FIRST FINANCIAL BANKSHARES ANNOUNCES THIRD QUARTER 2025 EARNINGS

Press Release View all news Company Release - 10/23/2025 , /PRNewswire/ -- First Financial Bankshares, Inc. (the "Company," "we," "us" or "our") (NASDAQ: FFIN) today reported earnings of $52.27 million for the third quarter of 2025 compared to earnings of $55.31 million for the same quarter a year ago and $66.66 million for the quarter ended June 30, 2025. Diluted earnings per share were $0.36 for the third quarter of 2025 compared with $0.39 for the same quarter a year ago and $0.47 for the linked quarter. "This quarter was impacted by a $21.55 million credit loss believed to be due to fraudulent activity associated with a commercial borrower. We have reviewed our portfolio to look for systemic issues and believe this to be isolated. We have initiated legal action and are continuing to work with law enforcement. Despite this setback, our core earnings trends remain positive, with year-to-date earnings growth of nearly 12 percent compared to 2024." said F. Scott Dueser, Chairman and CEO of First Financial Bankshares, Inc. "We are optimistic as we move into the final quarter of the year and will remain focused on liquidating the collateral of the loan and moving the bank forward with continued growth and profitability by keeping our customers, shareholders, and employees first." Net interest income for the third quarter of 2025 was $127.00 million compared to $107.11 million in the same quarter last year and $123.73 million for the second quarter of 2025. The net interest margin, on a taxable equivalent basis, was 3.80 percent for the third quarter of 2025 compared to 3.50 percent for the third quarter of 2024 and 3.81 percent in the second quarter of 2025. Average interest-earning assets were $13.60 billion for the third quarter of 2025 compared to $12.48 billion for the same quarter a year ago. The Company recorded a provision for credit losses of $24.44 million for the third quarter of 2025 compared to a provision for credit losses of $6.12 million and $3.13 million for the third quarter of 2024 and second quarter of 2025, respectively. On September 30, 2025, the allowance for credit losses totaled $105.96 million, or 1.29 percent of loans held-for-investment ("loans" hereafter), compared to $99.94 million, or 1.29 percent of loans at September 30, 2024. Additionally, the reserve for unfunded commitments totaled $8.84 million at September 30, 2025 compared to $8.00 million at September 30, 2024. For the third quarter of 2025, net charge-offs totaled $22.34 million compared to net charge-offs of $786 thousand for the third quarter of 2024. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.71 percent at September 30, 2025, versus 0.79 percent at June 30, 2025 and 0.83 percent at September 30, 2024. Classified loans totaled $252.96 million at September 30, 2025, compared to $229.92 million at September 30, 2024. Third quarter provision and charge offs were impacted by the aforementioned $21.55 million charge off of a commercial loan relationship. While we are pursuing all possible avenues of recovery, the amount and timing of any potential recovery cannot currently be determined.  Noninterest income for the third quarter of 2025 was $34.26 million compared to $32.36 million for the third quarter of 2024. Notable changes for the third quarter of 2025 when compared to the same quarter a year ago are as follows: Mortgage income increased to $4.38 million for the third quarter of 2025 compared to $3.36 million for the third quarter of 2024 due to improved origination volume related to lower interest rates and the strategic restructuring of the mortgage lending team. Trust fee income increased $1.26 million to $12.95 million, or 10.74 percent, compared to trust fee income of $11.69 million in the third quarter of 2024. Trust revenue has increased primarily due to growth in assets under management to $12.05 billion as of September 