FIRST FINANCIAL BANKSHARES ANNOUNCES FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2024 EARNINGS
ABILENE, Texas, Jan. 23, 2025 /PRNewswire/ -- First Financial Bankshares, Inc. (the "Company," "we," "us" or "our") (NASDAQ: FFIN) today reported earnings of $62.32 million for the fourth quarter of 2024 compared to earnings of $55.31 million for the third quarter of 2024 and $45.98 million for the same quarter a year ago. Diluted earnings per share were $0.43 for the fourth quarter of 2024 compared with $0.39 for the third quarter of 2024 and $0.32 for the fourth quarter of 2023.
For the year ended December 31, 2024, the Company reported net income of $223.51 million, or $1.56 per diluted share, compared to $198.98 million, or $1.39 per diluted share, for the year ended December 31, 2023, reflecting an increase of $24.53 million, or 12.33 percent.
"We are very pleased with both our fourth quarter and annual results for 2024. We finished 2024 with strong growth in earnings, loans and deposits," said F. Scott Dueser, Chairman and CEO of First Financial Bankshares, Inc. "We are encouraged by the momentum we have gained over this past year growing our earning assets and funding sources while seeing improvement in our margin. As we enter 2025, we will continue to remain focused on maintaining this momentum, staying consistent to our proven track record of sound fundamental banking practice and actively manage the impact of the current interest rate, regulatory and economic environments. We appreciate the continued support of our customers, shareholders and associates and assure you that we will continue to put You First!", Mr. Dueser added.
Net interest income for the fourth quarter of 2024 was $116.12 million compared to $107.11 million for the third quarter of 2024 and $97.51 million for the fourth quarter of 2023. The net interest margin, on a tax- equivalent basis, was 3.67 percent for the fourth quarter of 2024 compared to 3.50 percent for the third quarter of 2024 and 3.33 percent in the fourth quarter of 2023. Average interest-earning assets were $12.86 billion for the fourth quarter of 2024 compared to $11.93 billion for the same quarter a year ago.
The Company recorded a provision for credit losses of $1.00 million for the fourth quarter of 2024 compared to a provision of $6.12 million for the third quarter of 2024. The Company did not record a provision in fourth quarter 2023. The Company recorded a provision for credit losses of $13.82 million for the year ended December 31, 2024, versus $10.63 million recorded in the prior year.
The allowance for credit losses totaled $98.33 million, at December 31, 2024, compared to $88.73 million, at December 31, 2023, or 1.24 percent of loans held-for-investment ("loans" hereafter) as of both year ends. Additionally, the reserve for unfunded commitments totaled $8.68 million at December 31, 2024 compared to $7.90 million at December 31, 2023.
For the fourth quarter of 2024, net charge-offs totaled $1.94 million compared to net charge-offs of $786 thousand for the third quarter of 2024 and $980 thousand for the fourth quarter of 2023. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.80 percent on December 31, 2024, compared to 0.83 percent at September 30, 2024 and 0.49 percent at December 31, 2023. Classified loans totaled $233.85 million on December 31, 2024, compared to $229.92 million at September 30, 2024 and $176.21 million at December 31, 2023.
Noninterest income for the fourth quarter of 2024 was $30.98 million compared to $32.36 million for the third quarter of 2024 and $21.98 million for the fourth quarter of 2023. Notable changes for the fourth quarter of 2024 when compared to the linked quarter and the same quarter a year ago are as follows:
- Trust fee income increased $968 thousand, or 8.28 percent, compared to the third quarter of 2024 and increased $1.98 million or 18.58 percent from the same quarter last year. Trust revenue has increased primarily due to growth in assets under management to $10.83 billion at December 31, 2024 compared to $9.78 billion at December 31, 2023, as well as increases in oil and gas related fees.
- Mortgage income increased to $3.01 million for the fourth quarter of 2024 compared to $1.94 million in the fourth quarter of 2023 due to increased loan volume from the prior year.
- Debit card fees increased by $482 thousand for the fourth quarter of 2024 when compared to the same quarter a year ago.
- Recoveries of interest on previously charged-off or nonaccrual loans totaled $433 thousand for the fourth quarter of 2024 compared to $1.36 million for the third quarter of 2024 and $536 thousand for the fourth quarter of 2023.
- Securities totaling $90.72 million were sold in the fourth quarter of 2023 resulting in a loss on sales of securities of $6.21 million. There were no securities sales in 2024.
