ABILENE,
Texas, Jan. 23, 2025 /PRNewswire/ -- First
Financial Bankshares, Inc. (the "Company," "we," "us" or
"our") (NASDAQ: FFIN) today reported earnings of $62.32 million for the fourth quarter of 2024
compared to earnings of $55.31
million for the third quarter of 2024 and $45.98 million for the same quarter a year ago.
Diluted earnings per share were $0.43
for the fourth quarter of 2024 compared with $0.39 for the third quarter of 2024 and
$0.32 for the fourth quarter of
2023.
For the year ended December 31,
2024, the Company reported net income of $223.51
million, or $1.56 per diluted share, compared
to $198.98 million, or $1.39 per diluted share, for
the year ended December 31, 2023, reflecting an increase of
$24.53 million, or 12.33 percent.
"We are very pleased with both our fourth quarter and annual
results for 2024. We finished 2024 with strong growth in earnings,
loans and deposits," said F. Scott
Dueser, Chairman and CEO of First Financial Bankshares, Inc.
"We are encouraged by the momentum we have gained over this past
year growing our earning assets and funding sources while seeing
improvement in our margin. As we enter 2025, we will continue to
remain focused on maintaining this momentum, staying consistent to
our proven track record of sound fundamental banking practice and
actively manage the impact of the current interest rate, regulatory
and economic environments. We appreciate the continued support of
our customers, shareholders and associates and assure you that we
will continue to put You First!", Mr. Dueser added.
Net interest income for the fourth quarter of 2024 was
$116.12 million compared to
$107.11 million for the third quarter
of 2024 and $97.51 million for the
fourth quarter of 2023. The net interest margin, on a tax-
equivalent basis, was 3.67 percent for the fourth quarter of 2024
compared to 3.50 percent for the third quarter of 2024 and 3.33
percent in the fourth quarter of 2023. Average interest-earning
assets were $12.86 billion for the
fourth quarter of 2024 compared to $11.93
billion for the same quarter a year ago.
The Company recorded a provision for credit losses of
$1.00 million for the fourth quarter
of 2024 compared to a provision of $6.12
million for the third quarter of 2024. The Company did not
record a provision in fourth quarter 2023. The Company recorded a
provision for credit losses of $13.82
million for the year ended December
31, 2024, versus $10.63
million recorded in the prior year.
The allowance for credit losses totaled $98.33 million, at December 31, 2024, compared to $88.73 million, at December 31, 2023, or 1.24 percent of loans
held-for-investment ("loans" hereafter) as of both year ends.
Additionally, the reserve for unfunded commitments totaled
$8.68 million at December 31, 2024 compared to $7.90 million at December
31, 2023.
For the fourth quarter of 2024, net charge-offs totaled
$1.94 million compared to net
charge-offs of $786 thousand for the
third quarter of 2024 and $980
thousand for the fourth quarter of 2023. Nonperforming
assets as a percentage of loans and foreclosed assets totaled 0.80
percent on December 31, 2024,
compared to 0.83 percent at September 30,
2024 and 0.49 percent at December 31,
2023. Classified loans totaled $233.85 million on December 31, 2024, compared to $229.92 million at September 30, 2024 and $176.21 million at December 31, 2023.
Noninterest income for the fourth quarter of 2024 was
$30.98 million compared to
$32.36 million for the third quarter
of 2024 and $21.98 million for the
fourth quarter of 2023. Notable changes for the fourth quarter of
2024 when compared to the linked quarter and the same quarter a
year ago are as follows:
- Trust fee income increased $968
thousand, or 8.28 percent, compared to the third quarter of
2024 and increased $1.98 million or
18.58 percent from the same quarter last year. Trust revenue has
increased primarily due to growth in assets under management to
$10.83 billion at December 31, 2024 compared to $9.78 billion at December
31, 2023, as well as increases in oil and gas related
fees.
- Mortgage income increased to $3.01
million for the fourth quarter of 2024 compared to
$1.94 million in the fourth quarter
of 2023 due to increased loan volume from the prior year.
- Debit card fees increased by $482
thousand for the fourth quarter of 2024 when compared to the
same quarter a year ago.
- Recoveries of interest on previously charged-off or nonaccrual
loans totaled $433 thousand for the
fourth quarter of 2024 compared to $1.36
million for the third quarter of 2024 and $536 thousand for the fourth quarter of
2023.
- Securities totaling $90.72
million were sold in the fourth quarter of 2023 resulting in
a loss on sales of securities of $6.21
million. There were no securities sales in 2024.
Noninterest expense for the fourth quarter of 2024 totaled
$70.10 million compared to
$66.01 million for the third quarter
of 2024 and $63.47 million for the
fourth quarter of 2023. Notable changes for the fourth
quarter of 2024 when compared to the linked quarter and the same
quarter a year ago are as follows:
- Salary, commissions, and employee benefit costs increased to
$41.64 million for the fourth quarter
of 2024, compared to $35.75 million
in the fourth quarter of 2023. The increase from the fourth quarter
of 2023 is primarily related to increases of $4.15 million in profit sharing and officer bonus
and incentive accruals related to growth in earnings over the prior
year. Additionally, officer and employee salaries increased for
additions to the middle market lending team and the audit and risk
departments due to growth.