30, 2025, compared to $10.86 billion at September 30, 2024. Noninterest expense for the third quarter of 2025 totaled $73.67 million compared to $66.01 million for the third quarter of 2024. Notable changes for the third quarter of 2025 when compared to the same quarter a year ago are as follows: Salary, commissions, and employee benefit costs increased to $42.61 million for the third quarter of 2025, compared to $37.50 million in the third quarter of 2024. The increase from the prior year is related primarily to increases of $3.12 million in salaries and $1.47 million in officer bonus and incentive accruals related to annualized earnings growth. Noninterest expenses, excluding salary related costs, increased $2.55 million for the third quarter of 2025 compared to the same period in 2024 largely due to increases in software amortization and other operational losses. The Company's efficiency ratio was 44.74 percent for the third quarter of 2025 compared to 46.45 percent for the third quarter of 2024. The improvement from the same period in the prior year is primarily due to the increase in net interest income. As of September 30, 2025, consolidated total assets were $14.84 billion compared to $13.58 billion at September 30, 2024. Loans totaled $8.24 billion at September 30, 2025, compared with loans of $7.72 billion at September 30, 2024. During the third quarter of 2025, loans grew $168.68 million, or 8.29 percent annualized, when compared to June 30, 2025, balances. Deposits and repurchase agreements totaled $12.90 billion at September 30, 2025, compared to $11.81 billion at September 30, 2024. During the third quarter of 2025, core deposits and repurchase agreements grew $250.45 million, or 7.95 percent annualized, when compared to June 30, 2025, balances. We also held $150.00 million of ICS one-way deposits as of September 30, 2025, that we were able to obtain at an attractive rate. No ICS one-way deposits were outstanding at June 30, 2025.  Shareholders' equity was $1.83 billion as of September 30, 2025, compared to $1.66 billion at September 30, 2024, respectively. The unrealized loss on the securities portfolio, net of applicable tax, totaled $308.58 million at September 30, 2025, compared to an unrealized loss of $373.46 million at June 30, 2025 and $329.82 million at September 30, 2024. About First Financial Bankshares, Inc. Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that through its wholly-owned subsidiary, First Financial Bank, operates multiple banking regions with 79 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan, Burleson, College Station, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, El Campo, Fort Worth, Franklin, Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Lumberton, Keller, Kingwood, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Spring, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Trust and Asset Management Company, with nine locations and First Technology Services, Inc., a technology operating company. The Company is listed on The NASDAQ Global Select Market under the trading symbol FFIN. For more information about First Financial, please visit our website at https://www.ffin.com. Certain statements contained herein may be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon the belief of the Company's management, as well as assumptions made beyond information currently available to the Company's management, and may be, but not necessarily are, identified by such words as "expect," "plan," "anticipate," "target," "forecast," "project," and "goal." Because such "forward-looking statements" are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the Company's expectations include competition from other financial institutions and financial holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; economic impact of oil and gas prices;, changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; the accuracy of our estimates