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Subsequent Event
3 Months Ended
Mar. 31, 2023
Subsequent Event  
Subsequent Event

Note 20 Subsequent Events

In April 2023, NBH Bank acquired StoneCastle Digital Solutions, LLC, a subsidiary of StoneCastle Partners, LLC. Upon closing, the legal name of the acquired entity was changed to Camber Solutions, LLC (“Cambr”). Cambr is a unique deposit acquisition and processing platform that generates core deposits from accounts offered through embedded finance companies. The acquisition allows the Company to grow core deposits thereby providing a unique source of liquidity and a diversification of our funding capabilities while lowering funding costs. As of April 30, 2023, NBH Bank has added $0.5 billion of Cambr deposits to its balance sheet and utilized the funds to pay down $0.5 billion of FHLB advances.

Additionally, on May 9, 2023, the Company’s Board of Directors authorized a new program to repurchase up to $50.0 million of the Company’s common stock from time to time either in the open market or in privately negotiated transactions in accordance with applicable regulations of the Securities and Exchange Commission. To date, the Company has repurchased $36.4 million of its previously authorized $75.0 million stock repurchase program announced in February 2021. The new program of $50.0 million replaces this previously authorized program in its entirety.