FIRST FINANCIAL BANKSHARES ANNOUNCES FOURTH QUARTER 2022 EARNINGS AND 36TH YEAR OF CONSECUTIVE ANNUAL EARNINGS GROWTH

1/19/23 4:05:00 PM ET

Major Banks

Finance

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ABILENE, Texas, Jan. 19, 2023 /PRNewswire/ -- First Financial Bankshares, Inc. (the "Company," "we," "us" or "our") (NASDAQ:FFIN) today reported earnings of $58.67 million for the fourth quarter of 2022 compared to earnings of $55.34 million for the same quarter a year ago. Basic and diluted earnings per share were $0.41 for the fourth quarter of 2022 compared with $0.39 for the same quarter a year ago.

Earnings for the year ended December 31, 2022, totaled $234.48 million compared to $227.56 million for the year ended December 31, 2021, reflecting an increase of $6.91 million, or 3.04 percent. Basic and diluted earnings per share were $1.64 for the year ended December 31, 2022, compared with basic and diluted earnings per share of $1.60 and $1.59, respectively, for the year ended December 31, 2021. Included in earnings for the year ended December 31, 2022, when compared to the year ended December 31, 2021, were (i) an increase in net interest income of $31.05 million which included a decrease in PPP loan origination fees and interest income of $24.90 million when compared to the prior year; (ii) an increase in the provision for credit losses of $18.57 million; (iii) a decrease in mortgage revenues of $14.21 million; (iv) a decrease in debit card revenues of $5.63 million and (v) a decrease in profit sharing expenses of $5.90 million.

"We are extremely pleased with both our quarterly and annual results representing our 36^th consecutive year of annual earnings growth. We finished 2022 with growth in loans, excluding PPP and held-for-sale loans, of $1.11 billion and growth in deposits of $439.02 million which was primarily driven by an increase of over 10,500 net new accounts during the year. During the fourth quarter, we were able to take advantage of lower interest rates on the longer part of the curve and sell $273.83 million of securities with lower yields and redeploy those dollars into our higher earning loan portfolio," said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares, Inc. "As a result of the hard work and dedication of our board, officers and employees, we were able to overcome some significant headwinds in 2022 which included declines in PPP, mortgage and debit card revenues and increased provision expenses. In light of the continued increases in interest rates by the Federal Reserve, we continue to focus on loan and deposit pricing that better aligns with our competitive environment. As we enter 2023, we remain focused on serving our customers and delivering solid results while actively managing the impact of the current interest rate, regulatory and economic environments. We appreciate the continued support of our customers, shareholders and associates." Mr. Dueser added.

Net interest income for the fourth quarter of 2022 was $104.04 million compared to $94.81 million for the fourth quarter of 2021. The net interest margin, on a taxable equivalent basis, was 3.36 percent for the fourth quarter of 2022, compared to 3.32 percent for the third quarter of 2022, and 3.29 percent for the fourth quarter of 2021. The growth in net interest income was driven by higher average interest-earning assets which increased to $12.32 billion for the fourth quarter of 2022 compared to $11.89 billion in the same quarter a year ago, partially offset by lower PPP loan origination fees and interest income which totaled $16 thousand in the fourth quarter of 2022 compared to $4.57 million in the fourth quarter of 2021. PPP loan balances totaled $169 thousand at December 31, 2022 compared to $52.79 million at December 31, 2021.

The Company recorded a provision for credit losses of $4.08 million for the fourth quarter of 2022 compared to a provision for credit losses of $2.06 million for the fourth quarter of 2021. The Company's provision for credit losses the fourth quarter of 2022 continued to be driven by strong organic loan growth, increases in unfunded commitments and a slight decline in the projected economic forecast metrics. At December 31, 2022, the allowance for credit losses totaled $75.83 million, or 1.18 percent of loans held-for-investment ("Loans"), compared to $63.47 million at December 31, 2021, or 1.18 percent of loans. Additionally, the reserve for unfunded commitments totaled $12.32 million at December 31, 2022 compared to $6.44 million at December 31, 2021 due to the increase in unfunded commitments and a decline in the projected economic forecast in the Company's construction and development portfolio.

