First Financial Bankshares, Inc.: First Financial Bankshares Announces Second Quarter 2024 Earnings

ABILENE, Texas, July 18, 2024 /PRNewswire/ -- First Financial Bankshares, Inc. (the "Company," "we," "us" or "our") (NASDAQ: FFIN) today reported earnings of $52.49 million for the second quarter of 2024 compared to earnings of $50.87 million for the same quarter a year ago and $53.4 million for the quarter ended March 31, 2024. Basic and diluted earnings per share were $0.37 for the second quarter of 2024 compared with $0.36 for the second quarter of 2023 and $0.37 for the linked quarter.

"We are pleased with the second quarter results that are highlighted by strong loan growth and net interest margin expansion which resulted in increased net interest income for the quarter," said F. Scott Dueser, Chairman, CEO and President of First Financial Bankshares, Inc., "Our outlook is positive for the remainder of the year as we look to continue to remix our assets as cash flows from maturing securities are invested in loans and execute strategies to grow deposits in our markets. As always, we appreciate the support of customers, shareholders, and employees."

Net interest income for the second quarter of 2024 was $103.27 million compared to $95.87 million for the second quarter of 2023 and $100.24 million for the first quarter 2024. The net interest margin, on a taxable equivalent basis, was 3.48 percent for the second quarter of 2024 compared to 3.29 percent for the second quarter of 2023 and 3.34 percent in the first quarter of 2024. Increased margins are primarily due to an asset shift mix as securities cash flows are reinvested in the loan portfolio. Average interest-earning assets were $12.23 billion for the second quarter of 2024 compared to $12.05 billion for the same quarter a year ago.

The Company recorded a provision for credit losses of $5.89 million for the second quarter of 2024 compared to a provision for credit losses of $5.57 million for the second quarter of 2023 and $808 thousand for the first quarter 2024. At June 30, 2024, the allowance for credit losses totaled $95.17 million, or 1.27 percent of loans held-for-investment ("loans" hereafter), compared to $86.54 million at June 30, 2023, or 1.28 percent of loans and $89.56 million at March 31, 2024 or 1.24 percent of total loans. Additionally, the reserve for unfunded commitments totaled $7.43 million at June 30, 2024 compared to $9.45 million at June 30, 2023 and $7.46 million at March 31, 2024.

For the second quarter of 2024, net charge-offs totaled $302 thousand compared to net charge-offs of $799 thousand for the second quarter of 2023 and net charge offs of $428 thousand for the first quarter 2024. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.81 percent at June 30, 2024, compared to 0.43 percent at June 30, 2023 and 0.51 percent at March 31, 2024. Classified loans totaled $219.26 million at June 30, 2024, compared to $175.14 million at June 30, 2023 and $201.59 million at March 31, 2024. The increase in nonperforming and classified loans in the second quarter 2024 is primarily related to one owner occupied commercial real estate loan in the DFW area that was classified and placed on nonaccrual during the quarter.

Noninterest income for the second quarter of 2024 was $31.27 million compared to $29.95 million for the second quarter of 2023 and $29.38 million for the first quarter of 2024. Notable changes for the second quarter of 2024 when compared to the same quarter a year ago and for the linked quarter are as follows:

• Trust fee income increased $1.83 million from the second quarter 2023 and $335 thousand from the first quarter 2024. Trust revenue has increased primarily due to growth in assets under management and increases in oil and gas related fees.
• Debit card fees decreased by $1.58 million for the second quarter of 2024 from the prior year due to annual incentives that were recognized in the second quarter 2023. Annual incentives are being amortized throughout the year in 2024. Debit card fee income increased $254 thousand from the first quarter 2024.
• Mortgage income increased to $3.69 million compared to $3.53 million for the second quarter of 2023 and $3.13 million in the first quarter of 2024 as overall origination volume and margins have improved slightly from the prior year.
• Service charges on deposits decreased to $6.01 million for the second quarter of 2024 compared with $6.31 million for the second quarter of 2023 and $6.25 million for the first quarter of 2024, primarily due to lower revenue from overdraft fee income.

