First Financial Bankshares
Annual Report 2021

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2023 Report
2022 Report
2021 Report
2020 Report
2019 Report

Peers and competitors of First Financial Bankshares:

ACNB Corporation
Guaranty Federal Bancshares, Inc.
Great Southern Bancorp
Texas Capital Bancshares
Prosperity Bancshares

Plain-text annual report

n o i t a r e e c c a l l y s s e e r i t purpose increased success rewarding l serving t p a d a inclusion unparalleled commitment relationships investing s t r o f f e n o i t n e t e r s n o i t a r e n e g social importance growth navigate i t e f i l e m e r o c MOMENTUM l a t n e m e r c n dedicated expansion excitement i d p a r i trust governance s s e r g o r p excellence transparent generational diversity i n o i t a c n u m m o c e r u t u f s e g n a h c strong achievement meaningful competitive t n a r b v delivered a c fi e n e b i l i y t i n u m m o c s e i t i n u t r o p p o 2021 ANNUAL REPORT TM. , FFIN2021-AnnualReport-Updated.indd 1 3/14/2022 2:00:16 PM FIRST FINANCIAL PAVING A PATH TO THE FUTURE C I O A G M B H N Paving a Path to the Future | Annual Report 2021 | 2 FFIN2021-AnnualReport-Updated.indd 2-3 D J E K F L A) Wise County Chamber of Commerce Large Business of the Year in Wise County - Four consecutive years H) 2021 Best-In-State-Banks First Financial Bank B) Keefe, Bruyette & Woods - Guardians of Growth First Financial Bank C) Society Life Magazine – Tops in Tarrant County Southlake Region - Best Bank in Tarrant County - Seven consecutive years D) TBA Award – Texas Heritage Community Banker F. Scott Dueser E) Stephenville Empire-Tribune – Best of Erath County Best Bank, Best Mortgage Lender - Blayne Baley, Best Personal Loan F) Abilene Reporter News – Readers’ Choice Awards Best Bank, Best Financial Planning/Advice, Best Mortgage Company G) Deaf Smith County Awards – Best of Hereford Best Bank, #1 Bank Teller - Jeff Smith, #2 Bank Teller - Hope Martinez, Best Volunteer for 2021 - Tim Laws, Best Musician - Jeff Smith, and Best Cup of Coffee I) Sweetwater Reporter – Readers’ Choice Awards Best Financial Institution - 13 years in a row, Best Financial Advisor - Wayne Chowning Best Bank Teller - Crystal Martinez J) Bank Director – Best Small Regional Banks First Financial Bank - #2 in the Nation K) Living Magazine – Readers’ Choice Awards Best Financial Institution (Five years in a row) - Keller Branch - Southlake Region L) San Angelo Chamber of Commerce – Outstanding Member San Angelo Region M) Southeast Texas – Multiple Readers’ Choice Awards Best Commercial Bank, Best Banker - Blaine Caillier N) Top Originators in the Nation - Scotsman Guide Sarah Beall, Kami Graves, Ryan Craig, Steve Harding, and Corie O’Connor O) Bank Director Magazine – Top Rated Bank in the Country First Financial Bank - #2 for 2021 Paving a Path to the Future | Annual Report 2021 | 3 3/14/2022 2:00:24 PM C I O A G M B H N Paving a Path to the Future | Annual Report 2021 | 2 FFIN2021-AnnualReport-Updated.indd 2-3 FIRST FINANCIAL PAVING A PATH TO THE FUTURE D J E K F L A) Wise County Chamber of Commerce Large Business of the Year in Wise County - Four consecutive years H) 2021 Best-In-State-Banks First Financial Bank B) Keefe, Bruyette & Woods - Guardians of Growth First Financial Bank C) Society Life Magazine – Tops in Tarrant County Southlake Region - Best Bank in Tarrant County - Seven consecutive years D) TBA Award – Texas Heritage Community Banker F. Scott Dueser E) Stephenville Empire-Tribune – Best of Erath County Best Bank, Best Mortgage Lender - Blayne Baley, Best Personal Loan F) Abilene Reporter News – Readers’ Choice Awards Best Bank, Best Financial Planning/Advice, Best Mortgage Company G) Deaf Smith County Awards – Best of Hereford Best Bank, #1 Bank Teller - Jeff Smith, #2 Bank Teller - Hope Martinez, Best Volunteer for 2021 - Tim Laws, Best Musician - Jeff Smith, and Best Cup of Coffee I) Sweetwater Reporter – Readers’ Choice Awards Best Financial Institution - 13 years in a row, Best Financial Advisor - Wayne Chowning Best Bank Teller - Crystal Martinez J) Bank Director – Best Small Regional Banks First Financial Bank - #2 in the Nation K) Living Magazine – Readers’ Choice Awards Best Financial Institution (Five years in a row) - Keller Branch - Southlake Region L) San Angelo Chamber of Commerce – Outstanding Member San Angelo Region M) Southeast Texas – Multiple Readers’ Choice Awards Best Commercial Bank, Best Banker - Blaine Caillier N) Top Originators in the Nation - Scotsman Guide Sarah Beall, Kami Graves, Ryan Craig, Steve Harding, and Corie O’Connor O) Bank Director Magazine – Top Rated Bank in the Country First Financial Bank - #2 for 2021 Paving a Path to the Future | Annual Report 2021 | 3 3/14/2022 2:00:24 PM A LETTER TO OUR SHAREHOLDERS Two years ago, at the start of the pandemic, we decided not to lock our doors but to come to work instead. We vowed that we would learn to manage through the pandemic so we would be available to serve our customers every day. Moreover, we would make our facilities the safest place for our employees and customers to work and visit. Little did we know that this decision, along with some prior preparation, would set us up to have the largest growth the company has ever experienced. Over the past two years, we achieved organic growth of approxi- mately $4.0 billion—which is similar to buying a $4.0 billion bank without paying for it or incurring the asso- ciated transaction costs. Our employees, branches, systems and capital have absorbed this large growth without any problems, and we intend to build on the momentum that this has created for our company. We were well prepared to meet the challenges of operating through the pandemic and to serve our customers and communities. We had already made excellent customer service a top priority, with one of our pre-2020 initiatives being the training of our employees by Horst Schulze, cofounder of The Ritz- Carlton Hotel Company and renowned legend in the customer service arena. In addition, since we had recently updated our company website, we were able to communicate with our customers at a moment’s notice, and we were able to put the Payment Protec- tion Program (PPP) application on our digital loan (cid:81)la(cid:85)(cid:71)(cid:80)(cid:83)(cid:78)(cid:1)(cid:84)(cid:80)(cid:1)c(cid:86)(cid:84)(cid:85)(cid:80)(cid:78)e(cid:83)(cid:84)(cid:1)c(cid:80)(cid:86)l(cid:69)(cid:1)fill(cid:1)(cid:80)(cid:86)(cid:85)(cid:1)(cid:85)(cid:73)e(cid:1)a(cid:81)(cid:81)lica(cid:85)i(cid:80)n(cid:1) on their cell phone or computer and immediately send it to us for processing. Our employees worked through each night to rapidly process the PPP loans. We quickly received statewide recognition for this effort, which brought customers to us from other banks that couldn’t process their applica- tions. When these new customers asked us to do their PPP loans, we asked them for all their business, and in most cases, we got it. Over the last two years, we have originated $970.9 million in PPP loans. During the same time, we also originated $142.0 million in Main Street Lending Program loans. (Main Street Lending, established by the Federal Reserve, helped support lending to small- and medium-sized busi- ne(cid:84)(cid:84)e(cid:84)(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1)(cid:88)e(cid:83)e(cid:1)in(cid:1)(cid:84)(cid:80)(cid:86)n(cid:69)(cid:1)financial(cid:1)c(cid:80)n(cid:69)i(cid:85)i(cid:80)n(cid:1)be(cid:71)(cid:80)(cid:83)e(cid:1) the pandemic began.) Throughout the two years, we remained TEXAS STRONG, and the new business we (cid:83)ecei(cid:87)e(cid:69)(cid:1)c(cid:83)ea(cid:85)e(cid:69)(cid:1)(cid:84)i(cid:72)nifican(cid:85)(cid:1)(cid:78)(cid:80)(cid:78)en(cid:85)(cid:86)(cid:78)(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1)(cid:83)(cid:80)lle(cid:69)(cid:1) (cid:83)i(cid:72)(cid:73)(cid:85)(cid:1)in(cid:85)(cid:80)(cid:1)(cid:19)(cid:17)(cid:19)(cid:19)(cid:15)(cid:1)(cid:51)e(cid:230)ec(cid:85)in(cid:72)(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1)(cid:78)(cid:80)(cid:78)en(cid:85)(cid:86)(cid:78)(cid:1)(cid:88)a(cid:84)(cid:1)(cid:85)(cid:73)e(cid:1) number of net new accounts we opened over those two years. Historically, we would open about 5,000 net new accounts per year. In 2020, we opened just under 12,000 net new accounts, and in 2021, we opened over 16,000. With the PPP loans and net new accounts came additional loans and trust accounts. During 2021, we originated $1.1 billion in secondary market mortgage loans for more than 3,900 fami- lies across Texas, and we grew the market value of trust assets managed to $8.7 billion. Regarding these accomplishments, I want to say that I could not be prouder of our team of professional bankers, who rose to the occasion to make the last two years so successful. RECOGNITION In June 2021, First Financial Bank, N.A. announced that its FirstAccess checking account had been certi- fie(cid:69)(cid:1)b(cid:90)(cid:1)(cid:85)(cid:73)e(cid:1)n(cid:80)n(cid:81)(cid:83)(cid:80)fi(cid:85)(cid:1)(cid:36)i(cid:85)ie(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:39)inancial(cid:1)(cid:38)(cid:78)(cid:81)(cid:80)(cid:88)e(cid:83)- ment (CFE) Fund for meeting CFE’s Bank On National Account Standards. The CFE’s mission is to improve (cid:85)(cid:73)e(cid:1)financial(cid:1)(cid:84)(cid:85)abili(cid:85)(cid:90)(cid:1)(cid:80)(cid:71)(cid:1)l(cid:80)(cid:88)(cid:14)(cid:1)an(cid:69)(cid:1)(cid:78)(cid:80)(cid:69)e(cid:83)a(cid:85)e(cid:14)inc(cid:80)(cid:78)e(cid:1) households through innovative programs; one such ini(cid:85)ia(cid:85)i(cid:87)e(cid:1)i(cid:69)en(cid:85)ifie(cid:84)(cid:1)c(cid:83)i(cid:85)ical(cid:1)ban(cid:76)(cid:1)(cid:81)(cid:83)(cid:80)(cid:69)(cid:86)c(cid:85)(cid:1)(cid:71)ea(cid:85)(cid:86)(cid:83)e(cid:84)(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1) would be helpful to people currently outside the main- (cid:84)(cid:85)(cid:83)ea(cid:78)(cid:1)ban(cid:76)in(cid:72)(cid:1)(cid:84)(cid:90)(cid:84)(cid:85)e(cid:78)(cid:15)(cid:1)(cid:36)(cid:39)(cid:38)(cid:110)(cid:84)(cid:1)ce(cid:83)(cid:85)ifica(cid:85)i(cid:80)n(cid:1)(cid:83)ec(cid:80)(cid:72)ni(cid:91)e(cid:84)(cid:1) deposit accounts that ensure low cost and high func- tionality while promoting consumer safety. We were (cid:80)ne(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)e(cid:1)fi(cid:83)(cid:84)(cid:85)(cid:1)ban(cid:76)(cid:84)(cid:1)in(cid:1)(cid:53)e(cid:89)a(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:72)ain(cid:1)(cid:85)(cid:73)i(cid:84)(cid:1)ce(cid:83)(cid:85)ifica(cid:85)i(cid:80)n(cid:15)(cid:1) In July 2021, Bank Director magazine named First Nonperforming assets as a percentage of loans and Financial Bankshares, Inc. the number two top- foreclosed assets totaled 0.63 percent at December performing publicly traded U.S. bank in the $5–$50 31, 2021, compared with 0.83 percent at December 31, billion asset category. The magazine’s annual score- card ranks all publicly traded banks, grouped into four a(cid:84)(cid:84)e(cid:85)(cid:14)(cid:84)i(cid:91)e(cid:1)ca(cid:85)e(cid:72)(cid:80)(cid:83)ie(cid:84)(cid:13)(cid:1)ba(cid:84)e(cid:69)(cid:1)(cid:80)n(cid:1)(cid:81)(cid:83)(cid:80)fi(cid:85)abili(cid:85)(cid:90)(cid:13)(cid:1)ca(cid:81)i(cid:85)al(cid:13)(cid:1) capital adequacy and asset quality. We accepted this (cid:73)(cid:80)n(cid:80)(cid:83)(cid:1)(cid:88)i(cid:85)(cid:73)(cid:1)(cid:72)(cid:83)ea(cid:85)(cid:1)(cid:73)(cid:86)(cid:78)ili(cid:85)(cid:90)(cid:1)an(cid:69)(cid:1)(cid:88)e(cid:83)e(cid:1)e(cid:89)(cid:85)(cid:83)e(cid:78)el(cid:90)(cid:1)(cid:72)(cid:83)a(cid:85)ifie(cid:69)(cid:1) to have been the only bank rated among the top seven in the nation for 13 consecutive years, twice being ranked number one. Also, in July, Forbes magazine named First Financial Bank, N.A. to its fourth annual listing of America’s Best-In-State Banks. Forbes’s ranking recognizes the financial(cid:1)in(cid:84)(cid:85)i(cid:85)(cid:86)(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1)be(cid:84)(cid:85)(cid:1)(cid:84)e(cid:83)(cid:87)e(cid:1)(cid:85)(cid:73)ei(cid:83)(cid:1)c(cid:86)(cid:84)(cid:85)(cid:80)(cid:78)e(cid:83)(cid:84)(cid:110)(cid:1) needs in each state. FINANCIAL RESULTS Last year marked our 35th consecutive year of increased earnings. Net income for 2021 grew 12.6 percent to $227.6 million from $202.0 million in 2020. Contrib- uting to this increase were fees from the PPP loans an(cid:69)(cid:1)(cid:84)i(cid:72)nifican(cid:85)(cid:1)(cid:72)(cid:83)(cid:80)(cid:88)(cid:85)(cid:73)(cid:1)in(cid:1)in(cid:85)e(cid:83)e(cid:84)(cid:85)(cid:14)ea(cid:83)nin(cid:72)(cid:1)a(cid:84)(cid:84)e(cid:85)(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)e(cid:1) year. Diluted earnings per share for 2021 rose to $1.59 from $1.42 in 2020. With the continued low interest rate environment, our net interest margin, on a tax- equivalent basis, decreased to 3.40 percent in 2021 from 3.79 percent in 2020. (The net interest margin is a(cid:1)(cid:76)e(cid:90)(cid:1)(cid:81)(cid:83)(cid:80)fi(cid:85)abili(cid:85)(cid:90)(cid:1)(cid:78)e(cid:85)(cid:83)ic(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1)e(cid:89)(cid:81)(cid:83)e(cid:84)(cid:84)e(cid:84)(cid:1)ne(cid:85)(cid:1)in(cid:85)e(cid:83)e(cid:84)(cid:85)(cid:1) 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 75th percentile of our peer group of bank holding companies. The provision for credit losses, including provisions for unfunded commitments, was a negative $1.1 million for 2021, down from a positive $19.5 million for 2020. This large decrease was due primarily to the improvement of the Texas economy and our credit quality. We adopted a new accounting standard for estimating allowances for credit losses on January 1, 2020. (This accounting standard, issued by the Finan- cial 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 bad-debt reserves using historical data.) (cid:19)(cid:17)(cid:19)(cid:17)(cid:15)(cid:1)(cid:36)la(cid:84)(cid:84)ifie(cid:69)(cid:1)l(cid:80)an(cid:84)(cid:1)(cid:85)(cid:80)(cid:85)ale(cid:69)(cid:1)(cid:5)(cid:18)(cid:23)(cid:18)(cid:15)(cid:19)(cid:1)(cid:78)illi(cid:80)n(cid:1)a(cid:85)(cid:1)(cid:90)ea(cid:83)(cid:14)en(cid:69)(cid:1) 2021 compared with $197.5 million a year earlier. Noninterest income grew 1.6 percent to $142.2 million from $139.9 million. The growth was due primarily to increases in trust income, service charges, interest on loan recoveries and interchange fees, which were partially offset by a $10.6 million decline in the gain on sale of secondary market mortgage loans. Noninterest expense rose 6.0 percent to $241.7 million from $227.9 million. That increase was due mainly to employee sala- ries, equipment expense, interchange expense, adver- tising, public relations, FDIC assessments, operating losses sustained and software amortization. We again outperformed our peer group of banks on (cid:84)e(cid:87)e(cid:83)al(cid:1)(cid:76)e(cid:90)(cid:1)financial(cid:1)(cid:78)e(cid:85)(cid:83)ic(cid:84)(cid:15)(cid:1)(cid:48)(cid:86)(cid:83)(cid:1)(cid:83)e(cid:85)(cid:86)(cid:83)n(cid:1)(cid:80)n(cid:1)a(cid:87)e(cid:83)a(cid:72)e(cid:1) assets was 1.89 percent compared to 1.34 percent for our peers. Return on average equity was 13.31 (cid:81)e(cid:83)cen(cid:85)(cid:1)(cid:87)e(cid:83)(cid:84)(cid:86)(cid:84)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)(cid:81)ee(cid:83)(cid:84)(cid:110)(cid:1)(cid:18)(cid:19)(cid:15)(cid:22)(cid:19)(cid:1)(cid:81)e(cid:83)cen(cid:85)(cid:15)(cid:1)(cid:48)(cid:86)(cid:83)(cid:1)e(cid:71)ficienc(cid:90)(cid:1) ratio, which expresses expenses as a proportion of tax-equivalent revenues, was again solid last year at 45.84 percent, as opposed to our peers’ average of 58.34 percent. Expansion of our balance sheet last year was totally from organic growth, as we did not make an acquisi- tion. Consolidated assets at year-end 2021 increased 20.2 percent to $13.1 billion from $10.9 billion at the en(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:19)(cid:17)(cid:19)(cid:17)(cid:15)(cid:1)(cid:56)e(cid:1)fini(cid:84)(cid:73)e(cid:69)(cid:1)(cid:19)(cid:17)(cid:19)(cid:18)(cid:1)(cid:88)i(cid:85)(cid:73)(cid:1)(cid:80)(cid:86)(cid:85)(cid:84)(cid:85)an(cid:69)in(cid:72)(cid:1)(cid:80)(cid:87)e(cid:83)all(cid:1) loan growth (excluding PPP loans) of $648.8 million, or 13.8 percent, and deposit growth of $1.9 billion, or 21.8 percent. First Financial Trust & Asset Management again deliv- ered solid results, which were fueled by a large growth in trust assets and higher oil and gas prices. Total trust assets under management at year-end reached a book value of $5.9 billion, an 8.9 percent increase from $5.4 billion at the end of 2020. The market value of the trust assets totaled $8.7 billion, up 15.8 percent from $7.5 billion at year-end 2020. Total trust fee income for 2021 grew as well—to $36.1 million from $29.5 million—a 22.4 percent gain. The trust company’s net after-tax earnings increased 22.5 percent to $17.7 million from $14.5 million. A Letter To Our Shareholders | Annual Report 2021 | 4 FFIN2021-AnnualReport-Updated.indd 4-5 A Letter To Our Shareholders | Annual Report 2021 | 5 3/14/2022 2:00:25 PM A LETTER TO OUR SHAREHOLDERS Two years ago, at the start of tions. When these new customers asked us to do their the pandemic, we decided PPP loans, we asked them for all their business, and not to lock our doors but to in most cases, we got it. Over the last two years, we come to work instead. We have originated $970.9 million in PPP loans. During vowed that we would learn to the same time, we also originated $142.0 million in manage through the pandemic Main Street Lending Program loans. (Main Street so we would be available to Lending, established by the Federal Reserve, helped serve our customers every day. support lending to small- and medium-sized busi- Moreover, we would make our ne(cid:84)(cid:84)e(cid:84)(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1)(cid:88)e(cid:83)e(cid:1)in(cid:1)(cid:84)(cid:80)(cid:86)n(cid:69)(cid:1)financial(cid:1)c(cid:80)n(cid:69)i(cid:85)i(cid:80)n(cid:1)be(cid:71)(cid:80)(cid:83)e(cid:1) facilities the safest place for our the pandemic began.) Throughout the two years, we employees and customers to remained TEXAS STRONG, and the new business we work and visit. Little did we (cid:83)ecei(cid:87)e(cid:69)(cid:1)c(cid:83)ea(cid:85)e(cid:69)(cid:1)(cid:84)i(cid:72)nifican(cid:85)(cid:1)(cid:78)(cid:80)(cid:78)en(cid:85)(cid:86)(cid:78)(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1)(cid:83)(cid:80)lle(cid:69)(cid:1) know that this decision, along (cid:83)i(cid:72)(cid:73)(cid:85)(cid:1)in(cid:85)(cid:80)(cid:1)(cid:19)(cid:17)(cid:19)(cid:19)(cid:15)(cid:1)(cid:51)e(cid:230)ec(cid:85)in(cid:72)(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1)(cid:78)(cid:80)(cid:78)en(cid:85)(cid:86)(cid:78)(cid:1)(cid:88)a(cid:84)(cid:1)(cid:85)(cid:73)e(cid:1) with some prior preparation, would number of net new accounts we opened over those set us up to have the largest growth the two years. Historically, we would open about 5,000 net company has ever experienced. Over the past new accounts per year. In 2020, we opened just under two years, we achieved organic growth of approxi- 12,000 net new accounts, and in 2021, we opened over mately $4.0 billion—which is similar to buying a $4.0 16,000. With the PPP loans and net new accounts came billion bank without paying for it or incurring the asso- additional loans and trust accounts. ciated transaction costs. Our employees, branches, systems and capital have absorbed this large growth without any problems, and we intend to build on the momentum that this has created for our company. During 2021, we originated $1.1 billion in secondary market mortgage loans for more than 3,900 fami- lies across Texas, and we grew the market value of trust assets managed to $8.7 billion. Regarding We were well prepared to meet the challenges of these accomplishments, I want to say that I could operating through the pandemic and to serve our not be prouder of our team of professional bankers, customers and communities. We had already made who rose to the occasion to make the last two years excellent customer service a top priority, with one so successful. of our pre-2020 initiatives being the training of our employees by Horst Schulze, cofounder of The Ritz- Carlton Hotel Company and renowned legend in the customer service arena. In addition, since we had recently updated our company website, we were able to communicate with our customers at a moment’s notice, and we were able to put the Payment Protec- tion Program (PPP) application on our digital loan (cid:81)la(cid:85)(cid:71)(cid:80)(cid:83)(cid:78)(cid:1)(cid:84)(cid:80)(cid:1)c(cid:86)(cid:84)(cid:85)(cid:80)(cid:78)e(cid:83)(cid:84)(cid:1)c(cid:80)(cid:86)l(cid:69)(cid:1)fill(cid:1)(cid:80)(cid:86)(cid:85)(cid:1)(cid:85)(cid:73)e(cid:1)a(cid:81)(cid:81)lica(cid:85)i(cid:80)n(cid:1) on their cell phone or computer and immediately send it to us for processing. Our employees worked through each night to rapidly process the PPP loans. We quickly received statewide recognition for this effort, which brought customers to us from other banks that couldn’t process their applica- RECOGNITION In June 2021, First Financial Bank, N.A. announced that its FirstAccess checking account had been certi- fie(cid:69)(cid:1)b(cid:90)(cid:1)(cid:85)(cid:73)e(cid:1)n(cid:80)n(cid:81)(cid:83)(cid:80)fi(cid:85)(cid:1)(cid:36)i(cid:85)ie(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:39)inancial(cid:1)(cid:38)(cid:78)(cid:81)(cid:80)(cid:88)e(cid:83)- ment (CFE) Fund for meeting CFE’s Bank On National Account Standards. The CFE’s mission is to improve (cid:85)(cid:73)e(cid:1)financial(cid:1)(cid:84)(cid:85)abili(cid:85)(cid:90)(cid:1)(cid:80)(cid:71)(cid:1)l(cid:80)(cid:88)(cid:14)(cid:1)an(cid:69)(cid:1)(cid:78)(cid:80)(cid:69)e(cid:83)a(cid:85)e(cid:14)inc(cid:80)(cid:78)e(cid:1) households through innovative programs; one such ini(cid:85)ia(cid:85)i(cid:87)e(cid:1)i(cid:69)en(cid:85)ifie(cid:84)(cid:1)c(cid:83)i(cid:85)ical(cid:1)ban(cid:76)(cid:1)(cid:81)(cid:83)(cid:80)(cid:69)(cid:86)c(cid:85)(cid:1)(cid:71)ea(cid:85)(cid:86)(cid:83)e(cid:84)(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1) would be helpful to people currently outside the main- (cid:84)(cid:85)(cid:83)ea(cid:78)(cid:1)ban(cid:76)in(cid:72)(cid:1)(cid:84)(cid:90)(cid:84)(cid:85)e(cid:78)(cid:15)(cid:1)(cid:36)(cid:39)(cid:38)(cid:110)(cid:84)(cid:1)ce(cid:83)(cid:85)ifica(cid:85)i(cid:80)n(cid:1)(cid:83)ec(cid:80)(cid:72)ni(cid:91)e(cid:84)(cid:1) deposit accounts that ensure low cost and high func- tionality while promoting consumer safety. We were (cid:80)ne(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)e(cid:1)fi(cid:83)(cid:84)(cid:85)(cid:1)ban(cid:76)(cid:84)(cid:1)in(cid:1)(cid:53)e(cid:89)a(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:72)ain(cid:1)(cid:85)(cid:73)i(cid:84)(cid:1)ce(cid:83)(cid:85)ifica(cid:85)i(cid:80)n(cid:15)(cid:1) In July 2021, Bank Director magazine named First Financial Bankshares, Inc. the number two top- performing publicly traded U.S. bank in the $5–$50 billion asset category. The magazine’s annual score- card ranks all publicly traded banks, grouped into four a(cid:84)(cid:84)e(cid:85)(cid:14)(cid:84)i(cid:91)e(cid:1)ca(cid:85)e(cid:72)(cid:80)(cid:83)ie(cid:84)(cid:13)(cid:1)ba(cid:84)e(cid:69)(cid:1)(cid:80)n(cid:1)(cid:81)(cid:83)(cid:80)fi(cid:85)abili(cid:85)(cid:90)(cid:13)(cid:1)ca(cid:81)i(cid:85)al(cid:13)(cid:1) capital adequacy and asset quality. We accepted this (cid:73)(cid:80)n(cid:80)(cid:83)(cid:1)(cid:88)i(cid:85)(cid:73)(cid:1)(cid:72)(cid:83)ea(cid:85)(cid:1)(cid:73)(cid:86)(cid:78)ili(cid:85)(cid:90)(cid:1)an(cid:69)(cid:1)(cid:88)e(cid:83)e(cid:1)e(cid:89)(cid:85)(cid:83)e(cid:78)el(cid:90)(cid:1)(cid:72)(cid:83)a(cid:85)ifie(cid:69)(cid:1) to have been the only bank rated among the top seven in the nation for 13 consecutive years, twice being ranked number one. Also, in July, Forbes magazine named First Financial Bank, N.A. to its fourth annual listing of America’s Best-In-State Banks. Forbes’s ranking recognizes the financial(cid:1)in(cid:84)(cid:85)i(cid:85)(cid:86)(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1)be(cid:84)(cid:85)(cid:1)(cid:84)e(cid:83)(cid:87)e(cid:1)(cid:85)(cid:73)ei(cid:83)(cid:1)c(cid:86)(cid:84)(cid:85)(cid:80)(cid:78)e(cid:83)(cid:84)(cid:110)(cid:1) needs in each state. FINANCIAL RESULTS Last year marked our 35th consecutive year of increased earnings. Net income for 2021 grew 12.6 percent to $227.6 million from $202.0 million in 2020. Contrib- uting to this increase were fees from the PPP loans an(cid:69)(cid:1)(cid:84)i(cid:72)nifican(cid:85)(cid:1)(cid:72)(cid:83)(cid:80)(cid:88)(cid:85)(cid:73)(cid:1)in(cid:1)in(cid:85)e(cid:83)e(cid:84)(cid:85)(cid:14)ea(cid:83)nin(cid:72)(cid:1)a(cid:84)(cid:84)e(cid:85)(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)e(cid:1) year. Diluted earnings per share for 2021 rose to $1.59 from $1.42 in 2020. With the continued low interest rate environment, our net interest margin, on a tax- equivalent basis, decreased to 3.40 percent in 2021 from 3.79 percent in 2020. (The net interest margin is a(cid:1)(cid:76)e(cid:90)(cid:1)(cid:81)(cid:83)(cid:80)fi(cid:85)abili(cid:85)(cid:90)(cid:1)(cid:78)e(cid:85)(cid:83)ic(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1)e(cid:89)(cid:81)(cid:83)e(cid:84)(cid:84)e(cid:84)(cid:1)ne(cid:85)(cid:1)in(cid:85)e(cid:83)e(cid:84)(cid:85)(cid:1) 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 75th percentile of our peer group of bank holding companies. The provision for credit losses, including provisions for unfunded commitments, was a negative $1.1 million for 2021, down from a positive $19.5 million for 2020. This large decrease was due primarily to the improvement of the Texas economy and our credit quality. We adopted a new accounting standard for estimating allowances for credit losses on January 1, 2020. (This accounting standard, issued by the Finan- cial 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 bad-debt reserves using historical data.) Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.63 percent at December 31, 2021, compared with 0.83 percent at December 31, (cid:19)(cid:17)(cid:19)(cid:17)(cid:15)(cid:1)(cid:36)la(cid:84)(cid:84)ifie(cid:69)(cid:1)l(cid:80)an(cid:84)(cid:1)(cid:85)(cid:80)(cid:85)ale(cid:69)(cid:1)(cid:5)(cid:18)(cid:23)(cid:18)(cid:15)(cid:19)(cid:1)(cid:78)illi(cid:80)n(cid:1)a(cid:85)(cid:1)(cid:90)ea(cid:83)(cid:14)en(cid:69)(cid:1) 2021 compared with $197.5 million a year earlier. Noninterest income grew 1.6 percent to $142.2 million from $139.9 million. The growth was due primarily to increases in trust income, service charges, interest on loan recoveries and interchange fees, which were partially offset by a $10.6 million decline in the gain on sale of secondary market mortgage loans. Noninterest expense rose 6.0 percent to $241.7 million from $227.9 million. That increase was due mainly to employee sala- ries, equipment expense, interchange expense, adver- tising, public relations, FDIC assessments, operating losses sustained and software amortization. We again outperformed our peer group of banks on (cid:84)e(cid:87)e(cid:83)al(cid:1)(cid:76)e(cid:90)(cid:1)financial(cid:1)(cid:78)e(cid:85)(cid:83)ic(cid:84)(cid:15)(cid:1)(cid:48)(cid:86)(cid:83)(cid:1)(cid:83)e(cid:85)(cid:86)(cid:83)n(cid:1)(cid:80)n(cid:1)a(cid:87)e(cid:83)a(cid:72)e(cid:1) assets was 1.89 percent compared to 1.34 percent for our peers. Return on average equity was 13.31 (cid:81)e(cid:83)cen(cid:85)(cid:1)(cid:87)e(cid:83)(cid:84)(cid:86)(cid:84)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)(cid:81)ee(cid:83)(cid:84)(cid:110)(cid:1)(cid:18)(cid:19)(cid:15)(cid:22)(cid:19)(cid:1)(cid:81)e(cid:83)cen(cid:85)(cid:15)(cid:1)(cid:48)(cid:86)(cid:83)(cid:1)e(cid:71)ficienc(cid:90)(cid:1) ratio, which expresses expenses as a proportion of tax-equivalent revenues, was again solid last year at 45.84 percent, as opposed to our peers’ average of 58.34 percent. Expansion of our balance sheet last year was totally from organic growth, as we did not make an acquisi- tion. Consolidated assets at year-end 2021 increased 20.2 percent to $13.1 billion from $10.9 billion at the en(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:19)(cid:17)(cid:19)(cid:17)(cid:15)(cid:1)(cid:56)e(cid:1)fini(cid:84)(cid:73)e(cid:69)(cid:1)(cid:19)(cid:17)(cid:19)(cid:18)(cid:1)(cid:88)i(cid:85)(cid:73)(cid:1)(cid:80)(cid:86)(cid:85)(cid:84)(cid:85)an(cid:69)in(cid:72)(cid:1)(cid:80)(cid:87)e(cid:83)all(cid:1) loan growth (excluding PPP loans) of $648.8 million, or 13.8 percent, and deposit growth of $1.9 billion, or 21.8 percent. First Financial Trust & Asset Management again deliv- ered solid results, which were fueled by a large growth in trust assets and higher oil and gas prices. Total trust assets under management at year-end reached a book value of $5.9 billion, an 8.9 percent increase from $5.4 billion at the end of 2020. The market value of the trust assets totaled $8.7 billion, up 15.8 percent from $7.5 billion at year-end 2020. Total trust fee income for 2021 grew as well—to $36.1 million from $29.5 million—a 22.4 percent gain. The trust company’s net after-tax earnings increased 22.5 percent to $17.7 million from $14.5 million. A Letter To Our Shareholders | Annual Report 2021 | 4 FFIN2021-AnnualReport-Updated.indd 4-5 A Letter To Our Shareholders | Annual Report 2021 | 5 3/14/2022 2:00:25 PM REAL ESTATE ACTIVITIES In February 2021, we held the groundbreaking cere- mony for a new location in Huntsville to replace 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 al(cid:84)(cid:80)(cid:1)be(cid:1)a(cid:1)(cid:69)e(cid:81)(cid:80)(cid:84)i(cid:85)(cid:14)(cid:85)a(cid:76)in(cid:72)(cid:1)(cid:34)(cid:53)(cid:46)(cid:1)an(cid:69)(cid:1)fi(cid:87)e(cid:1)(cid:69)(cid:83)i(cid:87)e(cid:14)(cid:85)(cid:73)(cid:83)(cid:80)(cid:86)(cid:72)(cid:73)(cid:1) lanes with one wider lane designed for large trucks. Because of nationwide supply chain delays, we are several months behind and hope to have the building completed by the third quarter of 2022. In April 2021, the company moved its Tech- nology, Training and Customer Care Centers into a 52,800-square-foot newly remodeled operations center in south Abilene. This state-of-the-art building provides the latest in technology, security, safety, connectability and audio/visual capabilities while bein(cid:72)(cid:1)(cid:87)e(cid:83)(cid:90)(cid:1)ene(cid:83)(cid:72)(cid:90)(cid:1)e(cid:71)ficien(cid:85)(cid:15)(cid:1)(cid:56)e(cid:1)e(cid:89)(cid:81)ec(cid:85)(cid:1)(cid:85)(cid:73)e(cid:1)ne(cid:88)(cid:1)(cid:71)acili(cid:85)(cid:90)(cid:1) to meet the needs of our growing company through the coming years. We are now in the process of leasing the space that the three centers formerly occupied in our corporate headquarters at 400 Pine Street in Abilene. We are very excited that the Abilene (cid:36)(cid:73)a(cid:78)be(cid:83)(cid:1)(cid:80)(cid:71)(cid:1)(cid:36)(cid:80)(cid:78)(cid:78)e(cid:83)ce(cid:1)(cid:73)a(cid:84)(cid:1)(cid:85)a(cid:76)en(cid:1)(cid:85)(cid:73)e(cid:1)(cid:87)aca(cid:85)e(cid:69)(cid:1)fi(cid:71)(cid:85)(cid:73)(cid:14) (cid:230)(cid:80)(cid:80)(cid:83)(cid:1)(cid:84)(cid:81)ace(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)i(cid:85)(cid:84)(cid:1)ne(cid:88)(cid:1)(cid:73)(cid:80)(cid:78)e(cid:15) In June 2021, First Financial Bank’s Bryan/College Station Region announced that it had acquired prop- erty at 2445 Harvey Mitchell Parkway South, on the northwest corner of Harvey Mitchell Parkway and Earl Rudder Freeway. In November 2021, we started construction on a 16,000-square-foot, highly energy- e(cid:71)ficien(cid:85)(cid:1)b(cid:86)il(cid:69)in(cid:72)(cid:1)a(cid:85)(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1)(cid:84)i(cid:85)e(cid:15)(cid:1)(cid:53)(cid:73)i(cid:84)(cid:1)(cid:84)(cid:85)a(cid:85)e(cid:14)(cid:80)(cid:71)(cid:14)(cid:85)(cid:73)e(cid:14)a(cid:83)(cid:85)(cid:1) (cid:71)acili(cid:85)(cid:90)(cid:1)(cid:88)ill(cid:1)(cid:71)ea(cid:85)(cid:86)(cid:83)e(cid:1)a(cid:1)la(cid:83)(cid:72)e(cid:1)l(cid:80)bb(cid:90)(cid:13)(cid:1)(cid:80)(cid:71)fice(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)e(cid:1)len(cid:69)in(cid:72)(cid:13)(cid:1) (cid:78)(cid:80)(cid:83)(cid:85)(cid:72)a(cid:72)e(cid:1)an(cid:69)(cid:1)(cid:85)(cid:83)(cid:86)(cid:84)(cid:85)(cid:1)(cid:80)(cid:71)fice(cid:83)(cid:84)(cid:1)an(cid:69)(cid:1)fi(cid:87)e(cid:1)(cid:69)(cid:83)i(cid:87)e(cid:14)(cid:85)(cid:73)(cid:83)(cid:80)(cid:86)(cid:72)(cid:73)(cid:1) lanes with a wider lane designed for large trucks. The new location, one of the best spots in Bryan/College Station, will give our customers easier access to our people and services. The plan is to move in during (cid:85)(cid:73)e(cid:1)fi(cid:83)(cid:84)(cid:85)(cid:1)(cid:82)(cid:86)a(cid:83)(cid:85)e(cid:83)(cid:1)(cid:80)(cid:71)(cid:1)(cid:19)(cid:17)(cid:19)(cid:20)(cid:15)(cid:1)(cid:1) In April 2022, we will begin to expand and remodel our Trophy Club and Willow Park locations to meet increased customer counts in both locations. We expect to complete these two projects in the third quarter of 2022. In February 2022, First Financial Bank’s Southeast Texas Region announced that it had purchased property in Lumberton and started construction on a 3,300-square-foot bank building with three motor banking lanes and an ATM lane. Lumberton has an excellent school district and is a fast-growing city 10 miles from Beaumont. We look forward to being part of the city’s growth. We anticipate the completion date for this project will be the fourth quarter of this year. (cid:47)(cid:80)(cid:88)(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1)(cid:88)e(cid:1)(cid:73)a(cid:87)e(cid:1)fini(cid:84)(cid:73)e(cid:69)(cid:1)(cid:83)e(cid:85)(cid:83)(cid:80)fi(cid:85)(cid:85)in(cid:72)(cid:1)all(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)l(cid:80)ca- (cid:85)i(cid:80)n(cid:84)(cid:1)(cid:88)i(cid:85)(cid:73)(cid:1)(cid:45)(cid:38)(cid:37)(cid:1)fi(cid:89)(cid:85)(cid:86)(cid:83)e(cid:84)(cid:1)an(cid:69)(cid:1)(cid:86)(cid:81)(cid:72)(cid:83)a(cid:69)e(cid:69)(cid:1)(cid:78)ec(cid:73)anical(cid:1) (cid:84)(cid:90)(cid:84)(cid:85)e(cid:78)(cid:84)(cid:13)(cid:1)(cid:88)e(cid:1)a(cid:83)e(cid:1)(cid:84)eein(cid:72)(cid:1)(cid:85)(cid:73)e(cid:1)(cid:71)(cid:83)(cid:86)i(cid:85)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)ene(cid:83)(cid:72)(cid:90)(cid:14)e(cid:71)fi- ciency program in the form of reduced electrical costs and compliance with stricter environmental stan- dards. All of our new buildings certainly meet these standards, and although we have a lot of new square footage, including the 52,800-square-foot operations center, our energy cost per square foot continues to come down. We are pleased with the cost savings our ene(cid:83)(cid:72)(cid:90)(cid:14)e(cid:71)ficienc(cid:90)(cid:1)(cid:81)(cid:83)(cid:80)(cid:72)(cid:83)a(cid:78)(cid:1)i(cid:84)(cid:1)b(cid:83)in(cid:72)in(cid:72)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)e(cid:1)c(cid:80)(cid:78)(cid:81)an(cid:90)(cid:1) and the reduction of our carbon footprint. MANAGEMENT CHANGES In January 2021, Nora P. Thompson was promoted to President of First Financial Bank, Bryan/College Station Region, and in July 2021, she gained the addi- tional title of CEO following the retirement of Ivan M. Olson, who was President and CEO of the Region for 12 years. Nora has more than 30 years of experience in(cid:1)financial(cid:1)(cid:84)e(cid:83)(cid:87)ice(cid:84)(cid:1)an(cid:69)(cid:1)(cid:78)(cid:80)(cid:83)(cid:85)(cid:72)a(cid:72)e(cid:1)len(cid:69)in(cid:72)(cid:15)(cid:1)(cid:49)(cid:83)i(cid:80)(cid:83)(cid:1)(cid:85)(cid:80)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1) acquisition of TB&T Bancshares, 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 the Cox School of Business at Southern Methodist University (SMU) and is the fourth female to be promoted to regional president in our company. In February 2021, Robert C. Nickles was appointed Chairman of the Board of the Kingwood Region. Bob has served on the Kingwood Region’s Board of Direc- tors since 2010 and on First Financial Bankshares’ Board of Directors since 2019. He is a graduate of Oklahoma State University and is Founder and Execu- tive Chairman for Alegacy Group, LLC, the second- largest gas compressor packager in the world. In July 2021, Chris Cook was elected Executive Vice President of Marketing at First Financial Bank. Chris spent 22 years at Texas Tech University, first as Associate Athletics Director for Communications for and will partner with Treasury Management to grow (cid:18)(cid:18)(cid:1)(cid:90)ea(cid:83)(cid:84)(cid:13)(cid:1)an(cid:69)(cid:1)(cid:85)(cid:73)en(cid:1)a(cid:84)(cid:1)(cid:52)eni(cid:80)(cid:83)(cid:1)(cid:37)i(cid:83)ec(cid:85)(cid:80)(cid:83)(cid:1)in(cid:1)(cid:85)(cid:73)e(cid:1)(cid:48)(cid:71)fice(cid:1) deposits and fee-based services. David has been (cid:80)(cid:71)(cid:1)(cid:36)(cid:80)(cid:78)(cid:78)(cid:86)nica(cid:85)i(cid:80)n(cid:84)(cid:1)an(cid:69)(cid:1)(cid:46)a(cid:83)(cid:76)e(cid:85)in(cid:72)(cid:1)in(cid:1)(cid:85)(cid:73)e(cid:1)(cid:48)(cid:71)fice(cid:1)(cid:80)(cid:71)(cid:1) with First Financial Bank for 18 years, starting his the President. He has over 30 years of experience in career as a teller while attending college in Abilene. public and media relations, with marked success in Following graduation, he joined the bank’s credit cultivating and developing media relationships and anal(cid:90)(cid:84)(cid:85)(cid:1)(cid:81)(cid:83)(cid:80)(cid:72)(cid:83)a(cid:78)(cid:13)(cid:1)a(cid:69)(cid:87)ance(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:84)e(cid:87)e(cid:83)al(cid:1)(cid:80)(cid:71)fice(cid:83)(cid:1)(cid:83)(cid:80)le(cid:84)(cid:13)(cid:1) securing regional and national media placements. He and served as President of the Eastland Division holds a bachelor of arts degree in journalism from within the First Financial Bank Abilene Region, before Louisiana Tech University and a master of arts degree being named a senior lender for the Abilene Region. in mass communication from Texas Tech. He is cochairman of the company’s Customer Service In August 2021, the Board of Directors of First Finan- cial Bank, N.A. announced the election of Maggie M. Tuschinski as Executive Vice President, Chief Digital (cid:48)(cid:71)fice(cid:83)(cid:15)(cid:1)(cid:52)(cid:73)e(cid:1)(cid:73)a(cid:84)(cid:1)an(cid:1)e(cid:89)(cid:85)en(cid:84)i(cid:87)e(cid:1)bac(cid:76)(cid:72)(cid:83)(cid:80)(cid:86)n(cid:69)(cid:1)in(cid:1)(cid:81)(cid:83)(cid:80)(cid:69)(cid:86)c(cid:85)(cid:1) First program, which oversees the company’s mission of delivering excellence in customer service. He is a graduate of McMurry University and the South- western Graduate School of Banking. development and user experience and is the liaison In January 2022, the Board of First Financial Bank Fort with each line of business to promote a consistent Worth Region elected Vianei Lopez Braun as Chair of experience for our customers across all digital chan- the Board. Vianei has been an advocate for First Finan- nels. She comes to First Financial Bank with 20 years cial(cid:1)(cid:35)an(cid:76)(cid:1)(cid:84)ince(cid:1)(cid:88)e(cid:1)finance(cid:69)(cid:1)(cid:73)e(cid:83)(cid:1)la(cid:88)(cid:1)(cid:81)(cid:83)ac(cid:85)ice(cid:1)in(cid:1)(cid:18)(cid:26)(cid:26)(cid:25)(cid:13)(cid:1) (cid:80)(cid:71)(cid:1)e(cid:89)(cid:81)e(cid:83)ience(cid:1)(cid:88)(cid:80)(cid:83)(cid:76)in(cid:72)(cid:1)in(cid:1)financial(cid:1)(cid:84)e(cid:83)(cid:87)ice(cid:84)(cid:13)(cid:1)incl(cid:86)(cid:69)in(cid:72)(cid:1) and she has served as our employment attorney for 24 10 years with Fortune 500 company USAA and, most years. She leads the labor and employment section for recently, four years with Frost Bank, serving as Senior (cid:37)ec(cid:76)e(cid:83)(cid:1)(cid:43)(cid:80)ne(cid:84)(cid:13)(cid:1)(cid:49)(cid:15)(cid:36)(cid:15)(cid:13)(cid:1)a(cid:1)(cid:71)(cid:86)ll(cid:14)(cid:84)e(cid:83)(cid:87)ice(cid:1)la(cid:88)(cid:1)fi(cid:83)(cid:78)(cid:1)ba(cid:84)e(cid:69)(cid:1)in(cid:1)(cid:39)(cid:80)(cid:83)(cid:85)(cid:1) Vice President and Director of Digital Services. She (cid:56)(cid:80)(cid:83)(cid:85)(cid:73)(cid:13)(cid:1)an(cid:69)(cid:1)(cid:84)e(cid:83)(cid:87)e(cid:84)(cid:1)a(cid:84)(cid:1)(cid:85)(cid:73)e(cid:1)c(cid:73)ie(cid:71)(cid:1)(cid:69)e(cid:87)el(cid:80)(cid:81)(cid:78)en(cid:85)(cid:1)(cid:80)(cid:71)fice(cid:83)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1) holds a bachelor of arts degree in business administra- (cid:85)(cid:73)e(cid:1)fi(cid:83)(cid:78)(cid:15)(cid:1)(cid:52)(cid:73)e(cid:1)(cid:73)a(cid:84)(cid:1)been(cid:1)(cid:81)(cid:83)ac(cid:85)icin(cid:72)(cid:1)e(cid:78)(cid:81)l(cid:80)(cid:90)(cid:78)en(cid:85)(cid:1)la(cid:88)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1) tion from the University of Texas at San Antonio and 30 years with previous tenure in Houston and Abilene. a master of business administration degree from the She is an honors graduate of Princeton University and University of Phoenix. earned her law degree from the University of Texas In October 2021, Chris Baughman was promoted to School of Law. President of the First Financial Bank Conroe Region Also, in January 2022, the Board of Directors of First to succeed Sam Baker, who retired in March 2022 Financial Bankshares, Inc. announced the promotion and will remain as chairman of the board. Chris has of Luke Longhofer to Executive Vice President, Chief worked for the Conroe Region for the past 12 years as (cid:45)en(cid:69)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:13)(cid:1)(cid:86)(cid:81)(cid:80)n(cid:1)(cid:40)a(cid:83)(cid:90)(cid:1)(cid:40)(cid:83)a(cid:72)(cid:72)(cid:110)(cid:84)(cid:1)(cid:83)e(cid:85)i(cid:83)e(cid:78)en(cid:85)(cid:1)a(cid:71)(cid:85)e(cid:83)(cid:1)(cid:20)(cid:17)(cid:1) Executive Vice President and is the largest producer (cid:90)ea(cid:83)(cid:84)(cid:13)(cid:1)incl(cid:86)(cid:69)in(cid:72)(cid:1)(cid:85)(cid:73)e(cid:1)la(cid:84)(cid:85)(cid:1)(cid:18)(cid:23)(cid:1)a(cid:84)(cid:1)(cid:36)(cid:73)ie(cid:71)(cid:1)(cid:45)en(cid:69)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:15)(cid:1) of loans in the Region. He has been in the industry for (cid:34)(cid:84)(cid:1)(cid:36)(cid:73)ie(cid:71)(cid:1)(cid:36)(cid:83)e(cid:69)i(cid:85)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:13)(cid:1)(cid:45)(cid:86)(cid:76)e(cid:1)(cid:73)a(cid:69)(cid:1)(cid:88)(cid:80)(cid:83)(cid:76)e(cid:69)(cid:1)in(cid:1)(cid:85)an(cid:69)e(cid:78)(cid:1) 39 years, having previously worked at Amegy Bank, with Gary for the past 11 years. Luke has played an First National Bank Texas and American Bank Conroe. integral role in the credit oversight of bank acquisi- Chris also was an examiner for the Texas Department tions, most recently that of TB&T Bancshares in 2020. of Banking. He is a graduate of Stephen F. Austin State He also oversaw the execution of the PPP and Main University with a bachelor of business administration Street Lending Programs and was instrumental in degree, and he is also a graduate of the University of implementing our adoption of the CECL accounting Colorado Graduate School of Banking in Boulder. standard. Before joining First Financial Bank in October In November 2021, First Financial Bankshares, Inc. promoted David Bailey to Executive Vice President for Commercial Banking, a newly created position within the Company. In the new role, David will lead the commercial banking line of business, working with each region to grow First Financial’s commercial loan portfolio. He also will assist each regional presi- dent in business development and talent management 2010, Luke served as a Commissioned Bank Examiner for the Federal Deposit Insurance Corporation for more than seven years. He was promoted to Senior Vice President of Loan Review at First Financial Bankshares in 2012, Executive Vice President of Lending in 2015 an(cid:69)(cid:1)(cid:38)(cid:89)ec(cid:86)(cid:85)i(cid:87)e(cid:1)(cid:55)ice(cid:1)(cid:49)(cid:83)e(cid:84)i(cid:69)en(cid:85)(cid:13)(cid:1)(cid:36)(cid:73)ie(cid:71)(cid:1)(cid:36)(cid:83)e(cid:69)i(cid:85)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1)in(cid:1) (cid:19)(cid:17)(cid:18)(cid:25)(cid:15)(cid:1)(cid:41)e(cid:1)(cid:73)(cid:80)l(cid:69)(cid:84)(cid:1)a(cid:1)bac(cid:73)el(cid:80)(cid:83)(cid:1)(cid:80)(cid:71)(cid:1)finance(cid:1)(cid:69)e(cid:72)(cid:83)ee(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1) West Texas A&M University and was valedictorian of A Letter To Our Shareholders | Annual Report 2021 | 6 FFIN2021-AnnualReport-Updated.indd 6-7 A Letter To Our Shareholders | Annual Report 2021 | 7 3/14/2022 2:00:26 PM REAL ESTATE ACTIVITIES In February 2021, we held the groundbreaking cere- mony for a new location in Huntsville to replace 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 al(cid:84)(cid:80)(cid:1)be(cid:1)a(cid:1)(cid:69)e(cid:81)(cid:80)(cid:84)i(cid:85)(cid:14)(cid:85)a(cid:76)in(cid:72)(cid:1)(cid:34)(cid:53)(cid:46)(cid:1)an(cid:69)(cid:1)fi(cid:87)e(cid:1)(cid:69)(cid:83)i(cid:87)e(cid:14)(cid:85)(cid:73)(cid:83)(cid:80)(cid:86)(cid:72)(cid:73)(cid:1) lanes with one wider lane designed for large trucks. Because of nationwide supply chain delays, we are several months behind and hope to have the building completed by the third quarter of 2022. In April 2021, the company moved its Tech- nology, Training and Customer Care Centers into a 52,800-square-foot newly remodeled operations center in south Abilene. This state-of-the-art building provides the latest in technology, security, safety, connectability and audio/visual capabilities while bein(cid:72)(cid:1)(cid:87)e(cid:83)(cid:90)(cid:1)ene(cid:83)(cid:72)(cid:90)(cid:1)e(cid:71)ficien(cid:85)(cid:15)(cid:1)(cid:56)e(cid:1)e(cid:89)(cid:81)ec(cid:85)(cid:1)(cid:85)(cid:73)e(cid:1)ne(cid:88)(cid:1)(cid:71)acili(cid:85)(cid:90)(cid:1) to meet the needs of our growing company through the coming years. We are now in the process of leasing the space that the three centers formerly occupied in our corporate headquarters at 400 Pine Street in Abilene. We are very excited that the Abilene (cid:36)(cid:73)a(cid:78)be(cid:83)(cid:1)(cid:80)(cid:71)(cid:1)(cid:36)(cid:80)(cid:78)(cid:78)e(cid:83)ce(cid:1)(cid:73)a(cid:84)(cid:1)(cid:85)a(cid:76)en(cid:1)(cid:85)(cid:73)e(cid:1)(cid:87)aca(cid:85)e(cid:69)(cid:1)fi(cid:71)(cid:85)(cid:73)(cid:14) (cid:230)(cid:80)(cid:80)(cid:83)(cid:1)(cid:84)(cid:81)ace(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)i(cid:85)(cid:84)(cid:1)ne(cid:88)(cid:1)(cid:73)(cid:80)(cid:78)e(cid:15) In June 2021, First Financial Bank’s Bryan/College Station Region announced that it had acquired prop- erty at 2445 Harvey Mitchell Parkway South, on the northwest corner of Harvey Mitchell Parkway and Earl Rudder Freeway. In November 2021, we started construction on a 16,000-square-foot, highly energy- e(cid:71)ficien(cid:85)(cid:1)b(cid:86)il(cid:69)in(cid:72)(cid:1)a(cid:85)(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1)(cid:84)i(cid:85)e(cid:15)(cid:1)(cid:53)(cid:73)i(cid:84)(cid:1)(cid:84)(cid:85)a(cid:85)e(cid:14)(cid:80)(cid:71)(cid:14)(cid:85)(cid:73)e(cid:14)a(cid:83)(cid:85)(cid:1) (cid:71)acili(cid:85)(cid:90)(cid:1)(cid:88)ill(cid:1)(cid:71)ea(cid:85)(cid:86)(cid:83)e(cid:1)a(cid:1)la(cid:83)(cid:72)e(cid:1)l(cid:80)bb(cid:90)(cid:13)(cid:1)(cid:80)(cid:71)fice(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)e(cid:1)len(cid:69)in(cid:72)(cid:13)(cid:1) (cid:78)(cid:80)(cid:83)(cid:85)(cid:72)a(cid:72)e(cid:1)an(cid:69)(cid:1)(cid:85)(cid:83)(cid:86)(cid:84)(cid:85)(cid:1)(cid:80)(cid:71)fice(cid:83)(cid:84)(cid:1)an(cid:69)(cid:1)fi(cid:87)e(cid:1)(cid:69)(cid:83)i(cid:87)e(cid:14)(cid:85)(cid:73)(cid:83)(cid:80)(cid:86)(cid:72)(cid:73)(cid:1) lanes with a wider lane designed for large trucks. The new location, one of the best spots in Bryan/College Station, will give our customers easier access to our people and services. The plan is to move in during (cid:85)(cid:73)e(cid:1)fi(cid:83)(cid:84)(cid:85)(cid:1)(cid:82)(cid:86)a(cid:83)(cid:85)e(cid:83)(cid:1)(cid:80)(cid:71)(cid:1)(cid:19)(cid:17)(cid:19)(cid:20)(cid:15)(cid:1)(cid:1) In April 2022, we will begin to expand and remodel our Trophy Club and Willow Park locations to meet increased customer counts in both locations. We expect to complete these two projects in the third quarter of 2022. In February 2022, First Financial Bank’s Southeast Texas Region announced that it had purchased property in Lumberton and started construction on a 3,300-square-foot bank building with three motor banking lanes and an ATM lane. Lumberton has an excellent school district and is a fast-growing city 10 miles from Beaumont. We look forward to being part of the city’s growth. We anticipate the completion date for this project will be the fourth quarter of this year. (cid:47)(cid:80)(cid:88)(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1)(cid:88)e(cid:1)(cid:73)a(cid:87)e(cid:1)fini(cid:84)(cid:73)e(cid:69)(cid:1)(cid:83)e(cid:85)(cid:83)(cid:80)fi(cid:85)(cid:85)in(cid:72)(cid:1)all(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)l(cid:80)ca- (cid:85)i(cid:80)n(cid:84)(cid:1)(cid:88)i(cid:85)(cid:73)(cid:1)(cid:45)(cid:38)(cid:37)(cid:1)fi(cid:89)(cid:85)(cid:86)(cid:83)e(cid:84)(cid:1)an(cid:69)(cid:1)(cid:86)(cid:81)(cid:72)(cid:83)a(cid:69)e(cid:69)(cid:1)(cid:78)ec(cid:73)anical(cid:1) (cid:84)(cid:90)(cid:84)(cid:85)e(cid:78)(cid:84)(cid:13)(cid:1)(cid:88)e(cid:1)a(cid:83)e(cid:1)(cid:84)eein(cid:72)(cid:1)(cid:85)(cid:73)e(cid:1)(cid:71)(cid:83)(cid:86)i(cid:85)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)ene(cid:83)(cid:72)(cid:90)(cid:14)e(cid:71)fi- ciency program in the form of reduced electrical costs and compliance with stricter environmental stan- dards. All of our new buildings certainly meet these standards, and although we have a lot of new square footage, including the 52,800-square-foot operations center, our energy cost per square foot continues to come down. We are pleased with the cost savings our ene(cid:83)(cid:72)(cid:90)(cid:14)e(cid:71)ficienc(cid:90)(cid:1)(cid:81)(cid:83)(cid:80)(cid:72)(cid:83)a(cid:78)(cid:1)i(cid:84)(cid:1)b(cid:83)in(cid:72)in(cid:72)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)e(cid:1)c(cid:80)(cid:78)(cid:81)an(cid:90)(cid:1) and the reduction of our carbon footprint. MANAGEMENT CHANGES In January 2021, Nora P. Thompson was promoted to President of First Financial Bank, Bryan/College Station Region, and in July 2021, she gained the addi- tional title of CEO following the retirement of Ivan M. Olson, who was President and CEO of the Region for 12 years. Nora has more than 30 years of experience in(cid:1)financial(cid:1)(cid:84)e(cid:83)(cid:87)ice(cid:84)(cid:1)an(cid:69)(cid:1)(cid:78)(cid:80)(cid:83)(cid:85)(cid:72)a(cid:72)e(cid:1)len(cid:69)in(cid:72)(cid:15)(cid:1)(cid:49)(cid:83)i(cid:80)(cid:83)(cid:1)(cid:85)(cid:80)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1) acquisition of TB&T Bancshares, 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 the Cox School of Business at Southern Methodist University (SMU) and is the fourth female to be promoted to regional president in our company. In February 2021, Robert C. Nickles was appointed Chairman of the Board of the Kingwood Region. Bob has served on the Kingwood Region’s Board of Direc- tors since 2010 and on First Financial Bankshares’ Board of Directors since 2019. He is a graduate of Oklahoma State University and is Founder and Execu- tive Chairman for Alegacy Group, LLC, the second- largest gas compressor packager in the world. In July 2021, Chris Cook was elected Executive Vice President of Marketing at First Financial Bank. Chris spent 22 years at Texas Tech University, first as Associate Athletics Director for Communications for (cid:18)(cid:18)(cid:1)(cid:90)ea(cid:83)(cid:84)(cid:13)(cid:1)an(cid:69)(cid:1)(cid:85)(cid:73)en(cid:1)a(cid:84)(cid:1)(cid:52)eni(cid:80)(cid:83)(cid:1)(cid:37)i(cid:83)ec(cid:85)(cid:80)(cid:83)(cid:1)in(cid:1)(cid:85)(cid:73)e(cid:1)(cid:48)(cid:71)fice(cid:1) (cid:80)(cid:71)(cid:1)(cid:36)(cid:80)(cid:78)(cid:78)(cid:86)nica(cid:85)i(cid:80)n(cid:84)(cid:1)an(cid:69)(cid:1)(cid:46)a(cid:83)(cid:76)e(cid:85)in(cid:72)(cid:1)in(cid:1)(cid:85)(cid:73)e(cid:1)(cid:48)(cid:71)fice(cid:1)(cid:80)(cid:71)(cid:1) the President. He has over 30 years of experience in public and media relations, with marked success in cultivating and developing media relationships and securing regional and national media placements. He holds a bachelor of arts degree in journalism from Louisiana Tech University and a master of arts degree in mass communication from Texas Tech. In August 2021, the Board of Directors of First Finan- cial Bank, N.A. announced the election of Maggie M. Tuschinski as Executive Vice President, Chief Digital (cid:48)(cid:71)fice(cid:83)(cid:15)(cid:1)(cid:52)(cid:73)e(cid:1)(cid:73)a(cid:84)(cid:1)an(cid:1)e(cid:89)(cid:85)en(cid:84)i(cid:87)e(cid:1)bac(cid:76)(cid:72)(cid:83)(cid:80)(cid:86)n(cid:69)(cid:1)in(cid:1)(cid:81)(cid:83)(cid:80)(cid:69)(cid:86)c(cid:85)(cid:1) development