ONWARD
2023 ANNUAL REPORT
TM.
,
A LETTER TO OUR SHAREHOLDERS
Last year was another
challenging time for the banking
industry, largely because
the Federal Reserve during
2022–2023 carried out the most
rapid increase in interest rates
in our country’s history. This
surge, following on the heels of
10 years of low rates, negatively
impacted our net interest margin
as short-term rates on deposits
rose more than the longer-term
rates on bonds and loans. The
higher rates also slowed the housing
market, which lowered the volume of
loans in our mortgage business. After 36 years
of increased earnings, we experienced a decline in our
year-over-year net income in 2023. In response to the
interest rate increases, we worked to restructure our
balance sheet to minimize the decline in income for 2023
and position the Bank to achieve better earnings in the
critical intelligence such as credit ratings, benchmarks
and analytics covering the global capital, commodity and
automotive sectors—ranked First Financial Bankshares as
the number seven bank in the nation (https://www.spglobal.
com/marketintelligence/en/news-insights/research/
east-west-bancorp-leads-us-public-banks-in-2022-
financial-performance-ranking). But these were not the only
recognitions that we received. The Bank, our Regions, and
our people earned many other awards throughout the year
(see page 18).
FINANCIAL RESULTS
coming years. At the same time, I am proud of the many
After 36 consecutive years of increased earnings, our
accomplishments we recorded during the year, including
net income declined 15.1 percent to $199.0 million from
continuing to outperform our peer group of banks. We
$234.5 million in 2022. There were four primary causes of
also saw our year-end total deposit levels remain stable
this decrease. The first was a $17.6 million (or 4.4 percent)
when compared with 2022 year-end balances. We
drop in net interest income because our interest cost on
achieved this result primarily by adding over 12,500 net
deposits increased faster than the interest income on our
new accounts. Additionally, we grew loans organically
bond portfolio and loans. The second was a $7.1 million (or
by $706.9 million, or 11.0 percent, while maintaining our
37.5 percent) decline in real estate mortgage fees, which
conservative credit standards. And, as noted above, we
mirrored the decline in the number of homes sold because
restructured our balance sheet by selling $411.1 million in
of higher interest rates. Third, we sold $411.1 million in
securities with lower yields to redeploy those dollars into
securities at a loss of $7.1 million versus gains of $2.1
our higher-earning loan portfolio. The cash flows provided
million in 2022. We redeployed these funds into our loan
from selling the securities, combined with the monthly
portfolio. The fourth source of our earnings decline was an
maturities in our bond and loan portfolios, are providing
$8.6 million (28.3 percent) decrease in debit card revenue
us with the liquidity we need to grow loans, which should
due to the Durbin Amendment. (The Amendment, passed
benefit our interest income as we are redeploying this
by Congress in 2010 as part of the Dodd-Frank financial
liquidity to much higher yielding assets. Overall, we
reform legislation, requires the Federal Reserve to limit
believe that we are well positioned for success in this
the fees charged to retailers for processing debit cards;
economic environment.
however, our company only became subject to it on July 1,
2022.) We realized the decline in debit card revenue during
the last six months of 2022 and the full year of 2023.
RECOGNITION
The provision for credit losses, including provisions for
First Financial Trust & Asset Management Company again
In February 2023, Forbes magazine named First Financial
unfunded commitments, was $10.6 million, which was
delivered solid results, which were fueled by a $622.5 million
Bankshares, Inc. the number two bank in the country
out of the 100 largest publicly traded U.S. banks and
thrifts (https://www.forbes.com/lists/americas-best-
down 39.0 percent from $17.4 million for 2022. This large
growth in the book value of trust assets. Total trust assets
decrease was due primarily to lower unfunded commitments
under management at year-end reached a book value of
and better economic metrics. Nonperforming assets as
$7.5 billion, an 9.0 percent increase from $6.9 billion at the
banks/?sh=63638fd8c0de). Forbes’s ranking is based on
a percentage of loans and foreclosed assets totaled 0.49
end of 2022. The market value of the trust assets totaled
nine metrics measuring the banks’ growth, credit quality
percent at December 31, 2023, compared with 0.38 percent
$9.8 billion, up 11.7 percent from $8.8 billion at year-end
and profitability. Also in 2023, S&P Global—a provider of
at December 31, 2022.
2022. Total trust fee income for 2023 grew as well—to $40.5
Classified loans totaled $176.2 million at year-end 2023
compared with $150.7 million a year earlier, an increase of
16.9 percent. Noninterest income declined 18.0 percent to
$108.0 million from $131.7 million in 2022. The decrease
was due primarily to declines of $7.1 million in real estate
mortgage fees, $8.6 million in debit card income and
$9.3 million in gains and losses on the sale of securities.
million from $40.0 million—a 1.2 percent gain. Within that
category, trust and estate fee income grew $1.6 million,
which was offset by a decline in oil and gas fee income of
$1.1 million. The trust company’s net after-tax earnings
increased 3.7 percent to $21.6 million from $20.9 million.
REAL ESTATE ACTIVITIES
Noninterest expenses increased 1.3 percent to $237.9
In March 2023, we opened a new location in Huntsville to
million from $234.8 million. This increase was due primarily
replace two buildings we had across the street. This state-
to a $4.0 million increase in FDIC insurance premiums,
of-the-art, highly energy-efficient, 8,850 square- foot building
and a $892 thousand increase in losses sustained from
is now home to all our Huntsville employees and will better
continued fraud losses. These were offset by a decline in
serve our customers with the latest in technology. This
officer incentives of $2.3 million and a reduction of $2.9
location also has a deposit-taking ATM and five motorbank
million in profit-sharing expenses.
lanes with one designed for large trucks.
Even with the decline in earnings, we again outperformed
our peer group of banks on several key financial metrics.
Our return on average assets was 1.55 percent compared
with 0.98 percent for our peers. Return on average equity
was 14.99 percent versus our peers’ 9.94 percent. Our
efficiency ratio, which expresses expenses as a proportion
of tax-equivalent revenues, increased to 47.26 percent; our
peers’ average came in much higher, at 60.37 percent.
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 lending, mortgage and trust officers, and five motorbank
lanes with a wider lane designed for large trucks. Our new
Total loans at year-end 2023 increased 11.0 percent to $7.2
building is at one of the best locations in Bryan/College
billion from $6.4 billion at the end of 2022. Total deposits
Station and gives our customers easier access to our people
grew slightly at 1.2 percent to $11.1 billion from $11.0 billion
and services.
at year-end 2022. Consolidated assets at year-end 2023
increased slightly by $131.5 million (or 1.0 percent). The
increase was due to a 24.6 percent decrease—to $403.3
million at year-end 2023 from $535.2 million at year-end
2022—in unrealized losses on investment securities. These
In August 2023, after having a successful loan production
office, First Financial Bank’s Bryan/College Station
Region was approved to open a new branch at 100 West
Decherd, Suite C, in Franklin, Texas. The banking team,
made up of local Franklin bankers, is led by Justin Kleiber
losses are reflected in the shareholders’ equity section of our
and Justen Salcido.
balance sheet.
A Letter To Our Shareholders | Annual Report 2023 | 2
A Letter To Our Shareholders | Annual Report 2023 | 3
This year, the Bryan/College Station Region will make
with U.S. Bank starting in October 2019 and also held
In January 2024, First Financial Bankshare’s Board
the seventh president of one of our Regional banks to have
one other real estate change. In May 2024, the bank will
positions with other large organizations like BBVA USA and
of Directors elected Eric Bonnell as the Director of
started with the Company and to have moved up through
move into its Highway 21 branch from a leased space
PricewaterhouseCoopers, where he started his career. A
Enterprise Risk Management. Eric oversees the
our training programs to become President of one of our
in a convenience store to a new building at 1622 North
native of Puerto Rico, Javier earned a Bachelor of Science
enterprise risk management (ERM) framework to provide
Regions. He currently serves as a Director of the Nederland
Earl Rudder Freeway in Bryan. The new branch, also
(Psychology) degree from the University of Puerto Rico and
more transparency into and structure for proactive risk
and Port Arthur Chambers of Commerce and as a Director
state-of-the-art, occupies 3,300 square feet and has
a Master’s degree in Business Administration (Accounting)
management. Eric comes to First Financial from Atlantic
of the Luther Theater. Additionally, he is a current member of,
three motorbank lanes plus an ATM lane. It will serve our
from Bowling Green State University; he also completed
Union Bank, a $21 billion bank in Richmond, Virginia,
and past President of, the Nederland Rotary Club.
customers much better than the former leased space,
the School of Management Program at the University
especially since this branch has been our busiest in the
of Texas. He holds the designations of Certified Internal
entire city.
MANAGEMENT CHANGES
Auditor and Certified Information Systems Auditor, and has
earned a Certification in Risk Management Assessment.
In November 2023, First Financial Bankshares, Inc.
In January 2023, First Financial Bankshares, Inc.
announced the election of Megan Dobbs as Executive Vice
announced the election of Michelle S. Hickox as Executive
President of Marketing. Megan joined First Financial after
Vice President and Chief Financial Officer. Michelle
working as a director of marketing and communications for
formerly served as Chief Financial Officer of Independent
Bally Sports in Dallas, where she oversaw creative services,
Bank Group, Inc. (IBTX) and its subsidiary, Independent
partner marketing and public relations for the regional
Bank, an $18 billion publicly traded bank holding company
sports network. Previously, Megan held senior positions at
based in McKinney, Texas. At IBTX, she led the company
the Community Foundation of Abilene and the Center for
through its initial public offering in 2013 and played a key
Contemporary Arts, and she was a news anchor and news
role in 10 acquisitions during her tenure. Prior to joining
director at KTAB/KRBC TV in Abilene. Megan is a graduate
IBTX, Michelle was an audit partner at RSM US LLP in
of Texas A&M University-Commerce.
Dallas, serving financial institutions throughout Texas. She
is a certified public accountant and a graduate of Texas
A&M University.
Also in November 2023, First Financial Bankshares, Inc.
announced the appointment of Keith Morton as Executive
Vice President, Southeast Texas Area Credit Administration.
Also in January 2023, First Financial Bank’s Board of
Keith oversees the credit functions in our Southeast
Directors elected Mike Parker as Executive Vice President
Texas Regions. His oversight of these Regions’ lending
and Chief Compliance Officer. Mike brings more than
efforts will encompass all aspects of lending, including
17 years of compliance experience to First Financial,
credit underwriting, loan decision making, portfolio risk
including his most recent post as a director of compliance
management, and compliance with bank policy and
governance with USAA Federal Savings Bank. Mike has
regulatory requirements.
also held positions 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.
In September 2023, First Financial Bankshares, Inc.
