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FIRST FINANCIAL BANKSHARES ANNOUNCES FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2024 EARNINGS

1. FFIN's Q4 2024 net income rose to $62.32 million. 2. Annual earnings for 2024 totaled $223.51 million, up 12.33%. 3. Net interest income improved to $116.12 million in Q4 2024. 4. Loan growth accelerated, totaling $7.91 billion by year-end 2024. 5. Nonperforming assets reduced slightly to 0.80% of loans.

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Why Bullish?

Increased earnings and strong loan growth generally signal financial health, boosting investor confidence. For instance, similar trends have positively influenced bank stocks like Texas Capital Bank following their earnings reports.

How important is it?

The article provides critical financial metrics and growth signs that could directly influence FFIN's market perception and valuation, aligning with key investors' interests.

Why Short Term?

Immediate investor reaction expected due to strong quarterly results impacting stock sentiment shortly. Historically, FFIN shares have responded positively in similar scenarios immediately post-earnings announcements.

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, /PRNewswire/ -- First Financial Bankshares, Inc. (the "Company," "we," "us" or "our") (NASDAQ: FFIN) today reported earnings of $62.32 million for the fourth quarter of 2024 compared to earnings of $55.31 million for the third quarter of 2024 and $45.98 million for the same quarter a year ago. Diluted earnings per share were $0.43 for the fourth quarter of 2024 compared with $0.39 for the third quarter of 2024 and $0.32 for the fourth quarter of 2023. For the year ended December 31, 2024, the Company reported net income of $223.51 million, or $1.56 per diluted share, compared to $198.98 million, or $1.39 per diluted share, for the year ended December 31, 2023, reflecting an increase of $24.53 million, or 12.33 percent. "We are very pleased with both our fourth quarter and annual results for 2024. We finished 2024 with strong growth in earnings, loans and deposits," said F. Scott Dueser, Chairman and CEO of First Financial Bankshares, Inc. "We are encouraged by the momentum we have gained over this past year growing our earning assets and funding sources while seeing improvement in our margin. As we enter 2025, we will continue to remain focused on maintaining this momentum, staying consistent to our proven track record of sound fundamental banking practice and actively manage the impact of the current interest rate, regulatory and economic environments. We appreciate the continued support of our customers, shareholders and associates and assure you that we will continue to put You First!", Mr. Dueser added. Net interest income for the fourth quarter of 2024 was $116.12 million compared to $107.11 million for the third quarter of 2024 and $97.51 million for the fourth quarter of 2023. The net interest margin, on a tax- equivalent basis, was 3.67 percent for the fourth quarter of 2024 compared to 3.50 percent for the third quarter of 2024 and 3.33 percent in the fourth quarter of 2023. Average interest-earning assets were $12.86 billion for the fourth quarter of 2024 compared to $11.93 billion for the same quarter a year ago. The Company recorded a provision for credit losses of $1.00 million for the fourth quarter of 2024 compared to a provision of $6.12 million for the third quarter of 2024. The Company did not record a provision in fourth quarter 2023. The Company recorded a provision for credit losses of $13.82 million for the year ended December 31, 2024, versus $10.63 million recorded in the prior year. The allowance for credit losses totaled $98.33 million, at December 31, 2024, compared to $88.73 million, at December 31, 2023, or 1.24 percent of loans held-for-investment ("loans" hereafter) as of both year ends.  