Q1 2026 National Bank Holdings Corp

April 22, 2026

Speaker #1: You are currently on hold for today's conference call . At this time , we are assembling today's audience and plan to be underway shortly .

Speaker #1: We appreciate your patience and put me on the line Good morning , everyone , and welcome to the National Bank Holdings Corporation 2026 First Quarter Earnings Call .

Operator: Good morning, everyone, and welcome to the National Bank Holdings Corporation 2026 Q1 Earnings Call.

Operator: My name is Anna, and I will be your conference operator for today. At this time, all participants are in a listen-only mode. As a reminder, this conference is being recorded for replay purposes. I will now turn the call over to Emily Gooden, Chief Accounting Officer and Director of Investor Relations.

Speaker #1: My name is Anna and I will be your conference operator for today At this time , all participants are in a listen only mode As a reminder , this conference is being recorded for replay purposes .

Speaker #1: I will now turn the call over to Emily Gooden Chief Accounting Officer and Director of Investor Relations

Emily Gooden: Thank you, Anna, and good morning. We will begin today's call with prepared remarks, followed by a question and answer session. I would like to remind you that this conference call will contain forward-looking statements, including, but not limited to, statements regarding the company's strategy, loans, deposits, capital, net interest income, non-interest income margins, allowance, taxes, and non-interest expense. Actual results could differ materially from those discussed today. These forward-looking statements are subject to risks, uncertainties, and other factors, which are disclosed in more detail in the company's most recent filings with the U.S. Securities and Exchange Commission. These statements speak only as of the date of this call, and National Bank Holdings Corporation undertakes no obligation to update or revise these statements. In addition, the call today will reference certain non-GAAP measures, which National Bank Holdings Corporation believes provide useful information for investors.

Speaker #2: Thank you, Anna, and good morning. We will begin today's call with prepared remarks, followed by a question and answer session.

Speaker #2: I would like to remind you that this conference call will contain forward looking statements , including , but not limited to , statements regarding the company's strategy , loans , deposits , capital and net interest income , non-interest income , margins , allowance , taxes , and non-interest expense .

Speaker #2: Actual results could differ materially from those discussed today . These forward looking statements are subject to risks , uncertainties and other factors which are disclosed in more detail in the company's most recent filings with the U.S.

Speaker #2: Securities and Exchange Commission . These statements speak only as of the date of this call , and National Bank Holdings Corp undertakes no obligation to update or revise these statements .

Speaker #2: In addition , the call today will reference certain non-GAAP measures , which National Bank Holdings Corporation believes provides useful information for investors . Reconciliations of these non-GAAP financial measures to the GAAP measures are provided in the news release posted on the Investor Relations section of WWE National Bank Holdings Corp It is now my pleasure to turn the call over .

Emily Gooden: Reconciliations of these non-GAAP financial measures to the GAAP measures are provided in the news release posted on the investor relations section of www.nationalbankholdings.com. It is now my pleasure to turn the call over and introduce National Bank Holdings Corporation's Chairman and CEO, Mr. Tim Laney.

Speaker #2: And introduce National Bank Holdings Corporation's chairman and CEO , Mr. Tim Laney .

G. Timothy Laney: Well, thank you, Emily, and good morning, and thank you for joining us as we discuss National Bank Holdings' Q1 2026 financial performance. I'm joined by our President, Aldis Birkans, our Chief Financial Officer, Nicole Van Denabeele, and John Steinmetz, our Executive Vice Chair and Executive Managing Director of Strategic Initiatives. The NBH team delivered an outstanding first quarter, and we believe we're well-positioned to have a very strong year. In fact, momentum across the organization reinforces our belief in our ability to grow our earnings this year and surpass $1 of earnings per share in Q4. In Q1, we delivered record loan fundings, and our net interest margin expanded to 4.06%. We experienced positive trends with all credit metrics, and we believe the NBH team is well-positioned to deliver meaningful growth in earnings this year.

Tim Laney: Well, thank you, Emily, and good morning, and thank you for joining us as we discuss National Bank Holdings' Q1 2026 financial performance. I'm joined by our President, Aldis Birkans, our Chief Financial Officer, Nicole Van Denabeele, and John Steinmetz, our Executive Vice Chair and Executive Managing Director of Strategic Initiatives. The NBH team delivered an outstanding first quarter, and we believe we're well-positioned to have a very strong year. In fact, momentum across the organization reinforces our belief in our ability to grow our earnings this year and surpass $1 of earnings per share in Q4. In Q1, we delivered record loan fundings, and our net interest margin expanded to 4.06%. We experienced positive trends with all credit metrics, and we believe the NBH team is well-positioned to deliver meaningful growth in earnings this year.

Speaker #3: Thank you , Emily , and good morning and thank you for joining us as we discuss National Bank Holdings first quarter 2020 financial performance .

Speaker #3: I'm joined by our president , Aldis Birkans , our chief Financial Officer , Nicole Vandenabeele , and John Steinmetz . Our executive vice chair , and executive managing director of Strategic initiatives .

Speaker #3: The NBA team delivered an outstanding first quarter , and we believe we're well positioned to have a very strong year In fact , momentum across the organization reinforces our belief in our ability to grow our earnings .

Speaker #3: This year, and surpass $1 of earnings per share in the fourth quarter. In the first quarter, we delivered record loan fundings and our net interest margin expanded to 4.06%.

Speaker #3: We experienced positive trends with all credit metrics , and we believe the NBA team is well positioned to deliver meaningful growth in earnings this year I want to thank our bankers for their focus on taking market share , as well as expanding relationships with existing clients .

G. Timothy Laney: I want to thank our bankers for their focus on taking market share, as well as expanding relationships with existing clients. I also want to thank our teammates that work diligently behind the scenes to efficiently deliver a great experience for our clients. On that note, I'll turn the call over to Nicole for greater financial details on the quarter. Nicole?

Tim Laney: I want to thank our bankers for their focus on taking market share, as well as expanding relationships with existing clients. I also want to thank our teammates that work diligently behind the scenes to efficiently deliver a great experience for our clients. On that note, I'll turn the call over to Nicole for greater financial details on the quarter. Nicole?

Speaker #3: I also want to thank our teammates that work diligently behind the scenes to efficiently deliver a great experience for our clients . And on that note , I'll turn the call over to Nicole for greater financial details on the quarter .

Nicole Van Denabeele: Thank you, Tim, and good morning. This morning, I'll review our Q1 financial results and provide guidance for the remainder of 2026. As a reminder, our guidance does not include any future interest rate policy changes by the Fed. For Q1, on an adjusted basis, we reported net income of $32.6 million, or $0.72 of earnings per diluted share, 43% higher than the prior quarter. Q1's adjusted return on tangible assets was 1.2%, and the adjusted return on tangible equity was 11.8%. During Q1, we closed the Vista acquisition, generated record quarterly loan originations of $805 million, and delivered annualized loan growth of 12.4%. Fully taxable equivalent pre-provision net revenue increased $8.5 million or 21.7% compared to the prior quarter, after adjusting for transaction-related expenses. Loan balances increased by $2.2 billion or 29% during the quarter.

Speaker #3: Nicole .

Speaker #4: Thank you . Tim , and good morning . This morning , I'll review our first quarter financial results and provide guidance for the remainder of 2026 .

Speaker #4: As a reminder , our guidance does not include any future interest rate policy changes by the fed For the first quarter , on an adjusted basis , we reported net income of $32.6 million , or $0.72 of earnings per diluted share 43% higher than the prior quarter .

