539522 |
| **Residential real estate:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Senior lien: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 62252 | 236047 | 115800 | 63624 | 373787 | 502382 | 32072 | 261 | 1386225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special mention |  |  |  |  |  | 537 |  |  | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard | 59 |  | 2113 | 734 | 1699 | 2117 |  |  | 6722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  |  | 254 |  | 106 |  |  |  | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total senior lien | 62311 | 236047 | 118167 | 64358 | 375592 | 505036 | 32072 | 261 | 1393844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gross charge-offs: Senior lien* | *—* | *—* | *—* | *—* | *—* | *52* | *—* | *—* | *52* |
| &nbsp;&nbsp;&nbsp;Junior lien: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 5314 | 2472 | 1729 | 2932 | 3724 | 5931 | 62961 | 1212 | 86275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special mention |  |  |  |  |  | 27 |  |  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  | 86 | 179 | 162 |  | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total junior lien | 5314 | 2472 | 1729 | 2932 | 3810 | 6137 | 63123 | 1212 | 86729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential real estate | 67625 | 238519 | 119896 | 67290 | 379402 | 511173 | 95195 | 1473 | 1480573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gross charge-offs: Residential real estate* | *—* | *—* | *—* | *—* | *—* | *52* | *—* | *—* | *52* |
| **Consumer:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 2012 | 3191 | 1658 | 1043 | 512 | 463 | 5726 | 21 | 14626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 9 | 9 |  |  |  |  |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 2012 | 3200 | 1667 | 1043 | 512 | 463 | 5726 | 21 | 14644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gross charge-offs: Consumer* | *196* | *—* | *—* | *12* | *—* | *46* | *—* | *—* | *254* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans** | $591016 | $1642031 | $1333908 | $812099 | $1652636 | $2569494 | $989375 | $20927 | $9611486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Gross charge-offs: Total loans*** | **$*196*** | **$*—*** | **$*—*** | **$*2537*** | **$*204*** | **$*4820*** | **$*—*** | **$*—*** | **$*7757*** |

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[**Table of Contents**](#TOC)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Origination year** | **Origination year** | **Origination year** | **Origination year** | **Origination year** | **Origination year** | | | |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Revolving**<br>**loans**<br>**amortized**<br>**cost basis** | **Revolving**<br>**loans**<br>**converted**<br>**to term** | <br>**Total** |
| **Commercial:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and industrial: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | $448020 | $367280 | $116168 | $228648 | $149829 | $105169 | $427465 | $36042 | $1878621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special mention | 12367 | 794 | 33712 | 7835 | 1311 | 3338 | 15938 | 2376 | 77671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard | 1 | 8765 | 17661 | 3084 | 19043 | 3108 | 21665 | 682 | 74009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful | 4000 | 291 | 2079 | 387 |  | 646 |  |  | 7403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial and industrial | 464388 | 377130 | 169620 | 239954 | 170183 | 112261 | 465068 | 39100 | 2037704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gross charge-offs: Commercial and industrial* | *933* | *3042* | *14062* | *366* | *2504* | *1094* | *—* | *—* | *22001* |
| &nbsp;&nbsp;&nbsp;Municipal and non-profit: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 268314 | 114545 | 128619 | 133664 | 208117 | 385561 | 34941 |  | 1273761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total municipal and non-profit | 268314 | 114545 | 128619 | 133664 | 208117 | 385561 | 34941 |  | 1273761 |
| &nbsp;&nbsp;&nbsp;Owner occupied commercial real estate: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 140118 | 213072 | 113393 | 192107 | 124070 | 242553 | 15572 | 1117 | 1042002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special mention |  | 2955 | 1664 | 7387 | 6906 | 22164 | 850 |  | 41926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 12227 | 9509 | 8135 | 8874 | 5290 |  |  | 44035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  |  |  | 239 |  | 416 |  |  | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total owner occupied commercial real estate | 140118 | 228254 | 124566 | 207868 | 139850 | 270423 | 16422 | 1117 | 1128618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gross charge-offs: Owner occupied commercial real estate* | *—* | *—* | *2266* | *1480* | *—* | *303* | *—* | *—* | *4049* |
| &nbsp;&nbsp;&nbsp;Food and agribusiness: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 630 | 13377 | 8500 | 61432 | 6063 | 18866 | 101022 | 4072 | 213962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special mention |  |  |  | 3659 |  | 4407 |  |  | 8066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  | 83 | 867 | 5092 |  |  | 6042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total food and agribusiness | 630 | 13377 | 8500 | 65174 | 6930 | 28365 | 101022 | 4072 | 228070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gross charge-offs: Food and agribusiness* | *—* | *—* | *24* | *—* | *—* | *—* | *—* | *—* | *24* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 873450 | 733306 | 431305 | 646660 | 525080 | 796610 | 617453 | 44289 | 4668153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gross charge-offs: Commercial* | *933* | *3042* | *16352* | *1846* | *2504* | *1397* | *—* | *—* | *26074* |
| **Commercial real estate non-owner occupied:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Construction: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 18338 | 85198 | 8900 | 42629 |  | 880 | 33047 |  | 188992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total construction | 18338 | 85198 | 8900 | 42629 |  | 880 | 33047 |  | 188992 |
| &nbsp;&nbsp;&nbsp;Acquisition/development: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 4483 | 16627 | 435 | 20076 | 1923 | 8072 | 540 |  | 52156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  | 331 |  |  | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total acquisition/development | 4483 | 16627 | 435 | 20076 | 1923 | 8403 | 540 |  | 52487 |
| &nbsp;&nbsp;&nbsp;Multifamily: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 11500 | 1320 | 37107 | 146730 | 23501 | 65554 |  |  | 285712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special mention |  |  |  | 4482 |  |  |  |  | 4482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  | 8303 |  |  |  |  | 8303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total multifamily | 11500 | 1320 | 37107 | 159515 | 23501 | 65554 |  |  | 298497 |
| &nbsp;&nbsp;&nbsp;Non-owner occupied: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 61931 | 48296 | 140934 | 238047 | 154937 | 340290 | 22351 |  | 1006786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special mention | 4700 |  |  |  |  | 179 |  |  | 4879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  | 3000 |  | 27787 |  |  | 30787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-owner occupied | 66631 | 48296 | 140934 | 241047 | 154937 | 368256 | 22351 |  | 1042452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gross charge-offs: Non-owner occupied* | *—* | *—* | *—* | *—* | *1467* | *—* | *—* | *—* | *1467* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate non-owner occupied | 100952 | 151441 | 187376 | 463267 | 180361 | 443093 | 55938 |  | 1582428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gross charge-offs: Commercial real estate non-owner occupied* | *—* | *—* | *—* | *—* | *1467* | *—* | *—* | *—* | *1467* |
| **Residential real estate:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Senior lien: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 118410 | 55172 | 46936 | 364528 | 250897 | 225011 | 21622 | 4 | 1082580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special mention |  |  |  |  |  | 11 |  |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 5 | 737 | 1996 | 442 | 1896 |  |  | 5076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  |  |  | 40 |  |  |  |  | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total senior lien | 118410 | 55177 | 47673 | 366564 | 251339 | 226918 | 21622 | 4 | 1087707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gross charge-offs: Senior lien* | *—* | *26* | *—* | *145* | *1* | *1* | *—* | *—* | *173* |
| &nbsp;&nbsp;&nbsp;Junior lien: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 2778 | 5871 | 3110 | 3837 | 876 | 5264 | 59651 | 68 | 81455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special mention |  |  |  |  |  | 27 |  |  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  | 87 |  | 259 | 164 |  | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total junior lien | 2778 | 5871 | 3110 | 3924 | 876 | 5550 | 59815 | 68 | 81992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential real estate | 121188 | 61048 | 50783 | 370488 | 252215 | 232468 | 81437 | 72 | 1169699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gross charge-offs: Residential real estate* | *—* | *26* | *—* | *145* | *1* | *1* | *—* | *—* | *173* |
| **Consumer:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass | 4157 | 1812 | 1007 | 553 | 347 | 312 | 4794 | 37 | 13019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substandard | 10 | 9 |  |  |  | 38 |  |  | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 4167 | 1821 | 1007 | 553 | 347 | 350 | 4794 | 37 | 13076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Gross charge-offs: Consumer* | *715* | *11* | *1* | *—* | *—* | *20* | *—* | *—* | *747* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans** | $1099757 | $947616 | $670471 | $1480968 | $958003 | $1472521 | $759622 | $44398 | $7433356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Gross charge-offs: Total loans*** | **$*1648*** | **$*3079*** | **$*16353*** | **$*1991*** | **$*3972*** | **$*1418*** | **$*—*** | **$*—*** | **$*28461*** |

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[**Table of Contents**](#TOC)

*Loans evaluated individually*

We evaluate loans individually when they no longer share risk characteristics with pooled loans. These loans include loans on non-accrual status, loans in bankruptcy, and modified loans as described below. If a specific allowance is warranted based on the borrower's overall financial condition, the specific allowance is calculated based on discounted expected cash flows using the loan's initial contractual effective interest rate or the fair value of the collateral less selling costs for collateral-dependent loans.

A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. Management individually evaluates collateral-dependent loans with an amortized cost basis of $250 thousand or more and includes collateral-dependent loans less than $250 thousand within the general allowance population. The amortized cost basis of collateral-dependent loans over $250 thousand was as follows at March 31, 2026 and December 31, 2025:

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| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | <br>**Real property** | <br>**Business assets** | **Total amortized**<br>**cost basis** |
| Commercial: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $10447 | $15737 | $26184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied commercial real estate | 4843 | 1086 | 5929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 15290 | 16823 | 32113 |
| Commercial real estate non-owner occupied: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition/development | 5401 |  | 5401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 6907 | 978 | 7885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate non-owner occupied | 12308 | 978 | 13286 |
| Residential real estate: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior lien | 3748 |  | 3748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential real estate | 3748 |  | 3748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | $31346 | $17801 | $49147 |

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| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | <br>**Real property** | <br>**Business assets** | **Total amortized**<br>**cost basis** |
| Commercial: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $3095 | $18453 | $21548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied commercial real estate | 4563 | 1052 | 5615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 7658 | 19505 | 27163 |
| Residential real estate: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior lien | 1030 |  | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential real estate | 1030 |  | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | $8688 | $19505 | $28193 |

---

*Loan modifications*

The Company's policy is to review each prospective credit to determine the appropriateness and the adequacy of security or collateral prior to making a loan. In the event of borrower default, the Company seeks recovery in compliance with lending laws, the respective loan agreements, and credit monitoring and remediation procedures that may include modifying a loan to provide a concession by the Company to the borrower from their original terms due to borrower financial difficulties in order to facilitate repayment. The Company considers loans to borrowers experiencing financial difficulties, where such a concession is utilized, to be modified loans. Modified loans may include principal forgiveness, interest rate reductions, other-than-insignificant-payment delays, term extensions or any combination thereof.

[**Table of Contents**](#TOC)

The following schedules present, by loan class, the amortized cost basis for loans to borrowers experiencing financial difficulty that remain outstanding and were modified during the periods presented:

---

| | | |
|:---|:---|:---|
|  | **As of and for the three months ended March 31, 2026** | **As of and for the three months ended March 31, 2026** |
|  | **Term Extension** | **Term Extension** |
|  | **Amortized**<br>**cost basis** | **% of loan**<br>**class** |
| Residential real estate: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior lien | 59 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | $59 | 0.0% |

---

---

| | | |
|:---|:---|:---|
|  | **As of and for the three months ended March 31, 2025** | **As of and for the three months ended March 31, 2025** |
|  | **Payment Delay** | **Payment Delay** |
|  | **Amortized**<br>**cost basis** | **% of loan**<br>**class** |
| Commercial: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $3526 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied commercial real estate | 2195 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 5721 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | $5721 | 0.1% |

---

The following schedules present, by loan class, the payment status of loans that have been modified in the last twelve months as of the dates presented on an amortized cost basis:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Current** | **30-89 days past due** | **90+ days past due** | **Non-accrual** |
| Commercial: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $5576 | $1934 | $382 | $4436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 5576 | 1934 | 382 | 4436 |
| Commercial real estate non-owner occupied: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition/development |  |  |  | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 31239 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate non-owner occupied | 31239 |  |  | 271 |
| Residential real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior lien | 59 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential real estate | 59 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | $36874 | $1934 | $382 | $4707 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  | **Current** | **30-89 days past due** | **90+ days past due** | **Non-accrual** |
| Commercial: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $5014 | $7454 | $— | $1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied commercial real estate | 2195 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 7209 | 7454 |  | 1602 |
| Commercial real estate non-owner occupied: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 158 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate non-owner occupied | 158 |  |  |  |
| Residential real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior lien | 20 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Junior lien |  |  |  | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential real estate | 20 |  |  | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | $7387 | $7454 | $— | $1644 |

---

Accrual of interest is resumed on loans that were previously on non-accrual only after the loan has performed sufficiently for a period of time. During the three months ended March 31, 2026, the Company had six modified loans with an amortized cost totaling $3.6 million that were modified within the past 12 months, primarily utilizing payment delays with one loan utilizing a term extension, that defaulted on their modified terms. During the three months ended March 31, 2025, the Company had one modified loan with an amortized cost totaling $1.6 million that was modified within the past 12 months, utilizing a payment delay, that defaulted on its modified terms. For purposes of this disclosure, the Company considers "default" to mean 90 days or more past due on principal or

[**Table of Contents**](#TOC)

interest. The allowance for credit losses related to modified loans on non-accrual status is determined by individual evaluation, including collateral adequacy, using the same process as loans on non-accrual status which are not classified as modified loans.

The following schedules present the financial effect of the modifications made to borrowers experiencing financial difficulty as of and for the periods indicated:

---

| | |
|:---|:---|
|  | **As of and for the three months ended March 31, 2026** |
|  | **Financial Effect** |
|  | **Term Extension** |
| Residential real estate: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior lien | Extended a weighted average of 10.9 years to the life of loans |

---

---

| | |
|:---|:---|
|  | **As of and for the three months ended March 31, 2025** |
|  | **Financial Effect** |
|  | **Payment Delay** |
| Commercial: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | Delayed payments for a weighted average of 0.4 years |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied commercial real estate | Delayed payments for a weighted average of 0.3 years |

---

**Note 7 Allowance for Credit Losses**

The tables below detail the Company's allowance for credit losses as of the dates shown:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** |
|  | <br>**Commercial** | **Non-owner**<br>**occupied**<br>**commercial**<br>**real estate** | <br>**Residential**<br>**real estate** | <br>**Consumer** | <br>**Total** |
| Beginning balance | $47482 | $23076 | $16597 | $260 | $87415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit loss at acquisition | 10172 | 15065 | 4208 | 17 | 29462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charge-offs | (7451) |  | (52) | (254) | (7757) |
| &nbsp;&nbsp;&nbsp;&nbsp;Recoveries | 13 |  | 2 | 42 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision expense (release) for credit losses on loans | 5153 | (111) | (963) | 221 | 4300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending balance | $55369 | $38030 | $19792 | $286 | $113477 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** |
|  | <br>**Commercial** | **Non-owner**<br>**occupied**<br>**commercial**<br>**real estate** | <br>**Residential**<br>**real estate** | <br>**Consumer** | <br>**Total** |
| Beginning balance | $48552 | $26136 | $19426 | $341 | $94455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charge-offs | (13569) | (1467) |  | (215) | (15251) |
| &nbsp;&nbsp;&nbsp;&nbsp;Recoveries | 56 | 17 | 28 | 37 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision expense (release) for credit losses on loans | 13019 | (1192) | (1147) | 170 | 10850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending balance | $48058 | $23494 | $18307 | $333 | $90192 |

---

In evaluating the loan portfolio for an appropriate ACL level, excluding loans evaluated individually, loans were grouped into segments based on broad characteristics such as primary use and underlying collateral. Within the segments, the portfolio was further disaggregated into classes of loans with similar attributes and risk characteristics for purposes of developing the underlying data used within the discounted cash flow model including, but not limited to, prepayment and recovery rates as well as loss rates tied to macro-economic conditions within management's reasonable and supportable forecast. The ACL also includes subjective adjustments based upon qualitative risk factors including asset quality, loss trends, lending management, portfolio growth and loan review/internal audit results.

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At March 31, 2026 and December 31, 2025, the allowance for credit losses totaled $113.5 million and $87.4 million, respectively. As a result of the Vista acquisition, we recorded $29.5 million of allowance for credit losses for the loans acquired. The remaining increase during the three months ended March 31, 2026, excluding net charge-offs, was driven by loan growth. During the three months ended March 31, 2026, the Company recorded provision expense for credit losses totaling $4.0 million, including $4.3 million provision expense for funded loans and $0.3 million of provision release for unfunded loan commitments. During the three months ended March 31, 2025, the Company recorded provision expense for credit losses totaling $10.2 million, which included $10.9 million of provision expense for funded loans and $0.7 million of provision release for unfunded loan commitments. Net charge-offs on loans during the three months ended March 31, 2026 and 2025 totaled $7.7 million and $15.1 million, respectively.

The Company has elected to exclude AIR from the allowance for credit losses calculation. As of March 31, 2026 and December 31, 2025, AIR from loans totaled $51.9 million and $38.3 million, respectively.

**Note 8 Goodwill and Intangible Assets**

***Goodwill and other intangible assets***

In connection with our acquisitions, the Company's goodwill was $454.7 million as of March 31, 2026. The Vista acquisition added $148.6 million of goodwill as of March 31, 2026. Goodwill is measured as the excess of the fair value of consideration paid over the fair value of net assets acquired. No goodwill impairment was recorded during the three months ended March 31, 2026 or the year ended December 31, 2025.

The gross carrying amounts of other intangible assets and the associated accumulated amortization at March 31, 2026 and December 31, 2025, are presented as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Gross**<br>**carrying**<br>**amount** | <br>**Accumulated**<br>**amortization** | **Net**<br>**carrying**<br>**amount** | **Gross**<br>**carrying**<br>**amount** | <br>**Accumulated**<br>**amortization** | **Net**<br>**carrying**<br>**amount** |
| Core deposit intangible | $112113 | $(62584) | $49529 | $91566 | $(60739) | $30827 |
| Customer relationship intangible | 17000 | (6539) | 10461 | 17000 | (6059) | 10941 |
| Acquired technology intangible | 2300 | (1265) | 1035 | 2300 | (1150) | 1150 |
| Trade name intangible | 1000 | (25) | 975 |  |  |  |
| &nbsp;&nbsp;Total | $132413 | $(70413) | $62000 | $110866 | $(67948) | $42918 |

---

The Vista acquisition added a core deposit intangible totaling $20.5 million and a trade name intangible totaling $1.0 million as of March 31, 2026.

The Company is amortizing intangibles from acquisitions over a weighted average period of 9.9 years from the date of the respective acquisitions. The core deposit, customer relationship and trade name intangibles are being amortized over a weighted average period of 10 years, the acquired technology intangible is being amortized over a weighted average period of five years. The Company recognized other intangible assets amortization expense of $2.5 million and $2.0 million during the three months ended March 31, 2026 and 2025, respectively.

The following table shows the estimated future amortization expense during the next five years for other intangible assets as of the periods presented:

---

| | |
|:---|:---|
| **Years ending December 31,** | **Amount** |
| For the nine months ending December 31, 2026 | $7317 |
| 2027 | 9697 |
| 2028 | 8297 |
| 2029 | 7945 |
| 2030 | 7823 |

---

[**Table of Contents**](#TOC)

***Servicing Rights***

*Mortgage* s*ervicing rights*

MSRs represent rights to service loans originated by the Company and sold to GSEs including FHLMC, FNMA, GNMA and FHLB and are included in other assets in the consolidated statements of financial condition. Mortgage loans serviced for others were $0.3 billion and $0.3 billion at March 31, 2026 and 2025, respectively.

Below are the changes in the MSRs for the periods presented:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,**  | **For the three months ended March 31,**  |
|  | **2026** | **2025** |
| Beginning balance | $2841 | $4835 |
| Originations | 92 | 62 |
| Sales |  | (1811) |
| Amortization | (104) | (132) |
| &nbsp;&nbsp;Ending balance | 2829 | 2954 |
| Fair value of mortgage servicing rights | $4386 | $4457 |

---

During the three months ended March 31, 2025, the Company sold rights to service loans totaling $203.7 million in unpaid principal balances from our mortgage servicing rights portfolio. As a result of the sale, the book value of our mortgage servicing rights intangible decreased $1.8 million and generated a pre-tax gain of $0.6 million included in mortgage banking income in the consolidated statements of operations.

The fair value of MSRs was determined based upon a discounted cash flow analysis. The cash flow analysis included assumptions for discount rates and prepayment speeds. The discount rate ranged from 9.5% to 10.0% and the constant prepayment speed ranged from 6.4% to 11.0% for the March 31, 2026 valuation. The discount rate ranged from 10.0% to 10.5%, and the constant prepayment speed ranged from 6.3% to 12.4% for the March 31, 2025 valuation. Included in mortgage banking income in the consolidated statements of operations was servicing income of $0.2 million and $0.9 million for the three months ended March 31, 2026 and 2025, respectively.

MSRs are evaluated and impairment is recognized to the extent fair value is less than the carrying amount. The Company evaluates impairment by stratifying MSRs based on the predominant risk characteristics of the underlying loans, including loan type and loan term. There was no impairment of MSRs during the three months ended March 31, 2026 or 2025. The Company is amortizing the MSRs in proportion to and over the period of the estimated net servicing income of the underlying loans.

The following table shows the estimated future amortization expense during the next five years for the MSRs as of the periods presented:

---

| | |
|:---|:---|
| **Years ending December 31,** | **Amount** |
| For the nine months ending December 31, 2026 | $251 |
| 2027 | 305 |
| 2028 | 269 |
| 2029 | 237 |
| 2030 | 209 |

---

*SBA servicing asset*

The SBA servicing asset represents the value associated with servicing small business real estate loans that have been sold to outside investors with servicing retained. The SBA servicing asset is evaluated and impairment is recognized to the extent fair value is less than the carrying amount. The Company evaluates impairment by stratifying the SBA servicing asset based on the predominant risk characteristics of the underlying loans, including loan type and loan term. The Company is amortizing the SBA servicing asset in proportion to and over the period of the estimated net servicing income of the underlying loans. The Company serviced $127.6 million and $125.5 million of SBA loans that have been sold into the secondary market as of March 31, 2026 and December 31, 2025, respectively. The Company recognized SBA servicing asset fee income totaling $0.2 million for both the three months ended March 31, 2026 and 2025.

[**Table of Contents**](#TOC)

Below are the changes in the SBA servicing asset for the periods presented:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,**  | **For the three months ended March 31,**  |
|  | **2026** | **2025** |
| Beginning balance | $2578 | $2862 |
| Originations | 90 | 42 |
| Disposals | (59) | (68) |
| Recovery | 4 | 90 |
| Amortization | (67) | (149) |
| &nbsp;&nbsp;Ending balance | 2546 | 2777 |
| Fair value of SBA servicing asset | $2546 | $2777 |

---

The Company uses assumptions and estimates in determining the fair value of SBA loan servicing rights. These assumptions include prepayment speeds, discount rates, and other assumptions. The assumptions used in the valuation were based on input from buyers, brokers and other qualified personnel, as well as market knowledge. For the three months ended March 31, 2026 and 2025, the key assumptions used to determine the fair value of the Company's SBA servicing asset included weighted average lifetime constant prepayment rates equal to 16.0% and 15.7%, respectively, and weighted average discount rates equal to 10.4% and 9.3%, respectively.

The following table shows the estimated future amortization expense during the next five years for the SBA servicing asset as of the periods presented:

---

| | |
|:---|:---|
| **Years ending December 31,** | **Amount** |
| For the nine months ending December 31, 2026 | $229 |
| 2027 | 278 |
| 2028 | 245 |
| 2029 | 215 |
| 2030 | 190 |

---

**Note 9 Borrowings**

Borrowings consist of securities sold under agreements to repurchase, FHLB advances and long-term debt.

*Securities sold under agreements to repurchase*

The Company enters into repurchase agreements to facilitate the needs of its clients. As of March 31, 2026 and December 31, 2025, the Company sold securities under agreements to repurchase totaling $17.0 million and $17.4 million, respectively. The Company pledged mortgage-backed securities with a fair value of approximately $26.7 million and $28.5 million as of March 31, 2026 and December 31, 2025, respectively, for these agreements. The Company monitors collateral levels on a continuous basis and may be required to provide additional collateral based on the fair value of the underlying securities. As of March 31, 2026 and December 31, 2025, the Company had $9.7 million and $11.1 million, respectively, of excess collateral pledged for repurchase agreements.

*Federal Home Loan Bank advances*

As a member of the FHLB, the Banks have access to a line of credit and term financing from the FHLB with total available credit of $2.0 billion at March 31, 2026. The Company may utilize the FHLB line of credit as a funding mechanism for originated loans and loans held for sale. At March 31, 2026 and December 31, 2025, NBH Bank had no outstanding borrowings from the FHLB. The Banks may pledge investment securities and loans as collateral for FHLB advances. There were no investment securities pledged for FHLB advances at March 31, 2026 or December 31, 2025. Loans pledged were $3.6 billion and $2.4 billion at March 31, 2026 and December 31, 2025, respectively. The Company incurred $0.1 million and $1.1 million of interest expense related to FHLB advances and other short-term borrowings for the three months ended March 31, 2026 and 2025, respectively.

In connection with the acquisition, the Company paid off Vista's FHLB term loan during the three months ended March 31, 2026, which incurred a prepayment penalty totaling $0.1 million, included in interest on borrowings in the consolidated statements of operations.

[**Table of Contents**](#TOC)

*Long-term debt*

During February 2026, the Company closed a public offering of fixed-to-floating rate subordinated notes totaling $150.0 million. The balance on the notes at March 31, 2026, net of long-term debt issuance costs of $2.7 million, totaled $147.3 million. During the three months ended March 31, 2026, interest expense totaling $1.2 million was recorded in the consolidated statements of operations. From the issue date to February 15, 2031, or the date of earlier redemption, the Company will pay interest on the notes semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2026, at a fixed annual interest rate equal to 5.875%. From February 15, 2031 to the maturity date, or the date of earlier redemption, the floating interest rate per annum will be equal to the three-month term SOFR plus a spread of 241 basis points, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on May 15, 2031. The notes will mature on February 15, 2036. The Company may, at its option, redeem the notes in whole or in part beginning with the interest payment date of February 15, 2031 and on any interest payment date thereafter. The Company deployed the net proceeds from the sale of the notes for general corporate purposes.

The Company also holds a fixed-to-floating rate note totaling $40.0 million. The balance on the note at March 31, 2026 and December 31, 2025, net of long-term debt issuance costs totaling $0.1 million, totaled $40.0 million. During the three months ended March 31, 2026 and 2025, interest expense totaling $0.3 million was recorded in the consolidated statements of operations. The note is subordinated, unsecured and matures on November 15, 2031. Payments consist of interest only. Interest expense on the note is payable semi-annually in arrears and will bear interest at 3.00% per annum until November 15, 2026 (or any earlier redemption date). From November 15, 2026 until November 15, 2031 (or any earlier redemption date) payments will be made quarterly in arrears, and the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month term SOFR plus 203 basis points. The Company deployed the net proceeds from the sale of the note for general corporate purposes. Prior to November 5, 2026, the Company may redeem the note only under certain limited circumstances. Beginning on November 5, 2026 through maturity, the note may be redeemed, at the Company's option, on any scheduled interest payment date. Any redemption by the Company would be at a redemption price equal to 100% of the principal amount of the note being redeemed, together with any accrued and unpaid interest on the note being redeemed up to but excluding the date of redemption. The note is not subject to redemption at the option of the holder.

As part of the acquisition of BOJH on October 1, 2022, the Company assumed three subordinated fixed-to-floating rate notes totaling $15.0 million. The balance on the notes at March 31, 2026 and December 31, 2025, net of the fair value adjustment from the acquisition, totaled $15.0 million. Interest expense related to the notes totaling $0.1 million was recorded in the consolidated statements of operations during the three months ended March 31, 2026 and 2025. The three notes, containing similar terms, are subordinated, unsecured and mature on June 15, 2031. Payments consist of interest only. Interest expense on the notes is payable semi-annually in arrears and will bear interest at 3.75% per annum until June 15, 2026 (or any earlier redemption date). From June 15, 2026 until June 15, 2031 (or any earlier redemption date) payments will be made quarterly in arrears, and the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month term SOFR plus 306 basis points. Prior to June 15, 2026, the Company may redeem the notes only under certain limited circumstances. Beginning on June 15, 2026 through maturity, the notes may be redeemed, at the Company's option, on any scheduled interest payment date. Any redemption by the Company would be at a redemption price equal to 100% of the principal amount of the notes being redeemed, together with any accrued and unpaid interest on the notes being redeemed up to but excluding the date of redemption. The notes are not subject to redemption at the option of the holder.

**Note 10 Regulatory Capital**

As a bank holding company that has elected to be treated as a financial holding company, the Company, NBH Bank and BOJHT are subject to regulatory capital adequacy requirements implemented by the Federal Reserve, in addition to those implemented by the FDIC for NBH Bank and BOJHT, including maintaining capital positions at the "well-capitalized" level. The federal banking agencies have risk-based capital adequacy regulations intended to provide a measure of capital adequacy that reflects the degree of risk associated with a banking organization's operations. Under these regulations, assets are assigned to one of several risk categories, and nominal dollar amounts of assets and credit equivalent amounts of off-balance-sheet items are multiplied by a risk-adjustment percentage for the category. Regulatory authorities can initiate certain mandatory actions if the Company, NBH Bank or BOJHT fail to meet the minimum capital requirements, which could have a material effect on our financial statements and business generally.

