ファーストファイナンシャルバンクの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of Earliest Event Reported): January 22, 2026

First Financial Bankshares, Inc.

(Exact name of registrant as specified in its Charter)


Texas	0-07674	75-0944023
(State or other jurisdiction of incorporation or organization)	(Commission File No.)	(I.R.S. Employer Identification No.)

	400 Pine Street, Abilene, Texas 79601
	(Address of Principal Executive Offices and Zip Code)

	Registrant’s Telephone Number (325) 627-7155

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)
☐		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:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	FFIN	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. ☐

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 December 31, 2025 of First Financial Bankshares, Inc.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

99.1 Press Release dated January 22, 2026

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

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.


		FIRST FINANCIAL BANKSHARES, INC.
		(Registrant)

DATE: January 23, 2026	By:	/s/ F. Scott Dueser
		F. SCOTT DUESER
		Chairman and Chief Executive Officer

EX-99.1 2 ffin-ex99_1.htm EX-99.1 EX-99.1

     For immediate release

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

FIRST FINANCIAL BANKSHARES ANNOUNCES FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2025 EARNINGS

ABILENE, Texas, January 22, 2026 - First Financial Bankshares, Inc. (the “Company,” “we,” “us” or “our”) (NASDAQ: FFIN) today reported earnings of $73.31 million for the fourth quarter of 2025 compared to earnings of $52.27 million for the third quarter of 2025 and $62.32 million for the same quarter a year ago. Diluted earnings per share were $0.51 for the fourth quarter of 2025 compared with $0.36 for the third quarter of 2025 and $0.43 for the fourth quarter of 2024.

For the year ended December 31, 2025, the Company reported net income of $253.58 million, or $1.77 per diluted share, compared to $223.51 million, or $1.56 per diluted share, for the year ended December 31, 2024, reflecting an increase of $30.07 million, or 13.45 percent.

“We are pleased to report a strong finish to 2025, highlighted by record quarterly net income. We are especially happy with the strong deposit growth during the quarter, which will set us up well to grow both loans and securities in 2026,” said F. Scott Dueser, Chairman and CEO of First Financial Bankshares, Inc. “We are encouraged by our organic balance sheet growth of almost $1.50 billion in the past year, increasing earning assets while continuing to grow net interest income. As we enter 2026, we will continue to remain focused on sound lending growth, managing the changing interest rate environment and the regulatory landscape. We appreciate the continued support of our customers, shareholders and associates and assure you that we will continue to put You First!”

Net interest income for the fourth quarter of 2025 was $131.37 million compared to $127.00 million for the third quarter of 2025 and $116.12 million for the fourth quarter of 2024. The net interest margin, on a tax- equivalent basis, was 3.81 percent for the fourth quarter of 2025 compared to 3.80 percent for the third quarter of 2025 and 3.67 percent in the fourth quarter of 2024. Average interest-earning assets were $14.08 billion for the fourth quarter of 2025 compared to $12.86 billion for the same quarter a year ago.

The Company recorded a credit provision reversal of $2.49 million for the fourth quarter of 2025 compared to a provision for credit losses of $24.44 million for the third quarter of 2025 and $1.00 million in the fourth quarter 2024. The Company recorded a provision for credit losses of $28.61 million for the year ended December 31, 2025, compared to $13.82 million recorded in 2024.

The allowance for credit losses totaled $105.54 million or 1.29 percent of total loans held-for-investment (“loans hereafter”) at December 31, 2025, compared to $98.33 million, at December 31, 2024, or 1.24 percent of loans. Additionally, the reserve for unfunded commitments totaled $6.39 million at December 31, 2025 compared to $8.68 million at December 31, 2024.

For the fourth quarter of 2025, net charge-offs totaled $391 thousand compared to net charge-offs of $22.34 million for the third quarter of 2025 and $1.94 million for the fourth quarter of 2024. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.69 percent on December 31, 2025, compared to 0.71 percent at September 30, 2025 and 0.80 percent at December 31, 2024. Classified loans totaled $255.61 million at December 31, 2025, compared to $252.96 million at September 30, 2025 and $233.85 million at December 31, 2024.

Noninterest income for the fourth quarter of 2025 was $33.35 million compared to $30.98 million for the fourth quarter of 2024. Notable changes for the fourth quarter of 2025 when compared to the same quarter a year ago are as follows:

•

Mortgage income increased to $4.22 million for the fourth quarter of 2025 compared to $3.01 million in the fourth quarter of 2024 due to increased loan origination volumes and pricing margins.

