Form 4: First Financial Bankshares EVP/CFO Hickox Reports Changes in Beneficial Ownership

Michelle S. Hickox, EVP/CFO of First Financial Bankshares, reports the vesting of restricted stock units and their deferral into the company's Supplemental Executive Retirement Plan (SERP).

Summary

• On August 16, 2024, Michelle S. Hickox, EVP/CFO of First Financial Bankshares Inc., had 1,355 restricted stock units vest.
• Instead of receiving the common stock, these units were deferred into the First Financial Bankshares, Inc. Supplemental Executive Retirement Plan (SERP).
• This resulted in the disposition of 1,355 restricted stock units in exchange for an equal number of deferred stock units under the SERP.
• These deferred stock units are payable upon Mrs. Hickox's termination of employment.
• Following the transaction, Mrs. Hickox beneficially owns 21,615 shares of common stock.

Sentiment

Score: 7

Explanation: The document reflects a routine executive compensation transaction. The deferral into a retirement plan is a neutral to slightly positive sign of long-term commitment.

Future Outlook

The deferred stock units are payable upon Mrs. Hickox's termination of employment.

Industry Context

Executive compensation practices, including the use of restricted stock units and deferred compensation plans, are common in the financial services industry to align executive interests with long-term shareholder value.

Comparison to Industry Standards

• Deferred compensation plans like the SERP are a common tool used by financial institutions to retain key executives.
• The specifics of these plans (vesting schedules, payout terms) vary widely based on company size, performance, and individual executive agreements.
• Comparing First Financial Bankshares' executive compensation structure to peers like Prosperity Bancshares or Texas Capital Bancshares would provide a more detailed benchmark.

Stakeholder Impact

• The transaction has a minimal direct impact on shareholders, employees, customers, suppliers, or creditors.
• It primarily affects the executive's compensation structure and long-term financial planning.

Key Dates