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 %
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SOURCE First Financial Bankshares, Inc.
https://rt.newswire.ca/rt.gif?NewsItemId=DA33715&Transmission_Id=202410171605PR_NEWS_USPR_____DA33715&DateId=20241017
COMTEX_458904202/1005/2024-10-17T16:05:30