• National Bank Holdings Corporation Announces Fourth Quarter and Full Year 2022 Financial Results

    来源: Nasdaq GlobeNewswire / 24 1月 2023 16:10:09   America/New_York

    DENVER, Jan. 24, 2023 (GLOBE NEWSWIRE) -- National Bank Holdings Corporation (NYSE: NBHC) reported:

      For the quarter For the quarter - adjusted(1) For the year For the year - adjusted (1)
      4Q22 3Q22 4Q21 4Q22 3Q22 4Q21 2022  2021  2022  2021 
    Net income ($000's) $ 16,721  $15,839  $22,769  $ 34,546  $25,349  $22,769  $ 71,274  $93,606  $ 99,577  $93,606 
    Earnings per share - diluted $ 0.44  $0.50  $0.74  $ 0.91  $0.80  $0.74  $ 2.18  $3.01  $ 3.05  $3.01 
    Return on average tangible assets(2)  0.77%   0.87%   1.30%   1.55%   1.39%   1.30%   0.95%   1.37%   1.32%   1.37% 
    Return on average tangible common equity(2)  9.17%   8.66%   12.37%   18.37%   13.76%   12.37%   9.91%   12.87%   13.75%   12.87% 

                                                          

    (1) See non-GAAP reconciliations below.
    (2) Quarterly ratios are annualized.
       

    In announcing these results, Chief Executive Officer Tim Laney shared, “We are pleased to deliver solid quarterly earnings of $0.91 per diluted share and a record return on average tangible common equity of 18.37%, adjusted for one-time acquisition-related expenses. We generated organic loan growth of 21.5% annualized, fueled by strong loan fundings, while maintaining strong credit quality with annual net charge-offs of just three basis points, and a low non-performing loans ratio of 0.23%. We believe our strong capital and our fortress balance sheet positions us to perform in any economic environment.”

    Mr. Laney added, “I am proud of our teams’ accomplishments this year that led to delivering a record return on tangible common equity while simultaneously closing and integrating two strategically important banking enterprises. We have added great teammates in Utah, Wyoming and Idaho to the NBH family and remain very focused on delivering best-in-class banking solutions for our clients. We are well positioned to continue to serve our clients and communities in 2023.”

    Fourth Quarter 2022 Results
    (All comparisons refer to the third quarter of 2022, except as noted)

    Net income totaled $16.7 million or $0.44 per diluted share, compared to $15.8 million or $0.50 per diluted share during the third quarter of 2022. The quarter’s results were driven by record net interest income and was impacted by non-recurring acquisition-related expenses of $23.2 million, including $16.3 million of CECL Day 1 provision expense, discussed in detail below. Fully taxable equivalent pre-provision net revenue increased $9.1 million to $43.0 million during the fourth quarter. The return on average tangible assets was 0.77% compared to 0.87% during the third quarter, and the return on average tangible common equity was 9.17% compared to 8.66%.

    Adjusting for acquisition-related provision expense and non-recurring acquisition-related expenses of $23.2 million and $12.4 million during the fourth and third quarters respectively, adjusted net income totaled $34.5 million or $0.91 per diluted share compared to $25.3 million or $0.80 per diluted share. Adjusted fully taxable equivalent pre-provision net revenue increased $8.9 million to $49.8 million. The adjusted return on average tangible assets was 1.55% compared to 1.39%, and the adjusted return on average tangible common equity was 18.37% compared to 13.76%.

    Net Interest Income
    Fully taxable equivalent net interest income totaled a record $96.5 million during the fourth quarter of 2022, an increase of $26.0 million, or 146.4% annualized. The fully taxable equivalent net interest margin widened 38 basis points to 4.39%, and average earning assets increased $1.7 billion. The increase in average earning assets was primarily due to increases in average acquired loans of $1.5 billion and increases in average originated loans of $435.0 million. The margin expansion was driven by a 60 basis point increase in earning asset yields, as a result of several increases in the federal funds rate since September 2022, and excess cash being deployed into higher-yielding originated loans. The cost of funds totaled 0.43%, compared to 0.20% during the third quarter.

    Loans
    Total loans increased $1.5 billion to a record $7.2 billion at December 31, 2022 and included $1.2 billion of loans acquired through the Bank of Jackson Hole acquisition. Excluding the newly acquired Bank of Jackson Hole loans, loans increased $310.0 million or 21.5% annualized led by originated commercial loan growth of $151.1 million. We generated quarterly loan fundings totaling $497.3 million, led by commercial loan fundings of $267.5 million.

    Asset Quality and Provision for Credit Losses
    The Company recorded $21.9 million of provision expense, compared to $12.7 million last quarter. The quarter’s provision included $16.3 million of Day 1 allowance reserve funding for the Bank of Jackson Hole loan portfolio compared to $5.4 million of Day 1 allowance reserve funding for the Rock Canyon Bank loan portfolio during the third quarter. The remainder of the quarter’s provision expense was driven by strong loan growth and higher reserve requirements from changes in the CECL model’s underlying macro-economic forecast. Annualized net charge-offs totaled 0.04% of total loans, compared to 0.01% during the third quarter. Non-performing loans (comprised of non-accrual loans and non-accrual TDRs) decreased three basis points to 0.23% of total loans, and non-performing assets decreased four basis points to 0.28% of total loans and OREO. The allowance for credit losses as a percentage of loans totaled 1.24%, compared to 1.15% at September 30, 2022.

    Deposits
    Average total deposits increased $1.6 billion or 96.8% annualized to $8.0 billion for the fourth quarter 2022. Average transaction deposits (defined as total deposits less time deposits) increased $1.5 billion or 104.1% annualized, and average non-interest bearing demand deposits increased $585.0 million or 90.8% annualized.

    The Bank of Jackson Hole acquisition added $1.4 billion of total deposits, including $1.3 billion of transaction deposits and $0.1 billion of time deposits on October 1, 2022. The mix of transaction deposits to total deposits increased 124 basis points to 88.9% at December 31, 2022. The loan to deposit ratio totaled 91.7% at December 31, 2022.

    Non-Interest Income
    Non-interest income totaled $14.1 million, a decrease of $3.2 million largely driven by $1.8 million lower mortgage banking income due to lower mortgage activity. Other non-interest income decreased $1.0 million due to unrealized gains on equity method investments included in the prior quarter. These decreases were partially offset by a $0.3 million increase in service charges and bank card fees. Included in the prior quarter was $0.8 million of banking center consolidation-related income.

