FIRST FINANCIAL BANKSHARES ANNOUNCES FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2024 EARNINGS

Published: 2025-01-23 16:06:15 ET FFIN

ABILENE, Texas, Jan. 23, 2025 /PRNewswire/ -- First Financial Bankshares, Inc. (the "Company," "we," "us" or "our") (NASDAQ: FFIN) today reported earnings of $62.32 million for the fourth quarter of 2024 compared to earnings of $55.31 million for the third quarter of 2024 and $45.98 million for the same quarter a year ago. Diluted earnings per share were $0.43 for the fourth quarter of 2024 compared with $0.39 for the third quarter of 2024 and $0.32 for the fourth quarter of 2023.

For the year ended December 31, 2024, the Company reported net income of $223.51 million, or $1.56 per diluted share, compared to $198.98 million, or $1.39 per diluted share, for the year ended December 31, 2023, reflecting an increase of $24.53 million, or 12.33 percent.

"We are very pleased with both our fourth quarter and annual results for 2024. We finished 2024 with strong growth in earnings, loans and deposits," said F. Scott Dueser, Chairman and CEO of First Financial Bankshares, Inc. "We are encouraged by the momentum we have gained over this past year growing our earning assets and funding sources while seeing improvement in our margin. As we enter 2025, we will continue to remain focused on maintaining this momentum, staying consistent to our proven track record of sound fundamental banking practice and actively manage the impact of the current interest rate, regulatory and economic environments. We appreciate the continued support of our customers, shareholders and associates and assure you that we will continue to put You First!", Mr. Dueser added.

Net interest income for the fourth quarter of 2024 was $116.12 million compared to $107.11 million for the third quarter of 2024 and $97.51 million for the fourth quarter of 2023. The net interest margin, on a tax- equivalent basis, was 3.67 percent for the fourth quarter of 2024 compared to 3.50 percent for the third quarter of 2024 and 3.33 percent in the fourth quarter of 2023. Average interest-earning assets were $12.86 billion for the fourth quarter of 2024 compared to $11.93 billion for the same quarter a year ago.

The Company recorded a provision for credit losses of $1.00 million for the fourth quarter of 2024 compared to a provision of $6.12 million for the third quarter of 2024. The Company did not record a provision in fourth quarter 2023. The Company recorded a provision for credit losses of $13.82 million for the year ended December 31, 2024, versus $10.63 million recorded in the prior year.

The allowance for credit losses totaled $98.33 million, at December 31, 2024, compared to $88.73 million, at December 31, 2023, or 1.24 percent of loans held-for-investment ("loans" hereafter) as of both year ends. Additionally, the reserve for unfunded commitments totaled $8.68 million at December 31, 2024 compared to $7.90 million at December 31, 2023.

For the fourth quarter of 2024, net charge-offs totaled $1.94 million compared to net charge-offs of $786 thousand for the third quarter of 2024 and $980 thousand for the fourth quarter of 2023. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.80 percent on December 31, 2024, compared to 0.83 percent at September 30, 2024 and 0.49 percent at December 31, 2023. Classified loans totaled $233.85 million on December 31, 2024, compared to $229.92 million at September 30, 2024 and $176.21 million at December 31, 2023.

Noninterest income for the fourth quarter of 2024 was $30.98 million compared to $32.36 million for the third quarter of 2024 and $21.98 million for the fourth quarter of 2023. Notable changes for the fourth quarter of 2024 when compared to the linked quarter and the same quarter a year ago are as follows:

Noninterest expense for the fourth quarter of 2024 totaled $70.10 million compared to $66.01 million for the third quarter of 2024 and $63.47 million for the fourth quarter of 2023. Notable changes for the fourth quarter of 2024 when compared to the linked quarter and the same quarter a year ago are as follows:

The Company's efficiency ratio was 46.81 percent for the fourth quarter of 2024 and 51.97 percent for the fourth quarter of 2023. The decrease from the same period in the prior year is primarily due to the increase in net interest income in 2024 as well as losses on sales of bonds in the prior year.

