FIRST FINANCIAL BANKSHARES ANNOUNCES THIRD QUARTER 2024 EARNINGS
First Financial Bankshares (NASDAQ: FFIN) reported earnings of $55.31 million for the third quarter of 2024, up from $52.49 million in Q2 2024 and $49.56 million in Q3 2023. Diluted earnings per share were $0.39, compared to $0.37 in Q2 2024 and $0.35 in Q3 2023. Net interest income increased to $107.11 million, up from $103.27 million in Q2 2024 and $94.15 million in Q3 2023. The net interest margin improved to 3.50%. The company recorded a provision for credit losses of $6.12 million. Noninterest income rose to $32.36 million, while noninterest expense increased to $66.01 million. The efficiency ratio improved to 46.45%. Total assets grew to $13.58 billion, with loans totaling $7.72 billion and deposits and repurchase agreements at $11.81 billion. Shareholders' equity increased to $1.66 billion.
First Financial Bankshares (NASDAQ: FFIN) ha riportato utili di 55,31 milioni di dollari per il terzo trimestre del 2024, in aumento rispetto ai 52,49 milioni di dollari del Q2 2024 e ai 49,56 milioni di dollari del Q3 2023. Utili per azione diluiti pari a 0,39 dollari, rispetto ai 0,37 dollari del Q2 2024 e ai 0,35 dollari del Q3 2023. Il reddito netto da interessi è aumentato a 107,11 milioni di dollari, rispetto ai 103,27 milioni di dollari del Q2 2024 e ai 94,15 milioni di dollari del Q3 2023. Il margine di interesse netto è migliorato al 3,50%. L'azienda ha registrato una provisione per perdite su crediti di 6,12 milioni di dollari. Il reddito non da interessi è aumentato a 32,36 milioni di dollari, mentre la spesa non da interessi è aumentata a 66,01 milioni di dollari. Il rapporto di efficienza è migliorato al 46,45%. Gli attivi totali sono cresciuti a 13,58 miliardi di dollari, con prestiti che ammontano a 7,72 miliardi di dollari e depositi e accordi di riacquisto pari a 11,81 miliardi di dollari. Il patrimonio netto degli azionisti è aumentato a 1,66 miliardi di dollari.
First Financial Bankshares (NASDAQ: FFIN) reportó ganancias de 55.31 millones de dólares para el tercer trimestre de 2024, un incremento respecto a los 52.49 millones de dólares en el Q2 2024 y 49.56 millones de dólares en el Q3 2023. Las ganancias por acción diluidas fueron de 0.39 dólares, en comparación con 0.37 dólares en el Q2 2024 y 0.35 dólares en el Q3 2023. Los ingresos netos por intereses aumentaron a 107.11 millones de dólares, en comparación con 103.27 millones de dólares en el Q2 2024 y 94.15 millones de dólares en el Q3 2023. El margen de interés neto mejoró al 3.50%. La compañía registró una provisión para pérdidas crediticias de 6.12 millones de dólares. Los ingresos no por intereses aumentaron a 32.36 millones de dólares, mientras que los gastos no por intereses incrementaron a 66.01 millones de dólares. El ratio de eficiencia mejoró al 46.45%. Los activos totales crecieron a 13.58 mil millones de dólares, con préstamos que totalizan 7.72 mil millones de dólares y depósitos y acuerdos de recompra por 11.81 mil millones de dólares. El patrimonio de los accionistas aumentó a 1.66 mil millones de dólares.
퍼스트 파이낸셜 뱅크쉐어스(나스닥: FFIN)는 2024년 3분기에 5,531만 달러의 수익을 보고했으며, 이는 2024년 2분기의 5,249만 달러와 2023년 3분기의 4,956만 달러에서 증가한 수치입니다. 희석 주당 수익은 0.39 달러로, 2024년 2분기의 0.37 달러와 2023년 3분기의 0.35 달러와 비교됩니다. 순 이자 수익은 2024년 2분기의 1억 327만 달러에서 1억 711만 달러로 증가했습니다. 순 이자 마진은 3.50%로 개선되었습니다. 회사는 신용 손실 대비 충당금 612만 달러를 기록했습니다. 비이자 수익은 3,236만 달러로 증가했으며, 비이자 비용은 6,601만 달러로 증가했습니다. 효율성 비율은 46.45%로 개선되었습니다. 총 자산은 135.8억 달러로 증가했으며, 대출 총액은 77.2억 달러이고 예금 및 재매입 계약은 118.1억 달러입니다. 주주 지분은 16.6억 달러로 증가했습니다.
