Investor Presentation

1. 4th Quarter 2018
First Financial Bankshares, Inc.

2. 1
Forward Looking Statement
The numbers, as of and for the three-months and year ended December 31, 2018, contained within
this presentation are unaudited. 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. 22
Who We Are
$7.7 billion financial holding company
headquartered in Abilene, Texas
Group of 11 separate regions
128 year history
Growth markets include 50 mile radius of
Dallas, Fort Worth, and Houston

4. 3
Top 7 for each of the past 10 years

5. Recognitions – Financial Exploitation Prevention Program
 Philadelphia Federal Reserve Presentation – December 2017
 Texas Bankers Association Cornerstone Award for Day of
Service – May 2017
 Texas Bankers Association 2016 Leaders in Financial Education
Award – May 2016
 House Investments and Financial Services Committee – March 2016
 Texas Senate Committee on Business and Commerce – Jan. 2016
 AARP Roundtable Discussion – November 2015
 ABA Foundation Community Commitment Award – November 2015
 White House Conference on Aging – July 2015
4

6. 55
Other Recognitions
 KBW Honor Roll – One of sixteen banks named – April 2018
 Raymond James Community Bankers Cup #2, One of 28 banks
named– March 2018

7. 66
What Makes Us Different
One Bank, Eleven Regions Concept
 One Bank
 Consolidation of backroom operations, technology, and
compliance (lower efficiency ratio)
 Eleven Regions
 Regional Presidents run their regions
 Local Boards – Movers and Shakers of the Community
 Keep our regions locally focused
 Make sure we meet the needs of the community
 Help us make better loan decisions
 Help us market the region

8. 77
FFIN’s Unique Positioning in Texas
Bank Key Markets
Allegiance Houston
CBTX Beaumont, Houston
Comerica DFW, Austin, Houston, California, Michigan, Florida, Mexico
Frost San Antonio, Austin, Corpus Christi, DFW, Rio Grande, West Texas
Guaranty Dallas, East Texas, Bryan
Independent North and Central Texas
International Bancshares Rio Grande, Houston, San Antonio, Oklahoma
Legacy Texas Dallas
Origin Bancorp Dallas, Louisiana
Prosperity Houston, DFW, Austin, West Texas, South Central Texas, and Oklahoma
Southside East Texas, Fort Worth
Spirit of Texas Houston, DFW, College Station, Central Texas
Texas Capital DFW, Austin, San Antonio, and Houston
Triumph Dallas
Veritex Dallas, Houston, Austin

9. 8
 Consummated January 1, 2018
 4 Branches in Kingwood, El Campo, Fulshear, Palacios
 $390.2 million in Assets as of December 31, 2017
 $345.9 million in deposits
 $271.5 million in loans
 1.23% Return on Assets in 2016
 $59.4 million purchase price represents 13.78x last twelve months earnings
 Commercial Bankshares, Inc. paid a special dividend totaling $22.3 million prior
to closing of transaction
 Kingwood acquisition is consistent with our acquisition model of high growth
areas, strong management and excellent earnings opportunity
 Provides diversification and fits well into our footprint
 Management and Board share same values to outstanding customer service
 Performance through 12-31-18 exceeding expectations
Commercial State Bank - Kingwood Acquisition
8

10. 9

11. 1010
Texas: Large and Growing
Five most populous states:* Growth
(2007 – 2017)
California 39.5 million 8.5%
Texas 28.8 million 20.5%
Florida 20.9 million 15.8%
New York 19.8 million 2.5%
Illinois 12.1 million -5.7%
* U.S. Census Bureau

12. 1111
Target Markets – Population Growth
Population growth (2007-2017) in FFIN expansion markets:*
Texas 20.5%
Bridgeport & Wise County 20.4%
Fort Worth & Tarrant County 19.1%
Cleburne & Johnson County 13.4%
Weatherford, Willow Park, Aledo & Parker County 33.1%
Granbury & Hood County 15.9%
Stephenville & Erath County 14.8%
Conroe & Montgomery County 41.7%
* U.S. Census Bureau

13. 1212
Core Markets: West Central Texas
 Markets served benefiting from well-established,
long- time customers
REGION
ASSET
SIZE*
LOCATIONS
DEPOSIT
MARKET SHARE**
MARKET
SHARE RANK**
First Financial Bank
(Abilene, Clyde, Moran, Albany, Odessa
Eastland, Ranger, Rising Star, Cisco,
Sweetwater, Roby, Trent, Merkel)
$2,546M 23 49% 1
First Financial Bank
(Hereford)
$204M 1 44% 1
First Financial Bank
(San Angelo)
$747M 2 26% 1
TOTALS $3,497M 26
* Data as of 12-31-18
** Data as of 6-30-18

