# EDGAR Filing Document

**Accession Number:** 0001475841
**File Stem:** 0001104659-26-001549
**Filing Date:** 2026-1
**Character Count:** 31095
**Document Hash:** 6cf2985527f78dc59905d69996754331
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-001549.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0001104659-26-001549

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260106

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35654
- **FILM NUMBER:** 26513902

**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'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): January 6, 2026

**NATIONAL BANK HOLDINGS CORPORATION**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-35654** | **27-0563799** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

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

(Address of principal executive offices) (Zip Code)

**303-892-8715**

(Registrant's telephone, including area code)

**Not Applicable**

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

◻ Written Communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

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. ◻

**Item 2.01. Completion of Acquisition or Disposition of Assets.** 

Effective January 7, 2026 (the "Closing Date"), National Bank Holdings Corporation, a Delaware corporation ("NBHC"), completed its previously announced acquisition of Vista Bancshares, Inc., a Texas corporation ("Vista"), pursuant to the Agreement and Plan of Merger, dated as of September 15, 2025 (the "Merger Agreement"), by and among NBHC, Vista and Bryan Wick, solely in his capacity as the shareholders' representative (the "Shareholders' Representative").

Pursuant to the Merger Agreement, on the Closing Date, (i) Vista merged with and into NBHC, with NBHC continuing as the surviving corporation (the "Merger"), and (ii) immediately following the Merger, Vista Bank, a bank chartered under the laws of the State of Texas and a wholly owned subsidiary of Vista ("Vista Bank"), merged with and into NBH Bank, a bank chartered under the laws of the State of Colorado and a wholly owned subsidiary of NBHC ("NBH Bank"), with NBH Bank continuing as the surviving bank (collectively with the Merger, the "Transaction").

Pursuant to the Merger Agreement, at the effective time of the Merger (the "Effective Time"), each share of the common stock, par value $1.00 per share, of Vista ("Vista Common Stock") issued and outstanding immediately prior to the Effective Time (other than treasury shares and shares held by Vista or NBHC (a) held in trust accounts, managed accounts, mutual funds and the like, or otherwise held in a fiduciary or agency capacity that are beneficially owned by third parties and (b) held, directly or indirectly, in respect of debts previously contracted), was converted into the right to receive (i) 3.1161 shares of Class A common stock, par value $0.01 per share, of NBHC ("NBHC Common Stock"), (ii) $31.62 without interest (the "Cash Consideration"), and (iii) cash in lieu of fractional shares.

Additionally, pursuant to the Merger Agreement, at the Effective Time, (i) each outstanding award of Vista restricted stock (a "Vista Restricted Stock Award") other than the Specified Vista Restricted Stock Award (as defined below) was fully vested and converted into the Merger Consideration in respect of each share of Vista Common Stock underlying such Vista Restricted Stock Award, less applicable tax withholdings; (ii) each outstanding and unexercised option granted by Vista to purchase shares of Vista Common Stock (a "Vista Stock Option"), whether or not vested, was converted into an amount in cash equal to the product of (A) the excess, if any, of $151.68 (the "Merger Consideration Value") over the per share exercise price of the applicable Vista Stock Option, *multiplied by* (B) the number of shares of Vista Common Stock subject to such Vista Stock Option, (iii) each Vista Stock Option that had an exercise price per share of Vista Common Stock that is equal to or greater than the Merger Consideration Value was cancelled for no consideration, (iv) each warrant granted by Vista to purchase shares of Vista Common Stock (a "Vista Warrant"), whether or not vested, was converted (without interest) into an amount in cash equal to the product of (A) the excess, if any, of the Merger Consideration Value over the per share exercise price of the applicable Vista Warrant, *multiplied by* (B) the number of shares of Vista Common Stock subject to such Vista Warrant, and (v) each Vista Warrant that had an exercise price per share of Vista Common Stock that is equal to or greater than the Merger Consideration Value was cancelled for no consideration.

In addition, pursuant to the Merger Agreement, at the Effective Time, 50% of a specified Vista Restricted Stock Award (the "Specified Vista Restricted Stock Award") was fully vested and converted into 3.9206 shares of NBHC Common Stock *multiplied by* the number of shares of Vista Common Stock underlying such portion of the Specified Vista Restricted Stock Award (rounded to the nearest whole number), less applicable tax withholdings. The remaining 50% of the Specified Vista Restricted Stock Award was converted into an NBHC restricted stock award, with the number of shares of NBHC Common Stock underlying such award equal to the number of shares of Vista Common Stock underlying such portion of the Specified Vista Restricted Stock Award *multiplied by* 3.9206 (rounded to the nearest whole number). The converted award is subject to the same terms and conditions that applied to the Specified Vista Restricted Stock Award immediately prior to the Effective Time.

