Dedicated to
EXCELLENCE
2019 ANNUAL REPORT
TM.
“I’m working with First Financial because I was excited when I heard the commitment to excellence the organization has.
My involvement with the organization, teaching the employees, was particularly exciting because I was able to give people
in the service industry means to accomplish success. I made up my mind, a commitment, to impact them positively and
help them. If I’m successful in helping to teach service excellence to the Company, and if the Company is able to accomplish
a higher level of service success, then we have aligned every employee and every employee feels a part of the organization
more than before. Every employee understands the objective of the organization and every employee understands what it
takes to live up to these nonnegotiables. In fact, we’ve developed 21 nonnegotiables, and if we live up to this and them, we
will be superior to any competition. If you walk into our bank you will feel it and sense it from every employee. In fact, if you
walk into any branch, you must feel the same thing: total excellence, total alignment to the objective of the organization. In
the end, this alignment will be of great value to all concerned. To the investor, the customer, to every employee and every
Horst Schulze speaking at one of 11 Regional Evening of Excellence Events.
community as a whole. That’s the intent, and if you walk into our bank, you will feel that. I owe it to you to help you grow
and be more excellent. Do you come to work to just paint a wall, or do you come to work to create a masterpiece?”
Five-Year Vision:
Horst Schulze
Cofounder of Ritz-Carlton Hotels &
Customer Service First Consultant
We are a nationally recognized and respected financial institution. Our brand has the reputation of excellence in
customer service, financial performance, employee empowerment and community leadership. We have become the
employer of choice through a mutual commitment to these standards at every level of our organization.
“Do you come to work to just paint a wall, or do you
come to work to create a masterpiece?”
Ten-Year Vision:
We are the undisputed leader in the financial industry. We are respected for
providing excellent and personalized customer service, delivering unparalleled value to our shareholders, enriching the
lives of our employees and creating a positive impact on the communities we serve. We offer superior products and
services that are understandable, personally relevant, complete and dependable.
First Financial Bank’s Mission:
We build loyal life-long relationships by providing first class service with personal attention, generating growth for the
Company while creating exceptional value for our shareholders in an environment of opportunity for our dedicated
and professional bankers.
First Financial’s senior leadership team in the inaugural planning session with Horst Schulze.
Horst Schulze Introduction :: Page 2
Mission and Vision :: Page 3
FI RS T F INANCIAL BANK’S
21 NON N EGOTIABLES
(Continued)
1. Be professional at all times. As professionals, we maintain clean work stations, dress appropriately, and do not have
food, drinks, or chew gum in customer contact areas. We ensure our cell phone use is limited and never interferes with
customer service.
2. We will keep our facilities in immaculate condition. We are all responsible for ensuring our facilities are clean, organized,
maintained properly, and welcoming to our customers.
13. Safety and security are everyone’s responsibility. Always stay current with the required security trainings. Know your role in an
emergency situation and always protect our customers and employees, as well as bank assets.
14. Protecting our customers and the Company from fraud is everyone’s mission. Everyone actively supports the Company’s efforts
to create better informed customers and communities. When you suspect fraud, follow our financial exploitation procedures or
get help from your supervisor immediately.
3. We assist each other, stepping out of our primary duties to effectively provide service to our customers. We will always
15. Confidentiality is paramount. Always protect the confidential information of our customers and our company, both inside and
be gracious and treat our customers and each other with respect and dignity.
outside of the Company.
4. We take ownership of any problem or defect that we encounter. We will immediately do everything in our power to correct
16. Be positive both inside and outside the workplace. It is our responsibility to create a great environment and reputation for our
the problem or defect and will follow up to ensure its proper resolution.
company and each other. Serve as an ambassador for the organization at all times.
5. When a customer enters our work area, we will make eye contact and greet them within nine feet, calling them by name,
if possible. We will greet them by saying, “Welcome” and “Good Morning/Afternoon” and asking how we can assist them.
Whenever possible, we will stand up, walk from behind our desks, and shake the customer’s hand.
17. All forms of our communication (emails, letters, signage, advertising, hand-written notes, etc.) reflect the Company’s image and
must be professional!
18. We are empowered and compelled to fulfill our customers’ needs. Identify their unique requirements and preferences and
6. Always give customers your complete, undivided attention and focus. Be responsive, caring, and timely in providing
attempt to individualize their experience.
19. The suggested hours of operation are guidelines, not limitations for satisfying individual customer desires and preferences.
20. Knowledge of our job and the financial industry is essential to being the financial expert that our customers expect. Always take
advantage of training opportunities to learn more and become an expert in your position and future positions in the Company.
21. First Financial Bank is a unique organization that strives for excellence in everything it does. Find enjoyment in the workplace
and always look for opportunities to create WOW moments for our customers.
service and follow up.
7. Before a customer leaves our work area, we will always say, “Thank you, Mr./Ms.____ for your business. Is there
anything else that I can do for you?”
8. Answer the telephone within three rings and with a smile in your voice. Never let calls go to voicemail unless requested
by the customer. When answering the phone, say, “Good Morning/Afternoon, thank you for calling First Financial Bank.
This is _____. How may I help you today?”
9. Before transferring a phone call, ask the customer, “May I place you on a brief hold?”, conference the requested employee
into the phone call with the customer, and provide an introduction between the customer and the employee. If the party
is unavailable, ask the customer, “May I ask them to call you, or would you prefer their voicemail?”
10. Although final resolution may not yet be obtained, always respond to calls or emails as quickly as possible, but no later
than 24 hours.
11. Always recognize our customers. No matter what your job function or what you are currently doing, stop and greet the
customer and smile and offer assistance.
12. Whenever possible, when a customer asks for directions, take the time to personally escort them there. Do not point!
If they are here for an appointment, while you are escorting them, introduce yourself and get their name so you can
properly introduce them to the receptionist or the person with whom they are meeting.
First Financial Bank’s 21 Nonnegotiables :: Page 4
First Financial Bank’s 21 Nonnegotiables :: Page 5
First Financial employees participating in the first ever daily lineup.
A LE TTER TO OUR SHAREHOLDERS
First Financial Bankshares is
dedicated to excellence. We
are therefore delighted to have
Horst Schulze, cofounder
and former President of the
Ritz-Carlton Hotel Company,
and one of the top customer
service experts in the world,
working with our company
as a consultant. Horst is
teaching us his methods for
making our customer service
the best in the industry, as
well as teaching us how to be
excellent in everything we do. I can’t tell
you how excited I am that Horst is sharing his
knowledge with us. In February 2019, he spent two
days working with our management team, regional
presidents and line-of-business managers. This
experience was the best two days of my professional
career. What we learned from Horst was so vast and
so powerful that it affected not only my professional
career but my personal life as well. With his input,
we created five-year and 10-year vision statements,
enhanced our mission statement and developed 21
nonnegotiables to ensure that our customers and
shareholders receive excellent service every time
they interact with a First Financial employee. These
statements and principles are highlighted in the front
of this annual report for your review.
I am very excited about what this program will do for
our company and for our customers, shareholders,
employees, communities and each of us personally.
We are making a huge investment that will
differentiate us from every other financial institution in
the country, bear fruit in the future and demonstrate
to everyone that we truly put You—our shareholders,
customers, employees and communities—First.
Horst Schulze
Cofounder of Ritz-Carlton Hotels &
Customer Service First Consultant
FINANCIAL RESULTS
Last year marked our 33rd consecutive year of
increased earnings. Net income for 2019 grew 9.4
percent to $164.8 million from $150.6 million in
2018. This increase was all organic since we did
not complete an acquisition in 2019. Basic earnings
per share for 2019 rose to $1.22 from $1.11 in the
previous year. Although the Federal Reserve changed
course from raising interest rates to reducing interest
rates, our net interest margin increased to 3.98
percent from 3.96 percent. (The net interest margin is
a key profitability metric that expresses net interest
income on a tax-equivalent basis as a percentage
of average interest-earning assets.) Our net interest
margin was a very respectable result and placed us in
the 78th percentile of our peer group of banks.
The provision for loan losses decreased 47.7
percent to $3.0 million from $5.7 million in 2018. This
decrease was due primarily to fewer charge-offs
and larger recoveries than in 2018. Nonperforming
assets as a percentage of loans and foreclosed
assets totaled 0.61 percent at December 31, 2019,
compared with 0.75 percent at December 31, 2018.
Classified loans totaled $140.7 million at year-end
2019 compared with $126.3 million a year earlier.
Noninterest income grew 6.5 percent to $108.4 million
from $101.8 million, while noninterest expense rose
3.1 percent to $196.5 million from $190.7 million.
We again outperformed our peer group of banks
on several key financial metrics. Our return on
average assets was 2.08 percent compared with
1.18 percent for our peers. Return on average equity
was 14.37 percent versus our peers’ 10.52 percent.
Our efficiency ratio, which expresses expenses as a
portion of tax-equivalent revenues, was again solid
last year at 48.61 percent, as opposed to our peers’
average of 60.47 percent.
