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

ABILENE, Texas, Oct. 17, 2024 /PRNewswire/ -- First Financial Bankshares, Inc. (the "Company," "we," "us" or "our") (NASDAQ: FFIN) today reported earnings of $55.31 million for the third quarter of 2024 compared to earnings of $52.49 million for the second quarter of 2024 and $49.56 million for the same quarter a year ago. Diluted earnings per share were $0.39 for the third quarter of 2024 compared with $0.37 for the second quarter of 2024 and $0.35 for the third quarter of 2023.

"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 $107.11 million compared to $103.27 million in the second quarter of 2024 and $94.15 million for the third quarter of 2023. The net interest margin, on a taxable equivalent basis, was 3.50 percent for the third quarter of 2024 compared to 3.48 percent for the second quarter of 2024 and 3.22 percent in the third quarter of 2023. Average interest-earning assets were $12.48 billion for the third quarter of 2024 compared to $11.96 billion for the same quarter a year ago.

The Company recorded a provision for credit losses of $6.12 million for the third quarter of 2024 compared to a provision for credit losses of $5.89 million and $2.28 million for the second quarter of 2024 and third quarter of 2023, respectively. On September 30, 2024, the allowance for credit losses totaled $99.94 million, or 1.29 percent of loans held-for-investment ("loans" hereafter), compared to $89.71 million, or 1.28 percent of loans at September 30, 2023. Additionally, the reserve for unfunded commitments totaled $8.00 million at September 30, 2024 compared to $7.90 million at September 30, 2023.

For the third quarter of 2024, net charge-offs totaled $786 thousand compared to net charge-offs of $648 thousand for the third quarter of 2023. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.83 percent on September 30, 2024, compared to 0.81 percent at June 30, 2024 and 0.57 percent at September 30, 2023. Classified loans totaled $229.92 million on September 30, 2024, compared to $219.26 million at June 30, 2024 and $179.11 million at September 30, 2023.

Noninterest income for the third quarter of 2024 was $32.36 million compared to $28.07 million for the third quarter of 2023. Notable changes for the third quarter of 2024 when compared to the same quarter a year ago are as follows:

• Trust fee income increased $1.64 million, or 16.36 percent, compared to the third quarter of 2023. Trust revenue has increased primarily due to growth in assets under management to $10.86 billion at September 30, 2024 compared to $9.02 billion at September 30, 2023, and additionally from increases in oil and gas related fees.
• Available-for-sale securities totaling $113.13 million with an average book yield of 3.53 percent were sold in the third quarter of 2023 resulting in a loss on sales of securities of $972 thousand. There were no securities sales in the third quarter 2024.
• Recoveries of interest on previously charged-off or nonaccrual loans totaled $1.36 million for the third quarter of 2024 compared to $698 thousand for the third quarter of 2023.
• Debit card fees increased by $487 thousand for the third quarter of 2024 when compared to the same quarter a year ago primarily due to the continued increase in the number of debit cards issued.
• Mortgage income declined to $3.36 million for the third quarter of 2024 compared to $3.44 million for the third quarter of 2023 due to stagnant overall origination volume primarily because of the level of mortgage interest rates.

Noninterest expense for the third quarter of 2024 totaled $66.01 million compared to $59.54 million for the third quarter of 2023. Notable changes for the third quarter of 2024 when compared to the same quarter a year ago are as follows:

• Salary, commissions, and employee benefit costs increased to $37.50 million for the third quarter of 2024, compared to $32.94 million in the third quarter of 2023. The increase from the prior year is related primarily to increases of $2.06 million in profit sharing expense, and $288 thousand in officer bonus and incentive accruals related to annualized earnings growth. Additionally, officer and employee salaries increased for additions to the middle market lending team and the audit and risk departments as well as merit-based pay increases over the prior year.
• Noninterest expenses, excluding salary related costs, increased $1.91 million for the third quarter of 2024 compared to the same period in 2023 is largely due to increases in software amortization and expense and legal, tax and professional fees.

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 $13.58 billion compared to $12.78 billion at September 30, 2023. Loans totaled $7.72 billion at September 30, 2024, compared with loans of $6.99 billion at September 30, 2023. During the third quarter of 2024, loans grew $203.46 million, or 10.76 percent annualized, when compared to June 30, 2024 balances. Deposits and Repurchase Agreements totaled $11.81 billion at September 30, 2024, compared to $11.34 billion at September 30, 2023. During the third quarter of 2024, Deposits and Repurchase Agreements grew $265.31 million, or 9.14 percent annualized, when compared to June 30, 2024 balances.

Shareholders' equity was $1.66 billion as of September 30, 2024, compared to $1.52 billion and $1.24 billion at June 30, 2024, and September 30, 2023, respectively, primarily as a result of changes in Other Comprehensive Income ("OCI") due to the decrease in unrealized losses in the bond portfolio related to lower long-term interest rates. The unrealized loss on the securities portfolio, net of applicable tax, totaled $329.82 million at September 30, 2024, compared to an unrealized loss of $441.56 million at June 30, 2024 and $639.93 million at September 30, 2023.

About First Financial Bankshares, Inc.

Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that through its wholly-owned subsidiary, First Financial Bank, 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, Lumberton, Keller, Kingwood, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Spring, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Trust and Asset Management Company, 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		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	%

SOURCE First Financial Bankshares, Inc.