Here are 1-3 brief analogies to describe First Financial Bankshares (FFIN):

• It's like the PNC Bank of Texas.
• Think of it as a Texas-focused U.S. Bancorp.
• It's a scaled-down, Texas-only version of Bank of America.

• Deposit Accounts: Offers checking, savings, money market, and time deposit accounts.
• Lending Services: Provides a wide array of loans including commercial, real estate, agricultural, construction, residential, and consumer.
• Wealth Management & Trust Services: Administers personal trusts, wealth management, estate planning, and retirement/employee benefits accounts.
• Securities Brokerage Services: Facilitates the buying and selling of securities.
• Funds Transfer Services: Allows for the transmission of funds.
• Safe Deposit Facilities: Offers secure storage options for customer valuables.
• Digital & Commercial Banking Tools: Provides features like internet and mobile banking, remote deposit capture, and payroll cards to support banking operations.
• Technology Services: The company also provides technology services.

Major Customers of First Financial Bankshares (FFIN)

• Businesses and Commercial Entities: This includes a wide array of commercial and industrial clients, construction and development companies, agricultural operations, and farm and ranch operations. They receive commercial and industrial loans, municipal loans, construction and development loans, and various business banking services such as deposits, remote deposit capture, and payroll cards.
• Individual Consumers: This category encompasses individuals seeking everyday banking services. These services include checking, savings, and money market accounts, time deposits, residential mortgages, and consumer auto and non-auto loans. This also covers "professional individuals" for their personal financial needs.
• Wealth Management and Trust Clients: This segment targets individuals, families, and estates requiring specialized financial services. This includes personal trust services, wealth management, administration of estates and testamentary trusts, and management of various trust and agency accounts. The company also administers retirement and employee benefits accounts like 401(k) profit-sharing plans and IRAs, which primarily benefit individuals.

David Bailey, President and Chief Executive Officer

David Bailey was promoted to President and Chief Executive Officer of First Financial Bankshares and First Financial Bank effective February 1, 2026. He began his career with First Financial Bankshares over 22 years ago as a bank teller. Bailey progressively moved through various roles, including Eastland Division President, Executive Vice President and Chief Banking Officer, and President. In his previous role as Chief Banking Officer, he oversaw all lending and treasury management functions. He is a graduate of McMurry University, FFIN University, and the Southwestern Graduate School of Banking at Southern Methodist University.

Michelle S. Hickox, Executive Vice President and Chief Financial Officer

Michelle S. Hickox was appointed Executive Vice President and Chief Financial Officer of First Financial Bankshares in January 2023. She is responsible for overseeing the Company's accounting, financial reporting, asset liability management, and budgeting. Before joining FFIN, she served as CFO for another public regional Texas bank, where she led the finance team in over 10 acquisitions of other financial institutions. Prior to that, she was an audit partner with RSMUS, LLP in Dallas, Texas, specializing in financial institutions. Hickox is a certified public accountant and holds a degree from Texas A&M University.

F. Scott Dueser, Executive Chairman

F. Scott Dueser transitioned from CEO to Executive Chairman on February 1, 2026, after serving as CEO since 2001. He has been with the First Financial family for over 48 years, having started as a management trainee in 1976. His extensive banking career began in 1971 as a bookkeeper. Dueser earned his BBA in finance and accounting from Texas Tech University and is a graduate of the Southwestern Graduate School of Banking at Southern Methodist University. He has held prominent leadership positions in the banking industry, including Chairman of the Texas Bankers Association.

Ronald D. Butler II, Vice Chairman of the Executive Management Committee and Chief Administrative Officer

Ronald D. Butler II was promoted to Vice Chairman of the Executive Management Committee of First Financial Bankshares in December 2024, continuing his role as Chief Administrative Officer. He has a tenure of over 32 years with the Company. His past roles at First Financial include Senior Vice President of Commercial Lending, President and CEO of the Eastland Division, President and CEO of the Stephenville Region, and CEO of the Abilene Region. Butler holds a bachelor's degree from Texas Tech University, a master's degree from Tarleton State University, and is a graduate of the Southwestern Graduate School of Banking at Southern Methodist University. He was inducted into the Texas Bankers Hall of Fame in 2023 and currently serves as Chair for the Texas Bankers Association.

Kyle McVey, Executive Vice President, Chief Accounting Officer and Investor Relations Director

Kyle McVey serves as Executive Vice President, Chief Accounting Officer, and Investor Relations Director for First Financial Bankshares. In July 2025, he was also promoted to Executive Vice President and Chief Financial Officer of First Financial Bank, the Company's subsidiary bank. McVey joined First Financial in 2011 after working for two years with KPMG LLP. He is responsible for overseeing financial reporting, acquisition strategy, audit controls, and investor relations. He is a licensed CPA and holds bachelor's degrees in accounting and finance, as well as a master's in accounting from Abilene Christian University. McVey is also a graduate of the Southwestern Graduate School of Banking at Southern Methodist University, where he was recognized as valedictorian.