Our balance sheet showed good organic growth last
year. Consolidated assets expanded 6.9 percent to
$8.26 billion from $7.73 billion at the end of 2018.
Loans grew 6.2 percent to $4.22 billion from $3.98
billion. Deposits increased 6.9 percent to $6.60 billion
from $6.18 billion. Shareholders’ equity at year-end
was $1.23 billion, up 16.5 percent from $1.05 billion at
year-end 2018.
Our First Financial Trust & Asset Management
subsidiary had another solid year fueled by a large
growth in trust assets. Total trust assets under
management at year-end reached a book value of
$4.86 billion, a 13.1 percent increase from $4.29
billion at the end of 2018. The market value of the
assets totaled $6.75 billion, up 20.5 percent from
$5.60 billion at year-end 2018. Total trust fee income
for 2019 grew as well—to $28.4 million from $28.2
million—but that increase amounted to only 0.8
percent because of a $1.1 million decrease in oil
and gas income. The trust company’s net after-tax
earnings increased 2.7 percent to $13.9 million from
$13.5 million the prior year.
STRATEGIC ACQUISITION
On January 1, 2020, we completed the acquisition
of TB&T Bankshares, Inc. and its wholly owned
subsidiary, The Bank & Trust of Bryan / College
Station. The purchase price originally established was
based on a $30.28 per share price for our common
stock and totaled $190.0 million on the day both
parties agreed to the pricing. In accordance with
the terms of the definitive agreement, we issued
approximately 6.3 million shares of First Financial
common stock with an approximate value of $220.3
million to the shareholders of TB&T Bankshares since
our stock price increased between the time of the
agreement and the closing. In addition, under the
agreement and prior to closing, TB&T Bankshares
paid a special dividend to its stockholders totaling
approximately $2.0 million. As of December 31, 2019,
The Bank & Trust of Bryan / College Station had total
assets of approximately $631.1 million, total loans
of approximately $455.4 million and total deposits of
approximately $551.9 million.
With the acquisition of this bank, which has five
branches, our banking operations now include 78
locations that span an area from Hereford in the
Panhandle to Orange in Southeast Texas. We are
excited to welcome the TB&T team into the First
Financial family. This well-managed, high-performing
bank, in the high-growth Bryan / College Station
market, is an excellent addition to our company.
With the new and expanded products and services
(including state-of-the-art mobile banking, treasury
management services, trust services and a larger
lending capacity), that First Financial will be adding to
TB&T’s operations, we expect this new 12th region to
grow and contribute nicely to our bottom line.
A Letter To Our Shareholders :: Page 6
A Letter To Our Shareholders :: Page 7
REAL ESTATE ACTIVITIES
In January 2019, we opened a new branch at 3563
Riley Fuzzel Road in Spring, Texas. This Spring branch
is located on Grand Parkway at Birnham Woods, which
our property expert says is one of the best locations in
our footprint because of the demographics of this area.
It is also a good connection between our Kingwood
and Conroe locations and expands our market north
of Houston.
In March 2019, we moved into a beautiful new, state-
of-the-art banking building in Orange. This new home
office for our Southeast Texas Region is strategically
placed one block away from our former location and is a
nice addition to Orange, especially after the devastation
of Hurricane Harvey.
In January 2020, we began construction to expand the
parking and drive-in facilities at our North Main location
in Weatherford. This upgrade will allow much better
access for customers and provide additional parking for
this growing area of Weatherford.
One of the by-products from acquiring banks is that we
often obtain large, older buildings that are inappropriate
for us (because they are too large, inefficient and costly
to maintain) and do not meet our customers’ needs
in today’s banking environment. We have had much
success through the years to sell/gift these buildings
to municipalities that need the additional space. These
municipalities acquire the buildings at a much cheaper
price than they would pay to construct new facilities,
and they are able to retrofit them to meet their needs. To
date, we have completed these transactions in Orange,
San Angelo, Weatherford and Cleburne. At the same
time, we are constructing smaller, more cost-effective
buildings that provide state-of-the-art banking and
better access for our fast-paced customers of today.
Over the last five years, we have built seven new
locations, remodeled four branches and retrofitted
37 locations, all with LED fixtures and high-efficiency
mechanical systems to reduce electrical costs and meet
environmental standards. By the end of 2020, we will
have completely retrofitted all 78 of our locations.
A Letter To Our Shareholders :: Page 8
First Financial Bank’s Spring Branch
First Financial Bank’s Orange Branch
MANAGEMENT CHANGES
In January 2019, Justin Hooper added the titles of
Chairman and CEO to his existing title of President
upon Jay Gibbs’s retirement from the Weatherford
Region. Jay had been with the Bank for 16 years and
had led the region as Chairman and CEO for the past
six years.
In April 2019, Marcus Morris was promoted to
President and CEO of the Fort Worth Region to replace
Martin Noto, who accepted a position with a Dallas
bank. Marcus started at First Financial in 2010 as a
Commercial Loan Analyst in Abilene, and in 2012 was
promoted to Commercial Loan Officer in Keller. He
is one of six regional presidents who have moved up
through our internal management training programs.
Also in April, Will Christoferson was promoted to Senior
Vice President of Advertising and Marketing upon the
retirement of Michele Stevens, who had been with the
Company for 22 years.
Before his promotion, Will had been Vice President of
Advertising and Marketing. Will is an Abilene native and
has had more than 10 years of banking experience.
Before joining First Financial Bankshares, he was a
Commercial Sales and Marketing Officer for a major
banking institution.
In May 2019, Shelley Dacus was promoted to President
of our Kingwood Region. Shelley has had more than
15 years of banking experience, most recently as
Kingwood’s Executive Vice President and Senior
Lending Officer. Before joining our company, she had
been part of the team at Commercial State Bank, which
was acquired by First Financial Bank in 2018. Shelley
is the second woman to be promoted to a regional
president position at First Financial Bankshares, Inc.
In October 2019, Robert de la Cruz was promoted to
Chairman, President and CEO of the Hereford Region
upon the announcement that Mike Mauldin was retiring
to become the Inaugural Director of the Excellence
in Banking Program at Texas Tech University’s Rawls
College of Business. Mike had been Chairman,
President and CEO of the Hereford Region for the
past 17 years and was an excellent selection to lead
the Excellence in Banking Program. Robert is a first-
generation college graduate who started with the Bank
16 years ago in our contact center. He is the sixth
regional president to start with our bank directly after
college and advance through our numerous training
programs and positions to the role of president. Robert
is also our first Hispanic regional president, reflecting
the importance of diversity in our company.
Also in October 2019, J. Bruce Hildebrand, CPA,
Executive Vice President and Chief Financial Officer,
announced his intention to retire from the Company in
August 2020. We have initiated a national search for his
successor. I have had the pleasure of working side by
side with Bruce for the past 17 years. He is one of the
most professional, dedicated and knowledgeable CFOs
that I know, and he has certainly shaped this company
to be one of the top financial institutions in the country.
I look forward to working with him through August
and at the same time finding the right person to
replace him.
We certainly thank Jay Gibbs, Michele Stevens and
Mike Mauldin for their long and valued service to our
company, and we congratulate them on their well-
deserved retirements and new endeavors.
DIVERSITY AND INCLUSION
First Financial Bankshares embraces and promotes
a culture of diversity and inclusion. We continue
our efforts to attract, recruit and retain employees
who bring to our company diverse backgrounds,
orientations, beliefs, cultures and interests. Having a
diverse team strengthens our company by bringing
together people with different ideas, skills and
experiences, and by enabling all our customers,
regardless of their race and other characteristics, to
feel at home when they visit one of our locations. We
are pleased that through these programs, we have
been able to promote our second woman regional
president and our first Hispanic regional president,
as well as to elect our second woman director. We
were honored in April 2019 by the Abilene branch of
the American Association of University Women for
empowering women within our company. We are proud
to be recognized by this association, which we strongly
support because of its program to recognize women
of distinction and provide scholarships for women to
complete their quest for higher education.
We couldn’t be more excited about the number of
young professionals that we have throughout our
company who are being trained and mentored for
higher level positions. Their ascent within this company
is testimony to their drive for excellence and to our
company’s commitment to assist them. We are
honored to highlight a few of these emerging leaders
on page 11.
1,435 EMPLOYEES
28% | 72%
EMPLOYEE DIVERSITY
RACIAL MINORITIES
FEMALE 72%
MALE 28%
29.1% MINORITY
A Letter To Our Shareholders :: Page 9
BOARD OF DIRECTOR CHANGES
At the January 2020 Board of Directors meeting, Vianei
Lopez Braun was elected to the Board of Directors
of the Company and appointed to the Fort Worth
Region Board of Directors. She leads the Labor and
Employment section for Decker Jones PC, a full-service
law firm based in Fort Worth, and serves as Chief
Development Officer for the firm. An honors graduate
of Princeton University and the University of Texas
School of Law, Vianei Braun has been practicing law for
more than 25 years, with previous tenures in Houston
and Abilene. In her law practice, she serves large
publicly traded companies as well as private employers
and individual professionals and executives. She has
been recognized as a Texas Monthly “Super Lawyer”
in labor and employment law and was selected as a
“Top Lawyer” in the labor and employment field by Fort
Worth, 360 West, H Texas and Houstonia magazines.
