FIRST FINANCIAL BANKSHARES ANNOUNCES SECOND QUARTER 2023 EARNINGS

• Debit card fees decreased by $3.15 million for the second quarter of 2023 compared to the same quarter a year ago. The decrease was due to the impact of becoming subject to regulations that limit debit card interchange revenue ("Durbin Amendment") effective at the start of third quarter last year. Accordingly, the second quarter of 2023 is the last quarter that will be impacted for comparability purposes to the prior year as a result of the Company becoming subject to the Durbin Amendment.
• Mortgage income declined to $3.53 million for the second quarter of 2023 compared to $5.73 million for the second quarter of 2022 due to lower overall origination volume and margins primarily because of the significant increase in mortgage interest rates.
• Available for sale securities were sold in the second quarter last year for gain on sales of $1.65 million. Securities sales activity in subsequent quarters in 2022 and in the second quarter of 2023 did not generate similar gains.
• Recoveries of interest on previously charged-off or nonaccrual loans totaled $475 thousand for the second quarter of 2023 compared to $1.65 million for the second quarter of 2022, which was a larger than normal amount.
• Service charges on deposits increased to $6.31 million for the second quarter of 2023 compared with $6.04 million for the second quarter of 2022, driven by the growth in net new accounts.

Noninterest expense for the second quarter of 2023 totaled $57.61 million compared to $58.33 million for the second quarter of 2022, as a result of the following:

• Salary, commissions, and employee benefit costs decreased to $31.77 million for the second quarter of 2023, compared to $33.15 million in the second quarter of 2022 primarily resulting from a decrease of $1.34 million in profit sharing expense and $428 thousand in mortgage incentives.
• Noninterest expenses, excluding salary related costs, increased $661 thousand for the second quarter of 2023 compared to the same period in 2022 largely due to an increase of $513 thousand in FDIC insurance fees.

The Company's efficiency ratio was 44.74 percent for the second quarter of 2023 compared to 41.61 percent for the second quarter of 2022. The increase was driven by the decrease in non-interest income from the prior year.

As of June 30, 2023, consolidated total assets were $12.83 billion compared to $13.26 billion at June 30, 2022. Loans totaled $6.78 billion at June 30, 2023, compared with loans of $5.88 billion at June 30, 2022.  During the second quarter of 2023, loans grew $201.37 million, or 12.28 percent annualized, when compared to March 31, 2023 balances. Deposits totaled $10.81 billion at June 30, 2023, compared to $11.12 billion at June 30, 2022.  

Shareholders' equity was $1.37 billion as of June 30, 2023, compared to $1.37 billion and $1.33 billion at March 31, 2023, and June 30, 2022, respectively, primarily as a result of changes in Other Comprehensive Income ("OCI") due to interest rate changes over the past year. The unrealized loss on the securities portfolio, net of applicable tax, totaled $490.28 million at June 30, 2023, compared to unrealized losses of $458.25 million at March 31, 2023 and $400.51 million at June 30, 2022.

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, 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
		2023						2022
ASSETS		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Cash and due from banks	$	255,018		$	224,875		$	293,286		$	227,298		$	242,665
Interest-bearing demand deposits in banks		23,839			221,336			37,392			138,484			222,899
Investment securities		5,066,262			5,298,557			5,474,359			5,745,443			6,215,036
Loans, held-for-investment, excluding PPP Loans		6,777,429			6,576,060			6,441,699			6,255,286			5,876,281
PPP loans		141			155			169			202			2,301
Total loans, held-for-investment		6,777,570			6,576,215			6,441,868			6,255,488			5,878,582
Allowance for credit losses		(86,541)			(80,818)			(75,834)			(74,108)			(71,932)
Net loans, held-for-investment		6,691,029			6,495,397			6,366,034			6,181,380			5,806,650
Loans, held-for-sale		19,220			11,996			11,965			18,815			26,445
Premises and equipment, net		152,876			153,718			152,973			152,646			149,280
Goodwill		313,481			313,481			313,481			313,481			313,481
Other intangible assets Werbung Mehr Nachrichten zur First Financial Bankshares Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 27.04.24 - wallstreet:online ... Zunehmende Krankheitsfälle: Megatrend chronische Erkrankungen, 5 passende Fonds und ETFs 27.04.24 - Small- & Micro Cap ... Was ChatGPT für die Börse bedeutet – Nvidia, Adcore und Microsoft Biotech-Einhorn!    Ist das die nächste Milliarden-CBD-Übernahmestory? weiterlesen» Anzeige wo-site-teaser-box-16782_site-teaser-box_2024-04-28_09%253A00%253A00_2024-04-29_09%253A00%253A59