DENVER, April 24, 2024 (GLOBE NEWSWIRE) -- National Bank Holdings Corporation (NYSE: NBHC) reported:
| For the quarter(1) | ||||||||||||
| 1Q24 | 4Q23 | 1Q23 | ||||||||||
| Net income ($000's) | $ | 31,391 | $ | 33,121 | $ | 40,283 | ||||||
| Earnings per share - diluted | $ | 0.82 | $ | 0.87 | $ | 1.06 | ||||||
| Return on average assets | 1.28 | % | 1.33 | % | 1.70 | % | ||||||
| Return on average tangible assets(2) | 1.39 | % | 1.44 | % | 1.80 | % | ||||||
| Return on average equity | 10.30 | % | 11.10 | % | 14.60 | % | ||||||
| Return on average tangible common equity(2) | 15.14 | % | 16.56 | % | 20.86 | % | ||||||
| (1 | ) | Ratios are annualized. | |
| (2 | ) | See non-GAAP reconciliations below. | |
In announcing these results, Chief Executive Officer Tim Laney shared, “We are pleased to deliver quarterly earnings of $0.82 per diluted share and a solid return on average tangible common equity of 15.14%. Our diverse revenue streams delivered strong fee income growth of 40.8% annualized over the prior quarter. Our prudent approach to extending credit coupled with our granular and diverse loan portfolio delivered zero basis points of annualized net charge-offs. We grew our core deposits 6.8% over the first quarter 2023, while preserving a low deposit beta of 37.5% this rate cycle. We maintain a strong balance sheet, solid capital position, and diversified funding sources.”
Mr. Laney added, “We remain focused on delivering best-in-class banking solutions for our clients, while protecting our Company through solid banking practices. We are committed to operating as a source of strength and stability for our clients and communities and look forward to providing meaningful returns for our stakeholders in 2024.”
First Quarter 2024 Results
(All comparisons refer to the fourth quarter of 2023, except as noted)
Net income totaled $31.4 million or $0.82 per diluted share, compared to $33.1 million or $0.87 per diluted share. Fully taxable equivalent pre-provision net revenue totaled $40.6 million, compared to $45.1 million. The return on average tangible assets totaled 1.39%, compared to 1.44%, and the return on average tangible common equity totaled 15.14%, compared to 16.56%.
Net Interest Income
Fully taxable equivalent net interest income totaled $85.7 million, compared to $91.2 million. Net interest income for the fourth quarter of 2023 included $2.9 million of accelerated loan fee income and one additional day. The fully taxable equivalent net interest margin was 3.78%, narrowing 17 basis points primarily driven by the fourth quarter’s accelerated loan fee income noted above.
Loans
Loans totaled $7.6 billion, compared to $7.7 billion at December 31, 2023. We generated quarterly loan fundings totaling $200.0 million, led by commercial loan fundings of $96.5 million. The average interest rate on the first quarter’s loan originations increased sixteen basis points to 8.8%.
Asset Quality and Provision for Credit Losses
The Company recorded no provision expense for credit losses, compared to $4.6 million in the prior quarter. Annualized net charge-offs were 0.00% of average total loans, compared to 0.02% in the prior quarter. Non-performing loans totaled 0.47% of total loans at March 31, 2024, compared to 0.37%, and non-performing assets totaled 0.53% of total loans and OREO at March 31, 2024, compared to 0.42%. The allowance for credit losses as a percentage of loans increased two basis points to 1.29% at March 31, 2024.
Deposits
Average total deposits increased $90.3 million, or 4.5% annualized, to $8.2 billion during the first quarter 2024. The loan to deposit ratio decreased 514 basis points to 88.9% at March 31, 2024. Average transaction deposits (defined as total deposits less time deposits) increased $86.8 million to $7.2 billion.
We improved our balance sheet funding mix during the first quarter and utilized funding provided by the quarter’s deposit growth to pay down $340.0 million of Federal Home Loan Bank advances. The mix of transaction deposits to total deposits was 88.3% and 88.0% at March 31, 2024 and December 31, 2023, respectively.
Non-Interest Income
Non-interest income increased $1.6 million, or 40.8% annualized, to $17.7 million during the first quarter driven by our diversified sources of fee revenue. Other non-interest income increased $1.8 million and included increases in SBA loan income, trust income, and a $0.6 million gain from the sale of a banking center building. Mortgage banking income increased $0.6 million, and service charges and bank card fees decreased $0.8 million due to seasonality.
Non-Interest Expense
Non-interest expense increased $0.7 million to $62.8 million during the first quarter. Salaries and benefits increased $2.1 million largely due to higher payroll taxes, and data processing increased $1.2 million. These increases were partially offset by a decrease in professional fees of $0.9 million, and a decrease in other non-interest expense of $1.4 million primarily driven by $0.7 million of one-time asset write-downs in the prior quarter. The efficiency ratio totaled 61.8% for the first quarter, compared to 58.8% for the fourth quarter. The fully taxable equivalent efficiency ratio totaled 58.8% for the first quarter, compared to 56.0%, excluding other intangible assets amortization.
Income tax expense totaled $7.5 million, compared to $5.8 million in the prior quarter. The effective tax rate was 19.3%, compared to 14.9% for the fourth quarter. The fourth quarter of 2023 benefitted from $2.0 million of research and development tax credits.
