First Financial Bankshares Annual Report 2022

FY2022 Annual Report · First Financial Bankshares

Loading PDF…

2022 ANNUAL REPORT

TM.

growthprogresslovedeterminationcommunicationsuccessteamworkneighborhoodgracechangesservinggenerationswelcomingstronginvestingadapttransparentdedicatedopportunitiesencouragingmeaningful trust generationallifetimerelationshipsbeneficialattentiveeffortstogethernesscommitment cooperationrewardingcharitablefutureimportanceequalityharmonyvibranttirelesslyexcitementcelebrationsdiversityinclusionphilanthropypurposesocialunderstandingbondpurposeCOMMUNITYFIRST FINANCIAL PAVING A

PATH TO THE FUTURE

Paving a Path to the Future | Annual Report 2022 | 2

Paving a Path to the Future | Annual Report 2022 | 3

A LETTER TO OUR SHAREHOLDERS

Throughout the years, the Bank

the Stop Six area of Fort Worth. Through his efforts, we are

has always adhered to the philos-

helping to redevelop this low-income area. And because of

The Federal Reserve’s fast and robust interest rate increases

First Financial Trust & Asset Management again delivered

certainly made 2022 a challenging year for our net interest

solid results, which were fueled by a one-billion-dollar

margin, which on a tax-equivalent basis decreased to

growth in the book value of trust assets and higher oil and

3.29 percent from 3.40 percent for 2021. (The net interest

gas fee income. Total trust assets under management at

margin is a key profitability metric that expresses net interest

year-end reached a book value of $6.9 billion, a 17.8 percent

income on a tax-equivalent basis as a percentage of average

increase from $5.9 billion at the end of 2021.

ophy that we are only as successful

his demonstrated leadership and commitment to improving

interest-earning assets.)

The market value of the trust assets totaled $8.8 billion, up

as the communities we serve. To

his community, Marcus has been selected to receive the

become a better bank, we strive to

Walter Johnson Award, which is the highest award the Bank

improve the quality of life in each

gives to an employee (see page 10).

of the communities in our foot-

print. Besides providing the latest

in financial services, we serve on

local nonprofit and church boards,

volunteer our time and help to raise

money. The work our team does

RECOGNITION

In February 2023, Forbes magazine named First Finan-

cial Bankshares, Inc. the number two bank in the country

out of the 100 largest publicly traded U.S. banks and

every day amazes me. We spotlight

thrifts (https://www.forbes.com/lists/americas-best-

their efforts with our annual Day of Service,

banks/?sh=63638fd8c0de). Forbes’s ranking is based on

which last year took place on October 10th, the

nine metrics measuring the banks’ growth, credit quality

Columbus Day holiday. On that occasion, we had 1,056

and profitability. But this is only the latest recognition we

employees serve 80 agencies and organizations across

have received. The Bank, our Regions and our people

Texas. We design our banking products and services to

earned many other awards through the year (see pages

serve all neighborhoods, from the lowest- to the highest-

2 and 3).

income. Please see the comments from customers that

we’ve included in this year’s annual report, many of whom

we helped to start their businesses and worked with as they

FINANCIAL RESULTS

became successful entrepreneurs (see pages 11 and 18). I

Last year marked our 36th consecutive year of increased

am especially proud of our ongoing contributions in the low-

earnings. Net income for 2022 grew 3.04 percent to $234.5

income neighborhoods where we teach classes in financial

million from $227.6 million in 2021. We were very pleased

literacy, home buying and fraud prevention. We also offer

with this increase since we had four distinct hurdles totaling

classes in how to utilize our products and services, such as

$63.3 million to get over during 2022.

our very competitive free checking, savings, affordable home

loan, and ITIN (Individual Taxpayer Identification Number)

programs. Education and home ownership are two of the

best ways to start someone on the path to better financial

stability, and we want to be involved in that journey.

The first was a $24.9 million decrease in PPP (Paycheck

Protection Program) loan origination fees. The second was

an $18.6 million increase in the provision for credit losses.

Third was a $14.2 million decrease in mortgage revenue,

and the fourth was a $5.6 million decrease in debit card

Within our company, we hire applicants from low-income

revenue because of the Durbin Amendment. (The Amend-

families, train them for specific jobs and nurture them as they

ment, passed by Congress in 2010 as part of the Dodd-

take steps toward new careers with higher income. These

Frank financial reform legislation, requires the Federal

actions are all part of our mission of making a difference
in people’s lives. One difference maker in our company is

Reserve to limit the fees charged to retailers for processing
debit cards; however, our company only became subject

Marcus Morris, President of the Fort Worth region. Marcus

to it on July 1, 2022. ) Despite these hurdles, we were still

has done very impressive work in building relationships with

developers, builders, realtors and nonprofit organizations in

able to increase net income for the year. Diluted earnings
per share for 2022 rose to $1.64 from $1.59 in 2021.

The provision for credit losses, including provisions for

from $8.7 billion at year-end 2021. Total trust fee income for

unfunded commitments, was $17.5 million for 2022, which

2022 grew as well—to $40.0 million from $36.1 million—a

was up from a reversal of $1.1 million in 2021. This large

10.7 percent gain. The trust company’s net after-tax earnings

increase was due primarily to a $1 billion increase in our loan

increased 17.7 percent to $20.9 million from $17.7 million.

portfolio. Nonperforming assets as a percentage of loans

and foreclosed assets totaled 0.38 percent at December 31,

REAL ESTATE ACTIVITIES

2022, compared with 0.63 percent at December 31, 2021.

Classified loans totaled $150.7 million at year-end 2022

compared with $161.2 million a year earlier.

Noninterest income declined 7.4 percent to $131.7 million

from $142.2 million in 2021. The decrease was due primarily

to declines of $14.2 million in real estate mortgage fees and

of $5.6 million in debit card income, offset by an increase

of $3.9 million in trust income and of $3.4 million in service

charges. Noninterest expenses declined 2.9 percent to

$234.8 million from $241.7 million. This decrease was due

primarily to a reduction of $4.9 million in salaries and incen-

tives for our mortgage lenders, and a reduction of $5.9 million

in profit sharing expense.

We again outperformed our peer group of banks on several

key financial metrics. Our return on average assets was 1.76

percent compared to 1.10 percent for our peers. Return on

average equity was 16.72 percent versus our peers’ 11.02

percent. Our efficiency ratio, which expresses expenses as

a proportion of tax-equivalent revenues, improved last year

by declining to 43.30 percent; our peers’ average came in

at a much higher 57.55 percent .

Expansion of our balance sheet last year was totally from

organic growth, as we did not make an acquisition. Total

loans at year-end 2022 increased 18.9 percent to $6.5 billion

from $5.4 billion at the end of 2021. Total deposits grew 4.2

percent to $11.0 billion from $10.6 in 2021. Consolidated
assets at year-end 2022 declined $128.4 million (or 1.0

percent) because of $677.5 million (pretax) of unrealized

losses on investment securities reflected in the shareholders’

equity section of our balance sheet.

In October 2022, First Financial Bank’s Bryan/College

Station Region purchased a 1.69-acre site adjacent to its

existing branch at 1622 North Earl Rudder Freeway in

Bryan. In April 2023, we plan to start construction on a

3,300-square-foot bank building with three motor bank lanes

and an ATM lane to replace the leased space that we have

in the convenience store next door. This location happens

to be our busiest in the entire city, and the new location will

certainly serve our customers more efficiently with a larger,

state-of-the-art facility.

In November 2022, First Financial Bank’s Southeast Texas

Region opened its new location in Lumberton, which is a

3,300-square-foot facility with three motor banking lanes

and an ATM banking lane. Lumberton has an excellent

school district and is a fast-growing city, 10 miles from

Beaumont. We are excited to open the new branch and

become part of the city’s growth.

In March 2023, we opened our new location in Huntsville

to replace the two buildings we had across the street. This

state-of-the-art, highly energy -efficient, 8,850-square-foot

building is home to our Huntsville employees and will better

serve our customers with the latest in technology. There is

also a deposit-taking ATM and five drive-through lanes with

one wider lane designed for large trucks.

Also in March 2023, First Financial Bank’s Bryan/College

Station Region opened its new location at 2445 Harvey
Mitchell Parkway South, on the northwest corner of Harvey

Mitchell Parkway and Earl Rudder Freeway. This new state-

of-the-art branch is a 16,000-square-foot, highly energy-
efficient building that features a large lobby, offices for the

A Letter To Our Shareholders | Annual Report 2022 | 4

A Letter To Our Shareholders | Annual Report 2022 | 5

lending, mortgage and trust officers, and five drive-through

the promotion of J. Kyle McVey to Executive Vice President,

In October 2022, First Financial Trust & Asset Management

lanes with a wider lane designed for large trucks. This

Chief Accounting Officer. Kyle joined First Financial Bank-

Company, N.A., announced the election of Susie Stalcup

new building is one of the best locations in Bryan/College

shares in 2011 following two years with KPMG US LLP in

Station and gives our customers easier access to our

Jacksonville, Florida. His new responsibilities include finan-

people and services.

All our new and existing facilities have the latest in LED

fixtures and upgraded mechanical systems, which have

reduced our electrical costs per square foot and improved

our compliance with stricter environmental standards. We

are pleased with the cost savings our energy efficiency

program is bringing to the Company and the reduction of

our carbon footprint.

cial reporting, acquisition 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 bach-

elor’s degrees in accounting and finance and a master’s

in accounting from Abilene Christian University. He is a

licensed CPA and a graduate of SMU’s Southwestern

Graduate School of Banking, where he was valedictorian

REGIONAL BOARD AND MANAGEMENT CHANGES

of his class.

In February 2022, Shelby Bruhn was elected as Presi-

dent and CEO of our Southlake Region, succeeding Mark

Jones. Shelby previously served in senior-level positions

for several Tarrant County banks. 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.

In April 2022, Jamie Esch was elected as Chairman and

CEO of our Hereford Region. Previously, Jamie served as

Senior Vice President of Private Banking and Commer-

cial Lending at Happy State Bank and Trust Company in

Amarillo, Texas. A native of the Panhandle, Jamie received

a degree in business administration in 1998 from West

Texas A&M University, before beginning a 12-year engage-

ment with Bank of America in Dallas, Amarillo and Spring-

field, Missouri.

Also in April 2022, First Financial Bankshares, Inc.

announced the appointment of Rett Everett as Executive

Vice President of Credit Administration, with oversight

of the Regions around Fort Worth. He previously was

employed at The National Bank of Texas in Fort Worth and

Capital One Bank in Fort Worth and Dallas. He is a native

of Stephenville, Texas, and received a bachelor’s degree

in business administration in finance from Tarleton State

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 Financial

Bank since we financed her law practice in 1998, and

she has served as our employment attorney for 25 years.

She leads the labor and employment section for Decker

Jones, P.C., a full-service law firm based in Fort Worth, and

serves as the chief development officer for the firm. She

is an honors graduate of Princeton University and earned

her law degree from the University of Texas School of Law.

She is very involved in the Hispanic community, having

served on the boards of directors for numerous nonprofits.

Also in January 2022, the Board of Directors of First Finan-

cial Bankshares, Inc. announced the promotion of Luke

Longhofer to Executive Vice President, Chief Lending

Officer, upon Gary Gragg’s retirement after 30 years. As

Chief Credit Officer, Luke had worked in tandem with Gary

for the past 11 years. Luke played an integral role in the

credit oversight of bank acquisitions, oversaw the execu-

tion of the PPP and the Main Street Lending program 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 Corpo-

ration for more than seven years. He holds a bachelor of

finance degree from West Texas A&M University and was

valedictorian of SMU’s Southwestern Graduate School of

Banking’s 2011 class.