    Non-Interest Expense
    Non-interest expense totaled $67.7 million, an increase of $13.7 million from the prior quarter. Included in the fourth quarter were $6.8 million of non-recurring acquisition-related expenses with $2.5 million included in professional fees, $1.5 million included in data processing, $1.1 million included in occupancy and equipment, $0.8 million included in salaries and benefits and $0.9 million included in other non-interest expense. Included in the third quarter were $7.0 million of non-recurring acquisition-related expenses with $4.6 million included in professional fees, $0.8 million included in salaries and benefits, $0.6 million in data processing, $0.5 million included in occupancy and equipment and $0.5 million included in other non-interest expense. Excluding the impact of non-recurring acquisition-related expenses in both quarters, non-interest expense increased $13.9 million largely driven by an increase in core operating expenses driven by the growth of our recent acquisitions.

    The fully taxable equivalent efficiency ratio was 61.1% at December 31, 2022, compared to 61.4% at September 30, 2022. Adjusting for non-recurring acquisition-related expenses, the fully taxable equivalent efficiency ratio was 53.8% compared to 53.0% during the third quarter.

    Income tax expense totaled $3.0 million during the fourth quarter compared to $4.0 million. The effective tax rate was 15.0% and 20.1% for the fourth and third quarters, respectively.

    Capital
    Capital ratios continue to be strong and in excess of federal bank regulatory agency “well capitalized” thresholds. The Tier 1 leverage ratio at December 31, 2022 for the consolidated company was 9.29%. Shareholders’ equity totaled $1.1 billion at December 31, 2022 increasing $172.8 million primarily due to the issuance of stock for the Bank of Jackson Hole acquisition. Retained earnings, net of dividends paid, increased $7.3 million, and accumulated other comprehensive loss decreased $1.1 million due to fair market value fluctuations in the available-for-sale investment securities portfolio.

    Common book value per share increased $1.34 to $29.04 at December 31, 2022. Tangible common book value per share decreased $1.77 to $20.63 at December 31, 2022 due to the impact of the Bank of Jackson Hole acquisition. Excluding accumulated other comprehensive loss, the tangible book value totaled $22.98, compared to $25.10 at September 30, 2022.

    Year-Over-Year Review
    (All comparisons refer to the full year 2021, except as noted)

    Net income totaled $71.3 million or $2.18 per diluted share, compared to $93.6 million or $3.01 per diluted share over the prior year. Adjusting for acquisition-related provision expense and non-recurring acquisition-related expenses of $36.8 million during 2022, adjusted net income totaled $99.6 million or $3.05 per diluted share. Fully taxable equivalent pre-provision net revenue increased $17.6 million to $128.4 million and the adjusted fully taxable equivalent pre-provision net revenue increased $32.7 million to $143.5 million. The return on average tangible assets was 0.95% compared to 1.37% in the prior year, and the return on average tangible common equity was 9.91% compared to 12.87%. The adjusted return on average tangible assets was 1.32%, and the adjusted return on average tangible common equity was 13.75%.

    Fully taxable equivalent net interest income totaled $272.3 million, an increase of $80.0 million or 41.6%. Average earning assets increased $787.5 million, or 12.1%, including average originated loan growth of $638.0 million and average acquired loan growth $392.0 million. The fully taxable equivalent net interest margin widened 78 basis points to 3.73%, benefitting from an 81 basis point increase in earning asset yields to 3.97%. The cost of funds totaled 0.26%, compared to 0.23% during 2021.

    Loans outstanding totaled a record $7.2 billion, increasing $2.7 billion or 60.0%, and included $1.7 billion of loans acquired through the Rock Canyon Bank and Bank of Jackson Hole acquisitions. Excluding the newly acquired loans, loans increased $980.9 million or 21.7% led by originated commercial loan growth of $629.0 million. New loan fundings during 2022 totaled $2.0 billion, led by commercial loan fundings of $1.2 billion.  

    The Company recorded $36.7 million of provision expense for credit loss during 2022, compared to a provision release of $9.3 million in the prior year. Provision expense in 2022 included $21.7 million of Day 1 allowance reserve funding for the Rock Canyon Bank and Bank of Jackson Hole loan portfolios. The remainder of the provision expense was driven by strong loan growth and higher reserve requirements from changes in the CECL model’s underlying macro-economic forecast. Annualized net charge-offs remained consistent at 0.03% of total loans. Non-performing loans to total loans improved one basis point to 0.23% at December 31, 2022, and non-performing assets to total loans and OREO improved 11 basis points to 0.28%. The allowance for credit losses totaled 1.24% of total loans, compared to 1.10% at December 31, 2021.

    Average total deposits increased $672.6 million or 11.1% to $6.7 billion. Average transaction deposits increased $761.1 million or 14.8%, and average non-interest bearing demand deposits increased $297.4 million or 12.6%. The mix of transaction deposits to total deposits increased by 230 basis points to 88.9% at December 31, 2022, and the mix of non-interest bearing demand deposits to total deposits totaled 39.8% compared to 40.2% at December 31, 2021.

    Non-interest income totaled $67.3 million, a decrease of $43.1 million or 39.0%, largely driven by $39.6 million of lower mortgage banking income due to lower refinance activity in 2022, as well as competition driving tighter gain on sale margins. Service charges and bank card fees increased a combined $2.1 million in 2022. Other non-interest income decreased $2.4 million largely due to market adjustments on company-owned life insurance and higher unrealized gains on equity method investments included in the prior year. 2021 included $3.1 million of non-recurring banking center consolidation-related income.

    Non-interest expense totaled $211.2 million, an increase of $19.4 million or 10.1%. Included in 2022 were $15.1 million of non-recurring acquisition-related expenses, with $8.2 million included in professional fees, $1.7 million included in salaries and benefits, $2.1 million included in data processing, $1.6 million included in occupancy and equipment and $1.5 million included in other non-interest expense. Compared to 2021, our on-going operating expenses increased driven by growth from our recent acquisitions. Excluding non-recurring acquisition-related expenses, occupancy and equipment increased $4.6 million, data processing increased $1.2 million, core deposit intangible and wealth management assets amortization increased $1.2 million, professional fees increased $0.8 million and other non-interest expense increased $4.3 million. Partially offsetting these increases was a $4.2 million decrease in salaries and benefits as the decrease in mortgage banking-related compensation more than offset additional expense for the Rock Canyon Bank and Bank of Jackson Hole associates. 2022 included $4.3 million for our continued investment in our digital platform 2UniFi and 2021 included banking center consolidation-related expense of $1.6 million.

