First Financial Bankshares Reports Significant Earnings Growth in Q4 of 2024
First Financial Bankshares Reports Significant Earnings Growth in Q4 of 2024
Abilene, Texas – January 23, 2025 – First Financial Bankshares, Inc. (NASDAQ: FFIN) has released its earnings report for the fourth quarter and the full year ending December 31, 2024, revealing a strong financial performance marked by substantial growth in both income and asset management.
For Q4 of 2024, the company reported earnings of $62.32 million, an increase from $55.31 million in Q3 of the same year and $45.98 million during the same quarter last year. This result translated to diluted earnings per share of $0.43, compared to $0.39 in the previous quarter and $0.32 a year earlier. The total net income for the year amounted to $223.51 million, or $1.56 per diluted share, showcasing a robust growth of 12.33% compared to $198.98 million in 2023.
CEO F. Scott Dueser expressed satisfaction with these results, highlighting the company's strong growth in earnings, loans, and deposits culminating in a prosperous year. He noted that the momentum gained over 2024 has enhanced the company's earning assets and funding sources, while the net interest margin improved to 3.67% for the quarter, up from 3.50% in Q3 2024 and 3.33% last year.
As of December 31, 2024, the consolidated total assets of the company had risen to about $13.98 billion, marking an uptick from $13.11 billion at the end of 2023. Loans held-for-investment also grew significantly, reaching $7.91 billion, an increase of 10.69% year-over-year. The company’s deposits totaled $12.16 billion, highlighting resilience in deposit growth across its banking regions.
The company's strong performance wasn't without challenges. The provision for credit losses was noted at $1.00 million for Q4 2024, a significant reduction from $6.12 million in the third quarter, and echoing a clear improvement compared to the prior year's Q4 when no provision was made. Overall, First Financial Bankshares recorded a provision for credit losses of $13.82 million for the year.
Meanwhile, noninterest income for the fourth quarter improved to $30.98 million, despite a slight decrease from the previous quarter. Notable contributions came from trust fee income, which increased 8.28% from the third quarter and demonstrated a significant jump of 18.58% from the prior year due to growth in assets under management.
Not all segments fared equally; noninterest expense was reported at $70.10 million for Q4, an increase from $66.01 million in Q3, primarily driven by rising salary and employee benefits costs associated with profit-sharing and compensation adjustments linked to the firm’s overall growth trajectory.
For the full year, First Financial Bankshares has displayed persistent commitment to maintaining sound banking practices while managing market fluctuations. As they enter 2025, the firm anticipates carrying this momentum forward, aiming to leverage their strong financial foundation in an evolving regulatory and economic landscape.
The company operates throughout Texas, boasting 79 locations and provides comprehensive financial services including banking, trust, and asset management through its subsidiaries. Its shares are listed on the NASDAQ under the symbol FFIN.
This robust financial performance not only reflects the company's successful strategies and operational efficiency but also its dedication to supporting its customers and communities across the regions it serves.
For more information about First Financial Bankshares and its offerings, visit their official website.
Topics Financial Services & Investing）
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