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FIRST FINANCIAL BANKSHARES ANNOUNCES SECOND QUARTER 2025 EARNINGS

1. FFIN reports Q2 2025 earnings of $66.66 million, up 27% YoY. 2. Net interest income rises to $123.73 million from $103.27 million YoY. 3. Provision for credit losses decreased to $3.13 million from $5.89 million YoY. 4. Noninterest income increased to $32.87 million, boosted by trust fees. 5. Total assets grew to $14.38 billion from $13.16 billion YoY.

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FAQ

Why Very Bullish?

FFIN's strong earnings and asset growth indicate robust financial health, similar to trends seen in peer institutions during favorable market conditions.

How important is it?

Positive earnings growth and decreased credit losses are critical indicators that can attract investor interest and push stock prices up.

Why Short Term?

Investor sentiment is likely to react positively in the upcoming trading sessions following strong Q2 earnings results.

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SIVBCFRZION
, /PRNewswire/ -- First Financial Bankshares, Inc. (the "Company," "we," "us" or "our") (NASDAQ: FFIN) today reported earnings of $66.66 million for the second quarter of 2025 compared to earnings of $52.49 million for the same quarter a year ago and $61.35 million for the quarter ended March 31, 2025. Basic and diluted earnings per share were $0.47 for the second quarter of 2025 compared with $0.37 for the second quarter of 2024 and $0.43 for the linked quarter. "Our second quarter results are positive with earnings growth of over 27 percent from the second quarter last year resulting from our healthy loan and deposit growth, improved margin and increased trust revenue," said F. Scott Dueser, Chairman and CEO of First Financial Bankshares, Inc. "Our outlook for the remainder of the year is good as we have opportunities to improve our investment yields, continue loan growth and focus on growing deposits in our markets.  I am very appreciative of the work our teams are doing to support these results." Net interest income for the second quarter of 2025 was $123.73 million compared to $103.27 million for the second quarter of 2024 and $118.79 million for the first quarter 2025. The net interest margin, on a taxable equivalent basis, was 3.81 percent for the second quarter of 2025 compared to 3.48 percent for the second quarter of 2024 and 3.74 percent in the first quarter of 2025. Increased margins are primarily due to increased average yields on loans and securities. Additionally, the Company recognized a $698 thousand prepayment penalty during the second quarter of 2025 which had a positive impact on the margin for the quarter. Average interest-earning assets were $13.34 billion for the second quarter of 2025 compared to $12.23 billion for the same quarter a year ago. The Company recorded a provision for credit losses of $3.13 million for the second quarter of 2025 compared to a provision for credit losses of $5.89 million for the second quarter of 2024 and $3.53 million for the first quarter 2025. At June 30, 2025, the allowance for credit losses totaled $102.79 million, or 1.27 percent of loans held-for-investment ("loans" hereafter), compared to $95.17 million, or 1.27 percent of loans, at June 30, 2024. Additionally, the reserve for unfunded commitments totaled $9.91 million at June 30, 2025 compared to $7.43 million at June 30, 2024. For the second quarter of 2025, net charge-offs totaled $720 thousand compared to net charge-offs of $302 thousand for the second quarter of 2024 and net charge offs of $236 thousand for the first quarter 2025. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.79 percent at June 30, 2025, compared to 0.81 percent at June 30, 2024. Classified loans totaled $257.07 million at June 30, 2025, compared to $219.26 million at June 30, 2024. Noninterest income for the second quarter of 2025 was $32.87 million compared to $31.27 million for the second quarter of 2024, due to the following: Trust fee income increased to $12.75 million for the second quarter of 2025 compared to $11.71 million for the second quarter of 2024, driven by the increase in market value of trust assets managed to $11.46 billion at June 30, 2025, compared to $10.24 billion at June 30, 2024. Mortgage income increased to $4.13 million for the quarter compared to $3.69 million for the second quarter of 2024, as overall origination volume and margins have improved from the prior periods. Other noninterest income decreased $499 thousand to $2.93 million for the second quarter of 2025 compared to $3.43 million in the second quarter of 2024 due to the recognition of a $723 thousand one-time BOLI settlement payment recognized in the second quarter of 2024. Noninterest expense for the second quarter of 2025 totaled $71.74 million compared to $65.01 million for the second quarter of 2024, due to the following: Salary, commissions, and employee benefit costs increased to $42.58 million for the second quarter of 2025, compared to $37.47 million in the second quarter of 2024, primarily resulting from merit-based and market driven pay increases, an increase of $838 thousand in profit sharing accruals, an increase of $519 thousand in bonus and incentive accruals, and an increase of $452 thousand in stock-based compensation when compared to the same quarter in 2024. The increase in profit sharing and incentive accruals are directly related to the increase in net income over prior year. Noninterest expenses, excluding salary related costs, increased $1.62 million for the second quarter of 2025 compared to the same period in 2024 largely due to increases in software amortization as a result of the Company investing in new loan origination and account opening platforms. The Company's efficiency ratio was 44.97 percent for the second quarter of 2025 compared to 47.41 percent for the second quarter of 2024 largely due to the increase in net interest income.  As of June 30, 2025, consolidated total assets were $14.38 billion compared to $13.16 billion on June 30, 2024. Loans totaled $8.07 billion on June 30, 2025, compared with loans of $7.52 billion at June 30, 2024.  During the second quarter of 2025, loans grew $129.33 million, or 6.53 percent annualized, when compared to March 31, 2025, balances. Loans have grown $161.85 million or 4.12 percent annualized year-to-date.  Deposits and Repurchase Agreements totaled $12.50 billion at June 30, 2025, compared to $11.55 billion at June 30, 2024.  Deposits and Repurchase Agreement balances have grown 5.57 percent annualized year-to-date through the second quarter 2025. Shareholders' equity was $1.74 billion as of June 30, 2025, compared to $1.52 billion and $1.61 billion at June 30, 2024, and December 31, 2024, respectively. The unrealized loss on the securities portfolio, net of applicable tax, totaled $373.46 million at June 30, 2025, compared to unrealized losses of $441.56 million at June 30, 2024 and $424.29 million at December 31, 2024. About First Financial Bankshares, Inc. Headquartered in Abilene, Texas, First Financial Bankshares, Inc. is a financial holding company