National Bank Holdings Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>National Bank Holdings Corp. has filed its annual 10-K report for the fiscal year ending December 31, 2023, detailing its financial performance and business operations.</b>

AI Summary

National Bank Holdings Corp (NBHC) filed a Annual Report (10-K) with the SEC on February 27, 2024. National Bank Holdings Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal executive offices are located at 7800 East Orchard Road, Suite 300, Greenwood Village, CO 80111. The filing includes financial data and disclosures for the fiscal year 2023. The company was formerly known as NBH Holdings Corp. and changed its name on October 30, 2009. The SIC code for National Bank Holdings Corp. is 6021, indicating it operates in the National Commercial Banks industry.

Why It Matters

For investors and stakeholders tracking National Bank Holdings Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of National Bank Holdings Corp.'s financial health, operational strategies, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's asset base, liabilities, revenue streams, and profitability, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — National Bank Holdings Corp shows moderate risk based on this filing. The company operates in the highly regulated banking sector, which involves significant compliance requirements and potential for regulatory changes that could impact its operations and profitability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand National Bank Holdings Corp.'s performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (The period covered by the 10-K filing.)
• 2024-02-27 — Filing Date (The date the 10-K report was submitted to the SEC.)
• 001-35654 — SEC File Number (The SEC's file number for National Bank Holdings Corp.)
• 0001475841 — Central Index Key (Unique identifier for National Bank Holdings Corp. in the SEC EDGAR system.)

Key Players & Entities

• National Bank Holdings Corp. (company) — Filer of the 10-K report.
• NBH Holdings Corp. (company) — Former name of National Bank Holdings Corp.
• Greenwood Village, CO (location) — Location of the company's principal executive offices.
• 2023-12-31 (date) — Fiscal year end date for the 10-K report.
• 2024-02-27 (date) — Filing date of the 10-K report.
• 6021 (industry_code) — Standard Industrial Classification code for National Commercial Banks.

FAQ

Risk Factors

• Regulatory Environment [high — regulatory]: The banking industry is subject to extensive regulation by federal and state authorities, which can change and impact operations.
• Credit Risk [high — financial]: The company is exposed to credit risk from its lending activities, and adverse economic conditions could lead to increased loan losses.
• Interest Rate Risk [medium — market]: Changes in interest rates can affect the company's net interest income and the market value of its securities portfolio.
• Cybersecurity and Data Security [medium — operational]: The company faces risks related to cybersecurity threats and data breaches, which could disrupt operations and damage its reputation.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.

Key Financial Figures

• $0.01 — tered Class A Common Stock, Par Value $0.01 NBHC New York Stock Exchange Secu
• $10 billion — ciated with the Company growing to over $10 billion in consolidated assets; increases in c
• $9.9 billion — rvices. As of December 31, 2023, we had $9.9 billion in assets, $7.7 billion in loans, $8.2
• $7.7 billion — 1, 2023, we had $9.9 billion in assets, $7.7 billion in loans, $8.2 billion in deposits, $1.
• $8.2 billion — llion in assets, $7.7 billion in loans, $8.2 billion in deposits, $1.2 billion in shareholde
• $1.2 billion — ion in loans, $8.2 billion in deposits, $1.2 billion in shareholders' equity and $0.9 billio
• $0.9 billion — 1.2 billion in shareholders' equity and $0.9 billion of trust and wealth management assets u
• $16.1 million — xecuted in April 2022, the Company paid $16.1 million of cash consideration and issued 3,096,
• $140.4 million — poration. The transaction was valued at $140.4 million in the aggregate, based on the Company'
• $40.13 — based on the Company's closing price of $40.13 on August 31, 2022. Bank of Jackson Ho
• $51.0 million — xecuted in March 2022, the Company paid $51.0 million of cash consideration and issued 4,391,
• $213.4 million — son Hole. The transaction was valued at $213.4 million in the aggregate, based on the Company'
• $36.99 — based on the Company's closing price of $36.99 on September 30, 2022. Immediately foll
• $46.5 million — NBH Bank. The transaction was valued at $46.5 million in the aggregate. Cambr is a deposit ac
• $1.7 billion — ition, Cambr administered approximately $1.7 billion of deposits comprising more than 500,00

