ABILENE, Texas, April 16, 2026 /PRNewswire/ -- First Financial Bankshares, Inc. (the "Company," "we," "us" or "our") (NASDAQ: FFIN) today reported earnings for the first quarter of 2026 of $71.54 million compared to earnings of $73.31 million for the fourth quarter of 2025 and $61.35 million for the same quarter a year ago. Basic and diluted earnings per share were $0.50 for the quarter ended March 31, 2026 compared to $0.51 for the quarter ended December 31, 2025 and $0.43 for the quarter ended March 31, 2025.
"We are pleased to start 2026 with a strong increase in net income of 16.6 percent year over year, primarily due to our core balance sheet growth and decreased funding costs over the past year," said David Bailey, President and CEO. "While the current macro environment is uncertain with the ongoing Iran conflict, our Company remains financially strong, sound and secure as reflected in our strong capital levels, diversified core deposit base, and sound lending practices. We appreciate our associates who work hard every day to build new customer relationships while providing exceptional service," added Mr. Bailey.
Net interest income for the first quarter of 2026 was $134.79 million compared to $131.37 million for the fourth quarter of 2025 and $118.79 million for the first quarter of 2025. The net interest margin, on a tax-equivalent basis, was 3.86 percent for the first quarter of 2026 compared to 3.81 percent for the fourth quarter of 2025 and 3.74 percent for the first quarter of 2025. Net interest income was affected by a $1.26 million reversal of interest expense, improving the core margin by about 3 basis points. Average interest-earning assets were $14.54 billion for the first quarter of 2026 compared to $14.08 billion for the fourth quarter of 2025 and $13.16 billion for the same quarter a year ago.
The Company recorded a provision for credit losses of $2.29 million for the first quarter of 2026 compared to a provision reversal of $2.49 million for the fourth quarter of 2025 and a provision for credit losses of $3.53 million for the first quarter of 2025.
At March 31, 2026, the allowance for credit losses totaled $107.92 million, or 1.30 percent of loans held-for-investment ("loans" hereafter), compared to $105.54 million, or 1.29 percent of loans, at December 31, 2025 and $101.08 million, or 1.27 percent of loans, at March 31, 2025.
Net charge-offs totaled $356 thousand for the first quarter of 2026 compared to net charge-offs of $391 thousand for the fourth quarter of 2025 and $236 thousand for the first quarter of 2025. Nonperforming assets as a percentage of loans and foreclosed assets decreased to 0.66 percent at March 31, 2026, compared with 0.69 percent at December 31, 2025 and 0.78 percent at March 31, 2025.
Noninterest income for the first quarter of 2026 was $32.10 million compared to $30.23 million for the first quarter of 2025.
- Trust fees increased to $13.36 million for the first quarter of 2026 compared to $12.65 million for the first quarter of 2025, driven by the increase in market value of trust assets managed to $11.91 billion at March 31, 2026, compared to $10.86 billion at March 31, 2025.
- Service charges on deposits decreased to $6.08 million for the first quarter of 2026 compared with $6.18 million for the first quarter of 2025, driven by a decrease in overdraft fees.
- Mortgage income increased to $4.28 million for the first quarter of 2026 compared to $2.83 million for the first quarter of 2025, due to increased volume in mortgage loans originated and better margins.
Noninterest expense for the first quarter of 2026 totaled $76.77 million compared to $70.34 million for the first quarter of 2025.
- Salary, commissions, and employee benefit costs increased to $45.98 million for the first quarter of 2026, compared to $42.14 million in the first quarter of 2025, primarily resulting from additions to staff and merit-based and market driven pay increases to officers and employees over the past year.
- Noninterest expenses, excluding salary related costs, increased $2.59 million for the first quarter of 2026 compared to the same period in 2025, largely due to increases in software amortization, professional fees and operational and other losses.
The Company's efficiency ratio was 44.98 percent for the first quarter of 2026 compared to 46.36 percent for the first quarter of 2025.