In addition, at its January 2022 meeting, the Board of

Directors of First Financial Bankshares, Inc. announced

A Letter To Our Shareholders | Annual Report 2022 | 6

to its Board of Directors. Since 1991, Susie has focused

her career on higher education philanthropy, most recently

serving as Vice Chancellor for Development and Alumni

Relations at Vanderbilt University for 11 years, before retiring

in 2020. Previously, she was Vice President of Development

at Columbia University Medical Center for eight years, after

holding the same position at Baylor College of Medicine in

Houston the previous seven years. Susie’s appointment to

the trust company’s Board marks a return to First Financial

Bank, where she worked as Senior Vice President from 1983

to 1991. She received a bachelor of business administration

degree from the University of Oklahoma and is a Certified

Financial Planner.

In January 2023, First Financial Bank’s Board of Direc-

tors elected Mike Parker as Executive Vice President and

Chief Compliance Officer. Mike brings more than 15 years

of compliance experience to First Financial, including his

most recent post as a director of compliance governance

with USAA Federal Savings Bank. Mike has also held posi-

tions with Capital One and Ocwen Financial Corporation in

compliance and audit director roles. He began his banking

career in 2005 as an examiner with the Federal Reserve

Bank of Richmond, where he specialized in compliance. He

is a native of western New York and earned a bachelor of

science degree in economics from Virginia Commonwealth

University; he also holds a Certified Regulatory Compliance

Manager designation.

Also in January 2023, First Financial Bankshares, Inc.

announced the election of Michelle S. Hickox as Execu-

tive Vice President and Chief Financial Officer to replace

James R. Gordon. Michelle recently served as Chief Finan-

cial Officer of Independent Bank Group, Inc. (IBTX) and its

subsidiary, Independent Bank, an $18 billion publicly traded

bank holding company based in McKinney, Texas. At IBTX,

she led the company through its initial public offering in 2013

and played a key role in 10 acquisitions during her tenure.

University and a master’s degree in business administration

Prior to joining IBTX, Michelle was an audit partner at RSM

in general business from Texas Tech University. He holds

US LLP in Dallas, serving financial institutions throughout

a Credit Risk Certification from the Risk Management

Texas. She is a certified public accountant and a graduate

Association and a Graduate Certificate in Leadership from

of Texas A&M University, where she currently serves as a

Texas Tech’s Institute for Leadership Research.

trustee of the 12th Man Foundation.

Vianei Lopez Braun
First Financial Bankshares

Luke Longhofer, EVP
Chief Lending Officer

Kyle McVey, CPA, EVP
Chief Accounting Officer

Shelby Bruhn, Southlake
Chairman, President and CEO

Jamie Esch, Hereford
Chairman, President and CEO

Rett Everett, EVP
Credit Administration

Susie S. Stalcup
First Financial Trust

Mike Parker, EVP
Chief Compliance Officer

Michelle S. Hickox, EVP
Chief Financial Officer

A Letter To Our Shareholders | Annual Report 2022 | 7

FFIN BOARD OF DIRECTORS CHANGES

and a master of business administration degree from

Shining Stars. This program annually recognizes the dedi-

LOOKING AHEAD

Harvard Business School. He has successfully owned

cated and professional First Financial bankers who have

At the January 2022 Board of Directors meeting, Eli

and managed several businesses, including Automated

demonstrated consistent excellence in living our Customer

Jones, Ph.D., was appointed to the Company’s Board

Farm Systems, Alderman-Cave Feeds, Abilene Cattle

Service First philosophy.

of Directors. Eli also was appointed to the First Financial

Feeders, Cape & Son, Bluebonnet Feeds, and Innovation

Bank Board of Directors; in addition, he currently serves

Event Management. In 2018, he received the Texas A&M

on the Board of First Financial Bank’s Bryan/College

University Outstanding Agribusiness Entrepreneur Award,

Station Region. Eli is a nationally known academic,

and in 2019 was awarded the Outstanding Alumnus

speaker and author, and has worked with major publicly

Award by the College of Agriculture and Life Sciences

traded companies. He is Professor of Marketing and

of Texas A&M.

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 minori-

ties. Of the 20 professional bankers achieving this award

in 2022, 18 were women and eight 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.

Dr. Eli Jones
First Financial Bankshares

Murray Edwards
First Financial Bankshares

28% | 72%

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 Business

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 E. J. Ourso College of Busi-

ness 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 is currently on

DIVERSITY AND INCLUSION

the boards of Invesco Funds, Insperity and the American

Marketing Association (AMA). From 2012 to 2015, he

served on the 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 person of

Eli’s caliber, experience and education on our Board.

In April 2022, the Board of Directors of First Financial

Bankshares, Inc., announced the appointment of Murray

H. Edwards as Lead Independent Director following the

retirement of Tucker S. Bridwell. Murray has served as a

director of the Company since 2006. He serves as Chair

of the Nominating/Corporate Governance Committee

and as a member of the Risk and Executive Committees.

He is also a director of the Bank, serving as Chairman

of the Directors’ Loan Committee, and as an advisory

director of the Bank’s Abilene and Fort Worth Regions.

In addition, he is the Principal of The Edwards Group, a

privately owned investment company. Murray received

an undergraduate degree from Texas A&M University

First Financial Bankshares, Inc. embraces and promotes a
culture of diversity and inclusion. We seek to attract, recruit
and retain employees who bring to our company diverse
backgrounds, orientations, beliefs, cultures and interests.
We believe that having a diverse team strengthens our
company by bringing together people with different ideas,
skills and experiences, and by enabling all our customers,
regardless of their race and other characteristics, to feel at
home when they visit one of our locations. We are pleased
that through our diversity programs, we have been able
to add our first female executive team member as well
as elect our first African American director to the First
Financial Bankshares Board. We also continue to refresh
and diversify our regional and subsidiary boards, which
have 32 women and minorities as members. These boards
are made up of the movers and shakers of each of the
communities we serve. We appreciate the participation of
the fine men and women who serve on our boards; their
expertise, experiences and guidance help us to better
serve our communities.

We highlight the importance of diversity and inclusion
to our company on page 19, where we present our 2022

Having achieved the largest growth in the Company’s history

over the past three years—and with it, vigorous momentum—

we are now focusing on maintaining the trajectory and

velocity of that momentum to overcome the fast, robust

increases in interest rates that we have been seeing and

the slowing of the national economy. Luckily, the Texas

economy continues to be strong, and there is a lack of

housing in most of our markets across the state. With our

assets having surpassed the $10 billion mark back in 2020,

I am eager to see what our dedicated people will achieve

as we move through 2023. I could not be more pleased with

the people who have taken on new positions across our

company over the past three years and who have accepted

more responsibilities to support our growth.

Our priorities are to achieve organic growth in loans, deposits

and trust accounts; improve our noninterest income; and

control our expenses. With the economy slowing and with

banks trying to adjust to rapid rises in interest rates and

losses in their bond portfolios (which will take time to roll

off), we do not see many banks choosing to sell at this time.

That is why organic growth continues to be so important.

And there are always benefits to be had from improving

our operations and becoming more efficient. We are in the

process of implementing new systems for accounts, lending

and trust services. Each of these will bring us state-of-the-

art technology and will enhance our efficiency.

Our accomplishments and strong performance over these

past three years, especially our ability to get over the $63.3

million hurdle we faced in 2022, have been amazing. These

things do not just happen on their own but rather come from

the dedication and hard work of the very professional team

of Board members, officers and employees with whom I

have the honor of working. They continue to go well beyond

the call of duty in providing our customers and communi-

ties 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!

EMPLOYEE
DIVERSITY
FEMALE 72%
MALE 28%

MINORITIES
(RACIAL, VETERANS AND DISABLED)
42.50% MINORITY

EMPLOYEES
1,501

F. Scott Dueser
Chairman, President and CEO

A Letter To Our Shareholders | Annual Report 2022 | 8

A Letter To Our Shareholders | Annual Report 2022 | 9

2022 WALTER JOHNSON AWARD

COMMUNITY BANKING

providing support for those seeking the American Dream of
home ownership. To better serve our diverse community,
we are fortunate to have a great Spanish-speaking team,
which includes Craig Zemarkowitz, Nancy Delgado, San-
dra Martinez, Trino Cisneros, and Juan Ojeda Guillen, who
combined made 39 ITIN and Affordable Home Loans last
year in those markets, with many more in the pipeline. We
value their ability to build relationships in these markets,
which mirrors the philosophy across all of our footprints
to be the Company for every neighborhood. Additionally,
the Fort Worth Region hosted Women Unplugged 2022,
an event to unite women in the community for discussions
around topics affecting them, including mental health and
self-care. They also welcomed Opal Lee, a Fort Worth
resident and Nobel Prize nominee, for her successful ef-
forts to make Juneteenth a federal holiday. The event was
a huge success, and we look forward to expanding into
other regions in the future.

We are very proud of Marcus and what he has accomplished
as a great leader in our company, and we look forward to
watching his continued success. When we think of Walter
Johnson and COMMUNITY, we think of Marcus Morris.

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 cus-
tomers, shareholders, and
employees, just as Walter
Johnson did. The Award
has been given only ten
times in the last 17 years
and is presented for the eleventh time to Marcus Morris,
President, and Chief Executive Officer of our Fort Worth
Region. In 2010, he started his career at First Financial as
a Credit Analyst in Abilene and rose through our ranks to
become a very successful commercial lender in Keller.
When we needed a president for our Fort Worth Region in
2019, we promoted Marcus to the position. Marcus had
his work cut out for him since we had a false start with the
Fort Worth Region. The Region was not fully staffed, we
could not offer our total array of products, and Marcus
inherited numerous large problem loans. It did not take
him long to hire a very qualified staff and offer a full array of
products and services, as we do in the rest of our markets.
Since that time, he has grown loans from $136 million to
$398 million and deposits from $77 million to $155 million.
When he took over the Region, the net income was in the
red, but this past year the Region made over $5 million,
moving Fort Worth from the lowest-performing region, on
the Murphy Report, to the number-one Region, because
of the region’s consistent improvements and growth in the
19 Murphy Report categories. Marcus and his team have
been leaders in bringing new business to our company,
which includes some of Fort Worth’s top businessmen and
women, and he continues to build the Company with solid
bankable business.

We are most impressed with the relationships that he has
built with the developers, builders, and realtors in low-
income, high-minority areas. Marcus has worked relent-
lessly with his team to engage these groups through phone
calls, in-person visits, and realtor events and seminars,
among others, to reinforce the Company’s commitment to

Multifamily housing has always been a key part of
their construction careers. “We believe people who
work hard, people of all backgrounds, deserve ac-
cess to a high quality of living,” Michael said. “Our
approach to multifamily communities is the same
with each project, regardless of where we build
them. The blue-collar worker who works hard every
day providing for his or her family should have ac-
cess to the same standard of living as those who
reside in our buildings in more affluent areas.”

“Every project we construct on the commercial side,
there’s an opportunity to have small businesses par-
ticipate in those projects,” Tony added. “It’s impor-
tant to ensure owners of all sizes of business have
the opportunity to be successful in an environment
conducive to meeting their goals.”

Michael and Tony make it a point to recognize First
Financial and its role in their business. “Our first deal
was eight units, now we’re building 300 units,” Tony
said. “We wouldn’t be here without First Financial
Bank. They deliver with a personal touch and un-
matched accessibility.”

“We’ve really enjoyed working with First Financial and
all the people associated with it,” added Michael,
who also sits on the Kingwood Region’s board and
the First Financial Bank loan committee. “The ac-
cessibility, relationship with Shelley for more than 20
years and the bank’s commitment to our business,
it’s really based on those reasons we’ve stayed with
the bank all this time.”

The Gonzalez Group
Michael Gonzalez, Co-Founder, President, First Financial
Bank Kingwood Board, Kingwood Loan Committee
Tony Gonzalez, Co-Founder, Vice President

The first sentence on the front page of The Gonzalez
Group website reads, “Building to last.” While it
refers to the countless projects the company has
constructed over the last 24 years, after listening to
brothers Michael and Tony Gonzalez, it could also
represent lasting relationships that helped them
grow their business.

