FFIN First Financial Bankshares Inc

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

 

	CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): October 17, 2024

 

 

First Financial Bankshares, Inc.

(Exact name of registrant as specified in its Charter)

 

 

Texas	0-07674	75-0944023
(State or other jurisdiction of incorporation or organization)	(Commission File No.)	(I.R.S. Employer Identification No.)
	400 Pine Street, Abilene, Texas 79601
	(Address of Principal Executive Offices and Zip Code)
	Registrant’s Telephone Number (325) 627-7155

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 203.425)
☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
☐		Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13 e-4 (c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.01 par value		FFIN		The Nasdaq Global Select Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

 

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

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ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

 

Attached as an exhibit to this Form 8-K is the earnings release for the quarter ended September 30, 2024 of First Financial Bankshares, Inc.

 

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

 

99.1 Press Release dated October 17, 2024

104 Cover Page Interactive Data File (embedded within Inline XBRL document)

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

		FIRST FINANCIAL BANKSHARES, INC.
		(Registrant)
DATE: October 17, 2024	By:	/s/ F. Scott Dueser
		F. SCOTT DUESER
		Chairman, President and Chief Executive Officer

 

 

 

 

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For immediate release	For More Information: Michelle S. Hickox, EVP & Chief Financial Officer 325.627.7155

FIRST FINANCIAL BANKSHARES ANNOUNCES THIRD QUARTER 2024 EARNINGS

ABILENE, Texas, October 17, 2024 - First Financial Bankshares, Inc. (the “Company,” “we,” “us” or “our”) (NASDAQ: FFIN) today reported earnings of $55.31 million for the third quarter of 2024 compared to earnings of $52.49 million for the second quarter of 2024 and $49.56 million for the same quarter a year ago. Diluted earnings per share were $0.39 for the third quarter of 2024 compared with $0.37 for the second quarter of 2024 and $0.35 for the third quarter of 2023.

“We are pleased with the results for the quarter which saw continued growth in loans, deposits and net interest income, resulting in increased earnings over third quarter last year of 11.61 percent,” said F. Scott Dueser, Chairman, CEO and President of First Financial Bankshares, Inc. “We are encouraged about the remainder of the year and we are committed to our continued focus on excellent customer service by building relationships and supporting our communities. As always, we appreciate the commitment of customers, shareholders, and employees.”

Net interest income for the third quarter of 2024 was $107.11 million compared to $103.27 million in the second quarter of 2024 and $94.15 million for the third quarter of 2023. The net interest margin, on a taxable equivalent basis, was 3.50 percent for the third quarter of 2024 compared to 3.48 percent for the second quarter of 2024 and 3.22 percent in the third quarter of 2023. Average interest-earning assets were $12.48 billion for the third quarter of 2024 compared to $11.96 billion for the same quarter a year ago.

The Company recorded a provision for credit losses of $6.12 million for the third quarter of 2024 compared to a provision for credit losses of $5.89 million and $2.28 million for the second quarter of 2024 and third quarter of 2023, respectively. On September 30, 2024, the allowance for credit losses totaled $99.94 million, or 1.29 percent of loans held-for-investment (“loans” hereafter), compared to $89.71 million, or 1.28 percent of loans at September 30, 2023. Additionally, the reserve for unfunded commitments totaled $8.00 million at September 30, 2024 compared to $7.90 million at September 30, 2023.

For the third quarter of 2024, net charge-offs totaled $786 thousand compared to net charge-offs of $648 thousand for the third quarter of 2023. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.83 percent on September 30, 2024, compared to 0.81 percent at June 30, 2024 and 0.57 percent at September 30, 2023. Classified loans totaled $229.92 million on September 30, 2024, compared to $219.26 million at June 30, 2024 and $179.11 million at September 30, 2023.

Noninterest income for the third quarter of 2024 was $32.36 million compared to $28.07 million for the third quarter of 2023. Notable changes for the third quarter of 2024 when compared to the same quarter a year ago are as follows:

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Noninterest expense for the third quarter of 2024 totaled $66.01 million compared to $59.54 million for the third quarter of 2023. Notable changes for the third quarter of 2024 when compared to the same quarter a year ago are as follows:

 

The Company’s efficiency ratio was 46.45 percent for the third quarter of 2024 compared to 47.62 percent for the third quarter of 2023. The decrease from the same period in the prior year is primarily due to the increase in net interest income.

