National Bank Holdings (NBHC) 2026年第三季度业绩电话会：信贷损失导致净亏损，维持第四季度目标

National Bank Holdings Corporation (NYSE: NBHC)公布2026年第三季度净亏损，原因是一小部分特许经营及医疗贷款的冲销额偏高拖累了业绩。核心贷款、存款和净息差保持韧性，管理层维持其第四季度的盈利目标。

核心要点

• NBHC录得净亏损880万美元，即摊薄后每股亏损0.20美元。扣除收购和重组费用后，调整后净利润为290万美元，即摊薄后每股收益0.06美元。
• 净冲销额达到4630万美元，主要与特许经营及医疗领域的两笔商业信贷相关。公司计提了4060万美元的拨备费用。
• 季度新发放贷款总额为8.19亿美元。今年迄今的年化贷款增长率为8.1%，管理层维持全年贷款增长10%的目标。
• 季度内全面应税等值净利息收入年化增长率为13%，达到1.152亿美元。净息差为4.0%。
• 核心非利息支出降至8260万美元。管理层预计第四季度调整后核心支出常态化运行速率在7500万至7700万美元之间。
• 在费用降低、贷款持续增长以及净息差接近4%的支撑下，管理层继续以第四季度每股收益超1美元为目标。

关键财务数据

业务及运营表现

NBHC在本季度完成了Vista Bank的核心系统整合，并执行了剩余的降本降费举措。管理层表示，统一的平台使团队能够更加专注于客户增长。

尽管主动缩减了较高风险的专业贷款组合，贷款增长依然保持积极。季度内贷款年化增长率为5%，而今年迄今年化增长率达到8.1%。管理层表示，进入第四季度，项目储备依然强劲。

核心存款继续为贷款扩张提供资金支持。在交易存款年化增长4.6%的带动下，平均存款年化增长3.7%。存款成本仅上升1个基点至1.96%，有助于支撑4.0%的净息差。

服务费和银行卡手续费合计年化增长率为12%。管理层还指出了Cambr以及信托与财富管理业务的贡献。虽然资产负债表上保留的住宅抵押贷款有所增长，但住宅抵押贷款销售收益活动仍受到高利率和正常第四季度季节性因素的挤压。

公司还采取了服务小微企业的新模式，更加充分地利用其银行网点网络，并更加侧重于吸收存款。管理层预计组织架构调整将每年减少约400万美元的运营支出。

管理层业绩指引

• 全年贷款增长：管理层维持了2026年10%的目标，这将使年底总贷款达到101亿美元以上。
• 净息差：在不考虑美联储未来任何政策变动的情况下，预计今年剩余时间将维持在4%附近。
• 第四季度手续费收入：预计在1700万美元至1800万美元之间。
• 第四季度核心非利息支出：预计在7500万美元至7700万美元之间。小微企业重组带来的约400万美元年度效益已包含在这一展望中。
• 第四季度收益：管理层继续以每股收益超1美元为目标。
• 棕榈滩业务出售：预期交易将减少约200万美元的年度运营费用。管理层预计在扣除放弃的收入后，对每股收益的整体影响微乎其微。

风险与关注领域

信贷损失集中在两个主要客户关系上：一笔特许经营信贷和一笔医疗信贷。管理层表示，特许经营风险暴露涉及一家QDOBA和Dave's Hot Chicken的运营商，因潜在的客户欺诈行为触发了可疑活动报告。而在先前的重组未能稳定业务后，该医疗借款人正被推进破产程序。

公司对约6500万美元的本金余额进行了处理，并针对这些信贷计提了约4700万美元的净冲销额。其中约45%的余额与医疗相关，45%与特许经营相关。管理层称，其余1800万美元有抵押品和借款人个人担保作支撑。

不良资产增加了15个基点，即1500万美元。截至9月末，关注类资产升至3.4%，而分类资产与上一季度基本持平，为1.38%。

当前特许经营风险暴露约占总贷款的5%，而医疗融资约占3%。在2026年期间，NBHC压降了约1.5亿美元的特许经营风险暴露，以及相近规模的医疗风险暴露。今年迄今医疗贷款组合规模减少了1亿美元。