“We’ve known Shelley Dacus (Kingwood Region
President) for more than 20 years,” Tony said. “We
have a longstanding relationship and have watched
her grow through different levels of banking, which
has been very impressive, and we’ve been able to
share that ride with her and our business.”

The Gonzalez Group was formed in 1999, estab-
lished by the brothers, a third generation of the
Gonzalez family whose careers were rooted in con-
struction. Their successes stem from a strong work
ethic and role models in their father and grandfather.
Younger brother Damon was also integral to the
company’s founding. The business was built around
five key values – safety, quality, accessibility, tech-
nology, and professionalism.

The company’s projects are varied in scope and
area, including work at Houston Hobby and Bush
Intercontinental airports, city and county projects,
professional business buildings, recreation and mul-
tifamily housing.

2022 Walter Johnson Award | Annual Report 2022 | 10

Community Banking | Annual Report 2022 | 11

Prodigy Learning Center
Ingrid and CJ Woods, Owners

Texas Connect Realty
Josue Cardenas, Partner, Jose Cruz, Partner
Jose Juarez, Partner

“We welcome and accept families from all socioeconomic
backgrounds,” Ingrid said. “We utilize funding from the
state that allows children from CPS to attend, which you
don’t get in a lot of daycares, because you can lose funding.

“The other big thing is we feel like we’re providing a diverse
childcare center, not only from the staff, but with the children.
That’s important to us.”

Every day, the decision to open a daycare is validated by
the responses she hears from the families.

“We enjoy the little things like someone saying ‘thank you for
providing us with a great place for my child to attend,’” Ingrid
said. “The comments and geneorsity from the different
families is gratifying and reaffirming.”

She also is proud of the employment opportunities the
business has created for staff.

“We are fortunate to have a great staff of 65 full-time teachers
and 12 full-time supervisors and directors,” Ingrid said.
“We’re definitely providing employment opportunities for
the community and are very proud to do so.”

Around 2016, Ingrid Woods tapped the brakes for a slower
pace of life. She’d spent her career in the fast-paced
world of intercollegiate athletics and decided it was time
to explore something else…a different purpose, maybe.

Her decision to begin working for the Centers for Children
and Families, a division of the Texas Department of Family
and Protective Services in College Station, led to an idea.
She and her husband, CJ, had always wanted to own a
small business and her work with families who adopt
sparked the idea of opening the Prodigy Learning Center.

“We knew daycares provided a much-needed service
for the community,” Ingrid said. “We wanted to provide
a service for families in south College Station and fill a
need, while creating an environment welcoming to all
types of families.”

Starting a new business requires resources and Ingrid
knew who to contact. During her time working at Texas
A&M, she’d developed a friendship with A&M supporter,
Nora Thompson, now the First Financial Bryan/College
Station Region President.

“I’d already had some interaction with Nora at the time
from my previous role,” Ingrid said. “I felt like she could
at least guide my husband and me in the right direction.
We pitched our business idea and she took it from there
and helped get it started from the ground up. Nora and
Melanie Motley were pretty much the ones cheering us
on in the background, presenting us to the Board and
selling our concept. We are just grateful that we were
able to move forward with it. And, they are still there to
answer any questions that we have. They are very helpful.”

Ingrid and CJ started with one building, then expanded
to three and, currently, are in the process of locations
number four and five, where Ingrid says they will stop.
Her business approach is one that ensures access for
anyone needing daycare services.

doors for us. When First Financial started the ITIN pro-

gram, we met. We needed a fresh bank to come in and

deliver products to our community. There aren’t a lot of

banks doing these types of loans and providing invalu-

able education to business owners.

“We send our clients there to get financing,” Cardenas

added. “They have helped me purchase rental properties

and land to develop for new homes, all in the inner city.

We are truly grateful for the opportunities they are not only

providing us, but, more importantly, providing our clients.”

Equipped with the support and resources of his new

banking relationships, Cardenas’ approach to community

When listening to Josue Cardenas share his business philos-

ophy, a piece of the old proverb, “Teach a man to fish, and

you feed him for a lifetime,” comes to mind. He and his

partners, Jose Cruz and Jose Juarez, are firmly cemented

advocacy is further strengthened.

“With long-term investing comes a big reward and we’re

teaching our community that’s the way to invest. First Fi-

nancial Bank is helping us create an even bigger impact,

both in business and personally, in our communities.”

in a “community first” philosophy.

“We’re big advocates in the community,” Cardenas said.

“We were each raised in the inner city and we love seeing

our city develop and grow in positive ways. We host a lot

of first-time homebuyer and business seminars to help our

communities ensure they have the information they need to

successful. I would say education of the community is our

primary focus and with that comes business.”

Cardenas has devoted 20 years to the communities he

serves through his business and relishes the immediate and

long-term impacts his company has on the many families

and individuals he’s advised during that time.

“You don’t understand the impact you have until you’ve

been in this business for a while,” Cardenas said. “When

appreciation kicks in after someone bought a house for

$50,000 and now it’s worth $300,000, it’s life-changing for

them. We see it every day. It’s a humbling experience to be

involved in the biggest transactions they will ever make.”

Just as Texas Connect Realty has made indelible impacts on

the families it’s served, the business’ relationship with First

Financial Bank has been transformative for the company,

particularly with the Bank’s Individual Tax Identification

Number (ITIN) program, launched in 2021.

“We’ve been with First Financial for a little over a year,

“Cardenas said. “Meeting Marcus Morris (Fort Worth Re-

gion president) and his team was a big blessing. Marcus,

and Craig Zemarkowitz (Consumer Lender), opened

Community Banking | Annual Report 2022 | 12

Community Banking | Annual Report 2022 | 13

First Financial Bank could help and how the relationship
would be mutually beneficial.

“We have 15-20 loans and a line of credit I can use to renovate
homes,” Gonzales added. “I have a great relationship with
Chris and, when I need something, I let him know.”

Richard added he’s had an overall great experience with
First Financial Bank and “I’m very happy where I am with
First Financial. I’m very confident that moving forward as
my business grows, they will be there.”

In many ways, Gonzales’ relationship with First Financial
is reflected in the care and pride he expresses through his
work in delivering a comfortable environment for his clients.

“I’m very aware of the type of properties often found in low-
income areas, but that’s not me. I take pride in what I do. My
goal is to provide a setting that exceeds the expectations a
client has for their family.”

Yangtze International Incorporated
Louie Lu, Owner

Lovely Home Solutions
Richard Gonzales, Owner

officer who put the package together to finance my Baylor
Medical office building.

“In business, it’s all about relationships, and we’ve built a
good, close relationship with First Financial Bank through
Justin Hooper,” Lu said. “Justin is someone I trust. He’s
very good with the details, very hands on, and takes care
of his customers.”

Some might say Lu has been in the right places at the right
times, but he sees it more as divine intervention.

“I’m a Christian and man of faith,” Lu said. “I believe God has
guided my every step of the way. America is the greatest
country in the world. I’ve been in this country for 38 years
and I remind myself that I should never take my freedom
for granted. Texas is a great state to live and do business.”

One of those steps for which he’s grateful is his becoming
a U.S. citizen in 1998 and marrying his wife, Meifeng, in the
same year.

“I have met many decent and good people who helped me
along in my journey in this land of the free and home of the
brave. I am living the American Dream.”

Even though $40 and a dream doesn’t sound like much, for
Louie Lu in 1985, it was an integral piece of the foundation
upon which his future would rest.

Lu received a scholarship toward a master’s degree in
physics at South Dakota School of Mines and Technology
38 years ago. When he landed on U.S. soil, it was the first
time he’d left his homeland of China.

“We didn’t have a lot in China,” Lu said. “My parents earned
less than $2 per day in government jobs. They were
wonderful parents, hardworking, decent, good people. We
were very close. I never felt poor.”

Shortly after graduation, Lu moved to Fort Worth in search of
opportunity. That’s where an encounter with a local Baptist
pastor changed his life and set in motion the beginnings of a
successful import business, driven by a deep faith in Jesus
Christ for more than 30 years.

“The importing business gives me the opportunity to spread
the good news of the gospel and hopefully be a blessing
to others,” Lu said. “It’s given me a link back to my home in
China and the people I grew up with. In many ways, I was
able to impact them and share hope and good news.”

“Lu’s company, Yangtze International Incorporated, was
founded in 1992 and specializes in importing custom-made
products from China. He also opened a real estate devel-
opment business in 2008, a business that builds medical
office buildings.

His banking relationship with First Financial Bank started 15
years ago. Lu reached out to First Financial when the Bank
opened a location near his home.

“I stopped by and visited when I was looking to begin a
real estate business on the side,” Lu said. “Justin Hooper
(Weatherford Region President today) was branch manager
at the time. He has been my banker for 15 years. He was the

Richard Gonzales believes in community and giving back.
When he began his career in real estate, he leaned on the
familiarity of the neighborhood and areas in which he was
raised as a backdrop for his business.

“Most of my rental properties are in minority and lower-
income areas,” Gonzales said. “I grew up in the Fort Worth
area. When I got into real estate, I wanted to buy rental
properties in those areas, because that’s where I grew up.
I’m very comfortable with the area and demographics.”

His experiences growing up in these neighborhoods has
served as the impetus for his business decisions. “In a way,
I see this as taking care of my community,” Gonzales said.
“I buy properties at good prices and turn them into homes
families can be proud of. Obviously, they need some reno-
vating, and I take great pride in that process.”

His approach to renovating and preparing homes for families
is simple. “My philosophy is my family would have to be
able to live in these properties. I take pride in what I do, the
quality of workmanship, because I understand that a family
will be living there. Sometimes, a single mom; sometimes,
full families. I want them to be proud of where they live.

“I tell my tenants, ‘this is your home. Make it your home. Hang
photos on the wall and decorate the outside. My goal is for
you to be here. My goal is not for you to be in a hurry to go.’
I enjoy bringing that to these neighborhoods.”

During his career, Gonzales worked with various banks
and, while they provided the resources he needed, he never
found one that delivered the attention, interest, and overall
customer service that his business deserved.

“I’ve had different banks over the years, but the process of
getting things done with Chris has been the easiest I’ve ever
experienced,” Gonzales said, referring to Chris Schjetnan,
Lender in Cleburne. “A good friend recommended Chris
about five years ago and we just hit it off. He told me how

Community Banking | Annual Report 2022 | 14

Community Banking | Annual Report 2022 | 15

Vianei Lopez Braun
Labor and Employment Shareholder, Decker Jones, P.C.
First Financial Bankshares Board of Directors
First Financial Bank Fort Worth Region Board Chair

City of Abilene &
Abilene Christian University
Anthony Williams, Mayor/Chief Diversity Officer

Braun was asked to serve on the First Financial Banshares,
Inc. Board of Directors.

“I was very surprised when Tucker Bridwell called inquiring
if I would be willing to serve on the holding company board,
which is a huge honor,” Braun said. “I am truly honored to
serve in this capacity and also as board chair in the Fort
Worth Region.

“I have known First Financial and their customer-first culture
for more than 25 years and I did feel I could give back,” added
Braun, who also has served as First Financial’s employment
attorney since 1997. “As an abundantly satisfied customer,
I know that First Financial has in its DNA not just putting the
customer first, but really investing in the customer’s long-
term success and going above and beyond when necessary.
I’m blessed to have the opportunity to help preserve that
culture as First Financial grows and evolves.”

service, Williams has held different roles at Abilene Christian
University, where he’s been employed over the last 27 years,
including his current position as Chief Diversity Officer, a role
he notes as “probably one of the more challenging roles I’ve
had in my tenure at ACU, but I would say the most rewarding.”

He also is a small business owner, which extended his long-
time relationship with First Financial Bank, when he opened
his business in 2015.

