First Financial Bankshares Q3 2024 Update

TL;DR

**FFIN Q3 UPDATE: Bank shows details on CRE & Ag loan portfolios, fair value measurements, and capital.**

AI Summary

First Financial Bankshares Inc. reported its third-quarter results for the period ending September 30, 2024. The company's filing details various financial metrics, including fair value measurements and portfolio segment data. Specific figures for "AdditionalPaidInCapital" as of June 30, 2023, and "CommonStock" as of June 30, 2024, are noted, alongside details on commercial real estate and agricultural loan portfolios.

Why It Matters

This filing provides insight into the financial health and asset quality of First Financial Bankshares, which can impact investor confidence and the bank's lending capacity.

Risk Assessment

Risk Level: medium — The filing contains detailed financial data, including loan portfolio segments and fair value measurements, which require careful analysis to assess the bank's risk exposure.

Key Numbers

• 2024-09-30 — Reporting Period End Date (The company's financial performance is reported as of this date.)
• 2024-11-04 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2023-09-30 — Prior Year Reporting Period End Date (Provides a comparative point for financial analysis.)
• 2023-12-31 — Fiscal Year End (Indicates the end of the company's annual accounting period.)
• 2023-06-30 — Quarterly Data Point (Specific financial data, like 'AdditionalPaidInCapital', is referenced as of this date.)

Key Players & Entities

• FIRST FINANCIAL BANKSHARES INC (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241104 (date) — Filing Date
• 400 PINE STREET (address) — Business Address
• ABILENE (city) — Business Address City
• TX (state) — Business Address State
• 79601 (zip_code) — Business Address Zip
• 325.627.7167 (phone_number) — Business Phone

FAQ

Key Financial Figures

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

Filing Documents

• ffin-20240930.htm (10-Q) — 8893KB
• ffin-ex10_5.htm (EX-10.5) — 83KB
• ffin-ex31_1.htm (EX-31.1) — 13KB
• ffin-ex31_2.htm (EX-31.2) — 14KB
• ffin-ex32_1.htm (EX-32.1) — 10KB
• ffin-ex32_2.htm (EX-32.2) — 12KB
• 0000950170-24-120653.txt ( ) — 36918KB
• ffin-20240930.xsd (EX-101.SCH) — 1644KB
• ffin-20240930_htm.xml (XML) — 12504KB

- 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 9

Notes to Consolidated Financial Statements – Unaudited

Notes to Consolidated Financial Statements – Unaudited 10 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 44 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 60 4.

Controls and Procedures

Controls and Procedures 61

- OTHER INFORMATION

PART II - OTHER INFORMATION 1.

Legal Proceedings

Legal Proceedings 62 1A.

Risk Factors

Risk Factors 62 2. Unregistered Sales of Equity Securities and Use of Proceeds 62 3. Defaults Upon Senior Securities 62 4. Mine Safety Disclosures 62 5. Other Information 62 6. Exhibits 64

- 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 September 30, 2024 and 2023 (unaudited), and December 31, 2023, and the consolidated statements of earnings, comprehensive earnings (loss) and shareholders' equity for the three and nine-months ended September 30, 2024 and 2023 (unaudited), and the consolidated statements of cash flows for the nine-months ended September 30, 2024 and 2023 (unaudited), and notes to consolidated financial statements (unaudited), follow on pages 4 through 43. 3 FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES CONSOLIDATED B ALANCE SHEETS (Dollars in thousands, except per share amounts) September 30, December 31, 2024 2023 2023 (Unaudited) ASSETS CASH AND DUE FROM BANKS $ 296,188 $ 208,277 $ 281,354 INTEREST-BEARING DEMAND DEPOSITS IN BANKS 287,476 180,008 255,237 Total cash and cash equivalents 583,664 388,285 536,591 SECURITIES AVAILABLE-FOR-SALE, at fair value (amortized cost of these securities was $ 5,030,124 , $ 5,463,186 , and $ 5,243,681 as of September 30, 2024 and 2023, and December 31, 2023, respectively) 4,612,299 4,652,537 4,732,762 LOANS: Held-for-investment 7,723,191 6,994,696 7,148,791 Less—allowance for credit losses ( 99,936 ) ( 89,714 ) ( 88,734 ) Net loans held-for-investment 7,623,255 6,904,982 7,060,057 Held-for-sale ($ 16,513 , $ 11,908 , and $ 11,077 , at fair value at September 30, 2024 and 2023, and December 31, 2023, respectively) 20,114 12,229 14,253 BANK PREMISES AND EQUIPMENT, net 151,204 152,936 151,788 INTANGIBLE ASSETS, net 314,152 314,850 314,622 OTHER ASSETS 278,244 351,599 295,521 Total assets $ 13,582,932 $ 12,777,418 $ 13,105,594 LIABILITIES AND SHAREHOLDERS' EQUITY NONINTEREST-BEARING DEPOSITS $ 3,303,143 $ 3,477,553 $ 3,435,586 INTEREST-BEARING DEPOSI

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View this 10-Q filing on SEC EDGAR