    Income tax expense totaled $14.9 million, a decrease of $6.5 million, driven by 2022’s lower pre-tax income due to acquisition-related expenses. Included in income tax expense was $0.3 million and $0.6 million of tax benefit from stock compensation activity during 2022 and 2021, respectively. Adjusting for stock compensation activity, the effective tax rate was 17.6% for 2022, compared to 19.1% for 2021. The lower rate compared to the statutory rate reflects the continued success of our tax strategies and tax-exempt income.

    Conference Call
    Management will host a conference call to review the results at 11:00 a.m. Eastern Time on Wednesday, January 25, 2023. Interested parties may listen to this call by dialing (888) 204-4368 using the participant passcode of 5871977 and asking for the NBHC Q4 2022 Earnings Call. The earnings release and a link to the replay of the call will be available on the Company’s website at www.nationalbankholdings.com by visiting the investor relations area.

    About National Bank Holdings Corporation
    National Bank Holdings Corporation is a bank holding company created to build a leading community bank franchise, delivering high quality client service and committed to stakeholder results. Through its bank subsidiaries, NBH Bank and Bank of Jackson Hole Trust, National Bank Holdings Corporation operates a network of over 95 banking centers, serving individual consumers, small, medium and large businesses, and government and non-profit entities. Its banking centers are located in its core footprint of Colorado, the greater Kansas City region, Utah, Wyoming, Texas, New Mexico and Idaho. Its comprehensive residential mortgage banking group primarily serves the bank’s core footprint. Its trust business is operated in its core footprint under the Bank of Jackson Hole Trust charter. NBH Bank operates under a single state charter through the following brand names as divisions of NBH Bank: in Colorado, Community Banks of Colorado and Community Banks Mortgage; in Kansas and Missouri, Bank Midwest and Bank Midwest Mortgage; in Texas, Utah, New Mexico and Idaho, Hillcrest Bank and Hillcrest Bank Mortgage; and in Wyoming, Bank of Jackson Hole and Bank of Jackson Hole Mortgage. Additional information about National Bank Holdings Corporation can be found at www.nationalbankholdings.com.

    For more information visit: cobnks.com, bankmw.com, hillcrestbank.com, bankofjacksonhole.com, or nbhbank.com. Or connect with any of our brands on LinkedIn.

    About Non-GAAP Financial Measures
    Certain of the financial measures and ratios we present, including “tangible assets,” “return on average tangible assets,” “tangible common equity,” “return on average tangible common equity,” “tangible common book value per share,” “tangible common book value, excluding accumulated other comprehensive loss, net of tax,” “tangible common book value per share, excluding accumulated other comprehensive loss, net of tax,” “tangible common equity to tangible assets,” “non-interest expense adjusted for CDI and WMI asset amortization and acquisition-related expenses,” “non-interest expense adjusted for acquisition-related expenses,” “efficiency ratio adjusted for CDI and WMI amortization and acquisition-related expenses,” “adjusted net income,” “adjusted earnings per share – diluted,” “net income adjusted for the impact of CDI and WMI amortization expense and acquisition-related expenses, after tax,” “net income excluding the impact of CDI and WMI amortization expense, after tax,” “adjusted return on average tangible assets,” “adjusted return on average tangible common equity,” “pre-provision net revenue,” “pre-provision net revenue adjusted for acquisition-related expenses,” and “fully taxable equivalent” metrics, are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as “non-GAAP financial measures.” We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results or by presenting certain metrics on a fully taxable equivalent basis. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods.

    These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance.

    A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.

    Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain words such as “anticipate,” “believe,” “can,” “would,” “should,” “could,” “may,” “predict,” “seek,” “potential,” “will,” “estimate,” “target,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend” or similar expressions that relate to the Company’s strategy, plans or intentions. 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. Such factors include, without limitation, the “Risk Factors” referenced in our most recent Form 10-K filed with the Securities and Exchange Commission (SEC), other risks and uncertainties listed from time to time in our reports and documents filed with the SEC, and the following factors: difficulties in integrating the NBHC, Community Bancorporation, and Bancshares of Jackson Hole Incorporated businesses or fully realizing cost savings and other benefits; business disruption following the mergers; ability to execute our business strategy; business and economic conditions; effects of any potential government shutdowns; economic, market, operational, liquidity, credit and interest rate risks associated with the Company’s business; effects of any changes in trade, monetary and fiscal policies and laws; changes imposed by regulatory agencies to increase capital standards; effects of inflation, as well as, interest rate, securities market and monetary supply fluctuations; changes in the economy or supply-demand imbalances affecting local real estate values; changes in consumer spending, borrowings and savings habits; with respect to our mortgage business, the inability to negotiate fees with investors for the purchase of our loans or our obligation to indemnify purchasers or repurchase related loans; the Company’s ability to identify potential candidates for, consummate, integrate and realize operating efficiencies from, acquisitions, consolidations and other expansion opportunities; the Company's ability to realize anticipated benefits from enhancements or updates to its core operating systems from time to time without significant change in client service or risk to the Company's control environment; the Company's dependence on information technology and telecommunications systems of third-party service providers and the risk of systems failures, interruptions or breaches of security; the Company’s ability to achieve organic loan and deposit growth and the composition of such growth; changes in sources and uses of funds; increased competition in the financial services industry; the effect of changes in accounting policies and practices; the share price of the Company’s stock; the Company's ability to realize deferred tax assets or the need for a valuation allowance; the effects of tax legislation, including the potential of future increases to prevailing tax rules, or challenges to our positions; continued consolidation in the financial services industry; ability to maintain or increase market share and control expenses; costs and effects of changes in laws and regulations and of other legal and regulatory developments; technological changes; the timely development and acceptance of new products and services, including in the digital technology space our digital solution 2UniFi; the Company’s continued ability to attract, hire and maintain qualified personnel; ability to implement and/or improve operational management and other internal risk controls and processes and reporting system and procedures; regulatory limitations on dividends from the Company's bank subsidiary; changes in estimates of future credit reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; widespread natural and other disasters, pandemics, dislocations, political instability, acts of war or terrorist activities, cyberattacks or international hostilities; a cybersecurity incident, data breach or a failure of a key information technology system; adverse effects due to the novel Coronavirus Disease 2019 (COVID-19) on the Company and its clients, counterparties, employees, and third-party service providers, and the adverse impacts on our business, financial position, results of operations, and prospects; impact of reputational risk; and success at managing the risks involved in the foregoing items. The Company can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. The forward-looking statements are made as of the date of this press release, and the Company does not intend, and assumes no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.