First Financial Bankshares (NASDAQ: FFIN) a annoncé un bénéfice de 55,31 millions de dollars pour le troisième trimestre 2024, en hausse par rapport à 52,49 millions de dollars au Q2 2024 et 49,56 millions de dollars au Q3 2023. Le bénéfice par action dilué était de 0,39 dollar, comparé à 0,37 dollar au Q2 2024 et 0,35 dollar au Q3 2023. Le revenu net d'intérêts a augmenté à 107,11 millions de dollars, par rapport à 103,27 millions de dollars au Q2 2024 et 94,15 millions de dollars au Q3 2023. La marge d'intérêt nette s'est améliorée à 3,50%. L'entreprise a enregistré une provision pour pertes sur créances de 6,12 millions de dollars. Les revenus hors intérêts ont augmenté à 32,36 millions de dollars, tandis que les dépenses hors intérêts ont augmenté à 66,01 millions de dollars. Le ratio d'efficacité s'est amélioré à 46,45%. Les actifs totaux ont augmenté à 13,58 milliards de dollars, avec des prêts totalisant 7,72 milliards de dollars et des dépôts et des accords de rachat à 11,81 milliards de dollars. Les capitaux propres des actionnaires ont augmenté à 1,66 milliard de dollars.
First Financial Bankshares (NASDAQ: FFIN) meldete Erträge von 55,31 Millionen Dollar für das dritte Quartal 2024, ein Anstieg von 52,49 Millionen Dollar im Q2 2024 und 49,56 Millionen Dollar im Q3 2023. Der verwässerte Gewinn pro Aktie betrug 0,39 Dollar, verglichen mit 0,37 Dollar im Q2 2024 und 0,35 Dollar im Q3 2023. Die Nettozinsüberschüsse stiegen auf 107,11 Millionen Dollar, von 103,27 Millionen Dollar im Q2 2024 und 94,15 Millionen Dollar im Q3 2023. Die Nettozinsmarge verbesserte sich auf 3,50%. Das Unternehmen verzeichnete eine Rückstellung für Kreditausfälle in Höhe von 6,12 Millionen Dollar. Die Erträge aus Nichtzinsgeschäften stiegen auf 32,36 Millionen Dollar, während die Nichtzinsaufwendungen auf 66,01 Millionen Dollar anstiegen. Das Effizienzverhältnis verbesserte sich auf 46,45%. Die Gesamtsumme der Vermögenswerte wuchs auf 13,58 Milliarden Dollar, mit Krediten in Höhe von 7,72 Milliarden Dollar und Einlagen und Rückkaufvereinbarungen in Höhe von 11,81 Milliarden Dollar. Das Eigenkapital der Aktionäre stieg auf 1,66 Milliarden Dollar.
- Earnings increased 11.61% year-over-year to $55.31 million
- Diluted EPS grew to $0.39, up from $0.35 in Q3 2023
- Net interest income rose to $107.11 million, a 13.77% increase from Q3 2023
- Net interest margin improved to 3.50% from 3.22% in Q3 2023
- Trust fee income increased 16.36% year-over-year
- Efficiency ratio improved to 46.45% from 47.62% in Q3 2023
- Loans grew 10.76% annualized in Q3 2024
- Deposits and Repurchase Agreements increased 9.14% annualized in Q3 2024
- Provision for credit losses increased to $6.12 million from $2.28 million in Q3 2023
- Nonperforming assets as a percentage of loans and foreclosed assets rose to 0.83% from 0.57% in Q3 2023
- Classified loans increased to $229.92 million from $179.11 million in Q3 2023
- Mortgage income declined to $3.36 million from $3.44 million in Q3 2023
- Noninterest expense increased to $66.01 million from $59.54 million in Q3 2023
Insights
First Financial Bankshares reported solid Q3 2024 results, with earnings up
- Diluted EPS increased to
$0.39 , up from$0.35 in Q3 2023 - Net interest income grew to
$107.11 million , with net interest margin improving to3.50% - Loan growth of
10.76% annualized in Q3, reaching$7.72 billion - Deposits and repurchase agreements grew
9.14% annualized to$11.81 billion
The bank's efficiency ratio improved to
While First Financial Bankshares shows strong growth, there are some risk factors to consider:
- The allowance for credit losses increased to
1.29% of loans, up from1.28% a year ago, suggesting slightly higher credit risk. - Nonperforming assets rose to
0.83% from0.57% year-over-year, indicating potential asset quality deterioration. - Classified loans increased to
$229.92 million from$179.11 million last year, another sign of potential credit stress.
The bank's capital position has improved, with shareholders' equity rising significantly. This provides a buffer against potential losses. The reduction in unrealized losses in the bond portfolio from
"We are pleased with the results for the quarter which saw continued growth in loans, deposits and net interest income, resulting in increased earnings over third quarter last year of 11.61 percent," said F. Scott Dueser, Chairman, CEO and President of First Financial Bankshares, Inc. "We are encouraged about the remainder of the year and we are committed to our continued focus on excellent customer service by building relationships and supporting our communities. As always, we appreciate the commitment of customers, shareholders, and employees."
