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\ue000
\ue000
UNITED\ue000 STATES
SECURITIES\ue000 AND\ue000 EXCHANGE\ue000 COMMISSION
Washington,\ue000 D.C.\ue000 20549
FORM\ue000 10-K
\ue000
\ue000
\ue000
\u02db
\ue000
ANNUAL\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE
ACT\ue000 OF\ue000 1934
For\ue000 the\ue000 fiscal\ue000 year\ue000 ended\ue000 December\ue000 31,\ue000 2008
Commission\ue000 file\ue000 number\ue000 0-7674
First\ue000 Financial\ue000 Bankshares,\ue000 Inc.
(Exact\ue000 Name\ue000 of\ue000 Registrant\ue000 as\ue000 Specified\ue000 in\ue000 Its\ue000 Charter)
\ue000
\ue000
\ue000
Texas
\ue000
75-0944023
(State\ue000 or\ue000 Other\ue000 Jurisdiction\ue000 of
\ue000
(I.R.S.\ue000 Employer
Incorporation\ue000 or\ue000 Organization)
\ue000
Identification\ue000 No.)
\ue000
\ue000
\ue000
400\ue000 Pine\ue000 Street,\ue000 Abilene,\ue000 Texas
\ue000
79601
(Address\ue000 of\ue000 Principal\ue000 Executive\ue000 Offices)
\ue000
(Zip\ue000 Code)
\ue000
\ue000
\ue000
Registrant\u2019s\ue000 telephone\ue000 number,\ue000 including\ue000 area\ue000 code:
\ue000
(325)\ue000 627-7155
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(b)\ue000 of\ue000 the\ue000 Act:
\ue000
\ue000
\ue000
Title\ue000 of\ue000 Class
\ue000
Name\ue000 of\ue000 Exchange\ue000 on\ue000 Which\ue000 Registered
Common\ue000 Stock,\ue000 par\ue000 value\ue000 $0.01\ue000 per\ue000 share
\ue000
Nasdaq\ue000 Global\ue000 Select\ue000 Market
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(g)\ue000 of\ue000 the\ue000 Act:
None
\ue000\ue000\ue000\ue000\ue000Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 well-known\ue000 seasoned\ue000 issuer,\ue000 as\ue000 defined\ue000 in\ue000 Rule\ue000 405\ue000 of\ue000 the\ue000 Securities\ue000 Act.\ue000 Yes\ue000\u02db \ue000 No\ue000o
\ue000\ue000\ue000\ue000\ue000Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 registrant\ue000 is\ue000 not\ue000 required\ue000 to\ue000 file\ue000 reports\ue000 pursuant\ue000 to\ue000 Section\ue000 13\ue000 or\ue000 Section\ue000 15(d)\ue000 of\ue000 the\ue000 Act.\ue000 Yes\ue000o \ue000 No\ue000\u02db

\ue000\ue000\ue000\ue000\ue000Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 (1)\ue000 has\ue000 filed\ue000 all\ue000 reports\ue000 required\ue000 to\ue000 be\ue000 filed\ue000 by\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the\ue000 Securities\ue000 Exchange Act\ue000 of\ue000 1934\ue000 during\ue000 the\ue000 preceding\ue000 12\ue000 months\ue000 (or\ue000 for\ue000 such\ue000 shorter\ue000 period\ue000 that\ue000 the\ue000 registrant\ue000 was\ue000 required\ue000 to\ue000 file\ue000 such\ue000 reports),\ue000 and\ue000 (2)\ue000 has\ue000 been subject\ue000 to\ue000 such\ue000 filing\ue000 requirements\ue000 for\ue000 the\ue000 past\ue000 90\ue000 days.\ue000 Yes\ue000\u02db \ue000 No\ue000o

