Exhibit 99.1

National Bank Holdings Corporation Announces Third Quarter 2012 Financial Results

Greenwood Village, Colorado—(BusinessWire) – National Bank Holdings Corporation (NYSE: NBHC) reported a net loss of $7.9 million, or $0.15 per diluted share for the third quarter of 2012. Excluding $10.8 million of after tax costs related to the successful initial public offering (IPO), net income for the third quarter of 2012 was $2.9 million, or $0.06 per diluted share, compared to second quarter 2012 net income of $2.7 million, or $0.05 per share. Tangible book value per share grew in the third quarter of 2012 to $19.30 as compared to $19.29 at June 30, 2012.

“During the third quarter we were pleased to have achieved a key corporate milestone with the successful completion of our IPO by listing on the New York Stock Exchange,” said President and Chief Executive Officer Tim Laney. “I am pleased to report that we increased our loan production for the seventh consecutive quarter, grew our strategic loan balances, grew our non-interest bearing demand deposit balances and banking fee revenues while maintaining our focus on maximizing the returns on the acquired problem loans portfolio and managing expenses.”

Third Quarter 2012 Highlights

• Grew organic loan production for the seventh consecutive quarter, resulting in growth in our strategic loan portfolio.

• Grew average non-interest bearing demand deposit balances 8.5% annualized, leading to growth in average transaction balances.

• Lowered the cost of deposits by 10 basis points.

• Added $14.8 million to accretable yield for the acquired loans accounted for under ASC 310-30 and took $3.7 million in impairments.

• Tangible book value per share of $19.30 before consideration of the excess accretable yield value of $0.56 per share.

• Non-performing loans improved to 1.94% of total loans at September 30, 2012 from 2.49% at June 30, 2012.

• Approximately $375 million in excess strategic capital (above 10% Tier 1 Leverage), which positions us for future growth opportunities.

• Completed the integration of our acquisitions to a single operating platform.

Third Quarter 2012 Results

(All comparisons refer to the second quarter of 2012, except as noted)

Net Interest Income

Net interest income for the third quarter of 2012 totaled $49.5 million, decreasing $2.4 million or 4.7% from the prior quarter. The decrease was primarily driven by a 3.8% reduction in average earning assets as we successfully exited non-strategic loans and slightly reduced the investment portfolio. In addition, the third quarter net interest margin equaled 3.92% representing a narrowing of 8 basis points from the prior quarter as the continued low interest rate environment provided lower reinvestment yields for the investment portfolio coupled with lower prepayments on acquired non 310-30 loans, thereby decreasing the accelerated recognition of acquisition discounts. The cost of interest bearing liabilities continued its downward trend, declining 10 basis points from the second quarter of 2012.

Loans

Strategic loans grew $39.5 million or 15.0% annualized over the prior quarter to $1.1 billion at September 30, 2012. We increased production across all loan categories and continue to realize success in our residential mortgage promotions as well as the generation of new commercial client relationships. The credit quality of the strategic portfolio continues to be strong with only 0.4% in non-performing loans. Strategic loans include all originated loans in addition to those acquired loans inside our operating markets that meet our credit risk profile. Criteria utilized in the designation of an acquired loan as “strategic” include (a) geography, (b) total relationship with borrower and (c) credit metrics commensurate with our current underwriting standards.

“We continue to build on our focus of strategic loan growth and we now have seven consecutive quarters of increasing loan originations. Our bankers are expanding on existing relationships and cultivating new banking relationships,” said Mr. Laney. “During the third quarter, we increased our originations to $128 million and made progress towards achieving the loan generation potential of our franchise.”

Total loans ended the third quarter, 2012 at $1.9 billion representing a decrease from the prior quarter of $46.3 million or 9.3% annualized. The decrease reflects our strategy of exiting the non-strategic loan portfolio as adversely rated and other non-strategic relationships paid off or paid down. The non-strategic loans totaled $851.5 million at September 30, 2012 and decreased $85.8 million or 36.3% annualized from June 30, 2012.

Deposits

Average transaction deposits (defined as total deposits less time deposits) totaled $2.3 billion and grew 0.7% annualized over the prior quarter. We executed our strategy of building client relationships resulting in average non-interest bearing demand deposits growing 8.5% annualized. Average time deposits totaled $2.1 billion in the third quarter and decreased $235 million as we continued our strategy of only retaining those acquired high rate time deposit clients that were interested in market rate time deposits and developing a banking relationship. At September 30, 2012 the mix of transaction deposits to total deposits improved to 55% from 52% at the end of the prior quarter. We decreased our cost of deposits to 0.59% in the third quarter representing an improvement of 10 basis points from the prior quarter. At September 30, 2012, client deposits and treasury management products (repurchase agreements) comprised 97.8% of total liabilities.

Non-Interest Income

Banking related non-interest income (excludes FDIC related income) totaled $9.4 million for the third quarter, 2012 and increased $0.8 million over the prior quarter. The increase was driven by higher service charges and bank card fees and higher recoveries on loans fully charged off prior to acquisition. Other FDIC loss sharing income totaled $1.5 million in the third quarter and declined $2.6 million versus the prior quarter due to an increase in amounts owed to the FDIC related to gains on the sale of other real estate covered under loss sharing agreements and higher FDIC clawback liability given the favorable actual and anticipated loss experience with the covered assets.

Asset Quality and Provision for Loan Losses

“Our balance sheet continues to have one of the lowest risk profiles in the industry” stated Chief Financial Officer Brian Lilly. “Our risk weighted assets to total assets ratio of 34% is among the lowest in the industry, and our loan portfolio has several risk mitigants including: 80% of our loan portfolio carries acquisition discounts, 37% have the added protection of FDIC loss share and 50% are accounted for in acquired loan pools which requires a quarterly valuation update.”

