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- **10% Loan Growth Target**: 2026 loan growth of 10% driven by Texas expansion and commercial lending strength.
- **Stable 4% Margin**: Projected 2026 net interest margin of 4%, excluding rate changes.
- **$4 EPS by 2027**: Long-term target of $4+ EPS by 2027, supported by 2UniFi monetization and operational efficiency.
- **2UniFi Flat Expenses**: $22 million 2026 expense guidance includes full depreciation, with potential partnership to reduce financial impact.
- **Texas Market Momentum**: Vista acquisition adds $2.4 billion in earning assets and positions for fee income growth in resort markets.

**【CEO Summary Section】**
- CEO Tim Laney highlighted a 10% growth in tangible book value per share and a CET1 capital ratio of 14.89% for 2025. The company completed the Vista Bank acquisition, entering 2026 with a clean slate after addressing problem loans and strategic asset sales.
- Net interest margin for December 2025 was 3.97%, with Vista's contribution at 4%. The company projects a stable 4% net interest margin for 2026, excluding rate changes.
- 2UniFi, the digital banking platform, completed Phase 1 with the launch of an SBA loan product. The company aims to activate new clients and reduce investment run rate through potential partnerships.

**【CFO Financial Commentary】**
- Full year 2025 net income was $117.6 million ($3.06 EPS), with a 1.3% return on tangible assets and 12.2% return on tangible common equity. Noninterest income for 2026 is projected at $75-$80 million, while noninterest expense is expected to rise to $320-$330 million due to Vista integration.
- Loan growth for 2026 is targeted at 10%, with combined loan portfolio of $9.4 billion. The company aims to maintain a 90% loan-to-deposit ratio and hold 15% of assets in cash/investments.
- 2UniFi is expected to contribute $2-$4 million in revenue in 2026, with expenses held flat at $22 million, reflecting reduced capital expenditures post-build phase.

**【Q&A Highlights】**
- **Margin Performance**: CFO Nicole Van Denabeele emphasized the 3.97% December margin, driven by deposit rate cuts and loan repricing. The lag effect from Fed rate cuts has largely resolved.
- **2UniFi Partnership**: CEO Laney noted progress toward a partnership to reduce 2UniFi's financial impact, though details remain TBD. The focus is on client activation and scaling revenue.
- **Loan Growth Drivers**: President Aldis Birkans highlighted commercial loan originations ($429 million in Q4) and Texas market expansion via the Vista acquisition. Texas' $2.7 trillion GDP and resort market shifts to primary residency are key growth catalysts.
- **Credit Quality**: Nonperforming assets improved to 36 basis points of loans, with provisions covering charge-offs and new loan growth at a 1.2% allowance ratio.
- **Share Buybacks**: The company authorized a $100 million buyback program, reflecting confidence in excess capital levels (TCE ratio of 11%).

National Bank Holdings Corporation (NBHC) Q4 2025 Earnings Call Transcript

- **Q3 Earnings Beat**: $0.96 EPS with 14.72% ROTCE, despite $1.7 million merger expenses.
- **Strategic Merger**: Vista Bancshares deal to enhance fee income through wealth management and trust services.
- **Margin Resilience**: 3.98% net interest margin with plans to maintain mid-39s guidance post-Fed cuts.
- **Credit Quality Strength**: 20% NPL reduction and 10 basis points improvement in NPA ratio year-over-year.
- **2Unifi Growth**: Q4 expenses of $7-9 million, with revenue guidance pending Q4 call.

**【CEO Summary Section】**
- Reported Q3 earnings of $0.96 per diluted share, with a return on tangible common equity of 14.72%.
- Announced merger with Vista Bancshares, expected to close in Q1 2026, with strong synergies in treasury management, wealth, and trust services.
- Highlighted $421 million in loan fundings, despite CRE portfolio paydowns, and a 12% annualized growth in tangible book value per share.

**【CFO Financial Commentary】**
- Q3 net income of $35.3 million ($0.92 EPS), with adjusted net income up 30% year-over-year to $36.6 million ($0.96 EPS).
- Net interest margin of 3.98%, up 3 basis points Q/Q, driven by disciplined pricing and margin expansion.
- Nonperforming loans reduced by 20% to $22 million, with credit quality improving across classified and criticized assets.
- 2Unifi expenses of $6.2 million in Q3, with a Q4 run rate of $7-9 million for marketing and onboarding costs.