For the fourth quarter of 2022, net charge-offs totaled $905 thousand compared to net charge-offs of $2.28 million for the fourth quarter of 2021. Nonperforming assets as a percentage of Loans and foreclosed assets totaled 0.38 percent at December 31, 2022, compared with 0.63 percent at December 31, 2021. Classified loans totaled $150.70 million at December 31, 2022, compared to $161.19 million at December 31, 2021.

Noninterest income for the fourth quarter of 2022 was $28.52 million compared to $34.90 million for the fourth quarter of 2021, as a result of the following:

Trust fees increased to $10.12 million for the fourth quarter of 2022 compared to $9.67 million for the fourth quarter of 2021, driven by the continued increase in oil and gas revenue. At December 31, 2022, the fair value of trust assets managed was $8.75 billion.
Service charges on deposits increased to $6.40 million for the fourth quarter of 2022 compared with $5.76 million for the fourth quarter of 2021, driven by more than 10,500 net new accounts opened in 2022.
Debit card fees decreased by $3.45 million for the fourth quarter of 2022 compared to the same quarter a year ago. The decrease was due the impact of becoming subject to regulations imposed by the Federal Reserve that limits debit card interchange revenue ("Durbin Amendment") which became effective for the Company as of July 1, 2022, and is consistent with our prior disclosures.
Mortgage income declined to $2.90 million for the fourth quarter of 2022 compared to $6.27 million for the fourth quarter of 2021 due to lower overall origination volumes and margins as a result of the changes in interest rates.
Recoveries of interest on previously charged-off or nonaccrual loans totaled $244 thousand for the fourth quarter of 2022 compared to $1.21 million for the fourth quarter of 2021.
Gains on sales of securities and other assets were $129 thousand during the fourth quarter of 2022 compared to $105 thousand for the fourth quarter of 2021.

Noninterest expense for the fourth quarter of 2022 totaled $57.78 million compared to $61.67 million for the fourth quarter of 2021, as a result of the following:

Salary, commissions and employee benefit costs totaled $32.96 million for the fourth quarter of 2022, compared to $34.98 million in the fourth quarter of 2021 reflecting annual merit-based and market driven pay increases offset by lower mortgage compensation expenses of $1.22 million and a decrease of $2.53 million in profit sharing expenses.

The Company's efficiency ratio improved to 43.30 percent for the year ended December 31, 2022 compared to 45.84 percent for the year ended December 31, 2021.

As of December 31, 2022, consolidated assets for the Company totaled $12.97 billion compared to $13.10 billion at December 31, 2021. Loans totaled $6.44 billion at December 31, 2022, compared with Loans of $5.39 billion at December 31, 2021. Excluding PPP and held-for-sale loans, Loans grew $186.41 million, or 11.82 percent during the fourth quarter of 2022, and $1.11 billion, or 20.72 percent when compared to December 31, 2021 balances. Deposits totaled $11.01 billion at December 31, 2022, compared to $10.57 billion at December 31, 2021.

During the fourth quarter of 2022, the Company sold $273.83 million of securities classified as available-for-sale with an average book yield of 3.16 percent. The proceeds from the sales of these securities were largely used to fund organic loan growth during the quarter. As of December 31, 2022, cash flows from the security portfolio of $540.28 million are projected over the next twelve months.

Shareholders' equity was $1.27 billion as of December 31, 2022, compared to $1.76 billion at December 31, 2021, as a result of changes in other comprehensive income ("OCI") due to increasing interest rates over the last year. The unrealized loss on the available-for-sale investment securities portfolio, net of applicable tax, totaled $535.23 million at December 31, 2022, compared to an unrealized loss of $632.42 million at September 30, 2022, and an unrealized gain of $99.25 million at December 31, 2021.