[**Table of Contents**](#TOC)

Under the Basel III requirements, at March 31, 2026 and December 31, 2025, the Company and the Banks met all capital requirements, including the capital conservation buffer of 2.5%. The Company and the Banks had regulatory capital ratios in excess of the levels established for well-capitalized institutions, as detailed in the tables below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  |  | **Required to be** | **Required to be** | **Required to be** | **Required to be** |
|  |  |  | **well capitalized under** | **well capitalized under** | **considered** | **considered** |
|  |  |  | **prompt corrective** | **prompt corrective** | **adequately** | **adequately** |
|  | **Actual** | **Actual** | **action provisions** | **action provisions** | **capitalized**<sup>(1)</sup> | **capitalized**<sup>(1)</sup> |
|  | **Ratio** | **Amount** | **Ratio** | **Amount** | **Ratio** | **Amount** |
| Tier 1 leverage ratio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | 10.4% | $1222565 | N/A | N/A | 4.0% | $468102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBH Bank | 10.2% | 1186624 | 5.0% | $583205 | 4.0% | 466564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Jackson Hole Trust | 34.6% | 13291 | 5.0% | 1922 | 4.0% | 1538 |
| Common equity tier 1 risk based capital: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | 12.5% | $1222565 | N/A | N/A | 7.0% | $684036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBH Bank | 12.2% | 1186624 | 6.5% | $632032 | 7.0% | 680650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Jackson Hole Trust | 129.7% | 13291 | 6.5% | 666 | 7.0% | 718 |
| Tier 1 risk based capital ratio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | 12.5% | $1222565 | N/A | N/A | 8.5% | $830615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBH Bank | 12.2% | 1186624 | 8.0% | $777886 | 8.5% | 826504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Jackson Hole Trust | 129.7% | 13291 | 8.0% | 820 | 8.5% | 871 |
| Total risk based capital ratio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | 15.8% | $1542004 | N/A | N/A | 10.5% | $1026054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBH Bank | 13.4% | 1301078 | 10.0% | $972357 | 10.5% | 1020975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Jackson Hole Trust | 129.9% | 13320 | 10.0% | 1025 | 10.5% | 1076 |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp; Includes the capital conservation buffer of 2.5%.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  |  | **Required to be** | **Required to be** | **Required to be** | **Required to be** |
|  |  |  | **well capitalized under** | **well capitalized under** | **considered** | **considered** |
|  |  |  | **prompt corrective** | **prompt corrective** | **adequately** | **adequately** |
|  | **Actual** | **Actual** | **action provisions** | **action provisions** | **capitalized**<sup>(1)</sup> | **capitalized**<sup>(1)</sup> |
|  | **Ratio** | **Amount** | **Ratio** | **Amount** | **Ratio** | **Amount** |
| Tier 1 leverage ratio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | 11.6% | $1101481 | N/A | N/A | 4.0% | $381030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBH Bank | 10.2% | 963497 | 5.0% | $474353 | 4.0% | 379483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Jackson Hole Trust | 34.2% | 13219 | 5.0% | 1934 | 4.0% | 1548 |
| Common equity tier 1 risk based capital: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | 14.9% | $1101481 | N/A | N/A | 7.0% | $517822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBH Bank | 13.1% | 963497 | 6.5% | $477845 | 7.0% | 514602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Jackson Hole Trust | 79.3% | 13219 | 6.5% | 1083 | 7.0% | 1167 |
| Tier 1 risk based capital ratio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | 14.9% | $1101481 | N/A | N/A | 8.5% | $628784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBH Bank | 13.1% | 963497 | 8.0% | $588117 | 8.5% | 624874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Jackson Hole Trust | 79.3% | 13219 | 8.0% | 1333 | 8.5% | 1417 |
| Total risk based capital ratio: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | 16.8% | $1244572 | N/A | N/A | 10.5% | $776733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBH Bank | 14.3% | 1051838 | 10.0% | $735146 | 10.5% | 771904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Jackson Hole Trust | 79.5% | 13250 | 10.0% | 1667 | 10.5% | 1750 |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp; Includes the capital conservation buffer of 2.5%.

**Note 11 Revenue from Contracts with Clients**

Revenue is recognized when obligations under the terms of a contract with clients are satisfied. Below is the detail of the Company's revenue from contracts with clients, including service charges and other deposit account related fees, bank card fees and other non-interest income. Other non-interest income includes trust and wealth management fees and Cambr fee income.

[**Table of Contents**](#TOC)

*Service charges and other account-related fees*

Service charge fees are primarily comprised of monthly service fees, check orders and other deposit account related fees. Other fees include revenue from processing wire transfers, bill pay service, cashier's checks and other services. The Company's performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Check orders and other deposit account-related fees are largely transactional based, and therefore, the Company's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to clients' accounts.

*Bank card fees*

Bank card fees are primarily comprised of debit card income, ATM fees, merchant services income and other fees. Debit card income is primarily comprised of interchange fees earned whenever the Company's debit cards are processed through card payment networks such as Visa. ATM fees are primarily generated when a Bank cardholder uses a non-Bank ATM or a non-Bank cardholder uses a Bank ATM. Merchant services income mainly represents fees charged to merchants to process their debit card transactions. The Company's performance obligation for bank card fees is largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month.

*Other non-interest income*

Trust and wealth management fees

The trust and wealth management business offers separately managed investment account solutions and trustee services to clients. Services may include custody of assets, trustee services, wealth management and directed trusts. The Company charges an asset-based fee earned for personal and corporate accounts. Additional fees may include minimum annual fees, fees for additional tax reporting and preparation for irrevocable trust returns or annual flat fees for certain trusts. The performance obligations related to this revenue include items such as performing investment advisory services, custody and record-keeping services, and fund administrative and accounting services. The performance obligations are satisfied upon completion of service and fees are generally a fixed flat rate or based on a percentage of the account's market value per the contract with the client. These fees are recorded within other non-interest income in the consolidated statements of operations.

Cambr fee income

Cambr operates a deposit acquisition and processing platform that generates core deposits from accounts offered through third-party embedded finance companies. Cambr's platform facilitates the movement of embedded finance companies' client deposits into FDIC-insured accounts at banks within Cambr's network. Cambr generates fee income by charging a percentage-based fee of the deposit balance placed into the Cambr network. The performance obligation is satisfied upon completion of service, and Cambr fee income is recorded within other non-interest income in the consolidated statements of operations.

*Other non-interest expense* 

Included within other non-interest expense are gains and losses from OREO sales, which are recognized when the Company meets its performance obligation to transfer title to the buyer. The gain or loss is measured as the excess of the proceeds received compared to the OREO carrying value. Sales proceeds are received in cash at the time of transfer.

[**Table of Contents**](#TOC)

The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, and non-interest expense in-scope of Topic 606 for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,**  | **For the three months ended March 31,**  |
|  | **2026** | **2025** |
| Non-interest income |  |  |
| &nbsp;&nbsp;*In-scope of Topic 606:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges and other account-related fees | $5232 | $5232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank card fees | 4334 | 4194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-interest income | 1791 | 1396 |
| &nbsp;&nbsp;Non-interest income (in-scope of Topic 606) | 11357 | 10822 |
| &nbsp;&nbsp;Non-interest income (out-of-scope of Topic 606) | 6622 | 4554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | $17979 | $15376 |
| Non-interest expense |  |  |
| &nbsp;&nbsp;*In-scope of Topic 606:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-interest expense<sup>(1)</sup> | $(12) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue in-scope of Topic 606 | $11345 | $10822 |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp; Other non-interest expense includes net gains (losses) from sales of OREO.

*Contract acquisition costs*

The Company utilizes the practical expedient which allows entities to expense immediately contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less. The Company has not capitalized any contract acquisition costs.

**Note 12 Stock-based Compensation and Benefits**

The Company provides stock-based compensation primarily in accordance with shareholder-approved plans.

To date, the Company has issued stock options, restricted stock and PSUs. If awarded, the Compensation Committee sets the option exercise price at the time of grant, but in no case is the exercise price less than the fair market value of a share of Company common stock at the date of grant.

In connection with the acquisition of Vista, the Company assumed the Vista Equity Plan and adopted the Inducement Plan. During the quarter, the Company registered 95,396 shares under the Vista Equity Plan, which may be issuable upon the vesting or settlement of a portion of a restricted stock award granted under the Vista Equity Plan. These replacement awards consist of non-vested restricted shares of common stock that will vest based on continued service, and had a weighted-average grant-date fair value of $39.33 per share.

During the quarter, the Company issued 36,265 shares of common stock under the Inducement Plan, consisting of 22,398 non-vested restricted shares that vest based on continued service and 13,867 PSUs. The inducement awards had a weighted-average grant-date fair value of $39.59 per share. The PSUs vest based on performance conditions generally consistent with the Company's other PSU awards, with one-half of the award based on the achievement of cumulative adjusted EPS targets and one-half based on relative ROTA subject to an adjustment factor ranging from 80% - 120% based on the Company's cumulative relative TSR during the performance period. All awards are equity-classified and accounted for under ASC Topic 718, *Compensation—Stock Compensation*, with compensation expense recognized over the respective service or performance periods.

*Stock options*

Prior to 2024, the Company issued stock options, which are primarily time-vesting with 1/3 vesting on each of the first, second and third anniversary of the date of grant or date of hire. At March 31, 2026 and 2025, the Company had 516,196 and 560,386 stock options outstanding, respectively, at a weighted average exercise price of $33.16 and $32.93, respectively. No stock options were granted during the three months ended March 31, 2026. Stock option expense is a component of salaries and benefits in the consolidated statements of operations and totaled $12.4 thousand and $42.9 thousand for the three months ended March 31, 2026 and 2025, respectively. At March 31, 2026, there was $4.6 thousand of total unrecognized compensation cost related to non-vested stock options granted under the plans. The cost is expected to be recognized over a weighted average period of 0.1 years.

[**Table of Contents**](#TOC)

*Restricted stock awards*

The Company issues time-based restricted stock awards that generally vest over a range of a 1-3 year period. Restricted stock with time-based vesting was valued at the fair value of the shares on the date of grant as they are assumed to be held beyond the vesting period.

The Company granted 567,549 shares of performance-based restricted stock in 2026 in connection with the Vista acquisition. One-third of each such award is performance-based and will vest on December 15, 2026, subject to continued employment through such date and the achievement of: (i) with respect to 50% of such portion, the successful closing, integration and rebranding of the combined organization, as determined by the Board's Compensation Committee in its sole discretion; and (ii) with respect to the other 50% of such portion, specified annual cost savings goals with respect to the combined organization directly resulting from the acquisition and integration of Vista through November 30, 2026. The remaining two-thirds of each such award are time-based and will vest in eight quarterly installments beginning on March 15, 2027, subject to continued employment through such vesting dates.

*Performance stock units*

The Company grants PSUs whereby the recorded fair value represents the value of the award at the initial target performance and does not reflect potential increases or decreases resulting from the final performance results, which are to be determined at the end of the three-year performance period (vesting date). The actual number of shares to be awarded at the end of the performance period will range from 0% - 180% of the initial target awards.

For all PSU components granted in 2026, one-half of the award is based on the Company's cumulative adjusted earnings per share (EPS target), and one-half is based on the Company's relative ROTA. On the vesting date, the Company's annual ROTA will be compared to the respective ROTAs of companies comprising the S&P 600 Regional Banks group, and the Company's ranking will be averaged over the measurement period to determine the shares available for settlement. Both halves will be subject to an adjustment factor ranging from 80% - 120% based on the Company's cumulative relative TSR during the performance period. On the vesting date, the Company's TSR will be compared to the respective TSRs of the companies comprising the S&P 600 Regional Banks group as of the grant date to determine the relative TSR modifier to be applied to the PSU awards. The fair value of the PSUs was determined using a Monte Carlo Simulation at the grant date.

The weighted-average grant date fair value per unit for the awards granted during the three months ended March 31, 2026 of the EPS target portion and ROTA target portion was $39.66. During the three months ended March 31, 2026, the Company canceled 39,673 PSUs due to final performance results related to PSUs granted in 2023.

The following table summarizes restricted stock and PSU activity during the three months ended March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Restricted**<br>**stock shares** | **Weighted**<br>**average grant-**<br>**date fair value** | <br>**Performance**<br>**stock units** | **Weighted**<br>**average grant-**<br>**date fair value** |
| Unvested at December 31, 2025 | 303156 | $35.57 | 212513 | $34.09 |
| &nbsp;&nbsp;Granted | 660544 | 39.21 | 293350 | 39.45 |
| &nbsp;&nbsp;Adjustment due to performance |  |  | (39673) | 28.68 |
| &nbsp;&nbsp;Vested | (8595) | 39.02 | (25876) | 33.46 |
| &nbsp;&nbsp;Forfeited | (2642) | 36.87 | (1300) | 33.74 |
| Unvested at March 31, 2026 | 952463 | $38.06 | 439014 | $38.20 |

---

As of March 31, 2026, the total unrecognized compensation cost related to the non-vested restricted stock awards and PSUs totaled $26.8 million and $12.7 million, respectively, and is expected to be recognized over a weighted average period of approximately 2.7 years and 1.7 years, respectively. Expense related to non-vested restricted stock awards totaled $4.0 million and $1.1 million during the three months ended March 31, 2026 and 2025, respectively. Expense related to non-vested PSUs totaled $2.3 million and $0.5 million during the three months ended March 31, 2026 and 2025, respectively. Expense related to non-vested restricted stock awards and PSUs is a component of salaries and benefits expense in the Company's consolidated statements of operations.

[**Table of Contents**](#TOC)

*Associate stock purchase plan* 

The ASPP is intended to be a qualified plan within the meaning of Section 423 of the Internal Revenue Code of 1986 and allows eligible employees to purchase shares of common stock through payroll deductions up to a limit of $25,000 per calendar year and 2,000 shares per offering period. The price an employee pays for shares is 90.0% of the fair market value of Company common stock on the last day of the offering period. The offering periods are the six-month periods commencing on March 1 and September 1 of each year and ending on August 31 and February 28 (or February 29 in the case of a leap year) of each year. There are no vesting or other restrictions on the stock purchased by employees under the ASPP. Under the ASPP, the total number of shares of common stock reserved for issuance totaled 400,000 shares, of which 188,269 was available for issuance at March 31, 2026.

Under the ASPP, employees purchased 8,490 shares and 8,099 shares during the three months ended March 31, 2026 and 2025, respectively.

**Note 13 Common Stock**

The Company had 44,692,472 and 37,772,516 shares of common stock outstanding at March 31, 2026 and December 31, 2025, respectively, inclusive of 7,305,975 shares of common stock added to the Company's total outstanding shares upon the closing of the Vista acquisition. Additionally, the Company had 952,463 and 303,156 shares outstanding at March 31, 2026 and December 31, 2025, respectively, of restricted common stock issued but not yet vested and are not included in shares outstanding until such time that they are vested. Of the 952,463 shares of restricted common stock issued but not yet vested at March 31, 2026, 842,618 shares were under the Omnibus Plan, 87,447 shares were under the Vista Equity Plan, and 22,398 shares were under the Inducement Plan. All shares of restricted common stock issued but not vested at March 31, 2025 were under the Omnibus Plan. All restricted shares under each plan have voting rights, however, restricted shares under the Omnibus Plan and Inducement Plan also have certain dividend rights.

On January 27, 2026, the Company's Board of Directors authorized a program to repurchase up to $100.0 million of the Company's common stock from time to time in the open market or in privately negotiated transactions in accordance with applicable regulations of the SEC. The timing and amount of any share repurchases will be determined by the Company's management based on market conditions and other factors. The new program replaces in its entirety the stock repurchase program that was authorized by the Board of Directors and announced on May 9, 2023. No time limit has been set for completion of the program. During the three months ended March 31, 2026, the Company repurchased 401,869 shares of common stock for $16.1 million at a weighted average price per share of $40.07. The remaining authorization under the current program as of March 31, 2026 was $83.9 million.

**Note 14 Earnings Per Share**

The Company calculates earnings per share under the two-class method, as certain non-vested share awards contain non-forfeitable rights to dividends. As such, these awards are considered securities that participate in the earnings of the Company. Non-vested shares are discussed further in note 12.

The Company had 44,692,472 and 38,094,105 shares of common stock outstanding as of March 31, 2026 and 2025, respectively, excluding issued but unvested restricted shares. Certain stock options and non-vested restricted shares are potentially dilutive securities, but are not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive for the three months ended March 31, 2026 and 2025.

[**Table of Contents**](#TOC)

The following table illustrates the computation of basic and diluted earnings per share for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
|  | **For the three months ended**  | **For the three months ended**  |
|  | **2026** | **2025** |
| Net income | $20793 | $24231 |
| Less: income allocated to participating securities | (394) | (182) |
| &nbsp;&nbsp;Income allocated to common shareholders | $20399 | $24049 |
| Weighted average shares outstanding for basic earnings per common share | 44439788 | 38068455 |
| Dilutive effect of equity awards | 170723 | 161414 |
| &nbsp;&nbsp;Weighted average shares outstanding for diluted earnings per common share | 44610511 | 38229869 |
| &nbsp;&nbsp;Basic earnings per share | $0.46 | $0.63 |
| &nbsp;&nbsp;Diluted earnings per share | 0.46 | 0.63 |

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The Company had 516,196 and 560,386 outstanding stock options to purchase common stock at weighted average exercise prices of $33.16 and $32.93 per share at March 31, 2026 and 2025, respectively, which have time-vesting criteria, and as such, any dilution is derived only for the timeframe in which the vesting criteria had been met and where the inclusion of those stock options is dilutive. The Company had 439,014 and 147,955 unvested PSUs issued as of March 31, 2026 and 2025, respectively, which have performance, market and/or time-vesting criteria, and as such, any dilution is derived only for the timeframe in which the vesting criteria had been met and where the inclusion of those units is dilutive. The Company had 87,447 and zero unvested restricted shares issued as of March 31, 2026 and 2025, respectively, which do not have dividend rights, and as such, any dilution is derived only for the timeframe in which the vesting criteria had been met and where the inclusion of those units is dilutive.

**Note 15 Derivatives**

*Risk management objective of using derivatives*

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company has established policies stipulating that neither carrying value nor fair value at risk should exceed established guidelines. The Company has designed strategies to confine these risks within the established limits and identify appropriate trade-offs in the financial structure of its balance sheet. These strategies include the use of derivative financial instruments to help achieve the desired balance sheet repricing structure while meeting the desired objectives of its clients. Currently, the Company employs certain interest rate swaps that are designated as fair value hedges, cash flow hedges and economic hedges. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions.

*Fair values of derivative instruments on the balance sheet*

The table below presents the fair value of the Company's derivative financial instruments as well as their classification in the consolidated statements of financial condition as of March 31, 2026 and December 31, 2025. Information about the valuation methods used to measure fair value is provided in note 17.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Asset derivatives fair value** | **Asset derivatives fair value** | | **Liability derivatives fair value** | **Liability derivatives fair value** |
|  | <br>**Balance Sheet**<br>**location** | **March 31,** <br>**2026** | **December 31,** <br>**2025** | <br>**Balance Sheet**<br>**location** | **March 31,** <br>**2026** | **December 31,** <br>**2025** |
| Derivatives designated as hedging instruments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate products | Other assets | $21512 | $21929 | Other liabilities | $2028 | $1866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total derivatives designated as hedging instruments |  | $21512 | $21929 |  | $2028 | $1866 |
| Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate products | Other assets | $7067 | $7221 | Other liabilities | $7204 | $7227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate lock commitments | Other assets | 399 | 283 | Other liabilities | 13 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts | Other assets | 186 |  | Other liabilities | 11 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total derivatives not designated as hedging instruments |  | $7652 | $7504 |  | $7228 | $7315 |

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[**Table of Contents**](#TOC)

*Cash flow hedges* 

The Company's objectives in using interest rate derivatives are to add stability to interest income and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses floors and collars as part of its interest rate risk management strategy. Interest rate floors designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates fall below the strike rate on the contract in exchange for an up-front premium. Interest rate collars designated as cash flow hedges involve the payments of variable-rate amounts if interest rates rise above the cap strike rate on the contract and receipt of variable-rate amounts if interest rates fall below the floor strike rate on the contract.

For derivatives that qualify and are designated as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income and subsequently reclassified into interest income in the same periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis. The earnings recognition of excluded components is included in interest income. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest income as interest payments are received on the Company's variable-rate assets. As of March 31, 2026, the Company had cash flow hedges with a notional amount of $50.0 million. The Company expects to reclassify $0.3 million from AOCI as a reduction to interest income during the next 12 months.

*Fair value hedges* 

Interest rate swaps designated as fair value hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. As of March 31, 2026 and December 31, 2025, the Company had interest rate swaps with a notional amount of $396.4 million and $365.2 million, respectively, which were designated as fair value hedges of interest rate risk.

For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. The Company includes the gain or loss on the hedged items in the same line item as the offsetting loss or gain on the related derivatives. The following table presents the Company's fixed-rate loans associated with the interest rate swaps and the loss included in loans receivable in the statements of financial condition as of the dates shown:

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| | | | | |
|:---|:---|:---|:---|:---|
| |  |  | **Cumulative amount of fair value** | **Cumulative amount of fair value** |
| |  |  | **hedging adjustment included in the** | **hedging adjustment included in the** |
| | **Carrying amount of hedged assets** | **Carrying amount of hedged assets** | **carrying amount of hedged assets**<sup>(1)</sup> | **carrying amount of hedged assets**<sup>(1)</sup> |
| <br>**Line item in the consolidated statements of financial**<br>**condition in which the hedged item is included** | **March 31,** <br>**2026** | **December 31,** <br>**2025** | **March 31,** <br>**2026** | **December 31,** <br>**2025** |
| Loans receivable | $488416 | $457658 | $(20070) | $(18812) |

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(1) &nbsp;&nbsp;&nbsp;&nbsp; Fair value hedge adjustments included basis adjustments on terminated positions to be amortized through the contractual maturity date of each respective hedged item. Excluding those terminated positions, the fair value hedge adjustments consisted of losses totaling $21.8 million and $20.7 million as of March 31, 2026 and December 31, 2025, respectively.

*Non-designated hedges*

Derivatives not designated as hedges are not speculative and consist of interest rate swaps with commercial banking clients that facilitate their respective risk management strategies. Interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the client swaps and the offsetting swaps are recognized directly in earnings. As of March 31, 2026 and December 31, 2025, the Company had matched interest rate swap transactions with an aggregate notional amount of $992.8 million and $777.7 million, respectively, related to this program. Derivative fee income from non-designated hedges totaled $0.6 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively.

As part of its mortgage banking activities, the Company enters into interest rate lock commitments, which are commitments to originate loans where the interest rate on the loan is determined prior to funding and the clients have locked into that interest rate. The Company then locks in the loan and interest rate with an investor and commits to deliver the loan if settlement occurs ("best efforts") or commits to deliver the locked loan in a binding ("mandatory") delivery program with an investor. Fair value changes of certain

[**Table of Contents**](#TOC)

loans under interest rate lock commitments are hedged with forward sales contracts of MBS. Forward sales contracts of MBS are recorded at fair value with changes in fair value recorded in non-interest income. Interest rate lock commitments and commitments to deliver loans to investors are considered derivatives. The market value of interest rate lock commitments and best efforts contracts are not readily ascertainable with precision because they are not actively traded in stand-alone markets. The Company determines the fair value of interest rate lock commitments and delivery contracts by measuring the fair value of the underlying assets. The fair value of the underlying assets is impacted by current interest rates, remaining origination fees, costs of production to be incurred and the probability that the interest rate lock commitments will close or will be funded.

Certain additional risks arise from these forward delivery contracts in that the counterparties to the contracts may not be able to meet the terms of the contracts. The Company does not expect any counterparty to any MBS contract to fail to meet its obligation. Additional risks inherent in mandatory delivery programs include the risk that, if the Company fails to deliver the loans subject to interest rate risk lock commitments, it will still be obligated to "pair off" MBS to the counterparty. Should this be required, the Company could incur significant costs in acquiring replacement loans and such costs could have an adverse effect on the consolidated financial statements.

The fair value of the mortgage banking derivative is recorded as a freestanding asset or liability with the change in value being recognized in current earnings during the period of change.

The Company had interest rate lock commitments with a notional value of $27.2 million and forward contracts with a notional value of $40.9 million at March 31, 2026. At December 31, 2025, the Company had interest rate lock commitments with a notional value of $16.7 million and forward contracts with a notional value of $34.0 million.

*Effect of derivative instruments on the consolidated statements of operations and accumulated other comprehensive income*

The tables below present the effect of the Company's derivative financial instruments on the consolidated statements of operations for the three months ended March 31, 2026 and 2025:

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| | | | |
|:---|:---|:---|:---|
| | | **Amount of gain (loss) recognized in income on derivatives** | **Amount of gain (loss) recognized in income on derivatives** |
| | | **For the three months ended March 31,**  | **For the three months ended March 31,**  |
| <br>**Derivatives in hedging relationships** | **Location of gain (loss)**<br>**recognized in income on**<br>**derivatives** | **2026** | **2025** |
| Fair value hedging relationships - Interest rate products | Interest and fees on loans | $1887 | $(4843) |
| Cash flow hedging relationships - Interest rate products | Interest and fees on loans | (119) | (355) |
| Total |  | $1768 | $(5198) |

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| | | | |
|:---|:---|:---|:---|
| | | **Amount of (loss) gain recognized in income on derivatives** | **Amount of (loss) gain recognized in income on derivatives** |
| | | **For the three months ended March 31,**  | **For the three months ended March 31,**  |
| <br>**Hedged items** | **Location of gain (loss)**<br>**recognized in income on**<br>**hedged items** | **2026** | **2025** |
| Interest rate products | Interest and fees on loans | $(1258) | $6326 |

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| | | | |
|:---|:---|:---|:---|
| | | **Amount of loss recognized in income on derivatives** | **Amount of loss recognized in income on derivatives** |
| | | **For the three months ended March 31,**  | **For the three months ended March 31,**  |
| <br>**Derivatives not designated**<br>**as hedging instruments** | **Location of gain (loss)**<br>**recognized in income on**<br>**derivatives** | **2026** | **2025** |
| Interest rate products | Other non-interest expense | $(131) | $(2) |
| Interest rate lock commitments | Mortgage banking income | 194 | 534 |
| Forward contracts | Mortgage banking income | 262 | (178) |
| Total |  | $325 | $354 |

---

The tables below present the effect of cash flow hedge accounting on AOCI as of the dates presented.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** |
|  | **Loss recognized in OCI on derivatives** | **Loss recognized in OCI included component** | **Gain recognized in OCI excluded component** | **Location of loss recognized from AOCI into income** | **Loss reclassified from AOCI into income** | **Loss reclassified from AOCI into income included component** | **Loss reclassified from AOCI into income excluded component** |
| Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate products | $(22) | $(83) | $61 | Interest income | $(119) | $(28) | $(91) |

---

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** |
|  | **Gain recognized in OCI on derivatives** | **Gain recognized in OCI included component** | **Gain recognized in OCI excluded component** | **Location of loss recognized from AOCI into income** | **Loss reclassified from AOCI into income** | **Loss reclassified from AOCI into income included component** | **Loss reclassified from AOCI into income excluded component** |
| Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate products | $19 | $15 | $4 | Interest income | $(355) | $(239) | $(116) |

---

*Credit-risk-related contingent features* 

The Company has agreements with its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness for reasons other than an error or omission of an administrative or operational nature, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations.

The Company also has agreements with certain of its derivative counterparties that contain a provision where, if the Company fails to maintain its status as a well/adequately capitalized institution, the counterparty has the right to terminate the derivative positions and the Company would be required to settle its obligations under the agreements.

As of March 31, 2026, the termination value of derivatives in a net liability position related to these agreements was zero. The Company has minimum collateral posting thresholds with certain of its derivative counterparties and, as of March 31, 2026, the Company had met these thresholds. If the Company had breached any of these provisions at March 31, 2026, it could have been required to settle its obligations under the agreements at the termination value.

**Note 16 Commitments and Contingencies**

**Commitments**

In the normal course of business, the Company enters into various off-balance sheet commitments to help meet the financing needs of clients. These financial instruments include commitments to extend credit, commercial and consumer lines of credit and standby letters of credit. The same credit policies are applied to these commitments as the loans in the consolidated statements of financial condition; however, these commitments involve varying degrees of credit risk in excess of the amount recognized in the consolidated statements of financial condition. The total amounts of unused commitments do not necessarily represent future credit exposure or cash requirements, as commitments often expire without being drawn upon. However, the contractual amount of these commitments, offset by any additional collateral pledged, represents the Company's potential credit loss exposure.

Total unfunded commitments at March 31, 2026 and December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Commitments to fund loans | $638951 | $499960 |
| Unfunded commitments under lines of credit | 807514 | 640181 |
| Commercial and standby letters of credit | 125768 | 7987 |
| &nbsp;&nbsp;Total unfunded commitments | $1572233 | $1148128 |

---

*Commitments to fund loans*—Commitments to fund loans are legally binding agreements to lend to clients in accordance with predetermined contractual provisions provided there have been no violations of any conditions specified in the contract. These commitments are generally at variable interest rates and are for specific periods or contain termination clauses and may require the payment of a fee. The total amounts of unused commitments are not necessarily representative of future credit exposure or cash requirements, as commitments often expire without being drawn upon.