- Noninterest expenses, excluding salary related costs, increased
$734 thousand for the fourth quarter
of 2024 compared to the same period in 2023 largely due to
increases in software amortization and expense, occupancy expense
and legal, tax and professional fees offset by a decrease in FDIC
insurance premiums of $1.59 million
due to the special assessment in the prior year.
The Company's efficiency ratio was 46.81 percent for the fourth
quarter of 2024 and 51.97 percent for the fourth quarter of 2023.
The decrease from the same period in the prior year is primarily
due to the increase in net interest income in 2024 as well as
losses on sales of bonds in the prior year.
As of December 31, 2024,
consolidated total assets were $13.98
billion compared to $13.11
billion at December 31, 2023.
Loans totaled $7.91 billion at
December 31, 2024, compared with
loans of $7.15 billion at
December 31, 2023. During the
fourth quarter of 2024, loans grew $189.91
million, or 9.78 percent annualized, when compared to
September 30, 2024 balances and grew
$764.31 million or 10.69 percent from
December 31, 2023 balances. Deposits
and Repurchase Agreements totaled $12.16
billion at December 31, 2024,
compared to $11.81 billion at
September 30, 2024 and $11.52 billion at December
31, 2023. During the fourth quarter of 2024, Deposits
and Repurchase Agreements grew $347.17
million, or 11.69 percent annualized, when compared to
September 30, 2024 balances and
$640.36 million from December 31, 2023, or 5.56 percent.
Shareholders' equity was $1.61
billion as of December 31,
2024, compared to $1.66
billion at September 30, 2024,
and $1.50 billion at December 31, 2023, resulting from growth in
retained earnings offset by changes in Other Comprehensive Income
("OCI") due to the increase in unrealized losses in the bond
portfolio related to the recent increase in longer term interest
rates. The unrealized loss on the securities portfolio, net of
applicable tax, totaled $424.29
million at December 31, 2024,
compared to an unrealized loss of $329.82
million at September 30, 2024
and $403.30 million at December 31, 2023.
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.
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
|
|
Dec.
31,
|
|
|
Sept.
30,
|
|
|
June
30,
|
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
|
Cash and due from
banks
|
$
|
259,996
|
|
$
|
296,188
|
|
$
|
263,262
|
|
$
|
222,464
|
|
$
|
281,354
|
|
|
Interest-bearing demand
deposits in banks
|
|
503,417
|
|
|
287,476
|
|
|
103,315
|
|
|
365,397
|
|
|
255,237
|
|
|
Federal funds
sold
|
|
-
|
|
|
-
|
|
|
2,800
|
|
|
12,300
|
|
|
-
|
|
|
Investment
securities
|
|
4,617,759
|
|
|
4,612,299
|
|
|
4,573,024
|
|
|
4,658,526
|
|
|
4,732,762
|
|
|
Loans,
held-for-investment
|
|
7,913,098
|
|
|
7,723,191
|
|
|
7,519,733
|
|
|
7,229,410
|
|
|
7,148,791
|
|
|
Allowance for credit
losses
|
|
(98,325)
|
|
|
(99,936)
|
|
|
(95,170)
|
|
|
(89,562)
|
|
|
(88,734)
|
|
|
Net loans,
held-for-investment
|
|
7,814,773
|
|
|
7,623,255
|
|
|
7,424,563
|
|
|
7,139,848
|
|
|
7,060,057
|
|
|
Loans,
held-for-sale
|
|
8,235
|
|
|
20,114
|
|
|
19,668
|
|
|
16,109
|
|
|
14,253
|
|
|
Premises and equipment,
net
|
|
151,904
|
|
|
151,204
|
|
|
153,075
|
|
|
151,953
|
|
|
151,788
|
|
|
Goodwill
|
|
313,481
|
|
|
313,481
|
|
|
313,481
|
|
|
313,481
|
|
|
313,481
|
|
|
Other intangible
assets
|
|
523
|
|
|
671
|
|
|
828
|
|
|
984
|
|
|
1,141
|
|
|
Other assets
|
|
309,330
|
|
|
278,244
|
|
|
310,059
|
|
|
310,096
|
|
|
295,521
|
|
|
Total assets
|
$
|
13,979,418
|
|
$
|
13,582,932
|
|
$
|
13,164,075
|
|
$
|
13,191,158
|
|
$
|
13,105,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
|
3,348,041
|
|
$
|
3,303,143
|
|
$
|
3,289,032
|
|
$
|
3,348,147
|
|
$
|
3,435,586
|
|
|
Interest-bearing
deposits
|
|
8,751,133
|
|
|
8,452,718
|
|
|
8,120,125
|
|
|
7,941,661
|
|
|
7,702,714
|
|
|
Total
deposits
|
|
12,099,174
|
|
|
11,755,861
|
|
|
11,409,157
|
|
|
11,289,808
|
|
|
11,138,300
|
|
|
Repurchase
agreements
|
|
61,416
|
|
|
57,557
|
|
|
138,950
|
|
|
307,297
|
|
|
381,928
|
|
|
Borrowings
|
|
135,603
|
|
|
25,978
|
|
|
23,703
|
|
|
26,803
|
|
|
22,153
|
|
|
Trade date
payable
|
|
-
|
|
|
5,416
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Other
liabilities
|
|
76,665
|
|
|
75,929
|
|
|
73,239
|
|
|
75,883
|
|
|
64,313
|
|
|
Shareholders'
equity
|
|
1,606,560
|
|
|
1,662,191
|
|
|
1,519,026
|
|
|
1,491,367
|
|
|
1,498,900
|
|
|
Total liabilities and
shareholders' equity
|
$
|
13,979,418
|
|
$
|
13,582,932
|
|
$
|
13,164,075
|
|
$
|
13,191,158
|
|
$
|
13,105,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
2024
|
|
|
2023
|
|
|
INCOME
STATEMENTS
|
|
Dec.
