Thank you for 125 years of allowing us to put You First.
2 0 1 4 A N N U A L R E P O R T
CELEBRATING OUR FIRST 125 YEARS.
Since opening our doors in 1890, First Financial has
always followed a simple philosophy: You First. It means
we never forget who we really work for – you – our
customers. As we reflect on our first 125 years, we look
forward to continuing to put You First.
A LETTER TO OUR SHAREHOLDERS.
“Thanks to you, after 125 years, we’re just getting started.”
– F. Scott Dueser, Chairman, President and CEOx
LETTER TO SHAREHOLDERS
Our balance sheet showed excellent growth as well. This was especially
First Financial Bankshares is celebrating
a noteworthy milestone in 2015—its 125th
anniversary. As we look back on the stellar
history of our company, we are reminded
how much of our success has been due to
the support of our stockholders, customers
and communities. We appreciate the
impressive since we did not have an acquisition in 2014, and all of the
growth was organic. Consolidated assets expanded 12.0 percent to
$5.85 billion from $5.22 billion at the end of 2013. Loans grew 9.2 percent,
which increased our net interest income. Loans at year-end totaled
$2.94 billion versus $2.69 billion at the end of 2013. And deposits increased
14.9 percent to $4.75 billion from $4.14 billion. Shareholders’ equity at
year-end was $681.5 million, up 16.0 percent from $587.6 million.
opportunity to have put You First during all
As it had done in the previous several years, our First Financial Trust &
these years, and thank you most warmly.
Asset Management subsidiary delivered excellent results for 2014. Total
We also want to thank the First Financial team—our board
members, officers and employees—who execute our strategy every day
to ensure that we deliver superior service to our customers and reward
our shareholders. In 2014, their skill and dedication made us the #1 top-
performing bank in Bank Director magazine’s rating of publicly traded
banks in the $5 billion to $50 billion asset category. The magazine’s
annual scorecard rates all publicly traded banks in four asset-size
categories according to profitability, capital adequacy and asset quality.
assets under management at year-end reached a book value of
$2.77 billion, a 12.5 percent increase from $2.46 billion a year earlier.
Market value of the assets under management increased 11.9 percent to
$3.76 billion from $3.36 billion. With fee income growing 15.0 percent to
$18.8 million from $16.3 million, the trust company recorded earnings after
tax of $7.1 million, a gain of 15.7 percent from $6.1 million in 2013.
This was the fourth consecutive year that our trust company increased its
annual net income by almost a million dollars.
We are deeply honored to receive this award. It was the second time First
STRATEGIC INITIATIVES
Financial placed first, and the sixth consecutive time the magazine ranked
us as #1, #2 or #3 in the nation.
STRONG FINANCIAL RESULTS
Net income for 2014 grew 13.6 percent to $89.6 million from $78.9 million
in 2013. Basic earnings per share rose to $1.40 from $1.24. With these
gains, 2014 became the 28th consecutive year our company produced higher
earnings. Net interest income, our largest source of revenue, increased
12.8 percent to $194.4 million from $172.3 million a year earlier. However,
the persistence of extremely low interest rates continued to put pressure on
our net interest margin, a key profitability metric that expresses net interest
income as a percentage of average interest-earning assets. Our net interest
margin last year declined to 4.20 percent from 4.22 percent for 2013.
The provision for loan losses increased 19.0 percent to $4.5 million from
$3.8 million in 2013. The increase was primarily due to our continued strong
growth in loans.
Noninterest income grew 7.4 percent to $66.6 million from $62.1 million, while
noninterest expense rose 9.5 percent to $137.9 million from $126.0 million.
We gave a good part of our attention last year to developing and
upgrading our branches. In early 2014, we moved our Keller branch to
the beautiful new building that we own. We also remodeled our Roby and
Ranger offices to state-of-the-art facilities. In August, we completed a new
branch in Beaumont, which also houses a First Financial Trust & Asset
Management office headed by Bradley D. Brown, CPA. We are very
pleased with the growth of the branch and trust office in Beaumont and
are looking forward to a very bright future in our Southeast Texas Region.
Also in August, we opened a location in New Waverly as an expansion
of our Huntsville Region. We decided to locate a branch in New Waverly
because our customer base in this area has been growing rapidly and
because the community asked us to open a branch there.
In October, we opened a First Financial Trust & Asset Management office
in Lubbock headed by Courtney Jordan.
