FIRST FINANCIAL BANKSHARES INC Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>FIRST FINANCIAL BANKSHARES INC filed its Q1 2024 10-Q, detailing financial performance and risk exposure.</b>

AI Summary

FIRST FINANCIAL BANKSHARES INC (FFIN) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. The filing is a 10-Q report for FIRST FINANCIAL BANKSHARES INC (FFIN) for the period ending March 31, 2024. The report includes data related to financial assets past due, other liabilities, and various loan portfolio segments. Specific segments mentioned include Consumer, Farm, Commercial Real Estate, and Construction and Development. Fair value measurements and inputs (Level 1, Level 2, Level 3) are detailed for various financial instruments. Data points include past due financing receivables (e.g., 90+ days past due) and collateral pledged.

Why It Matters

For investors and stakeholders tracking FIRST FINANCIAL BANKSHARES INC, this filing contains several important signals. This 10-Q provides a quarterly update on the company's financial health, including asset quality and liabilities, crucial for investors assessing short-term performance. The detailed breakdown of past-due loans and collateral provides insight into potential credit risks within the company's loan portfolio.

Risk Assessment

Risk Level: — FIRST FINANCIAL BANKSHARES INC shows moderate risk based on this filing. The filing details various past-due financing receivables and collateralized assets, indicating potential credit risk exposure that requires ongoing monitoring.

Analyst Insight

Investors should review the specific details of past-due loans and fair value measurements to assess the company's credit risk and asset valuation.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-03 — Filing Date (10-Q filing)
• 90+ days — Financing Receivables Past Due Threshold (Measurement input for past due financing receivables)

Key Players & Entities

• FIRST FINANCIAL BANKSHARES INC (company) — Filer name
• FFIN (company) — Ticker symbol
• 2024-03-31 (date) — Reporting period end date
• 2024-05-03 (date) — Filing date
• 6022 (industry_code) — Standard Industrial Classification for State Commercial Banks

FAQ

Risk Factors

• Financing Receivables Past Due [medium — financial]: The filing details financing receivables that are 90 days or more past due, particularly within commercial real estate and construction/development segments.
• Fair Value Measurements [medium — financial]: The company reports on fair value measurements for various financial instruments, including disclosures on input levels (Level 1, 2, 3), indicating potential valuation risks.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a snapshot of the company's financial condition and performance during the quarter.)

Financing Receivables

Loans and other amounts due to the company arising from the financing of goods or services. (Key indicator of the company's lending activities and credit quality.)

Fair Value Measurements

The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. (Important for understanding the valuation of financial instruments and potential market risks.)

Key Financial Figures

• $0.01 — on which registered Common Stock , $0.01 par value FFIN The Nasdaq Global Se

Filing Documents

• ffin-20240331.htm (10-Q) — 7744KB
• ffin-ex31_1.htm (EX-31.1) — 12KB
• ffin-ex31_2.htm (EX-31.2) — 13KB
• ffin-ex32_1.htm (EX-32.1) — 10KB
• ffin-ex32_2.htm (EX-32.2) — 12KB
• 0000950170-24-052911.txt (&nbsp;) — 34113KB
• ffin-20240331.xsd (EX-101.SCH) — 1630KB
• ffin-20240331_htm.xml (XML) — 11732KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item Page 1.

Financial Statements

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

Notes to Consolidated Financial Statements – Unaudited 9 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 4.

Controls and Procedures

Controls and Procedures 54

- OTHER INFORMATION

PART II - OTHER INFORMATION 1.

Legal Proceedings

Legal Proceedings 55 1A.

Risk Factors

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

- FINAN CIAL INFORMATION

PART I - FINAN CIAL INFORMATION

Finan cial Statements

Item 1. Finan cial 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 B ALANCE 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

View Full Filing

View this 10-Q filing on SEC EDGAR