Speaker #4: The first quarter adjusted return on tangible assets was 1.2% , and the adjusted return on tangible equity was 11.8% . During the first quarter , we closed the Vista acquisition generated record quarterly loan originations of $805 million and delivered annualized loan growth of 12.4% , fully taxable equivalent .

Speaker #4: Pre-provision net revenue increased $8.5 million , or 21.7% , compared to the prior quarter . After adjusting for transaction related expenses Loan balances increased by $2.2 billion , or 29% , during the quarter Our team's generated $285 million of organic loan growth , on top of $1.9 billion of loans acquired in the Vista acquisition We entered the second quarter with robust loan pipelines , and we expect to achieve our full year loan growth guidance of approximately 10% fully taxable equivalent net interest income for the quarter totaled $111 million , an increase of 25.7% compared to the prior quarter .

Nicole Van Denabeele: Our teams generated $285 million of organic loan growth on top of $1.9 billion of loans acquired in the Vista acquisition. We entered Q2 with robust loan pipelines, and we expect to achieve our full year loan growth guidance of approximately 10%. Fully taxable equivalent net interest income for the quarter totaled $111 million, an increase of 25.7% compared to the prior quarter. The linked quarter increase was primarily driven by $2.1 billion of higher average earning assets and the quarter's strong margin. Net interest margin expanded 17 basis points during Q1 to 4.06%, driven by a 24 basis point increase in earning asset yields. For the remainder of 2026, we expect net interest margin to remain near 4%. Deposit balances increased by $2.2 billion during the quarter on a spot basis, inclusive of Vista balances added at acquisition close.

Speaker #4: The linked quarter increase was primarily driven by $2.1 billion of higher average earning assets . And the quarter's strong margin , net interest margin expanded 17 basis points during the first 3:45 .06 percent , driven by a 24 basis point increase in earning asset yields .

Speaker #4: For the remainder of 2026 , we expect net interest margin to remain near 4% . Deposit balances increased by $2.2 billion during the quarter on a spot basis , inclusive of Vista balances added at acquisition close deposit costs remained low at 1.94% , and our loan to deposit ratio ended the quarter at 91.9% .

Nicole Van Denabeele: Deposit costs remained low at 1.94%, and our loan-to-deposit ratio ended the quarter at 91.9%. Turning to asset quality. Credit quality remained strong. We recorded $4 million of provision expense, primarily to support the quarter's strong loan growth. Net charge-offs were 8 basis points for the quarter, or 34 basis points on an annualized basis, and the allowance coverage ratio remained consistent at 1.18%. As of 31 March 2026, we continue to hold $24 million of marks against our acquired loan portfolio, which would provide an additional 25 basis points of loan loss coverage if applied across the entire loan book. Non-interest income increased 16.9% year over year and totaled $18 million for the quarter. For the remainder of 2026, we project to achieve our full year fee income guidance of $75 to $80 million.

Speaker #4: Turning to asset quality , credit quality remained strong . We recorded $4 million of provision expense , primarily to support the quarter's strong loan growth .

Speaker #4: Net charge offs were eight basis points for the quarter , or 34 basis points on an annualized basis , and the allowance coverage ratio remained consistent at 1.18% as of March 31st .

Speaker #4: We continue to hold $24 million of marks against our acquired loan portfolio , which would provide an additional 25 basis points of loan loss coverage if applied across the entire loan book Non-interest income increased 16.9% year over year and totaled $18 million for the quarter .

Speaker #4: For the remainder of 2026 , we project to achieve our full year fee income guidance of 75 to $80 million . As a reminder , this outlook includes 2 to $4 million of two unified revenue , which we expect to be weighted toward the back half of the year .

Nicole Van Denabeele: As a reminder, this outlook includes $2 to $4 million of 2Unify revenue, which we expect to be weighted toward the back half of the year. Net interest expense totaled $96.8 million for the quarter and included $15.3 million of acquisition and restructuring costs. Excluding these one-time items, non-interest expense was $81.5 million. We have begun realizing cost efficiencies from the Vista acquisition. We remain on track to achieve our targeted expense synergies, the majority of which are expected to be realized following the Q3 system integration. In addition, we continue to invest in future growth by adding new bankers across our footprint. We have recently added more than 10 new bankers, resulting in approximately half a million dollars of incremental expense during the Q1, and which will add approximately $4 million in annual run rate expense.

Speaker #4: Net interest expense totaled $96.8 million for the quarter , and included $15.3 million of acquisition and restructuring costs . Excluding these one time items , non-interest expense was $81.5 million .

Speaker #4: We have begun realizing cost efficiencies from the Vista acquisition . We remain on track to achieve our targeted expense synergies . The majority of which are expected to be realized following the third quarter .

Speaker #4: System integration . In addition , we continue to invest in future growth by adding new bankers across our footprint . We have recently added more than ten new bankers , resulting in approximately half $1 million of incremental expense During the first quarter and which will add approximately $4 million in annual run rate expense .

Nicole Van Denabeele: As previously guided, we project total non-interest expense for the full year 2026 to be in the range of $320 to $330 million. Our capital levels remain well in excess of well-capitalized regulatory thresholds, even after deploying capital for our most recent acquisition and for share repurchases during the quarter. Common Equity Tier 1 ratio ended the quarter at 12.5%, and the total capital ratio was a strong 15.8%. Tangible book value per share was $26, and we expect to outperform our earn back expectations for the Vista acquisition. Importantly, we are on track to deliver earnings in excess of $1 per share in the Q4 of 2026. With that, I will turn the call over to Aldis.

Speaker #4: As previously guided, we project total non-interest expense for the full year 2026 to be in the range of $320 to $330 million.

Speaker #4: Our capital levels remain well in excess of well-capitalized regulatory thresholds even after deploying capital for our most recent acquisition And for share repurchases during the quarter , common equity tier one ratio ended the quarter at 12.5% , and the total capital ratio was a strong 15.8% .

Speaker #4: Tangible book value per share was $26 , and we expect to outperform our earn back expectations for the Vista acquisition Importantly , we are on track to deliver earnings in excess of $1 per share in the fourth quarter of 2026 , with that , I will turn the call over to Aldous .

Aldis Birkans: All right. Well, thank you, Nicole, and good morning. Our Q1 was highly productive, and I want to thank our team for getting us off to a great start in 2026. The Q1's performance is consistent with our internal expectations, and as Tim shared, we remain confident in our trajectory towards achieving $1 EPS by the Q4. In terms of the Vista acquisition, the onboarding of new associates and clients has gone well, and our integration efforts remain on track. Turning to our financial performance, the strength of our balance sheet was on full display this quarter. We generated record quarterly new loan fundings of $805 million, which drove in an annualized 12% loan growth. I will note that this quarter's loan production was not just strong, but also well-diversified across asset classes and geographies, reflecting the breadth of our platform.

Speaker #5: All right . Well , thank you , Nicole , and good morning Our first quarter was highly productive . And I want to thank our team for getting us off to a great start in 2026 .

Speaker #5: The first quarter's performance is consistent with our internal expectations . And as Tim shared , we remain confident in our trajectory towards achieving $1 EPS by the fourth quarter .

Speaker #5: In terms of the Vista acquisition , the onboarding of new associates and clients has gone well , and our integration efforts remain on track .

Speaker #5: Turning to our financial performance , the strength of our balance sheet was on full display this quarter . We generated record quarterly new loan fundings of $805 million , which drove in an annualized 12% long growth .