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, 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 ten 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," 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
		2022												2021
ASSETS		Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
Cash and due from banks	$	293,286		$	227,298		$	242,665		$	203,187		$	205,053
Interest-bearing demand deposits in banks		37,392			138,484			222,899			394,566			323,535
Investment securities		5,474,359			5,745,443			6,215,036			6,502,495			6,573,179
Loans, held-for-investment, excluding PPP Loans		6,441,699			6,255,286			5,876,281			5,550,430			5,336,179
PPP loans		169			202			2,301			15,739			52,793
Total loans, held-for-investment		6,441,868			6,255,488			5,878,582			5,566,169			5,388,972
Allowance for credit losses		(75,834)			(74,108)			(71,932)			(66,913)			(63,465)
Net loans, held-for-investment		6,366,034			6,181,380			5,806,650			5,499,256			5,325,507
Loans, held-for-sale		11,965			18,815			26,445			27,670			37,810
Premises and equipment, net		152,973			152,646			149,280			150,168			149,764
Goodwill		313,481			313,481			313,481			313,481			313,481
Other intangible assets		2,053			2,352			2,658			2,978			3,298
Other assets		322,523			330,445			281,098			220,399			170,834
Total assets	$	12,974,066		$	13,110,344		$	13,260,212		$	13,314,200		$	13,102,461

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	4,061,788		$	4,200,792		$	4,104,034		$	3,978,724		$	3,780,230
Interest-bearing deposits		6,943,719			6,941,326			7,018,949			7,021,101			6,786,258
Total deposits		11,005,507			11,142,118			11,122,983			10,999,825			10,566,488
Borrowings		642,507			774,581			768,364			758,595			671,152
Other liabilities		60,315			61,030			39,847			67,031			105,597
Shareholders' equity		1,265,737			1,132,615			1,329,018			1,488,749			1,759,224
Total liabilities and shareholders' equity	$	12,974,066		$	13,110,344		$	13,260,212		$	13,314,200		$	13,102,461

	Quarter Ended
		2022												2021
INCOME STATEMENTS		Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
Interest income	$	121,137		$	112,728		$	101,981		$	97,009		$	95,995
Interest expense		17,100			9,572			3,199			1,570			1,187
Net interest income		104,037			103,156			98,782			95,439			94,808
Provision for credit losses		4,075			3,221			5,350			4,782			2,064
Net interest income after provision for credit losses		99,962			99,935			93,432			90,657			92,744
Noninterest income		28,524			30,943			37,317			34,881			34,903
Noninterest expense		57,778			59,442			58,333			59,225			61,672
Net income before income taxes		70,708			71,436			72,416			66,313			65,975
Income tax expense		12,040			12,095			11,922			10,341			10,638
Net income	$	58,668		$	59,341		$	60,494		$	55,972		$	55,337

PER COMMON SHARE DATA
Net income - basic	$	0.41		$	0.42		$	0.42		$	0.39		$	0.39
Net income - diluted		0.41			0.41			0.42			0.39			0.39
Cash dividends declared		0.17			0.17			0.17			0.15			0.15
Book value		8.87			7.94			9.32			10.43			12.34
Tangible book value		6.66			5.73			7.10			8.21			10.12
Market value		34.40			41.83			39.27			44.12			50.84
Shares outstanding - end of period		142,657,871			142,628,163			142,586,601			142,704,495			142,532,116
Average outstanding shares - basic		142,619,632			142,524,500			142,682,251			142,558,743			142,437,804
Average outstanding shares - diluted		143,071,538			143,126,088			143,238,669			143,302,063			143,251,521


PERFORMANCE RATIOS
Return on average assets		1.76	%		1.76	%		1.82	%		1.71	%		1.74	%
Return on average equity		19.87			17.31			17.26			13.53			12.63
Return on average tangible equity		27.20			22.55			22.27			16.68			15.45
Net interest margin (tax equivalent)		3.36			3.32			3.28			3.22			3.29
Efficiency ratio		43.52			43.76			41.83			44.16			46.18

