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4th Quarter 2015

First Financial Bankshares, Inc.

Forward Looking Statement

The numbers, as of and for the year ended December 31, 2015, contained within this presentation are unaudited. 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” 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; 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; 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/Filings” on the Company’s web site or by writing or calling the Company at 325.627.7155. The Company does not undertake any obligation to update publicly or revise any forward-looking statements herein because of new information, future events or otherwise.

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Who We Are

$6.7 billion financial holding company headquartered in Abilene, Texas

Group of 11 separate regions

125-year history

Growth markets include 50 mile radius of the larger cities of Texas

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Recognitions

ABA Foundation Community Commitment Award – October 2015

2015 Proven Performers Award Winner – Bank Intelligence Solutions

American Banker - #15 – Based on three year average Return on Equity – May 2015

KBW Honor Roll – One of twenty five banks named – April 2015

Raymond James Community Bankers Cup #1 – December 2014

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What Makes Us Different

One Bank, Eleven Regions Concept

One Bank Consolidation of backroom operations, technology, and

compliance (lower efficiency ratio)

Eleven Regions Regional Presidents run their regions Local Boards – Movers and Shakers of the Community

Keep our regions locally focused Make sure we meet the needs of the community Help us make better loan decisions Help us market the region

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FFIN’s Unique Positioning in Texas

Bank Key MarketsComerica DFW, Austin, Houston, California, Michigan, Florida, Mexico

Green Houston, Austin, Dallas (New Public Company – August 2014)

Frost San Antonio, Austin, Corpus Christi, DFW, Rio Grande, West Texas

Independent North and Central Texas

International Bancshares Rio Grande, Houston, San Antonio, Oklahoma

Legacy Texas Dallas

Prosperity Houston, DFW, Austin, West Texas, South Central Texas, and Oklahoma

Southside East Texas

Texas Capital DFW, Austin, San Antonio, and Houston

Triumph Dallas (New Public Company – November 2014)

Veritex Dallas (New Public Company – October 2014)

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First Bank, N.A. - Conroe Acquisition Consummated July 31, 2015 Montgomery, Walker, & Harris Counties (On I-45 North of Houston)

Exxon Mobil Headquarters in the Woodlands Montgomery County – Approximately 500,000 residents, 55% growth from 2000 to

2010, 24th fastest growing county in the United States #4 Market Share in Conroe – 10.6%

8 Branches in Conroe, Magnolia, Tomball, Cut and Shoot, Montgomery, and Huntsville; additional site on Grand Parkway in Spring, Texas to expand

$393.0 million in Assets* $330.9 million in deposits $270.6 million in loans

1.06% Return on Assets in 2014 $61.0 million purchase price of our stock which represents 16x last twelve

months earnings Conroe acquisition is consistent with our acquisition model of high growth areas,

strong management and excellent earnings opportunity Provides diversification and fits well into our footprint Management and Board share same values to outstanding customer service

*As of Dec. 31, 2015

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4Trust Mortgage Acquisition Consummated – May 31, 2015

Originated $175 million in mortgage loans in 2014 – Compared to $225 million that First Financial Bank originated in 2014

15 year old Company with offices in Fort Worth, Dallas and North Richland Hills

$1.9 million purchase price

Troy Fore is now President of Mortgage Division of First Financial Bank; other owners joining First Financial as EVP’s – Tammie Harding, Kami Graves, and Ryan Craig

Considered one of the top mortgage companies in Fort Worth

Are now offering expanded mortgage products and services to customers

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Texas: Large and Growing

Five most populous states:* Growth (2004 – 2014)

California 38.8 million 8.1%

Texas 26.9 million 20.1%

Florida 19.9 million 15.0%

New York 19.7 million 2.6%

Illinois 12.9 million 1.8%

* U.S. Census Bureau

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Target Markets – Population Growth

Population growth (2004-2014) in FFIN expansion markets:*

Texas 20.1%

Bridgeport & Wise County 19.4%

Fort Worth & Tarrant County 21.4%

Cleburne & Johnson County 14.4%

Weatherford, Willow Park, Aledo & Parker County 30.3%

Granbury & Hood County 19.6%

Stephenville & Erath County 15.9%

Conroe & Montgomery County 47.0%* U.S. Census Bureau

Core Markets: West Central Texas Markets served benefiting from well-established, long- time customers

