# EDGAR Filing Document

**Accession Number:** 0000036029
**File Stem:** 0000950170-25-097764
**Filing Date:** 2025-7
**Character Count:** 39087
**Document Hash:** 2a35f709f62a907e8b862ed09751900f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-097764.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0000950170-25-097764

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20250717

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**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/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-07674
- **FILM NUMBER:** 251142080

**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/A

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM** 8-K/A

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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):** July 17, 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 |

---

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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EXPLANATORY NOTE

This Current Report on Form 8-K/A ("Amendment") amends the current report on 8-K for First Financial Bankshares, Inc. furnished on July 17, 2025 (the "Original Form 8-K"). The purpose of this Amendment is to report updates to the financial information furnished in Exhibit 99.1 to the Original Form 8-K to report the results for the period ended June 30, 2025.

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 June 30, 2025 of First Financial Bankshares, Inc.

The information contained in this Form 8-K, including Exhibit 99.1, is furnished to the Securities and Exchange Commission (the "Commission"), but shall not be deemed "filed" with the Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

[<u>99.1 Press Release dated July 17, 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: July 23, 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 SECOND QUARTER 2025 EARNINGS**

ABILENE, Texas, July 17, 2025 - <u>First Financial Bankshares, Inc.</u> (the "Company," "we," "us" or "our") (NASDAQ: FFIN) today reported earnings of $66.66 million for the second quarter of 2025 compared to earnings of $52.49 million for the same quarter a year ago and $61.35 million for the quarter ended March 31, 2025. Basic and diluted earnings per share were $0.47 for the second quarter of 2025 compared with $0.37 for the second quarter of 2024 and $0.43 for the linked quarter.

"Our second quarter results are positive with earnings growth of over 27 percent from the second quarter last year resulting from our healthy loan and deposit growth, improved margin and increased trust revenue," said F. Scott Dueser, Chairman and CEO of First Financial Bankshares, Inc. "Our outlook for the remainder of the year is good as we have opportunities to improve our investment yields, continue loan growth and focus on growing deposits in our markets. I am very appreciative of the work our teams are doing to support these results."

Net interest income for the second quarter of 2025 was $123.73 million compared to $103.27 million for the second quarter of 2024 and $118.79 million for the first quarter 2025. The net interest margin, on a taxable equivalent basis, was 3.81 percent for the second quarter of 2025 compared to 3.48 percent for the second quarter of 2024 and 3.74 percent in the first quarter of 2025. Increased margins are primarily due to increased average yields on loans and securities. Additionally, the Company recognized a $698 thousand prepayment penalty during the second quarter of 2025 which had a positive impact on the margin for the quarter. Average interest-earning assets were $13.34 billion for the second quarter of 2025 compared to $12.23 billion for the same quarter a year ago.

The Company recorded a provision for credit losses of $3.13 million for the second quarter of 2025 compared to a provision for credit losses of $5.89 million for the second quarter of 2024 and $3.53 million for the first quarter 2025. At June 30, 2025, the allowance for credit losses totaled $102.79 million, or 1.27 percent of loans held-for-investment ("loans" hereafter), compared to $95.17 million, or 1.27 percent of loans, at June 30, 2024. Additionally, the reserve for unfunded commitments totaled $9.91 million at June 30, 2025 compared to $7.43 million at June 30, 2024.

For the second quarter of 2025, net charge-offs totaled $720 thousand compared to net charge-offs of $302 thousand for the second quarter of 2024 and net charge offs of $236 thousand for the first quarter 2025. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.79 percent at June 30, 2025, compared to 0.81 percent at June 30, 2024. Classified loans totaled $257.07 million at June 30, 2025, compared to $219.26 million at June 30, 2024.

Noninterest income for the second quarter of 2025 was $32.87 million compared to $31.27 million for the second quarter of 2024, due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Trust fee income increased to $12.75 million for the second quarter of 2025 compared to $11.71 million for the second quarter of 2024, driven by the increase in market value of trust assets managed to $11.46 billion at June 30, 2025, compared to $10.24 billion at June 30, 2024.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Mortgage income increased to $4.13 million for the quarter compared to $3.69 million for the second quarter of 2024, as overall origination volume and margins have improved from the prior periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Other noninterest income decreased $499 thousand to $2.93 million for the second quarter of 2025 compared to $3.43 million in the second quarter of 2024 due to the recognition of a $723 thousand one-time BOLI settlement payment recognized in the second quarter of 2024.