Speaker #5: I will note that this quarter's loan production was not just strong , but also well diversified across asset classes and geographies . Reflecting the breadth of our platform Furthermore , as we move into the second quarter , VR , encouraged by a robust pipelines and as Nicole shared , we are on track to deliver our full year loan growth guidance The portfolio credit trends are positive and we are proud of our top quartile performance .

Aldis Birkans: Furthermore, as we move into Q2, we are encouraged by our robust pipelines, and as Nicole shared, we are on track to deliver our full year loan growth guidance. The portfolio credit trends are positive, and we are proud of our top quartile performance. We ended the quarter with the lowest levels of criticized loans in four years, while further reducing both NPAs and NPLs this quarter. This quarter's new loan production came in at an average rate of 6.4%, which remains complementary to our overall loan portfolio yields and contributed to a strong net interest margin of 4.06%. Our ability to maintain margin at these high levels highlights the quality of our deposit franchise and our commitment to relationship-based banking. We offer the best-in-class treasury management capabilities that contribute meaningfully today and position us well to drive sustained deposit growth in the future.

Speaker #5: We ended the quarter with the lowest levels of criticized loans in four years, while further reducing both NPAs and NPLs this quarter.

Speaker #5: This quarter's new loan production came in at an average rate of 6.4%, which remains complementary to our overall loan portfolio. Yields contributed to a strong net interest margin of 4.06%.

Speaker #5: Our ability to maintain margin at these high levels highlights the quality of our deposit franchise and our commitment to relationship based banking . We offer the best in class treasury management capabilities that contribute meaningfully today , and position us well to drive sustained deposit growth in the future .

Aldis Birkans: I'm also pleased to report that our trust and wealth management business has grown to $1.4 billion in assets under management, more than doubling over the past three years since we entered the space. This momentum translates into double-digit fee growth in 2026, reinforcing our non-interest income outlook and highlighting the important role this business plays in our broader non-interest income diversification strategy. Finally, reflecting our confidence in the durability and quality of our earnings, we took steps earlier this year to enhance our shareholder returns. We increased our quarterly dividend by 3% to $0.32 per share and took advantage of the market volatility to restart our stock buyback program with $16 million purchased in Q1. With that, I'll turn it over to John.

Speaker #5: I'm also pleased to report that our trust and wealth management business has grown to $1.4 billion in assets under management, more than doubling over the past three years since we entered this space.

Speaker #5: This momentum translates into double digit fee growth in 2026 , reinforcing our non-interest income outlook and highlighting the important role this business plays in our broader noninterest income diversification strategy Finally , reflecting our confidence in the durability and quality of our earnings , we took steps earlier this year to enhance our shareholder returns .

Speaker #5: We increased our quarterly dividend by 3% to $0.32 per share and took advantage of the market volatility to restart our stock buyback program with $16 million purchased in Q1 .

John Steinmetz: Thank you, Aldis, and good morning, everyone. We appreciate you making the time to be on the call. It's hard to believe it has only been 105 days since we closed our transaction. In that short window, we've already seen real momentum, retaining key talent, attracting new talent, and driving meaningful growth across all our markets. From the beginning, we believed Vista and NBH were a strong cultural fit, and that conviction has only strengthened as our teams worked side by side. Both organizations share the same foundational values, a disciplined credit culture, an unwavering commitment to client service, and a people-first philosophy that drives everything we do. That said, I want to thank our legacy Vista teammates for their continued trust, hard work, and grit through Q1. I would like to thank our new NBH colleagues for the way that you've welcomed us to the team.

Speaker #5: With that , I'll turn it over to John

Speaker #6: Thank you , Elvis , and good morning , everyone . We appreciate you taking the time to be on the call . It's hard to believe it has only been 105 days since we closed our transaction .

Speaker #6: In that short window . We've already seen real momentum retaining key talent , attracting new talent and driving meaningful growth across all our markets .

Speaker #6: From the beginning , we believe Vista and DNB were a strong cultural fit , and that conviction has only strengthened as our teams worked side by side , both organizations share the same foundational values a disciplined credit culture and unwavering commitment to client service and a people first philosophy that drives everything we do .

Speaker #6: That said , I want to thank our legacy Vista teammates for their continued trust , hard work and grit through the first quarter .

Speaker #6: I would like to thank our new MBA colleagues for the way that you've welcomed us to the team Together , we are doing great things .

John Steinmetz: Together, we are doing great things. We also have made meaningful progress on the operational side, integrating Vista into NBH's broader systems and platforms. Successful combinations are built on shared values. They are executed through discipline, hard work, and an unwavering commitment to win, and I could not be more proud of our team. As I mentioned last quarter, joining NBH means the opportunity to pair a strong market presence and the client relationships with a broader platform, enhanced offerings, and a bigger balance sheet. The momentum from this combination is already visible, both internally and externally, across all existing markets and to our clients and teammates alike. Since closing, we've added over 10 exceptional bankers to the organization, four of whom were sitting presidents at their prior institutions, which is humbling to think.

Speaker #6: We also have made meaningful progress on the operational side , integrating Vista into broader systems and platform . Successful combinations are built on shared values .

Speaker #6: They are executed through discipline , hard work , and an unwavering commitment to win . And I could not be more proud of our team .

Speaker #6: As I mentioned last quarter , joining NBA means the opportunity to pair a strong market presence and the client relationships with a broader platform , enhanced offerings , and a bigger balance sheet .

Speaker #6: The momentum from this combination has already visible both internally and externally , across all existing markets and to our clients and teammates alike .

Speaker #6: Since closing , we've added over ten exceptional bankers to the organization , four of whom were sitting presidents at their prior institutions , which is humbling to think .

John Steinmetz: I've always believed the best clients follow the best bankers, and the best bankers follow the best culture. We are seeing that play out in real time. Additionally, Texas remains one of the most attractive banking markets in the country, with its pro-business environment, diverse economy, continued population growth, and business migration. NBH is now perfectly positioned to take advantage of this growth, further emphasizing our goal of maximizing shareholder value. I also remain particularly excited about what we are doing in our resort markets. These communities are creating meaningful opportunities for banks like ours who pair local knowledge with highly personalized service. Texas and the resort markets drove meaningful high-quality asset growth in Q1, and with new leadership and robust pipeline, these markets represent a significant long-term opportunity for our company.

Speaker #6: I have always believed the best clients follow the best bankers and the best bankers follow the best culture . We are seeing that play out in real time Additionally , Texas remains one of the most attractive banking markets in the country , with its pro-business environment , diverse economy , continued population growth , and business migration DNB is now perfectly positioned to take advantage of this growth further emphasizing our goal of maximizing shareholder value .

Speaker #6: I also remain particularly excited about what we are doing in our resort markets . These communities are creating meaningful opportunities for bank like ours , who pair local knowledge with highly personalized service .

Speaker #6: Texas and the resort markets drove meaningful , high quality asset growth in the first quarter , and with new leadership and robust pipeline , these markets represent a significant long term opportunity for our company .

John Steinmetz: To meet that demand, we are delivering a broad set of capabilities, such as enhanced treasury management services, wealth and trust services, and an expanded mortgage offering. NBH was and is built to meet clients across the full life cycle of their needs, from day-to-day operations to generational wealth planning.

Speaker #6: To meet that demand , we are delivering a broad set of capabilities such as enhanced treasury management services , wealth and trust services , and an expanded mortgage offering DNB was and is built to meet clients across the full lifecycle of their needs from day to day operations to generational wealth planning We are energized by the opportunities in front of us NBA has the right platform , the right markets , and most importantly , the right people to our shareholders .

