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UMB FinancialB U I L D I N G O N A S T R O N G E R F O U ND A T I O N 2 0 1 3 A N N U A L R E P O R T Our goal is to always be there for our customers. Whether they’re managing credit, buying a home, saving for retirement or any financial endeavor, we are ready to guide customers to smart decisions and to always put You First. A LETTER TO OUR SHAREHOLDERS. “We are building a stronger foundation from which to take this company to the next level.” – F. Scott Dueser, Chairman, President and CEOx LETTER TO SHAREHOLDERS The title of this annual report, “Building On A Stronger Foundation,” sums surpassed our peer group’s 3.54 percent, and our efficiency ratio (expenses as a portion of revenues) of 50.19 percent beat our peer group’s 65.92 percent. up our strategy for taking this company to the next Consolidated assets totaled $5.22 billion, an increase of 16.0 level. Our goal is for First Financial Bankshares to become percent from $4.50 billion at the end of 2012. We achieved loan a $10 billion company within the next several years, so we growth of 28.8 percent, which increased our net interest income. need to have the structure and people in place that will Loans at year-end totaled $2.69 billion versus $2.09 billion at the support such growth while maintaining our community bank end of 2012. Deposits reached $4.14 billion, up 13.8 percent culture. Having begun the process in 2012, I am pleased from $3.63 billion a year earlier. A large portion of the growth in with the progress we made last year. Net income for 2013 grew 6.3 percent to $78.9 million from $74.2 million in 2012. Basic earnings per share rose to $2.48 from $2.36. This was the 27th consecutive year our company produced higher earnings, reflecting our steadfast commitment loans (48.8 percent) and in deposits (76.8 percent) came from the Orange Savings Bank acquisition. Shareholders’ equity at year- end was $587.6 million, up 5.5 percent from $557.0 million. As it had in the preceding several years, our First Financial Trust & Asset Management subsidiary achieved strong growth to serving our customers and rewarding our shareholders. Net during 2013. Total assets under management at year-end had interest income, our largest source of revenue, grew 11.4 percent a book value of $2.46 billion, a 10.4 percent increase from to $172.3 million from $154.7 million. However, the persistence $2.23 billion at the end of 2012. During the year, the trust of extremely low interest rates continued to put pressure on our company’s fee income increased 12.8 percent to $16.3 million net interest margin, a key profitability metric that expresses net from $14.5 million, and earnings after tax increased 18.5 percent interest income as a percentage of average interest-earning to $6.1 million from $5.2 million in 2012. This was the third assets. Our net interest margin for 2013 declined to 4.22 percent consecutive year that our trust company increased annual net from 4.28 percent for 2012. earnings by almost a million dollars. Noninterest income grew 8.5 percent to $62.1 million from STRATEGIC INITIATIVES $57.2 million in 2012. Noninterest expense rose 15.6 percent to $126.0 million from $109.0 million; part of that increase came from the acquisition and conversion expense related to the addition of Orange Savings Bank in May of 2013. (This acquisition is discussed below.) The provision for loan losses increased 7.7 percent to $3.8 million from $3.5 million in 2012. The increase was primarily due to an upturn in net charge-offs, which grew to $3.6 million from $3.0 million. The highlight of the year was the acquisition of Orange Savings Bank, which was completed on May 31, 2013. This acquisition expanded First Financial’s banking operations into a 12th Texas region (Orange-Beaumont-Port Arthur). We now have 60 locations spanning the state from Hereford in the Panhandle to Orange in southeast Texas. First Financial acquired Orange Savings Bank for a combination purchase price of $39.2 million in cash and 420,000 shares of First Financial Bankshares common stock. As of the closing date, Orange Savings Bank We are proud that in 2013 we again outperformed our peer had total assets of $455.1 million, total loans of $293.3 million, group of banks on several key financial metrics. Our return on and total deposits of $386.0 million. Orange Savings Bank average assets was 1.64 percent compared with 1.03 percent for has been an excellent addition to our family. We are most our peers. Return on average equity was 13.75 percent versus impressed with the employees, officers, management and board our peers’ 9.01 percent. Our net interest margin of 4.22 percent of this quality bank, which has a 41 percent deposit market A Letter To Our Shareholders :: Page 3 share in its home market of Orange County. The Orange- Meeting in April. Akrotex, Inc. is in the business of plastics, Beaumont-Port Arthur markets have vibrant economies, and films, warehousing and trucking. Ross is an entrepreneur and we look forward to expanding there. This summer, we will be opening a new location, our 61st, in Beaumont. outstanding civic and professional leader from Orange, Texas, where he is an advisory board member of First Financial Bank, Besides purchasing Orange Savings Bank, in 2013 we opened a new branch in the H-E-B grocery store in San Angelo, as well as a new branch on I-20 in Weatherford. In early 2014, we moved our Keller branch from a very mediocre, leased facility to a beautiful new building that we own. We also remodeled our Roby office to a state-of-the-art facility. Later this year, in addition to completing the Beaumont location, we plan to begin construction of a permanent building at our I-20 location in Weatherford, as well as a four-story