    Contact:
    Analysts/Institutional Investors: Aldis Birkans, Chief Financial Officer, (720) 554-6640, ir@nationalbankholdings.com
    Media: Jody Soper, Chief Marketing Officer, (303) 784-5925, Jody.Soper@nbhbank.com

     
    NATIONAL BANK HOLDINGS CORPORATION
    FINANCIAL SUMMARY
    Consolidated Statements of Operations (Unaudited)
    (Dollars in thousands, except share and per share data)
                   
     For the three months ended For the years ended
     December 31, September 30, December 31, December 31, December 31,
     2022
     2022 2021 2022
     2021
    Total interest and dividend income$103,958  $72,369  $52,501  $284,688  $200,965 
    Total interest expense 8,892   3,278   3,015   17,853   13,821 
    Net interest income 95,066   69,091   49,486   266,835   187,144 
    Taxable equivalent adjustment 1,454   1,409   1,299   5,512   5,161 
    Net interest income FTE(1) 96,520   70,500   50,785   272,347   192,305 
    Provision expense (release) for credit losses 21,869   12,678   132   36,729   (9,293)
    Net interest income after provision for credit losses FTE(1) 74,651   57,822   50,653   235,618   201,598 
    Non-interest income:              
    Service charges 4,365   4,326   3,905   16,357   14,894 
    Bank card fees 4,954   4,681   4,476   18,299   17,693 
    Mortgage banking income 2,686   4,474   10,387   23,774   63,360 
    Other non-interest income 2,132   3,100   3,388   7,331   9,752 
    OREO-related income 1   1      7   35 
    Banking center consolidation-related income    776   1,059   1,544   4,630 
    Total non-interest income 14,138   17,358   23,215   67,312   110,364 
    Non-interest expense:              
    Salaries and benefits 36,319   30,540   29,986   124,971   127,504 
    Occupancy and equipment 10,409   8,026   6,133   31,496   25,283 
    Professional fees 6,308   5,810   781   14,418   5,423 
    Data processing 4,924   2,899   2,376   12,657   9,310 
    Other non-interest expense 8,613   6,443   5,388   25,754   19,950 
    Problem asset workout (274)  215   212   248   2,063 
    Gain on sale of OREO, net    (378)  (667)  (648)  (475)
    Core deposit and wealth management intangible assets amortization 1,363   383   296   2,338   1,183 
    Banking center consolidation-related expense             1,589 
    Total non-interest expense 67,662   53,938   44,505   211,234   191,830 
                   
    Income before income taxes FTE(1) 21,127   21,242   29,363   91,696   120,132 
    Taxable equivalent adjustment 1,454   1,409   1,299   5,512   5,161 
    Income before income taxes 19,673   19,833   28,064   86,184   114,971 
    Income tax expense 2,952   3,994   5,295   14,910   21,365 
    Net income$16,721  $15,839  $22,769  $71,274  $93,606 
    Earnings per share - basic$0.44  $0.51  $0.75  $2.20  $3.04 
    Earnings per share - diluted 0.44   0.50   0.74   2.18   3.01 

                                                          

    (1) Net interest income is presented on a GAAP basis and fully taxable equivalent (FTE) basis, as the Company believes this non-GAAP measure is the preferred industry measurement for this item. The FTE adjustment is for the tax benefit on certain tax exempt loans using the federal tax rate of 21% for each period presented.
       


     
    NATIONAL BANK HOLDINGS CORPORATION
    Consolidated Statements of Financial Condition (Unaudited)
    (Dollars in thousands, except share and per share data)
             
     December 31, 2022 September 30, 2022 December 31, 2021
    ASSETS        
    Cash and cash equivalents$195,505  $256,207  $845,695 
    Investment securities available-for-sale 706,289   730,791   691,847 
    Investment securities held-to-maturity 651,527   606,245   609,012 
    Non-marketable securities 89,049   64,004   50,740 
    Loans 7,220,469   5,721,985   4,513,383 
    Allowance for credit losses (89,553)  (65,623)  (49,694)
    Loans, net 7,130,916   5,656,362   4,463,689 
    Loans held for sale 22,767   33,043   139,142 
    Other real estate owned 3,731   3,695   7,005 
    Premises and equipment, net 136,111   105,801   96,747 
    Goodwill 279,132   167,882   115,027 
    Intangible assets, net 59,887   30,843   12,322 
    Other assets 298,329   268,048   182,785 
    Total assets$9,573,243  $7,922,921  $7,214,011 
    LIABILITIES AND SHAREHOLDERS' EQUITY        
    Liabilities:        
    Non-interest bearing demand deposits$3,134,716  $2,735,832  $2,506,265 
    Interest bearing demand deposits 913,852   597,035   555,401 
    Savings and money market 2,950,658   2,631,855   2,332,591 
    Total transaction deposits 6,999,226   5,964,722   5,394,257 
    Time deposits 873,400   838,830   833,916 
    Total deposits 7,872,626   6,803,552   6,228,173 
    Securities sold under agreements to repurchase 20,214   20,044   22,768 
    Long-term debt 53,890   39,559   39,478 
    Federal Home Loan Bank advances 385,000       
    Other liabilities 149,311   140,340   83,486 
    Total liabilities 8,481,041   7,003,495   6,373,905 
    Shareholders' equity:        
    Common stock 515   515   515 
    Additional paid in capital 1,159,508   1,079,560   1,014,294 
    Retained earnings 330,721   323,448   289,876 
    Treasury stock (310,338)  (394,758)  (457,616)
    Accumulated other comprehensive loss, net of tax (88,204)  (89,339)  (6,963)
    Total shareholders' equity 1,092,202   919,426   840,106 
    Total liabilities and shareholders' equity$9,573,243  $7,922,921  $7,214,011 
    SHARE DATA        
    Average basic shares outstanding 37,762,853   31,259,188   30,338,265 
    Average diluted shares outstanding 38,100,155   31,531,075   30,715,500 
    Ending shares outstanding 37,608,519   33,189,253   29,958,764 
    Common book value per share$29.04  $27.70  $28.04 
    Tangible common book value per share(1)(non-GAAP) 20.63   22.40   24.33 
    Tangible common book value per share, excluding accumulated other comprehensive income(1)(non-GAAP) 22.98   25.10   24.56 
    CAPITAL RATIOS        
    Average equity to average assets 11.47%   11.69%   11.88% 
    Tangible common equity to tangible assets(1) 8.38%   9.60%   10.26% 
    Tier 1 leverage ratio 9.29%   10.45%   10.39% 
    Common equity tier 1 risk-based capital ratio 10.54%   12.75%   14.26% 
    Tier 1 risk-based capital ratio 10.54%   12.75%   14.26% 
    Total risk-based capital ratio 12.29%   14.34%   15.92% 

                                                          

    (1) Represents a non-GAAP financial measure. See non-GAAP reconciliations below.
       