•

Trust fee income increased to $13.51 million for the fourth quarter of 2025 compared to $12.66 million in the same quarter last year which represents an increase of $850 thousand or 6.71 percent. Trust revenue has increased primarily due to growth in market value of assets under management to $11.94 billion at December 31, 2025 compared to $10.83 billion at December 31, 2024.

Noninterest expense for the fourth quarter of 2025 totaled $77.65 million compared to $70.10 million for the fourth quarter of 2024. Notable changes for the fourth quarter of 2025 when compared to the same quarter a year ago are as follows:

•

Salary, commissions, and employee benefit costs rose to $47.23 million for the fourth quarter of 2025, compared to $41.64 million in the fourth quarter of 2024. The increase from the fourth quarter of 2024 is largely due to merit-based pay increases and market adjustments for front line staff over the prior year, an increase of $1.17 million in profit sharing expense and an increase of $384 thousand in officer bonus and incentive accruals related to the Company’s growth in net income over the prior year and increased mortgage activity.

•

Noninterest expense, excluding salary related costs, increased $1.97 million for the fourth quarter of 2025 compared to the same period in 2024 largely due to increases in software amortization and expense and operational and other losses.

The Company’s efficiency ratio was 46.10 percent for the fourth quarter of 2025 and 46.81 percent for the fourth quarter of 2024. The decrease from the same period in the prior year is primarily due to the increase in net interest income in 2025.

As of December 31, 2025, consolidated total assets were $15.45 billion compared to $13.98 billion at December 31, 2024. Loans totaled $8.16 billion at December 31, 2025, compared with loans of $7.91 billion at December 31, 2024. Loans grew $245.18 million, or 3.10 percent, from December 31, 2024 balances. Deposits and Repurchase Agreements totaled $13.41 billion at December 31, 2025, compared to $12.90 billion at September 30, 2025 and $12.16 billion at December 31, 2024. During the fourth quarter of 2025, Deposits and Repurchase Agreements grew $511.59 million, or 15.74 percent annualized, when compared to September 30, 2025 balances and $1.25 billion from December 31, 2024, or 10.26 percent.

Shareholders’ equity was $1.92 billion as of December 31, 2025, compared to $1.61 billion at December 31, 2024, resulting from growth in retained earnings and improvement in Other Comprehensive Income (“OCI”) due to the decrease in unrealized losses in the bond portfolio related to lower longer-term interest rates. The unrealized loss on the securities portfolio, net of applicable tax, totaled $269.94 million at December 31, 2025, compared to $424.29 million at December 31, 2024.

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; 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.

FIRST FINANCIAL BANKSHARES, INC.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except share and per share data)


	As of
		2025																2024
ASSETS		Dec. 31,				Sept. 30,				June 30,				Mar. 31,				Dec. 31,
Cash and due from banks	$		249,466		$		237,466		$		264,000		$		232,943		$		259,996
Interest-bearing demand deposits in banks			826,947				401,580				435,612				682,362				503,417
Federal funds sold			1,575				11,750				8,750				11,750				-
Investment securities			5,514,113				5,260,813				4,886,548				4,760,431				4,617,759
Loans, held-for-investment			8,158,276				8,243,625				8,074,944				7,945,611				7,913,098
Allowance for credit losses			(105,536	)			(105,958	)			(102,792	)			(101,080	)			(98,325	)
Net loans, held-for-investment			8,052,740				8,137,667				7,972,152				7,844,531				7,814,773
Loans, held-for-sale			29,992				26,015				33,233				14,348				8,235
Premises and equipment, net			149,985				149,651				148,999				150,589				151,904
Goodwill			313,481				313,481				313,481				313,481				313,481
Other intangible assets			171				257				343				428				523
Other assets			308,006				302,848				313,723				301,251				309,330
Total assets	$		15,446,476		$		14,841,528		$		14,376,841		$		14,312,114		$		13,979,418

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$		3,401,057		$		3,446,262		$		3,439,059		$		3,356,553		$		3,348,041
Interest-bearing deposits			9,944,472				9,399,986				9,009,357				9,110,218				8,751,133
Total deposits			13,345,529				12,846,248				12,448,416				12,466,771				12,099,174
Repurchase agreements			62,956				50,646				48,026				56,606				61,416
Borrowings			21,680				21,956				22,153				26,978				135,603
Trade date payable			-				-				24,965				-				-
Other liabilities			98,994				92,410				95,929				81,498				76,665
Shareholders' equity			1,917,317				1,830,268				1,737,352				1,680,261				1,606,560
Total liabilities and shareholders' equity	$		15,446,476		$		14,841,528		$		14,376,841		$		14,312,114		$		13,979,418


