• National Bank Holdings Corporation Announces Third Quarter 2023 Financial Results

    المصدر: Nasdaq GlobeNewswire / 24 أكتوبر 2023 16:10:56   America/New_York

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

      For the quarter For the year Adjusted(1)
      3Q23 2Q23 3Q22 2023  2022  3Q22 - QTD 3Q22 -YTD
    Net income ($000's) $36,087  $32,557  $15,839  $108,927  $54,553  $25,349  $65,033 
    Earnings per share - diluted $0.94  $0.85  $0.50  $2.85  $1.77  $0.80  $2.11 
    Return on average tangible assets(2)  1.58%   1.45%   0.87%   1.61%   1.03%   1.39%   1.23% 
    Return on average tangible common equity(2)  18.38%   17.24%   8.66%   18.81%   10.17%   13.76%   12.10% 

                                                          

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

    In announcing these results, Chief Executive Officer Tim Laney shared, “We delivered a 10.8% increase in our quarterly earnings to $0.94 per diluted share and a solid return on average tangible common equity of 18.38%. After adjusting for acquisition expenses, year over year pre-provision net revenues grew 54.6%. Year-to-date net income increased $54.4 million or 100% over the prior period to $108.9 million, or $2.85 per diluted share. Our disciplined approach to extending credit and diligence in monitoring our loan book resulted in excellent credit quality with just one basis point of annualized quarterly net charge-offs. We maintain a granular average deposit base and grew our diversified core deposits 5.9% annualized. Our total deposit beta through this interest rate cycle has been 28%.”

    Mr. Laney added, “We enter the fourth quarter from a position of strength. We operate in high-performing markets where our relationship-based banking model continues to generate a positive impact in our communities and attractive shareholder returns. Our strong balance sheet, solid capital position and diversified funding sources provide optionality to be leveraged for future growth.”

    Third Quarter 2023 Results
    (All comparisons refer to the second quarter of 2023, except as noted)

    Net income totaled $36.1 million or $0.94 per diluted share, an increase of 10.8% over the second quarter. Fully taxable equivalent pre-provision net revenue totaled $48.1 million, an increase of 9.2% over the second quarter. The return on average tangible assets increased 13 basis points to 1.58%, and the return on average tangible common equity increased 114 basis points to 18.38%.

    Net Interest Income
    Fully taxable equivalent net interest income totaled $89.4 million, compared to $91.2 million in the prior quarter, as an increase in loan interest income was offset by an increase in the cost of funds. The fully taxable equivalent net interest margin totaled 3.92%, narrowing 15 basis points as the 14 basis point increase in earning asset yields was offset by a 32 basis point increase in the cost of funds. Average earning assets increased $40.9 million, primarily driven by loan growth. The cost of funds totaled 1.80%, compared to 1.48% during the second quarter.

    Loans
    Total loans increased $64.1 million or 3.4% annualized to $7.5 billion at September 30, 2023. We generated quarterly loan fundings totaling $324.1 million, led by commercial loan fundings of $191.5 million. The average interest rate on the third quarter’s loan originations was 8.6% compared to 8.2%.

    Asset Quality and Provision for Credit Losses
    The Company recorded $1.1 million of provision expense for credit losses, compared to $1.7 million in the prior quarter. The current quarter’s provision expense was primarily driven by loan growth. Annualized net charge-offs improved to 0.01% of average total loans during the third quarter, compared to 0.02% in the prior quarter. Non-performing loans (comprised of non-accrual loans and non-accrual TDMs) improved one basis point to 0.44% of total loans, and non-performing assets improved one basis point to 0.49% of total loans and OREO. The allowance for credit losses as a percentage of loans remained a consistent 1.25% at September 30, 2023.

    Deposits
    We maintain a granular and well diversified deposit base with no exposure to venture capital or crypto deposits. Average total deposits increased $116.1 million, or 5.8% annualized, to $8.1 billion during the third quarter 2023, compared to $8.0 billion during the second quarter 2023. The loan to deposit ratio totaled 91.8% at September 30, 2023. Average transaction deposits (defined as total deposits less time deposits) increased $104.5 million to $7.1 billion.

    We improved our balance sheet funding mix during the third quarter and utilized the funding provided by the quarter’s deposit growth to pay down $68.2 million of Federal Home Loan Bank advances. The mix of transaction deposits remained a consistent 87.8% of total deposits at September 30, 2023.

    Non-Interest Income
    Non-interest income increased $5.5 million to $19.4 million during the third quarter. Excluding $4.1 million of impairments related to venture capital investments classified as non-marketable securities included in the prior quarter, non-interest income increased $1.4 million and included a $1.1 million gain from the sale of mortgage servicing rights. Service charges and bank card fees increased $0.3 million.

    Non-Interest Expense
    Non-interest expense decreased $0.4 million to $60.6 million largely due to Cambr related acquisition expenses incurred in the second quarter. The efficiency ratio improved 230 basis points to 56.6% for the third quarter, compared to 58.9%. The fully taxable equivalent efficiency ratio improved 224 basis points to 53.9% for the third quarter, excluding other intangible assets amortization.

