First Financial Bankshares 2nd Qtr 2016

2nd Quarter 2016
First Financial Bankshares, Inc.

1
Forward Looking Statement
The numbers, as of and for the quarter ended June 30, 2016, contained within this presentation are
unaudited. Certain statements contained herein 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 “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 and savings 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/Filings” on the Company’s web site or by writing or calling the Company
at 325.627.7155. The Company does not undertake any obligation to update publicly or revise any
forward-looking statements herein because of new information, future events or otherwise.

22
Who We Are
$6.6 billion financial holding company
headquartered in Abilene, Texas
Group of 11 separate regions
126 year history
Growth markets include 50 mile radius of
the larger cities of Texas

Recognitions – Financial Exploitation Prevention Program
 ABA Foundation Community Commitment Award – November 2015
 Texas Bankers Association 2016 Leaders in Financial Education
Award – May 2016
 White House Conference on Aging – July 2015
 AARP Roundtable Discussion – November 2015
 Texas Senate Committee on Business and Commerce – Jan. 2016
 House Investments and Financial Services Committee – March 2016
4

55
Recognitions
 SNL - #5 Best-Performing Regional Bank – April 2016
 Raymond James Community Bankers Cup #3, One of thirty
banks named– March 2016
 2015 Proven Performers Award Winner – Bank Intelligence
Solutions
 American Banker - #15 – Based on three year average Return on
Equity – May 2015
 KBW Honor Roll – One of twenty five banks named – April 2015

66
What Makes Us Different
One Bank, Eleven Regions Concept
 One Bank
 Consolidation of backroom operations, technology, and
compliance (lower efficiency ratio)
 Eleven Regions
 Regional Presidents run their regions
 Local Boards – Movers and Shakers of the Community
 Keep our regions locally focused
 Make sure we meet the needs of the community
 Help us make better loan decisions
 Help us market the region

77
FFIN’s Unique Positioning in Texas
Bank Key Markets
Comerica DFW, Austin, Houston, California, Michigan, Florida, Mexico
Green Houston, Austin, Dallas (New Public Company – August 2014)
Frost San Antonio, Austin, Corpus Christi, DFW, Rio Grande, West Texas
Independent North and Central Texas
International Bancshares Rio Grande, Houston, San Antonio, Oklahoma
Legacy Texas Dallas
Prosperity Houston, DFW, Austin, West Texas, South Central Texas, and Oklahoma
Southside East Texas
Texas Capital DFW, Austin, San Antonio, and Houston
Triumph Dallas (New Public Company – November 2014)
Veritex Dallas (New Public Company – October 2014)

88
First Bank, N.A. - Conroe Acquisition
 Consummated July 31, 2015
 Montgomery, Walker, & Harris Counties (On I-45 North of Houston)
 Exxon Mobil Headquarters in the Woodlands
 Montgomery County – Approximately 500,000 residents, 55% growth from 2000 to
2010, 24th fastest growing county in the United States
 #4 Market Share in Conroe – 10.6%
 8 Branches in Conroe, Magnolia, Tomball, Cut and Shoot, Montgomery, and
Huntsville; additional site on Grand Parkway in Spring, Texas to expand
 $374 million in Assets at acquisition date
 $343 million in deposits
 $248 million in loans
 1.06% Return on Assets in 2014
 $61.0 million purchase price of our stock which represents 16x last twelve
months earnings
 Conroe acquisition is consistent with our acquisition model of high growth areas,
strong management and excellent earnings opportunity
 Provides diversification and fits well into our footprint
 Management and Board share same values to outstanding customer service

99
4Trust Mortgage Acquisition
 Consummated – May 31, 2015
 Originated $175 million in mortgage loans in 2014 – Compared to $225 million that
First Financial Bank originated in 2014
 15 year old Company with offices in Fort Worth, Dallas and North Richland Hills
 $1.9 million purchase price
 Troy Fore is now President of Mortgage Division of First Financial Bank; other
owners joining First Financial as EVP’s – Tammie Harding, Kami Graves, and Ryan
Craig
 Considered one of the top mortgage companies in Fort Worth
 Are now offering expanded mortgage products and services to customers

1111
Texas: Large and Growing
Five most populous states:* Growth
(2004 – 2014)
California 38.8 million 8.1%
Texas 26.9 million 20.1%
Florida 19.9 million 15.0%
New York 19.7 million 2.6%
Illinois 12.9 million 1.8%
* U.S. Census Bureau

1212
Target Markets – Population Growth
Population growth (2004-2014) in FFIN expansion markets:*
Texas 20.1%
Bridgeport & Wise County 19.4%
Fort Worth & Tarrant County 21.4%
Cleburne & Johnson County 14.4%
Weatherford, Willow Park, Aledo & Parker County 30.3%
Granbury & Hood County 19.6%
Stephenville & Erath County 15.9%
Conroe & Montgomery County 47.0%
* U.S. Census Bureau

