Simmons First National Corporation Announces Amendment to Stock Repurchase Program
05 Marzo 2020 - 10:15PM
Simmons First National Corporation (Nasdaq: SFNC) (“Company”)
announced today that its board of directors has approved an
amendment to the Company’s stock repurchase program (“Program”)
that increases the amount of the Company’s common stock that may be
repurchased under the Program from a maximum of $60 million to $180
million. The Program was originally approved on October 17,
2019, and to date, the Company has repurchased approximately $31.6
million of its Common Stock under the Program.
“The board’s decision to expand the size of our
stock repurchase program reflects our continued confidence in the
strength and long-term prospects of our business,” said George
Makris, Jr., the Company’s chairman and chief executive
officer. “We remain committed to leveraging our strong
balance sheet to responsibly reduce the number of outstanding
shares of our common stock, which we continue to believe is an
attractive investment, particularly at current trading prices.”
The Program permits the Company to repurchase
shares of its Common Stock through open market and privately
negotiated transactions or otherwise. The timing, pricing,
and amount of any repurchases under the Program will be determined
by the Company’s management at its discretion based on a variety of
factors, including, but not limited to, trading volume and market
price of the Common Stock, corporate considerations, the Company’s
working capital and investment requirements, general market and
economic conditions, and legal requirements. The Program does not
obligate the Company to repurchase any Common Stock and may be
modified, discontinued, or suspended at any time without prior
notice. The Program will terminate on October 31, 2021
(unless terminated sooner).
About Simmons First National
Corporation
Simmons First National Corporation is a
financial holding company headquartered in Pine Bluff, Arkansas,
with total consolidated assets of approximately $21.3 billion as of
December 31, 2019, conducting financial operations in Arkansas,
Colorado, Illinois, Kansas, Missouri, Oklahoma, Tennessee and
Texas. The Company, through its subsidiaries, offers comprehensive
financial solutions delivered with a client-centric approach. The
Company’s common stock trades on the NASDAQ Market under the symbol
“SFNC.”
Forward-Looking Statements
Some of the statements in this news release may
not be based on historical facts and should be considered
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements may be identified by reference to future periods or by
the use of forward-looking terminology, such as “believe,”
“budget,” “expect,” “foresee,” “anticipate,” “intend,” “indicate,”
“target,” “estimate,” “plan,” “project,” “continue,” “contemplate,”
“positions,” “prospects,” “predict,” or “potential,” by future
conditional verbs such as “will,” “would,” “should,” “could,”
“might” or “may,” or by variations of such words or by similar
expressions. These forward-looking statements include, without
limitation, statements relating to Simmons’ future growth,
profitability, and share repurchase program. Any forward-looking
statement speaks only as of the date of this news release, and
Simmons undertakes no obligation to update these forward-looking
statements to reflect events or circumstances that occur after the
date of this news release. By nature, forward-looking statements
are based on various assumptions and involve inherent risk and
uncertainties. Various factors, including, but not limited to,
changes in economic conditions, credit quality, interest rates,
loan demand, deposit flows, the assumptions used in making the
forward-looking statements, the securities markets generally and
the price of Simmons common stock specifically, could cause actual
results to differ materially from those contemplated by the
forward-looking statements. Additional factors are included in
Simmons First National Corporation’s Form 10-K for the year ended
December 31, 2019, which has been filed with, and is available
from, the U.S. Securities and Exchange Commission.
FOR MORE INFORMATION CONTACT:Stephen C. MassanelliEVP, Chief
Administrative Officer and Investor Relations OfficerSimmons First
National Corporationsteve.massanelli@simmonsbank.com
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