First Financial Bankshares, Inc.(the “Company,” “we,” “us” or “our”) (NASDAQ: FFIN) today reported earnings of $52.27 million for the third quarter of 2025 compared to earnings of $55.31 million for the same quarter a year ago and $66.66 million for the quarter ended June 30, 2025. Diluted earnings per share were $0.36 for the third quarter of 2025 compared with $0.39 for the same quarter a year ago and $0.47 for the linked quarter.
“This quarter was impacted by a $21.55 million credit loss believed to be due to fraudulent activity associated with a commercial borrower. We have reviewed our portfolio to look for systemic issues and believe this to be isolated. We have initiated legal action and are continuing to work with law enforcement. Despite this setback, our core earnings trends remain positive, with year-to-date earnings growth of nearly 12 percent compared to 2024.” said F. Scott Dueser, Chairman and CEO of First Financial Bankshares, Inc. “We are optimistic as we move into the final quarter of the year and will remain focused on liquidating the collateral of the loan and moving the bank forward with continued growth and profitability by keeping our customers, shareholders, and employees first.”
Net interest income for the third quarter of 2025 was $127.00 million compared to $107.11 million in the same quarter last year and $123.73 million for the second quarter of 2025. The net interest margin, on a taxable equivalent basis, was 3.80 percent for the third quarter of 2025 compared to 3.50 percent for the third quarter of 2024 and 3.81 percent in the second quarter of 2025. Average interest-earning assets were $13.60 billion for the third quarter of 2025 compared to $12.48 billion for the same quarter a year ago.
The Company recorded a provision for credit losses of $24.44 million for the third quarter of 2025 compared to a provision for credit losses of $6.12 million and $3.13 million for the third quarter of 2024 and second quarter of 2025, respectively. On September 30, 2025, the allowance for credit losses totaled $105.96 million, or 1.29 percent of loans held-for-investment (“loans” hereafter), compared to $99.94 million, or 1.29 percent of loans at September 30, 2024. Additionally, the reserve for unfunded commitments totaled $8.84 million at September 30, 2025 compared to $8.00 million at September 30, 2024.
For the third quarter of 2025, net charge-offs totaled $22.34 million compared to net charge-offs of $786 thousand for the third quarter of 2024. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.71 percent at September 30, 2025, versus 0.79 percent at June 30, 2025 and 0.83 percent at September 30, 2024. Classified loans totaled $252.96 million at September 30, 2025, compared to $229.92 million at September 30, 2024.
Third quarter provision and charge offs were impacted by the aforementioned $21.55 million charge off of a commercial loan relationship. While we are pursuing all possible avenues of recovery, the amount and timing of any potential recovery cannot currently be determined.
Noninterest income for the third quarter of 2025 was $34.26 million compared to $32.36 million for the third quarter of 2024. Notable changes for the third quarter of 2025 when compared to the same quarter a year ago are as follows:
— Mortgage income increased to $4.38 million for the third quarter of 2025 compared to $3.36 million for the third quarter of 2024 due to improved origination volume related to lower interest rates and the strategic restructuring of the mortgage lending team.
— Trust fee income increased $1.26 million to $12.95 million, or 10.74 percent, compared to trust fee income of $11.69 million in the third quarter of 2024. Trust revenue has increased primarily due to growth in assets under management to $12.05 billion as of September 30, 2025, compared to $10.86 billion at September 30, 2024.
Noninterest expense for the third quarter of 2025 totaled $73.67 million compared to $66.01 million for the third quarter of 2024. Notable changes for the third quarter of 2025 when compared to the same quarter a year ago are as follows:
— Salary, commissions, and employee benefit costs increased to $42.61 million for the third quarter of 2025, compared to $37.50 million in the third quarter of 2024. The increase from the prior year is related primarily to increases of $3.12 million in salaries and $1.47 million in officer bonus and incentive accruals related to annualized earnings growth.
— Noninterest expenses, excluding salary related costs, increased $2.55 million for the third quarter of 2025 compared to the same period in 2024 largely due to increases in software amortization and other operational losses.