	Quarter Ended
		2025													2024
INCOME STATEMENTS		Dec. 31,				Sept. 30,			June 30,			Mar. 31,			Dec. 31,
Interest income	$		182,869		$		179,692	$		172,810	$		167,110	$		165,792
Interest expense			51,501				52,691			49,080			48,321			49,675
Net interest income			131,368				127,001			123,730			118,789			116,117
Provision for credit losses			(2,486	)			24,435			3,132			3,528			1,003
Net interest income after provision for credit losses			133,854				102,566			120,598			115,261			115,114
Noninterest income			33,349				34,264			32,873			30,230			30,977
Noninterest expense			77,650				73,666			71,735			70,335			70,099
Net income before income taxes			89,553				63,164			81,736			75,156			75,992
Income tax expense			16,239				10,897			15,078			13,810			13,671
Net income	$		73,314		$		52,267	$		66,658	$		61,346	$		62,321


PER COMMON SHARE DATA
Net income - basic	$	0.51	$	0.37	$	0.47	$	0.43	$	0.44
Net income - diluted		0.51		0.36		0.47		0.43		0.43
Cash dividends declared		0.19		0.19		0.19		0.18		0.18
Book value		13.39		12.78		12.14		11.75		11.24
Tangible book value		11.20		10.59		9.95		9.55		9.04
Market value		29.87		33.65		35.98		35.92		36.05
Shares outstanding - end of period		143,213,102		143,188,051		143,077,619		143,019,433		142,944,704
Average outstanding shares - basic		143,180,215		143,105,224		143,023,544		142,949,514		142,898,110
Average outstanding shares - diluted		143,542,801		143,474,169		143,378,505		143,355,148		143,352,067


PERFORMANCE RATIOS
Return on average assets	1.94	%	1.44	%	1.89	%	1.78	%	1.81	%
Return on average equity	15.62		11.85		15.82		15.12		15.17
Return on average tangible equity	18.78		14.44		19.43		18.68		18.78
Net interest margin (tax equivalent)	3.81		3.80		3.81		3.74		3.67
Efficiency ratio	46.10		44.74		44.97		46.36		46.81

FIRST FINANCIAL BANKSHARES, INC.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except share and per share data)


	Year Ended
	Dec. 31,
INCOME STATEMENTS		2025			2024
Interest income	$		702,480	$		628,918
Interest expense			201,593			202,177
Net interest income			500,887			426,741
Provision for credit losses			28,609			13,821
Net interest income after provisions for credit losses			472,278			412,920
Noninterest income			130,716			123,989
Noninterest expense			293,391			265,063
Net income before income taxes			309,603			271,846
Income tax expense			56,024			48,335
Net income	$		253,579	$		223,511


PER COMMON SHARE DATA
Net income - basic	$	1.77	$	1.56
Net income - diluted		1.77		1.56
Cash dividends declared		0.75		0.72
Book value		13.39		11.24
Tangible book value		11.20		9.04
Market value	$	29.87	$	36.05
Shares outstanding - end of period		143,213,102		142,944,704
Average outstanding shares - basic		143,065,368		142,822,880
Average outstanding shares - diluted		143,447,988		143,232,520


PERFORMANCE RATIOS
Return on average assets	1.76	%	1.68	%
Return on average equity	14.59		14.51
Return on average tangible equity	17.80		18.24
Net interest margin (tax equivalent)	3.79		3.50
Efficiency ratio	45.53		47.23

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


	Quarter Ended
		2025																2024
ALLOWANCE FOR LOAN LOSSES		Dec. 31,				Sept. 30,				June 30,				Mar. 31,				Dec. 31,
Balance at beginning of period	$		105,958		$		102,792		$		101,080		$		98,325		$		99,936
Loans charged-off			(3,387	)			(22,612	)			(1,189	)			(946	)			(2,184	)
Loan recoveries			2,996				272				469				710				243
Net recoveries (charge-offs)			(391	)			(22,340	)			(720	)			(236	)			(1,941	)
Provision for loan losses			(31	)			25,506				2,432				2,991				330
Balance at end of period	$		105,536		$		105,958		$		102,792		$		101,080		$		98,325