Net interest income for the third quarter of 2024 was
The Company recorded a provision for credit losses of
For the third quarter of 2024, net charge-offs totaled
Noninterest income for the third quarter of 2024 was
- Trust fee income increased
$1.64 million $10.86 billion $9.02 billion - Available-for-sale securities totaling
$113.13 million $972 thousand - Recoveries of interest on previously charged-off or nonaccrual loans totaled
$1.36 million $698 thousand - Debit card fees increased by
$487 thousand - Mortgage income declined to
$3.36 million $3.44 million
Noninterest expense for the third quarter of 2024 totaled
- Salary, commissions, and employee benefit costs increased to
$37.50 million $32.94 million $2.06 million $288 thousand - Noninterest expenses, excluding salary related costs, increased
$1.91 million
The Company's efficiency ratio was 46.45 percent for the third quarter of 2024 compared to 47.62 percent for the third quarter of 2023. The decrease from the same period in the prior year is primarily due to the increase in net interest income.
As of September 30, 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 and the pandemic, 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 | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | ||||||||||
Cash and due from banks | $ | 296,188 | $ | 263,262 | $ | 222,464 | $ | 281,354 | $ | 208,277 | |||||
Interest-bearing demand deposits in banks | 287,476 | 103,315 | 365,397 | 255,237 | 180,008 | ||||||||||
Federal funds sold | - | 2,800 | 12,300 | - | - | ||||||||||
Investment securities | 4,612,299 | 4,573,024 | 4,658,526 | 4,732,762 | 4,652,537 | ||||||||||
Loans, held-for-investment | 7,723,191 | 7,519,733 | 7,229,410 | 7,148,791 | 6,994,696 | ||||||||||
Allowance for credit losses | (99,936) | (95,170) | (89,562) | (88,734) | (89,714) | ||||||||||
Net loans, held-for-investment | 7,623,255 | 7,424,563 | 7,139,848 | 7,060,057 | 6,904,982 | ||||||||||
Loans, held-for-sale | 20,114 | 19,668 | 16,109 | 14,253 | 12,229 | ||||||||||
Premises and equipment, net | 151,204 | 153,075 | 151,953 | 151,788 | 152,936 | ||||||||||
Goodwill | 313,481 | 313,481 | 313,481 | 313,481 | 313,481 | ||||||||||
Other intangible assets | 671 | 828 | 984 | 1,141 | 1,369 | ||||||||||
Other assets | 278,244 | 310,059 | 310,096 | 295,521 | 351,599 | ||||||||||
Total assets | $ | 13,582,932 | $ | 13,164,075 | $ | 13,191,158 | $ | 13,105,594 | $ | 12,777,418 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||
Noninterest-bearing deposits | $ | 3,303,143 | $ | 3,289,032 | $ | 3,348,147 | $ | 3,435,586 | $ | 3,477,553 | |||||
Interest-bearing deposits | 8,452,718 | 8,120,125 | 7,941,661 | 7,702,714 | 7,238,970 | ||||||||||
Total deposits | 11,755,861 | 11,409,157 | 11,289,808 | 11,138,300 | 10,716,523 | ||||||||||
Repurchase agreements | 57,557 | 138,950 | 307,297 | 381,928 | 621,791 | ||||||||||
Borrowings | 25,978 | 23,703 | 26,803 | 22,153 | 129,753 | ||||||||||
Trade date payable | 5,416 | - | - | - | 2,500 | ||||||||||
Other liabilities | 75,929 | 73,239 | 75,883 | 64,313 | 66,741 | ||||||||||
Shareholders' equity | 1,662,191 | 1,519,026 | 1,491,367 | 1,498,900 | 1,240,110 | ||||||||||
Total liabilities and shareholders' equity | $ | 13,582,932 | $ | 13,164,075 | $ | 13,191,158 | $ | 13,105,594 | $ | 12,777,418 | |||||
Quarter Ended | |||||||||||||||
2024 | 2023 | ||||||||||||||
INCOME STATEMENTS | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | ||||||||||
Interest income | $ | 159,958 | $ | 153,673 | $ | 149,495 | $ | 142,207 | $ | 135,351 | |||||
Interest expense | 52,849 | 50,400 | 49,253 | 44,699 | 41,202 | ||||||||||
Net interest income | 107,109 | 103,273 | 100,242 | 97,508 | 94,149 | ||||||||||
Provision for credit losses | 6,123 | 5,888 | 808 | - | 2,276 | ||||||||||
Net interest income after provision for credit losses | 100,986 | 97,385 | 99,434 | 97,508 | 91,873 | ||||||||||