*Unfunded commitments under lines of credit*—In the ordinary course of business, the Company extends revolving credit to its clients. These arrangements may require the payment of a fee.

*Commercial and standby letters of credit*—The Company routinely issues commercial and standby letters of credit, which may be financial standby letters of credit or performance standby letters of credit. These are various forms of "back-up" commitments to guarantee the performance of a client to a third party. While these arrangements represent a potential cash outlay for the Company, the

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majority of these letters of credit will expire without being drawn upon. Letters of credit are subject to the same underwriting and credit approval process as traditional loans, and as such, many of them have various forms of collateral securing the commitment, which may include real estate, personal property, receivables or marketable securities.

***Contingencies***

Mortgage loans sold to investors may be subject to repurchase or indemnification in the event of specific default by the borrower or subsequent discovery that underwriting standards were not met. The Company established a reserve liability for expected losses related to these representations and warranties based upon management's evaluation of actual and historical loss history, delinquency trends or other documentation or deficiency findings in the portfolio and economic conditions. Charges against the reserve during the three months ended March 31, 2026 and 2025 totaling $20 thousand and $45 thousand, respectively, were primarily driven by early payoffs and repurchases. The repurchase reserve is included in other liabilities in the consolidated statements of financial condition.

The following table summarizes mortgage repurchase reserve activity for the periods presented:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,**  | **For the three months ended March 31,**  |
|  | **2026** | **2025** |
| Beginning balance | $557 | $1000 |
| &nbsp;&nbsp;Provision released from operating expense, net | (50) | (90) |
| &nbsp;&nbsp;Charge-offs | (20) | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending balance | $487 | $865 |

---

In the ordinary course of business, the Company may be subject to litigation. Based upon the available information and advice from the Company's legal counsel, management does not believe that any potential, threatened or pending litigation to which it is, or would reasonably become, a party will have a material adverse effect on the Company's liquidity, financial condition or results of operations.

**Note 17 Fair Value Measurements**

The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to disclose the fair value of its financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. For disclosure purposes, the Company groups its financial and non-financial assets and liabilities into three different levels based on the nature of the instrument and the availability and reliability of the information that is used to determine fair value. The three levels are defined as follows:

● Level 1—Includes assets or liabilities in which the valuation methodologies are based on unadjusted quoted prices in active markets for identical assets or liabilities.

● Level 2—Includes assets or liabilities in which the inputs to the valuation methodologies are based on similar assets or liabilities in inactive markets, quoted prices for identical or similar assets or liabilities in inactive markets, and inputs other than quoted prices that are observable, such as interest rates, yield curves, volatilities, prepayment speeds and other inputs obtained from observable market input.

● Level 3—Includes assets or liabilities in which the inputs to the valuation methodology are based on at least one significant assumption that is not observable in the marketplace. These valuations may rely on management's judgment and may include internally-developed model-based valuation techniques.

Level 1 inputs are considered to be the most transparent and reliable and level 3 inputs are considered to be the least transparent and reliable. The Company assumes the use of the principal market to conduct a transaction of each particular asset or liability being measured and then considers the assumptions that market participants would use when pricing the asset or liability. Whenever possible, the Company first looks for quoted prices for identical assets or liabilities in active markets (level 1 inputs) to value each asset or liability. However, when inputs from identical assets or liabilities on active markets are not available, the Company utilizes market observable data for similar assets and liabilities. The Company maximizes the use of observable inputs and limits the use of unobservable inputs to occasions when observable inputs are not available. The need to use unobservable inputs generally results from the lack of market liquidity of the actual financial instrument or of the underlying collateral. While third-party price indications may be available in those cases, limited trading activity can challenge the observability of those inputs.

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Changes in the valuation inputs used for measuring the fair value of financial instruments may occur due to changes in current market conditions or other factors. Such changes may necessitate a transfer of the financial instruments to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period that the transfer occurs. During the three months ended March 31, 2026 and 2025, there were no transfers of financial instruments between the hierarchy levels.

The following is a description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of each instrument under the valuation hierarchy:

***Fair Value of Financial Instruments Measured on a Recurring Basis***

*Investment securities available-for-sale*—Investment securities available-for-sale are carried at fair value and measured on a recurring basis. To the extent possible, observable quoted prices in an active market are used to determine fair value and, as such, these securities are classified as level 1. When quoted market prices in active markets for identical assets or liabilities are not available, quoted prices of securities with similar characteristics, discounted cash flows or other pricing characteristics are used to estimate fair values and the securities are then classified as level 2.

*Equity securities with readily determinable fair values*—Equity securities with readily determinable fair values are generally traded on an exchange and market prices are readily available. These securities are carried at fair value on a recurring basis based on quoted market prices and are classified as level 1.

*Loans held for sale*—The Company has elected to record loans originated and intended for sale in the secondary market at estimated fair value. The portfolio consists primarily of fixed-rate residential mortgage loans that are sold within 45 days. The Company estimates fair value based on quoted market prices for similar loans in the secondary market and are classified as level 2.

*Interest rate swap derivatives*—The Company's derivative instruments are limited to interest rate swaps that may be accounted for as fair value hedges or non-designated hedges. The fair values of the swaps incorporate credit valuation adjustments in order to appropriately reflect nonperformance risk in the fair value measurements. The credit valuation adjustment is the dollar amount of the fair value adjustment related to credit risk and utilizes a probability weighted calculation to quantify the potential loss over the life of the trade. The credit valuation adjustments are calculated by determining the total expected exposure of the derivatives (which incorporates both the current and potential future exposure) and then applying the respective counterparties' credit spreads to the exposure offset by marketable collateral posted, if any. Certain derivative transactions are executed with counterparties who are large financial institutions, or dealers. ISDA Master Agreements are employed for all contracts with dealers. These contracts contain bilateral collateral arrangements. The fair value inputs of these financial instruments are determined using discounted cash flow analysis through the use of third-party models whose significant inputs are readily observable market parameters, primarily yield curves, with appropriate adjustments for liquidity and credit risk, and are classified as level 2.

*Mortgage banking derivatives*—The Company relies on a third-party pricing service to value its mortgage banking derivative financial assets and liabilities, which the Company classifies as a level 3 valuation. The external valuation model to estimate the fair value of its interest rate lock commitments to originate residential mortgage loans held for sale includes grouping the interest rate lock commitments by interest rate and terms, applying an average 83.5% estimated pull-through rate based on historical experience, and then multiplying by quoted investor prices determined to be reasonably applicable to the loan commitment groups based on interest rate, terms and rate lock expiration dates of the loan commitment groups. The Company also relies on an external valuation model to estimate the fair value of its forward commitments to sell residential mortgage loans (i.e., an estimate of what the Company would receive or pay to terminate the forward delivery contract based on market prices for similar financial instruments), which includes matching specific terms and maturities of the forward commitments against applicable investor pricing.

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The tables below present the financial instruments measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 in the consolidated statements of financial condition utilizing the hierarchy structure described above:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities available-for-sale |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasuries | $53677 | $— | $— | $53677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises |  | 200971 |  | 200971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises |  | 350268 |  | 350268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities with readily determinable fair values | 367 |  |  | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for sale |  | 24905 |  | 24905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap derivatives |  | 28579 |  | 28579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking derivatives |  |  | 585 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets at fair value | $54044 | $604723 | $585 | $659352 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap derivatives | $— | $9232 | $— | $9232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking derivatives |  |  | 24 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities at fair value | $— | $9232 | $24 | $9256 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities available-for-sale |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasuries | $74226 | $— | $— | $74226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises |  | 157665 |  | 157665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises |  | 296026 |  | 296026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities with readily determinable fair values | 5059 |  |  | 5059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for sale |  | 25695 |  | 25695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap derivatives |  | 29150 |  | 29150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking derivatives |  |  | 283 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets at fair value | $79285 | $508536 | $283 | $588104 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap derivatives | $— | $9093 | $— | $9093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking derivatives |  |  | 88 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities at fair value | $— | $9093 | $88 | $9181 |

---

The table below details the changes in level 3 financial instruments during the three months ended March 31, 2026:

---

| | |
|:---|:---|
|  | **Mortgage banking**<br>**derivatives, net** |
| Balance at December 31, 2025 | $195 |
| &nbsp;&nbsp;Gain included in earnings, net | 456 |
| &nbsp;&nbsp;Fees and (costs) included in earnings, net | (90) |
| Balance at March 31, 2026 | $561 |

---

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***Fair Value of Financial Instruments Measured on a Non-recurring Basis***

Certain assets may be recorded at fair value on a non-recurring basis as conditions warrant. These non-recurring fair value measurements typically result from the application of lower of cost or fair value accounting or a write-down occurring during the period.

*Individually evaluated loans*—The Company records individually evaluated loans based on the fair value of the collateral when it is probable that the Company will be unable to collect all contractual amounts due in accordance with the terms of the loan agreement. The Company relies on third-party appraisals and internal assessments, utilizing a discount rate in the range of 3% - 31% with a weighted average discount rate of 6.6%, in determining the estimated fair values of these loans. The inputs used to determine the fair values of loans are considered level 3 inputs in the fair value hierarchy. At March 31, 2026, the Company estimated a specific reserve of $14.4 million related to 34 loans with a carrying balance of $64.4 million. At March 31, 2025, the Company estimated a specific reserve of $6.0 million related to 16 loans with a carrying balance of $22.1 million. The increase at March 31, 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.

*Mortgage servicing rights*—MSRs represent the value associated with servicing residential real estate loans that have been sold to outside investors with servicing retained. The fair value for servicing assets is determined through discounted cash flow analysis and utilizes a discount rate ranging from 9.5% to 10.0% with a weighted average rate of 9.5% at March 31, 2026 and prepayment speed assumption ranges of 6.4% to 11.0% with a weighted average rate of 6.6% at March 31, 2026. The weighted average MSRs are subject to impairment testing. The carrying values of these MSRs are reviewed quarterly for impairment based upon the calculation of fair value. For purposes of measuring impairment, the MSRs are stratified into certain risk characteristics including note type and note term. If the valuation model reflects a value less than the carrying value, MSRs are adjusted to fair value through a valuation allowance and the adjustment is included in mortgage banking income in the consolidated statements of operations. There was no impairment of MSRs during the three months ended March 31, 2026 or 2025. The inputs used to determine the fair values of MSRs are considered level 3 inputs in the fair value hierarchy.

*Premises and equipment*—During the first quarter of 2026, the Company approved plans to consolidate nine banking centers. Premises and equipment are written down to estimated fair value less costs to sell in the period in which the held-for-sale criteria are met. Fair value is estimated in a process that considers current local commercial real estate market conditions, the judgment of the sales agent and often involves obtaining third-party appraisals from certified real estate appraisers. These fair value measurements are classified as level 3. Unobservable inputs to these measurements, which include estimates and judgments often used in conjunction with appraisals, are not readily quantifiable. For the three months ended March 31, 2026, the Company recognized $0.8 million of impairment in its consolidated statements of operations related to premises and equipment classified as held-for-sale totaling $3.1 million as of March 31, 2026.

*SBA servicing asset*—The SBA servicing asset represents the value associated with servicing small business real estate loans that have been sold to outside investors with servicing retained. The fair value for the SBA servicing asset is determined through a discounted cash flow analysis and utilizes a weighted average discount rate of 10.4% and a weighted average lifetime constant prepayment rate of 16.0%. The SBA servicing asset is amortized over the period of the estimated future net servicing life of the underlying assets, and it is evaluated quarterly for impairment based upon the fair value of the rights as compared to their amortized cost. Impairment is recognized in the consolidated statements of operations to the extent the fair value is less than the capitalized amount of the SBA servicing asset. The Company recorded no impairment for the three months ended March 31, 2026 or 2025.

The Company may be required to record fair value adjustments on other available-for-sale and municipal securities valued at par on a non-recurring basis.

The tables below provide information regarding losses from the assets recorded at fair value on a non-recurring basis during the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** |
|  | **Total** | **Losses from fair value changes** |
| Individually evaluated loans | $117005 | $3364 |
| Premises and equipment | 3076 | 763 |
| &nbsp;&nbsp;Total | $120081 | $4127 |

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---

| | | |
|:---|:---|:---|
|  | **March 31, 2025** | **March 31, 2025** |
|  | **Total** | **Losses from fair value changes** |
| Individually evaluated loans | $52522 | $15036 |

---

The Company did not record any liabilities measured at fair value on a non-recurring basis during the three months ended March 31, 2026 or 2025.

**Note 18 Fair Value of Financial Instruments**

The fair value of a financial instrument is the amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is determined based upon quoted market prices to the extent possible; however, in many instances, there are no quoted market prices for the Company's various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques that may be significantly impacted by the assumptions used, including the discount rate and estimates of future cash flows. Changes in any of these assumptions could significantly affect the fair value estimates. The fair value of the financial instruments listed below does not reflect a premium or discount that could result from offering all of the Company's holdings of financial instruments at one time, nor does it reflect the underlying value of the Company, as ASC Topic 825 excludes certain financial instruments and all non-financial instruments from its disclosure requirements. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies and are based on the exit price concept within ASC Topic 825 and applied to this disclosure on a prospective basis. Considerable judgment is required to interpret market data in order to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange.

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The fair value of financial instruments at March 31, 2026 and December 31, 2025 are set forth below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Level in fair value**<br>**measurement**<br>**hierarchy** | **Carrying**<br>**amount** | **Estimated**<br>**fair value** | **Carrying**<br>**amount** | **Estimated**<br>**fair value** |
| ASSETS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | Level 1 | $472791 | $472791 | $417058 | $417058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury securities - AFS | Level 1 | 53677 | 53677 | 74226 | 74226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury securities - HTM | Level 1 | 24958 | 24930 | 24900 | 24851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises available-for-sale | Level 2 | 200971 | 200971 | 157665 | 157665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises available-for-sale | Level 2 | 350268 | 350268 | 296026 | 296026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other available-for-sale securities | Level 3 | 251 | 251 | 722 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises held-to-maturity | Level 2 | 244697 | 221420 | 236535 | 213974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises held-to-maturity | Level 2 | 487695 | 452664 | 390297 | 358624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities with readily determinable fair values | Level 1 | 367 | 367 | 5059 | 5059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLB and FRB stock | Level 2 | 35248 | 35248 | 24641 | 24641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable | Level 3 | 9611486 | 9405189 | 7433356 | 7274904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for sale | Level 2 | 24905 | 24905 | 25695 | 25695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest receivable | Level 2 | 56576 | 56576 | 41951 | 41951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap derivatives | Level 2 | 28579 | 28579 | 29150 | 29150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking derivatives | Level 3 | 585 | 585 | 283 | 283 |
| LIABILITIES |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit transaction accounts | Level 2 | 9163963 | 9163963 | 7142863 | 7142863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits | Level 2 | 1294881 | 1296522 | 1149771 | 1157231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold under agreements to repurchase | Level 2 | 16991 | 16991 | 17350 | 17350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | Level 2 | 204957 | 204598 | 54719 | 53165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | Level 2 | 20393 | 20393 | 18017 | 18017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap derivatives | Level 2 | 9232 | 9232 | 9093 | 9093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking derivatives | Level 3 | 24 | 24 | 88 | 88 |

---

**Note 19 Business Segment**

The Company has aligned its operations into one reportable segment. Key metrics used to evaluate the segment include consolidated net income and its major components. Revenue and expenses are consistent with the consolidated statement of operations, and the measure of segment assets is consistent with total consolidated assets on the balance sheet.

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**Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.**

*The following management's discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes as of and for the three months ended March 31, 2026, and with our annual report on* [*Form 10-K*](https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/0001104659-26-019119-index.htm) *(file number 001-35654), which includes our audited consolidated financial statements and related notes as of and for the years ended December 31, 2025, 2024 and 2023. Our acquisition of Vista occurred on January 7, 2026, subsequent to the dates of information in our most recent report on Form 10-K, and comparisons herein to prior quarters or years should be reviewed with that context. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions that may cause actual results to differ materially from management's expectations. Factors that could cause such differences are discussed in the section entitled "Cautionary Note Regarding Forward-Looking Statements" located elsewhere in this quarterly report and in Item 1A"Risk Factors" in the annual report on* [*Form 10-K*](https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/0001104659-26-019119-index.htm)*, referenced above, and should be read herewith.*

*All amounts are in thousands, except share and per share data, or as otherwise noted.*

**Overview**

Our focus is on building relationships by creating a win-win scenario for our clients and our Company. We believe in providing solutions and services for our clients that are based on fairness and simplicity. We have established a solid financial services franchise with a sizable presence for deposit gathering and building client relationships necessary for growth. We have executed on strategic acquisition opportunities to expand our presence in attractive markets and to diversify our revenue streams. Additionally, the Company continues to shift from constructing systems for 2UniFi to activating services. 2UniFi is an innovative financial ecosystem with treasury management depository capabilities and a streamlined SBA loan offering. Moving forward, 2UniFi will continue to focus on providing a unified client experience that helps small- and medium-sized business owners manage financial products and services across multiple banks and fintechs. We believe that our established presence in our core markets of Colorado, the greater Kansas City region, Texas, Utah, Wyoming, New Mexico, Idaho and Palm Beach, Florida, as well as our ongoing investment in digital solutions and strategic acquisitions, position us well for growth opportunities. As of March 31, 2026, we had $12.6 billion in assets, $9.6 billion in loans, $10.5 billion in deposits, $1.7 billion in equity and $1.4 billion in assets under management in our trust and wealth management business.

**Operating Highlights**

*Strategic execution*

● The Company closed the acquisition of Vista on January 7, 2026, which further strengthens the Company's presence in the high-growth Dallas-Ft. Worth, Austin, and Lubbock, Texas markets. The acquisition added $1.9 billion in total loans and $2.2 billion in total deposits. The merger consideration totaled $377.7 million and consisted of $288.7 million in NBHC common stock and $89.0 million in cash. The core system conversion for this transaction will be completed during the third quarter of 2026.

● During the first quarter of 2026, the Company generated record loan fundings of $805.5 million driving annualized loan growth of 12.4% on top of $1.9 billion in loans added in January 2026 from the Vista acquisition.

● Enhanced shareholder returns by increasing the quarterly dividend by 3% to $0.32 per share and executed $16.1 million of share buybacks during the first quarter.

● Received Moody's long-term issuer rating of Baa2, and a Baseline Credit Assessment of Baa1 and initiated on-going monitoring by Moody's.

● In February 2026, the Company closed a public offering of $150.0 million aggregate principal amount of 5.875% fixed-to-floating rate subordinated notes. The offering was increased to $150.0 million from a $100.0 million initial transaction given strong investor demand from a high-quality institutional investor base.

*Profitability and returns*

● &nbsp;&nbsp;&nbsp;&nbsp; Net income totaled $20.8 million, or $0.46 per diluted share, for the three months ended March 31, 2026, compared to net income of $24.2 million, or $0.63 per diluted share, for the three months ended March 31, 2025. During the three months ended March 31, 2026, acquisition and restructuring expenses totaled $11.8 million, after tax. Adjusted net income, which

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 excludes these items, increased $8.4 million, or 34.6%, to $32.6 million, during the three months ended March 31, 2026. Adjusted earnings per–diluted share totaled $0.72 and $0.63 during the three months ended March 31, 2026 and 2025, respectively, as a result of both organic growth and growth generated from the strategic acquisition of Vista.

&nbsp;&nbsp;&nbsp;&nbsp;*Loan portfolio*

● Loans increased $2.2 billion, or 29.3%, to $9.6 billion at March 31, 2026, compared to December 31, 2025. The increase was driven by record quarterly loan fundings totaling $805.5 million in addition to acquired Vista loans totaling $1.9 billion .

● The Company maintained a conservatively structured loan portfolio represented by diverse industries and industry sector concentrations at 15% or less of total loans and all concentration levels remain well below our self-imposed limits.

● Non-owner occupied CRE loans, which are comprised of multiple industry sectors, were 164.7% of the Company's risk based capital, or 26.4% of total loans, and no specific property type comprised more than 7.0% of total loans at March 31, 2026.

● The Company maintains a low level of non-owner occupied CRE retail properties and office properties. Including available credit, non-owner occupied CRE retail properties and office properties comprised 4.0% and 2.3% of total loans, respectively, at March 31, 2026. Multifamily loans totaled $320.3 million, or 3.3% of total loans at March 31, 2026.

● We do not originate high-dollar non-amortizing or balloon payment mortgage loans to our clients.

&nbsp;&nbsp;&nbsp;&nbsp;*Credit quality*

● Allowance for credit losses totaled 1.18% of total loans at March 31, 2026 and December 31, 2025.

● &nbsp;&nbsp;&nbsp;&nbsp; The Company continued to prudently manage credit risk in 2026, further strengthening our credit profile. Non-performing loans improved three basis points to 0.31% of total loans at March 31 2026, compared to 0.34% at December 31, 2025.

● Criticized loans decreased $10.7 million, or 3.4%, to $303.6 million as of March 31, 2026, compared to December 31, 2025.

● Provision expense for credit losses totaled $4.0 million and $10.2 million during the three months ended March 31, 2026 and 2025, respectively.

● &nbsp;&nbsp;&nbsp;&nbsp; Net charge-offs of $7.7 million and $15.1 million were recorded during the three months ended March 31, 2026 and 2025, respectively, and annualized net charge-offs to average total loans totaled 0.34% and 0.80% for the three months ended March 31, 2026 and 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;*Deposits*.9

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&nbsp;&nbsp;&nbsp;&nbsp;

*Liquidity*

 .9

&nbsp;&nbsp;&nbsp;&nbsp;*Revenues*

● &nbsp;&nbsp;&nbsp;&nbsp; Net interest income FTE increased 25.3% to $111.0 million during the three months ended March 31, 2026, compared to $88.6 million during the same period in the prior year.

● &nbsp;&nbsp;&nbsp;&nbsp; The net interest margin FTE expanded 13 basis points to 4.06% for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, driven by a five basis point increase in earning asset yields and a nine basis point improvement in the cost of funds. The cost of funds totaled 1.98% for the three months ended March 31, 2026, compared to 2.07% during the three months ended March 31, 2025.

● During the three months ended March 31, 2026, non-interest income increased $2.6 million, or 16.9%, to $18.0 million, compared to the same period in the prior year, primarily driven by increases in our diversified sources of fee income including swap fee income, Cambr fee income, and trust income.

&nbsp;&nbsp;&nbsp;&nbsp;*Expenses*

● &nbsp;&nbsp;&nbsp;&nbsp; Non-interest expense totaled $96.8 million, which included $15.3 million of acquisition and restructuring expenses, during the three months ended March 31, 2026. Non-interest expense during the three months ended March 31, 2025 totaled $62.0 million. Excluding the acquisition and restructuring expenses, adjusted non-interest expense during the three months ended March 31, 2026 increased $19.5 million, or 31.4%, to $81.5 million, primarily due to an increase in core operating expenses driven by growth from our recent acquisition. Occupancy and equipment expense increased $5.0 million primarily driven by the 2UniFi capitalized asset depreciation in connection with the launch of 2UniFi in the third quarter of 2025.

● During the three months ended March 31, 2026, the efficiency ratio FTE totaled 75.1%, compared to 59.6% for the same period in the prior year. The adjusted efficiency ratio FTE totaled 61.3%, compared to 57.7% during the same period in the prior year.

● &nbsp;&nbsp;&nbsp;&nbsp; Income tax expense totaled $5.2 million during the three months ended March 31, 2026, compared to $5.6 million during the three months ended March 31, 2025. The effective tax rate for the three months ended March 31, 2026 was 19.9%, compared to 18.0% for the full year 2025.

&nbsp;&nbsp;&nbsp;&nbsp;*Capital*

● The Company paid dividends of $0.32 per common share during the three months ended March 31, 2026, and declared a quarterly dividend of $0.32 per common share during the second quarter of 2026.

● On January 27, 2026, the Company's Board of Directors authorized a new stock repurchase program under which the Company may repurchase up to $100.0 million of the Company's stock. This new program replaces the old stock repurchase program approved in May of 2023 in its entirety. During the three months ended March 31, 2026, the Company repurchased 401,869 shares of common stock for $16.1 million at a weighted average price per share of $40.07. The remaining authorization under the 2026 program as of March 31, 2026 was $83.9 million.

● &nbsp;&nbsp;&nbsp;&nbsp; Capital ratios continue to be well in excess of federal bank regulatory agency "well capitalized" thresholds, after deploying capital for the Vista acquisition. At March 31, 2026, our consolidated tier 1 leverage ratio was 10.45%, and our consolidated common equity tier 1 and tier 1 risk based capital ratios were 12.51%.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● The ratio of total shareholders' equity to total assets was 13.2% at March 31, 2026, compared to 14.0% at December 31, 2025. Our tangible common equity capital ratio totaled 9.6% at March 31, 2026, compared to 11.0% at December 31, 2025, after deploying capital for the Vista acquisition.

**Key Challenges**

Macroeconomic pressures have resulted in volatility and uncertainty in the banking industry and many other industries. Liquidity within the financial services sector remains tight, and we expect the intense competition for deposits throughout our markets to continue. While these are widespread challenges for the banking industry, the Company has not experienced a material impact to our financial condition, operations, client base, liquidity, capital position or risk profile.

Additionally, we face continual challenges implementing our business strategy. These include growing our assets, particularly loans, and deposits amidst intense competition, changing interest rates, adhering to changes in the regulatory environment and identifying and consummating disciplined acquisition and other expansionary opportunities in a competitive and inflationary environment. We will continue to make investments in our digital growth strategy and our digital financial ecosystem 2UniFi, and may also seek to partner with third parties to accelerate growth. 2UniFi may prove difficult to successfully scale and may require additional operational and control systems to manage fraud, cybersecurity, operational, legal and compliance risks.

While Vista integration activities are progressing and remain on track, acquisition integrations present operational and execution challenges. Integration activities require ongoing investments in systems, processes, and personnel. While the acquisition supports our long term growth strategy, the integration process may be more costly or time consuming than anticipated.

Future growth in our interest income will ultimately be dependent on our ability to originate high-quality loans and source other high-quality earning assets such as investment securities as well as our ability to access liquidity and manage our cost of funds. Over the past two years, the Federal Reserve lowered the prevailing interest rates by 175 basis points. While further rate changes remain unclear, our future earnings will be impacted by the Federal Reserve's future interest rate policy decisions. Management employs risk management policies to monitor and limit exposure to changes in market rates, which is discussed in more detail in the Asset/Liability Management and Interest Rate Risk section of Management's Discussion and Analysis.

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**Performance Overview**

In evaluating our consolidated statements of financial condition and results of operations financial statement line items, we evaluate and manage our performance based on key earnings indicators, balance sheet ratios, asset quality metrics and regulatory capital ratios, among others. The table below presents key performance indicators regularly used to analyze our business for the periods indicated:

**Key Metrics**<sup>(1)</sup>

---

| | | | |
|:---|:---|:---|:---|
|  | **As of and for the three months ended**  | **As of and for the three months ended**  | **As of and for the three months ended**  |
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** | **March 31,** <br>**2025** |
| Return on average assets | 0.70% | 0.65% | 0.99% |
| Return on average tangible assets<sup>(2)</sup> | 0.79% | 0.73% | 1.09% |
| Adjusted return on average tangible assets<sup>(2)(3)</sup> | 1.20% | 1.02% | 1.09% |
| Return on average equity | 5.02% | 4.57% | 7.42% |
| Return on average tangible common equity<sup>(2)</sup> | 7.75% | 6.58% | 10.64% |
| Adjusted return on average tangible common equity<sup>(2)(3)</sup> | 11.79% | 9.10% | 10.64% |
| Loan to deposit ratio (end of period)<sup>(4)</sup> | 91.90% | 89.64% | 90.77% |
| Non-interest bearing deposits to total deposits (end of period) | 24.60% | 26.58% | 26.30% |
| Net interest margin<sup>(5)</sup> | 3.98% | 3.80% | 3.85% |
| Net interest margin FTE<sup>(5)(6)</sup> | 4.06% | 3.89% | 3.93% |
| Interest rate spread FTE<sup>(6)(7)</sup> | 3.29% | 3.04% | 3.05% |
| Yield on earning assets<sup>(8)</sup> | 5.82% | 5.57% | 5.77% |
| Yield on earning assets FTE<sup>(6)(8)</sup> | 5.90% | 5.66% | 5.85% |
| Cost of funds | 1.98% | 1.93% | 2.07% |
| Cost of deposits | 1.94% | 1.92% | 2.03% |
| Non-interest income to total revenue FTE<sup>(6)(9)</sup> | 13.94% | 14.05% | 14.79% |
| Efficiency ratio FTE<sup>(6)</sup> | 75.09% | 70.55% | 59.64% |
| Adjusted efficiency ratio FTE<sup>(3)(6)</sup> | 61.28% | 61.38% | 57.74% |
| Pre-provision net revenue FTE<sup>(2)(6)</sup> | $32126 | $30249 | $41960 |
| Adjusted pre-provision net revenue FTE<sup>(2)(3)(6)</sup> | 47475 | 39009 | 41960 |
| **Total Loans Asset Quality Data**<sup>(4)(10)(11)</sup> |  |  |  |
| Non-performing loans to total loans | 0.31% | 0.34% | 0.45% |
| Non-performing assets to total loans and OREO | 0.35% | 0.36% | 0.46% |
| Allowance for credit losses to total loans | 1.18% | 1.18% | 1.18% |
| Allowance for credit losses to non-performing loans | 378.38% | 350.90% | 260.52% |
| Net charge-offs to average loans | 0.34% | 0.54% | 0.80% |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp; Ratios are annualized.

