TEXAS
STRONG
For 130 Years
2020 ANNUAL REPORT
TM.
,
2020
A YEAR UNLIKE ANY OTHER
$279,400
Local Lunches Provided
COVID-19:
From the beginning of the pandemic, we understood the importance of keeping our customers and employees safe while keeping our doors open and the
economy TEXAS STRONG. In early March, a Pandemic Taskforce was formed. We provided onsite COVID testing for our employees, vitamin and supplement care
packages, and work from home options. Over the first 45 days of the pandemic, each manager provided lunches for our employees still working in the office.
These lunches were from local restaurants and customers who needed our support to get through the initial stretch of the economic shutdown.
$703,450,000
Paycheck Protection Program Loan Dollars
A COMPANY UNLIKE
ANY OTHER
Strong Financial Performance, Capital, and Liquidity
In 2020, Truist analysts ranked First Financial in the top ten banks with the best relative credit loss history with the highest relative capital
levels within their coverage. Our extremely high percentage of capital to total assets of 15.39% outperforms our peers and this strong capital
position allows us to be a beacon of safety for depositors during trying times. We have excellent liquidity and are prepared to make new loans
and advances on existing lines of credit to take care of our customers’ liquidity, working capital, and expansion needs.
Safety Spanning 130 Years
We have always been safe, sound, and secure, which has helped us perform through the Great Depression, the Oil Bust, and numerous
economic recessions. In 2020, First Financial completed its 34th consecutive year of increased earnings.
SBA PAYCHECK PROTECTION PROGRAM:
In line with our Pandemic Taskforce, a Paycheck Protection Program Taskforce was formed so First Financial could be a leader in the industry. Working long
hours over nights, weekends, and even holidays, each region had a designated SBA PPP Champion that responded quickly to the SBA PPP program and funded
over 6,500 loans totaling more than $700 million. This not only took care of our existing customers but brought new loan and depository customers from other
banks that were not as well prepared to offer the PPP program or chose not to participate at all. More than 33% of First Financial PPP loans were made to
noncustomers who brought their entire relationship to First Financial because of our response and readiness to the PPP Program.
Top Rated Bank
Since 2009, only First Financial has been ranked one of the top seven best-performing banks in the nation by
Bank Director Magazine, ranking #1 twice. The rating is determined by First Financial’s financial strength and
safety based on factors such as capital, asset quality, profitability, risk management, and sound business practices.
$2,642,273,000
Asset Growth Across the Company
ORGANIC AND ACQUISITION ASSET GROWTH:
When combining 2020 organic loan and deposit growth, SBA PPP loan originations of $703,450,000, Main Street Lending program loan originations of
$141,950,000, and the acquisition of The Bank and Trust of Bryan/College Station of $631,100,000, First Financial set a record year with asset growth
of more than $2.6 billion.
In late 2020, First Financial was named to Newsweek’s inaugural listing of America’s Best Banks – 2021. Newsweek’s
ranking recognizes the financial institutions that best serve their customers’ needs in each state. First Financial was
recognized as the #1 Bank in Texas. Newsweek partnered with LendingTree, an online loan and financial services
marketplace, to create the inaugural list of America’s Best Banks. The partnership assessed 2,500 FDIC-insured financial
institutions on 55 separate factors, including accounts offered, fees, current and historical interest rates, account terms,
consumer service features, mobile app satisfaction ratings, response to the global pandemic, and overall bank profile in
order to develop best-in-class options across 19 categories.
2020 Highlights :: Page 2
2020 Highlights :: Page 3
FIRST FINANCIAL LEADING THE
WAY ACROSS TEXAS AND THE NATION
C
I
O
A
G
M
B
H
N
Leading the Way Across Texas :: Page 4
D
J
E
K
F
L
A) Stephenville Empire-Tribune – Community Choice Awards
Best Financial Institution, Best Mortgage Company, and Best Personal Loan Services
H) Cleburne Times Review
#1 Bank in Johnson County
B) Social Survey – Customer Satisfaction Awards
Corie O’Connor, Tammie Harding, Janet O’Dell, Ryan Craig, and Stephen Harding
I) Sweetwater Reporter – Reader’s Choice Awards
Best Bank, Best Mortgage Company, Best Financial Advisor - Wayne Chowning
Best Bank Teller - Crystal Martinez, and Best Banker - Rodney Foster
C) Weatherford Democrat – Reader’s Choice Awards
Best Financial Institution, Best Mortgage Lender - Jake Marshall, #1 Bank Teller - Brenda
Sommer, and #2 Bank Teller - Kristen Davis
J) Society Life Magazine – “Tops in Tarrant”
Southlake Region - Best Bank in Tarrant County
D) Scotsman Guide – Top Loan Originators
Corie O’Connor and Ryan Craig
K) Living Magazine – Reader’s Choice Awards
#1 Bank in Keller - Keller Branch - Southlake Region
E) The Eagle – Reader’s Choice Awards
Best Bank in Bryan/College Station
L) San Angelo Standard-Times – Reader’s Choice Awards
#1 Bank in Tom Green County
F) Abilene Reporter-News – Reader’s Choice Awards
Best Bank, Best Place to Work, Best Financial Planner, Best Mortgage Company
M) Mineral Wells Index – Reader’s Choice Awards
#1 Bank - Mineral Wells Division and #1 Banker - Matt Sudderth
G) Deaf Smith County Awards – Best of Hereford
Best Financial Institution, #1 Bank Teller - Darlene Bravo, #2 Bank Teller - Gabby Sanchez,
and #3 Bank Teller - Hope Martinez
N) Newsweek - #1 Bank in Texas
First Financial Bank
O) Bank Director Magazine – Top Rated Bank in the Country
First Financial Bank - The last 12 years
Leading the Way Across Texas :: Page 5
A LETTER TO OUR SHAREHOLDERS
Confronted by a global
pandemic, the shutdown of
the economy, lower oil and
gas prices, two hurricanes
and one tornado, we stayed
TEXAS STRONG during
2020: We kept our doors
open, served our customers
and communities, and
safeguarded the health of our
associates. By doing that,
we achieved extraordinary
organic asset growth of more
than $1.9 billion (excluding the
acquisition we made in January
of 2020).
We originated $703.5 million in Paycheck Protection
Program (PPP) loans, and $142.0 million in Main
Street Lending Program loans. (PPP, backed by the
Small Business Administration, was set up to help
businesses keep their workforces employed during
the COVID crisis. Main Street Lending, established
by the Federal Reserve, helped support lending
to small and medium-sized businesses that were
in sound financial condition before the pandemic
began.) We also originated $1.2 billion in secondary-
market mortgage loans for more than 4,400 families
across Texas, and we grew the market value of trust
assets managed to $7.5 billion.
Despite the challenges we faced, we ended 2020
with record annual earnings and entered 2021 with
strong momentum. Regarding this accomplishment,
I want to say that I couldn’t be prouder of our team
of professional bankers, who rose to the occasion to
make 2020 a very successful year.
We decided early on that—unlike many other banks
in the state—we were not going to lock our doors;
we would learn to manage through a pandemic,
and we would be here to serve our customers. To
keep our associates safe, we split the workforce in
our larger noncustomer-facing departments in half;
this enabled us to implement social distancing for
the on-site group, while the other half worked from
home. Acrylic sneeze guards were put at every teller
window and desk to protect our customers and
employees. We served lunch for 45 days to all our
employees so that they didn’t have to go out into
A Letter To Our Shareholders :: Page 6
the public for lunch; and we purchased these meals
from local restaurants so that we could support them
through the early days of the pandemic. We provided
our employees with on-site flu vaccinations, COVID
testing and COVID supplement and vitamin packs
to take each day to boost their immune systems.
We paid 100 percent of all medical costs related to
COVID, and we did not count sick or quarantined
days against our employees’ accrued sick leave. All
our buildings were deep-cleaned nightly and fogged
regularly to kill any viruses or other germs. We also
masked early and did a campaign (We’re Masking
for You; Will You Mask for Us?) to get customers
to mask when they came into the Bank. We urged
customers to do as many of their transactions
as possible using our drive-throughs, treasury
management products, ATMs and mobile and digital
banking platforms.
Additionally, we established a COVID task force
that met daily and then weekly to monitor the
pandemic and make decisions on how we could
keep our employees and customers safe; the task
force created a protocol for all associates to follow
and communicated with them consistently. Ron
Butler headed this committee, and he has done an
excellent job of making sure that employees who
contracted the virus or needed to be quarantined
stayed away from the workplace until they were
cleared to come back. Our goal the whole time has
been to make our workplace the safest place for our
employees and customers to be.
I was pleased to serve on the Governor’s Strike
Force to Open Texas shortly after the shutdown. I
was very impressed with the Governor’s knowledge,
leadership and plan to safely open the state to get
the Texas economy back on track while keeping
hospitalizations to a minimum. The Governor’s
plan worked, and the Texas economy continues
to improve.