“I am just so thankful for the opportunities the Bank’s support
has provided me as a business owner,” Williams said. “We’ve
enjoyed some success and our partnership created the oppor-
tunity for the business to thrive. Evan Harris has just been
outstanding, not only providing assistance, but expertise.

“The banking industry is very important,” Williams added. “It
provides that gateway to what we call the American Dream
and I’m so appreciative of First Financial and their contribu-
tions in our community, because I’ve seen in my homelife and
others how their partnership provides an opportunity for one’s
aspirational goals to be realized.”

Williams’ current endeavor is the Heritage Project, part of the
Abilene Neighborhood Empowerment Zone, in one of Abilene’s
lower-income areas. The project involves the revitalization of
a former school building that will be remodeled into 29 units
of senior housing. “This project is a game changer. This is the
largest investment in this area and will be a shot in the arm for
this lower-income community. That is why I asked First Financial
to become involved, and they did with a $5.5 million investment.”

Over the last 50 years, in every aspect of Williams’ life, from
tragedy to triumph, mentorship to public office, and receiving
to giving back, community is centric. The City of Abilene, its
citizens and all those he’s directly impacted will be the benefi-
ciaries of his selfless work for generations to come.

“Sometimes in tragedy, we find our life’s purpose.”
– Robert Brault

Anthony Williams was four-years-old when his father was
murdered 50 years ago. Quite an impactful moment in the life
of a young boy. Through the compassion and guidance of a
caring community, Williams found inspiration in those helping
his family move forward.

“There were so many people who provided mentorship for my
mother and family, people who loved and supported us, spiritu-
ally, mentally, financially in all facets of our lives,” Williams said.
“They invested themselves in us.”

These acts of kindness would mold the future of someone who
has dedicated himself to the Abilene community over the last
50 years as a volunteer, business owner and public official.

Williams has spent years volunteering in the Abilene commu-
nity, giving selflessly of his time and resources to countless
nonprofit and municipal boards. The pinnacle, however, of his
community engagement came in 2017, when he was elected
Mayor of Abilene, a role he continues today. One might think
the election of a community’s first black mayor would take
center stage, but Williams reflects otherwise.

“My election had significant historical implications for the City,
but during my very first race for mayor, during the election, my
ethnicity was never a major point of discussion,” said Williams,
who is not seeking re-election this year following two terms in
office. “That’s pretty significant and says a lot about the Abilene
community. We were able to focus on the important issues,
including water, roads, and job creation through business

growth. I’m very proud of my tenure.”In addition to his public

Relationships in business are essential to success. When
Vianei Lopez Braun was ready to open her own law practice
in 1997, she leaned on long-time friend Marelyn Shedd, a
Lender at First Financial Bank at the time and, today, Abilene
Region President.

“I was 28 years old and didn’t know what a bank could or
couldn’t do for someone,” Braun recalled. “Marelyn was so
encouraging and reassuring, and First Financial did more
for me than I ever could have imagined.”

The team at First Financial, under Shedd’s guidance, set
up Braun’s commercial accounts and a line of credit. Office
space also being a need, the Bank built out a suite in First
Financial’s downtown Abilene location, where Braun felt
she “became part of the First Financial family.”

Within the first year, Braun began hiring employees and
needed additional support for a growing business. First
Financial Trust worked with her on a retirement plan and
set up a 401K program. When she held her grand opening,
Braun was surprised at the turnout of bank employees.

“I was finally ready to introduce myself to the community,”
Braun said. “It was amazing how many First Financial people
came to my grand opening, including Scott Dueser, the CEO,
who took time to come up and congratulate me.

“First Financial was truly invested in my long-term success,”
Braun added. “That’s part of the reason I’m so loyal to them,
because they’ve been loyal to me.”

The opportunity to expand on her loyalty came in 2019, when

Community Banking | Annual Report 2022 | 16

Community Banking | Annual Report 2022 | 17

Reservoir Data Systems
Rebekah Shipman, CEO, First Financial Bank Kingwood Board
Kingwood Loan Committee

THE 2022 SHINING STARS

The result of that whim turned into Reservoir Data Systems,
which provides oil and gas companies with data to make
better business decisions.

“For folks not in oil and gas, I liken what we do to a doctors
visit,” Shipman said. “If you went to the doctor and he said
you would need brain surgery tomorrow, you would hope
that doctor ran some tests first. So, that’s what we do for
the Exxons and Chevrons. Before they put a lot of resources
into drilling or completing a well, we provide them data to
help facilitate the most efficient and environmentally friendly
decisions.”

When Shipman shares the path from the Company’s humble
beginnings to where it is today, she’s proud of the fact that her
small business is making a tremendous impact on a massive
industry. She’s also quick to point out that small businesses
can’t compete without a regional banking relationship.

“Small to medium-size businesses are the backbone of the
American economy; I believe that 100 percent,” Shipman said.
“We need local and regional banks in order to survive. That’s
why I’m a firm supporter of banks like First Financial Bank.
First Financial cares about the relationship and understands
the importance of small businesses. We’re not a number. If
I tried going with a large bank, I don’t know that they would
really understand my business. It’s a partnership.

“There are times I’ve called Jeff, and Shelley Dacus (Kingwood
Region President), or other people at the Bank to ask advice.
That’s a true partnership and I know I make better business
decisions because I have access to bankers who work with
many small businesses and are able to provide different
perspectives. That makes my business and the bank stronger.”

The FFIN Shining Star Program recognizes dedicated and professional bankers who demonstrate consistent excellence
in fulfilling our Customer Service First Philosophy. These exceptional bankers perform at the highest level, maintaining
positive attitudes and a proactive approach to accomplishing our mission. The First Financial Shining Stars represent our
company well, honoring our long-standing reputation by acting with unmatched professionalism, a relentless work ethic
and an ongoing desire to build, improve, and refine relationships with both customers and fellow employees. We are so
proud of our 2022 Shining Stars.

Brenda Trinidad
Abilene Region

Vivian Vinson
Bankshares

Melanie Motley
Bryan/College Station Region

Jaime R. Rodriguez
Cleburne Region

Lauren Schulze
Conroe Region

Meagan Mathis
Eastland Region

Traci Messner
Fort Worth Region

Juanita Villalobos
Hereford Region

Becky Porter
Kingwood Region

Arlette Saucedo
Southeast Texas Region

Savanna Newby
Stephenville Region

Stella Clark
Sweetwater Region

Angela Batton
Weatherford Region

Tricia Patlan
Mortgage Division

Shavelle Jordan
Shared Services

Hannah Rimer
Shared Services

Thekla Clemons
First Financial Trust

Steven Brown
First Technology Services

“Success starts in the proverbial garage” is a line often used
to describe successful businesses with meager resources
and beginnings on the ground floor. For Rebekah Shipman,
that was her reality.

“Our company literally started in our garage,” said Shipman,
who, along with her father, founded Reservoir Data Systems
(RDS) in 2004. “Our kitchen table was our conference table.
People continually came in and out of the house. So, we finally
bought some office space, which is how our relationship with
the First Financial Bank location in El Campo started.”

Through some duck hunting friends of Shipman’s brother, Jeff
Fuechec (current Branch President in El Campo) was recom-
mended as someone whom they should contact to move the
business forward. With an initial line of credit in hand, they
purchased a foreclosed home “out in the middle of nowhere
in Needville” and turned it into their first office.

“Jeff came out and gave us our first line of credit and gave us a
shot; he believed in what we were doing,” Shipman said. “We
wouldn’t have been in business without him. And, he stuck
with us through a very difficult time early on.

“When Hurricane Katrina hit in 2005, one of our biggest clients
had their New Orleans headquarters shut down for a month.
They were unable to operate and pay during that time, which
tremendously impacted our business. But Jeff understood
our situation and helped us through it. Again, we wouldn’t be
here today without him.”

Shipman describes herself and her father as “accidental
entrepreneurs” starting a business together more as a way
to “make ends meet.”

“My father had an idea of ‘hey, let’s try this,’” Shipman recalled.
“We had about $10,000 worth of capital. I was a sophomore
petroleum engineering student at Texas A&M at the time. For
whatever reason, we made it work. I continued working while
finishing my degree.”

Community Banking | Annual Report 2022 | 18

2022 Shining Stars | Annual Report 2022 | 19

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

Newton ......... 409.379.2200

Acton .............. 817.573.6900

El Campo ...... 979.543.6441

Odessa ........ 432.367.8900

*Addison ............ 972.385.8239

Fort Worth ..... 817.410.4979

Orange ........... 409.883.3563

Albany .............. 325.627.7905

Franklin ......... 979.571.8900

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

Lumberton ...... 409.751.7122

Sweetwater ... 325.235.6600

Cisco .............. 254.629.6111

Magnolia ....... 936.273.4700

Tomball .......... 281.516.7835

Cleburne ........ 817.774.5100

Mauriceville ... 409.745.4433

Trent .............. 325.862.6121

Clyde .............. 325.627.7910

Merkel ........... 325.235.6660

Trophy Club .... 817.329.8615

College Station... 979.260.2100

Midlothian ..... 972.723.7100

Vidor ............... 409.769.5413

Conroe ............ 936.760.1888

Mineral Wells .. 940.327.5400

Waxahachie ... 972.723.7150

Cut and Shoot .... 936.788.2121

Montgomery .. 936.597.5997

Weatherford ... 817.598.2600

Decatur .......... 940.683.8780

Moran ............ 325.627.7953

Willis ............. 936.890.3500

*Mortgage Loan Office

New Waverly .. 936.295.2224

Willow Park ... 817.598.2780

FIRST FINANCIAL TR UST LOCATIONS

Abilene
400 Pine Street, Suite 300
325.627.7100

Beaumont
3515 Dowlen Road
409.600.6460

Bryan/College Station
2445 Harvey Mitchell Pkwy. S.
979.260.2134

Fort Worth
1000 Forest Park Blvd., Suite 200
682.703.6404

Kingwood
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 2022 | 20

First Financial Bank Locations | Annual Report 2022 | 21

FINANCIAL HIGHLIGHTS

SELECTED FINANCIAL DATA

IN THOUSANDS (except for share data)

FOR THE YEAR

Net Income

2022

2021

% INCREASE

AT YEAR-END

2022

2021

% INCREASE

$234,475

$227,562

3.04%

Assets

$12,974,066

$13,102,461

(0.98%)

Diluted Earnings (PER SHARE)

$1.64

$1.59

3.15%

Securities

$5,474,359

$6,573,179

(16.72%)

Dividends Declared

$94,205

$82,615

14.03%

Dividends (PER SHARE)

$0.66

$0.58

13.79%

KEY RATIOS

Return On Avg. Assets

Return On Avg. Equity

Year-End Equity/Assets

Efficiency

1.76%

16.72%

9.76%

43.30%

1.89%

13.31%

13.43%

45.84%

Loans, HFI

Deposits

$6,441,868

$5,388,972

19.54%

$11,005,507

$10,566,488

4.15%

Shareholders’ Equity

$1,265,737

$1,759,224

(28.05%)

Book Value Per Share

$8.87

$12.34

(28.12%)

Trust Assets (Book Value)

$6,927,335

$5,880,293

17.81%

Trust Assets (Market Value)

$8,754,948

$8,699,025

0.64%

NET INCOME (in thousands)

AVERAGES - FOR THE YEAR

2018

$150,638

2019

$164,812

2020

$202,034

2021

$227,562

2022

$234,475

Assets

Securities

Loans

Deposits

$13,286,671

$12,042,255

10.33%

$6,318,806

$5,402,144

$5,923,594

$5,341,332

16.97%

10.90%

$11,019,523

$9,673,934

13.91%

Shareholders’ Equity

$1,402,104

$1,709,432

(17.98%)

