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    First Financial Bankshares (FFIN)

    Market Price (10/13/2026): $30.805 | Market Cap: $4.4 BilSector: Financials | Industry: Regional Banks

    First Financial Bankshares (FFIN)

    Market Price (10/13/2026): $30.805
    Market Cap: $4.4 Bil
    Sector: Financials
    Industry: Regional Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.6%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.2%, FCF Yield is 7.4%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -68%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 50%

    Low stock price volatility
    Vol 12M is 24%

    Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending.

    Weak multi-year price returns
    2Y Excs Rtn is -47%, 3Y Excs Rtn is -48%

    Key risks
    FFIN key risks include [1] a significant recent credit loss attributed to suspected commercial borrower fraud and [2] the resulting exposure of fragility within its broader loan portfolio.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.6%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.2%, FCF Yield is 7.4%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -68%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 50%
    3 Low stock price volatility
    Vol 12M is 24%
    4 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending.
    5 Weak multi-year price returns
    2Y Excs Rtn is -47%, 3Y Excs Rtn is -48%
    6 Key risks
    FFIN key risks include [1] a significant recent credit loss attributed to suspected commercial borrower fraud and [2] the resulting exposure of fragility within its broader loan portfolio.

    FFIN in ETFs

    Weight = FFIN's share of each fund

    VTI0.01%
    ITOT0.01%
    IWM0.14%
    IJH0.12%
    VIG0.02%
    VYM0.02%
    VB0.05%
    KRE0.98%
    +19 more covered ETFs

    Valuation & Metrics

    FYE: 12/31FFIN [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$651.7 Mil—
    FY 2026 Sales$705.7 Mil—
    FY 2027 Sales$745.5 Mil—
    FY 2026 Sales Growth8.3%—
    FY 2027 Sales Growth5.6%13.1%
    EARNINGS
    LTM Net Income (GAAP) [3]$269.0 Mil—
    FY 2026 Net Income (Non-GAAP)$294.1 Mil—
    FY 2027 Net Income (Non-GAAP)$309.2 Mil—
    FY 2027 Net Income Growth5.1%18.9%
    FY 2026 EPS (Non-GAAP)$2.05—
    FY 2027 EPS (Non-GAAP)$2.16—
    FY 2027 EPS Growth5.5%—
    VALUATION
    FY 2026 P/S6.31.7
    FY 2027 P/S5.9—
    FY 2026 P/E15.07.9
    FY 2027 P/E14.3—

    [1] FFIN forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    FFINS&P 500
    REVENUE GROWTHGOOD
    Rev LTM ($ Bil)0.7
    Rev Chg Q10.8%9.3%
    Rev Chg LTM12.8%8.3%
    Rev Chg 3Y Avg9.3%5.9%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.3
    Net Inc LTM ($ Bil)0.3
    CFO/Rev LTM53.2%21.9%
    Net Inc Mgn41.3%13.3%
    VALUATIONMODERATE
    P/S6.83.1
    P/CFO12.714.7
    P/FCF13.619.0
    P/E16.421.9

    AI Analysis | Feedback

    MetricValueDateSource
    Number of Banking Locations808232023Link
    Number of Trust Company Locations910312025Link
    Assets Under Management (Trust and Asset Management Company)1210000000010312025Link
    Number of Banking Regions810312025Link
    Number of Employees150011072025Link
    Consecutive Years of Dividend Increases1310282025Link

    Price Chart

    Upcoming
    10/22/2026Earnings ReleaseRev: $178 Mil (E)
    EPS: $0.52 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/1/2026

    First Financial Bankshares (FFIN) stock has lost about 10% since 6/30/2026 because of the following key factors:

    1. First Financial Bankshares reported fiscal Q2 2026 revenue below analyst expectations.

    The company announced on July 16, 2026, that its revenue for fiscal Q2 2026 was $172.76 million, which fell slightly short of the consensus estimate of $173.03 million. While diluted earnings per share for the quarter met analyst estimates at $0.50, the revenue miss may have contributed to investor caution regarding the company's growth trajectory.

    2. An increase in the efficiency ratio indicated rising operational costs relative to revenue.

    First Financial Bankshares' efficiency ratio climbed to 45.94% for fiscal Q2 2026, up from 44.98% in fiscal Q1 2026 and 44.97% in fiscal Q2 2025. This upward trend in the efficiency ratio suggests an increase in operating expenses relative to the revenue generated, potentially signaling reduced operational efficiency or higher cost management challenges.