She has also been honored as a “Great Woman of
Texas” by the Fort Worth Business Press.
Vianei Lopez Braun
We want to thank Ron Giddiens and Ross H. Smith
Jr., who are retiring from the Board in April 2020.
Ron Giddiens, of San Angelo, is a partner in D&G
Consulting; he has been on the Board for 11 years
and has served on the Audit Committee, the Bank
Directors’ Loan Committee and the Asset Liability
Management Committee. He has also served on the
San Angelo Region Board of Directors. Ross H. Smith
Jr., from Orange, is Chairman and President of Akrotex,
Inc. and owner of Sabine River Ford, Inc.; he has
served on the Board for six years. During that time, he
has been on the Compensation Committee and the
Bank Directors’ Loan Committee. He has also served
on the Southeast Texas Region Board of Directors.
Both gentlemen have been very valuable members
of our Board, Committees, and respective regional
boards. We will miss their counsel and support, and we
thank them for their outstanding service.
LOOKING AHEAD
With the internal growth we realized in 2019 and our
January 2020 acquisition of TB&T Bankshares in
Bryan / College Station, we have moved into 2020 with
a great deal of momentum and excitement. The Texas
economy continues to perform very well, as shown by
the state’s record of creating over 350,000 new jobs
a year. Thanks to the training and mentoring we have
received from Horst Schulze, and with our new vision
statements and 21 nonnegotiables, our entire team is
now even more focused on excellence in everything
we do. We are striving to provide outstanding and
personalized customer service, deliver unparalleled
value to our shareholders, enrich the lives of our
employees, and create a positive impact on the
communities we serve.
We have some real opportunities to continue
improving our bottom line by growing loans and
deposits, increasing the net interest margin, enhancing
noninterest income, and decreasing expenses. As in
the past, we are proceeding strategically and searching
diligently, to acquire at the right price well-managed
banks that fit our culture and will bring long-term value
to our company.
Our accomplishments and strong performance does
not just happen, but rather come from the dedication
and hard work of a very professional team made
up of the Board members, officers and employees
whom I have the honor of working with. I thank each
of them along with our customers, stockholders and
communities for making this company what it is today.
Thank you for your loyalty and support.
F. Scott Dueser
Chairman, President and CEO
EM E RGI NG EX CEL LEN CE
We could not be more pleased with our large group of young professionals who are emerging through our numerous
education and training programs and are advancing to higher level positions. They are the future of our company and here
we highlight just a few of our emerging leaders:
Robert de la Cruz, President, Hereford
Robert started in the First Financial Customer Care Center in 2003 and was promoted to a loan review analyst soon thereafter.
He worked in the Company’s loan analyst program before being offered a lending position in the Hereford region and became
the Executive Vice President of lending in 2018. A graduate of FFIN University, Robert was promoted to Chairman, President,
and CEO of the Hereford Region in 2019. “I am forever grateful for First Financial. Both of my parents are from Mexico and they
came to the U.S. to provide a better life for their children. I can honestly say that they succeeded with that part of their dream.”
Adriana Tatmon, Consumer Lender, Conroe
Adriana started her career as an Abilene part-time teller after being identified by Patty Fuentes for her customer service skills
while working at a department store. She became a full-time teller and was quickly promoted to personal banker and then to
assistant branch manager. Adriana was recently promoted to a consumer lender in our Conroe region. “I believe First Financial
has always been a part of God’s plan for me. I took full advantage of the tuition reimbursement offered by the Company and I
am grateful First Financial allows me to learn, grow, and excel on campus, at work, and throughout the community. ”
Patty Fuentes, Retail Administrator, Abilene
Patty began her career at First Financial as a personal banker and was quickly promoted to a retail manager of an in-store branch
and promoted again to a lobby manager. As Senior Vice President of Retail Administration, Patty oversees more than 15 branches
in the Abilene region. “First Financial spent the time and the money for our employees to earn their degree while working full-time.
We have so much opportunity here, and as an employee, I am so grateful to feel like I belong to such a great family.”
Carley Dyck, Operations, Fort Worth
Carley began her career at First Financial as a part-time teller while she attended college. “First Financial understood the
importance of my education and we worked together on making a schedule that worked well for both of us.” She was promoted
to loan operations, then credit analyst, and was recognized as a Shining Star for her region. A graduate of FFIN University,
Carley was recently promoted to Senior Vice President of Operations for the Fort Worth and Southlake Regions.
Alex Thomas, First Finance, Conroe
Alex started with First Financial as a loan analyst in Abilene and was promoted to help launch the First Finance program for the Company.
After being an integral part of the First Finance launch team, Alex was promoted to Vice President of First Finance for the Conroe Region.
“One of my favorite things about my career with First Financial Bank so far is that it has helped me view life through the eyes of others, and
in return I am able to help our customers with care and respect. I appreciate the respect that is shown back to me, both by my colleagues
and by our clients.”
Shelley Dacus, President, Kingwood
Shelley joined First Financial through the acquisition of Commercial State Bank in 2018, was promoted to President of the Region
in 2019 and is an FFIN University graduate. “In my time at the Company, I’ve been given so much opportunity to grow as a person
and as a banker. First Financial has provided tremendous opportunity for advancement while being able to balance being a single
mother of two amazing children.”
Zach Reyes, Trust Manager, San Angelo
Zach began his career with First Financial Trust in Abilene as an Assistant Vice President with the trust company. He was
promoted to Vice President in 2019 and was recently promoted to Senior Vice President and San Angelo Trust Office
Manager. “I appreciate working for a company that allows good ideas and thoughtful decisions to flourish. I’m grateful that
this company has given me the opportunity to advance my career and enter a leadership role within First Financial Trust
where I can guide others to the bank’s nonnegotiable of doing whatever is best for the client.”
A Letter To Our Shareholders :: Page 10
Emerging Excellence :: Page 11
FI RS T F INANCIAL FOOTP RI NT
FIRST FINANCIAL BANK LOCATIONS
Abilene ........... 325.627.7200
El Campo ...... 979.543.6441
Odessa ........ 432.367.8900
Acton .............. 817.573.6900
Fort Worth ..... 817.410.4979
Orange ........... 409.883.3563
Albany .............. 325.627.7905
Glen Rose ........ 254.897.4808
Palacios ......... 361.972.2585
Aledo .............. 817.341.5200
Granbury ........ 817.573.6900
Port Arthur ..... 409.736.5951
Alvarado ......... 817.774.5150
Grapevine ...... 817.722.8980
Ranger ............ 254.629.6729
Beaumont ...... 409.600.6456
Hereford ......... 806.363.8200
Rising Star ..... 254.629.6703
Boyd ............... 940.683.8760
Huntsville ...... 936.295.2224
Roby ............... 325.776.2261
Bryan
............ 979.260.2100
Katy-Fulshear .. 281.346.0221
San Angelo .... 325.659.5900
Bridgeport ..... 940.683.8700
Keller ............. 817.329.8625
Southlake ...... 817.410.2915
Brock ............. 817.596.0307
Kingwood ...... 281.318.4600
Spring ............. 346.328.6910
Burleson ........ 817.774.5175
Magnolia ....... 936.273.4700
Stephenville ... 254.965.5036
Cisco .............. 254.629.6111
Mauriceville ... 409.745.3755
Sweetwater ... 325.235.6600
Cleburne ........ 817.774.5100
Merkel ........... 325.928.1111
Tomball .......... 281.516.7835
Clyde .............. 325.627.7910
Midlothian ..... 972.723.7100
Trent .............. 325.862.6121
College Station... 979.260.2100
Mineral Wells .. 940.327.5400
Trophy Club .... 817.329.8615
Conroe ............ 936.760.1888
Montgomery .. 936.597.5997
Vidor ............... 409.769.8478
Cut and Shoot .... 936.788.2121
Moran ............ 325.627.7953
Waxahachie ... 972.723.7100
Decatur .......... 940.683.8780
Newton ......... 409.224.7506
Weatherford ... 817.598.2500
Eastland ......... 254.629.6188
New Waverly .. 936.344.2224
Willis ............. 936.890.3500
Willow Park ... 817.598.2780
FIRST FINANCIAL TR UST LOCATIONS
Abilene
400 Pine Street, Suite 300
325.627.7100
Beaumont
3515 Dowlen Road
409.600.6460
Fort Worth
1000 Forest Park Blvd., Suite 200
817.410.4970
Kingwood
24080 Hwy 59 North, Suite 200
281.318.4625
San Antonio (New Office)
