$FFIN

FIRST FINANCIAL BANKSHARES INC

CIK:0000036029|SEC Filings

Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
INTEREST INCOME:
Interest and fees on loans	$ 138,011	$ 134,723	$ 273,218	$ 265,704
Interest on investment securities:
Taxable	33,666	25,242	65,949	50,277
Exempt from federal income tax	11,166	8,541	22,372	16,371
Interest on federal funds sold and interest-bearing demand deposits in banks	3,117	4,304	7,366	7,568
Total interest income	185,960	172,810	368,905	339,920
INTEREST EXPENSE:
Interest on deposits	48,697	48,732	96,548	96,281
Interest on repurchase agreements and borrowings	349	348	652	1,120
Total interest expense	49,046	49,080	97,200	97,401
Net interest income	136,914	123,730	271,705	242,519
Provision for credit losses	4,183	3,132	6,474	6,660
Net interest income after provision for credit losses	132,731	120,598	265,231	235,859
NONINTEREST INCOME:
Wealth Management fees	13,960	12,746	27,323	25,399
Service charges on deposit accounts	6,263	6,126	12,340	12,302
Debit card fees	5,584	5,218	10,829	10,185
Credit card fees	734	707	1,385	1,284
Gain on sale and fees on mortgage loans	4,679	4,126	8,955	6,958
Net (loss) gain on sale of foreclosed assets	(19)	200	(75)	165
Net (loss) gain on sale of other assets	(374)	6	(374)	6
Other noninterest income	5,017	3,744	7,557	6,804
Total noninterest income	35,844	32,873	67,940	63,103
NONINTEREST EXPENSE:
Salaries, commissions and employee benefits	49,660	42,575	95,642	84,717
Net occupancy expense	3,728	3,600	7,359	7,320
Equipment expense	2,169	2,478	4,328	4,799
FDIC insurance premiums	1,767	1,585	3,326	3,160
Debit card expense	3,043	3,308	6,151	6,680
Professional and service fees	3,664	2,730	7,067	5,381
Printing, stationery and supplies	292	473	915	955
Operational and other losses	801	720	1,801	1,260
Software amortization and expense	5,053	4,020	9,646	7,753
Amortization of intangible assets	43	86	86	181
Other noninterest expense	10,886	10,160	21,553	19,864
Total noninterest expense	81,106	71,735	157,874	142,070
EARNINGS BEFORE INCOME TAXES	87,469	81,736	175,297	156,892
INCOME TAX EXPENSE	15,575	15,078	31,860	28,888
NET EARNINGS	$ 71,894	$ 66,658	$ 143,437	$ 128,004
NET EARNINGS PER SHARE, BASIC	$ 0.5	$ 0.47	$ 1	$ 0.9
NET EARNINGS PER SHARE, DILUTED	0.5	0.47	1	0.89
DIVIDENDS PER SHARE	$ 0.22	$ 0.19	$ 0.41	$ 0.37

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 143,437	$ 128,004
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	7,116	6,462
Provision for credit losses	6,474	6,660
Securities premium amortization, net	16,812	19,416
Loss (gain) on sale of foreclosed and other assets	449	(171)
Stock-based compensation	3,899	3,458
Deferred federal income tax benefit	569	11,685
Net tax benefit from stock-based compensation	316	200
Change in loans held-for-sale	6,376	(24,200)
Change in other assets	(684)	(29,787)
Change in other liabilities	610	16,374
Total adjustments	41,937	10,097
Net cash provided by operating activities	185,374	138,101
Activity in available-for-sale securities:
Proceeds from maturities, calls, and paydowns	9,895,695	5,397,243
Purchases	(10,086,704)	(5,596,052)
Net increase in loans held-for-investment	(191,024)	(163,111)
Purchases of bank premises, equipment and software	(12,680)	(4,687)
Proceeds from sale of bank premises, equipment, and other assets	130	1,103
Net cash used in investing activities	(394,583)	(365,504)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in noninterest-bearing deposits	77,698	91,018
Net (decrease) increase in interest-bearing deposits	(303,244)	258,224
Net proceeds (repayment) in repurchase agreements and other borrowings	(9,151)	(126,840)
Common stock transactions:
Proceeds from stock option exercises/stock unit conversions/restricted stock activity	773	1,479
Dividends paid	(54,473)	(51,529)
Net cash (used in) provided by financing activities	(288,397)	172,352
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(497,606)	(55,051)
CASH AND CASH EQUIVALENTS, beginning of period	1,077,988	763,413
CASH AND CASH EQUIVALENTS, end of period	580,382	708,362
SUPPLEMENTAL INFORMATION AND NONCASH TRANSACTIONS:
Interest paid	97,839	98,701
Federal income taxes paid	24,638	27,947
Schedule of noncash investing and financing activities:
Investment securities purchased not settled	0	24,965
Increase in capital commitments relating to low-income housing project investments	10,000	0
Loans transferred to other real estate owned, net	$ 2,613	$ 490

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
CASH AND DUE FROM BANKS	$ 284,759	$ 249,466
FEDERAL FUNDS SOLD	8,650	1,575
INTEREST-BEARING DEMAND DEPOSITS IN BANKS	286,973	826,947
Total cash and cash equivalents	580,382	1,077,988
SECURITIES AVAILABLE-FOR-SALE, at fair value (amortized cost of these securities was $6,030,335 and $5,856,138 as of June 30, 2026 and December 31, 2025, respectively)	5,675,957	5,514,113
LOANS:
Held-for-investment	8,346,931	8,158,276
Less-allowance for credit losses	(112,433)	(105,536)
Net loans held-for-investment	8,234,498	8,052,740
Held-for-sale ($18,932 and $25,431 at fair value at June 30, 2026 and December 31, 2025, respectively)	23,616	29,992
BANK PREMISES AND EQUIPMENT, net	155,560	149,985
INTANGIBLE ASSETS, net	313,567	313,652
OTHER ASSETS	322,857	308,006
Total assets	15,306,437	15,446,476
LIABILITIES AND SHAREHOLDERS' EQUITY
NONINTEREST-BEARING DEPOSITS	3,478,755	3,401,057
INTEREST-BEARING DEPOSITS	9,641,228	9,944,472
Total deposits	13,119,983	13,345,529
DIVIDENDS PAYABLE	31,564	27,223
REPURCHASE AGREEMENTS	53,656	62,956
BORROWINGS	21,829	21,680
Other Liabilities	82,518	71,771
Total liabilities	13,309,550	13,529,159
SHAREHOLDERS' EQUITY:
COMMON STOCK - $0.01 par value, authorized 200,000,000 shares; 143,324,147 and 143,213,102 shares issued at June 30, 2026 and December 31, 2025, respectively	1,433	1,432
CAPITAL SURPLUS	704,302	699,631
RETAINED EARNINGS	1,570,817	1,486,194
TREASURY STOCK (shares at cost: 943,775 and 936,268 at June 30, 2026 and December 31, 2025, respectively)	(14,947)	(14,274)
DEFERRED COMPENSATION	14,947	14,274
ACCUMULATED OTHER COMPREHENSIVE EARNINGS (LOSS), net	(279,665)	(269,940)
Total shareholders' equity	1,996,887	1,917,317
Total liabilities and shareholders' equity	$ 15,306,437	$ 15,446,476