ABILENE,
Texas, Jan. 25, 2024 /PRNewswire/ -- First
Financial Bankshares, Inc. (the "Company," "we," "us" or
"our") (NASDAQ: FFIN) today reported earnings of $45.98 million for the fourth quarter of 2023
compared to earnings of $58.67
million for the same quarter a year ago. Basic and
diluted earnings per share were $0.32
for the fourth quarter of
2023 compared with $0.41 for the same quarter a year ago.
"2023 was a very challenging year for the banking industry due
to the Federal Reserve's highest and most rapid increase in
interest rates in our country's history. Despite the decline in our
year-over-year net income in 2023, I am proud of the many
accomplishments we achieved during the year and we continued to
outperform our peer group of banks," said F. Scott Dueser, Chairman, President and CEO of
First Financial Bankshares, Inc. "We are pleased that we ended 2023
having maintained our total deposit levels when compared to 2022
year-end balances primarily resulting from the addition of over
12,500 net new accounts. Additionally, we grew loans organically
$706.92 million, or 10.97 percent,
during the year while maintaining our conservative credit
standards. In addition, we took advantage of opportunities to
restructure our balance sheet by selling $411.13 million in securities with lower yields
and redeployed those dollars into our higher earning loan
portfolio. The cash flows provided from the sales of securities
combined with the monthly maturities in our bond and loan
portfolios are providing us with the needed liquidity to grow loans
which will also benefit our interest income as we go forward.
Entering 2024, I believe we are well positioned for success in the
economic environment. We appreciate the continued support of our
customers, shareholders and associates," Mr. Dueser added.
As further described below, the results this quarter when
compared to the same quarter a year ago included (i) a $6.53 million decrease in net interest income,
(ii) a $964 thousand decrease in
mortgage revenues, (iii) a $6.34
million loss on sale of securities, (iv) a $2.08 million increase in FDIC insurance
premiums, which includes a $1.75
million special assessment, and (v) a $1.51 million increase in incentive and profit
sharing expenses.
Net earnings for the year ended December
31, 2023, totaled $198.98
million compared to $234.48
million for the year ended December
31, 2022. Basic and diluted earnings per share were
$1.39 for the year ended December 31, 2023, compared with basic and
diluted earnings per share of $1.64
for the year ended December 31, 2022.
Included in earnings for the year ended December 31, 2023, when compared to the year
ended December 31, 2022, were (i) a
decrease of $17.61 million in net
interest income, (ii) a decrease in debit card revenues of
$8.56 million, (iii) a decrease
in mortgage revenues of $7.15
million, (iv) a $9.26 million
decline in gains on sales of securities, and (v) an increase of
$4.04 million in FDIC insurance
premiums, which includes a $1.75
million special assessment. Offsetting these reductions to
earnings were (i) a decline of $6.80
million in the provision for credit losses and (ii) a
decline of $5.30 million in incentive
and profit sharing expenses.
Net interest income for the fourth quarter of 2023 was
$97.51 million compared to
$94.15 million for the third quarter
of 2023 and $104.04 million for
the fourth quarter of 2022. The net interest margin, on a
taxable equivalent basis, was
3.33 percent for the fourth
quarter of 2023, compared to 3.22 percent
for the third quarter of 2023, and
3.47 percent for the fourth quarter
of 2022. Average interest-earning assets were $11.93 billion for the fourth quarter of 2023
compared to $12.32 billion for the
same quarter a year ago.
The Company did not record a
provision for credit losses for the
fourth quarter of 2023 compared to
a provision for credit losses of $4.08
million for the fourth quarter of 2022. At December
31, 2023, the allowance for credit losses
totaled $88.73 million, or 1.24
percent of loans held-for-investment ("loans" hereafter), compared
to $75.83 million at December 31, 2022, or 1.18 percent of loans.
Additionally, the reserve for unfunded commitments totaled
$7.90 million at
December 31, 2023, compared to $12.32 million
at December 31, 2022.
For the fourth quarter of 2023, net charge-offs totaled
$980 thousand compared to net
charge-offs of $905 thousand for the fourth
quarter of 2022, or 6 basis points of loans in both
periods. Nonperforming assets as
a percentage of loans and foreclosed assets totaled 0.49 percent at December 31, 2023, compared
with 0.38 percent at December 31,
2022. Classified loans totaled $176.21 million at December 31, 2023, compared
to $150.70 million
at December 31, 2022.
Noninterest income for the fourth quarter of 2023 was
$21.98 million compared to
$28.52 million for
the fourth quarter of 2022, primarily
as a result of the following:
- Available-for-sale securities totaling $90.72 million with an average book yield of 1.89
percent were sold in the fourth quarter of 2023 resulting in a loss
on sales of securities of $6.21
million compared to a gain on sales of securities of
$131 thousand in the fourth quarter
of 2022. The proceeds from the sales of these securities are being
used to fund organic loan growth that is yielding approximately 8
percent, resulting in an anticipated earn back period of less than
18 months.
- Mortgage income declined to $1.94
million for the fourth quarter of 2023 compared to
$2.90 million for the fourth quarter
of 2022 due to lower overall origination volume.
- Debit card fees decreased by $875
thousand for the fourth quarter of 2023 compared to the same
quarter a year ago. The decrease was mostly due to the recognition
of $1.11 million of volume incentive
income in the fourth quarter of 2022 compared to $375 thousand in the fourth quarter of 2023.