    Show more
    Updated on 10/1/2026

    First Financial Bankshares (FFIN) stock has lost about 10% since 6/30/2026 because of the following key factors:

    1. First Financial Bankshares reported fiscal Q2 2026 revenue below analyst expectations.

    The company announced on July 16, 2026, that its revenue for fiscal Q2 2026 was $172.76 million, which fell slightly short of the consensus estimate of $173.03 million. While diluted earnings per share for the quarter met analyst estimates at $0.50, the revenue miss may have contributed to investor caution regarding the company's growth trajectory.

    2. An increase in the efficiency ratio indicated rising operational costs relative to revenue.

    First Financial Bankshares' efficiency ratio climbed to 45.94% for fiscal Q2 2026, up from 44.98% in fiscal Q1 2026 and 44.97% in fiscal Q2 2025. This upward trend in the efficiency ratio suggests an increase in operating expenses relative to the revenue generated, potentially signaling reduced operational efficiency or higher cost management challenges.

    3. Elevated inflation and pressure on interest rates created broader macroeconomic headwinds for the financial sector.

    During fiscal Q3 2026, inflation remained elevated, with the Personal Consumption Expenditures (PCE) price index growing at an annual rate of 3.7% in Q2 2026, significantly exceeding the Federal Reserve's 2.0% target. This persistent inflation, coupled with sustained large government budget deficits, put upward pressure on long-term government bond yields, with 10-year yields rising above 4.6% in Q2 2026. Such an environment implies a less accommodative monetary policy, as the Federal Reserve continued its focus on price stability and markets anticipated at least one 0.25% interest rate hike by year-end, which can negatively impact bank profitability and stock valuations.

    4. Analyst sentiment primarily reflected a "Hold" consensus rating, limiting positive catalysts for the stock.

    As of late September and early October 2026, the consensus rating for First Financial Bankshares from Wall Street analysts was "Hold." Out of six analysts, five issued a "Hold" rating, and only one gave a "Strong Buy" recommendation. This neutral sentiment, despite an average 12-month price target of $35.80 (representing an implied upside from current levels), indicates a lack of strong conviction among analysts, which can temper investor enthusiasm and contribute to a stock's sideways or declining movement.

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    Stock Movement Drivers

    Fundamental Drivers

    The -10.4% change in FFIN stock from 6/30/2026 to 10/12/2026 was primarily driven by a -12.1% change in the company's P/E Multiple.
    (LTM values as of)630202610122026Change
    Stock Price ($)34.3730.79-10.4%
    Change Contribution By: 
    Total Revenues ($ Mil)6356522.6%
    Net Income Margin (%)41.5%41.3%-0.6%
    P/E Multiple18.716.4-12.1%
    Shares Outstanding (Mil)1431430.0%
    Cumulative Contribution-10.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/12/2026
    ReturnCorrelation
    FFIN-10.4% 
    Market (SPY)4.2%13.3%
    Sector (XLF)2.7%43.7%

    Fundamental Drivers

    The 5.9% change in FFIN stock from 3/31/2026 to 10/12/2026 was primarily driven by a 5.6% change in the company's Total Revenues ($ Mil).
    (LTM values as of)331202610122026Change
    Stock Price ($)29.0630.795.9%
    Change Contribution By: 
    Total Revenues ($ Mil)6176525.6%
    Net Income Margin (%)41.1%41.3%0.4%
    P/E Multiple16.416.4-0.1%
    Shares Outstanding (Mil)143143-0.1%
    Cumulative Contribution5.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/12/2026
    ReturnCorrelation
    FFIN5.9% 
    Market (SPY)20.0%18.5%
    Sector (XLF)11.9%46.9%

    Fundamental Drivers

    The -6.1% change in FFIN stock from 9/30/2025 to 10/12/2026 was primarily driven by a -14.1% change in the company's P/E Multiple.
    (LTM values as of)930202510122026Change
    Stock Price ($)32.7930.79-6.1%
    Change Contribution By: 
    Total Revenues ($ Mil)57865212.8%
    Net Income Margin (%)42.5%41.3%-2.9%
    P/E Multiple19.116.4-14.1%
    Shares Outstanding (Mil)143143-0.2%
    Cumulative Contribution-6.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/12/2026
    ReturnCorrelation
    FFIN-6.1% 
    Market (SPY)17.8%27.7%
    Sector (XLF)3.4%54.5%

