First Financial Bankshares hikes dividend by 15.4%

First Financial Bankshares (FFIN) will raise its quarterly dividend by 15.4 percent to 15 cents per share in 2021. This follows a dividend hike of 8.3 percent to $0.13 per share in 2020. This will also mark 11 consecutive years of dividend increases by the financial holding company.

The next dividend will be paid to shareholders of record on July 1, 2021, with payment set for June 16, 2021. A new annual dividend rate of 60 cents per share yields 1.1% at a stock price of $49.60.

"Due to our strong capital position and historical increases in earnings, we are pleased to announce the increase in our quarterly cash dividend for our shareholders," said F. Scott Dueser, Chairman, President and CEO.  "We are also grateful to our shareholders for the re-election of our directors and the passage of the three proposals."

First Financial Bankshares, Inc., a Texas corporation, is a financial holding company.  Through its subsidiaries, FFIN conducts a full-service commercial banking business. The company's banking centers are located primarily in Central, North Central, Southeast and West Texas. First Financial Bankshares was formed as a bank holding company in 1956 under the original name F & M Operating Company. The company's banking history dates back to 1890, when Farmers and Merchants National Bank opened for business in Abilene, Texas. In October 1993, its name changed to First Financial Bankshares, which coincided with a listing on The NASDAQ Stock Market under the trading symbol FFIN.