that through its 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, Keller, Kingwood, Lumberton, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Trust & 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 and the pandemic, 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 2025 2024 ASSETS June 30,  Mar. 31,  Dec. 31,  Sept. 30, June 30, Cash and due from banks $ 264,000 $ 232,943 $ 259,996 $ 296,188 $ 263,262 Interest-bearing demand deposits in banks 435,612 682,362 503,417 287,476 103,315 Federal funds sold 8,750 11,750 - - 2,800 Investment securities 4,886,548 4,760,431 4,617,759 4,612,299 4,573,024 Loans, held-for-investment 8,074,944 7,945,611 7,913,098 7,723,191 7,519,733 Allowance for credit losses (102,792) (101,080) (98,325) (99,936) (95,170) Net loans, held-for-investment 7,972,152 7,844,531 7,814,773 7,623,255 7,424,563 Loans, held-for-sale 33,233 14,348 8,235 20,114 19,668 Premises and equipment, net 148,999 150,589 151,904 151,204 153,075 Goodwill 313,481 313,481 313,481 313,481 313,481 Other intangible assets 343 428 523 671 828 Other assets 313,723 301,251 309,330 278,244 310,059 Total assets $ 14,376,841 $ 14,312,114 $ 13,979,418 $ 13,582,932 $ 13,164,075 LIABILITIES AND SHAREHOLDERS'  EQUITY Noninterest-bearing deposits $ 3,439,059 $ 3,356,553 $ 3,348,041 $ 3,303,143 $ 3,289,032 Interest-bearing deposits 9,009,357 9,110,218 8,751,133 8,452,718 8,120,125 Total deposits 12,448,416 12,466,771 12,099,174 11,755,861 11,409,157 Repurchase agreements 48,026 56,606 61,416 57,557 138,950 Borrowings 22,153 26,978 135,603 25,978 23,703 Trade date payable 24,965 - - 5,416 - Other liabilities 95,929 81,498 76,665 75,929 73,239 Shareholders' equity 1,737,352 1,680,261 1,606,560 1,662,191 1,519,026 Total liabilities and shareholders' equity $ 14,376,841 $ 14,312,114 $ 13,979,418 $ 13,582,932 $ 13,164,075 Quarter Ended 2025 2024 INCOME STATEMENTS June 30,  Mar. 31, Dec. 31, Sept. 30, June 30, Interest income $ 172,810 $ 167,110 $ 165,792 $ 159,958 $ 153,673 Interest expense 49,080 48,321 49,675 52,849 50,400 Net interest income 123,730 118,789 116,117 107,109 103,273 Provision for credit losses 3,132 3,528 1,003 6,123 5,888 Net interest income after provision for credit losses 120,598 115,261 115,114 100,986 97,385 Noninterest income 32,873 30,230 30,977 32,362 31,268 Noninterest expense 71,735 70,335 70,099 66,012 65,012 Net income before income taxes 81,736 75,156 75,992 67,336 63,641 Income tax expense 15,078 13,810 13,671 12,028 11,156 Net income $ 66,658 $ 61,346 $ 62,321 $ 55,308 $ 52,485 PER COMMON SHARE DATA Net income - basic $ 0.47 $ 0.43 $ 0.44 $ 0.39 $ 0.37 Net income - diluted 0.47 0.43 0.43 0.39 0.37 Cash dividends declared 0.19 0.18 0.18 0.18 0.18 Book value 12.14 11.75 11.24 11.63 10.63 Tangible book value 9.95 9.55 9.04 9.43 8.43 Market value 35.98 35.92 36.05 37.01 29.53 Shares outstanding - end of period 143,077,619 143,019,433 142,944,704 142,906,070 142,848,909 Average outstanding shares - basic 143,023,544 142,949,514 142,898,110 142,853,215 142,814,363 Average outstanding shares - diluted 142,378,505 143,355,148 143,352,067 143,188,857 143,088,930 PERFORMANCE RATIOS Return on average assets 1.89 % 1.78 % 1.81 % 1.66 % 1.61 % Return on average equity 15.82 15.12 15.17 14.00 14.43 Return on average tangible equity 19.43 18.68 18.78 17.49 18.38 Net interest margin (tax equivalent) 3.81 3.74 3.67 3.50 3.48 Efficiency ratio 44.97 46.36 46.81 46.45 47.41 Six Months Ended June 30, INCOME STATEMENTS 2025 2024 Interest income $ 339,920 $ 303,167 Interest expense 97,401 99,653 Net interest income 242,519 