31,
|
|
|
Sept.
30,
|
|
|
June
30,
|
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
|
Interest
income
|
$
|
165,792
|
|
$
|
159,958
|
|
$
|
153,673
|
|
$
|
149,495
|
|
$
|
142,207
|
|
|
Interest
expense
|
|
49,675
|
|
|
52,849
|
|
|
50,400
|
|
|
49,253
|
|
|
44,699
|
|
|
Net interest
income
|
|
116,117
|
|
|
107,109
|
|
|
103,273
|
|
|
100,242
|
|
|
97,508
|
|
|
Provision for credit
losses
|
|
1,003
|
|
|
6,123
|
|
|
5,888
|
|
|
808
|
|
|
-
|
|
|
Net interest income
after provision for credit losses
|
|
115,114
|
|
|
100,986
|
|
|
97,385
|
|
|
99,434
|
|
|
97,508
|
|
|
Noninterest
income
|
|
30,977
|
|
|
32,362
|
|
|
31,268
|
|
|
29,383
|
|
|
21,979
|
|
|
Noninterest
expense
|
|
70,099
|
|
|
66,012
|
|
|
65,012
|
|
|
63,940
|
|
|
63,474
|
|
|
Net income before
income taxes
|
|
75,992
|
|
|
67,336
|
|
|
63,641
|
|
|
64,877
|
|
|
56,013
|
|
|
Income tax
expense
|
|
13,671
|
|
|
12,028
|
|
|
11,156
|
|
|
11,480
|
|
|
10,031
|
|
|
Net income
|
$
|
62,321
|
|
$
|
55,308
|
|
$
|
52,485
|
|
$
|
53,397
|
|
$
|
45,982
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income -
basic
|
$
|
0.44
|
|
$
|
0.39
|
|
$
|
0.37
|
|
$
|
0.37
|
|
$
|
0.32
|
|
|
Net income -
diluted
|
|
0.43
|
|
|
0.39
|
|
|
0.37
|
|
|
0.37
|
|
|
0.32
|
|
|
Cash dividends
declared
|
|
0.18
|
|
|
0.18
|
|
|
0.18
|
|
|
0.18
|
|
|
0.18
|
|
|
Book value
|
|
11.24
|
|
|
11.63
|
|
|
10.63
|
|
|
10.44
|
|
|
10.50
|
|
|
Tangible book
value
|
|
9.04
|
|
|
9.43
|
|
|
8.43
|
|
|
8.24
|
|
|
8.30
|
|
|
Market value
|
|
36.05
|
|
|
37.01
|
|
|
29.53
|
|
|
32.81
|
|
|
30.30
|
|
|
Shares outstanding -
end of period
|
|
142,944,704
|
|
|
142,906,070
|
|
|
142,848,909
|
|
|
142,817,159
|
|
|
142,716,939
|
|
|
Average outstanding
shares - basic
|
|
142,898,110
|
|
|
142,853,215
|
|
|
142,814,363
|
|
|
142,724,674
|
|
|
142,680,263
|
|
|
Average outstanding
shares - diluted
|
|
143,352,067
|
|
|
143,188,857
|
|
|
143,088,930
|
|
|
143,029,449
|
|
|
143,069,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.81
|
%
|
1.66
|
%
|
|
1.61
|
%
|
|
1.62
|
%
|
|
1.42
|
%
|
|
Return on average
equity
|
|
15.17
|
|
|
14.00
|
|
|
14.43
|
|
|
14.43
|
|
|
14.26
|
|
|
Return on average
tangible equity
|
|
18.78
|
|
|
17.49
|
|
|
18.38
|
|
|
18.29
|
|
|
18.92
|
|
|
Net interest margin
(tax equivalent)
|
|
3.67
|
|
|
3.50
|
|
|
3.48
|
|
|
3.34
|
|
|
3.33
|
|
|
Efficiency
ratio
|
|
46.81
|
|
|
46.45
|
|
|
47.41
|
|
|
48.37
|
|
|
51.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
|
|
|
|
|
|
|
Dec.