building in Fort Worth at the intersection of Forest Park Boulevard and Rosedale. This location, just west of downtown Fort Worth, will be convenient for our Fort Worth-area customers since it offers easy access from Texas Highway 121 and I-30. At the end of 2012, we changed the structure of the Company by consolidating our 11 bank charters into one charter. This new structure will better support our continuing growth. The consolidation was also very timely, as it enabled us to better meet the onslaught of regulatory compliance requirements created by the Dodd-Frank Act. A good number of those regulations came into effect during 2013 and the first part of 2014. The restructuring also reduced technological complexity because it enabled us to consolidate our multiple banking databases, providing the opportunity for cost savings now and in the future. Apart from the database consolidation, we continue to operate as regions with local management and local decision making to benefit the customers and communities each region serves. RECOGNITION We want to thank Joe Canon—who is retiring from the Company’s Board of Directors at this year’s Annual Shareholders’ Meeting in April—for his 17 years of dedicated service to the Company. We thank him as well for the vision and leadership he has provided to Abilene and the entire state of Texas. Joe Southeast Region. He also serves as Chairman of the Board at David Self Ford, Inc., Volkswagen of Lake Charles and Nexus Resin Group, Inc. Additionally, he is on the boards of the Lutcher Theater, Lamar Orange Foundation, Southeast Texas Foundation and Salvation Army. He was honored with the 2000 Community Builder Award and the 2004 Small Business Person of the Year Award, and was selected as the 2010 Citizen of the Year by the Greater Orange Area Chamber of Commerce. Ross and his wife, Eva, have three children and six grandchildren and are active members of St. Henry Catholic Church in Bridge City. LOOKING AHEAD Despite the problems that still plague our industry—a sluggish national economy, inept federal government, low interest rates and costly compliance burdens from Dodd-Frank and other legislation—we are optimistic about our future and look forward to capitalizing on opportunities to grow the Company. Many community banks are seriously considering selling because of their inability to meet the regulatory challenges of today, and we do think that there will be considerable consolidation in the industry. We hope to have many opportunities to acquire well-managed banks that have grown weary of the pointless regulatory burdens created by our federal government. We are diligently searching for such banks at the right price that fit our culture and will bring long- term value to our company. We are very blessed to be a Texas bank with an expanding presence in areas that are economically robust. We have financially strong customers who are utilizing our loan, deposit and trust services, and we think the future looks bright for them and for us. By adhering to our Customer Service First philosophy and by staying abreast of the latest technology, we will strengthen our relationship with our customers and reward our shareholders. also will be retiring as a Director of First Financial Bank, Abilene, I thank you, our shareholders, for your continued loyalty where he served for 31 years, and First Financial Trust & Asset and support. We are building a stronger foundation from Management Company, where he served for 10 years. Joe is which to take this company to the next level. the Executive Director of the Dodge Jones Foundation and is a member of the Texas Bar Association and the Abilene Bar Association. He was named Abilene’s Outstanding Citizen of the Year in 1998. In addition to his business and civic achievements, he has provided valuable leadership and contributed greatly to the growth and success of First Financial Bankshares, Inc. We will miss his counsel and contributions. NEW DIRECTOR We are pleased to announce that Ross Smith, Chairman and President of Akrotex, Inc., has accepted nomination for election as a Director of the Company at our Annual Shareholders’ F. Scott Dueser Chairman, President and CEO FINANCIAL HIG HLIGH TS IN THOUSANDS (except for share data) IN THOUSANDS (except for share data) FOR THE YEAR 2013 2012 % INCREASE FOR THE YEAR 2013 2012 % INCREASE NET INCOME $78,868 $74,225 Basic Earnings (PER SHARE) $2.48 $2.36 Dividends Declared $32,823 $31,169 Dividends (PER SHARE) $1.03 $0.99 6.25% 5.08% 5.31% 4.04% AT YEAR-END Assets Securities Loans Deposits $5,222,208 $4,502,012 16.00% $2,058,407 $1,820,096 13.09% $2,689,448 $2,088,623 28.77% $4,135,075 $3,632,584 13.83% AVERAGES Assets Securities Loans Deposits $4,799,260 $4,237,917 13.25% $1,963,925 $1,907,517 2.96% $2,431,872 $1,909,890 27.33% Shareholders’ Equity $ 587,647 $ 556,963 5.51% Book Value Per Share $18.37 $17.68 3.90% $3,779,809 $3,388,101 11.56% Trust Assets (Book Value) $2,464,861 $2,233,129 10.38% Shareholders’ Equity $573,385 $535,932 6.99% NET INCOME GROWTH (in thousands) KEY RATIOS 2009 $53,797 2010 $59,659 2011 $68,369 2012 $74,225 2013 $78,668 Return On Avg. Assets 1.64% 1.75% Return On Avg. Equity 13.75% 13.85% Year-End Equity/Assets 11.25% 12.37% Efficiency 50.19% 48.14% RETURN ON AVERAGE EQUITY EFFICIENCY RATIO 2009 13.63% 2010 13.74% 2011 14.44% 2012 13.85% 2013 13.75% 2009 50.11% 2010 49.49% 2011 48.37% 2012 48.14% 2013 50.19% A Letter To Our Shareholders | Financial Highlights :: Page 5 SELECTED FINANCIAL DATA IN THOUSANDS (except for share data) YEAR-END TOTAL ASSETS SHAREHOLDERS’ EQUITY NET INCOME BASIC EARNINGS (PER SHARE) CASH DIVIDENDS (PER SHARE) STOCK DIVIDENDS AND SPLITS YEAR-END BOOK VALUE (PER SHARE) YEAR-END MARKET VALUE (PER SHARE) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Ten-Year