Additionally, the reserve for unfunded commitments totaled $8.68 million at December 31, 2024 compared to $7.90 million at December 31, 2023. For the fourth quarter of 2024, net charge-offs totaled $1.94 million compared to net charge-offs of $786 thousand for the third quarter of 2024 and $980 thousand for the fourth quarter of 2023. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.80 percent on December 31, 2024, compared to 0.83 percent at September 30, 2024 and 0.49 percent at December 31, 2023. Classified loans totaled $233.85 million on December 31, 2024, compared to $229.92 million at September 30, 2024 and $176.21 million at December 31, 2023. Noninterest income for the fourth quarter of 2024 was $30.98 million compared to $32.36 million for the third quarter of 2024 and $21.98 million for the fourth quarter of 2023. Notable changes for the fourth quarter of 2024 when compared to the linked quarter and the same quarter a year ago are as follows: Trust fee income increased $968 thousand, or 8.28 percent, compared to the third quarter of 2024 and increased $1.98 million or 18.58 percent from the same quarter last year. Trust revenue has increased primarily due to growth in assets under management to $10.83 billion at December 31, 2024 compared to $9.78 billion at December 31, 2023, as well as increases in oil and gas related fees. Mortgage income increased to $3.01 million for the fourth quarter of 2024 compared to $1.94 million in the fourth quarter of 2023 due to increased loan volume from the prior year. Debit card fees increased by $482 thousand for the fourth quarter of 2024 when compared to the same quarter a year ago. Recoveries of interest on previously charged-off or nonaccrual loans totaled $433 thousand for the fourth quarter of 2024 compared to $1.36 million for the third quarter of 2024 and $536 thousand for the fourth quarter of 2023. Securities totaling $90.72 million were sold in the fourth quarter of 2023 resulting in a loss on sales of securities of $6.21 million. There were no securities sales in 2024. Noninterest expense for the fourth quarter of 2024 totaled $70.10 million compared to $66.01 million for the third quarter of 2024 and $63.47 million for the fourth quarter of 2023.  Notable changes for the fourth quarter of 2024 when compared to the linked quarter and the same quarter a year ago are as follows: Salary, commissions, and employee benefit costs increased to $41.64 million for the fourth quarter of 2024, compared to $35.75 million in the fourth quarter of 2023. The increase from the fourth quarter of 2023 is primarily related to increases of $4.15 million in profit sharing and officer bonus and incentive accruals related to growth in earnings over the prior year. Additionally, officer and employee salaries increased for additions to the middle market lending team and the audit and risk departments due to growth. Noninterest expenses, excluding salary related costs, increased $734 thousand for the fourth quarter of 2024 compared to the same period in 2023 largely due to increases in software amortization and expense, occupancy expense and legal, tax and professional fees offset by a decrease in FDIC insurance premiums of $1.59 million due to the special assessment in the prior year. The Company's efficiency ratio was 46.81 percent for the fourth quarter of 2024 and 51.97 percent for the fourth quarter of 2023. The decrease from the same period in the prior year is primarily due to the increase in net interest income in 2024 as well as losses on sales of bonds in the prior year.  