Noninterest expense for the fourth quarter of 2024 totaled $70.10 million compared to $66.01 million for the third quarter of 2024 and $63.47 million for the fourth quarter of 2023. Notable changes for the fourth quarter of 2024 when compared to the linked quarter and the same quarter a year ago are as follows:
- Salary, commissions, and employee benefit costs increased to $41.64 million for the fourth quarter of 2024, compared to $35.75 million in the fourth quarter of 2023. The increase from the fourth quarter of 2023 is primarily related to increases of $4.15 million in profit sharing and officer bonus and incentive accruals related to growth in earnings over the prior year. Additionally, officer and employee salaries increased for additions to the middle market lending team and the audit and risk departments due to growth.
- Noninterest expenses, excluding salary related costs, increased $734 thousand for the fourth quarter of 2024 compared to the same period in 2023 largely due to increases in software amortization and expense, occupancy expense and legal, tax and professional fees offset by a decrease in FDIC insurance premiums of $1.59 million due to the special assessment in the prior year.
The Company's efficiency ratio was 46.81 percent for the fourth quarter of 2024 and 51.97 percent for the fourth quarter of 2023. The decrease from the same period in the prior year is primarily due to the increase in net interest income in 2024 as well as losses on sales of bonds in the prior year.
As of December 31, 2024, consolidated total assets were $13.98 billion compared to $13.11 billion at December 31, 2023. Loans totaled $7.91 billion at December 31, 2024, compared with loans of $7.15 billion at December 31, 2023. During the fourth quarter of 2024, loans grew $189.91 million, or 9.78 percent annualized, when compared to September 30, 2024 balances and grew $764.31 million or 10.69 percent from December 31, 2023 balances. Deposits and Repurchase Agreements totaled $12.16 billion at December 31, 2024, compared to $11.81 billion at September 30, 2024 and $11.52 billion at December 31, 2023. During the fourth quarter of 2024, Deposits and Repurchase Agreements grew $347.17 million, or 11.69 percent annualized, when compared to September 30, 2024 balances and $640.36 million from December 31, 2023, or 5.56 percent.
Shareholders' equity was $1.61 billion as of December 31, 2024, compared to $1.66 billion at September 30, 2024, and $1.50 billion at December 31, 2023, resulting from growth in retained earnings offset by changes in Other Comprehensive Income ("OCI") due to the increase in unrealized losses in the bond portfolio related to the recent increase in longer term interest rates. The unrealized loss on the securities portfolio, net of applicable tax, totaled $424.29 million at December 31, 2024, compared to an unrealized loss of $329.82 million at September 30, 2024 and $403.30 million at December 31, 2023.
About First Financial Bankshares, Inc.
Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that through its wholly-owned subsidiary, First Financial Bank, operates multiple banking regions with 79 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan, Burleson, College Station, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, El Campo, Fort Worth, Franklin, Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Lumberton, Keller, Kingwood, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Spring, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Trust and Asset Management Company, with nine locations and First Technology Services, Inc., a technology operating company.
The Company is listed on The NASDAQ Global Select Market under the trading symbol FFIN. For more information about First Financial, please visit our website at https://www.ffin.com.
Certain statements contained herein may be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon the belief of the Company's management, as well as assumptions made beyond information currently available to the Company's management, and may be, but not necessarily are, identified by such words as "expect," "plan," "anticipate," "target," "forecast," "project," and "goal." Because such "forward-looking statements" are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the Company's expectations include competition from other financial institutions and financial holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; economic impact of oil and gas prices, changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses, and similar variables. Other key risks are described in the Company's reports filed with the Securities and Exchange Commission, which may be obtained under "Investor Relations-Documents and Filings" on the Company's Website or by writing or calling the Company at 325.627.7155. Except as otherwise stated in this news announcement, the Company does not undertake any obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise.