As of September 30, 2024, consolidated total assets were $13.58 billion compared to $12.78 billion at September 30, 2023. Loans totaled $7.72 billion at September 30, 2024, compared with loans of $6.99 billion at September 30, 2023. During the third quarter of 2024, loans grew $203.46 million, or 10.76 percent annualized, when compared to June 30, 2024 balances. Deposits and Repurchase Agreements totaled $11.81 billion at September 30, 2024, compared to $11.34 billion at September 30, 2023. During the third quarter of 2024, Deposits and Repurchase Agreements grew $265.31 million, or 9.14 percent annualized, when compared to June 30, 2024 balances.

Shareholders’ equity was $1.66 billion as of September 30, 2024, compared to $1.52 billion and $1.24 billion at June 30, 2024, and September 30, 2023, respectively, primarily as a result of changes in Other Comprehensive Income (“OCI”) due to the decrease in unrealized losses in the bond portfolio related to lower long-term interest rates. The unrealized loss on the securities portfolio, net of applicable tax, totaled $329.82 million at September 30, 2024, compared to an unrealized loss of $441.56 million at June 30, 2024 and $639.93 million at September 30, 2023.

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About First Financial Bankshares, Inc.

Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that through its wholly-owned subsidiary, First Financial Bank, 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, Lumberton, Keller, Kingwood, 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 and Asset Management Company, 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.

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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 and the pandemic, 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.

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FIRST FINANCIAL BANKSHARES, INC.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except share and per share data)

 

	As of
		2024															2023
ASSETS		Sept. 30,					June 30,					Mar. 31,					Dec. 31,					Sept. 30,
Cash and due from banks	$		296,188			$		263,262			$		222,464			$		281,354			$		208,277
Interest-bearing demand deposits in banks			287,476					103,315					365,397					255,237					180,008
Federal funds sold			-					2,800					12,300					-					-
Investment securities			4,612,299					4,573,024					4,658,526					4,732,762					4,652,537
Loans, held-for-investment			7,723,191					7,519,733					7,229,410					7,148,791					6,994,696
Allowance for credit losses			(99,936	)				(95,170	)				(89,562	)				(88,734	)				(89,714	)
Net loans, held-for-investment			7,623,255					7,424,563					7,139,848					7,060,057					6,904,982
Loans, held-for-sale			20,114					19,668					16,109					14,253					12,229
Premises and equipment, net			151,204					153,075					151,953					151,788					152,936
Goodwill			313,481					313,481					313,481					313,481					313,481
Other intangible assets			671					828					984					1,141					1,369
Other assets			278,244					310,059					310,096					295,521					351,599
Total assets	$		13,582,932			$		13,164,075			$		13,191,158			$		13,105,594			$		12,777,418
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$		3,303,143			$		3,289,032			$		3,348,147			$		3,435,586			$		3,477,553
Interest-bearing deposits			8,452,718					8,120,125					7,941,661					7,702,714					7,238,970
Total deposits			11,755,861					11,409,157					11,289,808					11,138,300					10,716,523
Repurchase agreements			57,557					138,950					307,297					381,928					621,791
Borrowings			25,978					23,703					26,803					22,153					129,753
Trade date payable			5,416					-					-					-					2,500
Other liabilities			75,929					73,239					75,883					64,313					66,741
Shareholders' equity			1,662,191					1,519,026					1,491,367					1,498,900					1,240,110
Total liabilities and shareholders' equity	$		13,582,932			$		13,164,075			$		13,191,158			$		13,105,594			$		12,777,418

 

