FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
December 31, 2002, 2001 and 2000
F-14
                                            December 31, 2001                                         
Gross Gross
Amortized Unrealized Unrealized Estimated
   Cost Basis  Holding Gains Holding Losses   Fair Value 
Securities held-to-maturity:
U.S. Treasury securities and
obligations of U.S. government
corporations and agencies $172,879,974 $5,039,045 $      (47,536) $177,871,483
Obligations of state and
political subdivisions 75,959,059 1,670,635 (134,439) 77,495,255
Corporate bonds 498,483 13,867 -       512,350
Mortgage-backed securities     41,332,974  1,354,710          (978)   42,686,706
Other securities             4,000          -                -                  4,000
Total debt securities
    held-to-maturity $290,674,490 $8,078,257 $  (182,953) $298,569,794
Securities available-for-sale:
U.S. Treasury securities and
     obligations of U.S.
     government corporations and
agencies $93,150,557 $2,025,482 $(257,163) $94,918,876
Obligations of state and
political subdivisions 82,545,879 1,140,522 (835,320) 82,851,081
Corporate bonds 56,553,112 2,000,708 (31,141) 58,522,679
Mortgage-backed securities    189,421,296  2,982,733  (684,161)   191,719,868
Total debt securities
     available-for-sale   421,670,844 8,149,445 (1,807,785) 428,012,504
Other securities       3,006,701           -                -            3,006,701
Total securities available-for-sale $424,677,545 $8,149,445 $(1,807,785) $431,019,205
The Company invests in mortgage-backed securities that have expected maturities that differ from their contractual
maturities.  These differences arise because borrowers may have the right to call or prepay obligations with or
without a prepayment penalty.  These securities include collateralized mortgage obligations (CMOs) and other asset
backed securities.  The expected maturities of these securities at December 31, 2002 and 2001, were computed by
using scheduled amortization of balances and historical prepayment rates.  At December 31, 2002 and 2001, the
Company did not hold any CMOs that entail higher risks than standard mortgage-backed securities.