Compound Growth Rate $2,315,224 $265,545 $39,171 $1.27 $0.67 – $8.56 $22.41 $2,733,827 $276,276 $44,023 $1.42 $0.73 4/3 split $8.89 $23.37 $2,850,165 $300,901 $46,029 $1.48 $3,070,309 $335,495 $49,490 $1.59 $3,212,385 $368,782 $53,164 $1.71 $3,279,456 $415,702 $53,797 $1.72 $3,776,367 $441,688 $59,659 $1.91 $0.79 $0.84 $0.89 $0.91 $0.91 – – – – – $9.67 $27.91 $10.77 $25.10 $11.82 $36.81 $13.31 $36.15 $14.06 $34.17 $4,120,531 $508,537 $68,369 $2.17 $0.95 3/2 split $16.16 $33.43 $4,502,012 $556,963 $74,225 $2.36 $5,222,208 $587,647 $78,868 $2.48 $0.99 $1.03 9.58% 8.86% 8.37% 8.08% 5.38% – – – $17.68 $39.01 $18.37 $66.11 8.49% 12.39% Adjusted for stock dividends and splits 2013 COMMON STOCK MARKET VALUE AND DIVIDEND DATA NET INTEREST MARGIN QUARTER HIGH LOW CLOSE DIVIDENDS Fourth $67.52 $56.51 $66.11 Third $63.99 $55.68 $58.85 Second $56.90 $45.92 $55.66 First $49.00 $39.86 $48.60 $0.26 $0.26 $0.26 $0.25 2009 4.80% 2010 4.68% 2011 4.62% 2012 4.28% 2013 4.22% 2012 COMMON STOCK MARKET VALUE AND DIVIDEND DATA RETURN ON AVERAGE ASSETS QUARTER HIGH LOW CLOSE DIVIDENDS Fourth $41.45 $34.66 $39.01 Third $37.00 $33.49 $36.03 Second $36.18 $30.50 $34.56 First $37.25 $33.07 $35.21 $0.25 $0.25 $0.25 $0.24 2009 1.72% 2010 1.75% 2011 1.78% 2012 1.75% 2013 1.64% FIRST FINANCIAL BANKSHARES LOCATIONS Abilene* ............. 325.627.7200 Glen Rose ......... 254.897.4808 Rising Star ......... 254.629.6703 Acton ................. 254.918.6218 Granbury .......... 817.573.6900 Roby .................. 325.776.2261 Albany ................ 325.627.7905 Grapevine ......... 817.722.8980 San Angelo* ...... 325.659.5900 Aledo ................. 817.341.5200 Hereford ............ 806.363.8200 Southlake .......... 817.410.2915 Alvarado ........... 817.774.5150 Huntsville .......... 936.295.2224 Stephenville* .... 254.965.5036 Beaumont ......... Opening May 2014 Keller .................. 817.329.8625 Sweetwater* .... 325.235.6600 Boyd .................. 940.683.8760 Mauriceville ....... 409.745.4433 Trent .................. 325.862.6121 Bridgeport ........ 940.683.8700 Merkel ................ 325.928.1111 Trophy Club ...... 817.329.8615 Brock ................. 817.598.2650 Midlothian ........ 972.723.7100 Vidor .................. 409.769.5413 Burleson ............ 817.774.5175 Mineral Wells ..... 940.327.5400 Waxahachie ...... 972.723.7156 Cisco ................. 254.629.6111 Moran ............... 325.627.7961 Weatherford ..... 817.598.2500 Cleburne ........... 817.774.5100 Newton .............. 409.379.2200 Willow Park ...... 817.598.2780 Clyde ................. 325.627.7910 Odessa* ............. 432.367.8910 Decatur ............. 940.683.8780 Orange* ............. 409.883.3563 * Trust Office and Bank locations Eastland ............ 254.629.6145 Port Arthur ......... 409.726.8000 Fort Worth* ........ 817.410.4979 Ranger .............. 254.647.6729 Selected Financial Data | Bank Locations :: Page 7 ABILENE REGION Abilene | Clyde | Moran | Albany | Odessa SENIOR OFFICERS ADVISORY DIRECTORS RONALD D. BUTLER II Chairman and CEO MAREYLN SHEDD President MAIN OFFICE 400 Pine St. Abilene, TX 79601 325.627.7200 44% TAYLOR, CALLAHAN & SHACKELFORD COUNTIES DEPOSIT MARKET SHARE Ronald D. Butler II Chairman and CEO Marelyn Shedd President Tim Collard Executive Vice President Commercial Lending Ben McAnally Executive Vice President Treasury Management Charles E. Tennesson Executive Vice President CFO and Cashier Rick Waldraff Executive Vice President Senior Lender / Commercial Loans Michael Wolverton Executive Vice President Consumer Lending Ronald D. Butler II Chairman and CEO Marelyn Shedd President J. Michael Alexander President James M. Alexander & Co. Katie Alford President and CEO Community Foundation of Abilene Tucker S. Bridwell President Mansefeldt Investment Corp. Paul Cannon McMahon, Surovik, Suttle, P.C. Joe E. Canon, J.D. Executive Director Dodge Jones Foundation David Copeland President Shelton Family Foundation Joe Crawford President Abilene Aero, Inc. Mike Denny President Batjer and Associates Murray Edwards Principal The Edwards Group Allan D. Frizzell Executive Vice President Enrich Oil Corporation Tim Lancaster President and CEO Hendrick Health System Kirk Massey Investments Stanley Morris, Jr. Investments Mike Parsons Partner Momentum Operating Co. Leigh Taliaferro, M.D. Physician IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2012 $1,595,492 $607,501 $1,239,096 $24,529 1.68% Dec. 31, 2013 $1,763,722 $653,091 $1,209,012 $24,695 1.50% 42.83% 42.62% ABILENE The city of Abilene and surrounding areas continue to thrive with growth in various sectors such as oil and gas, wind energy, higher education, state-of-the-art medical facilities and the continued influence provided by Dyess Air Force Base. Texas Tech opened a new 35,000 sq. ft. School of Nursing facility, Hendrick Medical Center completed a 200,000 sq. ft. expansion and new wind energy transmission lines are now running. First Financial is proud to be a vital part of helping our community grow. Abilene Clyde Moran Albany Odessa LOCATIONS 400 Pine St., Abilene, TX 79601 1801 Antilley Rd., Abilene, TX 79606 4400 Buffalo Gap Rd., Abilene, TX 79606 4350 Southwest Dr., Abilene, TX 79606 920 N. Willis St., Abilene, TX 79603 3300 S. 14th St., Abilene, TX 79605 1010 N. Judge Ely Blvd., Abilene, TX 79601 701 Pine St., Abilene, TX 79601 1345 Barrow St., Abilene, TX 79605 2617 Antilley Rd., Abilene, TX 79606 1650 State Hwy. 351, Abilene, TX 79601 718 Elm St., Clyde, TX 79510 400 Ground St., Moran, TX 76464 232 N. Main St., Albany, TX 76430 2651 JBS Pkwy., Bldg. 4, Ste. F, Odessa, TX 79762 CLEBURNE REGION Cleburne | Burleson | Alvarado | Midlothian | Waxahachie SENIOR OFFICERS ADVISORY DIRECTORS TOM O’NEIL Chairman and CEO MATT REYNOLDS President MAIN OFFICE 403 