31,
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENTS
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
628,918
|
|
$
|
528,070
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
202,177
|
|
|
144,261
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
426,741
|
|
|
383,809
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses
|
|
13,821
|
|
|
10,631
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for credit losses
|
|
412,920
|
|
|
373,178
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
123,989
|
|
|
108,003
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
265,063
|
|
|
237,882
|
|
|
|
|
|
|
|
|
|
|
|
Net income before
income taxes
|
|
271,846
|
|
|
243,299
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
48,335
|
|
|
44,322
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
223,511
|
|
$
|
198,977
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income -
basic
|
$
|
1.56
|
|
$
|
1.39
|
|
|
|
|
|
|
|
|
|
|
|
Net income -
diluted
|
|
1.56
|
|
|
1.39
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared
|
|
0.72
|
|
|
0.71
|
|
|
|
|
|
|
|
|
|
|
|
Book value
|
|
11.24
|
|
|
10.50
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book
value
|
|
9.04
|
|
|
8.30
|
|
|
|
|
|
|
|
|
|
|
|
Market value
|
$
|
36.05
|
|
$
|
30.30
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding -
end of period
|
|
142,944,704
|
|
|
142,716,939
|
|
|
|
|
|
|
|
|
|
|
|
Average outstanding
shares - basic
|
|
142,822,880
|
|
|
142,688,585
|
|
|
|
|
|
|
|
|
|
|
|
Average outstanding
shares - diluted
|
|
143,232,520
|
|
|
142,938,977
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.68
|
%
|
1.55
|
%
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity
|
|
14.51
|
|
|
14.99
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity
|
|
18.24
|
|
|
19.65
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(tax equivalent)
|
|
3.50
|
|
|
3.29
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
47.23
|
|
|
47.26
|
|
|
|
|
|
|
|
|
|
|
|
FIRST FINANCIAL
BANKSHARES, INC.
|
|
SELECTED FINANCIAL
DATA (UNAUDITED)
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
2024
|
|
|
2023
|
|
|
ALLOWANCE FOR LOAN
LOSSES
|
|
Dec.
31,
|
|
|
Sept.
30,
|
|
|
June
30,
|
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
|
Balance at beginning of
period
|
$
|
99,936
|
|
$
|
95,170
|
|
$
|
89,562
|
|
$
|
88,734
|
|
$
|
89,714
|
|
|
Loans
charged-off
|
|
(2,184)
|
|
|
(1,279)
|
|
|
(702)
|
|
|
(850)
|
|
|
(1,213)
|
|
|
Loan
recoveries
|
|
243
|
|
|
493
|
|
|
400
|
|
|
422
|
|
|
233
|
|
|
Net recoveries
(charge-offs)
|
|
(1,941)
|
|
|
(786)
|
|
|
(302)
|
|
|
(428)
|
|
|
(980)
|
|
|
Provision for loan
losses
|
|
330
|
|
|
5,552
|
|
|
5,910
|
|
|
1,256
|
|
|
-
|
|
|
Balance at end of
period
|
$
|
98,325
|
|
$
|
99,936
|
|
$
|
95,170
|
|
$
|
89,562
|
|
$
|
88,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR
UNFUNDED COMMITMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of
period
|
$
|
8,004
|
|
$
|
7,433
|
|
$
|
7,455
|
|
$
|
7,903
|
|
$
|
7,903
|
|
|
Provision for unfunded
commitments
|
|
673
|
|
|
571
|
|
|
(22)
|
|
|
(448)
|
|
|
-
|
|
|
Balance at end of
period
|
$
|
8,677
|
|
$
|
8,004
|
|
$
|
7,433
|
|
$
|
7,455
|
|
$
|
7,903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses /
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
period-end loans
held-for-investment
|
|
1.24
|
%
|
|
1.29
|
%
|
|
1.27
|
%
|
|
1.24
|
%
|
|
1.24
|
%
|
|
Allowance for loan
losses /
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nonperforming
loans
|
|
158.02
|
|
|
156.44
|
|
|
157.20
|
|
|
247.48
|
|
|
256.36
|
|
|
Net charge-offs
(recoveries) / average total loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(annualized)
|
|
0.10
|
|
|
0.04
|
|
|
0.02
|
|
|
0.02
|
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of
|
|
|
2024
|
|
|
2023
|
|
|
COMPOSITION OF LOANS
HELD-FOR-INVESTMENT
|
|
Dec.
31,
|
|
|
Sept.