RECOGNITION
In July 2020, Bank Director Magazine named
First Financial Bankshares, Inc. the number three
top-performing publicly traded U.S. bank in the
$5–$50 billion asset category. The magazine’s annual
scorecard ranks all publicly traded banks, grouped
into four asset-size categories, on the basis of
profitability, capital, capital adequacy and asset
quality. We accepted this honor with great humility
and were extremely gratified to have been the only
bank rated among the top seven in the nation for
the past 12 consecutive years, twice being ranked
number one.
In October 2020, First Financial Bank, N.A. was
named to the Newsweek inaugural listing of America’s
Best Banks. Newsweek’s ranking recognizes the
financial institutions that best serve their customers’
needs in each state. The magazine selected First
Financial as the number one bank in Texas, an honor
we attribute to the efforts of our officers, employees
and board members to put our customers and
communities first through our TEXAS STRONG
initiative. For more than 130 years, First Financial
has weathered each storm it has faced and has kept
the bank’s doors open so its customers could do
the same.
FINANCIAL RESULTS
Last year marked our 34th consecutive year of
increased earnings. Net income for 2020 grew 22.6
percent to $202.0 million from $164.8 million in 2019.
Contributing to this increase were the acquisition of
TB&T Bancshares, Inc.; fees from the PPP and Main
Street Lending programs and secondary-market
mortgage loans; and significant growth in interest-
earning assets for the year. Diluted earnings per share
for 2020 rose to $1.42 from $1.21 in 2019. With the
Federal Reserve’s reduction in interest rates, our net
interest margin decreased to 3.79 percent from 3.98
percent in 2019. (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 89th
percentile of our peer group of banks.
The provision for credit losses increased to $19.5
million from $3.0 million in 2019. This large increase
was due primarily to the economic uncertainty caused
by the pandemic and by the adoption of a new
accounting standard for estimating allowances for
credit losses. (This accounting standard, issued by
the Financial Accounting Standards Board and called
Current Expected Credit Losses [CECL], requires
companies to calculate their bad debt reserves using
forward-looking information. Before CECL, companies
were permitted to estimate their incurred bad debt
reserves using historical data.) Nonperforming assets
as a percentage of loans and foreclosed assets totaled
0.83 percent at December 31, 2020, compared with
0.61 percent at December 31, 2019. Classified loans
totaled $197.5 million at year-end 2020 compared
with $140.7 million a year earlier.
Noninterest income grew 29.1 percent to $139.9
million from $108.4 million. The growth was due
primarily to large increases in the gain on sale of
secondary-market mortgage loans. Noninterest
expense rose 16.0 percent to $227.9 million from
$196.5 million. That increase was due mainly to the
acquisition; and to growth in salaries, mortgage
incentives and profit sharing.
We again outperformed our peer group of banks on
several key financial metrics. Our return on average
assets was 1.98 percent compared to 0.71 percent
for our peers. Return on average equity was 12.93
percent versus our peers’ 6.29 percent. Our efficiency
ratio, which expresses expenses as a proportion of
tax-equivalent revenues, was again solid last year at
45.49 percent, as opposed to our peers’ average of
61.58 percent.
Expansion of our balance sheet last year reflected the
acquisition of TB&T Bancshares, Inc. and outstanding
organic growth. Consolidated assets increased 32.0
percent to $10.9 billion from $8.3 billion at the end of
2019. Loans grew 23.3 percent to $5.2 billion from
$4.2 billion, largely because of the acquisition and the
PPP loans. Deposits increased 31.4 percent to $8.7
billion from $6.6 billion. Shareholders’ equity at year-
end was $1.7 billion, up 36.7 percent from $1.2 billion
at year-end 2019.
First Financial Trust & Asset Management again
delivered solid results, which were fueled by a large
growth in trust assets. Total trust assets under
management at year-end reached a book value of $5.4
billion, an 11.2 percent increase from $4.9 billion at
the end of 2019. The market value of the trust assets
totaled $7.5 billion, up 11.3 percent from $6.8 billion
at year-end 2019. Total trust fee income for 2020 grew
as well—to $29.5 million from $28.4 million—but that
increase amounted to only 4.0 percent because of
a $1.0 million decrease in oil and gas income. The
trust company’s net after-tax earnings increased 4.2
percent to $14.5 million from $13.9 million.
STRATEGIC ACQUISITION
On January 1, 2020, we completed the acquisition
of TB&T Bancshares, 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.
A Letter To Our Shareholders :: Page 7
the two buildings we have across the street. A state-of-
the-art, 8,850-square-foot building will house all of our
Huntsville employees to better serve our customers with
the latest in technology. There will also be a deposit-
taking ATM and five drive-through lanes with one wider
lane designed for large trucks. A fourth-quarter 2021
opening is anticipated.
STRATEGIC ACQUISITION (CONTINUED)
In accordance with the terms of the definitive
agreement, we issued to the shareholders of TB&T
Bancshares 6.3 million shares of First Financial
common stock with a value of $220.3 million. This
higher purchase price reflected the increase in our
stock price between the time of the agreement and
the time of closing. In addition, under the agreement
and prior to closing, TB&T Bancshares paid a special
dividend to its stockholders totaling $2.0 million. 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.
Also in February 2021, First Financial Trust & Asset
Management announced the opening of its 10th trust
office, in San Antonio, to serve Bexar County and the
surrounding areas. Located at 9601 McAllister Freeway,
Suite 1204, the office is managed by Senior Vice
President Michael Sierra.
In April 2021, the Company will expand into a
52,800-square-foot newly remodeled operations center
which will house our Technology, Training and Call
Centers. This state-of-the-art building will provide the
latest in security, safety, connectability and audio/visual
capabilities while being very energy efficient. The new
center will meet the needs of our growing company
through the coming years. We are in the process
of leasing the space formerly occupied by these
departments in our corporate headquarters building at
400 Pine Street in Abilene.
During 2020, we completed retrofitting our locations
with LED fixtures and high-efficiency mechanical
systems to reduce electrical costs and meet
environmental standards. Although we added six
additional buildings during the year, our energy costs
went down by more than $100 thousand.
MANAGEMENT CHANGES
In April 2020, the Company announced the selection of
James R. Gordon as Executive Vice President and Chief
Financial Officer to replace J. Bruce Hildebrand upon
his retirement in August 2020. James’s vast banking,
accounting and public company knowledge, and his
expertise and experience especially with banks having
assets of more than $10 billion, will be instrumental
in helping the Company navigate its way now that it
has assets greater than $10 billion and is subject to
additional laws and regulations.
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 have the TB&T team as part of the First
Financial family. This well-managed, high-performing
bank, in the high-growth Bryan/College Station market,
has been an excellent addition to our company. TB&T
has incorporated into its offerings additional products
and services from First Financial (including state-of-the-
art mobile banking, treasury management, secondary-
market mortgage loans, trust services and a larger
lending capacity), making the bank more competitive.
We expect this new, 12th region to continue to grow
and contribute nicely to our bottom line.
REAL ESTATE ACTIVITIES
In April 2020, the mortgage division of the bank
announced that it had expanded into Austin with a new
mortgage office located at 13215 Bee Cave Parkway,
Building A, Suite 242. The office is managed by Irene
Green, Senior Vice President of Mortgage Lending.
In February 2021, we held the groundbreaking
ceremony for a new location in Huntsville to replace
A Letter To Our Shareholders :: Page 8
In May 2020, David W. Bailey was promoted to
Executive Vice President and Senior Lender for the
Abilene Region while still serving as CEO of the
Eastland Division, and Candi Kanady was promoted
to President of our Eastland Division. David holds a
Bachelor of Business Administration/Finance degree
from McMurry University, and Candi holds a Bachelor
of Business Administration degree from Tarleton State
University. Both started with the Bank right out of
college in entry-level positions, were promoted through
numerous positions in the Bank, and are two of the
seven regional Presidents and CEOs who have excelled
through our internal management training programs.
In June 2020, Patricia Schulz was named Executive
Vice President of Human Resources. Pat came to
First Financial with more than 30 years of experience
as a Chief Human Resources Officer and Consultant.
She has led the Human Resources Departments
for large companies and holds several professional
designations, including Society for Human Resources
Management Senior Certified Professional and
Senior Professional of Human Resources. Her
extensive background in diversity and inclusion will
complement the Company’s efforts in developing a
team of dedicated and professional bankers that is also
more diverse.
In August 2020, Will Christoferson was promoted to
Executive Vice President of Marketing from Senior Vice
President. Will has done an excellent job of enhancing
our marketing and advertising throughout the Company
while trimming costs and making his department more
efficient. Before joining First Financial, Will spent a
decade at a large bank specializing in consumer, small
business and commercial lending, where he developed
expertise in marketing and business development. He
is an Abilene native and holds a Bachelor of Fine Arts
degree from Abilene Christian University.
