Triumph Bancorp Announces Completion of $50 Million Stock Repurchase Program and the Authorization of an Additional $75 Million Repurchase Program

Rhea-AI Summary

Triumph Bancorp (Nasdaq: TBK) has successfully completed a $50 million stock repurchase program, acquiring 709,795 shares at an average price of $70.41 per share. Following this, the Board approved an additional buyback program of up to $75 million, which allows shares to be repurchased through open market or negotiated transactions over the next year. The timing and amount of repurchases will depend on various market factors. Triumph emphasizes that the program is discretionary and may be modified or suspended at any time.

Positive

• Completion of $50 million repurchase program, enhancing shareholder value.
• Authorization of an additional $75 million buyback, signaling confidence in future stock performance.

Negative

• None.

DALLAS, May 23, 2022 (GLOBE NEWSWIRE) -- Triumph Bancorp, Inc. (Nasdaq: TBK) (“Triumph” or the “Company”) announced that it had completed its $50 million stock repurchase program authorized on February 7, 2022, repurchasing a total of 709,795 shares of its common stock into treasury stock at an average price of $70.41 per share, and that its Board of Directors had authorized an additional share repurchase program of up to $75 million of the Company’s common stock. The Company may repurchase shares from time to time in open market transactions or through privately negotiated transactions at the Company’s discretion. The amount, timing and nature of any share repurchases will be based on a variety of factors, including the trading price of the Company’s common stock, applicable securities laws restrictions, regulatory limitations and market and economic factors. The repurchase program is authorized for a period of up to one year and does not require the Company to repurchase any specific number of shares. The repurchase program may be modified, suspended or discontinued at any time, at the Company’s discretion.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Triumph

Triumph Bancorp, Inc. (Nasdaq: TBK) is a financial holding company headquartered in Dallas, Texas, offering a diversified line of payments, factoring, and banking services. www.triumphbancorp.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Triumph's expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosure contained in the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 14, 2022. Forward-looking statements speak only as of the date made, and Triumph undertakes no duty to update the information.
Source: Triumph Bancorp, Inc.

Investor Relations:
Luke Wyse
Senior Vice President, Finance & Investor Relations
lwyse@tbkbank.com
214-365-6936

Media Contact:
Amanda Tavackoli
Senior Vice President, Director of Corporate Communication
atavackoli@tbkbank.com
214-365-6930

FAQ

What is the total amount Triumph Bancorp plans to repurchase under the new share buyback program?

Triumph Bancorp has authorized an additional share repurchase program of up to $75 million.

How many shares did Triumph Bancorp repurchase under the previous program?

Triumph Bancorp repurchased a total of 709,795 shares under its previous $50 million stock repurchase program.

What was the average price paid per share in the completed repurchase program?

The average price paid per share in the completed program was $70.41.

How long is the new share repurchase program authorized for?

The new share repurchase program is authorized for a period of up to one year.

What factors will affect Triumph Bancorp's share repurchase timing and amounts?

Factors include the trading price of the common stock, securities laws restrictions, regulatory limitations, and market conditions.