\ue000\ue000\ue000\ue000\ue000Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 disclosure\ue000 of\ue000 delinquent\ue000 filers\ue000 pursuant\ue000 to\ue000 Item\ue000 405\ue000 of\ue000 Regulation\ue000 S-K\ue000 is\ue000 not\ue000 contained\ue000 herein,\ue000 and\ue000 will\ue000 not\ue000 be
contained,\ue000 to\ue000 the\ue000 best\ue000 of\ue000 registrant\u2019s\ue000 knowledge,\ue000 in\ue000 definitive\ue000 proxy\ue000 or\ue000 information\ue000 statements\ue000 incorporated\ue000 by\ue000 reference\ue000 in\ue000 Part\ue000 III\ue000 of\ue000 this\ue000 Form
10-K\ue000 or\ue000 any\ue000 amendment\ue000 to\ue000 this\ue000 Form\ue000 10-K.\ue000o

\ue000\ue000\ue000\ue000\ue000Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 large\ue000 accelerated\ue000 filer,\ue000 an\ue000 accelerated\ue000 filer,\ue000 a\ue000 non-accelerated\ue000 filer\ue000 or\ue000 a\ue000 smaller\ue000 reporting company.\ue000 See\ue000 the\ue000 definitions\ue000 of\ue000 \u201clarge\ue000 accelerated\ue000 filer,\u201d\ue000 \u201caccelerated\ue000 filer\u201d\ue000 and\ue000 \u201csmaller\ue000 reporting\ue000 company\u201d\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange Act.\ue000 (Check\ue000 one):

Large\ue000 accelerated\ue000 filer\ue000\u02db
Accelerated\ue000 filer\ue000o \ue000
Non-accelerated\ue000 filer\ue000o
(Do\ue000 not\ue000 check\ue000 if\ue000 a\ue000 smaller\ue000 reporting\ue000 company)
Smaller\ue000 reporting\ue000 company\ue000o
\ue000\ue000\ue000\ue000\ue000Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 shell\ue000 company\ue000 (as\ue000 defined\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Act).\ue000 Yes\ue000o \ue000 No\ue000\u02db
\ue000\ue000\ue000\ue000\ue000As\ue000 of\ue000 June\ue000 30,\ue000 2008,\ue000 the\ue000 last\ue000 business\ue000 day\ue000 of\ue000 the\ue000 registrant\u2019s\ue000 most\ue000 recently\ue000 completed\ue000 second\ue000 fiscal\ue000 quarter,\ue000 the\ue000 aggregate\ue000 market\ue000 value\ue000 of
voting\ue000 and\ue000 non-voting\ue000 common\ue000 stock\ue000 held\ue000 by\ue000 non-affiliates\ue000 was\ue000 $888,458,000.
\ue000\ue000\ue000\ue000\ue000As\ue000 of\ue000 February\ue000 23,\ue000 2009,\ue000 there\ue000 were\ue000 20,801,099\ue000 shares\ue000 of\ue000 Common\ue000 Stock\ue000 outstanding.
Documents\ue000 Incorporated\ue000 by\ue000 Reference
\ue000\ue000\ue000\ue000\ue000Certain\ue000 information\ue000 called\ue000 for\ue000 by\ue000 Part\ue000 III\ue000 is\ue000 incorporated\ue000 by\ue000 reference\ue000 to\ue000 the\ue000 Proxy\ue000 Statement\ue000 for\ue000 the\ue000 2009\ue000 Annual\ue000 Meeting\ue000 of\ue000 our
shareholders,\ue000 which\ue000 will\ue000 be\ue000 filed\ue000 with\ue000 the\ue000 Securities\ue000 and\ue000 Exchange\ue000 Commission\ue000 not\ue000 later\ue000 than\ue000 120\ue000 days\ue000 after\ue000 December\ue000 31,\ue000 2008.
