First Financial Bankshares Inc - FFIN STOCK NEWS

First Financial Bankshares, Inc. (NASDAQ: FFIN) announced a $0.18 per share cash dividend for Q2 2023, marking a 5.9% increase. This dividend is payable to shareholders on July 3, 2023, for those on record as of June 15, 2023. During the 2023 Annual Shareholders' Meeting, shareholders re-elected eleven board members and ratified Ernst & Young LLP as independent auditors. The board's selection was approved for annual 'say-on-pay' advisory votes regarding executive compensation. Chairman Scott Dueser highlighted the company's strong capital position and increasing earnings as reasons for the dividend boost. This reflects confidence in ongoing financial health and shareholder returns.

First Financial Bankshares, Inc. (NASDAQ: FFIN) will host its 2023 Annual Shareholders' Meeting on April 25, 2023, at 10:30 a.m. Central time. The event will feature a live stream presentation by key executives, including Chairman F. Scott Dueser, who will discuss the operational and financial performance for 2022 and Q1 2023, along with the company’s strategic direction. Shareholders and others can access the live stream on the company's website starting at 10:00 a.m. Following the meeting, a replay will be available. First Financial, headquartered in Abilene, Texas, operates numerous banking locations across the state and offers services through its subsidiaries, including First Financial Trust & Asset Management Company. The company emphasizes advancements and potential strategies for growth in its sector.

First Financial Bankshares reported a first-quarter 2023 earnings of $52.57 million, down from $55.97 million in Q1 2022. EPS decreased to $0.37 from $0.39. The decrease in earnings is attributed to a $3.99 million drop in debit card fees and $3.36 million decline in mortgage revenues, alongside a $785 thousand rise in FDIC fees. However, net interest income rose to $96.29 million and net interest margin improved to 3.34%. The allowance for credit losses increased to $80.82 million, reflecting 1.23% of loans. Nonperforming assets fell to 0.37%.

The company's financial strength is shown in its capital ratios and strategic initiatives to align loan and deposit pricing amid rising funding costs.

First Financial Bankshares reported a rise in earnings for Q4 2022, reaching $58.67 million, up from $55.34 million in Q4 2021. Basic and diluted EPS for the quarter increased to $0.41 compared to $0.39 a year ago. For the full year, earnings totaled $234.48 million, a 3.04% increase from $227.56 million in 2021. The net interest income rose to $104.04 million, attributed to higher interest-earning assets, despite decreases in PPP loan income. Net charge-offs decreased to $905,000 from $2.28 million a year ago, but provisions for credit losses increased. Shareholders' equity fell to $1.27 billion due to rising interest rates.

First Financial Bank, N.A. has appointed Mike Parker as Executive Vice President and Chief Compliance Officer, effective January 18, 2023. Parker has over 15 years of compliance experience, previously serving as the director of compliance governance at USAA Federal Savings Bank. His role is expected to enhance the bank’s compliance management program amid a changing regulatory landscape. Parker's qualifications include a Bachelor of Science in economics from Virginia Commonwealth University and he holds the Certified Regulatory Compliance Manager (CRCM) designation. First Financial Bank operates numerous locations across Texas and is a subsidiary of First Financial Bankshares, Inc. (NASDAQ: FFIN).

First Financial Bankshares, Inc. (NASDAQ: FFIN) has appointed Michelle S. Hickox as Executive Vice President and Chief Financial Officer, succeeding James R. Gordon, who resigned on January 9, 2023, for personal reasons. Mrs. Hickox, formerly CFO at Independent Financial Group, brings extensive experience in banking and finance, having played a key role in the company’s IPO and multiple acquisitions. The company's chairman noted her knowledge will be vital for continued growth. Gordon will assist during the transition as a consultant.