Tiger Brokers

National Bank Approves Additional $40.1 Million of Share Buybacks, Details Impairment Charges

MT Newswires Live
Oct 02

National Bank (NBHC) said in a late Thursday regulatory filing that its board authorized an additional repurchase of up to $40.1 million of the company's class A shares.

Concurrently, the company's NBH Bank unit will incur material impairment charges of $46.8 million on commercial loans within the franchise and healthcare industries due to certain credit events in Q3, according to the filing.

The company also expects a $4 million impairment charge related to one of its FinTech partnership investments, which will lower its non-interest income for the quarter, per the filing.

The impairments are expected to reduce the company's post-tax earnings by $0.72 to $0.76 per diluted share for the three months ended Sept. 30, according to the filing.

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