F-1
REPORT OF INDEPENDENT AUDITORS
To the Board of Directors and Shareholders of
First Financial Bankshares, Inc.
We have audited the accompanying consolidated balance sheet of First Financial Bankshares, Inc. (a Texas
corporation) and subsidiaries as of December 31, 2002, and the related consolidated statements of earnings,
comprehensive earnings, shareholders’ equity, and cash flows for the year then ended.  These financial statements
are the responsibility of the Company’s management.  Our responsibility is to express an opinion on these financial
statements based on our audit.  The consolidated financial statements of First Financial Bankshares, Inc. and
subsidiaries as of December 31, 2001 and for each of the two years then ended , were audited by other auditors who
have ceased operations and whose report dated January 11, 2002, expressed an unqualified opinion on those
statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States.  Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position
of First Financial Bankshares, Inc. and subsidiaries at December 31, 2002, and the consolidated results of their
operations and their cash flows for the year then ended in conformity with accounting principles generally accepted
in the United States.
As discussed above, the financial statements of First Financial Bankshares, Inc. as of December 31, 2001 and the
two years then ended were audited by other auditors who have ceased operations.  As described in Note 1, these
financial statements have been revised to include the transitional disclosures required by Statement of Financial
Accounting Standards No. 142, Goodwill and Other Intangible Assets , which was adopted by the Company as of
January 1, 2002.  Our audit procedures with respect to the disclosures in Note 1 with respect to 2001 and 2000
included (a) agreeing the previously reported net income to the previously issued financial statements and the
adjustments to reported net income representing amortization expense including related tax effects recognized in
those periods related to goodwill to the Company’s underlying records obtained from management, and (b) testing
the mathematical accuracy of the reconciliation of adjusted net income to reported net income, and the related
earnings per share amounts.  In our opinion, the disclosures for 2001 and 2000 are appropriate.  However, we were
not engaged to audit, review, or apply any procedures to the 2001 and 2000 financial statements of the Company
other than with respect to such disclosures and, accordingly, we do not express an opinion or any other form of
assurance on the 2001 and 2000 financial statements taken as a whole.
Ernst & Young LLP
Dallas, Texas
January 14, 2003