Noninterest expense for the second quarter of 2025 totaled $71.74 million compared to $65.01 million for the second quarter of 2024, due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Salary, commissions, and employee benefit costs increased to $42.58 million for the second quarter of 2025, compared to $37.47 million in the second quarter of 2024, primarily resulting from merit-based and market driven pay increases, an increase of $838 thousand in profit sharing accruals, an increase of $519 thousand in bonus and incentive accruals, and an increase of $452 thousand in stock-based compensation when compared to the same quarter in 2024. The increase in profit sharing and incentive accruals are directly related to the increase in net income over prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Noninterest expenses, excluding salary related costs, increased $1.62 million for the second quarter of 2025 compared to the same period in 2024 largely due to increases in software amortization as a result of the Company investing in new loan origination and account opening platforms.

The Company's efficiency ratio was 44.97 percent for the second quarter of 2025 compared to 47.41 percent for the second quarter of 2024largely due to the increase in net interest income.

As of June 30, 2025, consolidated total assets were $14.38 billion compared to $13.16 billion on June 30, 2024. Loans totaled $8.07 billion on June 30, 2025, compared with loans of $7.52 billion at June 30, 2024. During the second quarter of 2025, loans grew $129.33 million, or 6.53 percent annualized, when compared to March 31, 2025, balances. Loans have grown $161.85 million or 4.12 percent annualized year-to-date. Deposits and Repurchase Agreements totaled $12.50 billion at June 30, 2025, compared to $11.55 billion at June 30, 2024. Deposits and Repurchase Agreement balances have grown 5.57 percent annualized year-to-date through the second quarter 2025.

Shareholders' equity was $1.74 billion as of June 30, 2025, compared to $1.52 billion and $1.61 billion at June 30, 2024, and December 31, 2024, respectively. The unrealized loss on the securities portfolio, net of applicable tax, totaled $373.46 million at June 30, 2025, compared to unrealized losses of $441.56 million at June 30, 2024 and $424.29 million at December 31, 2024.

**About First Financial Bankshares, Inc.**

Headquartered in Abilene, Texas, First Financial Bankshares, Inc. is a financial holding company that through its 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, Keller, Kingwood, Lumberton, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Trust & Asset Management Company, with nine locations and First Technology Services, Inc., a technology operating company.

