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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 March 31, 2024

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

Commission file number 0-07674

 

First Financial Bankshares, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

Texas

75-0944023

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

400 Pine Street, Abilene, Texas

79601

(Address of principal executive offices)

(Zip Code)

 

(325) 627-7155

(Registrant’s telephone number, including area code)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2of the Exchange Act.

 

 

 

 

 

 

 

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2of the Act). Yes ☐ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

 

 

 

 

Class

Outstanding at May 3, 2024

Common Stock, $0.01 par value per share

142,841,009

 

 


 

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

Item

 

 

 

 

Page

 

 

1.

 

Financial Statements

 

 

3

 

 

 

Consolidated Balance Sheets – Unaudited

4

 

 

Consolidated Statements of Earnings – Unaudited

5

 

 

Consolidated Statements of Comprehensive Earnings (Loss) – Unaudited

6

 

 

Consolidated Statements of Shareholders’ Equity – Unaudited

 

7

 

 

Consolidated Statements of Cash Flows – Unaudited

8

 

 

Notes to Consolidated Financial Statements – Unaudited

9

 

 

 

 

 

2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

40

 

 

 

 

 

3.

Quantitative and Qualitative Disclosures About Market Risk

53

 

 

 

 

 

4.

Controls and Procedures

54

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

 

1.

Legal Proceedings

55

 

 

 

 

 

1A.

Risk Factors

55

 

 

 

 

 

2.

Unregistered Sales of Equity Securities and Use of Proceeds

55

 

 

 

 

 

3.

Defaults Upon Senior Securities

55

 

 

 

 

 

4.

Mine Safety Disclosures

55

 

 

 

 

 

5.

Other Information

55

 

 

 

 

 

6.

Exhibits

56

 

 

 

 

 

 

Signatures

57

 

 

 

 

 

 

2


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

The consolidated balance sheets of First Financial Bankshares, Inc. and Subsidiaries (the “Company” or “we”) at March 31, 2024 and 2023 (unaudited), and December 31, 2023, and the consolidated statements of earnings, comprehensive earnings (loss) and shareholders’ equity for the three-months ended March 31, 2024 and 2023 (unaudited), and the consolidated statements of cash flows for the three-months ended March 31, 2024 and 2023 (unaudited), and notes to consolidated financial statements (unaudited), follow on pages 4 through 39.

3


 

FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share amounts)

 

 

March 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

2023

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

CASH AND DUE FROM BANKS

 

$

222,464

 

 

$

224,875

 

 

$

281,354

 

FEDERAL FUNDS SOLD

 

 

12,300

 

 

 

 

 

 

 

INTEREST-BEARING DEMAND DEPOSITS IN BANKS

 

 

365,397

 

 

 

221,336

 

 

 

255,237

 

Total cash and cash equivalents

 

 

600,161

 

 

 

446,211

 

 

 

536,591

 

SECURITIES AVAILABLE-FOR-SALE, at fair value (amortized cost of
   these securities was $
5,217,517, $5,879,040, and $5,243,681 as of
    March 31, 2024 and 2023, and December 31, 2023, respectively)

 

 

4,658,526

 

 

 

5,298,557

 

 

 

4,732,762

 

LOANS:

 

 

 

 

 

 

 

 

 

Held-for-investment

 

 

7,229,410

 

 

 

6,576,215

 

 

 

7,148,791

 

Less—allowance for credit losses

 

 

(89,562

)

 

 

(80,818

)

 

 

(88,734

)

 Net loans held-for-investment

 

 

7,139,848

 

 

 

6,495,397

 

 

 

7,060,057

 

Held-for-sale ($15,080, $11,766, and $11,077, at fair value at
      March 31, 2024 and 2023, and December 31, 2023, respectively)

 

 

16,109

 

 

 

11,996

 

 

 

14,253

 

BANK PREMISES AND EQUIPMENT, net

 

 

151,953

 

 

 

153,718

 

 

 

151,788

 

INTANGIBLE ASSETS, net

 

 

314,465

 

 

 

315,306

 

 

 

314,622

 

OTHER ASSETS

 

 

310,096

 

 

 

286,801

 

 

 

295,521

 

  Total assets

 

$

13,191,158

 

 

$

13,007,986

 

 

$

13,105,594

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

NONINTEREST-BEARING DEPOSITS

 

$

3,348,147

 

 

$

3,890,991

 

 

$

3,435,586

 

INTEREST-BEARING DEPOSITS

 

 

7,941,661

 

 

 

7,045,427

 

 

 

7,702,714

 

Total deposits

 

 

11,289,808

 

 

 

10,936,418

 

 

 

11,138,300

 

DIVIDENDS PAYABLE

 

 

25,754

 

 

 

24,274

 

 

 

25,712

 

REPURCHASE AGREEMENTS

 

 

307,297

 

