NYSE:NBHC

Stock Analysis Report

National Bank Holdings

Executive Summary

National Bank Holdings Corporation operates as the bank holding company for NBH Bank, N.A.


Snowflake Analysis

Flawless balance sheet with proven track record.


Similar Companies

Share Price & News

How has National Bank Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: NBHC has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-3.9%

NBHC

-9.0%

US Banks

-7.6%

US Market


1 Year Return

-8.5%

NBHC

1.2%

US Banks

10.2%

US Market

Return vs Industry: NBHC underperformed the US Banks industry which returned 1.2% over the past year.

Return vs Market: NBHC underperformed the US Market which returned 10.2% over the past year.


Shareholder returns

NBHCIndustryMarket
7 Day-3.9%-9.0%-7.6%
30 Day-2.3%-6.9%-4.5%
90 Day-7.7%-8.9%-0.6%
1 Year-6.4%-8.5%4.1%1.2%12.5%10.2%
3 Year4.8%-0.3%11.7%3.8%37.1%28.3%
5 Year92.0%79.1%58.4%40.5%60.8%43.2%

Price Volatility Vs. Market

How volatile is National Bank Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is National Bank Holdings undervalued compared to its fair value and its price relative to the market?

12.87x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: NBHC ($33.07) is trading above our estimate of fair value ($31.67)

Significantly Below Fair Value: NBHC is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: NBHC is poor value based on its PE Ratio (12.9x) compared to the Banks industry average (12.1x).

PE vs Market: NBHC is good value based on its PE Ratio (12.9x) compared to the US market (17.1x).


Price to Earnings Growth Ratio

PEG Ratio: NBHC's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: NBHC is overvalued based on its PB Ratio (1.3x) compared to the US Banks industry average (1.1x).


Next Steps

Future Growth

How is National Bank Holdings forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

-1.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: NBHC's earnings are forecast to decline over the next 3 years (-1.4% per year).

Earnings vs Market: NBHC's earnings are forecast to decline over the next 3 years (-1.4% per year).

High Growth Earnings: NBHC's earnings are forecast to decline over the next 3 years.

Revenue vs Market: NBHC's revenue (3.3% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: NBHC's revenue (3.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: NBHC's Return on Equity is forecast to be low in 3 years time (9.7%).


Next Steps

Past Performance

How has National Bank Holdings performed over the past 5 years?

49.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: NBHC has high quality earnings.

Growing Profit Margin: NBHC's current net profit margins (29%) are higher than last year (23.3%).


Past Earnings Growth Analysis

Earnings Trend: NBHC's earnings have grown significantly by 49.3% per year over the past 5 years.

Accelerating Growth: NBHC's earnings growth over the past year (30.9%) is below its 5-year average (49.3% per year).

Earnings vs Industry: NBHC earnings growth over the past year (30.9%) exceeded the Banks industry 11.9%.


Return on Equity

High ROE: NBHC's Return on Equity (10.5%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is National Bank Holdings's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: NBHC has a low level of unsold assets or inventory.

Debt Coverage by Assets: NBHC's debt is covered by short term assets (assets are 1x debt).


Financial Institutions Analysis

Asset Level: NBHC's level of assets compared to its equity is low.

Allowance for Bad Loans: NBHC has a sufficient allowance for bad loans.

Low Risk Liabilities: NBHC's liabilities are made up of primarily low risk sources of funding.

Loan Level: NBHC has an acceptable proportion of non-loan assets held.

Low Risk Deposits: NBHC's loans are broadly funded by customer deposits.

Level of Bad Loans: NBHC has an appropriate level of bad loans (0.49%)


Next Steps

Dividend

What is National Bank Holdings's current dividend yield, its reliability and sustainability?

2.42%

Current Dividend Yield


Dividend Yield vs Market

company2.4%marketbottom25%1.5%markettop25%4.0%industryaverage3.1%forecastin3Years2.6%

Current dividend yield vs market & industry

Notable Dividend: NBHC's dividend (2.42%) is higher than the bottom 25% of dividend payers in the US market (1.53%).

High Dividend: NBHC's dividend (2.42%) is low compared to the top 25% of dividend payers in the US market (3.96%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, NBHC has been paying a dividend for less than 10 years.

Growing Dividend: NBHC's dividend payments have increased, but the company has only paid a dividend for 7 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (30.4%), NBHC's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: NBHC's dividends in 3 years are forecast to be well covered by earnings (35.3% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.1yrs

Average management tenure


CEO

Tim Laney (59yo)

9.7yrs

Tenure

US$3,188,134

Compensation

Mr. G. Timothy Laney, also known as Tim, has been the Chief Executive Officer and President of National Bank Holdings Corp. (NBH) at Bank Midwest, National Association since June 2010. Mr. Laney serves as  ...