- Trust fees increased to $10.68
million for the fourth quarter of 2023 compared to
$10.12 million for the fourth quarter
of 2022, driven by the increase in fair value of trust assets
managed to $9.78 billion at
December 31, 2023, compared to
$8.75 billion at December 31, 2022.
- Service charges on deposits increased to $6.52 million for the fourth quarter of 2023
compared with $6.40 million for the
fourth quarter of 2022, driven by the continued growth in net new
accounts.
Noninterest expense for the fourth quarter of 2023 totaled
$63.47 million compared to
$57.78 million for the
fourth quarter of 2022, as a result of the following:
- Salary, commissions and employee benefit costs totaled
$35.75 million for the fourth quarter
of 2023, compared to $32.96 million
in the fourth quarter of 2022 reflecting some bonuses and profit
sharing expenses paid to several of our Bank regions that met their
performance criteria, annual merit-based and market driven pay
increases and increased medical expenses.
- FDIC insurance premiums increased to $3.11 million in the fourth quarter of 2023
compared with $1.02 million in the
fourth quarter of 2022 due to the recognition of $1.75 million related to the special assessment
in the fourth quarter of 2023.
The Company's efficiency ratio was
47.26 percent for the year ended December
31, 2023, compared to 42.80 percent
for the year ended December 31,
2022.
As of December 31, 2023,
consolidated assets for the Company totaled $13.11 billion compared to $12.97 billion at December
31, 2022. Loans totaled $7.15
billion at December 31, 2023,
compared with loans of $6.44 billion
at December 31, 2022. During the
fourth quarter of 2023, loans grew $154.10
million, or 8.81 percent annualized, when compared to
September 30, 2023 balances. Deposits
totaled $11.14 billion at
December 31, 2023, compared to
$11.01 billion at December 31, 2022.
Shareholders' equity was $1.50
billion as of December 31,
2023, compared to $1.27
billion at December 31, 2022,
primarily as a result of changes in Other Comprehensive Income
("OCI") due to interest rate changes over the past year. The
unrealized loss on the available-for-sale investment securities
portfolio, net of applicable tax, totaled $403.30 million at December 31, 2023, compared to an unrealized loss
of $535.23 million at December 31, 2022.
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, N.A., 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, N.A., 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
|
|
|
|
2023
|
|
|
2022
|
|
ASSETS
|
|
Dec.
31,
|
|
|
Sept.
30,
|
|
|
June
30,
|
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
Cash and due from
banks
|
$
|
281,354
|
|
$
|
208,277
|
|
$
|
255,018
|
|
$
|
224,875
|
|
$
|
293,286
|
|
Interest-bearing demand
deposits in banks
|
|
255,237
|
|
|
180,008
|
|
|
23,839
|
|
|
221,336
|
|
|
37,392
|
|
Investment
securities
|
|
4,732,762
|
|
|
4,652,537
|
|
|
5,066,262
|
|
|
5,298,557
|
|
|
5,474,359
|
|
Loans,
held-for-investment, excluding PPP Loans
|
|
7,148,682
|
|
|
6,994,574
|
|
|
6,777,429
|
|
|
6,576,060
|
|
|
6,441,699
|
|
PPP loans
|
|
109
|
|
|
122
|
|
|
141
|
|
|
155
|
|
|
169
|
|
Total loans,
held-for-investment
|
|
7,148,791
|
|
|
6,994,696
|
|
|
6,777,570
|
|
|
6,576,215
|
|
|
6,441,868
|
|
Allowance for credit
losses
|
|
(88,734)
|
|
|
(89,714)
|
|
|
(86,541)
|
|
|
(80,818)
|
|
|
(75,834)
|
|
Net loans,
held-for-investment
|
|
7,060,057
|
|
|
6,904,982
|
|
|
6,691,029
|
|
|
6,495,397
|
|
|
6,366,034
|
|
Loans,
held-for-sale
|
|
14,253
|
|
|
12,229
|
|
|
19,220
|
|
|
11,996
|
|
|
11,965
|
|
Premises and equipment,
net
|
|
151,788
|
|
|
152,936
|
|
|
152,876
|
|
|
153,718
|
|
|
152,973
|
|
Goodwill
|
|
313,481
|
|
|
313,481
|
|
|
313,481
|
|
|
313,481
|
|
|
313,481
|
|
Other intangible
assets
|
|
1,141
|
|
|
1,369
|
|
|
1,597
|
|
|
1,825
|
|
|
2,053
|
|
Other assets
|
|
295,521
|
|
|
351,599
|
|
|
302,115
|
|
|
286,801
|
|
|
322,523
|
|
Total assets
|
$
|
13,105,594
|
|
$
|
12,777,418
|
|
$
|
12,825,437
|
|
$
|
13,007,986
|
|
$
|
12,974,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
|
3,435,586
|
|
$
|
3,477,553
|
|
$
|
3,578,483
|
|
$
|
3,890,991
|
|
$
|
4,061,788
|
|
Interest-bearing
deposits
|
|
7,702,714
|
|
|
7,238,970
|
|
|
7,229,077
|
|
|
7,045,427
|
|
|
6,943,719
|
|
Total
deposits
|
|
11,138,300
|
|
|
10,716,523
|
|
|
10,807,560
|
|
|
10,936,418
|
|
|
11,005,507
|
|
Repurchase
Agreements
|
|
381,928
|
|
|
621,791
|
|
|
559,479
|
|
|
608,299
|
|
|
618,829
|
|
Borrowings
|
|
22,153
|
|
|
129,753
|
|
|
28,177
|
|
|
24,628
|
|
|
23,678
|
|
Trade date
payable
|
|
-
|
|
|
2,500
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Other
liabilities
|
|
64,313
|
|
|
66,741
|
|
|
62,988
|
|
|
65,788
|
|
|
60,315
|
|
Shareholders'
equity
|
|
1,498,900
|
|
|
1,240,110
|
|
|
1,367,233
|
|
|
1,372,853
|
|
|
1,265,737
|
|
Total liabilities and
shareholders' equity
|
$
|
13,105,594
|
|
$
|
12,777,418
|
|
$
|
12,825,437
|
|
$
|
13,007,986
|
|
$
|
12,974,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
2023
|
|
|
2022
|
|
INCOME
STATEMENTS
|
|
Dec.
