Reliant Bancorp, Inc. (“Reliant”) (Nasdaq: RBNC), the parent
company for Reliant Bank, announced today that its Board of
Directors declared a quarterly cash dividend of $0.10 per share
payable on November 13, 2020, to shareholders of record as of the
close of business on November 6, 2020.
“Reliant’s third quarter dividend payment of $0.10 per share
reflects an 11.1% increase in the amount paid per share compared
with the same quarter in 2019,” stated DeVan Ard, Jr., Reliant’s
Chairman and CEO. “Our results for the first nine months of 2020
benefited from a strong net interest margin, superior credit
quality and two acquisitions that we made earlier in the year that
strengthened our market position in Middle Tennessee.
“We remain positive about Reliant’s future and will balance our
goal of maintaining a strong capital position and returning a
portion of earnings to shareholders to build long-term value. We
will continue to evaluate future cash dividends based on our
outlook for the economy, our level of earnings and the challenging
environment resulting from the COVID-19 pandemic,” Ard
concluded.
About Reliant Bancorp, Inc. and Reliant Bank
Reliant Bancorp, Inc. is a Brentwood, Tennessee-based financial
holding company which, through its wholly owned subsidiary Reliant
Bank, operates banking centers in Tennessee. Reliant Bank is a
full-service commercial bank that offers a variety of deposit,
lending, and mortgage products and services to business and
consumer customers. As of September 30, 2020, Reliant Bancorp had
approximately $3.0 billion in total consolidated assets,
approximately $2.4 billion in loans and approximately $2.6 billion
in deposits. For additional information, locations and hours of
operation, please visit www.reliantbank.com.
Forward-Looking Statements
All statements, other than statements of historical fact,
included in this release that address activities, events, or
developments that Reliant expects, believes, or anticipates will or
may occur in the future are “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, including statements
relating to Reliant’s future generally, the reasonableness of
Reliant’s cash dividend, or the evaluation of future cash
dividends. The words “believe,” “anticipate,” “expect,” “may,”
“will,” “assume,” “should,” “predict,” “could,” “would,” “intend,”
“targets,” “estimates,” “projects,” “plans,” and “potential,” and
other similar words and expressions of the future, are intended to
identify such forward-looking statements, but other statements not
based on historical information may also be considered
forward-looking, including statements about Reliant’s future
financial and operating results and Reliant’s plans, objectives,
and intentions. All forward-looking statements are subject to
risks, uncertainties, and other factors that may cause the actual
results, performance, or achievements of Reliant to differ
materially from any results, performance, or achievements expressed
or implied by such forward-looking statements. Such risks,
uncertainties, and other factors include, among others: (1) the
global health and economic crisis precipitated by the coronavirus
(COVID-19) pandemic, (2) actions taken by governments, businesses
and individuals in response to the coronavirus (COVID-19) pandemic,
(3) the pace of recovery when the coronavirus (COVID-19) pandemic
subsides, (4) the possible recurrence of the coronavirus
(COVID-19), (5) changes in political conditions or the legislative
or regulatory environment, including governmental initiatives
affecting the financial services industry such as, but not limited
to, the Coronavirus Aid, Relief, and Economic Security Act (or the
CARES Act), (6) the possibility that our asset quality could
decline or that we experience greater loan losses than anticipated,
(7) increased levels of other real estate, primarily as a result of
foreclosures, (8) the impact of liquidity needs on our results of
operations and financial condition, (9) competition from financial
institutions and other financial service providers, (10) the effect
of interest rate increases on the cost of deposits, (11)
unanticipated weakness in loan demand or loan pricing, (12) greater
than anticipated adverse conditions in the national economy or
local economies in which we operate, including in Middle Tennessee,
(13) lack of strategic growth opportunities or our failure to
execute on available opportunities, (14) deterioration in the
financial condition of borrowers resulting in significant increases
in loan losses and provisions for those losses, (15) economic
crises and associated credit issues in industries most impacted by
the coronavirus (COVID-19) pandemic, including the restaurant,
hospitality and retail sectors, (16) the ability to grow and retain
low-cost core deposits and retain large, uninsured deposits, (17)
our ability to effectively manage problem credits, (18) our ability
to successfully implement efficiency initiatives on time and with
the results projected, (19) our ability to successfully develop and
market new products and technology, (20) the impact of negative
developments in the financial industry and United States and global
capital and credit markets, (21) our ability to retain the services
of key personnel, (22) our ability to adapt to technological
changes, (23) risks associated with litigation, including
reputational and financial risks and the applicability of insurance
coverage, (24) the vulnerability of computer and information
technology systems and networks of Reliant Bank, and the systems
and networks of third parties with whom Reliant or Reliant Bank
contract, to unauthorized access, computer viruses, phishing
schemes, spam attacks, human error, natural disasters, power loss,
and other security breaches and interruptions, (25) changes in
state and federal laws, rules, regulations, or policies applicable
to banks or bank or financial holding companies, including
regulatory or legislative developments, (26) adverse impacts
(including costs, fines, reputational harm, or other negative
effects) from current or future litigation, regulatory
examinations, or other legal and/or regulatory actions, (27) the
risk that expected cost savings and revenue synergies from (a) the
merger of Reliant and Tennessee Community Bank Holdings, Inc. ("TCB
Holdings") (the “TCB Holdings Transaction”) or (b) the merger of
Reliant and First Advantage Bancorp ("FABK") (the “FABK
Transaction” and, together with the TCB Holdings Transaction,
collectively, the “Transactions”), may not be realized or may take
longer than anticipated to be realized, (28) the effect of the
Transactions on our customer, supplier, or employee relationships
and operating results (including without limitation difficulties in
maintaining relationships with employees and customers), as well as
on the market price of Reliant’s common stock, (29) the risk that
the businesses and operations of TCB Holdings and its subsidiaries
and of FABK and its subsidiaries cannot be successfully integrated
with the business and operations of Reliant and its subsidiaries or
that integration will be more costly or difficult than expected,
(30) the amount of costs, fees, expenses, and charges related to
the Transactions, including those arising as a result of unexpected
factors or events, (31) reputational risk associated with and the
reaction of our customers, suppliers, employees, or other business
partners to the Transactions, (32) the risk associated with Reliant
management’s attention being diverted away from the day-to-day
business and operations of Reliant to the integration of the
Transactions, and (33) general competitive, economic, political,
and market conditions, including economic conditions in the local
markets where we operate. Additional factors which could affect the
forward-looking statements can be found in Reliant’s annual report
on Form 10-K, quarterly reports on Form 10-Q, and current reports
on Form 8-K filed with the Securities and Exchange Commission (the
“SEC”) and available on the SEC’s website at http://www.sec.gov.
Reliant believes the forward-looking statements contained herein
are reasonable; however, many of such risks, uncertainties, and
other factors are beyond Reliant’s ability to control or predict
and undue reliance should not be placed on any forward-looking
statements, which are based on current expectations and speak only
as of the date that they are made. Therefore, Reliant can give no
assurance that its future results will be as estimated. Reliant
does not intend to, and disclaims any obligation to, update or
revise any forward-looking statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20201026005815/en/
DeVan Ard, Jr., Chairman and CEO, Reliant Bancorp, Inc.
(615.221.2087)
Reliant Bancorp (NASDAQ:RBNC)
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