Loans accounted for under ASC 310-30 (acquired loan pools) totaled $971.0 million at September 30, 2012. We completed our quarterly fair value re-measurement on the acquired loan pools and transferred $14.8 million from non-accretable to accretable yield while recording $3.7 million of impairment through the provision for credit losses thereby increasing the economic value of the acquired loan pools by an additional $11.1 million for the third quarter and $61.7 million on a life-to-date basis at September 30, 2012. The increase in accretable yield will be recognized over the remaining life of these loan pools with the quarter recognizing just $0.8 million of the third quarter increase in accretable yield.

The non 310-30 loans totaled $967 million at September 30, 2012. These loans are primarily comprised of acquired loans not accounted for under the ASC 310-30 acquired loan pool accounting in addition to originated loans. Non-performing loans to non 310-30 loans was 3.9% at quarter end representing an improvement from 5.4% at the end of the prior quarter. Non-accrual loans were relatively stable at 2.3% of non 310-30 loans at September 30, 2012 versus 2.2% at the end of the prior quarter. Accruing troubled debt restructurings improved to 1.6% of ending third quarter non 310-30 loans versus 3.2% as of June 30, 2012. The improvement in the accruing troubled debt restructurings is primarily attributed to payoffs of two large commercial real estate loans. Net annualized charge-offs for the non 310-30 loans were 51 basis points for the third quarter 2012. The allowance for loan losses attributed to the non 310-30 loans was 1.07% as of September 30, 2012 as the provision for loan losses of $1.6 million covered net charge-offs and provided for new loan growth.

Non-Interest Expense

Non-interest expense totaled $60.0 million during the third quarter of 2012, an increase of $14.7 million from the previous quarter. The increase in non-interest expense during the quarter was due to $12.5 million related to the September IPO and $3.4 million higher OREO costs. IPO-related expenses included $7.6 million related to underwriting fees, legal, printing and accounting costs plus $4.9 million in stock-based compensation expense related to the IPO. The Company recorded the $4.9 million of stock-based compensation expense related to grants that had vesting requirements tied to the IPO which is reflected in the salaries and employee benefits expense line item. Under applicable accounting guidance, we previously deferred this expense recognition until the vesting criteria was met. The linked quarter increase in OREO costs was primarily driven by a large recovery received in the second quarter of 2012 of a previously charged off commercial real estate credit. The OREO and problem loan expense will fluctuate quarterly as we work to resolve the acquired problem asset portfolio.

Capital

Total shareholders’ equity increased slightly during the quarter to $1.1 billion at September 30, 2012. The Company’s capital ratios continue to be well in excess of federal bank regulatory agency “well capitalized” thresholds. Tangible book value per share increased to $19.30 at September 30, 2012 from $19.29 at June 30, 2012. The tangible common equity to tangible assets ratio ended September 30, 2012 at 18.54% representing an increase of 87 basis points from the prior quarter. This increase was driven by lower total assets at September 30, 2012.

A common convention in the industry is to add the value of the accretable yield to the tangible book value per share. The value of the September 30, 2012 accretable yield balance on the ASC 310-30 loans of $148.9 million would add $1.73 after-tax to the tangible book value per share. A more conservative methodology that management uses values the excess yield, and then considers the timing of the accreted interest income recognition over time. Under this more conservative methodology, the accretable yield on ASC 310-30 loans plus the accretable yield on the FDIC indemnification asset, net, in excess of a 4.5% yield (an approximate yield on new loan originations), and discounted at 5%, would add $0.56 after-tax to our tangible book value per share as of September 30, 2012.

Conference Call

Management will host a conference call to review the results at 8:00 a.m. Eastern Time on Friday, November 2, 2012. Interested parties may listen to this call by dialing (877) 272-6762 (United States)/ (615) 800-6832 (International) using the Conference ID of 58781861 and ask for the National Bank Holding Corporation Third Quarter Earnings conference call. A telephonic replay of the call will be available beginning approximately two hours after the call’s completion through November 16, 2012, by dialing (855) 859-2056 (United States)/ (404) 537-3406 (International) using the Conference ID of 58781861. The earnings release and an on-line replay of the call will also be available on the Company’s website at www.nationalbankholdings.com by visiting the investor relations area.

About Non-GAAP Financial Measures

Certain of the financial measures and ratios we present, including “tangible assets,” “tangible book value,” “tangible book value per share,” “pre-tax pre-provision net revenue to risk weighted assets,” “adjusted net revenue,” “adjusted non-interest expense,” and “tangible common equity,” are supplemental measures that are not required by, or are not presented in accordance with, accounting principles generally accepted in the United States, or “non-GAAP financial measures.” We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods.

We believe that these measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however we acknowledge that our non-GAAP financial measures have a number of limitations relative to GAAP financial measures. First, certain non-GAAP financial measures exclude provisions for loan losses and income taxes, and both of these expenses significantly impact our financial statements. Additionally, the items that we exclude in our adjustments are not necessarily consistent with the items that our peers may exclude from their results of operations and key financial measures and therefore may limit the

comparability of similarly named financial measures and ratios. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance.

A reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.