The Company's efficiency ratio was 44.74 percent for the third quarter of 2025 compared to 46.45 percent for the third quarter of 2024. The improvement from the same period in the prior year is primarily due to the increase in net interest income.
As of September 30, 2025, consolidated total assets were $14.84 billion compared to $13.58 billion at September 30, 2024. Loans totaled $8.24 billion at September 30, 2025, compared with loans of $7.72 billion at September 30, 2024. During the third quarter of 2025, loans grew $168.68 million, or 8.29 percent annualized, when compared to June 30, 2025, balances. Deposits and repurchase agreements totaled $12.90 billion at September 30, 2025, compared to $11.81 billion at September 30, 2024. During the third quarter of 2025, core deposits and repurchase agreements grew $250.45 million, or 7.95 percent annualized, when compared to June 30, 2025, balances. We also held $150.00 million of ICS one-way deposits as of September 30, 2025, that we were able to obtain at an attractive rate. No ICS one-way deposits were outstanding at June 30, 2025.
Shareholders' equity was $1.83 billion as of September 30, 2025, compared to $1.66 billion at September 30, 2024, respectively. The unrealized loss on the securities portfolio, net of applicable tax, totaled $308.58 million at September 30, 2025, compared to an unrealized loss of $373.46 million at June 30, 2025 and $329.82 million at September 30, 2024.
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; the accuracy of our estimates of future credit losses; 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 2025 2024ASSETS Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,Cash and due from banks $ 237,466 $ 264,000 $ 232,943 $ 259,996 $ 296,188Interest-bearing demand deposits in banks 401,580 435,612 682,362 503,417 287,476Federal funds sold 11,750 8,750 11,750 – -Investment securities 5,260,813 4,886,548 4,760,431 4,617,759 4,612,299Loans, held-for-investment 8,243,625 8,074,944 7,945,611 7,913,098 7,723,191Allowance for credit losses (105,958) (102,792) (101,080) (98,325) (99,936)Net loans, held-for-investment 8,137,667 7,972,152 7,844,531 7,814,773 7,623,255Loans, held-for-sale 26,015 33,233 14,348 8,235 20,114Premises and equipment, net 149,651 148,999 150,589 151,904 151,204Goodwill 313,481 313,481 313,481 313,481 313,481Other intangible assets 257 343 428 523 671Other assets 302,848 313,723 301,251 309,330 278,244Total assets $ 14,841,528 $ 14,376,841 $ 14,312,114 $ 13,979,418 $ 13,582,932LIABILITIES AND SHAREHOLDERS' EQUITYNoninterest-bearing deposits $ 3,446,262 $ 3,439,059 $ 3,356,553 $ 3,348,041 $ 3,303,143Interest-bearing deposits 9,399,986 9,009,357 9,110,218 8,751,133 8,452,718Total deposits 12,846,248 12,448,416 12,466,771 12,099,174 11,755,861Repurchase agreements 50,646 48,026 56,606 61,416 57,557Borrowings 21,956 22,153 26,978 135,603 25,978Trade date payable – 24,965 – – 5,416Other liabilities 92,410 95,929 81,498 76,665 75,929Shareholders' equity 1,830,268 1,737,352 1,680,261 1,606,560 1,662,191Total liabilities and shareholders' equity $ 14,841,528 $ 14,376,841 $ 14,312,114 $ 13,979,418 $ 13,582,932 Quarter Ended 2025 2024INCOME STATEMENTS Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,Interest