Keith previously served as Senior Vice President of Special
Assets at Capital One in Houston beginning in 2020. He had
an extensive 20-year tenure at Capital One Bank in Houston,
where he held the positions of Vice President, Commercial
Credit Manager and Senior Vice President, Managing
Underwriter in the Commercial Lending Group. Keith earned
a Bachelor of Business Administration degree in Finance
from McNeese State University and a Master of Business
Administration degree in Finance from Louisiana State
announced the appointment of Javier Jurado as Executive
University. He holds a Credit Risk Certification from the Risk
Vice President and Chief Audit Executive. He oversees
and executes internal audit planning and reporting, and
reports directly to the Audit Committee. Javier brings
more than 19 years of audit experience to First Financial,
including his most recent posts in audit management
at large banks and a public accounting firm. He worked
A Letter To Our Shareholders | Annual Report 2023 | 4
Management Association. Keith replaced Marna Yerigan,
who retired from the Company after a 12-year tenure,
overseeing credit in the Fort Worth and then the Southeast
Texas Regions. We will miss Marna greatly and appreciate
her exemplary years of service.
where he was instrumental in developing the bank’s ERM
framework. He has also served in a number of operational
risk management and technology-related roles including
business continuity and information security. Eric earned a
Bachelor of Arts degree (Computer Science) from Manhattan
College and a Master of Science degree (Computer
Information Systems) from Iona College. He graduated
from the American Banking Association’s Stonier Graduate
School of Banking and also the Wharton Leadership
Program, both at the University of Pennsylvania. He has
earned the designations of Certified Information Privacy
Professional (CIPP/US), Certified in Risk and Information
Systems Control (CRISC) and Certified Information Systems
Security Professional (CISSP).
Also in January 2024, First Financial Bank announced the
promotion of Lori Hill to Executive Vice President, Retail. Lori
is an excellent selection for this position because of her 25
years of experience with the Company. Lori began her career
at First Financial while attending Abilene Christian University.
She played an integral role in founding what is now the
Customer Care Center. Later, she transitioned into the Retail
line of business, where she continued to advance her career.
Most recently, she served as Senior Vice President, Retail
Administrator of First Financial Bank, Weatherford Region. In
her new role, Lori will lead all retail initiatives and will work with
each of our Regional Presidents and Chief Operating Officers
to ensure we have the best retail team in our footprint.
In February 2024, the Board of Directors of First Financial
Bank, Southeast Region announced the promotion of
Blaine Caillier to Regional President. Blaine started his
career at First Financial Bank, Southeast Region over 13
years ago and most recently served as the Mid-County
Market President beginning in 2016. Stephen Lee, the
former President, will remain as CEO and Chairman of the
Southeast Region Board of Directors. Blaine is a graduate
of Lamar University; Southwestern Graduate School of
Banking at Southern Methodist University; Leadership
Southeast Texas; Texas Bankers Association Management
Development Training Program; and FFIN University. He is
Michelle S. Hickox
Executive Vice President
Chief Financial Officer
Mike Parker
Executive Vice President
Chief Compliance Officer
Javier Jurado
Executive Vice President
Chief Audit Executive
Megan Dobbs
Executive Vice President
Advertising and Marketing
Keith Morton
Executive Vice President
Credit Administration
Eric Bonnell
Senior Vice President
Enterprise Risk Management
Lori Hill
Executive Vice President
Retail Banking
Blaine Caillier
Regional President
Southeast Texas Region
A Letter To Our Shareholders | Annual Report 2023 | 5
partnering with the Overland Property Group, the Texas
Department of Housing and Community Affairs and the
First Financial Bankshares Employment Statistics
COMMUNITY AND
NEIGHBORHOOD INVOLVEMENT
Our Bank has always adhered to the philosophy that
we are only as successful as the communities we
serve. To become a better bank, we strive to improve
the quality of life in each of our communities. Besides
providing the latest in financial services, we participate
on local nonprofit, civic and church boards, volunteer
our time and help raise money. The work our team does
every day amazes me. We spotlight their efforts with
our annual Day of Service, which last year took place
on October 9th, the Columbus Day holiday. On that
occasion, we had 990 employees serving 81 agencies
and organizations across Texas.
We design our banking products and services to meet
the needs of all neighborhoods, from the lowest- to the
highest-income. I am especially proud of our ongoing
contributions in low-income neighborhoods, where we
teach classes in financial literacy, homebuying and fraud
prevention. We also offer classes on how to utilize our
products and services such as our very competitive free
checking, savings, affordable home mortgage loan and
ITIN (Individual Taxpayer Identification Number) programs.
Midwest Housing Equity Group. We have committed
$5.5 million to support the historic renovation of the
former Travis Elementary School into low-income
housing units for senior citizens. We are eager to see the
completion of this project, which has already created
other redevelopment in this low-income area.
DIVERSITY AND INCLUSION
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 also continue
to refresh and diversify our Regional and subsidiary boards,
which have 39 women and minorities as members. These
boards are made up of the movers and shakers of each of
our market communities. We appreciate the participation
of these fine men and women; their expertise, experiences
The affordable home loan and the ITIN mortgage loan
and guidance help us to better serve our communities.
programs have become so popular that in 2023, we
made 1,074 of those loans in majority minority markets,
up from 786 loans in 2022. I am especially proud of our
team in Fort Worth, who made 223 loans in the majority
minority markets, which was an increase from from the
previous year’s 193 loans.
We attribute our success in continuously increasing
loans in the majority minority markets to partnerships
we have formed with builders, developers, realtors, city
leaders and nonprofit organizations in the Fort Worth
We highlight the importance of diversity and inclusion to our
company on page 19, where we present our 2023 Shining
Stars. This program annually recognizes the dedicated
and professional First Financial bankers who have
demonstrated consistent excellence in living our Customer
Service First philosophy.
Our Shining Stars 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
area. In fact, loans made in Fort Worth’s majority minority
minorities.
markets constituted 46.0 percent of all our mortgage
Of the 21 professional bankers achieving this award in
loans made in Fort Worth.
A great example of how the Bank can make a big
difference in low-income areas is the Landmark at
Abilene redevelopment project. Here, the Bank is
2023, 14 were women and nine were minorities, which
demonstrates that our diversity efforts bring the highest-
quality people to our company. We recognize and celebrate
them for what they do to make this company great.
ONWARD
Although 2023 was a challenging year for the banking
industry, we used those challenges to bolster our strategy
for overcoming the rapidly rising interest rate environment.
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.
We restructured our balance sheet, kept deposits stable,
However, I expect that by the end of 2024, we will start
and grew loans and trust assets by 11.0 and 9.0 percent,
seeing banks come to the market, and hopefully we will
respectively. We believe we are well prepared to perform
be able to find the right bank to bring into our company. I
even better in the coming years, since we have continued
can assure you that we are eager to get back to buying
to upgrade our staff with higher performers. These
banks and growing the Company through acquisitions.
moves should bring additional growth. With our assets
We have installed or are in the process of installing new
surpassing the $10 billion mark back in 2020, far earlier
systems for new accounts, lending, accounting and trust
than we expected, we have moved consistently and
services. Each of these systems is bringing us state-of-
earnestly to find the right people from larger banks who
the-art technology and will enhance our efficiency.
can bring us the expertise to perform well as a $10 billion-
plus bank. We certainly see that expertise in our most
recent hires for Chief Financial Officer, Chief Compliance
Officer, Chief Audit Executive, Executive Vice President
Southeast Texas Credit and Director of Enterprise Risk
Management, to mention a few. I am eager to see what
our dedicated people will achieve as we move through
2024. I could not be more pleased with our younger
people who have taken on new positions across our
company over the past several years and who have
accepted more responsibilities to support our growth.
Our priorities are to achieve organic growth in loans,
deposits and trust relationships; improve our noninterest
income; and control our expenses. With the economy
I am very pleased to work with such a dedicated and
talented professional team of board members, officers
and employees. They continue to go well beyond the
call of duty in providing our customers and communities
with exceptional service, and I thank each one of them.
As you can tell from the decrease in profit sharing
and compensation for 2023, we align ourselves with
our shareholders who are so loyal and supportive of
our company. We are ready to move Onward, never
forgetting that we work for you.
F. Scott Dueser
Chairman, President and CEO
A Letter To Our Shareholders | Annual Report 2023 | 6
A Letter To Our Shareholders | Annual Report 2023 | 7
COMMUNITY STORIES
“Mi casa es tu casa.”
“Mi casa es tu casa.”
To the Gonzalez family, that is more than an expression, it is
a way of living.
“We love having gatherings. We love having friends over,
family over…it feels like home,” said Elizabeth Gonzalez,
whose family has had an open door to family and
friends since moving into their new Irving, Texas home in
September.
When Elizabeth and Rene Gonzalez began their
homebuying journey in 2022, they had difficulty obtaining
financing from other banks. Determined to create a home
for their family, they were referred to Craig Zemarkowitz with
First Financial Bank in Fort Worth. He introduced them to
First Financial’s ITIN (Individual Tax Identification Number)
home loan program, which offers future homeowners
financing without a social security number.
“Craig was so helpful with the process of the loan. We did
it pretty quickly,” Elizabeth said. “I can text Craig anytime,
seven days a week, and he will help me…He was always
available for us.”
It has been onward from there for the Gonzalez family.
They moved into a larger home in 2023, again receiving
a mortgage through the First Financial ITIN program. The
added space allowed them to host family members from
across the state over the holidays. With their new home, the
Gonzalez family was able to bring their “mi casa es tu casa”
way of life to reality.
“We were so excited to have the family over, especially for
Christmas,” said Rene Gonzalez.
Perhaps the biggest fan of the new home is the littlest one
of all, eight-year-old Zoe.
“One of my favorite things about it is my room, where I get
to have all of my free time sometimes. I have a lot of space
so I can relax.”
The hard work and determination required to achieve their
family’s homeownership dream is not lost on Elizabeth and
Rene’s oldest daughter, Natalee.
“They have definitely been great role models. It shows my
sister and me as we’re growing that anything we set our
minds to and we work towards, we can accomplish…We’ve
seen that, and it’s a great example to have.”
That impact on their daughters is what Elizabeth and Rene
say matters most.
“Everything we do is for our daughters…having a better
life for them,” said Elizabeth. “We already teach them
that you can do anything, as long as you work hard and
be disciplined in what you want to do, it can happen—no
matter what situation you are in, no matter what race, no
matter what color you are.”
These are inspirational words from a woman whose family
is proof that a house is about much more than a building—
it’s about the life and people within that house who truly
make it a home.
The Gonzalez family in their new home
Community Stories | Annual Report 2023 | 8
Watch their story
on video!
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Craig Zemarkowitz with the Gonzalez family
Community Stories | Annual Report 2023 | 9
Sparking Positive Change
People at every level of the company have experienced the
life-altering impact of the Principal culture, including Gabe
Hughes, who started on the assembly line and earned his
way to General Counsel and VP of Compliance.
“I struggled with addiction for many years, and I actually
spent four-and-a-half years in the Texas penitentiary…
When I got out, Bryan and Blake gave me a second
chance,” said Gabe. “We hire a lot of people that need
second chances, people that a lot of others would have
given up on, like myself.”
Transformative stories like Gabe’s and Jeffery’s are at the
core of what motivates Bryan.