**【President's Portfolio Update】**
- C&I loan growth of 8.7% annualized, offsetting CRE paydowns and maintaining a CRE-to-total risk-based capital ratio of 132%.
- Deposit growth of $200 million in Q3, with cost of deposits at 2.08% and plans to adjust rates post-Fed cuts.

**【Q&A Highlights】**
- Guidance for mid-39s net interest margin in Q4, with plans to offset loan repricing through deposit rate adjustments.
- 2Unifi revenue guidance to be provided in Q4 earnings call, with expense management to keep 2Unifi costs relatively flat in 2026.
- Expectation for loan growth acceleration in Q4, despite ongoing CRE portfolio paydowns.


National Bank (NBHC)-22 Oct 25-2025 Q3 Earnings call transcript

- **Strong Financial Performance**: $0.88 EPS, 14.2% ROTCE, 3.95% NIM with 7.4% new loan yields.
- **Risk Management**: Reduced trucking portfolio to 1.5% of loans, NPA ratio at 0.45% (vs peer average 45bps).
- **Expense Efficiency**: $15M annual savings from 10% personnel expense reduction.
- **Digital Growth**: Unify app launch successful; targeting membership fee model and third-party credit partnerships.
- **H2 Outlook**: Mid-single-digit loan growth, stable NIM, $126-128M non-Unify expenses.

**【Management Opening Remarks】**
- Q2 2025 earnings of $0.88 per share, with 14.2% return on tangible equity and 1.5% return on assets.
- Strong net interest margin of 3.95% driven by disciplined loan and deposit pricing.
- $323 million in loan fundings, with strategic reductions in higher-risk industries (trucking, agriculture, CRE).
- 10% reduction in core bank personnel expense run rate ($15 million annualized).
- Successful launch of Unify app, with positive user feedback and planned Android release on July 30.

**【CFO Financial Commentary】**
- Net income of $34 million ($0.88 EPS), up 19.9% year-over-year in pre-provision net revenue.
- Net interest margin expanded 2 bps to 3.95%, with new loans pricing at 7.4%.
- Deposit cost of 2.05%, with seasonal decline in average balances due to tax outflows.
- Nonperforming loans decreased to $33.3 million (0.45% of total loans), with 5 bps annualized net charge-offs.
- Noninterest income up 22% year-over-year to $17.1 million, driven by SBA gains and bank card income.
- Noninterest expense projected at $126-$128 million for H2, excluding $16-$17 million Unify-related expenses.

**【President's Loan & Credit Update】**
- Q2 loan fundings of $323 million (+26% vs Q1), with mid-single-digit growth expected for H2.
- Proactive reduction of trucking portfolio to $100 million (1.5% of total loans).
- Credit metrics remain strong: 5 bps net charge-offs, NPA ratio down 1 bps to 0.45%.
- Fee income growth driven by SBA gains (+$1.3 million from building disposition) and derivative fees.

**【Q&A Highlights】**
- **Loan Growth**: H2 pipeline strongest in 12 months, targeting mid-single-digit growth despite cautious client sentiment.
- **Net Interest Margin**: Expansion dependent on DDA growth; 7.4% new loan yields vs 2.09% cost of funds.
- **Unify Platform**: Early success with intuitive UI; plans to monetize through membership fees (Amazon Prime-like model) and third-party partnerships.
- **M&A Strategy**: Focused on cultural fit, accretive growth in strong markets; no transactions announced.
- **Expense Management**: $15 million annualized savings from headcount reductions and automation; restructuring costs <$400,000.
- **Deposit Strategy**: No aggressive deposit buying; 30% beta to rate hikes reflects disciplined cost management.


National Bank Holdings Corporation (NBHC) Q2 2025 Earnings Conference Call Transcript

- **Q1 Results Highlighted by Fraud Charge-Off**: $9M loss from single loan, but 1.1% ROTTA demonstrates resilience.
- **Deposit Growth and Margin Stability**: $186M deposit increase, FTE net interest margin held steady at 3.93%.
- **Credit Quality Improving**: NPL ratio down 7bps YoY, delinquencies at 12-month low.
- **Expense Control Strong**: Q1 noninterest expense at $62M, on track for $272M+ annual target.
- **Share Buybacks Prioritized**: Management signals focus on returning capital via buybacks.

