FIRST FINANCIAL BANKSHARES ANNOUNCES SECOND QUARTER 2022 EARNINGS

About this update from First Financial Bankshares, Inc.

[{"type":"text","content":"ABILENE, Texas, July 21, 2022 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings of $60.49 million for the second quarter of 2022 compared to earnings of $56.38 million for the same quarter a year ago. Basic and diluted earnings per share were $0.42 for the second quarter of 2022 compared with $0.40 and $0.39, respectively, for the second quarter of 2021. Through July 20, 2022, the Company has repurchased 244,559 shares of its common stock at an average price of $38.61. Currently, the Company has 4.75 million shares remaining under the share repurchase authorization through July 31, 2023.\nAs further described below, the results this quarter compared to the same quarter a year ago included (i) an increase in the provision for credit losses of $6.56 million; (ii) a $4.93 million decrease in PPP loan origination fees; and (iii) a $2.56 million decrease in mortgage revenues. Offsetting these items were the following increases (i) in net interest income, excluding lower PPP loan origination fees, of $12.76 million from continued balance sheet growth; (ii) in gains on the sale of investment securities of $1.64 million; and (iii) in interest on loan recoveries of $945 thousand.\n\"We have been able to keep the momentum that was created from the movement of non-customers to our bank during the pandemic. Our results reflect outstanding growth this quarter reflected by overall loan growth, excluding PPP and held-for-sale loans, of $325.85 million, or 23.5 percent annualized, and deposit growth of $123.16 million, or 4.49 percent annualized, with the addition of over 6,500 net new accounts year-to-date,\" said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares, Inc. \"We are excited about our results this quarter while actively monitoring changes in interest rates and the overall economic environment. We are prepared for the opportunities ahead as the Texas economy continues to be strong and resilient. We appreciate the continued support of our customers, shareholders and associates,\" Dueser added.\nNet interest income for the second quarter of 2022 was $98.78 million compared to $90.95 million for the second quarter of 2021. The net interest margin, on a taxable equivalent basis, was 3.28 percent for the second quarter of 2022 compared to 3.22 percent for the first quarter of ...

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