30,
|
|
|
June
30,
|
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C&I
|
$
|
1,176,993
|
|
$
|
1,175,774
|
|
$
|
1,141,990
|
|
$
|
1,191,516
|
|
$
|
1,164,811
|
|
|
Municipal
|
|
369,246
|
|
|
333,732
|
|
|
359,124
|
|
|
211,013
|
|
|
214,850
|
|
|
Total
Commercial
|
|
1,546,239
|
|
|
1,509,506
|
|
|
1,501,114
|
|
|
1,402,529
|
|
|
1,379,661
|
|
|
Agricultural
|
|
95,543
|
|
|
83,269
|
|
|
86,186
|
|
|
87,882
|
|
|
84,890
|
|
|
Real Estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction &
Development
|
|
1,054,603
|
|
|
1,013,810
|
|
|
986,394
|
|
|
921,773
|
|
|
963,158
|
|
|
Farm
|
|
339,665
|
|
|
315,720
|
|
|
318,597
|
|
|
311,002
|
|
|
344,954
|
|
|
Non-Owner Occupied
CRE
|
|
805,566
|
|
|
825,928
|
|
|
815,713
|
|
|
853,721
|
|
|
827,969
|
|
|
Owner Occupied
CRE
|
|
1,083,100
|
|
|
1,086,750
|
|
|
1,049,715
|
|
|
1,032,845
|
|
|
1,037,281
|
|
|
Residential
|
|
2,196,767
|
|
|
2,112,196
|
|
|
1,990,604
|
|
|
1,918,573
|
|
|
1,834,593
|
|
|
Total Real
Estate
|
|
5,479,701
|
|
|
5,354,404
|
|
|
5,161,023
|
|
|
5,037,914
|
|
|
5,007,955
|
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
638,560
|
|
|
618,103
|
|
|
615,192
|
|
|
549,837
|
|
|
521,859
|
|
|
Non-Auto
|
|
153,055
|
|
|
157,909
|
|
|
156,218
|
|
|
151,248
|
|
|
154,426
|
|
|
Total
Consumer
|
|
791,615
|
|
|
776,012
|
|
|
771,410
|
|
|
701,085
|
|
|
676,285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
held-for-investment
|
$
|
7,913,098
|
|
$
|
7,723,191
|
|
$
|
7,519,733
|
|
$
|
7,229,410
|
|
$
|
7,148,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY OF LOAN
CLASSIFICATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Mention
|
$
|
42,563
|
|
$
|
41,362
|
|
$
|
57,864
|
|
$
|
62,623
|
|
$
|
40,834
|
|
|
Substandard
|
|
191,288
|
|
|
188,561
|
|
|
161,399
|
|
|
138,964
|
|
|
135,379
|
|
|
Doubtful
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Total classified
loans
|
$
|
233,851
|
|
$
|
229,923
|
|
$
|
219,263
|
|
$
|
201,587
|
|
$
|
176,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
61,938
|
|
$
|
63,378
|
|
$
|
60,311
|
|
$
|
36,157
|
|
$
|
33,609
|
|
|
Accruing loans 90 days
past due
|
|
287
|
|
|
504
|
|
|
231
|
|
|
33
|
|
|
1,004
|
|
|
Total nonperforming
loans
|
|
62,225
|
|
|
63,882
|
|
|
60,542
|
|
|
36,190
|
|
|
34,613
|
|
|
Foreclosed
assets
|
|
871
|
|
|
535
|
|
|
647
|
|
|
1,014
|
|
|
483
|
|
|
Total nonperforming
assets
|
$
|
63,096
|
|
$
|
64,417
|
|
$
|
61,189
|
|
$
|
37,204
|
|
$
|
35,096
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a % of loans
held-for-investment and foreclosed assets
|
|
0.80
|
%
|
|
0.83
|
%
|
|
0.81
|
%
|
|
0.51
|
%
|
|
0.49
|
%
|
|
As a % of end of period
total assets
|
|
0.45
|
|
|
0.47
|
|
|
0.46
|
|
|
0.28
|
|
|
0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
|
2024
|
|
|
|
|
|
|
|
|
2023
|
|
|
CAPITAL
RATIOS
|
|
Dec.
31,
|
|
|
Sept.
30,
|
|
|
June
30,
|
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
|
Common equity Tier 1
capital ratio
|
|
18.83
|
%
|
18.83
|
%
|
|
18.42
|
%
|
|
18.60
|
%
|
|
18.50
|
%
|
|
Tier 1 capital
ratio
|
|
18.83
|
|
|
18.83
|
|
|
18.42
|
|
|
18.60
|
|
|
18.50
|
|
|
Total capital
ratio
|
|
20.00
|
|
|
20.03
|
|
|
19.55
|
|
|
19.70
|
|
|
19.62
|
|
|
Tier 1 leverage
ratio
|
|
12.49
|
|
|
12.53
|
|
|
12.40
|
|
|
12.12
|
|
|
12.06
|
|
|
Tangible common equity
ratio
|
|
9.46
|
|
|
10.16
|
|
|
9.38
|
|
|
9.14
|
|
|
9.26
|
|
|
Equity/Assets
ratio
|
|
11.49
|
|
|
12.24
|
|
|
11.54
|
|
|
11.31
|
|
|
11.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
|
2024
|
|
|
|
|
|
|
|
|
2023
|
|
|
NONINTEREST
INCOME
|
|
Dec.
31,
|
|
|
Sept.
