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National Bank Holdings

NYSE:NBHC
Snowflake Description

Flawless balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NBHC
NYSE
$1B
Market Cap
  1. Home
  2. US
  3. Banks
Company description

National Bank Holdings Corporation operates as the bank holding company for NBH Bank, N.A. The last earnings update was 69 days ago. More info.


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NBHC Share Price and Events
7 Day Returns
-0.8%
NYSE:NBHC
-0.2%
US Banks
1.1%
US Market
1 Year Returns
-9.1%
NYSE:NBHC
-5.9%
US Banks
4.7%
US Market
NBHC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
National Bank Holdings (NBHC) -0.8% -4.7% 0.1% -9.1% 67.2% 80.6%
US Banks -0.2% 2.8% -0.2% -5.9% 45.5% 46.9%
US Market 1.1% 4.3% 2.9% 4.7% 37.7% 43.6%
1 Year Return vs Industry and Market
  • NBHC underperformed the Banks industry which returned -5.9% over the past year.
  • NBHC underperformed the Market in United States of America which returned 4.7% over the past year.
Price Volatility
NBHC
Industry
5yr Volatility vs Market

Value

 Is National Bank Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of National Bank Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for National Bank Holdings.

NYSE:NBHC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 4 analysts.
= Stable Book Value * Return on Equity
= $25.25 * 10.8%
$2.73
Book Value of Equity per Share Weighted future Book Value estimates from 5 analysts. $25.25
Discount Rate (Cost of Equity) See below 7.6%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:NBHC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.593 (1 + (1- 21%) (30.31%))
0.822
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.82
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.822 * 5.96%)
7.63%

Discounted Cash Flow Calculation for NYSE:NBHC using Excess Returns Model Model

The calculations below outline how an intrinsic value for National Bank Holdings is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NYSE:NBHC Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (10.8% – 7.63%) * $25.25)
$0.80
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.80 / (7.63% - 2.73%)
$16.41
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $25.25 + $16.41
$41.67
NYSE:NBHC Discount to Share Price
Calculation Result
Value per share (USD) From above. $41.67
Current discount Discount to share price of $34.70
= -1 x ($34.70 - $41.67) / $41.67
16.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price National Bank Holdings is available for.
Intrinsic value
17%
Share price is $34.7 vs Future cash flow value of $41.67
Current Discount Checks
For National Bank Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • National Bank Holdings's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • National Bank Holdings's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for National Bank Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are National Bank Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:NBHC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $2.33
NYSE:NBHC Share Price ** NYSE (2019-07-16) in USD $34.7
United States of America Banks Industry PE Ratio Median Figure of 592 Publicly-Listed Banks Companies 12.77x
United States of America Market PE Ratio Median Figure of 3,084 Publicly-Listed Companies 17.98x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of National Bank Holdings.

NYSE:NBHC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:NBHC Share Price ÷ EPS (both in USD)

= 34.7 ÷ 2.33

14.91x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • National Bank Holdings is overvalued based on earnings compared to the US Banks industry average.
  • National Bank Holdings is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does National Bank Holdings's expected growth come at a high price?
Raw Data
NYSE:NBHC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.91x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
6%per year
United States of America Banks Industry PEG Ratio Median Figure of 271 Publicly-Listed Banks Companies 1.26x
United States of America Market PEG Ratio Median Figure of 2,125 Publicly-Listed Companies 1.58x

*Line of best fit is calculated by linear regression .

NYSE:NBHC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.91x ÷ 6%

2.5x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • National Bank Holdings is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on National Bank Holdings's assets?
Raw Data
NYSE:NBHC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $23.10
NYSE:NBHC Share Price * NYSE (2019-07-16) in USD $34.7
United States of America Banks Industry PB Ratio Median Figure of 592 Publicly-Listed Banks Companies 1.21x
United States of America Market PB Ratio Median Figure of 5,240 Publicly-Listed Companies 1.81x
NYSE:NBHC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:NBHC Share Price ÷ Book Value per Share (both in USD)

= 34.7 ÷ 23.10

1.5x

* Primary Listing of National Bank Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • National Bank Holdings is overvalued based on assets compared to the US Banks industry average.
X
Value checks
We assess National Bank Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. National Bank Holdings has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

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

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is National Bank Holdings expected to grow at an attractive rate?
  • National Bank Holdings's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • National Bank Holdings's earnings growth is positive but not above the United States of America market average.
  • National Bank Holdings's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:NBHC Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:NBHC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 6%
NYSE:NBHC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 6.4%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 2.7%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.1%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:NBHC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:NBHC Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 302 80 5
2019-12-31 287 76 5
NYSE:NBHC Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 265 59 72
2018-12-31 263 74 61
2018-09-30 242 42 34
2018-06-30 219 -7 23
2018-03-31 196 47 15
2017-12-31 172 58 15
2017-09-30 174 8 35
2017-06-30 174 4 36
2017-03-31 168 10 31
2016-12-31 162 -4 23
2016-09-30 167 5 16
2016-06-30 162 12 10