    NATIONAL BANK HOLDINGS CORPORATION

    Loan Portfolio
    (Dollars in thousands)

    Period End Loan Balances by Type

         December 31, 2022   December 31, 2022
         vs. September 30, 2022   vs. December 31, 2021
     December 31, 2022 September 30, 2022 % Change December 31, 2021 % Change
    Originated:               
    Commercial:               
    Commercial and industrial$1,841,313  $1,724,469  6.8%  $1,479,895  24.4% 
    Municipal and non-profit 959,305   968,539  (1.0)%   928,705  3.3% 
    Owner-occupied commercial real estate 656,361   631,783  3.9%   503,663  30.3% 
    Food and agribusiness 284,714   265,835  7.1%   200,412  42.1% 
    Total commercial 3,741,693   3,590,626  4.2%   3,112,675  20.2% 
    Commercial real estate non-owner occupied 841,657   731,293  15.1%   611,765  37.6% 
    Residential real estate 827,030   750,669  10.2%   616,135  34.2% 
    Consumer 16,986   17,027  (0.2)%   17,336  (2.0)% 
    Total originated 5,427,366   5,089,615  6.6%   4,357,911  24.5% 
                    
    Acquired:               
    Commercial:               
    Commercial and industrial 183,522   82,324  >100%   16,252  >100% 
    Municipal and non-profit 321   326  (1.5)%   340  (5.6)% 
    Owner-occupied commercial real estate 256,979   176,385  45.7%   29,973  >100% 
    Food and agribusiness 69,265   73,822  (6.2)%   3,177  >100% 
    Total commercial 510,087   332,857  53.2%   49,742  >100% 
    Commercial real estate non-owner occupied 854,393   219,109  >100%   52,964  >100% 
    Residential real estate 424,251   79,477  >100%   52,521  >100% 
    Consumer 4,372   927  >100%   245  >100% 
    Total acquired 1,793,103   632,370  >100%   155,472  >100% 
    Total loans$7,220,469  $5,721,985  26.2%  $4,513,383  60.0% 

    Loan Fundings(1)

     Fourth quarter Third quarter Second quarter First quarter Fourth quarter
     2022 2022 2022  2022 2021
    Commercial:                  
    Commercial and industrial$177,693  $201,106  $152,550  $169,168  $229,529 
    Municipal and non-profit 20,393   20,845   81,428   49,906   101,450 
    Owner occupied commercial real estate 40,912   65,125   78,905   67,597   28,914 
    Food and agribusiness 28,518   76,293   (4,186)  18,620   11,016 
    Total commercial 267,516   363,369   308,697   305,291   370,909 
    Commercial real estate non-owner occupied 133,271   166,739   88,612   63,416   46,128 
    Residential real estate 95,067   99,951   93,220   49,040   55,873 
    Consumer 1,396   1,505   1,989   1,904   2,524 
    Total$497,250  $631,564  $492,518  $419,651  $475,434 

                                                          

    (1) Loan fundings are defined as closed end funded loans and net fundings under revolving lines of credit. Net fundings under revolving lines of credit were $96,903, $124,834, $21,762, $66,430 and $138,777 for the periods noted in the table above, respectively.
       


     
    NATIONAL BANK HOLDINGS CORPORATION
    Summary of Net Interest Margin
    (Dollars in thousands)
                                
      For the three months ended For the three months ended For the three months ended
      December 31, 2022 September 30, 2022 December 31, 2021
      Average    Average Average    Average Average    Average
      balance Interest rate balance Interest rate balance Interest rate
    Interest earning assets:                           
    Originated loans FTE(1)(2) $5,269,227  $70,536  5.31% $4,834,206  $58,153  4.77% $4,296,318  $43,066  3.98%
    Acquired loans  1,790,476   26,508  5.87%  295,893   6,581  8.82%  172,567   4,493  10.33%
    Loans held for sale  24,381   375  6.10%  39,532   551  5.53%  166,470   1,214  2.89%
    Investment securities available-for-sale  841,762   4,187  1.99%  865,875   4,247  1.96%  689,994   2,560  1.48%
    Investment securities held-to-maturity  661,992   2,818  1.70%  605,356   2,212  1.46%  637,250   1,994  1.25%
    Other securities  26,203   402  6.14%  14,909   212  5.69%  14,590   209  5.73%
    Interest earning deposits  115,441   586  2.01%  326,277   1,822  2.22%  678,729   264  0.15%
    Total interest earning assets FTE(2) $8,729,482  $105,412  4.79% $6,982,048  $73,778  4.19% $6,655,918  $53,800  3.21%
    Cash and due from banks $126,107        $81,112        $79,058       
    Other assets  673,679         440,516         460,664       
    Allowance for credit losses  (85,638)        (54,610)        (49,069)      
    Total assets $9,443,630        $7,449,066        $7,146,571       
    Interest bearing liabilities:                           
    Interest bearing demand, savings and money market deposits $3,946,573  $4,587  0.46% $3,058,463  $1,829  0.24% $2,847,562  $1,500  0.21%
    Time deposits  892,122   2,048  0.91%  799,759   1,116  0.55%  851,779   1,312  0.61%
    Securities sold under agreements to repurchase  18,515   23  0.49%  22,183   7  0.13%  20,420   7  0.14%
    Long-term debt  53,530   539  3.99%  39,543   326  3.27%  24,599   196  3.16%
    Federal Home Loan Bank advances  162,146   1,695  4.15%       0.00%       0.00%
    Total interest bearing liabilities $5,072,886  $8,892  0.70% $3,919,948  $3,278  0.33% $3,744,360  $3,015  0.32%
    Demand deposits $3,142,296        $2,557,286        $2,459,063       
    Other liabilities  145,608         100,983         94,345       
    Total liabilities  8,360,790         6,578,217         6,297,768       
    Shareholders' equity  1,082,840         870,849         848,803       
    Total liabilities and shareholders' equity $9,443,630        $7,449,066        $7,146,571       
    Net interest income FTE(2)    $96,520       $70,500       $50,785   
    Interest rate spread FTE(2)        4.09%        3.86%        2.89%
    Net interest earning assets $3,656,596        $3,062,100        $2,911,558       
    Net interest margin FTE(2)        4.39%        4.01%        3.03%
    Average transaction deposits $7,088,869        $5,615,749        $5,306,625       
    Average total deposits  7,980,991         6,415,508         6,158,404       
    Ratio of average interest earning assets to average interest bearing liabilities  172.08%         178.12%         177.76%       

                                                          

    (1) Originated loans are net of deferred loan fees, less costs, which are included in interest income over the life of the loan.
    (2) Presented on a fully taxable equivalent basis using the statutory tax rate of 21%. The tax equivalent adjustments included above are $1,454, $1,409 and $1,299 for the three months ended December 31, 2022, September 30, 2022 and December 31, 2021, respectively.
       


