ABILENE, Texas, July 17, 2025 /PRNewswire/ -- First Financial Bankshares, Inc. (the "Company," "we," "us" or "our") (NASDAQ:FFIN) today reported earnings of $66.66 million for the second quarter of 2025 compared to earnings of $52.49 million for the same quarter a year ago and $61.35 million for the quarter ended March 31, 2025. Basic and diluted earnings per share were $0.47 for the second quarter of 2025 compared with $0.37 for the second quarter of 2024 and $0.43 for the linked quarter.

"Our second quarter results are positive with earnings growth of over 27 percent from the second quarter last year resulting from our healthy loan and deposit growth, improved margin and increased trust revenue," said F. Scott Dueser, Chairman and CEO of First Financial Bankshares, Inc. "Our outlook for the remainder of the year is good as we have opportunities to improve our investment yields, continue loan growth and focus on growing deposits in our markets. I am very appreciative of the work our teams are doing to support these results."

Net interest income for the second quarter of 2025 was $123.73 million compared to $103.27 million for the second quarter of 2024 and $118.79 million for the first quarter 2025. The net interest margin, on a taxable equivalent basis, was 3.81 percent for the second quarter of 2025 compared to 3.48 percent for the second quarter of 2024 and 3.74 percent in the first quarter of 2025. Increased margins are primarily due to increased average yields on loans and securities. Additionally, the Company recognized a $698 thousand prepayment penalty during the second quarter of 2025 which had a positive impact on the margin for the quarter. Average interest-earning assets were $13.34 billion for the second quarter of 2025 compared to $12.23 billion for the same quarter a year ago.

The Company recorded a provision for credit losses of $3.13 million for the second quarter of 2025 compared to a provision for credit losses of $5.89 million for the second quarter of 2024 and $3.53 million for the first quarter 2025. At June 30, 2025, the allowance for credit losses totaled $102.79 million, or 1.27 percent of loans held-for-investment ("loans" hereafter), compared to $95.17 million, or 1.27 percent of loans, at June 30, 2024. Additionally, the reserve for unfunded commitments totaled $9.91 million at June 30, 2025 compared to $7.43 million at June 30, 2024.

For the second quarter of 2025, net charge-offs totaled $720 thousand compared to net charge-offs of $302 thousand for the second quarter of 2024 and net charge offs of $236 thousand for the first quarter 2025. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.79 percent at June 30, 2025, compared to 0.81 percent at June 30, 2024. Classified loans totaled $257.07 million at June 30, 2025, compared to $219.26 million at June 30, 2024.

Noninterest income for the second quarter of 2025 was $32.87 million compared to $31.27 million for the second quarter of 2024, due to the following:

Trust fee income increased to $12.75 million for the second quarter of 2025 compared to $11.71 million for the second quarter of 2024, driven by the increase in market value of trust assets managed to $11.46 billion at June 30, 2025, compared to $10.24 billion at June 30, 2024.
Mortgage income increased to $4.13 million for the quarter compared to $3.69 million for the second quarter of 2024, as overall origination volume and margins have improved from the prior periods.
Other noninterest income decreased $499 thousand to $2.93 million for the second quarter of 2025 compared to $3.43 million in the second quarter of 2024 due to the recognition of a $723 thousand one-time BOLI settlement payment recognized in the second quarter of 2024.

Noninterest expense for the second quarter of 2025 totaled $71.74 million compared to $65.01 million for the second quarter of 2024, due to the following:

Salary, commissions, and employee benefit costs increased to $42.58 million for the second quarter of 2025, compared to $37.47 million in the second quarter of 2024, primarily resulting from merit-based and market driven pay increases, an increase of $838 thousand in profit sharing accruals, an increase of $519 thousand in bonus and incentive accruals, and an increase of $452 thousand in stock-based compensation when compared to the same quarter in 2024. The increase in profit sharing and incentive accruals are directly related to the increase in net income over prior year.
Noninterest expenses, excluding salary related costs, increased $1.62 million for the second quarter of 2025 compared to the same period in 2024 largely due to increases in software amortization as a result of the Company investing in new loan origination and account opening platforms.

