National Bank (NBHC) investor relations material

Executive summary

• Q3 2025 adjusted net income was $36.6 million ($0.96 per diluted share), up 7.6% year-over-year, with reported net income of $35.3 million ($0.92 per share) after $1.7 million in merger-related expenses.

• Announced a definitive agreement to acquire Vista Bancshares for $365.4 million, expected to close in Q1 2026, expanding presence in Texas and Florida and increasing pro forma assets to $12.4 billion.

• Launched the 2UniFi digital financial ecosystem for business clients, with $6.2 million in related expenses this quarter and revenue guidance to be provided next quarter.

• Executed $8.8 million in Q3 share buybacks, totaling 359,300 shares year-to-date, with $35–37 million remaining under authorization.

Financial highlights

• Net interest margin (FTE) widened to 3.98%, up 11 bps year-over-year, with net interest income (FTE) at $90.2 million for Q3 2025.

• Non-interest income rose to $20.7 million, up 21% from Q2, driven by $3.5 million in fintech partnership gains and mortgage banking income.

• Efficiency ratio (FTE) improved to 60.65%, or 57.32% adjusted for acquisition expenses.

• Tangible book value per share grew to $27.45, up 12% annualized and $0.81 sequentially.

• For the first nine months of 2025, net income was $93.5 million ($2.43 per share), up from $90.6 million ($2.36) year-over-year.

Outlook and guidance

• Vista Bancshares acquisition expected to close in Q1 2026, with anticipated 17% EPS accretion, 20%+ IRR, and tangible book value earnback in about 3 years.

• Net interest margin projected to remain in the mid-3.9% range for the remainder of 2025; non-interest income expected between $15 million and $17 million per quarter.

• Core non-interest expense projected at $64–66 million per quarter, excluding acquisition costs; 2UniFi expenses expected at $7–9 million in Q4.

• Management focused on disciplined loan and deposit pricing, capital growth, and maintaining strong credit quality.