In December 2020, Shelley Dacus added the title of
CEO to her existing title of President of our Kingwood
Region. Shelley has had more than 16 years of banking
experience and was part of the team at Commercial
State Bank, which First Financial Bank acquired in 2018.
Shelley holds a Bachelor of Business Administration/
Finance degree from Sam Houston State University;
she is also a graduate of the University of Wisconsin’s
Graduate School of Banking and the Texas Bankers
Association’s Management Development Program.
In January 2021, Nora P. Thompson was promoted to
President of First Financial Bank, Bryan/College Station
Region. Nora has more than 30 years’ experience
in financial services and mortgage lending. Prior to
its acquisition, she was a key part of the leadership
team of TB&T, where she served as Executive Vice
President and Senior Lender. She is a graduate of the
Southwestern Graduate School of Banking at Southern
Methodist University and is the fourth female to be
promoted to regional President in our company.
Pat Schulz
Will Christoferson
David Bailey
Candi Kanady
Nora Thompson
Shelley Dacus
DIVERSITY AND INCLUSION
28% | 72%
EMPLOYEE DIVERSITY
RACIAL MINORITIES
FEMALE 72.2%
MALE 27.8%
30.5% MINORITY
1,488 EMPLOYEES
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. We believe
that 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 our diversity programs, we
have been able to promote our fourth female regional
president, as well as elect our second female director
to First Financial Bankshares’ board. We also continue
to refresh and diversify our regional boards, which are
made up of the movers and shakers of each of the
A Letter To Our Shareholders :: Page 9
DIVERSITY AND INCLUSION (CONTINUED)
communities we serve. We appreciate the participation
of the fine men and women who serve on our boards;
their expertise and guidance bring us many benefits.
We highlight the importance of diversity and inclusion
to our company on page 11, where we present our
2020 Shining Stars. This program recognizes the
dedicated and professional First Financial bankers who
have demonstrated consistent excellence in living our
Customer Service First philosophy. They perform at
the highest level, maintaining positive attitudes and a
proactive approach to accomplishing our mission. Of
the 15 professional bankers selected for this award,
nine are women and eight are minorities, which
proves that diversity efforts bring quality people to our
company. We recognize and celebrate them for what
they do to make this company great.
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 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 she 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. We are
honored to have Vianei on two of our boards.
LOOKING AHEAD
Unquestionably, 2020 threw a great many challenges at
us, but we were still able to create many opportunities
for our customers, our communities, our associates
and our company to move forward. Our Horst
Schulze training, mission and vision statements and
21 nonnegotiables kept our entire team focused on
excellence. With our acquisition of TB&T, the $1.9
billion of organic asset growth and the strength of
the Texas economy, we rolled into 2021 with a great
deal of momentum. Naturally, we hope the pandemic
will be over soon. But even if it isn’t, we will continue
pursuing our bedrock goals: 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 believe the outlook for First Financial Bankshares
is good. We continue to improve our bottom line by
growing loans and deposits, enhancing noninterest
income and controlling expenses. As in the past,
we are proceeding strategically on the acquisitions
front. We are searching diligently to acquire, at the
right price, well-managed banks that fit our culture
and will bring long-term value to our company. I am
pleased to say that conversations that were going on
prior to the pandemic have restarted, and I think that
we, along with banks all across this nation, will see
continued consolidation.
Our accomplishments and strong performance,
especially during a trying year, did not just happen on
their own, but rather came 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. They went well beyond the call of
duty in providing our customers and communities with
exceptional service last year, and I thank each one of
them. Thank you also to our stockholders, who are so
loyal and supportive of our company. We never forget
that we work to put You First.
F. Scott Dueser
Chairman, President and CEO
Vianei Lopez Braun
A Letter To Our Shareholders :: Page 10
THE 2020 SHINING STARS
The FFIN Shining Star Program recognizes dedicated and professional bankers that have demonstrated consistent excellence in
fulfilling our Customer Service First Philosophy. They perform at the highest level, doing so while maintaining positive attitudes and
a proactive approach to accomplishing our mission. The First Financial Shining Stars represent our company well, honoring our
long-standing reputation by acting with unmatched professionalism, a relentless work ethic, and an ongoing desire to build, improve,
and refine relationships with both customers and fellow employees. We are so proud of our 2020 Shining Stars:
Sabas Sanchez
First Financial Bankshares
Landon Hammond
Abilene Region
Cameron Comire
Bryan/College Station Region
Angie Bearden
Cleburne Region
Jasmine Lawrence
Conroe Region
Derrick Saucedo
Eastland Region
Dominique Caballero
Hereford Region
Motsy Quintero
Kingwood Region
Kelly Farmer
San Angelo Region
Sandra Martinez
Southlake Region
Karen Wilson
Stephenville Region
Patrick Fahy
Sweetwater Region
Eric Belmares
Weatherford Region
Nicole Minyard
First Financial Trust
Rikki Santibanez
First Technology Services
2020 WALTER JOHNSON AWARD
The Walter Johnson Award is the Company’s highest honor bestowed upon
a person who has contributed greatly and advanced our company to new
heights for customers, shareholders, and employees just as Walter Johnson
did. The Award has been given only eight times in the last 15 years and
is bestowed for the ninth time to Sabas Sanchez, Vice President of SBA
Lending for the Company. Sabas joined the Company in 2015 in our loan
documentation preparation department and progressed through the Analyst
Program. In 2018, he was promoted to oversee SBA lending for the Bank.
His attention to detail and work ethic prepared him for what was to come
in 2020 with SBA lending. His knowledge was paramount to enable us to
get out in front of the other banks and create a positive plan that he and
Luke Longhofer put together to execute the Paycheck Protection Program.
Facilitating a brand new government program literally overnight with new
rules every day was a challenge, but it was one Sabas met head-on to pay
dividends for our customers, communities, shareholders, and his fellow
employees. Sabas is one of many young professionals who continue to
make a difference in our company and has proven that every opportunity
exists to progress their careers. When we think of Walter Johnson and
TEXAS STRONG Bankers, we think of Sabas Sanchez.
