FIRST FINANCIAL BANKSHARES ANNOUNCES SECOND QUARTER 2024 EARNINGS
"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
Net interest income for the second quarter of 2024 was
The Company recorded a provision for credit losses of
For the second quarter of 2024, net charge-offs totaled
Noninterest income for the second quarter of 2024 was
- 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
- 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 inFDIC 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
Shareholders' equity was
About
Headquartered in
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
|
|||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) |
|||||||||||||||
(In thousands, except share and per share data) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
||||||||||||||
|
|
2024 |
|
|
2023 |
|
|||||||||
ASSETS |
|
|
|
|
Mar. 31, |
|
|
Dec. 31, |
|
|
Sept. 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 |
|
|
|
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 |
|
|
|
|
Mar. 31, |
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
SELECTED FINANCIAL DATA (UNAUDITED) |
|||||||||||||||
(In thousands) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
||||||||||||||
|
|
2024 |
|
|
2023 |
|
|||||||||
ALLOWANCE FOR LOAN LOSSES |
|
|
|
|
Mar. 31, |
|
|
Dec. 31, |
|
|
Sept. 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 |
|
|
|
|
Mar. 31, |
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
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 |
|
|
|
|
Mar. 31, |
|
|
|
|
|
Sept. 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, |
|
|
|
|
|
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 |
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
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 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
SELECTED FINANCIAL DATA (UNAUDITED) |
|||||||||||||||||||||
(In thousands) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Three Months Ended |
||||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
|
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 |
||||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
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 |
||||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
|
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 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-second-quarter-2024-earnings-302201034.html
SOURCE