and user experience and is the liaison with each line of business to promote a consistent experience for our customers across all digital chan- nels. She comes to First Financial Bank with 20 years (cid:80)(cid:71)(cid:1)e(cid:89)(cid:81)e(cid:83)ience(cid:1)(cid:88)(cid:80)(cid:83)(cid:76)in(cid:72)(cid:1)in(cid:1)financial(cid:1)(cid:84)e(cid:83)(cid:87)ice(cid:84)(cid:13)(cid:1)incl(cid:86)(cid:69)in(cid:72)(cid:1) 10 years with Fortune 500 company USAA and, most recently, four years with Frost Bank, serving as Senior Vice President and Director of Digital Services. She holds a bachelor of arts degree in business administra- tion from the University of Texas at San Antonio and a master of business administration degree from the University of Phoenix. In October 2021, Chris Baughman was promoted to President of the First Financial Bank Conroe Region to succeed Sam Baker, who retired in March 2022 and will remain as chairman of the board. Chris has worked for the Conroe Region for the past 12 years as Executive Vice President and is the largest producer of loans in the Region. He has been in the industry for 39 years, having previously worked at Amegy Bank, First National Bank Texas and American Bank Conroe. Chris also was an examiner for the Texas Department of Banking. He is a graduate of Stephen F. Austin State University with a bachelor of business administration degree, and he is also a graduate of the University of Colorado Graduate School of Banking in Boulder. In November 2021, First Financial Bankshares, Inc. promoted David Bailey to Executive Vice President for Commercial Banking, a newly created position within the Company. In the new role, David will lead the commercial banking line of business, working with each region to grow First Financial’s commercial loan portfolio. He also will assist each regional presi- dent in business development and talent management and will partner with Treasury Management to grow deposits and fee-based services. David has been with First Financial Bank for 18 years, starting his career as a teller while attending college in Abilene. Following graduation, he joined the bank’s credit anal(cid:90)(cid:84)(cid:85)(cid:1)(cid:81)(cid:83)(cid:80)(cid:72)(cid:83)a(cid:78)(cid:13)(cid:1)a(cid:69)(cid:87)ance(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:84)e(cid:87)e(cid:83)al(cid:1)(cid:80)(cid:71)fice(cid:83)(cid:1)(cid:83)(cid:80)le(cid:84)(cid:13)(cid:1) and served as President of the Eastland Division within the First Financial Bank Abilene Region, before being named a senior lender for the Abilene Region. He is cochairman of the company’s Customer Service First program, which oversees the company’s mission of delivering excellence in customer service. He is a graduate of McMurry University and the South- western Graduate School of Banking. In January 2022, the Board of First Financial Bank Fort Worth Region elected Vianei Lopez Braun as Chair of the Board. Vianei has been an advocate for First Finan- cial(cid:1)(cid:35)an(cid:76)(cid:1)(cid:84)ince(cid:1)(cid:88)e(cid:1)finance(cid:69)(cid:1)(cid:73)e(cid:83)(cid:1)la(cid:88)(cid:1)(cid:81)(cid:83)ac(cid:85)ice(cid:1)in(cid:1)(cid:18)(cid:26)(cid:26)(cid:25)(cid:13)(cid:1) and she has served as our employment attorney for 24 years. She leads the labor and employment section for (cid:37)ec(cid:76)e(cid:83)(cid:1)(cid:43)(cid:80)ne(cid:84)(cid:13)(cid:1)(cid:49)(cid:15)(cid:36)(cid:15)(cid:13)(cid:1)a(cid:1)(cid:71)(cid:86)ll(cid:14)(cid:84)e(cid:83)(cid:87)ice(cid:1)la(cid:88)(cid:1)fi(cid:83)(cid:78)(cid:1)ba(cid:84)e(cid:69)(cid:1)in(cid:1)(cid:39)(cid:80)(cid:83)(cid:85)(cid:1) (cid:56)(cid:80)(cid:83)(cid:85)(cid:73)(cid:13)(cid:1)an(cid:69)(cid:1)(cid:84)e(cid:83)(cid:87)e(cid:84)(cid:1)a(cid:84)(cid:1)(cid:85)(cid:73)e(cid:1)c(cid:73)ie(cid:71)(cid:1)(cid:69)e(cid:87)el(cid:80)(cid:81)(cid:78)en(cid:85)(cid:1)(cid:80)(cid:71)fice(cid:83)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1) (cid:85)(cid:73)e(cid:1)fi(cid:83)(cid:78)(cid:15)(cid:1)(cid:52)(cid:73)e(cid:1)(cid:73)a(cid:84)(cid:1)been(cid:1)(cid:81)(cid:83)ac(cid:85)icin(cid:72)(cid:1)e(cid:78)(cid:81)l(cid:80)(cid:90)(cid:78)en(cid:85)(cid:1)la(cid:88)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1) 30 years with previous tenure in Houston and Abilene. She is an honors graduate of Princeton University and earned her law degree from the University of Texas School of Law. Also, in January 2022, the Board of Directors of First Financial Bankshares, Inc. announced the promotion of Luke Longhofer to Executive Vice President, Chief (cid:45)en(cid:69)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:13)(cid:1)(cid:86)(cid:81)(cid:80)n(cid:1)(cid:40)a(cid:83)(cid:90)(cid:1)(cid:40)(cid:83)a(cid:72)(cid:72)(cid:110)(cid:84)(cid:1)(cid:83)e(cid:85)i(cid:83)e(cid:78)en(cid:85)(cid:1)a(cid:71)(cid:85)e(cid:83)(cid:1)(cid:20)(cid:17)(cid:1) (cid:90)ea(cid:83)(cid:84)(cid:13)(cid:1)incl(cid:86)(cid:69)in(cid:72)(cid:1)(cid:85)(cid:73)e(cid:1)la(cid:84)(cid:85)(cid:1)(cid:18)(cid:23)(cid:1)a(cid:84)(cid:1)(cid:36)(cid:73)ie(cid:71)(cid:1)(cid:45)en(cid:69)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:15)(cid:1) (cid:34)(cid:84)(cid:1)(cid:36)(cid:73)ie(cid:71)(cid:1)(cid:36)(cid:83)e(cid:69)i(cid:85)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:13)(cid:1)(cid:45)(cid:86)(cid:76)e(cid:1)(cid:73)a(cid:69)(cid:1)(cid:88)(cid:80)(cid:83)(cid:76)e(cid:69)(cid:1)in(cid:1)(cid:85)an(cid:69)e(cid:78)(cid:1) with Gary for the past 11 years. Luke has played an integral role in the credit oversight of bank acquisi- tions, most recently that of TB&T Bancshares in 2020. He also oversaw the execution of the PPP and Main Street Lending Programs and was instrumental in implementing our adoption of the CECL accounting standard. Before joining First Financial Bank in October 2010, Luke served as a Commissioned Bank Examiner for the Federal Deposit Insurance Corporation for more than seven years. He was promoted to Senior Vice President of Loan Review at First Financial Bankshares in 2012, Executive Vice President of Lending in 2015 an(cid:69)(cid:1)(cid:38)(cid:89)ec(cid:86)(cid:85)i(cid:87)e(cid:1)(cid:55)ice(cid:1)(cid:49)(cid:83)e(cid:84)i(cid:69)en(cid:85)(cid:13)(cid:1)(cid:36)(cid:73)ie(cid:71)(cid:1)(cid:36)(cid:83)e(cid:69)i(cid:85)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1)in(cid:1) (cid:19)(cid:17)(cid:18)(cid:25)(cid:15)(cid:1)(cid:41)e(cid:1)(cid:73)(cid:80)l(cid:69)(cid:84)(cid:1)a(cid:1)bac(cid:73)el(cid:80)(cid:83)(cid:1)(cid:80)(cid:71)(cid:1)finance(cid:1)(cid:69)e(cid:72)(cid:83)ee(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1) West Texas A&M University and was valedictorian of A Letter To Our Shareholders | Annual Report 2021 | 6 FFIN2021-AnnualReport-Updated.indd 6-7 A Letter To Our Shareholders | Annual Report 2021 | 7 3/14/2022 2:00:26 PM MANAGEMENT CHANGES (CONTINUED) SMU’s Southwestern Graduate School of Bank- ing’s 2011 class. In addition, at its January 2022 meeting, the Board of Directors of First Financial Bankshares announced the promotion of J. Kyle McVey to Executive Vice (cid:49)(cid:83)e(cid:84)i(cid:69)en(cid:85)(cid:13)(cid:1)(cid:36)(cid:73)ie(cid:71)(cid:1)(cid:34)cc(cid:80)(cid:86)n(cid:85)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:15)(cid:1)(cid:44)(cid:90)le(cid:1)(cid:75)(cid:80)ine(cid:69)(cid:1)(cid:39)i(cid:83)(cid:84)(cid:85)(cid:1) Financial Bankshares in 2011 following two years with KPMG US LLP in Jacksonville, Florida. His (cid:83)e(cid:84)(cid:81)(cid:80)n(cid:84)ibili(cid:85)ie(cid:84)(cid:1)incl(cid:86)(cid:69)e(cid:1)financial(cid:1)(cid:83)e(cid:81)(cid:80)(cid:83)(cid:85)in(cid:72)(cid:13)(cid:1)ac(cid:82)(cid:86)i- sition strategy and analysis, internal and external audit coordination and investor relations. He is cochairman of the company’s Customer Service First program, which oversees the company’s mission of delivering excellence in customer service. Kyle holds bachelor’s degrees in accounting and finance(cid:1)an(cid:69)(cid:1)a(cid:1)(cid:78)a(cid:84)(cid:85)e(cid:83)(cid:110)(cid:84)(cid:1)in(cid:1)acc(cid:80)(cid:86)n(cid:85)in(cid:72)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:34)bilene(cid:1) Christian University. He is a licensed CPA and a graduate of SMU’s Southwestern Graduate School of Banking, where he was valedictorian of his class. In February 2022, the Board of First Financial Bank’s Southlake Region elected Shelby Bruhn as Presi- dent and CEO of the Region, succeeding Mark Jones, who will continue to be Chairman of the Board. Shelby recently served as Executive Vice (cid:49)(cid:83)e(cid:84)i(cid:69)en(cid:85)(cid:13)(cid:1)(cid:36)(cid:73)ie(cid:71)(cid:1)(cid:45)en(cid:69)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1)(cid:80)(cid:71)(cid:1)(cid:55)alliance(cid:1)(cid:35)an(cid:76)(cid:1) in Fort Worth. He began his tenure at Valliance Bank as the Tarrant County Market President in July 2016 and was elevated to Texas President two (cid:90)ea(cid:83)(cid:84)(cid:1)la(cid:85)e(cid:83)(cid:13)(cid:1)be(cid:71)(cid:80)(cid:83)e(cid:1)a(cid:84)(cid:84)(cid:86)(cid:78)in(cid:72)(cid:1)(cid:73)i(cid:84)(cid:1)final(cid:1)(cid:83)(cid:80)le(cid:1)(cid:85)(cid:73)e(cid:83)e(cid:1)in(cid:1) January 2021. Previously, he had worked as Execu- tive Vice President of Platinum Bank in Southlake an(cid:69)(cid:1)(cid:38)(cid:89)ec(cid:86)(cid:85)i(cid:87)e(cid:1)(cid:55)ice(cid:1)(cid:49)(cid:83)e(cid:84)i(cid:69)en(cid:85)(cid:13)(cid:1)(cid:36)(cid:73)ie(cid:71)(cid:1)(cid:45)en(cid:69)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) of Providence Bank Texas in Southlake. Shelby is a graduate of the University of Texas at Dallas with a bachelor’s degree in accounting and information management. He is also a 2017 graduate of the University of Colorado Graduate School of Banking. Please help me thank Ivan Olson, Sam Baker and Gary Gragg for their long and valued service to our company. We congratulate them on their well- deserved retirements and wish them all the best in their new endeavors. A Letter To Our Shareholders | Annual Report 2021 | 8 FFIN2021-AnnualReport-Updated.indd 8-9 David W. Bailey David W. Bailey EVP, Commercial Banking Chris Baughman Chris Baughman President & CEO, Conroe Region Vianei Lopez Braun Vianei Lopez Braun First Financial Bankshares Shelby Bruhn Shelby Bruhn President & CEO, Southlake Region Chris Cook Chris Cook EVP of Marketing Luke Longhofer Luke Longhofer EVP, Chief Credit Officer Kyle McVey, CPA Kyle McVey, CPA EVP, Chief Accounting Officer Robert C. Nickles, Jr. Robert C. Nickles, Jr. First Financial Bankshares Nora Thompson Nora Thompson President & CEO, BCS Region Maggie Tuschinski Maggie Tuschinski EVP, Chief Digital Officer 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, orienta- tions, 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 (cid:81)(cid:83)e(cid:84)i(cid:69)en(cid:85)(cid:13)(cid:1)a(cid:84)(cid:1)(cid:88)ell(cid:1)a(cid:84)(cid:1)elec(cid:85)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)fi(cid:83)(cid:84)(cid:85)(cid:1)(cid:34)(cid:71)(cid:83)ican(cid:14)(cid:34)(cid:78)e(cid:83)ican(cid:1) director to the First Financial Bankshares Board. We also continue to refresh and diversify our regional and subsidiary boards which have 35 women and/or minorities as members. These boards are made up of the movers and shakers of each of the commu- marketing strategy. He recently served for six years nities we serve. We appreciate the participation of as Dean of Texas A&M’s prestigious Mays Busi- (cid:85)(cid:73)e(cid:1)fine(cid:1)(cid:78)en(cid:1)an(cid:69)(cid:1)(cid:88)(cid:80)(cid:78)en(cid:1)(cid:88)(cid:73)(cid:80)(cid:1)(cid:84)e(cid:83)(cid:87)e(cid:1)(cid:80)n(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)b(cid:80)a(cid:83)(cid:69)(cid:84)(cid:28)(cid:1) ness School, one of the nation’s top 20 business their expertise, experiences and guidance bring us programs, preceded by three years as Dean of the (cid:78)an(cid:90)(cid:1)benefi(cid:85)(cid:84)(cid:15) We highlight the importance of diversity and inclusion to our company on page 11, where we present our 2021 Shining Stars. This program annually recognizes the dedicated and professional First Financial bankers who Sam M. Walton College of Business at the University of Arkansas. He also served as Dean of the business school at Louisiana State University and was founding executive director of the Sales Excellence Institute at the University of Houston. have demonstrated consistent excellence in living our Among his other professional activities, Eli serves on Invesco’s Family of Funds board of directors, trustee, and as an independent director on the Insperity, Inc. board of directors. From 2012 to 2015, he served on the advisory board of directors for Arvest Bank. He is a Bryan/College Station native and holds a bach- elor’s degree in journalism and both a master’s and a doctorate degree in business administration from Texas A&M University. We are delighted to have a board member of Eli’s caliber, experience and education on our Board. He is an excellent addition, and we look (cid:71)(cid:80)(cid:83)(cid:88)a(cid:83)(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)benefi(cid:85)in(cid:72)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:73)i(cid:84)(cid:1)(cid:69)i(cid:83)ec(cid:85)i(cid:80)n(cid:1)(cid:80)n(cid:1)(cid:85)(cid:73)e(cid:1)c(cid:80)(cid:78)(cid:81)an(cid:90)(cid:13)(cid:1) bank and regional boards, particularly his experience in marketing and sales culture. Our Lead Director, Tucker Bridwell, has decided to retire from the Board at this year’s annual meeting after 14 years of service. As Lead Director and one of our senior board members, Tucker has been instrumental in guiding the company and board to excellence. He currently serves on the Executive Committee and Nominating/Governance Committee, which he chairs. In the past, he has served on the Audit, Compensation and Bank Directors’ Loan Committees. He has served on the Board of Directors of the First Financial Bank Abilene Region for 35 years. Tucker is President of the Mansefeldt Investment Corp., as well as the Dian Graves Owen Foundation. He is a graduate of SMU’s Cox School of Business and serves on SMU’s Board of Trustees. We are certainly sad to see Tucker retire, but we appreciate his years of leadership and direction. It has been my immense pleasure to work with him as Lead Director through the years. Customer Service First philosophy. These exceptional bankers perform at the highest level, maintaining positive attitudes and a proactive approach to accomplishing our mission. Year after year, a large percentage of this honored group are women and minorities. Of the 19 professional bankers achieving this award in 2021, 15 were women and nine were minorities, which demonstrates that our diversity efforts bring the highest quality people to our company. We recognize and celebrate them for what they do to make this company great. 28% | 72% EMPLOYEE DIVERSITY MINORITIES FEMALE 72.0% MALE 28.0% (RACIAL, VETERANS AND DISABLED) 37% MINORITY 1,484 EMPLOYEES BOARD OF DIRECTOR CHANGES At the January 2022 Board of Directors meeting, Eli Jones, Ph.D., was appointed to the company’s Board of Directors. Eli also was appointed to the First Finan- cial Bank Board of Directors and he currently serves on the Board of First Financial Bank’s Bryan/College Station Region. Eli is a nationally known academic, speaker and author, and has worked with major publicly traded companies. He is Professor of Marketing and the Lowry and Peggy Mays Eminent Scholar at Texas A&M University and teaches courses in strategic and advanced professional selling, sales leadership and Tucker S. Bridwell First Financial Bankshares Dr. Eli Jones First Financial Bankshares A Letter To Our Shareholders | Annual Report 2021 | 9 3/14/2022 2:00:29 PM MANAGEMENT CHANGES (CONTINUED) SMU’s Southwestern Graduate School of Bank- ing’s 2011 class. In addition, at its January 2022 meeting, the Board of Directors of First Financial Bankshares announced the promotion of J. Kyle McVey to Executive Vice (cid:49)(cid:83)e(cid:84)i(cid:69)en(cid:85)(cid:13)(cid:1)(cid:36)(cid:73)ie(cid:71)(cid:1)(cid:34)cc(cid:80)(cid:86)n(cid:85)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:15)(cid:1)(cid:44)(cid:90)le(cid:1)(cid:75)(cid:80)ine(cid:69)(cid:1)(cid:39)i(cid:83)(cid:84)(cid:85)(cid:1) Financial Bankshares in 2011 following two years with KPMG US LLP in Jacksonville, Florida. His (cid:83)e(cid:84)(cid:81)(cid:80)n(cid:84)ibili(cid:85)ie(cid:84)(cid:1)incl(cid:86)(cid:69)e(cid:1)financial(cid:1)(cid:83)e(cid:81)(cid:80)(cid:83)(cid:85)in(cid:72)(cid:13)(cid:1)ac(cid:82)(cid:86)i- sition strategy and analysis, internal and external audit coordination and investor relations. He is cochairman of the company’s Customer Service First program, which oversees the company’s mission of delivering excellence in customer service. Kyle holds bachelor’s degrees in accounting and finance(cid:1)an(cid:69)(cid:1)a(cid:1)(cid:78)a(cid:84)(cid:85)e(cid:83)(cid:110)(cid:84)(cid:1)in(cid:1)acc(cid:80)(cid:86)n(cid:85)in(cid:72)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:34)bilene(cid:1) Christian University. He is a licensed CPA and a graduate of SMU’s Southwestern Graduate School of Banking, where he was valedictorian of his class. In February 2022, the Board of First Financial Bank’s Southlake Region elected Shelby Bruhn as Presi- dent and CEO of the Region, succeeding Mark Jones, who will continue to be Chairman of the Board. Shelby recently served as Executive Vice (cid:49)(cid:83)e(cid:84)i(cid:69)en(cid:85)(cid:13)(cid:1)(cid:36)(cid:73)ie(cid:71)(cid:1)(cid:45)en(cid:69)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1)(cid:80)(cid:71)(cid:1)(cid:55)alliance(cid:1)(cid:35)an(cid:76)(cid:1) in Fort Worth. He began his tenure at Valliance Bank as the Tarrant County Market President in July 2016 and was elevated to Texas President two (cid:90)ea(cid:83)(cid:84)(cid:1)la(cid:85)e(cid:83)(cid:13)(cid:1)be(cid:71)(cid:80)(cid:83)e(cid:1)a(cid:84)(cid:84)(cid:86)(cid:78)in(cid:72)(cid:1)(cid:73)i(cid:84)(cid:1)final(cid:1)(cid:83)(cid:80)le(cid:1)(cid:85)(cid:73)e(cid:83)e(cid:1)in(cid:1) January 2021. Previously, he had worked as Execu- tive Vice President of Platinum Bank in Southlake an(cid:69)(cid:1)(cid:38)(cid:89)ec(cid:86)(cid:85)i(cid:87)e(cid:1)(cid:55)ice(cid:1)(cid:49)(cid:83)e(cid:84)i(cid:69)en(cid:85)(cid:13)(cid:1)(cid:36)(cid:73)ie(cid:71)(cid:1)(cid:45)en(cid:69)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) of Providence Bank Texas in Southlake. Shelby is a graduate of the University of Texas at Dallas with a bachelor’s degree in accounting and information management. He is also a 2017 graduate of the Please help me thank Ivan Olson, Sam Baker and Gary Gragg for their long and valued service to our company. We congratulate them on their well- deserved retirements and wish them all the best in their new endeavors. A Letter To Our Shareholders | Annual Report 2021 | 8 FFIN2021-AnnualReport-Updated.indd 8-9 David W. Bailey EVP, Commercial Banking Chris Baughman President & CEO, Conroe Region Vianei Lopez Braun First Financial Bankshares Shelby Bruhn President & CEO, Southlake Region Chris Cook EVP of Marketing Luke Longhofer EVP, Chief Credit Officer Kyle McVey, CPA EVP, Chief Accounting Officer Robert C. Nickles, Jr. First Financial Bankshares Nora Thompson President & CEO, BCS Region Maggie Tuschinski EVP, Chief Digital Officer 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, orienta- tions, beliefs, cultures and interests. We believe that having a diverse team strengthens our company by bringing together people with different ideas, skills 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 (cid:81)(cid:83)e(cid:84)i(cid:69)en(cid:85)(cid:13)(cid:1)a(cid:84)(cid:1)(cid:88)ell(cid:1)a(cid:84)(cid:1)elec(cid:85)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)fi(cid:83)(cid:84)(cid:85)(cid:1)(cid:34)(cid:71)(cid:83)ican(cid:14)(cid:34)(cid:78)e(cid:83)ican(cid:1) director to the First Financial Bankshares Board. We also continue to refresh and diversify our regional and subsidiary boards which have 35 women and/or minorities as members. These boards are made up University of Colorado Graduate School of Banking. and experiences, and by enabling all our customers, of the movers and shakers of each of the commu- nities we serve. We appreciate the participation of (cid:85)(cid:73)e(cid:1)fine(cid:1)(cid:78)en(cid:1)an(cid:69)(cid:1)(cid:88)(cid:80)(cid:78)en(cid:1)(cid:88)(cid:73)(cid:80)(cid:1)(cid:84)e(cid:83)(cid:87)e(cid:1)(cid:80)n(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)b(cid:80)a(cid:83)(cid:69)(cid:84)(cid:28)(cid:1) their expertise, experiences and guidance bring us (cid:78)an(cid:90)(cid:1)benefi(cid:85)(cid:84)(cid:15) We highlight the importance of diversity and inclusion to our company on page 11, where we present our 2021 Shining Stars. This program annually recognizes the dedicated and professional First Financial bankers who have demonstrated consistent excellence in living our Customer Service First philosophy. These exceptional bankers perform at the highest level, maintaining positive attitudes and a proactive approach to accomplishing our mission. Year after year, a large percentage of this honored group are women and minorities. Of the 19 professional bankers achieving this award in 2021, 15 were women and nine were minorities, which demonstrates that our diversity efforts bring the highest quality people to our company. We recognize and celebrate them for what they do to make this company great. 28% | 72% EMPLOYEE DIVERSITY FEMALE 72.0% MALE 28.0% MINORITIES (RACIAL, VETERANS AND DISABLED) 37% MINORITY 1,484 EMPLOYEES BOARD OF DIRECTOR CHANGES At the January 2022 Board of Directors meeting, Eli Jones, Ph.D., was appointed to the company’s Board of Directors. Eli also was appointed to the First Finan- cial Bank Board of Directors and he currently serves on the Board of First Financial Bank’s Bryan/College Station Region. Eli is a nationally known academic, speaker and author, and has worked with major publicly traded companies. He is Professor of Marketing and the Lowry and Peggy Mays Eminent Scholar at Texas A&M University and teaches courses in strategic and advanced professional selling, sales leadership and marketing strategy. He recently served for six years as Dean of Texas A&M’s prestigious Mays Busi- ness School, one of the nation’s top 20 business programs, preceded by three years as Dean of the Sam M. Walton College of Business at the University of Arkansas. He also served as Dean of the business school at Louisiana State University and was founding executive director of the Sales Excellence Institute at the University of Houston. Among his other professional activities, Eli serves on Invesco’s Family of Funds board of directors, trustee, and as an independent director on the Insperity, Inc. board of directors. From 2012 to 2015, he served on the advisory board of directors for Arvest Bank. He is a Bryan/College Station native and holds a bach- elor’s degree in journalism and both a master’s and a doctorate degree in business administration from Texas A&M University. We are delighted to have a board member of Eli’s caliber, experience and education on our Board. He is an excellent addition, and we look (cid:71)(cid:80)(cid:83)(cid:88)a(cid:83)(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)benefi(cid:85)in(cid:72)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:73)i(cid:84)(cid:1)(cid:69)i(cid:83)ec(cid:85)i(cid:80)n(cid:1)(cid:80)n(cid:1)(cid:85)(cid:73)e(cid:1)c(cid:80)(cid:78)(cid:81)an(cid:90)(cid:13)(cid:1) bank and regional boards, particularly his experience in marketing and sales culture. Our Lead Director, Tucker Bridwell, has decided to retire from the Board at this year’s annual meeting after 14 years of service. As Lead Director and one of our senior board members, Tucker has been instrumental in guiding the company and board to excellence. He currently serves on the Executive Committee and Nominating/Governance Committee, which he chairs. In the past, he has served on the Audit, Compensation and Bank Directors’ Loan Committees. He has served on the Board of Directors of the First Financial Bank Abilene Region for 35 years. Tucker is President of the Mansefeldt Investment Corp., as well as the Dian Graves Owen Foundation. He is a graduate of SMU’s Cox School of Business and serves on SMU’s Board of Trustees. We are certainly sad to see Tucker retire, but we appreciate his years of leadership and direction. It has been my immense pleasure to work with him as Lead Director through the years. Tucker S. Bridwell Tucker S. Bridwell First Financial Bankshares Dr. Eli Jones Dr. Eli Jones First Financial Bankshares A Letter To Our Shareholders | Annual Report 2021 | 9 3/14/2022 2:00:29 PM LOOKING AHEAD Having achieved the largest growth in the company’s history over the past two years— and with it, vigorous momentum—our goal now is to maintain the trajec- tory and velocity of that momentum. I could not be more pleased with the people who have taken on new positions across our company and accepted more responsibilities to support our growth past the $10 billion mark in such a short period of time. Our Horst Schulze training, our mission and vision statements and our 21 nonnegotiables have kept our entire team focused on excellence. We will maintain that focus and continue to adhere to our bedrock goals: 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. With the momentum we have, the outlook for First Financial Bankshares is very good. We continue to improve our bottom line by growing loans, deposits and trust accounts, enhancing noninterest income and controlling expenses. As in the past, we are proceeding strategically on the acquisition front. We are searching diligently to acquire, at the right price, (cid:88)ell(cid:14)(cid:78)ana(cid:72)e(cid:69)(cid:1)ban(cid:76)(cid:84)(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1)fi(cid:85)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)c(cid:86)l(cid:85)(cid:86)(cid:83)e(cid:1)an(cid:69)(cid:1)(cid:88)ill(cid:1) bring long-term shareholder value to our company. Our accomplishments and strong performance, especially over these last two years, did not just happen on their own, but rather came from the dedication and hard work of