N. Main St. Cleburne, TX 76033 817.774.5100 20% JOHNSON COUNTY & CITY OF MIDLOTHIAN DEPOSIT MARKET SHARE Tom O’Neil Chairman and CEO Matt Reynolds President Dereece Howell Executive Vice President and Cashier Brad Owens Senior Vice President Russell Phillips Senior Vice President Lisa Roye Senior Vice President Tom O’Neil Chairman and CEO Matt Reynolds President Albert A. Archer Consulting and Investments Ray Beavers General Manager and CEO United Cooperative Services Byron Black Investments Ronald D. Butler II First Financial Bankshares, Inc. Tim Lyness Lyness Construction, LP George Marti Marti Enterprises Dr. Joe Martin Cleburne Eye Clinic IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2012 $336,050 $166,001 $300,104 $4,396 Dec. 31, 2013 $391,228 $200,408 $355,437 $5,484 1.38% 1.63% 58.26% 55.84% CLEBURNE The Chisolm Trail Parkway (Hwy 121) is opening in the spring of 2014, connecting Cleburne to Fort Worth, and we expect it to help our city grow in the coming decade. Meanwhile, our neighbors in Burleson, Waxahachie and Midlothian have many new businesses, hospitals and developments in the works. Cleburne Burleson Alvarado Midlothian Waxahachie LOCATIONS 403 N. Main St., Cleburne, TX 76033 200 N. Ridgeway Dr., Cleburne, TX 76033 1900 SW Wilshire Blvd., Burleson, TX 76028 201 E. Hwy. 67, Alvarado, TX 76009 1490 E. Main St., Midlothian, TX 76065 101 Northgate Dr., Waxahachie, TX 75165 Bank Information :: Page 9 EASTLAND COUNTY REGION Eastland | Ranger | Rising Star | Cisco SENIOR OFFICERS ADVISORY DIRECTORS Trent B. Swearengin President and CEO David Bailey Executive Vice President Steve Simmel Senior Vice President Operations Terry Trout Senior Vice President and Cashier TRENT B. SWEARENGIN President and CEO MAIN OFFICE 201 E. Main St. Eastland, TX 76448 254.629.6100 Ronald D. Butler II Chairman Trent B. Swearengin President and CEO Doug Crawley Rancher, Real Estate Jim Farrar Attorney Jim Keffer President EBAA Iron Sales, Inc. Ronnie Ledbetter Owner Ledbetter Insurance Agency Mike T. Perry President Kinnaird, Rossander & Perry Agency, Inc. Dale Squiers, RPh Owner Eastland Drug Company Tommy Warford Turner, Seaberry and Warford Attorneys In Memoriam: We were very saddened to lose Doug White, an advisory director of First Financial Bank, Eastland, who died on August 22, 2013. He was an outstanding businessman and civic leader. He owned the Ace Hardware stores in Cisco and Eastland and was the recipient of the Business of the Year Award in Cisco and the Eastland Golden Deed Award in 2013. Our thoughts and prayers continue to be with his wife, Carolyn, and their wonderful family. 60% EASTLAND, COUNTY DEPOSIT MARKET SHARE IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2012 $223.340 $77,688 $196,595 $3,033 Dec. 31, 2013 $213,992 $83,550 $190,270 $3,548 1.48% 1.67% 47.88% 45.14% EASTLAND Eastland boomed during the 1920s thanks to the petroleum industry. Petroleum is still a big part of our economy, but tourism, government services, the library, hospital and two new hotel facilities have made our fair city what it is today. And next time you’re around, visit “Old Rip,” the famed horned toad that used to live in the old courthouse. Eastland Ranger Rising Star Cisco LOCATIONS 201 E. Main St., Eastland, TX 76448 106 W. Main St., Ranger, TX 76470 206 W. College St., Rising Star, TX 76471 2107 Conrad Hilton Blvd., Cisco, TX 76437 HEREFORD REGION MIKE MAULDIN Chairman, President and CEO MAIN OFFICE 212 E. Third St. Hereford, TX 79045 806.363.8200 SENIOR OFFICERS ADVISORY DIRECTORS Mike Mauldin Chairman, President and CEO Mike Mauldin Chairman, President and CEO Tim Laws Executive Vice President and Chief Lending Officer Robert de la Cruz Senior Vice President Ronald D. Butler II First Financial Bankshares, Inc. Steve Lewis, D.V.M. Manager and Sr. Partner Hereford Veterinary Clinic Kade Matthews Ranching and Investments Garth Merrick Board Member and Founder Merrick Pet Care, Inc. Sally Noyce Human Resources Manager Quality Distillers Grain Panhandle Express Craig Smith Rancher and Retired Chairman of the Board, President and CEO First Financial Bank, Hereford Jerry Stevens Owner, Stevens 5-Star Car and Truck Center Johnny E. Trotter President and CEO Livestock Investors, Ltd. 45% DEAF SMITH COUNTY DEPOSIT MARKET SHARE IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2012 $184,203 $114,116 $152,608 $2,696 Dec. 31, 2013 $163,522 $127,713 $138,553 $2,850 1.63% 1.74% 46.72% 46.84% HEREFORD A lot of good things are happening in Hereford. Though our economic growth is usually dependent on annual rainfall, we have not seen much of a downturn due to less rain. New infrastructure, renewable energy, a new electric substation and a large transmission line are helping grow our region. In addition, Merrick Pet Foods and United Supermarkets are bringing even more new jobs to our great city. Hereford LOCATIONS 212 E. Third St., Hereford, TX 79045 Bank Information :: Page 11 HUNTSVILLE REGION SENIOR OFFICERS ADVISORY DIRECTORS Robert Pate CEO Fred Wren President Michelle Murray Executive Vice President and Cashier ROBERT PATE CEO Chris de Milliano Operations Manager Steely Lumber Company Robert C. Ernst, Jr. Owner Ernst Jewelers Morris V. Johnson Retired Educator Huntsville I.S.D. Curtis Montgomery, M.D. Physician Walter G. Nelson Chairman Robert Pate CEO Fred Wren President James E. Baine Investments Ronald D. Butler II First Financial Bankshares, Inc. Paul E. Cameron, Jr. Petroleum Engineer John J. Certa, Jr. Owner Collateral Protection, Inc. and Team Auto Group Casey Collum Owner Empire Truss, Ltd. FRED WREN President MAIN OFFICE 33 SH 75 North Huntsville, TX 77320 936.295.2224 19% WALKER COUNTY DEPOSIT MARKET SHARE IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2012 $182,203 $92,506 $153,096 $2,548 