FIRST FINANCIAL BANKSHARES ANNOUNCES FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2024 EARNINGS
First Financial Bankshares (FFIN) reported strong Q4 2024 earnings of $62.32 million, up from $55.31 million in Q3 2024 and $45.98 million in Q4 2023. Diluted EPS reached $0.43 in Q4 2024, compared to $0.39 in Q3 2024 and $0.32 in Q4 2023.
For the full year 2024, net income was $223.51 million ($1.56 per diluted share), a 12.33% increase from $198.98 million ($1.39 per diluted share) in 2023. Net interest income for Q4 2024 rose to $116.12 million, with net interest margin at 3.67%. The company's loan portfolio grew 10.69% year-over-year to $7.91 billion, while deposits increased 5.56% to $12.16 billion.
The allowance for credit losses stood at $98.33 million, representing 1.24% of loans. Nonperforming assets were 0.80% of loans and foreclosed assets as of December 31, 2024.
First Financial Bankshares (FFIN) ha riportato forti guadagni per il quarto trimestre del 2024 pari a $62,32 milioni, in aumento rispetto ai $55,31 milioni del terzo trimestre 2024 e ai $45,98 milioni del quarto trimestre 2023. L'EPS diluito ha raggiunto $0,43 nel quarto trimestre del 2024, rispetto ai $0,39 del terzo trimestre 2024 e ai $0,32 del quarto trimestre 2023.
Per l'intero anno 2024, il reddito netto è stato di $223,51 milioni ($1,56 per azione diluita), con un incremento del 12,33% rispetto ai $198,98 milioni ($1,39 per azione diluita) del 2023. Il reddito netto da interessi per il quarto trimestre del 2024 è aumentato a $116,12 milioni, con un margine di interesse netto del 3,67%. Il portafoglio prestiti dell'azienda è cresciuto del 10,69% su base annua, raggiungendo $7,91 miliardi, mentre i depositi sono aumentati del 5,56%, raggiungendo $12,16 miliardi.
Il fondo per perdite su crediti è ammontato a $98,33 milioni, rappresentando l'1,24% dei prestiti. Gli attivi non performanti erano lo 0,80% dei prestiti e degli attivi pignorati al 31 dicembre 2024.
First Financial Bankshares (FFIN) informó ganancias sólidas en el cuarto trimestre de 2024 de $62.32 millones, en comparación con $55.31 millones en el tercer trimestre de 2024 y $45.98 millones en el cuarto trimestre de 2023. El EPS diluido alcanzó $0.43 en el cuarto trimestre de 2024, en comparación con $0.39 en el tercer trimestre de 2024 y $0.32 en el cuarto trimestre de 2023.
Para el año completo de 2024, el ingreso neto fue de $223.51 millones ($1.56 por acción diluida), un aumento del 12.33% desde los $198.98 millones ($1.39 por acción diluida) en 2023. Los ingresos netos por intereses para el cuarto trimestre de 2024 ascendieron a $116.12 millones, con un margen de interés neto del 3.67%. El portafolio de préstamos de la compañía creció un 10.69% año tras año, alcanzando $7.91 mil millones, mientras que los depósitos aumentaron un 5.56% a $12.16 mil millones.
La reserva para pérdidas crediticias se situó en $98.33 millones, representando el 1.24% de los préstamos. Los activos no productivos fueron el 0.80% de los préstamos y activos ejecutados al 31 de diciembre de 2024.
First Financial Bankshares (FFIN)는 2024년 4분기 이익으로 6232만 달러를 보고했으며, 이는 2024년 3분기의 5531만 달러와 2023년 4분기의 4598만 달러에서 증가한 수치입니다. 희석 주당 순 이익(EPS)은 2024년 4분기에 0.43달러에 도달했으며, 이는 2024년 3분기의 0.39달러와 2023년 4분기의 0.32달러와 비교됩니다.
2024년 전체 연간 기준으로 순이익은 2억 2351만 달러(희석 주당 1.56달러)로, 2023년의 1억 9898만 달러(희석 주당 1.39달러)에서 12.33% 증가했습니다. 2024년 4분기 순이자수익은 1억 1612만 달러로 증가했으며, 순이자 마진은 3.67%에 달했습니다. 회사의 대출 포트폴리오는 전년 대비 10.69% 증가하여 79억 1000만 달러에 이르렀고, 예금은 5.56% 증가하여 121억 6000만 달러에 도달했습니다.
신용 손실 충당금은 9833만 달러로, 이는 대출의 1.24%에 해당합니다. 비수익 자산은 2024년 12월 31일 기준으로 대출의 0.80%를 차지하고 있습니다.
First Financial Bankshares (FFIN) a annoncé des bénéfices solides au quatrième trimestre 2024 de 62,32 millions de dollars, contre 55,31 millions de dollars au troisième trimestre 2024 et 45,98 millions de dollars au quatrième trimestre 2023. Le BPA dilué a atteint 0,43 dollar au quatrième trimestre 2024, comparé à 0,39 dollar au troisième trimestre 2024 et 0,32 dollar au quatrième trimestre 2023.