Filing Documents

• nbhc-20231231x10k.htm (10-K) — 8997KB
• nbhc-20231231xex21d1.htm (EX-21.1) — 13KB
• nbhc-20231231xex23d1.htm (EX-23.1) — 3KB
• nbhc-20231231xex31d1.htm (EX-31.1) — 15KB
• nbhc-20231231xex31d2.htm (EX-31.2) — 16KB
• nbhc-20231231xex32.htm (EX-32) — 9KB
• nbhc-20231231xex97d1.htm (EX-97.1) — 56KB
• nbhc-20231231x10k007.jpg (GRAPHIC) — 88KB
• nbhc-20231231x10k017.jpg (GRAPHIC) — 3KB
• nbhc-20231231xex23d1001.jpg (GRAPHIC) — 3KB
• nbhc-20231231xex97d1001.jpg (GRAPHIC) — 11KB
• 0001558370-24-001838.txt (&nbsp;) — 35338KB
• nbhc-20231231.xsd (EX-101.SCH) — 122KB
• nbhc-20231231_cal.xml (EX-101.CAL) — 153KB
• nbhc-20231231_def.xml (EX-101.DEF) — 751KB
• nbhc-20231231_lab.xml (EX-101.LAB) — 1117KB
• nbhc-20231231_pre.xml (EX-101.PRE) — 997KB
• nbhc-20231231x10k_htm.xml (XML) — 9561KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 22 Item 1B. Unresolved Staff Comments 37 Item 1C. Cybersecurity 37 Item 2.

Properties

Properties 38 Item 3.

Legal Proceedings

Legal Proceedings 38 Item 4. Mine Safety Disclosures 38 PART II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 39 Item 6. [Reserved] 40 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 41 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 73 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 73 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 137 Item 9A.

Controls and Procedures

Controls and Procedures 137 Item 9B. Other Information 140 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 140 PART III Item 10. Directors, Executive Officers and Corporate Governance 140 Item 11.

Executive Compensation

Executive Compensation 140 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 140 Item 13. Certain Relationships and Related Transactions, and Director Independence 140 Item 14. Principal Accountant Fees and Services 140 PART IV Item 15. Exhibits and Financial Statement Schedules 141

Signatures

Signatures 145 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENT S 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; economi

: FINANCIAL INFORMATIO N

PART I: FINANCIAL INFORMATIO N

BUSINESS

Item 1. BUSINESS . Summary National Bank Holdings Corporation ("NBHC" or the "Company") is a financial 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 ("the Banks"). The Company provides a variety of banking products and services to both commercial and consumer clients through a network of over 90 banking centers, as of December 31, 2023, located primarily in Colorado and the greater Kansas City region, Utah, Wyoming, Texas, New Mexico and Idaho, as well as through online and mobile banking products and services. As of December 31, 2023, we had $9.9 billion in assets, $7.7 billion in loans, $8.2 billion in deposits, $1.2 billion in shareholders' equity and $0.9 billion of trust and wealth management assets under management. NBH Bank is a Colorado state-chartered bank and a member of the Federal Reserve Bank ("FRB") of Kansas City. We operate under the following brand names as divisions of NBH Bank: in Colorado, Community Banks of Colorado and Community Banks Mortgage; in Kansas and Missouri, Bank Midwest and Bank Midwest Mortgage; in Wyoming, Bank of Jackson Hole and Bank of Jackson Hole Mortgage; and in Texas, Utah, New Mexico and Idaho, Hillcrest Bank and Hillcrest Bank Mortgage. Bank of Jackson Hole Trust ("BOJHT") is a Wyoming state-chartered bank and a member of the Federal Reserve Bank of Kansas City. Our trust and wealth business currently operates under the Wyoming charter as Bank of Jackson Hole Trust and Bank of Jackson Hole Trust and Wealth Partners. The Company continues to develop our digital solution 2UniFi, a national platform for providing banking services to small and medium-sized businesses, digital payment tools and financial services information management. 2Unifi, LLC is a wholly-owned subsidiary of NBHC with bank offerings provided thro

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View this 10-K filing on SEC EDGAR