First US Bancshares, Inc. Announces Expansion of Share Repurchase Program
Rhea-AI Summary
First US Bancshares announced an expansion of its share repurchase program, with the Board of Directors authorizing an additional 600,000 shares for repurchase. The company has already repurchased 1,289,972 shares to date, with 352,813 shares still available under the current program. The repurchase program's expiration has been extended from December 31, 2024, to December 31, 2025. Purchases may be made through open market or private transactions, subject to regulatory requirements and can be suspended at any time.
Positive
- Authorization of additional 600,000 shares for repurchase program
- Extension of repurchase program timeline by one year
- Significant historical execution with 1,289,972 shares already repurchased
Negative
- None.
News Market Reaction – FUSB
On the day this news was published, FUSB gained 3.10%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Share repurchases under the repurchase program may be made through open market transactions, through privately negotiated transactions or otherwise at times and in such amounts as management deems appropriate, subject to applicable regulatory requirements. Open market purchases may be executed through a pre-arranged repurchase plan that operates in accordance with the guidelines specified under Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The repurchase program does not obligate the Company to acquire any particular number of shares and may be suspended at any time at the Company's discretion.
About First US Bancshares, Inc.
First US Bancshares, Inc. is a bank holding company that operates banking offices in
Forward-Looking Statements
This press release contains forward-looking statements, as defined by federal securities laws. Statements contained in this press release that are not historical facts are forward-looking statements. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. The Company undertakes no obligation to update these statements following the date of this press release, except as required by law. In addition, the Company, through its senior management, may make from time-to-time forward-looking public statements concerning the matters described herein. Such forward-looking statements are necessarily estimates reflecting the best judgment of the Company's senior management based upon current information and involve a number of risks and uncertainties.
Certain factors that could affect the accuracy of such forward-looking statements and cause actual results to differ materially from those projected in such forward-looking statements are identified in the public filings made by the Company with the SEC, and forward-looking statements contained in this press release or in other public statements of the Company or its senior management should be considered in light of those factors. Such factors may include risk related to the Company's credit, including that if loan losses are greater than anticipated; the increased lending risks associated with commercial real estate lending; liquidity risks; the impact of national and local market conditions on the Company's business and operations; the rate of growth (or lack thereof) in the economy generally and in the Company's service areas; strong competition in the banking industry; the impact of changes in interest rates and monetary policy on the Company's performance and financial condition; the impact of technological changes in the banking and financial service industries and potential information system failures; cybersecurity and data privacy threats; the costs of complying with extensive governmental regulation; the impact of changing accounting standards and tax laws on the Company's allowance for credit losses and financial results; the possibility that acquisitions may not produce anticipated results and result in unforeseen integration difficulties; and other risk factors described from time to time in the Company's public filings, including, but not limited to, the Company's most recent Annual Report on Form 10-K. Relative to the Company's dividend policy, the payment of cash dividends is subject to the discretion of the Board of Directors and will be determined in light of then-current conditions, including the Company's earnings, leverage, operations, financial conditions, capital requirements and other factors deemed relevant by the Board of Directors. In the future, the Board of Directors may change the Company's dividend policy, including the frequency or amount of any dividend, in light of then-existing conditions.
Contact: | Thomas S. Elley |
(205) 582-1200 |
View original content:https://www.prnewswire.com/news-releases/first-us-bancshares-inc-announces-expansion-of-share-repurchase-program-302311861.html
SOURCE First US Bancshares, Inc.
FAQ
How many additional shares did First US Bancshares (FUSB) authorize for repurchase in November 2024?
When does First US Bancshares' (FUSB) expanded share repurchase program expire?
How many shares has First US Bancshares (FUSB) repurchased to date under its program?
How many shares remain available for repurchase under FUSB's current program?