The Cash Consideration is subject to an upward or downward adjustment based on Vista's tangible common equity ("Tangible Common Equity") as of the close of business on December 31, 2025 (the "Reference Time"). Prior to the Closing Date, NBHC delivered to Vista a written estimate of the Tangible Common Equity as of the Reference Time, together with NBHC's determination of any shortfall between the estimated Tangible Common Equity and $246,700,000. Accordingly, on the Closing Date, $9,500,000 of cash was withheld from the Cash Consideration otherwise payable to the applicable holders of Vista Common Stock and Vista Restricted Stock Awards and will be held in an escrow account until the adjustment to the Cash Consideration is finally determined.

The foregoing description of the Transaction and the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement, a copy of which is filed as Exhibit 2.1 and incorporated herein by reference.

The issuance of shares of NBHC Common Stock in connection with the Transaction was registered under the Securities Act of 1933, as amended, pursuant to a registration statement on Form S-4, as amended (File No. 333-290938), filed by NBHC with the Securities and Exchange Commission (the "Commission"), which went effective on November 23, 2025 (the "Registration Statement"). The proxy statement/prospectus included in the Registration Statement contains additional information about the Merger Agreement and the transactions contemplated thereby.

**Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

***Board of Directors***

In accordance with the terms of the Merger Agreement, as of the Effective Time, the size of the board of directors of NBHC (the "Board") was increased by one to consist of a total of 10 directors, and Kirk A. McLaughlin, a former director of Vista, became a member of the Board. In connection with his appointment to the Board, Mr. McLaughlin was also appointed to serve on the Board's Compensation Committee and Audit & Risk Committee.

Mr. McLaughlin, age 67, joined Vista in 1982 and served as a director of Vista for 43 years. Mr. McLaughlin served in multiple leadership roles at Vista, including as President of Vista Bank from 1989 until his retirement on January 1, 2018; as Chief Executive Officer of Vista from 2008 to 2015; and as a Trust Officer from 1982 until January 1, 2018. During his time as President, he helped grow Vista and Vista Bank from one banking location in Ralls, Texas to 11 retail locations across the Texas South Plains region, in addition to establishing an operations/administrations center in Lubbock, Texas. Mr. McLaughlin served as the Mayor of the City of Ralls, Texas for two terms and served as a Class A Director of the Federal Reserve Bank of Dallas from 1995 through 2000 (serving as the Chairman of the Audit Committee of the Federal Reserve Bank of Dallas from 1996 through 2000). Mr. McLaughlin also previously served on the boards of the Texas Bankers Association and the Community Bankers Council of the Texas Bankers Association. Mr. McLaughlin was a partner in Caprock Independent Insurance Agency from 1990 until 2010 and held Texas insurance licenses for both Property & Casualty sales and Life and Health sales. Mr. McLaughlin holds a Bachelor of Business Administration in Finance and Accounting from Texas Tech University and completed the Texas Tech School of Banking and the American Bankers Association National Agricultural Credit School. He also completed the Southwestern School of Banking Certified Community Bank Director Program at the Cox School of Business at Southern Methodist University.

Other than as set forth in the Merger Agreement, there are no arrangements between Mr. McLaughlin and any other person pursuant to which Mr. McLaughlin was selected as a director. There are also no family relationships between Mr. McLaughlin and any other director or executive officer of NBHC and no transactions in which Mr. McLaughlin has an interest requiring disclosure under Item 404(a) of Regulation S-K. The compensation of Mr. McLaughlin will be consistent with NBHC's compensation of its other non-employee directors in effect and as described in NBHC's proxy statement for the 2025 Annual Meeting of Shareholders filed with the Commission on March 28, 2025. He will receive the pro rata cash portion of the standard compensation for service on the Board and the Board's Compensation Committee and Audit & Risk Committee (effective January 1, 2026, $90,000 per annum, paid quarterly in arrears), based on the number of days remaining in the current Board term. In connection with his appointment, on the Closing Date, Mr. McLaughlin was granted a restricted stock award with a grant date value of $38,491, which reflects the prorated grant date value of the annual equity awards granted to other members of the Board of Directors for the current Board term. The award will fully vest on the day before the 2026 annual meeting of shareholders, subject to his continued service.