203,514 Provision for credit losses 6,660 6,695 Net interest income after provisions for credit losses 235,859 196,819 Noninterest income 63,103 60,651 Noninterest expense 142,070 128,952 Net income before income taxes 156,892 128,518 Income tax expense 28,888 22,636 Net income $ 128,004 $ 105,882 PER COMMON SHARE DATA Net income - basic $ 0.90 $ 0.74 Net income - diluted 0.89 0.74 Cash dividends declared 0.37 0.36 Book value 12.14 10.63 Tangible book value 9.95 8.43 Market value $ 35.98 $ 29.53 Shares outstanding - end of period 143,077,619 142,848,909 Average outstanding shares - basic 142,986,734 142,769,518 Average outstanding shares - diluted 143,378,720 143,067,193 PERFORMANCE RATIOS Return on average assets 1.83 % 1.62 % Return on average equity 15.48 14.43 Return on average tangible equity 19.07 18.33 Net interest margin (tax equivalent) 3.78 3.41 Efficiency ratio 45.65 47.88 FIRST FINANCIAL BANKSHARES, INC. SELECTED FINANCIAL DATA (UNAUDITED) (In thousands) Quarter Ended 2025 2024 ALLOWANCE FOR LOAN LOSSES June 30,  Mar. 31,  Dec. 31,  Sept. 30, June 30, Balance at beginning of period $ 101,080 $ 98,325 $ 99,936 $ 95,170 $ 89,562 Loans charged-off (1,189) (946) (2,184) (1,279) (702) Loan recoveries 469 710 243 493 400 Net recoveries (charge-offs) (720) (236) (1,941) (786) (302) Provision for loan losses 2,432 2,991 330 5,552 5,910 Balance at end of period $ 102,792 $ 101,080 $ 98,325 $ 99,936 $ 95,170 ALLOWANCE FOR UNFUNDED COMMITMENTS Balance at beginning of period $ 9,214 $ 8,677 $ 8,004 $ 7,433 $ 7,455 Provision for unfunded commitments 700 537 673 571 (22) Balance at end of period $ 9,914 $ 9,214 $ 8,677 $ 8,004 $ 7,433 Allowance for loan losses / period-end loans held-for-investment 1.27 % 1.27 % 1.24 % 1.29 % 1.27 % Allowance for loan losses / nonperforming loans 162.60 164.16 158.02 156.44 157.20 Net charge-offs (recoveries) / average total loans (annualized) 0.04 0.01 0.10 0.04 0.02 As of 2025 2024 COMPOSITION OF LOANS HELD-FOR-INVESTMENT June 30,  Mar. 31, Dec. 31,  Sept. 30, June 30, Commercial: C&I $ 1,202,151 $ 1,144,429 $ 1,176,993 $ 1,175,774 $ 1,141,990 Municipal 306,140 338,303 369,246 333,732 359,124 Total Commercial 1,508,291 1,482,732 1,546,239 1,509,506 1,501,114 Agricultural 86,133 90,186 95,543 83,269 86,186 Real Estate: Construction & Development 1,172,834 1,098,069 1,054,603 1,013,810 986,394 Farm 302,969 331,464 339,665 315,720 318,597 Non-Owner Occupied CRE 746,341 753,898 805,566 825,928 815,713 Owner Occupied CRE 1,124,610 1,142,618 1,083,100 1,086,750 1,049,715 Residential 2,286,220 2,217,740 2,196,767 2,112,196 1,990,604 Total Real Estate 5,632,974 5,543,789 5,479,701 5,354,404 5,161,023 Consumer: Auto 698,897 679,189 638,560 618,103 615,192 Non-Auto 148,649 149,715 153,055 157,909 156,218 Total Consumer 847,546 828,904 791,615 776,012 771,410 Total loans held-for-investment $ 8,074,944 $ 7,945,611 $ 7,913,098 $ 7,723,191 $ 7,519,733 SUMMARY OF LOAN CLASSIFICATION Special Mention $ 62,774 $ 46,103 $ 42,563 $ 41,362 $ 57,864 Substandard 194,291 199,509 191,288 188,561 161,399 Doubtful - - - - - Total classified loans $ 257,065 $ 245,612 $ 233,851 $ 229,923 $ 219,263 NONPERFORMING ASSETS Nonaccrual loans $ 63,142 $ 60,430 $ 61,938 $ 63,378 $ 60,311 Accruing loans 90 days past due 77 1,143 287 504 231 Total nonperforming loans 63,219 61,573 62,225 63,882 60,542 Foreclosed assets 489 115 871 535 647 Total nonperforming assets $ 63,708 $ 61,688 $ 63,096 $ 64,417 $ 61,189 As a % of loans held-for-investment and foreclosed assets 0.79 % 0.78 % 0.80 % 0.83 % 0.81 % As a % of end of period total