income $ 179,692 $ 172,810 $ 167,110 $ 165,792 $ 159,958Interest expense 52,691 49,080 48,321 49,675 52,849Net interest income 127,001 123,730 118,789 116,117 107,109Provision for credit losses 24,435 3,132 3,528 1,003 6,123Net interest income after provision for credit losses 102,566 120,598 115,261 115,114 100,986Noninterest income 34,264 32,873 30,230 30,977 32,362Noninterest expense 73,666 71,735 70,335 70,099 66,012Net income before income taxes 63,164 81,736 75,156 75,992 67,336Income tax expense 10,897 15,078 13,810 13,671 12,028Net income $ 52,267 $ 66,658 $ 61,346 $ 62,321 $ 55,308PER COMMON SHARE DATANet income – basic $ 0.37 $ 0.47 $ 0.43 $ 0.44 $ 0.39Net income – diluted 0.36 0.47 0.43 0.43 0.39Cash dividends declared 0.19 0.19 0.18 0.18 0.18Book value 12.78 12.14 11.75 11.24 11.63Tangible book value 10.59 9.95 9.55 9.04 9.43Market value 33.65 35.98 35.92 36.05 37.01Shares outstanding – end of period 143,188,051 143,077,619 143,019,433 142,944,704 142,906,070Average outstanding shares – basic 143,105,224 143,023,544 142,949,514 142,898,110 142,853,215Average outstanding shares – diluted 143,474,169 143,378,505 143,355,148 143,352,067 143,188,857PERFORMANCE RATIOSReturn on average assets 1.44 % 1.89 % 1.78 % 1.81 % 1.66 %Return on average equity 11.85 15.82 15.12 15.17 14.00Return on average tangible equity 14.44 19.43 18.68 18.78 17.49Net interest margin (tax equivalent) 3.80 3.81 3.74 3.67 3.50Efficiency ratio 44.74 44.97 46.36 46.81 46.45 Nine Months Ended Sept. 30,INCOME STATEMENTS 2025 2024Interest income $ 519,612 $ 463,126Interest expense 150,092 152,502Net interest income 369,520 310,624Provision for credit losses 31,095 12,817Net interest income after provisions for credit losses 338,425 297,807Noninterest income 97,366 93,012Noninterest expense 215,736 194,965Net income before income taxes 220,055 195,854Income tax expense 39,785 34,664Net income $ 180,270 $ 161,190PER COMMON SHARE DATANet income – basic $ 1.26 $ 1.13Net income – diluted 1.26 1.13Cash dividends declared 0.56 0.54Book value 12.78 11.63Tangible book value 10.59 9.43Market value $ 33.65 $ 37.01Shares outstanding – end of period 143,188,051 142,906,070Average outstanding shares – basic 143,026,664 142,797,621Average outstanding shares – diluted 143,422,534 143,159,652PERFORMANCE RATIOSReturn on average assets 1.70 % 1.63 %Return on average equity 14.22 14.28Return on average tangible equity 17.46 18.04Net interest margin (tax equivalent) 3.79 3.44Efficiency ratio 45.33 47.39
FIRST FINANCIAL BANKSHARES, INC.SELECTED FINANCIAL DATA (UNAUDITED)(In thousands) Quarter Ended 2025 2024ALLOWANCE FOR LOAN LOSSES Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,Balance at beginning of period $ 102,792 $ 101,080 $ 98,325 $ 99,936 $ 95,170Loans charged-off (22,612) (1,189) (946) (2,184) (1,279)Loan recoveries 272 469 710 243 493Net recoveries (charge-offs) (22,340) (720) (236) (1,941) (786)Provision for loan losses 25,506 2,432 2,991 330 5,552Balance at end of period $ 105,958 $ 102,792 $ 101,080 $ 98,325 $ 99,936ALLOWANCE FOR UNFUNDED COMMITMENTSBalance at beginning of period $ 9,914 $ 9,214 $ 8,677 $ 8,004 $ 7,433Provision for unfunded commitments (1,072) 700 537 673 571Balance at end of period $ 8,842 $ 9,914 $ 9,214 $ 8,677 $ 