National Bank Holdings Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter of 2015
January 28, 2016 at 09:23 pm
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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.
National Bank Holdings Corporation is a bank holding company. The Company operates, through its subsidiaries, NBH Bank and Bank of Jackson Hole Trust (the Banks), which are a chartered banks and a member of the Federal Reserve System. The Bank provides a range of banking products to both commercial and consumer clients through a network of approximately 90 banking centers, located primarily in Colorado, the greater Kansas City region, Texas, Utah, and New Mexico, as well as through online and mobile banking products and services. The Bankâs distribution network also includes approximately 126 ATMs. The Bank offers personalized banking service to the clients, which includes services, such as loan and deposit services, online and mobile banking solutions, treasury management products, and services and trust and wealth management services. The Bankâs loan portfolio includes commercial and industrial loans, commercial real estate loans, residential real estate loans, and others.
National Bank Holdings Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter of 2015