REGIONASSET SIZE*

LOCATIONSDEPOSIT

MARKET SHARE**MARKET

SHARE RANK**

First Financial Bank(Abilene, Clyde, Moran, Albany, Odessa

Eastland, Ranger, Rising Star, Cisco,

Sweetwater, Roby, Trent, Merkel)

$2,615M 23 48% 1

First Financial Bank(Hereford)

$176M 1 44% 1

First Financial Bank(San Angelo)

$694M 3 27% 1

TOTALS $3,485M 27

* Data as of 12-31-15** Data as of 06-30-15

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Expansion Markets REGION ASSET SIZE* LOCATIONS

DEPOSIT MARKET SHARE**

MARKET SHARE RANK**

First Financial Bank (Cleburne, Burleson, Alvarado)

(Midlothian, Waxahachie)

$401M 42

24%5%

16

First Financial Bank (Southlake, Trophy Club, Keller, Grapevine)

(Bridgeport, Decatur, Boyd)

$402M 4

3

4%

18%

6

3

First Financial Bank (Stephenville, Granbury, Glen Rose, Acton)

$482M 6 24% 2

First Financial Bank(Weatherford, Aledo, Willow Park, Brock)

$533M 7 23% 1

First Financial Bank(Mineral Wells)

$269M 1 39% 1

First Financial Bank(Ft. Worth)

$49M 1 - -

First Financial Bank(Orange, Mauriceville, Vidor)

(Newton, Port Arthur, Beaumont)

$482M 33

38%2%

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First Financial Bank (Acquired 7-31-15)(Conroe, Magnolia, Cut and Shoot, Montgomery, Huntsville, Willis, Tomball,

Huntsville, New Waverly

Market Share for Huntsville, Conroe, Magnolia, Cut and Shoot, Montgomery and Willis Only)

$585M 10 4% 9

TOTALS $3,154M 43

* Data as of 12-31-15** Data as of 06-30-15

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Recent De Novo Growth Lubbock: Office of Trust Company – September 2014 New Waverly: Branch of Huntsville – August 2014 Beaumont: Branch of Orange – August 2014 Weatherford: I-20 Branch – June 2013 San Angelo: HEB Branch – March 2013 Waxahachie: Branch of Cleburne – December 2012 Abilene: Antilley Road Branch – September 2012 Grapevine: Branch of Southlake – March 2012 Cisco: Branch of Eastland – September 2011 (Building New Building – Planned Opening 2nd Qtr. 2016)

Lamesa: Office of Trust Company – April 2011 Odessa: Branch of Abilene – February 2010 (Building New Building – Planned Opening 2nd Qtr. 2016)

Fort Worth: Branch of Weatherford – February 2010 Odessa: Office of Trust Company – April 2009 Merkel: Branch of Sweetwater – July 2008 Brock: Branch of Weatherford – March 2008 Acton: Branch of Stephenville – March 2008 Albany: Branch of Abilene – May 2007 Fort Worth: Office of Trust Company – April 2007 (Building New Building – Planned Opening 2nd Qtr. 2016)

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Fort Worth – Forest Park Blvd. and Rosedale

1615

Fort Worth – Forest Park Blvd. and Rosedale

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Years with Company Years in Industry

Scott Dueser Chairman of the Board, President & Chief Executive Officer

39 44

Ron Butler Executive Vice President Chief Administrative Officer

23 34

Troy Fore President First Financial Mortgage

- 35

Gary S. Gragg Executive Vice President Credit Administration

25 37

J. Bruce Hildebrand, CPA Executive Vice President Chief Financial Officer

13 37

Executive Management at First Financial

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Years with Company Years in Industry

Luke Longhofer Executive Vice President & Loan Review Officer Credit Administration

3 10

Stan Limerick Executive Vice President Chief Information Officer

1 35

Randy Roewe Executive Vice President Chief Risk Officer

- 25

Kirk Thaxton, CTFA President First Financial Trust & Asset Management

29 32

Marna Yerigan Executive Vice President Credit Administration

5 31

Executive Management at First Financial

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Years with Company Years in Industry

Brandon Harris Senior Vice President Appraisal Services

2 15

Monica Houston Senior Vice President Training

20 20

Larry Kentz Senior Vice President & Compliance Officer Compliance

1 35

Michele Stevens Senior Vice President Advertising and Marketing

16 32

Senior Management at First Financial

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Experienced Regional CEOs & Presidents