RETURN ON AVERAGE EQUITY

EFFICIENCY RATIO

2018

15.37%

2019

14.37%

2020

12.93%

2021

13.31%

2022

16.72%

2018

49.72%

2019

48.61%

2020

45.49%

2021

45.84%

2022

43.30%

YEAR-END

TOTAL ASSETS

SHAREHOLDERS’
EQUITY

NET INCOME

DILUTED
EARNINGS
(PER SHARE)

CASH
DIVIDENDS
(PER SHARE)

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

$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

$12,974,066

$1,265,737

$234,475

$1.64

$0.26

$0.28

$0.31

$0.35

$0.38

$0.41

$0.47

$0.51

$0.58

$0.66

Ten-Year
Compound
Growth Rate

9.53%

7.97%

11.51%

10.22%

9.76%

Adjusted for stock dividends and splits

STOCK
DIVIDENDS
AND SPLITS

–

2/1 split

–

2/1 split

–

YEAR-END
BOOK VALUE
(PER SHARE)

YEAR-END
MARKET VALUE
(PER SHARE)

$4.59

$5.32

$6.10

$6.34

$6.97

$7.77

$9.03

$16.53

$14.94

$15.09

$22.60

$22.53

$28.85

$35.10

$11.80

$36.17

$12.34

$50.84

$8.87

$34.40

6.81%

7.60%

2022 COMMON STOCK MARKET VALUE AND DIVIDEND DATA

NET INTEREST MARGIN

QUARTER

HIGH

LOW

DIVIDENDS

Fourth

Third

$46.08

$32.53

$34.40

$0.17

$47.26

$38.72

$41.83

$0.17

Second

$45.02

$37.47

$39.27

$0.17

First

$53.62

$44.09

$44.12

$0.15

2018

3.96%

2019

3.98%

2020

3.79%

2021

3.40%

2022

3.29%

2021 COMMON STOCK MARKET VALUE AND DIVIDEND DATA

RETURN ON AVERAGE ASSETS

QUARTER

HIGH

LOW

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

2018

1.98%

2019

2.08%

2020

1.98%

2021

1.89%

2022

1.76%

Financial Highlights | Annual Report 2022 | 22

Financial Highlights | Annual Report 2022 | 23

Ronald D. Butler II
Chairman and CEO

Marelyn Shedd
President
Abilene

When we contemplate what it means to be “community bankers,” it is truly the best

job in the world. In 2022, we were privileged to resume classes for financial education

by partnering with Abilene Housing Authority and Abilene Independent School District
– Head Start Program, where we continue to share the importance of establishing
and maintaining credit to encourage those who are striving to meet a goal of home
ownership. In Odessa, women from our branch participated in a “Women Build” project
with Habitat for Humanity.

The economic outlook in our region continues to remain positive with the soon-to-be
completed Hilton DoubleTree Hotel adjacent to the Abilene Convention Center, and a
$2.4 billion new investment by Lancium, Inc., an energy technology and infrastructure
company that will open its flagship “Clean Campus” in Abilene to take advantage of
both solar and wind renewable energy sources. In Sweetwater, our bank has been
instrumental in working with the city to provide more housing for the community.
Because of his tenacity, our president, Joseph Crouch, who joined us in 2018, has
pushed to make it happen for the first time in decades. We are now financing the second
development. Housing in Sweetwater is vital to accommodate the new expansion
of a 700,000-square-foot new Georgia Pacific wallboard plant, which plans to hire
120 new employees. Finally, the first quarter of 2022 came with unexpected wildfires
that burned more than 54,000 acres in Eastland County. First Financial Eastland
immediately organized teams to assist by cooking for first responders and fire victims
as well as providing a special unsecured loan program with lower-than-market rates
and extended terms to allow farmers to purchase equipment that had been lost, as
well as provide a lifeline to homeowners. Together, we are always stronger!

ABILENE REGION (CONTINUED)

Eastland Senior Officers

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

Candi Kanady
President, Eastland Division

Marelyn Shedd
President, Abilene Region

Jim Farrar
Attorney

Jim Keffer
EBAA Iron Sales, Inc.

Devin Koenig
Owner
Plexus Healthcare

Jim Moylan, Jr.
Partner
MOTEC, Ltd.

Russ Thomason
Attorney

EASTLAND DIVISION

David W. Bailey
CEO
Eastland Division

Candi Kanady
President
Eastland Division

Abilene Senior Officers

Abilene Regional Directors

Sweetwater Senior Officers

SWEETWATER DIVISION

Ronald D. Butler II
Chairman and CEO

Marelyn Shedd
President

Marshall Morris
Executive Vice President
Senior Lender - Abilene

Kyle Seaton
Executive Vice President
Chief Operations Officer

Evan Harris
Executive Vice President
Real Estate Lending

Janet O’Dell
Executive Vice President
Mortgage Lending

Dayton Borger
Senior Vice President

Ryan Parrish
Senior Vice President

Vanessa Faz
Senior Vice President

Fernando Quintana
Senior Vice President

Patty Fuentes
Senior Vice President

Steve Waller
Senior Vice President

Jim Goldston
Senior Vice President

Landon Hammond
Senior Vice President

Brad Magers
Senior Vice President

Corie O’Connor
Senior Vice President

Ronald D. Butler II
Chairman and CEO

Marelyn Shedd
President

Katie Alford
President and CEO
Community Foundation of Abilene

Paul Cannon
Shareholder
President, McMahon,
Surovik, Suttle, P.C.

David L. Copeland
President, Sipco, Inc. and
Shelton Family Foundation

Joe Crawford
President
Abilene Aero, Inc.

Mike Denny
President
Batjer and Associates

Murray Edwards
Principal
The Edwards Group

Geoff Haney
Investments

Brad Holland
President and CEO
Hendrick Health System

Kirk Massey
Investments

Stanley Morris, Jr.
Investments

Leigh Taliaferro, M.D.
Physician

IN THOUSANDS

ASSETS

LOANS

DEPOSITS

NET INCOME

RETURN ON AVG. ASSETS

EFFICIENCY RATIO

Dec. 31, 2021

$4,012,071

$1,322,821

$3,117,158

$60,604

Dec. 31, 2022

$4,135,986

$1,497,188

$3,195,695

$65,025

1.70%

1.58%

41.13%

39.48%

Joseph Crouch
President, Sweetwater Division

Thea Hernandez
Senior Vice President
Senior Consumer Lender

Debbie Anthony
Senior Vice President
Retail Manager

Sweetwater Division Directors

Joseph Crouch
Sweetwater Division President

Marelyn Shedd
President, Abilene Region

Donna J. Boatright
Healthcare and
Quality Consultant

Jeff Branson
General Partner
Williamson-Branson Real Estate

Jay Lawrence
President
MAL Enterprises, Inc.

Larry May
May & Hrbacek CPAs

Thomas L. Rees, Jr.
Rees, Rees, & Fuller
Attorneys

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

Abilene Region | Annual Report 2022 | 24

Eastland and Sweetwater Divisions | Annual Report 2022 | 25

BRYAN/COLLEGE STATION
Bryan | College Station | Franklin

Timothy N. Bryan
Chairman

Nora Thompson
President and CEO

MAIN OFFICE
2445 Harvey Mitchell Parkway S.
College Station, TX 77840 | 979.260.2100

The Brazos Valley area consisting of Bryan/College Station and the surrounding
counties continues to stand out in the State of Texas with low unemployment and
steady growth. Our location in the center of the four largest metropolitan areas in the
U.S. is a key factor in recruiting businesses to our region. Several large companies
have recently announced relocation to the Bryan/College Station area, bringing
with them jobs and substantial infrastructure investment.

Another factor for our regional growth is Texas A&M University and Blinn College.
Texas A&M’s enrollment at the College Station campus grew to over 68,000 students
in 2022, while Blinn College grew to 15,000.

We expect 2023 to be an exceptional year with the relocation of our Briarcrest
Branch to the corner of Earl Rudder Freeway and Harvey Mitchell Parkway. This
location will allow us to better serve our customers with a full-service facility that
is perfectly situated between Bryan and College Station.

We recently closed on the purchase of land to relocate our Hwy 21 branch. This
location serves Bryan and the northeastern rural areas of Brazos County. Our
larger, new location will allow room for a lender, additional drive-thru lanes and
safety deposit box services.

Our commitment to growth continues with the opening of a loan production office
in Robertson County. This is a high-growth area and the addition of a very talented
long-time lender in the area made the decision easy to expand to Franklin.

Great things are happening in Bryan/College Station and First Financial Bank is
proud to be part of the community.

In 2022, we had many opportunities and the Cleburne Region rose to the occasion,
generating positive net income growth and nearly $50 million in loan growth over
the previous year.

The future remains bright in the communities we serve. For example, progress was
made on Chisolm Summit, the first master-planned community of its kind in Burleson,
consisting of 900 acres of residential development along with 28 acres of commercial
office/medical development. This would not have taken place without the Chisolm
Trail tollway that was built over 10 years ago connecting Fort Worth and Cleburne.
Numerous industrial and commercial projects were also completed with cold storage
facilities leading the way. The City of Midlothian tells a similar story with 28 commercial
and development projects approved and an additional 43 proposed. Perhaps the most
telling indication of growth may be found in the Midlothian Independent School District
which has seen a 24.1% increase in enrollment since 2017. Our lenders continue to
expand our offerings within our communities, presenting realtor groups and potential
homebuyers with our ITIN and Affordable Home Mortgage Program options.

Growth will continue to take place in the region and First Financial Bank will be front
and center assisting Johnson and Ellis County communities in their continued growth
and prosperity.

CLEBURNE REGION
Cleburne | Burleson | Alvarado | Midlothian | Waxahachie

Austin Elsner
Chairman, President and CEO

MAIN OFFICE
200 N. Ridgeway Dr.
Cleburne, TX 76033 | 817.202.3156

IN THOUSANDS

ASSETS

LOANS

DEPOSITS

NET INCOME

RETURN ON AVG. ASSETS

Dec. 31, 2021

$1,043,688

$415,634

$801,022

Dec. 31, 2022

$989,421

$483,610

$732,859

$17,407

$15,439

1.77%

1.45%

EFFICIENCY RATIO
43.17%

41.08%

IN THOUSANDS

ASSETS

LOANS

DEPOSITS

NET INCOME

RETURN ON AVG. ASSETS

Dec. 31, 2021

$784,285

$267,465

$708,881

Dec. 31, 2022

$808,458

$317,372

$724,481

$11,078

$11,373

1.74%

1.51%

EFFICIENCY RATIO
49.05%

46.67%

Senior Officers

Timothy N. Bryan
Chairman

Nora Thompson
President and CEO

Jerry E. Fox
Executive Vice President
Chief Operations Officer

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

Bryan/College Station Region | Annual Report 2022 | 26

Austin W. Bryan
Executive Vice President

J. Cal McNeill
Executive Vice President

Cameron Comire
Senior Vice President

Justin Kleiber
Senior Vice President

Melanie N. Motley
Senior Vice President

Robert Olivarez, Jr.
Senior Vice President

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

Bobby Gutierrez
President, Guitierrez Ventures, Inc.

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

Stephen Lee
South Texas Area Banking Executive

Hank McQuaide
Berkshire Hathaway, Caliber Realty

Ivan M. Olson
Retired President - First Financial Bank
Bryan/College Station Region

William L. Rayburn, M.D.
Chief Medical Officer, Baylor Scott &
White Health College Station

Senior Officers

Austin Elsner
Chairman, President and CEO

Russell Phillips
Executive Vice President
Commercial Lending

Chris Schjetnan
Executive Vice President

Jaye Weishuhn
Senior Vice President
Chief Operations Officer

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

Alecia Bland
Senior Vice President

Kim Hamilton
Senior Vice President

John Knight
Senior Vice President

John Saenz
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

George Williams, Jr.
Chicken Express

Cleburne Region | Annual Report 2022 | 27

Chris Baughman
President and CEO

MAIN OFFICE
1800 W. White Oak Terrace
Conroe, TX 77304 | 936.760.1888

The Conroe Region enjoyed continued success in 2022. Montgomery and Walker
Counties remain two of the fastest growing counties in Texas. Our dedicated and
professional bankers’ focus has been on our communities. Through applying our
21 non-negotiables inside the Bank and through local involvement in various civic
and charitable organizations, our entire team helps to enhance life for the citizens
we serve.