    Income tax expense totaled $9.3 million during the third quarter, compared to $8.4 million in the prior quarter. The increase in income tax expense was due to an increase in pre-tax income. The effective tax rate remained consistent at 20.5% for the third quarter.

    Capital
    Capital ratios continue to be strong and in excess of federal bank regulatory agency “well capitalized” thresholds. The Tier 1 leverage ratio totaled 9.56% at September 30, 2023, and the common equity tier 1 capital ratio totaled 11.61% at September 30, 2023. Shareholders’ equity totaled $1.2 billion at September 30, 2023 increasing $16.3 million, largely due to higher retained earnings partially offset by an increase in accumulated other comprehensive loss.

    Common book value per share increased $0.41 to $30.83 at September 30, 2023. Tangible common book value per share increased $0.48 to $21.43 as this quarter’s earnings outpaced the quarterly dividend and a $0.32 per share increase in accumulated other comprehensive loss.

    Year-Over-Year Review
    (All comparisons refer to the first nine months of 2022, except as noted)

    Net income increased $54.4 million or 99.7% to $108.9 million, or $2.85 per diluted share, compared to net income of $54.6 million, or $1.77 per diluted share, for the first nine months of 2022. The increase over the same period prior year was driven by higher net interest income from our organic balance sheet growth, revenues from strategic acquisition growth, and a benefit to our net interest income from increases in the Federal Reserve Bank’s interest rates. Fully taxable equivalent pre-provision net revenue increased $59.4 million, or 69.6%, to $144.9 million. The return on average tangible assets increased 58 basis points to 1.61%, and the return on average tangible common equity increased 864 basis points to 18.81%.

    The first nine months of 2022 included $13.6 million of non-recurring acquisition-related expenses from our 2022 acquisitions. Adjusting for these expenses in the prior period, net income for the first nine months of 2023 increased $43.9 million or 67.5%, and fully taxable equivalent pre-provision net revenue increased $51.2 million, or 54.6%. The adjusted return on average tangible assets increased 38 basis points to 1.61%, and the adjusted return on average tangible common equity increased 671 basis points to 18.81% for the first nine months of 2023.

    Fully taxable equivalent net interest income totaled $276.9 million, an increase of $101.1 million or 57.5%. Average earning assets increased $2.2 billion, or 31.5%, including average originated loan growth of $1.1 billion and average acquired loan growth of $1.5 billion. The fully taxable equivalent net interest margin widened 68 basis points to 4.12%, benefitting from a 182 basis point increase in earning asset yields to 5.44%. Average interest bearing liabilities increased $1.8 billion to $5.7 billion at September 30, 2023, and the cost of funds totaled 1.40%, compared to 0.19% in the same period prior year.

    Loans outstanding totaled $7.5 billion increasing $1.8 billion, or 30.7%, from organic loan growth and loans acquired through the Rock Canyon Bank and Bank of Jackson Hole acquisitions in the second half of 2022. New loan fundings over the trailing 12 months totaled $1.6 billion, led by commercial loan fundings of $0.8 billion.  

    The Company recorded $3.7 million of provision expense for credit losses for the first nine months of 2023, compared to provision expense of $14.9 million in the same period prior year. The current period’s provision expense was driven by loan growth and higher reserve requirements. Provision expense for the first nine months of 2022 included $5.4 million of Day 1 reserve requirements for a 2022 acquisition. Annualized net charge-offs decreased one basis points to 0.02% of average total loans during the first nine months of 2023. Non-performing loans to total loans was 0.44%, compared to 0.26% in the same period prior year, and non-performing assets to total loans and OREO was 0.49% at September 30, 2023, compared to 0.32%. The allowance for credit losses totaled 1.25% of total loans, compared to 1.15% at September 30, 2022.

    Average total deposits increased $1.6 billion or 25.9% to $7.9 billion, primarily due to higher deposit balances driven by the strategic growth from our recent acquisitions. Average transaction deposits increased $1.5 billion or 26.7%, and average non-interest bearing demand deposits increased $264.0 million or 10.6%. The mix of transaction deposits to total deposits remained consistent at 87.8%, and the mix of non-interest bearing demand deposits to total deposits was 30.5%, compared to 40.2% at September 30, 2022.

    Non-interest income totaled $47.9 million, a decrease of $5.3 million or 10.0%, largely driven by $9.5 million of lower mortgage banking income due to lower purchase and refinance activity, as well as competition driving tighter gains on sale margins. This decrease was partially offset by $1.5 million of trust income, $1.3 million of gains on SBA loan sales, as well as 2023’s Cambr income, all of which are new and diversified sources of fee revenue. Service charges and bank card fees increased a combined $2.8 million compared to the same period prior year. Included in non-interest income during 2023 was $4.4 million in impairments related to venture capital investments classified as non-marketable securities and a $1.1 million gain from the sale of mortgage servicing rights.

    Non-interest expense totaled $179.9 million, an increase of $36.3 million, or 25.3%, primarily due to an increase in core operating expenses driven by our 2022 acquisitions. Included in other non-interest expense is $4.0 million higher FDIC deposit insurance expense as a result of our recent acquisitions and an increase in the FDIC assessment rate effective January 2023. Included in the first nine months of 2022 were non-recurring acquisition-related expenses of $8.3 million related to our 2022 acquisitions.