	Year Ended
	Dec. 31,
INCOME STATEMENTS		2022			2021
Interest income	$	432,854		$	376,405
Interest expense		31,440			6,042
Net interest income		401,414			370,363
Provision for credit losses		17,427			(1,139)
Net interest income after provision for credit losses		383,987			371,502
Noninterest income		131,665			142,176
Noninterest expense		234,778			241,708
Net income before income taxes		280,874			271,970
Income tax expense		46,399			44,408
Net income	$	234,475		$	227,562

PER COMMON SHARE DATA
Net income - basic	$	1.64		$	1.60
Net income - diluted		1.64			1.59
Cash dividends declared		0.66			0.58
Book value		8.87			12.34
Tangible book value		6.66			10.12
Market value	$	34.40		$	50.84
Shares outstanding - end of period		142,657,871			142,532,116
Average outstanding shares - basic		142,596,252			142,291,939
Average outstanding shares - diluted		143,207,899			143,134,220

PERFORMANCE RATIOS
Return on average assets		1.76	%		1.89	%
Return on average equity		16.72			13.31
Return on average tangible equity		21.59			16.35
Net interest margin (tax equivalent)		3.29			3.40
Efficiency ratio		43.30			45.84

FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)

	Quarter Ended
	2022													2021
ALLOWANCE FOR LOAN LOSSES		Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
Balance at beginning of period	$	74,108		$	71,932		$	66,913		$	63,465		$	63,370
Loans charged-off		(1,225)			(293)			(275)			(659)			(3,067)
Loan recoveries		320			1,409			1,191			360			783
Net recoveries (charge-offs)		(905)			1,116			916			(299)			(2,284)
Provision for loan losses		2,631			1,060			4,103			3,747			2,379
Balance at end of period	$	75,834		$	74,108		$	71,932		$	66,913		$	63,465

ALLOWANCE FOR UNFUNDED COMMITMENTS
Balance at beginning of period	$	10,879		$	8,718		$	7,471		$	6,436		$	6,751
Provision for unfunded commitments		1,444			2,161			1,247			1,035			(315)
Balance at end of period	$	12,323		$	10,879		$	8,718		$	7,471		$	6,436

Allowance for loan losses /
period-end loans held-for-investment		1.18	%		1.18	%		1.22	%		1.20	%		1.18	%
Allowance for loan losses /
nonperforming loans		311.75			301.02			281.90			232.71			200.33
Net charge-offs (recoveries) / average total loans
(annualized)		0.06			(0.07)			(0.06)			0.02			0.17

	Quarter Ended
	2022													2021
COMPOSITION OF LOANS HELD-FOR-INVESTMENT		Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
Commercial:
C&I	$	917,148		$	871,133		$	837,627		$	822,310		$	784,282
PPP		169			202			2,301			15,739			52,793
Municipal		221,090			214,852			200,577			191,799			177,905
Total Commercial		1,138,407			1,086,187			1,040,505			1,029,848			1,014,980
Agricultural		76,947			76,937			90,420			82,883			98,089
Real Estate:
Construction & Development		959,426			938,051			928,644			806,211			749,793
Farm		306,322			268,139			250,028			225,942			217,220
Non-Owner Occupied CRE		732,089			717,738			636,432			636,160			623,434
Owner Occupied CRE		954,400			945,665			909,899			881,181			821,653
Residential		1,575,758			1,536,180			1,412,125			1,352,162			1,334,419
Total Real Estate		4,527,995			4,405,773			4,137,128			3,901,656			3,746,519
Consumer:
Auto		550,635			538,798			468,147			419,818			405,416
Non-Auto		147,884			147,793			142,382			131,964			123,968
Total Consumer		698,519			686,591			610,529			551,782			529,384

Total loans held-for-investment	$	6,441,868		$	6,255,488		$	5,878,582		$	5,566,169		$	5,388,972