    Fundamental Drivers

    The 31.4% change in FFIN stock from 9/30/2023 to 10/12/2026 was primarily driven by a 29.5% change in the company's Total Revenues ($ Mil).
    (LTM values as of)930202310122026Change
    Stock Price ($)23.4430.7931.4%
    Change Contribution By: 
    Total Revenues ($ Mil)50365229.5%
    Net Income Margin (%)44.0%41.3%-6.2%
    P/E Multiple15.116.48.6%
    Shares Outstanding (Mil)143143-0.4%
    Cumulative Contribution31.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/12/2026
    ReturnCorrelation
    FFIN31.4% 
    Market (SPY)88.3%44.9%
    Sector (XLF)73.2%63.5%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    FFIN Return42%-31%-10%22%-15%5%-5%
    Peers Return29%0%-4%17%6%8%66%
    S&P 500 Return27%-19%24%23%16%14%108%

    Monthly Win Rates [3]
    FFIN Win Rate58%25%50%50%50%50% 
    Peers Win Rate67%48%48%52%57%46% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    FFIN Max Drawdown-17%-38%-38%-16%-21%-17% 
    Peers Max Drawdown-23%-24%-37%-17%-23%-15% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: PB, TCBI, CFR, SBSI, HWC.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 10/12/2026 (YTD)

    How Low Can It Go

    EventFFINS&P 500
    2025 US Tariff Shock
      % Loss-15.7%-18.8%
      % Gain to Breakeven18.6%23.1%
      Time to Breakeven60 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-24.4%-9.5%
      % Gain to Breakeven32.3%10.5%
      Time to Breakeven55 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-31.5%-6.7%
      % Gain to Breakeven46.0%7.1%
      Time to Breakeven438 days31 days
    2020 COVID-19 Crash
      % Loss-31.5%-33.7%
      % Gain to Breakeven45.9%50.9%
      Time to Breakeven238 days140 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-24.4%-12.2%
      % Gain to Breakeven32.2%13.9%
      Time to Breakeven84 days62 days
    2014-2016 Oil Price Collapse
      % Loss-15.7%-6.8%
      % Gain to Breakeven18.6%7.3%
      Time to Breakeven89 days15 days

    Compare to PB, TCBI, CFR, SBSI, HWC

    In The Past

    First Financial Bankshares's stock fell -15.7% during the 2025 US Tariff Shock. Such a loss loss requires a 18.6% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventFFINS&P 500
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-24.4%-9.5%
      % Gain to Breakeven32.3%10.5%
      Time to Breakeven55 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-31.5%-6.7%
      % Gain to Breakeven46.0%7.1%
      Time to Breakeven438 days31 days
    2020 COVID-19 Crash
      % Loss-31.5%-33.7%
      % Gain to Breakeven45.9%50.9%
      Time to Breakeven238 days140 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-24.4%-12.2%
      % Gain to Breakeven32.2%13.9%
      Time to Breakeven84 days62 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-23.5%-17.9%
      % Gain to Breakeven30.8%21.8%
      Time to Breakeven24 days123 days

    Compare to PB, TCBI, CFR, SBSI, HWC

    In The Past

    First Financial Bankshares's stock fell -15.7% during the 2025 US Tariff Shock. Such a loss loss requires a 18.6% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About First Financial Bankshares (FFIN)

    First Financial Bankshares, Inc. (FFIN) is a financial services company operating primarily in Texas. It functions as a commercial bank, offering a comprehensive suite of banking products and services designed to meet the needs of businesses, professional individuals, and agricultural operations throughout the state. Founded in 1890 and headquartered in Abilene, Texas, the company has a long-standing presence in its market.

    The company's main products and services encompass traditional banking functions such as checking, savings, money market accounts, and time deposits. FFIN is also a significant lender, providing a wide array of loan types including commercial and industrial, municipal, agricultural, construction and development, various forms of commercial and residential real estate loans, and consumer auto and non-auto loans. Beyond core banking, FFIN offers additional value-added services like internet and mobile banking, remote deposit capture, and automated teller machines.