FIRST FINANCIAL BANKSHARES, INC. | |||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) | |||||||||||||||
(In thousands, except share and per share data) | |||||||||||||||
As of | |||||||||||||||
2024 | 2023 | ||||||||||||||
ASSETS | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | ||||||||||
Cash and due from banks | $ | 259,996 | $ | 296,188 | $ | 263,262 | $ | 222,464 | $ | 281,354 | |||||
Interest-bearing demand deposits in banks | 503,417 | 287,476 | 103,315 | 365,397 | 255,237 | ||||||||||
Federal funds sold | - | - | 2,800 | 12,300 | - | ||||||||||
Investment securities | 4,617,759 | 4,612,299 | 4,573,024 | 4,658,526 | 4,732,762 | ||||||||||
Loans, held-for-investment | 7,913,098 | 7,723,191 | 7,519,733 | 7,229,410 | 7,148,791 | ||||||||||
Allowance for credit losses | (98,325) | (99,936) | (95,170) | (89,562) | (88,734) | ||||||||||
Net loans, held-for-investment | 7,814,773 | 7,623,255 | 7,424,563 | 7,139,848 | 7,060,057 | ||||||||||
Loans, held-for-sale | 8,235 | 20,114 | 19,668 | 16,109 | 14,253 | ||||||||||
Premises and equipment, net | 151,904 | 151,204 | 153,075 | 151,953 | 151,788 | ||||||||||
Goodwill | 313,481 | 313,481 | 313,481 | 313,481 | 313,481 | ||||||||||
Other intangible assets | 523 | 671 | 828 | 984 | 1,141 | ||||||||||
Other assets | 309,330 | 278,244 | 310,059 | 310,096 | 295,521 | ||||||||||
Total assets | $ | 13,979,418 | $ | 13,582,932 | $ | 13,164,075 | $ | 13,191,158 | $ | 13,105,594 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||
Noninterest-bearing deposits | $ | 3,348,041 | $ | 3,303,143 | $ | 3,289,032 | $ | 3,348,147 | $ | 3,435,586 | |||||
Interest-bearing deposits | 8,751,133 | 8,452,718 | 8,120,125 | 7,941,661 | 7,702,714 | ||||||||||
Total deposits | 12,099,174 | 11,755,861 | 11,409,157 | 11,289,808 | 11,138,300 | ||||||||||
Repurchase agreements | 61,416 | 57,557 | 138,950 | 307,297 | 381,928 | ||||||||||
Borrowings | 135,603 | 25,978 | 23,703 | 26,803 | 22,153 | ||||||||||
Trade date payable | - | 5,416 | - | - | - | ||||||||||
Other liabilities | 76,665 | 75,929 | 73,239 | 75,883 | 64,313 | ||||||||||
Shareholders' equity | 1,606,560 | 1,662,191 | 1,519,026 | 1,491,367 | 1,498,900 | ||||||||||
Total liabilities and shareholders' equity | $ | 13,979,418 | $ | 13,582,932 | $ | 13,164,075 | $ | 13,191,158 | $ | 13,105,594 | |||||
Quarter Ended | |||||||||||||||
2024 | 2023 | ||||||||||||||
INCOME STATEMENTS | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | ||||||||||
Interest income | $ | 165,792 | $ | 159,958 | $ | 153,673 | $ | 149,495 | $ | 142,207 | |||||
Interest expense | 49,675 | 52,849 | 50,400 | 49,253 | 44,699 | ||||||||||
Net interest income | 116,117 | 107,109 | 103,273 | 100,242 | 97,508 | ||||||||||
Provision for credit losses | 1,003 | 6,123 | 5,888 | 808 | - | ||||||||||
Net interest income after provision for credit losses | 115,114 | 100,986 | 97,385 | 99,434 | 97,508 | ||||||||||
Noninterest income | 30,977 | 32,362 | 31,268 | 29,383 | 21,979 | ||||||||||
Noninterest expense | 70,099 | 66,012 | 65,012 | 63,940 | 63,474 | ||||||||||
Net income before income taxes | 75,992 | 67,336 | 63,641 | 64,877 | 56,013 | ||||||||||
Income tax expense | 13,671 | 12,028 | 11,156 | 11,480 | 10,031 | ||||||||||
Net income | $ | 62,321 | $ | 55,308 | $ | 52,485 | $ | 53,397 | $ | 45,982 | |||||
PER COMMON SHARE DATA | |||||||||||||||
Net income - basic | $ | 0.44 | $ | 0.39 | $ | 0.37 | $ | 0.37 | $ | 0.32 | |||||
Net income - diluted | 0.43 | 0.39 | 0.37 | 0.37 | 0.32 | ||||||||||
Cash dividends declared | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | ||||||||||
Book value | 11.24 | 11.63 | 10.63 | 10.44 | 10.50 | ||||||||||