“Some guy told me one time, he said, ‘The most dignifying
thing you can give to someone else is to provide them with
a job.’ So, not only do we provide jobs, but we really look at
it as though we are impacting the families’ lives.”
Principal Industries is a beautiful testament to the growth
a business can experience when it focuses on the
combination of driving innovation and, more importantly,
its people onward.
“I love the people in the
company...This is the best
company I’ve worked for in
my life.”
- Jeffery Miles, Principal Industries
Bryan Vincent (center) with VP of Compliance Gabe Hughes
and CFO Sheila Alley
Jeffery Miles in a Principal Industries Warehouse
Brothers Bryan and Blake Vincent started Principal
Industries with little more than an idea and unfettered
determination.
“We started in, literally, I think it was half of a dog
grooming facility office with cinderblock walls.” said
co-owner Bryan Vincent.
14 years later, Principal Industries has grown to become
the largest global provider of LED lighting, electrical
components, and services to the commercial signage and
architectural lighting industry.
Headquartered in San Angelo, Principal serves clients
across the world and has manufactured lighting for
companies like Chick-fil-A, Circle K, Exxon Mobil, Love’s
Travel Stops, and major sports arenas like Allegiant
Stadium in Las Vegas. First Financial Bank has been
honored to support the company’s growth over the years.
“What I love about First Financial is I know Chris, I
know Luke,” said Bryan. “We’ve now done a couple of
acquisitions, and First Financial has really stepped up and
helped us figure out the best way to do that financing.”
Principal is also a large proponent of First Financial’s
treasury management services. When a company grows
as quickly as Principal, support for back-office functions is
critical. Services such as ACH and wire origination, foreign
exchange, fraud detection, and remote deposit make all
the difference in their day-to-day operations.
The partnership between First Financial and Principal
serves a greater purpose than simply bottom-line growth.
What Bryan says he cares about most are the people who
make it all happen.
“One of the things we’ve done that’s really close to me is
really giving people second chances,” said Bryan. “I’m a
recovered alcoholic, so it’s important to me to give back to
people who need that opportunity.”
Jeffery Miles is one of those people. He moved from
Houston to get a fresh start while on the road to
recovery. When Jeffery first met the Principal team, it
was a quick match.
“I love the people in the company,” said Jeffery. “You’ve
got people in recovery you can talk to…This is the best
company I’ve worked for in my life.”
Community Stories | Annual Report 2023 | 10
The Principal team with Chris Evatt, Luke Uherick, and Scott Creecy of FFB-San Angelo
Watch their story
on video!
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Community Stories | Annual Report 2023 | 11
Richard and Judy Gaona at their farm with
Wayne Chowning of First Financial Trust
Watch their story
on video!
ffin.com/annual-report
Building the Future, Preserving the Past
Drive about 50 miles northwest of Abilene, and you will find
yourself amidst a backdrop of endless Texas rolling plains.
“My dad purchased this place in the 70s,” said Richard
Gaona of the farm and ranch land he now owns and operates
near the small town of Roby, Texas. “This was mostly a
pasture area, and he took time to clean it up and make it into
what we’ve got now with wheat, grass, and cattle on it. That
was one thing he loved...cattle and farming.”
Richard’s father moved to Texas from Mexico to purchase
land and build a prosperous life for his family.
“He had to work really hard to purchase land,” said Richard.
“He was a very, very good farmer, and he taught me a lot
about how to do it and how to do it right. That’s why I want to
continue and try to keep this place together.”
Richard and his dad farmed together until his father passed
away in 2004. Richard now works to carry on his father’s legacy.
Over the years, Richard and his wife, Judy, have run a successful
agricultural business. That led them to think strategically about
building wealth for retirement and future generations.
“I started looking around and talked to several different
groups, and I talked to First Financial Trust,” said Richard.
“I told them that I’m already in a risky business, and I don’t
want to lose what I’ve worked so hard for, and they listened.
And that made a lot of difference.”
The Gaonas formed a strong relationship with Wayne
Chowning, First Financial Trust’s Executive Vice President
serving the Sweetwater region.
“He stays on top of stuff. He keeps us informed,” said Judy.
Richard agreed, adding, “Wayne has been really good. He
explains things to us very well and wants to make sure that
we understand what they’re doing. If I’ve got a question, I can
come in or call him…the trust is there.”
“He loved this place. He took care of it, so…I want to
continue and keep it as good as it is or better than he left it.”
Helping people like Richard and Judy look onward with
peace of mind really is a matter of trust.
“We can say that, because of the investments and things
that we’ve done…we’re set up where we don’t have to
worry about living off just social security,” said Richard.
“That’s a good feeling. That’s comfort.”
That comfort means Richard and Judy can fix their sights
on what they love—time with children and grandchildren;
pampering their beloved dog, Lacy; and spending their
evenings riding around the farm in their all-terrain vehicle,
watching the sun set over those beautiful Texas plains.
Community Stories | Annual Report 2023 | 12
Community Stories | Annual Report 2023 | 13
Secret Sauce: a Family & a Dream
It’s hard to say what’s stronger once you set foot onto a Hard
Eight BBQ lot—the savory aroma of woodfired meat from the
officer in other locations that we’re at…It makes it easy to do
business with these guys, because they’re friends.”
Watch their story
on video!
ffin.com/annual-report
Carie is amazed by what Hard Eight has become today. “It’s
kind of unbelievable sometimes…I’m thankful and grateful
for the support that we’ve had.”
They are likely not done growing yet. The owners have their
sights set onward, to future expansion. At the center of their
growth, Chad says, are the people who work at Hard Eight
and the communities they serve.
“To be able to share that with the community and with other
people in other walks of life that actually came in here and
became part of our family is the most important thing.”
Those community-centered values are as memorable as
Hard Eight’s secret sauce smothered over tender slices of
slow-cooked brisket with a side of potato salad…or at least
pretty darn close.
"It makes it easy to do
business with these guys,
because they’re friends.”
- Chad Decker, Hard Eight BBQ
pit, or the warm essence of good ‘ole southern hospitality.
“…the old German style of barbecue, the open pit style…
that’s what I grew up with,” said Chad Decker, a Hard Eight
BBQ co-owner who grew up in the Texas Hill Country.
Vicki Nivens and her late husband, Phillip, opened Hard Eight
BBQ in Stephenville, Texas in 2003, along with their daughter
and son-in-law, Carie and Chad Decker. Before even walking
through the doors, customers are greeted with the open pit
and Hard Eight’s signature rustic appeal.
“We love the old wood and that kind of look, and we just tried
to bring that in here, just to make something more unique,”
said Vicki.
The combination of authentic pit barbecue and the curated
down-home feel has clearly been a hit. Hard Eight BBQ has
grown to have five locations throughout north Texas. Vicki
attributes much of their success to maintaining a family-run
business.
“We are very family oriented…I grew up in a family business,
so I just love that type of atmosphere.”
First Financial has had a front-row seat to the Hard Eight
BBQ journey, starting when Ron Butler—now Chairman and
CEO of First Financial Bank, Abilene Region—was President
of the bank’s Stephenville region.
“Phil had met Ron Butler and some other guys from First
Financial...We’ve never looked back,” said Vicki. “They
have been so supportive…and we have made life-long
relationships with some of the bank people…It’s been a very
good experience.”
The relationship extends beyond meeting the business’s
banking and lending needs. As Chad puts it, it’s more like a
friendship.
“There’s never been a point in time that we haven’t been able
to walk in there and shake hands and visit about each other’s
family,” said Chad. “And it’s just like that with every loan
Vicki Nivens, Carie and Chad Decker with Trent Swearengin
of First Financial Bank - Stephenville
Community Stories | Annual Report 2023 | 14
Community Stories | Annual Report 2023 | 15
Settings Goals & Saving Time
Anthony Egbo Jr. is a former Abilene Christian University football player, which is just one of many titles the graduate
student carries.
“I’ve been a part of the Diversity Council, President and Vice President of the Student Athlete Committee…representative to the
Western Athletic Conference, and the national representative on the Division I Student-Athlete Advisory Committee. I’ve been
involved in a lot of different community organizations. I did my undergrad in Psychology and am now pursuing my MBA.
I just finished an internship with the President’s Office, and now I’m transitioning to an internship with the athletic department.”
Anthony attributes much of his drive to the example set by his parents, who immigrated to Houston from Nigeria as young adults.
“My parents, just the work ethic that they put in to give my siblings and me what we have…They put all of us through school. They
put us through youth sports. They put us in gifted and talented programs,” said Anthony affectionately. “Everything was directed
towards us being better than them.”
For a busy grad student with as much tenacity and community involvement as Anthony, managing his time well is
exceedingly important.
“I try not to use time as an excuse. Time management has become crucial. Efficiency is the main goal—being
efficient with my systems and my routine.”
Managing money needs to be efficient, too, which is why Anthony relies heavily on First Financial Bank’s mobile
banking tools.
“Mobile banking is crucial. It’s harder for me to get into a physical location, just from a time perspective. Being
able to check my balance, get e-statements, transfer money…pretty much everything I need to do in an
efficient manner, I can do it in the mobile app.”
Anthony offers his fellow students and young professionals some encouragement that, with a bit of
planning and the right tools, it really is possible to manage time well and learn how to effectively manage
personal finances.
“Use the resources that banks like First Financial take the time to develop and provide for us,” said
Anthony. “I think that taking it upon ourselves to say, ‘Hey, I want to learn to be more productive with
my resources and my time,’ I think that’s really important.”
If anyone is a living testament to the power of combining hard work, service, ingenuity, and
positivity, it is most certainly Anthony Egbo Jr., whose future looks unquestionably bright.
“I try not to use time as an excuse. Time
management has become crucial. Efficiency
is the main goal— being efficient with my
systems and my routine.”
- Anthony Egbo Jr., Graduate Student and First Financial Bank Customer
Community Stories | Annual Report 2023 | 17
Anthony on the go with First Financial Mobile®
Community Stories | Annual Report 2023 | 16
Watch Anthony’s story
on video!
ffin.com/annual-report
FIRST FINANCIAL BANK
2023 AWARDS
TEAM-CENTERED CULTURE: Since their teammate, Hanna, was unable to attend the 2023 Shining Stars ceremony, the other award recipients printed a cut-out of her face as a fun way to make her feel included.
SHINING STARS 2023
Our service philosophy at First Financial is to exceed customer expectations. Each year, we recognize Shining Stars who demonstrate
consistent excellence in fulfilling this philosophy. Shining Stars perform at the highest level, maintaining a positive mindset and a
proactive approach to fulfilling our mission to build loyal life-long relationships by providing first class service with personal attention.
We are proud of our 2023 Shining Stars!
CONGRATULATIONS SHINING STARS!