Pour l'année complète 2024, le revenu net était de 223,51 millions de dollars (1,56 dollar par action diluée), soit une augmentation de 12,33 % par rapport à 198,98 millions de dollars (1,39 dollar par action diluée) en 2023. Le revenu net d'intérêts pour le quatrième trimestre 2024 a augmenté à 116,12 millions de dollars, avec une marge d'intérêt nette de 3,67 %. Le portefeuille de prêts de l'entreprise a augmenté de 10,69 % d'une année sur l'autre, atteignant 7,91 milliards de dollars, tandis que les dépôts ont augmenté de 5,56 % à 12,16 milliards de dollars.
Les provisions pour pertes sur prêts s'élevaient à 98,33 millions de dollars, représentant 1,24 % des prêts. Les actifs non performants étaient de 0,80 % des prêts et des actifs saisis au 31 décembre 2024.
First Financial Bankshares (FFIN) meldete für das vierte Quartal 2024 starke Erträge von 62,32 Millionen Dollar, ein Anstieg von 55,31 Millionen Dollar im dritten Quartal 2024 und 45,98 Millionen Dollar im vierten Quartal 2023. Der verwässerte Gewinn pro Aktie (EPS) erreichte 0,43 Dollar im vierten Quartal 2024, verglichen mit 0,39 Dollar im dritten Quartal 2024 und 0,32 Dollar im vierten Quartal 2023.
Für das Gesamtjahr 2024 betrug der Nettogewinn 223,51 Millionen Dollar (1,56 Dollar pro verwässerter Aktie), was einem Anstieg von 12,33% gegenüber 198,98 Millionen Dollar (1,39 Dollar pro verwässerter Aktie) im Jahr 2023 entspricht. Die Nettozinseinnahmen für das vierte Quartal 2024 stiegen auf 116,12 Millionen Dollar, bei einer Nettozinsmarge von 3,67%. Das Kreditportfolio des Unternehmens wuchs im Jahresvergleich um 10,69% auf 7,91 Milliarden Dollar, während die Einlagen um 5,56% auf 12,16 Milliarden Dollar zunahmen.
Die Rückstellungen für Kreditverluste beliefen sich auf 98,33 Millionen Dollar und machten 1,24% der Kredite aus. Die notleidenden Vermögenswerte betrugen zum 31. Dezember 2024 0,80% der Kredite und vollstreckten Vermögenswerte.
- Q4 2024 earnings increased 35.5% year-over-year to $62.32 million
- Full-year 2024 net income grew 12.33% to $223.51 million
- Net interest margin improved to 3.67% from 3.33% year-over-year
- Loan portfolio grew 10.69% year-over-year
- Deposits increased 5.56% year-over-year
- Trust assets under management grew to $10.83 billion from $9.78 billion
- Net charge-offs increased to $1.94 million in Q4 2024 from $980 thousand in Q4 2023
- Nonperforming assets ratio increased to 0.80% from 0.49% year-over-year
- Classified loans increased to $233.85 million from $176.21 million year-over-year
- Unrealized losses in bond portfolio increased to $424.29 million from $403.30 million year-over-year
Insights
First Financial Bankshares delivered an impressive Q4 2024 performance that demonstrates strong fundamental growth and operational efficiency. The
The bank's net interest margin expansion to
Key performance indicators reveal both strengths and potential concerns:
- The efficiency ratio improved substantially to
46.81% from51.97% , placing FFIN among the top-performing regional banks in operational efficiency - Loan growth of
10.69% year-over-year significantly outpaced the industry average, though this rapid expansion warrants monitoring of credit quality - Classified loans increased to
$233.85 million from$176.21 million year-over-year, suggesting potential deterioration in credit quality - The
$424.29 million unrealized loss in the securities portfolio, while concerning, is largely a function of the rate environment and should improve as bonds mature or rates decline
The increase in nonperforming assets to
The growth in trust assets to
For the year ended December 31, 2024, the Company reported net income of
"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
The Company recorded a provision for credit losses of
The allowance for credit losses totaled
For the fourth quarter of 2024, net charge-offs totaled
Noninterest income for the fourth quarter of 2024 was
- Trust fee income increased
$968 thousand $1.98 million $10.83 billion $9.78 billion - Mortgage income increased to
$3.01 million $1.94 million - Debit card fees increased by
$482 thousand - Recoveries of interest on previously charged-off or nonaccrual loans totaled
$433 thousand $1.36 million $536 thousand - Securities totaling
$90.72 million $6.21 million
Noninterest expense for the fourth quarter of 2024 totaled
- Salary, commissions, and employee benefit costs increased to
$41.64 million $35.75 million $4.15 million - Noninterest expenses, excluding salary related costs, increased
$734 thousand $1.59 million
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
Shareholders' equity was
About First Financial Bankshares, Inc.
Headquartered in
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 | % | |||||||||||||
View original content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-fourth-quarter-and-year-ended-december-31-2024-earnings-302359088.html
SOURCE First Financial Bankshares, Inc.
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