Business
FIRST FINANCIAL BANKSHARES ANNOUNCES FIRST QUARTER 2023 EARNINGS
ABILENE, Texas, April 20, 2023 /PRNewswire/ -- First Financial Bankshares, Inc. (the "Company," "we," "us" or "our") (NASDAQ: FFIN) today reported earnings
About this update from First Financial Bankshares, Inc.
[{"type":"text","content":"ABILENE, Texas, April 20, 2023 /PRNewswire/ -- First Financial Bankshares, Inc. (the \"Company,\" \"we,\" \"us\" or \"our\") (NASDAQ: FFIN) today reported earnings for the first quarter of 2023 of $52.57 million compared to earnings of $55.97 million for the same quarter a year ago. Basic and diluted earnings per share were $0.37 for the first quarter of 2023 compared with $0.39 for the same quarter a year ago.\nAs further described below, the results this quarter compared to the same quarter a year ago included (i) a decrease in debit card fees of $3.99 million, (ii) a decrease in mortgage revenues of $3.36 million and (iii) an increase in FDIC assessment fees of $785 thousand. Offsetting these items was (i) a decrease in the provision for credit losses of $2.00 million and (ii) a decrease in salary and employee benefits expenses of $2.68 million.\n\"We are pleased with our results that were highlighted by strong organic loan growth with only a small contraction in deposits during the quarter. In light of the historical increase in interest rates by the Federal Reserve, we continue to focus on loan and deposit pricing that aligns with our competitive environment. While funding costs have increased, we continue to have opportunities to reinvest bond cash flows into our higher yielding loan portfolio,\" said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares, Inc. \"Additionally, the financial strength of our Company is reflected in our strong regulatory capital ratios, diversified deposit base and access to multiple liquidity sources. We are steadfast in our commitment to remaining safe, sound and secure. We appreciate the continued support of our customers, shareholders and associates,\" added Mr. Dueser.\nNet interest income for the first quarter of 2023 was $96.29 million compared to $95.44 million for the first quarter of 2022. The net interest margin, on a taxable equivalent basis, was 3.34 percent for the first quarter of 2023 compared to 3.22 percent in the first quarter of 2022. Average interest-earning assets were $12.07 billion for the first quarter of 2023 compared to $12.50 billion a year ago. \nThe Company recorded a provision for credit losses of $2.78 million for the first quarter of 2023 compared to a provision for credit losses of $4.78 million for the first quarter of 2022. At March 31, ...