ABILENE,
Texas, July 18, 2024 /PRNewswire/ -- First
Financial Bankshares, Inc. (the "Company," "we," "us" or
"our") (NASDAQ: FFIN) today reported earnings of $52.49 million for the second quarter of 2024
compared to earnings of $50.87
million for the same quarter a year ago and $53.4 million for the quarter ended March 31, 2024. Basic and diluted earnings per
share were $0.37 for the second
quarter of 2024 compared with $0.36
for the second quarter of 2023 and $0.37 for the linked quarter.
"We are pleased with the second quarter results that are
highlighted by strong loan growth and net interest margin expansion
which resulted in increased net interest income for the quarter,"
said F. Scott Dueser, Chairman, CEO
and President of First Financial Bankshares, Inc., "Our outlook is
positive for the remainder of the year as we look to continue to
remix our assets as cash flows from maturing securities are
invested in loans and execute strategies to grow deposits in our
markets. As always, we appreciate the support of customers,
shareholders, and employees."
Net interest income for the second quarter of 2024 was
$103.27 million compared to
$95.87 million for the second quarter
of 2023 and $100.24 million for the
first quarter 2024. The net interest margin, on a taxable
equivalent basis, was 3.48 percent for the second quarter of 2024
compared to 3.29 percent for the second quarter of 2023 and 3.34
percent in the first quarter of 2024. Increased margins are
primarily due to an asset shift mix as securities cash flows are
reinvested in the loan portfolio. Average interest-earning
assets were $12.23 billion for the
second quarter of 2024 compared to $12.05
billion for the same quarter a year ago.
The Company recorded a provision for credit losses of
$5.89 million for the second quarter
of 2024 compared to a provision for credit losses of $5.57 million for the second quarter of 2023 and
$808 thousand for the first quarter
2024. At June 30, 2024, the allowance
for credit losses totaled $95.17
million, or 1.27 percent of loans held-for-investment
("loans" hereafter), compared to $86.54
million at June 30, 2023, or
1.28 percent of loans and $89.56
million at March 31, 2024 or
1.24 percent of total loans. Additionally, the reserve for unfunded
commitments totaled $7.43 million at
June 30, 2024 compared to
$9.45 million at June 30, 2023 and $7.46
million at March 31, 2024.
For the second quarter of 2024, net charge-offs totaled
$302 thousand compared to net
charge-offs of $799 thousand for the
second quarter of 2023 and net charge offs of $428 thousand for the first quarter 2024.
Nonperforming assets as a percentage of loans and foreclosed assets
totaled 0.81 percent at June 30,
2024, compared to 0.43 percent at June 30, 2023 and 0.51 percent at March 31, 2024. Classified loans totaled
$219.26 million at June 30, 2024, compared to $175.14 million at June
30, 2023 and $201.59 million
at March 31, 2024. The increase in
nonperforming and classified loans in the second quarter 2024 is
primarily related to one owner occupied commercial real estate loan
in the DFW area that was classified and placed on nonaccrual during
the quarter.
Noninterest income for the second quarter of 2024 was
$31.27 million compared to
$29.95 million for the second quarter
of 2023 and $29.38 million for the
first quarter of 2024. Notable changes for the second quarter of
2024 when compared to the same quarter a year ago and for the
linked quarter are as follows:
- Trust fee income increased $1.83
million from the second quarter 2023 and $335 thousand from the first quarter 2024. Trust
revenue has increased primarily due to growth in assets under
management and increases in oil and gas related fees.
- Debit card fees decreased by $1.58
million for the second quarter of 2024 from the prior year
due to annual incentives that were recognized in the second quarter
2023. Annual incentives are being amortized throughout the year in
2024. Debit card fee income increased $254
thousand from the first quarter 2024.
- Mortgage income increased to $3.69
million compared to $3.53
million for the second quarter of 2023 and $3.13 million in the first quarter of 2024 as
overall origination volume and margins have improved slightly from
the prior year.
- Service charges on deposits decreased to $6.01 million for the second quarter of 2024
compared with $6.31 million for the
second quarter of 2023 and $6.25
million for the first quarter of 2024, primarily due to
lower revenue from overdraft fee income.
Noninterest expense for the second quarter of 2024 totaled
$65.01 million compared to
$57.61 million for the second quarter
of 2023 and $63.94 million for the
first quarter of 2024. Notable changes for the second quarter of
2024 when compared to the same quarter a year ago and for the
linked quarter are as follows:
- Salary, commissions, and employee benefit costs increased to
$37.47 million for the second quarter
of 2024, compared to $31.77 million
in the second quarter of 2023 and $36.68
million for the first quarter of 2024. The increase from the
prior year is related primarily to increases of $1.93 million in profit sharing expense,
$1.65 million in bonus and incentive
accruals due to annualized earnings growth for several regions and
$1.33 million in health insurance
expenses. The increase from first quarter of 2024 is related to
bonus and incentive accruals offset by a slight decrease in health
insurance expenses.
- Noninterest expenses, excluding salary related costs, increased
$1.69 million for the second quarter
of 2024 compared to the same period in 2023 largely due to
increases in software amortization and expense and legal, tax and
professional fees. Non-interest expenses, excluding salary related
costs, increased $283 thousand from
the first quarter of 2024 due to a $1.08
million increase in legal, tax and professional fees, offset
by decreases in FDIC insurance expense of $457 thousand and $385
thousand in operational and other losses.