Opens 2020
210.912.9662
Odessa
3555 Billy Hext Road
432.367.8900
San Angelo
222 S. Koenigheim St.
325.659.5987
Sweetwater
201 Elm Street
325.235.6644
Stephenville
2201 W. South Loop
254.918.6262
First Financial Footprint :: Page 12
First Financial Locations :: Page 13
FINANCIAL HIGHLIGHTS
IN THOUSANDS (except for share data)
IN THOUSANDS (except for share data)
FOR THE YEAR
2019
2018
% INCREASE
FOR THE YEAR
2019
2018
% INCREASE
NET INCOME
$164,812
$150,638
9.41%
AT YEAR-END
Basic Earnings (PER SHARE)
$1.22
$1.11
9.91%
Dividends Declared
$63,135
$55,499
13.76%
Dividends (PER SHARE)
$0.47
$0.41
14.63%
Assets
Securities
Loans
Deposits
$8,262,227
$7,731,854
6.86%
$3,413,317
$3,158,777
8.06%
$4,223,197
$3,975,308
6.24%
$6,603,806
$6,180,389
6.86%
$7,939,122
$7,606,732
$3,283,398
$3,197,107
$4,074,667
$3,828,040
$6,345,755
$6,176,619
4.37%
2.70%
6.44%
2.74%
Shareholders’ Equity
$1,227,197
$1,053,295
16.51%
Book Value Per Share
$9.03
$7.77
16.22%
Trust Assets (Book Value)
$4,855,736
$4,293,615
13.09%
AVERAGES
Assets
Securities
Loans
Deposits
Shareholders’ Equity
$1,146,567
$980,206
16.97%
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)
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Ten-Year
Compound
Growth Rate
$3,776,367
$441,688
$59,659
$4,120,531
$508,537
$68,369
$4,502,012
$556,963
$74,225
$5,222,208
$587,647
$78,868
$5,848,202
$681,537
$89,559
$6,665,070
$804,986
$100,381
$6,809,931
$837,885
$104,774
$7,254,715
$922,768
$120,371
$7,731,854
$1,053,295
$150,638
$8,262,227
$1,227,197
$164,812
$0.48
$0.55
$0.59
$0.62
$0.70
$0.78
$0.80
$0.91
$1.11
$1.22
$0.23
$0.24
$0.25
$0.26
$0.28
$0.31
$0.35
$0.38
$0.41
$0.47
–
3/2 split
–
–
2/1 split
–
–
–
–
2/1 split
$3.52
$4.04
$4.42
$4.59
$5.32
$6.10
$6.34
$6.97
$7.77
$9.03
$8.55
$8.36
$9.76
$16.53
$14.94
$15.09
$22.60
$22.53
$28.85
$35.10
9.68%
11.43%
11.85%
10.99%
7.41%
–
10.49%
14.53%
Adjusted for stock dividends and splits
NET INCOME GROWTH (in thousands)
KEY RATIOS
2019
2018
2019 COMMON STOCK MARKET VALUE AND DIVIDEND DATA
NET INTEREST MARGIN
2015
$100,381
2016
$104, 774
2017
$120,371
2018
$150,638
2019
$164,812
Return On Avg. Assets
2.08%
1.98%
Return On Avg. Equity
14.37%
15.37%
Year-End Equity/Assets
14.85%
13.62%
Efficiency
48.61%
49.72%
QUARTER
HIGH
LOW
CLOSE
DIVIDENDS
Fourth
$36.45
$32.01
$35.10
$0.12
Third
$33.97
$29.50
$33.33
$0.12
Second
$31.54
$28.00
$30.79
$0.12
First
$32.65
$27.13
$28.89
$0.11
2015
4.12%
2016
4.08%
2017
4.01%
2018
3.96%
2019
3.98%
RETURN ON AVERAGE EQUITY
EFFICIENCY RATIO
2018 COMMON STOCK MARKET VALUE AND DIVIDEND DATA
RETURN ON AVERAGE ASSETS
2015
13.60%
2016
12.36%
2017
13.63%
2018
15.37%
2019
14.37%
2015
47.61%
2016
49.22%
2017
49.26%
2018
49.72%
2019
48.61%
QUARTER
HIGH
LOW
CLOSE
DIVIDENDS
Fourth
$33.42
$26.73
$28.85
$0.11
Third
$30.93
$25.28
$29.55
$0.11
Second
$28.18
$22.53
$25.45
$0.11
First
$24.80
$22.03
$23.15
$0.10
2015
1.61%
2016
1.59%
2017
1.72%
2018
1.98%
2019
2.08%
Financial Highlights :: Page 14
Financial Highlights :: Page 15
ABILENE REGION
Abilene | Clyde | Moran | Albany | Odessa | Eastland | Ranger | Rising Star | Cisco | Sweetwater | Merkel | Trent | Roby
Senior Officers
Ronald D. Butler II
Chairman and CEO
Marelyn Shedd
President
David W. Bailey
President, Eastland Division
Joseph Crouch
President, Sweetwater Division
Rodney Foster
Executive Vice President
Senior Lending Officer, Sweetwater
Vance Jones
Executive Vice President
Commercial Lending
Jay Kidwell
Executive Vice President
Commercial Lending, Eastland
Janet O’Dell
Executive Vice President
Mortgage Loans
Andrea Smiddy-Schlagel
Executive Vice President
Treasury Management
Charles E. Tennesson
Executive Vice President
CFO and Chief Operations Officer
Michael Wolverton
Executive Vice President
Consumer Lending
Debbie Anthony
Senior Vice President
Vanessa Faz
Senior Vice President
Patty Fuentes
Senior Vice President
Bob Glosson
Senior Vice President
Jim Goldston
Senior Vice President
Landon Hammond
Senior Vice President
Evan Harris
Senior Vice President
Candi Kanady
Senior Vice President
Marshall Morris
Senior Vice President
Corie O’Connor
Senior Vice President
Ryan Parrish
Senior Vice President
Mark Pierce
Senior Vice President
Fernando Quintana
Senior Vice President
Steve Simmel
Senior Vice President
Britt Stuart
Senior Vice President
Dennis Tarrant
Senior Vice President
Steve Waller
Senior Vice President
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2018
$2,546,087
$1,037,688
$1,948,559
$49,774
Dec. 31, 2019
$2,725,127
$1,052,256
$2,138,476
$53,092
2.00%
2.03%
43.83%
42.33%
MAIN OFFICE
400 Pine St. | Abilene, TX 79601 | 325.627.7200
Abilene
“This journey we’ve been on with Horst
throughout 2019 has been a game-changer for our
company, and I see the changes every day. We’ve
always offered good customer service, but now I
can see that it’s great customer service, and it’s
only getting better. We thank our customers in the
Abilene, Sweetwater and Eastland Divisions for
letting us put them FIRST.”
Ronald D. Butler II
Chairman and CEO
Marelyn Shedd
President
Bank Information :: Page 16
ABILENE REGION (CONTINUED)
Regional Directors
Ronald D. Butler II
Chairman and CEO
Marelyn Shedd
President
David W. Bailey
President, Eastland Division
Joseph Crouch
President, Sweetwater Division
Katie Alford
President and CEO
Community Foundation of Abilene
Donna J. Boatright
CEO
Rolling Plains Memorial Hospital
Jeff Branson
General Partner
Williamson-Branson Real Estate
Tucker S. Bridwell
President
Mansefeldt Investment Corp
Louis Brooks, Jr.
Rancher
Paul Cannon
Shareholder, President
McMahon, Surovik, Suttle, P.C.
David Copeland, CPA
President, Sipco, Inc. and
Shelton Family Foundation
Tim Lancaster
Former President and CEO
Hendrick Health System
Joe Crawford
President
Abilene Aero. Inc
Doug Crawley
Rancher, Real Estate
Mike Denny
President
Batjer and Associates
Murray Edwards
Principal
The Edwards Group
Jim Farrar
Attorney
Allan D. Frizzell
Executive Vice President
Enrich Oil Corporation
Geoff Haney
President, CEO, Partner
Cape and Son Commodity Merchandising
Jim Keffer
President
EBAA Iron Sales, Inc.
Jay Lawrence
President
MAL Enterprises, Inc.
Kirk Massey
Investments
Larry May
May & Hrbacek CPAs
Stanley Morris, Jr.
Investments
Jim Moylan, Jr.
Partner
MOTEC, Ltd
Brian Perry
Insurance, Investments
Thomas L. Rees, Jr.
Rees, Rees & Fuller, Attorneys
Leigh Taliaferro, M.D.