As of December 31, 2024, consolidated total assets were $13.98 billion compared to $13.11 billion at December 31, 2023. Loans totaled $7.91 billion at December 31, 2024, compared with loans of $7.15 billion at December 31, 2023.  During the fourth quarter of 2024, loans grew $189.91 million, or 9.78 percent annualized, when compared to September 30, 2024 balances and grew $764.31 million or 10.69 percent from December 31, 2023 balances. Deposits and Repurchase Agreements totaled $12.16 billion at December 31, 2024, compared to $11.81 billion at September 30, 2024 and $11.52 billion at December 31, 2023.  During the fourth quarter of 2024, Deposits and Repurchase Agreements grew $347.17 million, or 11.69 percent annualized, when compared to September 30, 2024 balances and $640.36 million from December 31, 2023, or 5.56 percent. Shareholders' equity was $1.61 billion as of December 31, 2024, compared to $1.66 billion at September 30, 2024, and $1.50 billion at December 31, 2023, resulting from growth in retained earnings offset by changes in Other Comprehensive Income ("OCI") due to the increase in unrealized losses in the bond portfolio related to the recent increase in longer term interest rates. The unrealized loss on the securities portfolio, net of applicable tax, totaled $424.29 million at December 31, 2024, compared to an unrealized loss of $329.82 million at September 30, 2024 and $403.30 million at December 31, 2023. About First Financial Bankshares, Inc. Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that through its wholly-owned subsidiary, First Financial Bank, operates multiple banking regions with 79 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan, Burleson, College Station, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, El Campo, Fort Worth, Franklin, Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Lumberton, Keller, Kingwood, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Spring, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Trust and Asset Management Company, with nine locations and First Technology Services, Inc., a technology operating company. The Company is listed on The NASDAQ Global Select Market under the trading symbol FFIN. For more information about First Financial, please visit our website at https://www.ffin.com. Certain statements contained herein may be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon the belief of the Company's management, as well as assumptions made beyond information currently available to the Company's management, and may be, but not necessarily are, identified by such words as "expect," "plan," "anticipate," "target," "forecast," "project," and "goal." Because such "forward-looking statements" are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the Company's expectations include competition from other financial institutions and financial holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; economic impact of oil and gas prices, changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and  acquisitions and integration of acquired businesses, and similar variables. Other key risks are described in the Company's reports filed with the Securities and Exchange Commission, which may be obtained under "Investor Relations-Documents and Filings" on the Company's Website or by writing or calling the Company at 325.627.7155. Except as otherwise stated in this news announcement, the Company does not undertake any obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise. FIRST FINANCIAL BANKSHARES, INC. CONSOLIDATED FINANCIAL SUMMARY  (UNAUDITED)  (In thousands, except share and per share data) As of 2024 2023 ASSETS  Dec. 31,   Sept. 30,  June 30,  Mar. 31,   Dec. 31,  Cash and due from banks $ 259,996 $ 296,188 $ 263,262 $ 222,464 $ 281,354 Interest-bearing demand deposits in banks 503,417 287,476 103,315 365,397 255,237 Federal funds sold - - 