31,
|
|
|
Sept.
30,
|
|
|
June
30,
|
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
Interest
income
|
$
|
142,207
|
|
$
|
135,351
|
|
$
|
129,005
|
|
$
|
121,508
|
|
$
|
121,137
|
|
Interest
expense
|
|
44,699
|
|
|
41,202
|
|
|
33,139
|
|
|
25,222
|
|
|
17,100
|
|
Net interest
income
|
|
97,508
|
|
|
94,149
|
|
|
95,866
|
|
|
96,286
|
|
|
104,037
|
|
Provision for credit
losses
|
|
-
|
|
|
2,276
|
|
|
5,573
|
|
|
2,781
|
|
|
4,075
|
|
Net interest income
after provision for credit losses
|
|
97,508
|
|
|
91,873
|
|
|
90,293
|
|
|
93,505
|
|
|
99,962
|
|
Noninterest
income
|
|
21,979
|
|
|
28,070
|
|
|
29,947
|
|
|
28,007
|
|
|
28,524
|
|
Noninterest
expense
|
|
63,474
|
|
|
59,539
|
|
|
57,613
|
|
|
57,256
|
|
|
57,778
|
|
Net income before
income taxes
|
|
56,013
|
|
|
60,404
|
|
|
62,627
|
|
|
64,256
|
|
|
70,708
|
|
Income tax
expense
|
|
10,031
|
|
|
10,848
|
|
|
11,754
|
|
|
11,688
|
|
|
12,040
|
|
Net income
|
$
|
45,982
|
|
$
|
49,556
|
|
$
|
50,873
|
|
$
|
52,568
|
|
$
|
58,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income -
basic
|
$
|
0.32
|
|
$
|
0.35
|
|
$
|
0.36
|
|
$
|
0.37
|
|
$
|
0.41
|
|
Net income -
diluted
|
|
0.32
|
|
|
0.35
|
|
|
0.36
|
|
|
0.37
|
|
|
0.41
|
|
Cash dividends
declared
|
|
0.18
|
|
|
0.18
|
|
|
0.18
|
|
|
0.17
|
|
|
0.17
|
|
Book value
|
|
10.50
|
|
|
8.69
|
|
|
9.58
|
|
|
9.62
|
|
|
8.87
|
|
Tangible book
value
|
|
8.30
|
|
|
6.48
|
|
|
7.37
|
|
|
7.41
|
|
|
6.66
|
|
Market value
|
|
30.30
|
|
|
25.12
|
|
|
28.49
|
|
|
31.90
|
|
|
34.40
|
|
Shares outstanding -
end of period
|
|
142,716,939
|
|
|
142,677,069
|
|
|
142,741,196
|
|
|
142,703,531
|
|
|
142,657,871
|
|
Average outstanding
shares - basic
|
|
142,680,263
|
|
|
142,707,260
|
|
|
142,700,805
|
|
|
142,665,646
|
|
|
142,619,632
|
|
Average outstanding
shares - diluted
|
|
143,069,900
|
|
|
143,149,373
|
|
|
143,087,555
|
|
|
143,066,011
|
|
|
143,071,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.42
|
%
|
|
1.53
|
%
|
|
1.58
|
%
|
|
1.65
|
%
|
|
1.76
|
%
|
Return on average
equity
|
|
14.26
|
|
|
14.51
|
|
|
14.89
|
|
|
16.32
|
|
|
19.87
|
|
Return on average
tangible equity
|
|
18.92
|
|
|
18.90
|
|
|
19.33
|
|
|
21.51
|
|
|
27.20
|
|
Net interest margin
(tax equivalent)*
|
|
3.33
|
|
|
3.22
|
|
|
3.29
|
|
|
3.34
|
|
|
3.47
|
|
Efficiency
ratio*
|
|
51.97
|
|
|
47.62
|
|
|
44.74
|
|
|
44.93
|
|
|
42.39
|
|
*Calculations have been
adjusted to remove effect of TEFRA disallowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
Dec.