	Quarter Ended
		2024															2023
INCOME STATEMENTS		Sept. 30,					June 30,					Mar. 31,					Dec. 31,					Sept. 30,
Interest income	$		159,958			$		153,673			$		149,495			$		142,207			$		135,351
Interest expense			52,849					50,400					49,253					44,699					41,202
Net interest income			107,109					103,273					100,242					97,508					94,149
Provision for credit losses			6,123					5,888					808					-					2,276
Net interest income after provision for credit losses			100,986					97,385					99,434					97,508					91,873
Noninterest income			32,362					31,268					29,383					21,979					28,070
Noninterest expense			66,012					65,012					63,940					63,474					59,539
Net income before income taxes			67,336					63,641					64,877					56,013					60,404
Income tax expense			12,028					11,156					11,480					10,031					10,848
Net income	$		55,308			$		52,485			$		53,397			$		45,982			$		49,556

 

PER COMMON SHARE DATA
Net income - basic	$		0.39			$		0.37			$		0.37			$		0.32			$		0.35
Net income - diluted			0.39					0.37					0.37					0.32					0.35
Cash dividends declared			0.18					0.18					0.18					0.18					0.18
Book value			11.63					10.63					10.44					10.50					8.69
Tangible book value			9.43					8.43					8.24					8.30					6.48
Market value			37.01					29.53					32.81					30.30					25.12
Shares outstanding - end of period			142,906,070					142,848,909					142,817,159					142,716,939					142,677,069
Average outstanding shares - basic			142,853,215					142,814,363					142,724,674					142,680,263					142,707,260
Average outstanding shares - diluted			143,188,857					143,088,930					143,029,449					143,069,900					143,149,373

 

PERFORMANCE RATIOS
Return on average assets			1.66		%			1.61		%			1.62		%			1.42		%			1.53		%
Return on average equity			14.00					14.43					14.43					14.26					14.51
Return on average tangible equity			17.49					18.38					18.29					18.92					18.90
Net interest margin (tax equivalent)			3.50					3.48					3.34					3.33					3.22
Efficiency ratio			46.45					47.41					48.37					51.97					47.62

 

 

 

 

 

 

 

 

 

 

 

 

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	Nine Months Ended
	Sept. 30,
INCOME STATEMENTS		2024					2023
Interest income	$		463,126			$		385,864
Interest expense			152,502					99,563
Net interest income			310,624					286,301
Provision for credit losses			12,817					10,631
Net interest income after provisions for credit losses			297,807					275,670
Noninterest income			93,012					86,025
Noninterest expense			194,965					174,407
Net income before income taxes			195,854					187,288
Income tax expense			34,664					34,291
Net income	$		161,190			$		152,997
PER COMMON SHARE DATA
Net income - basic	$		1.13			$		1.07
Net income - diluted			1.13					1.07
Cash dividends declared			0.54					0.53
Book value			11.63					8.69
Tangible book value			9.43					6.48
Market value	$		37.01			$		25.12
Shares outstanding - end of period			142,906,070					142,677,069
Average outstanding shares - basic			142,797,621					142,691,389
Average outstanding shares - diluted			143,159,652					143,042,858
PERFORMANCE RATIOS
Return on average assets			1.63		%			1.59		%
Return on average equity			14.28					15.22
Return on average tangible equity			18.04					19.88
Net interest margin (tax equivalent)			3.44					3.28
Efficiency ratio			47.39					45.75

 

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FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

 

	Quarter Ended
		2024															2023
ALLOWANCE FOR LOAN LOSSES		Sept. 30,					June 30,					Mar. 31,					Dec. 31,					Sept. 30,
Balance at beginning of period	$		95,170			$		89,562			$		88,734			$		89,714			$		86,541
Loans charged-off			(1,279	)				(702	)				(850	)				(1,213	)				(1,080	)
Loan recoveries			493					400					422					233					432
Net recoveries (charge-offs)			(786	)				(302	)				(428	)				(980	)				(648	)
Provision for loan losses			5,552					5,910					1,256					-					3,821
Balance at end of period	$		99,936			$		95,170			$		89,562			$		88,734			$		89,714

 