Noninterest income | 32,362 | 31,268 | 29,383 | 21,979 | 28,070 | ||||||||||
Noninterest expense | 66,012 | 65,012 | 63,940 | 63,474 | 59,539 | ||||||||||
Net income before income taxes | 67,336 | 63,641 | 64,877 | 56,013 | 60,404 | ||||||||||
Income tax expense | 12,028 | 11,156 | 11,480 | 10,031 | 10,848 | ||||||||||
Net income | $ | 55,308 | $ | 52,485 | $ | 53,397 | $ | 45,982 | $ | 49,556 | |||||
PER COMMON SHARE DATA | |||||||||||||||
Net income - basic | $ | 0.39 | $ | 0.37 | $ | 0.37 | $ | 0.32 | $ | 0.35 | |||||
Net income - diluted | 0.39 | 0.37 | 0.37 | 0.32 | 0.35 | ||||||||||
Cash dividends declared | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | ||||||||||
Book value | 11.63 | 10.63 | 10.44 | 10.50 | 8.69 | ||||||||||
Tangible book value | 9.43 | 8.43 | 8.24 | 8.30 | 6.48 | ||||||||||
Market value | 37.01 | 29.53 | 32.81 | 30.30 | 25.12 | ||||||||||
Shares outstanding - end of period | 142,906,070 | 142,848,909 | 142,817,159 | 142,716,939 | 142,677,069 | ||||||||||
Average outstanding shares - basic | 142,853,215 | 142,814,363 | 142,724,674 | 142,680,263 | 142,707,260 | ||||||||||
Average outstanding shares - diluted | 143,188,857 | 143,088,930 | 143,029,449 | 143,069,900 | 143,149,373 | ||||||||||
PERFORMANCE RATIOS | |||||||||||||||
Return on average assets | 1.66 | % | 1.61 | % | 1.62 | % | 1.42 | % | 1.53 | % | |||||
Return on average equity | 14.00 | 14.43 | 14.43 | 14.26 | 14.51 | ||||||||||
Return on average tangible equity | 17.49 | 18.38 | 18.29 | 18.92 | 18.90 | ||||||||||
Net interest margin (tax equivalent) | 3.50 | 3.48 | 3.34 | 3.33 | 3.22 | ||||||||||
Efficiency ratio | 46.45 | 47.41 | 48.37 | 51.97 | 47.62 | ||||||||||
Nine Months Ended | |||||||||||||||
Sept. 30, | |||||||||||||||
INCOME STATEMENTS | 2024 | 2023 | |||||||||||||
Interest income | $ | 463,126 | $ | 385,864 | |||||||||||
Interest expense | 152,502 | 99,563 | |||||||||||||
Net interest income | 310,624 | 286,301 | |||||||||||||
Provision for credit losses | 12,817 | 10,631 | |||||||||||||
Net interest income after provisions for credit losses | 297,807 | 275,670 | |||||||||||||
Noninterest income | 93,012 | 86,025 | |||||||||||||
Noninterest expense | 194,965 | 174,407 | |||||||||||||
Net income before income taxes | 195,854 | 187,288 | |||||||||||||
Income tax expense | 34,664 | 34,291 | |||||||||||||
Net income | $ | 161,190 | $ | 152,997 | |||||||||||
PER COMMON SHARE DATA | |||||||||||||||
Net income - basic | $ | 1.13 | $ | 1.07 | |||||||||||
Net income - diluted | 1.13 | 1.07 | |||||||||||||
Cash dividends declared | 0.54 | 0.53 | |||||||||||||
Book value | 11.63 | 8.69 | |||||||||||||
Tangible book value | 9.43 | 6.48 | |||||||||||||
Market value | $ | 37.01 | $ | 25.12 | |||||||||||
Shares outstanding - end of period | 142,906,070 | 142,677,069 | |||||||||||||
Average outstanding shares - basic | 142,797,621 | 142,691,389 | |||||||||||||
Average outstanding shares - diluted | 143,159,652 | 143,042,858 | |||||||||||||
PERFORMANCE RATIOS | |||||||||||||||
Return on average assets | 1.63 | % | 1.59 | % | |||||||||||
Return on average equity | 14.28 | 15.22 | |||||||||||||
Return on average tangible equity | 18.04 | 19.88 | |||||||||||||
Net interest margin (tax equivalent) | 3.44 | 3.28 | |||||||||||||
Efficiency ratio | 47.39 | 45.75 | |||||||||||||
FIRST FINANCIAL BANKSHARES, INC. | |||||||||||||||
SELECTED FINANCIAL DATA (UNAUDITED) | |||||||||||||||
(In thousands) | |||||||||||||||
Quarter Ended | |||||||||||||||
2024 | 2023 | ||||||||||||||
ALLOWANCE FOR LOAN LOSSES | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | ||||||||||
Balance at beginning of period | $ | 95,170 | $ | 89,562 | $ | 88,734 | $ | 89,714 | $ | 86,541 | |||||
Loans charged-off | (1,279) | (702) | (850) | (1,213) | (1,080) | ||||||||||
