First Financial Bankshares 10-K Report Overview

By Tamara Parker • Friday, February 21 15:16 • Permanent Link

First Financial Bankshares, Inc. has recently released its 10-K report, detailing its business operations. The company, headquartered in Abilene, Texas, offers commercial banking products and services through its subsidiaries. These include checking, savings, and time deposits, automated teller machines, drive-in and night deposit services, safe deposit facilities, remote deposit capture, internet banking, mobile banking, and trust and wealth management services. The company also provides various types of loans such as commercial and industrial, municipal, agricultural, construction and development, farm, residential, and consumer auto and non-auto loans.

In the Management’s Discussion and Analysis of Financial Condition and Results of Operations (ITEM 7), First Financial Bankshares reported that its primary source of revenue comes from interest on loans and investments, trust fees, gain on sale of mortgage loans, and service charges and fees on deposit accounts. The company’s net interest income for the year 2024 was $426.74 million, a 11.14% increase from $383.81 million in 2023. Its noninterest income was $123.99 million in 2024, up from $108.00 million in 2023. The company's net earnings for 2024 were $223.51 million, compared to $198.98 million for 2023, reflecting an increase of 12.33%.

First Financial Bankshares also discussed its critical accounting policies, including its allowance for credit losses and provision for credit losses, as well as its valuation of financial instruments. The company has authorized the repurchase of up to 5,000,000 common shares through July 31, 2025, and has recently adopted several authoritative accounting guidance, including ASU 2022-06, ASU 2023-02, ASU 2023-07, and ASU 2023-09.

The selected financial data for the years ended December 31, 2024, 2023, 2022, 2021, and 2020, indicates a growth in key financial metrics. For instance, interest income increased from $528.07 million in 2023 to $628.92 million in 2024, while net interest income increased from $383.81 million in 2023 to $426.74 million in 2024. The company's return on average assets was 1.68% for 2024, compared to 1.55% for 2023, and its return on average equity was 14.51% for 2024, compared to 14.99% for 2023.

Today the company's shares have moved -1.2% to a price of $36.85. Check out the company's full 10-K submission here.

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