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • National Bank Holdings's earnings are expected to grow by 6% yearly, however this is not considered high growth (20% yearly).
  • National Bank Holdings's revenue is expected to grow by 6.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:NBHC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from National Bank Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:NBHC Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 2.48 2.65 2.30 6.00
2019-12-31 2.38 2.45 2.29 6.00
NYSE:NBHC Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 2.33
2018-12-31 2.00
2018-09-30 1.14
2018-06-30 0.80
2018-03-31 0.53
2017-12-31 0.54
2017-09-30 1.29
2017-06-30 1.33
2017-03-31 1.13
2016-12-31 0.81
2016-09-30 0.56
2016-06-30 0.32

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if National Bank Holdings will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess National Bank Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
National Bank Holdings has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare National Bank Holdings's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • National Bank Holdings has delivered over 20% year on year earnings growth in the past 5 years.
  • National Bank Holdings's 1-year earnings growth exceeds its 5-year average (387.9% vs 46.9%)
  • National Bank Holdings's earnings growth has exceeded the US Banks industry average in the past year (387.9% vs 40.7%).
Earnings and Revenue History
National Bank Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from National Bank Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:NBHC Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 264.53 71.83 155.93
2018-12-31 263.24 61.38 164.10
2018-09-30 242.07 34.04 155.88
2018-06-30 218.61 23.03 144.11
2018-03-31 196.16 14.72 132.24
2017-12-31 172.34 14.52 113.68
2017-09-30 174.31 34.63 112.91
2017-06-30 174.12 35.72 114.04
2017-03-31 168.30 31.02 113.98
2016-12-31 162.02 23.01 114.70
2016-09-30 167.45 16.36 116.54
2016-06-30 161.75 9.65 119.12
2016-03-31 162.70 3.83 122.68
2015-12-31 164.90 4.83 127.84
2015-09-30 151.18 3.77 126.69
2015-06-30 155.49 5.50 126.94
2015-03-31 158.67 8.95 126.99
2014-12-31 162.34 9.14 127.69
2014-09-30 171.32 7.86 130.04
2014-06-30 177.75 5.48 132.81
2014-03-31 184.76 6.25 135.26
2013-12-31 194.84 6.91 136.79
2013-09-30 205.57 8.92 139.15
2013-06-30 209.45 0.09 147.65
2013-03-31 209.25 -0.10 149.71
2012-12-31 213.64 -0.54 149.19
2012-09-30 209.49 -1.09 149.90

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • National Bank Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • National Bank Holdings used its assets more efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if National Bank Holdings improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess National Bank Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
National Bank Holdings has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

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

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of National Bank Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from National Bank Holdings Company Filings, last reported 3 months ago.

