ABILENE,
Texas, April 18, 2024 /PRNewswire/ -- First
Financial Bankshares, Inc. (the "Company," "we," "us" or
"our") (NASDAQ: FFIN) today reported earnings for the first
quarter of 2024 of $53.40 million
compared to earnings of $52.57
million for the same quarter a year ago. Basic and
diluted earnings per share were $0.37
for both quarters ended March 31,
2024 and 2023, respectively.
As further described below, the results this quarter compared to
the same quarter a year ago included (i) an increase in net
interest income of $3.96 million,
(ii) a decrease in provision for credit losses of $1.97 million, and (iii) an increase in trust
fees of $1.53 million. Offsetting
these items was an increase in salary and employee benefits
expenses of $5.22 million when
compared to the same period a year ago.
"Our results were highlighted by an increase in net interest
income which was achieved through organic loan and deposit growth
during the quarter," said F. Scott
Dueser, our Chairman, President and CEO. "We are also
pleased that, as our bond portfolio continues to mature, we have
been able to use that cash flow to fund our organic loan growth,
bolster our liquidity position and begin to repurchase securities
at much higher rates. We remain financially safe, sound and secure
which is reflected in our strong regulatory capital ratios,
diversified deposit base and access to multiple liquidity sources.
We appreciate the continued support of our customers, shareholders
and associates," added Mr. Dueser.
Net interest income for the first quarter of 2024 was
$100.24 million compared to
$97.51 million for the fourth quarter
of 2023 and $96.29 million for the
first quarter of 2023. The net interest margin, on a taxable
equivalent basis, was 3.34 percent in the first quarter of 2024
compared to 3.33 percent in the fourth quarter of 2023 and 3.34
percent in the first quarter of 2023. Average interest-earning
assets were $12.37 billion for the
first quarter of 2024 compared to $12.07
billion for the same quarter a year ago.
The Company recorded a
provision for credit losses of $808 thousand for the first quarter
of 2024 compared to a provision for credit losses of
$2.78 million for the first quarter
of 2023. At March 31, 2024, the
allowance for credit losses totaled $89.56
million, or 1.24 percent of loans held-for-investment
("loans" hereafter), compared to $80.82
million, or 1.23 percent of loans, at March 31, 2023. Additionally, the reserve for
unfunded commitments totaled $7.46
million at March 31, 2024
compared to $10.40 million at
March 31, 2023.
Net charge-offs totaled $428
thousand for the first quarter of 2024 compared to net
recoveries of $277
thousand for the first
quarter of 2023. Nonperforming assets
as a percentage of loans and foreclosed assets totaled 0.51 percent at March
31, 2024, compared with 0.37 percent at March 31, 2023. Classified loans totaled
$201.59 million at March 31,
2024, compared to $157.06 million at March
31, 2023.
Noninterest income for the first quarter of 2024 was
$29.38 million compared to
$28.01 million for
the first quarter of 2023, due to the
following:
- Trust fees increased to $11.38
million for the first quarter of 2024 compared to
$9.85 million for the first quarter
of 2023, driven by the increase in market value of trust assets
managed to $10.15 billion at
March 31, 2024, compared to
$9.10 billion at March 31, 2023.
- Service charges on deposits increased to $6.25 million for the first quarter of 2024
compared with $6.04 million for the
first quarter of 2023, driven by the growth of over 2,000 net new
accounts opened during the first quarter of 2024.
- Mortgage income increased to $3.13
million for the first quarter of 2024 compared to
$2.97 million for the first quarter
of 2023 due to a slight increase in mortgage loans originated.
- There were no gains on sales of assets, foreclosed assets and
securities during the first quarter of 2024 compared to a gain of
$976 thousand for the first quarter
of 2023.
Noninterest expense for the first quarter of 2024 totaled
$63.94 million compared to
$57.26 million for the first quarter
of 2023, as a result of the following:
- Salary, commissions, and employee benefit costs increased to
$36.68 million for the first quarter
of 2024, compared to $31.46 million
in the first quarter of 2023 primarily resulting from merit-based
and market driven pay increases, an increase of $1.65 million in profit sharing accruals, an
increase of $1.29 million in medical
insurance expense and an increase of $1.18
million in officer incentive accruals.
