Exhibit 99.1

For immediate release	For More Information:
	J. Bruce Hildebrand, Executive Vice President
	325.627.7155

FIRST FINANCIAL BANKSHARES ANNOUNCES
FOURTH QUARTER RESULTS
AND 20^TH CONSECUTIVE YEAR OF INCREASED EARNINGS

ABILENE, Texas, January 24, 2007 — First Financial Bankshares, Inc. today reported results for the fourth quarter of 2006, including earnings of $11.71 million, a 10.7 percent increase compared with $10.58 million in the same quarter last year. Basic earnings per share increased 9.8 percent to $0.56 in the fourth quarter of 2006 from $0.51 in the same period last year.

Net interest income for the fourth quarter of 2006 increased 8.8 percent to $26.97 million compared with $24.79 million in the same quarter last year, due primarily to companywide growth in the loan portfolio and an increase in interest-bearing assets from the acquisition in December 2005 of The First National Bank of Bridgeport. The net interest margin, on a taxable equivalent basis, was 4.43 percent for the fourth quarter of 2006, no change from the same quarter last year. The provision for loan losses was $247,000 in the fourth quarter of 2006, compared with $269,000 in the same quarter last year.

Noninterest income in the fourth quarter was $11.05 million, an increase of 10.9 percent compared with $9.97 million in the same quarter a year earlier. Trust fees increased 9.2 percent to $2.09 million compared with $1.92 million in the same quarter last year due to the growth in assets managed. Revenue from service charges on deposits increased 3.1 percent to $5.66 million compared with $5.49 million a year ago, due primarily to the Bridgeport acquisition and an increase in net new accounts.

Noninterest expense increased 8.3 percent in the fourth quarter of 2006 to $21.13 million from $19.52 million in the same quarter last year due in part to the additional salaries, employee benefits, facilities and other expenses from the Bridgeport acquisition. The Company’s efficiency ratio in the fourth quarter of 2006 stood at 53.94 percent compared with 54.30 percent in the same quarter a year ago.

First Financial Bankshares reported its 20^th consecutive year of increased earnings. Net income for the year rose 4.6 percent to $46.03 million from $44.02 million in 2005. Basic earnings per share increased 4.2 percent for the year to $2.22 from $2.13 in 2005. Net interest income increased 11.2 percent in 2006 to $105.87 million from $95.19 million the previous year. The provision for loan losses was $2.06 million for 2006 compared with $1.32 million a year ago due to overall loan growth, changes in classification of certain loans and recognition of general economic conditions, including concerns about a slowing real estate market. Excluding the after-tax proceeds of $2.5 million received in 2005 from the merger of PULSE EFT Association with Discover Financial Services, Inc., net income for 2006 would have increased 10.9 percent over the same period last year.

“We are pleased to report to our shareholders another strong year of increased earnings fueled by the increase in assets from our Bridgeport acquisition and an increase in loans in the fourth quarter,” said F. Scott Dueser, President and Chief Executive Officer. “While our net interest margin declined six basis points in the fourth quarter from the previous quarter, we are pleased that we were able to maintain our net interest margin as well as we did, given the continued pressures on deposit interest rates and the unfavorable flat yield curve. As we look ahead to 2007, we believe First Financial is well positioned to serve the financial needs of our Texas communities and enjoy continued long-term growth for our shareholders.”

As of December 31, 2006, consolidated assets for the Company totaled $2.85 billion compared with $2.73 billion a year ago. Loans increased 6.6 percent to $1.37 billion at year end, compared with loans of $1.29 billion a year ago. Total deposits were $2.38 billion at year end compared with $2.37 billion at the end of 2005, an increase of less than one percent. Demand deposits grew 10.0 percent while interest-bearing deposits decreased 2.5 percent reflecting the Company’s focus on managing its cost of funds. Shareholders’ equity rose to $300.90 million as of December 31, 2006, compared with $276.28 million the prior year.

Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that operates ten separately chartered banks with 44 locations in Texas. The bank subsidiaries are First Financial Bank, N.A., Abilene, Clyde and Moran; First Financial Bank, N.A., Eastland, Ranger and Rising Star; First Financial Bank, N.A., Cleburne, Burleson, Alvarado and Midlothian; Hereford State Bank, Hereford; City National Bank, Mineral Wells; San Angelo National Bank, San Angelo; First Financial Bank, N.A., Southlake, Trophy Club, Keller, Bridgeport, Decatur and Boyd; First Financial Bank, N.A., Stephenville, Granbury and Glen Rose; First National Bank, Sweetwater, Roby and Trent; and Weatherford National Bank, Weatherford, Willow Park and Aledo. The Company also operates First Financial Trust and Asset Management Company, N.A., with five 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 Bankshares, please visit our Web site at http://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” 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. 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)

	Dec. 31,
	2006			2005
ASSETS:
Cash and due from banks	$	128,492		$	130,359
Fed funds sold		64,485			120,950
Investment securities		1,129,313			1,046,121
Loans		1,373,735			1,288,604
Allowance for loan losses		(16,201	)		(14,719	)
Net loans		1,357,534			1,273,885
Premises and equipment		60,963			60,093
Goodwill		62,112			62,317
Other intangible assets		4,590			6,010
Other assets		42,676			34,092
Total assets	$	2,850,165		$	2,733,827
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Noninterest-bearing deposits	$	685,336		$	623,156
Interest-bearing deposits		1,698,688			1,743,121
Total deposits		2,384,024			2,366,277
Short-term borrowings		143,244			74,239
Other liabilities		21,996			17,035
Shareholders’ equity		300,901			276,276
Total liabilities and shareholders’ equity	$	2,850,165		$	2,733,827

	Three Months Ended						Year Ended
	Dec. 31,						Dec. 31,
INCOME STATEMENTS	2006			2005			2006			2005
Interest income	$	40,564		$	33,811		$	154,494		$	123,944
Interest expense		13,594			9,023			48,628			28,757
Net interest income		26,970			24,788			105,866			95,187
Provision for loan losses		247			269			2,061			1,320
Net interest income after provision for loan losses		26,723			24,519			103,805			93,867
Noninterest income		11,047			9,966			44,668			44,180
Noninterest expense		21,132			19,521			83,136			75,649
Net income before income taxes		16,638			14,964			65,337			62,398
Income tax expense		4,929			4,383			19,308			18,375
Net income	$	11,709		$	10,581		$	46,029		$	44,023
PER COMMON SHARE DATA
Net income — basic	$	0.56		$	0.51		$	2.22		$	2.13
Net income — diluted		0.56			0.51			2.21			2.12
Cash dividends		0.30			0.28			1.18			1.10
Book value								14.51			13.34
Market value								41.86			35.06
Shares outstanding — end of period		20,739,127			20,714,401			20,739,127			20,714,401
Average outstanding shares — basic		20,734,697			20,709,615			20,725,432			20,696,980
Average outstanding shares — diluted		20,802,785			20,791,465			20,787,569			20,777,518
PERFORMANCE RATIOS
Return on average assets		1.67	%		1.64	%		1.68	%		1.80	%
Return on average equity		15.74			15.32			16.20			16.17
Net interest margin (tax equivalent)		4.43			4.43			4.46			4.49
Efficiency ratio		53.94			54.30			53.57			52.48

	Year Ended
	Dec. 31,
RECONCILIATION OF NET INCOME	2006		2005
Net Income	$	46,029	$	44,023
Gain on sale of Pulse ownership rights		—		3,895
Less Tax Effect		—		(1,363	)
Net gain on sale of Pulse ownership rights		—		2,532
Net Income excluding gain on sale of Pulse Ownership rights	$	46,029	$	41,491

FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)

	Quarter Ended
	2006												2005
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period	$	16,498		$	15,473		$	15,116		$	14,719		$	14,375
Loans charged off		(788	)		(272	)		(379	)		(380	)		(529	)
Loan recoveries		244			206			347			444			175
Net (charge-offs) recoveries		(544	)		(66	)		(32	)		64			(354	)
Allowance established at acquisition		—			—			—			—			429
Provision for loan losses		247			1,091			389			333			269
Balance at end of period	$	16,201		$	16,498		$	15,473		$	15,116		$	14,719
Allowance for loan losses / period-end loans		1.18	%		1.23	%		1.20	%		1.20	%		1.14	%
Allowance for loan losses / nonperforming loans		442.9			401.6			370.0			401.3			415.9
Net charge-offs (recoveries) / average loans (annualized)		0.16			0.02			0.01			(0.02	)		0.11
NONPERFORMING ASSETS
Nonaccrual loans	$	3,529		$	3,907		$	4,088		$	3,570		$	3,524
Accruing loans 90 days past due		129			201			94			197			15
Total nonperforming loans		3,658			4,108			4,182			3,767			3,539
Foreclosed assets		453			543			545			588			705
Total nonperforming assets	$	4,111		$	4,651		$	4,727		$	4,355		$	4,244
As a % of loans and foreclosed assets		0.30	%		0.35	%		0.37	%		0.35	%		0.33	%
CAPITAL RATIOS
Tier 1 Risk-based		14.35	%		14.72	%		14.51	%		14.54	%		14.17	%
Total Risk-based		15.32			15.75			15.49			15.52			15.13
Tier 1 Leverage		8.87			8.91			8.39			8.22			8.56
Equity to assets		10.56			10.81			10.30			10.17			10.11