(2) &nbsp;&nbsp;&nbsp;&nbsp; Represents a non-GAAP financial measure. See Non-GAAP Financial Measures and Reconciliations below.

(3) &nbsp;&nbsp;&nbsp;&nbsp; Ratios are adjusted for acquisition-related and restructuring expenses. See Non-GAAP Financial Measures and Reconciliations below.

(4) Total loans are net of unearned discounts and fees.

(5) Net interest margin represents net interest income, including accretion income on interest earning assets, as a percentage of average interest earning assets.

(6) &nbsp;&nbsp;&nbsp;&nbsp; Presented on an FTE basis using the statutory rate of 21% for all periods presented. The taxable equivalent adjustments included above are $2,182, $2,059 and $1,910 for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

(7) &nbsp;&nbsp;&nbsp;&nbsp; Interest rate spread represents the difference between the weighted average yield on interest earning assets, including FTE income, and the weighted average cost of interest bearing liabilities. Ratio represents non-GAAP financial measure.

(8) Interest earning assets include assets that earn interest/accretion or dividends. Any market value adjustments on investment securities or loans are excluded from interest earning assets.

(9) Non-interest income to total revenue represents non-interest income divided by the sum of net interest income FTE and non-interest income.

(10) Non-performing loans consist of non-accruing loans.

(11) Non-performing assets include non-performing loans and OREO.

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**Non-GAAP Financial Measures and Reconciliations**

**About Non-GAAP Financial Measures**

Certain financial measures and ratios presented are supplemental measures that are not required by, or are not presented in accordance with, U.S. GAAP. We refer to these financial measures and ratios as "non-GAAP financial measures." We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods.

These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these differences by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance.

Reconciliations of our non-GAAP financial measures to the comparable GAAP financial measures are as follows:

**Tangible Book Value Ratios**

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| | | | |
|:---|:---|:---|:---|
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** | **March 31,** <br>**2025** |
| Total shareholders' equity | $1664875 | $1385114 | $1329308 |
| Less: goodwill and other intangible assets, net | (516672) | (348961) | (354800) |
| Add: deferred tax liability related to goodwill | 14050 | 13947 | 13638 |
| Tangible common equity (non-GAAP) | $1162253 | $1050100 | $988146 |
| Total assets | $12614408 | $9883518 | $10098870 |
| Less: goodwill and other intangible assets, net | (516672) | (348961) | (354800) |
| Add: deferred tax liability related to goodwill | 14050 | 13947 | 13638 |
| Tangible assets (non-GAAP) | $12111786 | $9548504 | $9757708 |
| **Tangible common equity to tangible assets calculations:** |  |  |  |
| Total shareholders' equity to total assets | 13.20% | 14.01% | 13.16% |
| Less: impact of goodwill and other intangible assets, net | (3.60)% | (3.01)% | (3.03)% |
| Tangible common equity to tangible assets (non-GAAP) | 9.60% | 11.00% | 10.13% |
| **Tangible book value per share calculations:** |  |  |  |
| Tangible common equity (non-GAAP) | $1162253 | $1050100 | $988146 |
| Divided by: ending shares outstanding | 44692472 | 37772516 | 38094105 |
| Tangible book value per share (non-GAAP) | $26.01 | $27.80 | $25.94 |

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**Return on Average Tangible Assets and Return on Average Tangible Equity**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of and for the three months ended** | **As of and for the three months ended** | **As of and for the three months ended** |
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** | **March 31,** <br>**2025** |
| Net income | $20793 | $16036 | $24231 |
| Add: adjustments, after tax (non-GAAP)<sup>(1)</sup> | 11814 | 6712 |  |
| Adjusted net income (non-GAAP)<sup>(1)</sup> | $32607 | $22748 | $24231 |
| Net income | $20793 | $16036 | $24231 |
| Add: impact of other intangible assets amortization expense, after tax (non-GAAP) | 1897 | 1491 | 1516 |
| Net income excluding the impact of other intangible assets amortization expense, after tax (non-GAAP) | $22690 | $17527 | $25747 |
| Net income excluding the impact of other intangible assets amortization expense, after tax (non-GAAP) | $22690 | $17527 | $25747 |
| Add: adjustments, after tax (non-GAAP)<sup>(1)</sup> | 11814 | 6712 |  |
| Net income excluding the impact of other intangible assets amortization expense, adjusted for acquisition-related expenses, restructuring expenses and loss on security sales, after tax (non-GAAP)<sup>(1)</sup> | $34504 | $24239 | $25747 |
| Average assets | $12132345 | $9797053 | $9916023 |
| Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill (non-GAAP) | (492642) | (336252) | (342425) |
| Average tangible assets (non-GAAP) | $11639703 | $9460801 | $9573598 |
| Average shareholders' equity | $1679262 | $1392563 | $1323915 |
| Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill (non-GAAP) | (492642) | (336252) | (342425) |
| Average tangible common equity (non-GAAP) | $1186620 | $1056311 | $981490 |
| Return on average assets | 0.70% | 0.65% | 0.99% |
| Return on average tangible assets (non-GAAP) | 0.79% | 0.73% | 1.09% |
| Adjusted return on average tangible assets (non-GAAP)<sup>(1)</sup> | 1.20% | 1.02% | 1.09% |
| Return on average equity | 5.02% | 4.57% | 7.42% |
| Return on average tangible common equity (non-GAAP) | 7.75% | 6.58% | 10.64% |
| Adjusted return on average tangible common equity (non-GAAP)<sup>(1)</sup> | 11.79% | 9.10% | 10.64% |
| **Adjustments:** |  |  |  |
| Non-interest income adjustments: |  |  |  |
| &nbsp;&nbsp;Loss on security sales<sup>(2)</sup> | $— | $3348 | $— |
| Non-interest expense adjustments: |  |  |  |
| &nbsp;&nbsp;Acquisition-related expenses | 14342 | 5412 |  |
| &nbsp;&nbsp;Restructuring expenses<sup>(3)</sup> | 1007 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjustments before tax (non-GAAP) | 15349 | 8760 |  |
| &nbsp;&nbsp;Tax benefit impact | (3535) | (2048) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments after tax (non-GAAP) | $11814 | $6712 | $— |

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(1) For details, refer to the "Adjustments" section at the bottom of the table.

(2) &nbsp;&nbsp;&nbsp;&nbsp; Adjusted for the loss on security sales incurred as part of the Company's strategic balance sheet management during the fourth quarter of 2025.

(3) Restructuring expenses are primarily related to banking center consolidation expenses.

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**Efficiency Ratio and Pre-Provision Net Revenue**

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| | | | |
|:---|:---|:---|:---|
|  | **As of and for the three months ended** | **As of and for the three months ended** | **As of and for the three months ended** |
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** | **March 31,** <br>**2025** |
| Net interest income FTE<sup>(1)</sup> | $110984 | $88264 | $88601 |
| Non-interest income | $17979 | $14433 | $15376 |
| Add: loss on security sales |  | 3348 |  |
| Adjusted non-interest income (non-GAAP) | $17979 | $17781 | $15376 |
| Non-interest expense | $96837 | $72448 | $62017 |
| Less: other intangible assets amortization | (2464) | (1946) | (1977) |
| Less: acquisition-related expenses and restructuring expenses | (15349) | (5412) |  |
| Adjusted non-interest expense, excluding other intangible assets amortization (non-GAAP) | $79024 | $65090 | $60040 |
| Non-interest expense | $96837 | $72448 | $62017 |
| Less: acquisition-related expenses and restructuring expenses | (15349) | (5412) |  |
| Adjusted non-interest expense (non-GAAP) | $81488 | $67036 | $62017 |
| Efficiency ratio FTE<sup>(1)</sup> | 75.09% | 70.55% | 59.64% |
| Adjusted efficiency ratio FTE (non-GAAP)<sup>(1)(2)</sup> | 61.28% | 61.38% | 57.74% |
| Net income | $20793 | $16036 | $24231 |
| Add: income tax expense | 5151 | 3054 | 5619 |
| Add: provision expense for credit losses | 4000 | 9100 | 10200 |
| Add: impact of taxable equivalent adjustment | 2182 | 2059 | 1910 |
| Pre-provision net revenue, FTE (non-GAAP)<sup>(1)</sup> | $32126 | $30249 | $41960 |
| Pre-provision net revenue, FTE (non-GAAP)<sup>(1)</sup> | $32126 | $30249 | $41960 |
| Add: acquisition-related expenses | 14342 | 5412 |  |
| Add: restructuring expenses | 1007 |  |  |
| Add: loss on security sales |  | 3348 |  |
| Adjusted pre-provision net revenue FTE (non-GAAP)<sup>(1)</sup> | $47475 | $39009 | $41960 |

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(1) &nbsp;&nbsp;&nbsp;&nbsp; Presented on an FTE basis using the statutory rate of 21% for all periods presented. The taxable equivalent adjustments included above are $2,182, $2,059 and $1,910 for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

(2) Adjusted efficiency ratio FTE excludes other intangible assets amortization, acquisition-related expenses, restructuring expenses and loss on security sales.

**Adjusted Net Income and Earnings Per Share**

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| | | | |
|:---|:---|:---|:---|
|  | **As of and for the three months ended** | **As of and for the three months ended** | **As of and for the three months ended** |
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** | **March 31,** <br>**2025** |
| **Adjustments to net income:** |  |  |  |
| Net income | $20793 | $16036 | $24231 |
| Add: acquisition-related expenses, after tax | 11039 | 4147 |  |
| Add: restructuring expenses, after tax | 775 |  |  |
| Add: loss on security sales, after tax |  | 2565 |  |
| Adjusted net income (non-GAAP) | $32607 | $22748 | $24231 |
| **Adjustments to earnings per share:** |  |  |  |
| Earnings per share - diluted | $0.46 | $0.42 | $0.63 |
| Add: acquisition-related expenses, after tax | 0.24 | 0.11 |  |
| Add: restructuring expenses, after tax | 0.02 |  |  |
| Add: loss on security sales, after tax |  | 0.07 |  |
| Adjusted earnings per share - diluted (non-GAAP) | $0.72 | $0.60 | $0.63 |

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**Application of Critical Accounting Policies and Significant Estimates**

We use accounting principles and methods that conform to GAAP and general banking practices. We are required to apply significant judgment and make material estimates in the preparation of our financial statements and with regard to various accounting, reporting and disclosure matters. Assumptions and estimates are required to apply these principles where actual measurement is not possible or practical. The most significant of these estimates is described below.

*Acquired loans*

ASC Topic 805, *Business Combinations*, requires all acquired loans be recorded at fair value at the date of acquisition. The fair value for acquired loans at the time of acquisition is based on a variety of factors including discounted expected cash flows, adjusted for estimated prepayments and credit losses. In accordance with ASC 326, the fair value adjustment is recorded as premium or discount to the unpaid principal balance of each acquired loan. The net premium or discount on loans includes credit quality and interest rate considerations and is accreted or amortized into interest income over the remaining life of the loan using the level yield method. The Company early adopted ASU 2025-08, *Financial Instruments - Credit Losses* (Topic 326): *Purchased Loans* on January 1, 2026. That update amends the guidance in ASC 326 related to the accounting for purchased loans so that loans are recorded at their purchase price plus an allowance for expected credit losses, commonly known as the gross-up method.

*Allowance for credit losses*

The determination of the ACL, which represents management's estimate of lifetime credit losses inherent in our loan portfolio at the balance sheet date, involves a high degree of judgment and complexity. The Company estimates the ACL by first disaggregating the loan portfolio into segments based upon broad characteristics such as primary use and underlying collateral. Within these segments, the portfolio is further disaggregated into classes of loans with similar attributes and risk characteristics. The ACL is determined at the class level, analyzing loss history based upon specific loss drivers and risk factors affecting each loan class. The Company utilizes a DCF model developed within a third-party software tool that incorporates forecasts of certain national macroeconomic factors (reasonable and supportable forecasts) which drive the losses predicted in establishing the Company's ACL. Management accounts for the inherent uncertainty of the underlying economic forecast by reviewing and weighting alternate forecast scenarios. For periods beyond the reasonable and supportable forecast period, the Company reverts to historical long-term average loss rates on a straight-line basis. Additionally, the ACL calculation includes subjective adjustments for qualitative risk factors that are likely to cause estimated credit losses to differ from historical experience. Changes in these assumptions, estimates or the conditions surrounding them may have a material impact on our financial condition.

**Future Accounting Pronouncements**

In December 2025, the FASB issued ASU 2025-11, *Interim Reporting* (Topic 270)*: Narrow-scope Improvements*. The update amends the guidance in ASC 270 to improve the required interim disclosures and clarify when that guidance is applicable as well as clarify disclosures that should be provided in interim reporting periods. The guidance also requires entities to disclose events taking place after the end of the last annual reporting period that have a material impact. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact from ASU 2025-11 and does not expect the adoption of this pronouncement to have a material impact on its financial statements.

In November 2025, the FASB issued ASU 2025-09, *Derivatives and Hedging* (Topic 815)*: Hedge Accounting Improvements*. The update includes targeted changes to the guidance in ASC 815 to better reflect risk management, reduce complexity and align with economic reality. The update will allow grouping of hedged items for forecasts with similar risk, more flexibility for variable-rate debt and simplified accounting for certain complex hedges, including swaps and options. It primarily affects cash flow hedges. The standard is effective for interim and annual reporting periods beginning after December 15, 2026. Early adoption is permitted. The guidance must be adopted on a prospective basis, and there are transition provisions designed to assist in migrating existing hedging relationships to the new guidance. The Company is currently evaluating the impact from ASU 2025-09 and does not expect the adoption of this pronouncement to have a material impact on its financial statements.

In November 2024, the FASB issued ASU 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures* (Topic 220)*: Disaggregation of Income Statement Expenses*. The update requires public business entities to disclose specific components of certain expense categories. This includes expense categories such as employee compensation, depreciation,

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and intangible asset amortization. The amendments in this update are effective for fiscal years beginning after December 15, 2026 and are to be applied on a prospective basis with an option for retrospective application. Early adoption is permitted. The Company has evaluated the impact from ASU 2024-03 and does not expect the adoption of this pronouncement to have a material impact on its financial statements apart from the inclusion of additional disclosures.

**Financial Condition**

As of March 31, 2026, the Vista acquisition added $2.5 billion of total assets, including $339.1 million of cash and cash equivalents, $145.5 million of investment securities, $1.9 billion of loans and $29.5 million of allowance for credit losses. The acquisition also included total deposits of $2.2 billion.

At March 31, 2026, the Company's total assets, including the additions from the Vista acquisition, were $12.6 billion, increasing $2.7 billion, or 27.6%, from December 31, 2025. Cash and cash equivalents increased $55.7 million from December 31, 2025, and investment securities increased $182.1 million. Loans totaled $9.6 billion and $7.4 billion at March 31, 2026 and December 31, 2025, respectively, and the allowance for credit losses totaled $113.5 million and $87.4 million at March 31, 2026 and December 31, 2025, respectively. During the three months ended March 31, 2026, lower-cost transaction deposits increased $2.0 billion to $9.2 billion, compared to December 31, 2025. Total deposits increased $2.2 billion to $10.5 billion at March 31, 2026, compared to December 31, 2025.

*Investment securities*

Available-for-sale

Total investment securities available-for-sale were $605.2 million at March 31, 2026, compared to $528.6 million at December 31, 2025. During the three months ended March 31, 2026 and 2025, purchases of available-for-sale securities totaled $144.8 million and $142.2 million, respectively. During 2026, the Company acquired available-for-sale securities with a fair value of $145.5 million related to the Vista acquisition. Paydowns and maturities totaled $33.3 million and $48.4 million during the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2026, the Company sold $176.9 million of available-for-sale securities, primarily related to Vista securities. There were no sales of available-for-sale securities during the three months ended March 31, 2025.

Available-for-sale investment securities are summarized in the following table as of the dates indicated. The weighted average yield was calculated based on amortized cost. Yields on tax-exempt securities have not been adjusted for tax-exempt status.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | <br>**Amortized**<br>**cost** | <br>**Fair**<br>**value** | <br>**Percent of**<br>**portfolio** | **Weighted**<br>**average**<br>**yield** | <br>**Amortized**<br>**cost** | <br>**Fair**<br>**value** | <br>**Percent of**<br>**portfolio** | **Weighted**<br>**average**<br>**yield** |
| Treasury securities | $53341 | $53677 | 8.9% | 4.26% | $73144 | $74226 | 14.1% | 4.35% |
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises | 218308 | 200971 | 33.2% | 2.80% | 173308 | 157665 | 29.8% | 2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises | 395618 | 350268 | 57.9% | 2.57% | 338768 | 296026 | 56.0% | 2.31% |
| Corporate debt |  |  | 0.0% | 0.00% |  |  | 0.0% | 0.00% |
| Other securities | 251 | 251 | 0.0% | 0.00% | 722 | 722 | 0.1% | 0.00% |
| &nbsp;&nbsp;Total investment securities available-for-sale | $667518 | $605167 | 100.0% | 2.78% | $585942 | $528639 | 100.0% | 2.64% |

---

As of March 31, 2026 and December 31, 2025, nearly all the available-for-sale investment portfolio was backed by mortgages. The residential mortgage pass-through securities portfolio is comprised of both fixed-rate and adjustable-rate FHLMC, FNMA and GNMA securities. The other MBS are comprised of securities backed by FHLMC, FNMA and GNMA securities.

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Mortgage-backed securities may have actual maturities that differ from contractual maturities depending on the repayment characteristics and experience of the underlying financial instruments. The estimated weighted average life of the available-for-sale mortgage-backed securities portfolio was 4.3 years and 4.6 years at March 31, 2026 and December 31, 2025, respectively. This estimate is based on assumptions and actual results may differ. At March 31, 2026 and December 31, 2025, the duration of the total available-for-sale investment portfolio was 3.6 years and 3.9 years, respectively.

At March 31, 2026 and December 31, 2025, adjustable-rate securities comprised 2.8% and 0.6%, respectively, of the available-for-sale MBS portfolio. The remainder of the portfolio was comprised of fixed-rate amortizing securities with 10- to 30-year contractual maturities, with a weighted average coupon of 2.46% per annum and 2.30% per annum at March 31, 2026 and December 31, 2025, respectively.

The available-for-sale investment portfolio included $63.2 million of unrealized losses and $0.8 million of unrealized gains at March 31, 2026. At December 31, 2025, the available-for-sale investment portfolio included $60.2 million of unrealized losses and $2.9 million of unrealized gains. We believe any unrealized losses are a result of prevailing interest rates, and as such, we do not believe that any of the securities with unrealized losses were impaired. Management believes that default of the available-for-sale securities is highly unlikely. FHLMC, FNMA and GNMA guaranteed mortgage-backed securities and U.S. Treasury securities have a long history of zero credit losses, an explicit guarantee by the U.S. government (although limited for FNMA and FHLMC securities) and yields that generally trade based on market views of prepayment and liquidity risk rather than credit risk.

Our investment security portfolio consists of high-quality securities, which are largely backed by either U.S. government agencies or GSEs. We regularly model liquidity stress scenarios to assess potential liquidity issues.

Held-to-maturity

Held-to-maturity investment securities totaled $757.4 million at March 31, 2026, compared to $651.7 million at December 31, 2025, an increase of $105.6 million, or 16.2%. Purchases during the three months ended March 31, 2026 and 2025 totaled $137.9 million and $190.6 million, respectively. Maturities and paydowns of held-to-maturity securities totaled $32.8 million and $17.0 million during the three months ended March 31, 2026 and 2025, respectively.

Held-to-maturity investment securities are summarized as follows as of the dates indicated:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | <br>**Amortized**<br>**cost** | <br>**Fair**<br>**value** | <br>**Percent of**<br>**portfolio** | **Weighted**<br>**average**<br>**yield** | <br>**Amortized**<br>**cost** | <br>**Fair**<br>**value** | <br>**Percent of**<br>**portfolio** | **Weighted**<br>**average**<br>**yield** |
| Treasury securities | $24958 | $24930 | 3.3% | 3.10% | $24900 | $24851 | 3.8% | 3.10% |
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage pass-through securities issued or guaranteed by U.S. government agencies or sponsored enterprises | 244697 | 221420 | 32.3% | 2.38% | 236535 | 213974 | 36.3% | 2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other residential MBS issued or guaranteed by U.S. government agencies or sponsored enterprises | 487695 | 452664 | 64.4% | 3.53% | 390297 | 358624 | 59.9% | 3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment securities held-to-maturity | $757350 | $699014 | 100.0% | 3.14% | $651732 | $597449 | 100.0% | 2.97% |

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The residential mortgage pass-through and other residential MBS held-to-maturity investment portfolios are comprised of fixed-rate FHLMC, FNMA and GNMA securities.

The fair value of the held-to-maturity investment portfolio included $59.6 million of unrealized losses and $1.3 million of unrealized gains at March 31, 2026. At December 31, 2025, the held-to-maturity investment portfolio included $57.3 million of unrealized losses and $3.0 million of unrealized gains.

The Company does not measure expected credit losses on a financial asset, or groups of financial assets, in which historical credit loss information adjusted for current conditions and reasonable and supportable forecasts results in an expectation that nonpayment of the amortized cost basis is zero. Management evaluated held-to-maturity securities noting they are backed by loans guaranteed by either U.S. government agencies or GSEs, and management believes that default is highly unlikely given this governmental backing and long history without credit losses. Additionally, management notes that yields on which the portfolio generally trades are based upon

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market views of prepayment and liquidity risk and not credit risk. The Company has no intention to sell the securities and believes it will not be required to sell the securities before the recovery of their amortized cost.

Mortgage-backed securities may have actual maturities that differ from contractual maturities depending on the repayment characteristics and experience of the underlying financial instruments. The estimated weighted average expected life of the held-to-maturity mortgage-backed securities portfolio as of March 31, 2026 and December 31, 2025 was 3.9 years and 4.3 years, respectively. This estimate is based on assumptions and actual results may differ. The duration of the total held-to-maturity investment portfolio was 3.3 years and 3.6 years as of March 31, 2026 and December 31, 2025, respectively.

Other securities

The carrying balances of other securities are summarized as follows as of the dates indicated:

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| FRB, FHLB and correspondent bank stock | $35479 | $24641 |
| Convertible preferred stock | 18508 | 18508 |
| Equity method investments | 36103 | 32426 |
| Equity securities with readily determinable fair values | 367 | 5059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $90457 | $80634 |

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Other securities included FRB stock, FHLB stock, correspondent bank stock, convertible preferred stock, equity method investments and equity securities with readily determinable fair values. During the three months ended March 31, 2026, purchases of other securities totaled $12.7 million, proceeds from maturities and paydowns of other securities totaled $2.2 million, and proceeds from sales of other securities totaled $10.4 million. During the three months ended March 31, 2025 , purchases of other securities totaled $15.9 million and proceeds from other securities totaled $15.7 million. Purchases consisted primarily of FHLB stock, and proceeds consisted primarily of sales of FHLB stock. Changes in the Company's FHLB stock holdings directly correlate to FHLB line of credit advances and paydowns.

*FRB, FHLB and correspondent bank stock*

At March 31, 2026 and December 31, 2025, the Company held FRB, FHLB and correspondent bank stock for regulatory or debt facility purposes. These are restricted securities which, lacking a market, are carried at cost. There have been no identified events or changes in circumstances that may have an adverse effect on the FRB, FHLB and correspondent bank stock carried at cost.

*Convertible preferred stock*

Other securities include convertible preferred stock without a readily determinable fair value. During the three months ended March 31, 2026 and 2025, the Company had no purchases of convertible preferred stock.

*Equity method investments*

Other securities also include equity method investments totaling $36.1 million and $32.4 million at March 31, 2026 and December 31, 2025, respectively. Purchases of equity method investments during the three months ended March 31, 2026 and 2025 totaled $2.2 million and $0.5 million, respectively. During the three months ended March 31, 2026 and 2025, the Company recorded net unrealized gains totaling $0.1 million and net unrealized losses totaling $0.3 million, respectively, on equity method investments. These gains and losses were recorded in other non-interest income in the Company's consolidated statements of operations. Carrying values of equity method investments without a readily determinable fair value are updated periodically and impairments may be taken to reflect a new basis. The Company recorded no impairment related to equity method investments without a readily determinable fair value for the three months ended March 31, 2026 or the year ended December 31, 2025.

*Equity securities with readily determinable fair values*

Equity securities with readily determinable fair values are generally traded on an exchange and market prices are readily available. Unrealized gains or losses on equity securities with readily determinable fair values are recognized in other non-interest income in the Company's consolidated statements of operations. During the three months ended March 31, 2026 and 2025, the Company sold $4.6

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million and zero, respectively, of equity securities with readily determinable fair values, resulting in a realized loss totaling $0.7 million in the first quarter of 2026. During the three months ended March 31, 2026 and 2025, the Company recorded $0.1 million and zero, respectively, of unrealized losses from equity securities with readily determinable fair values.

*Loans overview*

At March 31, 2026, our loan portfolio was comprised of loans originated by the Company and loans that were acquired in connection with the Company's acquisitions.

The table below shows the loan portfolio composition at the respective dates:

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| | | | |
|:---|:---|:---|:---|
|  | <br>**March 31, 2026** | <br>**December 31, 2025** | **March 31, 2026 vs.**<br>**December 31, 2025**<br>**% Change** |
| Originated: |  |  |  |
| &nbsp;&nbsp;Commercial: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $2073442 | $1948331 | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal and non-profit | 1290778 | 1273508 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner-occupied commercial real estate | 892378 | 950270 | (6.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Food and agribusiness | 185368 | 208009 | (10.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 4441966 | 4380118 | 1.4% |
| &nbsp;&nbsp;Commercial real estate non-owner occupied | 1189200 | 1030069 | 15.4% |
| &nbsp;&nbsp;Residential real estate | 974316 | 927663 | 5.0% |
| &nbsp;&nbsp;Consumer | 13340 | 12771 | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total originated | 6618822 | 6350621 | 4.2% |
| Acquired: |  |  |  |
| &nbsp;&nbsp;Commercial: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | 688955 | 89373 | 670.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal and non-profit | 246 | 253 | (2.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner-occupied commercial real estate | 399285 | 178348 | 123.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Food and agribusiness | 46295 | 20061 | 130.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 1134781 | 288035 | 294.0% |
| &nbsp;&nbsp;Commercial real estate non-owner occupied | 1350322 | 552359 | 144.5% |
| &nbsp;&nbsp;Residential real estate | 506257 | 242036 | 109.2% |
| &nbsp;&nbsp;Consumer | 1304 | 305 | 327.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total acquired | 2992664 | 1082735 | 176.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | $9611486 | $7433356 | 29.3% |

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The Company maintains a granular and well-diversified loan portfolio with self-imposed concentration limits. At March 31, 2026, loans totaled $9.6 billion, compared to $7.4 billion at December 31, 2025. The increase was driven by record quarterly loan fundings totaling $805.5 million on top of acquired Vista loans totaling $1.9 billion.

Our commercial and industrial loan portfolio is highly diversified across industry sectors and geography. At March 31, 2026, there were no industry sectors representing more than 15.0% of our total loan portfolio. Key sectors included government/non-profit loans of $1.0 billion, or 10.7% of total loans, and health care/hospital loans of $488.0 million, or 5.1% of total loans. The commercial and industrial portfolio also includes loans to companies that operate in the transportation industry. The transportation industry, trucking in particular, has experienced recent economic challenges. As a result of these industry challenges, some of the transportation loans may be subject to higher credit risk. The Company has intentionally reduced exposure to this industry to $130.1 million, or 1.4% of total loans, at March 31, 2026.

Non-owner occupied CRE loans were 163.1% of the Company's risk based capital, or 26.4% of total loans, and no specific property type comprised more than 7.0% of total loans. The Company maintains limited exposure to non-owner occupied CRE retail properties and office properties, comprising 4.0% and 2.3% of total loans, respectively, including available credit. Multifamily loans totaled $324.9 million, including available credit, or 3.4% of total loans, as of March 31, 2026.

The agriculture industry continues to be impacted by volatile commodity prices and generally by higher input costs, combining to stress margins. Our food and agribusiness portfolio is 2.4% of total loans and is well-diversified across food production, crop and livestock types. Crop and livestock loans represent 0.7% of total loans. We have maintained relationships with food and agribusiness

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clients that generally possess low leverage and, correspondingly, low bank debt to assets, minimizing potential credit losses in the future.

New loan origination is a direct result of our ability to recruit and retain top banking talent, connect with clients in our markets and provide needed services at competitive rates. Loan fundings totaled $2.1 billion over the trailing 12 months, led by commercial loan fundings of $1.4 billion. Loan fundings during the three months ended March 31, 2026 totaled a record $805.5 million. Fundings are defined as closed-end funded loans and revolving lines of credit advances, net of any current period paydowns. Management utilizes this more conservative definition of fundings to better approximate the impact of fundings on loans outstanding and ultimately net interest income.