a very professional (cid:85)ea(cid:78)(cid:1)(cid:78)a(cid:69)e(cid:1)(cid:86)(cid:81)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)e(cid:1)b(cid:80)a(cid:83)(cid:69)(cid:1)(cid:78)e(cid:78)be(cid:83)(cid:84)(cid:13)(cid:1)(cid:80)(cid:71)fice(cid:83)(cid:84)(cid:1)an(cid:69)(cid:1) employees with whom I have the honor of working. They continue to go well beyond the call of duty in providing our customers and communities with exceptional service, and I thank each one of them. Thank you also to our shareholders, 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 2021 WALTER JOHNSON AWARD 2021 WALTER JOHNSON AWARD The Walter Johnson Award is the Company’s highest honor bestowed The Walter Johnson Award is the Company’s highest honor bestowed upon a person who has contributed greatly and advanced our upon a person who has contributed greatly and advanced our company to new heights for shareholders, employees and the company to new heights for shareholders, employees and the community, just as Walter Johnson did. The Award has been given community, just as Walter Johnson did. The Award has been given only nine times in the last 16 years and is bestowed for the tenth time only nine times in the last 16 years and is bestowed for the tenth time (cid:85)(cid:80)(cid:1)(cid:40)a(cid:83)(cid:90)(cid:1)(cid:40)(cid:83)a(cid:72)(cid:72)(cid:13)(cid:1)(cid:83)e(cid:85)i(cid:83)e(cid:69)(cid:1)(cid:38)(cid:89)ec(cid:86)(cid:85)i(cid:87)e(cid:1)(cid:55)ice(cid:1)(cid:49)(cid:83)e(cid:84)i(cid:69)en(cid:85)(cid:13)(cid:1)(cid:36)(cid:73)ie(cid:71)(cid:1)(cid:45)en(cid:69)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) (cid:85)(cid:80)(cid:1)(cid:40)a(cid:83)(cid:90)(cid:1)(cid:40)(cid:83)a(cid:72)(cid:72)(cid:13)(cid:1)(cid:83)e(cid:85)i(cid:83)e(cid:69)(cid:1)(cid:38)(cid:89)ec(cid:86)(cid:85)i(cid:87)e(cid:1)(cid:55)ice(cid:1)(cid:49)(cid:83)e(cid:84)i(cid:69)en(cid:85)(cid:13)(cid:1)(cid:36)(cid:73)ie(cid:71)(cid:1)(cid:45)en(cid:69)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) of First Financial Bankshares, Inc. Gary was hired as Senior Vice of First Financial Bankshares, Inc. Gary was hired as Senior Vice President, Loan Review Manager on September 6, 1990, promoted President, Loan Review Manager on September 6, 1990, promoted to Executive Vice President of Lending in 2006, Executive Vice to Executive Vice President of Lending in 2006, Executive Vice President of Credit in 2011, Executive Vice President, Chief Lending President of Credit in 2011, Executive Vice President, Chief Lending (cid:48)(cid:71)fice(cid:83)(cid:1)(cid:80)(cid:71)(cid:1)(cid:39)i(cid:83)(cid:84)(cid:85)(cid:1)(cid:39)inancial(cid:1)(cid:35)an(cid:76)(cid:84)(cid:73)a(cid:83)e(cid:84)(cid:13)(cid:1)(cid:42)nc(cid:15)(cid:1)(cid:80)n(cid:1)(cid:52)e(cid:81)(cid:85)e(cid:78)be(cid:83)(cid:1)(cid:19)(cid:18)(cid:13)(cid:1)(cid:19)(cid:17)(cid:18)(cid:25)(cid:1) (cid:48)(cid:71)fice(cid:83)(cid:1)(cid:80)(cid:71)(cid:1)(cid:39)i(cid:83)(cid:84)(cid:85)(cid:1)(cid:39)inancial(cid:1)(cid:35)an(cid:76)(cid:84)(cid:73)a(cid:83)e(cid:84)(cid:13)(cid:1)(cid:42)nc(cid:15)(cid:1)(cid:80)n(cid:1)(cid:52)e(cid:81)(cid:85)e(cid:78)be(cid:83)(cid:1)(cid:19)(cid:18)(cid:13)(cid:1)(cid:19)(cid:17)(cid:18)(cid:25)(cid:1) and served until his retirement in January 2022. Throughout Gary’s and served until his retirement in January 2022. Throughout Gary’s career in the Company, he has been intricately involved in keeping career in the Company, he has been intricately involved in keeping the loan portfolio in pristine shape, loan losses minimal and the the loan portfolio in pristine shape, loan losses minimal and the income of the bank maximized. He was also actively involved in the income of the bank maximized. He was also actively involved in the Company’s merger and acquisition activity, external reporting and Company’s merger and acquisition activity, external reporting and maintaining proper balance for loan and lease losses. Over the last 30 years, Gary’s expertise in credit, diligence maintaining proper balance for loan and lease losses. Over the last 30 years, Gary’s expertise in credit, diligence in loan quality and his dedication to the Company have produced excellent results in our lending and acquisition in loan quality and his dedication to the Company have produced excellent results in our lending and acquisition strategies. Although Gary has retired from the Company, he will continue to contribute to our success by being a member of the Board of Directors Loan Committee and Southeast Texas Regional Board. When we think of Walter Johnson and TEXAS STRONG Bankers, we think of Gary Gragg. THE 2021 SHINING STARS The FFIN Shining Star Program recognizes dedicated and professional bankers who demonstrate consistent excel- lence(cid:1)in(cid:1)(cid:71)(cid:86)lfillin(cid:72)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)(cid:36)(cid:86)(cid:84)(cid:85)(cid:80)(cid:78)e(cid:83)(cid:1)(cid:52)e(cid:83)(cid:87)ice(cid:1)(cid:39)i(cid:83)(cid:84)(cid:85)(cid:1)(cid:49)(cid:73)il(cid:80)(cid:84)(cid:80)(cid:81)(cid:73)(cid:90)(cid:15)(cid:1)(cid:53)(cid:73)e(cid:84)e(cid:1)e(cid:89)ce(cid:81)(cid:85)i(cid:80)nal(cid:1)ban(cid:76)e(cid:83)(cid:84)(cid:1)(cid:81)e(cid:83)(cid:71)(cid:80)(cid:83)(cid:78)(cid:1)a(cid:85)(cid:1)(cid:85)(cid:73)e(cid:1)(cid:73)i(cid:72)(cid:73)e(cid:84)(cid:85)(cid:1)le(cid:87)el(cid:13)(cid:1) 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 professional- i(cid:84)(cid:78)(cid:13)(cid:1)a(cid:1)(cid:83)elen(cid:85)le(cid:84)(cid:84)(cid:1)(cid:88)(cid:80)(cid:83)(cid:76)(cid:1)e(cid:85)(cid:73)ic(cid:1)an(cid:69)(cid:1)an(cid:1)(cid:80)n(cid:72)(cid:80)in(cid:72)(cid:1)(cid:69)e(cid:84)i(cid:83)e(cid:1)(cid:85)(cid:80)(cid:1)b(cid:86)il(cid:69)(cid:13)(cid:1)i(cid:78)(cid:81)(cid:83)(cid:80)(cid:87)e(cid:13)(cid:1)an(cid:69)(cid:1)(cid:83)efine(cid:1)(cid:83)ela(cid:85)i(cid:80)n(cid:84)(cid:73)i(cid:81)(cid:84)(cid:1)(cid:88)i(cid:85)(cid:73)(cid:1)b(cid:80)(cid:85)(cid:73)(cid:1)c(cid:86)(cid:84)(cid:85)(cid:80)(cid:78)e(cid:83)(cid:84)(cid:1) and fellow employees. We are so proud of our 2021 Shining Stars. Sarah Bacon First Financial Bankshares Casjen Rico Abilene Region Misty Ramos Bryan/College Station Region Danielle Kunze Cleburne Region Teresa Baker Conroe Region Christy Bramlett Eastland Region Angelina Rodriguez Fort Worth Region Rosario Leyva Hereford Region Ryan Villarreal Kingwood Region Tricia Corks-Villery Southeast Texas Region Nancy Rivera San Angelo Region Kelly Ince Southlake Region Ann Uhler Stephenville Region Carolina Perez Sweetwater Region Debra Flores Weatherford Region Lisa Smith Mortgage Division Gary Milliorn Shared Services Marie Applegate First Financial Trust William Bullock First Technology Services A Letter To Our Shareholders & Walter Johnson Award 2021 | Annual Report 2021 | 10 FFIN2021-AnnualReport-Updated.indd 10-11 2021 Shining Stars | Annual Report 2021 | 11 3/14/2022 2:00:38 PM LOOKING AHEAD Having achieved the largest growth in the company’s history over the past two years— and with it, vigorous momentum—our goal now is to maintain the trajec- tory and velocity of that momentum. I could not be more pleased with the people who have taken on new positions across our company and accepted more responsibilities to support our growth past the $10 billion mark in such a short period of time. Our Horst Schulze training, our mission and vision statements and our 21 nonnegotiables have kept our entire team focused on excellence. We will maintain that focus and continue to adhere to our bedrock goals: 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. and controlling expenses. As in the past, we are proceeding strategically on the acquisition front. We are searching diligently to acquire, at the right price, (cid:88)ell(cid:14)(cid:78)ana(cid:72)e(cid:69)(cid:1)ban(cid:76)(cid:84)(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1)fi(cid:85)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)c(cid:86)l(cid:85)(cid:86)(cid:83)e(cid:1)an(cid:69)(cid:1)(cid:88)ill(cid:1) bring long-term shareholder value to our company. Our accomplishments and strong performance, especially over these last two years, did not just happen on their own, but rather came from the dedication and hard work of a very professional (cid:85)ea(cid:78)(cid:1)(cid:78)a(cid:69)e(cid:1)(cid:86)(cid:81)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)e(cid:1)b(cid:80)a(cid:83)(cid:69)(cid:1)(cid:78)e(cid:78)be(cid:83)(cid:84)(cid:13)(cid:1)(cid:80)(cid:71)fice(cid:83)(cid:84)(cid:1)an(cid:69)(cid:1) employees with whom I have the honor of working. They continue to go well beyond the call of duty in providing our customers and communities with exceptional service, and I thank each one of them. Thank you also to our shareholders, who are so loyal and supportive of our company. We never forget that we work to put You First! With the momentum we have, the outlook for First Financial Bankshares is very good. We continue to F. Scott Dueser improve our bottom line by growing loans, deposits Chairman, President and CEO and trust accounts, enhancing noninterest income 2021 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 shareholders, employees and the community, just as Walter Johnson did. The Award has been given only nine times in the last 16 years and is bestowed for the tenth time (cid:85)(cid:80)(cid:1)(cid:40)a(cid:83)(cid:90)(cid:1)(cid:40)(cid:83)a(cid:72)(cid:72)(cid:13)(cid:1)(cid:83)e(cid:85)i(cid:83)e(cid:69)(cid:1)(cid:38)(cid:89)ec(cid:86)(cid:85)i(cid:87)e(cid:1)(cid:55)ice(cid:1)(cid:49)(cid:83)e(cid:84)i(cid:69)en(cid:85)(cid:13)(cid:1)(cid:36)(cid:73)ie(cid:71)(cid:1)(cid:45)en(cid:69)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) of First Financial Bankshares, Inc. Gary was hired as Senior Vice President, Loan Review Manager on September 6, 1990, promoted to Executive Vice President of Lending in 2006, Executive Vice President of Credit in 2011, Executive Vice President, Chief Lending (cid:48)(cid:71)fice(cid:83)(cid:1)(cid:80)(cid:71)(cid:1)(cid:39)i(cid:83)(cid:84)(cid:85)(cid:1)(cid:39)inancial(cid:1)(cid:35)an(cid:76)(cid:84)(cid:73)a(cid:83)e(cid:84)(cid:13)(cid:1)(cid:42)nc(cid:15)(cid:1)(cid:80)n(cid:1)(cid:52)e(cid:81)(cid:85)e(cid:78)be(cid:83)(cid:1)(cid:19)(cid:18)(cid:13)(cid:1)(cid:19)(cid:17)(cid:18)(cid:25)(cid:1) and served until his retirement in January 2022. Throughout Gary’s career in the Company, he has been intricately involved in keeping the loan portfolio in pristine shape, loan losses minimal and the income of the bank maximized. He was also actively involved in the Company’s merger and acquisition activity, external reporting and THE 2021 SHINING STARS The FFIN Shining Star Program recognizes dedicated and professional bankers who demonstrate consistent excel- lence(cid:1)in(cid:1)(cid:71)(cid:86)lfillin(cid:72)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)(cid:36)(cid:86)(cid:84)(cid:85)(cid:80)(cid:78)e(cid:83)(cid:1)(cid:52)e(cid:83)(cid:87)ice(cid:1)(cid:39)i(cid:83)(cid:84)(cid:85)(cid:1)(cid:49)(cid:73)il(cid:80)(cid:84)(cid:80)(cid:81)(cid:73)(cid:90)(cid:15)(cid:1)(cid:53)(cid:73)e(cid:84)e(cid:1)e(cid:89)ce(cid:81)(cid:85)i(cid:80)nal(cid:1)ban(cid:76)e(cid:83)(cid:84)(cid:1)(cid:81)e(cid:83)(cid:71)(cid:80)(cid:83)(cid:78)(cid:1)a(cid:85)(cid:1)(cid:85)(cid:73)e(cid:1)(cid:73)i(cid:72)(cid:73)e(cid:84)(cid:85)(cid:1)le(cid:87)el(cid:13)(cid:1) 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 professional- i(cid:84)(cid:78)(cid:13)(cid:1)a(cid:1)(cid:83)elen(cid:85)le(cid:84)(cid:84)(cid:1)(cid:88)(cid:80)(cid:83)(cid:76)(cid:1)e(cid:85)(cid:73)ic(cid:1)an(cid:69)(cid:1)an(cid:1)(cid:80)n(cid:72)(cid:80)in(cid:72)(cid:1)(cid:69)e(cid:84)i(cid:83)e(cid:1)(cid:85)(cid:80)(cid:1)b(cid:86)il(cid:69)(cid:13)(cid:1)i(cid:78)(cid:81)(cid:83)(cid:80)(cid:87)e(cid:13)(cid:1)an(cid:69)(cid:1)(cid:83)efine(cid:1)(cid:83)ela(cid:85)i(cid:80)n(cid:84)(cid:73)i(cid:81)(cid:84)(cid:1)(cid:88)i(cid:85)(cid:73)(cid:1)b(cid:80)(cid:85)(cid:73)(cid:1)c(cid:86)(cid:84)(cid:85)(cid:80)(cid:78)e(cid:83)(cid:84)(cid:1) and fellow employees. We are so proud of our 2021 Shining Stars. Sarah Bacon Sarah Bacon First Financial Bankshares Casjen Rico Casjen Rico Abilene Region Misty Ramos Misty Ramos Bryan/College Station Region Danielle Kunze Danielle Kunze Cleburne Region Teresa Baker Teresa Baker Conroe Region Christy Bramlett Christy Bramlett Eastland Region Angelina Rodriguez Angelina Rodriguez Fort Worth Region Rosario Leyva Rosario Leyva Hereford Region Ryan Villarreal Ryan Villarreal Kingwood Region Tricia Corks-Villery Tricia Corks-Villery Southeast Texas Region Nancy Rivera Nancy Rivera San Angelo Region Kelly Ince Kelly Ince Southlake Region Ann Uhler Ann Uhler Stephenville Region Carolina Perez Carolina Perez Sweetwater Region Debra Flores Debra Flores Weatherford Region Lisa Smith Mortgage Division Gary Milliorn Shared Services maintaining proper balance for loan and lease losses. Over the last 30 years, Gary’s expertise in credit, diligence in loan quality and his dedication to the Company have produced excellent results in our lending and acquisition strategies. Although Gary has retired from the Company, he will continue to contribute to our success by being a member of the Board of Directors Loan Committee and Southeast Texas Regional Board. When we think of Walter Johnson and TEXAS STRONG Bankers, we think of Gary Gragg. Marie Applegate Marie Applegate First Financial Trust William Bullock William Bullock First Technology Services A Letter To Our Shareholders & Walter Johnson Award 2021 | Annual Report 2021 | 10 FFIN2021-AnnualReport-Updated.indd 10-11 2021 Shining Stars | Annual Report 2021 | 11 3/14/2022 2:00:38 PM FIRST FINANCIAL BANKSHARES FOOTPRINT FIRST FINANCIAL BANK LOCATIONS Amarillo Hereford Abilene Dallas Fort Worth Odessa San Angelo Waco Bryan / College Station Austin Huntsville Conroe San Antonio Abilene ........... 325.627.7200 Eastland ......... 254.629.6100 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 ..... 409.726.8000 Alvarado ......... 817.774.5100 Granbury ........ 817.573.6900 Ranger ............ 254.629.6188 *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 Bridgeport ..... 940.683.8700 Katy-Fulshear .. 281.346.0221 Southlake ...... 817.410.2915 Brock ............. 817.596.0307 Keller ............. 817.329.8625 Spring ............. 346.328.6910 Bryan ............ 979.260.2100 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 ... 409.745.4433 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 ............... 409.769.5413 Conroe ............ 936.760.1888 Montgomery .. 936.597.5997 Waxahachie ... 972.723.7150 Cut and Shoot .... 936.788.2121 Moran ............ 325.627.7953 Weatherford ... 817.598.2600 *Dallas/Ft Worth. 972.385.8239 New Waverly .. 936.295.2224 Willis ............. 936.890.3500 Decatur .......... 940.683.8780 Newton ......... 409.379.2200 Willow Park ... 817.598.2780 FIRST FINANCIAL TR UST LOCATIONS (cid:11)(cid:46)ortgage (cid:45)oan Office 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 1000 Forest Park Blvd., Suite 200 9601 McAllister Freeway, Suite 1204 Fort Worth 682.703.6404 Houston 281.318.4625 24080 Hwy 59 North, Suite 200 Odessa 3555 Billy Hext Road 432.367.8912 San Angelo 222 S. Koenigheim Street 325.659.5987 San Antonio 210.864.4774 Stephenville 2201 W. South Loop 254.918.6262 Sweetwater 201 Elm Street 325.235.6644 First Financial Bankshares Footprint | Annual Report 2021 | 12 First Financial Bank Locations | Annual Report 2021 | 13 FFIN2021-AnnualReport-Updated.indd 12-13 3/14/2022 2:00:39 PM FIRST FINANCIAL BANKSHARES FOOTPRINT FIRST FINANCIAL BANK LOCATIONS Amarillo Hereford Abilene Dallas Fort Worth Odessa San Angelo Waco Bryan / College Station Austin Huntsville Conroe San Antonio Abilene ........... 325.627.7200 Eastland ......... 254.629.6100 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 ..... 409.726.8000 Alvarado ......... 817.774.5100 Granbury ........ 817.573.6900 Ranger ............ 254.629.6188 *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 Bridgeport ..... 940.683.8700 Katy-Fulshear .. 281.346.0221 Southlake ...... 817.410.2915 Brock ............. 817.596.0307 Keller ............. 817.329.8625 Spring ............. 346.328.6910 Bryan ............ 979.260.2100 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 ... 409.745.4433 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 ............... 409.769.5413 Conroe ............ 936.760.1888 Montgomery .. 936.597.5997 Waxahachie ... 972.723.7150 Cut and Shoot .... 936.788.2121 Moran ............ 325.627.7953 Weatherford ... 817.598.2600 *Dallas/Ft Worth. 972.385.8239 New Waverly .. 936.295.2224 Willis ............. 936.890.3500 Decatur .......... 940.683.8780 Newton ......... 409.379.2200 Willow Park ... 817.598.2780 (cid:11)(cid:46)ortgage (cid:45)oan Office FI R ST FI NANCIAL TR UST LOCATION S 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 200 682.703.6404 Houston 24080 Hwy 59 North, Suite 200 281.318.4625 Odessa 3555 Billy Hext Road 432.367.8912 San Angelo 222 S. Koenigheim Street 325.659.5987 San Antonio 9601 McAllister Freeway, Suite 1204 210.864.4774 Stephenville 2201 W. South Loop 254.918.6262 Sweetwater 201 Elm Street 325.235.6644 First Financial Bankshares Footprint | Annual Report 2021 | 12 First Financial Bank Locations | Annual Report 2021 | 13 FFIN2021-AnnualReport-Updated.indd 12-13 3/14/2022 2:00:39 PM FINANCIAL HIGHLIGHTS SELECTED FINANCIAL DATA IN THOUSANDS (except for share data) YEAR-END TOTAL ASSETS SHAREHOLDERS’ EQUITY NET INCOME DILUTED EARNINGS CASH DIVIDENDS YEAR-END BOOK VALUE YEAR-END MARKET VALUE (PER SHARE) (PER SHARE) (PER SHARE) (PER SHARE) STOCK DIVIDENDS AND SPLITS $4,502,012 $556,963 $74,225 $0.59 $5,222,208 $587,647 $78,868 $0.62 IN THOUSANDS (except for share data) IN THOUSANDS (except for share data) FOR THE YEAR Net Income 2021 2020 % INCREASE AT YEAR-END 2021 2020 % INCREASE $227,562 $202,034 12.64% Assets $13,102,461 $10,904,500 20.16% $5,848,202 $681,537 $89,559 $0.70 2/1 split Diluted Earnings (PER SHARE) $1.59 $1.42 11.97% Securities $6,573,179 $4,393,029 49.63% $6,665,070 $804,986 $100,381 $0.78 Dividends Declared $82,615 $72,494 13.96% Dividends (PER SHARE) $0.58 $0.51 13.73% Loans, HFI Deposits $5,388,972 $5,171,033 4.21% $10,566,488 $8,675,817 21.79% $6,809,931 $837,885 $104,774 $0.80 $7,254,715 $922,768 $120,371 $0.91 KEY RATIOS Return On Avg. Assets Return On Avg. Equity Year-End Equity/Assets Efficienc(cid:90) 1.89% 13.31% 13.43% 45.84% 1.98% 12.93% 15.39% 45.49% Shareholders’ Equity $1,759,224 $1,678,190 4.83% $7,731,854 $1,053,295 $150,638 $1.11 Book Value Per Share $12.34 $11.80 4.58% $8,262,227 $1,227,197 $164,812 $1.21 2/1 split Trust Assets (Book Value) $5,880,293 $5,397,555 8.94% $10,904,500 $1,678,190 $202,034 $1.42 Trust Assets (Market Value) $8,699,025 $7,510,428 15.83% $13,102,461 $1,759,224 $227,562 $1.59 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $4.42 $4.59 $5.32 $6.10 $6.34 $6.97 $7.77 $9.03 $9.76 $16.53 $14.94 $15.09 $22.60 $22.53 $28.85 $35.10 $11.80 $36.17 $12.34 $50.84 NET INCOME (in thousands) AVERAGES - FOR THE YEAR 11.27% 12.19% 11.85% 10.42% 8.77% 10.81% 17.94% 2017 $120,371 2018 $150,638 2019 $164,812 2020 $202,034 2021 $227,562 Assets Securities Loans Deposits $12,042,255 $10,193,515 18.14% $5,402,144 $4,116,345 31.24% $5,341,332 $5,152,531 3.66% $9,673,934 $7,981,450 21.21% Shareholders’ Equity $1,709,432 $1,562,010 9.44% RETURN ON AVERAGE EQUITY EFFICIENCY RATIO 2017 13.63% 2018 15.37% 2019 14.37% 2020 12.93% 2021 13.31% 2017 49.26% 2018 49.72% 2019 48.61% 2020 45.49% 2021 45.84% $0.25 $0.26 $0.28 $0.31 $0.35 $0.38 $0.41 $0.47 $0.51 $0.58 – – – – – – – – – 2017 4.01% 2018 3.96% 2019 3.98% 2020 3.79% 2021 3.40% 2017 1.72% 2018 1.98% 2019 2.08% 2020 1.98% 2021 1.89% 2021 COMMON STOCK MARKET VALUE AND DIVIDEND DATA NET INTEREST MARGIN Ten-Year Compound Growth Rate Adjusted for stock dividends and splits QUARTER HIGH LOW CLOSE DIVIDENDS Fourth Third $55.00 $45.75 $50.84 $0.15 $50.49 $43.03 $45.95 $0.15 Second $52.49 $45.18 $49.13 $0.15 First $51.60 $35.17 $46.73 $0.13 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 2020 COMMON STOCK MARKET VALUE AND DIVIDEND DATA RETURN ON AVERAGE ASSETS Financial Highlights | Annual Report 2021 | 14 FFIN2021-AnnualReport-Updated.indd 14-15 Financial Highlights | Annual Report 2021 | 15 3/14/2022 2:00:39 PM FINANCIAL HIGHLIGHTS SELECTED FINANCIAL DATA IN THOUSANDS (except for share data) IN THOUSANDS (except for share data) IN THOUSANDS (except for share data) FOR THE YEAR Net Income 2021 2020 % INCREASE AT YEAR-END 2021 2020 % INCREASE $227,562 $202,034 12.64% Assets $13,102,461 $10,904,500 20.16% Diluted Earnings (PER SHARE) $1.59 $1.42 11.97% Securities $6,573,179 $4,393,029 49.63% Dividends Declared $82,615 $72,494 13.96% Dividends (PER SHARE) $0.58 $0.51 13.73% KEY RATIOS Return On Avg. Assets Return On Avg. Equity Year-End Equity/Assets Efficienc(cid:90) 1.89% 13.31% 13.43% 45.84% 1.98% 12.93% 15.39% 45.49% Loans, HFI Deposits $5,388,972 $5,171,033 4.21% $10,566,488 $8,675,817 21.79% Shareholders’ Equity $1,759,224 $1,678,190 4.83% Book Value Per Share $12.34 $11.80 4.58% Trust Assets (Book Value) $5,880,293 $5,397,555 8.94% Trust Assets (Market Value) $8,699,025 $7,510,428 15.83% NET INCOME (in thousands) AVERAGES - FOR THE YEAR Assets Securities Loans Deposits $12,042,255 $10,193,515 18.14% $5,402,144 $4,116,345 31.24% $5,341,332 $5,152,531 3.66% $9,673,934 $7,981,450 21.21% Shareholders’ Equity $1,709,432 $1,562,010 9.44% RETURN ON AVERAGE EQUITY EFFICIENCY RATIO 2017 $120,371 2018 $150,638 2019 $164,812 2020 $202,034 2021 $227,562 2017 13.63% 2018 15.37% 2019 14.37% 2020 12.93% 2021 13.31% 2017 49.26% 2018 49.72% 2019 48.61% 2020 45.49% 2021 45.84% YEAR-END TOTAL ASSETS SHAREHOLDERS’ EQUITY NET INCOME DILUTED EARNINGS (PER SHARE) CASH DIVIDENDS (PER SHARE) STOCK DIVIDENDS AND SPLITS YEAR-END BOOK VALUE (PER SHARE) YEAR-END MARKET VALUE (PER SHARE) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $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 $13,102,461 $1,759,224 $227,562 $1.59 $0.25 $0.26 $0.28 $0.31 $0.35 $0.38 $0.41 $0.47 $0.51 $0.58 Ten-Year Compound Growth Rate 11.27% 12.19% 11.85% 10.42% 8.77% Adjusted for stock dividends and splits – – 2/1 split – – – – 2/1 split – – – $4.42 $4.59 $5.32 $6.10 $6.34 $6.97 $7.77 $9.03 $9.76 $16.53 $14.94 $15.09 $22.60 $22.53 $28.85 $35.10 $11.80 $36.17 $12.34 $50.84 10.81% 17.94% 2021 COMMON STOCK MARKET VALUE AND DIVIDEND DATA NET INTEREST MARGIN QUARTER HIGH LOW CLOSE DIVIDENDS Fourth Third $55.00 $45.75 $50.84 $0.15 $50.49 $43.03 $45.95 $0.15 Second $52.49 $45.18 $49.13 $0.15 First $51.60 $35.17 $46.73 $0.13 2017 4.01% 2018 3.96% 2019 3.98% 2020 3.79% 2021 3.40% 2020 COMMON STOCK MARKET VALUE AND DIVIDEND DATA RETURN ON AVERAGE ASSETS 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 2017 1.72% 2018 1.98% 2019 2.08% 2020 1.98% 2021 1.89% Financial Highlights | Annual Report 2021 | 14 FFIN2021-AnnualReport-Updated.indd 14-15 Financial Highlights | Annual Report 2021 | 15 3/14/2022 2:00:39 PM ABILENE REGION (CONTINUED) EASTLAND DIVISION ABILENE REGION Abilene | Clyde | Moran | Albany | Odessa | Eastland | Ranger Rising Star | Cisco | Sweetwater | Merkel | Trent | Roby Ronald D. Butler II Chairman and CEO Marelyn Shedd President Abilene In spite of challenges in 2021, including COVID, lingering supply chain issues and a tight labor market, the future is paved with promise for the Abilene Region. Abilene has broken ground on several new projects, including a new 17,000-square-foot, 200-room DoubleTree Hotel that will be adjacent to the Abilene Convention Center; a new Great Lakes Cheese plant with a $185 million investment by the company in a 286,500-square-foot facility, which represents its ninth location in the country; a 71,000-square-foot Amazon warehouse delivery location; and a $2.4 billion data center to host bitcoin mining. Hendrick Medical Center completed the acquisition of two additional hospitals, and First Financial Bank has been honored to be involved in several expansion projects with local universities as well as a low-income housing project located at S. 9th and Butternut in Abilene that will consist of 29 units to serve our senior population who earn below the median income. In addition, Sweetwater has announced the expansion of a new Georgia (cid:49)acific(cid:1)(cid:40)(cid:90)(cid:81)(cid:84)(cid:86)(cid:78)(cid:1)(cid:81)lan(cid:85)(cid:1)c(cid:80)n(cid:84)i(cid:84)(cid:85)in(cid:72)(cid:1)(cid:80)(cid:71)(cid:1)a(cid:1)(cid:24)(cid:17)(cid:17)(cid:13)(cid:17)(cid:17)(cid:17)(cid:14)(cid:84)(cid:82)(cid:86)a(cid:83)e(cid:14)(cid:71)(cid:80)(cid:80)(cid:85)(cid:1)(cid:88)allb(cid:80)a(cid:83)(cid:69)(cid:1)(cid:81)lan(cid:85)(cid:1) with a $300 million investment by the company. This expansion will boost the continued effort to bring more jobs, housing and growth in Sweetwater. To our west, Odessa’s economy continues to boom with the ongoing increase in oil and gas demand and, to our east, Eastland County continues to expand thanks to a bustling industrial park and airport in Eastland, expanded programs offered by Cisco College and Ranger College, and the revitalizations of their downtown areas. Abilene Senior Officers Abilene Regional Directors Corie O’Connor Senior Vice President Ryan Parrish 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 Chuck Tennesson Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) Kyle Seaton Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) David W. Bailey Executive Vice President Commercial Banking Timothy Collard Executive Vice President Commercial Lending Evan Harris Executive Vice President Real Estate Lending Marshall Morris Executive Vice President Senior Lender - Abilene Mark Pierce Executive Vice President Corporate Controller Janet O’Dell Executive Vice President Mortgage Lending Dayton Borger Senior Vice President Brett Clifton Senior Vice President Vanessa Faz Senior Vice President Patty Fuentes Senior Vice President Jim Goldston Senior Vice President Landon Hammond Senior Vice President Brad Magers Senior Vice President Murray Edwards Principal The Edwards Group Allan D. Frizzell Executive Vice President Enrich Oil Corporation Geoff Haney President Cape and Son Commodity Merchandising Brad Holland President and CEO Hendrick Health System Kirk Massey Investments Stanley Morris, Jr. Investments Leigh Taliaferro, M.D. Physician Ronald D. Butler II Chairman and CEO Marelyn Shedd President 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 IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2020 $3,057,624 $1,180,748 $2,398,812 $59,108 Dec. 31, 2021 $4,012,071 $1,322,821 $3,117,158 $60,604 2.02% 1.70% 40.90% 41.13% Eastland Senior Officers Steve Simmel Senior Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83) David W. Bailey Eastland Division CEO Candi Kanady President, Eastland Division Jay Kidwell Executive Vice President Commerical Lending Derrick Saucedo Senior Vice President Eastland Division Directors David W. Bailey Eastland Division CEO Jim Keffer EBAA Iron Sales, Inc. Candi Kanady President, Eastland Division Marelyn Shedd President, Abilene Region Jim Farrar Attorney Devin Koenig Owner Plexus Healthcare Jim Moylan, Jr. Partner MOTEC, Ltd. Sweetwater Senior Officers Joseph Crouch President, Sweetwater Division Thea Hernandez Senior Vice President Senior Consumer Lender Rodney Foster Executive Vice President Commercial Lending Debbie Anthony Senior Vice President Retail Manager Sweetwater Division Directors Joseph Crouch Louis Brooks, Jr. Sweetwater Division President Ranching Marelyn Shedd President, Abilene Region Donna J. Boatright Healthcare and Quality Consultant Jeff Branson General Partner Jay Lawrence President MAL Enterprises, Inc. Larry May May & Hrbacek CPAs Thomas L. Rees, Jr. Rees, Rees, & Fuller Williamson-Branson Real Estate Attorneys David W. Bailey CEO Eastland Division Candi Kanady President Eastland Division Joseph Crouch President Sweetwater Division SWEETWATER DIVISION 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 Abilene Region | Annual Report 2021 | 16 FFIN2021-AnnualReport-Updated.indd 16-17 Eastland and Sweetwater Divisions | Annual Report 2021 | 17 3/14/2022 2:00:41 PM ABILENE REGION Abilene | Clyde | Moran | Albany | Odessa | Eastland | Ranger Rising Star | Cisco | Sweetwater | Merkel | Trent | Roby In spite of challenges in 2021, including COVID, lingering supply chain issues ABILENE REGION (CONTINUED) EASTLAND DIVISION Eastland Senior Officers Steve Simmel Senior Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83) David W. Bailey Eastland Division CEO Candi Kanady President, Eastland Division Jay Kidwell Executive Vice President Commerical Lending Derrick Saucedo Senior Vice President Eastland Division Directors David W. Bailey Eastland Division CEO Jim Keffer EBAA Iron Sales, Inc. Candi Kanady President, Eastland Division Marelyn Shedd President, Abilene Region Jim Farrar Attorney Devin Koenig Owner Plexus Healthcare Jim Moylan, Jr. Partner MOTEC, Ltd. Sweetwater Senior Officers Thea Hernandez Senior Vice President Senior Consumer Lender Joseph Crouch President, Sweetwater Division Rodney Foster Executive Vice President Commercial Lending Debbie Anthony Senior Vice President Retail Manager Sweetwater Division Directors Joseph Crouch Sweetwater Division President Louis Brooks, Jr. Ranching Marelyn Shedd President, Abilene Region Donna J. Boatright Healthcare and Quality Consultant Jay Lawrence President MAL Enterprises, Inc. Larry May May & Hrbacek CPAs Jeff Branson General Partner Williamson-Branson Real Estate Thomas L. Rees, Jr. Rees, Rees, & Fuller Attorneys David W. Bailey CEO Eastland Division Candi Kanady President Eastland Division SWEETWATER DIVISION Joseph Crouch President Sweetwater Division 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 Eastland and Sweetwater Divisions | Annual Report 2021 | 17 3/14/2022 2:00:41 PM Ronald D. Butler II Chairman and CEO Marelyn Shedd President Abilene and a tight labor market, the future is paved with promise for the Abilene Region. Abilene has broken ground on several new projects, including a new 17,000-square-foot, 200-room DoubleTree Hotel that will be adjacent to the Abilene Convention Center; a new Great Lakes Cheese plant with a $185 million investment by the company in a 286,500-square-foot facility, which represents its ninth location in the country; a 71,000-square-foot Amazon warehouse delivery location; and a $2.4 billion data center to host bitcoin mining. Hendrick Medical Center completed the acquisition of two additional hospitals, and First Financial Bank has been honored to be involved in several expansion projects with local universities as well as a low-income housing project located at S. 9th and Butternut in Abilene that will consist of 29 units to serve our senior population who earn below the median income. In addition, Sweetwater has announced the expansion of a new Georgia (cid:49)acific(cid:1)(cid:40)(cid:90)(cid:81)(cid:84)(cid:86)(cid:78)(cid:1)(cid:81)lan(cid:85)(cid:1)c(cid:80)n(cid:84)i(cid:84)(cid:85)in(cid:72)(cid:1)(cid:80)(cid:71)(cid:1)a(cid:1)(cid:24)(cid:17)(cid:17)(cid:13)(cid:17)(cid:17)(cid:17)(cid:14)(cid:84)(cid:82)(cid:86)a(cid:83)e(cid:14)(cid:71)(cid:80)(cid:80)(cid:85)(cid:1)(cid:88)allb(cid:80)a(cid:83)(cid:69)(cid:1)(cid:81)lan(cid:85)(cid:1) with a $300 million investment by the company. This expansion will boost the continued effort to bring more jobs, housing and growth in Sweetwater. To our west, Odessa’s economy continues to boom with the ongoing increase in oil and gas demand and, to our east, Eastland County continues to expand thanks to a bustling industrial park and airport in Eastland, expanded programs offered by Cisco College and Ranger College, and the revitalizations of their downtown areas. Abilene Senior Officers Abilene Regional Directors Ronald D. Butler II Chairman and CEO Mark Pierce Corie O’Connor Executive Vice President Senior Vice President Ronald D. Butler II Chairman and CEO Ryan Parrish Senior Vice President Fernando Quintana Senior Vice President Dennis Tarrant Senior Vice President Steve Waller Senior Vice President Marelyn Shedd President Chuck Tennesson Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) Kyle Seaton Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) David W. Bailey Executive Vice President Commercial Banking Timothy Collard Executive Vice President Commercial Lending Evan Harris Executive Vice President Real Estate Lending Corporate Controller Janet O’Dell Executive Vice President Mortgage Lending Dayton Borger Senior Vice President Brett Clifton Senior Vice President Vanessa Faz Senior Vice President Patty Fuentes Senior Vice President Jim Goldston Senior Vice President Landon Hammond Senior Vice President Marshall Morris Brad Magers Executive Vice President Senior Vice President Senior Lender - Abilene Murray Edwards Principal The Edwards Group Allan D. Frizzell Executive Vice President Enrich Oil Corporation Geoff Haney President Cape and Son Commodity Merchandising Brad Holland President and CEO Hendrick Health System Kirk Massey Investments Stanley Morris, Jr. Investments Leigh Taliaferro, M.D. Physician Marelyn Shedd President 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 IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2020 $3,057,624 $1,180,748 $2,398,812 $59,108 Dec. 31, 2021 $4,012,071 $1,322,821 $3,117,158 $60,604 2.02% 1.70% 40.90% 41.13% Abilene Region | Annual Report 2021 | 16 FFIN2021-AnnualReport-Updated.indd 16-17 BRYAN/COLLEGE STATION Bryan | College Station Timothy N. Bryan Chairman Nora Thompson President and CEO MAIN OFFICE 1716 Briarcrest Dr. Ste 400 Bryan, TX 77802 | 979.260.2100 Last year was our second with the First Financial family, which brought new products and services to offer our customers, including digital banking, treasury management, secondary market mortgage and consumer lending, along with a much larger lending limit. Former CEO Ivan Olson retired mid-year and, as planned, Nora Thompson assumed the title of both President and CEO. Also, two new directors joined our regional board – Dr. Eli Jones, former Dean of Mays Business School, and Bobby Gutierrez, a small business leader and active participant in local government and economic development initiatives. We continue to be bullish on the future as Texas A&M University’s main campus and RELLIS Campus, along with Blinn College, continue their patterns of incremental student body growth, topping 90,000 students this past fall. We processed $53 million in our government’s PPP loan forgiveness applications. In November, we broke ground on a new 16,000-square-foot regional headquarters branch location to better serve our community, and more branches are contemplated for the future. Through it all, though, we remain the same local bankers our customers have known over generations, an(cid:69)(cid:1)(cid:88)e(cid:1)a(cid:83)e(cid:1)(cid:81)(cid:83)(cid:80)(cid:86)(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)(cid:81)lace(cid:1)(cid:88)i(cid:85)(cid:73)in(cid:1)a(cid:1)fi(cid:83)(cid:84)(cid:85)(cid:14)cla(cid:84)(cid:84)(cid:1)ban(cid:76)in(cid:72)(cid:1)c(cid:80)(cid:78)(cid:81)an(cid:90)(cid:15) I am so thankful to work and live in the great state of Texas. Despite CLEBURNE REGION a number of headwinds that carried into 2021, the Cleburne Region Cleburne | Burleson | Alvarado | Midlothian | Waxahachie experienced a number of personal bests. This was led by 24 percent loan growth, net of PPP loans and many new depository customers to the bank. Not only is the region in the best state, it is strategically positioned, with numerous businesses and families moving here monthly. Supply chain concerns in construction and the ever- (cid:82)(cid:86)e(cid:84)(cid:85)i(cid:80)nable(cid:1)in(cid:230)a(cid:85)i(cid:80)n(cid:1)(cid:69)i(cid:69)(cid:1)n(cid:80)(cid:85)(cid:1)(cid:69)i(cid:78)ini(cid:84)(cid:73)(cid:1)(cid:85)(cid:73)e(cid:1)en(cid:85)(cid:83)e(cid:81)(cid:83)ene(cid:86)(cid:83)ial(cid:1)(cid:84)(cid:81)i(cid:83)i(cid:85)(cid:1)(cid:80)(cid:71)(cid:1) American businessmen and women. Our region continues to be actively involved in regional development projects in Midlothian, (cid:56)a(cid:89)a(cid:73)ac(cid:73)ie(cid:1)an(cid:69)(cid:1)(cid:36)leb(cid:86)(cid:83)ne(cid:15)(cid:1)(cid:46)e(cid:69)ian(cid:1)(cid:73)(cid:80)(cid:78)e(cid:1)(cid:81)(cid:83)ice(cid:84)(cid:1)(cid:83)(cid:80)(cid:84)e(cid:1)(cid:84)i(cid:72)nifican(cid:85)l(cid:90)(cid:1) throughout 2021 in Johnson County from $251,000 at the beginning of the year to $317,000 in December and in Ellis County from $283,000 to $360,000. Home inventory levels remain at record lows and indications a(cid:83)e(cid:1)(cid:85)(cid:73)e(cid:90)(cid:1)(cid:88)ill(cid:1)(cid:83)e(cid:78)ain(cid:1)(cid:84)(cid:80)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:84)(cid:80)(cid:78)e(cid:1)(cid:85)i(cid:78)e(cid:15)(cid:1)(cid:42)(cid:1)a(cid:78)(cid:1)c(cid:80)nfi(cid:69)en(cid:85)(cid:1)(cid:53)e(cid:89)a(cid:84)(cid:1)(cid:88)ill(cid:1)(cid:83)e(cid:78)ain(cid:1) Strong and the momentum generated in 2021 will catapult us to greater heights in 2022. Austin Elsner Chairman, President and CEO MAIN OFFICE 200 N. Ridgeway Dr. Cleburne, TX 76033 | 817.774.5100 IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS Dec. 31, 2020 $891,563 $470,443 $665,355 Dec. 31, 2021 $1,043,688 $415,634 $801,022 $12,833 $17,407 1.50% 1.77% EFFICIENCY RATIO 44.12% 43.17% IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2020 $649,128 $227,069 $579,023 Dec. 31, 2021 $784,285 $267,465 $708,881 $10,020 $11,078 1.99% 1.74% 48.57% 49.05% Senior Officers Timothy N. Bryan Chairman Nora Thompson President and CEO Jerry E. Fox Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83) Austin W. Bryan Executive Vice President J. Cal McNeill Executive Vice President Joe G. Salvato Executive Vice President Regional Board of Directors Timothy N. Bryan Chairman of the Board Nora Thompson President and CEO Brian Barrett President Kurten Farms, Ltd. R. Sid Cauthorn Westex Bancorp 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. Bobby Gutierrez President, Guitierrez Ventures, Inc. Bryan/College Station Region | Annual Report 2021 | 18 FFIN2021-AnnualReport-Updated.indd 18-19 Cameron Comire Senior Vice President Melanie N. Motley Senior Vice President Robert Olivarez, Jr. Senior Vice President Janet B. Prater Senior Vice President Lawrence B. Hodges Jr. H&B Copies Inc., Copy Corner Dr. Eli Jones Former Dean of Mays Business School Professor of Marketing Lowry and Peggy Mays Eminent Scholar Hank McQuaide Berkshire Hathaway, Caliber Realty Ivan M. Olson Retired President - First Financial Bank Bryan/College Station Region William L. Rayburn, M.D. (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:46)e(cid:69)ical(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:13)(cid:1)(cid:35)a(cid:90)l(cid:80)(cid:83)(cid:1)(cid:52)c(cid:80)(cid:85)(cid:85)(cid:1)(cid:7)(cid:1) White Health College Station Senior Officers Austin Elsner Chairman, President and CEO Russell Phillips Executive Vice President Commercial Lending Jaye Weishuhn Senior Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) Alecia Bland Senior Vice President Austin Elsner Chairman, President and CEO Cathy Altman Attorney Carrington Coleman, LLP Ray Beavers Retired General Manager and CEO United Cooperative Services Regional Board of Directors Stacey Sloan Senior Vice President Kim Hamilton Senior Vice President John Knight Senior Vice President John Saenz Senior Vice President Chris Schjetnan Senior Vice President Ronald D. Butler II Tim Lyness First Financial Bankshares, Inc. Lyness Construction, LP Robert Childress III Childress Engineers Mark Hill Utility Construction Consultant Jack Scott Bell-Scott Insurance Group Cleburne Region | Annual Report 2021 | 19 3/14/2022 2:00:41 PM BRYAN/COLLEGE STATION Bryan | College Station Timothy N. Bryan Chairman Nora Thompson President and CEO Last year was our second with the First Financial family, which brought new products and services to offer our customers, including digital banking, treasury management, secondary market mortgage and consumer lending, along with a much larger lending limit. Former CEO Ivan Olson retired mid-year and, as planned, Nora Thompson assumed the title of both President and CEO. Also, two new directors joined our regional board – Dr. Eli Jones, former Dean of Mays Business School, and Bobby Gutierrez, a small business leader and active participant in local government and economic development initiatives. We continue to be bullish on the future as Texas A&M University’s main campus and RELLIS Campus, along with Blinn College, continue their patterns of incremental student body growth, topping 90,000 students this past fall. We processed $53 million in our government’s PPP loan forgiveness applications. In November, we broke ground on a new 16,000-square-foot regional headquarters branch location to better serve our community, and more branches are contemplated for the future. Through it all, though, we remain the same local bankers our customers have known over generations, an(cid:69)(cid:1)(cid:88)e(cid:1)a(cid:83)e(cid:1)(cid:81)(cid:83)(cid:80)(cid:86)(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)(cid:81)lace(cid:1)(cid:88)i(cid:85)(cid:73)in(cid:1)a(cid:1)fi(cid:83)(cid:84)(cid:85)(cid:14)cla(cid:84)(cid:84)(cid:1)ban(cid:76)in(cid:72)(cid:1)c(cid:80)(cid:78)(cid:81)an(cid:90)(cid:15) I am so thankful to work and live in the great state of Texas. Despite a number of headwinds that carried into 2021, the Cleburne Region experienced a number of personal bests. This was led by 24 percent loan growth, net of PPP loans and many new depository customers to the bank. Not only is the region in the best state, it is strategically positioned, with numerous businesses and families moving here monthly. Supply chain concerns in construction and the ever- (cid:82)(cid:86)e(cid:84)(cid:85)i(cid:80)nable(cid:1)in(cid:230)a(cid:85)i(cid:80)n(cid:1)(cid:69)i(cid:69)(cid:1)n(cid:80)(cid:85)(cid:1)(cid:69)i(cid:78)ini(cid:84)(cid:73)(cid:1)(cid:85)(cid:73)e(cid:1)en(cid:85)(cid:83)e(cid:81)(cid:83)ene(cid:86)(cid:83)ial(cid:1)(cid:84)(cid:81)i(cid:83)i(cid:85)(cid:1)(cid:80)(cid:71)(cid:1) American businessmen and women. Our region continues to be actively involved in regional development projects in Midlothian, (cid:56)a(cid:89)a(cid:73)ac(cid:73)ie(cid:1)an(cid:69)(cid:1)(cid:36)leb(cid:86)(cid:83)ne(cid:15)(cid:1)(cid:46)e(cid:69)ian(cid:1)(cid:73)(cid:80)(cid:78)e(cid:1)(cid:81)(cid:83)ice(cid:84)(cid:1)(cid:83)(cid:80)(cid:84)e(cid:1)(cid:84)i(cid:72)nifican(cid:85)l(cid:90)(cid:1) throughout 2021 in Johnson County from $251,000 at the beginning of the year to $317,000 in December and in Ellis County from $283,000 to $360,000. Home inventory levels remain at record lows and indications a(cid:83)e(cid:1)(cid:85)(cid:73)e(cid:90)(cid:1)(cid:88)ill(cid:1)(cid:83)e(cid:78)ain(cid:1)(cid:84)(cid:80)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:84)(cid:80)(cid:78)e(cid:1)(cid:85)i(cid:78)e(cid:15)(cid:1)(cid:42)(cid:1)a(cid:78)(cid:1)c(cid:80)nfi(cid:69)en(cid:85)(cid:1)(cid:53)e(cid:89)a(cid:84)(cid:1)(cid:88)ill(cid:1)(cid:83)e(cid:78)ain(cid:1) Strong and the momentum generated in 2021 will catapult us to greater heights in 2022. CLEBURNE REGION Cleburne | Burleson | Alvarado | Midlothian | Waxahachie Austin Elsner Chairman, President and CEO MAIN OFFICE 200 N. Ridgeway Dr. Cleburne, TX 76033 | 817.774.5100 IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS Dec. 31, 2020 $891,563 $470,443 $665,355 Dec. 31, 2021 $1,043,688 $415,634 $801,022 $12,833 $17,407 1.50% 1.77% 44.12% 43.17% Dec. 31, 2020 $649,128 $227,069 $579,023 Dec. 31, 2021 $784,285 $267,465 $708,881 $10,020 $11,078 1.99% 1.74% EFFICIENCY RATIO 48.57% 49.05% Austin W. Bryan Executive Vice President J. Cal McNeill Executive Vice President Joe G. Salvato Executive Vice President F. Scott Dueser First Financial Bankshares, Inc Lynn Elliott Lometa Petroleum Corporation Charles A. Ellison Attorney at Law James R. Gordon First Financial Bankshares, Inc. Bobby Gutierrez President, Guitierrez Ventures, Inc. President and Founder, The Ellison Law Firm Cameron Comire Senior Vice President Melanie N. Motley Senior Vice President Robert Olivarez, Jr. Senior Vice President Janet B. Prater Senior Vice President Lawrence B. Hodges Jr. H&B Copies Inc., Copy Corner Dr. Eli Jones Former Dean of Mays Business School Professor of Marketing Lowry and Peggy Mays Eminent Scholar Hank McQuaide Berkshire Hathaway, Caliber Realty Ivan M. Olson Retired President - First Financial Bank Bryan/College Station Region William L. Rayburn, M.D. (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:46)e(cid:69)ical(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:13)(cid:1)(cid:35)a(cid:90)l(cid:80)(cid:83)(cid:1)(cid:52)c(cid:80)(cid:85)(cid:85)(cid:1)(cid:7)(cid:1) White Health College Station Senior Officers Austin Elsner Chairman, President and CEO Russell Phillips Executive Vice President Commercial Lending Jaye Weishuhn Senior Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) Alecia Bland Senior Vice President 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 Stacey Sloan Senior Vice President Kim Hamilton Senior Vice President John Knight Senior Vice President John Saenz Senior Vice President Chris Schjetnan Senior Vice President Ronald D. Butler II First Financial Bankshares, Inc. Robert Childress III Childress Engineers Mark Hill Utility Construction Consultant Tim Lyness Lyness Construction, LP Jack Scott Bell-Scott Insurance Group Cleburne Region | Annual Report 2021 | 19 3/14/2022 2:00:41 PM MAIN OFFICE 1716 Briarcrest Dr. Ste 400 Bryan, TX 77802 | 979.260.2100 Senior Officers Timothy N. Bryan Chairman Nora Thompson President and CEO Jerry E. Fox Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83) Timothy N. Bryan Chairman of the Board Nora Thompson President and CEO Brian Barrett President Kurten Farms, Ltd. R. Sid Cauthorn Westex Bancorp Ronnie L. Craig Thompson, Derrig & Craig CPAs Regional Board of Directors Bryan/College Station Region | Annual Report 2021 | 18 FFIN2021-AnnualReport-Updated.indd 18-19 CONROE REGION Conroe | Montgomery | Magnolia | Willis | Tomball | Cut and Shoot Huntsville | New Waverly | Spring Sam W. Baker Chairman Chris Baughman President and CEO The Conroe Region continued to excel in 2021 with strong loan, deposit and account growth. In these unprecedented times, our team continues to adapt to the challenges in front of them, while keeping these changes transparent to the customer. Thanks to our high level of customer service and branch availability, deposits surged over $130 million in 2021 and the region’s account base increased by over 10 percent. We loaned over $350 million in Montgomery and Walker counties and served our customers with additional PPP loans to assist in keeping their businesses open and preserving jobs. Our dedicated team is the reason for our continued growth and outstanding performance. (cid:42)(cid:1)a(cid:78)(cid:1)(cid:87)e(cid:83)(cid:90)(cid:1)(cid:81)(cid:83)(cid:80)(cid:86)(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)b(cid:80)a(cid:83)(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:69)i(cid:83)ec(cid:85)(cid:80)(cid:83)(cid:84)(cid:13)(cid:1)(cid:80)(cid:71)fice(cid:83)(cid:84)(cid:1)an(cid:69)(cid:1)(cid:84)(cid:85)a(cid:71)(cid:71)(cid:15)(cid:1)(cid:53)(cid:73)e(cid:90)(cid:1) understand the reason for our success is our customers. We put our customers FIRST. MAIN OFFICE 1800 W. White Oak Terrace Conroe, TX 77304 | 936.760.1888 s We had a wonderful year for the Fort Worth Region in 2021. It will be hard to forget, because so many of the challenges from 2020 were still in place, but it was also a year of new opportunities. Fort Worth became the 12th largest city in the country as a result of rapid population growth and corporate relocations to our area. The increasing business activity created opportunities for promotions and new hires to join our growing team, which delivered the region’s best year-to-date. Aside from all the new loans and deposits we gained, the most meaningful and exciting pieces were the new relationships we formed. These new relationships across the city remain the foundation of our success and identity. While banking can be different in a metro market versus a rural town, the one constant that always wins is pursuing excellence. Taking care of our business, team members and community never changes. I am proud of everything we accomplished in 2021, but even more excited about the opportunities ahead of us. FORT WORTH REGION Marcus Morris President and CEO MAIN OFFICE 1000 Forest Park Blvd. Fort Worth, TX 76110 | 817.410.4970 IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO IN THOUSANDS ASSETS LOANS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2020 $795,138 $541,651 $653,905 Dec. 31, 2021 $933,289 $533,594 $784,815 $14,601 $16,948 1.96% 1.91% 49.88% 49.29% Dec. 31, 2020 $219,495 $209,733 Dec. 31, 2021 $255,963 $247,161 $134,730 $2,561 $4,185 1.28% 1.69% 49.88% 43.82% DEPOSITS $84,960 Senior Officers Sam W. Baker Chairman Chris Baughman President and CEO Lee Warren Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83) (cid:40)(cid:15) (cid:35)art (cid:40)riffith Executive Vice President Senior Lender Michelle Murray Executive Vice President Treasury Management 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 Chris Baughman President and CEO Donnie Buckalew Buckalew Chevrolet Shelley Dacus President and CEO Kingwood Region Conroe Region | Annual Report 2021 | 20 FFIN2021-AnnualReport-Updated.indd 20-21 Chris deMilliano Operations Manager Steely Lumber Company Candyce F. Dixon CPA Dan Dominey DBD Interests F. Scott Dueser First Financial Bankshares, Inc. Robert C. Ernst Jr. Owner Ernst Jewelers James R. Gordon First Financial Bankshares, Inc. Curtis Montgomery, M.D. Physician Robert Pate Retired President First Financial Bank, Huntsville Johnny Peet Jr., M.D. Physician Randy Roan Commercial Construction John Sebastian Conroe Golf Cars Senior Officers Marcus Morris President and CEO Carley Dyck Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83) Vianei Lopez Braun Chair of the Board (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:37)e(cid:87)el(cid:80)(cid:81)(cid:78)en(cid:85)(cid:1)(cid:48)(cid:71)fice(cid:83) Decker Jones, P.C. Marcus Morris President and CEO (cid:45)arr(cid:90) Anfin Past CEO Coors Distributing of Fort Worth Regional Board of Directors Matthew Sylvia Executive Vice President Hesper Derrick Senior Vice President Pamela Terry Senior Vice President Craig Zemarkowitz 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. Murray Edwards Principal, The Edwards Group Nancy Jones Past President and CEO North Texas Community Foundation Matt Morris Area President HUB Fort Worth/Gus Bates Area Insurance Fort Worth Region | Annual Report 2021 | 21 3/14/2022 2:00:43 PM CONROE REGION Conroe | Montgomery | Magnolia | Willis | Tomball | Cut and Shoot Huntsville | New Waverly | Spring Sam W. Baker Chairman The Conroe Region continued to excel in 2021 with strong loan, deposit and account growth. In these unprecedented times, our team continues to adapt to the challenges in front of them, while keeping these changes transparent to the customer. Thanks to our high level of customer service and branch availability, deposits surged over $130 million in 2021 and the region’s account base increased by over 10 percent. We loaned over $350 million in Montgomery and Walker counties and served our customers with additional PPP loans to assist in keeping their businesses open and preserving jobs. Our dedicated team is the reason for our continued growth and outstanding performance. (cid:42)(cid:1)a(cid:78)(cid:1)(cid:87)e(cid:83)(cid:90)(cid:1)(cid:81)(cid:83)(cid:80)(cid:86)(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)b(cid:80)a(cid:83)(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:69)i(cid:83)ec(cid:85)(cid:80)(cid:83)(cid:84)(cid:13)(cid:1)(cid:80)(cid:71)fice(cid:83)(cid:84)(cid:1)an(cid:69)(cid:1)(cid:84)(cid:85)a(cid:71)(cid:71)(cid:15)(cid:1)(cid:53)(cid:73)e(cid:90)(cid:1) understand the reason for our success is our customers. We put Chris Baughman President and CEO our customers FIRST. We had a wonderful year for the Fort Worth Region in 2021. It will be hard to forget, because so many of the challenges from 2020 were still in place, but it was also a year of new opportunities. Fort Worth became the 12th largest city in the country as a result of rapid population growth and corporate relocations to our area. The increasing business activity created opportunities for promotions and new hires to join our growing team, which delivered the region’s best year-to-date. Aside from all the new loans and deposits we gained, the most meaningful and exciting pieces were the new relationships we formed. These new relationships across the city remain the foundation of our success and identity. While banking can be different in a metro