Dec. 31, 2013 $169,758 $115,708 $139,649 $2,893 1.43% 1.66% 46.43% 45.87% HUNTSVILLE In the past year, Huntsville has seen new businesses like Hobby Lobby and Olive Garden come to the market, and we’re anticipating more, like a new Hampton Inn & Suites, Academy Outdoor and CVS store. This is great news as the city grows and our unemployment rate continues to drop. Huntsville LOCATIONS 33 SH 75 North, Huntsville, TX 77320 MINERAL WELLS REGION SENIOR OFFICERS ADVISORY DIRECTORS Kenneth A. Williamson Chairman, President and CEO Kenneth A. Williamson Chairman, President and CEO Brad Seay Executive Vice President Lending Eddie Gregory Senior Vice President and Cashier Scott Petty Senior Vice President Lending KENNETH A. WILLIAMSON Chairman, President and CEO MAIN OFFICE 1900 E. Hubbard St. Mineral Wells, TX 76067 940.327.5400 Spencer Baum, D.D.S. Baum Dental Clinic Ronald D. Butler II First Financial Bankshares, Inc. George Gault Attorney Gault & Gault Terry L. Murphy President and CEO Murphy and Murphy, Inc. David Ramsey, M.D. Family Practice Center Albert Rincon Vice President of Operations Texas Packaging Company, Inc. 33% PALO PINTO COUNTY DEPOSIT MARKET SHARE IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2012 $212,934 $113,732 $170,374 $4,405 Dec. 31, 2013 $218,612 $119,644 $176,189 $4,410 2.04% 2.07% 39.67% 41.42% MINERAL WELLS Mineral Wells seems to be a hotbed for new business. A new Dodge dealership has opened, Palo Pinto General Hospital is building new offices and PECOFacet has a new research facility, among other developments. With all these companies entering and growing the market, as well as a new elementary school being built, we have a lot of positive things happening. Mineral Wells LOCATIONS 1900 E. Hubbard St., Mineral Wells, TX 76067 Bank Information :: Page 13 SAN ANGELO REGION MICHAEL L. BOYD Chairman, President and CEO MAIN OFFICE 301 W. Beauregard Ave. San Angelo, TX 76903 325.659.5900 SENIOR OFFICERS ADVISORY DIRECTORS Michael L. Boyd Chairman, President and CEO Michael L. Boyd Chairman, President and CEO Jim Davidson Executive Vice President and Cashier Chuck Shore Executive Vice President Pat Cottle Senior Vice President Stephen Franco Senior Vice President Cindy George Senior Vice President Wes Masters Senior Vice President Reba Priddy Senior Vice President Ruth Wheeler Senior Vice President Bill Wiedenfeld Senior Vice President Honorable Marilyn Aboussie Chief Justice, Retired Ronald D. Butler II First Financial Bankshares, Inc. W. Dan Cravy, M.D. Physician Rick DeHoyos Attorney Rick DeHoyos Law Firm Doug Eakman Owner Pecos Street Pharmacy Steve Eustis Commercial Real Estate Ron Giddiens Investments Partner, D&G Consulting Joey Henderson Past President Porter Henderson Implement Company, Inc. David F. Lupton President Angelo Glass & Mirror Company, Inc. Mary Jane Steadman Attorney Real Estate Investment Management 18% TOM GREEN COUNTY DEPOSIT MARKET SHARE IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2012 $468,287 $165,673 $406,830 $8,285 Dec. 31, 2013 $483,162 $184,177 $438,214 $8,123 1.90% 1.77% 39.81% 39.72% SAN ANGELO San Angelo is on the rise with the development of the Cline Shale resulting in six new hotels breaking ground, Devon Energy coming to town and Casedhole Solutions purchasing 20 acres of industrial park. Single-family home sales are on track to hit record numbers this year, and the facilities of Howard College, Baptist Memorial Retirement Center and Goodfellow Air Force Base are all planning expansions. San Angelo LOCATIONS 301 W. Beauregard Ave., San Angelo, TX 76903 3471 Knickerbocker Rd., San Angelo, TX 76904 3301 Sherwood Way, San Angelo, TX 76901 SOUTHEAST REGION Orange | Vidor | Mauriceville | Newton | Mid-County STEPHEN LEE CEO and President MAIN OFFICE 812 N. 16TH St. Orange, TX 77630 800.300.8904 SENIOR OFFICERS ADVISORY DIRECTORS Stephen Lee CEO and President Annette Bonnin Senior Vice President and COO Remote Deposit Capture Officer Shelton McClure Senior Vice President Chief Marketing Officer Mid County Market Manager Conley Todd Senior Vice President Commercial Lender Cindi LaChance Senior Vice President Senior Mortgage Loan Officer Joan O’Burke Senior Vice President Credit Officer Nancy Vincent Senior Vice President Marketing Officer Tommy Gunn Chairman of the Board Attorney at Law Stephen Lee CEO and President Dan Mohon Owner Dan Mohon Insurance Paul Peveto Cloeren Inc & CFO Consulting Mike Poutra Co-Owner of Dominion Forms Walter Riedel Chief Executive Officer Nelda C. and H. J. Lutcher Stark Foundation Ron Roberts Retired Executive Vice President First Financial Bank, Southeast Region Ross Smith President Akrotex, Inc. Owner David Self Ford, Inc. Ruby Wimberley Retired President Orange Savings Bank In Memoriam: We were so saddened by the loss of Darby R. Byrd, an advisory director of First Financial Bank, Southeast Region, and retired CEO and President of Orange Savings Bank, who died on January 7, 2014. Darby was president of the Bank for 14 years and was a recognized industry and civic leader. He served as a member of the Texas Finance Commission, was an active Rotarian and was on the board of numerous civic organizations in Orange. He was honored as Orange Citizen of the Year. Our thoughts and prayers are with his wife, Doris, and their wonderful family. 