FB Financial Corporation Announces $100 Million Common Stock Repurchase Authorization

Rhea-AI Summary

FB Financial Corporation (NYSE: FBK) has authorized a stock repurchase program of up to $100 million, effective until March 31, 2022. This new program replaces the previous authorization that expired in December 2020. CEO Christopher T. Holmes highlighted that this initiative underscores the company's financial strength and robust profitability. The management will determine the timing and method of repurchases based on market conditions and other factors, enhancing shareholder value and aiming to maximize earnings per share.

Positive

• Authorized up to $100 million stock repurchase enhances shareholder value.
• Demonstrates financial strength and robust profitability.
• Management focused on maximizing earnings per share.

Negative

• None.

FB Financial Corporation (NYSE: FBK), the parent company of FirstBank, announced today that its Board of Directors authorized the repurchase of up to $100 million of the Company’s outstanding common stock. The repurchase authorization will be in place until March 31, 2022, and replaces the Company’s previous authorization, which expired on December 31, 2020.

Christopher T. Holmes, President and Chief Executive Officer, commented, “This repurchase authorization reflects the Company’s financial strength and strong profitability. Our management team is keenly focused on deploying capital to deliver superior returns and to create long-term value. This program provides another arrow in our quiver to manage capital and maximize earnings per share.”

The timing and amount of any shares of the Company’s common stock that are repurchased under the program will be determined by the Company’s management based on its evaluation of market conditions and other factors. Repurchases may be executed through the open market or in privately negotiated transactions, including under Rule 10b5-1 plans.

ABOUT FB FINANCIAL CORPORATION
FB Financial Corporation (NYSE: FBK) is a bank holding company headquartered in Nashville, Tennessee. FB Financial Corporation operates through its wholly owned banking subsidiary, FirstBank, the third largest Tennessee-headquartered community bank, with 81 full-service bank branches across Tennessee, Kentucky, North Alabama and North Georgia, and mortgage offices across the Southeast. FirstBank serves five of the largest metropolitan markets in Tennessee and has approximately $11.2 billion in total assets.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210218006016/en/

FAQ

What is the purpose of FBK's $100 million stock repurchase authorization?

The stock repurchase authorization aims to enhance shareholder value and maximize earnings per share.

When does the stock buyback program for FBK expire?

The stock buyback program is in effect until March 31, 2022.

How will FB Financial Corporation execute its stock repurchases?

Repurchases may be conducted through the open market or in privately negotiated transactions, including under Rule 10b5-1 plans.

What did the CEO say about the stock repurchase program?

CEO Christopher T. Holmes emphasized that the buyback reflects the company's financial strength and a focus on delivering superior returns.