31,
|
INCOME
STATEMENTS
|
|
2023
|
|
|
2022
|
|
Interest
income
|
$
|
528,070
|
|
$
|
432,854
|
|
Interest
expense
|
|
144,261
|
|
|
31,440
|
|
Net interest
income
|
|
383,809
|
|
|
401,414
|
|
Provision for credit
losses
|
|
10,631
|
|
|
17,427
|
|
Net interest income
after provisions for credit losses
|
|
373,178
|
|
|
383,987
|
|
Noninterest
income
|
|
108,003
|
|
|
131,665
|
|
Noninterest
expense
|
|
237,882
|
|
|
234,778
|
|
Net income before
income taxes
|
|
243,299
|
|
|
280,874
|
|
Income tax
expense
|
|
44,322
|
|
|
46,399
|
|
Net income
|
$
|
198,977
|
|
$
|
234,475
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA
|
|
|
|
|
|
|
Net income -
basic
|
$
|
1.39
|
|
$
|
1.64
|
|
Net income -
diluted
|
|
1.39
|
|
|
1.64
|
|
Cash dividends
declared
|
|
0.71
|
|
|
0.66
|
|
Book value
|
|
10.50
|
|
|
8.87
|
|
Tangible book
value
|
|
8.30
|
|
|
6.66
|
|
Market value
|
$
|
30.30
|
|
$
|
34.40
|
|
Shares outstanding -
end of period
|
|
142,716,939
|
|
|
142,657,871
|
|
Average outstanding
shares - basic
|
|
142,688,585
|
|
|
142,596,252
|
|
Average outstanding
shares - diluted
|
|
142,938,977
|
|
|
143,207,899
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
Return on average
assets
|
|
1.55
|
%
|
|
1.76
|
%
|
Return on average
equity
|
|
14.99
|
|
|
16.72
|
|
Return on average
tangible equity
|
|
19.65
|
|
|
21.59
|
|
Net interest margin
(tax equivalent)*
|
|
3.29
|
|
|
3.34
|
|
Efficiency
ratio*
|
|
47.26
|
|
|
42.80
|
|
*Calculation has been
adjusted to remove effect of TEFRA disallowance
|
|
|
|
|
|
|
FIRST FINANCIAL
BANKSHARES, INC.
|
|
SELECTED FINANCIAL
DATA (UNAUDITED)
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
2023
|
|
|
2022
|
|
ALLOWANCE FOR LOAN
LOSSES
|
|
Dec.
31,
|
|
|
Sept.
30,
|
|
|
June
30,
|
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
Balance at beginning of
period
|
$
|
89,714
|
|
$
|
86,541
|
|
$
|
80,818
|
|
$
|
75,834
|
|
$
|
74,108
|
|
Loans
charged-off
|
|
(1,213)
|
|
|
(1,080)
|
|
|
(1,118)
|
|
|
(288)
|
|
|
(1,225)
|
|
Loan
recoveries
|
|
233
|
|
|
432
|
|
|
319
|
|
|
565
|
|
|
320
|
|
Net recoveries
(charge-offs)
|
|
(980)
|
|
|
(648)
|
|
|
(799)
|
|
|
277
|
|
|
(905)
|
|
Provision for loan
losses
|
|
-
|
|
|
3,821
|
|
|
6,522
|
|
|
4,707
|
|
|
2,631
|
|
Balance at end of
period
|
$
|
88,734
|
|
$
|
89,714
|
|
$
|
86,541
|
|
$
|
80,818
|
|
$
|
75,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR
UNFUNDED COMMITMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of
period
|
$
|
7,903
|
|
$
|
9,448
|
|
$
|
10,397
|
|
$
|
12,323
|
|
$
|
10,879
|
|
Provision for unfunded
commitments
|
|
-
|
|
|
(1,545)
|
|
|
(949)
|
|
|
(1,926)
|
|
|
1,444
|
|
Balance at end of
period
|
$
|
7,903
|
|
$
|
7,903
|
|
$
|
9,448
|
|
$
|
10,397
|
|
$
|
12,323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses /
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
period-end loans
held-for-investment
|
|
1.24
|
%
|
|
1.28
|
%
|
|
1.28
|
%
|
|
1.23
|
%
|
|
1.18
|
%
|
Allowance for loan
losses /
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nonperforming
loans
|
|
256.36
|
|
|
229.44
|
|
|
296.13
|
|
|
334.06
|
|
|
311.75
|
|
Net charge-offs
(recoveries) / average total loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(annualized)
|
|
0.06
|
|
|
0.04
|
|
|
0.05
|
|
|
(0.02)
|
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
|
2023
|
|
|
2022
|
|
COMPOSITION OF LOANS
HELD-FOR-INVESTMENT
|
|
Dec.
31,
|
|
|
Sept.
