First Financial Bankshares Inc 8-K/A, filed Jul 23, 2025

First Financial Bankshares Inc (FFIN)

8-K/A 2025-07-23 For: 2025-07-17

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Added on April 09, 2026

About this 8-K/A

First Financial Bankshares Inc filed this 8-K/A on July 23, 2025, reporting on events of July 17, 2025.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Texas	0-07674	75-0944023
(State or other jurisdiction of incorporation or organization)	(Commission File No.)	(I.R.S. Employer Identification No.)

	400 Pine Street, Abilene, Texas 79601
	(Address of Principal Executive Offices and Zip Code)

	Registrant’s Telephone Number (325) 627-7155


☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 203.425)
☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
☐		Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13 e-4 (c))


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	FFIN	The Nasdaq Global Select Market


		FIRST FINANCIAL BANKSHARES, INC.
		(Registrant)

DATE: July 23, 2025	By:	/s/ F. Scott Dueser
		F. SCOTT DUESER
		Chairman and Chief Executive Officer


	As of
		2025								2024
ASSETS		June 30,				Mar. 31,				Dec. 31,				Sept. 30,				June 30,
Cash and due from banks	$		264,000		$		232,943		$		259,996		$		296,188		$		263,262
Interest-bearing demand deposits in banks			435,612				682,362				503,417				287,476				103,315
Federal funds sold			8,750				11,750				-				-				2,800
Investment securities			4,886,548				4,760,431				4,617,759				4,612,299				4,573,024
Loans, held-for-investment			8,074,944				7,945,611				7,913,098				7,723,191				7,519,733
Allowance for credit losses			(102,792	)			(101,080	)			(98,325	)			(99,936	)			(95,170	)
Net loans, held-for-investment			7,972,152				7,844,531				7,814,773				7,623,255				7,424,563
Loans, held-for-sale			33,233				14,348				8,235				20,114				19,668
Premises and equipment, net			148,999				150,589				151,904				151,204				153,075
Goodwill			313,481				313,481				313,481				313,481				313,481
Other intangible assets			343				428				523				671				828
Other assets			313,723				301,251				309,330				278,244				310,059
Total assets	$		14,376,841		$		14,312,114		$		13,979,418		$		13,582,932		$		13,164,075

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$		3,439,059		$		3,356,553		$		3,348,041		$		3,303,143		$		3,289,032
Interest-bearing deposits			9,009,357				9,110,218				8,751,133				8,452,718				8,120,125
Total deposits			12,448,416				12,466,771				12,099,174				11,755,861				11,409,157
Repurchase agreements			48,026				56,606				61,416				57,557				138,950
Borrowings			22,153				26,978				135,603				25,978				23,703
Trade date payable			24,965				-				-				5,416				-
Other liabilities			95,929				81,498				76,665				75,929				73,239
Shareholders' equity			1,737,352				1,680,261				1,606,560				1,662,191				1,519,026
Total liabilities and shareholders' equity	$		14,376,841		$		14,312,114		$		13,979,418		$		13,582,932		$		13,164,075


	Quarter Ended
		2025						2024
INCOME STATEMENTS		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Interest income	$		172,810	$		167,110	$		165,792	$		159,958	$		153,673
Interest expense			49,080			48,321			49,675			52,849			50,400
Net interest income			123,730			118,789			116,117			107,109			103,273
Provision for credit losses			3,132			3,528			1,003			6,123			5,888
Net interest income after provision for credit losses			120,598			115,261			115,114			100,986			97,385
Noninterest income			32,873			30,230			30,977			32,362			31,268
Noninterest expense			71,735			70,335			70,099			66,012			65,012
Net income before income taxes			81,736			75,156			75,992			67,336			63,641
Income tax expense			15,078			13,810			13,671			12,028			11,156
Net income	$		66,658	$		61,346	$		62,321	$		55,308	$		52,485


PER COMMON SHARE DATA
Net income - basic	$	0.47	$	0.43	$	0.44	$	0.39	$	0.37
Net income - diluted		0.47		0.43		0.43		0.39		0.37
Cash dividends declared		0.19		0.18		0.18		0.18		0.18
Book value		12.14		11.75		11.24		11.63		10.63
Tangible book value		9.95		9.55		9.04		9.43		8.43
Market value		35.98		35.92		36.05		37.01		29.53
Shares outstanding - end of period		143,077,619		143,019,433		142,944,704		142,906,070		142,848,909
Average outstanding shares - basic		143,023,544		142,949,514		142,898,110		142,853,215		142,814,363
Average outstanding shares - diluted		143,378,505		143,355,148		143,352,067		143,188,857		143,088,930