of future credit losses; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses, and similar variables. Other key risks are described in the Company's reports filed with the Securities and Exchange Commission, which may be obtained under "Investor Relations-Documents and Filings" on the Company's Website or by writing or calling the Company at 325.627.7155. Except as otherwise stated in this news announcement, the Company does not undertake any obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise. FIRST FINANCIAL BANKSHARES, INC. CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) (In thousands, except share and per share data) As of 2025 2024 ASSETS Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30, Cash and due from banks $ 237,466 $ 264,000 $ 232,943 $ 259,996 $ 296,188 Interest-bearing demand deposits in banks 401,580 435,612 682,362 503,417 287,476 Federal funds sold 11,750 8,750 11,750 - - Investment securities 5,260,813 4,886,548 4,760,431 4,617,759 4,612,299 Loans, held-for-investment 8,243,625 8,074,944 7,945,611 7,913,098 7,723,191 Allowance for credit losses (105,958) (102,792) (101,080) (98,325) (99,936) Net loans, held-for-investment 8,137,667 7,972,152 7,844,531 7,814,773 7,623,255 Loans, held-for-sale 26,015 33,233 14,348 8,235 20,114 Premises and equipment, net 149,651 148,999 150,589 151,904 151,204 Goodwill 313,481 313,481 313,481 313,481 313,481 Other intangible assets 257 343 428 523 671 Other assets 302,848 313,723 301,251 309,330 278,244 Total assets $ 14,841,528 $ 14,376,841 $ 14,312,114 $ 13,979,418 $ 13,582,932 LIABILITIES AND SHAREHOLDERS' EQUITY Noninterest-bearing deposits $ 3,446,262 $ 3,439,059 $ 3,356,553 $ 3,348,041 $ 3,303,143 Interest-bearing deposits 9,399,986 9,009,357 9,110,218 8,751,133 8,452,718 Total deposits 12,846,248 12,448,416 12,466,771 12,099,174 11,755,861 Repurchase agreements 50,646 48,026 56,606 61,416 57,557 Borrowings 21,956 22,153 26,978 135,603 25,978 Trade date payable - 24,965 - - 5,416 Other liabilities 92,410 95,929 81,498 76,665 75,929 Shareholders' equity 1,830,268 1,737,352 1,680,261 1,606,560 1,662,191 Total liabilities and shareholders' equity $ 14,841,528 $ 14,376,841 $ 14,312,114 $ 13,979,418 $ 13,582,932 Quarter Ended 2025 2024 INCOME STATEMENTS Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30, Interest income $ 179,692 $ 172,810 $ 167,110 $ 165,792 $ 159,958 Interest expense 52,691 49,080 48,321 49,675 52,849 Net interest income 127,001 123,730 118,789 116,117 107,109 Provision for credit losses 24,435 3,132 3,528 1,003 6,123 Net interest income after provision for credit losses 102,566 120,598 115,261 115,114 100,986 Noninterest income 34,264 32,873 30,230 30,977 32,362 Noninterest expense 73,666 71,735 70,335 70,099 66,012 Net income before income taxes 63,164 81,736 75,156 75,992 67,336 Income tax expense 10,897 15,078 13,810 13,671 12,028 Net income $ 52,267 $ 66,658 $ 61,346 $ 62,321 $ 55,308 PER COMMON SHARE DATA Net income - basic $ 0.37 $ 0.47 $ 0.43 $ 0.44 $ 0.39 Net income - diluted 0.36 0.47 0.43 0.43 0.39 Cash dividends declared 0.19 0.19 0.18 0.18 0.18 Book value 12.78 12.14 11.75 11.24 11.63 Tangible book value 10.59 9.95 9.55 9.04 9.43 Market value 33.65 35.98 35.92 36.05 37.01 Shares outstanding - end of period 143,188,051 143,077,619 143,019,433 142,944,704 142,906,070 Average outstanding shares - basic 143,105,224 143,023,544 142,949,514 142,898,110 142,853,215 Average outstanding shares - diluted 143,474,169 143,378,505 143,355,148 143,352,067 143,188,857 PERFORMANCE RATIOS Return on average assets 1.44 % 1.89 % 1.78 % 1.81 % 1.66 % Return on average equity 11.85 15.82 15.12 15.17 14.00 Return on average tangible equity 14.44 19.43 18.68 18.78 17.49 Net interest margin (tax equivalent) 3.80 3.81 3.74 3.67 3.50 Efficiency ratio 44.74 44.97 46.36 46.81 46.45 Nine Months Ended Sept. 30, INCOME STATEMENTS 2025 2024 Interest income $ 519,612 $ 463,126 Interest expense 150,092 152,502 