first financial bankshares' investor presentation 3rd qtr 2011
DESCRIPTION
TRANSCRIPT
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3rd Quarter 2011
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Forward Looking Statement
The numbers, as of and for the nine months ended September 30, 2011, 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
$3.9 billion financial holding company headquartered in Abilene, Texas
Group of 11 separately chartered banks
121 year history
Growth markets include 50 mile radius of
the larger cities of Texas
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Recognitions
KBW Honor Roll – One of Forty banks named – March 2011
SNL Financial top publicly traded community bank and sixth overall – March 2011
Ranked #2 in Texas and #7 in the United States by J.D. Power and Associates 2011 Retail Banking Customer Satisfaction Study – April 2011
Bank Intelligence Proven Performers - #4 in the Nation in
$1 - $10 billion category – June 2011
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What Makes Us Different
One Bank, Eleven Charters Concept
One Bank Consolidation of backroom operations (lower efficiency ratio) Agency agreements (customers may use any of our 52 locations)
Eleven Community Bank Charters Bank Presidents run their banks Local Boards – Movers and Shakers of the Community
Keep our banks locally focused Make sure we meet the needs of the community Help us make better loan decisions Help us market the bank
Up to $2.75 million of FDIC insurance available
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Huntsville Acquisition
Acquired November 2010
Huntsville, Texas 37,000 Residents Sam Houston State University – 17,000 Students
Fastest Growing University in Texas Headquarters of the Texas Department of Criminal Justice – 5,000 employees Strategically located on Interstate 45 – 70 miles north of Houston
$176 million in Assets* $151 million in deposits $85 million in loans
Approximately 1.63x book; 10.8x last twelve months earnings (tax effected) Huntsville acquisition is very similar to our model around Dallas/Fort Worth
and provides diversification #2 Market Share in Walker County – 21%
*As of Sept. 30, 2011
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FFIN’s Unique Positioning in Texas
Bank Key Markets
BBVA Compass Rio Grande, Gulf Coast, Houston, Dallas, El Paso, Lubbock
Comerica, Inc. DFW, Austin, Houston, California, Michigan, Florida, Mexico
Encore Bancshares Houston, Florida
Frost San Antonio, Austin, Corpus Christi, DFW, Rio Grande
International Bancshares Corp. Rio Grande, Houston, San Antonio, Oklahoma
Prosperity Houston, DFW, Austin
Southside East Texas
Texas Capital DFW, Austin, San Antonio and Houston
ViewPoint Financial Dallas
Zion DFW and Houston
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Texas: Large and Growing
Five most populous states:* Growth (2000 – 2010)
California 37.3 million 10.0%
Texas 25.2 million 20.6%
New York 19.4 million 2.1%
Florida 18.8 million 17.6%
Illinois 12.8 million 3.3%
* U.S. Census Bureau
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Target Markets – Population Growth
Population growth (2000-2010) in FFIN expansion markets:*
Texas 20.6%
Bridgeport & Wise County 21.2%
Fort Worth / Tarrant County 25.1%
Cleburne, Midlothian & Johnson County 19.0%
Weatherford, Willow Park, Aledo 32.1%
Granbury & Hood County 24.5%
Stephenville & Erath County 14.8%
* U.S. Census Bureau
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Texas Benefits
CEO Magazine ranks Texas best state for
business – for seventh consecutive year
Texas created more jobs (230,800) in 2010 more
than any other state
Texas created more private sector jobs than any
other state during the past decade
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Preferred Acquisition: Granbury and Glen Rose
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Core Markets: West Central Texas
Markets served benefiting from well-established, long- time customers
BANKASSET
SIZE*LOCATIONS
DEPOSIT
MARKET SHARE**
MARKET
SHARE RANK**
First Financial Bank(Abilene, Clyde, Moran, Albany, Odessa)
$1,302 M 14 41% 1
First Financial Bank(Hereford)
$155 M 1 42% 1
First Financial Bank(Eastland, Ranger, Rising Star, Cisco)
$171 M 4 55% 1
First Financial Bank(Sweetwater, Roby, Trent, Merkel)
$172 M 4 37% 1
First Financial Bank(San Angelo)
$407 M 2 20% 2
TOTALS $2,207M 25* Data as of 06-30-11
** Data as of 06-30-10
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Expansion MarketsBANK ASSET SIZE* LOCATIONS
DEPOSIT MARKET
SHARE**
MARKET SHARE
RANK**