41% ORANGE COUNTY DEPOSIT MARKET SHARE IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2013 $436,792 $325,683 $373,504 * * * *Orange Savings Bank, SSB was acquired effective May 31, 2013. ORANGE Over the next three years, the Gulf Coast will see a surge in need for skilled labor and process engineers. We expect the population to swell as billions of dollars are invested in capital projects in the Gulf Coast area. Orange Vidor Mauriceville Newton Mid-County LOCATIONS 812 N. 16th St., Orange, TX 77630 960 N. Main St., Vidor, TX 77662 11853 Hwy 12, Mauriceville, TX 77626 418 Rusk St., Newton, TX 75966 8535 Central Mall Dr., Port Arthur, TX 77642 (Mid-County) Coming soon to 3515 Dowlen Rd., Beaumont, TX 77706 Bank Information :: Page 15 SOUTHLAKE REGION Southlake | Trophy Club | Keller | Bridgeport | Boyd | Decatur | Grapevine SENIOR OFFICERS ADVISORY DIRECTORS Mark L. Jones Chairman, President and CEO Mark L. Jones Chairman, President and CEO F. Mills Shallene Wise County Market President Ronald D. Butler II First Financial Bankshares, Inc. MARK L. JONES Chairman, President and CEO MAIN OFFICE 151 W. Southlake Blvd. Southlake, TX 76092 817.410.2915 Les Mariotti Senior Vice President and Chief Financial Officer Dickie W. Greenwood Senior Vice President J. Sean Shope Senior Vice President Steve Sims Senior Vice President Ryan Wall Senior Vice President William Ray Cook, Jr., CPA Cook, McDonald & Co. Jack Dortch Jack Dortch Farmers Insurance Agency K. Wayne Lee President DDFW Properties Martin Schelling Conifer Real Estate J. Gary Shelton Chain Supermarket Owner Real Estate Investor Terry Wilkinson Wyndham Properties, Ltd. WISE COUNTY DEPOSIT MARKET SHARE 17% 5% CITIES OF SOUTHLAKE TROPHY CLUB KELLER & GRAPEVINE DEPOSIT MARKET SHARE IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2012 $348,055 $232,205 $298,701 $4,409 Dec. 31, 2013 $366,166 $279,370 $324,454 $4,979 1.34% 1.38% 60.17% 56.08% SOUTHLAKE Southlake and Westlake continue to attract many high-net-worth individuals looking for proximity to DFW Airport and first-class school districts. New housing developments are selling homes from $500,000 to $1,000,000, and major retailers and restaurants are looking to create a local presence. Our surrounding towns are seeing new businesses open, infrastructure projects come to an end and employers hiring the growing population. Southlake Trophy Club Keller Bridgeport Boyd Decatur Grapevine LOCATIONS 151 W. Southlake Blvd., Southlake, TX 76092 95 Trophy Club Dr., Trophy Club, TX 76262 1491 Keller Parkway, Keller, TX 76248 909 Stevens St., Bridgeport, TX 76426 609 Rock Island Ave., Boyd, TX 76023 608 W. Hale Ave., Decatur, TX 76234 1015 West NW Hwy., Grapevine, TX 76051 STEPHENVILLE REGION Stephenville | Granbury | Glen Rose | Acton RON N. MULLINS Chairman, President and CEO MAIN OFFICE 2201 W. South Loop Stephenville, TX 76401 254.965.5036 SENIOR OFFICERS ADVISORY DIRECTORS Ron N. Mullins Chairman, President and CEO Ron N. Mullins Chairman, President and CEO John Power Glen Rose Market President Keith Brown Prime Building Components, LLC Bart Rodgers Granbury Market President Ronald D. Butler II First Financial Bankshares, Inc. John Terrill Attorney Michael B. Williams MW Supply, Inc. Dereece Howell Executive Vice President and Cashier Robert Lemons Executive Vice President Blayne Baley Senior Vice President Donna Feller Senior Vice President Doug Dobbins Senior Vice President Vickie Pettit Senior Vice President Larry Upshaw Senior Vice President Bill Hooks Autos – Real Estate Doug Montgomery Texstar Ford John Moore Craft Associates, Inc. Ron Pack Ranching and Investments Bill Parham Boucher Morgan & Young CPAs Jerry Parham Parham’s Garage & Wrecker 21% ERATH, HOOD & SOMERVELL COUNTIES DEPOSIT MARKET SHARE IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2012 $378,355 $224,732 $325,384 $6,752 Dec. 31, 2013 $390,050 $253,948 $344,174 $7,138 1.80% 1.85% 47.50% 47.80% STEPHENVILLE In Stephenville, higher education is king. Ranger College recently made a major acquisition and is consolidating multiple classrooms across the county to a single campus. The school is expected to double in size and in number of local job opportunities within the next few years. For the second year in a row, Tarleton State University experienced a record high enrollment with 10,940 students enrolling in the fall of 2013. Stephenville Granbury Glen Rose Acton LOCATIONS 2201 W. South Loop, Stephenville, TX 76401 1875 Lingleville Rd., Stephenville, TX 76401 2007 East Highway 377, Granbury, TX 76049 1600 S. Morgan St., Granbury, TX 76048 400 NE Big Bend Trail, Glen Rose, TX 76043 2915 Fall Creek Highway, Acton, TX 76049 Bank Information :: Page 17 SWEETWATER REGION Sweetwater | Roby | Trent | Merkel SENIOR OFFICERS ADVISORY DIRECTORS Kirby N. Andrews President and CEO Jim Davidson Executive Vice President and Cashier Rodney Foster Executive Vice President and Senior Lending Officer Debbie Anthony Senior Vice President Retail Operations Britt Stuart Senior Vice President and Roby Branch Manager KIRBY N. ANDREWS President and CEO MAIN OFFICE 201 Elm St. Sweetwater, TX 79556 325.235.6600 Kirby N. Andrews President and CEO Jeff Branson General Partner Williamsom-Branson Real Estate Louis Brooks, Jr. Rancher Ronald D. Butler II First Financial Bankshares, Inc. Ronnie Cox Investments Jay Lawrence President MAL Enterprises, Inc. J.V. Martin Director and Retired First Financial Bank President Larry May May & Hrbacek CPAs Thomas L. Rees, Jr. Rees, Rees & Fuller Attorneys 34% IN THOUSANDS Dec. 31, 2013 Dec. 31, 2012 NOLAN & FISHER COUNTIES DEPOSIT MARKET SHARE SWEETWATER ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO $211,053 $124,899 $165,840 $3,108 $177,482 $135,529 $160,950 $3,366 1.63% 1.83% 46.67% 46.45% Sweetwater continues to experience excellent economic growth and wonderful growth potential. Long known as the North American hub for wind energy, recent improvements in transmission technologies have allowed this industry to continue to thrive. The Sweetwater area is now experiencing growth with the development of the Cline Shale oil field, and additional opportunities seem immeasurable with the recent groundbreaking of the BNSF Sweetwater Logistics Rail Center. Sweetwater Roby Trent Merkel LOCATIONS 