Company Performance - First Financial Bankshares (FFIN) reported quarterly earnings of $0.39 per share, matching the Zacks Consensus Estimate, and an increase from $0.35 per share a year ago [1] - The company posted revenues of $142.1 million for the quarter ended September 2024, exceeding the Zacks Consensus Estimate by 1.32%, compared to $125.04 million in the same quarter last year [1] - Over the last four quarters, First Financial has surpassed consensus revenue estimates three times [1] Stock Performance - First Financial shares have increased approximately 27.9% since the beginning of the year, outperforming the S&P 500's gain of 22.5% [2] - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations for it to outperform the market in the near future [4] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.39 on revenues of $141.2 million, and for the current fiscal year, it is $1.52 on revenues of $550.8 million [4] - The trend for estimate revisions for First Financial is favorable, which could influence future stock performance [4] Industry Context - The Banks - Southwest industry, to which First Financial belongs, is currently in the top 40% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [5] - Another company in the same industry, Guaranty Bancshares Inc. (GNTY), is expected to report quarterly earnings of $0.62 per share, reflecting a year-over-year increase of 14.8% [5]

Earnings and Net Income - Earnings for Q3 2024 were $55.31 million, up 5.37% from Q2 2024 and 11.61% from Q3 2023[1] - Net income for the quarter ended September 30, 2024, was $55,308 thousand, compared to $49,556 thousand in the same period last year[11] Net Interest Income and Margin - Net interest income for Q3 2024 was $107.11 million, up 3.72% from Q2 2024 and 13.76% from Q3 2023[2] - Net interest income for the quarter ended September 30, 2024, was $107,109 thousand, up from $94,149 thousand in the same period last year[11] - Net interest margin (tax equivalent) for the quarter ended September 30, 2024, was 3.50%, compared to 3.22% in the same period last year[11] - Net interest income and margin (tax equivalent) rose to $109,737 million and 3.50% respectively in 2024, up from $105,845 million and 3.48% in 2023[16] - Net interest income and margin (tax equivalent) for the three months ended March 31, 2024, were $102,815 million and 3.34%, respectively, compared to $100,157 million and 3.33% in the same period of 2023[18] - Net interest income and margin (tax equivalent) rose to $318,397 with a margin of 3.44% for the nine months ended Sept. 30, 2024, up from $295,204 and a margin of 3.28% in 2023[20] Interest-Earning Assets and Liabilities - Average interest-earning assets for Q3 2024 were $12.48 billion, up 4.35% from Q3 2023[2] - Total interest-earning assets grew to $12,476,599 million in 2024, with a yield of 5.18%, compared to $12,225,554 million and 5.14% yield in 2023[17] - Total interest-earning assets for the three months ended March 31, 2024, were $12,365,145 million, yielding 4.95%, up from $11,927,332 million and 4.82% in the same period of 2023[18] - Total interest-earning assets increased to $12,356,205 with a yield of 5.09% for the nine months ended Sept. 30, 2024, compared to $12,025,028 and a yield of 4.39% for the same period in 2023[20] - Total interest-bearing liabilities stood at $8,366,500 million in 2024, with a cost of 2.51%, compared to $8,255,769 million and 2.46% in 2023[17] - Total interest-bearing liabilities for the three months ended March 31, 2024, were $8,328,496 million, costing 2.38%, compared to $8,007,918 million and 2.21% in the same period of 2023[18] - Total interest-bearing liabilities increased to $8,317,101 with a cost of 2.45% for the nine months ended Sept. 30, 2024, up from $7,780,255 and a cost of 1.71% in 2023[20] Loans and Deposits - Loans totaled $7.72 billion at September 30, 2024, up 10.76% annualized from June 30, 2024[6] - Deposits and Repurchase Agreements totaled $11.81 billion at September 30, 2024, up 9.14% annualized from June 30, 2024[6] - Loans, held-for-investment increased to $7,723,191 thousand as of September 30, 2024, up from $6,994,696 thousand in the same period last year[11] - Total loans held-for-investment increased to $7,723,191 thousand as of Sept. 30, 2024, up from $7,519,733 thousand in