Hereford: Johnathan Jeter
Kingwood: Alison Shortt
Orange: Sidney Williams
San Angelo: Orlando Lara
Southlake: Noemi Macias
Stephenville: Katie Jo Nix
Sweetwater: Joe Martinez
Weatherford: Tim Corzine
Abilene: Carla Lane
Bankshares: Darlene Ledwell
Bryan/College Station: Hanna Prevost
Conroe: Alma Gamboa
Eastland: Holly Urban
Fort Worth: Nancy Delgado
Mortgage: Julie Zsambok
Shared Services:
Accounting - Nancy Grigsby
Lending - King Buchanan
Treasury Mgmt - Mandy Watson
FFTAM: Jeff Leving
FTS: Matt Perez
First Financial Awards | Annual Report 2023 | 18
2023 Shining Stars | Annual Report 2023 | 19
79BRANCH
LOCATIONS
9TRUST
OFFICES
FIRST FINANCIAL BANKSHARES FOOTPRINT
FIRST FINANCIAL BANK LOCATIONS
Abilene ........... 325.627.7200
Eastland ......... 254.629.6100
Newton ......... 409.379.2200
Acton .............. 817.573.6900
*Addison ............ 972.385.8239
El Campo ...... 979.543.6441
Odessa ........ 432.367.8900
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
*Austin ............ 512.422.1782
Granbury ........ 817.573.6900
Ranger ............ 254.629.6188
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
FIRS T FIN AN CIAL TR U ST LO CATIONS
Abilene
400 Pine Street, Suite 300
325.627.7100
Beaumont
3515 Dowlen Road
409.600.6460
Fort Worth
1000 Forest Park Blvd., Suite 200
682.703.6404
Kingwood
24080 Hwy 59 North, Suite 200
281.318.4625
Bryan/College Station
2445 Harvey Mitchell Pkwy. S.
979.260.2134
Odessa
3555 Billy Hext Road
432.367.8912
San Angelo
222 S. Koenigheim Street
325.659.5987
Stephenville
2201 W. South Loop
254.918.6262
Sweetwater
201 Elm Street
325.235.6644
First Financial Bankshares Footprint | Annual Report 2023 | 20
First Financial Bankshares Footprint | Annual Report 2023 | 21
FINANCIAL HIGHLIGHTS
IN THOUSANDS (except for share data)
IN THOUSANDS (except for share data)
FOR THE YEAR
Net Income
2023
2022
% INCREASE
AT YEAR-END
2023
2022
% INCREASE
$198,977
$234,475
(15.14%)
Assets
$13,105,594
$12,974,066
1.01%
Diluted Earnings (PER SHARE)
$1.39
$1.64
(15.24%)
Securities
$4,732,762
$5,474,359
(13.55%)
Dividends Declared
$101,396
$94,205
Dividends (PER SHARE)
$0.71
$0.66
7.63%
7.58%
Loans, HFI
Deposits
$7,148,791
$6,441,868
10.97%
$11,138,300
$11,005,507
1.21%
KEY RATIOS
Return On Avg. Assets
Return On Avg. Equity
Year-End Equity/Assets
Efficiency
1.55%
14.99%
11.44%
47.26%
1.76%
16.72%
9.76%
42.80%
Shareholders’ Equity
$1,498,900
$1,265,737
18.42%
Book Value Per Share
$10.50
$8.87
18.38%
Trust Assets (Book Value)
$7,549,787
$6,927,335
8.99%
Trust Assets (Market Value)
$9,781,326
$8,754,948
11.72%
NET INCOME (in thousands)
AVERAGES - FOR THE YEAR
2019
$164,812
2020
$202,034
2021
$227,562
2022
$234,475
2023
$198,977
Assets
Securities
Loans
Deposits
$12,861,262
$13,286,671
(3.20%)
$5,098,043
$6,318,806
(19.32%)
$6,784,352
$5,923,594
14.53%
$10,820,730
$11,019,523
(1.80%)
Shareholders’ Equity
$1,327,827
$1,402,104
(5.30%)
RETURN ON AVERAGE EQUITY
EFFICIENCY RATIO
2019
14.37%
2020
12.93%
2021
13.31%
2022
16.72%
2023
14.99%
2019
48.61%
2020
45.49%
2021
45.84%
2022
42.80%
2023
47.26%
SELECTED FINANCIAL DATA
IN THOUSANDS (except for share data)
YEAR-END
TOTAL ASSETS
SHAREHOLDERS’
EQUITY
NET INCOME
DILUTED
EARNINGS
(PER SHARE)
CASH
DIVIDENDS
(PER SHARE)
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
$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
$13,105,594
$1,498,900
$198,977
$1.39
$0.28
$0.31
$0.35
$0.38
$0.41
$0.47
$0.51
$0.58
$0.66
$0.71
Ten-Year
Compound
Growth Rate
8.40%
8.20%
8.31%
7.10%
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)
$5.32
$6.10
$6.34
$6.97
$7.77
$9.03
$14.94
$15.09
$22.60
$22.53
$28.85
$35.10
$11.80
$36.17
$12.34
$50.84
$8.87
$34.40
$10.50
$30.30
7.04%
7.33%
2023 COMMON STOCK MARKET VALUE AND DIVIDEND DATA
NET INTEREST MARGIN
QUARTER
HIGH
LOW
CLOSE
DIVIDENDS
Fourth
Third
$31.58
$22.84
$30.30
$0.18
$33.06
$22.86
$25.12
$0.18
Second
$32.26
$25.01
$28.49
$0.18
First
$38.24
$27.54
$31.90
$0.17
2019
3.98%
2020
3.79%
2021
3.40%
2022
3.34%
2023
3.29%
2022 COMMON STOCK MARKET VALUE AND DIVIDEND DATA
RETURN ON AVERAGE ASSETS
QUARTER
HIGH
LOW
CLOSE
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
2019
2.08%
2020
1.98%
2021
1.89%
2022
1.76%
2023
1.55%
Financial Highlights | Annual Report 2023 | 22
Financial Highlights | Annual Report 2023 | 23
Abilene | Clyde | Moran | Albany | Odessa | Eastland | Ranger | Rising Star | Cisco | Sweetwater | Merkel | Trent | Roby
ABILENE REGION
“We are proud to report that the Abilene Region had one of the strongest years of loan
growth in recent history, with loans expanding by 15.3%. Total deposits grew by 8.4%,
and we far exceeded our net new account growth goal for the year, ending with more than
2,800 net new accounts. Other highlights of the year included the origination of 123 loans
that provided new homes in our low-income neighborhoods.
The bank was also involved in financial literacy classes with the following organizations:
Abilene Housing Authority, Big Country Re-entry Coalition, Ambler Baptist Church,
Faithworks of Abilene, and Wealth Empowers the People.
With the recent passage of the $52 million bond, our community is poised for
transformative growth. The infusion of funds promises not only infrastructural
enhancements but also heightened economic activity, paving the way for prosperity.
Additionally, the burgeoning success of our school districts serves as a beacon of
educational excellence, attracting families and businesses alike. As Abilene thrives, so
does First Financial Bank, committed to fostering financial stability and growth for all.
In the Sweetwater division of our region, residents voted in favor a $49.5 million school
district bond to provide a new high school Career Technology Education center and gym
complex, tennis court relocation, roof repairs and replacements, and increased security
and safety.
Sweetwater also added several new homes in the recently completed Creekside Addition
and welcomed several new retailers to the community.
Our Eastland division welcomed several new restaurants in 2023. The manufacturing
sector remains a strong contributor to the local economy, and new home construction is
underway in two new residential neighborhoods. First Financial Bank of Eastland also
participated in financial literacy education for Ranger College students.”
Eastland Senior Officers
Candi Kanady
President, Eastland Division
Derrick Saucedo
Senior Vice President
Senior Relationship Manager
Eastland Division Directors
Candi Kanady
President, Eastland Division
Marelyn Shedd
President, Abilene Region
Jim Farrar
Attorney
*Lead Director
Jim Keffer
President
EBAA Iron Sales, Inc.
Devin Koenig
Owner and CEO
Plexus Healthcare
Jim Moylan, Jr.
Vice President
Motec, Ltd.
Russ Thomason
Attorney
CANDI KANADY
President, Eastland Division
EASTLAND OFFICE
201 E. Main St.
Eastland, TX 76448 | 254.629.6100
RONALD D. BUTLER II
Chairman and CEO, Abilene
MARELYN SHEDD
President, Abilene
ABILENE MAIN OFFICE
400 Pine St.
Abilene, TX 79601 | 325.627.7200
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2022
$4,135,986
$1,497,188
$3,195,695
$65,025
Dec. 31, 2023
$4,227,231
$1,726,726
$3,464,682
$52,502
1.58%
1.29%
38.73%
45.06%
Abilene Senior Officers
Ronald D. Butler II
Chairman and CEO
Marelyn Shedd
President
Kyle Seaton
Executive Vice President
Director of Corporate Treasury
Marshall Morris
Executive Vice President
Senior Relationship Manager
Patty Fuentes
Executive Vice President
Chief Operations Officer
Evan Harris
Executive Vice President
Real Estate Banking
Abilene Regional Board of Directors
Janet O’Dell
Executive Vice President
Mortgage Lending
Dayton Borger
Senior Vice President
Vanessa Faz
Senior Vice President
Jim Goldston
Senior Vice President
Landon Hammond
Senior Vice President
Brad Magers
Senior Vice President
Shay Minor
Senior Vice President
Patricia Patlan
Senior Vice President
Corie O’Connor
Senior Vice President
Ryan Parrish
Senior Vice President
Fernando Quintana
Senior Vice President
Steve Waller
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
Mark Colman
President
Rentech Boiler Systems Inc.
Joe Crawford
President
Abilene Aero, Inc.
Mike Denny
President
Batjer and Associates
Murray Edwards
Principal
The Edwards Group
Abilene Region | Annual Report 2023 | 24
Geoff Haney
Investments
*Lead Director
Brad Holland
President and CEO
Hendrick Health System
Kirk Massey
Investments
Stanley Morris, Jr.
Investments
Tyler Sitzes
President
Sitzes Real Estate Holdings, LLC
Leigh Taliaferro, M.D.
Physician
Anthony Williams
Executive Director of Intercultural
Engagement & Belonging
Abilene Christian University
Sweetwater Senior Officers
Joseph Crouch
President, Sweetwater Division
Thea Hernandez
Senior Vice President
Justin Rosson
Senior Vice President
Debbie Anthony
Senior Vice President
Justin Holland
Senior Vice President
Sweetwater Division Directors
Joseph Crouch
President, Sweetwater Division
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.
*Lead Director
Larry May
Partner
May & Hrbacek CPAs
Thomas L. Rees, Jr.
Rees, Rees, & Fuller
Attorneys
Cheyenne Smith
Managing Member
West Texas Rock Resources, LLC
JOSEPH CROUCH
President, Sweetwater Division
SWEETWATER OFFICE
201 Elm St.
Sweetwater, TX 79556 | 325.235.6600
Eastland and Sweetwater Divisions | Annual Report 2023 | 25
Bryan | College Station | Franklin
BRYAN/COLLEGE STATION
Cleburne | Burleson | Alvarado | Midlothian | Waxahachie
CLEBURNE REGION
“Our region experienced growth in many areas in 2023 and made several pivotal
moves to enable us to accomplish future goals.
