Business
FIRST FINANCIAL BANKSHARES ANNOUNCES FOURTH QUARTER 2022 EARNINGS AND 36TH YEAR OF CONSECUTIVE ANNUAL EARNINGS GROWTH
ABILENE, Texas, Jan. 19, 2023 /PRNewswire/ -- First Financial Bankshares, Inc. (the "Company," "we," "us" or "our") (NASDAQ: FFIN) today reported earnings of
About this update from First Financial Bankshares, Inc.
[{"type":"text","content":"ABILENE, Texas, Jan. 19, 2023 /PRNewswire/ -- First Financial Bankshares, Inc. (the \"Company,\" \"we,\" \"us\" or \"our\") (NASDAQ: FFIN) today reported earnings of $58.67 million for the fourth quarter of 2022 compared to earnings of $55.34 million for the same quarter a year ago. Basic and diluted earnings per share were $0.41 for the fourth quarter of 2022 compared with $0.39 for the same quarter a year ago.\nEarnings for the year ended December 31, 2022, totaled $234.48 million compared to $227.56 million for the year ended December 31, 2021, reflecting an increase of $6.91 million, or 3.04 percent. Basic and diluted earnings per share were $1.64 for the year ended December 31, 2022, compared with basic and diluted earnings per share of $1.60 and $1.59, respectively, for the year ended December 31, 2021. Included in earnings for the year ended December 31, 2022, when compared to the year ended December 31, 2021, were (i) an increase in net interest income of $31.05 million which included a decrease in PPP loan origination fees and interest income of $24.90 million when compared to the prior year; (ii) an increase in the provision for credit losses of $18.57 million; (iii) a decrease in mortgage revenues of $14.21 million; (iv) a decrease in debit card revenues of $5.63 million and (v) a decrease in profit sharing expenses of $5.90 million.\n\"We are extremely pleased with both our quarterly and annual results representing our 36th consecutive year of annual earnings growth. We finished 2022 with growth in loans, excluding PPP and held-for-sale loans, of $1.11 billion and growth in deposits of $439.02 million which was primarily driven by an increase of over 10,500 net new accounts during the year. During the fourth quarter, we were able to take advantage of lower interest rates on the longer part of the curve and sell $273.83 million of securities with lower yields and redeploy those dollars into our higher earning loan portfolio,\" said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares, Inc. \"As a result of the hard work and dedication of our board, officers and employees, we were able to overcome some significant headwinds in 2022 which included declines in PPP, mortgage and debit card revenues and increased provision expenses. In light of the continued increases in interest rates by the Federal ...