assets 0.44 0.43 0.45 0.47 0.46 Quarter Ended 2025 2024 CAPITAL RATIOS June 30,  Mar. 31, Dec. 31,  Sept. 30, June 30, Common equity Tier 1 capital ratio 19.16 % 19.12 % 18.83 % 18.83 % 18.42 % Tier 1 capital ratio 19.16 19.12 18.83 18.83 18.42 Total capital ratio 20.35 20.31 20.00 20.03 19.55 Tier 1 leverage ratio 12.61 12.46 12.49 12.53 12.40 Tangible common equity ratio 10.12 9.76 9.46 10.16 9.38 Equity/Assets ratio 12.08 11.74 11.49 12.24 11.54 Quarter Ended 2025 2024 NONINTEREST INCOME  June 30,  Mar. 31, Dec. 31,  Sept. 30,  June 30, Trust fees $ 12,746 $ 12,653 $ 12,662 $ 11,694 $ 11,714 Service charges on deposits 6,126 6,177 6,306 6,428 6,009 Debit card fees 5,218 4,967 5,506 5,528 5,145 Credit card fees 707 577 617 617 672 Gain on sale and fees on mortgage loans 4,126 2,832 3,009 3,359 3,687 Net gain (loss) on sale of available-for-sale securities - - - - - Net gain (loss) on sale of foreclosed assets 200 (35) 36 (30) (58) Net gain (loss) on sale of assets 6 - 214 267 2 Loan recoveries 810 574 433 1,359 664 Other noninterest income 2,934 2,485 2,194 3,140 3,433 Total noninterest income $ 32,873 $ 30,230 $ 30,977 $ 32,362 $ 31,268 NONINTEREST EXPENSE Salaries, commissions and employee benefits, excluding profit sharing $ 39,834 $ 39,157 $ 37,996 $ 35,262 $ 35,569 Profit sharing expense 2,741 2,985 3,648 2,235 1,903 Net occupancy expense 3,600 3,720 3,753 3,738 3,618 Equipment expense 2,478 2,321 2,305 2,291 2,233 FDIC insurance premiums 1,585 1,575 1,511 1,514 1,508 Debit card expense 3,308 3,373 3,220 3,248 3,242 Legal, tax and professional fees 3,143 3,067 3,751 3,865 3,809 Audit fees 463 451 423 582 453 Printing, stationery and supplies 473 482 293 199 425 Amortization of intangible assets 86 95 147 157 157 Advertising, meals and public relations 1,653 1,677 1,642 1,466 1,466 Operational and other losses 720 540 863 955 769 Software amortization and expense 4,020 3,732 3,648 3,712 3,158 Other noninterest expense 7,631 7,160 6,899 6,788 6,702 Total noninterest expense $ 71,735 $ 70,335 $ 70,099 $ 66,012 $ 65,012 TAX EQUIVALENT YIELD ADJUSTMENT $ 2,926 $ 2,700 $ 2,673 $ 2,628 $ 2,572 Six Months Ended June 30, NONINTEREST INCOME 2025 2024 Trust fees $ 25,399 $ 23,093 Service charges on deposits 12,302 12,255 Debit card fees 10,185 10,036 Credit card fees 1,284 1,303 Gain on sale and fees on mortgage loans 6,958 6,815 Net gain on sale of available-for-sale securities - - Net gain on sale of foreclosed assets 165 (58) Net gain (loss) on sale of assets 6 2 Interest on loan recoveries 1,384 1,219 Other noninterest income 5,420 5,986 Total noninterest income $ 63,103 $ 60,651 NONINTEREST EXPENSE Salaries, commissions and employee benefits, excluding profit sharing $ 78,991 $ 70,572 Profit sharing expense 5,726 3,583 Net occupancy expense 7,320 7,088 Equipment expense 4,799 4,470 FDIC insurance premiums 3,160 3,473 Debit card expense 6,680 6,300 Legal, tax and professional fees 6,209 6,543 Audit fees 914 786 Printing, stationery and supplies 955 872 Amortization of intangible assets 181 314 Advertising, meals and public relations 3,332 2,920 Operational and other losses 1,260 1,923 Software amortization and expense 7,753 6,163 Other noninterest expense 14,790 13,945 Total noninterest expense $ 142,070 $ 128,952 TAX EQUIVALENT YIELD ADJUSTMENT $ 5,626 $ 5,145 FIRST FINANCIAL BANKSHARES, INC. SELECTED FINANCIAL DATA (UNAUDITED) (In thousands) Three Months Ended Three Months Ended June 30, 2025 Mar. 31, 2025 Average Tax Equivalent Yield / Average Tax Equivalent Yield / Balance Interest Rate Balance Interest Rate Interest-earning