Capital
Capital ratios continue to be strong and in excess of federal bank regulatory agency “well capitalized” thresholds. The tier 1 leverage ratio totaled 9.99%, and the common equity tier 1 capital ratio totaled 12.35% at March 31, 2024. Shareholders’ equity totaled $1.2 billion at March 31, 2024, increasing $19.0 million, largely due to $21.1 million of higher retained earnings, partially offset by a $3.8 million increase in accumulated other comprehensive loss.
Common book value per share increased $0.48 to $32.58 at March 31, 2024. Tangible common book value per share increased $0.55 to $23.32 as this quarter’s earnings outpaced the quarterly dividend and a $0.10 increase in accumulated other comprehensive loss.
Year-Over-Year Review
(All comparisons refer to the first quarter of 2023, except as noted)
Net income totaled $31.4 million, or $0.82 per diluted share, compared to net income of $40.3 million, or $1.06 per diluted share, for the first quarter of 2023. The decrease over the same period prior year was largely driven by lower net interest income due to an increase in cost of funds outpacing the increase in interest income. Partially offsetting this decrease was an increase in our non-interest income discussed below. Fully taxable equivalent pre-provision net revenue totaled $40.6 million, compared to $52.7 million. The return on average tangible assets totaled 1.39%, compared to 1.80%, and the return on average tangible common equity was 15.14%, compared to 20.86%.
Fully taxable equivalent net interest income totaled $85.7 million, compared to $96.3 million. Average earning assets increased $224.6 million, or 2.5%, including average loan growth of $372.4 million. The fully taxable equivalent net interest margin narrowed 61 basis points to 3.78%, as the increase in earning asset yields was offset by an increase in the cost of funds. Average interest bearing liabilities increased $878.7 million due to higher deposit balances, and the cost of funds totaled 2.25%, compared to 0.90% in the same period prior year.
Loans outstanding totaled $7.6 billion, increasing $223.8 million or 3.0%, from organic loan growth. New loan fundings over the trailing twelve months totaled $1.3 billion, led by commercial loan fundings of $0.8 billion.
The Company recorded no provision expense for credit losses during 2024, compared to provision expense of $0.9 million in the first quarter of 2023. Annualized net charge-offs decreased one basis point to 0.00% of average total loans during the first quarter 2024. The non-performing loans ratio was 0.47% at March 31, 2024, compared to 0.13%, and non-performing assets to total loans and OREO was 0.53% at March 31, 2024, compared to 0.18%. The allowance for credit losses as a percentage of loans increased six basis points to 1.29% at March 31, 2024.
Average total deposits increased $525.5 million or 6.8% to $8.2 billion, primarily due to higher deposit balances driven by the strategic growth from our recent acquisitions. Average transaction deposits increased $458.0 million or 6.8%. The mix of transaction deposits to total deposits was 88.3%, compared to 87.1% at March 31, 2023.
Non-interest income totaled $17.7 million, an increase of $3.0 million or 20.7%, driven by our diversified sources of fee revenue. Other non-interest income increased $3.4 million and included increases in SBA loan income, trust income, Cambr income, fair value adjustments on company-owned life insurance, swap fee income and a $0.6 million gain from the sale of a banking center building. Mortgage banking income decreased $0.6 million.
Non-interest expense totaled $62.8 million, an increase of $4.5 million or 7.8%. Salaries and benefits increased $3.5 million primarily due to payroll tax credits realized in the first quarter 2023. Occupancy and equipment increased $0.9 million and other intangible assets amortization increased $0.6 million due to intangible assets acquired through our Cambr acquisition in April of 2023. These increases were partially offset by a decrease of $0.9 million in professional fees.
Income tax expense totaled $7.5 million, a decrease of $2.6 million from the first quarter last year, driven by lower pre-tax income. The effective tax rate was 19.3% and 20.0% for the first quarters 2024 and 2023, respectively.