    In addition to standard banking, FFIN extends its offerings to include personal trust services, covering wealth management, estate administration, and various trust and agency accounts. It also provides securities brokerage services and administers retirement and employee benefits accounts, such as 401(k) plans and IRAs. As of December 2021, FFIN served its diverse customer base through 78 financial centers spread across Texas, solidifying its role as a regional financial partner.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    • 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.

    AI Analysis | Feedback

    Major Customers of First Financial Bankshares (FFIN)

    First Financial Bankshares (FFIN) is a commercial bank that serves a diverse customer base. Given the nature of its services, it does not have a few major customer companies but rather serves a broad range of clients. The company primarily serves the following categories of customers:
    • 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.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    <h3>Capital Allocation Decisions for First Financial Bankshares (FFIN)</h3> <p>Over the last 3-5 years, First Financial Bankshares (FFIN) has made several capital allocation decisions, primarily focusing on share repurchases and strategic capital expenditures.</p> <h4>Share Repurchases</h4> <ul> <li>In July 2021, First Financial Bankshares renewed its stock repurchase plan, authorizing the repurchase of up to 5,000,000 shares of its common stock through July 31, 2023, representing approximately 3.5% of its outstanding shares at that time.</li> <li>The company further renewed its stock repurchase plan in July 2025, allowing for the buyback of up to 5,000,000 shares of common stock through July 31, 2026. This authorization represented approximately 3.5% of outstanding shares as of July 22, 2025.</li> <li>Both plans grant management flexibility to repurchase shares through open market, block trades, or privately negotiated transactions, with no minimum number of shares required.</li> </ul> <h4>Share Issuance</h4> <ul> <li>In May 2024, an independent director received 1,398 shares of common stock upon appointment to the Board as part of a pro-rata annual retainer fee.</li> <li>First Financial Bankshares reported 143 million shares outstanding in Q3 2025, showing a minimal increase of 0.1% from the prior quarter, suggesting negligible share issuance.</li> </ul> <h4>Capital Expenditures</h4> <ul> <li>First Financial Bankshares invested $6.0 million in capital expenditures in Q4 2025, which was a significant increase of 113.9% from the previous quarter.</li> <li>The company's long-term growth strategy includes organic expansion and new branches, implying ongoing capital allocation towards physical infrastructure.</li> <li>FFIN also focuses on investments in technology, including robust cybersecurity measures for its digital offerings, to maintain competitiveness.</li> </ul>

