On this page of StockholderLetter.com we present the latest annual shareholder letter from National Bank Holdings Corp — ticker symbol NBHC. Reading current and past NBHC letters to shareholders can bring important insights into the investment thesis.
2024 ANNUAL REPORT AND FORM 10-K STEADY NAVIGATION IN ALL CONDITIONS
A LETTER FROM OUR CHAIRMAN AND CEO TIM LANEY FELLOW SHAREHOLDERS, During 2024, we remained focused on building a fortress balance sheet while also making meaningful investments in our Company and our communities. Since our Company s inception in 2009, we have prudently navigated various economic environments adhering to sound banking practices that deliver strong returns. Our values of integrity, meritocracy and teamwork, coupled with our strong foundation and ample liquidity, continue to drive meaningful shareholder returns. Financial highlights for the twelve months ended December 31, 2024 include: Delivered adjusted earnings per diluted share of $3.221 and an adjusted return on average tangible common equity of 14.20%1 Steady and Constant Strength Within our Company, every associate is a risk manager building off a foundation of sound banking principles. We maintain a granular and well-diversified loan portfolio and perform internal and external stress testing on a routine basis, with results to withstand the worst economic scenarios. We prudently extend credit while adhering to self-imposed concentration limits within our loan portfolio and deposit base. Fraud and cybersecurity risk management remain a crucial focus for our Company. We continually evaluate and enhance our fraud prevention systems and perform on-going internal associate trainings and tests to ensure we remain vigilant against fraud. Our relationship banking model is a further source of strength, ensuring we know our clients well and aids in safeguarding their privacy and security. Our safety NBHC Total Shareholder Returns2,3 December 31, 2019 through December 31, 2024 50% Generated industry-leading net interest margin of 3.99% in the 4th quarter of 2024 Maintained disciplined deposit pricing with a 2.27% cost of funds 42.7% 39.1% 40% 31.0% 30% 20% 10% 0% Grew average total deposits by $374.4 million or 4.7% Produced 11% growth in our tangible book value per share Delivered strong excess capital with a common equity tier 1 capital ratio of 13.20% Continued expense management with an adjusted efficiency ratio of 58.7%1 -10% 2020 NBHC 2021 2022 KBW Regional Banking Index 2023 2024 Russell 2000 Index and soundness is further reinforced by our strong capital and diverse funding sources. We delivered a Common Equity Tier 1 capital ratio of 13.20%, well above well-capitalized regulatory requirements. Investing in our Future Our 2UniFiSM team has made meaningful progress this year building the banking marketplace of the future. 1 Adjusted for the Company s sale of $132.1 million of available-for-sale securities on the open market as part of our strategic balance sheet management resulting in a pre-tax loss of $6.6 million. Proceeds have been redeployed into higher yielding securities. Adjusted earnings per diluted share, average tangible common equity and efficiency ratio are non-GAAP measures. Refer to pages 47-50 of the Form 10-K for a reconciliation of these measures. 2Total Shareholder Return measured based on security and index market close prices and dividends re-invested into the same security or index. 3Past results are not a guarantee of future performance.
Through the 2UniFi platform, under the safety of a regulated bank, historically under-banked small and medium-sized businesses will have access to a new array of digital banking tools with real time banking system access to address their borrowing, depository and cash management needs. We began successful user testing of the platform in the fourth quarter and continue to be impressed with what we see. We made further enhancements to our Cambr deposit platform this year driving year-over-year platform deposit growth of 47% and improved profitability. We are optimistic about the unique opportunities for growth that our continued investments in 2UniFi and Cambr will provide. Historical Dividend Per Share CAGR: 9% $0.80 2020 $0.87 2021 $0.94 2022 $1.04 2023 $1.12 2024 Common Sense Doing Good Giving back to our associates and communities is a core principle of our Company. We are committed to providing a positive, results-driven culture that provides career growth opportunities for our associates. We offer professional development and leadership opportunities for our entire associate base through our associate peer networks. Additionally, our associates receive a comprehensive benefits package including affordable, best-in-class health and wellness options and paid time off to volunteer within our communities. During 2024, our teams came together for a Week of Caring where we donated our time and talents to meaningful non-profit organizations across our communities. We hosted our Do More Charity Challenge and Concert in Colorado benefiting the Third Way Center, a non-profit organization that supports vulnerable Denver youth through trauma resolution. Since inception, our Do More events have raised over $1.8 million in charitable contributions for our communities. We further support non-profit organizations within our communities through NBH Charitable Foundation grants. We remain committed to delivering meaningful shareholder value. We have increased our dividend semiannually since 2020, and in 2024 distributed a full year dividend of $1.12 per share. We delivered 11% growth in our tangible book value per share during 2024 and a 5-year total shareholder return of 39%, outperforming the KBW Regional Banking Index. We are committed to operating as a source of steady and constant strength for our clients and communities and remain well positioned to provide meaningful returns for our stakeholders in 2025. SINCERELY, TIM LANEY CHAIRMAN AND CEO
2024 HIGHLIGHTS STRONG FINANCIAL PERFORMANCE Delivered adjusted earnings per diluted share of $3.221 and an adjusted return on average tangible common equity of 14.20%1 Grew average total deposits by $374.4 million or 4.7% Maintained disciplined deposit pricing with a cost of funds of 2.27% Generated industry leading net interest margin of 3.99% in the 4th quarter of 2024 Solid asset quality metrics with 13 basis points of net charge-offs and a non-performing loans ratio of 0.46% Continued expense management with an adjusted efficiency ratio of 58.7%1 Executed a strategic balance sheet repositioning with the sale of $132.1 million of securities, enhancing future earnings growth Produced 11% growth in our tangible book value per share Strong excess capital with a tangible common equity ratio of 10.16%, tier 1 leverage ratio of 10.69%, and a common equity tier 1 capital ratio of 13.20% TECHNOLOGY INVESTMENTS Continued making significant investments in 2UniFi and began user testing, advancing our vision toward developing an all-inclusive digital financial ecosystem for small and medium-sized businesses Further enhanced the Cambr deposit platform to drive 47% year-over-year platform deposit growth and improved profitability COMMUNITY INVESTMENTS Completed our 9th annual Do More Charity Challenge, bringing our total contribution to over $1.8 million to non-profits in our communities Hosted the second Do More Concert for charity with proceeds benefiting Third Way Center in Denver, Colorado Further enhanced our associates involvement in their communities throughout the year with our corporate sponsored Week of Caring activities ACCOMPLISHMENTS 2 1 Adjusted for the Company s sale of $132.1 million of available-for-sale securities on the open market as part of our strategic balance sheet management resulting in a pre-tax loss of $6.6 million. Proceeds have been redeployed into higher yielding securities. Adjusted earnings per diluted share, average tangible common equity and efficiency ratio are non-GAAP measures. Refer to pages 47-50 of the Form 10-K for a reconciliation of these measures. 2From Forbes. 2025 Forbes Media LLC. All rights reserved. Used under license.
 • shareholder letter icon 3/28/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/3/2023 NBHC Stockholder Letter
 • stockholder letter icon 3/29/2024 NBHC Stockholder Letter
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NBHC Shareholder/Stockholder Letter Transcript:

