Intrinsic value of National Bank Holdings - NBHC

Previous Close

$40.54

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$40.54

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as NBHC.

We calculate the intrinsic value of NBHC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
Revenue, $m
  184
  196
  208
  221
  234
  248
  262
  277
  293
  309
  326
  344
  363
  382
  403
  424
  446
  470
  494
  520
  547
  575
  605
  636
  669
  703
  739
  776
  816
  857
Variable operating expenses, $m
  31
  33
  35
  37
  39
  42
  44
  47
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  92
  97
  102
  107
  112
  118
  124
  130
  137
  144
Fixed operating expenses, $m
  113
  116
  118
  121
  124
  126
  129
  132
  135
  138
  141
  144
  147
  151
  154
  157
  161
  164
  168
  172
  175
  179
  183
  187
  191
  195
  200
  204
  209
  213
Total operating expenses, $m
  144
  149
  153
  158
  163
  168
  173
  179
  184
  190
  196
  202
  208
  215
  222
  228
  236
  243
  251
  259
  267
  276
  285
  294
  303
  313
  324
  334
  346
  357
Operating income, $m
  40
  47
  55
  63
  71
  80
  89
  98
  109
  119
  130
  142
  154
  167
  181
  196
  211
  227
  244
  261
  280
  300
  320
  342
  365
  389
  415
  442
  470
  500
EBITDA, $m
  543
  582
  623
  665
  710
  756
  804
  855
  908
  963
  1,021
  1,081
  1,144
  1,211
  1,280
  1,353
  1,429
  1,509
  1,593
  1,681
  1,773
  1,869
  1,971
  2,078
  2,189
  2,307
  2,430
  2,559
  2,695
  2,838
Interest expense (income), $m
  0
  232
  225
  238
  252
  266
  281
  296
  313
  330
  347
  366
  385
  405
  426
  448
  471
  496
  521
  547
  575
  604
  635
  667
  700
  735
  772
  811
  851
  893
  938
Earnings before tax, $m
  -192
  -177
  -183
  -189
  -195
  -201
  -208
  -214
  -221
  -228
  -235
  -243
  -251
  -259
  -267
  -276
  -285
  -294
  -304
  -314
  -324
  -335
  -346
  -358
  -370
  -383
  -396
  -409
  -424
  -438
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -192
  -177
  -183
  -189
  -195
  -201
  -208
  -214
  -221
  -228
  -235
  -243
  -251
  -259
  -267
  -276
  -285
  -294
  -304
  -314
  -324
  -335
  -346
  -358
  -370
  -383
  -396
  -409
  -424
  -438

