Investor Presentation

1. 3rd Quarter 2017
First Financial Bankshares, Inc.

2. 1
Forward Looking Statement
The numbers, as of and for the quarter and nine-months ended September 30, 2017, 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.

3. 22
Who We Are
$7.0 billion financial holding company
headquartered in Abilene, Texas
Group of 10 separate regions
127 year history
Growth markets include 50 mile radius of
Dallas, Fort Worth, and Houston

4. 3

5. Recognitions – Financial Exploitation Prevention Program
 Texas Bankers Association Cornerstone Award for Day of
Service – May 2017
 Texas Bankers Association 2016 Leaders in Financial Education
Award – May 2016
 House Investments and Financial Services Committee – March 2016
 Texas Senate Committee on Business and Commerce – Jan. 2016
 AARP Roundtable Discussion – November 2015
 ABA Foundation Community Commitment Award – November 2015
 White House Conference on Aging – July 2015
4

6. 55
Recognitions
 Raymond James Community Bankers Cup #2, One of thirty
banks named– April 2017
 KBW Honor Roll – One of fifteen banks named – April 2017
 SNL - #5 Best-Performing Regional Bank – April 2016
 2015 Proven Performers Award Winner – Bank Intelligence
Solutions
 American Banker - #15 – Based on three year average Return on
Equity – May 2015

7. 66
What Makes Us Different
One Bank, Ten Regions Concept
 One Bank
 Consolidation of backroom operations, technology, and
compliance (lower efficiency ratio)
 Ten 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

8. 77
FFIN’s Unique Positioning in Texas
Bank Key Markets
Comerica DFW, Austin, Houston, California, Michigan, Florida, Mexico
Green Houston, Austin, Dallas
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
Veritex Dallas

9. 88
Commercial State Bank - Kingwood Proposed Acquisition
 Definitive Agreement Signed October 12, 2017
 4 Branches in Kingwood, El Campo, Fulshear, Palacios
 $366.8 million in Assets as of September 30, 2017
 $322.1 million in deposits
 $263.8 million in loans
 1.23% Return on Assets in 2016
 $59.4 million purchase price represents 13.78x last twelve months earnings
 Kingwood 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

10. 9

11. 1010
Texas: Large and Growing
Five most populous states:* Growth
(2006 – 2016)
California 39.3 million 9.1%
Texas 27.9 million 19.3%
Florida 20.6 million 13.4%
New York 19.7 million 3.1%
Illinois 12.8 million 1.3%
* U.S. Census Bureau

12. 1111
Target Markets – Population Growth
Population growth (2006-2016) in FFIN expansion markets:*
Texas 19.3%
Bridgeport & Wise County 13.5%
Fort Worth & Tarrant County 21.5%
Cleburne & Johnson County 11.7%
Weatherford, Willow Park, Aledo & Parker County 23.6%
Granbury & Hood County 31.1%
Stephenville & Erath County 18.0%
Conroe & Montgomery County 41.3%
* U.S. Census Bureau

13. 1212
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)
$2,467M 23 51% 1
First Financial Bank
(Hereford)
$196M 1 44% 1
First Financial Bank
(San Angelo)
$693M 3 25% 1
TOTALS $3,356M 27
* Data as of 9-30-17
** Data as of 6-30-17

14. 1313
Expansion Markets
REGION ASSET SIZE* LOCATIONS
DEPOSIT MARKET
SHARE**
MARKET SHARE
RANK**
First Financial Bank
(Cleburne, Burleson, Alvarado)
(Midlothian, Waxahachie)
$446M 4
2
19%
13%
2
4
First Financial Bank
(Southlake, Trophy Club, Keller, Grapevine)
(Bridgeport, Decatur, Boyd)
$535M 4
3
5%
21%
5
2
First Financial Bank
(Stephenville, Mineral Wells, Granbury, Glen Rose, Acton)
$796M 7 28% 1
First Financial Bank
(Weatherford, Aledo, Willow Park, Brock)
$531M 6 22% 1
First Financial Bank
(Fort Worth)
$82M 1 0.25% 29
First Financial Bank
(Orange, Mauriceville, Vidor)
(Newton, Port Arthur, Beaumont)
$549M 3
3
42%
3%
1
8
First Financial Bank
(Conroe, Magnolia, Cut and Shoot, Montgomery, Huntsville, Willis, Tomball,
New Waverly)
(Market Share for Huntsville, Conroe, Magnolia, Cut and Shoot, Montgomery and Willis Only)
$621M 9 10% 5
TOTALS $3,560M 42
* Data as of 9-30-17
** Data as of 6-30-17

