National Bank Holdings Corp
For the period ended Dec 31, 2024. Filed Feb 25, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 25, 2025
NBHC$37.08-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(In thousands)
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · For the year ended December 31, | |||||||||
| · · 2024 · · 2023 · · 2022 | |||||||||
| Cash flows from operating activities: | | | | | | | | | |
| Net income | | $118,815 | | $142,048 | | $71,274 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | |
| Provision for credit loss expense | | | 6,755 | | | 8,295 | | | 36,729 |
| Depreciation and amortization | | | 24,191 | | | 23,853 | | | 16,448 |
| Change in current income tax receivable | | | 1,740 | | | 3,223 | | | (3,880) |
| Change in deferred income taxes | | | 6,357 | | | 55 | | | (17,280) |
| Discount accretion, net of premium amortization on securities | | | (1,350) | | | (831) | | | 1,111 |
| Gain on sale of mortgages, net | | | (9,662) | | | (9,907) | | | (19,747) |
| Origination of loans held for sale, net of repayments | | | (346,588) | | | (398,438) | | | (810,061) |
| Proceeds from sales of loans held for sale | | | 349,450 | | | 407,425 | | | 955,044 |
| Originations of mortgage servicing rights | | | (404) | | | (1,183) | | | (4,187) |
| Proceeds from sales of mortgage servicing rights | | | — | | | 5,502 | | | — |
| Gain on sale of mortgage servicing rights | | | — | | | (1,052) | | | — |
| Impairment on fixed assets | | | 958 | | | 349 | | | 118 |
| Gain on sale of fixed assets | | | (637) | | | (148) | | | (1,674) |
| Stock-based compensation | | | 8,048 | | | 7,222 | | | 6,059 |
| Loss on security sales | | | 6,582 | | | — | | | — |
| Operating lease payments | | | (6,537) | | | (6,308) | | | (5,036) |
| Change in other assets | | | (16,062) | | | 343 | | | (26,749) |
| Change in other liabilities | | | 13,615 | | | (13,513) | | | 16,465 |
| Net cash provided by operating activities | | | 155,271 | | | 166,935 | | | 214,634 |
| Cash flows from investing activities: | | | | | | | | | |
| Proceeds from non-marketable securities | | | 57,527 | | | 100,046 | | | 4,175 |
| Proceeds from maturities and paydowns of investment securities available-for-sale | | | 157,538 | | | 92,032 | | | 141,892 |
| Proceeds from maturities and paydowns of investment securities held-to-maturity | | | 63,078 | | | 69,555 | | | 133,363 |
| Proceeds from sales of investment securities available-for-sale | | | 132,113 | | | — | | | 128,430 |
| Proceeds from sales of other real estate owned | | | 3,418 | | | 581 | | | 3,564 |
| Purchases of non-marketable securities | | | (44,889) | | | (106,175) | | | (37,271) |
| Purchases of investment securities available-for-sale | | | (185,713) | | | — | | | (259,846) |
| Purchases of investment securities held-to-maturity | | | (10,483) | | | (2,452) | | | (101,699) |
| Purchases of premises and equipment, net | | | (34,592) | | | (36,834) | | | (12,430) |
| Net increase in loans | | | (73,338) | | | (477,109) | | | (987,511) |
| Proceeds from the sale of loans | | | — | | | 1,625 | | | 933 |
| Net cash activity for acquisitions | | | — | | | (45,300) | | | 234,263 |
| Net cash provided by (used in) investing activities | | | 64,659 | | | (404,031) | | | (752,137) |
| Cash flows from financing activities: | | | | | | | | | |
| Net increase (decrease) in deposits | | | 47,229 | | | 317,050 | | | (465,818) |
| Net decrease in repurchase agreements and other short-term borrowings | | | (732) | | | (587) | | | (2,554) |
| Net (payments to) advances from the Federal Home Loan Bank | | | (290,000) | | | (45,000) | | | 385,000 |
| Issuance of stock under purchase and equity compensation plans | | | (1,515) | | | (1,534) | | | (1,481) |
| Proceeds from exercise of stock options | | | 3,555 | | | 617 | | | 1,102 |
| Payment of dividends | | | (42,945) | | | (39,643) | | | (30,447) |
| Net cash (used in) provided by financing activities | | | (284,408) | | | 230,903 | | | (114,198) |
| Decrease in cash, cash equivalents and restricted cash(1) | | | (64,478) | | | (6,193) | | | (651,701) |
| Cash, cash equivalents and restricted cash at beginning of the year(1) | | | 192,326 | | | 198,519 | | | 850,220 |
| Cash, cash equivalents and restricted cash at end of period(1) | | $127,848 | | $192,326 | | $198,519 | |||
| Supplemental disclosure of cash flow information during the period: | | | | | | | | | |
| Cash paid for interest | | $189,973 | | $124,426 | | $18,597 | |||
| Net tax payments | | | 20,841 | | | 32,846 | | | 11,302 |
| Supplemental schedule of non-cash activities: | | | | | | | | | |
| Loans transferred to other real estate owned at fair value | | | 9,577 | | | 1,207 | | | 147 |
| Loans transferred from loans held for sale to loans | | | 1,159 | | | 4,833 | | | 5,288 |
| Treasury stock reissued for acquisition | | | — | | | — | | | 144,764 |
| | | |
| (1) | Included in restricted cash at December 31, 2023 and 2022 was $1.5 million and $3.0 million, respectively, placed in escrow for certain potential liabilities, for which the Company was indemnified, resulting from a previous acquisition. The restricted cash was included in other assets in the Company’s consolidated statements of financial condition. At December 31, 2024, there was no restricted cash. |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2024, 2023 and 2022
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.