We opened our new offices on Harvey Mitchell Parkway South in College Station,
where we moved trust, mortgage, commercial lending, and retail services. With
this move, we had the strongest new account growth we have seen, surpassing
our best year by 116% as a region, with 26% of this growth coming from our new
Harvey Mitchell location.
We recruited the premier mortgage team in the Bryan/College Station area to
ensure we have the resources and expertise to serve our growing communities.
Since joining, they have brought new customer referrals, contributing to our
annual growth.
We converted our Robertson County loan production office into a full-service
branch on the square in downtown Franklin, adding a strong retail team and the
two best lenders in the Robertson County area. This location quickly brought in
deposits and new accounts.
First Financial Bank of Bryan/College Station was proud to receive The Eagle
Reader’s Choice awards for Best Bank/Credit Union and Best Place to Work.
The stability and strength of our company’s balance sheet and our treasury
management resources have positioned us well for future growth. I am excited
about 2024 in Bryan/College Station. We have the right front-line lenders and
retail teams behind us to be successful.”
“Our Credo states that we are professional bankers building relationships and
serving our communities. In 2023 the Cleburne Region made more than 1,600
small business and consumer loans in Johnson and Ellis Counties. Many of these
loans were made to first-time home buyers who will go on to purchase goods in
the communities, pay taxes, serve on local charitable organization boards, and
ultimately make a positive contribution to our communities.
Our customers generously rewarded our efforts by naming Kim Hamilton the Best
Loan Officer in Johnson County. Kim Hamilton celebrated her 40th anniversary
with the bank in May 2023. With tenured leaders like Kim, it is no surprise First
Financial Bank won Best Place to Work in Johnson County! As more families
move to North Texas, both Johnson and Ellis Counties have seen tremendous
growth. We are fortunate to have wonderful clients who recognize the importance
of partnering with a local bank. One of those partners in Ellis County, Elmwood
Homes, named First Financial and Alecia Bland Bank of the Year.
We are trusted. This simple statement is the basis for number 19 of our 21 Non-
Negotiables, which we review company-wide daily. This statement and belief
allowed First Financial Bank to emerge from the challenges the financial industry
faced in the first quarter of 2023. Trust is not freely given and is a culmination of
action over time. It is our pleasure to serve YOU, our customers, today and in the
future.”
AUSTIN ELSNER
Chairman, President and CEO
MAIN OFFICE
200 N. Ridgeway Dr.
Cleburne, TX 76033 | 817.202.3156
NORA THOMPSON
President and CEO
MAIN OFFICE
2445 Harvey Mitchell Pkwy. S.
College Station, TX 77840 | 979.260.2100
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
Dec. 31, 2022
$989,421
$483,610
$732,859
Dec. 31, 2023
$1,014,522
$482,983
$769,368
$15,439
$10,811
1.45%
1.12%
EFFICIENCY RATIO
40.59%
53.20%
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2022
$808,458
$317,372
$724,481
Dec. 31, 2023
$912,976
$358,071
$818,903
$11,373
$9,332
1.51%
1.22%
45.94%
50.48%
Senior Officers
Timothy N. Bryan
Chairman
Nora Thompson
President and CEO
Jerry E. Fox
Executive Vice President
Chief Operations Officer
Austin W. Bryan
Executive Vice President
Senior Relationship Manager
J. Cal McNeill
Executive Vice President
Melanie N. Motley
Senior Vice President
Justin Kleiber
Senior Vice President
Robert Olivarez, Jr.
Senior Vice President
Justen Salcido
Senior Vice President
Dell Seiter
Senior Vice President
Mortgage Lending
Regional Board of Directors
Timothy N. Bryan
Chairman of the Board
*Lead Director
R. Sid Cauthorn
President
Westex Bancorp
Nora Thompson
President and CEO
Brian Barrett
President
Kurten Farms, Ltd.
Ronnie L. Craig
Shareholder
Thompson, Derrig & Craig CPAs
Bobby Gutierrez
President
Gutierrez Ventures, Inc.
Lawrence B. Hodges Jr.
President
H&B Investments, LP
Sarah Miller
Broker
Engel & Volkers, BCS
William L. Rayburn, M.D.
Chair, Baylor Scott & White Holdings
hysician Executive Advisor,
College Station Region
Charles A. Ellison
Attorney at Law
President and Founder, The Ellison Law Firm
Stephen Lee
South Texas Area Banking Executive
Senior Officers
Austin Elsner
Chairman, President and CEO
Russell Phillips
Executive Vice President
Chris Schjetnan
Executive Vice President
Regional Board of Directors
Jaye Weishuhn
Senior Vice President
Chief Operations Officer
Alecia Bland
Senior Vice President
Kim Hamilton
Senior Vice President
Max Price
Senior Vice President
John Saenz
Senior Vice President
Stacey Sloan
Senior Vice President
Austin Elsner
Chairman, President and CEO
Ronald D. Butler II
First Financial Bankshares, Inc.
Cathy Altman
Partner
Carrington Coleman, LLP
Ray Beavers
President
Ray Beavers Consulting, LLC
Robert Childress III
Owner
Childress Engineers
Mark Hill
Utility Construction Consultant
Tim Lyness
Co-Owner
Lyness Construction, LP
*Lead Director
Marcus Morris
President and CEO
Fort Worth Region
Jack Scott
Partner
Bell-Scott Insurance Group
George Williams, Jr.
Williams & Williams Chicken, LLC
Bryan/College Station Region | Annual Report 2023 | 26
Cleburne Region | Annual Report 2023 | 27
Conroe | Montgomery | Magnolia | Willis | Tomball | Cut and Shoot | Huntsville | New Waverly | Spring
CONROE REGION
FORT WORTH REGION
“The Conroe Region is proud to have gained market share in 2023. We generated
more than $200 million in new loan production over the year, and new account
growth has remained strong.
Montgomery and Walker Counties are among the fastest-growing areas in Texas
and the nation. Our local school districts are growing at a rapid pace, with Conroe
Independent School District planning eight additional schools for 2024. The City
of Conroe, in a joint venture with Hyatt, opened a new 250-key Hyatt Regency,
with 38,000 square feet of meeting room space. Further, at least five master
planned communities are being developed in the area.
We are extremely proud of the growth in our ITIN (Individual Tax Identification
Number) and Affordable Home Mortgage Programs to help finance homes in our
low-income neighborhoods. We have partnered with the Montgomery County
Hispanic Chamber of Commerce and the National Association of Hispanic Real
Estate Professionals to facilitate our success. Further, we have hosted numerous
events educating realtors and potential home buyers to assist in their dreams of
home ownership.
With the dedicated and professional bankers here serving our community,
we are excited about 2024. Our Conroe team lives out our 21 service Non-
Negotiables every day.”
“Each morning before the doors open, our Fort Worth team gets together to
remind each other of our vision, mission, and 21 Non-Negotiables that guide
everything we do. These meetings are not just so we can check a box — they
have become part of the fabric of who we are. As Fort Worth and Tarrant County
continue their rapid growth, our team continues to deliver our way of banking.
There has never been a more exciting time to be in Fort Worth, and we are
delighted to be in the middle of all the excitement!
Over 2023, we made tremendous progress towards becoming the undisputed
leader in the financial industry (our vision). Our ITIN and Affordable Home Loan
Programs continue to put First Financial Bank on the map as a leader in our
market. Since rolling out these programs, we have originated 175 loans for more
than $42 million, putting many families in their first homes. We are committed to
leadership surrounding affordable housing in DFW.
During 2023, other banks in our market were forced to the sidelines due to
rapid interest rate hikes by the Federal Reserve. Naturally, this had an impact
on business owners, investors, and residents. The Fort Worth Region, with
the help of our local board members, used this uncertainty in the market as
an opportunity to prove we have something different to offer. Our service
philosophy of exceeding our customers’ expectations resulted in more than 500
net new accounts across all of Fort Worth. Our bankers were ready to serve our
community as they made $245 million in new loans, with an average loan size of
$297 thousand. These loans were spread across our entire community to help
families buy their first homes, businesses grow, and support investors who were
making meaningful impacts in Fort Worth.”
MARCUS MORRIS
President and CEO
MAIN OFFICE
1000 Forest Park Blvd.
Fort Worth, TX 76110 | 817.410.4970
CHRIS BAUGHMAN
President and CEO
MAIN OFFICE
1800 W. White Oak Terrace
Conroe, TX 77304 | 936.760.1888
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, 2022
$1,053,764
$601,396
$893,098
Dec. 31, 2023
$1,030,728
$631,936
$875,589
$15,910
$16,172
1.56%
1.53%
45.28%
48.00%
Dec. 31, 2022
$405,277
$398,247
$154,869
Dec. 31, 2023
$501,301
$494,757
$154,586
$5,025
$3,535
3.40%
2.13%
39.89%
52.26%
Senior Officers
Chris Baughman
President and CEO
Lee Warren
Executive Vice President
Chief Operations Officer
G. Bart Griffith
Executive Vice President
Senior Relationship Manager
Bobby Brennan
Senior Vice President
Mortgage Lending
Guy Barker
Senior Vice President
Billy Brannon
Senior Vice President
Fernando Castellanos
Senior Vice President
Cody Sundbeck
Senior Vice President
Jamie McBee
Senior Vice President
Stephen Lee Weaver
Senior Vice President
Carissa Parker
Senior Vice President
Kyle Whisenhunt
Senior Vice President
Senior Officers
Marcus Morris
President and CEO
Carley Dyck
Executive Vice President
Chief Operations Officer
Regional Board of Directors
Regional Board of Directors
David Moor
Executive Vice President
Matthew Sylvia
Executive Vice President
Craig Zemarkowitz
Executive Vice President
Hesper Derrick
Senior Vice President
Pamela Terry
Senior Vice President
Sam W. Baker
Chairman of the Board
Chris Baughman
President and CEO
Donnie Buckalew
Owner
Buckalew Chevrolet
Shelley Dacus
President and CEO
Kingwood Region
Chris deMilliano
Operations Manager
Steely Lumber Company
*Lead Director
Candyce F. Dixon
CPA
Dan Dominey
Owner
DBD Interests
Robert C. Ernst Jr.
Owner
Ernst Jewelers
Stephen Lee
South Texas Area
Banking Executive
Randy Roan
Owner
Commercial Construction
John Sebastian
President
Conroe Golf Cars
Curtis Montgomery, M.D.
Physician
Robert Pate
Retired President
First Financial Bank, Huntsville
Johnny Peet Jr., M.D.
Physician
Woodlands Gynecology &
Aesthetics PLLC
Vianei Lopez Braun
Chair of the Board
Chief Development Officer
Decker Jones, P.C.
*Lead Director
Marcus Morris
President and CEO
Larry Anfin
K&L Enterprises, Inc
Smith A. Brownlie III
CPA and Co-Founder
Brownlie & Braden
Ronald D. Butler II
First Financial Bankshares, Inc.