About National Bank Holdings Corporation

National Bank Holdings Corporation is a bank holding company created to build a leading community bank franchise delivering high quality customer service and committed to shareholder results. National Bank Holdings Corporation currently operates a network of 101 full-service banking centers, with the majority of those banking centers located in Colorado and the greater Kansas City region. Through the Company’s subsidiary, NBH Bank, N.A. it operates under the following brand names: Bank Midwest in Kansas and Missouri, Community Banks of Colorado in Colorado and California and Hillcrest Bank in Texas.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain words such as “believes,” “expects,” “may,” “should,” “will,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “targets” or “anticipates” or similar expressions that relate to the Company’s strategy, plans or intentions. Forward-looking statements are statements about future, not past, events and involve certain important risks and uncertainties, any of which could cause the Company’s actual results to differ materially from those expressed in forward-looking statements, including, without limitation, the factors more fully described under the caption “Risk Factors” in the prospectus filed by us with the Securities and Exchange Commission and: (1) changes in business and economic conditions generally and in the financial services industry; (2) changes in the laws, regulations and the regulatory environment; (3) the Company’s ability to identify potential candidates for, consummate, integrate and realize operating efficiencies from, acquisitions of banking franchises on attractive terms, or at all; (4) the Company’s ability to achieve organic loan and deposit growth and the composition of such growth; (5) a weakening of the economy which could materially impact credit quality trends and local real estate values; and (6) increased competition in the financial services industry, nationally, regionally or locally. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made and which reflect management’s estimates, expectations or beliefs as of such time. For a discussion of additional risks and uncertainties that may affect the future results of the Company, please see the Company’s filings with the Securities and Exchange Commission.

Contacts:

Analysts/Investors: Brian Lilly, Chief Financial Officer, (720) 529-3315, blilly@nationalbankholdings.com

Media: Kris Mapes, Executive Assistant, (720) 529-3372, email kmapes@nationalbankholdings.com

NATIONAL BANK HOLDINGS CORPORATION

FINANCIAL SUMMARY

(in thousands, except share and per share data)

	For the three months ended									For the nine months ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2012			2012			2011			2012			2011
Total interest and dividend income		56,042			59,845			50,567			178,777			136,220
Total interest expense		6,546			7,932			9,814			24,110			30,748
Net interest income before provision for loan losses		49,496			51,913			40,753			154,667			105,472
Provision for loan losses on 310-30 loans		3,663			10,456			—			17,398			3,238
Provision for loan losses on non-310-30 loans		1,600			1,770			3,760			7,927			13,208
Net interest income after provision for loan losses		44,233			39,687			36,993			129,342			89,026
Non-interest income:
FDIC indemnification asset accretion		(2,832	)		(2,646	)		(5,976	)		(9,165	)		(2,237	)
Other FDIC loss sharing income		1,503			4,076			(250	)		9,278			2,410
Service charges		4,466			4,328			4,717			13,170			12,180
Bank card fees		2,484			2,383			1,856			7,168			5,396
Bargain purchase gain		—			—			60,520			—			60,520
Gain on sales of mortgages, net		283			294			356			886			817
Gain (loss) on sale of securities, net		—			—			(813	)		674			(621	)
Gain on recoveries of previously charged-off acquired loans		837			257			3,423			2,627			3,470
Other non-interest income		1,322			1,357			233			3,744			2,224
Total non-interest income		8,063			10,049			64,066			28,382			84,159
Non-interest expense:
Salaries and employee benefits		27,182			22,631			22,098			72,226			52,115
Occupancy and equipment		5,570			4,738			4,392			14,845			9,652
Professional fees		2,669			3,272			3,101			8,612			7,372
Other real estate owned expenses		3,468			63			1,013			12,152			5,466
Problem loan expenses		2,267			2,726			341			6,704			2,366
Intangible asset amortization		1,353			1,331			1,122			4,020			3,079
Initial public offering related expenses		7,566			87			600			7,974			600
Acquisition related costs		—			15			3,819			870			4,293
Other non-interest expense		9,882			10,438			10,173			30,828			24,864
Total non-interest expense		59,957			45,301			46,659			158,231			109,807
Income (loss) before income taxes		(7,661	)		4,435			54,400			(507	)		63,378
Income tax expense		230			1,733			20,648			3,039			23,868
Net income	$	(7,891	)	$	2,702		$	33,752		$	(3,546	)	$	39,510
(Loss) income per share—basic	$	(0.15	)	$	0.05		$	0.65		$	(0.07	)	$	0.76
(Loss) income per share—diluted	$	(0.15	)	$	0.05		$	0.65		$	(0.07	)	$	0.76

1

NATIONAL BANK HOLDINGS CORPORATION

Consolidated Statements of Condition

(Dollars in thousands)

