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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 September 30, 2022

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: (303) 892-8715

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 November 4, 2022, the registrant had outstanding 37,594,260 shares of Class A voting common stock, each with $0.01 par value per share, excluding 153,630 shares of restricted Class A common stock issued but not yet vested.

6

    

Page

Part I. Financial Information

Item 1.

Financial Statements (Unaudited)

6

Consolidated Statements of Financial Condition as of September 30, 2022 and December 31, 2021

6

Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021

7

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2022 and 2021

8

Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2022 and 2021

9

Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021

10

Notes to Consolidated Financial Statements

11

Item 2.

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

45

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

76

Item 4.

Controls and Procedures

76

Part II. Other Information

Item 1.

Legal Proceedings

77

Item 1A.

Risk Factors

77

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

77

Item 5.

Other Information

77

Item 6.

Exhibits

78

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:

       difficulties and delays in integrating the mergers of NBHC, Community Bancorporation, and Bancshares of Jackson Hole Incorporated (the “mergers”) businesses or fully realizing cost savings and other benefits;

       business disruption following the mergers;

       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;

       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;

       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;

       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;

3

       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 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;

       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 increases 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;

       technological changes;

       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 subsidiary;

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

       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 cyber-security incident, data breach or a failure of a key information technology system;

       adverse effects due to the novel Coronavirus Disease 2019 (“COVID-19”) on the Company and its clients, counterparties, employees and third-party service providers, and the adverse impacts on our business, financial position, results of operations and prospects;

       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

4

       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)

    

September 30, 2022

    

December 31, 2021

ASSETS

Cash and due from banks

$

255,458

$

845,195

Interest bearing bank deposits

 

749

 

500

Cash and cash equivalents

256,207

845,695

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

 

730,791

 

691,847

Investment securities held-to-maturity (fair value of $508,961 and $599,260 at September 30, 2022 and December 31, 2021, respectively)

 

606,245

 

609,012

Non-marketable securities

 

64,004

 

50,740

Loans

 

5,721,985

 

4,513,383

Allowance for credit losses

 

(65,623)

 

(49,694)

Loans, net

 

5,656,362

 

4,463,689

Loans held for sale

 

33,043

 

139,142

Other real estate owned

 

3,695

 

7,005

Premises and equipment, net

 

105,801

 

96,747

Goodwill

 

167,882

 

115,027

Intangible assets, net

 

30,843

 

12,322

Other assets

 

268,048

 

182,785

Total assets

$

7,922,921

$

7,214,011

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities:

Deposits:

Non-interest bearing demand deposits

$

2,735,832

$

2,506,265

Interest bearing demand deposits

 

597,035

 

555,401

Savings and money market

 

2,631,855

 

2,332,591

Time deposits

 

838,830

 

833,916

Total deposits

 

6,803,552

 

6,228,173

Securities sold under agreements to repurchase

 

20,044

 

22,768

Long-term debt, net

39,559

39,478

Other liabilities

 

140,340

 

83,486

Total liabilities

 

7,003,495

 

6,373,905

Shareholders’ equity:

Common stock, par value $0.01 per share: 400,000,000 shares authorized; 51,487,907 and 51,487,907 shares issued; 33,189,253 and 29,958,764 shares outstanding at September 30, 2022 and December 31, 2021, respectively

 

515

 

515

Additional paid-in capital

 

1,079,560

 

1,014,294

Retained earnings

 

323,448

 

289,876

Treasury stock of 18,129,309 and 21,384,676 shares at September 30, 2022 and December 31, 2021, respectively, at cost

 

(394,758)

 

(457,616)

Accumulated other comprehensive loss, net of tax

 

(89,339)

 

(6,963)

Total shareholders’ equity

 

919,426

 

840,106

Total liabilities and shareholders’ equity

$

7,922,921

$

7,214,011

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

For the nine months ended

September 30, 

September 30, 

2022

    

2021

    

2022

    

2021

Interest and dividend income:

Interest and fees on loans

$

63,875

$

45,512

$

159,707

$

134,342

Interest and dividends on investment securities

 

6,460

 

4,750

 

17,195

 

12,771

Dividends on non-marketable securities

 

212

 

210

 

632

 

629

Interest on interest-bearing bank deposits

 

1,822

 

329

 

3,196

 

722

Total interest and dividend income

 

72,369

 

50,801

 

180,730

 

148,464

Interest expense:

Interest on deposits

 

2,945

 

3,227

 

7,961

 

10,790

Interest on borrowings

 

333

 

5

 

1,000

 

16

Total interest expense

 

3,278

 

3,232

 

8,961

 

10,806

Net interest income before provision for credit losses

 

69,091

 

47,569

 

171,769

 

137,658

Provision expense (release) for credit losses

 

12,678

 

 

14,860

 

(9,425)

Net interest income after provision for credit losses

 

56,413

 

47,569

 

156,909

 

147,083

Non-interest income:

Service charges

 

4,326

 

3,947

 

11,992

 

10,989

Bank card fees

 

4,681

 

4,530

 

13,345

 

13,217

Mortgage banking income

 

4,474

 

16,615

 

21,088

 

52,973

Bank-owned life insurance income

 

573

 

558

 

1,645

 

1,659

Other non-interest income

 