30,
|
|
|
June
30,
|
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C&I
|
$
|
1,164,702
|
|
$
|
1,108,118
|
|
$
|
1,021,722
|
|
$
|
954,531
|
|
$
|
917,148
|
|
PPP
|
|
109
|
|
|
122
|
|
|
141
|
|
|
155
|
|
|
169
|
|
Municipal
|
|
214,850
|
|
|
218,358
|
|
|
215,977
|
|
|
221,379
|
|
|
221,090
|
|
Total
Commercial
|
|
1,379,661
|
|
|
1,326,598
|
|
|
1,237,840
|
|
|
1,176,065
|
|
|
1,138,407
|
|
Agricultural
|
|
84,890
|
|
|
81,876
|
|
|
82,032
|
|
|
77,017
|
|
|
76,947
|
|
Real Estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction &
Development
|
|
963,158
|
|
|
929,570
|
|
|
915,221
|
|
|
921,190
|
|
|
959,426
|
|
Farm
|
|
344,954
|
|
|
341,052
|
|
|
335,644
|
|
|
307,706
|
|
|
306,322
|
|
Non-Owner Occupied
CRE
|
|
827,969
|
|
|
828,900
|
|
|
811,347
|
|
|
737,117
|
|
|
732,089
|
|
Owner Occupied
CRE
|
|
1,037,281
|
|
|
1,002,913
|
|
|
1,011,511
|
|
|
1,043,018
|
|
|
954,400
|
|
Residential
|
|
1,834,593
|
|
|
1,788,913
|
|
|
1,698,679
|
|
|
1,628,841
|
|
|
1,575,758
|
|
Total Real
Estate
|
|
5,007,955
|
|
|
4,891,348
|
|
|
4,772,402
|
|
|
4,637,872
|
|
|
4,527,995
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
521,859
|
|
|
540,382
|
|
|
534,603
|
|
|
537,410
|
|
|
550,635
|
|
Non-Auto
|
|
154,426
|
|
|
154,492
|
|
|
150,693
|
|
|
147,851
|
|
|
147,884
|
|
Total
Consumer
|
|
676,285
|
|
|
694,874
|
|
|
685,296
|
|
|
685,261
|
|
|
698,519
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
held-for-investment
|
$
|
7,148,791
|
|
$
|
6,994,696
|
|
$
|
6,777,570
|
|
$
|
6,576,215
|
|
$
|
6,441,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY OF LOAN
CLASSIFICATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Mention
|
$
|
40,834
|
|
$
|
60,939
|
|
$
|
66,960
|
|
$
|
65,141
|
|
$
|
49,382
|
|
Substandard
|
|
135,379
|
|
|
118,166
|
|
|
108,179
|
|
|
91,915
|
|
|
101,316
|
|
Doubtful
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total classified
loans
|
$
|
176,213
|
|
$
|
179,105
|
|
$
|
175,139
|
|
$
|
157,056
|
|
$
|
150,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
33,609
|
|
$
|
38,812
|
|
$
|
28,672
|
|
$
|
24,171
|
|
$
|
24,325
|
|
Accruing loans 90 days
past due
|
|
1,004
|
|
|
289
|
|
|
552
|
|
|
22
|
|
|
-
|
|
Total nonperforming
loans
|
|
34,613
|
|
|
39,101
|
|
|
29,224
|
|
|
24,193
|
|
|
24,325
|
|
Foreclosed
assets
|
|
483
|
|
|
597
|
|
|
25
|
|
|
196
|
|
|
-
|
|
Total nonperforming
assets
|
$
|
35,096
|
|
$
|
39,698
|
|
$
|
29,249
|
|
$
|
24,389
|
|
$
|
24,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a % of loans
held-for-investment and foreclosed assets
|
|
0.49
|
%
|
|
0.57
|
%
|
|
0.43
|
%
|
|
0.37
|
%
|
|
0.38
|
%
|
As a % of end of period
total assets
|
|
0.27
|
|
|
0.31
|
|
|
0.23
|
|
|
0.19
|
|
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
2023
|
|
|
2022
|
|
CAPITAL
RATIOS
|
|
Dec.
31,
|
|
|
Sept.
30,
|
|
|
June
30,
|
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
Common equity Tier 1
capital ratio
|
|
18.50
|
%
|
|
18.35
|
%
|
|
18.48
|
%
|
|
18.68
|
%
|
|
18.22
|
%
|
Tier 1 capital
ratio
|
|
18.50
|
|
|
18.35
|
|
|
18.48
|
|
|
18.68
|
|
|
18.22
|
|
Total capital
ratio
|
|
19.62
|
|
|
19.49
|
|
|
19.62
|
|
|
19.79
|
|
|
19.29
|
|
Tier 1 leverage
ratio
|
|
12.06
|
|
|
12.00
|
|
|
11.81
|
|
|
11.53
|
|
|
10.96
|
|
Tangible common equity
ratio
|
|
9.26
|
|
|
7.42
|
|
|
8.41
|
|
|
8.33
|
|
|
7.51
|
|
Equity/Assets
ratio
|
|
11.44
|
|
|
9.71
|
|
|
10.66
|
|
|
10.55
|
|
|
9.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
2023
|
|
|
2022
|
|
NONINTEREST
INCOME
|
|
Dec.
31,
|
|
|
Sept.