201 Elm St., Sweetwater, TX 79556 123 N. Concho St., Roby, TX 79543 117 N. Main St., Trent, TX 79561 301 Edwards St., Merkel, TX 79536 WEATHERFORD REGION Weatherford | Aledo | Willow Park | Brock | Fort Worth SENIOR OFFICERS ADVISORY DIRECTORS Jay Gibbs Chairman, President and CEO Jay Gibbs Chairman, President and CEO JAY GIBBS Chairman, President and CEO MAIN OFFICE 101 N. Main St. Weatherford, TX 76086 817.596.0307 Justin Hooper Executive Vice President Les Mariotti Senior Vice President and Cashier Mike Carter Senior Vice President John Good Senior Vice President Lori Hill Senior Vice President Kent Hudson Senior Vice President Jimmie Sue Lawson Senior Vice President Mike Hopkins Senior Vice President Jamie Adams Senior Vice President Briggs Freeman Sotheby’s Realty Greg L. Barron President G.L. Barron Company, Inc. Ronald D. Butler II First Financial Bankshares, Inc. Dal DeWees Hirschfeld Holdings, LP Clay Hicks Oil and Gas Investments Nan Kingsley President Bluestem Studios, Inc. Stephen E. Milliken C.D. Hartnett Company Mike White, O.D. Therapeutic Optometrist 24% PARKER COUNTY DEPOSIT MARKET SHARE IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2012 $421,584 $169,530 $354,719 $6,375 Dec. 31, 2013 $420,500 $210,628 $362,483 $6,431 1.61% 1.55% 52.67% 53.84% WEATHERFORD Weatherford/Parker County is considered the western gateway to the Metroplex and Fort Worth in particular. Known for its community spirit and family-oriented lifestyle, it is considered one of the premier areas to live in North Texas. Couple that with the fact that Fort Worth, the 16th largest city in the nation, is only 20 minutes away, and the two areas combined have an annual growth rate of 4.5%. Weatherford Aledo Willow Park Brock Fort Worth LOCATIONS 101 N. Main St., Weatherford, TX 76086 101 College Park Dr., Weatherford, TX 76086 1214 N. Main St., Weatherford, TX 76086 745 Adams Dr., Weatherford, TX 76086 505 FM 1187 N., Aledo, TX 76008 4100 E. I-20, Willow Park, TX 76087 1100 FM 1189, Brock, TX 76066 550 Bailey Ave., Ste. 300, Fort Worth, TX 76107 Bank Information :: Page 19 Front Row - F. Scott Dueser, Gary S. Gragg, Gary L. Webb, J. Bruce Hildebrand Back Row - Ronald D. Butler II, Luke Longhofer, Kirk W. Thaxton, Michele P. Stevens, Courtney Jordan, MarnaYerigan, Brandon Harris, Bob Goodner Corporate Information OFFICERS: F. Scott Dueser Chairman of the Board, President and CEO Ronald D. Butler II Executive Vice President and Chief Administrative Officer J. Bruce Hildebrand, CPA Executive Vice President and Chief Financial Officer Gary S. Gragg Executive Vice President Lending Gary L. Webb Executive Vice President Operations Marna Yerigan Executive Vice President Lending Bob Goodner Senior Vice President Compliance Officer Brandon Harris Senior Vice President Appraisal Services Courtney Jordan Senior Vice President Training and Education Luke Longhofer Senior Vice President Loan Review Officer Michele P. Stevens Senior Vice President Advertising and Marketing ANNUAL MEETING Tuesday, April 22, 2014 Abilene Civic Center 1100 N. Sixth St. Abilene, TX 79601 10:30 a.m. FOR FINANCIAL AND INVESTOR INFORMATION: J. Bruce Hildebrand Executive Vice President and Chief Financial Officer 325.627.7155 SEND CERTIFICATES FOR TRANSFER AND ADDRESS CHANGES TO: Registrar and Transfer Company 10 Commerce Dr. Cranford, NJ 07016–3572 CORPORATE OFFICE TRANSFER AGENT 400 Pine St. Abilene, TX 79601 325.627.7155 800.588.7000 www.ffin.com CORPORATE MAILING ADDRESS P.O. Box 701 Abilene, TX 79604 COMMON STOCK LISTING The NASDAQ Global Select Market Symbol: FFIN INDEPENDENT PUBLIC AUDITORS Ernst & Young LLP Registrar and Transfer Company 800.368.5948 ADDRESS SHAREHOLDER INQUIRIES TO: Registrar and Transfer Company Investor Relations Department 10 Commerce Dr. Cranford, NJ 07016 info@rtco.com REGISTRAR AND TRANSFER COMPANY WEBSITE www.rtco.com www.ffin.com Certain statements contained in this annual report 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” 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; 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 or saving 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 annual report, the Company does not undertake any obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise. Note: Market share data is calculated from June 30, 2013, deposit information compiled by the Federal Deposit Insurance Corporation. Front Row - Kade Matthews, F. Scott Dueser, Ron Giddiens Back Row - Tucker Bridwell, Joe E. Canon, David Copeland, Johnny E. Trotter, Steven L. Beal, Tim Lancaster, Murray Edwards Board Of Directors COMMITTEES: BOARD MEMBER YEAR COMMITTEE 1. Executive Committee: F. Scott Dueser, Chairman 2. Audit Committee: David Copeland, Chairman 3. Compensation Committee: Steven Beal, Chairman 4. Nominating/Corporate Governance Committee: Tucker S. Bridwell, Chairman F. Scott Dueser Chairman of the Board, President and CEO First Financial Bankshares, Inc. Steven L. Beal Retired President and COO Concho Resources Inc. Tucker S. Bridwell, CPA* President Mansefeldt Investment Corp. Joe E. Canon, J.D. Executive Director Dodge Jones Foundation David Copeland, CPA President, SIPCO, Inc. and Shelton Family Foundation 1991 1 2010 1, 3, 4 2007 1, 4 1996 3 1998 1, 2, 4 Murray Edwards Principal, The Edwards Group 2006 1, 2, 4 Ron Giddiens Investments Partner, D&G Consulting Tim Lancaster President and CEO Hendrick Health System Kade Matthews Ranching and Investments Johnny E. Trotter President and CEO Livestock Investors, Ltd. * Lead Director 2009 2013 1998 2 2 3 2003 1, 3, 4 Corporate Information | Board Of Directors :: Page 21 Front Row - Dennis Steckly, Clay Trumble, Mark Murray Back Row - Larry Williams, Kay Berry, Gary D. Tucker, Jeff Casey First Technology Services Main Office: Abilene 400 Pine