Business
FIRST FINANCIAL BANKSHARES ANNOUNCES FIRST QUARTER 2024 EARNINGS
ABILENE, Texas, April 18, 2024 /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 18, 2024 /PRNewswire/ -- First Financial Bankshares, Inc. (the \"Company,\" \"we,\" \"us\" or \"our\") (NASDAQ: FFIN) today reported earnings for the first quarter of 2024 of $53.40 million compared to earnings of $52.57 million for the same quarter a year ago. Basic and diluted earnings per share were $0.37 for both quarters ended March 31, 2024 and 2023, respectively.\n\nAs further described below, the results this quarter compared to the same quarter a year ago included (i) an increase in net interest income of $3.96 million, (ii) a decrease in provision for credit losses of $1.97 million, and (iii) an increase in trust fees of $1.53 million. Offsetting these items was an increase in salary and employee benefits expenses of $5.22 million when compared to the same period a year ago.\n\"Our results were highlighted by an increase in net interest income which was achieved through organic loan and deposit growth during the quarter,\" said F. Scott Dueser, our Chairman, President and CEO. \"We are also pleased that, as our bond portfolio continues to mature, we have been able to use that cash flow to fund our organic loan growth, bolster our liquidity position and begin to repurchase securities at much higher rates. We remain financially safe, sound and secure which is reflected in our strong regulatory capital ratios, diversified deposit base and access to multiple liquidity sources. We appreciate the continued support of our customers, shareholders and associates,\" added Mr. Dueser.\nNet interest income for the first quarter of 2024 was $100.24 million compared to $97.51 million for the fourth quarter of 2023 and $96.29 million for the first quarter of 2023. The net interest margin, on a taxable equivalent basis, was 3.34 percent in the first quarter of 2024 compared to 3.33 percent in the fourth quarter of 2023 and 3.34 percent in the first quarter of 2023. Average interest-earning assets were $12.37 billion for the first quarter of 2024 compared to $12.07 billion for the same quarter a year ago. \nThe Company recorded a provision for credit losses of $808 thousand for the first quarter of 2024 compared to a provision for credit losses of $2.78 million for the first quarter of 2023. At March 31, 2024, the allowance for credit losses totaled $89.56 million, or 1.24 percent of loans held-for-investment (\"l...