8,004Allowance for loan losses /period-end loans held-for-investment 1.29% 1.27% 1.27% 1.24% 1.29%Allowance for loan losses /nonperforming loans 187.39 162.60 164.16 158.02 156.44Net charge-offs (recoveries) / average total loans(annualized) 1.07 0.04 0.01 0.10 0.04 As of 2025 2024COMPOSITION OF LOANS HELD-FOR-INVESTMENT Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,Commercial:C&I $ 1,174,770 $ 1,202,151 $ 1,144,429 $ 1,176,993 $ 1,175,774Municipal 347,559 306,140 338,303 369,246 333,732Total Commercial 1,522,329 1,508,291 1,482,732 1,546,239 1,509,506Agricultural 88,820 86,133 90,186 95,543 83,269Real Estate:Construction & Development 1,214,649 1,172,834 1,098,069 1,054,603 1,013,810Farm 322,710 302,969 331,464 339,665 315,720Non-Owner Occupied CRE 802,675 746,341 753,898 805,566 825,928Owner Occupied CRE 1,119,425 1,124,610 1,142,618 1,083,100 1,086,750Residential 2,308,708 2,286,220 2,217,740 2,196,767 2,112,196Total Real Estate 5,768,167 5,632,974 5,543,789 5,479,701 5,354,404Consumer:Auto 718,501 698,897 679,189 638,560 618,103Non-Auto 145,808 148,649 149,715 153,055 157,909Total Consumer 864,309 847,546 828,904 791,615 776,012Total loans held-for-investment $ 8,243,625 $ 8,074,944 $ 7,945,611 $ 7,913,098 $ 7,723,191SUMMARY OF LOAN CLASSIFICATIONSpecial Mention $ 76,647 $ 62,774 $ 46,103 $ 42,563 $ 41,362Substandard 176,311 194,291 199,509 191,288 188,561Doubtful – – – – -Total classified loans $ 252,958 $ 257,065 $ 245,612 $ 233,851 $ 229,923NONPERFORMING ASSETSNonaccrual loans $ 56,394 $ 63,142 $ 60,430 $ 61,938 $ 63,378Accruing loans 90 days past due 151 77 1,143 287 504Total nonperforming loans 56,545 63,219 61,573 62,225 63,882Foreclosed assets 1,997 489 115 871 535Total nonperforming assets $ 58,542 $ 63,708 $ 61,688 $ 63,096 $ 64,417As a % of loans held-for-investment and foreclosed assets 0.71 % 0.79 % 0.78 % 0.80 % 0.83%As a % of end of period total assets 0.39 0.44 0.43 0.45 0.47 Quarter Ended 2025 2024CAPITAL RATIOS Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,Common equity Tier 1 capital ratio 19.10 % 19.16% 19.12 % 18.83 % 18.83%Tier 1 capital ratio 19.10 19.16 19.12 18.83 18.83Total capital ratio 20.29 20.35 20.31 20.00 20.03Tier 1 leverage ratio 12.34 12.61 12.46 12.49 12.53Tangible common equity ratio 10.44 10.12 9.76 9.46 10.16Equity/Assets ratio 12.33 12.08 11.74 11.49 12.24 Quarter Ended 2025 2024NONINTEREST INCOME Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,Trust fees $ 12,950 $ 12,746 $ 12,653 $ 12,662 $ 11,694Service charges on deposits 6,447 6,126 6,177 6,306 6,428Debit card fees 5,333 5,218 4,967 5,506 5,528Credit card fees 699 707 577 617 617Gain on sale and fees on mortgage loans 4,375 4,126 2,832 3,009 3,359Net gain (loss) on sale of foreclosed assets (122) 200 (35) 36 (30)Net gain (loss) on sale of assets – 6 – 214 267Loan recoveries 1,664 810 574 433 1,359Other noninterest income 2,918 2,934 2,485 2,194 3,140Total noninterest income $ 34,264 $ 32,873 $ 30,230 $ 30,977 $ 32,362NONINTEREST EXPENSESalaries, commissions and employee benefits, excluding profit sharing $ 40,681 $ 39,834 $ 39,157 $ 37,996 $ 35,262Profit sharing expense 1,924 2,741 2,985 3,648 2,235Net occupancy expense 3,545 3,600 3,720 3,753 3,738Equipment expense 2,395 2,478 2,321 2,305 2,291FDIC