St., Abilene, TX 79601 325.627.7195 First Technology Services, Inc. (FTS) is the shared services company for First Financial Bankshares, Inc. The Company’s mission is to maximize efficiencies and control costs for common functions within the regions while providing the best possible customer service to our internal and external customers. FTS plays a key role in customer service functions within the regions through the customer call center and innovative technology for online banking, mobile banking, automatic bill pay services, backroom operations and other technology-based banking services. FTS provides more than 100 technology applications to the Company and its family of 12 regions and the Trust Company. Services include check processing, deposit operations, a help desk, desktop support, network services, server support, software support, information security, computer operations, business continuity planning, loan and credit operations, loan document preparation and the corporate call center. SENIOR OFFICERS DIRECTORS (continued) Gary D. Tucker President and CEO Kay Berry Senior Vice President Deposit Operations Jeff Casey Senior Vice President Alternative Delivery Channels Mark Murray Senior Vice President Customer Service Dennis Steckly Senior Vice President Production Services Clay Trumble Senior Vice President Credit Administration Larry Williams Senior Vice President Infrastructure Services DIRECTORS Gary L. Webb Chairman of the Board First Technology Services, Inc. Executive Vice President Operations First Financial Bankshares, Inc. Gary D. Tucker President and CEO First Technology Services, Inc. F. Scott Dueser Chairman of the Board, President and CEO First Financial Bankshares, Inc. Ronald D. Butler II Executive Vice President and Chief Administrative Officer First Financial Bankshares, Inc., Chairman and CEO First Financial Bank, Abilene Region J. Bruce Hildebrand Executive Vice President and Chief Financial Officer First Financial Bankshares, Inc. Michael L. Boyd Chairman, President and CEO First Financial Bank, San Angelo Region Jay Gibbs Chairman, President and CEO First Financial Bank, Weatherford Region Mike Mauldin Chairman, President and CEO First Financial Bank, Hereford Region Trent B. Swearengin President and CEO First Financial Bank, Eastland Region Les Mariotti Senior Vice President and Chief Financial Officer First Financial Bank, Southlake Region First Financial Bank, Weatherford Region Ron Giddiens Investments Partner, D&G Consulting Tim Lancaster President and CEO Hendrick Health System Abilene | Fort Worth | Odessa | Orange | San Angelo | Stephenville | Sweetwater Left to Right - Wayne Chowning, Bradley D. Brown, David Castleberry, Richard Young, Barbara Hill, David Byrd, Konrad S. Halbert, Kirk W. Thaxton First Financial Trust & Asset Management Company First Financial Trust & Asset Management Company enjoyed another very successful year. Total assets under management at year end had a book value of $2.46 billion, a 10.4 percent increase from $2.23 billion at the end of 2012. The market value of the total assets was $3.36 billion, an increase of $509 million or 17.9 percent from $2.85 billion in 2012. For the year the Trust Company’s fee income increased 12.8 percent to $16.3 million from $14.5 million, and net earnings after tax increased 18.5 percent to $6.1 million from $5.2 million in 2012. The Company’s investment performance continued to remain strong led by the core domestic and the equity income portfolios, which had returns for the year of 34.26 percent and 32.75 percent, respectively. We were very pleased that Walter G. Riedel, III, President and CEO of the Nelda C. & H. J. Lutcher Stark Foundation, Orange, Texas, and advisory board member of First Financial Bank, Southeast Region, joined the Trust Company’s board of directors in July 2013. Walter is an excellent addition to the Board with his accounting, investment and foundation experience. $2,000 Trust Assets (in millions) 2009 $1,664 2010 $1,783 2011 $1,912 2012 $2,233 2013 $2,465 Trust Fees (in millions) $0 2009 $9.08 2010 $10.81 2011 $12.67 2012 $14.46 $16.32 2013 Trust Net Income (in millions) $0 $7 2009 $2,631 2010 $3.254 2011 $4.176 2012 $5.183 2013 $6.142 SENIOR OFFICERS SENIOR OFFICERS (continued) Kirk W. Thaxton Chairman, President and CEO David Byrd Executive Vice President Manager, San Angelo David Castleberry Executive Vice President Manager, Stephenville Konrad S. Halbert Executive Vice President Manager, Fort Worth Barbara Hill Executive Vice President Manager, Odessa Richard Young Executive Vice President Manager, Abilene Bradley D. Brown Senior Vice President Manager, Beaumont/Orange Wayne Chowning Senior Vice President Manager, Sweetwater Larry Cleveland Senior Vice President Manager, Operations Christopher N. Montoya Senior Vice President Manager, Equities David B. Pitzer Senior Vice President Manager, Real Property Bill Rowe Senior Vice President Manager, Fixed Income Randy Spiva Senior Vice President Manager, Oil & Gas DIRECTORS Kirk W. Thaxton Chairman, President and CEO First Financial Trust & Asset Management Company, N.A. Sarah Campbell Portfolio Manager Joe E. Canon, J.D. Executive Director Dodge Jones Foundation David Copeland President Shelton Family Foundation Ronnie Cox Investments F. Scott Dueser Chairman of the Board, President and CEO First Financial Bankshares, Inc. David F. Lupton President Angelo Glass & Mirror Company. Inc. Bill Parham Boucher Morgan & Young CPAs Walter G. Riedel, III President and CEO Nelda C. and H.J. Lutcher Stark Foundation ADVISORY DIRECTOR John L. Beckham Beckham Rector & Eargle LLP First Technology Services | Trust & Asset Management :: Page 23 400 Pine St., Abilene, TX 79601 | 325.627.7200 | www.ffin.com
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