30,
|
|
|
June
30,
|
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
|
Trust fees
|
$
|
12,662
|
|
$
|
11,694
|
|
$
|
11,714
|
|
$
|
11,379
|
|
$
|
10,678
|
|
|
Service charges on
deposits
|
|
6,306
|
|
|
6,428
|
|
|
6,009
|
|
|
6,246
|
|
|
6,523
|
|
|
Debit card
fees
|
|
5,506
|
|
|
5,528
|
|
|
5,145
|
|
|
4,891
|
|
|
5,024
|
|
|
Credit card
fees
|
|
617
|
|
|
617
|
|
|
672
|
|
|
631
|
|
|
631
|
|
|
Gain on sale and fees
on mortgage loans
|
|
3,009
|
|
|
3,359
|
|
|
3,687
|
|
|
3,128
|
|
|
1,940
|
|
|
Net gain (loss) on sale
of available-for-sale securities
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(6,205)
|
|
|
Net gain (loss) on sale
of foreclosed assets
|
|
36
|
|
|
(30)
|
|
|
(58)
|
|
|
-
|
|
|
23
|
|
|
Net gain (loss) on sale
of assets
|
|
214
|
|
|
267
|
|
|
2
|
|
|
-
|
|
|
(101)
|
|
|
Interest on loan
recoveries
|
|
433
|
|
|
1,359
|
|
|
664
|
|
|
555
|
|
|
536
|
|
|
Other noninterest
income
|
|
2,194
|
|
|
3,140
|
|
|
3,433
|
|
|
2,553
|
|
|
2,930
|
|
|
Total noninterest
income
|
$
|
30,977
|
|
$
|
32,362
|
|
$
|
31,268
|
|
$
|
29,383
|
|
$
|
21,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, commissions
and employee benefits, excluding profit sharing
|
$
|
37,996
|
|
$
|
35,262
|
|
$
|
35,569
|
|
$
|
35,003
|
|
$
|
34,560
|
|
|
Profit sharing
expense
|
|
3,648
|
|
|
2,235
|
|
|
1,903
|
|
|
1,680
|
|
|
1,193
|
|
|
Net occupancy
expense
|
|
3,753
|
|
|
3,738
|
|
|
3,618
|
|
|
3,470
|
|
|
3,348
|
|
|
Equipment
expense
|
|
2,305
|
|
|
2,291
|
|
|
2,233
|
|
|
2,237
|
|
|
2,020
|
|
|
FDIC insurance
premiums
|
|
1,511
|
|
|
1,514
|
|
|
1,508
|
|
|
1,965
|
|
|
3,105
|
|
|
Debit card
expense
|
|
3,220
|
|
|
3,248
|
|
|
3,242
|
|
|
3,058
|
|
|
3,229
|
|
|
Legal, tax and
professional fees
|
|
3,751
|
|
|
3,865
|
|
|
3,809
|
|
|
2,734
|
|
|
3,125
|
|
|
Audit fees
|
|
423
|
|
|
582
|
|
|
453
|
|
|
333
|
|
|
587
|
|
|
Printing, stationery
and supplies
|
|
293
|
|
|
199
|
|
|
425
|
|
|
447
|
|
|
492
|
|
|
Amortization of
intangible assets
|
|
147
|
|
|
157
|
|
|
157
|
|
|
157
|
|
|
228
|
|
|
Advertising, meals and
public relations
|
|
1,642
|
|
|
1,466
|
|
|
1,466
|
|
|
1,455
|
|
|
1,146
|
|
|
Operational and other
losses
|
|
863
|
|
|
955
|
|
|
769
|
|
|
1,154
|
|
|
1,096
|
|
|
Software amortization
and expense
|
|
3,648
|
|
|
3,712
|
|
|
3,158
|
|
|
3,005
|
|
|
3,017
|
|
|
Other noninterest
expense
|
|
6,899
|
|
|
6,788
|
|
|
6,702
|
|
|
7,242
|
|
|
6,328
|
|
|
Total noninterest
expense
|
$
|
70,099
|
|
$
|
66,012
|
|
$
|
65,012
|
|
$
|
63,940
|
|
$
|
63,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAX EQUIVALENT YIELD
ADJUSTMENT
|
|
2,673
|
|
|
2,628
|
|
$
|
2,572
|
|
$
|
2,573
|
|
$
|
2,649
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
|
|
|
|
|
|
|
Dec.