insurance premiums 1,635 1,585 1,575 1,511 1,514Debit card expense 3,512 3,308 3,373 3,220 3,248Legal, tax and professional fees 3,332 3,143 3,067 3,751 3,865Audit fees 536 463 451 423 582Printing, stationery and supplies 456 473 482 293 199Amortization of intangible assets 86 86 95 147 157Advertising, meals and public relations 1,714 1,653 1,677 1,642 1,466Operational and other losses 1,957 720 540 863 955Software amortization and expense 4,280 4,020 3,732 3,648 3,712Other noninterest expense 7,613 7,631 7,160 6,899 6,788Total noninterest expense $ 73,666 $ 71,735 $ 70,335 $ 70,099 $ 66,012TAX EQUIVALENT YIELD ADJUSTMENT $ 3,406 $ 2,926 $ 2,700 $ 2,673 $ 2,628 Nine Months Ended Sept. 30,NONINTEREST INCOME 2025 2024Trust fees $ 38,349 $ 34,787Service charges on deposits 18,749 18,683Debit card fees 15,519 15,564Credit card fees 1,983 1,920Gain on sale and fees on mortgage loans 11,333 10,174Net gain on sale of foreclosed assets 43 (88)Net gain (loss) on sale of assets 6 269Loan recoveries 3,048 2,578Other noninterest income 8,336 9,125Total noninterest income $ 97,366 $ 93,012NONINTEREST EXPENSESalaries, commissions and employee benefits, excluding profit sharing $ 119,672 $ 105,834Profit sharing expense 7,650 5,818Net occupancy expense 10,865 10,826Equipment expense 7,194 6,761FDIC insurance premiums 4,795 4,987Debit card expense 10,193 9,548Legal, tax and professional fees 9,541 10,408Audit fees 1,450 1,368Printing, stationery and supplies 1,411 1,071Amortization of intangible assets 266 471Advertising, meals and public relations 5,047 4,387Operational and other losses 3,217 2,878Software amortization and expense 12,032 9,875Other noninterest expense 22,403 20,733Total noninterest expense $ 215,736 $ 194,965TAX EQUIVALENT YIELD ADJUSTMENT $ 9,032 $ 7,773
FIRST FINANCIAL BANKSHARES, INC.SELECTED FINANCIAL DATA (UNAUDITED)(In thousands) Three Months Ended Three Months Ended Sept. 30, 2025 June 30, 2025 Average Tax Equivalent Yield/ Average Tax Equivalent Yield / Balance Interest Rate Balance Interest RateInterest-earning assets:Federal funds sold $ 10,711 $ 130 4.82 % $ 9,397 $ 113 4.84%Interest-bearing demand deposits in nonaffiliated banks 216,739 2,387 4.37 379,364 4,191 4.43Taxable securities 3,560,347 26,539 2.98 3,470,028 25,242 2.91Tax-exempt securities 1,564,767 12,906 3.30 1,433,498 10,811 3.02Loans 8,249,113 141,136 6.79 8,045,340 135,378 6.75Total interest-earning assets 13,601,677 $ 183,098 5.34 % 13,337,627 $ 175,735 5.28%Noninterest-earning assets 826,660 826,635Total assets $ 14,428,337 $ 14,164,262Interest-bearing liabilities:Deposits $ 9,051,463 $ 52,010 2.28 % $ 8,923,737 $ 48,730 2.19%Repurchase Agreements 50,051 210 1.66 54,482 221 1.63Borrowings 56,198 471 3.33 26,557 128 1.93Total interest-bearing liabilities 9,157,712 $ 52,691 2.28 % 9,004,776 $ 49,079 2.19%Noninterest-bearing deposits 3,419,378 3,383,851Other noninterest-bearing liabilities 101,268 85,745Shareholders' equity 1,749,979 1,689,890Total liabilities and shareholders' equity $ 14,428,337 $ 14,164,262Net interest income and margin (tax equivalent) $ 130,407 3.80 % $ 126,656 3.81% Three Months Ended Three Months Ended Mar. 31, 2025 Dec. 31, 2024 Average Tax Equivalent Yield/ Average Tax Equivalent Yield / Balance Interest Rate