     For immediate release

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

FIRST FINANCIAL BANKSHARES ANNOUNCES THIRD QUARTER 2025 EARNINGS

ABILENE, Texas, October 23, 2025 - First Financial Bankshares, Inc. (the “Company,” “we,” “us” or “our”) (NASDAQ: FFIN) today reported earnings of $52.27 million for the third quarter of 2025 compared to earnings of $55.31 million for the same quarter a year ago and $66.66 million for the quarter ended June 30, 2025. Diluted earnings per share were $0.36 for the third quarter of 2025 compared with $0.39 for the same quarter a year ago and $0.47 for the linked quarter.

“This quarter was impacted by a $21.55 million credit loss believed to be due to fraudulent activity associated with a commercial borrower. We have reviewed our portfolio to look for systemic issues and believe this to be isolated. We have initiated legal action and are continuing to work with law enforcement. Despite this setback, our core earnings trends remain positive, with year-to-date earnings growth of nearly 12 percent compared to 2024.” said F. Scott Dueser, Chairman and CEO of First Financial Bankshares, Inc. “We are optimistic as we move into the final quarter of the year and will remain focused on liquidating the collateral of the loan and moving the bank forward with continued growth and profitability by keeping our customers, shareholders, and employees first.”

Net interest income for the third quarter of 2025 was $127.00 million compared to $107.11 million in the same quarter last year and $123.73 million for the second quarter of 2025. The net interest margin, on a taxable equivalent basis, was 3.80 percent for the third quarter of 2025 compared to 3.50 percent for the third quarter of 2024 and 3.81 percent in the second quarter of 2025. Average interest-earning assets were $13.60 billion for the third quarter of 2025 compared to $12.48 billion for the same quarter a year ago.

The Company recorded a provision for credit losses of $24.44 million for the third quarter of 2025 compared to a provision for credit losses of $6.12 million and $3.13 million for the third quarter of 2024 and second quarter of 2025, respectively. On September 30, 2025, the allowance for credit losses totaled $105.96 million, or 1.29 percent of loans held-for-investment (“loans” hereafter), compared to $99.94 million, or 1.29 percent of loans at September 30, 2024. Additionally, the reserve for unfunded commitments totaled $8.84 million at September 30, 2025 compared to $8.00 million at September 30, 2024.

For the third quarter of 2025, net charge-offs totaled $22.34 million compared to net charge-offs of $786 thousand for the third quarter of 2024. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.71 percent at September 30, 2025, versus 0.79 percent at June 30, 2025 and 0.83 percent at September 30, 2024. Classified loans totaled $252.96 million at September 30, 2025, compared to $229.92 million at September 30, 2024.

Third quarter provision and charge offs were impacted by the aforementioned $21.55 million charge off of a commercial loan relationship. While we are pursuing all possible avenues of recovery, the amount and timing of any potential recovery cannot currently be determined.

Noninterest income for the third quarter of 2025 was $34.26 million compared to $32.36 million for the third quarter of 2024. Notable changes for the third quarter of 2025 when compared to the same quarter a year ago are as follows:

•

Mortgage income increased to $4.38 million for the third quarter of 2025 compared to $3.36 million for the third quarter of 2024 due to improved origination volume related to lower interest rates and the strategic restructuring of the mortgage lending team.

•

Trust fee income increased $1.26 million to $12.95 million, or 10.74 percent, compared to trust fee income of $11.69 million in the third quarter of 2024. Trust revenue has increased primarily due to growth in assets under management to $12.05 billion as of September 30, 2025, compared to $10.86 billion at September 30, 2024.

Noninterest expense for the third quarter of 2025 totaled $73.67 million compared to $66.01 million for the third quarter of 2024. Notable changes for the third quarter of 2025 when compared to the same quarter a year ago are as follows:

•

Salary, commissions, and employee benefit costs increased to $42.61 million for the third quarter of 2025, compared to $37.50 million in the third quarter of 2024. The increase from the prior year is related primarily to increases of $3.12 million in salaries and $1.47 million in officer bonus and incentive accruals related to annualized earnings growth.

•

Noninterest expenses, excluding salary related costs, increased $2.55 million for the third quarter of 2025 compared to the same period in 2024 largely due to increases in software amortization and other operational losses.

The Company’s efficiency ratio was 44.74 percent for the third quarter of 2025 compared to 46.45 percent for the third quarter of 2024. The improvement from the same period in the prior year is primarily due to the increase in net interest income.