The Conroe Region’s financial condition continues to be strong. The Region now
exceeds $1 billion in total assets. Thanks to our reputation in the community, our
market share continues to improve year after year. This is evident in our growth
of over 1,300 net new accounts and over $100 million in deposit growth. We feel
honored that so many of our new customers were referred to us by our many long-
term relationships. We intend to stay committed to our customers and communities
and are excited about 2023. We want to thank former President and CEO Sam
Baker for his years of service to First Financial Bank with his retirement in April of
2022. His continued involvement with our diverse Board of Directors provides us
excellent support and guidance for continued future success.

Businesses like American Furniture Warehouse opening a 443,372-square-foot
store; VGXI, Inc. opening a 240,000-square-foot headquarters and manufacturing
facility and Five Below opening an 858,000-square-foot distribution center will
help continue the growth of Montgomery County. Additionally, new schools and
subdivisions are planned for 2023.

In 1917, cowboy poet Arthur Chapman wrote, “Out where the handclasp’s a little
stronger, Out where the smile dwells a little longer, That’s where the West begins.”
It was over 100 years ago that Amon Carter lobbied the City of Fort Worth to adopt
its moniker, “Where the West Begins.” In 2022, Fort Worth added another moniker,
“Where the Future Begins.” The growth in Fort Worth has led to it becoming the
fifth-largest city in Texas and 13th-largest city in the United States.

While the corporate relocations get the headlines, Fort Worth remains a market
that relies on its local businesses. These small businesses continue to leverage
the growing resources to innovate and grow the local entrepreneurial ecosystem.
This blend of corporate and local business expansion is the perfect environment
for First Financial Bank to shine.

Our bankers spent 2022 forming new relationships across the entire city; we listened
to better understand the needs of our community; and we custom built products
and programs, including the ITIN and Affordable Home Mortgage programs, to
tackle the challenges our communities were facing. I am so proud of our Fort
Worth team and their ability to deliver the quality of service our 21 non-negotiables
require coupled with growth goals we set together.

Stop by Fort Worth for a handshake that’s a little stronger and a smile that lasts
a little longer.

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

DEPOSITS

NET INCOME

RETURN ON AVG. ASSETS

EFFICIENCY RATIO

Dec. 31, 2021

$933,289

$533,594

$784,815

Dec. 31, 2022

$1,053,764

$601,396

$893,098

$16,948

$15,910

1.91%

1.56%

49.29%

45.75%

Dec. 31, 2021

$255,963

$247,161

$134,730

Dec. 31, 2022

$375,577

$398,247

$154,869

$4,185

$5,025

4.20%

3.40%

43.82%

39.25%

Senior Officers

Chris Baughman
President and CEO

Lee Warren
Executive Vice President
Chief Operations Officer

G. Bart Griffith
Executive Vice President
Senior Lender

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
Chief Operations Officer

Matthew Sylvia
Executive Vice President

Hesper Derrick
Senior Vice President

Pamela Terry
Senior Vice President

Craig Zemarkowitz
Senior Vice President

Regional Board of Directors

Chris Baughman
President and CEO

Donnie Buckalew
Buckalew Chevrolet

Shelley Dacus
President and CEO
Kingwood Region

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

Stephen Lee
South Texas Area
Banking Executive

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

Vianei Lopez Braun
Chair of the Board
Chief Development Officer
Decker Jones, P.C.

Marcus Morris
President and CEO

Larry 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

Susan Gruppi
M2G Ventures
Owner

Matt Morris
Area President
HUB Fort Worth/Gus Bates Area Insurance

Mitchell J. Moses
Duane Morris LLP

Conroe Region | Annual Report 2022 | 28

Fort Worth Region | Annual Report 2022 | 29

sHEREFORD REGION

Jamie Esch
Chairman, President and CEO

MAIN OFFICE
212 E. Third St.
Hereford, TX 79045 | 806.363.8200

Looking back on 2022, we are humbled and thankful for our customers,
team members and community for a rewarding year in the Hereford Region.
We experienced growth in return on assets and net income throughout the
year, despite the current drought conditions in our region. Our dedicated
and professional bankers have worked tirelessly to support our agriculture
customers with operating lines and deposit products to serve their needs.
Through the ITIN and Affordable Home Mortgage programs, we were able
to present the dream of homebuying to many families in our community. Our
population is predominantly Hispanic and our bank mirrors the community. We
are proud that we serve our customers as they want to be banked, whether in
English or Spanish, and our corporate customer care center does the same.
Hereford Veterinary Clinic partnered with Texas Tech University School of
Veterinary Medicine to begin building a large animal educational facility in
November. This facility will serve as the major clinical outlet for food-animal
instruction to Texas Tech veterinary students. The educational facility will be
an 18,000-quare-foot facility located in Deaf Smith County.

Our local impact is evident as our community voted us “Best Bank” in Deaf
Smith County! Also in June 2022, longtime banker and Market President, Tim
Laws, retired from First Financial Bank. We are grateful for his many years of
service and look forward to his continued involvement in the Region and the
Hereford community. We are excited to carry this momentum into 2023 by
applying our “Customer Service First” culture within our bank and throughout
the local community and region.

2022 was a tremendous year for the Kingwood Region experiencing double digit
growth across our expansive footprint. The success of the Region is driven by the
diverse communities we serve covering a 130-mile footprint including El Campo,
Fulshear, Palacios and Kingwood. Our loyal customers have continued to refer
their friends and family, which is the lifeline of our business.

Our dedicated bankers have continued to be active in our communities and have
worked to deepen the impact of their community outreach. Isaias Machuca has
hosted numerous realtor events educating our community on the alternative credit
products available for our ITIN customers and Affordable Home Loan Programs.
These products help open previously closed doors to those with limited or no credit
experience. Presentations have been made to the local chambers, rotary clubs
and many civic organizations.

Momentum from 2022 carries us into 2023. The energy sector is doing well, non-
residential construction remains strong, and another 50,000 residents are expected
to move to the Greater Houston area. Population growth lifts the demand for health
care and educational services.

Johnson Development has partnered to build a 1,400-acre community in Montgomery
County. Fort Bend County has a 235-acres master-planned community starting
soon. Construction on a $6 billion eFuels Plant begins in 2023 driving 125 jobs
in Matagorda County. West Wharton County & Mid Coast Health System plan to
build a new hospital in El Campo.

With the growth and expansion in our local communities, the Kingwood Region is
optimistic about the opportunities to serve our customers and communities in 2023.

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, 2021

$210,063

$146,335

$168,351

Dec. 31, 2022

$219,534

$151,794

$174,287

$3,453

$6,397

1.46%

3.07%

43.38%

44.07%

Dec. 31, 2021

$602,143

$471,775

$509,596

Dec. 31, 2022

$621,737

$547,389

$519,550

$12,246

$12,830

2.13%

1.90%

40.40%

38.63%

Senior Officers

Jamie Esch
Chairman, President and CEO

Carley Dyck
Executive Vice President
Chief Operations Officer

Robert de la Cruz
Executive Vice President
Senior Lending Officer

Regional Board of Directors

Jamie Esch
Chairman, President and CEO

Ronald D. Butler II
First Financial Bankshares, Inc.

Michael Carlson
Farmer/Rancher, C Bar 2 Cattle

Steve Lewis, D.V.M.
Consulting Veterinarian
Hereford Veterinary Clinic

Mike Mauldin
F. Scott Dueser Chair in Excellence in
Banking Director, Associate Professor of
Practice, Rawls College of Business
Texas Tech University

Sally Noyce
Human Resources Manager
Panhandle Express, LLC

Jerry Stevens
Owner, Stevens 5-Star
Car and Truck Center

Johnny E. Trotter
President and CEO
Livestock Investors, Ltd.

Senior Officers

Shelley Dacus
President and CEO

Jeff Fuechec
Executive Vice President
Market President, El Campo

Lee Warren
Executive Vice President
Chief Operations Officer

Regional Board of Directors

Shelley Dacus
President and CEO
Kingwood Region

Robert C. Nickles Jr.
Executive Chairman
Alegacy Group, LLC

Chris Baughman
President and CEO
Conroe Region

F. Scott Dueser
First Financial Bankshares, Inc.

James Alexander
Executive Vice President
Senior Lending Officer

Brian Bonner
Executive Vice President
Real Estate Lending

Brandon Zabodyn
Executive Vice President

Michael Gonzalez
Principal
The Gonzalez Group

Kenny Isbell
President
Apache Oil Company

Stephen Lee
South Texas Area Banking Executive

Angela Leviner
President
The Forest Collection, Inc.

Jarrod Beard
Senior Vice President
Commercial Lending

Nancy Powell
Senior Vice President

Anita Rod
Senior Vice President

Adam McAlpine
Owner and President
McAlpine Interests

Blake Poutra
SVP Product Manager
Salesforce

Rebekah Shipman
President & CEO
Reservoir Data Systems

Hereford Region | Annual Report 2022 | 30

Kingwood Region | Annual Report 2022 | 31

SAN ANGELO REGION

Chris Evatt
Chairman, President and CEO

MAIN OFFICE
222 S. Koenigheim
San Angelo, TX 76903 | 325.659.5900

The San Angelo community and First Financial Bank are poised to have significant
growth for the foreseeable future. The announcement of two major interstates
(I-14 and I-27) intersecting in San Angelo will remove the title of the “largest city
without an interstate.”

Shannon Medical, which recently announced their membership to the Mayo
Clinic Care Network, is currently undergoing a $36 million project in downtown
San Angelo that will include new offices, pharmacy, parking garage and a new
51,000-square-foot cancer center.

Goodfellow Air Force Base, responsible for over 24,000 jobs and a $4.7 billion
economic impact, received a $5 billion infrastructure upgrade. Angelo State
University, home to over 10,000 students, began its commercial aviation program
and has already signed an agreement with Southwest Airlines to train pilots to be
job ready upon graduation.

The recently completed 180-acre San Angelo Rail Port has already attracted
several new businesses and will provide huge benefits to our local agricultural
and oil and gas economy.

Finally, several new residential lot developments have come online, which will
increase the amount of affordable housing in the San Angelo Community, and
we stand ready to finance those homes with our VA and FHA, secondary market,
in-house, ITIN and Affordable Home Loan programs.

In 2022, our region reported another outstanding year of earnings highlighted by record
loan production and the opening of our newest branch in Lumberton. As we start
a new year, we couldn’t be more excited about the economic outlook in Southeast
Texas and the opportunities to expand our impact in the communities we now serve.
In addition to the announcements of more than $45 billion in industrial capital projects
over the past two years, in 2022, Chevron announced and broke ground on an $8.5
billion integrated polymers facility in Orange, Texas, creating 500 new full-time jobs
and over 4,000 construction jobs with an expected overall economic impact on the
region of more than $51 billion. When coupled with prospective projects like the $31
billion coastal levy system, known as the Ike Dike, our region is poised for explosive
growth over the next decade and we are thrilled to have the opportunity to provide the
critical financial products and services needed to support the impact of that growth
on our Southeast Texas residents and businesses.

We anticipate this tremendous period of growth will expand workforce diversity and
revitalize many underserved areas within our Southeast Texas communities. Newly
designed affordable mortgage products have already created an impact for many
deserving families and we are excited to continue these into this new year and positively
impact the region’s growing workforce and communities. Without question, higher
inflation and rising interest rates are presenting evolving challenges to our business,
but our vibrant local economy and our incredibly focused and committed staff position
us well to grow and thrive once again in 2023.