    Income tax expense totaled $27.8 million, an increase of $15.8 million from the same period last year, driven by higher pre-tax income. The effective tax rate was 20.3% for the first nine months of 2023, compared to 18.0% in the prior year.

    Conference Call
    Management will host a conference call to review the results at 11:00 a.m. Eastern Time on Wednesday, October 25, 2023. Interested parties may listen to this call by dialing (877) 400-0505 using the participant passcode of 9162801 and asking for the NBHC Q3 2023 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 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 adjusted for other intangible assets amortization and acquisition-related expenses,” “non-interest expense adjusted for acquisition-related expenses,” “efficiency ratio adjusted for other intangible assets amortization and acquisition-related expenses,” “adjusted net income,” “adjusted earnings per share – diluted,” “net income adjusted for the impact of other intangible assets amortization expense and acquisition-related expenses, after tax,” “net income excluding the impact of other intangible assets 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, Bancshares of Jackson Hole Incorporated, or Cambr Solutions, LLC businesses or fully realizing cost savings and other benefits; business disruption following the mergers; ability to execute our business strategy (including our digital 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 our bank subsidiaries; 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; 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 nine months ended
     September 30, June 30,  September 30,  September 30, September 30, 
     2023 2023 2022 2023 2022
    Total interest and dividend income$126,110 $121,069 $72,369 $360,712 $180,730
    Total interest expense 38,333  31,285  3,278  88,262  8,961
    Net interest income 87,777  89,784  69,091  272,450  171,769
    Taxable equivalent adjustment 1,575  1,442  1,409  4,432  4,058
    Net interest income FTE(1) 89,352  91,226  70,500  276,882  175,827
    Provision expense for credit losses 1,125  1,700  12,678  3,725  14,860
    Net interest income after provision for credit losses FTE(1) 88,227  89,526  57,822  273,157  160,967
    Non-interest income:              
    Service charges 4,849  4,444  4,326  13,394  11,992
    Bank card fees 4,993  5,091  4,681  14,721  13,345
    Mortgage banking income 4,688  3,710  4,474  11,614  21,088
    Other non-interest income 4,835  578  3,877  8,124  6,749
    Total non-interest income 19,365  13,823  17,358  47,853  53,174
    Non-interest expense:              
    Salaries and benefits 35,027  35,215  30,540  103,231  88,652
    Occupancy and equipment 9,167  9,126  8,026  27,366  21,087
    Professional fees 2,215  3,146  5,810  7,951  8,110
    Data processing 3,546  2,959  2,899  10,257  7,733
    Other non-interest expense 8,640  8,528  6,280  25,693  17,015
    Other intangible assets amortization 2,008  2,007  383  5,378  975
    Total non-interest expense 60,603  60,981  53,938  179,876  143,572
                   
    Income before income taxes FTE(1) 46,989  42,368  21,242  141,134  70,569
    Taxable equivalent adjustment 1,575  1,442  1,409  4,432  4,058
    Income before income taxes 45,414  40,926  19,833  136,702  66,511
    Income tax expense 9,327  8,369  3,994  27,775  11,958
    Net income$36,087 $32,557 $15,839 $108,927 $54,553
    Earnings per share - basic$0.95 $0.86 $0.51 $2.87 $1.78
    Earnings per share - diluted 0.94  0.85  0.50  2.85  1.77

                                                          

    (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)