The Company's efficiency ratio was 44.97 percent for the second quarter of 2025 compared to 47.41 percent for the second quarter of 2024 largely due to the increase in net interest income.

As of June 30, 2025, consolidated total assets were $14.38 billion compared to $13.16 billion on June 30, 2024. Loans totaled $8.07 billion on June 30, 2025, compared with loans of $7.52 billion at June 30, 2024. During the second quarter of 2025, loans grew $129.33 million, or 6.53 percent annualized, when compared to March 31, 2025, balances. Loans have grown $161.85 million or 4.12 percent annualized year-to-date. Deposits and Repurchase Agreements totaled $12.50 billion at June 30, 2025, compared to $11.55 billion at June 30, 2024. Deposits and Repurchase Agreement balances have grown 5.57 percent annualized year-to-date through the second quarter 2025.

Shareholders' equity was $1.74 billion as of June 30, 2025, compared to $1.52 billion and $1.61 billion at June 30, 2024, and December 31, 2024, respectively. The unrealized loss on the securities portfolio, net of applicable tax, totaled $373.46 million at June 30, 2025, compared to unrealized losses of $441.56 million at June 30, 2024 and $424.29 million at December 31, 2024.

About First Financial Bankshares, Inc.

Headquartered in Abilene, Texas, First Financial Bankshares, Inc. is a financial holding company that through its 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, Keller, Kingwood, Lumberton, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Trust & 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 and the pandemic, changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; 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		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		142,378,505			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

FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)

	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

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

	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

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

	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	$	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

	Six Months Ended
	June 30,
NONINTEREST INCOME		2025			2024
Trust fees	$	25,399		$	23,093
Service charges on deposits		12,302			12,255
Debit card fees		10,185			10,036
Credit card fees		1,284			1,303
Gain on sale and fees on mortgage loans		6,958			6,815
Net gain on sale of available-for-sale securities		-			-
Net gain on sale of foreclosed assets		165			(58)
Net gain (loss) on sale of assets		6			2
Interest on loan recoveries		1,384			1,219
Other noninterest income		5,420			5,986
Total noninterest income	$	63,103		$	60,651

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


FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)

	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	%

	Six Months Ended						Six Months Ended
	June 30, 2025						June 30, 2024
		Average		Tax Equivalent	Yield /			Average		Tax Equivalent	Yield /
		Balance		Interest	Rate			Balance		Interest	Rate
Interest-earning assets:
Federal funds sold	$	8,501	$	203	4.82	%	$	4,541	$	131	5.82	%
Interest-bearing deposits in nonaffiliated banks		332,960		7,365	4.46			252,338		6,948	5.54
Taxable securities		3,487,932		50,277	2.88			3,313,504		39,864	2.41
Tax exempt securities		1,420,541		20,723	2.92			1,419,606		19,524	2.75
Loans		7,999,398		266,977	6.73			7,305,361		241,846	6.66
Total interest-earning assets		13,249,332	$	345,545	5.26	%		12,295,350	$	308,313	5.04	%
Noninterest-earning assets		828,336						860,302
Total assets	$	14,077,668					$	13,155,652
Interest-bearing liabilities:
Deposits	$	8,903,004	$	96,280	2.18	%	$	7,949,170	$	93,666	2.37	%
Repurchase Agreements		54,203		430	1.60			265,014		4,457	3.38
Borrowings		50,426		690	2.76			77,947		1,530	3.95
Total interest-bearing liabilities		9,007,633	$	97,400	2.18	%		8,292,131	$	99,653	2.42	%
Noninterest-bearing deposits		3,325,170						3,318,332
Other noninterest-bearing liabilities		77,030						69,300
Shareholders' equity		1,667,835						1,475,889
Total liabilities and shareholders' equity	$	14,077,668					$	13,155,652

Net interest income and margin (tax equivalent)			$	248,145	3.78	%			$	208,660	3.41	%

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SOURCE First Financial Bankshares, Inc.

FIRST FINANCIAL BANKSHARES ANNOUNCES SECOND QUARTER 2025 EARNINGS