2,800 12,300 - Investment securities 4,617,759 4,612,299 4,573,024 4,658,526 4,732,762 Loans, held-for-investment 7,913,098 7,723,191 7,519,733 7,229,410 7,148,791 Allowance for credit losses (98,325) (99,936) (95,170) (89,562) (88,734) Net loans, held-for-investment  7,814,773 7,623,255 7,424,563 7,139,848 7,060,057 Loans, held-for-sale 8,235 20,114 19,668 16,109 14,253 Premises and equipment, net 151,904 151,204 153,075 151,953 151,788 Goodwill 313,481 313,481 313,481 313,481 313,481 Other intangible assets 523 671 828 984 1,141 Other assets 309,330 278,244 310,059 310,096 295,521 Total assets $ 13,979,418 $ 13,582,932 $ 13,164,075 $ 13,191,158 $ 13,105,594 LIABILITIES AND SHAREHOLDERS'  EQUITY Noninterest-bearing deposits $ 3,348,041 $ 3,303,143 $ 3,289,032 $ 3,348,147 $ 3,435,586 Interest-bearing deposits 8,751,133 8,452,718 8,120,125 7,941,661 7,702,714 Total deposits 12,099,174 11,755,861 11,409,157 11,289,808 11,138,300 Repurchase agreements 61,416 57,557 138,950 307,297 381,928 Borrowings 135,603 25,978 23,703 26,803 22,153 Trade date payable - 5,416 - - - Other liabilities 76,665 75,929 73,239 75,883 64,313 Shareholders' equity 1,606,560 1,662,191 1,519,026 1,491,367 1,498,900 Total liabilities and shareholders' equity $ 13,979,418 $ 13,582,932 $ 13,164,075 $ 13,191,158 $ 13,105,594 Quarter Ended 2024 2023 INCOME STATEMENTS Dec. 31, Sept. 30, June 30,  Mar. 31,  Dec. 31, Interest income $ 165,792 $ 159,958 $ 153,673 $ 149,495 $ 142,207 Interest expense 49,675 52,849 50,400 49,253 44,699 Net interest income 116,117 107,109 103,273 100,242 97,508 Provision for credit losses 1,003 6,123 5,888 808 - Net interest income after provision for credit losses 115,114 100,986 97,385 99,434 97,508 Noninterest income 30,977 32,362 31,268 29,383 21,979 Noninterest expense 70,099 66,012 65,012 63,940 63,474 Net income before income taxes 75,992 67,336 63,641 64,877 56,013 Income tax expense 13,671 12,028 11,156 11,480 10,031 Net income $ 62,321 $ 55,308 $ 52,485 $ 53,397 $ 45,982 PER COMMON SHARE DATA  Net income - basic $ 0.44 $ 0.39 $ 0.37 $ 0.37 $ 0.32 Net income - diluted 0.43 0.39 0.37 0.37 0.32 Cash dividends declared 0.18 0.18 0.18 0.18 0.18 Book value 11.24 11.63 10.63 10.44 10.50 Tangible book value 9.04 9.43 8.43 8.24 8.30 Market value 36.05 37.01 29.53 32.81 30.30 Shares outstanding - end of period 142,944,704 142,906,070 142,848,909 142,817,159 142,716,939 Average outstanding shares - basic 142,898,110 142,853,215 142,814,363 142,724,674 142,680,263 Average outstanding shares - diluted 143,352,067 143,188,857 143,088,930 143,029,449 143,069,900 PERFORMANCE RATIOS Return on average assets 1.81 % 1.66 % 1.61 % 1.62 % 1.42 % Return on average equity 15.17 14.00 14.43 14.43 14.26 Return on average tangible equity 18.78 17.49 18.38 18.29 18.92 Net interest margin (tax equivalent) 3.67 3.50 3.48 3.34 3.33 Efficiency ratio 46.81 46.45 47.41 48.37 51.97 Year Ended Dec. 31, INCOME STATEMENTS 2024 2023 Interest income $ 628,918 $ 528,070 Interest expense 202,177 144,261 Net interest income 426,741 383,809 Provision for credit losses 13,821 10,631 Net interest income after provision for credit losses 412,920 373,178 Noninterest income 123,989 108,003 Noninterest expense 265,063 237,882 Net income before income taxes 271,846 243,299 Income tax expense 48,335 44,322 Net income $ 223,511 $ 198,977 PER COMMON SHARE DATA  Net income - basic $ 1.56 $ 1.39 Net income - diluted 1.56 1.39 Cash dividends declared 0.72 0.71 Book value 11.24 10.50 Tangible book value 9.04 8.30 Market value $ 36.05 $ 30.30 Shares outstanding - end of period 142,944,704 142,716,939 Average outstanding shares - basic 142,822,880 142,688,585 Average outstanding shares - diluted 143,232,520 142,938,977 PERFORMANCE RATIOS Return on average assets 1.68 % 1.55 % Return on