8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): July 18, 2024

First Financial Bankshares, Inc.

(Exact name of registrant as specified in its Charter)

Texas	0-07674	75-0944023
(State or other jurisdiction of incorporation or organization)	(Commission File No.)	(I.R.S. Employer Identification No.)
	400 Pine Street, Abilene, Texas 79601
	(Address of Principal Executive Offices and Zip Code)
	Registrant’s Telephone Number (325) 627-7155

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 203.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
☐	Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13 e-4 (c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	FFIN	The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Attached as an exhibit to this Form 8-K is the earnings release for the quarter ended June 30, 2024 of First Financial Bankshares, Inc.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

99.1 Press Release dated July 18, 2024

104 Cover Page Interactive Data File (embedded within Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

		FIRST FINANCIAL BANKSHARES, INC.
		(Registrant)
DATE: July 18, 2024	By:	/s/ F. Scott Dueser
		F. SCOTT DUESER
		Chairman, President and Chief Executive Officer

EX-99.1

For immediate release For More Information: Michelle S. Hickox, EVP & Chief Financial Officer 325.627.7155

FIRST FINANCIAL BANKSHARES ANNOUNCES SECOND QUARTER 2024 EARNINGS

ABILENE, Texas, July 18, 2024 - First Financial Bankshares, Inc.(the “Company,” “we,” “us” or “our”) (NASDAQ: FFIN) today reported earnings of $52.49 million for the second quarter of 2024 compared to earnings of $50.87 million for the same quarter a year ago and $53.4 million for the quarter ended March 31, 2024. Basic and diluted earnings per share were $0.37 for the second quarter of 2024 compared with $0.36 for the second quarter of 2023 and $0.37 for the linked quarter.

“We are pleased with the second quarter results that are highlighted by strong loan growth and net interest margin expansion which resulted in increased net interest income for the quarter, “ said F. Scott Dueser, Chairman, CEO and President of First Financial Bankshares, Inc., “Our outlook is positive for the remainder of the year as we look to continue to remix our assets as cash flows from maturing securities are invested in loans and execute strategies to grow deposits in our markets. As always, we appreciate the support of customers, shareholders, and employees.”

Net interest income for the second quarter of 2024 was $103.27 million compared to $95.87 million for the second quarter of 2023 and $100.24 million for the first quarter 2024. The net interest margin, on a taxable equivalent basis, was 3.48 percent for the second quarter of 2024 compared to 3.29 percent for the second quarter of 2023 and 3.34 percent in the first quarter of 2024. Increased margins are primarily due to an asset shift mix as securities cash flows are reinvested in the loan portfolio. Average interest-earning assets were $12.23 billion for the second quarter of 2024 compared to $12.05 billion for the same quarter a year ago.

The Company recorded a provision for credit losses of $5.89 million for the second quarter of 2024 compared to a provision for credit losses of $5.57 million for the second quarter of 2023 and $808 thousand for the first quarter 2024. At June 30, 2024, the allowance for credit losses totaled $95.17 million, or 1.27 percent of loans held-for-investment (“loans” hereafter), compared to $86.54 million at June 30, 2023, or 1.28 percent of loans and $89.56 million at March 31, 2024 or 1.24 percent of total loans. Additionally, the reserve for unfunded commitments totaled $7.43 million at June 30, 2024 compared to $9.45 million at June 30, 2023 and $7.46 million at March 31, 2024.

For the second quarter of 2024, net charge-offs totaled $302 thousand compared to net charge-offs of $799 thousand for the second quarter of 2023 and net charge offs of $428 thousand for the first quarter 2024. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.81 percent at June 30, 2024, compared to 0.43 percent at June 30, 2023 and 0.51 percent at March 31, 2024. Classified loans totaled $219.26 million at June 30, 2024, compared to $175.14 million at June 30, 2023 and $201.59 million at March 31, 2024. The increase in nonperforming and classified loans in the second quarter 2024 is primarily related to one owner occupied commercial real estate loan in the DFW area that was classified and placed on nonaccrual during the quarter.

Noninterest income for the second quarter of 2024 was $31.27 million compared to $29.95 million for the second quarter of 2023 and $29.38 million for the first quarter of 2024. Notable changes for the second quarter of 2024 when compared to the same quarter a year ago and for the linked quarter are as follows:

•Trust fee income increased $1.83 million from the second quarter 2023 and $335 thousand from the first quarter 2024. Trust revenue has increased primarily due to growth in assets under management and increases in oil and gas related fees.

