Business
FIRST FINANCIAL BANKSHARES ANNOUNCES FIRST QUARTER 2025 EARNINGS
ABILENE, Texas, April 17, 2025 /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 17, 2025 /PRNewswire/ -- First Financial Bankshares, Inc. (the \"Company,\" \"we,\" \"us\" or \"our\") (NASDAQ: FFIN) today reported earnings for the first quarter of 2025 of $61.35 million compared to earnings of $53.40 million for the same quarter a year ago. Basic and diluted earnings per share were $0.43 for the quarter ended March 31, 2025 and $0.37 for the quarter ended March 31, 2024.\n\n\"Our improved results from first quarter 2024 were primarily due to an increase in net interest income related to our balance sheet growth over the previous year. Strong deposit inflows have supported loan growth as well as continued bond investments which has supported margin growth in addition to bolstering our liquidity,\" said F. Scott Dueser, Chairman and CEO. \"While markets have been volatile recently, our Company remains financially strong, sound and secure as reflected in our capital levels, diversified deposit base and access to multiple liquidity sources. I appreciate our team who live our Non-negotiables every day which provides our customers with outstanding service and helped us attain the honor of being the 3rd Best Bank in the Country by Forbes Magazine,\" added Mr. Dueser.\nNet interest income for the first quarter of 2025 was $118.79 million compared to $116.12 million for the fourth quarter of 2024 and $100.24 million for the first quarter of 2024. The net interest margin, on a taxable equivalent basis, was 3.74 percent in the first quarter of 2025 compared to 3.67 percent in the fourth quarter of 2024 and 3.34 percent in the first quarter of 2024. Average interest-earning assets were $13.16 billion for the first quarter of 2025 compared to $12.37 billion for the same quarter a year ago.\nThe Company recorded a provision for credit losses of $3.53 million for the first quarter of 2025 compared to a provision for credit losses of $808 thousand for the first quarter of 2024. At March 31, 2025, the allowance for credit losses totaled $101.08 million, or 1.27 percent of loans held-for-investment (\"loans\" hereafter), compared to $89.56 million, or 1.24 percent of loans, at March 31, 2024. Additionally, the reserve for unfunded commitments totaled $9.21 million at March 31, 2025 compared to $7.46 million at March 31, 2024.\nNet charge-offs totaled $236 thousand for the first quarter of 2025 compared t...