John Steinmetz: We are energized by the opportunities in front of us. NBH has the right platform, the right markets, and most importantly, the right people. To our shareholders, thank you for your continued trust. We could not be more excited about the road ahead. With that, Tim, I'll turn it back over to you.

Speaker #6: Thank you for your continued trust. We could not be more excited about the road ahead. And with that, Tim, I'll turn it back over to you.

G. Timothy Laney: Well, thanks, John. Well, as you now know, we have a lot to feel good about with our Q1 results. We also feel great about our momentum as we dive into Q2. We've covered the company's core performance, and I want to also provide you with an update on our Camber and 2Unify businesses. With respect to 2Unify, the platform has generated over 1,300 user applications year-to-date, with weekly application volume accelerating from about 40 per week to most recently, nearly 400. While top of the funnel growth and early engagement metrics are strong, we still have work to do to drive higher deposit account openings and loan fundings. Having said this, I believe the team is gaining traction and getting close to a meaningful breakthrough. More to come.

Tim Laney: Well, thanks, John. Well, as you now know, we have a lot to feel good about with our Q1 results. We also feel great about our momentum as we dive into Q2. We've covered the company's core performance, and I want to also provide you with an update on our Camber and 2Unify businesses. With respect to 2Unify, the platform has generated over 1,300 user applications year-to-date, with weekly application volume accelerating from about 40 per week to most recently, nearly 400. While top of the funnel growth and early engagement metrics are strong, we still have work to do to drive higher deposit account openings and loan fundings. Having said this, I believe the team is gaining traction and getting close to a meaningful breakthrough. More to come.

Speaker #3: Well , thanks , John Well , as you now know , we have a lot to feel good about with our first quarter results .

Speaker #3: We also feel great about our momentum as we dive into the second quarter . We've covered the company's core performance , and I want to also provide you with an update on our camber two unified businesses with respect to to unify the platform has generated over 1300 user applications year to date with weekly application volume accelerating from about 40% 40 per week to most recently , nearly 400 , while top of the funnel growth and early engagement metrics are strong We still have work to do to drive higher deposit account openings and loan fundings .

Speaker #3: Having said this , I believe the team is gaining traction and getting close to a meaningful breakthrough . So more to come . Now , in the three years that we've operated camber , we've grown the program over $700 million to greater than $2 billion .

G. Timothy Laney: Now, in the three years that we've operated Camber, we've grown the program over $700 million to greater than $2 billion. Further, the team has continued to increase and to diversify its deposit distribution network, giving Camber far more pricing power and funds movement flexibility. Our small but mighty Camber team is making an incredibly positive impact. Turning back to our core business, we continue to build market share in attractive US markets, and our demonstrated ability to rapidly grow capital translates into a broad set of opportunities for NBH. Our focus remains on supporting our teammates, serving our clients, our communities, and of course, creating greater shareholder value. We stand on our track record of doing just that. On that note, let's open up the call for questions.

Tim Laney: Now, in the three years that we've operated Camber, we've grown the program over $700 million to greater than $2 billion. Further, the team has continued to increase and to diversify its deposit distribution network, giving Camber far more pricing power and funds movement flexibility. Our small but mighty Camber team is making an incredibly positive impact. Turning back to our core business, we continue to build market share in attractive US markets, and our demonstrated ability to rapidly grow capital translates into a broad set of opportunities for NBH. Our focus remains on supporting our teammates, serving our clients, our communities, and of course, creating greater shareholder value. We stand on our track record of doing just that. On that note, let's open up the call for questions.

Speaker #3: Further , the team has continued to increase in the its deposit distribution network , giving camber far more pricing power and and funds movement flexibility .

Speaker #3: Our small but mighty camber team is making an incredibly positive impact Turning back to our core business , we continue to build market share in attractive US markets and our demonstrated ability to rapidly grow capital translates into a broad set of opportunities for NB , H Our focus remains on supporting our teammates , serving our clients , our communities , and of course , creating greater shareholder value .

Speaker #3: And we stand on our track record of doing just that . On that note , let's open up the call for questions

Operator: Yes, sir. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Once again, that is star one if you would like to ask a question. We'll now take a question from Jeff Rulis with D.A. Davidson.

Speaker #1: Yes , sir . Thank you . And if you would like to ask a question , please signal by pressing star one on your telephone keypad .

Speaker #1: If you are using a speakerphone , please make sure your mute function is turned off to allow your signal to reach our equipment Once again , that is star one .

Operator: We'll now take a question from Jeff Rulis with D.A. Davidson.

Speaker #1: If you would like to ask a question We'll now take a question from Jess Ruelas with D Davidson

Jeff Rulis: Thanks. Good morning.

G. Timothy Laney: Hey, Jeff. Good morning.

Tim Laney: Hey, Jeff. Good morning.

Speaker #7: Hi . Thanks . Good morning .

Jeff Rulis: Wanted to check in on that, so that dollar expectation plus of earnings in the Q4. You kind of made that initial expectation, margin was at 389, and you were coming off a net loan runoff year. Kind of fast-forward to 12%+ organic growth and a 406 margin. I guess any potential for it to breach that figure earlier in the Q3? It seems like, certainly your confidence, you doubled down in the release, but wanted to check on the possibility of what needs to take place potentially if that happens in the Q3.

Speaker #3: Good morning .

Speaker #7: I wanted to check in on that so that dollar expectation plus of earnings in the in the in the fourth quarter . You know you kind of made that initial expectation margin was at 3.89 .

Speaker #7: And you were coming off a net loan run-off year. Kind of fast forward to 12% plus organic growth and a 4.06% margin.

Speaker #7: I guess . Any potential for you to breach that figure and earlier in the third quarter , it seems like , you know , certainly your confidence , you double down in the release .

Speaker #7: But wanted to check on the possibility of what needs to take place, potentially, if that happens in the third quarter.

G. Timothy Laney: Jeff, we have a track record of under promising and over delivering. I've got to tell you, having said that, we feel very good about our momentum. I feel like we're running on all cylinders at this point, which is quite remarkable when, just to remind everyone, we closed on the Vista acquisition in the first week of January. If you think about the time required to assemble, organize teams, get alignment, and then get focused on clients and markets, it's pretty remarkable what we were able to see our teams do, generating that 12.4% loan growth. We think it may very well be the tip of the iceberg. Beyond that, what we're seeing early on in terms of the opportunity to expand treasury management services, wealth management services, and residential banking services in markets like Dallas get us very excited.

Tim Laney: Jeff, we have a track record of under promising and over delivering. I've got to tell you, having said that, we feel very good about our momentum. I feel like we're running on all cylinders at this point, which is quite remarkable when, just to remind everyone, we closed on the Vista acquisition in the first week of January. If you think about the time required to assemble, organize teams, get alignment, and then get focused on clients and markets, it's pretty remarkable what we were able to see our teams do, generating that 12.4% loan growth. We think it may very well be the tip of the iceberg. Beyond that, what we're seeing early on in terms of the opportunity to expand treasury management services, wealth management services, and residential banking services in markets like Dallas get us very excited.

Speaker #3: Jeff . We , we have a track record of under-promise and Overdelivering . I've got to tell you , having said that , we feel very , very good about our momentum .

Speaker #3: I , I feel like we're running on all cylinders at this point , which is quite remarkable . When just to remind everyone , we closed on the Vista acquisition in the first week of January .