The Company's efficiency ratio was 47.41 percent
for the second quarter of 2024
compared to 44.74 percent for the second quarter of
2023 and 48.37 percent for the first quarter of 2024. The increase
from the prior year is related to the increase in non-interest
expense. The decrease from the linked quarter is primarily
due to the increase in net interest income.
As of June 30, 2024, consolidated
total assets were $13.16 billion
compared to $12.83 billion on
June 30, 2023, and $13.11 billion at December
31, 2023. Loans totaled $7.52
billion on June 30, 2024,
compared with loans of $6.78 billion
at June 30, 2023 and $7.15 billion at December
31, 2023. During the second quarter of 2024, loans
grew $290.32 million, or 16.15
percent annualized, when compared to March
31, 2024, balances. Loans have grown $370.94 million or 10.43 percent
year-to-date. Deposits totaled $11.41
billion at June 30, 2024,
compared to $10.81 billion at
June 30, 2023 and $11.14 billion at December
31, 2023.
Shareholders' equity was $1.52
billion as of June 30, 2024,
compared to $1.37 billion and
$1.50 billion at June 30, 2023, and December 31, 2023, respectively, primarily due to
accumulated earnings. The unrealized loss on the securities
portfolio, net of applicable tax, totaled $441.56 million at June
30, 2024, compared to unrealized losses of $490.28 million at June
30, 2023 and $403.30 million
at December 31, 2023.
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,
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 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.
FIRST FINANCIAL BANKSHARES,
INC.
|
CONSOLIDATED FINANCIAL SUMMARY
(UNAUDITED)
|
(In thousands, except share and per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
2024
|
|
|
2023
|
|
ASSETS
|
|
June 30,
|
|
|
Mar. 31,
|
|
|
Dec. 31,
|
|
|
Sept. 30,
|
|
|
June 30,
|
|
Cash and due from
banks
|
$
|
263,262
|
|
$
|
222,464
|
|
$
|
281,354
|
|
$
|
208,277
|
|
$
|
255,018
|
|
Interest-bearing demand
deposits in banks
|
|
103,315
|
|
|
365,397
|
|
|
255,237
|
|
|
180,008
|
|
|
23,839
|
|
Federal funds
sold
|
|
2,800
|
|
|
12,300
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Investment
securities
|
|
4,573,024
|
|
|
4,658,526
|
|
|
4,732,762
|
|
|
4,652,537
|
|
|
5,066,262
|
|
Loans,
held-for-investment
|
|
7,519,733
|
|
|
7,229,410
|
|
|
7,148,791
|
|
|
6,994,696
|
|
|
6,777,570
|
|
Allowance for credit
losses
|
|
(95,170)
|
|
|
(89,562)
|
|
|
(88,734)
|
|
|
(89,714)
|
|
|
(86,541)
|
|
Net loans,
held-for-investment
|
|
7,424,563
|
|
|
7,139,848
|
|
|
7,060,057
|
|
|
6,904,982
|
|
|
6,691,029
|
|
Loans,
held-for-sale
|
|
19,668
|
|
|
16,109
|
|
|
14,253
|
|
|
12,229
|
|
|
19,220
|
|
Premises and equipment,
net
|
|
153,075
|
|
|
151,953
|
|
|
151,788
|
|
|
152,936
|
|
|
152,876
|
|
Goodwill
|
|
313,481
|
|
|
313,481
|
|
|
313,481
|
|
|
313,481
|
|
|
313,481
|
|
Other intangible
assets
|
|
828
|
|
|
984
|
|
|
1,141
|
|
|
1,369
|
|
|
1,597
|
|
Other assets
|
|
310,059
|
|
|
310,096
|
|
|
295,521
|
|
|
351,599
|
|
|
302,115
|
|
Total
assets
|
$
|
13,164,075
|
|
$
|
13,191,158
|
|
$
|
13,105,594
|
|
$
|
12,777,418
|
|
$
|
12,825,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
|
3,289,032
|
|
$
|
3,348,147
|
|
$
|
3,435,586
|
|
$
|
3,477,553
|
|
$
|
3,578,483
|
|
Interest-bearing
deposits
|
|
8,120,125
|
|
|
7,941,661
|
|
|
7,702,714
|
|
|
7,238,970
|
|
|
7,229,077
|
|
Total
deposits
|
|
11,409,157
|
|
|
11,289,808
|
|
|
11,138,300
|
|
|
10,716,523
|
|
|
10,807,560
|
|
Repurchase
agreements
|
|
138,950
|
|
|
307,297
|
|
|
381,928
|
|
|
621,791
|
|
|
559,479
|
|
Borrowings
|
|
23,703
|
|
|
26,803
|
|
|
22,153
|
|
|
129,753
|
|
|
28,177
|
|
Trade date
payable
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,500
|
|
|
-
|
|
Other
liabilities
|
|
73,239
|
|
|
75,883
|
|
|
64,313
|
|
|
66,741
|
|
|
62,988
|
|
Shareholders'
equity
|
|
1,519,026
|
|
|
1,491,367
|
|
|
1,498,900
|
|
|
1,240,110
|
|
|
1,367,233
|
|
Total liabilities and
shareholders' equity
|
$
|
13,164,075
|
|
$
|
13,191,158
|
|
$
|
13,105,594
|
|
$
|
12,777,418
|
|
$
|
12,825,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
2024
|
|
|
2023
|
|
INCOME STATEMENTS
|
|
June 30,
|
|
|
Mar. 31,
|
|
|
Dec. 31,
|
|
|
Sept. 30,
|
|
|
June 30,
|
|
Interest
income
|
$
|
