Third Century Bancorp Announces Extension of Stock Repurchase Program

Rhea-AI Summary

Third Century Bancorp has extended its stock repurchase program to acquire the remaining 37,800 shares of common stock, initially authorized in December 2020. To date, 12,200 shares have been repurchased at an average price of $15.52 per share. The program has no expiration date and allows for purchases in various market conditions. Management will decide on share repurchases based on stock availability, market conditions, and financial performance. No additional shares will be repurchased until after the release of year-end 2021 earnings.

Positive

• Stock repurchase program extended with no expiration date.
• 12,200 shares repurchased at an average price of $15.52, indicating confidence in share value.

Negative

• Future repurchases subject to market conditions and financial performance may limit investor expectations.

FRANKLIN, Ind.--(BUSINESS WIRE)-- (OTCPINK: TDCB)-Third Century Bancorp (the “Company”), the holding company for Mutual Savings Bank (the “Bank”), announced that it has extended its stock repurchase program originally adopted in December 2020 to repurchase the remaining 37,800 shares of its common stock previously authorized. The stock repurchase program will have no expiration date. The Company has repurchased 12,200 shares under the current repurchase program at an average price of $15.52 per share. Shares may be repurchased in open market or private transactions, through block trades, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The Company will not repurchase additional shares until after the release of the Company’s year-end 2021 earnings.

Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance.

The timing and amount of share repurchases under this authorization may be suspended, terminated or modified by the Company at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The Company is not obligated to repurchase any particular number of shares or any shares in any specific time period.

Founded in 1890, Mutual Savings Bank is a full-service financial institution based in Johnson County, Indiana. In addition to its main office at 80 East Jefferson Street, Franklin, Indiana, the Bank operates branches in Franklin at 1124 North Main Street and the Otterbein Franklin Senior Life Community, as well as branches in Nineveh, Trafalgar and Greenwood, Indiana.

This press release contains certain forward-looking statements that are based on assumptions and may describe future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Certain factors that could cause actual results to differ materially from expected results include the COVID-19 pandemic, changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of the Company and the Bank, and changes in the securities markets. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements to reflect changes in belief, expectations or events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220111005898/en/

David A. Coffey, President and CEO

Ryan Cook, Senior Vice President and CFO

Tel. 317-736-7151 Fax 317-736-1726

Source: Third Century Bancorp

FAQ

What is the purpose of Third Century Bancorp's stock repurchase program?

The program aims to enhance shareholder value by repurchasing common stock when management deems it attractive.

How many shares has Third Century Bancorp repurchased so far?

The company has repurchased 12,200 shares under the current program.

What is the average repurchase price for Third Century Bancorp's shares?

The average repurchase price is $15.52 per share.

When will Third Century Bancorp resume share repurchases?

The company will resume repurchases after releasing its year-end 2021 earnings.

Is there an expiration date for the stock repurchase program?

No, the stock repurchase program has no expiration date.