NYSE:NBHC Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 715.00 296.55 120.85
2018-12-31 695.01 371.83 131.05
2018-09-30 673.07 205.07 148.56
2018-06-30 660.19 266.56 170.09
2018-03-31 645.86 222.42 312.88
2017-12-31 532.41 263.34 270.47
2017-09-30 550.24 227.36 252.57
2017-06-30 544.49 253.08 140.68
2017-03-31 537.62 171.95 231.28
2016-12-31 536.19 134.14 164.45
2016-09-30 549.77 191.08 129.94
2016-06-30 598.91 194.18 152.74
2016-03-31 603.92 146.86 197.17
2015-12-31 617.54 184.84 168.44
2015-09-30 621.19 209.49 205.96
2015-06-30 718.27 231.27 296.23
2015-03-31 762.68 331.71 64.92
2014-12-31 794.58 178.28 258.41
2014-09-30 808.96 111.98 69.31
2014-06-30 863.93 85.43 81.29
2014-03-31 895.85 91.07 79.94
2013-12-31 897.79 99.62 81.77
2013-09-30 1,031.25 116.47 169.79
2013-06-30 1,044.24 122.88 212.68
2013-03-31 1,086.74 53.11 152.90
2012-12-31 1,090.56 53.69 189.91
2012-09-30 1,095.84 46.19 167.81
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • National Bank Holdings has an acceptable proportion of non-loan assets held.
  • National Bank Holdings's liabilities are made up of primarily low risk sources of funding.
  • Loans at National Bank Holdings are broadly funded by customer deposits.
  • National Bank Holdings's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • National Bank Holdings has a sufficient allowance for bad loans.
  • National Bank Holdings has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess National Bank Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. National Bank Holdings has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.19%
Current annual income from National Bank Holdings dividends. Estimated to be 2.18% next year.
If you bought $2,000 of National Bank Holdings shares you are expected to receive $44 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • National Bank Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.42%).
  • National Bank Holdings's dividend is below the markets top 25% of dividend payers in United States of America (3.73%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:NBHC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 479 Stocks 3%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2017 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:NBHC Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.81 6.00
2019-12-31 0.71 6.00
NYSE:NBHC Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-09 0.760 2.097
2019-01-22 0.680 1.971
2018-11-07 0.680 2.027
2018-08-09 0.560 1.496
2018-05-02 0.560 1.444
2018-01-18 0.360 1.077
2017-11-01 0.360 1.107
2017-08-02 0.360 1.076
2017-05-03 0.360 1.109
2017-01-19 0.280 0.869
2016-11-04 0.280 0.962
2016-10-20 0.280 1.163
2016-08-03 0.200 0.870
2016-05-04 0.200 0.979
2016-01-21 0.200 1.006
2015-11-04 0.200 0.938
2015-08-06 0.200 0.969
2015-05-06 0.200 0.978
2015-01-22 0.200 1.076
2014-11-05 0.200 1.042
2014-08-06 0.200 1.020
2014-05-08 0.200 1.022
2014-02-27 0.200 1.010
2013-11-07 0.200 0.978
2013-08-08 0.200 0.975
2013-05-01 0.200 1.055
2013-02-19 0.200 1.085
2012-10-31 0.200 1.076

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, National Bank Holdings has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but National Bank Holdings only paid a dividend in the past 7 years.
Current Payout to shareholders
What portion of National Bank Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.5x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess National Bank Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can National Bank Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. National Bank Holdings has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of National Bank Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Tim Laney
COMPENSATION $3,188,134
AGE 59
TENURE AS CEO 9.1 years
CEO Bio

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 the Chief Executive Officer and President at NBH Bank, National Association. Mr. Laney has 30+ years of experience leading financial services companies in the public company sector, including Bank of America and Regions Financial Corporation. He served as the Chief Executive Officer and President at Hillcrest Bank, N.A. Mr. Laney served as Senior Executive Vice President and Head of Business Services Banking Group at Regions Bank until May 28, 2010. Mr. Laney served as the Head of Business Services at Regions Financial Corp. since February 22, 2010. Mr. Laney served as Senior Executive Vice President of Business Services at Regions Financial Corp. until February 22, 2010. Mr. Laney served as an Interim Chief Credit Officer of Credit Group at Regions Financial Corp. since September 2009. Mr. Laney served as a Senior Executive Vice President of Business Services Group of Regions Financial Corp. from August 1, 2007 to May 28, 2010 and served as its Head of Business Services Group until May 28, 2010. He joined Regions in late 2007 to lead the transformation of the bank’s wholesale lines of business. During his 24 year tenure with Bank of America, Mr. Laney held senior management roles in small business, commercial banking, private banking, corporate marketing and change management. Mr. Laney served as President at Bank of America serving in progressive management roles in treasury, commercial banking, private banking, corporate marketing and change management. He joined Bank of America's Relationship Management Development Program in 1983. Mr. Laney served as Head of Global Corporate Sales For the Global Treasury Services Group of Bank of America at Florida, a subsidiary of Bank of America Corp. (de) since February 2006 and served as its President. In his early career, Mr. Laney served in commercial, corporate banking and treasury management roles. Mr. Laney returned to Florida in 1998 as President of the Private Bank. He advanced to Florida State President and Eastern U.S. Commercial Banking Executive in 2001. Mr. Laney served as the Global Large Corporate Treasury Executive where he managed offices in 20 countries and served corporate and financial institutions in 150 countries. He served as Chairman of Community Banks of Colorado. He serves as Chairman of the Board of Bank Midwest, National Association. He has been the Chairman of National Bank Holdings Corp. since May 2014 and has been its Director since 2010. He serves as Chairman of NBH Bank. He serves as a Director at Regions Business Capital Corporation, NBH Bank and Regions Equipment Finance Corporation. He served as Director of Enterprise Florida, Inc. He is actively involved in several community outreach programs in Charlotte, North Carolina. In 2016, Mr. Laney received the Colorado Banker of Distinction Award, recognizing his outstanding leadership, dedication and support of activities vital to the health of local businesses and the community. He graduated from Florida State University with a Bachelor's degree in Finance and Business. He serves as a Board Member for the Colorado State Banking Board, the Colorado Bankers Association and Moffitt Cancer Center. Notably, Mr. Laney is also the Founder of the Do More Charity Challenge.