Early in 2015, we completed our new branch on Adams Street and I-20 in
Weatherford and moved from a temporary building. At present, we have
under construction a four-story building in Fort Worth at the intersection
of Forest Park Boulevard and Rosedale. This location, just west of
We are pleased that in 2014 we again outperformed our peer group of
downtown Fort Worth, will be convenient for our customers since it offers
banks on several key financial metrics. Our return on average assets was
easy access from Texas Highway 121 and I-30. Fort Worth has been very
1.65 percent compared with 0.94 percent for our peers. Return on average
good to our company—we have experienced such excellent growth in
equity was 14.00 percent versus our peers’ 8.15 percent. Our net interest
trust, depository and lending services that we have outgrown our current
margin of 4.20 percent surpassed their 3.59 percent. And we achieved a
leased facility. We are looking forward to moving into this new building
better efficiency ratio (expenses as a portion of revenues) than they did—
in 2015. With the opening of all the new locations, we now have 62
49.24 percent as opposed to their 66.67 percent.
branches and eight trust offices across the state.
A Letter To Our Shareholders :: Page 3
THE 2015 WALTER JOHNSON AWARD
JUNE D. WIDEMAN
The Walter Johnson Award is the highest honor that the bank bestows upon
a person who has contributed greatly and advanced our company to new
heights for our customers, shareholders and employees just like Walter
Johnson did. This award has only been bestowed four times in the last ten
years: in 2005 to Olivia Velasco, 2006 to Michele Stevens, 2007 to Perry
Elliott and 2009 to Kenneth T. Murphy. The Walter Johnson Award is being
given for the fifth time to June D. Wideman.
June is the epitome of customer service first and handles our customers
and shareholders with the utmost grace, expertise and care, not to mention
being a role model to the entire company. June started with the company
31 years ago as executive secretary to Mike Brooks and then moved up to
administrative assistant to Kenneth T. Murphy. She is presently the executive
assistant to Scott Dueser.
June comes to work every day with the most positive attitude. She has great
organizational skills, handles a very heavy workload with great ease and
always stays until the job is done. She has an enormous amount of institutional
knowledge about our company and can handle any customer or situation with
much grace and dignity. The company could not handle the workload that we
do without June doing much of the heavy lifting, and we greatly appreciate
her daily support and effort to make our jobs easier. It is our pleasure to honor
June D. Wideman with the Walter Johnson Award for what she has contributed
to our company and for always going beyond the call of duty.
NEW DIRECTOR
We are pleased to announce that April Anthony, Chief Executive Officer
of Encompass Home Health and Hospice and of Homecare Homebase,
has accepted nomination for election as a director of the Company at
our Annual Shareholders’ Meeting in April. Encompass Home Health
and Hospice provides home care and hospice services to over 18,000
patients per day through a network of 140 offices in 13 states. Homecare
Homebase provides a leading software technology platform for the home
health and hospice industries. April, a CPA, holds a Bachelor of Business
Administration degree from Abilene Christian University; after graduation,
she spent three years with Pricewaterhouse Coopers, LLP as an auditor.
She purchased her first home health care company at age 25 and led that
company from 1992 until 1997 before selling it to a publicly traded company.
She is also the founder and a director of the Encompass Cares Foundation,
a nonprofit foundation formed to support domestic and international medical
mission efforts. Over the past five years, Encompass Cares has provided
over $1 million in mission grants. She serves on the board of directors of
Great Lakes Caring, a home care and hospice services company based
in Michigan, and has been a member of the board of trustees of Abilene
Christian University for 16 years. April and her husband, Mark, live in
Dallas and have three children – Ashlyn, Luke and Allie.
LOOKING AHEAD
With the large drop in oil and gas prices, we have seen volatility in stock
prices for Texas banks. We have been painted with the same broad brush
as all other Texas banks, namely, the expectation that the steep decline in
oil and gas prices has to hurt our performance. However, our company has
limited direct exposure to that industry. In fact, loans directly tied to the oil
and gas industry amounted to only three percent of the Company’s loan
portfolio at December 31, 2014. Moreover, we believe we can continue
to achieve earnings growth despite the current situation in the oil and gas
industry as we believe our markets are now more economically diversified
and, therefore, more resilient than they were during prior periods of
significant oil and gas price declines.
There are now a number of Texas banks up for sale, and we continue
to expect considerable consolidation in the industry. We are diligently
searching for well-managed banks at the right price that fit our culture and
will bring long-term value to our company.
Since we opened our doors in 1890, First Financial has followed a simple
philosophy: You First. It means we never forget who we really work for. We
know that you, our customers and shareholders, have entrusted us not only
with your money and investments, but also with your hopes and dreams.