- Noninterest expenses, excluding salary related costs, increased
$1.46 million for the first quarter
of 2024 compared to the same period in 2023 largely due to
increases in software amortization and FDIC insurance fees. An
additional $440 thousand was accrued
in the first quarter of 2024 for the FDIC special assessment over
the Company's regular accrual.
The Company's efficiency ratio was 48.37 percent
for the first quarter of 2024 compared to 44.93
percent for the first quarter of 2023.
As of March 31, 2024, consolidated
total assets were $13.19 billion
compared to $13.01 billion at
March 31, 2023. Loans totaled
$7.23 billion at March 31, 2024, compared with loans of
$6.58 billion at March 31, 2023. During the first quarter of 2024,
loans grew $80.62 million, or 4.51
percent annualized, when compared to December 31, 2023 balances. Deposits totaled
$11.29 billion at March 31, 2024, compared to $10.94 billion at March
31, 2023.
Shareholders' equity was $1.49
billion as of March 31, 2024,
compared to $1.50 billion and
$1.37 billion at December 31, 2023, and March 31, 2023, respectively. The unrealized loss
on the securities portfolio, net of applicable tax, totaled
$441.23 million at March 31, 2024, compared to an unrealized loss of
$403.30 million and $458.25 million at December 31, 2023 and March 31, 2023, respectively.
About First Financial Bankshares, Inc.
Headquartered in Abilene,
Texas, First Financial Bankshares, Inc. is a financial
holding company that through its subsidiary, First Financial Bank,
N.A., operates multiple banking regions with 79 locations in
Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan,
Burleson, College Station, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, El
Campo, Fort Worth,
Franklin, Fulshear, Glen
Rose, Granbury,
Grapevine, Hereford, Huntsville, Keller, Kingwood, Lumberton, Magnolia, Mauriceville, Merkel, Midlothian, Mineral
Wells, Montgomery,
Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port
Arthur, Ranger,
Rising Star, Roby, San
Angelo, Southlake,
Spring, Stephenville, Sweetwater, Tomball, Trent, Trophy
Club, Vidor, Waxahachie, Weatherford, Willis, and Willow
Park. The Company also operates First Financial Trust &
Asset Management Company, N.A., with nine 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, please visit our website at https://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," "project,"
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; economic
impact of oil and gas prices, 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 and Filings" on the
Company's Website 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
2024
|
|
|
2023
|
|
ASSETS
|
|
Mar. 31,
|
|
|
Dec. 31,
|
|
|
Sept. 30,
|
|
|
June 30,
|
|
|
Mar. 31,
|
|
Cash and due from
banks
|
$
|
222,464
|
|
$
|
281,354
|
|
$
|
208,277
|
|
$
|
255,018
|
|
$
|
224,875
|
|
Interest-bearing demand
deposits in banks
|
|
365,397
|
|
|
255,237
|
|
|
180,008
|
|
|
23,839
|
|
|
221,336
|
|
Federal funds
sold
|
|
12,300
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Investment
securities
|
|
4,658,526
