FB Financial Corporation Announces $100 Million Common Stock Repurchase Authorization

Rhea-AI Summary

FB Financial Corporation (NYSE: FBK) announced a new stock repurchase program totaling $100 million, authorized by its Board of Directors. This program replaces a prior authorization expiring on March 31, 2022, and will remain effective until January 31, 2024. CEO Christopher T. Holmes highlighted that this initiative reflects the company's financial strength and aims to enhance shareholder value while managing capital effectively. Shares may be repurchased on the open market or through private transactions, based on market conditions.

Positive

• Authorization of a $100 million stock repurchase program to enhance shareholder value.
• Replaces an expiring authorization, indicating ongoing commitment to shareholder returns.
• Demonstrates strong financial performance and capital management strategy.

Negative

• None.

NASHVILLE, Tenn.--(BUSINESS WIRE)-- FB Financial Corporation (NYSE: FBK), the parent company of FirstBank, announced that its Board of Directors has authorized and empowered a special committee of the Board of Directors to commence a stock repurchase program of up to $100 million of the Company’s outstanding common stock. The repurchase authorization will be in place until January 31, 2024, and replaces the Company’s previous authorization, which expires on March 31, 2022.

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 82 full-service bank branches across Tennessee, Kentucky, Alabama and North Georgia, and mortgage offices across the Southeast. FirstBank serves five of the largest metropolitan markets in Tennessee and has approximately $12.6 billion in total assets.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220314005660/en/

MEDIA CONTACT:

Jeanie M. Rittenberry

615-313-8328

jrittenberry@firstbankonline.com

www.firstbankonline.com

FINANCIAL CONTACT:

Robert Hoehn

615-564-1212

rhoehn@firstbankonline.com

investorrelations@firstbankonline.com

Source: FB Financial Corporation

FAQ

What is the purpose of FBK's stock repurchase program?

The stock repurchase program aims to enhance shareholder value and manage capital effectively.

How much is FBK's authorized stock repurchase program worth?

FBK's stock repurchase program is authorized for up to $100 million.

When does the stock repurchase program for FBK expire?

The stock repurchase program is effective until January 31, 2024.

What did FBK's CEO say about the stock repurchase program?

CEO Christopher T. Holmes stated that the program reflects the company's financial strength and aims to deliver superior returns.