     September 30, 2023 June 30, 2023 December 31, 2022 September 30, 2022
    ASSETS           
    Cash and cash equivalents$291,291  $323,832  $195,505  $256,207 
    Investment securities available-for-sale 620,445   659,347   706,289   730,791 
    Investment securities held-to-maturity 600,501   619,400   651,527   606,245 
    Non-marketable securities 87,817   88,849   89,049   64,004 
    Loans 7,478,438   7,414,357   7,220,469   5,721,985 
    Allowance for credit losses (93,446)  (92,581)  (89,553)  (65,623)
    Loans, net 7,384,992   7,321,776   7,130,916   5,656,362 
    Loans held for sale 19,048   25,172   22,767   33,043 
    Other real estate owned 3,416   3,458   3,731   3,695 
    Premises and equipment, net 153,553   147,853   136,111   105,801 
    Goodwill 306,043   306,043   279,132   167,882 
    Intangible assets, net 68,283   74,914   59,887   30,843 
    Other assets 330,894   301,313   298,329   268,048 
    Total assets$9,866,283  $9,871,957  $9,573,243  $7,922,921 
    LIABILITIES AND SHAREHOLDERS' EQUITY           
    Liabilities:           
    Non-interest bearing demand deposits$2,483,174  $2,628,942  $3,134,716  $2,735,832 
    Interest bearing demand deposits 1,358,445   1,324,292   913,852   597,035 
    Savings and money market 3,314,895   3,183,355   2,950,658   2,631,855 
    Total transaction deposits 7,156,514   7,136,589   6,999,226   5,964,722 
    Time deposits 992,494   984,269   873,400   838,830 
    Total deposits 8,149,008   8,120,858   7,872,626   6,803,552 
    Securities sold under agreements to repurchase 20,273   21,422   20,214   20,044 
    Long-term debt 54,123   54,045   53,890   39,559 
    Federal Home Loan Bank advances 316,770   385,000   385,000    
    Other liabilities 162,524   143,298   149,311   140,340 
    Total liabilities 8,702,698   8,724,623   8,481,041   7,003,495 
    Shareholders' equity:           
    Common stock 515   515   515   515 
    Additional paid in capital 1,160,706   1,158,727   1,159,508   1,079,560 
    Retained earnings 410,243   384,094   330,721   323,448 
    Treasury stock (307,026)  (307,388)  (310,338)  (394,758)
    Accumulated other comprehensive loss, net of tax (100,853)  (88,614)  (88,204)  (89,339)
    Total shareholders' equity 1,163,585   1,147,334   1,092,202   919,426 
    Total liabilities and shareholders' equity$9,866,283  $9,871,957  $9,573,243  $7,922,921 
    SHARE DATA           
    Average basic shares outstanding 37,990,659   37,957,287   37,762,853   31,259,188 
    Average diluted shares outstanding 38,134,338   38,107,326   38,100,155   31,531,075 
    Ending shares outstanding 37,739,776   37,719,026   37,608,519   33,189,253 
    Common book value per share$30.83  $30.42  $29.04  $27.70 
    Tangible common book value per share(1)(non-GAAP) 21.43   20.95   20.63   22.40 
    Tangible common book value per share, excluding accumulated other comprehensive income(1)(non-GAAP) 24.10   23.30   22.98   25.10 
    CAPITAL RATIOS           
    Average equity to average assets 11.93%   11.78%   11.47%   11.69% 
    Tangible common equity to tangible assets(1) 8.50%   8.30%   8.38%   9.60% 
    Tier 1 leverage ratio 9.56%   9.15%   9.29%   10.45% 
    Common equity tier 1 risk-based capital ratio 11.61%   11.08%   10.54%   12.75% 
    Tier 1 risk-based capital ratio 11.61%   11.08%   10.54%   12.75% 
    Total risk-based capital ratio 13.49%   12.95%   12.29%   14.34% 

                                                          

    (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

         September 30, 2023   September 30, 2023
         vs. June 30, 2023   vs. September 30, 2022
     September 30, 2023 June 30, 2023 % Change September 30, 2022 % Change
    Originated:            
    Commercial:            
    Commercial and industrial$1,784,188 $1,788,714 (0.3)% $1,724,469 3.5%
    Municipal and non-profit 1,012,967  1,022,414 (0.9)%  968,539 4.6%
    Owner-occupied commercial real estate 827,679  710,508 16.5%  631,783 31.0%
    Food and agribusiness 258,609  263,086 (1.7)%  265,835 (2.7)%
    Total commercial 3,883,443  3,784,722 2.6%  3,590,626 8.2%
    Commercial real estate non-owner occupied 1,026,133  1,043,999 (1.7)%  731,293 40.3%
    Residential real estate 897,804  877,907 2.3%  750,669 19.6%
    Consumer 16,700  16,979 (1.6)%  17,027 (1.9)%
    Total originated 5,824,080  5,723,607 1.8%  5,089,615 14.4%
                 
    Acquired:            
    Commercial:            
    Commercial and industrial 156,012  163,139 (4.4)%  82,324 89.5%
    Municipal and non-profit 305  310 (1.6)%  326 (6.4)%
    Owner-occupied commercial real estate 247,701  245,605 0.9%  176,385 40.4%
    Food and agribusiness 61,551  62,918 (2.2)%  73,822 (16.6)%
    Total commercial 465,569  471,972 (1.4)%  332,857 39.9%
    Commercial real estate non-owner occupied 787,926  847,946 (7.1)%  219,109 >100%
    Residential real estate 398,187  367,998 8.2%  79,477 >100%
    Consumer 2,676  2,834 (5.6)%  927 >100%
    Total acquired 1,654,358  1,690,750 (2.2)%  632,370 >100%
    Total loans$7,478,438 $7,414,357 0.9% $5,721,985 30.7%


    Loan Fundings
    (1)

     Third quarter Second quarter First quarter Fourth quarter Third quarter
     2023 2023 2023  2022 2022
    Commercial:              
    Commercial and industrial$89,297 $111,717 $107,013  $177,693 $201,106
    Municipal and non-profit 18,657  39,331  22,526   20,393  20,845
    Owner occupied commercial real estate 67,322  62,649  33,912   40,912  65,125
    Food and agribusiness 16,191  6,017  (6,564)  28,518  76,293
    Total commercial 191,467  219,714  156,887   267,516  363,369
    Commercial real estate non-owner occupied 88,434  99,984  185,875   133,271  166,739
    Residential real estate 42,514  40,814  49,406   95,067  99,951
    Consumer 1,689  1,777  1,717   1,396  1,505
    Total$324,104 $362,289 $393,885  $497,250 $631,564

                                                          