     
    NATIONAL BANK HOLDINGS CORPORATION
    Summary of Net Interest Margin
    (Dollars in thousands)
                    
     For the year ended December 31, 2022 For the year ended December 31, 2021
     Average    Average Average    Average
     balance Interest rate balance Interest rate
    Interest earning assets:               
    Originated loans FTE(1)(2)$4,767,713  $218,561 4.58% $4,129,684  $164,527 3.98%
    Acquired loans 594,222   40,060 6.74%  202,174   17,340 8.58%
    Loans held for sale 58,788   2,563 4.36%  178,373   5,110 2.86%
    Investment securities available-for-sale 839,872   15,091 1.80%  667,859   10,014 1.50%
    Investment securities held-to-maturity 604,423   9,109 1.51%  576,343   7,311 1.27%
    Other securities 17,598   1,034 5.88%  15,032   838 5.57%
    Interest earning deposits 426,137   3,782 0.89%  751,835   986 0.13%
    Total interest earning assets FTE(2)$7,308,753  $290,200 3.97% $6,521,300  $206,126 3.16%
    Cash and due from banks$90,657       $78,979      
    Other assets 490,206        472,775      
    Allowance for credit losses (59,824)       (52,943)     
    Total assets$7,829,792       $7,020,111      
    Interest bearing liabilities:               
    Interest bearing demand, savings and money market deposits$3,235,834  $9,347 0.29% $2,772,091  $6,240 0.23%
    Time deposits 826,293   5,249 0.64%  914,837   7,362 0.80%
    Securities sold under agreements to repurchase 21,298   43 0.20%  20,338   23 0.11%
    Long-term debt 43,048   1,519 3.53%  6,200   196 3.16%
    Federal Home Loan Bank advances 40,870   1,695 4.15%      0.00%
    Total interest bearing liabilities$4,167,343  $17,853 0.43% $3,713,466  $13,821 0.37%
    Demand deposits$2,652,561       $2,355,171      
    Other liabilities 105,507        104,935      
    Total liabilities 6,925,411        6,173,572      
    Shareholders' equity 904,381        846,539      
    Total liabilities and shareholders' equity$7,829,792       $7,020,111      
    Net interest income FTE(2)   $272,347      $192,305  
    Interest rate spread FTE(2)      3.54%       2.79%
    Net interest earning assets$3,141,410       $2,807,834      
    Net interest margin FTE(2)      3.73%       2.95%
    Average transaction deposits$5,888,395       $5,127,262      
    Average total deposits 6,714,688        6,042,099      
    Ratio of average interest earning assets to average interest bearing liabilities 175.38%        175.61%      

                                                          

    (1) Originated loans are net of deferred loan fees, less costs, which are included in interest income over the life of the loan.
    (2) Presented on a fully taxable equivalent basis using the statutory tax rate of 21%. The tax equivalent adjustments included above are $5,512 and $5,161 for the years ended December 31, 2022 and December 31, 2021, respectively.
       


    NATIONAL BANK HOLDINGS CORPORATION

    Allowance for Credit Losses and Asset Quality
    (Dollars in thousands)

    Allowance for Credit Losses Analysis

     As of and for the three months ended
     December 31, 2022 September 30, 2022 December 31, 2021
    Beginning allowance for credit losses$ 65,623  $50,860  $49,155 
    Day 1 CECL provision expense  16,027   5,201    
    PCD allowance for credit loss at acquisition  3,764   2,474    
    Charge-offs  (849)  (253)  (268)
    Recoveries  129   66   72 
    Provision expense for credit losses  4,859   7,275   735 
    Ending allowance for credit losses ("ACL")$ 89,553  $65,623  $49,694 
    Ratio of annualized net charge-offs to average total loans during the period 0.04%   0.01%   0.02% 
    Ratio of ACL to total loans outstanding at period end 1.24%   1.15%   1.10% 
    Ratio of ACL to total non-performing loans at period end 542.35%   447.72%   458.77% 
    Total loans$ 7,220,469  $5,721,985  $4,513,383 
    Average total loans during the period  7,029,021   5,114,044   4,490,391 
    Total non-performing loans  16,512   14,657   10,832 

    Past Due and Non-accrual Loans

     December 31, 2022 September 30, 2022 December 31, 2021
    Loans 30-89 days past due and still accruing interest$2,986  $1,548  $1,687 
    Loans 90 days past due and still accruing interest 95   332   420 
    Non-accrual loans 16,512   14,657   10,832 
    Total past due and non-accrual loans$19,593  $16,537  $12,939 
    Total 90 days past due and still accruing interest and non-accrual loans to total loans 0.23%   0.26%   0.25% 

    Asset Quality Data

     December 31, 2022 September 30, 2022 December 31, 2021
    Non-performing loans$ 16,512  $14,657  $10,832 
    OREO  3,731   3,695   7,005 
    Total non-performing assets$ 20,243  $18,352  $17,837 
    Accruing restructured loans$ 4,654  $4,610  $7,186 
    Total non-performing loans to total loans 0.23%   0.26%   0.24% 
    Total non-performing assets to total loans and OREO 0.28%   0.32%   0.39% 
                


     
    NATIONAL BANK HOLDINGS CORPORATION
    Key Metrics(1)
                   