Net interest income 369,520 310,624 Provision for credit losses 31,095 12,817 Net interest income after provisions for credit losses 338,425 297,807 Noninterest income 97,366 93,012 Noninterest expense 215,736 194,965 Net income before income taxes 220,055 195,854 Income tax expense 39,785 34,664 Net income $ 180,270 $ 161,190 PER COMMON SHARE DATA Net income - basic $ 1.26 $ 1.13 Net income - diluted 1.26 1.13 Cash dividends declared 0.56 0.54 Book value 12.78 11.63 Tangible book value 10.59 9.43 Market value $ 33.65 $ 37.01 Shares outstanding - end of period 143,188,051 142,906,070 Average outstanding shares - basic 143,026,664 142,797,621 Average outstanding shares - diluted 143,422,534 143,159,652 PERFORMANCE RATIOS Return on average assets 1.70 % 1.63 % Return on average equity 14.22 14.28 Return on average tangible equity 17.46 18.04 Net interest margin (tax equivalent) 3.79 3.44 Efficiency ratio 45.33 47.39 FIRST FINANCIAL BANKSHARES, INC. SELECTED FINANCIAL DATA (UNAUDITED) (In thousands) Quarter Ended 2025 2024 ALLOWANCE FOR LOAN LOSSES Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30, Balance at beginning of period $ 102,792 $ 101,080 $ 98,325 $ 99,936 $ 95,170 Loans charged-off (22,612) (1,189) (946) (2,184) (1,279) Loan recoveries 272 469 710 243 493 Net recoveries (charge-offs) (22,340) (720) (236) (1,941) (786) Provision for loan losses 25,506 2,432 2,991 330 5,552 Balance at end of period $ 105,958 $ 102,792 $ 101,080 $ 98,325 $ 99,936 ALLOWANCE FOR UNFUNDED COMMITMENTS Balance at beginning of period $ 9,914 $ 9,214 $ 8,677 $ 8,004 $ 7,433 Provision for unfunded commitments (1,072) 700 537 673 571 Balance at end of period $ 8,842 $ 9,914 $ 9,214 $ 8,677 $ 8,004 Allowance for loan losses / period-end loans held-for-investment 1.29 % 1.27 % 1.27 % 1.24 % 1.29 % Allowance for loan losses / nonperforming loans 187.39 162.60 164.16 158.02 156.44 Net charge-offs (recoveries) / average total loans (annualized) 1.07 0.04 0.01 0.10 0.04 As of 2025 2024 COMPOSITION OF LOANS HELD-FOR-INVESTMENT Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30, Commercial: C&I $ 1,174,770 $ 1,202,151 $ 1,144,429 $ 1,176,993 $ 1,175,774 Municipal 347,559 306,140 338,303 369,246 333,732 Total Commercial 1,522,329 1,508,291 1,482,732 1,546,239 1,509,506 Agricultural 88,820 86,133 90,186 95,543 83,269 Real Estate: Construction & Development 1,214,649 1,172,834 1,098,069 1,054,603 1,013,810 Farm 322,710 302,969 331,464 339,665 315,720 Non-Owner Occupied CRE 802,675 746,341 753,898 805,566 825,928 Owner Occupied CRE 1,119,425 1,124,610 1,142,618 1,083,100 1,086,750 Residential 2,308,708 2,286,220 2,217,740 2,196,767 2,112,196 Total Real Estate 5,768,167 5,632,974 5,543,789 5,479,701 5,354,404 Consumer: Auto 718,501 698,897 679,189 638,560 618,103 Non-Auto 145,808 148,649 149,715 153,055 157,909 Total Consumer 864,309 847,546 828,904 791,615 776,012 Total loans held-for-investment $ 8,243,625 $ 8,074,944 $ 7,945,611 $ 7,913,098 $ 7,723,191 SUMMARY OF LOAN CLASSIFICATION Special Mention $ 76,647 $ 62,774 $ 46,103 $ 42,563 $ 41,362 Substandard 176,311 194,291 199,509 191,288 188,561 Doubtful - - - - - Total classified loans $ 252,958 $ 257,065 $ 245,612 $ 233,851 $ 229,923 NONPERFORMING ASSETS Nonaccrual loans $ 56,394 $ 63,142 $ 60,430 $ 61,938 $ 63,378 Accruing loans 90 days past due 151 77 1,143 287 504 Total nonperforming loans 56,545 63,219 61,573 62,225 63,882 Foreclosed assets 1,997 489 115 871 535 Total nonperforming assets $ 58,542 $ 63,708 $ 61,688 $ 63,096 $ 64,417 As a % of loans held-for-investment and foreclosed assets 0.71 % 0.79 % 0.78 % 0.80 % 0.83 % As a % of end of period total assets 0.39 0.44 0.43 0.45 0.47 Quarter Ended 2025 2024 CAPITAL RATIOS Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30, Common equity Tier 1 capital ratio 19.10 % 19.16 % 19.12 % 18.83 % 18.83 % Tier 1 capital ratio 19.10 19.16 19.12 18.83 18.83 Total capital ratio 20.29 20.35 20.31 20.00 20.03 Tier 1 