FIRST FINANCIAL BANKSHARES ANNOUNCES THIRD QUARTER 2024 EARNINGS

PR Newswire · 10/17 20:05

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

%

 

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

SOURCE First Financial Bankshares, Inc.