	September 30, 2012			June 30, 2012			September 30, 2011			December 31, 2011
ASSETS
Cash and due from banks	$	65,452		$	74,671		$	62,018		$	93,862
Due from Federal Reserve Bank of Kansas City		496,893			519,625			1,056,623			1,421,734
Federal funds sold and interest bearing bank deposits		102,354			110,290			288,026			112,541
Cash and cash equivalents		664,699			704,586			1,406,667			1,628,137
Investment securities available-for-sale		1,739,632			1,803,843			2,011,539			1,862,699
Investment securities held-to-maturity		643,661			707,110			—			6,801
Non-marketable securities		33,046			33,076			20,267			29,117
Loans receivable, net—covered		711,029			767,683			538,144			952,715
Loans receivable, net—non-covered		1,226,770			1,216,391			1,057,001			1,321,336
Total loans, net		1,937,799			1,984,074			1,595,145			2,274,051
Allowance for loan losses		(17,496	)		(17,294	)		(7,703	)		(11,527	)
Loans, net		1,920,303			1,966,780			1,587,442			2,262,524
Federal Deposit Insurance Corporation (“FDIC”) indemnification asset, net		113,195			148,527			73,381			223,402
Other real estate owned		129,345			137,712			94,904			120,636
Premises and equipment, net		118,385			116,908			53,426			87,315
Goodwill		59,630			59,630			52,442			59,630
Intangible assets, net		28,901			30,255			29,385			32,923
Other assets		72,029			80,648			25,400			38,842
Total assets	$	5,522,826		$	5,789,075		$	5,354,853		$	6,352,026
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Non-interest bearing demand deposits	$	648,808		$	633,936		$	459,994		$	678,735
Interest bearing demand deposits		484,760			527,363			450,239			537,160
Savings and money market		1,202,938			1,181,749			865,448			1,062,562
Total transaction deposits		2,336,506			2,343,048			1,775,681			2,278,457
Time deposits		1,945,218			2,186,501			2,345,332			2,784,596
Total deposits		4,281,724			4,529,549			4,121,013			5,063,053
Securities sold under agreements to repurchase		46,192			57,508			43,197			47,597
Other liabilities		99,075			105,277			96,085			152,647
Total liabilities		4,426,991			4,692,334			4,260,295			5,263,297
Stockholders’ equity:
Common Stock, par value $0.01 per share: 400,000,000 shares authorized and 52,191,239 and 52,157,697 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively		522			522			520			522
Additional paid in capital		1,005,627			998,963			997,109			994,705
Retained earnings		42,934			50,825			44,027			46,480
Accumulated other comprehensive income, net of tax		46,752			46,431			52,902			47,022
Total stockholders’ equity		1,095,835			1,096,741			1,094,558			1,088,729
Total liabilities and stockholders’ equity	$	5,522,826		$	5,789,075		$	5,354,853		$	6,352,026
COMMON STOCK DATA
Average basic shares outstanding		52,191,239			52,191,239			51,936,280			51,978,744
Average diluted shares outstanding		52,191,239			52,319,170			52,242,834			52,104,021
Ending shares outstanding		52,191,239			52,191,239			51,936,280			52,157,697
Common book value per share	$	21.00		$	21.01		$	21.08		$	20.87
Tangible common book value per share	$	19.30		$	19.29		$	19.50		$	19.10
CAPITAL RATIOS
Book equity to assets		19.84	%		18.95	%		20.44	%		17.14	%
Tangible common equity to tangible assets		18.54	%		17.67	%		19.21	%		15.91	%
Leverage ratio		17.71	%		17.02	%		18.30	%		15.10	%

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NATIONAL BANK HOLDINGS CORPORATION

Loan Portfolio Update

Strategic/Non-Strategic Period-End Loan Balances:

	September 30, 2012						June 30, 2012
	Strategic		Non-strategic		Total		Strategic		Non-strategic		Total
Commercial	$	143,255	$	122,972	$	266,227	$	146,082	$	137,682	$	283,764
Commercial real estate		287,583		625,041		912,624		289,227		676,689		965,916
Agriculture		145,295		15,961		161,256		129,827		17,216		147,043
Residential real estate		463,034		77,953		540,987		433,670		91,869		525,539
Consumer		47,114		9,591		56,705		47,939		13,873		61,812
Total	$	1,086,281	$	851,518	$	1,937,799	$	1,046,745	$	937,329	$	1,984,074
Originations:
	Commercial		Commercial real estate		Agriculture		Residential real estate		Consumer		Total
First quarter 2011	$	1,128	$	5,194	$	3,101	$	14,170	$	1,223	$	24,816
Second quarter 2011		1,390		2,081		2,476		16,707		2,207		24,861
Third quarter 2011		14,226		818		651		16,908		2,772		35,375
Fourth quarter 2011		9,955		4,062		1,575		35,745		3,083		54,420
First quarter 2012		20,102		18,546		7,570		33,016		3,155		82,389
Second quarter 2012		10,799		6,816		22,444		40,123		4,057		84,239
Third quarter 2012		25,640		11,135		24,328		60,320		6,505		127,928

Loss-Share Coverage and Accounting Treatment Period End Loan Balances:

	September 30, 2012
	Total covered loans						Total non-covered loans
	310-30		Non-310-30		Total covered		310-30		Non-310-30		Total non-covered
Commercial	$	83,469	$	57,416	$	140,885	$	14,195	$	111,147	$	125,342
Commercial real estate		477,427		11,081		488,508		187,344		236,772		424,116
Agriculture		44,738		14,939		59,677		11,206		90,373		101,579
Residential real estate		19,584		2,371		21,955		106,710		412,322		519,032
Consumer		4		—		4		26,359		30,342		56,701
Total	$	625,222	$	85,807	$	711,029	$	345,814	$	880,956	$	1,226,770
	June 30, 2012
	Total covered loans						Total non-covered loans
	310-30		Non-310-30		Total covered		310-30		Non-310-30		Total non- covered
Commercial	$	100,037	$	68,386		168,423	$	17,675	$	97,666		115,341
Commercial real estate		504,929		8,905		513,834		201,742		250,340		452,082
Agriculture		46,567		16,759		63,326		12,572		71,145		83,717
Residential real estate		20,046		2,049		22,095		123,386		380,058		503,444
Consumer		5		—		5		33,473		28,334		61,807
Total	$	671,584	$	96,099	$	767,683	$	388,848	$	827,543	$	1,216,391

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NATIONAL BANK HOLDINGS CORPORATION

