Business
FIRST FINANCIAL BANKSHARES ANNOUNCES SECOND QUARTER 2024 EARNINGS
ABILENE, Texas, July 18, 2024 /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 18, 2024 /PRNewswire/ -- First Financial Bankshares, Inc. (the \"Company,\" \"we,\" \"us\" or \"our\") (NASDAQ: FFIN) today reported earnings of $52.49 million for the second quarter of 2024 compared to earnings of $50.87 million for the same quarter a year ago and $53.4 million for the quarter ended March 31, 2024. Basic and diluted earnings per share were $0.37 for the second quarter of 2024 compared with $0.36 for the second quarter of 2023 and $0.37 for the linked quarter.\n\n\"We are pleased with the second quarter results that are highlighted by strong loan growth and net interest margin expansion which resulted in increased net interest income for the quarter,\" said F. Scott Dueser, Chairman, CEO and President of First Financial Bankshares, Inc., \"Our outlook is positive for the remainder of the year as we look to continue to remix our assets as cash flows from maturing securities are invested in loans and execute strategies to grow deposits in our markets. As always, we appreciate the support of customers, shareholders, and employees.\"\nNet interest income for the second quarter of 2024 was $103.27 million compared to $95.87 million for the second quarter of 2023 and $100.24 million for the first quarter 2024. The net interest margin, on a taxable equivalent basis, was 3.48 percent for the second quarter of 2024 compared to 3.29 percent for the second quarter of 2023 and 3.34 percent in the first quarter of 2024. Increased margins are primarily due to an asset shift mix as securities cash flows are reinvested in the loan portfolio. Average interest-earning assets were $12.23 billion for the second quarter of 2024 compared to $12.05 billion for the same quarter a year ago.\nThe Company recorded a provision for credit losses of $5.89 million for the second quarter of 2024 compared to a provision for credit losses of $5.57 million for the second quarter of 2023 and $808 thousand for the first quarter 2024. At June 30, 2024, the allowance for credit losses totaled $95.17 million, or 1.27 percent of loans held-for-investment (\"loans\" hereafter), compared to $86.54 million at June 30, 2023, or 1.28 percent of loans and $89.56 million at March 31, 2024 or 1.24 percent of total loans. Additionally, the reserve for unfunded commitments totaled $7.43 million at June 30, 2024 compared to $9.45 million at J...