market versus a rural town, the one constant that always wins is pursuing excellence. Taking care of our business, team members and community never changes. I am proud of everything we accomplished in 2021, but even more excited about the opportunities ahead of us. FORT WORTH REGION Marcus Morris President and CEO MAIN OFFICE 1000 Forest Park Blvd. Fort Worth, TX 76110 | 817.410.4970 IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO IN THOUSANDS ASSETS LOANS Dec. 31, 2020 $219,495 $209,733 DEPOSITS $84,960 Dec. 31, 2021 $255,963 $247,161 $134,730 Dec. 31, 2020 $795,138 $541,651 $653,905 Dec. 31, 2021 $933,289 $533,594 $784,815 $14,601 $16,948 1.96% 1.91% 49.88% 49.29% NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO $2,561 $4,185 1.28% 1.69% 49.88% 43.82% (cid:40)(cid:15) (cid:35)art (cid:40)riffith Executive Vice President Senior Lender Michelle Murray Executive Vice President Treasury Management 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 Senior Officers Marcus Morris President and CEO Carley Dyck Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83) Matthew Sylvia Executive Vice President Hesper Derrick Senior Vice President Pamela Terry Senior Vice President Craig Zemarkowitz Senior Vice President Chris deMilliano Operations Manager Steely Lumber Company Candyce F. Dixon CPA Dan Dominey DBD Interests Robert C. Ernst Jr. Owner Ernst Jewelers James R. Gordon First Financial Bankshares, Inc. Curtis Montgomery, M.D. Physician Johnny Peet Jr., M.D. Physician Randy Roan Commercial Construction John Sebastian Conroe Golf Cars F. Scott Dueser First Financial Bankshares, Inc. Robert Pate Retired President First Financial Bank, Huntsville Regional Board of Directors Vianei Lopez Braun Chair of the Board (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:37)e(cid:87)el(cid:80)(cid:81)(cid:78)en(cid:85)(cid:1)(cid:48)(cid:71)fice(cid:83) Decker Jones, P.C. Marcus Morris President and CEO (cid:45)arr(cid:90) Anfin Past CEO Coors Distributing of Fort Worth 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. Murray Edwards Principal, The Edwards Group Nancy Jones Past President and CEO North Texas Community Foundation Matt Morris Area President HUB Fort Worth/Gus Bates Area Insurance Fort Worth Region | Annual Report 2021 | 21 3/14/2022 2:00:43 PM MAIN OFFICE 1800 W. White Oak Terrace Conroe, TX 77304 | 936.760.1888 Regional Board of Directors Senior Officers Sam W. Baker Chairman Chris Baughman President and CEO Lee Warren Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83) Sam W. Baker Chairman Chris Baughman President and CEO Donnie Buckalew Buckalew Chevrolet Shelley Dacus President and CEO Kingwood Region Conroe Region | Annual Report 2021 | 20 FFIN2021-AnnualReport-Updated.indd 20-21 HEREFORD REGION Robert de la Cruz Chairman, President and CEO MAIN OFFICE 212 E. Third St. Hereford, TX 79045 | 806.363.8200 As we look back on 2021, we are grateful for our customers, employees and the community whom we serve each day in the Hereford Region. Our team once again met the opportunities presented to us as we offered another round of PPP loans to ensure our customers received the necessary assistance to maintain their businesses and keep their workers employed. Even with the forgiveness of $15 million in government loans from the Small Business Administration, our region was able to produce a strong core loan volume. We are looking forward to carrying this momentum throughout 2022, which will be supported by the hiring of additional staff. With these new hires, we will be able to expand our services to better serve our current and future customers. We are constantly looking at areas to help our customers and community, whether it be in making the right hires or investing in new technology. Our region is experiencing growth with our local businesses expanding and our new housing development. Our dedicated team of professional bankers is here to meet our community’s needs. We want to thank Bobby Fite, Regional Consumer Manager, for his 12 years of service to First Financial Bank. We wish him well on his retirement later this year. Through the challenges of the last two years, the Kingwood Region, the bank and the businesses we serve showed the strength, determination and resiliency of our teams and communities to thrive in times of change. The Kingwood Region posted record growth in loans, deposits and new account generation. We attribute e(cid:89)ce(cid:81)(cid:85)i(cid:80)nal(cid:1)(cid:72)(cid:83)(cid:80)(cid:88)(cid:85)(cid:73)(cid:1)(cid:85)(cid:80)(cid:1)(cid:78)an(cid:90)(cid:1)(cid:71)ac(cid:85)(cid:80)(cid:83)(cid:84)(cid:27)(cid:1)(cid:1)fi(cid:83)(cid:84)(cid:85)(cid:1)an(cid:69)(cid:1)(cid:71)(cid:80)(cid:83)e(cid:78)(cid:80)(cid:84)(cid:85)(cid:13)(cid:1)(cid:85)(cid:73)e(cid:1)(cid:84)(cid:85)(cid:83)en(cid:72)(cid:85)(cid:73)(cid:1) (cid:80)(cid:71)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)(cid:85)ea(cid:78)(cid:1)lea(cid:69)in(cid:72)(cid:1)(cid:88)i(cid:85)(cid:73)(cid:1)(cid:85)(cid:73)e(cid:1)(cid:78)i(cid:84)(cid:84)i(cid:80)n(cid:1)(cid:85)(cid:80)(cid:1)(cid:81)(cid:83)(cid:80)(cid:87)i(cid:69)e(cid:1)fi(cid:83)(cid:84)(cid:85)(cid:14)cla(cid:84)(cid:84)(cid:1)(cid:84)e(cid:83)(cid:87)ice(cid:15)(cid:1) Loyal relationships, referral sources, investors and the strength of our local boards are vital. The ability to serve our communities with another round of PPP loans was tremendous. With a full range of products and services – mortgage, trust and wealth management, commercial, consumer, construction and treasury management, we serve all needs. First Financial Bank has proven its ability to lead and thrive. We are honored to serve our loyal customers and are focused on providing them excellence in customer service. KINGWOOD REGION Kingwood | El Campo | Fulshear | Palacios Shelley Dacus President and CEO MAIN OFFICE 24080 Hwy 59 N. Kingwood, TX 77339 | 281.318.4600 IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2020 $254,633 $152,815 $217,936 Dec. 31, 2021 $210,063 $146,335 $168,351 $4,454 $3,453 1.69% 1.46% 34.32% 43.38% Dec. 31, 2020 $540,087 $441,891 $459,388 $9,789 Dec. 31, 2021 $602,143 $471,775 $509,596 $12,246 1.92% 2.13% 43.29% 40.40% Senior Officers Robert de la Cruz Chairman, President and CEO Carley Dyck Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) 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. Consulting Veterinarian Hereford Veterinary Clinic Mike Mauldin Associate Professor of Practice Rawls College of Business Texas Tech University Hereford Region | Annual Report 2021 | 22 FFIN2021-AnnualReport-Updated.indd 22-23 Tim Laws Executive Vice President (cid:52)eni(cid:80)(cid:83)(cid:1)(cid:45)en(cid:69)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83) Kade Matthews Ranching and Investments 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. Regional Board of Directors Senior Officers Shelley Dacus President and CEO James Alexander Executive Vice President (cid:52)eni(cid:80)(cid:83)(cid:1)(cid:45)en(cid:69)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83) Brian Bonner Executive Vice President Real Estate Lending Robert C. Nickles Jr. Chairman of the Board Executive Chairman Alegacy Group, LLC Sam Baker Chairman and CEO Conroe Region Shelley Dacus President and CEO Kingwood Region F. Scott Dueser First Financial Bankshares, Inc. Jeff Fuechec Executive Vice President Market President, El Campo Lee Warren Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) Michael Gonzalez Principal The Gonzalez Group James R. Gordon First Financial Bankshares, Inc. Kenny Isbell President Apache Oil Company Angela Leviner President The Forest Collection, Inc. Brandon Zabodyn Executive Vice President Nancy Powell Senior Vice President Anita Rod Senior Vice President Adam McAlpine Owner and President McAlpine Interests Blake Poutra CEO Phennics Rebekah Shipman President & CEO Reservoir Data Systems Kingwood Region | Annual Report 2021 | 23 3/14/2022 2:00:44 PM HEREFORD REGION As we look back on 2021, we are grateful for our customers, employees and the community whom we serve each day in the Hereford Region. Our team once again met the opportunities presented to us as we offered another round of PPP loans to ensure our customers received the necessary assistance to maintain their businesses and keep their workers employed. Even with the forgiveness of $15 million in government loans from the Small Business Administration, our region was able to produce a strong core loan volume. We are looking forward to carrying this momentum throughout 2022, which will be supported by the hiring of additional staff. With these new hires, we will be able to expand our services to better serve our current and future customers. We are constantly looking at areas to help our customers and community, whether it be in making the right hires or investing in new technology. Our region is experiencing growth with our local businesses expanding and our new housing development. Our dedicated team of professional bankers is here to meet our community’s needs. We want to thank Bobby Fite, Regional Consumer Manager, for his 12 years of service to First Financial Bank. We wish him well on his retirement later this year. Through the challenges of the last two years, the Kingwood Region, the bank and the businesses we serve showed the strength, determination and resiliency of our teams and communities to thrive in times of change. The Kingwood Region posted record growth in loans, deposits and new account generation. We attribute e(cid:89)ce(cid:81)(cid:85)i(cid:80)nal(cid:1)(cid:72)(cid:83)(cid:80)(cid:88)(cid:85)(cid:73)(cid:1)(cid:85)(cid:80)(cid:1)(cid:78)an(cid:90)(cid:1)(cid:71)ac(cid:85)(cid:80)(cid:83)(cid:84)(cid:27)(cid:1)(cid:1)fi(cid:83)(cid:84)(cid:85)(cid:1)an(cid:69)(cid:1)(cid:71)(cid:80)(cid:83)e(cid:78)(cid:80)(cid:84)(cid:85)(cid:13)(cid:1)(cid:85)(cid:73)e(cid:1)(cid:84)(cid:85)(cid:83)en(cid:72)(cid:85)(cid:73)(cid:1) (cid:80)(cid:71)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)(cid:85)ea(cid:78)(cid:1)lea(cid:69)in(cid:72)(cid:1)(cid:88)i(cid:85)(cid:73)(cid:1)(cid:85)(cid:73)e(cid:1)(cid:78)i(cid:84)(cid:84)i(cid:80)n(cid:1)(cid:85)(cid:80)(cid:1)(cid:81)(cid:83)(cid:80)(cid:87)i(cid:69)e(cid:1)fi(cid:83)(cid:84)(cid:85)(cid:14)cla(cid:84)(cid:84)(cid:1)(cid:84)e(cid:83)(cid:87)ice(cid:15)(cid:1) Loyal relationships, referral sources, investors and the strength of our local boards are vital. The ability to serve our communities with another round of PPP loans was tremendous. With a full range of products and services – mortgage, trust and wealth management, commercial, consumer, construction and treasury management, we serve all needs. First Financial Bank has proven its ability to lead and thrive. We are honored to serve our loyal customers and are focused on providing them excellence in customer service. KINGWOOD REGION Kingwood | El Campo | Fulshear | Palacios Shelley Dacus President and CEO MAIN OFFICE 24080 Hwy 59 N. Kingwood, TX 77339 | 281.318.4600 IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2020 $254,633 $152,815 $217,936 Dec. 31, 2021 $210,063 $146,335 $168,351 $4,454 $3,453 1.69% 1.46% 34.32% 43.38% Dec. 31, 2020 $540,087 $441,891 $459,388 $9,789 Dec. 31, 2021 $602,143 $471,775 $509,596 $12,246 1.92% 2.13% 43.29% 40.40% Senior Officers Shelley Dacus President and CEO James Alexander Executive Vice President (cid:52)eni(cid:80)(cid:83)(cid:1)(cid:45)en(cid:69)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83) Brian Bonner Executive Vice President Real Estate Lending Regional Board of Directors Robert C. Nickles Jr. Chairman of the Board Executive Chairman Alegacy Group, LLC Sam Baker Chairman and CEO Conroe Region Shelley Dacus President and CEO Kingwood Region F. Scott Dueser First Financial Bankshares, Inc. Jeff Fuechec Executive Vice President Market President, El Campo Lee Warren Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) Michael Gonzalez Principal The Gonzalez Group James R. Gordon First Financial Bankshares, Inc. Kenny Isbell President Apache Oil Company Angela Leviner President The Forest Collection, Inc. Brandon Zabodyn Executive Vice President Nancy Powell Senior Vice President Anita Rod Senior Vice President Adam McAlpine Owner and President McAlpine Interests Blake Poutra CEO Phennics Rebekah Shipman President & CEO Reservoir Data Systems Kingwood Region | Annual Report 2021 | 23 3/14/2022 2:00:44 PM Robert de la Cruz Chairman, President and CEO MAIN OFFICE 212 E. Third St. Hereford, TX 79045 | 806.363.8200 Senior Officers Robert de la Cruz Chairman, President and CEO Carley Dyck Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) Robert de la Cruz Chairman, President and CEO Ronald D. Butler II First Financial Bankshares, Inc. Steve Lewis, D.V.M. Consulting Veterinarian Hereford Veterinary Clinic Mike Mauldin Associate Professor of Practice Rawls College of Business Texas Tech University Hereford Region | Annual Report 2021 | 22 FFIN2021-AnnualReport-Updated.indd 22-23 Regional Board of Directors Tim Laws Executive Vice President (cid:52)eni(cid:80)(cid:83)(cid:1)(cid:45)en(cid:69)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83) Kade Matthews Ranching and Investments 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. SAN ANGELO REGION Chris Evatt Chairman, President and CEO MAIN OFFICE 222 S. Koenigheim San Angelo, TX 76903 | 325.659.5900 Our team of dedicated and professional bankers again rose to the opportunity and achieved another record-setting year. A second round of PPP loans and continued record low interest rates kept both our in-house and secondary market lenders busy. We are also (cid:81)(cid:83)(cid:80)(cid:86)(cid:69)(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)l(cid:80)bbie(cid:84)(cid:1)(cid:83)e(cid:78)aine(cid:69)(cid:1)(cid:80)(cid:81)en(cid:13)(cid:1)(cid:88)(cid:73)ic(cid:73)(cid:1)(cid:81)(cid:83)(cid:80)(cid:87)e(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)be(cid:1)beneficial(cid:1) as more customers chose First Financial Bank over other banks. This grew our total assets to over $1 billion and generated another year of increased earnings. All of this could not have been achieved without our commitment to our customers and our excellent team of bankers. Our team stands ready to put You First! We are genuinely humbled by the incredible efforts and focus that paved the way to another record year in 2021 for our Southeast Texas Region. The year included many ongoing challenges with COVID and disaster recovery efforts following the impact of unprecedented weather events. Driven by our collective commitment to service excellence, our team established incredible momentum throughout the year. Our lending team delivered an additional $45 million in PPP loans to support Southeast Texas businesses and a record-setting $350 million in traditional loans. Deposit growth remained robust and our board agreed to expand our regional presence by adding a new branch in Lumberton, which is the fastest growing city in our region. We expect our new branch to give us incremental growth opportunities for years to come. We are thrilled with our operating results in 2021, but even more excited about the momentum we are creating, and thankful to our customers for allowing us the opportunity to serve their banking needs. SOUTHEAST TEXAS REGION Orange | Vidor | Mauriceville | Newton | Port Arthur | Beaumont Stephen Lee Chairman, President and CEO MAIN OFFICE 912 N. 16th St. Orange, TX 77630 | 800.300.8904 IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2020 $958,463 $240,673 $851,936 Dec. 31, 2021 $1,026,980 $247,637 $908,349 $18,447 $19,186 1.98% 1.85% 33.03% 36.94% IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2020 $845,668 $543,626 $728,210 Dec. 31, 2021 $944,803 $514,824 $817,408 $16,168 $19,427 2.15% 2.14% 40.18% 41.41% Senior Officers Chris Evatt Chairman, President and CEO Cindy Robbins Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83) Lindy Jordan Executive Vice President (cid:52)eni(cid:80)(cid:83)(cid:1)(cid:45)en(cid:69)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83) Regional Board of Directors Chris Evatt Chairman, President and CEO Ronald D. Butler II First Financial Bankshares, Inc. Steve Eustis Commercial Real Estate Ronnie Hawkins President, Angelo State University CEO, Hawkins Group San Angelo Region | Annual Report 2021 | 24 FFIN2021-AnnualReport-Updated.indd 24-25 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 Mary Jane Steadman Attorney, Real Estate Investment Management 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 Senior Officers Stephen Lee Chairman, President and CEO Joe Love Executive Vice President (cid:52)eni(cid:80)(cid:83)(cid:1)(cid:45)en(cid:69)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83) Blaine Caillier Senior Vice President Market President, Mid County Stephen Lee Chairman, President and CEO Ronald D. Butler II First Financial Bankshares, Inc. Dr. Ray Callas Managing Partner Anesthesia Associates, PLLC Len Forey Retired Managing Partner Higginbotham Insurance Regional Board of Directors Will Leonard Executive Vice President Market President, Jefferson County Kim Dickerson Senior Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) Cindi LaChance Senior Vice President (cid:52)eni(cid:80)(cid:83)(cid:1)(cid:46)(cid:80)(cid:83)(cid:85)(cid:72)a(cid:72)e(cid:1)(cid:45)(cid:80)an(cid:1)(cid:48)(cid:71)fice(cid:83) Michael Poutra Retired Owner Dominion Forms Dayna Simmons CEO/Broker Dayna Simmons Real Estate Kevin Williams President, Cypress Bayou Industrial Owner, American Industrial Minerals, Inc. Jim Wimberley Owner (cid:45)a(cid:88)(cid:1)(cid:48)(cid:71)fice(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:43)i(cid:78)(cid:1)(cid:56)i(cid:78)be(cid:83)le(cid:90) Curt Leger Senior Vice President Commercial Lender Lani White Senior Vice President Senior Consumer Lender Connie Browning Senior Vice President Commercial Lender Dr. Snehal Doshi CEO Millennium Medical Group Chad Mason Vice President Mason Construction Jim Gilliam Partner and Chairman, The HT Group Owner and CEO, Bates & Co. Southeast Texas Region | Annual Report 2021 | 25 3/14/2022 2:00:45 PM SAN ANGELO REGION Our team of dedicated and professional bankers again rose to the opportunity and achieved another record-setting year. A second round of PPP loans and continued record low interest rates kept both our in-house and secondary market lenders busy. We are also (cid:81)(cid:83)(cid:80)(cid:86)(cid:69)(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)l(cid:80)bbie(cid:84)(cid:1)(cid:83)e(cid:78)aine(cid:69)(cid:1)(cid:80)(cid:81)en(cid:13)(cid:1)(cid:88)(cid:73)ic(cid:73)(cid:1)(cid:81)(cid:83)(cid:80)(cid:87)e(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)be(cid:1)beneficial(cid:1) as more customers chose First Financial Bank over other banks. This grew our total assets to over $1 billion and generated another year of increased earnings. All of this could not have been achieved without our commitment to our customers and our excellent team of bankers. Our team stands ready to put You First! We are genuinely humbled by the incredible efforts and focus that paved the way to another record year in 2021 for our Southeast Texas Region. The year included many ongoing challenges with COVID and disaster recovery efforts following the impact of unprecedented weather events. Driven by our collective commitment to service excellence, our team established incredible momentum throughout the year. Our lending team delivered an additional $45 million in PPP loans to support Southeast Texas businesses and a record-setting $350 million in traditional loans. Deposit growth remained robust and our board agreed to expand our regional presence by adding a new branch in Lumberton, which is the fastest growing city in our region. We expect our new branch to give us incremental growth opportunities for years to come. We are thrilled with our operating results in 2021, but even more excited about the momentum we are creating, and thankful to our customers for allowing us the opportunity to serve their banking needs. SOUTHEAST TEXAS REGION Orange | Vidor | Mauriceville | Newton | Port Arthur | Beaumont Stephen Lee Chairman, President and CEO MAIN OFFICE 912 N. 16th St. Orange, TX 77630 | 800.300.8904 IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2020 $958,463 $240,673 $851,936 Dec. 31, 2021 $1,026,980 $247,637 $908,349 $18,447 $19,186 1.98% 1.85% 33.03% 36.94% IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2020 $845,668 $543,626 $728,210 Dec. 31, 2021 $944,803 $514,824 $817,408 $16,168 $19,427 2.15% 2.14% 40.18% 41.41% 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 David F. Lupton President Mary Jane Steadman Attorney, Real Estate Investment Angelo Glass & Mirror Company, Inc. Management Reagon Noble, D.D.S., M.S. Noble McClintock Orthodontics Carlos Rodriguez Attorney Webb, Stokes and Sparks Senior Officers Stephen Lee Chairman, President and CEO Joe Love Executive Vice President (cid:52)eni(cid:80)(cid:83)(cid:1)(cid:45)en(cid:69)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83) Blaine Caillier Senior Vice President Market President, Mid County Regional Board of Directors Stephen Lee Chairman, President and CEO Ronald D. Butler II First Financial Bankshares, Inc. Dr. Ray Callas Managing Partner Anesthesia Associates, PLLC Len Forey Retired Managing Partner Higginbotham Insurance Will Leonard Executive Vice President Market President, Jefferson County Kim Dickerson Senior Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) Cindi LaChance Senior Vice President (cid:52)eni(cid:80)(cid:83)(cid:1)(cid:46)(cid:80)(cid:83)(cid:85)(cid:72)a(cid:72)e(cid:1)(cid:45)(cid:80)an(cid:1)(cid:48)(cid:71)fice(cid:83) Michael Poutra Retired Owner Dominion Forms Dayna Simmons CEO/Broker Dayna Simmons Real Estate Kevin Williams President, Cypress Bayou Industrial Owner, American Industrial Minerals, Inc. Jim Wimberley Owner (cid:45)a(cid:88)(cid:1)(cid:48)(cid:71)fice(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:43)i(cid:78)(cid:1)(cid:56)i(cid:78)be(cid:83)le(cid:90) Curt Leger Senior Vice President Commercial Lender Lani White Senior Vice President Senior Consumer Lender Connie Browning Senior Vice President Commercial Lender Dr. Snehal Doshi CEO Millennium Medical Group Chad Mason Vice President Mason Construction Jim Gilliam Partner and Chairman, The HT Group Owner and CEO, Bates & Co. Southeast Texas Region | Annual Report 2021 | 25 3/14/2022 2:00:45 PM Chris Evatt Chairman, President and CEO MAIN OFFICE 222 S. Koenigheim San Angelo, TX 76903 | 325.659.5900 Senior Officers Chris Evatt Chairman, President and CEO Cindy Robbins Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83) Lindy Jordan Executive Vice President (cid:52)eni(cid:80)(cid:83)(cid:1)(cid:45)en(cid:69)in(cid:72)(cid:1)(cid:48)(cid:71)fice(cid:83) Regional Board of Directors Chris Evatt Chairman, President and CEO Ronald D. Butler II First Financial Bankshares, Inc. Steve Eustis Commercial Real Estate Ronnie Hawkins President, Angelo State University CEO, Hawkins Group San Angelo Region | Annual Report 2021 | 24 FFIN2021-AnnualReport-Updated.indd 24-25 SOUTHLAKE REGION Southlake | Trophy Club | Keller | Bridgeport | Boyd | Decatur | Grapevine | Grapevine Decatur | Grapevine Mark L. Jones Chairman Shelby Bruhn President and CEO MAIN OFFICE MAIN OFFICE 151 W. Southlake Blvd. 151 W. Southlake Blvd. Southlake, TX 76092 | 817.410.2915 The last year was very rewarding. A steady stream of new customers came both locally and from folks who were relocating to Texas from across the country, allowing us to grow our new accounts a(cid:85)(cid:1)a(cid:1)(cid:83)ec(cid:80)(cid:83)(cid:69)(cid:1)(cid:81)ace(cid:15)(cid:1)(cid:56)(cid:73)ile(cid:1)(cid:36)(cid:48)(cid:55)(cid:42)(cid:37)(cid:1)(cid:81)(cid:83)(cid:80)(cid:87)i(cid:69)e(cid:69)(cid:1)a(cid:1)(cid:69)i(cid:71)fic(cid:86)l(cid:85)(cid:1)a(cid:85)(cid:78)(cid:80)(cid:84)(cid:81)(cid:73)e(cid:83)e(cid:1) to conduct business as well as our daily lives, it was the desire to take care of all of our customers with our “Customer Service First” culture that provided the template for achieving success in troubled times. The Southlake Region continued to shine with recognition for a job well done from numerous local service organizations, n(cid:80)n(cid:81)(cid:83)(cid:80)fi(cid:85)(cid:1)(cid:72)(cid:83)(cid:80)(cid:86)(cid:81)(cid:84)(cid:1)an(cid:69)(cid:1)l(cid:80)cal(cid:1)(cid:78)e(cid:69)ia(cid:15)(cid:1)(cid:42)(cid:85)(cid:1)i(cid:84)(cid:1)(cid:88)i(cid:85)(cid:73)(cid:1)(cid:72)(cid:83)ea(cid:85)(cid:1)(cid:81)(cid:83)i(cid:69)e(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1)(cid:88)e(cid:1)(cid:88)e(cid:83)e(cid:1) recognized as “The Best Bank in Tarrant County” by Society Life magazine for the seventh-consecutive time. These recognitions were earned in one of the most competitive banking environments, where all the major banks have a presence, along with numerous other community banks. The biggest opportunity for loan growth continues to be in the real estate market, where everything from housing to commercial buildings is in high demand. We look forward to continuing to provide the highest level of service excellence for our customers and to adding new relationships this coming year. (cid:56)i(cid:85)(cid:73)(cid:1)eac(cid:73)(cid:1)(cid:90)ea(cid:83)(cid:110)(cid:84)(cid:1)(cid:81)a(cid:84)(cid:84)in(cid:72)(cid:13)(cid:1)an(cid:1)(cid:80)(cid:81)(cid:81)(cid:80)(cid:83)(cid:85)(cid:86)ni(cid:85)(cid:90)(cid:1)i(cid:84)(cid:1)(cid:81)(cid:83)(cid:80)(cid:87)i(cid:69)e(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:83)e(cid:230)ec(cid:85)(cid:1)(cid:80)n(cid:1) the prior 12 months. I continued to be motivated by our regional team’s resiliency and dedication to serve with excellence in 2021. As we met for daily lineup, we reminded each other of a mutual commitment to the 21 service nonnegotiables. This commitment leads to building stronger relationships, which, in turn, enhances shareholder value. The focus this past year was customer retention, while also capitalizing on new customers and the regional growth anchored by Tarleton State University. Population growth resulted from the appeal to rural and ranch living in our desired, local school districts. Our doors remained open as we originated loans, opened new accounts and met the daily needs of our local communities. Importance was also placed on assisting our business clients with the PPP loan forgiveness process. We were again recognized directly by our customers with awards in our local markets. We remain grateful to our customers for their business and to our team of dedicated professionals for their loyal service. Our priority is still putting You First! STEPHENVILLE REGION Stephenville | Granbury | Glen Rose | Acton Trent B. 