As of September 30, 2025, consolidated total assets were $14.84 billion compared to $13.58 billion at September 30, 2024. Loans totaled $8.24 billion at September 30, 2025, compared with loans of $7.72 billion at September 30, 2024. During the third quarter of 2025, loans grew $168.68 million, or 8.29 percent annualized, when compared to June 30, 2025, balances. Deposits and repurchase agreements totaled $12.90 billion at September 30, 2025, compared to $11.81 billion at September 30, 2024. During the third quarter of 2025, core deposits and repurchase agreements grew $250.45 million, or 7.95 percent annualized, when compared to June 30, 2025, balances. We also held $150.00 million of ICS one-way deposits as of September 30, 2025, that we were able to obtain at an attractive rate. No ICS one-way deposits were outstanding at June 30, 2025.

Shareholders’ equity was $1.83 billion as of September 30, 2025, compared to $1.66 billion at September 30, 2024, respectively. The unrealized loss on the securities portfolio, net of applicable tax, totaled $308.58 million at September 30, 2025, compared to an unrealized loss of $373.46 million at June 30, 2025 and $329.82 million at September 30, 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; the accuracy of our estimates of future credit losses; 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		Sept. 30,				June 30,				Mar. 31,				Dec. 31,				Sept. 30,
Cash and due from banks	$		237,466		$		264,000		$		232,943		$		259,996		$		296,188
Interest-bearing demand deposits in banks			401,580				435,612				682,362				503,417				287,476
Federal funds sold			11,750				8,750				11,750				-				-
Investment securities			5,260,813				4,886,548				4,760,431				4,617,759				4,612,299
Loans, held-for-investment			8,243,625				8,074,944				7,945,611				7,913,098				7,723,191
Allowance for credit losses			(105,958	)			(102,792	)			(101,080	)			(98,325	)			(99,936	)
Net loans, held-for-investment			8,137,667				7,972,152				7,844,531				7,814,773				7,623,255
Loans, held-for-sale			26,015				33,233				14,348				8,235				20,114
Premises and equipment, net			149,651				148,999				150,589				151,904				151,204
Goodwill			313,481				313,481				313,481				313,481				313,481
Other intangible assets			257				343				428				523				671
Other assets			302,848				313,723				301,251				309,330				278,244
Total assets	$		14,841,528		$		14,376,841		$		14,312,114		$		13,979,418		$		13,582,932

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$		3,446,262		$		3,439,059		$		3,356,553		$		3,348,041		$		3,303,143
Interest-bearing deposits			9,399,986				9,009,357				9,110,218				8,751,133				8,452,718
Total deposits			12,846,248				12,448,416				12,466,771				12,099,174				11,755,861
Repurchase agreements			50,646				48,026				56,606				61,416				57,557
Borrowings			21,956				22,153				26,978				135,603				25,978
Trade date payable			-				24,965				-				-				5,416
Other liabilities			92,410				95,929				81,498				76,665				75,929
Shareholders' equity			1,830,268				1,737,352				1,680,261				1,606,560				1,662,191
Total liabilities and shareholders' equity	$		14,841,528		$		14,376,841		$		14,312,114		$		13,979,418		$		13,582,932


	Quarter Ended
		2025									2024
INCOME STATEMENTS		Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
Interest income	$		179,692	$		172,810	$		167,110	$		165,792	$		159,958
Interest expense			52,691			49,080			48,321			49,675			52,849
Net interest income			127,001			123,730			118,789			116,117			107,109
Provision for credit losses			24,435			3,132			3,528			1,003			6,123
Net interest income after provision for credit losses			102,566			120,598			115,261			115,114			100,986
Noninterest income			34,264			32,873			30,230			30,977			32,362
Noninterest expense			73,666			71,735			70,335			70,099			66,012
Net income before income taxes			63,164			81,736			75,156			75,992			67,336
Income tax expense			10,897			15,078			13,810			13,671			12,028
Net income	$		52,267	$		66,658	$		61,346	$		62,321	$		55,308


PER COMMON SHARE DATA
Net income - basic	$	0.37	$	0.47	$	0.43	$	0.44	$	0.39
Net income - diluted		0.36		0.47		0.43		0.43		0.39
Cash dividends declared		0.19		0.19		0.18		0.18		0.18
Book value		12.78		12.14		11.75		11.24		11.63
Tangible book value		10.59		9.95		9.55		9.04		9.43
Market value		33.65		35.98		35.92		36.05		37.01
Shares outstanding - end of period		143,188,051		143,077,619		143,019,433		142,944,704		142,906,070
Average outstanding shares - basic		143,105,224		143,023,544		142,949,514		142,898,110		142,853,215
Average outstanding shares - diluted		143,474,169		143,378,505		143,355,148		143,352,067		143,188,857


PERFORMANCE RATIOS
Return on average assets	1.44	%	1.89	%	1.78	%	1.81	%	1.66	%
Return on average equity	11.85		15.82		15.12		15.17		14.00
Return on average tangible equity	14.44		19.43		18.68		18.78		17.49
Net interest margin (tax equivalent)	3.80		3.81		3.74		3.67		3.50
Efficiency ratio	44.74		44.97		46.36		46.81		46.45