14. 1313
Expansion Markets – Dallas / Fort Worth Area
REGION ASSET SIZE* LOCATIONS
DEPOSIT MARKET
SHARE**
MARKET SHARE
RANK**
First Financial Bank
(Cleburne, Burleson, Alvarado)
(Midlothian, Waxahachie)
$553M 4
2
22%
7%
2
4
First Financial Bank
(Southlake, Trophy Club, Keller, Grapevine)
(Bridgeport, Decatur, Boyd)
$505M 4
3
4%
20%
5
2
First Financial Bank
(Stephenville, Mineral Wells, Granbury, Glen Rose, Acton)
$844M 7 27% 1
First Financial Bank
(Weatherford, Aledo, Willow Park, Brock)
$561M 6 22% 1
First Financial Bank
(Fort Worth)
$148M 1 0.44% 23
TOTALS $2,611M 27
* Data as of 12-31-18
** Data as of 6-30-18

15. 1414
Expansion Markets – Houston Area
REGION ASSET SIZE* LOCATIONS
DEPOSIT MARKET
SHARE**
MARKET SHARE
RANK**
First Financial Bank
(Orange, Mauriceville, Vidor)
(Newton, Port Arthur, Beaumont)
$584M 3
3
40%
4%
1
7
First Financial Bank
(Conroe, Magnolia, Cut and Shoot, Montgomery, Huntsville,
Willis, Tomball, New Waverly, Spring)
(Market Share for Huntsville, Conroe, Magnolia, Cut and
Shoot, Montgomery and Willis Only)
$659M 10 10% 4
First Financial Bank
Kingwood – Montgomery County
El Campo – Wharton County
Fulshear – Fort Bend County
Palacios – Matagorda County
$365M 4
4%
9%
0.20%
11%
7
4
29
3
$1,608M 20 * Data as of 12-31-18
** Data as of 6-30-18

16. 1515
Recent De Novo Growth
 Grand Parkway (Spring): Branch of Conroe – Opened January 2019
 New Waverly: Branch of Huntsville – August 2014 (New Building – Opened December 2018)
 Beaumont: Branch of Orange – August 2014
 Weatherford: I-20 Branch – June 2013
 Waxahachie: Branch of Cleburne – December 2012
 Abilene: Antilley Road Branch – September 2012
 Grapevine: Branch of Southlake – March 2012
 Cisco: Branch of Eastland – September 2011 (New Building – Opened August 2016)
 Lamesa: Office of Trust Company – April 2011
 Odessa: Branch of Abilene – February 2010 (New Building – Opened September 2016)
 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 (New Building – Opened May 2016)

17. 16
Years with Company Years in Industry
Scott Dueser
Chairman of the Board, President &
Chief Executive Officer
43 48
Ron Butler
Executive Vice President
Chief Administrative Officer
26 37
Tim Collard
Executive Vice President
Lending
27 38
Troy Fore
President
First Financial Mortgage
4 38
Gary S. Gragg
Executive Vice President
Chief Lending Officer
28 40
J. Bruce Hildebrand, CPA
Executive Vice President
Chief Financial Officer
16 40
Monica Houston
Executive Vice President
Retail Banking & Training
23 23
Executive Management at First Financial
16

18. 17
Years with Company Years in Industry
Luke Longhofer
Executive Vice President
Chief Credit Officer
8 16
Randy Roewe
Executive Vice President
Chief Risk Officer
4 29
John Ruzica
Executive Vice President
Chief Technology Officer
- 39
Michele Stevens
Executive Vice President
Advertising and Marketing
20 35
Kirk Thaxton, CTFA
President
First Financial Trust & Asset Management
32 36
Marna Yerigan
Executive Vice President
Lending
8 38
Executive Management at First Financial
17

19. 18
Years with Company Years in Industry
Brandon Harris
Senior Vice President
Appraisal Services
4 17
Larry Kentz
Senior Vice President & Compliance Officer
Compliance
4 37
J. Kyle McVey, CPA
Senior Vice President
Chief Accounting Officer
8 10
Senior Management at First Financial
18

20. Experienced Regional CEOs & Presidents
Years with Company Years in Industry
Marelyn Shedd, Abilene 28 35
David Bailey, Eastland 15 15
Joseph Crouch, Sweetwater 1 22
Mike Mauldin, Hereford 16 41
Chris Evatt, San Angelo 18 18
Austin Elsner, Cleburne 1 18
Trent Swearengin, Stephenville 19 21
Justin Hooper, Weatherford 14 25
Mark Jones, Southlake 18 41
Stephen Lee, Southeast Texas 6 30
Sam Baker, Conroe 3 42
Martin Noto, Fort Worth 4 35
Johnny Brooks, Kingwood 1 36
19