First Financial Bank (Cleburne, Burleson, Alvarado, Midlothian, Crowley)
$292 M 6 21% 1
First Financial Bank (Southlake, Trophy Club, Keller,
Bridgeport, Decatur, Boyd)
$326 M 3
3
8%
16%
5
3
First Financial Bank (Stephenville, Granbury, Glen Rose, Acton)
$350 M 6 21% 2
First Financial Bank(Weatherford, Aledo, Willow Park, Brock, Ft. Worth)
$381 M 7 24% 1
First Financial Bank(Mineral Wells)
$203 M 1 35% 1
First Financial Bank(Huntsville)
$176 M 1 21% 2
TOTALS $1,728M 27 * Data as of 09-30-11** Data as of 06-30-11
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Recent De Novo Growth
Grapevine: Branch of Southlake – Expected to Open 1st Quarter 2012
Cisco: Branch of Eastland – September 2011
Lamesa: Office of Trust Company – April 2011
Crowley: Branch of Cleburne – October 2010
Odessa: Branch of Abilene – February 2010
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
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Years with Company Years in Industry
Scott Dueser Chairman of the Board, President & Chief Executive Officer
35 40
J. Bruce Hildebrand, CPA Executive Vice President Chief Financial Officer
9 33
Gary L. Webb Executive Vice President Operations
9 23
Gary S. Gragg Executive Vice President Credit Administration
20 32
Marna Yerigan Executive Vice President Credit Administration
1 25
Michele Stevens Senior Vice President Advertising and Marketing
15 31
Courtney Jordan Senior Vice President Training & Education
3 18
Kirk Thaxton, CTFA President, First Financial Trust & Asset Management
24 27
Senior Management at First Financial
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Experienced Bank CEOs & PresidentsYears with Company Years in Industry
Ron Butler, FFB Abilene 18 29
Mike Mauldin, FFB Hereford 8 33
J.V. Martin, FFB Sweetwater 22 41
Kirby Andrews, FFB Sweetwater 20 23
Tom O’Neil, FFB Eastland 12 31
Mike Boyd, FFB San Angelo 35 38
Matt Reynolds, FFB Cleburne 6 29
Ron Mullins, FFB Stephenville 5 32
Doyle Lee, FFB Weatherford 15 39
Jay Gibbs, FFB Weatherford 9 37
Mark Jones, FFB Southlake 10 33
Ken Williamson, FFB Mineral Wells 9 39
Robert Pate, FFB Huntsville 14 30
Gaye Clements, FFB Huntsville 9 27
Gary Tucker, First Technology Services 20 36
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2006 2007 2008 2009 2010 2011
$2,850$3,070
$3,212 $3,279
$3,776$3,935Chart Title
Growth in Total Assets
Asset Performance
(in millions)
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2006 2007 2008 2009 2010 2011
$685 $739 $797 $836 $959 $1,021
$1,699$1,807 $1,786 $1,849
$2,154 $2,166
Non Interest Bearing Interest Bearing
Deposit Growth
Growth in FFIN Total Deposits (in millions)
$2,384$2,546 $2,583 $2,685
$3,113 $3,187
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Deposit Products
Time24.1%
Deman
d32.0%
Money
Market36.7%
Sav-ings7.2%
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2005 2006 2007 2008 2009 2010 2011
$85 $73 $84 $77 $73 $81 $61
$160 $165 $182 $191 $175 $191 $212 $37 $31 $32 $52 $0
$330 $344 $394 $391
$406 $429 $407
$677 $760 $836 $855
$860 $990 $1,049
Real Estate
Commercial
Student
Consumer
Agricultural
Loan Performance
Growth in FFIN Total Loans (in millions)
$1,373
$1,566 $1,514
$1,690 $1,729
$1,528
$1,289
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Overview of Loan Portfolio
Commercial 23.5%
Agricul-ture3.5%
Consumer12.3%
Real Es-tate
60.7%
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Residential Development & Construction 5.8%
1-4 Family 38.0%
Commercial Devel-opment and Construc-
tion3.9%Commercial R/E 30.8%
Other R/E 21.5%
Chart Title
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Breakdown of R/E Loan Portfolio
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2005 2006 2007 2008 2009 2010 2011
End of Period 54.5 57.6 60.0 60.6 56.4 54.3 54.3
Average
Balances57.6 56.6 59.8 61.1 59.5 56.0 54.8
Loan to Deposit Ratio
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Less than
1 year
1 to 3
years
3 to 5
years
5 to 10
years
10 to 15
years
Over 15
years
35.1% 10.9% 15.6% 19.0% 8.5% 7.8% 3.1%
Variable and Fixed Rate Loans
Loan Portfolio Interest Rate Risk Analysis
Variable
RateFixed Rate
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2006 2007 2008 2009 2010 2011
FirstFinancial 0.30% 0.31% 0.80% 1.46% 1.53% 1.60%
Peer Group 0.60% 0.98% 2.63% 5.41% 5.49% 5.04%*
Sound Lending Practices
Nonperforming assets as a percentage of loans + foreclosed assets (FFIN vs. Peers)
27
*As of June 30, 2011
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2005 2006 2007 2008 2009 2010 2011
$14,719$16,201
$17,462
$21,529
$27,612
$31,106
$34,301
$1,320 $2,061 $2,331
$7,957