Our customers and stockholders are our most important assets, and we
wouldn’t be where we are today without you. Thanks to you, after 125
years, we’re just getting started.
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
2014
2013
% INCREASE
FOR THE YEAR
2014
2013
% INCREASE
NET INCOME
$89,559
$78,868
13.56%
AT YEAR-END
Basic Earnings (PER SHARE) $1.40
$1.24
Dividends Declared
$35,233
$32,823
Dividends (PER SHARE)
$0.55
$0.52
12.90%
7.34%
5.77%
Assets
Securities
Loans
Deposits
$5,848,202
$5,222,208
11.99%
$2,416,297
$2,058,407
17.39%
$2,937,991
$2,689,448
9.24%
$4,750,255
$4,135,075
14.88%
$5,428,583 $4,799,260
13.11%
$2,219,029 $1,963,925
12.99%
$2,786,011
$2,431,872
14.56%
Shareholders’ Equity
$681,537
$587,647
15.98%
Book Value Per Share
$10.63
$9.18
15.67%
$4,346,859 $3,779,809
15.00%
Trust Assets (Book Value) $2,773,596
$2,464,861
12.52%
AVERAGES
Assets
Securities
Loans
Deposits
Shareholders’ Equity
$639,744
$573,385
11.57%
NET INCOME GROWTH (in thousands)
KEY RATIOS
2010
$59,659
2011
$68,369
2012
$74,225
2013
$78,868
2014
$89,559
Return On Avg. Assets
1.65%
1.64%
Return On Avg. Equity
14.00%
13.75%
Year-End Equity/Assets
11.65%
11.25%
Efficiency
49.24%
50.19%
RETURN ON AVERAGE EQUITY
EFFICIENCY RATIO
2010
13.74%
2011
14.44%
2012
13.85%
2013
13.75%
2014
14.00%
2010
49.49%
2011
48.37%
2012
48.14%
2013
50.19%
2014
49.24%
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)
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Ten-Year
Compound
Growth Rate
$2,733,827
$276,276
$44,023
$0.71
$0.37
4/3 split
$4.45
$11.69
$2,850,165
$300,901
$46,029
$0.74
$3,070,309
$335,495
$49,490
$0.80
$3,212,385
$368,782
$53,164
$0.86
$3,279,456
$415,702
$53,797
$0.86
$3,776,367
$441,688
$59,659
$0.96
$0.40
$0.42
$0.45
$0.46
$0.46
–
–
–
–
–
$4.84
$5.39
$5.91
$6.66
$7.03
$13.96
$12.55
$18.41
$18.08
$17.09
$4,120,531
$508,537
$68,369
$1.09
$0.48
3/2 split
$8.08
$16.72
$4,502,012
$556,963
$74,225
$1.18
$5,222,208
$587,647
$78,868
$1.24
$0.50
$0.52
–
–
$8.84
$9.18
$19.51
$33.06
$5,848,202
$681,537
$89,559
$1.40
$0.55
2/1 split
$10.63
$29.88
9.71%
9.88%
8.63%
8.24%
5.08%
–
9.52%
10.30%
Adjusted for stock dividends and splits
2013 COMMON STOCK MARKET VALUE AND DIVIDEND DATA
NET INTEREST MARGIN
QUARTER
HIGH
LOW
CLOSE
DIVIDENDS
Fourth
$33.76
$28.26
$33.06
Third
$32.00
$27.84
$29.43
Second
$28.45
$22.96
$27.83
First
$24.50
$19.93
$24.30
$0.13
$0.13
$0.13
$0.13
2010
4.68%
2011
4.62%
2012
4.28%
2013
4.22%
2014
4.20%
2014 COMMON STOCK MARKET VALUE AND DIVIDEND DATA
RETURN ON AVERAGE ASSETS
QUARTER
HIGH
LOW
CLOSE
DIVIDENDS
Fourth
$32.34
$26.58
$29.88
Third
$32.54
$27.72
$27.79
Second
$32.30
$28.48
$31.37
First
$33.47
$28.61
$30.90
$0.14
$0.14
$0.14
$0.13
2010
1.75%
2011
1.78%
2012
1.75%
2013
1.64%
2014
1.65%
FIRST FINANCIAL BANKSHARES LOCATIONS
Abilene* ............. 325.627.7000
Glen Rose ......... 254.897.4808
Port Arthur ......... 409.726.8000
Acton ................. 817.408.2854
Granbury .......... 817.573.6900
Ranger .............. 254.629.6729
Albany ................ 325.627.7905
Grapevine ......... 817.722.8980
Rising Star ......... 254.629.6703
Aledo ................. 817.341.5200
Hereford ............ 806.363.8200
Roby .................. 325.776.2261
Alvarado ........... 817.774.5150
Huntsville .......... 936.295.2224
San Angelo* ...... 325.659.5900
Beaumont* ....... 409.980.3912
Keller .................. 817.329.8625
Southlake .......... 817.410.2915
Boyd .................. 940.683.8760
Lubbock** ......... 806.401.8444
Stephenville* .... 254.965.5036
Bridgeport ........ 940.683.8700
Mauriceville ....... 409.745.4433
Sweetwater* .... 325.235.6600
