Workflow
First Financial Bankshares(FFIN) - 2025 Q1 - Quarterly Results
FFINFirst Financial Bankshares(FFIN)2025-04-17 21:12

Financial Performance - First Financial Bankshares reported Q1 2025 earnings of 61.35million,upfrom61.35 million, up from 53.40 million in Q1 2024, with earnings per share increasing from 0.37to0.37 to 0.43[1] - Net interest income for Q1 2025 was 118.79million,comparedto118.79 million, compared to 100.24 million in Q1 2024, reflecting a net interest margin increase from 3.34% to 3.74%[3] - Noninterest income increased to 30.23millioninQ12025,drivenbytrustfeesrisingto30.23 million in Q1 2025, driven by trust fees rising to 12.65 million, while mortgage income decreased to 2.83million[6]−Noninterestexpensestotaled2.83 million[6] - Noninterest expenses totaled 70.34 million in Q1 2025, up from 63.94millioninQ12024,withanefficiencyratioimprovingfrom48.3763.94 million in Q1 2024, with an efficiency ratio improving from 48.37% to 46.36%[7] - Net income for Q1 2025 was 61,346 thousand, slightly down from 62,321thousandinQ42024,reflectingadecreaseof1.662,321 thousand in Q4 2024, reflecting a decrease of 1.6%[16] - Noninterest income for Q1 2025 was 30,230 thousand, a decrease of 2.4% from 30,977thousandinQ42024[16]−Totalnoninterestincomeforthequarterwas30,977 thousand in Q4 2024[16] - Total noninterest income for the quarter was 30,230 thousand, a slight decrease from 30,977thousandinthepreviousquarter[20]CreditQuality−Theprovisionforcreditlossesroseto30,977 thousand in the previous quarter[20] Credit Quality - The provision for credit losses rose to 3.53 million in Q1 2025 from 808thousandinQ12024,withtheallowanceforcreditlossesat1.27808 thousand in Q1 2024, with the allowance for credit losses at 1.27% of loans[4] - The provision for credit losses increased to 3,528 thousand in Q1 2025, compared to 1,003thousandinQ42024,indicatingasignificantriseincreditlossprovisions[16]−Nonperformingassetsdecreasedto1,003 thousand in Q4 2024, indicating a significant rise in credit loss provisions[16] - Nonperforming assets decreased to 61,688 thousand, representing 0.78% of loans held-for-investment and foreclosed assets, down from 0.80% in the previous quarter[18] - The total classified loans increased to 245,612thousand,upfrom245,612 thousand, up from 233,851 thousand in the previous quarter, indicating a rise in credit risk[18] Assets and Liabilities - Total assets reached 14.31billionasofMarch31,2025,comparedto14.31 billion as of March 31, 2025, compared to 13.19 billion a year earlier, with loans increasing to 7.95billion[8]−Totalassetsincreasedto7.95 billion[8] - Total assets increased to 14,312,114 thousand as of March 31, 2025, up from 13,979,418thousandattheendof2024,representingagrowthof2.413,979,418 thousand at the end of 2024, representing a growth of 2.4%[16] - Total deposits rose to 12,466,771 thousand in Q1 2025, up 3.0% from 12,099,174thousandinQ42024[16]−DepositsandRepurchaseAgreementsgrewby12,099,174 thousand in Q4 2024[16] - Deposits and Repurchase Agreements grew by 362.79 million, or 12.10% annualized, to 12.52billioninQ12025comparedtoDecember31,2024[8]−Interest−bearingliabilitiestotaled12.52 billion in Q1 2025 compared to December 31, 2024[8] - Interest-bearing liabilities totaled 9,010,521 thousand, with deposits accounting for 8,882,040thousandandanaverageinterestrateof2.178,882,040 thousand and an average interest rate of 2.17%[22] Shareholders' Equity - Shareholders' equity increased to 1.68 billion as of March 31, 2025, up from 1.49billionayearprior[9]−Shareholders′equityincreasedto1.49 billion a year prior[9] - Shareholders' equity increased to 1,645,535 thousand, indicating a stable capital position[22] Operational Efficiency - Salary and employee benefit costs rose to 42.14millioninQ12025,primarilyduetomerit−basedpayincreasesandprofit−sharingaccruals[10]−Theefficiencyratioimprovedto46.3642.14 million in Q1 2025, primarily due to merit-based pay increases and profit-sharing accruals[10] - The efficiency ratio improved to 46.36% in Q1 2025, compared to 46.81% in Q4 2024, indicating better cost management[16] Banking Operations - The company operates 79 banking locations across Texas and has a diversified deposit base, contributing to its financial stability[11] - Total loans held-for-investment reached 7,945,611 thousand as of March 31, 2025, compared to 7,913,098thousandattheendofthepreviousquarter,indicatingagrowthinloanportfolio[18]InterestIncome−Totalinterest−earningassetsincreasedto7,913,098 thousand at the end of the previous quarter, indicating a growth in loan portfolio[18] Interest Income - Total interest-earning assets increased to 13,160,057 thousand with a net interest income of 121,489thousand,resultinginamarginof3.74121,489 thousand, resulting in a margin of 3.74% for the three months ended March 31, 2025[22] - The bank's net interest income increased from 118,790 thousand in the previous quarter to $121,489 thousand, reflecting a growth of 1.4%[22] - The average yield on loans was 6.71%, slightly down from 6.78% in the previous quarter[22]