The following table represents new loan fundings for the periods presented:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **First quarter**<br>**2026** | **Fourth quarter**<br>**2025** | **Third quarter**<br>**2025** | **Second quarter**<br>**2025** | **First quarter**<br>**2025** |
| Commercial: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $346250 | $237813 | $159250 | $133402 | $108594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal and non-profit | 45000 | 119918 | 81418 | 34393 | 12506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owner occupied commercial real estate | 49556 | 66798 | 42362 | 47233 | 37762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and agribusiness | 5697 | 4437 | 5015 | 4576 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 446503 | 428966 | 288045 | 219604 | 160200 |
| Commercial real estate non-owner occupied | 268021 | 96482 | 81136 | 56770 | 65254 |
| Residential real estate | 89375 | 64161 | 49877 | 44470 | 29300 |
| Consumer | 1583 | 1399 | 2142 | 1823 | 970 |
| &nbsp;&nbsp;Total | $805482 | $591008 | $421200 | $322667 | $255724 |

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Included in fundings are net fundings (paydowns) under revolving lines of credit totaling $65,273, $95,774, ($1,591), $15,490 and $21,752 for the periods noted in the table above, respectively.

The tables below show the contractual maturities of our total loans for the dates indicated:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Due within**<br>**1 year** | **Due after 1 but**<br>**within 5 years** | **Due after 5 but**<br>**within 15 years** | **Due after**<br>**15 years** | <br>**Total** |
| Commercial: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $603912 | $1757986 | $358793 | $41706 | $2762397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal and non-profit | 22437 | 205723 | 707203 | 355661 | 1291024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owner occupied commercial real estate | 196061 | 521168 | 488748 | 85686 | 1291663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and agribusiness | 32486 | 106188 | 77250 | 15739 | 231663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 854896 | 2591065 | 1631994 | 498792 | 5576747 |
| Commercial real estate non-owner occupied | 688541 | 1451270 | 390788 | 8923 | 2539522 |
| Residential real estate | 102999 | 223676 | 225884 | 928014 | 1480573 |
| Consumer | 5012 | 7954 | 1649 | 29 | 14644 |
| &nbsp;&nbsp;Total loans | $1651448 | $4273965 | $2250315 | $1435758 | $9611486 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Due within**<br>**1 year** | **Due after 1 but**<br>**within 5 years** | **Due after 5 but**<br>**within 15 years** | **Due after**<br>**15 years** | <br>**Total** |
| Commercial: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $373744 | $1358943 | $293546 | $11471 | $2037704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal and non-profit | 23845 | 207944 | 726237 | 315735 | 1273761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owner occupied commercial real estate | 170825 | 428000 | 448893 | 80900 | 1128618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and agribusiness | 34226 | 100263 | 79247 | 14334 | 228070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 602640 | 2095150 | 1547923 | 422440 | 4668153 |
| Commercial real estate non-owner occupied | 415208 | 792312 | 365852 | 9056 | 1582428 |
| Residential real estate | 42634 | 194423 | 214146 | 718496 | 1169699 |
| Consumer | 4173 | 7440 | 1463 |  | 13076 |
| &nbsp;&nbsp;Total loans | $1064655 | $3089325 | $2129384 | $1149992 | $7433356 |

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The stated interest rate (which excludes the effects of non-refundable loan origination and commitment fees, net of costs and the accretion of fair value marks) of total loans with maturities over one year is as follows at the dates indicated:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Fixed** | **Fixed** | **Variable** | **Variable** | **Total** | **Total** |
|  | <br>**Balance** | **Weighted**<br>**average rate** | <br>**Balance** | **Weighted**<br>**average rate** | <br>**Balance** | **Weighted**<br>**average rate** |
| Commercial: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $510798 | 5.01% | $1638946 | 6.67% | $2149744 | 6.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal and non-profit<sup>(1)</sup> | 1270871 | 4.26% | 17786 | 4.84% | 1288657 | 4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owner occupied commercial real estate | 296485 | 4.19% | 799117 | 6.74% | 1095602 | 6.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and agribusiness | 23402 | 7.07% | 175775 | 6.66% | 199177 | 6.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 2101556 | 4.66% | 2631624 | 6.68% | 4733180 | 5.80% |
| Commercial real estate non-owner occupied | 685983 | 5.26% | 1164998 | 6.26% | 1850981 | 5.89% |
| Residential real estate | 622759 | 4.88% | 754815 | 5.57% | 1377574 | 5.26% |
| Consumer | 5238 | 7.35% | 4394 | 6.79% | 9632 | 7.09% |
| &nbsp;&nbsp;Total loans with > 1 year maturity | $3415536 | 4.82% | $4555831 | 6.39% | $7971367 | 5.73% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Fixed** | **Fixed** | **Variable** | **Variable** | **Total** | **Total** |
|  | <br>**Balance** | **Weighted**<br>**average rate** | <br>**Balance** | **Weighted**<br>**average rate** | <br>**Balance** | **Weighted**<br>**average rate** |
| Commercial: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $319305 | 5.97% | $1344655 | 6.57% | $1663960 | 6.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal and non-profit<sup>(1)</sup> | 1250767 | 4.24% | 17962 | 5.07% | 1268729 | 4.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owner occupied commercial real estate | 244861 | 4.33% | 712932 | 6.91% | 957793 | 6.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and agribusiness | 20817 | 6.85% | 173027 | 6.53% | 193844 | 6.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | 1835750 | 4.69% | 2248576 | 6.66% | 4084326 | 5.81% |
| Commercial real estate non-owner occupied | 445733 | 4.74% | 721486 | 6.06% | 1167219 | 5.56% |
| Residential real estate | 425431 | 4.28% | 701634 | 5.53% | 1127065 | 5.06% |
| Consumer | 5121 | 6.95% | 3782 | 6.72% | 8903 | 6.85% |
| &nbsp;&nbsp;Total loans with > 1 year maturity | $2712035 | 4.64% | $3675478 | 6.33% | $6387513 | 5.63% |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp; Included in municipal and non-profit fixed-rate loans are loans totaling $396,411 and $365,224 that have been swapped to variable rates at current market pricing at March 31, 2026 and December 31, 2025, respectively. Included in the municipal and non-profit segment are tax-exempt loans totaling $1,035,809 and $1,013,078 with an FTE weighted average rate of 4.94% and 4.79% at March 31, 2026 and December 31, 2025, respectively.

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*Asset quality*

Asset quality is fundamental to our success and remains a strong point, driven by our disciplined adherence to our self-imposed concentration limits across industry sector and real estate property type. Accordingly, for the origination of loans, we have established a credit policy that allows for responsive, yet controlled lending with credit approval requirements that are scaled to loan size. Within the scope of the credit policy, each prospective loan is reviewed in order to determine the appropriateness and the adequacy of the loan characteristics and the security or collateral prior to making a loan. We have established underwriting standards and loan origination procedures that require appropriate documentation, including financial data and credit reports. For loans secured by real property, we require property appraisals, title insurance or a title opinion, hazard insurance and flood insurance, in each case where appropriate.

Additionally, we have implemented procedures to timely identify loans that may become problematic in order to ensure the most beneficial resolution for the Company. Asset quality is monitored by our credit risk management department and evaluated based on quantitative and subjective factors such as the timeliness of contractual payments received. Additional factors that are considered, particularly with commercial loans over $500,000, include the financial condition and liquidity of individual borrowers and guarantors, if any, and the value of our collateral. To facilitate the oversight of asset quality, loans are categorized based on the number of days past due and on an internal risk rating system, as discussed in more detail below.

The Company's policy is to review each prospective credit to determine the appropriateness and the adequacy of security or collateral prior to making a loan. In the event of borrower default, the Company seeks recovery in compliance with lending laws, the respective loan agreements, and credit monitoring and remediation procedures that may include modifying a loan to provide a concession by the Company to the borrower from their original terms due to borrower financial difficulties in order to facilitate repayment. Loan modifications may include principal forgiveness, interest rate reductions, other-than-insignificant-payment delays, term extensions or any combination thereof. Modified loans are discussed further in note 6 of our consolidated financial statements. Assets that have been foreclosed on or acquired through deed-in-lieu of foreclosure are classified as OREO until sold, and are carried at the fair value of the collateral less estimated costs to sell, with any initial valuation adjustments charged to the ACL and any subsequent declines in carrying value charged to impairments on OREO.

*Non-performing assets and past due loans*

Non-performing assets consist of non-accrual loans and OREO. Interest income that would have been recorded had non-accrual loans performed in accordance with their original contract terms during the three months ended March 31, 2026 and 2025 was $0.6 million and $0.7 million, respectively.

Past due status is monitored as an indicator of credit deterioration. Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement remains unpaid after the due date of the scheduled payment. Loans that are 90 days or more past due are put on non-accrual status unless the loan is well secured and in the process of collection.

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The following table sets forth the non-performing assets and past due loans as of the dates presented:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Non-performing loans | $29990 | $24912 |
| OREO | 3821 | 1674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-performing assets | $33811 | $26586 |
| Loans 90 days or more past due and still accruing interest | $26858 | $15417 |
| Non-accrual loans | 29990 | 24912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total past due and non-accrual loans | $56848 | $40329 |
| Loans 30-89 days past due and still accruing interest | $21624 | $11961 |
| Accruing modified loans | 43870 | 43838 |
| Allowance for credit losses | 113477 | 87415 |
| Non-performing loans to total loans | 0.31% | 0.34% |
| Total 90 days past due and still accruing interest and non-accrual loans to total loans | 0.59% | 0.54% |
| Total non-performing assets to total loans and OREO | 0.35% | 0.36% |
| ACL to non-performing loans | 378.38% | 350.90% |

---

At March 31, 2026, non-performing loans to total loans improved three basis points to 0.31%, compared to December 31, 2025. Loans 30-89 days past due and still accruing interest were 0.22% and 0.16% of total loans at March 31, 2026 and December 31, 2025, respectively. Loans 90 days or more past due and still accruing interest were 0.28% and 0.21% of total loans at March 31, 2026 and December 31, 2025, respectively. Non-performing assets to total loans and OREO improved one basis point to 0.35%, during the three months ended March 31, 2026, compared to December 31, 2025.

*Allowance for credit losses*

The ACL represents the amount that we believe is necessary to absorb estimated lifetime credit losses inherent in the loan portfolio at the balance sheet date and involves a high degree of judgment and complexity. The Company utilizes a DCF model developed within a third-party software tool to establish expected lifetime credit losses for the loan portfolio. The ACL is calculated as the difference between the amortized cost basis and the projections from the DCF analysis. The DCF model allows for individual lifetime loan cash flow modeling, excluding extensions and renewals, using loan-specific interest rates and repayment schedules including estimated prepayment rates and loss recovery timing delays. The model incorporates forecasts of certain national macro-economic factors, including unemployment rates, HPI, retail sales and GDP, which drive correlated loss rates. The determination and application of the ACL accounting policy involves judgments, estimates and uncertainties that are subject to change. For periods beyond the reasonable and supportable forecast period, the Company reverts to historical long-term average loss rates on a straight-line basis.

We measure expected credit losses for groups of loans included in segments with similar risk characteristics. We have identified four primary loan segments within the ACL model that are further stratified into 11 loan classes to provide more granularity in analyzing loss history and to allow for more definitive qualitative adjustments based upon specific risk factors affecting each loan class. Generally, the underlying risk of loss for each of these loan segments will follow certain norms/trends in various economic environments. Loans that do not share risk characteristics are evaluated on an individual basis and are not included in the collective evaluation. Following are the loan classes within each of the four primary loan segments:

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| | | | |
|:---|:---|:---|:---|
| <br>**Commercial** | **Non-owner occupied**<br>**commercial real estate** | <br>**Residential real estate** | <br>**Consumer** |
| Commercial and industrial | Construction | Senior lien | Consumer |
| Owner occupied commercial real estate | Acquisition and development | Junior lien |  |
| Food and agribusiness | Multifamily |  |  |
| Municipal and non-profit | Non-owner occupied |  |  |

---

Loans on non-accrual, in bankruptcy and modified loans with a balance greater than $250 thousand are excluded from the pooled analysis and are evaluated individually. If management determines that foreclosure is probable, expected credit losses are evaluated based on the criteria listed below, adjusted for selling costs as appropriate. Typically, these loans consist of commercial, commercial

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real estate and agriculture loans and exclude homogeneous loans such as residential real estate and consumer loans. Specific allowances are determined by collectively analyzing:

● &nbsp;&nbsp;&nbsp;&nbsp; the borrower's resources, ability and willingness to repay in accordance with the terms of the loan agreement;

● &nbsp;&nbsp;&nbsp;&nbsp; the likelihood of receiving financial support from any guarantors;

● &nbsp;&nbsp;&nbsp;&nbsp; the adequacy and present value of future cash flows, less disposal costs, of any collateral; and

● &nbsp;&nbsp;&nbsp;&nbsp; the impact current economic conditions may have on the borrower's financial condition and liquidity or the value of the collateral.

The resulting ACL for loans is calculated as the sum of the general reserves, specific reserves on individually evaluated loans, and qualitative factor adjustments. While these amounts are calculated by individual loan or by segment and class, the entire ACL is available for any loan that, in our judgment, should be charged off. The determination and application of the ACL accounting policy involves judgments, estimates, and uncertainties that are subject to change. Changes in these assumptions, estimates or the conditions surrounding them may have a material impact on our financial condition, liquidity or results of operations.

At March 31, 2026 and December 31, 2025, the allowance for credit losses totaled $113.5 million and $87.4 million, respectively. As a result of the Vista acquisition, the Company recorded $29.5 million of allowance for credit losses for the loans acquired. The remaining increase during the three months ended March 31, 2026, excluding net charge-offs, was primarily driven by loan growth. Specific reserves on individually evaluated loans totaled $14.4 million at March 31, 2026, compared to $8.1 million at December 31, 2025.

Net charge-offs on loans during the three months ended March 31, 2026 totaled $7.7 million. The ratio of annualized net charge-offs to average total loans totaled 0.34%. Net charge-offs on loans during the three months ended March 31, 2025 totaled $15.1 million, and the ratio of annualized net charge-offs to average total loans totaled 0.80%.

The Company has elected to exclude AIR from the ACL calculation. As of March 31, 2026 and December 31, 2025, AIR from loans totaled $51.9 million and $38.3 million, respectively. When a loan is placed on non-accrual, any recorded AIR is reversed against interest income.

*Total ACL*

After considering the above-mentioned factors, we believe that the ACL of $113.5 million is adequate to cover estimated lifetime losses inherent in the loan portfolio at March 31, 2026. However, it is likely that future adjustments to the ACL will be necessary. Any changes to the underlying assumptions, circumstances or estimates, including but not limited to changes in the underlying macro-economic forecast, used in determining the ACL, could negatively or positively affect the Company's results of operations, liquidity or financial condition.

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The following schedule presents, by class stratification, the changes in the ACL during the periods listed:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of and for the three months ended**  | **As of and for the three months ended**  | **As of and for the three months ended**  | **As of and for the three months ended**  |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
|  | **Total ACL** | **% NCOs**<sup>(1)</sup> | **Total ACL** | **% NCOs**<sup>(1)</sup> |
| Beginning allowance for credit losses | $87415 |  | $94455 |  |
| Allowance for credit loss at acquisition | 29462 |  |  |  |
| Charge-offs: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | (7451) | 0.33% | (13569) | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate non owner-occupied |  | 0.00% | (1467) | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential real estate | (52) | 0.00% |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer | (254) | 0.01% | (215) | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total charge-offs | (7757) |  | (15251) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recoveries | 57 |  | 138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs | (7700) | 0.34% | (15113) | 0.80% |
| Provision expense for credit losses on loans | 4300 |  | 10850 |  |
| Ending allowance for credit losses | $113477 |  | $90192 |  |
| Ratio of ACL to total loans outstanding at period end | 1.18% |  | 1.18% |  |
| Ratio of ACL to total non-performing loans at period end | 378.38% |  | 260.52% |  |
| Total loans | $9611486 |  | $7646296 |  |
| Average total loans outstanding during the period | 9255883 |  | 7660974 |  |
| Non-performing loans | 29990 |  | 34620 |  |

---

(1) Ratio of annualized net charge-offs to average total loans.

The Company continues to prudently manage credit risk, further strengthening our credit profile through proactive monitoring. During the three months ended March 31, 2026, the Company recorded provision expense for credit losses on loans totaling $4.0 million, including $4.3 million provision expense for funded loans and $0.3 million of provision release for unfunded loan commitments. During the three months ended March 31, 2025, the Company recorded provision expense for credit losses totaling $10.2 million, including $10.9 million of provision expense for funded loans and $0.7 million of provision release for unfunded loan commitments.

The following tables present the allocation of the ACL and the percentage of the total amount of loans in each loan category listed as of the dates presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | <br>**Total loans** | <br>**% of total loans** | <br>**Related ACL** | **ACL as a %**<br>**of total ACL** |
| Commercial | $5576747 | 58.0% | $55369 | 48.8% |
| Commercial real estate non-owner occupied | 2539522 | 26.4% | 38030 | 33.5% |
| Residential real estate | 1480573 | 15.4% | 19792 | 17.4% |
| Consumer | 14644 | 0.2% | 286 | 0.3% |
| &nbsp;&nbsp;Total | $9611486 | 100.0% | $113477 | 100.0% |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | <br>**Total loans** | <br>**% of total loans** | <br>**Related ACL** | **ACL as a %**<br>**of total ACL** |
| Commercial | $4668153 | 62.8% | $47482 | 54.3% |
| Commercial real estate non-owner occupied | 1582428 | 21.3% | 23076 | 26.4% |
| Residential real estate | 1169699 | 15.7% | 16597 | 19.0% |
| Consumer | 13076 | 0.2% | 260 | 0.3% |
| &nbsp;&nbsp;Total | $7433356 | 100.0% | $87415 | 100.0% |

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*Deposits* 

Deposits from banking clients serve as a primary funding source for our banking operations, and our ability to gather and manage deposit levels is critical to our success. Deposits not only provide a lower-cost funding source for our loans, but also provide a foundation for the client relationships that are critical to future loan growth. We maintain a granular and well diversified deposit base with no exposure to venture capital or crypto deposits. The following table presents information regarding our deposit composition at March 31, 2026 and December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Increase (decrease)** | **Increase (decrease)** |
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **Amount** | **% Change** |
| Non-interest bearing demand deposits | $2573213 | 24.6% | $2204241 | 26.6% | $368972 | 16.7% |
| Interest bearing demand deposits | 1546569 | 14.8% | 1237006 | 14.9% | 309563 | 25.0% |
| Savings accounts | 637353 | 6.1% | 610004 | 7.3% | 27349 | 4.5% |
| Money market accounts | 4406828 | 42.1% | 3091612 | 37.3% | 1315216 | 42.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total transaction deposits | 9163963 | 87.6% | 7142863 | 86.1% | 2021100 | 28.3% |
| Time deposits < $250,000 | 906633 | 8.7% | 825624 | 10.0% | 81009 | 9.8% |
| Time deposits ≥ $250,000 | 388248 | 3.7% | 324147 | 3.9% | 64101 | 19.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total time deposits | 1294881 | 12.4% | 1149771 | 13.9% | 145110 | 12.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $10458844 | 100.0% | $8292634 | 100.0% | $2166210 | 26.1% |

---

The following table shows uninsured time deposits by scheduled maturity as of March 31, 2026:

---

| | |
|:---|:---|
|  | **March 31, 2026** |
| Three months or less | $75774 |
| Over 3 months through 6 months | 85859 |
| Over 6 months through 12 months | 133953 |
| Thereafter | 26734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total uninsured time deposits | $322320 |

---

At March 31, 2026 and December 31, 2025, time deposits that were scheduled to mature within 12 months totaled $1.2 billion and $1.0 billion, respectively. Of the time deposits scheduled to mature within 12 months at March 31, 2026, $363.2 million were in denominations of $250 thousand or more, and $813.2 million were in denominations less than $250 thousand. Approximately 63% of our total deposits were FDIC insured at March 31, 2026. Additionally, the Company participates in the IntraFi Cash Service program, which allows depositors to receive reciprocal FDIC insurance coverage. The Company had $1.0 billion and $0.8 billion of deposits in the program as of March 31, 2026 and December 31, 2025, respectively.

*Long-term debt*

During February 2026, the Company closed a public offering of fixed-to-floating rate subordinated notes totaling $150.0 million. The balance on the notes at March 31, 2026, net of long-term debt issuance costs of $2.7 million, totaled $147.3 million. During the three months ended March 31, 2026, interest expense totaling $1.2 million was recorded in the consolidated statements of operations. From the issue date to February 15, 2031, or the date of earlier redemption, the Company will pay interest on the notes semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2026, at a fixed annual interest rate equal to 5.875%. From February 15, 2031 to the maturity date, or the date of earlier redemption, the floating interest rate per annum will be equal to the three-month term SOFR plus a spread of 241 basis points, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on May 15, 2031. The notes will mature on February 15, 2036. The Company may, at its option, redeem the notes in whole or in part beginning with the interest payment date of February 15, 2031 and on any interest payment date thereafter. The Company deployed the net proceeds from the sale of the notes for general corporate purposes.

The Company also holds a fixed-to-floating rate note totaling $40.0 million. The balance on the note at March 31, 2026 and December 31, 2025, net of long-term debt issuance costs totaling $0.1 million, totaled $40.0 million. Interest expense totaling $0.3 million was recorded in the consolidated statements of operations for both the three months ended March 31, 2026 and 2025. The note is subordinated, unsecured and matures on November 15, 2031. Payments consist of interest only. Interest expense on the note is payable semi-annually in arrears and will bear interest at 3.00% per annum until November 15, 2026 (or any earlier redemption date). From November 15, 2026 until November 15, 2031 (or any earlier redemption date) payments will be made quarterly in arrears, and the

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interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month term SOFR plus 203 basis points. The Company deployed the net proceeds from the sale of the note for general corporate purposes. Prior to November 5, 2026, the Company may redeem the note only under certain limited circumstances. Beginning on November 5, 2026 through maturity, the note may be redeemed, at the Company's option, on any scheduled interest payment date. Any redemption by the Company would be at a redemption price equal to 100% of the principal amount of the note being redeemed, together with any accrued and unpaid interest on the note being redeemed up to but excluding the date of redemption. The note is not subject to redemption at the option of the holder.

As part of the acquisition of BOJH on October 1, 2022, the Company assumed three subordinated fixed-to-floating rate notes totaling $15.0 million. The balance on the notes at March 31, 2026 and December 31, 2025, net of the fair value adjustment from the acquisition, totaled $15.0 million. Interest expense related to the notes totaling $0.1 million was recorded in the consolidated statements of operations during the three months ended March 31, 2026 and 2025. The three notes, containing similar terms, are subordinated, unsecured and mature on June 15, 2031. Payments consist of interest only. Interest expense on the notes is payable semi-annually in arrears and will bear interest at 3.75% per annum until June 15, 2026 (or any earlier redemption date). From June 15, 2026 until June 15, 2031 (or any earlier redemption date) payments will be made quarterly in arrears, and the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month term SOFR plus 306 basis points. Prior to June 15, 2026, the Company may redeem the notes only under certain limited circumstances. Beginning on June 15, 2026 through maturity, the notes may be redeemed, at the Company's option, on any scheduled interest payment date. Any redemption by the Company would be at a redemption price equal to 100% of the principal amount of the notes being redeemed, together with any accrued and unpaid interest on the notes being redeemed up to but excluding the date of redemption. The notes are not subject to redemption at the option of the holder.

*Other borrowings*

As of March 31, 2026 and December 31, 2025, the Company sold securities under agreements to repurchase totaling $17.0 million and $17.4 million, respectively. In addition, as a member of the FHLB, the Company has access to a line of credit and term financing from the FHLB with total available credit of $2.0 billion at March 31, 2026. The Company may utilize the FHLB line of credit as a funding mechanism for originated loans and loans held for sale. At March 31, 2026 and December 31, 2025, NBH Bank had no outstanding borrowings from the FHLB. The Company may pledge investment securities and loans as collateral for FHLB advances. There were no investment securities pledged at March 31, 2026 or December 31, 2025. Loans pledged were $3.6 billion and $2.4 billion at March 31, 2026 and December 31, 2025, respectively. The Company incurred $0.1 million and $1.1 million of interest expense related to FHLB advances or other short-term borrowings for the three months ended March 31, 2026 and 2025, respectively.

**Regulatory Capital**

Our subsidiary banks and the holding company are subject to the regulatory capital adequacy requirements of the Federal Reserve Board and the FDIC, as applicable. Failure to meet the minimum capital requirements can initiate certain mandatory and possibly further discretionary actions by regulators that could have a material adverse effect on us. At March 31, 2026 and December 31, 2025, our subsidiary banks and the consolidated holding company exceeded all capital ratio requirements under prompt corrective action and other regulatory requirements, as further detailed in note 10 of our consolidated financial statements.

**Results of Operations**

Our net income depends largely on net interest income, which is the difference between interest income from interest earning assets and interest expense on interest bearing liabilities. Our results of operations are also affected by provisions for credit losses and non-interest income, such as service charges, bank card income, swap fee income, and gain on sale of mortgages. Our primary operating expenses, aside from interest expense, consist of salaries and benefits, occupancy costs, telecommunications data processing expense, FDIC deposit insurance and intangible assets amortization. Any expenses related to the resolution of problem assets are also included in non-interest expense.

*Overview of results of operations* 

Net income totaled $20.8 million and $24.2 million, or $0.46 and $0.63 per diluted share, during the three months ended March 31, 2026 and 2025, respectively. Pre-provision net revenue FTE totaled $32.1 million and $42.0 million during the three months ended March 31, 2026 and 2025, respectively. The return on average tangible assets was 0.79% and 1.09% during the three months ended March 31, 2026 and 2025, respectively, and the return on average tangible common equity was 7.75% and 10.64%, respectively.

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Adjusting for pre-tax acquisition-related and restructuring expenses totaling $15.3 million, net income totaled $32.6 million, or $0.72 per diluted share, during the three months ended March 31, 2026. The adjusted return on average tangible assets was 1.20% during the three months ended March 31, 2026, and the adjusted return on average tangible common equity was 11.79%.

*Net interest income* 

We regularly review net interest income metrics to provide us with indicators of how the various components of net interest income are performing. We regularly review (i) our loan mix and the yield on loans; (ii) the investment portfolio and the related yields; (iii) our deposit mix and the cost of deposits; and (iv) net interest income simulations for various forecast periods.

The effects of trade-date accounting of investment securities for which the cash had not settled are not considered interest earning assets and are excluded from this presentation for timeframes prior to their cash settlement, as are the market value adjustments on the investment securities available-for-sale and loans.

The table below presents the components of net interest income on an FTE basis for the three months ended March 31, 2026 and 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  | **Average balance** | **Interest** | **Average rate** | **Average balance** | **Interest** | **Average rate** |
| Interest earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;Originated loans FTE<sup>(1)(2)(3)</sup> | $6324783 | $97058 | 6.22% | $6335931 | $102221 | 6.54% |
| &nbsp;&nbsp;Acquired loans | 2948300 | 49815 | 6.85% | 1351726 | 19547 | 5.86% |
| &nbsp;&nbsp;Loans held for sale | 18556 | 284 | 6.21% | 19756 | 349 | 7.16% |
| &nbsp;&nbsp;Investment securities available-for-sale | 694048 | 5001 | 2.88% | 716938 | 4617 | 2.58% |
| &nbsp;&nbsp;Investment securities held-to-maturity | 691109 | 5150 | 2.98% | 635961 | 4120 | 2.59% |
| &nbsp;&nbsp;Other securities | 37111 | 516 | 5.56% | 31386 | 480 | 6.12% |
| &nbsp;&nbsp;Interest earning deposits | 375473 | 3509 | 3.79% | 48206 | 539 | 4.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest earning assets FTE**<sup>(2)</sup> | $11089380 | $161333 | 5.90% | $9139904 | $131873 | 5.85% |
| Cash and due from banks | $99579 |  |  | $77237 |  |  |
| Other assets | 1040484 |  |  | 794374 |  |  |
| Allowance for credit losses | (97098) |  |  | (95492) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $12132345 |  |  | $9916023 |  |  |
| Interest bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest bearing demand, savings and money market deposits | $6321115 | $37187 | 2.39% | $5027052 | $32511 | 2.62% |
| &nbsp;&nbsp;Time deposits | 1329219 | 11182 | 3.41% | 1035983 | 8756 | 3.43% |
| &nbsp;&nbsp;Federal Home Loan Bank advances | 8333 | 152 | 7.40% | 107151 | 1105 | 4.18% |
| &nbsp;&nbsp;Other borrowings<sup>(4)</sup> | 29978 | 124 | 1.68% | 50277 | 382 | 3.08% |
| &nbsp;&nbsp;Long-term debt, net | 135277 | 1704 | 5.11% | 54539 | 518 | 3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest bearing liabilities** | $7823922 | $50349 | 2.61% | $6275002 | $43272 | 2.80% |
| Demand deposits | $2477131 |  |  | $2197300 |  |  |
| Other liabilities | 152030 |  |  | 119806 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 10453083 |  |  | 8592108 |  |  |
| Shareholders' equity | 1679262 |  |  | 1323915 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $12132345 |  |  | $9916023 |  |  |
| Net interest income FTE<sup>(2)</sup> |  | $110984 |  |  | $88601 |  |
| Interest rate spread FTE<sup>(2)</sup> |  |  | 3.29% |  |  | 3.05% |
| Net interest earning assets | $3265458 |  |  | $2864902 |  |  |
| Net interest margin FTE<sup>(2)</sup> |  |  | 4.06% |  |  | 3.93% |
| Average transaction deposits | $8798246 |  |  | $7224352 |  |  |
| Average total deposits | 10127465 |  |  | 8260335 |  |  |
| Ratio of average interest earning assets to average interest bearing liabilities | 141.74% |  |  | 145.66% |  |  |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp; Originated loans are net of deferred loan fees, less costs, which are included in interest income over the life of the loan.

