NATIONAL BANK HOLDINGS CORPORATION NBHC Income Statement

National bank holdings corporation (NBHC)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Sep'11
Interest and dividend income:
Interest and fees on loans
53,527	54,358	55,708	55,995	52,775	51,130	49,181	47,533	45,280	35,011	36,064	34,411	31,763	32,840	33,450	30,071	32,956	34,456	32,650	32,166	31,981	34,772	33,403	33,054	33,247	33,265	35,328	34,320	36,135	40,366	40,105	42,594	46,591	33,928
Interest and dividends on investment securities
4,631	4,670	5,080	5,535	6,012	6,121	6,289	6,810	6,526	5,734	6,005	6,489	6,613	6,577	7,094	7,759	8,235	8,665	9,144	9,764	10,572	11,128	11,749	12,606	13,168	13,562	13,539	13,596	13,248	13,592	15,190	16,454	15,106	15,754
Dividends on non-marketable securities
414	471	417	459	423	335	268	249	244	220	234	218	167	167	160	193	228	247	319	317	327	302	245	270	389	389	388	388	394	393	377	384	381	276
Interest on interest-bearing bank deposits
96	117	167	204	210	194	171	319	741	805	276	214	197	74	60	449	135	124	198	270	207	78	95	75	81	161	267	174	321	357	370	413	812	609
Total interest and dividend income
58,668	59,616	61,372	62,193	59,420	57,780	55,909	54,911	52,791	41,770	42,579	41,332	38,740	39,658	40,764	38,472	41,554	43,492	42,311	42,517	43,087	46,280	45,492	46,005	46,885	47,377	49,522	48,478	50,098	54,708	56,042	59,845	62,890	50,567
Interest expense:
Interest on deposits
7,326	7,565	7,974	7,649	6,615	6,091	5,451	4,865	4,634	4,413	4,068	3,904	3,787	3,658	3,479	3,516	3,310	3,335	3,424	3,451	3,399	3,495	3,563	3,556	3,506	3,746	3,965	4,171	4,511	5,103	6,519	7,900	9,603	9,764
Interest on borrowings
995	1,663	1,613	2,053	1,639	1,057	686	660	510	563	613	536	231	215	221	203	206	228	205	211	209	201	34	26	32	41	42	20	18	21	27	32	29	50
Total interest expense
8,321	9,228	9,587	9,702	8,254	7,148	6,137	5,525	5,144	4,976	4,681	4,440	4,018	3,873	3,700	3,719	3,516	3,563	3,629	3,662	3,608	3,696	3,597	3,582	3,538	3,787	4,007	4,191	4,529	5,124	6,546	7,932	9,632	9,814
Net interest income before provision for loan losses
50,347	50,388	51,785	52,491	51,166	50,632	49,772	49,386	47,647	36,794	37,898	36,892	34,722	35,785	37,064	34,753	38,038	39,929	38,682	38,855	39,479	42,584	41,895	42,423	43,347	43,590	45,515	44,287	45,569	49,584	49,496	51,913	53,258	40,753
Provision for loan losses
6,159	1,180	5,690	3,239	1,534	2,476	807	1,873	41	3,272	3,880	4,025	1,795	1,282	5,293	6,457	10,619	5,423	3,710	1,858	1,453	1,265	1,515	1,660	1,769	772	437	1,670	1,417	2,670	5,263	12,226	7,836	3,760
Net interest income after provision for loan losses
44,188	49,208	46,095	49,252	49,632	48,156	48,965	47,513	47,606	33,522	34,018	32,867	32,927	34,503	31,771	28,296	27,419	34,506	34,972	36,997	38,026	41,319	40,380	40,763	41,578	42,818	45,078	42,617	44,152	46,914	44,233	39,687	45,422	36,993
Non-interest income:
Non-interest income
23,532	-	-	-	17,051	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Mortgage banking income
13,673	10,309	14,702	10,398	6,937	5,406	7,819	8,911	7,971	438	668	594	454	630	819	958	474	389	628	546	400	326	264	202	208	233	345	474	306	328	283	294	309	356
Bank-owned life insurance income
590	437	431	424	421	430	463	446	452	454	475	472	470	483	497	486	395	397	421	402	394	-	-	0	0	-	-	-	-	-	-	-	-	-
Gain (Loss) on Sale of Securities, Net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	0	0	0	674	-813
Other non-interest income
1,602	1,303	1,230	1,472	1,883	1,089	1,429	1,711	1,150	933	1,611	4,124	1,414	2,409	2,135	2,473	691	1,648	521	1,360	772	1,548	836	896	825	205	1,352	679	665	-832	1,322	1,357	1,065	233
