HATTIESBURG, Miss. - The First Bancshares , Inc. (NASDAQ: NASDAQ:FBMS), the parent company of The First Bank (NASDAQ:FRBA), has announced the approval of a new share repurchase program by its board of directors. The program authorizes the repurchase of up to $50 million of the company's common stock throughout the calendar year of 2024.
The repurchase plan is at the discretion of the company's management and is not an obligation. The timing, amount, and pricing of the share repurchases will be determined based on market conditions, stock price, and other relevant factors, including legal and regulatory requirements. The program is set to expire on December 31, 2024.
This initiative follows the company's previous share repurchase program for 2024, essentially renewing its commitment to buy back shares. The First Bancshares, headquartered in Hattiesburg, Mississippi, operates The First Bank with branches across Mississippi, Louisiana, Alabama, Florida, and Georgia. The company's stock is traded on the NASDAQ Global Market.
The announcement includes forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from expectations. These statements are based on current beliefs and expectations of the company's management and are not guarantees of future performance.
Factors that could influence the company's performance include competitive pressures, economic conditions, changes in interest rates, developments in the mortgage banking sector, legislative changes, and outcomes of legal proceedings, among others. The company advises that undue reliance should not be placed on these forward-looking statements.
The First Bancshares has cautioned that the forward-looking statements in the release, as well as in certain SEC filings, involve risks and uncertainties that may affect the company's business and financial results. Detailed information on these risks can be found in the company's Annual Report on Form 10-K and other filings with the SEC.
This news is based on a press release statement from The First Bancshares, Inc.
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