     As of and for the three months ended As of and for the years ended
     December 31, September 30, December 31, December 31, December 31,
     2022
     2022 2021 2022
     2021
    Return on average assets 0.70%   0.84%   1.26%   0.91%   1.33% 
    Return on average tangible assets(2) 0.77%   0.87%   1.30%   0.95%   1.37% 
    Return on average tangible assets, adjusted(2) 1.55%   1.39%   1.30%   1.32%   1.37% 
    Return on average equity 6.13%   7.22%   10.64%   7.88%   11.06% 
    Return on average tangible common equity(2) 9.17%   8.66%   12.37%   9.91%   12.87% 
    Return on average tangible common equity, adjusted(2) 18.37%   13.76%   12.37%   13.75%   12.87% 
    Loan to deposit ratio (end of period) 91.72%   84.10%   72.47%   91.72%   72.47% 
    Non-interest bearing deposits to total deposits (end of period) 39.82%   40.21%   40.24%   39.82%   40.24% 
    Net interest margin(3) 4.32%   3.93%   2.95%   3.65%   2.87% 
    Net interest margin FTE(2)(3) 4.39%   4.01%   3.03%   3.73%   2.95% 
    Interest rate spread FTE(2)(4) 4.09%   3.86%   2.89%   3.54%   2.79% 
    Yield on earning assets(5) 4.72%   4.11%   3.13%   3.90%   3.08% 
    Yield on earning assets FTE(2)(5) 4.79%   4.19%   3.21%   3.97%   3.16% 
    Cost of interest bearing liabilities 0.70%   0.33%   0.32%   0.43%   0.37% 
    Cost of deposits 0.33%   0.18%   0.18%   0.22%   0.23% 
    Non-interest income to total revenue FTE(2) 12.78%   19.76%   31.37%   19.82%   36.46% 
    Non-interest expense to average assets 2.84%   2.87%   2.47%   2.70%   2.73% 
    Efficiency ratio 61.96%   62.39%   61.22%   63.22%   64.48% 
    Efficiency ratio FTE(2) 61.15%   61.39%   60.14%   62.19%   63.38% 
    Efficiency ratio FTE, adjusted(2) 53.76%   52.99%   59.74%   57.07%   62.99% 
    Pre-provision net revenue$41,542  $32,511  $28,196  $122,913  $105,678 
    Pre-provision net revenue FTE(2) 42,996   33,920   29,495   128,425   110,839 
    Pre-provision net revenue FTE, adjusted(2) 49,807   40,916   29,495   143,492   110,839 
                   
    Total Loans Asset Quality Data(6)(7)(8)              
    Non-performing loans to total loans 0.23%   0.26%   0.24%   0.23%   0.24% 
    Non-performing assets to total loans and OREO 0.28%   0.32%   0.39%   0.28%   0.39% 
    Allowance for credit losses to total loans 1.24%   1.15%   1.10%   1.24%   1.10% 
    Allowance for credit losses to non-performing loans 542.35%   447.72%   458.77%   542.35%   458.77% 
    Net charge-offs to average loans 0.04%   0.01%   0.02%   0.03%   0.03% 

                                                          

    (1) Quarterly ratios are annualized.
    (2) Ratio represents non-GAAP financial measure. See non-GAAP reconciliations below.
    (3) Net interest margin represents net interest income, including accretion income on interest earning assets, as a percentage of average interest earning assets.
    (4) Interest rate spread represents the difference between the weighted average yield on interest earning assets and the weighted average cost of interest bearing liabilities.
    (5) Interest earning assets include assets that earn interest/accretion or dividends. Any market value adjustments on investment securities or loans are excluded from interest earning assets.
    (6) Non-performing loans consist of non-accruing loans and restructured loans on non-accrual.
    (7) Non-performing assets include non-performing loans and other real estate owned.
    (8) Total loans are net of unearned discounts and fees.
       


    NATIONAL BANK HOLDINGS CORPORATION

    NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
    (Dollars in thousands, except share and per share data)

    Tangible Common Book Value Ratios

      December 31, 2022 September 30, 2022 December 31, 2021
    Total shareholders' equity $1,092,202  $919,426  $840,106 
    Less: goodwill, core deposit intangible (“CDI”) and wealth management intangible (“WMI”) assets, net  (327,191)  (186,608)  (121,392)
    Add: deferred tax liability related to goodwill  10,984   10,755   10,070 
    Tangible common equity (non-GAAP) $775,995  $743,573  $728,784 
              
    Total assets $9,573,243  $7,922,921  $7,214,011 
    Less: goodwill, CDI and WMI assets, net  (327,191)  (186,608)  (121,392)
    Add: deferred tax liability related to goodwill  10,984   10,755   10,070 
    Tangible assets (non-GAAP) $9,257,036  $7,747,068  $7,102,689 
              
    Tangible common equity to tangible assets calculations:         
    Total shareholders' equity to total assets  11.41%   11.60%   11.65% 
    Less: impact of goodwill, CDI and WMI assets, net  (3.03)%   (2.00)%   (1.39)% 
    Tangible common equity to tangible assets (non-GAAP)  8.38%   9.60%   10.26% 
              
    Tangible common book value per share calculations:         
    Tangible common equity (non-GAAP) $775,995  $743,573  $728,784 
    Divided by: ending shares outstanding  37,608,519   33,189,253   29,958,764 
    Tangible common book value per share (non-GAAP) $20.63  $22.40  $24.33 
              
    Tangible common book value per share, excluding accumulated other comprehensive income calculations:         
    Tangible common equity (non-GAAP) $775,995  $743,573  $728,784 
    Accumulated other comprehensive loss, net of tax  88,204   89,339   6,963 
    Tangible common book value, excluding accumulated other comprehensive loss, net of tax (non-GAAP)  864,199   832,912   735,747 
    Divided by: ending shares outstanding  37,608,519   33,189,253   29,958,764 
    Tangible common book value per share, excluding accumulated other comprehensive loss, net of tax (non-GAAP) $22.98  $25.10  $24.56 
                 


    NATIONAL BANK HOLDINGS CORPORATION

    (Dollars in thousands, except share and per share data)

    Return on Average Tangible Assets and Return on Average Tangible Equity

      As of and for the three months ended As of and for the years ended
      December 31, September 30, December 31, December 31, December 31,
      2022
     2022 2021 2022
     2021
    Net income $16,721  $15,839  $22,769  $71,274  $93,606 
    Add: impact of CDI and WMI amortization expense, after tax  1,049   295   227   1,799   909 
    Net income excluding the impact of CDI and WMI amortization expense, after tax (non-GAAP) $17,770  $16,134  $22,996  $73,073  $94,515 
                    
    Net income excluding the impact of CDI and WMI amortization expense, after tax $17,770  $16,134  $22,996  $73,073  $94,515 
    Add: acquisition-related adjustments, after tax (non-GAAP)(1)  17,825   9,510      28,303    
    Net income adjusted for the impact of CDI and WMI amortization expense and acquisition-related expenses, after tax (non-GAAP)(1) $35,595  $25,644  $22,996  $101,376  $94,515 
                    