Tangible book value | 9.04 | 9.43 | 8.43 | 8.24 | 8.30 | ||||||||||
Market value | 36.05 | 37.01 | 29.53 | 32.81 | 30.30 | ||||||||||
Shares outstanding - end of period | 142,944,704 | 142,906,070 | 142,848,909 | 142,817,159 | 142,716,939 | ||||||||||
Average outstanding shares - basic | 142,898,110 | 142,853,215 | 142,814,363 | 142,724,674 | 142,680,263 | ||||||||||
Average outstanding shares - diluted | 143,352,067 | 143,188,857 | 143,088,930 | 143,029,449 | 143,069,900 | ||||||||||
PERFORMANCE RATIOS | |||||||||||||||
Return on average assets | 1.81 | % | 1.66 | % | 1.61 | % | 1.62 | % | 1.42 | % | |||||
Return on average equity | 15.17 | 14.00 | 14.43 | 14.43 | 14.26 | ||||||||||
Return on average tangible equity | 18.78 | 17.49 | 18.38 | 18.29 | 18.92 | ||||||||||
Net interest margin (tax equivalent) | 3.67 | 3.50 | 3.48 | 3.34 | 3.33 | ||||||||||
Efficiency ratio | 46.81 | 46.45 | 47.41 | 48.37 | 51.97 | ||||||||||
Year Ended | |||||||||||||||
Dec. 31, | |||||||||||||||
INCOME STATEMENTS | 2024 | 2023 | |||||||||||||
Interest income | $ | 628,918 | $ | 528,070 | |||||||||||
Interest expense | 202,177 | 144,261 | |||||||||||||
Net interest income | 426,741 | 383,809 | |||||||||||||
Provision for credit losses | 13,821 | 10,631 | |||||||||||||
Net interest income after provision for credit losses | 412,920 | 373,178 | |||||||||||||
Noninterest income | 123,989 | 108,003 | |||||||||||||
Noninterest expense | 265,063 | 237,882 | |||||||||||||
Net income before income taxes | 271,846 | 243,299 | |||||||||||||
Income tax expense | 48,335 | 44,322 | |||||||||||||
Net income | $ | 223,511 | $ | 198,977 | |||||||||||
PER COMMON SHARE DATA | |||||||||||||||
Net income - basic | $ | 1.56 | $ | 1.39 | |||||||||||
Net income - diluted | 1.56 | 1.39 | |||||||||||||
Cash dividends declared | 0.72 | 0.71 | |||||||||||||
Book value | 11.24 | 10.50 | |||||||||||||
Tangible book value | 9.04 | 8.30 | |||||||||||||
Market value | $ | 36.05 | $ | 30.30 | |||||||||||
Shares outstanding - end of period | 142,944,704 | 142,716,939 | |||||||||||||
Average outstanding shares - basic | 142,822,880 | 142,688,585 | |||||||||||||
Average outstanding shares - diluted | 143,232,520 | 142,938,977 | |||||||||||||
PERFORMANCE RATIOS | |||||||||||||||
Return on average assets | 1.68 | % | 1.55 | % | |||||||||||
Return on average equity | 14.51 | 14.99 | |||||||||||||
Return on average tangible equity | 18.24 | 19.65 | |||||||||||||
Net interest margin (tax equivalent) | 3.50 | 3.29 | |||||||||||||
Efficiency ratio | 47.23 | 47.26 | |||||||||||||
FIRST FINANCIAL BANKSHARES, INC. | |||||||||||||||
SELECTED FINANCIAL DATA (UNAUDITED) | |||||||||||||||
(In thousands) | |||||||||||||||
Quarter Ended | |||||||||||||||
2024 | 2023 | ||||||||||||||
ALLOWANCE FOR LOAN LOSSES | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | ||||||||||
Balance at beginning of period | $ | 99,936 | $ | 95,170 | $ | 89,562 | $ | 88,734 | $ | 89,714 | |||||
Loans charged-off | (2,184) | (1,279) | (702) | (850) | (1,213) | ||||||||||
Loan recoveries | 243 | 493 | 400 | 422 | 233 | ||||||||||
Net recoveries (charge-offs) | (1,941) | (786) | (302) | (428) | (980) | ||||||||||
Provision for loan losses | 330 | 5,552 | 5,910 | 1,256 | - | ||||||||||
Balance at end of period | $ | 98,325 | $ | 99,936 | $ | 95,170 | $ | 89,562 | $ | 88,734 | |||||
ALLOWANCE FOR UNFUNDED COMMITMENTS | |||||||||||||||
Balance at beginning of period | $ | 8,004 | $ | 7,433 | $ | 7,455 | $ | 7,903 | $ | 7,903 | |||||
Provision for unfunded commitments | 673 | 571 | (22) | (448) | - | ||||||||||
Balance at end of period | $ | 8,677 | $ | 8,004 | $ | 7,433 | $ | 7,455 | $ | 7,903 | |||||
Allowance for loan losses / | |||||||||||||||