$11,419$8,962
$5,405*
ALLL Provision
Allowance for Loan Losses and Provision for Loan Losses
(in thousands)
*Through 9 – months ended Sept. 30, 2011
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Summary of Bond Portfolio
Agencies 15.01% Corpo-rates
5.85%
Muni 36.61%
MBSs 13.83%
CMOs 27.76%
Treasuries 0.94%
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Municipal Allocation by StateState Percentage
Texas 57.78%
Michigan 5.66%
Wisconsin 4.44%
Illinois 2.48%
Washington 2.47%
New Jersey 2.38%
Massachusetts 2.35%
Florida 2.19%
Kentucky 1.95%
California 1.87%
Louisiana 1.70%
Utah 1.50%
Minnesota 1.50%
Other 37 states 11.73%
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2006 2007 2008 2009 2010 2011
$1,300$1,428
$1,631 $1,664$1,784
$1,909Chart Title
Growth in Trust Assets
Total Trust Assets – Book Value (in millions)
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2006 2007 2008 2009 2010 2011
$7,665$8,746
$9,441 $9,083
$10,808
$9,520
$5,572 $6,531
$7,230 $6,570
$7,904
thru Sept 30th
Total Trust Fees
Growth in FFTAM Fees (Full year and 1st 9 months) (in thousands)
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2006 2007 2008 2009 2010 2011
$46.0$49.5
$53.1 $53.8
$59.7
$34.3$37.0
$40.1 $41.3$44.1
$50.9
$1.3
24th Consecutive Year of Increased Earnings
FFIN Earnings (Full year and 1st 9 months) (in millions)
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2006 2007 2008 2009 2010 2011
$1.48$1.59
$1.71 $1.72
$1.91
$1.10 $1.18
$1.29 $1.32 $1.41
$1.62
$0.04
Strong Shareholder Earnings
Basic Earnings Per Share (Full year and 1st 9 months)
$0.04
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2005 2006 2007 2008 2009 2010 2011
1.80%1.68%
1.72% 1.74% 1.72% 1.75% 1.79%
1.15% 1.10%
0.87%
-0.03%
-0.18%
0.26%
0.72%*
FFIN Outperforms Peers
Percentage Return on Average Assets
Pe
er
Gro
up
Fir
st
Fin
an
cia
l
35
*(thru June 30th)
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2005 2006 2007 2008 2009 2010 2011
16.15% 16.20% 15.87% 15.27%
13.63% 13.74%14.65%
13.33%12.61%
9.45%
-1.83% -2.57%
1.18%
6.56%*
Strong Return on Capital
Percentage Return on Average EquityP
ee
r G
rou
p
Fir
st
Fin
an
cia
l
36
*(thru June 30th)
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2007 2008 2009 2010 2011
Shareholders’Equity 335,495 368,782 415,702 441,688 499,199
As a Percent of Total
Assets10.93 11.48 12.68 11.70 12.68
Tangible
Capital270,288 304,779 352,550 369,164 426,993
Tier 1
Leverage Ratio9.23 9.68 10.69 10.28 10.45
Tier 1 Risk
Based Capital Ratio14.65 15.89 17.73 17.01 17.89
Risk Based
Capital Ratio15.62 17.04 19.10 18.26 19.14
Capital & Capital Ratios
(dollars in thousands)
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'2nd Qtr. '08
3rd Qtr. '08
4th Qtr. '08
1st Qtr. '09
2nd Qtr. '09
3rd Qtr. '09
4th Qtr. '09
1st Qtr. '10
2nd Qtr. '10
3rd Qtr. '10
4th Qtr. '10
1st Qtr. '11
2nd Qtr. '11
3rd Qtr. '11
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
38
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2005 2006 2007 2008 2009 2010 2011
FirstFinancial 52.48% 53.57% 52.83% 50.76% 50.11% 49.49% 48.86%
Peer Group 60.12% 61.29% 63.12% 68.12% 69.53% 67.08% 66.81%*
Working Harder and Smarter
Efficiency Ratio (FFIN vs. Peers)
39
*As of June 30, 2011
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Stock cost in January 2010 $36,150
Dividend received ($0.91 x 1,000 shares) $ 910
Decrease in stock price during 2010($36.15 to $34.17 X 1,000 shares) $2210,720
2010 return on investment -2.99%
2009 return on investment 0.69%
2008 return on investment 50.20%
2007 return on investment -7.05%
2006 return on investment 22.76%
5 year average return 10.50%
Total Return on Investment
($1,980)
Assume you owned 1,000 shares of FFIN stock on January 1, 2010…
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Dividends Per Share
2005 2006 2007 2008 2009 2010 2011
$0.73$0.79
$0.84$0.89 $0.91 $0.91
$0.71
Chart Title
Annual Dividends Per Share
thru Sept. 30th
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Strong Stock Performance
-60.00%
-50.00%
-40.00%
-30.00%
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
40.00%
FFIN S&P 500 NASDAQ Dow JonesJan . ‘07 Sept. ’11Dec . ‘09Dec ‘07 Dec ‘08 Dec. ‘10
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Challenges
Regulatory reform from Washington
Keep nonperforming assets to a minimum
Maintain net interest margin
Lower efficiency ratio
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Opportunities
Loan Growth
Mortgage Lending
Trust Services
Treasury Management
Potential Acquisitions
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www.ffin.com