Physician
EASTLAND OFFICE
201 E. Main St. | Eastland, TX 76448 | 254.629.6100
SWEETWATER OFFICE
201 Elm St. | Sweetwater, TX 79556 | 325.235.6600
David W. Bailey
President, Eastland Division
Joseph Crouch
President, Sweetwater Division
Bank Information :: Page 17
CLEBURNE REGION
Cleburne | Burleson | Alvarado | Midlothian | Waxahachie
CONROE REGION
Conroe | Montgomery | Magnolia | Willis | Tomball | Cut and Shoot | Huntsville | New Waverly | Spring
Cleburne
“Ralph Waldo Emerson once said, ‘What you do speaks so loud that
I cannot hear what you say.’ This applies directly to our dedication to
Excellence. Our 21 nonnegotiables are wonderful, but they can’t just be
words on paper. The nonnegotiables must be acted out each and every
day because we are held accountable by our customers, shareholders,
employees, and communities. If our words are not followed up by our
actions, we aren’t being true to our dedication to excellence.”
Austin Elsner
Chairman, President and CEO
MAIN OFFICE
200 N. Ridgway Dr. | Cleburne, TX 76033 | 817.774.5100
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2018
$553,299
$195,672
$497,224
Dec. 31, 2019
$505,423
$205,714
$443,079
$8,007
$8,497
1.73%
1.84%
53.61%
52.70%
Jaye Weishuhn
Senior Vice President
Chief Operations Officer
Senior Officers
Austin Elsner
Chairman, President and CEO
Duane Thomas
Market President
Russell Phillips
Executive Vice President
Commercial Lending
Alecia Bland
Senior Vice President
Regional Board of Directors
Austin Elsner
Chairman, President and CEO
Ray Beavers
Retired
General Manager and CEO
United Cooperative Services
Ronald D. Butler II
First Financial Bankshares, Inc.
Bank Information :: Page 18
Kim Hamilton
Senior Vice President
John Knight
Senior Vice President
Chris Schjetnan
Senior Vice President
Stacey Sloan
Senior Vice President
Robert Childress III
Childress Engineers
Mark Hill
Utility Construction Consultant
Tim Lyness
Lyness Construction, LP
Jack Scott
Bell-Scott Insurance Group
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2018
$659,492
$474,416
$541,753
Dec. 31, 2019
$652,666
$501,385
$529,660
$11,284
$12,150
1.71%
1.86%
55.45%
55.27%
Senior Officers
Sam W. Baker
Chairman, President and CEO
Kirby Cason
President, Huntsville Division
G. Bart Griffith
Executive Vice President
Senior Lending Officer
Lee Warren
Executive Vice President
Chief Operations Officer
Michelle Murray
Executive Vice President
Treasury Management
Chris Baughman
Executive Vice President
Guy Barker
Senior Vice President
Bobby Brennan
Senior Vice President
Mortgage Lending
Terry Doak
Senior Vice President
Candy Emmerich
Senior Vice President
Cody Sundbeck
Senior Vice President
Kyle Whisenhunt
Senior Vice President
Regional Board of Directors
Sam W. Baker
Chairman, President and CEO
Kirby Cason
President, Huntsville Division
Harry J. Brooks
Chairman and CEO
First Financial Bank, Kingwood
Donnie Buckalew
Buckalew Chevrolet
John J. Certa, Jr.
Owner
Team Auto Group
Casey Collum
Owner
Collum Development
Candyce F. Dixon
CPA
Chris deMilliano
Operations Manager
Steely Lumber Company
Dan Dominey
DBD Interests
F. Scott Dueser
First Financial
Bankshares, Inc.
Randy Roan
Commercial Construction
John Sebastian
Conroe Golf Cars
Lloyd Tisdale
Investments
Robert C. Ernst Jr.
Owner
Ernst Jewelers
J. Bruce Hildebrand, CPA
First Financial Bankshares, Inc.
Curtis Montgomery, MD
Physician
Robert Pate
Retired President - Huntsville
Johnny Peet Jr., M.D.
Physician
MAIN OFFICE
1800 W. White Oak Terrace | Conroe, TX 77304 | 936.760.1888
HUNTSVILLE OFFICE
33 SH 75 North | Huntsville, TX 77320 | 936.295.2224
Conroe
“2019 was a pivotal year as we made strides to advance
customer service to another level. Top-notch service has
always been our priority, but our new company-wide
dedication to excellence has truly been a game changer.
Daily line up discussions focus on various aspects of how we
can all make your experience exceptional as our valued
customers. We encourage and welcome your feedback and
look forward to serving you in 2020 and beyond.”
Sam W. Baker
Chairman, President and CEO
Kirby Cason
President, Huntsville Division
Bank Information Page :: 19
FORT WORTH REGION
HEREFORD REGION
Fort Worth
“The focus to be excellent wasn’t about asking our team to be
something different or change who they are. The more we worked on
defining what it meant to be excellent, we kept coming back to lessons
we learned from our families. Our communities and partners deserve
the very best versions of ourselves. When we are passionate, genuine,
and committed to our customers they can feel it. Being excellent takes
a different shape every day, but the commitment is the same. We
are working on being always aware of opportunities to amaze. It is a
process, but we are well on our way.”
Marcus Morris
President and CEO
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2018
$203,853
$144,677
$170,061
Dec. 31, 2019
$229,995
$150,512
$192,774
$4,155
$4,499
2.02%
2.04%
45.49%
44.71%
Senior Officers
Robert de la Cruz
Chairman, President and CEO
Tim Laws
Executive Vice President
Senior Lending Officer
MAIN OFFICE
1000 Forest Park Blvd | Fort Worth, TX 76110 | 817.410.4979
Regional Board of Directors
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
(LOSS)
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2018
$148,047
$136,444
$76,704
Dec. 31, 2019
$175,789
$164,706
$73,299
($486)
$1,369
(0.60%)
2.20%
97.15%
66.05%
Senior Officers
Marcus Morris
President and CEO
Les Mariotti
Executive Vice President
Chief Operations Officer
Carley Dyck
Senior Vice President
Operations
Regional Board of Directors
Murray Edwards
Chairman of the Board
Principal, The Edwards Group
Marcus Morris
President and CEO
Larry Anfin
Past CEO
Coors Distributing of Fort Worth
Smith A. Brownlie III
CPA and Co-Founder
Brownlie & Braden
Bank Information :: Page 20
Ronald D. Butler II
First Financial Bankshares, Inc.
Mary Lee Cruz
Founding Partner
E Source, Inc.
Nancy Jones
Past President and CEO
North Texas Community Foundation
Stephen Kimmel
Chief Financial Officer
Cook Children’s Health Care System
Vianei Lopez Braun
Chief Development Officer
Decker Jones, P.C.
Matt Morris
President
Gus Bates Insurance
Paul Poston
President
Wellington Insurance
Robert de la Cruz
Chairman, President and CEO
Ronald D. Butler II
First Financial Bankshares, Inc.
Steve Lewis, D.V.M.
Manager and Senior Partner
Hereford Veterinary Clinic
Kade Matthews
Ranching and Investments
Mike Mauldin
Director of Excellence in Banking
Rawls College of Business
Texas Tech University
Sally Noyce
Human Resources Manager
Panhandle Express, LLC
Jerry Stevens
Owner, Stevens 5-Star
Car and Truck Center
Johnny E. Trotter
President and CEO
Livestock Investors, Ltd.
MAIN OFFICE
212 E. Third St. | Hereford, TX 79045 | 806.363.8200
Hereford
“Our recent reiteration to customer service excellence has made a
meaningful impact for the Hereford Region. We are grateful to everyone
who has commented on the service they receive from our bank. We
are a bank family and that family extends to our customers. I would
like to thank all of our dedicated and professional bankers striving for
excellence; the Bank was able to realize gains in assets, loans, and
deposits in the Hereford Region.”
Robert de la Cruz
Chairman, President and CEO
Bank Information :: Page 21
MAIN OFFICE
24080 Hwy 59 N. Suite 250 | Kingwood, TX 77339 | 281.318.4600
Regional Board of Directors
KINGWOOD REGION
Kingwood | El Campo | Fulshear | Palacios
Kingwood
“It’s what you do every day that matters. The
Kingwood team prides itself on consistency and hard
work. The friends and relationships we’ve developed
over the years is the driver of our success internally
and externally. It’s about showing up everyday
fully engaged and doing the right thing for the Bank
and our customers. The greatest benefit of it all
is knowing we played a small part in helping build
people’s dreams and helping achieve their goals.”
Harry J. Brooks
Chairman and CEO
Shelley Dacus
President
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2018
$364,998
$318,722
$300,792
Dec. 31, 2019
$437,057
$388,185
$366,338
$6,055
$7,967
1.63%
1.90%
56.13%
48.38%
Senior Officers
Harry J. Brooks
Chairman and CEO
Shelley Dacus
President and Senior Lending Officer
James Alexander
Executive Vice President
Commercial Lending
Jeff Fuechec
Executive Vice President
El Campo Market President
Regional Board of Directors
Harry J. Brooks
Chairman and CEO
Kingwood Region
Sam Baker
Chairman, President and CEO
Conroe Region
Jeff Cravey
Principal
Jeffrey M. Cravey PC
Shelley Dacus
President and Senior Lending Officer
Kingwood Region
Bank Information :: Page 22
Lee Warren
Executive Vice President
Chief Operations Officer
Doug Faver
Executive Vice President
Ken Johnson
Executive Vice President
Brian Bonner
Senior Vice President
F. Scott Dueser
First Financial Bankshares, Inc.