153,673
|
|
$
|
149,495
|
|
$
|
142,207
|
|
$
|
135,351
|
|
$
|
129,005
|
|
Interest
expense
|
|
50,400
|
|
|
49,253
|
|
|
44,699
|
|
|
41,202
|
|
|
33,139
|
|
Net interest
income
|
|
103,273
|
|
|
100,242
|
|
|
97,508
|
|
|
94,149
|
|
|
95,866
|
|
Provision for credit
losses
|
|
5,888
|
|
|
808
|
|
|
-
|
|
|
2,276
|
|
|
5,573
|
|
Net interest income
after provision for credit losses
|
|
97,385
|
|
|
99,434
|
|
|
97,508
|
|
|
91,873
|
|
|
90,293
|
|
Noninterest
income
|
|
31,268
|
|
|
29,383
|
|
|
21,979
|
|
|
28,070
|
|
|
29,947
|
|
Noninterest
expense
|
|
65,012
|
|
|
63,940
|
|
|
63,474
|
|
|
59,539
|
|
|
57,613
|
|
Net income before
income taxes
|
|
63,641
|
|
|
64,877
|
|
|
56,013
|
|
|
60,404
|
|
|
62,627
|
|
Income tax
expense
|
|
11,156
|
|
|
11,480
|
|
|
10,031
|
|
|
10,848
|
|
|
11,754
|
|
Net income
|
$
|
52,485
|
|
$
|
53,397
|
|
$
|
45,982
|
|
$
|
49,556
|
|
$
|
50,873
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income -
basic
|
$
|
0.37
|
|
$
|
0.37
|
|
$
|
0.32
|
|
$
|
0.35
|
|
$
|
0.36
|
|
Net income -
diluted
|
|
0.37
|
|
|
0.37
|
|
|
0.32
|
|
|
0.35
|
|
|
0.36
|
|
Cash dividends
declared
|
|
0.18
|
|
|
0.18
|
|
|
0.18
|
|
|
0.18
|
|
|
0.18
|
|
Book value
|
|
10.63
|
|
|
10.44
|
|
|
10.50
|
|
|
8.69
|
|
|
9.58
|
|
Tangible book
value
|
|
8.43
|
|
|
8.24
|
|
|
8.30
|
|
|
6.48
|
|
|
7.37
|
|
Market value
|
|
29.53
|
|
|
32.81
|
|
|
30.30
|
|
|
25.12
|
|
|
28.49
|
|
Shares outstanding -
end of period
|
|
142,848,909
|
|
|
142,817,159
|
|
|
142,716,939
|
|
|
142,677,069
|
|
|
142,741,196
|
|
Average outstanding
shares - basic
|
|
142,814,363
|
|
|
142,724,674
|
|
|
142,680,263
|
|
|
142,707,260
|
|
|
142,700,805
|
|
Average outstanding
shares - diluted
|
|
143,088,930
|
|
|
143,029,449
|
|
|
143,069,900
|
|
|
143,149,373
|
|
|
143,087,555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.61
|
%
|
|
1.62
|
%
|
|
1.42
|
%
|
|
1.53
|
%
|
|
1.58
|
%
|
Return on average
equity
|
|
14.43
|
|
|
14.43
|
|
|
14.26
|
|
|
14.51
|
|
|
14.89
|
|
Return on average
tangible equity
|
|
18.38
|
|
|
18.29
|
|
|
18.92
|
|
|
18.90
|
|
|
19.33
|
|
Net interest margin
(tax equivalent)
|
|
3.48
|
|
|
3.34
|
|
|
3.33
|
|
|
3.22
|
|
|
3.29
|
|
Efficiency
ratio
|
|
47.41
|
|
|
48.37
|
|
|
51.97
|
|
|
47.62
|
|
|
44.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENTS
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
303,167
|
|
$
|
250,513
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
99,653
|
|
|
58,361
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
203,514
|
|
|
192,152
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses
|
|
6,695
|
|
|
8,354
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provisions for credit losses
|
|
196,819
|
|
|
183,798
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
60,651
|
|
|
57,954
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
128,952
|
|
|
114,869
|
|
|
|
|
|
|
|
|
|
|
Net income before
income taxes
|
|
128,518
|
|
|
126,883
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
22,636
|
|
|
23,442
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
105,882
|
|
$
|
103,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income -
basic
|
$
|
0.74
|
|
$
|
0.72
|
|
|
|
|
|
|
|
|
|
|
Net income -
diluted
|
|
0.74
|
|
|
0.72
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared
|
|
0.36
|
|
|
0.35
|
|
|
|
|
|
|
|
|
|
|
Book value
|
|
10.63
|
|
|
9.58
|
|
|
|
|
|
|
|
|
|
|
Tangible book
value
|
|
8.43
|
|
|
7.37
|
|
|
|
|
|
|
|
|
|
|
Market value
|
$
|
29.53
|
|
$
|
28.49
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding -
end of period
|
|
142,848,909
|
|
|
142,741,196
|
|
|
|
|
|
|
|
|
|
|
Average outstanding
shares - basic
|
|
142,769,518
|
|
|
142,683,322
|
|
|
|
|
|
|
|
|
|
|
Average outstanding
shares - diluted
|
|
143,067,193
|
|
|
143,027,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.62
|
%
|
|
1.62
|
%
|
|
|
|
|
|
|
|
|
|
Return on average
equity
|
|
14.43
|
|
|
15.58
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity
|
|
18.33
|
|
|
20.38
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(tax equivalent)
|
|
3.41
|
|
|
3.32
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
47.88
|
|
|
44.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST FINANCIAL BANKSHARES,
INC.