ALLOWANCE FOR UNFUNDED COMMITMENTS
Balance at beginning of period	$		7,433			$		7,455			$		7,903			$		7,903			$		9,448
Provision for unfunded commitments			571					(22	)				(448	)				-					(1,545	)
Balance at end of period	$		8,004			$		7,433			$		7,455			$		7,903			$		7,903
Allowance for loan losses /
period-end loans held-for-investment			1.29		%			1.27		%			1.24		%			1.24		%			1.28		%
Allowance for loan losses /
nonperforming loans			156.44					157.20					247.48					256.36					229.44
Net charge-offs (recoveries) / average total loans
(annualized)			0.04					0.02					0.02					0.06					0.04

 

	As of
		2024															2023
COMPOSITION OF LOANS HELD-FOR-INVESTMENT		Sept. 30,					June 30,					Mar. 31,					Dec. 31,					Sept. 30,
Commercial:
C&I	$		1,175,774			$		1,141,990			$		1,191,516			$		1,164,811			$		1,108,240
Municipal			333,732					359,124					211,013					214,850					218,358
Total Commercial			1,509,506					1,501,114					1,402,529					1,379,661					1,326,598
Agricultural			83,269					86,186					87,882					84,890					81,876
Real Estate:
Construction & Development			1,013,810					986,394					921,773					963,158					929,570
Farm			315,720					318,597					311,002					344,954					341,052
Non-Owner Occupied CRE			825,928					815,713					853,721					827,969					828,900
Owner Occupied CRE			1,086,750					1,049,715					1,032,845					1,037,281					1,002,913
Residential			2,112,196					1,990,604					1,918,573					1,834,593					1,788,913
Total Real Estate			5,354,404					5,161,023					5,037,914					5,007,955					4,891,348
Consumer:
Auto			618,103					615,192					549,837					521,859					540,382
Non-Auto			157,909					156,218					151,248					154,426					154,492
Total Consumer			776,012					771,410					701,085					676,285					694,874
Total loans held-for-investment	$		7,723,191			$		7,519,733			$		7,229,410			$		7,148,791			$		6,994,696

 

SUMMARY OF LOAN CLASSIFICATION
Special Mention	$		41,362			$		57,864			$		62,623			$		40,834			$		60,939
Substandard			188,561					161,399					138,964					135,379					118,166
Doubtful			-					-					-					-					-
Total classified loans	$		229,923			$		219,263			$		201,587			$		176,213			$		179,105

 

NONPERFORMING ASSETS
Nonaccrual loans	$		63,378			$		60,311			$		36,157			$		33,609			$		38,812
Accruing loans 90 days past due			504					231					33					1,004					289
Total nonperforming loans			63,882					60,542					36,190					34,613					39,101
Foreclosed assets			535					647					1,014					483					597
Total nonperforming assets	$		64,417			$		61,189			$		37,204			$		35,096			$		39,698
As a % of loans held-for-investment and foreclosed assets			0.83		%			0.81		%			0.51		%			0.49		%			0.57		%
As a % of end of period total assets			0.47					0.46					0.28					0.27					0.31

 

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FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

 

	Quarter Ended
		2024															2023
CAPITAL RATIOS		Sept. 30,					June 30,					Mar. 31,					Dec. 31,					Sept. 30,
Common equity Tier 1 capital ratio			18.83		%			18.42		%			18.60		%			18.50		%			18.35		%
Tier 1 capital ratio			18.83					18.42					18.60					18.50					18.35
Total capital ratio			20.03					19.55					19.70					19.62					19.49
Tier 1 leverage ratio			12.53					12.40					12.12					12.06					12.00
Tangible common equity ratio			10.16					9.38					9.14					9.26					7.42
Equity/Assets ratio			12.24					11.54					11.31					11.44					9.71

 

	Quarter Ended
		2024															2023
NONINTEREST INCOME		Sept. 30,					June 30,					Mar. 31,					Dec. 31,					Sept. 30,
Trust fees	$		11,694			$		11,714			$		11,379			$		10,678			$		10,050
Service charges on deposits			6,428					6,009					6,246					6,523					6,509
Debit card fees			5,528					5,145					4,891					5,024					5,041
Credit card fees			617					672					631					631					694
Gain on sale and fees on mortgage loans			3,359					3,687					3,128					1,940					3,442
Net gain (loss) on sale of available-for-sale securities			-					-					-					(6,205	)				(972	)
Net gain (loss) on sale of foreclosed assets			(30	)				(58	)				-					23					(10	)
Net gain (loss) on sale of assets			267					2					-					(101	)				696
Interest on loan recoveries			1,359					664					555					536					698
Other noninterest income			3,140					3,433					2,553					2,930					1,922
Total noninterest income	$		32,362			$		31,268			$		29,383			$		21,979			$		28,070

