ABILENE, Texas, July 27, 2021 /PRNewswire/ -- First
Financial Bankshares, Inc. (NASDAQ: FFIN) announced today the
renewal of its existing stock repurchase plan. Pursuant to the
renewed plan, the Company may repurchase up to 5,000,000 shares of
its common stock, which represents approximately 3.5 percent of the
Company's outstanding shares as of July 27,
2021, through July 31, 2023.
The Board of Directors previously authorized the repurchase of up
to 4,000,000 shares of common stock through September 30, 2021.
The stock buyback plan authorizes management to repurchase the
stock at such time and price as repurchases are considered
beneficial to the Company and stockholders. Any repurchase of
stock will be made through the open market, block trades or in
privately negotiated transactions in accordance with applicable
laws and regulations. Under the repurchase plan, there is no
minimum number of shares that the Company is required to
repurchase.
"First Financial continues to have one of the strongest capital
positions in the banking industry and we believe it is in the best
interest of our shareholders to have in place a stock repurchase
plan for a portion of our shares at the right stock price if that
situation arises," said F. Scott
Dueser, Chairman, CEO and President of First Financial. "We
also believe this repurchase plan demonstrates our confidence in
the future of First Financial."
About First Financial Bankshares, Inc.
Headquartered in Abilene,
Texas, First Financial Bankshares is a financial holding
company that through its wholly-owned subsidiary, First Financial
Bank, N.A., operates multiple banking regions with 78 locations in
Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan,
Burleson, College Station, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, El
Campo, Fort Worth,
Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Kingwood, Magnolia, Mauriceville, Merkel, Midlothian, Mineral
Wells, Montgomery,
Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port
Arthur, Ranger,
Rising Star, Roby, San
Angelo, Southlake,
Stephenville, Sweetwater, Tomball, Trent, Trophy
Club, Vidor, Waxahachie, Weatherford, Willis, and Willow
Park. The Company also operates First Financial Trust &
Asset Management Company, N.A., with ten locations and First
Technology Services, Inc., a technology operating company.
The Company is listed on The NASDAQ Global Select Market under
the trading symbol FFIN. For more information about First
Financial, please visit our website at http://www.ffin.com.
Certain statements contained herein may be considered
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. These statements are based upon the
belief of the Company's management, as well as assumptions made
beyond information currently available to the Company's management,
and may be, but not necessarily are, identified by such words as
"expect", "plan", "anticipate", "target", "forecast" and
"goal". Because such "forward-looking statements" are subject
to risks and uncertainties, actual results may differ materially
from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially from the Company's expectations include competition from
other financial institutions and financial holding companies; the
effects of and changes in trade, monetary and fiscal policies and
laws, including interest rate policies of the Federal Reserve
Board; changes in the demand for loans; fluctuations in value of
collateral and loan reserves; inflation, interest rate, market and
monetary fluctuations; changes in consumer spending, borrowing and
savings habits; and acquisitions and integration of acquired
businesses, and similar variables. Other key risks are
described in the Company's reports filed with the Securities and
Exchange Commission, which may be obtained under "Investor
Relations-Documents/Filings" on the Company's Web site or by
writing or calling the Company at 325.627.7155. Except as otherwise
stated in this news announcement, the Company does not undertake
any obligation to update publicly or revise any forward-looking
statements because of new information, future events or
otherwise.
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SOURCE First Financial Bankshares, Inc.