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

National Bank Holdings Corporation Announces Third Quarter 2023 Financial Results

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