21. 2020
$5,222
$5,848
$6,665 $6,810
$7,255
$7,732
2013 2014 2015 2016 2017 2018
Growth in Total Assets
Asset Performance
(in millions)

22. 21
$1,362 $1,570 $1,746 $1,718 $2,042 2,116
$2,773
$3,180
$3,444 $3,761
$3,921 $4,064
2013 2014 2015 2016 2017 2018
Non Interest Bearing Interest Bearing
Deposit Growth
Growth in FFIN Total Deposits (in millions)
$6,180
$4,135
$4,750
$5,190
$5,479
$5,963
21

23. 2222
Deposit Products
Time
7.2%
Demand
34.2%
Money
Market
45.5%
Savings
13.1%

24. 2323
Account Growth
Net Growth in 2014 – 10,687 Accounts
Net Growth in 2015 – 5,886 Accounts*
Net Growth in 2016 – 3,015 Accounts
Net Growth in 2017 - 5,716 Accounts
Net Growth in 2018 – 3,932 Accounts**
December 31,
2014
December 31,
2015
December 31,
2016
December 31,
2017
December 31,
2018
Total Number
of Accounts
234,614 251,699 254,714 260,430 270,976
*(Excluding Conroe Acquisition)
**(Excluding Kingwood Acquisition)

25. 24
$76 $106 $102 $84 $95 $97
$334 $361 $386 $409 $404 $373
$590 $640 $685 $674 $683 $845
$777
$855
$971 $1,009 $1,069
$1,143
$912
$976
$1,207 $1,208 $1,250
$1,517
2013 2014 2015 2016 2017 2018
Commercial
Real Estate
1-4 Family
Real Estate
Commercial
Consumer
Agricultural
Loan Performance
Growth in FFIN Total Loans (in millions)
$2,689
$2,938
$3,351
$3,975
$3,384
$3,501
24

26. 2525
Overview of Loan Portfolio
Commercial
21.1%
Agriculture
2.4%
Consumer
9.4%
Commercial R/E
38.1%
1-4 Family R/E
29.0%

27. 2626
Residential
Development &
Construction
16.4%
Non Owner-Occupied R/E
22.6%
Other R/E
24.5%
Owner-Occupied R/E
27.9%
Commercial
Development and
Construction
8.6%
Breakdown of Commercial R/E Loan Portfolio

28. 2727
Oil & Gas Portfolio Analysis
Oil & Gas Supplemental Information (dollars in thousands)
December 31, 2017 December 31, 2018
Oil & Gas Loans 60,164 113,536
% of Total Loans 1.72% 2.86%
Classified Oil & Gas Loans 20,346 3,894
Non Accrual Oil & Gas Loans 1,414 1,048
Quarter Ended Net Charge-offs 50 -
ALLL of % of Oil & Gas 7.90% 3.23%

29. 2828
2013 2014 2015 2016 2017 2018*
End of
Period 65.0 61.8 64.6 61.8 58.7 64.2
Average
Balances
64.3 64.1 63.0 64.9 61.0 62.0
Loan to Deposit Ratio

30. 2929
2013 2014 2015 2016 2017 2018
First
Financial 1.16% 0.74% 0.90% 0.86% 0.57% 0.75%
Peer Group 2.71% 1.92% 1.32% 1.05% 0.86% 0.84%**
Sound Lending Practices
Nonperforming assets as a percentage of loans + foreclosed assets (FFIN vs. Peers)
**As of Sept. 30, 2018

31. 3030
Less than 1
year
1 to 2 years 3 to 5 years 6 to 10 years
Over 10
years
41.48% 15.66% 30.47% 9.49% 2.90%
Loan Repricing
Loan Portfolio Interest Rate Risk Analysis

32. 3131
$33,900
$36,824
$41,877
$45,779
$48,156
$51,202
$3,753 $4,465
$9,685 $10,212
$6,530 $5,665
2013 2014 2015 2016 2017 2018
ALLL Provision
Allowance for Loan Losses and Provision for Loan Losses
(in thousands)

33. 3232
Summary of Bond Portfolio
Muni
38.40%
MBSs
21.91%
CMOs 39.36%
Treasuries
0.33%

34. 3333
$2,465
$2,774
$3,060
$3,374
$3,866
$4,294
$3,361
$3,759 $3,870
$4,373
$5,132
$5,599
2013 2014 2015 2016 2017 2018
Growth in Trust Assets
Total Trust Assets – Book Value / Fair Value (in millions)BookValue
FairValue

35. 3434
$16,317
$18,766 $19,252 $19,636
$23,694
$28,181
2013 2014 2015 2016 2017 2018
Total Trust Fees
Growth in FFTAM Fees (in thousands)