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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 and the pandemic, changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses, and similar variables. Other key risks are described in the Company's reports filed with the Securities and Exchange Commission, which may be obtained under "Investor Relations-Documents 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** | **2024** | **2024** | **2024** |
| **ASSETS** | **June 30,** | **Mar. 31,** | **Dec. 31,** | **Sept. 30,** | **June 30,** |
| Cash and due from banks | 264000 | 232943 | 259996 | 296188 | 263262 |
| Interest-bearing demand deposits in banks | 435612 | 682362 | 503417 | 287476 | 103315 |
| Federal funds sold | 8750 | 11750 | - | - | 2800 |
| Investment securities | 4886548 | 4760431 | 4617759 | 4612299 | 4573024 |
| Loans, held-for-investment | 8074944 | 7945611 | 7913098 | 7723191 | 7519733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | (102792) | (101080) | (98325) | (99936) | (95170) |
| Net loans, held-for-investment | 7972152 | 7844531 | 7814773 | 7623255 | 7424563 |
| Loans, held-for-sale | 33233 | 14348 | 8235 | 20114 | 19668 |
| Premises and equipment, net | 148999 | 150589 | 151904 | 151204 | 153075 |
| Goodwill | 313481 | 313481 | 313481 | 313481 | 313481 |
| Other intangible assets | 343 | 428 | 523 | 671 | 828 |
| Other assets | 313723 | 301251 | 309330 | 278244 | 310059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $14376841 | $14312114 | $13979418 | $13582932 | $13164075 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |  |  |
| Noninterest-bearing deposits | 3439059 | 3356553 | 3348041 | 3303143 | 3289032 |
| Interest-bearing deposits | 9009357 | 9110218 | 8751133 | 8452718 | 8120125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 12448416 | 12466771 | 12099174 | 11755861 | 11409157 |
| Repurchase agreements | 48026 | 56606 | 61416 | 57557 | 138950 |
| Borrowings | 22153 | 26978 | 135603 | 25978 | 23703 |
| Trade date payable | 24965 | - | - | 5416 | - |
| Other liabilities | 95929 | 81498 | 76665 | 75929 | 73239 |
| Shareholders' equity | 1737352 | 1680261 | 1606560 | 1662191 | 1519026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $14376841 | $14312114 | $13979418 | $13582932 | $13164075 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
|  | **2025** | **2025** | **2024** | **2024** | **2024** |
| **INCOME STATEMENTS** | **June 30,** | **Mar. 31,** | **Dec. 31,** | **Sept. 30,** | **June 30,** |
| Interest income | 172810 | 167110 | 165792 | 159958 | 153673 |
| Interest expense | 49080 | 48321 | 49675 | 52849 | 50400 |
| Net interest income | 123730 | 118789 | 116117 | 107109 | 103273 |
| Provision for credit losses | 3132 | 3528 | 1003 | 6123 | 5888 |
| Net interest income after provision for credit losses | 120598 | 115261 | 115114 | 100986 | 97385 |
| Noninterest income | 32873 | 30230 | 30977 | 32362 | 31268 |
| Noninterest expense | 71735 | 70335 | 70099 | 66012 | 65012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income before income taxes | 81736 | 75156 | 75992 | 67336 | 63641 |
| Income tax expense | 15078 | 13810 | 13671 | 12028 | 11156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $66658 | $61346 | $62321 | $55308 | $52485 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PER COMMON SHARE DATA** |  |  |  |  |  |
| Net income - basic | $0.47 | $0.43 | $0.44 | $0.39 | $0.37 |
| Net income - diluted | 0.47 | 0.43 | 0.43 | 0.39 | 0.37 |
| Cash dividends declared | 0.19 | 0.18 | 0.18 | 0.18 | 0.18 |
| Book value | 12.14 | 11.75 | 11.24 | 11.63 | 10.63 |
| Tangible book value | 9.95 | 9.55 | 9.04 | 9.43 | 8.43 |
| Market value | 35.98 | 35.92 | 36.05 | 37.01 | 29.53 |
| Shares outstanding - end of period | 143077619 | 143019433 | 142944704 | 142906070 | 142848909 |
| Average outstanding shares - basic | 143023544 | 142949514 | 142898110 | 142853215 | 142814363 |
| Average outstanding shares - diluted | 143378505 | 143355148 | 143352067 | 143188857 | 143088930 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PERFORMANCE RATIOS** |  |  |  |  |  |
| Return on average assets | 1.89% | 1.78% | 1.81% | 1.66% | 1.61% |
| Return on average equity | 15.82 | 15.12 | 15.17 | 14.00 | 14.43 |
| Return on average tangible equity | 19.43 | 18.68 | 18.78 | 17.49 | 18.38 |
| Net interest margin (tax equivalent) | 3.81 | 3.74 | 3.67 | 3.50 | 3.48 |
| Efficiency ratio | 44.97 | 46.36 | 46.81 | 46.45 | 47.41 |

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**FIRST FINANCIAL BANKSHARES, INC.**

**CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)**

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

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| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** |
| **INCOME STATEMENTS** | **2025** | **2024** |
| Interest income | 339920 | 303167 |
| Interest expense | 97401 | 99653 |
| Net interest income | 242519 | 203514 |
| Provision for credit losses | 6660 | 6695 |
| Net interest income after provisions for credit losses | 235859 | 196819 |
| Noninterest income | 63103 | 60651 |
| Noninterest expense | 142070 | 128952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income before income taxes | 156892 | 128518 |
| Income tax expense | 28888 | 22636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $128004 | $105882 |

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| | | |
|:---|:---|:---|
| **PER COMMON SHARE DATA** |  |  |
| Net income - basic | $0.90 | $0.74 |
| Net income - diluted | 0.89 | 0.74 |
| Cash dividends declared | 0.37 | 0.36 |
| Book value | 12.14 | 10.63 |
| Tangible book value | 9.95 | 8.43 |
| Market value | $35.98 | $29.53 |
| Shares outstanding - end of period | 143077619 | 142848909 |
| Average outstanding shares - basic | 142986734 | 142769518 |
| Average outstanding shares - diluted | 143378720 | 143067193 |

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| | | |
|:---|:---|:---|
| **PERFORMANCE RATIOS** |  |  |
| Return on average assets | 1.83% | 1.62% |
| Return on average equity | 15.48 | 14.43 |
| Return on average tangible equity | 19.07 | 18.33 |
| Net interest margin (tax equivalent) | 3.78 | 3.41 |
| Efficiency ratio | 45.65 | 47.88 |

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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** | **2025** | **2024** | **2024** | **2024** |
| **ALLOWANCE FOR LOAN LOSSES** | **June 30,** | **Mar. 31,** | **Dec. 31,** | **Sept. 30,** | **June 30,** |
| Balance at beginning of period | 101080 | 98325 | 99936 | 95170 | 89562 |
| Loans charged-off | (1189) | (946) | (2184) | (1279) | (702) |
| Loan recoveries | 469 | 710 | 243 | 493 | 400 |
| Net recoveries (charge-offs) | (720) | (236) | (1941) | (786) | (302) |
| Provision for loan losses | 2432 | 2991 | 330 | 5552 | 5910 |
| Balance at end of period | $102792 | $101080 | $98325 | $99936 | $95170 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ALLOWANCE FOR UNFUNDED COMMITMENTS** |  |  |  |  |  |
| Balance at beginning of period | $9214 | $8677 | $8004 | $7433 | $7455 |
| Provision for unfunded commitments | 700 | 537 | 673 | 571 | (22) |
| Balance at end of period | $9914 | $9214 | $8677 | $8004 | $7433 |
| Allowance for loan losses / |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;period-end loans held-for-investment | 1.27% | 1.27% | 1.24% | 1.29% | 1.27% |
| Allowance for loan losses / |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;nonperforming loans | 162.60 | 164.16 | 158.02 | 156.44 | 157.20 |
| Net charge-offs (recoveries) / average total loans |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(annualized) | 0.04 | 0.01 | 0.10 | 0.04 | 0.02 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **2025** | **2025** | **2024** | **2024** | **2024** |
| **COMPOSITION OF LOANS HELD-FOR-INVESTMENT** | **June 30,** | **Mar. 31,** | **Dec. 31,** | **Sept. 30,** | **June 30,** |
| Commercial: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;C&I | 1202151 | 1144429 | 1176993 | 1175774 | 1141990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal | 306140 | 338303 | 369246 | 333732 | 359124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Commercial | 1508291 | 1482732 | 1546239 | 1509506 | 1501114 |
| Agricultural | 86133 | 90186 | 95543 | 83269 | 86186 |
| Real Estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction & Development | 1172834 | 1098069 | 1054603 | 1013810 | 986394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Farm | 302969 | 331464 | 339665 | 315720 | 318597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Owner Occupied CRE | 746341 | 753898 | 805566 | 825928 | 815713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner Occupied CRE | 1124610 | 1142618 | 1083100 | 1086750 | 1049715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | 2286220 | 2217740 | 2196767 | 2112196 | 1990604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Real Estate | 5632974 | 5543789 | 5479701 | 5354404 | 5161023 |
| Consumer: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto | 698897 | 679189 | 638560 | 618103 | 615192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Auto | 148649 | 149715 | 153055 | 157909 | 156218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer | 847546 | 828904 | 791615 | 776012 | 771410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans held-for-investment | $8074944 | $7945611 | $7913098 | $7723191 | $7519733 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SUMMARY OF LOAN CLASSIFICATION** |  |  |  |  |  |
| Special Mention | $62774 | $46103 | $42563 | $41362 | $57864 |
| Substandard | 194291 | 199509 | 191288 | 188561 | 161399 |
| Doubtful | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total classified loans | $257065 | $245612 | $233851 | $229923 | $219263 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NONPERFORMING ASSETS** |  |  |  |  |  |
| Nonaccrual loans | $63142 | $60430 | $61938 | $63378 | $60311 |
| Accruing loans 90 days past due | 77 | 1143 | 287 | 504 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans | 63219 | 61573 | 62225 | 63882 | 60542 |
| Foreclosed assets | 489 | 115 | 871 | 535 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets | $63708 | $61688 | $63096 | $64417 | $61189 |
| As a % of loans held-for-investment and foreclosed assets | 0.79% | 0.78% | 0.80% | 0.83% | 0.81% |
| As a % of end of period total assets | 0.44 | 0.43 | 0.45 | 0.47 | 0.46 |