Years with Company Years in Industry

Marelyn Shedd, Abilene 24 32

Mike Mauldin, Hereford 13 38

Mike Boyd, San Angelo 31 43

Tom O’Neil, Cleburne 17 35

Trent Swearengin, Stephenville 16 18

Jay Gibbs, Weatherford 14 41

Mark Jones, Southlake 15 38

Ken Williamson, Mineral Wells 14 44

Stephen Lee, Southeast Region 3 26

Sam Baker, Conroe - 39

Martin Noto, Fort Worth - 30

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2010 2011 2012 2013 2014 2015

$3,776$4,121

$4,502

$5,522

$5,848

$6,665Chart Title

Growth in Total Assets

Asset Performance

(in millions)

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2010 2011 2012 2013 2014 2015

$959 $1,102 $1,312 $1,362 $1,570 1,746

$2,154 $2,233$2,321

$2,773$3,180

$3,444

Non Interest Bearing Interest Bearing

Deposit Growth

Growth in FFIN Total Deposits (in millions)

$5,190

$3,113$3,335

$3,633$4,135

$4,750

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Deposit Products

Time12.0%

Deman

d33.6%

Money

Market43.0%

Sav-ings11.4%

Account Growth

Net Growth in 2011 – 4,036 Accounts

Net Growth in 2012 – 1,219 Accounts

Net Growth in 2013 – 3,308 Accounts*

Net Growth in 2014 – 10,687 Accounts

Net Growth in 2015 – 5,886 Accounts**

December 31, 2011

December 31, 2012

December 31, 2013

December 31, 2014

December 31,2015

Total Number of Accounts

204,063 205,282 208,590 234,614 251,699

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*(Excluding Orange Acquisition)**(Excluding Conroe Acquisition)

2010 2011 2012 2013 2014 2015$81 $66 $68 $76 $106 $102

$191 $218 $273 $334 $361 $386 $429 $427

$510 $590 $640 $685

$990 $1,076 $1,238

$1,689 $1,831

$2,178

Real Estate

Commercial

Consumer

Agricultural

Loan PerformanceGrowth in FFIN Total Loans (in millions)

$1,691 $1,787

$2,089

$3,351

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$2,689$2,938

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Overview of Loan Portfolio Commercial

20.4% Agricul-ture3.1%

Consumer11.5%

Real Es-tate

65.0%

Note: Oil & Gas Exposure 2.89%

Residential Development & Construction 9.7%

1-4 Family 44.6%

Commercial Development and Construc-tion

5.1%

Commercial R/E 25.4%

Other R/E 15.2%

Chart Title

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Breakdown of R/E Loan Portfolio

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2010 2011 2012 2013 2014 2015

End of Period 54.3 53.6 57.5 65.0 61.8 64.6

Average Balances

56.0 54.6 56.4 64.3 64.1 63.0

Loan to Deposit Ratio

2010 2011 2012 2013 2014 2015

FirstFinancial 1.53% 1.64% 1.22% 1.16% 0.74% 0.89%

Peer Group 5.37% 4.59% 2.75% 1.97% 1.28% 0.94%*

Sound Lending Practices

Nonperforming assets as a percentage of loans + foreclosed assets (FFIN vs. Peers)

30*As of Sept. 30, 2015

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2010 2011 2012 2013 2014 2015

$31,106$34,315 $34,839 $33,900

$36,824

$41,877

$8,962$6,626

$3,484 $3,753 $4,465

$9,685

ALLL Provision

Allowance for Loan Losses and Provision for Loan Losses

(in thousands)

Summary of Bond Portfolio

Agencies 5.80% Corporates 3.13%

Muni 51.61%

MBSs 15.81%

CMOs 23.23%

Trea-suries 0.42%

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2010 2011 2012 2013 2014 2015

$2,297 $2,431

$2,852

$3,361

$3,759 $3,870

$1,783 $1,912$2,233

$2,465 $2,774

$3,060

Growth in Trust AssetsTotal Trust Assets

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Mar

ket V

alue

Boo

k Va

lue

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2010 2011 2012 2013 2014 2015

$10,808$12,671

$14,464$16,317

$18,766 $19,251Chart Title

Total Trust Fees

Growth in FFTAM Fees (in thousands)