NBHC has entered into with Mr. McLaughlin the standard director indemnification agreement that NBHC has with its other directors. A copy of a substantially similar form of the indemnification agreement is filed as Exhibit 10.6 to NBHC's Form S-1 Registration Statement (Registration Statement No. 333-177971), filed on September 10, 2012.

***Compensatory Arrangements***

As previously disclosed, an award of restricted shares of NBHC Common Stock was committed to be granted to G. Timothy Laney (Chairman and Chief Executive Officer) and Aldis Birkans (President), contingent and effective upon the closing of the transactions contemplated by the Merger Agreement. On January 6, 2026, the Compensation Committee determined the final terms of Mr. Laney's and Mr. Birkans' awards, and on January 7, 2026, Mr. Laney was granted 377,724 shares of restricted NBHC Common Stock and Mr. Birkans was granted 189,825 shares of restricted NBHC Common Stock. One-third of each such award is performance-based and will vest on December 15, 2026, subject to each of Mr. Laney's and Mr. Birkans' respective 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 Merger and integration 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 Mr. Laney's and Mr. Birkans' respective continued employment through such vesting dates.

**Item 8.01. Other Events.**

On January 7, 2026, NBHC issued a press release announcing the consummation of the Transaction, a copy of which is filed as Exhibit 99.1 and incorporated herein by reference.

**Item 9.01. Financial Statements and Exhibits.**

*(a) Financial statements of businesses acquired.*

The audited consolidated financial statements of Vista as of and for the years ended December 31, 2024 and December 31, 2023, and the accompanying notes thereto, were included in NBHC's registration statement on Form S-4/A (File No. 333-290938), filed with the Commission on November 3, 2025 (the "Amended Registration Statement"), beginning on page F-1 and are incorporated herein by reference.

The unaudited consolidated financial statements of Vista as of and for the nine months ended September 30, 2025, and the accompanying notes thereto, were included in NBHC's Amended Registration Statement beginning on page F-54 and are incorporated herein by reference.

*(b) Pro forma financial information.* 

The unaudited pro forma condensed combined balance sheet of NBHC as of September 30, 2025, giving effect to the Merger as if it had occurred on September 30, 2025, and the unaudited pro forma condensed combined statements of income of NBHC for the nine months ended September 30, 2025 and the year ended December 31, 2024, in each case giving effect to the Merger as if it had been completed on January 1, 2024, and the accompanying notes thereto, were included in NBHC's Amended Registration Statement beginning on page 28 and are incorporated herein by reference.

*(d)* *Exhibits.* 

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [2.1](https://www.sec.gov/Archives/edgar/data/1475841/000110465925091291/tm2526246d1_ex2-1.htm) | [Agreement and Plan of Merger, dated as of September 15, 2025, by and among National Bank Holdings Corporation, Vista Bancshares, Inc. and Bryan Wick, solely in his capacity as the Shareholders' Representative (incorporated by reference to Exhibit 2.1 to National Bank Holding Corporation's Current Report on Form 8-K, filed with the Commission on September 18, 2025).](https://www.sec.gov/Archives/edgar/data/1475841/000110465925091291/tm2526246d1_ex2-1.htm) |
| [23.1](tm261761d2_ex23-1.htm) | [Consent of Whitley Penn, LLP.](tm261761d2_ex23-1.htm) |
| [99.1](tm261761d2_ex99-1.htm) | [Press Release, dated January 7, 2026.](tm261761d2_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL document). |

---

 **SIGNATURE**

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 hereunto duly authorized.

Date: January 7, 2026

---

| | |
|:---|:---|
| **National Bank Holdings Corporation** | **National Bank Holdings Corporation** |
| By: | /s/ Angela N. Petrucci |
|  | Name: Angela N. Petrucci |
|  | Title: Chief Administrative Officer and General Counsel |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 333-271774, 333-204071, and 333-195785) of National Bank Holdings Corporation of our report dated April 18, 2025, relating to the consolidated financial statements of Vista Bancshares, Inc. and Subsidiaries as of and for the years ended December 31, 2024 and 2023 appearing in this Current Report on Form 8-K of National Bank Holdings Corporation.

/s/ Whitley Penn LLP

Plano, Texas

January 7, 2026

## Exhibit 99.1

**Exhibit 99.1**

![](tm261761d2_ex99-1img01.jpg)

**National Bank Holdings Corporation Completes Acquisition of Vista Bancshares, Inc. and Vista Bank**

DENVER, January 7, 2026 – National Bank Holdings Corporation (NYSE: NBHC, "NBHC" or the "Company"), the holding company for NBH Bank, announced today that it has successfully completed its acquisition of Vista Bancshares, Inc. ("Vista"), the holding company for Vista Bank with operations in Dallas-Ft. Worth, Austin, and Lubbock, Texas, as well as Palm Beach, Florida.