Michael Gonzalez
Principal
The Gonzalez Group
J. Bruce Hildebrand, CPA
First Financial Bankshares, Inc.
Kenny Isbell
President
Apache Oil Company
Brandon Zabodyn
Senior Vice President
Commercial Lending
Nancy Powell
Senior Vice President
Angela Leviner
President
The Forest Collection, Inc.
Ronnie Matthews
Owner
Great American Title
Robert C. Nickles Jr.
Principal
Alegacy Group
Rebekah Shipman
President & CEO
Reservoir Data Systems
SAN ANGELO REGION
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2018
$747,422
$207,503
$632,514
Dec. 31, 2019
$856,167
$204,222
$751,992
$13,912
$14,906
1.87%
1.94%
37.48%
36.93%
Senior Officers
Chris Evatt
Chairman, President and CEO
Cindy George
Executive Vice President
Chief Operations Officer
Lindy Jordan
Executive Vice President
Senior Lending Officer
Chris Evatt
Chairman, President and CEO
Ronald D. Butler II
First Financial Bankshares, Inc.
Hon. Marilyn Aboussie
Chief Justice, Retired
Steve Eustis
Commercial Real Estate
Reba Priddy
Senior Vice President
Luke Uherik
Senior Vice President
Mary Jane Steadman
Attorney, Real Estate Investment
Management
Edward Carrasco
Senior Vice President
Pat Cottle
Senior Vice President
Wes Masters
Senior Vice President
Spencer Murphy
Senior Vice President
Ron Giddiens
Investments
Partner, D&G Consulting
David F. Lupton
President
Angelo Glass & Mirror Company, Inc.
Reagon Noble, D.D.S., M.S.
Noble McClintock Orthodontics
Carlos Rodriguez
Attorney
Webb, Stokes and Sparks
MAIN OFFICE
222 S. Koenigheim | San Angelo, TX 76903 | 325.659.5900
San Angelo
“The success of the San Angelo Region can be directly contributed to two things:
our dedication to our customers and our dedication to excellence. Working with
Horst Schulze and developing the 21 nonnegotiables have become a daily part
of what we do at our bank. Each employee is focused on making every customer
interaction excellent.
I’d like to thank our employees, board of directors, and especially our customers
for making 2019 one of the best years for the San Angelo Region. We are excited
to continue providing world-class service to all of you again in 2020 and to
continue to put YOU FIRST.”
Chris Evatt
Chairman, President and CEO
Bank Information :: Page 23
SOUTHEAST TEXAS REGION
Orange | Vidor | Mauriceville | Newton | Port Arthur | Beaumont
Southeast Texas
“Hurricanes and tropical storms can cause a great deal of adversity for the
entire state. Our Southeast Texas team continues to overcome any amount
of adversity they may face, and I am so proud of them. Keeping true to our
nonnegotiables, we are there for our customers when they need us the most,
and I think that is very special. Every employee knows what it takes to put our
customers and communities first, and that passion is embodied in our Texas
Strong mentality. 2019 was a big year for our region and I look forward to
providing world class service in 2020 and for years to come.”
Stephen Lee
President and CEO
MAIN OFFICE
912 N. 16th St | Orange, TX 77630 | 409.883.3563
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2018
$584,018
$405,786
$488,496
Dec. 31, 2019
$642,880
$439,670
$540,196
$11,449
$12,186
1.91%
1.93%
46.60%
49.18%
Senior Officers
Stephen Lee
President and CEO
Blaine Caillier
Mid County Market President
Commercial Lender
Robert Kocot
Beaumont Market President
Commercial Lender
Regional Board of Directors
Tommy Gunn
Chairman of the Board
Attorney at Law
Stephen Lee
President and CEO
Ronald D. Butler II
First Financial Bankshares, Inc.
Dr. Ray Callas
Managing Partner
Anesthesia Associates, PLLC
Len Forey
Managing Partner
Higginbotham Insurance
Bank Information :: Page 24
Joe Love
Executive Vice President
Commercial Lender
Kim Dickerson
Senior Vice President
Chief Operations Officer
Cindi LaChance
Senior Vice President
Mortgage Loan Officer
Jim Gilliam
Partner and Chairman,
The HT Group Owner and
CEO, Bates & Co.
Chad Mason
Vice President
Mason Construction
Michael Poutra
Retired Owner
Dominion Forms
Walter Riedel
Board Chairman
Nelda C. and H.J. Lutcher
Stark Foundation
Curt Leger
Senior Vice President
Commercial Lender
Lani White
Senior Vice President
Consumer Lender
Dayna Simmons
Owner
Team Dayna Simmons Real Estate
Ross H.Smith, Jr.
President, Akrotex, Inc.
Owner, Sabine River Ford and
Volkswagen of Lake Charles
Kevin Williams
President, Cypress Bayou Industrial
Owner, American Industrial Minerals, Inc.
Jim Wimberley
Owner
Law Offices of Jim Wimberley
SOUTHLAKE REGION
Southlake | Trophy Club | Keller | Bridgeport | Boyd | Decatur | Grapevine
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2018
$504,778
$388,885
$440,891
Dec. 31, 2019
$574,062
$418,873
$502,443
$9,607
$11,142
1.86%
2.02%
52.39%
49.99%
Senior Officers
Mark L. Jones
Chairman, President and CEO
F. Mills Shallene
Market President, Wise County
Les Mariotti
Executive Vice President
Chief Operations Officer
Regional Board of Directors
Mark L. Jones
Chairman, President and CEO
Ronald D. Butler II
First Financial Bankshares, Inc.
Traci Bernard
President
Texas Health Southlake
William Ray Cook, Jr., CPA
Cook, McDonald & Company
Tom Pulley
Executive Vice President
J. Sean Shope
Executive Vice President
Ryan Wall
Executive Vice President
Carley Dyck
Senior Vice President
Operations
Martin W. Schelling
Conifer Real Estate
J. Gary Shelton
Chain Supermarket Owner,
Real Estate Investor
Stan Stephens
President
Stephens Pneumatics Inc.
Terry Wilkinson
Wyndham Properties, Ltd.
MAIN OFFICE
151 W. Southlake Blvd. | Southlake, TX 76092 | 817.410.2915
Southlake
“It has been a tremendous honor and pleasure to work with the Southlake Region
employees and see the level of commitment each of them has in making our
community a better place to live. The depth of love my colleagues have for those in
need is astonishing. Their love is demonstrated every day, on very personal levels, by
assisting others who have no choice other than to do without. The Region has done
everything from preparing meals for the elderly and building bicycles for children
of low-income families to driving customers without transportation to run errands
or donating time and money to first responders. This region loves people and their
community and that is highlighted by how we treat everyone with respect, dignity
and our can-do attitude that we have refined through our alliance with Horst Schulze.
My sincere appreciation and heartfelt thanks go out to all First Financial employees.”
Mark L. Jones
Chairman, President and CEO
Dickie Greenwood
Senior Vice President
Isbet Najera
Senior Vice President
Ryan Sonntag
Senior Vice President
Tracie Talkington
Senior Vice President
Bank Information :: Page 25
STEPHENVILLE REGION
Stephenville | Granbury | Glen Rose | Acton | Mineral Wells
WEATHERFORD REGION
Weatherford | Aledo | Willow Park | Brock
Stephenville
“Working with Horst Schulze has given new meaning to our Customer
Service First mindset. Every day we strive to be the very best for our
customers, and every day we are reminded how special each customer
is. As our company and region continue to grow, we will make customer
relationships a priority. You have the Stephenville Region’s commitment to
put YOU FIRST every day.”
Trent Swearengin
Chairman, President and CEO
MAIN OFFICE
2201 W. South Loop | Stephenville, TX 76401 | 254.965.5036
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2018
$843,698
$426,754
$719,035
Dec. 31, 2019
$856,235
$416,815
$717,752
$17,374
$18,505
2.11%
2.21%
45.20%
44.31%
Senior Officers
Trent Swearengin
Chairman, President and CEO
Cory Crenshaw
Mineral Wells Market President
Bart Rodgers
Granbury Market President
Brad Seay
Executive Vice President
Regional Board of Directors
Trent Swearengin
Chairman, President & CEO
Keith Brown
Prime Building Components, LLC
Ronald D. Butler II
First Financial Bankshares, Inc.
