The document provides an overview of First Financial Bankshares for the first quarter of 2011, including financial highlights and performance metrics. It discusses the company's expansion into new markets in Texas through both acquisitions and de novo branches. The presentation also provides details on First Financial's asset quality, loan portfolio, and municipal bond investments.

1. 1st Quarter 2011

2. Forward Looking Statement
The numbers, as of and for the three months ended March 31, 2011, contained within this presentation
are unaudited as well as amounts related to the Company’s stock trading volume. Certain statements
contained herein may be considered “forward-looking statements” as defined in the Private Securities
Litigation Reform Act of 1995. These statements are based upon the belief of the Company’s
management, as well as assumptions made beyond information currently available to the Company’s
management, and may be, but not necessarily are, identified by such words as “expect”, “plan”,
“anticipate”, “target”, “forecast” and “goal”. Because such “forward-looking statements” are subject to
risks and uncertainties, actual results may differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results to differ materially from the
Company’s expectations include competition from other financial institutions and financial holding
companies; the effects of and changes in trade, monetary and fiscal policies and laws, including
interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in
value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations;
changes in consumer spending, borrowing and savings habits; and acquisitions and integration of
acquired businesses, and similar variables. Other key risks are described in the Company’s reports
filed with the Securities and Exchange Commission, which may be obtained under “Investor Relations-
Documents/Filings” on the Company’s web site or by writing or calling the Company at 325.627.7155.
The Company does not undertake any obligation to update publicly or revise any forward-looking
statements herein because of new information, future events or otherwise.

3. Who We Are
$3.8 billion financial holding company
headquartered in Abilene, Texas
Group of 11 separately chartered banks
121 year history
Growth markets include 50 mile radius of
the larger cities of Texas
2

4. 33

5. Recognitions
 KBW Honor Roll – One of Forty banks named – March 2011
 SNL Financial top publicly traded community bank and sixth
overall – March 2011
 Ranked #2 in Texas and #7 in the United States by J.D. Power
and Associates 2011 Retail Banking Customer Satisfaction
Study – April 2011
4

6. What Makes Us Different
One Bank, Eleven Charters Concept
 One Bank
 Consolidation of backroom operations (lower efficiency ratio)
 Agency agreements (customers may use any of our 52 locations)
 Eleven Community Bank Charters
 Bank Presidents run their banks
 Local Boards – Movers and Shakers of the Community
 Keep our banks locally focused
 Make sure we meet the needs of the community
 Help us make better loan decisions
 Help us market the bank
 Up to $2.75 million of FDIC insurance available
5

7. Huntsville Acquisition
 Acquired November 2010
 Huntsville, Texas
 37,000 Residents
 Sam Houston State University – 17,000 Students
 Fastest Growing University in Texas
 Headquarters of the Texas Department of Criminal Justice – 5,000 employees
 Strategically located on Interstate 45 – 70 miles north of Houston
 $176 million in Assets*
 $153 million in deposits
 $91 million in loans
 Approximately 1.63x book; 10.8x last twelve months earnings (tax effected)
 Huntsville acquisition is very similar to our model around Dallas/Fort Worth
and provides diversification
 #2 Market Share in Walker County – 21%
*As of March 31, 2011
6

8. FFIN’s Unique Positioning in Texas
Bank Key Markets
BBVA Compass Rio Grande, Gulf Coast, Houston, Dallas, El Paso, Lubbock
Comerica, Inc. DFW, Austin, Houston, California, Michigan, Florida, Mexico
Encore Bancshares Houston, Florida
Frost San Antonio, Austin, Corpus Christi, DFW, Rio Grande
International Bancshares Corp. Rio Grande, Houston, San Antonio, Oklahoma
Prosperity Houston, DFW, Austin
Southside East Texas
Sterling (announced acquisition by Comerica) Houston, San Antonio, Dallas
Texas Capital DFW, Austin, San Antonio and Houston
ViewPoint Financial Dallas
Zion DFW and Houston
7

9. 88

10. Texas: Large and Growing
Five most populous states:* Growth
(2000 – 2009)
California 37.0 million 9.1%
Texas 24.8 million 18.8%
New York 19.5 million 3.0%
Florida 18.5 million 16.0%
Illinois 12.9 million 4.0%
* U.S. Census Bureau
9

11. Target Markets – Population Growth
Population growth (2000-2009) in FFIN expansion markets:*
Texas 18.8%
Bridgeport & Wise County 21.8%
Fort Worth / Tarrant County 23.8%
Cleburne, Midlothian & Johnson County 23.8%
Weatherford, Willow Park, Aledo 29.9%
Granbury & Hood County 25.2%
Stephenville & Erath County 9.6%
* U.S. Census Bureau
10

12. Preferred Acquisition: Granbury and Glen Rose
11
11

13. Core Markets: West Central Texas
 Markets served benefiting from well-established,
long- time customers
ASSET DEPOSIT MARKET
BANK LOCATIONS
SIZE* MARKET SHARE** SHARE RANK**
First Financial Bank $1,228 M 14 43% 1
(Abilene, Clyde, Moran, Albany, Odessa)
First Financial Bank $168 M 1 45% 1
(Hereford)
First Financial Bank $189 M 3 51% 1
(Eastland, Ranger, Rising Star)
First Financial Bank $160 M 4 36% 1
(Sweetwater, Roby, Trent, Merkel)
First Financial Bank $390 M 2 19% 2
(San Angelo)
* Data as of 03-31-11
TOTALS $2,135M 24 ** Data as of 06-30-10
12

14. Expansion Markets
DEPOSIT MARKET MARKET SHARE
BANK ASSET SIZE* LOCATIONS
SHARE** RANK**
First Financial Bank $284 M 6 18% 2
(Cleburne, Burleson, Alvarado, Midlothian, Crowley)
First Financial Bank $303 M 3 7% 5
(Southlake, Trophy Club, Keller,
3 14% 3
Bridgeport, Decatur, Boyd)
First Financial Bank $337 M 7 22% 2
(Stephenville, Granbury, Glen Rose, Acton)
First Financial Bank $398 M 7 26% 1
(Weatherford, Aledo, Willow Park, Brock, Ft. Worth)
First Financial Bank $200 M 1 33% 1
(Mineral Wells)
First State Bank $176 M 1 21% 2
(Huntsville)
* Data as of 03-31-11
TOTALS $1,698 M 28 ** Data as of 06-30-10
13

15. Recent De Novo Growth
 Cisco: Branch of Eastland – Expected to Open July 2011
 Lamesa: Office of Trust Company – April 2011
 Crowley: Branch of Cleburne – October 2010
 Odessa: Branch of Abilene – February 2010
 Fort Worth: Branch of Weatherford – February 2010
 Odessa: Office of Trust Company – April 2009
 Merkel: Branch of Sweetwater – July 2008
 Brock: Branch of Weatherford – March 2008
 Acton: Branch of Stephenville – March 2008
 Albany: Branch of Abilene – May 2007
 Fort Worth: Office of Trust Company – April 2007
14

16. Senior Management at First Financial
Years with Company Years in Industry
Scott Dueser
Chairman of the Board, President & 35 40
Chief Executive Officer
J. Bruce Hildebrand, CPA
Executive Vice President 9 33
Chief Financial Officer
Gary L. Webb
Executive Vice President 9 23
Operations
Gary S. Gragg
Executive Vice President 20 32
Credit Administration
Marna Yerigan
Executive Vice President 1 25
Credit Administration
Michele Stevens
Senior Vice President 15 31
Advertising and Marketing
Courtney Jordan
Senior Vice President 3 18
Training & Education
Kirk Thaxton, CTFA
President, First Financial Trust & Asset 24 27
Management
15

17. Experienced Bank CEOs & Presidents
Years with Company Years in Industry
Ron Butler, FFB Abilene 18 29
Mike Mauldin, FFB Hereford 8 33
J.V. Martin, FFB Sweetwater 22 41
Kirby Andrews, FFB Sweetwater 20 23
Tom O’Neil, FFB Eastland 12 31
Mike Boyd, FFB San Angelo 35 38
Matt Reynolds, FFB Cleburne 6 29
Ron Mullins, FFB Stephenville 5 32
Doyle Lee, FFB Weatherford 15 39
Jay Gibbs, FFB Weatherford 9 37
Mark Jones, FFB Southlake 10 33
Ken Williamson, FFB Mineral Wells 9 39
Robert Pate, FFB Huntsville 14 30
Gaye Clements, FFB Huntsville 9 27
Gary Tucker, First Technology Services 20 36
16

18. Asset Performance
Growth in Total Assets (in millions)
$3,776 $3,828
$3,212 $3,279
$3,070
$2,850
2006 2007 2008 2009 2010 2011
*As of March 31, 2011
17

19. Deposit Growth
Growth in FFIN Total Deposits (in millions)
$3,113 $3,132
$2,583 $2,685
$2,546
$2,384
$2,154 $2,163
$1,786 $1,849
$1,807
$1,699
$797 $836 $959 $969
$685 $739
2006 2007 2008 2009 2010 2011
Non Interest Bearing Interest Bearing *As of March 31, 2011
18

20. Deposit Products
Savings Time
6.6% 25.6%
Demand
30.9%
Money
Market
36.9%
*As of March 31, 2011
19

21. Loan Performance
Growth in FFIN Total Loans (in millions)
$1,690 $1,682
Real Estate $1,528 $1,566 $1,514
$1,373
$1,289
Commercial
$990 $1,012
$836 $855
$860
Student $760
$677
Consumer
$394 $391 $429
$330 $344 $406 $407
Agricultural
$37 $31 $32 $52
$0
$160 $165 $182 $191 $175 $191 $199
$85 $73 $84 $77 $73 $81 $64
2005 2006 2007 2008 2009 2010 2011
*As of March 31, 2011
20

22. Overview of Loan Portfolio
Commercial
24.2%
Agriculture
3.8%
Consumer
11.8%
Real Estate
60.2%
*As of March 31, 2011
21

23. Breakdown of R/E Loan Portfolio
Residential
Development &
Construction
6.4%
1-4 Family
35.8%
Other R/E
22.8%
Commercial
Development and
Construction
3.7%
Commercial R/E
31.3%
*As of March 31, 2011
22

24. Loan to Deposit Ratio
2005 2006 2007 2008 2009 2010 2011
End of
Period 54.5 57.6 60.0 60.6 56.4 54.3 53.7
Average
57.6 56.6 59.8 61.1 59.5 56.0 54.2
Balances
*As of March 31, 2011
23

25. Variable and Fixed Rate Loans
Loan Portfolio Interest Rate Risk Analysis
Variable
Fixed Rate
Rate
Less than 1 to 3 3 to 5 5 to 10 10 to 15 Over 15
1 year years years years years years
36.7% 12.2 15.7% 18.9% 7.3% 6.9% 2.3%
*As of March 31, 2011
24

26. Sound Lending Practices
Nonperforming assets as a percentage of loans + foreclosed assets (FFIN vs. Peers)
2006 2007 2008 2009 2010 2011*
First
Financial 0.30% 0.31% 0.80% 1.46% 1.53% 1.44%
Peer Group 0.60% 0.98% 2.62% 5.38% 5.58% Not available
*As of March 31, 2011
25

27. Allowance for Loan Losses and Provision for Loan Losses
(in thousands)
$32,501
$31,106
$27,612
$21,529
$17,462
$16,201
$14,719
$11,419
$7,957 $8,962
$1,320 $2,061 $2,331 $2,127
2005 2006 2007 2008 2009 2010 2011
ALLL Provision
*As of March 31, 2011
26

28. Summary of Bond Portfolio
Treasuries
Corporates
0.95% Agencies 2.66%
18.13%
CMOs
27.93%
Muni
34.79%
MBSs
15.54%
*As of March 31, 2011
27

29. Municipal Allocation by State
State Percentage
Texas 55.42%
Michigan 6.41%
Wisconsin 5.64%
Washington 2.64%
Illinois 2.63%
Massachusetts 2.50%
New Jersey 2.36%
Kentucky 2.08%
Louisiana 1.82%
California 1.78%
Utah 1.60%
Minnesota 1.60%
*As of March 31, 2011
Other 38 states 13.52%
28

30. Growth in Trust Assets
Total Trust Assets – Book Value (in millions)
$1,830
$1,784
$1,631 $1,664
$1,428
$1,300
2006 2007 2008 2009 2010 2011
29

31. Total Trust Fees
Growth in FFTAM Fees (Full year and 1st 3 months) (in thousands)
$10,808
$9,441
$9,083
$8,746
$7,665
thru
March 31st
$3,044
$2,369 $2,526
$1,847 $2,010 $2,117
2006 2007 2008 2009 2010 2011
30

32. 24th Consecutive Year of Increased Earnings
FFIN Earnings (Full year and 1st 3 months) (in millions)
$59.7
$1.3
$53.1 $53.8
$49.5
$46.0
$16.3
$13.2 $13.7 $13.7
$11.5 $11.5
2006 2007 2008 2009 2010 2011
31

33. Strong Shareholder Earnings
Basic Earnings Per Share (Full year and 1st 3 months)
$1.91
$0.04
$1.71 $1.72
$1.59
$1.48
$0.52
$0.42 $0.44 $0.44
$0.37 $0.37
2006 2007 2008 2009 2010 2011
32

34. FFIN Outperforms Peers
Percentage Return on Average Assets
1.82% 1.80% 1.72% 1.74% 1.75%
1.68% 1.72%
1.12% 1.15% 1.10%
0.87%
First Financial
Peer Group
0.29%*
-0.03% -0.18%
2004 2005 2006 2007 2008 2009 2010
*(thru Dec. 31st)
33

35. Strong Return on Capital
Percentage Return on Average Equity
16.15% 16.20% 15.87%
15.09% 15.27%
13.63% 13.74%
13.11% 13.33% 12.61%
9.45%
First Financial
Peer Group
1.59%*
-1.83% -2.51%
2004 2005 2006 2007 2008 2009 2010
*(thru Dec. 31st)
34

36. Capital & Capital Ratios
(dollars in thousands)
2007 2008 2009 2010 2011*
Shareholders’
Equity 335,495 368,782 415,702 441,688 456,215
As a Percent of Total
10.93 11.48 12.68 11.70 11.92
Assets
Tangible
270,288 304,779 352,550 369,164 383,803
Capital
Tier 1
9.23 9.68 10.69 10.28 10.03
Leverage Ratio
Tier 1 Risk
14.65 15.89 17.73 17.01 17.60
Based Capital Ratio
Risk Based
15.62 17.04 19.10 18.26 18.86
Capital Ratio
*As of March 31, 2011
35

37. Net Interest Margin
Quarterly Interest Margin
5.00%
4.75%
4.50%
4.25%
4.00%
3.75%
3.50%
3.25%
3.00%
4th 1st '2nd 3rd 4th 1st 2nd 3rd 4th 1st 2nd 3rd 4th 1st
Qtr. '07Qtr. '08Qtr. '08Qtr. '08Qtr. '08Qtr. '09Qtr. '09Qtr. '09Qtr. '09Qtr. '10Qtr. '10Qtr. '10Qtr. '10Qtr. '11
First Financial Peer Group
36

38. Working Harder and Smarter
Efficiency Ratio (FFIN vs. Peers)
2005 2006 2007 2008 2009 2010 2011
First
Financial 52.48% 53.57% 52.83% 50.76% 50.11% 49.49% 49.07%
Peer Group 60.12% 61.29% 63.12% 68.12% 69.53% 66.79% not available
37

39. Total Return on Investment
Assume you owned 1,000 shares of FFIN stock on January 1, 2010…
Stock cost in January 2010 $54,230
Dividend received ($1.36 x 1,000 shares) $ 1,360
Decrease in stock price during 2010 ($2,980)
$2210,720
($54.23 to $51.25 X 1,000 shares)
2010 return on investment -2.99%
2009 return on investment 0.69%
2008 return on investment 50.20%
2007 return on investment -7.05%
2006 return on investment 22.76%
5 year average return 10.50%
38

40. Strong Stock Performance
40.00%
30.00%
20.00%
10.00%
0.00%
-10.00%
-20.00%
-30.00%
-40.00%
-50.00%
-60.00% Jan . ‘07 June ‘07 Dec ‘07 June ‘08 Dec ‘08 June ‘09 Dec . ‘09 June ‘10 Mar. ’11
FFIN S&P 500 NASDAQ Dow Jones
39

41. Challenges
 Proposed Legislation from Washington
 Keep nonperforming assets to a minimum
 Maintain net interest margin
 Lower efficiency ratio
40

42. Opportunities
 Loan Growth
 Mortgage Lending
 Trust Services
 Treasury Management
 Potential Acquisitions
41

43. www.ffin.com