With the completion of the acquisition, NBHC now has approximately $12.6 billion in pro forma assets and $10.7 billion in pro forma deposits based on September 30, 2025 financials.

Immediately following the closing of the merger of Vista with and into NBHC, the combined organization will begin adopting the Vista Bank brand in Texas and incorporate it across the entire enterprise later this year (with the exception of Bank of Jackson Hole). The systems integration is scheduled for the third quarter of 2026.

This acquisition further strengthens NBHC's position as a premier regional bank and expands its footprint into the high-growth Dallas-Ft. Worth, Austin and Palm Beach markets. Integrating NBHC's product capabilities with the strength of Vista Bank's relationship-banking model further enhances NBHC's long-term growth strategy.

"We are pleased to welcome Vista Bank associates and clients into our Bank family," said Tim Laney, Chairman and CEO of NBHC. "Vista Bank's strong leadership team in combination with our fortress balance sheet will enable us to offer truly differentiated and expanded banking services to commercial and business banking clients including across the Vista markets."

John Steinmetz, Executive Vice Chairman and Director of Strategic Initiatives of NBH Bank and former President and CEO of Vista, said, "I am looking forward to working with Tim Laney and sharing in his strategic vision to make our combined organization an even more powerful regional bank. We are excited about the expanded offerings and capabilities that we can bring to our markets."

In accordance with the merger agreement, at the effective time of the merger on January 7, 2026, each share of common stock, par value $1.00 per share, of Vista was converted into the right to receive 3.1161 shares of Class A common stock, par value $0.01 per share, of NBHC, $31.62 in cash and cash in lieu of fractional shares of NBHC, if any, subject to adjustments in accordance with merger agreement. Vista shareholders will receive approximately $84.8 million of cash consideration, pending any final adjustment to the cash consideration, inclusive of estimated cash payments to holders of Vista options and warrants, and Vista shareholders will own approximately 16% of NBHC shares on a fully diluted basis. The total transaction value, based on NBHC's January 6, 2026 closing price, is approximately $377.4 million.

Keefe, Bruyette & Woods, *A Stifel Company*, served as financial advisor and Wachtell, Lipton, Rosen & Katz served as legal counsel to NBHC. Jefferies LLC served as exclusive financial advisor, and Squire Patton Boggs LLP served as legal counsel to Vista.

**About National Bank Holdings Corporation**

National Bank Holdings Corporation is a bank holding company created to build a leading community bank franchise, delivering high quality client service and committed to stakeholder results. Through its bank subsidiaries, NBH Bank and Bank of Jackson Hole Trust, National Bank Holdings Corporation operates a network of over 100 banking centers, serving individual consumers, small, medium and large businesses, and government and non-profit entities. Its banking centers are located in its core footprint of Colorado, the greater Kansas City region, Utah, Wyoming, Texas, New Mexico and Idaho. Its comprehensive residential mortgage banking group primarily serves the bank's core footprint. Its trust and wealth management business is operated in its core footprint under the Bank of Jackson Hole Trust charter. NBH Bank operates under a single state charter through the following brand names as divisions of NBH Bank: in Colorado, Community Banks of Colorado and Community Banks Mortgage; in Kansas and Missouri, Bank Midwest and Bank Midwest Mortgage; in Texas, Vista Bank and Hillcrest Bank; in Utah, New Mexico and Idaho, Hillcrest Bank and Hillcrest Bank Mortgage; and in Wyoming, Bank of Jackson Hole and Bank of Jackson Hole Mortgage. Additional information about National Bank Holdings Corporation can be found at www.nationalbankholdings.com.

For more information visit: cobnks.com, bankmw.com, hillcrestbank.com, bankofjacksonhole.com, vistabank.com, or nbhbank.com, or connect with any of our brands on LinkedIn.