As of December 31, 2024, consolidated total assets were $13.98 billion compared to $13.11 billion at December 31, 2023. Loans totaled $7.91 billion at December 31, 2024, compared with loans of $7.15 billion at December 31, 2023. During the fourth quarter of 2024, loans grew $189.91 million, or 9.78 percent annualized, when compared to September 30, 2024 balances and grew $764.31 million or 10.69 percent from December 31, 2023 balances. Deposits and Repurchase Agreements totaled $12.16 billion at December 31, 2024, compared to $11.81 billion at September 30, 2024 and $11.52 billion at December 31, 2023. During the fourth quarter of 2024, Deposits and Repurchase Agreements grew $347.17 million, or 11.69 percent annualized, when compared to September 30, 2024 balances and $640.36 million from December 31, 2023, or 5.56 percent.

Shareholders' equity was $1.61 billion as of December 31, 2024, compared to $1.66 billion at September 30, 2024, and $1.50 billion at December 31, 2023, resulting from growth in retained earnings offset by changes in Other Comprehensive Income ("OCI") due to the increase in unrealized losses in the bond portfolio related to the recent increase in longer term interest rates. The unrealized loss on the securities portfolio, net of applicable tax, totaled $424.29 million at December 31, 2024, compared to an unrealized loss of $329.82 million at September 30, 2024 and $403.30 million at December 31, 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, 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

Dec. 31,

Sept. 30,

June 30,

Mar. 31,

Dec. 31,

Cash and due from banks

259,996

296,188

263,262

222,464

281,354

Interest-bearing demand deposits in banks

503,417

287,476

103,315

365,397

255,237

Federal funds sold

2,800

12,300

Investment securities

4,617,759

4,612,299

4,573,024

4,658,526

4,732,762

Loans, held-for-investment

7,913,098

7,723,191

7,519,733

7,229,410

7,148,791

Allowance for credit losses

(98,325)

(99,936)

(95,170)

(89,562)

(88,734)

Net loans, held-for-investment

7,814,773

7,623,255

7,424,563

7,139,848

7,060,057

Loans, held-for-sale

8,235

20,114

19,668

16,109

14,253

Premises and equipment, net

151,904

151,204

153,075

151,953

151,788

Goodwill

313,481

Other intangible assets

523

671

828

984

1,141

Other assets

309,330

278,244

310,059

310,096

295,521

Total assets

13,979,418

13,582,932

13,164,075

13,191,158

13,105,594

LIABILITIES AND SHAREHOLDERS' EQUITY

Noninterest-bearing deposits

3,348,041

3,303,143

3,289,032

3,348,147

3,435,586

Interest-bearing deposits

8,751,133

8,452,718

8,120,125

7,941,661

7,702,714

Total deposits

12,099,174

11,755,861

11,409,157

11,289,808

11,138,300

Repurchase agreements

61,416

57,557

138,950

307,297

381,928

Borrowings

135,603

25,978

23,703

26,803

22,153

Trade date payable

5,416

Other liabilities

76,665

75,929

73,239

75,883

64,313

Shareholders' equity

1,606,560

1,662,191

1,519,026

1,491,367

1,498,900

Total liabilities and shareholders' equity

13,979,418

13,582,932

13,164,075

13,191,158

13,105,594

Quarter Ended

2024

2023

INCOME STATEMENTS

Dec. 31,

Sept. 30,

June 30,

Mar. 31,

Dec. 31,

Interest income

165,792

159,958

153,673

149,495

142,207

Interest expense

49,675

52,849

50,400

49,253

44,699

Net interest income

116,117

107,109

103,273

100,242

97,508

Provision for credit losses

1,003

6,123

5,888

808

Net interest income after provision for credit losses

115,114

100,986

97,385

99,434

97,508

Noninterest income

30,977

32,362

31,268

29,383

21,979

Noninterest expense

70,099

66,012

65,012

63,940

63,474

Net income before income taxes

75,992

67,336

63,641

64,877

56,013

Income tax expense

13,671

12,028

11,156

11,480

10,031

Net income

62,321

55,308

52,485

53,397

45,982

PER COMMON SHARE DATA

Net income - basic

0.44

0.39

0.37

0.32

Net income - diluted

0.43

0.39

0.37

0.32

Cash dividends declared

0.18

Book value

11.24

11.63

10.63

10.44

10.50

Tangible book value

9.04

9.43

8.43

8.24

8.30

Market value

36.05

37.01

29.53

32.81

30.30

Shares outstanding - end of period

142,944,704

142,906,070

142,848,909

142,817,159

142,716,939

Average outstanding shares - basic

142,898,110

142,853,215

142,814,363

142,724,674

142,680,263

Average outstanding shares - diluted

143,352,067

143,188,857

143,088,930

143,029,449

143,069,900

PERFORMANCE RATIOS

Return on average assets

1.81

1.66

1.61

1.62

1.42

Return on average equity

15.17

14.00

14.43

14.26

Return on average tangible equity

18.78

17.49

18.38

18.29

18.92

Net interest margin (tax equivalent)