Brock ................. 817.598.2650
Merkel ................ 325.928.1111
Trent .................. 325.862.6121
Burleson ............ 817.774.5175
Midlothian ........ 972.723.7100
Trophy Club ...... 817.329.8615
Cisco ................. 254.629.6111
Mineral Wells ..... 940.327.5400
Vidor .................. 409.769.5413
Cleburne ........... 817.774.5100
Moran ............... 325.627.7961
Waxahachie ...... 972.723.7156
Clyde ................. 325.627.7910
Newton .............. 409.379.2200
Weatherford ..... 817.598.2500
Decatur ............. 940.683.8780
New Waverly ..... 936.344.2224
Willow Park ...... 817.598.2780
Eastland ............ 254.629.6145
Odessa* ............. 432.367.8910
Fort Worth* ........ 817.410.4979
Orange ............... 409.883.3563
* Trust Office and Bank location
* * Trust Office
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
Marelyn Shedd
President
Tim Collard
Executive Vice President
Commercial Lending
Charles E. Tennesson
Executive Vice President
CFO and Cashier
Jesse Villarreal
Executive Vice President
Treasury Management
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.
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, 2013
$1,763,722
$653,091
$1,209,012
$24,695
1.50%
Dec. 31, 2014
$1,830,088
$712,597
$1,338,576
$25,410*
1.41%*
* Includes $1.9 million after-tax expense related to pension obligation.
42.62%
45.25%*
ABILENE
Success in our region stems in part from Abilene’s ongoing role as a regional healthcare provider,
cultural center and educational hub. In addition to three private universities, a technical college
and a local community college, Texas Tech Health Science Center recently announced plans
for a new School of Public Health to be located in Abilene adjacent to the existing Schools of
Pharmacy and Nursing. Manufacturing jobs also continue to thrive, as does nearby Dyess Air
Force Base. First Financial is proud to play a vital role in the continued growth of our community.
RONALD D. BUTLER II
Chairman and CEO
MAREYLN SHEDD
President
MAIN OFFICE
400 Pine St.
Abilene, TX 79601
325.627.7000
48%
TAYLOR, CALLAHAN &
SHACKELFORD COUNTIES
DEPOSIT MARKET SHARE
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
TOM O’NEIL
Chairman, President and CEO
MAIN OFFICE
200 N Ridgway Dr.
Cleburne, TX 76033
817.774.5100
SENIOR OFFICERS
ADVISORY DIRECTORS
Tom O’Neil
Chairman, President and CEO
Tom O’Neil
Chairman, President and CEO
Dereece Howell
Executive Vice President
and Cashier
Alecia Bland
Senior Vice President
Kim Hamilton
Senior Vice President
Russell Phillips
Senior Vice President
Lisa Roye
Senior Vice President
Chris Schjetnan
Senior Vice President
Stacey Sloan
Senior Vice President
Albert A. Archer
Consulting and Investments
Ray Beavers
General Manager and CEO
United Cooperative Services
Ronald D. Butler II
First Financial Bankshares, Inc.
Mark Hill
Circle H Contractors, LP
Tim Lyness
Lyness Construction, LP
Dr. Joe Martin
Cleburne Eye Clinic
Jack Scott
Bell-Scott Insurance Group
JOHNSON COUNTY
DEPOSIT MARKET SHARE
20%
4%
CITIES OF MIDLOTHIAN &
WAXAHACHIE DEPOSIT
MARKET SHARE
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2013
$391,228
$200,408
$355,437
$5,484
Dec. 31, 2014
$418,555
$217,576
$369,264
$6,479
1.63%
1.73%
55.84%
50.74%
CLEBURNE
The Chisholm Trail Parkway opened in 2014, connecting Cleburne to Fort Worth. We
expect it to help fuel significant growth in the coming decade. Elsewhere in our region,
Burleson, Waxahachie and Midlothian continue to experience strong home construction
activity. An increase in commercial and retail growth has also been seen in those markets,
as well as in Alvarado.