|
SELECTED FINANCIAL DATA
(UNAUDITED)
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
2024
|
|
|
2023
|
|
ALLOWANCE FOR LOAN LOSSES
|
|
June 30,
|
|
|
Mar. 31,
|
|
|
Dec. 31,
|
|
|
Sept. 30,
|
|
|
June 30,
|
|
Balance at beginning of
period
|
$
|
89,562
|
|
$
|
88,734
|
|
$
|
89,714
|
|
$
|
86,541
|
|
$
|
80,818
|
|
Loans
charged-off
|
|
(702)
|
|
|
(850)
|
|
|
(1,213)
|
|
|
(1,080)
|
|
|
(1,118)
|
|
Loan
recoveries
|
|
400
|
|
|
422
|
|
|
233
|
|
|
432
|
|
|
319
|
|
Net recoveries
(charge-offs)
|
|
(302)
|
|
|
(428)
|
|
|
(980)
|
|
|
(648)
|
|
|
(799)
|
|
Provision for loan
losses
|
|
5,910
|
|
|
1,256
|
|
|
-
|
|
|
3,821
|
|
|
6,522
|
|
Balance at end of
period
|
$
|
95,170
|
|
$
|
89,562
|
|
$
|
88,734
|
|
$
|
89,714
|
|
$
|
86,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR UNFUNDED
COMMITMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of
period
|
$
|
7,455
|
|
$
|
7,903
|
|
$
|
7,903
|
|
$
|
9,448
|
|
$
|
10,397
|
|
Provision for unfunded
commitments
|
|
(22)
|
|
|
(448)
|
|
|
-
|
|
|
(1,545)
|
|
|
(949)
|
|
Balance at end of
period
|
$
|
7,433
|
|
$
|
7,455
|
|
$
|
7,903
|
|
$
|
7,903
|
|
$
|
9,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses /
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
period-end loans
held-for-investment
|
|
1.27
|
%
|
|
1.24
|
%
|
|
1.24
|
%
|
|
1.28
|
%
|
|
1.28
|
%
|
Allowance for loan
losses /
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nonperforming
loans
|
|
157.20
|
|
|
247.48
|
|
|
256.36
|
|
|
229.44
|
|
|
296.13
|
|
Net charge-offs
(recoveries) / average total loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(annualized)
|
|
0.02
|
|
|
0.02
|
|
|
0.06
|
|
|
0.04
|
|
|
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
2024
|
|
|
2023
|
|
COMPOSITION OF LOANS
HELD-FOR-INVESTMENT
|
|
June 30,
|
|
|
Mar. 31,
|
|
|
Dec. 31,
|
|
|
Sept. 30,
|
|
|
June 30,
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C&I
|
$
|
1,141,990
|
|
$
|
1,191,516
|
|
$
|
1,164,811
|
|
$
|
1,108,240
|
|
$
|
1,021,863
|
|
Municipal
|
|
359,124
|
|
|
211,013
|
|
|
214,850
|
|
|
218,358
|
|
|
215,977
|
|
Total
Commercial
|
|
1,501,114
|
|
|
1,402,529
|
|
|
1,379,661
|
|
|
1,326,598
|
|
|
1,237,840
|
|
Agricultural
|
|
86,186
|
|
|
87,882
|
|
|
84,890
|
|
|
81,876
|
|
|
82,032
|
|
Real Estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction &
Development
|
|
986,394
|
|
|
921,773
|
|
|
963,158
|
|
|
929,570
|
|
|
915,221
|
|
Farm
|
|
318,597
|
|
|
311,002
|
|
|
344,954
|
|
|
341,052
|
|
|
335,644
|
|
Non-Owner Occupied
CRE
|
|
815,713
|
|
|
853,721
|
|
|
827,969
|
|
|
828,900
|
|
|
811,347
|
|
Owner Occupied
CRE
|
|
1,049,715
|
|
|
1,032,845
|
|
|
1,037,281
|
|
|
1,002,913
|
|
|
1,011,511
|
|
Residential
|
|
1,990,604
|
|
|
1,918,573
|
|
|
1,834,593
|
|
|
1,788,913
|
|
|
1,698,679
|
|
Total Real
Estate
|
|
5,161,023
|
|
|
5,037,914
|
|
|
5,007,955
|
|
|
4,891,348
|
|
|
4,772,402
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
615,192
|
|
|
549,837
|
|
|
521,859
|
|
|
540,382
|
|
|
534,603
|
|
Non-Auto
|
|
156,218
|
|
|
151,248
|
|
|
154,426
|
|
|
154,492
|
|
|
150,693
|
|
Total
Consumer
|
|
771,410
|
|
|
701,085
|
|
|
676,285
|
|
|
694,874
|
|
|
685,296
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
held-for-investment
|
$
|
7,519,733
|
|
$
|
7,229,410
|
|
$
|
7,148,791
|
|
$
|
6,994,696
|
|
$
|
