Reliant Bancorp, Inc. (“Reliant”) (Nasdaq: RBNC), the parent
company for Reliant Bank, announced today that its board of
directors has authorized a stock repurchase plan pursuant to which
Reliant may repurchase up to $10.0 million of Reliant’s outstanding
common stock.
“This stock repurchase authorization highlights our confidence
in Reliant’s business and our outlook for continued growth,” stated
DeVan Ard, Jr., Reliant’s Chairman and CEO. “We believe the stock
repurchase plan is a solid investment for our shareholders and
provides us with the opportunity to leverage our strong financial
position to improve our earnings per share.”
Shares of Reliant common stock may be repurchased from time to
time at prevailing market prices, through open market or privately
negotiated transactions, potentially including through a Rule
10b5-1 plan, or otherwise, depending upon market conditions. The
Reliant board of directors authorized the repurchase plan to run
through December 31, 2021, unless the entire amount of shares
authorized to be repurchased has been acquired before that date.
Reliant intends to fund the repurchase plan with a combination of
cash on hand and cash generated from ongoing operations, and the
repurchased shares will be become authorized but unissued
shares.
There is no guarantee as to the exact number or value of shares
that will be repurchased by Reliant, and Reliant may discontinue
repurchases at any time that management determines additional
repurchases are not warranted. The timing and amount of share
repurchases under the stock repurchase plan will depend on a number
of factors, including Reliant’s stock price performance, ongoing
capital planning considerations, general market conditions, and
applicable legal requirements.
About Reliant Bancorp, Inc. and Reliant Bank
Reliant Bancorp, Inc. (Nasdaq: RBNC) 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 December 31,
2020, Reliant had approximately $3.0 billion in total consolidated
assets, approximately $2.3 billion in loans held for investment 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 document 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 the terms, timing, logistics, and conditions of the
referenced stock repurchase plan, Reliant’s compliance with
applicable law in connection with the administration of the
referenced stock repurchase plan, and Reliant’s utilization of the
referenced stock repurchase plan. 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
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 Reliant Bank’s computer and
information technology systems and networks, 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/20210126006034/en/
DeVan Ard, Jr., Chairman and CEO, Reliant Bancorp, Inc.
(615.221.2087)
Reliant Bancorp (NASDAQ:RBNC)
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