Cleburne
Burleson
Alvarado
Midlothian
Waxahachie
LOCATIONS
200 N. Ridgeway Dr., Cleburne, TX 76033
403 N. Main St., 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
and Cashier
TRENT B. SWEARENGIN
President and CEO
MAIN OFFICE
201 E. Main St.
Eastland, TX 76448
254.629.6100
Dale Squiers, RPh
Owner
Eastland Drug Company
Tommy Warford
Turner, Seaberry and
Warford Attorneys
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.
66%
EASTLAND,
COUNTY DEPOSIT
MARKET SHARE
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2013
$213,992
$83,550
$190,270
$3,548
Dec. 31, 2014
$240,758
$95,975
$214,389
$3,758
1.67%
1.65%
45.14%
44.38%
EASTLAND
Located about halfway between Abilene and the Dallas/Fort Worth Metroplex, Eastland County
continues to thrive. EBAA Iron, one of the area’s largest employers, just celebrated 50 years in
business. Growth stems from the medical community, including a new dialysis center opened by
Eastland Memorial Hospital. Additionally, a new airport terminal under construction will increase
air traffic. Tourism, retail and government services provide stability while new construction
continues along the Interstate 20 corridor.
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
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.
42%
DEAF SMITH COUNTY
DEPOSIT MARKET
SHARE
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2013
$163,522
$127,713
$138,553
$2,850
Dec. 31, 2014
$165,111
$140,600
$123,716
$2,880
1.74%
1.87%
46.84%
47.43%
HEREFORD
After several years of drought, the Hereford area returned to a normal pattern of rainfall in
2014. More traditional crop yields in addition to outstanding results in the cattle feeding industry
combined to make 2014 a great year for High Plains agriculture. The region also now has over
100 wind turbines generating a positive economic impact. Last spring, Amarillo College opened
a new $6 million facility for its Hereford campus, attracting several hundred new students. With
improved agricultural revenues, unemployment below 5%, and increased sales tax revenue, we
expect continued economic growth in 2015.
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
Curtis Montgomery, M.D.
Physician
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.
Candyce F. Dixon
CPA
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, 2013
$169,758
$115,708
$139,649
$2,893
Dec. 31, 2014
$191,572
$130,400
$158,608
$3,142
1.66%
1.83%
45.87%
46.04%
HUNTSVILLE
Huntsville is a growing city. In the past year, we welcomed CVS and Academy Sports &
Outdoors to the market. And as the economy improves and unemployment rates continue to
drop in 2015, we anticipate more businesses to join them. Huntsville is also the home of Sam
Houston State University, one of the fastest-growing universities in Texas, with a fall 2014
enrollment of 19,719.
Huntsville
New Waverly
LOCATIONS
33 SH 75 North, Huntsville, TX 77320
125 SH 150, Suite B1, New Waverly, TX 77358
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
Les Mariotti
Executive 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.
38%
PALO PINTO COUNTY
DEPOSIT MARKET
SHARE
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2013
$218,612
$119,644
$176,189
$4,410
Dec. 31, 2014
$263,285
$126,017
$216,876
$4,635
2.07%
1.88%
41.42%
39.85%
MINERAL WELLS
New construction projects continue to grow in Mineral Wells. 2014 saw the completion of a new
tenant-occupied office building at Palo Pinto General Hospital. Mineral Wells Independent School
District’s new Lamar Elementary is under construction to open for the 2015 school year, and Mineral
Wells High School is building a new running track to open Spring 2015. Meanwhile at our bank, we
remodeled the vault and work area for the tellers, adding two teller stations and upgrading the
drive-through tubes with television monitors to improve the customer service experience and take care
of our growth in new accounts.
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
Lindy Jordan
Senior Vice President
Wes Masters
Senior Vice President
Reba Priddy
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
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
19%
TOM GREEN
COUNTY DEPOSIT
MARKET SHARE
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2013
$483,162
$184,177
$438,214
$8,123
Dec. 31, 2014
$654,965
$204,112
$603,903
$9,638
1.77%
1.82%
39.72%
37.15%
SAN ANGELO
San Angelo and the surrounding region experienced steady, robust growth in 2014. The
hydrocarbon industry is still an important part of the economy; however, it is not the only source
of the positive economic growth of the region. By encouraging a highly diversified economic base
and cultural diversity, we have also been rewarded with positive economic growth in medical
supply manufacturing, renewable energy, tourism, conventions, higher education at Angelo
State University and Howard College, rail freight, over-the-road transportation, the arts, and at
Goodfellow Air Force Base. As a result, more positive developments are expected in 2015.
