FIRST FINANCIAL BANKSHARES ANNOUNCES FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2024 EARNINGS

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Jan 23, 2025, 16:05 ET

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	%