Stephen Lee
South Texas Area Banking Executive

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, 2021

$1,026,980

$247,637

$908,349

Dec. 31, 2022

$1,116,134

$326,196

$979,710

$19,186

$16,974

1.85%

1.54%

36.94%

35.97%

IN THOUSANDS

ASSETS

LOANS

DEPOSITS

NET INCOME

RETURN ON AVG. ASSETS

EFFICIENCY RATIO

Dec. 31, 2021

$944,803

$514,824

$817,408

Dec. 31, 2022

$945,940

$633,436

$802,914

$19,427

$19,841

2.14%

2.03%

41.41%

39.52%

Senior Officers

Chris Evatt
Chairman, President and CEO

Cindy Robbins
Executive Vice President
Chief Operations Officer

Lindy Jordan
Executive Vice President
Senior Lending Officer

Wes Masters
Senior Vice President

Luke Uherik
Senior Vice President

Senior Officers

Stephen Lee
South Texas Area Banking Executive

Joe Love
Executive Vice President
Senior Lending Officer

Will Leonard
Executive Vice President
Market President, Jefferson County

Regional Board of Directors

Chris Evatt
Chairman, President and CEO

Liz Albert
Attorney
Beesley & Albert, PLLC

Ana Artecona
Vice President and Chief Financial
Officer
The Housley Group

San Angelo Region | Annual Report 2022 | 32

Ronald D. Butler II
First Financial Bankshares, Inc.

Steve Eustis
Commercial Real Estate

Ronnie Hawkins
President, Angelo State University
CEO, Hawkins Group

David F. Lupton
President
Angelo Glass & Mirror Company, Inc.

Reagon Noble, D.D.S., M.S.
Noble McClintock Orthodontics

Stephen Lee
South Texas Area Banking Executive

Carlos Rodriguez
Attorney
Webb, Stokes and Sparks

Mary Jane Steadman
Attorney, Real Estate Investment
Management

Ronald D. Butler II
First Financial Bankshares, Inc.

Dr. Ray Callas
Managing Partner
Anesthesia Associates, PLLC

Dr. Snehal Doshi
CEO
Millennium Medical Group

Blaine Caillier
Senior Vice President
Market President, Mid County

TJ Lingle
Senior Vice President
Market President, Hardin County

Kim Dickerson
Senior Vice President
Chief Operations Officer

Jim Gilliam
Partner and Chairman,
The HT Group
Owner and CEO, Bates & Co.

Gary Gragg
Retired
First Financial Bankshares, Inc.

Chad Mason
Vice President
Mason Construction

Cindi LaChance
Senior Vice President
Senior Mortgage Loan Officer

Curt Leger
Senior Vice President

Lani White
Senior Vice President
Senior Consumer Lender

Connie Browning
Senior Vice President

Dayna Simmons
CEO/Broker
Dayna Simmons Real Estate

Kevin Williams
President, Cypress Bayou Industrial
Owner, American Industrial Minerals, Inc.

Jim Wimberley
Owner
Law Offices of Jim Wimberley

Southeast Texas Region | Annual Report 2022 | 33

SOUTHLAKE REGION
Southlake | Trophy Club | Keller | Bridgeport | Boyd

Decatur | Grapevine

Shelby Bruhn
Chairman, President and CEO

MAIN OFFICE
151 W. Southlake Blvd.
Southlake, TX 76092 | 817.410.2915

Through all the changes of 2022, two things remain constant - Northeast Tarrant
County and its communities provide stability and growth, and First Financial Bank
is committed to being the partner our communities need to grow and prosper.

The Alliance Corridor continues to be the leader in development and job creation
in our Region. This year will be no different with the inclusion of H-E-B Alliance,
which broke ground in late 2022 and looks to open its doors in 2023. Another
addition is Beauty Manufacturing Solutions Corp, which has announced plans to
expand into Northeast Tarrant County. The company, a high-tech manufacturer
of beauty products that include Naterra, L’Oreal, Johnson & Johnson, Mary Kay,
Unilever, Tree Hut, and other brands, plans to invest approximately $150 million
in the advanced manufacturing facility across construction, inventory, robotics,
processing, and filling technologies. The facility will bring more than 250 highly
skilled jobs to the city by December 31, 2025.

The City of Keller is nearing the completion of Phase I of Center Stage Keller.
Center Stage Keller is a 38-acre mixed-use project, with Phase I comprising
475 loft-style apartments and 24,000 square feet of commercial space, and a
Community Lawn/Music Stage area. Phase II will include 57 Single-Family homes
and an additional 36,000 square feet of commercial space.

We have built meaningful relationships within our communities through Commercial
and Consumer lending, which reflects why we have been selected as the Best
Bank in Tarrant County for nine years in a row. We are utilizing and building
momentum through programs such as SBA, ITIN, and Affordable Home Loans.
Our communities have been and will continue to be our focus in 2023.

A quick visit to the Stephenville Region and one will easily see that growth remains
evident. Total loans and deposits increased sizably in 2022 as our professional
bankers strengthened and expanded customer relationships. Tarleton State
University (TSU) remains the anchor to this regional economic growth and a
strong supplier of the future workforce. The Texas A&M Board of Regents approved
construction of a $110 million Convocation and Event Center in the heart of Tarleton’s
main campus along with a $31 million parking garage that will include retail and
dining space on the lower level. TSU’s contagious growth is providing additional
employment for the area while also offering a valuable educational experience to
a growing student population.

Stephenville continues to attract residents desiring a rural lifestyle or an affinity for
sports. Fair Grounds and a new rodeo arena have been announced by the City and
a new $40 million football/soccer stadium bond has been approved for Stephenville
ISD. Retail offerings have surged following the opening of the $26 million Washington
Commons, the largest retail development project in the City’s history, while Chick-fil-A
initiates the opening of The Stables development by adding 100 jobs. Meanwhile,
Schreiber Foods is completing a near $50 million expansion that includes a cold
storage and distribution center providing 25 additional industry jobs.

Granbury is preparing to capitalize on this regional growth through increasing tourism.
The long awaited $32 million airport expansion, with a goal of completion by the end
of 2023, includes plans for a new terminal, extended runway, and additional hangars.
Just twenty minutes from Granbury, Glen Rose is experiencing residential growth
and is home to much of the employee base of Comanche Peak Nuclear Power Plant.
With locations in Stephenville, Granbury and Glen Rose, we continue our commitment
to offering services and support for our communities.

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, 2021

$983,057

$509,770

$891,491

Dec. 31, 2022

$1,028,601

$588,591

$925,166

$16,228

$17,068

1.91%

1.64%

44.50%

41.06%

Dec. 31, 2021

$897,743

$287,457

$781,816

Dec. 31, 2022

$991,755

$374,959

$868,081

$15,329

$13,671

1.87%

1.43%

45.48%

44.39%

Senior Officers

Shelby Bruhn
Chairman, President and CEO

F. Mills Shallene
Market President, Wise County

J. Sean Shope
Market President, Trophy Club

Carley Dyck
Executive Vice President
Chief Operations Officer

Chris Cregger
Senior Vice President

Isbet Najera
Senior Vice President

Travis Parker
Senior Vice President

Tracie Talkington
Senior Vice President

Senior Officers

Trent Swearengin
Chairman, President and CEO

Blayne Baley
Market President, Glen Rose

Bart Rodgers
Market President, Granbury

Regional Board of Directors

Shelby Bruhn
Chairman, President and CEO

Traci Bernard
President
Texas Health Southlake

Ronald D. Butler II
First Financial Bankshares, Inc.

Southlake Region | Annual Report 2022 | 34

William Ray Cook, Jr., CPA
Cook, McDonald & Company

J. Bruce Hildebrand, CPA
Retired
First Financial Bankshares, Inc.

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.

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
Chief Operations Officer

Trent Tidwell
Executive Vice President

Doug Dobbins
Senior Vice President

Wendell Hollingsworth
Industry and Economic
Development

West Jones
Ranching and Investments

Doug Montgomery
Texstar Kubota, Inc.

Ron Pack
Ranching and Investments

Stephenville Region | Annual Report 2022 | 35

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

We continue to be amazed by the growth that we experienced in 2022 in our area.
Everywhere you turned there were new homes being constructed, new businesses
opening doors and plenty of new faces in the grocery stores or local restaurants.
Our Parker and Palo Pinto County teams have worked hard to ensure that those
moving to this area bank with us and find a sense of community as well as realize
that it is a special place to live and work. Our local schools (both public and private)
are seeing this play out as student populations are growing at a rapid pace. The
evidence of this growth can be seen with the presence of the new Annetta Elementary
school in Aledo and the new Ludwig Family Athletic Complex at Trinity Christian
Academy. Weatherford College also just completed its new Workforce and Emerging
Technologies Building and has broken ground on the new Vickie and Jerry Durant
Residence Hall. Our local businesses have also benefited from the influx of new
people into this area. Whether that is a local construction firm, restaurant or retail
establishment, it is clear that 2022 provided many opportunities for growth and
success. We have also seen this with the addition of new venues that provide the
opportunity to relax and unwind, which is certainly evident if you visit downtown
Mineral Wells and happen upon the newly renovated Crazy Water Hotel.

As we head into 2023, our team is available and stands ready to assist those who
also want to call Parker and Palo Pinto Counties home. Our diverse product mix
including construction loans, mortgage loans (including affordable home mortgages
and ITIN programs) will allow us to partner with many in our community to help them
realize their dream of home ownership. Additionally, our commercial products will
help our friends and neighbors grow and expand their businesses. All of this will
ensure that First Financial Bank will play a part in making sure that Parker and Palo
Pinto Counties continue to grow and thrive.

IN THOUSANDS

ASSETS

LOANS

DEPOSITS

NET INCOME

RETURN ON AVG. ASSETS

EFFICIENCY RATIO

Dec. 31, 2021

$1,283,427

$440,689

$1,102,735

Dec. 31, 2022

$1,351,417

$525,307

$1,158,883

$21,266

$22,234

1.81%

1.65%

43.31%

40.45%

Senior Officers

Justin B. Hooper
Chairman, President and CEO

Carley Dyck
Executive Vice President
Chief Operations Officer

Amber Allen
Executive Vice President

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

Paul Bruns
Senior Vice President

Cody Cloud
Senior Vice President

Tim Corzine
Senior Vice President

Lori Hill
Senior Vice President

Jimmie Sue Lawson
Senior Vice President

J. Bruce Hildebrand
Retired
First Financial Bankshares, Inc.

Mike White, O.D.
Retired
Therapeutic Optometrist

Kevin R. Lackey
CEO
Freedom Power Sports
Therapeutic Optometrist

Stephen E. Milliken
Former President
C.D. Hartnett Company/
McLane Express, Inc.

FIRST FINANCIAL MORTGAGE

Following two years of historic origination activity, we saw a significant reduction in refinance opportunities because of the
rapid increase in mortgage rates. Despite the higher interest rates, there is still a lack of housing in Texas, and with more than
450,000 residents moving to Texas on an annual basis, we will have plenty of opportunities to make more mortgage loans.
Last year, our team of mortgage professionals assisted 1,958 individuals and families with their home financing needs totaling
$624.0 million in total originations. We are proud of the collective efforts of our mortgage lenders and their dedication to helping
customers meet their home ownership goals in 2022.

First Financial Mortgage meets all real estate financing needs of our valued customers by offering a full menu of loan products,
including FHA, VA, and Individual Tax Identification Number (ITIN) and Affordable Home Mortgage programs. Homeownership
continues to be a key piece of the American Dream and we have a dedicated team of mortgage professionals to assist you
with the purchase of your dream home.

Looking forward, First Financial Mortgage is well-positioned in some of the fastest growing communities in the state. The
Texas economy continues to outperform - and remains the envy of the rest of the country!

