NBHC National Bank Holdings Corp

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 2/4 quarters. Q1 2026: $16M, Q3 2025: $9M, Q3 2020: $0M, Q3 2021: $0M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $16M vs trailing avg $3M (+449%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Buyback $25M / FCF $105M = 24% of FCF

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 880,469 shares = 2.3% of 37,772,516 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

1 open-market purchase by Steinmetz John

• Steinmetz John (Exec Mng Dir of Strategic Init) bought 24,200 shares at $41.41 on 2026-02-11

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Company buybacks in 2 quarters but insufficient insider buying

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $1M, sold $0M in the last 90 days (net buying)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected