# EDGAR Filing Document

**Accession Number:** 0000036029
**File Stem:** 0001193125-25-249803
**Filing Date:** 2025-10
**Character Count:** 38343
**Document Hash:** 911777ecd363d7b30ceabe4a017fcf09
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-249803.hdr.sgml**: 20251024

**ACCESSION NUMBER**: 0001193125-25-249803

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20251023

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251024

**DATE AS OF CHANGE**: 20251024

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST FINANCIAL BANKSHARES INC
- **CENTRAL INDEX KEY:** 0000036029
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 750944023
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-07674
- **FILM NUMBER:** 251415705

**BUSINESS ADDRESS:**
- **STREET 1:** 400 PINE STREET
- **CITY:** ABILENE
- **STATE:** TX
- **ZIP:** 79601
- **BUSINESS PHONE:** 325.627.7167

**MAIL ADDRESS:**
- **STREET 1:** 400 PINE STREET
- **CITY:** ABILENE
- **STATE:** TX
- **ZIP:** 79601

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM** 8-K

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**CURRENT REPORT**<br>**PURSUANT TO SECTION 13 OR 15(d)**<br>**OF THE SECURITIES EXCHANGE ACT OF 1934**<br>

**Date of Report (Date of Earliest Event Reported):** October 23, 2025

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First Financial Bankshares, Inc.

**(Exact name of registrant as specified in its Charter)**

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| | | |
|:---|:---|:---|
| Texas | 0-07674 | 75-0944023 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(Commission <br>File No.)** | **(I.R.S. Employer**<br>**Identification No.)** |
|  | 400 Pine Street**,** Abilene**,** Texas 79601 |  |
|  | **(Address of Principal Executive Offices and Zip Code)** |  |
|  | **Registrant's Telephone Number (**325**)** 627-7155 |  |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 203.425)

☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))

☐ Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13 e-4 (c))

Securities registered pursuant to Section 12(b) of the Act:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Name of each exchange<br>on which registered** |
| &nbsp;&nbsp;Common Stock, $0.01 par value<br> &nbsp;&nbsp;FFIN | &nbsp;&nbsp;The Nasdaq Global Select Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Attached as an exhibit to this Form 8-K is the earnings release for the quarter ended September 30, 2025 of First Financial Bankshares, Inc.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

[<u>99.1 Press Release dated October 23, 2025</u>](ffin-ex99_1.htm)

104 Cover Page Interactive Data File (embedded within Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;FIRST FINANCIAL BANKSHARES, INC. |
|  |  | &nbsp;&nbsp;(Registrant) |
| &nbsp;&nbsp;DATE: October 24, 2025 | &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ F. Scott Dueser |
|  |  | &nbsp;&nbsp;F. SCOTT DUESER |
|  |  | &nbsp;&nbsp;Chairman and Chief Executive Officer |

---

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## Exhibit 99.1

For immediate release For More Information:Michelle S. Hickox, EVP & Chief Financial Officer 325.627.7155

**FIRST FINANCIAL BANKSHARES ANNOUNCES THIRD QUARTER 2025 EARNINGS**

ABILENE, Texas, October 23, 2025 - <u>First Financial Bankshares, Inc.</u> (the "Company," "we," "us" or "our") (NASDAQ: FFIN) today reported earnings of $52.27 million for the third quarter of 2025 compared to earnings of $55.31 million for the same quarter a year ago and $66.66 million for the quarter ended June 30, 2025. Diluted earnings per share were $0.36 for the third quarter of 2025 compared with $0.39 for the same quarter a year ago and $0.47 for the linked quarter.

"This quarter was impacted by a $21.55 million credit loss believed to be due to fraudulent activity associated with a commercial borrower. We have reviewed our portfolio to look for systemic issues and believe this to be isolated. We have initiated legal action and are continuing to work with law enforcement. Despite this setback, our core earnings trends remain positive, with year-to-date earnings growth of nearly 12 percent compared to 2024." said F. Scott Dueser, Chairman and CEO of First Financial Bankshares, Inc. "We are optimistic as we move into the final quarter of the year and will remain focused on liquidating the collateral of the loan and moving the bank forward with continued growth and profitability by keeping our customers, shareholders, and employees first."

Net interest income for the third quarter of 2025 was $127.00 million compared to $107.11 million in the same quarter last year and $123.73 million for the second quarter of 2025. The net interest margin, on a taxable equivalent basis, was 3.80 percent for the third quarter of 2025 compared to 3.50 percent for the third quarter of 2024 and 3.81 percent in the second quarter of 2025. Average interest-earning assets were $13.60 billion for the third quarter of 2025 compared to $12.48 billion for the same quarter a year ago.

The Company recorded a provision for credit losses of $24.44 million for the third quarter of 2025 compared to a provision for credit losses of $6.12 million and $3.13 million for the third quarter of 2024 and second quarter of 2025, respectively. On September 30, 2025, the allowance for credit losses totaled $105.96 million, or 1.29 percent of loans held-for-investment ("loans" hereafter), compared to $99.94 million, or 1.29 percent of loans at September 30, 2024. Additionally, the reserve for unfunded commitments totaled $8.84 million at September 30, 2025 compared to $8.00 million at September 30, 2024.

For the third quarter of 2025, net charge-offs totaled $22.34 million compared to net charge-offs of $786 thousand for the third quarter of 2024. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.71 percent at September 30, 2025, versus 0.79 percent at June 30, 2025 and 0.83 percent at September 30, 2024. Classified loans totaled $252.96 million at September 30, 2025, compared to $229.92 million at September 30, 2024.

Third quarter provision and charge offs were impacted by the aforementioned $21.55 million charge off of a commercial loan relationship. While we are pursuing all possible avenues of recovery, the amount and timing of any potential recovery cannot currently be determined.

Noninterest income for the third quarter of 2025 was $34.26 million compared to $32.36 million for the third quarter of 2024. Notable changes for the third quarter of 2025 when compared to the same quarter a year ago are as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Mortgage income increased to $4.38 million for the third quarter of 2025 compared to $3.36 million for the third quarter of 2024 due to improved origination volume related to lower interest rates and the strategic restructuring of the mortgage lending team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Trust fee income increased $1.26 million to $12.95 million, or 10.74 percent, compared to trust fee income of $11.69 million in the third quarter of 2024. Trust revenue has increased primarily due to growth in assets under management to $12.05 billion as of September 30, 2025, compared to $10.86 billion at September 30, 2024.

Noninterest expense for the third quarter of 2025 totaled $73.67 million compared to $66.01 million for the third quarter of 2024. Notable changes for the third quarter of 2025 when compared to the same quarter a year ago are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Salary, commissions, and employee benefit costs increased to $42.61 million for the third quarter of 2025, compared to $37.50 million in the third quarter of 2024. The increase from the prior year is related primarily to increases of $3.12 million in salaries and $1.47 million in officer bonus and incentive accruals related to annualized earnings growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Noninterest expenses, excluding salary related costs, increased $2.55 million for the third quarter of 2025 compared to the same period in 2024 largely due to increases in software amortization and other operational losses.

The Company's efficiency ratio was 44.74 percent for the third quarter of 2025 compared to 46.45 percent for the third quarter of 2024. The improvement from the same period in the prior year is primarily due to the increase in net interest income.

As of September 30, 2025, consolidated total assets were $14.84 billion compared to $13.58 billion at September 30, 2024. Loans totaled $8.24 billion at September 30, 2025, compared with loans of $7.72 billion at September 30, 2024. During the third quarter of 2025, loans grew $168.68 million, or 8.29 percent annualized, when compared to June 30, 2025, balances. Deposits and repurchase agreements totaled $12.90 billion at September 30, 2025, compared to $11.81 billion at September 30, 2024. During the third quarter of 2025, core deposits and repurchase agreements grew $250.45 million, or 7.95 percent annualized, when compared to June 30, 2025, balances. We also held $150.00 million of ICS one-way deposits as of September 30, 2025, that we were able to obtain at an attractive rate. No ICS one-way deposits were outstanding at June 30, 2025.

Shareholders' equity was $1.83 billion as of September 30, 2025, compared to $1.66 billion at September 30, 2024, respectively. The unrealized loss on the securities portfolio, net of applicable tax, totaled $308.58 million at September 30, 2025, compared to an unrealized loss of $373.46 million at June 30, 2025 and $329.82 million at September 30, 2024.

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**About First Financial Bankshares, Inc.**

Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that through its wholly-owned subsidiary, First Financial Bank, operates multiple banking regions with 79 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan, Burleson, College Station, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, El Campo, Fort Worth, Franklin, Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Lumberton, Keller, Kingwood, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Spring, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Trust and Asset Management Company, with nine locations and First Technology Services, Inc., a technology operating company.

The Company is listed on The NASDAQ Global Select Market under the trading symbol FFIN. For more information about First Financial, please visit our website at https://www.ffin.com.

####

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," "project," 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; economic impact of oil and gas prices;, changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; the accuracy of our estimates of future credit losses; 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 and Filings" on the Company's Website or by writing or calling the Company at 325.627.7155. Except as otherwise stated in this news announcement, the Company does not undertake any obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise.

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**FIRST FINANCIAL BANKSHARES, INC.**

**CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)**

**(In thousands, except share and per share data)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** |
| **ASSETS** | **Sept. 30,** | **June 30,** | **Mar. 31,** | **Dec. 31,** | **Sept. 30,** |
| Cash and due from banks | 237466 | 264000 | 232943 | 259996 | 296188 |
| Interest-bearing demand deposits in banks | 401580 | 435612 | 682362 | 503417 | 287476 |
| Federal funds sold | 11750 | 8750 | 11750 | - | - |
| Investment securities | 5260813 | 4886548 | 4760431 | 4617759 | 4612299 |
| Loans, held-for-investment | 8243625 | 8074944 | 7945611 | 7913098 | 7723191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | (105958) | (102792) | (101080) | (98325) | (99936) |
| Net loans, held-for-investment | 8137667 | 7972152 | 7844531 | 7814773 | 7623255 |
| Loans, held-for-sale | 26015 | 33233 | 14348 | 8235 | 20114 |
| Premises and equipment, net | 149651 | 148999 | 150589 | 151904 | 151204 |
| Goodwill | 313481 | 313481 | 313481 | 313481 | 313481 |
| Other intangible assets | 257 | 343 | 428 | 523 | 671 |
| Other assets | 302848 | 313723 | 301251 | 309330 | 278244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $14841528 | $14376841 | $14312114 | $13979418 | $13582932 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |  |  |
| Noninterest-bearing deposits | 3446262 | 3439059 | 3356553 | 3348041 | 3303143 |
| Interest-bearing deposits | 9399986 | 9009357 | 9110218 | 8751133 | 8452718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 12846248 | 12448416 | 12466771 | 12099174 | 11755861 |
| Repurchase agreements | 50646 | 48026 | 56606 | 61416 | 57557 |
| Borrowings | 21956 | 22153 | 26978 | 135603 | 25978 |
| Trade date payable | - | 24965 | - | - | 5416 |
| Other liabilities | 92410 | 95929 | 81498 | 76665 | 75929 |
| Shareholders' equity | 1830268 | 1737352 | 1680261 | 1606560 | 1662191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $14841528 | $14376841 | $14312114 | $13979418 | $13582932 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** |
| **INCOME STATEMENTS** | **Sept. 30,** | **June 30,** | **Mar. 31,** | **Dec. 31,** | **Sept. 30,** |
| Interest income | 179692 | 172810 | 167110 | 165792 | 159958 |
| Interest expense | 52691 | 49080 | 48321 | 49675 | 52849 |
| Net interest income | 127001 | 123730 | 118789 | 116117 | 107109 |
| Provision for credit losses | 24435 | 3132 | 3528 | 1003 | 6123 |
| Net interest income after provision for credit losses | 102566 | 120598 | 115261 | 115114 | 100986 |
| Noninterest income | 34264 | 32873 | 30230 | 30977 | 32362 |
| Noninterest expense | 73666 | 71735 | 70335 | 70099 | 66012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income before income taxes | 63164 | 81736 | 75156 | 75992 | 67336 |
| Income tax expense | 10897 | 15078 | 13810 | 13671 | 12028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $52267 | $66658 | $61346 | $62321 | $55308 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PER COMMON SHARE DATA** |  |  |  |  |  |
| Net income - basic | $0.37 | $0.47 | $0.43 | $0.44 | $0.39 |
| Net income - diluted | 0.36 | 0.47 | 0.43 | 0.43 | 0.39 |
| Cash dividends declared | 0.19 | 0.19 | 0.18 | 0.18 | 0.18 |
| Book value | 12.78 | 12.14 | 11.75 | 11.24 | 11.63 |
| Tangible book value | 10.59 | 9.95 | 9.55 | 9.04 | 9.43 |
| Market value | 33.65 | 35.98 | 35.92 | 36.05 | 37.01 |
| Shares outstanding - end of period | 143188051 | 143077619 | 143019433 | 142944704 | 142906070 |
| Average outstanding shares - basic | 143105224 | 143023544 | 142949514 | 142898110 | 142853215 |
| Average outstanding shares - diluted | 143474169 | 143378505 | 143355148 | 143352067 | 143188857 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PERFORMANCE RATIOS** |  |  |  |  |  |
| Return on average assets | 1.44% | 1.89% | 1.78% | 1.81% | 1.66% |
| Return on average equity | 11.85 | 15.82 | 15.12 | 15.17 | 14.00 |
| Return on average tangible equity | 14.44 | 19.43 | 18.68 | 18.78 | 17.49 |
| Net interest margin (tax equivalent) | 3.80 | 3.81 | 3.74 | 3.67 | 3.50 |
| Efficiency ratio | 44.74 | 44.97 | 46.36 | 46.81 | 46.45 |

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**FIRST FINANCIAL BANKSHARES, INC.**

**CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)**

**(In thousands, except share and per share data)**

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| | | |
|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** |
|  | **Sept. 30,** | **Sept. 30,** |
| **INCOME STATEMENTS** | **2025** | **2024** |
| Interest income | 519612 | 463126 |
| Interest expense | 150092 | 152502 |
| Net interest income | 369520 | 310624 |
| Provision for credit losses | 31095 | 12817 |
| Net interest income after provisions for credit losses | 338425 | 297807 |
| Noninterest income | 97366 | 93012 |
| Noninterest expense | 215736 | 194965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income before income taxes | 220055 | 195854 |
| Income tax expense | 39785 | 34664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $180270 | $161190 |

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| | | |
|:---|:---|:---|
| **PER COMMON SHARE DATA** |  |  |
| Net income - basic | $1.26 | $1.13 |
| Net income - diluted | 1.26 | 1.13 |
| Cash dividends declared | 0.56 | 0.54 |
| Book value | 12.78 | 11.63 |
| Tangible book value | 10.59 | 9.43 |
| Market value | $33.65 | $37.01 |
| Shares outstanding - end of period | 143188051 | 142906070 |
| Average outstanding shares - basic | 143026664 | 142797621 |
| Average outstanding shares - diluted | 143422534 | 143159652 |

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| | | |
|:---|:---|:---|
| **PERFORMANCE RATIOS** |  |  |
| Return on average assets | 1.70% | 1.63% |
| Return on average equity | 14.22 | 14.28 |
| Return on average tangible equity | 17.46 | 18.04 |
| Net interest margin (tax equivalent) | 3.79 | 3.44 |
| Efficiency ratio | 45.33 | 47.39 |

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**FIRST FINANCIAL BANKSHARES, INC.**

**SELECTED FINANCIAL DATA (UNAUDITED)**

**(In thousands)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
|  |  | **2025** |  | **2024** | **2024** |
| **ALLOWANCE FOR LOAN LOSSES** | **Sept. 30,** | **June 30,** | **Mar. 31,** | **Dec. 31,** | **Sept. 30,** |
| Balance at beginning of period | 102792 | 101080 | 98325 | 99936 | 95170 |
| Loans charged-off | (22612) | (1189) | (946) | (2184) | (1279) |
| Loan recoveries | 272 | 469 | 710 | 243 | 493 |
| Net recoveries (charge-offs) | (22340) | (720) | (236) | (1941) | (786) |
| Provision for loan losses | 25506 | 2432 | 2991 | 330 | 5552 |
| Balance at end of period | $105958 | $102792 | $101080 | $98325 | $99936 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ALLOWANCE FOR UNFUNDED COMMITMENTS** |  |  |  |  |  |
| Balance at beginning of period | $9914 | $9214 | $8677 | $8004 | $7433 |
| Provision for unfunded commitments | (1072) | 700 | 537 | 673 | 571 |
| Balance at end of period | $8842 | $9914 | $9214 | $8677 | $8004 |
| Allowance for loan losses / |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;period-end loans held-for-investment | 1.29% | 1.27% | 1.27% | 1.24% | 1.29% |
| Allowance for loan losses / |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;nonperforming loans | 187.39 | 162.60 | 164.16 | 158.02 | 156.44 |
| Net charge-offs (recoveries) / average total loans |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(annualized) | 1.07 | 0.04 | 0.01 | 0.10 | 0.04 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** |
| **COMPOSITION OF LOANS HELD-FOR-INVESTMENT** | **Sept. 30,** | **June 30,** | **Mar. 31,** | **Dec. 31,** | **Sept. 30,** |
| Commercial: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;C&I | 1174770 | 1202151 | 1144429 | 1176993 | 1175774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal | 347559 | 306140 | 338303 | 369246 | 333732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Commercial | 1522329 | 1508291 | 1482732 | 1546239 | 1509506 |
| Agricultural | 88820 | 86133 | 90186 | 95543 | 83269 |
| Real Estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction & Development | 1214649 | 1172834 | 1098069 | 1054603 | 1013810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Farm | 322710 | 302969 | 331464 | 339665 | 315720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Owner Occupied CRE | 802675 | 746341 | 753898 | 805566 | 825928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner Occupied CRE | 1119425 | 1124610 | 1142618 | 1083100 | 1086750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | 2308708 | 2286220 | 2217740 | 2196767 | 2112196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Real Estate | 5768167 | 5632974 | 5543789 | 5479701 | 5354404 |
| Consumer: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto | 718501 | 698897 | 679189 | 638560 | 618103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Auto | 145808 | 148649 | 149715 | 153055 | 157909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer | 864309 | 847546 | 828904 | 791615 | 776012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans held-for-investment | $8243625 | $8074944 | $7945611 | $7913098 | $7723191 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SUMMARY OF LOAN CLASSIFICATION** |  |  |  |  |  |
| Special Mention | $76647 | $62774 | $46103 | $42563 | $41362 |
| Substandard | 176311 | 194291 | 199509 | 191288 | 188561 |
| Doubtful | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total classified loans | $252958 | $257065 | $245612 | $233851 | $229923 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NONPERFORMING ASSETS** |  |  |  |  |  |
| Nonaccrual loans | $56394 | $63142 | $60430 | $61938 | $63378 |
| Accruing loans 90 days past due | 151 | 77 | 1143 | 287 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans | 56545 | 63219 | 61573 | 62225 | 63882 |
| Foreclosed assets | 1997 | 489 | 115 | 871 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets | $58542 | $63708 | $61688 | $63096 | $64417 |
| As a % of loans held-for-investment and foreclosed assets | 0.71% | 0.79% | 0.78% | 0.80% | 0.83% |
| As a % of end of period total assets | 0.39 | 0.44 | 0.43 | 0.45 | 0.47 |

---

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**FIRST FINANCIAL BANKSHARES, INC.**

