ABILENE,
Texas, July 31, 2023 /PRNewswire/ -- First
Financial Bankshares, Inc. (NASDAQ: FFIN) (the "Company",
"we", "us", or "our") 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 25, 2023, through
July 31, 2024. The Board of Directors
previously authorized the repurchase of up to 5,000,000 shares of
common stock through July 31,
2023.
The stock repurchase plan authorizes management to repurchase
shares at such time and price as repurchases are considered
beneficial to the Company and its stockholders. Any repurchase of
shares 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 a stock repurchase plan in
place to be able to execute when the price of our shares are
attractive," 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, Inc. is a financial
holding company that through its subsidiary, First Financial Bank,
N.A., operates multiple banking regions with 79 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, Lumberton, 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 nine 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 https://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," "project,"
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; economic
impact of oil and gas prices and the pandemic, 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 and Filings" on the Company's Website 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.
View original
content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-renewal-of-stock-repurchase-plan-301889367.html
SOURCE First Financial Bankshares, Inc.