    Peer Outperformance in Regional Banks

    FFIN has trailed 95% of its 262 Regional Banks peers over 5Y. Among the peers that beat it are SRCE, WTFC and EWBC. Regional Banks ranks 8th of 18 industries in Financials by median 5Y return.
    Share of Regional Banks constituents that FFIN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    6%
    of 285 industry peers · -1.6% return
    3Y
    11%
    of 273 industry peers · 38.0% return
    5Y
    5%
    of 262 industry peers · -27.3% return
    Regional Banks peers with revenue growth within 4pp of FFIN's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
    Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
    FFIN First Financial Bankshares 9.3% 16.4x -1.6%38.0%-27.3% —
    SRCE 1st Source 7.0% 11.9x 48.7%118.2%100.0% +127pp
    WTFC Wintrust Financial 9.5% 10.8x 16.6%105.9%90.2% +118pp
    EWBC East West Bancorp 6.3% 11.9x 29.7%169.4%77.9% +105pp
    FULT Fulton Financial 8.0% 10.7x 32.7%105.8%68.3% +96pp
    FCF First Commonwealth Financial 5.9% 12.1x 28.4%81.6%66.9% +94pp
    Price returns, excluding dividends. P/E shown for context only and not used for matching.
    Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is FFIN's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top null by 5Y
    Reinsurance 6 20.5%64.5%116.1% SPNT 175% · RGA 141% · RNR 141%
    Diversified Banks 12 33.2%128.1%98.2% CM 138% · JPM 129% · RY 124%
    Investment Banking & Brokerage 13 -2.6%101.6%94.7% IBKR 403% · SNEX 199% · HOOD 169%
    Life & Health Insurance 20 12.6%51.7%83.3% JXN 489% · UNM 291% · MFC 175%
    Property & Casualty Insurance 42 8.3%72.0%61.3% PGR 172% · TRV 161% · ACGL 150%
    Multi-Sector Holdings 3 3.9%50.0%57.6% BRK-B 86% · VOYA 58% · JEF 36%
    Multi-line Insurance 9 7.1%64.0%54.9% GNW 112% · L 93% · AIZ 81%
    Regional Banks ← 263 30.3%92.2%49.1% CBC 220% · FCNCA 152% · FBP 135%
    Financial Exchanges & Data 15 3.8%43.0%31.8% VIRT 163% · CBOE 154% · CME 69%
    Consumer Finance 30 10.0%87.1%22.7% ENVA 389% · EZPW 289% · FCFS 166%
    Asset Management & Custody Banks 81 -7.6%17.9%15.4% WT 341% · SII 263% · VCTR 260%
    Diversified Financial Services 4 -2.6%17.7%13.7% FRHC 168% · EQH 91%
    Insurance Brokers 15 -21.6%-2.6%9.6% LIFE 295% · ARX 88% · AJG 57%
    Commercial & Residential Mortgage Finance 14 -53.6%24.4%-3.9% FNMA 389% · FMCC 344% · ACT 175%
    Specialized Finance 3 14.5%35.6%-12.9% CACC -13% · HASI -16%
    Mortgage REITs 33 -15.1%-3.4%-32.7% RITM 26% · DX 19% · AGNC 8%
    Transaction & Payment Processing Services 17 0.3%-3.4%-38.5% V 80% · MA 78% · CPAY 56%
    Diversified Capital Markets 20 -44.6%16.6%-61.3% LPLA 102% · TW 35% · RIOT -35%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1How Low Can First Financial Bankshares Stock Really Go?10/17/2025
    2Why First Financial Bankshares Stock Moved: FFIN Stock Has Lost 34% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)08/08/2025
    3First Financial Bankshares (FFIN) Valuation Ratios Comparison08/08/2025
    4FFIN Dip Buy Analysis07/10/2025
    5First Financial Bankshares Total Shareholder Return (TSR): 23.9% in 2024 and -6.7% 3-yr compounded annual returns (below peer average)03/07/2025
    6Time To Buy First Financial Bankshares Stock?02/28/2025
    7First Financial Bankshares (FFIN) Operating Cash Flow Comparison02/17/2025
    8First Financial Bankshares (FFIN) Net Income Comparison02/15/2025
    9First Financial Bankshares vs. S&P500 Correlation10/03/2024
    10First Financial Bankshares Price Volatility09/24/2024
    11ARTICLES 
    12Stocks Trading At 52-Week Low03/18/2026

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    Financials

    FFINPBTCBICFRSBSIHWCMedian
    NameFirst Fi.Prosperi.Texas Ca.Cullen/F.Southsid.Hancock . 
    Mkt Price30.8066.3889.97151.6130.3172.6169.50
    Mkt Cap4.46.73.99.50.95.95.1
    Rev LTM6521,3321,3272,2992471,4621,330
    Op Inc LTM-------
    FCF LTM325590472541127560506
    FCF 3Y Avg29252040542185557413
    CFO LTM347621488720145577533
    CFO 3Y Avg309547438570100571493

    Growth & Margins

    FFINPBTCBICFRSBSIHWCMedian
    NameFirst Fi.Prosperi.Texas Ca.Cullen/F.Southsid.Hancock . 
    Rev Chg LTM12.8%12.9%33.1%7.4%-4.6%-0.2%10.1%
    Rev Chg 3Y Avg9.3%6.5%8.1%5.6%-1.9%0.3%6.1%
    Rev Chg Q10.8%25.6%9.1%5.3%7.6%6.8%8.4%
    QoQ Delta Rev Chg LTM2.6%6.1%2.2%1.3%2.1%1.8%2.1%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM53.2%46.6%36.8%31.3%58.7%39.5%43.0%
    CFO/Rev 3Y Avg53.9%46.0%39.2%26.7%39.8%40.0%39.9%
    FCF/Rev LTM49.9%44.3%35.5%23.6%51.2%38.3%41.3%
    FCF/Rev 3Y Avg51.0%43.7%36.1%19.8%34.0%39.0%37.6%

