#United States #Stock Dividend #stock repurchase #Bakersfield #Mission Bancorp

Mission Bancorp Extends Stock Buyback Plan and Announces 5% Annual Dividend

On April 28, 2025, Mission Bancorp (OTC Pink: MSBC), announced significant corporate decisions that underline its commitment to shareholder value and robust financial management. In a recent meeting, the Board of Directors resolved to extend the stock repurchase plan and approved a 5.00% annual stock dividend, reflecting the company's perseverance and success in navigating a tumultuous year.

Stock Dividend Announcement

The Board's approval of a 5.00% annual stock dividend is noteworthy, particularly given the context of financial uncertainties that have pervaded the market. AJ Antongiovanni, the President and CEO, expressed pride in the bank's strong performance, stating, "The approval of this annual stock dividend is a result of our Company's hard work and determination during a year of uncertainty." He further emphasized the impressive deposit growth experienced in 2024, which sets the bank apart from its peers and fuels optimism for upcoming achievements in 2025. Underlining the core philosophy of the company, Antongiovanni remarked on the importance of dedication to customers and communities, affirming that exemplary performance yields commendable results.

About the Stock Repurchase Plan

In alignment with its financial strategy, Mission Bancorp previously unveiled an extension of its stock repurchase plan on October 28, 2024. This initiative is facilitated under Rule 10b5-1 (the '2022 10b5-1 Plan'), allowing the company to repurchase a maximum of $1.0 million of its common stock. Originally set to expire on April 24, 2025, the plan has been extended for an additional six months, now running through October 23, 2025. In a strategic move, the company has augmented the authorized repurchase funding by $2.0 million, increasing the total to a maximum of $3.0 million. This decision demonstrates a calculated approach to capital management and shareholder returns. Hilltop Securities, Inc. has been appointed as the agent to facilitate these transactions under prearranged terms.

Since the inception of this plan, the bank has successfully repurchased 13,522 shares at an average price of $89.24, a testament to their strategic investment and market engagement. With the extension of this repurchase initiative, Mission Bancorp positions itself as a responsive player in capital allocation while prioritizing shareholder interests.

Timeline for Dividend and Financial Outlook

The annual stock dividend is slated for distribution on June 2, 2025, to shareholders of record as of May 19, 2025. This decision not only provides immediate value to shareholders but also reinforces the bank's commitment to maintaining and enhancing shareholder trust and value.

About Mission Bancorp

Headquartered in Bakersfield, California, Mission Bancorp has a solid asset base of $1.9 billion. The company operates through four wholly-owned subsidiary entities, including Mission Bank, Mission 1031 Exchange, LLC, Mission Community Development, LLC, and Nosbig 88, Inc. Mission Bank boasts an extensive presence with eight Business Banking Centers, catering to the wider regions of Bakersfield, Lancaster, San Luis Obispo, Stockton, Ventura, and Visalia, California.

For more information, visit www.missionbank.bank — although this statement does not imply any inclusion or influence from external contents on the website.

Conclusion

In summary, Mission Bancorp’s recent announcements regarding its stock buyback plan and dividend issuance exemplify strategic foresight and robust financial health. Set against the backdrop of an uncertain marketplace, these moves are poised to reinforce shareholder loyalty and confidence while optimizing capital resource management. As we approach the latter half of the fiscal year, stakeholders and analysts alike will be closely monitoring Mission Bancorp’s performance and impact on the banking landscape.