2020 Shining Stars & Walter Johnson Award :: Page 11
FIRST FINANCIAL FOOTPRINT
FIRST FINANCIAL BANK LOCATIONS
Amarillo
Abilene
Dallas
Fort Worth
Odessa
San Angelo
Waco
Bryan /
College
Station
Austin
Huntsville
Conroe
Orange
San Antonio
Houston
First Financial Footprint :: Page 12
Abilene ........... 325.627.7200
Eastland ......... 254.629.6188
Odessa ........ 432.367.8900
Acton .............. 817.573.6900
El Campo ...... 979.543.6441
Orange ........... 409.883.3563
Albany .............. 325.627.7905
Fort Worth ..... 817.410.4979
Palacios ......... 361.972.2585
Aledo .............. 817.341.5200
Glen Rose ........ 254.897.4808
Port Arthur ..... 409.736.5951
Alvarado ......... 817.774.5150
Granbury ........ 817.573.6900
Ranger ............ 254.629.6729
*Austin ............ 512.422.1782
Grapevine ...... 817.722.8980
Rising Star ..... 254.629.6703
Beaumont ...... 409.600.6456
Hereford ......... 806.363.8200
Roby ............... 325.776.2261
Boyd ............... 940.683.8760
Huntsville ...... 936.295.2224
San Angelo .... 325.659.5900
Bryan
............ 979.260.2100
Katy-Fulshear .. 281.346.0221
Southlake ...... 817.410.2915
Bridgeport ..... 940.683.8700
Keller ............. 817.329.8625
Spring ............. 346.328.6910
Brock ............. 817.596.0307
Kingwood ...... 281.318.4600
Stephenville ... 254.965.5036
Burleson ........ 817.774.5175
Magnolia ....... 936.273.4700
Sweetwater ... 325.235.6600
Cisco .............. 254.629.6111
Mauriceville ... 409.745.3755
Tomball .......... 281.516.7835
Cleburne ........ 817.774.5100
Merkel ........... 325.928.1111
Trent .............. 325.862.6121
Clyde .............. 325.627.7910
Midlothian ..... 972.723.7100
Trophy Club .... 817.329.8615
College Station... 979.260.2100
Mineral Wells .. 940.327.5400
Vidor ............... 409.769.8478
Conroe ............ 936.760.1888
Montgomery .. 936.597.5997
Waxahachie ... 972.723.7100
Cut and Shoot .... 936.788.2121
Moran ............ 325.627.7953
Weatherford ... 817.598.2500
*Dallas
.......... 972.385.8239
Newton ......... 409.224.7506
Willis ............. 936.890.3500
Decatur .......... 940.683.8780
New Waverly .. 936.439.1870
Willow Park ... 817.598.2780
*Mortgage Loan Office
FIRST FINANCIAL TR UST LOCATIONS
Abilene
400 Pine Street, Suite 300
325.627.7100
Beaumont
3515 Dowlen Road
409.600.6460
Bryan/College Station
1716 Briarcrest Drive, Suite 400
979.260.2134
Fort Worth
1000 Forest Park Blvd., Suite 200
817.410.4970
Houston
24080 Hwy 59 North, Suite 200
281.318.4625
Odessa
3555 Billy Hext Road
432.367.8900
San Angelo
222 S. Koenigheim St.
325.659.5987
San Antonio
9601 McAllister Freeway, Suite 1204
210.912.9662
Stephenville
2201 W. South Loop
254.918.6262
Sweetwater
201 Elm Street
325.235.6644
First Financial Locations :: Page 13
FINANCIAL HIGHLIGHTS
IN THOUSANDS (except for share data)
IN THOUSANDS (except for share data)
FOR THE YEAR
Net Income
2020
2019
% INCREASE
AT YEAR-END
2020
2019
% INCREASE
$202,034
$164,812
22.58%
Assets
$10,904,500
$8,262,227
31.98%
Diluted Earnings (PER SHARE)
$1.42
$1.21
17.36%
Securities
$4,393,029
$3,413,317
28.70%
Dividends Declared
$72,494
$63,135
14.82%
Dividends (PER SHARE)
$0.51
$0.47
8.51%
KEY RATIOS
Return On Avg. Assets
Return On Avg. Equity
Year-End Equity/Assets
Efficiency
1.98%
12.93%
15.39%
45.49%
2.08%
14.37%
14.85%
48.61%
Loans, HFI
Deposits
$5,171,033
$4,194,969
23.27%
$8,675,817
$6,603,806
31.38%
Shareholders’ Equity
$1,678,190
$1,227,197
36.75%
Book Value Per Share
$11.80
$9.03
30.68%
Trust Assets (Book Value)
$5,397,555
$4,855,736
11.16%
NET INCOME (in thousands)
AVERAGES - FOR THE YEAR
2016
$104, 774
2017
$120,371
2018
$150,638
2019
$164,812
2020
$202,034
Assets
Securities
Loans
Deposits
$10,193,515
$7,939,122
28.40%
$4,116,345
$3,283,398
$5,152,531
$4,074,667
25.37%
26.45%
$7,981,450
$6,345,755
25.78%
Shareholders’ Equity
$1,562,010
$1,146,567
36.23%
SELECTED FINANCIAL DATA
IN THOUSANDS (except for share data)
YEAR-END
TOTAL ASSETS
SHAREHOLDERS’
EQUITY
NET INCOME
DILUTED
EARNINGS
(PER SHARE)
CASH
DIVIDENDS
(PER SHARE)
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
$4,120,531
$508,537
$68,369
$0.55
$4,502,012
$556,963
$74,225
$0.59
$5,222,208
$587,647
$78,868
$0.62
$5,848,202
$681,537
$89,559
$0.70
$6,665,070
$804,986
$100,381
$0.78
$6,809,931
$837,885
$104,774
$0.80
$7,254,715
$922,768
$120,371
$0.91
$7,731,854
$1,053,295
$150,638
$1.11
$8,262,227
$1,227,197
$164,812
$1.21
$10,904,500
$1,678,190
$202,034
$1.42
$0.24
$0.25
$0.26
$0.28
$0.31
$0.35
$0.38
$0.41
$0.47
$0.51
Ten-Year
Compound
Growth Rate
10.22%
12.68%
11.44%
9.95%
7.83%
Adjusted for stock dividends and splits
STOCK
DIVIDENDS
AND SPLITS
3/2 split
–
–
2/1 split
–
–
–
–
2/1 split
–
–
YEAR-END
BOOK VALUE
(PER SHARE)
YEAR-END
MARKET VALUE
(PER SHARE)
$4.04
$4.42
$4.59
$5.32
$6.10
$6.34
$6.97
$7.77
$9.03
$8.36
$9.76
$16.53
$14.94
$15.09
$22.60
$22.53
$28.85
$35.10
$11.80
$36.17
11.31%
15.77%
2020 COMMON STOCK MARKET VALUE AND DIVIDEND DATA
NET INTEREST MARGIN
QUARTER
HIGH
LOW
CLOSE
DIVIDENDS
Fourth
Third
$36.43
$27.49
$36.17
$0.13
$32.80
$26.71
$27.91
$0.13
Second
$33.81
$23.44
$28.89
$0.13
First
$35.94
$20.70
$26.84
$0.12
2016
4.08%
2017
4.01%
2018
3.96%
2019
3.98%
2020
3.79%
RETURN ON AVERAGE EQUITY
EFFICIENCY RATIO
2019 COMMON STOCK MARKET VALUE AND DIVIDEND DATA
RETURN ON AVERAGE ASSETS
2016
12.36%
2017
13.63%
2018
15.37%
2019
14.37%
2020
12.93%
2016
49.22%
2017
49.26%
2018
49.72%
2019
48.61%
2020
45.49%
QUARTER
HIGH
LOW
CLOSE
DIVIDENDS
Fourth
Third
$36.45
$32.01
$35.10
$0.12
$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
2016
1.59%
2017
1.72%
2018
1.98%
2019
2.08%
2020
1.98%
Financial Highlights :: Page 14
Financial Highlights :: Page 15
ABILENE REGION
Abilene | Clyde | Moran | Albany | Odessa | Eastland | Ranger | Rising Star | Cisco | Sweetwater | Merkel | Trent | Roby
ABILENE REGION (CONTINUED)
Abilene Senior Officers
Abilene Regional Directors
Eastland Senior Officers
Eastland Division Directors
Ronald D. Butler II
Chairman and CEO
Marelyn Shedd
President
David W. Bailey
Executive Vice President
Senior Lender
Timothy Collard
Executive Vice President
Commercial Lending
Janet O’Dell
Executive Vice President
Mortgage Loans
Charles E. Tennesson
Executive Vice President
Chief Operations Officer
Dayton Borger
Senior Vice President
Vanessa Faz
Senior Vice President
Patty Fuentes
Senior Vice President
Jim Goldston
Senior Vice President
Landon Hammond
Senior Vice President
Evan Harris
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
Dennis Tarrant
Senior Vice President
Steve Waller
Senior Vice President
Ronald D. Butler II
Chairman and CEO
Marelyn Shedd
President, Abilene
Katie Alford
President and CEO
Community Foundation of Abilene
Tucker S. Bridwell
President
Mansefeldt Investment Corp
Paul Cannon
Shareholder, President McMahon,
Surovik, Suttle, P.C.
David L. Copeland
President, Sipco, Inc. and
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
Geoff Haney
President, CEO, Partner
Cape and Son Commodity
Merchandising
Kirk Massey
Investments
Stanley Morris, Jr.
Investments
Tim Lancaster
Former President and CEO
Hendrick Health System
Leigh Taliaferro, M.D.
Physician
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2019
$2,725,127
$1,052,256
$2,138,476
$53,092
Dec. 31, 2020
$3,057,624
$1,180,748
$2,398,812
$59,108
2.03%
2.02%
42.33%
40.90%
Resilience and Responsibility are the two words that come to mind when
describing the year 2020. In the face of a global pandemic, the Abilene Region of
First Financial had a record year in many key areas, and 2020 provided new ways
for each First Financial employee to be there for our customers when they needed
us most. We are proud to have assisted a record number of mortgage
customers in buying or refinancing their homes. In addition to our
record mortgage growth, the Abilene Region stepped up to become
the area’s leading Paycheck Protection Program Loan provider and
mitigate our business customers’ risk by offering state-of-the-art
treasury management products and services. Our commitment to
our customers remains steadfast, and your First Financial Banker
stands ready to keep you, your business, and your household
TEXAS STRONG. At First Financial, YOU are the reason for our
success. That is why we always put You First.
David W. Bailey
CEO, Eastland Division
Candi Kanady
President, Eastland Division
Jay Kidwell
Executive Vice President
Commerical Lending
Steve Simmell
Senior Vice President
Devin Koenig
Owner
Plexus Healthcare
Jim Moylan, Jr.
Partner
MOTEC, Ltd.
David W. Bailey
Eastland Division CEO
Marelyn Shedd
Abilene Region President
Jim Farrar
Attorney
Jim Keffer
EBAA Iron Sales, Inc.
MOTEC, Ltd.
Sweetwater Senior Officers
Sweetwater Division Directors
Joseph Crouch
President, Sweetwater Division
Rodney Foster
Executive Vice President
Commercial Lending
Debbie Anthony
Senior Vice President, Retail Manager
Thea Hernandez
Senior Consumer Lender
Joseph Crouch
Sweetwater Division President
Larry May
May & Hrbacek CPAs
Marelyn Shedd
Abilene Region President
Donna J. Boatright
Healthcare and
Quality Consultant
Thomas L. Rees, Jr.
