National Bank Holdings Corp
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
NBHC$37.08-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(In thousands)
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · For the year ended December 31, | |||||||||
| · 2023 · · 2022 · · 2021 | |||||||||
| Cash flows from operating activities: | | | | | | | | | |
| Net income | | $142,048 | | $71,274 | | $93,606 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | |
| Provision for credit loss expense (release) | | 8,295 | | 36,729 | | (9,293) | |||
| Depreciation and amortization | | 23,853 | | 16,448 | | 13,585 | |||
| Change in current income tax receivable | | 3,223 | | (3,880) | | 1,045 | |||
| Change in deferred income taxes | | 55 | | (17,280) | | (226) | |||
| Discount accretion, net of premium amortization on securities | | (831) | | 1,111 | | 4,335 | |||
| Gain on sale of mortgages, net | | (9,907) | | (19,747) | | (56,946) | |||
| Origination of loans held for sale, net of repayments | | (398,438) | | (810,061) | | (1,867,734) | |||
| Proceeds from sales of loans held for sale | | 407,425 | | 955,044 | | 2,041,158 | |||
| Originations of mortgage servicing rights | | | (1,183) | | | (4,187) | | | (7,882) |
| Proceeds from sales of mortgage servicing rights | | | 5,502 | | | — | | | 11,375 |
| Gain on sale of mortgage servicing rights | | | (1,052) | | | — | | | (1,290) |
| Impairment on fixed assets | | 349 | | 118 | | 1,553 | |||
| Gain on sale of fixed assets | | (148) | | (1,674) | | (3,768) | |||
| Gain from banking center divestiture | | — | | — | | (778) | |||
| Stock-based compensation | | 7,222 | | 6,059 | | 5,541 | |||
| Operating lease payments | | | (6,308) | | | (5,036) | | | (5,099) |
| Change in other assets | | 343 | | (26,749) | | 11,390 | |||
| Change in other liabilities | | (13,513) | | 16,465 | | (51,070) | |||
| Net cash provided by operating activities | | 166,935 | | 214,634 | | 179,502 | |||
| Cash flows from investing activities: | | | | | | | | | |
| Proceeds from non-marketable securities | | | 100,046 | | | 4,175 | | | 2,006 |
| Proceeds from maturities of investment securities available-for-sale | | | 92,032 | | | 141,892 | | | 235,860 |
| Proceeds from maturities of investment securities held-to-maturity | | 69,555 | | 133,363 | | 161,923 | |||
| Proceeds from sales of investment securities available-for-sale | | | — | | | 128,430 | | | — |
| Proceeds from sales of other real estate owned | | | 581 | | | 3,564 | | | 1,917 |
| Purchase of non-marketable securities | | | (106,175) | | | (37,271) | | | (27,688) |
| Purchase of investment securities available-for-sale | | | — | | | (259,846) | | | (288,580) |
| Purchase of investment securities held-to-maturity | | | (2,452) | | | (101,699) | | | (397,758) |
| (Purchases) sales of premises and equipment, net | | (36,834) | | (12,430) | | 5,146 | |||
| Net increase in loans | | | (477,109) | | (987,511) | | (166,662) | ||
| Proceeds from the sale of loans | | 1,625 | | 933 | | — | |||
| Net cash activity from acquisitions | | (45,300) | | | 234,263 | | | — | |
| Net cash used in investing activities | | (404,031) | | (752,137) | | (473,836) | |||
| Cash flows from financing activities: | | | | | | | | | |
| Net increase (decrease) in deposits | | 317,050 | | (465,818) | | 552,719 | |||
| Net decrease in repurchase agreements and other short-term borrowings | | | (587) | | | (2,554) | | | (129) |
| Proceeds from long-term debt | | | — | | | — | | | 40,000 |
| Payment of long-term debt issuance costs | | | — | | | — | | | (535) |
| Advances from the Federal Home Loan Bank | | | 4,256,490 | | | 570,500 | | | — |
| Federal Home Loan Bank repayments | | | (4,301,490) | | | (185,500) | | | — |
| Issuance of stock under purchase and equity compensation plans | | | (1,534) | | | (1,481) | | | (2,267) |
| Proceeds from exercise of stock options | | | 617 | | | 1,102 | | | 2,489 |
| Payment of dividends | | | (39,643) | | | (30,447) | | | (26,888) |
| Repurchase of common stock | | — | | — | | (36,400) | |||
| Net cash provided by (used in) financing activities | | 230,903 | | (114,198) | | 528,989 | |||
| (Decrease) increase in cash, cash equivalents and restricted cash(1) | | (6,193) | | (651,701) | | 234,655 | |||
| Cash, cash equivalents and restricted cash at beginning of the year(1) | | 198,519 | | 850,220 | | 615,565 | |||
| Cash, cash equivalents and restricted cash at end of period(1) | | $192,326 | | $198,519 | | $850,220 | |||
| Supplemental disclosure of cash flow information during the period: | | | | | | | | | |
| Cash paid for interest | | $124,426 | | $18,597 | | $16,638 | |||
| Net tax payments | | | 32,846 | | | 11,302 | | | 15,389 |
| Supplemental schedule of non-cash activities: | | | | | | | | | |
| Loans transferred to other real estate owned at fair value | | | 1,207 | | | 147 | | | 4,516 |
| Loans transferred from loans held for sale to loans | | | 4,833 | | | 5,288 | | | 7,807 |
| Treasury stock reissued for acquisition - RCB | | | — | | | 60,642 | | | — |
| Treasury stock reissued for acquisition - BOJH | | | — | | | 84,122 | | | — |
| | | |
| (1) | Included in restricted cash at December 31, 2023, 2022 and 2021 is $1.5 million, $3.0 million and $4.5 million, respectively, placed in escrow for certain potential liabilities, for which the Company is indemnified, resulting from the Peoples acquisition. The restricted cash is included in other assets in the Company’s consolidated statements of financial condition. |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2023, 2022 and 2021
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