PERFORMANCE RATIOS
Return on average assets	1.89	%	1.78	%	1.81	%	1.66	%	1.61	%
Return on average equity	15.82		15.12		15.17		14.00		14.43
Return on average tangible equity	19.43		18.68		18.78		17.49		18.38
Net interest margin (tax equivalent)	3.81		3.74		3.67		3.50		3.48
Efficiency ratio	44.97		46.36		46.81		46.45		47.41


	Six Months Ended
	June 30,
INCOME STATEMENTS		2025			2024
Interest income	$		339,920	$		303,167
Interest expense			97,401			99,653
Net interest income			242,519			203,514
Provision for credit losses			6,660			6,695
Net interest income after provisions for credit losses			235,859			196,819
Noninterest income			63,103			60,651
Noninterest expense			142,070			128,952
Net income before income taxes			156,892			128,518
Income tax expense			28,888			22,636
Net income	$		128,004	$		105,882


PER COMMON SHARE DATA
Net income - basic	$	0.90	$	0.74
Net income - diluted		0.89		0.74
Cash dividends declared		0.37		0.36
Book value		12.14		10.63
Tangible book value		9.95		8.43
Market value	$	35.98	$	29.53
Shares outstanding - end of period		143,077,619		142,848,909
Average outstanding shares - basic		142,986,734		142,769,518
Average outstanding shares - diluted		143,378,720		143,067,193


PERFORMANCE RATIOS
Return on average assets	1.83	%	1.62	%
Return on average equity	15.48		14.43
Return on average tangible equity	19.07		18.33
Net interest margin (tax equivalent)	3.78		3.41
Efficiency ratio	45.65		47.88


ALLOWANCE FOR UNFUNDED COMMITMENTS
Balance at beginning of period	$	9,214		$	8,677		$	8,004		$	7,433		$	7,455
Provision for unfunded commitments		700			537			673			571			(22	)
Balance at end of period	$	9,914		$	9,214		$	8,677		$	8,004		$	7,433

Allowance for loan losses /
period-end loans held-for-investment		1.27	%		1.27	%		1.24	%		1.29	%		1.27		%
Allowance for loan losses /
nonperforming loans		162.60			164.16			158.02			156.44			157.20
Net charge-offs (recoveries) / average total loans
(annualized)		0.04			0.01			0.10			0.04			0.02


SUMMARY OF LOAN CLASSIFICATION
Special Mention	$	62,774	$	46,103	$	42,563	$	41,362	$	57,864
Substandard		194,291		199,509		191,288		188,561		161,399
Doubtful		-		-		-		-		-
Total classified loans	$	257,065	$	245,612	$	233,851	$	229,923	$	219,263


NONPERFORMING ASSETS
Nonaccrual loans	$	63,142		$	60,430		$	61,938		$	63,378		$	60,311
Accruing loans 90 days past due		77			1,143			287			504			231
Total nonperforming loans		63,219			61,573			62,225			63,882			60,542
Foreclosed assets		489			115			871			535			647
Total nonperforming assets	$	63,708		$	61,688		$	63,096		$	64,417		$	61,189

As a % of loans held-for-investment and foreclosed assets		0.79	%		0.78	%		0.80	%		0.83	%		0.81	%
As a % of end of period total assets		0.44			0.43			0.45			0.47			0.46


NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	39,834	$	39,157	$	37,996	$	35,262	$	35,569
Profit sharing expense		2,741		2,985		3,648		2,235		1,903
Net occupancy expense		3,600		3,720		3,753		3,738		3,618
Equipment expense		2,478		2,321		2,305		2,291		2,233
FDIC insurance premiums		1,585		1,575		1,511		1,514		1,508
Debit card expense		3,308		3,373		3,220		3,248		3,242
Legal, tax and professional fees		3,143		3,067		3,751		3,865		3,809
Audit fees		463		451		423		582		453
Printing, stationery and supplies		473		482		293		199		425
Amortization of intangible assets		86		95		147		157		157
Advertising, meals and public relations		1,653		1,677		1,642		1,466		1,466
Operational and other losses		720		540		863		955		769
Software amortization and expense		4,020		3,732		3,648		3,712		3,158
Other noninterest expense		7,631		7,160		6,899		6,788		6,702
Total noninterest expense	$	71,735	$	70,335	$	70,099	$	66,012	$	65,012

