NASDAQ$FFIN
First Financial Bankshares Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Reported earnings decrease compared to the same quarter a year ago, while deposit levels were maintained and loans grew organically.
First Financial Bankshares reported a decrease in earnings for Q4 2023, with net income at $45.98 million compared to $58.67 million in the same quarter of the previous year. Despite the decline, the company maintained total deposit levels and achieved organic loan growth of $706.92 million for the year. The bank also restructured its balance sheet by selling lower-yielding securities and redeploying the funds into higher-earning loans.
- Earnings decreased to $45.98 million in Q4 2023 from $58.67 million in Q4 2022.
- Basic and diluted earnings per share were $0.32 for Q4 2023, down from $0.41 in Q4 2022.
- Maintained total deposit levels compared to the prior year-end.
- Loans grew organically by $706.92 million during the year.
Headline financials
Revenue & EPS history
First Financial · Revenue · Quarterly
$119M
Revenue by segment
First Financial · $29.4M total across 6 segments · Q2 2023
- Trust fees$9.88M+1.4%33.6%
- Debit card fees$6.72M—22.8%
- Deposit service charges$6.31M+4.5%21.4%
- Mortgage loan fees$3.53M-38.3%12.0%
- Other noninterest income$2.27M—7.7%
- Credit card fees$711K—2.4%
Forward guidance
The company believes it is well-positioned for success in the economic environment entering 2024.
Tailwinds
- Cash flows from the sales of securities combined with the monthly maturities in bond and loan portfolios are providing needed liquidity to grow loans.
- Loans are yielding approximately 8%, resulting in an anticipated earn back period of less than 18 months.
- The company maintained total deposit levels when compared to 2022 year-end balances due to the addition of over 12,500 net new accounts.
- The company grew loans organically $706.92 million, or 10.97 percent, during the year while maintaining conservative credit standards.
- The company restructured its balance sheet by selling $411.13 million in securities with lower yields and redeployed those dollars into the higher earning loan portfolio.
Headwinds
- A $6.53 million decrease in net interest income compared to the same quarter a year ago.
- A $964 thousand decrease in mortgage revenues compared to the same quarter a year ago.
- A $6.34 million loss on sale of securities compared to the same quarter a year ago.
- A $2.08 million increase in FDIC insurance premiums, which includes a $1.75 million special assessment compared to the same quarter a year ago.
- A $1.51 million increase in incentive and profit sharing expenses compared to the same quarter a year ago.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+0.6%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+3.7%
Avg return
30 days after
52%
36 / 69 earnings
Positive
+7.5%
Q4 2023
Best reaction
-12.7%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +4.9% | -2.4% | +0.8% | |
| Q4 2025 | -2.8% | -7.1% | -1.1% | |
| Q3 2025 | -2.3% | -3.8% | -1.5% | |
| Q2 2025 | -2.9% | -1.9% | -1.1% | |
| Q1 2025 | -1.3% | +2.8% | +9.7% | |
| Q4 2024 | +3.4% | +2.3% | +0.8% | |
| Q3 2024 | -0.9% | -4.3% | +6.7% | |
| Q2 2024 | +2.0% | +7.4% | +1.9% | |
| Q1 2024 | +4.7% | +6.5% | +10.9% | |
| Q4 2023 | +7.5% | +9.1% | +4.3% | |
| Q3 2023 | -6.0% | -5.2% | +10.9% | |
| Q2 2023 | -0.8% | +0.3% | -4.6% | |
| Q1 2023 | -5.9% | -8.7% | -13.8% | |
| Q4 2022 | +2.0% | +1.5% | +13.2% | |
| Q3 2022 | -12.7% | -17.4% | -17.7% | |
| Q2 2022 | +3.1% | +4.5% | +11.7% | |
| Q1 2022 | -3.2% | -5.7% | -7.4% | |
| Q4 2021 | -3.9% | -0.6% | -0.4% | |
| Q3 2021 | +3.5% | +3.5% | +8.0% | |
| Q2 2021 | -1.6% | -1.8% | -0.3% | |
| Q1 2021 | +3.2% | +6.2% | +7.0% | |
| Q4 2020 | -5.0% | -1.1% | +12.0% | |
| Q3 2020 | +2.5% | +0.0% | +11.2% | |
| Q2 2020 | +5.7% | +2.5% | +5.7% | |
| Q1 2020 | +3.7% | +11.5% | +12.1% | |
| Q4 2019 | +1.3% | +1.3% | -0.3% | |
| Q3 2019 | +4.6% | +6.1% | +3.2% | |
| Q2 2019 | +4.1% | +7.0% | +5.1% | |
| Q1 2019 | -1.3% | +0.3% | +0.5% | |
| Q4 2018 | -1.3% | -0.3% | +2.4% | |
| Q3 2018 | -1.2% | -4.6% | +13.8% | |
| Q2 2018 | +6.1% | +9.0% | +13.1% | |
| Q1 2018 | +3.1% | +5.1% | +9.7% | |
| Q4 2017 | -0.4% | +0.3% | +0.9% | |
| Q3 2017 | +1.7% | +0.9% | -3.3% | |
| Q2 2017 | +0.5% | +3.3% | -7.0% | |
| Q1 2017 | +4.9% | +8.5% | +1.9% | |
| Q4 2016 | -0.9% | -1.2% | +3.8% | |
| Q3 2016 | -2.3% | -1.4% | +22.2% | |
| Q2 2016 | -0.1% | -0.0% | +2.1% | |
| Q1 2016 | -0.3% | — | — | |
| Q4 2015 | -1.7% | — | — | |
| Q3 2015 | +4.3% | — | — | |
| Q2 2015 | -0.1% | — | — | |
| Q1 2015 | +0.3% | — | — | |
| Q4 2014 | +5.0% | — | — | |
| Q3 2014 | +2.6% | — | — | |
| Q2 2014 | -1.2% | — | — | |
| Q1 2014 | +1.9% | — | — | |
| Q4 2012 | +2.6% | — | — | |
| Q4 2011 | +2.6% | — | — | |
| Q4 2013 | -1.9% | — | — | |
| Q3 2013 | +0.7% | — | — | |
| Q2 2013 | +2.3% | — | — | |
| Q1 2013 | +2.2% | — | — | |
| Q3 2012 | +0.3% | — | — | |
| Q2 2012 | +0.0% | — | — | |
| Q1 2012 | +1.7% | — | — | |
| Q4 2010 | -0.2% | — | — | |
| Q3 2011 | -0.5% | — | — | |
| Q2 2011 | -0.3% | — | — | |
| Q1 2010 | -2.6% | — | — | |
| Q1 2011 | +1.1% | — | — | |
| Q4 2008 | +2.7% | — | — | |
| Q3 2010 | +3.7% | — | — | |
| Q3 2009 | +3.7% | — | — | |
| Q2 2010 | -1.9% | — | — | |
| Q2 2009 | -1.9% | — | — | |
| Q4 2009 | -1.9% | — | — |
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