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,285
  4,557
  4,840
  5,135
  5,442
  5,763
  6,097
  6,445
  6,809
  7,189
  7,586
  8,001
  8,435
  8,889
  9,364
  9,861
  10,382
  10,927
  11,498
  12,096
  12,723
  13,380
  14,068
  14,791
  15,548
  16,342
  17,175
  18,049
  18,965
  19,927
Adjusted assets (=assets-cash), $m
  4,285
  4,557
  4,840
  5,135
  5,442
  5,763
  6,097
  6,445
  6,809
  7,189
  7,586
  8,001
  8,435
  8,889
  9,364
  9,861
  10,382
  10,927
  11,498
  12,096
  12,723
  13,380
  14,068
  14,791
  15,548
  16,342
  17,175
  18,049
  18,965
  19,927
Revenue / Adjusted assets
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
Average production assets, $m
  5,028
  5,347
  5,679
  6,025
  6,386
  6,762
  7,154
  7,563
  7,990
  8,436
  8,902
  9,388
  9,898
  10,430
  10,988
  11,571
  12,182
  12,821
  13,491
  14,193
  14,929
  15,699
  16,508
  17,355
  18,243
  19,175
  20,153
  21,178
  22,253
  23,382
Working capital, $m
  -4,538
  -4,826
  -5,126
  -5,439
  -5,764
  -6,103
  -6,457
  -6,826
  -7,212
  -7,614
  -8,035
  -8,474
  -8,934
  -9,415
  -9,918
  -10,444
  -10,996
  -11,573
  -12,178
  -12,811
  -13,475
  -14,171
  -14,900
  -15,665
  -16,467
  -17,308
  -18,190
  -19,116
  -20,087
  -21,105
Total debt, $m
  4,158
  4,403
  4,658
  4,923
  5,200
  5,488
  5,789
  6,103
  6,430
  6,772
  7,129
  7,503
  7,894
  8,302
  8,729
  9,177
  9,645
  10,136
  10,650
  11,188
  11,752
  12,344
  12,963
  13,613
  14,295
  15,010
  15,759
  16,546
  17,370
  18,236
Total liabilities, $m
  3,856
  4,101
  4,356
  4,621
  4,898
  5,186
  5,487
  5,801
  6,128
  6,470
  6,828
  7,201
  7,592
  8,000
  8,428
  8,875
  9,343
  9,834
  10,348
  10,886
  11,450
  12,042
  12,662
  13,311
  13,993
  14,708
  15,457
  16,244
  17,069
  17,934
Total equity, $m
  428
  456
  484
  513
  544
  576
  610
  645
  681
  719
  759
  800
  844
  889
  936
  986
  1,038
  1,093
  1,150
  1,210
  1,272
  1,338
  1,407
  1,479
  1,555
  1,634
  1,717
  1,805
  1,897
  1,993
Total liabilities and equity, $m
  4,284
  4,557
  4,840
  5,134
  5,442
  5,762
  6,097
  6,446
  6,809
  7,189
  7,587
  8,001
  8,436
  8,889
  9,364
  9,861
  10,381
  10,927
  11,498
  12,096
  12,722
  13,380
  14,069
  14,790
  15,548
  16,342
  17,174
  18,049
  18,966
  19,927
Debt-to-equity ratio
  9.700
  9.660
  9.620
  9.590
  9.550
  9.520
  9.500
  9.470
  9.440
  9.420
  9.400
  9.380
  9.360
  9.340
  9.320
  9.310
  9.290
  9.280
  9.260
  9.250
  9.240
  9.230
  9.210
  9.200
  9.190
  9.180
  9.180
  9.170
  9.160
  9.150
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -192
  -177
  -183
  -189
  -195
  -201
  -208
  -214
  -221
  -228
  -235
  -243
  -251
  -259
  -267
  -276
  -285
  -294
  -304
  -314
  -324
  -335
  -346
  -358
  -370
  -383
  -396
  -409
  -424
  -438
Depreciation, amort., depletion, $m
  503
  535
  568
  603
  639
  676
  715
  756
  799
  844
  890
  939
  990
  1,043
  1,099
  1,157
  1,218
  1,282
  1,349
  1,419
  1,493
  1,570
  1,651
  1,735
  1,824
  1,918
  2,015
  2,118
  2,225
  2,338
Funds from operations, $m
  311
  357
  385
  414
  444
  475
  508
  542
  578
  616
  655
  696
  739
  784
  832
  881
  933
  988
  1,045
  1,105
  1,169
  1,235
  1,304
  1,377
  1,454
  1,535
  1,619
  1,708
  1,802
  1,900
Change in working capital, $m
  -277
  -288
  -300
  -312
  -325
  -339
  -354