**SELECTED FINANCIAL DATA (UNAUDITED)**

**(In thousands)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** |
| **CAPITAL RATIOS** | **Sept. 30,** | **June 30,** | **Mar. 31,** | **Dec. 31,** | **Sept. 30,** |
| Common equity Tier 1 capital ratio | 19.10% | 19.16% | 19.12% | 18.83% | 18.83% |
| Tier 1 capital ratio | 19.10 | 19.16 | 19.12 | 18.83 | 18.83 |
| Total capital ratio | 20.29 | 20.35 | 20.31 | 20.00 | 20.03 |
| Tier 1 leverage ratio | 12.34 | 12.61 | 12.46 | 12.49 | 12.53 |
| Tangible common equity ratio | 10.44 | 10.12 | 9.76 | 9.46 | 10.16 |
| Equity/Assets ratio | 12.33 | 12.08 | 11.74 | 11.49 | 12.24 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** |
| **NONINTEREST INCOME** | **Sept. 30,** | **June 30,** | **Mar. 31,** | **Dec. 31,** | **Sept. 30,** |
| Trust fees | 12950 | 12746 | 12653 | 12662 | 11694 |
| Service charges on deposits | 6447 | 6126 | 6177 | 6306 | 6428 |
| Debit card fees | 5333 | 5218 | 4967 | 5506 | 5528 |
| Credit card fees | 699 | 707 | 577 | 617 | 617 |
| Gain on sale and fees on mortgage loans | 4375 | 4126 | 2832 | 3009 | 3359 |
| Net gain (loss) on sale of foreclosed assets | (122) | 200 | (35) | 36 | (30) |
| Net gain (loss) on sale of assets | - | 6 | - | 214 | 267 |
| Loan recoveries | 1664 | 810 | 574 | 433 | 1359 |
| Other noninterest income | 2918 | 2934 | 2485 | 2194 | 3140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $34264 | $32873 | $30230 | $30977 | $32362 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NONINTEREST EXPENSE** |  |  |  |  |  |
| Salaries, commissions and employee benefits, excluding profit sharing | $40681 | $39834 | $39157 | $37996 | $35262 |
| Profit sharing expense | 1924 | 2741 | 2985 | 3648 | 2235 |
| Net occupancy expense | 3545 | 3600 | 3720 | 3753 | 3738 |
| Equipment expense | 2395 | 2478 | 2321 | 2305 | 2291 |
| FDIC insurance premiums | 1635 | 1585 | 1575 | 1511 | 1514 |
| Debit card expense | 3512 | 3308 | 3373 | 3220 | 3248 |
| Legal, tax and professional fees | 3332 | 3143 | 3067 | 3751 | 3865 |
| Audit fees | 536 | 463 | 451 | 423 | 582 |
| Printing, stationery and supplies | 456 | 473 | 482 | 293 | 199 |
| Amortization of intangible assets | 86 | 86 | 95 | 147 | 157 |
| Advertising, meals and public relations | 1714 | 1653 | 1677 | 1642 | 1466 |
| Operational and other losses | 1957 | 720 | 540 | 863 | 955 |
| Software amortization and expense | 4280 | 4020 | 3732 | 3648 | 3712 |
| Other noninterest expense | 7613 | 7631 | 7160 | 6899 | 6788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | $73666 | $71735 | $70335 | $70099 | $66012 |
| **TAX EQUIVALENT YIELD ADJUSTMENT** | $3406 | $2926 | $2700 | $2673 | $2628 |

---

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**FIRST FINANCIAL BANKSHARES, INC.**

**SELECTED FINANCIAL DATA (UNAUDITED)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** |
|  | **Sept. 30,** | **Sept. 30,** |
| **NONINTEREST INCOME** | **2025** | **2024** |
| Trust fees | 38349 | 34787 |
| Service charges on deposits | 18749 | 18683 |
| Debit card fees | 15519 | 15564 |
| Credit card fees | 1983 | 1920 |
| Gain on sale and fees on mortgage loans | 11333 | 10174 |
| Net gain on sale of foreclosed assets | 43 | (88) |
| Net gain (loss) on sale of assets | 6 | 269 |
| Loan recoveries | 3048 | 2578 |
| Other noninterest income | 8336 | 9125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $97366 | $93012 |