Conference Call
Management will host a conference call to review the results at 11:00 a.m. Eastern Time on Thursday, April 25, 2024. Interested parties may listen to this call by dialing (866) 400-0049 using the participant passcode of 4874281 and asking for the NBHC Q1 2024 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 90 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 and wealth management 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 excluding other intangible assets amortization,” “efficiency ratio excluding other intangible assets amortization,” “net income excluding the impact of other intangible assets amortization expense, after tax,” “pre-provision net revenue,” 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: the impact of potential regulatory changes to capital requirements, treatment of investment securities and FDIC deposit insurance levels and costs; our ability to execute our business strategy, including our digital strategy, as well as changes in our business strategy or development plans; 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, including increased competition for deposits due to prevailing market interest rates and banking sector volatility; effects of any changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; 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; changes in the fair value of our investment securities due to market conditions outside of our control; financial or reputational impacts associated with the increased prevalence of fraud or other financial crimes; 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 if the loans fail to meet certain criteria, or higher rate of delinquencies and defaults as a result of the geographic concentration of our servicing portfolio; the Company’s ability to identify potential candidates for, obtain regulatory approval for, and consummate, integrate and realize operating efficiencies from, acquisitions, consolidations and other expansion opportunities; our ability to integrate acquisitions or consolidations and to achieve synergies, operating efficiencies and/or other expected benefits within expected time-frames, or at all, or within expected cost projections, and to preserve the goodwill of acquired financial institutions; 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, including those that could result in disclosure or misuse of confidential or proprietary client or other information; the Company’s ability to achieve organic loan and deposit growth and the competition for, and composition of, such growth; changes in sources and uses of funds; increased competition in the financial services industry; regulatory and financial impacts associated with the Company growing to over $10 billion in consolidated assets; increases in claims and litigation related to our fiduciary responsibilities in connection with our trust and wealth management business; the effect of changes in accounting policies and practices as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board (“FASB”) and other accounting standard setters; the share price of the Company’s stock; the Company's ability to realize deferred tax assets or the need for a valuation allowance, or the effects of changes in tax laws on our deferred tax assets; 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, including, but not limited to, changes in regulation that affect the fees that we charge, the resolution of legal proceedings or regulatory or other government inquiries, and the results of regulatory examinations, reviews or other inquiries, and changes in regulations that apply to us as a Colorado state-chartered bank and a Wyoming state-chartered bank; technological changes, including with respect to the advancement of artificial intelligence; the timely development and acceptance of new products and services, including in the digital technology space our digital solution 2UniFi; changes in our management personnel and 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 our bank subsidiaries; changes in estimates of future credit reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; financial, reputational, or strategic risks associated with our investments in financial technology companies and initiatives; widespread natural and other disasters, pandemics, dislocations, political instability, acts of war or terrorist activities, cyberattacks or international hostilities through impacts on the economy and financial markets generally or on us or our counterparties specifically; a cybersecurity incident, data breach or a failure of a key information technology system; impact of reputational risk; other risks and uncertainties listed from time to time in the Company’s reports and documents filed with the Securities and Exchange Commission; 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.