Balance Interest RateInterest-earning assets:Federal funds sold $ 7,596 $ 90 4.81 % $ 1,895 $ 23 4.90%Interest-bearing demand deposits in nonaffiliated banks 286,040 3,174 4.50 308,118 3,578 4.62Taxable securities 3,506,035 25,034 2.86 3,320,754 21,896 2.64Tax-exempt securities 1,407,440 9,912 2.82 1,425,934 9,858 2.77Loans 7,952,946 131,600 6.71 7,806,860 133,110 6.78Total interest-earning assets 13,160,057 $ 169,810 5.23 % 12,863,561 $ 168,465 5.21%Noninterest-earning assets 830,055 824,757Total assets $ 13,990,112 $ 13,688,318Interest-bearing liabilities:Deposits $ 8,882,040 $ 47,549 2.17 % 8,523,405 $ 49,139 2.29%Repurchase Agreements 53,920 209 1.57 63,350 271 1.70Borrowings 74,561 563 3.06 39,709 265 2.65Total interest-bearing liabilities 9,010,521 $ 48,321 2.17 % 8,626,464 $ 49,675 2.29%Noninterest-bearing deposits 3,265,838 3,348,062Other noninterest-bearing liabilities 68,218 79,271Shareholders' equity 1,645,535 1,634,521Total liabilities and shareholders' equity $ 13,990,112 $ 13,688,318Net interest income and margin (tax equivalent) $ 121,489 3.74 % $ 118,790 3.67% Three Months Ended Sept. 30, 2024 Average Tax Equivalent Yield / Balance Interest RateInterest-earning assets:Federal funds sold $ 2,901 $ 43 5.84 %Interest-bearing demand deposits in nonaffiliated banks 200,756 2,716 5.38Taxable securities 3,211,490 19,866 2.47Tax-exempt securities 1,418,214 9,742 2.75Loans 7,643,238 130,220 6.78Total interest-earning assets 12,476,599 $ 162,587 5.18 %Noninterest-earning assets 817,757Total assets $ 13,294,356Interest-bearing liabilities:Deposits $ 8,240,938 $ 51,994 2.51 %Repurchase Agreements 100,892 740 2.92Borrowings 24,670 116 1.87Total interest-bearing liabilities 8,366,500 $ 52,850 2.51 %Noninterest-bearing deposits 3,279,486Other noninterest-bearing liabilities 76,274Shareholders' equity 1,572,096Total liabilities and shareholders' equity $ 13,294,356Net interest income and margin (tax equivalent) $ 109,737 3.50 % Nine Months Ended Nine Months Ended Sept. 30, 2025 Sept. 30, 2024 Average Tax Equivalent Yield / Average Tax Equivalent Yield / Balance Interest Rate Balance Interest RateInterest-earning assets:Federal funds sold $ 9,240 $ 334 4.83 % $ 3,990 $ 174 5.83%Interest-bearing deposits in nonaffiliated banks 293,984 9,752 4.44 235,018 9,664 5.49Taxable securities 3,512,304 76,816 2.92 3,279,251 59,730 2.43Tax exempt securities 1,469,158 33,629 3.05 1,419,138 29,266 2.75Loans 8,083,638 408,113 6.75 7,418,808 372,066 6.70Total interest-earning assets 13,368,324 $ 528,644 5.29 % 12,356,205 $ 470,900 5.09%Noninterest-earning assets 826,449 846,019Total assets $ 14,194,773 $ 13,202,224Interest-bearing liabilities:Deposits $ 8,953,017 $ 148,291 2.21 % $ 8,047,136 $ 145,661 2.42%Repurchase Agreements 52,801 641 1.62 209,907 5,197 3.31Borrowings 52,380 1,160 2.96 60,058 1,645 3.66Total interest-bearing liabilities 9,058,198 $ 150,092 2.22 % 8,317,101 $ 152,503 2.45%Noninterest-bearing deposits 3,356,999 3,305,289Other noninterest-bearing liabilities 85,148 71,642Shareholders' equity 1,694,428 1,508,192Total liabilities and shareholders' equity $ 14,194,773 $ 13,202,224Net interest income and margin (tax equivalent) $ 378,552 3.79 % $ 318,397 3.44%
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