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 | Beaumont
STEPHEN LEE
CEO and President
MAIN OFFICE
812 N. 16TH St.
Orange, TX 77630
800.300.8904
ORANGE COUNTY
DEPOSIT MARKET
SHARE
41%
10%
CITIES OF PORT
ARTHUR, BEAUMONT
& NEWTON DEPOSIT
MARKET SHARE
SENIOR OFFICERS
ADVISORY DIRECTORS
Stephen Lee
CEO and President
Annette Bonnin
Senior Vice President and Cashier
Cindi LaChance
Senior Vice President
Senior Mortgage Loan Officer
Curt Leger
Senior Vice President
Commercial Lender
Joe Love
Senior Vice President
Commercial Lender
Joan O’Burke
Senior Vice President
Credit Officer
Conley Todd
Senior Vice President
Commercial Lender
Tommy Gunn
Chairman of the Board
Attorney at Law
Stephen Lee
CEO and President
F. Scott Dueser
First Financial Bankshares, Inc.
Jim Gilliam
President
Bates & Company
J. Bruce Hildebrand, CPA
First Financial Bankshares, Inc.
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
Sabine River Ford, Inc.
Paul Spence
CEO
STI Group
Jim Wimberly
Attorney at Law
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2013
$436,792
$325,683
$373,504
*
*
Dec. 31, 2014
$482,891
$349,604
$409,761
$7,321
1.56%
*
52.23%
*Orange Savings Bank, SSB was acquired effective May 31, 2013.
ORANGE
Southeast Texas has a storied history that has seen periods of significant growth as well as lulls
in economic activity. Currently, our region is in the midst of an economic boom as local refineries,
plants and shipyards operate at high capacity. Many find themselves embarking on expansion
and modernization projects. In fact, capital allocation to this region is at historic highs with design,
fabrication and service sectors reflecting significant growth and acting as a catalyst for our
regional economy.
Orange
Vidor
Mauriceville
Newton
Mid-County
Beaumont
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)
3515 Dowlen Rd., Beaumont, TX 77706
Bank Information :: Page 15
SOUTHLAKE REGION
Southlake | Trophy Club | Keller | Bridgeport | Boyd | Decatur | Grapevine
MARK L. JONES
Chairman, President and CEO
MAIN OFFICE
151 W. Southlake Blvd.
Southlake, TX 76092
817.410.2915
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.
Les Mariotti
Executive Vice President and
Cashier
Traci Bernard, BSN, RN
President
Texas Health Southlake
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
19%
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, 2013
$366,166
$279,370
$324,454
$4,979
Dec. 31, 2014
$401,488
$301,016
$354,520
$4,007
1.38%
1.03%
56.08%
65.04%
SOUTHLAKE
In 2014, Southlake continued its expansion of major retail development with completion of
the 185,000-square-foot Southlake Park Village shopping center, with new tenants including
REI, The Fresh Market, Michaels and more. These stores complement the existing adjacent
developments in Southlake Town Center and the Central Market project, which collectively offer
more than 1 million square feet of shopping. Our newly relocated Keller branch opened in the
first quarter of 2014 and quickly received the Best Bank in Keller recognition. Wise County also
remains poised for future growth as the Dallas/Fort Worth Metroplex expands outward.
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
SENIOR OFFICERS
Ron N. Mullins
Chairman, President and CEO
Trent Tidwell
Senior Vice President
RON N. MULLINS
Chairman, President and CEO
MAIN OFFICE
2201 W. South Loop
Stephenville, TX 76401
254.965.5036
John Power
Glen Rose Market President
Bart Rodgers
Granbury Market President
Dereece Howell
Executive Vice President
and Cashier
Robert Lemons
Executive Vice President
Blayne Baley
Senior Vice President
Doug Dobbins
Senior Vice President
Donna Feller
Senior Vice President
Vickie Pettit
Senior Vice President
Cody Stone
Senior Vice President
ADVISORY DIRECTORS
Ron N. Mullins
Chairman, President and CEO
Keith Brown
Prime Building Components, LLC
Ronald D. Butler II
First Financial Bankshares, Inc.
Jerry Parham
Parham’s Garage & Wrecker
John Terrill
Attorney
Michael B. Williams
MW Supply, Inc.