Summary of Net Interest Margin

	Three months ended September 30, 2012								Three months ended June 30, 2012
	Average Balance			Interest		Average Rate			Average Balance			Interest		Average Rate
	(Dollars in thousands)								(Dollars in thousands)
Interest earning assets:
310-30 loans	$	990,661		$	24,008		9.64	%	$	1,108,322		$	25,694		9.32	%
Non 310-30 loans		968,652			16,097		6.61	%		927,688			16,900		7.33	%
Investment securities available-for-sale		1,747,254			9,302		2.12	%		1,759,623			10,124		2.31	%
Investment securities held-to-maturity		683,700			5,888		3.43	%		738,196			6,330		3.45	%
Other securities		33,067			377		4.54	%		31,943			384		4.84	%
Interest-bearing deposits		595,383			370		0.25	%		650,759			413		0.26	%
Total interest earning assets	$	5,018,717		$	56,042		4.44	%	$	5,216,531		$	59,845		4.61	%
Cash and due from banks		66,467								70,805
Other assets		585,735								623,648
Allowance for loan losses		(15,817	)							(11,375	)
Total assets	$	5,655,102							$	5,899,609
Interest bearing liabilities:
Savings deposits and interest bearing checking	$	1,696,972		$	1,341		0.31	%	$	1,705,916		$	1,364		0.32	%
Time Deposits		2,063,622			5,178		1.00	%		2,298,782			6,536		1.14	%
Securities sold under agreements to repurchase		53,073			27		0.20	%		62,124			32		0.21	%
Total interest bearing liabilities	$	3,813,667		$	6,546		0.68	%	$	4,066,822		$	7,932		0.78	%
Non-interest bearing demand deposits		636,277								622,936
Other liabilities		107,415								115,032
Total liabilities		4,557,359								4,804,790
Stockholders’ equity		1,097,743								1,094,819
Total liabilities and stockholders’ equity	$	5,655,102							$	5,899,609
Net interest income				$	49,496							$	51,913
Interest rate spread							3.76	%							3.83	%
Net interest earning assets	$	1,205,050							$	1,149,709
Net interest margin							3.92	%							4.00	%
Ratio of average interest earning assets to average interest bearing liabilities		131.60	%							128.27	%

(1) Originated loans are net of deferred loan fees, less costs.

(2) Loan fees, less costs on originated loans, are included in interest income.

4

NATIONAL BANK HOLDINGS CORPORATION

Allowance For Loan Losses Analysis:

	As of and for the three months ended:
	September 30, 2012									June 30, 2012
	310-30			Non-310-30			Total			310-30			Non-310-30			Total
Beginning allowance for loan losses	$	7,259		$	10,035		$	17,294		$	3,327		$	9,081		$	12,408
Net chargeoffs		(3,812	)		(1,249	)		(5,061	)		(6,524	)		(816	)		(7,340	)
Provision		3,663			1,600			5,263			10,456			1,770			12,226
Ending allowance for loan losses	$	7,110		$	10,386		$	17,496		$	7,259		$	10,035		$	17,294
Annualized net charge-offs to average loans, respectively		1.53	%		0.51	%		1.03	%		2.37	%		0.35	%		1.45	%
% of net charge-offs covered, respectively		69.02	%		21.10	%		57.19	%		97.23	%		0.00	%		86.42	%
Ratio of allowance for loan losses to total loans outstanding at period end, respectively		0.72	%		1.07	%		0.89	%		0.65	%		1.08	%		0.85	%
Ratio of non-performing loans to loans					3.89	%		1.94	%					5.40	%		2.51	%
Ratio of allowance for loan losses to non-performing loans					27.62	%		46.52	%					20.13	%		34.69	%
Ratio of allowance for loan losses to non-covered loans outstanding at period end, respectively		2.06	%		1.18	%		1.43	%		1.87	%		1.21	%		1.42	%
Ratio of allowance for loan losses to non-performing, non- covered loans					34.52	%		58.14	%					23.85	%		41.10	%
Total loans	$	990,661		$	968,652		$	1,959,313		$	1,108,322		$	927,688		$	2,036,010
Non-covered loans	$	345,814		$	880,956		$	1,226,770		$	388,848		$	827,543		$	1,216,391
Total non-performing loans	$	—		$	37,606		$	37,606		$	—		$	49,846		$	49,846
Non-performing, non-covered loans	$	—		$	30,092		$	30,092		$	—		$	42,077		$	42,077

Past Due Loans:

	September 30, 2012									June 30, 2012
	310-30			Non-310-30			Total			310-30			Non-310-30			Total
Non-accrual loans	$	—		$	21,976		$	21,976		$	—		$	19,959		$	19,959
Loans 30-89 days past due and still accruing interest		47,772			14,018			61,790			48,860			10,926			59,786
Loans 90 days past due and still accruing interest		143,953			50			144,003			149,986			345			150,331
Total past due and non-accrual loans	$	191,725		$	36,044		$	227,769		$	198,846		$	31,230		$	230,076
Total past due and non-accrual loans to total loans, respectively		19.74	%		3.73	%		11.75	%		41.00	%		3.38	%		11.60	%
% of total past due and non-accrual loans that carry fair value marks		100.00	%		55.32	%		92.93	%		100.00	%		49.71	%		93.17	%
% of total past due and non-accrual loans that are covered by FDIC loss sharing agreement		56.21	%		5.24	%		61.45	%		52.14	%		4.62	%		56.77	%

5

Asset Quality Data (Covered/Non-covered):

	September 30, 2012									June 30, 2012
	Non-covered			Covered			Total			Non-covered			Covered			Total
Total non-accrual loans	$	16,597		$	5,379		$	21,976		$	15,891		$	4,068		$	19,959
Total accruing loans 90 days past due and still accruing interest		50			—			50			345			—			345
Accruing restructured loans (1)		13,445			2,135			15,580			25,841			3,701			29,542
Total non-performing loans		30,092			7,514			37,606			42,077			7,769			49,846
OREO		48,008			81,337			129,345			60,219			77,493			137,712
Other repossessed assets		801			530			1,331			821			514			1,335
Total non-performing assets	$	78,901		$	89,381		$	168,282		$	103,117		$	85,776		$	188,893
Allowance for loan losses							$	17,496								$	17,294
Total non-performing loans to loans, respectively		1.55	%		0.39	%		1.94	%		2.12	%		0.39	%		2.51	%
Total non-performing assets to total assets								3.05	%								3.26	%

(1) Includes restructured loans less than 90 days past due and still accruing.