1313
Core Markets: West Central Texas
 Markets served benefiting from well-established,
long- time customers
REGION
ASSET
SIZE*
LOCATIONS
DEPOSIT
MARKET SHARE**
MARKET
SHARE RANK**
First Financial Bank
(Abilene, Clyde, Moran, Albany, Odessa
Eastland, Ranger, Rising Star, Cisco,
Sweetwater, Roby, Trent, Merkel)
$2,118M 23 48% 1
(Hereford)
$192M 1 44% 1
(San Angelo)
$675M 3 27% 1
TOTALS $2,985M 27
* Data as of 06-30-16
** Data as of 06-30-15

1414
Expansion Markets
REGION ASSET SIZE* LOCATIONS
DEPOSIT MARKET
SHARE**
MARKET SHARE
RANK**
(Cleburne, Burleson, Alvarado)
(Midlothian, Waxahachie)
$432M 4
2
24%
5%
1
6
(Southlake, Trophy Club, Keller, Grapevine)
(Bridgeport, Decatur, Boyd)
$479M 4
3
4%
18%
6
3
(Stephenville, Granbury, Glen Rose, Acton)
$479M 6 24% 2
(Weatherford, Aledo, Willow Park, Brock)
$496M 7 23% 1
(Mineral Wells)
$256M 1 39% 1
(Ft. Worth)
$67M 1 - -
(Orange, Mauriceville, Vidor)
(Newton, Port Arthur, Beaumont)
$511M 3
3
38%
2%
1
9
(Conroe, Magnolia, Cut and Shoot, Montgomery, Huntsville, Willis, Tomball,
New Waverly)
(Market Share for Huntsville, Conroe, Magnolia, Cut and Shoot, Montgomery and Willis Only)
$591M 9 4% 9
TOTALS $3,311M 43
* Data as of 6-30-16
** Data as of 06-30-15

1515
Recent De Novo Growth
 Lubbock: Office of Trust Company – September 2014
 New Waverly: Branch of Huntsville – August 2014
 Beaumont: Branch of Orange – August 2014
 Weatherford: I-20 Branch – June 2013
 San Angelo: HEB Branch – March 2013
 Waxahachie: Branch of Cleburne – December 2012
 Abilene: Antilley Road Branch – September 2012
 Grapevine: Branch of Southlake – March 2012
 Cisco: Branch of Eastland – September 2011 (Building New Building – Planned Opening 3rd Qtr. 2016)
 Lamesa: Office of Trust Company – April 2011
 Odessa: Branch of Abilene – February 2010 (Building New Building – Planned Opening 3rd Qtr. 2016)
 Fort Worth: Branch of Weatherford – February 2010
 Odessa: Office of Trust Company – April 2009
 Merkel: Branch of Sweetwater – July 2008
 Brock: Branch of Weatherford – March 2008
 Acton: Branch of Stephenville – March 2008
 Albany: Branch of Abilene – May 2007
 Fort Worth: Office of Trust Company – April 2007 (New Building – Opened May 2016)

Fort Worth – Forest Park Blvd. and Rosedale (Opened May 2016)
1616

Fort Worth – Forest Park Blvd. and Rosedale (Opened May 2016)
1717

18
Years with Company Years in Industry
Scott Dueser
Chairman of the Board, President &
Chief Executive Officer
40 45
Ron Butler
Executive Vice President
Chief Administrative Officer
23 34
Troy Fore
President
First Financial Mortgage
1 35
Gary S. Gragg
Lending
26 38
J. Bruce Hildebrand, CPA
Chief Financial Officer
14 37
Executive Management at First Financial
18

19
Luke Longhofer
Executive Vice President & Loan Review Officer
Lending
6 13
Stan Limerick
Chief Information Officer
1 35
Randy Roewe
Chief Risk Officer
1 25
Kirk Thaxton, CTFA
President
First Financial Trust & Asset Management
29 33
Marna Yerigan
Lending
5 32
Executive Management at First Financial
19

20
Brandon Harris
Senior Vice President
Appraisal Services
2 15
Monica Houston
Training
20 20
Larry Kentz
Senior Vice President & Compliance Officer
Compliance
2 36
Michele Stevens
Advertising and Marketing
16 32
Senior Management at First Financial
20