SUMMARY OF LOAN CLASSIFICATION
Special Mention	$	49,382		$	43,149		$	46,512		$	47,445		$	55,670
Substandard		101,316			100,568			106,156			104,715			105,515
Doubtful		-			-			-			-			-
Total classified loans	$	150,698		$	143,717		$	152,668		$	152,160		$	161,185

NONPERFORMING ASSETS
Nonaccrual loans	$	24,306		$	24,585		$	25,475		$	28,723		$	31,652
Accruing troubled debt restructured loans		19			19			20			20			21
Accruing loans 90 days past due		-			15			22			11			8
Total nonperforming loans		24,325			24,619			25,517			28,754			31,681
Foreclosed assets		-			-			-			-			2,477
Total nonperforming assets	$	24,325		$	24,619		$	25,517		$	28,754		$	34,158

As a % of loans held-for-investment and foreclosed assets		0.38	%		0.39	%		0.43	%		0.52	%		0.63	%
As a % of end of period total assets		0.19			0.19			0.19			0.22			0.26


	Quarter Ended
	2022													2021
CAPITAL RATIOS		Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
Common equity Tier 1 capital ratio		18.22	%		18.03	%		18.50	%		19.00	%		19.35	%
Tier 1 capital ratio		18.22			18.03			18.50			19.00			19.35
Total capital ratio		19.29			19.07			19.54			20.01			20.34
Tier 1 leverage ratio		10.96			10.79			10.65			10.78			11.13
Tangible common equity ratio		7.51			6.38			7.83			9.02			11.28
Equity/Assets ratio		9.76			8.64			10.02			11.18			13.43

	Quarter Ended
	2022													2021
NONINTEREST INCOME		Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
Trust fees	$	10,122		$	10,314		$	9,742		$	9,817		$	9,670
Service charges on deposits		6,397			6,399			6,038			5,706			5,762
Debit card fees		5,899			5,587			9,868			8,926			9,353
Credit card fees		632			651			700			602			602
Gain on sale and fees on mortgage loans		2,904			4,070			5,728			6,333			6,272
Net gain on sale of available-for-sale securities		131			334			1,648			31			1
Net gain on sale of foreclosed assets		-			349			18			1,084			107
Net gain (loss) on sale of assets		(2)			526			6			(10)			(3)
Interest on loan recoveries		244			664			1,649			283			1,207
Other noninterest income		2,197			2,049			1,920			2,109			1,932
Total noninterest income	$	28,524		$	30,943		$	37,317		$	34,881		$	34,903

NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	32,391		$	33,129		$	31,840		$	32,540		$	31,876
Profit sharing expense		565			763			1,307			1,598			3,099
Net occupancy expense		3,350			3,440			3,292			3,225			3,333
Equipment expense		2,053			2,396			2,346			2,257			2,382
FDIC assessment fees		1,021			917			904			869			848
Debit card expense		3,054			3,013			3,200			2,964			3,221
Legal, tax and professional fees		2,814			2,604			2,513			2,957			2,835
Audit fees		451			451			450			451			423
Printing, stationery and supplies		473			600			501			540			664
Amortization of intangible assets		299			306			320			320			391
Advertising, meals and public relations		1,646			1,692			1,554			1,493			1,842
Operational and other losses		982			869			782			596			1,385
Software amortization and expense		2,420			2,564			2,522			2,457			2,817
Other noninterest expense		6,259			6,698			6,802			6,958			6,556
Total noninterest expense	$	57,778		$	59,442		$	58,333		$	59,225		$	61,672

TAX EQUIVALENT YIELD ADJUSTMENT	$	187		$	1,737		$	3,366		$	3,782		$	3,841

	Year Ended
	Dec. 31,
NONINTEREST INCOME		2022		2021
Trust fees	$	39,995	$	36,145
Service charges on deposits		24,540		21,156
Debit card fees		30,280		35,905
Credit card fees		2,585		2,373
Gain on sale and fees on mortgage loans		19,035		33,245
Net gain on sale of available-for-sale securities		2,144		815
Net gain on sale of foreclosed assets		1,451		190
Net gain (loss) on sale of assets		520		210
Interest on loan recoveries		2,840		4,039
Other noninterest income		8,275		8,098
Total noninterest income	$	131,665	$	142,176

NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	129,900	$	131,908
Profit sharing expense		4,233		10,134
Net occupancy expense		13,307		13,009
Equipment expense		9,052		9,173
FDIC assessment fees		3,711		3,130
Debit card expense		12,231		11,957
Legal, tax and professional fees		10,888		11,806
Audit fees		1,803		1,759
Printing, stationery and supplies		2,114		1,910
Amortization of intangible assets		1,245		1,613
Advertising, meals and public relations		6,385		6,368
Operational and other losses		3,229		3,293
Software amortization and expense		9,963		11,120
Other noninterest expense		26,717		24,528
Total noninterest expense	$	234,778	$	241,708

TAX EQUIVALENT YIELD ADJUSTMENT	$	9,071	$	14,691

FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)

	Three Months Ended						Three Months Ended
	Dec. 31, 2022						Sept. 30, 2022
		Average		Tax Equivalent	Yield /			Average		Tax Equivalent	Yield /
		Balance		Interest	Rate			Balance		Interest	Rate
Interest-earning assets:
Federal funds sold	$	3,165	$	36	4.57	%	$	3,107	$	19	2.49	%
Interest-bearing demand deposits in nonaffiliated banks		160,200		1,579	3.91			248,929		1,413	2.25
Taxable securities		3,761,206		21,152	2.25			4,039,107		20,799	2.06
Tax-exempt securities		2,001,185		12,231	2.44			2,164,829		14,382	2.66
Loans		6,391,703		86,326	5.36			6,082,649		77,851	5.08
Total interest-earning assets		12,317,459	$	121,324	3.91	%		12,538,621	$	114,464	3.62	%
Noninterest-earning assets		891,972						833,980
Total assets	$	13,209,431					$	13,372,601
Interest-bearing liabilities:
Deposits	$	6,871,315	$	13,123	0.76	%	$	7,004,478	$	8,787	0.50	%
Borrowings		927,250		3,977	1.70			768,096		784	0.40
Total interest-bearing liabilities		7,798,565	$	17,100	0.87	%		7,772,574	$	9,571	0.49	%
Noninterest-bearing deposits		4,179,494						4,178,675
Other noninterest-bearing liabilities		60,085						61,320
Shareholders' equity		1,171,287						1,360,032
Total liabilities and shareholders' equity	$	13,209,431					$	13,372,601

Net interest income and margin (tax equivalent)			$	104,224	3.36	%			$	104,893	3.32	%

	Three Months Ended						Three Months Ended
	June 30, 2022						Mar. 31, 2022
		Average		Tax Equivalent	Yield /			Average		Tax Equivalent	Yield /
		Balance		Interest	Rate			Balance		Interest	Rate
Interest-earning assets:
Federal funds sold	$	1,466	$	5	1.45	%	$	1,015	$	1	0.52	%
Interest-bearing demand deposits in nonaffiliated banks		288,784		547	0.76			171,970		94	0.22
Taxable securities		4,101,751		19,151	1.87			4,231,949		17,823	1.68
Tax-exempt securities		2,376,324		17,166	2.89			2,612,025		18,107	2.77
Loans		5,720,804		68,478	4.80			5,487,538		64,766	4.79
Total interest-earning assets		12,489,129	$	105,347	3.38	%		12,504,497	$	100,791	3.27	%
Noninterest-earning assets		825,711						744,810
Total assets	$	13,314,840					$	13,249,307
Interest-bearing liabilities:
Deposits	$	7,049,041	$	2,967	0.17	%	$	6,898,059	$	1,369	0.08	%
Borrowings		730,477		232	0.13			781,314		201	0.10
Total interest-bearing liabilities		7,779,518	$	3,199	0.16	%		7,679,373	$	1,570	0.08	%
Noninterest-bearing deposits		4,064,207						3,827,451
Other noninterest-bearing liabilities		65,475						64,999
Shareholders' equity		1,405,640						1,677,484
Total liabilities and shareholders' equity	$	13,314,840					$	13,249,307