30,
|
|
|
June
30,
|
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
Trust fees
|
$
|
10,678
|
|
$
|
10,050
|
|
$
|
9,883
|
|
$
|
9,845
|
|
$
|
10,122
|
|
Service charges on
deposits
|
|
6,523
|
|
|
6,509
|
|
|
6,310
|
|
|
6,036
|
|
|
6,397
|
|
Debit card
fees
|
|
5,024
|
|
|
5,041
|
|
|
6,720
|
|
|
4,936
|
|
|
5,899
|
|
Credit card
fees
|
|
631
|
|
|
694
|
|
|
711
|
|
|
609
|
|
|
632
|
|
Gain on sale and fees
on mortgage loans
|
|
1,940
|
|
|
3,442
|
|
|
3,534
|
|
|
2,974
|
|
|
2,904
|
|
Net gain (loss) on sale
of available-for-sale securities
|
|
(6,205)
|
|
|
(972)
|
|
|
46
|
|
|
12
|
|
|
131
|
|
Net gain (loss) on sale
of foreclosed assets
|
|
23
|
|
|
(10)
|
|
|
(1)
|
|
|
34
|
|
|
-
|
|
Net gain (loss) on sale
of assets
|
|
(101)
|
|
|
696
|
|
|
-
|
|
|
930
|
|
|
(2)
|
|
Interest on loan
recoveries
|
|
536
|
|
|
698
|
|
|
475
|
|
|
346
|
|
|
244
|
|
Other noninterest
income
|
|
2,930
|
|
|
1,922
|
|
|
2,269
|
|
|
2,285
|
|
|
2,197
|
|
Total noninterest
income
|
$
|
21,979
|
|
$
|
28,070
|
|
$
|
29,947
|
|
$
|
28,007
|
|
$
|
28,524
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, commissions
and employee benefits, excluding profit sharing
|
$
|
34,560
|
|
$
|
32,755
|
|
$
|
31,796
|
|
$
|
31,431
|
|
$
|
32,391
|
|
Profit sharing
expense
|
|
1,193
|
|
|
180
|
|
|
(30)
|
|
|
30
|
|
|
565
|
|
Net occupancy
expense
|
|
3,348
|
|
|
3,565
|
|
|
3,423
|
|
|
3,430
|
|
|
3,350
|
|
Equipment
expense
|
|
2,020
|
|
|
2,200
|
|
|
2,198
|
|
|
2,127
|
|
|
2,053
|
|
FDIC insurance
premiums
|
|
3,105
|
|
|
1,573
|
|
|
1,417
|
|
|
1,654
|
|
|
1,021
|
|
Debit card
expense
|
|
3,229
|
|
|
3,284
|
|
|
3,221
|
|
|
3,199
|
|
|
3,054
|
|
Legal, tax and
professional fees
|
|
3,125
|
|
|
3,007
|
|
|
2,847
|
|
|
2,687
|
|
|
2,814
|
|
Audit fees
|
|
587
|
|
|
551
|
|
|
563
|
|
|
540
|
|
|
451
|
|
Printing, stationery
and supplies
|
|
492
|
|
|
512
|
|
|
740
|
|
|
710
|
|
|
473
|
|
Amortization of
intangible assets
|
|
228
|
|
|
228
|
|
|
228
|
|
|
228
|
|
|
299
|
|
Advertising, meals and
public relations
|
|
1,146
|
|
|
1,622
|
|
|
1,789
|
|
|
1,475
|
|
|
1,646
|
|
Operational and other
losses
|
|
1,096
|
|
|
959
|
|
|
856
|
|
|
931
|
|
|
982
|
|
Software amortization
and expense
|
|
3,017
|
|
|
2,441
|
|
|
2,519
|
|
|
2,311
|
|
|
2,420
|
|
Other noninterest
expense
|
|
6,328
|
|
|
6,662
|
|
|
6,046
|
|
|
6,503
|
|
|
6,259
|
|
Total noninterest
expense
|
$
|
63,474
|
|
$
|
59,539
|
|
$
|
57,613
|
|
$
|
57,256
|
|
$
|
57,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAX EQUIVALENT YIELD
ADJUSTMENT *
|
$
|
2,649
|
|
$
|
2,823
|
|
$
|
2,950
|
|
$
|
3,131
|
|
$
|
3,751
|
|
|
Year
Ended
|
|
|
Dec.
31,
|
|
NONINTEREST
INCOME
|
|
2023
|
|
|
2022
|
|
Trust fees
|
$
|
40,456
|
|
$
|
39,995
|
|
Service charges on
deposits
|
|
25,378
|
|
|
24,540
|
|
Debit card
fees
|
|
21,721
|
|
|
30,280
|
|
Credit card
fees
|
|
2,645
|
|
|
2,585
|
|
Gain on sale and fees
on mortgage loans
|
|
11,890
|
|
|
19,035
|
|
Net gain (loss) on sale
of available-for-sale securities
|
|
(7,119)
|
|
|
2,144
|
|
Net gain on sale of
foreclosed assets
|
|
46
|
|
|
1,451
|
|
Net gain on sale of
assets
|
|
1,525
|
|
|
520
|
|
Interest on loan
recoveries
|
|
2,055
|
|
|
2,840
|
|
Other noninterest
income
|
|
9,406
|
|
|
8,275
|
|
Total noninterest
income
|
$
|
108,003
|
|
$
|
131,665
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
Salaries, commissions
and employee benefits, excluding profit sharing
|
$
|
130,542
|
|
$
|
129,900
|
|
Profit sharing
expense
|
|
1,373
|
|
|
4,233
|
|
Net occupancy
expense
|
|
13,766
|
|
|
13,307
|
|
Equipment
expense
|
|
8,545
|
|
|
9,052
|
|
FDIC insurance
premiums
|
|
7,749
|
|
|
3,711
|
|
Debit card
expense
|
|
12,933
|
|
|
12,231
|
|
Legal, tax and
professional fees
|
|
11,666
|
|
|
10,888
|
|
Audit fees
|
|
2,241
|
|
|
1,803
|
|
Printing, stationery
and supplies
|
|
2,454
|
|
|
2,114
|
|
Amortization of
intangible assets
|
|
912
|
|
|
1,245
|
|
Advertising, meals and
public relations
|
|
6,032
|
|
|
6,385
|
|
Operational and other
losses
|
|
3,842
|
|
|
3,229
|
|
Software amortization
and expense
|
|
10,288
|
|
|
9,963
|
|
Other noninterest
expense
|
|
25,539
|
|
|
26,717
|
|
Total noninterest
expense
|
$
|
237,882
|
|
$
|
234,778
|
|
|
|
|
|
|
|
|
TAX EQUIVALENT YIELD
ADJUSTMENT *
|
$
|
11,552
|
|
$
|
15,423
|
|
*Calculations have been
adjusted to remove effect of TEFRA disallowance
|
|
|
|
|
|
|
FIRST FINANCIAL
BANKSHARES, INC.