    Valuation

    FFINPBTCBICFRSBSIHWCMedian
    NameFirst Fi.Prosperi.Texas Ca.Cullen/F.Southsid.Hancock . 
    Mkt Cap4.46.73.99.50.95.95.1
    P/S6.85.03.04.13.64.04.1
    P/Op Inc-------
    P/EBIT-------
    P/E16.411.910.813.811.913.712.8
    P/CFO12.710.88.013.26.210.210.5
    Total Yield8.6%11.9%9.3%9.9%13.2%10.0%9.9%
    Dividend Yield2.5%3.5%0.0%2.7%4.8%2.7%2.7%
    FCF Yield 3Y Avg6.0%8.0%11.2%5.2%9.0%11.3%8.5%
    D/E0.00.40.20.01.80.30.3
    Net D/E-0.70.1-0.7-0.8-0.10.1-0.4

    Returns

    FFINPBTCBICFRSBSIHWCMedian
    NameFirst Fi.Prosperi.Texas Ca.Cullen/F.Southsid.Hancock . 
    1M Rtn-6.5%-6.2%-9.2%-6.9%-5.5%-3.5%-6.3%
    3M Rtn-10.7%-7.9%-11.5%-3.4%-11.5%-3.7%-9.3%
    6M Rtn-0.7%-2.4%-11.7%7.4%-6.1%8.9%-1.6%
    12M Rtn-1.6%9.1%12.7%27.1%17.1%26.6%14.9%
    3Y Rtn38.1%42.2%57.5%82.3%24.9%127.9%49.9%
    1M Excs Rtn-8.4%-8.1%-11.2%-8.9%-7.5%-5.5%-8.3%
    3M Excs Rtn-14.0%-11.2%-15.1%-6.5%-14.3%-7.3%-12.6%
    6M Excs Rtn-14.1%-15.8%-25.1%-5.9%-19.5%-4.4%-14.9%
    12M Excs Rtn-22.2%-10.3%-9.8%6.2%-2.6%5.1%-6.2%
    3Y Excs Rtn-48.2%-45.2%-29.9%-0.4%-60.2%40.8%-37.6%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/4/20265/5/20262/25/202611/7/20258/1/20255/6/20252/21/202511/4/20247/31/20245/3/20242/26/202411/6/2023
    Key Financials Quarterly            
    Total Revenue169164161158153145144136131126116119
    Net Income727273526761625552534650
    EPS0.500.500.510.370.470.430.440.390.370.370.320.35
    Key Financials TTM            
    Total Revenue TTM652635617600578556537509492483478491
    Net Income TTM269264254243246231224207201200199212
    Growth Rates Quarterly            
    Total Revenue Growth10.8%12.5%12.2%15.8%16.7%15.1%23.8%14.6%7.1%4.5%-10.2%-9.2%
    Net Income Growth7.9%16.6%17.6%-5.5%27.0%14.9%35.5%11.6%3.2%1.6%-21.6%-16.5%
    Margins Quarterly            
    Net Income Margin42.4%43.8%45.5%33.2%43.6%42.2%43.4%40.7%40.0%42.3%39.6%41.7%
    Cash & Debt            
    Total Cash3,0059213,8423,5643,3963,4012,8355,1964,9405,2465,2695,041
    Total Debt2121212121211212121212121
    Net Debt / (Cash)-2,984-900-3,821-3,543-3,375-3,380-2,714-5,175-4,919-5,225-5,248-5,020
    Cash Flows Quarterly            
    FCF from Operations8410275866177848169765973
    Cash Flows TTM            
    FCF from Operations TTM347324299309303311310284276265285296
    Returns to Shareholders Quarterly            
    Dividends272727272626262626262626
    Share Repurchases-0-0-0-0-0-0-0-0-0-003
    Return on Invested Capital (ROIC) Quarterly            
    ROIC------------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM------------

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Community banking617537478520500
    Total617537478520500


    Price Behavior

    Price Behavior
    Market Price$30.79 
    Market Cap ($ Bil)4.4 
    First Trading Date11/01/1993 
    Distance from 52W High-15.1% 
       50 Days200 Days
    DMA Price$33.13$32.18
    DMA Trenddownindeterminate
    Distance from DMA-7.1%-4.3%
     3M1YR
    Volatility18.3%24.3%
    Downside Capture78.1661.22
    Upside Capture4.5042.99
    Correlation (S&P 500)12.8%28.1%
    FFIN Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta0.320.250.250.320.520.87
    Up Beta-2.000.19-0.180.030.480.90
    Down Beta0.940.380.270.090.630.81
    Up Capture31%-6%17%45%33%59%
    Bmk +ve Days6162766132424
    Stock +ve Days10182767127363
    Down Capture96%89%72%53%66%98%
    Bmk -ve Days16263760120328
    Stock -ve Days12243759123381