 

NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$		35,262			$		35,569			$		35,003			$		34,560			$		32,755
Profit sharing expense			2,235					1,903					1,680					1,193					180
Net occupancy expense			3,738					3,618					3,470					3,348					3,565
Equipment expense			2,291					2,233					2,237					2,020					2,200
FDIC insurance premiums			1,514					1,508					1,965					3,105					1,573
Debit card expense			3,248					3,242					3,058					3,229					3,284
Legal, tax and professional fees			3,865					3,809					2,734					3,125					3,007
Audit fees			582					453					333					587					551
Printing, stationery and supplies			199					425					447					492					512
Amortization of intangible assets			157					157					157					228					228
Advertising, meals and public relations			1,466					1,466					1,455					1,146					1,622
Operational and other losses			955					769					1,154					1,096					959
Software amortization and expense			3,712					3,158					3,005					3,017					2,441
Other noninterest expense			6,788					6,702					7,242					6,328					6,662
Total noninterest expense	$		66,012			$		65,012			$		63,940			$		63,474			$		59,539
TAX EQUIVALENT YIELD ADJUSTMENT			2,628			$		2,572			$		2,573			$		2,649			$		2,823

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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	Nine Months Ended
	Sept. 30,
NONINTEREST INCOME		2024					2023
Trust fees	$		34,787			$		29,778
Service charges on deposits			18,683					18,855
Debit card fees			15,564					16,697
Credit card fees			1,920					2,014
Gain on sale and fees on mortgage loans			10,174					9,950
Net gain on sale of available-for-sale securities			-					(914	)
Net gain on sale of foreclosed assets			(88	)				23
Net gain (loss) on sale of assets			269					1,626
Interest on loan recoveries			2,578					1,519
Other noninterest income			9,125					6,477
Total noninterest income	$		93,012			$		86,025
NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$		105,834			$		95,982
Profit sharing expense			5,818					180
Net occupancy expense			10,826					10,418
Equipment expense			6,761					6,525
FDIC insurance premiums			4,987					4,644
Debit card expense			9,548					9,704
Legal, tax and professional fees			10,408					8,541
Audit fees			1,368					1,654
Printing, stationery and supplies			1,071					1,962
Amortization of intangible assets			471					684
Advertising, meals and public relations			4,387					4,886
Operational and other losses			2,878					2,746
Software amortization and expense			9,875					7,271
Other noninterest expense			20,733					19,210
Total noninterest expense	$		194,965			$		174,407
TAX EQUIVALENT YIELD ADJUSTMENT	$		7,773			$		8,903

 

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FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

