First Financial Bankshares - FFIN STOCK NEWS

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.

Ron Butler, a 30-year veteran at First Financial Bank, will be inducted into the Texas Bankers Hall of Fame in April 2023. Currently serving as EVP and Chief Administrative Officer, Butler is recognized for his exceptional leadership and community involvement. Celebrating this accolade, F. Scott Dueser, CEO, praised Butler's role in elevating the bank's stature. With a broad range of leadership roles, Butler's contributions have been instrumental in First Financial's success. The company operates multiple banking regions across Texas and is listed on NASDAQ under the symbol FFIN.

First Financial Bank, N.A., a subsidiary of First Financial Bankshares (NASDAQ: FFIN), has opened its 79th branch in Lumberton, Texas. This new 3,300-square foot location strengthens the bank's presence in Southeast Texas, specifically extending services into Hardin County. Over the past nine years, the bank has seen significant growth in the region, bolstered by strong customer relationships. The facility features a drive-thru and ATM services, reinforcing the bank's commitment to community-oriented banking. First Financial has been a leader in banking and customer service since its Southeast Texas expansion in 2013.

First Financial Bankshares, Inc. (NASDAQ: FFIN) reported earnings of $59.34 million for Q3 2022, a slight increase from $58.93 million in Q3 2021. Diluted EPS remained at $0.41 year-over-year. Net interest income rose to $103.16 million from $95.78 million, driven by loan growth of 25.6% annualized. However, there was a $3.22 million provision for credit losses, contrasting with no provision last year. Noninterest income decreased to $30.94 million, influenced by a drop in debit card fees and mortgage revenues. Total assets reached $13.11 billion, up from $12.54 billion a year ago.

First Financial Trust & Asset Management Company, N.A. has appointed Susie Stalcup to its Board of Directors, a decision announced by Kirk W. Thaxton, Chairman, President & CEO. Stalcup brings nearly 30 years of experience in higher education philanthropy, including leadership roles at Vanderbilt University and Columbia University Medical Center. She previously served as Senior Vice President at First Financial Bank from 1983 to 1991. Stalcup's return is expected to bolster the company’s strategic growth, leveraging her extensive network and fundraising expertise.