管理层表示，上述损失并不代表存在系统性问题。然而，管理层承认在执行既定信贷政策方面存在失误，并解雇了相关客户经理和高级信贷官。公司还强化了特色银行业务领导力、信贷风险治理及资产组合复核流程。

分析师问答环节亮点

• 冲销额展望：管理层表示，认为必要的信贷处置行动已在第三季度完成，预计净冲销额将回归常态化水平。
• 信贷资产组合复核：内部贷款复核、特殊资产及信贷团队进行了详细检查，特别是针对涉事客户经理发起的贷款。公司未提及开展第三方资产组合复核。
• 净息差敏感度：非应计贷款的利息冲销很大程度上被加速的收购会计增计所抵消。管理层将报告的4.0%息差描述为核心息差，并指出在上一轮加息周期中，其存款Beta值维持在40%以下。
• 成本削减：收购和重组费用主要集中在薪酬与福利方面，此外对房屋租赁、设备、数据处理及专业服务费也有所影响。
• 棕榈滩业务出售：管理层预计将有数亿美元的贷款和存款随该业务剥离，但表示对每股收益的净影响应当微乎其微。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

Operator

Good morning, everyone, and welcome to the National Bank Holdings Corporation 2026 Third Quarter Earnings Call. My name is Jess, and I will be your conference operator for today. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes.

I would now like to turn the conference over to Emily Gooden, Chief Accounting Officer and Director of Investor Relations.

Emily Gooden

Thank you, Jess, and good morning. We will begin today's call with prepared remarks followed by a question-and-answer session.

I would like to remind you that this conference call will contain forward-looking statements, including, but not limited to, statements regarding the company's strategy, loans, deposits, capital, net interest income, non-interest income, margins, allowance, taxes, and non-interest expense. Actual results could differ materially from those discussed today. These forward-looking statements are subject to risks, uncertainties, and other factors, which are disclosed in more detail in the company's most recent filings with the U.S. Securities and Exchange Commission. These statements speak only as of the date of this call, and National Bank Holdings Corporation undertakes no obligation to update or revise these statements.

In addition, the call today will reference certain non-GAAP measures, which National Bank Holdings Corporation believes provides useful information for investors. Reconciliations of these non-GAAP financial measures to the GAAP measures are provided in the news release posted on the Financials section of www.nationalbankholdings.com.

It is now my pleasure to turn the call over and introduce National Bank Holdings Corporation's Chairman and CEO, Mr. Tim Laney.

Tim Laney

Thank you, Emily. Good morning and thank you for joining us as we discuss National Bank Holdings' third quarter 2026 financial performance. I'm joined by our President, Aldis Birkans; and our Chief Financial Officer, Nicole Van Denabeele. We made progress this quarter on important priorities, serving clients, building durable relationships, and advancing the Vista integrations. We also faced significant credit challenges in a small number of commercial loan relationships, primarily in the franchise and the healthcare industries. We want to be direct about those events and their impact.

We've taken a measured hands-on approach, completing our collateral assessment, recognizing the credit impact, and applying what we learned. These events are serious, but they are concentrated in specific relationships. Our broader focus remains on serving clients well, growing with discipline, and maintaining the strength and flexibility of the company. We enter the next phase with a committed team, strong client relationships, and clear priorities. We'll discuss the quarter's results, credit performance, and outlook in more detail today, and I want to thank you for your continued interest in National Bank Holdings.

With that, I'll turn the call to Nicole to walk us through the financial results. Nicole?

Nicole Van Denabeele

Thank you, Tim, and good morning. For the third quarter, we reported a net loss of $8.8 million or $0.20 per diluted share. On an adjusted basis, removing the impact of acquisition and restructuring expenses in the quarter, we reported net income of $2.9 million or $0.06 of earnings per diluted share. As we shared earlier this month, the third quarter's results were impacted by elevated provision expense related to a handful of specifically identified credits addressed during the quarter as well as an impairment on one third-party fintech investment.