|
|
|
4,732,762
|
|
|
4,652,537
|
|
|
5,066,262
|
|
|
5,298,557
|
|
Loans,
held-for-investment
|
|
7,229,410
|
|
|
7,148,791
|
|
|
6,994,696
|
|
|
6,777,570
|
|
|
6,576,215
|
|
Allowance for credit
losses
|
|
(89,562)
|
|
|
(88,734)
|
|
|
(89,714)
|
|
|
(86,541)
|
|
|
(80,818)
|
|
Net loans,
held-for-investment
|
|
7,139,848
|
|
|
7,060,057
|
|
|
6,904,982
|
|
|
6,691,029
|
|
|
6,495,397
|
|
Loans,
held-for-sale
|
|
16,109
|
|
|
14,253
|
|
|
12,229
|
|
|
19,220
|
|
|
11,996
|
|
Premises and equipment,
net
|
|
151,953
|
|
|
151,788
|
|
|
152,936
|
|
|
152,876
|
|
|
153,718
|
|
Goodwill
|
|
313,481
|
|
|
313,481
|
|
|
313,481
|
|
|
313,481
|
|
|
313,481
|
|
Other intangible
assets
|
|
984
|
|
|
1,141
|
|
|
1,369
|
|
|
1,597
|
|
|
1,825
|
|
Other assets
|
|
310,096
|
|
|
295,521
|
|
|
351,599
|
|
|
302,115
|
|
|
286,801
|
|
Total
assets
|
$
|
13,191,158
|
|
$
|
13,105,594
|
|
$
|
12,777,418
|
|
$
|
12,825,437
|
|
$
|
13,007,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
|
3,348,147
|
|
$
|
3,435,586
|
|
$
|
3,477,553
|
|
$
|
3,578,483
|
|
$
|
3,890,991
|
|
Interest-bearing
deposits
|
|
7,941,661
|
|
|
7,702,714
|
|
|
7,238,970
|
|
|
7,229,077
|
|
|
7,045,427
|
|
Total
deposits
|
|
11,289,808
|
|
|
11,138,300
|
|
|
10,716,523
|
|
|
10,807,560
|
|
|
10,936,418
|
|
Repurchase
agreements
|
|
307,297
|
|
|
381,928
|
|
|
621,791
|
|
|
559,479
|
|
|
608,299
|
|
Borrowings
|
|
26,803
|
|
|
22,153
|
|
|
129,753
|
|
|
28,177
|
|
|
24,628
|
|
Trade date
payable
|
|
-
|
|
|
-
|
|
|
2,500
|
|
|
-
|
|
|
-
|
|
Other
liabilities
|
|
75,883
|
|
|
64,313
|
|
|
66,741
|
|
|
62,988
|
|
|
65,788
|
|
Shareholders'
equity
|
|
1,491,367
|
|
|
1,498,900
|
|
|
1,240,110
|
|
|
1,367,233
|
|
|
1,372,853
|
|
Total liabilities and
shareholders' equity
|
$
|
13,191,158
|
|
$
|
13,105,594
|
|
$
|
12,777,418
|
|
$
|
12,825,437
|
|
$
|
13,007,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
2024
|
|
|
2023
|
|
INCOME STATEMENTS
|
|
Mar. 31,
|
|
|
Dec. 31,
|
|
|
Sept. 30,
|
|
|
June 30,
|
|
|
Mar. 31,
|
|
Interest
income
|
$
|
149,495
|
|
$
|
142,207
|
|
$
|
135,351
|
|
$
|
129,005
|
|
$
|
121,508
|
|
Interest
expense
|
|
49,253
|
|
|
44,699
|
|
|
41,202
|
|
|
33,139
|
|
|
25,222
|
|
Net interest
income
|
|
100,242
|
|
|
97,508
|
|
|
94,149
|
|
|
95,866
|
|
|
96,286
|
|
Provision for credit
losses
|
|
808
|
|
|
-
|
|
|
2,276
|
|
|
5,573
|
|
|
2,781
|
|
Net interest income
after provision for credit losses
|
|
99,434
|
|
|
97,508
|
|
|
91,873
|
|
|
90,293
|
|
|
93,505
|
|
Noninterest
income
|
|
29,383
|
|
|
21,979
|
|
|
28,070
|
|
|
29,947
|
|
|
28,007
|
|
Noninterest
expense
|
|
63,940
|
|
|
63,474
|
|
|
59,539
|
|
|
57,613
|
|
|
57,256
|
|
Net income before
income taxes
|
|
64,877
|
|
|
56,013
|
|
|
60,404
|
|
|
62,627
|
|
|
64,256
|
|
Income tax
expense
|
|
11,480
|
|
|
10,031
|
|
|
10,848
|
|
|
11,754
|
|
|
11,688
|
|
Net income
|
$
|
53,397
|
|
$
|
45,982
|
|
$
|
49,556
|
|
$
|
50,873
|
|
$
|
52,568
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income -
basic
|
$
|
0.37
|
|
$
|
0.32
|
|
$
|
0.35
|
|
$
|
0.36
|
|
$
|
0.37
|
|
Net income -
diluted
|
|