Loan recoveries | 493 | 400 | 422 | 233 | 432 | ||||||||||
Net recoveries (charge-offs) | (786) | (302) | (428) | (980) | (648) | ||||||||||
Provision for loan losses | 5,552 | 5,910 | 1,256 | - | 3,821 | ||||||||||
Balance at end of period | $ | 99,936 | $ | 95,170 | $ | 89,562 | $ | 88,734 | $ | 89,714 | |||||
ALLOWANCE FOR UNFUNDED COMMITMENTS | |||||||||||||||
Balance at beginning of period | $ | 7,433 | $ | 7,455 | $ | 7,903 | $ | 7,903 | $ | 9,448 | |||||
Provision for unfunded commitments | 571 | (22) | (448) | - | (1,545) | ||||||||||
Balance at end of period | $ | 8,004 | $ | 7,433 | $ | 7,455 | $ | 7,903 | $ | 7,903 | |||||
Allowance for loan losses / | |||||||||||||||
period-end loans held-for-investment | 1.29 | % | 1.27 | % | 1.24 | % | 1.24 | % | 1.28 | % | |||||
Allowance for loan losses / | |||||||||||||||
nonperforming loans | 156.44 | 157.20 | 247.48 | 256.36 | 229.44 | ||||||||||
Net charge-offs (recoveries) / average total loans | |||||||||||||||
(annualized) | 0.04 | 0.02 | 0.02 | 0.06 | 0.04 | ||||||||||
As of | |||||||||||||||
2024 | 2023 | ||||||||||||||
COMPOSITION OF LOANS HELD-FOR-INVESTMENT | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | ||||||||||
Commercial: | |||||||||||||||
C&I | $ | 1,175,774 | $ | 1,141,990 | $ | 1,191,516 | $ | 1,164,811 | $ | 1,108,240 | |||||
Municipal | 333,732 | 359,124 | 211,013 | 214,850 | 218,358 | ||||||||||
Total Commercial | 1,509,506 | 1,501,114 | 1,402,529 | 1,379,661 | 1,326,598 | ||||||||||
Agricultural | 83,269 | 86,186 | 87,882 | 84,890 | 81,876 | ||||||||||
Real Estate: | |||||||||||||||
Construction & Development | 1,013,810 | 986,394 | 921,773 | 963,158 | 929,570 | ||||||||||
Farm | 315,720 | 318,597 | 311,002 | 344,954 | 341,052 | ||||||||||
Non-Owner Occupied CRE | 825,928 | 815,713 | 853,721 | 827,969 | 828,900 | ||||||||||
Owner Occupied CRE | 1,086,750 | 1,049,715 | 1,032,845 | 1,037,281 | 1,002,913 | ||||||||||
Residential | 2,112,196 | 1,990,604 | 1,918,573 | 1,834,593 | 1,788,913 | ||||||||||
Total Real Estate | 5,354,404 | 5,161,023 | 5,037,914 | 5,007,955 | 4,891,348 | ||||||||||
Consumer: | |||||||||||||||
Auto | 618,103 | 615,192 | 549,837 | 521,859 | 540,382 | ||||||||||
Non-Auto | 157,909 | 156,218 | 151,248 | 154,426 | 154,492 | ||||||||||
Total Consumer | 776,012 | 771,410 | 701,085 | 676,285 | 694,874 | ||||||||||
Total loans held-for-investment | $ | 7,723,191 | $ | 7,519,733 | $ | 7,229,410 | $ | 7,148,791 | $ | 6,994,696 | |||||
SUMMARY OF LOAN CLASSIFICATION | |||||||||||||||
Special Mention | $ | 41,362 | $ | 57,864 | $ | 62,623 | $ | 40,834 | $ | 60,939 | |||||
Substandard | 188,561 | 161,399 | 138,964 | 135,379 | 118,166 | ||||||||||
Doubtful | - | - | - | - | - | ||||||||||
Total classified loans | $ | 229,923 | $ | 219,263 | $ | 201,587 | $ | 176,213 | $ | 179,105 | |||||
NONPERFORMING ASSETS | |||||||||||||||
Nonaccrual loans | $ | 63,378 | $ | 60,311 | $ | 36,157 | $ | 33,609 | $ | 38,812 | |||||
Accruing loans 90 days past due | 504 | 231 | 33 | 1,004 | 289 | ||||||||||
Total nonperforming loans | 63,882 | 60,542 | 36,190 | 34,613 | 39,101 | ||||||||||
Foreclosed assets | 535 | 647 | 1,014 | 483 | 597 | ||||||||||
Total nonperforming assets | $ | 64,417 | $ | 61,189 | $ | 37,204 | $ | 35,096 | $ | 39,698 | |||||
As a % of loans held-for-investment and foreclosed assets | 0.83 | % | 0.81 | % | 0.51 | % | 0.49 | % | 0.57 | % | |||||
As a % of end of period total assets | 0.47 | 0.46 | 0.28 | 0.27 | 0.31 | ||||||||||
Quarter Ended | |||||||||||||||
2024 | 2023 | ||||||||||||||
CAPITAL RATIOS | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | ||||||||||
Common equity Tier 1 capital ratio | 18.83 | % | 18.42 | % | 18.60 | % | 18.50 | % | 18.35 | % | |||||
Tier 1 capital ratio | 18.83 | 18.42 | 18.60 | 18.50 | 18.35 | ||||||||||
Total capital ratio | 20.03 | 19.55 | 19.70 | 19.62 | 19.49 | ||||||||||