6,777,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY OF LOAN CLASSIFICATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Mention
|
$
|
57,864
|
|
$
|
62,623
|
|
$
|
40,834
|
|
$
|
60,939
|
|
$
|
66,960
|
|
Substandard
|
|
161,399
|
|
|
138,964
|
|
|
135,379
|
|
|
118,166
|
|
|
108,179
|
|
Doubtful
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total classified
loans
|
$
|
219,263
|
|
$
|
201,587
|
|
$
|
176,213
|
|
$
|
179,105
|
|
$
|
175,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
60,311
|
|
$
|
36,157
|
|
$
|
33,609
|
|
$
|
38,812
|
|
$
|
28,672
|
|
Accruing loans 90 days
past due
|
|
231
|
|
|
33
|
|
|
1,004
|
|
|
289
|
|
|
552
|
|
Total nonperforming
loans
|
|
60,542
|
|
|
36,190
|
|
|
34,613
|
|
|
39,101
|
|
|
29,224
|
|
Foreclosed
assets
|
|
647
|
|
|
1,014
|
|
|
483
|
|
|
597
|
|
|
25
|
|
Total nonperforming
assets
|
$
|
61,189
|
|
$
|
37,204
|
|
$
|
35,096
|
|
$
|
39,698
|
|
$
|
29,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a % of loans
held-for-investment and foreclosed assets
|
|
0.81
|
%
|
|
0.51
|
%
|
|
0.49
|
%
|
|
0.57
|
%
|
|
0.43
|
%
|
As a % of end of period
total assets
|
|
0.46
|
|
|
0.28
|
|
|
0.27
|
|
|
0.31
|
|
|
0.23
|
|
|
Quarter Ended
|
|
|
2024
|
|
|
2023
|
|
CAPITAL RATIOS
|
|
June 30,
|
|
|
Mar. 31,
|
|
|
Dec. 31,
|
|
|
Sept. 30,
|
|
|
June 30,
|
|
Common equity Tier 1
capital ratio
|
|
18.42
|
%
|
|
18.60
|
%
|
|
18.50
|
%
|
|
18.35
|
%
|
|
18.48
|
%
|
Tier 1 capital
ratio
|
|
18.42
|
|
|
18.60
|
|
|
18.50
|
|
|
18.35
|
|
|
18.48
|
|
Total capital
ratio
|
|
19.55
|
|
|
19.70
|
|
|
19.62
|
|
|
19.49
|
|
|
19.62
|
|
Tier 1 leverage
ratio
|
|
12.40
|
|
|
12.12
|
|
|
12.06
|
|
|
12.00
|
|
|
11.81
|
|
Tangible common equity
ratio
|
|
9.38
|
|
|
9.14
|
|
|
9.26
|
|
|
7.42
|
|
|
8.41
|
|
Equity/Assets
ratio
|
|
11.54
|
|
|
11.31
|
|
|
11.44
|
|
|
9.71
|
|
|
10.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
2024
|
|
|
2023
|
|
NONINTEREST INCOME
|
|
June 30,
|
|
|
Mar. 31,
|
|
|
Dec. 31,
|
|
|
Sept. 30,
|
|
|
June 30,
|
|
Trust fees
|
$
|
11,714
|
|
$
|
11,379
|
|
$
|
10,678
|
|
$
|
10,050
|
|
$
|
9,883
|
|
Service charges on
deposits
|
|
6,009
|
|
|
6,246
|
|
|
6,523
|
|
|
6,509
|
|
|
6,310
|
|
Debit card
fees
|
|
5,145
|
|
|
4,891
|
|
|
5,024
|
|
|
5,041
|
|
|
6,720
|
|
Credit card
fees
|
|
672
|
|
|
631
|
|
|
631
|
|
|
694
|
|
|
711
|
|
Gain on sale and fees
on mortgage loans
|
|
3,687
|
|
|
3,128
|
|
|
1,940
|
|
|
3,442
|
|
|
3,534
|
|
Net gain (loss) on sale
of available-for-sale securities
|
|
-
|
|
|
-
|
|
|
(6,205)
|
|
|
(972)
|
|
|
46
|
|
Net gain (loss) on sale
of foreclosed assets
|
|
(58)
|
|
|
-
|
|
|
23
|
|
|
(10)
|
|
|
(1)
|
|
Net gain (loss) on sale
of assets
|
|
2
|
|
|
-
|
|
|
(101)
|
|
|
696
|
|
|
-
|
|
Interest on loan
recoveries
|
|
664
|
|
|
555
|
|
|
536
|
|
|
698
|
|
|
475
|
|
Other noninterest
income
|
|
3,433
|
|
|
2,553
|
|
|
2,930
|
|
|
1,922
|
|
|
2,269
|
|
Total noninterest
income
|
$
|
31,268
|
|
$
|
29,383
|
|
$
|
21,979
|
|
$
|
28,070
|
|
$
|
29,947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, commissions
and employee benefits, excluding profit sharing
|
$
|
35,569
|
|
$
|
35,003
|
|
$
|
34,560
|
|
$
|
32,755
|
|
$
|
31,796
|
|
Profit sharing
expense
|
|
1,903
|
|
|
1,680
|
|
|
1,193
|
|
|
180
|
|
|
(30)
|
|
Net occupancy
expense
|
|
3,618
|
|
|
3,470
|
|
|
3,348
|
|
|
3,565
|
|
|
3,423
|
|
Equipment
expense
|