---

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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** | **2024** | **2024** | **2024** |
| **CAPITAL RATIOS** | **June 30,** | **Mar. 31,** | **Dec. 31,** | **Sept. 30,** | **June 30,** |
| Common equity Tier 1 capital ratio | 19.16% | 19.12% | 18.83% | 18.83% | 18.42% |
| Tier 1 capital ratio | 19.16 | 19.12 | 18.83 | 18.83 | 18.42 |
| Total capital ratio | 20.35 | 20.31 | 20.00 | 20.03 | 19.55 |
| Tier 1 leverage ratio | 12.61 | 12.46 | 12.49 | 12.53 | 12.40 |
| Tangible common equity ratio | 10.12 | 9.76 | 9.46 | 10.16 | 9.38 |
| Equity/Assets ratio | 12.08 | 11.74 | 11.49 | 12.24 | 11.54 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
|  | **2025** | **2025** | **2024** | **2024** | **2024** |
| **NONINTEREST INCOME** | **June 30,** | **Mar. 31,** | **Dec. 31,** | **Sept. 30,** | **June 30,** |
| Trust fees | 12746 | 12653 | 12662 | 11694 | 11714 |
| Service charges on deposits | 6126 | 6177 | 6306 | 6428 | 6009 |
| Debit card fees | 5218 | 4967 | 5506 | 5528 | 5145 |
| Credit card fees | 707 | 577 | 617 | 617 | 672 |
| Gain on sale and fees on mortgage loans | 4126 | 2832 | 3009 | 3359 | 3687 |
| Net gain (loss) on sale of available-for-sale securities | - | - | - | - | - |
| Net gain (loss) on sale of foreclosed assets | 200 | (35) | 36 | (30) | (58) |
| Net gain (loss) on sale of assets | 6 | - | 214 | 267 | 2 |
| Loan recoveries | 810 | 574 | 433 | 1359 | 664 |
| Other noninterest income | 2934 | 2485 | 2194 | 3140 | 3433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $32873 | $30230 | $30977 | $32362 | $31268 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NONINTEREST EXPENSE** |  |  |  |  |  |
| Salaries, commissions and employee benefits, excluding profit sharing | $39834 | $39157 | $37996 | $35262 | $35569 |
| Profit sharing expense | 2741 | 2985 | 3648 | 2235 | 1903 |
| Net occupancy expense | 3600 | 3720 | 3753 | 3738 | 3618 |
| Equipment expense | 2478 | 2321 | 2305 | 2291 | 2233 |
| FDIC insurance premiums | 1585 | 1575 | 1511 | 1514 | 1508 |
| Debit card expense | 3308 | 3373 | 3220 | 3248 | 3242 |
| Legal, tax and professional fees | 3143 | 3067 | 3751 | 3865 | 3809 |
| Audit fees | 463 | 451 | 423 | 582 | 453 |
| Printing, stationery and supplies | 473 | 482 | 293 | 199 | 425 |
| Amortization of intangible assets | 86 | 95 | 147 | 157 | 157 |
| Advertising, meals and public relations | 1653 | 1677 | 1642 | 1466 | 1466 |
| Operational and other losses | 720 | 540 | 863 | 955 | 769 |
| Software amortization and expense | 4020 | 3732 | 3648 | 3712 | 3158 |
| Other noninterest expense | 7631 | 7160 | 6899 | 6788 | 6702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | $71735 | $70335 | $70099 | $66012 | $65012 |
| **TAX EQUIVALENT YIELD ADJUSTMENT** | $2926 | $2700 | $2673 | $2628 | $2572 |

---

------

**FIRST FINANCIAL BANKSHARES, INC.**

**SELECTED FINANCIAL DATA (UNAUDITED)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** |
| **NONINTEREST INCOME** | **2025** | **2024** |
| Trust fees | 25399 | 23093 |
| Service charges on deposits | 12302 | 12255 |
| Debit card fees | 10185 | 10036 |
| Credit card fees | 1284 | 1303 |
| Gain on sale and fees on mortgage loans | 6958 | 6815 |
| Net gain on sale of available-for-sale securities | - | - |
| Net gain on sale of foreclosed assets | 165 | (58) |
| Net gain (loss) on sale of assets | 6 | 2 |
| Interest on loan recoveries | 1384 | 1219 |
| Other noninterest income | 5420 | 5986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $63103 | $60651 |

---

---

| | | |
|:---|:---|:---|
| **NONINTEREST EXPENSE** |  |  |
| Salaries, commissions and employee benefits, excluding profit sharing | $78991 | $70572 |
| Profit sharing expense | 5726 | 3583 |
| Net occupancy expense | 7320 | 7088 |
| Equipment expense | 4799 | 4470 |
| FDIC insurance premiums | 3160 | 3473 |
| Debit card expense | 6680 | 6300 |
| Legal, tax and professional fees | 6209 | 6543 |
| Audit fees | 914 | 786 |
| Printing, stationery and supplies | 955 | 872 |
| Amortization of intangible assets | 181 | 314 |
| Advertising, meals and public relations | 3332 | 2920 |
| Operational and other losses | 1260 | 1923 |
| Software amortization and expense | 7753 | 6163 |
| Other noninterest expense | 14790 | 13945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | $142070 | $128952 |
| **TAX EQUIVALENT YIELD ADJUSTMENT** | $5626 | $5145 |

---

------

**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** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **Mar. 31, 2025** | **Mar. 31, 2025** | **Mar. 31, 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 | 9397 | 113 | 4.84% | 7596 | 90 | 4.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand deposits in nonaffiliated banks | 379364 | 4191 | 4.43 | 286040 | 3174 | 4.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable securities | 3470028 | 25242 | 2.91 | 3506035 | 25034 | 2.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt securities | 1433498 | 10811 | 3.02 | 1407440 | 9912 | 2.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | 8045340 | 135378 | 6.75 | 7952946 | 131600 | 6.71 |
| Total interest-earning assets | 13337627 | 175735 | 5.28% | 13160057 | 169810 | 5.23% |
| Noninterest-earning assets | 826635 |  |  | 830055 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $14164262 |  |  | $13990112 |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 8923737 | 48730 | 2.19% | 8882040 | 47549 | 2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements | 54482 | 221 | 1.63 | 53920 | 209 | 1.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 26557 | 128 | 1.93 | 74561 | 563 | 3.06 |
| Total interest-bearing liabilities | 9004776 | 49079 | 2.19% | 9010521 | 48321 | 2.17% |
| Noninterest-bearing deposits | 3383851 |  |  | 3265838 |  |  |
| Other noninterest-bearing liabilities | 85745 |  |  | 68218 |  |  |
| Shareholders' equity | 1689890 |  |  | 1645535 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $14164262 |  |  | $13990112 |  |  |
| Net interest income and margin (tax equivalent) |  | $126656 | 3.81% |  | $121489 | 3.74% |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Dec. 31, 2024** | **Dec. 31, 2024** | **Dec. 31, 2024** | **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 | 1895 | 23 | 4.90% | 2901 | 43 | 5.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand deposits in nonaffiliated banks | 308118 | 3578 | 4.62 | 200756 | 2716 | 5.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable securities | 3320754 | 21896 | 2.64 | 3211490 | 19866 | 2.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt securities | 1425934 | 9858 | 2.77 | 1418214 | 9742 | 2.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | 7806860 | 133110 | 6.78 | 7643238 | 130220 | 6.78 |
| Total interest-earning assets | 12863561 | 168465 | 5.21% | 12476599 | 162587 | 5.18% |
| Noninterest-earning assets | 824757 |  |  | 817757 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $13688318 |  |  | $13294356 |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 8523405 | 49139 | 2.29% | 8240938 | 51994 | 2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements | 63350 | 271 | 1.70 | 100892 | 740 | 2.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 39709 | 265 | 2.65 | 24670 | 116 | 1.87 |
| Total interest-bearing liabilities | 8626464 | 49675 | 2.29% | 8366500 | 52850 | 2.51% |
| Noninterest-bearing deposits | 3348062 |  |  | 3279486 |  |  |
| Other noninterest-bearing liabilities | 79271 |  |  | 76274 |  |  |
| Shareholders' equity | 1634521 |  |  | 1572096 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $13688318 |  |  | $13294356 |  |  |
| Net interest income and margin (tax equivalent) |  | $118790 | 3.67% |  | $109737 | 3.50% |

