First Financial Bankshares(US:FFIN) Prnewswire·2024-10-17 20:05Core 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]