Home BancShares, Inc. Increases Share Repurchase Program
February 22 2018 - 5:15PM
Home BancShares, Inc. (Nasdaq:HOMB) (“Home” or “the Company”),
parent company of Centennial Bank (“Centennial”), announced today
that the Board of Directors has authorized an increase of 5,000,000
in the number of shares of the Company’s stock available under its
common stock repurchase program which was approved by the Board in
January 2008 and previously amended in January 2017. The
authorization was made in anticipation of the capital growth
expected as a result of the “Tax Cuts and Jobs Act” (the “TCJA”)
which was signed into law by President Donald Trump on December 22,
2017, reducing the corporate tax rate from 35% to 21%. As of
January 31, 2018, a total of approximately 5,200,000 shares
remained available for repurchase under the existing repurchase
authorization which will increase to approximately 10,200,000
shares available for repurchase with this authorization.
“The recently enacted tax reform has created the
opportunity for us to further increase shareholder value through
our stock buyback program,” said John Allison, Home BancShares,
Inc. Charmain. “In addition to increasing our stock buyback
authority, the expected additional capital generated as a result of
the reduced tax rate allows us to retain additional capital for
future growth, provides future additional opportunity for increases
in shareholder dividends, and gave us the opportunity to invest in
our people through the one-time bonus paid out to more than 850 of
our full-time tenured employees in January.”
Home BancShares, Inc. is a bank holding company,
headquartered in Conway, Arkansas. Our wholly-owned subsidiary,
Centennial Bank, provides a broad range of commercial and retail
banking plus related financial services to businesses, real estate
developers, investors, individuals and municipalities. Centennial
Bank has branch locations in Arkansas, Florida, South Alabama and
New York City. The Company's common stock is traded through the
NASDAQ Global Select Market under the symbol “HOMB.”
This release contains forward-looking statements
regarding the Company's plans, expectations, goals and outlook for
the future. Statements in this press release that are not
historical facts should be considered forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements of this type speak only as of
the date of this news release. By nature, forward-looking
statements involve inherent risk and uncertainties. Various
factors, including, but not limited to, uncertainties in the
Company’s preliminary review of, and additional analysis with
respect to, the impact of the TCJA, as well as additional risks and
uncertainties contained in the “Risk Factors” and forward-looking
statements disclosure contained in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2016 and in its Quarterly
Report on Form 10-Q for the quarter ended September 30, 2017, filed
with the Securities and Exchange Commission on February 28, 2017
and November 7, 2017, respectively, could cause actual results to
differ materially from those contemplated by the forward-looking
statements. Although we believe that the assumptions underlying the
forward-looking statements are reasonable, any of the assumptions
could prove to be inaccurate. Therefore, we can give no assurance
that the results contemplated in the forward-looking statements
will be realized. The Company assumes no duty to update, amend or
clarify forward-looking statements, whether as a result of new
information, future events or otherwise.
FOR MORE INFORMATION CONTACT:
Jennifer C. Floyd
Chief Accounting Officer & Investor Relations OfficerHome
BancShares, Inc.(501) 339-2929
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