15. 1414
Recent De Novo Growth
 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 (New Building – Opened August 2016)
 Lamesa: Office of Trust Company – April 2011
 Odessa: Branch of Abilene – February 2010 (New Building – Opened September 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)

16. 15
Years with Company Years in Industry
Scott Dueser
Chairman of the Board, President &
Chief Executive Officer
41 46
Ron Butler
Executive Vice President
Chief Administrative Officer
25 36
Troy Fore
President
First Financial Mortgage
2 36
Gary S. Gragg
Executive Vice President
Lending
27 39
J. Bruce Hildebrand, CPA
Executive Vice President
Chief Financial Officer
15 39
Monica Houston
Executive Vice President
Retail Banking & Training
23 23
Executive Management at First Financial
15

17. 16
Years with Company Years in Industry
Luke Longhofer
Executive Vice President & Loan Review Officer
Lending
7 15
Randy Roewe
Executive Vice President
Chief Risk Officer
2 25
Kirk Thaxton, CTFA
President
First Financial Trust & Asset Management
31 34
Mike Wilson
Executive Vice President
Chief Information Officer
- 21
Marna Yerigan
Executive Vice President
Lending
7 33
Executive Management at First Financial
16

18. 17
Years with Company Years in Industry
Brandon Harris
Senior Vice President
Appraisal Services
3 16
Larry Kentz
Senior Vice President & Compliance Officer
Compliance
3 36
Michele Stevens
Senior Vice President
Advertising and Marketing
17 32
J. Kyle McVey
Senior Vice President
Chief Accounting Officer
7 9
Senior Management at First Financial
17

19. Experienced Regional CEOs & Presidents
18
Years with Company Years in Industry
Marelyn Shedd, Abilene 26 34
Kirby Andrews, Sweetwater 27 30
David Bailey, Eastland 14 14
Mike Mauldin, Hereford 15 40
Chris Evatt, San Angelo 16 16
Tom O’Neil, Cleburne 19 37
Trent Swearengin, Stephenville 18 20
Jay Gibbs, Weatherford 16 43
Justin Hooper, Weatherford 13 24
Mark Jones, Southlake 17 40
Stephen Lee, Southeast Region 4 28
Sam Baker, Conroe 2 41
Robert Pate, Conroe 20 37
Martin Noto, Fort Worth 2 34

20. 1919
$4,502
$5,222
$5,848
$6,665
$6,810 $7,009*
2012 2013 2014 2015 2016 2017
Growth in Total Assets
Asset Performance
(in millions)
*As of Sept. 30, 2017

21. 2020
$1,312 $1,362 $1,570 $1,746 $1,718
1,949
$2,321
$2,773
$3,180
$3,444 $3,761
$3,748
2012 2013 2014 2015 2016 2017
Non Interest Bearing Interest Bearing
Deposit Growth
Growth in FFIN Total Deposits (in millions)
$5,697*
$3,633
$4,135
$4,750
$5,190
$5,479
*As of Sept. 30, 2017

22. 2121
Deposit Products
Time
8.2%
Demand
34.2%
Money
Market
44.4%
Savings
13.2%
*As of Sept. 30, 2017

23. 2222
Account Growth
Net Growth in 2013 – 3,308 Accounts*
Net Growth in 2014 – 10,687 Accounts
Net Growth in 2015 – 5,886 Accounts**
Net Growth in 2016 – 3,015 Accounts
Net Growth in 2017 - 5,392 Accounts
December 31,
2013
December 31,
2014
December 31,
2015
December 31,
2016
Sept. 30,
2017
Total Number
of Accounts
208,590 234,614 251,699 254,714 260,106
*(Excluding Orange Acquisition)
**(Excluding Conroe Acquisition)