leverage ratio 12.34 12.61 12.46 12.49 12.53 Tangible common equity ratio 10.44 10.12 9.76 9.46 10.16 Equity/Assets ratio 12.33 12.08 11.74 11.49 12.24 Quarter Ended 2025 2024 NONINTEREST INCOME Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30, Trust fees $ 12,950 $ 12,746 $ 12,653 $ 12,662 $ 11,694 Service charges on deposits 6,447 6,126 6,177 6,306 6,428 Debit card fees 5,333 5,218 4,967 5,506 5,528 Credit card fees 699 707 577 617 617 Gain on sale and fees on mortgage loans 4,375 4,126 2,832 3,009 3,359 Net gain (loss) on sale of foreclosed assets (122) 200 (35) 36 (30) Net gain (loss) on sale of assets - 6 - 214 267 Loan recoveries 1,664 810 574 433 1,359 Other noninterest income 2,918 2,934 2,485 2,194 3,140 Total noninterest income $ 34,264 $ 32,873 $ 30,230 $ 30,977 $ 32,362 NONINTEREST EXPENSE Salaries, commissions and employee benefits, excluding profit sharing $ 40,681 $ 39,834 $ 39,157 $ 37,996 $ 35,262 Profit sharing expense 1,924 2,741 2,985 3,648 2,235 Net occupancy expense 3,545 3,600 3,720 3,753 3,738 Equipment expense 2,395 2,478 2,321 2,305 2,291 FDIC insurance premiums 1,635 1,585 1,575 1,511 1,514 Debit card expense 3,512 3,308 3,373 3,220 3,248 Legal, tax and professional fees 3,332 3,143 3,067 3,751 3,865 Audit fees 536 463 451 423 582 Printing, stationery and supplies 456 473 482 293 199 Amortization of intangible assets 86 86 95 147 157 Advertising, meals and public relations 1,714 1,653 1,677 1,642 1,466 Operational and other losses 1,957 720 540 863 955 Software amortization and expense 4,280 4,020 3,732 3,648 3,712 Other noninterest expense 7,613 7,631 7,160 6,899 6,788 Total noninterest expense $ 73,666 $ 71,735 $ 70,335 $ 70,099 $ 66,012 TAX EQUIVALENT YIELD ADJUSTMENT $ 3,406 $ 2,926 $ 2,700 $ 2,673 $ 2,628 Nine Months Ended Sept. 30, NONINTEREST INCOME 2025 2024 Trust fees $ 38,349 $ 34,787 Service charges on deposits 18,749 18,683 Debit card fees 15,519 15,564 Credit card fees 1,983 1,920 Gain on sale and fees on mortgage loans 11,333 10,174 Net gain on sale of foreclosed assets 43 (88) Net gain (loss) on sale of assets 6 269 Loan recoveries 3,048 2,578 Other noninterest income 8,336 9,125 Total noninterest income $ 97,366 $ 93,012 NONINTEREST EXPENSE Salaries, commissions and employee benefits, excluding profit sharing $ 119,672 $ 105,834 Profit sharing expense 7,650 5,818 Net occupancy expense 10,865 10,826 Equipment expense 7,194 6,761 FDIC insurance premiums 4,795 4,987 Debit card expense 10,193 9,548 Legal, tax and professional fees 9,541 10,408 Audit fees 1,450 1,368 Printing, stationery and supplies 1,411 1,071 Amortization of intangible assets 266 471 Advertising, meals and public relations 5,047 4,387 Operational and other losses 3,217 2,878 Software amortization and expense 12,032 9,875 Other noninterest expense 22,403 20,733 Total noninterest expense $ 215,736 $ 194,965 TAX EQUIVALENT YIELD ADJUSTMENT $ 9,032 $ 7,773 FIRST FINANCIAL BANKSHARES, INC. SELECTED FINANCIAL DATA (UNAUDITED) (In thousands) Three Months Ended Three Months Ended Sept. 30, 2025 June 30, 2025 Average Tax Equivalent Yield/ Average Tax Equivalent Yield / Balance Interest Rate Balance Interest Rate Interest-earning assets: Federal funds sold $ 10,711 $ 130 4.82 % $ 9,397 $ 113 4.84 % Interest-bearing demand deposits in nonaffiliated banks 216,739 2,387 4.37 379,364 4,191 4.43 Taxable securities 3,560,347 26,539 2.98 3,470,028 25,242 2.91 Tax-exempt securities 1,564,767 12,906 3.30 1,433,498 10,811 3.02 Loans 8,249,113 141,136 6.79 8,045,340 135,378 6.75 Total interest-earning assets 13,601,677 $ 183,098 5.34 % 13,337,627 $ 175,735 5.28 % Noninterest-earning assets 826,660 826,635 Total assets $ 14,428,337 $ 14,164,262 Interest-bearing liabilities: Deposits $ 9,051,463 $ 52,010 2.28 % $ 8,923,737 $ 48,730 2.19 % Repurchase Agreements 50,051 210 1.66 54,482 221 1.63 Borrowings 56,198 471 3.33 26,557 128 1.93 Total interest-bearing liabilities 9,157,712 $ 52,691 2.28 % 