As of March 31, 2026, consolidated total assets were $15.39 billion compared to $15.45 billion at December 31, 2025, and $14.31 billion at March 31, 2025. Loans totaled $8.29 billion at March 31, 2026, compared with $8.16 billion at December 31, 2025 and $7.95 billion at March 31, 2025. Loans grew $126.84 million or 6.31 percent annualized from 2025 year end balances. Deposits and Repurchase Agreements totaled $13.31 billion at March 31, 2026 compared to $13.41 billion at December 31, 2025 and $12.52 billion at March 31, 2025. Core deposits grew during the quarter but were offset by declines in public fund balances.
Shareholders' equity was $1.94 billion as of March 31, 2026, compared to $1.92 billion and $1.68 billion at December 31, 2025 and March 31, 2025, respectively. The unrealized loss on the securities portfolio, net of applicable tax, totaled $290.06 million at March 31, 2026, compared to an unrealized loss of $269.94 million and $388.89 million at December 31, 2025 and March 31, 2025, respectively, due to the changes in market interest rates during the respective periods.
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, Spring, 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, 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
2026 2025
ASSETS Mar. 31 Dec. 31, Sept. 30, June 30, Mar. 31,
Cash and due from banks $
264,850 $
249,466 $
237,466 $
264,000 $
232,943
Interest-bearing demand deposits in banks 458,203 826,947 401,580 435,612 682,362
Federal funds sold 14,075 1,575 11,750 8,750 11,750
Investment securities 5,668,792 5,514,113 5,260,813 4,886,548 4,760,431
Loans, held-for-investment 8,285,120 8,158,276 8,243,625 8,074,944 7,945,611
Allowance for credit losses (107,918) (105,536) (105,958) (102,792) (101,080)
Net loans, held-for-investment 8,177,202 8,052,740 8,137,667 7,972,152 7,844,531
Loans, held-for-sale 22,984 29,992 26,015 33,233 14,348
Premises and equipment, net 150,989 149,985 149,651 148,999 150,589
Goodwill 313,481 313,481 313,481 313,481 313,481
Other intangible assets 128 171 257 343 428
Other assets 316,941 308,006 302,848 313,723 301,251
Total assets $
15,387,645 $
15,446,476 $
14,841,528 $
14,376,841 $
14,312,114
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $
3,385,878 $
3,401,057 $
3,446,262 $
3,439,059 $
3,356,553
Interest-bearing deposits 9,859,359 9,944,472 9,399,986 9,009,357 9,110,218
Total deposits 13,245,237 13,345,529 12,846,248 12,448,416 12,466,771
Repurchase agreements 67,946 62,956 50,646 48,026 56,606
Borrowings 22,306 21,680 21,956 22,153 26,978
Trade date payable 24,965
Other liabilities 108,305 98,994 92,410 95,929 81,498
Shareholders' equity 1,943,851 1,917,317 1,830,268 1,737,352 1,680,261
Total liabilities and shareholders' equity $
15,387,645 $
15,446,476 $
14,841,528 $
14,376,841 $
14,312,114
Quarter Ended
2026 2025
INCOME STATEMENTS Mar. 31 Dec. 31, Sept. 30, June 30, Mar. 31,
Interest income $
182,945 $
182,869 $
179,692 $
172,810 $
167,110
Interest expense 48,154 51,501 52,691 49,080 48,321
Net interest income 134,791 131,368 127,001 123,730 118,789
Provision for credit losses 2,291 (2,486) 24,435 3,132 3,528
Net interest income after provision for credit losses 132,500 133,854 102,566 120,598 115,261