period-end loans held-for-investment | 1.24 | % | 1.29 | % | 1.27 | % | 1.24 | % | 1.24 | % | |||||
Allowance for loan losses / | |||||||||||||||
nonperforming loans | 158.02 | 156.44 | 157.20 | 247.48 | 256.36 | ||||||||||
Net charge-offs (recoveries) / average total loans | |||||||||||||||
(annualized) | 0.10 | 0.04 | 0.02 | 0.02 | 0.06 | ||||||||||
As of | |||||||||||||||
2024 | 2023 | ||||||||||||||
COMPOSITION OF LOANS HELD-FOR-INVESTMENT | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | ||||||||||
Commercial: | |||||||||||||||
C&I | $ | 1,176,993 | $ | 1,175,774 | $ | 1,141,990 | $ | 1,191,516 | $ | 1,164,811 | |||||
Municipal | 369,246 | 333,732 | 359,124 | 211,013 | 214,850 | ||||||||||
Total Commercial | 1,546,239 | 1,509,506 | 1,501,114 | 1,402,529 | 1,379,661 | ||||||||||
Agricultural | 95,543 | 83,269 | 86,186 | 87,882 | 84,890 | ||||||||||
Real Estate: | |||||||||||||||
Construction & Development | 1,054,603 | 1,013,810 | 986,394 | 921,773 | 963,158 | ||||||||||
Farm | 339,665 | 315,720 | 318,597 | 311,002 | 344,954 | ||||||||||
Non-Owner Occupied CRE | 805,566 | 825,928 | 815,713 | 853,721 | 827,969 | ||||||||||
Owner Occupied CRE | 1,083,100 | 1,086,750 | 1,049,715 | 1,032,845 | 1,037,281 | ||||||||||
Residential | 2,196,767 | 2,112,196 | 1,990,604 | 1,918,573 | 1,834,593 | ||||||||||
Total Real Estate | 5,479,701 | 5,354,404 | 5,161,023 | 5,037,914 | 5,007,955 | ||||||||||
Consumer: | |||||||||||||||
Auto | 638,560 | 618,103 | 615,192 | 549,837 | 521,859 | ||||||||||
Non-Auto | 153,055 | 157,909 | 156,218 | 151,248 | 154,426 | ||||||||||
Total Consumer | 791,615 | 776,012 | 771,410 | 701,085 | 676,285 | ||||||||||
Total loans held-for-investment | $ | 7,913,098 | $ | 7,723,191 | $ | 7,519,733 | $ | 7,229,410 | $ | 7,148,791 | |||||
SUMMARY OF LOAN CLASSIFICATION | |||||||||||||||
Special Mention | $ | 42,563 | $ | 41,362 | $ | 57,864 | $ | 62,623 | $ | 40,834 | |||||
Substandard | 191,288 | 188,561 | 161,399 | 138,964 | 135,379 | ||||||||||
Doubtful | - | - | - | - | - | ||||||||||
Total classified loans | $ | 233,851 | $ | 229,923 | $ | 219,263 | $ | 201,587 | $ | 176,213 | |||||
NONPERFORMING ASSETS | |||||||||||||||
Nonaccrual loans | $ | 61,938 | $ | 63,378 | $ | 60,311 | $ | 36,157 | $ | 33,609 | |||||
Accruing loans 90 days past due | 287 | 504 | 231 | 33 | 1,004 | ||||||||||
Total nonperforming loans | 62,225 | 63,882 | 60,542 | 36,190 | 34,613 | ||||||||||
Foreclosed assets | 871 | 535 | 647 | 1,014 | 483 | ||||||||||
Total nonperforming assets | $ | 63,096 | $ | 64,417 | $ | 61,189 | $ | 37,204 | $ | 35,096 | |||||
As a % of loans held-for-investment and foreclosed assets | 0.80 | % | 0.83 | % | 0.81 | % | 0.51 | % | 0.49 | % | |||||
As a % of end of period total assets | 0.45 | 0.47 | 0.46 | 0.28 | 0.27 | ||||||||||
Quarter Ended | |||||||||||||||
2024 | 2023 | ||||||||||||||
CAPITAL RATIOS | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | ||||||||||
Common equity Tier 1 capital ratio | 18.83 | % | 18.83 | % | 18.42 | % | 18.60 | % | 18.50 | % | |||||
Tier 1 capital ratio | 18.83 | 18.83 | 18.42 | 18.60 | 18.50 | ||||||||||
Total capital ratio | 20.00 | 20.03 | 19.55 | 19.70 | 19.62 | ||||||||||
Tier 1 leverage ratio | 12.49 | 12.53 | 12.40 | 12.12 | 12.06 | ||||||||||
Tangible common equity ratio | 9.46 | 10.16 | 9.38 | 9.14 | 9.26 | ||||||||||
Equity/Assets ratio | 11.49 | 12.24 | 11.54 | 11.31 | 11.44 | ||||||||||
Quarter Ended | |||||||||||||||
2024 | 2023 | ||||||||||||||
NONINTEREST INCOME | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | ||||||||||
Trust fees | $ | 12,662 | $ | 11,694 | $ | 11,714 | $ | 11,379 | $ | 10,678 | |||||