average equity 14.51 14.99 Return on average tangible equity 18.24 19.65 Net interest margin (tax equivalent) 3.50 3.29 Efficiency ratio 47.23 47.26 FIRST FINANCIAL BANKSHARES, INC. SELECTED FINANCIAL DATA (UNAUDITED) (In thousands) Quarter Ended 2024 2023 ALLOWANCE FOR LOAN LOSSES  Dec. 31,   Sept. 30,  June 30,  Mar. 31,   Dec. 31,  Balance at beginning of period $ 99,936 $ 95,170 $ 89,562 $ 88,734 $ 89,714 Loans charged-off (2,184) (1,279) (702) (850) (1,213) Loan recoveries 243 493 400 422 233 Net recoveries (charge-offs) (1,941) (786) (302) (428) (980) Provision for loan losses 330 5,552 5,910 1,256 - Balance at end of period $ 98,325 $ 99,936 $ 95,170 $ 89,562 $ 88,734 ALLOWANCE FOR UNFUNDED COMMITMENTS Balance at beginning of period $ 8,004 $ 7,433 $ 7,455 $ 7,903 $ 7,903 Provision for unfunded commitments 673 571 (22) (448) - Balance at end of period $ 8,677 $ 8,004 $ 7,433 $ 7,455 $ 7,903 Allowance for loan losses / period-end loans held-for-investment 1.24 % 1.29 % 1.27 % 1.24 % 1.24 % Allowance for loan losses / nonperforming loans 158.02 156.44 157.20 247.48 256.36 Net charge-offs (recoveries) / average total loans (annualized) 0.10 0.04 0.02 0.02 0.06 As of  2024 2023 COMPOSITION OF LOANS HELD-FOR-INVESTMENT Dec. 31,  Sept. 30,  June 30,  Mar. 31,  Dec. 31, Commercial: C&I $ 1,176,993 $ 1,175,774 $ 1,141,990 $ 1,191,516 $ 1,164,811 Municipal 369,246 333,732 359,124 211,013 214,850 Total Commercial 1,546,239 1,509,506 1,501,114 1,402,529 1,379,661 Agricultural 95,543 83,269 86,186 87,882 84,890 Real Estate: Construction & Development 1,054,603 1,013,810 986,394 921,773 963,158 Farm 339,665 315,720 318,597 311,002 344,954 Non-Owner Occupied CRE 805,566 825,928 815,713 853,721 827,969 Owner Occupied CRE 1,083,100 1,086,750 1,049,715 1,032,845 1,037,281 Residential 2,196,767 2,112,196 1,990,604 1,918,573 1,834,593 Total Real Estate 5,479,701 5,354,404 5,161,023 5,037,914 5,007,955 Consumer: Auto 638,560 618,103 615,192 549,837 521,859 Non-Auto 153,055 157,909 156,218 151,248 154,426 Total Consumer 791,615 776,012 771,410 701,085 676,285 Total loans held-for-investment $ 7,913,098 $ 7,723,191 $ 7,519,733 $ 7,229,410 $ 7,148,791 SUMMARY OF LOAN CLASSIFICATION Special Mention $ 42,563 $ 41,362 $ 57,864 $ 62,623 $ 40,834 Substandard 191,288 188,561 161,399 138,964 135,379 Doubtful - - - - - Total classified loans $ 233,851 $ 229,923 $ 219,263 $ 201,587 $ 176,213 NONPERFORMING ASSETS Nonaccrual loans $ 61,938 $ 63,378 $ 60,311 $ 36,157 $ 33,609 Accruing loans 90 days past due 287 504 231 33 1,004 Total nonperforming loans 62,225 63,882 60,542 36,190 34,613 Foreclosed assets 871 535 647 1,014 483 Total nonperforming assets $ 63,096 $ 64,417 $ 61,189 $ 37,204 $ 35,096 As a % of loans held-for-investment and foreclosed assets 0.80 % 0.83 % 0.81 % 0.51 % 0.49 % As a % of end of period total assets 0.45 0.47 0.46 0.28 0.27 Quarter Ended 2024 2023 CAPITAL RATIOS Dec. 31,  Sept. 30,  June 30,  Mar. 31,  Dec. 31, Common equity Tier 1 capital ratio 18.83 % 18.83 % 18.42 % 18.60 % 18.50 % Tier 1 capital ratio 18.83 18.83 18.42 18.60 18.50 Total capital ratio 20.00 20.03 19.55 19.70 19.62 Tier 1 leverage ratio 12.49 12.53 12.40 12.12 12.06 Tangible common equity ratio 9.46 10.16 9.38 9.14 9.26 Equity/Assets ratio 11.49 12.24 11.54 11.31 11.44 Quarter Ended 2024 2023 NONINTEREST INCOME Dec. 31,  Sept. 30,   June 30,   Mar. 31,  Dec. 31, Trust fees $ 12,662 $ 11,694 $ 11,714 $ 11,379 $ 10,678 Service charges on deposits 6,306 6,428 6,009 6,246 6,523 Debit card fees 5,506 5,528 5,145 4,891 5,024 Credit card fees 617 617 672 631 631 Gain on sale and fees on mortgage loans 3,009 3,359 3,687 3,128 1,940 Net gain (loss) on sale of available-for-sale securities - - - - (6,205) Net gain (loss) on sale of foreclosed assets 36 (30) (58) - 23 Net gain (loss) on