First Financial Q2 2023 Earnings Report
Key Takeaways
First Financial Bankshares reported earnings of $50.87 million for the second quarter of 2023, a decrease compared to $60.49 million for the same quarter a year ago. The results were impacted by decreases in net interest income, debit card fees, mortgage revenues, gains on sale of securities, and interest recoveries on charged off loans, partially offset by a decrease in profit sharing expense. However, the company saw strong loan growth, a consistent deposit base, and growth in net new accounts.
Earnings decreased to $50.87 million for the second quarter of 2023, compared to $60.49 million in the same quarter of the previous year.
Basic and diluted earnings per share were $0.36 for the second quarter of 2023, down from $0.42 in the second quarter of 2022.
Net interest income decreased to $95.87 million for the second quarter of 2023, compared to $98.78 million for the same period last year.
Noninterest income decreased to $29.95 million compared to $37.32 million for the second quarter of 2022.
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Forward Guidance
The Company plans to continue to grow loans and deposits, maintain its strong capital position, manage interest rate risk and reduce expenses.
Positive Outlook
- Continue to grow loans
- Continue to grow deposits
- Maintain strong capital position
- Manage interest rate risk
- Reduce expenses