    (1)    Loan fundings are defined as closed end funded loans and net fundings under revolving lines of credit. Net fundings (paydowns) under revolving lines of credit were ($12,877), $13,766, ($7,096), $96,903 and $124,834 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
      September 30, 2023 June 30, 2023 September 30, 2022
      Average    Average Average    Average Average    Average
      balance Interest rate balance Interest rate balance Interest rate
    Interest earning assets:                           
    Originated loans FTE(1)(2) $5,803,157  $92,813  6.35% $5,649,623  $86,547  6.14% $4,834,206  $58,153  4.77%
    Acquired loans  1,671,595   26,115  6.20%  1,712,118   26,388  6.18%  295,893   6,581  8.82%
    Loans held for sale  22,154   383  6.86%  26,572   460  6.94%  39,532   551  5.53%
    Investment securities available-for-sale  761,892   3,783  1.99%  786,643   3,883  1.97%  865,875   4,247  1.96%
    Investment securities held-to-maturity  611,712   2,685  1.76%  630,547   2,808  1.78%  605,356   2,212  1.46%
    Other securities  39,115   701  7.17%  49,093   914  7.45%  14,909   212  5.69%
    Interest earning deposits  130,239   1,205  3.67%  144,391   1,511  4.20%  326,277   1,822  2.22%
    Total interest earning assets FTE(2) $9,039,864  $127,685  5.60% $8,998,987  $122,511  5.46% $6,982,048  $73,778  4.19%
    Cash and due from banks $104,308        $109,948        $81,112       
    Other assets  737,568         746,864         440,516       
    Allowance for credit losses  (92,831)        (90,636)        (54,610)      
    Total assets $9,788,909        $9,765,163        $7,449,066       
    Interest bearing liabilities:                           
    Interest bearing demand, savings and money market deposits $4,535,183  $27,211  2.38% $4,282,972  $20,100  1.88% $3,058,463  $1,829  0.24%
    Time deposits  992,755   6,212  2.48%  981,201   5,043  2.06%  799,759   1,116  0.55%
    Securities sold under agreements to repurchase  19,288   6  0.12%  20,264   5  0.10%  22,183   7  0.13%
    Long-term debt  54,074   519  3.81%  53,997   518  3.85%  39,543   326  3.27%
    Federal Home Loan Bank advances  316,723   4,385  5.49%  435,713   5,619  5.17%       0.00%
    Total interest bearing liabilities $5,918,023  $38,333  2.57% $5,774,147  $31,285  2.17% $3,919,948  $3,278  0.33%
    Demand deposits $2,553,619        $2,701,306        $2,557,286       
    Other liabilities  149,068         138,936         100,983       
    Total liabilities  8,620,710         8,614,389         6,578,217       
    Shareholders' equity  1,168,199         1,150,774         870,849       
    Total liabilities and shareholders' equity $9,788,909        $9,765,163        $7,449,066       
    Net interest income FTE(2)    $89,352       $91,226       $70,500   
    Interest rate spread FTE(2)        3.03%        3.29%        3.86%
    Net interest earning assets $3,121,841        $3,224,840        $3,062,100       
    Net interest margin FTE(2)        3.92%        4.07%        4.01%
    Average transaction deposits $7,088,802        $6,984,278        $5,615,749       
    Average total deposits  8,081,557         7,965,479         6,415,508       
    Ratio of average interest earning assets to average interest bearing liabilities  152.75%        155.85%        178.12%      

                                                          

    (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 $1,575, $1,442 and $1,409 for the three months ended September 30, 2023, June 30, 2023 and September 30, 2022, respectively.
       

    NATIONAL BANK HOLDINGS CORPORATION
    Summary of Net Interest Margin
    (Dollars in thousands)

     For the nine months ended September 30, 2023 For the nine months ended September 30, 2022
     Average    Average Average    Average
     balance Interest rate balance Interest rate
    Interest earning assets:               
    Originated loans FTE(1)(2)$5,656,309  $258,528 6.11% $4,598,705  $148,025 4.30%
    Acquired loans 1,718,523   79,526 6.19%  191,089   13,552 9.48%
    Loans held for sale 23,494   1,189 6.77%  70,384   2,188 4.16%
    Investment securities available-for-sale 786,087   11,655 1.98%  839,235   10,904 1.73%
    Investment securities held-to-maturity 629,507   8,364 1.77%  585,023   6,291 1.43%
    Other securities 46,480   2,513 7.21%  14,698   632 5.73%
    Interest earning deposits 120,633   3,369 3.73%  530,841   3,196 0.80%
    Total interest earning assets FTE(2)$8,981,033  $365,144 5.44% $6,829,975  $184,788 3.62%
    Cash and due from banks$110,902       $78,710      
    Other assets 724,305        428,374      
    Allowance for credit losses (91,110)       (51,125)     
    Total assets$9,725,130       $7,285,934      
    Interest bearing liabilities:               
    Interest bearing demand, savings and money market deposits$4,197,603  $55,070 1.75% $2,996,317  $4,760 0.21%
    Time deposits 965,750   14,545 2.01%  804,110   3,201 0.53%
    Securities sold under agreements to repurchase 19,863   17 0.11%  22,236   20 0.12%
    Long-term debt 53,997   1,555 3.85%  39,516   980 3.32%
    Federal Home Loan Bank advances 449,060   17,075 5.08%      0.00%
    Total interest bearing liabilities$5,686,273  $88,262 2.08% $3,862,179  $8,961 0.31%
    Demand deposits$2,751,537       $2,487,522      
    Other liabilities 141,110        91,992      
    Total liabilities 8,578,920        6,441,693      
    Shareholders' equity 1,146,210        844,241      
    Total liabilities and shareholders' equity$9,725,130       $7,285,934      
    Net interest income FTE(2)   $276,882      $175,827  
    Interest rate spread FTE(2)      3.36%       3.31%
    Net interest earning assets$3,294,760       $2,967,796      
    Net interest margin FTE(2)      4.12%       3.44%
    Average transaction deposits$6,949,140       $5,483,839      
    Average total deposits 7,914,890        6,287,949      
    Ratio of average interest earning assets to average interest bearing liabilities 157.94%       176.84%     