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FFIN
    FFIN-6.4%24.3%-0.33-
    Sector ETF (XLF)4.5%14.8%0.0854.9%
    Equity (SPY)17.0%13.0%0.9327.8%
    Gold (GLD)4.6%29.5%0.152.3%
    Commodities (DBC)48.0%20.9%1.77-20.8%
    Real Estate (VNQ)6.2%13.8%0.1941.3%
    Bitcoin (BTCUSD)-32.3%44.3%-0.7612.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FFIN
    FFIN-6.4%30.5%-0.19-
    Sector ETF (XLF)9.6%18.3%0.3862.8%
    Equity (SPY)14.1%17.1%0.6348.3%
    Gold (GLD)18.3%18.9%0.78-1.7%
    Commodities (DBC)9.9%19.5%0.393.3%
    Real Estate (VNQ)1.5%18.8%-0.0350.9%
    Bitcoin (BTCUSD)11.0%52.0%0.3919.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FFIN
    FFIN7.3%32.0%0.29-
    Sector ETF (XLF)13.1%22.1%0.5471.6%
    Equity (SPY)15.4%17.9%0.7355.3%
    Gold (GLD)11.8%16.4%0.58-5.1%
    Commodities (DBC)8.3%18.1%0.3716.1%
    Real Estate (VNQ)4.6%20.7%0.1850.9%
    Bitcoin (BTCUSD)63.4%66.2%1.0313.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9302026
    Short Interest: Shares Quantity9.2 Mil
    Short Interest: % Change Since 91520262.4%
    Average Daily Volume0.9 Mil
    Days-to-Cover Short Interest9.9 days
    Basic Shares Quantity143.3 Mil
    Short % of Basic Shares6.5%

    Returns Analyses

    Earnings Returns History

    Updated 8/19/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/17/2026-1.2%-1.8%-1.3%
    1/23/2026-2.1%-2.8%-1.6%
    10/24/20250.6%-0.7%-0.5%
    7/17/20251.4%0.2%-3.8%
    4/17/2025-1.3%2.1%9.8%
    1/23/20253.4%3.0%0.6%
    10/17/2024-1.2%-5.1%6.4%
    7/19/20243.0%10.6%0.7%
    ...
    SUMMARY STATS   
    # Positive141413
    # Negative9910
    Median Positive2.2%2.4%7.4%
    Median Negative-1.2%-2.8%-4.1%
    Max Positive4.2%10.6%18.2%
    Max Negative-9.1%-13.9%-14.2%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/17/2026-1.2%-1.8%-1.3%
    1/23/2026-2.1%-2.8%-1.6%
    10/24/20250.6%-0.7%-0.5%
    7/17/20251.4%0.2%-3.8%
    4/17/2025-1.3%2.1%9.8%
    1/23/20253.4%3.0%0.6%
    10/17/2024-1.2%-5.1%6.4%
    7/19/20243.0%10.6%0.7%
    4/19/20241.4%1.2%4.8%
    1/26/20242.4%-2.4%-4.4%
    10/20/20231.7%2.3%17.9%
    7/21/2023-0.6%5.3%-4.3%
    4/20/2023-3.8%-2.5%-11.9%
    1/20/20232.6%1.6%8.7%
    10/20/2022-9.1%-13.9%-14.2%
    7/22/20222.3%4.8%10.9%
    4/21/2022-1.1%-3.2%-5.3%
    1/31/20221.9%0.4%1.7%
    10/21/20214.2%2.8%8.7%
    7/23/20210.8%2.0%1.7%
    4/26/20212.1%2.6%-0.3%
    1/29/20212.5%7.9%18.2%
    10/22/2020-1.1%-5.4%7.4%
    SUMMARY STATS   
    # Positive141413
    # Negative9910
    Median Positive2.2%2.4%7.4%
    Median Negative-1.2%-2.8%-4.1%
    Max Positive4.2%10.6%18.2%
    Max Negative-9.1%-13.9%-14.2%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/04/202610-Q
    03/31/202605/05/202610-Q
    12/31/202502/25/202610-K
    09/30/202511/07/202510-Q
    06/30/202508/01/202510-Q
    03/31/202505/06/202510-Q
    12/31/202402/21/202510-K
    09/30/202411/04/202410-Q
    06/30/202407/31/202410-Q
    03/31/202405/03/202410-Q
    12/31/202302/26/202410-K
    09/30/202311/06/202310-Q
    06/30/202308/02/202310-Q
    03/31/202305/03/202310-Q
    12/31/202202/23/202310-K
    09/30/202211/02/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/04/202610-Q
    03/31/202605/05/202610-Q
    12/31/202502/25/202610-K
    09/30/202511/07/202510-Q
    06/30/202508/01/202510-Q
    03/31/202505/06/202510-Q
    12/31/202402/21/202510-K
    09/30/202411/04/202410-Q
    06/30/202407/31/202410-Q
    03/31/202405/03/202410-Q
    12/31/202302/26/202410-K
    09/30/202311/06/202310-Q
    06/30/202308/02/202310-Q
    03/31/202305/03/202310-Q
    12/31/202202/23/202310-K
    09/30/202211/02/202210-Q
    06/30/202208/02/202210-Q
    03/31/202205/06/202210-Q
    12/31/202102/22/202210-K
    09/30/202111/02/202110-Q
    06/30/202108/02/202110-Q
    03/31/202105/05/202110-Q
    12/31/202002/22/202110-K
    09/30/202011/04/202010-Q
    06/30/202007/28/202010-Q
    03/31/202004/24/202010-Q
    12/31/201902/14/202010-K
    09/30/201910/29/201910-Q

