The First Bancshares, Inc. Announces New Share Repurchase Plan

Rhea-AI Summary

The First Bancshares (NASDAQ: FBMS) has announced a new share repurchase program for 2022, allowing for the repurchase of up to $30 million of its common stock. This program replaces the previously extended 2021 repurchase initiative, which was completed in February 2022. The timing, number of shares, and pricing for the repurchases will be determined by management based on market conditions and regulatory requirements. The new program is set to expire on December 31, 2022.

Positive

• New share repurchase program approved for up to $30 million.
• Replaces a completed repurchase program from 2021, indicating confidence in stock value.
• Flexibility in share repurchase timing and method may enhance shareholder value.

Negative

• None.

HATTIESBURG, Miss.--(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.

Forward-Looking Statements

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220309005964/en/

M. Ray “Hoppy” Cole, Jr.

Chief Executive Officer

Dee Dee Lowery

Chief Financial Officer

(601) 268-8998

Source: The First Bancshares, Inc.

FAQ

What is the purpose of the new share repurchase program by First Bancshares?

The new share repurchase program aims to return value to shareholders by allowing the repurchase of up to $30 million in common stock.

When does the new share repurchase program for FBMS expire?

The new share repurchase program for First Bancshares is set to expire on December 31, 2022.

How much stock is First Bancshares planning to repurchase in 2022?

First Bancshares plans to repurchase up to $30 million of its common stock in 2022.

What will determine the timing and method of stock repurchases by FBMS?

The timing and method of stock repurchases will depend on market conditions, the company's stock price, and regulatory requirements.