First Financial Bankshares Inc.

10/17/2024 | Press release | Distributed by Public on 10/17/2024 14:10

FIRST FINANCIAL BANKSHARES ANNOUNCES THIRD QUARTER 2024 EARNINGS

ABILENE, Texas, Oct. 17, 2024/PRNewswire/ -- 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:

  • Trust fee income increased $1.64 million, or 16.36 percent, compared to the third quarter of 2023. Trust revenue has increased primarily due to growth in assets under management to $10.86 billion at September 30, 2024 compared to $9.02 billion at September 30, 2023, and additionally from increases in oil and gas related fees.
  • Available-for-sale securities totaling $113.13 million with an average book yield of 3.53 percent were sold in the third quarter of 2023 resulting in a loss on sales of securities of $972 thousand. There were no securities sales in the third quarter 2024.
  • Recoveries of interest on previously charged-off or nonaccrual loans totaled $1.36 million for the third quarter of 2024 compared to $698 thousand for the third quarter of 2023.
  • Debit card fees increased by $487 thousand for the third quarter of 2024 when compared to the same quarter a year ago primarily due to the continued increase in the number of debit cards issued.
  • Mortgage income declined to $3.36 million for the third quarter of 2024 compared to $3.44 million for the third quarter of 2023 due to stagnant overall origination volume primarily because of the level of mortgage interest rates.

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:

  • Salary, commissions, and employee benefit costs increased to $37.50 million for the third quarter of 2024, compared to $32.94 million in the third quarter of 2023. The increase from the prior year is related primarily to increases of $2.06 million in profit sharing expense, and $288 thousand in officer bonus and incentive accruals related to annualized earnings growth. Additionally, officer and employee salaries increased for additions to the middle market lending team and the audit and risk departments as well as merit-based pay increases over the prior year.
  • Noninterest expenses, excluding salary related costs, increased $1.91 million for the third quarter of 2024 compared to the same period in 2023 is largely due to increases in software amortization and expense and legal, tax and professional fees.

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.

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 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


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



















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











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



















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



















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











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

%




































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

%

View original content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-third-quarter-2024-earnings-302279713.html

SOURCE First Financial Bankshares, Inc.