Itla Capital (NASDAQ:ITLA)
Historical Stock Chart
From Jun 2019 to Jun 2024
ITLA Capital Corporation Announces Extension of Stock Repurchase
Program
LA JOLLA, Calif., March 9 /PRNewswire-FirstCall/ -- ITLA Capital Corporation
(NASDAQ:ITLA) announced today that its Board of Directors has approved the
tenth extension of its stock repurchase program of up to an additional five
percent of its outstanding shares. The Company has substantially completed the
repurchase of shares authorized under the ninth extension, which the Company
announced in September 2004. Under this program, management may acquire, at
its discretion, shares of outstanding common stock of the Company through
purchases on the open market or in privately negotiated transactions.
President and Chief Executive Officer George Haligowski stated that: "The
extension of this program continues the effective use of our capital resources
and provides orderly liquidity in the open market for the Company's outstanding
common stock. From the inception of our stock repurchase program in 1997
through December 31, 2004, we have repurchased a total of 2,869,502 shares,
returning approximately $67.2 million of capital to our shareholders.
Considering that our 2004 Contributed Capital was $69.3 million, I'm proud to
note that we will have returned all of the Company's Contributed Capital to the
market shortly after beginning repurchases under this tenth extension of the
repurchase program".
Repurchased shares may become treasury shares and will be utilized in the
normal course of the Company's capital management activities, including the
potential funding of employee benefit programs. The timing of repurchases will
be based on a number of factors, including the price of the Company's stock and
general market conditions. This program is not intended to affect the "well
capitalized" regulatory designation of the Company or its principal operating
subsidiary, Imperial Capital Bank.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995:
This release contains forward looking statements that are subject to risks and
uncertainties, including, but not limited to, changes in economic conditions in
the Company's market areas, changes in policies by regulatory agencies, the
impact of competitive loan products, loan demand risks, the quality or
composition of the loan or investment portfolios, increased costs from pursuing
the national expansion of our small balance multifamily lending platform and
operational challenges inherent in implementing this expansion strategy,
fluctuations in interest rates, and changes in the relative differences between
short and long term interest rates, levels of non-performing assets, and
operating results, the economic impact of terrorist actions and other risks
detailed from time to time in the Company's filings with the Securities and
Exchange commission. The Company cautions readers not to place undue reliance
on any forward-looking statements. The Company does not undertake and
specifically disclaims any obligation to revise any forward-looking statements
to reflect the occurrence of anticipated or unanticipated events or
circumstances after the date of such statements. These risks could cause the
Company's actual results for 2005 and beyond to differ materially from those
expressed in any forward looking statements by, or on behalf of, the Company.
ITLA Capital Corporation is the largest financial services company
headquartered in San Diego, California, and conducts its operations through
Imperial Capital Bank and Imperial Capital Real Estate Investment Trust.
Imperial Capital Bank has seven retail branch locations and twenty-five lending
offices located in the Western United States, the Southeast, the Mid-Atlantic
States, the Ohio Valley, the Metro New York area, and New England.
For further information, please contact Timothy M. Doyle, Senior Managing
Director and Chief Financial Officer of ITLA Capital Corporation,
+1-858-551-0511.
DATASOURCE: ITLA Capital Corporation
CONTACT: Timothy M. Doyle, Senior Managing Director, CFO of ITLA Capital
Corporation, +1-858-551-0511
Web site: http://www.itlacapital.com/