                                                          

    (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 $4,432 and $4,058 for the nine months ended September 30, 2023 and September 30, 2022, 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
     September 30, 2023 June 30, 2023 September 30, 2022
    Beginning allowance for credit losses$92,581  $90,343  $50,860 
    Day 1 CECL provision expense       5,201 
    PCD allowance for credit loss at acquisition       2,474 
    Charge-offs (540)  (354)  (253)
    Recoveries 280   42   66 
    Provision expense for credit losses 1,125   2,550   7,275 
    Ending allowance for credit losses ("ACL")$93,446  $92,581  $65,623 
    Ratio of annualized net charge-offs to average total loans during the period 0.01%   0.02%   0.01% 
    Ratio of ACL to total loans outstanding at period end 1.25%   1.25%   1.15% 
    Ratio of ACL to total non-performing loans at period end 281.36%   276.25%   447.72% 
    Total loans$7,478,438  $7,414,357  $5,721,985 
    Average total loans during the period 7,443,869   7,338,585   5,114,044 
    Total non-performing loans 33,212   33,514   14,657 
                

    Past Due and Non-accrual Loans

     September 30, 2023 June 30, 2023 September 30, 2022
    Loans 30-89 days past due and still accruing interest$8,144  $7,261  $1,548 
    Loans 90 days past due and still accruing interest 154   246   332 
    Non-accrual loans 33,212   33,514   14,657 
    Total past due and non-accrual loans$41,510  $41,021  $16,537 
    Total 90 days past due and still accruing interest and non-accrual loans to total loans 0.45%   0.46%   0.26% 
                

    Asset Quality Data

     September 30, 2023 June 30, 2023 September 30, 2022
    Non-performing loans$33,212  $33,514  $14,657 
    OREO 3,416   3,458   3,695 
    Total non-performing assets$36,628  $36,972  $18,352 
    Accruing modified loans$6,059  $18,906  $4,610 
    Total non-performing loans to total loans 0.44%   0.45%   0.26% 
    Total non-performing assets to total loans and OREO 0.49%   0.50%   0.32% 
                

    NATIONAL BANK HOLDINGS CORPORATION
    Key Metrics(1)

     As of and for the three months ended As of and for the nine months ended
     September 30, June 30,  September 30,  September 30, September 30, 
     2023
     2023
     2022
     2023
     2022
    Return on average assets 1.46%   1.34%   0.84%   1.50%   1.00% 
    Return on average tangible assets(2) 1.58%   1.45%   0.87%   1.61%   1.03% 
    Return on average tangible assets, adjusted(2) 1.58%   1.45%   1.39%   1.61%   1.23% 
    Return on average equity 12.26%   11.35%   7.22%   12.71%   8.64% 
    Return on average tangible common equity(2) 18.38%   17.24%   8.66%   18.81%   10.17% 
    Return on average tangible common equity, adjusted(2) 18.38%   17.24%   13.76%   18.81%   12.10% 
    Loan to deposit ratio (end of period) 91.77%   91.30%   84.10%   91.77%   84.10% 
    Non-interest bearing deposits to total deposits (end of period) 30.47%   32.37%   40.21%   30.47%   40.21% 
    Net interest margin(3) 3.85%   4.00%   3.93%   4.06%   3.36% 
    Net interest margin FTE(2)(3) 3.92%   4.07%   4.01%   4.12%   3.44% 
    Interest rate spread FTE(2)(4) 3.03%   3.29%   3.86%   3.36%   3.31% 
    Yield on earning assets(5) 5.53%   5.40%   4.11%   5.37%   3.54% 
    Yield on earning assets FTE(2)(5) 5.60%   5.46%   4.19%   5.44%   3.62% 
    Cost of interest bearing liabilities 2.57%   2.17%   0.33%   2.08%   0.31% 
    Cost of deposits 1.64%   1.27%   0.18%   1.18%   0.17% 
    Non-interest income to total revenue FTE(2) 17.81%   13.16%   19.76%   14.74%   23.22% 
    Non-interest expense to average assets 2.46%   2.50%   2.87%   2.47%   2.63% 
    Efficiency ratio 56.56%   58.86%   62.39%   56.16%   63.83% 
    Efficiency ratio excluding other intangible assets amortization FTE(2) 53.90%   56.14%   52.99%   53.74%   58.66% 
    Pre-provision net revenue$46,539  $42,626  $32,511  $140,427  $81,371 
    Pre-provision net revenue FTE(2) 48,114   44,068   33,920   144,859   85,429 
    Pre-provision net revenue FTE, adjusted(2) 48,114   44,068   40,916   144,859   93,685 
                   