FIRST FINANCIAL BANKSHARES, INC.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except share and per share data)


	Nine Months Ended
	Sept. 30,
INCOME STATEMENTS		2025			2024
Interest income	$		519,612	$		463,126
Interest expense			150,092			152,502
Net interest income			369,520			310,624
Provision for credit losses			31,095			12,817
Net interest income after provisions for credit losses			338,425			297,807
Noninterest income			97,366			93,012
Noninterest expense			215,736			194,965
Net income before income taxes			220,055			195,854
Income tax expense			39,785			34,664
Net income	$		180,270	$		161,190


PER COMMON SHARE DATA
Net income - basic	$	1.26	$	1.13
Net income - diluted		1.26		1.13
Cash dividends declared		0.56		0.54
Book value		12.78		11.63
Tangible book value		10.59		9.43
Market value	$	33.65	$	37.01
Shares outstanding - end of period		143,188,051		142,906,070
Average outstanding shares - basic		143,026,664		142,797,621
Average outstanding shares - diluted		143,422,534		143,159,652


PERFORMANCE RATIOS
Return on average assets	1.70	%	1.63	%
Return on average equity	14.22		14.28
Return on average tangible equity	17.46		18.04
Net interest margin (tax equivalent)	3.79		3.44
Efficiency ratio	45.33		47.39

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


	Quarter Ended
							2025							2024
ALLOWANCE FOR LOAN LOSSES		Sept. 30,				June 30,				Mar. 31,				Dec. 31,				Sept. 30,
Balance at beginning of period	$		102,792		$		101,080		$		98,325		$		99,936		$		95,170
Loans charged-off			(22,612	)			(1,189	)			(946	)			(2,184	)			(1,279	)
Loan recoveries			272				469				710				243				493
Net recoveries (charge-offs)			(22,340	)			(720	)			(236	)			(1,941	)			(786	)
Provision for loan losses			25,506				2,432				2,991				330				5,552
Balance at end of period	$		105,958		$		102,792		$		101,080		$		98,325		$		99,936


ALLOWANCE FOR UNFUNDED COMMITMENTS
Balance at beginning of period	$	9,914			$	9,214		$	8,677		$	8,004		$	7,433
Provision for unfunded commitments		(1,072	)			700			537			673			571
Balance at end of period	$	8,842			$	9,914		$	9,214		$	8,677		$	8,004

Allowance for loan losses /
period-end loans held-for-investment		1.29		%		1.27	%		1.27	%		1.24	%		1.29	%
Allowance for loan losses /
nonperforming loans		187.39				162.60			164.16			158.02			156.44
Net charge-offs (recoveries) / average total loans
(annualized)		1.07				0.04			0.01			0.10			0.04


	As of
		2025									2024
COMPOSITION OF LOANS HELD-FOR-INVESTMENT		Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
Commercial:
C&I	$		1,174,770	$		1,202,151	$		1,144,429	$		1,176,993	$		1,175,774
Municipal			347,559			306,140			338,303			369,246			333,732
Total Commercial			1,522,329			1,508,291			1,482,732			1,546,239			1,509,506
Agricultural			88,820			86,133			90,186			95,543			83,269
Real Estate:
Construction & Development			1,214,649			1,172,834			1,098,069			1,054,603			1,013,810
Farm			322,710			302,969			331,464			339,665			315,720
Non-Owner Occupied CRE			802,675			746,341			753,898			805,566			825,928
Owner Occupied CRE			1,119,425			1,124,610			1,142,618			1,083,100			1,086,750
Residential			2,308,708			2,286,220			2,217,740			2,196,767			2,112,196
Total Real Estate			5,768,167			5,632,974			5,543,789			5,479,701			5,354,404
Consumer:
Auto			718,501			698,897			679,189			638,560			618,103
Non-Auto			145,808			148,649			149,715			153,055			157,909
Total Consumer			864,309			847,546			828,904			791,615			776,012

Total loans held-for-investment	$		8,243,625	$		8,074,944	$		7,945,611	$		7,913,098	$		7,723,191


SUMMARY OF LOAN CLASSIFICATION
Special Mention	$	76,647	$	62,774	$	46,103	$	42,563	$	41,362
Substandard		176,311		194,291		199,509		191,288		188,561
Doubtful		-		-		-		-		-
Total classified loans	$	252,958	$	257,065	$	245,612	$	233,851	$	229,923


NONPERFORMING ASSETS
Nonaccrual loans	$	56,394		$	63,142		$	60,430		$	61,938		$	63,378
Accruing loans 90 days past due		151			77			1,143			287			504
Total nonperforming loans		56,545			63,219			61,573			62,225			63,882
Foreclosed assets		1,997			489			115			871			535
Total nonperforming assets	$	58,542		$	63,708		$	61,688		$	63,096		$	64,417

