FB Financial Corp., the parent company of FirstBank, announced its board of directors authorized the repurchase of up to $100 million of the company’s outstanding common stock. The repurchase authorization will be in place until March 31, 2022, and replaces the company’s previous authorization, which expired on Dec. 31, 2020, according to a press release.
“This repurchase authorization reflects the company’s financial strength and strong profitability. Our management team is keenly focused on deploying capital to deliver superior returns and to create long-term value. This program provides another arrow in our quiver to manage capital and maximize earnings per share,” Christopher T. Holmes, president and CEO, said in the release.
The timing and amount of any shares of the company’s common stock that are repurchased under the program will be determined by the company’s management based on its evaluation of market conditions and other factors. Repurchases may be executed through the open market or in privately negotiated transactions, including under Rule 10b5-1 plans.