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Sep 30, 2023
First Financial Q3 2023 Earnings Report
Reported earnings for the third quarter of 2023.
Key Takeaways
First Financial Bankshares reported earnings of $49.56 million for the third quarter of 2023, a decrease compared to the previous quarter and the same quarter last year. Diluted earnings per share were $0.35, also lower than the previous quarter and the prior year. The company's net interest income was $94.15 million, and the net interest margin was 3.22 percent.
Earnings were $49.56 million for the third quarter of 2023, compared to $50.87 million for the second quarter of 2023 and $59.34 million for the same quarter a year ago.
Diluted earnings per share were $0.35 for the third quarter of 2023, compared with $0.36 for the second quarter of 2023 and $0.41 for the third quarter of 2022.
Net interest income for the third quarter of 2023 was $94.15 million compared to $95.87 million in the second quarter of 2023 and $103.16 million for the third quarter of 2022.
Loans totaled $6.99 billion at September 30, 2023, compared with loans of $6.26 billion at September 30, 2022.
First Financial
First Financial
Forward Guidance
Management is focused on disciplined balance sheet management, expense reduction, and maximizing efficiencies. Monthly maturities from bond and loan portfolios are expected to provide liquidity for loan growth, which should improve interest income.
Positive Outlook
- Strong liquidity position.
- Healthy capital levels.
- Ability to attract loan and deposit customers at favorable terms.
- Stable deposit balances with continued net new account growth.
- Loan growth expected to improve interest income.
Challenges Ahead
- Some banks do not have the liquidity to serve their loan customers
- Managing our balance sheet in a disciplined manner
- Reducing expenses and maximizing efficiencies
- Monthly maturities off our bond and loan portfolios are providing us with the needed liquidity to grow loans which will improve our interest income as we go forward.
- Appreciating the continued support of our customers, shareholders, and associates