[Form 4] First Financial Bankshares Inc Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing – First Financial Bankshares (FFIN). On 07/25/2025 director Murray Hamilton Edwards reported a Code J transaction (change in ownership form) involving 113,454 common shares previously held indirectly through Twenty-Three Oaks LP. For estate-planning purposes, he and his spouse transferred their general-partner interests to Rattlesnake Hill LLC, which is owned 100% by their children; consequently, Edwards no longer has any beneficial ownership over those shares and received $0 consideration.

Post-transaction holdings: 201,985 shares held directly; 42,134 shares held indirectly by a trust; 8,880 shares held by spouse; 19,480 shares in trusts disclaimed as beneficial ownership. Total reportable ownership therefore decreases by 113,454 shares but remains above 250 k when including direct and certain indirect positions.

The filing signals a reduction in insider alignment but appears driven by estate planning rather than market sentiment, limiting immediate trading impact.

Positive

• No market sale; shares transferred at $0, signalling estate planning rather than bearish insider sentiment
• Transparent disclosure provides clarity on family succession and insider ownership structure

Negative

• Beneficial ownership drops by 113,454 shares, modestly reducing director-shareholder alignment

Insights

Securities Analyst

TL;DR Estate-planning transfer removes 113k FFIN shares from director’s beneficial ownership; no cash sale, minimal near-term market impact.

The Code J designation and $0 price confirm this was a non-sale transaction. Although Edwards’ beneficial stake falls, he still controls ~252k shares directly or via trusts. Insider selling that generates cash can be a bearish signal; however, gifting or restructuring typically has neutral implications. Liquidity, float, and corporate capital structure are unaffected. I view the disclosure as immaterial to valuation or earnings outlook, though it modestly reduces insider ownership percentage.

Corporate Governance Expert

TL;DR Transfer shifts voting power to next generation, slightly diluting current board member’s stake but maintains family influence.

Moving the LP interest to an LLC owned by Edwards’ children suggests succession planning. While the director relinquishes control of 113,454 shares, the equity stays within the family, preserving long-term aligned ownership. From a governance stance, transparency is positive, though investors may scrutinize potential future board representation as control migrates. Overall, impact is neutral given continued substantial direct holdings and no change in corporate oversight today.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Edwards Murray Hamilton

(Last) (First) (Middle)

P. O. BOX 701

(Street)

ABILENE TX 79604-0701

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FIRST FINANCIAL BANKSHARES INC [ FFIN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/25/2025		J		113,454	D	$0	0	I	By Limited Partnership(1)
Common Stock								42,134	I	By Trust
Common Stock								201,985	D
Common Stock								8,880	I	By Spouse
Common Stock								19,480	I	By Trust, No Beneficial Ownership(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. For estate planning purposes, the reporting person and his spouse transferred their general partnership interests in Twenty-Three Oaks, LP (the "Limited Partnership"), to Rattlesnake Hill, LLC, a limited liability company owned 100% by the reporting person's children, who are also the limited partners of the Limited Partnership. The reporting person and his spouse no longer have any beneficial ownership in or control over the 113,454 Issuer shares held by the Limited Partnership.

2. This indirect ownership represents shares owned by trusts in which Mr. Edwards is trustee and Administrator. Mr. Edwards disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that Mr. Edwards is the beneficial owner of such securities for purposes of Section 16 or any other purpose.

	By: Michelle S. Hickox Attorney in Fact for Murray Hamilton Edwards	07/28/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many First Financial Bankshares (FFIN) shares did Director Edwards transfer?

He transferred 113,454 common shares previously held through Twenty-Three Oaks, LP.

Was the transaction a sale and what price was reported?

No; it was a Code J estate-planning transfer executed at $0 consideration.

How many FFIN shares does Edwards still hold directly after the filing?

He retains 201,985 shares held in his own name.

What is Edwards’ remaining indirect ownership in FFIN?

He reports 42,134 shares via a trust and 8,880 shares via his spouse; 19,480 trust shares are disclaimed.

Why were the shares transferred out of Edwards’ beneficial ownership?

The filing states the move was for estate-planning, shifting partnership interests to an LLC owned by his children.