National Bank Holdings Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. Income before income taxes was $7,695,000 against $3,053,000 a year ago. Return on average equity was 2.13% against 1.12% a year ago. Adjusted net income (non-GAAP) was $4,778,000 or $0.16 per diluted share against $7,669,000 or $0.19 per diluted share a year ago. Net interest income totaled $39.9 million, a $1.2 million increase from the prior quarter driven by $1.0 million of accelerated 310-30 accretion and other accelerated discounts realized on acquired loans. The adjusted return on average tangible assets was 0.48% during the fourth quarter. At December 31, 2015, tangible common book value per share was $18.22 before consideration of the excess accretable yield value of $1.21 per share. Net income was $3,340,000 or $0.11 per basic and diluted share against $2,279,000 or $0.06 per basic and diluted share a year ago. Return on average assets was 0.28% against 0.19% a year ago. Return on average tangible common equity was 2.97% against 1.66% a year ago. Total interest and dividend income was $43.492 million compared to $46.280 million a year ago.

For the year, net income was $4.9 million, or $0.14 per diluted share, compared to $9.2 million, or $0.22 per diluted share for 2014. Net interest income totaled $156.9 million and decreased $13.3 million, or 7.8%, primarily driven by lower levels of higher-yielding acquired loans. Income before income taxes was $7,925,000 against $12,341,000 a year ago. Return on average assets was 0.10% against 0.19% a year ago. Return on average equity was 0.70% against 1.07% a year ago. Return on average tangible common equity was 1.29% against 1.58% a year ago. Adjusted net income (non-GAAP) was $22,444,000 or $0.65 per diluted share against $28,294,000 or $0.67 per diluted share a year ago. Total interest and dividend income was $171.407 million compared to $184.662 million a year ago.


The company reported net charge-offs of $2,134,000 for the fourth quarter of 2015 against $243,000 a year ago.