sale of assets 214 267 2 - (101) Interest on loan recoveries 433 1,359 664 555 536 Other noninterest income 2,194 3,140 3,433 2,553 2,930 Total noninterest income $ 30,977 $ 32,362 $ 31,268 $ 29,383 $ 21,979 NONINTEREST EXPENSE Salaries, commissions and employee benefits, excluding profit sharing $ 37,996 $ 35,262 $ 35,569 $ 35,003 $ 34,560 Profit sharing expense 3,648 2,235 1,903 1,680 1,193 Net occupancy expense 3,753 3,738 3,618 3,470 3,348 Equipment expense 2,305 2,291 2,233 2,237 2,020 FDIC insurance premiums 1,511 1,514 1,508 1,965 3,105 Debit card expense 3,220 3,248 3,242 3,058 3,229 Legal, tax and professional fees 3,751 3,865 3,809 2,734 3,125 Audit fees 423 582 453 333 587 Printing, stationery and supplies 293 199 425 447 492 Amortization of intangible assets 147 157 157 157 228 Advertising, meals and public relations 1,642 1,466 1,466 1,455 1,146 Operational and other losses 863 955 769 1,154 1,096 Software amortization and expense 3,648 3,712 3,158 3,005 3,017 Other noninterest expense 6,899 6,788 6,702 7,242 6,328 Total noninterest expense $ 70,099 $ 66,012 $ 65,012 $ 63,940 $ 63,474 TAX EQUIVALENT YIELD ADJUSTMENT  2,673 2,628 $ 2,572 $ 2,573 $ 2,649 Year Ended Dec. 31, NONINTEREST INCOME 2024 2023 Trust fees $ 47,449 $ 40,456 Service charges on deposits 24,988 25,378 Debit card fees 21,070 21,721 Credit card fees 2,537 2,645 Gain on sale and fees on mortgage loans 13,183 11,890 Net gain (loss) on sale of available-for-sale securities - (7,119) Net gain (loss) on sale of foreclosed assets (51) 46 Net gain on sale of assets 484 1,525 Interest on loan recoveries 3,010 2,055 Other noninterest income 11,319 9,406 Total noninterest income $ 123,989 $ 108,003 NONINTEREST EXPENSE Salaries, commissions and employee benefits, excluding profit sharing $ 143,830 $ 130,542 Profit sharing expense 9,466 1,373 Net occupancy expense 14,579 13,766 Equipment expense 9,065 8,545 FDIC insurance premiums 6,498 7,749 Debit card expense 12,768 12,933 Legal, tax and professional fees 14,157 11,666 Audit fees 1,793 2,241 Printing, stationery and supplies 1,364 2,454 Amortization of intangible assets 618 912 Advertising, meals and public relations 6,028 6,032 Operational and other losses 3,741 3,842 Software amortization and expense 13,523 10,288 Other noninterest expense 27,633 25,539 Total noninterest expense $ 265,063 $ 237,882 TAX EQUIVALENT YIELD ADJUSTMENT  $ 10,446 $ 11,552 FIRST FINANCIAL BANKSHARES, INC. SELECTED FINANCIAL DATA (UNAUDITED) (In thousands) Three Months Ended Three Months Ended Dec. 31, 2024 Sept. 30, 2024 Average Tax Equivalent Yield / Average Tax Equivalent Yield / Balance Interest Rate Balance Interest Rate Interest-earning assets: Federal funds sold $ 1,895 $ 23 4.90 % $ 2,901 $ 43 5.84 % Interest-bearing demand deposits in nonaffiliated banks 308,118 3,578 4.62 200,756 2,716 5.38 Taxable securities 3,320,754 21,896 2.64 3,211,490 19,866 2.47 Tax-exempt securities 1,425,934 9,858 2.77 1,418,214 9,742 2.75 Loans 7,806,860 133,110 6.78 7,643,238 130,220 6.78 Total interest-earning assets 12,863,561 $ 168,465 5.21 % 12,476,599 $ 162,587 5.18 % Noninterest-earning assets 824,757 817,757 Total assets $ 13,688,318 $ 13,294,356 Interest-bearing liabilities: Deposits $ 8,523,405 $ 49,139 2.29 % $ 8,240,938 $ 51,994 2.51 % Repurchase Agreements 63,350 271 1.70 100,892 740 2.92 Borrowings 39,709 265 2.65 24,670 116 1.87 Total interest-bearing liabilities 8,626,464 $ 49,675 2.29 % 8,366,500 $ 52,850 2.51 % Noninterest-bearing deposits 3,348,062 3,279,486 Other noninterest-bearing liabilities                                                                               79,271 76,274 Shareholders' equity 1,634,521 1,572,096 Total liabilities and shareholders' equity $ 13,688,318 $ 13,294,356 Net interest income and margin (tax