First Financial Bankshares Inc - FFIN STOCK NEWS

First Financial Bank, a subsidiary of First Financial Bankshares, Inc. (NASDAQ: FFIN), conducted its ninth annual company-wide Day of Service on October 14, 2024. The event involved over 1,000 employees from 79 statewide branches partnering with 63 local non-profit and community organizations across Texas to perform service projects.

F. Scott Dueser, Chairman, President and CEO of First Financial, emphasized the importance of community partnerships and giving back. The Day of Service is part of the company's commitment to making a positive impact in its communities. More information about the event can be found on the company's website and social media channels.

First Financial Bankshares (NASDAQ: FFIN) has elected Brian D. Goodrich as Executive Vice President and General Counsel, marking the company's first-ever General Counsel appointment. Goodrich brings extensive banking, legal, and regulatory expertise from his previous roles, including his most recent position as First Senior Vice President and Deputy General Counsel at MidFirst Bank, a $38 billion privately held bank in Oklahoma City.

F. Scott Dueser, Chairman, President, and CEO of First Financial Bankshares, expressed confidence that Goodrich's experience will be instrumental in the company's continued growth. Goodrich's background includes positions at BBVA Compass, Thompson & Knight LLP, the Office of the Comptroller of the Currency, and Bank of America. He holds a finance degree from Texas Tech University and was valedictorian at South Texas College of Law.

First Financial Bankshares (NASDAQ: FFIN) has renewed its stock repurchase plan, authorizing the repurchase of up to 5,000,000 shares of common stock through July 31, 2025. This represents approximately 3.5% of the company's outstanding shares as of July 23, 2024. The plan allows management to repurchase shares when considered beneficial to the company and its stockholders, with no minimum repurchase requirement. Repurchases can be made through open market, block trades, or private transactions. F. Scott Dueser, Chairman, CEO, and President, emphasized FFIN's strong capital position and the plan's potential to benefit shareholders when share prices are attractive.

First Financial Bankshares (NASDAQ: FFIN) reported earnings of $52.49 million for Q2 2024, up from $50.87 million in Q2 2023. Basic and diluted EPS were $0.37, compared to $0.36 in Q2 2023. The company saw strong loan growth and net interest margin expansion, resulting in increased net interest income. Net interest income rose to $103.27 million, up from $95.87 million in Q2 2023. The net interest margin improved to 3.48% from 3.29% year-over-year. Loans totaled $7.52 billion, growing 16.15% annualized in Q2. Deposits increased to $11.41 billion. The company's efficiency ratio was 47.41%, up from 44.74% in Q2 2023 due to increased non-interest expenses.

First Financial Bankshares (NASDAQ: FFIN) has appointed Dan Summerford as Executive Vice President, Director of Middle Market Banking. This strategic hire aims to bolster the Bank's commercial banking division. Summerford, who began his career in 1994, brings extensive experience from his previous roles, including Managing Director, Head of Houston Commercial Banking at East West Bank. His expertise is expected to foster long-lasting, profitable relationships for the Bank. Summerford also boasts a strong community involvement, having served on various boards and councils in Southeast Texas.

First Financial Bank has announced key promotions within its Bryan/College Station Region. Nora Thompson has been promoted to Board Chair and CEO, while Austin Bryan will take on the role of Regional President. The announcement was made by Ron Butler, Executive Vice President and Chief Administrative Officer of First Financial Bankshares. Thompson, with over 30 years of experience, has been serving as President and CEO since 2021. She is also heavily involved in community organizations. Bryan, a fourth-generation banker and graduate of Texas A&M University, previously served as Executive Vice President and Senior Relationship Manager. He is actively involved in various local organizations and holds the RMA Credit Risk Certified designation.

The Board of Directors of First Financial Bankshares (NASDAQ: FFIN) has appointed Sally Pope Davis to its Board of Directors. Davis, who retired from Goldman Sachs in April 2024 after a 34-year career, brings extensive expertise in the financial sector. During her tenure at Goldman Sachs, she co-led a major U.S. small-cap value fund and specialized in investments across various financial services. She is a CFA Society New York member and a past president of the Bank and Financial Analysts Association. Davis also has extensive experience in public speaking and has been a frequent participant on investor panels and financial media.

First Financial Bankshares, Inc. announced the successful conversion of its subsidiaries, First Financial Bank, N.A. and First Financial Trust and Asset Management Company, N.A., to Texas state charters. The conversions aim to enhance communication with regulators and benefit shareholders. At the Annual Shareholders' Meeting, eleven directors were elected, and key proposals were approved.

First Financial Bankshares, Inc. reported earnings of $53.40 million for Q1 2024, compared to $52.57 million in Q1 2023. Net interest income increased by $3.96 million, provision for credit losses decreased by $1.97 million, and trust fees increased by $1.53 million. Noninterest income rose to $29.38 million, while noninterest expenses totaled $63.94 million. Loans grew by $80.62 million, deposits reached $11.29 billion, and shareholders' equity was $1.49 billion.