\ue000
\ue000
\ue000
Processed and formatted by SEC Watch - Visit SECWatch.com
Processed and formatted by SEC Watch - Visit SECWatch.com
\ue000
TABLE\ue000 OF\ue000 CONTENTS
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\ue000 \ue000\ue000
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\ue000
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Page
\ue000
\ue000
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\ue000
\ue000 \ue000\ue000
CAUTIONARY\ue000 STATEMENT\ue000 REGARDING\ue000 FORWARD-LOOKING\ue000 STATEMENTS
\ue000
\ue000 1\ue000
\ue000
\ue000
\ue000
\ue000
\ue000 \ue000\ue000
PART\ue000 I
\ue000
\ue000
\ue000
\ue000 \ue000\ue000
ITEM\ue0001. \ue000
Business
\ue000
\ue000 2\ue000
ITEM\ue000 1A. \ue000
Risk\ue000 Factors
\ue000
\ue000 14\ue000
ITEM\ue000 1B. \ue000
Unresolved\ue000 Staff\ue000 Comments
\ue000
\ue000 20\ue000
ITEM\ue0002. \ue000
Properties
\ue000
\ue000 20\ue000
ITEM\ue0003. \ue000
Legal\ue000 Proceedings
\ue000
\ue000 20\ue000
ITEM\ue0004. \ue000
Submission\ue000 of\ue000 Matters\ue000 to\ue000 a\ue000 Vote\ue000 of\ue000 Security\ue000 Holders
\ue000
\ue000 20\ue000
\ue000
\ue000
\ue000
\ue000
\ue000 \ue000\ue000
PART\ue000 II
\ue000
\ue000
\ue000
\ue000 \ue000\ue000
ITEM\ue0005. \ue000
Market\ue000 for\ue000 Registrant\u2019s\ue000 Common\ue000 Equity,\ue000 Related\ue000 Stockholder\ue000 Matters\ue000 and\ue000 Issuer\ue000 Purchases\ue000 of\ue000 Equity\ue000 Securities\ue000
\ue000 21\ue000
ITEM\ue0006. \ue000
Selected\ue000 Financial\ue000 Data
\ue000
\ue000 23\ue000
ITEM\ue0007. \ue000
Management\u2019s\ue000 Discussion\ue000 and\ue000 Analysis\ue000 of\ue000 Financial\ue000 Condition\ue000 and\ue000 Results\ue000 of\ue000 Operations
\ue000
\ue000 24\ue000
ITEM\ue000 7A. \ue000
Quantitative\ue000 and\ue000 Qualitative\ue000 Disclosures\ue000 About\ue000 Market\ue000 Risk
\ue000
\ue000 40\ue000
ITEM\ue0008. \ue000
Financial\ue000 Statements\ue000 and\ue000 Supplementary\ue000 Data
\ue000
\ue000 40\ue000
ITEM\ue0009. \ue000
Changes\ue000 in\ue000 and\ue000 Disagreements\ue000 with\ue000 Accountants\ue000 on\ue000 Accounting\ue000 and\ue000 Financial\ue000 Disclosure
\ue000
\ue000 41\ue000
ITEM\ue000 9A. \ue000
Controls\ue000 and\ue000 Procedures
\ue000
\ue000 41\ue000
ITEM\ue000 9B. \ue000
Other\ue000 Information
\ue000
\ue000 43\ue000
\ue000
\ue000
\ue000
\ue000
\ue000 \ue000\ue000
PART\ue000 III
\ue000
\ue000
\ue000
\ue000 \ue000\ue000
ITEM\ue00010. \ue000
Directors,\ue000 Executive\ue000 Officers\ue000 and\ue000 Corporate\ue000 Governance
\ue000
\ue000 44\ue000
ITEM\ue00011. \ue000
Executive\ue000 Compensation
\ue000
\ue000 44\ue000
ITEM\ue00012. \ue000
Security\ue000 Ownership\ue000 of\ue000 Certain\ue000 Beneficial\ue000 Owners\ue000 and\ue000 Management\ue000 and\ue000 Related\ue000 Stockholder\ue000 Matters
\ue000
\ue000 44\ue000
ITEM\ue00013. \ue000
Certain\ue000 Relationships\ue000 and\ue000 Related\ue000 Transactions,\ue000 and\ue000 Director\ue000 Independence
\ue000
\ue000 44\ue000
ITEM\ue00014. \ue000
Principal\ue000 Accounting\ue000 Fees\ue000 and\ue000 Services
\ue000
\ue000 44\ue000
\ue000
\ue000
\ue000
\ue000
\ue000 \ue000\ue000
PART\ue000 IV
\ue000
\ue000
\ue000
\ue000 \ue000\ue000
ITEM\ue00015. \ue000
Exhibits,\ue000 Financial\ue000 Statement\ue000 Schedules
\ue000
\ue000 45\ue000
\ue000
\ue000
\ue000
\ue000
\ue000 \ue000\ue000
SIGNATURES
\ue000
\ue000 46\ue000
EXHIBIT\ue000 INDEX
\ue000
\ue000 48\ue000
i
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