Core banking activities remained strong with an increase in year-to-date pre-provision net revenue of 8% annualized. During the quarter, loan production was solid, and we grew average deposits by 3.7% annualized while maintaining a top quartile net interest margin. Also we successfully completed our Vista Bank core systems integration during the quarter and executed the remaining expense reduction actions.

Turning to the balance sheet. Client activity was strong during the quarter. Our teams generated quarterly loan originations of $819 million, driving year-to-date annualized loan growth of 8.1%. Pipelines remain strong, and we expect to achieve full year loan portfolio growth of 10%. Fully taxable equivalent net interest income increased 13% annualized for the quarter to $115.2 million. Net interest margin during the third quarter was a strong 4%. We expect a net interest margin near 4% for the remainder of the year, which does not include any future interest rate policy changes by the Fed.

We continue to fund our loan growth with core deposits. Average total deposits grew $96 million or 3.7% annualized during the quarter, and average transaction deposits grew $103 million or 4.6% annualized. We remain disciplined in managing deposit costs with only 1 basis point of deposit cost increase for the quarter and ended September with a low cost of deposits of 1.96%. Total cost of funds increased 2 basis points to 2.03% for the quarter. The loan-to-deposit ratio ended the quarter at 93.8%.

Turning to asset quality. We recorded $40.6 million of provision expense to cover the quarter's elevated net charge-offs. As previously disclosed, third quarter net charge-offs totaled $46.3 million, reflecting actions taken on specific commercial loans following adverse credit events during the quarter. These credits also resulted in non-performing assets increasing by 15 basis points or $15 million. Additionally, we hold $14.3 million of marks against our acquired loan portfolio, which provides an additional 15 basis points of loan loss coverage if applied across the entire loan book.

Turning to fee income. Non-interest income totaled $13.5 million, and as previously disclosed, was impacted by a $4 million impairment on one third-party fintech investment. Aldis will share more on fee income momentarily. We expect fourth quarter fee income to be in the range of $17 million to $18 million. Non-interest expense totaled $97.8 million for the quarter and included $15.2 million of acquisition and restructuring expenses. Excluding these onetime items, non-interest expense was $82.6 million, a decrease of $1.1 million from the prior quarter. The third quarter included 1 additional payroll day compared to the second quarter and included elevated problem loan expense of $1.4 million for the quarter.

We have fully executed on our cost saving strategies. And as a result of our strong execution, we expect a clean expense run rate in the fourth quarter with core non-interest expense in the range of $75 million to $77 million. Our capital levels remain well in excess of well-capitalized regulatory thresholds. Common equity Tier 1 ratio ended the quarter at 11.7%, and our total capital ratio was 14.7%. The tangible common equity ratio ended the quarter at 9.2%. Tangible book value per share was $25.37, reflecting the quarterly dividend payout and $12 million of share repurchases during the quarter. Importantly, we continue to target quarterly earnings in excess of $1 per share in the fourth quarter.

With that, I will turn the call over to Aldis.

Aldis Birkans

Thank you, Nicole. Let me begin with credit. As Tim shared, this was a disappointing quarter for us, and we recognize the importance of addressing both the immediate issues and their underlying causes. This quarter's loan losses were concentrated in the franchise and healthcare verticals within our specialty banking group. So over the past 12 months, we have top-graded our specialty banking team leadership. And during the third quarter, we conducted additional in-depth reviews and implemented further enhancements across our credit risk governance. These steps are intended to strengthen accountability and improve consistency on how risk is identified, escalated, and managed.

Throughout the year, we also have diversified these portfolios, and our current exposure is limited to approximately 5% of total loans in franchise and approximately 3% in healthcare finance. During the quarter, we also executed on a new model for serving small business clients. Under the new model, we will lean more heavily into our banking center network with an increased focus on deposit gathering. The objective is to create a more consistent client experience and align resources more closely with the needs and economics of this segment. We expect these targeted organizational changes to reduce our operating expenses by approximately $4 million annually.