Experienced Regional CEOs & Presidents
21
Marelyn Shedd, Abilene 25 33
Mike Mauldin, Hereford 13 38
Mike Boyd, San Angelo 40 44
Tom O’Neil, Cleburne 18 36
Trent Swearengin, Stephenville 16 18
Jay Gibbs, Weatherford 14 42
Mark Jones, Southlake 15 38
Ken Williamson, Mineral Wells 14 45
Stephen Lee, Southeast Region 3 27
Sam Baker, Conroe 1 39
Martin Noto, Fort Worth 1 32

2222
$4,121
$4,502
$5,222
$5,522
$6,665 $6,615*
2011 2012 2013 2014 2015 2016
Growth in Total Assets
Asset Performance
(in millions)
*As of June 30, 2016

2323
$1,102 $1,312 $1,362 $1,570 $1,746 1,645
$2,233
$2,321
$2,773
$3,180
$3,444 $3,411
2011 2012 2013 2014 2015 2016
Non Interest Bearing Interest Bearing
Deposit Growth
Growth in FFIN Total Deposits (in millions)
$5,056*
$3,335
$3,633
$4,135
$4,750
$5,190

2424
Deposit Products
Time
11.0%
Demand
32.5%
Money
Market
44.4%
Savings
12.1%

2525
Account Growth
Net Growth in 2012 – 1,219 Accounts
Net Growth in 2013 – 3,308 Accounts*
Net Growth in 2015 – 5,886 Accounts**
December 31,
2012
December 31,
2013
December
31, 2014
December 31,
2015
June 30,
2016
Total Number
of Accounts
205,282 208,590 234,614 251,699 253,811
*(Excluding Orange Acquisition)
**(Excluding Conroe Acquisition)

2626
$66 $68 $76 $106 $102 $81
$218 $273 $334 $361 $386 $387
$427
$510
$590
$640 $685 $657
$1,076
$1,238
$1,689
$1,831
$2,178 $2,184
2011 2012 2013 2014 2015 2016
Real Estate
Commercial
Consumer
Agricultural
Loan Performance
Growth in FFIN Total Loans (in millions)
$1,787
$2,089
$2,689
$3,309
$2,938
$3,351

2727
Overview of Loan Portfolio
Commercial
19.8%
Agriculture
2.5%
Consumer
11.7%
Real Estate
66.0%
Note: Oil & Gas Exposure 2.65%

2828
Residential
Development &
Construction
9.5%
1-4 Family
44.8%
Commercial
Development and
Construction
5.1%
Commercial R/E
23.9%
Other R/E
16.7%
Breakdown of R/E Loan Portfolio

2929
Oil & Gas Portfolio Analysis
Oil & Gas Supplemental Information (dollars in thousands)
December 31, 2015 June 30, 2016
Oil & Gas Loans 96,712 87,857
% of Total Loans 2.89% 2.65%
Classified Oil & Gas Loans 34,506 32,674
Non Accrual Oil & Gas Loans 5,404 5,763
Quarter Ended Net Charge-offs 1,370 419
ALLL of % of Oil & Gas 6.35% 6.57%

3030
2011 2012 2013 2014 2015 2016*
End of
Period 53.6 57.5 65.0 61.8 64.6 65.5
Average
Balances
54.6 56.4 64.3 64.1 63.0 65.2
Loan to Deposit Ratio

3131
2011 2012 2013 2014 2015 2016
First
Financial 1.64% 1.22% 1.16% 0.74% 0.89% 1.22%*
Peer Group 4.59% 3.67% 2.71% 1.92% 1.30% 1.27%**
Sound Lending Practices
Nonperforming assets as a percentage of loans + foreclosed assets (FFIN vs. Peers)
**As of Mar. 31, 2016

3232
Less than 1
year
1 to 2 years 3 to 5 years 6 to 10 years
Over 10
years
34.75% 12.91% 29.86% 15.60% 6.88%
Loan Repricing
Loan Portfolio Interest Rate Risk Analysis

3333
$34,315 $34,839 $33,900
$36,824
$41,877
$45,060
$6,626
$3,484 $3,753 $4,465
$9,685
$4,386
2011 2012 2013 2014 2015 2016*
ALLL Provision
Allowance for Loan Losses and Provision for Loan Losses
(in thousands)

3434
Summary of Bond Portfolio
Agencies 4.83% Corporates
2.51%
Muni
52.27%
MBSs
16.81%
CMOs 23.16%
Treasuries
0.42%

3535
$1,912
$2,233
$2,465
$2,774
$3,060
$3,267*
2011 2012 2013 2014 2015 2016
Growth in Trust Assets
Total Trust Assets – Book Value (in millions)

3636
$12,671
$14,464
$16,317
$18,766 $19,251
$6,254
$7,124
$7,746
$9,125 $9,472 $9,380
2011 2012 2013 2014 2015 2016
Total Trust Fees
Growth in FFTAM Fees (in thousands)
thru
June 30th