31,
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
Trust fees
|
$
|
47,449
|
|
$
|
40,456
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposits
|
|
24,988
|
|
|
25,378
|
|
|
|
|
|
|
|
|
|
|
|
Debit card
fees
|
|
21,070
|
|
|
21,721
|
|
|
|
|
|
|
|
|
|
|
|
Credit card
fees
|
|
2,537
|
|
|
2,645
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale and fees
on mortgage loans
|
|
13,183
|
|
|
11,890
|
|
|
|
|
|
|
|
|
|
|
|
Net gain (loss) on sale
of available-for-sale securities
|
|
-
|
|
|
(7,119)
|
|
|
|
|
|
|
|
|
|
|
|
Net gain (loss) on sale
of foreclosed assets
|
|
(51)
|
|
|
46
|
|
|
|
|
|
|
|
|
|
|
|
Net gain on sale of
assets
|
|
484
|
|
|
1,525
|
|
|
|
|
|
|
|
|
|
|
|
Interest on loan
recoveries
|
|
3,010
|
|
|
2,055
|
|
|
|
|
|
|
|
|
|
|
|
Other noninterest
income
|
|
11,319
|
|
|
9,406
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
income
|
$
|
123,989
|
|
$
|
108,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, commissions
and employee benefits, excluding profit sharing
|
$
|
143,830
|
|
$
|
130,542
|
|
|
|
|
|
|
|
|
|
|
|
Profit sharing
expense
|
|
9,466
|
|
|
1,373
|
|
|
|
|
|
|
|
|
|
|
|
Net occupancy
expense
|
|
14,579
|
|
|
13,766
|
|
|
|
|
|
|
|
|
|
|
|
Equipment
expense
|
|
9,065
|
|
|
8,545
|
|
|
|
|
|
|
|
|
|
|
|
FDIC insurance
premiums
|
|
6,498
|
|
|
7,749
|
|
|
|
|
|
|
|
|
|
|
|
Debit card
expense
|
|
12,768
|
|
|
12,933
|
|
|
|
|
|
|
|
|
|
|
|
Legal, tax and
professional fees
|
|
14,157
|
|
|
11,666
|
|
|
|
|
|
|
|
|
|
|
|
Audit fees
|
|
1,793
|
|
|
2,241
|
|
|
|
|
|
|
|
|
|
|
|
Printing, stationery
and supplies
|
|
1,364
|
|
|
2,454
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
intangible assets
|
|
618
|
|
|
912
|
|
|
|
|
|
|
|
|
|
|
|
Advertising, meals and
public relations
|
|
6,028
|
|
|
6,032
|
|
|
|
|
|
|
|
|
|
|
|
Operational and other
losses
|
|
3,741
|
|
|
3,842
|
|
|
|
|
|
|
|
|
|
|
|
Software amortization
and expense
|
|
13,523
|
|
|
10,288
|
|
|
|
|
|
|
|
|
|
|
|
Other noninterest
expense
|
|
27,633
|
|
|
25,539
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
|
265,063
|
|
$
|
237,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAX EQUIVALENT YIELD
ADJUSTMENT
|
$
|
10,446
|
|
$
|
11,552
|
|
|
|
|
|
|
|
|
|
|
|
FIRST FINANCIAL
BANKSHARES, INC.
|
|
SELECTED FINANCIAL
DATA (UNAUDITED)
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Three Months
Ended
|
|
Dec. 31,
2024
|
|
|
|
Sept. 30,
2024
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
1,895
|
|
$
|
23
|
|
|
4.90
|
%
|
|
|
|
$
|
2,901
|
|
$
|
43
|
|
|
5.84
|
%
|
|
Interest-bearing demand
deposits in nonaffiliated banks
|
|
308,118
|
|
|
3,578
|
|
|
4.62
|
|
|
|
|
|
200,756
|
|
|
2,716
|
|
|
5.38
|
|
|
Taxable
securities
|
|
3,320,754
|
|
|
21,896
|
|
|
2.64
|
|
|
|
|
|
3,211,490
|
|
|
19,866
|
|
|
2.47
|
|
|
Tax-exempt
securities
|
|
1,425,934
|
|
|
9,858
|
|
|
2.77
|
|
|
|
|
|
1,418,214
|
|
|
9,742
|
|
|
2.75
|
|
|
Loans
|
|
7,806,860
|
|
|
133,110
|
|
|
6.78
|
|
|
|
|
|
7,643,238
|
|
|
130,220
|
|
|
6.78
|
|
|
Total interest-earning
assets
|
|
12,863,561
|
|
$
|
168,465
|
|
|
5.21
|
%
|
|
|
|
|
12,476,599
|
|
$
|
162,587
|
|
|
5.18
|
%
|
|
Noninterest-earning
assets
|
|
824,757
|
|
|
|
|
|
|
|
|
|
|
|
817,757
|
|
|
|
|
|
|
|
|
Total assets
|
$
|
13,688,318
|
|
|
|
|
|
|
|
|
|
|
$
|
13,294,356
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
8,523,405
|
|
$
|
49,139
|
|
|
2.29
|
%
|
|
|
|
$
|
8,240,938
|
|
$
|
51,994
|
|
|
2.51
|
%
|
|
Repurchase
Agreements
|
|
63,350
|
|
|
271
|
|
|
1.70
|
|
|
|
|
|
100,892
|
|
|
740
|
|
|
2.92
|
|
|
Borrowings
|
|
39,709
|
|
|
265
|
|
|
2.65
|
|
|
|
|
|
24,670
|
|
|
116
|
|
|
1.87
|
|
|
Total interest-bearing
liabilities
|
|
8,626,464
|
|
$
|
49,675
|
|
|
2.29
|
%
|
|
|
|
|
8,366,500
|
|
$
|
52,850
|
|
|
2.51
|
%
|
|
Noninterest-bearing
deposits
|
|
3,348,062
|
|
|
|
|
|
|
|
|
|
|
|
3,279,486
|
|
|
|
|
|
|
|
|
Other
noninterest-bearing
liabilities
|
79,271
|
|
|
|
|
|
|
|
|
|
|
|