3,303

 

2,872

 

5,098

 

8,276

OREO-related income

 

1

 

 

6

 

35

Total non-interest income

 

17,358

 

28,522

 

53,174

 

87,149

Non-interest expense:

Salaries and benefits

 

30,540

 

32,556

 

88,652

 

97,518

Occupancy and equipment

 

8,026

 

6,469

 

21,087

 

19,150

Telecommunications and data processing

 

2,899

 

2,282

 

7,733

 

6,934

Marketing and business development

 

979

 

582

 

2,326

 

1,604

FDIC deposit insurance

 

508

 

475

 

1,476

 

1,375

Bank card expenses

 

1,409

 

1,457

 

4,075

 

3,931

Professional fees

 

5,810

 

3,251

 

8,110

 

4,642

Other non-interest expense

 

3,547

 

2,828

 

9,264

 

7,652

Problem asset workout

215

1,119

522

1,851

(Gain) loss on OREO sales, net

(378)

(648)

192

Core deposit intangible asset amortization

 

383

 

295

 

975

 

887

Banking center consolidation-related expense

 

 

 

 

1,589

Total non-interest expense

 

53,938

 

51,314

 

143,572

 

147,325

Income before income taxes

 

19,833

 

24,777

 

66,511

 

86,907

Income tax expense

 

3,994

 

4,952

 

11,958

 

16,070

Net income

$

15,839

$

19,825

$

54,553

$

70,837

Earnings per share—basic

$

0.51

$

0.64

$

1.78

$

2.29

Earnings per share—diluted

0.50

0.64

1.77

2.27

Weighted average number of common shares outstanding:

Basic

 

31,259,188

 

30,800,590

 

30,539,266

 

30,858,759

Diluted

 

31,531,075

 

31,064,815

 

30,834,630

 

31,162,132

See accompanying notes to the consolidated interim financial statements.

7

NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Comprehensive (Loss) Income (Unaudited)

(In thousands)

For the three months ended

For the nine months ended

September 30, 

September 30, 

2022

2021

2022

2021

Net income

$

15,839

    

$

19,825

    

$

54,553

    

$

70,837

Other comprehensive loss, net of tax:

Securities available-for-sale:

Net unrealized losses arising during the period, net of tax benefit of $9,184 and $922 for the three months ended September 30, 2022 and 2021, respectively; and net of tax benefit of $25,030 and $3,331 for the nine months ended September 30, 2022 and 2021, respectively

 

(29,482)

 

(2,970)

 

(80,349)

 

(10,727)

Less: amortization of net unrealized holding losses, net of tax benefit of $22 and $38 for the three months ended September 30, 2022 and 2021, respectively; and net of tax benefit of $75 and $135 for the nine months ended September 30, 2022 and 2021, respectively

 

(71)

 

(122)

 

(242)

 

(436)

Cash flow hedges:

Net unrealized losses arising during the period, net of tax benefit of $559 and $0 for the three months ended September 30, 2022 and 2021, respectively; and net of tax benefit of $559 and $0 for the nine months ended September 30, 2022 and 2021, respectively

 

(1,795)

 

 

(1,795)

 

Less: reclassification adjustment for gains included in net income, net of tax expense of $3 and $0 for the three months ended September 30, 2022 and September 30, 2021, respectively; and net of tax expense of $3 and $0 for the nine months ended September 30, 2022 and September 30, 2021, respectively

10

 

 

10

 

Other comprehensive loss

 

(31,338)

 

(3,092)

 

(82,376)

 

(11,163)

Comprehensive (loss) income

$

(15,499)

$

16,733

$

(27,823)

$

59,674

See accompanying notes to the consolidated interim financial statements.

8

NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

(In thousands, except share and per share data)

For the three months ended September 30, 

    

    

    

    

Accumulated

    

Additional

other

Common

paid-in

Retained

Treasury

comprehensive

stock

capital

earnings

stock

loss, net

Total

Balance, June 30, 2021

$

515

$

1,011,200

$

260,821

$

(422,365)

$

1,695

$

851,866

Net income

 

19,825

 

19,825

Stock-based compensation

 

1,734

 

1,734

Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock of $313, net

 

130

369

 

499

Repurchase of 527,214 shares

 

(19,370)

(19,370)

Cash dividends declared ($0.22 per share)

 

(6,746)

(6,746)

Other comprehensive loss

 

(3,092)

(3,092)

Balance, September 30, 2021

$

515

$

1,013,064

$

273,900

$

(441,366)

$

(1,397)

$

844,716

Balance, June 30, 2022

$

515

$

1,014,330

$

314,616

$

(455,909)

$

(58,001)

$

815,551

Net income

 

15,839

 

15,839

Stock-based compensation

 

1,494

 

1,494

Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock of $64,175, net

 

106

509

 

615

Reissuance of treasury stock of 3,096,745 for acquisition of Community Bancorporation

63,630

60,642

 

124,272

Cash dividends declared ($0.23 per share)

 

(7,007)

(7,007)

Other comprehensive loss

 

(31,338)

 

(31,338)

Balance, September 30, 2022

$

515

$

1,079,560

$

323,448

$

(394,758)

$

(89,339)

$

919,426

For the nine months ended September 30, 

    

    

    

    

Accumulated