	Three Months Ended					Year Ended
	Dec. 31,					Dec. 31,
NONINTEREST INCOME	2006		2005			2006			2005
Gain on sale of student loans	$	90	$	48		$	2,141		$	1,802
Gain on sale of PULSE ownership rights		—		—			—			3,895
Gain on securities transactions, net		2		6			62			235
Trust fees		2,093		1,916			7,665			7,068
Service charges on deposits		5,661		5,493			22,450			21,381
Real estate mortgage fees		759		474			2,539			2,081
Net gain (loss) on sale of foreclosed assets		3		(3	)		(10	)		60
ATM and credit card fees		1,655		1,331			6,214			4,961
Other noninterest income		784		701			3,607			2,697
Total Noninterest Income	$	11,047	$	9,966		$	44,668		$	44,180
NONINTEREST EXPENSE
Salaries and employee benefits	$	10,791	$	10,268		$	44,180		$	40,317
Net occupancy expense		1,488		1,353			5,986			5,043
Equipment expense		1,758		1,675			7,039			6,191
Printing, stationery and supplies		519		497			2,067			1,988
ATM and credit card expenses		859		747			3,398			2,908
Audit fees		218		311			856			1,104
Legal, tax and professional fees		561		688			2,289			2,611
Correspondent bank service charges		367		342			1,353			1,438
Advertising and public relations		703		665			2,472			2,558
Amortization of intangible assets		433		214			1,491			680
Other noninterest expense		3,435		2,761			12,005			10,811
Total Noninterest Expense	$	21,132	$	19,521		$	83,136		$	75,649
TAX EQUIVALENT YIELD ADJUSTMENT	$	1,161	$	1,194		$	4,656		$	4,793

FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)

	Three Months Ended
	Dec. 31, 2006
	Average		Tax Equivalent		Yield /
	Balance		Interest		Rate
Interest earning assets:
Fed funds sold	$	43,071	$	552		5.02	%
Interest bearing deposits in nonaffiliated banks		1,035		13		5.15	%
Taxable securities		877,611		9,956		4.54	%
Tax exempt securities		245,777		3,751		6.10	%
Loans		1,357,205		27,453		8.03	%
Total interest earning assets		2,524,699		41,725		6.56	%
Noninterest earning assets		253,354
Total assets	$	2,778,053
Interest bearing liabilities:
Deposits	$	1,679,214	$	11,754		2.78	%
Fed funds purchased and other short term borrowings		150,063		1,840		4.86	%
Total interest bearing liabilities		1,829,277		13,594		2.95	%
Noninterest bearing liabilities		653,646
Shareholders’ equity		295,130
Total liabilities and shareholders’ equity	$	2,778,053
Net interest income and margin (tax equivalent)			$	28,131		4.43	%

	Year Ended
	Dec. 31, 2006
	Average		Tax Equivalent		Yield /
	Balance		Interest		Rate
Interest earning assets:
Fed funds sold	$	60,230	$	2,797		4.58	%
Interest bearing deposits in nonaffiliated banks		3,826		184		4.80	%
Taxable securities		875,247		39,298		4.49	%
Tax exempt securities		235,569		14,653		6.22	%
Loans		1,308,309		102,218		7.81	%
Total interest earning assets		2,483,181		159,150		6.42	%
Noninterest earning assets		255,133
Total assets	$	2,738,314
Interest bearing liabilities:
Deposits	$	1,702,051	$	42,972		2.52	%
Fed funds purchased and other short term borrowings		120,566		5,656		4.69	%
Total interest bearing liabilities		1,822,617		48,628		2.67	%
Noninterest bearing liabilities		631,580
Shareholders’ equity		284,117
Total liabilities and shareholders’ equity	$	2,738,314
Net interest income and margin (tax equivalent)			$	110,522		4.46	%