76,274
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
1,634,521
|
|
|
|
|
|
|
|
|
|
|
|
1,572,096
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
13,688,318
|
|
|
|
|
|
|
|
|
|
|
$
|
13,294,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin (tax equivalent)
|
|
|
|
$
|
118,790
|
|
|
3.67
|
%
|
|
|
|
|
|
|
$
|
109,737
|
|
|
3.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
1,768
|
|
$
|
25
|
|
|
5.72
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits in nonaffiliated banks
|
|
145,839
|
|
|
1,961
|
|
|
5.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
securities
|
|
3,317,114
|
|
|
19,686
|
|
|
2.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt
securities
|
|
1,410,148
|
|
|
10,188
|
|
|
2.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
7,052,463
|
|
|
112,996
|
|
|
6.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets
|
|
11,927,332
|
|
$
|
144,856
|
|
|
4.82
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets
|
|
886,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
|
12,814,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
7,371,260
|
|
$
|
39,225
|
|
|
2.11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase
Agreements
|
|
558,592
|
|
|
4,627
|
|
|
3.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
78,066
|
|
|
847
|
|
|
4.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
|
8,007,918
|
|
$
|
44,699
|
|
|
2.21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
3,461,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
noninterest-bearing
liabilities
|
65,524
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
1,279,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
12,814,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin (tax equivalent)
|
|
|
|
$
|
100,157
|
|
|
3.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
Year
Ended
|
|
Dec. 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
|
$
|
3,464
|
|
$
|
197
|
|
|
5.70
|
%
|
|
|
|
$
|
2,223
|
|
$
|
122
|
|
|
5.50
|
%
|
|
Interest-bearing
deposits in nonaffiliated banks
|
|
253,393
|
|
|
13,242
|
|
|
5.23
|
|
|
|
|
|
115,785
|
|
|
5,890
|
|
|
5.09
|
|
|
Taxable
securities
|
|
3,289,683
|
|
|
81,626
|
|
|
2.48
|
|
|
|
|
|
3,500,839
|
|
|
79,925
|
|
|
2.28
|
|
|
Tax-exempt
securities
|
|
1,420,846
|
|
|
39,124
|
|
|
2.75
|
|
|
|
|
|
1,597,204
|
|
|
45,815
|
|
|
2.87
|
|
|
Loans
|
|
7,516,352
|
|
|
505,176
|
|
|
6.72
|
|
|
|
|
|
6,784,352
|
|
|
407,870
|
|
|
6.01
|
|
|
Total interest-earning
assets
|
|
12,483,738
|
|
$
|
639,365
|
|
|
5.12
|
%
|
|
|
|
|
12,000,403
|
|
$
|
539,622
|
|
|
4.50
|
%
|
|
Noninterest-earning
assets
|
|
840,674
|
|
|
|
|
|
|
|
|
|
|
|
860,859
|
|
|
|
|
|
|
|
|
Total assets
|
$
|
13,324,412
|
|
|
|
|
|
|
|
|
|
|
$
|
12,861,262
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
8,166,855
|
|
$
|
194,801
|
|
|
2.39
|
%
|
|
|
|
$
|
7,188,171
|
|
$
|
124,830
|
|
|
1.74
|
%
|
|
Repurchase
Agreements
|
|
173,068
|
|
|
5,468
|
|
|
3.16
|
|
|
|
|
|
568,205
|
|
|
16,139
|
|
|
2.84
|
|
|
Borrowings
|
|
54,943
|
|
|
1,909
|
|
|
3.47
|
|
|
|
|
|
81,262
|
|
|
3,292
|
|
|
4.05
|
|
|
Total interest-bearing
liabilities
|
|
8,394,866
|
|
$
|
202,178
|
|
|
2.41
|
%
|
|
|
|
|
7,837,638
|
|
$
|
144,261
|
|
|
1.84
|
%
|
|
Noninterest-bearing
deposits
|
|
3,316,040
|
|
|
|
|
|
|
|
|
|
|
|
3,632,559
|
|
|
|
|
|
|
|
|
Other
noninterest-bearing
liabilities
|
73,559
|
|
|
|
|
|
|
|
|
|
|
|
63,238
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
1,539,947
|
|
|
|
|
|
|
|
|
|
|
|
1,327,827
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
13,324,412
|
|
|
|
|
|
|
|
|
|
|
$
|
12,861,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin (tax equivalent)
|
|
|
|
$
|
437,187
|
|
|
3.50
|
%
|
|
|
|
|
|
|
$
|
395,361
|
|
|
3.29
|
%
|
View original
content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-fourth-quarter-and-year-ended-december-31-2024-earnings-302359088.html
SOURCE First Financial Bankshares, Inc.
