National Bank Holdings Corp. Reports Unaudited Consolidated Earnings Results for Second Quarter and Six Months Ended June 30, 2018; Provides Effective Tax Rate Guidance for the Second Half of 2018
July 25, 2018 at 01:45 am IST
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National Bank Holdings Corp. reported unaudited consolidated earnings results for second quarter and six months ended June 30, 2018. For the quarter, total interest and dividend income of $54,911,000 compared to $41,332,000 a year ago. Net interest income was $49,386,000 compared to $36,892,000 a year ago. Income before income taxes FTE was $21,411,000 compared to $12,773,000 a year ago. Income before income taxes was 0,312,000 compared to $11,384,000 a year ago. Net income was $17,512,000 or $0.56 per diluted share compared to $9,209,000 or $0.33 per diluted share a year ago. Book value per share was $21.49 at June 30, 2018. Tangible common book value per share increased to $17.61 at June 30, 2018. The return on average tangible assets was 0.87% compared to 0.45% for the second quarter of 2016. The return on average tangible equity was 8.21% compared to 3.98% for the second quarter of 2016. Return on average assets was 1.31% against 0.87% a year ago. Return on average equity was 10.75% against 6.78% a year ago. Interest income FTE (non-GAAP) was $56,010,000 compared to $42,721,000 a year ago. Net interest income FTE (non-GAAP) was $50,485,000 compared to $38,281,000 a year ago.
For the six months, net interest income was $97,033,000 compared to $71,614,000 a year ago. Income before income taxes FTE was $32,634,000 compared to $21,060,000 a year ago. Income before income taxes was $30,472,000 compared to $18,402,000 a year ago. Net income was $25,977,000 or $0.83 per diluted share compared to $17,467,000 or $0.63 per diluted share a year ago. Return on average assets was 0.93% against 0.76% a year ago. Return on average tangible assets was 0.99% against 0.84% a year ago. Return on average equity was 8.08% against 6.50% a year ago. Return on average tangible common equity was 8.21% against 7.93% a year ago. Interest income FTE (non-GAAP) was $109,864,000 compared to $82,730,000 a year ago. Net interest income FTE (non-GAAP) was $99,195,000 compared to $74,272,000 a year ago. The tangible book value per share excluding accumulated other comprehensive income was $18.18 as of June 30. The tangible book value per share now exceeds December 31, 2017 measure, which was just before the Peoples acquisition and a quarter sooner than the company had guided.
The company projects the effective tax rate for the second half of 2018 to be around 18% to 19%.
National Bank Holdings Corporation is a bank holding company. The Company operates, through its subsidiaries, NBH Bank and Bank of Jackson Hole Trust (the Banks), which are a chartered banks and a member of the Federal Reserve System. The Bank provides a range of banking products to both commercial and consumer clients through a network of approximately 90 banking centers, located primarily in Colorado, the greater Kansas City region, Texas, Utah, and New Mexico, as well as through online and mobile banking products and services. The Bankâs distribution network also includes approximately 126 ATMs. The Bank offers personalized banking service to the clients, which includes services, such as loan and deposit services, online and mobile banking solutions, treasury management products, and services and trust and wealth management services. The Bankâs loan portfolio includes commercial and industrial loans, commercial real estate loans, residential real estate loans, and others.
National Bank Holdings Corp. Reports Unaudited Consolidated Earnings Results for Second Quarter and Six Months Ended June 30, 2018; Provides Effective Tax Rate Guidance for the Second Half of 2018