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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to

Commission File Number: 001-35654

NATIONAL BANK HOLDINGS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

    

27-0563799

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

7800 East Orchard Road, Suite 300, Greenwood Village, Colorado 80111

(Address of principal executive offices) (Zip Code)

Registrant’s telephone, including area code: (303892-8715

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

    

Trading Symbol

    

Name of each exchange on which registered:

Class A Common Stock

NBHC

NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

Accelerated filer

Non-accelerated filer

  

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of April 26, 2024, the registrant had outstanding 37,825,413 shares of Class A voting common stock, each with $0.01 par value per share, excluding 378,082 shares of restricted Class A common stock issued but not yet vested.

    

Page

Part I. Financial Information

Item 1.

Financial Statements (Unaudited)

6

Consolidated Statements of Financial Condition as of March 31, 2024 and December 31, 2023

6

Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023

7

Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023

8

Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2024 and 2023

9

Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023

10

Notes to Consolidated Financial Statements

11

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

46

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

70

Item 4.

Controls and Procedures

70

Part II. Other Information

Item 1.

Legal Proceedings

72

Item 1A.

Risk Factors

72

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

72

Item 5.

Other Information

72

Item 6.

Exhibits

73

2

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notwithstanding that such statements are not specifically identified. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believe,” “can,” “would,” “should,” “could,” “may,” “predict,” “seek,” “potential,” “will,” “estimate,” “target,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend” and similar words or phrases. These statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties. We have based these statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, liquidity, results of operations, business strategy and growth prospects.

Forward-looking statements involve certain important risks, uncertainties and other factors, any of which could cause actual results to differ materially from those in such statements and, therefore, you are cautioned not to place undue reliance on such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

       the impact of potential regulatory changes to capital requirements, treatment of investment securities and FDIC deposit insurance levels and costs;

       our ability to execute our business strategy, including our digital strategy, as well as changes in our business

strategy or development plans;

       business and economic conditions generally and in the financial services industry;

       effects of any potential government shutdowns;

       economic, market, operational, liquidity, credit and interest rate risks associated with our business, including increased competition for deposits due to prevailing market interest rates and banking sector volatility;

       effects of any changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board;

       changes imposed by regulatory agencies to increase our capital to a level greater than the current level required for well-capitalized financial institutions;

       effects of inflation, including its associated impact on labor costs, as well as, interest rate, securities market and monetary supply fluctuations;

       changes in the economy or supply-demand imbalances affecting local real estate values;

       changes in consumer spending, borrowings and savings habits;

       changes in the fair value of our investment securities due to market conditions outside of our control;

       financial or reputational impacts associated with the increased prevalence of fraud or other financial crimes;

       with respect to our mortgage business, our inability to negotiate our fees with Fannie Mae, Freddie Mac, Ginnie Mae or other investors for the purchase of our loans, our obligation to indemnify purchasers or to repurchase the related loans if the loans fail to meet certain criteria, or higher rate of delinquencies and defaults as a result of the geographic concentration of our servicing portfolio;

       our ability to identify potential candidates for, obtain regulatory approval for, and consummate, acquisitions, consolidations or other expansion opportunities on attractive terms, or at all;

       our ability to integrate acquisitions or consolidations and to achieve synergies, operating efficiencies and/or other expected benefits within expected time-frames, or at all, or within expected cost projections, and to preserve the goodwill of acquired financial institutions;

3

       our ability to realize the anticipated benefits from enhancements or updates to our core operating systems from time to time without significant change in our client service or risk to our control environment;

       our dependence on information technology and telecommunications systems of third-party service providers and the risk of system failures, interruptions or breaches of security, including those that could result in disclosure or misuse of confidential or proprietary client or other information;

       our ability to achieve organic loan and deposit growth and the competition for, and composition of, such growth;

       changes in sources and uses of funds, including loans, deposits and borrowings;

       increased competition in the financial services industry, nationally, regionally or locally, resulting in, among other things, lower returns;

       continued consolidation in the financial services industry;

       our ability to maintain or increase market share and control expenses;

       regulatory and financial impacts associated with the Company growing to over $10 billion in consolidated assets;

       increases in claims and litigation related to our fiduciary responsibilities in connection with our trust and wealth

management business;

       the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board (“FASB”) and other accounting standard setters;

       the trading price of shares of the Company's stock;

       the effects of tax legislation, including the potential of future changes to prevailing tax rates, or challenges to our

positions;

       our ability to realize deferred tax assets or the need for a valuation allowance, or the effects of changes in tax laws on our deferred tax assets;

       costs and effects of changes in laws and regulations and of other legal and regulatory developments, including, but not limited to, changes in regulation that affect the fees that we charge, the resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations, reviews or other inquiries; and changes in regulations that apply to us as a Colorado state-chartered bank and a Wyoming state-chartered bank;

       technological changes, including with respect to the advancement of artificial intelligence;

       the timely development and acceptance of new products and services, including in the digital technology space and our digital solution 2UniFiSM, and perceived overall value of these products and services by our clients;

       changes in our management personnel and our continued ability to attract, hire and retain qualified personnel;

       ability to implement and/or improve operational management and other internal risk controls and processes and our reporting system and procedures;

       regulatory limitations on dividends from our bank subsidiaries;

       changes in estimates of future credit reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements;

       financial, reputational, or strategic risks associated with our investments in financial technology companies and initiatives;