(2) &nbsp;&nbsp;&nbsp;&nbsp; Presented on an FTE basis using the statutory tax rate of 21% for all periods presented. The taxable equivalent adjustments included above are $2,182 and $1,910 for the three months ended March 31, 2026 and 2025, respectively.

(3) &nbsp;&nbsp;&nbsp;&nbsp; Loan fees included in interest income totaled $3,711 and $3,323 for the three months ended March 31, 2026 and 2025, respectively.

(4) Other borrowings includes securities sold under agreements to repurchase and cash collateral received from counterparties in connection with derivative swap agreements.

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Net interest income on an FTE basis increased $22.4 million, or 25.3%, to $111.0 million during the three months ended March 31, 2026, compared to the same period in the prior year. During the three months ended March 31, 2026, the FTE net interest margin expanded 13 basis points to 4.06%, compared to the three months ended March 31, 2025, driven by a five basis point increase in earning asset yields and a nine basis point improvement in the cost of funds. During the three months ended March 31, 2026, the cost of funds improved nine basis points to 1.98%, compared to the three months ended March 31, 2025.

Average loans comprised $9.3 billion, or 83.6%, of total average interest earning assets during the three months ended March 31, 2026. During the three months ended March 31, 2025, average loans comprised $7.7 billion, or 84.1%, of total average interest earning assets. Average acquired loans increased $1.6 billion as a result of the Vista acquisition.

Average investment securities comprised 12.5% and 14.8% of total interest earning assets during the three months ended March 31, 2026 and 2025, respectively. Average interest bearing cash balances totaled $375.5 million and $48.2 million during the three months ended March 31, 2026 and 2025, respectively.

Average interest bearing liabilities increased $1.5 billion during the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily driven by higher interest bearing demand, savings and money market deposits totaling $1.3 billion, time deposits totaling $293.2 million, and long-term debt totaling $80.7 million. The increase was partially offset by decreases in FHLB advances totaling $98.8 million and other borrowings totaling $20.3 million.

The Vista acquisition added $2.2 billion of total deposits, including $2.0 of transaction deposits and $0.2 billion of time deposits on January 7, 2026.

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The following table summarizes the changes in net interest income on an FTE basis by major category of interest earning assets and interest bearing liabilities, identifying changes related to volume and changes related to rates for the three months ended March 31, 2026, compared to the three months ended March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** |
|  | **compared to** | **compared to** | **compared to** |
|  | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** |
|  | **(Decrease) increase due to** | **(Decrease) increase due to** | **(Decrease) increase due to** |
|  | **Volume** | **Rate** | **Net** |
| Interest income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Originated loans FTE<sup>(1)(2)(3)</sup> | $(171) | $(4992) | $(5163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquired loans | 26976 | 3292 | 30268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for sale | (18) | (47) | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities available-for-sale | (165) | 549 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities held-to-maturity | 411 | 619 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other securities | 80 | (44) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest earning deposits | 3058 | (88) | 2970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | $30171 | $(711) | $29460 |
| Interest expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest bearing demand, savings and money market deposits | $7613 | $(2937) | $4676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 2467 | (41) | 2426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank advances | (1803) | 850 | (953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other borrowings<sup>(4)</sup> | (84) | (174) | (258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net | 1017 | 169 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 9210 | (2133) | 7077 |
| Net change in net interest income | $20961 | $1422 | $22383 |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp; Originated loans are net of deferred loan fees, less costs, which are included in interest income over the life of the loan.

(2) &nbsp;&nbsp;&nbsp;&nbsp; Presented on an FTE basis using the statutory tax rate of 21% for all periods presented. The taxable equivalent adjustments included above are $2,182 and $1,910 for the three months ended March 31, 2026 and 2025, respectively.

(3) &nbsp;&nbsp;&nbsp;&nbsp; Loan fees included in interest income totaled $3,711 and $3,323 for the three months ended March 31, 2026 and 2025, respectively.

(4) Other borrowings includes securities sold under agreements to repurchase and cash collateral received from counterparties in connection with derivative swap agreements.

Below is a breakdown of average deposits and the average rates paid during the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
|  | <br>**Average**<br>**balance** | **Average**<br>**rate**<br>**paid** | <br>**Average**<br>**balance** | **Average**<br>**rate**<br>**paid** |
| Non-interest bearing demand | $2476347 | 0.00% | $2197300 | 0.00% |
| Interest bearing demand | 1542446 | 2.07% | 1356864 | 2.41% |
| Money market accounts | 4143468 | 2.72% | 3044138 | 3.04% |
| Savings accounts | 635985 | 0.99% | 626050 | 1.04% |
| Time deposits | 1329219 | 3.41% | 1035983 | 3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total average deposits | $10127465 | 1.94% | $8260335 | 2.03% |

---

*Provision for credit losses*

The provision for credit losses represents the amount of expense that is necessary to bring the ACL to a level that we deem appropriate to absorb estimated lifetime losses inherent in the loan portfolio and estimated losses inherent in unfunded loans as of the balance sheet date. The determination of the ACL, and the resultant provision for credit losses, is subjective and involves significant estimates and assumptions.

The Company recorded provision expense for credit losses totaling $4.0 million, including $4.3 million provision expense for funded loans and $0.3 million of provision release for unfunded loan commitments, during the three months ended March 31, 2026. Provision expense for credit losses during the three months ended March 31, 2026 was primarily driven by loan growth during the quarter. During the three months ended March 31, 2025, the Company recorded provision expense for credit losses totaling $10.2 million,

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including $10.9 million of provision expense for funded loans and $0.7 million of provision release for unfunded loan commitments. The allowance for credit losses totaled 1.18% of total loans at March 31, 2026 and 2025.

*Non-interest income*

The table below details the components of non-interest income for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31,**  | **For the three months ended March 31,**  | **2026 vs 2025** | **2026 vs 2025** |
|  |  |  | **Increase (decrease)** | **Increase (decrease)** |
|  | **2026** | **2025** | **Amount** | **% Change** |
| Service charges | $4192 | $4118 | $74 | 1.8% |
| Bank card fees | 4334 | 4194 | 140 | 3.3% |
| Mortgage banking income | 2742 | 3315 | (573) | (17.3)% |
| Bank-owned life insurance income | 887 | 764 | 123 | 16.1% |
| Gain on security sales | 246 |  | 246 | 100.0% |
| Other non-interest income | 5578 | 2985 | 2593 | 86.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | $17979 | $15376 | $2603 | 16.9% |

---

Non-interest income totaled $18.0 million for the three months ended March 31, 2026, compared to $15.4 million for the three months ended March 31, 2025. The increase was primarily driven by increases in our diversified sources of fee income including swap fee income, Cambr fee income, and trust income.

*Non-interest expense* 

The table below details the components of non-interest expense for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31,**  | **For the three months ended March 31,**  | **2026 vs 2025** | **2026 vs 2025** |
|  |  |  | **Increase (decrease)** | **Increase (decrease)** |
|  | **2026** | **2025** | **Amount** | **% Change** |
| Salaries and benefits | $56970 | $34362 | $22608 | 65.8% |
| Occupancy and equipment | 15834 | 10837 | 4997 | 46.1% |
| Data processing | 7653 | 4401 | 3252 | 73.9% |
| Marketing and business development | 1504 | 946 | 558 | 59.0% |
| FDIC deposit insurance | 1358 | 1326 | 32 | 2.4% |
| Bank card expenses | 1078 | 1103 | (25) | (2.3)% |
| Professional fees | 2232 | 1423 | 809 | 56.9% |
| Other non-interest expense | 7744 | 5642 | 2102 | 37.3% |
| Other intangible assets amortization | 2464 | 1977 | 487 | 24.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | $96837 | $62017 | $34820 | 56.1% |

---

During the three months ended March 31, 2026, non-interest expense totaled $96.8 million, compared to $62.0 million during the three months ended March 31, 2025. Non-interest expense during the three months ended March 31, 2026 included $15.3 million of acquisition and restructuring expenses. Excluding these items, the current quarter adjusted non-interest expense totaled $81.5 million, increasing from the first quarter of 2025 primarily due to an increase in core operating expense growth from our recent acquisition. Occupancy and equipment expense increased $5.0 million primarily driven by the 2UniFi capitalized asset depreciation in connection with the launch of 2UniFi in the third quarter of 2025.

*Income taxes* 

Income tax expense totaled $5.2 million and $5.6 million for the three months ended March 31, 2026 and 2025, respectively. The effective tax rate for the three months ended March 31, 2026 and 2025 was 19.9% and 18.8%, respectively.

Additional information regarding income taxes can be found in note 18 of our audited consolidated financial statements in our 2025 Annual Report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/0001104659-26-019119-index.htm).

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**Liquidity and Capital Resources**

*Liquidity*

Liquidity risk management is an important element in our asset/liability management. The Company maintains a robust liquidity profile at its holding company and the Banks collectively as well as separately. The Company is prudently managing liquidity in the current environment and maintains a liquidity profile focused on core deposits and stable long-term funding sources. Liquidity is supplemented with a variety of secured and unsecured wholesale funding sources across the maturity spectrum, which allows for the effective management of concentration and rollover risk. The Company's corporate treasury team measures liquidity needs through daily cash monitoring, weekly cash projections and monthly liquidity measures reviewed in conjunction with Board-approved liquidity policy limits. The Company also regularly conducts stress tests to its Board-approved contingency funding plan to assess potential liquidity outflows or funding concerns resulting from economic disruptions, volatility in the financial markets, unexpected credit events or other significant occurrences deemed problematic by management. These scenarios are incorporated into the contingency funding plan, which provides the basis for the identification of our liquidity needs and are monitored monthly by our Asset and Liability Committee.

The Company's primary sources of funds include revenue from interest income and noninterest income as well as cash flows from loan repayments, payments from securities related to maturities and amortization, the sale of loans, and funds generated by deposits, in addition to the use of funds from debt offerings.

On-balance sheet liquidity is represented by our cash and cash equivalents, and unencumbered investment securities, and is detailed in the table below as of March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Cash and due from banks | $472791 | $417058 |
| Unencumbered investment securities, at fair value | 608869 | 466935 |
| &nbsp;&nbsp;Total | $1081660 | $883993 |

---

Total on-balance sheet liquidity increased $197.7 million at March 31, 2026, compared to December 31, 2025, due to higher unencumbered investment securities of $142.0 million and higher cash and due from banks of $55.7 million. As of March 31, 2026, approximately $745.5 million of investment securities were pledged to secure client deposits and repurchase agreements.

The Company's investment portfolio remains positioned in liquid and readily marketable instruments and is a significant source of on-balance sheet collateral to secure borrowing capacity. Our investment securities portfolio is evaluated under established Asset and Liability Committee objectives and is structured as a liquidity portfolio, and only security fair values are used for the liquidity assessment. The fair value of total investment securities was $1.3 billion at March 31, 2026, compared to $1.1 billion at December 31, 2025. As of March 31, 2026, the fair value was inclusive of pre-tax net unrealized losses of $62.3 million on the available-for-sale securities portfolio. Additionally, our held-to-maturity securities portfolio had $58.3 million of pre-tax net unrealized losses. The gross unrealized gains and losses are detailed in note 4 of our consolidated financial statements. As of March 31, 2026, our investment securities portfolio consisted primarily of MBS, all of which were issued or guaranteed by U.S. government agencies or sponsored enterprises. The anticipated repayments and marketability of these securities offer substantial resources and flexibility to meet new loan demand, reinvest in the investment securities portfolio, or provide optionality for reductions in our deposit funding base. At March 31, 2026, the duration of the investment securities portfolio was 3.4 years and the weighted average life was 4.1 years.

As part of its liquidity management activities, the Company pledges collateral at its secured funding providers to ensure immediate availability of funding, which includes maintaining borrowing capacity at both the FHLB and the Federal Reserve. The Company does not consider borrowing capacity at the Federal Reserve a primary source of funding; however, it could be used as a potential source of funds in a stressed environment or during a market disruption. The amount of available contingent secured borrowing capacity may

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fluctuate based on the level of borrowings outstanding and level of assets pledged. The table below details those amounts as of the dates shown:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Available FHLB borrowing capacity | $1991667 | $1536090 |
| Federal Reserve Bank discount window | 1808998 | 1416059 |
| &nbsp;&nbsp;Total off-balance sheet funds available | $3800665 | $2952149 |

---

The Company had pledged $6.0 billion and $4.3 billion of loans as collateral to the FHLB and FRB discount window at March 31, 2026 and December 31, 2025, respectively. FHLB borrowing capacity totaled $2.0 billion and $1.5 billion at March 31, 2026 and December 31, 2025, respectively. At March 31, 2026, the Company had no outstanding FHLB borrowings, leaving undrawn borrowing capacity of $2.0 billion. At December 31, 2025, there were no outstanding borrowings with the FHLB, leaving undrawn borrowing capacity of $1.5 billion. At March 31, 2026, the Company's available secured and committed borrowing capacity at the FHLB and Federal Reserve totaled $3.8 billion, compared to $3.0 billion at December 31, 2025.

In addition to core deposit and secured funding, the Company also accesses a variety of other short-term and long-term unsecured funding sources, which includes access to Cambr platform deposits, multiple brokered deposit platform options and lines of credit. Management does not rely on any one source of liquidity and manages availability in response to changing balance sheet needs, as well as within prudently defined concentration and policy limits. The Company executes periodic test trades to assess the level of access and operational processes associated with its secured and unsecured funding sources.

We anticipate that the sources of funds discussed above will provide adequate funding and liquidity for at least a 12-month period and the foreseeable future, and we may utilize any combination of these funding sources for long-term liquidity needs if deemed prudent.

Our primary uses of funds are loan fundings, investment security purchases, withdrawals of deposits, capital expenditures, operating expenses, and share repurchases. Additionally, $89.0 million was paid as cash consideration in connection with the Vista acquisition on January 7, 2026.

At present, financing activities primarily consist of changes in deposits and repurchase agreements, and advances from the FHLB, in addition to the payment of dividends and the repurchase of our common stock. Maturing time deposits represent a potential use of funds. As of March 31, 2026, $1.2 billion of time deposits were scheduled to mature within 12 months. Based on the current interest rate environment and market conditions, our consumer banking strategy is to focus on attracting and maintaining both lower-cost transaction accounts and time deposits.

During the first quarter of 2026, the Company issued and sold $150.0 million aggregate principal amount of 5.875% fixed-to-floating rate subordinated notes at a public offering price equal to 100% of the aggregate principal amount of the notes. The net proceeds from the sale of the notes to the Company were approximately $147.3 million, after giving effect to the underwriting discount of 1.25% and estimated expenses of the offering of the notes. The Company intends to use the net proceeds for general corporate purposes.

The Company also holds other fixed-to-floating notes. The balance on all subordinated notes totaled $202.1 million and $54.5 million at March 31, 2026 and December 31, 2025, respectively.

*Capital*

Under the Basel III requirements, at March 31, 2026, the Company, NBH Bank and BOJHT met all capital adequacy requirements, and the Banks had regulatory capital ratios in excess of the levels established for well-capitalized institutions. For more information on regulatory capital, see note 10 in our consolidated financial statements.

Our shareholders' equity is impacted by earnings, changes in unrealized gains and losses on securities, net of tax, stock-based compensation activity, share repurchases, shares issued in connection with acquisitions and the payment of dividends. On January 7, 2026, the Company issued 7.3 million new shares of common stock as part of the consideration related to the Vista acquisition.

The Board of Directors has authorized multiple programs to repurchase shares of the Company's common stock from time to time either in the open market or in privately negotiated transactions in accordance with applicable regulations of the SEC. On January 27, 2026, the Company announced that its Board of Directors authorized a new stock repurchase program under which the Company may

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repurchase up to $100.0 million of its common stock. The new program replaces in its entirety the stock repurchase program that was authorized by the Board of Directors and announced on May 9, 2023. The timing and amount of any share repurchases will be determined by the Company's management based on market conditions and other factors. No time limit has been set for completion of the program. During the three months ended March 31, 2026, the Company repurchased 401,869 shares of common stock for $16.1 million at a weighted average price per share of $40.07. The remaining authorization under the program as of March 31, 2026 was $83.9 million.

On May 7, 2026, our Board of Directors declared a quarterly dividend of $0.32 per common share, payable on June 15, 2026 to shareholders of record at the close of business on May 29, 2026.

**Asset/Liability Management and Interest Rate Risk**

The Board of Directors meets as often as necessary, but no less than quarterly, to review financial statements, significant accounting policy changes, liquidity, interest rate risk and asset and liability management. The Board also oversees the performance of our internal audit function as well as serves as an independent and objective body to monitor and assess our compliance with legal and regulatory requirements as well as internal control systems. Management and the Board of Directors are responsible for managing interest rate risk and employing risk management policies that monitor and limit this exposure. Interest rate risk is measured using net interest income simulations and market value of portfolio equity analyses. These analyses use various assumptions, including the nature and timing of interest rate changes, yield curve shape, prepayments on loans and securities, deposit decay rates, pricing decisions on loans and deposits, and reinvestment/replacement of asset and liability cash flows.

Interest rate risk results from the following:

● *Repricing risk* — timing differences in the repricing and maturity of interest-earning assets and interest bearing liabilities;

● *Option risk* — changes in the expected maturities of assets and liabilities, such as borrowers' ability to prepay loans at any time and depositors' ability to redeem certificates of deposit before maturity;

● *Yield curve risk* — changes in the yield curve where interest rates increase or decrease in a nonparallel fashion; and

● *Basis risk* — changes in spread relationships between different yield curves.

The Asset Liability Committee, a cross-functional committee comprised of executive management and senior leaders, meets monthly to review, among other things, the sensitivity of the Company's assets and liabilities to interest rate changes, local and national market conditions and interest rates. The Asset Liability Committee also reviews the liquidity, capital, deposit mix, loan mix and investment positions of the Company. The Company's principal objective regarding asset and liability management is to evaluate interest rate risk within the balance sheet and pursue a controlled assumption of interest rate risk while preserving adequate levels of liquidity and capital.

Instantaneous parallel rate shift scenarios are modeled and utilized to evaluate risk and establish exposure limits for acceptable changes in net interest margin. These scenarios, known as rate shocks, simulate an instantaneous change in interest rates and utilize various assumptions, including, but not limited to, prepayments on loans and securities, deposit decay rates, pricing decisions on loans and deposits, reinvestment and replacement of asset and liability cash flows.

We also analyze the economic value of equity as a secondary measure of interest rate risk. This is a complementary measure to net interest income where the calculated value is the result of the market value of assets less the market value of liabilities. The economic value of equity is a longer term view of interest rate risk because it measures the present value of the future cash flows. The impact of changes in interest rates on this calculation is analyzed for the risk to our future earnings and is used in conjunction with the analyses on net interest income.

Our interest rate risk model indicated that the Company was in a slightly asset sensitive position in terms of interest rate sensitivity at March 31, 2026. The table below illustrates the impact of an immediate and sustained 200 and 100 basis point increase and a 100 and

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200 basis point decrease in interest rates on net interest income based on the interest rate risk model at March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
| | **% change in projected net interest income** | **% change in projected net interest income** |
| **Hypothetical**<br>**shift in interest**<br>**rates (in bps)** | **March 31, 2026** | **December 31, 2025** |
| 200 | 4.16% | 4.65% |
| 100 | 2.09% | 2.36% |
| (100) | (1.08)% | (1.95)% |
| (200) | (1.19)% | (3.13)% |

---

Many assumptions are used to calculate the impact of interest rate fluctuations. Actual results may be significantly different than our projections due to several factors, including the timing and frequency of rate changes, market conditions and the shape of the yield curve. The computations of interest rate risk shown above do not include actions that management may undertake to manage the risks in response to anticipated changes in interest rates and actual results may also differ due to any actions taken in response to the changing rates.

As part of the asset/liability management strategy to manage primary market risk exposures expected to be in effect in future reporting periods, management has executed interest rate derivatives primarily using floors and collars. For further discussion of the Company's derivative contracts refer to note 15. The strategy with respect to liabilities has been to continue to emphasize transaction deposit growth, particularly non-interest or low interest bearing non-maturing deposit accounts while building long-term client relationships. Non-maturing deposit accounts totaled 87.6% of total deposits at March 31, 2026, compared to 86.1% at December 31, 2025.

*Impact of Inflation and Changing Prices*

An inflationary environment may impact our financial performance and may impact our clients, including but not limited to impacts on assets, earnings, capital levels and growth opportunities. While we plan to continue our disciplined approach to expense management, an inflationary environment may cause wage pressures and general increases in our cost of doing business, which may increase our non-interest expense.

Unlike most industrial companies, virtually all of our assets and liabilities are monetary in nature. As a result, changes in interest rates have a more significant impact on our performance than do changes in the general rate of inflation and changes in prices. Interest rate changes do not necessarily move in the same direction, nor have the same magnitude, as changes in the prices of goods and services.

**Off-Balance Sheet Activities**

In the normal course of business, we are a party to various contractual obligations, commitments and other off-balance sheet activities that contain credit, market, and operational risk that are not required to be reflected in our consolidated financial statements. The most significant of these are the loan commitments that we enter into to meet the financing needs of clients, including commitments to extend credit, commercial and consumer lines of credit and standby letters of credit. As of March 31, 2026 and December 31, 2025, we had loan commitments totaling $1.4 billion and $1.1 billion, respectively, and standby letters of credit totaling $125.8 million and $8.0 million, respectively. Unused commitments do not necessarily represent future credit exposure or cash requirements, as commitments often expire without being drawn upon.

**Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.**

The information called for by this item is provided under the caption *Asset/Liability Management and Interest Rate Risk* in Part I, Item 2-Management's Discussion and Analysis of Financial Condition and Results of Operations and is incorporated herein by reference.

**Item 4. CONTROLS AND PROCEDURES.**

Our management, with the participation of our principal executive officer and principal financial officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures, as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as of March 31, 2026. Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were effective as of March 31, 2026.

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On January 7, 2026, the Company completed the acquisition of Vista. The Company is in the process of incorporating Vista's internal controls and procedures into its internal controls over financial reporting.

Other than mentioned above, there were no changes made in the Company's internal controls over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting, during the most recently completed fiscal quarter.

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**PART II: OTHER INFORMATION**

**Item 1. LEGAL PROCEEDINGS.**

From time to time, we are a party to ordinary routine litigation matters incidental to the conduct of our business. We are not presently party to any legal proceedings the resolution of which we believe would have a material adverse effect on our business, prospects, financial condition, liquidity, results of operation, cash flows or capital levels.

**Item 1A. RISK FACTORS.**

There have been no material changes to the risk factors disclosed in Item 1A. Risk Factors in our Annual Report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/0001104659-26-019119-index.htm) for the year ended December 31, 2025.

**Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.** 

During the quarter ended March 31, 2026, the Company did not sell any unregistered equity securities.

*Issuer Purchases of Equity Securities*

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Period** | <br>**Total number**<br>**of shares purchased** | <br>**Average price**<br>**paid per share** | <br>**Total number of**<br>**shares purchased**<br>**as part of publicly**<br>**announced plans**<br>**or programs** | **Maximum**<br>**approximate dollar**<br>**value of shares**<br>**that may yet be**<br>**purchased under the**<br>**plans or programs**<sup>(3)</sup> |
| January 1 - January 31, 2026 |  | $— |  | $100000000 |
| February 1 - February 28, 2026<sup>(1)</sup> | 70264 | 40.02 | 65401 | 97389820 |
| March 1 - March 31, 2026<sup>(2)</sup> | 345947 | 40.10 | 336468 | 83896522 |
| Total | 416211 | 40.09 | 401869 |  |

---

(1) Of the shares repurchased in February 2026, 4,863 shares were not purchased through a publicly announced plan. Rather, these shares were repurchased at the then current market value in conjunction with employee stock option exercises, settlements of restricted stock and tax withholdings.

(2) Of the shares repurchased in March 2026, 9,479 shares were not purchased through a publicly announced plan. Rather, these shares were repurchased at the then current market value in conjunction with employee stock option exercises, settlements of restricted stock and tax withholdings.

(3) &nbsp;&nbsp;&nbsp;&nbsp; On January 27, 2026, the Company announced that its Board of Directors authorized a program to repurchase up to $100.0 million of the Company's stock from time to time in either the open market or through privately negotiated transactions. During the three months ended March 31, 2026, the Company repurchased 401,869 shares of common stock for $16.1 million at a weighted average price per share of $40.07. The remaining authorization under the program as of March 31, 2026 was $83.9 million.

**Item 5. OTHER INFORMATION.**

During the three months ended March 31, 2026, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(c) of Regulation S-K.

**Item 6. EXHIBITS.** 

3.1 [Second Amended and Restated Certificate of Incorporation (incorporated herein by reference to Exhibit 3.1 to our Form S-1 Registration Statement (Registration No. 333-177971), filed August 22, 2012)](https://www.sec.gov/Archives/edgar/data/1475841/000119312512363920/d253929dex31.htm)

3.2 [Second Amended and Restated By-Laws (incorporated herein by reference to Exhibit 3.2 to our Quarterly Report on Form 10-Q, filed on November 7, 2014)](https://www.sec.gov/Archives/edgar/data/1475841/000147584114000058/nbhc_20140930ex32.htm)

4.1 [Form of 5.875% Subordinated Note due 2036 (incorporated herein by reference to Exhibit 4.3 to the Registrant's Current Report on Form 8-K dated and filed on February 11, 2026)](https://www.sec.gov/Archives/edgar/data/1475841/000110465926013385/tm264856d8_ex4-2.htm)

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| 4.2<br>| [Indenture, dated February 11, 2026, by and between National Bank Holdings Corporation and U.S. Bank Trust Company, National Association, as Trustee (incorporated herein by reference to Exhibit 4.1 to our Current Report on Form 8-K dated and filed on February 11, 2026)](https://www.sec.gov/Archives/edgar/data/1475841/000110465926013385/tm264856d8_ex4-1.htm) <br>|
| 4.3<br>| [First Supplemental Indenture, dated February 11, 2026, between National Bank Holdings Corporation and U.S. Bank Trust Company, National Association, as Trustee (incorporated herein by reference to Exhibit 4.2 to our Current Report on Form 8-K dated and filed on February 11, 2026)](https://www.sec.gov/Archives/edgar/data/1475841/000110465926013385/tm264856d8_ex4-2.htm)<br>|
| 10.1<br>| [Employment Agreement, dated September 15, 2025, by and between John D. Steinmetz and National Bank Holdings Corporation (incorporated herein by reference to Exhibit 10.9 to our annual report on Form 10-K filed February 24, 2026)<sup>˄</sup>](https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/nbhc-20251231xex10d9.htm)<br>|
| 10.2<br>| [Form of National Bank Holdings Corporation 2023 Omnibus Incentive Plan Restricted Stock Award Agreement 1/2026 (Laney and Birkans) (incorporated herein by reference to Exhibit 10.27 to our annual report on Form 10-K filed February 24, 2026)<sup>˄</sup>](https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/nbhc-20251231xex10d27.htm)<br>|
| 10.3<br>| [National Bank Holdings Corporation 2026 Inducement Plan (incorporated herein by reference to Exhibit 99.1 of our Registration Statement on Form S-8 filed on January 30, 2026)<sup>˄</sup>](https://www.sec.gov/Archives/edgar/data/1475841/000110465926008655/tm264082d1_ex99-1.htm)<br>|
| 10.4<br>| [Form of National Bank Holdings Corporation 2026 Inducement Plan Restricted Stock Award Agreement (Executive Officer) (incorporated herein by reference to Exhibit 10.29 to our annual report on Form 10-K filed February 24, 2026)<sup>˄</sup>](https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/nbhc-20251231xex10d29.htm)<br>|
| 10.5<br>| [Form of National Bank Holdings Corporation 2026 Inducement Plan Performance Share Unit Award Agreement (Executive Officer) (filed herewith)](nbhc-20260331xex10d5.htm)<sup>˄</sup><br>|
| 10.6<br>| [Vista Bank Equity Incentive Plan (incorporated herein by reference to Exhibit 99.1 of our Registration Statement on Form S-8 filed on January 7, 2026)<sup>˄</sup>](https://www.sec.gov/Archives/edgar/data/1475841/000110465926001578/tm261761d1_ex99-1.htm)<br>|
| 10.7<br>| [Vista Bank Equity Incentive Plan – Restricted Stock Award Agreement with John D. Steinmetz (incorporated herein by reference to Exhibit 10.9 to our annual report on Form 10-K filed February 24, 2026)<sup>˄</sup>](https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/nbhc-20251231xex10d9.htm)<br>|
| 10.8<br>| [Transition Agreement by and between Christopher Randall and National Bank Holdings Corporation (incorporated herein by reference to Exhibit 10.32 to our annual report on Form 10-K filed February 24, 2026)<sup>˄</sup>](https://www.sec.gov/Archives/edgar/data/1475841/000110465926019119/nbhc-20251231xex10d32.htm)<br>|
| 10.9<br>| [Form of National Bank Holdings Corporation 2023 Omnibus Incentive Plan Performance Stock Unit Award Agreement 3/2026 (For Management) (filed herewith)](nbhc-20260331xex10d9.htm)<sup>˄</sup><br>|
| 31.1<br>| [Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](nbhc-20260331xex31d1.htm)<br>|
| 31.2<br>| [Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](nbhc-20260331xex31d2.htm)<br>|
| 32<br>| [Certifications of CEO and CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](nbhc-20260331xex32.htm)<br>|
| 101.INS<br>| XBRL Instance - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.<br>|
| 101.SCH<br>| XBRL Taxonomy Extension Schema<br>|
| 101.CAL<br>| XBRL Taxonomy Extension Calculation<br>|
| 101.DEF<br>| XBRL Taxonomy Extension Definition<br>|
| 101.LAB<br>| XBRL Taxonomy Extension Labels<br>|
| 101.PRE<br>| XBRL Taxonomy Extension Presentation<br>|
| 104<br>| Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)<br>|

---

<sup>˄</sup> Indicates a management contract or compensatory plan.