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
22%
ERATH, HOOD
& SOMERVELL
COUNTIES DEPOSIT
MARKET SHARE
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2013
$390,050
$253,948
$344,174
$7,138
Dec. 31, 2014
$473,310
$284,164
$422,608
$7,661
1.85%
1.82%
47.80%
48.18%
STEPHENVILLE
With more world-championship cowboys per capita than any other town, Stephenville is known
as the “Cowboy Capital of the World.” Yet in 2014, it could be said that Stephenville was the
“Higher Education Capital of the World.” Ranger College opened the doors to a new campus in
Stephenville, increasing enrollment 81%. In addition, 2014 marked Tarleton State University’s third
consecutive year of record-high enrollment with 11,681 students for the fall semester. Erath County
continues to be Texas’ leading milk producer with approximately $140 million in production.
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
Kirby N. Andrews
President and CEO
KIRBY N. ANDREWS
President and CEO
MAIN OFFICE
201 Elm St.
Sweetwater, TX 79556
325.235.6600
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
Jeff Branson
General Partner
Williamson-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
Retired
First Financial Bank President
Larry May
May & Hrbacek CPAs
Thomas L. Rees, Jr.
Rees, Rees & Fuller
Attorneys
36% IN THOUSANDS
Dec. 31, 2014
Dec. 31, 2013
NOLAN & FISHER
COUNTIES DEPOSIT
MARKET SHARE
SWEETWATER
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
$177,482
$135,529
$160,950
$3,366
1.83%
$199,756
$142,687
$180,783
$3,591
1.91%
46.45%
46.66%
With a diverse and growing business community, Sweetwater, Nolan and Fisher Counties
are positioned to thrive in a rapidly changing economic environment. Nolan County is not
only the North American hub for wind energy, it is also home to industries such as wallboard,
raw cement, radiation detector equipment, plastics and more. With the recent opening of the
$45-million BNSF Sweetwater Logistics Rail Center, the entire region is investing significantly
to capitalize on growth potential.
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
Jay Gibbs
Chairman, President and CEO
Jimmie Sue Lawson
Senior Vice President
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
Executive Vice President
and Cashier
Mike Carter
Senior Vice President
Zach Fullerton
Senior Vice President
John Good
Senior Vice President
Jana Haynes
Senior Vice President
Lori Hill
Senior Vice President
Mike Hopkins
Senior Vice President
Kent Hudson
Senior Vice President
ADVISORY DIRECTORS
Jay Gibbs
Chairman, President and CEO
Stephen E. Milliken
C.D. Hartnett Company
Mike White, O.D.
Therapeutic Optometrist
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.
23%
PARKER COUNTY
DEPOSIT MARKET
SHARE
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2013
$420,500
$210,628
$362,483
$6,431
1.55%
Dec. 31, 2014
$494,286
$233,242
$433,104
$6,663
1.56%
53.84%
53.32%
WEATHERFORD
Serving Parker and Tarrant counties, the Weatherford region is known for its community spirit
and family-oriented lifestyle. In fact, we were recently voted as the 4th best area for families
to relocate in the country. That reputation will bolster growth, with Parker County expected to
double in households over the next decade, and Tarrant County projected to have 41% job
growth over the same period. We are well positioned for the future as we make the capital
investment to serve the growing needs of our region.
Weatherford
Aledo
Willow Park
Brock
Fort Worth
LOCATIONS
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
1000 Forest Park, Fort Worth, TX 76104 (Opening mid 2015)
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, Marna Yerigan, Michele P. Stevens, Brandon Harris, Monica Houston, Lawrence B. Kentz
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
Thomas S. Limerick
Executive Vice President and
Chief Information Officer
Gary L. Webb
Executive Vice President
Operations
Marna Yerigan
Executive Vice President
Lending
Brandon Harris
Senior Vice President
Appraisal Services
Monica Houston
Senior Vice President
Training and Education
Lawrence B. Kentz
Senior Vice President and
Chief Compliance Officer
Luke Longhofer
Senior Vice President
Loan Review Officer
Michele P. Stevens
Senior Vice President
Advertising and Marketing
ANNUAL MEETING
Tuesday, April 28, 2015
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
CORPORATE OFFICE
TRANSFER AGENT
SEND CERTIFICATES FOR
TRANSFER AND ADDRESS
CHANGES TO:
Continental Stock Transfer &
Trust Company
17 Battery Place
8th Floor
New York, NY 10004
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
Continental Stock Transfer &
Trust Company
212.509.4000
ADDRESS SHAREHOLDER
INQUIRIES TO:
Continental Stock Transfer &
Trust Company
17 Battery Place
8th Floor
New York, NY 10004
CONTINENTAL STOCK
TRANSFER & TRUST
COMPANY WEBSITE
www.continentalstock.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, 2014,
deposit information compiled by the Federal Deposit Insurance Corporation.
