1
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS
This Form 10-K contains certain forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  When used in this Form 10-K,
words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “predict,” “project,” and similar expressions,
as they relate to us or our management, identify forward-looking statements.  These forward-looking statements are
based on information currently available to our management. Actual results could differ materially from those
contemplated by the forward-looking statements as a result of certain factors, including but not limited to:
• general economic conditions;
• legislative and regulatory actions and reforms;
• 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;
• acquisitions and integration of acquired businesses; and
•  other factors described in “PART II, Item 7 — Management’s Discussion and Analysis of Financial
Condition and Results of Operations.”
Such statements reflect the current views of our management with respect to future events and are subject to these
and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and
liquidity.  All subsequent written and oral forward-looking statements attributable to us or persons acting on our
behalf are expressly qualified in their entirety by this paragraph.
PART I
ITEM 1. BUSINESS
General
First Financial Bankshares, Inc., a Texas corporation, is a financial holding company registered under the Bank
Holding Company Act of 1956, or BHCA. As such, we are supervised by the Board of Governors of the Federal
Reserve System, or Federal Reserve Board, as well as several other state and federal regulators.  We were formed as
a bank holding company in 1956 under the original name F & M Operating Company, but our banking operations
date back to 1890, when Farmers and Merchants National Bank opened for business in Abilene, Texas.  By virtue of
a series of reorganizations, mergers, and acquisitions since 1956, we now own, through our wholly-owned Delaware
subsidiary, First Financial Bankshares of Delaware, Inc., ten banks organized and located in Texas. These ten banks
are:
• First National Bank of Abilene, Abilene, Texas;
• Hereford State Bank, Hereford, Texas;
• First National Bank, Sweetwater, Texas;