Rees, Rees, & Fuller
Attorneys
Louis Brooks, Jr.
Ranching
Jeff Branson
General Partner
Williamson-Branson Real Estate
Jay Lawrence
President
MAL Enterprises.
Candi Kanady
President,
Eastland Division
David W. Bailey
CEO, Eastland Division
Joseph Crouch
President,
Sweetwater Division
Abilene Region :: Page 16
ABILENE MAIN OFFICE
400 Pine St. | Abilene, TX 79601 | 325.627.7200
EASTLAND OFFICE
201 E. Main St. | Eastland, TX 76448 | 254.629.6100
SWEETWATER OFFICE
201 Elm St. | Sweetwater, TX 79556 | 325.235.6600
Bank Information :: Page 17
BRYAN/COLLEGE STATION
Bryan | College Station
CLEBURNE REGION
Cleburne | Burleson | Alvarado | Midlothian | Waxahachie
After closing on the sale of The Bank & Trust to First Financial on January 1st, we
began the process of melding into our new bank culture. Amid these changes,
we found ourselves at the beginning of the COVID pandemic while preparing
for the preplanned April system conversion. In the initial phase of the SBA’s
Paycheck Protection Program, we were pleased to loan $69 million to business
customers and prospects in Bryan and College Station. Many of our
local competitors chose not to participate in this program, so our
willingness to do so resulted in very appreciative customers and
new business from other banks. We are so pleased that our First
Financial merger supplied us with a more robust consumer lending
program, and we are already benefiting from these additions. We
have added to our Consumer Lending team and are now offering
home equity lines of credit at very attractive terms. With the
sophistication of First Financial’s systems and processes, our
residential mortgage loan production has also skyrocketed. We are
very excited to have a First Financial Trust office located in Bryan,
led by Jeff Wind, as we have always needed a trust officer to take
care of our current and future customers. Joining this top-rated,
first-class banking organization in First Financial has more than set
us up for continued success: for our customers, the community, and
our employees.
MAIN OFFICE
1716 Briarcrest Dr. Ste 400 | Bryan, TX 77802 | 979.260.2100
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2019
$505,423
$205,714
$443,079
Dec. 31, 2020
$649,128
$227,069
$579,023
$8,497
$10,020
1.84%
1.99%
52.70%
48.57%
Ivan M. Olson
CEO
Senior Officers
Austin Elsner
Chairman, President and CEO
Russell Phillips
Executive Vice President
Commercial Lending
Chris Schjetnan
Executive Vice President
Alecia Bland
Senior Vice President
Jaye Weishuhn
Senior Vice President
Chief Operations Officer
Kim Hamilton
Senior Vice President
John Knight
Senior Vice President
John Saenz
Senior Vice President
Stacey Sloan
Senior Vice President
IN THOUSANDS
ASSETS
LOANS
Dec. 31, 2019
$631,100
$455,400
Dec. 31, 2020
$891,563
$470,443
DEPOSITS
$551,900
$665,355
*Acquisition Date of Jan. 1, 2020
Senior Officers
Timothy N. Bryan
Chairman
Ivan M. Olson
CEO
Nora Thompson
President
Regional Board of Directors
Timothy N. Bryan
Chairman
Ivan M. Olson
CEO
Brian Barrett
President Kurten Farms, Ltd.
R. Sid Cauthorn
Westex Bancorp
Bryan/College Station Region :: Page 18
Jerry E. Fox
Executive Vice President
Chief Operations Officer
J. Cal McNeill
Executive Vice President
Joe Salvato
Executive Vice President
Austin W. Bryan
Senior Vice President
David Stennis
Senior Vice President
Melanie N. Motley
Senior Vice President
Robert Olivarez
Senior Vice President
Janet B. Prater
Senior Vice President
Ronnie L. Craig
Thompson, Derrig, & Craig CPAs
F. Scott Dueser
First Financial Bankshares, Inc.
Lynn Elliott
Lometa Petroleum Corporation
Charles A. Ellison
Attorney at Law
President and Founder, The Ellison Law Firm
James R. Gordon
First Financial Bankshares, Inc.
Lawrence B. Hodges Jr.
H&B Copies Inc., Copy Corner
Hank McQuaide
Berkshire Hathaway, Caliber Realty
William L. Rayburn, MD
Chief Medical Officer Baylor Scott &
White Health College Station Region
Regional Board of Directors
Austin Elsner
Chairman, President and CEO
Cathy Altman
Attorney
Carrington Coleman, LLP
Ray Beavers
Retired
General Manager and CEO
United Cooperative Services
Ronald D. Butler II
First Financial Bankshares, Inc.
Jack Scott
Bell-Scott Insurance Group
Robert Childress III
Childress Engineers
Mark Hill
Utility Construction Consultant
Tim Lyness
Lyness Construction, LP
As we reflect on 2020, we are grateful for our customers, employees, and communities. The
history books will tell the story of the COVID pandemic, economic headwinds and tailwinds, and
unprecedented political strife. At the same time, mothers and fathers will whisper to future generations
how the pandemic changed the world. Many realities and lives will never be the same. We are fortunate
to report that even during these unprecedented and historical times, First Financial Bank and the
Cleburne Region had a tremendous year. Refined and purified like gold and silver in a fire,
we learned a tremendous amount about ourselves and our communities. Resiliency and
adaptability provided advantages for our organization when peers remained on the
sidelines. Our mortgage business had record growth, and our team was ready to assist
when our community needed us most. Our 21 nonnegotiables serve as a daily reminder
of how we must act both at the workplace and in our communities. Our Credo, “We are
professional bankers building relationships and serving our communities,” helps us stay
the course and reminds us why we are here: to put You First.
Austin Elsner
Chairman, President and CEO
Cleburne Region :: Page 19
CONROE REGION
FORT WORTH REGION
Kirby Cason
President,
Huntsville Division
2020 handed us unprecedented challenges with the COVID pandemic. These challenges
resulted in widespread unemployment, an uncertain economic outlook, and the need to
distribute government stimulus to businesses and households. While many banks closed
their lobbies and refused to participate in the government Paycheck Protection Program,
I am proud to say that First Financial Bank stood firm on the front lines. We kept our
lobbies open and available to everyone, and we were one of the largest producers
of Paycheck Protection Loans in Texas. The Conroe Region alone met our
customers’ needs by growing net loans in excess of $40 million. With our
branches open for business and our lenders available to all, our regional
deposits surged over $125 million. This growth also accounted for a record
increase of 1,411 net new accounts. Our region also produced a record
number of new mortgage loans, helping customers in Montgomery and
Walker counties live their dreams of homeownership in a time of extremely
low interest rates. We look forward to 2021 and another great year of growth
and earnings by putting You First and staying
TEXAS STRONG!
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
Regional Board of Directors
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2019
$652,666
$501,385
$529,660
Dec. 31, 2020
$795,138
$541,651
$653,905
$12,150
$14,601
1.86%
1.96%
55.27%
49.88%
Senior Officers
Sam W. Baker
Chairman, President and CEO
Kirby Cason
President, Huntsville Division
G. Bart Griffith
Executive Vice President
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
Carissa Parker
Senior Vice President
Cody Sundbeck
Senior Vice President
Kyle Whisenhunt
Senior Vice President
Regional Board of Directors
Sam W. Baker
Chairman, President and CEO
Candyce F. Dixon
CPA
James R. Gordon
First Financial Bankshares, Inc.
Randy Roan
Commercial Construction
Kirby Cason
President, Huntsville Division
Donnie Buckalew
Buckalew Chevrolet
John J. Certa, Jr.
Owner
Team Auto Group
Chris deMilliano
Operations Manager
Steely Lumber Company
Conroe Region :: Page 20
Dan Dominey
DBD Interests
Lloyd Tisdale
Investments
Curtis Montgomery, MD
Physician
Robert Pate
Retired President - Huntsville
John Sebastian
Conroe Golf Cars
F. Scott Dueser
First Financial Bankshares, Inc.
Johnny Peet Jr., M.D.
Physician
Robert C. Ernst Jr.
Owner
Ernst Jewelers
IN THOUSANDS
ASSETS
LOANS
Dec. 31, 2019
$175,789
$164,706
DEPOSITS
$73,299
Dec. 31, 2020
$219,495
$209,733
$84,960
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
$1,369
$2,561
2.20%
3.54%
66.05%
49.88%
Senior Officers
Marcus Morris
President and CEO
Carley Dyck
Senior Vice President
Chief Operations Officer
Murray Edwards
Chairman of the Board
Principal, The Edwards Group
Marcus Morris
President and CEO
Larry Anfin
Past CEO
Coors Distributing of Fort Worth
Vianei Lopez Braun
Chief Development Officer
Decker Jones, P.C.