Tier 1 leverage ratio | 12.53 | 12.40 | 12.12 | 12.06 | 12.00 | ||||||||||
Tangible common equity ratio | 10.16 | 9.38 | 9.14 | 9.26 | 7.42 | ||||||||||
Equity/Assets ratio | 12.24 | 11.54 | 11.31 | 11.44 | 9.71 | ||||||||||
Quarter Ended | |||||||||||||||
2024 | 2023 | ||||||||||||||
NONINTEREST INCOME | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | ||||||||||
Trust fees | $ | 11,694 | $ | 11,714 | $ | 11,379 | $ | 10,678 | $ | 10,050 | |||||
Service charges on deposits | 6,428 | 6,009 | 6,246 | 6,523 | 6,509 | ||||||||||
Debit card fees | 5,528 | 5,145 | 4,891 | 5,024 | 5,041 | ||||||||||
Credit card fees | 617 | 672 | 631 | 631 | 694 | ||||||||||
Gain on sale and fees on mortgage loans | 3,359 | 3,687 | 3,128 | 1,940 | 3,442 | ||||||||||
Net gain (loss) on sale of available-for-sale securities | - | - | - | (6,205) | (972) | ||||||||||
Net gain (loss) on sale of foreclosed assets | (30) | (58) | - | 23 | (10) | ||||||||||
Net gain (loss) on sale of assets | 267 | 2 | - | (101) | 696 | ||||||||||
Interest on loan recoveries | 1,359 | 664 | 555 | 536 | 698 | ||||||||||
Other noninterest income | 3,140 | 3,433 | 2,553 | 2,930 | 1,922 | ||||||||||
Total noninterest income | $ | 32,362 | $ | 31,268 | $ | 29,383 | $ | 21,979 | $ | 28,070 | |||||
NONINTEREST EXPENSE | |||||||||||||||
Salaries, commissions and employee benefits, excluding profit sharing | $ | 35,262 | $ | 35,569 | $ | 35,003 | $ | 34,560 | $ | 32,755 | |||||
Profit sharing expense | 2,235 | 1,903 | 1,680 | 1,193 | 180 | ||||||||||
Net occupancy expense | 3,738 | 3,618 | 3,470 | 3,348 | 3,565 | ||||||||||
Equipment expense | 2,291 | 2,233 | 2,237 | 2,020 | 2,200 | ||||||||||
FDIC insurance premiums | 1,514 | 1,508 | 1,965 | 3,105 | 1,573 | ||||||||||
Debit card expense | 3,248 | 3,242 | 3,058 | 3,229 | 3,284 | ||||||||||
Legal, tax and professional fees | 3,865 | 3,809 | 2,734 | 3,125 | 3,007 | ||||||||||
Audit fees | 582 | 453 | 333 | 587 | 551 | ||||||||||
Printing, stationery and supplies | 199 | 425 | 447 | 492 | 512 | ||||||||||
Amortization of intangible assets | 157 | 157 | 157 | 228 | 228 | ||||||||||
Advertising, meals and public relations | 1,466 | 1,466 | 1,455 | 1,146 | 1,622 | ||||||||||
Operational and other losses | 955 | 769 | 1,154 | 1,096 | 959 | ||||||||||
Software amortization and expense | 3,712 | 3,158 | 3,005 | 3,017 | 2,441 | ||||||||||
Other noninterest expense | 6,788 | 6,702 | 7,242 | 6,328 | 6,662 | ||||||||||
Total noninterest expense | $ | 66,012 | $ | 65,012 | $ | 63,940 | $ | 63,474 | $ | 59,539 | |||||
TAX EQUIVALENT YIELD ADJUSTMENT | 2,628 | $ | 2,572 | $ | 2,573 | $ | 2,649 | $ | 2,823 | ||||||
Nine Months Ended | |||||||||||||||
Sept. 30, | |||||||||||||||
NONINTEREST INCOME | 2024 | 2023 | |||||||||||||
Trust fees | $ | 34,787 | $ | 29,778 | |||||||||||
Service charges on deposits | 18,683 | 18,855 | |||||||||||||
Debit card fees | 15,564 | 16,697 | |||||||||||||
Credit card fees | 1,920 | 2,014 | |||||||||||||
Gain on sale and fees on mortgage loans | 10,174 | 9,950 | |||||||||||||
Net gain on sale of available-for-sale securities | - | (914) | |||||||||||||
Net gain on sale of foreclosed assets | (88) | 23 | |||||||||||||
Net gain (loss) on sale of assets | 269 | 1,626 | |||||||||||||
Interest on loan recoveries | 2,578 | 1,519 | |||||||||||||
Other noninterest income | 9,125 | 6,477 | |||||||||||||
Total noninterest income | $ | 93,012 | $ | 86,025 | |||||||||||
NONINTEREST EXPENSE | |||||||||||||||
Salaries, commissions and employee benefits, excluding profit sharing | $ | 105,834 | $ | 95,982 | |||||||||||
Profit sharing expense | 5,818 | 180 | |||||||||||||
Net occupancy expense | 10,826 | 10,418 | |||||||||||||
Equipment expense | 6,761 | 6,525 | |||||||||||||
FDIC insurance premiums | 4,987 | 4,644 | |||||||||||||
Debit card expense | 9,548 | 9,704 | |||||||||||||