0.37
|
|
|
0.32
|
|
|
0.35
|
|
|
0.36
|
|
|
0.37
|
|
Cash dividends
declared
|
|
0.18
|
|
|
0.18
|
|
|
0.18
|
|
|
0.18
|
|
|
0.17
|
|
Book value
|
|
10.44
|
|
|
10.50
|
|
|
8.69
|
|
|
9.58
|
|
|
9.62
|
|
Tangible book
value
|
|
8.24
|
|
|
8.30
|
|
|
6.48
|
|
|
7.37
|
|
|
7.41
|
|
Market value
|
|
32.81
|
|
|
30.30
|
|
|
25.12
|
|
|
28.49
|
|
|
31.90
|
|
Shares outstanding -
end of period
|
|
142,817,159
|
|
|
142,716,939
|
|
|
142,677,069
|
|
|
142,741,196
|
|
|
142,703,531
|
|
Average outstanding
shares - basic
|
|
142,724,674
|
|
|
142,680,263
|
|
|
142,707,260
|
|
|
142,700,805
|
|
|
142,665,646
|
|
Average outstanding
shares - diluted
|
|
143,029,449
|
|
|
143,069,900
|
|
|
143,149,373
|
|
|
143,087,555
|
|
|
143,066,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.62
|
%
|
|
1.42
|
%
|
|
1.53
|
%
|
|
1.58
|
%
|
|
1.65
|
%
|
Return on average
equity
|
|
14.43
|
|
|
14.26
|
|
|
14.51
|
|
|
14.89
|
|
|
16.32
|
|
Return on average
tangible equity
|
|
18.29
|
|
|
18.92
|
|
|
18.90
|
|
|
19.33
|
|
|
21.51
|
|
Net interest margin
(tax equivalent)
|
|
3.34
|
|
|
3.33
|
|
|
3.22
|
|
|
3.29
|
|
|
3.34
|
|
Efficiency
ratio
|
|
48.37
|
|
|
51.97
|
|
|
47.62
|
|
|
44.74
|
|
|
44.93
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST FINANCIAL BANKSHARES,
INC.
|
|
SELECTED FINANCIAL DATA
(UNAUDITED)
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
2024
|
|
|
2023
|
|
ALLOWANCE FOR LOAN LOSSES
|
|
Mar. 31,
|
|
|
Dec. 31,
|
|
|
Sept. 30,
|
|
|
June 30,
|
|
|
Mar. 31,
|
|
Balance at beginning of
period
|
$
|
88,734
|
|
$
|
89,714
|
|
$
|
86,541
|
|
$
|
80,818
|
|
$
|
75,834
|
|
Loans
charged-off
|
|
(850)
|
|
|
(1,213)
|
|
|
(1,080)
|
|
|
(1,118)
|
|
|
(288)
|
|
Loan
recoveries
|
|
422
|
|
|
233
|
|
|
432
|
|
|
319
|
|
|
565
|
|
Net recoveries
(charge-offs)
|
|
(428)
|
|
|
(980)
|
|
|
(648)
|
|
|
(799)
|
|
|
277
|
|
Provision for loan
losses
|
|
1,256
|
|
|
-
|
|
|
3,821
|
|
|
6,522
|
|
|
4,707
|
|
Balance at end of
period
|
$
|
89,562
|
|
$
|
88,734
|
|
$
|
89,714
|
|
$
|
86,541
|
|
$
|
80,818
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR UNFUNDED
COMMITMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of
period
|
$
|
7,903
|
|
$
|
7,903
|
|
$
|
9,448
|
|
$
|
10,397
|
|
$
|
12,323
|
|
Provision for unfunded
commitments
|
|
(448)
|
|
|
-
|
|
|
(1,545)
|
|
|
(949)
|
|
|
(1,926)
|
|
Balance at end of
period
|
$
|
7,455
|
|
$
|
7,903
|
|
$
|
7,903
|
|
$
|
9,448
|
|
$
|
10,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses /
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
period-end loans
held-for-investment
|
|
1.24
|
%
|
|
1.24
|
%
|
|
1.28
|
%
|
|
1.28
|
%
|
|
1.23
|
%
|
Allowance for loan
losses /
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nonperforming
loans
|
|
247.48
|
|
|
256.36
|
|
|
229.44
|
|
|
296.13
|
|
|
334.06
|
|
Net charge-offs
(recoveries) / average total loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(annualized)
|
|
0.02
|
|
|
0.06
|
|
|
0.04
|
|
|
0.05
|
|
|
(0.02)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
2024
|
|
|
2023
|
|
COMPOSITION OF LOANS
HELD-FOR-INVESTMENT