Service charges on deposits | 6,306 | 6,428 | 6,009 | 6,246 | 6,523 | ||||||||||
Debit card fees | 5,506 | 5,528 | 5,145 | 4,891 | 5,024 | ||||||||||
Credit card fees | 617 | 617 | 672 | 631 | 631 | ||||||||||
Gain on sale and fees on mortgage loans | 3,009 | 3,359 | 3,687 | 3,128 | 1,940 | ||||||||||
Net gain (loss) on sale of available-for-sale securities | - | - | - | - | (6,205) | ||||||||||
Net gain (loss) on sale of foreclosed assets | 36 | (30) | (58) | - | 23 | ||||||||||
Net gain (loss) on sale of assets | 214 | 267 | 2 | - | (101) | ||||||||||
Interest on loan recoveries | 433 | 1,359 | 664 | 555 | 536 | ||||||||||
Other noninterest income | 2,194 | 3,140 | 3,433 | 2,553 | 2,930 | ||||||||||
Total noninterest income | $ | 30,977 | $ | 32,362 | $ | 31,268 | $ | 29,383 | $ | 21,979 | |||||
NONINTEREST EXPENSE | |||||||||||||||
Salaries, commissions and employee benefits, excluding profit sharing | $ | 37,996 | $ | 35,262 | $ | 35,569 | $ | 35,003 | $ | 34,560 | |||||
Profit sharing expense | 3,648 | 2,235 | 1,903 | 1,680 | 1,193 | ||||||||||
Net occupancy expense | 3,753 | 3,738 | 3,618 | 3,470 | 3,348 | ||||||||||
Equipment expense | 2,305 | 2,291 | 2,233 | 2,237 | 2,020 | ||||||||||
FDIC insurance premiums | 1,511 | 1,514 | 1,508 | 1,965 | 3,105 | ||||||||||
Debit card expense | 3,220 | 3,248 | 3,242 | 3,058 | 3,229 | ||||||||||
Legal, tax and professional fees | 3,751 | 3,865 | 3,809 | 2,734 | 3,125 | ||||||||||
Audit fees | 423 | 582 | 453 | 333 | 587 | ||||||||||
Printing, stationery and supplies | 293 | 199 | 425 | 447 | 492 | ||||||||||
Amortization of intangible assets | 147 | 157 | 157 | 157 | 228 | ||||||||||
Advertising, meals and public relations | 1,642 | 1,466 | 1,466 | 1,455 | 1,146 | ||||||||||
Operational and other losses | 863 | 955 | 769 | 1,154 | 1,096 | ||||||||||
Software amortization and expense | 3,648 | 3,712 | 3,158 | 3,005 | 3,017 | ||||||||||
Other noninterest expense | 6,899 | 6,788 | 6,702 | 7,242 | 6,328 | ||||||||||
Total noninterest expense | $ | 70,099 | $ | 66,012 | $ | 65,012 | $ | 63,940 | $ | 63,474 | |||||
TAX EQUIVALENT YIELD ADJUSTMENT | 2,673 | 2,628 | $ | 2,572 | $ | 2,573 | $ | 2,649 | |||||||
Year Ended | |||||||||||||||
Dec. 31, | |||||||||||||||
NONINTEREST INCOME | 2024 | 2023 | |||||||||||||
Trust fees | $ | 47,449 | $ | 40,456 | |||||||||||
Service charges on deposits | 24,988 | 25,378 | |||||||||||||
Debit card fees | 21,070 | 21,721 | |||||||||||||
Credit card fees | 2,537 | 2,645 | |||||||||||||
Gain on sale and fees on mortgage loans | 13,183 | 11,890 | |||||||||||||
Net gain (loss) on sale of available-for-sale securities | - | (7,119) | |||||||||||||
Net gain (loss) on sale of foreclosed assets | (51) | 46 | |||||||||||||
Net gain on sale of assets | 484 | 1,525 | |||||||||||||
Interest on loan recoveries | 3,010 | 2,055 | |||||||||||||
Other noninterest income | 11,319 | 9,406 | |||||||||||||
Total noninterest income | $ | 123,989 | $ | 108,003 | |||||||||||
NONINTEREST EXPENSE | |||||||||||||||
Salaries, commissions and employee benefits, excluding profit sharing | $ | 143,830 | $ | 130,542 | |||||||||||
Profit sharing expense | 9,466 | 1,373 | |||||||||||||
Net occupancy expense | 14,579 | 13,766 | |||||||||||||
Equipment expense | 9,065 | 8,545 | |||||||||||||
FDIC insurance premiums | 6,498 | 7,749 | |||||||||||||
Debit card expense | 12,768 | 12,933 | |||||||||||||
Legal, tax and professional fees | 14,157 | 11,666 | |||||||||||||
Audit fees | 1,793 | 2,241 | |||||||||||||
Printing, stationery and supplies | 1,364 | 2,454 | |||||||||||||
Amortization of intangible assets | 618 | 912 | |||||||||||||
Advertising, meals and public relations | 6,028 | 6,032 | |||||||||||||