2024
ANNUAL
REPORT AND
FORM 10-K
STEADY NAVIGATION IN ALL CONDITIONS

A LETTER FROM OUR CHAIRMAN AND CEO
TIM LANEY
FELLOW SHAREHOLDERS,
During 2024, we remained focused on building a
fortress balance sheet while also making meaningful
investments in our Company and our communities.
Since our Company   s inception in 2009, we have
prudently navigated various economic environments
adhering to sound banking practices that deliver
strong returns. Our values of integrity, meritocracy
and teamwork, coupled with our strong foundation
and ample liquidity, continue to drive meaningful
shareholder returns.
Financial highlights for the twelve months ended
December 31, 2024 include:
    Delivered adjusted earnings per diluted
share of $3.221 and an adjusted return
on average tangible common equity
of 14.20%1
Steady and Constant Strength
Within our Company, every associate is a risk manager
building off a foundation of sound banking principles.
We maintain a granular and well-diversified loan
portfolio and perform internal and external stress
testing on a routine basis, with results to withstand
the worst economic scenarios. We prudently extend
credit while adhering to self-imposed concentration
limits within our loan portfolio and deposit base.
Fraud and cybersecurity risk management remain
a crucial focus for our Company. We continually
evaluate and enhance our fraud prevention systems
and perform on-going internal associate trainings
and tests to ensure we remain vigilant against fraud.
Our relationship banking model is a further source of
strength, ensuring we know our clients well and aids
in safeguarding their privacy and security. Our safety
NBHC Total Shareholder Returns2,3
December 31, 2019 through December 31, 2024
50%
    Generated industry-leading net interest
margin of 3.99% in the 4th quarter of 2024
    Maintained disciplined deposit pricing
with a 2.27% cost of funds
42.7%
39.1%
40%
31.0%
30%
20%
10%
0%
    Grew average total deposits by $374.4
million or 4.7%
    Produced 11% growth in our tangible book
value per share
    Delivered strong excess capital with a
common equity tier 1 capital ratio of 13.20%
    Continued expense management with an
adjusted efficiency ratio of 58.7%1
-10%
2020
NBHC
2021
2022
KBW Regional Banking Index
2023
2024
Russell 2000 Index
and soundness is further reinforced by our strong
capital and diverse funding sources. We delivered
a Common Equity Tier 1 capital ratio of 13.20%, well
above well-capitalized regulatory requirements.
Investing in our Future
Our 2UniFiSM team has made meaningful progress this
year building the banking marketplace of the future.
1
Adjusted for the Company   s sale of $132.1 million of available-for-sale securities on the open market as part of our strategic balance sheet management resulting in a
pre-tax loss of $6.6 million. Proceeds have been redeployed into higher yielding securities. Adjusted earnings per diluted share, average tangible common equity and
efficiency ratio are non-GAAP measures. Refer to pages 47-50 of the Form 10-K for a reconciliation of these measures. 2Total Shareholder Return measured based on
security and index market close prices and dividends re-invested into the same security or index. 3Past results are not a guarantee of future performance.