**Cautionary Note Regarding Forward-Looking Statements**

This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 related to, among other things, NBHC's strategy, plans, beliefs, goals, intentions, and expectations regarding the proposed transaction; its ability to achieve its financial and other strategic goals; the expected timing of completion of the proposed transaction; the expected cost savings, synergies and other anticipated benefits from the proposed transaction; and other statements that are not historical facts. Forward-looking statements typically contain words such as "anticipate," "believe," "potential," "will," "estimate," "plans," "approximately," "opportunity," "expect," "position," "pro forma," "proposed," "intend," "scheduled" or similar expressions. Forward-looking statements involve certain important risks, uncertainties and other factors, any of which could cause actual results to differ materially from those in such statements. Such factors include, without limitation, the "Risk Factors" referenced in NBHC's most recent Annual Report on Form 10-K for the year ended December 31, 2024, in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended September 30, 2025, other risks and uncertainties listed from time to time in NBHC's reports and documents filed with the U.S. Securities and Exchange Commission (the "SEC") each of which is filed with the SEC and available in the "Financials" section of NBHC's website at https://www.nationalbankholdings.com, under the heading "SEC Filings" and in other documents NBHC files with the SEC. Additional factors that could cause results actual results to differ materially from those in forward-looking statements include: difficulties and delays in integrating NBH Bank's and Vista Bank's businesses or fully realizing cost savings and other benefits; the outcome of any legal proceedings that may be instituted against NBHC; business disruption following the completion of the transaction; NBHC's ability to execute its business strategy; reputational risks and risks relating to the reaction of NBHC's customers or employees to the transaction, including the effects on its ability to attract or retain customers and key personnel; diversion of management time on acquisition-related issues; the dilution caused by NBHC's issuance of additional shares of its capital stock in connection with the transaction; economic, market, operational, liquidity, credit and interest rate risks associated with NBHC's business; business and economic conditions along with external events both generally and in the financial services industry; susceptibility to credit risk and fluctuations in the value of real estate and other collateral securing a significant portion of NBHC's loan portfolio, including with regards to real estate acquired through foreclosure, and the accuracy of appraisals related to such real estate; the allowance for credit losses and fair value adjustments may be insufficient to absorb losses in NBHC's loan portfolio; NBHC's ability to maintain sufficient liquidity to meet the requirements of deposit withdrawals and other business needs; changes impacting monetary supply and the businesses of NBHC's clients and counterparties, including levels of market interest rates, inflation, currency values, monetary and fiscal policies, and the volatility of trading markets; changes in the fair value of NBHC's investment securities and the ability of companies in which we invest to commercialize their technology or product concepts; the loss of certain executive officers and key personnel; any service interruptions, cyber incidents or other breaches relating to NBHC's technology systems, security systems or infrastructure or those of NBHC's third-party providers; the occurrence of fraud or other financial crimes within NBHC's business; competition from other financial institutions and financial services providers and the effects of disintermediation within the banking business including consolidation within the industry; changes to federal government lending programs like the Small Business Administration's Preferred Lender Program and the Federal Housing Administration's insurance programs, including the impact of a government shutdown of such programs; impairment of NBHC's 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; developments in technology, such as artificial intelligence, the success of NBHC's digital growth strategy, and NBHC's ability to incorporate innovative technologies in its business and provide products and services that satisfy NBHC's clients' expectations for convenience and security; NBHC's ability to execute its organic growth and acquisition strategies; the accuracy of projected operating results for assets and businesses NBHC acquires as well as NBHC's ability to drive organic loan growth to replace loans in its existing portfolio with comparable loans as loans are paid down; changes to federal, state and local laws and regulations along with executive orders applicable to NBHC's business, including tax laws; NBHC's ability to comply with and manage costs related to extensive government regulation and supervision, including current and future regulations affecting bank holding companies and depository institutions; the application of any increased assessment rates imposed by the Federal Deposit Insurance Corporation; claims or legal action brought against NBHC by third parties or government agencies; and other factors that may affect the future results of NBHC. NBHC can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. Forward-looking statements speak only as of the date they are made and are based on information available at the time. NBHC does not intend, and assumes 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.

Annualized, pro forma, projected, and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results. Except to the extent required by applicable law or regulation, NBHC disclaims any obligation to revise or publicly release any revision or update to any of the forward-looking statements included herein to reflect events or circumstances that occur after the date on which such statements were made. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

**NBH Bank Contacts:**

<u>Analysts/Institutional Investors</u>:

Emily Gooden, Chief Accounting Officer and Investor Relations Director, (720) 554-6640, ir@nationalbankholdings.com

Nicole Van Denabeele, Chief Financial Officer, (720) 529-3370, ir@nationalbankholdings.com

<u>Media</u>:

Jody Soper, Chief Marketing Officer, (303) 784-5925, Jody.Soper@nbhbank.com

Source: National Bank Holdings Corporation