CEO Compensation Analysis

Compensation vs Market: Tim's total compensation ($USD3.19M) is about average for companies of similar size in the US market ($USD2.58M).

Compensation vs Earnings: Tim's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
G. Laney
Chairman9.7yrsUS$3.19m2.35% $24.2m
Aldis Birkans
Executive VP1.5yrsUS$675.26k0.14% $1.5m
Zsolt Besskó
Chief Human Resources Officer6.5yrsUS$971.99k0.19% $2.0m
Richard Newfield
Chief Risk Management Officer9.1yrsUS$1.00m0.66% $6.8m
Brendan Zahl
EVP, Head of Residential Banking & Market President for Colorado Springs Area2.1yrsUS$794.64k0.078% $805.6k
Nicole Van Denabeele
Senior VP & Chief Accounting Officer1.7yrsno data0.0044% $45.6k
Charlie Koch
Market Manager of Commercial Banking & Director of Treasury Management0.9yrsno datano data
Patrick Sobers
EVP, Head of Bus. & Consumer Banking3.1yrsUS$501.24k0.036% $372.2k
Angela Petrucci
Senior VP & Associate General Counsel0yrsno datano data
Whitney Bartelli
President of Bank Midwest3.1yrsno data0.0060% $61.9k

2.1yrs

Average Tenure

49yo

Average Age

Experienced Management: NBHC's management team is considered experienced (2.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
G. Laney
Chairman9.7yrsUS$3.19m2.35% $24.2m
Patrick Sobers
EVP, Head of Bus. & Consumer Banking3.1yrsUS$501.24k0.036% $372.2k
Whitney Bartelli
President of Bank Midwest3.1yrsno data0.0060% $61.9k
Ruth Stevenson
EVP, Chief Client Executive & Deposit Operations Executive1.1yrsno data0.052% $533.2k
Art Zeile
Independent Director3.6yrsUS$150.00k0.027% $280.2k
Micho Spring
Independent Director10.3yrsUS$150.00k0.099% $1.0m
Burney Warren
Independent Director10.3yrsUS$170.00k0.11% $1.1m
Robert Dean
Independent Director10.7yrsUS$170.00k0.10% $1.0m
Fred Joseph
Independent Director5.6yrsUS$150.00k0.040% $417.0k
Ralph Clermont
Lead Director5.8yrsUS$205.00k0.24% $2.5m

5.7yrs

Average Tenure

66.5yo

Average Age

Experienced Board: NBHC's board of directors are considered experienced (5.7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

National Bank Holdings Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: National Bank Holdings Corporation
  • Ticker: NBHC
  • Exchange: NYSE
  • Founded: 2009
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$1.031b
  • Shares outstanding: 31.18m
  • Website: https://www.nationalbankholdings.com

Number of Employees


Location

  • National Bank Holdings Corporation
  • 7800 East Orchard Road
  • Suite 300
  • Greenwood Village
  • Colorado
  • 80111
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NBHCNYSE (New York Stock Exchange)YesClass A Common StockUSUSDSep 2012
NB9DB (Deutsche Boerse AG)YesClass A Common StockDEEURSep 2012

Biography

National Bank Holdings Corporation operates as the bank holding company for NBH Bank, N.A. that provides various banking products and financial services to commercial, business, and consumer clients in the United States. The company offers deposit products, including checking accounts, savings accounts, money market accounts, and other deposit accounts, including fixed-rate and fixed maturity time deposits. It also provides commercial and industrial loans and leases, such as working capital loans, equipment loans, lender finance loans, agriculture loans, government and non-profit loans, owner occupied commercial real estate loans, and other commercial loans and leases. The company also offers non-owner occupied commercial real estate loans consisting of loans on commercial properties, such as office buildings, warehouse/distribution buildings, and multi-family and retail buildings; and small business administration loans to support manufacturers, distributors, and service providers; term loans, line of credit, and real estate secured loans; residential real estate loans; and consumer loans. In addition, it offers treasury management solutions comprising online and mobile banking, commercial credit card, wire transfer, automated clearing house, electronic bill payment, lock box, remote deposit capture, merchant processing, cash vault, controlled disbursements, and fraud prevention services, as well as other auxiliary services, including account reconciliation, collections, repurchase accounts, zero balance accounts, and sweep accounts. As of December 31, 2018, the company operated through a network of 104 banking centers located in Colorado, the greater Kansas City area, New Mexico, and Texas. It also operates 128 ATMs. The company was formerly known as NBH Holdings Corp. and changed its name to National Bank Holdings Corporation in March 2012. National Bank Holdings Corporation was incorporated in 2009 and is headquartered in Greenwood Village, Colorado. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/27 02:00
End of Day Share Price2020/02/26 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.