Through the 2UniFi platform, under the safety of a
regulated bank, historically under-banked small and
medium-sized businesses will have access to a new
array of digital banking tools with real time banking
system access to address their borrowing, depository
and cash management needs. We began successful
user testing of the platform in the fourth quarter and
continue to be impressed with what we see. We
made further enhancements to our Cambr   deposit
platform this year driving year-over-year platform
deposit growth of 47% and improved profitability.
We are optimistic about the unique opportunities for
growth that our continued investments in 2UniFi and
Cambr will provide.
Historical Dividend Per Share
CAGR: 9%
$0.80
2020
$0.87
2021
$0.94
2022
$1.04
2023
$1.12
2024
Common Sense Doing Good
Giving back to our associates and communities is a
core principle of our Company. We are committed
to providing a positive, results-driven culture that
provides career growth opportunities for our
associates. We offer professional development and
leadership opportunities for our entire associate
base through our associate peer networks.
Additionally, our associates receive a comprehensive
benefits package including affordable, best-in-class
health and wellness options and paid time off to
volunteer within our communities. During 2024, our
teams came together for a Week of Caring where
we donated our time and talents to meaningful
non-profit organizations across our communities.
We hosted our Do More Charity Challenge   and
Concert in Colorado benefiting the Third Way
Center, a non-profit organization that supports
vulnerable Denver youth through trauma resolution.
Since inception, our Do More events have raised
over $1.8 million in charitable contributions for
our communities. We further support non-profit
organizations within our communities through NBH
Charitable Foundation grants.
We remain committed to delivering meaningful
shareholder value. We have increased our dividend
semiannually since 2020, and in 2024 distributed a
full year dividend of $1.12 per share. We delivered
11% growth in our tangible book value per share
during 2024 and a 5-year total shareholder return
of 39%, outperforming the KBW Regional Banking
Index. We are committed to operating as a source
of steady and constant strength for our clients and
communities and remain well positioned to provide
meaningful returns for our stakeholders in 2025.
SINCERELY,
TIM LANEY
CHAIRMAN AND CEO

2024 HIGHLIGHTS
STRONG FINANCIAL PERFORMANCE
Delivered adjusted earnings per diluted share of $3.221 and an adjusted return on average tangible
common equity of 14.20%1
Grew average total deposits by $374.4 million or 4.7%
Maintained disciplined deposit pricing with a cost of funds of 2.27%
Generated industry leading net interest margin of 3.99% in the 4th quarter of 2024
Solid asset quality metrics with 13 basis points of net charge-offs and a non-performing loans ratio of 0.46%
Continued expense management with an adjusted efficiency ratio of 58.7%1
Executed a strategic balance sheet repositioning with the sale of $132.1 million of securities, enhancing
future earnings growth
Produced 11% growth in our tangible book value per share
Strong excess capital with a tangible common equity ratio of 10.16%, tier 1 leverage ratio of 10.69%,
and a common equity tier 1 capital ratio of 13.20%
TECHNOLOGY INVESTMENTS
Continued making significant investments in 2UniFi and began user testing, advancing our vision
toward developing an all-inclusive digital financial ecosystem for small and medium-sized businesses
Further enhanced the Cambr deposit platform to drive 47% year-over-year platform deposit growth
and improved profitability
COMMUNITY INVESTMENTS
Completed our 9th annual Do More Charity Challenge, bringing our total contribution to over $1.8
million to non-profits in our communities
Hosted the second Do More Concert for charity with proceeds benefiting Third Way Center in
Denver, Colorado
Further enhanced our associates    involvement in their communities throughout the year with our
corporate sponsored Week of Caring activities
ACCOMPLISHMENTS
2
1
Adjusted for the Company   s sale of $132.1 million of available-for-sale securities on the open market as part of our strategic balance sheet management resulting
in a pre-tax loss of $6.6 million. Proceeds have been redeployed into higher yielding securities. Adjusted earnings per diluted share, average tangible common
equity and efficiency ratio are non-GAAP measures. Refer to pages 47-50 of the Form 10-K for a reconciliation of these measures. 2From Forbes.    2025 Forbes
Media LLC. All rights reserved. Used under license.



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