National Bank (NBHC) Q4 2025 earnings summary

Executive summary

• Completed the acquisition of Vista Bancshares, expanding into Texas, Florida, and resort markets, and integrating new leadership and bankers.

• Launched 2UniFi, an automated SBA loan platform for business clients, with further client activation and revenue growth planned.

• Increased quarterly dividend by 3.2% to $0.32 for 1Q26 and doubled share repurchase authorization to $100 million.

• Achieved 10% growth in tangible book value per share and recognized among top U.S. banks for performance and workplace quality.

• Fourth quarter impacted by one-time acquisition costs, strategic securities sale, and resolution of problem loans to enter 2026 with a clean slate.

Financial highlights

• FY2025 adjusted net income was $117.6 million ($3.06 per diluted share); Q4 adjusted net income was $22.7 million ($0.60 per share).

• Net interest margin (FTE) for FY2025 was 3.94%, with Q4 at 3.89% and December rebounding to 3.97%.

• Return on tangible assets was 1.3% (adjusted), and return on tangible common equity was 12.2% (adjusted) for 2025.

• Non-interest income for Q4 was $14.4 million; full year was $67.6 million, up 10.3% year-over-year.

• Non-interest expense for Q4 was $72.4 million, including $5.4 million in acquisition-related costs; full year was $264.6 million.

Outlook and guidance

• Projecting 10% loan growth and 7%-10% earning asset growth in 2026, with net interest margin expected to remain around 4%.

• Vista acquisition expected to deliver ~17% EPS accretion, 20%+ IRR, and earnback in ~3 years.

• Non-interest income projected at $75-$80 million; non-interest expense at $320-$330 million, with lower expenses in the second half due to integration efficiencies.

• 2UniFi expected to contribute $2-$4 million in revenue in 2026, with flat expenses at $22 million.

• Targeting earnings over $1 per share in Q4 2026 and over $4 per share for full-year 2027.