•Debit card fees decreased by $1.58 million for the second quarter of 2024 from the prior year due to annual incentives that were recognized in the second quarter 2023. Annual incentives are being amortized throughout the year in 2024. Debit card fee income increased $254 thousand from the first quarter 2024.

•Mortgage income increased to $3.69 million compared to $3.53 million for the second quarter of 2023 and $3.13 million in the first quarter of 2024 as overall origination volume and margins have improved slightly from the prior year.

•Service charges on deposits decreased to $6.01 million for the second quarter of 2024 compared with $6.31 million for the second quarter of 2023 and $6.25 million for the first quarter of 2024, primarily due to lower revenue from overdraft fee income.

Noninterest expense for the second quarter of 2024 totaled $65.01 million compared to $57.61 million for the second quarter of 2023 and $63.94 million for the first quarter of 2024. Notable changes for the second quarter of 2024 when compared to the same quarter a year ago and for the linked quarter are as follows:

•Salary, commissions, and employee benefit costs increased to $37.47 million for the second quarter of 2024, compared to $31.77 million in the second quarter of 2023 and $36.68 million for the first quarter of 2024. The increase from the prior year is related primarily to increases of $1.93 million in profit sharing expense, $1.65 million in bonus and incentive accruals due to annualized earnings growth for several regions and $1.33 million in health insurance expenses. The increase from first quarter of 2024 is related to bonus and incentive accruals offset by a slight decrease in health insurance expenses.

•Noninterest expenses, excluding salary related costs, increased $1.69 million for the second quarter of 2024 compared to the same period in 2023 largely due to increases in software amortization and expense and legal, tax and professional fees. Non-interest expenses, excluding salary related costs, increased $283 thousand from the first quarter of 2024 due to a $1.08 million increase in legal, tax and professional fees, offset by decreases in FDIC insurance expense of $457 thousand and $385 thousand in operational and other losses.

The Company’s efficiency ratio was 47.41 percent for the second quarter of 2024 compared to 44.74 percent for the second quarter of 2023 and 48.37 percent for the first quarter of 2024. The increase from the prior year is related to the increase in non-interest expense. The decrease from the linked quarter is primarily due to the increase in net interest income.

As of June 30, 2024, consolidated total assets were $13.16 billion compared to $12.83 billion on June 30, 2023, and $13.11 billion at December 31, 2023. Loans totaled $7.52 billion on June 30, 2024, compared with loans of $6.78 billion at June 30, 2023 and $7.15 billion at December 31, 2023. During the second quarter of 2024, loans grew $290.32 million, or 16.15 percent annualized, when compared to March 31, 2024, balances. Loans have grown $370.94 million or 10.43 percent year-to-date. Deposits totaled $11.41 billion at June 30, 2024, compared to $10.81 billion at June 30, 2023 and $11.14 billion at December 31, 2023.

Shareholders’ equity was $1.52 billion as of June 30, 2024, compared to $1.37 billion and $1.50 billion at June 30, 2023, and December 31, 2023, respectively, primarily due to accumulated earnings. The unrealized loss on the securities portfolio, net of applicable tax, totaled $441.56 million at June 30, 2024, compared to unrealized losses of $490.28 million at June 30, 2023 and $403.30 million at December 31, 2023.