Turning to the loan book. On an annualized basis, loans grew 5% during the quarter, bringing year-to-date growth to 8.1%. Early in the quarter, our team successfully completed the Vista core system integration, an important milestone that positions us to operate on a unified platform and fully -- and focus fully -- excuse me, focused fully on serving clients. This was an -- with this achievement behind us, our teams are focused on growth and our pipelines continue to build heading into the fourth quarter.

We remain on track to deliver 10% loan growth for full year 2026. Achieving that level of growth would take our total loans outstanding to above $10.1 billion by year-end. Average deposits grew a solid 3.7% annualized during the quarter, led by 4.6% annualized growth in average transaction deposits, reflecting continued strength in our core deposit franchise and our focus on growing high-quality relationship-based funding. This favorable deposit mix, combined with disciplined balance sheet management contributed to a strong 4% net interest margin for the quarter.

And finally, turning to the fee income. The underlying performance of our core banking business remains solid. During the quarter, combined service charges and bank card fees grew at an annualized rate of 12%, reflecting continued momentum from these recurring revenue streams. Additionally, we continue to see solid contributions from our Cambr and Trust & Wealth teams.

On the strength of our core franchise, improving operating discipline and growing client pipelines, we entered the fourth quarter with confidence in our ability to build on this momentum.

Tim, with that, I will turn it back to you.

Tim Laney

Thanks, Aldis. Well, we've covered a lot of detail in our opening comments. So why don't I go ahead and open up the call for questions.

Operator

[Operator Instructions] And we'll go first to Jeff Rulis with D.A. Davidson.

分析师问答

Jeff Rulis

Just, I guess, the first bit on credit. Just to kind of, if you could, could you itemize the size of those credits, both in the franchise and healthcare, the resolution path ahead? And then lastly, expectation for net charge-off levels going forward? Or is this sort of in the rearview?

Tim Laney

You go ahead.

Nicole Van Denabeele

Yes, Jeff, good morning, this is Nicole. So related to your charge-off question on the credits that we addressed in the third quarter, we addressed the principal balance credits totaling about $65 million, and we took net charge-offs on those credits of about $47 million. That leaves a remaining balance of $18 million on our books related to those credits, and those are supported by collateral and personal guarantees of the borrowers.

Jeff Rulis

Just the makeup of the $65 million in credits, what was franchise and what was healthcare? Or what's left?

Tim Laney

Yes. Jeff, I'll start with high level and then perhaps Aldis can fill in with a bit more detail. But when you size this up and we talk about a handful of credits, the reality is this was an event primarily centered in 2 credits: One franchise, one healthcare. The franchise, of course, was this QDOBA Dave's Hot Chicken franchise that we have dealt with that where the first issues, frankly, came to light in July. By August, we were in a process of seeing some retrading on really the sale of the collateral involved to cover our loan exposure and found ourselves with a deficit and, quite frankly, found ourselves in that situation in a position where we believe it was merited to file suspicious activity reports and address what we believe is client fraud.

In the other situation, it was a healthcare-related event that we had dealt with in the fourth quarter of last year, had conducted a full restructure with the client, brought in a third-party consultant, believed management was in a position to move the company forward with one of its other divisions. And frankly, that the process ran out of steam and left us in a position of working with the borrower to take the company into bankruptcy. So those are the 2 big drivers. I don't know if you want to discuss the breakdown as it relates to the rest of the franchise.

And by the way, we do not view these as some indication of systemic problems. As a practical matter, when we review our credit policies and practices, our risk management policies and practices over the life of our company, they've served us well. These were cases where, frankly, the bankers involved did not execute on our policies and practices, and those bankers are no longer with us.

Aldis Birkans

Yes. Jeff, of that $65 million that Nicole mentioned, approximately 45% is healthcare, 45% is franchise.