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 IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2020 $723,366 $498,244 $640,663 Dec. 31, 2021 $983,057 $509,770 $891,491 $13,008 $16,228 2.04% 1.91% 46.36% 44.50% Dec. 31, 2020 $730,006 $302,702 $625,252 Dec. 31, 2021 $897,743 $287,457 $781,816 $14,326 $15,329 2.15% 1.87% 41.26% 45.48% Senior Officers Mark L. Jones Chairman Shelby Bruhn President and CEO F. Mills Shallene Market President, Wise County Regional Board of Directors Mark L. Jones Chairman Shelby Bruhn President and CEO Traci Bernard President Texas Health Southlake Southlake Region | Annual Report 2021 | 26 FFIN2021-AnnualReport-Updated.indd 26-27 J. Sean Shope Market President, Trophy Club Carley Dyck Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) Ryan Sonntag Executive Vice President Ronald D. Butler II First Financial Bankshares, Inc. William Ray Cook, Jr., CPA Cook, McDonald & Company J. Bruce Hildebrand, CPA Retired First Financial Bankshares, Inc. Chris Cregger Senior Vice President Isbet Najera Senior Vice President Travis Parker Senior Vice President Tracie Talkington Senior Vice President Martin W. Schelling Conifer Real Estate Stan Stephens President Stephens Pneumatics Inc. Berry White Attorney Berry White Law Firm, PLLC Terry Wilkinson Wyndham Properties, Ltd. Senior Officers Trent Swearengin Chairman, President and CEO Robert Kraus Market President, Glen Rose Bart Rodgers Market President, Granbury Trent Swearengin Chairman, President and CEO Keith Brown Prime Building Components, LLC Ronald D. Butler II First Financial Bankshares, Inc. Walter Hardin III Real Estate Investments Regional Board of Directors Vickie Pettit Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) Trent Tidwell Executive Vice President Blayne Baley Senior Vice President Wendell Hollingsworth Industry and Economic Development West Jones Ranching and Investments Doug Montgomery Texstar Kubota, Inc. Doug Dobbins Senior Vice President Matthew Ward Senior Vice President Ron Pack Ranching and Investments Michael B. Williams M W Supply, Inc. Stephenville Region | Annual Report 2021 | 27 3/14/2022 2:00:46 PM SOUTHLAKE REGION Southlake | Trophy Club | Keller | Bridgeport | Boyd Decatur | Grapevine Mark L. Jones Chairman Shelby Bruhn President and CEO The last year was very rewarding. A steady stream of new customers came both locally and from folks who were relocating to Texas from across the country, allowing us to grow our new accounts a(cid:85)(cid:1)a(cid:1)(cid:83)ec(cid:80)(cid:83)(cid:69)(cid:1)(cid:81)ace(cid:15)(cid:1)(cid:56)(cid:73)ile(cid:1)(cid:36)(cid:48)(cid:55)(cid:42)(cid:37)(cid:1)(cid:81)(cid:83)(cid:80)(cid:87)i(cid:69)e(cid:69)(cid:1)a(cid:1)(cid:69)i(cid:71)fic(cid:86)l(cid:85)(cid:1)a(cid:85)(cid:78)(cid:80)(cid:84)(cid:81)(cid:73)e(cid:83)e(cid:1) to conduct business as well as our daily lives, it was the desire to take care of all of our customers with our “Customer Service First” culture that provided the template for achieving success in troubled times. The Southlake Region continued to shine with recognition for a job well done from numerous local service organizations, n(cid:80)n(cid:81)(cid:83)(cid:80)fi(cid:85)(cid:1)(cid:72)(cid:83)(cid:80)(cid:86)(cid:81)(cid:84)(cid:1)an(cid:69)(cid:1)l(cid:80)cal(cid:1)(cid:78)e(cid:69)ia(cid:15)(cid:1)(cid:42)(cid:85)(cid:1)i(cid:84)(cid:1)(cid:88)i(cid:85)(cid:73)(cid:1)(cid:72)(cid:83)ea(cid:85)(cid:1)(cid:81)(cid:83)i(cid:69)e(cid:1)(cid:85)(cid:73)a(cid:85)(cid:1)(cid:88)e(cid:1)(cid:88)e(cid:83)e(cid:1) recognized as “The Best Bank in Tarrant County” by Society Life magazine for the seventh-consecutive time. These recognitions were earned in one of the most competitive banking environments, where all the major banks have a presence, along with numerous other community banks. The biggest opportunity for loan growth continues to be in the real estate market, where everything from housing to commercial buildings is in high demand. We look forward to continuing to provide the highest level of service excellence for our customers and to adding new relationships this coming year. (cid:56)i(cid:85)(cid:73)(cid:1)eac(cid:73)(cid:1)(cid:90)ea(cid:83)(cid:110)(cid:84)(cid:1)(cid:81)a(cid:84)(cid:84)in(cid:72)(cid:13)(cid:1)an(cid:1)(cid:80)(cid:81)(cid:81)(cid:80)(cid:83)(cid:85)(cid:86)ni(cid:85)(cid:90)(cid:1)i(cid:84)(cid:1)(cid:81)(cid:83)(cid:80)(cid:87)i(cid:69)e(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:83)e(cid:230)ec(cid:85)(cid:1)(cid:80)n(cid:1) the prior 12 months. I continued to be motivated by our regional team’s resiliency and dedication to serve with excellence in 2021. As we met for daily lineup, we reminded each other of a mutual commitment to the 21 service nonnegotiables. This commitment leads to building stronger relationships, which, in turn, enhances shareholder value. The focus this past year was customer retention, while also capitalizing on new customers and the regional growth anchored by Tarleton State University. Population growth resulted from the appeal to rural and ranch living in our desired, local school districts. Our doors remained open as we originated loans, opened new accounts and met the daily needs of our local communities. Importance was also placed on assisting our business clients with the PPP loan forgiveness process. We were again recognized directly by our customers with awards in our local markets. We remain grateful to our customers for their business and to our team of dedicated professionals for their loyal service. Our priority is still putting You First! STEPHENVILLE REGION Stephenville | Granbury | Glen Rose | Acton Trent B. 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 IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2020 $723,366 $498,244 $640,663 Dec. 31, 2021 $983,057 $509,770 $891,491 $13,008 $16,228 2.04% 1.91% 46.36% 44.50% Dec. 31, 2020 $730,006 $302,702 $625,252 Dec. 31, 2021 $897,743 $287,457 $781,816 $14,326 $15,329 2.15% 1.87% 41.26% 45.48% Senior Officers Trent Swearengin Chairman, President and CEO Robert Kraus Market President, Glen Rose Bart Rodgers Market President, Granbury Regional Board of Directors Regional Board of Directors Trent Swearengin Chairman, President and CEO Keith Brown Prime Building Components, LLC Ronald D. Butler II First Financial Bankshares, Inc. Walter Hardin III Real Estate Investments Vickie Pettit Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) Trent Tidwell Executive Vice President Blayne Baley Senior Vice President Wendell Hollingsworth Industry and Economic Development West Jones Ranching and Investments Doug Montgomery Texstar Kubota, Inc. Doug Dobbins Senior Vice President Matthew Ward Senior Vice President Ron Pack Ranching and Investments Michael B. Williams M W Supply, Inc. Stephenville Region | Annual Report 2021 | 27 3/14/2022 2:00:46 PM MAIN OFFICE 151 W. Southlake Blvd. Southlake, TX 76092 | 817.410.2915 Senior Officers Mark L. Jones Chairman Shelby Bruhn President and CEO F. Mills Shallene Market President, Wise County Mark L. Jones Chairman Shelby Bruhn President and CEO Traci Bernard President Texas Health Southlake Southlake Region | Annual Report 2021 | 26 FFIN2021-AnnualReport-Updated.indd 26-27 J. Sean Shope Market President, Trophy Club Carley Dyck Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) Ryan Sonntag Executive Vice President Ronald D. Butler II First Financial Bankshares, Inc. William Ray Cook, Jr., CPA Cook, McDonald & Company J. Bruce Hildebrand, CPA Retired First Financial Bankshares, Inc. Chris Cregger Senior Vice President Isbet Najera Senior Vice President Travis Parker Senior Vice President Tracie Talkington Senior Vice President Martin W. Schelling Conifer Real Estate Stan Stephens President Stephens Pneumatics Inc. Berry White Attorney Berry White Law Firm, PLLC Terry Wilkinson Wyndham Properties, Ltd. WEATHERFORD REGION Weatherford | Aledo | Willow Park | Brock | Mineral Wells Justin B. Hooper Chairman, President and CEO MAIN OFFICE 101 College Park Dr. Weatherford, TX 76086 | 817.598.2600 The Weatherford Region had another great year in 2021 for our Parker and Palo Pinto County locations. We were able to navigate an additional phase of PPP loans, while also working with our customers to get many of those loans from 2020 forgiven. On top of this effort, we were also able to grow this region at a rapid rate. We saw fantastic loan and deposit growth and have tremendous momentum heading into 2022. The communities we serve continue to see growth due to our vibrant economy, great school districts and an incredible quality of life that is available just a few minutes west of Fort Worth. Our dedicated and professional bankers have worked tirelessly to support our customers through additional waves of the pandemic and ensured that we have remained open and ready to serve each customer. This is certainly evident in Mineral Wells, where our customers voted us as “Best of Palo Pinto County” in the banking sector. We look to 2022 with great excitement and stand ready to assist our customers with their banking needs, while delivering unparalleled You First customer service. IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2020 $1,071,539 $424,789 $915,345 Dec. 31, 2021 $1,283,427 $440,689 $1,102,735 $21,021 $21,266 2.18% 1.81% 42.95% 43.31% Senior Officers Justin B. Hooper Chairman, President and CEO Cory Crenshaw Market President, Mineral Wells Eddie Gregory Senior Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83) Regional Board of Directors Justin B. Hooper Chairman, President and CEO Ronald D. Butler II First Financial Bankshares, Inc. Adam L. Feriend Owner and COO JRJ Construction, Inc. George Gault Attorney Weatherford Region | Annual Report 2021 | 28 FFIN2021-AnnualReport-Updated.indd 28-29 Sean Woodring Executive Vice President Senior Lender Amber Allen Senior Vice President Paul Bruns Senior Vice President Tim Corzine Senior Vice President J. Bruce Hildebrand Retired First Financial Bankshares, Inc. Nan Kingsley President Bluestem Studios, Inc. Kevin R. Lackey CEO Freedom Power Sports Therapeutic Optometrist Cody Cloud Senior Vice President Lori Hill Senior Vice President Jimmie Sue Lawson Senior Vice President Clint Myrick Senior Vice President Stephen E. Milliken Former President C.D. Hartnett Company/ McLane Express, Inc. Mike White, O.D. Retired Kyle Wilks President Wilks Development, LLC FIRST FINANCIAL MORTGAGE First Financial Mortgage had another strong production year in 2021. Driven by continued low-interest rates and a very strong Texas housing market, we exceeded $1 billion in total originations. Our team of mortgage professionals served 3,980 families and individuals with great care and service excellence. At First Financial Mortgage, we are (cid:78)(cid:80)(cid:84)(cid:85)(cid:1)(cid:81)(cid:83)(cid:80)(cid:86)(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)e(cid:1)(cid:85)(cid:73)(cid:80)(cid:86)(cid:84)an(cid:69)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)c(cid:86)(cid:84)(cid:85)(cid:80)(cid:78)e(cid:83)(cid:84)(cid:1)(cid:88)e(cid:1)(cid:73)el(cid:81)e(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)na(cid:87)i(cid:72)a(cid:85)e(cid:1)(cid:85)(cid:73)ei(cid:83)(cid:1)(cid:73)(cid:80)(cid:78)e(cid:1)financin(cid:72)(cid:1)(cid:75)(cid:80)(cid:86)(cid:83)ne(cid:90)(cid:15) The Texas housing market continues to perform exceptionally well. The First Financial Mortgage Team is always available to serve and assist customers — striving to accommodate and guide customers to meet their individual nee(cid:69)(cid:84)(cid:15)(cid:1)(cid:56)e(cid:1)(cid:80)(cid:71)(cid:71)e(cid:83)(cid:1)a(cid:1)(cid:71)(cid:86)ll(cid:1)(cid:78)en(cid:86)(cid:1)(cid:80)(cid:71)(cid:1)(cid:81)(cid:83)(cid:80)(cid:69)(cid:86)c(cid:85)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:78)ee(cid:85)(cid:1)all(cid:1)(cid:83)eal(cid:1)e(cid:84)(cid:85)a(cid:85)e(cid:1)financin(cid:72)(cid:1)nee(cid:69)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)(cid:87)al(cid:86)e(cid:69)(cid:1)c(cid:86)(cid:84)(cid:85)(cid:80)(cid:78)e(cid:83)(cid:84)(cid:15)(cid:1)(cid:39)i(cid:83)(cid:84)(cid:85)(cid:1)(cid:39)inancial(cid:1) Mortgage is well-positioned in some of the fastest growing housing markets in the state. Our dedicated team of (cid:78)(cid:80)(cid:83)(cid:85)(cid:72)a(cid:72)e(cid:1)(cid:81)(cid:83)(cid:80)(cid:71)e(cid:84)(cid:84)i(cid:80)nal(cid:84)(cid:1)(cid:84)(cid:85)an(cid:69)(cid:1)(cid:83)ea(cid:69)(cid:90)(cid:1)(cid:85)(cid:80)(cid:1)a(cid:84)(cid:84)i(cid:84)(cid:85)(cid:1)(cid:90)(cid:80)(cid:86)(cid:1)(cid:88)i(cid:85)(cid:73)(cid:1)(cid:85)(cid:73)e(cid:1)(cid:81)(cid:86)(cid:83)c(cid:73)a(cid:84)e(cid:1)(cid:80)(cid:83)(cid:1)(cid:83)efinance(cid:1)(cid:80)(cid:71)(cid:1)(cid:90)(cid:80)(cid:86)(cid:83)(cid:1)(cid:73)(cid:80)(cid:78)e(cid:1)(cid:115)(cid:1)(cid:85)(cid:80)(cid:1)(cid:81)(cid:86)(cid:85)(cid:1)(cid:58)(cid:80)(cid:86)(cid:1)(cid:39)i(cid:83)(cid:84)(cid:85)(cid:2) Senior Officers Troy Fore President Ryan Craig Executive Vice President DFW 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 | Annual Report 2021 | 29 3/14/2022 2:00:49 PM WEATHERFORD REGION Weatherford | Aledo | Willow Park | Brock | Mineral Wells FIRST FINANCIAL MORTGAGE First Financial Mortgage had another strong production year in 2021. Driven by continued low-interest rates and a very strong Texas housing market, we exceeded $1 billion in total originations. Our team of mortgage professionals served 3,980 families and individuals with great care and service excellence. At First Financial Mortgage, we are (cid:78)(cid:80)(cid:84)(cid:85)(cid:1)(cid:81)(cid:83)(cid:80)(cid:86)(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)e(cid:1)(cid:85)(cid:73)(cid:80)(cid:86)(cid:84)an(cid:69)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)c(cid:86)(cid:84)(cid:85)(cid:80)(cid:78)e(cid:83)(cid:84)(cid:1)(cid:88)e(cid:1)(cid:73)el(cid:81)e(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)na(cid:87)i(cid:72)a(cid:85)e(cid:1)(cid:85)(cid:73)ei(cid:83)(cid:1)(cid:73)(cid:80)(cid:78)e(cid:1)financin(cid:72)(cid:1)(cid:75)(cid:80)(cid:86)(cid:83)ne(cid:90)(cid:15) The Texas housing market continues to perform exceptionally well. The First Financial Mortgage Team is always available to serve and assist customers — striving to accommodate and guide customers to meet their individual nee(cid:69)(cid:84)(cid:15)(cid:1)(cid:56)e(cid:1)(cid:80)(cid:71)(cid:71)e(cid:83)(cid:1)a(cid:1)(cid:71)(cid:86)ll(cid:1)(cid:78)en(cid:86)(cid:1)(cid:80)(cid:71)(cid:1)(cid:81)(cid:83)(cid:80)(cid:69)(cid:86)c(cid:85)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:78)ee(cid:85)(cid:1)all(cid:1)(cid:83)eal(cid:1)e(cid:84)(cid:85)a(cid:85)e(cid:1)financin(cid:72)(cid:1)nee(cid:69)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)(cid:87)al(cid:86)e(cid:69)(cid:1)c(cid:86)(cid:84)(cid:85)(cid:80)(cid:78)e(cid:83)(cid:84)(cid:15)(cid:1)(cid:39)i(cid:83)(cid:84)(cid:85)(cid:1)(cid:39)inancial(cid:1) Mortgage is well-positioned in some of the fastest growing housing markets in the state. Our dedicated team of (cid:78)(cid:80)(cid:83)(cid:85)(cid:72)a(cid:72)e(cid:1)(cid:81)(cid:83)(cid:80)(cid:71)e(cid:84)(cid:84)i(cid:80)nal(cid:84)(cid:1)(cid:84)(cid:85)an(cid:69)(cid:1)(cid:83)ea(cid:69)(cid:90)(cid:1)(cid:85)(cid:80)(cid:1)a(cid:84)(cid:84)i(cid:84)(cid:85)(cid:1)(cid:90)(cid:80)(cid:86)(cid:1)(cid:88)i(cid:85)(cid:73)(cid:1)(cid:85)(cid:73)e(cid:1)(cid:81)(cid:86)(cid:83)c(cid:73)a(cid:84)e(cid:1)(cid:80)(cid:83)(cid:1)(cid:83)efinance(cid:1)(cid:80)(cid:71)(cid:1)(cid:90)(cid:80)(cid:86)(cid:83)(cid:1)(cid:73)(cid:80)(cid:78)e(cid:1)(cid:115)(cid:1)(cid:85)(cid:80)(cid:1)(cid:81)(cid:86)(cid:85)(cid:1)(cid:58)(cid:80)(cid:86)(cid:1)(cid:39)i(cid:83)(cid:84)(cid:85)(cid:2) Senior Officers Troy Fore President Ryan Craig Executive Vice President DFW Kami Graves Executive Vice President Southlake Tammie Harding Tammie Harding Executive Vice President Fort Worth Janet O’Dell Janet O’Dell Executive Vice President Abilene Regional Board of Directors Bobby Brennan Senior Vice President Conroe Irene Green Senior Vice President Austin Cindi LaChance Senior Vice President Southeast Texas Wes Masters Wes Masters Senior Vice President San Angelo Melanie Motley Senior Vice President Bryan/College Station First Financial Mortgage | Annual Report 2021 | 29 3/14/2022 2:00:49 PM IN THOUSANDS ASSETS LOANS DEPOSITS NET INCOME RETURN ON AVG. ASSETS EFFICIENCY RATIO Dec. 31, 2020 $1,071,539 $424,789 $915,345 Dec. 31, 2021 $1,283,427 $440,689 $1,102,735 $21,021 $21,266 2.18% 1.81% 42.95% 43.31% The Weatherford Region had another great year in 2021 for our Parker and Palo Pinto County locations. We were able to navigate an additional phase of PPP loans, while also working with our customers to get many of those loans from 2020 forgiven. On top of this effort, we were also able to grow this region at a rapid rate. We saw fantastic loan and deposit growth and have tremendous momentum heading into 2022. The communities we serve continue to see growth due to our vibrant economy, great school districts and an incredible quality of life that is available just a few minutes west of Fort Worth. Our dedicated and professional bankers have worked tirelessly to support our customers through additional waves of the pandemic and ensured that we have remained open and ready to serve each customer. This is certainly evident in Mineral Wells, where our customers voted us as “Best of Palo Pinto County” in the banking sector. We look to 2022 with great excitement and stand ready to assist our customers with their banking needs, while delivering unparalleled You First customer service. Sean Woodring Executive Vice President Senior Lender Amber Allen Senior Vice President Paul Bruns Senior Vice President Tim Corzine Senior Vice President J. Bruce Hildebrand Retired First Financial Bankshares, Inc. Nan Kingsley President Bluestem Studios, Inc. Kevin R. Lackey CEO Freedom Power Sports Therapeutic Optometrist Cody Cloud Senior Vice President Lori Hill Senior Vice President Jimmie Sue Lawson Senior Vice President Clint Myrick Senior Vice President Stephen E. Milliken Former President C.D. Hartnett Company/ McLane Express, Inc. Mike White, O.D. Retired Kyle Wilks President Wilks Development, LLC Justin B. Hooper Chairman, President and CEO MAIN OFFICE 101 College Park Dr. Weatherford, TX 76086 | 817.598.2600 Senior Officers Justin B. Hooper Chairman, President and CEO Cory Crenshaw Market President, Mineral Wells Eddie Gregory Senior Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83) Justin B. Hooper Chairman, President and CEO Ronald D. Butler II First Financial Bankshares, Inc. Adam L. Feriend Owner and COO JRJ Construction, Inc. George Gault Attorney Weatherford Region | Annual Report 2021 | 28 FFIN2021-AnnualReport-Updated.indd 28-29 FIRST TECHNOLOGY SERVICES, INC. LINE OF BUSINESS EXECUTIVES Senior Officers John Ruzicka John Ruzicka Chairman, President and CEO Isabel Montoya Isabel Montoya Executive Vice President Deposit Operations Maggie Tuschinski Maggie Tuschinski Executive Vice President Chief Digital Officer Cynthia Suarez Cynthia Suarez Senior Vice President Chief (cid:42)nfor(cid:78)ation (cid:52)ecurit(cid:90) Officer David Weems David Weems Senior Vice President Chief O(cid:81)eration(cid:84) Officer Larry Williams Larry Williams Senior Vice President Technical Architecture Michael Greenhaw Michael Greenhaw Senior Vice President Senior System Analyst Tony Vargas Tony Vargas Senior Vice President Project Management Sammy Scott Sammy Scott Vice President End-User Support Manager Laurinda Thomas Laurinda Thomas Vice President Debit Card and Loss Prevention Supervisor Brad Walker Brad Walker Vice President Help Desk and Network Support Trent B. Swearengin Chairman, President and CEO First Financial Bank, Stephenville Region Clay Trumble Senior Vice President Credit Administration First Financial Bank Lee Warren Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83) First Financial Bank, Conroe Region First Financial Bank, Kingwood Region James R. Gordon Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:39)inancial(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) First Financial Bankshares, Inc. Ronnie Hawkins President, Angelo State University CEO, Hawkins Group Monica Houston Executive Vice President Retail Banking and Training First Financial Bank Matthew Melbourne Executive Vice President First Financial Trust & Asset Management Company Andrea Smiddy-Schlagel Executive Vice President Treasury Management First Financial Bank Directors John Ruzicka Chairman, President and CEO First Technology Services, Inc. Executive Vice President and CIO First Financial Bankshares, Inc. April Anthony Managing Partner Anthony Family Investment Partners, LTD. Ronald D. Butler II Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:34)(cid:69)(cid:78)ini(cid:84)(cid:85)(cid:83)a(cid:85)i(cid:87)e(cid:1)(cid:48)(cid:71)fice(cid:83) 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. Carley Dyck Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83) First Financial Bank, Fort Worth Region First Financial Bank, Hereford Region First Financial Bank, Southlake Region First Technology Services | Annual Report 2021 | 30 FFIN2021-AnnualReport-Updated.indd 30-31 In 2021, we had an unprecedented winter storm that crippled the state of Texas and adversely affected the bank’s entire footprint. In expected fashion, bank employees, including Line of Business Executives, mobilized their teams to open branches that had power to make sure our customers were served. Although our main building in Abilene had no heat or water, the teams from the Customer Care Center, Treasury Management, and Technology came to work each day, braved the elements and made sure all calls were answered, wires sent out, payrolls made and customers taken care of. During our recent ice storm in 2022, when most businesses were closed, all of our 78 locations remained open to serve our customers. This is a testament to our people who are so dedicated to make sure we put You First! Led by Frank Gioia, the Customer Care Center implemented a new online account opening system in early 2021, resulting in a 46 percent growth in accounts opened online. Under Monica Houston’s leadership, the retail group’s commitment to exemplary customer service resulted in more than 16,000 net new accounts opened, a single-year record for the bank. They also saved the bank nearly $2 million in losses by recognizing and stopping several fraud attempts. Her training team completed 148 training sessions across the lines of business. Mike Wolverton and the consumer and in-house mortgage lending group grew loans by 28 percent, surpassing more than $1 billion. His group closed 12,304 loans for $676 million in volume. Treasury Management (TM), led by Andrea Smiddy-Schlagel, turned in another record-setting sales year. Newer technology and updated systems provided clients with an enhanced experience. TM also strengthened its sales team company-wide with the addition of Stephen Flores as Senior Vice President, Sales Manager. Brandon Harris and the Appraisal Services Team worked closely with appraisal vendors to help minimize the delays the storm placed on the real estate industry and keep the processes on schedule. New construction, renovations and enhancements were plentiful for Gary Milliorn. The bank completed a 52,800-square-foot remodel of the new Operations Center in Abilene. Three hailstorms in a two-week period in late spring shut down the Keller Branch for several months, while 19 other locations experienced (cid:84)i(cid:72)nifican(cid:85)(cid:1)(cid:83)(cid:80)(cid:80)(cid:71)(cid:1)(cid:69)a(cid:78)a(cid:72)e(cid:15)(cid:1)(cid:36)(cid:80)n(cid:84)(cid:85)(cid:83)(cid:86)c(cid:85)i(cid:80)n(cid:1)be(cid:72)an(cid:1)(cid:80)n(cid:1)(cid:85)(cid:73)(cid:83)ee(cid:1)ne(cid:88)(cid:1)b(cid:83)anc(cid:73)e(cid:84)(cid:1)in(cid:1)(cid:41)(cid:86)n(cid:85)(cid:84)(cid:87)ille(cid:13)(cid:1)(cid:36)(cid:80)lle(cid:72)e(cid:1)(cid:52)(cid:85)a(cid:85)i(cid:80)n(cid:1)an(cid:69)(cid:1)(cid:45)(cid:86)(cid:78)be(cid:83)(cid:85)(cid:80)n(cid:15) Lawrence Kentz and his compliance team are trusted advisors to the bank’s lines of business and continued assisting with interpretations of federal banking regulations in order to help the bank stay within regulatory requirements and standards. Our Human Resources efforts were led by Josh Brown, who was elevated to Senior Vice President, Human Resources in 2021. Josh and his team continued their focus on monitoring the ever-changing effects of COVID on the bank and the state, as well as staying ahead of trends in the labor force. Through constant communication, he and his team provide recommendations to leadership and keep employees apprised of the latest information. Maggie Tuschinski was hired as Executive Vice (cid:49)(cid:83)e(cid:84)i(cid:69)en(cid:85)(cid:13)(cid:1)(cid:36)(cid:73)ie(cid:71)(cid:1)(cid:37)i(cid:72)i(cid:85)al(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1)in(cid:1)(cid:43)(cid:86)l(cid:90)(cid:15)(cid:1)(cid:42)n(cid:1)a(cid:69)(cid:69)i(cid:85)i(cid:80)n(cid:1)(cid:85)(cid:80)(cid:1)en(cid:73)ancin(cid:72)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)c(cid:86)(cid:84)(cid:85)(cid:80)(cid:78)e(cid:83)(cid:84)(cid:110)(cid:1)(cid:86)(cid:84)e(cid:83)(cid:1)e(cid:89)(cid:81)e(cid:83)ience(cid:84)(cid:1)in(cid:1)(cid:84)e(cid:87)e(cid:83)al(cid:1)a(cid:83)ea(cid:84)(cid:13)(cid:1)(cid:84)(cid:73)e(cid:1)(cid:73)a(cid:84)(cid:1)(cid:81)la(cid:90)e(cid:69)(cid:1)an(cid:1)i(cid:78)(cid:81)(cid:80)(cid:83)(cid:85)an(cid:85)(cid:1) (cid:83)(cid:80)le(cid:1)in(cid:1)in(cid:85)e(cid:72)(cid:83)a(cid:85)in(cid:72)(cid:1)ne(cid:88)(cid:1)(cid:84)e(cid:83)(cid:87)ice(cid:84)(cid:1)an(cid:69)(cid:1)(cid:85)(cid:80)(cid:80)l(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)inc(cid:83)ea(cid:84)e(cid:1)(cid:85)(cid:73)e(cid:1)financial(cid:1)(cid:88)ell(cid:14)bein(cid:72)(cid:1)(cid:80)(cid:71)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)c(cid:86)(cid:84)(cid:85)(cid:80)(cid:78)e(cid:83)(cid:84)(cid:15)(cid:1)Chris Cook also was a new hire, brought on board in July as Executive Vice President, Marketing. He and his team immediately