    Insider Activity

    Updated 9/10/2026
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    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Denny, Michael B IRABuy820202634.663,000103,980225,290Form
    2Butler, Ronald David IIEVP/CAODirectSell818202634.9515,000524,2505,320,194Form
    3Nickles, Robert Clark JR Limited Liability CorporationBuy727202634.8970024,4233,430,524Form
    4Edwards, Murray Hamilton TrustBuy615202633.181,00033,1801,480,956Form
    5Nickles, Robert Clark JR Limited Liability CorporationBuy506202631.9666421,2213,120,063Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Denny, Michael B IRABuy820202634.663,000103,980225,290Form
    2Butler, Ronald David IIEVP/CAODirectSell818202634.9515,000524,2505,320,194Form
    3Nickles, Robert Clark JR Limited Liability CorporationBuy727202634.8970024,4233,430,524Form
    4Edwards, Murray Hamilton TrustBuy615202633.181,00033,1801,480,956Form
    5Nickles, Robert Clark JR Limited Liability CorporationBuy506202631.9666421,2213,120,063Form
    6Edwards, Murray Hamilton TrustBuy316202629.321,00029,3201,279,349Form
    7Haney, Geoff DirectBuy313202629.181,50043,770981,790Form
    8Trotter, Johnny DirectBuy313202629.261,00029,26027,985,551Form
    9Hickox, Michelle SEVP/CFODirectBuy311202629.501,00029,500349,900Form
    10Hickox, Michelle SEVP/CFOIRABuy311202629.501,00029,500430,700Form
    11Goodrich, Brian DEVP - General CounselDirectBuy309202629.891,66549,767174,289Form
    12Davis, Sally Pope DirectBuy309202629.521,80053,136306,152Form
    13Goodrich, Brian DEVP - General CounselDirectBuy306202630.131,56547,153123,322Form
    14Trotter, Johnny DirectBuy306202630.024,000120,08028,682,429Form
    15Davis, Sally Pope DirectBuy303202631.211,60049,936267,501Form
    16Haney, Geoff DirectBuy223202633.1810,200338,4361,066,604Form
    17Edwards, Murray Hamilton TrustBuy206202634.1850017,0901,457,230Form
    18Nickles, Robert Clark JR Limited Liability CorporationBuy203202632.5462920,4683,155,078Form
    19Davis, Sally Pope DirectBuy1103202530.731,70052,241214,219Form
    20Nickles, Robert Clark JR Limited Liability CorporationBuy1029202531.1665320,3473,001,674Form
    21Bailey, David WilliamPresidentDirectBuy1029202531.541,00031,540579,453Form
    22Hickox, Michelle SEVP/CFODirectBuy1029202531.152,00062,300761,960Form

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