 

 

608,299

 

 

 

381,928

 

BORROWINGS

 

 

26,803

 

 

 

24,628

 

 

 

22,153

 

OTHER LIABILITIES

 

 

50,129

 

 

 

41,514

 

 

 

38,601

 

Total liabilities

 

 

11,699,791

 

 

 

11,635,133

 

 

 

11,606,694

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

 

COMMON STOCK — ($0.01 par value, authorized 200,000,000 shares;
   
142,817,159, 142,703,531, and 142,716,939 shares issued at
   March 31, 2024 and 2023, and December 31, 2023, respectively)

 

 

1,428

 

 

 

1,427

 

 

 

1,427

 

CAPITAL SURPLUS

 

 

683,997

 

 

 

679,429

 

 

 

681,246

 

RETAINED EARNINGS

 

 

1,247,169

 

 

 

1,150,246

 

 

 

1,219,525

 

TREASURY STOCK (shares at cost: 931,427, 927,789 and 930,152 at
   March 31, 2024 and 2023, and December 31, 2023, respectively)

 

 

(12,120

)

 

 

(11,271

)

 

 

(11,855

)

DEFERRED COMPENSATION

 

 

12,120

 

 

 

11,271

 

 

 

11,855

 

ACCUMULATED OTHER COMPREHENSIVE EARNINGS (LOSS), net

 

 

(441,227

)

 

 

(458,249

)

 

 

(403,298

)

Total shareholders’ equity

 

 

1,491,367

 

 

 

1,372,853

 

 

 

1,498,900

 

  Total liabilities and shareholders’ equity

 

$

13,191,158

 

 

$

13,007,986

 

 

$

13,105,594

 

 

See notes to consolidated financial statements.

4


 

FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS—(UNAUDITED)

(Dollars in thousands, except per share amounts)

 

 

 

Three-Months Ended March 31,

 

 

 

 

2024

 

 

2023

 

 

INTEREST INCOME:

 

 

 

 

 

 

 

Interest and fees on loans

 

$

117,091

 

 

$

89,009

 

 

Interest on investment securities:

 

 

 

 

 

 

 

Taxable

 

 

19,952

 

 

 

20,782

 

 

Exempt from federal income tax

 

 

7,737

 

 

 

10,067

 

 

Interest on federal funds sold and interest-bearing demand
   deposits in banks

 

 

4,715

 

 

 

1,650

 

 

Total interest income

 

 

149,495

 

 

 

121,508

 

 

INTEREST EXPENSE:

 

 

 

 

 

 

 

Interest on deposits

 

 

45,251

 

 

 

21,812

 

 

Interest on repurchase agreements and borrowings

 

 

4,002

 

 

 

3,410

 

 

Total interest expense

 

 

49,253

 

 

 

25,222

 

 

Net interest income

 

 

100,242

 

 

 

96,286

 

 

PROVISION FOR CREDIT LOSSES

 

 

808

 

 

 

2,781

 

 

Net interest income after provision for credit losses

 

 

99,434

 

 

 

93,505

 

 

NONINTEREST INCOME:

 

 

 

 

 

 

 

Trust fees

 

 

11,379

 

 

 

9,845

 

 

Service charges on deposit accounts

 

 

6,246

 

 

 

6,036

 

 

Debit card fees

 

 

4,891

 

 

 

4,936

 

 

Credit card fees

 

 

631

 

 

 

609

 

 

Gain on sale and fees on mortgage loans

 

 

3,128

 

 

 

2,974

 

 

Net gain on sale of available-for-sale securities

 

 

 

 

 

12

 

 

Net gain on sale of foreclosed assets

 

 

 

 

 

34

 

 

Net gain on sale of other assets

 

 

 

 

 

930

 

 

Interest on loan recoveries

 

 

555

 

 

 

346

 

 

Other

 

 

2,553

 

 

 

2,285

 

 

Total noninterest income

 

 

29,383

 

 

 

28,007

 

 

NONINTEREST EXPENSE:

 

 

 

 

 

 

 

Salaries, commissions and employee benefits

 

 

36,683

 

 

 

31,461

 

 

Net occupancy expense

 

 

3,470

 

 

 

3,430

 

 

Equipment expense

 

 

2,237

 

 

 

2,127

 

 

FDIC insurance premiums

 

 

1,965

 

 

 

1,654

 

 

Debit card expense

 

 

3,058

 

 

 

3,199

 

 

Professional and service fees

 

 

2,396

 

 

 

2,365

 

 

Printing, stationery and supplies

 

 

447

 

 

 

710

 

 

Operational and other losses

 

 

1,154

 

 

 

931

 

 

Software amortization and expense

 

 

3,005

 

 

 

2,311

 

 

Amortization of intangible assets

 

 

157

 

 

 

228

 

 

Other

 

 