3737
$4,176
$5,183
$6,142
$7,109
$7,449
$2,078
$2,597
$2,900
$3,542 $3,631
$3,350
2011 2012 2013 2014 2015 2016
Total Trust Net Income
Growth in FFTAM Net Income (in thousands)
thru
June 30th

38
$68.4
$74.2
$78.9
$89.6
$100.4
$32.8
$36.1 $38.1
$43.5
$49.3
$52.5
2011 2012 2013 2014 2015 2016
29th Consecutive Year of Increased Earnings
FFIN Earnings (Full year and 1st 6 months) (in millions)
38
thru
June 30th

39
$1.09
$1.18 $1.24
$1.40
$1.55
$0.52
$0.58 $0.60
$0.68
$0.77 $0.80
2011 2012 2013 2014 2015 2016
Strong Shareholder Earnings
Basic Earnings Per Share (Full year and 1st 6 months)
39
thru
June 30th

40
1.78% 1.75%
1.64% 1.65%
1.61%
0.80%
0.98%
1.04%
0.95% 0.97%
2011 2012 2013 2014 2015
FFIN Outperforms Peers
Percentage Return on Average Assets
PeerGroup
FirstFinancial
40

41
14.44%
13.85% 13.75% 14.00% 13.60%
7.27%
8.56% 8.89%
8.34% 8.68%
2011 2012 2013 2014 2015
Strong Return on Capital
Percentage Return on Average Equity
PeerGroup
FirstFinancial
41

4242
2012 2013 2014 2015 2016
Shareholders’
Equity 556,963 587,647 681,537 804,986 866,158
As a Percent of Total
Assets
12.37 11.25 11.65 12.08 13.09
Tangible
Capital
484,990 490,163 584,178 660,537 722,228
Tier 1
Leverage Ratio
10.60 9.84 9.89 9.96 10.49
Common Equity
Tier 1 Capital Ratio
17.43 15.82 16.05 15.90 16.64
Tier 1 Capital Ratio 17.43 15.82 16.05 15.90 16.64
Total
Capital Ratio
18.68 16.97 17.16 16.97 17.79
Capital & Capital Ratios
(dollars in thousands)

43
3.00%
3.25%
3.50%
3.75%
4.00%
4.25%
4.50%
4.75%
5.00%
1st
Qtr. '13
2nd
Qtr. '13
3rd
Qtr. '13
4th
Qtr. '13
1st
Qtr. '14
2nd
Qtr. '14
3rd
Qtr. '14
4th
Qtr. '14
1st
Qtr. '15
2nd
Qtr. '15
3rd
Qtr. '15
4th
Qtr. '15
1st
Qtr. '16
2nd
Qtr. '16
First Financial Peer Group
Net Interest Margin
Quarterly Interest Margin
43

4444
2011 2012 2013 2014 2015 2016
First
Financial 48.37% 48.14% 50.20% 49.24% 47.61% 48.97%*
Peer Group 65.57% 65.77% 67.80% 66.84% 63.90% 63.10%**
Working Harder and Smarter
Efficiency Ratio (FFIN vs. Peers)
**As of March 31, 2016

4545
Stock cost in January 2015 $29,880
Dividend declared ($0.62 x 1,000 shares) $ 620
Increase in stock price during 2015
($29.88 to $30.17 X 1,000 shares)
$290
2015 return on investment 3.05%
2014 return on investment -7.96%
5 year compound average return 12.36%
Total Return on Investment
13.95%
Assume you owned 1,000 shares of FFIN stock on January 1, 2015…

4646
Dividends Per Share
$0.48 $0.50
$0.52
$0.55
$0.62
2011 2012 2013 2014 2015
Annual Dividends Declared Per Share*
*Per share amounts reflect the 2 for 1 stock split that was effective June 2, 2014.

4747
Strong Stock Performance
-100.00%
-50.00%
0.00%
50.00%
100.00%
150.00%
200.00%
FFIN S&P 500 NASDAQ Dow Jones
Jan . ‘07 June ’16Dec . ‘09Dec ‘07 Dec ‘08 Dec. ‘10 Dec. ’11 Dec. ’12 Dec. ’13 Dec. ’14 Dec. ’15

4848
Challenges
Regulatory reform from Washington
Stagnant national economy
Oil & gas price decline
Low interest rate environment
Maintaining net interest margin

4949
Opportunities
 Loan Growth
 Mortgage Lending
 Trust Services
 Treasury Management
 Mobile Banking
 Lower Efficiency Ratio
 Potential Acquisitions

First Financial Bankshares 2nd Qtr 2016

First Financial Bankshares 2nd Qtr 2016

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