Speaker #3: So if you think about the time required to assemble , organize teams , get alignment , and then get focused on clients and markets , it's pretty remarkable what we were able to see our teams do , generating that 12 , 12.4% long growth in .

Speaker #3: We think it's it may very well be the tip of the iceberg . You know . And then beyond that , what we're seeing early on in terms of the opportunity to expand Treasury management services , wealth management services , residential banking services in markets like Dallas .

Jeff Rulis: Thanks, Tim. Just maybe jumping to maybe Nicole or Aldis on the margin. Do you have a March average for where that was?

Speaker #3: Get us very excited

Speaker #7: Thanks , Tim . And just maybe jump into maybe Nicole or all this on the on the margin , do you have a March average for where that where that was

Nicole Van Denabeele: Yeah, March came in very much in line with the overall quarter's margin.

Speaker #4: Yeah . March came in very much in line with the overall quarters margin

Jeff Rulis: Okay. Nicole, I guess as you talk about the outlook for near 4% for the rest of the year, is that suggestive of maybe accretion was a bit higher in Q1? Seems a little conservative. I know that Tim just said it, under promise, over deliver, but wanted to see if anything one-timey in the 4.06 margin, why that might lean back towards 4% for the balance.

Speaker #7: Okay . And Nicole , the I guess as you talk about the outlook for near 4% for the rest of the year , is that suggestive of , of maybe accretion was was a bit higher in the first quarter .

Speaker #7: Seems a little conservative . I know that Tim just said you underpromise over deliver but wanted to see if anything . One timing of 406 margin Y that might , you know , lean back towards for for the balance .

Nicole Van Denabeele: Yeah. Well, Jeff, I'll start by saying that we are very proud of our 4+% margin. Q1 had about 5 basis points of loan accretion addition from the Vista acquisition. Even without that loan accretion impact, very strong net interest margin. From a loan yield cost of funding perspective, as Aldis mentioned, Q1 loan origination rate, 6.4%, very consistent with where our current loan book is. We expect to fund that loan growth with full relationship core deposits. Maintaining our strong cost of deposits under 2%, that gets you right at a 4% margin.

Speaker #4: Yeah , yeah . Well , Jeff , I'll start by saying that we are very proud of our four plus percent margin . The first quarter had about five basis points of loan accretion additions from the Vista acquisition .

Speaker #4: So even without that loan accretion impact , very strong net interest margin from a from a loan yield cost of funding perspective , as all mentioned , Q1 loan origination rate , 6.4% .

Speaker #4: Very consistent with where our current loan book is . And we expect to fund that loan growth with full relationship core deposits . So maintaining our strong cost of deposits under 2% , that gets you right , right at a 4% margin .

Jeff Rulis: Okay. Great. I'll step back. Thanks.

Nicole Van Denabeele: Okay. Thanks, Jeff.

Speaker #7: Okay , great . I'll step back . Thanks .

Operator: We'll now take our next question from Kelly Motta with KBW.

Speaker #8: Thank you . Jeff .

Speaker #1: We'll now take our next question from Kelly Motta with KBW

Kelly Motta: Hey, good morning. Thanks for the question.

G. Timothy Laney: No, how you doing?

Tim Laney: No, how you doing?

Speaker #9: Hey . Good morning . Thanks for the question . Maybe , maybe building on that that under promise over , over deliver concept , the 10% loan growth notably , I mean , you came in stronger out of the gate with the noise of that acquisition with 12% organic loan growth .

Kelly Motta: Maybe building on that underpromise, overdeliver concept. The 10% loan growth, notably, you came in stronger out of the gate with the noise of an acquisition with 12% organic loan growth. So 10% seems to imply a slowdown in the remainder of the year. I guess, it does sound like your pipeline and expectations remain quite strong. How are you thinking about the cadence of growth and what would be the factors, I guess, that would get you to potentially come in over the top of that 10? Thanks.

Speaker #9: So, 10% seems to imply a slowdown in the remainder of the year. I guess it does sound like your pipeline and expectations remain quite strong.

Speaker #9: How are you thinking about the cadence of growth and you know , what would be the factors ? I guess , that would get you to potentially come in over the top of that ten ?

G. Timothy Laney: Well, Kelly, as a reminder, we provided the guidance on 10% going into the year, and we don't typically make changes in year on guidance. Having said that, I think the 12.4% growth in the Q1, given everything that was going on, speaks to the kind of opportunity we're seeing in the markets. I think it's noteworthy that we saw very strong diversified growth across our markets. I can't compliment our banking teams enough for focusing on clients, taking market share, expanding relationships, and we feel very good about our growth prospects this year.

Tim Laney: Well, Kelly, as a reminder, we provided the guidance on 10% going into the year, and we don't typically make changes in year on guidance. Having said that, I think the 12.4% growth in the Q1, given everything that was going on, speaks to the kind of opportunity we're seeing in the markets. I think it's noteworthy that we saw very strong diversified growth across our markets. I can't compliment our banking teams enough for focusing on clients, taking market share, expanding relationships, and we feel very good about our growth prospects this year.

Speaker #9: Thanks

Speaker #3: Well , Kelly , as a reminder , we provided the guidance on 10% going into the year and we don't typically make changes in year on guidance and having said that , I think the 12.4% growth in the first quarter , given everything that was going on , speaks to the kind of opportunity we're seeing in the market .

Speaker #3: So I think it's noteworthy that we saw very strong diversified growth across our markets . I really I can't compliment our banking teams enough for focusing on clients taking market share , expanding relationships and , you know , we feel very good about our growth prospects this year

Kelly Motta: Got it. That's really helpful. Turning to expenses. I appreciate the color that you added, new bankers, over time that helps to drive growth and it's ahead, which is what we want to see. It does seem like there's some moving parts with the cadence of expenses with hires plus the conversion later in the year. I'm wondering if there's any way to get kind of a Q4 exit expense run rate given the noise. Or how much on a dollar basis you're expecting the cost savings to be post-conversion, just so we can manage the cadence appropriately coming out of the year as we think through next year.

Speaker #9: Got it , got it . That's that's really helpful . Turning to expenses , I appreciate the color that you added new bankers , you know , over time that helps to drive growth .

Speaker #9: And it's ahead, which is what we want to see. It does seem like there's some moving parts with the cadence of expenses with hires, plus the conversion later in the year.

Speaker #9: And I'm wondering if there's any way to get kind of a Q4 , you know , exit expense run rate given the noise or how , how much on a dollar basis you're expecting the cost savings to be post-conversion just so we can manage the cadence appropriately coming out of the year for as we think through next year .

G. Timothy Laney: Yeah, it's a great question, Kelly. First, we've really been delighted with the quality of bankers that have been coming to us as we've looked at opportunities to expand in certain targeted markets. A good example of that is what John has been doing in our resort markets. We think we're going to get very attractive returns on those investments. I would tell you that we are also very diligent in tracking our expense reductions related to the synergies of the Vista acquisition. It's something we've got strong alignment with respect to our incentives and something our board is very focused on. I am convinced we will not only meet but beat the expense synergies that we modeled in the acquisition and shared with the Street. Now I'll throw it to Nicole, maybe for a little more detail and answer to your question.

Tim Laney: Yeah, it's a great question, Kelly. First, we've really been delighted with the quality of bankers that have been coming to us as we've looked at opportunities to expand in certain targeted markets. A good example of that is what John has been doing in our resort markets. We think we're going to get very attractive returns on those investments. I would tell you that we are also very diligent in tracking our expense reductions related to the synergies of the Vista acquisition. It's something we've got strong alignment with respect to our incentives and something our board is very focused on. I am convinced we will not only meet but beat the expense synergies that we modeled in the acquisition and shared with the Street. Now I'll throw it to Nicole, maybe for a little more detail and answer to your question.

