ﾌｧｰｽﾄﾌｧｲﾅﾝｼｬﾙﾊﾞﾝｸｼｪｱｰｽﾞの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

     
    CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): October 17, 2024

First Financial Bankshares, Inc.

(Exact name of registrant as specified in its Charter)


Texas	0-07674	75-0944023
(State or other jurisdiction of incorporation or organization)	(Commission File No.)	(I.R.S. Employer Identification No.)

	400 Pine Street, Abilene, Texas 79601
	(Address of Principal Executive Offices and Zip Code)

	Registrant’s Telephone Number (325) 627-7155

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 203.425)
☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
☐		Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13 e-4 (c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	FFIN	The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Attached as an exhibit to this Form 8-K is the earnings release for the quarter ended September 30, 2024 of First Financial Bankshares, Inc.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

99.1 Press Release dated October 17, 2024

104 Cover Page Interactive Data File (embedded within Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.


		FIRST FINANCIAL BANKSHARES, INC.
		(Registrant)

DATE: October 17, 2024	By:	/s/ F. Scott Dueser
		F. SCOTT DUESER
		Chairman, President and Chief Executive Officer

EX-99.1 2 ffin-ex99_1.htm EX-99.1 EX-99.1

    For immediate release

    For More Information:
Michelle S. Hickox, EVP & Chief Financial Officer  325.627.7155

FIRST FINANCIAL BANKSHARES ANNOUNCES THIRD QUARTER 2024 EARNINGS

ABILENE, Texas, October 17, 2024 - 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

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


	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	%