|
2,233
|
|
|
2,237
|
|
|
2,020
|
|
|
2,200
|
|
|
2,198
|
|
FDIC insurance
premiums
|
|
1,508
|
|
|
1,965
|
|
|
3,105
|
|
|
1,573
|
|
|
1,417
|
|
Debit card
expense
|
|
3,242
|
|
|
3,058
|
|
|
3,229
|
|
|
3,284
|
|
|
3,221
|
|
Legal, tax and
professional fees
|
|
3,809
|
|
|
2,734
|
|
|
3,125
|
|
|
3,007
|
|
|
2,847
|
|
Audit fees
|
|
453
|
|
|
333
|
|
|
587
|
|
|
551
|
|
|
563
|
|
Printing, stationery
and supplies
|
|
425
|
|
|
447
|
|
|
492
|
|
|
512
|
|
|
740
|
|
Amortization of
intangible assets
|
|
157
|
|
|
157
|
|
|
228
|
|
|
228
|
|
|
228
|
|
Advertising, meals and
public relations
|
|
1,466
|
|
|
1,455
|
|
|
1,146
|
|
|
1,622
|
|
|
1,789
|
|
Operational and other
losses
|
|
769
|
|
|
1,154
|
|
|
1,096
|
|
|
959
|
|
|
856
|
|
Software amortization
and expense
|
|
3,158
|
|
|
3,005
|
|
|
3,017
|
|
|
2,441
|
|
|
2,519
|
|
Other noninterest
expense
|
|
6,702
|
|
|
7,242
|
|
|
6,328
|
|
|
6,662
|
|
|
6,046
|
|
Total noninterest
expense
|
$
|
65,012
|
|
$
|
63,940
|
|
$
|
63,474
|
|
$
|
59,539
|
|
$
|
57,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAX EQUIVALENT YIELD ADJUSTMENT
|
$
|
2,572
|
|
$
|
2,573
|
|
$
|
2,649
|
|
$
|
2,823
|
|
$
|
2,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
Trust fees
|
$
|
23,093
|
|
$
|
19,728
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposits
|
|
12,255
|
|
|
12,346
|
|
|
|
|
|
|
|
|
|
|
Debit card
fees
|
|
10,036
|
|
|
11,656
|
|
|
|
|
|
|
|
|
|
|
Credit card
fees
|
|
1,303
|
|
|
1,320
|
|
|
|
|
|
|
|
|
|
|
Gain on sale and fees
on mortgage loans
|
|
6,815
|
|
|
6,508
|
|
|
|
|
|
|
|
|
|
|
Net gain on sale of
available-for-sale securities
|
|
-
|
|
|
58
|
|
|
|
|
|
|
|
|
|
|
Net gain on sale of
foreclosed assets
|
|
(58)
|
|
|
33
|
|
|
|
|
|
|
|
|
|
|
Net gain (loss) on sale
of assets
|
|
2
|
|
|
930
|
|
|
|
|
|
|
|
|
|
|
Interest on loan
recoveries
|
|
1,219
|
|
|
821
|
|
|
|
|
|
|
|
|
|
|
Other noninterest
income
|
|
5,986
|
|
|
4,554
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
income
|
$
|
60,651
|
|
$
|
57,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, commissions
and employee benefits, excluding profit sharing
|
$
|
70,572
|
|
$
|
63,227
|
|
|
|
|
|
|
|
|
|
|
Profit sharing
expense
|
|
3,583
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net occupancy
expense
|
|
7,088
|
|
|
6,853
|
|
|
|
|
|
|
|
|
|
|
Equipment
expense
|
|
4,470
|
|
|
4,325
|
|
|
|
|
|
|
|
|
|
|
FDIC insurance
premiums
|
|
3,473
|
|
|
3,071
|
|
|
|
|
|
|
|
|
|
|
Debit card
expense
|
|
6,300
|
|
|
6,420
|
|
|
|
|
|
|
|
|
|
|
Legal, tax and
professional fees
|
|
6,543
|
|
|
5,534
|
|
|
|
|
|
|
|
|
|
|
Audit fees
|
|
786
|
|
|
1,103
|
|
|
|
|
|
|
|
|
|
|
Printing, stationery
and supplies
|
|
872
|
|
|
1,450
|
|
|
|
|
|
|
|
|
|
|
Amortization of
intangible assets
|
|
314
|
|
|
456
|
|
|
|
|
|
|
|
|
|
|
Advertising, meals and
public relations
|
|
2,920
|
|
|
3,264
|
|
|
|
|
|
|
|
|
|
|
Operational and other
losses
|
|
1,923
|
|
|
1,787
|
|
|
|
|
|
|
|
|
|
|
Software amortization
and expense
|
|
6,163
|
|
|
4,830
|
|
|
|
|
|
|
|
|
|
|
Other noninterest
expense
|
|
13,945
|
|
|
12,549
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
|
128,952
|
|
$
|
114,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAX EQUIVALENT YIELD ADJUSTMENT
|
$
|
5,145
|
|
$
|
6,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST FINANCIAL
BANKSHARES, INC.
