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StoneCastle Partners announced the sale of its subsidiary Cambr to National Bank Holdings Corporation (NYSE: NBHC) through its bank subsidiary NBH Bank. Cambr is a deposit acquisition platform that specializes in cash processing solutions for embedded finance companies. The platform aims to provide banks with a low-cost, scalable method to source deposits without significant overhead or customer acquisition costs. While specific financial terms of the sale were not disclosed, the transaction is expected to enable NBH Bank to enhance its deposit strategy and improve its service offerings. Cambr will operate under its brand as a subsidiary of NBH Bank. The transaction signifies a strategic move for NBHC in the competitive banking landscape.
National Bank Holdings Corporation (NYSE: NBHC) reported record earnings for Q1 2023, with net income of $40.3 million, or $1.06 per diluted share, significantly up from $16.7 million or $0.44 per diluted share in Q4 2022. The return on average tangible common equity reached a record 20.86%. The bank maintained strong asset quality, with non-performing loans at just 0.13%. Total loans increased by 7.0% annualized to $7.3 billion, with strong loan fundings totaling $393.9 million. Non-interest income rose to $14.7 million, while non-interest expenses decreased to $58.3 million. The efficiency ratio improved by 875 basis points to 53.2%. Following the acquisition of Cambr, NBHC added $500 million in deposits. Capital ratios remain strong, with a Tier 1 leverage ratio of 9.46% as of March 31, 2023.
National Bank Holdings Corporation (NYSE: NBHC) announced the acquisition of StoneCastle Digital Solutions, LLC, operating as Cambr, on April 19, 2023. Cambr specializes in deposit acquisition through embedded finance companies and manages approximately $1.7 billion across over 500,000 FDIC-insured accounts. This acquisition is expected to significantly enhance NBH's core deposit growth with minimal overhead. The integration of Cambr's B2B2C model aims to expand NBH's funding capabilities and reduce costs while diversifying its liquidity sources. Cambr will continue to operate under its brand and remain a separate subsidiary of NBH Bank. The financial advisory roles were fulfilled by Piper Sandler & Co and Keefe, Bruyette & Woods for NBH and StoneCastle respectively.
National Bank Holdings Corporation (NYSE: NBHC) is set to release its first quarter financial results on April 19, 2023, after market close. A conference call to discuss these results will occur on April 20, 2023, at 11:00 a.m. Eastern Time. Interested listeners can join by dialing (888) 256-1007 with the passcode 7825479. A recording of the call will be available on the company's website roughly four hours post-call. National Bank Holdings operates a network of over 95 banking centers across Colorado, Kansas City, Utah, Wyoming, Texas, New Mexico, and Idaho, servicing a range of clients from individuals to businesses and nonprofits.
