Current Report Filing (8-k)
June 30 2017 - 9:09AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): June 30, 2017
FIRST FINANCIAL BANKSHARES, INC.
(Exact Name of Registrant as Specified in its Charter)
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Texas
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0-7674
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75-0944023
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(State or other Jurisdiction
of Incorporation)
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(Commission File No.)
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(IRS Employer
Identification No.)
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400 Pine Street, Abilene, Texas 79601
(Address of Principal Executive Offices and Zip Code)
Registrants Telephone Number (325) 627-7155
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 203.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
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Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13 e-4 (c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the
Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2
of the Securities Exchange Act of 1934
(§240.12b-2
of this chapter).
Emerging Growth Company ☐
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
ITEM 1.01
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Entry into a Material Definitive Agreement
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On June 30, 2017, First Financial Bankshares,
Inc. (the Company) renewed its loan agreement (the Loan Agreement) with Frost Bank. Under the Loan Agreement, the Company is permitted to draw up to $25.0 million on a revolving line of credit. Prior to June 30, 2019,
interest is paid quarterly at Wall Street Journal Prime and the line of credit matures June 30, 2019. If a balance exists at July 1, 2019, the principal balance coverts to a term facility payable quarterly over five years and interest is
paid quarterly at the election of the Company at Wall Street Journal Prime or LIBOR plus 2.5%. The line of credit is unsecured. Among other provisions in the Loan Agreement, the Company must satisfy certain financial covenants during the term of the
Loan Agreement, including without limitation, covenants that require the Company to maintain certain capital, tangible net worth, loan loss reserve, non-performing asset and cash flow coverage ratios. In addition, the Loan Agreement contains certain
operational covenants, that among others, restricts the payment of dividends above 55% of consolidated net income, limits the incurrence of debt (excluding any amounts acquired in an acquisition) and prohibits the disposal of assets except in the
ordinary course of business. Since 1995, the Company has declared dividends as a percentage of its consolidated net income in a range of 37% (low) in 1995 to 53% (high) in 2003 and 2006. Through the three months ended March 31, 2017, the
Company has declared dividends equal to 44.8% of its consolidated net income. There have been no borrowings under the Loan Agreement during 2017 or 2016.
ITEM 9.01
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Financial Statements and Exhibits
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Exhibit
Number
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Description
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10.1
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Second Amendment to Loan Agreement, dated June 30, 2017, between First Financial Bankshares, Inc. and Frost Bank.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by
the undersigned hereunto duly authorized.
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FIRST FINANCIAL BANKSHARES, INC.
(Registrant)
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DATE: June 30, 2017
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By:
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F. Scott
Dueser
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F. SCOTT DUESER
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President and Chief Executive Officer
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