The First Bancshares, Inc. Announces New Share Repurchase Plan
28 Febbraio 2024 - 10:30PM
Business Wire
The First Bancshares, Inc. (NASDAQ: FBMS) (“First Bancshares” or
the “Company”), the holding company for The First Bank, announced
today that the Company’s board of directors has approved a new
share repurchase program for the 2024 calendar year.
Under the program, the Company may, but is not required to, from
time to time repurchase up to $50 million of shares of its common
stock in any manner determined appropriate by the Company’s
management. The actual timing and method of any purchases, the
target number of shares and the maximum price (or range of prices)
under the program, will be determined by management at its
discretion and will depend on a number of factors, including the
market price of the Company's common stock, general market and
economic conditions, and applicable legal and regulatory
requirements. The new share repurchase program has an expiration
date of December 31, 2024, and is effectively a renewal of the
Company’s 2024 share repurchase program.
About The First Bancshares, Inc.
The First Bancshares, Inc., headquartered in Hattiesburg,
Mississippi, is the parent company of The First Bank. Founded in
1996, the First has operations in Mississippi, Louisiana, Alabama,
Florida and Georgia. The Company’s stock is traded on the NASDAQ
Global Market under the symbol FBMS. Additional information is
available on the Company’s website: www.thefirstbank.com.
Forward-Looking Statements
This news release and certain of our other filings with the
Securities and Exchange Commission contain statements that
constitute “forward looking statements” within the meaning of, and
subject to the protections of, Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended.
All statements other than statements of historical fact are
forward-looking statements. Such statements can generally be
identified by such words as “believes,” “anticipates,” “expects,”
“may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,”
“intends,” “targets,” “estimates,” “projects,” “plans,”
“potential,” “positioned” and other similar words and expressions
of the future or otherwise regarding the outlook for the Company’s
future business and financial performance and/or the performance of
the banking industry and economy in general. Prospective investors
are cautioned that any such forward-looking statements are not
guarantees of future performance and involve known and unknown risk
and uncertainties which may cause the actual results, performance,
or achievements of the Company to be materially different from the
future results, performance or achievements expressed or implied by
such forward-looking statements. Forward-looking statements are
based on the information known to, and current beliefs and
expectations of, the Company’s management and are subject to
significant risks and uncertainties. Actual results may differ
materially from those contemplated by such forward-looking
statements. Factors that might cause such differences include, but
are not limited to: (1) competitive pressures among financial
institutions increasing significantly; (2) prevailing, or changes
in, economic or political conditions, either nationally or locally,
particularly in areas in which the Company conducts operations,
including the effects of declines in the real estate market, high
unemployment rates, inflationary pressure, elevated interest rates
and slowdowns in economic growth, as well as the financial stress
on borrowers as a result of the foregoing; (3) interest rate risk,
including the effects of rising interest rates; (4) developments in
our mortgage banking business, including loan modifications,
general demand, and the effects of judicial or regulatory
requirements or guidance; (5) changes in applicable laws, rules, or
regulations; (6) risks related to the Company’s recently completed
acquisitions, including that the anticipated benefits from the
recently completed acquisitions are not realized in the time frame
anticipated or at all as a result of changes in general economic
and market conditions or other unexpected factors or events; (7)
changes in management’s plans for the future; (8) credit risk
associated with our lending activities; (9) changes in loan demand,
real estate values, or competition; (10) changes in accounting
principles, policies, or guidelines; (11) adverse results from
current or future litigation, regulatory examinations or other
legal and/or regulatory actions, including as a result of the
Company's participation in and execution of government programs
related to the COVID-19 pandemic and related variants; (12) higher
inflation and its impacts; (13) significant turbulence or
disruption in the capital or financial markets and the effect of a
fall in stock market prices on our investment securities; (14)
potential impacts of the adverse developments in the banking
industry highlighted by high-profile bank failures, including
impacts on customer confidence, deposit outflows, liquidity and the
regulatory response thereto; (15) the effects of war or other
conflicts including the impacts relating to or resulting from
Russia's military action in Ukraine or the conflict in Israel and
surrounding areas, and (16) other general competitive, economic,
political, and market factors, including those affecting our
business, operations, pricing, products, or services.
These and other factors that could cause results to differ
materially from those described in the forward-looking statements,
as well as a discussion of the risks and uncertainties that may
affect our business, can be found in our Annual Report on Form 10-K
and in other filings we make with the SEC, which are available on
the SEC’s website, http://www.sec.gov. Undue reliance should not be
placed on forward-looking statements. The Company disclaims any
obligation to update such factors or to publicly announce the
results of any revisions to any of the forward-looking statements
included herein to reflect future events or developments.
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version on businesswire.com: https://www.businesswire.com/news/home/20240228816472/en/
For additional information, contact: M. Ray “Hoppy” Cole, Jr.
Chief Executive Officer
Dee Dee Lowery Chief Financial Officer (601) 268-8998
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