Legal, tax and professional fees | 10,408 | 8,541 | |||||||||||||
Audit fees | 1,368 | 1,654 | |||||||||||||
Printing, stationery and supplies | 1,071 | 1,962 | |||||||||||||
Amortization of intangible assets | 471 | 684 | |||||||||||||
Advertising, meals and public relations | 4,387 | 4,886 | |||||||||||||
Operational and other losses | 2,878 | 2,746 | |||||||||||||
Software amortization and expense | 9,875 | 7,271 | |||||||||||||
Other noninterest expense | 20,733 | 19,210 | |||||||||||||
Total noninterest expense | $ | 194,965 | $ | 174,407 | |||||||||||
TAX EQUIVALENT YIELD ADJUSTMENT | $ | 7,773 | $ | 8,903 | |||||||||||
FIRST FINANCIAL BANKSHARES, INC. | |||||||||||||||||||||
SELECTED FINANCIAL DATA (UNAUDITED) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||
Sept. 30, 2024 | June 30, 2024 | ||||||||||||||||||||
Average | Tax Equivalent | Yield / | Average | Tax Equivalent | Yield / | ||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Federal funds sold | $ | 2,901 | $ | 43 | 5.84 | % | $ | 5,160 | $ | 74 | 5.81 | % | |||||||||
Interest-bearing demand deposits in nonaffiliated banks | 200,756 | 2,716 | 5.38 | 159,707 | 2,292 | 5.77 | |||||||||||||||
Taxable securities | 3,211,490 | 19,866 | 2.47 | 3,250,684 | 19,912 | 2.45 | |||||||||||||||
Tax-exempt securities | 1,418,214 | 9,742 | 2.75 | 1,404,706 | 9,730 | 2.77 | |||||||||||||||
Loans | 7,643,238 | 130,220 | 6.78 | 7,405,297 | 124,237 | 6.75 | |||||||||||||||
Total interest-earning assets | 12,476,599 | $ | 162,587 | 5.18 | % | 12,225,554 | $ | 156,245 | 5.14 | % | |||||||||||
Noninterest-earning assets | 817,757 | 855,719 | |||||||||||||||||||
Total assets | $ | 13,294,356 | $ | 13,081,273 | |||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Deposits | $ | 8,240,938 | $ | 51,994 | 2.51 | % | $ | 8,020,247 | $ | 48,414 | 2.43 | % | |||||||||
Repurchase Agreements | 100,892 | 740 | 2.92 | 212,590 | 1,895 | 3.59 | |||||||||||||||
Borrowings | 24,670 | 116 | 1.87 | 22,932 | 91 | 1.60 | |||||||||||||||
Total interest-bearing liabilities | 8,366,500 | $ | 52,850 | 2.51 | % | 8,255,769 | $ | 50,400 | 2.46 | % | |||||||||||
Noninterest-bearing deposits | 3,279,486 | 3,289,906 | |||||||||||||||||||
Other noninterest-bearing liabilities | 76,274 | 72,464 | |||||||||||||||||||
Shareholders' equity | 1,572,096 | 1,463,134 | |||||||||||||||||||
Total liabilities and shareholders' equity | $ | 13,294,356 | $ | 13,081,273 | |||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 109,737 | 3.50 | % | $ | 105,845 | 3.48 | % | |||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||
Mar. 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 | $ | 3,923 | $ | 57 | 5.85 | % | $ | 1,768 | $ | 25 | 5.72 | % | |||||||||
Interest-bearing demand deposits in nonaffiliated banks | 344,969 | 4,657 | 5.43 | 145,839 | 1,961 | 5.33 | |||||||||||||||
Taxable securities | 3,376,324 | 19,952 | 2.36 | 3,317,114 | 19,686 | 2.37 | |||||||||||||||
Tax-exempt securities | 1,434,505 | 9,794 | 2.73 | 1,410,148 | 10,188 | 2.89 | |||||||||||||||
Loans | 7,205,424 | 117,608 | 6.56 | 7,052,463 | 112,996 | 6.36 | |||||||||||||||
Total interest-earning assets | 12,365,145 | $ | 152,068 | 4.95 | % | 11,927,332 | $ | 144,856 | 4.82 | % | |||||||||||
Noninterest-earning assets | 864,885 | 886,811 | |||||||||||||||||||
Total assets | $ | 13,230,030 | $ | 12,814,143 | |||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Deposits | $ | 7,878,094 | $ | 45,250 | 2.31 | % | $ | 7,371,260 | $ | 39,225 | 2.11 | % | |||||||||
Repurchase Agreements | 317,439 | 2,562 | 3.25 | 558,592 | 4,627 | 3.29 | |||||||||||||||
Borrowings | 132,963 | 1,441 | 4.36 | 78,066 | 847 | 4.30 | |||||||||||||||
Total interest-bearing liabilities | 8,328,496 | $ | 49,253 | 2.38 | % | 8,007,918 | $ | 44,699 | 2.21 | % | |||||||||||
