ITEM 1.01 Entry into a Material Definitive Agreement

On June 30, 2021, 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, 2023, interest is paid quarterly at Wall Street Journal Prime and the line of credit matures June 30, 2023. If a balance exists at July 1, 2023, the principal balance coverts to a term facility payable quarterly over five years and interest is paid quarterly at Wall Street Journal Prime. 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 36% (low) in 2020 to 53% (high) in 2003 and 2006. Through the three months ended March 31, 2021, the Company has declared dividends equal to 32.50% of its consolidated net income. There have been no borrowings under the Loan Agreement during 2021 or 2020.

ITEM 9.01 Financial Statements and Exhibits






  (d) Exhibits




Exhibit
Number                                    Description

10.1           Fourth Amendment to Loan agreement, dated June 30, 2021, between
             First Financial Bankshares, Inc. and Frost Bank.

104          Cover Page Interactive Data File (embedded within the Inline XBRL
             document)

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