CEO Compensation
  • Tim's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Tim's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the National Bank Holdings management team in years:

2.4
Average Tenure
50
Average Age
  • The tenure for the National Bank Holdings management team is about average.
Management Team

Tim Laney

TITLE
Chairman
COMPENSATION
$3M
AGE
59
TENURE
9.1 yrs

Aldis Birkans

TITLE
Executive VP
COMPENSATION
$675K
AGE
45
TENURE
0.9 yrs

Zsolt Besskó

TITLE
Chief Human Resources Officer
COMPENSATION
$972K
AGE
49
TENURE
5.9 yrs

Rick Newfield

TITLE
Chief Risk Management Officer
COMPENSATION
$1M
AGE
58
TENURE
8.5 yrs

Brendan Zahl

TITLE
EVP, Head of Residential Banking & Market President for Colorado Springs Area
COMPENSATION
$795K
AGE
43
TENURE
1.5 yrs

Nicole Van Denabeele

TITLE
Senior VP & Chief Accounting Officer
AGE
37
TENURE
1.1 yrs

Charlie Koch

TITLE
Market Manager of Commercial Banking & Director of Treasury Management
TENURE
0.3 yrs

Chris Randall

TITLE
Executive VP
AGE
52
TENURE
6.2 yrs

Patrick Sobers

TITLE
EVP, Head of Bus. & Consumer Banking
COMPENSATION
$501K
AGE
61
TENURE
3.3 yrs

Whitney Bartelli

TITLE
President of Bank Midwest
AGE
50
TENURE
1.4 yrs
Board of Directors Tenure

Average tenure and age of the National Bank Holdings board of directors in years:

5.2
Average Tenure
64
Average Age
  • The tenure for the National Bank Holdings board of directors is about average.
Board of Directors

Tim Laney

TITLE
Chairman
COMPENSATION
$3M
AGE
59
TENURE
5.2 yrs

Brendan Zahl

TITLE
EVP, Head of Residential Banking & Market President for Colorado Springs Area
COMPENSATION
$795K
AGE
43

Chris Randall

TITLE
Executive VP
AGE
52
TENURE
2.5 yrs

Patrick Sobers

TITLE
EVP, Head of Bus. & Consumer Banking
COMPENSATION
$501K
AGE
61
TENURE
2.5 yrs

Whitney Bartelli

TITLE
President of Bank Midwest
AGE
50
TENURE
2.5 yrs

Ruth Stevenson

TITLE
EVP, Chief Client Executive & Deposit Operations Executive
AGE
70
TENURE
0.5 yrs

Ralph Clermont

TITLE
Lead Director
COMPENSATION
$205K
AGE
71
TENURE
5.2 yrs

Bob Dean

TITLE
Independent Director
COMPENSATION
$170K
AGE
67
TENURE
10.1 yrs

Burney Warren

TITLE
Independent Director
COMPENSATION
$170K
AGE
71
TENURE
9.8 yrs

Micho Spring

TITLE
Independent Director
COMPENSATION
$150K
AGE
69
TENURE
9.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
18. Mar 19 Sell Whitney Bartelli Individual 14. Mar 19 15. Mar 19 -350 $34.49 $-12,059
11. Dec 18 Sell G. Laney Individual 06. Dec 18 06. Dec 18 -15,136 $34.87 $-527,786
10. Sep 18 Sell Robert Dean Individual 07. Sep 18 07. Sep 18 -3,771 $39.50 $-148,955
27. Aug 18 Sell Whitney Bartelli Individual 24. Aug 18 24. Aug 18 -985 $40.63 $-40,017
17. Aug 18 Sell Micho Spring Individual 16. Aug 18 16. Aug 18 -9,216 $40.49 $-373,195
17. Aug 18 Sell Zsolt Besskó Individual 16. Aug 18 16. Aug 18 -1,325 $40.40 $-53,524
06. Aug 18 Sell Robert Dean Individual 03. Aug 18 03. Aug 18 -2,486 $40.65 $-101,064
X
Management checks
We assess National Bank Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. National Bank Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Should You Worry About National Bank Holdings Corporation's (NYSE:NBHC) CEO Salary Level?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … According to our data, National Bank Holdings Corporation has a market capitalization of US$993m, and pays its CEO total annual compensation worth US$2.7m. … We looked at a group of companies with market capitalizations from US$400m to US$1.6b, and the median CEO total compensation was US$2.2m.