Gain on previously charged-off acquired loans
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	58	-	147	232	296	221	224	451	443	1,671	837	257	1,533	3,423
OREO-related income
28	168	27	59	61	4	72	451	390	-12	136	86	228	58	1,667	187	336	1,508	183	188	500	-	-	-	-	-	-	-	-	-	-	-	-	-
Bargain purchase gain
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,048	-	-	-	-	-	-	-	-	-	-	-	-	-	-	60,520
FDIC indemnification asset amortization, net of gain on termination
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-6,252	-5,959	-7,608	30,803	-4,208	-2,966	-4,669	-4,655	-2,832	-2,646	-3,687	-
FDIC loss-sharing related
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,873	-5,801	-6,145	-8,480	-34,054	-943	-649	-957	-467	-1,191	1,193	3,276	2,791	1,503	4,076	3,699	-6,226
OREO related write-ups and other income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	799	1,010	968	-	-	1,012	974	-	-	-	-	-
Total non-interest income
23,532	20,282	24,759	20,660	17,051	15,317	18,061	19,562	17,835	9,002	9,551	11,956	8,696	9,992	11,608	10,504	7,923	15,419	3,761	2,747	-479	-5,117	1,614	2,161	-354	2,364	3,338	7,324	7,151	8,997	8,063	10,049	10,270	64,066
Non-interest expense:
Salaries and benefits
33,180	30,653	33,522	30,667	27,890	27,017	28,127	29,123	30,672	20,526	19,363	19,909	20,390	19,450	20,091	19,612	20,612	21,331	20,454	21,156	20,077	20,574	21,058	20,428	20,774	20,639	22,639	23,768	22,956	21,885	27,182	22,631	22,413	22,098
Occupancy and equipment
6,898	6,908	6,825	6,721	6,882	6,423	6,925	7,190	7,955	5,107	5,208	5,242	5,437	5,464	5,666	5,708	6,066	6,234	6,098	6,069	6,089	6,263	6,155	6,209	6,474	6,309	6,556	5,870	5,965	5,713	5,570	4,738	4,537	4,392
Telecommunications and data processing
2,265	2,207	2,133	2,124	2,290	1,445	2,186	2,101	4,366	2,347	1,702	1,552	1,587	1,371	1,487	1,471	1,641	2,934	2,933	2,578	3,062	2,949	2,848	2,982	3,148	3,268	3,050	3,286	3,469	3,163	4,475	3,488	3,731	3,754
Marketing and business development
696	1,086	985	840	986	924	1,128	1,237	1,224	804	683	545	651	762	687	689	426	1,048	1,016	1,252	1,009	1,029	757	1,762	1,023	1,761	1,408	732	1,379	1,250	1,760	1,612	918	1,229
FDIC deposit insurance
-76	-	-	-	498	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
FDIC deposit insurance
-	-	58	493	-	564	401	757	753	656	715	686	705	517	734	1,064	921	818	1,031	1,032	1,041	1,021	1,029	1,035	1,045	1,048	1,021	1,006	1,047	1,067	1,152	1,161	1,351	893
Bank card expenses
1,026	1,259	1,288	1,423	810	962	1,258	1,097	2,136	1,236	971	896	883	1,431	1,133	963	913	1,231	924	789	757	767	799	762	751	971	1,179	1,107	1,005	1,169	1,102	1,223	775	664
Professional fees
609	658	743	1,041	814	1,385	1,117	738	2,819	890	754	1,270	416	1,153	909	978	456	1,489	924	962	1,120	1,077	854	688	638	689	791	858	1,396	2,544	2,669	3,272	2,671	3,101
Printing And Supplies
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	326	-	-	472	1,288	828	379	-
Other non-interest expense
3,090	2,297	3,856	2,439	3,173	3,558	2,564	3,106	3,845	2,521	2,700	2,733	2,406	2,289	2,198	2,112	1,955	3,541	2,831	2,493	2,242	6,883	2,540	2,749	2,409	3,295	2,884	3,549	2,908	3,159	1,259	2,715	2,628	3,633
Other real estate owned expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	594	1,402	1,633	-	459	2,497	4,719	8,161	3,468	63	8,621	1,013
Problem asset workout