Noninterest income 32,096 33,349 34,264 32,873 30,230
Noninterest expense 76,768 77,650 73,666 71,735 70,335
Net income before income taxes 87,828 89,553 63,164 81,736 75,156
Income tax expense 16,285 16,239 10,897 15,078 13,810
Net income $
71,543 $
73,314 $
52,267 $
66,658 $
61,346
PER COMMON SHARE DATA
Net income - basic $
0.50 $
0.51 $
0.37 $
0.47 $
0.43
Net income - diluted 0.50 0.51 0.36 0.47 0.43
Cash dividends declared 0.19 0.19 0.19 0.19 0.18
Book value 13.57 13.39 12.78 12.14 11.75
Tangible book value 11.38 11.20 10.59 9.95 9.55
Market value 29.45 29.87 33.65 35.98 35.92
Shares outstanding - end of period 143,279,030 143,213,102 143,188,051 143,077,619 143,019,433
Average outstanding shares - basic 143,210,755 143,180,215 143,105,224 143,023,544 142,949,514
Average outstanding shares - diluted 143,608,079 143,542,801 143,474,169 143,378,505 143,355,148
PERFORMANCE RATIOS
Return on average assets 1.89
% 1.94
% 1.44 1.89 1.78
% % %
Return on average equity 14.83 15.62 11.85 15.82 15.12
Return on average tangible equity 17.66 18.78 14.44 19.43 18.68
Net interest margin (tax equivalent) 3.86 3.81 3.80 3.81 3.74
Efficiency ratio 44.98 46.10 44.74 44.97 46.36
FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
Quarter Ended
2026 2025
ALLOWANCE FOR LOAN LOSSES Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31,
Balance at beginning of period $
105,536 $
105,958 $
102,792 $
101,080 $
98,325
Loans charged-off (1,174) (3,387) (22,612) (1,189) (946)
Loan recoveries 818 2,996 272 469 710
Net recoveries (charge-offs) (356) (391) (22,340) (720) (236)
Provision for loan losses 2,738 (31) 25,506 2,432 2,991
Balance at end of period $
107,918 $
105,536 $
105,958 $
102,792 $
101,080
ALLOWANCE FOR UNFUNDED COMMITMENTS
Balance at beginning of period $
6,387 $
8,842 $
9,914 $
9,214 $
8,677
Provision for unfunded commitments (447) (2,455) (1,072) 700 537
Balance at end of period $
5,940 $
6,387 $
8,842 $
9,914 $
9,214
Allowance for loan losses /
period-end loans held-for-investment 1.30
% 1.29
% 1.29 1.27 1.27
% % %
Allowance for loan losses /
nonperforming loans 206.16 188.41 187.39 162.60 164.16
Net charge-offs (recoveries) / average total loans
(annualized) 0.02 0.02 1.07 0.04 0.01
As of
2026 2025
COMPOSITION OF LOANS HELD-FOR-INVESTMENT Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31,
Commercial:
C&I $
1,149,931 $
1,116,461 $
1,174,770 $
1,202,151 $
1,144,429
Municipal 384,473 342,501 347,559 306,140 338,303
Total Commercial 1,534,404 1,458,962 1,522,329 1,508,291 1,482,732
Agricultural 77,583 95,776 88,820 86,133 90,186
Real Estate:
Construction & Development 1,169,037 1,157,865 1,214,649 1,172,834 1,098,069
Farm 329,151 327,625 322,710 302,969 331,464
Non-Owner Occupied CRE 825,771 832,816 802,675 746,341 753,898
Owner Occupied CRE 1,132,114 1,120,608 1,119,425 1,124,610 1,142,618
Residential 2,322,097 2,285,830 2,308,708 2,286,220 2,217,740
Total Real Estate 5,778,170 5,724,744 5,768,167 5,632,974 5,543,789
Consumer:
Auto 751,283 732,351 718,501 698,897 679,189
Non-Auto 143,680 146,443 145,808 148,649 149,715
Total Consumer 894,963 878,794 864,309 847,546 828,904
Total loans held-for-investment $