Contacts:
Analysts/Institutional Investors:
Emily Gooden, Investor Relations Director, (720) 554-6640, ir@nationalbankholdings.com
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 | ||||||||
| March 31, | December 31, | March 31, | ||||||
| 2024 | 2023 | 2023 | ||||||
| Total interest and dividend income | $ | 131,732 | $ | 134,703 | $ | 113,533 | ||
| Total interest expense | 47,702 | 45,202 | 18,644 | |||||
| Net interest income | 84,030 | 89,501 | 94,889 | |||||
| Taxable equivalent adjustment | 1,692 | 1,667 | 1,414 | |||||
| Net interest income FTE(1) | 85,722 | 91,168 | 96,303 | |||||
| Provision expense for credit losses | — | 4,570 | 900 | |||||
| Net interest income after provision for credit losses FTE(1) | 85,722 | 86,598 | 95,403 | |||||
| Non-interest income: | ||||||||
| Service charges | 4,391 | 4,831 | 4,101 | |||||
| Bank card fees | 4,578 | 4,915 | 4,637 | |||||
| Mortgage banking income | 2,655 | 2,020 | 3,216 | |||||
| Other non-interest income | 6,070 | 4,298 | 2,711 | |||||
| Total non-interest income | 17,694 | 16,064 | 14,665 | |||||
| Non-interest expense: | ||||||||
| Salaries and benefits | 36,520 | 34,470 | 32,989 | |||||
| Occupancy and equipment | 9,941 | 10,186 | 9,073 | |||||
| Professional fees | 1,646 | 2,513 | 2,590 | |||||
| Data processing | 4,066 | 2,853 | 3,752 | |||||
| Other non-interest expense | 8,653 | 10,065 | 8,525 | |||||
| Other intangible assets amortization | 2,008 | 2,008 | 1,363 | |||||
| Total non-interest expense | 62,834 | 62,095 | 58,292 | |||||
| Income before income taxes FTE(1) | 40,582 | 40,567 | 51,776 | |||||
| Taxable equivalent adjustment | 1,692 | 1,667 | 1,414 | |||||
| Income before income taxes | 38,890 | 38,900 | 50,362 | |||||
| Income tax expense | 7,499 | 5,779 | 10,079 | |||||
| Net income | $ | 31,391 | $ | 33,121 | $ | 40,283 | ||
| Earnings per share - basic | $ | 0.82 | $ | 0.87 | $ | 1.06 | ||
| Earnings per share - diluted | 0.82 | 0.87 | 1.06 | |||||
| (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)
| March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 292,931 | $ | 190,826 | $ | 369,705 | |||||
| Investment securities available-for-sale | 685,666 | 628,829 | 695,485 | ||||||||
| Investment securities held-to-maturity | 570,850 | 585,052 | 637,921 | ||||||||
| Non-marketable securities | 73,439 | 90,477 | 120,733 | ||||||||
| Loans | 7,569,052 | 7,698,758 | 7,345,298 | ||||||||
| Allowance for credit losses | (97,607 | ) | (97,947 | ) | (90,343 | ) | |||||
| Loans, net | 7,471,445 | 7,600,811 | 7,254,955 | ||||||||
| Loans held for sale | 14,065 | 18,854 | 24,594 | ||||||||
| Other real estate owned | 4,064 | 4,088 | 3,458 | ||||||||
| Premises and equipment, net | 168,956 | 162,733 | 140,417 | ||||||||
| Goodwill | 306,043 | 306,043 | 279,132 | ||||||||
| Intangible assets, net | 64,212 | 66,025 | 58,619 | ||||||||
| Other assets | 315,805 | 297,326 | 332,204 | ||||||||
| Total assets | $ | 9,967,476 | $ | 9,951,064 | $ | 9,917,223 | |||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
| Liabilities: | |||||||||||
| Non-interest bearing demand deposits | $ | 2,292,917 | $ | 2,361,367 | $ | 2,920,891 | |||||
| Interest bearing demand deposits | 1,427,856 | 1,480,042 | 1,098,172 | ||||||||
| Savings and money market | 3,801,013 | 3,367,012 | 2,584,128 | ||||||||
| Total transaction deposits | 7,521,786 | 7,208,421 | 6,603,191 | ||||||||
| Time deposits | 995,976 | 981,970 | 978,489 | ||||||||
| Total deposits | 8,517,762 | 8,190,391 | 7,581,680 | ||||||||
| Securities sold under agreements to repurchase | 19,577 | 19,627 | 21,492 | ||||||||
| Long-term debt | 54,278 | 54,200 | 53,968 | ||||||||
| Federal Home Loan Bank advances | — | 340,000 | 1,000,000 | ||||||||
| Other liabilities | 144,029 | 134,039 | 126,356 | ||||||||
| Total liabilities | 8,735,646 | 8,738,257 | 8,783,496 | ||||||||
| Shareholders' equity: | |||||||||||
| Common stock | 515 | 515 | 515 | ||||||||
| Additional paid in capital | 1,163,773 | 1,162,269 | 1,160,436 | ||||||||
| Retained earnings | 454,211 | 433,126 | 361,440 | ||||||||
| Treasury stock | (306,460 | ) | (306,702 | ) | (310,037 | ) | |||||
| Accumulated other comprehensive loss, net of tax | (80,209 | ) | (76,401 | ) | (78,627 | ) | |||||
| Total shareholders' equity | 1,231,830 | 1,212,807 | 1,133,727 | ||||||||
| Total liabilities and shareholders' equity | $ | 9,967,476 | $ | 9,951,064 | $ | 9,917,223 | |||||
| SHARE DATA | |||||||||||
