First Financial amends loan agreement; adds 8.5% Tier 1 leverage ratio, removes tangible net worth covenant

FIRST FINANCIAL BANKSHARES INC

Fifth Amendment to $25M loan agreement with Frost Bank, effective Jan 6, 2023.
Replaced Capital Ratio covenant with a Tier 1 Leverage Ratio minimum of 8.5%.
Removed the $400M Tangible Net Worth covenant from the original agreement.
No changes to principal amount, interest rate, or maturity of the loan.
Amendment reflects updated regulatory capital metrics for the borrowing entity.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FIRST FINANCIAL BANKSHARES INC amended Fifth Amendment with Frost Bank (effective 2023-01-06).

Action: amendment
Agreement: credit facility
Counterparty: Frost Bank
Effective: 2023-01-06

Exact text from the filing

On January 6, 2023, First Financial Bankshares, Inc. (the “Company”) entered into a Fifth Amendment (the “Amendment”) to its Loan Agreement (the “Loan Agreement”) with Frost Bank.

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Source: SEC EDGAR

accession 0000950170-23-000710

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