Front Row - Ross H. Smith, F. Scott Dueser, Steven L. Beal
Back Row - Murray Edwards, David Copeland, Tim Lancaster, Tucker S. Bridwell, Kade Matthews, Johnny E. Trotter, Ron Giddiens
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.
David Copeland, CPA
President, SIPCO, Inc. and
Shelton Family Foundation
Murray Edwards
Principal, The Edwards Group
Ron Giddiens
Investments
Partner, D&G Consulting
Tim Lancaster
President and CEO
Hendrick Health System
Kade Matthews
Ranching and Investments
Ross H. Smith
President, Akrotex Inc.
Owner, Sabine River Ford Inc.
Johnny E. Trotter
President and CEO
Livestock Investors, Ltd.
* Lead Director
1991
1
2010
1, 3, 4
2007
1, 4
1998
1, 2, 4
2006
1, 2, 4
2009
2013
1998
2014
2
2
3
3
2003
1, 3, 4
Corporate Information | Board Of Directors :: Page 21
Front Row - Jeff Casey, Kay Berry, Larry Williams, Catherine Moreno, David Weems
Back Row - Steve West, Dennis Steckly, Clay Trumble, Stan Limerick, Mark Murray, Mike Hunter
First Technology Services
Main Office:
Abilene
400 Pine St., Abilene, TX 79601 325.627.7195
SENIOR OFFICERS
DIRECTORS
Thomas S. Limerick
Chairman, President and CEO
Kay Berry
Senior Vice President
Deposit Operations
Jeff Casey
Senior Vice President
Alternative Delivery Channels
Mike Hunter
Senior Vice President
Credit Administration
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
David Weems
Vice President
Controller
Steve West
Vice President
Operations
Catherine Moreno
Assistant Vice President
Project Management
Thomas S. Limerick
Chairman, President and CEO
First Technology Services, Inc.
Executive Vice President Operations
First Financial Bankshares, Inc.
Les Mariotti
Executive Vice President and Cashier
First Financial Bank, Southlake Region
First Financial Bank, Weatherford Region
First Financial Bank, Mineral Wells Region
Ron Giddiens
Investments
Partner, D&G Consulting
Tim Lancaster
President and CEO
Hendrick Health System
Tony Wormington
Retired President
Jack Henry and Associates, 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.
Gary Webb
Executive Vice President Operations
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
Trent B. Swearengin
President and CEO
First Financial Bank, Eastland Region
Abilene | Fort Worth | Lubbock | Odessa | Orange | San Angelo | Stephenville | Sweetwater
David Byrd, Bradley D. Brown, Wayne Chowning, Barbara Hill, Richard Young, Courtney Jordan, Kirk W. Thaxton, Konrad S. Halbert, David Castleberry
First Financial Trust & Asset Management Company
SENIOR OFFICERS
SENIOR OFFICERS (continued)
First Financial Trust & Asset Management Company
again delivered excellent results in 2014. Total assets
under management at year-end had a book value of
$2.77 billion, a 12.5 percent increase from $2.46 billion
at the end of 2013. The market value of the assets
totaled $3.76 billion, a gain of 11.9 percent from
$3.36 billion. For the year, fee income increased
15.0 percent to $18.8 million from $16.3 million in 2013,
and net earnings after tax increased 15.7 percent to
$7.1 million from $6.1 million.
The trust company’s investment performance remained
strong. The strategic growth equity portfolio led the
way with a return of 16.7 percent, while the taxable and
tax-free fixed-income portfolios generated returns of
4.11 percent and 8.53 percent, respectively.
In October, we were pleased to announce the opening
of our eighth trust office, located in Lubbock. Courtney
Jordan will lead this office, and we look forward to its
growth and success.
Trust Assets (in millions)
$2,000
2010
$1,783
2011
$1,912
2012
$2,233
2013
$2,465
2014
$2,774
Trust Fees (in millions)
$0
2010
$10.81
2011
$12.67
2012
$14.46
2013
$16.32
$18.77
2014
Trust Net Income (in millions)
$0
2010
$3.254
2011
$4.176
2012
$5.183
2013
$6.142
2014
$7.109
Kirk W. Thaxton
Chairman, President and CEO
David Byrd
Executive Vice President
Manager, San Angelo
David Castleberry
Executive Vice President
Manager, Stephenville
Wayne Chowning
Executive Vice President
Manager, Sweetwater
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
Courtney Jordan
Senior Vice President
Manager, Lubbock
Matt Melbourne
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
David Copeland, CPA
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 | ffin.com