Mary Lee Cruz
Retired
Murray Edwards
Principal, The Edwards Group
Susan Miller Gruppi
Co-Founder
M2G Ventures
Tim Lyness
Co-Owner
Lyness Construction, LP
Matt Morris
Area President
HUB Fort Worth
Hub International Texas
Mitchell J. Moses
Partner
Duane Morris LLP
Conroe Region | Annual Report 2023 | 28
Fort Worth Region | Annual Report 2023 | 29
HEREFORD REGION
Kingwood | El Campo | Fulshear | Palacios
KINGWOOD REGION
“The Hereford team was responsive and adaptable in 2023, stepping up when the
community needed us most. Our region grappled with unprecedented rainfall in
2023, leading to severe flooding in the Texas Panhandle. A significant downpour in
June submerged many areas of the community and several local feedyards, leaving
cattle stranded. Quick action from community leaders and local cowboys to rescue
cattle played a critical role in protecting peoples’ livelihoods. Our dedicated and
professional bankers supported the recovery efforts by partnering with the Red
Cross to help provide essential supplies to those impacted and meals to volunteers.
Throughout the year, our region embraced numerous opportunities to meet
challenges head-on. Our continued focus on our ITIN and Affordable Home Loan
programs, offering customers a path to realize their homeownership dreams with
reduced down payments and flexible term options. We take pride having originated
more than $63 million in new loans, resulting in the substantial growth of our loan
portfolio by more than $16 million.
Our community looks forward to new development in 2024. A state-of-the-art $6.5
million outdoor multi-use sports complex is under construction in Hereford and
is anticipated to be completed by mid-2024. This facility is poised to become a
premier tournament destination for baseball and softball teams across the Texas
Panhandle and beyond.
Our gratitude extends to our customers who honored us with the title of
Best Bank in Deaf Smith County for 2023 and recognized us for serving the
Best Complimentary Cup of Coffee. With the ongoing expansion of our region, First
Financial Bank eagerly anticipates opportunities in 2024 to offer the best service to
our customers and community.”
“In 2023, the Kingwood Region demonstrated robust performance, marked
by remarkable loan growth that significantly contributed to our earnings. The
region’s expansive footprint covering Kingwood, Fulshear, El Campo, and
Palacios provides tremendous opportunity stretching across the greater
Houston area.
The region’s many successes and achievements are attributable to our loyal
customers, dedicated professionals, and active board members. Our surge in
account acquisitions stands as a testament to our commitment to expanding
our client base and fostering enduring relationships with our communities. The
El Campo office produced the strongest loan and account growth in El Campo’s
history.
The bank’s focus on ITIN and Affordable Home Loan lending has been
successful in highlighting our dedication to meeting the diverse financial needs
of our communities. Realtor engagement and educational presentations have
helped First Financial Bank in serving underbanked areas.
Many of the suburbs around our branches are vibrant and sought-after
residential hubs. Fulshear/South Brookshire/Simonton communities were
nationally recognized for the greatest percentage of home purchases in 2023.
Kingwood was rated the second friendliest American neighborhood by All Star
Home. Palacios ISD is nearing completion of its two new schools serving K-12.
El Campo-based MidCoast Health system expanded in Trinity, TX.
Over the past two years, the Houston region has set records for job growth,
construction starts, sales tax collections and port traffic. The region continued
to create jobs and attract business from across the globe. Energy transitions
and consolidations by the major oil companies will be a positive for 2024. The
region has strong potential for companies and professionals seeking a thriving
ecosystem conducive to both personal and professional success.”
SHELLEY DACUS
President and CEO
MAIN OFFICE
24080 Hwy 59 N.
Kingwood, TX 77339 | 281.318.4600
HEREFORD OFFICERS
MAIN OFFICE
212 E. Third St.
Hereford, TX 79045 | 806.363.8200
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2022
$219,534
$151,794
$174,287
Dec. 31, 2023
$184,726
$171,050
$149,609
$6,397
$3,860
3.07%
2.00%
43.81%
43.13%
Dec. 31, 2022
$621,737
$547,389
$519,550
Dec. 31, 2023
$603,553
$672,585
$494,232
$12,830
$14,224
1.90%
2.39%
38.49%
40.76%
Senior Officers
Robert de la Cruz
Executive Vice President
Senior Relationship Manager
Carley Dyck
Executive Vice President
Chief Operations Officer
Johnathan Jeter
Vice President
Zach Lauer
Vice President
Devi Veliz
Vice President
Regional Board of Directors
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
Sally Noyce
Human Resources Manager
Panhandle Express, LLC
Johnny E. Trotter
President and CEO
Livestock Investors, Ltd.
*Lead Director
Mike Mauldin
Director, Excellence in Banking
Texas Tech University
Jerry Stevens
Owner, Stevens 5-Star
Car and Truck Center
Senior Officers
Shelley Dacus
President and CEO
Jeff Fuechec
Executive Vice President
Market President, El Campo
Lee Warren
Executive Vice President
Chief Operations Officer
James Alexander
Executive Vice President
Senior Relationship Manager
Regional Board of Directors
Robert C. Nickles Jr.
Chirman of the Board
Founder, Executive Chairman
Alegacy Group, LLC
*Lead Director
Shelley Dacus
President and CEO
Chris Baughman
President and CEO
Conroe Region
Michael Gonzalez
Principal
The Gonzalez Group
Brian Bonner
Executive Vice President
Keith Arrighetti
Senior Vice President
Nancy Powell
Senior Vice President
Brandon Zabodyn
Executive Vice President
Isaias Machica
Senior Vice President
Anita Rod
Senior Vice President
Stephen Lee
South Texas Area Banking Executive
Angela Leviner
Vice President
PAL Realty Inc.
Adam McAlpine
Owner and President
McAlpine Interests
Lance McIntyre
President
DMAC Construction
& Development, Inc.
Blake Poutra
Managing Partner & Principal
Big Enrichment
Rebekah Shipman
President & CEO
Reservoir Data System
Hereford Region | Annual Report 2023 | 30
Kingwood Region | Annual Report 2023 | 31
SAN ANGELO REGION
Orange | Vidor | Mauriceville | Newton | Port Arthur | Beaumont | Lumberton
SOUTHEAST TEXAS REGION
“The San Angelo region enjoyed continued momentum in 2023. We had
increased loans, deposits, and net new accounts. We were extremely proud of
the growth, as all banks focused on deposit growth and increased liquidity. The
latest deposit share report for Tom Green County shows the San Angelo region
in the top spot with 33.48% of the total market share, which is up from 30.19%
in 2022.
San Angelo is experiencing economic growth, which will continue as the I-14
and I-27 interstate projects advance and gain traction. Several new and exciting
community projects were completed or began construction during the year.
Shannon Medical Center completed its Oncology Center. Two local technology
companies purchased the old Sitel building, which is being converted into class
A office space under the new name, Technology Towers. Skyline Aviation began
rehabilitating the old GTE hanger at the San Angelo Airport to house a new first-
class private jet terminal and flight training school for the Angelo State University
commercial aviation program. It’s an exciting time to serve San Angelo’s banking
needs.
We partnered with local businesses and organizations to provide financial
education for the community. In October, we joined Angelo State University
and Cyber Texas to host a cybersecurity and fraud awareness seminar. Another
exciting event was a partnership with the newly formed Minority Alliance
Network Organization to host and teach credit classes for their membership.
The bank is participating in two residential lot developments located in
underserved areas of San Angelo, which will provide new affordable housing
options. We continued to focus on our programs to increase the number of
home loans financed in predominantly minority neighborhoods. We stand ready
to finance these homes with our VA and FHA, secondary market, in-house, ITIN
and Affordable Home Loan programs.”
“In 2023, our region capitalized on opportunities created by a vibrant regional
economy and the opening of our newest branch in Lumberton, Texas, which
has surpassed all expectations, delivering record-setting growth in its first year.
The branch has successfully captured a significant market share, attracting
both personal and business customers by generating innovative banking
solutions and successfully executing our Customer Service First philosophy.
Throughout the year, our region has experienced steady growth in loan
and deposit portfolios. By effectively managing credit risk and maintaining
strong relationships with our customers, we have achieved solid loan growth
across various sectors, including commercial, real estate, and consumer
loans. Additionally, our deposit base has expanded, reflecting the trust and
confidence our customers have placed in us and a relentless regional focus on
this crucial funding source for our business.
We have successfully improved the bank’s net interest margin by implementing
cost-effective strategies and optimizing our asset allocation. Our focus on
risk-adjusted pricing and winning lower-cost deposits has contributed to this
margin enhancement, enabling the bank to achieve a healthy balance between
risk and return.
We are delighted to announce new leadership appointments. Blaine Caillier
has been promoted to the position of President of our Southeast Texas Region.
With his exceptional leadership skills, extensive industry experience, and
deep understanding of the local market, we are confident that Blaine will drive
further growth in our region. Additionally, we promoted David LeJeune as our
new Mid County Market President. David’s proven track record in relationship
management, business development, and community engagement makes
him the ideal candidate to strengthen our presence in the Mid County area and
enable us to better serve the financial needs of our customers.”
STEPHEN LEE
Chairman and CEO
BLAINE CAILLIER
President
MAIN OFFICE
912 N. 16th St.
Orange, TX 77630 | 800.300.8904
CHRIS EVATT
Chairman, President and CEO
MAIN OFFICE
222 S. Koenigheim St.
San Angelo, TX 76903 | 325.659.5900
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, 2022
$1,116,134
$326,196
$979,710
Dec. 31, 2023
$1,147,360
$331,799
$1,009,224
$16,974
$13,197
1.54%
1.16%
35.15%
42.90%
Dec. 31, 2022
$945,940
$633,436
$802,914
Dec. 31, 2023
$1,012,947
$696,539
$862,824
$19,841
$18,073
2.03%
1.82%
39.22%
40.05%
Senior Officers
Chris Evatt
Chairman, President and CEO
Orlando Lara
Senior Vice President
Luke Uherik
Executive Vice President
Senior Relationship Manager
Wes Masters
Senior Vice President
Mortgage Lending
Senior Officers
Stephen Lee
Chairman and CEO
David LeJeune
Market President, Mid County
Blaine Caillier
President
TJ Lingle
Market President, Hardin County
Joe Love
Executive Vice President
Senior Relationship Manager
Lee Warren
Executive Vice President
Chief Operations Officer
Kim Dickerson
Senior Vice President
Rebecca Doucet
Senior Vice President
Regional Board of Directors
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
Ronald D. Butler II
First Financial Bankshares, Inc.
Ronnie Hawkins
President, Angelo State University
CEO, Hawkins Group
Steve Eustis
Commercial Real Estate
*Lead Director
Reagon Noble, D.D.S., M.S.
Noble McClintock Orthodontics
Mary Jane Steadman
Attorney, Real Estate Investment
Management
Stephen Lee
Chairman and CEO
Dr. Snehal Doshi
CEO
Millennium Medical Group
John Gothia
County Judge
Orange County, Texas
Chad Mason
Vice President
Mason Construction
Carlos Rodriguez
Attorney
Webb, Stokes and Sparks
Ronald D. Butler II
First Financial Bankshares, Inc.
