National Bank Holdings (NBHC) Misses Q3 EPS by 4c, Miss on Revenues

National Bank Holdings (NYSE: NBHC) reported Q3 EPS of $0.26, $0.04 worse than the analyst estimate of $0.30. Revenue for the quarter came in at $44.1 million versus the consensus estimate of $48.13 million.

Third Quarter 2017 Highlights(All comparisons refer to the second quarter of 2017, except as noted)

• Total loans ended the quarter at $3.1 billion, increasing $32.6 million, or 4.2% annualized, while originated loans outstanding totaled $2.9 billion and increased $54.1 million, or 7.6% annualized.
• Fully taxable equivalent net interest income totaled $39.4 million, and increased $1.1 million due to growth in average earning assets and a 0.05% widening of the net interest margin to 3.60%.
• The non 310-30 provision for loan losses totaled $4.0 million and included $2.9 million related to one non-accrual energy loan as we are resolving the remaining problem energy loans. Net charge-offs totaled $8.8 million, which includes $5.7 million previously reserved and the $2.9 million non-accrual energy loan mentioned above. Excluding the energy credits, annualized non 310-30 net charge-offs were 0.37% during the quarter and 0.13% year-to-date.
• Average deposits totaled $3.9 billion and increased $16.8 million, or 1.7% annualized, excluding the banking center divestitures in the prior quarter.
• Non-interest income totaled $9.6 million and decreased $2.4 million, driven entirely by a $2.9 million gain from banking center divestitures in the prior quarter. Net of the gain, non-interest income grew $0.5 million, primarily due to strong interest rate swap income from commercial clients.
• Non-interest expense totaled $34.6 million and increased $1.2 million due to higher problem asset workout expenses net of OREO gains.
• At September 30, 2017, common book value per share was $20.53, while tangible common book value per share was $18.59 and $19.42 after consideration of the excess accretable yield value of $0.83 per share.

For earnings history and earnings-related data on National Bank Holdings (NBHC) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• SanDisk upgraded at JPMorgan after investor day; shares climb
• SVB & T Corporation (SVBT) Tops Q2 EPS by 275c