Senior Officers

Troy Fore
President

Ryan Craig
Executive Vice President
Addison

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

Weatherford Region | Annual Report 2022 | 36

First Financial Mortgage | Annual Report 2022 | 37

FIRST TECHNOLOGY SERVICES, INC.

LINE OF BUSINESS EXECUTIVES

Senior Officers

John Ruzicka
Chairman,
President and CEO

Isabel Montoya
Executive Vice President
Deposit Operations

Cynthia Suarez
Executive Vice President
Chief Information Security Officer

Maggie Tuschinski
Executive Vice President
Chief Digital Officer

David Weems
Senior Vice President
Chief Operations 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

Clay Trumble
Senior Vice President
Credit Administration
First Financial Bank

Lee Warren
Executive Vice President
Chief Operations Officer
First Financial Bank, Conroe Region
First Financial Bank, Kingwood Region

Directors

John Ruzicka
Chairman, President and CEO
First Technology Services, Inc.
Executive Vice President and CIO
First Financial Bankshares, Inc.

April Anthony
CEO, VitalCaring Group
Managing Partner
Anthony Family Investment Partners, LTD.

Ronald D. Butler II
Executive Vice President
Chief Administrative Officer
First Financial Bankshares, Inc.
Chairman and CEO
First Financial Bank, Abilene Region

F. Scott Dueser
Chairman of the Board,
President and CEO
First Financial Bankshares, Inc.

Carley Dyck
Executive Vice President
Chief Operations Officer
First Financial Bank, Fort Worth Region
First Financial Bank, Hereford Region
First Financial Bank, Southlake Region
First Financial Bank, Weatherford Region

Ronnie Hawkins
President, Angelo State University
CEO, Hawkins Group

Michelle S. Hickox
Executive Vice President
Chief Financial Officer
First Financial Bankshares, Inc.

Monica Houston
Executive Vice President
Retail Banking and Training
First Financial Bank

Matthew Melbourne
Executive Vice President
First Financial Trust &
Asset Management Company

Blake Poutra
SVP Product Manager
Salesforce

Andrea Smiddy-Schlagel
Executive Vice President
Treasury Management
First Financial Bank

Trent B. Swearengin
Chairman, President and CEO
First Financial Bank, Stephenville Region

Under the guidance of Maggie Tuschinski, the bank launched new digital products and features with the aim of enhancing the user
experience and improving the functionality of Online and Mobile Banking. With intentional focus on specific areas of importance to customers,
like financial wellness and security, SavvyMoney and cPFM were launched through the mobile app and online banking, providing users
with powerful tools to closely monitor their financial health. Treasury Management (TM), led by Andrea Smiddy-Schlagel, had three main
areas of focus in 2022. TM developed a document prep-to-storage solution for the sales team, helping to get customer requests cycled
faster, and added solutions to expedite different customer touchpoints, including electronic statement delivery and prefunded options.
TM also began offering non-traditional banking services in Business Online Banking through partnerships with electronic invoicing and
payroll vendors. Monica Houston and the retail team stopped over $12.7 million in fraud last year, which is attributed to extensive training
provided to frontline employees. FFIN Training welcomed 515 new employees in New Employee Orientation and provided more than 115
in-person training sessions. Retail also opened 10,529 net new accounts. Frank Gioia led the team in the Customer Care Center through
an enhancement of the automated voice system to improve speed and accuracy in delivering customers to the individual most skilled
to address their needs. Construction and renovations continued in 2022 under Gary Milliorn’s supervision. The Bank completed the
Willow Park expansion, remodel of Fort Worth’s second floor, and Addison Mortgage office, while opening a newly-constructed location
in Lumberton. Earlier this year, completed construction included the new location in Huntsville and building in Bryan/College Station.
Josh Brown and his team in Human Resources continued their focus on monitoring the ever-changing labor market. The department
analyzed and identified opportunities to improve offerings of supplemental coverages with focus on well-being programs, which focus
on physical, mental and financial health. They also created more visibility around opportunities for military veterans within the Company
by creating a military-specific website and enhancing its recruitment program for veterans. Mike Parker joined the Bank in January
2023. He leads a compliance team of trusted advisors to the Bank’s lines of business, assisting with interpretations of federal banking
regulations and managing compliance risk to keep the Bank operating safely and soundly. Mike Wolverton led the Bank’s launch of a new
home loan option, the Individual Tax Identification Number program, and updated Affordable Home Mortgage program, both focused
at enhancing home ownership opportunities for individuals without a social security number and lower-income families. Chris Cook
and the marketing team refocused advertising efforts to digital platforms to better target consumers in a more cost-efficient space. The
team launched the Women in Banking series, highlighting women leaders across the bank, and increased video content across social
channels, resulting in dramatic growth in audience reach. Under the leadership of Brandon Harris, the Appraisal Department shifted
from managing unprecedented appraisal volumes to expanding relationships with appraisal vendors. With the demand for appraisals
declining as the markets adjusted to higher interest rates, it created opportunities to establish relationships with new appraisal vendors.

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

Mike Parker
Executive Vice President
Chief Compliance Officer

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

Gary Milliorn
Vice President
Property Manager

First Technology Services | Annual Report 2022 | 38

Line of Business Executives | Annual Report 2022 | 39

Trust & Asset Management (Continued)

FIRST FINANCIAL TRUST & ASSET MANAGEMENT COMPANY

Trust Office Managers

First Financial Trust & Asset Management Company delivered excellent results in 2022. Total assets under
management at year-end had a book value of $6.93 billion, a 17.8 percent increase from $5.88 billion at
the end of 2021. The market value of the assets totaled $8.75 billion, a gain of .6 percent from $8.70 billion.
For the year, total fee income increased 10.7 percent to $40.0 million from $36.1 million in 2021, and net
earnings after tax increased 17.7 percent to $20.86 million from $17.7 million.

Rising interest rates created a challenge for both the stock and bond markets, resulting in negative returns
for the year. Our Equity Income portfolio, however, was down only 5.97%, outperforming the S & P 500
by over 1,200 basis points.

Our mineral management contributed significantly to our revenue growth in 2022. For the year, our revenue
from our oil and gas management totaled $7.23 million. This was $2.77 million more than 2021 and $2.56
million more than 2018, which was our best year-to-date.

We continue to have good growth in our newest markets in Houston, San Antonio and Bryan/College
Station. Our Houston office now has assets under management exceeding $150 million, with San Antonio
and Bryan/College Station at $78 million and $112 million, respectively. Our pipelines continue to look
very promising for excellent growth in these markets going forward.

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

Bradley D. Brown
Senior Vice President
Southeast Texas

We were pleased to add Susie Stalcup to our Board of Directors. Susie’s career has been centered in higher
education philanthropy, most recently serving as Vice Chancellor for Development and Alumni Relations at Vanderbilt

University for 11 years, before retiring in 2020. Susie will be a valuable addition to our board.

Brent S. Miller
Senior Vice President
Kingwood

Zach Reyes
Senior Vice President
San Angelo

Michael Sierra
Senior Vice President
San Antonio

Jeff Wind
Senior Vice President
Bryan/College Station

Kirk W. Thaxton
Chairman, President and CEO
First Financial Trust

Trust Assets - Book Value (in millions)

2018

2019

2020

2021

2022

$4,294

$4,856

$5,398

$5,880

$6,927

Trust Net Income (in thousands)
2018

$13.532

2019

2020

2021

2022

$13.892

$14,471

$17.723

$20.857

Trust Fees (in millions)
2018

$28.18

2019
$0
2020

2021

2022

$28.40

$29.53

$36.15

$40.00

Senior Officers

Christopher N. Montoya
Executive Vice President
Manager, Equities

Bill Rowe
Executive Vice President
Manager, Fixed Income

Matthew Melbourne
Executive Vice President
Chief Operations Officer

Directors

Josh Brown, CPL
Senior Vice President
Manager, Oil and Gas

Justin Bryan
Senior Vice President

Brent Hill
Senior Vice President

Aubrey Gideon
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

John L. Beckham
Attorney, Beckham Rector and Eargle LLP

Sweetwater

Abilene

Fort Worth

Stephenville

Kirk W. Thaxton
Chairman, President and CEO
First Financial Trust

Jay Lawrence
President
MAL Enterprises, Inc.

Katie Alford
President and CEO
Abilene Community Foundation

David F. Lupton
President
Angelo Glass & Mirror Company, Inc.

Odessa

San Angelo

Bryan/
College
Station

Beaumont

San Antonio

Houston
(Kingwood)

David L. Copeland
President
Shelton Family Foundation

F. Scott Dueser
Chairman of the Board,
President and CEO
First Financial Bankshares, Inc.

Watt Matthews
Vice President
Leggett Foundation and Kickapoo
Springs Foundation

Mark K. Rich
Director of Investments
Kimbell Art Foundation

Susie S. Stalcup
Partner
Elm Creek Ranch CR106, LLC

Trust & Asset Management | Annual Report 2022 | 40

Trust & Asset Management | Annual Report 2022 | 41

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

Michelle S. Hickox
Executive Vice President
Chief Financial Officer

David Bailey
Executive Vice President
Commercial Banking

Kirk W. Thaxton
Chairman, President and CEO
First Financial Trust

F. Scott Dueser
Chairman of the Board,
President and CEO, First
Financial Bankshares, Inc.
Year: 1991
Committee: 1

April Anthony
CEO, VitalCaring Group,
Managing Partner
Anthony Family Investment
Partners, LTD.

Year: 2015, Committee: 2

Vianei Lopez Braun
Chief Development Officer
Decker Jones, P.C.
Year: 2020
Committee: 3,5

David L. Copeland, CPA
President, SIPCO, Inc. and
Shelton Family Foundation
Year: 1998
Committee: 1,2,4,5

Mike Denny
President
Batjer and Associates
Year: 2019
Committee: 2,6

Stephen Lee
South Texas Area
Banking Executive

Luke Longhofer
Executive Vice President
Chief Lending Officer

Kyle McVey, CPA
Executive Vice President
Chief Accounting Officer

Randy Roewe
Executive Vice President
Chief Risk Officer

John Ruzicka
Executive Vice President
Chief Information Officer

Murray Edwards
Principal
The Edwards Group
Year: 2006
Committee: 1,4,5,6

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

Rett Everett
Executive Vice President
Credit Administration

Marna Yerigan
Executive Vice President
Credit Administration

Corporate Information

ANNUAL MEETING
Tuesday, April 25, 2023
Abilene Convention Center
1100 N. Sixth St.
Abilene, TX 79601
10:30 a.m., or via livestream at
ffin.com/live-events

FOR FINANCIAL AND
INVESTOR INFORMATION:
Michelle S. Hickox
Executive Vice President
Chief Financial Officer
325.627.7361

SEND CERTIFICATES FOR
TRANSFER AND ADDRESS
CHANGES TO:
Continental Stock Transfer &
Trust Company
1 State Street, 30th floor
New York, NY 10004

ADDRESS SHAREHOLDER
INQUIRIES TO:
Continental Stock Transfer &
Trust Company
1 State Street, 30th floor
New York, NY 10004

TRANSFER AGENT
Continental Stock Transfer &
Trust Company
212.509.4000
www.continentalstock.com

CORPORATE OFFICE
400 Pine St. | Suite 310
Abilene, TX 79601
325.627.7038

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 2022 | 42

NASDAQ: FFIN
www.ffin.com

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: Murray Edwards, Chairman

5. Risk Committee: Robert C. Nickles, Jr., Chairman

6. Bank Directors’ Loan Committee: Murray Edwards, Chairman

Johnny E. Trotter
President and CEO
Livestock Investors, Ltd.
Year: 2003
Committee: 1,3,4

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, 2022, deposit information compiled by the Federal Deposit Insurance Corporation.

First Financial Bankshares & First Financial Bank Board of Directors | Annual Report 2022 | 43

NUMBER 2
IN THE NATION

400 Pine St., Abilene, TX 79601 | 325.627.7038 | ffin.com

TM.