|
SELECTED FINANCIAL
DATA (UNAUDITED)
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Three Months
Ended
|
|
June 30,
2024
|
|
|
|
Mar. 31,
2024
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
5,160
|
|
$
|
74
|
|
|
5.81
|
%
|
|
|
|
$
|
3,923
|
|
$
|
57
|
|
|
5.85
|
%
|
Interest-bearing demand
deposits in nonaffiliated banks
|
|
159,707
|
|
|
2,292
|
|
|
5.77
|
|
|
|
|
|
344,969
|
|
|
4,657
|
|
|
5.43
|
|
Taxable
securities
|
|
3,250,684
|
|
|
19,912
|
|
|
2.45
|
|
|
|
|
|
3,376,324
|
|
|
19,952
|
|
|
2.36
|
|
Tax-exempt
securities
|
|
1,404,706
|
|
|
9,730
|
|
|
2.77
|
|
|
|
|
|
1,434,505
|
|
|
9,794
|
|
|
2.73
|
|
Loans
|
|
7,405,297
|
|
|
124,237
|
|
|
6.75
|
|
|
|
|
|
7,205,424
|
|
|
117,608
|
|
|
6.56
|
|
Total interest-earning
assets
|
|
12,225,554
|
|
$
|
156,245
|
|
|
5.14
|
%
|
|
|
|
|
12,365,145
|
|
$
|
152,068
|
|
|
4.95
|
%
|
Noninterest-earning
assets
|
|
855,719
|
|
|
|
|
|
|
|
|
|
|
|
864,885
|
|
|
|
|
|
|
|
Total assets
|
$
|
13,081,273
|
|
|
|
|
|
|
|
|
|
|
$
|
13,230,030
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
8,020,247
|
|
$
|
48,414
|
|
|
2.43
|
%
|
|
|
|
$
|
7,878,094
|
|
$
|
45,250
|
|
|
2.31
|
%
|
Repurchase
Agreements
|
|
212,590
|
|
|
1,895
|
|
|
3.59
|
|
|
|
|
|
317,439
|
|
|
2,562
|
|
|
3.25
|
|
Borrowings
|
|
22,932
|
|
|
91
|
|
|
1.60
|
|
|
|
|
|
132,963
|
|
|
1,441
|
|
|
4.36
|
|
Total interest-bearing
liabilities
|
|
8,255,769
|
|
$
|
50,400
|
|
|
2.46
|
%
|
|
|
|
|
8,328,496
|
|
$
|
49,253
|
|
|
2.38
|
%
|
Noninterest-bearing
deposits
|
|
3,289,906
|
|
|
|
|
|
|
|
|
|
|
|
3,346,757
|
|
|
|
|
|
|
|
Other
noninterest-bearing
liabilities
|
|
72,464
|
|
|
|
|
|
|
|
|
|
|
|
66,134
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
1,463,134
|
|
|
|
|
|
|
|
|
|
|
|
1,488,643
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
13,081,273
|
|
|
|
|
|
|
|
|
|
|
$
|
13,230,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin (tax equivalent)
|
|
|
|
$
|
105,845
|
|
|
3.48
|
%
|
|
|
|
|
|
|
$
|
102,815
|
|
|
3.34
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Three Months
Ended
|
|
Dec. 31,
2023
|
|
|
|
Sept. 30,
2023
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
1,768
|
|
$
|
25
|
|
|
5.72
|
%
|
|
|
|
$
|
2,383
|
|
$
|
35
|
|
|
5.79
|
%
|
Interest-bearing demand
deposits in nonaffiliated banks
|
|
145,839
|
|
|
1,961
|
|
|
5.33
|
|
|
|
|
|
55,231
|
|
|
757
|
|
|
5.44
|
|
Taxable
securities
|
|
3,317,114
|
|
|
19,686
|
|
|
2.37
|
|
|
|
|
|
3,429,290
|
|
|
19,425
|
|
|
2.27
|
|
Tax-exempt
securities
|
|
1,410,148
|
|
|
10,188
|
|
|
2.89
|
|
|
|
|
|
1,578,660
|
|
|
11,085
|
|
|
2.81
|
|
Loans
|
|
7,052,463
|
|
|
112,996
|
|
|
6.36
|
|
|
|
|
|
6,894,064
|
|
|
106,872
|
|
|
6.15
|
|
Total interest-earning
assets
|
|
11,927,332
|
|
$
|
144,856
|
|
|
4.82
|
%
|
|
|
|
|
11,959,628
|
|
$
|
138,174
|
|
|
4.58
|
%
|
Noninterest-earning
assets
|
|
886,811
|
|
|
|
|
|
|
|
|
|
|
|
850,855
|
|
|
|
|
|
|
|
Total assets
|
$
|
12,814,143
|
|
|
|
|
|
|
|
|
|
|
$
|
12,810,483
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
7,371,260
|
|
$
|
39,225
|
|
|
2.11
|
%
|
|
|
|
$
|
7,259,252
|
|
$
|
36,165
|
|
|
1.98
|
%
|
Repurchase
Agreements
|
|
558,592
|
|
|
4,627
|
|
|
3.29
|
|
|
|
|
|
567,064
|
|
|
4,518
|
|
|
3.16
|
|
Borrowings
|
|
78,066
|
|
|
847
|
|
|
4.30
|
|
|
|
|
|
54,124
|
|
|
519
|
|
|
3.80
|
|
Total interest-bearing
liabilities
|
|
8,007,918
|
|
$
|
44,699
|
|
|
2.21
|
%
|
|
|
|
|
7,880,440
|
|
$
|
41,202
|
|
|
2.07
|
%
|
Noninterest-bearing
deposits
|
|
3,461,544
|
|
|
|
|
|
|
|
|
|
|
|
3,509,809
|
|
|
|
|
|
|
|
Other
noninterest-bearing
liabilities
|
|
65,524
|
|
|
|
|
|
|
|
|
|
|
|
65,094
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
1,279,157
|
|
|
|
|
|
|
|
|
|
|
|
1,355,140
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