9,004,776 $ 49,079 2.19 % Noninterest-bearing deposits 3,419,378 3,383,851 Other noninterest-bearing liabilities  101,268 85,745 Shareholders' equity 1,749,979 1,689,890 Total liabilities and shareholders' equity $ 14,428,337 $ 14,164,262 Net interest income and margin (tax equivalent) $ 130,407 3.80 % $ 126,656 3.81 % Three Months Ended Three Months Ended Mar. 31, 2025 Dec. 31, 2024 Average Tax Equivalent Yield/ Average Tax Equivalent Yield / Balance Interest Rate Balance Interest Rate Interest-earning assets: Federal funds sold $ 7,596 $ 90 4.81 % $ 1,895 $ 23 4.90 % Interest-bearing demand deposits in nonaffiliated banks 286,040 3,174 4.50 308,118 3,578 4.62 Taxable securities 3,506,035 25,034 2.86 3,320,754 21,896 2.64 Tax-exempt securities 1,407,440 9,912 2.82 1,425,934 9,858 2.77 Loans 7,952,946 131,600 6.71 7,806,860 133,110 6.78 Total interest-earning assets 13,160,057 $ 169,810 5.23 % 12,863,561 $ 168,465 5.21 % Noninterest-earning assets 830,055 824,757 Total assets $ 13,990,112 $ 13,688,318 Interest-bearing liabilities: Deposits $ 8,882,040 $ 47,549 2.17 % 8,523,405 $ 49,139 2.29 % Repurchase Agreements 53,920 209 1.57 63,350 271 1.70 Borrowings 74,561 563 3.06 39,709 265 2.65 Total interest-bearing liabilities 9,010,521 $ 48,321 2.17 % 8,626,464 $ 49,675 2.29 % Noninterest-bearing deposits 3,265,838 3,348,062 Other noninterest-bearing liabilities  68,218 79,271 Shareholders' equity 1,645,535 1,634,521 Total liabilities and shareholders' equity $ 13,990,112 $ 13,688,318 Net interest income and margin (tax equivalent) $ 121,489 3.74 % $ 118,790 3.67 % Three Months Ended Sept. 30, 2024 Average Tax Equivalent Yield / Balance Interest Rate Interest-earning assets: Federal funds sold $ 2,901 $ 43 5.84 % Interest-bearing demand deposits in nonaffiliated banks 200,756 2,716 5.38 Taxable securities 3,211,490 19,866 2.47 Tax-exempt securities 1,418,214 9,742 2.75 Loans 7,643,238 130,220 6.78 Total interest-earning assets 12,476,599 $ 162,587 5.18 % Noninterest-earning assets 817,757 Total assets $ 13,294,356 Interest-bearing liabilities: Deposits $ 8,240,938 $ 51,994 2.51 % Repurchase Agreements 100,892 740 2.92 Borrowings 24,670 116 1.87 Total interest-bearing liabilities 8,366,500 $ 52,850 2.51 % Noninterest-bearing deposits 3,279,486 Other noninterest-bearing liabilities  76,274 Shareholders' equity 1,572,096 Total liabilities and shareholders' equity $ 13,294,356 Net interest income and margin (tax equivalent) $ 109,737 3.50 % Nine Months Ended Nine Months Ended Sept. 30, 2025 Sept. 30, 2024 Average Tax Equivalent Yield / Average Tax Equivalent Yield / Balance Interest Rate Balance Interest Rate Interest-earning assets: Federal funds sold $ 9,240 $ 334 4.83 % $ 3,990 $ 174 5.83 % Interest-bearing deposits in nonaffiliated banks 293,984 9,752 4.44 235,018 9,664 5.49 Taxable securities 3,512,304 76,816 2.92 3,279,251 59,730 2.43 Tax exempt securities 1,469,158 33,629 3.05 1,419,138 29,266 2.75 Loans 8,083,638 408,113 6.75 7,418,808 372,066 6.70 Total interest-earning assets 13,368,324 $ 528,644 5.29 % 12,356,205 $ 470,900 5.09 % Noninterest-earning assets 826,449 846,019 Total assets $ 14,194,773 $ 13,202,224 Interest-bearing liabilities: Deposits $ 8,953,017 $ 148,291 2.21 % $ 8,047,136 $ 145,661 2.42 % Repurchase Agreements 52,801 641 1.62 209,907 5,197 3.31 Borrowings 52,380 1,160 2.96 60,058 1,645 3.66 Total interest-bearing liabilities 9,058,198 $ 150,092 2.22 % 8,317,101 $ 152,503 2.45 % Noninterest-bearing deposits 3,356,999 3,305,289 Other noninterest-bearing liabilities  85,148 71,642 Shareholders' equity 1,694,428 1,508,192 Total liabilities and shareholders' equity $ 14,194,773 $ 13,202,224 Net interest income and margin (tax equivalent) $ 378,552 3.79 % $ 318,397 3.44 % View original content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-third-quarter-2025-earnings-302593264.html SOURCE First Financial Bankshares, Inc. 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