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, N.A., 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, N.A., 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
		2024								2023
ASSETS		June 30,				Mar. 31,				Dec. 31,				Sept. 30,				June 30,
Cash and due from banks	$		263,262		$		222,464		$		281,354		$		208,277		$		255,018
Interest-bearing demand deposits in banks			103,315				365,397				255,237				180,008				23,839
Federal funds sold			2,800				12,300				-				-				-
Investment securities			4,573,024				4,658,526				4,732,762				4,652,537				5,066,262
Loans, held-for-investment			7,519,733				7,229,410				7,148,791				6,994,696				6,777,570
Allowance for credit losses			(95,170	)			(89,562	)			(88,734	)			(89,714	)			(86,541	)
Net loans, held-for-investment			7,424,563				7,139,848				7,060,057				6,904,982				6,691,029
Loans, held-for-sale			19,668				16,109				14,253				12,229				19,220
Premises and equipment, net			153,075				151,953				151,788				152,936				152,876
Goodwill			313,481				313,481				313,481				313,481				313,481
Other intangible assets			828				984				1,141				1,369				1,597
Other assets			310,059				310,096				295,521				351,599				302,115
Total assets	$		13,164,075		$		13,191,158		$		13,105,594		$		12,777,418		$		12,825,437
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$		3,289,032		$		3,348,147		$		3,435,586		$		3,477,553		$		3,578,483
Interest-bearing deposits			8,120,125				7,941,661				7,702,714				7,238,970				7,229,077
Total deposits			11,409,157				11,289,808				11,138,300				10,716,523				10,807,560
Repurchase agreements			138,950				307,297				381,928				621,791				559,479
Borrowings			23,703				26,803				22,153				129,753				28,177
Trade date payable			-				-				-				2,500				-
Other liabilities			73,239				75,883				64,313				66,741				62,988
Shareholders' equity			1,519,026				1,491,367				1,498,900				1,240,110				1,367,233
Total liabilities and shareholders' equity	$		13,164,075		$		13,191,158		$		13,105,594		$		12,777,418		$		12,825,437

	Quarter Ended
		2024						2023
INCOME STATEMENTS		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Interest income	$		153,673	$		149,495	$		142,207	$		135,351	$		129,005
Interest expense			50,400			49,253			44,699			41,202			33,139
Net interest income			103,273			100,242			97,508			94,149			95,866
Provision for credit losses			5,888			808			-			2,276			5,573
Net interest income after provision for credit losses			97,385			99,434			97,508			91,873			90,293
Noninterest income			31,268			29,383			21,979			28,070			29,947
Noninterest expense			65,012			63,940			63,474			59,539			57,613
Net income before income taxes			63,641			64,877			56,013			60,404			62,627
Income tax expense			11,156			11,480			10,031			10,848			11,754
Net income	$		52,485	$		53,397	$		45,982	$		49,556	$		50,873

PER COMMON SHARE DATA
Net income - basic	$	0.37	$	0.37	$	0.32	$	0.35	$	0.36
Net income - diluted		0.37		0.37		0.32		0.35		0.36
Cash dividends declared		0.18		0.18		0.18		0.18		0.18
Book value		10.63		10.44		10.50		8.69		9.58
Tangible book value		8.43		8.24		8.30		6.48		7.37
Market value		29.53		32.81		30.30		25.12		28.49
Shares outstanding - end of period		142,848,909		142,817,159		142,716,939		142,677,069		142,741,196
Average outstanding shares - basic		142,814,363		142,724,674		142,680,263		142,707,260		142,700,805
Average outstanding shares - diluted		143,088,930		143,029,449		143,069,900		143,149,373		143,087,555

PERFORMANCE RATIOS
Return on average assets	1.61	%	1.62	%	1.42	%	1.53	%	1.58	%
Return on average equity	14.43		14.43		14.26		14.51		14.89
Return on average tangible equity	18.38		18.29		18.92		18.90		19.33
Net interest margin (tax equivalent)	3.48		3.34		3.33		3.22		3.29
Efficiency ratio	47.41		48.37		51.97		47.62		44.74

	Six Months Ended
	June 30,
INCOME STATEMENTS		2024				2023
Interest income	$		303,167		$		250,513
Interest expense			99,653				58,361
Net interest income			203,514				192,152
Provision for credit losses			6,695				8,354
Net interest income after provisions for credit losses			196,819				183,798
Noninterest income			60,651				57,954
Noninterest expense			128,952				114,869
Net income before income taxes			128,518				126,883
Income tax expense			22,636				23,442
Net income	$		105,882		$		103,441
PER COMMON SHARE DATA
Net income - basic	$		0.74		$		0.72
Net income - diluted			0.74				0.72
Cash dividends declared			0.36				0.35
Book value			10.63				9.58
Tangible book value			8.43				7.37
Market value	$		29.53		$		28.49
Shares outstanding - end of period			142,848,909				142,741,196
Average outstanding shares - basic			142,769,518				142,683,322
Average outstanding shares - diluted			143,067,193				143,027,503
PERFORMANCE RATIOS
Return on average assets			1.62	%			1.62	%
Return on average equity			14.43				15.58
Return on average tangible equity			18.33				20.38
Net interest margin (tax equivalent)			3.41				3.32
Efficiency ratio			47.88				44.84