George Gault
Attorney
Walter Hardin III
Real Estate Investments
Bank Information :: Page 26
Blayne Baley
Senior Vice President
Doug Dobbins
Senior Vice President
Donna Feller
Senior Vice President
Vickie Pettit
Senior Vice President
Wendell Hollingsworth
Industry and Economic
Development
Doug Montgomery
Texstar Ford Lincoln, Inc.,
and Texstar Kubota, Inc
Terry L. Murphy
Murphy and Murphy, Inc
Ron Pack
Ranching and Investments
Trent Tidwell
Senior Vice President
Matthew Ward
Senior Vice President
David Ramsey, M.D.
Family Practice Center
Michael B. Williams
M W Supply, Inc.
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2018
$560,593
$228,936
$473,062
Dec. 31, 2019
$581,527
$270,429
$477,456
$10,571
$12,248
1.86%
2.16%
50.68%
47.49%
Senior Officers
Justin B. Hooper
Chairman, President and CEO
Eddie Gregory
Senior Vice President
Chief Operations Officer
Chris Cregger
Senior Vice President
Regional Board of Directors
Justin B. Hooper
Chairman, President & CEO
Ronald D. Butler II
First Financial Bankshares, Inc.
James D. Eggleston
Eggleston King, LLP
Adam Feriend
Joe R Jones Construction, Inc
Lori Hill
Senior Vice President
Jimmie Sue Lawson
Senior Vice President
Sean Woodring
Senior Vice President
Nan Kingsley
President
Bluestem Studios, Inc.
Kevin R. Lackey
Freedom Power Sports
Stephen E. Milliken
C.D. Hartnett Company
Mike White, O.D.
Therapeutic Optometrist
MAIN OFFICE
101 College Park Dr. | Weatherford, TX 76086 | 817.596.0307
Weatherford
“We are so thankful for our customers who helped make 2019 an
outstanding year. Parker County is a growing area and we have
a talented team of dedicated banking professionals who stand
ready to assist our customers as they grow their businesses,
buy a home or car, or just need a friendly teller to assist them
with their deposits. We look forward to serving you in 2020 and
making it the best year yet.”
Justin B. Hooper
Chairman, President and CEO
Kyle Wilks
Wilks Development, LLC
Bank Information :: Page 27
WELCOME TO THE FAM LY
Bryan/College Station
The Bank & Trust of Bryan/College Station resulted from a 2009
merger of the $80 million Texas Enterprise Bank, chartered in
2006, and the Bryan/College Station branches of The Bank and
Trust of Del Rio, Texas which began business in 2009.
The merger created the community’s largest locally owned
community bank.
The Region’s management team consists of former owners,
management and key personnel of the former First National Bank
of Bryan. As of December 31, 2019, The Bank & Trust of Bryan/
College Station had total assets of $631.1 million, total loans of
$455.4 million and total deposits of $551.9 million.
“We are excited to welcome the TB&T team into the First Financial
family,” said F. Scott Dueser, Chairman, President and CEO of
First Financial. “This well-managed, high performing bank in the
high growth Bryan/College Station market will be an excellent
addition to our company. We are most impressed with the
employees, officers, management and board of this quality bank,
who share our same values, philosophies and commitment to
outstanding customer service.”
“With its larger size and successful track record, First Financial
offers our customers new and expanded services and creates
more opportunity for our employees,” said Timothy N. Bryan, Chairman of The Bank & Trust of Bryan/College Station.
“Our customers will continue to see the same friendly, local employees and the same strong commitment to the local
community. At the same time, we will be able to offer a broader range of banking products and services including expanded
depository products, state-of-the-art mobile banking and treasury management services, a larger lending capacity and trust
and wealth management services.”
MAIN OFFICE
1716 Briarcrest Dr. Ste 400 | Bryan, TX 77802 | 979.260.2100
Timothy N. Bryan
Chairman
Ivan M. Olson
President and Chief Executive Officer
Bank Information :: Page 28
BRYAN/COLLEGE STATION REGION (CONTINUED)
Senior Officers
Timothy N. Bryan
Chairman
Ivan M. Olson
President and Chief Executive Officer
Michael A. Holmgreen
Executive Vice President
Jerry E. Fox
Executive Vice President
J. Cal McNeill
Executive Vice President
Joe G. Salvato
Executive Vice President
Nora P. Thompson
Executive Vice President
Austin W. Bryan
Senior Vice President
Anna Jones
Senior Vice President
Melanie N. Motley
Senior Vice President
Janet B. Prater
Senior Vice President
Regional Board of Directors
Timothy N. Bryan
Chairman
Ivan M. Olson
President and CEO
Bryan/College Station
Brian Barrett
President
Feather Crest Farms
R. Sid Cauthorn
President
Westex Bancorp
Ronnie L. Craig
Shareholder
Thompson, Derrig & Craig CPAs
TDC Capital Advisors
F. Scott Dueser
First Financial Bankshares, Inc.
Lynn Elliott
President
Lometa Petroleum Corporation
General Partner
Elliot Interests
Charles A. Ellison
Attorney at Law
President and Founder
The Ellison Firm
J. Bruce Hildebrand, CPA
First Financial Bankshares, Inc.
Lawrence B. Hodges Jr.
President and CEO
H&B Copies Inc., Copy Corner
Hank McQuaide
Chairman
Berkshire Hathaway
Caliber Realty
William L. Rayburn, MD
Chief Medical Officer
Baylor Scott & White Health
College Station Region
Associate Professor
Texas A&M College of Medicine
Bank Information :: Page 29
Left to Right: Kami Graves, Ryan Craig, Janet O’Dell, Troy Fore, Bobby Brennan, Tammie Harding, Wes Masters, Melanie Motley,
Cindi LaChance
Front: Isabel Montoya, Brad Walker, Cynthia Watson, John Ruzicka
Back: Larry Williams, Michael Greenhaw, Sammy Scott, David Weems, Laurinda Thomas, Tony Vargas
First Financial Mortgage
First Technology Services, Inc.
Senior Officers
Troy Fore
President
Ryan Craig
Executive Vice President
Kami Graves
Executive Vice President
Tammie Harding
Executive Vice President
Janet O’Dell
Executive Vice President
Bobby Brennan
Senior Vice President
Cindi LaChance
Senior Vice President
Wes Masters
Senior Vice President
Melanie Motley
Senior Vice President
First Financial Mortgage delivered exceptional
results in 2019. We exceeded $550 million in total
originations, which represents a 20% increase
from 2018. Our mortgage team assisted, with great
care, 2144 individuals and families with their home
financing needs - and we are most proud of that
accomplishment.
The Texas housing market continues to be a bright
spot in the economy and long-term interest rates
remain at historic lows. First Financial Mortgage
offers a full menu of products to meet all the real
estate financing needs of our customers including
interim construction, home equity, bridge, in-house
and secondary market loans. Looking forward, we
are very excited with the addition of the Bryan-
College Station market in early 2020. First Financial
Mortgage is well-positioned in some of the fastest
growing housing markets in the state.
Senior Officers
John Ruzicka
Chairman, President and CEO
Isabel Montoya
Senior Vice President
Deposit Operations
Cynthia Watson
Senior Vice President
Chief Information Security Officer
David Weems
Senior Vice President
Chief Operations Officer
Directors
John Ruzicka
Chairman, President and CEO
First Technology Services, Inc.
Executive Vice President and CIO
First Financial Bankshares, Inc.
April Anthony
Chief Executive Officer
Encompass Home Health
Homecare Homebase
Ronald D. Butler II
Executive Vice President
Chief Administrative Officer
First Financial Bankshares, Inc.,
Chairman and CEO
First Financial Bank, Abilene Region
F. Scott Dueser
Chairman of the Board,
President and CEO
First Financial Bankshares, Inc.
Larry Williams
Senior Vice President
Technical Architecture
Michael Greenhaw
Vice President
Senior System Analyst
Sammy Scott
Vice President
End User Support Manager
Tony Vargas
Vice President
Project Management
Ron Giddiens
Investments
Partner, D&G Consulting
Gary S. Gragg
Executive Vice President, Lending
First Financial Bankshares, Inc.
J. Bruce Hildebrand, CPA
Executive Vice President and
Chief Financial Officer
First Financial Bankshares, Inc.
Monica Houston
Executive Vice President
Retail Banking and Training
First Financial Bankshares, Inc.