Here are the key risks to First Financial Bankshares (FFIN):

1. Geographic Concentration in Texas: First Financial Bankshares operates exclusively within Texas, making it vulnerable to localized economic downturns, adverse events such as severe weather conditions, or changes in state-specific regulations. This geographic concentration limits the company's ability to diversify its risk profile and could hinder its growth if the Texas economy faces significant challenges.
2. Economic and Regulatory Uncertainties: The banking industry, including FFIN, is highly susceptible to economic fluctuations, such as changes in interest rate policies by the Federal Reserve, as well as broader trade and fiscal policies. Additionally, the company faces risks related to credit quality, particularly given its loan portfolio which has a notable emphasis on construction and development. Regulatory changes and heightened compliance demands, stemming from laws like Dodd-Frank and consumer protection rules, can also increase operational costs and constrain business activities.
3. Technological Disruptions, Cybersecurity Risks, and Competition: First Financial Bankshares operates in a highly competitive and evolving financial landscape. The company faces increasing cyber threats, necessitating continuous investment in robust cybersecurity measures to protect customer data and maintain trust. Furthermore, the rise of financial technology (FinTech) companies and competition from larger banks with greater resources could challenge FFIN's market share, requiring ongoing innovation and investment in digital offerings to remain competitive.

The clear emerging threats to First Financial Bankshares (FFIN) stem from the rapid advancement and adoption of financial technology (FinTech), which facilitates the emergence of digital-first competitors across its core business lines.

• Neobanks and Digital-Only Banks: These challenger banks operate without physical branches, leveraging technology to offer deposit accounts, payment services, and basic lending with lower overhead costs and often superior digital user experiences. This directly threatens FFIN's traditional deposit-gathering and retail banking services, particularly for consumers and small businesses seeking convenience and potentially lower fees, akin to how Netflix challenged Blockbuster's physical presence.

• Specialized Online Lenders: Various FinTech platforms specialize in specific lending areas (e.g., consumer loans, small business loans). These platforms often offer streamlined application processes, faster approval times, and competitive rates, potentially diverting loan demand from FFIN's diverse lending portfolio.

• Robo-advisors and Online Wealth Management Platforms: For FFIN's personal trust, wealth management, and securities brokerage services, robo-advisors and other automated investment platforms offer lower-cost, technology-driven alternatives for managing investments. These services appeal to clients seeking efficient, algorithm-based portfolio management, threatening FFIN's traditional fee-based advisory services.

First Financial Bankshares (FFIN) operates in Texas, offering a range of commercial banking products and services. The addressable markets for their main offerings in the specified region are outlined below:

• Commercial Banking Products and Services (including checking, savings, money market accounts, and time deposits): The market size of the Commercial Banking industry in Texas is estimated to be $108.7 billion in 2026.
• Loans (Commercial and Industrial, Real Estate, Agricultural, Consumer):
  • Real Estate Loans (Commercial and Residential): The market size for the Real Estate Loans & Collateralized Debt industry in Texas is projected at $76.1 billion in 2026.
  • Unsecured Personal Loans (Consumer auto and non-auto loans): Texans are estimated to have carried $28 billion to $30 billion in unsecured personal loan debt by early 2025.
  • Commercial Lending (overall): The global commercial lending market size was valued at USD 10,923.28 billion in 2025 and is projected to grow to USD 11,864.16 billion in 2026. North America's commercial lending market is projected to reach a valuation of USD 2,892.50 billion by 2025. Commercial lending constituted 43.78% of the U.S. commercial banking market share in 2025.
• Personal Trust Services (including wealth management, administration of estates, testamentary trusts, revocable and irrevocable trusts, and agency accounts): While a definitive total market size for personal trust services and wealth management in Texas in dollar terms is not explicitly available, the Dallas/Fort Worth market alone had over 2,330 ultra-high net worth households with $30 million or more in net worth as of July 2020, indicating a significant addressable market within a key region of Texas. The Custody, Asset & Securities Services industry in Texas, which encompasses trust and fiduciary services, has been growing at an average annual rate of 4.0% from 2020 to 2025.
• Securities Brokerage Services: The United States securities brokerage market size is estimated at USD 4.03 billion in 2026. The South region accounted for 35.10% of the U.S. securities brokerage market share in 2025. Another source indicates the United States Securities Brokerage Market was valued at USD 201.07 billion in 2024, projected to reach USD 252.58 billion by 2030.
• Retirement and Employee Benefits Accounts (401(k) profit-sharing plans and IRAs): Approximately 5.7 million workers in Texas, representing 53% of the state's private sector workforce, did not have access to an employer-sponsored retirement savings plan as of June 2025, indicating a substantial addressable market for individual retirement accounts. The Employees Retirement System of Texas (ERS) manages over $45 billion in pension fund assets as of January 2026.
• Asset Management Services: The United States asset management market size is projected at USD 70.97 trillion in 2026. Within Texas, the Real Estate Asset Management & Consulting industry is valued at $8.2 billion in 2026.

First Financial Bankshares (FFIN) is expected to drive future revenue growth over the next two to three years through a combination of strategic initiatives and expansion within its core banking operations. Key drivers include:

1. Growth in Specialty Businesses: The company continues to benefit from a strategic focus on its specialty businesses, which include leasing, mortgage, and bank card operations. These areas have demonstrated double-digit growth, contributing significantly to overall revenue expansion.
2. Expansion of Non-Interest Income Streams: First Financial Bankshares has seen an increase in adjusted non-interest income, particularly led by growth in wealth management and foreign exchange income. These diversified revenue sources are anticipated to continue contributing to the company's financial performance.
3. Core Banking Operations Growth and Net Interest Margin Management: Revenue growth is also driven by the overall expansion of the company's balance sheet, fueled by strong deposit growth, which subsequently enables increased loan activity. Furthermore, diligent management of deposit costs helps maintain a robust net interest margin, a crucial factor for profitability in its core commercial banking products and services offered across its Texas financial centers.