On October 22, 2020, the Corporation announced the resumption of its previously authorized stock repurchase program ("Program"). The Program, which was originally authorized by the Board in October 2019 and amended by the Board in March 2020, allows for the repurchase of up to $180 million of the Corporation's Class A common stock ("Common Stock"). The Corporation has not made any repurchases under the Program since March 31, 2020. As of October 22, 2020, the Corporation has repurchased Common Stock with an aggregate purchase price of $103,435,703, leaving $76,564,297 available for Common Stock repurchases under the Program. The timing, pricing, and amount of any repurchases under the Program will be determined by the Corporation's management at its discretion based on a variety of factors, including, but not limited to, trading volume and market price of the Common Stock, corporate considerations, the Corporation's working capital and investment requirements, general market and economic conditions, and legal requirements. The Program does not obligate the Corporation to repurchase any Common Stock and may be modified, discontinued, or suspended at any time without prior notice. The Program will terminate on October 31, 2021 (unless terminated sooner). A copy of the press release issued by the Corporation announcing the resumption of the Program is attached as Exhibit 99.1 and incorporated herein by reference.
Forward-Looking Statements
Certain statements in this Current Report on Form 8-K may not be based on historical facts and should be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by reference to future periods or by the use of forward-looking terminology, such as "believe," "budget," "expect," "foresee," "anticipate," "intend," "indicate," "target," "estimate," "plan," "project," "continue," "contemplate," "positions," "prospects," "predict," or "potential," by future conditional verbs such as "will," "would," "should," "could," "might" or "may," or by variations of such words or by similar expressions. These forward-looking statements include, without limitation, statements relating to the Corporation's future growth, profitability, and stock repurchase program. Any forward-looking statement speaks only as of the date of this Current Report on Form 8-K, and the Corporation undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date hereof. By nature, forward-looking statements are based on various assumptions and involve inherent risk and uncertainties. Various factors, including, but not limited to, changes in economic conditions, credit quality, interest rates, loan demand, deposit flows, the assumptions used in making the forward-looking statements, the securities markets generally and the price of the Corporation's Common Stock specifically, could cause actual results to differ materially from those contemplated by the forward-looking statements. Additional factors are included in the Corporation's Form 10-K for the year ended December 31, 2019, and the Corporation's Form 10-Q for the quarter ended June 30, 2020, which have been filed with, and are available from, the U.S. Securities and Exchange Commission.