Speaker #8: Yeah , it's a great it's a great question .

Speaker #3: Kelly . And first , you know , we , we really been delighted with the quality of bankers that have been coming to us as , as we've looked at opportunities to expand in certain targeted markets and , and , you know , a good example of that is what John has been doing in our resort markets .

Speaker #3: I mean , it's , it's , it's , we think we're going to get very attractive returns on those investments . I would tell you that we are also very diligent in tracking our expense reductions related to the synergies of Vista acquisition .

Speaker #3: It's something we've got strong alignment with with respect to our incentives, and something our board is very focused on. I am convinced we will not only meet, but beat, the expense synergies that we modeled in the acquisition and shared with the Street.

Speaker #3: And now I'll throw it to Nicole, maybe for a little more detail and an answer to your question.

Nicole Van Denabeele: Yeah. Good morning, Kelly. You're right. As we all expected, 2026 is a noisy year on the expense front. I will reiterate that full year guide of $320 to $330 million. Where possible, we're taking action to realize expense efficiencies ahead of the system conversion, but the bulk of those synergies will come after our systems conversion, which is at the end of July. That, coupled with, as I mentioned, we're continuing to invest in growth. A little bit of color as I think about Q2 on the expense run rate perspective. Q2 does have a couple of additional payroll days. Our merit increases come online. I wouldn't be surprised if there's an uptick in expense from Q1 to Q2, and then it will trend down throughout the year as those expense synergies come online.

Speaker #4: Yeah . Good morning Kelly . You're right . So as we all expected , 2026 is a noisy year on the expense front .

Speaker #4: I will reiterate that full year guide of $320 to $330 million. Where possible, we're taking action to realize expense efficiencies ahead of the system conversion.

Speaker #4: But the bulk of those synergies will come after our systems conversion , which is which is at the end of July . That , coupled with , you know , as I mentioned , we're continuing to invest in growth .

Speaker #4: And then a little bit of color as I think about Q2 on the expense run rate perspective , Q2 does have a couple of additional payroll days .

Speaker #4: Our merit increases come online . So there , you know , it wouldn't be surprised if there's an uptick in expense from Q1 to Q2 .

Speaker #4: And then it will trend down throughout the year as those expense synergies come online .

Kelly Motta: Got it. That's helpful. Last one, if I can sneak it in, just because we are on the topic of expenses. The expenses related to 2Unify, that's still about $22 million for the year here?

Speaker #9: Got it . That's that's helpful . Last one , if I can sneak it in just because we are on the topic of expenses , the expenses related to to unify , that's still about 22 million for , for the year here .

Nicole Van Denabeele: Yes, that is correct. We recognized about a fourth of that in Q1 and very much on track to keep at that $22 million, which just as a reminder, is flat compared to where we were last year. The $22 million does have for this year a full year of depreciation expense, which means that we've brought down the cash burn rate meaningfully year-over-year.

Speaker #4: Yes , yes , that is correct . We recognized about a fourth of that in the first quarter and very much on track to keep at that .

Speaker #4: 22 million , which , just as a reminder , is flat compared to where we were last year . The 22 million does have for this year , full year of depreciation expense , which means that we've brought down the cash burn rate meaningfully year over year .

G. Timothy Laney: I mean, to expand on that, if you look at it in a pure cash burn basis, it's about $10 million this year. That's noteworthy.

Tim Laney: I mean, to expand on that, if you look at it in a pure cash burn basis, it's about $10 million this year. That's noteworthy.

Speaker #3: To expand on that . If you look at it in a pure cash burn basis , it's about $10 million this year . So that's noteworthy .

Nicole Van Denabeele: Yes. Correct.

Kelly Motta: Great. Awesome. Thank you so much. I will step back and let others on. Thank you and congrats on closing the deal.

Speaker #4: Correct ?

Speaker #9: Great . Awesome . Thank you so much . I will step back and let others on . Thank you and congrats on closing closing the deal .

G. Timothy Laney: Yeah. Thank you, Kelly.

Tim Laney: Yeah. Thank you, Kelly.

Operator: Our next question will come from Andrew Terrell with Stephens.

Speaker #3: Yeah . Thank you Kelly .

Speaker #1: Our next question will come from from Andrew Turow with Stephens .

Andrew Terrell: Hey, good morning.

G. Timothy Laney: Good morning, Andrew.

Tim Laney: Good morning, Andrew.

Andrew Terrell: Hey, I appreciate all the color. I wanted to ask on the $1 per share in Q4, the guidance there. What kind of provision are you assuming in that $1 per share? I ask just because it seems somewhat tough if we just take out of the midpoint of the guides for fees and expenses, and if the margin stays near kind of a 4% level. I guess it kind of feels tough to get to $1 per share. I'm trying to figure out where specifically the guide could be conservative on those few points, or if it's just a difference in provision.

Speaker #10: Hey . Good morning .

Speaker #3: Good morning Andrew .

Speaker #10: Hey , I appreciate all the the color . I wanted to ask on the , the the dollar per share in the fourth quarter .

Speaker #10: The guidance there , what kind of provision are you assuming in that dollar per share ? And I , I asked , just because you know , it seems somewhat tough if we just take kind of the midpoint of the guides for fees and expenses , and if the margin stays , you know , near kind of a 4% level , I guess it kind of feels tough to get to a dollar per share .

Speaker #10: So I'm trying to figure out where , you know , where specifically the guide could be conservative on those few points or , you know , if it's just a difference in provision

Aldis Birkans: This is Aldis. I'll try to answer that one. In terms of if you look at kind of breaking down by pieces. If we deliver on our loan growth and on a promise over-deliver type of basis, we should be sitting at billion-ish, if not more of earning assets, in Q4 than what we did in Q1. You look at the fee guidance that Nicole provided that has some upside there. As we discussed, expenses, certainly a significant step down in expense run rate from Q1 to Q4, as Nicole indicated, due to synergies. While we don't provide specific provision expense, there is plenty room to provide for new loan growth in Q4 as well in order to deliver $1 EPS.

Speaker #5: I'll try to answer that one in terms of, if you look at it, kind of breaking it down by pieces, right?

Speaker #5: If we deliver on our long growth and our promise over type of basis , we should be sitting at billion ish , if not more of earning asset in fourth quarter than where we sit .

Speaker #5: What we did in Q1 . If you look at the fee guidance that Nicole provided , that that has some upside there as we discussed , expenses certainly significant step down and expense around rate from Q1 to Q4 .

Speaker #5: As Nicole indicated , due to synergies and , you know , while we don't provide specific provision expense , there is plenty of room to , to , to provide for new loan growth in Q4 as well , to , in order to deliver $1 $1 EPS .

G. Timothy Laney: Yeah, to be very specific on provision. Look, our models will drive provisioning. We use those models as we forecast. It's part of what we rely on as we get to that $1+ of earnings in Q4. There's no, I would say, Andrew, maybe to answer your question this way, there's nothing unusual. There's no assumption around a meaningful, in fact, any reduction in provision. That's not what this is about. This is on the strength of earning assets and fee income, as well as realizing the expense synergies in the Vista acquisition, and it's, in our mind, pretty straightforward.