Jeff Rulis

And the net charge-off question was, going forward, we guided in the release what you charged off. But the expectation for just the overall bank ahead and the charge-off expectations, is there any further cleanup or we revert to sort of historical levels Q4 and beyond?

Nicole Van Denabeele

Yes. Our expectation is that we've addressed what needed to be addressed this quarter such that we expect normalized levels going forward.

Jeff Rulis

And then Aldis, if I could hop to the margin, or Nicole, sorry. Was there any impact on the margin in terms of loans placed on non-accrual in terms of lost interest or -- and then on the outlook, it sounds like around 4%. If you could outline, should we have another rate hike, what the impact of that would be?

Nicole Van Denabeele

Yes. Yes, I'll take that one, Jeff. So yes, you're hitting on a few good points. Consistently, there will be puts and takes to our margin. We did have some interest reversals in margin for the quarter. We also had some pickup from accelerated accretion. I will say those 2 kind of washed in the quarter. We exited September with a 4% margin. And our expectation is that we'll be able to hold that for Q4.

Regarding your question of what do we expect the impact to margin will be with future rate changes. I will take us back to the last time that we were in a rates up environment. We were very -- we were successful at maintaining our deposit costs. And through that rates up cycle, we held a deposit beta of under 40%. So we believe we'll continue to be able to be disciplined on our deposit pricing.

Jeff Rulis

If I could squeeze one more in there. On the merger costs, any chance you can map those in terms of did a lot of that come in the comp or other? Just trying to back that out of the current quarter.

Nicole Van Denabeele

Yes. I'll say, it's largely been concentrated within the compensation and benefits line. There are really impacts hitting in all lines, occupancy and equipment, processing fees and professional fees, but the bulk of what hit the third quarter, and frankly, for the year has been in personnel expense.

Operator

We will go next to Kelly Motta with KBW.

Kelly Motta

On your core expense side of $75 million to $77 million for Q4, you also noted there was about $4 million annual benefit from some of the changes you've made in the business. I know you have the benefit of the post-conversion expense run rate. Just wondering what of the $4 million benefit might be already baked into that Q4 number?

Aldis Birkans

It is, Kelly. So that $4 million that I talked about in terms of the reorganization and how we go to market for business banking or small business is embedded. And along to what Nicole was saying, it will show up mostly in the benefits and salaries line.

Kelly Motta

And then with the credit, it was obviously a disappointing quarter. You've noted you've made some changes, some changes in personnel and exposure is fairly limited at this point. Just wondering if as part of the identified issues and changes, if you've done a third-party review of these books or if there's -- what gives you comfort that this is now behind you?

Aldis Birkans

No. As I mentioned in my prepared remarks, we delved in quite closely to the full portfolio with a very much closer eye to the portfolio originated by the bankers that Tim mentioned. Our loan review team, our SAG team, our credit officers have gone through it, and we feel very comfortable where we are today with our portfolio looking forward. I will say also that throughout the year, we've worked very hard on turning that book away from either brands or operators that have -- that we didn't like to put it bluntly. And $150 million of the franchise book has been turned over year-to-date.

Tim Laney

And I think that's an important point, Kelly, is we haven't -- this isn't a process that just began in the third quarter. We've been working this franchise exposure since the fourth quarter of last year and, again, have methodically exited over $150 million of exposure that we felt was not originated against the standards that we're comfortable with.

Kelly Motta

And then your release noted the expected sale of the Palm Beach location. Just wondering, I think you gave the loans and I believe the deposits associated with this action expected to take place next year, but wondering overall financial impact, if there's maybe some additional expenses that come out.

Nicole Van Denabeele

Yes, I'll take that. There -- it will end up having minimal impact to our earnings per share. There will be some expenses that come out. I think it should be right around $0.5 million -- no, it's $2 million.

Aldis Birkans

It's $2 million. $0.5 million, you think in terms of because of the timing of this. But on an annualized basis, about $2 million of operating expense that comes out the books, again, on an annualized basis. As we mentioned in the release, about a few hundred million dollars of loans and deposits, you apply 4% margin, you can see what the revenue is given up. So to Nicole's point, once you net that out, it's really nominal EPS impact.