    Average assets $9,443,630  $7,449,066  $7,146,571  $7,829,792  $7,020,111 
    Less: average goodwill, CDI and WMI assets, net of deferred tax liability related to goodwill  (314,017)  (131,490)  (111,508)  (166,857)  (111,944)
    Average tangible assets (non-GAAP) $9,129,613  $7,317,576  $7,035,063  $7,662,934  $6,908,167 
                    
    Average shareholders' equity $1,082,840  $870,849  $848,803  $904,381  $846,539 
    Less: average goodwill, CDI and WMI assets, net of deferred tax liability related to goodwill  (314,017)  (131,490)  (111,508)  (166,857)  (111,944)
    Average tangible common equity (non-GAAP) $768,823  $739,359  $737,295  $737,524  $734,595 
                    
    Return on average assets  0.70%   0.84%   1.26%   0.91%   1.33% 
    Return on average tangible assets (non-GAAP)  0.77%   0.87%   1.30%   0.95%   1.37% 
    Adjusted return on average tangible assets (non-GAAP)  1.55%   1.39%   1.30%   1.32%   1.37% 
    Return on average equity  6.13%   7.22%   10.64%   7.88%   11.06% 
    Return on average tangible common equity (non-GAAP)  9.17%   8.66%   12.37%   9.91%   12.87% 
    Adjusted return on average tangible common equity (non-GAAP)  18.37%   13.76%   12.37%   13.75%   12.87% 
                    
    (1) Acquisition-related adjustments:               
    Provision expense adjustments:               
    CECL day 1 provision expense (non-GAAP) $16,348  $5,358  $  $21,706  $ 
    Non-interest expense adjustments:               
    Acquisition-related expenses (non-GAAP)  6,811   6,996      15,067  $ 
    Acquisition-related adjustments before tax (non-GAAP)  23,159   12,354      36,773    
    Tax expense impact  (5,334)  (2,844)     (8,470)   
    Acquisition-related adjustments, after tax (non-GAAP) $17,825  $9,510  $  $28,303  $ 

    Fully Taxable Equivalent Yield on Earning Assets and Net Interest Margin

      As of and for the three months ended As of and for the years ended
      December 31, September 30,  December 31,  December 31, December 31, 
      2022
     2022 2021 2022
     2021
    Interest income $103,958  $72,369  $52,501  $284,688  $200,965 
    Add: impact of taxable equivalent adjustment  1,454   1,409   1,299   5,512   5,161 
    Interest income FTE (non-GAAP) $105,412  $73,778  $53,800  $290,200  $206,126 
                    
    Net interest income $95,066  $69,091  $49,486  $266,835  $187,144 
    Add: impact of taxable equivalent adjustment  1,454   1,409   1,299   5,512   5,161 
    Net interest income FTE (non-GAAP) $96,520  $70,500  $50,785  $272,347  $192,305 
                    
    Average earning assets $8,729,482  $6,982,048  $6,655,918  $7,308,753  $6,521,300 
    Yield on earning assets  4.72%   4.11%   3.13%   3.90%   3.08% 
    Yield on earning assets FTE (non-GAAP)  4.79%   4.19%   3.21%   3.97%   3.16% 
    Net interest margin  4.32%   3.93%   2.95%   3.65%   2.87% 
    Net interest margin FTE (non-GAAP)  4.39%   4.01%   3.03%   3.73%   2.95% 

    Efficiency Ratio and Pre-Provision Net Revenue

      As of and for the three months ended As of and for the years ended
      December 31, September 30,  December 31,  December 31, December 31, 
      2022
     2022 2021 2022
     2021
    Net interest income $95,066  $69,091  $49,486  $266,835  $187,144 
    Add: impact of taxable equivalent adjustment  1,454   1,409   1,299   5,512   5,161 
    Net interest income FTE (non-GAAP) $96,520  $70,500  $50,785  $272,347  $192,305 
                    
    Non-interest income $14,138  $17,358  $23,215  $67,312  $110,364 
                    
    Non-interest expense $67,662  $53,938  $44,505  $211,234  $191,830 
    Less: CDI and WMI asset amortization  (1,363)  (383)  (296)  (2,338)  (1,183)
    Less: acquisition-related expenses (non-GAAP)  (6,811)  (6,996)     (15,067)   
    Non-interest expense adjusted for CDI and WMI asset amortization and acquisition-related expenses (non-GAAP) $59,488  $46,559  $44,209  $193,829  $190,647 
                    
    Non-interest expense $67,662  $53,938  $44,505  $211,234  $191,830 
    Less: acquisition-related expenses (non-GAAP)  (6,811)  (6,996)     (15,067)   
    Non-interest expense, adjusted for acquisition-related expenses (non-GAAP) $60,851  $46,942  $44,505  $196,167  $191,830 
                    
    Efficiency ratio  61.96%   62.39%   61.22%   63.22%   64.48% 
    Efficiency ratio FTE (non-GAAP)  61.15%   61.39%   60.14%   62.19%   63.38% 
    Efficiency ratio adjusted for CDI and WMI amortization and acquisition-related expenses FTE (non-GAAP)  53.76%   52.99%   59.74%   57.07%   62.99% 
                    
    Pre-provision net revenue (non-GAAP) $41,542  $32,511  $28,196  $122,913  $105,678 
    Pre-provision net revenue, FTE (non-GAAP)  42,996   33,920   29,495   128,425   110,839 
    Pre-provision net revenue FTE, adjusted for acquisition-related expenses (non-GAAP)  49,807   40,916   29,495   143,492   110,839 

    Adjusted Net Income and Earnings Per Share

      As of and for the three months ended As of and for the years ended
      December 31, September 30,  December 31,  December 31, December 31, 
      2022 2022 2021 2022 2021
    Adjustments to net income:                    
    Net income $16,721  $15,839  $22,769  $71,274  $93,606 
    Add: Acquisition-related adjustments, after tax (non-GAAP)  17,825   9,510      28,303    
    Adjusted net income (non-GAAP) $34,546  $25,349  $22,769  $99,577  $93,606 
                         
    Adjustments to earnings per share:                    
    Earnings per share diluted $0.44  $0.50  $0.74  $2.18  $3.01 
    Add: Acquisition-related adjustments, after tax (non-GAAP)  0.47   0.30      0.87    
    Adjusted earnings per share - diluted (non-GAAP)(1) $0.91  $0.80  $0.74  $3.05  $3.01 
                         


     

     


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