  -369
  -385
  -402
  -421
  -440
  -460
  -481
  -503
  -527
  -551
  -577
  -605
  -634
  -664
  -696
  -729
  -765
  -802
  -841
  -882
  -925
  -971
  -1,019
Cash from operations, $m
  588
  645
  685
  726
  769
  814
  862
  911
  963
  1,018
  1,075
  1,136
  1,199
  1,265
  1,335
  1,408
  1,485
  1,565
  1,650
  1,739
  1,832
  1,931
  2,034
  2,142
  2,256
  2,376
  2,502
  2,634
  2,773
  2,918
Maintenance CAPEX, $m
  -471
  -503
  -535
  -568
  -603
  -639
  -676
  -715
  -756
  -799
  -844
  -890
  -939
  -990
  -1,043
  -1,099
  -1,157
  -1,218
  -1,282
  -1,349
  -1,419
  -1,493
  -1,570
  -1,651
  -1,735
  -1,824
  -1,918
  -2,015
  -2,118
  -2,225
New CAPEX, $m
  -319
  -319
  -332
  -346
  -361
  -376
  -392
  -409
  -427
  -446
  -466
  -487
  -509
  -533
  -557
  -583
  -611
  -640
  -670
  -702
  -736
  -771
  -808
  -847
  -889
  -932
  -977
  -1,025
  -1,076
  -1,128
Cash from investing activities, $m
  -790
  -822
  -867
  -914
  -964
  -1,015
  -1,068
  -1,124
  -1,183
  -1,245
  -1,310
  -1,377
  -1,448
  -1,523
  -1,600
  -1,682
  -1,768
  -1,858
  -1,952
  -2,051
  -2,155
  -2,264
  -2,378
  -2,498
  -2,624
  -2,756
  -2,895
  -3,040
  -3,194
  -3,353
Free cash flow, $m
  -202
  -177
  -182
  -188
  -194
  -200
  -206
  -213
  -220
  -227
  -234
  -242
  -249
  -257
  -266
  -274
  -283
  -292
  -302
  -312
  -322
  -333
  -344
  -356
  -368
  -380
  -393
  -407
  -421
  -435
Issuance/(repayment) of debt, $m
  -130
  245
  255
  265
  277
  288
  301
  314
  327
  342
  357
  374
  391
  409
  427
  447
  468
  491
  514
  538
  564
  591
  620
  650
  682
  715
  750
  786
  825
  865
Issuance/(repurchase) of shares, $m
  626
  205
  211
  218
  226
  233
  241
  249
  257
  266
  275
  284
  294
  304
  315
  326
  337
  349
  361
  374
  387
  401
  415
  430
  446
  462
  479
  497
  515
  535
Cash from financing (excl. dividends), $m  
  496
  450
  466
  483
  503
  521
  542
  563
  584
  608
  632
  658
  685
  713
  742
  773
  805
  840
  875
  912
  951
  992
  1,035
  1,080
  1,128
  1,177
  1,229
  1,283
  1,340
  1,400
Total cash flow (excl. dividends), $m
  295
  273
  284
  296
  308
  321
  335
  350
  365
  381
  398
  416
  435
  455
  476
  499
  522
  547
  573
  600
  629
  659
  691
  724
  760
  797
  836
  876
  919
  965
Retained Cash Flow (-), $m
  -626
  -205
  -211
  -218
  -226
  -233
  -241
  -249
  -257
  -266
  -275
  -284
  -294
  -304
  -315
  -326
  -337
  -349
  -361
  -374
  -387
  -401
  -415
  -430
  -446
  -462
  -479
  -497
  -515
  -535
Prev. year cash balance distribution, $m
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash available for distribution, $m
  -325
  68
  73
  77
  83
  88
  94
  101
  108
  115
  123
  132
  141
  151
  162
  173
  185
  198
  212
  226
  242
  258
  276
  294
  314
  334
  356
  380
  404
  430
Discount rate, %
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.68
  21.72
  22.80
  23.94
  25.14
  26.40
  27.72
  29.10
  30.56
  32.09
  33.69
  35.38
  37.15
  39.00
  40.95
  43.00
  45.15
  47.41
  49.78
  52.27
  54.88
  57.63
  60.51
PV of cash for distribution, $m
  -284
  51
  46
  41
  36
  31
  27
  22
  18
  15
  12
  9
  7
  5
  4
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  33.8
  23.1
  15.9
  11.1
  7.7
  5.5
  3.9
  2.8
  2.0
  1.4
  1.0
  0.8
  0.6
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