[**Table of Contents**](#TOC)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

**National Bank Holdings Corporation**

---

| | |
|:---|:---|
| By <br>| /s/ Nicole Van Denabeele<br>|
|  | Nicole Van Denabeele<br>|
|  | Chief Financial Officer<br>|
|  | (duly authorized officer and principal financial officer)<br>|

---

Date: May 7, 2026

## Exhibit 10.5

![Graphic](nbhc-20260331xex10d5001.jpg)

**Exhibit 10.** **5**

#### 2026 INDUCEMENT Plan<br>PERFORMANCE Stock UNIT Award Agreement
THIS PERFORMANCE STOCK UNIT AWARD AGREEMENT (this "<u>Agreement</u>"), dated as of March 17, 2026 (the "<u>Date of Grant</u>"), is made by and between National Bank Holdings Corporation, a Delaware corporation ("<u>NBHC</u>"), and [PARTICIPANT NAME] ("<u>Participant</u>"). Capitalized terms used herein without definition have the meanings ascribed to such terms in Annex A to this Agreement or the National Bank Holdings Corporation 2026 Inducement Plan (as amended, restated or modified, the "<u>Plan</u>").

WHEREAS, NBHC has adopted the Plan in accordance with NYSE Rule 303A.08 to promote the interests of NBHC and its subsidiaries (collectively, the "<u>Company</u>") by inducing highly qualified prospective employees not previously employed by or following a bona fide period of interruption with the Company to accept employment with the Company; and; and

WHEREAS, the Committee has determined that it would be in the best interests of NBHC and its shareholders to grant Participant a number of performance stock units ("<u>PSUs</u>") on the terms and subject to the conditions set forth in this Agreement and the Plan; and

WHEREAS, Participant accepts the award of PSUs pursuant to the terms of this Agreement and the Plan as a material inducement to accept the offer of employment with the Company.

NOW THEREFORE, in consideration of the premises and the covenants of the parties contained in this Agreement, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, for themselves, their successors and assigns, hereby agree as follows:

1.<u>Grant of Performance Stock Unit Award</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Grant</u>. NBHC hereby grants to Participant an award of PSUs in respect of that target number of shares of NBHC Class A common stock, $0.01 par value ("Shares") related to (i) the attainment of the EPS Factor (the "<u>EPS Target Number</u>"), and (ii) the attainment of the ROTA Factor (the "<u>ROTA Target Number</u>" and, together with the EPS Target Number, the "<u>Target Numbers</u>"), , in each case such Target Numbers shall be set forth on <u>Exhibit A</u> and shall be further subject to the terms and conditions set forth in this Agreement (including Annex A and Annex B) and as otherwise provided in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Relative TSR Modifier</u>. The Target Numbers are subject to a TSR adjustment (upward or downward adjustment) based on NBHC's performance during the Measurement Period. Earned PSUs is the number of PSUs awarded to you under this Agreement after adjusting the Target Award Number in accordance with the Relative TSR Modifier set forth in Annex A.

&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Incorporation by Reference, Etc</u>. The provisions of the Plan are hereby incorporated herein by reference. Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan.

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2.<u>Vesting and Settlement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Except as may otherwise be provided herein, the Earned PSUs, if any, shall vest on April 1, 2029 (such date, the " <u>Vesting Date</u> "), subject to Participant having not incurred a Termination of Employment prior to the Vesting Date. NBHC shall issue one Share to Participant for each Earned PSU within 10 days following the Vesting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Determination of Earned PSUs and Vesting and Settlement in Connection with a Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Determination of Earned PSUs</u>. Notwithstanding anything in the Plan, effective as of immediately prior to a Change in Control, subject to the occurrence of such Change in Control, the number of Earned PSUs shall be established by the Committee based on the greater of the applicable Target Number and the level of achievement of actual performance as determined through the latest practicable date prior to such Change in Control (as determined by the Committee in its sole discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Vesting and Settlement of Earned PSUs</u>. The Earned PSUs shall be settled within five days following the occurrence of such Change in Control, unless a replacement or substitute award meeting the requirements of this Section 2(b)(ii) is provided to Participant in respect of the Earned PSUs (an award meeting the requirements of this Section 2(b)(ii) , a " <u>Replacement Award</u> "). An award shall qualify as a Replacement Award if: (A) it is a restricted stock unit with respect to a publicly traded equity security of NBHC or the surviving corporation or the ultimate parent of the applicable entity following the Change in Control, (B) it has a fair market value at least equal to the value of the Earned PSUs established pursuant to Section 2(b)(i) as of the date of the Change in Control, (C) it contains terms relating to service-based vesting (including with respect to Termination of Employment) that are substantially identical to the terms set forth in this Agreement and does not contain any terms related to performance-based vesting, and (D) its other terms and conditions are no less favorable to Participant than the terms and conditions set forth in this Agreement or in the Plan (including provisions that apply in the event of a subsequent Change in Control) as of the date in the Change in Control. The determination of whether the conditions of this Section 2(b)(ii) are satisfied shall be made by the Committee, as constituted immediately prior to the Change in Control, in its sole discretion, prior to a Change in Control. If a Replacement Award is provided, the Earned PSUs shall not be settled upon a Change in Control in accordance with the first sentence of this Section 2(b)(ii) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Replacement Award</u>. If, in connection with a Change in Control, Participant is provided with a Replacement Award, such Replacement Award shall vest on the Vesting Date and be settled at the time provided in Section 2(a) , subject to Participant having not incurred a Termination of Employment prior to the Vesting Date; <u>provided</u> that, if, within two years following such Change in Control, Participant incurs a Termination of Employment without Cause, due to

------

Participant's resignation with Good Reason (as defined in Section 7(b)), or due to Participant's death or Disability, then the Replacement Award shall become fully vested effective as of the date Termination of Employment, and NBHC shall issue one Share to Participant for each Replacement Award as soon as reasonably practicable, and in no event more than 10 days, following the date of Termination of Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Terminations of Employment</u>. If Participant incurs a Termination of Employment prior to a Change in Control or under circumstances other than those set forth in Section 2(b)(ii) as applicable to a Replacement Award, any unvested PSUs shall be forfeited by Participant without consideration effective as of the date of Termination of Employment.

3.<u>Tax Withholding; Independent Tax Advice</u>. NBHC shall reasonably determine the amount of any federal, state, local, or other income, employment, or other taxes that the Company may reasonably be obligated to withhold with respect to the grant, vesting, settlement, or other event with respect to the PSUs. NBHC's obligation to deliver any certificates evidencing the Shares provided upon settlement of the PSUs (or to make a book-entry or other electronic notation indicating ownership of such Shares) is subject to the condition precedent that Participant either pay or provide for the amount of any such withholding obligations in such manner as may be authorized by the Committee or as may otherwise be permitted under Section 14(d) of the Plan. Participant acknowledges that the tax laws and regulations applicable to the PSUs and the disposition of the Shares provided upon settlement of the PSUs are complex and subject to change, and it is the sole responsibility of Participant to obtain Participant's own advice as to the tax treatment of the terms of this Agreement.

4.<u>No Rights as Stockholder; Dividend Equivalent Credits</u>. Until such time as the PSUs have been settled pursuant to Section 2 and the underlying Shares have been delivered to Participant, and Participant has become the holder of such Shares, Participant shall have no rights as a stockholder, including, without limitation, the right to dividends or other distributions or the right to vote. Notwithstanding the foregoing or Section 7(c) of the Plan, each PSU shall entitle Participant to dividend equivalents with respect to ordinary cash dividends that would otherwise be paid on the Share underlying such PSU during the period from the Date of Grant to the date such Share is delivered in accordance with Section 2. Any such dividend equivalents shall be subject to the same vesting conditions applicable to the underlying PSU with respect to which they accrue, and shall, if the underlying PSU vests, be paid at the time as the underlying PSU is settled.

5.<u>Non-Transferability</u>. The PSUs may not, at any time prior to becoming vested, be assigned, alienated, pledged, attached, sold, or otherwise transferred or encumbered by Participant other than by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer, or encumbrance shall be void and unenforceable against the Company; <u>provided</u> that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer, or encumbrance. The PSUs shall be subject to the restrictions set forth in the Plan and this Agreement.

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6.<u>Adjustment</u>. In the event of any event described in Section 3(h) of the Plan occurring after the Date of Grant, the adjustment provisions as provided for under Section 3(h) of the Plan shall apply to the PSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Certain Definitions and Administration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination with Cause</u>. Unless otherwise provided under the termination with "cause" provisions of an Individual Agreement, to invoke a termination with Cause, the Company must provide written notice to Participant of the existence of such grounds within 30 days following the Company's knowledge of the existence of such grounds, specifying in reasonable detail the grounds constituting Cause, and, with respect to the grounds enumerated in clauses (A), (C), (D), and (E) in the definition of Cause in the Plan, Participant shall have 30 days following receipt of such written notice during which he or she may remedy the ground if such ground is reasonably subject to cure as determined by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) " <u>Good Reason</u> " shall have the meaning given to such term in an Individual Agreement, or if there is no such Individual Agreement or if it does not define Good Reason, then, Good Reason shall mean the occurrence of the following, in the absence of Participant's written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a material diminution in Participant's annual base salary from that in effect immediately prior to a Change in Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the assignment to Participant of any duties materially inconsistent with Participant's positions (including status, offices, titles, and reporting requirements), authority, duties, or responsibilities, or any other action by the Company that results in a material diminution in such positions, authority, duties, or responsibilities, in each case, from those in effect immediately prior to a Change in Control;

<u>provided</u> that, in each case, (A) Participant provides written notice to the Company of the existence of one or more of the conditions described in clauses (i) through (ii) within 30 days following Participant's knowledge of the initial existence of such condition or conditions, specifying in reasonable detail the conditions constituting Good Reason; (B) the Company fails to cure such event or condition within 30 days following the receipt of such notice; and (C) Participant incurs a Termination of Employment within 30 days following the expiration of such cure period.

8.<u>Forfeiture</u>. Participant agrees that, notwithstanding any other provision of any agreement to which he or she is subject with the Company, and in addition to and not in contravention of any clawback provision or policy applicable to Participant as in effect from time to time (including any clawback policies or provisions implemented pursuant to Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Company is required to prepare an accounting restatement due to material noncompliance of the Company as a result of Participant's misconduct in connection with any financial reporting requirement under the federal securities laws, the Committee may require Participant to forfeit unvested the PSUs, and/or to reimburse

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the Company for all amounts received under this Agreement from the Company during the 12-month period following the first public issuance or filing with the Securities and Exchange Commission (whichever first occurs) of the financial document embodying such financial reporting requirement, and any amounts received with respect to, or amounts realized upon the settlement of the PSUs or the subsequent sale of the Shares that were issued upon settlement of the PSUs or the cancellation of the PSUs during that 12-month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Committee shall determine that Participant has engaged in a serious breach of conduct, the Committee may require Participant to forfeit unvested PSUs, may terminate this Agreement and/or require Participant to repay any amounts realized upon the settlement of the PSUs or on the subsequent sale of the Shares that were issued upon settlement of the PSUs or the cancellation of the PSUs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Participant is found guilty of misconduct by any judicial or administrative authority in connection with any (i) formal investigation by the Securities and Exchange Commission or (ii) other federal or state regulatory investigation, then the Committee may require Participant to forfeit unvested PSUs and/or may require the repayment of any amounts realized upon the settlement of the PSUs or on the subsequent sale of the Shares that were issued upon settlement of the PSUs or the cancellation of the PSUs without regard to the timing of the determination of misconduct in relation to the timing of the settlement or sale of the award.

The foregoing provisions of this Section 8 shall cease to apply following a Change in Control, except as otherwise required by applicable law.

9.<u>Compliance with Legal Requirements</u>. The grant of the PSUs and any other obligations of the Company under this Agreement shall be subject to all applicable federal and state laws, rules, and regulations and to such approvals by any regulatory or governmental agency as may be required. The Committee, in its sole discretion, may postpone the issuance or delivery of Shares as the Committee may consider appropriate and may require Participant to make such representations and furnish such information as it may consider appropriate in connection with the issuance or delivery of Shares in compliance with applicable laws, rules, and regulations.

10.<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality of this Agreement</u>. Participant agrees to keep confidential the terms of this Agreement, unless and until such terms have been disclosed publicly other than through a breach by Participant of this covenant. This provision does not prohibit Participant from providing this information on a confidential and privileged basis to Participant's attorneys or accountants for purposes of obtaining legal or tax advice or as otherwise required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Restrictive Covenants</u>. To protect the Company's Trade Secret Information (as defined in Annex B), the grant, vesting, and settlement of the PSUs pursuant to this Agreement shall be in partial consideration for, and subject to Participant's continued compliance with, (i) any restrictive covenants set forth in an Individual Agreement or (ii) if there are no confidentiality and/or non-solicitation provisions in an Individual Agreement,

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the restrictive covenants as set forth in Annex B hereto. For the avoidance of doubt, if there are confidentiality and/or non-solicitation provisions in an Individual Agreement, the restrictive covenants in the Individual Agreement shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section 409A of the Code</u>. It is intended that the Awards granted pursuant to this Agreement and the provisions of this Agreement be exempt from or comply with Section 409A of the Code, and all provisions of this Agreement shall be construed and interpreted in a manner consistent with Section 11(e) of the Plan and the requirements for avoiding taxes or penalties under Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Waiver and Amendment</u>. The Committee may waive any conditions or rights under, or amend any terms of, this Agreement and the PSUs granted hereunder; <u>provided</u> that any such waiver or amendment that would impair the rights of any Participant or any holder or beneficiary of any PSUs heretofore granted shall not to that extent be effective without the consent of Participant. No waiver of any right hereunder by any party shall operate as a waiver of any other right, or as a waiver of the same right with respect to any subsequent occasion for its exercise, or as a waiver of any right to damages. No waiver by any party of any breach of this Agreement shall be held to constitute a waiver of any other breach or a waiver of the continuation of the same breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Notices</u>. All notices, demands and other communications provided for or permitted hereunder shall be made in writing and shall be by registered or certified first-class mail, return receipt requested, facsimile, courier service or personal delivery:

if to the Company to:<br>National Bank Holdings Corporation<br>7800 East Orchard Road, Suite 300<br>Greenwood Village, CO 80111<br>Facsimile: (855)576-3479<br>Attention: General Counsel

if to Participant: at the address last on the records of the Company.

All such notices, demands and other communications shall be deemed to have been duly given (i) when delivered by hand, if personally delivered; (ii) when delivered by courier, if delivered by commercial courier service; (iii) five business days after being deposited in the mail, postage prepaid, if mailed; and (iv) when receipt is mechanically acknowledged, if by facsimile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Severability</u>. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Rights to Service</u>. Nothing contained in this Agreement shall be construed as giving Participant any right to be retained, in any position, as an employee, consultant, or director of the Company or shall interfere with or restrict in any way the right of the

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Company, which is hereby expressly reserved, to remove, terminate, or discharge Participant at any time for any reason whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Beneficiary</u>. Participant may file with NBHC a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, change or revoke such designation by filing a new designation with NBHC. The last such designation received by NBHC shall be controlling; <u>provided</u>, <u>however</u>, that no designation, or change or revocation thereof, shall be effective unless received by NBHC prior to Participant's death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by Participant, the beneficiary shall be deemed to be his or her spouse or, if Participant is unmarried at the time of death, his or her estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Successors</u>. The terms of this Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, and of Participant and the beneficiaries, executors, administrators, heirs and successors of Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Entire Agreement</u>. This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior communications, representations and negotiations with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Bound by the Plan</u>. By signing this Agreement, Participant acknowledges that he or she has received a copy of the Plan and has had an opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Governing Law</u>. This Agreement shall be construed and interpreted in accordance with the internal laws of the State of Delaware without regard to principles of conflicts of law thereof, or principles of conflicts of laws of any other jurisdiction that could cause the application of the laws of any jurisdiction other than the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Headings</u>. The headings of the Sections of this Agreement are provided for convenience only and are not to serve as a basis for interpretation or construction, and shall not constitute a part, of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Counterparts</u>. This Agreement may be signed in two or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.

[*Signature Page Follows*]

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

NATIONAL BANK HOLDINGS CORPORATION

![Graphic](nbhc-20260331xex10d5002.jpg)

By: ____________________________________<br>Name: Angela Petrucci<br>Title: Chief Administrative Officer

![Graphic](nbhc-20260331xex10d5003.jpg)

By: ____________________________________<br>Name: Emily Gooden<br>Title: Chief Accounting Officer

PARTICIPANT

[[SIGNATURE]]

_______________________________________<br>[[FIRSTNAME]] [[MIDDLENAME]] [[LASTNAME]]

[*Signature Page to PSU Award Agreement*]

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#### Annex A<br>Performance Metrics
For purposes of this Agreement, the following terms have the meanings ascribed thereto below:

"<u>Cumulative Adjusted EPS</u>" shall mean NBHC's cumulative earnings per share for each of the fiscal years during the Measurement Period, as reported in NBHC's audited financial statements in NBHC's Annual Report on Form 10-K (the "<u>Annual Report</u>"), as adjusted to eliminate the effects of the following: (a) changes in law or accounting principles, (b) one-time effects of mergers and acquisitions, (c) gains or losses on the extinguishment of debt or the sale of investment securities, (d) restructuring charges, and (e) other extraordinary items that the Committee deems appropriate.

"<u>Earned PSUs</u>" shall be determined by multiplying the EPS Earned PSUs and ROTA Earned PSUs by the Relative TSR Modifier Factor (such products shall be rounded to the nearest whole number).

"<u>EPS Earned PSUs</u>" shall mean the product of (a) the EPS Target Number *multiplied by* (b) the EPS Factor (such product shall be rounded to the nearest whole number).

"<u>EPS Factor</u>" shall mean the factor determined and certified by the Committee based on Cumulative Adjusted EPS for the Measurement Period as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Cumulative Adjusted EPS for the Measurement Period** | &nbsp;&nbsp;**EPS Factor** |
| &nbsp;&nbsp;<sup>Less than $9.62</sup> | &nbsp;&nbsp;0.000 |
| &nbsp;&nbsp;<sup>Equal to $9.62</sup> | &nbsp;&nbsp;0.500 |
| &nbsp;&nbsp;<sup>Equal to $11.32</sup> | &nbsp;&nbsp;1.000 |
| &nbsp;&nbsp;<sup>Equal to or greater than $11.89</sup> | &nbsp;&nbsp;1.500 |

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Linear interpolation shall be used between the applicable Cumulative Adjusted EPS targets set forth above. In no event will the EPS Factor exceed 1.500.

"<u>GAAP</u>" shall mean the generally accepted accounting principles in effect from time to time in the United States, applied on a consistent basis.

"<u>Measurement Period</u>" shall mean the period commencing on January 1, 2026 and ending on December 31, 2028.

"<u>Relative ROTA</u>" shall mean the percentile ranking of NBHC's ROTA among the ROTAs for the companies included in the S&P 600 Regional Bank Group for each respective calendar year of the Measurement Period, calculated by determining the quotient of (a) the sum of each of NBHC's ROTA percentile rankings at the end of each calendar year during the Measurement Period *divided by* (b) three (3), provided that the Committee may, in its sole discretion, exclude from the S&P 600 Regional Bank Group a company that has not implemented the Current

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Expected Credit Losses accounting standard ("CECL") at any point during the Measurement Period, even if such company subsequently implements CECL during the Measurement Period. Notwithstanding the foregoing, in the event of a Change of Control prior to the final determination of Relative ROTA for the Measurement Period, the determination of Relative ROTA will be made by the Committee as contemplated by Section 2(b)(i) based on information that is publicly available with respect to the portion of the Measurement Period completed (including calendar quarters, if practicable) prior to the Change in Control and as of the date of the Committee's determination, and the Measurement Period shall end.

"<u>Relative ROTA Factor</u>" shall mean the factor determined and certified by the Committee based on Relative ROTA for the Measurement Period as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Relative ROTA for the Measurement Period (%ile)** | &nbsp;&nbsp;**Relative ROTA Factor** |
| &nbsp;&nbsp;Less than 35th percentile……………………………………………………………. | &nbsp;&nbsp;0.000 |
| &nbsp;&nbsp;Equal to 35th percentile……………………………………………………………. | &nbsp;&nbsp;0.500 |
| &nbsp;&nbsp;Equal to 50th percentile……………………………………………………………. | &nbsp;&nbsp;1.000 |
| &nbsp;&nbsp;Greater than 75th percentile……………………………………………………………. | &nbsp;&nbsp;1.500 |

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Linear interpolation shall be used between the applicable Relative ROTA targets set forth above. In no event will the Relative ROTA Factor exceed 1.500. Notwithstanding anything to the contrary, if ROTA is negative for any calendar year during the Performance Period, the Relative ROTA Factor will not exceed 1.0.

"<u>Relative TSR</u>" shall mean the percentile ranking of NBHC's TSR among the TSRs for the companies included in the S&P 600 Regional Bank Group as of the first day of the Measurement Period; <u>provided</u> that any company that is not continuously included in the S&P 600 Regional Bank Group during the Measurement Period shall be excluded from the determination of Relative TSR. The only exception shall be if a company included in the S&P 600 Regional Bank Group as of the first day of the Measurement Period files for bankruptcy or is placed into receivership, they shall remain included in the determination of Relative TSR, with a TSR of <br>-100%.

"<u>Relative TSR Modifier Factor</u>" shall mean the factor determined and certified by the Committee based on Relative TSR for the Measurement Period as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Relative TSR for the Measurement Period (%ile)** | &nbsp;&nbsp;**Relative TSR Modifier Factor** |
| &nbsp;&nbsp;<sup>Less than 25th percentile</sup> | &nbsp;&nbsp;0.80 |
| &nbsp;&nbsp;<sup>Between 25th percentile and 75th percentile</sup> | &nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;<sup>Greater than 75th percentile</sup> | &nbsp;&nbsp;1.20 |

---

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Notwithstanding the above, if Relative TSR is negative for the Measurement Period, the Relative TSR Modifier Factor will not exceed 1.0.

"<u>ROTA</u>" shall mean a company's return on tangible assets and shall mean, as of any date, a company's ratio of (i) consolidated net income plus intangible amortization expense (net of taxes using the marginal federal tax rate in effect at the time of calculation) for the four completed calendar quarters for the relevant calendar year (including the calendar quarter ending December 31 of such year) to (ii) the average assets of the company, excluding all assets that would be classified as intangible assets (such as goodwill) on the company's consolidated balance sheet, averaged for the four completed calendar quarters for the relevant calendar year (including the calendar quarter ending December 31 of such year). ROTA shall be calculated utilizing the data (including the applicable tax rate) provided through the SNL Financial Database (or its qualified successor) for all companies in the S&P 600 Regional Bank Group for the applicable calendar year of the Measurement Period (the "<u>Peer Group</u>"). Notwithstanding the foregoing, the Committee shall have the discretion to adjust net income for one-time expenses such as (a) changes in law or accounting principles (b) one-time effects of mergers and acquisitions, (d) restructuring charges, and (e) other extraordinary items that the Committee deems appropriate and each as reported in the public filings with the Securities and Exchange Commission and each as compared to the companies in the relevant Peer Group, as applicable.

"<u>ROTA Earned PSUs</u>" shall mean the product of (a) the ROTA Target Number *multiplied by* (b) the ROTA Factor (such product shall be rounded to the nearest whole number).

"<u>TSR</u>" shall mean, with respect to NBHC and each company in the Peer Group, total shareholder return for such company over the Measurement Period, calculated using the average closing stock price for the 20 trading days prior to and including December 31, 2025 and the average closing stock price for the 20 trading days prior to and including December 31, 2028, assuming dividends are reinvested in such company's common stock on the ex-dividend date.

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#### Annex B<br>Restrictive Covenants
1.<u>Confidential Information</u>. Participant agrees that, during his or her employment with the Company and at all times thereafter, he or she shall hold for the benefit of the Company all Trade Secret Information. "Trade Secret Information" means the whole or any portion of confidential business or financial information, including any listing of client names, addresses, or telephone numbers, or any other confidential data or processes relating to the Company and its respective businesses which is secret and of value, and which shall have been obtained by Participant during Participant's employment by the Company, and which shall not be or become public knowledge (other than by acts by Participant or representatives of Participant in violation of this Agreement). Except in the good faith performance of his or her duties for the Company, Participant shall not, without the prior written consent of the Company or as may otherwise be required or permitted by law or legal process, communicate or divulge any Trade Secret Information, knowledge, or data to anyone other than the Company and those designated by it.

Notwithstanding the above confidentiality provisions, nothing in this Agreement, in any other agreement, or in the Company's policies should be interpreted as prohibiting Participant from disclosing any alleged discriminatory or unfair employment practice, or (1) reporting possible violations of federal law or regulations, including any securities laws violations, to any governmental agency or entity, including but not limited to the Department of Justice, the U.S. Securities & Exchange Commission, the U.S. Congress, or any agency Inspector General; (2) making any other disclosures that are protected under the whistleblower provisions of federal law or regulations; or (3) otherwise fully participating in any federal whistleblower programs.

Please refer to the Associate Handbook applicable to Participant, a copy of which is available upon request, regarding Participant's rights related to the disclosure of the Company's trade secrets.

2.<u>Nonsolicitation of Employees</u>. To protect the Trade Secret Information, Participant agrees that, while he or she is employed by the Company and during the one-year period following his or her termination of employment with the Company (the "<u>Restricted Period</u>"), Participant shall not, directly or indirectly, (a) solicit any individual who is, on the date on which Participant incurs a Termination of Employment (the "<u>Date of Termination</u>") (or was, during the six-month period prior to the Date of Termination), employed by the Company to terminate or refrain from renewing or extending such employment or to become employed by or become a consultant to any other individual or entity other than the Company, or (b) initiate discussions with any such individual for any such purpose or authorize or knowingly cooperate with the taking of any such actions by any other individual or entity.

3.<u>Nonsolicitation of Clients</u>. To protect the Trade Secret Information, you agree that, during the Restricted Period and except as required for the performance of duties assigned to you by the Company, you will not use any Trade Secret Information to, directly or indirectly, (a) solicit any client or customer of the Company to transact business with a Competitive Enterprise (as defined below), or (b) induce or attempt to induce any client, customer, or investor (in each case, whether former, current, or prospective), vendor, supplier, licensee, or other business relation of the Company to reduce or cease doing business with the Company, or in any way interfere with the

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relationship between any such client, customer, investor, vendor, supplier, licensee, or business relation, on the one hand, and the Company, on the other hand. For purposes hereof, "<u>Competitive Enterprise</u>" means any business enterprise that engages in any activity closely associated with commercial banking or any other financial services business, including the operations of an institution, the deposits of which are insured by the Federal Deposit Insurance Corporation, that is competitive with any portion of the business conducted by the Company.

4.<u>Equitable Remedies</u>. Participant acknowledges that the Company would be irreparably injured by a violation of Section 1 through 3 of this <u>Annex B</u> and he or she agrees that the Company, in addition to any other remedies available to it for such breach or threatened breach, on meeting the standards required by law, shall be entitled to a preliminary injunction, temporary restraining order, or other equivalent relief, restraining Participant from any actual or threatened breach of Section 1 through 3 of this <u>Annex B</u>. If a bond is required to be posted in order for the Company to secure an injunction or other equitable remedy, the parties agree that said bond need not be more than a nominal sum.

5.<u>Severability; Blue Pencil</u>. Participant acknowledges and agrees that he or she has had the opportunity to seek advice of counsel in connection with this Agreement and the restrictive covenants contained herein are reasonable in geographical scope, temporal duration, and in all other respects. If it is determined that any provision of this <u>Annex B</u> is invalid or unenforceable, the remainder of the provisions of this <u>Annex B</u> shall not thereby be affected and shall be given full effect, without regard to the invalid portions. If any court or other decision-maker of competent jurisdiction determines that any of the covenants in this <u>Annex B</u> is unenforceable because of the duration or geographic scope of such provision, then after such determination becomes final and unappealable, the duration or scope of such provision, as the case may be, shall be reduced so that such provision becomes enforceable, and in its reduced form, such provision shall be enforced.

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**EXHIBIT A**<br>THREE-YEAR PERFORMANCE AWARD PSUs

The three-year performance award is an award of performance-based restricted stock units (PSUs), a portion of which vests upon the attainment of a three-year cumulative earnings per share (EPS) factor (the "EPS Factor") and a portion of which vests upon the attainment of a three-year relative return on tangible assets (ROTA) factor (the "ROTA Factor"), as adjusted for under or over performance by NBHC against a three-year relative total shareholder return (TSR), as further detailed in the Performance Stock Unit Award Agreement dated March 17, 2026 (the "<u>Agreement</u>"). The PSUs for the EPS Factor and the ROTA Factor are recognized as two separate grants that are subject to the same Agreement. By signing and accepting both the Agreement and this <u>Exhibit A</u>, you are acknowledging your acceptance of the terms of the Agreement and the PSUs associated with the EPS Factor and the ROTA Factor, subject to the Relative TSR Modifier.

