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HATTIESBURG, Miss., March 09, 2022--(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 2022 calendar year.
Under the program, the Company may, but is not required to, from time to time repurchase up to $30 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 repurchase program replaces the Company’s previously-extended 2021 repurchase program, which was completed in February of 2022 when the Company’s repurchases under the program approached the maximum authorized amount. The new share repurchase program has an expiration date of December 31, 2022.
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 Bank 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.
This release contains "forward-looking statements" within the meaning of and subject to the safe harbor protections of the Private Securities Litigation Reform Act of 1995. In general, forward-looking statements can be identified by the use of words such as "may," "depend," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential", or the negative of these terms or other comparable terminology. Forward-looking statements represent management’s beliefs with regard to the matters addressed, based upon information available at the time the statements are made; they are not guarantees of future performance, and they should they not be relied upon as representing management’s views as of any date subsequent to the date first made. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements.
Factors that could affect the forward-looking statements in this release include the Company’s ability to continue to generate strong earnings and maintain a strong capital position as it faces the challenge of the ongoing COVID-19 pandemic and other macro-economic factors, public perception and regulatory guidance regarding share repurchase programs, the market price of the Company’s common stock, and other opportunities that the Company may determine to pursue. Additional factors affecting forward-looking statements can be found in the cautionary language included under the headings "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in the Company’s Annual Reports on Form 10-K for the year ended December 31, 2020, and other documents subsequently filed by the Company with the SEC. No forward-looking statement can be guaranteed. The Company expressly disclaims any obligation to update any factors or to announce publicly the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.
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M. Ray "Hoppy" Cole, Jr.
Chief Executive Officer
Dee Dee Lowery
Chief Financial Officer