12,814,143
|
|
|
|
|
|
|
|
|
|
|
$
|
12,810,483
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin (tax equivalent)
|
|
|
|
$
|
100,157
|
|
|
3.33
|
%
|
|
|
|
|
|
|
$
|
96,972
|
|
|
3.22
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
2,242
|
|
$
|
30
|
|
|
5.45
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits in nonaffiliated banks
|
|
119,168
|
|
|
1,553
|
|
|
5.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
securities
|
|
3,589,381
|
|
|
20,032
|
|
|
2.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt
securities
|
|
1,653,418
|
|
|
11,799
|
|
|
2.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
6,683,276
|
|
|
98,541
|
|
|
5.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets
|
|
12,047,485
|
|
$
|
131,955
|
|
|
4.39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets
|
|
842,284
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
|
12,889,769
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
7,037,677
|
|
$
|
27,629
|
|
|
1.57
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase
Agreements
|
|
570,071
|
|
|
3,949
|
|
|
2.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
145,000
|
|
|
1,561
|
|
|
4.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
|
7,752,748
|
|
$
|
33,139
|
|
|
1.71
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
3,704,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
noninterest-bearing
liabilities
|
|
62,227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
1,370,651
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
12,889,769
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin (tax equivalent)
|
|
|
|
$
|
98,816
|
|
|
3.29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
Six Months
Ended
|
|
June 30,
2024
|
|
|
|
June 30,
2023
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
4,541
|
|
$
|
131
|
|
|
5.82
|
%
|
|
|
|
$
|
2,374
|
|
$
|
62
|
|
|
5.28
|
%
|
Interest-bearing
deposits in nonaffiliated banks
|
|
252,338
|
|
|
6,948
|
|
|
5.54
|
|
|
|
|
|
131,288
|
|
|
3,172
|
|
|
4.87
|
|
Taxable
securities
|
|
3,313,504
|
|
|
39,864
|
|
|
2.41
|
|
|
|
|
|
3,630,591
|
|
|
40,815
|
|
|
2.25
|
|
Tax exempt
securities
|
|
1,419,606
|
|
|
19,524
|
|
|
2.75
|
|
|
|
|
|
1,701,707
|
|
|
24,542
|
|
|
2.88
|
|
Loans
|
|
7,305,361
|
|
|
241,846
|
|
|
6.66
|
|
|
|
|
|
6,592,310
|
|
|
188,002
|
|
|
5.75
|
|
Total interest-earning
assets
|
|
12,295,350
|
|
$
|
308,313
|
|
|
5.04
|
%
|
|
|
|
|
12,058,270
|
|
$
|
256,593
|
|
|
4.29
|
%
|
Noninterest-earning
assets
|
|
860,302
|
|
|
|
|
|
|
|
|
|
|
|
852,753
|
|
|
|
|
|
|
|
Total assets
|
$
|
13,155,652
|
|
|
|
|
|
|
|
|
|
|
$
|
12,911,023
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
7,949,170
|
|
$
|
93,666
|
|
|
2.37
|
%
|
|
|
|
$
|
7,058,979
|
|
$
|
49,441
|
|
|
1.41
|
%
|
Repurchase
Agreements
|
|
265,014
|
|
|
4,457
|
|
|
3.38
|
|
|
|
|
|
573,672
|
|
|
6,994
|
|
|
2.46
|
|
Borrowings
|
|
77,947
|
|
|
1,530
|
|
|
3.95
|
|
|
|
|
|
96,680
|
|
|
1,926
|
|
|
4.02
|
|
Total interest-bearing
liabilities
|
|
8,292,131
|
|
$
|
99,653
|
|
|
2.42
|
%
|
|
|
|
|
7,729,331
|
|
$
|
58,361
|
|
|
1.52
|
%
|
Noninterest-bearing
deposits
|
|
3,318,332
|
|
|
|
|
|
|
|
|
|
|
|
3,781,876
|
|
|
|
|
|
|
|
Other
noninterest-bearing
liabilities
|
|
69,300
|
|
|
|
|
|
|
|
|
|
|
|
61,134
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
1,475,889
|
|
|
|
|
|
|
|
|
|
|
|
1,338,682
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
13,155,652
|
|
|
|
|
|
|
|
|
|
|
$
|
12,911,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin (tax equivalent)
|
|
|
|
$
|
208,660
|
|
|
3.41
|
%
|
|
|
|
|
|
|
$
|
198,232
|
|
|
3.32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-second-quarter-2024-earnings-302201034.html
SOURCE First Financial Bankshares, Inc.