| Average basic shares outstanding | 38,031,358 | 38,013,791 | 37,785,488 | ||||||||
| Average diluted shares outstanding | 38,188,480 | 38,162,538 | 38,074,973 | ||||||||
| Ending shares outstanding | 37,806,148 | 37,784,851 | 37,641,381 | ||||||||
| Common book value per share | $ | 32.58 | $ | 32.10 | $ | 30.12 | |||||
| Tangible common book value per share(1) (non-GAAP) | 23.32 | 22.77 | 21.76 | ||||||||
| Tangible common book value per share, excluding accumulated other comprehensive loss(1) (non-GAAP) | 25.44 | 24.79 | 23.85 | ||||||||
| CAPITAL RATIOS | |||||||||||
| Average equity to average assets | 12.40 | % | 11.97 | % | 11.63 | % | |||||
| Tangible common equity to tangible assets(1) | 9.17 | % | 8.96 | % | 8.53 | % | |||||
| Tier 1 leverage ratio | 9.99 | % | 9.74 | % | 9.46 | % | |||||
| Common equity tier 1 risk-based capital ratio | 12.35 | % | 11.89 | % | 11.32 | % | |||||
| Tier 1 risk-based capital ratio | 12.35 | % | 11.89 | % | 11.32 | % | |||||
| Total risk-based capital ratio | 14.30 | % | 13.80 | % | 13.17 | % | |||||
| (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
| March 31, 2024 | March 31, 2024 | |||||||||||||
| vs. December 31, 2023 | vs. March 31, 2023 | |||||||||||||
| March 31, 2024 | December 31, 2023 | % Change | March 31, 2023 | % Change | ||||||||||
| Originated: | ||||||||||||||
| Commercial: | ||||||||||||||
| Commercial and industrial | $ | 1,777,328 | $ | 1,825,425 | (2.6 | )% | $ | 1,818,415 | (2.3 | )% | ||||
| Municipal and non-profit | 1,062,287 | 1,083,457 | (2.0 | )% | 979,801 | 8.4 | % | |||||||
| Owner-occupied commercial real estate | 875,303 | 879,686 | (0.5 | )% | 674,231 | 29.8 | % | |||||||
| Food and agribusiness | 241,654 | 265,902 | (9.1 | )% | 270,197 | (10.6 | )% | |||||||
| Total commercial | 3,956,572 | 4,054,470 | (2.4 | )% | 3,742,644 | 5.7 | % | |||||||
| Commercial real estate non-owner occupied | 1,092,780 | 1,071,529 | 2.0 | % | 979,150 | 11.6 | % | |||||||
| Residential real estate | 923,103 | 919,139 | 0.4 | % | 864,544 | 6.8 | % | |||||||
| Consumer | 14,936 | 16,686 | (10.5 | )% | 16,766 | (10.9 | )% | |||||||
| Total originated | 5,987,391 | 6,061,824 | (1.2 | )% | 5,603,104 | 6.9 | % | |||||||
| Acquired: | ||||||||||||||
| Commercial: | ||||||||||||||
| Commercial and industrial | 132,532 | 141,484 | (6.3 | )% | 172,368 | (23.1 | )% | |||||||
| Municipal and non-profit | 294 | 299 | (1.7 | )% | 316 | (7.0 | )% | |||||||
| Owner-occupied commercial real estate | 234,486 | 244,087 | (3.9 | )% | 248,883 | (5.8 | )% | |||||||
| Food and agribusiness | 57,896 | 58,695 | (1.4 | )% | 64,739 | (10.6 | )% | |||||||
| Total commercial | 425,208 | 444,565 | (4.4 | )% | 486,306 | (12.6 | )% | |||||||
| Commercial real estate non-owner occupied | 767,419 | 785,221 | (2.3 | )% | 845,374 | (9.2 | )% | |||||||
| Residential real estate | 387,101 | 404,648 | (4.3 | )% | 407,254 | (4.9 | )% | |||||||
| Consumer | 1,933 | 2,500 | (22.7 | )% | 3,260 | (40.7 | )% | |||||||
| Total acquired | 1,581,661 | 1,636,934 | (3.4 | )% | 1,742,194 | (9.2 | )% | |||||||
| Total loans | $ | 7,569,052 | $ | 7,698,758 | (1.7 | )% | $ | 7,345,298 | 3.0 | % | ||||
Loan Fundings(1)
| First quarter | Fourth quarter | Third quarter | Second quarter | First quarter | ||||||||||||
| 2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||||
| Commercial: | ||||||||||||||||
| Commercial and industrial | $ | 53,978 | $ | 135,954 | $ | 89,297 | $ | 111,717 | $ | 107,013 | ||||||
| Municipal and non-profit | 14,564 | 79,650 | 18,657 | 39,331 | 22,526 | |||||||||||
| Owner occupied commercial real estate | 35,128 | 75,631 | 67,322 | 62,649 | 33,912 | |||||||||||
| Food and agribusiness | (7,204 | ) | 10,646 | 16,191 | 6,017 | (6,564 | ) | |||||||||
| Total commercial | 96,466 | 301,881 | 191,467 | 219,714 | 156,887 | |||||||||||
| Commercial real estate non-owner occupied | 73,789 | 107,738 | 88,434 | 99,984 | 185,875 | |||||||||||
| Residential real estate | 29,468 | 48,925 | 42,514 | 40,814 | 49,406 | |||||||||||
| Consumer | 234 | 1,849 | 1,689 | 1,777 | 1,717 | |||||||||||
| Total | $ | 199,957 | $ | 460,393 | $ | 324,104 | $ | 362,289 | $ | 393,885 | ||||||
| (1 | ) | Loan fundings are defined as closed end funded loans and net fundings under revolving lines of credit. Net (paydowns) fundings under revolving lines of credit were ($59,523), $16,954, ($12,877), $13,766 and ($7,096) 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 | ||||||||||||||||||||||||||||
| March 31, 2024 | December 31, 2023 | March 31, 2023 | ||||||||||||||||||||||||||||
| Average | Average | Average | Average | Average | Average | |||||||||||||||||||||||||
