National Bank Holdings Corp. Files Q2 2024 10-Q

TL;DR

NBHC filed its 10-Q for Q2 2024, check financials.

AI Summary

National Bank Holdings Corp. reported its financial results for the period ending June 30, 2024. The company's filing indicates its fiscal year ends on December 31st, and it is incorporated in Delaware. The filing was made on July 31, 2024, and is a 10-Q form.

Why It Matters

This filing provides investors with an update on National Bank Holdings Corp.'s financial performance and position as of the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Players & Entities

• National Bank Holdings Corp. (company) — Filer of the 10-Q
• 0001475841-24-000038 (other) — Accession Number for the filing
• 20240630 (date) — Conformed period of report
• 20240731 (date) — Filed as of date
• DE (other) — State of incorporation
• 1231 (date) — Fiscal year end
• 7800 EAST ORCHARD ROAD (other) — Business and mailing street address
• GREENWOOD VILLAGE (other) — Business and mailing city
• CO (other) — Business and mailing state
• 80111 (other) — Business and mailing zip code

FAQ

Key Financial Figures

• $0.01 — ered: Class A Common Stock, Par Value $0.01 NBHC NYSE Indicate by check mark
• $10 billion — ciated with the Company growing to over $10 billion in consolidated assets; increases in c

Filing Documents

• nbhc-20240630x10q.htm (10-Q) — 7693KB
• nbhc-20240630xex31d1.htm (EX-31.1) — 16KB
• nbhc-20240630xex31d2.htm (EX-31.2) — 16KB
• nbhc-20240630xex32.htm (EX-32) — 8KB
• 0001475841-24-000038.txt ( ) — 30629KB
• nbhc-20240630.xsd (EX-101.SCH) — 87KB
• nbhc-20240630_cal.xml (EX-101.CAL) — 98KB
• nbhc-20240630_def.xml (EX-101.DEF) — 551KB
• nbhc-20240630_lab.xml (EX-101.LAB) — 866KB
• nbhc-20240630_pre.xml (EX-101.PRE) — 741KB
• nbhc-20240630x10q_htm.xml (XML) — 9046KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 6 Consolidated Statements of Financial Condition as of June 30, 2024 and December 31, 2023 6 Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 7 Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 8 Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2024 and 2023 9 Consolidated Statements of Cash Flows for the six months ended June 30, 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 50 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 79 Item 4.

Controls and Procedures

Controls and Procedures 79

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 81 Item 1A.

Risk Factors

Risk Factors 81 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 81 Item 5. Other Information 81 Item 6. Exhibits 82 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, the reader is 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;

: 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) June 30, 2024 December 31, 2023 ASSETS Cash and cash equivalents $ 144,993 $ 190,826 Investment securities available-for-sale (at fair value) 691,076 628,829 Investment securities held-to-maturity (fair value of $ 468,889 and $ 504,328 at June 30, 2024 and December 31, 2023, respectively) 554,686 585,052 Non-marketable securities 72,987 90,477 Loans 7,722,153 7,698,758 Allowance for credit losses ( 96,457 ) ( 97,947 ) Loans, net 7,625,696 7,600,811 Loans held for sale 18,787 18,854 Other real estate owned 1,526 4,088 Premises and equipment, net 177,456 162,733 Goodwill 306,043 306,043 Intangible assets, net 62,356 66,025 Other assets 315,245 297,326 Total assets $ 9,970,851 $ 9,951,064 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Deposits: Non-interest bearing demand deposits $ 2,229,432 $ 2,361,367 Interest bearing demand deposits 1,420,942 1,480,042 Savings and money market 3,703,810 3,367,012 Time deposits 1,022,741 981,970 Total deposits 8,376,925 8,190,391 Securities sold under agreements to repurchase 19,465 19,627 Long-term debt, net 54,356 54,200 Federal Home Loan Bank advances 35,000 340,000 Other liabilities 237,461 134,039 Total liabilities 8,723,207 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; 37,899,453 and 37,784,851 shares outstanding at June 30, 2024 and December 31, 2023, respectively 515 515 Additional paid-in capital 1,161,804 1,162,269 Retained earnings 469,630 433,126 Treasury stock of 13,269,143 and 13,462,472 shares at June 30, 2024 and December 31, 2023, respectively, at cost ( 303,880 ) ( 306,702 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) June 30, 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 June 30, 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 pr

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