Dayna Simmons
CEO/Broker
Dayna Simmons Real Estate
*Lead Director
Jim Gilliam
Partner and Chairman,
The HT Group
Owner and CEO, Bates & Co.
Jessica Hill CEcD
Vice President
Entergy Texas, Inc.
Dr. Ray Callas
Managing Partner
Anesthesia Associates,
PLLC
Gary Gragg
Retired
First Financial Bankshares, Inc.
San Angelo Region | Annual Report 2023 | 32
Cindi LaChance
Senior Vice President
Mortgage Lending
Lani White
Senior Vice President
Connie Browning
Senior Vice President
Kevin Williams
President
Cypress Bayou Industrial
Jim Wimberley
Attorney
Law Offices of Jim Wimberley
Southeast Texas Region | Annual Report 2023 | 33
Southlake | Trophy Club | Keller | Bridgeport | Boyd | Decatur | Grapevine
SOUTHLAKE REGION
Stephenville | Granbury | Glen Rose | Acton
STEPHENVILLE REGION
“2023 was such an impactful year for the Southlake Region. To witness our
employees serve our customers and communities with passion and purpose
is powerful. Their willingness to selflessly serve others is exemplified in so
many ways and through various civic avenues. One of my personal favorites
is when we all serve together in our annual bike build, assembling bicycles for
underprivileged children in our surrounding communities on our annual Day of
Service.
Because of their continued commitment to service, our region and employees
are continually recognized for their many contributions. From a 40 Under 40
recipient, to a Citizen of the Year winner, to being recognized as the Best
Bank in Tarrant County for the 10th year in a row by Society Life, our team
continues to exceed expectations both in the office and in the areas we so
thankfully serve. The opportunity to be part of the Southlake Region team is
humbling and a joy.
Our continued commitment to excellence is vital as northeast Tarrant County
continues to serve as a bright spot in the Texas economy overall and a bright
spot for our bank, more specifically. With growth throughout the region, our
employees performed admirably, delivering solid net income, meaningful
loan growth, strong credit quality, and an increase in net new accounts. Each
of these milestones helped foster a truly successful 2023 and allow us to
look forward to 2024 with eager anticipation of what the future holds for our
Southlake Region.”
“First Financial Bank is well positioned for opportunity in the growing communities
of Stephenville, Granbury, and Glen Rose. The entire Stephenville Region
continues to benefit economically from Tarleton State University’s growth.
Tarleton reached record enrollment for the fourth-consecutive year while finalizing
its transition into Division-I athletics and breaking ground on new buildings.
As one of the company leaders in net new account growth, the Stephenville
Region continues to build new consumer and business relationships as people
relocate to rural Texas. Granbury is preparing for the addition of Lakeview Landing,
a planned development consisting of multi-family units, single-family lots, senior
living, retail, restaurants, and a hotel. The new runway expansion at Granbury
Regional Airport became fully operational this year, and construction of a new
private jet terminal is coming soon. Lake Granbury Medical Center recently
broke ground on a $15 million emergency facility with completion expected in
mid-2024. To fulfill a growing need for housing in the popular Glen Rose ISD, two
large residential developments were introduced to Somervell County in 2023. The
added population growth has attracted new restaurants.
Our employees serve as civic leaders in our vibrant, local communities. First
Financial Bank of Stephenville was again recognized in the Stephenville Empire
Tribune’s Best of Erath Awards as Best Bank and Best Mortgage, and Trent
Tidwell was awarded Best Loan Officer. We recently partnered with Stephenville
Economic Development Corporation (STEDCO) in a loan program designed
to support small businesses. Our dedicated team continues to strengthen
relationships through customer service with an educational emphasis on fraud
prevention. We are also planning presentations on financial literacy at local
schools in the coming year.
Come see for yourself what is so attractive about rural living in and near the
Cowboy Capital of the World.”
TRENT SWEARENGIN
Chairman, President and CEO
MAIN OFFICE
2201 W. South Loop
Stephenville, TX 76401 | 254.965.5036
SHELBY BRUHN
Chairman, President and CEO
MAIN OFFICE
151 W. Southlake Blvd.
Southlake, TX 76092 | 817.410.2915
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Dec. 31, 2022
$1,028,601
$588,591
$925,166
Dec. 31, 2023
$950,760
$611,664
$840,501
$17,068
$14,097
1.64%
1.41%
40.59%
45.01%
Dec. 31, 2022
$991,755
$374,959
$868,081
Dec. 31, 2023
$985,453
$398,652
$869,191
$13,671
$12,415
1.43%
1.24%
43.60%
47.13%
Senior Officers
Shelby Bruhn
Chairman, President and CEO
F. Mills Shallene
Market President, Wise County
Carley Dyck
Executive Vice President
Chief Operations Officer
Isbet Najera
Executive Vice President
Senior Relationship Mananger
Chris Cregger
Senior Vice President
Tracie Talkington
Senior Vice President
Senior Officers
Trent Swearengin
Chairman, President and CEO
Bart Rodgers
Market President, Granbury
Blayne Baley
Market President, Glen Rose
Vickie Pettit
Executive Vice President
Chief Operations Officer
Trent Tidwell
Executive Vice President
Senior Relationship Manager
Doug Dobbins
Senior Vice President
Regional Board of Directors
Regional Board of Directors
Shelby Bruhn
Chairman, President and CEO
Ronald D. Butler II
First Financial Bankshares, Inc.
T. Mikal Darden
President
Greater Metroplex Interiors Inc.
Martin W. Schelling
Conifer Real Estate
*Lead Director
Terry Wilkinson
Wyndham Properties, Ltd.
Trent Swearengin
Chairman, President and CEO
Justin Culberson
Culberson Construction, LLC
Traci Bernard
President
Texas Health Southlake
William Ray Cook, Jr., CPA
Cook McDonald & Company
J. Bruce Hildebrand, CPA
Retired
First Financial Bankshares, Inc.
Berry White
Attorney
Berry White Law Firm, PLLC
Keith Brown
Prime Building Components, LLC
Walter Hardin III
Real Estate Investments
Ronald D. Butler II
First Financial Bankshares, Inc.
Wendell Hollingsworth
Industry and Economic
Development
West Jones
Ranching and Investments
Doug Montgomery
Texstar Kubota, Inc.
Ron Pack
Ranching and Investments
*Lead Director
Southlake Region | Annual Report 2023 | 34
Stephenville Region | Annual Report 2023 | 35
Weatherford | Aledo | Willow Park | Brock | Mineral Wells
WEATHERFORD REGION
FIRST FINANCIAL MORTGAGE
“Parker and Palo Pinto Counties have experienced fantastic growth over the last
several years, and this is readily apparent with the number of new businesses
and homes that are being opened or built. We are home to incredible schools and
cities and offer a short commute to our larger neighbor of Fort Worth to the east.
Aledo ISD is growing rapidly as subdivisions expand in East Parker County.
Among its many accolades, Aledo High School just notched its 12th state football
title in 2023. Parker County was ranked the 8th fastest-growing county in the
nation according to the U.S. Census Bureau’s Vintage 2022 estimates. This
growth has assisted our region in obtaining substantial new account growth
and strong loan growth in 2023. Part of this loan growth has come as we have
helped families moving to the area through our ITIN and Affordable Home Loan
programs. Additionally, our region continues to be the market leader, ranking first
in deposit market share with Parker and Palo Pinto Counties combined.
The bedrock of our service culture starts with our 21 Customer Service Non-
Negotiables that we commit to each and every day. It is this level of service that
has contributed to our region being honored by the Weatherford Democrat in
their Best of the Best issue for 2023. We were chosen as Best Bank and Best
Mortgage Provider in both Parker and Palo Pinto Counties. Additionally, Amber
Allen and Kathy Fowler were named Best Banker in Parker and Palo Pinto
Counties, respectively.
We look forward to 2024 with great enthusiasm and expectation. As Parker and
Palo Pinto Counties continue to grow at a rapid pace, we stand ready to support
both new and existing customers alike as they also grow, diversify, and enjoy all
that this area of Texas has to offer.”
The Texas housing market remains resilient and led the nation in new home construction in 2023. While demand for existing homes declined
last year due to increased long-term fixed rates, those rates began to drop at year-end, which should lead to increased demand in 2024.
Our mortgage team successfully assisted 1,319 individuals and families with their home financing needs in 2023, totaling $409 million in
originations. We added a new team of seasoned mortgage professionals in our Bryan/College Station region. The team is led by Dell Seiter
and is highly regarded and respected by the local real estate community.
First Financial Mortgage is well positioned in growing markets throughout Texas, providing great opportunities for our lending team. Our
team of mortgage professionals has a wide array of products to meet customers’ real estate needs. We are always ready to assist as you
begin your homebuying journey.
$1,319TOTAL
LOANS
5CLOSINGS PER
DAY AVERAGE
$409 MTOTAL DOLLAR
AMOUNT
$310 K
AVERAGE LOAN
AMOUNT
JUSTIN B. HOOPER
Chairman, President and CEO
MAIN OFFICE
101 College Park Dr.
Weatherford, TX 76086 | 817.598.2600
IN THOUSANDS
ASSETS
LOANS
DEPOSITS
NET INCOME
RETURN ON AVG. ASSETS
EFFICIENCY RATIO
Senior Officers
Dec. 31, 2022
$1,351,417
$525,307
$1,158,883
Dec. 31, 2023
$1,309,710
$576,916
$1,101,866
$22,234
$16,436
1.65%
1.25%
39.76%
46.35%
Senior Officers
Justin B. Hooper
Chairman, President and CEO
Tim Corzine
Market President - Mineral Wells
Carley Dyck
Executive Vice President
Chief Operations Officer
Amber Allen
Executive Vice President
Senior Relationship Manager
Paul Bruns
Senior Vice President
Mike Davis
Senior Vice President
Jimmie Sue Lawson
Senior 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.
*Lead Director
J. Bruce Hildebrand,CPA
Retired
First Financial Bankshares, Inc.
Tracey Kirsch
Former Director & CEO
Electromedical Products International
Mitchel Johnson
Vice President of Operations
Sacramento Energy Resources
Kevin R. Lackey
President & CEO
2662 Capital
Stephen E. Milliken
Former President
C.D. Hartnett Company/
McLane Express, Inc.
Mike White, O.D.
Retired
Therapeutic Optometrist
Kerry Kelley
President / Director
Kerry Kelley, Inc.
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
Dell Seiter
Senior Vice President
Bryan/College Station
Weatherford Region | Annual Report 2023 | 36
First Financial Mortgage | Annual Report 2023 | 37
FIRST TECHNOLOGY SERVICES, INC.
LINE OF BUSINESS EXECUTIVES
One of our primary focuses has been fraud prevention. In 2023, we invested in several enhancements to prevent bad actors from gaining
access to user logins. These preventative measures had an immediate impact, reducing fraud and protecting customers’ personal
information.