---

---

| | | |
|:---|:---|:---|
| **NONINTEREST EXPENSE** |  |  |
| Salaries, commissions and employee benefits, excluding profit sharing | $119672 | $105834 |
| Profit sharing expense | 7650 | 5818 |
| Net occupancy expense | 10865 | 10826 |
| Equipment expense | 7194 | 6761 |
| FDIC insurance premiums | 4795 | 4987 |
| Debit card expense | 10193 | 9548 |
| Legal, tax and professional fees | 9541 | 10408 |
| Audit fees | 1450 | 1368 |
| Printing, stationery and supplies | 1411 | 1071 |
| Amortization of intangible assets | 266 | 471 |
| Advertising, meals and public relations | 5047 | 4387 |
| Operational and other losses | 3217 | 2878 |
| Software amortization and expense | 12032 | 9875 |
| Other noninterest expense | 22403 | 20733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | $215736 | $194965 |
| **TAX EQUIVALENT YIELD ADJUSTMENT** | $9032 | $7773 |

---

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**FIRST FINANCIAL BANKSHARES, INC.**

**SELECTED FINANCIAL DATA (UNAUDITED)**

**(In thousands)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Sept. 30, 2025** | **Sept. 30, 2025** | **Sept. 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Average** | **Tax Equivalent** | **Yield /** | **Average** | **Tax Equivalent** | **Yield /** |
|  | **Balance** | **Interest** | **Rate** | **Balance** | **Interest** | **Rate** |
| Interest-earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold | 10711 | 130 | 4.82% | 9397 | 113 | 4.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand deposits in nonaffiliated banks | 216739 | 2387 | 4.37 | 379364 | 4191 | 4.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable securities | 3560347 | 26539 | 2.98 | 3470028 | 25242 | 2.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt securities | 1564767 | 12906 | 3.30 | 1433498 | 10811 | 3.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | 8249113 | 141136 | 6.79 | 8045340 | 135378 | 6.75 |
| Total interest-earning assets | 13601677 | 183098 | 5.34% | 13337627 | 175735 | 5.28% |
| Noninterest-earning assets | 826660 |  |  | 826635 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $14428337 |  |  | $14164262 |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 9051463 | 52010 | 2.28% | 8923737 | 48730 | 2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements | 50051 | 210 | 1.66 | 54482 | 221 | 1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 56198 | 471 | 3.33 | 26557 | 128 | 1.93 |
| Total interest-bearing liabilities | 9157712 | 52691 | 2.28% | 9004776 | 49079 | 2.19% |
| Noninterest-bearing deposits | 3419378 |  |  | 3383851 |  |  |
| Other noninterest-bearing liabilities | 101268 |  |  | 85745 |  |  |
| Shareholders' equity | 1749979 |  |  | 1689890 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $14428337 |  |  | $14164262 |  |  |
| Net interest income and margin (tax equivalent) |  | $130407 | 3.80% |  | $126656 | 3.81% |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Mar. 31, 2025** | **Mar. 31, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Dec. 31, 2024** | **Dec. 31, 2024** |
|  | **Average** | **Tax Equivalent** | **Yield /** | **Average** | **Tax Equivalent** | **Yield /** |
|  | **Balance** | **Interest** | **Rate** | **Balance** | **Interest** | **Rate** |
| Interest-earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold | 7596 | 90 | 4.81% | 1895 | 23 | 4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand deposits in nonaffiliated banks | 286040 | 3174 | 4.50 | 308118 | 3578 | 4.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable securities | 3506035 | 25034 | 2.86 | 3320754 | 21896 | 2.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt securities | 1407440 | 9912 | 2.82 | 1425934 | 9858 | 2.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | 7952946 | 131600 | 6.71 | 7806860 | 133110 | 6.78 |
| Total interest-earning assets | 13160057 | 169810 | 5.23% | 12863561 | 168465 | 5.21% |
| Noninterest-earning assets | 830055 |  |  | 824757 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $13990112 |  |  | $13688318 |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 8882040 | 47549 | 2.17% | 8523405 | 49139 | 2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements | 53920 | 209 | 1.57 | 63350 | 271 | 1.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 74561 | 563 | 3.06 | 39709 | 265 | 2.65 |
| Total interest-bearing liabilities | 9010521 | 48321 | 2.17% | 8626464 | 49675 | 2.29% |
| Noninterest-bearing deposits | 3265838 |  |  | 3348062 |  |  |
| Other noninterest-bearing liabilities | 68218 |  |  | 79271 |  |  |
| Shareholders' equity | 1645535 |  |  | 1634521 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $13990112 |  |  | $13688318 |  |  |
| Net interest income and margin (tax equivalent) |  | $121489 | 3.74% |  | $118790 | 3.67% |