| balance | Interest | rate | balance | Interest | rate | balance | Interest | rate | ||||||||||||||||||||||
| Interest earning assets: | ||||||||||||||||||||||||||||||
| Originated loans FTE(1)(2) | $ | 6,046,849 | $ | 100,914 | 6.71 | % | $ | 5,985,610 | $ | 102,504 | 6.79 | % | $ | 5,514,704 | $ | 79,167 | 5.82 | % | ||||||||||||
| Acquired loans | 1,611,521 | 24,289 | 6.06 | % | 1,646,696 | 25,407 | 6.12 | % | 1,771,224 | 27,023 | 6.19 | % | ||||||||||||||||||
| Loans held for sale | 12,017 | 225 | 7.53 | % | 16,599 | 321 | 7.67 | % | 21,753 | 346 | 6.45 | % | ||||||||||||||||||
| Investment securities available-for-sale | 751,168 | 4,103 | 2.18 | % | 739,471 | 3,715 | 2.01 | % | 810,257 | 3,989 | 1.97 | % | ||||||||||||||||||
| Investment securities held-to-maturity | 579,160 | 2,514 | 1.74 | % | 594,149 | 2,596 | 1.75 | % | 646,646 | 2,871 | 1.78 | % | ||||||||||||||||||
| Other securities | 35,036 | 616 | 7.03 | % | 40,355 | 741 | 7.34 | % | 51,366 | 898 | 6.99 | % | ||||||||||||||||||
| Interest earning deposits | 91,579 | 763 | 3.35 | % | 125,097 | 1,086 | 3.44 | % | 86,790 | 653 | 3.05 | % | ||||||||||||||||||
| Total interest earning assets FTE(2) | $ | 9,127,330 | $ | 133,424 | 5.88 | % | $ | 9,147,977 | $ | 136,370 | 5.91 | % | $ | 8,902,740 | $ | 114,947 | 5.24 | % | ||||||||||||
| Cash and due from banks | $ | 102,583 | $ | 105,323 | $ | 118,607 | ||||||||||||||||||||||||
| Other assets | 756,230 | 730,220 | 687,940 | |||||||||||||||||||||||||||
| Allowance for credit losses | (97,882 | ) | (94,466 | ) | (89,831 | ) | ||||||||||||||||||||||||
| Total assets | $ | 9,888,261 | $ | 9,889,054 | $ | 9,619,456 | ||||||||||||||||||||||||
| Interest bearing liabilities: | ||||||||||||||||||||||||||||||
| Interest bearing demand, savings and money market deposits | $ | 4,947,811 | $ | 36,413 | 2.96 | % | $ | 4,751,563 | $ | 32,887 | 2.75 | % | $ | 3,766,203 | $ | 7,759 | 0.84 | % | ||||||||||||
| Time deposits | 990,041 | 7,584 | 3.08 | % | 986,513 | 6,876 | 2.77 | % | 922,521 | 3,290 | 1.45 | % | ||||||||||||||||||
| Securities sold under agreements to repurchase | 18,929 | 6 | 0.13 | % | 17,812 | 5 | 0.11 | % | 20,045 | 6 | 0.12 | % | ||||||||||||||||||
| Long-term debt | 54,229 | 518 | 3.84 | % | 54,151 | 518 | 3.80 | % | 53,918 | 518 | 3.90 | % | ||||||||||||||||||
| Federal Home Loan Bank advances | 228,236 | 3,181 | 5.61 | % | 348,775 | 4,916 | 5.59 | % | 597,833 | 7,071 | 4.80 | % | ||||||||||||||||||
| Total interest bearing liabilities | $ | 6,239,246 | $ | 47,702 | 3.07 | % | $ | 6,158,814 | $ | 45,202 | 2.91 | % | $ | 5,360,520 | $ | 18,644 | 1.41 | % | ||||||||||||
| Demand deposits | $ | 2,280,997 | $ | 2,390,457 | $ | 3,004,643 | ||||||||||||||||||||||||
| Other liabilities | 141,735 | 155,619 | 135,175 | |||||||||||||||||||||||||||
| Total liabilities | 8,661,978 | 8,704,890 | 8,500,338 | |||||||||||||||||||||||||||
| Shareholders' equity | 1,226,283 | 1,184,164 | 1,119,118 | |||||||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 9,888,261 | $ | 9,889,054 | $ | 9,619,456 | ||||||||||||||||||||||||
| Net interest income FTE(2) | $ | 85,722 | $ | 91,168 | $ | 96,303 | ||||||||||||||||||||||||
| Interest rate spread FTE(2) | 2.81 | % | 3.00 | % | 3.83 | % | ||||||||||||||||||||||||
| Net interest earning assets | $ | 2,888,084 | $ | 2,989,163 | $ | 3,542,220 | ||||||||||||||||||||||||
| Net interest margin FTE(2) | 3.78 | % | 3.95 | % | 4.39 | % | ||||||||||||||||||||||||
| Average transaction deposits | $ | 7,228,808 | $ | 7,142,020 | $ | 6,770,846 | ||||||||||||||||||||||||
| Average total deposits | 8,218,849 | 8,128,533 | 7,693,367 | |||||||||||||||||||||||||||
| Ratio of average interest earning assets to average interest bearing liabilities | 146.29 | % | 148.53 | % | 166.08 | % | ||||||||||||||||||||||||
| (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 $1,692, $1,667 and $1,414 for the three months ended March 31, 2024, December 31, 2023 and March 31, 2023, 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 | |||||||||||
| March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
| Beginning allowance for credit losses | $ | 97,947 | $ | 93,446 | $ | 89,553 | |||||
| Charge-offs | (278 | ) | (357 | ) | (325 | ) | |||||
| Recoveries | 188 | 58 | 65 | ||||||||
| Provision (release) expense for credit losses | (250 | ) | 4,800 | 1,050 | |||||||
| Ending allowance for credit losses ("ACL") | $ | 97,607 | $ | 97,947 | $ | 90,343 | |||||
| Ratio of annualized net charge-offs to average total loans during the period | 0.00 | % | 0.02 | % | 0.01 | % | |||||
| Ratio of ACL to total loans outstanding at period end | 1.29 | % | 1.27 | % | 1.23 | % | |||||