    Total Loans Asset Quality Data(6)(7)(8)              
    Non-performing loans to total loans 0.44%   0.45%   0.26%   0.44%   0.26% 
    Non-performing assets to total loans and OREO 0.49%   0.50%   0.32%   0.49%   0.32% 
    Allowance for credit losses to total loans 1.25%   1.25%   1.15%   1.25%   1.15% 
    Allowance for credit losses to non-performing loans 281.36%   276.25%   447.72%   281.36%   447.72% 
    Net charge-offs to average loans 0.01%   0.02%   0.01%   0.02%   0.03% 

                                                          

    (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

      September 30, 2023 June 30, 2023 December 31, 2022 September 30, 2022
    Total shareholders' equity $1,163,585  $1,147,334  $1,092,202  $919,426 
    Less: goodwill and other intangible assets, net  (366,724)  (368,732)  (327,191)  (186,608)
    Add: deferred tax liability related to goodwill  11,876   11,544   10,984   10,755 
    Tangible common equity (non-GAAP) $808,737  $790,146  $775,995  $743,573 
                 
    Total assets $9,866,283  $9,871,957  $9,573,243  $7,922,921 
    Less: goodwill and other intangible assets, net  (366,724)  (368,732)  (327,191)  (186,608)
    Add: deferred tax liability related to goodwill  11,876   11,544   10,984   10,755 
    Tangible assets (non-GAAP) $9,511,435  $9,514,769  $9,257,036  $7,747,068 
                 
    Tangible common equity to tangible assets calculations:            
    Total shareholders' equity to total assets  11.79%   11.62%   11.41%   11.60% 
    Less: impact of goodwill and other intangible assets, net  (3.29)%   (3.32)%   (3.03)%   (2.00)% 
    Tangible common equity to tangible assets (non-GAAP)  8.50%   8.30%   8.38%   9.60% 
                 
    Tangible common book value per share calculations:            
    Tangible common equity (non-GAAP) $808,737  $790,146  $775,995  $743,573 
    Divided by: ending shares outstanding  37,739,776   37,719,026   37,608,519   33,189,253 
    Tangible common book value per share (non-GAAP) $21.43  $20.95  $20.63  $22.40 
                 
    Tangible common book value per share, excluding accumulated other comprehensive loss calculations:            
    Tangible common equity (non-GAAP) $808,737  $790,146  $775,995  $743,573 
    Accumulated other comprehensive loss, net of tax  100,853   88,614   88,204   89,339 
    Tangible common book value, excluding accumulated other comprehensive loss, net of tax (non-GAAP)  909,590   878,760   864,199   832,912 
    Divided by: ending shares outstanding  37,739,776   37,719,026   37,608,519   33,189,253 
    Tangible common book value per share, excluding accumulated other comprehensive loss, net of tax (non-GAAP) $24.10  $23.30  $22.98  $25.10 
     

    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 nine months ended
      September 30, June 30,  September 30,  September 30, September 30, 
      2023  2023  2022  2023  2022 
    Net income $36,087  $32,557  $15,839  $108,927  $54,553 
    Add: impact of other intangible assets amortization expense, after tax  1,541   1,546   295   4,128   751 
    Net income excluding the impact of other intangible assets amortization expense, after tax (non-GAAP) $37,628  $34,103  $16,134  $113,055  $55,304 
                    
    Net income excluding the impact of other intangible assets amortization expense, after tax $37,628  $34,103  $16,134  $113,055  $55,304 
    Add: acquisition-related adjustments, after tax (non-GAAP)(1)        9,510      10,480 
    Net income adjusted for the impact of other intangible assets amortization expense and acquisition-related expenses, after tax (non-GAAP)(1) $37,628  $34,103  $25,644  $113,055  $65,784 
                    
    Average assets $9,788,909  $9,765,163  $7,449,066  $9,725,130  $7,285,934 
    Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill  (356,083)  (357,446)  (131,490)  (342,826)  (117,485)
    Average tangible assets (non-GAAP) $9,432,826  $9,407,717  $7,317,576  $9,382,304  $7,168,449 
                    
    Average shareholders' equity $1,168,199  $1,150,774  $870,849  $1,146,210  $844,241 
    Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill  (356,083)  (357,446)  (131,490)  (342,826)  (117,485)
    Average tangible common equity (non-GAAP) $812,116  $793,328  $739,359  $803,384  $726,756 
                    
    Return on average assets  1.46%   1.34%   0.84%   1.50%   1.00% 
    Return on average tangible assets (non-GAAP)  1.58%   1.45%   0.87%   1.61%   1.03% 
    Adjusted return on average tangible assets (non-GAAP)  1.58%   1.45%   1.39%   1.61%   1.23% 
    Return on average equity  12.26%   11.35%   7.22%   12.71%   8.64% 
    Return on average tangible common equity (non-GAAP)  18.38%   17.24%   8.66%   18.81%   10.17% 
    Adjusted return on average tangible common equity (non-GAAP)  18.38%   17.24%   13.76%   18.81%   12.10% 
                    