|
|
Mar. 31,
|
|
|
Dec. 31,
|
|
|
Sept. 30,
|
|
|
June 30,
|
|
|
Mar. 31,
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C&I
|
$
|
1,191,516
|
|
$
|
1,164,811
|
|
$
|
1,108,240
|
|
$
|
1,021,863
|
|
$
|
954,686
|
|
Municipal
|
|
211,013
|
|
|
214,850
|
|
|
218,358
|
|
|
215,977
|
|
|
221,379
|
|
Total
Commercial
|
|
1,402,529
|
|
|
1,379,661
|
|
|
1,326,598
|
|
|
1,237,840
|
|
|
1,176,065
|
|
Agricultural
|
|
87,882
|
|
|
84,890
|
|
|
81,876
|
|
|
82,032
|
|
|
77,017
|
|
Real Estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction &
Development
|
|
921,773
|
|
|
963,158
|
|
|
929,570
|
|
|
915,221
|
|
|
921,190
|
|
Farm
|
|
311,002
|
|
|
344,954
|
|
|
341,052
|
|
|
335,644
|
|
|
307,706
|
|
Non-Owner Occupied
CRE
|
|
853,721
|
|
|
827,969
|
|
|
828,900
|
|
|
811,347
|
|
|
737,117
|
|
Owner Occupied
CRE
|
|
1,032,845
|
|
|
1,037,281
|
|
|
1,002,913
|
|
|
1,011,511
|
|
|
1,043,018
|
|
Residential
|
|
1,918,573
|
|
|
1,834,593
|
|
|
1,788,913
|
|
|
1,698,679
|
|
|
1,628,841
|
|
Total Real
Estate
|
|
5,037,914
|
|
|
5,007,955
|
|
|
4,891,348
|
|
|
4,772,402
|
|
|
4,637,872
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
549,837
|
|
|
521,859
|
|
|
540,382
|
|
|
534,603
|
|
|
537,410
|
|
Non-Auto
|
|
151,248
|
|
|
154,426
|
|
|
154,492
|
|
|
150,693
|
|
|
147,851
|
|
Total
Consumer
|
|
701,085
|
|
|
676,285
|
|
|
694,874
|
|
|
685,296
|
|
|
685,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
held-for-investment
|
$
|
7,229,410
|
|
$
|
7,148,791
|
|
$
|
6,994,696
|
|
$
|
6,777,570
|
|
$
|
6,576,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY OF LOAN CLASSIFICATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Mention
|
$
|
62,623
|
|
$
|
40,834
|
|
$
|
60,939
|
|
$
|
66,960
|
|
$
|
65,141
|
|
Substandard
|
|
138,964
|
|
|
135,379
|
|
|
118,166
|
|
|
108,179
|
|
|
91,915
|
|
Doubtful
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total classified
loans
|
$
|
201,587
|
|
$
|
176,213
|
|
$
|
179,105
|
|
$
|
175,139
|
|
$
|
157,056
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
36,157
|
|
$
|
33,609
|
|
$
|
38,812
|
|
$
|
28,672
|
|
$
|
24,171
|
|
Accruing loans 90 days
past due
|
|
33
|
|
|
1,004
|
|
|
289
|
|
|
552
|
|
|
22
|
|
Total nonperforming
loans
|
|
36,190
|
|
|
34,613
|
|
|
39,101
|
|
|
29,224
|
|
|
24,193
|
|
Foreclosed
assets
|
|
1,014
|
|
|
483
|
|
|
597
|
|
|
25
|
|
|
196
|
|
Total nonperforming
assets
|
$
|
37,204
|
|
$
|
35,096
|
|
$
|
39,698
|
|
$
|
29,249
|
|
$
|
24,389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a % of loans
held-for-investment and foreclosed assets
|
|
0.51
|
%
|
|
0.49
|
%
|
|
0.57
|
%
|
|
0.43
|
%
|
|
0.37
|
%
|
As a % of end of period
total assets
|
|
0.28
|
|
|
0.27
|
|
|
0.31
|
|
|
0.23
|
|
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
2024
|
|
|
2023
|
|
CAPITAL RATIOS
|
|
Mar. 31,
|
|
|
Dec. 31,
|
|
|
Sept. 30,
|
|
|
June 30,
|
|
|
Mar. 31,
|
|
Common equity Tier 1
capital ratio
|
|
18.60
|
%
|
|
18.50
|
%
|
|
18.35
|
%
|
|
18.48
|
%
|
|
18.68
|
%
|
Tier 1 capital
ratio
|
|
18.60
|
|
|
18.50
|
|
|
18.35
|
|
|
18.48
|
|
|
18.68
|
|
Total capital