Tim Laney: Yeah, to be very specific on provision. Look, our models will drive provisioning. We use those models as we forecast. It's part of what we rely on as we get to that $1+ of earnings in Q4. There's no, I would say, Andrew, maybe to answer your question this way, there's nothing unusual. There's no assumption around a meaningful, in fact, any reduction in provision. That's not what this is about. This is on the strength of earning assets and fee income, as well as realizing the expense synergies in the Vista acquisition, and it's, in our mind, pretty straightforward.

Speaker #3: Yeah , to be very specific on provision , look , our models will , will drive provisioning , provisioning . We use those models as we forecast .

Speaker #3: It's part of what we rely on as we get to that dollar plus of earnings in the fourth quarter . So there's no I would say , Andrew , maybe to answer your question this way , there's nothing unusual .

Speaker #3: There's no assumption around a meaningful . In fact , any reduction in provision that's not that's not what this is about . This is on the strength of of earning assets and fee income , as well as realizing the expense synergies and the Vista acquisition and , and it's in our mind , pretty straightforward .

Aldis Birkans: Yeah.

Andrew Terrell: Yeah.

Aldis Birkans: Hey, Andrew, it's a good question. One thing to also keep in mind is we did invest in some really high-caliber bankers in this Q1, and I think you're going to see strong results leading into the H2 as they come over and execute on those expenses that we like to see as investments.

Speaker #6: Yeah . Hey , Andrew , one thing it's a good question and one thing to also keep in mind is we did invest in some really high caliber bankers in this first quarter .

Speaker #6: And I think you're going to see strong results leading into the second half as they come over and execute on those expenses that we like to see as investments .

Andrew Terrell: Yeah, great point. Okay, I appreciate it. On the just 34 basis points of annualized charge-offs this quarter, this is a couple quarters in a row of a little bit higher charge-offs. Just maybe could you speak to what drove the Q1 charge-offs? I know some of the commentary in the prepared remarks just around criticized, classified NPAs coming down a little bit this quarter. It seems like it would suggest that you'd expect kind of a normalization lower in charge-offs. Maybe just want to unpack kind of the credit piece a bit.

Speaker #10: Yeah . Great point . Okay , I appreciate it . And then on the just 34 basis points of annualized charge offs this quarter , this is , you know , a of quarters in a row of a little bit higher charge offs , just maybe , could you speak to what drove the the first quarter charge offs ?

Speaker #10: And I know some of the commentary in the prepared remarks just around criticized classified NPAs coming down a little bit this quarter . You know , it seems like it would suggest that you'd expect kind of a normalization lower in charge offs .

G. Timothy Laney: Yeah. Look, you can't see it yet, but we've had a dramatic reduction in our criticized classified loan ratios this quarter. We are feeling very, very good about credit quality. As it relates to NPAs being flat, I would just tell you that we've had normal ins and outs. We do expect NPAs to trend down over the course of this year, but we're not apologizing for where we stand right now. Our goal is always to operate in that top quartile of performance. You couple that focus with the fact that we are very excited about what we're seeing in terms of the reductions in crits and classified, and we're left feeling good about the year.

Tim Laney: Yeah. Look, you can't see it yet, but we've had a dramatic reduction in our criticized classified loan ratios this quarter. We are feeling very, very good about credit quality. As it relates to NPAs being flat, I would just tell you that we've had normal ins and outs. We do expect NPAs to trend down over the course of this year, but we're not apologizing for where we stand right now. Our goal is always to operate in that top quartile of performance. You couple that focus with the fact that we are very excited about what we're seeing in terms of the reductions in crits and classified, and we're left feeling good about the year.

Speaker #10: So maybe just want to unpack kind of the credit piece a bit .

Speaker #3: Yeah , look , look , you can't see it yet . But we've had a dramatic reduction in our criticized classified loan ratios this quarter .

Speaker #3: We are feeling very , very good about credit quality there as it relates to NPAs being flat . I would just tell you that we've had normal ins and outs .

Speaker #3: We do expect NPAs to trend down over the course of this year , but we're not apologizing for where we stand right now .

Speaker #3: You know , our goal is always to operate in that top quartile of performance . You couple that focus with the fact that we are very excited about what we're seeing in terms of the reductions in crits and classified and and we're left feeling good about the year

Andrew Terrell: Got it. Okay. Thank you for taking the questions.

G. Timothy Laney: You bet.

Tim Laney: You bet.

Speaker #10: Got it . Okay . Thank you for taking the questions .

Operator: We'll take our next question from Matthew Clark with Piper Sandler.

Speaker #11: You bet

Speaker #1: We'll take our next question from Matthew Clark with Piper Sandler .

Matthew Clark: Hey, good morning.

G. Timothy Laney: Hey, good morning.

Tim Laney: Hey, good morning.

Matthew Clark: Just to follow up on the margin, was there a special FHLB dividend this quarter, and if so, how much?

Speaker #12: Hey . Good morning .

Speaker #3: Hey . Good morning .

Speaker #12: Just to follow up on the margin , was there a special dividend this quarter ? And if so , how much ?

Nicole Van Denabeele: There was no special FHLB dividend this quarter.

Speaker #4: There was no special flb dividend this quarter .

Matthew Clark: Okay, great. Do you happen to have the spot rate on deposit costs at the end of 31 March?

Speaker #12: Okay, great. And then, do you happen to have the spot rate on deposit costs at the end of March? March 31st?

Aldis Birkans: Yeah, that's right around where we did for the quarter. Low 190s.

Speaker #5: Yeah , that's right . Right around where we did it for the quarter . One low one 90s .

Matthew Clark: Okay, great. On the buyback, how many shares were repurchased, or at what price? Either one.

Speaker #12: Okay , great And then on the on the the buyback , how many shares were repurchased or at what price ? Either one .

Aldis Birkans: I don't think we disclose the price at which we purchase. Again, as we see markets pull back, we are opportunistic and in the market, and I think that's how we operated. We do have specific price in mind, but if you see meaningful pullback in our stock, we jump in opportunistically.

Speaker #5: I don't think we disclosed the price at which we purchased, but again, as we see markets pull back, there are other opportunities in the market.

Speaker #5: And I think that's how we operated on on we do have specific price in mind , but you know , if you see meaningful pullback in our stock , it's we jump in opportunistically .

Matthew Clark: Okay. I didn't see the price per share. I just saw the dollars, sorry. Okay. Just double-checking the baseline you're using for the 10% growth guide for loans is $9.3 billion?

Speaker #12: Okay . I didn't see the price per share . I just saw the dollars . Sorry Okay . And then just double checking the the baseline you're using for the 10% growth guide off for loans is 9.3 billion with Vista .

Aldis Birkans: Yes.

Aldis Birkans: With Vista?

Aldis Birkans: Yes.

Aldis Birkans: Okay. On the organic deposit front, excluding Vista this quarter, it looked flattish to down modestly. Just any color there on whether some of that might have been deliberate or chalking it up to seasonality, and what's the outlook there on deposit growth?

Matthew Clark: Okay. On the organic deposit front, excluding Vista this quarter, it looked flattish to down modestly. Just any color there on whether some of that might have been deliberate or chalking it up to seasonality, and what's the outlook there on deposit growth?

Speaker #12: Yes, okay. And then on the organic deposit front, excluding Vista this quarter, it looked flattish to down modestly. Just any color there on whether some of that might have been deliberate, or are you chalking it up to seasonality?