Noninterest expense for the second quarter of 2024 totaled $65.01 million compared to $57.61 million for the second quarter of 2023 and $63.94 million for the first quarter of 2024. Notable changes for the second quarter of 2024 when compared to the same quarter a year ago and for the linked quarter are as follows:

• Salary, commissions, and employee benefit costs increased to $37.47 million for the second quarter of 2024, compared to $31.77 million in the second quarter of 2023 and $36.68 million for the first quarter of 2024. The increase from the prior year is related primarily to increases of $1.93 million in profit sharing expense, $1.65 million in bonus and incentive accruals due to annualized earnings growth for several regions and $1.33 million in health insurance expenses. The increase from first quarter of 2024 is related to bonus and incentive accruals offset by a slight decrease in health insurance expenses.
• Noninterest expenses, excluding salary related costs, increased $1.69 million for the second quarter of 2024 compared to the same period in 2023 largely due to increases in software amortization and expense and legal, tax and professional fees. Non-interest expenses, excluding salary related costs, increased $283 thousand from the first quarter of 2024 due to a $1.08 million increase in legal, tax and professional fees, offset by decreases in FDIC insurance expense of $457 thousand and $385 thousand in operational and other losses.

The Company's efficiency ratio was 47.41 percent for the second quarter of 2024 compared to 44.74 percent for the second quarter of 2023 and 48.37 percent for the first quarter of 2024. The increase from the prior year is related to the increase in non-interest expense. The decrease from the linked quarter is primarily due to the increase in net interest income.

As of June 30, 2024, consolidated total assets were $13.16 billion compared to $12.83 billion on June 30, 2023, and $13.11 billion at December 31, 2023. Loans totaled $7.52 billion on June 30, 2024, compared with loans of $6.78 billion at June 30, 2023 and $7.15 billion at December 31, 2023. During the second quarter of 2024, loans grew $290.32 million, or 16.15 percent annualized, when compared to March 31, 2024, balances. Loans have grown $370.94 million or 10.43 percent year-to-date. Deposits totaled $11.41 billion at June 30, 2024, compared to $10.81 billion at June 30, 2023 and $11.14 billion at December 31, 2023.

Shareholders' equity was $1.52 billion as of June 30, 2024, compared to $1.37 billion and $1.50 billion at June 30, 2023, and December 31, 2023, respectively, primarily due to accumulated earnings. The unrealized loss on the securities portfolio, net of applicable tax, totaled $441.56 million at June 30, 2024, compared to unrealized losses of $490.28 million at June 30, 2023 and $403.30 million at December 31, 2023.

About First Financial Bankshares, Inc.

Headquartered in Abilene, Texas, First Financial Bankshares, Inc. is a financial holding company that through its subsidiary, First Financial Bank, N.A., operates multiple banking regions with 79 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan, Burleson, College Station, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, El Campo, Fort Worth, Franklin, Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Kingwood, Lumberton, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Trust & Asset Management Company, N.A., with nine locations and First Technology Services, Inc., a technology operating company.