Hesper Derrick
Senior Vice President
Pamela Terry
Senior Vice President
Smith A. Brownlie III
CPA and Co-Founder
Brownlie & Braden
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
Matt Morris
Area President
HUB Fort Worth/Gus Bates Insurance
Paul Poston
President
Wellington Insurance
2020 offered every emotion in the book. We experienced the highs associated with growing the
First Financial Bank brand in Fort Worth, but we also shared the lows with our customers and teammates
throughout the year. Over the course of the year, the Fort Worth team processed millions of dollars in
PPP loans, assisted in record mortgage production, expanded the Company’s footprint, and
most importantly, was there to provide support for each customer. I am so proud of the grit and
resilience of our team. There were times where we were knocked down to bare bones just
like many of our customers due to quarantines, ill family members, and all the other curve
balls life could throw, but our team was committed to the standard we set: Excellence. Even
though excellence took many different shapes in 2020, our staff consistently did whatever it
took to take care of our customers, shareholders, and each other. I could not be any prouder
of the work they did and what we accomplished together.
Marcus Morris
President and CEO
MAIN OFFICE
1000 Forest Park Blvd | Fort Worth, TX 76110 | 817.410.4979
Fort Worth Region :: Page 21
HEREFORD REGION
2020 was truly a year unlike any other. The Hereford Region and our community were not immune to the
COVID pandemic, but I am proud of how we came together as a result. While many local banks locked
their doors, the Hereford team set a standard of safety to keep ours open and allow our customers access
to their accounts and to see a friendly face if they needed to. Each Hereford employee rose above and
beyond when our customers needed us, and true to our nonnegotiables, stepped out of their
regular job duties to assist one another. We’ve always considered our customers a part of
our family, and 2020 proved why that is so important. The Hereford Region closed more
than $14.9 million in forgivable government loans through the SBA’s Paycheck Protection
Program that helped keep our customers and community open during the pandemic’s peak.
These opportunities helped us develop new relationships with customers and prospects
whose financial institutions were not participating in the program. The Region realized
significant gains in our assets, loans, and deposits over the prior year. We are blessed to have
a great board of directors, staff, and customers, and I am truly proud of our team’s efforts to
put You First and keep TEXAS STRONG.
Robert de la Cruz
Chairman, President and CEO
MAIN OFFICE
212 E. Third St. | Hereford, TX 79045 | 806.363.8200
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2019
$229,995
$150,512
$192,774
Dec. 31, 2020
$254,633
$152,815
$217,936
$4,499
$4,454
2.04%
1.69%
44.71%
34.32%
Senior Officers
Robert de la Cruz
Chairman, President and CEO
Tim Laws
Executive Vice President
Senior Lending Officer
Regional Board of Directors
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
Hereford Region :: Page 22
Carley Dyck
Senior Vice President
Chief Operations Officer
Bobby Fite
Senior Vice President
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.
KINGWOOD REGION
Kingwood | El Campo | Fulshear | Palacios
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2019
$437,057
$388,185
$366,338
Dec. 31, 2020
$540,087
$441,891
$459,388
$7,967
$9,789
1.90%
1.92%
48.38%
43.29%
Nancy Powell
Senior Vice President
Angela Leviner
President
The Forest Collection, Inc.
Rebekah Shipman
President & CEO
Reservoir Data Systems
Senior Officers
Shelley Dacus
President and CEO
James Alexander
Executive Vice President
Jeff Fuechec
Executive Vice President
El Campo Market President
Lee Warren
Executive Vice President
Chief Operations Officer
Regional Board of Directors
Robert C. Nickles Jr.
Principal, Alegacy Group
Chairman of the Board
Shelley Dacus
President and CEO
Kingwood Region
Sam Baker
Chairman, President and CEO
Conroe Region
F. Scott Dueser
First Financial Bankshares, Inc.
Doug Faver
Executive Vice President
Ken Johnson
Executive Vice President
Brian Bonner
Senior Vice President
Brandon Zabodyn
Senior Vice President
Michael Gonzalez
Principal
The Gonzalez Group
James R. Gordon
First Financial Bankshares, Inc.
Kenny Isbell
President
Apache Oil Company
Teamwork, accessibility, and diligence with a focused passion for our customers and communities led to
tremendous success in 2020. Life-long relationships have been cemented and new ones formed from
the simple action of safely keeping our doors open and answering phone calls and text messages
during a time of need. Our team is nimble, resilient, and cohesive, moving forward with a “can-do”
attitude every day throughout every part of our region. These times taught us that our employees
are strong, resilient, and creative. We have all learned to do things faster, with fewer resources.
We have learned to make decisions quickly. Most of all, we have had customers and employees
demonstrating grace. We’ve collectively pulled together, showing respect, loyalty, gratitude, and
positive energy during a global pandemic by living out our core values, maintaining our culture,
and putting You First.
Shelley Dacus
President and CEO
MAIN OFFICE
24080 Hwy 59 N. Suite 250 | Kingwood, TX 77339 | 281.318.4600
Kingwood Region :: Page 23
SAN ANGELO REGION
SOUTHEAST TEXAS REGION
Orange | Vidor | Mauriceville | Newton | Port Arthur | Beaumont
In 2020, San Angelo faced its share of unique opportunities, and our dedicated team of professional
bankers met these opportunities head-on and achieved record results! As the country began to
shut down, we all came together and kept our doors open. We led the San Angelo market
in both the number of SBA PPP loans made and dollars funded. We invested in new
technology that allowed us to expand our mobile and online presence. Our mortgage
team recorded a record year of production, and the Region grew net income by more
than 20%. The San Angelo Region achieved all this due to the tireless effort put forth
by our dedicated team. They dedicated and committed their time and effort so that
we could safely keep our doors open to truly put You First! Because together we are
TEXAS STRONG!
Chris Evatt
Chairman, President and CEO
MAIN OFFICE
222 S. Koenigheim | San Angelo, TX 76903 | 325.659.5900
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2019
$856,167
$204,222
$751,992
Dec. 31, 2020
$958,463
$240,673
$851,936
$14,906
$18,447
1.94%
1.98%
36.93%
33.03%
Senior Officers
Chris Evatt
Chairman, President and CEO
Cindy George
Executive Vice President
Chief Operations Officer
Lindy Jordan
Executive Vice President
Senior Lending Officer
Edward Carrasco
Senior Vice President
Wes Masters
Senior Vice President
Spencer Murphy
Senior Vice President
Reba Priddy
Senior Vice President
Luke Uherik
Senior Vice President
Regional Board of Directors
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
San Angelo Region :: Page 24
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
Mary Jane Steadman
Attorney, Real Estate Investment
Management
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2019
$642,880
$439,670
$540,196
Dec. 31, 2020
$845,668
$543,626
$728,210
$12,186
$16,168
1.93%
2.15%
49.18%
40.18%
Senior Officers
Stephen Lee
President and CEO
Joe Love
Executive Vice President
Commercial Lender
Blaine Caillier
Mid County Market President
Commercial Lender
Regional Board of Directors
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
Kim Dickerson
Senior Vice President
Chief Operations Officer
Robert Kocot
Beaumont Market President
Commercial Lender
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
Curt Leger
Senior Vice President
Commercial Lender
Lani White
Senior Vice President
Consumer Lender
Dayna Simmons
Owner
Team Dayna Simmons
Real Estate
Kevin Williams
President, Cypress Bayou Industrial
Owner, American Industrial Minerals, Inc.
Jim Wimberley
Owner
Law Offices of Jim Wimberley
Our Southeast Texas Region was put to the test in 2020 with unprecedented times that included a
global pandemic and impact from two major hurricanes. Despite these unique situations, our regional
team remained focused on meeting the needs of our customers and communities while highlighting
the difference between other banks and the committed, professional bankers at First Financial. As other
financial institutions in the area stepped back and shut down, we stepped forward, delivering more
than $116 million in needed PPP funds to regional small businesses. We refused to let service
challenges impede our commitment to keeping our doors open and serving our customers.
Our mortgage division saw record growth for the Region, often putting in long hours over
nights and weekends to ensure our customers’ needs were met. As hurricanes Laura
and Delta made landfall in swift succession, our team made decisions quickly to ensure
our employee’s safety and everyone, customer or not, in Southeast Texas had access
to their bank, their bankers, and their accounts. As we often try to do, we were the last
bank to close when the storms began and the first to open when the storms subsided.
The dedication of our bank family resulted in another year of significant growth and
outstanding financial results for our region.
