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National Bank Holdings Corporation Announces Third Quarter 2012 Financial Results

Stocks in this article: NBHC

National Bank Holdings Corporation (NYSE: NBHC) reported a net loss of $7.9 million, or $0.15 per diluted share for the third quarter of 2012. Excluding $10.8 million of after tax costs related to the successful initial public offering (IPO), net income for the third quarter of 2012 was $2.9 million, or $0.06 per diluted share, compared to second quarter 2012 net income of $2.7 million, or $0.05 per share. Tangible book value per share grew in the third quarter of 2012 to $19.30 as compared to $19.29 at June 30, 2012.

“During the third quarter we were pleased to have achieved a key corporate milestone with the successful completion of our IPO by listing on the New York Stock Exchange,” said President and Chief Executive Officer Tim Laney. “I am pleased to report that we increased our loan production for the seventh consecutive quarter, grew our strategic loan balances, grew our non-interest bearing demand deposit balances and banking fee revenues while maintaining our focus on maximizing the returns on the acquired problem loans portfolio and managing expenses.”

Third Quarter 2012 Highlights

  • Grew organic loan production for the seventh consecutive quarter, resulting in growth in our strategic loan portfolio.
  • Grew average non-interest bearing demand deposit balances 8.5% annualized, leading to growth in average transaction balances.
  • Lowered the cost of deposits by 10 basis points.
  • Added $14.8 million to accretable yield for the acquired loans accounted for under ASC 310-30 and took $3.7 million in impairments.
  • Tangible book value per share of $19.30 before consideration of the excess accretable yield value of $0.56 per share.
  • Non-performing loans improved to 1.94% of total loans at September 30, 2012 from 2.49% at June 30, 2012.
  • Approximately $375 million in excess strategic capital (above 10% Tier 1 Leverage), which positions us for future growth opportunities.
  • Completed the integration of our acquisitions to a single operating platform.

Third Quarter 2012 Results

(All comparisons refer to the second quarter of 2012, except as noted)

Net Interest Income

Net interest income for the third quarter of 2012 totaled $49.5 million, decreasing $2.4 million or 4.7% from the prior quarter. The decrease was primarily driven by a 3.8% reduction in average earning assets as we successfully exited non-strategic loans and slightly reduced the investment portfolio. In addition, the third quarter net interest margin equaled 3.92% representing a narrowing of 8 basis points from the prior quarter as the continued low interest rate environment provided lower reinvestment yields for the investment portfolio coupled with lower prepayments on acquired non 310-30 loans, thereby decreasing the accelerated recognition of acquisition discounts. The cost of interest bearing liabilities continued its downward trend, declining 10 basis points from the second quarter of 2012.

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