9,368

 

 

 

8,840

 

 

Total noninterest expense

 

 

63,940

 

 

 

57,256

 

 

EARNINGS BEFORE INCOME TAXES

 

 

64,877

 

 

 

64,256

 

 

INCOME TAX EXPENSE

 

 

11,480

 

 

 

11,688

 

 

NET EARNINGS

 

$

53,397

 

 

$

52,568

 

 

NET EARNINGS PER SHARE, BASIC

 

$

0.37

 

 

$

0.37

 

 

NET EARNINGS PER SHARE, DILUTED

 

$

0.37

 

 

$

0.37

 

 

DIVIDENDS PER SHARE

 

$

0.18

 

 

$

0.17

 

 

 

See notes to consolidated financial statements.

5


 

FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS) —(UNAUDITED)

(Dollars in thousands)

 

 

 

Three-Months Ended March 31,

 

 

 

 

2024

 

 

2023

 

 

NET EARNINGS

 

$

53,397

 

 

$

52,568

 

 

OTHER ITEMS OF COMPREHENSIVE EARNINGS (LOSS):

 

 

 

 

 

 

 

Change in unrealized gain (loss) on investment securities available-for-
   sale, before income taxes

 

 

(48,011

)

 

 

97,454

 

 

Reclassification adjustment for realized (gains) losses on investment
   securities included in net earnings, before income taxes

 

 

 

 

 

(12

)

 

Total other items of comprehensive earnings (loss)

 

 

(48,011

)

 

 

97,442

 

 

Income tax benefit (expense) related to:

 

 

 

 

 

 

 

Change in unrealized gain (loss) on investment securities available-for-
   sale

 

 

10,082

 

 

 

(20,466

)

 

Reclassification adjustment for realized gains (losses) on investment
   securities included in net earnings

 

 

 

 

 

3

 

 

Total income tax benefit (expense)

 

 

10,082

 

 

 

(20,463

)

 

COMPREHENSIVE EARNINGS (LOSS)

 

$

15,468

 

 

$

129,547

 

 

 

See notes to consolidated financial statements.

6


 

FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Dollars in thousands, except per share amounts)

 

 

 

Common Stock

 

 

Capital

 

 

Retained

 

 

Treasury Stock

 

 

Deferred

 

 

Accumulated
Other
Comprehensive
Earnings

 

 

Total
Shareholders’

 

 

 

Shares

 

 

Amount

 

 

Surplus

 

 

Earnings

 

 

Shares

 

 

Amounts

 

 

Compensation

 

 

(Loss)

 

 

Equity

 

Balances at December 31, 2022

 

 

142,657,871

 

 

$

1,427

 

 

$

677,593

 

 

$

1,121,945

 

 

 

(929,210

)

 

$

(11,035

)

 

$

11,035

 

 

$

(535,228

)

 

$

1,265,737

 

Net earnings (unaudited)

 

 

 

 

 

 

 

 

 

 

 

52,568

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

52,568

 

Stock option exercises/
  stock unit conversions/
  restricted stock activity
   (unaudited)

 

 

45,660

 

 

 

 

 

 

884

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

884

 

Cash dividends declared,
   $
0.17 per share (unaudited)

 

 

 

 

 

 

 

 

 

 

 

(24,267

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(24,267

)

Change in unrealized gain
   (loss) in investment
   securities available-for-sale,
   net of related income taxes
   (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

76,979

 

 

 

76,979

 

Shares purchased in
   connection with directors’
   deferred compensation
   plan, net (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,421

 

 

 

(236

)

 

 

236

 

 

 

 

 

 

 

Stock-based compensation expense
   (unaudited)

 

 

 

 

 

 

 

 

952

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

952

 

Balances at March 31, 2023 (unaudited)

 

 

142,703,531

 

 

$

1,427

 

 

$

679,429

 

 

$

1,150,246

 

 

 

(927,789

)

 

$

(11,271

)

 

$

11,271

 

 

$

(458,249

)

 

$

1,372,853

 

Balances at December 31, 2023

 

 

142,716,939

 

 

$

1,427

 

 

$

681,246

 

 

$

1,219,525

 

 

 

(930,152

)

 

$

(11,855

)

 

$

11,855

 

 

$

(403,298

)

 

$

1,498,900

 

Net earnings (unaudited)

 

 

 

 

 

 

 

 

 

 

 

53,397

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

53,397

 

Stock option exercises/
  stock unit conversions/
  restricted stock activity
   (unaudited)

 

 

100,220

 

 

 

1

 

 

 

1,622

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,623

 

Cash dividends declared,
   $
0.18 per share (unaudited)

 

 

 

 

 

 

 

 

 

 

 

(25,753

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,753

)

Change in unrealized gain
   (loss) in investment
   securities available-for-sale,
   net of related income taxes
   (unaudited)