35

2010 2011 2012 2013 2014 2015

$3,254

$4,176

$5,183

$6,142

$7,109 $7,449

Chart Title

Total Trust Net Income

Growth in FFTAM Net Income (in thousands)

2010 2011 2012 2013 2014 2015

$59.7$68.4

$74.2$78.9

$89.6

$100.4Chart Title

29th Consecutive Year of Increased Earnings

FFIN Earnings (in millions)

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2010 2011 2012 2013 2014 2015

$0.95$1.09

$1.18$1.24

$1.40$1.55

Chart Title

Strong Shareholder Earnings

Basic Earnings Per Share

*Per share amounts reflect the 2 for 1 stock split that was effective June 2, 2014.

2011 2012 2013 2014 2015

1.78% 1.75%1.64% 1.65% 1.61%

0.80%0.98%

1.04%0.95% 0.98%*

FFIN Outperforms Peers

Percentage Return on Average Assets

Peer

Gro

up

Firs

t Fin

anci

al

38*As of Sept. 30, 2015

2011 2012 2013 2014 2015

14.44%13.85% 13.75% 14.00% 13.60%

7.27%8.56% 8.89% 8.34% 8.67%*

Strong Return on Capital Percentage Return on Average Equity

Peer

Gro

up

Firs

t Fin

anci

al

39*As of Sept. 30, 2015

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2011 2012 2013 2014 2015

Shareholders’Equity 508,537 556,963 587,647 681,537 804,986

As a Percent of Total Assets

12.34 12.37 11.25 11.65 12.08

Tangible

Capital436,415 484,990 490,163 584,178 660,537

Tier 1

Leverage Ratio10.33 10.60 9.84 9.89 9.96

Tier 1 Risk

Based Capital Ratio17.49 17.43 15.82 16.05 15.90

Risk Based

Capital Ratio18.74 18.68 16.97 17.16 16.97

Capital & Capital Ratios(dollars in thousands)

3rd Qtr. '12

4th Qtr. '12

1st Qtr. '13

2nd Qtr. '13

3rd Qtr. '13

4th Qtr. '13

1st Qtr. '14

2nd Qtr. '14

3rd Qtr. '14

4th Qtr. '14

1st Qtr. '15

2nd Qtr. '15

3rd Qtr. '15

4th Qtr. '15

3.00%

3.25%

3.50%

3.75%

4.00%

4.25%

4.50%

4.75%

5.00%

First Financial Peer Group

Net Interest Margin

Quarterly Interest Margin

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2010 2011 2012 2013 2014 2015

FirstFinancial 49.49% 48.37% 48.14% 50.20% 49.24% 47.61%

Peer Group 67.33% 65.57% 65.77% 67.80% 66.76% 63.79%*

Working Harder and Smarter

Efficiency Ratio (FFIN vs. Peers)

42

*As of Sept. 30, 2015

Stock cost in January 2015 $29,880

Dividend declared ($0.62 x 1,000 shares) $ 620

Increase in stock price during 2015($29.88 to $30.17 X 1,000 shares) $290

2015 return on investment 3.05%

2014 return on investment -7.96%

2013 return on investment 72.11%

2012 return on investment 19.65%

2011 return on investment 0.61%

5 year compound average return 12.36%

Total Return on Investment

13.95%

Assume you owned 1,000 shares of FFIN stock on January 1, 2015…

43*Adjusted for 2 for 1 stock split effective June 2, 2014.

Dividends Per Share

2011 2012 2013 2014 2015

$0.48 $0.50$0.52 $0.55

$0.62Chart Title

Annual Dividends Declared Per Share*

44*Per share amounts reflect the 2 for 1 stock split that was effective June 2, 2014.

Strong Stock Performance

-100.00%

-50.00%

0.00%

50.00%

100.00%

150.00%

200.00%

FFIN S&P 500 NASDAQ Dow JonesJan . ‘07 Dec. ’15Dec . ‘09Dec ‘07 Dec ‘08 Dec. ‘10 Dec. ’11 Dec. ’12 Dec. ’13 Dec. ’14

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Challenges

Regulatory reform from Washington

Stagnant national economy

Oil & gas price decline

Low interest rate environment

Maintaining net interest margin

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Opportunities

Loan Growth

Mortgage Lending

Trust Services

Treasury Management

Mobile Banking

Lower Efficiency Ratio

Potential Acquisitions

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