24. 2323
$68 $76 $106 $102 $84 $83
$273 $334 $361 $386 $409 $418
$510
$590
$640 $685 $674 $671
$1,238
$1,689
$1,831
$2,178 $2,217 $2,319
2012 2013 2014 2015 2016 2017
Real Estate
Commercial
Consumer
Agricultural
Loan Performance
Growth in FFIN Total Loans (in millions)
$2,089
$2,689
$2,938
$3,491*
$3,351 $3,384
*As of Sept. 30, 2017

25. 2424
Overview of Loan Portfolio
Commercial
19.2% Agriculture
2.4%
Consumer
12.0%
Real Estate
66.4%
Note: Oil & Gas Exposure 1.99%
*As of Sept. 30, 2017

26. 2525
Residential
Development &
Construction
7.9%
1-4 Family
45.8%
Commercial
Development and
Construction
6.3%
Commercial R/E
23.9%
Other R/E
16.1%
Breakdown of R/E Loan Portfolio
*As of Sept. 30, 2017

27. 2626
Oil & Gas Portfolio Analysis
Oil & Gas Supplemental Information (dollars in thousands)
December 31, 2016 Sept. 30, 2017
Oil & Gas Loans 78,483 69,433
% of Total Loans 2.32% 1.99%
Classified Oil & Gas Loans 32,518 21,817
Non Accrual Oil & Gas Loans 4,092 1,569
Quarter Ended Net Charge-offs 105 0
ALLL of % of Oil & Gas 6.28% 6.03%

28. 2727
2012 2013 2014 2015 2016 2017*
End of
Period 57.5 65.0 61.8 64.6 61.8 61.3
Average
Balances
56.4 64.3 64.1 63.0 64.9 61.3
Loan to Deposit Ratio
*As of Sept. 30, 2017

29. 2828
2012 2013 2014 2015 2016 2017
First
Financial 1.22% 1.16% 0.74% 0.90% 0.86% 0.63%*
Peer Group 3.67% 2.71% 1.92% 1.32% 1.05% 0.93%**
Sound Lending Practices
Nonperforming assets as a percentage of loans + foreclosed assets (FFIN vs. Peers)
*As of Sept. 30, 2017
**As of June 30, 2017

30. 2929
Less than 1
year
1 to 2 years 3 to 5 years 6 to 10 years
Over 10
years
34.93% 13.20% 32.76% 14.09% 5.02%
Loan Repricing
Loan Portfolio Interest Rate Risk Analysis
*As of Sept. 30, 2017

31. 3030
$34,839 $33,900
$36,824
$41,877
$45,779
$47,922*
$3,484 $3,753 $4,465
$9,685 $10,212
$5,090*
2012 2013 2014 2015 2016 2017
ALLL Provision
Allowance for Loan Losses and Provision for Loan Losses
(in thousands)
*As of and for 9 months
ended Sept. 30, 2017

32. 3131
Summary of Bond Portfolio
Agencies 2.72% Corporates
0.55%
Muni
48.22%
MBSs
23.52%
CMOs 24.99%
*As of Sept. 30, 2017

33. 3232
$2,233
$2,465
$2,774
$3,060
$3,374
$3,753*
$2,852
$3,361
$3,759 $3,870
$4,373
$4,923*
2012 2013 2014 2015 2016 2017
Growth in Trust Assets
Total Trust Assets – Book Value / Fair Value (in millions)
*As of Sept. 30, 2017
BookValue
FairValue

34. 3333
$14,464
$16,317
$18,766 $19,252 $19,636
$10,848
$11,884
$13,897 $14,289 $14,446
$17,804
2012 2013 2014 2015 2016 2017
Total Trust Fees
Growth in FFTAM Fees (Full year and 1st 9 months) (in thousands)
thru
Sept. 30th

35. 3434
$5,183
$6,142
$7,109
$7,449
$7,190
$3,940
$4,455
$5,324
$5,487 $5,272
$6,456
2012 2013 2014 2015 2016 2017
Total Trust Net Income
Growth in FFTAM Net Income (Full year and 1st 9 months) (in thousands)
thru
Sept. 30th