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		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Cash and due from banks	$	263,262		$	222,464		$	281,354		$	208,277		$	255,018
Interest-bearing demand deposits in banks		103,315			365,397			255,237			180,008			23,839
Federal funds sold		2,800			12,300			-			-			-
Investment securities		4,573,024			4,658,526			4,732,762			4,652,537			5,066,262
Loans, held-for-investment		7,519,733			7,229,410			7,148,791			6,994,696			6,777,570
Allowance for credit losses		(95,170)			(89,562)			(88,734)			(89,714)			(86,541)
Net loans, held-for-investment		7,424,563			7,139,848			7,060,057			6,904,982			6,691,029
Loans, held-for-sale		19,668			16,109			14,253			12,229			19,220
Premises and equipment, net		153,075			151,953			151,788			152,936			152,876
Goodwill		313,481			313,481			313,481			313,481			313,481
Other intangible assets		828			984			1,141			1,369			1,597
Other assets		310,059			310,096			295,521			351,599			302,115
Total assets	$	13,164,075		$	13,191,158		$	13,105,594		$	12,777,418		$	12,825,437
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	3,289,032		$	3,348,147		$	3,435,586		$	3,477,553		$	3,578,483
Interest-bearing deposits		8,120,125			7,941,661			7,702,714			7,238,970			7,229,077
Total deposits		11,409,157			11,289,808			11,138,300			10,716,523			10,807,560
Repurchase agreements		138,950			307,297			381,928			621,791			559,479
Borrowings		23,703			26,803			22,153			129,753			28,177
Trade date payable		-			-			-			2,500			-
Other liabilities		73,239			75,883			64,313			66,741			62,988
Shareholders' equity		1,519,026			1,491,367			1,498,900			1,240,110			1,367,233
Total liabilities and shareholders' equity	$	13,164,075		$	13,191,158		$	13,105,594		$	12,777,418		$	12,825,437
	Quarter Ended
		2024						2023
INCOME STATEMENTS		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Interest income	$	153,673		$	149,495		$	142,207		$	135,351		$	129,005
Interest expense		50,400			49,253			44,699			41,202			33,139
Net interest income		103,273			100,242			97,508			94,149			95,866
Provision for credit losses		5,888			808			-			2,276			5,573
Net interest income after provision for credit losses		97,385			99,434			97,508			91,873			90,293
Noninterest income		31,268			29,383			21,979			28,070			29,947
Noninterest expense		65,012			63,940			63,474			59,539			57,613
Net income before income taxes		63,641			64,877			56,013			60,404			62,627
Income tax expense		11,156			11,480			10,031			10,848			11,754
Net income	$	52,485		$	53,397		$	45,982		$	49,556		$	50,873
PER COMMON SHARE DATA
Net income - basic	$	0.37		$	0.37		$	0.32		$	0.35		$	0.36
Net income - diluted		0.37			0.37			0.32			0.35			0.36
Cash dividends declared		0.18			0.18			0.18			0.18			0.18
Book value		10.63			10.44			10.50			8.69			9.58
Tangible book value		8.43			8.24			8.30			6.48			7.37
Market value		29.53			32.81			30.30			25.12			28.49
Shares outstanding - end of period		142,848,909			142,817,159			142,716,939			142,677,069			142,741,196
Average outstanding shares - basic		142,814,363			142,724,674			142,680,263			142,707,260			142,700,805
Average outstanding shares - diluted		143,088,930			143,029,449			143,069,900			143,149,373			143,087,555
PERFORMANCE RATIOS
Return on average assets		1.61	%		1.62	%		1.42	%		1.53	%		1.58	%
Return on average equity		14.43			14.43			14.26			14.51			14.89
Return on average tangible equity		18.38			18.29			18.92			18.90			19.33
Net interest margin (tax equivalent)		3.48			3.34			3.33			3.22			3.29
Efficiency ratio		47.41			48.37			51.97			47.62			44.74
	Six Months Ended
	June 30,
INCOME STATEMENTS		2024			2023
Interest income	$	303,167		$	250,513
Interest expense		99,653			58,361
Net interest income		203,514			192,152
Provision for credit losses		6,695			8,354
Net interest income after provisions for credit losses		196,819			183,798
Noninterest income		60,651			57,954
Noninterest expense		128,952			114,869
Net income before income taxes		128,518			126,883
Income tax expense		22,636			23,442
Net income	$	105,882		$	103,441
PER COMMON SHARE DATA
Net income - basic	$	0.74		$	0.72
Net income - diluted		0.74			0.72
Cash dividends declared		0.36			0.35
Book value		10.63			9.58
Tangible book value		8.43			7.37
Market value	$	29.53		$	28.49
Shares outstanding - end of period		142,848,909			142,741,196
Average outstanding shares - basic		142,769,518			142,683,322
Average outstanding shares - diluted		143,067,193			143,027,503
PERFORMANCE RATIOS
Return on average assets		1.62	%		1.62	%
Return on average equity		14.43			15.58
Return on average tangible equity		18.33			20.38
Net interest margin (tax equivalent)		3.41			3.32
Efficiency ratio		47.88			44.84

FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
	Quarter Ended
		2024						2023
ALLOWANCE FOR LOAN LOSSES		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Balance at beginning of period	$	89,562		$	88,734		$	89,714		$	86,541		$	80,818
Loans charged-off		(702)			(850)			(1,213)			(1,080)			(1,118)
Loan recoveries		400			422			233			432			319
Net recoveries (charge-offs)		(302)			(428)			(980)			(648)			(799)
Provision for loan losses		5,910			1,256			-			3,821			6,522
Balance at end of period	$	95,170		$	89,562		$	88,734		$	89,714		$	86,541
ALLOWANCE FOR UNFUNDED COMMITMENTS
Balance at beginning of period	$	7,455		$	7,903		$	7,903		$	9,448		$	10,397
Provision for unfunded commitments		(22)			(448)			-			(1,545)			(949)
Balance at end of period	$	7,433		$	7,455		$	7,903		$	7,903		$	9,448
Allowance for loan losses /
period-end loans held-for-investment		1.27	%		1.24	%		1.24	%		1.28	%		1.28	%
Allowance for loan losses /
nonperforming loans		157.20			247.48			256.36			229.44			296.13
Net charge-offs (recoveries) / average total loans
(annualized)		0.02			0.02			0.06			0.04			0.05
	Quarter Ended
		2024						2023
COMPOSITION OF LOANS HELD-FOR-INVESTMENT		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Commercial:
C&I	$	1,141,990		$	1,191,516		$	1,164,811		$	1,108,240		$	1,021,863
Municipal		359,124			211,013			214,850			218,358			215,977
Total Commercial		1,501,114			1,402,529			1,379,661			1,326,598			1,237,840
Agricultural		86,186			87,882			84,890			81,876			82,032
Real Estate:
Construction & Development		986,394			921,773			963,158			929,570			915,221
Farm		318,597			311,002			344,954			341,052			335,644
Non-Owner Occupied CRE		815,713			853,721			827,969			828,900			811,347
Owner Occupied CRE		1,049,715			1,032,845			1,037,281			1,002,913			1,011,511
Residential		1,990,604			1,918,573			1,834,593			1,788,913			1,698,679
Total Real Estate		5,161,023			5,037,914			5,007,955			4,891,348			4,772,402
Consumer:
Auto		615,192			549,837			521,859			540,382			534,603
Non-Auto		156,218			151,248			154,426			154,492			150,693
Total Consumer		771,410			701,085			676,285			694,874			685,296
Total loans held-for-investment	$	7,519,733		$	7,229,410		$	7,148,791		$	6,994,696		$	6,777,570
SUMMARY OF LOAN CLASSIFICATION
Special Mention	$	57,864		$	62,623		$	40,834		$	60,939		$	66,960
Substandard		161,399			138,964			135,379			118,166			108,179
Doubtful		-			-			-			-			-
Total classified loans	$	219,263		$	201,587		$	176,213		$	179,105		$	175,139
NONPERFORMING ASSETS
Nonaccrual loans	$	60,311		$	36,157		$	33,609		$	38,812		$	28,672
Accruing loans 90 days past due		231			33			1,004			289			552
Total nonperforming loans		60,542			36,190			34,613			39,101			29,224
Foreclosed assets		647			1,014			483			597			25
Total nonperforming assets	$	61,189		$	37,204		$	35,096		$	39,698		$	29,249
As a % of loans held-for-investment and foreclosed assets		0.81	%		0.51	%		0.49	%		0.57	%		0.43	%
As a % of end of period total assets		0.46			0.28			0.27			0.31			0.23

