Business
FIRST FINANCIAL BANKSHARES ANNOUNCES SECOND QUARTER 2023 EARNINGS
ABILENE, Texas, July 20, 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, July 20, 2023 /PRNewswire/ -- First Financial Bankshares, Inc. (the \"Company,\" \"we,\" \"us\" or \"our\") (NASDAQ: FFIN) today reported earnings of $50.87 million for the second quarter of 2023 compared to earnings of $60.49 million for the same quarter a year ago. Basic and diluted earnings per share were $0.36 for the second quarter of 2023 compared with $0.42 for the second quarter of 2022.\nAs further described below, the results this quarter when compared to the same quarter a year ago included (i) a $2.92 million decrease in net interest income, (ii) a $3.15 million decrease in debit card fees, (iii) a $2.19 million decrease in mortgage revenues, (iv) a $1.60 million decrease in gains on sale of available for sale securities, and (v) a $1.17 million decrease in interest recoveries on charged off loans. Offsetting these decreases in income was a $1.34 million decrease in profit sharing expense.\n\"We are pleased with the strong, organic loan growth, our consistent deposit base and the continued growth in net new accounts which was over 4,000 accounts during the quarter. While we continue to experience rising interest expense costs, we have been able to mitigate some of the impact on the net interest margin by investing our bond portfolio cash flows into our higher yielding loan portfolio. In addition, our outlook for mortgage activity has improved with our new team of experienced mortgage lenders in the Bryan, College Station region and increased activity as home buyers seem to have become more accustomed to higher rates,\" said F. Scott Dueser, Chairman, CEO and President of First Financial Bankshares, Inc. \"Looking forward, we plan to continue to grow loans and deposits, maintain our strong capital position, manage interest rate risk and reduce expenses. To cut expenses, I have made the personal decision to forgo awards of stock options, restricted stock grants, performance stock grants and my annual bonus for 2023. I am a firm believer that cost savings should start with the CEO. As always, we appreciate the continued support of our customers, shareholders, and associates,\" Dueser added.\nNet interest income for the second quarter of 2023 was $95.87 million compared to $98.78 million for the second quarter of 2022. The net interest margin, on a taxable equivalent basis, was 3.29 percent for the second...