Simmons First National Corporation Announces Resumption of Stock Repurchase Program
October 22 2020 - 4:17PM
Simmons First National Corporation (Nasdaq: SFNC) (“Company”),
parent corporation of Simmons Bank, announced today the resumption
of the Company’s previously approved stock repurchase program
(“Program”). The Program, which was originally authorized by
the Board in October 2019 and amended by the Board in March 2020,
allows for the repurchase of up to $180 million of the Company’s
Class A common stock (“Common Stock”). The Company has not made any
repurchases under the Program since March 31, 2020. As of October
22, 2020, the Company has repurchased Common Stock with an
aggregate purchase price of $103,435,703, leaving $76,564,297
available for Common Stock repurchases under the Program. The
timing, pricing, and amount of any repurchases under the Program
will be determined by the Company’s management at its discretion
based on a variety of factors, including, but not limited to,
trading volume and market price of the Common Stock, corporate
considerations, the Company’s working capital and investment
requirements, general market and economic conditions, and legal
requirements. The Program does not obligate the Company to
repurchase any Common Stock and may be modified, discontinued, or
suspended at any time without prior notice. The Program will
terminate on October 31, 2021 (unless terminated sooner).
About Simmons First
National Corporation
Simmons First National Corporation is a
financial holding company headquartered in Pine Bluff, Arkansas,
with total consolidated assets of approximately $21.4 billion as of
September 30, 2020, conducting financial operations in Arkansas,
Illinois, Kansas, Missouri, Oklahoma, Tennessee and Texas. The
Company, through its subsidiaries, offers comprehensive financial
solutions delivered with a client-centric approach. The Company’s
common stock trades on the NASDAQ Market under the symbol
“SFNC.”
Forward-Looking Statements
Some of the statements in this news release may
not be based on historical facts and should be considered
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements may be identified by reference to future periods or by
the use of forward-looking terminology, such as “believe,”
“budget,” “expect,” “foresee,” “anticipate,” “intend,” “indicate,”
“target,” “estimate,” “plan,” “project,” “continue,” “contemplate,”
“positions,” “prospects,” “predict,” or “potential,” by future
conditional verbs such as “will,” “would,” “should,” “could,”
“might” or “may,” or by variations of such words or by similar
expressions. These forward-looking statements include, without
limitation, statements relating to the Company’s future growth,
profitability, and stock repurchase program. Any forward-looking
statement speaks only as of the date of this news release, and the
Company undertakes no obligation to update these forward-looking
statements to reflect events or circumstances that occur after the
date of this news release. By nature, forward-looking statements
are based on various assumptions and involve inherent risk and
uncertainties. Various factors, including, but not limited to,
changes in economic conditions, credit quality, interest rates,
loan demand, deposit flows, the assumptions used in making the
forward-looking statements, the securities markets generally and
the price of the Company’s common stock specifically, could cause
actual results to differ materially from those contemplated by the
forward-looking statements. Additional factors are included in the
Company’s Form 10-K for the year ended December 31, 2019, and Form
10-Q for the quarter ended June 30, 2020, which have been filed
with, and are available from, the U.S. Securities and Exchange
Commission.
FOR MORE INFORMATION CONTACT:Stephen C. MassanelliEVP, Chief
Administrative Officer and Investor Relations OfficerSimmons First
National Corporationsteve.massanelli@simmonsbank.com
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