TAX EQUIVALENT YIELD ADJUSTMENT	$	2,926	$	2,700	$	2,673	$	2,628	$	2,572


	Quarter Ended
		2025								2024
ALLOWANCE FOR LOAN LOSSES		June 30,				Mar. 31,				Dec. 31,				Sept. 30,				June 30,
Balance at beginning of period	$		101,080		$		98,325		$		99,936		$		95,170		$		89,562
Loans charged-off			(1,189	)			(946	)			(2,184	)			(1,279	)			(702	)
Loan recoveries			469				710				243				493				400
Net recoveries (charge-offs)			(720	)			(236	)			(1,941	)			(786	)			(302	)
Provision for loan losses			2,432				2,991				330				5,552				5,910
Balance at end of period	$		102,792		$		101,080		$		98,325		$		99,936		$		95,170


	As of
		2025						2024
COMPOSITION OF LOANS HELD-FOR-INVESTMENT		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Commercial:
C&I	$		1,202,151	$		1,144,429	$		1,176,993	$		1,175,774	$		1,141,990
Municipal			306,140			338,303			369,246			333,732			359,124
Total Commercial			1,508,291			1,482,732			1,546,239			1,509,506			1,501,114
Agricultural			86,133			90,186			95,543			83,269			86,186
Real Estate:
Construction & Development			1,172,834			1,098,069			1,054,603			1,013,810			986,394
Farm			302,969			331,464			339,665			315,720			318,597
Non-Owner Occupied CRE			746,341			753,898			805,566			825,928			815,713
Owner Occupied CRE			1,124,610			1,142,618			1,083,100			1,086,750			1,049,715
Residential			2,286,220			2,217,740			2,196,767			2,112,196			1,990,604
Total Real Estate			5,632,974			5,543,789			5,479,701			5,354,404			5,161,023
Consumer:
Auto			698,897			679,189			638,560			618,103			615,192
Non-Auto			148,649			149,715			153,055			157,909			156,218
Total Consumer			847,546			828,904			791,615			776,012			771,410

Total loans held-for-investment	$		8,074,944	$		7,945,611	$		7,913,098	$		7,723,191	$		7,519,733


	Quarter Ended
		2025						2024
CAPITAL RATIOS		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Common equity Tier 1 capital ratio			19.16	%		19.12	%		18.83	%		18.83	%		18.42	%
Tier 1 capital ratio			19.16			19.12			18.83			18.83			18.42
Total capital ratio			20.35			20.31			20.00			20.03			19.55
Tier 1 leverage ratio			12.61			12.46			12.49			12.53			12.40
Tangible common equity ratio			10.12			9.76			9.46			10.16			9.38
Equity/Assets ratio			12.08			11.74			11.49			12.24			11.54


	Quarter Ended
		2025							2024
NONINTEREST INCOME		June 30,			Mar. 31,				Dec. 31,			Sept. 30,				June 30,
Trust fees	$		12,746	$		12,653		$		12,662	$		11,694		$		11,714
Service charges on deposits			6,126			6,177				6,306			6,428				6,009
Debit card fees			5,218			4,967				5,506			5,528				5,145
Credit card fees			707			577				617			617				672
Gain on sale and fees on mortgage loans			4,126			2,832				3,009			3,359				3,687
Net gain (loss) on sale of available-for-sale securities			-			-				-			-				-
Net gain (loss) on sale of foreclosed assets			200			(35	)			36			(30	)			(58	)
Net gain (loss) on sale of assets			6			-				214			267				2
Loan recoveries			810			574				433			1,359				664
Other noninterest income			2,934			2,485				2,194			3,140				3,433
Total noninterest income	$		32,873	$		30,230		$		30,977	$		32,362		$		31,268


NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	78,991	$	70,572
Profit sharing expense		5,726		3,583
Net occupancy expense		7,320		7,088
Equipment expense		4,799		4,470
FDIC insurance premiums		3,160		3,473
Debit card expense		6,680		6,300
Legal, tax and professional fees		6,209		6,543
Audit fees		914		786
Printing, stationery and supplies		955		872
Amortization of intangible assets		181		314
Advertising, meals and public relations		3,332		2,920
Operational and other losses		1,260		1,923
Software amortization and expense		7,753		6,163
Other noninterest expense		14,790		13,945
Total noninterest expense	$	142,070	$	128,952