ratio
|
|
19.70
|
|
|
19.62
|
|
|
19.49
|
|
|
19.62
|
|
|
19.79
|
|
Tier 1 leverage
ratio
|
|
12.12
|
|
|
12.06
|
|
|
12.00
|
|
|
11.81
|
|
|
11.53
|
|
Tangible common equity
ratio
|
|
9.14
|
|
|
9.26
|
|
|
7.42
|
|
|
8.41
|
|
|
8.33
|
|
Equity/Assets
ratio
|
|
11.31
|
|
|
11.44
|
|
|
9.71
|
|
|
10.66
|
|
|
10.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
2024
|
|
|
2023
|
|
NONINTEREST INCOME
|
|
Mar. 31,
|
|
|
Dec. 31,
|
|
|
Sept. 30,
|
|
|
June 30,
|
|
|
Mar. 31,
|
|
Trust fees
|
$
|
11,379
|
|
$
|
10,678
|
|
$
|
10,050
|
|
$
|
9,883
|
|
$
|
9,845
|
|
Service charges on
deposits
|
|
6,246
|
|
|
6,523
|
|
|
6,509
|
|
|
6,310
|
|
|
6,036
|
|
Debit card
fees
|
|
4,891
|
|
|
5,024
|
|
|
5,041
|
|
|
6,720
|
|
|
4,936
|
|
Credit card
fees
|
|
631
|
|
|
631
|
|
|
694
|
|
|
711
|
|
|
609
|
|
Gain on sale and fees
on mortgage loans
|
|
3,128
|
|
|
1,940
|
|
|
3,442
|
|
|
3,534
|
|
|
2,974
|
|
Net gain (loss) on sale
of available-for-sale securities
|
|
-
|
|
|
(6,205)
|
|
|
(972)
|
|
|
46
|
|
|
12
|
|
Net gain (loss) on sale
of foreclosed assets
|
|
-
|
|
|
23
|
|
|
(10)
|
|
|
(1)
|
|
|
34
|
|
Net gain (loss) on sale
of assets
|
|
-
|
|
|
(101)
|
|
|
696
|
|
|
-
|
|
|
930
|
|
Interest on loan
recoveries
|
|
555
|
|
|
536
|
|
|
698
|
|
|
475
|
|
|
346
|
|
Other noninterest
income
|
|
2,553
|
|
|
2,930
|
|
|
1,922
|
|
|
2,269
|
|
|
2,285
|
|
Total noninterest
income
|
$
|
29,383
|
|
$
|
21,979
|
|
$
|
28,070
|
|
$
|
29,947
|
|
$
|
28,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, commissions
and employee benefits, excluding profit sharing
|
$
|
35,003
|
|
$
|
34,560
|
|
$
|
32,755
|
|
$
|
31,796
|
|
$
|
31,431
|
|
Profit sharing
expense
|
|
1,680
|
|
|
1,193
|
|
|
180
|
|
|
(30)
|
|
|
30
|
|
Net occupancy
expense
|
|
3,470
|
|
|
3,348
|
|
|
3,565
|
|
|
3,423
|
|
|
3,430
|
|
Equipment
expense
|
|
2,237
|
|
|
2,020
|
|
|
2,200
|
|
|
2,198
|
|
|
2,127
|
|
FDIC insurance
premiums
|
|
1,965
|
|
|
3,105
|
|
|
1,573
|
|
|
1,417
|
|
|
1,654
|
|
Debit card
expense
|
|
3,058
|
|
|
3,229
|
|
|
3,284
|
|
|
3,221
|
|
|
3,199
|
|
Legal, tax and
professional fees
|
|
2,734
|
|
|
3,125
|
|
|
3,007
|
|
|
2,847
|
|
|
2,687
|
|
Audit fees
|
|
333
|
|
|
587
|
|
|
551
|
|
|
563
|
|
|
540
|
|
Printing, stationery
and supplies
|
|
447
|
|
|
492
|
|
|
512
|
|
|
740
|
|
|
710
|
|
Amortization of
intangible assets
|
|
157
|
|
|
228
|
|
|
228
|
|
|
228
|
|
|
228
|
|
Advertising, meals and
public relations
|
|
1,455
|
|
|
1,146
|
|
|
1,622
|
|
|
1,789
|
|
|
1,475
|
|
Operational and other
losses
|
|
1,154
|
|
|
1,096
|
|
|
959
|
|
|
856
|
|
|
931
|
|
Software amortization
and expense
|
|
3,005
|
|
|
3,017
|
|
|
2,441
|
|
|
2,519
|
|
|
2,311
|
|
Other noninterest
expense
|
|
7,242
|
|
|
6,328
|
|
|
6,662
|
|
|
6,046
|
|
|
6,503
|
|
Total noninterest
expense
|
$
|
63,940
|
|
$
|
63,474
|
|
$
|
59,539
|
|
$
|
57,613
|
|
$
|
57,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAX EQUIVALENT YIELD ADJUSTMENT
|
$
|
2,573
|
|
$
|
2,649
|
|
$
|
2,823
|
|
$
|
2,950
|
|
$
|
3,131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST FINANCIAL BANKSHARES,
INC.