National Bank Holdings Corporation is a bank holding company. The Company's primary operations are conducted through its subsidiary, NBH Bank (the Bank), through which it provides a range of banking products to both commercial and consumer clients. Through NBH Bank, it operates under the brand names: Bank Midwest in Kansas and Missouri; Community Banks of Colorado in Colorado, and Hillcrest Bank in Texas. In addition to traditional banking activities, it provides an array of treasury management solutions to its clients, including online and mobile banking, wire transfers, automated clearing house services, electronic bill payment, lock box services, remote deposit capture services, merchant processing services, cash vault, controlled disbursements, positive pay and other auxiliary services (including account reconciliation, collections, repurchase accounts, zero balance accounts and sweep accounts). _tck('aft');

FINANCIAL RATIOS  of  National Bank Holdings (NBHC)

Valuation Ratios
P/E Ratio 260.2
Price to Sales 0
Price to Book 2
Price to Tangible Book
Price to Cash Flow -70
Price to Free Cash Flow -55.2
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -82.9%
Cap. Spend. - 3 Yr. Gr. Rate 47.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 11.1%
Total Debt to Equity 11.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.1%
Ret/ On Assets - 3 Yr. Avg. 0.3%
Return On Total Capital 0.7%
Ret/ On T. Cap. - 3 Yr. Avg. 1.5%
Return On Equity 0.7%
Return On Equity - 3 Yr. Avg. 1.5%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 36.4%
Eff/ Tax Rate - 3 Yr. Avg. 66.8%
Payout Ratio 0%

NBHC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NBHC stock intrinsic value calculation we used $173 million for the last fiscal year's total revenue generated by National Bank Holdings. The default revenue input number comes from 2017 income statement of National Bank Holdings. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NBHC stock valuation model: a) initial revenue growth rate of 6.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 14.7%, whose default value for NBHC is calculated based on our internal credit rating of National Bank Holdings, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of National Bank Holdings.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NBHC stock the variable cost ratio is equal to 16.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $111 million in the base year in the intrinsic value calculation for NBHC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for National Bank Holdings.

Corporate tax rate of 27% is the nominal tax rate for National Bank Holdings. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NBHC stock is equal to -0.3%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NBHC are equal to 2728.8%.

Life of production assets of 10 years is the average useful life of capital assets used in National Bank Holdings operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NBHC is equal to -2463.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for National Bank Holdings - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 27 million for National Bank Holdings is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of National Bank Holdings at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ National Bank Holdings: 2Q Earnings Snapshot   [Jul-24-18 05:32PM  Associated Press]
▶ Bank Midwest parent names new CFO   [May-03-18 02:33PM  American City Business Journals]
▶ National Bank Holdings: 1Q Earnings Snapshot   [Apr-26-18 07:31PM  Associated Press]
▶ National Bank Holdings reports 4Q loss   [Jan-26-18 06:48AM  Associated Press]
▶ Best Growth Stocks To Buy Now   [Jan-21-18 11:02AM  Simply Wall St.]
▶ December Top Growth Stocks To Buy   [Dec-21-17 11:02AM  Simply Wall St.]
▶ Top 3 Growth Stocks For The Month   [Nov-20-17 11:02AM  Simply Wall St.]
▶ Is National Bank Holdings Corporation (NBHC) Undervalued?   [Nov-01-17 07:05PM  Simply Wall St.]
▶ National Bank Holdings posts 3Q profit   [07:02AM  Associated Press]
▶ National Bank Holdings posts 2Q profit   [Jul-20-17 09:55PM  Associated Press]
▶ Colorado banking company expanding into northern NM with acquisition   [Jun-26-17 04:34PM  American City Business Journals]
▶ 15 Colorado bank branches change hands in pair of deals   [10:06AM  American City Business Journals]
▶ National Bank Holdings posts 1Q profit   [Apr-20-17 04:46PM  Associated Press]
▶ National Bank Holdings posts 4Q profit   [Jan-26-17 05:37PM  Associated Press]
▶ David Terry Appointed as President of Hillcrest Bank   [Jan-24-17 04:01PM  PR Newswire]
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