36. 3535
$6,142
$7,109 $7,449 $7,190
$8,579
$13,532
2013 2014 2015 2016 2017 2018
Total Trust Net Income
Growth in FFTAM Net Income (in thousands)

37. 36
$78.9
$89.6
$100.4
$104.8
$120.4
$150.6
2013 2014 2015 2016 2017 2018
$7.65*
$0.66*
32nd Consecutive Year of Increased Earnings
FFIN Earnings (in millions)
36 * Adjustment for tax rate change

38. 37
$1.24
$1.40
$1.55 $1.59
$1.82
$2.23
2013 2014 2015 2016 2017 2018
$0.11*
$0.01*
Strong Shareholder Earnings
Basic Earnings Per Share
37 * Adjustment for tax rate change

39. 38
1.64% 1.65% 1.61% 1.59%
1.72%
1.98%
1.03%
0.95% 0.95% 0.92% 0.95%
1.23%**
2013 2014 2015 2016 2017 2018
FFIN Outperforms Peers
Percentage Return on Average Assets
PeerGroup
FirstFinancial
38
**As of Sept. 30, 2018

40. 39
13.75% 14.00% 13.60%
12.36%
13.63%
15.37%
8.88%
8.32% 8.59%
9.16%
8.67%
11.02%**
2013 2014 2015 2016 2017 2018
Strong Return on Capital
Percentage Return on Average Equity
PeerGroup
FirstFinancial
39 **As of Sept. 30, 2018

41. 40
16.51% 16.17%
14.89%
16.26%
18.65%
2014 2015 2016 2017 2018
Strong Return on Capital
Percentage Return on Tangible Average Equity
40

42. 4141
2014 2015 2016 2017 2018
Shareholders’
Equity 681,537 804,986 837,885 922,768 1,053,295
As a Percent of Total
Assets
11.65 12.08 12.30 12.72 13.62
Tangible
Capital
584,178 660,537 694,282 781,625 878,612
Tier 1
Leverage Ratio
9.89 9.96 10.71 11.09 11.85
Common Equity
Tier 1 Capital Ratio
16.05 15.90 17.30 18.66 19.47
Tier 1 Capital Ratio 16.05 15.90 17.30 18.66 19.47
Total
Capital Ratio
17.16 16.97 18.45 19.85 20.61
Capital & Capital Ratios
(dollars in thousands)

43. 42
3.00%
3.25%
3.50%
3.75%
4.00%
4.25%
4.50%
4.75%
5.00%
3rd Qtr.
'15
4th Qtr.
'15
1st Qtr.
'16
2nd Qtr.
'16
3rd Qtr.
'16
4th Qtr.
'16
1st Qtr.
'17
2nd Qtr.
'17
3rd Qtr.
'17
4th Qtr.
'17
1st Qtr.
'18
2nd Qtr.
'18
3rd Qtr.
'18
4th Qtr.
'18
First Financial Peer Group
Net Interest Margin
Quarterly Interest Margin
42

44. 4343
2013 2014 2015 2016 2017 2018
First
Financial 50.20% 49.24% 47.61% 49.22% 49.26% 49.72%
Peer Group 67.87% 66.94% 63.92% 62.83% 61.01% 60.36%**
Working Harder and Smarter
Efficiency Ratio (FFIN vs. Peers)
**For the 9 months
ended Sept. 30, 2018

45. 4444
Stock cost in January 2018 $45,050
Dividend declared ($0.82 x 1,000 shares) $ 820
Increase in stock price during 2018
($45.05 to $57.69 X 1,000 shares)
12,640
2018 return on investment 28.06%
2017 return on investment 1.33%
2016 return on investment 52.14%
2015 return on investment 3.05%
2014 return on investment -7.96%
5 year compound average return 12.36%
Total Return on Investment
13.09%
Assume you owned 1,000 shares of FFIN stock on January 1, 2018…

46. 4545
Dividends Per Share
$0.55
$0.62
$0.70
$0.75
$0.82
2014 2015 2016 2017 2018
Annual Dividends Declared Per Share

47. 46
Strong Stock Performance
-100.00%
-50.00%
0.00%
50.00%
100.00%
150.00%
200.00%
250.00%
300.00%
350.00%
400.00%
FFIN S&P 500 NASDAQ Dow Jones
Jan . ‘07 Dec. ’16Dec . ‘09Dec ‘07 Dec ‘08 Dec. ‘10 Dec. ’11 Dec. ’12 Dec. ’13 Dec. ’14 Dec. ’15 Dec. ’17 Dec. ’18
47

48. Improvements for 2019
 Improve our interest rate margin
 Grow loans and deposits
 Grow mortgage and trust
 Increase our fee income
 Control expenses
 Continue to improve credit quality
 Make another acquisition
48