placed an emphasis on digital advertising through social media and inc(cid:83)ea(cid:84)e(cid:69)(cid:1)(cid:88)eb(cid:1)(cid:85)(cid:83)a(cid:71)fic(cid:1)an(cid:69)(cid:1)en(cid:72)a(cid:72)e(cid:78)en(cid:85)(cid:13)(cid:1)(cid:88)(cid:73)ile(cid:1)b(cid:80)(cid:80)(cid:84)(cid:85)in(cid:72)(cid:1)(cid:85)(cid:73)e(cid:1)n(cid:86)(cid:78)be(cid:83)(cid:1)(cid:80)(cid:71)(cid:1)i(cid:78)(cid:81)(cid:83)e(cid:84)(cid:84)i(cid:80)n(cid:84)(cid:1)ac(cid:83)(cid:80)(cid:84)(cid:84)(cid:1)all(cid:1)(cid:81)la(cid:85)(cid:71)(cid:80)(cid:83)(cid:78)(cid:84)(cid:15) Line of Business Executives Chris Cook Executive Vice President Advertising and Marketing Monica Houston Executive Vice President Retail Banking and Training Andrea Smiddy-Schlagel Executive Vice President Treasury Management Michael Wolverton Executive Vice President Consumer Lending Josh Brown Senior Vice President Human Resources Frank Gioia Senior Vice President Customer Care Center Brandon Harris Senior Vice President Appraisal Services Lawrence Kentz Senior Vice President Chief Co(cid:78)(cid:81)liance Officer Gary Milliorn Vice President Property Manager Line of Business Executives | Annual Report 2021 | 31 3/14/2022 2:00:54 PM FIRST TECHNOLOGY SERVICES, INC. LINE OF BUSINESS EXECUTIVES Senior Officers Directors John Ruzicka Chairman, President and CEO First Technology Services, Inc. Executive Vice President and CIO First Financial Bankshares, Inc. April Anthony Managing Partner Anthony Family Investment Partners, LTD. Ronald D. Butler II Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:34)(cid:69)(cid:78)ini(cid:84)(cid:85)(cid:83)a(cid:85)i(cid:87)e(cid:1)(cid:48)(cid:71)fice(cid:83) 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. Carley Dyck Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83) First Financial Bank, Fort Worth Region First Financial Bank, Hereford Region First Financial Bank, Southlake Region First Technology Services | Annual Report 2021 | 30 FFIN2021-AnnualReport-Updated.indd 30-31 John Ruzicka Chairman, President and CEO Isabel Montoya Executive Vice President Deposit Operations Maggie Tuschinski Executive Vice President Chief Digital Officer Cynthia Suarez Senior Vice President Chief (cid:42)nfor(cid:78)ation (cid:52)ecurit(cid:90) Officer David Weems Senior Vice President Chief O(cid:81)eration(cid:84) Officer Larry Williams Senior Vice President Technical Architecture Michael Greenhaw Senior Vice President Senior System Analyst Tony Vargas Senior Vice President Project Management Sammy Scott Vice President End-User Support Manager Laurinda Thomas Vice President Debit Card and Loss Prevention Supervisor Brad Walker Vice President Help Desk and Network Support Trent B. Swearengin Chairman, President and CEO First Financial Bank, Stephenville Region Clay Trumble Senior Vice President Credit Administration First Financial Bank Lee Warren Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83) First Financial Bank, Conroe Region First Financial Bank, Kingwood Region James R. Gordon Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:39)inancial(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) First Financial Bankshares, Inc. Ronnie Hawkins President, Angelo State University CEO, Hawkins Group Monica Houston Executive Vice President Retail Banking and Training First Financial Bank Matthew Melbourne Executive Vice President First Financial Trust & Asset Management Company Andrea Smiddy-Schlagel Executive Vice President Treasury Management First Financial Bank In 2021, we had an unprecedented winter storm that crippled the state of Texas and adversely affected the bank’s entire footprint. In expected fashion, bank employees, including Line of Business Executives, mobilized their teams to open branches that had power to make sure our customers were served. Although our main building in Abilene had no heat or water, the teams from the Customer Care Center, Treasury Management, and Technology came to work each day, braved the elements and made sure all calls were answered, wires sent out, payrolls made and customers taken care of. During our recent ice storm in 2022, when most businesses were closed, all of our 78 locations remained open to serve our customers. This is a testament to our people who are so dedicated to make sure we put You First! Led by Frank Gioia, the Customer Care Center implemented a new online account opening system in early 2021, resulting in a 46 percent growth in accounts opened online. Under Monica Houston’s leadership, the retail group’s commitment to exemplary customer service resulted in more than 16,000 net new accounts opened, a single-year record for the bank. They also saved the bank nearly $2 million in losses by recognizing and stopping several fraud attempts. Her training team completed 148 training sessions across the lines of business. Mike Wolverton and the consumer and in-house mortgage lending group grew loans by 28 percent, surpassing more than $1 billion. His group closed 12,304 loans for $676 million in volume. Treasury Management (TM), led by Andrea Smiddy-Schlagel, turned in another record-setting sales year. Newer technology and updated systems provided clients with an enhanced experience. TM also strengthened its sales team company-wide with the addition of Stephen Flores as Senior Vice President, Sales Manager. Brandon Harris and the Appraisal Services Team worked closely with appraisal vendors to help minimize the delays the storm placed on the real estate industry and keep the processes on schedule. New construction, renovations and enhancements were plentiful for Gary Milliorn. The bank completed a 52,800-square-foot remodel of the new Operations Center in Abilene. Three hailstorms in a two-week period in late spring shut down the Keller Branch for several months, while 19 other locations experienced (cid:84)i(cid:72)nifican(cid:85)(cid:1)(cid:83)(cid:80)(cid:80)(cid:71)(cid:1)(cid:69)a(cid:78)a(cid:72)e(cid:15)(cid:1)(cid:36)(cid:80)n(cid:84)(cid:85)(cid:83)(cid:86)c(cid:85)i(cid:80)n(cid:1)be(cid:72)an(cid:1)(cid:80)n(cid:1)(cid:85)(cid:73)(cid:83)ee(cid:1)ne(cid:88)(cid:1)b(cid:83)anc(cid:73)e(cid:84)(cid:1)in(cid:1)(cid:41)(cid:86)n(cid:85)(cid:84)(cid:87)ille(cid:13)(cid:1)(cid:36)(cid:80)lle(cid:72)e(cid:1)(cid:52)(cid:85)a(cid:85)i(cid:80)n(cid:1)an(cid:69)(cid:1)(cid:45)(cid:86)(cid:78)be(cid:83)(cid:85)(cid:80)n(cid:15) Lawrence Kentz and his compliance team are trusted advisors to the bank’s lines of business and continued assisting with interpretations of federal banking regulations in order to help the bank stay within regulatory requirements and standards. Our Human Resources efforts were led by Josh Brown, who was elevated to Senior Vice President, Human Resources in 2021. Josh and his team continued their focus on monitoring the ever-changing effects of COVID on the bank and the state, as well as staying ahead of trends in the labor force. Through constant communication, he and his team provide recommendations to leadership and keep employees apprised of the latest information. Maggie Tuschinski was hired as Executive Vice (cid:49)(cid:83)e(cid:84)i(cid:69)en(cid:85)(cid:13)(cid:1)(cid:36)(cid:73)ie(cid:71)(cid:1)(cid:37)i(cid:72)i(cid:85)al(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1)in(cid:1)(cid:43)(cid:86)l(cid:90)(cid:15)(cid:1)(cid:42)n(cid:1)a(cid:69)(cid:69)i(cid:85)i(cid:80)n(cid:1)(cid:85)(cid:80)(cid:1)en(cid:73)ancin(cid:72)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)c(cid:86)(cid:84)(cid:85)(cid:80)(cid:78)e(cid:83)(cid:84)(cid:110)(cid:1)(cid:86)(cid:84)e(cid:83)(cid:1)e(cid:89)(cid:81)e(cid:83)ience(cid:84)(cid:1)in(cid:1)(cid:84)e(cid:87)e(cid:83)al(cid:1)a(cid:83)ea(cid:84)(cid:13)(cid:1)(cid:84)(cid:73)e(cid:1)(cid:73)a(cid:84)(cid:1)(cid:81)la(cid:90)e(cid:69)(cid:1)an(cid:1)i(cid:78)(cid:81)(cid:80)(cid:83)(cid:85)an(cid:85)(cid:1) (cid:83)(cid:80)le(cid:1)in(cid:1)in(cid:85)e(cid:72)(cid:83)a(cid:85)in(cid:72)(cid:1)ne(cid:88)(cid:1)(cid:84)e(cid:83)(cid:87)ice(cid:84)(cid:1)an(cid:69)(cid:1)(cid:85)(cid:80)(cid:80)l(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)inc(cid:83)ea(cid:84)e(cid:1)(cid:85)(cid:73)e(cid:1)financial(cid:1)(cid:88)ell(cid:14)bein(cid:72)(cid:1)(cid:80)(cid:71)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)c(cid:86)(cid:84)(cid:85)(cid:80)(cid:78)e(cid:83)(cid:84)(cid:15)(cid:1)Chris Cook also was a new hire, brought on board in July as Executive Vice President, Marketing. He and his team immediately placed an emphasis on digital advertising through social media and inc(cid:83)ea(cid:84)e(cid:69)(cid:1)(cid:88)eb(cid:1)(cid:85)(cid:83)a(cid:71)fic(cid:1)an(cid:69)(cid:1)en(cid:72)a(cid:72)e(cid:78)en(cid:85)(cid:13)(cid:1)(cid:88)(cid:73)ile(cid:1)b(cid:80)(cid:80)(cid:84)(cid:85)in(cid:72)(cid:1)(cid:85)(cid:73)e(cid:1)n(cid:86)(cid:78)be(cid:83)(cid:1)(cid:80)(cid:71)(cid:1)i(cid:78)(cid:81)(cid:83)e(cid:84)(cid:84)i(cid:80)n(cid:84)(cid:1)ac(cid:83)(cid:80)(cid:84)(cid:84)(cid:1)all(cid:1)(cid:81)la(cid:85)(cid:71)(cid:80)(cid:83)(cid:78)(cid:84)(cid:15) Line of Business Executives Chris Cook Executive Vice President Advertising and Marketing Advertising and Marketing Monica Houston Executive Vice President Retail Banking and Training Retail Banking and Training Retail Banking and Training Retail Banking and Training Andrea Smiddy-Schlagel Executive Vice President Treasury Management Treasury Management Treasury Management Treasury Management Michael Wolverton Executive Vice President Consumer Lending Consumer Lending Consumer Lending Consumer Lending Josh Brown Senior Vice President Human Resources Human Resources Frank Gioia Frank Gioia Senior Vice President Customer Care Center Brandon Harris Brandon Harris Senior Vice President Appraisal Services Lawrence Kentz Lawrence Kentz Senior Vice President Chief Co(cid:78)(cid:81)liance Officer Gary Milliorn Gary Milliorn Vice President Property Manager Line of Business Executives | Annual Report 2021 | 31 3/14/2022 2:00:54 PM 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 (cid:53)r(cid:86)st Office (cid:46)ana(cid:72)ers First Financial Trust & Asset Management Company delivered excellent results in 2021. Total assets under management at year-end had a book value of $5.88 billion, an 8.9 percent increase from $5.40 billion at the end of 2020. The market value of the assets totaled $8.70 billion, a gain of 15.8 percent from $7.51 billion. For the year, total fee income increased 22.4 percent to $36.1 million from $29.5 million in 2020, and net earnings after tax increased 22.5 percent to $17.7 million from $14.5 million. The trust company’s investment performance remained strong. The best performing portfolio was the Equity Income portfolio, which had a return of 27.12 percent. Our Fixed Income portfolios also 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 outperformed their respective benchmarks. We continue to have good growth in our newest markets in Houston, San Antonio and Bryan/College (cid:52)(cid:85)a(cid:85)i(cid:80)n(cid:15)(cid:1)(cid:48)(cid:86)(cid:83)(cid:1)(cid:41)(cid:80)(cid:86)(cid:84)(cid:85)(cid:80)n(cid:1)(cid:80)(cid:71)fice(cid:1)n(cid:80)(cid:88)(cid:1)(cid:73)a(cid:84)(cid:1)a(cid:84)(cid:84)e(cid:85)(cid:84)(cid:1)(cid:86)n(cid:69)e(cid:83)(cid:1)(cid:78)ana(cid:72)e(cid:78)en(cid:85)(cid:1)e(cid:89)cee(cid:69)in(cid:72)(cid:1)(cid:5)(cid:18)(cid:18)(cid:17)(cid:1)(cid:78)illi(cid:80)n(cid:15)(cid:1)(cid:1)(cid:48)(cid:86)(cid:83)(cid:1)(cid:81)i(cid:81)eline(cid:84)(cid:1) look very promising for excellent growth in these markets going forward. (cid:35)a(cid:83)ba(cid:83)a(cid:1)(cid:41)ill(cid:13)(cid:1)(cid:88)(cid:73)(cid:80)(cid:1)(cid:73)a(cid:84)(cid:1)been(cid:1)(cid:78)ana(cid:72)in(cid:72)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)(cid:48)(cid:69)e(cid:84)(cid:84)a(cid:1)(cid:80)(cid:71)fice(cid:13)(cid:1)(cid:83)e(cid:85)i(cid:83)e(cid:69)(cid:1)a(cid:85)(cid:1)(cid:85)(cid:73)e(cid:1)en(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:19)(cid:17)(cid:19)(cid:18)(cid:15)(cid:1)(cid:35)a(cid:83)ba(cid:83)a(cid:1)started (cid:85)(cid:73)i(cid:84)(cid:1)(cid:80)(cid:71)fice(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:86)(cid:84)(cid:1)in(cid:1)(cid:19)(cid:17)(cid:17)(cid:26)(cid:1)an(cid:69)(cid:1)(cid:72)(cid:83)e(cid:88)(cid:1)i(cid:85)(cid:1)(cid:85)(cid:80)(cid:1)(cid:80)(cid:87)e(cid:83)(cid:1)(cid:5)(cid:20)(cid:17)(cid:17)(cid:1)(cid:78)illi(cid:80)n(cid:1)in(cid:1)a(cid:84)(cid:84)e(cid:85)(cid:84)(cid:1)(cid:86)n(cid:69)e(cid:83)(cid:1)(cid:78)ana(cid:72)e(cid:78)en(cid:85)(cid:15)(cid:1)(cid:56)e(cid:1)a(cid:83)e(cid:1)(cid:78)(cid:80)(cid:84)(cid:85)(cid:1) appreciative of Barbara’s contributions and wish her the best in retirement. Kirk W. Thaxton Chairman, President and CEO First Financial Trust Trust Assets - Book Value (in millions) 2017 2018 2019 2020 2021 $3,866 $4,294 $4,856 $5,398 $5,880 Trust Net Income (in thousands) 2017 2018 2019 2020 2021 $8.579 $13.532 $13.892 $14,471 $17.723 Trust Fees (in millions) 2017 2018 $0 2019 2020 2021 $23.69 $28.18 $28.40 $29.53 $36.15 Trust & Asset Management | Annual Report 2021 | 32 FFIN2021-AnnualReport-Updated.indd 32-33 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 Bradley D. Brown Senior Vice President Southeast Texas 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 Josh Brown, CPL Senior Vice President Manager, Oil and Gas David B. Pitzer Senior Vice President Manager, Real Property Brent Hill Senior Vice President Thad Jennings Senior Vice President Athena Marean Senior Vice President Edward J. McGowan, Jr. Senior Vice President Belinda Roensch Senior Vice President Trent Martin Jim Weaver Senior Vice President Senior Vice President Kirk W. Thaxton David F. Lupton Chairman, President and CEO President First Financial Trust Angelo Glass & Mirror Company, Inc. John L. Beckham Attorney, Beckham Rector and Eargle LLP Advisory Director Abilene Community Foundation Leggett Foundation and Kickapoo Senior Officers Christopher N. Montoya Executive Vice President Manager, Equities Bill Rowe Executive Vice President Manager, Fixed Income Matthew Melbourne Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83) Directors Katie Alford President and CEO David L. Copeland President Shelton Family Foundation F. Scott Dueser Chairman of the Board, President and CEO First Financial Bankshares, Inc. Jay Lawrence President MAL Enterprises, Inc. Watt Matthews Vice President Springs Foundation 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 | Annual Report 2021 | 33 3/14/2022 2:00:59 PM 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 (cid:53)r(cid:86)st Office (cid:46)ana(cid:72)ers First Financial Trust & Asset Management Company delivered excellent results in 2021. Total assets under management at year-end had a book value of $5.88 billion, an 8.9 percent increase from $5.40 billion at the end of 2020. The market value of the assets totaled $8.70 billion, a gain of 15.8 percent from $7.51 billion. For the year, total fee income increased 22.4 percent to $36.1 million from $29.5 million in 2020, and net earnings after tax increased 22.5 percent to $17.7 million from $14.5 million. outperformed their respective benchmarks. We continue to have good growth in our newest markets in Houston, San Antonio and Bryan/College (cid:52)(cid:85)a(cid:85)i(cid:80)n(cid:15)(cid:1)(cid:48)(cid:86)(cid:83)(cid:1)(cid:41)(cid:80)(cid:86)(cid:84)(cid:85)(cid:80)n(cid:1)(cid:80)(cid:71)fice(cid:1)n(cid:80)(cid:88)(cid:1)(cid:73)a(cid:84)(cid:1)a(cid:84)(cid:84)e(cid:85)(cid:84)(cid:1)(cid:86)n(cid:69)e(cid:83)(cid:1)(cid:78)ana(cid:72)e(cid:78)en(cid:85)(cid:1)e(cid:89)cee(cid:69)in(cid:72)(cid:1)(cid:5)(cid:18)(cid:18)(cid:17)(cid:1)(cid:78)illi(cid:80)n(cid:15)(cid:1)(cid:1)(cid:48)(cid:86)(cid:83)(cid:1)(cid:81)i(cid:81)eline(cid:84)(cid:1) look very promising for excellent growth in these markets going forward. (cid:35)a(cid:83)ba(cid:83)a(cid:1)(cid:41)ill(cid:13)(cid:1)(cid:88)(cid:73)(cid:80)(cid:1)(cid:73)a(cid:84)(cid:1)been(cid:1)(cid:78)ana(cid:72)in(cid:72)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)(cid:48)(cid:69)e(cid:84)(cid:84)a(cid:1)(cid:80)(cid:71)fice(cid:13)(cid:1)(cid:83)e(cid:85)i(cid:83)e(cid:69)(cid:1)a(cid:85)(cid:1)(cid:85)(cid:73)e(cid:1)en(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:19)(cid:17)(cid:19)(cid:18)(cid:15)(cid:1)(cid:35)a(cid:83)ba(cid:83)a(cid:1)started (cid:85)(cid:73)i(cid:84)(cid:1)(cid:80)(cid:71)fice(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:86)(cid:84)(cid:1)in(cid:1)(cid:19)(cid:17)(cid:17)(cid:26)(cid:1)an(cid:69)(cid:1)(cid:72)(cid:83)e(cid:88)(cid:1)i(cid:85)(cid:1)(cid:85)(cid:80)(cid:1)(cid:80)(cid:87)e(cid:83)(cid:1)(cid:5)(cid:20)(cid:17)(cid:17)(cid:1)(cid:78)illi(cid:80)n(cid:1)in(cid:1)a(cid:84)(cid:84)e(cid:85)(cid:84)(cid:1)(cid:86)n(cid:69)e(cid:83)(cid:1)(cid:78)ana(cid:72)e(cid:78)en(cid:85)(cid:15)(cid:1)(cid:56)e(cid:1)a(cid:83)e(cid:1)(cid:78)(cid:80)(cid:84)(cid:85)(cid:1) appreciative of Barbara’s contributions and wish her the best in retirement. The trust company’s investment performance remained strong. The best performing portfolio was the Equity Income portfolio, which had a return of 27.12 percent. Our Fixed Income portfolios also 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 Kirk W. Thaxton Chairman, President and CEO First Financial Trust Trust Assets - Book Value (in millions) Trust Net Income (in thousands) 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 $3,866 $4,294 $4,856 $5,398 $5,880 $8.579 $13.532 $13.892 $14,471 $17.723 Trust Fees (in millions) 2017 2018 $0 2019 2020 2021 $23.69 $28.18 $28.40 $29.53 $36.15 Trust & Asset Management | Annual Report 2021 | 32 FFIN2021-AnnualReport-Updated.indd 32-33 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 Bradley D. Brown Senior Vice President Southeast Texas 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 Matthew Melbourne Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:48)(cid:81)e(cid:83)a(cid:85)i(cid:80)n(cid:84)(cid:1)(cid:48)(cid:71)fice(cid:83) Directors Josh Brown, CPL Senior Vice President Manager, Oil and Gas David B. Pitzer Senior Vice President Manager, Real Property Brent Hill Senior Vice President Thad Jennings Senior Vice President Athena Marean Senior Vice President Trent Martin Senior Vice President Edward J. McGowan, Jr. Senior Vice President Belinda Roensch Senior Vice President Jim Weaver Senior Vice President Advisory Director Kirk W. Thaxton Chairman, President and CEO First Financial Trust David F. Lupton President Angelo Glass & Mirror Company, Inc. John L. Beckham Attorney, Beckham Rector and Eargle LLP Katie Alford President and CEO Abilene Community Foundation David L. Copeland President Shelton Family Foundation F. Scott Dueser Chairman of the Board, President and CEO First Financial Bankshares, Inc. Jay Lawrence President MAL Enterprises, Inc. Watt Matthews Vice President Leggett Foundation and Kickapoo Springs Foundation 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 | Annual Report 2021 | 33 3/14/2022 2:00:59 PM FIRST FINANCIAL BANKSHARES CORPORATE INFORMATION FIRST FINANCIAL BANKSHARES & FIRST FINANCIAL BANK 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 David Bailey Executive Vice President Commercial Banking Rett Everett Executive Vice President Credit Administration James Gordon Executive Vice President Chief (cid:39)inancial Officer F. Scott Dueser Chairman of the Board, President and CEO, First Financial Bankshares, Inc. Year: 1991 Committee: 1 April Anthony Managing Partner Anthony Family Investment Partners, LTD. Year: 2015 Committee: 2 Vianei Lopez Braun Chief De(cid:87)elo(cid:81)(cid:78)ent Officer Decker Jones, P.C. Year: 2020 Committee: 3,5 Tucker S. Bridwell* David L. Copeland, CPA President Mansefeldt Investment Corp. Year: 2007 Committee: 1,4 * Lead Director President, SIPCO, Inc. and Shelton Family Foundation Year: 1998 Committee: 1,2,4,5 Gary Gragg Executive Vice President Chief (cid:45)ending Officer Luke Longhofer Executive Vice President Chief Credit Officer Kyle McVey, CPA Executive Vice President Chief Accounting Officer Randy Roewe Executive Vice President Chief (cid:51)i(cid:84)(cid:76) Officer John Ruzicka Executive Vice President Chief (cid:42)nfor(cid:78)ation Officer Mike Denny President Batjer and Associates Year: 2019 Committee: 2,6 Murray Edwards Principal The Edwards Group Year: 2006 Committee: 1,2,4,5,6 Dr. Eli Jones Former Dean of Mays Business School, Professor of Marketing, Lowry and Peggy Mays Eminent Scholar Year: 2022 Committee: 3 Tim Lancaster Former President and CEO Hendrick Health System Year: 2013 Committee: 1,2,3,4,6 Kade Matthews Ranching Investments Year: 1998 Committee: 3,5 Kirk W. Thaxton Chairman, President and CEO First Financial Trust Marna Yerigan Executive Vice President Credit Administration Corporate Information ANNUAL MEETING Tuesday, April 26, 2022 Abilene Convention Center 1100 N. Sixth St. Abilene, TX 79601 10:30 a.m., or via livestream at (cid:71)fin(cid:15)c(cid:80)(cid:78)(cid:16)li(cid:87)e(cid:14)e(cid:87)en(cid:85)(cid:84) FOR FINANCIAL AND INVESTOR INFORMATION: James Gordon Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:39)inancial(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) 325.627.7361 SEND CERTIFICATES FOR TRANSFER AND ADDRESS CHANGES TO: Continental Stock Transfer & Trust Company (cid:18)(cid:1)(cid:52)(cid:85)a(cid:85)e(cid:1)(cid:52)(cid:85)(cid:83)ee(cid:85)(cid:13)(cid:1)(cid:20)(cid:17)(cid:85)(cid:73)(cid:1)(cid:230)(cid:80)(cid:80)(cid:83) New York, NY 10004 ADDRESS SHAREHOLDER INQUIRIES TO: Continental Stock Transfer & Trust Company (cid:18)(cid:1)(cid:52)(cid:85)a(cid:85)e(cid:1)(cid:52)(cid:85)(cid:83)ee(cid:85)(cid:13)(cid:1)(cid:20)(cid:17)(cid:85)(cid:73)(cid:1)(cid:230)(cid:80)(cid:80)(cid:83) 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 325.627.7038 CORPORATE MAILING ADDRESS P.O. Box 701 Abilene, TX 79604 INDEPENDENT PUBLIC AUDITORS Ernst & Young LLP Dallas, TX First Financial Bank Corporate Information | Annual Report 2021 | 34 NASDAQ: FFIN (cid:88)(cid:88)(cid:88)(cid:15)(cid:71)fin(cid:15)c(cid:80)(cid:78) Robert C. Nickles, Jr. Executive Chairman Alegacy Group, LLC Year: 2019 Committee: 1,4,5 Johnny E. Trotter President and CEO Livestock Investors, Ltd. Year: 2003 Committee: 1,3,4 COMMITTEE CHAIRS: 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. Risk Committee: Robert C. Nickles, Jr., Chairman 6. 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, 2021, deposit information compiled by the Federal Deposit Insurance Corporation. First Financial Bankshares & First Financial Bank Board of Directors | Annual Report 2021 | 35 FFIN2021-AnnualReport-Updated.indd 34-35 3/14/2022 2:01:05 PM FIRST FINANCIAL BANKSHARES CORPORATE INFORMATION FIRST FINANCIAL BANKSHARES & FIRST FINANCIAL BANK 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 David Bailey Executive Vice President Commercial Banking Rett Everett Executive Vice President Credit Administration James Gordon Executive Vice President Chief (cid:39)inancial Officer F. Scott Dueser Chairman of the Board, President and CEO, First Financial Bankshares, Inc. Year: 1991 Committee: 1 April Anthony April Anthony Managing Partner Anthony Family Investment Partners, LTD. Year: 2015 Committee: 2 Vianei Lopez Braun Chief De(cid:87)elo(cid:81)(cid:78)ent Officer Decker Jones, P.C. Year: 2020 Committee: 3,5 Tucker S. Bridwell* President Mansefeldt Investment Corp. Year: 2007 Committee: 1,4 * Lead Director David L. Copeland, CPA President, SIPCO, Inc. and Shelton Family Foundation Year: 1998 Committee: 1,2,4,5 Gary Gragg Executive Vice President Chief (cid:45)ending Officer Luke Longhofer Executive Vice President Chief Credit Officer Kyle McVey, CPA Executive Vice President Chief Accounting Officer Randy Roewe Executive Vice President Chief (cid:51)i(cid:84)(cid:76) Officer John Ruzicka Executive Vice President Chief (cid:42)nfor(cid:78)ation Officer Kirk W. Thaxton Chairman, President and CEO First Financial Trust Marna Yerigan Executive Vice President Credit Administration Corporate Information ANNUAL MEETING Tuesday, April 26, 2022 Abilene Convention Center 1100 N. Sixth St. Abilene, TX 79601 10:30 a.m., or via livestream at (cid:71)fin(cid:15)c(cid:80)(cid:78)(cid:16)li(cid:87)e(cid:14)e(cid:87)en(cid:85)(cid:84) FOR FINANCIAL AND INVESTOR INFORMATION: James Gordon Executive Vice President (cid:36)(cid:73)ie(cid:71)(cid:1)(cid:39)inancial(cid:1)(cid:48)(cid:71)fice(cid:83)(cid:1) 325.627.7361 SEND CERTIFICATES FOR TRANSFER AND ADDRESS CHANGES TO: Continental Stock Transfer & Trust Company (cid:18)(cid:1)(cid:52)(cid:85)a(cid:85)e(cid:1)(cid:52)(cid:85)(cid:83)ee(cid:85)(cid:13)(cid:1)(cid:20)(cid:17)(cid:85)(cid:73)(cid:1)(cid:230)(cid:80)(cid:80)(cid:83) New York, NY 10004 ADDRESS SHAREHOLDER INQUIRIES TO: Continental Stock Transfer & Trust Company (cid:18)(cid:1)(cid:52)(cid:85)a(cid:85)e(cid:1)(cid:52)(cid:85)(cid:83)ee(cid:85)(cid:13)(cid:1)(cid:20)(cid:17)(cid:85)(cid:73)(cid:1)(cid:230)(cid:80)(cid:80)(cid:83) 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 325.627.7038 CORPORATE MAILING ADDRESS P.O. Box 701 Abilene, TX 79604 INDEPENDENT PUBLIC AUDITORS Ernst & Young LLP Dallas, TX NASDAQ: FFIN (cid:88)(cid:88)(cid:88)(cid:15)(cid:71)fin(cid:15)c(cid:80)(cid:78) Mike Denny President Batjer and Associates Year: 2019 Committee: 2,6 Murray Edwards Principal The Edwards Group Year: 2006 Committee: 1,2,4,5,6 Dr. Eli Jones Former Dean of Mays Business School, Professor of Marketing, Lowry and Peggy Mays Eminent Scholar Year: 2022 Committee: 3 Tim Lancaster Former President and CEO Hendrick Health System Year: 2013 Committee: 1,2,3,4,6 Kade Matthews Ranching Investments Year: 1998 Committee: 3,5 Robert C. Nickles, Jr. Executive Chairman Alegacy Group, LLC Year: 2019 Committee: 1,4,5 Johnny E. Trotter President and CEO Livestock Investors, Ltd. Year: 2003 Committee: 1,3,4 COMMITTEE CHAIRS: 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. Risk Committee: Robert C. Nickles, Jr., Chairman 6. 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, 2021, deposit information compiled by the Federal Deposit Insurance Corporation. First Financial Bank Corporate Information | Annual Report 2021 | 34 First Financial Bankshares & First Financial Bank Board of Directors | Annual Report 2021 | 35 FFIN2021-AnnualReport-Updated.indd 34-35 3/14/2022 2:01:05 PM (cid:21)00 Pine St., Abilene, T(cid:57) 79601 | 325.627.703(cid:25) | ffin.com FFIN2021-AnnualReport-Updated.indd 36 3/14/2022 2:01:05 PM

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