Operational and other losses | 3,741 | 3,842 | |||||||||||||
Software amortization and expense | 13,523 | 10,288 | |||||||||||||
Other noninterest expense | 27,633 | 25,539 | |||||||||||||
Total noninterest expense | $ | 265,063 | $ | 237,882 | |||||||||||
TAX EQUIVALENT YIELD ADJUSTMENT | $ | 10,446 | $ | 11,552 | |||||||||||
FIRST FINANCIAL BANKSHARES, INC. | |||||||||||||||||||||
SELECTED FINANCIAL DATA (UNAUDITED) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||
Dec. 31, 2024 | Sept. 30, 2024 | ||||||||||||||||||||
Average | Tax Equivalent | Yield / | Average | Tax Equivalent | Yield / | ||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Federal funds sold | $ | 1,895 | $ | 23 | 4.90 | % | $ | 2,901 | $ | 43 | 5.84 | % | |||||||||
Interest-bearing demand deposits in nonaffiliated banks | 308,118 | 3,578 | 4.62 | 200,756 | 2,716 | 5.38 | |||||||||||||||
Taxable securities | 3,320,754 | 21,896 | 2.64 | 3,211,490 | 19,866 | 2.47 | |||||||||||||||
Tax-exempt securities | 1,425,934 | 9,858 | 2.77 | 1,418,214 | 9,742 | 2.75 | |||||||||||||||
Loans | 7,806,860 | 133,110 | 6.78 | 7,643,238 | 130,220 | 6.78 | |||||||||||||||
Total interest-earning assets | 12,863,561 | $ | 168,465 | 5.21 | % | 12,476,599 | $ | 162,587 | 5.18 | % | |||||||||||
Noninterest-earning assets | 824,757 | 817,757 | |||||||||||||||||||
Total assets | $ | 13,688,318 | $ | 13,294,356 | |||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Deposits | $ | 8,523,405 | $ | 49,139 | 2.29 | % | $ | 8,240,938 | $ | 51,994 | 2.51 | % | |||||||||
Repurchase Agreements | 63,350 | 271 | 1.70 | 100,892 | 740 | 2.92 | |||||||||||||||
Borrowings | 39,709 | 265 | 2.65 | 24,670 | 116 | 1.87 | |||||||||||||||
Total interest-bearing liabilities | 8,626,464 | $ | 49,675 | 2.29 | % | 8,366,500 | $ | 52,850 | 2.51 | % | |||||||||||
Noninterest-bearing deposits | 3,348,062 | 3,279,486 | |||||||||||||||||||
Other noninterest-bearing liabilities | 79,271 | 76,274 | |||||||||||||||||||
Shareholders' equity | 1,634,521 | 1,572,096 | |||||||||||||||||||
Total liabilities and shareholders' equity | $ | 13,688,318 | $ | 13,294,356 | |||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 118,790 | 3.67 | % | $ | 109,737 | 3.50 | % | |||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||
June 30, 2024 | Mar. 31, 2024 | ||||||||||||||||||||
Average | Tax Equivalent | Yield / | Average | Tax Equivalent | Yield / | ||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Federal funds sold | $ | 5,160 | $ | 74 | 5.81 | % | $ | 3,923 | $ | 57 | 5.85 | % | |||||||||
Interest-bearing demand deposits in nonaffiliated banks | 159,707 | 2,292 | 5.77 | 344,969 | 4,657 | 5.43 | |||||||||||||||
Taxable securities | 3,250,684 | 19,912 | 2.45 | 3,376,324 | 19,952 | 2.36 | |||||||||||||||
Tax-exempt securities | 1,404,706 | 9,730 | 2.77 | 1,434,505 | 9,794 | 2.73 | |||||||||||||||
Loans | 7,405,297 | 124,237 | 6.75 | 7,205,424 | 117,608 | 6.56 | |||||||||||||||
Total interest-earning assets | 12,225,554 | $ | 156,245 | 5.14 | % | 12,365,145 | $ | 152,068 | 4.95 | % | |||||||||||
Noninterest-earning assets | 855,719 | 864,885 | |||||||||||||||||||
Total assets | $ | 13,081,273 | $ | 13,230,030 | |||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Deposits | $ | 8,020,247 | $ | 48,414 | 2.43 | % | $ | 7,878,094 | $ | 45,250 | 2.31 | % | |||||||||
Repurchase Agreements | 212,590 | 1,895 | 3.59 | 317,439 | 2,562 | 3.25 | |||||||||||||||
Borrowings | 22,932 | 91 | 1.60 | 132,963 | 1,441 | 4.36 | |||||||||||||||
Total interest-bearing liabilities | 8,255,769 | $ | 50,400 | 2.46 | % | 8,328,496 | $ | 49,253 | 2.38 | % | |||||||||||
Noninterest-bearing deposits | 3,289,906 | 3,346,757 | |||||||||||||||||||
