Assets managed by the Trust Departments at First National
Bank of Abilene, San Angelo National Bank, Stephenville
Bank & Trust Co. and First National Bank, Sweetwater,
increased $27.3 million during the past year to a 
December 31, 2002 book value of $986.2 million. However,
due to depressed stock market values and volumes, trust
department revenue declined in 2002. Trust combined
revenues for the year were down slightly from $5.89 mil-
lion in 2001 to $5.83 million for 2002. In 2003, we anticipate
a return to improved income growth. 
The performance of the stock market the past three years
has been a challenge that our trust investment profes-
sionals have managed well. Not since 1939-1941 have
we seen the S&P 500 drop 35% in a three-year period. Our
portfolio managers outperformed their indices in Large
Cap stocks by 83 basis points and Fixed Income securi-
ties by 168 basis points. This performance bodes well for
the present and future of our client accounts.
During 2002, we saw a successful conversion of
Stephenville Bank & Trust to the SEI Corporation account-
ing system. In March 2003, we will be converting First
National Bank, Sweetwater, to this system as well. This will
provide all First Financial Bankshares trust clients with the
strength and advantages of a uniform accounting system.
Other operational systems have been examined and con-
sistent practices and procedures have been implemented. 
To further enhance our risk management assessments in
2003, we will be introducing an Operational Peer Review
Team similar to the successful peer review teams used in
the Personal Trust areas of our four locations.
Plans for the formation of a First Financial Bankshares
trust company are moving forward with regulatory approval
anticipated in late Spring or early Summer. This will permit
your Company to provide quality, locally delivered trust
services to additional markets.
With skilled trust professionals offering a complete range
of ﬁnancial products and services, the future of our trust
departments look bright. Through dedication to individu-
alized portfolio design and personalized service, our trust
departments stand ready to meet the needs of our pres-
ent and future clients.
98 99 00 01 02
$0
$4
$3
$5
$6
$1
$2
$5.10
$5.50
$5.89
$5.83
$4.75
98 99 00 01 02
$0
$500
$600
$700
$800
$900
$1000
$100
$200
$300
$400
$845
$911
$959
$986
$774
TRUST ASSETS in millions TRUST FEES in millions
13
David Byrd
San Angelo 
National Bank
Perry Elliott
Stephenville Bank 
& Trust Co.
J. Bruce Hildebrand
Executive Vice President
Janis McDowell
First National Bank, 
Sweetwater
Robert S. Patterson
First National Bank 
of Abilene
Robert S. Patterson
Senior Vice President, Trust Services