8,285,120 $
8,158,276 $
8,243,625 $
8,074,944 $
7,945,611
SUMMARY OF LOAN CLASSIFICATION
Special Mention $
66,864 $
66,058 $
76,647 $
62,774 $
46,103
Substandard 222,895 189,548 176,311 194,291 199,509
Total classified loans $
289,759 $
255,606 $
252,958 $
257,065 $
245,612
NONPERFORMING ASSETS
Nonaccrual loans $
52,129 $
55,121 $
56,394 $
63,142 $
60,430
Accruing loans 90 days past due 218 892 151 77 1,143
Total nonperforming loans 52,347 56,013 56,545 63,219 61,573
Foreclosed assets 1,962 479 1,997 489 115
Total nonperforming assets $
54,309 $
56,492 $
58,542 $
63,708 $
61,688
As a % of loans held-for-investment and foreclosed assets 0.66
% 0.69
% 0.71 0.79 0.78
% % %
As a % of end of period total assets 0.35 0.37 0.39 0.44 0.43
Quarter Ended
2026 2025
CAPITAL RATIOS Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31,
Common equity Tier 1 capital ratio 20.23 19.99
% 19.10 19.16 19.12
% % % %
Tier 1 capital ratio 20.23 19.99 19.10 19.16 19.12
Total capital ratio 21.42 21.17 20.29 20.35 20.31
Tier 1 leverage ratio 12.58 12.55 12.34 12.61 12.46
Tangible common equity ratio 10.81 10.60 10.44 10.12 9.76
Equity/Assets ratio 12.63 12.41 12.33 12.08 11.74
Quarter Ended
2026 2025
NONINTEREST INCOME Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31,
Trust fees $
13,363 $
13,512 $
12,950 $
12,746 $
12,653
Service charges on deposits 6,077 6,140 6,447 6,126 6,177
Debit card fees 5,245 5,791 5,333 5,218 4,967
Credit card fees 651 678 699 707 577
Gain on sale and fees on mortgage loans 4,277 4,216 4,375 4,126 2,832
Net gain (loss) on sale of foreclosed assets (56) (12) (122) 200 (35)
Net gain on sale of assets 6
Loan recoveries 290 546 1,664 810 574
Other noninterest income 2,249 2,478 2,918 2,934 2,485
Total noninterest income $
32,096 $
33,349 $
34,264 $
32,873 $
30,230
NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing $
42,959 $
42,409 $
40,681 $
39,834 $
39,157
Profit sharing expense 3,023 4,819 1,924 2,741 2,985
Net occupancy expense 3,630 3,458 3,545 3,600 3,720
Equipment expense 2,158 2,128 2,395 2,478 2,321
FDIC insurance premiums 1,560 1,695 1,635 1,585 1,575
Debit card expense 3,108 3,265 3,512 3,308 3,373
Legal, tax and professional fees 3,834 3,079 3,332 3,143 3,067
Audit fees 455 531 536 463 451
Printing, stationery and supplies 623 528 456 473 482
Amortization of intangible assets 43 86 86 86 95
Advertising, meals and public relations 1,701 1,923 1,714 1,653 1,677
Operational and other losses 1,000 1,583 1,957 720 540
Software amortization and expense 4,594 4,456 4,280 4,020 3,732
Other noninterest expense 8,080 7,690 7,613 7,631 7,160
Total noninterest expense $
76,768 $
77,650 $
73,666 $
71,735 $
70,335
TAX EQUIVALENT YIELD ADJUSTMENT $
3,791 $
3,709 $
3,406 $
2,926 $
2,700
FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
Three Months Ended
Three Months Ended
Mar. 31, 2026
Dec. 31, 2025
Average Tax Equivalent Yield / Average Tax
Equivalent Yield /
Balance Interest Rate Balance Interest Rate
Interest-earning assets:
Federal funds sold $
4,565 $
40 3.55 $
6,565 $
62 3.75
% %
Interest-bearing demand deposits in nonaffiliated banks 461,579 4,209 3.70 434,445 4,284 3.91
Taxable securities 4,076,690 32,283 3.17 3,683,108 29,231 3.17