| Ratio of ACL to total non-performing loans at period end | 272.52 | % | 346.99 | % | 946.40 | % | |||||
| Total loans | $ | 7,569,052 | $ | 7,698,758 | $ | 7,345,298 | |||||
| Average total loans during the period | 7,632,635 | 7,594,725 | 7,257,639 | ||||||||
| Total non-performing loans | 35,817 | 28,228 | 9,546 | ||||||||
Past Due and Non-accrual Loans
| March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
| Loans 30-89 days past due and still accruing interest | $ | 3,495 | $ | 12,232 | $ | 2,308 | |||||
| Loans 90 days past due and still accruing interest | 1 | 591 | 185 | ||||||||
| Non-accrual loans | 35,817 | 28,228 | 9,546 | ||||||||
| Total past due and non-accrual loans | $ | 39,313 | $ | 41,051 | $ | 12,039 | |||||
| Total 90 days past due and still accruing interest and non-accrual loans to total loans | 0.47 | % | 0.37 | % | 0.13 | % | |||||
Asset Quality Data
| March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
| Non-performing loans | $ | 35,817 | $ | 28,228 | $ | 9,546 | |||||
| OREO | 4,064 | 4,088 | 3,458 | ||||||||
| Total non-performing assets | $ | 39,881 | $ | 32,316 | $ | 13,004 | |||||
| Total non-performing loans to total loans | 0.47 | % | 0.37 | % | 0.13 | % | |||||
| Total non-performing assets to total loans and OREO | 0.53 | % | 0.42 | % | 0.18 | % | |||||
NATIONAL BANK HOLDINGS CORPORATION
Key Metrics(1)
| As of and for the three months ended | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2024 | 2023 | 2023 | |||||||||
| Return on average assets | 1.28 | % | 1.33 | % | 1.70 | % | |||||
| Return on average tangible assets(2) | 1.39 | % | 1.44 | % | 1.80 | % | |||||
| Return on average equity | 10.30 | % | 11.10 | % | 14.60 | % | |||||
| Return on average tangible common equity(2) | 15.14 | % | 16.56 | % | 20.86 | % | |||||
| Loan to deposit ratio (end of period) | 88.86 | % | 94.00 | % | 96.88 | % | |||||
| Non-interest bearing deposits to total deposits (end of period) | 26.92 | % | 28.83 | % | 38.53 | % | |||||
| Net interest margin(3) | 3.70 | % | 3.88 | % | 4.32 | % | |||||
| Net interest margin FTE(2)(3) | 3.78 | % | 3.95 | % | 4.39 | % | |||||
| Interest rate spread FTE(2)(4) | 2.81 | % | 3.00 | % | 3.83 | % | |||||
| Yield on earning assets(5) | 5.80 | % | 5.84 | % | 5.17 | % | |||||
| Yield on earning assets FTE(2)(5) | 5.88 | % | 5.91 | % | 5.24 | % | |||||
| Cost of interest bearing liabilities | 3.07 | % | 2.91 | % | 1.41 | % | |||||
| Cost of deposits | 2.15 | % | 1.94 | % | 0.58 | % | |||||
| Non-interest income to total revenue FTE(2) | 17.11 | % | 14.98 | % | 13.22 | % | |||||
| Non-interest expense to average assets | 2.56 | % | 2.49 | % | 2.46 | % | |||||
| Efficiency ratio | 61.77 | % | 58.82 | % | 53.21 | % | |||||
| Efficiency ratio excluding other intangible assets amortization FTE(2) | 58.82 | % | 56.03 | % | 51.30 | % | |||||
| Pre-provision net revenue | $ | 38,890 | $ | 43,470 | $ | 51,262 | |||||
| Pre-provision net revenue FTE(2) | 40,582 | 45,137 | 52,676 | ||||||||
| Total Loans Asset Quality Data(6)(7)(8) | |||||||||||
| Non-performing loans to total loans | 0.47 | % | 0.37 | % | 0.13 | % | |||||
| Non-performing assets to total loans and OREO | 0.53 | % | 0.42 | % | 0.18 | % | |||||
| Allowance for credit losses to total loans | 1.29 | % | 1.27 | % | 1.23 | % | |||||
| Allowance for credit losses to non-performing loans | 272.52 | % | 346.99 | % | 946.40 | % | |||||
| Net charge-offs to average loans | 0.00 | % | 0.02 | % | 0.01 | % | |||||
| (1 | ) | 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 modified 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
| March 31, 2024 | December 31, 2023 | March 31, 2023 | ||||||||||
| Total shareholders' equity | $ | 1,231,830 | $ | 1,212,807 | $ | 1,133,727 | ||||||
| Less: goodwill and other intangible assets, net | (362,709 | ) | (364,716 | ) | (325,828 | ) | ||||||
| Add: deferred tax liability related to goodwill | 12,539 | 12,208 | 11,212 | |||||||||
| Tangible common equity (non-GAAP) | $ | 881,660 | $ | 860,299 | $ | 819,111 | ||||||
| Total assets | $ | 9,967,476 | $ | 9,951,064 | $ | 9,917,223 | ||||||
| Less: goodwill and other intangible assets, net | (362,709 | ) | (364,716 | ) | (325,828 | ) | ||||||
| Add: deferred tax liability related to goodwill | 12,539 | 12,208 | 11,212 | |||||||||
| Tangible assets (non-GAAP) | $ | 9,617,306 | $ | 9,598,556 | $ | 9,602,607 | ||||||
| Tangible common equity to tangible assets calculations: | ||||||||||||
| Total shareholders' equity to total assets | 12.36 | % | 12.19 | % | 11.43 | % | ||||||
| Less: impact of goodwill and other intangible assets, net | (3.19 | )% | (3.23 | )% | (2.90 | )% | ||||||