Other noninterest-bearing liabilities | 72,464 | 66,134 | |||||||||||||||||||
Shareholders' equity | 1,463,134 | 1,488,643 | |||||||||||||||||||
Total liabilities and shareholders' equity | $ | 13,081,273 | $ | 13,230,030 | |||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 105,845 | 3.48 | % | $ | 102,815 | 3.34 | % | |||||||||||||
Three Months Ended | |||||||||||||||||||||
Dec. 31, 2023 | |||||||||||||||||||||
Average | Tax Equivalent | Yield / | |||||||||||||||||||
Balance | Interest | Rate | |||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Federal funds sold | $ | 1,768 | $ | 25 | 5.72 | % | |||||||||||||||
Interest-bearing demand deposits in nonaffiliated banks | 145,839 | 1,961 | 5.33 | ||||||||||||||||||
Taxable securities | 3,317,114 | 19,686 | 2.37 | ||||||||||||||||||
Tax-exempt securities | 1,410,148 | 10,188 | 2.89 | ||||||||||||||||||
Loans | 7,052,463 | 112,996 | 6.36 | ||||||||||||||||||
Total interest-earning assets | 11,927,332 | $ | 144,856 | 4.82 | % | ||||||||||||||||
Noninterest-earning assets | 886,811 | ||||||||||||||||||||
Total assets | $ | 12,814,143 | |||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Deposits | $ | 7,371,260 | $ | 39,225 | 2.11 | % | |||||||||||||||
Repurchase Agreements | 558,592 | 4,627 | 3.29 | ||||||||||||||||||
Borrowings | 78,066 | 847 | 4.30 | ||||||||||||||||||
Total interest-bearing liabilities | 8,007,918 | $ | 44,699 | 2.21 | % | ||||||||||||||||
Noninterest-bearing deposits | 3,461,544 | ||||||||||||||||||||
Other noninterest-bearing liabilities | 65,524 | ||||||||||||||||||||
Shareholders' equity | 1,279,157 | ||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 12,814,143 | |||||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 100,157 | 3.33 | % | |||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||
Dec. 31, 2024 | Dec. 31, 2023 | ||||||||||||||||||||
Average | Tax Equivalent | Yield / | Average | Tax Equivalent | Yield / | ||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Federal funds sold | $ | 3,464 | $ | 197 | 5.70 | % | $ | 2,223 | $ | 122 | 5.50 | % | |||||||||
Interest-bearing deposits in nonaffiliated banks | 253,393 | 13,242 | 5.23 | 115,785 | 5,890 | 5.09 | |||||||||||||||
Taxable securities | 3,289,683 | 81,626 | 2.48 | 3,500,839 | 79,925 | 2.28 | |||||||||||||||
Tax-exempt securities | 1,420,846 | 39,124 | 2.75 | 1,597,204 | 45,815 | 2.87 | |||||||||||||||
Loans | 7,516,352 | 505,176 | 6.72 | 6,784,352 | 407,870 | 6.01 | |||||||||||||||
Total interest-earning assets | 12,483,738 | $ | 639,365 | 5.12 | % | 12,000,403 | $ | 539,622 | 4.50 | % | |||||||||||
Noninterest-earning assets | 840,674 | 860,859 | |||||||||||||||||||
Total assets | $ | 13,324,412 | $ | 12,861,262 | |||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Deposits | $ | 8,166,855 | $ | 194,801 | 2.39 | % | $ | 7,188,171 | $ | 124,830 | 1.74 | % | |||||||||
Repurchase Agreements | 173,068 | 5,468 | 3.16 | 568,205 | 16,139 | 2.84 | |||||||||||||||
Borrowings | 54,943 | 1,909 | 3.47 | 81,262 | 3,292 | 4.05 | |||||||||||||||
Total interest-bearing liabilities | 8,394,866 | $ | 202,178 | 2.41 | % | 7,837,638 | $ | 144,261 | 1.84 | % | |||||||||||
Noninterest-bearing deposits | 3,316,040 | 3,632,559 | |||||||||||||||||||
Other noninterest-bearing liabilities | 73,559 | 63,238 | |||||||||||||||||||
Shareholders' equity | 1,539,947 | 1,327,827 | |||||||||||||||||||
Total liabilities and shareholders' equity | $ | 13,324,412 | $ | 12,861,262 | |||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 437,187 | 3.50 | % | $ | 395,361 | 3.29 | % | |||||||||||||
SOURCE First Financial Bankshares, Inc.
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