Aldis Birkans: It's a great question, and it's actually a combination of all above. There's some seasonality. As we pulled the books together, there was some remixing of deposits, and that's why you're seeing it kind of flat. I'll say, Vista was operating at 2.5% cost of deposits. Us keeping deposit costs all on a linked quarter basis, almost flat, you can imagine there was a bit of a reshuffling around there.

Speaker #12: And what's the outlook there

Speaker #5: It's a great question . It's actually a combination of of all above . It was there's some seasonality . There is , as we pulled the books together , there was some of the mixing of deposits .

Speaker #5: And that's why you're seeing kind of flat . I'll say , you know , Vista was operating at 2.5% cost of deposits . So us keeping deposit costs all on on linked quarter basis , almost flat .

Speaker #5: You can imagine there is a bit of a reshuffling around there .

Matthew Clark: Got it. Okay. Last one for me. Just any update on the progress you're making to execute a 2Unify partnership and whether or not we should expect something still this year?

Speaker #12: Got it . Okay . And last one for me . Just any update on the progress you're making to execute a to unify partnership and whether or not that we should expect something still this year .

G. Timothy Laney: Look, it remains a focus, and there's not much more we can say about it at this point.

Tim Laney: Look, it remains a focus, and there's not much more we can say about it at this point.

Speaker #3: Look , it remains a focus and there's not much more we can say about it at this point

Matthew Clark: Okay, fair enough. Thank you.

G. Timothy Laney: You bet. Thank you, Matthew.

Tim Laney: You bet. Thank you, Matthew.

Operator: We'll now take a follow-up from Jeff Rulis with D.A. Davidson.

Speaker #12: Okay . Fair enough . Thank you .

Speaker #3: Thank you . Matthew

Speaker #1: We'll now take a follow up from Jeff with D.A. Davidson .

Jeff Rulis: Thanks. A little more of a housekeeping question. I guess I'm just trying to map the merger costs. I would imagine a lot in other, but were there others sprinkled in the salaries or occupancy or professional fees? Just trying to get to where we could remove those going forward.

Speaker #7: Thanks . A little more of a housekeeping question . I guess I'm just trying to map the the merger costs . You know , I would imagine a lot in other .

Speaker #7: But were there other sprinkled in the salaries or occupancy or professional fees ? Just trying to get to where . We could remove those going forward .

Nicole Van Denabeele: Yeah. Jeff, I'll take that one. I can give you some color. For Q1, the majority of those acquisition one-times sit in salary and benefits. As you can expect, as we work through our expense synergies, a lot of those are people-related items.

Speaker #4: Yeah . Jeff . I'll take that one . I can I can give you some color . So for Q1 , the majority of those acquisition one times sit in salary and benefits .

Speaker #4: So as you can expect , as we work through our expense synergies , a lot of those are people related items

Jeff Rulis: Well, yeah, I guess not. I just want to make sure we're clear. The synergies, I'm looking at the one-time merger cost of $15 million and the restructuring of $1 million. By line item, you're saying a decent portion of the merger one-times are in salaries?

Speaker #7: Well , yeah , I guess not . I just want to make sure we're clear the synergies I am looking at the one time merger cost of 15 million and the restructuring of 1 million by line item .

Speaker #7: You're saying a decent portion of the merger one-times are in salaries.

Nicole Van Denabeele: Yes.

G. Timothy Laney: Think of severance, think of other exit-related compensation.

Tim Laney: Think of severance, think of other exit-related compensation.

Speaker #4: Yes .

Speaker #3: Yes. Think of severance. Think of other exit-related compensation.

Jeff Rulis: Got it. Okay. Thank you.

Speaker #7: Got it. Okay. Thank you.

Operator: We'll now take a question from Kelly Motta with KBW.

Speaker #1: Well , now , take a question from Kelly Motta with KBW .

Kelly Motta: Hey, thanks for letting me jump in. One of my follow-ups was just taken. I guess the last one for me is on this fee outlook here. At least Q1 is annualizing below that range, and I believe there's some 2Unify expectation in the H2 of the year. Meaning, is there anything else that was low that's expected to build in order to get you to that range? I'm just trying to think through kind of the moving parts and how much is 2Unify versus other kind of core banking fee-related uplifts off this level. Thank you.

Speaker #9: Hey , thanks for letting me jump in . One of my follow ups was just taken in terms of the , I guess the last one for me is on this fee outlook here at least Q1 is annualizing below that range .

Speaker #9: And I , I believe there's some to unify expectation in the second half of the year . Mapping . Is there anything else that was low that's expected to build in order to get you to that range ?

Speaker #9: I'm just I'm just trying to think through kind of the moving parts and how much is to unify versus other kind of core banking fee related uplift off this , this level .

Aldis Birkans: Right. That's a great question. Yeah, you're right. The 2Unify-related fee component really is going to start hitting in H2. That's an uplift relatively to what we delivered in Q1. You look at the interchange and service charges, those are expected to grow some. The piece that is always light in Q1 and Q4 of the year are mortgage-related gains on sale. As we enter in summer season, we do expect or at least plan for some pickup there as well.

Speaker #9: Thank you .

Speaker #5: This is all just—that's a great question. So yeah, you're right, the unified related fee component really is going to start hitting in the second half.

Speaker #5: So that's that's a uplift relatively to what we delivered in first quarter . You look at the interchange and service Those are expected to grow some .

Speaker #5: And the piece that is always light in first and fourth quarters of the year are mortgage related gains on sale . As we enter in in summer season , we do expect or at least plan for some pickup there as well .

G. Timothy Laney: Kelly, we very much like what we're seeing in terms of fee income opportunity for this year. We have no hesitation in standing behind our guidance on fee income for 2026.

Tim Laney: Kelly, we very much like what we're seeing in terms of fee income opportunity for this year. We have no hesitation in standing behind our guidance on fee income for 2026.

Speaker #3: Kelly , we very much like what we're seeing in terms of fee income opportunity for this year . We have no hesitation in standing behind our guidance on fee income for 26 .

Kelly Motta: Got it. Thank you so much for the color. That's all for me. I'll step back.

G. Timothy Laney: All right. Thank you, Kelly.

Tim Laney: All right. Thank you, Kelly.

Speaker #9: Got it . Thank you so much for for the color . That's all for me . I'll step back .

Operator: Thank you. I am showing we have no further questions at this time. I will now turn the call back to Mr. Laney for his closing remarks.

Speaker #3: All right . Thank you Kelly .

Speaker #1: Thank you. And I am showing we have no further questions at this time. I will now turn the call back to Mr. G.

G. Timothy Laney: Well, thank you, Anna. Really, thank you everyone for your participation. I'll thank the analysts for their great questions today and wish everybody a great day and the rest of the week. Goodbye.

Tim Laney: Well, thank you, Anna. Really, thank you everyone for your participation. I'll thank the analysts for their great questions today and wish everybody a great day and the rest of the week. Goodbye.

Speaker #1: Laney for his closing remarks .

Speaker #3: Well , thank you , Anna . And really thank you , everyone , for your participation . I'll thank the analysts for their great questions today and wish everybody a great day in the rest of the week .

Operator: This concludes today's conference call. If you would like to listen to the telephone replay of this call, it will be available in approximately 24 hours, and the link will be on the company's website on the investor relations page. Thank you very much and have a great day. You may now disconnect.

Speaker #3: Goodbye .

Speaker #1: And this concludes today's conference call . If you would like to listen to the telephone replay of this , call , it will be available in approximately 24 hours .

Speaker #1: And the link will be on the company's website . On the investor Relations page . Thank you very much and have a great day .

Q1 2026 National Bank Holdings Corp

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