|
SELECTED FINANCIAL
DATA (UNAUDITED)
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Three Months
Ended
|
|
Dec. 31,
2023
|
|
|
|
Sept. 30,
2023
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
1,768
|
|
$
|
25
|
|
|
5.72
|
%
|
|
|
|
$
|
2,383
|
|
$
|
35
|
|
|
5.79
|
%
|
Interest-bearing demand
deposits in nonaffiliated banks
|
|
145,839
|
|
|
1,961
|
|
|
5.33
|
|
|
|
|
|
55,231
|
|
|
757
|
|
|
5.44
|
|
Taxable
securities
|
|
3,317,114
|
|
|
19,686
|
|
|
2.37
|
|
|
|
|
|
3,429,290
|
|
|
19,425
|
|
|
2.27
|
|
Tax-exempt
securities
|
|
1,410,148
|
|
|
10,188
|
|
|
2.89
|
|
|
|
|
|
1,578,660
|
|
|
11,085
|
|
|
2.81
|
|
Loans
|
|
7,052,463
|
|
|
112,996
|
|
|
6.36
|
|
|
|
|
|
6,894,064
|
|
|
106,872
|
|
|
6.15
|
|
Total interest-earning
assets
|
|
11,927,332
|
|
$
|
144,856
|
|
|
4.82
|
%
|
|
|
|
|
11,959,628
|
|
$
|
138,174
|
|
|
4.58
|
%
|
Noninterest-earning
assets
|
|
886,811
|
|
|
|
|
|
|
|
|
|
|
|
850,855
|
|
|
|
|
|
|
|
Total assets
|
$
|
12,814,143
|
|
|
|
|
|
|
|
|
|
|
$
|
12,810,483
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
7,371,260
|
|
$
|
39,225
|
|
|
2.11
|
%
|
|
|
|
$
|
7,259,252
|
|
$
|
36,165
|
|
|
1.98
|
%
|
Repurchase
Agreements
|
|
558,592
|
|
|
4,627
|
|
|
3.29
|
|
|
|
|
|
567,064
|
|
|
4,518
|
|
|
3.16
|
|
Borrowings
|
|
78,066
|
|
|
847
|
|
|
4.30
|
|
|
|
|
|
54,124
|
|
|
519
|
|
|
3.80
|
|
Total interest-bearing
liabilities
|
|
8,007,918
|
|
$
|
44,699
|
|
|
2.21
|
%
|
|
|
|
|
7,880,440
|
|
$
|
41,202
|
|
|
2.07
|
%
|
Noninterest-bearing
deposits
|
|
3,461,544
|
|
|
|
|
|
|
|
|
|
|
|
3,509,809
|
|
|
|
|
|
|
|
Other
noninterest-bearing
liabilities
|
65,524
|
|
|
|
|
|
|
|
|
|
|
|
65,094
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
1,279,157
|
|
|
|
|
|
|
|
|
|
|
|
1,355,140
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
12,814,143
|
|
|
|
|
|
|
|
|
|
|
$
|
12,810,483
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin (tax equivalent)
|
|
|
|
$
|
100,157
|
|
|
3.33
|
%
|
|
|
|
|
|
|
$
|
96,972
|
|
|
3.22
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Three Months
Ended
|
|
June 30,
2023
|
|
|
|
Mar. 31,
2023
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
2,242
|
|
$
|
30
|
|
|
5.45
|
%
|
|
|
|
$
|
2,507
|
|
$
|
32
|
|
|
5.12
|
%
|
Interest-bearing demand
deposits in nonaffiliated banks
|
|
119,168
|
|
|
1,553
|
|
|
5.23
|
|
|
|
|
|
143,542
|
|
|
1,618
|
|
|
4.57
|
|
Taxable
securities
|
|
3,589,381
|
|
|
20,032
|
|
|
2.23
|
|
|
|
|
|
3,672,257
|
|
|
20,782
|
|
|
2.26
|
|
Tax-exempt
securities
|
|
1,653,418
|
|
|
11,799
|
|
|
2.85
|
|
|
|
|
|
1,750,533
|
|
|
12,743
|
|
|
2.91
|
|
Loans
|
|
6,683,276
|
|
|
98,541
|
|
|
5.91
|
|
|
|
|
|
6,500,332
|
|
|
89,464
|
|
|
5.58
|
|
Total interest-earning
assets
|
|
12,047,485
|
|
$
|
131,955
|
|
|
4.39
|
%
|
|
|
|
|
12,069,171
|
|
$
|
124,639
|
|
|
4.19
|
%
|
Noninterest-earning
assets
|
|
842,284
|
|
|
|
|
|
|
|
|
|
|
|
863,342
|
|
|
|
|
|
|
|
Total assets
|
$
|
12,889,769
|
|
|
|
|
|
|
|
|
|
|
$
|
12,932,513
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
7,037,677
|
|
$
|
27,629
|
|
|
1.57
|
%
|
|
|
|
$
|
7,080,518
|
|
$
|
21,812
|
|
|
1.25
|
%
|
Repurchase
Agreements
|
|
570,071
|
|
|
3,949
|
|
|
2.78
|
|
|
|
|
|
577,314
|
|
|
3,045
|
|
|
2.14
|
|
Borrowings
|
|
145,000
|
|
|
1,561
|
|
|
4.32
|
|
|
|
|
|
47,823
|
|
|
365
|
|
|
3.10
|
|
Total interest-bearing
liabilities
|
|
7,752,748
|
|
$
|
33,139
|
|
|
1.71
|
%
|
|
|
|
|
7,705,655
|
|
$
|
25,222
|
|
|
1.33
|
%
|
Noninterest-bearing
deposits
|
|
3,704,143
|
|
|
|
|
|
|
|
|
|
|
|
3,860,472
|
|
|
|
|
|
|
|
Other
noninterest-bearing
liabilities
|
62,227
|
|
|
|
|
|
|
|
|
|
|
|
60,028
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
1,370,651
|
|
|
|
|
|
|
|
|
|
|
|
1,306,358
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
12,889,769
|
|
|
|
|
|
|
|
|
|
|
$
|