Stephen Lee
President and CEO
MAIN OFFICE
912 N. 16th St | Orange, TX 77630 | 409.883.3563
Southeast Texas Region :: Page 25
SOUTHLAKE REGION
Southlake | Trophy Club | Keller | Bridgeport | Boyd | Decatur | Grapevine
STEPHENVILLE REGION
Stephenville | Granbury | Glen Rose | Acton
2020 brought numerous opportunities to the Southlake Region’s local markets, allowing a partnership to be
forged between our team and our customers. This partnership allowed us to provide the ultimate customer
service experience while building new relationships with record-setting new deposit account growth and a
substantial increase in loan activity. We are proud that several branches were voted “The Best Bank” in their
market, including the readers of Society Life Magazine naming First Financial Bank “The Best Bank in
Tarrant County” for the seventh consecutive year. The Southlake region is in the North Central
Texas market, one of the most vibrant in the country. The population in North Texas is growing by
almost 21,000 people per month, including multiple fortune 500 corporate relocations. Charles
Schwab (#401) and McKesson (#14) joined dozens of others located within a short distance of
our branches. Corporate relocations bring thousands of people who need homes, cars, dentists,
doctors, and a safe and secure bank. We are proud to represent First Financial Bank’s “Customer
Service First” culture to all our new friends and look forward to adding new relationships in 2021.
Mark L. Jones
Chairman, President and CEO
MAIN OFFICE
151 W. Southlake Blvd. | Southlake, TX 76092 | 817.410.2915
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2019
$574,062
$418,873
$502,443
Dec. 31, 2020
$723,366
$498,244
$640,663
$11,142
$13,008
2.02%
2.04%
49.99%
46.36%
Travis Parker
Senior Vice President
Ryan Sonntag
Senior Vice President
Wade Spain
Senior Vice President
Tracie Talkington
Senior Vice President
Senior Officers
Mark L. Jones
Chairman, President and CEO
F. Mills Shallene
Market President, Wise County
J. Sean Shope
Market President, Trophy Club
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
J. Bruce Hildebrand
Retired
First Financial Bankshares, Inc.
Southlake Region :: Page 26
Tom Pulley
Executive Vice President
Ryan Wall
Executive Vice President
Carley Dyck
Senior Vice President
Chief Operations Officer
Isbet Najera
Senior Vice President
William Ray Cook, Jr., CPA
Cook, McDonald & Company
Martin W. Schelling
Conifer Real Estate
Stan Stephens
President
Stephens Pneumatics Inc.
Terry Wilkinson
Wyndham Properties, Ltd.
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2019
$856,235
$416,815
$717,752
Dec. 31, 2020
$1,036,969
$417,584
$876,956
$18,505
$20,719
2.21%
2.15%
44.31%
40.71%
Doug Dobbins
Senior Vice President
Matthew Ward
Senior Vice President
David Ramsey, M.D.
Family Practice Center
Michael B. Williams
M W Supply, Inc.
West Jones
Ranching and Investments
Senior Officers
Trent Swearengin
Chairman, President and CEO
Robert Kraus
Glen Rose Market President
Bart Rodgers
Granbury Market President
Regional Board of Directors
Trent Swearengin
Chairman, President and CEO
Keith Brown
Prime Building Components, LLC
Ronald D. Butler II
First Financial Bankshares, Inc.
George Gault
Attorney
Walter Hardin III
Real Estate Investments
Vickie Pettit
Executive Vice President
Chief Operations Officer
Trent Tidwell
Executive Vice President
Blayne Baley
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
While this past year provided new and significant opportunities underscored by a global pandemic, I
am grateful for our dedicated team of professional bankers and directors who epitomized commitment
in 2020. Our regional team was committed to serving lobby customers by keeping our doors
open with a safe environment where business could be transacted daily. Tireless hours were spent
processing Paycheck Protection Program loans for hundreds of local employers. Our commitment
to our communities was to preserve as many local jobs as possible. As mortgage interest
rates hit record lows, our mortgage teams also spent countless hours processing purchase
and refinance loans, exhibiting a commitment to fulfilling dreams of homeownership.
Relationships remain a priority as we strive to serve customers with excellence while
building value for shareholders. We were honored to be recognized in many of our markets
by our local customers. Thank you to our loyal customers for entrusting us with your
business. Our commitment continues to be You First.
Trent Swearengin
Chairman, President and CEO
MAIN OFFICE
2201 W. South Loop | Stephenville, TX 76401 | 254.965.5036
Stephenville Region :: Page 27
WEATHERFORD REGION
Weatherford | Aledo | Willow Park | Brock | Mineral Wells
2020 was truly a year we have never seen before, and I am proud of the team’s efforts to answer the call
for our communities, customers, and future customers. Our Parker County Team stepped up and worked
tirelessly to ensure that our customers were supported through all the unique opportunities that they faced.
This was evident in the endless nights and weekends spent working on PPP loans to ensure that our
customers could get the help they needed at the onset of this pandemic. However, it did not stop
there. Our team rallied to keep our branches open in a safe environment and remained ready
and willing to assist our customers with their banking needs. The spirit that I saw in our team
this last year exemplified our TEXAS STRONG attitude and is why this continues to be an
incredible bank and a great place to work. All the work put in by our team resulted in a robust
2020 where we saw incredible growth in both loans and deposits. Parker County is growing,
and we are committed to growing with it to meet and exceed our customers’ needs in 2021
and beyond.
Justin B. Hooper
Chairman, President and CEO
First Financial Mortgage
First Financial Mortgage had a record-setting production year in 2020. Driven by historically low interest rates and a strong
Texas housing market, we exceeded $1.2 billion in total originations. This represents a 118% increase from 2019. Our team
of mortgage professionals worked tirelessly during the pandemic to serve more than 4,400 families and individuals across
the state with great care.
The Texas housing market continues to perform exceptionally strong in the wake of the pandemic and shelter-in-place
restrictions. The First Financial Mortgage team is always available to serve and assist our customers. We can accommodate
the needs of our customers and guide them through their home financing journey with individual care. We offer a full menu
of products to meet all real estate financing needs of our customers. In 2020, we were very excited to welcome the addition
of the Bryan/College Station and Austin markets. First Financial Mortgage is well-positioned in some of the fastest-growing
housing markets in the state - TEXAS STRONG!
MAIN OFFICE
101 College Park Dr. | Weatherford, TX 76086 | 817.596.0307
Senior Officers
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2019
$581,527
$270,429
$477,456
Dec. 31, 2020
$764,577
$309,907
$663,641
$12,248
$14,628
2.16%
2.20%
47.49%
44.33%
Senior Officers
Justin B. Hooper
Chairman, President and CEO
Cory Crenshaw
Mineral Wells Market President
Sean Woodring
Executive Vice President
Regional Board of Directors
Justin B. Hooper
Chairman, President & CEO
Ronald D. Butler II
First Financial Bankshares, Inc.
Adam Feriend
Owner and COO
JRJ Construction, Inc.
George Gault
Attorney
Weatherford Region :: Page 28
Tim Corzine
Senior Vice President
Chris Cregger
Senior Vice President
Eddie Gregory
Senior Vice President
Chief Operations Officer
J. Bruce Hildebrand
Retired
First Financial Bankshares, Inc.
Nan Kingsley
President
Bluestem Studios, Inc.
Kevin R. Lackey
Freedom Power Sports
Stephen E. Milliken
Former President
C.D. Hartnett Company/
McLane Express, Inc.
Lori Hill
Senior Vice President
Clynt Myrick
Senior Vice President
Jimmie Sue Lawson
Senior Vice President
Mike White, O.D.
Therapeutic Optometrist
Kyle Wilks
Wilks Development, LLC
Troy Fore
President
Ryan Craig
Executive Vice President
Dallas
Kami Graves
Executive Vice President
Southlake
Tammie Harding
Executive Vice President
Fort Worth
Janet O’Dell
Executive Vice President
Abilene
Bobby Brennan
Senior Vice President
Conroe
Irene Green
Senior Vice President
Austin
Cindi LaChance
Senior Vice President
Southeast Texas
Wes Masters
Senior Vice President
San Angelo
Melanie Motley
Senior Vice President
Bryan/College Station
First Financial Mortgage :: Page 29
First Technology Services, Inc.
Line Of Business Executives
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
Larry Williams
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
Brad Walker
Vice President
Help Desk and Network Support
Laurinda Thomas
Assistant Vice President
Debit Card and
Loss Prevention Manager
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.
Gary S. Gragg
Executive Vice President, Lending
First Financial Bankshares, Inc.
James R. Gordon
Executive Vice President and
Chief Financial Officer
First Financial Bankshares, Inc.
Monica Houston
Executive Vice President
Retail Banking and Training
First Financial Bank
Matthew 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
In 2020, we welcomed Patricia Schulz as Executive Vice President of Human Resources. Pat has the experience and
expertise required to lead our human resources division to new heights and ensure that we will always remain the
employer of choice across our diverse footprint.