---

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**FIRST FINANCIAL BANKSHARES, INC.**

**SELECTED FINANCIAL DATA (UNAUDITED)**

**(In thousands)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Sept. 30, 2024** | **Sept. 30, 2024** | **Sept. 30, 2024** |
|  | **Average** | **Tax Equivalent** | **Yield /** |
|  | **Balance** | **Interest** | **Rate** |
| Interest-earning assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold | 2901 | 43 | 5.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand deposits in nonaffiliated banks | 200756 | 2716 | 5.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable securities | 3211490 | 19866 | 2.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt securities | 1418214 | 9742 | 2.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | 7643238 | 130220 | 6.78 |
| Total interest-earning assets | 12476599 | 162587 | 5.18% |
| Noninterest-earning assets | 817757 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $13294356 |  |  |
| Interest-bearing liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 8240938 | 51994 | 2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements | 100892 | 740 | 2.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 24670 | 116 | 1.87 |
| Total interest-bearing liabilities | 8366500 | 52850 | 2.51% |
| Noninterest-bearing deposits | 3279486 |  |  |
| Other noninterest-bearing liabilities | 76274 |  |  |
| Shareholders' equity | 1572096 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $13294356 |  |  |
| Net interest income and margin (tax equivalent) |  | $109737 | 3.50% |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **Sept. 30, 2025** | **Sept. 30, 2025** | **Sept. 30, 2025** | **Sept. 30, 2024** | **Sept. 30, 2024** | **Sept. 30, 2024** |
|  | **Average** | **Tax Equivalent** | **Yield /** | **Average** | **Tax Equivalent** | **Yield /** |
|  | **Balance** | **Interest** | **Rate** | **Balance** | **Interest** | **Rate** |
| Interest-earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold | 9240 | 334 | 4.83% | 3990 | 174 | 5.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits in nonaffiliated banks | 293984 | 9752 | 4.44 | 235018 | 9664 | 5.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable securities | 3512304 | 76816 | 2.92 | 3279251 | 59730 | 2.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax exempt securities | 1469158 | 33629 | 3.05 | 1419138 | 29266 | 2.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | 8083638 | 408113 | 6.75 | 7418808 | 372066 | 6.70 |
| Total interest-earning assets | 13368324 | 528644 | 5.29% | 12356205 | 470900 | 5.09% |
| Noninterest-earning assets | 826449 |  |  | 846019 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $14194773 |  |  | $13202224 |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 8953017 | 148291 | 2.21% | 8047136 | 145661 | 2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements | 52801 | 641 | 1.62 | 209907 | 5197 | 3.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 52380 | 1160 | 2.96 | 60058 | 1645 | 3.66 |
| Total interest-bearing liabilities | 9058198 | 150092 | 2.22% | 8317101 | 152503 | 2.45% |
| Noninterest-bearing deposits | 3356999 |  |  | 3305289 |  |  |
| Other noninterest-bearing liabilities | 85148 |  |  | 71642 |  |  |
| Shareholders' equity | 1694428 |  |  | 1508192 |  |  |
| Total liabilities and shareholders' equity | $14194773 |  |  | $13202224 |  |  |
| Net interest income and margin (tax equivalent) |  | $378552 | 3.79% |  | $318397 | 3.44% |

---

------