4

       widespread natural and other disasters, dislocations, political instability, pandemics, acts of war or terrorist activities, cyberattacks or international hostilities through impacts on the economy and financial markets generally or on us or our counterparties specifically;

       a cybersecurity incident, data breach or a failure of a key information technology system;

       impact of reputational risk on such matters as business generation and retention;

       other risks and uncertainties listed from time to time in the Company’s reports and documents filed with the Securities and Exchange Commission; and

       our success at managing the risks involved in the foregoing items.

Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.

5

PART I: FINANCIAL INFORMATION

Item 1: FINANCIAL STATEMENTS

NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Financial Condition (Unaudited)

(In thousands, except share and per share data)

    

March 31, 2024

    

December 31, 2023

ASSETS

Cash and cash equivalents

$

292,931

$

190,826

Investment securities available-for-sale (at fair value)

 

685,666

 

628,829

Investment securities held-to-maturity (fair value of $485,776 and $504,328 at March 31, 2024 and December 31, 2023, respectively)

 

570,850

 

585,052

Non-marketable securities

 

73,439

 

90,477

Loans

 

7,569,052

 

7,698,758

Allowance for credit losses

 

(97,607)

 

(97,947)

Loans, net

 

7,471,445

 

7,600,811

Loans held for sale

 

14,065

 

18,854

Other real estate owned

 

4,064

 

4,088

Premises and equipment, net

 

168,956

 

162,733

Goodwill

 

306,043

 

306,043

Intangible assets, net

 

64,212

 

66,025

Other assets

 

315,805

 

297,326

Total assets

$

9,967,476

$

9,951,064

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities:

Deposits:

Non-interest bearing demand deposits

$

2,292,917

$

2,361,367

Interest bearing demand deposits

 

1,427,856

 

1,480,042

Savings and money market

 

3,801,013

 

3,367,012

Time deposits

 

995,976

 

981,970

Total deposits

 

8,517,762

 

8,190,391

Securities sold under agreements to repurchase

 

19,577

 

19,627

Long-term debt, net

54,278

54,200

Federal Home Loan Bank advances

 

 

340,000

Other liabilities

 

144,029

 

134,039

Total liabilities

 

8,735,646

 

8,738,257

Shareholders’ equity:

Common stock, par value $0.01 per share: 400,000,000 shares authorized; 51,487,888 and 51,487,907 shares issued; 37,806,148 and 37,784,851 shares outstanding at March 31, 2024 and December 31, 2023, respectively

 

515

 

515

Additional paid-in capital

 

1,163,773

 

1,162,269

Retained earnings

 

454,211

 

433,126

Treasury stock of 13,444,078 and 13,462,472 shares at March 31, 2024 and December 31, 2023, respectively, at cost

 

(306,460)

 

(306,702)

Accumulated other comprehensive loss, net of tax

 

(80,209)

 

(76,401)

Total shareholders’ equity

 

1,231,830

 

1,212,807

Total liabilities and shareholders’ equity

$

9,967,476

$

9,951,064

See accompanying notes to the consolidated interim financial statements.

6

NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share data)

For the three months ended

March 31, 

2024

    

2023

Interest and dividend income:

Interest and fees on loans

$

123,736

$

105,121

Interest and dividends on investment securities

 

6,617

 

6,861

Dividends on non-marketable securities

 

616

 

898

Interest on interest-bearing bank deposits

 

763

 

653

Total interest and dividend income

 

131,732

 

113,533

Interest expense:

Interest on deposits

 

43,998

 

11,049

Interest on borrowings

 

3,704

 

7,595

Total interest expense

 

47,702

 

18,644

Net interest income before provision for credit losses

 

84,030

 

94,889

Provision for credit loss expense

 

 

900

Net interest income after provision for credit losses

 

84,030

 

93,989

Non-interest income:

Service charges

 

4,391

 

4,101

Bank card fees

 

4,578

 

4,637

Mortgage banking income

 

2,655

 

3,216

Bank-owned life insurance income

 

733

 

645

Other non-interest income

 

5,337

 

2,066

Total non-interest income

 

17,694

 

14,665

Non-interest expense:

Salaries and benefits

 

36,520

 

32,989

Occupancy and equipment

 

9,941

 

9,073

Data processing

 