June 2024 and $6,994,696 thousand in Sept. 2023[14] - Total deposits increased to $11,755,861 thousand as of September 30, 2024, up from $10,716,523 thousand in the same period last year[11] - Loans increased to $7,643,238 million in 2024, contributing $130,220 million in interest income at a yield of 6.78%, up from $7,405,297 million and $124,237 million in 2023[17] - Noninterest-bearing deposits decreased slightly to $3,279,486 million in 2024 from $3,289,906 million in 2023[17] - Deposits rose to $8,047,136 with a cost of 2.42% for the nine months ended Sept. 30, 2024, compared to $7,126,471 and a cost of 1.61% in 2023[20] - Noninterest-bearing deposits decreased to $3,305,289 for the nine months ended Sept. 30, 2024, from $3,690,190 in 2023[20] Credit Losses and Allowance - Provision for credit losses for Q3 2024 was $6.12 million, up 3.91% from Q2 2024 and 168.42% from Q3 2023[3] - Provision for credit losses for the quarter ended September 30, 2024, was $6,123 thousand, compared to $2,276 thousand in the same period last year[11] - Allowance for loan losses increased to $99,936 thousand as of September 30, 2024, up from $89,714 thousand in the same period last year[13] - Total classified loans increased to $229,923 thousand in Sept. 2024 from $219,263 thousand in June 2024 and $179,105 thousand in Sept. 2023[14] Noninterest Income and Expense - Noninterest income for Q3 2024 was $32.36 million, up 15.28% from Q3 2023[4] - Trust fee income increased by $1.64 million (16.36%) in Q3 2024 compared to Q3 2023, driven by growth in assets under management to $10.86 billion[4] - Total noninterest income for Sept. 2024 was $32,362 thousand, compared to $31,268 thousand in June 2024 and $28,070 thousand in Sept. 2023[15] - Total noninterest income increased to $93,012 million in 2024 from $86,025 million in 2023, reflecting growth in trust fees and other income streams[16] - Total noninterest expense for Sept. 2024 was $66,012 thousand, up from $65,012 thousand in June 2024 and $59,539 thousand in Sept. 2023[15] Efficiency Ratio - The Company's efficiency ratio improved to 46.45% in Q3 2024 from 47.62% in Q3 2023[6] - Efficiency ratio for the quarter ended September 30, 2024, was 46.45%, compared to 47.62% in the same period last year[11] Shareholders' Equity and Capital Ratios - Shareholders' equity was $1.66 billion as of September 30, 2024, up 9.21% from June 30, 2024 and 33.87% from September 30, 2023[7] - Common equity Tier 1 capital ratio improved to 18.83% in Sept. 2024, up from 18.42% in June 2024 and 18.35% in Sept. 2023[15] - Tangible common equity ratio improved to 10.16% in Sept. 2024, up from 9.38% in June 2024 and 7.42% in Sept. 2023[15] - Equity/Assets ratio increased to 12.24% in Sept. 2024, compared to 11.54% in June 2024 and 9.71% in Sept. 2023[15] - Shareholders' equity increased to $1,508,192 for the nine months ended Sept. 30, 2024, compared to $1,344,228 in 2023[20] Total Assets and Liabilities - Total assets increased to $13,582,932 thousand as of September 30, 2024, up from $12,777,418 thousand in the same period last year[11] - Total assets expanded to $13,294,356 million in 2024, up from $13,081,273 million in 2023[17] - Total assets reached $13,202,224 for the nine months ended Sept. 30, 2024, up from $12,877,141 in 2023[20] Real Estate and Consumer Loans - Total real estate loans grew to $5,354,404 thousand in Sept. 2024, up from $5,161,023 thousand in June 2024 and $4,891,348 thousand in Sept. 2023[14] - Total consumer loans increased to $776,012 thousand in Sept. 2024, compared to $771,410 thousand in June 2024 and $694,874 thousand in Sept. 2023[14] Nonperforming Assets - Nonperforming assets as a percentage of loans held-for-investment and foreclosed assets decreased to 0.83% in Sept. 2024 from 0.81% in June 2024 and 0.57% in Sept. 2023[14] Repurchase Agreements and Borrowings - Repurchase agreements declined to $209,907 with a cost of 3.31% for the nine months ended Sept. 30, 2024, compared to $571,445 and a cost of 2.69% in 2023[20] - Borrowings decreased to $60,058 with a cost of 3.66% for the nine months ended Sept. 30, 2024, down from $82,339 and a cost of 3.97% in 2023[20] Return on Assets - Return on average assets for the quarter ended September 30, 2024, was 1.66%, compared to 1.53% in the same period last year[11]