3.67

3.50

3.48

3.34

3.33

Efficiency ratio

46.81

46.45

47.41

48.37

51.97

Year Ended

Dec. 31,

INCOME STATEMENTS

2024

2023

Interest income

628,918

528,070

Interest expense

202,177

144,261

Net interest income

426,741

383,809

Provision for credit losses

13,821

10,631

Net interest income after provision for credit losses

412,920

373,178

Noninterest income

123,989

108,003

Noninterest expense

265,063

237,882

Net income before income taxes

271,846

243,299

Income tax expense

48,335

44,322

Net income

223,511

198,977

PER COMMON SHARE DATA

Net income - basic

1.56

1.39

Net income - diluted

1.56

1.39

Cash dividends declared

0.72

0.71

Book value

11.24

10.50

Tangible book value

9.04

8.30

Market value

36.05

30.30

Shares outstanding - end of period

142,944,704

142,716,939

Average outstanding shares - basic

142,822,880

142,688,585

Average outstanding shares - diluted

143,232,520

142,938,977

PERFORMANCE RATIOS

Return on average assets

1.68

1.55

Return on average equity

14.51

14.99

Return on average tangible equity

18.24

19.65

Net interest margin (tax equivalent)

3.50

3.29

Efficiency ratio

47.23

47.26

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

Quarter Ended

2024

2023

ALLOWANCE FOR LOAN LOSSES

Dec. 31,

Sept. 30,

June 30,

Mar. 31,

Dec. 31,

Balance at beginning of period

99,936

95,170

89,562

88,734

89,714

Loans charged-off

(2,184)

(1,279)

(702)

(850)

(1,213)

Loan recoveries

243

493

400

422

233

Net recoveries (charge-offs)

(1,941)

(786)

(302)

(428)

(980)

Provision for loan losses

330

5,552

5,910

1,256

Balance at end of period

98,325

99,936

95,170

89,562

88,734

ALLOWANCE FOR UNFUNDED COMMITMENTS

Balance at beginning of period

8,004

7,433

7,455

7,903

Provision for unfunded commitments

673

571

(22)

(448)

Balance at end of period

8,677

8,004

7,433

7,455

7,903

Allowance for loan losses /

period-end loans held-for-investment

1.24

1.29

1.27

1.24

Allowance for loan losses /

nonperforming loans

158.02

156.44

157.20

247.48

256.36

Net charge-offs (recoveries) / average total loans

(annualized)

0.10

0.04

0.02

0.06

As of

2024

2023

COMPOSITION OF LOANS HELD-FOR-INVESTMENT

Dec. 31,

Sept. 30,

June 30,

Mar. 31,

Dec. 31,

Commercial:

C&I

1,176,993

1,175,774

1,141,990

1,191,516

1,164,811

Municipal

369,246

333,732

359,124

211,013

214,850

Total Commercial

1,546,239

1,509,506

1,501,114

1,402,529

1,379,661

Agricultural

95,543

83,269

86,186

87,882

84,890

Real Estate:

Construction & Development

1,054,603

1,013,810

986,394

921,773

963,158

Farm

339,665

315,720

318,597

311,002

344,954

Non-Owner Occupied CRE

805,566

825,928

815,713

853,721

827,969

Owner Occupied CRE

1,083,100

1,086,750

1,049,715

1,032,845

1,037,281

Residential

2,196,767

2,112,196

1,990,604

1,918,573

1,834,593

Total Real Estate

5,479,701

5,354,404

5,161,023

5,037,914

5,007,955

Consumer:

Auto

638,560

618,103

615,192

549,837

521,859

Non-Auto

153,055

157,909

156,218

151,248

154,426

Total Consumer

791,615

776,012

771,410

701,085

676,285

Total loans held-for-investment

7,913,098

7,723,191

7,519,733

7,229,410

7,148,791

SUMMARY OF LOAN CLASSIFICATION

Special Mention

42,563

41,362

57,864

62,623

40,834

Substandard

191,288

188,561

161,399

138,964

135,379

Doubtful

Total classified loans

233,851

229,923

219,263

201,587

176,213

NONPERFORMING ASSETS

Nonaccrual loans

61,938

63,378

60,311

36,157

33,609

Accruing loans 90 days past due

287

504

231

1,004

Total nonperforming loans

62,225

63,882

60,542

36,190

34,613

Foreclosed assets

871

535

647

1,014

483

Total nonperforming assets

63,096

64,417

61,189

37,204

35,096

As a % of loans held-for-investment and foreclosed assets

0.80

0.83

0.81

0.51

0.49

As a % of end of period total assets

0.45

0.47

0.46

0.28

0.27

Quarter Ended

2024

2023

CAPITAL RATIOS

Dec. 31,

Sept. 30,

June 30,

Mar. 31,

Dec. 31,

Common equity Tier 1 capital ratio

18.83

18.42

18.60

18.50

Tier 1 capital ratio

18.83

18.42

18.60

18.50

Total capital ratio

20.00

20.03

19.55

19.70

19.62

Tier 1 leverage ratio

12.49

12.53

12.40

12.12

12.06

Tangible common equity ratio

9.46

10.16

9.38

9.14

9.26

Equity/Assets ratio

11.49

12.24

11.54

11.31

11.44

Quarter Ended

2024

2023

NONINTEREST INCOME

Dec. 31,

Sept. 30,

June 30,

Mar. 31,

Dec. 31,

Trust fees

12,662

11,694

11,714

11,379

10,678

Service charges on deposits

6,306

6,428

6,009

6,246

6,523

Debit card fees

5,506

5,528

5,145

4,891

5,024

Credit card fees

617

672

631

Gain on sale and fees on mortgage loans

3,009

3,359

3,687

3,128

1,940

Net gain (loss) on sale of available-for-sale securities

(6,205)

Net gain (loss) on sale of foreclosed assets

(30)

(58)

Net gain (loss) on sale of assets

214

267

(101)

Interest on loan recoveries

433

1,359

664

555

536

Other noninterest income

2,194

3,140

3,433

2,553

2,930

Total noninterest income

30,977

32,362

31,268

29,383

21,979

NONINTEREST EXPENSE

Salaries, commissions and employee benefits, excluding profit sharing

37,996

35,262

35,569

35,003

34,560

Profit sharing expense

3,648

2,235

1,903

1,680

1,193

Net occupancy expense

3,753

3,738

3,618

3,470

3,348

Equipment expense

2,305

2,291

2,233

2,237

2,020

FDIC insurance premiums

1,511

1,514

1,508

1,965

3,105

Debit card expense

3,220

3,248

3,242

3,058

3,229

Legal, tax and professional fees

3,751

3,865

3,809

2,734

3,125

Audit fees

423

582

453

333

587

Printing, stationery and supplies

293

199

425

447

492

Amortization of intangible assets

147

157

228

Advertising, meals and public relations

1,642

1,466

1,455

1,146

Operational and other losses

863

955

769

1,154

1,096

Software amortization and expense

3,648

3,712

3,158

3,005

3,017

Other noninterest expense

6,899

6,788

6,702

7,242

6,328

Total noninterest expense

70,099

66,012

65,012

63,940

63,474

TAX EQUIVALENT YIELD ADJUSTMENT

2,673

2,628

2,572

2,573

2,649

Year Ended

Dec. 31,

NONINTEREST INCOME

2024

2023

Trust fees

47,449

40,456

Service charges on deposits

24,988

25,378

Debit card fees

21,070

21,721

Credit card fees

2,537

2,645

Gain on sale and fees on mortgage loans

13,183

11,890

Net gain (loss) on sale of available-for-sale securities

(7,119)

Net gain (loss) on sale of foreclosed assets

(51)

Net gain on sale of assets

484

1,525

Interest on loan recoveries

3,010

2,055

Other noninterest income

11,319

9,406

Total noninterest income

123,989

108,003

NONINTEREST EXPENSE

Salaries, commissions and employee benefits, excluding profit sharing

143,830

130,542

Profit sharing expense

9,466

1,373

Net occupancy expense

14,579

13,766

Equipment expense

9,065

8,545

FDIC insurance premiums

6,498

7,749

Debit card expense

12,768

12,933

Legal, tax and professional fees

14,157

11,666

Audit fees

1,793

2,241

Printing, stationery and supplies

1,364

2,454

Amortization of intangible assets

618

912

Advertising, meals and public relations

6,028

6,032

Operational and other losses

3,741

3,842

Software amortization and expense

13,523

10,288

Other noninterest expense

27,633

25,539

Total noninterest expense

265,063

237,882

TAX EQUIVALENT YIELD ADJUSTMENT

10,446

11,552

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

Three Months Ended

Dec. 31, 2024

Sept. 30, 2024

Average

Tax Equivalent

Yield /

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Balance

Interest

Rate

Interest-earning assets:

Federal funds sold

1,895

4.90

2,901

5.84

Interest-bearing demand deposits in nonaffiliated banks

308,118

3,578

4.62

200,756

2,716

5.38

Taxable securities

3,320,754

21,896

2.64

3,211,490

19,866

2.47

Tax-exempt securities

1,425,934

9,858

2.77

1,418,214

9,742

2.75

Loans

7,806,860

133,110

6.78

7,643,238

130,220

6.78

Total interest-earning assets

12,863,561

168,465

5.21

12,476,599

162,587

5.18

Noninterest-earning assets

824,757

817,757

Total assets

13,688,318

13,294,356

Interest-bearing liabilities:

Deposits

8,523,405

49,139

2.29

8,240,938

51,994

2.51

Repurchase Agreements

63,350

271

1.70

100,892

740

2.92

Borrowings

39,709

265

2.65

24,670

116

1.87

Total interest-bearing liabilities

8,626,464

49,675

2.29

8,366,500

52,850

2.51

Noninterest-bearing deposits

3,348,062

3,279,486

Other noninterest-bearing liabilities

79,271

76,274

Shareholders' equity

1,634,521

1,572,096

Total liabilities and shareholders' equity

13,688,318

13,294,356

Net interest income and margin (tax equivalent)

118,790

3.67

109,737

3.50

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

5.81

3,923

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

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

Dec. 31, 2023

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Interest-earning assets:

Federal funds sold

1,768

5.72

Interest-bearing demand deposits in nonaffiliated banks

145,839

1,961

5.33

Taxable securities

3,317,114

19,686

2.37

Tax-exempt securities

1,410,148

10,188

2.89

Loans

7,052,463

112,996

6.36

Total interest-earning assets

11,927,332

144,856

4.82

Noninterest-earning assets

886,811

Total assets

12,814,143

Interest-bearing liabilities:

Deposits

7,371,260

39,225

2.11

Repurchase Agreements

558,592

4,627

3.29

Borrowings

78,066

847

4.30

Total interest-bearing liabilities

8,007,918

44,699

2.21

Noninterest-bearing deposits

3,461,544

Other noninterest-bearing liabilities

65,524

Shareholders' equity

1,279,157

Total liabilities and shareholders' equity

12,814,143

Net interest income and margin (tax equivalent)

100,157

3.33

Year Ended

Dec. 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

3,464

197

5.70

2,223

122

5.50

Interest-bearing deposits in nonaffiliated banks

253,393

13,242

5.23

115,785

5,890

5.09

Taxable securities

3,289,683

81,626

2.48

3,500,839

79,925

2.28

Tax-exempt securities

1,420,846

39,124

2.75

1,597,204

45,815

2.87

Loans

7,516,352

505,176

6.72

6,784,352

407,870

6.01

Total interest-earning assets

12,483,738

639,365

5.12

12,000,403

539,622

4.50

Noninterest-earning assets

840,674

860,859

Total assets

13,324,412

12,861,262

Interest-bearing liabilities:

Deposits

8,166,855

194,801

2.39

7,188,171

124,830

1.74

Repurchase Agreements

173,068

5,468

3.16

568,205

16,139

2.84

Borrowings

54,943

1,909

3.47

81,262

3,292

4.05

Total interest-bearing liabilities

8,394,866

202,178

2.41

7,837,638

144,261

1.84

Noninterest-bearing deposits

3,316,040

3,632,559

Other noninterest-bearing liabilities

73,559

63,238

Shareholders' equity

1,539,947

1,327,827

Total liabilities and shareholders' equity

13,324,412

12,861,262

Net interest income and margin (tax equivalent)

437,187

3.50

395,361

3.29

View original content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-fourth-quarter-and-year-ended-december-31-2024-earnings-302359088.html

SOURCE First Financial Bankshares, Inc.