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

	Quarter Ended
		2024								2023
ALLOWANCE FOR LOAN LOSSES		June 30,				Mar. 31,				Dec. 31,				Sept. 30,				June 30,
Balance at beginning of period	$		89,562		$		88,734		$		89,714		$		86,541		$		80,818
Loans charged-off			(702	)			(850	)			(1,213	)			(1,080	)			(1,118	)
Loan recoveries			400				422				233				432				319
Net recoveries (charge-offs)			(302	)			(428	)			(980	)			(648	)			(799	)
Provision for loan losses			5,910				1,256				-				3,821				6,522
Balance at end of period	$		95,170		$		89,562		$		88,734		$		89,714		$		86,541

ALLOWANCE FOR UNFUNDED COMMITMENTS
Balance at beginning of period	$	7,455			$	7,903			$	7,903		$	9,448			$	10,397
Provision for unfunded commitments		(22	)			(448	)			-			(1,545	)			(949	)
Balance at end of period	$	7,433			$	7,455			$	7,903		$	7,903			$	9,448
Allowance for loan losses /
period-end loans held-for-investment		1.27		%		1.24		%		1.24	%		1.28		%		1.28		%
Allowance for loan losses /
nonperforming loans		157.20				247.48				256.36			229.44				296.13
Net charge-offs (recoveries) / average total loans
(annualized)		0.02				0.02				0.06			0.04				0.05

	Quarter Ended
		2024						2023
COMPOSITION OF LOANS HELD-FOR-INVESTMENT		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Commercial:
C&I	$		1,141,990	$		1,191,516	$		1,164,811	$		1,108,240	$		1,021,863
Municipal			359,124			211,013			214,850			218,358			215,977
Total Commercial			1,501,114			1,402,529			1,379,661			1,326,598			1,237,840
Agricultural			86,186			87,882			84,890			81,876			82,032
Real Estate:
Construction & Development			986,394			921,773			963,158			929,570			915,221
Farm			318,597			311,002			344,954			341,052			335,644
Non-Owner Occupied CRE			815,713			853,721			827,969			828,900			811,347
Owner Occupied CRE			1,049,715			1,032,845			1,037,281			1,002,913			1,011,511
Residential			1,990,604			1,918,573			1,834,593			1,788,913			1,698,679
Total Real Estate			5,161,023			5,037,914			5,007,955			4,891,348			4,772,402
Consumer:
Auto			615,192			549,837			521,859			540,382			534,603
Non-Auto			156,218			151,248			154,426			154,492			150,693
Total Consumer			771,410			701,085			676,285			694,874			685,296
Total loans held-for-investment	$		7,519,733	$		7,229,410	$		7,148,791	$		6,994,696	$		6,777,570

SUMMARY OF LOAN CLASSIFICATION
Special Mention	$	57,864	$	62,623	$	40,834	$	60,939	$	66,960
Substandard		161,399		138,964		135,379		118,166		108,179
Doubtful		-		-		-		-		-
Total classified loans	$	219,263	$	201,587	$	176,213	$	179,105	$	175,139

NONPERFORMING ASSETS
Nonaccrual loans	$	60,311		$	36,157		$	33,609		$	38,812		$	28,672
Accruing loans 90 days past due		231			33			1,004			289			552
Total nonperforming loans		60,542			36,190			34,613			39,101			29,224
Foreclosed assets		647			1,014			483			597			25
Total nonperforming assets	$	61,189		$	37,204		$	35,096		$	39,698		$	29,249
As a % of loans held-for-investment and foreclosed assets		0.81	%		0.51	%		0.49	%		0.57	%		0.43	%
As a % of end of period total assets		0.46			0.28			0.27			0.31			0.23

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

	Quarter Ended
		2024						2023
CAPITAL RATIOS		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Common equity Tier 1 capital ratio			18.42	%		18.60	%		18.50	%		18.35	%		18.48	%
Tier 1 capital ratio			18.42			18.60			18.50			18.35			18.48
Total capital ratio			19.55			19.70			19.62			19.49			19.62
Tier 1 leverage ratio			12.40			12.12			12.06			12.00			11.81
Tangible common equity ratio			9.38			9.14			9.26			7.42			8.41
Equity/Assets ratio			11.54			11.31			11.44			9.71			10.66