Noninterest-bearing deposits | 3,346,757 | 3,461,544 | |||||||||||||||||||
Other noninterest-bearing liabilities | 66,134 | 65,524 | |||||||||||||||||||
Shareholders' equity | 1,488,643 | 1,279,157 | |||||||||||||||||||
Total liabilities and shareholders' equity | $ | 13,230,030 | $ | 12,814,143 | |||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 102,815 | 3.34 | % | $ | 100,157 | 3.33 | % | |||||||||||||
Three Months Ended | |||||||||||||||||||||
Sept. 30, 2023 | |||||||||||||||||||||
Average | Tax Equivalent | Yield / | |||||||||||||||||||
Balance | Interest | Rate | |||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Federal funds sold | $ | 2,383 | $ | 35 | 5.79 | % | |||||||||||||||
Interest-bearing demand deposits in nonaffiliated banks | 55,231 | 757 | 5.44 | ||||||||||||||||||
Taxable securities | 3,429,290 | 19,425 | 2.27 | ||||||||||||||||||
Tax-exempt securities | 1,578,660 | 11,085 | 2.81 | ||||||||||||||||||
Loans | 6,894,064 | 106,872 | 6.15 | ||||||||||||||||||
Total interest-earning assets | 11,959,628 | $ | 138,174 | 4.58 | % | ||||||||||||||||
Noninterest-earning assets | 850,855 | ||||||||||||||||||||
Total assets | $ | 12,810,483 | |||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Deposits | $ | 7,259,252 | $ | 36,165 | 1.98 | % | |||||||||||||||
Repurchase Agreements | 567,064 | 4,518 | 3.16 | ||||||||||||||||||
Borrowings | 54,124 | 519 | 3.80 | ||||||||||||||||||
Total interest-bearing liabilities | 7,880,440 | $ | 41,202 | 2.07 | % | ||||||||||||||||
Noninterest-bearing deposits | 3,509,809 | ||||||||||||||||||||
Other noninterest-bearing liabilities | 65,094 | ||||||||||||||||||||
Shareholders' equity | 1,355,140 | ||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 12,810,483 | |||||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 96,972 | 3.22 | % | |||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||
Sept. 30, 2024 | Sept. 30, 2023 | ||||||||||||||||||||
Average | Tax Equivalent | Yield / | Average | Tax Equivalent | Yield / | ||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Federal funds sold | $ | 3,990 | $ | 174 | 5.83 | % | $ | 2,377 | $ | 97 | 5.45 | % | |||||||||
Interest-bearing deposits in nonaffiliated banks | 235,018 | 9,664 | 5.49 | 105,657 | 3,929 | 4.97 | |||||||||||||||
Taxable securities | 3,279,251 | 59,730 | 2.43 | 3,562,753 | 60,240 | 2.25 | |||||||||||||||
Tax exempt securities | 1,419,138 | 29,266 | 2.75 | 1,660,241 | 35,626 | 2.86 | |||||||||||||||
Loans | 7,418,808 | 372,066 | 6.70 | 6,694,000 | 294,875 | 5.89 | |||||||||||||||
Total interest-earning assets | 12,356,205 | $ | 470,900 | 5.09 | % | 12,025,028 | $ | 394,767 | 4.39 | % | |||||||||||
Noninterest-earning assets | 846,019 | 852,113 | |||||||||||||||||||
Total assets | $ | 13,202,224 | $ | 12,877,141 | |||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Deposits | $ | 8,047,136 | $ | 145,661 | 2.42 | % | $ | 7,126,471 | $ | 85,606 | 1.61 | % | |||||||||
Repurchase Agreements | 209,907 | 5,197 | 3.31 | 571,445 | 11,512 | 2.69 | |||||||||||||||
Borrowings | 60,058 | 1,645 | 3.66 | 82,339 | 2,445 | 3.97 | |||||||||||||||
Total interest-bearing liabilities | 8,317,101 | $ | 152,503 | 2.45 | % | 7,780,255 | $ | 99,563 | 1.71 | % | |||||||||||
Noninterest-bearing deposits | 3,305,289 | 3,690,190 | |||||||||||||||||||
Other noninterest-bearing liabilities | 71,642 | 62,468 | |||||||||||||||||||
Shareholders' equity | 1,508,192 | 1,344,228 | |||||||||||||||||||
Total liabilities and shareholders' equity | $ | 13,202,224 | $ | 12,877,141 | |||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 318,397 | 3.44 | % | $ | 295,204 | 3.28 | % | |||||||||||||
View original content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-third-quarter-2024-earnings-302279713.html
SOURCE First Financial Bankshares, Inc.
FAQ
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