equivalent) $ 118,790 3.67 % $ 109,737 3.50 % Three Months Ended Three Months Ended June 30, 2024 Mar. 31, 2024 Average Tax Equivalent Yield / Average Tax Equivalent Yield / Balance Interest Rate Balance Interest Rate Interest-earning assets: Federal funds sold $ 5,160 $ 74 5.81 % $ 3,923 $ 57 5.85 % Interest-bearing demand deposits in nonaffiliated banks 159,707 2,292 5.77 344,969 4,657 5.43 Taxable securities 3,250,684 19,912 2.45 3,376,324 19,952 2.36 Tax-exempt securities 1,404,706 9,730 2.77 1,434,505 9,794 2.73 Loans 7,405,297 124,237 6.75 7,205,424 117,608 6.56 Total interest-earning assets 12,225,554 $ 156,245 5.14 % 12,365,145 $ 152,068 4.95 % Noninterest-earning assets 855,719 864,885 Total assets $ 13,081,273 $ 13,230,030 Interest-bearing liabilities: Deposits $ 8,020,247 $ 48,414 2.43 % $ 7,878,094 $ 45,250 2.31 % Repurchase Agreements 212,590 1,895 3.59 317,439 2,562 3.25 Borrowings 22,932 91 1.60 132,963 1,441 4.36 Total interest-bearing liabilities 8,255,769 $ 50,400 2.46 % 8,328,496 $ 49,253 2.38 % Noninterest-bearing deposits 3,289,906 3,346,757 Other noninterest-bearing liabilities                                                                               72,464 66,134 Shareholders' equity 1,463,134 1,488,643 Total liabilities and shareholders' equity $ 13,081,273 $ 13,230,030 Net interest income and margin (tax equivalent) $ 105,845 3.48 % $ 102,815 3.34 % Three Months Ended Dec. 31, 2023 Average Tax Equivalent Yield / Balance Interest Rate Interest-earning assets: Federal funds sold $ 1,768 $ 25 5.72 % Interest-bearing demand deposits in nonaffiliated banks 145,839 1,961 5.33 Taxable securities 3,317,114 19,686 2.37 Tax-exempt securities 1,410,148 10,188 2.89 Loans 7,052,463 112,996 6.36 Total interest-earning assets 11,927,332 $ 144,856 4.82 % Noninterest-earning assets 886,811 Total assets $ 12,814,143 Interest-bearing liabilities: Deposits $ 7,371,260 $ 39,225 2.11 % Repurchase Agreements 558,592 4,627 3.29 Borrowings 78,066 847 4.30 Total interest-bearing liabilities 8,007,918 $ 44,699 2.21 % Noninterest-bearing deposits 3,461,544 Other noninterest-bearing liabilities                                                                               65,524 Shareholders' equity 1,279,157 Total liabilities and shareholders' equity $ 12,814,143 Net interest income and margin (tax equivalent) $ 100,157 3.33 % Year Ended Year Ended Dec. 31, 2024 Dec. 31, 2023 Average Tax Equivalent Yield / Average Tax Equivalent Yield / Balance Interest Rate Balance Interest Rate Interest-earning assets: Federal funds sold $ 3,464 $ 197 5.70 % $ 2,223 $ 122 5.50 % Interest-bearing deposits in nonaffiliated banks 253,393 13,242 5.23 115,785 5,890 5.09 Taxable securities 3,289,683 81,626 2.48 3,500,839 79,925 2.28 Tax-exempt securities 1,420,846 39,124 2.75 1,597,204 45,815 2.87 Loans 7,516,352 505,176 6.72 6,784,352 407,870 6.01 Total interest-earning assets 12,483,738 $ 639,365 5.12 % 12,000,403 $ 539,622 4.50 % Noninterest-earning assets 840,674 860,859 Total assets $ 13,324,412 $ 12,861,262 Interest-bearing liabilities: Deposits $ 8,166,855 $ 194,801 2.39 % $ 7,188,171 $ 124,830 1.74 % Repurchase Agreements 173,068 5,468 3.16 568,205 16,139 2.84 Borrowings 54,943 1,909 3.47 81,262 3,292 4.05 Total interest-bearing liabilities 8,394,866 $ 202,178 2.41 % 7,837,638 $ 144,261 1.84 % Noninterest-bearing deposits 3,316,040 3,632,559 Other noninterest-bearing liabilities                                                                               73,559 63,238 Shareholders' equity 1,539,947 1,327,827 Total liabilities and shareholders' equity $ 13,324,412 $ 12,861,262 Net interest income and margin (tax equivalent) $ 437,187 3.50 % $ 395,361 3.29 % SOURCE First Financial Bankshares, Inc. 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