Net interest income and margin (tax equivalent)			$	102,148	3.28	%			$	99,221	3.22	%

	Three Months Ended
	Dec. 31, 2021
		Average		Tax Equivalent	Yield /
		Balance		Interest	Rate
Interest-earning assets:
Federal funds sold	$	82	$	-	0.48	%
Interest-bearing demand deposits in nonaffiliated banks		320,102		124	0.15
Taxable securities		3,590,137		13,556	1.51
Tax-exempt securities		2,636,360		18,163	2.76
Loans		5,347,069		67,993	5.04
Total interest-earning assets		11,893,750	$	99,836	3.33	%
Noninterest-earning assets		726,932
Total assets	$	12,620,682
Interest-bearing liabilities:
Deposits	$	6,399,343	$	1,110	0.07	%
Borrowings		639,725		77	0.05
Total interest-bearing liabilities		7,039,068	$	1,187	0.07	%
Noninterest-bearing deposits		3,744,848
Other noninterest-bearing liabilities		99,091
Shareholders' equity		1,737,675
Total liabilities and shareholders' equity	$	12,620,682

Net interest income and margin (tax equivalent)			$	98,649	3.29	%

	Year Ended						Year Ended
	Dec. 31, 2022						Dec. 31, 2021
		Average		Tax Equivalent	Yield /			Average		Tax Equivalent	Yield /
		Balance		Interest	Rate			Balance		Interest	Rate
Interest-earning assets:
Federal funds sold	$	2,196	$	63	2.85	%	$	1,651	$	9	0.55	%
Interest-bearing demand deposits in nonaffiliated banks		217,525		3,633	1.67			590,843		730	0.12
Taxable securities		4,032,228		78,924	1.96			2,898,924		47,390	1.63
Tax-exempt securities		2,286,578		61,886	2.71			2,503,220		70,253	2.81
Loans		5,923,594		297,420	5.02			5,341,332		272,714	5.11
Total interest-earning assets		12,462,121	$	441,926	3.55	%		11,335,970	$	391,096	3.45	%
Noninterest-earning assets		824,550						706,285
Total assets	$	13,286,671					$	12,042,255
Interest-bearing liabilities:
Deposits	$	6,955,783	$	26,246	0.38	%	$	6,224,621	$	5,704	0.09	%
Borrowings		802,091		5,195	0.65			556,610		338	0.06
Total interest-bearing liabilities		7,757,874	$	31,441	0.41	%		6,781,231	$	6,042	0.09	%
Noninterest-bearing deposits		4,063,740						3,449,313
Other noninterest-bearing liabilities		62,953						102,279
Shareholders' equity		1,402,104						1,709,432
Total liabilities and shareholders' equity	$	13,286,671					$	12,042,255

Net interest income and margin (tax equivalent)			$	410,485	3.29	%			$	385,054	3.40	%

View original content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-fourth-quarter-2022-earnings-and-36th-year-of-consecutive-annual-earnings-growth-301726203.html

SOURCE First Financial Bankshares, Inc.

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Date	Price Target	Rating	Analyst
10/21/2024	$34.50 → $40.00	Market Perform	Hovde Group
8/31/2021	$50.00	Neutral	Janney
8/31/2021		Neutral	Janney Montgomery Scott
7/27/2021	$47.00 → $48.00	Equal-Weight	Stephens & Co.

FIRST FINANCIAL BANKSHARES ANNOUNCES FOURTH QUARTER 2022 EARNINGS AND 36TH YEAR OF CONSECUTIVE ANNUAL EARNINGS GROWTH

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