Kyle McVey
Executive Vice President, Chief Accounting Officer and Investor Relations Director at 
FIRST FINANCIAL BANKSHARES
FIRST FINANCIAL BANKSHARESExecutive
About Kyle McVey
J. Kyle McVey is Executive Vice President, Chief Accounting Officer and Investor Relations Director at First Financial Bankshares, Inc. (FFIN); he is 38 years old and has served 4 years in his current role, with 14 years at the company and 16 years in the industry as of mid-2025 . On July 23, 2025, he was promoted to Executive Vice President and Chief Financial Officer of First Financial Bank (subsidiary), while the holding-company CFO role remained with Michelle Hickox . He holds bachelor’s degrees in accounting and finance and a master’s in accounting (Abilene Christian University), is a licensed CPA, and is a graduate and valedictorian of the Southwestern Graduate School of Banking at SMU; he also co-chairs FFIN’s Customer Service First program and led financial reporting, M&A analysis, audit/internal controls and investor relations initiatives . Company performance context for pay alignment: 2024 net income was $223.51 million (EPS $1.56), ROAA 1.68%, ROE 14.51%, NIM 3.50%, efficiency ratio 47.23%; 10-year TSR was 188.47% vs. KRX 100.33% and S&P 500 242.54% (1-year TSR 21.58%) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First Financial Bankshares, Inc. | EVP, Chief Accounting Officer & Investor Relations Director | 2021–2025 (4 years in role); 14 years with FFIN | Oversaw financial reporting, acquisition strategy/analysis, audit/internal controls, investor relations; co-chaired Customer Service First program shaping service culture and brand execution |
| First Financial Bank (subsidiary) | EVP & Chief Financial Officer | 2025–present | Bank-level financial leadership; succession planning continuity with holding-company CFO; elevation reflects cross-functional leadership track record |
| KPMG LLP (Jacksonville, FL) | Public accounting roles (unspecified) | 2 years (pre-2011) | Foundational audit/accounting experience prior to joining FFIN in 2011 |
External Roles
- No public company directorships or external board roles disclosed for McVey in FFIN’s 2025 proxy or related filings .
Fixed Compensation
- Structure: Base salary plus broad-based benefits (401k safe-harbor match; profit sharing with ESOP component) available to eligible employees, including executives; profit sharing allocations are based on a formula tied to net income growth and are subject to Committee/Board approval .
- General severance policy (company-wide): one week of pay per year of service, capped at six months, with a minimum of four weeks, contingent on a release of claims .
- Note: Individual base salary levels for McVey are not disclosed in the 2025 proxy; base salary detail is provided for named executive officers only .
Performance Compensation
Short-Term Incentive Plan (Company NEO framework – indicative of senior management design)
| Metric | Weight | Target | 2024 Actual | Payout Illustration (2024) |
|---|---|---|---|---|
| Earnings Growth | 40% | 9.00% | 9.48% | CEO 82.5% of base ($974,531); CFO 52.5% ($325,500); CAO 52.5% ($330,750) |
| Total Loan Growth | 25% | 11.50% | 10.69% | Included in above payouts |
| Total Deposit Growth | 25% | 8.00% | 5.66% | Included in above payouts |
| Efficiency Ratio | 10% | 47.50% | 47.23% | Included in above payouts |
- Design: Sliding-scale thresholds to maximums with Committee discretion; targets set to controllable drivers of shareholder value; similar criteria used for 2025 with unchanged target/maximum levels .
Long-Term Incentives (Equity)
| Instrument | Weight | Performance Metric(s) | Peer/Benchmark | Vesting | Notes |
|---|---|---|---|---|---|
| Performance Stock Units (PSUs) | 33% | Relative ROAA (2024 grant) | Public banks with $10–50B assets | Earnout over 3 years; 0% below 40th percentile; 50% at 40th; 100% at 60th; 200% at 80th (linear between) | Dividends accrue and pay only on vested units |
| Stock Options | 33% | Share price appreciation | N/A | 33.3% per year over 3 years; 10-year term; unvested options accelerate upon change of control; canceled if terminated for cause | Clawback applies; encourage exercise-and-hold |
| Restricted Stock Units (RSUs) | 33% | Time-based | N/A | 1/3 per year over 3 years; dividends accrue and pay upon vest; no voting rights until vest | Non-compete and non-solicit required in award agreements |
- PSU result example (2022–2024 cycle): settled at 150% of target based on ~60th percentile EPS growth and ~90th percentile ROAA vs peers .