Tax-exempt securities 1,726,765 14,184 3.29 1,712,261 14,144 3.30
Loans 8,273,995 136,020 6.67 8,241,265 138,857 6.68
Total interest-earning assets 14,543,594 $
186,736 5.21 14,077,644 $
186,578 5.26
% %
Noninterest-earning assets 821,635 893,739
Total assets $
15,365,229 $
14,971,383
Interest-bearing liabilities:
Deposits $
9,824,362 $
47,851 1.98 $
9,476,716 $
51,207 2.14
% %
Repurchase Agreements 62,849 229 1.48 56,573 219 1.54
Borrowings 22,155 74 1.35 22,113 75 1.35
Total interest-bearing liabilities 9,909,366 $
48,154 1.97 9,555,402 $
51,501 2.14
% %
Noninterest-bearing deposits 3,401,092 3,454,171
Other noninterest-bearing liabilities 97,986 99,623
Shareholders' equity 1,956,785 1,862,187
Total liabilities and shareholders' equity $
15,365,229 $
14,971,383
Net interest income and margin (tax equivalent) $
138,582 3.86 $
135,077 3.81
% %
Three Months Ended
Three Months Ended
Sept. 30, 2025
June 30, 2025
Average Tax Equivalent Yield / Average Tax
Equivalent Yield /
Balance Interest Rate Balance Interest Rate
Interest-earning assets:
Federal funds sold $
10,711 $
130 4.82 $
9,397 $
113 4.84
% %
Interest-bearing demand deposits in nonaffiliated banks 216,739 2,387 4.37 379,364 4,191 4.43
Taxable securities 3,560,347 26,539 2.98 3,470,028 25,242 2.91
Tax-exempt securities 1,564,767 12,906 3.30 1,433,498 10,811 3.02
Loans 8,249,113 141,136 6.79 8,045,340 135,378 6.75
Total interest-earning assets 13,601,677 $
183,098 5.34 13,337,627 $
175,735 5.28
% %
Noninterest-earning assets 826,660 826,635
Total assets $
14,428,337 $
14,164,262
Interest-bearing liabilities:
Deposits $
9,051,463 $
52,010 2.28 $
8,923,737 $
48,730 2.19
% %
Repurchase Agreements 50,051 210 1.66 54,482 221 1.63
Borrowings 56,198 471 3.33 26,557 128 1.93
Total interest-bearing liabilities 9,157,712 $
52,691 2.28 9,004,776 $
49,079 2.19
% %
Noninterest-bearing deposits 3,419,378 3,383,851
Other noninterest-bearing liabilities 101,268 85,745
Shareholders' equity 1,749,979 1,689,890
Total liabilities and shareholders' equity $
14,428,337 $
14,164,262
Net interest income and margin (tax equivalent) $
130,407 3.80 $
126,656 3.81
% %
Three Months Ended
Mar. 31, 2025
Average Tax Equivalent Yield /
Balance Interest Rate
Interest-earning assets:
Federal funds sold $
7,596 $
90 4.81
%
Interest-bearing demand deposits in nonaffiliated banks 286,040 3,174 4.50
Taxable securities 3,506,035 25,034 2.86
Tax-exempt securities 1,407,440 9,912 2.82
Loans 7,952,946 131,600 6.71
Total interest-earning assets 13,160,057 $
169,810 5.23
%
Noninterest-earning assets 830,055
Total assets $
13,990,112
Interest-bearing liabilities:
Deposits $
8,882,040 $
47,549 2.17
%
Repurchase Agreements 53,920 209 1.57
Borrowings 74,561 563 3.06
Total interest-bearing liabilities 9,010,521 $
48,321 2.17
%
Noninterest-bearing deposits 3,265,838
Other noninterest-bearing liabilities 68,218
Shareholders' equity 1,645,535
Total liabilities and shareholders' equity $
13,990,112
Net interest income and margin (tax equivalent) $
121,489 3.74
%
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SOURCE First Financial Bankshares, Inc.
Michelle S. Hickox, EVP & Chief Financial Officer 325.627.7155