4,066

 

3,752

Marketing and business development

 

962

 

870

FDIC deposit insurance

 

1,345

 

2,178

Bank card expenses

 

1,349

 

1,328

Professional fees

 

1,646

 

2,590

Other non-interest expense

 

4,997

 

4,149

Other intangible assets amortization

 

2,008

 

1,363

Total non-interest expense

 

62,834

 

58,292

Income before income taxes

 

38,890

 

50,362

Income tax expense

 

7,499

 

10,079

Net income

$

31,391

$

40,283

Earnings per share—basic

$

0.82

$

1.06

Earnings per share—diluted

0.82

1.06

Weighted average number of common shares outstanding:

Basic

 

38,031,358

 

37,785,488

Diluted

 

38,188,480

 

38,074,973

See accompanying notes to the consolidated interim financial statements.

7

NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Unaudited)

(In thousands)

For the three months ended

March 31, 

2024

2023

Net income

$

31,391

    

$

40,283

Other comprehensive (loss) income, net of tax:

Securities available-for-sale:

Net unrealized (losses) gains arising during the period, net of tax benefit (expense) of $985 and ($2,731) for the three months ended March 31, 2024 and 2023, respectively

 

(3,090)

 

8,955

Less: amortization of net unrealized holding gains to income, net of tax benefit of $8 and $16 for the three months ended March 31, 2024 and 2023, respectively

 

(25)

 

(51)

Cash flow hedges:

Net unrealized gains arising during the period, net of tax expense of $48 and $173 for the three months ended March 31, 2024 and 2023, respectively

 

203

 

566

Less: reclassification for (losses) gains included in net income, net of tax benefit (expense) of $269 and ($32) for the three months ended March 31, 2024 and 2023, respectively

(896)

 

107

Other comprehensive (loss) income

 

(3,808)

 

9,577

Comprehensive income

$

27,583

$

49,860

See accompanying notes to the consolidated interim financial statements.

8

NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

Three months ended March 31, 2024 and 2023

(In thousands, except share and per share data)

    

    

    

    

Accumulated

    

Additional

other

Common

paid-in

Retained

Treasury

comprehensive

stock

capital

earnings

stock

loss, net

Total

Balance, December 31, 2022

$

515

$

1,159,508

$

330,721

$

(310,338)

$

(88,204)

$

1,092,202

Net income

 

40,283

 

40,283

Stock-based compensation

 

1,427

 

1,427

Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock of $753, net

 

(499)

301

 

(198)

Cash dividends declared ($0.25 per share)

 

(9,564)

 

(9,564)

Other comprehensive income

 

9,577

 

9,577

Balance, March 31, 2023

$

515

$

1,160,436

$

361,440

$

(310,037)

$

(78,627)

$

1,133,727

Balance, December 31, 2023

$

515

$

1,162,269

$

433,126

$

(306,702)

$

(76,401)

$

1,212,807

Net income

 

31,391

 

31,391

Stock-based compensation

 

1,576

 

1,576

Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock of $369, net

 

(72)

242

 

170

Cash dividends declared ($0.27 per share)

 

(10,306)

 

(10,306)

Other comprehensive loss

 

(3,808)

 

(3,808)

Balance, March 31, 2024

$

515

$

1,163,773

$

454,211

$

(306,460)

$

(80,209)

$

1,231,830

See accompanying notes to the consolidated interim financial statements.

9

NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

    

For the three months ended March 31, 

2024

    

2023

Cash flows from operating activities:

Net income

$

31,391

$

40,283

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Provision for credit loss expense

 

 

900

Depreciation and amortization

 

6,021

 

5,117

Change in current income tax receivable

 

7,485

 

9,551

Change in deferred income taxes

 

(1,277)

 

3,392

Discount accretion, net of premium amortization on securities

 

(202)

 

(116)

Gain on sale of mortgages, net

 

(2,162)

 

(2,370)

Origination of loans held for sale, net of repayments

 

(62,542)

 

(99,105)

Proceeds from sales of loans held for sale

 

69,160

 

97,311

Originations of mortgage servicing rights

(115)

(275)

Gain on sale of fixed assets

(637)

Stock-based compensation

 

1,576

 

1,427

Operating lease payments

(1,637)

(1,411)

Change in other assets

 

(24,527)

 

(49,455)

Change in other liabilities

 

7,423

 

(24,044)

Net cash provided by (used in) operating activities

 

29,957

 

(18,795)

Cash flows from investing activities:

Proceeds from non-marketable securities

27,114

4,662

Proceeds from maturities and paydowns of investment securities available-for-sale

 

45,662

 

22,502

Proceeds from maturities and paydowns of investment securities held-to-maturity

 

14,367

 

16,201

Proceeds from sales of other real estate owned

 

21

 

249

Purchases of non-marketable securities

(10,302)