ALLOWANCE FOR UNFUNDED COMMITMENTS
Balance at beginning of period	$	8,842			$	9,914			$	9,214		$	8,677		$	8,004
Provision for unfunded commitments		(2,455	)			(1,072	)			700			537			673
Balance at end of period	$	6,387			$	8,842			$	9,914		$	9,214		$	8,677

Allowance for loan losses /
period-end loans held-for-investment		1.29		%		1.29		%		1.27	%		1.27	%		1.24	%
Allowance for loan losses /
nonperforming loans		188.41				187.39				162.60			164.16			158.02
Net charge-offs (recoveries) / average total loans
(annualized)		0.02				1.07				0.04			0.01			0.10


	As of
		2025												2024
COMPOSITION OF LOANS HELD-FOR-INVESTMENT		Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
Commercial:
C&I	$		1,116,461	$		1,174,770	$		1,202,151	$		1,144,429	$		1,176,993
Municipal			342,501			347,559			306,140			338,303			369,246
Total Commercial			1,458,962			1,522,329			1,508,291			1,482,732			1,546,239
Agricultural			95,776			88,820			86,133			90,186			95,543
Real Estate:
Construction & Development			1,157,865			1,214,649			1,172,834			1,098,069			1,054,603
Farm			327,625			322,710			302,969			331,464			339,665
Non-Owner Occupied CRE			832,816			802,675			746,341			753,898			805,566
Owner Occupied CRE			1,120,608			1,119,425			1,124,610			1,142,618			1,083,100
Residential			2,285,830			2,308,708			2,286,220			2,217,740			2,196,767
Total Real Estate			5,724,744			5,768,167			5,632,974			5,543,789			5,479,701
Consumer:
Auto			732,351			718,501			698,897			679,189			638,560
Non-Auto			146,443			145,808			148,649			149,715			153,055
Total Consumer			878,794			864,309			847,546			828,904			791,615

Total loans held-for-investment	$		8,158,276	$		8,243,625	$		8,074,944	$		7,945,611	$		7,913,098


SUMMARY OF LOAN CLASSIFICATION
Special Mention	$	66,058	$	76,647	$	62,774	$	46,103	$	42,563
Substandard		189,548		176,311		194,291		199,509		191,288
Doubtful		-		-		-		-		-
Total classified loans	$	255,606	$	252,958	$	257,065	$	245,612	$	233,851


NONPERFORMING ASSETS
Nonaccrual loans	$	55,121		$	56,394		$	63,142		$	60,430		$	61,938
Accruing loans 90 days past due		892			151			77			1,143			287
Total nonperforming loans		56,013			56,545			63,219			61,573			62,225
Foreclosed assets		479			1,997			489			115			871
Total nonperforming assets	$	56,492		$	58,542		$	63,708		$	61,688		$	63,096

As a % of loans held-for-investment and foreclosed assets		0.69	%		0.71	%		0.79	%		0.78	%		0.80	%
As a % of end of period total assets		0.37			0.39			0.44			0.43			0.45

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


	Quarter Ended
		2025												2024
CAPITAL RATIOS		Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
Common equity Tier 1 capital ratio			19.99	%		19.10	%		19.16	%		19.12	%		18.83	%
Tier 1 capital ratio			19.99			19.10			19.16			19.12			18.83
Total capital ratio			21.17			20.29			20.35			20.31			20.00
Tier 1 leverage ratio			12.55			12.34			12.61			12.46			12.49
Tangible common equity ratio			10.60			10.44			10.12			9.76			9.46
Equity/Assets ratio			12.41			12.33			12.08			11.74			11.49


	Quarter Ended
		2025															2024
NONINTEREST INCOME		Dec. 31,				Sept. 30,				June 30,			Mar. 31,				Dec. 31,
Trust fees	$		13,512		$		12,950		$		12,746	$		12,653		$		12,662
Service charges on deposits			6,140				6,447				6,126			6,177				6,306
Debit card fees			5,791				5,333				5,218			4,967				5,506
Credit card fees			678				699				707			577				617
Gain on sale and fees on mortgage loans			4,216				4,375				4,126			2,832				3,009
Net gain (loss) on sale of foreclosed assets			(12	)			(122	)			200			(35	)			36
Net gain (loss) on sale of assets			-				-				6			-				214
Loan recoveries			546				1,664				810			574				433
Other noninterest income			2,478				2,918				2,934			2,485				2,194
Total noninterest income	$		33,349		$		34,264		$		32,873	$		30,230		$		30,977


NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	42,409	$	40,681	$	39,834	$	39,157	$	37,996
Profit sharing expense		4,819		1,924		2,741		2,985		3,648
Net occupancy expense		3,458		3,545		3,600		3,720		3,753
Equipment expense		2,128		2,395		2,478		2,321		2,305
FDIC insurance premiums		1,695		1,635		1,585		1,575		1,511
Debit card expense		3,265		3,512		3,308		3,373		3,220
Legal, tax and professional fees		3,079		3,332		3,143		3,067		3,751
Audit fees		531		536		463		451		423
Printing, stationery and supplies		528		456		473		482		293
Amortization of intangible assets		86		86		86		95		147
Advertising, meals and public relations		1,923		1,714		1,653		1,677		1,642
Operational and other losses		1,583		1,957		720		540		863
Software amortization and expense		4,456		4,280		4,020		3,732		3,648
Other noninterest expense		7,690		7,613		7,631		7,160		6,899
Total noninterest expense	$	77,650	$	73,666	$	71,735	$	70,335	$	70,099

TAX EQUIVALENT YIELD ADJUSTMENT	$	3,709	$	3,406	$	2,926	$	2,700	$	2,673

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


	Year Ended
	Dec. 31,
NONINTEREST INCOME		2025			2024
Trust fees	$		51,861	$		47,449
Service charges on deposits			24,889			24,988
Debit card fees			21,310			21,070
Credit card fees			2,661			2,537
Gain on sale and fees on mortgage loans			15,550			13,183
Net gain on sale of foreclosed assets			31			(51	)
Net gain (loss) on sale of assets			6			484
Loan recoveries			3,594			3,010
Other noninterest income			10,814			11,319
Total noninterest income	$		130,716	$		123,989


NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	162,082	$	143,830
Profit sharing expense		12,469		9,466
Net occupancy expense		14,323		14,579
Equipment expense		9,321		9,065
FDIC insurance premiums		6,490		6,498
Debit card expense		13,456		12,768
Legal, tax and professional fees		12,619		14,157
Audit fees		1,982		1,793
Printing, stationery and supplies		1,939		1,364
Amortization of intangible assets		352		618
Advertising, meals and public relations		6,966		6,028
Operational and other losses		4,800		3,741
Software amortization and expense		16,496		13,523
Other noninterest expense		30,096		27,633
Total noninterest expense	$	293,391	$	265,063

TAX EQUIVALENT YIELD ADJUSTMENT	$	12,741	$	10,446

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


	Three Months Ended									Three Months Ended
	Dec. 31, 2025									Sept. 30, 2025
		Average			Tax Equivalent		Yield /				Average			Tax Equivalent		Yield /
		Balance			Interest		Rate				Balance			Interest		Rate
Interest-earning assets:
Federal funds sold	$		6,565	$		62		3.75	%	$		10,711	$		130		4.82	%
Interest-bearing demand deposits in nonaffiliated banks			434,445			4,284		3.91				216,739			2,387		4.37
Taxable securities			3,683,108			29,231		3.17				3,560,347			26,539		2.98
Tax-exempt securities			1,712,261			14,144		3.30				1,564,767			12,906		3.30
Loans			8,241,265			138,857		6.68				8,249,113			141,136		6.79
Total interest-earning assets			14,077,644	$		186,578		5.26	%			13,601,677	$		183,098		5.34	%
Noninterest-earning assets			893,739									826,660
Total assets	$		14,971,383							$		14,428,337
Interest-bearing liabilities:
Deposits	$		9,476,716	$		51,207		2.14	%	$		9,051,463	$		52,010		2.28	%
Repurchase Agreements			56,573			219		1.54				50,051			210		1.66
Borrowings			22,113			75		1.35				56,198			471		3.33
Total interest-bearing liabilities			9,555,402	$		51,501		2.14	%			9,157,712	$		52,691		2.28	%
Noninterest-bearing deposits			3,454,171									3,419,378
Other noninterest-bearing liabilities			99,623									101,268
Shareholders' equity			1,862,187									1,749,979
Total liabilities and shareholders' equity	$		14,971,383							$		14,428,337

Net interest income and margin (tax equivalent)				$		135,077		3.81	%				$		130,407		3.80	%