- Annual grant timing: around August 15 each year (2024 grants on Aug 14) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (most recent Form 4 cited) | 26,021 shares beneficially owned after net-share settlement of RSU vesting; 171 shares withheld at $35.38 for taxes; Form 4 filed 08/19/2025 (Attorney-in-fact: Hickox) |
| Ownership % of Shares Outstanding | ~0.02%, calculated as 26,021 / 142,983,467 shares outstanding (as of 3/5/2025) and Form 4 holdings above |
| Vested vs. Unvested Breakdown | Not disclosed for McVey in 2025 proxy . |
| Pledging | Proxy discloses pledging for specific executives (Butler: 154,729 shares; Thaxton: 53,097 shares); no pledging disclosed for McVey . |
| Hedging/Margin | Hedging and short sales prohibited; holding in margin accounts prohibited; pledging may be permitted in limited cases (not in margin) . |
| Stock Ownership Guidelines | CEO: 5x salary; other executive officers: 3x salary; 5-year phase-in; sale restrictions possible until compliance achieved . |
Observation on selling pressure: Annual grant date in mid-August and 3-year ratable RSU vesting often trigger routine tax-withholding (net share settlement) around vesting anniversaries (e.g., Aug 2025), which reduces open-market selling pressure but modestly trims reported holdings on Form 4s .
Employment Terms
- Equity award agreements include non-competition and non-solicitation covenants and are subject to FFIN’s clawback policy; unvested options accelerate on qualifying change of control; options canceled for cause .
- Clawback policy (adopted July 2023): recovery of incentive-based compensation upon an accounting restatement for executives subject to Section 16 and other designated leaders .
- Company policy avoids employment agreements and tax gross-ups; executive change-in-control “Executive Recognition” agreements (double-trigger; 200% of salary for executives, 300% for CEO) are described for named executive officers; McVey is not listed as an NEO, and no such agreement is specifically disclosed for him .
- Company-wide severance (non–change of control): minimum four weeks; one week per year of service up to six months .
Performance & Track Record
| Indicator | Detail |
|---|---|
| Company financials (2024) | Net income $223.51m; EPS $1.56; ROAA 1.68%; ROE 14.51%; NIM 3.50%; efficiency 47.23% |
| Shareholder returns | TSR 1-year 21.58%; 3-year (24.56)%; 5-year 12.53%; 10-year 188.47% |
| Recognition and rankings | Forbes ranked First Financial Bank #3 among largest U.S. banks (Feb 2025); S&P Global ranked FFIN #7 in 2024 |
| Leadership contributions | Co-chaired Customer Service First and helped develop the Company’s Vision/Mission and “21 Non-Negotiables” service standards |
Compensation Governance Context (Benchmarking and Say‑on‑Pay)
- Peer group for pay benchmarking includes FB Financial, Hilltop, Home Bancshares, Independent Bank Group, IBC, National Bank Holdings, Origin, Prosperity, Renasant, ServisFirst, Simmons, Southside, Stellar, Trustmark, Veritex .
- Say‑on‑pay approval was 98.9% in 2024; Committee made no program changes in response given strong support .
- Program design includes PSUs, RSUs, options (one-third each), explicit caps, clawback, and independent consultant (Pearl Meyer); prohibits option repricing and hedging; emphasizes stock ownership guidelines .
Investment Implications
- Alignment: McVey’s role spans controllable financial drivers (reporting, audit/controls, IR, M&A analysis) and customer‑service culture; FFIN’s incentive mix (PSUs tied to relative ROAA; RSUs; options) and 3x salary ownership guideline promote multi-year alignment with shareholders .
- Retention/CoC risk: No McVey-specific change‑in‑control agreement disclosed (applies to NEOs); however, equity awards carry non‑compete/non‑solicit and accelerate only under plan terms; broad-based severance policy provides baseline protection—modest retention risk tied more to market demand for bank finance talent than to contract economics .
- Trading signals: Expect periodic mid‑August Form 4s showing tax‑withholding on RSU vests (not open‑market selling), implying limited incremental selling pressure; absence of disclosed pledging reduces alignment risk .
- Execution backdrop: 2024 operating metrics (ROAA/ROE, efficiency) and TSR outperformance vs. regional bank peers support pay‑for‑performance credibility; McVey’s elevation to Bank CFO adds depth to succession and cross‑functional execution capacity .