Target Number of PSUs (EPS Factor) awarded:[______]

Target Number of PSUs (ROTA Factor) awarded:[______]

Accepted and Acknowledged:

PARTICIPANT

_________________________________________<br>[Participant Name]

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## Exhibit 10.9

![Graphic](nbhc-20260331xex10d9001.jpg)

 **Exhibit 10.** **9**

#### 2023 Omnibus Incentive Plan<br>PERFORMANCE Stock UNIT Award Agreement
THIS PERFORMANCE STOCK UNIT AWARD AGREEMENT (this "<u>Agreement</u>"), dated as of [DATE] (the "<u>Date of Grant</u>"), is made by and between National Bank Holdings Corporation, a Delaware corporation ("<u>NBHC</u>"), and [PARTICIPANT NAME] ("<u>Participant</u>"). Capitalized terms used herein without definition have the meanings ascribed to such terms in Annex A to this Agreement or the National Bank Holdings Corporation 2023 Omnibus Incentive Plan (as amended, restated or modified, the "<u>Plan</u>").

WHEREAS, NBHC has adopted the Plan to provide officers, employees, directors, and consultants of NBHC and its Subsidiaries and Affiliates (collectively, the "<u>Company</u>") an opportunity to participate in the Company's future performance and align the interests of such officers, employees, directors, and consultants with those of the shareholders of the Company; and

WHEREAS, the Committee has determined that it would be in the best interests of NBHC and its shareholders to grant Participant a number of performance stock units ("PSUs") on the terms and subject to the conditions set forth in this Agreement and the Plan.

NOW THEREFORE, in consideration of the premises and the covenants of the parties contained in this Agreement, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, for themselves, their successors and assigns, hereby agree as follows:

1.<u>Grant of Performance Stock Unit Award</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Grant</u>. NBHC hereby grants to Participant an award of PSUs in respect of that target number of shares of NBHC Class A common stock, $0.01 par value ("Shares") related to (i) the attainment of the EPS Factor (the "<u>EPS Target Number</u>"), and (ii) the attainment of the ROTA Factor (the "<u>ROTA Target Number</u>" and, together with the EPS Target Number, the "<u>Target Numbers</u>"), , in each case such Target Numbers shall be set forth on <u>Exhibit A</u> and shall be further subject to the terms and conditions set forth in this Agreement (including Annex A and Annex B) and as otherwise provided in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Relative TSR Modifier</u>. The Target Numbers are subject to a TSR adjustment (upward or downward adjustment) based on NBHC's performance during the Measurement Period. Earned PSUs is the number of PSUs awarded to you under this Agreement after adjusting the Target Award Number in accordance with the Relative TSR Modifier set forth in Annex A.

&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Incorporation by Reference, Etc</u>. The provisions of the Plan are hereby incorporated herein by reference. Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan.

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2.<u>Vesting and Settlement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Except as may otherwise be provided herein, the Earned PSUs, if any, shall vest on [DATE] (such date, the " <u>Vesting Date</u> "), subject to Participant having not incurred a Termination of Employment prior to the Vesting Date. NBHC shall issue one Share to Participant for each Earned PSU within 10 days following the Vesting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Determination of Earned PSUs and Vesting and Settlement in Connection with a Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Determination of Earned PSUs</u>. Notwithstanding anything in the Plan, effective as of immediately prior to a Change in Control, subject to the occurrence of such Change in Control, the number of Earned PSUs shall be established by the Committee based on the greater of the applicable Target Number and the level of achievement of actual performance as determined through the latest practicable date prior to such Change in Control (as determined by the Committee in its sole discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Vesting and Settlement of Earned PSUs</u>. The Earned PSUs shall be settled within five days following the occurrence of such Change in Control, unless a replacement or substitute award meeting the requirements of this Section 2(b)(ii) is provided to Participant in respect of the Earned PSUs (an award meeting the requirements of this Section 2(b)(ii) , a " <u>Replacement Award</u> "). An award shall qualify as a Replacement Award if: (A) it is a restricted stock unit with respect to a publicly traded equity security of NBHC or the surviving corporation or the ultimate parent of the applicable entity following the Change in Control, (B) it has a fair market value at least equal to the value of the Earned PSUs established pursuant to Section 2(b)(i) as of the date of the Change in Control, (C) it contains terms relating to service-based vesting (including with respect to Termination of Employment) that are substantially identical to the terms set forth in this Agreement and does not contain any terms related to performance-based vesting, and (D) its other terms and conditions are no less favorable to Participant than the terms and conditions set forth in this Agreement or in the Plan (including provisions that apply in the event of a subsequent Change in Control) as of the date in the Change in Control. The determination of whether the conditions of this Section 2(b)(ii) are satisfied shall be made by the Committee, as constituted immediately prior to the Change in Control, in its sole discretion, prior to a Change in Control. If a Replacement Award is provided, the Earned PSUs shall not be settled upon a Change in Control in accordance with the first sentence of this Section 2(b)(ii) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Replacement Award</u>. If, in connection with a Change in Control, Participant is provided with a Replacement Award, such Replacement Award shall vest on the Vesting Date and be settled at the time provided in Section 2(a) , subject to Participant having not incurred a Termination of Employment prior to the Vesting Date; <u>provided</u> that, if, within two years following such Change in Control,

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Participant incurs a Termination of Employment without Cause, due to Participant's resignation with Good Reason (as defined in Section 7(b)), or due to Participant's death or Disability, then the Replacement Award shall become fully vested effective as of the date Termination of Employment, and NBHC shall issue one Share to Participant for each Replacement Award as soon as reasonably practicable, and in no event more than 10 days, following the date of Termination of Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Terminations of Employment</u>. If Participant incurs a Termination of Employment prior to a Change in Control or under circumstances other than those set forth in Section 2(b)(ii) as applicable to a Replacement Award, any unvested PSUs shall be forfeited by Participant without consideration effective as of the date of Termination of Employment.

3.<u>Tax Withholding; Independent Tax Advice</u>. NBHC shall reasonably determine the amount of any federal, state, local, or other income, employment, or other taxes that the Company may reasonably be obligated to withhold with respect to the grant, vesting, settlement, or other event with respect to the PSUs. NBHC's obligation to deliver any certificates evidencing the Shares provided upon settlement of the PSUs (or to make a book-entry or other electronic notation indicating ownership of such Shares) is subject to the condition precedent that Participant either pay or provide for the amount of any such withholding obligations in such manner as may be authorized by the Committee or as may otherwise be permitted under Section 14(d) of the Plan. Participant acknowledges that the tax laws and regulations applicable to the PSUs and the disposition of the Shares provided upon settlement of the PSUs are complex and subject to change, and it is the sole responsibility of Participant to obtain Participant's own advice as to the tax treatment of the terms of this Agreement.

4.<u>No Rights as Stockholder; Dividend Equivalent Credits</u>. Until such time as the PSUs have been settled pursuant to Section 2 and the underlying Shares have been delivered to Participant, and Participant has become the holder of such Shares, Participant shall have no rights as a stockholder, including, without limitation, the right to dividends or other distributions or the right to vote. Notwithstanding the foregoing or Section 7(c) of the Plan, each PSU shall entitle Participant to dividend equivalents with respect to ordinary cash dividends that would otherwise be paid on the Share underlying such PSU during the period from the Date of Grant to the date such Share is delivered in accordance with Section 2. Any such dividend equivalents shall be subject to the same vesting conditions applicable to the underlying PSU with respect to which they accrue, and shall, if the underlying PSU vests, be paid at the time as the underlying PSU is settled.

5.<u>Non-Transferability</u>. The PSUs may not, at any time prior to becoming vested, be assigned, alienated, pledged, attached, sold, or otherwise transferred or encumbered by Participant other than by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer, or encumbrance shall be void and unenforceable against the Company; <u>provided</u> that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer, or encumbrance. The PSUs shall be subject to the restrictions set forth in the Plan and this Agreement.

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6.<u>Adjustment</u>. In the event of any event described in Section 3(h) of the Plan occurring after the Date of Grant, the adjustment provisions as provided for under Section 3(h) of the Plan shall apply to the PSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Certain Definitions and Administration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination with Cause</u>. Unless otherwise provided under the termination with "cause" provisions of an Individual Agreement, to invoke a termination with Cause, the Company must provide written notice to Participant of the existence of such grounds within 30 days following the Company's knowledge of the existence of such grounds, specifying in reasonable detail the grounds constituting Cause, and, with respect to the grounds enumerated in clauses (A), (C), (D), and (E) in the definition of Cause in the Plan, Participant shall have 30 days following receipt of such written notice during which he or she may remedy the ground if such ground is reasonably subject to cure as determined by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) " <u>Good Reason</u> " shall have the meaning given to such term in an Individual Agreement, or if there is no such Individual Agreement or if it does not define Good Reason, then, Good Reason shall mean the occurrence of the following, in the absence of Participant's written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a material diminution in Participant's annual base salary from that in effect immediately prior to a Change in Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the assignment to Participant of any duties materially inconsistent with Participant's positions (including status, offices, titles, and reporting requirements), authority, duties, or responsibilities, or any other action by the Company that results in a material diminution in such positions, authority, duties, or responsibilities, in each case, from those in effect immediately prior to a Change in Control;

<u>provided</u> that, in each case, (A) Participant provides written notice to the Company of the existence of one or more of the conditions described in clauses (i) through (ii) within 30 days following Participant's knowledge of the initial existence of such condition or conditions, specifying in reasonable detail the conditions constituting Good Reason; (B) the Company fails to cure such event or condition within 30 days following the receipt of such notice; and (C) Participant incurs a Termination of Employment within 30 days following the expiration of such cure period.

8.<u>Forfeiture</u>. Participant agrees that, notwithstanding any other provision of any agreement to which he or she is subject with the Company, and in addition to and not in contravention of any clawback provision or policy applicable to Participant as in effect from time to time (including any clawback policies or provisions implemented pursuant to Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Company is required to prepare an accounting restatement due to material noncompliance of the Company as a result of Participant's misconduct in connection with any financial reporting requirement under the federal securities laws, the Committee may require Participant to forfeit unvested the PSUs, and/or to reimburse

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the Company for all amounts received under this Agreement from the Company during the 12-month period following the first public issuance or filing with the Securities and Exchange Commission (whichever first occurs) of the financial document embodying such financial reporting requirement, and any amounts received with respect to, or amounts realized upon the settlement of the PSUs or the subsequent sale of the Shares that were issued upon settlement of the PSUs or the cancellation of the PSUs during that 12-month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Committee shall determine that Participant has engaged in a serious breach of conduct, the Committee may require Participant to forfeit unvested PSUs, may terminate this Agreement and/or require Participant to repay any amounts realized upon the settlement of the PSUs or on the subsequent sale of the Shares that were issued upon settlement of the PSUs or the cancellation of the PSUs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Participant is found guilty of misconduct by any judicial or administrative authority in connection with any (i) formal investigation by the Securities and Exchange Commission or (ii) other federal or state regulatory investigation, then the Committee may require Participant to forfeit unvested PSUs and/or may require the repayment of any amounts realized upon the settlement of the PSUs or on the subsequent sale of the Shares that were issued upon settlement of the PSUs or the cancellation of the PSUs without regard to the timing of the determination of misconduct in relation to the timing of the settlement or sale of the award.

The foregoing provisions of this Section 8 shall cease to apply following a Change in Control, except as otherwise required by applicable law.

9.<u>Compliance with Legal Requirements</u>. The grant of the PSUs and any other obligations of the Company under this Agreement shall be subject to all applicable federal and state laws, rules, and regulations and to such approvals by any regulatory or governmental agency as may be required. The Committee, in its sole discretion, may postpone the issuance or delivery of Shares as the Committee may consider appropriate and may require Participant to make such representations and furnish such information as it may consider appropriate in connection with the issuance or delivery of Shares in compliance with applicable laws, rules, and regulations.

10.<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality of this Agreement</u>. Participant agrees to keep confidential the terms of this Agreement, unless and until such terms have been disclosed publicly other than through a breach by Participant of this covenant. This provision does not prohibit Participant from providing this information on a confidential and privileged basis to Participant's attorneys or accountants for purposes of obtaining legal or tax advice or as otherwise required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Restrictive Covenants</u>. To protect the Company's Trade Secret Information (as defined in Annex B), the grant, vesting, and settlement of the PSUs pursuant to this Agreement shall be in partial consideration for, and subject to Participant's continued compliance with, (i) any restrictive covenants set forth in an Individual Agreement or (ii) if there are no confidentiality and/or non-solicitation provisions in an Individual Agreement,

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the restrictive covenants as set forth in Annex B hereto. For the avoidance of doubt, if there are confidentiality and/or non-solicitation provisions in an Individual Agreement, the restrictive covenants in the Individual Agreement shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section 409A of the Code</u>. It is intended that the Awards granted pursuant to this Agreement and the provisions of this Agreement be exempt from or comply with Section 409A of the Code, and all provisions of this Agreement shall be construed and interpreted in a manner consistent with Section 11(e) of the Plan and the requirements for avoiding taxes or penalties under Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Waiver and Amendment</u>. The Committee may waive any conditions or rights under, or amend any terms of, this Agreement and the PSUs granted hereunder; <u>provided</u> that any such waiver or amendment that would impair the rights of any Participant or any holder or beneficiary of any PSUs heretofore granted shall not to that extent be effective without the consent of Participant. No waiver of any right hereunder by any party shall operate as a waiver of any other right, or as a waiver of the same right with respect to any subsequent occasion for its exercise, or as a waiver of any right to damages. No waiver by any party of any breach of this Agreement shall be held to constitute a waiver of any other breach or a waiver of the continuation of the same breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Notices</u>. All notices, demands and other communications provided for or permitted hereunder shall be made in writing and shall be by registered or certified first-class mail, return receipt requested, facsimile, courier service or personal delivery:

if to the Company to:<br>National Bank Holdings Corporation<br>7800 East Orchard Road, Suite 300<br>Greenwood Village, CO 80111<br>Facsimile: (855)576-3479<br>Attention: General Counsel

if to Participant: at the address last on the records of the Company.

All such notices, demands and other communications shall be deemed to have been duly given (i) when delivered by hand, if personally delivered; (ii) when delivered by courier, if delivered by commercial courier service; (iii) five business days after being deposited in the mail, postage prepaid, if mailed; and (iv) when receipt is mechanically acknowledged, if by facsimile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Severability</u>. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Rights to Service</u>. Nothing contained in this Agreement shall be construed as giving Participant any right to be retained, in any position, as an employee, consultant, or director of the Company or shall interfere with or restrict in any way the right of the

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Company, which is hereby expressly reserved, to remove, terminate, or discharge Participant at any time for any reason whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Beneficiary</u>. Participant may file with NBHC a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, change or revoke such designation by filing a new designation with NBHC. The last such designation received by NBHC shall be controlling; <u>provided</u>, <u>however</u>, that no designation, or change or revocation thereof, shall be effective unless received by NBHC prior to Participant's death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by Participant, the beneficiary shall be deemed to be his or her spouse or, if Participant is unmarried at the time of death, his or her estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Successors</u>. The terms of this Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, and of Participant and the beneficiaries, executors, administrators, heirs and successors of Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Entire Agreement</u>. This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior communications, representations and negotiations with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Bound by the Plan</u>. By signing this Agreement, Participant acknowledges that he or she has received a copy of the Plan and has had an opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Governing Law</u>. This Agreement shall be construed and interpreted in accordance with the internal laws of the State of Colorado without regard to principles of conflicts of law thereof, or principles of conflicts of laws of any other jurisdiction that could cause the application of the laws of any jurisdiction other than the State of Colorado.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Headings</u>. The headings of the Sections of this Agreement are provided for convenience only and are not to serve as a basis for interpretation or construction, and shall not constitute a part, of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Counterparts</u>. This Agreement may be signed in two or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.

[*Signature Page Follows*]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

NATIONAL BANK HOLDINGS CORPORATION

![Graphic](nbhc-20260331xex10d9002.jpg)

By: ____________________________________<br>Name: Angela Petrucci<br>Title: Chief Administrative Officer

![Graphic](nbhc-20260331xex10d9003.jpg)

By: ____________________________________<br>Name: Emily Gooden<br>Title: Chief Accounting Officer

PARTICIPANT

[[SIGNATURE]]

_______________________________________<br>[[FIRSTNAME]] [[MIDDLENAME]] [[LASTNAME]]

[*Signature Page to PSU Award Agreement*]

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#### Annex A<br>Performance Metrics
For purposes of this Agreement, the following terms have the meanings ascribed thereto below:

"<u>Cumulative Adjusted EPS</u>" shall mean NBHC's cumulative earnings per share for each of the fiscal years during the Measurement Period, as reported in NBHC's audited financial statements in NBHC's Annual Report on Form 10-K (the "<u>Annual Report</u>"), as adjusted to eliminate the effects of the following: (a) changes in law or accounting principles, (b) one-time effects of mergers and acquisitions, (c) gains or losses on the extinguishment of debt or the sale of investment securities, (d) restructuring charges, and (e) other extraordinary items that the Committee deems appropriate.

"<u>Earned PSUs</u>" shall be determined by multiplying the EPS Earned PSUs and ROTA Earned PSUs by the Relative TSR Modifier Factor (such products shall be rounded to the nearest whole number).

"<u>EPS Earned PSUs</u>" shall mean the product of (a) the EPS Target Number *multiplied by* (b) the EPS Factor (such product shall be rounded to the nearest whole number).

"<u>EPS Factor</u>" shall mean the factor determined and certified by the Committee based on Cumulative Adjusted EPS for the Measurement Period as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Cumulative Adjusted EPS for the Measurement Period** | &nbsp;&nbsp;**EPS Factor** |
| &nbsp;&nbsp;<sup>Less than $</sup> |  |
| &nbsp;&nbsp;<sup>Equal to $</sup> |  |
| &nbsp;&nbsp;<sup>Equal to $</sup> |  |
| &nbsp;&nbsp;<sup>Equal to or greater than $</sup> |  |

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Linear interpolation shall be used between the applicable Cumulative Adjusted EPS targets set forth above. In no event will the EPS Factor exceed [ ].

"<u>GAAP</u>" shall mean the generally accepted accounting principles in effect from time to time in the United States, applied on a consistent basis.

"<u>Measurement Period</u>" shall mean the period commencing on [DATE] and ending on [DATE].

"<u>Relative ROTA</u>" shall mean the percentile ranking of NBHC's ROTA among the ROTAs for the companies included in the S&P 600 Regional Bank Group for each respective calendar year of the Measurement Period, calculated by determining the quotient of (a) the sum of each of NBHC's ROTA percentile rankings at the end of each calendar year during the Measurement Period *divided by* (b) three (3), provided that the Committee may, in its sole discretion, exclude from the S&P 600 Regional Bank Group a company that has not implemented the Current

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Expected Credit Losses accounting standard ("CECL") at any point during the Measurement Period, even if such company subsequently implements CECL during the Measurement Period. Notwithstanding the foregoing, in the event of a Change of Control prior to the final determination of Relative ROTA for the Measurement Period, the determination of Relative ROTA will be made by the Committee as contemplated by Section 2(b)(i) based on information that is publicly available with respect to the portion of the Measurement Period completed (including calendar quarters, if practicable) prior to the Change in Control and as of the date of the Committee's determination, and the Measurement Period shall end.

"<u>Relative ROTA Factor</u>" shall mean the factor determined and certified by the Committee based on Relative ROTA for the Measurement Period as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Relative ROTA for the Measurement Period (%ile)** | &nbsp;&nbsp;**Relative ROTA Factor** |
| &nbsp;&nbsp;Less than [ ] percentile……………………………………………………………. |  |
| &nbsp;&nbsp;Equal to [ ] percentile……………………………………………………………. |  |
| &nbsp;&nbsp;Equal to [ ] percentile……………………………………………………………. |  |
| &nbsp;&nbsp;Greater than [ ] percentile……………………………………………………………. |  |

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Linear interpolation shall be used between the applicable Relative ROTA targets set forth above. In no event will the Relative ROTA Factor exceed [ ]. Notwithstanding anything to the contrary, if ROTA is negative for any calendar year during the Performance Period, the Relative ROTA Factor will not exceed 1.0.

"<u>Relative TSR</u>" shall mean the percentile ranking of NBHC's TSR among the TSRs for the companies included in the S&P 600 Regional Bank Group as of the first day of the Measurement Period; <u>provided</u> that any company that is not continuously included in the S&P 600 Regional Bank Group during the Measurement Period shall be excluded from the determination of Relative TSR. The only exception shall be if a company included in the S&P 600 Regional Bank Group as of the first day of the Measurement Period files for bankruptcy or is placed into receivership, they shall remain included in the determination of Relative TSR, with a TSR of <br>-100%.

"<u>Relative TSR Modifier Factor</u>" shall mean the factor determined and certified by the Committee based on Relative TSR for the Measurement Period as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Relative TSR for the Measurement Period (%ile)** | &nbsp;&nbsp;**Relative TSR Modifier Factor** |
| &nbsp;&nbsp;<sup>Less than 25th percentile</sup> | &nbsp;&nbsp;0.80 |
| &nbsp;&nbsp;<sup>Between 25th percentile and 75th percentile</sup> | &nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;<sup>Greater than 75th percentile</sup> | &nbsp;&nbsp;1.20 |

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Notwithstanding the above, if Relative TSR is negative for the Measurement Period, the Relative TSR Modifier Factor will not exceed 1.0.

"<u>ROTA</u>" shall mean a company's return on tangible assets and shall mean, as of any date, a company's ratio of (i) consolidated net income plus intangible amortization expense (net of taxes using the marginal federal tax rate in effect at the time of calculation) for the four completed calendar quarters for the relevant calendar year (including the calendar quarter ending December 31 of such year) to (ii) the average assets of the company, excluding all assets that would be classified as intangible assets (such as goodwill) on the company's consolidated balance sheet, averaged for the four completed calendar quarters for the relevant calendar year (including the calendar quarter ending December 31 of such year). ROTA shall be calculated utilizing the data (including the applicable tax rate) provided through the SNL Financial Database (or its qualified successor) for all companies in the S&P 600 Regional Bank Group for the applicable calendar year of the Measurement Period (the "<u>Peer Group</u>"). Notwithstanding the foregoing, the Committee shall have the discretion to adjust net income for one-time expenses such as (a) changes in law or accounting principles (b) one-time effects of mergers and acquisitions, (d) restructuring charges, and (e) other extraordinary items that the Committee deems appropriate and each as reported in the public filings with the Securities and Exchange Commission and each as compared to the companies in the relevant Peer Group, as applicable.

"<u>ROTA Earned PSUs</u>" shall mean the product of (a) the ROTA Target Number *multiplied by* (b) the ROTA Factor (such product shall be rounded to the nearest whole number).

"<u>TSR</u>" shall mean, with respect to NBHC and each company in the Peer Group, total shareholder return for such company over the Measurement Period, calculated using the average closing stock price for the 20 trading days prior to and including [DATE] and the average closing stock price for the 20 trading days prior to and including [DATE], assuming dividends are reinvested in such company's common stock on the ex-dividend date.

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#### Annex B<br>Restrictive Covenants
1.<u>Confidential Information</u>. Participant agrees that, during his or her employment with the Company and at all times thereafter, he or she shall hold for the benefit of the Company all Trade Secret Information. "Trade Secret Information" means the whole or any portion of confidential business or financial information, including any listing of client names, addresses, or telephone numbers, or any other confidential data or processes relating to the Company and its respective businesses which is secret and of value, and which shall have been obtained by Participant during Participant's employment by the Company, and which shall not be or become public knowledge (other than by acts by Participant or representatives of Participant in violation of this Agreement). Except in the good faith performance of his or her duties for the Company, Participant shall not, without the prior written consent of the Company or as may otherwise be required or permitted by law or legal process, communicate or divulge any Trade Secret Information, knowledge, or data to anyone other than the Company and those designated by it.

Notwithstanding the above confidentiality provisions, nothing in this Agreement, in any other agreement, or in the Company's policies should be interpreted as prohibiting Participant from disclosing any alleged discriminatory or unfair employment practice, or (1) reporting possible violations of federal law or regulations, including any securities laws violations, to any governmental agency or entity, including but not limited to the Department of Justice, the U.S. Securities & Exchange Commission, the U.S. Congress, or any agency Inspector General; (2) making any other disclosures that are protected under the whistleblower provisions of federal law or regulations; or (3) otherwise fully participating in any federal whistleblower programs.

Please refer to the Associate Handbook applicable to Participant, a copy of which is available upon request, regarding Participant's rights related to the disclosure of the Company's trade secrets.

2.<u>Nonsolicitation of Employees</u>. To protect the Trade Secret Information, Participant agrees that, while he or she is employed by the Company and during the one-year period following his or her termination of employment with the Company (the "<u>Restricted Period</u>"), Participant shall not, directly or indirectly, (a) solicit any individual who is, on the date on which Participant incurs a Termination of Employment (the "<u>Date of Termination</u>") (or was, during the six-month period prior to the Date of Termination), employed by the Company to terminate or refrain from renewing or extending such employment or to become employed by or become a consultant to any other individual or entity other than the Company, or (b) initiate discussions with any such individual for any such purpose or authorize or knowingly cooperate with the taking of any such actions by any other individual or entity.

3.<u>Nonsolicitation of Clients</u>. To protect the Trade Secret Information, you agree that, during the Restricted Period and except as required for the performance of duties assigned to you by the Company, you will not use any Trade Secret Information to, directly or indirectly, (a) solicit any client or customer of the Company to transact business with a Competitive Enterprise (as defined below), or (b) induce or attempt to induce any client, customer, or investor (in each case, whether former, current, or prospective), vendor, supplier, licensee, or other business relation of the Company to reduce or cease doing business with the Company, or in any way interfere with the

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relationship between any such client, customer, investor, vendor, supplier, licensee, or business relation, on the one hand, and the Company, on the other hand. For purposes hereof, "<u>Competitive Enterprise</u>" means any business enterprise that engages in any activity closely associated with commercial banking or any other financial services business, including the operations of an institution, the deposits of which are insured by the Federal Deposit Insurance Corporation, that is competitive with any portion of the business conducted by the Company.

4.<u>Equitable Remedies</u>. Participant acknowledges that the Company would be irreparably injured by a violation of Section 1 through 3 of this <u>Annex B</u> and he or she agrees that the Company, in addition to any other remedies available to it for such breach or threatened breach, on meeting the standards required by law, shall be entitled to a preliminary injunction, temporary restraining order, or other equivalent relief, restraining Participant from any actual or threatened breach of Section 1 through 3 of this <u>Annex B</u>. If a bond is required to be posted in order for the Company to secure an injunction or other equitable remedy, the parties agree that said bond need not be more than a nominal sum.

5.<u>Severability; Blue Pencil</u>. Participant acknowledges and agrees that he or she has had the opportunity to seek advice of counsel in connection with this Agreement and the restrictive covenants contained herein are reasonable in geographical scope, temporal duration, and in all other respects. If it is determined that any provision of this <u>Annex B</u> is invalid or unenforceable, the remainder of the provisions of this <u>Annex B</u> shall not thereby be affected and shall be given full effect, without regard to the invalid portions. If any court or other decision-maker of competent jurisdiction determines that any of the covenants in this <u>Annex B</u> is unenforceable because of the duration or geographic scope of such provision, then after such determination becomes final and unappealable, the duration or scope of such provision, as the case may be, shall be reduced so that such provision becomes enforceable, and in its reduced form, such provision shall be enforced.

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**EXHIBIT A**<br>THREE-YEAR PERFORMANCE AWARD PSUs

The three-year performance award is an award of performance-based restricted stock units (PSUs), a portion of which vests upon the attainment of a three-year cumulative earnings per share (EPS) factor (the "EPS Factor") and a portion of which vests upon the attainment of a three-year relative return on tangible assets (ROTA) factor (the "ROTA Factor"), as adjusted for under or over performance by NBHC against a three-year relative total shareholder return (TSR), as further detailed in the Performance Stock Unit Award Agreement dated [DATE] (the "<u>Agreement</u>"). The PSUs for the EPS Factor and the ROTA Factor are recognized as two separate grants that are subject to the same Agreement. By signing and accepting both the Agreement and this <u>Exhibit A</u>, you are acknowledging your acceptance of the terms of the Agreement and the PSUs associated with the EPS Factor and the ROTA Factor, subject to the Relative TSR Modifier.

Target Number of PSUs (EPS Factor) awarded:[______]

Target Number of PSUs (ROTA Factor) awarded:[______]

Accepted and Acknowledged:

PARTICIPANT

_________________________________________<br>[Participant Name]

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## Exhibit 31.1

**Exhibit 31.1**

**Certifications of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, G. Timothy Laney, Chief Executive Officer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of National Bank Holdings Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date:<br>| May 7, 2026<br>| /s/ G. Timothy Laney<br>|
|  |  | G. Timothy Laney<br>|
|  |  | Chairman and Chief Executive Officer<br>|

---

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## Exhibit 31.2

**Exhibit 31.2**

**Certifications of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Nicole Van Denabeele, Chief Financial Officer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of National Bank Holdings Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date:<br>| May 7, 2026<br>| /s/ Nicole Van Denabeele<br>|
|  |  | Nicole Van Denabeele<br>|
|  |  | Chief Financial Officer<br>|

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## Ex-32

**Exhibit 32**

**Certifications of CEO and CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the quarterly report of National Bank Holdings Corporation on Form 10-Q for the period ended March 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers certifies pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his or her knowledge: (1) this Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

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| | | |
|:---|:---|:---|
| Date: | May 7, 2026 | /s/ G. Timothy Laney |
|  |  | G. Timothy Laney |
|  |  | Chairman and Chief Executive Officer |
| <br>Date: | May 7, 2026 | /s/ Nicole Van Denabeele |
|  |  | Nicole Van Denabeele |
|  |  | Chief Financial Officer |

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