	Three Months Ended									Three Months Ended
	June 30, 2025									Mar. 31, 2025
		Average			Tax Equivalent		Yield /				Average			Tax Equivalent		Yield /
		Balance			Interest		Rate				Balance			Interest		Rate
Interest-earning assets:
Federal funds sold	$		9,397	$		113		4.84	%	$		7,596	$		90		4.81	%
Interest-bearing demand deposits in nonaffiliated banks			379,364			4,191		4.43				286,040			3,174		4.50
Taxable securities			3,470,028			25,242		2.91				3,506,035			25,034		2.86
Tax-exempt securities			1,433,498			10,811		3.02				1,407,440			9,912		2.82
Loans			8,045,340			135,378		6.75				7,952,946			131,600		6.71
Total interest-earning assets			13,337,627	$		175,735		5.28	%			13,160,057	$		169,810		5.23	%
Noninterest-earning assets			826,635									830,055
Total assets	$		14,164,262							$		13,990,112
Interest-bearing liabilities:
Deposits	$		8,923,737	$		48,730		2.19	%	$		8,882,040	$		47,549		2.17	%
Repurchase Agreements			54,482			221		1.63				53,920			209		1.57
Borrowings			26,557			128		1.93				74,561			563		3.06
Total interest-bearing liabilities			9,004,776	$		49,079		2.19	%			9,010,521	$		48,321		2.17	%
Noninterest-bearing deposits			3,383,851									3,265,838
Other noninterest-bearing liabilities			85,745									68,218
Shareholders' equity			1,689,890									1,645,535
Total liabilities and shareholders' equity	$		14,164,262							$		13,990,112

Net interest income and margin (tax equivalent)				$		126,656		3.81	%				$		121,489		3.74	%

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


	Three Months Ended
	Dec. 31, 2024
		Average			Tax Equivalent		Yield /
		Balance			Interest		Rate
Interest-earning assets:
Federal funds sold	$		1,895	$		23		4.90	%
Interest-bearing demand deposits in nonaffiliated banks			308,118			3,578		4.62
Taxable securities			3,320,754			21,896		2.64
Tax-exempt securities			1,425,934			9,858		2.77
Loans			7,806,860			133,110		6.78
Total interest-earning assets			12,863,561	$		168,465		5.21	%
Noninterest-earning assets			824,757
Total assets	$		13,688,318
Interest-bearing liabilities:
Deposits	$		8,523,405	$		49,139		2.29	%
Repurchase Agreements			63,350			271		1.70
Borrowings			39,709			265		2.65
Total interest-bearing liabilities			8,626,464	$		49,675		2.29	%
Noninterest-bearing deposits			3,348,062
Other noninterest-bearing liabilities			79,271
Shareholders' equity			1,634,521
Total liabilities and shareholders' equity	$		13,688,318

Net interest income and margin (tax equivalent)				$		118,790		3.67	%


	Year Ended									Year Ended
	Dec. 31, 2025									Dec. 31, 2024
		Average			Tax Equivalent		Yield /				Average			Tax Equivalent		Yield /
		Balance			Interest		Rate				Balance			Interest		Rate
Interest-earning assets:
Federal funds sold	$		8,566	$		395		4.61	%	$		3,464	$		197		5.70	%
Interest-bearing deposits in nonaffiliated banks			329,388			14,035		4.26				253,393			13,242		5.23
Taxable securities			3,555,356			106,046		2.98				3,289,683			81,626		2.48
Tax exempt securities			1,530,433			47,773		3.12				1,420,846			39,124		2.75
Loans			8,123,368			546,972		6.73				7,516,352			505,176		6.72
Total interest-earning assets			13,547,111	$		715,221		5.28	%			12,483,738	$		639,365		5.12	%
Noninterest-earning assets			845,451									840,674
Total assets	$		14,392,562							$		13,324,412
Interest-bearing liabilities:
Deposits	$		9,085,018	$		199,496		2.20	%	$		8,166,855	$		194,801		2.39	%
Repurchase Agreements			53,752			860		1.60				173,068			5,468		3.16
Borrowings			44,751			1,236		2.76				54,943			1,909		3.47
Total interest-bearing liabilities			9,183,521	$		201,592		2.20	%			8,394,866	$		202,178		2.41	%
Noninterest-bearing deposits			3,381,632									3,316,040
Other noninterest-bearing liabilities			88,794									73,559
Shareholders' equity			1,738,615									1,539,947
Total liabilities and shareholders' equity	$		14,392,562							$		13,324,412

Net interest income and margin (tax equivalent)				$		513,629		3.79	%				$		437,187		3.50	%