We created a new loan payment experience that offers customers more payment options, making it easier and more convenient to
schedule and make online loan payments.
We delivered a new, more modern online and mobile banking dashboard, which is the foundation for ongoing enhancements as we
continue to evolve the user experience. We also invested in infrastructure to deliver significant improvements to our online banking
system’s stability.
In 2024, we will continue to deliver and evolve security, authentication, and authorization technology to protect our customers and the
bank. We are investing in state-of-the-art software and fintech solutions that will establish layers of protection, protecting customers and
the bank well into the future.
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
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
First Technology Services | Annual Report 2023 | 38
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
Monica Houston
Executive Vice President
Training
First Financial Bank
Matthew Melbourne
Executive Vice President
Chief Operations Officer
First Financial Trust &
Asset Management Company
Blake Poutra
CEO
McAlphine Interests
Michelle S. Hickox
Executive Vice President
Chief Financial Officer
First Financial Bankshares, Inc.
Andrea Smiddy-Schlagel
Executive Vice President
Treasury Management
First Financial Bank
Trent B. Swearengin
Chairman, President and CEO
First Financial Bank, Stephenville Region
Clay Trumble
Senior Vice President
Credit Administration
First Financial Bank
Lee Warren
Executive Vice President
Chief Operations Officer
First Financial Bank, Conroe Region
First Financial Bank, Kingwood Region
First Financial Bank, Southeast Texas Region
Marketing:
The marketing team focused on new partnerships and incentives to drive awareness and customer
engagement in 2023. We held promotions featuring country music star Aaron Watson and partnered with
college athletes, including Behren Morton of Texas Tech University and Anthony Egbo Jr. of Abilene Christian
University. We held contests to incentivize new accounts and deposits, including a tuition giveaway to
support customers who are in college.
Training:
We focused on fraud prevention training in 2023. The retail frontline identified and prevented more than
$4.9 million in fraudulent items presented in teller lines and lobbies. We also conducted FFIN University,
a year-long program for mid-management leaders to teach them how to run a high-performing bank.
Session topics included national economics, regulation and compliance, presentation skills, handling
media inquiries, and professional etiquette.
Retail:
In 2023, we began developing a new platform that simplifies the account opening process, reducing
a customer’s new account opening experience by at least 15 minutes. It offers a much more
streamlined process for both the banker and the customer. Our bankers will now have time to build
stronger relationships with customers to offer solutions for their financial needs.
Treasury Manangement:
We strengthened our suite of Treasury Management products for our business clients in 2023. We
recognize that not one size fits all businesses, so we identified gaps and offered customizable products to
meet clients’ unique needs. We also updated our international wire service and foreign exchange provider
and added multi-currency accounts.
Consumer Lending:
Our team served more than 700 new customers in predominantly minority communities in 2023 through
our Affordable Home Mortgage and ITIN programs, generating $140 million. These programs serve
customers with $100,000 or less in household income or those who do not have a social security number.
We also helped people take out home equity loans and offered a mortgage product that helps customers
buy a home with no down payment.
Human Resources:
The Human Resources team has monitored the shifts in the labor market to ensure the company remains
competitive. We implemented supplemental coverage that supports employees’ physical, mental, and
financial well-being. We also launched a dedicated website to increase awareness of our company’s
career opportunities for military veterans.
Customer Care Center:
In the past year, our customer care center managed almost 1.1 million inbound calls and made 275,000
outbound calls to customers. We have undertaken two projects to fortify our fraud prevention measures.
The first initiative verifies that a call is coming from the device that owns the number. Our second
project implements voice biometrics technology, which involves unique voiceprint identification. These
solutions help safeguard customers and our organization against evolving threats.
Appraisal Services:
Despite unusual volatility in the real estate market in response to interest rate changes, the Appraisal
Department focused on delivering reliable valuations to aid customers in their real estate investment
decisions. The credibility of our real estate valuations is essential during periods of fluctuating market
conditions. We look forward to increased momentum in 2024.
Property Management:
Our property management team led construction on two new branches and two branch remodels in
2023. We opened new branches in Huntsville and College Station, and we remodeled our Trophy Club
and Vidor branches. Construction is underway on a new branch on Highway 21 in College Station, set
to open in late spring of 2024.
Megan Dobbs
Executive Vice President
Advertising and Marketing
Monica Houston
Executive Vice President
Training
Lori Hill
Executive Vice President
Retail Banking
Andrea Smiddy-Schlagel
Executive Vice President
Treasury Management
Michael Wolverton
Executive Vice President
Consumer Lending
Josh Brown
Senior Vice President
Human Resources
Brandon Harris
Senior Vice President
Appraisal Services
Gary Milliorn
Vice President
Property Manager
Line of Business Executives | Annual Report 2023 | 39
Abilene | Beaumont | Bryan/College Station | Fort Worth | Kingwood | Odessa | San Angelo | Stephenville | Sweetwater
FIRST FINANCIAL TRUST & ASSET MANAGEMENT COMPANY
"First Financial Trust & Asset Management Company delivered excellent results in 2023.
Total assets under management at year-end had a book value of $7.5 billion, a 9% increase
from $6.9 billion at the end of 2022. The market value of the assets totaled $9.8 billion, a
gain of 11.7% from $8.8 billion. For the year, total fee income increased 1.2% to $40.5
million from $40 million in 2022, and net earnings after tax increased 3.7% to $21.6 million
from $20.9 million.
For the year, our revenue from oil and gas management totaled $6.2 million. This was
$1.2 million less than in 2022 but still stands out as the second-best year for mineral
management revenue by over $1.4 million.
The trust company’s investment performance was outstanding. All of our equity portfolios
outperformed their respective benchmarks. The best performing portfolio was our Strategic
Growth portfolio which had a return of 51.5%, followed by our Core portfolio which had a
return of 29%. Both our taxable and tax-free bond portfolios had excellent returns of 7.2%
and 5.3%, respectively, also outperforming their benchmarks.
We continue to have good growth in our newest markets in Beaumont, Kingwood, and
Bryan/College Station. Our Beaumont office now has assets under management exceeding
$305 million, with Kingwood and Bryan College Station at $193 million and $255 million,
respectively. Our Bryan/College Station office achieved profitability this year with net
income of $132 thousand, an increase over 2022 of $242,000. Our pipelines continue to
look very promising for excellent growth in these markets going forward."
Trust Office Managers
Lon Biebighauser
Regional President
Abilene
Konrad S. Halbert
Regional President
Fort Worth
David Castleberry
Executive Vice President
Stephenville
Wayne Chowning
Executive Vice President
Sweetwater
KIRK W. THAXTON
Chairman, President and CEO
First Financial Trust
Trust Assets - Book Value (in millions)
2019
2020
2021
2022
2023
$4,856
$5,398
$5,880
$6,927
$7,550
Trust Net Income (in thousands)
2019
$13,892
2020
2021
2022
2023
$14,471
$17,723
$20,857
$21,624
Trust Fees (in millions)
2019
$28.40
2020
$0
2021
2022
2023
$29.53
$36.15
$40.00
$40.46
40
27
Sweetwater
20
Abilene
35
Fort Worth
Stephenville
10
Odessa
San Angelo
10
35
Bryan/
College
Station
10
Houston
37
Zach Reyes
Executive Vice President
San Angelo
Bradley D. Brown
Senior Vice President
Beaumont
Brent S. Miller
Senior Vice President
Kingwood
Jeff Wind
Senior Vice President
Bryan/College Station
Senior Officers
Christopher N. Montoya
Executive Vice President
Manager, Equities
Bill Rowe
Executive Vice President
Manager, Fixed Income
Directors
Kirk W. Thaxton
Chairman, President and CEO
First Financial Trust
Katie Alford
President and CEO
Abilene Community Foundation
David L. Copeland
President
SIPCO, Inc. and
Shelton Family Foundation
30
20
Beaumont
Matthew Melbourne
Executive Vice President
Chief Operations Officer
Josh Brown, CPL
Senior Vice President
Manager, Oil and Gas
Justin Bryan
Senior Vice President
F. Scott Dueser
Chairman of the Board,
President and CEO
First Financial Bankshares, Inc.
Jay Lawrence
President
MAL Enterprises, Inc.
Mark K. Rich
Director of Investments
Kimbell Art Foundation
Susie S. Stalcup
Partner
Elm Creek Ranch CR106, LLC
Aubrey Gideon
Senior Vice President
Thad Jennings
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
Trust & Asset Management | Annual Report 2023 | 40
Trust & Asset Management | Annual Report 2023 | 41
FIRST FINANCIAL BANKSHARES CORPORATE INFORMATION
FIRST FINANCIAL BANKSHARES &
FIRST FINANCIAL BANK BOARD OF DIRECTORS
Executive Team
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
Chief Banking Officer
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 Credit 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
Senior Team
Rett Everett
Executive Vice President
Credit Administration
Javier Jurado
Executive Vice President
Chief Audit Executive
Keith Morton
Executive Vice President
Credit Administration
Mike Parker
Executive Vice President
Chief Compliance Officer
Eric Bonnell
Senior Vice President
Enterprise Risk Management
Corporate Information
ANNUAL MEETING
Tuesday, April 23, 2024
Abilene Convention Center
1100 N. Sixth St.
Abilene, TX 79601
10:30 a.m., or via livestream at
ffin.com/live-events
TRANSFER AGENT
Continental Stock Transfer &
Trust Company
212.509.4000
www.continentalstock.com
FOR FINANCIAL AND
INVESTOR INFORMATION:
Michelle S. Hickox
Executive Vice President
Chief Financial Officer
325.627.7361
CORPORATE OFFICE
400 Pine St. | Suite 310
Abilene, TX 79601
325.627.7038
SEND CERTIFICATES FOR
TRANSFER AND ADDRESS
CHANGES TO:
Continental Stock Transfer &
Trust Company
1 State Street, 30th floor
New York, NY 10004
CORPORATE MAILING
ADDRESS
P.O. Box 701
Abilene, TX 79604
ADDRESS SHAREHOLDER
INQUIRIES TO:
Continental Stock Transfer &
Trust Company
1 State Street, 30th floor
New York, NY 10004
INDEPENDENT
PUBLIC AUDITORS
Ernst & Young LLP
Dallas, TX
First Financial Bankshares Corporate Information | Annual Report 2023 | 42
NASDAQ: FFIN
www.ffin.com
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
Kade Matthews
Ranching
Investments
Year: 1998
Committee: 3,5
Robert C. Nickles, Jr.
Executive Chairman
Alegacy Group, LLC
Year: 2019
Committee: 1,4,5
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, 2023, deposit information compiled by the Federal Deposit Insurance Corporation.
First Financial Bankshares & First Financial Bank Board of Directors | Annual Report 2023 | 43
Tim LancasterFormer President and CEO Hendrick Health SystemYear: 2013Committee: 1,2,3,4,6 400 Pine St., Abilene, TX 79601 | 325.627.7038 | ffin.com
TM.
,