648	736	602	725	1,123	328	665	775	781	606	1,636	880	872	879	1,172	958	974	1,882	1,821	1,762	1,852	8,224	1,267	1,082	685	12,240	1,134	896	2,331	1,828	2,267	2,726	1,711	341
Loss (gain) on OREO sales, net
-39	-32	6,514	318	400	114	450	14	-78	1,897	497	1,644	112	263	2,077	1,611	432	434	238	633	1,471	-	-	-	-	-	-	-	-	-	-	-	-	-
Core deposit intangible asset amortization
296	296	295	296	296	353	511	653	653	1,232	1,370	1,370	1,370	1,370	1,370	1,370	1,370	1,370	1,359	1,336	1,336	1,336	1,336	1,336	1,336	1,337	1,336	1,337	1,336	1,324	1,353	1,331	1,336	1,122
Loss (gain) from the change in fair value of warrant liability
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	464	-476	508	-390	-5,687	1,256	580	898	958	-441	-324	627	368	1,154	589	-726	-
Banking center consolidation related expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,089	-	-	-	0	-	-	3,389	-	-	-	0	-	-	-
Initial Public Offering Cost
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	0	7,566	87	321	600
Business Combination, Acquisition Related Costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	0	0	15	855	3,819
Total non-interest expense
48,671	46,107	43,793	46,451	44,394	42,857	44,432	46,763	55,282	34,028	34,605	33,439	34,605	34,423	33,370	33,314	34,902	42,230	38,677	40,393	36,724	33,149	37,981	39,855	39,018	44,238	46,613	45,230	47,884	51,367	59,957	45,301	52,973	46,659
Income before income taxes
19,049	23,383	27,061	23,461	22,289	20,616	22,594	20,312	10,159	8,496	8,964	11,384	7,018	10,072	10,009	5,486	440	7,695	56	-649	823	3,053	4,013	3,069	2,206	944	1,803	4,711	3,419	4,544	-7,661	4,435	2,719	54,400
Income tax expense
3,225	3,864	5,419	3,179	3,367	3,381	4,354	2,800	1,695	18,615	1,733	2,175	-1,240	81	1,695	982	189	4,355	-1,580	692	-423	774	676	940	775	-56	856	1,813	1,337	1,541	230	1,733	1,076	20,648
Net income
15,824	19,519	21,642	20,282	18,922	17,235	18,240	17,512	8,464	-10,119	7,231	9,209	8,258	9,991	8,314	4,504	251	3,340	1,636	-1,341	1,246	2,279	3,337	2,129	1,431	1,000	947	2,898	2,082	3,003	-7,891	2,702	1,643	33,752
Earnings per share-basic (in dollars per share)
0.51	0.62	0.69	0.65	0.61	0.56	0.59	0.57	0.28	-0.38	0.27	0.34	0.31	0.35	0.30	0.15	0.01	0.10	0.05	-0.04	0.03	0.06	0.08	0.05	0.03	0.02	0.02	0.06	0.04	0.06	-0.15	0.05	0.03	0.65
Earnings per share-diluted (in dollars per share)
0.50	0.62	0.69	0.64	0.60	0.54	0.58	0.56	0.27	-0.36	0.26	0.33	0.30	0.33	0.30	0.15	0.01	0.10	0.05	-0.04	0.03	0.06	0.08	0.05	0.03	0.02	0.02	0.06	0.04	0.06	-0.15	0.05	0.03	0.65
Weighted average number of common shares outstanding:
Basic (Shares)
31,157	31,304	31,281	31,155	30,961	30,894	30,869	30,735	30,493	27,010	26,947	26,955	26,801	26,264	27,654	29,215	30,117	30,525	32,681	36,164	38,028	39,093	41,837	43,868	44,819	47,331	51,454	52,055	52,320	52,297	52,191	52,191	52,176	51,936
Diluted (Shares)
31,361	31,512	31,508	31,604	31,497	31,648	31,540	31,387	31,143	27,932	27,628	27,597	27,680	29,069	27,898	29,278	30,118	30,498	32,762	36,164	38,028	39,098	41,841	43,880	44,863	47,367	51,501	52,081	52,346	52,042	52,191	52,319	52,303	52,242
Service charges and other fees
Non-interest income
4,126	4,416	4,617	4,541	4,321	4,619	4,592	4,371	4,510	4,177	3,585	3,546	3,326	3,513	3,662	3,465	3,260	3,821	3,953	3,697	3,327	3,872	4,148	3,870	3,540	4,011	4,334	3,923	3,687	4,222	4,466	4,328	4,376	4,717
Bank card fees
Non-interest income
3,513	3,649	3,752	3,766	3,428	3,769	3,686	3,672	3,362	3,012	3,076	3,134	2,804	2,899	2,828	2,935	2,767	2,841	2,808	2,699	2,550	2,575	2,615	2,559	2,374	2,447	2,482	2,558	2,469	2,531	2,484	2,383	2,301	1,856