assets: Federal funds sold $ 9,397 $ 113 4.84 % $ 7,596 $ 90 4.81 % Interest-bearing demand deposits in nonaffiliated banks 379,364 4,191 4.43 286,040 3,174 4.50 Taxable securities 3,470,028 25,242 2.91 3,506,035 25,034 2.86 Tax-exempt securities 1,433,498 10,811 3.02 1,407,440 9,912 2.82 Loans 8,045,340 135,378 6.75 7,952,946 131,600 6.71 Total interest-earning assets 13,337,627 $ 175,735 5.28 % 13,160,057 $ 169,810 5.23 % Noninterest-earning assets 826,635 830,055 Total assets $ 14,164,262 $ 13,990,112 Interest-bearing liabilities: Deposits $ 8,923,737 $ 48,730 2.19 % $ 8,882,040 $ 47,549 2.17 % Repurchase Agreements 54,482 221 1.63 53,920 209 1.57 Borrowings 26,557 128 1.93 74,561 563 3.06 Total interest-bearing liabilities 9,004,776 $ 49,079 2.19 % 9,010,521 $ 48,321 2.17 % Noninterest-bearing deposits 3,383,851 3,265,838 Other noninterest-bearing liabilities                                                                              85,745 68,218 Shareholders' equity 1,689,890 1,645,535 Total liabilities and shareholders' equity $ 14,164,262 $ 13,990,112 Net interest income and margin (tax equivalent) $ 126,656 3.81 % $ 121,489 3.74 % 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 June 30, 2024 Average Tax Equivalent Yield / Balance Interest Rate Interest-earning assets: Federal funds sold $ 5,160 $ 74 5.81 % Interest-bearing demand deposits in nonaffiliated banks 159,707 2,292 5.77 Taxable securities 3,250,684 19,912 2.45 Tax-exempt securities 1,404,706 9,730 2.77 Loans 7,405,297 124,237 6.75 Total interest-earning assets 12,225,554 $ 156,245 5.14 % Noninterest-earning assets 855,719 Total assets $ 13,081,273 Interest-bearing liabilities: Deposits $ 8,020,247 $ 48,414 2.43 % Repurchase Agreements 212,590 1,895 3.59 Borrowings 22,932 91 1.60 Total interest-bearing liabilities 8,255,769 $ 50,400 2.46 % Noninterest-bearing deposits 3,289,906 Other noninterest-bearing liabilities                                                                              72,464 Shareholders' equity 1,463,134 Total liabilities and shareholders' equity $ 13,081,273 Net interest income and margin (tax equivalent) $ 105,845 3.48 % Six Months Ended Six Months Ended June 30, 2025 June 30, 2024 Average Tax Equivalent Yield / Average Tax Equivalent Yield / Balance Interest Rate Balance Interest Rate Interest-earning assets: Federal funds sold $ 8,501 $ 203 4.82 % $ 4,541 $ 131 5.82 % Interest-bearing deposits in nonaffiliated banks 332,960 7,365 4.46 252,338 6,948 5.54 Taxable securities 3,487,932 50,277 2.88 3,313,504 39,864 2.41 Tax exempt securities 1,420,541 20,723 2.92 1,419,606 19,524 2.75 Loans 7,999,398 266,977 6.73 7,305,361 241,846 6.66 Total interest-earning assets 13,249,332 $ 345,545 5.26 % 12,295,350 $ 308,313 5.04 % Noninterest-earning assets 828,336 860,302 Total assets $ 14,077,668 $ 13,155,652 Interest-bearing liabilities: Deposits $ 8,903,004 $ 96,280 2.18 % $ 7,949,170 $ 93,666 2.37 % Repurchase Agreements 54,203 430 1.60 265,014 4,457 3.38 Borrowings 50,426 690 2.76 77,947 1,530 3.95 Total interest-bearing liabilities 9,007,633 $ 97,400 2.18 % 8,292,131 $ 99,653 2.42 % Noninterest-bearing deposits 3,325,170 3,318,332 Other noninterest-bearing liabilities                                                                               77,030 69,300 Shareholders' equity 1,667,835 1,475,889 Total liabilities and shareholders' equity $ 14,077,668 $ 13,155,652 Net interest income and margin (tax equivalent) $ 248,145 3.78 % $ 208,660 3.41 % SOURCE First Financial Bankshares, Inc. 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