	Quarter Ended
		2024							2023
NONINTEREST INCOME		June 30,				Mar. 31,			Dec. 31,				Sept. 30,				June 30,
Trust fees	$		11,714		$		11,379	$		10,678		$		10,050		$		9,883
Service charges on deposits			6,009				6,246			6,523				6,509				6,310
Debit card fees			5,145				4,891			5,024				5,041				6,720
Credit card fees			672				631			631				694				711
Gain on sale and fees on mortgage loans			3,687				3,128			1,940				3,442				3,534
Net gain (loss) on sale of available-for-sale securities			-				-			(6,205	)			(972	)			46
Net gain (loss) on sale of foreclosed assets			(58	)			-			23				(10	)			(1	)
Net gain (loss) on sale of assets			2				-			(101	)			696				-
Interest on loan recoveries			664				555			536				698				475
Other noninterest income			3,433				2,553			2,930				1,922				2,269
Total noninterest income	$		31,268		$		29,383	$		21,979		$		28,070		$		29,947

NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	35,569	$	35,003	$	34,560	$	32,755	$	31,796
Profit sharing expense		1,903		1,680		1,193		180		(30	)
Net occupancy expense		3,618		3,470		3,348		3,565		3,423
Equipment expense		2,233		2,237		2,020		2,200		2,198
FDIC insurance premiums		1,508		1,965		3,105		1,573		1,417
Debit card expense		3,242		3,058		3,229		3,284		3,221
Legal, tax and professional fees		3,809		2,734		3,125		3,007		2,847
Audit fees		453		333		587		551		563
Printing, stationery and supplies		425		447		492		512		740
Amortization of intangible assets		157		157		228		228		228
Advertising, meals and public relations		1,466		1,455		1,146		1,622		1,789
Operational and other losses		769		1,154		1,096		959		856
Software amortization and expense		3,158		3,005		3,017		2,441		2,519
Other noninterest expense		6,702		7,242		6,328		6,662		6,046
Total noninterest expense	$	65,012	$	63,940	$	63,474	$	59,539	$	57,613
TAX EQUIVALENT YIELD ADJUSTMENT	$	2,572	$	2,573	$	2,649	$	2,823	$	2,950

	Six Months Ended
	June 30,
NONINTEREST INCOME		2024				2023
Trust fees	$		23,093		$		19,728
Service charges on deposits			12,255				12,346
Debit card fees			10,036				11,656
Credit card fees			1,303				1,320
Gain on sale and fees on mortgage loans			6,815				6,508
Net gain on sale of available-for-sale securities			-				58
Net gain on sale of foreclosed assets			(58	)			33
Net gain (loss) on sale of assets			2				930
Interest on loan recoveries			1,219				821
Other noninterest income			5,986				4,554
Total noninterest income	$		60,651		$		57,954
NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$		70,572		$		63,227
Profit sharing expense			3,583				-
Net occupancy expense			7,088				6,853
Equipment expense			4,470				4,325
FDIC insurance premiums			3,473				3,071
Debit card expense			6,300				6,420
Legal, tax and professional fees			6,543				5,534
Audit fees			786				1,103
Printing, stationery and supplies			872				1,450
Amortization of intangible assets			314				456
Advertising, meals and public relations			2,920				3,264
Operational and other losses			1,923				1,787
Software amortization and expense			6,163				4,830
Other noninterest expense			13,945				12,549
Total noninterest expense	$		128,952		$		114,869
TAX EQUIVALENT YIELD ADJUSTMENT	$		5,145		$		6,080