	Quarter Ended
		2024						2023
CAPITAL RATIOS		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Common equity Tier 1 capital ratio		18.42	%		18.60	%		18.50	%		18.35	%		18.48	%
Tier 1 capital ratio		18.42			18.60			18.50			18.35			18.48
Total capital ratio		19.55			19.70			19.62			19.49			19.62
Tier 1 leverage ratio		12.40			12.12			12.06			12.00			11.81
Tangible common equity ratio		9.38			9.14			9.26			7.42			8.41
Equity/Assets ratio		11.54			11.31			11.44			9.71			10.66
	Quarter Ended
		2024						2023
NONINTEREST INCOME		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Trust fees	$	11,714		$	11,379		$	10,678		$	10,050		$	9,883
Service charges on deposits		6,009			6,246			6,523			6,509			6,310
Debit card fees		5,145			4,891			5,024			5,041			6,720
Credit card fees		672			631			631			694			711
Gain on sale and fees on mortgage loans		3,687			3,128			1,940			3,442			3,534
Net gain (loss) on sale of available-for-sale securities		-			-			(6,205)			(972)			46
Net gain (loss) on sale of foreclosed assets		(58)			-			23			(10)			(1)
Net gain (loss) on sale of assets		2			-			(101)			696			-
Interest on loan recoveries		664			555			536			698			475
Other noninterest income		3,433			2,553			2,930			1,922			2,269
Total noninterest income	$	31,268		$	29,383		$	21,979		$	28,070		$	29,947
NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	35,569		$	35,003		$	34,560		$	32,755		$	31,796
Profit sharing expense		1,903			1,680			1,193			180			(30)
Net occupancy expense		3,618			3,470			3,348			3,565			3,423
Equipment expense		2,233			2,237			2,020			2,200			2,198
FDIC insurance premiums		1,508			1,965			3,105			1,573			1,417
Debit card expense		3,242			3,058			3,229			3,284			3,221
Legal, tax and professional fees		3,809			2,734			3,125			3,007			2,847
Audit fees		453			333			587			551			563
Printing, stationery and supplies		425			447			492			512			740
Amortization of intangible assets		157			157			228			228			228
Advertising, meals and public relations		1,466			1,455			1,146			1,622			1,789
Operational and other losses		769			1,154			1,096			959			856
Software amortization and expense		3,158			3,005			3,017			2,441			2,519
Other noninterest expense		6,702			7,242			6,328			6,662			6,046
Total noninterest expense	$	65,012		$	63,940		$	63,474		$	59,539		$	57,613
TAX EQUIVALENT YIELD ADJUSTMENT	$	2,572		$	2,573		$	2,649		$	2,823		$	2,950
	Six Months Ended
	June 30,
NONINTEREST INCOME		2024			2023
Trust fees	$	23,093		$	19,728
Service charges on deposits		12,255			12,346
Debit card fees		10,036			11,656
Credit card fees		1,303			1,320
Gain on sale and fees on mortgage loans		6,815			6,508
Net gain on sale of available-for-sale securities		-			58
Net gain on sale of foreclosed assets		(58)			33
Net gain (loss) on sale of assets		2			930
Interest on loan recoveries		1,219			821
Other noninterest income		5,986			4,554
Total noninterest income	$	60,651		$	57,954
NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	70,572		$	63,227
Profit sharing expense		3,583			-
Net occupancy expense		7,088			6,853
Equipment expense		4,470			4,325
FDIC insurance premiums		3,473			3,071
Debit card expense		6,300			6,420
Legal, tax and professional fees		6,543			5,534
Audit fees		786			1,103
Printing, stationery and supplies		872			1,450
Amortization of intangible assets		314			456
Advertising, meals and public relations		2,920			3,264
Operational and other losses		1,923			1,787
Software amortization and expense		6,163			4,830
Other noninterest expense		13,945			12,549
Total noninterest expense	$	128,952		$	114,869
TAX EQUIVALENT YIELD ADJUSTMENT	$	5,145		$	6,080

FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
	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												Three Months Ended
	Dec. 31, 2023												Sept. 30, 2023
		Average			Tax Equivalent			Yield /						Average			Tax Equivalent			Yield /
		Balance			Interest			Rate						Balance			Interest			Rate
Interest-earning assets:
Federal funds sold	$	1,768		$	25			5.72	%				$	2,383		$	35			5.79	%
Interest-bearing demand deposits in nonaffiliated banks		145,839			1,961			5.33						55,231			757			5.44
Taxable securities		3,317,114			19,686			2.37						3,429,290			19,425			2.27
Tax-exempt securities		1,410,148			10,188			2.89						1,578,660			11,085			2.81
Loans		7,052,463			112,996			6.36						6,894,064			106,872			6.15
Total interest-earning assets		11,927,332		$	144,856			4.82	%					11,959,628		$	138,174			4.58	%
Noninterest-earning assets		886,811												850,855
Total assets	$	12,814,143											$	12,810,483
Interest-bearing liabilities:
Deposits	$	7,371,260		$	39,225			2.11	%				$	7,259,252		$	36,165			1.98	%
Repurchase Agreements		558,592			4,627			3.29						567,064			4,518			3.16
Borrowings		78,066			847			4.30						54,124			519			3.80
Total interest-bearing liabilities		8,007,918		$	44,699			2.21	%					7,880,440		$	41,202			2.07	%
Noninterest-bearing deposits		3,461,544												3,509,809
Other noninterest-bearing liabilities		65,524												65,094
Shareholders' equity		1,279,157												1,355,140
Total liabilities and shareholders' equity	$	12,814,143											$	12,810,483
Net interest income and margin (tax equivalent)				$	100,157			3.33	%							$	96,972			3.22	%
	Three Months Ended
	June 30, 2023
		Average			Tax Equivalent			Yield /
		Balance			Interest			Rate
Interest-earning assets:
Federal funds sold	$	2,242		$	30			5.45	%
Interest-bearing demand deposits in nonaffiliated banks		119,168			1,553			5.23
Taxable securities		3,589,381			20,032			2.23
Tax-exempt securities		1,653,418			11,799			2.85
Loans		6,683,276			98,541			5.91
Total interest-earning assets		12,047,485		$	131,955			4.39	%
Noninterest-earning assets		842,284
Total assets	$	12,889,769
Interest-bearing liabilities:
Deposits	$	7,037,677		$	27,629			1.57	%
Repurchase Agreements		570,071			3,949			2.78
Borrowings		145,000			1,561			4.32
Total interest-bearing liabilities		7,752,748		$	33,139			1.71	%
Noninterest-bearing deposits		3,704,143
Other noninterest-bearing liabilities		62,227
Shareholders' equity		1,370,651
Total liabilities and shareholders' equity	$	12,889,769
Net interest income and margin (tax equivalent)				$	98,816			3.29	%
	Six Months Ended												Six Months Ended
	June 30, 2024												June 30, 2023
		Average			Tax Equivalent			Yield /						Average			Tax Equivalent			Yield /
		Balance			Interest			Rate						Balance			Interest			Rate
Interest-earning assets:
Federal funds sold	$	4,541		$	131			5.82	%				$	2,374		$	62			5.28	%
Interest-bearing deposits in nonaffiliated banks		252,338			6,948			5.54						131,288			3,172			4.87
Taxable securities		3,313,504			39,864			2.41						3,630,591			40,815			2.25
Tax exempt securities		1,419,606			19,524			2.75						1,701,707			24,542			2.88
Loans		7,305,361			241,846			6.66						6,592,310			188,002			5.75
Total interest-earning assets		12,295,350		$	308,313			5.04	%					12,058,270		$	256,593			4.29	%
Noninterest-earning assets		860,302												852,753
Total assets	$	13,155,652											$	12,911,023
Interest-bearing liabilities:
Deposits	$	7,949,170		$	93,666			2.37	%				$	7,058,979		$	49,441			1.41	%
Repurchase Agreements		265,014			4,457			3.38						573,672			6,994			2.46
Borrowings		77,947			1,530			3.95						96,680			1,926			4.02
Total interest-bearing liabilities		8,292,131		$	99,653			2.42	%					7,729,331		$	58,361			1.52	%
Noninterest-bearing deposits		3,318,332												3,781,876
Other noninterest-bearing liabilities		69,300												61,134
Shareholders' equity		1,475,889												1,338,682
Total liabilities and shareholders' equity	$	13,155,652											$	12,911,023
Net interest income and margin (tax equivalent)				$	208,660			3.41	%							$	198,232			3.32	%

SOURCE First Financial Bankshares, Inc.