National Bank Holdings Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>National Bank Holdings Corp. filed its Q1 2024 10-Q, detailing financial positions and equity changes.</b>

AI Summary

National Bank Holdings Corp (NBHC) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. The filing is a 10-Q report for National Bank Holdings Corp. for the period ending March 31, 2024. The company's principal executive offices are located at 7800 East Orchard Road, Suite 300, Greenwood Village, CO 80111. The filing references various US GAAP accounting standards, including those related to Other Assets and Other Liabilities. Specific dates mentioned include October 1, 2022, for a fixed-to-floating rate note maturity, and May 9, 2021, for a share repurchase program authorization. The report details equity components such as Treasury Stock, Common Stock, Additional Paid-In Capital, and Accumulated Other Comprehensive Income for multiple periods.

Why It Matters

For investors and stakeholders tracking National Bank Holdings Corp, this filing contains several important signals. This 10-Q filing provides crucial insights into National Bank Holdings Corp.'s financial health and operational status as of the first quarter of 2024. Understanding the equity components and referenced financial instruments is key to assessing the company's capital structure and potential future financial performance.

Risk Assessment

Risk Level: low — National Bank Holdings Corp shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain information indicating significant immediate risks or unusual events.

Analyst Insight

Monitor future filings for trends in equity components and any disclosed changes in financial instruments.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-01 — Filing Date (Filed as of date)
• 6021 — Standard Industrial Classification (SIC code for National Commercial Banks)
• 270563799 — IRS Number (Company's IRS number)
• DE — State of Incorporation (Company's state of incorporation)
• 1231 — Fiscal Year End (Company's fiscal year end month and day)

Key Players & Entities

• National Bank Holdings Corp. (company) — Filer name
• Greenwood Village, CO (location) — Business address city and state
• NBH Holdings Corp. (company) — Former company name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-01 (date) — Filed as of date

FAQ

Risk Factors

• Regulatory Compliance [medium — regulatory]: The company operates under various banking regulations, which can change and impact operations.
• Interest Rate Sensitivity [medium — financial]: As a financial institution, the company's profitability is sensitive to changes in interest rates.
• Economic Conditions [medium — market]: Deterioration in general economic conditions could adversely affect the company's business and financial results.

Key Dates

• 2024-03-31: Quarterly Report End Date — Marks the end of the reporting period for the 10-Q.
• 2024-05-01: Filing Date — Date the 10-Q was officially submitted to the SEC.
• 2022-10-01: Fixed-to-Floating Rate Note Maturity — Indicates a specific financial instrument and its maturity timeline.
• 2021-05-09: Share Repurchase Program Authorization — Date related to the company's capital return strategy.

Key Financial Figures

• $0.01 — Class A voting common stock, each with $0.01 par value per share, excluding 378,082
• $10 billion — ciated with the Company growing to over $10 billion in consolidated assets; increases in c

Filing Documents

• nbhc-20240331x10q.htm (10-Q) — 6494KB
• nbhc-20240331xex31d1.htm (EX-31.1) — 16KB
• nbhc-20240331xex31d2.htm (EX-31.2) — 16KB
• nbhc-20240331xex32.htm (EX-32) — 8KB
• 0001475841-24-000020.txt (&nbsp;) — 27561KB
• nbhc-20240331.xsd (EX-101.SCH) — 83KB
• nbhc-20240331_cal.xml (EX-101.CAL) — 94KB
• nbhc-20240331_def.xml (EX-101.DEF) — 535KB
• nbhc-20240331_lab.xml (EX-101.LAB) — 807KB
• nbhc-20240331_pre.xml (EX-101.PRE) — 713KB
• nbhc-20240331x10q_htm.xml (XML) — 8185KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements (Unaudited)

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

Notes to Consolidated Financial Statements 11 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 70 Item 4.

Controls and Procedures

Controls and Procedures 70

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 72 Item 1A.

Risk Factors

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 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; b

: FINANCIAL INFORMATIO N

PART I: FINANCIAL INFORMATIO N

: FINANCIAL STATEMENTS

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 ) Accu

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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 p

View Full Filing

View this 10-Q filing on SEC EDGAR