Core Viewpoint - First Financial Bankshares, Inc. reported strong earnings growth in Q3 2024, with net income of $55.31 million, reflecting an 11.61% increase year-over-year, driven by growth in loans, deposits, and net interest income [1] Financial Performance - Net interest income for Q3 2024 was $107.11 million, up from $94.15 million in Q3 2023, with a net interest margin of 3.50% compared to 3.22% a year ago [1][3] - Noninterest income increased to $32.36 million in Q3 2024 from $28.07 million in Q3 2023, with notable growth in trust fee income [1][6] - Noninterest expense rose to $66.01 million in Q3 2024 from $59.54 million in Q3 2023, primarily due to increased salary and employee benefit costs [1][5] Asset and Loan Growth - Total assets reached $13.58 billion as of September 30, 2024, compared to $12.78 billion a year earlier [1][3] - Loans held-for-investment increased to $7.72 billion, up from $6.99 billion in the same period last year, with a quarterly growth of $203.46 million [1][5] - Deposits and repurchase agreements totaled $11.81 billion, an increase from $11.34 billion a year ago [1][3] Credit Quality - The provision for credit losses was $6.12 million in Q3 2024, compared to $2.28 million in Q3 2023, with an allowance for credit losses of $99.94 million, or 1.29% of loans [1][5] - Nonperforming assets as a percentage of loans and foreclosed assets were 0.83% as of September 30, 2024, compared to 0.57% a year ago [1][6] Shareholder Value - Shareholders' equity increased to $1.66 billion as of September 30, 2024, up from $1.24 billion a year earlier, attributed to a decrease in unrealized losses in the bond portfolio [1][3] - The company declared cash dividends of $0.18 per share, consistent with the previous year [3][4]

Core Points - First Financial Bank conducted its ninth annual Day of Service on October 14, 2024, partnering with 63 local non-profit and community organizations across Texas [1][2] - Over 1,000 employees from 79 branches participated in various service projects, demonstrating the bank's commitment to community support [1][2] - The CEO emphasized the importance of building partnerships with local non-profits and the responsibility of giving back to the community [2] Company Overview - First Financial Bank is a wholly owned subsidiary of First Financial Bankshares, Inc., listed on NASDAQ as FFIN [3] - The bank is headquartered in Abilene, Texas, and operates 79 locations across multiple banking regions in the state [3] - The company also includes First Financial Trust & Asset Management Company and First Technology Services, Inc. [3]

Company Overview - First Financial Bankshares (FFIN) is expected to report quarterly earnings of $0.39 per share, reflecting a year-over-year increase of +11.4% [3] - Revenues are anticipated to reach $140.25 million, which is a 12.2% increase from the same quarter last year [3] Earnings Estimates and Trends - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4] - The Most Accurate Estimate for First Financial is the same as the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [10] - The company currently holds a Zacks Rank of 2 (Buy), which complicates the prediction of an earnings beat [11] Earnings Surprise History - In the last reported quarter, First Financial met the expected earnings of $0.37 per share, resulting in no surprise [12] - Over the past four quarters, the company has only beaten consensus EPS estimates once [13] Industry Context - In the Zacks Banks - Southwest industry, First Horizon National (FHN) is expected to report earnings of $0.38 per share, showing a year-over-year change of +40.7% [17] - First Horizon's revenue is projected to be $821.63 million, up 5.6% from the previous year [17] - The consensus EPS estimate for First Horizon has been revised down by 0.3% over the last 30 days, but it has an Earnings ESP of 3.18%, suggesting a likely earnings beat [18]

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Investors might want to bet on First Financial Bankshares (FFIN) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked ...

It seems to be a wise idea to add the First Financial Bankshares (FFIN) stock to your portfolio now. The company is well-poised for top-line growth, driven by continued improvement in loans and deposit balances. Also, FFIN is expected to keep enhancing shareholder value through efficient capital distributions, given its solid balance sheet. Analysts seem optimistic regarding the company's earnings growth prospects. Over the past 30 days, the Zacks Consensus Estimate for FFIN's 2024 earnings has been revised ...

2 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |----------------------------------------------------------------------------------------|------------------------------------------| | | | | For the transition period from to | | | Commis ...

ABILENE, Texas, July 26, 2024 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) (the "Company", "we", "us", or "our") has announced the renewal of its existing stock repurchase plan. Pursuant to the renewed plan, the Company may repurchase up to 5,000,000 shares of its common stock, which represents approximately 3.5 percent of the Company's outstanding shares as of July 23, 2024, through July 31, 2025. The Board of Directors previously authorized the repurchase of up to 5,000,000 shares of co ...