Tim Laney

And I would just add, strategically, look, it's a fine operation, a solid smaller team. And what we believe is we can generate greater returns focusing on our core markets and continuing to build those core markets. And so we were able to really create a win-win transaction here with the team that has run that bank, and we think we've ended up in a very transaction for both parties. So that's where I would leave that.

Kelly Motta

I guess last question for me. It looks like the fee guidance is a bit lighter than maybe what was implied for the full year. I imagine maybe some weakness in mortgage, obviously, has something to do with that. Just wondering if you could kind of break down the changes in the outlook here today versus what you may have been expecting a quarter or 2 ago.

Aldis Birkans

Kelly, this is Aldis. You picked up on the main driver in the change and that one is the mortgage is residential mortgage business, certainly has been impacted by the steeper and higher rate environment, conventional mortgages being about 7%. The gain on sale is -- or secondary market is quite tough. Having said that, we have seen a more volume growth on the portfolio. You can see that in our loan tables. We had a nice portfolio growth in residential mortgage. But in terms of gain on sale, it is tougher going -- especially going in the fourth quarter, the seasonally low quarter.

Operator

We will go next to Matthew Clark with Piper Sandler.

Matthew Clark

Just on the -- you mentioned turning over -- churning about $150 million on the franchise side. How much did you churn or derisk within the healthcare portfolio? I guess that's my first question.

Aldis Birkans

Yes, Matthew, actually, a similar dollar amount, $150 million exit in healthcare throughout the year. The portfolio is down on healthcare $100 million year-to-date. So back to getting 10% loan growth. That's something that we consciously have been working behind the scenes to derisk the portfolio in general, but continue to meet our loan growth targets.

Matthew Clark

And then just around the series of personnel changes. Did that include a new chief credit officer? And if so, has he had a kind of had a look at the overall portfolio and blessed it? Or is that process still underway?

Tim Laney

We have brought in a new chief credit officer over the last 1.5 years, and he is certainly engaged unlike ever before in all of the detailed reviews that have been conducted. We did exit a number of senior credit officers that were involved and, frankly, the oversight of the bankers that have also moved on. And obviously, those are painful actions, but actions we felt necessary to ensure that our policies and practices when it comes to risk management are respected and well executed.

Matthew Clark

And then just criticized loans or assets, where they stood at the end of September? I think they were, according to the cue, $298 million or 3.05% at the end of June?

Aldis Birkans

Yes. Criticized assets at the end of September were 3.4%, so a slight uptick. But classified, I'll say, we're about flat to prior quarter at 1.38%.

Matthew Clark

And then just the purchase accounting accretion impact to dollars this quarter?

Nicole Van Denabeele

Yes. Good morning, Matthew, I'll touch on that one. So as I mentioned previously, we did have some puts and takes to margin this quarter. We had some impact of accelerated loan accretion that impacted the quarter, but that was largely offset by some non-accrual interest reversals. So the NIM that you're seeing is the core NIM.

Matthew Clark

Right. But in terms of dollars, so we can model the yield and the accretion. So interest reversals, how much was that in dollars and how much in accretion in dollars even though they offset?

Aldis Birkans

We haven't historically provided that. And the reason is it's never been really material to our margin or loan yields. So we'd like to keep it that way until -- unless we do an acquisition that it's so material that it makes a difference. We certainly will disclose at that time, but historically, it has not been, and we'll keep it that way.

Operator

And I'm showing we have no further questions at this time. I will now turn the call back to Mr. Laney for his closing remarks.

Tim Laney

Well, again, thank you for your continued interest in National Bank Holdings, and I wish you all a good day.

Operator

Thank you, sir. And this concludes today's conference call. If you would like to listen to the telephone replay of this call, it will be available in approximately 24 hours, and the link will be on the company's website on the Events & Presentations page. Thank you very much, and have a great day. You may now disconnect.