National Bank Holdings Corp Leases Disclosure
Note 8 Leases
Right-of-use lease assets totaled $26.6 million and $25.9 million as of December 31, 2025 and 2024, respectively, and were included in other assets in the consolidated statements of financial condition. The related lease liabilities totaled $29.5 million and $28.9 million as of December 31, 2025 and 2024, respectively, and were included in other liabilities in the consolidated statements of financial condition.
The Company has operating leases for banking centers, corporate offices and ATM locations, with remaining lease terms ranging from months to 18 years. The Company only included reasonably certain renewal options in the lease terms. The weighted-average remaining lease term for our operating leases was 6.7 years and 7.8 years at December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, the weighted-average discount rates were 3.27% and 3.41%, respectively, utilizing the Company’s incremental FHLB borrowing rate for borrowings of a similar term at the date of lease commencement.
Rent expense totaled $6.4 million and $6.2 million for the years ended December 31, 2025 and 2024, respectively, and was recorded within occupancy and equipment in the consolidated statements of operations. Lease payments do not include non-lease components such as real estate taxes, insurance and common area maintenance.
Below is a summary of undiscounted future minimum lease payments as of December 31, 2025:
Years ending December 31, | Amount | |
2026 | $ | 4,917 |
2027 | 4,612 | |
2028 | 4,140 | |
2029 | 3,559 | |
2030 | 2,577 | |
Thereafter | 15,669 | |
Total lease payments | 35,474 | |
Less: Imputed interest | (6,013) | |
Present value of operating lease liabilities | $ | 29,461 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 26, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.