As a % of loans held-for-investment and foreclosed assets		0.71	%		0.79	%		0.78	%		0.80	%		0.83	%
As a % of end of period total assets		0.39			0.44			0.43			0.45			0.47

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


	Quarter Ended
		2025									2024
CAPITAL RATIOS		Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
Common equity Tier 1 capital ratio			19.10	%		19.16	%		19.12	%		18.83	%		18.83	%
Tier 1 capital ratio			19.10			19.16			19.12			18.83			18.83
Total capital ratio			20.29			20.35			20.31			20.00			20.03
Tier 1 leverage ratio			12.34			12.61			12.46			12.49			12.53
Tangible common equity ratio			10.44			10.12			9.76			9.46			10.16
Equity/Assets ratio			12.33			12.08			11.74			11.49			12.24


	Quarter Ended
		2025											2024
NONINTEREST INCOME		Sept. 30,				June 30,			Mar. 31,				Dec. 31,			Sept. 30,
Trust fees	$		12,950		$		12,746	$		12,653		$		12,662	$		11,694
Service charges on deposits			6,447				6,126			6,177				6,306			6,428
Debit card fees			5,333				5,218			4,967				5,506			5,528
Credit card fees			699				707			577				617			617
Gain on sale and fees on mortgage loans			4,375				4,126			2,832				3,009			3,359
Net gain (loss) on sale of foreclosed assets			(122	)			200			(35	)			36			(30	)
Net gain (loss) on sale of assets			-				6			-				214			267
Loan recoveries			1,664				810			574				433			1,359
Other noninterest income			2,918				2,934			2,485				2,194			3,140
Total noninterest income	$		34,264		$		32,873	$		30,230		$		30,977	$		32,362


NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	40,681	$	39,834	$	39,157	$	37,996	$	35,262
Profit sharing expense		1,924		2,741		2,985		3,648		2,235
Net occupancy expense		3,545		3,600		3,720		3,753		3,738
Equipment expense		2,395		2,478		2,321		2,305		2,291
FDIC insurance premiums		1,635		1,585		1,575		1,511		1,514
Debit card expense		3,512		3,308		3,373		3,220		3,248
Legal, tax and professional fees		3,332		3,143		3,067		3,751		3,865
Audit fees		536		463		451		423		582
Printing, stationery and supplies		456		473		482		293		199
Amortization of intangible assets		86		86		95		147		157
Advertising, meals and public relations		1,714		1,653		1,677		1,642		1,466
Operational and other losses		1,957		720		540		863		955
Software amortization and expense		4,280		4,020		3,732		3,648		3,712
Other noninterest expense		7,613		7,631		7,160		6,899		6,788
Total noninterest expense	$	73,666	$	71,735	$	70,335	$	70,099	$	66,012

TAX EQUIVALENT YIELD ADJUSTMENT	$	3,406	$	2,926	$	2,700	$	2,673	$	2,628

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


	Nine Months Ended
	Sept. 30,
NONINTEREST INCOME		2025			2024
Trust fees	$		38,349	$		34,787
Service charges on deposits			18,749			18,683
Debit card fees			15,519			15,564
Credit card fees			1,983			1,920
Gain on sale and fees on mortgage loans			11,333			10,174
Net gain on sale of foreclosed assets			43			(88	)
Net gain (loss) on sale of assets			6			269
Loan recoveries			3,048			2,578
Other noninterest income			8,336			9,125
Total noninterest income	$		97,366	$		93,012


NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	119,672	$	105,834
Profit sharing expense		7,650		5,818
Net occupancy expense		10,865		10,826
Equipment expense		7,194		6,761
FDIC insurance premiums		4,795		4,987
Debit card expense		10,193		9,548
Legal, tax and professional fees		9,541		10,408
Audit fees		1,450		1,368
Printing, stationery and supplies		1,411		1,071
Amortization of intangible assets		266		471
Advertising, meals and public relations		5,047		4,387
Operational and other losses		3,217		2,878
Software amortization and expense		12,032		9,875
Other noninterest expense		22,403		20,733
Total noninterest expense	$	215,736	$	194,965

TAX EQUIVALENT YIELD ADJUSTMENT	$	9,032	$	7,773

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


	Three Months Ended									Three Months Ended
	Sept. 30, 2025									June 30, 2025
		Average			Tax Equivalent		Yield /				Average			Tax Equivalent		Yield /
		Balance			Interest		Rate				Balance			Interest		Rate
Interest-earning assets:
Federal funds sold	$		10,711	$		130		4.82	%	$		9,397	$		113		4.84	%
Interest-bearing demand deposits in nonaffiliated banks			216,739			2,387		4.37				379,364

FIRST FINANCIAL BANKSHARES INC 8-K