TAX EQUIVALENT YIELD ADJUSTMENT	$	5,626	$	5,145


	Three Months Ended									Three Months Ended
	June 30, 2025									Mar. 31, 2025
		Average			Tax Equivalent		Yield /				Average			Tax Equivalent		Yield /
		Balance			Interest		Rate				Balance			Interest		Rate
Interest-earning assets:
Federal funds sold	$		9,397	$		113		4.84	%	$		7,596	$		90		4.81	%
Interest-bearing demand deposits in nonaffiliated banks			379,364			4,191		4.43				286,040			3,174		4.50
Taxable securities			3,470,028			25,242		2.91				3,506,035			25,034		2.86
Tax-exempt securities			1,433,498			10,811		3.02				1,407,440			9,912		2.82
Loans			8,045,340			135,378		6.75				7,952,946			131,600		6.71
Total interest-earning assets			13,337,627	$		175,735		5.28	%			13,160,057	$		169,810		5.23	%
Noninterest-earning assets			826,635									830,055
Total assets	$		14,164,262							$		13,990,112
Interest-bearing liabilities:
Deposits	$		8,923,737	$		48,730		2.19	%	$		8,882,040	$		47,549		2.17	%
Repurchase Agreements			54,482			221		1.63				53,920			209		1.57
Borrowings			26,557			128		1.93				74,561			563		3.06
Total interest-bearing liabilities			9,004,776	$		49,079		2.19	%			9,010,521	$		48,321		2.17	%
Noninterest-bearing deposits			3,383,851									3,265,838
Other noninterest-bearing liabilities			85,745									68,218
Shareholders' equity			1,689,890									1,645,535
Total liabilities and shareholders' equity	$		14,164,262							$		13,990,112

Net interest income and margin (tax equivalent)				$		126,656		3.81	%				$		121,489		3.74	%

	Three Months Ended									Three Months Ended
	Dec. 31, 2024									Sept. 30, 2024
		Average			Tax Equivalent		Yield /				Average			Tax Equivalent		Yield /
		Balance			Interest		Rate				Balance			Interest		Rate
Interest-earning assets:
Federal funds sold	$		1,895	$		23		4.90	%	$		2,901	$		43		5.84	%
Interest-bearing demand deposits in nonaffiliated banks			308,118			3,578		4.62				200,756			2,716		5.38
Taxable securities			3,320,754			21,896		2.64				3,211,490			19,866		2.47
Tax-exempt securities			1,425,934			9,858		2.77				1,418,214			9,742		2.75
Loans			7,806,860			133,110		6.78				7,643,238			130,220		6.78
Total interest-earning assets			12,863,561	$		168,465		5.21	%			12,476,599	$		162,587		5.18	%
Noninterest-earning assets			824,757									817,757
Total assets	$		13,688,318							$		13,294,356
Interest-bearing liabilities:
Deposits	$		8,523,405	$		49,139		2.29	%	$		8,240,938	$		51,994		2.51	%
Repurchase Agreements			63,350			271		1.70				100,892			740		2.92
Borrowings			39,709			265		2.65				24,670			116		1.87
Total interest-bearing liabilities			8,626,464	$		49,675		2.29	%			8,366,500	$		52,850		2.51	%
Noninterest-bearing deposits			3,348,062									3,279,486
Other noninterest-bearing liabilities			79,271									76,274
Shareholders' equity			1,634,521									1,572,096
Total liabilities and shareholders' equity	$		13,688,318							$		13,294,356

Net interest income and margin (tax equivalent)				$		118,790		3.67	%				$		109,737		3.50	%


	Three Months Ended
	June 30, 2024
		Average			Tax Equivalent		Yield /
		Balance			Interest		Rate
Interest-earning assets:
Federal funds sold	$		5,160	$		74		5.81	%
Interest-bearing demand deposits in nonaffiliated banks			159,707			2,292		5.77
Taxable securities			3,250,684			19,912		2.45
Tax-exempt securities			1,404,706			9,730		2.77
Loans			7,405,297			124,237		6.75
Total interest-earning assets			12,225,554	$		156,245		5.14	%
Noninterest-earning assets			855,719
Total assets	$		13,081,273
Interest-bearing liabilities:
Deposits	$		8,020,247	$		48,414		2.43	%
Repurchase Agreements			212,590			1,895		3.59
Borrowings			22,932			91		1.60
Total interest-bearing liabilities			8,255,769	$		50,400		2.46	%
Noninterest-bearing deposits			3,289,906
Other noninterest-bearing liabilities			72,464
Shareholders' equity			1,463,134
Total liabilities and shareholders' equity	$		13,081,273

Net interest income and margin (tax equivalent)				$		105,845		3.48	%