(35,901)

Purchases of investment securities available-for-sale

(106,554)

Purchases of investment securities held-to-maturity

(2,451)

Purchases of premises and equipment, net

 

(5,482)

 

(6,701)

Net decrease (increase) in loans

128,793

 

(122,451)

Net cash provided by (used in) investing activities

 

93,619

 

(123,890)

Cash flows from financing activities:

Net increase (decrease) in deposits

 

327,260

 

(291,138)

Net (decrease) increase in repurchase agreements and other short-term borrowings

 

(50)

 

1,278

Advances from the Federal Home Loan Bank

419,610

990,000

Federal Home Loan Bank repayments

(759,610)

(375,000)

Issuance of stock under purchase and equity compensation plans

131

(237)

Payment of dividends

 

(10,312)

 

(9,532)

Net cash (used in) provided by financing activities

 

(22,971)

 

315,371

Increase in cash, cash equivalents and restricted cash(1)

 

100,605

 

172,686

Cash, cash equivalents and restricted cash at beginning of the year(1)

 

192,326

 

198,519

Cash, cash equivalents and restricted cash at end of period(1)

$

292,931

$

371,205

Supplemental disclosure of cash flow information during the period:

Cash paid for interest

$

45,172

$

15,348

Net tax payments

76

37

Supplemental schedule of non-cash activities:

Loans transferred from loans held for sale to loans

333

2,337

(1)

Included in restricted cash at March 31, 2023 was $1.5 million placed in escrow for certain potential liabilities, for which the Company was indemnified, resulting from a previous acquisition. The restricted cash was included in other assets in the Company’s consolidated statements of financial condition. At March 31, 2024, there was no restricted cash.

See accompanying notes to the consolidated interim financial statements.

10

NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

March 31, 2024

Note 1 Basis of Presentation

National Bank Holdings Corporation ("NBHC" or the "Company") is a bank holding company that was incorporated in the State of Delaware in 2009. The Company is headquartered in Greenwood Village, Colorado, and its primary operations are conducted through its wholly owned subsidiaries NBH Bank and Bank of Jackson Hole Trust. NBH Bank is a Colorado state-chartered bank and a member of the Federal Reserve System, and Bank of Jackson Hole Trust is a Wyoming state-chartered bank and a member of the Federal Reserve System. The Company provides a variety of banking products to both commercial and consumer clients through a network of over 90 banking centers, as of March 31, 2024, located primarily in Colorado, the greater Kansas City region, Utah, Wyoming, Texas, New Mexico and Idaho, as well as through online and mobile banking products and services.

The accompanying interim unaudited consolidated financial statements serve to update the National Bank Holdings Corporation Annual Report on Form 10-K for the year ended December 31, 2023 and include the accounts of the Company and its wholly owned subsidiaries, NBH Bank, Bank of Jackson Hole Trust and 2UniFi, LLC. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and where applicable, with general practices in the banking industry or guidelines prescribed by bank regulatory agencies. However, they may not include all information and notes necessary to constitute a complete set of financial statements under GAAP applicable to annual periods and accordingly should be read in conjunction with the financial information contained in the Company's most recent Form 10-K. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results presented. All such adjustments are of a normal recurring nature. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications of prior years' amounts are made whenever necessary to conform to current period presentation. The results of operations for the interim period are not necessarily indicative of the results that may be expected for the full year or any other interim period. All amounts are in thousands, except share data, or as otherwise noted.

GAAP requires management to make estimates that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosures of contingent assets and liabilities. By their nature, estimates are based on judgment and available information. Management has made significant estimates in certain areas, such as the fair values of financial instruments, contingent liabilities and the allowance for credit losses (“ACL”). Because of the inherent uncertainties associated with any estimation process and future changes in market and economic conditions, it is possible that actual results could differ significantly from those estimates.

The Company's significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in note 2 of the audited financial statements and notes for the year ended December 31, 2023 and are contained in the Company's Annual Report on Form 10-K. There have been no significant changes to the application of significant accounting policies since December 31, 2023.

Note 2 Recent Accounting Pronouncements

The Company has not adopted any recent accounting pronouncements in addition to those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.

Note 3 Investment Securities

The Company’s investment securities portfolio is comprised of available-for-sale and held-to-maturity investment securities. These investment securities totaled $1.3 billion at March 31, 2024 and included $0.7 billion of available-for-sale securities and $0.6 billion of held-to-maturity securities. At December 31, 2023, investment securities totaled $1.2 billion and included $0.6 billion of available-for-sale securities and $0.6 billion of held-to-maturity securities.

11

Available-for-sale

Available-for-sale securities are summarized as follows as of the dates indicated:

March 31, 2024

    

Amortized

    

Gross

    

Gross

    

cost

unrealized gains

unrealized losses

Fair value

U.S. Treasury securities

$

74,125