**【CEO Opening Remarks】**
- Q1 EPS of $0.63 impacted by a $9M charge-off from suspected fraud in a single Colorado-based Del Taco franchise loan.
- 1.1% return on tangible assets despite the charge-off.
- Clients remain cautious; business clients delaying capital projects and M&A due to economic uncertainty.
- Company in 'risk-off' mode with higher deposit balances and intense focus on credit quality and expense control.

**【CFO Financial Highlights】**
- Net income: $24.2M ($0.63 EPS) vs. $10.2M provision for loan loss.
- Pre-provision net revenue grew 3.4% YoY to $88.6M.
- Loan balances decreased $105M QoQ due to slower-than-expected start; new loan originations at 7.3% yield.
- Deposit growth: $186M (+2.03% cost of deposits) driven by seasonal tax inflows.
- Credit quality: NPL ratio 45bps (down 7bps YoY), delinquencies at lowest level in 12 months.
- 2025 guidance: FTE net interest margin ~3.90%, expenses at low end of $272-278M range.

**【Q&A Key Takeaways】**
- Fraud charge-off: No systemic risk; full recovery unlikely as case handed to authorities.
- Margin impact: 2bps from fraud-related interest reversal; 2025 margin guidance unchanged.
- Loan growth: Mid-single digits target achievable if macro uncertainty eases.
- Capital deployment: Buybacks prioritized over M&A; $2M payroll tax credit in Q1.
- Tariff exposure: Clients assessing impact but no direct portfolio exposure identified.


National Bank (NBHC)-23 Apr 25-2025 Q1 Earnings call transcript

- **Q4 2024 Results**: $0.86 EPS (adjusted), 11.3% NII growth, 11% TBV growth to $9.8B.
- **2025 Outlook**: Mid-single-digit loan growth, $3.22-3.27 EPS, 3.9% NIM guidance.
- **Strategic Moves**: $130M security sale to reinvest in higher-yielding assets. 2025 2UniFi spend: $27-29M.
- **Risk Management**: 46bp NPL ratio (vs. peer average). Transportation sector exposure under 2%.
- **Durbin Mitigation**: Organic growth to exceed $10B, limiting $10M annual impact.

**【CEO Opening Remarks】**
- Q4 2024 diluted EPS: $0.86 (adjusted for $5M security sale loss). Full year EPS: $3.22 (adjusted). 
- 11.3% annualized net interest income growth to $92M, driven by 22bp deposit cost reduction.
- 11% TBV growth to $9.8B, CET1 ratio of 13.2%, and 14.4% ROTCE.
- 2025 loan growth projected at mid-single digits, with $72-77M non-interest income guidance.

**【CFO Financial Highlights】**
- Q4 2024 GAAP net income: $28.2M ($0.73 EPS). Adjusted for $5M security loss: $33.2M ($0.86 EPS).
- 2024 full year net income: $118.8M ($3.08 EPS). Adjusted: $123.9M ($3.22 EPS).
- 2025 non-interest expense guidance: $272-278M (includes $27-29M 2UniFi investment).
- 2025 tax rate: ~19%. Diluted shares: ~38.6M.

**【President Aldis Birkans: Loan & Deposit Strategy】**
- Q4 2024 loan fundings: $480M (highest in company history). New loan rate: 7.9%.
- Deposit beta: 44% (vs. 25bp Fed cut). 2025 target: 15% of balance sheet in cash/investments.
- 2025 loan growth to drive asset expansion beyond $10B, delaying Durbin impact.

**【Q&A Key Takeaways】**
1. **Loan Competition**: Rational market with elevated paydowns reflecting strong economy.
2. **Credit Quality**: 46bp NPL ratio (vs. peer average). Transportation sector weakness (~2% of loans).
3. **Durbin Impact**: $10M annual cost if over $10B. 2025 growth to absorb impact organically.
4. **2UniFi Progress**: User testing successful. Revenue expected in 2H 2025. On track for $27-29M spend.
5. **Deposit Strategy**: Core deposits grew $40M (DDA +$20M). Cambr used to manage liquidity.


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