Throughout 2020, each of our Line of Business Executives played a critical role in assisting our customers, communities,
and fellow employees navigate the COVID pandemic. Our Customer Care Team, led by Frank Gioia, was one of the
first in the industry to pivot our call center to a remote environment to keep our employees safe and still take care of our
customers from around the state. Gary Milliorn led the efforts to maintain sanitization and cleanliness, procure protective
barriers, and deploy anti-micro bacterial treatment across all First Financial office and branch locations in addition to
leading the Company’s energy retrofit efforts. Our Human Resources division, led by Josh Brown and Pat Schulz, worked
with local officials, medical offices, and pharmacies to ensure that our 1,488 employees had access to adequate and
rapid COVID testing and provided vitamin packs to employees who requested one, free of charge. Our marketing and
communication efforts led by Will Christoferson were critical in delivering up-to-the-minute information to our customers
regarding branch availability, Economic Impact Payment, and PPP updates to those who needed them on our new state-
of-the-art website launched in 2020. Our retail banking and training leader, Monica Houston, completely revolutionized
how New Employee Orientation is delivered to ensure our new employees could be trained and ready for their new roles in
a safe and effective environment. Our Consumer Lending group, led by Michael Wolverton, developed the First Financial
Paycheck Protection Program loan application process using our consumer loan platform and provided financing and
deferrals to customers impacted by the COVID pandemic while continuing to grow our consumer loan business at record
volumes. Business customers were not immune to the pandemic’s effects, and Andrea Smiddy-Schlagel ensured business
customers had access to their cashflow by upgrading our Treasury Management suite of products in an environment of
record growth in commercial accounts and deposits. Amid everything else, our mortgage business had the best year yet in
2020, and Brandon Harris and his appraisal services group answered the call with a record number of appraisals, returning
results quickly to ensure our customers’ loans could close on time.
Our Line of Business Executives are key to the Company’s continued growth and success and to our commitment to
put You First.
Line of Business Executives
Will Christoferson
Executive Vice President
Advertising and Marketing
Monica Houston
Executive Vice President
Retail Banking and Training
Pat Schulz
Executive Vice President
Human Resources
Andrea Smiddy-Schlagel
Executive Vice President
Treasury Management
Michael Wolverton
Executive Vice President
Consumer Lending
First Technology Services :: Page 30
Line of Business Executives :: Page 31
Frank Gioia
Senior Vice President
Customer Care Center
Brandon Harris
Senior Vice President
Appraisal Services
Josh Brown
Vice President
Human Resources
Gary Milliorn
Vice President
Property Manager
Abilene | Beaumont | Bryan/College Station | Fort Worth | Houston | Odessa | San Angelo | San Antonio | Stephenville | Sweetwater
Trust & Asset Management (Continued)
First Financial Trust & Asset Management Company
Trust Office Managers
First Financial Trust & Asset Management Company delivered excellent results in 2020. Total assets under
management at year-end had a book value of $5.40 billion, an 11.2 percent increase from $4.86 billion at
the end of 2019. The market value of the assets totaled $7.51 billion, a gain of 11.2 percent from $6.74
billion. For the year, total fee income increased 3.98 percent to $29.5 million from $28.4 million in 2019, and
net earnings after tax increased 4.2 percent to $14.5 million from $13.9 million. Earnings were impacted in
2020 by lower oil and gas fees, a decrease from 2019 totaling $973 thousand. Despite the volatile equity
markets in 2020, the Trust Company’s investment performance remained strong. The best performing
portfolio was the Strategic Growth portfolio, which had a return of 29.46%. Our Large Cap Core portfolio
also outperformed the S&P 500 with a return of 19.17%. Our fixed income portfolios also had outstanding
returns, with the taxable portfolio returning 8.13% while the tax-free portfolio generated a return 6.84%.
2020 was an excellent year for expansion for First Financial Trust, as we were pleased to get our San
Antonio Trust Office opened and fully staffed. This office is led by Mike Sierra, a San Antonio native with
more than 20 years in the financial services industry. Additionally, we were delighted to announce the
opening of our tenth trust office, located in Bryan/College Station. Jeff Wind will lead this office, and we
look forward to its growth and success. We’ve all heard negative words used to describe the year 2020,
but at First Financial Trust, we took a different approach. We are choosing to describe 2020 as blessed. We
are fortunate to be blessed with the best clients in the country, blessed with the best employees in the industry, and
blessed with the relationships we’ve forged with each and every one of you. We know 2020 was truly unlike any other, but
we also know that because of you, our best is yet to come.
Kirk W. Thaxton
Chairman, President and CEO
First Financial Trust
Trust Assets - Book Value (in millions)
2016
2017
2018
2019
2020
$3,374
$3,866
$4,294
$4,856
$5,398
Trust Net Income (in thousands)
2016
2017
2018
2019
2020
$7.190
$8.579
$13.532
$13.892
$14,471
Trust Fees (in millions)
2016
2017
$0
2018
2019
2020
$19.64
$23.69
$28.18
$28.40
$29.53
Trust & Asset Management :: Page 32
40
27
Sweetwater
20
Abilene
35
Fort Worth
Stephenville
30
20
10
Odessa
San Angelo
10
35
Bryan/
College
Station
Beaumont
San Antonio
10
Houston
(Kingwood)
37
Konrad S. Halbert
Executive Vice President
Fort Worth
Lon Biebighauser
Executive Vice President
Abilene
David Castleberry
Executive Vice President
Stephenville
Wayne Chowning
Executive Vice President
Sweetwater
Barbara Hill
Executive Vice President
Odessa
Bradley D. Brown
Senior Vice President
Beaumont/Orange
Brent S. Miller
Senior Vice President
Houston
Zach Reyes
Senior Vice President
San Angelo
Michael Sierra
Senior Vice President
San Antonio
Jeff Wind
Senior Vice President
Bryan/College Station
Senior Officers
Christopher N. Montoya
Executive Vice President
Manager, Equities
Bill Rowe
Executive Vice President
Manager, Fixed Income
Directors
Kirk W. Thaxton
Chairman, President and CEO
First Financial Trust
David L. Copeland
President
Shelton Family Foundation
F. Scott Dueser
Chairman of the Board,
President and CEO
First Financial Bankshares, Inc.
Matthew Melbourne
Executive Vice President
Chief Operations Officer
David B. Pitzer
Senior Vice President
Manager, Real Property
Josh Brown, CPL
Senior Vice President
Manager, Oil and Gas
Advisory Director
John L. Beckham
Attorney, Beckham Rector and Eargle LLP
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
Trust & Asset Management :: Page 33
Corporate Information
Board Of Directors
Officers
Directors
F. Scott Dueser
Chairman of the Board,
President and CEO
Ronald D. Butler II
Executive Vice President
Chief Administrative Officer
James Gordon
Executive Vice President
Chief Financial Officer
Gary S. Gragg
Executive Vice President
Chief Lending Officer
Luke Longhofer
Executive Vice President
Chief Credit Officer
F. Scott Dueser
Chairman of the Board,
President and CEO First
Financial Bankshares, Inc.
Year: 1991
Committee: 1
April Anthony
CEO
Encompass Home Health
Homecare Homebase
Year: 2015
Committee: 2
Vianei Lopez Braun
Chief Development Officer
Decker Jones, P.C.
Year: 2020
Committee: 3
Tucker S. Bridwell*
President
Mansefeldt Investment Corp.
Year: 2007
Committee: 1,4
* Lead Director
David L. Copeland
President, SIPCO, Inc. and
Shelton Family Foundation
Year: 1998
Committee: 1,2,4
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
Marna Yerigan
Executive Vice President
Lending
Kyle McVey, CPA
Senior Vice President
Chief Accounting Officer
Corporate Information
ANNUAL MEETING
Tuesday, April 27, 2021
Abilene Convention Center
1100 N. Sixth St.
Abilene, TX 79601
10:30 a.m., or via livestream at
ffin.com/live-events
FOR FINANCIAL AND
INVESTOR INFORMATION:
James Gordon
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.continentalstock.com
CORPORATE OFFICE
400 Pine St. | Suite 310
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
Dallas, TX
Mike Denny
President
Batjer and Associates
Year: 2019
Committee: 2,5
Murray Edwards
Principal
The Edwards Group
Year: 2006
Committee: 1,2,4,5
Tim Lancaster
Former President and CEO
Hendrick Health System
Year: 2013
Committee: 1,2,3,4,5
Kade Matthews
Ranching
Investments
Year: 1998
Committee: 3
Robert C. Nickles, Jr.
Executive Chairman
Alegacy Group, LLC
Year: 2019
Committee: 3
COMMITTEE CHAIRMEN:
1. Executive Committee: F. Scott Dueser, Chairman
2. Audit Committee: David L. 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
Johnny E. Trotter
President and CEO
Livestock Investors, Ltd.
Year: 2003
Committee: 1,3,4
NASDAQ: FFIN
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
“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, 2020, deposit information compiled by the Federal Deposit Insurance Corporation.
Corporate Information :: Page 34
Board of Directors :: Page 35
400 Pine St., Abilene, TX 79601 | 325.627.7200 | ffin.com