Simply Wall St -

What You Must Know About National Bank Holdings Corporation's (NYSE:NBHC) 3.50% ROE

and want to start learning about core concepts of fundamental analysis on practical examples from today's market. … National Bank Holdings Corporation’s (NYSE:NBHC) most recent return on equity was a substandard 3.50% relative to its industry performance of 8.83% over the past year. … See our latest analysis for National Bank Holdings

Simply Wall St -

Looking At National Bank Holdings Corporation (NYSE:NBHC) From All Angles

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … financial health as well as

Simply Wall St -

Three Key Risks For National Bank Holdings Corporation (NYSE:NBHC) You Should Know

National Bank Holdings Corporation (NYSE:NBHC) is a small-cap bank with a market capitalisation of US$1.18b. … Risk associated with repayment is measured by bad debt which is written off as an expense, impacting National Bank Holdings’s bottom line. … View our latest analysis for National Bank Holdings

Simply Wall St -

Does National Bank Holdings Corporation's (NYSE:NBHC) PE Ratio Warrant A Sell?

This analysis is intended to introduce important early concepts to people who are starting to invest. … National Bank Holdings Corporation (NYSE:NBHC) is currently trading at a trailing P/E of 71.5x, which is higher than the industry average of 16.9x. … Check out our latest analysis for National Bank Holdings

Simply Wall St -

Should You Be Concerned About National Bank Holdings Corporation’s (NYSE:NBHC) Liquidity?

As a small-cap finance stock with a market capitalisation of US$1.19b, the risk and profitability of National Bank Holdings Corporation (NYSE:NBHC) are largely tied to the underlying economic growth of the region it operates in US. … These reforms target bank level regulation and aims to improve the banking sector’s ability to absorb shocks arising from economic stress which could expose financial institutions to vulnerabilities. … High liquidity and low leverage could position National Bank Holdings favourably at the face of macro headwinds.

Simply Wall St -

When Should You Buy National Bank Holdings Corporation (NYSE:NBHC)?

National Bank Holdings Corporation (NYSE:NBHC), operating in the financial services industry based in United States,. … Today I will analyse the most recent data on National Bank Holdings’s outlook and valuation to see if the opportunity still exists? … What's the opportunity in National Bank Holdings

Simply Wall St -

Was National Bank Holdings Corporation's (NYSE:NBHC) Earnings Decline A Part Of Broader Industry Downturn?

In this commentary, I will examine National Bank Holdings Corporation's (NYSE:NBHC) latest earnings update (31 December 2017) and compare these figures against its performance over the past couple of years, as well as how the rest of the banks industry performed. … For National Bank Holdings, its most recent earnings (trailing twelve month) is US$14.58M, which compared to the prior year's level, has plunged by a significant -36.64%. … This suggest that National Bank Holdings has been increasing expenses, which is hurting margins and earnings, and is not a sustainable practice.

Simply Wall St -

Is It Too Late To Buy National Bank Holdings Corporation (NYSE:NBHC)?

National Bank Holdings Corporation (NYSE:NBHC), operating in the financial services industry based in United States, saw a decent share price growth in the teens level on the NYSE over the last few months. … Another thing to keep in mind is that National Bank Holdings’s share price is quite stable relative to the rest of the market, as indicated by its low beta. … If you believe National Bank Holdings should trade below its current price, selling high and buying it back up again when its price falls towards its real value can be profitable.

Simply Wall St -

Financially Sounds Stocks Poised For High Growth

NBHC’s projected future profit growth is a robust 39.15%, with an underlying 67.87% growth from its revenues expected over the upcoming years. … PCYG’s projected future profit growth is a robust 28.77%, with an underlying 75.68% growth from its revenues expected over the upcoming years. … NasdaqCM:PCYG Future Profit Jan 22nd 18 For more financially robust companies with high growth potential to enhance your portfolio, use our free platform to explore our interactive list of these stocks.

Simply Wall St -

Company Info

Description

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.

Details
Name: National Bank Holdings Corporation
NBHC
Exchange: NYSE
Founded: 2009
$1,075,427,258
30,992,140
Website: http://www.nationalbankholdings.com
Address: National Bank Holdings Corporation
7800 East Orchard Road,
Suite 300,
Greenwood Village,
Colorado, 80111,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE NBHC Class A Common Stock New York Stock Exchange US USD 20. Sep 2012
DB NB9 Class A Common Stock Deutsche Boerse AG DE EUR 20. Sep 2012
Number of employees
Current staff
Staff numbers
1,292
National Bank Holdings employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/17 00:31
End of day share price update: 2019/07/16 00:00
Last estimates confirmation: 2019/07/10
Last earnings filing: 2019/05/09
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.