	Three Months Ended																		Three Months Ended
	Sept. 30, 2024																		June 30, 2024
		Average					Tax Equivalent					Yield /								Average					Tax Equivalent					Yield /
		Balance					Interest					Rate								Balance					Interest					Rate
Interest-earning assets:
Federal funds sold	$		2,901			$		43					5.84		%				$		5,160			$		74					5.81		%
Interest-bearing demand deposits in nonaffiliated banks			200,756					2,716					5.38								159,707					2,292					5.77
Taxable securities			3,211,490					19,866					2.47								3,250,684					19,912					2.45
Tax-exempt securities			1,418,214					9,742					2.75								1,404,706					9,730					2.77
Loans			7,643,238					130,220					6.78								7,405,297					124,237					6.75
Total interest-earning assets			12,476,599			$		162,587					5.18		%						12,225,554			$		156,245					5.14		%
Noninterest-earning assets			817,757																		855,719
Total assets	$		13,294,356																$		13,081,273
Interest-bearing liabilities:
Deposits	$		8,240,938			$		51,994					2.51		%				$		8,020,247			$		48,414					2.43		%
Repurchase Agreements			100,892					740					2.92								212,590					1,895					3.59
Borrowings			24,670					116					1.87								22,932					91					1.60
Total interest-bearing liabilities			8,366,500			$		52,850					2.51		%						8,255,769			$		50,400					2.46		%
Noninterest-bearing deposits			3,279,486																		3,289,906
Other noninterest-bearing liabilities			76,274																		72,464
Shareholders' equity			1,572,096																		1,463,134
Total liabilities and shareholders' equity	$		13,294,356																$		13,081,273
Net interest income and margin (tax equivalent)						$		109,737					3.50		%									$		105,845					3.48		%
	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
	Sept. 30, 2023
		Average					Tax Equivalent					Yield /
		Balance					Interest					Rate
Interest-earning assets:
Federal funds sold	$		2,383			$		35					5.79		%
Interest-bearing demand deposits in nonaffiliated banks			55,231					757					5.44
Taxable securities			3,429,290					19,425					2.27
Tax-exempt securities			1,578,660					11,085					2.81
Loans			6,894,064					106,872					6.15
Total interest-earning assets			11,959,628			$		138,174					4.58		%
Noninterest-earning assets			850,855
Total assets	$		12,810,483
Interest-bearing liabilities:
Deposits	$		7,259,252			$		36,165					1.98		%
Repurchase Agreements			567,064					4,518					3.16
Borrowings			54,124					519					3.80
Total interest-bearing liabilities			7,880,440			$		41,202					2.07		%
Noninterest-bearing deposits			3,509,809
Other noninterest-bearing liabilities			65,094
Shareholders' equity			1,355,140
Total liabilities and shareholders' equity	$		12,810,483
Net interest income and margin (tax equivalent)						$		96,972					3.22		%

 

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	Nine Months Ended																		Nine Months Ended
	Sept. 30, 2024																		Sept. 30, 2023
		Average					Tax Equivalent					Yield /								Average					Tax Equivalent					Yield /
		Balance					Interest					Rate								Balance					Interest					Rate
Interest-earning assets:
Federal funds sold	$		3,990			$		174					5.83		%				$		2,377			$		97					5.45		%
Interest-bearing deposits in nonaffiliated banks			235,018					9,664					5.49								105,657					3,929					4.97
Taxable securities			3,279,251					59,730					2.43								3,562,753					60,240					2.25
Tax exempt securities			1,419,138					29,266					2.75								1,660,241					35,626					2.86
Loans			7,418,808					372,066					6.70								6,694,000					294,875					5.89
Total interest-earning assets			12,356,205			$		470,900					5.09		%						12,025,028			$		394,767					4.39		%
Noninterest-earning assets			846,019																		852,113
Total assets	$		13,202,224																$		12,877,141
Interest-bearing liabilities:
Deposits	$		8,047,136			$		145,661					2.42		%				$		7,126,471			$		85,606					1.61		%
Repurchase Agreements			209,907					5,197					3.31								571,445					11,512					2.69
Borrowings			60,058					1,645					3.66								82,339					2,445					3.97
Total interest-bearing liabilities			8,317,101			$		152,503					2.45		%						7,780,255			$		99,563					1.71		%
Noninterest-bearing deposits			3,305,289																		3,690,190
Other noninterest-bearing liabilities			71,642																		62,468
Shareholders' equity			1,508,192																		1,344,228
Total liabilities and shareholders' equity	$		13,202,224																$		12,877,141
Net interest income and margin (tax equivalent)						$		318,397					3.44		%									$		295,204					3.28		%

 

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v3.24.3

Document And Entity Information	Oct. 17, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 17, 2024
Entity Registrant Name	First Financial Bankshares, Inc.
Entity Central Index Key	0000036029
Entity Emerging Growth Company	false
Entity File Number	0-07674
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	75-0944023
Entity Address, Address Line One	400 Pine Street
Entity Address, City or Town	Abilene
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79601
City Area Code	325
Local Phone Number	627-7155
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	FFIN
Security Exchange Name	NASDAQ

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