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 bankers and leadership.

• Launched 2UniFi, a digital banking platform for small businesses, and completed phase one with automated SBA loan offerings.

• Increased quarterly dividend by 3.2% to $0.32 for 1Q26 and announced a $100 million share buyback authorization.

• Achieved 10% growth in tangible book value per share and increased CET1 capital ratio to 14.89%.

• Recognized among top U.S. banks for performance, workplace quality, and SBA lending.

Financial highlights

• Adjusted Q4 2025 net income was $22.7 million ($0.60 per share); full-year adjusted net income was $117.6 million ($3.06 per share).

• Net interest margin (FTE) for Q4 2025 was 3.89%, and 3.94% for the year, up 9 bps year-over-year.

• Non-interest income for Q4 2025 was $14.4 million, including $3.3 million in pre-tax securities losses; full year was $67.6 million, up 10.3%.

• Full-year non-interest expense was $265 million, including $7.2 million in acquisition costs and $22 million for 2UniFi.

• Loans outstanding at year-end were $7.4 billion; total assets at $9.9 billion.

Outlook and guidance

• Projecting 2026 loan growth of 10% and earning asset growth of 7%-10%.

• 2026 net interest margin expected to remain around 4%, excluding future Fed rate moves.

• 2026 non-interest income projected at $75-$80 million; non-interest expense at $320-$330 million.

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

• Targeting Q4 2026 EPS above $1 and full-year 2027 EPS above $4.