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

	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									Three Months Ended
	Dec. 31, 2023									Sept. 30, 2023
		Average			Tax Equivalent		Yield /				Average			Tax Equivalent		Yield /
		Balance			Interest		Rate				Balance			Interest		Rate
Interest-earning assets:
Federal funds sold	$		1,768	$		25		5.72	%	$		2,383	$		35		5.79	%
Interest-bearing demand deposits in nonaffiliated banks			145,839			1,961		5.33				55,231			757		5.44
Taxable securities			3,317,114			19,686		2.37				3,429,290			19,425		2.27
Tax-exempt securities			1,410,148			10,188		2.89				1,578,660			11,085		2.81
Loans			7,052,463			112,996		6.36				6,894,064			106,872		6.15
Total interest-earning assets			11,927,332	$		144,856		4.82	%			11,959,628	$		138,174		4.58	%
Noninterest-earning assets			886,811									850,855
Total assets	$		12,814,143							$		12,810,483
Interest-bearing liabilities:
Deposits	$		7,371,260	$		39,225		2.11	%	$		7,259,252	$		36,165		1.98	%
Repurchase Agreements			558,592			4,627		3.29				567,064			4,518		3.16
Borrowings			78,066			847		4.30				54,124			519		3.80
Total interest-bearing liabilities			8,007,918	$		44,699		2.21	%			7,880,440	$		41,202		2.07	%
Noninterest-bearing deposits			3,461,544									3,509,809
Other noninterest-bearing liabilities			65,524									65,094
Shareholders' equity			1,279,157									1,355,140
Total liabilities and shareholders' equity	$		12,814,143							$		12,810,483
Net interest income and margin (tax equivalent)				$		100,157		3.33	%				$		96,972		3.22	%
	Three Months Ended
	June 30, 2023
		Average			Tax Equivalent		Yield /
		Balance			Interest		Rate
Interest-earning assets:
Federal funds sold	$		2,242	$		30		5.45	%
Interest-bearing demand deposits in nonaffiliated banks			119,168			1,553		5.23
Taxable securities			3,589,381			20,032		2.23
Tax-exempt securities			1,653,418			11,799		2.85
Loans			6,683,276			98,541		5.91
Total interest-earning assets			12,047,485	$		131,955		4.39	%
Noninterest-earning assets			842,284
Total assets	$		12,889,769
Interest-bearing liabilities:
Deposits	$		7,037,677	$		27,629		1.57	%
Repurchase Agreements			570,071			3,949		2.78
Borrowings			145,000			1,561		4.32
Total interest-bearing liabilities			7,752,748	$		33,139		1.71	%
Noninterest-bearing deposits			3,704,143
Other noninterest-bearing liabilities			62,227
Shareholders' equity			1,370,651
Total liabilities and shareholders' equity	$		12,889,769
Net interest income and margin (tax equivalent)				$		98,816		3.29	%

	Six Months Ended									Six Months Ended
	June 30, 2024									June 30, 2023
		Average			Tax Equivalent		Yield /				Average			Tax Equivalent		Yield /
		Balance			Interest		Rate				Balance			Interest		Rate
Interest-earning assets:
Federal funds sold	$		4,541	$		131		5.82	%	$		2,374	$		62		5.28	%
Interest-bearing deposits in nonaffiliated banks			252,338			6,948		5.54				131,288			3,172		4.87
Taxable securities			3,313,504			39,864		2.41				3,630,591			40,815		2.25
Tax exempt securities			1,419,606			19,524		2.75				1,701,707			24,542		2.88
Loans			7,305,361			241,846		6.66				6,592,310			188,002		5.75
Total interest-earning assets			12,295,350	$		308,313		5.04	%			12,058,270	$		256,593		4.29	%
Noninterest-earning assets			860,302									852,753
Total assets	$		13,155,652							$		12,911,023
Interest-bearing liabilities:
Deposits	$		7,949,170	$		93,666		2.37	%	$		7,058,979	$		49,441		1.41	%
Repurchase Agreements			265,014			4,457		3.38				573,672			6,994		2.46
Borrowings			77,947			1,530		3.95				96,680			1,926		4.02
Total interest-bearing liabilities			8,292,131	$		99,653		2.42	%			7,729,331	$		58,361		1.52	%
Noninterest-bearing deposits			3,318,332									3,781,876
Other noninterest-bearing liabilities			69,300									61,134
Shareholders' equity			1,475,889									1,338,682
Total liabilities and shareholders' equity	$		13,155,652							$		12,911,023
Net interest income and margin (tax equivalent)				$		208,660		3.41	%				$		198,232		3.32	%

XML

Document And Entity Information	Jul. 18, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 18, 2024
Entity Registrant Name	First Financial Bankshares, Inc.
Entity Central Index Key	0000036029
Entity Emerging Growth Company	false
Entity File Number	0-07674
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	75-0944023
Entity Address, Address Line One	400 Pine Street
Entity Address, City or Town	Abilene
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79601
City Area Code	325
Local Phone Number	627-7155
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	FFIN
Security Exchange Name	NASDAQ