36. 35
$74.2
$78.9
$89.6
$100.4
$104.8
$55.9 $57.6
$66.9
$75.1 $78.1
$84.2
2012 2013 2014 2015 2016 2017
30th Consecutive Year of Increased Earnings
FFIN Earnings (Full year and 1st 9 months) (in millions)
35
thru
Sept. 30

37. 36
$1.18
$1.24
$1.40
$1.55 $1.59
$0.89 $0.91
$1.05
$1.16 $1.18
$1.27
2012 2013 2014 2015 2016 2017
Strong Shareholder Earnings
Basic Earnings Per Share (Full year and 1st 9 months)
36
thru
Sept. 30th

38. 37
1.75%
1.64% 1.65% 1.61% 1.59%
0.98% 1.03% 0.95% 0.95%
1.00%
2012 2013 2014 2015 2016
FFIN Outperforms Peers
Percentage Return on Average Assets
PeerGroup
FirstFinancial
37

39. 38
13.85% 13.75% 14.00%
13.60%
12.36%
8.56% 8.88%
8.32%
8.59%
9.13%
2012 2013 2014 2015 2016
Strong Return on Capital
Percentage Return on Average Equity
PeerGroup
FirstFinancial
38

40. 3939
2013 2014 2015 2016 2017*
Shareholders’
Equity 587,647 681,537 804,986 837,885 906,556
As a Percent of Total
Assets
11.25 11.65 12.08 12.30 12.93
Tangible
Capital
490,163 584,178 660,537 694,282 765,201
Tier 1
Leverage Ratio
9.84 9.89 9.96 10.71 10.84
Common Equity
Tier 1 Capital Ratio
15.82 16.05 15.90 17.30 18.35
Tier 1 Capital Ratio 15.82 16.05 15.90 17.30 18.35
Total
Capital Ratio
16.97 17.16 16.97 18.45 19.54
Capital & Capital Ratios
(dollars in thousands)
*As of Sept. 30, 2017

41. 40
3.00%
3.25%
3.50%
3.75%
4.00%
4.25%
4.50%
4.75%
5.00%
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
3rd Qtr.
'16
4th Qtr.
'16
1st Qtr.
'17
2nd Qtr.
'17
3rd Qtr.
'17
First Financial Peer Group
Net Interest Margin
Quarterly Interest Margin
40

42. 4141
2012 2013 2014 2015 2016 2017
First
Financial 48.14% 50.20% 49.24% 47.61% 49.22% 49.22%*
Peer Group 65.77% 67.87% 66.94% 63.92% 62.83% 60.84%**
Working Harder and Smarter
Efficiency Ratio (FFIN vs. Peers)
**For the 6 months ended
June 30, 2017
*For the 9 months ended
Sept. 30, 2017

43. 4242
Stock cost in January 2016 $30,170
Dividend declared ($0.70 x 1,000 shares) $ 700
Increase in stock price during 2016
($30.17 to $45.20 X 1,000 shares)
$15,030
2016 return on investment 52.14%
2015 return on investment 3.05%
2014 return on investment -7.96%
2013 return on investment 72.11%
2012 return on investment 19.65%
5 year compound average return 12.36%
Total Return on Investment
21.94%
Assume you owned 1,000 shares of FFIN stock on January 1, 2016…

44. 4343
Dividends Per Share
$0.50 $0.52
$0.55
$0.62
$0.70
2012 2013 2014 2015 2016
Annual Dividends Declared Per Share

45. Increased Cash Dividend
 Announced at shareholder meeting on April 25, 2017
 Increased cash Dividend by $0.01 to $0.19 per quarter – 5.6% increase
 2017 Dividend will be $0.75
44

46. 4545
Strong Stock Performance
-100.00%
-50.00%
0.00%
50.00%
100.00%
150.00%
200.00%
250.00%
FFIN S&P 500 NASDAQ Dow Jones
Jan . ‘07 Dec. ’16Dec . ‘09Dec ‘07 Dec ‘08 Dec. ‘10 Dec. ’11 Dec. ’12 Dec. ’13 Dec. ’14 Dec. ’15 Sept. ’17

47. 46
Focus for 2017
 Grow Loans and Deposits
 Grow Mortgage and Trust
 Improve our net Interest margin
 Increase our fee income
 Control expenses
 Improve credit quality
 Make an acquisition