|
SELECTED FINANCIAL DATA
(UNAUDITED)
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Three Months Ended
|
|
Mar. 31, 2024
|
|
|
|
Dec. 31, 2023
|
|
|
Average
|
|
|
Tax Equivalent
|
|
|
Yield /
|
|
|
|
|
|
Average
|
|
|
Tax Equivalent
|
|
|
Yield /
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
3,923
|
|
$
|
57
|
|
|
5.85
|
%
|
|
|
|
$
|
1,768
|
|
$
|
25
|
|
|
5.72
|
%
|
Interest-bearing
demand deposits in nonaffiliated banks
|
|
344,969
|
|
|
4,657
|
|
|
5.43
|
|
|
|
|
|
145,839
|
|
|
1,961
|
|
|
5.33
|
|
Taxable
securities
|
|
3,376,324
|
|
|
19,952
|
|
|
2.36
|
|
|
|
|
|
3,317,114
|
|
|
19,686
|
|
|
2.37
|
|
Tax-exempt
securities
|
|
1,434,505
|
|
|
9,794
|
|
|
2.73
|
|
|
|
|
|
1,410,148
|
|
|
10,188
|
|
|
2.89
|
|
Loans
|
|
7,205,424
|
|
|
117,608
|
|
|
6.56
|
|
|
|
|
|
7,052,463
|
|
|
112,996
|
|
|
6.36
|
|
Total interest-earning
assets
|
|
12,365,145
|
|
$
|
152,068
|
|
|
4.95
|
%
|
|
|
|
|
11,927,332
|
|
$
|
144,856
|
|
|
4.82
|
%
|
Noninterest-earning
assets
|
|
864,885
|
|
|
|
|
|
|
|
|
|
|
|
886,811
|
|
|
|
|
|
|
|
Total
assets
|
$
|
13,230,030
|
|
|
|
|
|
|
|
|
|
|
$
|
12,814,143
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
7,878,094
|
|
$
|
45,250
|
|
|
2.31
|
%
|
|
|
|
$
|
7,371,260
|
|
$
|
39,225
|
|
|
2.11
|
%
|
Repurchase
Agreements
|
|
317,439
|
|
|
2,562
|
|
|
3.25
|
|
|
|
|
|
558,592
|
|
|
4,627
|
|
|
3.29
|
|
Borrowings
|
|
132,963
|
|
|
1,441
|
|
|
4.36
|
|
|
|
|
|
78,066
|
|
|
847
|
|
|
4.30
|
|
Total interest-bearing
liabilities
|
|
8,328,496
|
|
$
|
49,253
|
|
|
2.38
|
%
|
|
|
|
|
8,007,918
|
|
$
|
44,699
|
|
|
2.21
|
%
|
Noninterest-bearing
deposits
|
|
3,346,757
|
|
|
|
|
|
|
|
|
|
|
|
3,461,544
|
|
|
|
|
|
|
|
Other
noninterest-bearing
liabilities
|
66,134
|
|
|
|
|
|
|
|
|
|
|
|
65,524
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
1,488,643
|
|
|
|
|
|
|
|
|
|
|
|
1,279,157
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
13,230,030
|
|
|
|
|
|
|
|
|
|
|
$
|
12,814,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin (tax equivalent)
|
|
|
|
$
|
102,815
|
|
|
3.34
|
%
|
|
|
|
|
|
|
$
|
100,157
|
|
|
3.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Three Months Ended
|
|
Sept. 30, 2023
|
|
|
|
June 30, 2023
|
|
|
Average
|
|
|
Tax Equivalent
|
|
|
Yield /
|
|
|
|
|
|
Average
|
|
|
Tax Equivalent
|
|
|
Yield /
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
2,383
|
|
$
|
35
|
|
|
5.79
|
%
|
|
|
|
$
|
2,242
|
|
$
|
30
|
|
|
5.45
|
%
|
Interest-bearing
demand deposits in nonaffiliated banks
|
|
55,231
|
|
|
757
|
|
|
5.44
|
|
|
|
|
|
119,168
|
|
|
1,553
|
|
|
5.23
|
|
Taxable
securities
|
|
3,429,290
|
|
|
19,425
|
|
|
2.27
|
|
|
|
|
|
3,589,381
|
|
|
20,032
|
|
|
2.23
|
|
Tax-exempt
securities
|
|
1,578,660
|
|
|
11,085
|
|
|
2.81
|
|
|
|
|
|
1,653,418
|
|
|
11,799
|
|
|
2.85
|
|
Loans
|
|
6,894,064
|
|
|
106,872
|
|
|
6.15
|
|
|
|
|
|
6,683,276
|
|
|
98,541
|
|
|
5.91
|
|
Total interest-earning
assets
|
|
11,959,628
|
|
$