| Tangible common equity to tangible assets (non-GAAP) | 9.17 | % | 8.96 | % | 8.53 | % | ||||||
| Tangible common book value per share calculations: | ||||||||||||
| Tangible common equity (non-GAAP) | $ | 881,660 | $ | 860,299 | $ | 819,111 | ||||||
| Divided by: ending shares outstanding | 37,806,148 | 37,784,851 | 37,641,381 | |||||||||
| Tangible common book value per share (non-GAAP) | $ | 23.32 | $ | 22.77 | $ | 21.76 | ||||||
| Tangible common book value per share, excluding accumulated other comprehensive loss calculations: | ||||||||||||
| Tangible common equity (non-GAAP) | $ | 881,660 | $ | 860,299 | $ | 819,111 | ||||||
| Accumulated other comprehensive loss, net of tax | 80,209 | 76,401 | 78,627 | |||||||||
| Tangible common book value, excluding accumulated other comprehensive loss, net of tax (non-GAAP) | 961,869 | 936,700 | 897,738 | |||||||||
| Divided by: ending shares outstanding | 37,806,148 | 37,784,851 | 37,641,381 | |||||||||
| Tangible common book value per share, excluding accumulated other comprehensive loss, net of tax (non-GAAP) | $ | 25.44 | $ | 24.79 | $ | 23.85 | ||||||
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 | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2024 | 2023 | 2023 | ||||||||||
| Net income | $ | 31,391 | $ | 33,121 | $ | 40,283 | ||||||
| Add: impact of other intangible assets amortization expense, after tax | 1,534 | 1,541 | 1,049 | |||||||||
| Net income excluding the impact of other intangible assets amortization expense, after tax (non-GAAP) | $ | 32,925 | $ | 34,662 | $ | 41,332 | ||||||
| Average assets | $ | 9,888,261 | $ | 9,889,054 | $ | 9,619,456 | ||||||
| Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill | (351,383 | ) | (353,712 | ) | (315,493 | ) | ||||||
| Average tangible assets (non-GAAP) | $ | 9,536,878 | $ | 9,535,342 | $ | 9,303,963 | ||||||
| Average shareholders' equity | $ | 1,226,283 | $ | 1,184,164 | $ | 1,119,118 | ||||||
| Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill | (351,383 | ) | (353,712 | ) | (315,493 | ) | ||||||
| Average tangible common equity (non-GAAP) | $ | 874,900 | $ | 830,452 | $ | 803,625 | ||||||
| Return on average assets | 1.28 | % | 1.33 | % | 1.70 | % | ||||||
| Return on average tangible assets (non-GAAP) | 1.39 | % | 1.44 | % | 1.80 | % | ||||||
| Return on average equity | 10.30 | % | 11.10 | % | 14.60 | % | ||||||
| Return on average tangible common equity (non-GAAP) | 15.14 | % | 16.56 | % | 20.86 | % | ||||||
Fully Taxable Equivalent Yield on Earning Assets and Net Interest Margin
| As of and for the three months ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2024 | 2023 | 2023 | ||||||||||
| Interest income | $ | 131,732 | $ | 134,703 | $ | 113,533 | ||||||
| Add: impact of taxable equivalent adjustment | 1,692 | 1,667 | 1,414 | |||||||||
| Interest income FTE (non-GAAP) | $ | 133,424 | $ | 136,370 | $ | 114,947 | ||||||
| Net interest income | $ | 84,030 | $ | 89,501 | $ | 94,889 | ||||||
| Add: impact of taxable equivalent adjustment | 1,692 | 1,667 | 1,414 | |||||||||
| Net interest income FTE (non-GAAP) | $ | 85,722 | $ | 91,168 | $ | 96,303 | ||||||
| Average earning assets | $ | 9,127,330 | $ | 9,147,977 | $ | 8,902,740 | ||||||
| Yield on earning assets | 5.80 | % | 5.84 | % | 5.17 | % | ||||||
| Yield on earning assets FTE (non-GAAP) | 5.88 | % | 5.91 | % | 5.24 | % | ||||||
| Net interest margin | 3.70 | % | 3.88 | % | 4.32 | % | ||||||
| Net interest margin FTE (non-GAAP) | 3.78 | % | 3.95 | % | 4.39 | % | ||||||
Efficiency Ratio and Pre-Provision Net Revenue
| As of and for the three months ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2024 | 2023 | 2023 | ||||||||||
| Net interest income | $ | 84,030 | $ | 89,501 | $ | 94,889 | ||||||
| Add: impact of taxable equivalent adjustment | 1,692 | 1,667 | 1,414 | |||||||||
| Net interest income FTE (non-GAAP) | $ | 85,722 | $ | 91,168 | $ | 96,303 | ||||||
| Non-interest income | $ | 17,694 | $ | 16,064 | $ | 14,665 | ||||||
| Non-interest expense | $ | 62,834 | $ | 62,095 | $ | 58,292 | ||||||
| Less: other intangible assets amortization | (2,008 | ) | (2,008 | ) | (1,363 | ) | ||||||
| Non-interest expense excluding other intangible assets amortization (non-GAAP) | $ | 60,826 | $ | 60,087 | $ | 56,929 | ||||||
| Efficiency ratio | 61.77 | % | 58.82 | % | 53.21 | % | ||||||
| Efficiency ratio excluding other intangible assets amortization FTE (non-GAAP) | 58.82 | % | 56.03 | % | 51.30 | % | ||||||
| Pre-provision net revenue (non-GAAP) | $ | 38,890 | $ | 43,470 | $ | 51,262 | ||||||
| Pre-provision net revenue, FTE (non-GAAP) | 40,582 | 45,137 | 52,676 | |||||||||