Changes in Accretable Yield

	For the three months ended									For the nine months ended						Life-to-date
	Sept 30, 2012			June 30, 2012			Sept 30, 2011			Sept 30, 2012			Sept 30, 2011			Sept 30, 2012
Accretable yield at beginning of period	$	158,082		$	166,468		$	75,635		$	186,494		$	74,329		$	—
Additions through acquisitions		—			—			33,696			—			33,696			214,994
Reclassification from non-accretable difference to accretable yield		17,491			18,830			—			46,974			25,098			92,845
Reclassification to non-accretable difference from accretable yield		(2,697	)		(1,521	)		—			(8,348	)		(314	)		(8,757	)
Accretion		(24,008	)		(25,695	)		(16,215	)		(76,252	)		(39,693	)		(141,557	)
Accretable yield at end of period	$	148,868		$	158,082		$	93,116		$	148,868		$	93,116		$	148,868

6

NATIONAL BANK HOLDINGS CORPORATION

Key Ratios

Key Ratios (1)	For the three months ended September 30, 2012			For the three months ended June 30, 2012			For the three months ended September 30, 2011			For the nine months ended September 30, 2012			For the nine months ended September 30, 2011
Return on average assets		-0.56	%		0.18	%		2.49	%		-0.08	%		1.08	%
Return on average tangible assets		-0.51	%		0.25	%		2.58	%		-0.03	%		1.15	%
Adjusted return on average assets (2) (3)		0.28	%		0.28	%		0.30	%		0.26	%		0.42	%
Adjusted return on average tangible assets (2) (3)		0.34	%		0.34	%		0.37	%		0.32	%		0.48	%
Return on average equity		-2.86	%		0.99	%		12.28	%		-0.43	%		5.12	%
Return on average tangible common equity		-2.79	%		1.42	%		13.52	%		-0.15	%		5.81	%
Adjusted return on average equity (2) (3)		1.45	%		1.48	%		1.49	%		1.40	%		1.98	%
Adjusted return on average tangible equity (2) (3)		1.91	%		1.96	%		1.88	%		1.86	%		2.40	%
Return on risk weighted assets		-1.65	%		0.55	%		8.35	%		-0.25	%		3.29	%
Pre-tax, pre-provision net revenue to risk weighted assets (2)		-0.50	%		3.37	%		14.39	%		1.74	%		6.65	%
Adjusted pre-tax, pre-provision net revenue to risk weighted assets (2) (3)		2.48	%		3.81	%		2.17	%		3.08	%		3.28	%
Interest-earning assets to interest-bearing liabilities (end of period) (4)		133.44	%		130.30	%		132.45	%		133.44	%		132.45	%
Loans to deposits ratio (end of period)		45.26	%		43.80	%		38.71	%		45.26	%		38.71	%
Non-interest bearing deposits to total deposits (end of period)		15.15	%		14.00	%		11.16	%		15.15	%		11.16	%
Yield on earning assets (4)		4.44	%		4.61	%		4.15	%		4.56	%		4.16	%
Cost of interest bearing liabilities (4)		0.68	%		0.78	%		1.04	%		0.79	%		1.21	%
Interest rate spread (5)		3.76	%		3.83	%		3.11	%		3.77	%		2.95	%
Net interest margin (6)		3.92	%		4.00	%		3.35	%		3.95	%		3.22	%
Non-interest expense to average assets		4.22	%		3.09	%		3.45	%		3.58	%		3.00	%
Adjusted non-interest expense to average assets (2) (3)		3.22	%		2.94	%		2.69	%		3.13	%		2.46	%
Efficiency ratio (7)		101.82	%		70.96	%		43.44	%		84.25	%		56.28	%
Adjusted efficiency ratio (2) (3)		77.09	%		67.45	%		78.18	%		73.72	%		67.34	%
Asset Quality Data (8) (9) (10)
Non-performing loans to total loans		1.94	%		2.51	%		2.49	%		1.94	%		2.49	%
Covered non-performing loans to total non-performing loans		19.98	%		15.59	%		35.89	%		19.98	%		35.89	%
Non-performing assets to total assets		3.05	%		3.26	%		2.53	%		3.05	%		2.53	%
Covered non-performing assets to total non-performing assets		53.11	%		45.41	%		52.88	%		53.11	%		52.88	%
Allowance for loan losses to total loans		0.90	%		0.87	%		0.48	%		0.90	%		0.48	%
Allowance for loan losses to total non-covered loans		1.43	%		1.42	%		0.73	%		1.43	%		0.73	%
Allowance for loan losses to non-performing loans		46.52	%		34.69	%		19.40	%		46.52	%		19.40	%
Net charge-offs to average loans		1.03	%		1.45	%		0.24	%		1.25	%		0.77	%

(1) Ratio is annualized.

(2) Ratio represents non-GAAP financial measure.

(3) “Adjusted” calculations exclude bargain purchase gains, initial public offering related expenses, stock based compensation expense (related to the initial public offering and those not related to the initial public offering), acquisition costs, and loss (gain) on sale of investment securities.

(4) Interest earning assets include assets that earn interest/accretion or dividends, except for the FDIC indemnification asset that earns accretion but is not part of interest earning assets. Any market value adjustments on investment securities are excluded from interest-earning assets. Interest bearing liabilities include liabilities that much be paid interest.

(5) Interest rate spread represents the difference between the weighted average yield on interest earning assets and the weighted average costs of interest bearing liabilities.

(6) Net interest margin represents net interest income, including accretion income, as a percentage of average interest-earning assets.

(7) The efficiency ratio represents non-interest expense, less intangible asset amortization, as a percentage of net interest income plus non-interest income.

(8) Non-performing loans consists of non-accruing loans, loans 90 days or more past due and still accruing interest and restructured loans, but exclude any loans accounted for under ASC 310-30 in which the pool is still performing. These ratios may therefore not be comparable to similar ratios of our peers.

(9) Non-performing assets include non-performing loans, OREO and other repossessed assets.

(10) Total loans are net of unearned discounts and fees.

