Reliant Bancorp, Inc. (“Reliant”) (Nasdaq: RBNC), the parent
company for Reliant Bank, announced today that its Board of
Directors declared a quarterly cash dividend of $0.12 per share
payable on May 20, 2021, to shareholders of record as of the close
of business on May 10, 2021.
“The first quarter dividend of $0.12 per share represents a 20%
increase in Reliant’s cash dividend compared to the first quarter
of last year,” stated DeVan Ard, Jr., Reliant’s Chairman and CEO.
“The increase in our cash dividend highlights our strong operating
results over the past year. Our first quarter was highlighted by
solid earnings, an improved net interest margin, and superior
credit quality.”
“We remain positive about Reliant’s outlook based on our
earnings momentum and robust loan demand. We expect continued
growth in our markets in 2021 as economic activity picks up and as
the pandemic subsides,” Ard concluded.
About Reliant Bancorp, Inc. and Reliant Bank
Reliant Bancorp, Inc. 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 March 31, 2021, Reliant Bancorp had
approximately $3.1 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 release 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 continued growth in Reliant’s markets. 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
effects of the coronavirus (COVID-19) pandemic, including (i) the
magnitude and duration of the pandemic and its impact on general
economic and financial market conditions and on our business,
results of operations, and financial condition and that of our
customers, (ii) actions taken by governments, businesses and
individuals in response to the coronavirus (COVID-19) pandemic,
(iii) the pace of recovery when the coronavirus (COVID-19) pandemic
subsides, and (iv) the speed with which coronavirus (COVID-19)
vaccines can be widely distributed, those vaccines’ efficacy
against the virus and public acceptance of the vaccines, (2) the
possibility that our asset quality could decline or that we
experience greater loan losses than anticipated, (3) increased
levels of other real estate, primarily as a result of foreclosures,
(4) the impact of liquidity needs on our results of operations and
financial condition, (5) competition from financial institutions
and other financial service providers, (6) the effect of interest
rate increases on the cost of deposits, (7) unanticipated weakness
in loan demand or loan pricing, (8) greater than anticipated
adverse conditions in the national economy or local economies in
which we operate, including in Middle Tennessee, (9) lack of
strategic growth opportunities or our failure to execute on
available opportunities, (10) deterioration in the financial
condition of borrowers resulting in significant increases in loan
losses and provisions for those losses, (11) economic crises and
associated credit issues in industries most impacted by the
coronavirus (COVID-19) pandemic, including the hotel and retail
sectors, (12) the ability to grow and retain low-cost core deposits
and retain large, uninsured deposits, (13) our ability to
effectively manage problem credits, (14) our ability to
successfully implement efficiency initiatives on time and with the
results projected, (15) our ability to successfully develop and
market new products and technology, (16) the impact of negative
developments in the financial industry and United States and global
capital and credit markets, (17) our ability to retain the services
of key personnel, (18) our ability to adapt to technological
changes, (19) risks associated with litigation, including
reputational and financial risks and the applicability of insurance
coverage, (20) 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, (21) changes in
state and federal laws, rules, regulations, or policies applicable
to banks or bank or financial holding companies, including
regulatory or legislative developments, (22) 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, (23) the
risk of successful integration of the businesses Reliant has
recently acquired, and (24) 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/20210423005491/en/
DeVan Ard, Jr., Chairman and CEO, Reliant Bancorp, Inc.
(615.221.2087)
Reliant Bancorp (NASDAQ:RBNC)
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