B 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
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