|
138,174
|
|
|
4.58
|
%
|
|
|
|
|
12,047,485
|
|
$
|
131,955
|
|
|
4.39
|
%
|
Noninterest-earning
assets
|
|
850,855
|
|
|
|
|
|
|
|
|
|
|
|
842,284
|
|
|
|
|
|
|
|
Total
assets
|
$
|
12,810,483
|
|
|
|
|
|
|
|
|
|
|
$
|
12,889,769
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
7,259,252
|
|
$
|
36,165
|
|
|
1.98
|
%
|
|
|
|
$
|
7,037,677
|
|
$
|
27,629
|
|
|
1.57
|
%
|
Repurchase
Agreements
|
|
567,064
|
|
|
4,518
|
|
|
3.16
|
|
|
|
|
|
570,071
|
|
|
3,949
|
|
|
2.78
|
|
Borrowings
|
|
54,124
|
|
|
519
|
|
|
3.80
|
|
|
|
|
|
145,000
|
|
|
1,561
|
|
|
4.32
|
|
Total interest-bearing
liabilities
|
|
7,880,440
|
|
$
|
41,202
|
|
|
2.07
|
%
|
|
|
|
|
7,752,748
|
|
$
|
33,139
|
|
|
1.71
|
%
|
Noninterest-bearing
deposits
|
|
3,509,809
|
|
|
|
|
|
|
|
|
|
|
|
3,704,143
|
|
|
|
|
|
|
|
Other
noninterest-bearing
liabilities
|
65,094
|
|
|
|
|
|
|
|
|
|
|
|
62,227
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
1,355,140
|
|
|
|
|
|
|
|
|
|
|
|
1,370,651
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
12,810,483
|
|
|
|
|
|
|
|
|
|
|
$
|
12,889,769
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin (tax equivalent)
|
|
|
|
$
|
96,972
|
|
|
3.22
|
%
|
|
|
|
|
|
|
$
|
98,816
|
|
|
3.29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar. 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
Tax Equivalent
|
|
|
Yield /
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
2,507
|
|
$
|
32
|
|
|
5.12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand deposits in nonaffiliated banks
|
|
143,542
|
|
|
1,618
|
|
|
4.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
securities
|
|
3,672,257
|
|
|
20,782
|
|
|
2.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt
securities
|
|
1,750,533
|
|
|
12,743
|
|
|
2.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
6,500,332
|
|
|
89,464
|
|
|
5.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets
|
|
12,069,171
|
|
$
|
124,639
|
|
|
4.19
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets
|
|
863,342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
12,932,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
7,080,518
|
|
$
|
21,812
|
|
|
1.25
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase
Agreements
|
|
577,314
|
|
|
3,045
|
|
|
2.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
47,823
|
|
|
365
|
|
|
3.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
|
7,705,655
|
|
$
|
25,222
|
|
|
1.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
3,860,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
noninterest-bearing
liabilities
|
60,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
1,306,358
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
12,932,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin (tax equivalent)
|
|
|
|
$
|
99,417
|
|
|
3.34
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-first-quarter-2024-earnings-302121390.html
SOURCE First Financial Bankshares, Inc.