---

------

**FIRST FINANCIAL BANKSHARES, INC.**

**SELECTED FINANCIAL DATA (UNAUDITED)**

**(In thousands)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
|  | **Average** | **Tax Equivalent** | **Yield /** |
|  | **Balance** | **Interest** | **Rate** |
| Interest-earning assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold | 5160 | 74 | 5.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand deposits in nonaffiliated banks | 159707 | 2292 | 5.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable securities | 3250684 | 19912 | 2.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt securities | 1404706 | 9730 | 2.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | 7405297 | 124237 | 6.75 |
| Total interest-earning assets | 12225554 | 156245 | 5.14% |
| Noninterest-earning assets | 855719 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $13081273 |  |  |
| Interest-bearing liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 8020247 | 48414 | 2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements | 212590 | 1895 | 3.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 22932 | 91 | 1.60 |
| Total interest-bearing liabilities | 8255769 | 50400 | 2.46% |
| Noninterest-bearing deposits | 3289906 |  |  |
| Other noninterest-bearing liabilities | 72464 |  |  |
| Shareholders' equity | 1463134 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $13081273 |  |  |
| Net interest income and margin (tax equivalent) |  | $105845 | 3.48% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 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 | 8501 | 203 | 4.82% | 4541 | 131 | 5.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits in nonaffiliated banks | 332960 | 7365 | 4.46 | 252338 | 6948 | 5.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable securities | 3487932 | 50277 | 2.88 | 3313504 | 39864 | 2.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax exempt securities | 1420541 | 20723 | 2.92 | 1419606 | 19524 | 2.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | 7999398 | 266977 | 6.73 | 7305361 | 241846 | 6.66 |
| Total interest-earning assets | 13249332 | 345545 | 5.26% | 12295350 | 308313 | 5.04% |
| Noninterest-earning assets | 828336 |  |  | 860302 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $14077668 |  |  | $13155652 |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 8903004 | 96280 | 2.18% | 7949170 | 93666 | 2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements | 54203 | 430 | 1.60 | 265014 | 4457 | 3.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 50426 | 690 | 2.76 | 77947 | 1530 | 3.95 |
| Total interest-bearing liabilities | 9007633 | 97400 | 2.18% | 8292131 | 99653 | 2.42% |
| Noninterest-bearing deposits | 3325170 |  |  | 3318332 |  |  |
| Other noninterest-bearing liabilities | 77030 |  |  | 69300 |  |  |
| Shareholders' equity | 1667835 |  |  | 1475889 |  |  |
| Total liabilities and shareholders' equity | $14077668 |  |  | $13155652 |  |  |
| Net interest income and margin (tax equivalent) |  | $248145 | 3.78% |  | $208660 | 3.41% |

---

------