12,932,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin (tax equivalent)*
|
|
|
|
$
|
98,816
|
|
|
3.29
|
%
|
|
|
|
|
|
|
$
|
99,417
|
|
|
3.34
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31,
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
3,165
|
|
$
|
36
|
|
|
4.57
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits in nonaffiliated banks
|
|
160,200
|
|
|
1,579
|
|
|
3.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
securities
|
|
3,761,206
|
|
|
21,152
|
|
|
2.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt
securities
|
|
2,001,185
|
|
|
15,740
|
|
|
3.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
6,391,703
|
|
|
86,381
|
|
|
5.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets
|
|
12,317,459
|
|
$
|
124,888
|
|
|
4.02
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets
|
|
891,972
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
|
13,209,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
6,871,315
|
|
$
|
13,123
|
|
|
0.76
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase
Agreements
|
|
639,371
|
|
|
1,216
|
|
|
0.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
287,879
|
|
|
2,761
|
|
|
3.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
|
7,798,565
|
|
$
|
17,100
|
|
|
0.87
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
4,179,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
noninterest-bearing
liabilities
|
60,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
1,171,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
13,209,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin (tax equivalent)*
|
|
|
|
$
|
107,788
|
|
|
3.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
Year
Ended
|
|
Dec. 31,
2023
|
|
|
|
Dec. 31,
2022
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
2,223
|
|
$
|
122
|
|
|
5.50
|
%
|
|
|
|
$
|
2,196
|
|
$
|
63
|
|
|
2.85
|
%
|
Interest-bearing
deposits in nonaffiliated banks
|
|
115,785
|
|
|
5,890
|
|
|
5.09
|
|
|
|
|
|
217,525
|
|
|
3,633
|
|
|
1.67
|
|
Taxable
securities
|
|
3,500,839
|
|
|
79,925
|
|
|
2.28
|
|
|
|
|
|
4,032,228
|
|
|
78,924
|
|
|
1.96
|
|
Tax exempt
securities
|
|
1,597,204
|
|
|
45,815
|
|
|
2.87
|
|
|
|
|
|
2,286,578
|
|
|
68,143
|
|
|
2.98
|
|
Loans
|
|
6,784,352
|
|
|
407,870
|
|
|
6.01
|
|
|
|
|
|
5,923,594
|
|
|
297,515
|
|
|
5.02
|
|
Total interest-earning
assets
|
|
12,000,403
|
|
$
|
539,622
|
|
|
4.50
|
%
|
|
|
|
|
12,462,121
|
|
$
|
448,278
|
|
|
3.60
|
%
|
Noninterest-earning
assets
|
|
860,859
|
|
|
|
|
|
|
|
|
|
|
|
824,550
|
|
|
|
|
|
|
|
Total assets
|
$
|
12,861,262
|
|
|
|
|
|
|
|
|
|
|
$
|
13,286,671
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
7,188,171
|
|
$
|
124,830
|
|
|
1.74
|
%
|
|
|
|
$
|
6,955,783
|
|
$
|
26,246
|
|
|
0.38
|
%
|
Repurchase
Agreements
|
|
568,205
|
|
|
16,139
|
|
|
2.84
|
|
|
|
|
|
674,226
|
|
|
2,062
|
|
|
0.31
|
|
Borrowings
|
|
81,262
|
|
|
3,292
|
|
|
4.05
|
|
|
|
|
|
127,865
|
|
|
3,133
|
|
|
2.45
|
|
Total interest-bearing
liabilities
|
|
7,837,638
|
|
$
|
144,261
|
|
|
1.84
|
%
|
|
|
|
|
7,757,874
|
|
$
|
31,441
|
|
|
0.41
|
%
|
Noninterest-bearing
deposits
|
|
3,632,559
|
|
|
|
|
|
|
|
|
|
|
|
4,063,740
|
|
|
|
|
|
|
|
Other
noninterest-bearing
liabilities
|
63,238
|
|
|
|
|
|
|
|
|
|
|
|
62,953
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
1,327,827
|
|
|
|
|
|
|
|
|
|
|
|
1,402,104
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
12,861,262
|
|
|
|
|
|
|
|
|
|
|
$
|
13,286,671
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin (tax equivalent)*
|
|
|
|
$
|
395,361
|
|
|
3.29
|
%
|
|
|
|
|
|
|
$
|
416,837
|
|
|
3.34
|
%
|
*Calculations have been
adjusted to remove effect of TEFRA disallowance
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-fourth-quarter-2023-earnings-results-302045063.html
SOURCE First Financial Bankshares, Inc.