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First Financial
🇺🇸 NASDAQ:FFIN
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Jun 30, 2022

First Financial Q2 2022 Earnings Report

First Financial Bankshares' second quarter earnings increased compared to the same quarter last year.

Key Takeaways

First Financial Bankshares reported earnings of $60.49 million for the second quarter of 2022, an increase from $56.38 million for the same quarter a year ago. Loan growth, excluding PPP and held-for-sale loans, was $325.85 million, and deposit growth was $123.16 million.

Earnings were $60.49 million for the second quarter of 2022, compared to $56.38 million for the same quarter a year ago.

Basic and diluted earnings per share were $0.42 for the second quarter of 2022, compared with $0.40 and $0.39, respectively, for the second quarter of 2021.

Loan growth, excluding PPP and held-for-sale loans, was $325.85 million, or 23.5 percent annualized.

Deposit growth was $123.16 million, or 4.49 percent annualized, with the addition of over 6,500 net new accounts year-to-date.

Total Revenue
$136M
Previous year: $126M
+8.3%
EPS
$0.42
Previous year: $0.39
+7.7%
Net Interest Margin
3.28%
Previous year: 3.36%
-2.4%
Efficiency Ratio
41.83%
Previous year: 45.94%
-8.9%
Cash and Equivalents
$466M
Previous year: $845M
-44.9%
Total Assets
$13.3B
Previous year: $12.3B
+7.6%

First Financial

First Financial

First Financial Revenue by Segment

Forward Guidance

The company is actively monitoring changes in interest rates and the overall economic environment and is prepared for the opportunities ahead as the Texas economy continues to be strong and resilient.

Positive Outlook

  • The company has been able to keep the momentum that was created from the movement of non-customers to our bank during the pandemic.
  • Outstanding growth this quarter reflected by overall loan growth, excluding PPP and held-for-sale loans.
  • Deposit growth with the addition of over 6,500 net new accounts year-to-date.
  • Texas economy continues to be strong and resilient.
  • The company appreciates the continued support of its customers, shareholders and associates.

Challenges Ahead

  • An increase in the provision for credit losses.
  • A decrease in PPP loan origination fees.
  • A decrease in mortgage revenues.
  • Effective July 1, 2022, the Company became subject to regulations imposed by the Federal Reserve that will reduce future interchange revenue (aka. "Durbin Amendment").
  • Shareholders’ equity decreased as a result of changes in other comprehensive income (“OCI”) due to increasing interest rates over the last two quarters.

Company Overview

Full financial data and analysis

View First Financial