    (1) Acquisition-related adjustments:               
    Provision expense adjustments:               
    CECL day 1 provision expense (non-GAAP) $  $  $5,358  $  $5,358 
    Non-interest expense adjustments:               
    Acquisition-related expenses (non-GAAP)        6,996      8,256 
    Acquisition-related adjustments before tax (non-GAAP)        12,354      13,614 
    Tax expense impact        (2,844)     (3,134)
    Acquisition-related adjustments, after tax (non-GAAP) $  $  $9,510  $  $10,480 
     

    Fully Taxable Equivalent Yield on Earning Assets and Net Interest Margin

      As of and for the three months ended As of and for the nine months ended
      September 30, June 30,  September 30,  September 30, September 30, 
      2023  2023  2022  2023  2022 
    Interest income $126,110  $121,069  $72,369  $360,712  $180,730 
    Add: impact of taxable equivalent adjustment  1,575   1,442   1,409   4,432   4,058 
    Interest income FTE (non-GAAP) $127,685  $122,511  $73,778  $365,144  $184,788 
                    
    Net interest income $87,777  $89,784  $69,091  $272,450  $171,769 
    Add: impact of taxable equivalent adjustment  1,575   1,442   1,409   4,432   4,058 
    Net interest income FTE (non-GAAP) $89,352  $91,226  $70,500  $276,882  $175,827 
                    
    Average earning assets $9,039,864  $8,998,987  $6,982,048  $8,981,033  $6,829,975 
    Yield on earning assets  5.53%   5.40%   4.11%   5.37%   3.54% 
    Yield on earning assets FTE (non-GAAP)  5.60%   5.46%   4.19%   5.44%   3.62% 
    Net interest margin  3.85%   4.00%   3.93%   4.06%   3.36% 
    Net interest margin FTE (non-GAAP)  3.92%   4.07%   4.01%   4.12%   3.44% 
                         

    Efficiency Ratio and Pre-Provision Net Revenue

      As of and for the three months ended As of and for the nine months ended
      September 30, June 30,  September 30,  September 30, September 30, 
      2023  2023  2022  2023  2022 
    Net interest income $87,777  $89,784  $69,091  $272,450  $171,769 
    Add: impact of taxable equivalent adjustment  1,575   1,442   1,409   4,432   4,058 
    Net interest income FTE (non-GAAP) $89,352  $91,226  $70,500  $276,882  $175,827 
                    
    Non-interest income $19,365  $13,823  $17,358  $47,853  $53,174 
                    
    Non-interest expense $60,603  $60,981  $53,938  $179,876  $143,572 
    Less: other intangible assets amortization  (2,008)  (2,007)  (383)  (5,378)  (975)
    Less: acquisition-related expenses (non-GAAP)        (6,996)     (8,256)
    Non-interest expense adjusted for other intangible assets amortization and acquisition-related expenses (non-GAAP) $58,595  $58,974  $46,559  $174,498  $134,341 
                    
    Non-interest expense $60,603  $60,981  $53,938  $179,876  $143,572 
    Less: acquisition-related expenses (non-GAAP)        (6,996)     (8,256)
    Non-interest expense, adjusted for acquisition-related expenses (non-GAAP) $60,603  $60,981  $46,942  $179,876  $135,316 
                    
    Efficiency ratio  56.56%   58.86%   62.39%   56.16%   63.83% 
    Efficiency ratio excluding other intangible assets amortization and acquisition-related expenses FTE (non-GAAP)  53.90%   56.14%   52.99%   53.74%   58.66% 
                    
    Pre-provision net revenue (non-GAAP) $46,539  $42,626  $32,511  $140,427  $81,371 
    Pre-provision net revenue, FTE (non-GAAP)  48,114   44,068   33,920   144,859   85,429 
    Pre-provision net revenue FTE, adjusted for acquisition-related expenses (non-GAAP)  48,114   44,068   40,916   144,859   93,685 
                         

    Adjusted Net Income and Earnings Per Share

      As of and for the three months ended  As of and for the nine months ended
         September 30,     June 30,     September 30,     September 30,     September 30, 
         2023    2023    2022    2023    2022
    Adjustments to net income:               
    Net income $ 36,087 $32,557 $15,839 $ 108,927 $54,553
    Add: Acquisition-related adjustments, after tax (non-GAAP)      9,510    10,480
    Adjusted net income (non-GAAP) $ 36,087 $32,557 $25,349 $ 108,927 $65,033
                    
    Adjustments to earnings per share:               
    Earnings per share diluted $ 0.94 $0.85 $0.50 $ 2.85 $1.77
    Add: Acquisition-related adjustments, after tax (non-GAAP)      0.30    0.34
    Adjusted earnings per share - diluted (non-GAAP)(1) $ 0.94 $0.85 $0.80 $ 2.85 $2.11

    Primary Logo

شارك على،