7

NATIONAL BANK HOLDINGS CORPORATION

Non-GAAP Financial Measures

	September 30, 2012			June 30, 2012			September 30, 2011			December 31, 2011
Total stockholders’ equity	$	1,095,835		$	1,096,741		$	1,094,558		$	1,088,729
Less: goodwill		(59,630	)		(59,630	)		(52,442	)		(59,630	)
Less: intangibles		(28,901	)		(30,255	)		(29,385	)		(32,923	)
Tangible common equity	$	1,007,304		$	1,006,856		$	1,012,731		$	996,176
Total assets	$	5,522,826		$	5,789,075		$	5,354,853		$	6,352,026
Less: goodwill		(59,630	)		(59,630	)		(52,442	)		(59,630	)
Less: intangibles		(28,901	)		(30,255	)		(29,385	)		(32,923	)
Tangible assets	$	5,434,295		$	5,699,190		$	5,273,026		$	6,259,473
Total stockholders’ equity to total assets		19.84	%		18.95	%		20.44	%		17.14	%
Less: impact of goodwill		-0.88	%		-0.85	%		-0.79	%		-0.79	%
Less: impact of intangibles		-0.42	%		-0.43	%		-0.44	%		-0.44	%
Tangible common equity to tangible assets		18.54	%		17.67	%		19.21	%		15.91	%

	For the three months ended September 30, 2012
Net loss	$	(7,891	)
Add: impact of initial public offering related expenses		7,566
Add: impact of initial public offering related stock-based compensation, after tax		3,267
Total impact of initial public offering related expenses		10,833
Net income adjusted for initial public offering related items	$	2,942
Loss per share—diluted	$	(0.15	)
Add: impact of initial public offering related expenses		0.15
Add: impact of initial public offering related stock-based compensation, after tax		0.06
Adjusted income per share—diluted	$	0.06

8

NATIONAL BANK HOLDINGS CORPORATION

Non-GAAP Financial Measures

	For the three months ended September 30, 2012			For the three months ended June 30, 2012			For the three months ended September 30, 2011			For the nine months ended September 30, 2012			For the nine months ended September 30, 2011
Net income (loss)	$	(7,891	)	$	2,702		$	33,752		$	(3,546	)	$	39,510
Less: bargain purchase gain, after tax		—			—			(36,589	)		—			(36,589	)
Add: impact of initial public offering related expenses		7,566			87			600			7,974			600
Add: impact of non initial public offering related stock-based compensation, after tax		1,068			1,261			3,536			3,699			8,749
Add: impact of initial public offering related stock-based compensation, after tax		3,267			—			—			3,267			—
Add: impact of acquisition costs, after tax		—			9			2,309			537			2,595
Less: Gain (loss) on sale of investment securities, after tax		—			—			492			(416	)		375
Adjusted net revenue, after tax	$	4,010		$	4,059		$	4,100		$	11,515		$	15,240
Net income (loss)	$	(7,891	)	$	2,702		$	33,752		$	(3,546	)	$	39,510
Add: impact of income taxes		230			1,733			20,648			3,039			23,868
Add: impact of provision		5,263			12,226			3,760			25,325			16,446
Pre-tax, pre-provision net income		(2,398	)		16,661			58,160			24,818			79,824
Less: bargain purchase gain		—			—			(60,520	)		—			(60,520	)
Add: impact of initial public offering related expenses		7,566			87			600			7,974			600
Add: impact of non initial public offering related stock-based compensation		1,730			2,076			5,848			5,988			14,471
Add: impact of initial public offering related stock-based compensation		4,934			—			—			4,934			—
Add: impact of acquisition costs		—			15			3,819			870			4,293
Less: gain (loss) on sale of investment securities		—			—			813			(674	)		621
Adjusted pre-tax, pre-provision net revenue	$	11,832		$	18,839		$	8,720		$	43,910		$	39,289
Non-interest expense	$	59,957		$	45,301		$	46,659		$	158,231		$	109,807
Less: impact of initial public offering related expenses		(7,566	)		(87	)		(600	)		(7,974	)		(600	)
Less: impact of non initial public offering related stock-based compensation		(1,730	)		(2,076	)		(5,848	)		(5,989	)		(14,471	)
Less: impact of initial public offering related stock-based compensation		(4,934	)		—			—			(4,934	)		—
Less: impact of acquisition costs		—			(15	)		(3,819	)		(870	)		(4,293	)
Adjusted non-interest expense	$	45,727		$	43,123		$	36,392		$	138,464		$	90,443

