Simmons First National Corp. announced March 5 that its board of directors has approved an amendment to the company’s stock repurchase program that increases the amount of the company’s common stock that may be repurchased under the program from a maximum of $60 million to $180 million.
The program was originally approved on Oct. 17, 2019, and to date, the company has repurchased approximately $31.6 million of its common stock under the program, according to a news release.
“The board’s decision to expand the size of our stock repurchase program reflects our continued confidence in the strength and long-term prospects of our business,” said George Makris Jr., the company’s chairman and chief executive officer. “We remain committed to leveraging our strong balance sheet to responsibly reduce the number of outstanding shares of our common stock, which we continue to believe is an attractive investment, particularly at current trading prices.”
The program permits the company to repurchase shares of its common stock through open market and privately negotiated transactions or otherwise.
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 Oct. 31, 2021 (unless terminated sooner).