Les Mariotti
Executive Vice President and
Chief Operations Officer
First Financial Bank, Fort Worth Region
First Financial Bank, Southlake Region
Brad Walker
Vice President
Help Desk and
Network Support
Laurinda Thomas
Assistant Vice President
Debit Card and
Loss Prevention Manager
Matt Melbourne
Executive Vice President
First Financial Trust & Asset
Management Company
Trent B. Swearengin
Chairman, President and CEO
First Financial Bank,
Stephenville Region
Lee Warren
Executive Vice President
Chief Operations Officer
First Financial Bank, Conroe Region
First Financial Bank, Kingwood Region
First Financial Mortgage :: Page 30
First Technology Services :: Page 31
Abilene | Beaumont | Fort Worth | Odessa | San Angelo | San Antonio | Stephenville | Sweetwater
Front: David Castleberry, Kirk Thaxton, Barbara Hill, Konrad Halbert
Back: Brad Brown, Zach Reyes, Brent Miller, Wayne Chowning, Lon Biebighauser, Michael Sierra
First Financial Trust & Asset Management Company
Left to Right: Frank Gioia, Gary Milliorn, Michael Wolverton, Monica Houston, Will Christoferson, Andrea Smiddy-Schlagel, Brandon Harris
Line Of Business Executives
First Financial Trust & Asset Management Company delivered
excellent results in 2019. Total assets under management at year-
end had a book value of $4.86 billion, a 13.1 percent increase from
$4.29 billion at the end of 2018. The market value of the assets
totaled $6.75 billion, a gain of 20.5 percent from $5.60 billion. For
the year, total fee income increased 0.8 percent to $28.4 million
from $28.2 million in 2018, and net earnings after tax increased
2.7 percent to $13.9 million from $13.5 million. Earnings were
impacted in 2019 by lower oil and gas fees, a decrease from 2018
totaling $1.1 million.
The trust company’s investment performance remained strong. The
equity income portfolio led the way with a return of 33.00%, while
the taxable and tax-free fixed-income portfolios generated returns of
6.4% and 6.8%, respectively.
We were pleased to have Brent Miller get our Houston trust office
up and running in 2019. We saw excellent growth, with trust assets
ending the year at $56.1 million. We are excited about our pipeline for
new business in 2020.
In November, we were pleased to announce the opening of our ninth
trust office, located in San Antonio. Mike Sierra will lead this office,
and we look forward to its growth and success.
Trust Assets (in millions)
2015
2016
2017
2018
2019
$3,060
$3,374
$3,866
$4,294
$4,856
Trust Fees (in millions)
2015
2016
$0
2017
2018
2019
$19.25
$19.64
$23.69
$28.18
$28.40
Trust Net Income (in millions)
2015
2016
2017
2018
2019
$7.449
$7.190
$8.579
$13.532
$13.892
Trust & Asset Management :: Page 32
Senior Officers
Kirk W. Thaxton
Chairman, President
and CEO
Lon Biebighauser
Executive Vice President
Manager, Abilene
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
Matt Melbourne
Executive Vice President
Chief Operations Officer
Directors
Kirk W. Thaxton
Chairman, President and CEO
First Financial Trust & Asset
Management Company, N.A.
David Copeland, CPA
President
Shelton Family Foundation
F. Scott Dueser
Chairman of the Board,
President and CEO
First Financial Bankshares, Inc.
Advisory Director
John L. Beckham
Attorney, Beckham Rector and Eargle LLP
Christopher N. Montoya
Executive Vice President
Manager, Equities
Bill Rowe
Executive Vice President
Manager, Fixed Income
Bradley D. Brown
Senior Vice President
Manager, Beaumont/Orange
Josh Brown
Senior Vice President
Manager, Oil & Gas
Brent S. Miller
Senior Vice President
Manager, Houston
David B. Pitzer
Senior Vice President
Manager, Real Property
Zach Reyes
Senior Vice President
Manager, San Angelo
Michael Sierra
Senior Vice President
Manager, San Antonio
Jay Lawrence
President
MAL Enterprises, Inc.
David F. Lupton
President
Angelo Glass & Mirror Company. Inc.
Mark K. Rich
Director of Investments
Kimbell Art Foundation
Walter G. Riedel, III
Chairman of the Board
Nelda C. and H.J. Lutcher
Stark Foundation
Our line of business executives bring diverse
knowledge and expertise in their fields to our
company to ensure we have the best in staffing,
products and services for our customers. Their job
is to lead and upgrade our lines of business while
assisting our regional presidents to maximize the
utilization of those products and services. Our line
of business executives are key to the continued
growth and success of the Company and to our
commitment to put YOU FIRST.
Senior Officers
Monica Houston
Executive Vice President
Retail Banking and Training
Andrea Smiddy-Schlagel
Executive Vice President
Treasury Management
Michael Wolverton
Executive Vice President
Consumer Lending
Will Christoferson
Senior Vice President
Advertising and Marketing
Frank Gioia
Senior Vice President
Customer Care Center
Brandon Harris
Senior Vice President
Appraisal Services
Gary Milliorn
Vice President
Property Manager
Line of Business Executives :: Page 33
Front: Kirk W. Thaxton, F. Scott Dueser, Gary S. Gragg, Monica Houston
Middle: J. Bruce Hildebrand, Marna Yerigan, Lawrence B. Kentz, John Ruzicka
Back: Kyle McVey, Ronald D. Butler, Luke Longhofer, Randy Roewe
Front: Vianei Lopez Braun, F. Scott Dueser, Johnny E. Trotter
Middle: Mike Denny, David Copeland, April Anthony, Robert C. Nickles, Tim Lancaster
Back: Tucker S. Bridwell, Kade Matthews, Ron Giddiens, Ross H. Smith, Jr., Murray Edwards
Corporate Information
Board Of Directors
Officers
F. Scott Dueser
Chairman of the Board,
President and CEO
Ronald D. Butler II
Executive Vice President
Chief Administrative Officer
J. Bruce Hildebrand, CPA
Executive Vice President
Chief Financial Officer
Gary S. Gragg
Executive Vice President
Chief Lending Officer
Luke Longhofer
Executive Vice President
Chief Credit Officer
Randy Roewe
Executive Vice President
Chief Risk Officer
John Ruzicka
Executive Vice President
Chief Information Officer
Kirk W. Thaxton
Chairman, President and CEO
First Financial Trust
Monica Houston
Executive Vice President
Retail Banking and Training
Marna Yerigan
Executive Vice President
Lending
Lawrence B. Kentz
Senior Vice President
Chief Compliance Officer
Kyle McVey, CPA
Senior Vice President
Chief Accounting Officer
Corporate Information
ANNUAL MEETING
Tuesday, April 28, 2020
Abilene Convention Center
1100 N. Sixth St.
Abilene, TX 79601
10:30 a.m.
FOR FINANCIAL AND
INVESTOR INFORMATION:
J. Bruce Hildebrand, CPA
Executive Vice President
Chief Financial Officer
325.627.7155
SEND CERTIFICATES FOR
TRANSFER AND ADDRESS
CHANGES TO:
Continental Stock Transfer &
Trust Company
1 State Street
30th floor
New York, NY 10004
ADDRESS SHAREHOLDER
INQUIRIES TO:
Continental Stock Transfer &
Trust Company
1 State Street
30th floor
New York, NY 10004
TRANSFER AGENT
Continental Stock Transfer &
Trust Company
212.509.4000
www.contientalstock.com
CORPORATE OFFICE
400 Pine St.
Abilene, TX 79601
325.627.7155
800.588.7000
CORPORATE MAILING
ADDRESS
P.O. Box 701
Abilene, TX 79604
INDEPENDENT
PUBLIC AUDITORS
Ernst & Young LLP
NASDAQ: FFIN
www.ffin.com
COMMITTEE CHAIRMEN:
BOARD MEMBER
YEAR COMMITTEE
1. Executive Committee: F. Scott Dueser, Chairman
2. Audit Committee: David Copeland, Chairman
3. Compensation Committee: Tim Lancaster, Chairman
4. Nominating/Corporate Governance Committee:
Tucker S. Bridwell, Chairman
5. Bank Directors’ Loan Committee:
Murray Edwards, Chairman
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 “believes,” “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,
2019, deposit information compiled by the Federal Deposit Insurance Corporation.
F. Scott Dueser
Chairman of the Board,
President and CEO
First Financial Bankshares, Inc.
April Anthony
CEO
Encompass Home Health
Homecare Homebase
Vianei Lopez Braun
Chief Development Officer
Decker Jones, P.C.
Tucker S. Bridwell*
President
Mansefeldt Investment Corp.
David Copeland, CPA
President, SIPCO, Inc. and
Shelton Family Foundation
Mike Denny
President, Batjer and Associates
Murray Edwards
Principal, The Edwards Group
Ron Giddiens
Investments
Partner, D&G Consulting
Tim Lancaster
Former President and CEO
Hendrick Health System
Kade Matthews
Ranching and Investments
Robert C. Nickles, Jr.
Executive Chairman
Alegacy Group, LLC
Ross H. Smith, Jr.
President, Akrotex, Inc.
Owner, Sabine River Ford, Inc.
Johnny E. Trotter
President and CEO
Livestock Investors, Ltd.
* Lead Director
1991
2015
2020
1
2
3
2007
1, 4
1998
1, 2, 4
2019
2, 3, 5
2006
1, 2, 4, 5
2009
2, 5
2013
1, 2, 3, 4, 5
1998
2019
3
3
2014
3, 5
2003
1, 3, 4
Corporate Information :: Page 34
Board of Directors :: Page 35
400 Pine St., Abilene, TX 79601 | 325.627.7200 | ffin.com