9

NATIONAL BANK HOLDINGS CORPORATION

Non-GAAP Financial Measures

	For the three months ended September 30, 2012			For the three months ended June 30, 2012			For the three months ended September 30, 2011			For the nine months ended September 30, 2012			For the nine months ended September 30, 2011
Return on average assets		-0.56	%		0.18	%		2.49	%		-0.08	%		1.08	%
Less: bargain purchase gain, after tax		0.00	%		0.00	%		-2.70	%		0.00	%		-1.00	%
Add: impact of initial public offering related expenses, after tax		0.53	%		0.01	%		0.04	%		0.18	%		0.02	%
Add: impact of non initial public offering related stock-based compensation, after tax		0.08	%		0.09	%		0.26	%		0.08	%		0.24	%
Add: impact of initial public offering related stock-based compensation, after tax		0.23	%		0.00	%		0.00	%		0.07	%		0.00	%
Add: impact of acquisition costs, after tax		0.00	%		0.00	%		0.17	%		0.01	%		0.07	%
Less: gain (loss) on sale of investment securities, after tax		0.00	%		0.00	%		0.04	%		-0.01	%		0.01	%
Adjusted return on average assets		0.28	%		0.28	%		0.30	%		0.26	%		0.42	%
Return on average tangible assets		-0.51	%		0.25	%		2.58	%		-0.03	%		1.15	%
Less: bargain purchase gain, after tax		0.00	%		0.00	%		-2.74	%		0.00	%		-1.02	%
Add: impact of initial public offering related expenses, after tax		0.54	%		0.01	%		0.04	%		0.18	%		0.02	%
Add: impact of non initial public offering related stock-based compensation, after tax		0.08	%		0.09	%		0.27	%		0.08	%		0.24	%
Add: impact of initial public offering related stock-based compensation, after tax		0.23	%		0.00	%		0.00	%		0.07	%		0.00	%
Add: impact of acquisition costs, after tax		0.00	%		0.00	%		0.17	%		0.01	%		0.07	%
Less: gain (loss) on sale of investment securities, after tax		0.00	%		0.00	%		0.04	%		-0.01	%		0.01	%
Adjusted return on average tangible assets		0.34	%		0.34	%		0.37	%		0.32	%		0.48	%
Return on average equity		-2.86	%		0.99	%		12.28	%		-0.43	%		5.12	%
Less: bargain purchase gain, after tax		0.00	%		0.00	%		-13.32	%		0.00	%		-4.74	%
Add: impact of initial public offering related expenses, after tax		2.74	%		0.03	%		0.22	%		0.97	%		0.08	%
Add: impact of non initial public offering related stock-based compensation, after tax		0.39	%		0.46	%		1.29	%		0.45	%		1.13	%
Add: impact of initial public offering related stock-based compensation, after tax		1.18	%		0.00	%		0.00	%		0.40	%		0.00	%
Add: impact of acquisition costs, after tax		0.00	%		0.00	%		0.84	%		0.07	%		0.34	%
Less: gain (loss) on sale of investment securities, after tax		0.00	%		0.00	%		0.18	%		-0.05	%		0.05	%
Adjusted return on average equity		1.45	%		1.48	%		1.49	%		1.40	%		1.98	%
Return on average tangible equity		-2.79	%		1.42	%		13.52	%		-0.15	%		5.81	%
Less: bargain purchase gain, after tax		0.00	%		0.00	%		-14.37	%		0.00	%		-5.14	%
Add: impact of initial public offering related expenses, after tax		2.98	%		0.04	%		0.24	%		1.06	%		0.08	%
Add: impact of non initial public offering related stock-based compensation, after tax		0.42	%		0.51	%		1.39	%		0.49	%		1.23	%
Add: impact of initial public offering related stock-based compensation, after tax		1.29	%		0.00	%		0.00	%		0.43	%		0.00	%
Add: impact of acquisition costs, after tax		0.00	%		0.00	%		0.91	%		0.07	%		0.36	%
Less: gain (loss) on sale of investment securities, after tax		0.00	%		0.00	%		0.19	%		-0.06	%		0.05	%
Adjusted return on average tangible equity		1.91	%		1.96	%		1.88	%		1.86	%		2.40	%
Net income to risk weighted assets		-1.65	%		0.55	%		8.35	%		-0.25	%		3.29	%
Add: impact of income taxes		0.05	%		0.35	%		5.11	%		0.21	%		1.99	%
Add: impact of provision		1.10	%		2.47	%		0.93	%		1.78	%		1.37	%
Pre-tax, pre-provision net revenue to risk weighted assets		-0.50	%		3.37	%		14.39	%		1.74	%		6.65	%
Less: bargain purchase gain		0.00	%		0.00	%		-14.96	%		0.00	%		-5.04	%
Add: impact of initial public offering related expenses		1.58	%		0.02	%		0.15	%		0.56	%		0.05	%
Add: impact of non initial public offering related stock-based compensation		0.36	%		0.42	%		1.45	%		0.42	%		1.21	%
Add: impact of initial public offering related stock-based compensation		1.03	%		0.00	%		0.00	%		0.35	%		0.00	%
Add: impact of acquisition costs		0.00	%		0.00	%		0.94	%		0.06	%		0.36	%
Less: gain (loss) on sale of investment securities		0.00	%		0.00	%		0.20	%		-0.05	%		0.05	%
Adjusted pre-tax, pre-provision net revenue to risk weighted assets		2.48	%		3.81	%		2.17	%		3.08	%		3.28	%
Non-interest expense to average assets		4.22	%		3.09	%		3.45	%		3.58	%		3.00	%
Add: impact of initial public offering related expenses		-0.53	%		-0.01	%		-0.04	%		-0.18	%		-0.02	%
Add: impact of non initial public offering related stock-based compensation		-0.12	%		-0.14	%		-0.44	%		-0.14	%		-0.40	%
Add: impact of initial public offering related stock-based compensation		-0.35	%		0.00	%		0.00	%		-0.11	%		0.00	%
Less: impact of acquisition costs		0.00	%		0.00	%		-0.28	%		-0.02	%		-0.12	%
Adjusted non-interest expense to average assets		3.22	%		2.94	%		2.69	%		3.13	%		2.46	%
Efficiency ratio		101.82	%		70.96	%		43.44	%		84.25	%		56.28	%
Less: bargain purchase gain		0.00	%		0.00	%		57.83	%		0.00	%		26.16	%
Add: impact of initial public offering related expenses		-13.14	%		-0.14	%		-1.33	%		-4.37	%		-0.46	%
Add: impact of non initial public offering related stock-based compensation		-3.00	%		-3.35	%		-12.96	%		-3.28	%		-11.15	%
Add: impact of initial public offering related stock-based compensation		-8.57	%		0.00	%		0.00	%		-2.71	%		0.00	%
Add: impact of acquisition costs		0.00	%		-0.02	%		-8.47	%		-0.48	%		-3.31	%
Less: gain (loss) on sale of investment securities		0.00	%		0.00	%		-0.33	%		0.31	%		-0.18	%
Adjusted efficiency ratio		77.09	%		67.45	%		78.18	%		73.72	%		67.34	%